____________________________________________________________________________________
FOR CITY CLERK ONLY
Council Meeting:
Disposition:
Agenda Item No: 2.e
Meeting Date: August 17, 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 JUNE 30, 2026
RECOMMENDATION:
Staff recommends that the City Council accept the investment report for the quarter ending June 30, 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 July 20, 2026, 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 June 30, 2026, the City’s Treasury consisted of investments with a total market value of $120,152,201, consisting of $67,911,936 in the City’s primary Local Agency Investment Fund (LAIF) account, $893,500 of Pt. San Pedro Assessment District bonds, and $50,723,778 in externally managed investments. An additional $13,769,473 represents cash balances in the City’s various operating bank accounts, including Westamerica Bank ($13,156,506), Bank of the Marin ($188,201), and Bank of Montreal ($424,766).
As of June 30, 2026, the weighted-average yield on the portfolio was 4.01%, which results from an effective yield of 3.82% for the City’s investments in the Local Agency Investment Fund and a yield of
4.28% for the externally managed investments. The overall return on the total portfolio for the quarter ending June 30, 2026, was 4.23% with a weighted average maturity of 1 year and compares favorably to SAN RAFAEL CITY COUNCIL AGENDA REPORT / Page: 2
the benchmark (1-3 Year Treasury Index) of 4.15%. This favorable variance is due 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. Rising interest rates also result in reduced market valuation of several securities across the City’s portfolio, however these “paper” losses are largely negated as most of the securities within the managed portfolio are typically held to maturity. All investments comply with the City’s investment policy and California Government Code.
Economic Outlook:
Headline inflation, defined as the total unadjusted inflation rate measured by the Consumer Price Index (CPI), accelerated at the fastest pace in more than three years, reflecting volatility in the energy component. Crude oil, however, retraced roughly 20% from its May–early June peak as diplomatic progress between the United States and Iran pointed to a potential framework for de-escalation. The labor market remained resilient, with continued payroll growth and subdued jobless claims. Risk assets held firm, as equities hovered near record highs and credit spreads remained historically tight amid broadly better-than-expected corporate earnings. Taken together, the current market environment has further constrained the case for near-term monetary policy easing, leading the Chandler team to push out its expected timing for rate cuts beyond the six-month investment horizon.
The Federal Reserve’s June Federal Open Markets Committee (FOMC) meeting ended with policymakers unanimously holding the target range at 3.50%–3.75%, a notable shift from the 8–4 split at April’s meeting, which marked Jerome Powell’s final session as Chair. Under new Chair Kevin Warsh, sworn in on May 22, the Committee released an unusually concise statement that referenced Middle East tensions and energy supply disruptions while removing prior forward guidance that had suggested a bias toward rate cuts. Updated projections leaned more hawkish, with 9 of 18 officials expecting at least one rate hike this year and 6 anticipating multiple increases. The shift signals that restoring price stability has reemerged as the central focus of monetary policy deliberations.
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 June 30, 2026; 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:
SAN RAFAEL CITY COUNCIL AGENDA REPORT / Page: 3
Staff recommends that the City Council accept the investment report for the quarter ending June 30, 2026, as presented. Microsoft Teams
ATTACHMENTS:
1. Quarterly Investment Portfolio Report
2. Historical Activity by Quarter Report
3. Chandler Asset Management – Investment Report: Period Ending June 30, 2026 SAN RAFAEL CITY COUNCIL AGENDA REPORT / Page: 4
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 $ 67,911,936 97.8% 3.82%
Cash (Receivable) $ 622,988 0.9% 3.82%
Pt. San Pedro Assessment District $ 893,500 1.8% 5.25%
Total Internally Managed $ 69,428,424 57.8%
Weighted Average Yield 3.86%
Days
Effective Average Duration - Internal 1
Weighted Average Maturity - Internal 1
% Yield
Money Market Fund $ 655,382 1.3% 3.29%
Treasury Securities $ 19,397,824 38.2% 4.03%
Instrumentality Securities $ 4,313,151 8.5% 4.29%
Corporate Notes $ 13,554,493 26.7% 4.61%
Asset-Backed $ 4,375,265 8.6% 4.64%
Cash (Receivable) $ 1,568 0.0% 0.00%
Commercial Paper $ 1,487,497 2.9% 3.82%
CMO $ 5,694,047 11.2% 4.30%
Supranational $ 1,244,551 2.5% 4.34%
Total Externally Managed $ 50,723,778 42.2%
Weighted Average Yield 4.28%
Years
Effective Average Duration - External 1.70
Weighted Average Maturity - External 2.13
Total Portfolio Assets % Yield
LAIF $ 67,911,936 56.5% 3.82%
Money Market Fund $ 655,382 0.5% 3.29%
Treasury Securities $ 19,397,824 16.1% 4.03%
Instrumentality Securities $ 4,313,151 3.6% 4.29%
Corporate Notes $ 13,554,493 11.3% 4.61%
Asset-Backed $ 4,375,265 3.6% 4.64%
Cash (Receivable) $ 624,556 0.5% 0.00%
Commercial Paper $ 1,487,497 1.2% 3.82%
CMO $ 5,694,047 4.7% 4.30%
Supranational $ 1,244,551 1.0% 4.34%
Pt. San Pedro Assessment District $ 893,500 0.7% 5.25%
Total Portfolio Assets $ 120,152,201 100.0%
Weighted Average Yield 4.01%
Years
Effective Average Duration - Total 0.86
Weighted Average Maturity - Total 1.00
Based on Market Values
June 30, 2026
City of San Rafael
Quarterly Investment Portfolio Report
Externally Managed Assets
Internally Managed Assets
LAIF
97.8%
Cash
(Receivable)
0.9%
Pt. San Pedro
Assessment
District
1.8%
Money Market
Fund
1.3%
Treasury
Securities
38.2%
Instrumentality
Securities
8.5%
Corporate Notes
26.7%
Asset-Backed
8.6%
Cash
(Receivable)
0.0%
Commercial
Paper
2.9%
CMO
11.2%
Supranational
2.5%
LAIF
56.5%
Money Market
Fund
0.5%
Treasury
Securities
16.1%
Instrumentality
Securities
3.6%
Corporate Notes
11.3%
Asset-Backed
3.6%
Cash
(Receivable)
0.5%
Commercial
Paper
1.2%
CMO
4.7%
Supranational
1.0%
Pt. San Pedro
Assessment
District
0.7%
Internally Managed Assets % Return % Return % Return % Return LAIF $ 67,911,936 97.8% 3.82% $ 58,450,124 99.0% 3.82% $ 65,580,543 97.7% 4.27% $ 60,863,383 98.8% 4.31% Cash (Receivable) $ 622,988 0.9% 3.82% $ 567,158 1.0% 0.00% $ 679,852 1.0% 0.00% $ 709,072 1.2% 0.00% Municipal/Assessment District $ 893,500 1.8% 5.25% $ 893,500 1.7% 5.25% $ 893,500 1.8% 5.25% $ 893,500 1.8% 5.25% Total Internally Managed $ 69,428,424 57.8% $ 59,910,782 54.2% $ 67,153,895 57.8% $ 62,465,955 56.3% Weighted Average Yield 3.86% 3.87% 4.27% 4.35%
Externally Managed Assets % Return % Return % Return % Return Cash $ 1,568 0.00% 0.00% $ 1,609 0.00% 0.00% $ 938 0% 0% $ 4,688 0.00% 0.00% Commercial Paper $ 1,487,497 2.93% 3.82% $ 1,472,355 2.86% 3.82% $ - 0% 0% $ - 0.00% 0.00% Money Market Fund $ 655,382 1.29% 3.29% $ 1,498,497 2.91% 3.29% $ 301,402 0.6% 3.94% $ 832,503 1.7% 3.95% Treasury Securities $ 19,397,824 38.2% 4.03% $ 17,435,147 33.90% 4.07% $ 18,019,829 36.7% 4.20% $ 16,320,849 33.0% 4.24% Instrumentality Securities $ 4,313,151 8.50% 4.29% $ 4,857,791 9.44% 4.30% $ 7,170,602 14.6% 4.30% $ 7,943,011 16.1% 4.34% Corporate Notes $ 13,554,493 26.72% 4.61% $ 14,162,362 27.53% 4.71% $ 13,150,300 26.8% 4.92% $ 12,550,651 25.4% 4.87% Asset Backed $ 4,375,265 8.63% 4.64% $ 4,135,055 8.04% 4.66% $ 4,381,789 8.9% 4.84% $ 4,833,808 9.8% 4.83% Collateralized Mortgage Obligations (CMO) $ 5,694,047 11.23% 4.30% $ 5,723,823 11.13% 4.30% $ 4,829,889 9.8% 4.51% $ 4,802,670 9.7% 4.44% Supranational $ 1,244,551 2.45% 4.34% $ 1,257,093 2.44% 4.34% $ 1,261,602 2.6% 4.32% $ 1,250,601 2.5% 4.31% Total Externally Managed $ 50,723,778 42.2% $ 50,543,732 45.76% $ 49,116,351 42.2% $ 48,538,781 43.7% Weighted Average Yield 4.28% 4.25% 4.59% 4.41%
Years Years Years Years
