e2d45699-2.e-city-quarterly-investment-report — San Rafael City Council, March 2, 2026

____________________________________________________________________________________

FOR CITY CLERK ONLY
Council Meeting:

Disposition:

Agenda Item No: 2.e
Meeting Date: March 2, 2026

SAN RAFAEL CITY COUNCIL AGENDA REPORT
Department: Finance
Prepared by: Paul Navazio, Finance Director City Manager Approval: _________ TOPIC: CITY QUARTERLY INVESTMENT REPORT
SUBJECT: ACCEPTANCE OF CITY OF SAN RAFAEL QUARTERLY INVESTMENT REPORT FOR THE QUARTER ENDING DECEMBER 31, 2025
RECOMMENDATION:

Accept the investment report for the quarter ending December 31, 2025, as presented.

BACKGROUND:

Under the State of California Government Code Section 53601 and the City’s investment policy, last approved by the City Council on June 17, 2024, staff provides the City Council with a quarterly report on the City's investment activities and liquidity. The report includes the cost of each investment, the interest rates (yield), maturity dates, and market value.

The City invests some of its pooled funds in the Local Agency Investment Fund (LAIF), a State-run investment pool. Beginning in March 2014, the City incorporated an investment strategy that added purchases of securities outside of LAIF with the assistance of an investment advisor. The City’s current investment advisor is Chandler Asset Management.

ANALYSIS:

As of December 31, 2025, the City’s Treasury consisted of investments with a total market value of $110,462,839, consisting of $58,881,666 in the City’s primary Local Agency Investment Fund (LAIF) account, $893,500 of Pt. San Pedro Assessment District bonds, and $50,252,432 in externally managed investments. An additional $18,621,617 represents cash balances in the City’s various operating bank accounts, including Westamerica Bank ($17,314,127), Bank of the Marin ($570,691), and Bank of Montreal ($736,799).

As of December 31, 2025, the weighted-average yield on the portfolio was 4.16%, which results from an effective yield of 3.98% for the City’s investments in the Local Agency Investment Fund and a yield of

4.40% for the externally managed investments. The overall return on the total portfolio for the quarter ending December 31, 2025, was 3.74%, with a weighted average maturity of 1.00 years, and compares favorably to the benchmark (1-3 Year Treasury Index) of 3.50%. This favorable variance continues to be SAN RAFAEL CITY COUNCIL AGENDA REPORT / Page: 2
attributable to the improved interest rate environment over the past year, as new higher-yield investments are being made, replacing lower-yield investments, primarily upon maturity.

The City’s investment portfolio maintains strong diversification and is experiencing growth in interest income due to higher market rates. All investments comply with the City’s investment policy and the California Government Code.

Economic Outlook:

The Federal Reserve’s December Federal Open Market Committee meeting concluded with the third consecutive 25-basis point rate cut in 2025, lowering the target range to 3.50%-3.75%. However, policymakers are divided on the path forward in terms of future rate adjustments. Chair Powell noted that the Fed is now “well placed to wait and see” how labor market conditions and inflation evolve in the near term. (Note: since the end of the report period covered in this report, the Federal Reserve, at its January meeting, maintained the federal funds target rate range, citing solid economic expansion, stabilizing unemployment, and somewhat elevated inflation.)
The City will continue to watch market trends and refine its investment strategy, as appropriate, to improve the investment portfolio’s performance while ensuring its primary goals of preservation of principal, liquidity, and yield.

The attachments include:

1. Quarterly Investment Portfolio Report

2. Historical Activity by Quarter summarizing the City’s investments

3. The City’s Investment Report from Chandler Asset Management for the period ending December 31, 2025, which includes a listing of all holdings and transaction activity details for the reporting period
FISCAL IMPACT:

No financial impact occurs from adopting the report. The City continues to meet the priority investment principles - safety, liquidity, yield, and diversification. The portfolio is still conservatively invested, and sufficient liquidity exists to meet daily operating and capital project requirements for the next six months.

As defined for this report, operating funds exclude cash held with fiscal agents to pay bond principal and interest.

RECOMMENDED ACTION:

Accept the investment report for the quarter ending December 31, 2025, as presented. Microsoft Teams
ATTACHMENTS:

1. Quarterly Investment Portfolio Report

2. Historical Activity by Quarter Report

3. Chandler Asset Management – Investment Report: Period Ending December 31, 2025 SAN RAFAEL CITY COUNCIL AGENDA REPORT / Page: 3
I CERTIFY THAT ALL INVESTMENTS MADE ARE IN CONFORMANCE WITH THE CITY’S APPROVED INVESTMENT POLICY AND STATE INVESTMENT REGULATIONS. THE CITY HAS

SUFFICIENT LIQUIDITY TO MEET ALL OF THE OBLIGATIONS REQUIRED DURING THE NEXT SIX-MONTH PERIOD.

Paul Navazio
Finance Director
% Yield
LAIF $ 58,881,666 97.8% 3.98%
Cash (Receivable) $ 437,241 0.7% 0.00%
Pt. San Pedro Assessment District $ 893,500 1.8% 5.25%
Total Internally Managed $ 60,212,406 54.5%
Weighted Average Yield 3.99%
Days
Effective Average Duration - Internal 1
Weighted Average Maturity - Internal 1
% Yield
Money Market Fund $ 860,422 1.7% 3.36%
Treasury Securities $ 20,043,360 39.9% 4.10%
Instrumentality Securities $ 4,878,325 9.7% 4.30%
Corporate Notes $ 13,602,799 27.1% 4.83%
Asset-Backed $ 3,444,973 6.9% 4.88%
Cash (Receivable) $ 0.0% 0.00% 2,563
CMO $ 6,152,373 12.2% 4.35%
Supranational $ 1,265,617 2.5% 4.34%
Total Externally Managed $ 50,250,433 45.5%
Weighted Average Yield 4.40%
Years
Effective Average Duration - External 1.87
Weighted Average Maturity - External 2.19
Total Portfolio Assets % Yield
LAIF $ 58,881,666 53.3% 3.98%
Money Market Fund $ 860,422 0.8% 3.36%
Treasury Securities $ 20,043,360 18.1% 4.10%
Instrumentality Securities $ 4,878,325 4.4% 4.30%
Corporate Notes $ 13,602,799 12.3% 4.83%
Asset-Backed $ 3,444,973 3.1% 4.88%
Cash (Receivable) $ 439,804 0.4% 0.00%
CMO $ 6,152,373 5.6% 4.35%
Supranational $ 1,265,617 1.1% 4.34%
Pt. San Pedro Assessment District $ 893,500 0.8% 5.25%
Total Portfolio Assets $ 110,462,840 100.0%
Weighted Average Yield 4.16%
Years
Effective Average Duration - Total 0.86
Weighted Average Maturity - Total 1.00
December 31, 2025
City of San Rafael
Quarterly Investment Portfolio Report
Externally Managed Assets
Internally Managed Assets
LAIF

97.8%
Cash
(Receivable)

0.7%
Pt. San Pedro
Assessment
District

1.8%
Money Market
Fund

1.7%
Treasury
Securities

39.9%
Instrumentality
Securities

9.7%
Corporate Notes

27.1%
Asset-Backed

6.9%
Cash
(Receivable)

0.0%
CMO

12.2% Supranational

2.5%
LAIF

53.3%
Money Market
Fund

0.8%
Treasury
Securities

18.1%
Instrumentality
Securities

4.4%
Corporate Notes

12.3%
Asset-Backed

3.1%
Cash
(Receivable)

