INVESTMENT REPORT
City of Orange | As of June 30, 2025
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 suggest slower growth in 2025 and greater market uncertainty as the effects of fiscal policy unfold. 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) left the Federal Funds Rate unchanged at the range of 4.25 - 4.50% at the June meeting. Fed Chair Powell continued to emphasize the Committee’s “waitand see” approach amidst economic uncertainty that remains elevated but diminished. Federal Reserve officials continued to pencil in two rate cuts in 2025.
US Treasury yields declined in June. The 2-year Treasury yield fell 18 basis points to 3.72%, the 5-year Treasury dropped 17 basis points to
3.80%, and the 10-year Treasury yield also declined 17 basis points to 4.23%. The spread between the 2-year and 10-year Treasury yield points on the curve edged up to +51 basis points at June month-end versus +50 basis points at May month-end. The spread between the 2- year Treasury and 10-year Treasury yield one year ago was -36 basis points. The spread between the 3-month and 10-year Treasury yield points on the curve was -7 basis points in June, versus -6 basis points in May.
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 147,000 jobs in June, exceeding consensus expectations, and the last two months were revised up by 16,000.
Gains were primarily driven by state and local government education, while job growth in service sectors languished. The three-month moving average and six-month moving average payrolls totaled 150,000 and 130,000 respectively. The unemployment rate declined to
4.1% in June from 4.2% in May, due to a shrinking labor force. The labor participation rate dipped to 62.3%, 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 dropped to 7.7% in June. Average hourly earnings fell slightly, marking a 3.7% year-over-year increase.
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) unexpectedly roseto 7.77 million new job openings in May from
7.40 million in April. Layoffs declined and the quits rate increased. Job openings indicate a ratio of approximately 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 May, the Consumer Price Index (CPI) cooled slightly more than consensus expectations. The headline CPI increased 0.1% month-over- month and rose 2.4% year-over-year, while the Core CPI rose 0.1% month-over-month and 2.8% year-over-year. The Personal Consumption Expenditures (PCE) price index increased 0.1% month-over-month and rose 2.3% year-over-year in May. The Core PCE deflator, which excludes food and energy and is the Fed’s preferred gauge, increased 0.2% month-over-month and 2.7% year-over-year, up from April’s
2.6% year-over-year increase. Inflation is hovering above the Fed’s 2% target.
Source: US Department of Labor Source: US Department of Commerce
INFLATION
6 -10.0%
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
Retail Sales YOY % Change
YOY (%) Change
Advance Retail Sales were down 0.9% month-over-monthin May, further slowing from a downwardly revised -0.1%in April. Declines were led by auto sales, building materials, garden equipment and supplies, and spending at restaurants and bars fell by the most since early 2023. Control group sales, which feed into GDP, were the only bright spot in the report, with a 0.4% increase. On a year-over-year basis, Retail Sales grew 3.3% in May following a 5.0% increase in April. The Conference Board’s Consumer Confidence Index droppedto 93.0 in June from 98.4 in May, as consumers’ assessment of both the current situation and future expectations for income and labor markets soured. While the consumer has been resilient, elevated inflation expectations, concerns about trade policies and tariffs, and general economic and policy uncertainty could 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) fell by 0.1% in May, following a downwardly revised 1.4% decline in April. The LEI decreased by 4.0% year-over-year. The rebound in the stock market was the primary positive contributor, offset by consumer pessimism, weak new orders in manufacturing, the second consecutive month of rising initial unemployment claims, and a drop in housing permits.
The Chicago Fed National Activity Index (CFNAI) improved to -0.28 in May from a downwardly revised -0.36 in April. The three-month moving average dropped to -0.16 in May from 0.06 in April, indicating slightly below trend growth.
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
2,400
In Thousands of Units
Annualized Housing Starts
Multi Family Housing Starts
Single Family Housing Starts
Housing starts declined 9.8% month-over-month in May to a seasonally adjusted annual rate of 1.256 million units. Single family starts increased 0.4% above the revised April figures, whereas multi-family starts fell -30.4%. Total starts dropped 4.6% compared to May 2024.
Homebuilder confidence is shaky due to elevated mortgage rates, affordability constraints, and a weakening economic outlook. The Freddie Mac 30-year fixed rate mortgage averaged approximately 6.8% in June. According to the Case-Shiller 20-City Home Price Index, housing prices rose 3.4% year-over-year in April, compared to 4.1% in March. Limited inventory, elevated mortgage rates, and lack of affordability continue to weigh on the housing market.
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 edged up to 49.0 in June from 48.5 in May, indicating a continuation of modest contraction in the sector. Inventories and production improved as companies worked through backlogs, while employment and new orders contracted. The ISM Services index increased to 50.8 in June from 49.9 in May, as new orders improved. However, ongoing concerns about the impact of tariffs remain. 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 6/24 9/24 12/24 3/25
1.9% 2.5% 2.7% 0.3%
1.5% 0.2% -1.0% 3.9%
-0.9% -0.4% 0.3% -4.6%
0.3% 0.6% 0.3% -0.3%
0.3% 0.3% 0.3% 0.2%
3.0% 3.1% 2.5% -0.5%
Personal Consumption Expenditures
Gross Private Domestic Investment
Net Exports and Imports
Federal Government Expenditures
Total
State and Local (Consumption and Gross
Investment)
-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 Real GDP decreased at an annualized rate of 0.5% in the first quarter of 2025, according to the third and final estimate from the Bureauof Economic Analysis, a downward revision from the previously estimated 0.2% decline. This marks the first negative quarter since 2022.
The primary driver of the downward revision was weaker personal consumption expenditures. Net exports remained the primary drag on growth, as imports rose sharply in anticipation of higher tariffs. Gross investment contributed positively, powered by business decisions to get ahead of possible cost increases. The consensus projection calls for 2.1% growth for the second quarter and 1.5% for the full year 2025.
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) left the Federal Funds Rate unchanged at the range of 4.25 - 4.50% at the June meeting. In the Summaryof Economic Projections (SEP), Federal Reserve officials continued to pencil in two rate cuts in 2025, while downgrading estimates for economic growth and raising forecasts for both unemployment and inflation this year. The statement indicated that uncertainty about the economic outlook remained elevatedbut had diminished. The monthly redemption capon Treasuries will remain at $5 billion, while the cap on agencies and mortgage-backed securities will be maintained at $35 billion. Since the Fed began its Quantitative Tightening campaign in June 2022, securities holdings have declined by about $2.2 trillion to approximately $6.7 trillion.
