Agenda packet — Orange City Council, December 9, 2025 (part 5 of 5)

0.00 0.00
504,878.30
10,330.76

0.00 12,498.05
2,167.29

10.14 0.00

INCOME EARNED
Cusip Security Description
Trade Date
Settle Date
Units
Book Value: Begin
Book Value: Acq
Book Value: Disp
Book Value: End
Prior Accrued
Inc. Received
Ending Accrued
Total Interest
Accr. Of Discount
Amort. Of Premium
Net Accret/Amort
Income Earned
Total Income
3130AEB25 FEDERAL HOME LOAN BANKS

3.25 06/09/2028
07/24/2023
07/25/2023
2,000,000.00
1,953,840.95

0.00 0.00
1,955,212.89
9,388.89

0.00 14,805.56
5,416.67
1,371.94

0.00 1,371.94
6,788.60
6,788.60
3130ANDF4 FEDERAL HOME LOAN BANKS

0.9 07/29/2026
07/29/2021
07/29/2021
5,000,000.00
5,000,000.00

0.00 0.00
5,000,000.00
250.00

0.00 4,000.00
3,750.00

0.00 0.00

0.00 3,750.00
3,750.00
3130AXQK7 FEDERAL HOME LOAN BANKS

4.75 12/08/2028
01/29/2024
01/30/2024
2,000,000.00
2,041,887.54

0.00 0.00
2,040,827.53
13,986.11

0.00 21,902.78
7,916.67

0.00 (1,060.01)
(1,060.01)
6,856.66
6,856.66
3133EPDJ1

FEDERAL FARM CREDIT
BANKS FUNDING CORP 4.375
09/15/2027
03/27/2023
03/28/2023
2,000,000.00
2,021,711.40

0.00 0.00
2,020,842.94
33,055.56

0.00 40,347.22
7,291.67

0.00 (868.46)
(868.46)
6,423.21
6,423.21
3133ERDH1

FEDERAL FARM CREDIT
BANKS FUNDING CORP 4.75
04/30/2029
04/29/2024
04/30/2024
2,100,000.00
2,103,193.75

0.00 0.00
2,103,121.38
25,214.58

0.00 33,527.08
8,312.50

0.00 (72.37)
(72.37)
8,240.13
8,240.13
3134GW3Z7

FEDERAL HOME LOAN
MORTGAGE CORP 0.6
10/28/2025
10/28/2020
10/28/2020
8,050,000.00
8,050,000.00

0.00 0.00
8,050,000.00
12,477.50

0.00 16,502.50
4,025.00

0.00 0.00

0.00 4,025.00
4,025.00
3137FPJG1 FHMS K-099 A2 2.595
09/25/2029
06/11/2025
06/16/2025
1,140,000.00
1,068,332.26

0.00 0.00
1,069,821.33
2,465.25
2,465.25
2,465.25
2,465.25
1,489.08

0.00 1,489.08
3,954.33
3,954.33
3137FRUT6 FHMS K-106 A2 2.069
01/25/2030
06/12/2025
06/17/2025
1,500,000.00
1,369,459.90

0.00 0.00
1,371,967.18
2,586.25
2,586.25
2,586.25
2,586.25
2,507.28

0.00 2,507.28
5,093.53
5,093.53
36271VAD9 GMALT 2025-1 A3 4.66
02/21/2028
02/05/2025
02/12/2025
430,000.00
429,957.07

0.00 0.00
429,958.50
612.27
1,669.83
612.27
1,669.83

1.42 0.00

0.00 0.00
985,487.51
1,378.45
3,759.41
1,378.45
3,759.41

0.23 (23.35)
(23.12)
3,736.29
3,736.29
40139LBJ1 GUARDIAN LIFE GLOBAL
FUNDING 4.179 09/26/2029
11/26/2024
11/27/2024
1,300,000.00
1,276,209.59

0.00 0.00
1,276,695.75
18,863.54

0.00 23,390.79
4,527.25
486.16

0.00 486.16
5,013.41
5,013.41
437076DC3 HOME DEPOT INC 4.75
06/25/2029
06/27/2024
06/28/2024
1,250,000.00
1,246,865.72

0.00 0.00
1,246,933.95
5,937.50

0.00 10,885.42
4,947.92

68.23 0.00

68.23 5,016.15
5,016.15
438123AC5 HAROT 2023-4 A3 5.67
06/21/2028
11/01/2023
11/08/2023
309,265.90
329,963.66

0.00 (20,734.10)
309,232.84
519.75
1,559.25
487.09
1,526.59

3.28 0.00

3.28 1,529.88
1,529.88
43813YAC6 HAROT 2024-3 A3 4.57
03/21/2029
08/09/2024
08/21/2024
630,000.00
629,921.44

0.00 0.00
629,923.27
799.75
2,399.25
799.75
2,399.25

1.83 0.00

1.83 2,401.08
2,401.08
43814VAC1 HAROT 2025-1 A3 4.57
09/21/2029
02/04/2025
02/11/2025
795,000.00
794,978.00

0.00 0.00
794,978.45
1,009.21
3,027.62
1,009.21
3,027.62

0.45 0.00

0.45 3,028.07
3,028.07
43815JAC7 HAROT 2023-1 A3 5.04
04/21/2027
02/16/2023
02/24/2023
92,242.13
104,630.69

0.00 (12,396.61)
92,235.38
146.49
439.48
129.14
422.12

1.30 0.00

1.30 423.43
423.43
44934QAD3 HART 2024-B A3 4.84
03/15/2029
07/16/2024
07/24/2024
285,000.00
284,966.45

0.00 0.00
284,967.24
613.07
1,149.50
613.07
1,149.50

0.79 0.00

0.79 1,150.29
1,150.29
44935CAD3 HART 2025-A A3 4.32
10/15/2029
03/04/2025
03/12/2025
635,000.00
634,914.27

0.00 0.00
634,916.00
1,219.20
2,286.00
1,219.20
2,286.00

1.73 0.00

0.00 0.00
329,973.61
664.40
1,245.75
664.40
1,245.75

0.85 0.00

0.85 1,246.60
1,246.60
459058KT9

INTERNATIONAL BANK FOR

RECONSTRUCTION AND
DEVELOPM 3.5 07/12/2028
07/24/2023
07/26/2023
2,000,000.00
1,963,429.06

0.00 0.00
1,964,482.68
3,694.44

0.00 9,527.78
5,833.33
1,053.62

0.00 1,053.62
6,886.96
6,886.96
459058LR2

INTERNATIONAL BANK FOR

RECONSTRUCTION AND
DEVELOPM 4.125 03/20/2030
03/14/2025
03/20/2025
635,000.00
632,899.41

0.00 0.00
632,937.89
9,531.61

0.00 11,714.43
2,182.81

38.49 0.00

38.49 2,221.30
2,221.30
47786WAD2 JDOT 2024-B A3 5.2
03/15/2029
06/11/2024
06/18/2024
510,000.00
509,923.86

0.00 0.00
509,925.64
1,178.67
2,210.00
1,178.67
2,210.00

1.79 0.00

1.79 2,211.79
2,211.79
47800CAC0 JDOT 2023 A3 5.01
11/15/2027
02/22/2023
03/02/2023
242,389.21
263,557.46

0.00 (21,191.60)
242,368.53
586.91
1,100.45
539.72
1,053.26

2.67 0.00

2.67 1,055.94
1,055.94
47800DAD6 JDOT 2025 A3 4.23
09/17/2029
03/04/2025
03/11/2025
500,000.00
499,971.27

0.00 0.00
499,971.86
940.00
1,762.50
940.00
1,762.50

0.59 0.00

0.59 1,763.09
1,763.09
532457CQ9 ELI LILLY AND CO 4.2
08/14/2029
08/12/2024
08/14/2024
705,000.00
703,753.68

0.00 0.00
703,779.89
13,735.75
14,805.00
1,398.25
2,467.50

26.21 0.00

26.21 2,493.71
2,493.71
57629TBV8 MASSMUTUAL GLOBAL
FUNDING II 4.95 01/10/2030 1,200,000.00
1,202,308.78

0.00 0.00
1,202,264.68
3,465.00

0.00 8,415.00
4,950.00

8.15 (52.25)
(44.10)
4,905.90
4,905.90
58768YAD7 MBALT 2025-A A3 4.61
04/16/2029
05/14/2025
05/21/2025
530,000.00
529,938.65

0.00 0.00
529,940.06
1,085.91
2,036.08
1,085.91
2,036.08

1.40 0.00

0.00 0.00
1,258,699.71
10,406.25

0.00 14,625.00
4,218.75

0.00 (281.22)
(281.22)
3,937.53
3,937.53
59217GFT1 METROPOLITAN LIFE GLOBAL
FUNDING I 4.9 01/09/2030
01/02/2025
01/09/2025
820,000.00
818,499.52

0.00 0.00
818,528.19
2,455.44

0.00 5,803.78
3,348.33

28.68 0.00

28.68 3,377.01
3,377.01
62479MBH5 MUFG Bank, Ltd., New York
Branch 02/17/2026
05/23/2025
05/27/2025
2,000,000.00
1,952,555.56

0.00 0.00
1,959,909.45

0.00 0.00

0.00 0.00
7,353.89

0.00 7,353.89
7,353.89
7,353.89
63743HFF4

NATIONAL RURAL UTILITIES

COOPERATIVE FINANCE CORP

5.45 10/30/2025
10/20/2022
10/31/2022
495,000.00
494,945.48

0.00 0.00
494,964.26
6,819.31

0.00 9,067.44
2,248.13

18.78 0.00

18.78 2,266.90
2,266.90
64952WFK4 NEW YORK LIFE GLOBAL
FUNDING 4.6 12/05/2029
12/02/2024
12/05/2024
830,000.00
829,588.82

0.00 0.00
829,596.85
5,939.11

0.00 9,120.78
3,181.67

8.03 0.00

8.03 3,189.70
3,189.70
69371RS80 PACCAR FINANCIAL CORP 4.6
01/31/2029
03/27/2024
03/28/2024
1,200,000.00
1,196,158.66

0.00 0.00
1,196,251.77
153.33

0.00 4,753.33
4,600.00

93.11 0.00

93.11 4,693.11
4,693.11
713448FL7 PEPSICO INC 3.6 02/18/2028
03/27/2024
03/28/2024
1,500,000.00
1,469,055.05

0.00 0.00
1,470,085.44
24,450.00
27,000.00
1,950.00
4,500.00
1,030.39

0.00 1,030.39
5,530.39
5,530.39
713448FQ6 PEPSICO INC 4.55 02/13/2026
02/13/2023
02/15/2023
195,000.00
194,979.74

0.00 0.00
194,982.94
4,140.50
4,436.25
443.63
739.38

3.20 0.00

3.20 742.58
742.58
713448FW3 PEPSICO INC 5.125
11/10/2026
11/08/2023
11/10/2023
380,000.00
379,956.38

0.00 0.00
379,959.28
4,381.88

0.00 6,004.79
1,622.92

2.90 0.00

0.00 0.00
999,007.65
2,586.11

0.00 6,669.44
4,083.33

35.65 0.00

35.65 4,118.98
4,118.98
857477CU5 STATE STREET CORP 4.536
02/28/2028
02/25/2025
02/28/2025
1,285,000.00
1,285,000.00

0.00 0.00
1,285,000.00
24,772.23
29,143.80
485.73
4,857.30

0.00 0.00

0.00 4,857.30
4,857.30
89236THP3 TOYOTA MOTOR CREDIT
CORP 0.8 10/16/2025
11/19/2020
11/19/2020
5,000,000.00
5,001,060.27

0.00 0.00
5,000,627.79
11,666.67

0.00 15,000.00
3,333.33

0.00 (432.48)
(432.48)
2,900.86
2,900.86
907818GE2 UNION PACIFIC CORP 4.75
02/21/2026
02/13/2023
02/21/2023
470,000.00
469,942.26

0.00 0.00
469,951.04
9,922.22
11,162.50
620.14
1,860.42

8.77 0.00

8.77 1,869.19
1,869.19
9128285M8 UNITED STATES TREASURY

3.125 11/15/2028
12/28/2023
12/29/2023
2,000,000.00
1,956,233.27

0.00 0.00
1,957,362.02
13,247.28

0.00 18,512.23
5,264.95
1,128.76

0.00 1,128.76
6,393.71
6,393.71
91282CCZ2 UNITED STATES TREASURY

0.875 09/30/2026
09/30/2021
09/30/2021
3,000,000.00
2,995,472.30

0.00 0.00
2,995,802.56
8,821.72

0.00 11,045.08
2,223.36
330.26

0.00 330.26
2,553.62
2,553.62
91282CFJ5 UNITED STATES TREASURY

3.125 08/31/2029
10/30/2024
10/31/2024
2,000,000.00
1,928,327.46

0.00 0.00
1,929,817.63
26,154.89

0.00 172.65
(25,982.24)
1,490.17

0.00 1,490.17
(24,492.07)
(24,492.07)
91282CFL0 UNITED STATES TREASURY

3.875 09/30/2029
10/30/2024
10/31/2024
2,200,000.00
2,181,212.58

0.00 0.00
2,181,595.50
28,649.59

0.00 35,870.22
7,220.63
382.91

0.00 382.91
7,603.54
7,603.54
91282CFT3 UNITED STATES TREASURY 4.0
10/31/2029
04/29/2025
04/30/2025
2,500,000.00
2,522,204.60

0.00 0.00
2,521,761.08
25,271.74

0.00 33,695.65
8,423.91

0.00 0.00
2,697,429.86
45,195.65

0.00 298.34
(44,897.31)

48.55 0.00

48.55 (44,848.76)
(44,848.76)
91282CGS4 UNITED STATES TREASURY

3.625 03/31/2030
04/29/2025
04/30/2025
2,500,000.00
2,481,665.31

0.00 0.00
2,481,999.06
30,455.94

0.00 38,131.83
7,675.89
333.75

0.00 333.75
8,009.64
8,009.64
91282CGT2 UNITED STATES TREASURY

3.625 03/31/2028 0.00
998,690.38

0.00 (998,725.37)

0.00 12,182.38
14,757.51

0.00 2,575.13

72.79 (37.80)

35.00 2,610.13
2,610.13
91282CHF1 UNITED STATES TREASURY

3.75 05/31/2030 2,600,000.00
1,288,529.94
1,300,660.16

0.00 2,589,389.77
8,258.20
(11,721.31)
24,774.59
4,795.08
201.57
(1.90)
199.67
4,994.76
4,994.76
91282CKD2 UNITED STATES TREASURY

4.25 02/28/2029
03/27/2024
03/28/2024
2,200,000.00
2,204,810.16

0.00 0.00
2,204,696.07
39,127.72

0.00 258.29
(38,869.43)

0.00 (114.09)
(114.09)
(38,983.52)
(38,983.52)
91282CKG5 UNITED STATES TREASURY

4.125 03/31/2029
05/28/2024
05/29/2024
2,200,000.00
2,170,586.91

0.00 0.00
2,171,268.38
30,497.95

0.00 38,184.43
7,686.48
681.47

0.00 681.47
8,367.94
8,367.94
91282CKP5 UNITED STATES TREASURY

4.625 04/30/2029 2,000,000.00
2,033,749.28

0.00 0.00
2,032,984.49
23,376.36

0.00 31,168.48
7,792.12

0.00 (764.79)
(764.79)
7,027.33
7,027.33
91282CKT7 UNITED STATES TREASURY 4.5
05/31/2029
06/13/2024
06/14/2024
2,200,000.00
2,218,976.16

0.00 0.00
2,218,555.67
16,770.49

0.00 25,155.74
8,385.25

0.00 (420.49)
(420.49)
7,964.76
7,964.76
91282CLC3 UNITED STATES TREASURY 4.0
07/31/2029
09/26/2024
09/27/2024
2,000,000.00
2,031,805.89

0.00 0.00
2,031,130.55
217.39

0.00 6,956.52
6,739.13

4.125 11/30/2029
12/27/2024
12/30/2024
2,400,000.00
2,370,106.28

0.00 0.00
2,370,692.06
16,770.49

0.00 25,155.74
8,385.25
585.78

0.00 585.78
8,971.03
8,971.03
91282CMG3 UNITED STATES TREASURY

4.25 01/31/2030
04/29/2025
04/30/2025
2,500,000.00
2,547,785.11

0.00 0.00
2,546,884.05
288.72

0.00 9,239.13
8,950.41

0.00 (901.06)
(901.06)
8,049.35
8,049.35
91282CMZ1 UNITED STATES TREASURY

3.875 04/30/2030
05/29/2025
05/30/2025
2,700,000.00
2,682,190.40

0.00 0.00
2,682,508.98
26,440.56

0.00 35,254.08
8,813.52
318.58

0.00 318.58
9,132.10
9,132.10
91324PEU2 UNITEDHEALTH GROUP INC

4.25 01/15/2029
05/28/2024
05/29/2024
1,000,000.00
975,501.38

0.00 0.00
976,102.70
1,888.89

0.00 5,430.56
3,541.67
601.31

0.00 601.31
4,142.98
4,142.98
92970QAE5 WFCIT 2024-2 A 4.29
10/15/2029
10/17/2024
10/24/2024
560,000.00
559,929.65

0.00 0.00
559,931.07
1,067.73
2,002.00
1,067.73
2,002.00

1.42 0.00

1.42 2,003.42
2,003.42
Total Fixed Income 106,274,550.69
105,598,266.05
1,300,660.16
(1,064,247.83)
105,851,473.10
731,173.22
208,936.07
686,098.83
163,861.68
23,498.72
(6,703.99)
16,794.73
180,656.41 180,656.41
TOTAL PORTFOLIO 106,568,215.28
105,792,369.16
1,573,961.35
(1,368,223.79)
106,145,137.69
731,173.22
211,528.38
686,098.83
166,453.99
23,498.72
(6,703.99)
16,794.73
183,248.72 183,248.72
752
CONFIDENTIAL | 23
City of Orange | Account #10888 | As of August 31, 2025 Execution Time: 09/04/2025 08:32:04 AM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747

CASH FLOW REPORT
Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount SEPTEMBER 2025
09/02/2025 Dividend 31846V203 0.00 FIRST AMER:GVT OBLG Y 828.56 828.56 09/02/2025 Coupon 91282CFJ5 0.00 UNITED STATES TREASURY 3.125 08/31/2029 31,250.00 31,250.00 09/02/2025 Coupon 91282CGQ8 0.00 UNITED STATES TREASURY 4.0 02/28/2030 54,000.00 54,000.00 09/02/2025 Coupon 91282CKD2 0.00 UNITED STATES TREASURY 4.25 02/28/2029 46,750.00 46,750.00 09/08/2025 Coupon 24422EXD6 505,000.00 JOHN DEERE CAPITAL CORP 5.15 09/08/2026 13,003.75 13,003.75 09/15/2025 Coupon 02582JJZ4 350,000.00 AMXCA 2023-1 A 4.87 05/15/2026 1,420.42 1,420.42 09/15/2025 Coupon 02582JKD1 1,055,000.00 AMXCA 2023-3 A 5.23 09/15/2026 4,598.04 4,598.04 09/15/2025 Coupon 05522RDJ4 505,000.00 BACCT 2024-1 A 4.93 05/15/2029 2,074.71 2,074.71 09/15/2025 Coupon 06368LAQ9 1,000,000.00 BANK OF MONTREAL 4.7 09/14/2027 23,500.00 23,500.00 09/15/2025 Coupon 161571HT4 1,060,000.00 CHAIT 2023-1 A 5.16 09/15/2028 4,558.00 4,558.00 09/15/2025 Coupon 3133EPDJ1 2,000,000.00 FEDERAL FARM CREDIT BANKS FUNDING CORP

4.375 09/15/2027 43,750.00 43,750.00
09/15/2025 Coupon 44934QAD3 285,000.00 HART 2024-B A3 4.84 03/15/2029 1,149.50 1,149.50 09/15/2025 Coupon 44935CAD3 635,000.00 HART 2025-A A3 4.32 10/15/2029 2,286.00 2,286.00 09/15/2025 Coupon 44935DAD1 330,000.00 HALST 2025-B A3 4.53 04/17/2028 1,245.75 1,245.75 09/15/2025 Coupon 47786WAD2 510,000.00 JDOT 2024-B A3 5.2 03/15/2029 2,210.00 2,210.00 09/15/2025 Coupon 47800CAC0 242,389.21 JDOT 2023 A3 5.01 11/15/2027 1,011.97 1,011.97 09/15/2025 Principal Paydown 47800CAC0 242,389.21 JDOT 2023 A3 5.01 11/15/2027 18,743.49 18,743.49 09/15/2025 Coupon 47800DAD6 500,000.00 JDOT 2025 A3 4.23 09/17/2029 1,762.50 1,762.50 09/15/2025 Coupon 58768YAD7 530,000.00 MBALT 2025-A A3 4.61 04/16/2029 2,036.08 2,036.08 09/15/2025 Coupon 92970QAE5 560,000.00 WFCIT 2024-2 A 4.29 10/15/2029 2,002.00 2,002.00 09/22/2025 Coupon 36271VAD9 430,000.00 GMALT 2025-1 A3 4.66 02/21/2028 1,669.83 1,669.83 09/22/2025 Coupon 362962AD4 985,000.00 GMALT 2025-2 A3 4.58 05/22/2028 3,759.42 3,759.42 09/22/2025 Coupon 438123AC5 309,265.90 HAROT 2023-4 A3 5.67 06/21/2028 1,473.17 1,473.17 09/22/2025 Principal Paydown 438123AC5 309,265.90 HAROT 2023-4 A3 5.67 06/21/2028 18,867.27 18,867.27 09/22/2025 Coupon 43813YAC6 630,000.00 HAROT 2024-3 A3 4.57 03/21/2029 2,399.25 2,399.25 09/22/2025 Coupon 43814VAC1 795,000.00 HAROT 2025-1 A3 4.57 09/21/2029 3,027.63 3,027.63 09/22/2025 Coupon 43815JAC7 92,242.13 HAROT 2023-1 A3 5.04 04/21/2027 407.81 407.81 09/22/2025 Principal Paydown 43815JAC7 92,242.13 HAROT 2023-1 A3 5.04 04/21/2027 11,677.85 11,677.85 09/22/2025 Coupon 459058LR2 635,000.00 INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPM 4.125 03/20/2030 13,096.88 13,096.88
753
CONFIDENTIAL | 24
City of Orange | Account #10888 | As of August 31, 2025 Execution Time: 09/04/2025 08:32:04 AM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747

CASH FLOW REPORT
Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount 09/25/2025 Coupon 05592XAD2 120,653.45 BMWOT 2023-A A3 5.47 02/25/2028 558.77 558.77 09/25/2025 Principal Paydown 05592XAD2 120,653.45 BMWOT 2023-A A3 5.47 02/25/2028 9,813.69 9,813.69 09/25/2025 Coupon 096919AD7 450,000.00 BMWOT 2024-A A3 5.18 02/26/2029 1,942.50 1,942.50 09/25/2025 Coupon 096924AD7 680,000.00 BMWOT 2025-A A3 4.56 09/25/2029 2,584.00 2,584.00 09/25/2025 Coupon 3137FPJG1 1,140,000.00 FHMS K-099 A2 2.595 09/25/2029 2,465.25 2,465.25 09/25/2025 Coupon 3137FRUT6 1,500,000.00 FHMS K-106 A2 2.069 01/25/2030 2,586.25 2,586.25 09/26/2025 Coupon 40139LBJ1 1,300,000.00 GUARDIAN LIFE GLOBAL FUNDING 4.179 09/26/2029 27,163.50 27,163.50
09/30/2025 Coupon 91282CCZ2 3,000,000.00 UNITED STATES TREASURY 0.875 09/30/2026 13,125.00 13,125.00 09/30/2025 Coupon 91282CFL0 2,200,000.00 UNITED STATES TREASURY 3.875 09/30/2029 42,625.00 42,625.00 09/30/2025 Coupon 91282CGS4 2,500,000.00 UNITED STATES TREASURY 3.625 03/31/2030 45,312.50 45,312.50 09/30/2025 Coupon 91282CKG5 2,200,000.00 UNITED STATES TREASURY 4.125 03/31/2029 45,375.00 45,375.00 September 2025
Total 59,930.86 448,180.48 508,111.34
OCTOBER 2025
10/15/2025 Coupon 02582JJZ4 350,000.00 AMXCA 2023-1 A 4.87 05/15/2026 1,420.42 1,420.42 10/15/2025 Coupon 02582JKD1 1,055,000.00 AMXCA 2023-3 A 5.23 09/15/2026 4,598.04 4,598.04 10/15/2025 Coupon 05522RDJ4 505,000.00 BACCT 2024-1 A 4.93 05/15/2029 2,074.71 2,074.71 10/15/2025 Coupon 161571HT4 1,060,000.00 CHAIT 2023-1 A 5.16 09/15/2028 4,558.00 4,558.00 10/15/2025 Coupon 44934QAD3 285,000.00 HART 2024-B A3 4.84 03/15/2029 1,149.50 1,149.50 10/15/2025 Coupon 44935CAD3 635,000.00 HART 2025-A A3 4.32 10/15/2029 2,286.00 2,286.00 10/15/2025 Coupon 44935DAD1 330,000.00 HALST 2025-B A3 4.53 04/17/2028 1,245.75 1,245.75 10/15/2025 Coupon 47786WAD2 510,000.00 JDOT 2024-B A3 5.2 03/15/2029 2,210.00 2,210.00 10/15/2025 Coupon 47800CAC0 242,389.21 JDOT 2023 A3 5.01 11/15/2027 933.72 933.72 10/15/2025 Principal Paydown 47800CAC0 242,389.21 JDOT 2023 A3 5.01 11/15/2027 23,155.07 23,155.07 10/15/2025 Coupon 47800DAD6 500,000.00 JDOT 2025 A3 4.23 09/17/2029 1,762.50 1,762.50 10/15/2025 Coupon 58768YAD7 530,000.00 MBALT 2025-A A3 4.61 04/16/2029 2,036.08 2,036.08 10/15/2025 Coupon 92970QAE5 560,000.00 WFCIT 2024-2 A 4.29 10/15/2029 2,002.00 2,002.00 10/16/2025 Coupon 89236THP3 5,000,000.00 TOYOTA MOTOR CREDIT CORP 0.8 10/16/2025 20,000.00 20,000.00 10/16/2025 Final Maturity 89236THP3 5,000,000.00 TOYOTA MOTOR CREDIT CORP 0.8 10/16/2025 5,000,000.00 5,000,000.00 10/20/2025 Coupon 36271VAD9 430,000.00 GMALT 2025-1 A3 4.66 02/21/2028 1,669.83 1,669.83 10/20/2025 Coupon 362962AD4 985,000.00 GMALT 2025-2 A3 4.58 05/22/2028 3,759.42 3,759.42 754
CONFIDENTIAL | 25
City of Orange | Account #10888 | As of August 31, 2025 Execution Time: 09/04/2025 08:32:04 AM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747

CASH FLOW REPORT
Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount 10/21/2025 Coupon 438123AC5 309,265.90 HAROT 2023-4 A3 5.67 06/21/2028 1,384.03 1,384.03 10/21/2025 Principal Paydown 438123AC5 309,265.90 HAROT 2023-4 A3 5.67 06/21/2028 18,121.39 18,121.39 10/21/2025 Coupon 43813YAC6 630,000.00 HAROT 2024-3 A3 4.57 03/21/2029 2,399.25 2,399.25 10/21/2025 Coupon 43814VAC1 795,000.00 HAROT 2025-1 A3 4.57 09/21/2029 3,027.63 3,027.63 10/21/2025 Coupon 43815JAC7 92,242.13 HAROT 2023-1 A3 5.04 04/21/2027 358.76 358.76 10/21/2025 Principal Paydown 43815JAC7 92,242.13 HAROT 2023-1 A3 5.04 04/21/2027 11,244.65 11,244.65 10/27/2025 Coupon 05592XAD2 120,653.45 BMWOT 2023-A A3 5.47 02/25/2028 514.04 514.04 10/27/2025 Principal Paydown 05592XAD2 120,653.45 BMWOT 2023-A A3 5.47 02/25/2028 9,433.37 9,433.37 10/27/2025 Coupon 096919AD7 450,000.00 BMWOT 2024-A A3 5.18 02/26/2029 1,942.50 1,942.50 10/27/2025 Coupon 096924AD7 680,000.00 BMWOT 2025-A A3 4.56 09/25/2029 2,584.00 2,584.00 10/27/2025 Coupon 3137FPJG1 1,140,000.00 FHMS K-099 A2 2.595 09/25/2029 2,465.25 2,465.25 10/27/2025 Coupon 3137FRUT6 1,500,000.00 FHMS K-106 A2 2.069 01/25/2030 2,586.25 2,586.25 10/28/2025 Coupon 3134GW3Z7 8,050,000.00 FEDERAL HOME LOAN MORTGAGE CORP 0.6 10/28/2025 24,150.00 24,150.00
10/28/2025 Final Maturity 3134GW3Z7 8,050,000.00 FEDERAL HOME LOAN MORTGAGE CORP 0.6 10/28/2025 8,050,000.00 8,050,000.00
10/30/2025 Coupon 3133ERDH1 2,100,000.00 FEDERAL FARM CREDIT BANKS FUNDING CORP

CASH FLOW REPORT
Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount 11/17/2025 Coupon 44935CAD3 635,000.00 HART 2025-A A3 4.32 10/15/2029 2,286.00 2,286.00 11/17/2025 Coupon 44935DAD1 330,000.00 HALST 2025-B A3 4.53 04/17/2028 1,245.75 1,245.75 11/17/2025 Coupon 47786WAD2 510,000.00 JDOT 2024-B A3 5.2 03/15/2029 2,210.00 2,210.00 11/17/2025 Coupon 47800CAC0 242,389.21 JDOT 2023 A3 5.01 11/15/2027 837.05 837.05 11/17/2025 Principal Paydown 47800CAC0 242,389.21 JDOT 2023 A3 5.01 11/15/2027 27,319.29 27,319.29 11/17/2025 Coupon 47800DAD6 500,000.00 JDOT 2025 A3 4.23 09/17/2029 1,762.50 1,762.50 11/17/2025 Coupon 58768YAD7 530,000.00 MBALT 2025-A A3 4.61 04/16/2029 2,036.08 2,036.08 11/17/2025 Coupon 58933YBH7 1,250,000.00 MERCK & CO INC 4.05 05/17/2028 25,312.50 25,312.50 11/17/2025 Coupon 9128285M8 2,000,000.00 UNITED STATES TREASURY 3.125 11/15/2028 31,250.00 31,250.00 11/17/2025 Coupon 92970QAE5 560,000.00 WFCIT 2024-2 A 4.29 10/15/2029 2,002.00 2,002.00 11/20/2025 Coupon 36271VAD9 430,000.00 GMALT 2025-1 A3 4.66 02/21/2028 1,669.83 1,669.83 11/20/2025 Coupon 362962AD4 985,000.00 GMALT 2025-2 A3 4.58 05/22/2028 3,759.42 3,759.42 11/21/2025 Coupon 438123AC5 309,265.90 HAROT 2023-4 A3 5.67 06/21/2028 1,298.40 1,298.40 11/21/2025 Principal Paydown 438123AC5 309,265.90 HAROT 2023-4 A3 5.67 06/21/2028 17,649.29 17,649.29 11/21/2025 Coupon 43813YAC6 630,000.00 HAROT 2024-3 A3 4.57 03/21/2029 2,399.25 2,399.25 11/21/2025 Coupon 43814VAC1 795,000.00 HAROT 2025-1 A3 4.57 09/21/2029 3,027.63 3,027.63 11/21/2025 Coupon 43815JAC7 92,242.13 HAROT 2023-1 A3 5.04 04/21/2027 311.53 311.53 11/21/2025 Principal Paydown 43815JAC7 92,242.13 HAROT 2023-1 A3 5.04 04/21/2027 9,882.75 9,882.75 11/25/2025 Coupon 05592XAD2 120,653.45 BMWOT 2023-A A3 5.47 02/25/2028 471.04 471.04 11/25/2025 Principal Paydown 05592XAD2 120,653.45 BMWOT 2023-A A3 5.47 02/25/2028 8,679.47 8,679.47 11/25/2025 Coupon 096919AD7 450,000.00 BMWOT 2024-A A3 5.18 02/26/2029 1,942.50 1,942.50 11/25/2025 Coupon 096924AD7 680,000.00 BMWOT 2025-A A3 4.56 09/25/2029 2,584.00 2,584.00 11/25/2025 Coupon 3137FPJG1 1,140,000.00 FHMS K-099 A2 2.595 09/25/2029 2,465.25 2,465.25 11/25/2025 Coupon 3137FRUT6 1,500,000.00 FHMS K-106 A2 2.069 01/25/2030 2,586.25 2,586.25 November 2025
Total 63,530.80 114,995.15 178,525.95
DECEMBER 2025
12/01/2025 Coupon 91282CHF1 2,600,000.00 UNITED STATES TREASURY 3.75 05/31/2030 48,750.00 48,750.00 12/01/2025 Coupon 91282CKT7 2,200,000.00 UNITED STATES TREASURY 4.5 05/31/2029 49,500.00 49,500.00 12/01/2025 Coupon 91282CMA6 2,400,000.00 UNITED STATES TREASURY 4.125 11/30/2029 49,500.00 49,500.00 12/05/2025 Coupon 64952WFK4 830,000.00 NEW YORK LIFE GLOBAL FUNDING 4.6 12/05/2029 19,090.00 19,090.00
756
CONFIDENTIAL | 27
City of Orange | Account #10888 | As of August 31, 2025 Execution Time: 09/04/2025 08:32:04 AM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747