0.4%
CMO

5.6%
Supranational

1.1%
Pt. San Pedro
Assessment
District

0.8%
Attachment 1
Internally Managed Assets % Return % Return % Return % Return LAIF $ 58,881,666 97.8% 3.98% 50,285,053 $ 97.1% 4.20% 65,580,543 $ 97.7% 4.27% 60,863,383 $ 98.8% 4.31% Cash (Receivable) $ 437,241 0.7% 0.00% 583,258 $ 1.1% 0.00% $ 679,852 1.0% 0.00% 709,073 $ 1.2% 0.00% Municipal/Assessment District $ 893,500 1.8% 5.25% 893,500 $ 1.8% 5.25% $ 893,500 1.8% 5.25% Total Internally Managed $ 60,212,407 54.5% $ 51,761,811 51.0% $ 67,153,895 57.8% $ 61,572,456 55.5% Weighted Average Yield 3.99% 4.17% 4.27% 4.26%
Externally Managed Assets % Return % Return % Return
Cash $ 2,563 0.0% 0.00% $ 3,404 0% 0% $ 938 0% 0% $ 4,688 0% 0.00% Commercial Paper $ - 0% 0% $ - 0% 0% $ - 0% 0.00%
Money Market Fund $ 860,422 1.7% 3.36% 1,561,238 $ 3.1% 3.70% $ 301,402 0.6% 3.94% 832,503 $ 1.7% 3.95% Treasury Securities $ 20,043,360 39.9% 4.10% 18,655,217 $ 37.5% 4.12% 18,019,829 $ 36.7% 4.20% 16,320,849 $ 33.0% 4.24% Instrumentality Securities $ 4,878,325 9.7% 4.30% 5,875,806 $ 11.8% 4.30% 7,170,602 $ 14.6% 4.30% 7,943,011 $ 16.1% 4.34% Corporate Notes $ 13,602,799 27.1% 4.83% 13,039,590 $ 26.2% 4.89% 13,150,300 $ 26.8% 4.92% 12,550,651 $ 25.4% 4.87% Asset Backed $ 3,444,973 6.9% 4.88% 4,033,767 $ 8.1% 4.85% 4,381,789 $ 8.9% 4.84% 4,833,808 $ 9.8% 4.83% Negotiable CD $ 0.0% 0.00% - $ 0.0% 0.00% - $ 0.0% 0.00% - Collateralized Mortgage Obligations (CMO) $ 6,152,373 12.2% 4.35% 5,348,735 $ 10.7% 4.40% 4,829,889 $ 9.8% 4.51% 4,802,670 $ 9.7% 4.44% Supranational $ 1,265,617 2.5% 4.34% 1,264,297 $ 2.5% 4.34% 1,261,602 $ 2.6% 4.32% 1,250,601 $ 2.5% 4.31% Municipal/Assessment District $ 893,500 1.8% 5.25%
Total Externally Managed $ 50,250,432 45.5% $ 49,782,054 49.0% $ 49,116,351 42.2% $ 49,432,281 44.5% Weighted Average Yield 4.40% 4.52% 4.59% 4.51%
Years Years Years Years
Effective Average Duration - External 1.87 1.83 1.84 1.84 Weighted Average Maturity - External 2.19 2.16 2.19 2.22 Total Portfolio Assets % Return % Return % Return % Return LAIF $ 58,881,666 53.3% 3.98% 50,285,053 $ 49.5% 4.20% 65,580,543 $ 56.4% 4.27% 60,863,383 $ 54.8% 4.31% Cash $ 439,804 0.4% 0.00% 586,663 $ 0.6% 0.00% $ 680,790 0.6% 0% 713,761 $ 0.6% 0.00% Commercial Paper $ 0.0% 0% - $ 0.0% 0% - $ 0.0% 0% -
Money Market Fund $ 860,422 0.8% 3.36% 1,561,238 $ 1.5% 3.70% $ 301,402 0.3% 3.94% 832,503 $ 0.7% 3.95% Treasury Securities $ 20,043,360 18.1% 4.10% 18,655,217 $ 18.4% 4.12% 18,019,829 $ 15.5% 4.20% 16,320,849 $ 14.7% 4.24% Instrumentality Securities $ 4,878,325 4.4% 4.30% 5,875,806 $ 5.8% 4.30% 7,170,602 $ 6.2% 4.30% 7,943,011 $ 7.2% 4.34% Corporate Notes $ 13,602,799 12.3% 4.83% 13,039,590 $ 12.8% 4.89% 13,150,300 $ 11.3% 4.92% 12,550,651 $ 11.3% 4.87% Asset Backed $ 3,444,973 3.1% 4.88% 4,033,767 $ 4.0% 4.85% 4,381,789 $ 3.8% 4.84% 4,833,808 $ 4.4% 4.83% Collateralized Mortgage Obligations (CMO) $ 6,152,373 5.6% 4.35% 5,348,735 $ 5.3% 4.44% 4,829,889 $ 4.2% 4.51% 4,802,670 $ 4.3% 4.44% Supranational $ 1,265,617 1.1% 4.34% 1,264,297 $ 1.2% 4.34% 1,261,602 $ 1.1% 4.32% 1,250,601 $ 1.1% 4.31% Municipal/Assessment District $ 893,500 0.8% 5.25% 893,500 $ 0.9% 5.25% $ 893,500 0.8% 5.25% 893,500 $ 0.8% 5.25% Total Portfolio Assets $ 110,462,839 100.0% $ 101,543,866 100% $ 116,270,246 100% $ 111,004,737 100% Weighted Average Yield 4.16% 4.30% 4.50% 4.37%
Years Years Years Years
Effective Average Duration - Total 0.86 0.90 0.78 0.80
Weighted Average Maturity - Total 1.00 1.07 0.93 0.96
See Internally Managed Assets
City of San Rafael
Historical Activity-By Quarter
June 30, 2025 March 31, 2025
See Internally Managed Assets
September 30, 2025
See Externally Managed Assests
See Internally Managed Assets
December 31, 2025
Attachment 2

INVESTMENT REPORT
City of San Rafael | 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.

Attachment 3
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TABLE OF CONTENTS

ECONOMIC UPDATE

ACCOUNT PROFILE

CONSOLIDATED INFORMATION

PORTFOLIO HOLDINGS

TRANSACTIONS
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ECONOMIC UPDATE
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


The near-term economic outlook continues to be distorted by the data delays from the government shutdown. Recently released government data—reflecting conditions from two to three months ago—indicate inflation remains moderately above the Federal Reserve’s target, while labor market conditions have continued to soften. As the flow of economic data normalizes, the Chandler team expects further yield curve steepening as the Federal Reserve moves the policy rate toward a more neutral range. U.S. trade and fiscal policy also remain sources of elevated market uncertainty.

The Federal Reserve's December Federal Open Market Committee meeting concluded with the third consecutive 25-basis-point rate cut in 2025, lowering the target range to 3.50%–3.75%. However, policymakers remain divided on the path forward. Four Fed governors project one additional 25-basis-point cut in 2026, another four anticipate no further easing, eight expect multiple cuts, and three call for a potential rate hike. Chair Jerome Powell noted that the Fed is now “well placed to wait and see” how labor market conditions and inflation evolve in the near term.

The US Treasury yield curve steepened in December, as the 2-year Treasury yield dropped 2 basis points to 3.48%, the 5-year Treasury was up 13 basis points to 3.73%, and the 10-year Treasury yield was 15 basis points higher at 4.17%. The spread between the 2-year and 10- year Treasury yield points on the curve was 17 basis points wider from November at +69 basis points at December month-end. The spread between the 2-year Treasury and 10-year Treasury yield one year ago was +33 basis points. The spread between the 3-month and 10-year Treasury yield points on the curve was +54 basis points in December versus +21 basis points in November.

ECONOMIC UPDATE
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-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)
-1.0%

3.0%

7.0%

11.0%

15.0%
Unemployment Rate
Underemployment Rate (U6)
Unemployment Rate (U3)
Rate (%)
The December Nonfarm Payrolls report showed weaker-than-expected job growth, with payrolls rising by 50,000 compared with the consensus estimate of 70,000. This follows a downwardly revised gain of 56,000 in November. Employment declines were most pronounced in retail trade and construction, while leisure and hospitality posted the strongest gains. Notably, the unemployment rate edged down to 4.4% after increasing to 4.6% in November.

Source: US Department of Labor Source: US Department of Labor

EMPLOYMENT
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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 7.1 million in November from a downwardly revised 7.4 million in October. The drop in vacancies, alongside slower hiring, suggests the labor market continues to soften, though employers remain cautious about laying off workers. The number of openings now roughly matches the number of unemployed individuals, pointing to a labor market that is approaching equilibrium.

Source: US Department of Labor

JOB OPENINGS & LABOR TURNOVER SURVEY
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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
Inflation came in lower than expected in November, with the Consumer Price Index (CPI) rising 2.7% year over year and core CPI easing to

2.6%. Notably, both Owners’ Equivalent Rent and Rent of Primary Residence contributed to the slowdown in services inflation. Shelter costs typically lag broader market trends by 12 to 18 months. Services, meanwhile, have remained the dominant driver of inflation throughout the post-pandemic period. The Personal Consumption Expenditures (PCE) Index for September, released on December 5, showed headline inflation up 0.3% from August and 2.8% year over year. Core PCE rose 0.2% on the month and 2.8% on an annual basis.

Source: US Department of Labor Source: US Department of Commerce

INFLATION
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0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%
Retail Sales YOY % Change
YOY (%) Change
October Retail Sales, released with a one-month delay, were flat from the prior month but up 3.5% year over year. Eight of thirteen major categories posted gains, while motor vehicle sales declined following the expiration of federal tax incentives for electric vehicles, and gas station sales weakened amid lower fuel prices. 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 to

89.1 in December from an upwardly revised 92.9 in November, marking its fifth consecutive monthly drop. Consumers were pessimistic about both 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
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-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 September, marking its second consecutive monthly decrease after a revised 0.3% drop in August. On a year-over-year basis, the index fell 3.3%. According to the Conference Board, weakening expectations among consumers and businesses contributed most to the LEI’s overall decline. The index continues to signal slower economic growth through the end of 2025 and into 2026. The Chicago Fed National Activity Index (CFNAI) came in at -0.21 in September, following a downwardly revised -0.31 in August, signaling that U.S. economic activity remained below its historical trend for the sixth consecutive month. The three-month moving average ticked down to -0.21 in September from -0.18 in August, reinforcing signs of ongoing below-trend national growth. Employment-related indicators turned slightly positive, contributing +0.01 in September after a -0.11 result in August.

