INVESTMENT REPORT
City of San Jacinto California | 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
PORTFOLIO HOLDINGS
TRANSACTIONS
1 ECONOMIC UPDATE
2
The Federal Government shutdown that began on October 1st has halted the release of key economic data as agencies remain closed. At the same time, heightened trade policy uncertainty has added to market volatility. Core levels of inflation 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 steepening 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 monthend. 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
1,000
MOM 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 prepandemic 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 jumped to 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
Despite the Federal Government shutdown, the Bureau of Labor Statistics released the Consumer Price Index (CPI) data for September on October 24th. Both headline and core measures came in below estimates. Headline CPI edged up 0.3% from August and 3.0% on an annual basis, while core CPI was up 0.2% from the prior month and 3.0% on an annual basis. The release was essential as third-quarter CPI data is used by the Social Security Administration to calculate the annual COLA, i.e. the cost-of-living adjustment. Other US Government data releases continue to be impacted by the shutdown.
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 contracted at a slightly slower rate as the Institute for Supply Management (ISM) Manufacturing Index edged up 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 drops in 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 increased at 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 ACCOUNT PROFILE
14 OBJECTIVES
Investment Objectives
The City of San Jacinto's investment objectives, in order of priority, are to provide safety to ensure the preservation of capital in the overall portfolio, provide sufficient liquidity for cash needs and a market rate of return consistent with the investment program.
Chandler Asset Management Performance Objective
The performance objective for the portfolio isto earn a total rate of return over a market cycle that equals or exceeds the benchmark, the ICE BofA 1-5 Year US Treasury & Agency Index.
Strategy
In order to achieve these objectives, the portfolio invests in high quality fixed income securities consistent with the investment policy and California Government Code. 15 STATEMENT OF COMPLIANCE
City of San Jacinto California | Account #10167 | As of September 30, 2025 Rules Name Limit Actual Compliance
Status Notes
AGENCY MORTGAGE SECURITIES (CMOS)
Max % (MV; ABS, CMO, & MBS) 20.0 1.7 Compliant
Max Maturity (Years) 5.0 0.0 Compliant
ASSET-BACKED SECURITIES (ABS)
Max % (MV; ABS, CMO & MBS) 20.0 1.7 Compliant
Max % Issuer (MV) 5.0 0.6 Compliant
Max Maturity (Years) 5 4 Compliant
Min Rating (AA- by 2; A- Issuer by 2) 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- by 2, A-1 by 2) 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 (NONNEGOTIABLE CD/TD)
Max % (MV) 20.0 0.0 Compliant
Max Maturity (Years) 5.0 0.0 Compliant
Min Rating (A- by 1) 0.0 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 2, A by 2) 0.0 0.0 Compliant
CORPORATE MEDIUM TERM NOTES
Max % (MV) 30.0 26.6 Compliant
