37841d04-2.f-city-quarterly-investment-reportx — San Rafael City Council, May 18, 2026

____________________________________________________________________________________

FOR CITY CLERK ONLY
Council Meeting:

Disposition:

Agenda Item No: 2.f
Meeting Date: May 18, 2026

SAN RAFAEL CITY COUNCIL AGENDA REPORT
Department: Finance
Prepared by: Paul Navazio, Interim City Manager City Manager Approval: _________ TOPIC: CITY QUARTERLY INVESTMENT REPORT
SUBJECT: ACCEPTANCE OF CITY OF SAN RAFAEL QUARTERLY INVESTMENT REPORT FOR THE QUARTER ENDING MARCH 31, 2026
RECOMMENDATION:

Accept the investment report for the quarter ending March 31, 2026, 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 March 31, 2026, the City’s Treasury consisted of investments with a total market value of $110,454,514 consisting of $59,017,282 in the City’s primary Local Agency Investment Fund (LAIF) account and $51,437,232 in externally managed investments (which includes $893,500 of Pt. San Pedro Assessment District bonds). An additional $9,570,579 represents cash balances in the City’s various operating bank accounts, including Westamerica Bank ($8,227,410), Bank of the Marin ($888,263), and Bank of Montreal ($454,906).

As of March 31, 2026, the weighted-average yield on the portfolio was 3.99% which results from an effective yield of 3.78% for the City’s investments in the Local Agency Investment Fund and a yield of

4.34% for the externally managed investments. The overall return on the total portfolio for the quarter ending March 31, 2026, was 4%, with a weighted average maturity of 1 years, and compares favorably SAN RAFAEL CITY COUNCIL AGENDA REPORT / Page: 2
to the benchmark (1-3 Year Treasury Index) of 3.81%. The City’s investment portfolio maintains strong diversification and all investments comply with the City’s investment policy and California Government Code.

Economic Outlook:

As broadly anticipated, the Federal Open Market Committee (FOMC) meeting ended with policymakers again holding the target range at 3.50 – 3.75% as the Committee voted 11-1 to leave the benchmark rate unchanged. Treasury yields exhibited considerable first-quarter volatility as the Iran conflict injected energy-driven inflation fears into a market grappling with sticky core prices.

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 March 31, 2026, which includes a listing of all holdings and transaction activity details for the reporting period FISCAL IMPACT:

No financial impact occurs by accepting 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 March 31, 2026, as presented. Microsoft Teams ATTACHMENTS:

Attachments:

1. Attachment 1: Quarterly Investment Portfolio Report

2. Attachment 2: Historical Activity by Quarter Report

3. Attachment 3: Chandler Asset Management – Investment Report: Period Ending March 31, 2026
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
Interim City Manager
% Yield
LAIF $ 58,450,124 99.0% 3.82%
Cash (Receivable) $ 567,158 1.0% 0.00%
Total Internally Managed $ 59,017,282 53.4%
Weighted Average Yield 3.78%
Days
Effective Average Duration - Internal 1
Weighted Average Maturity - Internal 1
% Yield
Money Market Fund $ 1,498,497 2.9% 3.29%
Treasury Securities $ 17,435,147 33.9% 4.07%
Instrumentality Securities $ 4,857,791 9.4% 4.30%
Corporate Notes $ 14,162,362 27.5% 4.71%
Asset-Backed $ 4,135,055 8.0% 4.66%
Cash (Receivable) $ 1,609 0.0% 0.00%
Commercial Paper $ 1,472,355 2.9% 3.82%
CMO $ 5,723,823 11.1% 4.30%
Supranational $ 1,257,093 2.4% 4.34%
Pt. San Pedro Assessment District $ 893,500 1.7% 5.25%
Total Externally Managed $ 51,437,232 46.6%
Weighted Average Yield 4.34%
Years
Effective Average Duration - External 1.70
Weighted Average Maturity - External 2.13
Total Portfolio Assets % Yield
LAIF $ 58,450,124 52.9% 3.82%
Money Market Fund $ 1,498,497 1.4% 3.29%
Treasury Securities $ 17,435,147 15.8% 4.07%
Instrumentality Securities $ 4,857,791 4.4% 4.30%
Corporate Notes $ 14,162,362 12.8% 4.71%
Asset-Backed $ 4,135,055 3.7% 4.66%
Cash (Receivable) $ 568,766 0.5% 0.00%
Commercial Paper $ 1,472,355 1.3% 3.82%
CMO $ 5,723,823 5.2% 4.30%
Supranational $ 1,257,093 1.1% 4.34%
Pt. San Pedro Assessment District $ 893,500 0.8% 5.25%
Total Portfolio Assets $ 110,454,514 100.0%
Weighted Average Yield 3.99%
Years
Effective Average Duration - Total 0.86
Weighted Average Maturity - Total 1.00
Based on Market Values
March 31, 2026
City of San Rafael
Quarterly Investment Portfolio Report
Externally Managed Assets
Internally Managed Assets
LAIF

99.0%
Cash
(Receivable)

1.0%
Money Market
Fund

2.9%
Treasury
Securities

33.9%
Instrumentality
Securities

9.4%
Corporate Notes

27.5%
Asset-Backed

8.0%
Cash
(Receivable)

0.0%
Commercial
Paper

2.9%
CMO

11.1%
Supranational

2.4% Pt. San Pedro
Assessment
District

1.7%
LAIF

52.9%
Money Market
Fund

1.4%
Treasury
Securities

15.8%
Instrumentality
Securities

4.4%
Corporate Notes

12.8%
Asset-Backed

3.7%
Cash
(Receivable)

0.5%
Commercial
Paper

1.3%
CMO

5.2%
Supranational

1.1%
Pt. San Pedro
Assessment
District

0.8%
Attachment 1
Internally Managed Assets % Return % Return % Return % Return LAIF 58,450,124 $ 99.04% 3.82% 60,863,383 $ 98.8% 4.31% 67,213,508 $ 99.1% 4.57% 60,496,038 $ 98.9% 4.57% Cash (Receivable) 567,158 $ 0.96% 0.00% 709,073 $ 1.2% 0.00% 609,268 $ 0.9% 0.00% 692,545 $ 1.1% 0.00% Total Internally Managed 59,017,282 $ 53.4% 61,572,456 $ 55.5% 67,822,776 $ 58.3% 61,188,583 $ 55.7% Weighted Average Yield 3.78% 4.26% 4.53% 4.52%
Externally Managed Assets % Return % Return % Return % Return Cash 1,609 $ 0.00% 0.00% 4,688 $ 2,131 $ 0.0% 0.00% 1,427 $ 0.0% 0.00% Commercial Paper 1,472,355 $ 2.86% 3.82% 748,555 $ 1.5% 5.43% 739,604 $ 1.5% 0.00%Money Market Fund 1,498,497 $ 2.91% 3.29% 832,503 $ 1.7% 219,455 $ 0.5% 4.49% 1,110,193 $ 2.3% 4.49% Treasury Securities 17,435,147 $ 33.90% 4.07% 16,320,849 $ 33.0% 15,615,384 $ 32.1% 3.80% 15,268,781 $ 31.3% 3.80% Instrumentality Securities 4,857,791 $ 9.44% 4.30% 7,943,011 $ 16.1% 9,016,594 $ 18.6% 4.42% 9,099,833 $ 18.7% 4.42% Corporate Notes 14,162,362 $ 27.53% 4.71% 12,550,651 $ 25.4% 11,848,951 $ 24.4% 4.82% 11,999,405 $ 24.6% 4.82% Asset Backed 4,135,055 $ 8.04% 4.66% 4,833,808 $ 9.8% 5,194,081 $ 10.7% 4.84% 5,432,707 $ 11.2% 4.84% Negotiable CD - $ 0.0% 0.00% - $ 0.0% 0.00% - $ 0.0% 0.00% - $ 0.0% 0.00% Collateralized Mortgage Obligations (CMO) 5,723,823 $ 11.13% 4.30% 4,802,670 $ 9.7% 4,125,160 $ 8.5% 4.44% 3,849,645 $ 7.9% 4.44% Supranational 1,257,093 $ 2.44% 4.34% 1,250,601 $ 2.5% 939,586 $ 1.9% 4.53% 315,102 $ 0.6% 4.53% Municipal/Assessment District 893,500 $ 1.74% 5.25% 893,500 $ 1.8% 893,500 $ 1.8% 5.25% 893,500 $ 1.8% 5.25% Total Externally Managed 51,437,232 $ 46.57% 49,432,281 $ 44.5% 48,603,397 $ 41.7% 48,710,196 $ 44.3% Weighted Average Yield 4.34% 4.51% 4.31% 4.32%
Years Years Years Years
Effective Average Duration - External 1.7 1.84 1.84 1.84Weighted Average Maturity - External 2.13 2.22 2.22 2.22 Total Portfolio Assets % Return % Return % Return % Return LAIF 58,450,124 $ 52.92% 3.82% 60,863,383 $ 54.8% 4.31% 67,213,508 $ 57.73% 4.57% 60,496,038 $ 55.0% 4.57% Cash 568,766 $ 0.51% 0.00% 713,761 $ 0.6% 611,399 $ 0.53% 0.00% 693,972 $ 0.6% 0.00% Commercial Paper 1,472,355 $ 1.33% 3.82% 748,555 $ 0.64% 5.43% 739,604 $ 0.7% 5.43%Money Market Fund 1,498,497 $ 1.36% 3.29% 832,503 $ 0.7% 3.95% 219,455 $ 0.19% 4.49% 1,110,193 $ 1.0% 4.49% Treasury Securities 17,435,147 $ 15.78% 4.07% 16,320,849 $ 14.7% 4.24% 15,615,384 $ 13.41% 3.80% 15,268,781 $ 13.9% 3.80% Instrumentality Securities 4,857,791 $ 4.40% 4.30% 7,943,011 $ 7.2% 4.34% 9,016,594 $ 7.74% 4.42% 9,099,833 $ 8.3% 4.42% Corporate Notes 14,162,362 $ 12.82% 4.71% 12,550,651 $ 11.3% 4.87% 11,848,951 $ 10.18% 4.82% 11,999,405 $ 10.9% 4.82% Asset Backed 4,135,055 $ 3.74% 4.66% 4,833,808 $ 4.4% 4.83% 5,194,081 $ 4.46% 4.84% 5,432,707 $ 4.9% 4.84% Collateralized Mortgage Obligations (CMO) 5,723,823 $ 5.18% 4.30% 4,802,670 $ 4.3% 4.44% 4,125,160 $ 3.54% 4.44% 3,849,645 $ 3.5% 4.44% Supranational 1,257,093 $ 1.14% 4.34% 1,250,601 $ 1.1% 4.31% 939,586 $ 0.81% 4.53% 315,102 $ 0.3% 4.53% Municipal/Assessment District 893,500 $ 0.81% 5.25% 893,500 $ 0.8% 5.25% 893,500 $ 0.77% 5.25% 893,500 $ 0.8% 5.25% Total Portfolio Assets 110,454,514 $ 100% 111,004,737 $ 100% 116,426,173 $ 100.00% 109,898,779 $ 100.0% Weighted Average Yield 3.99% 4.37% 4.44% 4.43%
Years Years Years Years
Effective Average Duration - Total 0.86 0.80 0.81 0.81Weighted Average Maturity - Total 1 0.96 0.97 0.97 March 31, 2026
Attachment 2
March 31, 2025
City of San Rafael
Historical Activity-By Quarter
December 31, 2024 September 30, 2024