FEDERAL RESERVE
0.00%
1.00%
2.00%
3.00%
4.00%
5.00%
6.00%
Effective Federal Funds Rate
Recession
Yield (%)
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
Jun-25
Mar-25
Jun-24
Yield (%)
At the end of June, the 2-year Treasury yield was 103 basis points lower, and the 10-Year Treasury yield was 17 basis points lower, year- over-year. The spread between the 2-year and 10-year Treasury yield pointson the curve edged up to +51 basis points at June month-end versus +50 basis points at May month-end. The recent yield curve inversion which began in July 2022 was historically long. The average historical spread (since 2005) is about +99 basis points. The spread between the 3-month and 10-year Treasury yield points on the curve was -7 basis points in June, versus -6 basis points in May.
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 STATEMENT OF COMPLIANCE
City of Orange Cons | Account #10897 | As of June 30, 2025 Rules Name Limit Actual Compliance
Status Notes
AGENCY MORTGAGE SECURITIES (CMOS)
Max % (BV; ABS, CMO & MBS) 20.0 8.1 Compliant
Max Maturity (Years) 5.0 4.6 Compliant
Min Rating (AA- by 1) 0.0 0.0 Compliant
ASSET-BACKED SECURITIES (ABS)
Max % (BV) 20.0 6.7 Compliant
Max % Issuer (BV) 5.0 0.6 Compliant
Max Maturity (Years) 5 4 Compliant
Min Rating (AA- by 1) 0.0 0.0 Compliant
COMMERCIAL PAPER
Max % (BV) 40.0 1.2 Compliant
Max % Issuer (BV) 5.0 1.2 Compliant
Max Maturity (Days) 270 232 Compliant
Min Rating (A-1 by 1 or A- by 1) 0.0 0.0 Compliant
CORPORATE MEDIUM TERM NOTES
Max % (BV) 30.0 17.8 Compliant
Max % Issuer (BV) 5.0 3.0 Compliant
Max Maturity (Years) 5 4 Compliant
Min Rating (A- by 1) 0.0 0.0 Compliant
FEDERAL AGENCIES
Max % (BV) 75.0 12.6 Compliant
Max % Issuer (BV) 30.0 5.4 Compliant
Max Callables (BV) 20.0 7.8 Compliant
Max Maturity (Years) 5 3 Compliant
LOCAL AGENCY INVESTMENT FUND (LAIF)
Max Concentration (BV) 75.0 45.3 Compliant
LOCAL GOVERNMENT INVESTMENT POOL (LGIP)
Max % (BV) 100.0 0.0 Compliant
MONEY MARKET MUTUAL FUNDS
16 STATEMENT OF COMPLIANCE
City of Orange Cons | Account #10897 | As of June 30, 2025 Rules Name Limit Actual Compliance
Status Notes
Max % (BV) 20.0 0.2 Compliant
Max % Issuer (BV) 20.0 0.2 Compliant
Min Rating (AAA by 2) 0.0 0.0 Compliant
MORTGAGE -BACKED SECURITIES (NON-AGENCY)
Max % (BV) 20.0 0.0 Compliant
Max % Issuer (BV) 5.0 0.0 Compliant
Max Maturity (Years) 5.0 0.0 Compliant
Min Rating (AA- by 1) 0.0 0.0 Compliant
MUNICIPAL SECURITIES (CA, LOCAL AGENCY)
Max % (BV) 20.0 0.0 Compliant
Max % Issuer (BV) 5.0 0.0 Compliant
Max Maturity (Years) 5 0.0 Compliant
Min Rating (A- by 1) 0.0 0.0 Compliant
MUNICIPAL SECURITIES (CA, OTHER STATES)
Max % (BV) 20.0 0.0 Compliant
Max % Issuer (BV) 5.0 0.0 Compliant
Max Maturity (Years) 5 0.0 Compliant
Min Rating (A- by 1) 0.0 0.0 Compliant
SUPRANATIONAL OBLIGATIONS
Max % (BV) 30.0 1.5 Compliant
Max % Issuer (BV) 10.0 1.5 Compliant
Max Maturity (Years) 5 4 Compliant
Min Rating (AA- by 1) 0.0 0.0 Compliant
U.S. TREASURIES
Max % (BV) 100.0 21.5 Compliant
Max Maturity (Years) 5 4 Compliant
17 PORTFOLIO CHARACTERISTICS
City of Orange | Account #10888 | As of June 30, 2025
Benchmark* 6/30/2025
Portfolio
3/31/2025
Portfolio
Average Maturity (yrs) 2.65 2.91 2.67
Average Modified Duration 2.48 2.47 2.24
Average Purchase Yield 3.57% 3.38%
Average Market Yield 3.78% 4.06% 4.23%
Average Quality** AA+ AA+ AA+
Total Market Value 106,597,904 105,095,891
*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. 18 SECTOR DISTRIBUTION
City of Orange | Account #10888 | As of June 30, 2025
Sector as a Percentage of Market Value
Sector 06/30/2025 03/31/2025
US Treasury 34.27% 25.00%
Corporate 28.32% 29.46%
Agency 19.86% 31.88%
ABS 10.64% 9.11%
Supras 2.48% 4.15%
Agency CMBS 2.31% --
Comm Paper 1.84% --
Money Mkt Fd 0.28% 0.40%
19 ISSUERS
City of Orange | Account #10888 | As of June 30, 2025
Issuer Investment Type % Portfolio
Government of The United States US Treasury 34.27%
Federal Home Loan Banks Agency 8.38%
Federal Home Loan Mortgage Corp Agency 7.52%
Toyota Motor Corporation Corporate 4.68%
Farm Credit System Agency 3.96%