Effective Average Duration - External 1.7 1.7 1.84 1.84 Weighted Average Maturity - External 2.13 2.13 2.19 2.22 Total Portfolio Assets % Return % Return % Return % Return LAIF $ 67,911,936 56.5% 3.82% $ 58,450,124 52.92% 3.82% $ 65,580,543 56.4% 4.27% $ 60,863,383 54.8% 4.31% Cash $ 624,556 0.5% 0% $ 568,766 0.51% 0.00% $ 680,790 0.6% 0% $ 713,761 0.6% 0% Commercial Paper $ 1,487,497 1.2% 3.82% $ 1,472,355 1.33% 3.82% $ - 0.0% 0% $ - 0.0% 0% Money Market Fund $ 655,382 0.5% 3.29% $ 1,498,497 1.36% 3.29% $ 301,402 0.3% 3.94% $ 832,503 0.7% 3.95% Treasury Securities $ 19,397,824 16.1% 4.03% $ 17,435,147 15.78% 4.07% $ 18,019,829 15.5% 4.20% $ 16,320,849 14.7% 4.24% Instrumentality Securities $ 4,313,151 3.6% 4.29% $ 4,857,791 4.40% 4.30% $ 7,170,602 6.2% 4.30% $ 7,943,011 7.2% 4.34% Corporate Notes $ 13,554,493 11.3% 4.61% $ 14,162,362 12.82% 4.71% $ 13,150,300 11.3% 4.92% $ 12,550,651 11.3% 4.87% Asset Backed $ 4,375,265 3.6% 4.64% $ 4,135,055 3.74% 4.66% $ 4,381,789 3.8% 4.84% $ 4,833,808 4.4% 4.83% Collateralized Mortgage Obligations (CMO) $ 5,694,047 4.7% 4.30% $ 5,723,823 5.18% 4.30% $ 4,829,889 4.2% 4.51% $ 4,802,670 4.3% 4.44% Supranational $ 1,244,551 1.0% 4.34% $ 1,257,093 1.14% 4.34% $ 1,261,602 1.1% 4.32% $ 1,250,601 1.1% 4.31% Municipal/Assessment District $ 893,500 0.7% 5.25% $ 893,500 0.81% 5.25% $ 893,500 0.8% 5.25% $ 893,500 0.8% 5.25% Total Portfolio Assets $ 120,152,201 100% $ 110,454,514 100% $ 116,270,246 100% $ 111,004,737 100% Weighted Average Yield 4.01% 3.99% 4.35% 4.37%
Years Years Years Years
Effective Average Duration - Total 0.86 0.86 0.78 0.80
Weighted Average Maturity - Total 1.00 1.00 0.93 0.96
Note: In prior reporting periods the category Municipal/Assessment District was reported in Externally Managed Assets. The totals for both internally and externally managed assets and their respected weighted yields may appear different than previous reported.
March 31, 2026 June 30, 2025 March 31, 2025
Attachment 2
June 30, 2026
City of San Rafael
Historical Activity-By Quarter
INVESTMENT REPORT
City of San Rafael | As of June 30, 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.
TABLE OF CONTENTS
ECONOMIC UPDATE
ACCOUNT PROFILE
CONSOLIDATED INFORMATION
PORTFOLIO HOLDINGS
TRANSACTIONS
1 ECONOMIC UPDATE
2 ▪
▪
▪
Energy prices and inflation remained the primary drivers of the macro backdrop as the U.S.-Israel-Iran conflict entered its third month, disrupting global oil supply. Headline CPI accelerated at the fastest pace in more than three years, reflecting volatility in the energy component. Crude oil, however, retraced roughly 20% from its May–early June peak as diplomatic progress between the United States and Iran pointed to a potential framework for de-escalation. The labor market remained resilient, with continued payroll growth and subdued jobless claims. Risk assets held firm, as equities hovered near record highs and credit spreads remained historically tight amid broadly better-than-expected corporate earnings. Taken together, the current market environment has further constrained the case for near-term monetary policy easing, leading the Chandler team to push out its expected timing for rate cuts beyond the six-month investment horizon.
The Federal Reserve’s June FOMC meeting ended with policymakers unanimously holding the target range at 3.50%–3.75%, a notable shift from the 8–4 split at April’s meeting, which marked Jerome Powell’s final session as Chair. Under new Chair Kevin Warsh, sworn in on May 22, the Committee released an unusually concise statement that referenced Middle East tensions and energy supply disruptions while removing prior forward guidance that had suggested a bias toward rate cuts. Updated projections leaned more hawkish, with 9 of 18 officials expecting at least one rate hike this year and 6 anticipating multiple increases. The shift signals that restoring price stability has reemerged as the central focus of monetary policy deliberations.
The Treasury yield curve flattened modestly in June as short-term yields responded to a more hawkish shift in Federal Reserve guidance.
The 2-year yield rose to 4.15% from 3.98% the prior month, while the 10-year yield edged down slightly to 4.44% from 4.45%. As a result, the 2s/10s spread narrowed to 29 basis points, down from roughly 47 basis points a month earlier and significantly below the 69 basis point spread at the start of the year. Meanwhile, the 3-month/10-year spread remained positive at 64 basis points. Front-end rates absorbed the bulk of the Fed’s updated rate outlook, while longer maturities were partly anchored by a late-month decline in oil prices.
ECONOMIC UPDATE
3 -400
-200
0 200
400
600
800
1,000
MOM Change In Thousands (000's)
Nonfarm Payroll (000's)
Non-farm Payroll (000's)
3-month average (000's)
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
Unemployment Rate
Underemployment Rate (U6)
Unemployment Rate (U3)
Rate (%)
Nonfarm payrolls increased by just 57,000 in June, well below the 113,000 consensus and marking a sharp slowdown from May’s pace. The unemployment rate edged down to 4.2%, though the decline was driven by a drop in labor force participation to 61.5%, its lowest level since March 2021. Revisions further weakened the report’s signal. April payrolls were revised down by 31,000 to 148,000, while May was lowered by 43,000 to 129,000, resulting in a combined two-month downward revision of 74,000.
Source: US Department of Labor Source: US Department of Labor
EMPLOYMENT
4 0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
Job Openings
Recession
Historical Average In Thousands (000's)
Job openings were essentially unchanged at 7.6 million in May, remaining elevated by historical standards even as hiring momentum moderates. Gains in wholesale trade and accommodation and food services were offset by declines in health care and social assistance, as well as finance and insurance. April openings were revised down by 33,000 to 7.6 million, while hires were revised up by 99,000, highlighting ongoing churn but a broadly stable labor market backdrop.
Source: US Department of Labor
JOB OPENINGS & LABOR TURNOVER SURVEY
5 Source: Bloomberg Indices Source: Bloomberg Indices
ENERGY MARKETS
Crude oil prices declined sharply in June as supply disruptions tied to the Middle East conflict began to ease. Tanker traffic through the Strait of Hormuz normalized, and signs of progress in U.S.–Iran negotiations helped unwind the geopolitical risk premium that had driven prices higher earlier in the year. West Texas Intermediate settled near $69.37 per barrel on June 30, while Brent crude closed around $72.96, both well below their recent peaks. Brent’s 21% monthly decline marked its steepest drop since March 2020, while WTI fell more than 20%, its largest monthly loss since late 2021. Beyond crude, broader energy markets also softened. Refined product cracks narrowed as gasoline and diesel demand showed signs of seasonal moderation, while U.S. natural gas prices remained range-bound amid ample storage and steady production. Taken together, the retracement in oil and broader energy prices reflects a rapid compression in geopolitical risk premia and improved near-term supply visibility, even as underlying structural risks in the region remain unresolved.
2.00 2.50
3.00 3.50
4.00 4.50
5.00 5.50
6.00 6.50
US Fuel Prices
Average Retail Price US Diesel
Average Retail Price US Gas
($) 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)
6 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
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
Inflation firmed in May, with the Personal Consumption Expenditures (PCE) price index rising 0.4% on the month and 4.1% year over year, up from 3.8% in April and marking the highest annual rate of the current cycle. Core PCE, which excludes food and energy, increased 0.3% in May and 3.4% over the year. Energy prices remained the primary driver of the headline acceleration, reflecting supply disruptions tied to the Iranian conflict. A similar pattern was evident in the headline Consumer Price Index (CPI), which rose 0.5% on the month and 4.2% year over year, the fastest annual pace since 2023. Energy prices climbed 3.9% in May and 23.5% from a year earlier, largely due to crude oil reaching a four-year high. In contrast, core CPI rose a more modest 0.2% on the month and 2.9% year over year, indicating that inflation pressures remain concentrated in energy rather than broad-based.
