INVESTMENT REPORT
City of Pleasant Hill | As of December 31, 2025
CHANDLER ASSET MANAGEMENT | chandlerasset.com
Chandler Team:
For questions about your account, please call (800) 317-4747, or contact [email protected]
Information contained herein is confidential. We urge you to compare this statement to the one you receive from your qualified custodian. Please see Important Disclosures at the end of the statement.
TABLE OF CONTENTS
ECONOMIC UPDATE
ACCOUNT PROFILE
PORTFOLIO HOLDINGS
TRANSACTIONS
1 ECONOMIC UPDATE
2 ▪
▪
▪
Recent economic data has signaled moderating inflation alongside a continued rebalancing in labor market conditions. Price pressures continues to run modestly above the Federal Reserve’s longer‑run objective, while the unemployment rate dropped to 4.4%. As the data flow normalizes, the Chandler team anticipates additional yield curve steepening as the Federal Reserve gradually guides the policy rate toward a more neutral range. One additional 25 basis point rate cut may come in the first half of 2026, while U.S. trade and fiscal policy continue to represent important sources of elevated market uncertainty.
The Federal Reserve’s January Federal Open Market Committee meeting concluded with policymakers leaving the target range unchanged at 3.50%–3.75% after three consecutive 25‑basis‑point cuts at the end of 2025. However, officials remain divided on the appropriate path forward, with Governors Christopher Waller and Stephen Miran dissenting in favor of an additional reduction. The future policy regime also began to take shape as President Trump announced Kevin Warsh as his nominee for the next Federal Reserve Chair.
The US Treasury yield curve steepened in January, as the 2-year Treasury yield rose 4 basis points to 3.52%, the 5-year Treasury was up 6 basis points to 3.79%, and the 10-year Treasury yield was 7 basis points higher at 4.24%. The spread between the 2-year and 10-year Treasury yield points on the curve was 2 basis points wider from December at +71 basis points at January month-end. The spread between the 2-year Treasury and 10-year Treasury yield one year ago was +56 basis points. The spread between the 3-month and 10-year Treasury yield points on the curve was +58 basis points in January versus +54 basis points in December.
ECONOMIC UPDATE
3 -400
-200
0 200
400
600
800
1,000
MOM Change In Thousands (000's)
Nonfarm Payroll (000's)
Non-farm Payroll (000's)
3-month average (000's)
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
Unemployment Rate
Underemployment Rate (U6)
Unemployment Rate (U3)
Rate (%)
The January Nonfarm Payrolls report exceeded expectations, adding 130,000 jobs compared to the forecast of 65,000. Job gains were concentrated in the private education and health services sectors, while government employment posted the largest decline. Meanwhile, the unemployment rate declined for a second straight month to 4.3% in January, according to the Bureau of Labor Statistics. Taken together, the data suggest the labor market may be showing signs of stabilization at the start of 2026.
Source: US Department of Labor Source: US Department of Labor
EMPLOYMENT
4 0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
Job Openings
Recession
Historical Average In Thousands (000's) The Labor Department’s Job Openings and Labor Turnover Survey (JOLTS) reported that job openings fell to 6.5 million in December, reducing the ratio of openings to unemployed workers to 0.9—the lowest level since early 2022. The decline in vacancies, coupled with slower hiring, indicates a continued softening in labor demand, even as employers remain reluctant to cut staff. Layoffs and discharges rose in the transportation, utilities, and warehousing sectors but declined in finance and insurance.
Source: US Department of Labor
JOB OPENINGS & LABOR TURNOVER SURVEY
5 0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
9.0%
10.0%
Consumer Price Index (CPI)
CPI YOY % Change
Core CPI YOY % Change
YOY (%) Change
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
Personal Consumption Expenditures (PCE)
PCE Price Deflator
YOY % Change
PCE Core Deflator
YOY % Change
Fed Target
YOY (%) Change
On the headline basis, inflation moderated in January with the Consumer Price Index (CPI) rising 0.2% for the month, down from 0.3% in December. On an annual basis, headline CPI eased to 2.4% from 2.7% a year earlier. Core CPI, which excludes volatile food and energy prices, edged up to 0.3% in January from 0.2% the previous month, while the annual rate eased slightly to 2.5% from 2.6%. The Personal Consumption Expenditures (PCE) Index for October and November, released on January 22, showed headline inflation rising 0.2% in each month, driven by increases in both goods and services. On an annual basis, headline PCE inflation advanced 2.7% in October and 2.8% in November. Core PCE, which excludes food and energy, also rose 0.2% month-over-month in both months, while the annual rate edged up from 2.7% to 2.8% in November.
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
Inclement weather may have contributed to Retail Sales missing analyst estimates in December. Advanced Retail Sales were unchanged on a month-over-month basis for the second consecutive month and increased at 2.4% on an annual basis. The control group measure, which feeds into GDP, unexpectedly declined -0.1% versus an estimate to rise 0.4% from November. The government shutdown may have weighed on consumer confidence regarding jobs, incomes, and overall financial conditions, both current and in the future. The Conference Board’s Consumer Confidence Index declined by 9.7 points to 84.5 in January from an upwardly revised 94.2 in December, sinking to its lowest level since 2014 and resuming the downtrend after a brief year‑end uptick. Consumers grew more pessimistic about both current and future business conditions and the labor market.
0 20
40 60
80 100
120
140
160
Index Level
Consumer Confidence
Recession
Source: US Department of Commerce Source: The Conference Board All time high is 144.70 (1/31/00); All time low is 25.30 (2/28/09)
CONSUMER
7 -25.0%
-20.0%
-15.0%
-10.0%
-5.0%
0.0%
5.0%
10.0%
15.0%
Leading Economic Indicators (LEI)
Recession
YOY (%) Change
-1.00
-0.75
-0.50
-0.25
0.00 0.25
0.50 0.75
1.00 Chicago Fed National Activity Index (CFNAI)
Recession
3 Month Average
The Conference Board’s Leading Economic Index (LEI) declined 0.3% in November, marking its fourth consecutive monthly decrease after a revised 0.1% drop in October. On a year-over-year basis, the index fell 3.7%. According to the Conference Board, weak expectations among consumers led to the decline in LEI, followed by new orders. Despite strong GDP in the third quarter of 2025, the LEI continues to signal slower economic growth into 2026. The Chicago Fed National Activity Index (CFNAI) registered –0.04 in November, improving from –0.42 in October, but still signaling that U.S. economic activity remained slightly below its historical trend. The three‑month moving average increased to –0.23 in November from –0.34 in October, indicating that underlying growth has firmed but continues to run modestly below trend. Employment‑related indicators were negative in both November and October, pointing to a labor market that remains a mild drag on overall activity even as conditions have steadied relative to earlier in the year.