Apple Inc. Corporate 2.78%
International Bank for Recon and Dev Supras 2.48%
FHLMC Agency CMBS 2.31%
PepsiCo, Inc. Corporate 1.95%
Mitsubishi UFJ Financial Group, Inc. Comm Paper 1.84%
Honda Auto Receivables Owner Trust ABS 1.78%
American Express Credit Master Trust ABS 1.34%
State Street Corporation Corporate 1.23%
John Deere Owner Trust ABS 1.23%
Guardian Life Global Funding Corporate 1.22%
BMW Vehicle Owner Trust ABS 1.22%
Cisco Systems, Inc. Corporate 1.21%
The Home Depot, Inc. Corporate 1.21%
Chubb Limited Corporate 1.20%
Merck & Co., Inc. Corporate 1.19%
Bank of America Corporation Corporate 1.17%
Massachusetts Mutual Life Insurance Corporate 1.16%
PACCAR Inc Corporate 1.15%
Chase Issuance Trust ABS 1.01%
Royal Bank of Canada Corporate 0.96%
Bank of Montreal Corporate 0.95%
UnitedHealth Group Incorporated Corporate 0.94%
GM Financial Securitized Term ABS 0.94%
Caterpillar Inc. Corporate 0.93%
Hyundai Auto Receivables Trust ABS 0.87%
20 ISSUERS
City of Orange | Account #10888 | As of June 30, 2025
Issuer Investment Type % Portfolio
New York Life Insurance Company Corporate 0.79%
Metropolitan Life Global Funding I Corporate 0.79%
Morgan Stanley Corporate 0.73%
Eli Lilly and Company Corporate 0.67%
WF Card Issuance Trust ABS 0.53%
Mercedes-Benz Auto Lease Trust ABS 0.51%
Bank of America Credit Card Trust ABS 0.48%
Deere & Company Corporate 0.48%
National Rural Utilities Cooperative Corporate 0.47%
Union Pacific Corporation Corporate 0.44%
GM Financial Automobile Leasing Trus ABS 0.41%
Hyundai Auto Lease Securitization Tr ABS 0.31%
First American Govt Oblig fund Money Mkt Fd 0.28%
Cash Cash 0.00%
TOTAL 100.00%
21 QUALITY DISTRIBUTION
Rating 06/30/2025 03/31/2025
AAA 11.1% 11.3%
AA 64.4% 64.6%
A 22.3% 21.7%
NA 2.2% 2.4%
Rating 06/30/2025 03/31/2025
AAA 9.86% 69.48%
AA 63.48% 6.09%
A 20.40% 19.83%
NA 6.25% 4.60%
Rating 06/30/2025 03/31/2025
AAA 11.86% 8.17%
AA 60.43% 64.18%
A 11.11% 11.17%
NA 16.61% 16.49%
City of Orange | Account #10888 | As of June 30, 2025
S&P Rating Moody’s Rating Fitch Rating
22 0-.25 .25-.5 .5-1 1-2 2-3 3-4 4-5 5-7 7+
Portfolio 1.0% 12.7% 6.3% 18.2% 12.9% 37.1% 11.8% 0.0% 0.0% ICE BofA 1-5 Year Unsubordinated US Treasury &
Agency Index 0.0% 0.1% 2.6% 34.9% 27.8% 23.4% 11.1% 0.0% 0.0%
DURATION DISTRIBUTION
City of Orange | Account #10888 | As of June 30, 2025
Portfolio Compared to the Benchmark
23 3 Months 12 Months 2 Years 3 Years 5 Years 10 Years Since Inception
TOTAL RATE OF RETURN
City of Orange 1.45% 6.10% 5.48% 3.66% 1.75%
Benchmark 1.36% 6.06% 5.11% 3.24% 1.59%
*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 June 30, 2025
Total Rate of Return : Inception | 01/01/2022
24 HISTORICAL AVERAGE PURCHASE YIELD
City of Orange | Account #10888 | As of June 30, 2025
Purchase Yield as of 06/30/25 = 3.57%
25 CONSOLIDATED INFORMATION
26 PORTFOLIO CHARACTERISTICS
City of Orange Cons | Account #10897 | As of June 30, 2025 6/30/2025
Portfolio
3/31/2025
Portfolio
Average Maturity (yrs) 1.84 1.83
Average Modified Duration 1.56 1.54
Average Purchase Yield 3.42% 3.33%
Average Market Yield 3.71% 3.89%
Average Quality** AA+ AA+
Total Market Value 168,667,699 153,160,709
*Benchmark: NO BENCHMARK REQUIRED
**The credit quality is a weighted average calculation of the highest of S&P, Moody’s and Fitch. 27 PORTFOLIO HOLDINGS
28 HOLDINGS REPORT
City of Orange | Account #10888 | As of June 30, 2025
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
43815JAC7 HAROT 2023-1 A3 5.04
04/21/2027 116,900.53 02/16/2023
5.09%
116,878.81
116,891.10
100.24
4.53%
117,182.99
163.66
0.11%
291.89
Aaa/NA
AAA
1.81 0.43
47800CAC0 JDOT 2023 A3 5.01 11/15/2027 279,328.65 02/22/2023
3.39%
279,277.75
279,302.98
100.30
4.60%
280,171.07
621.97
0.26%
868.10
Aaa/NA
AAA
2.38 0.65
36271VAD9 GMALT 2025-1 A3 4.66
02/21/2028 430,000.00 02/05/2025
4.66%
429,949.26
429,955.65
100.67
4.25%
432,866.55
612.27
0.41%
2,910.90
NA/AAA
AAA
2.65 1.45
05592XAD2 BMWOT 2023-A A3 5.47
02/25/2028 142,959.30 07/11/2023
5.47%
142,933.96
142,944.71
100.59
4.49%
143,808.86
130.33
0.14%
864.15
NA/AAA
AAA
2.66 0.57