INVESTMENT REPORT
City of San Rafael | As of March 31, 2026
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. 1-,,a CHANDLER " '-- ASSET MANAGEMENT

TABLE OF CONTENTS

ECONOMIC UPDATE

ACCOUNT PROFILE

CONSOLIDATED INFORMATION

PORTFOLIO HOLDINGS

TRANSACTIONS
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ECONOMIC UPDATE
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▪
▪
▪
March payrolls rebounded by 178,000 after February’s revised 133,000 decline, but the war in Iran and its disruption of the Strait of Hormuz have pushed crude oil above $112, injecting a potential inflationary shock into an economy contending with sticky core prices above 3%.

The Federal Reserve has held the funds rate at 3.50–3.75% and is signaling a cautionary stance, keeping open the option of delaying cuts if oil‑related inflation proves persistent rather than transitory. As the data flow normalizes, the Chandler team anticipates additional yield curve steepening as the Federal Reserve gradually guides the policy rate toward a more neutral range. The Federal Reserve’s March dot plot still projects one cut this year, yet the Iran-driven energy shock has narrowed the path toward easing.

The Federal Reserve’s March 2026 FOMC meeting ended with policymakers again holding the target range at 3.50%–3.75%, as the Committee maintained its pause following three late‑2025 rate cuts. Governor Stephen Miran dissented in favor of an additional quarter‑point reduction, while Christopher Waller joined the majority, tipping the vote 11–1 to leave the benchmark rate unchanged.

Meanwhile, President Trump’s nomination of Kevin Warsh to succeed Jerome Powell as chair has hit a roadblock after a Republican senator vowed to block Warsh’s confirmation amid the Justice Department’s ongoing probe of the central bank.

Treasury yields exhibited considerable first-quarter volatility as the Iran conflict injected energy-driven inflation fears into a market grappling with sticky core prices. At March month-end, the 2-year yield stood at 3.79%, up 32 basis points year-to-date, the 10-year at

4.32%, and the 30-year at 4.86%. The 2-year to 10-year spread narrowed to 52 basis points, reflecting pronounced flattening as short rates rose faster than longer maturities. One year ago, that spread stood near 32 basis points, providing context on normalization since the 2022 through 2024 yield curve inversion. The 3-month to 10-year spread was approximately 64 basis points at March month-end.

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)

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%
Unemployment Rate
Underemployment Rate (U6)
Unemployment Rate (U3)
Rate (%)
March nonfarm payrolls rose by 178,000, a decisive reversal from February’s revised 133,000 decline that had been distorted by a Kaiser Permanente strike affecting over 30,000 healthcare workers and severe winter weather. Healthcare contributed 76,000 positions as striking nurses returned, while construction and leisure rebounded from weather-induced troughs. The unemployment rate edged lower to 4.3%, though partly from a labor force reduction rather than a hiring acceleration. Meanwhile, the underemployment rate edged up to 8.0% from

7.9% in February. Average hourly earnings rose 0.2% over the month and 3.5% year over year—the slowest annual pace since May 2021.

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)
Job openings fell to 6.9 million in February from a revised 7.2 million in January, according to the Bureau of Labor Statistics’ Job Openings and Labor Turnover Survey. The ratio of openings to unemployed workers slipped to 0.9, reinforcing the gradual rebalancing of demand and supply. Hires decreased to 4.8 million, the lowest since April 2020, suggesting employers have grown selective about adding headcount.

Quits were little changed at 3 million. The data reflects a labor market consistent with the Federal Reserve’s characterization of a no-hire, no-fire environment.

Source: US Department of Labor

JOB OPENINGS & LABOR TURNOVER SURVEY
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2.00 2.50

3.00 3.50

4.00 4.50

5.00 5.50

6.00 6.50
US Fuel Prices
Average Retail Price US Diesel
Average Retail Price US Gas
($) Per Gallon
40 60
80 100
120
140
160
Oil Prices
West Texas Intermediate (WTI Spot Cushing)
Dated Brent (Global Spot)
Price Per Barrel (WTI Spot)
Source: Bloomberg Indices Source: Bloomberg Indices

ENERGY MARKETS
Retail gasoline prices climbed steeply in March following the escalation of the U.S.-Iran conflict and the closure of the Strait of Hormuz.

According to AAA, the national average reached $4.06 per gallon by month-end, an increase exceeding a dollar from $2.98 on February 26.

Diesel prices reached $5.49 as tight global distillate supplies compounded the disruption. Cushing WTI crude settled at $101.38 per barrel on March 31, while Dated Brent closed at $126.97, producing a spread of roughly $25.60, the widest in more than five years. The gap reflects the disproportionate impact of shipping disruptions on internationally benchmarked crude relative to domestic supply bolstered by Strategic Petroleum Reserve releases.
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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
Consumer Price Index (CPI) for March surged 0.9%, the highest monthly rate since June 2022, and was up 3.3% on an annual basis primarily due to spikes in energy and airfare prices. Notably, Core CPI was little changed with a monthly increase of 0.2% and an annual rise of 2.6% as costs for services and other goods remained subdued. Personal Consumption Expenditures (PCE) were little changed in February, with the headline PCE Price Index up 0.4% month-over-month and 2.8% year-over-year. The Fed’s preferred metric, Core PCE, which excludes food and energy, rose 0.4% during the month and 3.0% from February of 2025.

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
The Conference Board’s Consumer Confidence Index edged up to 91.8 in March from 91.0 in February, a second consecutive gain that nonetheless sits well below the all-time peak of 144.7 from early 2000. The Present Situation component rose 4.6 points to 123.3 on favorable assessments of business and labor conditions, while the Expectations Index slipped 1.7 points to 70.9. Inflation expectations climbed to their highest since August 2025, reflecting tariff passthrough and elevated gasoline prices. February retail sales rebounded 0.6% from January, with stronger auto and broad-based discretionary spending offsetting January’s weather- and vehicle-related weakness; the control group also advanced 0.5%, signaling firmer underlying consumer demand. 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 Chicago Fed National Activity Index (CFNAI) fell to ‑0.11 in February, following a positive revision to 0.20 in January. The index’s three‑month moving average edged up to ‑0.01 from ‑0.02 the prior month. Production and employment related indicators turned negative in February, while sales, orders, and inventories also remained in negative territory. The personal consumption and housing categories slipped modestly but stayed in positive territory. The Conference Board’s Leading Economic Index (LEI) declined 0.1% in January, an improvement from ‑0.2% in December, with consumer expectations and building permits the largest drags on the index. On a year‑over‑year basis, the LEI fell 3.8%, continuing to signal slower economic growth heading into 2026. Notably, the latest LEI data do not yet reflect the impact of the war in Iran.

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
Housing starts rose 7.2% in January to an annualized pace of 1.487 million units, including 935,000 single-family and 552,000 multifamily starts. The January S&P Cotality Case-Shiller 20-City Composite posted a 1.18% year-over-year gain, continuing deceleration from December’s revised 1.43% annual increase. Inflation again outpaced home price appreciation, extending the erosion of real housing returns that began in the second half of 2025. The Freddie Mac 30-year fixed mortgage rate climbed to 6.46% as of April 2, its fifth consecutive weekly rise, reversing progress made when rates dipped below 6% in February. Higher borrowing costs and elevated prices continue to constrain affordability.

