INVESTMENT REPORT
City of Orange | As of December 31, 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 ▪
▪
▪
The near-term economic outlook continues to be distorted by the data delays from the government shutdown. Recently released government data—reflecting conditions from two to three months ago—indicate inflation remains moderately above the Federal Reserve’s target, while labor market conditions have continuedto soften. As the flow of economic data normalizes, the Chandler team expects further yield curve steepening as the Federal Reserve moves the policy rate toward a more neutral range. U.S. trade and fiscal policy also remain sources of elevated market uncertainty.
The Federal Reserve's December Federal Open Market Committee meeting concluded with the third consecutive 25-basis-point rate cut in 2025, lowering the target range to 3.50%–3.75%. However, policymakers remain divided on the path forward. Four Fed governors project one additional 25-basis-point cut in 2026, another four anticipateno further easing, eight expect multiple cuts, and three call for a potential rate hike. Chair Jerome Powell noted that the Fed is now “well placed to wait and see” how labor market conditions and inflation evolve in the near term.
The US Treasury yield curve steepened in December, as the 2-year Treasury yield dropped 2 basis points to 3.48%, the 5-year Treasury was up 13 basis points to 3.73%, and the 10-year Treasury yield was 15 basis points higher at 4.17%. The spread between the 2-year and 10- year Treasury yield points on the curve was 17 basis points wider from November at +69 basis points at December month-end. The spread between the 2-year Treasury and 10-year Treasury yield one year ago was +33 basis points. The spread between the 3-month and 10-year Treasury yield points on the curve was +54 basis points in December versus +21 basis points in November.
ECONOMIC UPDATE
3 -400
-200
0 200
400
600
800
1,000MOM Change In Thousands (000's)
Nonfarm Payroll (000's)
Non-farm Payroll (000's)
3-month average (000's)
-1.0%
3.0%
7.0%
11.0%
15.0%
Unemployment Rate
Underemployment Rate (U6)
Unemployment Rate (U3)
Rate (%)
The December Nonfarm Payrolls report showed weaker-than-expected job growth, with payrolls rising by 50,000 compared with the consensus estimate of 70,000. This follows a downwardly revised gain of 56,000 in November. Employment declines were most pronounced in retail trade and construction, while leisure and hospitality posted the strongest gains. Notably, the unemployment rate edged down to 4.4% after increasing to 4.6% in November.
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) reported that job openings fell to 7.1 million in November from a downwardly revised 7.4 millionin October. The dropin vacancies, alongside slower hiring, suggests the labor market continues to soften, though employers remain cautious about laying off workers. The number of openings now roughly matches the number of unemployed individuals, pointing to a labor market that is approaching equilibrium.
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%
Personal Consumption Expenditures (PCE)
PCE Price Deflator
YOY % Change
PCE Core Deflator
YOY % Change
Fed Target
YOY (%) Change
Inflation came in lower than expectedin November, with the Consumer Price Index (CPI) rising 2.7% year over year and core CPI easing to
2.6%. Notably, both Owners’ Equivalent Rent and Rent of Primary Residence contributed to the slowdown in services inflation. Shelter costs typically lag broader market trends by 12 to 18 months. Services, meanwhile, have remained the dominant driver of inflation throughout the post-pandemic period. The Personal Consumption Expenditures (PCE) Index for September, released on December 5, showed headline inflation up 0.3% from August and 2.8% year over year. Core PCE rose 0.2% on the month and 2.8% on an annual basis.
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
October Retail Sales, released with a one-month delay, were flat from the prior month but up 3.5% year over year. Eight of thirteen major categories posted gains, while motor vehicle sales declined following the expiration of federal tax incentives for electric vehicles, and gas station sales weakened amid lower fuel prices. The government shutdown may have weighed on consumer confidence regarding jobs, incomes, and overall financial conditions, both current and in the future. The Conference Board’s Consumer Confidence Index declined to
89.1 in December from an upwardly revised 92.9 in November, marking its fifth consecutive monthly drop. Consumers were pessimistic about both business conditions and the labor market.
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) declined 0.3% in September, marking its second consecutive monthly decrease after a revised 0.3% drop in August. On a year-over-year basis, the index fell 3.3%. According to the Conference Board, weakening expectations among consumers and businesses contributed most to the LEI’s overall decline. The index continues to signal slower economic growth through the end of 2025 and into 2026. The Chicago Fed National Activity Index (CFNAI) came in at -0.21 in September, following a downwardly revised -0.31 in August, signaling that U.S. economic activity remained below its historical trend for the sixth consecutive month. The three-month moving average ticked down to -0.21 in September from -0.18 in August, reinforcing signs of ongoing below-trend national growth. Employment-related indicators turned slightly positive, contributing +0.01 in September after a -0.11 result in August.
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
The S&P Cotality Case-Shiller 20-City Composite Home Price Index rose 1.3% year over year in October, slightly down from a 1.4% gain in September and marking the slowest annual increase since mid ‑2023. Short-term momentum also weakened, with 80 percent of the 20 tracked markets recording month-over-month price declineson a non-seasonally adjusted basis. Housing starts declined in October to an annualized rate of 1.25 million units, down from 1.29 million in September. Existing home sales inched higher in November to a 4.13 million-unit pace, indicating only modest improvement despite some relief in mortgage rates. The Freddie Mac 30‑year fixed mortgage rate fell throughout 2025 and averaged 6.18% at the end of December.