Source: The Conference Board Source: Federal Reserve Bank of Chicago

LEADING INDICATORS OF ECONOMIC ACTIVITY
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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 1.3% year over year in October, slightly down from a 1.4% gain in September and marking the slowest annual increase since mid 2023. Short-term momentum also weakened, with 80 percent of the 20 tracked markets recording month-over-month price declines on a non-seasonally adjusted basis. Housing starts declined in October to an annualized rate of 1.25 million units, down from 1.29 million in September. Existing home sales inched higher in November to a 4.13 million-unit pace, indicating only modest improvement despite some relief in mortgage rates. The Freddie Mac 30 ‑
year fixed mortgage
rate fell throughout 2025 and averaged 6.18% at the end of December.

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
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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 index slipped to 47.9 in December, down from 48.2 in November, marking continued weakness across the sector. Manufacturing activity has now been in contraction for 36 of the past 38 months, as readings below 50 indicate contraction and those above 50 signal expansion. The latest decline was driven primarily by pullbacks in the Production and Inventories components. In contrast, the ISM services index remained in expansion territory, rising to 54.4 in December from 52.6 in November. Respondents attributed the improvement to seasonal strength, though many remained cautious about the potential impact of tariffs.

Source: Institute for Supply Management

SURVEY BASED MEASURES
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Components of GDP 12/24 3/25 6/25 9/25

2.6% 0.4% 1.7% 2.4%
-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% 4.3%
State and Local (Consumption and Gross
Investment)
Personal Consumption Expenditures
Gross Private Domestic Investment
Net Exports and Imports
Federal Government Expenditures
Total
-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 The U.S. inflation adjusted gross domestic product (GDP) report demonstrated continued strength in the third quarter, with the first estimate showing a 4.3% annualized quarter-over-quarter increase, up from 3.8% in the second quarter. Consumer spending accelerated, while exports contributed 1.6 percentage points to growth—both key drivers of the quarter’s performance. The stronger-than-expected result represented the fastest pace of U.S. economic expansion in two years. The consensus projection calls for 1.1% growth in the fourth quarter and 2.0% growth for the full year 2025.

GROSS DOMESTIC PRODUCT (GDP)
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-
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 target range of 3.50% to 3.75% at its December meeting, citing concerns about emerging weakness in the labor market. A few policymakers dissented, arguing that tighter monetary policy may still be warranted to ensure progress on price stability. Beginning December 1, the Fed also halted its balance sheet runoff, announcing that principal and interest payments from its holdings will be reinvested in Treasury securities to maintain ample reserves and support market stability.

FEDERAL RESERVE

0.00%

1.00%

2.00%

3.00%

4.00%

5.00%

6.00%
Effective Federal Funds Rate
Recession
Yield (%)
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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
Dec-25
Sep-25
Dec-24
Yield (%)
At the end of December, the 2-year yield was 77 basis points lower, and the 10-year yield was 40 basis points lower, year-over-year. The spread between the 2-year and 10-year Treasury yield points on the curve increased to +69 basis points at December month-end versus +52 basis points at November 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 +54 basis points in December versus +21 basis points in November.

BOND YIELDS
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.
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.
..
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ACCOUNT PROFILE
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OBJECTIVES
Investment Objectives
Safety of principal is the foremost objective of the investment program. The investment portfolio shall remain sufficiently liquid to meet all requirements that may be reasonably anticipated. The investment portfolio shall be designed with the objective of attaining a market rate of return throughout budgetary and economic cycles, taking into account the investment risk constraints and liquidity needs.

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 , ,, .. CHANDLER
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STATEMENT OF COMPLIANCE
San Rafael Cons | Account #11047 | As of December 31, 2025 Rules Name Limit Actual Compliance
Status Notes

AGENCY MORTGAGE SECURITIES
Max % (MV; ABS, CMO, & MBS) 20.0 8.8 Compliant
Max Maturity (Years) 5.0 3.5 Compliant
Min Rating (AA- by 1; A- Issuer by 1) 0.0 0.0 Compliant

ASSET-BACKED SECURITIES (ABS)
Max % (MV; ABS, CMO & MBS) 20.0 8.8 Compliant
Max Maturity (Years) 5 3 Compliant
Min Rating (AA- by 1; A- Issuer by 1) 0.0 0.0 Compliant

BANKERS' ACCEPTANCES
Max % (MV) 40.0 0.0 Compliant
Max Amount Issuer (MV) 2.0 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

CERTIFICATE OF DEPOSIT PLACEMENT SERVICE
(CDARS)
Max % (MV) 30.0 0.0 Compliant
Max % Issuer (MV) 5.0 0.0 Compliant
COLLATERALIZED TIME DEPOSITS (NONNEGOTIABLE CD/TD)
Max % (MV; CDs & NCDs) 30.0 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 12.4 Compliant
Max % Issuer (MV) 5.0 0.6 Compliant
16 , ,, .. CHANDLER
" '·· ASSET MANAGEMENT

STATEMENT OF COMPLIANCE
San Rafael Cons | Account #11047 | As of December 31, 2025 Rules Name Limit Actual Compliance
Status Notes
Max Maturity (Years) 5 4 Compliant
Min Rating (A- by 1) 0.0 0.0 Compliant

FDIC INSURED TIME DEPOSITS (NON-NEGOTIABLE
CD/TD)
Max % (MV; CDs & NCDs) 30.0 0.0 Compliant
Max % Issuer (MV) 5.0 0.0 Compliant
Max Maturity (Years) 5 0.0 Compliant

FEDERAL AGENCIES
Max % (MV) 100.0 4.5 Compliant
Max Maturity (Years) 5 1 Compliant

LOCAL AGENCY INVESTMENT FUND (LAIF)
Max Concentration (MV) 75.0 58.9 Compliant

MONEY MARKET MUTUAL FUNDS
Max % (MV) 10.0 0.8 Compliant
Min Rating (AAA by 2) 0.0 0.0 Compliant

MORTGAGE-BACKED SECURITIES (NON-AGENCY)
Max % (MV) 20.0 0.0 Compliant
Max Maturity (Years) 5.0 0.0 Compliant
Min Rating (AA- by 1; A- Issuer by 1) 0.0 0.0 Compliant

MUNICIPAL SECURITIES (CA, LOCAL AGENCY)
Max Maturity (Years) 5 0.0 Compliant

NEGOTIABLE CERTIFICATES OF DEPOSIT (NCD)
Max % (MV; CDs & NCDs) 30.0 0.0 Compliant
Max % Issuer (MV) 5.0 0.0 Compliant
Max Maturity (Years) 5 0.0 Compliant
Min Rating (A-1 or A- by 1) 0.0 0.0 Compliant

REPURCHASE AGREEMENTS
Max Maturity (Years) 1.0 0.0 Compliant

SRI PROHIBITED INVESTMENTS
Prohibited Investments - Energy 0.0 0.0 Compliant
17 , ,, .. CHANDLER
" '·· ASSET MANAGEMENT

STATEMENT OF COMPLIANCE
San Rafael Cons | Account #11047 | As of December 31, 2025 Rules Name Limit Actual Compliance
Status Notes

SUPRANATIONAL OBLIGATIONS
Max % (MV) 15.0 1.2 Compliant
Max Maturity (Years) 5 4 Compliant
Min Rating (AA- by 1) 0.0 0.0 Compliant
U.S. TREASURIES
Max % (MV) 100.0 18.3 Compliant
Max Maturity (Years) 5 4 Compliant
18 , ,, .. CHANDLER
" '·· ASSET MANAGEMENT

PORTFOLIO CHARACTERISTICS
City of San Rafael | Account #11045 | As of December 31, 2025 Benchmark* 12/31/2025
Portfolio
9/30/2025
Portfolio
Average Maturity (yrs) 1.85 2.19 2.16
Average Modified Duration 1.76 1.87 1.83
Average Purchase Yield 4.40% 4.43%
Average Market Yield 3.50% 3.74% 3.87%
Average Quality** AA+ AA AA
Total Market Value 50,690,209 50,140,339
*Benchmark: ICE BofA 1-3 Year US Treasury & Agency Index **The credit quality is a weighted average calculation of the highest of S&P, Moody’s and Fitch. 19 , ,, .. CHANDLER
" '·· ASSET MANAGEMENT

SECTOR DISTRIBUTION
City of San Rafael | Account #11045 | As of December 31, 2025 Sector as a Percentage of Market Value
Sector 12/31/2025 09/30/2025
US Treasury 39.89% 37.48%
Corporate 27.07% 26.20%
Agency CMBS 12.24% 10.75%
Agency 9.71% 11.80%
ABS 6.86% 8.10%
Supras 2.52% 2.54%
Money Mkt Fd 1.71% 3.14%
20 50%
25%
0% US Treasury Corporate Agency CMBS
■ 12/31/2025
Agency ABS
■ 09/30/2025
Supras
,-,, .. CHANDLER " '·· ASSET MANAGEMENT
Money Mkt Fd