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 Manufacturing Index rose to 52.7 in March from 52.4, the fastest factory expansion since August 2022 and a third consecutive month above 50. Production accelerated to 55.1 from 53.5, though new orders decelerated to 53.5 from 55.8.

The prices subindex leaped to 78.3 from 70.5, reflecting elevated energy costs, metals tariffs, and Iran-related supply disruptions.

Employment remained in contraction at 48.7. The Services Index eased to 54.0 in March from 56.1 in February but still posted its 21st consecutive month of expansion. The expansion was mainly from an increase in prices, amid higher oil and fuel costs. With both measures above the 50 threshold, ISM data point toward a resilient if cost-pressured economy.

Source: Institute for Supply Management

SURVEY BASED MEASURES
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--------' \:,_ ________________________ -=====================!..._ I I \ I ,_ ..

Components of GDP 3/25 6/25 9/25 12/25

0.4% 1.7% 2.3% 1.3%

3.8% -2.7% 0.0% 0.4%
-4.7% 4.8% 1.6% -0.2%
-0.4% -0.4% 0.2% -1.2%

0.2% 0.3% 0.2% 0.2%
-0.6% 3.8% 4.4% 0.5%
Personal Consumption Expenditures
Gross Private Domestic Investment
Net Exports and Imports
Federal Government Expenditures
Total
State and Local (Consumption and Gross
Investment) -2.0%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%
Gross Domestic Product (GDP)
GDP QOQ % Change
GDP YOY % Change
Source: US Department of Commerce Source: US Department of Commerce The third and final estimate of real gross domestic product (GDP) showed fourth-quarter growth revised down to 0.5% from the initial 1.4% estimate. The slowdown from 4.4% in the third quarter primarily reflected a sharp pullback in government spending, as the federal government shutdown weighed on activity. The Bureau of Labor Statistics expects statistical distortions will persist into the spring due to data collection disruptions. Personal Consumption Expenditures also declined across both goods and services.

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 left its benchmark interest rate unchanged in March, keeping the target range at 3.50% to 3.75% following three late‑2025 rate cuts that were justified by signs of softening in the labor market. The Federal Open Market Committee minutes showed some participants supported two-sided language on future rate direction given the upside risks to inflation and downside risks to employment being elevated. However, policymakers have grown wary of potential inflationary pressures stemming from tariffs, the war in Iran, and the ensuing spike in commodity prices. The Federal Reserve now projects just one rate cut in 2026, even as inflation expectations rise. The Committee also reaffirmed its December decision to halt balance sheet runoff and to reinvest principal and interest payments from its securities holdings, signaling a continued emphasis on maintaining ample reserves and supporting orderly market functioning.

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 (%)

2.0%

2.5%

3.0%

3.5%

4.0%

4.5%

5.0%

5.5%
US Treasury Yield Curve
Mar-26
Dec-25
Mar-25
Yield (%)
At March month-end, the 2-year Treasury yield stood at 3.79%, down approximately 9 basis points from one year ago, while the 10-year finished at 4.32%, roughly 11 basis points higher year-over-year. The spread between the two narrowed to 52 basis points, wider by 20 basis points year-over-year. The prior 2-year to 10-year inversion from July 2022 through August 2024 was historically long. The average spread since 2005 is approximately 95 basis points, suggesting the current slope sits well below its long-run norm. The 3-month to 10-year spread stood near 64 basis points at March month-end.

BOND YIELDS
14 . . . . ... .. ·
. . ..
' ..
,-._,.. CHANDLER ~ , • • ASSET MANAGEMENT

ACCOUNT PROFILE
15 1-,,a CHANDLER " '-- ASSET MANAGEMENT

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. 16 ,-._,.. CHANDLER ~ , • • ASSET MANAGEMENT

STATEMENT OF COMPLIANCE
San Rafael Cons | Account #11047 | As of March 31, 2026 Rules Name Limit Actual Compliance
Status Notes

AGENCY MORTGAGE SECURITIES
Max % (MV; ABS, CMO, & MBS) 20.0 9.0 Compliant
Max Maturity (Years) 5.0 3.2 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 9.0 Compliant
Max Maturity (Years) 5 4 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 1.3 Compliant
Max % Issuer (MV) 5.0 0.9 Compliant
Max Maturity (Days) 270 181 Compliant
Min Rating (A-1 by 1 or A- by 1) 0.0 0.0 Compliant

CORPORATE MEDIUM TERM NOTES
Max % (MV) 30.0 12.9 Compliant
Max % Issuer (MV) 5.0 0.6 Compliant
17 ,-._,.. CHANDLER ~ , • • ASSET MANAGEMENT

STATEMENT OF COMPLIANCE
San Rafael Cons | Account #11047 | As of March 31, 2026 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 4.4 Compliant
Max Maturity (Years) 5 1 Compliant

LOCAL AGENCY INVESTMENT FUND (LAIF)
Max Concentration (MV) 75.0 58.5 Compliant

MONEY MARKET MUTUAL FUNDS
Max % (MV) 10.0 1.4 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
18 ,-._,.. CHANDLER ~ , • • ASSET MANAGEMENT

STATEMENT OF COMPLIANCE
San Rafael Cons | Account #11047 | As of March 31, 2026 Rules Name Limit Actual Compliance
Status Notes

SUPRANATIONAL OBLIGATIONS
Max % (MV) 15.0 1.1 Compliant
Max Maturity (Years) 5 3 Compliant
Min Rating (AA- by 1) 0.0 0.0 Compliant
U.S. TREASURIES
Max % (MV) 100.0 15.9 Compliant
Max Maturity (Years) 5 4 Compliant
19 ,-._,.. CHANDLER ~ , • • ASSET MANAGEMENT

PORTFOLIO CHARACTERISTICS
City of San Rafael | Account #11045 | As of March 31, 2026 Benchmark* 3/31/2026
Portfolio
12/31/2025
Portfolio
Average Maturity (yrs) 1.85 2.13 2.19
Average Modified Duration 1.76 1.79 1.87
Average Purchase Yield 4.32% 4.40%
Average Market Yield 3.81% 4.00% 3.74%
Average Quality** AA+ AA AA
Total Market Value 50,892,652 50,690,209
*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. 20 ,-._,.. CHANDLER ~ , • • ASSET MANAGEMENT

SECTOR DISTRIBUTION
City of San Rafael | Account #11045 | As of March 31, 2026 Sector as a Percentage of Market Value
Sector 03/31/2026 12/31/2025
US Treasury 34.50% 39.89%
Corporate 28.02% 27.07%
Agency CMBS 11.32% 12.24%
Agency 9.61% 9.71%
ABS 8.18% 6.86%
Money Mkt Fd 2.96% 1.71%
Comm Paper 2.91% --
Supras 2.49% 2.52%
21 50%
25%
0% US Treasury Corporate AgencyCMBS Agency
■ 03/31/2026
ABS Money Mkt Fd
■ 12/31/2025
,-._,.. CHANDLER ~ , • • ASSET MANAGEMENT
Comm Paper Supras

ISSUERS
City of San Rafael | Account #11045 | As of March 31, 2026 Issuer Investment Type % Portfolio
United States US Treasury 34.50%
Federal Home Loan Mortgage Corp Agency CMBS 11.32%
Farm Credit System Agency 6.58%
Federal Home Loan Banks Agency 3.03%
First American Govt Oblig Fund Money Mkt Fd 2.96%
Mitsubishi UFJ Financial Group, Inc. Comm Paper 1.94%
International Bank for Recon and Dev Supras 1.87%
Honda Auto Receivables Owner Trust ABS 1.36%
Eli Lilly and Company Corporate 1.21%
Bank of Montreal Corporate 1.20%
The Home Depot, Inc. Corporate 1.20%
Bank of America Corporation Corporate 1.18%
Alphabet Inc. Corporate 1.18%
Toyota Motor Corporation Corporate 1.17%
The Toronto-Dominion Bank Corporate 1.15%
Caterpillar Inc. Corporate 1.10%
National Rural Utilities Cooperative Corporate 1.09%
PACCAR Inc Corporate 1.09%
Prologis, Inc. Corporate 1.08%
State Street Corporation Corporate 1.05%
BNY Mellon Corp Corporate 1.03%
Hyundai Auto Receivables Trust ABS 1.00%
PepsiCo, Inc. Corporate 1.00%
American Honda Finance Corporation Corporate 0.99%
Chase Issuance Trust ABS 0.98%
Amazon.com, Inc. Corporate 0.98%
The Goldman Sachs Group, Inc. Corporate 0.98%
Realty Income Corporation Corporate 0.98%
Morgan Stanley Corporate 0.98%
American Express Credit Master Trust ABS 0.98%
22 ,-._,.. CHANDLER ~ , • • ASSET MANAGEMENT