Max % Issuer (MV) 5.0 1.7 Compliant
16 STATEMENT OF COMPLIANCE
City of San Jacinto California | Account #10167 | As of September 30, 2025 Rules Name Limit Actual Compliance
Status Notes
Max Maturity (Years) 5 4 Compliant
Min Rating (A- by 2) 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) 100.0 13.7 Compliant
Max Maturity (Years) 5 3 Compliant
JOINT POWERS AUTHORITY (JPA)
Max % (MV) 50.0 0.0 Compliant
LOCAL AGENCY INVESTMENT FUND (LAIF)
Max % (MV) 70.0 0.0 Compliant
LOCAL GOVERNMENT INVESTMENT POOL (LGIP)
Max % (MV) 70.0 0.0 Compliant
MAX CALLABLE SECURITIES
Max % Callables (MV) 20.0 2.2 Compliant
MONEY MARKET MUTUAL FUNDS
Max % (MV) 20.0 0.3 Compliant
Max % Issuer (MV) 20.0 0.3 Compliant
Min Rating (AAA by 2) 0.0 0.0 Compliant
MORTGAGE-BACKED SECURITIES (NON-AGENCY)
Max % (MV; ABS, CMO & MBS) 20.0 1.7 Compliant
Max % Issuer (MV) 5.0 0.0 Compliant
Max Maturity (Years) 5.0 0.0 Compliant
Min Rating (AA- by 2; A issuer by 2) 0.0 0.0 Compliant
MUNICIPAL SECURITIES (CA, LOCAL AGENCY)
Max % (MV) 30.0 0.0 Compliant
Max % Issuer (MV) 5.0 0.0 Compliant
Max Maturity (Years) 5 0.0 Compliant
17 STATEMENT OF COMPLIANCE
City of San Jacinto California | Account #10167 | As of September 30, 2025 Rules Name Limit Actual Compliance
Status Notes
Min Rating (A- by 1) 0.0 0.0 Compliant
MUNICIPAL SECURITIES (CA, OTHER STATES)
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 1) 0.0 0.0 Compliant
MUTUAL FUNDS
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) 0.0 0.0 Compliant
REPURCHASE AGREEMENTS
Max Maturity (Years) 1.0 0.0 Compliant
SUPRANATIONAL OBLIGATIONS
Max % (MV) 30.0 4.6 Compliant
Max % Issuer (MV) 10.0 3.4 Compliant
Max Maturity (Years) 5 4 Compliant
Min Rating (AA- by 1) 0.0 0.0 Compliant
U.S. TREASURIES
Max % (MV) 100.0 53.1 Compliant
Max Maturity (Years) 5 4 Compliant
18 PORTFOLIO CHARACTERISTICS
City of San Jacinto California | Account #10167 | As of September 30, 2025 Benchmark* 9/30/2025
Portfolio
6/30/2025
Portfolio
Average Maturity (yrs) 2.65 2.88 2.88
Average Modified Duration 2.48 2.56 2.55
Average Purchase Yield 3.87% 3.71%
Average Market Yield 3.66% 3.81% 3.94%
Average Quality** AA+ AA AA
Total Market Value 12,133,538 11,988,723
*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. 19 SECTOR DISTRIBUTION
City of San Jacinto California | Account #10167 | As of September 30, 2025 Sector as a Percentage of Market Value
Sector 09/30/2025 06/30/2025
US Treasury 53.09% 50.64%
Corporate 26.55% 26.67%
Agency 13.75% 15.80%
Supras 4.60% 4.64%
ABS 1.68% 1.79%
Money Mkt Fd 0.32% 0.47%
20 DURATION ALLOCATION
City of San Jacinto California | Account #10167 | 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 2.4% 2.1% 6.6% 18.6% 32.2% 27.7% 10.3% 0.0% 0.0% 21 ISSUERS
City of San Jacinto California | Account #10167 | As of September 30, 2025 Issuer Investment Type % Portfolio
United States US Treasury 53.09%
Federal Home Loan Banks Agency 6.12%
Farm Credit System Agency 5.56%
Inter-American Development Bank Supras 3.35%
FNMA Agency 2.07%
Apple Inc. Corporate 1.73%
Bank of America Corporation Corporate 1.63%
Prologis, Inc. Corporate 1.44%
Walmart Inc. Corporate 1.41%
Abbvie Inc. Corporate 1.28%
Marsh & McLennan Companies, Inc. Corporate 1.27%
Florida Power & Light Corporate 1.26%
International Bank for Recon and Dev Supras 1.25%