CASH FLOW REPORT
Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount 12/08/2025 Coupon 3130AXQK7 2,000,000.00 FEDERAL HOME LOAN BANKS 4.75 12/08/2028 47,500.00 47,500.00 12/09/2025 Coupon 3130AEB25 2,000,000.00 FEDERAL HOME LOAN BANKS 3.25 06/09/2028 32,500.00 32,500.00 12/15/2025 Coupon 02582JJZ4 350,000.00 AMXCA 2023-1 A 4.87 05/15/2026 1,420.42 1,420.42 12/15/2025 Coupon 02582JKD1 1,055,000.00 AMXCA 2023-3 A 5.23 09/15/2026 4,598.04 4,598.04 12/15/2025 Coupon 05522RDJ4 505,000.00 BACCT 2024-1 A 4.93 05/15/2029 2,074.71 2,074.71 12/15/2025 Coupon 161571HT4 1,060,000.00 CHAIT 2023-1 A 5.16 09/15/2028 4,558.00 4,558.00 12/15/2025 Coupon 44934QAD3 285,000.00 HART 2024-B A3 4.84 03/15/2029 1,149.50 1,149.50 12/15/2025 Coupon 44935CAD3 635,000.00 HART 2025-A A3 4.32 10/15/2029 2,286.00 2,286.00 12/15/2025 Coupon 44935DAD1 330,000.00 HALST 2025-B A3 4.53 04/17/2028 1,245.75 1,245.75 12/15/2025 Coupon 47786WAD2 510,000.00 JDOT 2024-B A3 5.2 03/15/2029 2,210.00 2,210.00 12/15/2025 Coupon 47800CAC0 242,389.21 JDOT 2023 A3 5.01 11/15/2027 722.99 722.99 12/15/2025 Principal Paydown 47800CAC0 242,389.21 JDOT 2023 A3 5.01 11/15/2027 18,352.18 18,352.18 12/15/2025 Coupon 47800DAD6 500,000.00 JDOT 2025 A3 4.23 09/17/2029 1,762.50 1,762.50 12/15/2025 Coupon 58768YAD7 530,000.00 MBALT 2025-A A3 4.61 04/16/2029 2,036.08 2,036.08 12/15/2025 Coupon 92970QAE5 560,000.00 WFCIT 2024-2 A 4.29 10/15/2029 2,002.00 2,002.00 12/22/2025 Coupon 36271VAD9 430,000.00 GMALT 2025-1 A3 4.66 02/21/2028 1,669.83 1,669.83 12/22/2025 Coupon 362962AD4 985,000.00 GMALT 2025-2 A3 4.58 05/22/2028 3,759.42 3,759.42 12/22/2025 Coupon 438123AC5 309,265.90 HAROT 2023-4 A3 5.67 06/21/2028 1,215.01 1,215.01 12/22/2025 Principal Paydown 438123AC5 309,265.90 HAROT 2023-4 A3 5.67 06/21/2028 16,738.46 16,738.46 12/22/2025 Coupon 43813YAC6 630,000.00 HAROT 2024-3 A3 4.57 03/21/2029 2,399.25 2,399.25 12/22/2025 Coupon 43814VAC1 795,000.00 HAROT 2025-1 A3 4.57 09/21/2029 3,027.63 3,027.63 12/22/2025 Coupon 43815JAC7 92,242.13 HAROT 2023-1 A3 5.04 04/21/2027 270.02 270.02 12/22/2025 Principal Paydown 43815JAC7 92,242.13 HAROT 2023-1 A3 5.04 04/21/2027 9,435.88 9,435.88 12/25/2025 Coupon 05592XAD2 120,653.45 BMWOT 2023-A A3 5.47 02/25/2028 431.48 431.48 12/25/2025 Principal Paydown 05592XAD2 120,653.45 BMWOT 2023-A A3 5.47 02/25/2028 8,253.61 8,253.61 12/25/2025 Coupon 096919AD7 450,000.00 BMWOT 2024-A A3 5.18 02/26/2029 1,942.50 1,942.50 12/25/2025 Coupon 096924AD7 680,000.00 BMWOT 2025-A A3 4.56 09/25/2029 2,584.00 2,584.00 12/25/2025 Coupon 3137FPJG1 1,140,000.00 FHMS K-099 A2 2.595 09/25/2029 2,465.25 2,465.25 12/25/2025 Coupon 3137FRUT6 1,500,000.00 FHMS K-106 A2 2.069 01/25/2030 2,586.25 2,586.25 12/26/2025 Coupon 437076DC3 1,250,000.00 HOME DEPOT INC 4.75 06/25/2029 29,687.50 29,687.50 December 2025
Total 52,780.13 324,944.12 377,724.25
757
CONFIDENTIAL | 28
City of Orange | Account #10888 | As of August 31, 2025 Execution Time: 09/04/2025 08:32:04 AM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747

CASH FLOW REPORT
Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount JANUARY 2026
01/08/2026 Coupon 14913UAX8 960,000.00 CATERPILLAR FINANCIAL SERVICES CORP 4.8 01/08/2030 23,040.00 23,040.00
01/09/2026 Coupon 59217GFT1 820,000.00 METROPOLITAN LIFE GLOBAL FUNDING I 4.9 01/09/2030 20,090.00 20,090.00
01/12/2026 Coupon 459058KT9 2,000,000.00 INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPM 3.5 07/12/2028 35,000.00 35,000.00
01/12/2026 Coupon 57629TBV8 1,200,000.00 MASSMUTUAL GLOBAL FUNDING II 4.95 01/10/2030 29,700.00 29,700.00
01/12/2026 Coupon 78016FZW7 1,000,000.00 ROYAL BANK OF CANADA 4.9 01/12/2028 24,500.00 24,500.00 01/13/2026 Coupon 713448FQ6 195,000.00 PEPSICO INC 4.55 02/13/2026 3,696.88 3,696.88 01/13/2026 Effective Maturity 713448FQ6 195,000.00 PEPSICO INC 4.55 02/13/2026 195,000.00 195,000.00 01/15/2026 Coupon 02582JJZ4 350,000.00 AMXCA 2023-1 A 4.87 05/15/2026 1,420.42 1,420.42 01/15/2026 Coupon 02582JKD1 1,055,000.00 AMXCA 2023-3 A 5.23 09/15/2026 4,598.04 4,598.04 01/15/2026 Coupon 05522RDJ4 505,000.00 BACCT 2024-1 A 4.93 05/15/2029 2,074.71 2,074.71 01/15/2026 Coupon 161571HT4 1,060,000.00 CHAIT 2023-1 A 5.16 09/15/2028 4,558.00 4,558.00 01/15/2026 Coupon 44934QAD3 285,000.00 HART 2024-B A3 4.84 03/15/2029 1,149.50 1,149.50 01/15/2026 Coupon 44935CAD3 635,000.00 HART 2025-A A3 4.32 10/15/2029 2,286.00 2,286.00 01/15/2026 Coupon 44935DAD1 330,000.00 HALST 2025-B A3 4.53 04/17/2028 1,245.75 1,245.75 01/15/2026 Coupon 47786WAD2 510,000.00 JDOT 2024-B A3 5.2 03/15/2029 2,210.00 2,210.00 01/15/2026 Coupon 47800CAC0 242,389.21 JDOT 2023 A3 5.01 11/15/2027 646.37 646.37 01/15/2026 Principal Paydown 47800CAC0 242,389.21 JDOT 2023 A3 5.01 11/15/2027 20,841.18 20,841.18 01/15/2026 Coupon 47800DAD6 500,000.00 JDOT 2025 A3 4.23 09/17/2029 1,762.50 1,762.50 01/15/2026 Coupon 58768YAD7 530,000.00 MBALT 2025-A A3 4.61 04/16/2029 2,036.08 2,036.08 01/15/2026 Coupon 91324PEU2 1,000,000.00 UNITEDHEALTH GROUP INC 4.25 01/15/2029 21,250.00 21,250.00 01/15/2026 Coupon 92970QAE5 560,000.00 WFCIT 2024-2 A 4.29 10/15/2029 2,002.00 2,002.00 01/20/2026 Coupon 06051GGF0 1,250,000.00 BANK OF AMERICA CORP 3.824 01/20/2028 23,900.00 23,900.00 01/20/2026 Coupon 36271VAD9 430,000.00 GMALT 2025-1 A3 4.66 02/21/2028 1,669.83 1,669.83 01/20/2026 Coupon 362962AD4 985,000.00 GMALT 2025-2 A3 4.58 05/22/2028 3,759.42 3,759.42 01/21/2026 Coupon 438123AC5 309,265.90 HAROT 2023-4 A3 5.67 06/21/2028 1,135.92 1,135.92 01/21/2026 Principal Paydown 438123AC5 309,265.90 HAROT 2023-4 A3 5.67 06/21/2028 16,400.70 16,400.70 01/21/2026 Coupon 43813YAC6 630,000.00 HAROT 2024-3 A3 4.57 03/21/2029 2,399.25 2,399.25 758
CONFIDENTIAL | 29
City of Orange | Account #10888 | As of August 31, 2025 Execution Time: 09/04/2025 08:32:04 AM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747

CASH FLOW REPORT
Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount 01/21/2026 Coupon 43814VAC1 795,000.00 HAROT 2025-1 A3 4.57 09/21/2029 3,027.63 3,027.63 01/21/2026 Coupon 43815JAC7 92,242.13 HAROT 2023-1 A3 5.04 04/21/2027 230.39 230.39 01/21/2026 Principal Paydown 43815JAC7 92,242.13 HAROT 2023-1 A3 5.04 04/21/2027 9,229.26 9,229.26 01/21/2026 Coupon 907818GE2 470,000.00 UNION PACIFIC CORP 4.75 02/21/2026 9,302.08 9,302.08 01/21/2026 Effective Maturity 907818GE2 470,000.00 UNION PACIFIC CORP 4.75 02/21/2026 470,000.00 470,000.00 01/26/2026 Coupon 05592XAD2 120,653.45 BMWOT 2023-A A3 5.47 02/25/2028 393.85 393.85 01/26/2026 Principal Paydown 05592XAD2 120,653.45 BMWOT 2023-A A3 5.47 02/25/2028 8,095.92 8,095.92 01/26/2026 Coupon 096919AD7 450,000.00 BMWOT 2024-A A3 5.18 02/26/2029 1,942.50 1,942.50 01/26/2026 Principal Paydown 096919AD7 450,000.00 BMWOT 2024-A A3 5.18 02/26/2029 12,427.08 12,427.08 01/26/2026 Coupon 096924AD7 680,000.00 BMWOT 2025-A A3 4.56 09/25/2029 2,584.00 2,584.00 01/26/2026 Coupon 3137FPJG1 1,140,000.00 FHMS K-099 A2 2.595 09/25/2029 2,465.25 2,465.25 01/26/2026 Coupon 3137FRUT6 1,500,000.00 FHMS K-106 A2 2.069 01/25/2030 2,586.25 2,586.25 01/29/2026 Coupon 3130ANDF4 5,000,000.00 FEDERAL HOME LOAN BANKS 0.9 07/29/2026 22,500.00 22,500.00 January 2026 Total 731,994.15 261,162.62 993,156.77
FEBRUARY 2026
02/02/2026 Coupon 69371RS80 1,200,000.00 PACCAR FINANCIAL CORP 4.6 01/31/2029 27,600.00 27,600.00 02/02/2026 Coupon 91282CLC3 2,000,000.00 UNITED STATES TREASURY 4.0 07/31/2029 40,000.00 40,000.00 02/02/2026 Coupon 91282CMG3 2,500,000.00 UNITED STATES TREASURY 4.25 01/31/2030 53,125.00 53,125.00 02/09/2026 Coupon 037833EB2 3,000,000.00 APPLE INC 0.7 02/08/2026 10,500.00 10,500.00 02/09/2026 Final Maturity 037833EB2 3,000,000.00 APPLE INC 0.7 02/08/2026 3,000,000.00 3,000,000.00 02/16/2026 Coupon 05522RDJ4 505,000.00 BACCT 2024-1 A 4.93 05/15/2029 2,074.71 2,074.71 02/16/2026 Coupon 161571HT4 1,060,000.00 CHAIT 2023-1 A 5.16 09/15/2028 4,558.00 4,558.00 02/16/2026 Coupon 44934QAD3 285,000.00 HART 2024-B A3 4.84 03/15/2029 1,149.50 1,149.50 02/16/2026 Coupon 44935CAD3 635,000.00 HART 2025-A A3 4.32 10/15/2029 2,286.00 2,286.00 02/16/2026 Coupon 44935DAD1 330,000.00 HALST 2025-B A3 4.53 04/17/2028 1,245.75 1,245.75 02/16/2026 Coupon 47786WAD2 510,000.00 JDOT 2024-B A3 5.2 03/15/2029 2,210.00 2,210.00 02/16/2026 Coupon 47800CAC0 242,389.21 JDOT 2023 A3 5.01 11/15/2027 559.36 559.36 02/16/2026 Principal Paydown 47800CAC0 242,389.21 JDOT 2023 A3 5.01 11/15/2027 13,779.45 13,779.45 02/16/2026 Coupon 47800DAD6 500,000.00 JDOT 2025 A3 4.23 09/17/2029 1,762.50 1,762.50 02/16/2026 Coupon 58768YAD7 530,000.00 MBALT 2025-A A3 4.61 04/16/2029 2,036.08 2,036.08 02/17/2026 Coupon 02582JJZ4 350,000.00 AMXCA 2023-1 A 4.87 05/15/2026 1,420.42 1,420.42 02/17/2026 Coupon 02582JKD1 1,055,000.00 AMXCA 2023-3 A 5.23 09/15/2026 4,598.04 4,598.04 759
CONFIDENTIAL | 30
City of Orange | Account #10888 | As of August 31, 2025 Execution Time: 09/04/2025 08:32:04 AM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747

CASH FLOW REPORT
Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount 02/17/2026 Coupon 171239AL0 1,250,000.00 CHUBB INA HOLDINGS LLC 4.65 08/15/2029 29,062.50 29,062.50 02/17/2026 Coupon 532457CQ9 705,000.00 ELI LILLY AND CO 4.2 08/14/2029 14,805.00 14,805.00 02/17/2026 Final Maturity 62479MBH5 2,000,000.00 MUFG Bank, Ltd., New York Branch 02/17/2026 2,000,000.00 2,000,000.00 02/17/2026 Coupon 92970QAE5 560,000.00 WFCIT 2024-2 A 4.29 10/15/2029 2,002.00 2,002.00 02/18/2026 Coupon 713448FL7 1,500,000.00 PEPSICO INC 3.6 02/18/2028 27,000.00 27,000.00 02/20/2026 Coupon 36271VAD9 430,000.00 GMALT 2025-1 A3 4.66 02/21/2028 1,669.83 1,669.83 02/20/2026 Coupon 362962AD4 985,000.00 GMALT 2025-2 A3 4.58 05/22/2028 3,759.42 3,759.42 02/23/2026 Coupon 438123AC5 309,265.90 HAROT 2023-4 A3 5.67 06/21/2028 1,058.43 1,058.43 02/23/2026 Principal Paydown 438123AC5 309,265.90 HAROT 2023-4 A3 5.67 06/21/2028 16,142.20 16,142.20 02/23/2026 Coupon 43813YAC6 630,000.00 HAROT 2024-3 A3 4.57 03/21/2029 2,399.25 2,399.25 02/23/2026 Coupon 43814VAC1 795,000.00 HAROT 2025-1 A3 4.57 09/21/2029 3,027.63 3,027.63 02/23/2026 Coupon 43815JAC7 92,242.13 HAROT 2023-1 A3 5.04 04/21/2027 191.63 191.63 02/23/2026 Principal Paydown 43815JAC7 92,242.13 HAROT 2023-1 A3 5.04 04/21/2027 9,056.71 9,056.71 02/25/2026 Coupon 05592XAD2 120,653.45 BMWOT 2023-A A3 5.47 02/25/2028 356.95 356.95 02/25/2026 Principal Paydown 05592XAD2 120,653.45 BMWOT 2023-A A3 5.47 02/25/2028 7,978.26 7,978.26 02/25/2026 Coupon 096919AD7 450,000.00 BMWOT 2024-A A3 5.18 02/26/2029 1,888.86 1,888.86 02/25/2026 Principal Paydown 096919AD7 450,000.00 BMWOT 2024-A A3 5.18 02/26/2029 24,393.23 24,393.23 02/25/2026 Coupon 096924AD7 680,000.00 BMWOT 2025-A A3 4.56 09/25/2029 2,584.00 2,584.00 02/25/2026 Coupon 3137FPJG1 1,140,000.00 FHMS K-099 A2 2.595 09/25/2029 2,465.25 2,465.25 02/25/2026 Coupon 3137FRUT6 1,500,000.00 FHMS K-106 A2 2.069 01/25/2030 2,586.25 2,586.25 02/26/2026 Coupon 17275RBR2 1,250,000.00 CISCO SYSTEMS INC 4.85 02/26/2029 30,312.50 30,312.50 February 2026
Total 5,071,349.86 280,294.84 5,351,644.70
MARCH 2026
03/02/2026 Coupon 857477CU5 1,285,000.00 STATE STREET CORP 4.536 02/28/2028 29,143.80 29,143.80 03/02/2026 Coupon 91282CFJ5 2,000,000.00 UNITED STATES TREASURY 3.125 08/31/2029 31,250.00 31,250.00 03/02/2026 Coupon 91282CGQ8 2,700,000.00 UNITED STATES TREASURY 4.0 02/28/2030 54,000.00 54,000.00 03/02/2026 Coupon 91282CKD2 2,200,000.00 UNITED STATES TREASURY 4.25 02/28/2029 46,750.00 46,750.00 03/09/2026 Coupon 24422EXD6 505,000.00 JOHN DEERE CAPITAL CORP 5.15 09/08/2026 13,003.75 13,003.75 03/16/2026 Coupon 02582JJZ4 350,000.00 AMXCA 2023-1 A 4.87 05/15/2026 1,420.42 1,420.42 03/16/2026 Coupon 02582JKD1 1,055,000.00 AMXCA 2023-3 A 5.23 09/15/2026 4,598.04 4,598.04 03/16/2026 Coupon 05522RDJ4 505,000.00 BACCT 2024-1 A 4.93 05/15/2029 2,074.71 2,074.71 760
CONFIDENTIAL | 31
City of Orange | Account #10888 | As of August 31, 2025 Execution Time: 09/04/2025 08:32:04 AM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747

CASH FLOW REPORT
Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount 03/16/2026 Coupon 06368LAQ9 1,000,000.00 BANK OF MONTREAL 4.7 09/14/2027 23,500.00 23,500.00 03/16/2026 Coupon 161571HT4 1,060,000.00 CHAIT 2023-1 A 5.16 09/15/2028 4,558.00 4,558.00 03/16/2026 Coupon 3133EPDJ1 2,000,000.00 FEDERAL FARM CREDIT BANKS FUNDING CORP

4.375 09/15/2027 43,750.00 43,750.00
03/16/2026 Coupon 44934QAD3 285,000.00 HART 2024-B A3 4.84 03/15/2029 1,149.50 1,149.50 03/16/2026 Coupon 44935CAD3 635,000.00 HART 2025-A A3 4.32 10/15/2029 2,286.00 2,286.00 03/16/2026 Coupon 44935DAD1 330,000.00 HALST 2025-B A3 4.53 04/17/2028 1,245.75 1,245.75 03/16/2026 Coupon 47786WAD2 510,000.00 JDOT 2024-B A3 5.2 03/15/2029 2,210.00 2,210.00 03/16/2026 Coupon 47800CAC0 242,389.21 JDOT 2023 A3 5.01 11/15/2027 501.83 501.83 03/16/2026 Principal Paydown 47800CAC0 242,389.21 JDOT 2023 A3 5.01 11/15/2027 12,294.93 12,294.93 03/16/2026 Coupon 47800DAD6 500,000.00 JDOT 2025 A3 4.23 09/17/2029 1,762.50 1,762.50 03/16/2026 Coupon 58768YAD7 530,000.00 MBALT 2025-A A3 4.61 04/16/2029 2,036.08 2,036.08 03/16/2026 Coupon 92970QAE5 560,000.00 WFCIT 2024-2 A 4.29 10/15/2029 2,002.00 2,002.00 03/20/2026 Coupon 36271VAD9 430,000.00 GMALT 2025-1 A3 4.66 02/21/2028 1,669.83 1,669.83 03/20/2026 Coupon 362962AD4 985,000.00 GMALT 2025-2 A3 4.58 05/22/2028 3,759.42 3,759.42 03/20/2026 Coupon 459058LR2 635,000.00 INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPM 4.125 03/20/2030 13,096.88 13,096.88
03/23/2026 Coupon 438123AC5 309,265.90 HAROT 2023-4 A3 5.67 06/21/2028 982.15 982.15 03/23/2026 Principal Paydown 438123AC5 309,265.90 HAROT 2023-4 A3 5.67 06/21/2028 15,660.15 15,660.15 03/23/2026 Coupon 43813YAC6 630,000.00 HAROT 2024-3 A3 4.57 03/21/2029 2,399.25 2,399.25 03/23/2026 Coupon 43814VAC1 795,000.00 HAROT 2025-1 A3 4.57 09/21/2029 3,027.63 3,027.63 03/23/2026 Coupon 43815JAC7 92,242.13 HAROT 2023-1 A3 5.04 04/21/2027 153.59 153.59 03/23/2026 Principal Paydown 43815JAC7 92,242.13 HAROT 2023-1 A3 5.04 04/21/2027 8,792.64 8,792.64 03/25/2026 Coupon 05592XAD2 120,653.45 BMWOT 2023-A A3 5.47 02/25/2028 320.58 320.58 03/25/2026 Principal Paydown 05592XAD2 120,653.45 BMWOT 2023-A A3 5.47 02/25/2028 7,773.47 7,773.47 03/25/2026 Coupon 096919AD7 450,000.00 BMWOT 2024-A A3 5.18 02/26/2029 1,783.56 1,783.56 03/25/2026 Principal Paydown 096919AD7 450,000.00 BMWOT 2024-A A3 5.18 02/26/2029 23,646.03 23,646.03 03/25/2026 Coupon 096924AD7 680,000.00 BMWOT 2025-A A3 4.56 09/25/2029 2,584.00 2,584.00 03/25/2026 Coupon 3137FPJG1 1,140,000.00 FHMS K-099 A2 2.595 09/25/2029 2,465.25 2,465.25 03/25/2026 Coupon 3137FRUT6 1,500,000.00 FHMS K-106 A2 2.069 01/25/2030 2,586.25 2,586.25 03/26/2026 Coupon 40139LBJ1 1,300,000.00 GUARDIAN LIFE GLOBAL FUNDING 4.179 09/26/2029 27,163.50 27,163.50
761
CONFIDENTIAL | 32
City of Orange | Account #10888 | As of August 31, 2025 Execution Time: 09/04/2025 08:32:04 AM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747

CASH FLOW REPORT
Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount 03/31/2026 Coupon 91282CCZ2 3,000,000.00 UNITED STATES TREASURY 0.875 09/30/2026 13,125.00 13,125.00 03/31/2026 Coupon 91282CFL0 2,200,000.00 UNITED STATES TREASURY 3.875 09/30/2029 42,625.00 42,625.00 03/31/2026 Coupon 91282CGS4 2,500,000.00 UNITED STATES TREASURY 3.625 03/31/2030 45,312.50 45,312.50 03/31/2026 Coupon 91282CKG5 2,200,000.00 UNITED STATES TREASURY 4.125 03/31/2029 45,375.00 45,375.00 March 2026 Total 68,167.22 475,671.77 543,838.98
APRIL 2026
04/15/2026 Coupon 02582JJZ4 350,000.00 AMXCA 2023-1 A 4.87 05/15/2026 1,420.42 1,420.42 04/15/2026 Coupon 02582JKD1 1,055,000.00 AMXCA 2023-3 A 5.23 09/15/2026 4,598.04 4,598.04 04/15/2026 Coupon 05522RDJ4 505,000.00 BACCT 2024-1 A 4.93 05/15/2029 2,074.71 2,074.71 04/15/2026 Coupon 161571HT4 1,060,000.00 CHAIT 2023-1 A 5.16 09/15/2028 4,558.00 4,558.00 04/15/2026 Coupon 44934QAD3 285,000.00 HART 2024-B A3 4.84 03/15/2029 1,149.50 1,149.50 04/15/2026 Coupon 44935CAD3 635,000.00 HART 2025-A A3 4.32 10/15/2029 2,286.00 2,286.00 04/15/2026 Coupon 44935DAD1 330,000.00 HALST 2025-B A3 4.53 04/17/2028 1,245.75 1,245.75 04/15/2026 Coupon 47786WAD2 510,000.00 JDOT 2024-B A3 5.2 03/15/2029 2,210.00 2,210.00 04/15/2026 Principal Paydown 47786WAD2 510,000.00 JDOT 2024-B A3 5.2 03/15/2029 33,410.79 33,410.79 04/15/2026 Coupon 47800CAC0 242,389.21 JDOT 2023 A3 5.01 11/15/2027 450.50 450.50 04/15/2026 Principal Paydown 47800CAC0 242,389.21 JDOT 2023 A3 5.01 11/15/2027 14,948.22 14,948.22 04/15/2026 Coupon 47800DAD6 500,000.00 JDOT 2025 A3 4.23 09/17/2029 1,762.50 1,762.50 04/15/2026 Coupon 58768YAD7 530,000.00 MBALT 2025-A A3 4.61 04/16/2029 2,036.08 2,036.08 04/15/2026 Coupon 92970QAE5 560,000.00 WFCIT 2024-2 A 4.29 10/15/2029 2,002.00 2,002.00 04/20/2026 Coupon 36271VAD9 430,000.00 GMALT 2025-1 A3 4.66 02/21/2028 1,669.83 1,669.83 04/20/2026 Coupon 362962AD4 985,000.00 GMALT 2025-2 A3 4.58 05/22/2028 3,759.42 3,759.42 04/21/2026 Coupon 438123AC5 309,265.90 HAROT 2023-4 A3 5.67 06/21/2028 908.16 908.16 04/21/2026 Principal Paydown 438123AC5 309,265.90 HAROT 2023-4 A3 5.67 06/21/2028 16,043.41 16,043.41 04/21/2026 Coupon 43813YAC6 630,000.00 HAROT 2024-3 A3 4.57 03/21/2029 2,399.25 2,399.25 04/21/2026 Principal Paydown 43813YAC6 630,000.00 HAROT 2024-3 A3 4.57 03/21/2029 18,287.21 18,287.21 04/21/2026 Coupon 43814VAC1 795,000.00 HAROT 2025-1 A3 4.57 09/21/2029 3,027.63 3,027.63 04/21/2026 Coupon 43815JAC7 92,242.13 HAROT 2023-1 A3 5.04 04/21/2027 116.66 116.66 04/21/2026 Principal Paydown 43815JAC7 92,242.13 HAROT 2023-1 A3 5.04 04/21/2027 8,875.13 8,875.13 04/27/2026 Coupon 05592XAD2 120,653.45 BMWOT 2023-A A3 5.47 02/25/2028 285.15 285.15 04/27/2026 Principal Paydown 05592XAD2 120,653.45 BMWOT 2023-A A3 5.47 02/25/2028 7,502.25 7,502.25 04/27/2026 Coupon 096919AD7 450,000.00 BMWOT 2024-A A3 5.18 02/26/2029 1,681.49 1,681.49 762
CONFIDENTIAL | 33
City of Orange | Account #10888 | As of August 31, 2025 Execution Time: 09/04/2025 08:32:04 AM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747

CASH FLOW REPORT
Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount 04/27/2026 Principal Paydown 096919AD7 450,000.00 BMWOT 2024-A A3 5.18 02/26/2029 23,776.13 23,776.13 04/27/2026 Coupon 096924AD7 680,000.00 BMWOT 2025-A A3 4.56 09/25/2029 2,584.00 2,584.00 04/27/2026 Coupon 3137FPJG1 1,140,000.00 FHMS K-099 A2 2.595 09/25/2029 2,465.25 2,465.25 04/27/2026 Coupon 3137FRUT6 1,500,000.00 FHMS K-106 A2 2.069 01/25/2030 2,586.25 2,586.25 04/30/2026 Coupon 3133ERDH1 2,100,000.00 FEDERAL FARM CREDIT BANKS FUNDING CORP

4.75 04/30/2029 49,875.00 49,875.00
04/30/2026 Coupon 91282CFT3 2,500,000.00 UNITED STATES TREASURY 4.0 10/31/2029 50,000.00 50,000.00 04/30/2026 Coupon 91282CKP5 2,000,000.00 UNITED STATES TREASURY 4.625 04/30/2029 46,250.00 46,250.00 04/30/2026 Coupon 91282CMZ1 2,700,000.00 UNITED STATES TREASURY 3.875 04/30/2030 52,312.50 52,312.50 April 2026 Total 122,843.14 245,714.08 368,557.22
MAY 2026
05/11/2026 Coupon 713448FW3 380,000.00 PEPSICO INC 5.125 11/10/2026 9,737.50 9,737.50 05/15/2026 Coupon 02582JJZ4 350,000.00 AMXCA 2023-1 A 4.87 05/15/2026 1,420.42 1,420.42 05/15/2026 Final Maturity 02582JJZ4 350,000.00 AMXCA 2023-1 A 4.87 05/15/2026 350,000.00 350,000.00 05/15/2026 Coupon 02582JKD1 1,055,000.00 AMXCA 2023-3 A 5.23 09/15/2026 4,598.04 4,598.04 05/15/2026 Coupon 05522RDJ4 505,000.00 BACCT 2024-1 A 4.93 05/15/2029 2,074.71 2,074.71 05/15/2026 Coupon 161571HT4 1,060,000.00 CHAIT 2023-1 A 5.16 09/15/2028 4,558.00 4,558.00 05/15/2026 Coupon 44934QAD3 285,000.00 HART 2024-B A3 4.84 03/15/2029 1,149.50 1,149.50 05/15/2026 Principal Paydown 44934QAD3 285,000.00 HART 2024-B A3 4.84 03/15/2029 13,594.10 13,594.10 05/15/2026 Coupon 44935CAD3 635,000.00 HART 2025-A A3 4.32 10/15/2029 2,286.00 2,286.00 05/15/2026 Coupon 44935DAD1 330,000.00 HALST 2025-B A3 4.53 04/17/2028 1,245.75 1,245.75 05/15/2026 Coupon 47786WAD2 510,000.00 JDOT 2024-B A3 5.2 03/15/2029 2,065.22 2,065.22 05/15/2026 Principal Paydown 47786WAD2 510,000.00 JDOT 2024-B A3 5.2 03/15/2029 32,404.69 32,404.69 05/15/2026 Coupon 47800CAC0 242,389.21 JDOT 2023 A3 5.01 11/15/2027 388.09 388.09 05/15/2026 Principal Paydown 47800CAC0 242,389.21 JDOT 2023 A3 5.01 11/15/2027 14,867.62 14,867.62 05/15/2026 Coupon 47800DAD6 500,000.00 JDOT 2025 A3 4.23 09/17/2029 1,762.50 1,762.50 05/15/2026 Coupon 58768YAD7 530,000.00 MBALT 2025-A A3 4.61 04/16/2029 2,036.08 2,036.08 05/15/2026 Coupon 9128285M8 2,000,000.00 UNITED STATES TREASURY 3.125 11/15/2028 31,250.00 31,250.00 05/15/2026 Coupon 92970QAE5 560,000.00 WFCIT 2024-2 A 4.29 10/15/2029 2,002.00 2,002.00 05/18/2026 Coupon 58933YBH7 1,250,000.00 MERCK & CO INC 4.05 05/17/2028 25,312.50 25,312.50 05/20/2026 Coupon 36271VAD9 430,000.00 GMALT 2025-1 A3 4.66 02/21/2028 1,669.83 1,669.83 05/20/2026 Coupon 362962AD4 985,000.00 GMALT 2025-2 A3 4.58 05/22/2028 3,759.42 3,759.42 763
CONFIDENTIAL | 34
City of Orange | Account #10888 | As of August 31, 2025 Execution Time: 09/04/2025 08:32:04 AM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747

CASH FLOW REPORT
Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount 05/21/2026 Coupon 438123AC5 309,265.90 HAROT 2023-4 A3 5.67 06/21/2028 832.36 832.36 05/21/2026 Principal Paydown 438123AC5 309,265.90 HAROT 2023-4 A3 5.67 06/21/2028 15,441.39 15,441.39 05/21/2026 Coupon 43813YAC6 630,000.00 HAROT 2024-3 A3 4.57 03/21/2029 2,329.61 2,329.61 05/21/2026 Principal Paydown 43813YAC6 630,000.00 HAROT 2024-3 A3 4.57 03/21/2029 37,522.75 37,522.75 05/21/2026 Coupon 43814VAC1 795,000.00 HAROT 2025-1 A3 4.57 09/21/2029 3,027.63 3,027.63 05/21/2026 Coupon 43815JAC7 92,242.13 HAROT 2023-1 A3 5.04 04/21/2027 79.39 79.39 05/21/2026 Principal Paydown 43815JAC7 92,242.13 HAROT 2023-1 A3 5.04 04/21/2027 8,556.61 8,556.61 05/25/2026 Coupon 05592XAD2 120,653.45 BMWOT 2023-A A3 5.47 02/25/2028 250.95 250.95 05/25/2026 Principal Paydown 05592XAD2 120,653.45 BMWOT 2023-A A3 5.47 02/25/2028 6,557.81 6,557.81 05/25/2026 Coupon 096919AD7 450,000.00 BMWOT 2024-A A3 5.18 02/26/2029 1,578.85 1,578.85 05/25/2026 Principal Paydown 096919AD7 450,000.00 BMWOT 2024-A A3 5.18 02/26/2029 22,821.49 22,821.49 05/25/2026 Coupon 096924AD7 680,000.00 BMWOT 2025-A A3 4.56 09/25/2029 2,584.00 2,584.00 05/25/2026 Coupon 3137FPJG1 1,140,000.00 FHMS K-099 A2 2.595 09/25/2029 2,465.25 2,465.25 05/25/2026 Coupon 3137FRUT6 1,500,000.00 FHMS K-106 A2 2.069 01/25/2030 2,586.25 2,586.25 May 2026 Total 501,766.47 113,049.83 614,816.30
JUNE 2026
06/01/2026 Coupon 91282CHF1 2,600,000.00 UNITED STATES TREASURY 3.75 05/31/2030 48,750.00 48,750.00 06/01/2026 Coupon 91282CKT7 2,200,000.00 UNITED STATES TREASURY 4.5 05/31/2029 49,500.00 49,500.00 06/01/2026 Coupon 91282CMA6 2,400,000.00 UNITED STATES TREASURY 4.125 11/30/2029 49,500.00 49,500.00 06/05/2026 Coupon 64952WFK4 830,000.00 NEW YORK LIFE GLOBAL FUNDING 4.6 12/05/2029 19,090.00 19,090.00
06/08/2026 Coupon 3130AXQK7 2,000,000.00 FEDERAL HOME LOAN BANKS 4.75 12/08/2028 47,500.00 47,500.00 06/09/2026 Coupon 3130AEB25 2,000,000.00 FEDERAL HOME LOAN BANKS 3.25 06/09/2028 32,500.00 32,500.00 06/15/2026 Coupon 02582JKD1 1,055,000.00 AMXCA 2023-3 A 5.23 09/15/2026 4,598.04 4,598.04 06/15/2026 Coupon 05522RDJ4 505,000.00 BACCT 2024-1 A 4.93 05/15/2029 2,074.71 2,074.71 06/15/2026 Coupon 161571HT4 1,060,000.00 CHAIT 2023-1 A 5.16 09/15/2028 4,558.00 4,558.00 06/15/2026 Coupon 44934QAD3 285,000.00 HART 2024-B A3 4.84 03/15/2029 1,094.67 1,094.67 06/15/2026 Principal Paydown 44934QAD3 285,000.00 HART 2024-B A3 4.84 03/15/2029 16,091.46 16,091.46 06/15/2026 Coupon 44935CAD3 635,000.00 HART 2025-A A3 4.32 10/15/2029 2,286.00 2,286.00 06/15/2026 Coupon 44935DAD1 330,000.00 HALST 2025-B A3 4.53 04/17/2028 1,245.75 1,245.75 06/15/2026 Coupon 47786WAD2 510,000.00 JDOT 2024-B A3 5.2 03/15/2029 1,924.80 1,924.80 06/15/2026 Principal Paydown 47786WAD2 510,000.00 JDOT 2024-B A3 5.2 03/15/2029 20,660.47 20,660.47 764
CONFIDENTIAL | 35
City of Orange | Account #10888 | As of August 31, 2025 Execution Time: 09/04/2025 08:32:04 AM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747