ISSUERS
City of San Rafael | Account #11045 | As of March 31, 2026 Issuer Investment Type % Portfolio
Mizuho Financial Group, Inc. Comm Paper 0.97%
JPMorgan Chase & Co. Corporate 0.96%
Deere & Company Corporate 0.85%
U.S. Bancorp Corporate 0.84%
American Express Company Corporate 0.80%
Toyota Auto Receivables Owner Trust ABS 0.78%
Visa Inc. Corporate 0.77%
BMW Vehicle Lease Trust ABS 0.75%
Public Service Enterprise Group Corporate 0.66%
Salesforce, Inc. Corporate 0.65%
Wells Fargo & Company Corporate 0.64%
International Finance Corporation Supras 0.61%
Abbvie Inc. Corporate 0.61%
Bank of America Credit Card Trust ABS 0.60%
Mercedes-Benz Auto Lease Trust ABS 0.50%
John Deere Owner Trust ABS 0.46%
BMW Vehicle Owner Trust ABS 0.38%
Target Corporation Corporate 0.36%
Deere & Company ABS 0.33%
Merck & Co., Inc. Corporate 0.26%
Mercedes-Benz Auto Receivables Trust ABS 0.04%
Cash Cash 0.00%
TOTAL 100.00%
23 ,-._,.. CHANDLER ~ , • • ASSET MANAGEMENT

QUALITY DISTRIBUTION
Rating 03/31/2026 12/31/2025
AAA 12.16% 10.12%
AA 56.15% 61.86%
A 22.56% 23.89%
BBB 2.61% 0.99%
A-1 2.89% --
NA 3.62% 3.14%
Rating 03/31/2026 12/31/2025
Aaa 12.56% 10.02%
Aa 58.19% 64.07%
A 22.61% 22.74%
P-1 2.89% --
NA 3.75% 3.17%
Rating 03/31/2026 12/31/2025
AAA 16.69% 15.81%
AA 56.61% 60.34%
A 10.06% 10.51%
NA 16.65% 13.34%
City of San Rafael | Account #11045 | As of March 31, 2026 S&P Rating Moody’s Rating Fitch Rating
24 100%
75%
50%
25%
O% AAA AA A BBB A-1 NA
■ 03/31/2026 ■ 12/31/2025 ■ 03/31/2026 ■ 12/31/2025
AAA
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AA A NA
■ 03/31/2026 ■ 12/31/2025
0-.25 .25-.5 .5-1 1-2 2-3 3-4 4-5 5-7 7+
Portfolio 7.7% 8.0% 12.0% 32.3% 23.7% 12.3% 4.0% 0.0% 0.0% ICE BofA 1-3 Year US Treasury & Agency Index 0.0% 0.0% 4.0% 57.9% 38.1% 0.0% 0.0% 0.0% 0.0%

DURATION DISTRIBUTION
City of San Rafael | Account #11045 | As of March 31, 2026 Portfolio Compared to the Benchmark
25 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+

INVESTMENT PERFORMANCE
City of San Rafael | Account #11045 | As of March 31, 2026 Total Rate of Return: Inception | 02/01/2023
TOTAL RATE OF RETURN* 3 Months 12 Months 2 Years 3 Years 5 Years 10 Years Since Inception City of San Rafael 0.42% 4.20% 4.91% 4.64% 4.68%
Benchmark 0.29% 3.75% 4.59% 4.05% 4.12%
*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 26 6%
4%
2%
0% 3 Months 12 Months 2 Years
Total Return
3 Years 5 Years
■ Benchmark
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10 Years Since Inception

HISTORICAL AVERAGE PURCHASE YIELD
City of San Rafael | Account #11045 | As of March 31, 2026 Purchase Yield as of 03/31/26 = 4.32%
27 5.00%

4.00%

3.00%

2.00%

1.00%
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PORTFOLIO CHARACTERISTICS
San Rafael Reporting | Account #11046 | As of March 31, 2026 3/31/2026
Portfolio
12/31/2025
Portfolio
Average Maturity (yrs) 0.00 0.00
Average Modified Duration 0.00 0.00
Average Purchase Yield 3.82% 3.98%
Average Market Yield 3.82% 3.98%
Average Quality** AAA AAA
Total Market Value 59,017,282 59,318,906
*Benchmark: NO BENCHMARK REQUIRED
**The credit quality is a weighted average calculation of the highest of S&P, Moody’s and Fitch. 28 ,-._,.. CHANDLER ~ , • • ASSET MANAGEMENT

SECTOR DISTRIBUTION
San Rafael Reporting | Account #11046 | As of March 31, 2026 Sector as a Percentage of Market Value
Sector 03/31/2026 12/31/2025
LAIF 100.00% 100.00%
29 ■ 03/31/2026 ■ 12/31/2025
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CONSOLIDATED INFORMATION
30 1-,,a CHANDLER " '-- ASSET MANAGEMENT

PORTFOLIO CHARACTERISTICS
San Rafael Cons | Account #11047 | As of March 31, 2026 3/31/2026
Portfolio
12/31/2025
Portfolio
Average Maturity (yrs) 0.98 1.00
Average Modified Duration 0.83 0.86
Average Purchase Yield 4.05% 4.17%
Average Market Yield 3.91% 3.87%
Average Quality** AA AA
Total Market Value 109,909,934 110,009,115
*Benchmark: NO BENCHMARK REQUIRED
**The credit quality is a weighted average calculation of the highest of S&P, Moody’s and Fitch. 31 ,-._,.. CHANDLER ~ , • • ASSET MANAGEMENT

SECTOR DISTRIBUTION
San Rafael Cons | Account #11047 | As of March 31, 2026 Sector as a Percentage of Market Value
Sector 03/31/2026 12/31/2025
LAIF 53.63% 53.96%
US Treasury 16.00% 18.37%
Corporate 12.99% 12.46%
Agency CMBS 5.25% 5.64%
Agency 4.46% 4.47%
ABS 3.79% 3.16%
Money Mkt Fd 1.37% 0.79%
Comm Paper 1.35% --
Supras 1.15% 1.16%
32 75%
50%
25%
0% LAIF US Treasury Corporate AgencyCMBS
■ 03/31/2026
Agency ABS Money Mkt Fd
■ 12/31/2025
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Comm Paper Supras

PORTFOLIO HOLDINGS
33 1-,,a CHANDLER " '-- ASSET MANAGEMENT

HOLDINGS REPORT
City of San Rafael | Account #11045 | As of March 31, 2026 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 11,603.18 02/16/20235.09%
11,601.02
11,602.63
100.12

4.12%
11,616.73

16.24 0.02%

14.10 Aaa/NA
AAA

1.06 0.12
58768PAC8 MBART 2022-1 A3 5.21
08/16/2027 22,357.67 02/15/20235.03%
22,472.95
22,369.24
100.14

4.27%
22,387.85

51.77 0.04%

18.61 Aaa/AAA
NA

1.38 0.14
89239HAD0 TAOT 2022-D A3 5.3 09/15/2027 77,187.06 02/10/2023

4.86%
78,097.63
77,321.03
100.33

4.07%
77,442.78
181.82

0.15%
121.75
Aaa/NA
AAA

1.46 0.26
47800CAC0 JDOT 2023 A3 5.01 11/15/2027 230,300.83 --

3.66%
230,887.90
230,401.05
100.29

4.10%
230,961.33
512.80

0.46%
560.28
Aaa/NA
AAA

1.63 0.29
58770JAD6 MBALT 2024-A A3 5.32
01/18/2028 113,028.34 05/17/20245.73%
113,015.12
113,021.83
100.53

4.12%
113,627.05
267.25

0.22%
605.22
Aaa/NA
AAA

1.80 0.42
891941AD8 TAOT 2023-B A3 4.71 02/15/2028 119,832.61 10/03/2023

5.68%
117,459.37
118,816.07
100.29

4.05%
120,176.29
250.85

0.24%
1,360.22
Aaa/NA
AAA

1.88 0.41
05592XAD2 BMWOT 2023-A A3 5.47
02/25/2028 26,015.95 07/11/20235.47%
26,011.34
26,014.05
100.51

4.01%
26,148.14

23.72 0.05%
134.09
NA/AAA
AAA

1.91 0.33
438123AC5 HAROT 2023-4 A3 5.67
06/21/2028 276,881.17 12/07/20235.10%
281,023.57
278,511.86
100.87

4.23%
279,287.55
436.09

0.55%
775.69
Aaa/NA
AAA

2.22 0.55
096912AD2 BMWLT 2025-1 A3 4.43
06/26/2028 125,000.00 06/03/20254.82%
124,997.25
124,997.98
100.33

4.16%
125,413.38

92.29 0.25%
415.40
NA/AAA
AAA

2.24 1.06
161571HT4 CHAIT 2023-1 A 5.16 09/15/2028 495,000.00 09/07/2023

5.23%
494,862.79
494,932.56
100.54

3.99%
497,685.38
1,135.20

0.98%
2,752.81
NA/AAA
AAA

2.46 0.44
02582JKD1 AMXCA 2023-3 A 5.23 09/15/2026 490,000.00 09/12/2023

5.29%
489,978.10
489,996.65
100.58

3.98%
492,837.59
1,138.98

0.98%
2,840.94
NA/AAA
AAA

0.46 0.44
05594HAD5 BMWLT 2025-2 A3 3.97
09/25/2028 255,000.00 10/08/20254.32%
254,999.29
254,999.40

99.87 4.11%
254,655.75
168.73

0.50%
(343.65)
NA/AAA
AAA

2.49 1.26
05522RDH8 BACCT 2023-2 A 4.98 11/16/2026 300,000.00 02/20/2024

4.88%
301,125.00
300,258.14
100.64

3.98%
301,909.20
664.00

0.60%
1,651.06
Aaa/NA
AAA

0.63 0.60
096919AD7 BMWOT 2024-A A3 5.18
02/26/2029 166,919.64 06/04/20245.18%
166,894.29
166,903.99
100.66

4.30%
168,019.31
144.11

0.33%
1,115.31
Aaa/AAA
NA

2.91 0.70
437921AD1 HAROT 252 A3 4.15 10/15/2029 155,000.00 04/29/2025

4.15%
154,982.69
154,986.19
100.07

4.14%
155,101.37
285.89

0.31%
115.18
Aaa/NA
AAA

3.54 1.43
44935XAD7 HART 2025-B A3 4.36 12/17/2029 185,000.00 06/03/2025

4.36%
184,983.30
184,986.28
100.38

4.15%
185,698.01
358.49

0.37%
711.73
NA/AAA
AAA

3.71 1.49
34 ,-._,.. CHANDLER ~ , • • ASSET MANAGEMENT

Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
58770YAD3 MBALT 2026-A A3 3.93
01/15/2030 140,000.00 01/13/20263.97%
139,972.24
139,973.58

