INVESTMENT REPORT
City of Orange | As of June 30, 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 ▪
▪
▪
Energy prices and inflation remained the primary drivers of the macro backdrop as the U.S.-Israel-Iran conflict entered its third month, disrupting global oil supply. Headline CPI accelerated at the fastest pace in more than three years, reflecting volatility in the energy component. Crude oil, however, retraced roughly 20% from its May–early June peak as diplomatic progress between the United States and Iran pointed to a potential framework for de-escalation. The labor market remained resilient, with continued payroll growth and subdued jobless claims. Risk assets held firm, as equities hovered near record highs and credit spreads remained historically tight amid broadly better-than-expected corporate earnings. Taken together, the current market environment has further constrained the case for near-term monetary policy easing, leading the Chandler team to push out its expected timing for rate cuts beyond the six-month investment horizon.
The Federal Reserve’s June FOMC meeting ended with policymakers unanimously holding the target range at 3.50%–3.75%, a notable shift from the8–4 split at April’s meeting, which marked JeromePowell’s final session as Chair. Under new Chair Kevin Warsh, sworn in on May 22, the Committee released an unusually concise statement that referenced Middle East tensions and energy supply disruptions while removing prior forward guidance that had suggested a bias toward rate cuts. Updated projections leaned more hawkish, with 9 of 18 officials expecting at least one rate hike this year and 6 anticipating multiple increases. The shift signals that restoring price stability has reemerged as the central focus of monetary policy deliberations.
The Treasury yield curve flattened modestly in June as short-term yields responded to a more hawkish shift in Federal Reserve guidance.
The 2-year yield rose to 4.15% from 3.98% the prior month, while the 10-year yield edged down slightly to 4.44% from 4.45%. As a result, the 2s/10s spread narrowed to 29 basis points, down from roughly 47 basis points a month earlier and significantly below the 69 basis point spread at the start of the year. Meanwhile, the 3-month/10-year spread remained positive at 64 basis points. Front-end rates absorbed the bulk of the Fed’s updated rate outlook, while longer maturities were partly anchored by a late-month decline in oil prices.
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 (%)
Nonfarm payrolls increased by just 57,000 in June, well below the 113,000 consensus and marking a sharp slowdown from May’s pace. The unemployment rate edged down to 4.2%, though the decline was driven by a drop in labor force participation to 61.5%, its lowest level since March 2021. Revisions further weakened the report’s signal. April payrolls were revised down by 31,000 to 148,000, while May was lowered by 43,000 to 129,000, resulting in a combined two-month downward revision of 74,000.
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 were essentially unchanged at 7.6 million in May, remaining elevated by historical standards even as hiring momentum moderates. Gains in wholesale trade and accommodation and food services were offsetby declines in health care and social assistance, as well as finance and insurance. April openings were revised down by 33,000 to 7.6 million, while hires were revised up by 99,000, highlighting ongoing churn but a broadly stable labor market backdrop.
Source: US Department of Labor
JOB OPENINGS & LABOR TURNOVER SURVEY
5 Source: Bloomberg Indices Source: Bloomberg Indices
ENERGY MARKETS
Crude oil prices declined sharply in June as supply disruptions tied to the Middle East conflict began to ease. Tanker traffic through the Strait of Hormuz normalized, and signs of progress in U.S.–Iran negotiations helped unwind the geopolitical risk premium that had driven prices higher earlier in the year. West Texas Intermediate settled near $69.37 per barrel on June 30, while Brent crude closed around $72.96, both well below their recent peaks. Brent’s 21% monthly decline marked its steepest drop since March 2020, while WTI fell more than 20%, its largest monthly loss since late 2021. Beyond crude, broader energy markets also softened. Refined product cracks narrowed as gasoline and diesel demand showed signs of seasonal moderation, while U.S. natural gas prices remained range-bound amid ample storage and steady production. Taken together, the retracement in oil and broader energy prices reflects a rapid compression in geopolitical risk premia and improved near-term supply visibility, even as underlying structural risks in the region remain unresolved.
2.00 2.50
3.00 3.50
4.00 4.50
5.00 5.50
6.00 6.50
US Fuel Prices
Average Retail Price US Diesel
Average Retail Price US Gas
($) Per Gallon
40 60
80 100
120
140
160
Oil Prices
West Texas Intermediate (WTI Spot Cushing)
Dated Brent (Global Spot)
Price Per Barrel (WTI Spot)
6 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
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
Inflation firmed in May, with the Personal Consumption Expenditures (PCE) price index rising 0.4% on the month and 4.1% year over year, up from 3.8% in April and marking the highest annual rate of the current cycle. Core PCE, which excludes food and energy, increased 0.3% in May and 3.4% over the year. Energy prices remained the primary driverof the headline acceleration, reflecting supply disruptions tied to the Iranian conflict. A similar pattern was evident in the headline Consumer Price Index (CPI), which rose 0.5% on the month and 4.2% year over year, the fastest annual pace since 2023. Energy prices climbed 3.9% in May and 23.5% from a year earlier, largely due to crude oil reaching a four-year high. In contrast, core CPI rose a more modest 0.2% on the month and 2.9% year over year, indicating that inflation pressures remain concentrated in energy rather than broad-based.
Source: US Department of Labor Source: US Department of Commerce
INFLATION
7 0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
Retail Sales YOY % Change
YOY (%) Change
Retail sales rose a robust 0.9% in May to $763.7 billion, nearly double the pace economists had penciled in and an acceleration from April's downwardly revised 0.4% gain. The closely watched control group, which feeds directly into gross domestic product calculations, advanced
0.7%, pointing to durable underlying demand. Gasoline station receipts roseas energy prices stayed high, while auto sales rebounded after an April pullback. The Conference Board's Consumer Confidence Index tickedup 0.6 points to 91.2 in June, though the improvement masked a further deterioration in how households view the job market, with the share calling jobs ‘hard-to-get’ climbing to a five year high.
Spending has proven more resilient than sentiment across recent months. 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
8 -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) edged up 0.1% in May to 99.3, following a revised 0.2% increase in April. Despite the monthly gains, the LEI’s six- and twelve-month growth rates remained negative at -0.6% and -1.5%, respectively. The advance was driven primarily by financial components, including equity prices and the interest rate spread, while consumer expectations continuedto weigh on the index. The Chicago Fed National Activity Index fell to -0.10 in May from an upwardly revised 0.19 in April. Production-related and employment-related indicators each subtracted from the index, while the sales, orders, and inventories category made a small positive contribution.