Public Service Enterprise Group Inco Corporate 1.24%
JPMorgan Chase & Co. Corporate 1.24%
PACCAR Inc Corporate 1.23%
U.S. Bancorp Corporate 1.21%
National Rural Utilities Cooperative Corporate 1.20%
Honeywell International Inc. Corporate 1.15%
State Street Corporation Corporate 1.10%
Northern Trust Corporation Corporate 1.08%
Berkshire Hathaway Inc. Corporate 1.06%
Toyota Motor Corporation Corporate 1.02%
Eli Lilly and Company Corporate 0.72%
Morgan Stanley Corporate 0.64%
Deere & Company Corporate 0.60%
Mastercard Incorporated Corporate 0.59%
Hyundai Auto Receivables Trust ABS 0.59%
John Deere Owner Trust ABS 0.55%
Target Corporation Corporate 0.53%
22 ISSUERS
City of San Jacinto California | Account #10167 | As of September 30, 2025 Issuer Investment Type % Portfolio
Amazon.com, Inc. Corporate 0.49%
The Home Depot, Inc. Corporate 0.43%
UnitedHealth Group Incorporated Corporate 0.41%
The Charles Schwab Corporation Corporate 0.37%
First American Govt Oblig Fund Money Mkt Fd 0.32%
Toyota Auto Receivables Owner Trust ABS 0.29%
Mercedes-Benz Auto Lease Trust ABS 0.25%
Merck & Co., Inc. Corporate 0.25%
Cash Cash 0.00%
TOTAL 100.00%
23 QUALITY DISTRIBUTION
Rating 09/30/2025 06/30/2025
AAA 5.81% 6.01%
AA 71.47% 71.16%
A 20.73% 20.75%
NA 1.99% 2.08%
Rating 09/30/2025 06/30/2025
Aaa 7.75% 8.05%
Aa 73.17% 72.88%
A 18.50% 18.49%
NA 0.58% 0.59%
Rating 09/30/2025 06/30/2025
AAA 1.70% 1.92%
AA 73.93% 74.81%
A 10.97% 9.71%
NA 13.39% 13.56%
City of San Jacinto California | Account #10167 | As of September 30, 2025 S&P Rating Moody’s Rating Fitch Rating
24 0-.25 .25-.5 .5-1 1-2 2-3 3-4 4-5 5-7 7+
Portfolio 2.4% 2.1% 6.6% 18.6% 32.2% 27.7% 10.3% 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 San Jacinto California | Account #10167 | As of September 30, 2025 Portfolio Compared to the Benchmark
25 3 Months 12 Months 2 Years 3 Years 5 Years 10 Years Since Inception TOTAL RATE OF RETURN*
City of San Jacinto California 1.24% 4.07% 5.90% 4.79% 1.47% 1.85% 1.58% Benchmark 1.14% 3.77% 5.58% 4.42% 1.13% 1.48% 1.29%
*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 San Jacinto California | Account #10167 | As of September 30, 2025 Total Rate of Return : Inception | 07/01/2012
26 PORTFOLIO HOLDINGS
27 HOLDINGS REPORT
City of San Jacinto California | Account #10167 | 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
47787JAC2 JDOT 2022 A3 2.32 09/15/2026 1,132.14 03/10/2022
2.34%
1,131.89
1,132.09
99.92 4.46%
1,131.22
1.17 0.01%
(0.87)
Aaa/NA
AAA
0.96 0.04
47800AAC4 JDOT 2022-B A3 3.74 02/16/2027 9,496.65 07/12/2022
3.77%
9,495.74
9,496.41
99.86 4.30%
9,483.70
15.79 0.08%
(12.71)
Aaa/NA
AAA
1.38 0.26
58770JAD6 MBALT 2024-A A3 5.32
01/18/2028 30,000.00 05/17/20245.73%
29,996.49
29,997.79
101.27
4.07%
30,381.46
70.93 0.25%
383.66
Aaa/NA
AAA
2.30 0.97
89239TAD4 TAOT 2024-D A3 4.4 06/15/2029 35,000.00 10/10/2024
4.51%
34,998.05
34,998.45
100.68
3.92%
35,238.95
68.44 0.29%
240.50
Aaa/AAA
NA
3.71 1.30
47800DAD6 JDOT 2025 A3 4.23 09/17/2029 55,000.00 03/04/2025
5.09%
54,996.54
54,996.97
100.55
4.02%
55,302.19
103.40
0.46%
305.22
Aaa/NA
AAA
3.96 2.21
44935CAD3 HART 2025-A A3 4.32 10/15/2029 70,000.00 03/04/2025
4.84%
69,989.68
69,990.93
100.76
3.89%
70,534.68
134.40
0.59%
543.75
NA/AAA
AAA
4.04 1.61
200,608.40 100.72 202,072.20 1.68% 3.56