Source: US Department of Labor Source: US Department of Commerce
INFLATION
7 0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
Retail Sales YOY % Change
YOY (%) Change Retail sales rose a robust 0.9% in May to $763.7 billion, nearly double the pace economists had penciled in and an acceleration from April's downwardly revised 0.4% gain. The closely watched control group, which feeds directly into gross domestic product calculations, advanced
0.7%, pointing to durable underlying demand. Gasoline station receipts rose as energy prices stayed high, while auto sales rebounded after an April pullback. The Conference Board's Consumer Confidence Index ticked up 0.6 points to 91.2 in June, though the improvement masked a further deterioration in how households view the job market, with the share calling jobs ‘hard-to-get’ climbing to a five year high.
Spending has proven more resilient than sentiment across recent months. 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
8 -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) edged up 0.1% in May to 99.3, following a revised 0.2% increase in April. Despite the monthly gains, the LEI’s six- and twelve-month growth rates remained negative at -0.6% and -1.5%, respectively. The advance was driven primarily by financial components, including equity prices and the interest rate spread, while consumer expectations continued to weigh on the index. The Chicago Fed National Activity Index fell to -0.10 in May from an upwardly revised 0.19 in April. Production-related and employment-related indicators each subtracted from the index, while the sales, orders, and inventories category made a small positive contribution.
Source: The Conference Board Source: Federal Reserve Bank of Chicago
LEADING INDICATORS OF ECONOMIC ACTIVITY
9 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 declined sharply in May to a seasonally adjusted annual rate of 1,177,000, a 15.4% drop from a downwardly revised 1,392,000 in April. The pullback was driven primarily by multifamily construction, while single-family starts edged down a more modest
1.9% to 882,000; total multifamily starts came in at 295,000 units. The S&P CoreLogic Case-Shiller 20-City Composite rose 1.1% year over year in April, marking its first pickup since November 2025, following an upwardly revised 0.9% gain in March. Freddie Mac’s average 30- year fixed mortgage rate increased to 6.44% in May from 6.33% in April, reinforcing ongoing affordability constraints for prospective buyers.
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
10 40
45 50
55 60
65 70
Institute of Supply Management (ISM) Surveys
ISM Manufacturing ISM Services
EXPANDING
CONTRACTING
Manufacturing activity cooled slightly in June, with the Institute for Supply Management's Manufacturing Index easing to 53.3%, down 0.7 percentage point from May but still marking a sixth consecutive month of expansion. Services activity also moderated, as the ISM Services Index eased to 54.0% from 54.5%, a twenty-fourth consecutive month in expansion territory. Business activity and new orders both slowed, though the employment component jumped to 51.2% from 47.9%, its strongest reading since late 2021 and the first expansion in services hiring in four months.
Source: Institute for Supply Management
PURCHASING MANAGERS INDEX (PMI)
11 Components of GDP 6/25 9/25 12/25 3/26
1.7% 2.3% 1.3% 0.4%
-2.7% 0.0% 0.4% 1.4%
4.8% 1.6% -0.2% -0.4%
-0.4% 0.2% -1.2% 0.6%
0.3% 0.2% 0.2% 0.2%
3.8% 4.4% 0.5% 2.1%
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 Real gross domestic product increased at an annualized rate of 2.1% in the first quarter of 2026, according to the Bureau of Economic Analysis’ third estimate, up from 1.6% in the prior estimate and an acceleration from 0.5% in the fourth quarter of 2025. The 0.5 percentage point upward revision was driven primarily by a downward revision to imports—which subtract from GDP—partly offset by a downward revision to consumer spending.
GROSS DOMESTIC PRODUCT (GDP)
12 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 Open Market Committee (FOMC) held the target range for the federal funds rate at 3.50% to 3.75% at its June 16–17 meeting, with a unanimous 12–0 vote. This marked a notable shift from the April meeting—Jerome Powell’s last as chair—which saw four dissents in an 8–4 decision. The return to consensus under Chair Kevin Warsh signals a clear change in tone. Minutes from the June meeting are scheduled for release in early July. The June Summary of Economic Projections reflected a more hawkish outlook. The median projection for the federal funds rate at year-end 2026 rose to 3.8%, up from 3.4% in March, before easing to 3.6% in 2027 and 3.4% in 2028. Officials also revised their inflation forecasts, with headline PCE projected at 3.6% in 2026 (from 2.7%) and core PCE at 3.3%. By contrast, median projections for real GDP growth and the unemployment rate—2.2% and 4.3%, respectively—were little changed.
FEDERAL RESERVE
0.00%
1.00%
2.00%
3.00%
4.00%
5.00%
6.00%
Effective Federal Funds Rate
Recession
Yield (%)
13 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
Jun-26
Mar-26
Jun-25
Yield (%)
Treasury yields ended June mixed, with a modest flattening across the curve as markets digested a more hawkish Federal Reserve signal.
The 2-year yield rose to 4.15% from 3.98% at the end of May, while the 10-year yield edged down to 4.44% from 4.45%. The 2s/10s spread narrowed to 29 basis points, down from 47 basis points a month earlier. The 3-month/10-year spread remained positive at roughly 64 basis points at month-end. Relative to the 69 basis point spread at the start of 2026, the curve has flattened materially year to date, reflecting a repricing higher in front-end rates as expectations shift toward the possibility of further Fed tightening rather than easing.
BOND YIELDS
14 ACCOUNT PROFILE
15 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 STATEMENT OF COMPLIANCE