99.43 4.24%
139,199.06
244.53

0.28%
(774.52)
Aaa/NA
AAA

3.79 2.04
47787DAD3 JDOT 2026 A3 3.87 08/15/2030 170,000.00 03/10/2026

4.49%
169,969.88
169,970.14

99.41 4.16%
168,990.54
237.58

0.33%
(979.60)
Aaa/NA
AAA

4.38 2.28
89240KAD0 TAOT 2026-A A3 3.86 09/15/2030 200,000.00 01/13/2026

4.13%
199,982.96
199,983.66

99.34 4.22%
198,676.20
343.11

0.39%
(1,307.46)
Aaa/AAA
NA

4.46 2.03
43815CAD0 HAROT 2026-1 A3 3.78
09/23/2030 245,000.00 02/10/20263.03%
244,960.97
244,961.95

99.17 4.20%
242,969.20
257.25

0.48%
(1,992.75)
Aaa/NA
AAA

4.48 2.15
448981AD2 HART 2026-A A3 3.79 02/18/2031 325,000.00 02/10/2026

4.30%
324,978.06
324,978.56

99.15 4.20%
322,252.78
547.44

0.64%
(2,725.79)
NA/AAA
AAA

4.89 2.24
4,133,255.72 100.15 4,135,055.48 8.18% 2.60
Total ABS 4,129,126.46 4.66% 4,129,986.86 4.11% 7,358.13 5,068.62 1.05 AGENCY
3130AWGR5 FEDERAL HOME LOAN BANKS

4.375 06/12/2026 525,000.00 06/28/20234.43%
524,165.25
524,944.30
100.11

3.77%
525,565.95
6,954.43

1.04%
621.65
Aa1/AA+
AA+

0.20 0.20
3133EPSW6 FEDERAL FARM CREDIT BANKS
FUNDING CORP 4.5 08/14/2026 560,000.00 08/09/20234.58%
558,712.00
559,841.35
100.22

3.88%
561,211.84
3,290.00

1.11%
1,370.49
Aa1/AA+
AA+

0.37 0.36
3130AXU63 FEDERAL HOME LOAN BANKS

4.625 11/17/2026 500,000.00 12/18/20234.23%
505,325.00
501,151.08
100.54

3.74%
502,709.50
8,607.64

0.99%
1,558.42
Aa1/AA+
AA+

0.63 0.61
3133EP6K6 FEDERAL FARM CREDIT BANKS
FUNDING CORP 4.5 03/26/2027 1,000,000.00 04/24/20244.84% 990,700.00
996,865.07
100.67

3.80%
1,006,672.00
625.00

1.99%
9,806.93
Aa1/AA+
AA+

0.99 0.96
3133ERMB4 FEDERAL FARM CREDIT BANKS
FUNDING CORP 4.25 07/23/2027 750,000.00 07/18/20244.26% 749,767.50
749,898.51
100.63

3.75%
754,745.25
6,020.83

1.49%
4,846.74
Aa1/AA+
AA+

1.31 1.26
3133ERNP2 FEDERAL FARM CREDIT BANKS
FUNDING CORP 4.0 08/06/2027 1,000,000.00 08/19/20243.92% 1,002,290.00
1,001,042.26
100.33

3.74%
1,003,331.00
6,111.11

1.99%
2,288.74
Aa1/AA+
AA+

1.35 1.29
3130ATUS4 FEDERAL HOME LOAN BANKS 4.25
12/10/2027 500,000.00 05/15/20233.66%
512,310.00
504,558.17
100.71

3.81%
503,555.50
6,552.08

1.00%
(1,002.67)
Aa1/AA+
AA+

1.70 1.60
4,843,269.75 100.47 4,857,791.04 9.61% 0.99
Total Agency 4,835,000.00 4.30% 4,838,300.73 3.78% 38,161.09 19,490.31 0.95

AGENCY CMBS
35 ,-._,.. CHANDLER ~ , • • ASSET MANAGEMENT

Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
3137F1G44 FHMS K-065 A2 3.243 04/25/2027 450,000.00 06/08/2023

4.39%
431,736.33
445,197.23

99.19 3.89%
446,357.25
1,216.13

0.88%
1,160.02
Aa1/AA+
AAA

1.07 0.95
3137F2LJ3 FHMS K-066 A2 3.117 06/25/2027 346,310.30 04/18/2024

5.06%
327,168.54
339,119.48

98.99 3.91%
342,816.38
899.54

0.68%
3,696.89
Aa1/AA+
AAA

1.24 1.05
3137FBBX3 FHMS K-068 A2 3.244 08/25/2027 240,000.00 06/08/2023

4.34%
229,940.63
236,755.69

98.87 3.99%
237,280.80
648.80

0.47%
525.11
Aaa/AA+
AA+

1.40 1.28
3137FBU79 FHMS K-069 A2 3.187 09/25/2027 482,893.09 06/09/2023

4.41%
460,295.20
475,291.98

98.74 3.97%
476,802.36
1,282.48

0.94%
1,510.38
Aa1/AAA
AA+

1.49 1.39
3137FETN0 FHMS K-073 A2 3.35 01/25/2028 670,000.00 05/24/2023

4.34%
643,932.81
660,051.88

98.74 4.02%
661,535.22
1,870.42

1.31%
1,483.34
Aa1/AA+
AAA

1.82 1.63
3137FG6X8 FHMS K-077 A2 3.85 05/25/2028 780,000.00 05/24/2023

4.65%
765,679.69
773,938.96

99.37 4.07%
775,078.98
2,502.50

1.53%
1,140.02
Aa1/AA+
AAA

2.15 1.95
3137FJEH8 FHMS K-081 A2 3.9 08/25/2028 350,000.00 11/21/2024

4.53%
342,070.31
344,967.24

99.41 4.08%
347,943.05
1,137.50

0.69%
2,975.81
Aa1/AA+
AAA

2.40 2.22
3137FJZ93 FHMS K-084 A2 3.78 10/25/2028 500,000.00 09/08/2025

3.76%
499,472.66
499,568.11

99.11 4.08%
495,553.00
1,575.00

0.98%
(4,015.11)
Aaa/AA+
AA+

2.57 2.35
3137FK4M5 FHMS K-085 A2 4.06 10/25/2028 300,000.00 02/19/2026

3.69%
302,156.25
302,074.54

99.76 4.08%
299,268.60
1,015.00

0.59%
(2,805.94)
Aaa/AA+
AA+

2.57 2.36
3137FKSH0 FHMS K-086 A2 3.859 11/25/2028 350,000.00 10/23/2025

3.67%
351,257.81
351,080.57

99.27 4.09%
347,452.00
1,125.54

0.69%
(3,628.57)
Aaa/AA+
AA+

2.65 2.43
3137FLMV3 FHMS K-090 A2 3.422 02/25/2029 650,000.00 03/26/2025

4.37%
627,656.25
633,485.05

98.08 4.09%
637,513.50
1,853.58

1.26%
4,028.45
Aa1/AAA
AA+

2.91 2.66
3137FLYV0 FHMS K-092 A2 3.298 04/25/2029 450,000.00 12/11/2025

3.82%
442,195.31
442,883.58

97.64 4.09%
439,393.95
1,236.75

0.87%
(3,489.63)
Aa1/AA+
AAA

3.07 2.80
3137FMTY8 FHMS K-094 A2 2.903 06/25/2029 225,000.00 06/21/2024

4.65%
207,764.65
213,927.65

96.37 4.10%
216,827.78
544.31

0.43%
2,900.12
Aa1/AA+
AAA

3.24 2.96
Total Agency CMBS 5,794,203.39 4.30%
5,631,326.44
5,718,341.97

98.79 4.04%
5,723,822.86
16,907.55

11.32%
5,480.89

2.19 1.99
CASH
CCYUSD Receivable 1,608.53 -- 1,608.53
1,608.53

1.00 1,608.53

0.00 0.00%

0.00 Aaa/AAA
AAA

0.00 0.00
36 ,-._,.. CHANDLER ~ , • • ASSET MANAGEMENT

Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
Total Cash 1,608.53
1,608.53
1,608.53