44935DAD1 HALST 2025-B A3 4.53 04/17/2028 330,000.00 04/24/2025
4.53%
329,970.20
329,971.91
100.69
4.19%
332,269.64
664.40
0.31%
2,297.74
NA/AAA
AAA
2.80 1.78
02582JJZ4 AMXCA 2023-1 A 4.87 05/15/2026 350,000.00 06/07/2023
4.92%
349,968.96
349,988.04
100.52
4.30%
351,806.32
757.56
0.33%
1,818.27
NA/AAA
AAA
0.87 0.84
362962AD4 GMALT 2025-2 A3 4.58
05/22/2028 985,000.00 --
4.80%
985,558.36
985,533.75
100.64
4.23%
991,290.51
1,378.45
0.94%
5,756.76
NA/AAA
AAA
2.90 1.62
438123AC5 HAROT 2023-4 A3 5.67
06/21/2028 330,000.00 11/01/2023
5.74%
329,941.89
329,962.59
101.07
4.39%
333,519.45
519.75
0.32%
3,556.86
Aaa/NA
AAA
2.98 0.78
02582JKD1 AMXCA 2023-3 A 5.23 09/15/2026 1,055,000.00 09/12/2023
5.29%
1,054,952.84
1,054,980.95
101.13
4.30%
1,066,951.04
2,452.29
1.01%
11,970.09
NA/AAA
AAA
1.21 1.14
161571HT4 CHAIT 2023-1 A 5.16 09/15/2028 1,060,000.00 09/07/2023
5.23%
1,059,706.17
1,059,811.51
101.16
4.21%
1,072,250.31
2,430.93
1.01%
12,438.80
NA/AAA
AAA
3.21 1.14
096919AD7 BMWOT 2024-A A3 5.18
02/26/2029 450,000.00 06/04/2024
5.18%
449,931.65
449,946.94
101.26
4.11%
455,673.60
388.50
0.43%
5,726.66
Aaa/AAA
NA
3.66 1.12
47786WAD2 JDOT 2024-B A3 5.2 03/15/2029 510,000.00 06/11/2024
5.81%
509,900.30
509,922.07
101.58
4.24%
518,054.89
1,178.67
0.49%
8,132.82
Aaa/NA
AAA
3.71 1.54
44934QAD3 HART 2024-B A3 4.84 03/15/2029 285,000.00 07/16/2024
5.45%
284,956.99
284,965.67
101.02
4.17%
287,904.72
613.07
0.27%
2,939.05
NA/AAA
AAA
3.71 1.40
43813YAC6 HAROT 2024-3 A3 4.57
03/21/2029 630,000.00 08/09/2024
4.66%
629,901.03
629,919.61
100.54
4.21%
633,428.90
799.75
0.60%
3,509.30
Aaa/NA
AAA
3.72 1.35
58768YAD7 MBALT 2025-A A3 4.61
04/16/2029 530,000.00 05/14/2025
4.66%
529,935.39
529,937.25
101.14
4.13%
536,018.73
1,085.91
0.51%
6,081.49
NA/AAA
AAA
3.79 2.15
05522RDJ4 BACCT 2024-1 A 4.93 05/15/2029 505,000.00 06/06/2024
4.93%
504,971.67
504,977.79
101.48
4.14%
512,480.62
1,106.51
0.48%
7,502.83
Aaa/AAA
NA
3.87 1.75
29 HOLDINGS REPORT
City of Orange | Account #10888 | As of June 30, 2025
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
47800DAD6 JDOT 2025 A3 4.23 09/17/2029 500,000.00 03/04/2025
5.09%
499,968.55
499,970.68
100.25
4.16%
501,234.80
940.00
0.47%
1,264.12
Aaa/NA
AAA
4.22 2.18
43814VAC1 HAROT 2025-1 A3 4.57
09/21/2029 795,000.00 02/04/2025
4.57%
794,975.51
794,977.55
100.97
4.09%
802,683.12
1,009.21
0.76%
7,705.57
NA/AAA
AAA
4.23 1.82
096924AD7 BMWOT 2025-A A3 4.56
09/25/2029 680,000.00 02/04/2025
4.56%
679,933.02
679,938.54
100.86
4.09%
685,822.57
516.80
0.65%
5,884.03
Aaa/AAA
NA
4.24 1.65
44935CAD3 HART 2025-A A3 4.32 10/15/2029 635,000.00 03/04/2025
4.84%
634,906.34
634,912.54
100.39
4.16%
637,452.75
1,219.20
0.60%
2,540.22
NA/AAA
AAA
4.29 1.98
92970QAE5 WFCIT 2024-2 A 4.29 10/15/2029 560,000.00 10/17/2024
4.29%
559,916.78
559,928.23
100.47
4.11%
562,632.56
1,067.73
0.53%
2,704.33
Aaa/AAA
NA
4.29 2.14
11,158,435.44 100.86 11,255,504.00 10.64% 3.27
Total ABS 11,159,188.48 4.91% 11,158,740.05 4.21% 19,656.96 96,763.94 1.50 AGENCY
3134GW3Z7 FEDERAL HOME LOAN MORTGAGE
CORP 0.6 10/28/2025 8,050,000.00 10/28/2020
0.60%
8,050,000.00
8,050,000.00
98.78 4.39%
7,952,058.31
8,452.50
7.52%
(97,941.69)
Aa1/AA+
AA+
0.33 0.32
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
96.68 4.08%
4,833,892.35
19,000.00
4.57%
(166,107.65)
Aa1/AA+
AA+
1.08 1.05
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
2,022,579.85
101.10
3.85%
2,021,974.64
25,763.89
1.91%
(605.21)
Aa1/AA+
AA+
2.21 2.06
3130AEB25 FEDERAL HOME LOAN BANKS 3.25
06/09/2028 2,000,000.00 07/24/2023
4.15%
1,921,180.00
1,952,469.02
98.86 3.66%
1,977,290.70
3,972.22
1.87%
24,821.68
Aa1/AA+
AA+
2.94 2.77
3130AXQK7 FEDERAL HOME LOAN BANKS 4.75
12/08/2028 2,000,000.00 01/29/2024
4.05%
2,060,660.00
2,042,947.55
102.89
3.84%
2,057,787.90
6,069.44
1.95%
14,840.35
Aa1/AA+
AA+
3.44 3.15
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
2,103,266.12
102.95
3.91%
2,162,039.78
16,902.08
2.04%
58,773.65
Aa1/AA+
AA+
3.83 3.46
21,191,823.00 99.36 21,005,043.67 19.86% 1.59
Total Agency 21,150,000.00 2.07% 21,171,262.54 4.10% 80,160.14 (166,218.87) 1.49
AGENCY CMBS