Total ABS 200,628.79 4.92% 200,612.65 3.98% 394.13 1,459.56 1.55 AGENCY
3135G06G3 FEDERAL NATIONAL MORTGAGE
ASSOCIATION 0.5 11/07/2025 250,000.00 11/09/2020
0.57%
249,105.00
249,981.81
99.63 4.22%
249,071.90
500.00
2.07%
(909.92)
Aa1/AA+
AA+
0.10 0.10
3130ATS57 FEDERAL HOME LOAN BANKS 4.5
03/10/2028 325,000.00 --
3.91%
333,444.50
329,179.19
101.87
3.69%
331,072.50
853.13
2.75%
1,893.31
Aa1/AA+
AA+
2.44 2.29
3130AWC24 FEDERAL HOME LOAN BANKS 4.0
06/09/2028 200,000.00 06/27/20234.11%
198,982.00
199,447.08
100.92
3.64%
201,833.04
2,488.89
1.68%
2,385.96
Aa1/AA+
AA+
2.69 2.50
3130AWTR1 FEDERAL HOME LOAN BANKS
4.375 09/08/2028 200,000.00 09/12/20234.49%
198,987.00
199,403.10
102.01
3.65%
204,024.61
559.03
1.69%
4,621.51
Aa1/AA+
AA+
2.94 2.73
3133EPWK7 FEDERAL FARM CREDIT BANKS
FUNDING CORP 4.5 09/22/2028 200,000.00 09/27/20234.76%
197,716.00
198,636.62
102.22
3.70%
204,447.41
225.00
1.70%
5,810.78
Aa1/AA+
AA+
2.98 2.77
3133EPC45 FEDERAL FARM CREDIT BANKS
FUNDING CORP 4.625 11/13/2028 230,000.00 11/27/20234.46% 231,646.80
231,035.16
102.65
3.71%
236,099.82
4,077.71
1.96%
5,064.67
Aa1/AA+
AA+
3.12 2.84
3133EPN50 FEDERAL FARM CREDIT BANKS
FUNDING CORP 4.25 12/15/2028 225,000.00 12/18/20234.00% 227,499.75
226,605.71
101.79
3.65%
229,020.69
2,815.63
1.90%
2,414.98
Aa1/AA+
AA+
3.21 2.94
1,637,381.05 101.58 1,655,569.97 13.75% 2.45
Total Agency 1,630,000.00 3.70% 1,634,288.68 3.76% 11,519.38 21,281.30 2.27 28 HOLDINGS REPORT
City of San Jacinto California | Account #10167 | 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 499.33 -- 499.33
499.33
1.00 0.00%
499.33
0.00 0.00%
0.00 Aaa/AAA
AAA
0.00 0.00
Total Cash 499.33
499.33
499.33
1.00 0.00%
499.33
0.00 0.00%
0.00 0.00
0.00 CORPORATE
931142ER0 WALMART INC 1.05 09/17/2026 30,000.00 09/08/2021
1.09%
29,943.30
29,989.10
97.46 3.76%
29,238.53
12.25 0.24%
(750.57)
Aa2/AA
AA
0.96 0.94
87612EBM7 TARGET CORP 1.95 01/15/2027 65,000.00 01/19/2022
1.99%
64,889.50
64,971.36
97.63 3.85%
63,457.30
267.58
0.53%
(1,514.05)
A2/A
A
1.29 1.25
037833CJ7 APPLE INC 3.35 02/09/2027 210,000.00 10/05/2022
4.37%
201,528.60
207,350.69
99.43 3.78%
208,809.86
1,016.17
1.73%
1,459.17
Aaa/AA+
NA
1.36 1.31
808513BY0 CHARLES SCHWAB CORP 2.45
03/03/2027 45,000.00 03/01/20222.47%
44,951.40
44,986.21
97.84 4.03%
44,026.65
85.75 0.37%
(959.56)
A2/AA1.42
1.38 084664CZ2 BERKSHIRE HATHAWAY FINANCE
CORP 2.3 03/15/2027 130,000.00 03/07/2022
2.30%
129,975.30
129,992.83
97.92 3.78%
127,294.30
132.89
1.06%
(2,698.53)
Aa2/AA
A+
1.45 1.41
857477CL5 STATE STREET CORP 4.993
03/18/2027 130,000.00 03/13/20244.99%
130,000.00
130,000.00
101.54
3.90%
132,001.01
234.39
1.10%
2,001.01
Aa3/A
AA1.461.32
023135CF1 AMAZON.COM INC 3.3
04/13/2027 60,000.00 04/11/20223.34%
59,876.40
59,962.16
99.27 3.80%
59,560.42
924.00
0.49%
(401.74)
A1/AA
AA1.531.46
46647PCB0 JPMORGAN CHASE & CO 1.578
04/22/2027 75,000.00 05/28/20245.62%
69,617.25
73,423.23
98.56 4.74%
73,922.16
522.71
0.61%
498.93
A1/A
AA1.560.54
665859AW4 NORTHERN TRUST CORP 4.0
05/10/2027 130,000.00 09/28/2022
4.70%
126,240.40
128,690.95
100.16
3.90%
130,202.53
2,036.67
1.08%
1,511.58
A2/A+
A+
1.61 1.44
91324PEG3 UNITEDHEALTH GROUP INC 3.7
05/15/2027 50,000.00 05/17/2022
3.69%
50,025.40
50,006.92
99.61 3.95%
49,807.16
698.89
0.41%
(199.75)
A2/A+
A
1.62 1.54
931142EX7 WALMART INC 3.95 09/09/2027 140,000.00 10/05/2022