CASH FLOW REPORT
Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount 06/15/2026 Coupon 47800CAC0 242,389.21 JDOT 2023 A3 5.01 11/15/2027 326.02 326.02 06/15/2026 Principal Paydown 47800CAC0 242,389.21 JDOT 2023 A3 5.01 11/15/2027 13,006.20 13,006.20 06/15/2026 Coupon 47800DAD6 500,000.00 JDOT 2025 A3 4.23 09/17/2029 1,762.50 1,762.50 06/15/2026 Coupon 58768YAD7 530,000.00 MBALT 2025-A A3 4.61 04/16/2029 2,036.08 2,036.08 06/15/2026 Coupon 92970QAE5 560,000.00 WFCIT 2024-2 A 4.29 10/15/2029 2,002.00 2,002.00 06/22/2026 Coupon 36271VAD9 430,000.00 GMALT 2025-1 A3 4.66 02/21/2028 1,669.83 1,669.83 06/22/2026 Coupon 362962AD4 985,000.00 GMALT 2025-2 A3 4.58 05/22/2028 3,759.42 3,759.42 06/22/2026 Coupon 438123AC5 309,265.90 HAROT 2023-4 A3 5.67 06/21/2028 759.39 759.39 06/22/2026 Principal Paydown 438123AC5 309,265.90 HAROT 2023-4 A3 5.67 06/21/2028 12,840.91 12,840.91 06/22/2026 Coupon 43813YAC6 630,000.00 HAROT 2024-3 A3 4.57 03/21/2029 2,186.71 2,186.71 06/22/2026 Principal Paydown 43813YAC6 630,000.00 HAROT 2024-3 A3 4.57 03/21/2029 36,833.76 36,833.76 06/22/2026 Coupon 43814VAC1 795,000.00 HAROT 2025-1 A3 4.57 09/21/2029 3,027.63 3,027.63 06/22/2026 Coupon 43815JAC7 92,242.13 HAROT 2023-1 A3 5.04 04/21/2027 43.45 43.45 06/22/2026 Principal Paydown 43815JAC7 92,242.13 HAROT 2023-1 A3 5.04 04/21/2027 8,353.05 8,353.05 06/25/2026 Coupon 05592XAD2 120,653.45 BMWOT 2023-A A3 5.47 02/25/2028 221.06 221.06 06/25/2026 Principal Paydown 05592XAD2 120,653.45 BMWOT 2023-A A3 5.47 02/25/2028 6,447.05 6,447.05 06/25/2026 Coupon 096919AD7 450,000.00 BMWOT 2024-A A3 5.18 02/26/2029 1,480.34 1,480.34 06/25/2026 Principal Paydown 096919AD7 450,000.00 BMWOT 2024-A A3 5.18 02/26/2029 22,456.98 22,456.98 06/25/2026 Coupon 096924AD7 680,000.00 BMWOT 2025-A A3 4.56 09/25/2029 2,584.00 2,584.00 06/25/2026 Coupon 3137FPJG1 1,140,000.00 FHMS K-099 A2 2.595 09/25/2029 2,465.25 2,465.25 06/25/2026 Coupon 3137FRUT6 1,500,000.00 FHMS K-106 A2 2.069 01/25/2030 2,586.25 2,586.25 06/25/2026 Coupon 437076DC3 1,250,000.00 HOME DEPOT INC 4.75 06/25/2029 29,687.50 29,687.50 June 2026 Total 136,689.87 321,219.39 457,909.27
JULY 2026
07/08/2026 Coupon 14913UAX8 960,000.00 CATERPILLAR FINANCIAL SERVICES CORP 4.8 01/08/2030 23,040.00 23,040.00
07/09/2026 Coupon 59217GFT1 820,000.00 METROPOLITAN LIFE GLOBAL FUNDING I 4.9 01/09/2030 20,090.00 20,090.00
07/10/2026 Coupon 57629TBV8 1,200,000.00 MASSMUTUAL GLOBAL FUNDING II 4.95 01/10/2030 29,700.00 29,700.00
07/13/2026 Coupon 459058KT9 2,000,000.00 INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPM 3.5 07/12/2028 35,000.00 35,000.00
765
CONFIDENTIAL | 36
City of Orange | Account #10888 | As of August 31, 2025 Execution Time: 09/04/2025 08:32:04 AM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747

CASH FLOW REPORT
Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount 07/13/2026 Coupon 78016FZW7 1,000,000.00 ROYAL BANK OF CANADA 4.9 01/12/2028 24,500.00 24,500.00 07/15/2026 Coupon 02582JKD1 1,055,000.00 AMXCA 2023-3 A 5.23 09/15/2026 4,598.04 4,598.04 07/15/2026 Coupon 05522RDJ4 505,000.00 BACCT 2024-1 A 4.93 05/15/2029 2,074.71 2,074.71 07/15/2026 Coupon 161571HT4 1,060,000.00 CHAIT 2023-1 A 5.16 09/15/2028 4,558.00 4,558.00 07/15/2026 Coupon 44934QAD3 285,000.00 HART 2024-B A3 4.84 03/15/2029 1,029.77 1,029.77 07/15/2026 Principal Paydown 44934QAD3 285,000.00 HART 2024-B A3 4.84 03/15/2029 15,808.83 15,808.83 07/15/2026 Coupon 44935CAD3 635,000.00 HART 2025-A A3 4.32 10/15/2029 2,286.00 2,286.00 07/15/2026 Coupon 44935DAD1 330,000.00 HALST 2025-B A3 4.53 04/17/2028 1,245.75 1,245.75 07/15/2026 Coupon 47786WAD2 510,000.00 JDOT 2024-B A3 5.2 03/15/2029 1,835.27 1,835.27 07/15/2026 Principal Paydown 47786WAD2 510,000.00 JDOT 2024-B A3 5.2 03/15/2029 22,947.49 22,947.49 07/15/2026 Coupon 47800CAC0 242,389.21 JDOT 2023 A3 5.01 11/15/2027 271.72 271.72 07/15/2026 Principal Paydown 47800CAC0 242,389.21 JDOT 2023 A3 5.01 11/15/2027 13,466.95 13,466.95 07/15/2026 Coupon 47800DAD6 500,000.00 JDOT 2025 A3 4.23 09/17/2029 1,762.50 1,762.50 07/15/2026 Coupon 58768YAD7 530,000.00 MBALT 2025-A A3 4.61 04/16/2029 2,036.08 2,036.08 07/15/2026 Coupon 91324PEU2 1,000,000.00 UNITEDHEALTH GROUP INC 4.25 01/15/2029 21,250.00 21,250.00 07/15/2026 Coupon 92970QAE5 560,000.00 WFCIT 2024-2 A 4.29 10/15/2029 2,002.00 2,002.00 07/20/2026 Coupon 06051GGF0 1,250,000.00 BANK OF AMERICA CORP 3.824 01/20/2028 23,900.00 23,900.00 07/20/2026 Coupon 36271VAD9 430,000.00 GMALT 2025-1 A3 4.66 02/21/2028 1,669.83 1,669.83 07/20/2026 Principal Paydown 36271VAD9 430,000.00 GMALT 2025-1 A3 4.66 02/21/2028 16,781.43 16,781.43 07/20/2026 Coupon 362962AD4 985,000.00 GMALT 2025-2 A3 4.58 05/22/2028 3,759.42 3,759.42 07/21/2026 Coupon 438123AC5 309,265.90 HAROT 2023-4 A3 5.67 06/21/2028 698.72 698.72 07/21/2026 Principal Paydown 438123AC5 309,265.90 HAROT 2023-4 A3 5.67 06/21/2028 12,565.69 12,565.69 07/21/2026 Coupon 43813YAC6 630,000.00 HAROT 2024-3 A3 4.57 03/21/2029 2,046.43 2,046.43 07/21/2026 Principal Paydown 43813YAC6 630,000.00 HAROT 2024-3 A3 4.57 03/21/2029 36,059.58 36,059.58 07/21/2026 Coupon 43814VAC1 795,000.00 HAROT 2025-1 A3 4.57 09/21/2029 3,027.63 3,027.63 07/21/2026 Coupon 43815JAC7 92,242.13 HAROT 2023-1 A3 5.04 04/21/2027 8.37 8.37 07/21/2026 Effective Maturity 43815JAC7 92,242.13 HAROT 2023-1 A3 5.04 04/21/2027 1,992.11 1,992.11 07/27/2026 Coupon 05592XAD2 120,653.45 BMWOT 2023-A A3 5.47 02/25/2028 191.67 191.67 07/27/2026 Principal Paydown 05592XAD2 120,653.45 BMWOT 2023-A A3 5.47 02/25/2028 6,322.99 6,322.99 07/27/2026 Coupon 096919AD7 450,000.00 BMWOT 2024-A A3 5.18 02/26/2029 1,383.40 1,383.40 07/27/2026 Principal Paydown 096919AD7 450,000.00 BMWOT 2024-A A3 5.18 02/26/2029 22,035.59 22,035.59 07/27/2026 Coupon 096924AD7 680,000.00 BMWOT 2025-A A3 4.56 09/25/2029 2,584.00 2,584.00 766
CONFIDENTIAL | 37
City of Orange | Account #10888 | As of August 31, 2025 Execution Time: 09/04/2025 08:32:04 AM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747

CASH FLOW REPORT
Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount 07/27/2026 Coupon 3137FPJG1 1,140,000.00 FHMS K-099 A2 2.595 09/25/2029 2,465.25 2,465.25 07/27/2026 Coupon 3137FRUT6 1,500,000.00 FHMS K-106 A2 2.069 01/25/2030 2,586.25 2,586.25 07/29/2026 Coupon 3130ANDF4 5,000,000.00 FEDERAL HOME LOAN BANKS 0.9 07/29/2026 22,500.00 22,500.00 07/29/2026 Final Maturity 3130ANDF4 5,000,000.00 FEDERAL HOME LOAN BANKS 0.9 07/29/2026 5,000,000.00 5,000,000.00 07/31/2026 Coupon 69371RS80 1,200,000.00 PACCAR FINANCIAL CORP 4.6 01/31/2029 27,600.00 27,600.00 07/31/2026 Coupon 91282CLC3 2,000,000.00 UNITED STATES TREASURY 4.0 07/31/2029 40,000.00 40,000.00 07/31/2026 Coupon 91282CMG3 2,500,000.00 UNITED STATES TREASURY 4.25 01/31/2030 53,125.00 53,125.00 July 2026 Total 5,147,980.64 364,825.80 5,512,806.44
Grand Total 342,965,115.21 25,563,987.62 3,255,102.01 28,819,089.63 767
CONFIDENTIAL | 38
City of Orange | Account #10888 | As of August 31, 2025 Execution Time: 09/04/2025 08:32:04 AM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747

IMPORTANT DISCLOSURES
Chandler Asset Management, Inc. (“Chandler”) is an SEC registered investment adviser. For additional information about our firm, please see our current disclosures (Form ADV).

To obtain a copy of our current disclosures, you may contact your client service representative by calling the number on the front of this statement or you may visit our website at www.chandlerasset.com.

Information contained in this monthly statement is confidential and is provided for informational purposes only and should not be construed as specific investment or legal advice. The information contained herein was obtained from sources believed to be reliable as of the date of this statement, but may become outdated or superseded at any time without notice.

Custody: Your qualified custodian bank maintains control of all assets reflected in this statement and we urge you to compare this statement to the one you receive from your qualified custodian. Chandler does not have any authority to withdraw or deposit funds from/to the custodian account.

Valuation: Prices are provided by IDC, an independent pricing source. In the event IDC 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: 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.

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 IS AT LICENSEE’S OWN RISK. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY DO NOT SPONSOR, ENDORSE, OR RECOMMEND CHANDLER, OR ANY OF ITS PRODUCTS OR SERVICES.

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.

Ratings: 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. 768
CONFIDENTIAL | 39
City of Orange | Account #10888 | As of August 31, 2025 Execution Time: 09/04/2025 08:32:04 AM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747

BENCHMARK INDEX & DISCLOSURES
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. 769

MONTHLY ACCOUNT STATEMENT
City of Orange | Account #10888 | As of September 30, 2025 CHANDLER ASSET MANAGEMENT | chandlerasset.com
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.

Chandler Team:

For questions about your account, please call (800) 317-4747, or contact [email protected]
Custodian:

PORTFOLIO SUMMARY
Portfolio Characteristics
Sector Allocation
Performance Review
Account Summary
Maturity Distribution
Top Issuers
Credit Quality*
Total Rate of Return** 1M 3M YTD 1YR 2YRS 3YRS 5YRS 10YRS Since Inception (01/01/22)
City of Orange 0.29% 1.27% 4.69% 4.24% 5.84% 4.94% -- -- 1.97% Benchmark Return 0.24% 1.14% 4.57% 3.77% 5.58% 4.42% -- -- 1.79% Average Modified Duration 2.35
Average Coupon 3.36%
Average Purchase YTM 3.55%
Average Market YTM 3.89%
Average Credit Quality* AA+
Average Final Maturity 2.77
Average Life 2.41
End Values as of
08/31/2025
End Values as of
09/30/2025
Market Value 106,941,892.10 107,286,590.41
Accrued Interest 686,098.83 646,814.26
Total Market Value 107,627,990.94 107,933,404.67
Income Earned 183,248.72 442,134.41
Cont/WD 0.00 0.00
Par 106,568,215.28 106,875,700.28
Book Value 106,145,137.69 106,498,015.94
Cost Value 106,036,539.05 106,396,581.71
United States 35.76%
Federal Home Loan Banks 8.33%
Federal Home Loan Mortgage Corp 7.48%
Toyota Motor Corporation 4.65%
Farm Credit System 3.91%
Apple Inc. 2.76%
International Bank for Recon and Dev 2.46%
FHLMC 2.30%
**Periods over 1 year are annualized.

Benchmark: ICE BofA 1-5 Year Unsubordinated US Treasury & Agency Index *The average credit quality is a weighted average calculation of the highest of S&P, Moody’s and Fitch. 771
CONFIDENTIAL | 3
City of Orange | Account #10888 | As of September 30, 2025 Execution Time: 10/02/2025 04:03:54 PM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747

RECONCILIATION SUMMARY
Accrual Activity Summary
Fair Market Activity Summary
Month to Date Fiscal Year to Date
(07/01/2025)
Beginning Book Value 106,145,137.69 105,399,801.80
Maturities/Calls 0.00 (775,000.00)
Principal Paydowns (59,953.56) (164,591.35)
Purchases 2,895,830.05 6,841,917.68
Sales (2,377,813.31) (4,864,999.73)
Change in Cash, Payables, Receivables (131,703.18) (605.76) Amortization/Accretion 16,149.80 49,733.03
Realized Gain (Loss) 10,368.45 11,760.27
Ending Book Value 106,498,015.94 106,498,015.94
Month to Date Fiscal Year to Date
(07/01/2025)
Beginning Market Value 106,941,892.10 105,780,134.31
Maturities/Calls 0.00 (775,000.00)
Principal Paydowns (59,953.56) (164,591.35)
Purchases 2,895,830.05 6,841,917.68
Sales (2,377,813.31) (4,864,999.73)
Change in Cash, Payables, Receivables (131,703.18) (605.76) Amortization/Accretion 16,149.80 49,733.03
Change in Net Unrealized Gain (Loss) (8,179.94) 408,241.95 Realized Gain (Loss) 10,368.45 11,760.27
Ending Market Value 107,286,590.41 107,286,590.41
Maturities / Calls
Month to Date 0.00
Fiscal Year to Date (775,000.00)
Principal Paydowns
Month to Date (59,953.56)
Fiscal Year to Date (164,591.35)
Purchases
Month to Date 2,895,830.05
Fiscal Year to Date 6,841,917.68
Sales
Month to Date (2,377,813.31)
Fiscal Year to Date (4,864,999.73)
Interest Received
Month to Date 448,971.13
Fiscal Year to Date 1,047,675.82
Purchased / Sold Interest
Month to Date 16,298.05
Fiscal Year to Date 11,209.25
772
CONFIDENTIAL | 4
City of Orange | Account #10888 | As of September 30, 2025 Execution Time: 10/02/2025 04:03:54 PM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747

HOLDINGS REPORT
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 80,577.51 02/16/20235.09%
80,562.53
80,571.91
100.29

4.22%
80,812.73
112.81

0.08%
240.82
Aaa/NA
AAA

1.56 0.34
47800CAC0 JDOT 2023 A3 5.01 11/15/2027 225,184.38 02/22/2023

3.39%
225,143.36
225,165.89
100.44

4.24%
226,164.95
501.41

0.21%
999.06
Aaa/NA
AAA

2.13 0.53
36271VAD9 GMALT 2025-1 A3 4.66
02/21/2028 430,000.00 02/05/20254.66%
429,949.26
429,959.88
100.90

3.97%
433,856.54
612.27

0.40%
3,896.66
NA/AAA
AAA

2.39 1.21
05592XAD2 BMWOT 2023-A A3 5.47
02/25/2028 109,992.96 07/11/20235.47%
109,973.47
109,982.80
100.71

4.04%
110,769.83
100.28

0.10%
787.03
NA/AAA
AAA

2.41 0.47
44935DAD1 HALST 2025-B A3 4.53
04/17/2028 330,000.00 04/24/20254.53%
329,970.20
329,974.44
100.89

3.99%
332,929.28
664.40

0.31%
2,954.84
NA/AAA
AAA

2.55 1.51
02582JJZ4 AMXCA 2023-1 A 4.87
05/15/2026 350,000.00 06/07/20234.92%
349,968.96
349,991.50
100.54

4.02%
351,901.97
757.56

0.33%
1,910.47
NA/AAA
AAA

0.62 0.60
362962AD4 GMALT 2025-2 A3 4.58
05/22/2028 985,000.00 --4.80%
985,558.36
985,465.13
100.92

3.97%
994,089.48
1,378.45

0.93%
8,624.35
NA/AAA
AAA

2.64 1.40
438123AC5 HAROT 2023-4 A3 5.67
06/21/2028 288,842.28 11/01/20235.74%
288,791.42
288,812.32
101.18

4.06%
292,259.72
454.93

0.27%
3,447.41
Aaa/NA
AAA

2.73 0.69
161571HT4 CHAIT 2023-1 A 5.16 09/15/2028 1,060,000.00 09/07/2023

5.23%
1,059,706.17
1,059,826.31
101.21

3.90%
1,072,777.03
2,430.93

1.00%
12,950.72
NA/AAA
AAA

2.96 0.91
02582JKD1 AMXCA 2023-3 A 5.23
09/15/2026 1,055,000.00 09/12/20235.29%
1,054,952.84
1,054,984.93
101.30

3.87%
1,068,736.10
2,452.29

1.00%
13,751.17
NA/AAA
AAA

0.96 0.91
096919AD7 BMWOT 2024-A A3 5.18
02/26/2029 450,000.00 06/04/20245.18%
449,931.65
449,950.60
101.18

3.92%
455,304.60
388.50

0.42%
5,354.00
Aaa/AAA
NA

3.41 0.89
47786WAD2 JDOT 2024-B A3 5.2 03/15/2029 510,000.00 06/11/2024

5.81%
509,900.30
509,927.37
101.64

4.10%
518,388.43
1,178.67

0.48%
8,461.06
Aaa/NA
AAA

3.45 1.41
44934QAD3 HART 2024-B A3 4.84
03/15/2029 285,000.00 07/16/20245.45%
284,956.99
284,968.00
101.10

3.96%
288,126.65
613.07

0.27%
3,158.65
NA/AAA
AAA

3.45 1.17
43813YAC6 HAROT 2024-3 A3 4.57
03/21/2029 630,000.00 08/09/20244.66%
629,901.03
629,925.05
100.79

3.92%
635,000.31
799.75

0.59%
5,075.26
Aaa/NA
AAA

3.47 1.14
58768YAD7 MBALT 2025-A A3 4.61
04/16/2029 530,000.00 05/14/20254.66%
529,935.39
529,941.42
101.39

3.98%
537,390.21
1,085.91

0.50%
7,448.80
NA/AAA
AAA

3.54 2.05
05522RDJ4 BACCT 2024-1 A 4.93
05/15/2029 505,000.00 06/06/20244.93%
504,971.67
504,979.24
101.69

3.88%
513,559.70
1,106.51

0.48%
8,580.46
Aaa/AAA
NA

3.62 1.53
47800DAD6 JDOT 2025 A3 4.23 09/17/2029 500,000.00 03/04/2025

5.09%
499,968.55
499,972.44
100.55

4.02%
502,747.20
940.00

0.47%
2,774.76
Aaa/NA
AAA

HOLDINGS REPORT
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
43814VAC1 HAROT 2025-1 A3 4.57
09/21/2029 795,000.00 02/04/20254.57%
794,975.51
794,978.89
101.10

3.94%
803,719.16
1,009.21

0.75%
8,740.28
NA/AAA
AAA

3.97 1.61
096924AD7 BMWOT 2025-A A3 4.56
09/25/2029 680,000.00 02/04/20254.56%
679,933.02
679,942.20
100.93

3.95%
686,312.37
516.80

0.64%
6,370.18
Aaa/AAA
NA

3.99 1.42
92970QAE5 WFCIT 2024-2 A 4.29
10/15/2029 560,000.00 10/17/20244.29%
559,916.78
559,932.44
100.83

3.90%
564,626.27
1,067.73

0.53%
4,693.83
Aaa/AAA
NA

4.04 1.92
44935CAD3 HART 2025-A A3 4.32
10/15/2029 635,000.00 03/04/20254.84%
634,906.34
634,917.67
100.76

3.89%
639,850.32
1,219.20

0.60%
4,932.65
NA/AAA
AAA

4.04 1.61
Total ABS 10,994,597.13 4.91%
10,993,873.80
10,994,170.40
101.04

3.95%
11,109,322.85
19,390.67

10.35%
115,152.45

3.03 1.31
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

99.73 4.14%
8,028,614.53
20,527.50

7.48%
(21,385.47)
Aa1/AA+
AA+

0.08 0.07
3130ANDF4 FEDERAL HOME LOAN BANKS 0.9
07/29/2026 5,000,000.00 07/29/20210.90%
5,010,000.00
5,000,000.00

97.67 3.79%
4,883,441.95
7,750.00

4.55%
(116,558.05)
Aa1/AA+
AA+

0.83 0.81
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
2,020,002.50
101.27

3.70%
2,025,326.10
3,888.89

1.89%
5,323.60
Aa1/AA+
AA+

1.96 1.86
3130AEB25 FEDERAL HOME LOAN BANKS

3.25 06/09/2028 2,000,000.00 07/24/20234.15%
1,921,180.00
1,956,540.57

99.21 3.56%
1,984,236.70
20,222.22

1.85%
27,696.13
Aa1/AA+
AA+

2.69 2.53
3130AXQK7 FEDERAL HOME LOAN BANKS

4.75 12/08/2028 2,000,000.00 01/29/20244.05%
2,060,660.00
2,039,801.71
103.24

3.66%
2,064,791.40
29,819.44

1.92%
24,989.69
Aa1/AA+
AA+

3.19 2.90
3133ERDH1 FEDERAL FARM CREDIT BANKS
FUNDING CORP 4.75 04/30/2029 2,100,000.00 04/29/20244.70% 2,104,263.00
2,103,051.34
103.52

3.69%
2,173,851.18
41,839.58

2.03%
70,799.85
Aa1/AA+
AA+

3.58 3.22
Total Agency 21,150,000.00 2.07%
21,191,823.00
21,169,396.12
100.09

3.87%
21,160,261.86
124,047.64

19.72%
(9,134.26)

1.34 1.24

AGENCY CMBS
3137FPJG1 FHMS K-099 A2 2.595
09/25/2029 1,140,000.00 06/11/20254.29%
1,066,122.66
1,071,262.37

95.07 3.95%
1,083,787.63
2,465.25

1.01%
12,525.26
Aa1/AA+
AAA

3.99 3.62
3137FRUT6 FHMS K-106 A2 2.069
01/25/2030 1,500,000.00 06/12/20254.23%
1,365,820.31
1,374,393.58

92.45 3.99%
1,386,793.05
2,586.25

1.29%
12,399.47
Aa1/AA+
AAA

4.32 4.02
Total Agency CMBS 2,640,000.00 4.26%
2,431,942.97
2,445,655.95

93.60 3.97%
2,470,580.68
5,051.50

2.30%
24,924.73

HOLDINGS REPORT
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 1,125.38 -- 1,125.38
1,125.38

1.00 0.00%
1,125.38

0.00 0.00%

0.00 Aaa/AAA
AAA

0.00 0.00
Total Cash 1,125.38
1,125.38
1,125.38

1.00 0.00%
1,125.38

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 05/23/20254.41%
1,936,898.89
1,967,026.11

98.44 4.16%
1,968,836.00

0.00 1.84%
1,809.89
P-1/A-1
NA

0.38 0.24
Total Commercial
Paper 2,000,000.00 4.41%
1,936,898.89
1,967,026.11

98.44 4.16%
1,968,836.00

0.00 1.84%
1,809.89

0.38 0.24

CORPORATE
89236THP3 TOYOTA MOTOR CREDIT CORP

0.8 10/16/2025 5,000,000.00 11/19/20200.70%
5,025,000.00
5,000,209.26

99.86 4.20%
4,992,897.50
18,333.33

4.65%
(7,311.76)
A1/A+
A+

0.04 0.04
63743HFF4

NATIONAL RURAL UTILITIES

COOPERATIVE FINANCE CORP

5.45 10/30/2025
495,000.00 10/20/2022

5.50%
494,336.70
494,982.43
100.06

4.61%
495,292.47
11,315.56

0.46%
310.04
A2/AA0.08

0.08 037833EB2 APPLE INC 0.7 02/08/2026 3,000,000.00 02/08/2021

0.70%
2,999,730.00
2,999,980.78

98.85 4.00%
2,965,499.04
3,091.67

2.76%
(34,481.74)
Aaa/AA+
NA

0.36 0.35
713448FQ6 PEPSICO INC 4.55 02/13/2026 195,000.00 02/13/2023

4.57%
194,886.90
194,986.04
100.10

4.25%
195,193.47
1,183.00

0.18%
207.42
A1/A+
NA

0.37 0.28
907818GE2 UNION PACIFIC CORP 4.75
02/21/2026 470,000.00 02/13/20234.77%
469,689.80
469,959.53
100.15

4.35%
470,684.21
2,480.56

0.44%
724.68
A3/AA0.39

0.30 24422EXD6 JOHN DEERE CAPITAL CORP 5.15
09/08/2026 505,000.00 09/05/20235.18%
504,641.45
504,888.12
101.25

3.77%
511,317.29
1,661.59

0.48%
6,429.18
A1/A
A+

0.94 0.91
713448FW3 PEPSICO INC 5.125 11/10/2026 380,000.00 11/08/2023

5.13%
379,897.40
379,962.09
101.31

3.90%
384,996.93
7,627.71

0.36%
5,034.84
A1/A+
NA

1.11 0.97
06368LAQ9 BANK OF MONTREAL 4.7
09/14/2027 1,000,000.00 03/30/20234.91%
991,550.00
996,299.23
101.22

4.04%
1,012,247.01
2,219.44

0.94%
15,947.78
A2/AAA1.96

1.77 78016FZW7 ROYAL BANK OF CANADA 4.9
01/12/2028 1,000,000.00 03/30/20234.95%
997,990.00
999,042.15
102.04

3.95%
1,020,400.27
10,752.78

0.95%
21,358.12
A1/A
AA2.282.12
06051GGF0 BANK OF AMERICA CORP 3.824
01/20/2028 1,250,000.00 06/27/20245.30%
1,206,175.00
1,227,712.93

99.53 4.89%
1,244,185.78
9,427.22

1.16%
16,472.85
A1/AAA2.31

HOLDINGS REPORT
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
713448FL7 PEPSICO INC 3.6 02/18/2028 1,500,000.00 03/27/2024

4.49%
1,452,735.00
1,471,082.59

99.51 3.81%
1,492,709.91
6,450.00

1.39%
21,627.32
A1/A+
NA

2.39 2.25
857477CU5 STATE STREET CORP 4.536
02/28/2028 1,285,000.00 02/25/20254.51%
1,285,000.00
1,285,000.00
101.28

3.97%
1,301,481.83
5,343.03

1.21%
16,481.83
Aa3/A
AA2.412.18
58933YBH7 MERCK & CO INC 4.05
05/17/2028 1,250,000.00 09/26/20243.76%
1,261,775.00
1,258,427.56
100.55

3.83%
1,256,817.14
18,843.75

1.17%
(1,610.42)
Aa3/A+
NA

2.63 2.36
91324PEU2 UNITEDHEALTH GROUP INC 4.25
01/15/2029 1,000,000.00 05/28/20245.05%
967,180.00
976,684.61
100.35

4.13%
1,003,487.29
8,972.22

0.94%
26,802.68
A2/A+
A

3.29 2.94
69371RS80 PACCAR FINANCIAL CORP 4.6
01/31/2029 1,200,000.00 03/27/20244.70%
1,194,684.00
1,196,341.87
101.86

4.00%
1,222,302.46
9,353.33

1.14%
25,960.58
A1/A+
NA

3.34 3.04
17275RBR2 CISCO SYSTEMS INC 4.85
02/26/2029 1,250,000.00 02/27/20244.84%
1,250,650.00
1,250,439.74
102.61

4.02%
1,282,665.76
5,894.10

1.20%
32,226.02
A1/AANA3.41

3.03 437076DC3 HOME DEPOT INC 4.75
06/25/2029 1,250,000.00 06/27/20244.82%
1,245,987.50
1,246,999.98
102.41

4.05%
1,280,079.76
15,833.33

1.19%
33,079.78
A2/A
A

3.73 3.29
532457CQ9 ELI LILLY AND CO 4.2 08/14/2029 705,000.00 08/12/2024

4.25%
703,456.05
703,805.26
100.71

4.00%
709,990.56
3,865.75

0.66%
6,185.30
Aa3/A+
NA

3.87 3.45
171239AL0 CHUBB INA HOLDINGS LLC 4.65
08/15/2029 1,250,000.00 09/26/20244.08%
1,280,725.00
1,274,253.81
101.97

4.09%
1,274,586.69
7,427.08

1.19%
332.88
A2/A
A

3.87 3.43
40139LBJ1 GUARDIAN LIFE GLOBAL
FUNDING 4.179 09/26/2029 1,300,000.00 11/26/20244.67%
1,272,336.00
1,277,166.22

99.95 4.19%
1,299,365.55
754.54

1.21%
22,199.33
Aa1/AA+
NA

3.99 3.63
64952WFK4 NEW YORK LIFE GLOBAL
FUNDING 4.6 12/05/2029 830,000.00 12/02/20244.61%
829,526.90
829,604.63
101.57

4.19%
842,998.01
12,302.44

0.79%
13,393.38
Aa1/AA+
AAA

4.18 3.72
14913UAX8 CATERPILLAR FINANCIAL
SERVICES CORP 4.8 01/08/2030 960,000.00 01/06/20254.84% 958,147.20
958,417.10
103.10

4.00%
989,743.57
10,624.00

0.92%
31,326.47
A2/A
A+

4.27 3.80
59217GFT1 METROPOLITAN LIFE GLOBAL
FUNDING I 4.9 01/09/2030 820,000.00 01/02/20254.95%
818,310.80
818,555.95
102.53

4.24%
840,769.51
9,152.11

0.78%
22,213.56
Aa3/AAAA4.28

3.79 57629TBV8 MASSMUTUAL GLOBAL
FUNDING II 4.95 01/10/2030 1,200,000.00 --4.90%
1,202,338.00
1,202,222.00
102.54

4.29%
1,230,489.12
13,365.00

1.15%
28,267.12
Aa3/AA+
AA+

4.28 3.79
Total Corporate 29,095,000.00 3.63%
28,986,748.70
29,017,023.88
100.79

4.11%
29,320,201.12
196,273.56

27.33%
303,177.25

2.24 1.98

MONEY MARKET
FUND
31846V203 FIRST AMER:GVT OBLG Y 259,977.77 --

3.73%
259,977.77
259,977.77

1.00 3.73%
259,977.77

0.00 0.24%

0.00 Aaa/
AAAm
AAA

HOLDINGS REPORT
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 Money
Market Fund 259,977.77 3.73%
259,977.77
259,977.77

1.00 3.73%
259,977.77

0.00 0.24%

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
1,965,502.32

99.52 3.68%
1,990,382.20
15,361.11

1.86%
24,879.88
Aaa/AAA
NA

2.78 2.61
459058LR2

INTERNATIONAL BANK FOR

RECONSTRUCTION AND
DEVELOPM 4.125 03/20/2030
635,000.00 03/14/2025

4.20%
632,733.05
632,975.14
101.48

3.76%
644,402.51
800.36

0.60%
11,427.38
Aaa/AAA
NA

4.47 4.05
Total
Supranational 2,635,000.00 4.20%
2,571,113.05
2,598,477.46
100.00

3.70%
2,634,784.71
16,161.48

2.46%
36,307.26

3.20 2.96

US TREASURY
91282CCZ2 UNITED STATES TREASURY 0.875
09/30/2026 3,000,000.00 09/30/20211.01%
2,980,546.88
2,996,122.16

97.24 3.72%
2,917,101.57

72.12 2.72%
(79,020.59)
Aa1/AA+
AA+

1.00 0.98
91282CKD2 UNITED STATES TREASURY 4.25
02/28/2029 2,200,000.00 03/27/20244.18%
2,206,617.19
2,204,585.66
101.90

3.65%
2,241,851.57
8,006.91

2.09%
37,265.91
Aa1/AA+
AA+

3.41 3.15
91282CKG5 UNITED STATES TREASURY 4.125
03/31/2029 2,200,000.00 05/28/20244.53%
2,161,156.25
2,171,927.86
101.52

3.66%
2,233,515.64
249.31

2.08%
61,587.77
Aa1/AA+
AA+

3.50 3.23
91282CKP5 UNITED STATES TREASURY 4.625
04/30/2029 2,000,000.00 --4.13%
2,042,382.82
2,032,244.37
103.19

3.67%
2,063,828.12
38,709.24

1.92%
31,583.75
Aa1/AA+
AA+

3.58 3.23
91282CKT7 UNITED STATES TREASURY 4.5
05/31/2029 2,200,000.00 06/13/20244.25%
2,224,578.13
2,218,148.75
102.80

3.67%
2,261,703.14
33,270.49

2.11%
43,554.38
Aa1/AA+
AA+

3.67 3.31
91282CLC3 UNITED STATES TREASURY 4.0
07/31/2029 2,000,000.00 09/26/20243.56%
2,038,515.62
2,030,477.01
101.11

3.69%
2,022,109.38
13,478.26

1.88%
(8,367.63)
Aa1/AA+
AA+

3.83 3.50
91282CFJ5 UNITED STATES TREASURY 3.125
08/31/2029 2,000,000.00 10/30/20244.10%
1,915,156.25
1,931,259.74

97.95 3.69%
1,959,062.50
5,352.21

1.83%
27,802.76
Aa1/AA+
AA+

3.92 3.64
91282CFL0 UNITED STATES TREASURY 3.875
09/30/2029 2,200,000.00 10/30/20244.10%
2,177,828.13
2,181,966.06
100.68

3.69%
2,215,039.07
234.20

2.06%
33,073.01
Aa1/AA+
AA+

4.00 3.67
91282CFT3 UNITED STATES TREASURY 4.0
10/31/2029 2,500,000.00 04/29/20253.77%
2,523,535.16
2,521,331.87
101.13

3.70%
2,528,125.00
41,847.83

2.36%
6,793.13
Aa1/AA+
AA+

4.08 3.68
91282CMA6 UNITED STATES TREASURY 4.125
11/30/2029 2,400,000.00 12/27/20244.45%
2,366,062.50
2,371,258.94
101.61

3.70%
2,438,625.00
33,270.49

2.27%
67,366.06
Aa1/AA+
AA+

4.17 3.75
91282CMG3 UNITED STATES TREASURY 4.25
01/31/2030 2,500,000.00 04/29/20253.78%
2,550,488.28
2,546,012.06
102.12

3.72%
2,552,929.70
17,900.82

2.38%
6,917.64
Aa1/AA+
AA+

HOLDINGS REPORT
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
91282CGQ8 UNITED STATES TREASURY 4.0
02/28/2030 2,700,000.00 --4.02%
2,697,195.31
2,697,476.84
101.16

3.71%
2,731,324.21
9,248.62

2.55%
33,847.37
Aa1/AA+
AA+

4.41 4.01
91282CGS4 UNITED STATES TREASURY 3.625
03/31/2030 2,500,000.00 04/29/20253.80%
2,480,664.06
2,482,322.04

99.59 3.72%
2,489,746.10
248.97

2.32%
7,424.06
Aa1/AA+
AA+

4.50 4.11
91282CMZ1 UNITED STATES TREASURY 3.875
04/30/2030 2,700,000.00 05/29/20254.03%
2,681,542.97
2,682,817.29
100.63

3.72%
2,717,085.92
43,783.29

2.53%
34,268.64
Aa1/AA+
AA+

4.58 4.10
91282CHF1 UNITED STATES TREASURY 3.75
05/31/2030 2,600,000.00 --3.84%
2,589,183.60
2,589,573.45
100.07

3.73%
2,601,828.11
32,766.39

2.43%
12,254.66
Aa1/AA+
AA+

4.67 4.19
91282CNX5 UNITED STATES TREASURY 3.625
08/31/2030 2,400,000.00 09/29/20253.74%
2,387,625.00
2,387,638.77

99.48 3.74%
2,387,625.00
7,450.28

2.23%
(13.77)
Aa1/AA+
AA+

4.92 4.45
Total US Treasury 38,100,000.00 3.79%
38,023,078.15
38,045,162.87
100.71

