ATT
ACHMENT A
Treasurer's Investment
Report
INVESTMENT REPORTCity of Palm Springs | As of December 31, 2025CHANDLER ASSET MANAGEMENT | chandlerasset.comChandler Team:For questions about your account, please call (800) 317-4747, or contact [email protected] 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 CONTENTSECONOMIC UPDATE ACCOUNTPROFILECONSOLIDATEDINFORMATIONPORTFOLIO HOLDINGSTRANSACTIONS 1 ECONOMIC UPDATE
2 ECONOMIC UPDATE
3 Source: US Department of Labor Source: US Department of Labor
EMPLOYMENT
4 Source: US Department of Labor
JOB OPENINGS & LABOR TURNOVER SURVEY
5 Source: US Department of Labor Source: US Department of Commerce
INFLATION
6 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 Source: The Conference Board Source: Federal Reserve Bank of Chicago
LEADING INDICATORS OF ECONOMIC ACTIVITY
8 Source: US Department of CommerceSource: S&P
HOUSING
9 Source: Institute for Supply Management
SURVEY BASED MEASURES
10 Source: US Department of CommerceSource: US Department of Commerce
GROSS DOMESTIC PRODUCT (GDP)
11 Source: Federal Reserve Source: Bloomberg
FEDERAL RESERVE
12 Source: Bloomberg Source: Bloomberg
BOND YIELDS
13 PERIODIC TABLE OF ASSET CLASS RETURNS
Index returns as of 12/31/2025. 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 anindex. 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 20232024 2025US 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 33.6%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 31.2%International Bonds 1.3%US Mid CapStocks 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 25.2%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 17.9%US Mid CapStocks -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 Small Cap Stocks 12.1%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 Mid Cap Stocks 11.3%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 8.5%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 7.2%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 7.1%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%International Bonds 3.0%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%US Real Estate 2.9%14
ACCOUNT PROFILE
15 OBJECTIVESInvestment ObjectivesThe investment objectives of the City of Palm Springs are first, to provide safety of principalto 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 ObjectiveThe performance objective for the portfolio is to achieve a rate of return over a market cyclethat equals or exceeds the return on a market index of similar duration and sector allocation.StrategyIn order to achieve these objectives, the portfolio invests in high quality fixed income securitiesconsistent with the investment policy and California Government Code.16 STATEMENT OF COMPLIANCECity of Palm Springs | Account #10805 | As of December 31, 2025Rules Name Limit ActualCompliance StatusNotesAGENCY MORTGAGE SECURITIESMax % (MV) 20.0 5.5 CompliantMax Maturity (Years) 5.0 3.2 CompliantASSET-BACKED SECURITIES (ABS)Max % (MV) 20.0 2.6 CompliantMax % Issuer (MV) 5.0 1.3 CompliantMax Maturity (Years) 5 3 CompliantMin Rating (AA- by 1) 0.0 0.0 CompliantBANKERS' ACCEPTANCESMax % (MV) 20.0 0.0 CompliantMax % Issuer (MV) 5.0 0.0 CompliantMax Maturity (Days) 180 0.0 CompliantMin Rating (A-1 by 3) 0.0 0.0 CompliantCERTIFICATE OF DEPOSIT PLACEMENT SERVICE(CDARS)Max % (MV) 30.0 0.0 CompliantMax Maturity (Years) 5.0 0.0 CompliantCOLLATERALIZED TIME DEPOSITS (NON-NEGOTIABLE CD/TD)Max % (MV) 20.0 0.0 CompliantMax Issuer Amount (MV) 500,000.0 0.0 CompliantMax Maturity (Years) 5.0 0.0 CompliantMin Rating (A-1 by 2; A- by 2) 0.0 0.0 CompliantCOMMERCIAL PAPERMax % (MV) 15.0 0.0 CompliantMax % Issuer (MV) 5.0 0.0 CompliantMax Maturity (Days) 270 0.0 CompliantMin Rating (A-1 by 1 or A- by 1) 0.0 0.0 CompliantCORPORATE MEDIUM TERM NOTESMax % (MV) 30.0 20.8 Compliant17 STATEMENT OF COMPLIANCECity of Palm Springs | Account #10805 | As of December 31, 2025Rules Name Limit ActualComplianceStatusNotesMax % Issuer (MV) 5.0 1.3 CompliantMax Maturity (Years) 5 4 CompliantMin Rating (A- by 1) 0.0 0.0 CompliantFDIC INSURED TIME DEPOSITS (NON-NEGOTIABLE CD/TD)Max % (MV) 20.0 0.0 CompliantMax Maturity (Years) 5 0.0 CompliantFEDERAL AGENCIESMax % (MV) 60.0 23.5 CompliantMax Callables (MV) 20.0 3.0 CompliantMax Maturity (Years) 5 3 CompliantLOCAL AGENCY INVESTMENT FUND (LAIF)Max Concentration (MV) 75.0 0.0 CompliantLOCAL GOVERNMENT INVESTMENT POOL (LGIP)Max % (MV) 20.0 0.0 CompliantMONEY MARKET MUTUAL FUNDSMax % (MV) 20.0 0.0 CompliantMax % Issuer (MV) 10.0 0.0 CompliantMin Rating (AAA by 2) 0.0 0.0 CompliantMORTGAGE-BACKED SECURITIES (NON-AGENCY)Max % (MV) 20.0 0.0 CompliantMax % Issuer (MV) 5.0 0.0 CompliantMax Maturity (Years) 5.0 0.0 CompliantMin Rating (AA- by 1) 0.0 0.0 CompliantMUNICIPAL SECURITIES (CA, LOCAL AGENCY)Max % (MV) 15.0 0.0 CompliantMax % Issuer (MV) 5.0 0.0 CompliantMax Maturity (Years) 5 0.0 CompliantMin Rating (A- by 1) 0.0 0.0 CompliantMUTUAL FUNDS18 STATEMENT OF COMPLIANCECity of Palm Springs | Account #10805 | As of December 31, 2025Rules Name Limit ActualCompliance StatusNotesMax % (MV) 20.0 0.0 CompliantMax % Issuer (MV) 10.0 0.0 CompliantMin Rating (AAA by 2) 0.0 0.0 CompliantNEGOTIABLE CERTIFICATES OF DEPOSIT (NCD)Max % (MV) 30.0 0.0 CompliantMax % Issuer (MV) 5.0 0.0 CompliantMax Maturity (Years) 5 0.0 CompliantMin Rating (A- by 2 or A-1 by 2 if > FDIC Limit) 0.0 0.0 CompliantSRI PROHIBITED INVESTMENTSProhibited Investments - Firearms 0.0 0.0 CompliantSUPRANATIONAL OBLIGATIONSMax % (MV) 30.0 1.3 CompliantMax % Issuer (MV) 10.0 1.3 CompliantMax Maturity (Years) 5 0.0 CompliantMin Rating (AA- by 1) 0.0 0.0 CompliantU.S. TREASURIESMax % (MV) 100.0 46.3 CompliantMax Maturity (Years) 5 4 Compliant19 PORTFOLIO CHARACTERISTICSCity of Palm Springs | Account #10805 | As of December 31, 2025Benchmark*12/31/2025Portfolio9/30/2025PortfolioAverage Maturity (yrs) 2.64 2.12 2.29Average Modified Duration 2.47 1.91 2.06Average Purchase Yield 3.97% 3.95%Average Market Yield 3.55% 3.66% 3.80%Average Quality** AA+ AA+ AA+Total Market Value 388,671,877 400,933,285 *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,and Fitch.20 SECTOR DISTRIBUTIONCity of Palm Springs | Account #10805 | As of December 31, 2025 Sector as a Percentage of Market ValueSector 12/31/2025 09/30/2025US Treasury 46.26% 44.78%Agency 23.46% 23.70%Corporate 20.82% 20.12%Agency CMBS 5.53% 5.35%ABS 2.62% 2.54%Supras 1.29% 1.24%Money Mkt Fd 0.03% 2.28%21 DURATION ALLOCATIONCity of Palm Springs | Account #10805 | As of December 31, 2025 0-.25 .25-.5 .5-1 1-2 2-3 3-4 4-5 5-7 7+12/31/2025 8.1% 5.5% 8.4% 30.4% 29.7% 16.6% 1.3% 0.0% 0.0%22 ISSUERSCity of Palm Springs | Account #10805 | As of December 31, 2025Issuer Investment Type % PortfolioUnited States US Treasury 46.26%Federal Home Loan Banks Agency 12.43%Farm Credit System Agency 11.02%FHLMC Agency CMBS 5.53%Eli Lilly and Company Corporate 1.33%PepsiCo, Inc. Corporate 1.33%Mercedes-Benz Auto Receivables Trust ABS 1.31%GM Financial Automobile Leasing Trus ABS 1.31%Deere & Company Corporate 1.30%International Finance Corporation Supras 1.29%Bank of America Corporation Corporate 1.06%JPMorgan Chase & Co. Corporate 1.06%Merck & Co., Inc. Corporate 1.03%Mastercard Incorporated Corporate 1.03%Morgan Stanley Corporate 1.03%Pfizer Inc. Corporate 1.03%Amazon.com, Inc. Corporate 1.02%Visa Inc. Corporate 1.02%The Home Depot, Inc. Corporate 0.94%Target Corporation Corporate 0.83%Caterpillar Inc. Corporate 0.80%PACCAR Inc Corporate 0.79%Northern Trust Corporation Corporate 0.78%Microsoft Corporation Corporate 0.77%The Procter & Gamble Company Corporate 0.65%The Charles Schwab Corporation Corporate 0.58%BNY Mellon Corp Corporate 0.52%U.S. Bancorp Corporate 0.51%Costco Wholesale Corporation Corporate 0.51%Apple Inc. Corporate 0.51%23 ISSUERSCity of Palm Springs | Account #10805 | As of December 31, 2025Issuer Investment Type % PortfolioState Street Corporation Corporate 0.38%Allspring Group Holdings LLC Money Mkt Fd 0.03%Cash Cash 0.00%TOTAL100.00% 24 QUALITY DISTRIBUTION
Rating12/31/2025 09/30/2025AAA 6.42% 8.46%AA 75.82% 75.77%A 16.39% 15.78%A-1+ 1.38% --Rating12/31/2025 09/30/2025Aaa 4.67% 6.75%Aa 78.22% 78.07%A 13.13% 12.66%P-1 1.38% --NA 2.61% 2.53%Rating12/31/2025 09/30/2025AAA 5.05% 7.13%AA 75.98% 75.45%A 6.80% 6.53%F1+ 1.38% --NA 10.80% 10.89% City of Palm Springs | Account #10805 | As of December 31, 2025S&P Rating RatingFitch Rating 25 0-.25 .25-.5 .5-1 1-2 2-3 3-4 4-5 5-7 7+Portfolio 8.1% 5.5% 8.4% 30.4% 29.7% 16.6% 1.3% 0.0% 0.0%ICE BofA 1-5 Year Unsubordinated US Treasury & Agency Index0.0% 0.0% 2.5% 35.4% 28.7% 21.2% 12.3% 0.0% 0.0% DURATION DISTRIBUTIONCity of Palm Springs | Account #10805 | As of December 31, 2025Portfolio Compared to the Benchmark 26 DURATION DISTRIBUTIONCity of Palm Springs | Account #10805 | As of December 31, 2025 Date 0-.25 .25-.5 .5-1 1-2 2-3 3-4 4-5 5-7 7+12/31/2025 8.1% 5.5% 8.4% 30.4% 29.7% 16.6% 1.3% 0.0% 0.0%09/30/2025 4.7% 7.6% 9.3% 25.0% 26.6% 22.3% 4.5% 0.0% 0.0% 27 TOTAL RATE OF RETURN* 3 Months 12 Months 2 Years 3 Years 5 Years 10 Years Since InceptionCity of Palm Springs 1.13% 5.63% 4.79% 4.76% 2.26%Benchmark1.11% 5.73% 4.57% 4.48% 1.53%*Periods over 1 year are annualized.Total