Source: The Conference Board Source: Federal Reserve Bank of Chicago
LEADING INDICATORS OF ECONOMIC ACTIVITY
9 0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
2,000
2,200
2,400
In Thousands of Units
Annualized Housing Starts
Multi Family Housing Starts
Single Family Housing Starts
Housing starts declined sharply in May to a seasonally adjusted annual rate of 1,177,000, a 15.4% drop from a downwardly revised 1,392,000 in April. The pullback was driven primarily by multifamily construction, while single-family starts edged down a more modest
1.9% to 882,000; total multifamily starts came in at 295,000 units. The S&P CoreLogic Case-Shiller 20-City Composite rose 1.1% year over year in April, marking its first pickup since November 2025, following an upwardly revised 0.9% gain in March. Freddie Mac’s average 30- year fixed mortgage rate increased to 6.44% in May from 6.33% in April, reinforcing ongoing affordability constraints for prospective buyers.
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
10 40
45 50
55 60
65 70
Institute of Supply Management (ISM) Surveys
ISM Manufacturing ISM Services
EXPANDING
CONTRACTING
Manufacturing activity cooled slightly in June, with the Institute for Supply Management's Manufacturing Index easing to 53.3%, down 0.7 percentage point from May but still marking a sixth consecutive month of expansion. Services activity also moderated, as the ISM Services Index eased to 54.0% from 54.5%, a twenty-fourth consecutive monthin expansion territory. Business activity and new orders both slowed, though the employment component jumpedto 51.2% from 47.9%, its strongest reading since late 2021 and the first expansion in services hiring in four months.
Source: Institute for Supply Management
PURCHASING MANAGERS INDEX (PMI)
11 Components of GDP 6/25 9/25 12/25 3/26
1.7% 2.3% 1.3% 0.4%
-2.7% 0.0% 0.4% 1.4%
4.8% 1.6% -0.2% -0.4%
-0.4% 0.2% -1.2% 0.6%
0.3% 0.2% 0.2% 0.2%
3.8% 4.4% 0.5% 2.1%
Personal Consumption Expenditures
Gross Private Domestic Investment
Net Exports and Imports
Federal Government Expenditures
Total
State and Local (Consumption and Gross
Investment)
-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 Real gross domestic product increased at an annualized rate of 2.1% in the first quarter of 2026, according to the Bureau of Economic Analysis’ third estimate, up from 1.6%in the prior estimate andan acceleration from 0.5% in the fourth quarterof 2025. The 0.5 percentage point upward revision was driven primarily by a downward revision to imports—which subtract from GDP—partly offset by a downward revision to consumer spending.
GROSS DOMESTIC PRODUCT (GDP)
12 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 Open Market Committee (FOMC) held the target range for the federal funds rate at 3.50% to 3.75% at its June 16–17 meeting, with a unanimous 12–0 vote. This marked a notable shift from the Aprilmeeting—Jerome Powell’slast as chair—which saw four dissents in an 8–4 decision. The return to consensus under Chair Kevin Warsh signals a clear change in tone. Minutes from the June meeting are scheduled for release in early July. The June Summaryof Economic Projections reflected a more hawkish outlook. The median projection for the federal funds rate at year-end 2026 rose to 3.8%, up from 3.4%in March, before easing to 3.6% in 2027 and 3.4% in 2028. Officials also revised their inflation forecasts, with headline PCE projected at 3.6% in 2026 (from 2.7%) and core PCE at 3.3%. By contrast, median projections for real GDP growth and the unemployment rate—2.2% and 4.3%, respectively—were little changed.
FEDERAL RESERVE
0.00%
1.00%
2.00%
3.00%
4.00%
5.00%
6.00%
Effective Federal Funds Rate
Recession
Yield (%)
13 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
Jun-26
Mar-26
Jun-25
Yield (%)
Treasury yields ended June mixed, with a modest flattening across the curve as markets digested a more hawkish Federal Reserve signal.
The 2-year yield rose to 4.15% from 3.98% at the end of May, while the 10-year yield edged down to 4.44% from 4.45%. The 2s/10s spread narrowedto 29 basis points, down from 47 basis points a month earlier. The 3-month/10-year spread remained positive at roughly 64 basis points at month-end. Relativeto the 69 basis point spread at the start of 2026, the curve has flattened materially year to date, reflecting a repricing higher in front-end rates as expectations shift toward the possibility of further Fed tightening rather than easing.
BOND YIELDS
14 ACCOUNT PROFILE
15 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. 16 STATEMENT OF COMPLIANCE
City of Orange Cons | Account #10897 | As of June 30, 2026 Rules Name Limit Actual Compliance
Status Notes
AGENCY MORTGAGE SECURITIES
Max % Issuer (BV) 30.0 7.1 Compliant
Max Maturity (Years) 5.0 4.6 Compliant
ASSET-BACKED SECURITIES (ABS)
Max % (BV; Non Agency ABS & MBS) 20.0 6.3 Compliant
Max % Issuer (BV) 5.0 1.1 Compliant
Max Maturity (Years) 5 4 Compliant
Min Rating (AA- by 1) 0.0 0.0 Compliant
COLLATERALIZED TIME DEPOSITS (NON-
NEGOTIABLE CD/TD)
Max % (BV; FDIC & Collateralized CD/TD) 20.0 0.0 Compliant Max Maturity (Years) 5.0 0.0 Compliant
COMMERCIAL PAPER
Max % (BV) 25.0 1.3 Compliant
Max % Issuer (BV) 5.0 1.3 Compliant
Max Maturity (Days) 270 34 Compliant
Min Rating (A-1 by 1 or A- by 1) 0.0 0.0 Compliant
CORPORATE MEDIUM TERM NOTES
Max % (BV) 30.0 17.2 Compliant
Max % Issuer (BV) 5.0 1.3 Compliant
Max Maturity (Years) 5 4 Compliant
Min Rating (A- by 1) 0.0 0.0 Compliant
FDIC INSURED TIME DEPOSITS (NON-NEGOTIABLE
CD/TD)
Max % (BV; FDIC & Collateralized CD/TD) 20.0 0.0 Compliant Max Maturity (Years) 5.0 0.0 Compliant
FEDERAL AGENCIES
Max % (BV) 100.0 7.5 Compliant
Max % Issuer (BV) 30.0 5.1 Compliant
Max Callables (BV) 20.0 2.9 Compliant
17 STATEMENT OF COMPLIANCE
City of Orange Cons | Account #10897 | As of June 30, 2026 Rules Name Limit Actual Compliance
Status Notes
Max Maturity (Years) 5 2 Compliant
LOCAL AGENCY INVESTMENT FUND (LAIF)
Max Concentration (BV) 75.0 47.2 Compliant
LOCAL GOVERNMENT INVESTMENT POOL (LGIP)
Max % (BV) 100.0 0.0 Compliant
MONEY MARKET MUTUAL FUNDS
Max % (BV) 20.0 0.2 Compliant
Max % Issuer (BV) 20.0 0.2 Compliant
Max WAM (Days) 90.0 0.0 Compliant
Min Rating (AAA by 2) 0.0 0.0 Compliant
MORTGAGE -BACKED SECURITIES (NON-AGENCY)
Max % (BV; Non Agency ABS & MBS) 20.0 6.3 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; All Municipal Securities) 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; All Municipal Securities) 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
NEGOTIABLE CERTIFICATES OF DEPOSIT (NCD)
Max % (BV) 30.0 1.7 Compliant
Max % Issuer (BV) 5.0 0.9 Compliant
Max Maturity (Years) 5.0 0.8 Compliant
18 STATEMENT OF COMPLIANCE
City of Orange Cons | Account #10897 | As of June 30, 2026 Rules Name Limit Actual Compliance
Status Notes
Min Rating (A-1 by 1 or A- by 1 if > FDIC Limit) 0.0 0.0 Compliant
SUPRANATIONAL OBLIGATIONS
Max % (BV) 30.0 1.5 Compliant
Max % Issuer (BV) 10.0 1.5 Compliant
Max Maturity (Years) 5 3 Compliant
Min Rating (AA- by 1) 0.0 0.0 Compliant
U.S. TREASURIES
Max % (BV) 100.0 20.0 Compliant
Max Maturity (Years) 5 4 Compliant
19 PORTFOLIO CHARACTERISTICS
City of Orange | Account #10888 | As of June 30, 2026
Benchmark* 6/30/2026
Portfolio
3/31/2026
Portfolio
Average Maturity (yrs) 2.64 2.94 3.05
Average Modified Duration 2.46 2.47 2.58
Average Purchase Yield 4.08% 4.00%
Average Market Yield 4.16% 4.29% 4.04%
Average Quality** AA+ AA+ AA+
Total Market Value 110,156,086 109,755,642
*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. 20 SECTOR DISTRIBUTION
City of Orange | Account #10888 | As of June 30, 2026
Sector as a Percentage of Market Value
Sector 06/30/2026 03/31/2026
US Treasury 31.87% 37.09%
Corporate 27.52% 26.98%
Agency 12.01% 12.06%
Agency CMBS 11.17% 8.67%
ABS 10.10% 10.54%
Neg CD 2.65% --
Supras 2.39% 2.41%
Comm Paper 2.01% 1.99%
Money Mkt Fd 0.29% 0.26%
21 ISSUERS
City of Orange | Account #10888 | As of June 30, 2026
Issuer Investment Type % Portfolio
United States US Treasury 31.87%
Federal Home Loan Mortgage Corp Agency CMBS 11.17%
Federal Home Loan Banks Agency 8.22%
Farm Credit System Agency 3.79%
International Bank for Recon and Dev Supras 2.39%
Mitsubishi UFJ Financial Group, Inc. Comm Paper 2.01%
Morgan Stanley Corporate 2.00%
Chase Issuance Trust ABS 1.79%
PepsiCo, Inc. Corporate 1.71%
Westpac Banking Corporation - New Yo Neg CD 1.51%
Deere & Company Corporate 1.37%
NVIDIA Corporation Corporate 1.32%
Honda Auto Receivables Owner Trust ABS 1.30%
GM Financial Auto Leasing Trust ABS 1.30%
Simon Property Group, Inc. Corporate 1.26%
JPMorgan Chase & Co. Corporate 1.20%
State Street Corporation Corporate 1.18%
Guardian Life Global Funding Corporate 1.17%
Alphabet Inc. Corporate 1.17%
Cisco Systems, Inc. Corporate 1.16%
The Home Depot, Inc. Corporate 1.16%
Chubb Limited Corporate 1.15%
Toronto-Dominion Bank - New York Bra Neg CD 1.14%
Merck & Co., Inc. Corporate 1.14%
Bank of America Corporation Corporate 1.14%
Massachusetts Mutual Life Insurance Corporate 1.11%
PACCAR Inc Corporate 1.11%
Mastercard Incorporated Corporate 1.06%
American Express Credit Master Trust ABS 0.97%
American Express Company Corporate 0.93%
22 ISSUERS
City of Orange | Account #10888 | As of June 30, 2026
Issuer Investment Type % Portfolio
BMW Vehicle Owner Trust ABS 0.91%
UnitedHealth Group Incorporated Corporate 0.91%
Abbott Laboratories Corporate 0.90%
John Deere Owner Trust ABS 0.89%
Caterpillar Inc. Corporate 0.89%
Hyundai Auto Receivables Trust ABS 0.80%
New York Life Insurance Company Corporate 0.76%
Metropolitan Life Global Funding I Corporate 0.76%
Eli Lilly and Company Corporate 0.64%
WF Card Issuance Trust ABS 0.51%
Mercedes-Benz Auto Lease Trust ABS 0.49%
Bank of America Credit Card Trust ABS 0.47%
Toyota Auto Receivables Owner Trust ABS 0.36%
The Goldman Sachs Group, Inc. Corporate 0.33%
Hyundai Auto Lease Sec Trust ABS 0.30%
First American Govt Oblig Fund Money Mkt Fd 0.29%
Cash Cash 0.00%
TOTAL 100.00%
23 QUALITY DISTRIBUTION
City of Orange | Account #10888 | As of June 30, 2026
S&P Rating Moody’s Rating Fitch Rating
Rating 06/30/2026 03/31/2026
AAA 11.26% 11.39%
AA 63.10% 64.00%
A 19.54% 20.87%
A-1+ 1.51% --
A-1 1.99% 1.98%
NA 2.60% 1.76%
Rating 06/30/2026 03/31/2026
Aaa 8.07% 8.10%
Aa 64.50% 66.05%
A 16.42% 17.08%
P-1 4.64% 1.98%
NA 6.36% 6.80%
Rating 06/30/2026 03/31/2026
AAA 18.24% 16.49%
AA 51.37% 57.28%
A 8.45% 8.52%
F1+ 1.15% --
NA 20.79% 17.71%
24 DURATION DISTRIBUTION
City of Orange | Account #10888 | As of June 30, 2026
Portfolio Compared to the Benchmark
0-.25 .25-.5 .5-1 1-2 2-3 3-4 4-5 5-7 7+
Portfolio 9.3% 0.5% 9.1% 14.1% 25.6% 34.2% 7.3% 0.0% 0.0% ICE BofA 1-5 Year Unsubordinated US Treasury &
Agency Index 0.0% 0.0% 2.5% 36.2% 28.4% 20.6% 12.3% 0.0% 0.0% 25 INVESTMENT PERFORMANCE
City of Orange | Account #10888 | As of June 30, 2026
Total Rate of Return: Inception | 01/01/2022
TOTAL RATE OF RETURN* 3 Months 12 Months 2 Years 3 Years 5 Years 10 Years Since Inception City of Orange 0.38% 3.06% 4.57% 4.67% 2.04%
Benchmark 0.24% 2.71% 4.37% 4.30% 1.84%
*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 26 HISTORICAL AVERAGE PURCHASE YIELD
City of Orange | Account #10888 | As of June 30, 2026
Purchase Yield as of 06/30/26 = 4.08%
27 CONSOLIDATED INFORMATION
28 PORTFOLIO CHARACTERISTICS
City of Orange Cons | Account #10897 | As of June 30, 2026 6/30/2026
Portfolio
3/31/2026
Portfolio
Average Maturity (yrs) 1.84 2.04
Average Modified Duration 1.55 1.73
Average Purchase Yield 3.94% 3.91%
Average Market Yield 4.07% 3.94%
Average Quality** AA+ AA+
Total Market Value 175,601,110 163,794,677
*Benchmark: NO BENCHMARK REQUIRED
**The credit quality is a weighted average calculation of the highest of S&P, Moody’s and Fitch. 29 PORTFOLIO HOLDINGS
30 HOLDINGS REPORT
City of Orange | Account #10888 | As of June 30, 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
47800CAC0 JDOT 2023 A3 5.01 11/15/2027 60,198.38 02/22/2023
3.39%
60,187.41
60,195.17
100.16
4.26%
60,296.86
134.04
0.06%
101.69
Aaa/NA
AAA
1.38 0.19
36271VAD9 GMALT 2025-1 A3 4.66
02/21/2028 430,000.00 02/05/2025
4.66%
429,949.26
429,972.42
100.19
4.34%
430,798.51
612.27
0.39%
826.09
NA/AAA
AAA
1.65 0.50
05592XAD2 BMWOT 2023-A A3 5.47
02/25/2028 32,497.46 07/11/2023
5.47%
32,491.70
32,495.39
100.33
4.10%
32,604.18
29.63 0.03%
108.79
NA/AAA
AAA
1.66 0.23
44935DAD1 HALST 2025-B A3 4.53 04/17/2028 330,000.00 04/24/2025
4.53%
329,970.20
329,981.95
100.19
4.33%
330,616.77
664.40
0.30%
634.82
NA/AAA
AAA
1.80 0.78
362962AD4 GMALT 2025-2 A3 4.58
05/22/2028 985,000.00 --
4.80%
985,558.36
985,261.53
100.23
4.29%
987,236.94
1,378.45
0.90%
1,975.41
NA/AAA
AAA
1.90 0.68
438123AC5 HAROT 2023-4 A3 5.67
06/21/2028 136,006.62 11/01/2023
5.74%
135,982.67
135,996.38
100.62
4.34%
136,843.06
214.21
0.13%
846.68
Aaa/NA
AAA
1.98 0.42
161571HT4 CHAIT 2023-1 A 5.16 09/15/2028 1,060,000.00 09/07/2023
5.23%
1,059,706.17
1,059,870.21
100.25
3.96%
1,062,670.14
2,430.93
0.97%
2,799.93
NA/AAA
AAA
2.21 0.20
02582JKD1 AMXCA 2023-3 A 5.23 09/15/2026 1,055,000.00 09/12/2023
5.29%
1,054,952.84
1,054,996.72
100.28
3.89%
1,057,956.11
2,452.29
0.97%
2,959.39
NA/AAA
AAA
0.21 0.20
096919AD7 BMWOT 2024-A A3 5.18
02/26/2029 279,385.24 06/04/2024
5.18%
279,342.80
279,361.30
100.51
4.33%
280,799.49
241.20
0.26%
1,438.19
Aaa/AAA
NA
2.66 0.56
47786WAD2 JDOT 2024-B A3 5.2 03/15/2029 411,532.05 06/11/2024
5.81%
411,451.60
411,486.13
100.64
4.40%
414,162.15
951.10
0.38%
2,676.02
Aaa/NA
AAA
2.71 0.74
44934QAD3 HART 2024-B A3 4.84 03/15/2029 235,078.32 07/16/2024
5.45%
235,042.85
235,057.64
100.30
4.40%
235,787.56
505.68
0.22%
729.91
NA/AAA
AAA
2.71 0.61
43813YAC6 HAROT 2024-3 A3 4.57
03/21/2029 489,227.01 08/09/2024
4.66%
489,150.16
489,181.35
100.20
4.31%
490,196.66
621.05
0.45%
1,015.31
Aaa/NA
AAA
2.72 0.64
58768YAD7 MBALT 2025-A A3 4.61
04/16/2029 530,000.00 05/14/2025
4.66%
529,935.39
529,953.79
100.31
4.42%
531,658.90
1,085.91
0.49%
1,705.11
NA/AAA
AAA
2.79 1.34
05522RDJ4 BACCT 2024-1 A 4.93 05/15/2029 505,000.00 06/06/2024
4.93%
504,971.67
504,983.52
100.65
4.21%
508,259.78
1,106.51
0.47%
3,276.25
Aaa/AAA
NA
2.87 0.84
47800DAD6 JDOT 2025 A3 4.23 09/17/2029 500,000.00 03/04/2025
5.09%
499,968.55
499,977.64
99.88 4.35%
499,380.50
940.00
0.46%
(597.14)
Aaa/NA
AAA
3.22 1.47
43814VAC1 HAROT 2025-1 A3 4.57
09/21/2029 795,000.00 02/04/2025
4.57%
794,975.51
794,982.86
100.28
4.32%
797,201.36
1,009.21
0.73%
2,218.50
NA/AAA
AAA
3.23 0.94
31 HOLDINGS REPORT
City of Orange | Account #10888 | As of June 30, 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
096924AD7 BMWOT 2025-A A3 4.56
09/25/2029 680,000.00 02/04/2025
4.56%
679,933.02
679,953.04
100.25
4.28%
681,681.64
516.80
0.62%
1,728.60
Aaa/AAA
NA
3.24 0.77
92970QAE5 WFCIT 2024-2 A 4.29 10/15/2029 560,000.00 10/17/2024
4.29%
559,916.78
559,944.95
100.06
4.28%
560,337.12
1,067.73
0.51%
392.17
Aaa/AAA
NA
3.29 1.23
44935CAD3 HART 2025-A A3 4.32 10/15/2029 635,000.00 03/04/2025
4.84%
634,906.34
634,932.91
100.05
4.31%
635,292.10
1,219.20
0.58%
359.19
NA/AAA
AAA
3.29 0.95
161571HZ0 CHAIT 2025-1 A 4.16 07/15/2030 900,000.00 02/26/2026
3.70%
910,089.84
908,650.09
99.61 4.40%
896,485.50
1,664.00
0.82%
(12,164.59)
NA/AAA
AAA
4.04 1.91
89240QAD7 TAOT 2026-B A3 4.13 12/16/2030 400,000.00 04/14/2026
4.27%
399,915.64
399,919.16
99.42 4.46%
397,667.20
734.22
0.36%
(2,251.96)
Aaa/AAA
NA
4.46 1.97
11,018,398.75 100.17 11,027,932.51 10.10% 2.60
Total ABS 11,008,925.08 4.78% 11,017,154.16 4.25% 19,578.84 10,778.34 0.86 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
99.77 3.82%
4,988,615.00
19,000.00
4.57%
(11,385.00)
Aa1/AA+
AA+
0.08 0.08
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
2,012,354.49
100.26
4.15%
2,005,150.00
25,763.89
1.84%
(7,204.49)
Aa1/AA+
AA+
1.21 1.15
3130AEB25 FEDERAL HOME LOAN BANKS 3.25
06/09/2028 2,000,000.00 07/24/2023
4.15%
1,921,180.00
1,968,622.47
98.22 4.21%
1,964,404.00
3,972.22
1.80%
(4,218.47)
Aa1/AA+
AA+
1.94 1.85
3130AXQK7 FEDERAL HOME LOAN BANKS 4.75
12/08/2028 2,000,000.00 01/29/2024
4.05%
2,060,660.00
2,030,466.78
101.29
4.19%
2,025,812.00
6,069.44
1.86%
(4,654.78)
Aa1/AA+
AA+
2.44 2.28
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
2,102,413.99
101.52
4.17%
2,132,022.90
16,902.08
1.95%
29,608.91
Aa1/AA+
AA+
2.83 2.61
13,141,823.00 100.13 13,116,003.90 12.01% 1.34
Total Agency 13,100,000.00 2.94% 13,113,857.72 4.04% 71,707.64 2,146.18 1.26
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
2,202,291.67
98.91 4.37%
2,175,995.80
7,058.33
1.99%
(26,295.87)
Aa1/AA+
AAA
1.90 1.72
3137FNX54 FHMS K-097 A2 2.508 07/25/2029 2,000,000.00 02/18/2026
3.76%
1,919,062.50
1,927,526.55
94.50 4.43%
1,890,048.00
4,180.00
1.73%
(37,478.55)
Aaa/AA+
AA+
3.07 2.86
32 HOLDINGS REPORT
City of Orange | Account #10888 | As of June 30, 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
3137FRUT6 FHMS K-106 A2 2.069 01/25/2030 1,500,000.00 06/12/2025
4.23%
1,365,820.31
1,396,473.78
92.25 4.44%
1,383,717.00
2,586.25
1.27%
(12,756.78)
Aa1/AA+
AAA
3.57 3.33
3137HAGZ3 FHMS K-752 A2 4.284 07/25/2030 1,000,000.00 06/25/2026
4.38%
995,078.13
995,081.50
99.24 4.46%
992,417.00
3,570.00
0.91%
(2,664.50)
Aa1/AA+
AAA
4.07 3.50
3137HB2L7 FHMS K-753 A2 4.4 10/25/2030 2,000,000.00 02/18/2026
3.87%
2,040,390.63
2,037,315.08
99.61 4.47%
1,992,260.00
7,333.33
1.82%
(45,055.08)
Aa1/AA+
AAA
4.32 3.76
3137F8ZV8 FHMS K-123 A2 1.621 12/25/2030 2,200,000.00 02/11/2026
3.98%
1,976,648.44
1,993,770.36
88.77 4.46%
1,952,880.60
2,971.83
1.79%
(40,889.76)
Aa1/AA+
AAA
4.49 4.13
3137FXYV4 FHMS K-126 A2 2.074 01/27/2031 2,000,000.00 06/25/2026
4.39%
1,813,125.00
1,813,236.77
90.35 4.46%
1,807,050.00
3,456.67
1.65%
(6,186.77)
Aa1/AA+
AAA
4.58 4.17
Total Agency CMBS 12,900,000.00 4.00%
12,312,875.01
12,365,695.70
94.72 4.44%
12,194,368.40
31,156.42
11.17%
(171,327.30)
3.65 3.31
CASH
CCYUSD Receivable 1,764.96 -- 1,764.96
1,764.96
1.00 1,764.96
0.00 0.00%
0.00 Aaa/AAA
AAA
0.00 0.00
Total Cash 1,764.96
1,764.96
1,764.96
1.00 1,764.96
0.00 0.00%
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
2,192,598.83
99.66 3.75%
2,192,454.00
0.00 2.01%
(144.83)
P-1/A-1
NA
0.09 0.09
Total Commercial
Paper 2,200,000.00 3.73%
2,162,545.61
2,192,598.83
99.66 3.75%
2,192,454.00
0.00 2.01%
(144.83)
0.09 0.09
CORPORATE
24422EXD6 JOHN DEERE CAPITAL CORP 5.15
09/08/2026 505,000.00 09/05/2023
5.18%
504,641.45
504,977.43
100.21
3.97%
506,036.26
8,163.47
0.46%
1,058.83
A1/A
A+
0.19 0.18
713448FW3 PEPSICO INC 5.125 11/10/2026 380,000.00 11/08/2023
5.13%
379,897.40
379,987.64
100.30
4.25%
381,130.88
2,758.96
0.35%
1,143.24
A1/A+
NA
0.36 0.27
06051GGF0 BANK OF AMERICA CORP 3.824
01/20/2028 1,250,000.00 06/27/2024
5.30%
1,206,175.00
1,240,495.22
99.65 5.20%
1,245,562.50
21,377.22
1.14%
5,067.28
A1/A-
AA-
1.56 0.53
33 HOLDINGS REPORT
City of Orange | Account #10888 | As of June 30, 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
1,480,156.68
98.92 4.29%
1,483,798.50
19,950.00
1.36%
3,641.82
A1/A+
NA
1.64 1.54
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
100.38
4.29%
1,289,877.86
19,914.93
1.18%
4,877.86
Aa3/A
AA-
1.67 1.48
58933YBH7 MERCK & CO INC 4.05 05/17/2028 1,250,000.00 09/26/2024
3.76%
1,261,775.00
1,255,951.00
99.71 4.21%
1,246,360.00
6,187.50
1.14%
(9,591.00)
Aa3/A+
NA
1.88 1.78
91324PEU2 UNITEDHEALTH GROUP INC 4.25
01/15/2029 1,000,000.00 05/28/2024
5.05%
967,180.00
981,980.04
99.50 4.46%
994,971.00
19,597.22
0.91%
12,990.96
A2/A+
A
2.54 2.33
69371RS80 PACCAR FINANCIAL CORP 4.6
01/31/2029 1,200,000.00 03/27/2024
4.70%
1,194,684.00
1,197,161.80
100.64
4.33%
1,207,663.20
23,153.33
1.11%
10,501.40
A1/A+
NA
2.59 2.37
17275RBR2 CISCO SYSTEMS INC 4.85
02/26/2029 1,250,000.00 02/27/2024
4.84%
1,250,650.00
1,250,340.77
101.06
4.42%
1,263,273.75
21,050.35
1.16%
12,932.98
A1/AA-
NA
2.66 2.36
002824BR0 ABBOTT LABORATORIES 3.7
03/09/2029 1,000,000.00 --
3.75%
998,465.00
998,624.66
98.08 4.46%
980,849.00
11,511.11
0.90%
(17,775.66)
Aa3/A+
NA
2.69 2.50
38151LAJ9 GOLDMAN SACHS BANK USA
4.656 06/03/2029 355,000.00 05/27/2026
4.57%
355,000.00
355,000.00
100.06
4.54%
355,219.75
1,285.57
0.33%
219.75
A1/A+
AA-
2.93 1.81
437076DC3 HOME DEPOT INC 4.75
06/25/2029 1,250,000.00 06/27/2024
4.82%
1,245,987.50
1,247,600.86
100.99
4.39%
1,262,371.25
989.58
1.16%
14,770.39
A2/A
A
2.99 2.68
532457CQ9 ELI LILLY AND CO 4.2 08/14/2029 705,000.00 08/12/2024
4.25%
703,456.05
704,036.09
99.48 4.38%
701,312.15
11,268.25
0.64%
(2,723.94)
Aa3/AA-
NA
3.12 2.85
171239AL0 CHUBB INA HOLDINGS LLC 4.65
08/15/2029 1,250,000.00 09/26/2024
4.08%
1,280,725.00
1,269,466.18
100.49
4.48%
1,256,155.00
21,958.33
1.15%
(13,311.18)
A2/A
A
3.13 2.76
40139LBJ1 GUARDIAN LIFE GLOBAL FUNDING
4.179 09/26/2029 1,300,000.00 11/26/2024
4.67%
1,272,336.00
1,281,447.56
98.69 4.62%
1,282,981.70
14,336.29
1.17%
1,534.14
Aa1/AA+
NA
3.24 2.96
64952WFK4 NEW YORK LIFE GLOBAL FUNDING
4.6 12/05/2029 830,000.00 12/02/2024
4.61%
829,526.90
829,675.36
99.95 4.62%
829,562.59
2,757.44
0.76%
(112.77)
Aa1/AA+
AAA
3.43 3.13
14913UAX8 CATERPILLAR FINANCIAL SERVICES
CORP 4.8 01/08/2030 960,000.00 01/06/2025
4.84%
958,147.20
958,694.11
101.35
4.38%
972,974.40
22,144.00
0.89%
14,280.29
A1/A
A+
3.53 3.14
59217GFT1 METROPOLITAN LIFE GLOBAL
FUNDING I 4.9 01/09/2030 820,000.00 01/02/2025
4.95%
818,310.80
818,808.49
100.57
4.72%
824,702.70
19,197.11
0.76%
5,894.21
Aa3/AA-
AA-
3.53 3.13
57629TBV8 MASSMUTUAL GLOBAL FUNDING
II 4.95 01/10/2030 1,200,000.00 --
4.90%
1,202,338.00
1,201,833.65
100.70
4.73%
1,208,406.00
28,215.00
1.11%
6,572.35
Aa3/AA+
AA+
3.53 3.13
57636QAP9 MASTERCARD INC 3.35
03/26/2030 1,200,000.00 03/30/2026
4.28%
1,159,488.00
1,162,047.82
96.14 4.48%
1,153,731.60
10,608.33
1.06%
(8,316.22)
Aa3/A+
NA
3.74 3.43
34 HOLDINGS REPORT
City of Orange | Account #10888 | As of June 30, 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
24422EYF0 JOHN DEERE CAPITAL CORP 4.375
10/15/2030 1,000,000.00 03/30/2026
4.44%
997,420.00
997,563.07
99.40 4.53%
993,959.00
9,236.11
0.91%
(3,604.07)
A1/A
A+
4.29 3.83
61747YFU4 MORGAN STANLEY 4.654
10/18/2030 2,200,000.00 02/13/2026
4.16%
2,236,300.00
2,232,667.29
99.46 4.81%
2,188,142.00
20,762.01
2.00%
(44,525.29)
A1/A-
A+
4.30 2.99
828807EB9 SIMON PROPERTY GROUP LP 4.3
01/15/2031 1,400,000.00 02/18/2026
4.23%
1,403,920.00
1,403,626.00
98.34 4.71%
1,376,772.60
28,093.33
1.26%
(26,853.40)
A3/A
NA
4.54 3.99
46647PEV4 JPMORGAN CHASE & CO 5.14
01/24/2031 1,300,000.00 02/11/2026
4.22%
1,343,264.00
1,339,093.61
101.12
4.76%
1,314,618.50
29,140.94
1.20%
(24,475.11)
A1/A
AA-
4.57 3.16
025816DY2 AMERICAN EXPRESS CO 5.085
01/30/2031 1,000,000.00 03/30/2026
4.62%
1,016,100.00
1,015,042.76
101.20
4.71%
1,011,989.00
21,328.75
0.93%
(3,053.76)
A2/A-
A
4.59 3.18
02079KBK2 ALPHABET INC 4.1 02/15/2031 1,300,000.00 02/12/2026
4.10%
1,300,075.52
1,300,069.54
98.26 4.52%
1,277,354.00
20,431.67
1.17%
(22,715.54)
Aa2/AA+
NA
4.63 4.10
67066GAR5 NVIDIA CORP 4.5 06/15/2031 1,450,000.00 --
4.53%
1,448,108.30
1,448,118.17
99.65 4.58%
1,444,867.00
2,356.25
1.32%
(3,251.17)
Aa1/AA
NA
4.96 4.39
Total Corporate 30,140,000.00 4.51%
30,071,706.12
30,139,465.80
99.73 4.54%
30,054,642.18
417,773.08
27.52%
(84,823.62)
3.24 2.73
MONEY MARKET
FUND
31846V203 FIRST AMER:GVT OBLG Y 313,862.75 --
3.27%
313,862.75
313,862.75
1.00 3.27%
313,862.75
0.00 0.29%
0.00 Aaa/AAAm
AAA
0.00 0.00
Total Money Market
Fund 313,862.75 3.27%
313,862.75
313,862.75
1.00 3.27%
313,862.75
0.00 0.29%
0.00 0.00
0.00 NEGOTIABLE CD
89115M3E4 Toronto-Dominion Bank - New
York Branch 4.0 03/12/2027 1,250,000.00 06/25/2026
4.28%
1,247,117.38
1,247,173.03
99.83 4.19%
1,247,891.25
15,416.67
1.14%
718.22
P-1/NA
F1+
0.70 0.69
96130AK31 Westpac Banking Corporation -
New York Branch 4.0 04/16/2027 1,650,000.00 05/28/2026
4.00%
1,649,758.64
1,649,784.05
99.79 4.24%
1,646,478.90
13,200.00
1.51%
(3,305.15)
P-1/A-1+
NA
0.79 0.78
Total Negotiable CD 2,900,000.00 4.12%
2,896,876.02
2,896,957.08
99.81 4.22%
2,894,370.15
28,616.67
2.65%
(2,586.93)
0.75 0.74
SUPRANATIONAL
35 HOLDINGS REPORT
City of Orange | Account #10888 | As of June 30, 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
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
1,974,781.00
98.71 4.17%
1,974,164.00
32,861.11
1.81%
(617.00)
Aaa/AAA
NA
2.03 1.91
459058LR2
INTERNATIONAL BANK FOR
RECONSTRUCTION AND
DEVELOPM 4.125 03/20/2030
635,000.00 03/14/2025
4.20%
632,733.05
633,314.06
99.70 4.21%
633,087.38
7,348.80
0.58%
(226.68)
Aaa/AAA
NA
3.72 3.38
Total Supranational 2,635,000.00 4.20%
2,571,113.05
2,608,095.07
98.95 4.18%
2,607,251.38
40,209.91
2.39%
(843.69)
2.44 2.26
US TREASURY
91282CKG5 UNITED STATES TREASURY 4.125
03/31/2029 1,900,000.00 05/28/2024
4.53%
1,866,453.13
1,880,938.84
99.88 4.17%
1,897,773.20
19,700.82
1.74%
16,834.36
Aa1/AA+
AA+
2.75 2.55
91282CKT7 UNITED STATES TREASURY 4.5
05/31/2029 2,200,000.00 06/13/2024
4.25%
2,224,578.13
2,214,445.76
100.91
4.17%
2,219,938.60
8,385.25
2.03%
5,492.84
Aa1/AA+
AA+
2.92 2.70
91282CLC3 UNITED STATES TREASURY 4.0
07/31/2029 2,500,000.00 --
3.62%
2,540,527.34
2,526,389.51
99.52 4.17%
2,488,085.00
41,712.71
2.28%
(38,304.51)
Aa1/AA+
AA+
3.08 2.82
91282CFJ5 UNITED STATES TREASURY 3.125
08/31/2029 2,000,000.00 10/30/2024
4.10%
1,915,156.25
1,944,382.88
96.91 4.17%
1,938,282.00
20,889.95
1.77%
(6,100.88)
Aa1/AA+
AA+
3.17 2.94
91282CFL0 UNITED STATES TREASURY 3.875
09/30/2029 2,200,000.00 10/30/2024
4.10%
2,177,828.13
2,185,338.16
99.09 4.17%
2,180,063.60
21,428.96
2.00%
(5,274.56)
Aa1/AA+
AA+
3.25 2.99
91282CFT3 UNITED STATES TREASURY 4.0
10/31/2029 2,500,000.00 04/29/2025
3.77%
2,523,535.16
2,517,426.03
99.45 4.18%
2,486,230.00
16,847.83
2.28%
(31,196.03)
Aa1/AA+
AA+
3.34 3.07
91282CMA6 UNITED STATES TREASURY 4.125
11/30/2029 2,400,000.00 12/27/2024
4.45%
2,366,062.50
2,376,417.59
99.84 4.17%
2,396,251.20
8,385.25
2.19%
19,833.61
Aa1/AA+
AA+
3.42 3.14
91282CMG3 UNITED STATES TREASURY 4.25
01/31/2030 2,500,000.00 04/29/2025
3.78%
2,550,488.28
2,538,076.94
100.22
4.18%
2,505,470.00
44,319.75
2.29%
(32,606.94)
Aa1/AA+
AA+
3.59 3.24
91282CGQ8 UNITED STATES TREASURY 4.0
02/28/2030 2,700,000.00 --
4.02%
2,697,195.31
2,697,904.42
99.39 4.18%
2,683,651.50
36,097.83
2.46%
(14,252.92)
Aa1/AA+
AA+
3.67 3.33
91282CGS4 UNITED STATES TREASURY 3.625
03/31/2030 2,500,000.00 04/29/2025
3.80%
2,480,664.06
2,485,261.19
98.06 4.19%
2,451,562.50
22,780.05
2.24%
(33,698.69)
Aa1/AA+
AA+
3.75 3.43
91282CMZ1 UNITED STATES TREASURY 3.875
04/30/2030 2,700,000.00 05/29/2025
4.03%
2,681,542.97
2,685,622.84
98.92 4.18%
2,670,786.00
17,627.04
2.45%
(14,836.84)
Aa1/AA+
AA+
3.83 3.50
91282CHF1 UNITED STATES TREASURY 3.75
05/31/2030 2,600,000.00 --
3.84%
2,589,183.60
2,591,244.88
98.42 4.19%
2,558,868.00
8,258.20
2.34%
(32,376.88)
Aa1/AA+
AA+
3.92 3.59
36 HOLDINGS REPORT
City of Orange | Account #10888 | As of June 30, 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
91282CNN7 UNITED STATES TREASURY 3.875
07/31/2030 2,500,000.00 --
3.68%
2,519,589.84
2,518,016.09
98.82 4.19%
2,470,507.50
40,409.19
2.26%
(47,508.59)
Aa1/AA+
AA+
4.08 3.68
91282CNX5 UNITED STATES TREASURY 3.625
08/31/2030 2,400,000.00 09/29/2025
3.74%
2,387,625.00
2,389,518.78
97.83 4.20%
2,347,968.00
29,078.80
2.15%
(41,550.78)
Aa1/AA+
AA+
4.17 3.77
91282CQK0 UNITED STATES TREASURY 3.875
04/30/2031 1,525,000.00 05/28/2026
4.19%
1,504,031.25
1,504,416.32
98.56 4.21%
1,503,078.13
9,956.01
1.38%
(1,338.19)
Aa1/AA+
AA+
4.83 4.33
Total US Treasury 35,125,000.00 3.98%
35,024,460.95
35,055,400.23
99.08 4.18%
34,798,515.23
345,877.62
31.87%
(256,885.01)
3.58 3.27
Total Portfolio 110,324,552.79 4.08%
109,515,426.22
109,704,852.30
98.75 4.29%
109,201,165.45
954,920.17
100.00%
(503,686.85)
2.94 2.47
Total Market Value +
Accrued 110,156,085.62
37 HOLDINGS REPORT
City of Orange LAIF Balances | Account #10895 | As of June 30, 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 401,881.61 -- 401,881.61
401,881.61
1.00 401,881.61
0.00 0.84%
0.00 Aaa/AAA
AAA
0.00 0.00
Total Cash 401,881.61
401,881.61
401,881.61
1.00 401,881.61
0.00 0.84%
0.00 0.00
0.00 LAIF
90LAIF$00 Local Agency Investment Fund
State Pool 47,186,255.39 --
3.82%
47,186,255.39
47,186,255.39
1.00 3.82%
47,186,255.39
0.00 99.16%
0.00 NA/NA
NA
0.00 0.00
Total LAIF 47,186,255.39 3.82%
47,186,255.39
47,186,255.39
1.00 3.82%
47,186,255.39
0.00 99.16%
0.00 0.00
0.00 Total Portfolio 47,588,137.00 3.82%
47,588,137.00
47,588,137.00
1.00 3.82%
47,588,137.00
0.00 100.00%
0.00 0.00
0.00 Total Market Value +
Accrued 47,588,137.00
38 HOLDINGS REPORT
City of Orange Bank Balances | Account #10896 | As of June 30, 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 632,734.21 --
0.00%
632,734.21
632,734.21
1.00 0.00%
632,734.21
0.00 3.54%
0.00 NA/NA
NA
0.00 0.00
999WEL$15 Wells Fargo 17,104,130.85 --
3.52%
17,104,130.85
17,104,130.85
1.00 3.52%
17,104,130.85
0.00 95.78%
0.00 NA/NA
NA
0.00 0.00
999WEL$12 Wells Fargo General 120,022.00 05/31/2026
0.00%
120,022.00
120,022.00
1.00 0.00%
120,022.00
0.00 0.67%
0.00 NA/NA
NA
0.00 0.00
Total Cash 17,856,887.06 3.37%
17,856,887.06
17,856,887.06
1.00 3.37%
17,856,887.06
0.00 100.00%
0.00 0.00
0.00 Total Portfolio 17,856,887.06 3.37%
17,856,887.06
17,856,887.06
1.00 3.37%
17,856,887.06
0.00 100.00%
0.00 0.00
0.00 Total Market Value +
Accrued 17,856,887.06
39 TRANSACTIONS
40 TRANSACTION LEDGER
City of Orange | Account #10888|04/01/2026 Through 06/30/2026| Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp Yield Amount Interest Pur/
Sold Total Amount Gain/Loss
ACQUISITIONS
Purchase 04/21/2026 89240QAD7 400,000.00 TAOT 2026-B A3 4.13 12/16/2030 99.979 4.27% (399,915.64) 0.00 (399,915.64) 0.00 Purchase 05/28/2026 96130AK31 1,650,000.00
Westpac Banking
Corporation - New York
Branch 4.0 04/16/2027
99.985 4.00% (1,649,758.64) (6,966.67) (1,656,725.31) 0.00 Purchase 05/29/2026 91282CQK0 1,525,000.00
UNITED STATES
TREASURY 3.875
04/30/2031
98.625 4.19% (1,504,031.25) (4,656.84) (1,508,688.09) 0.00 Purchase 06/03/2026 38151LAJ9 355,000.00
GOLDMAN SACHS
BANK USA 4.656
06/03/2029
100.000 4.57% (355,000.00) 0.00 (355,000.00) 0.00
Purchase 06/03/2026 38151LAJ9 355,000.00
GOLDMAN SACHS
BANK USA 4.656
06/03/2029
100.000 4.57% (355,000.00) 0.00 0.00 0.00
Purchase 06/03/2026 38151LAJ9 (355,000.00)
GOLDMAN SACHS
BANK USA 4.656
06/03/2029
100.000 4.57% 355,000.00 0.00 0.00 0.00
Purchase 06/18/2026 67066GAR5 560,000.00 NVIDIA CORP 4.5 06/15/2031 99.810 4.54% (558,936.00) 0.00 (558,936.00) 0.00 Purchase 06/26/2026 67066GAR5 890,000.00 NVIDIA CORP 4.5 06/15/2031 99.907 4.52% (889,172.30) (890.00) (890,062.30) 0.00 Purchase 06/26/2026 89115M3E4 1,250,000.00
Toronto-Dominion
Bank - New York
Branch 4.0 03/12/2027
99.769 4.28% (1,247,117.38) (14,722.22) (1,261,839.60) 0.00 Purchase 06/30/2026 3137FXYV4 2,000,000.00 FHMS K-126 A2 2.074 01/27/2031 90.656 4.39% (1,813,125.00) (3,341.44) (1,816,466.44) 0.00 Purchase 06/30/2026 3137HAGZ3 1,000,000.00 FHMS K-752 A2 4.284 07/25/2030 99.508 4.38% (995,078.13) (3,451.00) (998,529.13) 0.00 Total Purchase 9,630,000.00 (9,412,134.34) (34,028.17) (9,446,162.51) 0.00 TOTAL
ACQUISITIONS 9,630,000.00 (9,412,134.34) (34,028.17) (9,446,162.51) 0.00
DISPOSITIONS
41 TRANSACTION LEDGER
City of Orange | Account #10888|04/01/2026 Through 06/30/2026| Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp Yield Amount Interest Pur/
Sold Total Amount Gain/Loss
Maturity 05/15/2026 02582JJZ4 (350,000.00) AMXCA 2023-1 A 4.87 05/15/2026 100.000 4.92% 0.00 0.00 0.00 0.00
Total Maturity (350,000.00) 0.00 0.00 0.00 0.00
Sale 05/08/2026 78016FZW7 (1,000,000.00)
ROYAL BANK
OF CANADA 4.9
01/12/2028
101.196 4.95% 1,011,960.00 15,788.89 1,027,748.89 12,666.03 Sale 05/29/2026 91282CKD2 (1,500,000.00)
UNITED STATES
TREASURY 4.25
02/28/2029
100.402 4.18% 1,506,035.16 15,591.03 1,521,626.19 3,510.80 Sale 06/16/2026 91282CKG5 (300,000.00)
UNITED STATES
TREASURY 4.125
03/31/2029
100.039 4.53% 300,117.19 2,603.48 302,720.67 3,171.81
Sale 06/26/2026 91282CKP5 (2,000,000.00)
UNITED STATES
TREASURY 4.625
04/30/2029
101.352 4.13% 2,027,031.25 14,327.45 2,041,358.70 1,398.58 Sale 06/26/2026 91282CCZ2 (3,000,000.00)
UNITED STATES
TREASURY 0.875
09/30/2026
99.246 1.01% 2,977,382.81 6,239.75 2,983,622.56 (21,594.46) Total Sale (7,800,000.00) 7,822,526.41 54,550.60 7,877,077.01 (847.24) TOTAL
DISPOSITIONS (8,150,000.00) 7,822,526.41 54,550.60 7,877,077.01 (847.24) 42 TRANSACTION LEDGER
City of Orange LAIF Balances | Account #10895|04/01/2026 Through 06/30/2026| Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp Yield Amount Interest Pur/
Sold Total Amount Gain/Loss
ACQUISITIONS
Purchase 04/15/2026 90LAIF$00 439,406.32
Local Agency
Investment Fund State
Pool
1.000 3.81% (439,406.32) 0.00 (439,406.32) 0.00
Purchase 06/30/2026 90LAIF$00 5,000,000.00
Local Agency
Investment Fund State
Pool
1.000 3.82% (5,000,000.00) 0.00 (5,000,000.00) 0.00
Total Purchase 5,439,406.32 (5,439,406.32) 0.00 (5,439,406.32) 0.00 TOTAL
ACQUISITIONS 5,439,406.32 (5,439,406.32) 0.00 (5,439,406.32) 0.00 43 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. 44 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. 45