Source: The Conference Board Source: Federal Reserve Bank of Chicago
LEADING INDICATORS OF ECONOMIC ACTIVITY
8 0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
2,000
2,200
2,400
In Thousands of Units
Annualized Housing Starts
Multi Family Housing Starts
Single Family Housing Starts
The S&P Cotality Case-Shiller 20-City Composite Home Price Index rose 1.4% year-over-year in November remaining near the slowest annual increase since mid‑2023. Short‑term momentum softened further, with 15 of the 20 tracked markets posting month‑over‑month price declines on a non‑seasonally adjusted basis as higher mortgage rates and stretched affordability continued to weigh on demand.
Housing starts declined in October to an annualized rate of 1.25 million units adding 875 thousand single-family home starts and 372 thousand multifamily home starts. The Freddie Mac 30‑year fixed mortgage rate continued to trend lower at 6.10% at the end of January.
Source: US Department of Commerce Source: S&P
-20.0%
-16.0%
-12.0%
-8.0%
-4.0%
0.0%
4.0%
8.0%
12.0%
16.0%
20.0%
24.0%
S&P/Case-Shiller 20 City Composite Home Price Index
Recession
YOY (%) Change
HOUSING
9 40
45 50
55 60
65 70
Institute of Supply Management (ISM) Surveys
ISM Manufacturing ISM Services
EXPANDING
CONTRACTING
The Institute for Supply Management’s (ISM) manufacturing and services indexes both indicated expansion in January, with the ISM Manufacturing Index rising to 52.6 and the Services Index reaching 53.8. Readings above 50 signal expansion, while those below 50 indicate contraction of the general state of the economy as it relates to business. The manufacturing index marked its highest level since August 2022, while the services index matched the highest since October 2024. Respondents remarked that tariff uncertainty is creating volatility in the supply chain.
Source: Institute for Supply Management
SURVEY BASED MEASURES
10 Components of GDP 12/24 3/25 6/25 9/25
2.6% 0.4% 1.7% 2.3%
-1.3% 3.8% -2.7% 0.0%
-0.1% -4.7% 4.8% 1.6%
0.3% -0.4% -0.4% 0.2%
0.3% 0.2% 0.3% 0.2%
1.9% -0.6% 3.8% 4.4%
Personal Consumption Expenditures
Gross Private Domestic Investment
Net Exports and Imports
Federal Government Expenditures
Total
State and Local (Consumption and Gross
Investment) -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 Real gross domestic product (GDP) demonstrated continued strength in the third quarter, with the third estimate showing a 4.4% annualized quarter-over-quarter increase, up from 3.8% in the second quarter. Consumer spending accelerated, alongside of upturns in investment, exports, and government spending. The stronger-than-expected result represented the fastest pace of U.S. economic expansion in two years. The consensus projection calls for 2.2% growth in the fourth quarter and 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 left its benchmark interest rate unchanged in January, keeping the target range at 3.50% to 3.75% after the December quarter‑point cut that was justified by signs of softening in the labor market. Policymakers maintained a cautious tone, acknowledging that inflation has continued to moderate but emphasizing that the outlook remains uncertain and that future adjustments will depend on incoming data. The Committee also reaffirmed its December decision to halt balance sheet runoff and to reinvest principal and interest payments from its securities holdings, signaling a desire to maintain ample reserves and support orderly market functioning while it assesses the effects of earlier tightening and recent rate cuts.
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
Jan-26
Oct-25
Jan-25
Yield (%)
At the end of January, the 2-year yield was 8 basis points lower, and the 10-year yield was 7 basis points higher, year-over-year. The spread between the 2-year and 10-year Treasury yield points on the curve increased to +71 basis points at January month-end versus +69 basis points at December month-end. The prior 2-year/10-year yield curve inversion, which spanned from July 2022 to August 2024, was historically long. The average historical spread (since 2005) is about +95 basis points. The spread between the 3-month and 10-year Treasury yield points on the curve was +58 basis points in January versus +54 basis points in December.
BOND YIELDS
13 ACCOUNT PROFILE
14 OBJECTIVES
Investment Objectives
The investment objectives of the City of Pleasant Hill are first, to provide safety of principal to ensure the preservation of capital in the overall portfolio;second, to provide sufficient liquidity to meet all operating requirements; and third, to earn a commensurate rate of return consistent with the constraints imposed by the safety and liquidity objectives.
Chandler Asset Management Performance Objective
The performance objective for the portfolio is to earn a total rate of return through a market cycle that is equal to or above the return on the benchmark index.