rate of return: A measure of a performance over time. It is the internal rate of return, which equates the beginning value of the portfolio with the ending market value; it includes interest earnings, realized and unrealized gains and losses in the portfolio.Benchmark: ICE BofA 1-5 Year Unsubordinated US Treasury & Agency Index INVESTMENT PERFORMANCECity of Palm Springs | Account #10805 | As of December 31, 2025Total Rate of Return : Inception | 04/01/2021 28 PORTFOLIO CHARACTERISTICSCity of Palm Springs Reporting | Account #10806 | As of December 31, 202512/31/2025Portfolio9/30/2025PortfolioAverage Maturity (yrs) 0.00 0.00Average Modified Duration 0.00 0.00Average Purchase Yield 3.98% 4.19%Average Market Yield 3.98% 4.19%Average Quality** AAA AAATotal Market Value 29,474,970 39,162,413 *Benchmark: NO BENCHMARK REQUIRED**The credit quality is a weighted average calculation of the highest of S&P,and Fitch.29 SECTOR DISTRIBUTIONCity of Palm Springs Reporting | Account #10806 | As of December 31, 2025 Sector as a Percentage of Market ValueSector 12/31/2025 09/30/2025LAIF 75.01% 81.37%LGIP 24.99% 18.63%30 CONSOLIDATED INFORMATION31
PORTFOLIO CHARACTERISTICSCity of Palm Springs Cons | Account #10807 | As of December 31, 202512/31/2025Portfolio9/30/2025PortfolioAverage Maturity (yrs) 1.97 2.09Average Modified Duration 1.77 1.88Average Purchase Yield 3.97% 3.97%Average Market Yield 3.68% 3.83%Average Quality** AA+ AA+Total Market Value 418,146,847 440,095,698 *Benchmark: NO BENCHMARK REQUIRED**The credit quality is a weighted average calculation of the highest of S&P,and Fitch.32 SECTOR DISTRIBUTIONCity of Palm Springs Cons | Account #10807 | As of December 31, 2025 Sector as a Percentage of Market ValueSector 12/31/2025 09/30/2025US Treasury 43.00% 40.80%Agency 21.80% 21.59%Corporate 19.35% 18.33%LAIF 5.28% 7.22%Agency CMBS 5.14% 4.87%ABS 2.44% 2.32%LGIP 1.76% 1.65%Supras 1.20% 1.13%Money Mkt Fd 0.02% 2.08%33 PORTFOLIO HOLDINGS34
HOLDINGS REPORTCity of Palm Springs | Account #10805 | As of December 31, 2025Cusip Security DescriptionPar Value/UnitsPurchaseDate PurchaseYieldCost Value Book ValueMkt Price Mkt YTMMarket Value Accrued Int.% of Port. Gain/LossMoody's/ S&P/ FitchMaturityDurationABS362962AD4GMALT 2025-2 A3 4.58 05/22/20285,000,000.0005/27/20254.77%5,005,664.065,004,029.62100.903.87%5,044,870.006,997.221.31%40,840.38NA/AAA AAA2.391.1858768YAD7MBALT 2025-A A3 4.61 04/16/20295,000,000.0005/19/20254.54%5,012,304.695,009,501.10101.323.94%5,065,930.0010,244.441.31%56,428.90NA/AAA AAA3.291.84Total ABS 10,000,000.00 4.65%10,017,968.7510,013,530.72101.113.91%10,110,800.0017,241.672.62%97,269.282.841.51AGENCY3130ALHH0FEDERAL HOME LOAN BANKS 0.9603/05/20263,000,000.0003/28/20222.68%2,806,200.002,991,503.5599.553.54%2,986,458.009,280.000.77%(5,045.55)Aa1/AA+ AA+0.180.173133EPCR4FEDERAL FARM CREDIT BANKS FUNDING CORP 4.75 03/09/20265,000,000.0004/26/20233.87%5,118,550.005,007,586.29100.203.61%5,010,035.0073,888.891.30%2,448.71Aa1/AA+ AA+0.190.183130AWLZ1FEDERAL HOME LOAN BANKS 4.7506/12/20265,250,000.0008/22/20234.85%5,235,772.505,247,749.17100.483.63%5,275,446.7513,161.461.37%27,697.59Aa1/AA+ AA+0.450.443130ANMH0FEDERAL HOME LOAN BANKS 1.1 08/20/20262,000,000.0009/08/20223.68%1,810,600.001,969,638.1798.413.66%1,968,264.008,005.560.51%(1,374.17)Aa1/AA+ AA+0.640.623133EMNW8FEDERAL FARM CREDIT BANKS FUNDING CORP 0.7 01/27/20272,000,000.0004/25/20223.01%1,795,000.001,953,854.3596.983.61%1,939,514.005,988.890.50%(14,340.35)Aa1/AA+ AA+1.071.053130AL5A8FEDERAL HOME LOAN BANKS 0.9 02/26/20275,000,000.00--3.15%4,501,000.004,879,166.5797.053.54%4,852,345.0015,625.001.26%(26,821.57)Aa1/AA+ AA+1.161.123133EPBM6FEDERAL FARM CREDIT BANKS FUNDING CORP 4.125 08/23/20273,800,000.0002/24/20234.36%3,763,862.003,786,784.70100.983.50%3,837,392.0055,733.330.99%50,607.30Aa1/AA+ AA+1.641.563130ATUS4FEDERAL HOME LOAN BANKS 4.25 12/10/20276,000,000.0001/25/20233.63%6,162,990.006,064,866.17101.443.47%6,086,508.0014,875.001.58%21,641.83Aa1/AA+ AA+1.941.853133EPAV7FEDERAL FARM CREDIT BANKS FUNDING CORP 3.875 02/14/20286,000,000.0002/14/20234.07%5,948,760.005,978,268.62100.453.65%6,026,982.0088,479.171.56%48,713.38Aa1/AA+ AA+2.121.993130ATS57FEDERAL HOME LOAN BANKS 4.5 03/10/20286,000,000.0003/30/20233.89%6,163,404.006,072,292.25102.093.50%6,125,436.0083,250.001.59%53,143.75Aa1/AA+ AA+2.192.053133EPGW9FEDERAL FARM CREDIT BANKS FUNDING CORP 3.875 04/25/20285,000,000.0004/26/20233.64%5,053,550.005,024,794.38100.803.51%5,040,100.0035,520.831.31%15,305.62Aa1/AA+ AA+2.322.183133EPNH4FEDERAL FARM CREDIT BANKS FUNDING CORP 3.875 06/21/20287,000,000.0006/22/20234.10%6,928,110.006,964,468.61100.853.51%7,059,689.007,534.721.83%95,220.39Aa1/AA+ AA+2.472.3435 HOLDINGS REPORTCity of Palm Springs | Account #10805 | As of December 31, 2025Cusip Security DescriptionPar Value/UnitsPurchaseDatePurchaseYieldCost Value Book ValueMktPriceMkt YTMMarket Value Accrued Int.