3.70%
38,361,500.03
285,889.42

35.76%
316,337.15

3.90 3.54
Total Portfolio 106,875,700.28 3.55%
106,396,581.71
106,498,015.94
100.18

3.89%
107,286,590.41
646,814.26
100.00%
788,574.47

TRANSACTION LEDGER
Transaction Type Settlement
Date CUSIP Quantity Security Description Price
Acq/
Disp
Yield
Amount Interest Pur/
Sold Total Amount Gain/Loss

ACQUISITIONS
Purchase 09/02/2025 31846V203 132,000.00 FIRST AMER:GVT OBLG Y 1.000 3.90% (132,000.00) 0.00 (132,000.00) 0.00 Purchase 09/03/2025 31846V203 828.56 FIRST AMER:GVT OBLG Y 1.000 3.90% (828.56) 0.00 (828.56) 0.00 Purchase 09/08/2025 31846V203 13,003.75 FIRST AMER:GVT OBLG Y 1.000 3.93% (13,003.75) 0.00 (13,003.75) 0.00 Purchase 09/15/2025 31846V203 25,263.13 FIRST AMER:GVT OBLG Y 1.000 3.93% (25,263.13) 0.00 (25,263.13) 0.00 Purchase 09/15/2025 31846V203 85,546.67 FIRST AMER:GVT OBLG Y 1.000 3.93% (85,546.67) 0.00 (85,546.67) 0.00 Purchase 09/22/2025 31846V203 6,790.21 FIRST AMER:GVT OBLG Y 1.000 3.93% (6,790.21) 0.00 (6,790.21) 0.00 Purchase 09/22/2025 31846V203 51,102.89 FIRST AMER:GVT OBLG Y 1.000 3.93% (51,102.89) 0.00 (51,102.89) 0.00 Purchase 09/25/2025 31846V203 2,465.25 FIRST AMER:GVT OBLG Y 1.000 3.73% (2,465.25) 0.00 (2,465.25) 0.00 Purchase 09/25/2025 31846V203 17,603.59 FIRST AMER:GVT OBLG Y 1.000 3.73% (17,603.59) 0.00 (17,603.59) 0.00 Purchase 09/26/2025 31846V203 27,163.50 FIRST AMER:GVT OBLG Y 1.000 3.75% (27,163.50) 0.00 (27,163.50) 0.00 Purchase 09/29/2025 91282CNX5 2,400,000.00 UNITED STATES TREASURY

3.625 08/31/2030 99.484 3.74% (2,387,625.00) (6,969.61) (2,394,594.61) 0.00 Purchase 09/30/2025 31846V203 146,437.50 FIRST AMER:GVT OBLG Y 1.000 3.73% (146,437.50) 0.00 (146,437.50) 0.00 Total Purchase 2,908,205.05 (2,895,830.05) (6,969.61) (2,902,799.66) 0.00 TOTAL
ACQUISITIONS 2,908,205.05 (2,895,830.05) (6,969.61) (2,902,799.66) 0.00

DISPOSITIONS
Sale 09/08/2025 31846V203 (6,486.36) FIRST AMER:GVT OBLG Y 1.000 3.93% 6,486.36 0.00 6,486.36 0.00 Sale 09/29/2025 9128285M8 (2,000,000.00) UNITED STATES TREASURY

3.125 11/15/2028 98.438 3.86% 1,968,750.00 (23,267.66) 1,992,017.66 10,368.45 Sale 09/29/2025 31846V203 (402,576.95) FIRST AMER:GVT OBLG Y 1.000 3.75% 402,576.95 0.00 402,576.95 0.00 Total Sale (2,409,063.31) 2,377,813.31 (23,267.66) 2,401,080.97 10,368.45 TOTAL
DISPOSITIONS (2,409,063.31) 2,377,813.31 (23,267.66) 2,401,080.97 10,368.45 OTHER

TRANSACTIONS
Coupon 09/01/2025 3137FPJG1 0.00 FHMS K-099 A2 2.595
09/25/2029 4.29% 2,465.25 0.00 2,465.25 0.00
779
CONFIDENTIAL | 11
City of Orange | Account #10888 | As of September 30, 2025 Execution Time: 10/02/2025 04:03:54 PM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747

TRANSACTION LEDGER
Transaction Type Settlement
Date CUSIP Quantity Security Description Price
Acq/
Disp
Yield
Amount Interest Pur/
Sold Total Amount Gain/Loss
Coupon 09/01/2025 3137FRUT6 0.00 FHMS K-106 A2 2.069
01/25/2030 4.23% 2,586.25 0.00 2,586.25 0.00
Coupon 09/08/2025 24422EXD6 0.00 JOHN DEERE CAPITAL
CORP 5.15 09/08/2026 5.18% 13,003.75 0.00 13,003.75 0.00 Coupon 09/14/2025 06368LAQ9 0.00 BANK OF MONTREAL 4.7
09/14/2027 4.91% 23,500.00 0.00 23,500.00 0.00
Coupon 09/15/2025 47786WAD2 0.00 JDOT 2024-B A3 5.2
03/15/2029 5.81% 2,210.00 0.00 2,210.00 0.00
Coupon 09/15/2025 44934QAD3 0.00 HART 2024-B A3 4.84
03/15/2029 5.45% 1,149.50 0.00 1,149.50 0.00
Coupon 09/15/2025 02582JKD1 0.00 AMXCA 2023-3 A 5.23
09/15/2026 5.29% 4,598.04 0.00 4,598.04 0.00
Coupon 09/15/2025 161571HT4 0.00 CHAIT 2023-1 A 5.16
09/15/2028 5.23% 4,558.00 0.00 4,558.00 0.00
Coupon 09/15/2025 47800DAD6 0.00 JDOT 2025 A3 4.23
09/17/2029 5.09% 1,762.50 0.00 1,762.50 0.00
Coupon 09/15/2025 05522RDJ4 0.00 BACCT 2024-1 A 4.93
05/15/2029 4.93% 2,074.71 0.00 2,074.71 0.00
Coupon 09/15/2025 02582JJZ4 0.00 AMXCA 2023-1 A 4.87
05/15/2026 4.92% 1,420.42 0.00 1,420.42 0.00
Coupon 09/15/2025 44935CAD3 0.00 HART 2025-A A3 4.32
10/15/2029 4.84% 2,286.00 0.00 2,286.00 0.00
Coupon 09/15/2025 58768YAD7 0.00 MBALT 2025-A A3 4.61
04/16/2029 4.66% 2,036.08 0.00 2,036.08 0.00
Coupon 09/15/2025 44935DAD1 0.00 HALST 2025-B A3 4.53
04/17/2028 4.53% 1,245.75 0.00 1,245.75 0.00
Coupon 09/15/2025 92970QAE5 0.00 WFCIT 2024-2 A 4.29
10/15/2029 4.29% 2,002.00 0.00 2,002.00 0.00
Coupon 09/15/2025 3133EPDJ1 0.00

FEDERAL FARM CREDIT

BANKS FUNDING CORP

4.375 09/15/2027

3.81% 43,750.00 0.00 43,750.00 0.00
Coupon 09/15/2025 47800CAC0 0.00 JDOT 2023 A3 5.01
11/15/2027 3.39% 1,011.97 0.00 1,011.97 0.00
780
CONFIDENTIAL | 12
City of Orange | Account #10888 | As of September 30, 2025 Execution Time: 10/02/2025 04:03:54 PM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747

TRANSACTION LEDGER
Transaction Type Settlement
Date CUSIP Quantity Security Description Price
Acq/
Disp
Yield
Amount Interest Pur/
Sold Total Amount Gain/Loss
Coupon 09/20/2025 362962AD4 0.00 GMALT 2025-2 A3 4.58
05/22/2028 4.80% 3,759.42 0.00 3,759.42 0.00
Coupon 09/20/2025 36271VAD9 0.00 GMALT 2025-1 A3 4.66
02/21/2028 4.66% 1,669.83 0.00 1,669.83 0.00
Coupon 09/20/2025 459058LR2 0.00

INTERNATIONAL BANK

FOR RECONSTRUCTION
AND DEVELOPM 4.125
03/20/2030

4.20% 13,100.05 0.00 13,100.05 0.00
Coupon 09/21/2025 438123AC5 0.00 HAROT 2023-4 A3 5.67
06/21/2028 5.74% 1,461.28 0.00 1,461.28 0.00
Coupon 09/21/2025 43815JAC7 0.00 HAROT 2023-1 A3 5.04
04/21/2027 5.09% 387.42 0.00 387.42 0.00
Coupon 09/21/2025 43813YAC6 0.00 HAROT 2024-3 A3 4.57
03/21/2029 4.66% 2,399.25 0.00 2,399.25 0.00
Coupon 09/21/2025 43814VAC1 0.00 HAROT 2025-1 A3 4.57
09/21/2029 4.57% 3,027.62 0.00 3,027.62 0.00
Coupon 09/25/2025 05592XAD2 0.00 BMWOT 2023-A A3 5.47
02/25/2028 5.47% 549.98 0.00 549.98 0.00
Coupon 09/25/2025 096919AD7 0.00 BMWOT 2024-A A3 5.18
02/26/2029 5.18% 1,942.50 0.00 1,942.50 0.00
Coupon 09/25/2025 096924AD7 0.00 BMWOT 2025-A A3 4.56
09/25/2029 4.56% 2,584.00 0.00 2,584.00 0.00
Coupon 09/26/2025 40139LBJ1 0.00

GUARDIAN LIFE GLOBAL
FUNDING 4.179
09/26/2029

4.67% 27,163.50 0.00 27,163.50 0.00
Coupon 09/30/2025 91282CKG5 0.00 UNITED STATES TREASURY

4.125 03/31/2029 4.53% 45,375.00 0.00 45,375.00 0.00
Coupon 09/30/2025 91282CFL0 0.00 UNITED STATES TREASURY

3.875 09/30/2029 4.10% 42,625.00 0.00 42,625.00 0.00
Coupon 09/30/2025 91282CGS4 0.00 UNITED STATES TREASURY

3.625 03/31/2030 3.80% 45,312.50 0.00 45,312.50 0.00
Coupon 09/30/2025 91282CCZ2 0.00 UNITED STATES TREASURY

0.875 09/30/2026 1.01% 13,125.00 0.00 13,125.00 0.00
Total Coupon 0.00 316,142.57 0.00 316,142.57 0.00
781
CONFIDENTIAL | 13
City of Orange | Account #10888 | As of September 30, 2025 Execution Time: 10/02/2025 04:03:54 PM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747

TRANSACTION LEDGER
Transaction Type Settlement
Date CUSIP Quantity Security Description Price
Acq/
Disp
Yield
Amount Interest Pur/
Sold Total Amount Gain/Loss
Custody Fee 09/25/2025 CCYUSD (719.64) Cash 0.00% (719.64) 0.00 (719.64) 0.00 Total Custody Fee (719.64) (719.64) 0.00 (719.64) 0.00
Dividend 09/30/2025 31846V203 0.00 FIRST AMER:GVT OBLG Y 3.76% 1,125.38 0.00 1,125.38 0.00 Total Dividend 0.00 1,125.38 0.00 1,125.38 0.00
Management Fee 09/08/2025 CCYUSD (6,486.36) Cash 0.00% (6,486.36) 0.00 (6,486.36) 0.00 Total
Management Fee (6,486.36) (6,486.36) 0.00 (6,486.36) 0.00 Principal Paydown 09/15/2025 47800CAC0 17,204.83 JDOT 2023 A3 5.01 11/15/2027 3.39% 17,204.83 -- 17,204.83 0.01
Principal Paydown 09/21/2025 438123AC5 20,423.61 HAROT 2023-4 A3 5.67 06/21/2028 5.74% 20,423.61 -- 20,423.61 (0.01)
Principal Paydown 09/21/2025 43815JAC7 11,664.62 HAROT 2023-1 A3 5.04 04/21/2027 5.09% 11,664.62 -- 11,664.62 (0.00)
Principal Paydown 09/25/2025 05592XAD2 10,660.50 BMWOT 2023-A A3 5.47 02/25/2028 5.47% 10,660.50 -- 10,660.50 0.00
Total Principal
Paydown 59,953.56 59,953.56 -- 59,953.56 (0.00)

CASH & EQUIVALENTS
31846V203 FIRST AMER:GVT OBLG Y
259,977.77
160,836.03
508,205.05
(409,063.31)
259,977.77

0.00 828.56

0.00 0.00

0.00 828.56
828.56
CCYUSD Receivable
1,125.38
132,828.56

0.00 0.00
1,125.38

0.00 0.00

0.00 Total Cash & Equivalents 261,103.15
293,664.59
508,205.05
(409,063.31)
261,103.15

0.00 828.56

0.00 0.00

0.00 828.56 828.56

FIXED INCOME
02582JJZ4 AMXCA 2023-1 A 4.87
05/15/2026
06/07/2023
06/14/2023
350,000.00
349,990.38

0.00 0.00
349,991.50
757.56
1,420.42
757.56
1,420.42

1.13 0.00

1.13 1,421.55
1,421.55
02582JKD1 AMXCA 2023-3 A 5.23
09/15/2026
09/12/2023
09/19/2023
1,055,000.00
1,054,983.63

0.00 0.00
1,054,984.93
2,452.29
4,598.04
2,452.29
4,598.04

1.30 0.00

1.30 4,599.34
4,599.34
037833EB2 APPLE INC 0.7 02/08/2026
02/08/2021
02/08/2021
3,000,000.00
2,999,976.34

0.00 0.00
2,999,980.78
1,341.67

0.00 3,091.67
1,750.00

4.44 0.00

4.44 1,754.44
1,754.44
05522RDJ4 BACCT 2024-1 A 4.93
05/15/2029
06/06/2024
06/13/2024
505,000.00
504,978.76

0.00 0.00
504,979.24
1,106.51
2,074.71
1,106.51
2,074.71

0.47 0.00

0.47 2,075.18
2,075.18
05592XAD2 BMWOT 2023-A A3 5.47
02/25/2028
07/11/2023
07/18/2023
109,992.96
120,641.93

0.00 (10,660.50)
109,982.80
110.00
549.98
100.28
540.26

1.37 0.00

3.824 01/20/2028
06/27/2024
06/28/2024
1,250,000.00
1,226,308.28

0.00 0.00
1,227,712.93
5,443.89

0.00 9,427.22
3,983.33
1,404.65

0.00 1,404.65
5,387.98
5,387.98
06368LAQ9 BANK OF MONTREAL 4.7
09/14/2027
03/30/2023
03/31/2023
1,000,000.00
996,143.52

0.00 0.00
996,299.23
21,802.78
23,500.00
2,219.44
3,916.67
155.71

0.00 155.71
4,072.38
4,072.38
096919AD7 BMWOT 2024-A A3 5.18
02/26/2029
06/04/2024
06/11/2024
450,000.00
449,949.40

0.00 0.00
449,950.60
388.50
1,942.50
388.50
1,942.50

1.19 0.00

1.19 1,943.69
1,943.69
096924AD7 BMWOT 2025-A A3 4.56
09/25/2029
02/04/2025
02/12/2025
680,000.00
679,941.01

0.00 0.00
679,942.20
516.80
2,584.00
516.80
2,584.00

1.19 0.00

1.19 2,585.19
2,585.19
14913UAX8

CATERPILLAR FINANCIAL
SERVICES CORP 4.8
01/08/2030
01/06/2025
01/08/2025
960,000.00
958,386.66

0.00 0.00
958,417.10
6,784.00

0.00 10,624.00
3,840.00

30.44 0.00

30.44 3,870.44
3,870.44
161571HT4 CHAIT 2023-1 A 5.16
09/15/2028
09/07/2023
09/15/2023
1,060,000.00
1,059,821.48

0.00 0.00
1,059,826.31
2,430.93
4,558.00
2,430.93
4,558.00

4.82 0.00

4.82 4,562.82
4,562.82
171239AL0 CHUBB INA HOLDINGS LLC

4.65 08/15/2029
09/26/2024
09/27/2024
1,250,000.00
1,274,779.92

0.00 0.00
1,274,253.81
2,583.33

0.00 7,427.08
4,843.75

0.00 (526.11)
(526.11)
4,317.64
4,317.64
17275RBR2 CISCO SYSTEMS INC 4.85
02/26/2029
02/27/2024
02/29/2024
1,250,000.00
1,250,450.61

0.00 0.00
1,250,439.74
842.01

0.00 5,894.10
5,052.08

0.00 (10.88)
(10.88)
5,041.21
5,041.21
24422EXD6 JOHN DEERE CAPITAL CORP

5.15 09/08/2026
09/05/2023
09/08/2023
505,000.00
504,878.30

0.00 0.00
504,888.12
12,498.05
13,003.75
1,661.59
2,167.29

9.81 0.00

3.25 06/09/2028
07/24/2023
07/25/2023
2,000,000.00
1,955,212.89

0.00 0.00
1,956,540.57
14,805.56

0.00 20,222.22
5,416.67
1,327.68

0.00 1,327.68
6,744.35
6,744.35
3130ANDF4 FEDERAL HOME LOAN BANKS

0.9 07/29/2026
07/29/2021
07/29/2021
5,000,000.00
5,000,000.00

0.00 0.00
5,000,000.00
4,000.00

0.00 7,750.00
3,750.00

0.00 0.00

0.00 3,750.00
3,750.00
3130AXQK7 FEDERAL HOME LOAN BANKS

4.75 12/08/2028
01/29/2024
01/30/2024
2,000,000.00
2,040,827.53

0.00 0.00
2,039,801.71
21,902.78

0.00 29,819.44
7,916.67

0.00 (1,025.82)
(1,025.82)
6,890.85
6,890.85
3133EPDJ1

FEDERAL FARM CREDIT
BANKS FUNDING CORP 4.375
09/15/2027
03/27/2023
03/28/2023
2,000,000.00
2,020,842.94

0.00 0.00
2,020,002.50
40,347.22
43,750.00
3,888.89
7,291.67

0.00 (840.44)
(840.44)
6,451.23
6,451.23
3133ERDH1

FEDERAL FARM CREDIT
BANKS FUNDING CORP 4.75
04/30/2029
04/29/2024
04/30/2024
2,100,000.00
2,103,121.38

0.00 0.00
2,103,051.34
33,527.08

0.00 41,839.58
8,312.50

0.00 (70.04)
(70.04)
8,242.46
8,242.46
3134GW3Z7

FEDERAL HOME LOAN
MORTGAGE CORP 0.6
10/28/2025
10/28/2020
10/28/2020
8,050,000.00
8,050,000.00

0.00 0.00
8,050,000.00
16,502.50

0.00 20,527.50
4,025.00

0.00 0.00

0.00 4,025.00
4,025.00
3137FPJG1 FHMS K-099 A2 2.595
09/25/2029
06/11/2025
06/16/2025
1,140,000.00
1,069,821.33

0.00 0.00
1,071,262.37
2,465.25
2,465.25
2,465.25
2,465.25
1,441.04

0.00 1,441.04
3,906.29
3,906.29
3137FRUT6 FHMS K-106 A2 2.069
01/25/2030
06/12/2025
06/17/2025
1,500,000.00
1,371,967.18

0.00 0.00
1,374,393.58
2,586.25
2,586.25
2,586.25
2,586.25
2,426.40

0.00 2,426.40
5,012.65
5,012.65
36271VAD9 GMALT 2025-1 A3 4.66
02/21/2028
02/05/2025
02/12/2025
430,000.00
429,958.50

0.00 0.00
429,959.88
612.27
1,669.83
612.27
1,669.83

1.38 0.00

0.00 0.00
985,465.13
1,378.45
3,759.42
1,378.45
3,759.42

0.22 (22.60)
(22.37)
3,737.05
3,737.05
40139LBJ1 GUARDIAN LIFE GLOBAL
FUNDING 4.179 09/26/2029
11/26/2024
11/27/2024
1,300,000.00
1,276,695.75

0.00 0.00
1,277,166.22
23,390.79
27,163.50
754.54
4,527.25
470.48

0.00 470.48
4,997.73
4,997.73
437076DC3 HOME DEPOT INC 4.75
06/25/2029
06/27/2024
06/28/2024
1,250,000.00
1,246,933.95

0.00 0.00
1,246,999.98
10,885.42

0.00 15,833.33
4,947.92

66.03 0.00

66.03 5,013.95
5,013.95
438123AC5 HAROT 2023-4 A3 5.67
06/21/2028
11/01/2023
11/08/2023
288,842.28
309,232.84

0.00 (20,423.62)
288,812.32
487.09
1,461.28
454.93
1,429.11

3.09 0.00

3.09 1,432.20
1,432.20
43813YAC6 HAROT 2024-3 A3 4.57
03/21/2029
08/09/2024
08/21/2024
630,000.00
629,923.27

0.00 0.00
629,925.05
799.75
2,399.25
799.75
2,399.25

1.77 0.00

1.77 2,401.02
2,401.02
43814VAC1 HAROT 2025-1 A3 4.57
09/21/2029
02/04/2025
02/11/2025
795,000.00
794,978.45

0.00 0.00
794,978.89
1,009.21
3,027.62
1,009.21
3,027.62

0.44 0.00

0.44 3,028.06
3,028.06
43815JAC7 HAROT 2023-1 A3 5.04
04/21/2027
02/16/2023
02/24/2023
80,577.51
92,235.38

0.00 (11,664.62)
80,571.91
129.14
387.42
112.81
371.09

1.15 0.00

1.15 372.24
372.24
44934QAD3 HART 2024-B A3 4.84
03/15/2029
07/16/2024
07/24/2024
285,000.00
284,967.24

0.00 0.00
284,968.00
613.07
1,149.50
613.07
1,149.50

0.76 0.00

0.76 1,150.26
1,150.26
44935CAD3 HART 2025-A A3 4.32
10/15/2029
03/04/2025
03/12/2025
635,000.00
634,916.00

0.00 0.00
634,917.67
1,219.20
2,286.00
1,219.20
2,286.00

1.67 0.00

0.00 0.00
329,974.44
664.40
1,245.75
664.40
1,245.75

0.83 0.00

0.83 1,246.58
1,246.58
459058KT9

INTERNATIONAL BANK FOR

RECONSTRUCTION AND
DEVELOPM 3.5 07/12/2028
07/24/2023
07/26/2023
2,000,000.00
1,964,482.68

0.00 0.00
1,965,502.32
9,527.78

0.00 15,361.11
5,833.33
1,019.64

0.00 1,019.64
6,852.97
6,852.97
459058LR2

INTERNATIONAL BANK FOR

RECONSTRUCTION AND
DEVELOPM 4.125 03/20/2030
03/14/2025
03/20/2025
635,000.00
632,937.89

0.00 0.00
632,975.14
11,714.43
13,100.05
800.36
2,185.99

37.24 0.00

37.24 2,223.23
2,223.23
47786WAD2 JDOT 2024-B A3 5.2
03/15/2029
06/11/2024
06/18/2024
510,000.00
509,925.64

0.00 0.00
509,927.37
1,178.67
2,210.00
1,178.67
2,210.00

1.73 0.00

1.73 2,211.73
2,211.73
47800CAC0 JDOT 2023 A3 5.01
11/15/2027
02/22/2023
03/02/2023
225,184.38
242,368.53

0.00 (17,204.82)
225,165.89
539.72
1,011.97
501.41
973.66

2.18 0.00

2.18 975.84
975.84
47800DAD6 JDOT 2025 A3 4.23
09/17/2029
03/04/2025
03/11/2025
500,000.00
499,971.86

0.00 0.00
499,972.44
940.00
1,762.50
940.00
1,762.50

0.57 0.00

0.57 1,763.07
1,763.07
532457CQ9 ELI LILLY AND CO 4.2
08/14/2029
08/12/2024
08/14/2024
705,000.00
703,779.89

0.00 0.00
703,805.26
1,398.25

0.00 3,865.75
2,467.50

25.37 0.00

25.37 2,492.87
2,492.87
57629TBV8 MASSMUTUAL GLOBAL
FUNDING II 4.95 01/10/2030 1,200,000.00
1,202,264.68

0.00 0.00
1,202,222.00
8,415.00

0.00 13,365.00
4,950.00

7.89 (50.56)
(42.68)
4,907.32
4,907.32
58768YAD7 MBALT 2025-A A3 4.61
04/16/2029
05/14/2025
05/21/2025
530,000.00
529,940.06

0.00 0.00
529,941.42
1,085.91
2,036.08
1,085.91
2,036.08

1.36 0.00

0.00 0.00
1,258,427.56
14,625.00

0.00 18,843.75
4,218.75

0.00 (272.15)
(272.15)
3,946.60
3,946.60
59217GFT1 METROPOLITAN LIFE GLOBAL
FUNDING I 4.9 01/09/2030
01/02/2025
01/09/2025
820,000.00
818,528.19

0.00 0.00
818,555.95
5,803.78

0.00 9,152.11
3,348.33

27.75 0.00

27.75 3,376.09
3,376.09
62479MBH5 MUFG Bank, Ltd., New York
Branch 02/17/2026
05/23/2025
05/27/2025
2,000,000.00
1,959,909.45

0.00 0.00
1,967,026.11

0.00 0.00

0.00 0.00
7,116.67

0.00 7,116.67
7,116.67
7,116.67
63743HFF4

NATIONAL RURAL UTILITIES

COOPERATIVE FINANCE CORP

5.45 10/30/2025
10/20/2022
10/31/2022
495,000.00
494,964.26

0.00 0.00
494,982.43
9,067.44

0.00 11,315.56
2,248.13

18.17 0.00

18.17 2,266.30
2,266.30
64952WFK4 NEW YORK LIFE GLOBAL
FUNDING 4.6 12/05/2029
12/02/2024
12/05/2024
830,000.00
829,596.85

0.00 0.00
829,604.63
9,120.78

0.00 12,302.44
3,181.67

7.77 0.00

7.77 3,189.44
3,189.44
69371RS80 PACCAR FINANCIAL CORP 4.6
01/31/2029
03/27/2024
03/28/2024
1,200,000.00
1,196,251.77

0.00 0.00
1,196,341.87
4,753.33

0.00 9,353.33
4,600.00

90.10 0.00

90.10 4,690.10
4,690.10
713448FL7 PEPSICO INC 3.6 02/18/2028
03/27/2024
03/28/2024
1,500,000.00
1,470,085.44

0.00 0.00
1,471,082.59
1,950.00

0.00 6,450.00
4,500.00
997.15

0.00 997.15
5,497.15
5,497.15
713448FQ6 PEPSICO INC 4.55 02/13/2026
02/13/2023
02/15/2023
195,000.00
194,982.94

0.00 0.00
194,986.04
443.63

0.00 1,183.00
739.38

3.10 0.00

3.10 742.48
742.48
713448FW3 PEPSICO INC 5.125
11/10/2026
11/08/2023
11/10/2023
380,000.00
379,959.28

0.00 0.00
379,962.09
6,004.79

0.00 7,627.71
1,622.92

2.81 0.00

0.00 0.00
999,042.15
6,669.44

0.00 10,752.78
4,083.33

34.50 0.00

34.50 4,117.83
4,117.83
857477CU5 STATE STREET CORP 4.536
02/28/2028
02/25/2025
02/28/2025
1,285,000.00
1,285,000.00

0.00 0.00
1,285,000.00
485.73

0.00 5,343.03
4,857.30

0.00 0.00

0.00 4,857.30
4,857.30
89236THP3 TOYOTA MOTOR CREDIT
CORP 0.8 10/16/2025
11/19/2020
11/19/2020
5,000,000.00
5,000,627.79

0.00 0.00
5,000,209.26
15,000.00

0.00 18,333.33
3,333.33

0.00 (418.53)
(418.53)
2,914.81
2,914.81
907818GE2 UNION PACIFIC CORP 4.75
02/21/2026
02/13/2023
02/21/2023
470,000.00
469,951.04

0.00 0.00
469,959.53
620.14

0.00 2,480.56
1,860.42

8.49 0.00

8.49 1,868.91
1,868.91
9128285M8 UNITED STATES TREASURY

3.125 11/15/2028
12/28/2023
12/29/2023

0.00 1,957,362.02

0.00 (1,958,381.55)

0.00 18,512.23
23,267.66

0.00 4,755.43
1,019.52

0.00 1,019.52
5,774.96
5,774.96
91282CCZ2 UNITED STATES TREASURY

0.875 09/30/2026
09/30/2021
09/30/2021
3,000,000.00
2,995,802.56

0.00 0.00
2,996,122.16
11,045.08
13,125.00

72.12 2,152.03
319.60

0.00 319.60
2,471.64
2,471.64
91282CFJ5 UNITED STATES TREASURY

3.125 08/31/2029
10/30/2024
10/31/2024
2,000,000.00
1,929,817.63

0.00 0.00
1,931,259.74
172.65
31,250.00
5,352.21
36,429.56
1,442.10

0.00 1,442.10
37,871.66
37,871.66
91282CFL0 UNITED STATES TREASURY

3.875 09/30/2029
10/30/2024
10/31/2024
2,200,000.00
2,181,595.50

0.00 0.00
2,181,966.06
35,870.22
42,625.00
234.20
6,988.98
370.56

0.00 370.56
7,359.55
7,359.55
91282CFT3 UNITED STATES TREASURY 4.0
10/31/2029
04/29/2025
04/30/2025
2,500,000.00
2,521,761.08

0.00 0.00
2,521,331.87
33,695.65

0.00 41,847.83
8,152.17

0.00 0.00
2,697,476.84
298.34
54,000.00
9,248.62
62,950.28

46.99 0.00

46.99 62,997.26
62,997.26
91282CGS4 UNITED STATES TREASURY

3.625 03/31/2030
04/29/2025
04/30/2025
2,500,000.00
2,481,999.06

0.00 0.00
2,482,322.04
38,131.83
45,312.50
248.97
7,429.64
322.98

0.00 322.98
7,752.62
7,752.62
91282CHF1 UNITED STATES TREASURY

3.75 05/31/2030 2,600,000.00
2,589,389.77

0.00 0.00
2,589,573.45
24,774.59

0.00 32,766.39
7,991.80
195.07
(11.40)
183.67
8,175.48
8,175.48
91282CKD2 UNITED STATES TREASURY

4.25 02/28/2029
03/27/2024
03/28/2024
2,200,000.00
2,204,696.07

0.00 0.00
2,204,585.66
258.29
46,750.00
8,006.91
54,498.62

0.00 (110.41)
(110.41)
54,388.21
54,388.21
91282CKG5 UNITED STATES TREASURY

4.125 03/31/2029
05/28/2024
05/29/2024
2,200,000.00
2,171,268.38

0.00 0.00
2,171,927.86
38,184.43
45,375.00
249.31
7,439.89
659.49

0.00 659.49
8,099.37
8,099.37
91282CKP5 UNITED STATES TREASURY

4.625 04/30/2029 2,000,000.00
2,032,984.49

0.00 0.00
2,032,244.37
31,168.48

0.00 38,709.24
7,540.76

0.00 (740.12)
(740.12)
6,800.65
6,800.65
91282CKT7 UNITED STATES TREASURY 4.5
05/31/2029
06/13/2024
06/14/2024
2,200,000.00
2,218,555.67

0.00 0.00
2,218,148.75
25,155.74

0.00 33,270.49
8,114.75

0.00 (406.92)
(406.92)
7,707.83
7,707.83
91282CLC3 UNITED STATES TREASURY 4.0
07/31/2029
09/26/2024
09/27/2024
2,000,000.00
2,031,130.55

0.00 0.00
2,030,477.01
6,956.52

0.00 13,478.26
6,521.74

0.00 (653.55)
(653.55)
5,868.19
5,868.19
91282CMA6 UNITED STATES TREASURY

4.125 11/30/2029
12/27/2024
12/30/2024
2,400,000.00
2,370,692.06

0.00 0.00
2,371,258.94
25,155.74

0.00 33,270.49
8,114.75
566.88

4.25 01/31/2030
04/29/2025
04/30/2025
2,500,000.00
2,546,884.05

0.00 0.00
2,546,012.06
9,239.13

0.00 17,900.82
8,661.68

0.00 (871.99)
(871.99)
7,789.69
7,789.69
91282CMZ1 UNITED STATES TREASURY

3.875 04/30/2030
05/29/2025
05/30/2025
2,700,000.00
2,682,508.98

0.00 0.00
2,682,817.29
35,254.08

0.00 43,783.29
8,529.21
308.30

0.00 308.30
8,837.51
8,837.51
91282CNX5 UNITED STATES TREASURY

3.625 08/31/2030
09/29/2025
09/29/2025
2,400,000.00

0.00 2,387,625.00

0.00 2,387,638.77

0.00 (6,969.61)
7,450.28
480.67

13.77 0.00

13.77 494.44
494.44
91324PEU2 UNITEDHEALTH GROUP INC

4.25 01/15/2029
05/28/2024
05/29/2024
1,000,000.00
976,102.70

0.00 0.00
976,684.61
5,430.56

0.00 8,972.22
3,541.67
581.91

0.00 581.91
4,123.58
4,123.58
92970QAE5 WFCIT 2024-2 A 4.29
10/15/2029
10/17/2024
10/24/2024
560,000.00
559,931.07

0.00 0.00
559,932.44
1,067.73
2,002.00
1,067.73
2,002.00

1.37 0.00

1.37 2,003.37
2,003.37
Total Fixed Income 106,614,597.13
105,851,473.10
2,387,625.00
(2,018,335.11)
106,236,912.79
686,098.83
464,440.62
646,814.26
425,156.05
22,610.51
(6,460.71)
16,149.80
441,305.85 441,305.85
TOTAL PORTFOLIO 106,875,700.28
106,145,137.69
2,895,830.05
(2,427,398.42)
106,498,015.94
686,098.83
465,269.18
646,814.26
425,984.61
22,610.51
(6,460.71)
16,149.80
442,134.41 442,134.41
791
CONFIDENTIAL | 23
City of Orange | Account #10888 | As of September 30, 2025 Execution Time: 10/02/2025 04:03:54 PM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747