Strategy
In order to achieve this objective, the portfolio invests in high-quality fixed income securities that comply with the investment policy and all regulations governing the funds. 15 STATEMENT OF COMPLIANCE
City of Pleasant Hill | Account #10009 | As of December 31, 2025 Rules Name Limit Actual Compliance
Status Notes
AGENCY MORTGAGE SECURITIES
Max % (MV) 100.0 0.0 Compliant
Max % Issuer (MV) 30.0 0.0 Compliant
Max Maturity (Years) 5.0 0.0 Compliant
ASSET-BACKED SECURITIES (ABS)
Max % (MV; Non Agency ABS & MBS) 20.0 0.0 Compliant
Max % Issuer (MV) 5.0 0.0 Compliant
Max Maturity (Years) 5 0.0 Compliant
Min Rating (AA- by 1) 0.0 0.0 Compliant
BANKERS' ACCEPTANCES
Max % (MV) 40.0 0.0 Compliant
Max % Issuer (MV) 5.0 0.0 Compliant
Max Maturity (Days) 180 0.0 Compliant
Min Rating (A-1 by 1 or A- by 1) 0.0 0.0 Compliant
COLLATERALIZED BANK DEPOSITS
Max % (MV) 100.0 0.0 Compliant
COLLATERALIZED TIME DEPOSITS (NONNEGOTIABLE CD/TD)
Max % (MV; FDIC & Collateralized CD/TD) 20.0 0.0 Compliant Max % Issuer (MV) 5.0 0.0 Compliant
Max Maturity (Years) 5.0 0.0 Compliant
COMMERCIAL PAPER
Max % (MV) 25.0 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 26.4 Compliant
Max % Issuer (MV) 5.0 1.8 Compliant
Max Maturity (Years) 5 4 Compliant
16 STATEMENT OF COMPLIANCE
City of Pleasant Hill | Account #10009 | As of December 31, 2025 Rules Name Limit Actual Compliance
Status Notes
Min Rating (A- by 1) 0.0 0.0 Compliant
FDIC INSURED TIME DEPOSITS (NON-NEGOTIABLE
CD/TD)
Max % (MV; FDIC & Collateralized CD/TD) 20.0 0.0 Compliant Max Maturity (Years) 5 0.0 Compliant
FEDERAL AGENCIES
Max % (MV) 100.0 17.3 Compliant
Max % Issuer (MV) 30.0 11.5 Compliant
Max Callables (MV) 20.0 0.0 Compliant
Max Maturity (Years) 5 2 Compliant
LOCAL AGENCY INVESTMENT FUND (LAIF)
Max Concentration (MV) 75.0 0.0 Compliant
LOCAL GOVERNMENT INVESTMENT POOL (LGIP)
Max % (MV) 100.0 0.0 Compliant
MONEY MARKET MUTUAL FUNDS
Max % (MV) 20.0 0.6 Compliant
Max % Issuer (MV) 5.0 0.6 Compliant
Min Rating (AAA by 2) 0.0 0.0 Compliant
MORTGAGE-BACKED SECURITIES (NON-AGENCY)
Max % (MV; Non Agency ABS & MBS) 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; All Municipal Securities) 30.0 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
MUNICIPAL SECURITIES (CA, OTHER STATES)
Max % (MV; All Municipal Securities) 30.0 0.0 Compliant 17 STATEMENT OF COMPLIANCE
City of Pleasant Hill | Account #10009 | As of December 31, 2025 Rules Name Limit Actual Compliance
Status Notes
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
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-1 by 1 or A- by 1 if > FDIC Limit) 0.0 0.0 Compliant
REPURCHASE AGREEMENTS
Max Maturity (Years) 1.0 0.0 Compliant
SUPRANATIONAL OBLIGATIONS
Max % (MV) 30.0 0.0 Compliant
Max % Issuer (MV) 10.0 0.0 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 55.7 Compliant
Max Maturity (Years) 5 4 Compliant
18 PORTFOLIO CHARACTERISTICS
City of Pleasant Hill | Account #10009 | As of December 31, 2025 Benchmark* 12/31/2025
Portfolio
9/30/2025
Portfolio
Average Maturity (yrs) 1.85 1.99 2.01
Average Modified Duration 1.76 1.81 1.84
Average Purchase Yield 4.12% 4.13%
Average Market Yield 3.50% 3.66% 3.80%
Average Quality** AA+ AA AA
Total Market Value 8,404,261 8,313,223
*Benchmark: ICE BofA 1-3 Year US Treasury Index
**The credit quality is a weighted average calculation of the highest of S&P, Moody’s and Fitch. 19 SECTOR DISTRIBUTION
City of Pleasant Hill | Account #10009 | As of December 31, 2025 Sector as a Percentage of Market Value
Sector 12/31/2025 09/30/2025
US Treasury 55.70% 54.43%
Corporate 26.43% 25.78%
Agency 17.30% 18.35%
Money Mkt Fd 0.57% 1.43%
20 ISSUERS
City of Pleasant Hill | Account #10009 | As of December 31, 2025 Issuer Investment Type % Portfolio
United States US Treasury 55.69%
Farm Credit System Agency 11.55%
Federal Home Loan Banks Agency 5.75%
Eli Lilly and Company Corporate 1.84%
The Home Depot, Inc. Corporate 1.69%
Deere & Company Corporate 1.23%
Bank of Montreal Corporate 1.23%
Abbvie Inc. Corporate 1.22%
Bank of America Corporation Corporate 1.22%
Blackrock, Inc. Corporate 1.22%
American Honda Finance Corporation Corporate 1.21%
Royal Bank of Canada Corporate 1.21%
JPMorgan Chase & Co. Corporate 1.20%
UnitedHealth Group Incorporated Corporate 1.20%
Prologis, Inc. Corporate 1.20%
Realty Income Corporation Corporate 1.14%
The Goldman Sachs Group, Inc. Corporate 1.08%
Morgan Stanley Corporate 1.08%
Caterpillar Inc. Corporate 0.96%
PACCAR Inc Corporate 0.91%
State Street Corporation Corporate 0.85%
Apple Inc. Corporate 0.79%
Berkshire Hathaway Inc. Corporate 0.71%
Target Corporation Corporate 0.71%
National Rural Utilities Cooperative Corporate 0.60%
Amazon.com, Inc. Corporate 0.60%
FMR LLC Money Mkt Fd 0.57%
Cisco Systems, Inc. Corporate 0.49%
Alphabet Inc. Corporate 0.42%
Northern Trust Corporation Corporate 0.24%
21 ISSUERS
City of Pleasant Hill | Account #10009 | As of December 31, 2025 Issuer Investment Type % Portfolio
Walmart Inc. Corporate 0.18%
Cash Cash 0.00%
TOTAL 100.00%
22 QUALITY DISTRIBUTION
Rating 12/31/2025 09/30/2025
AAA 0.57% 0.30%
AA 77.37% 77.02%
A 20.37% 22.07%
BBB 1.08% --
NA 0.61% 0.61%
Rating 12/31/2025 09/30/2025
Aaa 1.35% 1.10%
Aa 78.21% 78.44%
A 20.44% 20.46%
Rating 12/31/2025 09/30/2025
AAA 0.57% 0.30%
AA 79.48% 80.69%
A 9.49% 9.24%
NA 10.46% 9.77%
City of Pleasant Hill | Account #10009 | As of December 31, 2025 S&P Rating Moody’s Rating Fitch Rating
23 DURATION DISTRIBUTION
City of Pleasant Hill | Account #10009 | 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 8.2% 6.0% 13.7% 25.7% 34.9% 11.5% 0.0% 0.0% 0.0% 09/30/2025 4.2% 8.0% 15.4% 27.3% 27.9% 17.2% 0.0% 0.0% 0.0% 24 TOTAL RATE OF RETURN* 3 Months 12 Months 2 Years 3 Years 5 Years 10 Years Since Inception City of Pleasant Hill 1.13% 5.46% 4.92% 4.85% 2.11% 2.13% 1.98% Benchmark 1.12% 5.09% 4.58% 4.47% 1.79% 1.84% 2.03%
*Periods over 1 year are annualized.