% of Port. Gain/LossMoody's/S&P/ FitchMaturityDuration3130AWTR1FEDERAL HOME LOAN BANKS4.375 09/08/20285,000,000.0010/19/20235.04%4,856,850.004,921,327.65102.143.53%5,106,950.0068,663.191.32%185,622.35Aa1/AA+ AA+2.692.493130AXQK7FEDERAL HOME LOAN BANKS 4.75 12/08/20287,100,000.0001/23/20244.10%7,299,865.007,220,368.13103.053.64%7,316,599.7021,546.531.90%96,231.57Aa1/AA+ AA+2.942.723133ERAK7FEDERAL FARM CREDIT BANKS FUNDING CORP 4.375 04/10/20295,200,000.0004/25/20244.71%5,122,780.005,149,017.73102.413.59%5,325,387.6051,187.501.38%176,369.87Aa1/AA+ AA+3.273.003133ERDH1FEDERAL FARM CREDIT BANKS FUNDING CORP 4.75 04/30/20298,000,000.0005/07/20244.53%8,077,200.008,051,594.06103.603.59%8,288,000.0064,388.892.15%236,405.94Aa1/AA+ AA+3.333.043130B1BC0FEDERAL HOME LOAN BANKS 4.625 06/08/20298,000,000.0006/06/20244.35%8,097,920.008,067,209.46103.293.60%8,262,832.0023,638.892.14%195,622.54Aa1/AA+ AA+3.443.1588,742,413.50 101.33 90,507,939.05 23.46% 2.15Total Agency 89,350,000.00 4.09% 89,350,489.87 3.57% 640,767.85 1,157,449.18 2.01AGENCY CMBS3137BSRE5 FHMS K-059 A2 3.12 09/25/2026 2,713,922.7502/18/20221.98%2,830,536.622,731,096.7999.383.77%2,697,150.717,056.200.70%(33,946.09)Aa1/AAA AAA0.730.653137H4BY5 FHMS K-746 A2 2.031 09/25/2028 7,000,000.0010/18/20235.43%5,993,476.566,447,687.9895.423.81%6,679,302.0011,847.501.73%231,614.02Aa1/AA+ AAA2.742.563137FK4M5 FHMS K-085 A2 4.06 10/25/2028 4,000,000.0007/28/20254.17%3,980,312.503,982,930.70100.493.80%4,019,508.0013,533.331.04%36,577.30Aaa/AA+ AA+2.822.583137FKZZ2 FHMS K-088 A2 3.69 01/25/2029 4,000,000.0005/01/20253.97%3,956,406.253,964,237.4699.493.81%3,979,512.0012,300.001.03%15,274.54Aaa/AA+ AA+3.072.783137FLN91 FHMS K-091 A2 3.505 03/25/2029 4,000,000.0005/01/20253.98%3,929,375.003,941,525.5498.883.84%3,955,340.0011,683.331.03%13,814.46Aa1/AAA AA+3.232.9020,690,106.93 98.28 21,330,812.71 5.53% 2.65Total Agency CMBS 21,713,922.75 4.22% 21,067,478.48 3.81% 56,420.37 263,334.23 2.43CASHCCYUSD Receivable 11,997.49-- 11,997.4911,997.491.00 11,997.490.000.00%0.00Aaa/AAA AAA0.000.0011,997.49 1.00 11,997.49 0.00% 0.00Total Cash 11,997.49 11,997.49 0.00 0.00 0.0036 HOLDINGS REPORTCity of Palm Springs | Account #10805 | As of December 31, 2025Cusip Security DescriptionPar Value/UnitsPurchaseDate PurchaseYieldCost Value Book ValueMkt Price Mkt YTMMarket Value Accrued Int.% of Port. Gain/LossMoody's/S&P/ FitchMaturityDurationCORPORATE58933YAY1 MERCK & CO INC 0.75 02/24/2026 4,000,000.00--2.77%3,742,920.003,988,794.6199.563.83%3,982,232.0010,583.331.03%(6,562.61)Aa3/A+ NA0.150.1406406FAC7BANK OF NEW YORK MELLON CORP 2.8 05/04/20262,000,000.0001/25/20234.38%1,904,400.001,990,143.5099.623.93%1,992,340.008,866.670.52%2,196.50Aa3/AAA-0.340.33808513BR5CHARLES SCHWAB CORP 1.1505/13/20262,250,000.00--3.39%2,067,262.502,232,913.5099.013.90%2,227,788.003,450.000.58%(5,125.50)A2/A-A0.360.3691159HHN3 US BANCORP 2.375 07/22/2026 2,000,000.0008/11/20223.49%1,918,340.001,988,521.0099.273.72%1,985,370.0020,979.170.51%(3,151.00)A3/AA0.560.5424422EVB2JOHN DEERE CAPITAL CORP 2.25 09/14/20262,500,000.00--3.83%2,357,655.002,474,416.0298.923.83%2,472,885.0016,718.750.64%(1,531.02)A1/AA+0.700.68437076CV2HOME DEPOT INC 4.9509/30/20263,600,000.0012/21/20234.42%3,647,736.003,611,763.17100.753.92%3,626,845.2045,045.000.94%15,082.03A2/AA0.750.64717081EA7 PFIZER INC 3.0 12/15/2026 4,000,000.00--4.00%3,852,095.003,965,030.9799.323.73%3,972,932.005,333.331.03%7,901.04A2/ANA0.960.9387612EBM7 TARGET CORP 1.95 01/15/2027 3,250,000.00--2.59%3,164,240.003,230,142.6798.203.73%3,191,558.5029,222.920.83%(38,584.17)A2/AA1.041.00742718FV6PROCTER & GAMBLE CO 1.9 02/01/20272,550,000.0001/27/20221.93%2,546,379.002,549,214.7298.173.64%2,503,306.9520,187.500.65%(45,907.77)Aa3/AA-NA1.091.05594918BY9 MICROSOFT CORP 3.3 02/06/2027 3,000,000.0001/25/20233.96%2,926,980.002,980,094.4899.613.66%2,988,390.0039,875.000.77%8,295.52Aaa/AAANA1.101.0557636QAR5 MASTERCARD INC 3.3 03/26/2027 4,000,000.0005/30/20234.36%3,852,800.003,952,621.6599.493.72%3,979,556.0034,833.331.03%26,934.35Aa3/A+ NA1.231.1992826CAL6 VISA INC 1.9 04/15/2027 4,000,000.0002/14/20234.44%3,617,920.003,882,030.6097.943.55%3,917,780.0016,044.441.02%35,749.40Aa3/AA-NA1.291.25665859AW4NORTHERN TRUST CORP 