1.00 1,608.53

0.00 0.00%

0.00 0.00

0.00 COMMERCIAL
PAPER
60710WHS6 Mizuho Bank, Ltd., New York
Branch 08/26/2026 500,000.00 03/16/20263.90%
491,382.50
492,180.42

98.39 4.02%
491,926.50

0.00 0.97%
(253.92)
P-1/A-1
NA

0.41 0.49
62479MJU8 MUFG Bank, Ltd., New York
Branch 09/28/2026 1,000,000.00 01/26/20263.78%
974,990.00
981,550.00

98.04 3.99%
980,428.00

0.00 1.94%
(1,122.00)
P-1/A-1
NA

0.50 0.58
Total Commercial
Paper 1,500,000.00 3.82%
1,466,372.50
1,473,730.42

98.16 4.00%
1,472,354.50

0.00 2.91%
(1,375.92)

0.47 0.55

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

4.53%
532,240.50
546,707.21

99.47 4.33%
547,086.65
8,937.50

1.08%
379.44
A2/A
NA

0.50 0.49
63743HFM9

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

4.75%
550,792.00
550,207.48
100.43

4.27%
552,378.20
4,106.67

1.09%
2,170.72
A2/AA0.85

0.74 857477CL5 STATE STREET CORP 4.993
03/18/2027 525,000.00 03/13/20244.99%
525,000.00
525,000.00
100.68

4.26%
528,592.58
946.59

1.05%
3,592.58
Aa3/A
AA0.960.85
06406RBQ9 BANK OF NEW YORK MELLON
CORP 4.947 04/26/2027 350,000.00 04/19/20235.26%
350,497.00
350,011.34
100.03

4.66%
350,106.75
7,454.85

0.69%

95.41 Aa3/A
AA1.070.07
14913UAL4 CATERPILLAR FINANCIAL SERVICES
CORP 5.0 05/14/2027 550,000.00 05/13/20245.01%
549,818.50
549,932.31
100.97

4.10%
555,337.20
10,465.28

1.10%
5,404.89
A2/A
A+

1.12 1.06
74456QBS4 PUBLIC SERVICE ELECTRICAND
GAS CO 3.0 05/15/2027 337,000.00 04/18/20234.48%
318,673.94
331,956.02

98.71 4.19%
332,650.68
3,819.33

0.66%
694.66
A1/A
NA

1.12 1.08
437076DB5 HOME DEPOT INC 4.875
06/25/2027 600,000.00 06/20/20244.92%
599,208.00
599,674.52
100.96

4.06%
605,787.60
7,800.00

1.20%
6,113.08
A2/A
A

1.24 1.10
532457CP1 ELI LILLY AND CO 4.15 08/14/2027 305,000.00 08/12/2024

4.18%
304,752.95
304,887.19
100.13

4.05%
305,384.00
1,652.51

0.60%
496.80
Aa3/A+
NA

1.37 1.23
24422EXZ7 JOHN DEERE CAPITAL CORP 4.65
01/07/2028 425,000.00 01/06/20254.66%
424,872.50
424,924.64
100.91

4.10%
428,884.93
4,611.25

0.85%
3,960.28
A1/A
A+

1.77 1.67
37 ,-._,.. CHANDLER ~ , • • ASSET MANAGEMENT

Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
89115A2M3 TORONTO-DOMINION BANK 5.156
01/10/2028 575,000.00 07/12/20235.29%
571,929.50
573,785.65
101.27

4.40%
582,305.95
6,670.58

1.15%
8,520.30
A2/AAA1.78

1.66 756109AU8 REALTY INCOME CORP 3.65
01/15/2028 500,000.00 04/10/20234.87%
474,240.00
490,312.23

98.82 4.34%
494,123.00
3,852.78

0.98%
3,810.77
A3/ANA1.79

1.70 06051GGF0 BANK OF AMERICA CORP 3.824
01/20/2028 600,000.00 07/12/20235.89%
567,738.00
592,624.40

99.50 5.06%
597,008.40
4,525.07

1.18%
4,384.01
A1/AAA1.81

0.78 46647PEA0 JPMORGAN CHASE & CO 5.04
01/23/2028 200,000.00 01/17/20244.99%
200,292.00
200,079.13
100.51

4.64%
201,014.40
1,904.00

0.40%
935.27
A1/A
AA1.820.78
06368LGV2 BANK OF MONTREAL 5.203
02/01/2028 600,000.00 09/05/20235.48%
593,520.00
597,295.97
101.50

4.34%
608,998.80
5,203.00

1.20%
11,702.83
A2/AAA1.84

1.65 02665WFX4 AMERICAN HONDA FINANCE
CORP 4.55 03/03/2028 500,000.00 03/06/20254.60%
499,255.00
499,521.07

99.96 4.57%
499,787.50
1,769.44

0.99%
266.43
A3/BBB+
NA

1.93 1.82
00287YDY2 ABBVIE INC 4.65 03/15/2028 305,000.00 02/18/2025

4.70%
304,594.35
304,739.77
100.91

4.16%
307,776.42
630.33

0.61%
3,036.64
A2/ANA1.96

1.77 79466LAQ7 SALESFORCE INC 4.5 03/15/2028 330,000.00 03/12/2026

4.37%
330,800.25
330,778.65
100.03

4.48%
330,085.14
742.50

0.65%
(693.51)
A2/A+
NA

1.96 1.85
90331HPS6 US BANK NA 4.73 05/15/2028 425,000.00 05/12/2025

4.88%
425,000.00
425,000.00
100.36

4.47%
426,545.30
7,594.28

0.84%
1,545.30
A2/A+
A+

2.12 1.06
58933YBH7 MERCK & CO INC 4.05 05/17/2028 130,000.00 05/08/2023

4.07%
129,894.70
129,955.22
100.12

3.99%
130,152.49
1,959.75

0.26%
197.27
Aa3/A+
NA

2.13 1.92
87612EBU9 TARGET CORP 4.35 06/15/2028 180,000.00 06/05/2025

4.35%
179,998.20
179,998.68
100.47

4.12%
180,837.54
2,305.50

0.36%
838.86
A2/A
A

2.21 1.98
61744YAK4 MORGAN STANLEY 3.591
07/22/2028 500,000.00 08/10/20235.87%
465,070.00
483,677.39

98.82 4.14%
494,122.50
3,441.38

0.98%
10,445.11
A1/AA+2.31

1.25 89236TFT7 TOYOTA MOTOR CREDIT CORP

3.65 01/08/2029 600,000.00 01/07/20263.96%
594,768.00
595,164.22

98.44 4.25%
590,638.80
5,049.17

1.17%
(4,525.42)
A1/A+
A+

2.77 2.58
46647PEU6 JPMORGAN CHASE & CO 4.915
01/24/2029 280,000.00 01/16/20254.92%
280,000.00
280,000.00
100.85

4.43%
282,384.76
2,561.26

0.56%
2,384.76
A1/A
AA2.821.71
92826CAY8 VISA INC 3.8 02/12/2029 390,000.00 02/03/2026

3.84%
389,551.50
389,571.14

99.39 4.03%
387,628.41
2,017.17

0.77%
(1,942.73)
Aa3/AANA2.87

2.67 023135DC7 AMAZON.COM INC 4.0
03/13/2029 500,000.00 03/11/20264.02%
499,680.00
499,685.55

99.49 4.18%
497,472.50
1,000.00

0.98%
(2,213.05)
A1/AA
AA2.952.75
713448FX1 PEPSICO INC 4.5 07/17/2029 500,000.00 07/16/2024

4.52%
499,490.00
499,664.00
100.96

4.18%
504,805.50
4,625.00

1.00%
5,141.50
A1/A+
NA

3.30 2.94
38 ,-._,.. CHANDLER ~ , • • ASSET MANAGEMENT

Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
025816EJ4 AMERICAN EXPRESS CO 4.351
07/20/2029 405,000.00 07/21/20254.35%
405,000.00
405,000.00

99.93 4.41%
404,710.83
3,475.36

0.80%
(289.17)
A2/AA3.30

2.15 38141GD27 GOLDMAN SACHS GROUP INC

4.153 10/21/2029 500,000.00 10/15/20254.14%
500,180.00
500,153.39

99.07 4.54%
495,334.50
9,228.89

0.98%
(4,818.89)
A2/BBB+
A

3.56 2.35
06406RCG0 BANK OF NEW YORK MELLON
CORP 4.026 01/22/2030 170,000.00 01/14/20264.09%
170,000.00
170,000.00

99.00 4.36%
168,298.30
1,311.81

0.33%
(1,701.70)
Aa3/A
AA3.812.61
95000U4D2 WELLS FARGO & CO 4.182
01/23/2030 325,000.00 01/15/20264.18%
325,000.00
325,000.00