Total rate of return: A measure of a portfolio’s performance over time. It is the internal rate of return, which equates the beginning value of the portfolio with the ending market value; it includes interest earnings, realized and unrealized gains and losses in the portfolio.
Benchmark: ICE BofA 1-3 Year US Treasury Index
INVESTMENT PERFORMANCE
City of Pleasant Hill | Account #10009 | As of December 31, 2025 Total Rate of Return : Inception | 02/01/2007
25 HISTORICAL AVERAGE PURCHASE YIELD
City of Pleasant Hill | Account #10009 | As of December 31, 2025 Purchase Yield as of 12/31/25 = 4.12%
26 PORTFOLIO HOLDINGS
27 HOLDINGS REPORT
City of Pleasant Hill | Account #10009 | As of December 31, 2025 Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
AGENCY
3133EPW68 FEDERAL FARM CREDIT BANKS
FUNDING CORP 4.125 01/22/2026 125,000.00 01/24/20244.40% 124,362.50
124,362.50
100.03
3.60%
125,031.75
2,277.34
1.50%
669.25
Aa1/AA+
AA+
0.06 0.06
3133EPCR4 FEDERAL FARM CREDIT BANKS
FUNDING CORP 4.75 03/09/2026 80,000.00 04/10/20233.97%
81,690.40
81,690.40
100.20
3.61%
80,160.56
1,182.22
0.96%
(1,529.84)
Aa1/AA+
AA+
0.19 0.18
3133EPHH1 FEDERAL FARM CREDIT BANKS
FUNDING CORP 4.0 04/28/2026 45,000.00 05/15/20233.85%
45,183.15
45,183.15
100.08
3.71%
45,037.98
315.00
0.54%
(145.17)
Aa1/AA+
AA+
0.32 0.32
3130AWGR5 FEDERAL HOME LOAN BANKS
4.375 06/12/2026 100,000.00 07/10/20234.67%
99,202.00
99,202.00
100.29
3.69%
100,293.80
230.90
1.20%
1,091.80
Aa1/AA+
AA+
0.45 0.44
3133EPPE9 FEDERAL FARM CREDIT BANKS
FUNDING CORP 4.375 07/06/2026 100,000.00 07/19/20234.45% 99,803.00
99,803.00
100.36
3.66%
100,360.80
2,126.74
1.21%
557.80
Aa1/AA+
AA+
0.51 0.49
3133EPSW6 FEDERAL FARM CREDIT BANKS
FUNDING CORP 4.5 08/14/2026 100,000.00 08/09/20234.58%
99,770.00
99,770.00
100.55
3.59%
100,548.50
1,712.50
1.21%
778.50
Aa1/AA+
AA+
0.62 0.60
3130AWTQ3 FEDERAL HOME LOAN BANKS
4.625 09/11/2026 75,000.00 09/05/20234.74%
74,748.00
74,748.00
100.69
3.60%
75,517.05
1,059.90
0.91%
769.05
Aa1/AA+
AA+
0.70 0.67
3130AXU63 FEDERAL HOME LOAN BANKS
4.625 11/17/2026 75,000.00 12/18/20234.23%
75,798.75
75,798.75
100.85
3.62%
75,640.58
423.96
0.91%
(158.18)
Aa1/AA+
AA+
0.88 0.85
3130AXQL5 FEDERAL HOME LOAN BANKS
4.875 12/11/2026 125,000.00 02/05/20244.29%
126,917.50
126,917.50
101.25
3.52%
126,556.25
338.54
1.52%
(361.25)
Aa1/AA+
AA+
0.94 0.91
3133EP6K6 FEDERAL FARM CREDIT BANKS
FUNDING CORP 4.5 03/26/2027 155,000.00 --4.64%
154,416.10
154,416.10
101.18
3.51%
156,826.83
1,840.63
1.88%
2,410.73
Aa1/AA+
AA+
1.23 1.18
3133ERFJ5 FEDERAL FARM CREDIT BANKS
FUNDING CORP 4.5 05/20/2027 100,000.00 05/23/20244.80%
99,184.50
99,184.50
101.31
3.52%
101,312.20
512.50
1.22%
2,127.70
Aa1/AA+
AA+
1.38 1.33
3133ERMB4 FEDERAL FARM CREDIT BANKS
FUNDING CORP 4.25 07/23/2027 100,000.00 07/18/20244.26% 99,969.00
99,969.00
101.12
3.50%
101,121.80
1,865.28
1.21%
1,152.80
Aa1/AA+
AA+
1.56 1.47
3133ERNP2 FEDERAL FARM CREDIT BANKS
FUNDING CORP 4.0 08/06/2027 150,000.00 08/19/20243.92%
150,343.50
150,343.50
100.70
3.54%
151,054.80
2,416.67
1.81%
711.30
Aa1/AA+
AA+
1.60 1.51
3130AWC24 FEDERAL HOME LOAN BANKS 4.0
06/09/2028 100,000.00 06/28/20234.10%
99,562.00
99,562.00
101.12
3.52%
101,117.90
244.44
1.21%
1,555.90
Aa1/AA+
AA+
2.44 2.30
Total Agency 1,430,000.00 4.37%
1,430,950.40
1,430,950.40
100.74
3.57%
1,440,580.80
16,546.61
17.30%
9,630.40
0.98 0.94
CASH
28 HOLDINGS REPORT
City of Pleasant Hill | Account #10009 | As of December 31, 2025 Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
CCYUSD Receivable 175.18 -- 175.18
175.18
1.00 175.18
0.00 0.00%
0.00 Aaa/AAA
AAA
0.00 0.00
Total Cash 175.18
175.18
175.18
1.00 175.18
0.00 0.00%
0.00 0.00
0.00 CORPORATE
931142ER0 WALMART INC 1.05 09/17/2026 15,000.00 09/08/2021
1.09%
14,971.65
14,971.65
98.21 3.63%
14,731.65
45.50 0.18%
(240.00)
Aa2/AA
AA
0.71 0.69
437076CV2 HOME DEPOT INC 4.95