CASH FLOW REPORT
Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount OCTOBER 2025
10/01/2025 Dividend 31846V203 0.00 FIRST AMER:GVT OBLG Y 1,125.38 1,125.38 10/15/2025 Coupon 02582JJZ4 350,000.00 AMXCA 2023-1 A 4.87 05/15/2026 1,420.42 1,420.42 10/15/2025 Coupon 02582JKD1 1,055,000.00 AMXCA 2023-3 A 5.23 09/15/2026 4,598.04 4,598.04 10/15/2025 Coupon 05522RDJ4 505,000.00 BACCT 2024-1 A 4.93 05/15/2029 2,074.71 2,074.71 10/15/2025 Coupon 161571HT4 1,060,000.00 CHAIT 2023-1 A 5.16 09/15/2028 4,558.00 4,558.00 10/15/2025 Coupon 44934QAD3 285,000.00 HART 2024-B A3 4.84 03/15/2029 1,149.50 1,149.50 10/15/2025 Coupon 44935CAD3 635,000.00 HART 2025-A A3 4.32 10/15/2029 2,286.00 2,286.00 10/15/2025 Coupon 44935DAD1 330,000.00 HALST 2025-B A3 4.53 04/17/2028 1,245.75 1,245.75 10/15/2025 Coupon 47786WAD2 510,000.00 JDOT 2024-B A3 5.2 03/15/2029 2,210.00 2,210.00 10/15/2025 Coupon 47800CAC0 225,184.38 JDOT 2023 A3 5.01 11/15/2027 933.72 933.72 10/15/2025 Principal Paydown 47800CAC0 225,184.38 JDOT 2023 A3 5.01 11/15/2027 23,155.07 23,155.07 10/15/2025 Coupon 47800DAD6 500,000.00 JDOT 2025 A3 4.23 09/17/2029 1,762.50 1,762.50 10/15/2025 Coupon 58768YAD7 530,000.00 MBALT 2025-A A3 4.61 04/16/2029 2,036.08 2,036.08 10/15/2025 Coupon 92970QAE5 560,000.00 WFCIT 2024-2 A 4.29 10/15/2029 2,002.00 2,002.00 10/16/2025 Coupon 89236THP3 5,000,000.00 TOYOTA MOTOR CREDIT CORP 0.8 10/16/2025 20,000.00 20,000.00 10/16/2025 Final Maturity 89236THP3 5,000,000.00 TOYOTA MOTOR CREDIT CORP 0.8 10/16/2025 5,000,000.00 5,000,000.00 10/20/2025 Coupon 36271VAD9 430,000.00 GMALT 2025-1 A3 4.66 02/21/2028 1,669.83 1,669.83 10/20/2025 Coupon 362962AD4 985,000.00 GMALT 2025-2 A3 4.58 05/22/2028 3,759.42 3,759.42 10/21/2025 Coupon 438123AC5 288,842.28 HAROT 2023-4 A3 5.67 06/21/2028 1,384.03 1,384.03 10/21/2025 Principal Paydown 438123AC5 288,842.28 HAROT 2023-4 A3 5.67 06/21/2028 18,121.39 18,121.39 10/21/2025 Coupon 43813YAC6 630,000.00 HAROT 2024-3 A3 4.57 03/21/2029 2,399.25 2,399.25 10/21/2025 Coupon 43814VAC1 795,000.00 HAROT 2025-1 A3 4.57 09/21/2029 3,027.63 3,027.63 10/21/2025 Coupon 43815JAC7 80,577.51 HAROT 2023-1 A3 5.04 04/21/2027 358.76 358.76 10/21/2025 Principal Paydown 43815JAC7 80,577.51 HAROT 2023-1 A3 5.04 04/21/2027 11,244.65 11,244.65 10/27/2025 Coupon 05592XAD2 109,992.96 BMWOT 2023-A A3 5.47 02/25/2028 514.04 514.04 10/27/2025 Principal Paydown 05592XAD2 109,992.96 BMWOT 2023-A A3 5.47 02/25/2028 9,433.37 9,433.37 10/27/2025 Coupon 096919AD7 450,000.00 BMWOT 2024-A A3 5.18 02/26/2029 1,942.50 1,942.50 10/27/2025 Coupon 096924AD7 680,000.00 BMWOT 2025-A A3 4.56 09/25/2029 2,584.00 2,584.00 10/27/2025 Coupon 3137FPJG1 1,140,000.00 FHMS K-099 A2 2.595 09/25/2029 2,465.25 2,465.25 10/27/2025 Coupon 3137FRUT6 1,500,000.00 FHMS K-106 A2 2.069 01/25/2030 2,586.25 2,586.25 792
CONFIDENTIAL | 24
City of Orange | Account #10888 | As of September 30, 2025 Execution Time: 10/02/2025 04:03:54 PM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747

CASH FLOW REPORT
Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount 10/28/2025 Coupon 3134GW3Z7 8,050,000.00 FEDERAL HOME LOAN MORTGAGE CORP 0.6 10/28/2025 24,150.00 24,150.00
10/28/2025 Final Maturity 3134GW3Z7 8,050,000.00 FEDERAL HOME LOAN MORTGAGE CORP 0.6 10/28/2025 8,050,000.00 8,050,000.00
10/30/2025 Coupon 3133ERDH1 2,100,000.00 FEDERAL FARM CREDIT BANKS FUNDING CORP

4.75 04/30/2029 49,875.00 49,875.00
10/30/2025 Coupon 63743HFF4 495,000.00 NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORP 5.45 10/30/2025 13,488.75 13,488.75
10/30/2025 Final Maturity 63743HFF4 495,000.00 NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORP 5.45 10/30/2025 495,000.00 495,000.00
10/31/2025 Coupon 91282CFT3 2,500,000.00 UNITED STATES TREASURY 4.0 10/31/2029 50,000.00 50,000.00 10/31/2025 Coupon 91282CKP5 2,000,000.00 UNITED STATES TREASURY 4.625 04/30/2029 46,250.00 46,250.00 10/31/2025 Coupon 91282CMZ1 2,700,000.00 UNITED STATES TREASURY 3.875 04/30/2030 52,312.50 52,312.50 October 2025 Total 13,608,079.87 305,043.92 13,913,123.79 NOVEMBER 2025
11/10/2025 Coupon 713448FW3 380,000.00 PEPSICO INC 5.125 11/10/2026 9,737.50 9,737.50 11/17/2025 Coupon 02582JJZ4 350,000.00 AMXCA 2023-1 A 4.87 05/15/2026 1,420.42 1,420.42 11/17/2025 Coupon 02582JKD1 1,055,000.00 AMXCA 2023-3 A 5.23 09/15/2026 4,598.04 4,598.04 11/17/2025 Coupon 05522RDJ4 505,000.00 BACCT 2024-1 A 4.93 05/15/2029 2,074.71 2,074.71 11/17/2025 Coupon 161571HT4 1,060,000.00 CHAIT 2023-1 A 5.16 09/15/2028 4,558.00 4,558.00 11/17/2025 Coupon 44934QAD3 285,000.00 HART 2024-B A3 4.84 03/15/2029 1,149.50 1,149.50 11/17/2025 Coupon 44935CAD3 635,000.00 HART 2025-A A3 4.32 10/15/2029 2,286.00 2,286.00 11/17/2025 Coupon 44935DAD1 330,000.00 HALST 2025-B A3 4.53 04/17/2028 1,245.75 1,245.75 11/17/2025 Coupon 47786WAD2 510,000.00 JDOT 2024-B A3 5.2 03/15/2029 2,210.00 2,210.00 11/17/2025 Coupon 47800CAC0 225,184.38 JDOT 2023 A3 5.01 11/15/2027 837.05 837.05 11/17/2025 Principal Paydown 47800CAC0 225,184.38 JDOT 2023 A3 5.01 11/15/2027 27,319.29 27,319.29 11/17/2025 Coupon 47800DAD6 500,000.00 JDOT 2025 A3 4.23 09/17/2029 1,762.50 1,762.50 11/17/2025 Coupon 58768YAD7 530,000.00 MBALT 2025-A A3 4.61 04/16/2029 2,036.08 2,036.08 11/17/2025 Coupon 58933YBH7 1,250,000.00 MERCK & CO INC 4.05 05/17/2028 25,312.50 25,312.50 11/17/2025 Coupon 92970QAE5 560,000.00 WFCIT 2024-2 A 4.29 10/15/2029 2,002.00 2,002.00 11/20/2025 Coupon 36271VAD9 430,000.00 GMALT 2025-1 A3 4.66 02/21/2028 1,669.83 1,669.83 11/20/2025 Coupon 362962AD4 985,000.00 GMALT 2025-2 A3 4.58 05/22/2028 3,759.42 3,759.42 11/21/2025 Coupon 438123AC5 288,842.28 HAROT 2023-4 A3 5.67 06/21/2028 1,298.40 1,298.40 793
CONFIDENTIAL | 25
City of Orange | Account #10888 | As of September 30, 2025 Execution Time: 10/02/2025 04:03:54 PM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747

CASH FLOW REPORT
Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount 11/21/2025 Principal Paydown 438123AC5 288,842.28 HAROT 2023-4 A3 5.67 06/21/2028 17,649.29 17,649.29 11/21/2025 Coupon 43813YAC6 630,000.00 HAROT 2024-3 A3 4.57 03/21/2029 2,399.25 2,399.25 11/21/2025 Coupon 43814VAC1 795,000.00 HAROT 2025-1 A3 4.57 09/21/2029 3,027.63 3,027.63 11/21/2025 Coupon 43815JAC7 80,577.51 HAROT 2023-1 A3 5.04 04/21/2027 311.53 311.53 11/21/2025 Principal Paydown 43815JAC7 80,577.51 HAROT 2023-1 A3 5.04 04/21/2027 9,882.75 9,882.75 11/25/2025 Coupon 05592XAD2 109,992.96 BMWOT 2023-A A3 5.47 02/25/2028 471.04 471.04 11/25/2025 Principal Paydown 05592XAD2 109,992.96 BMWOT 2023-A A3 5.47 02/25/2028 8,679.47 8,679.47 11/25/2025 Coupon 096919AD7 450,000.00 BMWOT 2024-A A3 5.18 02/26/2029 1,942.50 1,942.50 11/25/2025 Coupon 096924AD7 680,000.00 BMWOT 2025-A A3 4.56 09/25/2029 2,584.00 2,584.00 11/25/2025 Coupon 3137FPJG1 1,140,000.00 FHMS K-099 A2 2.595 09/25/2029 2,465.25 2,465.25 11/25/2025 Coupon 3137FRUT6 1,500,000.00 FHMS K-106 A2 2.069 01/25/2030 2,586.25 2,586.25 November 2025
Total 63,530.80 83,745.15 147,275.95
DECEMBER 2025
12/01/2025 Coupon 91282CHF1 2,600,000.00 UNITED STATES TREASURY 3.75 05/31/2030 48,750.00 48,750.00 12/01/2025 Coupon 91282CKT7 2,200,000.00 UNITED STATES TREASURY 4.5 05/31/2029 49,500.00 49,500.00 12/01/2025 Coupon 91282CMA6 2,400,000.00 UNITED STATES TREASURY 4.125 11/30/2029 49,500.00 49,500.00 12/05/2025 Coupon 64952WFK4 830,000.00 NEW YORK LIFE GLOBAL FUNDING 4.6 12/05/2029 19,090.00 19,090.00
12/08/2025 Coupon 3130AXQK7 2,000,000.00 FEDERAL HOME LOAN BANKS 4.75 12/08/2028 47,500.00 47,500.00 12/09/2025 Coupon 3130AEB25 2,000,000.00 FEDERAL HOME LOAN BANKS 3.25 06/09/2028 32,500.00 32,500.00 12/15/2025 Coupon 02582JJZ4 350,000.00 AMXCA 2023-1 A 4.87 05/15/2026 1,420.42 1,420.42 12/15/2025 Coupon 02582JKD1 1,055,000.00 AMXCA 2023-3 A 5.23 09/15/2026 4,598.04 4,598.04 12/15/2025 Coupon 05522RDJ4 505,000.00 BACCT 2024-1 A 4.93 05/15/2029 2,074.71 2,074.71 12/15/2025 Coupon 161571HT4 1,060,000.00 CHAIT 2023-1 A 5.16 09/15/2028 4,558.00 4,558.00 12/15/2025 Coupon 44934QAD3 285,000.00 HART 2024-B A3 4.84 03/15/2029 1,149.50 1,149.50 12/15/2025 Coupon 44935CAD3 635,000.00 HART 2025-A A3 4.32 10/15/2029 2,286.00 2,286.00 12/15/2025 Coupon 44935DAD1 330,000.00 HALST 2025-B A3 4.53 04/17/2028 1,245.75 1,245.75 12/15/2025 Coupon 47786WAD2 510,000.00 JDOT 2024-B A3 5.2 03/15/2029 2,210.00 2,210.00 12/15/2025 Coupon 47800CAC0 225,184.38 JDOT 2023 A3 5.01 11/15/2027 722.99 722.99 12/15/2025 Principal Paydown 47800CAC0 225,184.38 JDOT 2023 A3 5.01 11/15/2027 18,352.18 18,352.18 12/15/2025 Coupon 47800DAD6 500,000.00 JDOT 2025 A3 4.23 09/17/2029 1,762.50 1,762.50 794
CONFIDENTIAL | 26
City of Orange | Account #10888 | As of September 30, 2025 Execution Time: 10/02/2025 04:03:54 PM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747

CASH FLOW REPORT
Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount 12/15/2025 Coupon 58768YAD7 530,000.00 MBALT 2025-A A3 4.61 04/16/2029 2,036.08 2,036.08 12/15/2025 Coupon 92970QAE5 560,000.00 WFCIT 2024-2 A 4.29 10/15/2029 2,002.00 2,002.00 12/22/2025 Coupon 36271VAD9 430,000.00 GMALT 2025-1 A3 4.66 02/21/2028 1,669.83 1,669.83 12/22/2025 Coupon 362962AD4 985,000.00 GMALT 2025-2 A3 4.58 05/22/2028 3,759.42 3,759.42 12/22/2025 Coupon 438123AC5 288,842.28 HAROT 2023-4 A3 5.67 06/21/2028 1,215.01 1,215.01 12/22/2025 Principal Paydown 438123AC5 288,842.28 HAROT 2023-4 A3 5.67 06/21/2028 16,738.46 16,738.46 12/22/2025 Coupon 43813YAC6 630,000.00 HAROT 2024-3 A3 4.57 03/21/2029 2,399.25 2,399.25 12/22/2025 Coupon 43814VAC1 795,000.00 HAROT 2025-1 A3 4.57 09/21/2029 3,027.63 3,027.63 12/22/2025 Coupon 43815JAC7 80,577.51 HAROT 2023-1 A3 5.04 04/21/2027 270.02 270.02 12/22/2025 Principal Paydown 43815JAC7 80,577.51 HAROT 2023-1 A3 5.04 04/21/2027 9,435.88 9,435.88 12/25/2025 Coupon 05592XAD2 109,992.96 BMWOT 2023-A A3 5.47 02/25/2028 431.48 431.48 12/25/2025 Principal Paydown 05592XAD2 109,992.96 BMWOT 2023-A A3 5.47 02/25/2028 8,253.61 8,253.61 12/25/2025 Coupon 096919AD7 450,000.00 BMWOT 2024-A A3 5.18 02/26/2029 1,942.50 1,942.50 12/25/2025 Coupon 096924AD7 680,000.00 BMWOT 2025-A A3 4.56 09/25/2029 2,584.00 2,584.00 12/25/2025 Coupon 3137FPJG1 1,140,000.00 FHMS K-099 A2 2.595 09/25/2029 2,465.25 2,465.25 12/25/2025 Coupon 3137FRUT6 1,500,000.00 FHMS K-106 A2 2.069 01/25/2030 2,586.25 2,586.25 12/26/2025 Coupon 437076DC3 1,250,000.00 HOME DEPOT INC 4.75 06/25/2029 29,687.50 29,687.50 December 2025
Total 52,780.13 324,944.12 377,724.25
JANUARY 2026
01/08/2026 Coupon 14913UAX8 960,000.00 CATERPILLAR FINANCIAL SERVICES CORP 4.8 01/08/2030 23,040.00 23,040.00
01/09/2026 Coupon 59217GFT1 820,000.00 METROPOLITAN LIFE GLOBAL FUNDING I 4.9 01/09/2030 20,090.00 20,090.00
01/12/2026 Coupon 459058KT9 2,000,000.00 INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPM 3.5 07/12/2028 35,000.00 35,000.00
01/12/2026 Coupon 57629TBV8 1,200,000.00 MASSMUTUAL GLOBAL FUNDING II 4.95 01/10/2030 29,700.00 29,700.00
01/12/2026 Coupon 78016FZW7 1,000,000.00 ROYAL BANK OF CANADA 4.9 01/12/2028 24,500.00 24,500.00 01/13/2026 Coupon 713448FQ6 195,000.00 PEPSICO INC 4.55 02/13/2026 3,696.88 3,696.88 01/13/2026 Effective Maturity 713448FQ6 195,000.00 PEPSICO INC 4.55 02/13/2026 195,000.00 195,000.00 01/15/2026 Coupon 02582JJZ4 350,000.00 AMXCA 2023-1 A 4.87 05/15/2026 1,420.42 1,420.42 01/15/2026 Coupon 02582JKD1 1,055,000.00 AMXCA 2023-3 A 5.23 09/15/2026 4,598.04 4,598.04 795
CONFIDENTIAL | 27
City of Orange | Account #10888 | As of September 30, 2025 Execution Time: 10/02/2025 04:03:54 PM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747

CASH FLOW REPORT
Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount 01/15/2026 Coupon 05522RDJ4 505,000.00 BACCT 2024-1 A 4.93 05/15/2029 2,074.71 2,074.71 01/15/2026 Coupon 161571HT4 1,060,000.00 CHAIT 2023-1 A 5.16 09/15/2028 4,558.00 4,558.00 01/15/2026 Coupon 44934QAD3 285,000.00 HART 2024-B A3 4.84 03/15/2029 1,149.50 1,149.50 01/15/2026 Coupon 44935CAD3 635,000.00 HART 2025-A A3 4.32 10/15/2029 2,286.00 2,286.00 01/15/2026 Coupon 44935DAD1 330,000.00 HALST 2025-B A3 4.53 04/17/2028 1,245.75 1,245.75 01/15/2026 Coupon 47786WAD2 510,000.00 JDOT 2024-B A3 5.2 03/15/2029 2,210.00 2,210.00 01/15/2026 Coupon 47800CAC0 225,184.38 JDOT 2023 A3 5.01 11/15/2027 646.37 646.37 01/15/2026 Principal Paydown 47800CAC0 225,184.38 JDOT 2023 A3 5.01 11/15/2027 20,841.18 20,841.18 01/15/2026 Coupon 47800DAD6 500,000.00 JDOT 2025 A3 4.23 09/17/2029 1,762.50 1,762.50 01/15/2026 Coupon 58768YAD7 530,000.00 MBALT 2025-A A3 4.61 04/16/2029 2,036.08 2,036.08 01/15/2026 Coupon 91324PEU2 1,000,000.00 UNITEDHEALTH GROUP INC 4.25 01/15/2029 21,250.00 21,250.00 01/15/2026 Coupon 92970QAE5 560,000.00 WFCIT 2024-2 A 4.29 10/15/2029 2,002.00 2,002.00 01/20/2026 Coupon 06051GGF0 1,250,000.00 BANK OF AMERICA CORP 3.824 01/20/2028 23,900.00 23,900.00 01/20/2026 Coupon 36271VAD9 430,000.00 GMALT 2025-1 A3 4.66 02/21/2028 1,669.83 1,669.83 01/20/2026 Coupon 362962AD4 985,000.00 GMALT 2025-2 A3 4.58 05/22/2028 3,759.42 3,759.42 01/21/2026 Coupon 438123AC5 288,842.28 HAROT 2023-4 A3 5.67 06/21/2028 1,135.92 1,135.92 01/21/2026 Principal Paydown 438123AC5 288,842.28 HAROT 2023-4 A3 5.67 06/21/2028 16,400.70 16,400.70 01/21/2026 Coupon 43813YAC6 630,000.00 HAROT 2024-3 A3 4.57 03/21/2029 2,399.25 2,399.25 01/21/2026 Coupon 43814VAC1 795,000.00 HAROT 2025-1 A3 4.57 09/21/2029 3,027.63 3,027.63 01/21/2026 Coupon 43815JAC7 80,577.51 HAROT 2023-1 A3 5.04 04/21/2027 230.39 230.39 01/21/2026 Principal Paydown 43815JAC7 80,577.51 HAROT 2023-1 A3 5.04 04/21/2027 9,229.26 9,229.26 01/21/2026 Coupon 907818GE2 470,000.00 UNION PACIFIC CORP 4.75 02/21/2026 9,302.08 9,302.08 01/21/2026 Effective Maturity 907818GE2 470,000.00 UNION PACIFIC CORP 4.75 02/21/2026 470,000.00 470,000.00 01/26/2026 Coupon 05592XAD2 109,992.96 BMWOT 2023-A A3 5.47 02/25/2028 393.85 393.85 01/26/2026 Principal Paydown 05592XAD2 109,992.96 BMWOT 2023-A A3 5.47 02/25/2028 8,095.92 8,095.92 01/26/2026 Coupon 096919AD7 450,000.00 BMWOT 2024-A A3 5.18 02/26/2029 1,942.50 1,942.50 01/26/2026 Principal Paydown 096919AD7 450,000.00 BMWOT 2024-A A3 5.18 02/26/2029 16,107.27 16,107.27 01/26/2026 Coupon 096924AD7 680,000.00 BMWOT 2025-A A3 4.56 09/25/2029 2,584.00 2,584.00 01/26/2026 Coupon 3137FPJG1 1,140,000.00 FHMS K-099 A2 2.595 09/25/2029 2,465.25 2,465.25 01/26/2026 Coupon 3137FRUT6 1,500,000.00 FHMS K-106 A2 2.069 01/25/2030 2,586.25 2,586.25 01/29/2026 Coupon 3130ANDF4 5,000,000.00 FEDERAL HOME LOAN BANKS 0.9 07/29/2026 22,500.00 22,500.00 January 2026 Total 735,674.33 261,162.62 996,836.95
796
CONFIDENTIAL | 28
City of Orange | Account #10888 | As of September 30, 2025 Execution Time: 10/02/2025 04:03:54 PM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747

CASH FLOW REPORT
Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount FEBRUARY 2026
02/02/2026 Coupon 69371RS80 1,200,000.00 PACCAR FINANCIAL CORP 4.6 01/31/2029 27,600.00 27,600.00 02/02/2026 Coupon 91282CLC3 2,000,000.00 UNITED STATES TREASURY 4.0 07/31/2029 40,000.00 40,000.00 02/02/2026 Coupon 91282CMG3 2,500,000.00 UNITED STATES TREASURY 4.25 01/31/2030 53,125.00 53,125.00 02/09/2026 Coupon 037833EB2 3,000,000.00 APPLE INC 0.7 02/08/2026 10,500.00 10,500.00 02/09/2026 Final Maturity 037833EB2 3,000,000.00 APPLE INC 0.7 02/08/2026 3,000,000.00 3,000,000.00 02/16/2026 Coupon 05522RDJ4 505,000.00 BACCT 2024-1 A 4.93 05/15/2029 2,074.71 2,074.71 02/16/2026 Coupon 161571HT4 1,060,000.00 CHAIT 2023-1 A 5.16 09/15/2028 4,558.00 4,558.00 02/16/2026 Coupon 44934QAD3 285,000.00 HART 2024-B A3 4.84 03/15/2029 1,149.50 1,149.50 02/16/2026 Coupon 44935CAD3 635,000.00 HART 2025-A A3 4.32 10/15/2029 2,286.00 2,286.00 02/16/2026 Coupon 44935DAD1 330,000.00 HALST 2025-B A3 4.53 04/17/2028 1,245.75 1,245.75 02/16/2026 Coupon 47786WAD2 510,000.00 JDOT 2024-B A3 5.2 03/15/2029 2,210.00 2,210.00 02/16/2026 Coupon 47800CAC0 225,184.38 JDOT 2023 A3 5.01 11/15/2027 559.36 559.36 02/16/2026 Principal Paydown 47800CAC0 225,184.38 JDOT 2023 A3 5.01 11/15/2027 13,779.45 13,779.45 02/16/2026 Coupon 47800DAD6 500,000.00 JDOT 2025 A3 4.23 09/17/2029 1,762.50 1,762.50 02/16/2026 Coupon 58768YAD7 530,000.00 MBALT 2025-A A3 4.61 04/16/2029 2,036.08 2,036.08 02/17/2026 Coupon 02582JJZ4 350,000.00 AMXCA 2023-1 A 4.87 05/15/2026 1,420.42 1,420.42 02/17/2026 Coupon 02582JKD1 1,055,000.00 AMXCA 2023-3 A 5.23 09/15/2026 4,598.04 4,598.04 02/17/2026 Coupon 171239AL0 1,250,000.00 CHUBB INA HOLDINGS LLC 4.65 08/15/2029 29,062.50 29,062.50 02/17/2026 Coupon 532457CQ9 705,000.00 ELI LILLY AND CO 4.2 08/14/2029 14,805.00 14,805.00 02/17/2026 Final Maturity 62479MBH5 2,000,000.00 MUFG Bank, Ltd., New York Branch 02/17/2026 2,000,000.00 2,000,000.00 02/17/2026 Coupon 92970QAE5 560,000.00 WFCIT 2024-2 A 4.29 10/15/2029 2,002.00 2,002.00 02/18/2026 Coupon 713448FL7 1,500,000.00 PEPSICO INC 3.6 02/18/2028 27,000.00 27,000.00 02/20/2026 Coupon 36271VAD9 430,000.00 GMALT 2025-1 A3 4.66 02/21/2028 1,669.83 1,669.83 02/20/2026 Coupon 362962AD4 985,000.00 GMALT 2025-2 A3 4.58 05/22/2028 3,759.42 3,759.42 02/23/2026 Coupon 438123AC5 288,842.28 HAROT 2023-4 A3 5.67 06/21/2028 1,058.43 1,058.43 02/23/2026 Principal Paydown 438123AC5 288,842.28 HAROT 2023-4 A3 5.67 06/21/2028 16,142.20 16,142.20 02/23/2026 Coupon 43813YAC6 630,000.00 HAROT 2024-3 A3 4.57 03/21/2029 2,399.25 2,399.25 02/23/2026 Coupon 43814VAC1 795,000.00 HAROT 2025-1 A3 4.57 09/21/2029 3,027.63 3,027.63 02/23/2026 Coupon 43815JAC7 80,577.51 HAROT 2023-1 A3 5.04 04/21/2027 191.63 191.63 02/23/2026 Principal Paydown 43815JAC7 80,577.51 HAROT 2023-1 A3 5.04 04/21/2027 9,056.71 9,056.71 02/25/2026 Coupon 05592XAD2 109,992.96 BMWOT 2023-A A3 5.47 02/25/2028 356.95 356.95 797
CONFIDENTIAL | 29
City of Orange | Account #10888 | As of September 30, 2025 Execution Time: 10/02/2025 04:03:54 PM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747

CASH FLOW REPORT
Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount 02/25/2026 Principal Paydown 05592XAD2 109,992.96 BMWOT 2023-A A3 5.47 02/25/2028 7,978.26 7,978.26 02/25/2026 Coupon 096919AD7 450,000.00 BMWOT 2024-A A3 5.18 02/26/2029 1,872.97 1,872.97 02/25/2026 Principal Paydown 096919AD7 450,000.00 BMWOT 2024-A A3 5.18 02/26/2029 25,531.80 25,531.80 02/25/2026 Coupon 096924AD7 680,000.00 BMWOT 2025-A A3 4.56 09/25/2029 2,584.00 2,584.00 02/25/2026 Coupon 3137FPJG1 1,140,000.00 FHMS K-099 A2 2.595 09/25/2029 2,465.25 2,465.25 02/25/2026 Coupon 3137FRUT6 1,500,000.00 FHMS K-106 A2 2.069 01/25/2030 2,586.25 2,586.25 02/26/2026 Coupon 17275RBR2 1,250,000.00 CISCO SYSTEMS INC 4.85 02/26/2029 30,312.50 30,312.50 February 2026
Total 5,072,488.43 280,278.96 5,352,767.39
MARCH 2026
03/02/2026 Coupon 857477CU5 1,285,000.00 STATE STREET CORP 4.536 02/28/2028 29,143.80 29,143.80 03/02/2026 Coupon 91282CFJ5 2,000,000.00 UNITED STATES TREASURY 3.125 08/31/2029 31,250.00 31,250.00 03/02/2026 Coupon 91282CGQ8 2,700,000.00 UNITED STATES TREASURY 4.0 02/28/2030 54,000.00 54,000.00 03/02/2026 Coupon 91282CKD2 2,200,000.00 UNITED STATES TREASURY 4.25 02/28/2029 46,750.00 46,750.00 03/02/2026 Coupon 91282CNX5 2,400,000.00 UNITED STATES TREASURY 3.625 08/31/2030 43,500.00 43,500.00 03/09/2026 Coupon 24422EXD6 505,000.00 JOHN DEERE CAPITAL CORP 5.15 09/08/2026 13,003.75 13,003.75 03/16/2026 Coupon 02582JJZ4 350,000.00 AMXCA 2023-1 A 4.87 05/15/2026 1,420.42 1,420.42 03/16/2026 Coupon 02582JKD1 1,055,000.00 AMXCA 2023-3 A 5.23 09/15/2026 4,598.04 4,598.04 03/16/2026 Coupon 05522RDJ4 505,000.00 BACCT 2024-1 A 4.93 05/15/2029 2,074.71 2,074.71 03/16/2026 Coupon 06368LAQ9 1,000,000.00 BANK OF MONTREAL 4.7 09/14/2027 23,500.00 23,500.00 03/16/2026 Coupon 161571HT4 1,060,000.00 CHAIT 2023-1 A 5.16 09/15/2028 4,558.00 4,558.00 03/16/2026 Coupon 3133EPDJ1 2,000,000.00 FEDERAL FARM CREDIT BANKS FUNDING CORP

CASH FLOW REPORT
Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount 03/20/2026 Coupon 36271VAD9 430,000.00 GMALT 2025-1 A3 4.66 02/21/2028 1,669.83 1,669.83 03/20/2026 Coupon 362962AD4 985,000.00 GMALT 2025-2 A3 4.58 05/22/2028 3,759.42 3,759.42 03/20/2026 Coupon 459058LR2 635,000.00 INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPM 4.125 03/20/2030 13,096.88 13,096.88
03/23/2026 Coupon 438123AC5 288,842.28 HAROT 2023-4 A3 5.67 06/21/2028 982.15 982.15 03/23/2026 Principal Paydown 438123AC5 288,842.28 HAROT 2023-4 A3 5.67 06/21/2028 15,660.15 15,660.15 03/23/2026 Coupon 43813YAC6 630,000.00 HAROT 2024-3 A3 4.57 03/21/2029 2,399.25 2,399.25 03/23/2026 Coupon 43814VAC1 795,000.00 HAROT 2025-1 A3 4.57 09/21/2029 3,027.63 3,027.63 03/23/2026 Coupon 43815JAC7 80,577.51 HAROT 2023-1 A3 5.04 04/21/2027 153.59 153.59 03/23/2026 Principal Paydown 43815JAC7 80,577.51 HAROT 2023-1 A3 5.04 04/21/2027 8,792.64 8,792.64 03/25/2026 Coupon 05592XAD2 109,992.96 BMWOT 2023-A A3 5.47 02/25/2028 320.58 320.58 03/25/2026 Principal Paydown 05592XAD2 109,992.96 BMWOT 2023-A A3 5.47 02/25/2028 7,773.47 7,773.47 03/25/2026 Coupon 096919AD7 450,000.00 BMWOT 2024-A A3 5.18 02/26/2029 1,762.76 1,762.76 03/25/2026 Principal Paydown 096919AD7 450,000.00 BMWOT 2024-A A3 5.18 02/26/2029 24,114.89 24,114.89 03/25/2026 Coupon 096924AD7 680,000.00 BMWOT 2025-A A3 4.56 09/25/2029 2,584.00 2,584.00 03/25/2026 Coupon 3137FPJG1 1,140,000.00 FHMS K-099 A2 2.595 09/25/2029 2,465.25 2,465.25 03/25/2026 Coupon 3137FRUT6 1,500,000.00 FHMS K-106 A2 2.069 01/25/2030 2,586.25 2,586.25 03/26/2026 Coupon 40139LBJ1 1,300,000.00 GUARDIAN LIFE GLOBAL FUNDING 4.179 09/26/2029 27,163.50 27,163.50
03/31/2026 Coupon 91282CCZ2 3,000,000.00 UNITED STATES TREASURY 0.875 09/30/2026 13,125.00 13,125.00 03/31/2026 Coupon 91282CFL0 2,200,000.00 UNITED STATES TREASURY 3.875 09/30/2029 42,625.00 42,625.00 03/31/2026 Coupon 91282CGS4 2,500,000.00 UNITED STATES TREASURY 3.625 03/31/2030 45,312.50 45,312.50 03/31/2026 Coupon 91282CKG5 2,200,000.00 UNITED STATES TREASURY 4.125 03/31/2029 45,375.00 45,375.00 March 2026 Total 68,636.08 519,150.96 587,787.04
APRIL 2026
04/15/2026 Coupon 02582JJZ4 350,000.00 AMXCA 2023-1 A 4.87 05/15/2026 1,420.42 1,420.42 04/15/2026 Coupon 02582JKD1 1,055,000.00 AMXCA 2023-3 A 5.23 09/15/2026 4,598.04 4,598.04 04/15/2026 Coupon 05522RDJ4 505,000.00 BACCT 2024-1 A 4.93 05/15/2029 2,074.71 2,074.71 04/15/2026 Coupon 161571HT4 1,060,000.00 CHAIT 2023-1 A 5.16 09/15/2028 4,558.00 4,558.00 04/15/2026 Coupon 44934QAD3 285,000.00 HART 2024-B A3 4.84 03/15/2029 1,149.50 1,149.50 04/15/2026 Coupon 44935CAD3 635,000.00 HART 2025-A A3 4.32 10/15/2029 2,286.00 2,286.00 04/15/2026 Coupon 44935DAD1 330,000.00 HALST 2025-B A3 4.53 04/17/2028 1,245.75 1,245.75 799
CONFIDENTIAL | 31
City of Orange | Account #10888 | As of September 30, 2025 Execution Time: 10/02/2025 04:03:54 PM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747

CASH FLOW REPORT
Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount 04/15/2026 Coupon 47786WAD2 510,000.00 JDOT 2024-B A3 5.2 03/15/2029 2,210.00 2,210.00 04/15/2026 Principal Paydown 47786WAD2 510,000.00 JDOT 2024-B A3 5.2 03/15/2029 33,410.79 33,410.79 04/15/2026 Coupon 47800CAC0 225,184.38 JDOT 2023 A3 5.01 11/15/2027 450.50 450.50 04/15/2026 Principal Paydown 47800CAC0 225,184.38 JDOT 2023 A3 5.01 11/15/2027 14,948.22 14,948.22 04/15/2026 Coupon 47800DAD6 500,000.00 JDOT 2025 A3 4.23 09/17/2029 1,762.50 1,762.50 04/15/2026 Coupon 58768YAD7 530,000.00 MBALT 2025-A A3 4.61 04/16/2029 2,036.08 2,036.08 04/15/2026 Coupon 92970QAE5 560,000.00 WFCIT 2024-2 A 4.29 10/15/2029 2,002.00 2,002.00 04/20/2026 Coupon 36271VAD9 430,000.00 GMALT 2025-1 A3 4.66 02/21/2028 1,669.83 1,669.83 04/20/2026 Coupon 362962AD4 985,000.00 GMALT 2025-2 A3 4.58 05/22/2028 3,759.42 3,759.42 04/21/2026 Coupon 438123AC5 288,842.28 HAROT 2023-4 A3 5.67 06/21/2028 908.16 908.16 04/21/2026 Principal Paydown 438123AC5 288,842.28 HAROT 2023-4 A3 5.67 06/21/2028 16,043.41 16,043.41 04/21/2026 Coupon 43813YAC6 630,000.00 HAROT 2024-3 A3 4.57 03/21/2029 2,399.25 2,399.25 04/21/2026 Principal Paydown 43813YAC6 630,000.00 HAROT 2024-3 A3 4.57 03/21/2029 18,287.21 18,287.21 04/21/2026 Coupon 43814VAC1 795,000.00 HAROT 2025-1 A3 4.57 09/21/2029 3,027.63 3,027.63 04/21/2026 Coupon 43815JAC7 80,577.51 HAROT 2023-1 A3 5.04 04/21/2027 116.66 116.66 04/21/2026 Principal Paydown 43815JAC7 80,577.51 HAROT 2023-1 A3 5.04 04/21/2027 8,875.13 8,875.13 04/27/2026 Coupon 05592XAD2 109,992.96 BMWOT 2023-A A3 5.47 02/25/2028 285.15 285.15 04/27/2026 Principal Paydown 05592XAD2 109,992.96 BMWOT 2023-A A3 5.47 02/25/2028 7,502.25 7,502.25 04/27/2026 Coupon 096919AD7 450,000.00 BMWOT 2024-A A3 5.18 02/26/2029 1,658.66 1,658.66 04/27/2026 Principal Paydown 096919AD7 450,000.00 BMWOT 2024-A A3 5.18 02/26/2029 23,527.35 23,527.35 04/27/2026 Coupon 096924AD7 680,000.00 BMWOT 2025-A A3 4.56 09/25/2029 2,584.00 2,584.00 04/27/2026 Coupon 3137FPJG1 1,140,000.00 FHMS K-099 A2 2.595 09/25/2029 2,465.25 2,465.25 04/27/2026 Coupon 3137FRUT6 1,500,000.00 FHMS K-106 A2 2.069 01/25/2030 2,586.25 2,586.25 04/30/2026 Coupon 3133ERDH1 2,100,000.00 FEDERAL FARM CREDIT BANKS FUNDING CORP