4.005/10/20273,000,000.0006/13/20224.20%2,973,570.002,992,705.91100.333.75%3,009,786.0017,000.000.78%17,080.09A2/A+A+1.361.2222160KAM7COSTCO WHOLESALE CORP 3.005/18/20272,000,000.0008/24/20223.50%1,956,700.001,987,406.3799.263.55%1,985,290.007,166.670.51%(2,116.37)Aa3/AAAA1.381.33037833DB3 APPLE INC 2.9 09/12/2027 2,000,000.0002/14/20234.45%1,872,980.001,952,890.7398.773.65%1,975,466.0017,561.110.51%22,575.28Aaa/AA+NA1.701.62857477BS1STATE STREET CORP 2.20302/07/20281,500,000.0002/14/20235.03%1,362,523.371,461,938.2998.184.17%1,472,751.0013,218.000.38%10,812.71Aa3/AAA-2.101.0637 HOLDINGS REPORTCity of Palm Springs | Account #10805 | As of December 31, 2025Cusip Security DescriptionPar Value/UnitsPurchaseDate PurchaseYieldCost Value Book ValueMkt Price Mkt YTMMarket Value Accrued Int.% of Port. Gain/LossMoody's/ S&P/ FitchMaturityDuration24422EXH7JOHN DEERE CAPITAL CORP 4.501/16/20292,500,000.0006/06/20244.83%2,466,550.002,477,931.74101.603.94%2,539,930.0051,562.500.66%61,998.26A1/A A+3.042.7661744YAP3MORGAN STANLEY 3.772 01/24/20294,000,000.0004/30/20254.52%3,924,160.003,942,835.3299.444.38%3,977,404.0065,800.441.03%34,568.68A1/A-A+3.071.9369371RS80PACCAR FINANCIAL CORP 4.601/31/20293,000,000.0002/12/20244.64%2,994,863.002,996,809.56101.843.96%3,055,068.0057,883.330.79%58,258.44A1/A+ NA3.082.8014913UAJ9CATERPILLAR FINANCIAL SERVICES CORP 4.85 02/27/20293,000,000.0006/06/20244.73%3,015,000.003,010,020.28102.753.91%3,082,530.0050,116.670.80%72,509.72A2/A A+3.162.86532457BV9ELI LILLY AND CO 3.37503/15/20295,200,000.0004/24/20244.96%4,846,452.004,968,330.9498.503.88%5,122,015.6051,675.001.33%153,684.67Aa3/A+ NA3.202.97023135CG9AMAZON.COM INC 3.45 04/13/20294,000,000.0007/30/20244.35%3,848,280.003,894,140.6298.773.85%3,950,800.0029,900.001.02%56,659.38A1/AAAA-3.283.0506051GLG2BANK OF AMERICA CORP 5.202 04/25/20294,000,000.0006/06/20245.18%4,002,680.004,001,597.04102.564.41%4,102,432.0038,148.001.06%100,834.96A1/A-AA-3.312.1546647PEB8JPMORGAN CHASE & CO 5.01201/23/20304,000,000.0004/30/20254.57%4,059,200.004,048,523.17102.474.35%4,098,800.0087,988.441.06%50,276.83A1/AAA-4.062.76713448GB8 PEPSICO INC 4.6 02/07/2030 5,000,000.0005/19/20254.49%5,021,750.005,018,846.57102.283.99%5,114,055.0092,000.001.33%95,208.43A1/A+ NA4.103.58Total Corporate 80,350,000.00 4.18%77,943,435.8779,599,663.40100.003.90%80,327,311.25831,159.6120.82%727,647.852.041.72MONEY MARKETFUND94975P405 ALLSPRING:GOVT MM I 96,540.09--3.65%96,540.0996,540.091.003.65%96,540.090.000.03%0.00Aaa/AAAmAAA0.000.00Total Money Market Fund96,540.09 3.65%96,540.0996,540.091.003.65%96,540.090.000.03%0.000.000.00SUPRANATIONAL45950VHX7INTERNATIONAL FINANCE CORP2.125 04/07/20265,000,000.00--3.19%4,817,056.564,986,782.1399.563.81%4,977,820.0024,791.671.29%(8,962.13)Aaa/AAANA0.270.26Total Supranational 5,000,000.00 3.19%4,817,056.564,986,782.1399.563.81%4,977,820.0024,791.671.29%(8,962.13)0.270.2638 HOLDINGS REPORTCity of Palm Springs | Account #10805 | As of December 31, 2025Cusip Security DescriptionPar Value/UnitsPurchaseDate PurchaseYieldCost Value Book ValueMkt Price Mkt YTMMarket Value Accrued Int.% of Port. Gain/LossMoody's/S&P/ FitchMaturityDurationUS TREASURY912797SF5UNITED STATES TREASURY01/13/20265,360,000.0012/31/20253.58%5,353,179.105,353,703.7899.893.56%5,354,259.440.001.39%555.66P-1/A-1+F1+0.040.0391282CBH3UNITED STATES TREASURY 0.37501/31/20262,800,000.0010/25/20211.07%2,718,953.132,798,439.4199.743.68%2,792,725.604,394.020.72%(5,713.81)Aa1/AA+AA+0.080.08912828P46UNITED STATES TREASURY 1.62502/15/20266,000,000.0001/25/20233.83%5,621,250.005,984,727.8299.753.70%5,985,024.0036,827.451.55%296.18Aa1/AA+AA+0.130.129128286L9UNITED STATES TREASURY 2.2503/31/20265,000,000.0008/24/20223.27%4,826,562.504,988,252.7199.673.60%4,983,545.0028,743.131.29%(4,707.71)Aa1/AA+AA+0.250.249128286S4UNITED STATES TREASURY 2.375 04/30/20267,000,000.00--3.39%6,803,789.076,978,276.2399.633.52%6,973,834.0028,473.761.81%(4,442.23)Aa1/AA+AA+0.330.32912828Y95UNITED STATES TREASURY 1.875 07/31/20265,000,000.0006/27/20223.21%4,743,164.064,963,726.6599.043.56%4,952,210.0039,232.341.28%(11,516.65)Aa1/AA+AA+0.580.569128282A7UNITED STATES TREASURY 1.5 08/15/20263,100,000.0012/28/20211.23%3,137,296.883,104,987.6398.743.58%3,060,843.9017,563.860.79%(44,143.73)Aa1/AA+AA+0.620.6091282CDG3UNITED STATES TREASURY 1.12510/31/20265,000,000.0008/11/20223.00%4,629,687.504,927,187.0997.993.62%4,899,415.009,633.981.27%(27,772.09)Aa1/AA+AA+0.830.81912828U24UNITED STATES TREASURY 2.011/15/20263,000,000.0005/25/20222.76%2,903,789.062,981,275.9698.683.56%2,960,361.007,790.060.77%(20,914.96)Aa1/AA+AA+0.870.85912828V98UNITED STATES TREASURY 2.25 