99.11 4.49%
322,120.50
2,567.28

0.64%
(2,879.50)
A1/BBB+
A+

3.82 2.60
532457CV8 ELI LILLY AND CO 4.75 02/12/2030 300,000.00 02/10/2025

4.75%
300,066.00
300,050.81
101.81

4.24%
305,436.60
1,939.58

0.60%
5,385.79
Aa3/A+
NA

3.87 3.41
69371RT71 PACCAR FINANCIAL CORP 4.55
05/08/2030 545,000.00 05/05/20254.59%
544,155.25
544,306.99
100.67

4.37%
548,655.86
9,850.12

1.09%
4,348.87
A1/A+
NA

4.10 3.64
02079KAW7 ALPHABET INC 4.1 11/15/2030 600,000.00 11/13/2025

4.04%
601,566.00
601,448.09

99.32 4.26%
595,909.80
9,908.33

1.18%
(5,538.29)
Aa2/AA+
NA

4.63 4.10
Total Corporate 14,152,000.00 4.71%
14,007,644.14
14,101,113.06
100.08

4.32%
14,162,362.37
143,926.55

28.02%
61,249.31

2.25 1.82

MONEY MARKET
FUND
31846V807 FIRST AMER:TRS OBG Y 1,498,497.04 --

3.29%
1,498,497.04
1,498,497.04

1.00 3.29%
1,498,497.04

0.00 2.96%

0.00 Aaa/AAAm
AAA

0.00 0.00
Total Money Market
Fund 1,498,497.04 3.29%
1,498,497.04
1,498,497.04

1.00 3.29%
1,498,497.04

0.00 2.96%

0.00 0.00

0.00 SUPRANATIONAL
45950KDD9 INTERNATIONAL FINANCE CORP

4.5 07/13/2028 305,000.00 07/06/20234.53%
304,661.45
304,845.46
101.47

3.82%
309,470.69
2,973.75

0.61%
4,625.23
Aaa/AAA
NA

2.28 2.14
459058LN1

INTERNATIONAL BANK FOR

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

4.32%
637,513.50
640,835.21
100.04

3.86%
650,234.00
11,544.00

1.29%
9,398.79
Aaa/AAA
NA

3.54 3.22
459058LR2

INTERNATIONAL BANK FOR

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

4.20%
293,946.85
294,164.29
100.81

3.90%
297,388.62
371.82

0.59%
3,224.33
Aaa/AAA
NA

3.97 3.63
39 ,-._,.. CHANDLER ~ , • • ASSET MANAGEMENT

Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
Total Supranational 1,250,000.00 4.34%
1,236,121.80
1,239,844.95
100.57

3.86%
1,257,093.31
14,889.57

2.49%
17,248.36

3.34 3.05

US TREASURY
91282CBW0 UNITED STATES TREASURY 0.75
04/30/2026 500,000.00 01/12/20234.46%
443,595.43
498,641.42

99.76 3.70%
498,818.00
1,574.59

0.99%
176.58
Aa1/AA+
AA+

0.08 0.08
9128286X3 UNITED STATES TREASURY 2.125
05/31/2026 500,000.00 01/12/20234.31%
465,958.71
498,346.17

99.72 3.78%
498,623.50
3,561.13

0.99%
277.33
Aa1/AA+
AA+

0.17 0.16
91282CCJ8 UNITED STATES TREASURY 0.875
06/30/2026 500,000.00 01/12/20234.42%
443,595.43
495,987.03

99.29 3.74%
496,457.00
1,099.79

0.98%
469.97
Aa1/AA+
AA+

0.25 0.25
91282CHY0 UNITED STATES TREASURY 4.625
09/15/2026 900,000.00 09/25/20234.81%
895,429.69
899,296.55
100.39

3.75%
903,495.60
1,922.89

1.79%
4,199.05
Aa1/AA+
AA+

0.46 0.45
91282CJC6 UNITED STATES TREASURY 4.625
10/15/2026 500,000.00 10/19/20235.05%
494,218.75
498,956.09
100.45

3.77%
502,261.00
10,673.08

0.99%
3,304.91
Aa1/AA+
AA+

0.54 0.52
91282CKV2 UNITED STATES TREASURY 4.625
06/15/2027 625,000.00 06/26/20244.50%
627,148.44
625,872.87
100.94

3.82%
630,859.38
8,497.17

1.25%
4,986.51
Aa1/AA+
AA+

1.21 1.15
91282CLG4 UNITED STATES TREASURY 3.75
08/15/2027 650,000.00 06/11/20253.96%
647,207.03
648,237.69

99.88 3.84%
649,187.50
3,030.04

1.28%
949.81
Aa1/AA+
AA+

1.38 1.32
91282CFM8 UNITED STATES TREASURY 4.125
09/30/2027 750,000.00 12/18/20234.06%
751,669.92
750,661.44
100.41

3.84%
753,076.50

84.53 1.49%
2,415.06
Aa1/AA+
AA+

1.50 1.44
91282CLQ2 UNITED STATES TREASURY 3.875
10/15/2027 500,000.00 11/15/20244.29%
494,394.53
497,030.84
100.06

3.83%
500,312.50
8,942.31

0.99%
3,281.66
Aa1/AA+
AA+

1.54 1.45
91282CGC9 UNITED STATES TREASURY 3.875
12/31/2027 1,000,000.00 02/06/20233.84%
1,001,445.31
1,000,516.53
100.07

3.83%
1,000,703.00
9,741.02

1.98%
186.47
Aa1/AA+
AA+

1.75 1.66
91282CMF5 UNITED STATES TREASURY 4.25
01/15/2028 750,000.00 01/27/20254.24%
750,292.97
750,177.08
100.71

3.83%
755,302.50
6,691.99

1.49%
5,125.42
Aa1/AA+
AA+

1.79 1.70
91282CHE4 UNITED STATES TREASURY 3.625
05/31/2028 525,000.00 10/17/20243.91%
519,934.57
521,966.88

99.61 3.81%
522,928.88
6,378.61

1.03%
962.00
Aa1/AA+
AA+

2.17 2.04
91282CHK0 UNITED STATES TREASURY 4.0
06/30/2028 750,000.00 03/12/20244.22%
743,496.09
746,598.91
100.42

3.80%
753,135.00
7,541.44

1.49%
6,536.09
Aa1/AA+
AA+

2.25 2.11
91282CJA0 UNITED STATES TREASURY 4.625
09/30/2028 500,000.00 10/19/20234.95%
492,968.75
496,447.41
101.91

3.81%
509,570.50

63.18 1.01%
13,123.09
Aa1/AA+
AA+

2.50 2.34
40 ,-._,.. CHANDLER ~ , • • ASSET MANAGEMENT

Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
91282CJR3 UNITED STATES TREASURY 3.75
12/31/2028 600,000.00 10/17/20243.92%
596,039.06
597,406.68

99.80 3.83%
598,804.80
5,656.08

1.18%
1,398.12
Aa1/AA+
AA+

2.75 2.56
91282CKG5 UNITED STATES TREASURY 4.125
03/31/2029 700,000.00 06/11/20253.99%
703,335.94
702,631.74
100.83

3.83%
705,824.00

78.89 1.40%
3,192.26
Aa1/AA+
AA+

3.00 2.80
91282CEM9 UNITED STATES TREASURY 2.875
04/30/2029 750,000.00 09/18/20243.51%
729,931.64
736,593.29

97.22 3.84%
729,141.00
9,053.87

1.44%
(7,452.29)
Aa1/AA+
AA+

3.08 2.88
91282CKX8 UNITED STATES TREASURY 4.25
06/30/2029 600,000.00 05/21/20254.08%
603,796.88
603,002.07
101.21

3.85%
607,265.40
6,410.22

1.20%
4,263.33
Aa1/AA+
AA+

3.25 2.98
91282CLK5 UNITED STATES TREASURY 3.625
08/31/2029 650,000.00 09/26/20243.56%
651,955.08
651,356.28

99.23 3.87%
645,023.60
2,048.91

1.28%
(6,332.68)
Aa1/AA+
AA+

3.42 3.17
91282CLN9 UNITED STATES TREASURY 3.5
09/30/2029 550,000.00 12/09/20253.70%
546,111.33
546,424.66

98.80 3.87%
543,382.95

52.60 1.08%
(3,041.71)
Aa1/AA+
AA+

3.50 3.26
91282CLR0 UNITED STATES TREASURY 4.125
10/31/2029 600,000.00 12/11/20244.09%
600,820.31
600,601.90
100.82

3.88%
604,921.80
10,392.27

1.20%
4,319.90
Aa1/AA+
AA+

3.59 3.25
91282CMU2 UNITED STATES TREASURY 4.0
03/31/2030 650,000.00 04/17/20253.90%
652,996.09
652,423.43
100.36

3.90%
652,336.10

71.04 1.29%
(87.33)
Aa1/AA+
AA+

4.00 3.66
91282CGZ8 UNITED STATES TREASURY 3.5
04/30/2030 600,000.00 07/23/20253.91%
589,429.69
590,953.61

98.48 3.91%
590,859.60
8,817.68

1.17%
(94.01)
Aa1/AA+
AA+

4.08 3.71
91282CNG2 UNITED STATES TREASURY 4.0
05/31/2030 600,000.00 12/09/20253.74%
606,328.13
605,894.11
100.34

3.91%
602,038.80
8,043.96

1.19%
(3,855.31)
Aa1/AA+
AA+

4.17 3.75
91282CNN7 UNITED STATES TREASURY 3.875
07/31/2030 750,000.00 08/27/20253.74%
754,394.53
753,866.60

99.83 3.92%
748,740.00
4,816.99

1.48%
(5,126.60)
Aa1/AA+
AA+

4.33 3.93
91282CNX5 UNITED STATES TREASURY 3.625
08/31/2030 750,000.00 09/16/20253.58%
751,347.66
751,201.64

98.77 3.93%
740,800.50
2,364.13

1.47%
(10,401.14)
Aa1/AA+
AA+

4.42 4.02
91282CPA3 UNITED STATES TREASURY 3.625
09/30/2030 700,000.00 11/10/20253.70%
697,757.81
697,933.87

98.75 3.93%
691,277.30

69.33 1.37%
(6,656.57)
Aa1/AA+
AA+

4.50 4.11
Total US Treasury 17,450,000.00 4.07%
17,255,599.77
17,419,026.77

99.92 3.84%
17,435,146.70
127,677.71

34.50%
16,119.93

2.47 2.29
Total Portfolio 50,610,435.42 4.32%
50,073,695.69
50,420,450.32

96.94 4.00%
50,543,731.82
348,920.61
100.00%
123,281.50

2.13 1.79
Total Market Value +
Accrued 50,892,652.44
41 ,-._,.. CHANDLER ~ , • • ASSET MANAGEMENT