CASH FLOW REPORT
Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount 05/15/2026 Final Maturity 02582JJZ4 350,000.00 AMXCA 2023-1 A 4.87 05/15/2026 350,000.00 350,000.00 05/15/2026 Coupon 02582JKD1 1,055,000.00 AMXCA 2023-3 A 5.23 09/15/2026 4,598.04 4,598.04 05/15/2026 Coupon 05522RDJ4 505,000.00 BACCT 2024-1 A 4.93 05/15/2029 2,074.71 2,074.71 05/15/2026 Coupon 161571HT4 1,060,000.00 CHAIT 2023-1 A 5.16 09/15/2028 4,558.00 4,558.00 05/15/2026 Coupon 44934QAD3 285,000.00 HART 2024-B A3 4.84 03/15/2029 1,149.50 1,149.50 05/15/2026 Principal Paydown 44934QAD3 285,000.00 HART 2024-B A3 4.84 03/15/2029 13,594.10 13,594.10 05/15/2026 Coupon 44935CAD3 635,000.00 HART 2025-A A3 4.32 10/15/2029 2,286.00 2,286.00 05/15/2026 Coupon 44935DAD1 330,000.00 HALST 2025-B A3 4.53 04/17/2028 1,245.75 1,245.75 05/15/2026 Coupon 47786WAD2 510,000.00 JDOT 2024-B A3 5.2 03/15/2029 2,065.22 2,065.22 05/15/2026 Principal Paydown 47786WAD2 510,000.00 JDOT 2024-B A3 5.2 03/15/2029 32,404.69 32,404.69 05/15/2026 Coupon 47800CAC0 225,184.38 JDOT 2023 A3 5.01 11/15/2027 388.09 388.09 05/15/2026 Principal Paydown 47800CAC0 225,184.38 JDOT 2023 A3 5.01 11/15/2027 14,867.62 14,867.62 05/15/2026 Coupon 47800DAD6 500,000.00 JDOT 2025 A3 4.23 09/17/2029 1,762.50 1,762.50 05/15/2026 Coupon 58768YAD7 530,000.00 MBALT 2025-A A3 4.61 04/16/2029 2,036.08 2,036.08 05/15/2026 Coupon 92970QAE5 560,000.00 WFCIT 2024-2 A 4.29 10/15/2029 2,002.00 2,002.00 05/18/2026 Coupon 58933YBH7 1,250,000.00 MERCK & CO INC 4.05 05/17/2028 25,312.50 25,312.50 05/20/2026 Coupon 36271VAD9 430,000.00 GMALT 2025-1 A3 4.66 02/21/2028 1,669.83 1,669.83 05/20/2026 Coupon 362962AD4 985,000.00 GMALT 2025-2 A3 4.58 05/22/2028 3,759.42 3,759.42 05/21/2026 Coupon 438123AC5 288,842.28 HAROT 2023-4 A3 5.67 06/21/2028 832.36 832.36 05/21/2026 Principal Paydown 438123AC5 288,842.28 HAROT 2023-4 A3 5.67 06/21/2028 15,441.39 15,441.39 05/21/2026 Coupon 43813YAC6 630,000.00 HAROT 2024-3 A3 4.57 03/21/2029 2,329.61 2,329.61 05/21/2026 Principal Paydown 43813YAC6 630,000.00 HAROT 2024-3 A3 4.57 03/21/2029 37,522.75 37,522.75 05/21/2026 Coupon 43814VAC1 795,000.00 HAROT 2025-1 A3 4.57 09/21/2029 3,027.63 3,027.63 05/21/2026 Coupon 43815JAC7 80,577.51 HAROT 2023-1 A3 5.04 04/21/2027 79.39 79.39 05/21/2026 Principal Paydown 43815JAC7 80,577.51 HAROT 2023-1 A3 5.04 04/21/2027 8,556.61 8,556.61 05/25/2026 Coupon 05592XAD2 109,992.96 BMWOT 2023-A A3 5.47 02/25/2028 250.95 250.95 05/25/2026 Principal Paydown 05592XAD2 109,992.96 BMWOT 2023-A A3 5.47 02/25/2028 6,557.81 6,557.81 05/25/2026 Coupon 096919AD7 450,000.00 BMWOT 2024-A A3 5.18 02/26/2029 1,557.10 1,557.10 05/25/2026 Principal Paydown 096919AD7 450,000.00 BMWOT 2024-A A3 5.18 02/26/2029 22,582.61 22,582.61 05/25/2026 Coupon 096924AD7 680,000.00 BMWOT 2025-A A3 4.56 09/25/2029 2,584.00 2,584.00 05/25/2026 Coupon 3137FPJG1 1,140,000.00 FHMS K-099 A2 2.595 09/25/2029 2,465.25 2,465.25 05/25/2026 Coupon 3137FRUT6 1,500,000.00 FHMS K-106 A2 2.069 01/25/2030 2,586.25 2,586.25 801
CONFIDENTIAL | 33
City of Orange | Account #10888 | As of September 30, 2025 Execution Time: 10/02/2025 04:03:54 PM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747

CASH FLOW REPORT
Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount May 2026 Total 501,527.59 81,778.08 583,305.68
JUNE 2026
06/01/2026 Coupon 91282CHF1 2,600,000.00 UNITED STATES TREASURY 3.75 05/31/2030 48,750.00 48,750.00 06/01/2026 Coupon 91282CKT7 2,200,000.00 UNITED STATES TREASURY 4.5 05/31/2029 49,500.00 49,500.00 06/01/2026 Coupon 91282CMA6 2,400,000.00 UNITED STATES TREASURY 4.125 11/30/2029 49,500.00 49,500.00 06/05/2026 Coupon 64952WFK4 830,000.00 NEW YORK LIFE GLOBAL FUNDING 4.6 12/05/2029 19,090.00 19,090.00
06/08/2026 Coupon 3130AXQK7 2,000,000.00 FEDERAL HOME LOAN BANKS 4.75 12/08/2028 47,500.00 47,500.00 06/09/2026 Coupon 3130AEB25 2,000,000.00 FEDERAL HOME LOAN BANKS 3.25 06/09/2028 32,500.00 32,500.00 06/15/2026 Coupon 02582JKD1 1,055,000.00 AMXCA 2023-3 A 5.23 09/15/2026 4,598.04 4,598.04 06/15/2026 Coupon 05522RDJ4 505,000.00 BACCT 2024-1 A 4.93 05/15/2029 2,074.71 2,074.71 06/15/2026 Coupon 161571HT4 1,060,000.00 CHAIT 2023-1 A 5.16 09/15/2028 4,558.00 4,558.00 06/15/2026 Coupon 44934QAD3 285,000.00 HART 2024-B A3 4.84 03/15/2029 1,094.67 1,094.67 06/15/2026 Principal Paydown 44934QAD3 285,000.00 HART 2024-B A3 4.84 03/15/2029 16,091.46 16,091.46 06/15/2026 Coupon 44935CAD3 635,000.00 HART 2025-A A3 4.32 10/15/2029 2,286.00 2,286.00 06/15/2026 Coupon 44935DAD1 330,000.00 HALST 2025-B A3 4.53 04/17/2028 1,245.75 1,245.75 06/15/2026 Coupon 47786WAD2 510,000.00 JDOT 2024-B A3 5.2 03/15/2029 1,924.80 1,924.80 06/15/2026 Principal Paydown 47786WAD2 510,000.00 JDOT 2024-B A3 5.2 03/15/2029 20,660.47 20,660.47 06/15/2026 Coupon 47800CAC0 225,184.38 JDOT 2023 A3 5.01 11/15/2027 326.02 326.02 06/15/2026 Principal Paydown 47800CAC0 225,184.38 JDOT 2023 A3 5.01 11/15/2027 13,006.20 13,006.20 06/15/2026 Coupon 47800DAD6 500,000.00 JDOT 2025 A3 4.23 09/17/2029 1,762.50 1,762.50 06/15/2026 Coupon 58768YAD7 530,000.00 MBALT 2025-A A3 4.61 04/16/2029 2,036.08 2,036.08 06/15/2026 Coupon 92970QAE5 560,000.00 WFCIT 2024-2 A 4.29 10/15/2029 2,002.00 2,002.00 06/22/2026 Coupon 36271VAD9 430,000.00 GMALT 2025-1 A3 4.66 02/21/2028 1,669.83 1,669.83 06/22/2026 Coupon 362962AD4 985,000.00 GMALT 2025-2 A3 4.58 05/22/2028 3,759.42 3,759.42 06/22/2026 Coupon 438123AC5 288,842.28 HAROT 2023-4 A3 5.67 06/21/2028 759.39 759.39 06/22/2026 Principal Paydown 438123AC5 288,842.28 HAROT 2023-4 A3 5.67 06/21/2028 12,840.91 12,840.91 06/22/2026 Coupon 43813YAC6 630,000.00 HAROT 2024-3 A3 4.57 03/21/2029 2,186.71 2,186.71 06/22/2026 Principal Paydown 43813YAC6 630,000.00 HAROT 2024-3 A3 4.57 03/21/2029 36,833.76 36,833.76 06/22/2026 Coupon 43814VAC1 795,000.00 HAROT 2025-1 A3 4.57 09/21/2029 3,027.63 3,027.63 06/22/2026 Coupon 43815JAC7 80,577.51 HAROT 2023-1 A3 5.04 04/21/2027 43.45 43.45 06/22/2026 Principal Paydown 43815JAC7 80,577.51 HAROT 2023-1 A3 5.04 04/21/2027 8,353.05 8,353.05 802
CONFIDENTIAL | 34
City of Orange | Account #10888 | As of September 30, 2025 Execution Time: 10/02/2025 04:03:54 PM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747

CASH FLOW REPORT
Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount 06/25/2026 Coupon 05592XAD2 109,992.96 BMWOT 2023-A A3 5.47 02/25/2028 221.06 221.06 06/25/2026 Principal Paydown 05592XAD2 109,992.96 BMWOT 2023-A A3 5.47 02/25/2028 6,447.05 6,447.05 06/25/2026 Coupon 096919AD7 450,000.00 BMWOT 2024-A A3 5.18 02/26/2029 1,459.62 1,459.62 06/25/2026 Principal Paydown 096919AD7 450,000.00 BMWOT 2024-A A3 5.18 02/26/2029 22,222.04 22,222.04 06/25/2026 Coupon 096924AD7 680,000.00 BMWOT 2025-A A3 4.56 09/25/2029 2,584.00 2,584.00 06/25/2026 Coupon 3137FPJG1 1,140,000.00 FHMS K-099 A2 2.595 09/25/2029 2,465.25 2,465.25 06/25/2026 Coupon 3137FRUT6 1,500,000.00 FHMS K-106 A2 2.069 01/25/2030 2,586.25 2,586.25 06/25/2026 Coupon 437076DC3 1,250,000.00 HOME DEPOT INC 4.75 06/25/2029 29,687.50 29,687.50 June 2026 Total 136,454.93 321,198.67 457,653.60
JULY 2026
07/08/2026 Coupon 14913UAX8 960,000.00 CATERPILLAR FINANCIAL SERVICES CORP 4.8 01/08/2030 23,040.00 23,040.00
07/09/2026 Coupon 59217GFT1 820,000.00 METROPOLITAN LIFE GLOBAL FUNDING I 4.9 01/09/2030 20,090.00 20,090.00
07/10/2026 Coupon 57629TBV8 1,200,000.00 MASSMUTUAL GLOBAL FUNDING II 4.95 01/10/2030 29,700.00 29,700.00
07/13/2026 Coupon 459058KT9 2,000,000.00 INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPM 3.5 07/12/2028 35,000.00 35,000.00
07/13/2026 Coupon 78016FZW7 1,000,000.00 ROYAL BANK OF CANADA 4.9 01/12/2028 24,500.00 24,500.00 07/15/2026 Coupon 02582JKD1 1,055,000.00 AMXCA 2023-3 A 5.23 09/15/2026 4,598.04 4,598.04 07/15/2026 Coupon 05522RDJ4 505,000.00 BACCT 2024-1 A 4.93 05/15/2029 2,074.71 2,074.71 07/15/2026 Coupon 161571HT4 1,060,000.00 CHAIT 2023-1 A 5.16 09/15/2028 4,558.00 4,558.00 07/15/2026 Coupon 44934QAD3 285,000.00 HART 2024-B A3 4.84 03/15/2029 1,029.77 1,029.77 07/15/2026 Principal Paydown 44934QAD3 285,000.00 HART 2024-B A3 4.84 03/15/2029 15,808.83 15,808.83 07/15/2026 Coupon 44935CAD3 635,000.00 HART 2025-A A3 4.32 10/15/2029 2,286.00 2,286.00 07/15/2026 Coupon 44935DAD1 330,000.00 HALST 2025-B A3 4.53 04/17/2028 1,245.75 1,245.75 07/15/2026 Coupon 47786WAD2 510,000.00 JDOT 2024-B A3 5.2 03/15/2029 1,835.27 1,835.27 07/15/2026 Principal Paydown 47786WAD2 510,000.00 JDOT 2024-B A3 5.2 03/15/2029 22,947.49 22,947.49 07/15/2026 Coupon 47800CAC0 225,184.38 JDOT 2023 A3 5.01 11/15/2027 271.72 271.72 07/15/2026 Principal Paydown 47800CAC0 225,184.38 JDOT 2023 A3 5.01 11/15/2027 13,466.95 13,466.95 07/15/2026 Coupon 47800DAD6 500,000.00 JDOT 2025 A3 4.23 09/17/2029 1,762.50 1,762.50 07/15/2026 Coupon 58768YAD7 530,000.00 MBALT 2025-A A3 4.61 04/16/2029 2,036.08 2,036.08 803
CONFIDENTIAL | 35
City of Orange | Account #10888 | As of September 30, 2025 Execution Time: 10/02/2025 04:03:54 PM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747

CASH FLOW REPORT
Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount 07/15/2026 Coupon 91324PEU2 1,000,000.00 UNITEDHEALTH GROUP INC 4.25 01/15/2029 21,250.00 21,250.00 07/15/2026 Coupon 92970QAE5 560,000.00 WFCIT 2024-2 A 4.29 10/15/2029 2,002.00 2,002.00 07/20/2026 Coupon 06051GGF0 1,250,000.00 BANK OF AMERICA CORP 3.824 01/20/2028 23,900.00 23,900.00 07/20/2026 Coupon 36271VAD9 430,000.00 GMALT 2025-1 A3 4.66 02/21/2028 1,669.83 1,669.83 07/20/2026 Principal Paydown 36271VAD9 430,000.00 GMALT 2025-1 A3 4.66 02/21/2028 15,840.09 15,840.09 07/20/2026 Coupon 362962AD4 985,000.00 GMALT 2025-2 A3 4.58 05/22/2028 3,759.42 3,759.42 07/21/2026 Coupon 438123AC5 288,842.28 HAROT 2023-4 A3 5.67 06/21/2028 698.72 698.72 07/21/2026 Principal Paydown 438123AC5 288,842.28 HAROT 2023-4 A3 5.67 06/21/2028 12,565.69 12,565.69 07/21/2026 Coupon 43813YAC6 630,000.00 HAROT 2024-3 A3 4.57 03/21/2029 2,046.43 2,046.43 07/21/2026 Principal Paydown 43813YAC6 630,000.00 HAROT 2024-3 A3 4.57 03/21/2029 36,059.58 36,059.58 07/21/2026 Coupon 43814VAC1 795,000.00 HAROT 2025-1 A3 4.57 09/21/2029 3,027.63 3,027.63 07/21/2026 Coupon 43815JAC7 80,577.51 HAROT 2023-1 A3 5.04 04/21/2027 8.37 8.37 07/21/2026 Effective Maturity 43815JAC7 80,577.51 HAROT 2023-1 A3 5.04 04/21/2027 1,992.11 1,992.11 07/27/2026 Coupon 05592XAD2 109,992.96 BMWOT 2023-A A3 5.47 02/25/2028 191.67 191.67 07/27/2026 Principal Paydown 05592XAD2 109,992.96 BMWOT 2023-A A3 5.47 02/25/2028 6,322.99 6,322.99 07/27/2026 Coupon 096919AD7 450,000.00 BMWOT 2024-A A3 5.18 02/26/2029 1,363.70 1,363.70 07/27/2026 Principal Paydown 096919AD7 450,000.00 BMWOT 2024-A A3 5.18 02/26/2029 21,805.16 21,805.16 07/27/2026 Coupon 096924AD7 680,000.00 BMWOT 2025-A A3 4.56 09/25/2029 2,584.00 2,584.00 07/27/2026 Coupon 3137FPJG1 1,140,000.00 FHMS K-099 A2 2.595 09/25/2029 2,465.25 2,465.25 07/27/2026 Coupon 3137FRUT6 1,500,000.00 FHMS K-106 A2 2.069 01/25/2030 2,586.25 2,586.25 07/29/2026 Coupon 3130ANDF4 5,000,000.00 FEDERAL HOME LOAN BANKS 0.9 07/29/2026 22,500.00 22,500.00 07/29/2026 Final Maturity 3130ANDF4 5,000,000.00 FEDERAL HOME LOAN BANKS 0.9 07/29/2026 5,000,000.00 5,000,000.00 07/31/2026 Coupon 69371RS80 1,200,000.00 PACCAR FINANCIAL CORP 4.6 01/31/2029 27,600.00 27,600.00 07/31/2026 Coupon 91282CLC3 2,000,000.00 UNITED STATES TREASURY 4.0 07/31/2029 40,000.00 40,000.00 07/31/2026 Coupon 91282CMG3 2,500,000.00 UNITED STATES TREASURY 4.25 01/31/2030 53,125.00 53,125.00 July 2026 Total 5,146,808.87 364,806.10 5,511,614.97
AUGUST 2026
08/14/2026 Coupon 532457CQ9 705,000.00 ELI LILLY AND CO 4.2 08/14/2029 14,805.00 14,805.00 08/17/2026 Coupon 02582JKD1 1,055,000.00 AMXCA 2023-3 A 5.23 09/15/2026 4,598.04 4,598.04 08/17/2026 Coupon 05522RDJ4 505,000.00 BACCT 2024-1 A 4.93 05/15/2029 2,074.71 2,074.71 08/17/2026 Coupon 161571HT4 1,060,000.00 CHAIT 2023-1 A 5.16 09/15/2028 4,558.00 4,558.00 08/17/2026 Coupon 171239AL0 1,250,000.00 CHUBB INA HOLDINGS LLC 4.65 08/15/2029 29,062.50 29,062.50 804
CONFIDENTIAL | 36
City of Orange | Account #10888 | As of September 30, 2025 Execution Time: 10/02/2025 04:03:54 PM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747

CASH FLOW REPORT
Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount 08/17/2026 Coupon 44934QAD3 285,000.00 HART 2024-B A3 4.84 03/15/2029 966.01 966.01 08/17/2026 Principal Paydown 44934QAD3 285,000.00 HART 2024-B A3 4.84 03/15/2029 15,368.45 15,368.45 08/17/2026 Coupon 44935CAD3 635,000.00 HART 2025-A A3 4.32 10/15/2029 2,286.00 2,286.00 08/17/2026 Coupon 44935DAD1 330,000.00 HALST 2025-B A3 4.53 04/17/2028 1,245.75 1,245.75 08/17/2026 Coupon 47786WAD2 510,000.00 JDOT 2024-B A3 5.2 03/15/2029 1,735.83 1,735.83 08/17/2026 Principal Paydown 47786WAD2 510,000.00 JDOT 2024-B A3 5.2 03/15/2029 23,710.50 23,710.50 08/17/2026 Coupon 47800CAC0 225,184.38 JDOT 2023 A3 5.01 11/15/2027 215.49 215.49 08/17/2026 Principal Paydown 47800CAC0 225,184.38 JDOT 2023 A3 5.01 11/15/2027 12,513.12 12,513.12 08/17/2026 Coupon 47800DAD6 500,000.00 JDOT 2025 A3 4.23 09/17/2029 1,762.50 1,762.50 08/17/2026 Coupon 58768YAD7 530,000.00 MBALT 2025-A A3 4.61 04/16/2029 2,036.08 2,036.08 08/17/2026 Coupon 92970QAE5 560,000.00 WFCIT 2024-2 A 4.29 10/15/2029 2,002.00 2,002.00 08/18/2026 Coupon 713448FL7 1,500,000.00 PEPSICO INC 3.6 02/18/2028 27,000.00 27,000.00 08/20/2026 Coupon 36271VAD9 430,000.00 GMALT 2025-1 A3 4.66 02/21/2028 1,608.32 1,608.32 08/20/2026 Principal Paydown 36271VAD9 430,000.00 GMALT 2025-1 A3 4.66 02/21/2028 49,802.06 49,802.06 08/20/2026 Coupon 362962AD4 985,000.00 GMALT 2025-2 A3 4.58 05/22/2028 3,759.42 3,759.42 08/21/2026 Coupon 438123AC5 288,842.28 HAROT 2023-4 A3 5.67 06/21/2028 639.35 639.35 08/21/2026 Principal Paydown 438123AC5 288,842.28 HAROT 2023-4 A3 5.67 06/21/2028 12,206.71 12,206.71 08/21/2026 Coupon 43813YAC6 630,000.00 HAROT 2024-3 A3 4.57 03/21/2029 1,909.10 1,909.10 08/21/2026 Principal Paydown 43813YAC6 630,000.00 HAROT 2024-3 A3 4.57 03/21/2029 35,014.90 35,014.90 08/21/2026 Coupon 43814VAC1 795,000.00 HAROT 2025-1 A3 4.57 09/21/2029 3,027.63 3,027.63 08/25/2026 Coupon 05592XAD2 109,992.96 BMWOT 2023-A A3 5.47 02/25/2028 162.85 162.85 08/25/2026 Principal Paydown 05592XAD2 109,992.96 BMWOT 2023-A A3 5.47 02/25/2028 6,159.97 6,159.97 08/25/2026 Coupon 096919AD7 450,000.00 BMWOT 2024-A A3 5.18 02/26/2029 1,269.57 1,269.57 08/25/2026 Principal Paydown 096919AD7 450,000.00 BMWOT 2024-A A3 5.18 02/26/2029 21,206.54 21,206.54 08/25/2026 Coupon 096924AD7 680,000.00 BMWOT 2025-A A3 4.56 09/25/2029 2,584.00 2,584.00 08/25/2026 Coupon 3137FPJG1 1,140,000.00 FHMS K-099 A2 2.595 09/25/2029 2,465.25 2,465.25 08/25/2026 Coupon 3137FRUT6 1,500,000.00 FHMS K-106 A2 2.069 01/25/2030 2,586.25 2,586.25 08/26/2026 Coupon 17275RBR2 1,250,000.00 CISCO SYSTEMS INC 4.85 02/26/2029 30,312.50 30,312.50 08/28/2026 Coupon 857477CU5 1,285,000.00 STATE STREET CORP 4.536 02/28/2028 29,143.80 29,143.80 August 2026 Total 175,982.27 173,815.94 349,798.21
Grand Total 332,489,981.87 25,684,557.66 2,961,615.79 28,646,173.45 805
CONFIDENTIAL | 37
City of Orange | Account #10888 | As of September 30, 2025 Execution Time: 10/02/2025 04:03:54 PM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747

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

Ratings: 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. 806
CONFIDENTIAL | 38
City of Orange | Account #10888 | As of September 30, 2025 Execution Time: 10/02/2025 04:03:54 PM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747

INVESTMENT REPORT
City of Orange | As of September 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. 808

TABLE OF CONTENTS

ECONOMIC UPDATE

ACCOUNT PROFILE

CONSOLIDATED INFORMATION

PORTFOLIO HOLDINGS

TRANSACTIONS
1 809

ECONOMIC UPDATE
2 810
▪
▪
▪
Recent economic data suggest slower growth in 2025 and greater market uncertainty as the effects of fiscal policy unfold. Inflation pressures have eased, though core levels remain above the Federal Reserve’s target, while tariffs continue to cloud forecasts. Signs of a softer labor market are emerging, prompting expectations that the Fed will move cautiously toward policy normalization. Given the economic outlook, we expect gradual normalization of monetary policy and a steeper yield curve.

The Federal Reserve lowered the Federal Funds Rate a quarter percentage point to the range of 4.00 – 4.25% upon conclusion of the September Federal Open Market Committee meeting. The move was telegraphed by the Fed and in line with market expectations. Stephen Miran was the only opposing vote in the 11-1 decision as Governor Miran called for a larger 50 basis point rate cut. Chair Powell said concerns over signs of a softening labor market prompted the policy shift. Policymakers also updated their economic forecasts penciling in two additional quarter-point cuts through year-end.

The US Treasury yield curve flattened in September, as the 2-year Treasury yield declined 13 basis points to 3.57%, the 5-year Treasury also down 13 basis points to 3.66%, and the 10-year Treasury yield declined 14 basis points to 4.12%. The spread between the 2-year and 10- year Treasury yield points on the curve decreased to +54 basis points at September month-end versus +61 basis points at August monthend. The spread between the 2-year Treasury and 10-year Treasury yield one year ago was 14 basis points. The spread between the 3- month and 10-year Treasury yield points on the curve was +21 basis points in September versus +8 basis points in August.

ECONOMIC UPDATE
3 811
-400
-200
0 200
400
600
800
1,000
MOM Change In Thousands (000's)
Nonfarm Payroll (000's)
Non-farm Payroll (000's)
3-month average (000's)

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%
Unemployment Rate
Underemployment Rate (U6)
Unemployment Rate (U3)
Rate (%)
The U.S. economy added just 22,000 jobs in August, falling short of consensus expectations and punctuating the softening trend in the labor market. The three-month moving average and six-month moving average payrolls totaled 29,000 and 64,000 respectively. The unemployment rate rose to 4.3% in August from 4.2% in July. The labor participation rate inched up to 62.3%, remaining below the prepandemic 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 jumped to 8.1% in August from 7.9% in July. Average hourly earnings fell to 3.7% year-over-year from 3.9% last month.

Source: US Department of Labor Source: US Department of Labor

EMPLOYMENT
4 812
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) showed a modest increase to 7.227 million new job openings in August from 7.2 million in July. The quits rate and layoffs remained relatively stable. Job openings indicate a ratio of approximately 1 job for each unemployed individual, representing a relatively balanced labor market.

Source: US Department of Labor

JOB OPENINGS & LABOR TURNOVER SURVEY
5 813

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 August, the Consumer Price Index (CPI) increased more than expected at 0.4% month-over-month and 2.9% year-over-year, while the Core CPI rose 0.3% month-over-month and 3.1% year-over-year, in line with expectations. The Personal Consumption Expenditures (PCE) price index rose 0.3% month-over-month and 2.7% year-over-year in August. The Core PCE deflator, which excludes food and energy and is the Fed’s preferred gauge, was up 0.2% from July leaving it unchanged at 2.9% on an annual basis in August.

Source: US Department of Labor Source: US Department of Commerce

INFLATION
6 814

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%
Retail Sales YOY % Change
YOY (%) Change
Advance Retail Sales showed continued strength jumping 0.6% in August as July data was also revised up to 0.6% month-over-month. The increase elevated retail sales to 5.0% on an annual basis after jumping 4.1% year-over-year in July. Back-to-school shopping was a likely catalyst as online shopping, clothing, and sporting goods saw some of the largest increases. Control group sales, which feed into GDP, also jumped 0.74% in August from the prior month. The Conference Board’s Consumer Confidence Index fell to 94.2 in September from a revised 97.8 in August, marking the lowest level since April 2025. Measures of current conditions and future expectations fell, signaling weaker sentiment toward employment and income. Consumers have remained resilient, but rising debt burdens, higher delinquency rates, lingering inflation worries, and emerging signs of labor market cooling could weigh on 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
7 815
-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 0.5% in August, following a 0.1% increase in July. The LEI decreased by 3.6% year-over-year. The Conference Board is expecting economic growth to slow in the second half of 2025 due to consumer pessimism, soft manufacturing new orders, and negative impacts from tariffs. The Chicago Fed National Activity Index (CFNAI) came in at -0.12% in August after a downwardly revised -0.28 in July, indicating that economic momentum remained below its historical trend for the fifth consecutive month. The three-month moving average shows a similar trend at -0.18 in August from -0.20 in the prior month signaling ongoing below-trend growth in national economic activity.

Source: The Conference Board Source: Federal Reserve Bank of Chicago

LEADING INDICATORS OF ECONOMIC ACTIVITY
8 816
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 dropped 8.5% in August to 1.307 million units, marking a pullback amid elevated inventory levels and a softening labor market. Single-family starts fell 7.0% in August to 890,000 units, hitting their lowest level since July 2024. The S&P Cotality Case Shiller 20- City Home Price Index recorded a 0.07% month-over-month decline in July, marking the fifth consecutive month of losses, while still posting a modest year-over-year gain of 1.8%. Persistently high asking prices and elevated mortgage rates have continued to challenge affordability, contributing to the recent cooling across the housing market. However, the Freddie Mac 30-year fixed mortgage rate continued recent declines to 6.3% as of September.

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
9 817
40 45
50 55
60 65
70 Institute of Supply Management (ISM) Surveys
ISM Manufacturing ISM Services

EXPANDING

CONTRACTING
Manufacturing activity contracted at a slightly slower rate as the Institute for Supply Management (ISM) Manufacturing Index edged up to

49.1 in September, from 48.7 in August yet remaining below the expansion threshold, signaling the seventh consecutive month of contraction in the manufacturing sector. Production growth factored into the gain, although drops in new orders and inventories offset the increase. The ISM Services Index fell to 50.0 in September from 52.0 in August, which is the breakeven point between expansion and contraction. The 2.0-point decline generally indicated moderate to weak growth, with only isolated reports of supplier delivery delays.

Employment remained in contraction territory, reflecting delayed hiring plans and ongoing challenges in finding qualified workers.

Source: Institute for Supply Management

SURVEY BASED MEASURES
10 818
Components of GDP 9/24 12/24 3/25 6/25

2.7% 2.6% 0.4% 1.7%

0.2% -1.3% 3.8% -2.7%
-0.4% -0.1% -4.7% 4.8%

0.5% 0.3% -0.4% -0.4%

0.4% 0.3% 0.2% 0.3%

3.4% 1.9% -0.6% 3.8%
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 In a sharp rebound from the first quarter, real GDP increased at an annualized rate of 3.8% in the second quarter of 2025 according to the final data revision from the Bureau of Economic Analysis. The increase in real GDP in the second quarter was driven by the drop in imports following the significant rise in the first quarter in anticipation of higher tariffs and an increase in consumer spending. The consensus projection calls for 1.7% growth for the third quarter and 1.8% for the full year 2025.

GROSS DOMESTIC PRODUCT (GDP)
11 819
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 Reserve lowered its benchmark interest rate by a quarter point to a range of 4.00% to 4.25% at its September meeting, as officials responded to mounting signs of labor market weakness. Chair Jerome Powell said the move was aimed at cushioning the slowdown while keeping policy restrictive enough to fight lingering inflation. The Fed kept its balance-sheet runoff unchanged, maintaining a $5 billion monthly cap on Treasuries and $35 billion on agency and mortgage-backed securities. Since launching its Quantitative Tightening campaign in June 2022, the Fed has reduced its securities holdings by about $2.35 trillion, bringing the total down to roughly $6.6 trillion.

FEDERAL RESERVE

0.00%

1.00%

2.00%

3.00%

4.00%

5.00%

6.00%
Effective Federal Funds Rate
Recession
Yield (%)
12 820
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
Sep-25
Jun-25
Sep-24
Yield (%)
At the end of September, the 2-year Treasury yield was 5 basis points lower, and the 10-Year Treasury yield was 40 basis points higher, year-over-year. The spread between the 2-year and 10-year Treasury yield points on the curve decreased to +54 basis points at September month-end versus +61 basis points at August month-end. The prior 2-year/10-year yield curve inversion, which spanned from July 2022 to August 2024, 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 +21 basis points in September versus +8 basis points in August.

BOND YIELDS
13 821

ACCOUNT PROFILE
14 822

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 ofsimilar 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. 15 823

STATEMENT OF COMPLIANCE
City of Orange Cons | Account #10897 | As of September 30, 2025 Rules Name Limit Actual Compliance
Status Notes

AGENCY MORTGAGE SECURITIES (CMOS)
Max % (BV; ABS, CMO & MBS) 20.0 9.3 Compliant
Max Maturity (Years) 5.0 4.3 Compliant
Min Rating (AA- by 1) 0.0 0.0 Compliant

ASSET-BACKED SECURITIES (ABS)
Max % (BV) 20.0 7.6 Compliant
Max % Issuer (BV) 5.0 0.7 Compliant
Max Maturity (Years) 5 4 Compliant
Min Rating (AA- by 1) 0.0 0.0 Compliant

COMMERCIAL PAPER
Max % (BV) 40.0 1.4 Compliant
Max % Issuer (BV) 5.0 1.4 Compliant
Max Maturity (Days) 270 140 Compliant
Min Rating (A-1 by 1 or A- by 1) 0.0 0.0 Compliant

CORPORATE MEDIUM TERM NOTES
Max % (BV) 30.0 20.0 Compliant
Max % Issuer (BV) 5.0 3.5 Compliant
Max Maturity (Years) 5 4 Compliant
Min Rating (A- by 1) 0.0 0.0 Compliant

FEDERAL AGENCIES
Max % (BV) 75.0 14.6 Compliant
Max % Issuer (BV) 30.0 6.2 Compliant
Max Callables (BV) 20.0 9.0 Compliant
Max Maturity (Years) 5 3 Compliant

LOCAL AGENCY INVESTMENT FUND (LAIF)
Max Concentration (BV) 75.0 25.8 Compliant

LOCAL GOVERNMENT INVESTMENT POOL (LGIP)
Max % (BV) 100.0 0.0 Compliant

MONEY MARKET MUTUAL FUNDS
16 824

STATEMENT OF COMPLIANCE
City of Orange Cons | Account #10897 | As of September 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 1.8 Compliant
Max % Issuer (BV) 10.0 1.8 Compliant
Max Maturity (Years) 5 4 Compliant
Min Rating (AA- by 1) 0.0 0.0 Compliant
U.S. TREASURIES
Max % (BV) 100.0 26.3 Compliant
Max Maturity (Years) 5 4 Compliant
17 825

PORTFOLIO CHARACTERISTICS
City of Orange | Account #10888 | As of September 30, 2025 Benchmark* 9/30/2025
Portfolio
6/30/2025
Portfolio
Average Maturity (yrs) 2.65 2.77 2.91
Average Modified Duration 2.48 2.35 2.47
Average Purchase Yield 3.55% 3.57%
Average Market Yield 3.66% 3.89% 4.06%
Average Quality** AA+ AA+ AA+
Total Market Value 107,933,405 106,597,904
*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. 18 826

SECTOR DISTRIBUTION
City of Orange | Account #10888 | As of September 30, 2025 Sector as a Percentage of Market Value
Sector 09/30/2025 06/30/2025
US Treasury 35.76% 34.27%
Corporate 27.33% 28.32%
Agency 19.72% 19.86%
ABS 10.35% 10.64%
Supras 2.46% 2.48%
Agency CMBS 2.30% 2.31%
Comm Paper 1.84% 1.84%
Money Mkt Fd 0.24% 0.28%
19 827

ISSUERS
City of Orange | Account #10888 | As of September 30, 2025 Issuer Investment Type % Portfolio
United States US Treasury 35.76%
Federal Home Loan Banks Agency 8.33%
Federal Home Loan Mortgage Corp Agency 7.48%
Toyota Motor Corporation Corporate 4.65%
Farm Credit System Agency 3.91%
Apple Inc. Corporate 2.76%
International Bank for Recon and Dev Supras 2.46%
FHLMC Agency CMBS 2.30%
PepsiCo, Inc. Corporate 1.93%
Mitsubishi UFJ Financial Group, Inc. Comm Paper 1.84%
Honda Auto Receivables Owner Trust ABS 1.69%
GM Financial Automobile Leasing Trus ABS 1.33%
American Express Credit Master Trust ABS 1.32%
State Street Corporation Corporate 1.21%
Guardian Life Global Funding Corporate 1.21%
Cisco Systems, Inc. Corporate 1.20%
The Home Depot, Inc. Corporate 1.19%
Chubb Limited Corporate 1.19%
Merck & Co., Inc. Corporate 1.17%
BMW Vehicle Owner Trust ABS 1.17%
John Deere Owner Trust ABS 1.16%
Bank of America Corporation Corporate 1.16%
Massachusetts Mutual Life Insurance Corporate 1.15%
PACCAR Inc Corporate 1.14%
Chase Issuance Trust ABS 1.00%
Royal Bank of Canada Corporate 0.95%
Bank of Montreal Corporate 0.94%
UnitedHealth Group Incorporated Corporate 0.94%
Caterpillar Inc. Corporate 0.92%
Hyundai Auto Receivables Trust ABS 0.86%
20 828

ISSUERS
City of Orange | Account #10888 | As of September 30, 2025 Issuer Investment Type % Portfolio
New York Life Insurance Company Corporate 0.79%
Metropolitan Life Global Funding I Corporate 0.78%
Eli Lilly and Company Corporate 0.66%
WF Card Issuance Trust ABS 0.53%
Mercedes-Benz Auto Receivables Trust ABS 0.50%
Bank of America Credit Card Trust ABS 0.48%
Deere & Company Corporate 0.48%
National Rural Utilities Cooperative Corporate 0.46%
Union Pacific Corporation Corporate 0.44%
Hyundai Auto Lease Securitization Tr ABS 0.31%
First American Govt Oblig fund Money Mkt Fd 0.24%
Cash Cash 0.00%
TOTAL 100.00%
21 829

QUALITY DISTRIBUTION
Rating 09/30/2025 06/30/2025
AAA 10.92% 11.11%
A-1 1.82% 1.83%
AA 65.70% 64.37%
A 19.47% 20.45%
NA 2.09% 2.24%
Rating 09/30/2025 06/30/2025
Aaa 9.60% 9.86%
Aa 64.81% 63.48%
A 17.61% 18.57%
P-1 1.82% 1.83%
NA 6.16% 6.25%
Rating 09/30/2025 06/30/2025
AAA 11.58% 11.86%
AA 61.73% 60.43%
A 10.28% 11.11%
NA 16.41% 16.61%
City of Orange | Account #10888 | As of September 30, 2025 S&P Rating Moody’s Rating Fitch Rating
22 830
0-.25 .25-.5 .5-1 1-2 2-3 3-4 4-5 5-7 7+
Portfolio 14.6% 3.5% 11.3% 9.9% 12.3% 34.3% 13.9% 0.0% 0.0% ICE BofA 1-5 Year Unsubordinated US Treasury &
Agency Index 0.0% 0.1% 2.6% 35.0% 27.7% 22.6% 12.0% 0.0% 0.0%

DURATION DISTRIBUTION
City of Orange | Account #10888 | As of September 30, 2025 Portfolio Compared to the Benchmark
23 831
3 Months 12 Months 2 Years 3 Years 5 Years 10 Years Since Inception TOTAL RATE OF RETURN*
City of Orange 1.27% 4.24% 5.84% 4.94% 1.97%
Benchmark 1.14% 3.77% 5.58% 4.42% 1.79%
*Periods over 1 year are annualized.