ISSUERS
City of San Rafael | Account #11045 | As of December 31, 2025 Issuer Investment Type % Portfolio
United States US Treasury 39.89%
FHLMC Agency CMBS 12.24%
Farm Credit System Agency 6.65%
Federal Home Loan Banks Agency 3.06%
International Bank for Recon and Dev Supras 1.90%
First American Govt Oblig Fund Money Mkt Fd 1.71%
Eli Lilly and Company Corporate 1.23%
Bank of Montreal Corporate 1.22%
The Home Depot, Inc. Corporate 1.21%
Alphabet Inc. Corporate 1.20%
Bank of America Corporation Corporate 1.19%
Toyota Motor Corporation Corporate 1.19%
The Toronto-Dominion Bank Corporate 1.17%
Caterpillar Inc. Corporate 1.11%
Cisco Systems, Inc. Corporate 1.11%
National Rural Utilities Cooperative Corporate 1.11%
PACCAR Inc Corporate 1.10%
Prologis, Inc. Corporate 1.09%
Honda Auto Receivables Owner Trust ABS 1.08%
State Street Corporation Corporate 1.06%
PepsiCo, Inc. Corporate 1.01%
American Honda Finance Corporation Corporate 1.01%
The Goldman Sachs Group, Inc. Corporate 0.99%
Chase Issuance Trust ABS 0.99%
Chubb Limited Corporate 0.99%
Realty Income Corporation Corporate 0.99%
Morgan Stanley Corporate 0.99%
American Express Credit Master Trust ABS 0.98%
JPMorgan Chase & Co. Corporate 0.97%
Deere & Company Corporate 0.86%
21 , ,, .. CHANDLER
" '·· ASSET MANAGEMENT

ISSUERS
City of San Rafael | Account #11045 | As of December 31, 2025 Issuer Investment Type % Portfolio
U.S. Bancorp Corporate 0.85%
American Express Company Corporate 0.81%
BMW Vehicle Lease Trust ABS 0.76%
BNY Mellon Corp Corporate 0.70%
John Deere Owner Trust ABS 0.68%
Public Service Enterprise Group Inco Corporate 0.66%
International Finance Corporation Supras 0.62%
Abbvie Inc. Corporate 0.62%
Bank of America Credit Card Trust ABS 0.60%
Toyota Auto Receivables Owner Trust ABS 0.56%
BMW Vehicle Owner Trust ABS 0.49%
Hyundai Auto Receivables Trust ABS 0.37%
Target Corporation Corporate 0.36%
Merck & Co., Inc. Corporate 0.26%
Mercedes-Benz Auto Lease Trust ABS 0.24%
Mercedes-Benz Auto Receivables Trust ABS 0.09%
Cash Cash 0.01%
TOTAL 100.00%
22 , ,, .. CHANDLER
" '·· ASSET MANAGEMENT

QUALITY DISTRIBUTION
Rating 12/31/2025 09/30/2025
AAA 10.12% 12.09%
AA 61.86% 58.87%
A 23.89% 25.16%
BBB 0.99% --
NA 3.14% 3.89%
Rating 12/31/2025 09/30/2025
Aaa 10.02% 12.48%
Aa 64.07% 61.80%
A 22.74% 23.00%
NA 3.17% 2.72%
Rating 12/31/2025 09/30/2025
AAA 15.81% 16.72%
AA 60.34% 59.39%
A 10.51% 10.72%
NA 13.34% 13.17%
City of San Rafael | Account #11045 | As of December 31, 2025 S&P Rating Moody’s Rating Fitch Rating
23 100%
75%
50%
25%
A NA
■ 12/31/2025 ■ 09/30/2025 ■ 12/31/2025 ■ 09/30/2025
AAA
,-,, .. CHANDLER " '·· ASSET MANAGEMENT

AA A NA
■ 12/31/2025 ■ 09/30/2025
0-.25 .25-.5 .5-1 1-2 2-3 3-4 4-5 5-7 7+
Portfolio 6.8% 6.7% 14.0% 35.6% 15.4% 14.7% 6.8% 0.0% 0.0% ICE BofA 1-3 Year US Treasury & Agency Index 0.0% 0.0% 4.0% 57.4% 38.6% 0.0% 0.0% 0.0% 0.0%

DURATION DISTRIBUTION
City of San Rafael | Account #11045 | As of December 31, 2025 Portfolio Compared to the Benchmark
24 80%
60%
40%
20%
0% 0-.25 .25-.5 .5-1 1-2
■ City of San Rafael
2-3 3-4 4-5
■ ICE BofA 1-3 Year US Treasury & Agency Index
,-,, .. CHANDLER " '·· ASSET MANAGEMENT
5-7 7+
TOTAL RATE OF RETURN* 3 Months 12 Months 2 Years 3 Years 5 Years 10 Years Since Inception City of San Rafael 1.12% 5.51% 4.99% 4.93%
Benchmark 1.12% 5.09% 4.58% 4.37%
*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 & Agency Index

INVESTMENT PERFORMANCE
City of San Rafael | Account #11045 | As of December 31, 2025 Total Rate of Return : Inception | 02/01/2023
25 6%
4%
2%
0% 3 Months 12 Months 2 Years
Total Return
3 Years 5 Years
■ Benchmark
,-,, .. CHANDLER " '·· ASSET MANAGEMENT
10 Years Since Inception

HISTORICAL AVERAGE PURCHASE YIELD
City of San Rafael | Account #11045 | As of December 31, 2025 Purchase Yield as of 12/31/25 = 4.40%
26 5.00%

4.00%

3.00%

2.00%

1.00%
,-,, .. CHANDLER " '·· ASSET MANAGEMENT

PORTFOLIO CHARACTERISTICS
San Rafael Reporting | Account #11046 | As of December 31, 2025 12/31/2025
Portfolio
9/30/2025
Portfolio
Average Maturity (yrs) 0.00 0.00
Average Modified Duration 0.00 0.00
Average Purchase Yield 3.98% 4.20%
Average Market Yield 3.98% 4.20%
Average Quality** AAA AAA
Total Market Value 59,318,906 50,868,311
*Benchmark: NO BENCHMARK REQUIRED
**The credit quality is a weighted average calculation of the highest of S&P, Moody’s and Fitch. 27 , ,, .. CHANDLER
" '·· ASSET MANAGEMENT

SECTOR DISTRIBUTION
San Rafael Reporting | Account #11046 | As of December 31, 2025 Sector as a Percentage of Market Value
Sector 12/31/2025 09/30/2025
LAIF 100.00% 100.00%
28 ■ 12/31/2025 ■ 09/30/2025
,-,, .. CHANDLER " '·· ASSET MANAGEMENT

CONSOLIDATED INFORMATION
29 , ,,a CHANDLER ~ ,-- ASSET MANAGEMENT

PORTFOLIO CHARACTERISTICS
San Rafael Cons | Account #11047 | As of December 31, 2025 12/31/2025
Portfolio
9/30/2025
Portfolio
Average Maturity (yrs) 1.00 1.07
Average Modified Duration 0.86 0.90
Average Purchase Yield 4.17% 4.31%
Average Market Yield 3.87% 4.04%
Average Quality** AA AA
Total Market Value 110,009,115 101,008,650
*Benchmark: NO BENCHMARK REQUIRED
**The credit quality is a weighted average calculation of the highest of S&P, Moody’s and Fitch. 30 , ,, .. CHANDLER
" '·· ASSET MANAGEMENT

SECTOR DISTRIBUTION
San Rafael Cons | Account #11047 | As of December 31, 2025 Sector as a Percentage of Market Value
Sector 12/31/2025 09/30/2025
LAIF 53.96% 50.25%
US Treasury 18.37% 18.64%
Corporate 12.46% 13.03%
Agency CMBS 5.64% 5.35%
Agency 4.47% 5.87%
ABS 3.16% 4.03%
Supras 1.16% 1.26%
Money Mkt Fd 0.79% 1.56%
31 75%
50%
25%
0% LAIF US Treasury Corporate Agency CMBS
■ 12/31/2025
Agency ABS
■ 09/30/2025
,-,, .. CHANDLER " '·· ASSET MANAGEMENT
Supras Money Mkt Fd

PORTFOLIO HOLDINGS
32 , ,,a CHANDLER ~ ,-- ASSET MANAGEMENT

HOLDINGS REPORT
City of San Rafael | Account #11045 | 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
ABS
43815JAC7 HAROT 2023-1 A3 5.04
04/21/2027 27,976.62 02/16/20235.09%
27,971.42
27,974.99
100.23