3137FPJG1 FHMS K-099 A2 2.595 09/25/2029 1,140,000.00 06/11/2025
4.29%
1,066,122.66
1,066,843.18
94.30 4.09%
1,075,065.71
2,465.25
1.02%
8,222.53
Aa1/AA+
AAA
4.24 3.84
30 HOLDINGS REPORT
City of Orange | Account #10888 | As of June 30, 2025
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
3137FRUT6 FHMS K-106 A2 2.069 01/25/2030 1,500,000.00 06/12/2025
4.23%
1,365,820.31
1,366,952.63
91.55 4.12%
1,373,263.35
2,586.25
1.30%
6,310.72
Aa1/AA+
AAA
4.57 4.24
Total Agency CMBS 2,640,000.00 4.26%
2,431,942.97
2,433,795.81
92.76 4.10%
2,448,329.06
5,051.50
2.31%
14,533.26
4.43 4.06
CASH
CCYUSD Receivable 1,731.14 -- 1,731.14
1,731.14
1.00 0.00%
1,731.14
0.00 0.00%
0.00 Aaa/AAA
AAA
0.00 0.00
Total Cash 1,731.14
1,731.14
1,731.14
1.00 0.00%
1,731.14
0.00 0.00%
0.00 0.00
0.00 COMMERCIAL
PAPER
62479MBH5 MUFG Bank, Ltd., New York
Branch 02/17/2026 2,000,000.00 05/23/2025
4.41%
1,936,898.89
1,945,201.67
97.29 4.34%
1,945,840.00
0.00 1.84%
638.33
P-1/A-1
NA
0.64 0.62
Total Commercial
Paper 2,000,000.00 4.41%
1,936,898.89
1,945,201.67
97.29 4.34%
1,945,840.00
0.00 1.84%
638.33
0.64 0.62
CORPORATE
89236THP3 TOYOTA MOTOR CREDIT CORP 0.8
10/16/2025 5,000,000.00 11/19/2020
0.70%
5,025,000.00
5,001,492.75
98.96 4.39%
4,948,245.05
8,333.33
4.68%
(53,247.70)
A1/A+
A+
0.30 0.29
63743HFF4
NATIONAL RURAL UTILITIES
COOPERATIVE FINANCE CORP 5.45
10/30/2025
495,000.00 10/20/2022
5.50%
494,336.70
494,926.70
100.30
4.50%
496,470.56
4,571.19
0.47%
1,543.85
A2/A-
A
0.33 0.33
037833EB2 APPLE INC 0.7 02/08/2026 3,000,000.00 02/08/2021
0.70%
2,999,730.00
2,999,967.17
97.88 4.30%
2,936,348.79
8,341.67
2.78%
(63,618.38)
Aaa/AA+
NA
0.61 0.59
713448FQ6 PEPSICO INC 4.55 02/13/2026 195,000.00 02/13/2023
4.57%
194,886.90
194,976.53
100.07
4.43%
195,137.04
3,401.13
0.18%
160.51
A1/A+
NA
0.62 0.51
907818GE2 UNION PACIFIC CORP 4.75
02/21/2026 470,000.00 02/13/2023
4.77%
469,689.80
469,933.49
100.14
4.51%
470,664.38
8,061.81
0.44%
730.89
A3/A-
A-
0.65 0.53
61747YET8 MORGAN STANLEY 4.679
07/17/2026 775,000.00 12/28/2022
5.76%
764,390.25
774,817.36
99.98 6.05%
774,880.10
16,519.47
0.73%
62.74 A1/A-
A+
1.05 0.04
31 HOLDINGS REPORT
City of Orange | Account #10888 | As of June 30, 2025
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
24422EXD6 JOHN DEERE CAPITAL CORP 5.15
09/08/2026 505,000.00 09/05/2023
5.18%
504,641.45
504,858.02
101.20
4.10%
511,065.81
8,163.47
0.48%
6,207.79
A1/A
A+
1.19 1.13
713448FW3 PEPSICO INC 5.125 11/10/2026 380,000.00 11/08/2023
5.13%
379,897.40
379,953.47
101.26
4.16%
384,787.73
2,758.96
0.36%
4,834.26
A1/A+
NA
1.36 1.22
06368LAQ9 BANK OF MONTREAL 4.7
09/14/2027 1,000,000.00 03/30/2023
4.91%
991,550.00
995,821.71
100.91
4.26%
1,009,099.76
13,969.44
0.95%
13,278.05
A2/A-
AA-
2.21 1.97
78016FZW7 ROYAL BANK OF CANADA 4.9
01/12/2028 1,000,000.00 03/30/2023
4.95%
997,990.00
998,936.36
101.82
4.13%
1,018,232.04
23,002.78
0.96%
19,295.68
A1/A
AA-
2.54 2.31
06051GGF0 BANK OF AMERICA CORP 3.824
01/20/2028 1,250,000.00 06/27/2024
5.30%
1,206,175.00
1,223,405.34
99.13 5.07%
1,239,106.05
21,377.22
1.17%
15,700.71
A1/A-
AA-
2.56 1.46
713448FL7 PEPSICO INC 3.6 02/18/2028 1,500,000.00 03/27/2024
4.49%
1,452,735.00
1,468,024.66
99.14 3.95%
1,487,095.97
19,950.00
1.41%
19,071.30
A1/A+
NA
2.64 2.45
857477CU5 STATE STREET CORP 4.536
02/28/2028 1,285,000.00 02/25/2025
4.51%
1,285,000.00
1,285,000.00
101.14
4.08%
1,299,635.96
19,914.93
1.23%
14,635.96
Aa3/A
AA-
2.67 2.38
58933YBH7 MERCK & CO INC 4.05 05/17/2028 1,250,000.00 09/26/2024
3.76%
1,261,775.00
1,259,262.15
100.46
3.88%
1,255,745.20
6,187.50
1.19%
(3,516.95)
Aa3/A+
NA
2.88 2.61
91324PEU2 UNITEDHEALTH GROUP INC 4.25
01/15/2029 1,000,000.00 05/28/2024
5.05%
967,180.00
974,900.07
99.82 4.30%
998,225.19
19,597.22
0.94%
23,325.12
A2/A+
A
3.54 3.19
69371RS80 PACCAR FINANCIAL CORP 4.6
01/31/2029 1,200,000.00 03/27/2024
4.70%
1,194,684.00
1,196,065.56
101.37
4.18%
1,216,410.37
23,153.33
1.15%
20,344.81
A1/A+
NA
3.59 3.22
17275RBR2 CISCO SYSTEMS INC 4.85
02/26/2029 1,250,000.00 02/27/2024
4.84%
1,250,650.00
1,250,473.09
102.48
4.11%
1,280,968.20
21,050.35
1.21%
30,495.11