Source: US Department of Commerce Source: S&P
-20.0%
-16.0%
-12.0%
-8.0%
-4.0%
0.0%
4.0%
8.0%
12.0%
16.0%
20.0%
24.0%
S&P/Case-Shiller 20 City Composite Home Price Index
Recession
YOY (%) Change
HOUSING
9 40
45 50
55 60
65 70
Institute of Supply Management (ISM) Surveys
ISM Manufacturing ISM Services
EXPANDING
CONTRACTING
The Institute for Supply Management’s (ISM) manufacturing index slipped to 47.9 in December, down from 48.2 in November, marking continued weakness across the sector. Manufacturing activity has now been in contraction for 36 of the past 38 months, as readings below 50 indicate contraction and those above50 signal expansion. The latest decline was driven primarily by pullbacks in the Production and Inventories components. In contrast, the ISM services index remained in expansion territory, rising to 54.4 in December from 52.6 in November. Respondents attributed the improvementto seasonal strength, though many remained cautious about the potential impact of tariffs.
Source: Institute for Supply Management
SURVEY BASED MEASURES
10 Components of GDP 12/24 3/25 6/25 9/25
2.6% 0.4% 1.7% 2.4%
-1.3% 3.8% -2.7% 0.0%
-0.1% -4.7% 4.8% 1.6%
0.3% -0.4% -0.4% 0.2%
0.3% 0.2% 0.3% 0.2%
1.9% -0.6% 3.8% 4.3%
State and Local (Consumption and Gross
Investment)
Personal Consumption Expenditures
Gross Private Domestic Investment
Net Exports and Imports
Federal Government Expenditures
Total
-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 The U.S. inflation adjusted gross domestic product (GDP) report demonstrated continued strength in the third quarter, with the first estimate showing a 4.3% annualized quarter-over-quarter increase, up from 3.8% in the second quarter. Consumer spending accelerated, while exports contributed 1.6 percentage points to growth—both key drivers of the quarter’s performance. The stronger-than-expected result represented the fastest pace of U.S. economic expansion in two years. The consensus projection calls for 1.1% growth in the fourth quarter and 2.0% growth 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 target range of 3.50% to 3.75% at its December meeting, citing concerns about emerging weakness in the labor market. A few policymakers dissented, arguing that tighter monetary policy may still be warranted to ensure progress on price stability. Beginning December 1, the Fed also halted its balance sheet runoff, announcing that principal and interest payments from its holdings will be reinvested in Treasury securities to maintain ample reserves and support market stability.
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
Dec-25
Sep-25
Dec-24
Yield (%)
At the end of December, the 2-year yield was 77 basis points lower, and the 10-year yield was 40 basis points lower, year-over-year. The spread between the 2-year and 10-year Treasury yield points on the curve increased to +69 basis points at December month-end versus +52 basis points at November 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 +95 basis points. The spread between the 3-month and 10-year Treasury yield points on the curve was +54 basis points in December versus +21 basis points in November.
BOND YIELDS
13 ACCOUNT PROFILE
14 OBJECTIVES
Investment Objectives
The investment objectives of the City of Orange are first, to provide safety of principal to ensure the preservation of capital in the overall portfolio; second, to provide adequate liquidity to meet all requirements which might be reasonably anticipated; and third, to earn a commensurate rate of return.
Chandler Asset Management Performance Objective
The performance objective for the portfolio is to achieve a rate of return over a market cycle that equals or exceeds the return on a market index of similar duration and sector allocation.
Strategy
In order to achieve these objectives, the portfolio invests in high quality fixed income securities consistent with the investment policy and California Government Code. 15 STATEMENT OF COMPLIANCE
City of Orange Cons | Account #10897 | As of December 31, 2025 Rules Name Limit Actual Compliance
Status Notes
AGENCY MORTGAGE SECURITIES
Max % (BV; ABS, CMO & MBS) 20.0 8.3 Compliant
Max Maturity (Years) 5.0 4.1 Compliant
Min Rating (AA- by 1) 0.0 0.0 Compliant
ASSET-BACKED SECURITIES (ABS)
Max % (BV) 20.0 6.7 Compliant
Max % Issuer (BV) 5.0 0.7 Compliant
Max Maturity (Years) 5 3 Compliant
Min Rating (AA- by 1) 0.0 0.0 Compliant
COMMERCIAL PAPER
Max % (BV) 40.0 1.2 Compliant
Max % Issuer (BV) 5.0 1.2 Compliant
Max Maturity (Days) 270 48 Compliant
Min Rating (A-1 by 1 or A- by 1) 0.0 0.0 Compliant
CORPORATE MEDIUM TERM NOTES
Max % (BV) 30.0 14.7 Compliant
Max % Issuer (BV) 5.0 1.9 Compliant
Max Maturity (Years) 5 4 Compliant
Min Rating (A- by 1) 0.0 0.0 Compliant
FEDERAL AGENCIES
Max % (BV) 75.0 8.2 Compliant
Max % Issuer (BV) 30.0 5.6 Compliant
Max Callables (BV) 20.0 3.1 Compliant
Max Maturity (Years) 5 3 Compliant
LOCAL AGENCY INVESTMENT FUND (LAIF)
Max Concentration (BV) 75.0 41.2 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 December 31, 2025 Rules Name Limit Actual Compliance
Status Notes
Max % (BV) 20.0 0.1 Compliant
Max % Issuer (BV) 20.0 0.1 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 1.6 Compliant
Max % Issuer (BV) 10.0 1.6 Compliant
Max Maturity (Years) 5 4 Compliant
Min Rating (AA- by 1) 0.0 0.0 Compliant
U.S. TREASURIES
Max % (BV) 100.0 23.8 Compliant
Max Maturity (Years) 5 4 Compliant
17 PORTFOLIO CHARACTERISTICS
City of Orange | Account #10888 | As of December 31, 2025 Benchmark* 12/31/2025
Portfolio
9/30/2025
Portfolio
Average Maturity (yrs) 2.64 2.90 2.77
Average Modified Duration 2.47 2.47 2.35
Average Purchase Yield 3.94% 3.55%
Average Market Yield 3.55% 3.76% 3.89%
Average Quality** AA+ AA+ AA+
Total Market Value 94,541,792 107,933,405
*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 December 31, 2025 Sector as a Percentage of Market Value
Sector 12/31/2025 09/30/2025
US Treasury 41.01% 35.76%
Corporate 25.47% 27.33%
Agency 14.05% 19.72%
ABS 11.63% 10.35%
Supras 2.82% 2.46%
Agency CMBS 2.65% 2.30%
Comm Paper 2.12% 1.84%
Money Mkt Fd 0.24% 0.24%
19 ISSUERS
City of Orange | Account #10888 | As of December 31, 2025 Issuer Investment Type % Portfolio
United States US Treasury 41.01%
Federal Home Loan Banks Agency 9.57%
Farm Credit System Agency 4.48%
Apple Inc. Corporate 3.19%
International Bank for Recon and Dev Supras 2.82%
FHLMC Agency CMBS 2.65%
PepsiCo, Inc. Corporate 2.21%
Mitsubishi UFJ Financial Group, Inc. Comm Paper 2.12%
Honda Auto Receivables Owner Trust ABS 1.84%
GM Financial Automobile Leasing Trus ABS 1.52%
American Express Credit Master Trust ABS 1.51%
State Street Corporation Corporate 1.39%
Guardian Life Global Funding Corporate 1.39%
Cisco Systems, Inc. Corporate 1.37%
The Home Depot, Inc. Corporate 1.37%
Chubb Limited Corporate 1.36%
Merck & Co., Inc. Corporate 1.34%
Bank of America Corporation Corporate 1.33%
Massachusetts Mutual Life Insurance Corporate 1.31%
PACCAR Inc Corporate 1.30%
BMW Vehicle Owner Trust ABS 1.30%
John Deere Owner Trust ABS 1.25%
Chase Issuance Trust ABS 1.14%
Royal Bank of Canada Corporate 1.09%
Bank of Montreal Corporate 1.08%
UnitedHealth Group Incorporated Corporate 1.07%
Caterpillar Inc. Corporate 1.06%
Hyundai Auto Receivables Trust ABS 0.99%
New York Life Insurance Company Corporate 0.90%
Metropolitan Life Global Funding I Corporate 0.90%
20 ISSUERS
City of Orange | Account #10888 | As of December 31, 2025 Issuer Investment Type % Portfolio
Eli Lilly and Company Corporate 0.76%
WF Card Issuance Trust ABS 0.60%
Mercedes-Benz Auto Receivables Trust ABS 0.57%
Bank of America Credit Card Trust ABS 0.55%
Deere & Company Corporate 0.54%
Union Pacific Corporation Corporate 0.50%
Hyundai Auto Lease Securitization Tr ABS 0.36%
First American Govt Oblig Fund Money Mkt Fd 0.24%
Cash Cash 0.00%
TOTAL 100.00%
21 QUALITY DISTRIBUTION
Rating 12/31/2025 09/30/2025
AAA 12.41% 10.92%
AA 66.74% 65.70%
A 16.52% 19.47%
A-1 2.11% 1.82%
NA 2.22% 2.09%
Rating 12/31/2025 09/30/2025
Aaa 10.81% 9.60%
Aa 65.70% 64.81%
A 14.39% 17.61%
P-1 2.11% 1.82%
NA 6.99% 6.16%
Rating 12/31/2025 09/30/2025
AAA 12.98% 11.58%
AA 62.21% 61.73%
A 5.94% 10.28%
NA 18.87% 16.41%
City of Orange | Account #10888 | As of December 31, 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 6.3% 0.6% 13.4% 13.9% 18.0% 42.5% 5.3% 0.0% 0.0% ICE BofA 1-5 Year Unsubordinated US Treasury &
Agency Index 0.0% 0.0% 2.5% 35.4% 28.7% 21.2% 12.3% 0.0% 0.0%
DURATION DISTRIBUTION
City of Orange | Account #10888 | As of December 31, 2025 Portfolio Compared to the Benchmark
23 TOTAL RATE OF RETURN* 3 Months 12 Months 2 Years 3 Years 5 Years 10 Years Since Inception City of Orange 1.10% 5.84% 5.04% 5.00% 2.13%
Benchmark 1.11% 5.73% 4.57% 4.48% 1.96%
*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.
Benchmark: ICE BofA 1-5 Year Unsubordinated US Treasury & Agency Index
INVESTMENT PERFORMANCE
City of Orange | Account #10888 | As of December 31, 2025 Total Rate of Return : Inception | 01/01/2022
24 HISTORICAL AVERAGE PURCHASE YIELD
City of Orange | Account #10888 | As of December 31, 2025 Purchase Yield as of 12/31/25 = 3.94%
25 CONSOLIDATED INFORMATION
26 PORTFOLIO CHARACTERISTICS
City of Orange Cons | Account #10897 | As of December 31, 2025 12/31/2025
Portfolio
9/30/2025
Portfolio
Average Maturity (yrs) 1.69 2.04
Average Modified Duration 1.44 1.74
Average Purchase Yield 3.89% 3.38%
Average Market Yield 3.78% 3.63%
Average Quality** AA+ AA+
Total Market Value 161,935,832 146,227,715
*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 December 31, 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 48,959.08 02/16/2023
5.09%
48,949.98
48,956.23
100.23
4.16%
49,071.49
68.54 0.05%
115.26
Aaa/NA
AAA
1.30 0.25
47800CAC0 JDOT 2023 A3 5.01 11/15/2027 152,451.57 02/22/2023
3.39%
152,423.80
152,440.54
100.46
4.01%
153,153.00
339.46
0.16%
712.47
Aaa/NA
AAA
1.87 0.43
36271VAD9 GMALT 2025-1 A3 4.66
02/21/2028 430,000.00 02/05/2025
4.66%
429,949.26
429,964.11
100.82
3.88%
433,521.27
612.27
0.46%
3,557.16
NA/AAA
AAA
2.14 0.98
05592XAD2 BMWOT 2023-A A3 5.47
02/25/2028 80,641.71 07/11/2023
5.47%
80,627.42
80,635.04
100.60
4.08%
81,128.14
73.52 0.09%
493.10
NA/AAA
AAA
2.15 0.42
44935DAD1 HALST 2025-B A3 4.53 04/17/2028 330,000.00 04/24/2025
4.53%
329,970.20
329,976.97
100.90
3.88%
332,979.90
664.40
0.36%
3,002.93
NA/AAA
AAA
2.30 1.30
02582JJZ4 AMXCA 2023-1 A 4.87 05/15/2026 350,000.00 06/07/2023
4.92%
349,968.96
349,996.10
100.37
3.90%
351,280.30
757.56
0.37%
1,284.20
NA/AAA
AAA
0.37 0.36
362962AD4 GMALT 2025-2 A3 4.58
05/22/2028 985,000.00 --
4.80%
985,558.36
985,396.52
100.90
3.87%
993,839.39
1,378.45
1.06%
8,442.87
NA/AAA
AAA
2.39 1.18
438123AC5 HAROT 2023-4 A3 5.67
06/21/2028 233,868.36 11/01/2023
5.74%
233,827.17
233,846.34
101.09
4.09%
236,420.56
368.34
0.25%
2,574.22
Aaa/NA
AAA
2.47 0.64
161571HT4 CHAIT 2023-1 A 5.16 09/15/2028 1,060,000.00 09/07/2023
5.23%
1,059,706.17
1,059,841.10
100.94
3.83%
1,069,975.66
2,430.93
1.14%
10,134.56
NA/AAA
AAA
2.71 0.68
02582JKD1 AMXCA 2023-3 A 5.23 09/15/2026 1,055,000.00 09/12/2023
5.29%
1,054,952.84
1,054,988.90
100.99
3.84%
1,065,405.47
2,452.29
1.14%
10,416.57
NA/AAA
AAA
0.71 0.68
096919AD7 BMWOT 2024-A A3 5.18
02/26/2029 443,525.95 06/04/2024
5.18%
443,458.58
443,480.86
100.91
3.98%
447,574.01
382.91
0.48%
4,093.15
Aaa/AAA
NA
3.16 0.73
47786WAD2 JDOT 2024-B A3 5.2 03/15/2029 510,000.00 06/11/2024
5.81%
509,900.30
509,932.67
101.43
4.01%
517,269.03
1,178.67
0.55%
7,336.36
Aaa/NA
AAA
3.20 1.14
44934QAD3 HART 2024-B A3 4.84 03/15/2029 285,000.00 07/16/2024
5.45%
284,956.99
284,970.34
101.12
3.83%
288,187.44
613.07
0.31%
3,217.10
NA/AAA
AAA
3.20 1.05
43813YAC6 HAROT 2024-3 A3 4.57
03/21/2029 630,000.00 08/09/2024
4.66%
629,901.03
629,930.49
100.76
3.84%
634,788.00
799.75
0.68%
4,857.51
Aaa/NA
AAA
3.22 0.97
58768YAD7 MBALT 2025-A A3 4.61
04/16/2029 530,000.00 05/14/2025
4.66%
529,935.39
529,945.58
101.32
3.94%
536,988.58
1,085.91
0.57%
7,043.00
NA/AAA
AAA
3.29 1.84
05522RDJ4 BACCT 2024-1 A 4.93 05/15/2029 505,000.00 06/06/2024
4.93%
504,971.67
504,980.68
101.57
3.78%
512,911.33
1,106.51
0.55%
7,930.65
Aaa/AAA
NA
3.37 1.30
29 HOLDINGS REPORT
City of Orange | Account #10888 | As of December 31, 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
499,974.19
100.75
3.85%
503,730.00
940.00
0.54%
3,755.81
Aaa/NA
AAA
3.71 1.77
43814VAC1 HAROT 2025-1 A3 4.57
09/21/2029 795,000.00 02/04/2025
4.57%
794,975.51
794,980.22
101.11
3.88%
803,814.17
1,009.21
0.86%
8,833.94
NA/AAA
AAA
3.72 1.50
096924AD7 BMWOT 2025-A A3 4.56
09/25/2029 680,000.00 02/04/2025
4.56%
679,933.02
679,945.85
101.01
3.82%
686,838.76
516.80
0.73%
6,892.91
Aaa/AAA
NA
3.73 1.27
92970QAE5 WFCIT 2024-2 A 4.29 10/15/2029 560,000.00 10/17/2024
4.29%
559,916.78
559,936.66
100.97
3.76%
565,424.72
1,067.73
0.60%
5,488.06
Aaa/AAA
NA
3.79 1.69
44935CAD3 HART 2025-A A3 4.32 10/15/2029 635,000.00 03/04/2025
4.84%
634,906.34
634,922.81
100.74
3.90%
639,702.18
1,219.20
0.68%
4,779.37
NA/AAA
AAA
3.79 1.61
10,798,758.32 100.97 10,904,003.39 11.63% 2.80
Total ABS 10,799,446.67 4.92% 10,799,042.20 3.87% 19,065.52 104,961.19 1.13 AGENCY
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
98.42 3.70%
4,920,955.00
19,000.00
5.25%
(79,045.00)
Aa1/AA+
AA+
0.57 0.56
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
2,017,425.15
101.42
3.50%
2,028,436.00
25,763.89
2.16%
11,010.85
Aa1/AA+
AA+
1.71 1.61
3130AEB25 FEDERAL HOME LOAN BANKS 3.25
06/09/2028 2,000,000.00 07/24/2023
4.15%
1,921,180.00
1,960,612.13
99.40 3.51%
1,988,096.00
3,972.22
2.12%
27,483.87
Aa1/AA+
AA+
2.44 2.32
3130AXQK7 FEDERAL HOME LOAN BANKS 4.75
12/08/2028 2,000,000.00 01/29/2024
4.05%
2,060,660.00
2,036,655.87
103.05
3.64%
2,061,014.00
6,069.44
2.20%
24,358.13
Aa1/AA+
AA+
2.94 2.72
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
2,102,836.55
103.60
3.59%
2,175,600.00
16,902.08
2.32%
72,763.45
Aa1/AA+
AA+
3.33 3.04
13,141,823.00 100.61 13,174,101.00 14.05% 1.86
Total Agency 13,100,000.00 2.96% 13,117,529.70 3.62% 71,707.64 56,571.30 1.74
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
1,075,681.56
95.51 3.91%
1,088,808.30
2,465.25
1.16%
13,126.74
Aa1/AA+
AAA
3.73 3.40
3137FRUT6 FHMS K-106 A2 2.069 01/25/2030 1,500,000.00 06/12/2025
4.23%
1,365,820.31
1,381,834.52
92.97 3.95%
1,394,583.00
2,586.25
1.49%
12,748.48
Aa1/AA+
AAA
4.07 3.79
30 HOLDINGS REPORT
City of Orange | Account #10888 | As of December 31, 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
Total Agency CMBS 2,640,000.00 4.26%
2,431,942.97
2,457,516.08
94.08 3.93%
2,483,391.30
5,051.50
2.65%
25,875.22
3.92 3.62
CASH
CCYUSD Receivable 3,210.78 -- 3,210.78
3,210.78
1.00 3,210.78
0.00 0.00%
0.00 Aaa/AAA
AAA
0.00 0.00
Total Cash 3,210.78
3,210.78
3,210.78
1.00 3,210.78
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
1,988,850.56
99.51 3.86%
1,990,176.00
0.00 2.12%
1,325.44
P-1/A-1
NA
0.13 0.13
Total Commercial
Paper 2,000,000.00 4.41%
1,936,898.89
1,988,850.56
99.51 3.86%
1,990,176.00
0.00 2.12%
1,325.44
0.13 0.13
CORPORATE
037833EB2 APPLE INC 0.7 02/08/2026 3,000,000.00 02/08/2021
0.70%
2,999,730.00
2,999,994.38
99.68 3.86%
2,990,511.00
8,341.67
3.19%
(9,483.38)
Aaa/AA+
NA
0.11 0.10
713448FQ6 PEPSICO INC 4.55 02/13/2026 195,000.00 02/13/2023
4.57%
194,886.90
194,995.55
100.02
4.28%
195,042.71
3,401.13
0.21%
47.15 A1/A+
NA
0.12 0.03
907818GE2 UNION PACIFIC CORP 4.75
02/21/2026 470,000.00 02/13/2023
4.77%
469,689.80
469,985.57
100.04
4.37%
470,194.58
8,061.81
0.50%
209.01
A3/A-
A-
0.14 0.05
24422EXD6 JOHN DEERE CAPITAL CORP 5.15
09/08/2026 505,000.00 09/05/2023
5.18%
504,641.45
504,918.21
100.90
3.80%
509,520.76
8,163.47
0.54%
4,602.55
A1/A
A+
0.69 0.66
713448FW3 PEPSICO INC 5.125 11/10/2026 380,000.00 11/08/2023
5.13%
379,897.40
379,970.70
101.05
3.87%
383,972.52
2,758.96
0.41%
4,001.82
A1/A+
NA
0.86 0.75
06368LAQ9 BANK OF MONTREAL 4.7
09/14/2027 1,000,000.00 03/30/2023
4.91%
991,550.00
996,776.75
101.30
3.90%
1,012,990.00
13,969.44
1.08%
16,213.25
A2/A-
AA-
1.70 1.53
78016FZW7 ROYAL BANK OF CANADA 4.9
01/12/2028 1,000,000.00 03/30/2023
4.95%
997,990.00
999,147.93
102.00
3.87%
1,019,959.00
23,002.78
1.09%
20,811.07
A1/A
AA-
2.03 1.88
06051GGF0 BANK OF AMERICA CORP 3.824
01/20/2028 1,250,000.00 06/27/2024
5.30%
1,206,175.00
1,232,020.51
99.76 4.76%
1,247,002.50
21,377.22
1.33%
14,981.99
A1/A-
AA-
2.05 1.00
31 HOLDINGS REPORT
City of Orange | Account #10888 | As of December 31, 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
713448FL7 PEPSICO INC 3.6 02/18/2028 1,500,000.00 03/27/2024
4.49%
1,452,735.00
1,474,140.53
99.78 3.71%
1,496,656.50
19,950.00
1.60%
22,515.97
A1/A+
NA
2.13 2.00
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
101.53
3.79%
1,304,708.05
19,914.93
1.39%
19,708.05
Aa3/A
AA-
2.16 1.94
58933YBH7 MERCK & CO INC 4.05 05/17/2028 1,250,000.00 09/26/2024
3.76%
1,261,775.00
1,257,592.97
100.72
3.73%
1,259,006.25
6,187.50
1.34%
1,413.28
Aa3/A+
NA
2.38 2.16
91324PEU2 UNITEDHEALTH GROUP INC 4.25
01/15/2029 1,000,000.00 05/28/2024
5.05%
967,180.00
978,469.15
100.74
3.99%
1,007,377.00
19,597.22
1.07%
28,907.85
A2/A+
A
3.04 2.70
69371RS80 PACCAR FINANCIAL CORP 4.6
01/31/2029 1,200,000.00 03/27/2024
4.70%
1,194,684.00
1,196,618.18
101.84
3.96%
1,222,027.20
23,153.33
1.30%
25,409.02
A1/A+
NA
3.08 2.80
17275RBR2 CISCO SYSTEMS INC 4.85
02/26/2029 1,250,000.00 02/27/2024
4.84%
1,250,650.00
1,250,406.39
102.64
3.95%
1,283,015.00
21,050.35
1.37%
32,608.61
A1/AA-
NA
3.16 2.79
437076DC3 HOME DEPOT INC 4.75
06/25/2029 1,250,000.00 06/27/2024
4.82%
1,245,987.50
1,247,202.48
102.52
3.97%
1,281,555.00
989.58
1.37%
34,352.52
A2/A
A
3.48 3.12
532457CQ9 ELI LILLY AND CO 4.2 08/14/2029 705,000.00 08/12/2024
4.25%
703,456.05
703,883.05
100.97
3.91%
711,832.86
11,268.25
0.76%
7,949.81
Aa3/A+
NA
3.62 3.21
171239AL0 CHUBB INA HOLDINGS LLC 4.65
08/15/2029 1,250,000.00 09/26/2024
4.08%
1,280,725.00
1,272,640.40
102.21
3.99%
1,277,613.75
21,958.33
1.36%
4,973.35
A2/A
A
3.62 3.19
40139LBJ1 GUARDIAN LIFE GLOBAL FUNDING
4.179 09/26/2029 1,300,000.00 11/26/2024
4.67%
1,272,336.00
1,278,609.02
99.93 4.20%
1,299,139.40
14,336.29
1.39%
20,530.38
Aa1/AA+
NA
3.74 3.39
64952WFK4 NEW YORK LIFE GLOBAL FUNDING
4.6 12/05/2029 830,000.00 12/02/2024
4.61%
829,526.90
829,628.46
101.57
4.16%
843,034.32
2,757.44
0.90%
13,405.86
Aa1/AA+
AAA
3.93 3.55
14913UAX8 CATERPILLAR FINANCIAL SERVICES
CORP 4.8 01/08/2030 960,000.00 01/06/2025
4.84%
958,147.20
958,510.45
103.35
3.89%
992,187.84
22,144.00
1.06%
33,677.39
A2/A
A+
4.02 3.56
59217GFT1 METROPOLITAN LIFE GLOBAL
FUNDING I 4.9 01/09/2030 820,000.00 01/02/2025
4.95%
818,310.80
818,641.05
102.32
4.27%
839,007.60
19,197.11
0.90%
20,366.55
Aa3/AA-
AA-
4.02 3.54
57629TBV8 MASSMUTUAL GLOBAL FUNDING
II 4.95 01/10/2030 1,200,000.00 --
4.90%
1,202,338.00
1,202,091.13
102.38
4.30%
1,228,500.00
28,215.00
1.31%
26,408.87
Aa3/AA+
AA+
4.03 3.54
Total Corporate 23,600,000.00 4.20%
23,467,412.00
23,531,242.86
101.18
4.00%
23,874,853.83
319,795.81
25.47%
343,610.97
2.49 2.19
MONEY MARKET
FUND
32 HOLDINGS REPORT
City of Orange | Account #10888 | As of December 31, 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
31846V203 FIRST AMER:GVT OBLG Y 228,109.71 --
3.38%
228,109.71
228,109.71
1.00 3.38%
228,109.71
0.00 0.24%
0.00 Aaa/AAAm
AAA
0.00 0.00
Total Money Market
Fund 228,109.71 3.38%
228,109.71
228,109.71
1.00 3.38%
228,109.71
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
1,968,629.20
99.78 3.59%
1,995,670.00
32,861.11
2.13%
27,040.80
Aaa/AAA
NA
2.53 2.36
459058LR2
INTERNATIONAL BANK FOR
RECONSTRUCTION AND
DEVELOPM 4.125 03/20/2030
635,000.00 03/14/2025
4.20%
632,733.05
633,089.36
101.49
3.74%
644,449.44
7,348.80
0.69%
11,360.08
Aaa/AAA
NA
4.22 3.80
Total Supranational 2,635,000.00 4.20%
2,571,113.05
2,601,718.56
100.20
3.63%
2,640,119.44
40,209.91
2.82%
38,400.88
2.94 2.71
US TREASURY
91282CCZ2 UNITED STATES TREASURY 0.875
09/30/2026 3,000,000.00 09/30/2021
1.01%
2,980,546.88
2,997,102.27
98.03 3.59%
2,940,804.00
6,706.73
3.14%
(56,298.27)
Aa1/AA+
AA+
0.75 0.73
91282CKD2 UNITED STATES TREASURY 4.25
02/28/2029 2,200,000.00 03/27/2024
4.18%
2,206,617.19
2,204,247.07
102.02
3.57%
2,244,514.80
31,769.34
2.39%
40,267.73
Aa1/AA+
AA+
3.16 2.90
91282CKG5 UNITED STATES TREASURY 4.125
03/31/2029 2,200,000.00 05/28/2024
4.53%
2,161,156.25
2,173,950.29
101.66
3.58%
2,236,438.60
23,186.13
2.39%
62,488.31
Aa1/AA+
AA+
3.25 2.99
91282CKP5 UNITED STATES TREASURY 4.625
04/30/2029 2,000,000.00 --
4.13%
2,042,382.82
2,029,974.69
103.23
3.58%
2,064,610.00
15,842.54
2.20%
34,635.31
Aa1/AA+
AA+
3.33 3.05
91282CKT7 UNITED STATES TREASURY 4.5
05/31/2029 2,200,000.00 06/13/2024
4.25%
2,224,578.13
2,216,900.86
102.88
3.60%
2,263,250.00
8,703.30
2.41%
46,349.14
Aa1/AA+
AA+
3.41 3.13
91282CLC3 UNITED STATES TREASURY 4.0
07/31/2029 2,000,000.00 09/26/2024
3.56%
2,038,515.62
2,028,472.80
101.29
3.61%
2,025,860.00
33,478.26
2.16%
(2,612.80)
Aa1/AA+
AA+
3.58 3.26
91282CFJ5 UNITED STATES TREASURY 3.125
08/31/2029 2,000,000.00 10/30/2024
4.10%
1,915,156.25
1,935,682.19
98.31 3.62%
1,966,250.00
21,236.19
2.10%
30,567.81
Aa1/AA+
AA+
3.67 3.38
91282CFL0 UNITED STATES TREASURY 3.875
09/30/2029 2,200,000.00 10/30/2024
4.10%
2,177,828.13
2,183,102.44
100.86
3.62%
2,218,992.60
21,780.91
2.37%
35,890.16
Aa1/AA+
AA+
3.75 3.42
33 HOLDINGS REPORT
City of Orange | Account #10888 | As of December 31, 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
91282CFT3 UNITED STATES TREASURY 4.0
10/31/2029 2,500,000.00 04/29/2025
3.77%
2,523,535.16
2,520,015.62
101.31
3.63%
2,532,715.00
17,127.07
2.70%
12,699.38
Aa1/AA+
AA+
3.83 3.50
91282CMA6 UNITED STATES TREASURY 4.125
11/30/2029 2,400,000.00 12/27/2024
4.45%
2,366,062.50
2,372,997.39
101.73
3.65%
2,441,438.40
8,703.30
2.60%
68,441.01
Aa1/AA+
AA+
3.91 3.58
91282CMG3 UNITED STATES TREASURY 4.25
01/31/2030 2,500,000.00 04/29/2025
3.78%
2,550,488.28
2,543,337.95
102.22
3.66%
2,555,567.50
44,463.32
2.73%
12,229.55
Aa1/AA+
AA+
4.08 3.66
91282CGQ8 UNITED STATES TREASURY 4.0
02/28/2030 2,700,000.00 --
4.02%
2,697,195.31
2,697,620.93
101.27
3.67%
2,734,381.80
36,696.13
2.92%
36,760.87
Aa1/AA+
AA+
4.16 3.75
91282CGS4 UNITED STATES TREASURY 3.625
03/31/2030 2,500,000.00 04/29/2025
3.80%
2,480,664.06
2,483,312.52
99.81 3.67%
2,495,312.50
23,154.19
2.66%
11,999.98
Aa1/AA+
AA+
4.25 3.86
91282CMZ1 UNITED STATES TREASURY 3.875
04/30/2030 2,700,000.00 05/29/2025
4.03%
2,681,542.97
2,683,762.75
100.78
3.68%
2,721,095.10
17,919.20
2.90%
37,332.35
Aa1/AA+
AA+
4.33 3.93
91282CHF1 UNITED STATES TREASURY 3.75
05/31/2030 2,600,000.00 --
3.84%
2,589,183.60
2,590,136.71
100.25
3.69%
2,606,398.60
8,571.43
2.78%
16,261.89
Aa1/AA+
AA+
4.41 4.02
91282CNX5 UNITED STATES TREASURY 3.625
08/31/2030 2,400,000.00 09/29/2025
3.74%
2,387,625.00
2,388,272.33
99.64 3.71%
2,391,468.00
29,560.77
2.55%
3,195.67
Aa1/AA+
AA+
4.67 4.20
Total US Treasury 38,100,000.00 3.78%
38,023,078.15
38,048,888.81
100.91
3.63%
38,439,096.90
348,898.79
41.01%
390,208.09
3.64 3.32
Total Portfolio 93,105,767.16 3.94%
92,602,346.87
92,776,109.26
100.47
3.76%
93,737,062.34
804,729.18
100.00%
960,953.08
2.90 2.47
Total Market Value +
Accrued 94,541,791.53
34 HOLDINGS REPORT
City of Orange LAIF Balances | Account #10895 | As of December 31, 2025 Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
CASH
CCYUSD Receivable 270,426.23 -- 270,426.23
270,426.23
1.00 270,426.23
0.00 0.65%
0.00 Aaa/AAA
AAA
0.00 0.00
Total Cash 270,426.23
270,426.23
270,426.23
1.00 270,426.23
0.00 0.65%
0.00 0.00
0.00 LAIF
90LAIF$00 Local Agency Investment Fund
State Pool 41,185,415.46 --
3.98%
41,185,415.46
41,185,415.46
1.00 3.98%
41,185,415.46
0.00 99.35%
0.00 NA/NA
NA
0.00 0.00
Total LAIF 41,185,415.46 3.98%
41,185,415.46
41,185,415.46
1.00 3.98%
41,185,415.46
0.00 99.35%
0.00 0.00
0.00 Total Portfolio 41,455,841.69 3.98%
41,455,841.69
41,455,841.69
1.00 3.98%
41,455,841.69
0.00 100.00%
0.00 0.00
0.00 Total Market Value +
Accrued 41,455,841.69
35 HOLDINGS REPORT
City of Orange Bank Balances | Account #10896 | As of December 31, 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 604,428.96 --
0.00%
604,428.96
604,428.96
1.00 0.00%
604,428.96
0.00 2.33%
0.00 NA/NA
NA
0.00 0.00
999WEL$15 Wells Fargo 25,280,495.04 --
3.63%
25,280,495.04
25,280,495.04
1.00 3.63%
25,280,495.04
0.00 97.46%
0.00 NA/NA
NA
0.00 0.00
999WEL$12 Wells Fargo General 53,275.00 --
0.00%
53,275.00
53,275.00
1.00 0.00%
53,275.00
0.00 0.21%
0.00 NA/NA
NA
0.00 0.00
Total Cash 25,938,199.00 3.54%
25,938,199.00
25,938,199.00
1.00 3.54%
25,938,199.00
0.00 100.00%
0.00 0.00
0.00 Total Portfolio 25,938,199.00 3.54%
25,938,199.00
25,938,199.00
1.00 3.54%
25,938,199.00
0.00 100.00%
0.00 0.00
0.00 Total Market Value +
Accrued 25,938,199.00
36 TRANSACTIONS
37 TRANSACTION LEDGER
City of Orange | Account #10888|10/01/2025 Through 12/31/2025| Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp Yield Amount Interest Pur/
Sold Total Amount Gain/Loss
DISPOSITIONS
Maturity 10/16/2025 89236THP3 (5,000,000.00)
TOYOTA MOTOR
CREDIT CORP 0.8
10/16/2025
100.000 0.70% 5,000,000.00 0.00 5,000,000.00 0.00
Maturity 10/28/2025 3134GW3Z7 (8,050,000.00)
FEDERAL HOME LOAN
MORTGAGE CORP 0.6
10/28/2025
100.000 0.60% 8,050,000.00 0.00 8,050,000.00 0.00
Maturity 10/30/2025 63743HFF4 (495,000.00)
NATIONAL
RURAL UTILITIES
COOPERATIVE
FINANCE CORP 5.45
10/30/2025
100.000 5.50% 495,000.00 0.00 495,000.00 0.00
Total Maturity (13,545,000.00) 13,545,000.00 0.00 13,545,000.00 0.00 TOTAL
DISPOSITIONS (13,545,000.00) 13,545,000.00 0.00 13,545,000.00 0.00 38 TRANSACTION LEDGER
City of Orange LAIF Balances | Account #10895|10/01/2025 Through 12/31/2025| Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp Yield Amount Interest Pur/
Sold Total Amount Gain/Loss
ACQUISITIONS
Purchase 10/31/2025 90LAIF$00 380,885.74
Local Agency
Investment Fund State
Pool
1.000 4.13% (380,885.74) 0.00 (380,885.74) 0.00
Purchase 12/31/2025 90LAIF$00 15,000,000.00
Local Agency
Investment Fund State
Pool
1.000 3.98% (15,000,000.00) 0.00 (15,000,000.00) 0.00
Total Purchase 15,380,885.74 (15,380,885.74) 0.00 (15,380,885.74) 0.00 TOTAL
ACQUISITIONS 15,380,885.74 (15,380,885.74) 0.00 (15,380,885.74) 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 Unsubordinated US
Treasury & Agency Index
The ICE BofA 1-5 Year Unsubordinated US Treasury & Agency Index tracks the performance of US dollar denominated US Treasury and nonsubordinated US agency debt issued in the US domestic market. Qualifying securities must have an investment grade rating (based on an average of Moody’s, S&P and Fitch). Qualifying securities must have at least one year remaining term to final maturity and less than five years remaining term to final maturity, at least 18 months to maturity at time of issuance, a fixed coupon schedule, and a minimum amount outstanding of $1 billion for sovereigns and $250 million for agencies. 41