San Rafael Cons | Account #11047 | As of June 30, 2026
Rules Name Limit Actual Compliance
Status Notes
AGENCY MORTGAGE SECURITIES
Max % (MV; ABS, CMO, & MBS) 20.0 8.4 Compliant
Max Maturity (Years) 5.0 3.0 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 8.4 Compliant
Max Maturity (Years) 5 4 Compliant
Min Rating (AA- 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 1.2 Compliant
Max % Issuer (MV) 5.0 0.8 Compliant
Max Maturity (Days) 270 90 Compliant
Min Rating (A-1 by 1 or A- by 1) 0.0 0.0 Compliant
CORPORATE MEDIUM TERM NOTES
Max % (MV) 30.0 11.5 Compliant
Max % Issuer (MV) 5.0 1.0 Compliant
17 STATEMENT OF COMPLIANCE
San Rafael Cons | Account #11047 | As of June 30, 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 3.7 Compliant
Max Maturity (Years) 5 1 Compliant
LOCAL AGENCY INVESTMENT FUND (LAIF)
Max Concentration (MV) 75.0 67.9 Compliant
MONEY MARKET MUTUAL FUNDS
Max % (MV) 10.0 0.5 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 STATEMENT OF COMPLIANCE
San Rafael Cons | Account #11047 | As of June 30, 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 16.4 Compliant
Max Maturity (Years) 5 4 Compliant
19 PORTFOLIO CHARACTERISTICS
City of San Rafael | Account #11045 | As of June 30, 2026 Benchmark* 6/30/2026
Portfolio
3/31/2026
Portfolio
Average Maturity (yrs) 1.85 2.13 2.13
Average Modified Duration 1.75 1.79 1.79
Average Purchase Yield 4.28% 4.32%
Average Market Yield 4.15% 4.23% 4.00%
Average Quality** AA+ AA AA
Total Market Value 51,163,194 50,892,652
*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 SECTOR DISTRIBUTION
City of San Rafael | Account #11045 | As of June 30, 2026 Sector as a Percentage of Market Value
Sector 06/30/2026 03/31/2026
US Treasury 38.24% 34.50%
Corporate 26.72% 28.02%
Agency CMBS 11.23% 11.32%
ABS 8.63% 8.18%
Agency 8.50% 9.61%
Comm Paper 2.93% 2.91%
Supras 2.45% 2.49%
Money Mkt Fd 1.29% 2.96%
21 ISSUERS
City of San Rafael | Account #11045 | As of June 30, 2026 Issuer Investment Type% Portfolio
United States US Treasury 38.24%
Federal Home Loan Mortgage Corp Agency CMBS 11.23%
Farm Credit System Agency 6.53%
Caterpillar Inc. Corporate 2.37%
Federal Home Loan Banks Agency 1.97%
Mitsubishi UFJ Financial Group, Inc. Comm Paper 1.95%
International Bank for Recon and Dev Supras 1.85%
Chase Issuance Trust ABS 1.62%
First American Govt Oblig Fund Money Mkt Fd 1.29%
Eli Lilly and Company Corporate 1.20%
Honda Auto Receivables Owner Trust ABS 1.19%
The Home Depot, Inc. Corporate 1.19%
Bank of America Corporation Corporate 1.18%
Alphabet Inc. Corporate 1.17%
Toyota Motor Corporation Corporate 1.16%
Nat Rural Util Coop Fin Corp Corporate 1.09%
Prologis, Inc. Corporate 1.08%
PACCAR Inc Corporate 1.08%
State Street Corporation Corporate 1.04%
Hyundai Auto Receivables Trust ABS 1.00%
PepsiCo, Inc. Corporate 0.99%
American Honda Finance Corporation Corporate 0.98%
Mizuho Financial Group, Inc. Comm Paper 0.98%
Amazon.com, Inc. Corporate 0.98%
Morgan Stanley Corporate 0.97%
Realty Income Corporation Corporate 0.97%
The Goldman Sachs Group, Inc. Corporate 0.97%
American Express Credit Master Trust ABS 0.97%
JPMorgan Chase& Co. Corporate 0.95%
Deere& Company Corporate 0.84%
22 ISSUERS
City of San Rafael | Account #11045 | As of June 30, 2026 Issuer Investment Type % Portfolio
U.S. Bancorp Corporate 0.84%
American Express Company Corporate 0.79%
Visa Inc. Corporate 0.76%
BMW Vehicle Lease Trust ABS 0.75%
Public Service Enterprise Group Corporate 0.66%
Salesforce, Inc. Corporate 0.65%
Wells Fargo & Company Corporate 0.63%
NVIDIA Corporation Corporate 0.63%
Toyota Auto Receivables Owner Trust ABS 0.63%
International Finance Corporation Supras 0.61%
Abbvie Inc. Corporate 0.60%
John Deere Owner Trust ABS 0.60%
Bank of America Credit Card Trust ABS 0.59%
Hyundai Motor Company ABS 0.56%
Mercedes-Benz Auto Lease Trust ABS 0.43%
Target Corporation Corporate 0.36%
BNY Mellon Corp Corporate 0.33%
BMW Vehicle Owner Trust ABS 0.29%
Merck & Co., Inc. Corporate 0.26%
Cash Cash 0.00%
Mercedes-Benz Auto Receivables Trust ABS 0.00%
TOTAL 100.00%
23 QUALITY DISTRIBUTION
City of San Rafael | Account #11045 | As of June 30, 2026 S&P Rating Moody’s Rating Fitch Rating
Rating 06/30/2026 03/31/2026
AAA 11.46% 12.16%
AA 60.52% 56.15%
A 19.49% 22.56%
BBB 2.60% 2.61%
A-1 2.91% 2.89%
NA 3.03% 3.62%
Rating 06/30/2026 03/31/2026
Aaa 10.11% 12.56%
Aa 60.66% 58.19%
A 21.43% 22.61%
P-1 2.91% 2.89%
NA 4.89% 3.75%
Rating 06/30/2026 03/31/2026
AAA 15.51% 16.69%
AA 56.16% 56.61%
A 11.89% 10.06%
NA 16.44% 16.65%
24 DURATION DISTRIBUTION
City of San Rafael | Account #11045 | As of June 30, 2026 Portfolio Compared to the Benchmark
0-.25 .25-.5 .5-1 1-2 2-3 3-4 4-5 5-7 7+
Portfolio 10.5% 4.4% 12.2% 31.5% 25.5% 14.8% 1.2% 0.0% 0.0% ICE BofA 1-3 Year US Treasury & Agency Index 0.0% 0.0% 4.0% 58.4% 37.5% 0.0% 0.0% 0.0% 0.0% 25 INVESTMENT PERFORMANCE
City of San Rafael | Account #11045 | As of June 30, 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 0.56% 3.36% 4.68% 4.79% 4.50%
Benchmark 0.39% 2.94% 4.30% 4.37% 3.93%
*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 HISTORICAL AVERAGE PURCHASE YIELD
City of San Rafael | Account #11045 | As of June 30, 2026 Purchase Yield as of 06/30/26 = 4.28%
27 PORTFOLIO CHARACTERISTICS
San Rafael Reporting | Account #11046 | As of June 30, 2026 6/30/2026
Portfolio
3/31/2026
Portfolio
Average Maturity (yrs) 0.00 0.00
Average Modified Duration 0.00 0.00
Average Purchase Yield 3.82% 3.82%
Average Market Yield 3.82% 3.82%
Average Quality** AAA AAA
Total Market Value 68,534,924 59,017,282
*Benchmark: NO BENCHMARK REQUIRED
**The credit quality is a weighted average calculation of the highest of S&P, Moody’s and Fitch. 28 SECTOR DISTRIBUTION
San Rafael Reporting | Account #11046 | As of June 30, 2026 Sector as a Percentage of Market Value
Sector 06/30/2026 03/31/2026
LAIF 99.09% 99.04%
Cash 0.91% 0.96%
29 CONSOLIDATED INFORMATION
30 PORTFOLIO CHARACTERISTICS
San Rafael Cons | Account #11047 | As of June 30, 2026
6/30/2026
Portfolio
3/31/2026