02/15/20277,000,000.00--3.60%6,696,316.416,901,064.8898.623.52%6,903,204.0059,490.491.79%2,139.12Aa1/AA+AA+1.131.0891282CEF4UNITED STATES TREASURY 2.5 03/31/20275,000,000.0006/27/20223.23%4,839,648.444,958,088.8898.763.53%4,938,085.0031,936.811.28%(20,003.88)Aa1/AA+AA+1.251.2091282CEN7UNITED STATES TREASURY 2.75 04/30/20275,000,000.0008/24/20223.18%4,905,859.384,973,338.7699.033.50%4,951,565.0023,549.721.28%(21,773.76)Aa1/AA+AA+1.331.28912828X88UNITED STATES TREASURY 2.37505/15/20277,000,000.00--3.79%6,635,781.256,874,884.2898.493.51%6,894,454.0021,584.941.79%19,569.72Aa1/AA+AA+1.371.3391282CFB2UNITED STATES TREASURY 2.7507/31/20275,000,000.0011/23/20224.04%4,726,953.134,907,810.6798.873.49%4,943,555.0057,540.761.28%35,744.33Aa1/AA+AA+1.581.519128282R0UNITED STATES TREASURY 2.25 08/15/20277,000,000.0005/30/20233.94%6,545,546.886,825,255.8398.053.49%6,863,829.0059,490.491.78%38,573.17Aa1/AA+AA+1.621.5691282CFM8UNITED STATES TREASURY 4.12509/30/20277,000,000.0005/30/20233.94%7,050,039.067,020,135.74101.073.48%7,074,921.0073,774.041.83%54,785.26Aa1/AA+AA+1.751.6539 HOLDINGS REPORTCity of Palm Springs | Account #10805 | As of December 31, 2025Cusip Security DescriptionPar Value/UnitsPurchaseDate PurchaseYieldCost Value Book ValueMkt Price Mkt YTMMarket Value Accrued Int.% of Port. Gain/LossMoody's/S&P/FitchMaturityDuration9128283F5UNITED STATES TREASURY 2.25 11/15/20276,000,000.0001/25/20233.58%5,651,718.755,864,380.7997.783.49%5,866,878.0017,527.621.52%2,497.21Aa1/AA+AA+1.871.8091282CGH8UNITED STATES TREASURY 3.5 01/31/20286,900,000.0006/22/20234.11%6,723,726.566,820,399.40100.023.49%6,901,345.50101,062.501.79%80,946.10Aa1/AA+AA+2.081.9691282CGT2UNITED STATES TREASURY 3.625 03/31/20285,200,000.0011/15/20234.56%5,008,859.385,101,856.41100.273.50%5,213,811.2048,160.711.35%111,954.79Aa1/AA+AA+2.252.1291282CHE4UNITED STATES TREASURY 3.625 05/31/20287,000,000.0005/30/20233.81%6,940,664.066,971,387.54100.263.51%7,018,319.0022,307.691.82%46,931.46Aa1/AA+AA+2.422.289128284V9UNITED STATES TREASURY 2.875 08/15/20285,250,000.0008/22/20234.48%4,878,398.445,054,495.5098.393.52%5,165,711.2557,011.721.34%111,215.75Aa1/AA+AA+2.622.4791282CJF9UNITED STATES TREASURY 4.875 10/31/20287,000,000.0002/12/20244.14%7,217,656.257,130,694.87103.543.54%7,248,010.0058,446.131.88%117,315.13Aa1/AA+AA+2.842.619128285M8UNITED STATES TREASURY 3.125 11/15/20287,000,000.0002/12/20244.14%6,696,757.816,816,867.5598.883.54%6,921,796.0028,401.241.79%104,928.45Aa1/AA+AA+2.882.71912810FG8UNITED STATES TREASURY 5.2502/15/20297,000,000.00--4.57%7,201,062.517,130,876.12105.173.48%7,362,033.00138,811.141.91%231,156.88Aa1/AA+AA+3.132.8291282CKG5UNITED STATES TREASURY 4.12503/31/20294,000,000.0006/20/20244.29%3,971,562.503,980,677.50101.663.58%4,066,252.0042,156.591.05%85,574.50Aa1/AA+AA+3.252.999128286T2UNITED STATES TREASURY 2.37505/15/20295,200,000.0007/30/20244.06%4,821,781.254,934,014.2696.153.60%4,999,716.8016,034.531.30%65,702.54Aa1/AA+AA+3.373.1991282CKT7UNITED STATES TREASURY 4.505/31/20295,000,000.0006/20/20244.27%5,050,585.945,034,919.71102.883.60%5,143,750.0019,780.221.33%108,830.29Aa1/AA+AA+3.413.1391282CFL0UNITED STATES TREASURY 3.87509/30/20295,000,000.0010/30/20244.13%4,943,750.004,957,130.92100.863.62%5,043,165.0049,502.061.31%86,034.08Aa1/AA+AA+3.753.4291282CFT3UNITED STATES TREASURY 4.010/31/20295,000,000.0005/27/20254.03%4,992,968.754,993,916.69101.313.63%5,065,430.0034,254.141.31%71,513.31Aa1/AA+AA+3.833.5091282CGS4UNITED STATES TREASURY 3.62503/31/20307,000,000.0004/30/20253.77%6,955,976.566,962,006.5099.813.67%6,986,875.0064,831.731.81%24,868.50Aa1/AA+AA+4.253.8691282CGZ8UNITED STATES TREASURY 3.5 04/30/20306,000,000.0005/13/20254.09%5,841,562.505,861,848.1099.283.68%5,956,638.0035,966.851.54%94,789.90Aa1/AA+AA+4.333.9591282CHJ3UNITED STATES TREASURY 3.7506/30/20305,000,000.0007/28/20253.99%4,947,460.944,952,021.93100.243.69%5,011,915.00517.961.30%59,893.07Aa1/AA+AA+4.504.10Total US Treasury 178,810,000.00 3.77%173,982,308.05177,108,650.1199.863.56%178,503,476.691,234,798.7046.26%1,394,826.582.091.9440 HOLDINGS REPORTCity of Palm Springs | Account #10805 | As of December 31, 2025Cusip Security DescriptionPar Value/UnitsPurchaseDate PurchaseYieldCost Value Book ValueMkt Price Mkt YTMMarket Value Accrued Int.% of Port. Gain/LossMoody's/ S&P/ FitchMaturityDurationTotal Portfolio 385,332,460.33 3.97%376,301,827.24382,235,132.28100.153.66%385,866,697.282,805,179.85100.00%3,631,565.002.121.91Total Market Value + Accrued388,671,877.13 41 HOLDINGS REPORTCity of Palm Springs Reporting | Account #10806 | As of December 31, 2025Cusip Security DescriptionPar Value/UnitsPurchaseDate PurchaseYieldCost Value Book ValueMkt Price Mkt YTMMarket Value Accrued Int.