4.51%
136,557.40
138,644.40
100.43
3.72%
140,603.13
337.94
1.17%
1,958.73
Aa2/AA
AA
1.94 1.77
438516CJ3 HONEYWELL INTERNATIONAL INC
4.95 02/15/2028 135,000.00 02/13/2023
4.44%
138,028.05
136,410.28
102.24
3.95%
138,024.48
853.88
1.15%
1,614.20
A2/A
A
2.38 2.14
29 HOLDINGS REPORT
City of San Jacinto California | Account #10167 | 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
57636QAW4 MASTERCARD INC 4.875
03/09/2028 70,000.00 03/06/20234.90%
69,932.10
69,966.92
102.31
3.87%
71,613.93
208.54
0.59%
1,647.01
Aa3/A+
NA
2.44 2.21
06051GKP3 BANK OF AMERICA CORP 4.376
04/27/2028 135,000.00 08/30/20235.89%
129,575.70
132,671.82
100.36
4.74%
135,486.53
2,527.14
1.13%
2,814.72
A1/AAA2.57
1.48 74456QBU9 PUBLIC SERVICE ELECTRICAND
GAS CO 3.7 05/01/2028 150,000.00 06/27/20234.77%
143,142.00
146,342.14
99.43 3.93%
149,147.08
2,312.50
1.24%
2,804.94
A1/A
NA
2.59 2.40
341081GN1 FLORIDA POWER & LIGHT CO 4.4
05/15/2028 150,000.00 06/27/20234.78%
147,565.50
148,692.58
101.13
3.94%
151,690.61
2,493.33
1.26%
2,998.02
Aa2/A+
AA2.622.27
58933YBH7 MERCK & CO INC 4.05 05/17/2028 30,000.00 05/08/2023
4.07%
29,975.70
29,987.24
100.55
3.83%
30,163.61
452.25
0.25%
176.37
Aa3/A+
NA
2.63 2.36
74340XCG4 PROLOGIS LP 4.875 06/15/2028 170,000.00 --
5.09%
168,446.95
169,127.45
102.29
3.97%
173,890.41
2,440.21
1.44%
4,762.96
A2/A
NA
2.71 2.41
69371RS80 PACCAR FINANCIAL CORP 4.6
01/31/2029 145,000.00 01/24/20244.64%
144,763.65
144,842.43
101.86
4.00%
147,694.88
1,130.19
1.23%
2,852.45
A1/A+
NA
3.34 3.04
532457CK2 ELI LILLY AND CO 4.5 02/09/2029 85,000.00 02/07/2024
4.51%
84,943.90
84,962.32
101.57
4.00%
86,331.07
552.50
0.72%
1,368.74
Aa3/A+
NA
3.36 3.00
61747YFD2 MORGAN STANLEY 5.164
04/20/2029 75,000.00 08/26/20244.53%
76,565.25
76,095.21
102.36
4.59%
76,772.36
1,732.09
0.64%
677.16
A1/AA+3.55
2.32 46647PAR7 JPMORGAN CHASE & CO 4.005
04/23/2029 75,000.00 05/28/2024
5.38%
71,401.50
72,638.88
99.75 4.45%
74,812.38
1,318.31
0.62%
2,173.50
A1/A
AA3.562.37
24422EXT1 JOHN DEERE CAPITAL CORP 4.85
06/11/2029 70,000.00 06/06/20244.88%
69,906.55
69,930.96
102.73
4.05%
71,910.29
1,037.36
0.60%
1,979.32
A1/A
A+
3.70 3.32
91159HJM3 US BANCORP 5.775 06/12/2029 140,000.00 09/30/2024
4.32%
146,867.00
145,006.66
104.07
4.66%
145,701.58
2,447.96
1.21%
694.93
A3/A
A
3.70 2.45
437076DC3 HOME DEPOT INC 4.75
06/25/2029 50,000.00 06/17/2024
4.90%
49,677.50
49,759.27
102.41
4.05%
51,203.19
633.33
0.43%
1,443.92
A2/A
A
3.73 3.29
06051GHM4 BANK OF AMERICA CORP 4.271
07/23/2029 60,000.00 12/09/20244.71%
59,120.40
59,316.83
100.35
4.49%
60,207.63
484.05
0.50%
890.81
A1/AAA3.81
2.61 63743HFX5
NATIONAL RURAL UTILITIES
COOPERATIVE FINANCE CORP 4.95
02/07/2030
140,000.00 --
4.91%
140,237.30
140,218.62
103.01
4.19%
144,211.59
1,039.50
1.20%
3,992.97
A2/NA
A
4.36 3.80
00287YDZ9 ABBVIE INC 4.875 03/15/2030 150,000.00 04/24/2025
4.56%
152,035.50
151,851.30
102.94
4.15%
154,404.07
325.00
1.28%
2,552.77
A3/ANA4.45
3.91 30
HOLDINGS REPORT
City of San Jacinto California | Account #10167 | 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
571748CA8 MARSH & MCLENNAN
COMPANIES INC 4.65 03/15/2030 150,000.00 08/25/20254.27% 152,310.00
152,259.11
101.62
4.25%
152,436.05
310.00
1.27%
176.95
A3/AA4.45
3.92 89236TNJ0 TOYOTA MOTOR CREDIT CORP 4.8
05/15/2030 120,000.00 07/14/20254.55%
121,302.00