A1/AA-
NA
3.66 3.21
437076DC3 HOME DEPOT INC 4.75
06/25/2029 1,250,000.00 06/27/2024
4.82%
1,245,987.50
1,246,797.48
102.07
4.18%
1,275,915.78
989.58
1.21%
29,118.29
A2/A
A
3.99 3.53
532457CQ9 ELI LILLY AND CO 4.2 08/14/2029 705,000.00 08/12/2024
4.25%
703,456.05
703,727.47
100.35
4.10%
707,502.33
11,268.25
0.67%
3,774.86
Aa3/A+
NA
4.12 3.62
171239AL0 CHUBB INA HOLDINGS LLC 4.65
08/15/2029 1,250,000.00 09/26/2024
4.08%
1,280,725.00
1,275,867.22
101.70
4.19%
1,271,304.46
21,958.33
1.20%
(4,562.76)
A2/A
A
4.13 3.59
40139LBJ1 GUARDIAN LIFE GLOBAL FUNDING
4.179 09/26/2029 1,300,000.00 11/26/2024
4.67%
1,272,336.00
1,275,723.43
99.55 4.29%
1,294,179.81
14,336.29
1.22%
18,456.38
Aa1/AA+
NA
4.24 3.80
64952WFK4 NEW YORK LIFE GLOBAL FUNDING
4.6 12/05/2029 830,000.00 12/02/2024
4.61%
829,526.90
829,580.79
101.11
4.32%
839,253.74
2,757.44
0.79%
9,672.95
Aa1/AA+
AAA
4.43 3.96
14913UAX8 CATERPILLAR FINANCIAL SERVICES
CORP 4.8 01/08/2030 960,000.00 01/06/2025
4.84%
958,147.20
958,323.75
102.40
4.21%
983,058.42
22,144.00
0.93%
24,734.67
A2/A
A+
4.53 3.95
32 HOLDINGS REPORT
City of Orange | Account #10888 | As of June 30, 2025
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
59217GFT1 METROPOLITAN LIFE GLOBAL
FUNDING I 4.9 01/09/2030 820,000.00 01/02/2025
4.95%
818,310.80
818,470.84
102.02
4.40%
836,530.63
19,197.11
0.79%
18,059.80
Aa3/AA-
AA-
4.53 3.94
57629TBV8 MASSMUTUAL GLOBAL FUNDING
II 4.95 01/10/2030 1,200,000.00 --
4.90%
1,202,338.00
1,202,352.88
102.11
4.43%
1,225,309.74
28,215.00
1.16%
22,956.86
Aa3/AA+
AA+
4.53 3.94
Total Corporate 29,870,000.00 3.69%
29,751,138.95
29,783,658.30
100.31
4.32%
29,955,173.11
349,219.80
28.32%
171,514.81
2.46 2.14
MONEY MARKET
FUND
31846V203 FIRST AMER:GVT OBLG Y 291,001.23 --
3.96%
291,001.23
291,001.23
1.00 3.96%
291,001.23
0.00 0.28%
0.00 Aaa/AAAm
AAA
0.00 0.00
Total Money Market
Fund 291,001.23 3.96%
291,001.23
291,001.23
1.00 3.96%
291,001.23
0.00 0.28%
0.00 0.00
0.00 SUPRANATIONAL
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
1,962,375.43
99.26 3.76%
1,985,110.48
32,861.11
1.88%
22,735.05
Aaa/AAA
NA
3.03 2.80
459058LR2
INTERNATIONAL BANK FOR
RECONSTRUCTION AND
DEVELOPM 4.125 03/20/2030
635,000.00 03/14/2025
4.20%
632,733.05
632,860.92
101.23
3.84%
642,779.35
7,348.80
0.61%
9,918.42
Aaa/AAA
NA
4.72 4.21
Total Supranational 2,635,000.00 4.20%
2,571,113.05
2,595,236.36
99.74 3.78%
2,627,889.83
40,209.91
2.48%
32,653.47
3.45 3.15
US TREASURY
91282CCZ2 UNITED STATES TREASURY 0.875
09/30/2026 3,000,000.00 09/30/2021
1.01%
2,980,546.88
2,995,142.05
96.33 3.92%
2,889,843.75
6,598.36
2.73%
(105,298.30)
Aa1/AA+
AA+
1.25 1.22
91282CGT2 UNITED STATES TREASURY 3.625
03/31/2028 1,000,000.00 --
3.68%
998,446.60
998,648.65
99.83 3.69%
998,281.25
9,112.02
0.94%
(367.40)
Aa1/AA+
AA+
2.75 2.57
9128285M8 UNITED STATES TREASURY 3.125
11/15/2028 2,000,000.00 12/28/2023
3.86%
1,935,078.13
1,955,104.51
98.13 3.72%
1,962,656.24
7,982.34
1.86%
7,551.73
Aa1/AA+
AA+
3.38 3.15
91282CKD2 UNITED STATES TREASURY 4.25
02/28/2029 2,200,000.00 03/27/2024
4.18%
2,206,617.19
2,204,924.25
101.76
3.73%
2,238,757.82
31,251.36
2.12%
33,833.57
Aa1/AA+
AA+
3.67 3.33
33 HOLDINGS REPORT
City of Orange | Account #10888 | As of June 30, 2025
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
91282CKG5 UNITED STATES TREASURY 4.125
03/31/2029 2,200,000.00 05/28/2024
4.53%
2,161,156.25
2,169,905.44
101.35
3.73%
2,229,734.36
22,811.48
2.11%
59,828.93
Aa1/AA+
AA+
3.75 3.42
91282CKP5 UNITED STATES TREASURY 4.625
04/30/2029 2,000,000.00 --
4.13%
2,042,382.82
2,034,514.06
103.13
3.74%
2,062,500.00
15,584.24
1.95%
27,985.94
Aa1/AA+
AA+
3.83 3.47
91282CKT7 UNITED STATES TREASURY 4.5
05/31/2029 2,200,000.00 06/13/2024
4.25%
2,224,578.13
2,219,396.65
102.73
3.74%
2,259,984.36
8,385.25
2.14%
40,587.72
Aa1/AA+
AA+
3.92 3.56
91282CLC3 UNITED STATES TREASURY 4.0
07/31/2029 2,000,000.00 09/26/2024
3.56%
2,038,515.62
2,032,481.22
100.93
3.75%
2,018,671.88
33,370.17
1.91%
(13,809.34)
Aa1/AA+
AA+
4.08 3.68
91282CFJ5 UNITED STATES TREASURY 3.125
08/31/2029 2,000,000.00 10/30/2024
4.10%
1,915,156.25
1,926,837.29