Portfolio
Average Maturity (yrs) 0.90 0.98
Average Modified Duration 0.76 0.83
Average Purchase Yield 4.02% 4.05%
Average Market Yield 4.00% 3.91%
Average Quality** AA+ AA
Total Market Value 119,698,118 109,909,934
*Benchmark: NO BENCHMARK REQUIRED
**The credit quality is a weighted average calculation of the highest of S&P, Moody’s and Fitch. 31 SECTOR DISTRIBUTION
San Rafael Cons | Account #11047 | As of June 30, 2026
Sector as a Percentage of Market Value
Sector 06/30/2026 03/31/2026
LAIF 56.95% 53.35%
US Treasury 16.27% 15.91%
Corporate 11.37% 12.93%
Agency CMBS 4.77% 5.22%
ABS 3.67% 3.77%
Agency 3.62% 4.43%
Comm Paper 1.25% 1.34%
Supras 1.04% 1.15%
Money Mkt Fd 0.55% 1.37%
Cash 0.52% 0.52%
32 PORTFOLIO HOLDINGS
33 HOLDINGS REPORT
City of San Rafael | Account #11045 | As of June 30, 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
58768PAC8 MBART 2022-1 A3 5.21
08/16/2027 1,138.29 02/15/20235.03%
1,144.16
1,138.37
100.05
3.85%
1,138.90
2.64 0.00%
0.53 Aaa/AAA
NA
1.13 0.04
89239HAD0 TAOT 2022-D A3 5.3 09/15/2027 37,574.17 02/10/2023
4.86%
38,017.43
37,609.26
100.18
3.96%
37,643.38
88.51 0.07%
34.12 Aaa/NA
AAA
1.21 0.13
47800CAC0 JDOT 2023 A3 5.01 11/15/2027 134,112.84 --
3.66%
134,454.71
134,147.36
100.16
4.26%
134,332.24
298.62
0.26%
184.88
Aaa/NA
AAA
1.38 0.19
58770JAD6 MBALT 2024-A A3 5.32
01/18/2028 80,546.13 05/17/20245.73%
80,536.70
80,542.13
100.35
4.20%
80,829.73
190.45
0.16%
287.60
Aaa/NA
AAA
1.55 0.30
891941AD8 TAOT 2023-B A3 4.71 02/15/2028 81,298.43 10/03/2023
5.68%
79,688.34
80,700.39
100.17
4.21%
81,435.01
170.18
0.16%
734.62
Aaa/NA
AAA
1.63 0.31
05592XAD2 BMWOT 2023-A A3 5.47
02/25/2028 15,393.53 07/11/20235.47%
15,390.80
15,392.55
100.33
4.10%
15,444.08
14.03 0.03%
51.53 NA/AAA
AAA
1.66 0.23
438123AC5 HAROT 2023-4 A3 5.67
06/21/2028 206,070.64 12/07/20235.10%
209,153.65
207,089.85
100.62
4.34%
207,337.97
324.56
0.41%
248.12
Aaa/NA
AAA
1.98 0.42
096912AD2 BMWLT 2025-1 A3 4.43
06/26/2028 125,000.00 06/03/20254.82%
124,997.25
124,998.20
100.13
4.31%
125,157.75
92.29 0.25%
159.55
NA/AAA
AAA
1.99 0.80
02582JKD1 AMXCA 2023-3 A 5.23 09/15/2026 490,000.00 09/12/2023
5.29%
489,978.10
489,998.48
100.28
3.89%
491,372.98
1,138.98
0.97%
1,374.50
NA/AAA
AAA
0.21 0.20
161571HT4 CHAIT 2023-1 A 5.16 09/15/2028 495,000.00 09/07/2023
5.23%
494,862.79
494,939.40
100.25
3.96%
496,246.91
1,135.20
0.98%
1,307.51
NA/AAA
AAA
2.21 0.20
05594HAD5 BMWLT 2025-2 A3 3.97
09/25/2028 255,000.00 10/08/20254.32%
254,999.29
254,999.46
99.67 4.34%
254,170.74
168.73
0.50%
(828.72)
NA/AAA
AAA
2.24 0.97
05522RDH8 BACCT 2023-2 A 4.98 11/16/2026 300,000.00 02/20/2024
4.88%
301,125.00
300,155.56
100.32
4.15%
300,959.10
664.00
0.59%
803.54
Aaa/NA
AAA
0.38 0.36
096919AD7 BMWOT 2024-A A3 5.18
02/26/2029 130,379.78 06/04/20245.18%
130,359.97
130,368.60
100.51
4.33%
131,039.76
112.56
0.26%
671.16
Aaa/AAA
NA
2.66 0.56
437921AD1 HAROT 252 A3 4.15 10/15/2029 155,000.00 04/29/2025
4.15%
154,982.69
154,987.17
99.78 4.38%
154,658.85
285.89
0.30%
(328.32)
Aaa/NA
AAA
3.29 1.14
44935XAD7 HART 2025-B A3 4.36 12/17/2029 185,000.00 06/03/2025
4.36%
184,983.30
184,987.20
100.03
4.37%
185,056.80
358.49
0.36%
69.60 NA/AAA
AAA
3.47 1.20
58770YAD3 MBALT 2026-A A3 3.93
01/15/2030 140,000.00 01/13/20263.97%
139,972.24
139,975.31
99.21 4.40%
138,898.62
244.53
0.27%
(1,076.69)
Aaa/NA
AAA
3.54 1.78
34 HOLDINGS REPORT
City of San Rafael | Account #11045 | As of June 30, 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
47787DAD3 JDOT 2026 A3 3.87 08/15/2030 170,000.00 03/10/2026
4.49%
169,969.88
169,971.84
98.68 4.46%
167,748.52
292.40
0.33%
(2,223.32)
Aaa/NA
AAA
4.13 2.38
89240KAD0 TAOT 2026-A A3 3.86 09/15/2030 200,000.00 01/13/2026
4.13%
199,982.96
199,984.58
99.04 4.43%
198,079.40
343.11
0.39%
(1,905.18)
Aaa/AAA
NA
4.21 1.80
43815CAD0 HAROT 2026-1 A3 3.78
09/23/2030 245,000.00 02/10/20263.03%
244,960.97
244,964.06
98.83 4.46%
242,135.22
257.25
0.48%
(2,828.85)
Aaa/NA
AAA
4.23 1.80
44935KAD5 HART 26B A3 4.81 02/18/2031 285,000.00 06/09/2026
4.86%
284,965.60
284,965.88
100.24
4.44%
285,685.14
533.11
0.56%
719.26
NA/AAA
AAA
4.64 2.20
448981AD2 HART 2026-A A3 3.79 02/18/2031 325,000.00 02/10/2026
4.30%
324,978.06
324,979.66
98.67 4.48%
320,683.35
547.44
0.63%
(4,296.31)
NA/AAA
AAA
4.64 2.01
161571JA3 CHAIT 2026-1 A 4.4 05/15/2029 325,000.00 05/26/2026
4.38%
325,533.20
325,516.46
100.06
4.42%
325,210.60
1,310.83
0.64%
(305.86)
NA/AAA
AAA
2.87 2.63
4,385,037.09 99.86 4,375,265.04 8.63% 2.59
Total ABS 4,381,513.80 4.64% 4,382,411.78 4.26% 8,573.81 (7,146.73) 1.11 AGENCY
3133EPSW6 FEDERAL FARM CREDIT BANKS
FUNDING CORP 4.5 08/14/2026 560,000.00 08/09/20234.58%
558,712.00
559,948.29
100.06
3.91%
560,347.76
9,590.00
1.10%
399.47
Aa1/AA+
AA+
0.12 0.12
3130AXU63 FEDERAL HOME LOAN BANKS
4.625 11/17/2026 500,000.00 12/18/20234.23%
505,325.00
500,695.65
100.24
3.96%
501,189.50
2,826.39
0.99%
493.85
Aa1/AA+
AA+
0.38 0.37
3133EP6K6 FEDERAL FARM CREDIT BANKS
FUNDING CORP 4.5 03/26/2027 1,000,000.00 04/24/20244.84% 990,700.00
997,659.72
100.26
4.13%
1,002,587.00
11,875.00
1.98%
4,927.28
Aa1/AA+
AA+
0.74 0.71
3133ERMB4 FEDERAL FARM CREDIT BANKS
FUNDING CORP 4.25 07/23/2027 750,000.00 07/18/20244.26% 749,767.50
749,917.83
100.14
4.11%
751,030.50
13,989.58
1.48%
1,112.67
Aa1/AA+
AA+
1.06 1.01
3133ERNP2 FEDERAL FARM CREDIT BANKS
FUNDING CORP 4.0 08/06/2027 1,000,000.00 08/19/20243.92% 1,002,290.00
1,000,849.48
99.76 4.22%
997,621.00
16,111.11
1.97%
(3,228.48)
Aa1/AA+
AA+
1.10 1.05
3130ATUS4 FEDERAL HOME LOAN BANKS 4.25
12/10/2027 500,000.00 05/15/20233.66%
512,310.00
503,886.98
100.08
4.19%
500,375.00
1,239.58
0.99%
(3,511.98)
Aa1/AA+
AA+
1.45 1.38
4,319,104.50 100.07 4,313,150.76 8.50% 0.84
Total Agency 4,310,000.00 4.29% 4,312,957.95 4.11% 55,631.67 192.81 0.80
AGENCY CMBS
35 HOLDINGS REPORT
City of San Rafael | Account #11045 | As of June 30, 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
3137F1G44 FHMS K-065 A2 3.243 04/25/2027 450,000.00 06/08/2023
4.39%
431,736.33
446,394.64
99.10 4.24%
445,952.25
1,216.13
0.88%