121,244.46
102.42
4.22%
122,898.34
2,176.00
1.02%
1,653.88
A1/A+
A+
4.62 4.05
Total Corporate 3,165,000.00 4.49%
3,139,401.50
3,159,342.34
101.05
4.08%
3,197,523.14
30,743.39
26.55%
38,180.80
2.78 2.35
MONEY MARKET
FUND
31846V203 FIRST AMER:GVT OBLG Y 39,119.33 --
3.73%
39,119.33
39,119.33
1.00 3.73%
39,119.33
0.00 0.32%
0.00 Aaa/AAAm
AAA
0.00 0.00
Total Money Market
Fund 39,119.33 3.73%
39,119.33
39,119.33
1.00 3.73%
39,119.33
0.00 0.32%
0.00 0.00
0.00 SUPRANATIONAL
4581X0DV7 INTER-AMERICAN DEVELOPMENT
BANK 0.875 04/20/2026 230,000.00 04/13/20210.97%
228,946.60
229,884.05
98.33 3.95%
226,167.33
900.03
1.88%
(3,716.71)
Aaa/AAA
NA
0.55 0.54
4581X0EN4 INTER-AMERICAN DEVELOPMENT
BANK 4.125 02/15/2029 175,000.00 02/15/20244.32%
173,446.00
173,948.36
101.33
3.70%
177,332.51
922.40
1.47%
3,384.15
Aaa/AAA
NA
3.38 3.11
459058LN1
INTERNATIONAL BANK FOR
RECONSTRUCTION AND
DEVELOPM 3.875 10/16/2029
150,000.00 10/28/2024
4.14%
148,231.50
148,560.23
100.53
3.73%
150,789.44
2,664.00
1.25%
2,229.21
Aaa/AAA
NA
4.04 3.65
Total Supranational 555,000.00 2.90%
550,624.10
552,392.64
99.89 3.81%
554,289.29
4,486.43
4.60%
1,896.65
2.41 2.21
US TREASURY
91282CBT7 UNITED STATES TREASURY 0.75
03/31/2026 250,000.00 --0.86%
248,714.06
249,868.04
98.48 3.86%
246,205.08
5.15 2.04%
(3,662.96)
Aa1/AA+
AA+
0.50 0.49
91282CCP4 UNITED STATES TREASURY 0.625
07/31/2026 300,000.00 08/25/20210.82%
297,152.34
299,520.64
97.44 3.78%
292,317.19
315.90
2.43%
(7,203.46)
Aa1/AA+
AA+
0.83 0.81
9128282A7 UNITED STATES TREASURY 1.5
08/15/2026 150,000.00 09/23/20210.91%
154,230.47
150,753.24
98.07 3.77%
147,102.54
287.36
1.22%
(3,650.70)
Aa1/AA+
AA+
0.87 0.85
31 HOLDINGS REPORT
City of San Jacinto California | Account #10167 | 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
912828V98 UNITED STATES TREASURY 2.25
02/15/2027 130,000.00 03/29/20222.53%
128,334.38
129,531.05
98.09 3.69%
127,516.80
373.57
1.06%
(2,014.25)
Aa1/AA+
AA+
1.38 1.33
91282CEF4 UNITED STATES TREASURY 2.5
03/31/2027 225,000.00 05/25/20222.73%
222,626.95
224,267.98
98.31 3.67%
221,203.13
15.45 1.84%
(3,064.85)
Aa1/AA+
AA+
1.50 1.45
91282CET4 UNITED STATES TREASURY 2.625
05/31/2027 215,000.00 --3.35%
207,938.48
212,597.94
98.34 3.66%
211,439.06
1,896.67
1.76%
(1,158.88)
Aa1/AA+
AA+
1.67 1.60
91282CFB2 UNITED STATES TREASURY 2.75
07/31/2027 140,000.00 09/30/20243.55%
137,014.06
138,070.98
98.44 3.64%
137,812.50
648.64
1.14%
(258.48)
Aa1/AA+
AA+
1.83 1.76
91282CFM8 UNITED STATES TREASURY 4.125
09/30/2027 350,000.00 11/21/20224.00%
351,886.72
350,775.76
100.96
3.62%
353,376.95
39.66 2.93%
2,601.20
Aa1/AA+
AA+
2.00 1.90
91282CFZ9 UNITED STATES TREASURY 3.875
11/30/2027 275,000.00 01/24/20233.59%
278,501.95
276,563.02
100.53
3.62%
276,450.20
3,581.20
2.30%
(112.82)
Aa1/AA+
AA+
2.17 2.03
91282CGT2 UNITED STATES TREASURY 3.625
03/31/2028 245,000.00 --3.94%
241,623.04
243,231.21
100.03
3.61%
245,066.99
24.40 2.03%
1,835.78
Aa1/AA+
AA+
2.50 2.37
91282CHQ7 UNITED STATES TREASURY 4.125
07/31/2028 220,000.00 09/15/20234.46%
216,768.75
218,120.86
101.33
3.63%
222,921.88
1,528.94
1.85%
4,801.02
Aa1/AA+
AA+
2.84 2.64
91282CHX2 UNITED STATES TREASURY 4.375
08/31/2028 180,000.00 09/27/20234.69%
177,532.03
178,538.97
102.04
3.63%
183,663.28
674.38
1.53%
5,124.31
Aa1/AA+
AA+
2.92 2.71
91282CJF9 UNITED STATES TREASURY 4.875