4.16%
28,040.85

39.17 0.06%

65.86 Aaa/NA
AAA

1.30 0.25
58768PAC8 MBART 2022-1 A3 5.21
08/16/2027 46,492.40 02/15/20235.03%
46,732.12
46,535.95
100.29

4.06%
46,629.41
107.66

0.09%

93.46 Aaa/AAA
NA

1.62 0.24
89239HAD0 TAOT 2022-D A3 5.3 09/15/2027 118,795.35 02/10/2023

4.86%
120,196.77
119,095.73
100.41

4.26%
119,278.37
279.83

0.24%
182.64
Aaa/NA
AAA

1.71 0.37
47800CAC0 JDOT 2023 A3 5.01 11/15/2027 339,638.95 --

3.66%
340,504.73
339,846.45
100.46

4.01%
341,201.63
756.26

0.68%
1,355.18
Aaa/NA
AAA

1.87 0.43
58770JAD6 MBALT 2024-A A3 5.32
01/18/2028 120,000.00 05/17/20245.73%
119,985.96
119,992.14
100.97

4.03%
121,166.04
283.73

0.24%
1,173.90
Aaa/NA
AAA

2.05 0.72
891941AD8 TAOT 2023-B A3 4.71 02/15/2028 160,459.03 10/03/2023

5.68%
157,281.19
158,919.01
100.38

4.03%
161,065.08
335.89

0.32%
2,146.07
Aaa/NA
AAA

2.13 0.52
05592XAD2 BMWOT 2023-A A3 5.47
02/25/2028 38,198.70 07/11/20235.47%
38,191.94
38,195.55
100.60

4.08%
38,429.12

34.82 0.08%
233.57
NA/AAA
AAA

2.15 0.42
438123AC5 HAROT 2023-4 A3 5.67
06/21/2028 354,345.99 12/07/20235.10%
359,647.34
356,763.58
101.09

4.09%
358,212.97
558.09

0.71%
1,449.39
Aaa/NA
AAA

2.47 0.64
096912AD2 BMWLT 2025-1 A3 4.43
06/26/2028 125,000.00 06/03/20254.82%
124,997.25
124,997.76
100.86

3.79%
126,080.25

92.29 0.25%
1,082.49
NA/AAA
AAA

2.49 1.27
161571HT4 CHAIT 2023-1 A 5.16 09/15/2028 495,000.00 09/07/2023

5.23%
494,862.79
494,925.80
100.94

3.83%
499,658.45
1,135.20

0.99%
4,732.64
NA/AAA
AAA

2.71 0.68
02582JKD1 AMXCA 2023-3 A 5.23 09/15/2026 490,000.00 09/12/2023

5.29%
489,978.10
489,994.85
100.99

3.84%
494,832.87
1,138.98

0.98%
4,838.02
NA/AAA
AAA

0.71 0.68
05594HAD5 BMWLT 2025-2 A3 3.97
09/25/2028 255,000.00 10/08/20254.32%
254,999.29
254,999.34
100.27

3.82%
255,682.13
168.73

0.51%
682.78
NA/AAA
AAA

2.74 1.47
05522RDH8 BACCT 2023-2 A 4.98 11/16/2026 300,000.00 02/20/2024

4.88%
301,125.00
300,359.59
101.04

3.79%
303,114.00
664.00

0.60%
2,754.41
Aaa/NA
AAA

0.88 0.84
096919AD7 BMWOT 2024-A A3 5.18
02/26/2029 206,978.78 06/04/20245.18%
206,947.34
206,957.73
100.91

3.98%
208,867.87
178.69

0.42%
1,910.14
Aaa/AAA
NA

3.16 0.73
437921AD1 HAROT 252 A3 4.15 10/15/2029 155,000.00 04/29/2025

4.15%
154,982.69
154,985.23
100.61

3.84%
155,948.14
285.89

0.31%
962.90
Aaa/NA
AAA

3.79 1.77
44935XAD7 HART 2025-B A3 4.36 12/17/2029 185,000.00 06/03/2025

4.36%
184,983.30
184,985.36
100.95

3.87%
186,766.20
358.49

0.37%
1,780.83
NA/AAA
AAA

3.96 1.79
33 , ,, .. CHANDLER
" '·· ASSET MANAGEMENT

Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
3,423,387.22 100.79 3,444,973.37 6.86% 2.17
Total ABS 3,417,885.82 4.88% 3,419,529.08 3.92% 6,417.73 25,444.29 0.83 AGENCY
3130AWGR5 FEDERAL HOME LOAN BANKS

4.375 06/12/2026 525,000.00 06/28/2023

4.43%
524,165.25
524,874.67
100.29

3.69%
526,542.45
1,212.24

1.05%
1,667.78
Aa1/AA+
AA+

0.45 0.44
3133EPSW6 FEDERAL FARM CREDIT BANKS
FUNDING CORP 4.5 08/14/2026 560,000.00 08/09/2023

4.58%
558,712.00
559,735.58
100.55

3.59%
563,071.60
9,590.00

1.12%
3,336.02
Aa1/AA+
AA+

0.62 0.60
3130AXU63 FEDERAL HOME LOAN BANKS

4.625 11/17/2026 500,000.00 12/18/20234.23%
505,325.00
501,601.50
100.85

3.62%
504,270.50
2,826.39

1.00%
2,669.00
Aa1/AA+
AA+

0.88 0.85
3133EP6K6 FEDERAL FARM CREDIT BANKS
FUNDING CORP 4.5 03/26/2027 1,000,000.00 04/24/20244.84% 990,700.00
996,079.15
101.18

3.51%
1,011,786.00
11,875.00

2.01%
15,706.85
Aa1/AA+
AA+

1.23 1.18
3133ERMB4 FEDERAL FARM CREDIT BANKS
FUNDING CORP 4.25 07/23/2027 750,000.00 07/18/20244.26% 749,767.50
749,879.40
101.12

3.50%
758,413.50
13,989.58

1.51%
8,534.10
Aa1/AA+
AA+

1.56 1.47
3133ERNP2 FEDERAL FARM CREDIT BANKS
FUNDING CORP 4.0 08/06/2027 1,000,000.00 08/19/20243.92% 1,002,290.00
1,001,232.91
100.70

3.54%
1,007,032.00
16,111.11

2.00%
5,799.09
Aa1/AA+
AA+

1.60 1.51
3130ATUS4 FEDERAL HOME LOAN BANKS 4.25
12/10/2027 500,000.00 05/15/20233.66%
512,310.00
505,221.98
101.44

3.47%
507,209.00
1,239.58

1.01%
1,987.02
Aa1/AA+
AA+

1.94 1.85
4,843,269.75 100.90 4,878,325.05 9.71% 1.24
Total Agency 4,835,000.00 4.30% 4,838,625.20 3.55% 56,843.91 39,699.85 1.18

AGENCY CMBS
3137BVZ82 FHMS K-063 A2 3.43 01/25/2027 700,000.00 06/07/2023

4.53%
674,542.97
692,846.95

99.54 3.71%
696,800.30
2,000.83

1.39%
3,953.35
Aa1/AA+
AAA

1.07 0.89
3137F1G44 FHMS K-065 A2 3.243 04/25/2027 450,000.00 06/08/2023

4.39%
431,736.33
444,012.99

99.26 3.71%
446,677.65
1,216.13

0.89%
2,664.66
Aa1/AA+
AAA

1.31 1.18
3137F2LJ3 FHMS K-066 A2 3.117 06/25/2027 350,000.00 04/18/2024

5.06%
330,654.30
341,197.19

99.07 3.71%
346,749.55
909.13

0.69%
5,552.36
Aa1/AA+
AAA

1.48 1.27
3137FBBX3 FHMS K-068 A2 3.244 08/25/2027 240,000.00 06/08/2023

4.34%
229,940.63
236,156.12

99.12 3.71%
237,892.56
648.80

0.47%
1,736.44
Aaa/AA+
AA+

1.65 1.51
3137FBU79 FHMS K-069 A2 3.187 09/25/2027 485,568.47 06/09/2023

4.41%
462,845.38
476,597.27

98.93 3.74%
480,362.69
1,289.59

0.96%
3,765.41
Aa1/AAA
AA+

1.73 1.61
34 , ,, .. CHANDLER
" '·· ASSET MANAGEMENT

Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
3137FETN0 FHMS K-073 A2 3.35 01/25/2028 670,000.00 05/24/2023