09/30/2026 90,000.00 04/22/20245.11%
89,676.90
89,676.90
100.75
3.92%
90,671.13
1,126.13
1.09%
994.23
A2/A
A
0.75 0.64
74340XBK6 PROLOGIS LP 3.25 10/01/2026 100,000.00 --
4.67%
96,450.60
96,450.60
99.59 3.81%
99,585.40
812.50
1.20%
3,134.80
A2/A
NA
0.75 0.73
87612EBM7 TARGET CORP 1.95 01/15/2027 60,000.00 --
2.01%
59,827.65
59,827.65
98.20 3.73%
58,921.08
539.50
0.71%
(906.57)
A2/A
A
1.04 1.00
78016HZT0 ROYAL BANK OF CANADA 4.875
01/19/2027 100,000.00 03/12/20244.93%
99,847.00
99,847.00
101.03
3.86%
101,034.80
2,193.75
1.21%
1,187.80
A1/A
AA1.050.99
17275RBQ4 CISCO SYSTEMS INC 4.8
02/26/2027 40,000.00 02/21/20244.85%
39,948.00
39,948.00
101.12
3.79%
40,448.44
666.67
0.49%
500.44
A1/AANA1.16
1.02 084664CZ2 BERKSHIRE HATHAWAY FINANCE
CORP 2.3 03/15/2027 60,000.00 03/07/20222.30%
59,988.60
59,988.60
98.42 3.65%
59,054.88
406.33
0.71%
(933.72)
Aa2/AA
A+
1.20 1.16
857477CL5 STATE STREET CORP 4.993
03/18/2027 70,000.00 03/13/20244.99%
70,000.00
70,000.00
101.34
3.85%
70,937.30
999.99
0.85%
937.30
Aa3/A
AA1.211.08
665859AW4 NORTHERN TRUST CORP 4.0
05/10/2027 20,000.00 05/05/20224.04%
19,967.60
19,967.60
100.33
3.75%
20,065.24
113.33
0.24%
97.64 A2/A+
A+
1.36 1.22
09290DAH4 BLACKROCK INC 4.6 07/26/2027 100,000.00 07/18/2024
4.57%
100,086.00
100,086.00
101.32
3.73%
101,315.40
1,980.56
1.22%
1,229.40
Aa3/AANA1.57
1.40 532457CP1 ELI LILLY AND CO 4.15 08/14/2027 50,000.00 08/12/2024
4.18%
49,959.50
49,959.50
100.74
3.67%
50,368.10
789.65
0.60%
408.60
Aa3/A+
NA
1.62 1.45
06368LGV2 BANK OF MONTREAL 5.203
02/01/2028 100,000.00 --5.29%
99,614.40
99,614.40
102.53
3.92%
102,532.60
2,167.92
1.23%
2,918.20
A2/AAA2.09
1.85 02665WFX4 AMERICAN HONDA FINANCE
CORP 4.55 03/03/2028 100,000.00 03/06/20254.60%
99,851.00
99,851.00
101.05
4.04%
101,045.20
1,491.39
1.21%
1,194.20
A3/ANA2.17
2.02 29
HOLDINGS REPORT
City of Pleasant Hill | Account #10009 | As of December 31, 2025 Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
00287YDY2 ABBVIE INC 4.65 03/15/2028 100,000.00 --
4.55%
100,266.00
100,266.00
101.68
3.85%
101,676.80
1,369.17
1.22%
1,410.80
A3/ANA2.21
1.98 037833ET3 APPLE INC 4.0 05/10/2028 65,000.00 05/10/2023
3.91%
65,257.40
65,257.40
100.76
3.66%
65,494.00
368.33
0.79%
236.60
Aaa/AA+
NA
2.36 2.14
91324PDK5 UNITEDHEALTH GROUP INC 3.85
06/15/2028 100,000.00 03/24/20254.40%
98,362.00
98,362.00
99.89 3.90%
99,894.10
171.11
1.20%
1,532.10
A2/A+
A
2.46 2.31
63743HFZ0
NATIONAL RURAL UTILITIES
COOPERATIVE FINANCE CORP 4.15
08/25/2028
50,000.00
08/19/2025
4.19%
49,944.00
49,944.00
100.52
3.94%
50,261.60
726.25
0.60%
317.60
A2/NA
A
2.65 2.38
437076DH2 HOME DEPOT INC 3.75
09/15/2028 50,000.00 09/08/20253.77%
49,967.50
49,967.50
100.03
3.74%
50,014.05
552.08
0.60%
46.55 A2/A
A
2.71 2.52
69371RU20 PACCAR FINANCIAL CORP 4.0
11/07/2028 75,000.00 11/05/20254.02%
74,958.00
74,958.00
100.47
3.82%
75,350.63
450.00
0.91%
392.63
A1/A+
NA
2.85 2.65
14913UBD1 CATERPILLAR FINANCIAL SERVICES
CORP 3.95 11/14/2028 80,000.00 11/10/20253.97%
79,957.60
79,957.60
100.24
3.86%
80,188.08
412.56
0.96%
230.48
A2/A
A+
2.87 2.67
02079KAV9 ALPHABET INC 3.875 11/15/2028 35,000.00 11/03/2025
3.91%
34,969.90
34,969.90
100.49
3.69%
35,170.73
207.20
0.42%
200.83
Aa2/AA+
NA
2.88 2.60
023135CS3 AMAZON.COM INC 3.9
11/20/2028 50,000.00 11/17/20253.91%
49,989.00
49,989.00
100.31
3.79%
50,153.00
222.08
0.60%
164.00
A1/AA
AA2.892.62
756109CW2 REALTY INCOME CORP 3.95
02/01/2029 95,000.00 09/25/20254.14%
94,441.40
94,441.40
99.65 4.07%
94,671.49
886.01
1.14%
230.09
A3/ANA3.09
2.85 46647PAR7 JPMORGAN CHASE & CO 4.005
04/23/2029 100,000.00 05/09/20254.59%
98,391.00
98,391.00
99.90 4.34%
99,903.60
756.50
1.20%
1,512.60
A1/A
AA3.312.17
06051GMT3 BANK OF AMERICA CORP 4.623
05/09/2029 100,000.00 05/08/20254.86%
99,787.00
99,787.00
101.33
4.26%
101,326.60
667.77
1.22%
1,539.60
A1/AAA3.35
2.20 24422EXT1 JOHN DEERE CAPITAL CORP 4.85
06/11/2029 100,000.00 09/25/20244.02%