(442.39)
Aa1/AA+
AAA
0.82 0.71
3137F2LJ3 FHMS K-066 A2 3.117 06/25/2027 344,673.03 04/18/2024
5.06%
325,621.77
339,045.01
98.95 4.19%
341,040.87
895.29
0.67%
1,995.85
Aa1/AA+
AAA
0.99 0.81
3137FBBX3 FHMS K-068 A2 3.244 08/25/2027 240,000.00 06/08/2023
4.34%
229,940.63
237,361.91
98.76 4.25%
237,033.12
648.80
0.47%
(328.79)
Aaa/AA+
AA+
1.15 1.04
3137FBU79 FHMS K-069 A2 3.187 09/25/2027 480,296.42 06/09/2023
4.41%
457,820.05
474,064.33
98.59 4.25%
473,531.93
1,275.59
0.93%
(532.41)
Aa1/AAA
AA+
1.24 1.16
3137FETN0 FHMS K-073 A2 3.35 01/25/2028 670,000.00 05/24/2023
4.34%
643,932.81
661,466.38
98.48 4.31%
659,811.31
1,870.42
1.30%
(1,655.07)
Aa1/AA+
AAA
1.57 1.39
3137FG6X8 FHMS K-077 A2 3.85 05/25/2028 780,000.00 05/24/2023
4.65%
765,679.69
774,663.73
98.91 4.37%
771,489.42
2,502.50
1.52%
(3,174.31)
Aa1/AA+
AAA
1.90 1.72
3137FJEH8 FHMS K-081 A2 3.9 08/25/2028 350,000.00 11/21/2024
4.53%
342,070.31
345,504.15
98.79 4.41%
345,755.20
1,137.50
0.68%
251.05
Aa1/AA+
AAA
2.15 1.99
3137FK4M5 FHMS K-085 A2 4.06 10/25/2028 300,000.00 02/19/2026
3.69%
302,156.25
301,867.99
99.03 4.42%
297,090.30
1,015.00
0.59%
(4,777.69)
Aaa/AA+
AA+
2.32 2.13
3137FJZ93 FHMS K-084 A2 3.78 10/25/2028 500,000.00 09/08/2025
3.76%
499,472.66
499,611.11
98.46 4.43%
492,276.50
1,575.00
0.97%
(7,334.61)
Aaa/AA+
AA+
2.32 2.12
3137FKSH0 FHMS K-086 A2 3.859 11/25/2028 350,000.00 10/23/2025
3.67%
351,257.81
350,976.52
98.57 4.43%
345,003.40
1,125.54
0.68%
(5,973.12)
Aaa/AA+
AA+
2.41 2.20
3137FLMV3 FHMS K-090 A2 3.422 02/25/2029 650,000.00 03/26/2025
4.37%
627,656.25
634,934.29
97.42 4.43%
633,216.35
1,853.58
1.25%
(1,717.94)
Aa1/AAA
AA+
2.66 2.43
3137FLYV0 FHMS K-092 A2 3.298 04/25/2029 450,000.00 12/11/2025
3.82%
442,195.31
443,474.45
96.97 4.43%
436,369.05
1,236.75
0.86%
(7,105.40)
Aa1/AA+
AAA
2.82 2.57
3137FMTY8 FHMS K-094 A2 2.903 06/25/2029 225,000.00 06/21/2024
4.65%
207,764.65
214,798.51
95.77 4.43%
215,477.78
544.31
0.42%
679.26
Aa1/AA+
AAA
2.99 2.73
Total Agency CMBS 5,789,969.45 4.30%
5,627,304.52
5,724,163.03
98.35 4.35%
5,694,047.47
16,896.40
11.23%
(30,115.56)
1.94 1.76
CASH
CCYUSD Receivable 1,567.92 -- 1,567.92
1,567.92
1.00 1,567.92
0.00 0.00%
0.00 Aaa/AAA
AAA
0.00 0.00
36 HOLDINGS REPORT
City of San Rafael | Account #11045 | As of June 30, 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
Total Cash 1,567.92
1,567.92
1,567.92
1.00 1,567.92
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
497,021.11
99.41 3.84%
497,028.50
0.00 0.98%
7.39 P-1/A-1
NA
0.16 0.15
62479MJU8 MUFG Bank, Ltd., New York
Branch 09/28/2026 1,000,000.00 01/26/20263.78%
974,990.00
990,877.50
99.05 3.89%
990,468.00
0.00 1.95%
(409.50)
P-1/A-1
NA
0.25 0.24
Total Commercial
Paper 1,500,000.00 3.82%
1,466,372.50
1,487,898.61
99.17 3.88%
1,487,496.50
0.00 2.93%
(402.11)
0.22 0.21
CORPORATE
74340XBK6 PROLOGIS LP 3.25 10/01/2026 550,000.00 01/16/2024
4.53%
532,240.50
548,344.61
99.82 3.96%
548,990.75
4,468.75
1.08%
646.14
A2/A
NA
0.25 0.25
63743HFM9
NATIONAL RURAL UTILITIES
COOPERATIVE FINANCE CORP 4.8
02/05/2027
550,000.00
01/25/2024
4.75%
550,792.00
550,139.81
100.27
4.33%
551,482.25
10,706.67
1.09%
1,342.44
A2/AA0.60
0.49 857477CL5 STATE STREET CORP 4.993
03/18/2027 525,000.00 03/13/20244.99%
525,000.00
525,000.00
100.50
4.27%
527,623.43
7,499.90
1.04%
2,623.43
Aa3/A
AA0.710.61
14913UAL4 CATERPILLAR FINANCIAL SERVICES
CORP 5.0 05/14/2027 550,000.00 05/13/20245.01%
549,818.50
549,947.41
100.70
4.17%
553,831.85
3,590.28
1.09%
3,884.44
A1/A
A+
0.87 0.84
74456QBS4 PUBLIC SERVICE ELECTRICAND
GAS CO 3.0 05/15/2027 337,000.00 04/18/20234.48%
318,673.94
333,078.27
98.99 4.19%
333,580.12
1,291.83
0.66%
501.85
A1/A
NA
0.87 0.85
437076DB5 HOME DEPOT INC 4.875
06/25/2027 600,000.00 06/20/20244.92%
599,208.00
599,740.34
100.59
4.25%
603,541.20
487.50
1.19%
3,800.86
A2/A
A
0.99 0.87
532457CP1 ELI LILLY AND CO 4.15 08/14/2027 305,000.00 08/12/2024
4.18%
304,752.95
304,907.72
99.88 4.25%
304,648.03
4,816.88
0.60%
(259.69)
Aa3/AANA1.12
1.07 24422EXZ7 JOHN DEERE CAPITAL CORP 4.65
01/07/2028 425,000.00 01/06/20254.66%
424,872.50
424,935.26
100.55
4.27%
427,355.35
9,551.88
0.84%
2,420.09
A1/A
A+
1.52 1.42
756109AU8 REALTY INCOME CORP 3.65
01/15/2028 500,000.00 04/10/20234.87%
474,240.00
491,660.22
98.78 4.48%
493,891.00
8,415.28
0.97%
2,230.78
A3/ANA1.54
1.45 37
HOLDINGS REPORT
City of San Rafael | Account #11045 | As of June 30, 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
06051GGF0 BANK OF AMERICA CORP 3.824
01/20/2028 600,000.00 07/12/20235.89%
567,738.00
594,907.32
99.65 5.20%
597,870.00
10,261.07
1.18%
2,962.68
A1/AAA1.56
0.53 46647PEA0 JPMORGAN CHASE & CO 5.04
01/23/2028 200,000.00 01/17/20244.99%
200,292.00
200,054.88
100.31
4.70%
200,625.60
4,424.00
0.40%
570.72
A1/A
AA1.570.54
02665WFX4 AMERICAN HONDA FINANCE
CORP 4.55 03/03/2028 500,000.00 03/06/20254.60%
499,255.00
499,583.15
99.87 4.63%
499,369.00
7,456.94
0.98%
(214.15)
A3/BBB+
A1.681.57
79466LAQ7 SALESFORCE INC 4.5 03/15/2028 330,000.00 03/12/2026
4.37%
330,800.25
330,675.21
99.87 4.57%
329,583.54
4,455.00
0.65%
(1,091.67)
A2/A+
NA
1.71 1.60
00287YDY2 ABBVIE INC 4.65 03/15/2028 305,000.00 02/18/2025
4.70%
304,594.35
304,772.94
100.43
4.38%
306,311.81
4,175.96
0.60%
1,538.87
A2/ANA1.71
1.53 90331HPS6 US BANK NA 4.73 05/15/2028 425,000.00 05/12/2025
4.88%
425,000.00
425,000.00
100.23
4.51%
425,967.30
2,568.65
0.84%
967.30
A2/A+
A+
1.88 0.84
58933YBH7 MERCK & CO INC 4.05 05/17/2028 130,000.00 05/08/2023
4.07%
129,894.70
129,960.46
99.71 4.21%
129,621.44
643.50
0.26%
(339.02)
Aa3/A+
NA
1.88 1.78
87612EBU9 TARGET CORP 4.35 06/15/2028 180,000.00 06/05/2025
4.35%
179,998.20
179,998.83
100.04
4.33%
180,072.00
348.00
0.36%
73.17 A2/A
NA
1.96 1.85
61744YAK4 MORGAN STANLEY 3.591
07/22/2028 500,000.00 08/10/20235.87%
465,070.00
485,439.38
98.91 4.16%
494,528.00
7,930.13
0.97%
9,088.62
A1/AA+2.06
1.01 89236TFT7 TOYOTA MOTOR CREDIT CORP
3.65 01/08/2029 600,000.00 01/07/20263.96%
594,768.00
595,598.63
98.19 4.42%
589,114.20
10,524.17
1.16%
(6,484.43)
A1/A+
A+
2.53 2.33