4.34%
643,932.81
658,652.92

99.07 3.75%
663,797.81
1,870.42

1.32%
5,144.89
Aa1/AA+
AAA

2.07 1.86
3137FG6X8 FHMS K-077 A2 3.85 05/25/2028 780,000.00 05/24/2023

4.65%
765,679.69
773,222.14
100.00

3.76%
780,016.38
2,502.50

1.55%
6,794.24
Aa1/AA+
AAA

2.40 2.17
3137FJEH8 FHMS K-081 A2 3.9 08/25/2028 350,000.00 11/21/2024

4.53%
342,070.31
344,436.24
100.08

3.79%
350,294.00
1,137.50

0.70%
5,857.76
Aa1/AA+
AAA

2.65 2.45
3137FJZ93 FHMS K-084 A2 3.78 10/25/2028 500,000.00 09/08/2025

3.76%
499,472.66
499,525.58

99.77 3.80%
498,868.00
1,575.00

0.99%
(657.58)
Aaa/AA+
AA+

2.82 2.57
3137FKSH0 FHMS K-086 A2 3.859 11/25/2028 350,000.00 10/23/2025

3.67%
351,257.81
351,183.48

99.97 3.81%
349,881.00
1,125.54

0.70%
(1,302.48)
Aaa/AA+
AA+

2.90 2.66
3137FLMV3 FHMS K-090 A2 3.422 02/25/2029 650,000.00 03/26/2025

4.37%
627,656.25
632,051.74

98.66 3.83%
641,306.25
1,853.58

1.28%
9,254.51
Aa1/AAA
AA+

3.15 2.88
3137FLYV0 FHMS K-092 A2 3.298 04/25/2029 450,000.00 12/11/2025

3.82%
442,195.31
442,299.20

98.20 3.85%
441,890.10
1,236.75

0.88%
(409.10)
Aa1/AA+
AAA

3.31 3.02
3137FMTY8 FHMS K-094 A2 2.903 06/25/2029 225,000.00 06/21/2024

4.65%
207,764.65
213,066.36

96.82 3.87%
217,836.45
544.31

0.43%
4,770.09
Aa1/AA+
AAA

3.48 3.18
6,009,749.10 99.23 6,152,372.74 12.24% 2.26
Total Agency CMBS 6,200,568.47 4.35% 6,105,248.20 3.77% 17,910.08 47,124.54 2.05 CASH
CCYUSD Receivable 2,563.20 -- 2,563.20
2,563.20

1.00 2,563.20

0.00 0.01%

0.00 Aaa/AAA
AAA

0.00 0.00
2,563.20 1.00 2,563.20 0.01% 0.00
Total Cash 2,563.20 2,563.20 0.00 0.00 0.00

CORPORATE
00440EAV9 CHUBB INA HOLDINGS LLC 3.35
05/03/2026 500,000.00 03/09/20235.09%
475,060.00
497,347.27

99.81 3.90%
499,060.50
2,698.61

0.99%
1,713.23
A2/A
A

0.34 0.33
74340XBK6 PROLOGIS LP 3.25 10/01/2026 550,000.00 01/16/2024

4.53%
532,240.50
545,087.80

99.59 3.81%
547,719.70
4,468.75

1.09%
2,631.90
A2/A
NA

0.75 0.73
89236TDR3 TOYOTA MOTOR CREDIT CORP 3.2
01/11/2027 600,000.00 01/22/20244.57%
577,398.00
592,173.82

99.37 3.83%
596,204.40
9,066.67

1.19%
4,030.58
A1/A+
A+

1.03 0.98
35 , ,, .. CHANDLER
" '·· ASSET MANAGEMENT

Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
63743HFM9

NATIONAL RURAL UTILITIES
COOPERATIVE FINANCE CORP 4.8
02/05/2027
550,000.00 01/25/2024

4.75%
550,792.00
550,274.41
100.96

3.89%
555,267.90
10,706.67

1.11%
4,993.49
A2/AA1.10

0.96 17275RBQ4 CISCO SYSTEMS INC 4.8
02/26/2027 550,000.00 --4.82%
549,759.00
549,905.92
101.12

3.79%
556,166.05
9,166.67

1.11%
6,260.13
A1/AANA1.16

1.02 857477CL5 STATE STREET CORP 4.993
03/18/2027 525,000.00 03/13/2024

4.99%
525,000.00
525,000.00
101.34

3.85%
532,029.75
7,499.90

1.06%
7,029.75
Aa3/A
AA1.211.08
06406RBQ9 BANK OF NEW YORK MELLON
CORP 4.947 04/26/2027 350,000.00 04/19/20235.26%
350,497.00
350,052.15
100.32

4.54%
351,117.90
3,126.23

0.70%
1,065.75
Aa3/A
AA1.320.31
14913UAL4 CATERPILLAR FINANCIAL SERVICES
CORP 5.0 05/14/2027 550,000.00 05/13/20245.01%
549,818.50
549,917.38
101.66

3.74%
559,120.65
3,590.28

1.11%
9,203.27
A2/A
A+

1.37 1.31
74456QBS4 PUBLIC SERVICE ELECTRICAND
GAS CO 3.0 05/15/2027 337,000.00 04/18/2023

4.48%
318,673.94
330,846.09

98.92 3.82%
333,352.99
1,291.83

0.66%
2,506.89
A1/A
NA

1.37 1.32
437076DB5 HOME DEPOT INC 4.875
06/25/2027 600,000.00 06/20/20244.92%
599,208.00
599,609.42
101.69

3.69%
610,146.00
487.50

1.21%
10,536.58
A2/A
A

1.48 1.34
532457CP1 ELI LILLY AND CO 4.15 08/14/2027 305,000.00 08/12/2024

4.18%
304,752.95
304,866.89
100.74

3.67%
307,245.41
4,816.88

0.61%
2,378.52
Aa3/A+
NA

1.62 1.45
24422EXZ7 JOHN DEERE CAPITAL CORP 4.65
01/07/2028 425,000.00 01/06/20254.66%
424,872.50
424,914.14
101.72

3.75%
432,310.85
9,551.88

0.86%
7,396.71
A1/A
A+

2.02 1.87
89115A2M3 TORONTO-DOMINION BANK 5.156
01/10/2028 575,000.00 07/12/2023

5.29%
571,929.50
573,617.25
102.26

3.98%
588,016.85
14,082.33

1.17%
14,399.60
A2/AAA2.03

1.86 756109AU8 REALTY INCOME CORP 3.65
01/15/2028 500,000.00 04/10/2023

4.87%
474,240.00
488,979.05

99.35 3.99%
496,734.50
8,415.28

0.99%
7,755.45
A3/ANA2.04

1.91 06051GGF0 BANK OF AMERICA CORP 3.824
01/20/2028 600,000.00 07/12/20235.89%
567,738.00
590,366.56

99.76 4.76%
598,561.20
10,261.07

1.19%
8,194.64
A1/AAA2.05

1.00 46647PEA0 JPMORGAN CHASE & CO 5.04
01/23/2028 200,000.00 01/17/20244.99%
200,292.00
200,103.11
101.03

4.46%
202,069.80
4,424.00

0.40%
1,966.69
A1/A
AA2.061.00
06368LGV2 BANK OF MONTREAL 5.203
02/01/2028 600,000.00 09/05/20235.48%
593,520.00
596,933.28
102.53

3.92%
615,195.60
13,007.50

1.22%
18,262.32
A2/AAA2.09

1.85 02665WFX4 AMERICAN HONDA FINANCE
CORP 4.55 03/03/2028 500,000.00 03/06/20254.60%
499,255.00
499,459.67
101.05

4.04%
505,226.00
7,456.94

1.01%
5,766.33
A3/ANA2.17

2.02 00287YDY2 ABBVIE INC 4.65 03/15/2028 305,000.00 02/18/2025

4.70%
304,594.35
304,706.97
101.68

3.85%
310,114.24
4,175.96

0.62%
5,407.27
A3/ANA2.21

1.98 36
, ,, .. CHANDLER
" '·· ASSET MANAGEMENT

Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
90331HPS6 US BANK NA 4.73 05/15/2028 425,000.00 05/12/2025