103,527.00
103,527.00
102.76
3.98%
102,756.80
269.44
1.23%
(770.20)
A1/A
A+
3.44 3.14
61748UAK8 MORGAN STANLEY 4.133
10/18/2029 90,000.00 10/21/20254.10%
90,082.80
90,082.80
99.97 4.27%
89,971.02
712.94
1.08%
(111.78)
A1/AA+3.80
2.59 38141GD27 GOLDMAN SACHS GROUP INC
4.153 10/21/2029 90,000.00 --4.24%
90,030.50
90,030.50
99.98 4.27%
89,979.84
726.78
1.08%
(50.66)
A2/BBB+
A
3.80 2.60
532457CV8 ELI LILLY AND CO 4.75 02/12/2030 100,000.00 02/10/2025
4.75%
100,022.00
100,022.00
102.83
4.00%
102,828.00
1,834.03
1.24%
2,806.00
Aa3/A+
NA
4.12 3.58
30 HOLDINGS REPORT
City of Pleasant Hill | Account #10009 | As of December 31, 2025 Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
Total Corporate 2,185,000.00 4.33%
2,180,142.00
2,180,142.00
100.71
3.93%
2,200,351.56
23,665.46
26.43%
20,209.56
2.38 2.02
MONEY MARKET
FUND
316175603 FIDELITY IMM:GOVT III 47,621.08 --
3.41%
47,621.08
47,621.08
1.00 3.41%
47,621.08
0.00 0.57%
0.00 Aaa/AAAm
AAA
0.00 0.00
Total Money Market
Fund 47,621.08 3.41%
47,621.08
47,621.08
1.00 3.41%
47,621.08
0.00 0.57%
0.00 0.00
0.00 US TREASURY
91282CGE5 UNITED STATES TREASURY 3.875
01/15/2026 100,000.00 01/24/20233.87%
100,015.63
100,015.63
100.00
3.69%
100,004.10
1,790.08
1.20%
(11.53)
Aa1/AA+
AA+
0.04 0.04
91282CBH3 UNITED STATES TREASURY 0.375
01/31/2026 80,000.00 10/27/20211.11%
77,562.50
77,562.50
99.74 3.68%
79,792.16
125.54
0.96%
2,229.66
Aa1/AA+
AA+
0.08 0.08
91282CBQ3 UNITED STATES TREASURY 0.5
02/28/2026 100,000.00 09/27/20210.90%
98,253.90
98,253.90
99.48 3.82%
99,479.40
169.89
1.19%
1,225.50
Aa1/AA+
AA+
0.16 0.16
91282CGR6 UNITED STATES TREASURY 4.625
03/15/2026 150,000.00 02/13/20244.55%
150,205.08
150,205.08
100.19
3.63%
150,281.10
2,069.75
1.81%
76.02 Aa1/AA+
AA+
0.20 0.20
91282CHB0 UNITED STATES TREASURY 3.625
05/15/2026 105,000.00 05/22/20233.98%
103,970.51
103,970.51
100.03
3.53%
105,028.46
494.18
1.26%
1,057.95
Aa1/AA+
AA+
0.37 0.36
91282CHH7 UNITED STATES TREASURY 4.125
06/15/2026 150,000.00 02/05/20244.34%
149,267.58
149,267.58
100.28
3.49%
150,417.30
288.98
1.81%
1,149.72
Aa1/AA+
AA+
0.45 0.44
91282CHY0 UNITED STATES TREASURY 4.625
09/15/2026 150,000.00 02/05/20244.30%
151,166.02
151,166.02
100.73
3.55%
151,095.45
2,069.75
1.81%
(70.57)
Aa1/AA+
AA+
0.71 0.68
91282CJP7 UNITED STATES TREASURY 4.375
12/15/2026 150,000.00 02/05/20244.25%
150,480.47
150,480.47
100.78
3.53%
151,176.60
306.49
1.82%
696.13
Aa1/AA+
AA+
0.96 0.92
91282CJT9 UNITED STATES TREASURY 4.0
01/15/2027 150,000.00 01/23/20244.17%
149,273.44
149,273.44
100.48
3.52%
150,719.25
2,771.74
1.81%
1,445.81
Aa1/AA+
AA+
1.04 0.99
91282CKA8 UNITED STATES TREASURY 4.125
02/15/2027 150,000.00 02/13/20244.39%
148,875.00
148,875.00
100.66
3.52%
150,984.45
2,337.13
1.81%
2,109.45
Aa1/AA+
AA+
1.13 1.07
91282CKV2 UNITED STATES TREASURY 4.625
06/15/2027 125,000.00 06/24/20244.47%
125,532.23
125,532.23
101.60
3.48%
126,997.13
270.00
1.53%
1,464.90
Aa1/AA+
AA+
1.45 1.39
31 HOLDINGS REPORT
City of Pleasant Hill | Account #10009 | As of December 31, 2025 Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
91282CLG4 UNITED STATES TREASURY 3.75
08/15/2027 150,000.00 10/23/20244.03%
148,892.58
148,892.58
100.41
3.48%
150,621.15
2,124.66
1.81%
1,728.57
Aa1/AA+
AA+
1.62 1.54
91282CFM8 UNITED STATES TREASURY 4.125
09/30/2027 85,000.00 06/03/20253.92%
85,371.88
85,371.88
101.07
3.48%
85,909.76
895.83
1.03%
537.88
Aa1/AA+
AA+
1.75 1.65
91282CFU0 UNITED STATES TREASURY 4.125
10/31/2027 115,000.00 12/19/20223.76%
116,828.32
116,828.32
101.11
3.49%
116,275.81
812.47
1.40%
(552.51)
Aa1/AA+
AA+
1.83 1.74
91282CGC9 UNITED STATES TREASURY 3.875
12/31/2027 110,000.00 04/10/20233.56%
111,465.23
111,465.23
100.75
3.48%
110,820.71
11.77 1.33%
(644.52)
Aa1/AA+
AA+
2.00 1.91
91282CMF5 UNITED STATES TREASURY 4.25
01/15/2028 150,000.00 01/27/20254.24%
150,058.59
150,058.59
101.47
3.49%
