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.
TABLE OF CONTENTS
ECONOMIC UPDATE
ACCOUNT PROFILE
CONSOLIDATED INFORMATION
PORTFOLIO HOLDINGS
TRANSACTIONS
1 ECONOMIC UPDATE
2 ▪
▪
▪
Recent economic data suggest slower growth in 2025 and greater market uncertainty as the effects of fiscal policy unfold. 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 month- end. 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 -400
-200
0 200
400
600
800
1,000MOM Change In Thousands (000's)
Nonfarm Payroll (000's)
Non-farm Payroll (000's)
3-month average (000's)
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
Unemployment Rate
Underemployment Rate (U6)
Unemployment Rate (U3)
Rate (%)
The U.S. economy added 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 pre- pandemic level of 63.3%. The U-6 underemployment rate, which includes those who are marginally attached to the labor force and employed part time for economic reasons jumpedto 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 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 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 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 -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 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 40
45 50
55 60
65 70
Institute of Supply Management (ISM) Surveys
ISM Manufacturing ISM Services
EXPANDING
CONTRACTING
Manufacturing activity contractedat a slightly slower rate as the Institute for Supply Management (ISM) Manufacturing Index edgedup 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 dropsin 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 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 increasedat 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 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 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 ACCOUNT PROFILE
14 OBJECTIVES
Investment Objectives
The investment objectives of the City of Orange are first, to provide safety of principal to ensure the preservation of capital in the overall portfolio; second, to provide adequate liquidity to meet all requirements which might be reasonably anticipated; and third, to earn a commensurate rate of return.
Chandler Asset Management Performance Objective
The performance objective for the portfolio is to achieve a rate of return over a market cycle that equals or exceeds the return on a market index of similar duration and sector allocation.
Strategy
In order to achieve these objectives, the portfolio invests in high quality fixed income securities consistent with the investment policy and California Government Code. 15 STATEMENT OF COMPLIANCE
City of Orange Cons | Account #10897 | As of 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 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 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 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 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 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 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 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 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 HISTORICAL AVERAGE PURCHASE YIELD
City of Orange | Account #10888 | As of September 30, 2025 Purchase Yield as of 09/30/25 = 3.55%
25 CONSOLIDATED INFORMATION
26 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 PORTFOLIO HOLDINGS
28 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 02/16/2023
5.09%
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 02/05/2025
4.66%
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 07/11/2023
5.47%
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 11/01/2023
5.74%
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 06/04/2024
5.18%
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 08/09/2024
4.66%
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 05/14/2025
4.66%
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 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
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 02/04/2025
4.57%
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 02/04/2025
4.56%
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 10/28/2020
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 07/29/2021
0.90%
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 07/24/2023
4.15%
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 01/29/2024
4.05%
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 04/29/2024
4.70%
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 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
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 05/23/2025
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
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 11/19/2020
0.70%
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/A-
A
0.08 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 02/13/2023
4.77%
469,689.80
469,959.53
100.15
4.35%
470,684.21
2,480.56
0.44%
724.68
A3/A-
A-
0.39 0.30
24422EXD6 JOHN DEERE CAPITAL CORP 5.15
09/08/2026 505,000.00 09/05/2023
5.18%
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 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
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 03/30/2023
4.91%
991,550.00
996,299.23
101.22
4.04%
1,012,247.01
2,219.44
0.94%
15,947.78
A2/A-
AA-
1.96 1.77
78016FZW7 ROYAL BANK OF CANADA 4.9
01/12/2028 1,000,000.00 03/30/2023
4.95%
997,990.00
999,042.15
102.04
3.95%
1,020,400.27
10,752.78
0.95%
21,358.12
A1/A
AA-
2.28 2.12
06051GGF0 BANK OF AMERICA CORP 3.824
01/20/2028 1,250,000.00 06/27/2024
5.30%
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/A-
AA-
2.31 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 02/25/2025
4.51%
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
AA-
2.41 2.18
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 05/28/2024
5.05%
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 03/27/2024
4.70%
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 02/27/2024
4.84%
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/AA-
NA
3.41 3.03
437076DC3 HOME DEPOT INC 4.75
06/25/2029 1,250,000.00 06/27/2024
4.82%
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 09/26/2024
4.08%
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 11/26/2024
4.67%
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 12/02/2024
4.61%
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 01/06/2025
4.84%
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 01/02/2025
4.95%
818,310.80
818,555.95
102.53
4.24%
840,769.51
9,152.11
0.78%
22,213.56
Aa3/AA-
AA-
4.28 3.79
32 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
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 09/30/2021
1.01%
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 03/27/2024
4.18%
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 05/28/2024
4.53%
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 06/13/2024
4.25%
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 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
91282CLC3 UNITED STATES TREASURY 4.0
07/31/2029 2,000,000.00 09/26/2024
3.56%
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 10/30/2024
4.10%
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 10/30/2024
4.10%
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 04/29/2025
3.77%
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 12/27/2024
4.45%
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 04/29/2025
3.78%
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 04/29/2025
3.80%
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 05/29/2025
4.03%
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 09/29/2025
3.74%
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 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 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 TRANSACTIONS
37 TRANSACTION LEDGER
City of Orange | Account #10888|07/01/2025 Through 09/30/2025| Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp Yield 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 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/Disp Yield 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 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.
Index returns assume reinvestment of all distributions. Historical performance results for investment indexes generally do not reflect the deduction of transaction and/or custodial charges or the deduction of an investment management fee, the incurrence of which would have the effect of decreasing historical performance results. It is not possible to invest directly in an index.
Source ICE Data Indices, LLC (“ICE”), used with permission. ICE permits use of the ICE indices and related data on an “as is” basis; ICE, its affiliates and their respective third party suppliers disclaim any and all warranties and representations, express and/or implied, including any warranties of merchantability or fitness for a particular purpose or use, including the indices, index data and any data included in, related to, or derived therefrom. Neither ICE data, its affiliates or their respective third party providers guarantee the quality, adequacy, accuracy, timeliness or completeness of the indices or the index data or any component thereof, and the indices and index data and all components thereof are provided on an “as is” basis and licensee’s use it at licensee’s own risk. ICE data, its affiliates and their respective third party do not sponsor, endorse, or recommend chandler asset management, or any of its products or services.
This report is provided for informational purposes only and should not be construed as a specific investment or legal advice. The information contained herein was obtained from sources believed to be reliable as of the date of publication, but may become outdated or superseded at any time without notice. Any opinions or views expressed are based on current market conditions and are subject to change. This report may contain forecasts and forward-looking statements which are inherently limited and should not be relied upon as indicator of future results. Past performance is not indicative of future results. This report is not intended to constitute an offer, solicitation, recommendation or advice regarding any securities or investment strategy and should not be regarded by recipients as a substitute for the exercise of their own judgment.
Fixed income investments are subject to interest, credit and market risk. Interest rate risk: the value of fixed income investments will decline as interest rates rise. Credit risk: the possibility that the borrower may not be able to repay interest and principal. Low rated bonds generally have to pay higher interest rates to attract investors willing to take on greater risk. Market risk: the bond market in general could decline due to economic conditions, especially during periods of rising interest rates.
Ratings information have been provided by Moody’s, S&P and Fitch through data feeds we believe to be reliable as of the date of this statement, however we cannot guarantee its accuracy.
Security level ratings for U.S. Agency issued mortgage-backed securities (“MBS”) reflect the issuer rating because the securities themselves are not rated. The issuing U.S. Agency guarantees the full and timely payment of both principal and interest. 40 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