97.59 3.76%
1,951,718.76
20,889.95
1.85%
24,881.47
Aa1/AA+
AA+
4.17 3.82
91282CFL0 UNITED STATES TREASURY 3.875
09/30/2029 2,200,000.00 10/30/2024
4.10%
2,177,828.13
2,180,829.67
100.46
3.76%
2,210,140.64
21,428.96
2.09%
29,310.97
Aa1/AA+
AA+
4.25 3.85
91282CFT3 UNITED STATES TREASURY 4.0
10/31/2029 2,500,000.00 04/29/2025
3.77%
2,523,535.16
2,522,648.12
100.95
3.76%
2,523,828.13
16,847.83
2.39%
1,180.00
Aa1/AA+
AA+
4.34 3.92
91282CMA6 UNITED STATES TREASURY 4.125
11/30/2029 2,400,000.00 12/27/2024
4.45%
2,366,062.50
2,369,520.50
101.47
3.76%
2,435,251.20
8,385.25
2.30%
65,730.70
Aa1/AA+
AA+
4.42 4.00
91282CMG3 UNITED STATES TREASURY 4.25
01/31/2030 2,500,000.00 04/29/2025
3.78%
2,550,488.28
2,548,686.17
101.97
3.78%
2,549,316.40
44,319.75
2.41%
630.23
Aa1/AA+
AA+
4.59 4.07
91282CGQ8 UNITED STATES TREASURY 4.0
02/28/2030 2,700,000.00 --
4.02%
2,697,195.31
2,697,332.75
100.97
3.77%
2,726,261.71
36,097.83
2.58%
28,928.96
Aa1/AA+
AA+
4.67 4.17
91282CGS4 UNITED STATES TREASURY 3.625
03/31/2030 2,500,000.00 04/29/2025
3.80%
2,480,664.06
2,481,331.56
99.29 3.79%
2,482,128.90
22,780.05
2.35%
797.34
Aa1/AA+
AA+
4.75 4.28
91282CMZ1 UNITED STATES TREASURY 3.875
04/30/2030 2,700,000.00 05/29/2025
4.03%
2,681,542.97
2,681,871.83
100.39
3.78%
2,710,546.88
17,627.04
2.56%
28,675.05
Aa1/AA+
AA+
4.83 4.34
Total US Treasury 36,100,000.00 3.79%
35,979,794.28
36,019,174.69
100.45
3.77%
36,249,622.27
323,471.85
34.27%
230,447.58
3.95 3.58
Total Portfolio 105,846,920.85 3.57%
105,313,878.94
105,399,801.80
99.71 4.06%
105,780,134.31
817,770.17
100.00%
380,332.52
2.91 2.47
Total Market Value +
Accrued 106,597,904.48
34 HOLDINGS REPORT
City of Orange LAIF Balances | Account #10895 | As of June 30, 2025 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 446,870.60 -- 446,870.60
446,870.60
1.00 0.00%
446,870.60
0.00 0.98%
0.00 Aaa/AAA
AAA
0.00 0.00
Total Cash 446,870.60
446,870.60
446,870.60
1.00 0.00%
446,870.60
0.00 0.98%
0.00 0.00
0.00 LAIF
90LAIF$00 Local Agency Investment Fund
State Pool 45,340,100.19 --
4.27%
45,340,100.19
45,340,100.19
1.00 4.27%
45,340,100.19
0.00 99.02%
0.00 NA/NA
NA
0.00 0.00
Total LAIF 45,340,100.19 4.27%
45,340,100.19
45,340,100.19
1.00 4.27%
45,340,100.19
0.00 99.02%
0.00 0.00
0.00 Total Portfolio 45,786,970.79 4.27%
45,786,970.79
45,786,970.79
1.00 4.23%
45,786,970.79
0.00 100.00%
0.00 0.00
0.00 Total Market Value +
Accrued 45,786,970.79
35 HOLDINGS REPORT
City of Orange Bank Balances | Account #10896 | As of June 30, 2025 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 561,125.59 -- 561,125.59
561,125.59
1.00 0.00%
561,125.59
0.00 3.45%
0.00 NA/NA
NA
0.00 0.00
999WEL$15 Wells Fargo 15,547,811.21 --
0.00%
15,547,811.21
15,547,811.21
1.00 0.00%
15,547,811.21
0.00 95.49%
0.00 NA/NA
NA
0.00 0.00
999WEL$12 Wells Fargo General 173,887.00 03/31/2025
0.00%
173,887.00
173,887.00
1.00 0.00%
173,887.00
0.00 1.07%
0.00 NA/NA
NA
0.00 0.00
Total Cash 16,282,823.80 0.00%
16,282,823.80
16,282,823.80
1.00 0.00%
16,282,823.80
0.00 100.00%
0.00 0.00
0.00 Total Portfolio 16,282,823.80 0.00%
16,282,823.80
16,282,823.80
1.00 0.00%
16,282,823.80
0.00 100.00%
0.00 0.00
0.00 Total Market Value +
Accrued 16,282,823.80
36 TRANSACTIONS
37 TRANSACTION LEDGER
City of Orange | Account #10888|04/01/2025 Through 06/30/2025| Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp Yield Amount Interest
Pur/Sold Total Amount Gain/Loss
ACQUISITIONS
Purchase 04/30/2025 44935DAD1 330,000.00 HALST 2025-B A3 4.53 04/17/2028 99.991 4.53% (329,970.20) 0.00 (329,970.20) 0.00 Purchase 04/30/2025 91282CFT3 2,500,000.00 UNITED STATES TREASURY
4.0 10/31/2029 100.941 3.77% (2,523,535.16) 0.00 (2,523,535.16) 0.00 Purchase 04/30/2025 91282CGS4 2,500,000.00 UNITED STATES TREASURY
3.625 03/31/2030 99.227 3.80% (2,480,664.06) (7,428.28) (2,488,092.34) 0.00 Purchase 04/30/2025 91282CMG3 2,500,000.00 UNITED STATES TREASURY