152,209.05
2,944.97
1.83%
2,150.46
Aa1/AA+
AA+
2.04 1.90
91282CGH8 UNITED STATES TREASURY 3.5
01/31/2028 125,000.00 12/20/20233.99%
122,705.08
122,705.08
100.02
3.49%
125,024.38
1,830.84
1.50%
2,319.30
Aa1/AA+
AA+
2.08 1.96
91282CGT2 UNITED STATES TREASURY 3.625
03/31/2028 150,000.00 03/24/20254.01%
148,365.23
148,365.23
100.27
3.50%
150,398.40
1,389.25
1.81%
2,033.17
Aa1/AA+
AA+
2.25 2.12
91282CMW8 UNITED STATES TREASURY 3.75
04/15/2028 120,000.00 04/21/20253.76%
119,957.81
119,957.81
100.52
3.51%
120,623.40
964.29
1.45%
665.59
Aa1/AA+
AA+
2.29 2.16
91282CND9 UNITED STATES TREASURY 3.75
05/15/2028 140,000.00 05/13/20254.01%
138,971.88
138,971.88
100.54
3.51%
140,760.20
681.63
1.69%
1,788.32
Aa1/AA+
AA+
2.37 2.24
91282CHK0 UNITED STATES TREASURY 4.0
06/30/2028 90,000.00 10/19/20234.96%
86,414.06
86,414.06
101.17
3.51%
91,054.71
9.94 1.09%
4,640.65
Aa1/AA+
AA+
2.50 2.36
9128284V9 UNITED STATES TREASURY 2.875
08/15/2028 180,000.00 07/03/20253.86%
174,874.22
174,874.22
98.39 3.52%
177,110.10
1,954.69
2.13%
2,235.88
Aa1/AA+
AA+
2.62 2.47
91282CHX2 UNITED STATES TREASURY 4.375
08/31/2028 100,000.00 09/13/20234.41%
99,851.56
99,851.56
102.11
3.53%
102,113.30
1,486.53
1.23%
2,261.74
Aa1/AA+
AA+
2.67 2.46
91282CJF9 UNITED STATES TREASURY 4.875
10/31/2028 125,000.00 --4.21%
128,590.82
128,590.82
103.54
3.54%
129,428.75
1,043.68
1.55%
837.93
Aa1/AA+
AA+
2.84 2.61
91282CPK1 UNITED STATES TREASURY 3.5
11/15/2028 120,000.00 11/20/20253.56%
119,803.13
119,803.13
99.89 3.54%
119,868.72
545.30
1.44%
65.59 Aa1/AA+
AA+
2.88 2.69
91282CJN2 UNITED STATES TREASURY 4.375
11/30/2028 125,000.00 01/23/20244.05%
126,782.23
126,782.23
102.27
3.55%
127,836.88
480.77
1.54%
1,054.65
Aa1/AA+
AA+
2.92 2.71
91282CPP0 UNITED STATES TREASURY 3.5
12/15/2028 200,000.00 12/15/20253.56%
199,664.06
199,664.06
99.88 3.54%
199,765.60
326.92
2.40%
101.54
Aa1/AA+
AA+
2.96 2.78
91282CJR3 UNITED STATES TREASURY 3.75
12/31/2028 125,000.00 01/23/20244.06%
123,295.90
123,295.90
100.57
3.55%
125,708.00
12.95 1.51%
2,412.10
Aa1/AA+
AA+
3.00 2.81
32 HOLDINGS REPORT
City of Pleasant Hill | Account #10009 | As of December 31, 2025 Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
9128286B1 UNITED STATES TREASURY 2.625
02/15/2029 120,000.00 06/18/20253.90%
114,843.75
114,843.75
97.23 3.57%
116,681.28
1,189.81
1.40%
1,837.53
Aa1/AA+
AA+
3.13 2.93
91282CKG5 UNITED STATES TREASURY 4.125
03/31/2029 125,000.00 06/24/20244.30%
124,082.03
124,082.03
101.66
3.58%
127,070.38
1,317.39
1.53%
2,988.35
Aa1/AA+
AA+
3.25 2.99
91282CFC0 UNITED STATES TREASURY 2.625
07/31/2029 140,000.00 08/25/20253.72%
134,421.88
134,421.88
96.71 3.61%
135,395.26
1,537.91
1.63%
973.38
Aa1/AA+
AA+
3.58 3.34
91282CLK5 UNITED STATES TREASURY 3.625
08/31/2029 125,000.00 09/23/20243.53%
125,517.58
125,517.58
99.98 3.63%
124,980.50
1,539.62
1.50%
(537.08)
Aa1/AA+
AA+
3.67 3.36
91282CFL0 UNITED STATES TREASURY 3.875
09/30/2029 125,000.00 10/23/20244.07%
123,920.90
123,920.90
100.86
3.62%
126,079.13
1,237.55
1.51%
2,158.23
Aa1/AA+
AA+
3.75 3.42
91282CLR0 UNITED STATES TREASURY 4.125
10/31/2029 125,000.00 12/19/20244.41%
123,471.68
123,471.68
101.71
3.64%
127,138.63
883.11
1.53%
3,666.95
Aa1/AA+
AA+
3.83 3.49
91282CMA6 UNITED STATES TREASURY 4.125
11/30/2029 125,000.00 12/19/20244.40%
123,476.56
123,476.56
101.73
3.65%
127,158.25
453.30
1.53%
3,681.69
Aa1/AA+
AA+
3.91 3.58
91282CGB1 UNITED STATES TREASURY 3.875
12/31/2029 110,000.00 09/22/20253.66%
110,941.02
110,941.02
100.85
3.64%
110,932.47
11.77 1.33%
(8.55)
Aa1/AA+
AA+
4.00 3.67
Total US Treasury 4,615,000.00 3.95%
4,587,170.34
4,587,170.34
100.49
3.55%
4,636,940.18
38,380.51
55.69%
49,769.84
2.14 2.00
Total Portfolio 8,277,796.26 4.12%
8,246,059.00
8,246,059.00
100.02
3.66%
8,325,668.79
78,592.58
100.00%
79,609.79
1.99 1.81
Total Market Value +
Accrued 8,404,261.37
33 TRANSACTIONS
34 TRANSACTION LEDGER
City of Pleasant Hill | Account #10009|10/01/2025 Through 12/31/2025| Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/DispYield Amount Interest Pur/Sold Total Amount Gain/Loss
ACQUISITIONS
Purchase 10/21/2025 38141GD27 40,000.00
GOLDMAN SACHS
GROUP INC 4.153
10/21/2029
100.000 4.38% (40,000.00) 0.00 (40,000.00) 0.00
Purchase 10/22/2025 38141GD27 50,000.00
GOLDMAN SACHS
GROUP INC 4.153
10/21/2029
100.061 4.13% (50,030.50) (5.77) (50,036.27) 0.00
Purchase 10/22/2025 61748UAK8 90,000.00 MORGAN STANLEY
4.133 10/18/2029 100.092 4.10% (90,082.80) 0.00 (90,082.80) 0.00 Purchase 11/06/2025 02079KAV9 35,000.00 ALPHABET INC 3.875 11/15/2028 99.914 3.91% (34,969.90) 0.00 (34,969.90) 0.00 Purchase 11/07/2025 69371RU20 75,000.00 PACCAR FINANCIAL CORP 4.0 11/07/2028 99.944 4.02% (74,958.00) 0.00 (74,958.00) 0.00 Purchase 11/14/2025 14913UBD1 80,000.00
CATERPILLAR
FINANCIAL SERVICES
CORP 3.95 11/14/2028
99.947 3.97% (79,957.60) 0.00 (79,957.60) 0.00
Purchase 11/20/2025 023135CS3 50,000.00 AMAZON.COM INC 3.9 11/20/2028 99.978 3.91% (49,989.00) 0.00 (49,989.00) 0.00 Purchase 11/21/2025 91282CPK1 120,000.00
UNITED STATES
TREASURY 3.5
11/15/2028
99.836 3.56% (119,803.13) (69.61) (119,872.74) 0.00
Purchase 12/16/2025 91282CPP0 200,000.00
UNITED STATES
TREASURY 3.5
12/15/2028
99.832 3.56% (199,664.06) (19.23) (199,683.29) 0.00
Total Purchase 740,000.00 (739,454.99) (94.61) (739,549.60) 0.00 TOTAL
ACQUISITIONS 740,000.00 (739,454.99) (94.61) (739,549.60) 0.00
DISPOSITIONS
Maturity 11/07/2025 3135G06G3 (90,000.00)
FEDERAL NATIONAL
MORTGAGE
ASSOCIATION 0.5
11/07/2025
100.000 0.57% 90,000.00 0.00 90,000.00 322.20
Maturity 11/30/2025 9128285N6 (55,000.00)
UNITED STATES
TREASURY 2.875
11/30/2025
100.000 3.77% 55,000.00 0.00 55,000.00 1,478.13
35 TRANSACTION LEDGER
City of Pleasant Hill | Account #10009|10/01/2025 Through 12/31/2025| Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/DispYield Amount Interest Pur/Sold Total Amount Gain/Loss Maturity 12/15/2025 91282CGA3 (150,000.00)
UNITED STATES
TREASURY 4.0
12/15/2025
100.000 4.64% 150,000.00 0.00 150,000.00 1,687.50
Total Maturity (295,000.00) 295,000.00 0.00 295,000.00 3,487.83 Sale 10/16/2025 9128285N6 (25,000.00)
UNITED STATES
TREASURY 2.875
11/30/2025
99.859 3.77% 24,964.84 271.00 25,235.84 636.72
Sale 10/22/2025 907818GE2 (15,000.00) UNION PACIFIC CORP
4.75 02/21/2026 100.126 4.77% 15,018.90 120.73 15,139.63 28.80 Sale 10/22/2025 907818GE2 (15,000.00) UNION PACIFIC CORP
4.75 02/21/2026 100.023 4.77% 15,003.45 120.73 15,124.18 13.35 Sale 10/22/2025 61761J3R8 (100,000.00) MORGAN STANLEY
3.125 07/27/2026 99.329 3.09% 99,329.00 737.85 100,066.85 (2,471.00) Sale 11/05/2025 89115A2S0 (90,000.00)
TORONTO-DOMINION
BANK 5.532
07/17/2026
101.010 5.41% 90,909.00 1,493.64 92,402.64 675.30
Sale 11/07/2025 69371RS56 (50,000.00) PACCAR FINANCIAL
CORP 5.05 08/10/2026 100.740 5.07% 50,370.00 610.21 50,980.21 395.00 Sale 11/12/2025 14913UAL4 (100,000.00)
CATERPILLAR
FINANCIAL SERVICES
CORP 5.0 05/14/2027
101.655 4.95% 101,655.00 2,472.22 104,127.22 1,525.00
Total Sale (395,000.00) 397,250.19 5,826.38 403,076.57 803.17 TOTAL
DISPOSITIONS (690,000.00) 692,250.19 5,826.38 698,076.57 4,290.99 36 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 “asis” 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. 37 BENCHMARK DISCLOSURES
Benchmark Disclosure
ICE BofA 1-3 Yr US Treasury Index
The ICE BofA 1-3 Year US Treasury Index tracks the performance of US dollar-denominated sovereign debt publicly issued by the US government in its domestic market. Qualifying securities must have at least one year remaining term to final maturity and less than three years remaining term to final maturity, a fixed coupon schedule, and a minimum amount outstanding of $1 billion. Qualifying securities must have at least 18 months to final maturity at the time of issuance. 38