4.88%
425,000.00
425,000.00
101.01

4.24%
429,291.23
2,568.65

0.85%
4,291.23
A2/A+
A+

2.37 1.31
58933YBH7 MERCK & CO INC 4.05 05/17/2028 130,000.00 05/08/2023

4.07%
129,894.70
129,950.03
100.72

3.73%
130,936.65
643.50

0.26%
986.62
Aa3/A+
NA

2.38 2.16
87612EBU9 TARGET CORP 4.35 06/15/2028 180,000.00 06/05/2025

4.35%
179,998.20
179,998.54
101.17

3.85%
182,105.10
348.00

0.36%
2,106.56
A2/A
A

2.46 2.23
61744YAK4 MORGAN STANLEY 3.591
07/22/2028 500,000.00 08/10/20235.87%
465,070.00
481,934.76

99.32 3.88%
496,579.00
7,930.13

0.99%
14,644.24
A1/AA+2.56

1.47 46647PEU6 JPMORGAN CHASE & CO 4.915
01/24/2029 280,000.00 01/16/20254.92%
280,000.00
280,000.00
101.86

4.14%
285,205.20
6,001.76

0.57%
5,205.20
A1/A
AA3.071.91
713448FX1 PEPSICO INC 4.5 07/17/2029 500,000.00 07/16/2024

4.52%
499,490.00
499,638.87
101.96

3.90%
509,788.00
10,250.00

1.01%
10,149.13
A1/A+
NA

3.54 3.12
025816EJ4 AMERICAN EXPRESS CO 4.351
07/20/2029 405,000.00 07/21/20254.35%
405,000.00
405,000.00
100.73

4.18%
407,954.88
7,636.01

0.81%
2,954.88
A2/AA3.55

2.35 38141GD27 GOLDMAN SACHS GROUP INC

4.153 10/21/2029 500,000.00 10/15/2025

4.14%
500,180.00
500,168.18

99.98 4.27%
499,888.00
4,037.64

0.99%
(280.18)
A2/BBB+
A

3.80 2.60
532457CV8 ELI LILLY AND CO 4.75 02/12/2030 300,000.00 02/10/2025

4.75%
300,066.00
300,054.12
102.83

4.00%
308,484.00
5,502.08

0.61%
8,429.88
Aa3/A+
NA

4.12 3.58
69371RT71 PACCAR FINANCIAL CORP 4.55
05/08/2030 545,000.00 05/05/20254.59%
544,155.25
544,265.35
101.85

4.08%
555,065.61
3,650.74

1.10%
10,800.25
A1/A+
NA

4.35 3.89
02079KAW7 ALPHABET INC 4.1 11/15/2030 600,000.00 11/13/2025

4.04%
601,566.00
601,526.70
100.31

4.03%
601,841.40
3,758.33

1.20%
314.70
Aa2/AA+
NA

4.87 4.28
Total Corporate 13,487,000.00 4.83%
13,300,061.39
13,421,697.72
100.87

3.98%
13,602,799.35
180,621.78

27.07%
181,101.62

2.18 1.76

MONEY MARKET
FUND
31846V807 FIRST AMER:TRS OBG Y 860,422.25 --

3.36%
860,422.25
860,422.25

1.00 3.36%
860,422.25

0.00 1.71%

0.00 Aaa/AAAm
AAA

0.00 0.00
Total Money Market
Fund 860,422.25 3.36%
860,422.25
860,422.25

1.00 3.36%
860,422.25

0.00 1.71%

0.00 0.00

0.00 SUPRANATIONAL
37 , ,, .. CHANDLER
" '·· ASSET MANAGEMENT

Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
45950KDD9 INTERNATIONAL FINANCE CORP

4.5 07/13/2028 305,000.00 07/06/20234.53%
304,661.45
304,828.78
102.19

3.59%
311,678.89
6,405.00

0.62%
6,850.11
Aaa/AAA
NA

2.53 2.33
459058LN1

INTERNATIONAL BANK FOR

RECONSTRUCTION AND
DEVELOPM 3.875 10/16/2029
650,000.00 12/17/2024

4.32%
637,513.50
640,197.78
100.70

3.68%
654,548.70
5,245.50

1.30%
14,350.92
Aaa/AAA
NA

3.79 3.47
459058LR2

INTERNATIONAL BANK FOR

RECONSTRUCTION AND
DEVELOPM 4.125 03/20/2030
295,000.00 03/14/2025

4.20%
293,946.85
294,112.38
101.49

3.74%
299,389.90
3,414.01

0.60%
5,277.52
Aaa/AAA
NA

4.22 3.80
Total Supranational 1,250,000.00 4.34%
1,236,121.80
1,239,138.94
101.25

3.67%
1,265,617.49
15,064.51

2.52%
26,478.55

3.58 3.27

US TREASURY
91282CGE5 UNITED STATES TREASURY 3.875
01/15/2026 1,000,000.00 02/06/20234.13%
992,929.69
999,907.75
100.00

3.69%
1,000,041.00
17,900.82

1.99%
133.25
Aa1/AA+
AA+

0.04 0.04
91282CBQ3 UNITED STATES TREASURY 0.5
02/28/2026 500,000.00 01/12/20233.50%
455,839.84
497,759.15

99.48 3.82%
497,397.00
849.45

0.99%
(362.15)
Aa1/AA+
AA+

0.16 0.16
91282CKH3 UNITED STATES TREASURY 4.5
03/31/2026 1,000,000.00 04/24/20244.96%
991,679.69
998,949.63
100.21

3.58%
1,002,108.00
11,497.25

1.99%
3,158.37
Aa1/AA+
AA+

0.25 0.24
91282CBW0 UNITED STATES TREASURY 0.75
04/30/2026 500,000.00 01/12/20234.46%
443,595.43
494,425.13

99.08 3.59%
495,416.50
642.27

0.99%
991.37
Aa1/AA+
AA+

0.33 0.32
9128286X3 UNITED STATES TREASURY 2.125
05/31/2026 500,000.00 01/12/20234.31%
465,958.71
495,865.43

99.40 3.60%
497,005.50
934.07

0.99%
1,140.07
Aa1/AA+
AA+

0.41 0.40
91282CCJ8 UNITED STATES TREASURY 0.875
06/30/2026 500,000.00 01/12/20234.42%
443,595.43
491,974.05

98.70 3.55%
493,492.50

12.09 0.98%
1,518.45
Aa1/AA+
AA+

0.50 0.49
91282CHY0 UNITED STATES TREASURY 4.625
09/15/2026 900,000.00 09/25/2023

4.81%
895,429.69
898,917.45
100.73

3.55%
906,572.70
12,418.51

1.80%
7,655.25
Aa1/AA+
AA+

0.71 0.68
91282CJC6 UNITED STATES TREASURY 4.625
10/15/2026 500,000.00 10/19/20235.05%
494,218.75
498,479.18
100.81

3.57%
504,028.50
4,955.36

1.00%
5,549.32
Aa1/AA+
AA+

0.79 0.76
91282CKV2 UNITED STATES TREASURY 4.625
06/15/2027 625,000.00 06/26/20244.50%
627,148.44
626,051.41
101.60

3.48%
634,985.63
1,350.02

1.26%
8,934.22
Aa1/AA+
AA+

1.45 1.39
91282CLG4 UNITED STATES TREASURY 3.75
08/15/2027 650,000.00 06/11/20253.96%
647,207.03
647,921.10
100.41

3.48%
652,691.65
9,206.86

1.30%
4,770.55
Aa1/AA+
AA+

1.62 1.54
91282CFM8 UNITED STATES TREASURY 4.125
09/30/2027 750,000.00 12/18/20234.06%
751,669.92
750,770.27
101.07

3.48%
758,027.25
7,904.36

1.51%
7,256.98
Aa1/AA+
AA+

1.75 1.65
38 , ,, .. CHANDLER
" '·· ASSET MANAGEMENT

Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
91282CLQ2 UNITED STATES TREASURY 3.875
10/15/2027 500,000.00 11/15/20244.29%
494,394.53
496,555.36
100.67

3.48%
503,340.00
4,151.79

1.00%
6,784.64
Aa1/AA+
AA+

1.79 1.70
91282CGC9 UNITED STATES TREASURY 3.875
12/31/2027 1,000,000.00 02/06/20233.84%
1,001,445.31
1,000,589.28
100.75