HOLDINGS REPORT
San Rafael Reporting | Account #11046 | As of March 31, 2026 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 567,157.61 -- 567,157.61
567,157.61

1.00 567,157.61

0.00 0.96%

0.00 Aaa/AAA
AAA

0.00 0.00
Total Cash 567,157.61
567,157.61
567,157.61

1.00 567,157.61

0.00 0.96%

0.00 0.00

0.00 LAIF
90LAIF$00 Local Agency Investment Fund
State Pool 58,450,124.06 --3.82%
58,450,124.06
58,450,124.06

1.00 3.82%
58,450,124.06

0.00 99.04%

0.00 NA/NA
NA

0.00 0.00
Total LAIF 58,450,124.06 3.82%
58,450,124.06
58,450,124.06

1.00 3.82%
58,450,124.06

0.00 99.04%

0.00 0.00

0.00 Total Portfolio 59,017,281.67 3.82%
59,017,281.67
59,017,281.67

1.00 3.82%
59,017,281.67

0.00 100.00%

0.00 0.00

0.00 Total Market Value +
Accrued 59,017,281.67
42 ,-._,.. CHANDLER ~ , • • ASSET MANAGEMENT

TRANSACTIONS
43 1-,,a CHANDLER " '-- ASSET MANAGEMENT

TRANSACTION LEDGER
City of San Rafael | Account #11045|01/01/2026 Through 03/31/2026| Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/DispYield Amount Interest Pur/Sold Total Amount Gain/Loss

ACQUISITIONS
Purchase 01/08/2026 89236TFT7 600,000.00

TOYOTA MOTOR
CREDIT CORP 3.65
01/08/2029

99.128 3.96% (594,768.00) 0.00 (594,768.00) 0.00
Purchase 01/21/2026 89240KAD0 200,000.00 TAOT 2026-A A3 3.86 09/15/2030 99.991 4.13% (199,982.96) 0.00 (199,982.96) 0.00 Purchase 01/21/2026 58770YAD3 140,000.00 MBALT 2026-A A3 3.93 01/15/2030 99.980 3.97% (139,972.24) 0.00 (139,972.24) 0.00 Purchase 01/22/2026 06406RCG0 170,000.00

BANK OF NEW YORK
MELLON CORP 4.026
01/22/2030
100.000 4.09% (170,000.00) 0.00 (170,000.00) 0.00
Purchase 01/23/2026 95000U4D2 325,000.00 WELLS FARGO & CO

4.182 01/23/2030 100.000 4.18% (325,000.00) 0.00 (325,000.00) 0.00 Purchase 01/27/2026 62479MJU8 1,000,000.00
MUFG Bank, Ltd.,
New York Branch
09/28/2026

97.499 3.78% (974,990.00) 0.00 (974,990.00) 0.00
Purchase 02/12/2026 92826CAY8 390,000.00 VISA INC 3.8
02/12/2029 99.885 3.84% (389,551.50) 0.00 (389,551.50) 0.00 Purchase 02/18/2026 448981AD2 325,000.00 HART 2026-A A3 3.79 02/18/2031 99.993 4.30% (324,978.06) 0.00 (324,978.06) 0.00 Purchase 02/18/2026 43815CAD0 245,000.00 HAROT 2026-1 A3 3.78 09/23/2030 99.984 3.03% (244,960.97) 0.00 (244,960.97) 0.00 Purchase 02/24/2026 3137FK4M5 300,000.00 FHMS K-085 A2 4.06 10/25/2028 100.719 3.69% (302,156.25) (778.17) (302,934.42) 0.00 Purchase 03/13/2026 023135DC7 500,000.00 AMAZON.COM INC 4.0 03/13/2029 99.936 4.02% (499,680.00) 0.00 (499,680.00) 0.00 Purchase 03/13/2026 79466LAQ7 165,000.00 SALESFORCE INC 4.5 03/15/2028 100.214 4.38% (165,353.10) 0.00 (165,353.10) 0.00 Purchase 03/13/2026 79466LAQ7 165,000.00 SALESFORCE INC 4.5 03/15/2028 100.271 4.35% (165,447.15) 0.00 (165,447.15) 0.00 Purchase 03/17/2026 60710WHS6 500,000.00
Mizuho Bank, Ltd.,
New York Branch
08/26/2026

98.277 3.90% (491,382.50) 0.00 (491,382.50) 0.00
Purchase 03/18/2026 47787DAD3 170,000.00 JDOT 2026 A3 3.87 08/15/2030 99.982 4.49% (169,969.88) 0.00 (169,969.88) 0.00 Total Purchase 5,195,000.00 (5,158,192.61) (778.17) (5,158,970.78) 0.00 44 ,-._,.. CHANDLER ~ , • • ASSET MANAGEMENT

DISPOSITIONS
Maturity 01/15/2026 91282CGE5 (1,000,000.00)

UNITED STATES
TREASURY 3.875
01/15/2026
100.000 4.13% 1,000,000.00 0.00 1,000,000.00 0.00
Maturity 02/28/2026 91282CBQ3 (500,000.00)

UNITED STATES
TREASURY 0.5
02/28/2026
100.000 3.50% 500,000.00 0.00 500,000.00 0.00
Maturity 03/31/2026 91282CKH3 (1,000,000.00)

UNITED STATES
TREASURY 4.5
03/31/2026
100.000 4.96% 1,000,000.00 0.00 1,000,000.00 0.00
Total Maturity (2,500,000.00) 2,500,000.00 0.00 2,500,000.00 0.00 Sale 01/08/2026 89236TDR3 (600,000.00)

TOYOTA MOTOR
CREDIT CORP 3.2
01/11/2027

99.362 4.57% 596,172.00 9,440.00 605,612.00 3,852.09
Sale 01/13/2026 3137BVZ82 (700,000.00) FHMS K-063 A2 3.43 01/25/2027 99.539 4.53% 693,652.23 796.75 694,448.98 3,674.79 Sale 03/12/2026 00440EAV9 (500,000.00) CHUBB INA HOLDINGS LLC 3.35 05/03/2026 99.894 5.09% 499,470.00 6,002.08 505,472.08 600.67 Sale 03/12/2026 17275RBQ4 (550,000.00) CISCO SYSTEMS INC

4.8 02/26/2027 100.792 4.82% 554,356.00 1,173.33 555,529.33 4,434.84 Total Sale (2,350,000.00) 2,343,650.23 17,412.16 2,361,062.39 12,562.39 TOTAL
DISPOSITIONS (4,850,000.00) 4,843,650.23 17,412.16 4,861,062.39 12,562.39 45 ,-._,.. CHANDLER ~ , • • ASSET MANAGEMENT

TRANSACTION LEDGER
San Rafael Reporting | Account #11046|01/01/2026 Through 03/31/2026| Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/DispYield Amount Interest Pur/Sold Total Amount Gain/Loss

ACQUISITIONS
Purchase 01/15/2026 90LAIF$00 448,595.51
Local Agency
Investment Fund State
Pool

1.000 3.93% (448,595.51) 0.00 (448,595.51) 0.00
Total Purchase 448,595.51 (448,595.51) 0.00 (448,595.51) 0.00 TOTAL
ACQUISITIONS 448,595.51 (448,595.51) 0.00 (448,595.51) 0.00

DISPOSITIONS
Sale 02/28/2026 90LAIF$00 (880,137.08)
Local Agency
Investment Fund State
Pool

1.000 3.86% 880,137.08 0.00 880,137.08 0.00
Total Sale (880,137.08) 880,137.08 0.00 880,137.08 0.00 TOTAL
DISPOSITIONS (880,137.08) 880,137.08 0.00 880,137.08 0.00 46 ,-._,.. CHANDLER ~ , • • ASSET MANAGEMENT

IMPORTANT DISCLOSURES
2026 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.

LGIP Yields: Reported yields for local government investment pools may be presented as either the 30-day yield or the monthly distribution yield, as applicable. For certain funds, the 30-day yield is calculated using reported daily yield data. Yield calculations are subject to change and may not be directly comparable across funds.

LAIF Yields: Additional Disclosure for CA Clients - As a result of a reporting lag from the Local Agency Investment Fund (LAIF), reported LAIF yieldsrepresent the most recently available Daily Effective Yield and may reflect data from approximately 7–10 days prior to month-end. 47 ,-._,.. CHANDLER ~ , • • ASSET MANAGEMENT

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. 48 ,-._,.. CHANDLER ~ , • • ASSET MANAGEMENT

San Rafael City CouncilMay 18, 2026

San Rafael City Council
May 18, 2026