Total rate of return: A measure of a portfolio’s performance over time. It is the internal rate of return, which equates the beginning value of the portfolio with the ending market value; it includes interest earnings, realized and unrealized gains and losses in the portfolio. Realized rate of return: A measure of a portfolio’s return over time. It is the internal rate which equates the beginning book value of the portfolio with the ending book value; it includes interest earnings, realized gains and losses in the portfolio.

Benchmark: ICE BofA 1-5 Year Unsubordinated US Treasury & Agency Index

INVESTMENT PERFORMANCE
City of Orange | Account #10888 | As of September 30, 2025 Total Rate of Return : Inception | 01/01/2022
24 832

HISTORICAL AVERAGE PURCHASE YIELD
City of Orange | Account #10888 | As of September 30, 2025 Purchase Yield as of 09/30/25 = 3.55%
25 833

CONSOLIDATED INFORMATION
26 834

PORTFOLIO CHARACTERISTICS
City of Orange Cons | Account #10897 | As of September 30, 2025 9/30/2025
Portfolio
6/30/2025
Portfolio
Average Maturity (yrs) 2.04 1.84
Average Modified Duration 1.74 1.56
Average Purchase Yield 3.38% 3.43%
Average Market Yield 3.62% 3.71%
Average Quality** AA+ AA+
Total Market Value 146,227,715 168,667,699
*Benchmark: NO BENCHMARK REQUIRED
**The credit quality is a weighted average calculation of the highest of S&P, Moody’s and Fitch. 27 835

PORTFOLIO HOLDINGS
28 836

HOLDINGS REPORT
City of Orange | Account #10888 | As of September 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 80,577.51 02/16/20235.09%
80,562.53
80,571.91
100.29

4.22%
80,812.73
112.81

0.08%
240.82
Aaa/NA
AAA

1.56 0.34
47800CAC0 JDOT 2023 A3 5.01 11/15/2027 225,184.38 02/22/2023

3.39%
225,143.36
225,165.89
100.44

4.24%
226,164.95
501.41

0.21%
999.06
Aaa/NA
AAA

2.13 0.53
36271VAD9 GMALT 2025-1 A3 4.66
02/21/2028 430,000.00 02/05/20254.66%
429,949.26
429,959.88
100.90

3.97%
433,856.54
612.27

0.40%
3,896.66
NA/AAA
AAA

2.39 1.21
05592XAD2 BMWOT 2023-A A3 5.47
02/25/2028 109,992.96 07/11/20235.47%
109,973.47
109,982.80
100.71

4.04%
110,769.83
100.28

0.10%
787.03
NA/AAA
AAA

2.41 0.47
44935DAD1 HALST 2025-B A3 4.53 04/17/2028 330,000.00 04/24/2025

4.53%
329,970.20
329,974.44
100.89

3.99%
332,929.28
664.40

0.31%
2,954.84
NA/AAA
AAA

2.55 1.51
02582JJZ4 AMXCA 2023-1 A 4.87 05/15/2026 350,000.00 06/07/2023

4.92%
349,968.96
349,991.50
100.54

4.02%
351,901.97
757.56

0.33%
1,910.47
NA/AAA
AAA

0.62 0.60
362962AD4 GMALT 2025-2 A3 4.58
05/22/2028 985,000.00 --4.80%
985,558.36
985,465.13
100.92

3.97%
994,089.48
1,378.45

0.93%
8,624.35
NA/AAA
AAA

2.64 1.40
438123AC5 HAROT 2023-4 A3 5.67
06/21/2028 288,842.28 11/01/20235.74%
288,791.42
288,812.32
101.18

4.06%
292,259.72
454.93

0.27%
3,447.41
Aaa/NA
AAA

2.73 0.69
161571HT4 CHAIT 2023-1 A 5.16 09/15/2028 1,060,000.00 09/07/2023

5.23%
1,059,706.17
1,059,826.31
101.21

3.90%
1,072,777.03
2,430.93

1.00%
12,950.72
NA/AAA
AAA

2.96 0.91
02582JKD1 AMXCA 2023-3 A 5.23 09/15/2026 1,055,000.00 09/12/2023

5.29%
1,054,952.84
1,054,984.93
101.30

3.87%
1,068,736.10
2,452.29

1.00%
13,751.17
NA/AAA
AAA

0.96 0.91
096919AD7 BMWOT 2024-A A3 5.18
02/26/2029 450,000.00 06/04/20245.18%
449,931.65
449,950.60
101.18

3.92%
455,304.60
388.50

0.42%
5,354.00
Aaa/AAA
NA

3.41 0.89
47786WAD2 JDOT 2024-B A3 5.2 03/15/2029 510,000.00 06/11/2024

5.81%
509,900.30
509,927.37
101.64

4.10%
518,388.43
1,178.67

0.48%
8,461.06
Aaa/NA
AAA

3.45 1.41
44934QAD3 HART 2024-B A3 4.84 03/15/2029 285,000.00 07/16/2024

5.45%
284,956.99
284,968.00
101.10

3.96%
288,126.65
613.07

0.27%
3,158.65
NA/AAA
AAA

3.45 1.17
43813YAC6 HAROT 2024-3 A3 4.57
03/21/2029 630,000.00 08/09/20244.66%
629,901.03
629,925.05
100.79

3.92%
635,000.31
799.75

0.59%
5,075.26
Aaa/NA
AAA

3.47 1.14
58768YAD7 MBALT 2025-A A3 4.61
04/16/2029 530,000.00 05/14/20254.66%
529,935.39
529,941.42
101.39

3.98%
537,390.21
1,085.91

0.50%
7,448.80
NA/AAA
AAA

3.54 2.05
05522RDJ4 BACCT 2024-1 A 4.93 05/15/2029 505,000.00 06/06/2024

4.93%
504,971.67
504,979.24
101.69

3.88%
513,559.70
1,106.51

0.48%
8,580.46
Aaa/AAA
NA

3.62 1.53
29 837

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
499,972.44
100.55

4.02%
502,747.20
940.00

0.47%
2,774.76
Aaa/NA
AAA

3.96 2.21
43814VAC1 HAROT 2025-1 A3 4.57
09/21/2029 795,000.00 02/04/20254.57%
794,975.51
794,978.89
101.10

3.94%
803,719.16
1,009.21

0.75%
8,740.28
NA/AAA
AAA

3.97 1.61
096924AD7 BMWOT 2025-A A3 4.56
09/25/2029 680,000.00 02/04/20254.56%
679,933.02
679,942.20
100.93

3.95%
686,312.37
516.80

0.64%
6,370.18
Aaa/AAA
NA

3.99 1.42
92970QAE5 WFCIT 2024-2 A 4.29 10/15/2029 560,000.00 10/17/2024

4.29%
559,916.78
559,932.44
100.83

3.90%
564,626.27
1,067.73

0.53%
4,693.83
Aaa/AAA
NA

4.04 1.92
44935CAD3 HART 2025-A A3 4.32 10/15/2029 635,000.00 03/04/2025

4.84%
634,906.34
634,917.67
100.76

3.89%
639,850.32
1,219.20

0.60%
4,932.65
NA/AAA
AAA

4.04 1.61
10,993,873.80 101.04 11,109,322.85 10.35% 3.03
Total ABS 10,994,597.13 4.91% 10,994,170.40 3.95% 19,390.67 115,152.45 1.31 AGENCY
3134GW3Z7 FEDERAL HOME LOAN MORTGAGE
CORP 0.6 10/28/2025 8,050,000.00 10/28/20200.60%
8,050,000.00
8,050,000.00

99.73 4.14%
8,028,614.53
20,527.50

7.48%
(21,385.47)
Aa1/AA+
AA+

0.08 0.07
3130ANDF4 FEDERAL HOME LOAN BANKS 0.9
07/29/2026 5,000,000.00 07/29/20210.90%
5,010,000.00
5,000,000.00

97.67 3.79%
4,883,441.95
7,750.00

4.55%
(116,558.05)
Aa1/AA+
AA+

0.83 0.81
3133EPDJ1 FEDERAL FARM CREDIT BANKS
FUNDING CORP 4.375 09/15/2027 2,000,000.00 03/27/20233.81% 2,045,720.00
2,020,002.50
101.27

3.70%
2,025,326.10
3,888.89

1.89%
5,323.60
Aa1/AA+
AA+

1.96 1.86
3130AEB25 FEDERAL HOME LOAN BANKS 3.25
06/09/2028 2,000,000.00 07/24/20234.15%
1,921,180.00
1,956,540.57

99.21 3.56%
1,984,236.70
20,222.22

1.85%
27,696.13
Aa1/AA+
AA+

2.69 2.53
3130AXQK7 FEDERAL HOME LOAN BANKS 4.75
12/08/2028 2,000,000.00 01/29/20244.05%
2,060,660.00
2,039,801.71
103.24

3.66%
2,064,791.40
29,819.44

1.92%
24,989.69
Aa1/AA+
AA+

3.19 2.90
3133ERDH1 FEDERAL FARM CREDIT BANKS
FUNDING CORP 4.75 04/30/2029 2,100,000.00 04/29/20244.70% 2,104,263.00
2,103,051.34
103.52

3.69%
2,173,851.18
41,839.58

2.03%
70,799.85
Aa1/AA+
AA+

3.58 3.22
21,191,823.00 100.09 21,160,261.86 19.72% 1.34
Total Agency 21,150,000.00 2.07% 21,169,396.12 3.87% 124,047.64 (9,134.26) 1.24

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
1,071,262.37

95.07 3.95%
1,083,787.63
2,465.25

1.01%
12,525.26
Aa1/AA+
AAA

3.99 3.62
30 838

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
1,374,393.58

92.45 3.99%
1,386,793.05
2,586.25

1.29%
12,399.47
Aa1/AA+
AAA

4.32 4.02
Total Agency CMBS 2,640,000.00 4.26%
2,431,942.97
2,445,655.95

93.60 3.97%
2,470,580.68
5,051.50

2.30%
24,924.73

4.17 3.84
CASH
CCYUSD Receivable 1,125.38 -- 1,125.38
1,125.38

1.00 0.00%
1,125.38

0.00 0.00%

0.00 Aaa/AAA
AAA

0.00 0.00
Total Cash 1,125.38
1,125.38
1,125.38

1.00 0.00%
1,125.38

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 05/23/20254.41%
1,936,898.89
1,967,026.11

98.44 4.16%
1,968,836.00

0.00 1.84%
1,809.89
P-1/A-1
NA

0.38 0.24
Total Commercial
Paper 2,000,000.00 4.41%
1,936,898.89
1,967,026.11

98.44 4.16%
1,968,836.00

0.00 1.84%
1,809.89

0.38 0.24

CORPORATE
89236THP3 TOYOTA MOTOR CREDIT CORP 0.8
10/16/2025 5,000,000.00 11/19/20200.70%
5,025,000.00
5,000,209.26

99.86 4.20%
4,992,897.50
18,333.33

4.65%
(7,311.76)
A1/A+
A+

0.04 0.04
63743HFF4

NATIONAL RURAL UTILITIES
COOPERATIVE FINANCE CORP 5.45
10/30/2025
495,000.00
10/20/2022

5.50%
494,336.70
494,982.43
100.06

4.61%
495,292.47
11,315.56

0.46%
310.04
A2/AA0.08

0.08 037833EB2 APPLE INC 0.7 02/08/2026 3,000,000.00 02/08/2021

0.70%
2,999,730.00
2,999,980.78

98.85 4.00%
2,965,499.04
3,091.67

2.76%
(34,481.74)
Aaa/AA+
NA

0.36 0.35
713448FQ6 PEPSICO INC 4.55 02/13/2026 195,000.00 02/13/2023

4.57%
194,886.90
194,986.04
100.10

4.25%
195,193.47
1,183.00

0.18%
207.42
A1/A+
NA

0.37 0.28
907818GE2 UNION PACIFIC CORP 4.75
02/21/2026 470,000.00 02/13/20234.77%
469,689.80
469,959.53
100.15

4.35%
470,684.21
2,480.56

0.44%
724.68
A3/AA0.39

0.30 24422EXD6 JOHN DEERE CAPITAL CORP 5.15
09/08/2026 505,000.00 09/05/20235.18%
504,641.45
504,888.12
101.25

3.77%
511,317.29
1,661.59

0.48%
6,429.18
A1/A
A+

0.94 0.91
31 839

Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
713448FW3 PEPSICO INC 5.125 11/10/2026 380,000.00 11/08/2023

5.13%
379,897.40
379,962.09
101.31

3.90%
384,996.93
7,627.71

0.36%
5,034.84
A1/A+
NA

1.11 0.97
06368LAQ9 BANK OF MONTREAL 4.7
09/14/2027 1,000,000.00 03/30/20234.91%
991,550.00
996,299.23
101.22

4.04%
1,012,247.01
2,219.44

0.94%
15,947.78
A2/AAA1.96

1.77 78016FZW7 ROYAL BANK OF CANADA 4.9
01/12/2028 1,000,000.00 03/30/20234.95%
997,990.00
999,042.15
102.04

3.95%
1,020,400.27
10,752.78

0.95%
21,358.12
A1/A
AA2.282.12
06051GGF0 BANK OF AMERICA CORP 3.824
01/20/2028 1,250,000.00 06/27/20245.30%
1,206,175.00
1,227,712.93

99.53 4.89%
1,244,185.78
9,427.22

1.16%
16,472.85
A1/AAA2.31

1.25 713448FL7 PEPSICO INC 3.6 02/18/2028 1,500,000.00 03/27/2024

4.49%
1,452,735.00
1,471,082.59

99.51 3.81%
1,492,709.91
6,450.00

1.39%
21,627.32
A1/A+
NA

2.39 2.25
857477CU5 STATE STREET CORP 4.536
02/28/2028 1,285,000.00 02/25/20254.51%
1,285,000.00
1,285,000.00
101.28

3.97%
1,301,481.83
5,343.03

1.21%
16,481.83
Aa3/A
AA2.412.18
58933YBH7 MERCK & CO INC 4.05 05/17/2028 1,250,000.00 09/26/2024

3.76%
1,261,775.00
1,258,427.56
100.55

3.83%
1,256,817.14
18,843.75

1.17%
(1,610.42)
Aa3/A+
NA

2.63 2.36
91324PEU2 UNITEDHEALTH GROUP INC 4.25
01/15/2029 1,000,000.00 05/28/20245.05%
967,180.00
976,684.61
100.35

4.13%
1,003,487.29
8,972.22

0.94%
26,802.68
A2/A+
A

3.29 2.94
69371RS80 PACCAR FINANCIAL CORP 4.6
01/31/2029 1,200,000.00 03/27/20244.70%
1,194,684.00
1,196,341.87
101.86

4.00%
1,222,302.46
9,353.33

1.14%
25,960.58
A1/A+
NA

3.34 3.04
17275RBR2 CISCO SYSTEMS INC 4.85
02/26/2029 1,250,000.00 02/27/20244.84%
1,250,650.00
1,250,439.74
102.61

4.02%
1,282,665.76
5,894.10

1.20%
32,226.02
A1/AANA3.41

3.03 437076DC3 HOME DEPOT INC 4.75
06/25/2029 1,250,000.00 06/27/20244.82%
1,245,987.50
1,246,999.98
102.41

4.05%
1,280,079.76
15,833.33

1.19%
33,079.78
A2/A
A

3.73 3.29
532457CQ9 ELI LILLY AND CO 4.2 08/14/2029 705,000.00 08/12/2024

4.25%
703,456.05
703,805.26
100.71

4.00%
709,990.56
3,865.75

0.66%
6,185.30
Aa3/A+
NA

3.87 3.45
171239AL0 CHUBB INA HOLDINGS LLC 4.65
08/15/2029 1,250,000.00 09/26/20244.08%
1,280,725.00
1,274,253.81
101.97

4.09%
1,274,586.69
7,427.08

1.19%
332.88
A2/A
A

3.87 3.43
40139LBJ1 GUARDIAN LIFE GLOBAL FUNDING

4.179 09/26/2029 1,300,000.00 11/26/20244.67%
1,272,336.00
1,277,166.22

99.95 4.19%
1,299,365.55
754.54

1.21%
22,199.33
Aa1/AA+
NA

3.99 3.63
64952WFK4 NEW YORK LIFE GLOBAL FUNDING

4.6 12/05/2029 830,000.00 12/02/20244.61%
829,526.90
829,604.63
101.57

4.19%
842,998.01
12,302.44

0.79%
13,393.38
Aa1/AA+
AAA

4.18 3.72
14913UAX8 CATERPILLAR FINANCIAL SERVICES
CORP 4.8 01/08/2030 960,000.00 01/06/20254.84%
958,147.20
958,417.10
103.10

4.00%
989,743.57
10,624.00

0.92%
31,326.47
A2/A
A+

4.27 3.80
59217GFT1 METROPOLITAN LIFE GLOBAL
FUNDING I 4.9 01/09/2030 820,000.00 01/02/20254.95%
818,310.80
818,555.95
102.53

4.24%
840,769.51
9,152.11

0.78%
22,213.56
Aa3/AAAA4.28

3.79 32
840

Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
57629TBV8 MASSMUTUAL GLOBAL FUNDING
II 4.95 01/10/2030 1,200,000.00 --4.90%
1,202,338.00
1,202,222.00
102.54

4.29%
1,230,489.12
13,365.00

1.15%
28,267.12
Aa3/AA+
AA+

4.28 3.79
Total Corporate 29,095,000.00 3.63%
28,986,748.70
29,017,023.88
100.79

4.11%
29,320,201.12
196,273.56

27.33%
303,177.25

2.24 1.98

MONEY MARKET
FUND
31846V203 FIRST AMER:GVT OBLG Y 259,977.77 --

3.73%
259,977.77
259,977.77

1.00 3.73%
259,977.77

0.00 0.24%

0.00 Aaa/AAAm
AAA

0.00 0.00
Total Money Market
Fund 259,977.77 3.73%
259,977.77
259,977.77

1.00 3.73%
259,977.77

0.00 0.24%

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
1,965,502.32

99.52 3.68%
1,990,382.20
15,361.11

1.86%
24,879.88
Aaa/AAA
NA

2.78 2.61
459058LR2

INTERNATIONAL BANK FOR

RECONSTRUCTION AND
DEVELOPM 4.125 03/20/2030
635,000.00
03/14/2025

4.20%
632,733.05
632,975.14
101.48

3.76%
644,402.51
800.36

0.60%
11,427.38
Aaa/AAA
NA

4.47 4.05
Total Supranational 2,635,000.00 4.20%
2,571,113.05
2,598,477.46
100.00

3.70%
2,634,784.71
16,161.48

2.46%
36,307.26

3.20 2.96

US TREASURY
91282CCZ2 UNITED STATES TREASURY 0.875
09/30/2026 3,000,000.00 09/30/20211.01%
2,980,546.88
2,996,122.16

97.24 3.72%
2,917,101.57

72.12 2.72%
(79,020.59)
Aa1/AA+
AA+

1.00 0.98
91282CKD2 UNITED STATES TREASURY 4.25
02/28/2029 2,200,000.00 03/27/20244.18%
2,206,617.19
2,204,585.66
101.90

3.65%
2,241,851.57
8,006.91

2.09%
37,265.91
Aa1/AA+
AA+

3.41 3.15
91282CKG5 UNITED STATES TREASURY 4.125
03/31/2029 2,200,000.00 05/28/20244.53%
2,161,156.25
2,171,927.86
101.52

3.66%
2,233,515.64
249.31

2.08%
61,587.77
Aa1/AA+
AA+

3.50 3.23
91282CKP5 UNITED STATES TREASURY 4.625
04/30/2029 2,000,000.00 --4.13%
2,042,382.82
2,032,244.37
103.19

3.67%
2,063,828.12
38,709.24

1.92%
31,583.75
Aa1/AA+
AA+

3.58 3.23
91282CKT7 UNITED STATES TREASURY 4.5
05/31/2029 2,200,000.00 06/13/20244.25%
2,224,578.13
2,218,148.75
102.80

3.67%
2,261,703.14
33,270.49

2.11%
43,554.38
Aa1/AA+
AA+

3.67 3.31
33 841

Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
91282CLC3 UNITED STATES TREASURY 4.0
07/31/2029 2,000,000.00 09/26/20243.56%
2,038,515.62
2,030,477.01
101.11

3.69%
2,022,109.38
13,478.26

1.88%
(8,367.63)
Aa1/AA+
AA+

3.83 3.50
91282CFJ5 UNITED STATES TREASURY 3.125
08/31/2029 2,000,000.00 10/30/20244.10%
1,915,156.25
1,931,259.74

97.95 3.69%
1,959,062.50
5,352.21

1.83%
27,802.76
Aa1/AA+
AA+

3.92 3.64
91282CFL0 UNITED STATES TREASURY 3.875
09/30/2029 2,200,000.00 10/30/20244.10%
2,177,828.13
2,181,966.06
100.68

3.69%
2,215,039.07
234.20

2.06%
33,073.01
Aa1/AA+
AA+

4.00 3.67
91282CFT3 UNITED STATES TREASURY 4.0
10/31/2029 2,500,000.00 04/29/20253.77%
2,523,535.16
2,521,331.87
101.13

3.70%
2,528,125.00
41,847.83

2.36%
6,793.13
Aa1/AA+
AA+

4.08 3.68
91282CMA6 UNITED STATES TREASURY 4.125
11/30/2029 2,400,000.00 12/27/20244.45%
2,366,062.50
2,371,258.94
101.61

3.70%
2,438,625.00
33,270.49

2.27%
67,366.06
Aa1/AA+
AA+

4.17 3.75
91282CMG3 UNITED STATES TREASURY 4.25
01/31/2030 2,500,000.00 04/29/20253.78%
2,550,488.28
2,546,012.06
102.12

3.72%
2,552,929.70
17,900.82

2.38%
6,917.64
Aa1/AA+
AA+

4.34 3.91
91282CGQ8 UNITED STATES TREASURY 4.0
02/28/2030 2,700,000.00 --4.02%
2,697,195.31
2,697,476.84
101.16

3.71%
2,731,324.21
9,248.62

2.55%
33,847.37
Aa1/AA+
AA+

4.41 4.01
91282CGS4 UNITED STATES TREASURY 3.625
03/31/2030 2,500,000.00 04/29/20253.80%
2,480,664.06
2,482,322.04

99.59 3.72%
2,489,746.10
248.97

2.32%
7,424.06
Aa1/AA+
AA+

4.50 4.11
91282CMZ1 UNITED STATES TREASURY 3.875
04/30/2030 2,700,000.00 05/29/20254.03%
2,681,542.97
2,682,817.29
100.63

3.72%
2,717,085.92
43,783.29

2.53%
34,268.64
Aa1/AA+
AA+

4.58 4.10
91282CHF1 UNITED STATES TREASURY 3.75
05/31/2030 2,600,000.00 --3.84%
2,589,183.60
2,589,573.45
100.07

3.73%
2,601,828.11
32,766.39

2.43%
12,254.66
Aa1/AA+
AA+

4.67 4.19
91282CNX5 UNITED STATES TREASURY 3.625
08/31/2030 2,400,000.00 09/29/20253.74%
2,387,625.00
2,387,638.77

99.48 3.74%
2,387,625.00
7,450.28

2.23%
(13.77)
Aa1/AA+
AA+

4.92 4.45
Total US Treasury 38,100,000.00 3.79%
38,023,078.15
38,045,162.87
100.71

3.70%
38,361,500.03
285,889.42

35.76%
316,337.15

3.90 3.54
Total Portfolio 106,875,700.28 3.55%
106,396,581.71
106,498,015.94
100.18

3.89%
107,286,590.41
646,814.26
100.00%
788,574.47

2.77 2.35
Total Market Value +
Accrued 107,933,404.67
34 842

HOLDINGS REPORT
City of Orange LAIF Balances | Account #10895 | As of September 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 US DOLLAR 398,907.99 -- 398,907.99
398,907.99

1.00 0.00%
398,907.99

0.00 1.52%

0.00 Aaa/AAA
AAA

0.00 0.00
Total Cash 398,907.99
398,907.99
398,907.99

1.00 0.00%
398,907.99

0.00 1.52%

0.00 0.00

0.00 LAIF
90LAIF$00 Local Agency Investment Fund
State Pool 25,804,529.72 --4.20%
25,804,529.72
25,804,529.72

1.00 4.20%
25,804,529.72

0.00 98.48%

0.00 NA/NA
NA

0.00 0.00
Total LAIF 25,804,529.72 4.20%
25,804,529.72
25,804,529.72

1.00 4.20%
25,804,529.72

0.00 98.48%

0.00 0.00

0.00 Total Portfolio 26,203,437.71 4.20%
26,203,437.71
26,203,437.71

1.00 4.14%
26,203,437.71

0.00 100.00%

0.00 0.00

0.00 Total Market Value +
Accrued 26,203,437.71
35 843

HOLDINGS REPORT
City of Orange Bank Balances | Account #10896 | As of September 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 581,083.14 --

0.00%
581,083.14
581,083.14

1.00 0.00%
581,083.14

0.00 4.81%

0.00 NA/NA
NA

0.00 0.00
999WEL$15 Wells Fargo 11,037,498.60 --

0.00%
11,037,498.60
11,037,498.60

1.00 0.00%
11,037,498.60

0.00 91.29%

0.00 NA/NA
NA

0.00 0.00
999WEL$12 Wells Fargo General 472,291.00 --

4.02%
472,291.00
472,291.00

1.00 4.02%
472,291.00

0.00 3.91%

0.00 NA/NA
NA

0.00 0.00
Total Cash 12,090,872.74 0.16%
12,090,872.74
12,090,872.74

1.00 0.16%
12,090,872.74

0.00 100.00%

0.00 0.00

0.00 Total Portfolio 12,090,872.74 0.16%
12,090,872.74
12,090,872.74

1.00 0.16%
12,090,872.74

0.00 100.00%

0.00 0.00

0.00 Total Market Value +
Accrued 12,090,872.74
36 844

TRANSACTIONS
37 845

TRANSACTION LEDGER
City of Orange | Account #10888|07/01/2025 Through 09/30/2025| Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/DispYield Amount Interest Pur/Sold Total Amount Gain/Loss

ACQUISITIONS
Purchase 07/31/2025 91282CHF1 1,300,000.00

UNITED STATES
TREASURY 3.75
05/31/2030

99.117 3.95% (1,288,523.44) (8,125.00) (1,296,648.44) 0.00 Purchase 08/27/2025 91282CHF1 1,300,000.00

UNITED STATES
TREASURY 3.75
05/31/2030
100.051 3.74% (1,300,660.16) (11,721.31) (1,312,381.47) 0.00 Purchase 09/29/2025 91282CNX5 2,400,000.00

UNITED STATES
TREASURY 3.625
08/31/2030

99.484 3.74% (2,387,625.00) (6,969.61) (2,394,594.61) 0.00 Total Purchase 5,000,000.00 (4,976,808.60) (26,815.92) (5,003,624.52) 0.00 TOTAL
ACQUISITIONS 5,000,000.00 (4,976,808.60) (26,815.92) (5,003,624.52) 0.00

DISPOSITIONS
Call Redemption 07/17/2025 61747YET8 (775,000.00) MORGAN STANLEY

4.679 07/17/2026 100.000 5.76% 775,000.00 0.00 775,000.00 0.00 Total Call
Redemption (775,000.00) 775,000.00 0.00 775,000.00 0.00 Sale 08/27/2025 91282CGT2 (1,000,000.00)

UNITED STATES
TREASURY 3.625
03/31/2028
100.012 3.68% 1,000,117.19 14,757.51 1,014,874.70 1,391.82 Sale 09/29/2025 9128285M8 (2,000,000.00)

UNITED STATES
TREASURY 3.125
11/15/2028

98.438 3.86% 1,968,750.00 23,267.66 1,992,017.66 10,368.45 Total Sale (3,000,000.00) 2,968,867.19 38,025.17 3,006,892.36 11,760.27 TOTAL
DISPOSITIONS (3,775,000.00) 3,743,867.19 38,025.17 3,781,892.36 11,760.27 38 846

TRANSACTION LEDGER
City of Orange LAIF Balances | Account #10895|07/01/2025 Through 09/30/2025| Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/DispYield Amount Interest Pur/Sold Total Amount Gain/Loss

DISPOSITIONS
Sale 07/31/2025 90LAIF$00 (9,535,570.47)
Local Agency
Investment Fund State
Pool

1.000 4.26% 9,535,570.47 0.00 9,535,570.47 0.00
Sale 08/31/2025 90LAIF$00 (5,000,000.00)
Local Agency
Investment Fund State
Pool

1.000 4.25% 5,000,000.00 0.00 5,000,000.00 0.00
Sale 09/30/2025 90LAIF$00 (5,000,000.00)
Local Agency
Investment Fund State
Pool

1.000 4.20% 5,000,000.00 0.00 5,000,000.00 0.00
Total Sale (19,535,570.47) 19,535,570.47 0.00 19,535,570.47 0.00 TOTAL
DISPOSITIONS (19,535,570.47) 19,535,570.47 0.00 19,535,570.47 0.00 39 847

IMPORTANT DISCLOSURES
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.

Source ICE Data Indices, LLC (“ICE”), used with permission. ICE permits use of the ICE indices and related data on an “asis” basis; ICE, its affiliates and their respective third party suppliers disclaim any and all warranties and representations, express and/or implied, including any warranties of merchantability or fitness for a particular purpose or use, including the indices, index data and any data included in, related to, or derived therefrom. Neither ICE data, its affiliates or their respective third party providers guarantee the quality, adequacy, accuracy, timeliness or completeness of the indices or the index data or any component thereof, and the indices and index data and all components thereof are provided on an “as is” basis and licensee’s use it at licensee’s own risk. ICE data, its affiliates and their respective third party do not sponsor, endorse, or recommend chandler asset management, or any of its products or services.

This report is provided for informational purposes only and should not be construed as a specific investment or legal advice. The information contained herein was obtained from sources believed to be reliable as of the date of publication, but may become outdated or superseded at any time without notice. Any opinions or views expressed are based on current market conditions and are subject to change. This report may contain forecasts and forward-looking statements which are inherently limited and should not be relied upon as indicator of future results. Past performance is not indicative of future results. This report is not intended to constitute an offer, solicitation, recommendation or advice regarding any securities or investment strategy and should not be regarded by recipients as a substitute for the exercise of their own judgment.

Fixed income investments are subject to interest, credit and market risk. Interest rate risk: the value of fixed income investments will decline as interest rates rise. Credit risk: the possibility that the borrower may not be able to repay interest and principal. Low rated bonds generally have to pay higher interest rates to attract investors willing to take on greater risk. Market risk: the bond market in general could decline due to economic conditions, especially during periods of rising interest rates.

Ratings information have been provided by Moody’s, S&P and Fitch through data feeds we believe to be reliable as of the date of this statement, however we cannot guarantee its accuracy.

BENCHMARK DISCLOSURES
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. 41 849
Agenda Item
Orange City Council
Item #: 11.1. 12/9/2025 File #: 25-0655
TO: Honorable Mayor and Members of the City Council
FROM: Jarad Hildenbrand, City Manager

1. SUBJECT
Introduction and First Reading of Ordinance No. 20-25 amending various sections of Chapter 3.08 of the Orange Municipal Code relating to the City’s purchasing system.

2. SUMMARY
Orange Municipal Code Chapter 3.08 governs the City’s purchasing system and processes. Much of Chapter 3.08 was last amended in 1999, including the varying purchasing thresholds. With costs increasing significantly over the past 25 years, Ordinance No. 20-25 modernizes the City’s purchasing system by increasing select purchasing thresholds.

3. RECOMMENDED ACTION
Introduce and conduct First Reading of Ordinance No. 20-25. An Ordinance of the City Council of the City of Orange amending various sections of Orange Municipal Code Chapter 3.08.

4. FISCAL IMPACT
None.

5. STRATEGIC PLAN GOALS
Goal 2: Enhance Economic Development and Achieve Fiscal Sustainability.

6. DISCUSSION AND BACKGROUND
Orange Municipal Code Chapter 3.08 governs the City’s purchasing system and covers several procurement matters including, but not limited to:
· The establishment of a centralized purchasing division. · Addresses conflict of interest matters.
· Processes to enter professional services agreements.
· The process to purchase materials, supplies, and equipment. · The procurement process for Public Works projects.
· Bidding procedures; and
· Purchasing processes during emergencies.