3.48%
1,007,461.00
107.04

2.00%
6,871.72
Aa1/AA+
AA+

2.00 1.91
91282CMF5 UNITED STATES TREASURY 4.25
01/15/2028 750,000.00 01/27/20254.24%
750,292.97
750,201.45
101.47

3.49%
761,045.25
14,724.86

1.51%
10,843.80
Aa1/AA+
AA+

2.04 1.90
91282CHE4 UNITED STATES TREASURY 3.625
05/31/2028 525,000.00 10/17/20243.91%
519,934.57
521,621.77
100.26

3.51%
526,373.93
1,673.08

1.05%
4,752.16
Aa1/AA+
AA+

2.42 2.28
91282CHK0 UNITED STATES TREASURY 4.0
06/30/2028 750,000.00 03/12/20244.22%
743,496.09
746,226.08
101.17

3.51%
758,789.25

82.87 1.51%
12,563.17
Aa1/AA+
AA+

2.50 2.36
91282CJA0 UNITED STATES TREASURY 4.625
09/30/2028 500,000.00 10/19/20234.95%
492,968.75
496,097.21
102.83

3.53%
514,140.50
5,908.31

1.02%
18,043.29
Aa1/AA+
AA+

2.75 2.54
91282CJR3 UNITED STATES TREASURY 3.75
12/31/2028 600,000.00 10/17/20243.92%
596,039.06
597,174.44
100.57

3.55%
603,398.40

62.15 1.20%
6,223.96
Aa1/AA+
AA+

3.00 2.81
91282CKG5 UNITED STATES TREASURY 4.125
03/31/2029 700,000.00 06/11/20253.99%
703,335.94
702,848.05
101.66

3.58%
711,594.10
7,377.40

1.42%
8,746.05
Aa1/AA+
AA+

3.25 2.99
91282CEM9 UNITED STATES TREASURY 2.875
04/30/2029 750,000.00 09/18/20243.51%
729,931.64
735,520.75

97.79 3.59%
733,418.25
3,693.02

1.46%
(2,102.50)
Aa1/AA+
AA+

3.33 3.12
91282CKX8 UNITED STATES TREASURY 4.25
06/30/2029 600,000.00 05/21/20254.08%
603,796.88
603,229.88
102.11

3.60%
612,679.80

70.44 1.22%
9,449.92
Aa1/AA+
AA+

3.50 3.23
91282CLK5 UNITED STATES TREASURY 3.625
08/31/2029 650,000.00 09/26/2024

3.56%
651,955.08
651,454.08

99.98 3.63%
649,898.60
8,006.04

1.29%
(1,555.48)
Aa1/AA+
AA+

3.67 3.36
91282CLN9 UNITED STATES TREASURY 3.5
09/30/2029 550,000.00 12/09/20253.70%
546,111.33
546,172.88

99.54 3.63%
547,443.60
4,918.27

1.09%
1,270.72
Aa1/AA+
AA+

3.75 3.45
91282CLR0 UNITED STATES TREASURY 4.125
10/31/2029 600,000.00 12/11/20244.09%
600,820.31
600,643.28
101.71

3.64%
610,265.40
4,238.95

1.21%
9,622.12
Aa1/AA+
AA+

3.83 3.49
91282CMU2 UNITED STATES TREASURY 4.0
03/31/2030 650,000.00 04/17/20253.90%
652,996.09
652,572.82
101.27

3.67%
658,277.10
6,642.86

1.31%
5,704.28
Aa1/AA+
AA+

4.25 3.84
91282CGZ8 UNITED STATES TREASURY 3.5
04/30/2030 600,000.00 07/23/20253.91%
589,429.69
590,407.19

99.28 3.68%
595,663.80
3,596.69

1.19%
5,256.61
Aa1/AA+
AA+

4.33 3.95
91282CNG2 UNITED STATES TREASURY 4.0
05/31/2030 600,000.00 12/09/20253.74%
606,328.13
606,242.88
101.27

3.68%
607,640.40
2,109.89

1.21%
1,397.52
Aa1/AA+
AA+

4.41 4.00
91282CNN7 UNITED STATES TREASURY 3.875
07/31/2030 750,000.00 08/27/2025

3.74%
754,394.53
754,086.57
100.74

3.70%
755,537.25
12,162.02

1.50%
1,450.68
Aa1/AA+
AA+

4.58 4.10
39 , ,, .. CHANDLER
" '·· ASSET MANAGEMENT

Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
91282CNX5 UNITED STATES TREASURY 3.625
08/31/2030 750,000.00 09/16/20253.58%
751,347.66
751,268.69

99.64 3.71%
747,333.75
9,237.74

1.49%
(3,934.94)
Aa1/AA+
AA+

4.67 4.20
91282CPA3 UNITED STATES TREASURY 3.625
09/30/2030 700,000.00 11/10/20253.70%
697,757.81
697,820.69

99.61 3.71%
697,293.10
6,483.17

1.39%
(527.59)
Aa1/AA+
AA+

4.75 4.28
Total US Treasury 19,950,000.00 4.10%
19,696,048.99
19,901,753.88
100.48

3.59%
20,043,359.70
162,917.65

39.89%
141,605.82

2.40 2.22
Total Portfolio 50,003,439.73 4.40%
49,371,623.70
49,788,978.47

98.80 3.74%
50,250,433.13
439,775.64
100.00%
461,454.66

2.19 1.87
Total Market Value +
Accrued 50,690,208.78
40 , ,, .. CHANDLER
" '·· ASSET MANAGEMENT

HOLDINGS REPORT
San Rafael Reporting | Account #11046 | 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
CASH
CCYUSD Receivable 437,240.80 -- 437,240.80
437,240.80

1.00 437,240.80

0.00 0.74%

0.00 Aaa/AAA
AAA

0.00 0.00
Total Cash 437,240.80
437,240.80
437,240.80

1.00 437,240.80

0.00 0.74%

0.00 0.00

0.00 LAIF
90LAIF$00 Local Agency Investment Fund
State Pool 58,881,665.63 --

3.98%
58,881,665.63
58,881,665.63

1.00 3.98%
58,881,665.63

0.00 99.26%

0.00 NA/NA
NA

0.00 0.00
Total LAIF 58,881,665.63 3.98%
58,881,665.63
58,881,665.63

1.00 3.98%
58,881,665.63

0.00 99.26%

0.00 0.00

0.00 Total Portfolio 59,318,906.43 3.98%
59,318,906.43
59,318,906.43

1.00 3.98%
59,318,906.43

0.00 100.00%

0.00 0.00

0.00 Total Market Value +
Accrued 59,318,906.43
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TRANSACTIONS
42 , ,,a CHANDLER ~ ,-- ASSET MANAGEMENT

ACQUISITIONS
Purchase 10/15/2025 05594HAD5 255,000.00 BMWLT 2025-2 A3

3.97 09/25/2028 100.000 4.32% (254,999.29) 0.00 (254,999.29) 0.00 Purchase 10/21/2025 38141GD27 500,000.00

GOLDMAN SACHS
GROUP INC 4.153
10/21/2029
100.036 4.14% (500,180.00) 0.00 (500,180.00) 0.00
Purchase 10/28/2025 3137FKSH0 350,000.00 FHMS K-086 A2 3.859 11/25/2028 100.359 3.67% (351,257.81) (1,012.99) (352,270.80) 0.00 Purchase 11/12/2025 91282CPA3 700,000.00

UNITED STATES
TREASURY 3.625
09/30/2030

99.680 3.70% (697,757.81) (2,997.60) (700,755.41) 0.00
Purchase 11/17/2025 02079KAW7 600,000.00 ALPHABET INC 4.1 11/15/2030 100.261 4.04% (601,566.00) (751.67) (602,317.67) 0.00 Purchase 12/10/2025 91282CLN9 550,000.00

UNITED STATES
TREASURY 3.5
09/30/2029

99.293 3.70% (546,111.33) (3,754.81) (549,866.14) 0.00
Purchase 12/10/2025 91282CNG2 600,000.00

UNITED STATES
TREASURY 4.0
05/31/2030
101.055 3.74% (606,328.13) (659.34) (606,987.47) 0.00
Purchase 12/16/2025 3137FLYV0 450,000.00 FHMS K-092 A2 3.298 04/25/2029 98.266 3.82% (442,195.31) (618.38) (442,813.69) 0.00 Total Purchase 4,005,000.00 (4,000,395.68) (9,794.79) (4,010,190.47) 0.00 TOTAL
ACQUISITIONS 4,005,000.00 (4,000,395.68) (9,794.79) (4,010,190.47) 0.00

DISPOSITIONS
Maturity 11/30/2025 9128285N6 (500,000.00)

UNITED STATES
TREASURY 2.875
11/30/2025
100.000 3.15% 500,000.00 0.00 500,000.00 0.00
Maturity 12/12/2025 3130ATUC9 (1,000,000.00) FEDERAL HOME LOAN BANKS 4.5 12/12/2025 100.000 4.32% 1,000,000.00 0.00 1,000,000.00 0.00 Total Maturity (1,500,000.00) 1,500,000.00 0.00 1,500,000.00 0.00 Sale 11/14/2025 341081GR2 (550,000.00)

FLORIDA POWER
& LIGHT CO 4.45
05/15/2026
100.150 4.65% 550,825.00 12,169.51 562,994.51 1,321.36
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TRANSACTION LEDGER
City of San Rafael | Account #11045|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 Total Sale (550,000.00) 550,825.00 12,169.51 562,994.51 1,321.36 TOTAL
DISPOSITIONS (2,050,000.00) 2,050,825.00 12,169.51 2,062,994.51 1,321.36 44 , ,, .. CHANDLER
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TRANSACTION LEDGER
San Rafael Reporting | Account #11046|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 10/15/2025 90LAIF$00 596,612.61
Local Agency
Investment Fund State
Pool

1.000 4.15% (596,612.61) 0.00 (596,612.61) 0.00
Purchase 12/31/2025 90LAIF$00 20,000,000.00
Local Agency
Investment Fund State
Pool

1.000 3.98% (20,000,000.00) 0.00 (20,000,000.00) 0.00
Total Purchase 20,596,612.61 (20,596,612.61) 0.00 (20,596,612.61) 0.00 TOTAL
ACQUISITIONS 20,596,612.61 (20,596,612.61) 0.00 (20,596,612.61) 0.00

DISPOSITIONS
Sale 10/14/2025 90LAIF$00 (8,000,000.00)
Local Agency
Investment Fund State
Pool

1.000 4.16% 8,000,000.00 0.00 8,000,000.00 0.00
Sale 11/21/2025 90LAIF$00 (4,000,000.00)
Local Agency
Investment Fund State
Pool

1.000 4.09% 4,000,000.00 0.00 4,000,000.00 0.00
Total Sale (12,000,000.00) 12,000,000.00 0.00 12,000,000.00 0.00 TOTAL
DISPOSITIONS (12,000,000.00) 12,000,000.00 0.00 12,000,000.00 0.00 45 , ,, .. CHANDLER
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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. 46 , ,, .. CHANDLER
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BENCHMARK DISCLOSURES
Benchmark Disclosure
ICE BofA 1-3 Yr US Treasury & Agency
Index
The ICE BofA 1-3 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 three 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. 47 , ,, .. CHANDLER
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San Rafael City CouncilMarch 2, 2026

San Rafael City Council
March 2, 2026