% of Port.Gain/LossMoody's/ S&P/ FitchMaturity DurationCASHCCYUSD Receivable 249,479.10-- 249,479.10249,479.101.00 249,479.100.000.85%0.00Aaa/AAA AAA0.000.00Total Cash 249,479.10249,479.10249,479.101.00 249,479.100.000.85%0.000.000.00LAIF90LAIF$00Local Agency Investment FundState Pool21,923,437.88--3.98%21,923,437.8821,923,437.881.003.98%21,923,437.880.0074.38%0.00NA/NA NA0.000.00Total LAIF 21,923,437.88 3.98%21,923,437.8821,923,437.881.003.98%21,923,437.880.0074.38%0.000.000.00LOCAL GOVINVESTMENT POOL09CATR$04 CalTrust STF 724,410.03--3.96%7,301,180.127,301,180.1210.083.96%7,302,053.110.0024.77%872.99NA/AAAm NA0.000.00Total Local Gov Investment Pool724,410.03 3.96%7,301,180.127,301,180.1210.083.96%7,302,053.110.0024.77%872.990.000.00Total Portfolio 22,897,327.01 3.98%29,474,097.1029,474,097.103.253.98%29,474,970.090.00100.00%872.990.000.00Total Market Value + Accrued29,474,970.0942 TRANSACTIONS43
TRANSACTION LEDGERCity of Palm Springs | Account #10805|10/01/2025 Through 12/31/2025|TransactionTypeSettlementDateCUSIP Quantity Security Description PriceAcq/DispYieldAmountInterest Pur/SoldTotal Amount Gain/LossACQUISITIONSPurchase 12/31/2025 912797SF5 5,360,000.00UNITED STATES TREASURY 01/13/202699.873 3.58% (5,353,179.10) 0.00 (5,353,179.10) 0.00Total Purchase 5,360,000.00 (5,353,179.10) 0.00 (5,353,179.10) 0.00TOTAL ACQUISITIONS5,360,000.00 (5,353,179.10) 0.00 (5,353,179.10) 0.00DISPOSITIONSMaturity 10/31/2025 91282CAT8 (2,750,000.00)UNITED STATES TREASURY 0.25 10/31/2025100.000 0.67% 2,750,000.00 0.00 2,750,000.00 0.00Maturity 11/15/2025 912828M56 (3,000,000.00)UNITED STATES TREASURY 2.25 11/15/2025100.000 2.70% 3,000,000.00 0.00 3,000,000.00 0.00Maturity 12/12/2025 3130ATUC9 (4,000,000.00)FEDERAL HOME LOAN BANKS 4.5 12/12/2025100.000 4.40% 4,000,000.00 0.00 4,000,000.00 0.00Total Maturity (9,750,000.00) 9,750,000.00 0.00 9,750,000.00 0.00TOTAL DISPOSITIONS(9,750,000.00) 9,750,000.00 0.00 9,750,000.00 0.0044 TRANSACTION LEDGERCity of Palm Springs Reporting | Account #10806|10/01/2025 Through 12/31/2025|TransactionTypeSettlementDateCUSIP Quantity Security Description PriceAcq/DispYieldAmountInterest Pur/SoldTotal Amount Gain/LossACQUISITIONSPurchase 10/15/2025 90LAIF$00 360,859.22Local Agency Investment Fund StatePool1.000 4.15% (360,859.22) 0.00 (360,859.22) 0.00Purchase 10/31/2025 09CATR$04 2,508.31 CalTrust STF 10.070 (25,258.67) 0.00 (25,258.67) 0.00Purchase 11/30/2025 09CATR$04 2,241.26 CalTrust STF 10.070 (22,569.50) 0.00 (22,569.50) 0.00Purchase 12/31/2025 09CATR$04 2,578.65 CalTrust STF 10.080 (25,992.78) 0.00 (25,992.78) 0.00Total Purchase 368,187.44 (434,680.17) 0.00 (434,680.17) 0.00TOTAL ACQUISITIONS368,187.44 (434,680.17) 0.00 (434,680.17) 0.00DISPOSITIONSSale 10/22/2025 90LAIF$00 (10,000,000.00)Local Agency Investment Fund State Pool1.000 4.14% 10,000,000.00 0.00 10,000,000.00 0.00Total Sale (10,000,000.00) 10,000,000.00 0.00 10,000,000.00 0.00TOTAL DISPOSITIONS(10,000,000.00) 10,000,000.00 0.00 10,000,000.00 0.0045 IMPORTANT DISCLOSURES2025 Chandler Asset Management, Inc, An Independent Registered Investment Adviser.Information contained herein is confidential. Prices are provided by ICE Data Services Inc 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 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 used with permission. ICE permits use of the ICE indices and related data on an 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 basis and use it at 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 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 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 DISCLOSURESUS Small Cap StocksMorgan Stanley Capital International (MSCI) Small Cap 1750The MSCI Small Cap 1750 is a market capitalization weighted index that measures theperformance of small capitalization U.S. stocks.US Mid Cap StocksMorgan Stanley Capital International (MSCI) Mid Cap 450The MSCI Mid Cap 450 is a market capitalization weighted index that measures the performanceof mid-capitalization U.S. stocks.US Large Cap StocksStandard &500The S&P 500 is a market value weighted index of500 large capitalization stocks. The 500 companies included in the index capture approximately80% of available U.S. market capitalization.International StocksMorgan Stanley Capital International (MSCI) EAFEThe MSCI EAFEInternational Equity Index is a market capitalization weighted index that captures internationalequity performance of large and mid-cap stocks in the developed