46647PEU6 JPMORGAN CHASE & CO 4.915
01/24/2029 280,000.00 01/16/20254.92%
280,000.00
280,000.00
100.49
4.53%
281,358.56
6,001.76
0.55%
1,358.56
A1/A
AA2.571.46
92826CAY8 VISA INC 3.8 02/12/2029 390,000.00 02/03/2026
3.84%
389,551.50
389,608.38
98.77 4.30%
385,220.94
5,722.17
0.76%
(4,387.44)
Aa3/AANA2.62
2.42 023135DC7 AMAZON.COM INC 4.0
03/13/2029 500,000.00 03/11/20264.02%
499,680.00
499,712.12
98.93 4.42%
494,656.00
6,000.00
0.98%
(5,056.12)
A1/AA
AA2.702.50
14913V2C1 CATERPILLAR FINANCIAL SERVICES
CORP 4.3 05/15/2029 650,000.00 05/12/20264.35%
649,038.00
649,079.25
99.63 4.44%
647,617.75
3,571.39
1.28%
(1,461.50)
A1/A
A+
2.87 2.66
67066GAQ7 NVIDIA CORP 4.35 06/15/2029 320,000.00 06/15/2026
4.37%
319,849.60
319,851.39
99.70 4.46%
319,035.84
502.67
0.63%
(815.55)
Aa1/AA
NA
2.96 2.74
713448FX1 PEPSICO INC 4.5 07/17/2029 500,000.00 07/16/2024
4.52%
499,490.00
499,689.42
100.31
4.39%
501,547.00
10,250.00
0.99%
1,857.58
A1/A+
NA
3.05 2.69
025816EJ4 AMERICAN EXPRESS CO 4.351
07/20/2029 405,000.00 07/21/20254.35%
405,000.00
405,000.00
99.49 4.56%
402,928.83
7,880.75
0.79%
(2,071.17)
A2/AA3.05
1.90 38
HOLDINGS REPORT
City of San Rafael | Account #11045 | As of June 30, 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
38141GD27 GOLDMAN SACHS GROUP INC
4.153 10/21/2029 500,000.00 10/15/20254.14%
500,180.00
500,138.45
98.59 4.72%
492,950.00
4,037.64
0.97%
(7,188.45)
A2/BBB+
A
3.31 2.15
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
98.61 4.50%
167,632.24
3,022.86
0.33%
(2,367.76)
Aa3/A
AA3.562.36
95000U4D2 WELLS FARGO & CO 4.182
01/23/2030 325,000.00 01/15/20264.18%
325,000.00
325,000.00
98.69 4.64%
320,739.90
5,965.16
0.63%
(4,260.10)
A1/BBB+
A+
3.57 2.35
532457CV8 ELI LILLY AND CO 4.75 02/12/2030 300,000.00 02/10/2025
4.75%
300,066.00
300,047.47
101.06
4.43%
303,177.60
5,502.08
0.60%
3,130.13
Aa3/AANA3.62
3.17 69371RT71 PACCAR FINANCIAL CORP 4.55
05/08/2030 545,000.00 05/05/20254.59%
544,155.25
544,349.09
100.63
4.37%
548,456.39
3,650.74
1.08%
4,107.30
A1/A+
NA
3.85 3.48
02079KAW7 ALPHABET INC 4.1 11/15/2030 600,000.00 11/13/2025
4.04%
601,566.00
601,368.61
98.53 4.47%
591,165.00
3,143.33
1.17%
(10,203.61)
Aa2/AA+
NA
4.38 3.94
Total Corporate 13,597,000.00 4.61%
13,460,585.24
13,557,588.62
99.69 4.42%
13,554,492.91
168,866.92
26.72%
(3,095.71)
2.13 1.72
MONEY MARKET
FUND
31846V807 FIRST AMER:TRS OBG Y 655,381.52 --
3.29%
655,381.52
655,381.52
1.00 3.29%
655,381.52
0.00 1.29%
0.00 Aaa/AAAm
AAA
0.00 0.00
Total Money Market
Fund 655,381.52 3.29%
655,381.52
655,381.52
1.00 3.29%
655,381.52
0.00 1.29%
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
304,862.32
100.63
4.17%
306,918.45
6,405.00
0.61%
2,056.13
Aaa/AAA
NA
2.04 1.89
459058LN1
INTERNATIONAL BANK FOR
RECONSTRUCTION AND
DEVELOPM 3.875 10/16/2029
650,000.00
12/17/2024
4.32%
637,513.50
641,479.72
99.00 4.20%
643,521.45
5,245.50
1.27%
2,041.73
Aaa/AAA
NA
3.30 3.03
459058LR2
INTERNATIONAL BANK FOR
RECONSTRUCTION AND
DEVELOPM 4.125 03/20/2030
295,000.00
03/14/2025
4.20%
293,946.85
294,216.77
99.70 4.21%
294,111.46
3,414.01
0.58%
(105.31)
Aaa/AAA
NA
3.72 3.38
Total Supranational 1,250,000.00 4.34%
1,236,121.80
1,240,558.81
99.57 4.20%
1,244,551.36
15,064.51
2.45%
3,992.55
3.09 2.83
39 HOLDINGS REPORT
City of San Rafael | Account #11045 | As of June 30, 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
US TREASURY
91282CHY0 UNITED STATES TREASURY 4.625
09/15/2026 900,000.00 09/25/20234.81%
895,429.69
899,679.87
100.17
3.74%
901,539.00
12,216.03
1.78%
1,859.13
Aa1/AA+
AA+
0.21 0.20
91282CJC6 UNITED STATES TREASURY 4.625
10/15/2026 500,000.00 10/19/20235.05%
494,218.75
499,438.30
100.23
3.78%
501,156.00
4,865.10
0.99%
1,717.70
Aa1/AA+
AA+
0.29 0.29
91282CKV2 UNITED STATES TREASURY 4.625
06/15/2027 625,000.00 06/26/20244.50%
627,148.44
625,692.34
100.48
4.10%
628,008.13
1,263.66
1.24%
2,315.78
Aa1/AA+
AA+
0.96 0.93
91282CLG4 UNITED STATES TREASURY 3.75
08/15/2027 650,000.00 06/11/20253.96%
647,207.03
648,557.79
99.57 4.14%
647,206.95
9,157.46
1.28%
(1,350.84)
Aa1/AA+
AA+
1.13 1.07
91282CFM8 UNITED STATES TREASURY 4.125
09/30/2027 750,000.00 12/18/20234.06%
751,669.92
750,551.40
99.97 4.14%
749,795.25
7,776.64
1.48%
(756.15)
Aa1/AA+
AA+
1.25 1.19
91282CLQ2 UNITED STATES TREASURY 3.875
10/15/2027 500,000.00 11/15/20244.29%
494,394.53
497,511.62
99.64 4.16%
498,203.00
4,076.16
0.98%
691.38
Aa1/AA+
AA+
1.29 1.24
91282CGC9 UNITED STATES TREASURY 3.875
12/31/2027 1,000,000.00 02/06/20233.84%
1,001,445.31
1,000,442.97
99.58 4.17%
995,781.00
105.30
1.96%
(4,661.97)
Aa1/AA+
AA+
1.50 1.44
91282CMF5 UNITED STATES TREASURY 4.25
01/15/2028 750,000.00 01/27/20254.24%
750,292.97
750,152.44
100.11
4.17%
750,820.50
14,704.77
1.48%
668.06
Aa1/AA+
AA+
1.54 1.45
91282CMW8 UNITED STATES TREASURY 3.75
04/15/2028 500,000.00 04/29/20263.89%
498,730.47
498,840.40
99.29 4.16%
496,445.50
3,944.67
0.98%
(2,394.90)
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
522,315.82
99.02 4.16%
519,831.90
1,611.94
1.02%
(2,483.92)
Aa1/AA+
AA+
1.92 1.82
91282CHK0 UNITED STATES TREASURY 4.0
06/30/2028 750,000.00 03/12/20244.22%
743,496.09
746,975.89
99.69 4.16%
747,685.50
81.52 1.47%
709.61
Aa1/AA+
AA+
2.00 1.90
91282CNM9 UNITED STATES TREASURY 3.875
07/15/2028 750,000.00 04/16/20263.79%
751,347.66
751,224.40
99.43 4.17%
745,693.50
13,407.29
1.47%
(5,530.90)
Aa1/AA+
AA+
2.04 1.91
91282CJA0 UNITED STATES TREASURY 4.625
09/30/2028 500,000.00 10/19/20234.95%
492,968.75
496,801.50
100.97
4.17%
504,844.00
5,812.84
1.00%
8,042.50
Aa1/AA+
AA+
2.25 2.10
91282CJR3 UNITED STATES TREASURY 3.75
12/31/2028 600,000.00 10/17/20243.92%
596,039.06
597,641.50
99.01 4.17%
594,046.80
61.14 1.17%
(3,594.70)
Aa1/AA+
AA+
2.50 2.36
91282CQA2 UNITED STATES TREASURY 3.5
02/15/2029 1,000,000.00 05/26/20264.11%
984,453.13
985,000.00
98.34 4.17%
983,438.00
13,149.17
1.94%
(1,562.00)
Aa1/AA+
AA+
2.63 2.45
91282CKG5 UNITED STATES TREASURY 4.125
03/31/2029 700,000.00 06/11/20253.99%
703,335.94
702,413.03
99.88 4.17%
699,179.60
7,258.20
1.38%
(3,233.43)
Aa1/AA+
AA+
2.75 2.55
40 HOLDINGS REPORT