4.25 01/31/2030 102.020 3.78% (2,550,488.28) (26,122.24) (2,576,610.52) 0.00 Purchase 05/21/2025 58768YAD7 530,000.00 MBALT 2025-A A3 4.61 04/16/2029 99.988 4.66% (529,935.39) 0.00 (529,935.39) 0.00 Purchase 05/27/2025 62479MBH5 2,000,000.00 MUFG Bank, Ltd. - New York Branch 02/17/2026 96.845 4.41% (1,936,898.89) 0.00 (1,936,898.89) 0.00 Purchase 05/29/2025 362962AD4 485,000.00 GMALT 2025-2 A3 4.58 05/20/2028 99.998 4.84% (484,991.95) 0.00 (484,991.95) 0.00 Purchase 05/29/2025 362962AD4 500,000.00 GMALT 2025-2 A3 4.58 05/20/2028 100.113 4.77% (500,566.41) 0.00 (500,566.41) 0.00 Purchase 05/30/2025 91282CGQ8 500,000.00 UNITED STATES TREASURY
4.0 02/28/2030 99.938 4.01% (499,687.50) (4,945.65) (504,633.15) 0.00 Purchase 05/30/2025 91282CMZ1 2,700,000.00 UNITED STATES TREASURY
3.875 04/30/2030 99.316 4.03% (2,681,542.97) (8,529.21) (2,690,072.18) 0.00 Purchase 06/13/2025 57629TBV8 200,000.00 MASSMUTUAL GLOBAL FUNDING II 4.95 01/10/2030 101.409 4.60% (202,818.00) (4,207.50) (207,025.50) 0.00 Purchase 06/16/2025 3137FPJG1 1,140,000.00 FHMS K-099 A2 2.595 09/25/2029 93.520 4.29% (1,066,122.66) (1,232.63) (1,067,355.29) 0.00 Purchase 06/17/2025 3137FRUT6 1,500,000.00 FHMS K-106 A2 2.069 01/25/2030 91.055 4.23% (1,365,820.31) (1,379.33) (1,367,199.64) 0.00 Total Purchase 17,385,000.00 (17,153,041.78) (53,844.84) (17,206,886.62) 0.00 TOTAL
ACQUISITIONS 17,385,000.00 (17,153,041.78) (53,844.84) (17,206,886.62) 0.00
DISPOSITIONS
Call Redemption 04/22/2025 46647PBK1 (1,250,000.00) JPMORGAN CHASE & CO
2.083 04/22/2026 100.000 4.69% 1,250,000.00 0.00 1,250,000.00 0.00 38 TRANSACTION LEDGER
City of Orange | Account #10888|04/01/2025 Through 06/30/2025| Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp Yield Amount Interest
Pur/Sold Total Amount Gain/Loss
Total Call
Redemption (1,250,000.00) 1,250,000.00 0.00 1,250,000.00 0.00 Maturity 04/28/2025 3130ANA42 (4,000,000.00) FEDERAL HOME LOAN BANKS 0.65 04/28/2025 100.000 0.65% 4,000,000.00 0.00 4,000,000.00 0.00 Maturity 04/29/2025 3130AMBG6 (2,400,000.00) FEDERAL HOME LOAN BANKS 0.75 04/29/2025 100.000 0.75% 2,400,000.00 0.00 2,400,000.00 0.00 Total Maturity (6,400,000.00) 6,400,000.00 0.00 6,400,000.00 0.00 Sale 05/27/2025 3133EPCF0 (400,000.00)
FEDERAL FARM CREDIT
BANKS FUNDING CORP 4.5
03/02/2026
100.206 4.01% 400,824.00 4,250.00 405,074.00 (567.35)
Sale 05/27/2025 3133EPQC2 (2,000,000.00)
FEDERAL FARM CREDIT
BANKS FUNDING CORP
4.625 07/17/2026
100.524 4.66% 2,010,480.00 33,402.78 2,043,882.78 11,148.98 Sale 05/28/2025 3133EPCF0 (500,000.00)
FEDERAL FARM CREDIT
BANKS FUNDING CORP 4.5
03/02/2026
100.130 4.01% 500,650.00 5,375.00 506,025.00 (1,082.95) Sale 05/30/2025 3130ATS57 (2,000,000.00) FEDERAL HOME LOAN BANKS 4.5 03/10/2028 101.404 3.82% 2,028,080.00 20,000.00 2,048,080.00 (5,820.66) Sale 05/30/2025 3133EPCF0 (1,100,000.00)
FEDERAL FARM CREDIT
BANKS FUNDING CORP 4.5
03/02/2026
100.168 4.01% 1,101,848.00 12,100.00 1,113,948.00 (1,937.07) Sale 06/12/2025 91282CGT2 (825,000.00) UNITED STATES TREASURY
3.625 03/31/2028 99.195 3.68% 818,361.33 5,964.91 824,326.24 (5,502.71) Sale 06/13/2025 4581X0EK0 (1,720,000.00)
INTER-AMERICAN
DEVELOPMENT BANK 4.5
05/15/2026
100.252 4.53% 1,724,334.40 6,020.00 1,730,354.40 4,760.64 Total Sale (8,545,000.00) 8,584,577.73 87,112.69 8,671,690.42 998.88 TOTAL
DISPOSITIONS (16,195,000.00) 16,234,577.73 87,112.69 16,321,690.42 998.88 39 TRANSACTION LEDGER
City of Orange LAIF Balances | Account #10895|04/01/2025 Through 06/30/2025| Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp Yield Amount Interest
Pur/Sold Total Amount Gain/Loss
ACQUISITIONS
Purchase 04/15/2025 90LAIF$00 350,242.45 Local Agency Investment Fund State Pool 1.000 4.28% (350,242.45) 0.00 (350,242.45) 0.00 Purchase 04/30/2025 90LAIF$00 10,000,000.00 Local Agency Investment Fund State Pool 1.000 4.27% (10,000,000.00) 0.00 (10,000,000.00) 0.00 Total Purchase 10,350,242.45 (10,350,242.45) 0.00 (10,350,242.45) 0.00 TOTAL
ACQUISITIONS 10,350,242.45 (10,350,242.45) 0.00 (10,350,242.45) 0.00 40 IMPORTANT DISCLOSURES
City of Orange | Account #10888 | As of June 30, 2025
2025 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. 41 BENCHMARK DISCLOSURES
City of Orange | Account #10888 | As of June 30, 2025
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. 42