INVESTMENT REPORT
City of Palm Springs | As of September 30, 2025
CHANDLER ASSET MANAGEMENT | chandlerasset.com
Chandler Team:
For questions about your account, please call (800) 317-4747, or contact [email protected]
Information contained herein is confidential. We urge you to compare this statement to the one you receive from your qualified custodian. Please see Important Disclosures at the end of the statement.
TABLE OF CONTENTS
ECONOMIC UPDATE
ACCOUNT PROFILE
CONSOLIDATED INFORMATION
PORTFOLIO HOLDINGS
TRANSACTIONS
1 ECONOMIC UPDATE
2 ▪
▪
▪
Recent economic data suggest slower growth in 2025 and greater market uncertainty as the effects of fiscal policy unfold. Inflation pressures have eased, though core levels remain above the Federal Reserve’s target, while tariffs continue to cloud forecasts. Signs of a softer labor market are emerging, prompting expectations that the Fed will move cautiously toward policy normalization. Given the economic outlook, we expect gradual normalization of monetary policy and a steeper yield curve.
The Federal Reserve lowered the Federal Funds Rate a quarter percentage point to the range of 4.00 – 4.25% upon conclusion of the September Federal Open Market Committee meeting. The move was telegraphed by the Fed and in line with market expectations. Stephen Miran was the only opposing vote in the 11-1 decision as Governor Miran called for a larger 50 basis point rate cut. Chair Powell said concerns over signs of a softening labor market prompted the policy shift. Policymakers also updated their economic forecasts penciling in two additional quarter-point cuts through year-end.
The US Treasury yield curve flattened in September,as the 2-year Treasury yield declined 13 basis points to 3.57%, the 5-year Treasury also down 13 basis points to 3.66%, and the 10-year Treasury yield declined 14 basis points to 4.12%. The spread between the 2-year and 10- year Treasury yield points on the curve decreased to +54 basis points at September month-end versus +61 basis points at August month- end. The spread between the 2-year Treasury and 10-year Treasury yield one year ago was 14 basis points. The spread between the 3- month and 10-year Treasury yield points on the curve was +21 basis points in September versus +8 basis points in August.
ECONOMIC UPDATE
3 -400
-200
0 200
400
600
800
1,000MOM Change In Thousands (000's)
Nonfarm Payroll (000's)
Non-farm Payroll (000's)
3-month average (000's)
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
Unemployment Rate
Underemployment Rate (U6)
Unemployment Rate (U3)
Rate (%)
The U.S. economy added just 22,000 jobs in August, falling short of consensus expectations and punctuating the softening trend in the labor market. The three-month moving average and six-month moving average payrolls totaled 29,000 and 64,000 respectively. The unemployment rate rose to 4.3% in August from 4.2% in July. The labor participation rate inched up to 62.3%, remaining below the pre- pandemic level of 63.3%. The U-6 underemployment rate, which includes those who are marginally attached to the labor force and employed part time for economic reasons jumpedto 8.1% in August from 7.9% in July. Average hourly earnings fell to 3.7% year-over-year from 3.9% last month.
Source: US Department of Labor Source: US Department of Labor
EMPLOYMENT
4 0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
Job Openings
Recession
Historical Average
In Thousands (000's)
The Labor Department’s Job Openings and Labor Turnover Survey (JOLTS) showed a modest increase to 7.227 million new job openings in August from 7.2 million in July. The quits rate and layoffs remained relatively stable. Job openings indicate a ratio of approximately 1 job for each unemployed individual, representing a relatively balanced labor market.
Source: US Department of Labor
JOB OPENINGS & LABOR TURNOVER SURVEY
5 0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
9.0%
10.0%
Consumer Price Index (CPI)
CPI YOY % Change
Core CPI YOY % Change
YOY (%) Change
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
9.0%
10.0%
Personal Consumption Expenditures (PCE)
PCE Price Deflator YOY % Change
PCE Core Deflator YOY % Change
Fed Target
YOY (%) Change
In August, the Consumer Price Index (CPI) increased more than expected at 0.4% month-over-month and 2.9% year-over-year, while the Core CPI rose 0.3% month-over-month and 3.1% year-over-year, in line with expectations. The Personal Consumption Expenditures (PCE) price index rose 0.3% month-over-month and 2.7% year-over-year in August. The Core PCE deflator, which excludes food and energy and is the Fed’s preferred gauge, was up 0.2% from July leaving it unchanged at 2.9% on an annual basis in August.
Source: US Department of Labor Source: US Department of Commerce
INFLATION
6 0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
Retail Sales YOY % Change
YOY (%) Change
Advance Retail Sales showed continued strength jumping 0.6%in August as July data was also revised up to 0.6% month-over-month. The increase elevated retail sales to 5.0% on an annual basis after jumping 4.1% year-over-year in July. Back-to-school shopping was a likely catalyst as online shopping, clothing, and sporting goods saw some of the largest increases. Control group sales, which feed into GDP, also jumped 0.74% in August from the prior month. The Conference Board’s Consumer Confidence Index fell to 94.2 in September from a revised 97.8 in August, marking the lowest level since April 2025. Measures of current conditions and future expectations fell, signaling weaker sentiment toward employment and income. Consumers have remained resilient,but rising debt burdens, higher delinquency rates, lingering inflation worries, and emerging signs of labor market cooling could weigh on future spending. 0 20
40 60
80 100
120
140
160
Index Level
Consumer Confidence
Recession
Source: US Department of Commerce Source: The Conference Board All time high is 144.70 (1/31/00); All time low is 25.30 (2/28/09)
CONSUMER
7 -25.0%
-20.0%
-15.0%
-10.0%
-5.0%
0.0%
5.0%
10.0%
15.0%
Leading Economic Indicators (LEI)
Recession
YOY (%) Change
-1.00
-0.75
-0.50
-0.25
0.00 0.25
0.50 0.75
1.00 Chicago Fed National Activity Index (CFNAI)
Recession
3 Month Average
The Conference Board’s Leading Economic Index (LEI) fell by 0.5% in August, following a 0.1% increase in July. The LEI decreased by 3.6% year-over-year. The Conference Board is expecting economic growth to slow in the second half of 2025 due to consumer pessimism, soft manufacturing new orders, and negative impacts from tariffs. The Chicago Fed National Activity Index (CFNAI) came in at -0.12% in August after a downwardly revised -0.28 in July, indicating that economic momentum remained below its historical trend for the fifth consecutive month. The three-month moving average shows a similar trend at -0.18 in August from -0.20 in the prior month signaling ongoing below-trend growth in national economic activity.
Source: The Conference Board Source: Federal Reserve Bank of Chicago
LEADING INDICATORS OF ECONOMIC ACTIVITY
8 0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
2,000
2,200
2,400
In Thousands of Units
Annualized Housing Starts
Multi Family Housing Starts
Single Family Housing Starts
Housing starts dropped 8.5% in August to 1.307 million units, marking a pullback amid elevated inventory levels and a softening labor market. Single-family starts fell 7.0% in August to 890,000 units, hitting their lowest level since July 2024. The S&P Cotality Case Shiller 20- City Home Price Index recorded a 0.07% month-over-month decline in July, marking the fifth consecutive month of losses, while still posting a modest year-over-year gain of 1.8%. Persistently high asking prices and elevated mortgage rates have continued to challenge affordability, contributing to the recent cooling across the housing market. However, the Freddie Mac 30-year fixed mortgage rate continued recent declines to 6.3% as of September.
Source: US Department of Commerce Source: S&P
-20.0%
-16.0%
-12.0%
-8.0%
-4.0%
0.0%
4.0%
8.0%
12.0%
16.0%
20.0%
24.0%
S&P/Case-Shiller 20 City Composite Home Price Index
Recession
YOY (%) Change
HOUSING
9 40
45 50
55 60
65 70
Institute of Supply Management (ISM) Surveys
ISM Manufacturing ISM Services
EXPANDING
CONTRACTING
Manufacturing activity contractedat a slightly slower rate as the Institute for Supply Management (ISM) Manufacturing Index edgedup to
49.1 in September, from 48.7 in August yet remaining below the expansion threshold, signaling the seventh consecutive month of contraction in the manufacturing sector. Production growth factored into the gain, although dropsin new orders and inventories offset the increase. The ISM Services Index fell to 50.0 in September from 52.0 in August, which is the breakeven point between expansion and contraction. The 2.0-point decline generally indicated moderate to weak growth, with only isolated reports of supplier delivery delays.
Employment remained in contraction territory, reflecting delayed hiring plans and ongoing challenges in finding qualified workers.
Source: Institute for Supply Management
SURVEY BASED MEASURES
10 Components of GDP 9/24 12/24 3/25 6/25
2.7% 2.6% 0.4% 1.7%
0.2% -1.3% 3.8% -2.7%
-0.4% -0.1% -4.7% 4.8%
0.5% 0.3% -0.4% -0.4%
0.4% 0.3% 0.2% 0.3%
3.4% 1.9% -0.6% 3.8%
Personal Consumption Expenditures
Gross Private Domestic Investment
Net Exports and Imports
Federal Government Expenditures
Total
State and Local (Consumption and Gross
Investment)
-40.0%
-30.0%
-20.0%
-10.0%
0.0%
10.0%
20.0%
30.0%
40.0%
Gross Domestic Product (GDP)
GDP QOQ % Change
GDP YOY % Change
Source: US Department of Commerce Source: US Department of Commerce In a sharp rebound from the first quarter, real GDP increasedat an annualized rate of 3.8% in the second quarter of 2025 according to the final data revision from the Bureau of Economic Analysis. The increase in real GDP in the second quarter was driven by the drop in imports following the significant rise in the first quarter in anticipation of higher tariffs and an increase in consumer spending. The consensus projection calls for 1.7% growth for the third quarter and 1.8% for the full year 2025.
GROSS DOMESTIC PRODUCT (GDP)
11 Source: Federal Reserve Source: Bloomberg
0 1,000,000
2,000,000
3,000,000
4,000,000
5,000,000
6,000,000
7,000,000
8,000,000
9,000,000
10,000,000
Federal Reserve Balance Sheet Assets
Recession
In $ millions
The Federal Reserve lowered its benchmark interest rate by a quarter point to a range of 4.00% to 4.25% at its September meeting, as officials responded to mounting signs of labor market weakness. Chair Jerome Powell said the move was aimed at cushioning the slowdown while keeping policy restrictive enough to fight lingering inflation. The Fed kept its balance-sheet runoff unchanged, maintaining a $5 billion monthly cap on Treasuries and $35 billion on agency and mortgage-backed securities. Since launching its Quantitative Tightening campaign in June 2022, the Fed has reduced its securities holdings by about $2.35 trillion, bringing the total down to roughly $6.6 trillion.
FEDERAL RESERVE
0.00%
1.00%
2.00%
3.00%
4.00%
5.00%
6.00%
Effective Federal Funds Rate
Recession
Yield (%)
12 Source: Bloomberg Source: Bloomberg
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
US Treasury Note Yields
2-Year
5-Year
10-Year
Yield (%)
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
US Treasury Yield Curve
Sep-25
Jun-25
Sep-24
Yield (%)
At the end of September, the 2-year Treasury yield was 5 basis points lower, and the 10-Year Treasury yield was 40 basis points higher, year-over-year. The spread between the 2-year and 10-year Treasury yield points on the curve decreased to +54 basis points at September month-end versus +61 basis points at August month-end. The prior 2-year/10-year yield curve inversion, which spanned from July 2022 to August 2024, was historically long. The average historical spread (since 2005) is about +99 basis points. The spread between the 3-month and 10-year Treasury yield points on the curve was +21 basis points in September versus +8 basis points in August.
BOND YIELDS
13 PERIODIC TABLE OF ASSET CLASS RETURNS
Index returns as of 09/30/2025. Past performance is not indicative of future results. Index returns assume reinvestment of all distributions and do not reflect fees or expenses. It is not possible to invest directly in an index. This information is not intended to constitute an offer, solicitation, recommendation, or advice regarding securities or investment strategy. Please see attached Asset Class Disclosure. 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 YTD 2025 US Real Estate
2.5%
US Small Cap
Stocks
20.4%
Emerging Market
Stocks
37.3%
International
Bonds
3.2%
US Large Cap
Stocks
31.5%
US Mid Cap
Stocks
19.8%
US Real Estate
43.1%
Diversified
Commodities
26.0%
US Large Cap
Stocks
26.3%
US Large Cap
Stocks
25.0%
Emerging Market
Stocks
27.5%
US Large Cap
Stocks
1.4%
US High Yield
Bonds
17.5%
International
Stocks
25.0%
US Core Bonds
0.0%
US Mid Cap
Stocks
30.6%
US Small Cap
Stocks
19.2%
Diversified
Commodities
40.4%
US High Yield
Bonds
-11.2%
US Small Cap
Stocks
19.1%
US Mid Cap
Stocks
17.2%
International
Stocks
25.1%
International
Bonds
1.3%
US Mid Cap
Stocks
12.6%
US Large Cap
Stocks
21.8%
US High Yield
Bonds
-2.3%
US Small Cap
Stocks
25.9%
US Large Cap
Stocks
18.4%
US Large Cap
Stocks
28.7%
International
Bonds
-12.7%
International
Stocks
18.2%
US Small Cap
Stocks
11.0%
International
Real Estate
23.7%
US Core Bonds
0.6%
US Large Cap
Stocks
12.0%
US Mid Cap
Stocks
20.3%
US Large Cap
Stocks
-4.4%
US Real Estate
25.8%
Emerging Market
Stocks
18.3%
US Mid Cap
Stocks
24.0%
US Core Bonds
-13.3%
US Mid Cap
Stocks
14.5%
Diversified
Commodities
9.2%
US Large Cap
Stocks
14.8%
US Mid Cap
Stocks
-0.6%
Diversified
Commodities
11.4%
International
Real Estate
20.0%
US Real Estate
-4.6%
International
Stocks
22.0%
International
Stocks
7.8%
US Small Cap
Stocks
21.1%
International
Stocks
-14.5%
US Real Estate
13.7%
US Real Estate
8.8%
US Mid Cap
Stocks
9.6%
International
Stocks
-0.8%
Emerging Market
Stocks
11.2%
US Small Cap
Stocks
15.2%
International
Real Estate
-6.4%
International
Real Estate
21.0%
US Core Bonds
7.6%
International
Stocks
11.3%
US Mid Cap
Stocks
-16.9%
US High Yield
Bonds
13.5%
US High Yield
Bonds
8.2%
US Small Cap
Stocks
9.4%
International
Real Estate
-3.8%
US Real Estate
8.6%
US High Yield
Bonds
7.5%
US Mid Cap
Stocks
-8.1%
Emerging Market
Stocks
18.4%
US High Yield
Bonds
6.2%
International
Real Estate
8.1%
US Small Cap
Stocks
-17.8%
Emerging Market
Stocks
9.8%
Emerging Market
Stocks
7.5%
US High Yield
Bonds
7.1%
US Small Cap
Stocks
-4.1%
International
Bonds
4.9%
Diversified
Commodities
5.8%
US Small Cap
Stocks
-11.0%
Diversified
Commodities
17.6%
International
Bonds
4.7%
US High Yield
Bonds
5.4%
US Large Cap
Stocks
-18.1%
International
Bonds
8.7%
International
Stocks
3.8%
US Core Bonds
6.2%
US High Yield
Bonds
-4.6%
US Core Bonds
2.6%
US Real Estate
5.1%
International
Stocks
-13.8%
US High Yield
Bonds
14.4%
International
Real Estate
-7.1%
US Core Bonds
-1.6%
Emerging Market
Stocks
-20.1%
International
Real Estate
6.3%
International
Bonds
3.8%
Diversified
Commodities
6.1%
Emerging Market
Stocks
-14.9%
International
Real Estate
1.3%
US Core Bonds
3.6%
Diversified
Commodities
-13.8%
US Core Bonds
9.0%
US Real Estate
-7.6%
International
Bonds
-2.1%
International
Real Estate
-24.3%
US Core Bonds
5.4%
US Core Bonds
1.3%
US Real Estate
4.7%
Diversified
Commodities
-32.9%
International
Stocks
1.0%
International
Bonds
2.6%
Emerging Market
Stocks
-14.6%
International
Bonds
8.1%
Diversified
Commodities
-23.7%
Emerging Market
Stocks
-2.5%
US Real Estate
-24.5%
Diversified
Commodities
-4.3%
International
Real Estate
-8.4%
International
Bonds
2.5%
14 ACCOUNT PROFILE
15 OBJECTIVES
Investment Objectives
The investment objectives of the City of Palm Springs 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 Palm Springs | Account #10805 | As of September 30, 2025 Rules Name Limit Actual Compliance
Status Notes
AGENCY MORTGAGE SECURITIES (CMOS)
Max % (MV) 20.0 5.3 Compliant
Max Maturity (Years) 5.0 3.5 Compliant
ASSET-BACKED SECURITIES (ABS)
Max % (MV) 20.0 2.5 Compliant
Max % Issuer (MV) 5.0 1.3 Compliant
Max Maturity (Years) 5 3 Compliant
Min Rating (AA- by 1) 0.0 0.0 Compliant
BANKERS' ACCEPTANCES
Max % (MV) 20.0 0.0 Compliant
Max % Issuer (MV) 5.0 0.0 Compliant
Max Maturity (Days) 180 0.0 Compliant
Min Rating (A-1 by 3) 0.0 0.0 Compliant
CERTIFICATE OF DEPOSIT PLACEMENT SERVICE
(CDARS)
Max % (MV) 30.0 0.0 Compliant
Max Maturity (Years) 5.0 0.0 Compliant
COLLATERALIZED TIME DEPOSITS (NON-
NEGOTIABLE CD/TD)
Max % (MV) 20.0 0.0 Compliant
Max Issuer Amount (MV) 500,000.0 0.0 Compliant
Max Maturity (Years) 5.0 0.0 Compliant
Min Rating (A-1 by 2; A- by 2) 0.0 0.0 Compliant
COMMERCIAL PAPER
Max % (MV) 15.0 0.0 Compliant
Max % Issuer (MV) 5.0 0.0 Compliant
Max Maturity (Days) 270 0.0 Compliant
Min Rating (A-1 by 1 or A- by 1) 0.0 0.0 Compliant
CORPORATE MEDIUM TERM NOTES
Max % (MV) 30.0 20.1 Compliant
17 STATEMENT OF COMPLIANCE
City of Palm Springs | Account #10805 | As of September 30, 2025 Rules Name Limit Actual Compliance
Status Notes
Max % Issuer (MV) 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 % (MV) 20.0 0.0 Compliant
Max Maturity (Years) 5 0.0 Compliant
FEDERAL AGENCIES
Max % (MV) 60.0 23.7 Compliant
Max Callables (MV) 20.0 2.9 Compliant
Max Maturity (Years) 5 3 Compliant
LOCAL AGENCY INVESTMENT FUND (LAIF)
Max Concentration (MV) 75.0 0.0 Compliant
LOCAL GOVERNMENT INVESTMENT POOL (LGIP)
Max % (MV) 20.0 0.0 Compliant
MONEY MARKET MUTUAL FUNDS
Max % (MV) 20.0 2.3 Compliant
Max % Issuer (MV) 10.0 2.3 Compliant
Min Rating (AAA by 2) 0.0 0.0 Compliant
MORTGAGE -BACKED SECURITIES (NON-AGENCY)
Max % (MV) 20.0 0.0 Compliant
Max % Issuer (MV) 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 % (MV) 15.0 0.0 Compliant
Max % Issuer (MV) 5.0 0.0 Compliant
Max Maturity (Years) 5 0.0 Compliant
Min Rating (A- by 1) 0.0 0.0 Compliant
MUTUAL FUNDS
18 STATEMENT OF COMPLIANCE
City of Palm Springs | Account #10805 | As of September 30, 2025 Rules Name Limit Actual Compliance
Status Notes
Max % (MV) 20.0 0.0 Compliant
Max % Issuer (MV) 10.0 0.0 Compliant
Min Rating (AAA by 2) 0.0 0.0 Compliant
NEGOTIABLE CERTIFICATES OF DEPOSIT (NCD)
Max % (MV) 30.0 0.0 Compliant
Max % Issuer (MV) 5.0 0.0 Compliant
Max Maturity (Years) 5 0.0 Compliant
Min Rating (A- by 2 or A-1 by 2 if > FDIC Limit) 0.0 0.0 Compliant
SRI PROHIBITED INVESTMENTS
Prohibited Investments - Firearms 0.0 0.0 Compliant
SUPRANATIONAL OBLIGATIONS
Max % (MV) 30.0 1.2 Compliant
Max % Issuer (MV) 10.0 1.2 Compliant
Max Maturity (Years) 5 0.0 Compliant
Min Rating (AA- by 1) 0.0 0.0 Compliant
U.S. TREASURIES
Max % (MV) 100.0 44.8 Compliant
Max Maturity (Years) 5 4 Compliant
19 PORTFOLIO CHARACTERISTICS
City of Palm Springs | Account #10805 | As of September 30, 2025 Benchmark* 9/30/2025
Portfolio
6/30/2025
Portfolio
Average Maturity (yrs) 2.65 2.29 2.35
Average Modified Duration 2.48 2.06 2.11
Average Purchase Yield 3.95% 3.91%
Average Market Yield 3.66% 3.80% 3.97%
Average Quality** AA+ AA+ AA+
Total Market Value 400,933,285 417,459,258
*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 Palm Springs | Account #10805 | As of September 30, 2025 Sector as a Percentage of Market Value
Sector 09/30/2025 06/30/2025
US Treasury 44.78% 44.96%
Agency 23.69% 24.97%
Corporate 20.12% 20.17%
Agency CMBS 5.35% 4.14%
ABS 2.54% 2.43%
Money Mkt Fd 2.28% 2.12%
Supras 1.24% 1.19%
21 DURATION ALLOCATION
City of Palm Springs | Account #10805 | As of September 30, 2025 0-.25 .25-.5 .5-1 1-2 2-3 3-4 4-5 5-7 7+
09/30/2025 4.7% 6.4% 10.6% 23.7% 27.8% 22.3% 4.5% 0.0% 0.0% 22 ISSUERS
City of Palm Springs | Account #10805 | As of September 30, 2025 Issuer Investment Type % Portfolio
United States US Treasury 44.78%
Federal Home Loan Banks Agency 13.03%
Farm Credit System Agency 10.67%
FHLMC Agency CMBS 5.35%
Allspring Group Holdings LLC Money Mkt Fd 2.28%
PepsiCo, Inc. Corporate 1.28%
Eli Lilly and Company Corporate 1.28%
Mercedes-Benz Auto Receivables Trust ABS 1.27%
GM Financial Automobile Leasing Trus ABS 1.27%
Deere & Company Corporate 1.26%
International Finance Corporation Supras 1.24%
Bank of America Corporation Corporate 1.03%
JPMorgan Chase & Co. Corporate 1.03%
Mastercard Incorporated Corporate 1.00%
Morgan Stanley Corporate 1.00%
Pfizer Inc. Corporate 1.00%
Merck & Co., Inc. Corporate 0.99%
Amazon.com, Inc. Corporate 0.99%
Visa Inc. Corporate 0.98%
The Home Depot, Inc. Corporate 0.91%
Target Corporation Corporate 0.80%
Caterpillar Inc. Corporate 0.77%
PACCAR Inc Corporate 0.77%
Northern Trust Corporation Corporate 0.75%
Microsoft Corporation Corporate 0.75%
The Procter & Gamble Company Corporate 0.62%
The Charles Schwab Corporation Corporate 0.56%
BNY Mellon Corp Corporate 0.50%
Costco Wholesale Corporation Corporate 0.50%
U.S. Bancorp Corporate 0.50%
23 ISSUERS
City of Palm Springs | Account #10805 | As of September 30, 2025 Issuer Investment Type % Portfolio
Apple Inc. Corporate 0.49%
State Street Corporation Corporate 0.37%
Cash Cash 0.00%
TOTAL 100.00%
24 QUALITY DISTRIBUTION
Rating 09/30/2025 06/30/2025
AAA 8.46% 8.03%
AA 75.77% 74.68%
A 15.78% 16.10%
A-1+ -- 1.19%
Rating 09/30/2025 06/30/2025
Aaa 6.75% 5.44%
Aa 78.07% 77.86%
A 12.66% 13.09%
P-1 -- 1.19%
NA 2.53% 2.42%
Rating 09/30/2025 06/30/2025
AAA 7.13% 4.66%
AA 75.45% 74.38%
A 6.53% 6.50%
NA 10.89% 13.27%
F1+ -- 1.19%
City of Palm Springs | Account #10805 | As of September 30, 2025 S&P Rating Moody’s Rating Fitch Rating
25 0-.25 .25-.5 .5-1 1-2 2-3 3-4 4-5 5-7 7+
Portfolio 4.7% 6.4% 10.6% 23.7% 27.8% 22.3% 4.5% 0.0% 0.0% ICE BofA 1-5 Year Unsubordinated US Treasury &
Agency Index 0.0% 0.1% 2.6% 35.0% 27.7% 22.6% 12.0% 0.0% 0.0%
DURATION DISTRIBUTION
City of Palm Springs | Account #10805 | As of September 30, 2025 Portfolio Compared to the Benchmark
26 DURATION DISTRIBUTION
City of Palm Springs | Account #10805 | As of September 30, 2025 Date 0-.25 .25-.5 .5-1 1-2 2-3 3-4 4-5 5-7 7+
09/30/2025 4.7% 6.4% 10.6% 23.7% 27.8% 22.3% 4.5% 0.0% 0.0% 06/30/2025 8.7% 2.3% 11.3% 23.9% 22.7% 28.0% 3.1% 0.0% 0.0% 27 3 Months 12 Months 2 Years 3 Years 5 Years 10 Years Since Inception TOTAL RATE OF RETURN*
City of Palm Springs 1.24% 3.99% 5.79% 4.73% 2.14%
Benchmark 1.14% 3.77% 5.58% 4.42% 1.36%
*Periods over 1 year are annualized.
Total rate of return: A measure of a portfolio’s performance over time. It is the internal rate of return, which equates the beginning value of the portfolio with the ending market value; it includes interest earnings, realized and unrealized gains and losses in the portfolio. Realized rate of return: A measure of a portfolio’s return over time. It is the internal rate which equates the beginning book value of the portfolio with the ending book value; it includes interest earnings, realized gains and losses in the portfolio.
Benchmark: ICE BofA 1-5 Year Unsubordinated US Treasury & Agency Index
INVESTMENT PERFORMANCE
City of Palm Springs | Account #10805 | As of September 30, 2025 Total Rate of Return : Inception | 04/01/2021
28 PORTFOLIO CHARACTERISTICS
City of Palm Springs Reporting | Account #10806 | As of September 30, 2025 9/30/2025
Portfolio
6/30/2025
Portfolio
Average Maturity (yrs) 0.00 0.00
Average Modified Duration 0.00 0.00
Average Purchase Yield 4.19% 4.27%
Average Market Yield 4.15% 4.24%
Average Quality** AAA AAA
Total Market Value 39,162,413 65,774,404
*Benchmark: NO BENCHMARK REQUIRED
**The credit quality is a weighted average calculation of the highest of S&P, Moody’s and Fitch. 29 SECTOR DISTRIBUTION
City of Palm Springs Reporting | Account #10806 | As of September 30, 2025 Sector as a Percentage of Market Value
Sector 09/30/2025 06/30/2025
LAIF 80.59% 88.25%
LGIP 18.46% 10.86%
Cash 0.95% 0.89%
30 CONSOLIDATED INFORMATION
31 PORTFOLIO CHARACTERISTICS
City of Palm Springs Cons | Account #10807 | As of September 30, 2025 9/30/2025
Portfolio
6/30/2025
Portfolio
Average Maturity (yrs) 2.09 2.03
Average Modified Duration 1.88 1.82
Average Purchase Yield 3.97% 3.96%
Average Market Yield 3.83% 4.01%
Average Quality** AA+ AA+
Total Market Value 440,095,698 483,233,662
*Benchmark: NO BENCHMARK REQUIRED
**The credit quality is a weighted average calculation of the highest of S&P, Moody’s and Fitch. 32 SECTOR DISTRIBUTION
City of Palm Springs Cons | Account #10807 | As of September 30, 2025 Sector as a Percentage of Market Value
Sector 09/30/2025 06/30/2025
US Treasury 40.77% 38.80%
Agency 21.57% 21.55%
Corporate 18.32% 17.41%
LAIF 7.22% 12.09%
Agency CMBS 4.87% 3.57%
ABS 2.31% 2.10%
Money Mkt Fd 2.07% 1.83%
LGIP 1.65% 1.49%
Supras 1.13% 1.03%
Cash 0.09% 0.13%
33 PORTFOLIO HOLDINGS
34 HOLDINGS REPORT
City of Palm Springs | Account #10805 | As of September 30, 2025 Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
ABS
362962AD4 GMALT 2025-2 A3 4.58
05/22/2028 5,000,000.00 05/27/2025
4.77%
5,005,664.06
5,004,722.56
100.92
3.97%
5,046,139.50
6,997.22
1.27%
41,416.94
NA/AAA
AAA
2.64 1.40
58768YAD7 MBALT 2025-A A3 4.61
04/16/2029 5,000,000.00 05/19/2025
4.54%
5,012,304.69
5,010,628.98
101.39
3.98%
5,069,719.00
10,244.44
1.27%
59,090.02
NA/AAA
AAA
3.54 2.05
Total ABS 10,000,000.00 4.65%
10,017,968.75
10,015,351.54
101.16
3.97%
10,115,858.50
17,241.67
2.54%
100,506.96
3.09 1.72
AGENCY
3130ATUC9 FEDERAL HOME LOAN BANKS 4.5
12/12/2025 4,000,000.00 02/14/2023
4.40%
4,010,520.00
4,000,734.67
100.05
4.19%
4,001,976.32
54,500.00
1.01%
1,241.65
Aa1/AA+
AA+
0.20 0.20
3130ALHH0 FEDERAL HOME LOAN BANKS 0.96
03/05/2026 3,000,000.00 03/28/2022
2.68%
2,806,200.00
2,979,096.03
98.72 3.99%
2,961,697.86
2,080.00
0.74%
(17,398.17)
Aa1/AA+
AA+
0.43 0.42
3133EPCR4 FEDERAL FARM CREDIT BANKS
FUNDING CORP 4.75 03/09/2026 5,000,000.00 04/26/2023
3.87%
5,118,550.00
5,018,003.30
100.39
3.83%
5,019,678.75
14,513.89
1.26%
1,675.45
Aa1/AA+
AA+
0.44 0.43
3130AWLZ1 FEDERAL HOME LOAN BANKS 4.75
06/12/2026 5,250,000.00 08/22/2023
4.85%
5,235,772.50
5,246,470.91
100.69
3.73%
5,286,374.05
75,505.21
1.33%
39,903.13
Aa1/AA+
AA+
0.70 0.67
3130ANMH0 FEDERAL HOME LOAN BANKS 1.1
08/20/2026 2,000,000.00 09/08/2022
3.68%
1,810,600.00
1,957,546.01
97.74 3.71%
1,954,853.94
2,505.56
0.49%
(2,692.07)
Aa1/AA+
AA+
0.89 0.87
3133EMNW8 FEDERAL FARM CREDIT BANKS
FUNDING CORP 0.7 01/27/2027 2,000,000.00 04/25/2022
3.01%
1,795,000.00
1,942,996.54
96.12 3.74%
1,922,336.18
2,488.89
0.48%
(20,660.36)
Aa1/AA+
AA+
1.33 1.29
3130AL5A8 FEDERAL HOME LOAN BANKS 0.9
02/26/2027 5,000,000.00 --
3.15%
4,501,000.00
4,852,761.16
96.03 3.83%
4,801,622.75
4,375.00
1.21%
(51,138.41)
Aa1/AA+
AA+
1.41 1.37
3133EPBM6 FEDERAL FARM CREDIT BANKS
FUNDING CORP 4.125 08/23/2027 3,800,000.00 02/24/2023
4.36%
3,763,862.00
3,784,754.97
100.78
3.69%
3,829,541.73
16,545.83
0.96%
44,786.76
Aa1/AA+
AA+
1.90 1.80
3130ATUS4 FEDERAL HOME LOAN BANKS 4.25
12/10/2027 6,000,000.00 01/25/2023
3.63%
6,162,990.00
6,073,295.11
101.06
3.74%
6,063,370.08
78,625.00
1.52%
(9,925.03)
Aa1/AA+
AA+
2.19 2.05
3133EPAV7 FEDERAL FARM CREDIT BANKS
FUNDING CORP 3.875 02/14/2028 6,000,000.00 02/14/2023
4.07%
5,948,760.00
5,975,685.57
100.25
3.76%
6,015,276.90
30,354.17
1.51%
39,591.33
Aa1/AA+
AA+
2.38 2.23
3130ATS57 FEDERAL HOME LOAN BANKS 4.5
03/10/2028 6,000,000.00 03/30/2023
3.89%
6,163,404.00
6,080,616.26
101.87
3.69%
6,112,107.72
15,750.00
1.54%
31,491.46
Aa1/AA+
AA+
2.44 2.29
3133EPGW9 FEDERAL FARM CREDIT BANKS
FUNDING CORP 3.875 04/25/2028 5,000,000.00 04/26/2023
3.64%
5,053,550.00
5,027,493.89
100.42
3.70%
5,020,960.20
83,958.33
1.26%
(6,533.69)
Aa1/AA+
AA+
2.57 2.38
35 HOLDINGS REPORT
City of Palm Springs | Account #10805 | As of September 30, 2025 Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
3133EPNH4 FEDERAL FARM CREDIT BANKS
FUNDING CORP 3.875 06/21/2028 7,000,000.00 06/22/2023
4.10%
6,928,110.00
6,960,844.57
100.61
3.64%
7,042,810.67
75,347.22
1.77%
81,966.10
Aa1/AA+
AA+
2.73 2.54
3130AWTR1 FEDERAL HOME LOAN BANKS
4.375 09/08/2028 5,000,000.00 10/19/2023
5.04%
4,856,850.00
4,913,949.61
102.01
3.65%
5,100,615.35
13,975.69
1.28%
186,665.74
Aa1/AA+
AA+
2.94 2.73
3130AXQK7 FEDERAL HOME LOAN BANKS 4.75
12/08/2028 7,100,000.00 01/23/2024
4.10%
7,299,865.00
7,230,698.24
103.24
3.66%
7,330,009.47
105,859.03
1.84%
99,311.23
Aa1/AA+
AA+
3.19 2.90
3133ERAK7 FEDERAL FARM CREDIT BANKS
FUNDING CORP 4.375 04/10/2029 5,200,000.00 04/25/2024
4.71%
5,122,780.00
5,145,092.74
102.65
3.57%
5,338,042.58
108,062.50
1.34%
192,949.84
Aa1/AA+
AA+
3.53 3.19
3133ERDH1 FEDERAL FARM CREDIT BANKS
FUNDING CORP 4.75 04/30/2029 8,000,000.00 05/07/2024
4.53%
8,077,200.00
8,055,500.77
103.52
3.69%
8,281,337.84
159,388.89
2.08%
225,837.07
Aa1/AA+
AA+
3.58 3.22
3130B1BC0 FEDERAL HOME LOAN BANKS
4.625 06/08/2029 8,000,000.00 06/06/2024
4.35%
8,097,920.00
8,072,140.30
103.10
3.72%
8,248,017.76
116,138.89
2.07%
175,877.46
Aa1/AA+
AA+
3.69 3.33
92,752,933.50 101.09 94,330,630.15 23.69% 2.31
Total Agency 93,350,000.00 4.10% 93,317,680.64 3.73% 959,974.10 1,012,949.51 2.14
AGENCY CMBS
3137BSRE5 FHMS K-059 A2 3.12 09/25/2026 2,749,079.05 02/18/2022
1.98%
2,867,203.54
2,773,061.90
99.15 3.89%
2,725,722.33
7,147.61
0.68%
(47,339.58)
Aa1/AAA
AAA
0.99 0.86
3137H4BY5 FHMS K-746 A2 2.031 09/25/2028 7,000,000.00 10/18/2023
5.43%
5,993,476.56
6,395,518.88
94.72 3.92%
6,630,534.40
11,847.50
1.67%
235,015.52
Aa1/AA+
AAA
2.99 2.80
3137FK4M5 FHMS K-085 A2 4.06 10/25/2028 4,000,000.00 07/28/2025
4.17%
3,980,312.50
3,981,366.58
100.33
3.88%
4,013,167.20
13,533.33
1.01%
31,800.62
Aaa/AA+
AA+
3.07 2.80
3137FKZZ2 FHMS K-088 A2 3.69 01/25/2029 4,000,000.00 05/01/2025
3.97%
3,956,406.25
3,961,235.50
99.29 3.87%
3,971,680.40
12,300.00
1.00%
10,444.90
Aaa/AA+
AA+
3.32 3.00
3137FLN91 FHMS K-091 A2 3.505 03/25/2029 4,000,000.00 05/01/2025
3.98%
3,929,375.00
3,936,867.83
98.62 3.90%
3,944,698.00
11,683.33
0.99%
7,830.17
Aa1/AAA
AA+
3.48 3.12
20,726,773.85 97.92 21,285,802.33 5.35% 2.90
Total Agency CMBS 21,749,079.05 4.21% 21,048,050.69 3.90% 56,511.77 237,751.63 2.65 CASH
CCYUSD Receivable 10,568.70 -- 10,568.70
10,568.70
1.00 0.00%
10,568.70
0.00 0.00%
0.00 Aaa/AAA
AAA
0.00 0.00
36 HOLDINGS REPORT
City of Palm Springs | Account #10805 | As of September 30, 2025 Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
Total Cash 10,568.70
10,568.70
10,568.70
1.00 0.00%
10,568.70
0.00 0.00%
0.00 0.00
0.00 CORPORATE
58933YAY1 MERCK & CO INC 0.75 02/24/2026 4,000,000.00 --
2.77%
3,742,920.00
3,969,703.94
98.69 4.09%
3,947,749.84
3,083.33
0.99%
(21,954.10)
Aa3/A+
NA
0.40 0.39
06406FAC7 BANK OF NEW YORK MELLON
CORP 2.8 05/04/2026 2,000,000.00 01/25/2023
4.38%
1,904,400.00
1,982,771.17
99.29 4.02%
1,985,823.44
22,866.67
0.50%
3,052.27
Aa3/A
AA-
0.59 0.57
808513BR5 CHARLES SCHWAB CORP 1.15
05/13/2026 2,250,000.00 --
3.39%
2,067,262.50
2,221,004.72
98.26 4.04%
2,210,808.13
9,918.75
0.56%
(10,196.60)
A2/A-
A
0.62 0.60
91159HHN3 US BANCORP 2.375 07/22/2026 2,000,000.00 08/11/2022
3.49%
1,918,340.00
1,983,292.94
98.74 3.97%
1,974,890.94
9,104.17
0.50%
(8,402.00)
A3/A
A
0.81 0.79
24422EVB2 JOHN DEERE CAPITAL CORP 2.25
09/14/2026 2,500,000.00 --
3.83%
2,357,655.00
2,465,221.77
98.57 3.79%
2,464,281.25
2,656.25
0.62%
(940.52)
A1/A
A+
0.96 0.93
437076CV2 HOME DEPOT INC 4.95
09/30/2026 3,600,000.00 12/21/2023
4.42%
3,647,736.00
3,616,253.67
101.04
3.88%
3,637,378.04
495.00
0.91%
21,124.38
A2/A
A
1.00 0.89
717081EA7 PFIZER INC 3.0 12/15/2026 4,000,000.00 --
4.00%
3,852,095.00
3,955,786.28
99.03 3.82%
3,961,387.88
35,333.33
1.00%
5,601.60
A2/A
NA
1.21 1.16
87612EBM7 TARGET CORP 1.95 01/15/2027 3,250,000.00 --
2.59%
3,164,240.00
3,225,360.28
97.63 3.85%
3,172,865.22
13,379.17
0.80%
(52,495.06)
A2/A
A
1.29 1.25
742718FV6 PROCTER & GAMBLE CO 1.9
02/01/2027 2,550,000.00 01/27/2022
1.93%
2,546,379.00
2,549,032.28
97.56 3.79%
2,487,881.95
8,075.00
0.62%
(61,150.34)
Aa3/AA-
NA
1.34 1.29
594918BY9 MICROSOFT CORP 3.3 02/06/2027 3,000,000.00 01/25/2023
3.96%
2,926,980.00
2,975,527.63
99.41 3.75%
2,982,213.90
15,125.00
0.75%
6,686.27
Aaa/AAA
NA
1.35 1.30
57636QAR5 MASTERCARD INC 3.3 03/26/2027 4,000,000.00 05/30/2023
4.36%
3,852,800.00
3,942,913.84
99.22 3.84%
3,968,926.84
1,833.33
1.00%
26,013.00
Aa3/A+
NA
1.48 1.43
92826CAL6 VISA INC 1.9 04/15/2027 4,000,000.00 02/14/2023
4.44%
3,617,920.00
3,858,889.48
97.19 3.79%
3,887,789.64
35,044.44
0.98%
28,900.16
Aa3/AA-
NA
1.54 1.48
665859AW4 NORTHERN TRUST CORP 4.0
05/10/2027 3,000,000.00 06/13/2022
4.20%
2,973,570.00
2,991,347.50
100.16
3.90%
3,004,673.76
47,000.00
0.75%
13,326.26
A2/A+
A+
1.61 1.44
22160KAM7 COSTCO WHOLESALE CORP 3.0
05/18/2027 2,000,000.00 08/24/2022
3.50%
1,956,700.00
1,985,098.38
98.81 3.75%
1,976,287.94
22,166.67
0.50%
(8,810.44)
Aa3/AA
NA
1.63 1.56
37 HOLDINGS REPORT
City of Palm Springs | Account #10805 | As of September 30, 2025 Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
037833DB3 APPLE INC 2.9 09/12/2027 2,000,000.00 02/14/2023
4.45%
1,872,980.00
1,945,889.02
98.48 3.72%
1,969,551.72
3,061.11
0.49%
23,662.70
Aaa/AA+
NA
1.95 1.87
857477BS1 STATE STREET CORP 2.203
02/07/2028 1,500,000.00 02/14/2023
5.03%
1,362,523.37
1,453,227.65
97.56 4.42%
1,463,326.88
4,956.75
0.37%
10,099.23
Aa3/A
AA-
2.36 1.31
24422EXH7 JOHN DEERE CAPITAL CORP 4.5
01/16/2029 2,500,000.00 06/06/2024
4.83%
2,466,550.00
2,476,104.31
101.50
4.01%
2,537,511.48
23,437.50
0.64%
61,407.17
A1/A
A+
3.30 3.01
61744YAP3 MORGAN STANLEY 3.772
01/24/2029 4,000,000.00 04/30/2025
4.52%
3,924,160.00
3,935,851.05
99.13 4.52%
3,965,328.04
28,080.44
1.00%
29,476.99
A1/A-
A+
3.32 2.18
69371RS80 PACCAR FINANCIAL CORP 4.6
01/31/2029 3,000,000.00 02/12/2024
4.64%
2,994,863.00
2,996,548.89
101.86
4.00%
3,055,756.14
23,383.33
0.77%
59,207.25
A1/A+
NA
3.34 3.04
14913UAJ9 CATERPILLAR FINANCIAL SERVICES
CORP 4.85 02/27/2029 3,000,000.00 06/06/2024
4.73%
3,015,000.00
3,010,819.81
102.69
4.00%
3,080,550.66
13,741.67
0.77%
69,730.85
A2/A
A+
3.41 3.11
532457BV9 ELI LILLY AND CO 3.375
03/15/2029 5,200,000.00 04/24/2024
4.96%
4,846,452.00
4,950,098.64
98.17 3.95%
5,104,911.14
7,800.00
1.28%
154,812.50
Aa3/A+
NA
3.45 3.22
023135CG9 AMAZON.COM INC 3.45
04/13/2029 4,000,000.00 07/30/2024
4.35%
3,848,280.00
3,886,011.18
98.56 3.89%
3,942,222.72
64,400.00
0.99%
56,211.54
A1/AA
AA-
3.53 3.24
06051GLG2 BANK OF AMERICA CORP 5.202
04/25/2029 4,000,000.00 06/06/2024
5.18%
4,002,680.00
4,001,770.92
102.51
4.59%
4,100,252.56
90,168.00
1.03%
98,481.64
A1/A-
AA-
3.57 2.34
46647PEB8 JPMORGAN CHASE & CO 5.012
01/23/2030 4,000,000.00 04/30/2025
4.57%
4,059,200.00
4,052,516.13
102.45
4.48%
4,097,802.68
37,868.44
1.03%
45,286.55
A1/A
AA-
4.31 3.01
713448GB8 PEPSICO INC 4.6 02/07/2030 5,000,000.00 05/19/2025
4.49%
5,021,750.00
5,020,028.50
102.15
4.06%
5,107,352.15
34,500.00
1.28%
87,323.65
A1/A+
NA
4.36 3.82
Total Corporate 80,350,000.00 4.18%
77,943,435.87
79,451,069.97
99.70 4.01%
80,087,524.92
557,478.36
20.12%
636,454.95
2.29 1.96
MONEY MARKET
FUND
94975P405 ALLSPRING:GOVT MM I 9,068,183.76 --
4.00%
9,068,183.76
9,068,183.76
1.00 4.00%
9,068,183.76
0.00 2.28%
0.00 Aaa/AAAm
AAA
0.00 0.00
Total Money Market
Fund 9,068,183.76 4.00%
9,068,183.76
9,068,183.76
1.00 4.00%
9,068,183.76
0.00 2.28%
0.00 0.00
0.00 SUPRANATIONAL
38 HOLDINGS REPORT
City of Palm Springs | Account #10805 | As of September 30, 2025 Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
45950VHX7 INTERNATIONAL FINANCE CORP
2.125 04/07/2026 5,000,000.00 --
3.19%
4,817,056.56
4,974,115.00
99.05 4.00%
4,952,643.85
51,354.17
1.24%
(21,471.15)
Aaa/AAA
NA
0.52 0.50
Total Supranational 5,000,000.00 3.19%
4,817,056.56
4,974,115.00
99.05 4.00%
4,952,643.85
51,354.17
1.24%
(21,471.15)
0.52 0.50
US TREASURY
91282CAT8 UNITED STATES TREASURY 0.25
10/31/2025 2,750,000.00 08/23/2021
0.67%
2,702,089.84
2,749,059.97
99.68 4.14%
2,741,308.76
2,877.04
0.69%
(7,751.21)
Aa1/AA+
AA+
0.08 0.08
912828M56 UNITED STATES TREASURY 2.25
11/15/2025 3,000,000.00 05/25/2022
2.70%
2,955,585.94
2,998,425.03
99.79 3.95%
2,993,671.86
25,495.92
0.75%
(4,753.17)
Aa1/AA+
AA+
0.13 0.12
91282CBH3 UNITED STATES TREASURY 0.375
01/31/2026 2,800,000.00 10/25/2021
1.07%
2,718,953.13
2,793,653.58
98.81 4.01%
2,766,673.45
1,769.02
0.69%
(26,980.13)
Aa1/AA+
AA+
0.34 0.33
912828P46 UNITED STATES TREASURY 1.625
02/15/2026 6,000,000.00 01/25/2023
3.83%
5,621,250.00
5,953,504.70
99.14 3.95%
5,948,671.86
12,452.45
1.49%
(4,832.84)
Aa1/AA+
AA+
0.38 0.37
9128286L9 UNITED STATES TREASURY 2.25
03/31/2026 5,000,000.00 08/24/2022
3.27%
4,826,562.50
4,976,109.45
99.23 3.83%
4,961,328.10
309.07
1.25%
(14,781.35)
Aa1/AA+
AA+
0.50 0.49
9128286S4 UNITED STATES TREASURY 2.375
04/30/2026 7,000,000.00 --
3.39%
6,803,789.07
6,961,481.39
99.18 3.82%
6,942,250.00
69,572.01
1.74%
(19,231.39)
Aa1/AA+
AA+
0.58 0.56
912828Y95 UNITED STATES TREASURY 1.875
07/31/2026 5,000,000.00 06/27/2022
3.21%
4,743,164.06
4,947,910.78
98.46 3.77%
4,923,095.70
15,794.84
1.24%
(24,815.08)
Aa1/AA+
AA+
0.83 0.81
9128282A7 UNITED STATES TREASURY 1.5
08/15/2026 3,100,000.00 12/28/2021
1.23%
3,137,296.88
3,107,017.99
98.07 3.77%
3,040,119.13
5,938.86
0.76%
(66,898.86)
Aa1/AA+
AA+
0.87 0.85
91282CDG3 UNITED STATES TREASURY 1.125
10/31/2026 5,000,000.00 08/11/2022
3.00%
4,629,687.50
4,905,078.89
97.27 3.72%
4,863,476.55
23,539.40
1.22%
(41,602.34)
Aa1/AA+
AA+
1.08 1.05
912828U24 UNITED STATES TREASURY 2.0
11/15/2026 3,000,000.00 05/25/2022
2.76%
2,903,789.06
2,975,858.94
98.12 3.73%
2,943,515.64
22,663.04
0.74%
(32,343.30)
Aa1/AA+
AA+
1.13 1.09
912828V98 UNITED STATES TREASURY 2.25
02/15/2027 7,000,000.00 --
3.60%
6,696,316.41
6,878,864.81
98.09 3.69%
6,866,289.08
20,115.49
1.72%
(12,575.73)
Aa1/AA+
AA+
1.38 1.33
91282CEF4 UNITED STATES TREASURY 2.5
03/31/2027 5,000,000.00 06/27/2022
3.23%
4,839,648.44
4,949,595.88
98.31 3.67%
4,915,625.00
343.41
1.23%
(33,970.88)
Aa1/AA+
AA+
1.50 1.45
91282CEN7 UNITED STATES TREASURY 2.75
04/30/2027 5,000,000.00 08/24/2022
3.18%
4,905,859.38
4,968,270.92
98.62 3.65%
4,931,054.70
57,540.76
1.24%
(37,216.22)
Aa1/AA+
AA+
1.58 1.51
39 HOLDINGS REPORT
City of Palm Springs | Account #10805 | As of September 30, 2025 Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
912828X88 UNITED STATES TREASURY 2.375
05/15/2027 7,000,000.00 --
3.79%
6,635,781.25
6,851,816.85
97.99 3.66%
6,859,453.16
62,795.52
1.72%
7,636.31
Aa1/AA+
AA+
1.62 1.56
91282CFB2 UNITED STATES TREASURY 2.75
07/31/2027 5,000,000.00 11/23/2022
4.04%
4,726,953.13
4,893,085.98
98.44 3.64%
4,921,875.00
23,165.76
1.24%
28,789.02
Aa1/AA+
AA+
1.83 1.76
9128282R0 UNITED STATES TREASURY 2.25
08/15/2027 7,000,000.00 05/30/2023
3.94%
6,545,546.88
6,798,053.69
97.52 3.63%
6,826,367.17
20,115.49
1.71%
28,313.48
Aa1/AA+
AA+
1.87 1.81
91282CFM8 UNITED STATES TREASURY 4.125
09/30/2027 7,000,000.00 05/30/2023
3.94%
7,050,039.06
7,023,043.89
100.96
3.62%
7,067,539.08
793.27
1.78%
44,495.19
Aa1/AA+
AA+
2.00 1.90
9128283F5 UNITED STATES TREASURY 2.25
11/15/2027 6,000,000.00 01/25/2023
3.58%
5,651,718.75
5,846,112.90
97.22 3.62%
5,833,125.00
50,991.85
1.47%
(12,987.90)
Aa1/AA+
AA+
2.13 2.03
91282CGH8 UNITED STATES TREASURY 3.5
01/31/2028 6,900,000.00 06/22/2023
4.11%
6,723,726.56
6,810,763.53
99.73 3.62%
6,881,671.88
40,687.50
1.73%
70,908.34
Aa1/AA+
AA+
2.34 2.21
91282CGT2 UNITED STATES TREASURY 3.625
03/31/2028 5,200,000.00 11/15/2023
4.56%
5,008,859.38
5,090,845.18
100.03
3.61%
5,201,421.89
517.86
1.31%
110,576.71
Aa1/AA+
AA+
2.50 2.37
91282CHE4 UNITED STATES TREASURY 3.625
05/31/2028 7,000,000.00 05/30/2023
3.81%
6,940,664.06
6,968,399.63
100.02
3.62%
7,001,093.75
85,276.64
1.76%
32,694.12
Aa1/AA+
AA+
2.67 2.49
9128284V9 UNITED STATES TREASURY 2.875
08/15/2028 5,250,000.00 08/22/2023
4.48%
4,878,398.44
5,035,700.91
97.96 3.63%
5,142,744.13
19,277.34
1.29%
107,043.21
Aa1/AA+
AA+
2.88 2.72
91282CJF9 UNITED STATES TREASURY 4.875
10/31/2028 7,000,000.00 02/12/2024
4.14%
7,217,656.25
7,142,323.42
103.56
3.64%
7,249,375.00
142,805.71
1.82%
107,051.58
Aa1/AA+
AA+
3.08 2.80
9128285M8 UNITED STATES TREASURY 3.125
11/15/2028 7,000,000.00 02/12/2024
4.14%
6,696,757.81
6,800,806.37
98.48 3.64%
6,893,359.34
82,625.68
1.73%
92,552.97
Aa1/AA+
AA+
3.13 2.91
912810FG8 UNITED STATES TREASURY 5.25
02/15/2029 7,000,000.00 --
4.57%
7,201,062.51
7,141,428.80
105.23
3.59%
7,366,406.25
46,936.14
1.85%
224,977.45
Aa1/AA+
AA+
3.38 3.07
91282CKG5 UNITED STATES TREASURY 4.125
03/31/2029 4,000,000.00 06/20/2024
4.29%
3,971,562.50
3,979,177.36
101.52
3.66%
4,060,937.52
453.30
1.02%
81,760.16
Aa1/AA+
AA+
3.50 3.23
9128286T2 UNITED STATES TREASURY 2.375
05/15/2029 5,200,000.00 07/30/2024
4.06%
4,821,781.25
4,914,119.39
95.64 3.67%
4,973,312.50
46,648.10
1.25%
59,193.11
Aa1/AA+
AA+
3.62 3.39
91282CKT7 UNITED STATES TREASURY 4.5
05/31/2029 5,000,000.00 06/20/2024
4.27%
5,050,585.94
5,037,498.05
102.80
3.67%
5,140,234.40
75,614.75
1.29%
102,736.35
Aa1/AA+
AA+
3.67 3.31
91282CFL0 UNITED STATES TREASURY 3.875
09/30/2029 5,000,000.00 10/30/2024
4.13%
4,943,750.00
4,954,247.91
100.68
3.69%
5,034,179.70
532.28
1.26%
79,931.79
Aa1/AA+
AA+
4.00 3.67
91282CFT3 UNITED STATES TREASURY 4.0
10/31/2029 5,000,000.00 05/27/2025
4.03%
4,992,968.75
4,993,516.64
101.13
3.70%
5,056,250.00
83,695.65
1.27%
62,733.36
Aa1/AA+
AA+
4.08 3.68
40 HOLDINGS REPORT
City of Palm Springs | Account #10805 | As of September 30, 2025 Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
91282CGS4 UNITED STATES TREASURY 3.625
03/31/2030 7,000,000.00 04/30/2025
3.77%
6,955,976.56
6,959,751.40
99.59 3.72%
6,971,289.08
697.12
1.75%
11,537.68
Aa1/AA+
AA+
4.50 4.11
91282CGZ8 UNITED STATES TREASURY 3.5
04/30/2030 6,000,000.00 05/13/2025
4.09%
5,841,562.50
5,853,803.81
99.04 3.73%
5,942,343.72
87,880.43
1.49%
88,539.91
Aa1/AA+
AA+
4.58 4.13
91282CHJ3 UNITED STATES TREASURY 3.75
06/30/2030 5,000,000.00 07/28/2025
3.99%
4,947,460.94
4,949,332.11
100.04
3.74%
5,002,148.45
47,384.51
1.26%
52,816.34
Aa1/AA+
AA+
4.75 4.27
Total US Treasury 179,200,000.00 3.71%
174,286,804.73
177,208,660.17
99.52 3.70%
178,262,206.84
1,177,306.20
44.78%
1,053,546.67
2.33 2.17
Total Portfolio 398,727,831.51 3.95%
389,623,725.72
395,093,680.47
97.63 3.80%
398,113,419.05
2,819,866.26
100.00%
3,019,738.58
2.29 2.06
Total Market Value +
Accrued 400,933,285.31
41 HOLDINGS REPORT
City of Palm Springs Reporting | Account #10806 | As of September 30, 2025 Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
CASH
CCYUSD Receivable 371,649.58 -- 371,649.58
371,649.58
1.00 0.00%
371,649.58
0.00 0.95%
0.00 Aaa/AAA
AAA
0.00 0.00
Total Cash 371,649.58
371,649.58
371,649.58
1.00 0.00%
371,649.58
0.00 0.95%
0.00 0.00
0.00 LAIF
90LAIF$00 Local Agency Investment Fund
State Pool 31,562,578.66 --
4.20%
31,562,578.66
31,562,578.66
1.00 4.20%
31,562,578.66
0.00 80.59%
0.00 NA/NA
NA
0.00 0.00
Total LAIF 31,562,578.66 4.20%
31,562,578.66
31,562,578.66
1.00 4.20%
31,562,578.66
0.00 80.59%
0.00 0.00
0.00 LOCAL GOV
INVESTMENT POOL
09CATR$04 CalTrust STF 717,081.81 --
4.17%
7,227,359.17
7,227,359.17
10.08 4.17%
7,228,184.67
0.00 18.46%
825.49
NA/AAAm
NA
0.00 0.00
Total Local Gov
Investment Pool 717,081.81 4.17%
7,227,359.17
7,227,359.17
10.08 4.17%
7,228,184.67
0.00 18.46%
825.49
0.00 0.00
Total Portfolio 32,651,310.05 4.19%
39,161,587.41
39,161,587.41
2.68 4.15%
39,162,412.91
0.00 100.00%
825.49
0.00 0.00
Total Market Value +
Accrued 39,162,412.91
42 TRANSACTIONS
43 TRANSACTION LEDGER
City of Palm Springs | Account #10805|07/01/2025 Through 09/30/2025| Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp Yield Amount Interest Pur/
Sold Total Amount Gain/Loss
ACQUISITIONS
Purchase 07/29/2025 91282CHJ3 5,000,000.00
UNITED STATES
TREASURY 3.75
06/30/2030
98.949 3.99% (4,947,460.94) (14,775.82) (4,962,236.76) 0.00 Purchase 07/31/2025 3137FK4M5 4,000,000.00 FHMS K-085 A2 4.06 10/25/2028 99.508 4.17% (3,980,312.50) (13,533.33) (3,993,845.83) 0.00 Total Purchase 9,000,000.00 (8,927,773.44) (28,309.15) (8,956,082.59) 0.00 TOTAL
ACQUISITIONS 9,000,000.00 (8,927,773.44) (28,309.15) (8,956,082.59) 0.00
DISPOSITIONS
Maturity 07/28/2025 3133EPRS6 (5,250,000.00)
FEDERAL FARM CREDIT
BANKS FUNDING CORP
4.875 07/28/2025
100.000 5.09% 5,250,000.00 0.00 5,250,000.00 0.00
Maturity 07/31/2025 91282CAB7 (2,800,000.00)
UNITED STATES
TREASURY 0.25
07/31/2025
100.000 0.93% 2,800,000.00 0.00 2,800,000.00 0.00
Maturity 08/11/2025 69371RR99 (3,000,000.00) PACCAR FINANCIAL CORP 3.55 08/11/2025 100.000 3.60% 3,000,000.00 0.00 3,000,000.00 0.00 Maturity 08/31/2025 91282CAJ0 (2,750,000.00)
UNITED STATES
TREASURY 0.25
08/31/2025
100.000 0.64% 2,750,000.00 0.00 2,750,000.00 0.00
Maturity 09/09/2025 912797QT7 (5,000,000.00) UNITED STATES TREASURY 09/09/2025 100.000 4.33% 5,000,000.00 0.00 5,000,000.00 0.00 Maturity 09/15/2025 437076CR1 (925,000.00) HOME DEPOT INC 4.0 09/15/2025 100.000 4.01% 925,000.00 0.00 925,000.00 0.00 Maturity 09/30/2025 3133ENP95 (4,200,000.00)
FEDERAL FARM CREDIT
BANKS FUNDING CORP
4.25 09/30/2025
100.000 4.49% 4,200,000.00 0.00 4,200,000.00 0.00
Maturity 09/30/2025 91282CAM3 (3,300,000.00)
UNITED STATES
TREASURY 0.25
09/30/2025
100.000 1.12% 3,300,000.00 0.00 3,300,000.00 0.00
Total Maturity (27,225,000.00) 27,225,000.00 0.00 27,225,000.00 0.00 TOTAL
DISPOSITIONS (27,225,000.00) 27,225,000.00 0.00 27,225,000.00 0.00 44 TRANSACTION LEDGER
City of Palm Springs Reporting | Account #10806|07/01/2025 Through 09/30/2025| Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp Yield Amount Interest Pur/
Sold Total Amount Gain/Loss
ACQUISITIONS
Purchase 07/15/2025 90LAIF$00 616,214.65
Local Agency
Investment Fund State
Pool
1.000 4.26% (616,214.65) 0.00 (616,214.65) 0.00
Purchase 07/31/2025 09CATR$04 2,530.09 CalTrust STF 10.050 (25,427.40) 0.00 (25,427.40) 0.00 Purchase 08/29/2025 09CATR$04 2,372.95 CalTrust STF 10.070 (23,895.63) 0.00 (23,895.63) 0.00 Purchase 09/30/2025 09CATR$04 2,610.96 CalTrust STF 10.080 (26,318.49) 0.00 (26,318.49) 0.00 Total Purchase 623,728.65 (691,856.17) 0.00 (691,856.17) 0.00 TOTAL
ACQUISITIONS 623,728.65 (691,856.17) 0.00 (691,856.17) 0.00
DISPOSITIONS
Sale 07/10/2025 90LAIF$00 (26,000,000.00)
Local Agency
Investment Fund State
Pool
1.000 4.26% 26,000,000.00 0.00 26,000,000.00 0.00
Sale 08/31/2025 90LAIF$00 (1,100,000.00)
Local Agency
Investment Fund State
Pool
1.000 4.25% 1,100,000.00 0.00 1,100,000.00 0.00
Total Sale (27,100,000.00) 27,100,000.00 0.00 27,100,000.00 0.00 TOTAL
DISPOSITIONS (27,100,000.00) 27,100,000.00 0.00 27,100,000.00 0.00 45 IMPORTANT DISCLOSURES
2025 Chandler Asset Management, Inc, An Independent Registered Investment Adviser.
Information contained herein is confidential. Prices are provided by ICE Data Services Inc (“IDS”), an independent pricing source. In the event IDS does not provide a price or if the price provided is not reflective of fair market value, Chandler will obtain pricing from an alternative approved third party pricing source in accordance with our written valuation policy and procedures. Our valuation procedures are also disclosed in Item 5 of our Form ADV Part 2A.
Performance results are presented gross-of-advisory fees and represent the client’s Total Return. The deduction of advisory fees lowers performance results. These results include the reinvestment of dividends and other earnings. Past performance may not be indicative of future results. Therefore, clients should not assume that future performance of any specific investment or investment strategy will be profitable or equal to past performance levels. All investment strategies have the potential for profit or loss. Economic factors, market conditions or changes in investment strategies, contributions or withdrawals may materially alter the performance and results of your portfolio.
Index returns assume reinvestment of all distributions. Historical performance results for investment indexes generally do not reflect the deduction of transaction and/or custodial charges or the deduction of an investment management fee, the incurrence of which would have the effect of decreasing historical performance results. It is not possible to invest directly in an index.
Source ICE Data Indices, LLC (“ICE”), used with permission. ICE permits use of the ICE indices and related data on an “as is” basis; ICE, its affiliates and their respective third party suppliers disclaim any and all warranties and representations, express and/or implied, including any warranties of merchantability or fitness for a particular purpose or use, including the indices, index data and any data included in, related to, or derived therefrom. Neither ICE data, its affiliates or their respective third party providers guarantee the quality, adequacy, accuracy, timeliness or completeness of the indices or the index data or any component thereof, and the indices and index data and all components thereof are provided on an “as is” basis and licensee’s use it at licensee’s own risk. ICE data, its affiliates and their respective third party do not sponsor, endorse, or recommend chandler asset management, or any of its products or services.
This report is provided for informational purposes only and should not be construed as a specific investment or legal advice. The information contained herein was obtained from sources believed to be reliable as of the date of publication, but may become outdated or superseded at any time without notice. Any opinions or views expressed are based on current market conditions and are subject to change. This report may contain forecasts and forward-looking statements which are inherently limited and should not be relied upon as indicator of future results. Past performance is not indicative of future results. This report is not intended to constitute an offer, solicitation, recommendation or advice regarding any securities or investment strategy and should not be regarded by recipients as a substitute for the exercise of their own judgment.
Fixed income investments are subject to interest, credit and market risk. Interest rate risk: the value of fixed income investments will decline as interest rates rise. Credit risk: the possibility that the borrower may not be able to repay interest and principal. Low rated bonds generally have to pay higher interest rates to attract investors willing to take on greater risk. Market risk: the bond market in general could decline due to economic conditions, especially during periods of rising interest rates.
Ratings information have been provided by Moody’s, S&P and Fitch through data feeds we believe to be reliable as of the date of this statement, however we cannot guarantee its accuracy.
Security level ratings for U.S. Agency issued mortgage-backed securities (“MBS”) reflect the issuer rating because the securities themselves are not rated. The issuing U.S. Agency guarantees the full and timely payment of both principal and interest. 46 PERIODIC TABLE OF ASSET CLASS RETURNS DISCLOSURES
▪ US Small Cap Stocks – Morgan Stanley Capital International (MSCI) Small Cap 1750 – The MSCI Small Cap 1750 is a market capitalization weighted index that measures the performance of small capitalization U.S. stocks.
▪ US Mid Cap Stocks – Morgan Stanley Capital International (MSCI) Mid Cap 450 – The MSCI Mid Cap 450 is a market capitalization weighted index that measures the performance of mid-capitalization U.S. stocks.
▪ US Large Cap Stocks – Standard & Poor’s 500 – The S&P 500 is a market value weighted index of 500 large capitalization stocks. The 500 companies included in the index capture approximately 80% of available U.S. market capitalization.
▪ International Stocks – Morgan Stanley Capital International (MSCI) EAFE – The MSCI EAFE International Equity Index is a market capitalization weighted index that captures international equity performance of large and mid-cap stocks in the developed stock markets of Europe, Australasia, and the Far East.
▪ Emerging Market Stocks – Morgan Stanley Capital International (MSCI) Emerging Markets – The MSCI Emerging Markets Index is a market capitalization weighted index that captures equity performance of large and mid-cap stocks across emerging market countries. ▪ U.S. Real Estate – Morgan Stanley Capital International (MSCI) REIT – The MSCI US REIT Index is a free float-adjusted market capitalization index that is comprised of equity REITs. It represents about 99% of the US REIT universe and securities are classified in the REIT sector according to the Global Industry Classification Standard (GICS®). It excludes Mortgage REITs and selected Specialized REITs.
▪ International Real Estate – S&P Developed Ex-US Property – The S&P Developed Ex-US Property Index is a market capitalization weighted index that captures the performance of a universe of publicly traded property companies based in developing countries outside of the US. The companies included are engaged in real estate related activities, such as property ownership, management, development, rental and investment.
▪ US Core Bonds – ICE BofA US Corporate, Government, Mortgage – The ICE BofA US Corporate, Government, Mortgage index is a broad measure of US investment grade bond performance, including US Treasuries, agencies, investment-grade corporates and mortgage securities. ▪ US High Yield Bonds – ICE BofA US High Yield – The ICE BofA High Yield Bond Index measures the market of USD-denominated, non-investment grade, fixed-rate, taxable corporate bonds. ▪ International Bonds – Bloomberg Barclays Global Aggregate ex-USD Total Return Index Value Unhedged USD – Index from 2/1/2013 – current. This index measures the performance of global investment grade debt from 24 local currency markets. This multi- currency benchmark includes treasury, government-related, corporate and securitized fixed-rate bonds from both developed and emerging markets issuers. S&P Citigroup International Govt Bond – Index from 1/1/2009 – 1/31/2013. This index measures the performance of sovereign bonds of non-U.S. developed countries.
▪ Diversified Commodities – S&P GSCI Commodity Index – The S&P GSCI Commodity Index is a world production-weighted measure of general commodity price movements and inflation in the world economy. It consists of a basket of physical commodity futures contracts.
Source ICE Data Indices, LLC ("ICE"), used with permission. ICE permits the use of 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 representation, express and/or implied, including any warranties of merchantability or fitness for a particular purpose or use, including the indices, index data and any data included in, related to, or derived therefrom. Neither ICE data, its affiliates or their respective third-party providers guarantee the quality, adequacy, accuracy, timeliness or completeness of the indices or the index data or any component thereof, and the indices and index data and all components thereof are provided on an “as is” basis and licensee’s use is at licensee’s own risk. ICE data, its affiliates and their respective third party do not sponsor, endorse, or recommend Chandler, or any of its products or services.
Bloomberg® and Bloomberg Barclays Global Aggregate ex-USD Total Return Index Value Unhedged USD are service marks of Bloomberg Finance L.P. and its affiliates, including Bloomberg Index Services Limited ("BISL"), the administrator of the index (collectively, "Bloomberg") and have been licensed for use for certain purposes by Chandler Asset Management Inc. Bloomberg is not affiliated with Chandler Asset Management Inc., and Bloomberg does not approve, endorse, review, or recommend this product. Bloomberg does not guarantee the timeliness, accurateness, or completeness of any data or information relating to this product.
Morgan Stanley Capital International® (MSCI), the MSCI indices are service marks of Morgan Stanley Capital International and its affiliates, and have been licensed for use for certain purposes by Chandler Asset Management Inc. MSCI is not affiliated with Chandler Asset Management Inc., and MSCI does not approve, endorse, review, or recommend these products. MSCI does not guarantee the timeliness, accurateness, or completeness of any data or information relating to these products.
Disclosure: This report is provided for informational purposes only and should not be construed as specific investment or legal advice. The information contained herein was obtained from sources believed to be reliable as of the date of publication, but may become outdated or superseded at any time without notice.
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 judgement.
All investments contain risk and may lose value. Fixed income investments are subject to interest rate, 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. International: Non-US markets may be more volatile due to a variety of factors including less liquidity, transparency and oversight of companies and assets. Values of non-US investments may fluctuate due to changes in currency exchange rates. Non-US companies are also subject to risks that come with political and economic stability that may affect their respective countries. These risks may be greater in emerging market countries. Equities: Investments on equities are subject to risks from stock market fluctuations that occur in response to economic and business developments. 47 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. 48