stock markets of Europe,Australasia, and the Far East.Emerging Market StocksMorgan Stanley Capital International (MSCI) Emerging MarketsTheMSCI Emerging Markets Index is a market capitalization weighted index that captures equityperformance of large and mid-cap stocks across emerging market countries.U.S. Real EstateMorgan Stanley Capital International (MSCI) REITThe MSCI US REIT Index is afree float-adjusted market capitalization index that is comprised of equity REITs. It representsabout 99% of the US REIT universe and securities are classified in the REIT sector according to theGlobal Industry Classification Standard (GICS®). It excludes Mortgage REITs and selectedSpecialized REITs.International Real EstateS&P Developed Ex-US PropertyThe S&P Developed Ex-US PropertyIndex is a market capitalization weighted index that captures the performance of a universe ofpublicly traded property companies based in developing countries outside of the US. Thecompanies included are engaged in real estate related activities, such as property ownership,management, development, rental and investment.US Core BondsICE BofA US Corporate, Government, MortgageThe 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 BondsICE BofA US High YieldThe ICE BofA High Yield Bond Index measures themarket of USD-denominated, non-investment grade, fixed-rate, taxable corporate bonds.International BondsBloomberg Barclays Global Aggregate ex-USD Total Return Index ValueUnhedged USDIndex from 2/1/2013current. This index measures the performance of globalinvestment grade debt from 24 local currency markets. This multi- currency benchmark includestreasury, government-related, corporate and securitized fixed-rate bonds from both developedand emerging markets issuers. S&P Citigroup International Govt BondIndex from 1/1/20091/31/2013. This index measures the performance of sovereign bonds of non-U.S. developedcountries.
Diversified CommoditiesS&P GSCI Commodity IndexThe S&P GSCI Commodity Index is aworld production-weighted measure of general commodity price movements and inflation inthe 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 dataon anbasis; ICE, its affiliates and their respective third party suppliers disclaim any and all warrantiesand representation, express and/or implied, including any warranties of merchantability or fitness for aparticular purpose or use, including the indices, index data and any data included in, related to, or derivedtherefrom. 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 anbasis anduseis atown risk. ICE data, its affiliates and their respective third party do not sponsor, endorse, orrecommend Chandler, or any of its products or services.Bloomberg® and Bloomberg Barclays Global Aggregate ex-USD Total Return Index Value Unhedged USD areservice 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 certainpurposes by Chandler Asset Management Inc. Bloomberg is not affiliated with Chandler Asset ManagementInc., and Bloomberg does not approve, endorse, review, or recommend this product. Bloomberg does notguarantee 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 CapitalInternational and its affiliates, and have been licensed for use for certain purposes by Chandler AssetManagement 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, orcompleteness of any data or information relating to these products.Disclosure: This report is provided for informational purposes only and should not be construed as specificinvestment or legal advice. The information contained herein was obtained from sources believed to bereliable 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 beregarded 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 bondsgenerally 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 risinginterest rates. International: Non-US markets may be more volatile due to a variety of factors including lessliquidity, transparency and oversight of companies and assets. Values of non-US investments may fluctuatedue to changes in currency exchange rates. Non-US companies are also subject to risks that come withpolitical and economic stability that may affect their respective countries. These risks may be greater inemerging market countries. Equities: Investments on equities are subject to risks from stock marketfluctuations that occur in response to economic and business developments.47 BENCHMARK DISCLOSURESBenchmark DisclosureICE BofA 1-5 Yr Unsubordinated US Treasury & Agency IndexThe 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 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