10/31/2028 225,000.00 10/30/20234.81%
225,667.97
225,411.68
103.56
3.64%
233,015.63
4,590.18
1.93%
7,603.95
Aa1/AA+
AA+
3.08 2.80
9128285M8 UNITED STATES TREASURY 3.125
11/15/2028 175,000.00 01/17/20244.05%
167,965.82
170,447.53
98.48 3.64%
172,333.98
2,065.64
1.43%
1,886.45
Aa1/AA+
AA+
3.13 2.91
91282CJW2 UNITED STATES TREASURY 4.0
01/31/2029 150,000.00 02/26/20244.31%
147,919.92
148,592.48
101.08
3.65%
151,623.05
1,010.87
1.26%
3,030.57
Aa1/AA+
AA+
3.34 3.08
912810FG8 UNITED STATES TREASURY 5.25
02/15/2029 130,000.00 04/24/20244.62%
133,483.59
132,444.66
105.23
3.59%
136,804.69
871.67
1.14%
4,360.03
Aa1/AA+
AA+
3.38 3.07
91282CKG5 UNITED STATES TREASURY 4.125
03/31/2029 150,000.00 04/24/20244.66%
146,466.80
147,494.78
101.52
3.66%
152,285.16
17.00 1.26%
4,790.37
Aa1/AA+
AA+
3.50 3.23
91282CKP5 UNITED STATES TREASURY 4.625
04/30/2029 125,000.00 05/28/20244.58%
125,249.02
125,181.12
103.19
3.67%
128,989.26
2,419.33
1.07%
3,808.14
Aa1/AA+
AA+
3.58 3.23
91282CKT7 UNITED STATES TREASURY 4.5
05/31/2029 145,000.00 06/27/20244.30%
146,285.74
145,956.80
102.80
3.67%
149,066.80
2,192.83
1.24%
3,110.00
Aa1/AA+
AA+
3.67 3.31
91282CEV9 UNITED STATES TREASURY 3.25
06/30/2029 125,000.00 07/29/2024
4.10%
120,292.97
121,414.69
98.50 3.68%
123,129.88
1,026.66
1.02%
1,715.19
Aa1/AA+
AA+
3.75 3.46
32 HOLDINGS REPORT
City of San Jacinto California | Account #10167 | 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
91282CKX8 UNITED STATES TREASURY 4.25
06/30/2029 150,000.00 08/22/20243.73%
153,451.17
152,664.33
101.99
3.68%
152,982.42
1,611.07
1.27%
318.09
Aa1/AA+
AA+
3.75 3.41
91282CLC3 UNITED STATES TREASURY 4.0
07/31/2029 195,000.00 --3.93%
195,636.92
195,500.53
101.11
3.69%
197,155.66
1,314.13
1.64%
1,655.14
Aa1/AA+
AA+
3.83 3.50
91282CFJ5 UNITED STATES TREASURY 3.125
08/31/2029 150,000.00 09/10/20243.47%
147,673.83
148,167.26
97.95 3.69%
146,929.69
401.42
1.22%
(1,237.57)
Aa1/AA+
AA+
3.92 3.64
91282CLN9 UNITED STATES TREASURY 3.5
09/30/2029 175,000.00 12/18/2024
4.26%
169,319.34
170,249.85
99.29 3.69%
173,762.70
16.83 1.44%
3,512.85
Aa1/AA+
AA+
4.00 3.70
91282CLR0 UNITED STATES TREASURY 4.125
10/31/2029 175,000.00 11/19/20244.24%
174,145.51
174,294.55
101.59
3.70%
177,782.23
3,020.89
1.48%
3,487.68
Aa1/AA+
AA+
4.08 3.67
91282CMA6 UNITED STATES TREASURY 4.125
11/30/2029 175,000.00 12/09/20244.07%
175,437.50
175,366.43
101.61
3.70%
177,816.41
2,425.97
1.48%
2,449.98
Aa1/AA+
AA+
4.17 3.75
91282CMD0 UNITED STATES TREASURY 4.375
12/31/2029 175,000.00 12/30/20244.38%
174,924.81
174,936.09
102.59
3.71%
179,525.39
1,934.87
1.49%
4,589.30
Aa1/AA+
AA+
4.25 3.82
91282CMG3 UNITED STATES TREASURY 4.25
01/31/2030 150,000.00 03/26/20254.11%
150,908.20
150,811.79
102.12
3.72%
153,175.78
1,074.05
1.27%
2,363.99
Aa1/AA+
AA+
4.34 3.91
91282CGQ8 UNITED STATES TREASURY 4.0
02/28/2030 140,000.00 03/18/20254.08%
139,475.00
139,531.95
101.16
3.71%
141,624.22
479.56
1.18%
2,092.27
Aa1/AA+
AA+
4.41 4.01
91282CMU2 UNITED STATES TREASURY 4.0
03/31/2030 150,000.00 06/23/20253.90%
150,615.23
150,580.25
101.14
3.72%
151,716.80
16.48 1.26%
1,136.55
Aa1/AA+
AA+
4.50 4.09
91282CMZ1 UNITED STATES TREASURY 3.875
04/30/2030 150,000.00 05/28/2025
4.07%
148,681.64
148,773.35
100.63
3.72%
150,949.22
2,432.40
1.25%
2,175.87
Aa1/AA+
AA+
4.58 4.10
91282CNG2 UNITED STATES TREASURY 4.0