With some exceptions, Chapter 3.08 provisions were adopted in July 1999. While the language in many of these sections is still relevant, the amount thresholds listed in Chapter 3.08 are relatively low City of Orange Page 1 of 2 Printed on 12/3/2025
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Item #: 11.1. 12/9/2025 File #: 25-0655
many of these sections is still relevant, the amount thresholds listed in Chapter 3.08 are relatively low given the City’s size and scope of services coupled with substantial cost increases since 1999. In drawing from Bureau of Labor Statistics’ reported Consumer Price Index since September 1999 for All Urban Consumers in the Los Angeles-Long Beach-Anaheim area (CPI), prices have more than doubled. Additionally, the California Construction Cost Index shows that construction costs have increased by 26% since November 2021.

Like other municipalities, the City’s purchasing system accomplishes two overarching goals. First, it ensures transparency and integrity in the City’s procurement process. This is achieved through conflict-of-interest provisions, public bidding requirements, ensuring oversight through a centralized purchasing division, and requiring City Council approval for qualifying purchases or contracts.

Second, the City’s purchasing system promotes efficiency, in part, by allowing City staff to administratively approve certain purchases and contracts that fall below specific dollar amounts.

In addressing the latter point, the City has not revisited many Chapter 3.08-dollar amount thresholds in over 20 years. With goods and services substantially more than they were in 1999, staff must often follow more arduous purchasing requirements on routine operating expenditures.

To streamline operations and better align the City’s purchasing system with surrounding agencies, staff recommend the adoption of Ordinance No. 20-25. This Ordinance adds language addressing 1) vendor limits on a per department and fiscal year basis; 2) standard language that prohibits staff from splitting projects to circumvent the City’s purchasing requirements; 3) new purchasing procedures during emergencies; and 4) increases to the existing dollar amount thresholds, including:
· Increasing the requirement for written purchase orders from $5,000 to $15,000. · Allowing informal bid procedures for materials, supplies, and equipment with a value of less than $100,000; and
· Increasing the City Manager signing authority from $30,000 to $100,000.

Regarding the last bullet point, increasing the City Manager signing authority establishes a cap that is more than triple the existing amount. Although a considerable adjustment, it reflects the substantial cost increases that have occurred over the past 25 years and generally places Orange on par with other agencies with populations exceeding 100,000.

Recognizing this increase would create a large gap between the proposed City Manager signing authority and other thresholds, staff went through and made conservative increases relative to the potential City Manager signing authority. Where the proposed City Manager signing authority is more than triple the existing amount, all other recommendations represent a threefold increase (e.g., increasing the written purchase order threshold from $5,000 to $15,000).

Overall, by increasing the existing dollar amount thresholds, the City can bring Orange in line with other similarly situated cities while affording staff the opportunity to more swiftly maintain City operations. All purchases will continue to be open to public disclosure, which will become even more accessible with the City’s launch of its Open Finance dashboard in 2026.

7. ATTACHMENTS
· Ordinance No. 20-25
· Ordinance No. 20-25 - Redline
City of Orange Page 2 of 2 Printed on 12/3/2025
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Agenda Item
Orange City Council
Item #: 11.1. 12/9/2025 File #: 25-0655
TO: Honorable Mayor and Members of the City Council
FROM: Jarad Hildenbrand, City Manager

1. SUBJECT
Introduction and First Reading of Ordinance No. 20-25 amending various sections of Chapter 3.08 of the Orange Municipal Code relating to the City’s purchasing system.

4. FISCAL IMPACT
None.

5. STRATEGIC PLAN GOALS
Goal 2: Enhance Economic Development and Achieve Fiscal Sustainability.

With some exceptions, Chapter 3.08 provisions were adopted in July 1999. While the language in many of these sections is still relevant, the amount thresholds listed in Chapter 3.08 are relatively low City of Orange Page 1 of 2 Printed on 12/3/2025
powered by Legistar™852
Item #: 11.1. 12/9/2025 File #: 25-0655
many of these sections is still relevant, the amount thresholds listed in Chapter 3.08 are relatively low given the City’s size and scope of services coupled with substantial cost increases since 1999. In drawing from Bureau of Labor Statistics’ reported Consumer Price Index since September 1999 for All Urban Consumers in the Los Angeles-Long Beach-Anaheim area (CPI), prices have more than doubled. Additionally, the California Construction Cost Index shows that construction costs have increased by 26% since November 2021.

Second, the City’s purchasing system promotes efficiency, in part, by allowing City staff to administratively approve certain purchases and contracts that fall below specific dollar amounts.

7. ATTACHMENTS
· Ordinance No. 20-25
· Ordinance No. 20-25 - Redline
City of Orange Page 2 of 2 Printed on 12/3/2025
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ORDINANCE NO. 20-25

AN ORDINANCE OF THE CITY COUNCIL

OF THE CITY OF ORANGE AMENDING

VARIOUS SECTIONS OF ORANGE
MUNICIPAL CODE CHAPTER 3.08.

WHEREAS, Chapter 3.08 of the Orange Municipal Code sets forth the City’s procedures for the purchase of materials, supplies and equipment, professional services, and the selection of contractors to perform public projects, and
WHEREAS, the purpose of this ordinance is to amend various sections of Chapter 3.08 setting vendor limits on a per fiscal year basis, clarifying the prohibition against splitting projects, increasing and establishing the City Manager’s signing and acceptance of funds authority, as well as increasing all other dollar amount thresholds as detailed in Chapter 3.08.

NOW, THEREFORE, the City Council of the City of Orange does ordain as follows:

SECTION I:

The subject Ordinance is not subject to the provisions of the California Environmental Quality Act (CEQA) because it is not a "project" as defined in Guideline 15378.

SECTION II:

Section 3.08.065 of the Orange Municipal Code, “Purchasing System – General – Vendor Limits Per Fiscal Year,” is hereby added to read as follows:

3.08.065 General – Vendor Limits Per Fiscal Year.

All dollar amount thresholds provided for in this Chapter shall be defined as the financial value of procurements made to a respective vendor in a single fiscal year calculated on a per department basis. Multiple agreements from various departments to a single vendor for distinct scope of services may exceed the dollar amount thresholds detailed in this Chapter without triggering additional citywide aggregation requirements. However, in no instance shall one department exceed the dollar amount thresholds unless it first follows the procedures and approvals provided for in this Chapter. For purposes of this section, “financial value” means the total amount encumbered or contracted by a department to a vendor during a single fiscal year.

SECTION III:

Section 3.08.075 of the Orange Municipal Code, “Purchasing System – General – Prohibition against splitting projects.,” is hereby added to read as follows:
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2 3.08.075 General – Prohibition against splitting projects.

A. It shall be unlawful to split into smaller work orders or projects any contract for supplies, equipment, or services for the purpose of circumventing or evading the requirements of this ordinance.

B. It shall be unlawful to split or separate into smaller work orders or projects any public project for the purpose of circumventing or evading the requirements of this chapter or the Uniform Public Construction Cost Accounting Act.

SECTION IV:

Section 3.08.080 of the Orange Municipal Code, “Purchasing System – General – Purchase Orders.,” is hereby amended to read as follows:

3.08.080 General – Purchase Orders.

The procurement of all materials, supplies or equipment, public projects and professional services of $15,000.00 or more per fiscal year shall be made only by written purchase orders issued by the Purchasing Officer and any other contractual document deemed necessary and appropriate by the Purchasing Officer and the City Attorney. Except as otherwise provided herein, no purchase order shall be issued unless the prior approval of the Purchasing Officer, or his or her designated representative, has first been obtained. Supplies, equipment, public projects and professional services of less than $15,000.00 in any one transaction shall be made using simplified and costeffective operational procedures and forms approved by the Purchasing Officer without the use of formal or informal bid procedures and do not require a written purchase order.

SECTION V:

Section 3.08.085 of the Orange Municipal Code, “Purchasing System – General – Prohibition against splitting projects.,” is hereby added to read as follows:

3.08.085 General – Appropriation of Awarded Grant Funds.

Unless otherwise provided for in the specific grant program or application, the City Manager may formerly accept and appropriate awarded grant funds not exceeding $100,000.00 so long that the matching funds associated with the grant, when applicable, are budgeted and do not exceed $100,000.00. Any awarded grant funds exceeding $100,000.00 or where matching funds associated with grant exceed $100,000.00 or are not budgeted, shall be approved and appropriated by the City Council.

SECTION VI:

Section 3.08.120 of the Orange Municipal Code, “Purchasing System – Materials, Supplies and Equipment – General Bid Limits.,” is hereby amended to read as follows:
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3 3.08.120 Materials, Supplies and Equipment – General Bid Limits.

The purchasing of materials, supplies and equipment shall be entered into pursuant to either formal or informal bid procedures as hereinafter prescribed. All solicitation of bids shall be unrestricted and competitive except as otherwise provided.

A. The purchase of materials, supplies and equipment of estimated value of less than $100,000.00 per fiscal year shall be made pursuant to the informal bid procedure prescribed in Sections 3.08.140 through 3.08.170 below.

B. The purchase of materials, supplies and equipment of $100,000.00 or more per fiscal year shall be made pursuant to the formal bid procedure prescribed in Sections 3.08.180 through

3.08.280, and shall require the approval of the City Council.

SECTION VII:

Section 3.08.140 of the Orange Municipal Code, “Purchasing System – Materials, Supplies and Equipment – Informal Bids.,” is hereby amended to read as follows:

3.08.140 Materials, Supplies and Equipment—Informal Bids.

The purchase of materials, supplies and equipment with an estimated value of less than $100,000.00 may be made by the Purchasing Officer in accordance with the informal bid procedure prescribed in Sections 3.08.150 through 3.08.170 of this chapter.

SECTION VIII:

Section 3.08.180 of the Orange Municipal Code, “Purchasing System – Materials, Supplies and Equipment – Formal Bid Procedure.,” is hereby amended to read as follows:

3.08.180 Materials, Supplies and Equipment—Formal Bid Procedure.

Except as otherwise provided in Section 3.08.290 below, the purchase of materials, supplies or equipment of an estimated value of $100,000.00 or more shall be awarded to the lowest responsible bidder in accordance with the formal bid procedure prescribed in Sections 3.08.190 through

3.08.280 below
SECTION IX:

Section 3.08.290 of the Orange Municipal Code, “Purchasing System – Materials, Supplies and Equipment – Exceptions to Competitive Bidding Requirements.,” is hereby amended to read as follows:

3.08.290 Materials, Supplies and Equipment—Exceptions to Competitive Bidding Requirements.
856
4 Notwithstanding any provision of this chapter to the contrary, the competitive bidding procedures and requirements for the purchase of materials, supplies or equipment may be dispensed with and the Purchasing Officer shall have the authority (except as otherwise provided herein below) to hire or purchase whenever:

A. Any agreement involving the acquisition of materials, supplies or equipment is to be entered into with another governmental entity through cooperative purchasing provisions; B. The purchase amount is less than $30,000.00 per fiscal year; C. The using department head and the Purchasing Officer, with the approval of the City Manager, certify in writing that the materials, supplies or equipment is offered by only one vendor (sole source), or when only one vendor is able to supply a commodity within the time frame and/or under the terms and conditions which reasonably meet the needs of the using City department for purchases in excess of $30,000.00 in value but less than $100,000.00 in value per fiscal year;
D. The using department head and the Purchasing Officer, with the approval of the City Manager, certify in writing to the City Council that the materials, supplies or equipment is offered by only one vendor (sole source), or when only one vendor is able to supply a commodity within the time frame and/or under the terms and conditions which reasonably meet the needs of the using City department, for purchases of $100,000.00 or more per fiscal year and the City Council approves such purchase;
E. Public Project Emergencies (Public Contract Code section 22050).

Emergency contracting for public projects shall comply with Public Contract Code section 22050. The City Council may declare a public project emergency when the public interest and necessity demand immediate action to safeguard life, health, or property. In such cases, the City Manager is authorized to take immediate action and to procure necessary equipment, services, or supplies without competitive bidding. The City Manager shall report the emergency action to the City Council at its next regularly scheduled meeting, and the City Council shall review the need for continued emergency action at each such meeting until the emergency is terminated.

F. Administrative Emergencies (Non–Public Projects).

An administrative emergency exists when a sudden and unforeseen event creates an immediate need for materials, supplies, or equipment to protect life, health, property, or essential city operations, and the use of standard bidding procedures would cause unacceptable delay. In such circumstances, a department head may, with approval of the Purchasing Officer, procure the necessary materials, supplies, or equipment in an amount not to exceed $30,000. Procurements exceeding $30,000 shall require approval of the Purchasing Officer and the City Manager. All administrative emergency purchases shall be documented with a written statement describing the nature of the emergency, justification for the procurement, vendors contacted (if any), and associated costs. 857
5 SECTION X:

Section 3.08.320 of the Orange Municipal Code, “Purchasing System – Materials, Supplies and Equipment – Approvals.,” is hereby amended to read as follows:

3.08.320 Materials, Supplies and Equipment—Approvals.

All purchases of materials, supplies and equipment with a value of less than $100,000.00 per fiscal year shall have the prior approval of, and be executed by, the Finance Director and/or the Purchasing Officer. All purchases of materials, supplies and equipment with a value of $100,000.00 per fiscal year or more shall require the approval of the City Council.

SECTION XI:

Section 3.08.410 of the Orange Municipal Code, “Purchasing System – Professional Services – Limits and Approvals.,” is hereby amended to read as follows:

3.08.410 Professional Services – Limits and Approvals.

A. Professional services of less than $15,000.00 per fiscal year require the approval of the initiating department head, shall be processed using operational procedures and forms approved by the Purchasing Officer and do not require a written purchase order.

B. Professional services with a value in excess of $15,000.00 but not more than $100,000.00 per fiscal year require the approval of the initiating department head and shall be made by written contract executed by the City Manager and approved as to form by the City Attorney.

C. Professional services with a value in excess of $100,000.00 per fiscal year require the approval of the City Council and shall be made by written contract executed by the Mayor and approved as to form by the City Attorney.

SECTION XII:

Section 3.08.420 of the Orange Municipal Code, “Purchasing System – Professional Services – Procedures.,” is hereby amended to read as follows:

3.08.420 Professional Services—Procedures.

Due to the nature of professional services, the competitive bidding procedures and requirements of this chapter shall not be required for the retention of such services; provided, however, that the City department primarily responsible for the project for which professional services are required shall request a formal or informal written proposal from not less than three available and qualified consultants, whenever practicable. Where three consultants cannot be found which could provide the required service or where it is not practicable to obtain proposals from at least three available and qualified consultants, the initiating department head may then select from the available and qualified applicant consultants. Selections based on less than three firms must be documented with 858
6 the names and addresses of consultants contacted by the City department primarily responsible for the project and the reasons why the provisions of this section could not be met. This documentation shall be maintained in the contract file of the City department primarily responsible for the project.

The proposals received are to be evaluated on the basis of demonstrated competence and on the professional qualifications necessary for the satisfactory performance of the services required and at fair and reasonable prices to the City. Unless otherwise required by state and federal law, the requirement for the obtainment of formal or informal written proposals from not less than three consultants and the selection procedures set forth in this chapter for the furnishing of professional services may be dispensed with where: (1) the City seeks to retain specially trained and experienced persons or firms which are in the business of rendering unique and/or specialized services and/or advice on financial, economic, accounting, engineering, legal, administrative matters, architectural design, environmental planning and/or analysis, public relations, insurance, medical or other specialized matters; and (2) the value of such services is not more than $100,000.00 per fiscal year. The City Council may, by resolution, prescribe procedures, rules and regulations governing the solicitation, selection and award of proposals or bids for the furnishing of such special services.

SECTION XIII:

Section 3.08.430 of the Orange Municipal Code, “Purchasing System – Professional Services – Authority of City Manager to Approve Increases in Contract Amounts.,” is hereby amended to read as follows:

3.08.430 Professional Services—Authority of City Manager to Approve Increases in Contract Amounts.

Unless the contract for professional services provides otherwise, the City Manager may approve dollar increases in professional services agreements that have been approved by the City Council.

The City Manager may approve an increase up to the greater of $30,000.00 or 10% of the original contract amount, but not to exceed a total increase of $100,000.00.

SECTION XIV:

Section 3.08.450 of the Orange Municipal Code, “Purchasing System – Professional Services – Selection of Private Architects, Engineers, Land Surveyors, Environmental, or Construction Project Management Services Firms.,” is hereby amended to read as follows:

3.08.450 Professional Services—Selection of Private Architects, Engineers, Land Surveyors, Environmental, or Construction Project Management Services Firms.

A. For all contracts for professional services of private architectural, landscape architectural, engineering, environmental, land surveying, or construction project management firms (as those terms are defined in Section 4525 of the Government Code of the State of California, as the same may be amended from time to time) with an estimated value of less than $100,000.00, the City department primarily responsible for the project for which such professional services are required shall select firms based on their ability to perform the 859
7 specific functions outlined in the solicitation for proposals or bids, including, but not limited to, such factors as:

1. Overall professional experience, reliability, and continuity of the firm as related to the tasks described in the solicitation for proposals or bids;

2. Professional experience of the firm in executing contracts of a similar nature;

3. Adequacy of personnel numbers within specific disciplines required to complete the work required by the solicitation for proposals or bids;

4. Experience and training of key personnel as related to the work described in the solicitation for proposals or bids;

5. Adequacy of number of principal(s) which are intended to be assigned to the contract;

6. Knowledge of applicable regulations and technology associated with the contract;

7. Quality and timeliness of recently completed or nearly completed projects which were similar to the work described in the solicitation for proposals or bids;

8. Specialized qualifications for the services to be performed.

Any individual or firm proposing to provide construction project management services shall provide evidence that the individual or firm and its personnel carrying out onsite responsibilities have expertise and experience in construction project design review and evaluation, construction mobilization and supervision, bid evaluation, project scheduling, cost-benefit analysis, claims review and negotiation, and general management and administration of a construction project.

B. The City department primarily responsible for the project shall request a detailed fee proposal from the best qualified firm and shall attempt to negotiate a contract with the best qualified firm. Should the City department primarily responsible for the project be unable to negotiate a satisfactory contract with the firm considered to be the most qualified at fair and reasonable compensation, negotiations with that firm shall be terminated. The City department primarily responsible for the project shall then undertake negotiations with the second most qualified firm. Failing accord, negotiations shall be terminated. The City department primarily responsible for the project shall then undertake negotiations with the third most qualified firm. Failing accord, negotiations shall be terminated. Should the City department primarily responsible for the project be unable to negotiate a satisfactory contract with any of the selected firms, the City department primarily responsible for the project may select additional firms in the manner prescribed above and continue the negotiation procedure until an agreement is reached.
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8 This section shall not apply for contracts for professional services of private architectural, landscape architectural, engineering, environmental, land surveying, or construction project management firms with an estimated value of $100,000.00 or more, which contracts must be approved by the City Council. Contracting for said professional services will be done in accordance with the procedures prescribed in Sections 3.08.420 and 3.08.440 above; provided that, in addition to an evaluation on the basis of fair and reasonable prices to the City for the services to be rendered, the factors set forth in subsection A of this section may be used to evaluate the competence and professional qualifications of any individual or firm proposing to provide said services.

SECTION XV:

Section 3.08.520 of the Orange Municipal Code, “Purchasing System – Public Projects— Informal Bidding Procedures.,” is hereby amended to read as follows:

3.08.520 Public Projects—Informal Bidding Procedures.

Pursuant to the Uniform Public Construction Cost Accounting Act as adopted by the City (Public Contract Code Section 22000 et seq.), the following shall govern the selection of contractors when a public project which is anticipated to fall within the monetary limits on informal bids described in Section 3.08.500(C) of this chapter is to be performed:

A. The City shall prepare a notice of the opportunity to bid which describes the project in general terms, states the time and place for the submission of bids and describes how to obtain more detailed information about the project.

B. The City shall provide the notice to all contractors for the category of the work to be bid, as shown on the list of contractors developed and maintained by the Department of Public Works in accordance with criteria promulgated from time to time by the California Uniform Construction Cost Accounting Commission ("Commission").

C. The City may also provide the notice to all construction trade journals specified by the Commission for the County of Orange. Additional contractors and/or construction trade journals may also be notified at the discretion of the Director of Public Works; provided, however: (1) if the City has not prepared a list of qualified contractors for the particular category of work to be performed, the notice inviting bids shall be provided only to the construction trade journals specified by the Commission; and (2) if the product or service is proprietary in nature such that it can be legally obtained only from a certain contractor(s), the notice inviting informal bids may be provided exclusively to such contractor(s).

D. All notices to contractors and construction trade journals pursuant to this section shall be provided not less than 10 calendar days before bids are due.

E. The City Manager shall have the authority to award informal contracts pursuant to this section with a value of $100,000.00 or less pursuant to the findings and recommendations presented by the Director of Public Works. Such contracts shall have the prior approval of, 861
9 and be executed by, the City Manager and shall be approved as to form by the City Attorney.

All contracts with a value in excess of $100,000.00 to be awarded pursuant to this section shall require the approval of the City Council and shall be executed by the Mayor and approved as to form by the City Attorney. Unless the agreement provides otherwise, the City Manager may approve dollar increases to contracts that have been approved by the City Council. The extent of the City Manager's authority to approve such increases shall be in the amount of $30,000.00 or 10%, whichever is greater. However, in no event may the City Manager approve an increase of more than $100,000.00.

F. If all informal bids received exceed that amount set forth in Public Contract Code Section 22032(b), or as it may be amended from time to time, and the City Council determines that the cost estimate was reasonable, the City Council may award the contract to the lowest responsible bidder at up to that additional amount set forth in Public Contract Code Section 22034(d), or as it may be amended from time to time, by resolution approved by the vote of the whole City Council as required by Section 22034(d). Such contracts shall be executed by the Mayor and approved as to form by the City Attorney. Otherwise, such work shall be awarded to the lowest responsible bidder pursuant to the formal bid procedures prescribed in Sections 3.08.530 through 3.08.570 of this chapter.

SECTION XVI:

Section 3.08.560 of the Orange Municipal Code, “Purchasing System – Public Projects— Award of Formal Bid Contracts.,” is hereby amended to read as follows:

3.08.560 Public Projects—Award of Formal Bid Contracts.

All contracts for public work with a value greater than that amount set forth in Public Contract Code Section 22032(c), or as it may be amended from time to time, shall require the approval of the City Council and shall be executed by the Mayor and approved as to form by the City Attorney.

However, in no event may the City Manager approve an increase of more than $100,000.00. If a contract is awarded, it shall be awarded by the City Council to the lowest responsible bidder. The determination of the "lowest responsible bidder" shall be at the discretion of the City Council pursuant to the findings and recommendations presented by the Director of Public Works at the time of award of contract. In determining the lowest responsible bidder, the following shall be considered by the City Council, in addition to price:

A. The ability, capacity and skill of the bidder to perform the contract or provide the services required;
B. Whether the bidder can perform the contract or provide the services promptly, or within the time specified, without delay or interference;
C. The sufficiency of the bidder's financial resources to perform the contract or provide the service;
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10 D. The ability of the bidder to provide future maintenance and services where such maintenance and service is essential;
E. The quality and timeliness of the bidder's performance on previous contracts for the City; F. Litigation by the bidder on previous contracts with the City; G. The character, integrity, reputation, judgment, experience and efficiency of the bidder; H. The bidder is licensed under the Contractors' State License Law (commencing with Section 7000 of the Business and Professions Code of the State of California, as the same may be amended from time to time) to perform the work for which it submitted a bid proposal.

SECTION XVII:

If any section, subdivision, paragraph, sentence, clause or phrase of this Ordinance is for any reason held to be invalid or unconstitutional, such decision shall not affect the validity of the remaining portions of this Ordinance. The City Council hereby declares that it would have passed this Ordinance, and each section, subdivision, paragraph, sentence, clause and phrase thereof, irrespective of the fact that any one (or more) section, subdivision, paragraph, sentence, clause or phrase had been declared invalid or unconstitutional.

SECTION XVIII:

The City Clerk is hereby directed to certify the adoption of this Ordinance and cause the same to be published as required by law. This Ordinance shall take effect thirty (30) days from and after the date of its final passage.

ADOPTED this day of , 2025.

Daniel R. Slater, Mayor, City of Orange
ATTEST:

Pamela Coleman, City Clerk, City of Orange
863
11 APPROVED AS TO FORM:

Nathalie Adourian, City Attorney, City of Orange

STATE OF CALIFORNIA )

COUNTY OF ORANGE )

CITY OF ORANGE )
I, PAMELA COLEMAN, City Clerk of the City of Orange, California, do hereby certify that the foregoing Ordinance was introduced at the regular meeting of the City Council held on the day of , 2025, and thereafter at the regular meeting of said City Council duly held on the _____ day of _______________, 2025 was duly passed and adopted by the following vote, to wit:

AYES: COUNCILMEMBERS:

NOES: COUNCILMEMBERS:

ABSENT: COUNCILMEMBERS:

ABSTAIN: COUNCILMEMBERS:

Pamela Coleman, City Clerk, City of Orange
864
ORDINANCE NO. 20-25

AN ORDINANCE OF THE CITY COUNCIL

OF THE CITY OF ORANGE AMENDING
SECTIONS 3.08.080, 3.08.120, 3.08.140,

3.08.180, 3.08.290, 3.08.320, 3.08.410, 3.08.420,

3.08.430, AND 3.08.560 OF THE ORANGE

MUNICIPAL CODE TO UPDATE THE
CITY’S PURCHASING SYSTEMVARIOUS

SECTIONS OF ORANGE MUNICIPAL
CODE CHAPTER 3.08.

WHEREAS, Chapter 3.08 of the Orange Municipal Code sets forth the City’s procedures for the purchase of materials, supplies and equipment, professional services, and the selection of contractors to perform public projects, and
WHEREAS, the purpose of this ordinance is to amend various sections of Chapter 3.08 setting vendor limits on a per fiscal year basis, clarifying the prohibition against splitting projects, increaseing and establishing the City Manager’s signing and acceptance of funds authority, as well as increasing all other dollar amount thresholds as detailed in Chapter 3.08 as well as the thresholds for the use of purchase orders in connection with the procurement of materials, supplies and equipment, public projects, and professional services.

NOW, THEREFORE, the City Council of the City of Orange does ordain as follows:

SECTION I:

The subject Ordinance is not subject to the provisions of the California Environmental Quality Act (CEQA) because it is not a "project" as defined in Guideline 15378.

SECTION II:

Section 3.08.065 of the Orange Municipal Code, “Purchasing System – General – Vendor Limits Per Fiscal Year,” is hereby added to read as follows:

3.08.065 General – Vendor Limits Per Fiscal Year.

Section 3.08.075 of the Orange Municipal Code, “Purchasing System – General – Prohibition against splitting projects.,” is hereby added to read as follows:

3.08.075 General – Prohibition against splitting projects.

A. It shall be unlawful to split into smaller work orders or projects any contract for supplies, equipment, or services for the purpose of circumventing or evading the requirements of this ordinance.

SECTION IV:

Section 3.08.080 of the Orange Municipal Code, “Purchasing System – General – Purchase Orders.,” is hereby amended to read as follows:

3.08.080 General – Purchase Orders.

The procurement of all materials, supplies or equipment, public projects and professional services of $5,000.00 $15,000.00 or more per fiscal year shall be made only by written purchase orders issued by the Purchasing Officer and any other contractual document deemed necessary and appropriate by the Purchasing Officer and the City Attorney. Except as otherwise provided herein, no purchase order shall be issued unless the prior approval of the Purchasing Officer, or his or her designated representative, has first been obtained. Supplies, equipment, public projects and professional services of less than $5,000.00 $15,000.00 in any one transaction shall be made using simplified and cost-effective operational procedures and forms approved by the Purchasing Officer without the use of formal or informal bid procedures and do not require a written purchase order.

SECTION V:

Section 3.08.085 of the Orange Municipal Code, “Purchasing System – General – Prohibition against splitting projects.,” is hereby added to read as follows:

3.08.085 General – Appropriation of Awarded Grant Funds.

SECTION VI:
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Section 3.08.120 of the Orange Municipal Code, “Purchasing System – Materials, Supplies and Equipment – General Bid Limits.,” is hereby amended to read as follows:

3.08.120 Materials, Supplies and Equipment – General Bid Limits.

A. The purchase of materials, supplies and equipment of estimated value of less than $30,000.00$100,000.00 per fiscal year shall be made pursuant to the informal bid procedure prescribed in Sections 3.08.140 through 3.08.170 below.

B. The purchase of materials, supplies and equipment of $30,000.00$100,000.00 or more per fiscal yearshall be made pursuant to the formal bid procedure prescribed in Sections 3.08.180 through 3.08.280, and shall require the approval of the City Council.

SECTION VII:

Section 3.08.140 of the Orange Municipal Code, “Purchasing System – Materials, Supplies and Equipment – Informal Bids.,” is hereby amended to read as follows:

3.08.140 Materials, Supplies and Equipment—Informal Bids.

The purchase of materials, supplies and equipment with an estimated value of less than $30,000.00 $100,000.00 may be made by the Purchasing Officer in accordance with the informal bid procedure prescribed in Sections 3.08.150 through 3.08.170 of this chapter.

SECTION VIII:

Section 3.08.180 of the Orange Municipal Code, “Purchasing System – Materials, Supplies and Equipment – Formal Bid Procedure.,” is hereby amended to read as follows:

3.08.180 Materials, Supplies and Equipment—Formal Bid Procedure.

Except as otherwise provided in Section 3.08.290 below, the purchase of materials, supplies or equipment of an estimated value of $30,000.00 $100,000.00 or more shall be awarded to the lowest responsible bidder in accordance with the formal bid procedure prescribed in Sections 3.08.190 through 3.08.280 below
SECTION IX:

Section 3.08.290 of the Orange Municipal Code, “Purchasing System – Materials, Supplies and Equipment – Exceptions to Competitive Bidding Requirements.,” is hereby amended to read as follows:
867

3.08.290 Materials, Supplies and Equipment—Exceptions to Competitive Bidding Requirements.

Notwithstanding any provision of this chapter to the contrary, the competitive bidding procedures and requirements for the purchase of materials, supplies or equipment may be dispensed with and the Purchasing Officer shall have the authority (except as otherwise provided herein below) to hire or purchase whenever:

A. Any agreement involving the acquisition of materials, supplies or equipment is to be entered into with another governmental entity through cooperative purchasing provisions; B. The purchase amount is less than $10,000.00 $30,000.00 per fiscal year; C. The using department head and the Purchasing Officer, with the approval of the City Manager, certify in writing that the materials, supplies or equipment is offered by only one vendor (sole source), or when only one vendor is able to supply a commodity within the time frame and/or under the terms and conditions which reasonably meet the needs of the using City department for purchases in excess of $10,000.00 $30,000.00 in value but less than $30,000.00 $100,000.00 in value per fiscal year;
D. The using department head and the Purchasing Officer, with the approval of the City Manager, certify in writing to the City Council that the materials, supplies or equipment is offered by only one vendor (sole source), or when only one vendor is able to supply a commodity within the time frame and/or under the terms and conditions which reasonably meet the needs of the using City department, for purchases of $30,000.00 $100,000.00 or more per fiscal year and the City Council approves such purchase; E. An emergency exists, in which event the head of any department may, with the approval of the Purchasing Officer, hire or purchase directly any materials, supplies or equipment, as needed; provided that such purchases shall not exceed the estimated value of $10,000.00.

The purchase of materials, supplies or equipment in excess of $10,000.00 must be approved by the Purchasing Officer and the City Manager. All emergency purchases which would otherwise require formal bidding procedures shall be submitted to the City Council by the City Manager at the next regular Council meeting for ratification.

Public Project Emergencies (Public Contract Code section 22050).

SECTION X:

Section 3.08.320 of the Orange Municipal Code, “Purchasing System – Materials, Supplies and Equipment – Approvals.,” is hereby amended to read as follows:

3.08.320 Materials, Supplies and Equipment—Approvals.

All purchases of materials, supplies and equipment with a value of less than $30,000.00 $100,000.00 per fiscal year shall have the prior approval of, and be executed by, the Finance Director and/or the Purchasing Officer. All purchases of materials, supplies and equipment with a value of $30,000.00 $100,000.00 per fiscal year or more shall require the approval of the City Council.

SECTION XI:

Section 3.08.410 of the Orange Municipal Code, “Purchasing System – Professional Services – Limits and Approvals.,” is hereby amended to read as follows:

3.08.410 Professional Services – Limits and Approvals.

A. Professional services of less than $5,000.00 $15,000.00 per fiscal year require the approval of the initiating department head, shall be processed using operational procedures and forms approved by the Purchasing Officer and do not require a written purchase order.

B. Professional services with a value in excess of $5,000.00 $15,000.00 but not more than $30,000.00 $100,000.00 per fiscal year require the approval of the initiating department head and shall be made by written contract executed by the City Manager and approved as to form by the City Attorney.

C. Professional services with a value in excess of $30,000.00 $100,000.00 per fiscal year require the approval of the City Council and shall be made by written contract executed by the Mayor and approved as to form by the City Attorney.

SECTION XII:
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Section 3.08.420 of the Orange Municipal Code, “Purchasing System – Professional Services – Procedures.,” is hereby amended to read as follows:

3.08.420 Professional Services—Procedures.

Due to the nature of professional services, the competitive bidding procedures and requirements of this chapter shall not be required for the retention of such services; provided, however, that the City department primarily responsible for the project for which professional services are required shall request a formal or informal written proposal from not less than three available and qualified consultants, whenever practicable. Where three consultants cannot be found which could provide the required service or where it is not practicable to obtain proposals from at least three available and qualified consultants, the initiating department head may then select from the available and qualified applicant consultants. Selections based on less than three firms must be documented with the names and addresses of consultants contacted by the City department primarily responsible for the project and the reasons why the provisions of this section could not be met. This documentation shall be maintained in the contract file of the City department primarily responsible for the project.

The proposals received are to be evaluated on the basis of demonstrated competence and on the professional qualifications necessary for the satisfactory performance of the services required and at fair and reasonable prices to the City. Unless otherwise required by state and federal law, the requirement for the obtainment of formal or informal written proposals from not less than three consultants and the selection procedures set forth in this chapter for the furnishing of professional services may be dispensed with where: (1) the City seeks to retain specially trained and experienced persons or firms which are in the business of rendering unique and/or specialized services and/or advice on financial, economic, accounting, engineering, legal, administrative matters, architectural design, environmental planning and/or analysis, public relations, insurance, medical or other specialized matters; and (2) the value of such services is not more than $30,000.00 $100,000.00 per fiscal year. The City Council may, by resolution, prescribe procedures, rules and regulations governing the solicitation, selection and award of proposals or bids for the furnishing of such special services.

SECTION XIII:

3.08.430 Professional Services—Authority of City Manager to Approve Increases in Contract Amounts.

Unless the contract for professional services provides otherwise, the City Manager may approve dollar increases in professional services agreements that have been approved by the City Council.

The extent of the City Manager's authority to approve such increases shall be in the amount of $10,000.00 or 10%, whichever is greater. However, in no event may the City Manager approve an increase of more than $30,000.00. The City Manager may approve an increase up to the greater of $30,000 or 10% of the original contract amount, but not to exceed a total increase of $100,000.

SECTION XIV:
870
Section 3.08.450 of the Orange Municipal Code, “Purchasing System – Professional Services – Selection of Private Architects, Engineers, Land Surveyors, Environmental, or Construction Project Management Services Firms.,” is hereby amended to read as follows:

3.08.450 Professional Services—Selection of Private Architects, Engineers, Land Surveyors, Environmental, or Construction Project Management Services Firms.

A. For all contracts for professional services of private architectural, landscape architectural, engineering, environmental, land surveying, or construction project management firms (as those terms are defined in Section 4525 of the Government Code of the State of California, as the same may be amended from time to time) with an estimated value of less than $30,000.00 $100,000, the City department primarily responsible for the project for which such professional services are required shall select firms based on their ability to perform the specific functions outlined in the solicitation for proposals or bids, including, but not limited to, such factors as: