INVESTMENT REPORT
City of Orange | As of March 31, 2026
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 ▪
▪
▪
March payrolls reboundedby 178,000 after February’s revised 133,000 decline, but the war in Iran and its disruption of the Strait of Hormuz have pushed crude oil above $112, injecting a potential inflationary shock into an economy contending with sticky core prices above 3%.
The Federal Reserve has held the funds rate at 3.50–3.75% and is signaling a cautionary stance, keeping open the option of delaying cuts if oil‑related inflation proves persistent rather than transitory. As the data flow normalizes, the Chandler team anticipates additional yield curve steepening as the Federal Reserve gradually guides the policy rate toward a more neutral range. The Federal Reserve’s March dot plot still projects one cut this year, yet the Iran-driven energy shock has narrowed the path toward easing.
The Federal Reserve’s March 2026 FOMC meeting ended with policymakers again holding the target range at 3.50%–3.75%, as the Committee maintained its pause following three late ‑2025 rate cuts. Governor Stephen Miran dissented in favor of an additional quarter‑point reduction, while Christopher Waller joined the majority, tipping the vote 11–1 to leave the benchmark rate unchanged.
Meanwhile, President Trump’s nominationof Kevin Warsh to succeed Jerome Powell as chair has hit a roadblock after a Republican senator vowed to block Warsh’s confirmation amid the Justice Department’s ongoing probe of the central bank.
Treasury yields exhibited considerable first-quarter volatility as the Iran conflict injected energy-driven inflation fears into a market grappling with sticky core prices. At March month-end, the 2-year yield stood at 3.79%, up 32 basis points year-to-date, the 10-year at
4.32%, and the 30-year at 4.86%. The 2-year to 10-year spread narrowed to 52 basis points, reflecting pronounced flattening as short rates rose faster than longer maturities. One year ago, that spread stood near 32 basis points, providing context on normalization since the 2022 through 2024 yield curve inversion. The 3-month to 10-year spread was approximately 64 basis points at March month-end.
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%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
Unemployment Rate
Underemployment Rate (U6)
Unemployment Rate (U3)
Rate (%)
March nonfarm payrolls rose by 178,000, a decisive reversal from February’s revised 133,000 decline that had been distorted by a Kaiser Permanente strike affecting over 30,000 healthcare workers and severe winter weather. Healthcare contributed 76,000 positions as striking nurses returned, while construction and leisure rebounded from weather-induced troughs. The unemployment rate edged lowerto
4.3%, though partly from a labor force reduction rather than a hiring acceleration. Meanwhile, the underemployment rate edged up to
8.0% from 7.9% in February. Average hourly earnings rose 0.2% over the month and 3.5% year over year—the slowest annual pace since May 2021.
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)
Job openings fell to 6.9 million in February from a revised 7.2 million in January, according to the Bureau of Labor Statistics’ Job Openings and Labor Turnover Survey. The ratio of openings to unemployed workers slipped to 0.9, reinforcing the gradual rebalancing of demand and supply. Hires decreased to 4.8 million, the lowest since April 2020, suggesting employers have grown selective about adding headcount. Quits were little changed at 3 million. The data reflects a labor market consistent with the Federal Reserve’s characterization of a no-hire, no-fire environment.
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 firmed slightly in February on a headline basis, with the Consumer Price Index (CPI) rising 0.3% for the month, following a 0.2% increase in January. On an annual basis, headline CPI rose 2.4%, unchanged from January. Core CPI, which excludes volatile food and energy prices, increased 0.2% in February, down from January’s 0.3% pace, while the annual rate held steady at 2.5%. The Personal Consumption Expenditures (PCE) Index rose 0.3% in January, easing from a 0.4% gain in December. On a year-over-year basis, headline PCE also edged down to 2.8% from 2.9% the prior month. Core PCE held steady at 0.4% on the month but ticked up to 3.1% annually from
3.0% in December, driven largely by higher healthcare services costs.
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
The Conference Board’s Consumer Confidence Index edged up to 91.8 in March from 91.0 in February, a second consecutive gain that nonetheless sits well below the all-time peak of 144.7 from early 2000. The Present Situation component rose 4.6 points to 123.3 on favorable assessments of business and labor conditions, while the Expectations Index slipped 1.7 points to 70.9. Inflation expectations climbed to their highest since August 2025, reflecting tariff passthrough and elevated gasoline prices. February retail sales rebounded
0.6% from January, with stronger auto and broad-based discretionary spending offsetting January’s weather- and vehicle-related weakness; the control group also advanced 0.5%, signaling firmer underlying consumer demand. 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 Chicago Fed National Activity Index (CFNAI) fell to ‑0.11 in February, following a positive revision to 0.20 in January. The index’s three‑month moving average edgedup to ‑0.01 from ‑0.02 the prior month. Production and employment related indicators turned negative in February, while sales, orders, and inventories also remained in negative territory. The personal consumption and housing categories slipped modestly but stayed in positive territory. The Conference Board’s Leading Economic Index (LEI) declined 0.1% in January, an improvement from ‑0.2% in December, with consumer expectations and building permits the largest drags on the index. On a year‑over‑year basis, the LEI fell 3.8%, continuing to signal slower economic growth heading into 2026. Notably, the latest LEI data do not yet reflect the impact of the war in Iran.
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 rose 7.2% in January to an annualized pace of 1.487 million units, including 935,000 single-family and 552,000 multifamily starts. The January S&P Cotality Case-Shiller 20-City Composite posted a 1.18% year-over-year gain, continuing deceleration from December’s revised 1.43% annual increase. Inflation again outpaced home price appreciation, extending the erosion of real housing returns that began in the second half of 2025. The Freddie Mac 30-year fixed mortgage rate climbed to 6.46% as of April 2, its fifth consecutive weekly rise, reversing progress made when rates dipped below 6% in February. Higher borrowing costs and elevated prices continue to constrain affordability.
Source: US Department of Commerce Source: S&P
-20.0%
-16.0%
-12.0%
-8.0%
-4.0%
0.0%
4.0%
8.0%
12.0%
16.0%
20.0%
24.0%
S&P/Case-Shiller 20 City Composite Home Price Index
Recession
YOY (%) Change
HOUSING
9 40
45 50
55 60
65 70
Institute of Supply Management (ISM) Surveys
ISM Manufacturing ISM Services
EXPANDING
CONTRACTING
The Institute for Supply Management’s Manufacturing Index rose to 52.7 in March from 52.4, the fastest factory expansion since August 2022 and a third consecutive month above 50. Production accelerated to 55.1 from 53.5, though new orders decelerated to 53.5 from 55.8.
The prices subindex leaped to 78.3 from 70.5, reflecting elevated energy costs, metals tariffs, and Iran-related supply disruptions.
Employment remained in contraction at 48.7. The Services Index eased to 54.0 in March from 56.1 in February but still posted its 21st consecutive month of expansion. With both measures above the 50 threshold, ISM data point toward a resilient if cost-pressured economy.
Source: Institute for Supply Management
SURVEY BASED MEASURES
10 Components of GDP 3/25 6/25 9/25 12/25
0.4% 1.7% 2.3% 1.3%
3.8% -2.7% 0.0% 0.6%
-4.7% 4.8% 1.6% -0.2%
-0.4% -0.4% 0.2% -1.2%
0.2% 0.3% 0.2% 0.1%
-0.6% 3.8% 4.4% 0.7%
State and Local (Consumption and Gross
Investment)
Personal Consumption Expenditures
Gross Private Domestic Investment
Net Exports and Imports
Federal Government Expenditures
Total
-2.0%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
Gross Domestic Product (GDP)
GDP QOQ % Change
GDP YOY % Change
Source: US Department of Commerce Source: US Department of Commerce The second estimate of real gross domestic product (GDP) showed fourth-quarter growth revised down to 0.7% from the initial 1.4% estimate. The slowdown from 4.4% in the third quarter primarily reflected a sharp pullback in government spending, as the federal government shutdown weighed on activity. Personal Consumption Expenditures also declined across both goods and services.
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 left its benchmark interest rate unchanged in March, keeping the target range at 3.50% to 3.75% following three late‑2025 rate cuts that were justified by signs of softening in the labor market. However, policymakers have grown wary of potential inflationary pressures stemming from tariffs, the war in Iran, and the ensuing spike in commodity prices. The Federal Reserve now projects just one rate cut in 2026, even as inflation expectations rise. The Committee also reaffirmed its December decision to halt balance sheet runoff and to reinvest principal and interest payments from its securities holdings, signaling a continued emphasis on maintaining ample reserves and supporting orderly market functioning.
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 (%)
2.0%
2.5%
3.0%
3.5%
4.0%
4.5%
5.0%
5.5%
US Treasury Yield Curve
Mar-26
Dec-25
Mar-25
Yield (%)
At March month-end, the 2-year Treasury yield stood at 3.79%, down approximately 9 basis points from one year ago, while the 10-year finished at 4.32%, roughly 11 basis points higher year-over-year. The spread between the two narrowed to 52 basis points, wider by 20 basis points year-over-year. The prior 2-year to 10-year inversion from July 2022 through August 2024 was historically long. The average spread since 2005 is approximately 95 basis points, suggesting the current slope sits well below its long-run norm. The 3-month to 10- year spread stood near 64 basis points at March month-end.
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 March 31, 2026 Rules Name Limit Actual Compliance
Status Notes
AGENCY MORTGAGE SECURITIES
Max % (BV; ABS, CMO & MBS) 20.0 12.9 Compliant
Max Maturity (Years) 5.0 4.7 Compliant
Min Rating (AA- by 1) 0.0 0.0 Compliant
ASSET-BACKED SECURITIES (ABS)
Max % (BV) 20.0 7.0 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 1.3 Compliant
Max % Issuer (BV) 5.0 1.3 Compliant
Max Maturity (Days) 270 125 Compliant
Min Rating (A-1 by 1 or A- by 1) 0.0 0.0 Compliant
CORPORATE MEDIUM TERM NOTES
Max % (BV) 30.0 18.0 Compliant
Max % Issuer (BV) 5.0 1.4 Compliant
Max Maturity (Years) 5 4 Compliant
Min Rating (A- by 1) 0.0 0.0 Compliant
FEDERAL AGENCIES
Max % (BV) 75.0 8.1 Compliant
Max % Issuer (BV) 30.0 5.5 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 41.7 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 March 31, 2026 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 1.6 Compliant
Max % Issuer (BV) 10.0 1.6 Compliant
Max Maturity (Years) 5 3 Compliant
Min Rating (AA- by 1) 0.0 0.0 Compliant
U.S. TREASURIES
Max % (BV) 100.0 24.8 Compliant
Max Maturity (Years) 5 4 Compliant
17 PORTFOLIO CHARACTERISTICS
City of Orange | Account #10888 | As of March 31, 2026
Benchmark* 3/31/2026
Portfolio
12/31/2025
Portfolio
Average Maturity (yrs) 2.65 3.05 2.90
Average Modified Duration 2.47 2.58 2.47
Average Purchase Yield 4.00% 3.94%
Average Market Yield 3.84% 4.04% 3.76%
Average Quality** AA+ AA+ AA+
Total Market Value 109,755,642 94,541,792
*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 March 31, 2026
Sector as a Percentage of Market Value
Sector 03/31/2026 12/31/2025
US Treasury 37.10% 41.01%
Corporate 26.98% 25.47%
Agency 12.06% 14.05%
ABS 10.54% 11.63%
Agency CMBS 8.67% 2.65%
Supras 2.41% 2.82%
Comm Paper 1.99% 2.12%
Money Mkt Fd 0.26% 0.24%
19 ISSUERS
City of Orange | Account #10888 | As of March 31, 2026
Issuer Investment Type % Portfolio
United States US Treasury 37.09%
Federal Home Loan Mortgage Corp Agency CMBS 8.67%
Federal Home Loan Banks Agency 8.23%
Farm Credit System Agency 3.83%
International Bank for Recon and Dev Supras 2.41%
Morgan Stanley Corporate 2.02%
Mitsubishi UFJ Financial Group, Inc. Comm Paper 1.99%
Chase Issuance Trust ABS 1.81%
PepsiCo, Inc. Corporate 1.72%
Honda Auto Receivables Owner Trust ABS 1.48%
Deere & Company Corporate 1.38%
GM Financial Auto Leasing Trust ABS 1.30%
American Express Credit Master Trust ABS 1.29%
Simon Property Group, Inc. Corporate 1.27%
JPMorgan Chase & Co. Corporate 1.21%
State Street Corporation Corporate 1.19%
Alphabet Inc. Corporate 1.18%
Guardian Life Global Funding Corporate 1.18%
Cisco Systems, Inc. Corporate 1.17%
The Home Depot, Inc. Corporate 1.16%
Chubb Limited Corporate 1.16%
Merck & Co., Inc. Corporate 1.15%
Bank of America Corporation Corporate 1.14%
PACCAR Inc Corporate 1.12%
Massachusetts Mutual Life Insurance Corporate 1.11%
Mastercard Incorporated Corporate 1.06%
John Deere Owner Trust ABS 1.03%
BMW Vehicle Owner Trust ABS 1.01%
American Express Company Corporate 0.93%
Royal Bank of Canada Corporate 0.93%
20 ISSUERS
City of Orange | Account #10888 | As of March 31, 2026
Issuer Investment Type % Portfolio
UnitedHealth Group Incorporated Corporate 0.92%
Abbott Laboratories Corporate 0.91%
Caterpillar Inc. Corporate 0.90%
Hyundai Auto Receivables Trust ABS 0.85%
New York Life Insurance Company Corporate 0.77%
Metropolitan Life Global Funding I Corporate 0.76%
Eli Lilly and Company Corporate 0.65%
WF Card Issuance Trust ABS 0.52%
Mercedes-Benz Auto Receivables Trust ABS 0.49%
Bank of America Credit Card Trust ABS 0.47%
Hyundai Auto Lease Sec Trust ABS 0.30%
First American Govt Oblig Fund Money Mkt Fd 0.26%
Cash Cash 0.01%
TOTAL 100.00%
21 QUALITY DISTRIBUTION
Rating 03/31/2026 12/31/2025
AAA 11.39% 12.41%
AA 64.00% 66.74%
A 20.87% 16.52%
A-1 1.98% 2.11%
NA 1.76% 2.22%
Rating 03/31/2026 12/31/2025
Aaa 8.10% 10.81%
Aa 66.05% 65.70%
A 17.08% 14.39%
P-1 1.98% 2.11%
NA 6.80% 6.99%
Rating 03/31/2026 12/31/2025
AAA 16.49% 12.98%
AA 57.28% 62.21%
A 8.52% 5.94%
NA 17.71% 18.87%
City of Orange | Account #10888 | As of March 31, 2026
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 0.6% 11.7% 4.6% 12.6% 21.0% 43.0% 6.4% 0.0% 0.0% ICE BofA 1-5 Year Unsubordinated US Treasury &
Agency Index 0.0% 0.0% 2.5% 35.8% 29.1% 20.5% 12.1% 0.0% 0.0%
DURATION DISTRIBUTION
City of Orange | Account #10888 | As of March 31, 2026
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 0.27% 4.16% 4.93% 4.47% 2.07%
Benchmark 0.20% 3.87% 4.68% 3.93% 1.89%
*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 March 31, 2026
Total Rate of Return : Inception | 01/01/2022
24 HISTORICAL AVERAGE PURCHASE YIELD
City of Orange | Account #10888 | As of March 31, 2026
Purchase Yield as of 03/31/26 = 4.00%
25 CONSOLIDATED INFORMATION
26 PORTFOLIO CHARACTERISTICS
City of Orange Cons | Account #10897 | As of March 31, 2026 3/31/2026
Portfolio
12/31/2025
Portfolio
Average Maturity (yrs) 2.04 1.69
Average Modified Duration 1.73 1.44
Average Purchase Yield 3.91% 3.89%
Average Market Yield 3.93% 3.78%
Average Quality** AA+ AA+
Total Market Value 163,794,677 161,935,832
*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 March 31, 2026
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 20,305.57 02/16/2023
5.09%
20,301.79
20,304.61
100.12
4.12%
20,329.28
28.43 0.02%
24.67 Aaa/NA
AAA
1.06 0.12
47800CAC0 JDOT 2023 A3 5.01 11/15/2027 103,373.67 02/22/2023
3.39%
103,354.83
103,367.17
100.29
4.10%
103,670.14
230.18
0.10%
302.97
Aaa/NA
AAA
1.63 0.29
36271VAD9 GMALT 2025-1 A3 4.66
02/21/2028 430,000.00 02/05/2025
4.66%
429,949.26
429,968.24
100.41
4.13%
431,781.06
612.27
0.40%
1,812.82
NA/AAA
AAA
1.90 0.72
05592XAD2 BMWOT 2023-A A3 5.47
02/25/2028 54,922.56 07/11/2023
5.47%
54,912.83
54,918.54
100.51
4.01%
55,201.62
50.07 0.05%
283.08
NA/AAA
AAA
1.91 0.33
44935DAD1 HALST 2025-B A3 4.53 04/17/2028 330,000.00 04/24/2025
4.53%
329,970.20
329,979.45
100.39
4.20%
331,285.02
664.40
0.30%
1,305.57
NA/AAA
AAA
2.05 1.04
02582JJZ4 AMXCA 2023-1 A 4.87 05/15/2026 350,000.00 06/07/2023
4.92%
349,968.96
349,998.72
100.10
4.09%
350,348.25
757.56
0.32%
349.53
NA/AAA
AAA
0.12 0.12
362962AD4 GMALT 2025-2 A3 4.58
05/22/2028 985,000.00 --
4.80%
985,558.36
985,329.40
100.47
4.11%
989,674.81
1,378.45
0.91%
4,345.41
NA/AAA
AAA
2.14 0.92
438123AC5 HAROT 2023-4 A3 5.67
06/21/2028 182,741.57 11/01/2023
5.74%
182,709.39
182,726.09
100.87
4.23%
184,329.78
287.82
0.17%
1,603.69
Aaa/NA
AAA
2.22 0.55
161571HT4 CHAIT 2023-1 A 5.16 09/15/2028 1,060,000.00 09/07/2023
5.23%
1,059,706.17
1,059,855.58
100.54
3.99%
1,065,750.50
2,430.93
0.98%
5,894.92
NA/AAA
AAA
2.46 0.44
02582JKD1 AMXCA 2023-3 A 5.23 09/15/2026 1,055,000.00 09/12/2023
5.29%
1,054,952.84
1,054,992.79
100.58
3.98%
1,061,109.51
2,452.29
0.97%
6,116.72
NA/AAA
AAA
0.46 0.44
096919AD7 BMWOT 2024-A A3 5.18
02/26/2029 357,684.95 06/04/2024
5.18%
357,630.62
357,651.42
100.66
4.30%
360,041.37
308.80
0.33%
2,389.95
Aaa/AAA
NA
2.91 0.70
47786WAD2 JDOT 2024-B A3 5.2 03/15/2029 508,128.17 06/11/2024
5.81%
508,028.84
508,066.25
100.96
4.07%
513,009.25
1,174.34
0.47%
4,943.00
Aaa/NA
AAA
2.96 0.80
44934QAD3 HART 2024-B A3 4.84 03/15/2029 285,000.00 07/16/2024
5.45%
284,956.99
284,972.62
100.59
4.13%
286,668.68
613.07
0.26%
1,696.06
NA/AAA
AAA
2.96 0.77
43813YAC6 HAROT 2024-3 A3 4.57
03/21/2029 607,392.26 08/09/2024
4.66%
607,296.84
607,330.38
100.36
4.13%
609,559.43
771.05
0.56%
2,229.06
Aaa/NA
AAA
2.97 0.72
58768YAD7 MBALT 2025-A A3 4.61
04/16/2029 530,000.00 05/14/2025
4.66%
529,935.39
529,949.66
100.72
4.21%
533,839.32
1,085.91
0.49%
3,889.66
NA/AAA
AAA
3.04 1.61
05522RDJ4 BACCT 2024-1 A 4.93 05/15/2029 505,000.00 06/06/2024
4.93%
504,971.67
504,982.09
101.03
4.02%
510,223.72
1,106.51
0.47%
5,241.63
Aaa/AAA
NA
3.12 1.07
29 HOLDINGS REPORT
City of Orange | Account #10888 | As of March 31, 2026
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
499,975.90
100.28
4.08%
501,397.00
940.00
0.46%
1,421.10
Aaa/NA
AAA
3.47 1.49
43814VAC1 HAROT 2025-1 A3 4.57
09/21/2029 795,000.00 02/04/2025
4.57%
794,975.51
794,981.53
100.66
4.03%
800,255.75
1,009.21
0.73%
5,274.21
NA/AAA
AAA
3.48 1.12
096924AD7 BMWOT 2025-A A3 4.56
09/25/2029 680,000.00 02/04/2025
4.56%
679,933.02
679,949.43
100.53
4.10%
683,636.64
516.80
0.63%
3,687.21
Aaa/AAA
NA
3.49 1.05
92970QAE5 WFCIT 2024-2 A 4.29 10/15/2029 560,000.00 10/17/2024
4.29%
559,916.78
559,940.78
100.41
4.05%
562,292.08
1,067.73
0.52%
2,351.30
Aaa/AAA
NA
3.54 1.46
44935CAD3 HART 2025-A A3 4.32 10/15/2029 635,000.00 03/04/2025
4.84%
634,906.34
634,927.83
100.23
4.17%
636,484.63
1,219.20
0.58%
1,556.80
NA/AAA
AAA
3.54 1.25
161571HZ0 CHAIT 2025-1 A 4.16 07/15/2030 900,000.00 02/26/2026
3.70%
910,089.84
909,706.68
100.25
4.08%
902,289.60
1,664.00
0.83%
(7,417.08)
NA/AAA
AAA
4.29 2.14
11,443,995.02 100.51 11,493,177.44 10.54% 2.69
Total ABS 11,434,548.75 4.82% 11,443,875.16 4.09% 20,369.02 49,302.28 0.99 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
99.05 3.82%
4,952,670.00
7,750.00
4.54%
(47,330.00)
Aa1/AA+
AA+
0.33 0.32
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
2,014,903.82
100.80
3.81%
2,015,922.00
3,888.89
1.85%
1,018.18
Aa1/AA+
AA+
1.46 1.40
3130AEB25 FEDERAL HOME LOAN BANKS 3.25
06/09/2028 2,000,000.00 07/24/2023
4.15%
1,921,180.00
1,964,595.17
98.96 3.75%
1,979,262.00
20,222.22
1.82%
14,666.83
Aa1/AA+
AA+
2.19 2.07
3130AXQK7 FEDERAL HOME LOAN BANKS 4.75
12/08/2028 2,000,000.00 01/29/2024
4.05%
2,060,660.00
2,033,578.42
102.29
3.84%
2,045,750.00
29,819.44
1.88%
12,171.58
Aa1/AA+
AA+
2.69 2.47
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
2,102,626.44
102.62
3.84%
2,155,028.40
41,839.58
1.98%
52,401.96
Aa1/AA+
AA+
3.08 2.80
13,141,823.00 100.39 13,148,632.40 12.06% 1.60
Total Agency 13,100,000.00 2.95% 13,115,703.85 3.81% 103,520.14 32,928.55 1.49
AGENCY CMBS
3137FG6X8 FHMS K-077 A2 3.85 05/25/2028 2,200,000.00 02/11/2026
3.70%
2,202,750.00
2,202,602.92
99.37 4.07%
2,186,120.20
7,058.33
2.01%
(16,482.72)
Aa1/AA+
AAA
2.15 1.95
30 HOLDINGS REPORT
City of Orange | Account #10888 | As of March 31, 2026
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
3137FNX54 FHMS K-097 A2 2.508 07/25/2029 2,000,000.00 02/18/2026
3.76%
1,919,062.50
1,921,509.14
95.03 4.11%
1,900,588.00
4,180.00
1.74%
(20,921.14)
Aaa/AA+
AA+
3.32 3.09
3137FRUT6 FHMS K-106 A2 2.069 01/25/2030 1,500,000.00 06/12/2025
4.23%
1,365,820.31
1,389,113.71
92.74 4.14%
1,391,094.00
2,586.25
1.28%
1,980.29
Aa1/AA+
AAA
3.82 3.56
3137HB2L7 FHMS K-753 A2 4.4 10/25/2030 2,000,000.00 02/18/2026
3.87%
2,040,390.63
2,039,501.60
100.49
4.24%
2,009,774.00
7,333.33
1.84%
(29,727.60)
Aa1/AA+
AAA
4.57 3.97
3137F8ZV8 FHMS K-123 A2 1.621 12/25/2030 2,200,000.00 02/11/2026
3.98%
1,976,648.44
1,982,142.79
89.15 4.22%
1,961,209.80
2,971.83
1.80%
(20,932.99)
Aa1/AA+
AAA
4.74 4.36
Total Agency CMBS 9,900,000.00 3.88%
9,504,671.88
9,534,870.16
95.64 4.16%
9,448,786.00
24,129.75
8.67%
(86,084.16)
3.68 3.35
CASH
CCYUSD Receivable 6,950.57 -- 6,950.57
6,950.57
1.00 6,950.57
0.00 0.01%
0.00 Aaa/AAA
AAA
0.00 0.00
Total Cash 6,950.57
6,950.57
6,950.57
1.00 6,950.57
0.00 0.01%
0.00 0.00
0.00 COMMERCIAL
PAPER
62479MH30 MUFG Bank, Ltd., New York
Branch 08/03/2026 2,200,000.00 02/13/2026
3.73%
2,162,545.61
2,172,189.55
98.66 3.94%
2,170,572.80
0.00 1.99%
(1,616.75)
P-1/A-1
NA
0.34 0.43
Total Commercial
Paper 2,200,000.00 3.73%
2,162,545.61
2,172,189.55
98.66 3.94%
2,170,572.80
0.00 1.99%
(1,616.75)
0.34 0.43
CORPORATE
24422EXD6 JOHN DEERE CAPITAL CORP 5.15
09/08/2026 505,000.00 09/05/2023
5.18%
504,641.45
504,947.66
100.48
4.01%
507,430.57
1,661.59
0.47%
2,482.91
A1/A
A+
0.44 0.43
713448FW3 PEPSICO INC 5.125 11/10/2026 380,000.00 11/08/2023
5.13%
379,897.40
379,979.12
100.53
4.23%
382,010.58
7,627.71
0.35%
2,031.46
A1/A+
NA
0.61 0.50
78016FZW7 ROYAL BANK OF CANADA 4.9
01/12/2028 1,000,000.00 03/30/2023
4.95%
997,990.00
999,251.42
101.16
4.22%
1,011,556.00
10,752.78
0.93%
12,304.58
A1/A
AA-
1.79 1.68
06051GGF0 BANK OF AMERICA CORP 3.824
01/20/2028 1,250,000.00 06/27/2024
5.30%
1,206,175.00
1,236,234.46
99.50 5.06%
1,243,767.50
9,427.22
1.14%
7,533.04
A1/A-
AA-
1.81 0.78
31 HOLDINGS REPORT
City of Orange | Account #10888 | As of March 31, 2026
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
1,477,131.98
99.22 4.03%
1,488,339.00
6,450.00
1.37%
11,207.02
A1/A+
NA
1.89 1.79
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
100.67
4.17%
1,293,609.50
5,343.03
1.19%
8,609.50
Aa3/A
AA-
1.91 1.73
58933YBH7 MERCK & CO INC 4.05 05/17/2028 1,250,000.00 09/26/2024
3.76%
1,261,775.00
1,256,776.52
100.12
3.99%
1,251,466.25
18,843.75
1.15%
(5,310.27)
Aa3/A+
NA
2.13 1.92
91324PEU2 UNITEDHEALTH GROUP INC 4.25
01/15/2029 1,000,000.00 05/28/2024
5.05%
967,180.00
980,214.89
99.82 4.32%
998,223.00
8,972.22
0.92%
18,008.11
A2/A+
A
2.79 2.58
69371RS80 PACCAR FINANCIAL CORP 4.6
01/31/2029 1,200,000.00 03/27/2024
4.70%
1,194,684.00
1,196,888.49
101.46
4.05%
1,217,532.00
9,353.33
1.12%
20,643.51
A1/A+
NA
2.84 2.62
17275RBR2 CISCO SYSTEMS INC 4.85
02/26/2029 1,250,000.00 02/27/2024
4.84%
1,250,650.00
1,250,373.76
101.83
4.17%
1,272,891.25
5,894.10
1.17%
22,517.49
A1/AA-
NA
2.91 2.60
002824BR0 ABBOTT LABORATORIES 3.7
03/09/2029 1,000,000.00 --
3.75%
998,465.00
998,497.21
98.81 4.13%
988,106.00
2,261.11
0.91%
(10,391.21)
Aa3/A+
NA
2.94 2.75
437076DC3 HOME DEPOT INC 4.75
06/25/2029 1,250,000.00 06/27/2024
4.82%
1,245,987.50
1,247,400.57
101.54
4.23%
1,269,211.25
15,833.33
1.16%
21,810.68
A2/A
A
3.24 2.87
532457CQ9 ELI LILLY AND CO 4.2 08/14/2029 705,000.00 08/12/2024
4.25%
703,456.05
703,959.14
100.09
4.17%
705,667.64
3,865.75
0.65%
1,708.49
Aa3/A+
NA
3.37 3.10
171239AL0 CHUBB INA HOLDINGS LLC 4.65
08/15/2029 1,250,000.00 09/26/2024
4.08%
1,280,725.00
1,271,062.06
101.12
4.29%
1,264,053.75
7,427.08
1.16%
(7,008.31)
A2/A
A
3.38 3.01
40139LBJ1 GUARDIAN LIFE GLOBAL FUNDING
4.179 09/26/2029 1,300,000.00 11/26/2024
4.67%
1,272,336.00
1,280,020.44
99.08 4.47%
1,287,991.90
754.54
1.18%
7,971.46
Aa1/AA+
NA
3.49 3.21
64952WFK4 NEW YORK LIFE GLOBAL FUNDING
4.6 12/05/2029 830,000.00 12/02/2024
4.61%
829,526.90
829,651.78
100.59
4.42%
834,875.42
12,302.44
0.77%
5,223.64
Aa1/AA+
AAA
3.68 3.30
14913UAX8 CATERPILLAR FINANCIAL SERVICES
CORP 4.8 01/08/2030 960,000.00 01/06/2025
4.84%
958,147.20
958,601.78
102.31
4.13%
982,173.12
10,624.00
0.90%
23,571.34
A2/A
A+
3.77 3.39
59217GFT1 METROPOLITAN LIFE GLOBAL
FUNDING I 4.9 01/09/2030 820,000.00 01/02/2025
4.95%
818,310.80
818,724.31
100.87
4.65%
827,102.84
9,152.11
0.76%
8,378.53
Aa3/AA-
AA-
3.78 3.38
57629TBV8 MASSMUTUAL GLOBAL FUNDING
II 4.95 01/10/2030 1,200,000.00 --
4.90%
1,202,338.00
1,201,963.10
101.07
4.64%
1,212,854.40
13,365.00
1.11%
10,891.30
Aa3/AA+
AA+
3.78 3.38
57636QAP9 MASTERCARD INC 3.35
03/26/2030 1,200,000.00 03/30/2026
4.28%
1,159,488.00
1,159,515.82
96.70 4.26%
1,160,433.60
558.33
1.06%
917.78
Aa3/A+
NA
3.99 3.68
24422EYF0 JOHN DEERE CAPITAL CORP 4.375
10/15/2030 1,000,000.00 03/30/2026
4.44%
997,420.00
997,421.56
99.85 4.41%
998,526.00
20,173.61
0.92%
1,104.44
A1/A
A+
4.54 4.00
32 HOLDINGS REPORT
City of Orange | Account #10888 | As of March 31, 2026
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
61747YFU4 MORGAN STANLEY 4.654
10/18/2030 2,200,000.00 02/13/2026
4.16%
2,236,300.00
2,235,134.28
99.96 4.68%
2,199,093.60
46,359.01
2.02%
(36,040.68)
A1/A-
A+
4.55 3.17
828807EB9 SIMON PROPERTY GROUP LP 4.3
01/15/2031 1,400,000.00 02/18/2026
4.23%
1,403,920.00
1,403,828.68
98.55 4.64%
1,379,747.60
13,043.33
1.27%
(24,081.08)
A3/A
NA
4.79 4.24
46647PEV4 JPMORGAN CHASE & CO 5.14
01/24/2031 1,300,000.00 02/11/2026
4.22%
1,343,264.00
1,341,823.87
101.83
4.62%
1,323,791.30
12,435.94
1.21%
(18,032.57)
A1/A
AA-
4.82 3.41
025816DY2 AMERICAN EXPRESS CO 5.085
01/30/2031 1,000,000.00 03/30/2026
4.62%
1,016,100.00
1,016,088.51
101.69
4.61%
1,016,915.00
8,616.25
0.93%
826.49
A2/A-
A
4.84 3.42
02079KBK2 ALPHABET INC 4.1 02/15/2031 1,300,000.00 02/12/2026
4.10%
1,300,075.52
1,300,073.60
99.31 4.26%
1,290,966.30
7,106.67
1.18%
(9,107.30)
Aa2/AA+
NA
4.88 4.35
Total Corporate 29,335,000.00 4.52%
29,266,587.82
29,330,565.02
100.27
4.36%
29,408,335.36
268,204.26
26.98%
77,770.34
3.35 2.84
MONEY MARKET
FUND
31846V203 FIRST AMER:GVT OBLG Y 278,772.52 --
3.28%
278,772.52
278,772.52
1.00 3.28%
278,772.52
0.00 0.26%
0.00 Aaa/AAAm
AAA
0.00 0.00
Total Money Market
Fund 278,772.52 3.28%
278,772.52
278,772.52
1.00 3.28%
278,772.52
0.00 0.26%
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
1,971,688.11
99.32 3.81%
1,986,320.00
15,361.11
1.82%
14,631.89
Aaa/AAA
NA
2.28 2.15
459058LR2
INTERNATIONAL BANK FOR
RECONSTRUCTION AND
DEVELOPM 4.125 03/20/2030
635,000.00 03/14/2025
4.20%
632,733.05
633,201.09
100.81
3.90%
640,141.60
800.36
0.59%
6,940.51
Aaa/AAA
NA
3.97 3.63
Total Supranational 2,635,000.00 4.20%
2,571,113.05
2,604,889.20
99.68 3.84%
2,626,461.60
16,161.48
2.41%
21,572.40
2.69 2.51
US TREASURY
91282CCZ2 UNITED STATES TREASURY 0.875
09/30/2026 3,000,000.00 09/30/2021
1.01%
2,980,546.88
2,998,061.08
98.59 3.76%
2,957,742.00
71.72 2.71%
(40,319.08)
Aa1/AA+
AA+
0.50 0.49
33 HOLDINGS REPORT
City of Orange | Account #10888 | As of March 31, 2026
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
91282CKD2 UNITED STATES TREASURY 4.25
02/28/2029 1,500,000.00 03/27/2024
4.18%
1,504,511.72
1,502,669.89
101.15
3.83%
1,517,226.00
5,543.48
1.39%
14,556.11
Aa1/AA+
AA+
2.91 2.71
91282CKG5 UNITED STATES TREASURY 4.125
03/31/2029 2,200,000.00 05/28/2024
4.53%
2,161,156.25
2,175,928.75
100.83
3.83%
2,218,304.00
247.95
2.03%
42,375.25
Aa1/AA+
AA+
3.00 2.80
91282CKP5 UNITED STATES TREASURY 4.625
04/30/2029 2,000,000.00 --
4.13%
2,042,382.82
2,027,754.34
102.27
3.84%
2,045,312.00
38,839.78
1.88%
17,557.66
Aa1/AA+
AA+
3.08 2.80
91282CKT7 UNITED STATES TREASURY 4.5
05/31/2029 2,200,000.00 06/13/2024
4.25%
2,224,578.13
2,215,680.09
101.94
3.84%
2,242,625.00
33,181.32
2.06%
26,944.91
Aa1/AA+
AA+
3.17 2.89
91282CLC3 UNITED STATES TREASURY 4.0
07/31/2029 2,500,000.00 --
3.62%
2,540,527.34
2,528,522.23
100.45
3.86%
2,511,132.50
16,574.59
2.30%
(17,389.73)
Aa1/AA+
AA+
3.33 3.08
91282CFJ5 UNITED STATES TREASURY 3.125
08/31/2029 2,000,000.00 10/30/2024
4.10%
1,915,156.25
1,940,008.50
97.64 3.87%
1,952,890.00
5,434.78
1.79%
12,881.50
Aa1/AA+
AA+
3.42 3.19
91282CFL0 UNITED STATES TREASURY 3.875
09/30/2029 2,200,000.00 10/30/2024
4.10%
2,177,828.13
2,184,214.12
100.01
3.87%
2,200,171.60
232.92
2.02%
15,957.48
Aa1/AA+
AA+
3.50 3.24
91282CFT3 UNITED STATES TREASURY 4.0
10/31/2029 2,500,000.00 04/29/2025
3.77%
2,523,535.16
2,518,727.98
100.40
3.88%
2,509,960.00
41,988.95
2.30%
(8,767.98)
Aa1/AA+
AA+
3.59 3.25
91282CMA6 UNITED STATES TREASURY 4.125
11/30/2029 2,400,000.00 12/27/2024
4.45%
2,366,062.50
2,374,698.04
100.83
3.88%
2,419,874.40
33,181.32
2.22%
45,176.36
Aa1/AA+
AA+
3.67 3.33
91282CMG3 UNITED STATES TREASURY 4.25
01/31/2030 2,500,000.00 04/29/2025
3.78%
2,550,488.28
2,540,721.98
101.27
3.89%
2,531,640.00
17,610.50
2.32%
(9,081.98)
Aa1/AA+
AA+
3.84 3.49
91282CGQ8 UNITED STATES TREASURY 4.0
02/28/2030 2,700,000.00 --
4.02%
2,697,195.31
2,697,761.89
100.38
3.89%
2,710,230.30
9,391.30
2.49%
12,468.41
Aa1/AA+
AA+
3.91 3.58
91282CGS4 UNITED STATES TREASURY 3.625
03/31/2030 2,500,000.00 04/29/2025
3.80%
2,480,664.06
2,484,281.47
98.96 3.91%
2,474,120.00
247.61
2.27%
(10,161.47)
Aa1/AA+
AA+
4.00 3.68
91282CMZ1 UNITED STATES TREASURY 3.875
04/30/2030 2,700,000.00 05/29/2025
4.03%
2,681,542.97
2,684,687.65
99.89 3.90%
2,697,046.20
43,930.94
2.47%
12,358.55
Aa1/AA+
AA+
4.08 3.68
91282CHF1 UNITED STATES TREASURY 3.75
05/31/2030 2,600,000.00 --
3.84%
2,589,183.60
2,590,687.74
99.39 3.91%
2,584,155.60
32,678.57
2.37%
(6,532.14)
Aa1/AA+
AA+
4.17 3.77
91282CNN7 UNITED STATES TREASURY 3.875
07/31/2030 2,500,000.00 --
3.68%
2,519,589.84
2,519,115.67
99.83 3.92%
2,495,800.00
16,056.63
2.29%
(23,315.67)
Aa1/AA+
AA+
4.33 3.93
91282CNX5 UNITED STATES TREASURY 3.625
08/31/2030 2,400,000.00 09/29/2025
3.74%
2,387,625.00
2,388,892.11
98.77 3.93%
2,370,561.60
7,565.22
2.17%
(18,330.51)
Aa1/AA+
AA+
4.42 4.02
Total US Treasury 40,400,000.00 3.77%
40,342,574.24
40,372,413.54
100.11
3.87%
40,438,791.20
302,777.58
37.09%
66,377.66
3.46 3.16
34 HOLDINGS REPORT
City of Orange | Account #10888 | As of March 31, 2026
Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
Total Portfolio 109,290,271.84 4.00%
108,719,033.72
108,860,229.58
99.54 4.04%
109,020,479.89
735,162.22
100.00%
160,250.30
3.05 2.58
Total Market Value +
Accrued 109,755,642.11
35 HOLDINGS REPORT
City of Orange LAIF Balances | Account #10895 | As of March 31, 2026 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 443,654.33 -- 443,654.33
443,654.33
1.00 443,654.33
0.00 1.05%
0.00 Aaa/AAA
AAA
0.00 0.00
Total Cash 443,654.33
443,654.33
443,654.33
1.00 443,654.33
0.00 1.05%
0.00 0.00
0.00 LAIF
90LAIF$00 Local Agency Investment Fund
State Pool 41,746,849.07 --
3.82%
41,746,849.07
41,746,849.07
1.00 3.82%
41,746,849.07
0.00 98.95%
0.00 NA/NA
NA
0.00 0.00
Total LAIF 41,746,849.07 3.82%
41,746,849.07
41,746,849.07
1.00 3.82%
41,746,849.07
0.00 98.95%
0.00 0.00
0.00 Total Portfolio 42,190,503.40 3.82%
42,190,503.40
42,190,503.40
1.00 3.82%
42,190,503.40
0.00 100.00%
0.00 0.00
0.00 Total Market Value +
Accrued 42,190,503.40
36 HOLDINGS REPORT
City of Orange Bank Balances | Account #10896 | As of March 31, 2026 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 622,915.86 --
0.00%
622,915.86
622,915.86
1.00 0.00%
622,915.86
0.00 5.26%
0.00 NA/NA
NA
0.00 0.00
999WEL$12 Wells Fargo General 137,305.00 --
0.00%
137,305.00
137,305.00
1.00 0.00%
137,305.00
0.00 1.16%
0.00 NA/NA
NA
0.00 0.00
999WEL$15 Wells Fargo 11,088,310.38 12/31/2025
3.54%
11,088,310.38
11,088,310.38
1.00 3.54%
11,088,310.38
0.00 93.58%
0.00 NA/NA
NA
0.00 0.00
Total Cash 11,848,531.24 3.32%
11,848,531.24
11,848,531.24
1.00 3.32%
11,848,531.24
0.00 100.00%
0.00 0.00
0.00 Total Portfolio 11,848,531.24 3.32%
11,848,531.24
11,848,531.24
1.00 3.32%
11,848,531.24
0.00 100.00%
0.00 0.00
0.00 Total Market Value +
Accrued 11,848,531.24
37 TRANSACTIONS
38 TRANSACTION LEDGER
City of Orange | Account #10888|01/01/2026 Through 03/31/2026| Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp Yield Amount Interest Pur/
Sold Total Amount Gain/Loss
ACQUISITIONS
Purchase 02/12/2026 46647PEV4 1,300,000.00 JPMORGAN CHASE & CO 5.14 01/24/2031 103.328 4.22% (1,343,264.00) (3,341.00) (1,346,605.00) 0.00 Purchase 02/17/2026 3137FG6X8 2,200,000.00 FHMS K-077 A2 3.85 05/25/2028 100.125 3.70% (2,202,750.00) (3,764.44) (2,206,514.44) 0.00 Purchase 02/17/2026 3137F8ZV8 2,200,000.00 FHMS K-123 A2 1.621 12/25/2030 89.848 3.98% (1,976,648.44) (1,584.98) (1,978,233.42) 0.00 Purchase 02/17/2026 62479MH30 2,200,000.00
MUFG Bank, Ltd.,
New York Branch
08/03/2026
98.298 3.73% (2,162,545.61) 0.00 (2,162,545.61) 0.00
Purchase 02/17/2026 02079KBK2 531,000.00 ALPHABET INC 4.1 02/15/2031 99.951 4.11% (530,737.16) (241.90) (530,979.06) 0.00 Purchase 02/17/2026 02079KBK2 769,000.00 ALPHABET INC 4.1 02/15/2031 100.044 4.09% (769,338.36) (350.32) (769,688.68) 0.00 Purchase 02/17/2026 61747YFU4 2,200,000.00 MORGAN STANLEY
4.654 10/18/2030 101.650 4.16% (2,236,300.00) (33,844.92) (2,270,144.92) 0.00 Purchase 02/19/2026 828807EB9 1,400,000.00
SIMON PROPERTY
GROUP LP 4.3
01/15/2031
100.280 4.23% (1,403,920.00) (6,020.00) (1,409,940.00) 0.00 Purchase 02/23/2026 3137FNX54 2,000,000.00 FHMS K-097 A2 2.508 07/25/2029 95.953 3.76% (1,919,062.50) (3,065.33) (1,922,127.83) 0.00 Purchase 02/23/2026 3137HB2L7 2,000,000.00 FHMS K-753 A2 4.4 10/25/2030 102.020 3.87% (2,040,390.63) (5,377.78) (2,045,768.41) 0.00 Purchase 02/23/2026 91282CNN7 2,000,000.00
UNITED STATES
TREASURY 3.875
07/31/2030
101.039 3.62% (2,020,781.25) (4,924.03) (2,025,705.28) 0.00 Purchase 02/24/2026 74753DC37 2,000,000.00
QUALCOMM
Incorporated
03/03/2026
99.929 3.65% (1,998,580.56) 0.00 (1,998,580.56) 0.00
Purchase 02/27/2026 161571HZ0 900,000.00 CHAIT 2025-1 A 4.16 07/15/2030 101.121 3.70% (910,089.84) (1,248.00) (911,337.84) 0.00 Purchase 03/09/2026 002824BR0 470,000.00
ABBOTT
LABORATORIES 3.7
03/09/2029
99.873 3.75% (469,403.10) 0.00 (469,403.10) 0.00
39 TRANSACTION LEDGER
City of Orange | Account #10888|01/01/2026 Through 03/31/2026| Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp Yield Amount Interest Pur/
Sold Total Amount Gain/Loss
Purchase 03/09/2026 002824BR0 530,000.00
ABBOTT
LABORATORIES 3.7
03/09/2029
99.823 3.76% (529,061.90) 0.00 (529,061.90) 0.00
Purchase 03/31/2026 57636QAP9 1,200,000.00 MASTERCARD INC 3.35 03/26/2030 96.624 4.28% (1,159,488.00) (558.33) (1,160,046.33) 0.00 Purchase 03/31/2026 025816DY2 1,000,000.00 AMERICAN EXPRESS CO 5.085 01/30/2031 101.610 4.62% (1,016,100.00) (8,475.00) (1,024,575.00) 0.00 Purchase 03/31/2026 24422EYF0 1,000,000.00
JOHN DEERE
CAPITAL CORP 4.375
10/15/2030
99.742 4.44% (997,420.00) (20,173.61) (1,017,593.61) 0.00 Purchase 03/31/2026 91282CLC3 500,000.00
UNITED STATES
TREASURY 4.0
07/31/2029
100.402 3.87% (502,011.72) (3,259.67) (505,271.39) 0.00 Purchase 03/31/2026 91282CNN7 500,000.00
UNITED STATES
TREASURY 3.875
07/31/2030
99.762 3.93% (498,808.59) (3,157.80) (501,966.39) 0.00
Total Purchase 26,900,000.00 (26,686,701.66) (99,387.11) (26,786,088.77) 0.00 TOTAL
ACQUISITIONS 26,900,000.00 (26,686,701.66) (99,387.11) (26,786,088.77) 0.00
DISPOSITIONS
Maturity 02/08/2026 037833EB2 (3,000,000.00) APPLE INC 0.7 02/08/2026 100.000 0.70% 3,000,000.00 0.00 3,000,000.00 0.00 Maturity 02/13/2026 713448FQ6 (195,000.00) PEPSICO INC 4.55 02/13/2026 100.000 4.57% 195,000.00 0.00 195,000.00 0.00 Maturity 02/17/2026 62479MBH5 (2,000,000.00)
MUFG Bank, Ltd.,
New York Branch
02/17/2026
100.000 4.41% 2,000,000.00 0.00 2,000,000.00 0.00
Maturity 02/21/2026 907818GE2 (470,000.00) UNION PACIFIC CORP
4.75 02/21/2026 100.000 4.77% 470,000.00 0.00 470,000.00 0.00 Maturity 03/03/2026 74753DC37 (2,000,000.00)
QUALCOMM
Incorporated
03/03/2026
100.000 3.65% 2,000,000.00 0.00 2,000,000.00 0.00
Total Maturity (7,665,000.00) 7,665,000.00 0.00 7,665,000.00 0.00 40 TRANSACTION LEDGER
City of Orange | Account #10888|01/01/2026 Through 03/31/2026| Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp Yield Amount Interest Pur/
Sold Total Amount Gain/Loss
Sale 02/27/2026 3137FPJG1 (1,140,000.00) FHMS K-099 A2 2.595 09/25/2029 96.172 4.29% 1,096,359.38 2,136.55 1,098,495.93 17,939.84 Sale 03/31/2026 06368LAQ9 (1,000,000.00) BANK OF MONTREAL
4.7 09/14/2027 100.470 4.91% 1,004,700.00 2,219.44 1,006,919.44 7,461.30 Sale 03/31/2026 91282CKD2 (700,000.00)
UNITED STATES
TREASURY 4.25
02/28/2029
101.066 4.18% 707,464.84 2,506.11 709,970.95 6,217.72
Total Sale (2,840,000.00) 2,808,524.22 6,862.10 2,815,386.32 31,618.86 TOTAL
DISPOSITIONS (10,505,000.00) 10,473,524.22 6,862.10 10,480,386.32 31,618.86 41 TRANSACTION LEDGER
City of Orange LAIF Balances | Account #10895|01/01/2026 Through 03/31/2026| Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp Yield Amount Interest Pur/
Sold Total Amount Gain/Loss
ACQUISITIONS
Purchase 01/15/2026 90LAIF$00 59,708.80
Local Agency
Investment Fund State
Pool
1.000 3.93% (59,708.80) 0.00 (59,708.80) 0.00
Purchase 01/15/2026 90LAIF$00 256,724.81
Local Agency
Investment Fund State
Pool
1.000 3.93% (256,724.81) 0.00 (256,724.81) 0.00
Purchase 01/16/2026 90LAIF$00 15,000,000.00
Local Agency
Investment Fund State
Pool
1.000 3.92% (15,000,000.00) 0.00 (15,000,000.00) 0.00
Total Purchase 15,316,433.61 (15,316,433.61) 0.00 (15,316,433.61) 0.00 TOTAL
ACQUISITIONS 15,316,433.61 (15,316,433.61) 0.00 (15,316,433.61) 0.00
DISPOSITIONS
Sale 02/28/2026 90LAIF$00 (14,755,000.00)
Local Agency
Investment Fund State
Pool
1.000 3.86% 14,755,000.00 0.00 14,755,000.00 0.00
Total Sale (14,755,000.00) 14,755,000.00 0.00 14,755,000.00 0.00 TOTAL
DISPOSITIONS (14,755,000.00) 14,755,000.00 0.00 14,755,000.00 0.00 42 IMPORTANT DISCLOSURES
2026 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.
LGIP Yields: Reported yields for local government investment pools may be presented as either the 30-day yield or the monthly distribution yield, as applicable. For certain funds, the 30-day yield is calculated using reported daily yield data. Yield calculations are subject to change and may not be directly comparable across funds.
LAIF Yields: Additional Disclosure for CA Clients - As a result of a reporting lag from the Local Agency Investment Fund (LAIF), reported LAIF yields represent the most recently available Daily Effective Yield and may reflect data from approximately 7–10 days prior to month-end. 43 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. 44