05/31/2030 175,000.00 06/10/20254.08%
174,371.09
174,409.90
101.17
3.72%
177,050.78
2,352.46
1.47%
2,640.88
Aa1/AA+
AA+
4.67 4.17
91282CNK3 UNITED STATES TREASURY 3.875
06/30/2030 150,000.00 09/26/20253.76%
150,726.56
150,725.72
100.61
3.73%
150,919.92
1,468.92
1.25%
194.20
Aa1/AA+
AA+
4.75 4.26
91282CNN7 UNITED STATES TREASURY 3.875
07/31/2030 150,000.00 08/25/20253.80%
150,498.05
150,488.09
100.60
3.74%
150,902.34
979.28
1.25%
414.25
Aa1/AA+
AA+
4.83 4.35
91282CNX5 UNITED STATES TREASURY 3.625
08/31/2030 200,000.00 09/26/20253.77%
198,742.19
198,743.59
99.48 3.74%
198,968.75
620.86
1.65%
225.16
Aa1/AA+
AA+
4.92 4.45
Total US Treasury 6,365,000.00 3.66%
6,330,262.10
6,344,027.08
100.48
3.69%
6,393,586.33
43,734.70
53.09%
49,559.24
3.08 2.82
33 HOLDINGS REPORT
City of San Jacinto California | Account #10167 | 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 Portfolio 11,955,247.45 3.87%
11,897,895.81
11,930,282.05
100.43
3.81%
12,042,659.59
90,878.03
100.00%
112,377.55
2.88 2.56
Total Market Value +
Accrued 12,133,537.62
34 TRANSACTIONS
35 TRANSACTION LEDGER
City of San Jacinto California | Account #10167|07/01/2025 Through 09/30/2025| Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/DispYield Amount Interest Pur/Sold Total Amount Gain/Loss
ACQUISITIONS
Purchase 07/15/2025 89236TNJ0 120,000.00
TOYOTA MOTOR
CREDIT CORP 4.8
05/15/2030
101.085 4.55% (121,302.00) (960.00) (122,262.00) 0.00
Purchase 08/26/2025 571748CA8 150,000.00
MARSH & MCLENNAN
COMPANIES INC 4.65
03/15/2030
101.540 4.27% (152,310.00) (3,119.38) (155,429.38) 0.00 Purchase 08/26/2025 91282CNN7 150,000.00
UNITED STATES
TREASURY 3.875
07/31/2030
100.332 3.80% (150,498.05) (410.67) (150,908.72) 0.00
Purchase 09/29/2025 91282CNK3 150,000.00
UNITED STATES
TREASURY 3.875
06/30/2030
100.484 3.76% (150,726.56) (1,437.33) (152,163.89) 0.00 Purchase 09/29/2025 91282CNX5 200,000.00
UNITED STATES
TREASURY 3.625
08/31/2030
99.371 3.77% (198,742.19) (580.80) (199,322.99) 0.00
Total Purchase 770,000.00 (773,578.80) (6,508.18) (780,086.98) 0.00 TOTAL
ACQUISITIONS 770,000.00 (773,578.80) (6,508.18) (780,086.98) 0.00
DISPOSITIONS
Maturity 09/23/2025 3137EAEX3 (230,000.00)
FEDERAL HOME LOAN
MORTGAGE CORP
0.375 09/23/2025
100.000 0.44% 230,000.00 0.00 230,000.00 0.00
Total Maturity (230,000.00) 230,000.00 0.00 230,000.00 0.00 Sale 07/15/2025 89236TJK2 (120,000.00)
TOYOTA MOTOR
CREDIT CORP 1.125
06/18/2026
97.083 1.13% 116,499.60 101.25 116,600.85 (3,490.63)
Sale 08/26/2025 89114TZG0 (150,000.00) TORONTO-DOMINION BANK 1.25 09/10/2026 97.049 1.69% 145,573.50 864.58 146,438.08 (3,759.12) Sale 08/26/2025 91282CBQ3 (150,000.00)
UNITED STATES
TREASURY 0.5
02/28/2026
98.203 0.82% 147,304.69 364.81 147,669.50 (2,455.07)
Total Sale (420,000.00) 409,377.79 1,330.64 410,708.43 (9,704.82) 36 TRANSACTION LEDGER
City of San Jacinto California | Account #10167|07/01/2025 Through 09/30/2025| Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/DispYield Amount Interest Pur/Sold Total Amount Gain/Loss TOTAL
DISPOSITIONS (650,000.00) 639,377.79 1,330.64 640,708.43 (9,704.82) 37 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. 38 BENCHMARK DISCLOSURES
Benchmark Disclosure
ICE BofA 1-5 Yr US Treasury & Agency Index
The ICE BofA 1-5 Year 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. 39