City of San Rafael | Account #11045 | As of June 30, 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
91282CEM9 UNITED STATES TREASURY 2.875
04/30/2029 750,000.00 09/18/20243.51%
729,931.64
737,677.74
96.58 4.17%
724,365.00
3,632.81
1.43%
(13,312.74)
Aa1/AA+
AA+
2.83 2.67
91282CKX8 UNITED STATES TREASURY 4.25
06/30/2029 600,000.00 05/21/20254.08%
603,796.88
602,771.72
100.23
4.17%
601,359.60
69.29 1.19%
(1,412.12)
Aa1/AA+
AA+
3.00 2.79
91282CLC3 UNITED STATES TREASURY 4.0
07/31/2029 750,000.00 04/16/20263.82%
754,189.45
753,927.83
99.52 4.17%
746,425.50
12,513.81
1.47%
(7,502.33)
Aa1/AA+
AA+
3.08 2.82
91282CLK5 UNITED STATES TREASURY 3.625
08/31/2029 650,000.00 09/26/20243.56%
651,955.08
651,257.38
98.40 4.17%
639,589.60
7,875.51
1.26%
(11,667.78)
Aa1/AA+
AA+
3.17 2.92
91282CLN9 UNITED STATES TREASURY 3.5
09/30/2029 550,000.00 12/09/20253.70%
546,111.33
546,679.24
97.97 4.17%
538,828.40
4,838.80
1.06%
(7,850.84)
Aa1/AA+
AA+
3.25 3.01
91282CLR0 UNITED STATES TREASURY 4.125
10/31/2029 600,000.00 12/11/20244.09%
600,820.31
600,560.05
99.84 4.18%
599,038.80
4,169.84
1.18%
(1,521.25)
Aa1/AA+
AA+
3.34 3.06
91282CMU2 UNITED STATES TREASURY 4.0
03/31/2030 650,000.00 04/17/20253.90%
652,996.09
652,272.38
99.36 4.18%
645,861.45
6,535.52
1.27%
(6,410.93)
Aa1/AA+
AA+
3.75 3.41
91282CGZ8 UNITED STATES TREASURY 3.5
04/30/2030 600,000.00 07/23/20253.91%
589,429.69
591,506.11
97.58 4.19%
585,468.60
3,538.04
1.15%
(6,037.51)
Aa1/AA+
AA+
3.83 3.52
91282CNG2 UNITED STATES TREASURY 4.0
05/31/2030 600,000.00 12/09/20253.74%
606,328.13
605,541.47
99.32 4.19%
595,945.20
2,032.79
1.17%
(9,596.27)
Aa1/AA+
AA+
3.92 3.58
91282CNN7 UNITED STATES TREASURY 3.875
07/31/2030 750,000.00 08/27/20253.74%
754,394.53
753,644.18
98.82 4.19%
741,152.25
12,122.76
1.46%
(12,491.93)
Aa1/AA+
AA+
4.08 3.68
91282CNX5 UNITED STATES TREASURY 3.625
08/31/2030 750,000.00 09/16/20253.58%
751,347.66
751,133.85
97.83 4.20%
733,740.00
9,087.13
1.45%
(17,393.85)
Aa1/AA+
AA+
4.17 3.77
91282CPA3 UNITED STATES TREASURY 3.625
09/30/2030 700,000.00 11/10/20253.70%
697,757.81
698,048.30
97.80 4.20%
684,578.30
6,378.42
1.35%
(13,470.00)
Aa1/AA+
AA+
4.25 3.86
91282CQU8 UNITED STATES TREASURY 4.125
05/31/2031 600,000.00 06/22/20264.29%
595,734.38
595,753.31
99.63 4.21%
597,796.80
2,096.31
1.18%
2,043.49
Aa1/AA+
AA+
4.92 4.39
Total US Treasury 19,550,000.00 4.03%
19,486,905.29
19,514,012.84
99.23 4.14%
19,397,824.13
174,382.90
38.24%
(116,188.72)
2.52 2.33
Total Portfolio 51,035,432.69 4.28%
50,638,380.38
50,876,541.08
98.12 4.23%
50,723,777.61
439,416.21
100.00%
(152,763.47)
2.13 1.79
Total Market Value +
Accrued 51,163,193.82
41 HOLDINGS REPORT
San Rafael Reporting | Account #11046 | As of June 30, 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 622,987.74 -- 622,987.74
622,987.74
1.00 622,987.74
0.00 0.91%
0.00 Aaa/AAA
AAA
0.00 0.00
Total Cash 622,987.74
622,987.74
622,987.74
1.00 622,987.74
0.00 0.91%
0.00 0.00
0.00 LAIF
90LAIF$00 Local Agency Investment Fund
State Pool 67,911,936.05 --3.82%
67,911,936.05
67,911,936.05
1.00 3.82%
67,911,936.05
0.00 99.09%
0.00 NA/NA
NA
0.00 0.00
Total LAIF 67,911,936.05 3.82%
67,911,936.05
67,911,936.05
1.00 3.82%
67,911,936.05
0.00 99.09%
0.00 0.00
0.00 Total Portfolio 68,534,923.79 3.82%
68,534,923.79
68,534,923.79
1.00 3.82%
68,534,923.79
0.00 100.00%
0.00 0.00
0.00 Total Market Value +
Accrued 68,534,923.79
42 TRANSACTIONS
43 TRANSACTION LEDGER
City of San Rafael | Account #11045|04/01/2026 Through 06/30/2026| Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/DispYield Amount Interest Pur/Sold Total Amount Gain/Loss
ACQUISITIONS
Purchase 04/17/2026 91282CLC3 750,000.00
UNITED STATES
TREASURY 4.0
07/31/2029
100.559 3.82% (754,189.45) (6,298.34) (760,487.79) 0.00 Purchase 04/17/2026 91282CNM9 750,000.00
UNITED STATES
TREASURY 3.875
07/15/2028
100.180 3.79% (751,347.66) (7,386.05) (758,733.71) 0.00 Purchase 04/30/2026 91282CMW8 500,000.00
UNITED STATES
TREASURY 3.75
04/15/2028
99.746 3.89% (498,730.47) (768.44) (499,498.91) 0.00
Purchase 05/15/2026 14913V2C1 650,000.00
CATERPILLAR
FINANCIAL SERVICES
CORP 4.3 05/15/2029
99.852 4.35% (649,038.00) 0.00 (649,038.00) 0.00
Purchase 05/27/2026 91282CQA2 1,000,000.00
UNITED STATES
TREASURY 3.5
02/15/2029
98.445 4.11% (984,453.13) (9,765.19) (994,218.32) 0.00
Purchase 05/28/2026 161571JA3 325,000.00 CHAIT 2026-1 A 4.4 05/15/2029 100.164 4.38% (325,533.20) 0.00 (325,533.20) 0.00 Purchase 06/17/2026 44935KAD5 285,000.00 HART 26B A3 4.81 02/18/2031 99.988 4.86% (284,965.60) 0.00 (284,965.60) 0.00 Purchase 06/18/2026 67066GAQ7 320,000.00 NVIDIA CORP 4.35 06/15/2029 99.953 4.37% (319,849.60) 0.00 (319,849.60) 0.00 Purchase 06/23/2026 91282CQU8 600,000.00
UNITED STATES
TREASURY 4.125
05/31/2031
99.289 4.29% (595,734.38) (1,555.33) (597,289.71) 0.00
Total Purchase 5,180,000.00 (5,163,841.49) (25,773.35) (5,189,614.84) 0.00 TOTAL
ACQUISITIONS 5,180,000.00 (5,163,841.49) (25,773.35) (5,189,614.84) 0.00
DISPOSITIONS
Call Redemption 04/27/2026 06406RBQ9 (350,000.00)
BANK OF NEW YORK
MELLON CORP 4.947
04/26/2027
100.000 5.26% 350,000.00 0.00 350,000.00 0.00
Total Call
Redemption (350,000.00) 350,000.00 0.00 350,000.00 0.00 44 TRANSACTION LEDGER
City of San Rafael | Account #11045|04/01/2026 Through 06/30/2026| Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/DispYield Amount Interest Pur/Sold Total Amount Gain/Loss Maturity 04/30/2026 91282CBW0 (500,000.00)
UNITED STATES
TREASURY 0.75
04/30/2026
100.000 4.46% 500,000.00 0.00 500,000.00 0.00
Maturity 05/31/2026 9128286X3 (500,000.00)
UNITED STATES
TREASURY 2.125
05/31/2026
100.000 4.31% 500,000.00 0.00 500,000.00 0.00
Maturity 06/12/2026 3130AWGR5 (525,000.00)
FEDERAL HOME
LOAN BANKS 4.375
06/12/2026
100.000 4.43% 525,000.00 0.00 525,000.00 0.00
Maturity 06/30/2026 91282CCJ8 (500,000.00)
UNITED STATES
TREASURY 0.875
06/30/2026
100.000 4.42% 500,000.00 0.00 500,000.00 0.00
Total Maturity (2,025,000.00) 2,025,000.00 0.00 2,025,000.00 0.00 Sale 05/08/2026 06368LGV2 (600,000.00) BANK OF MONTREAL
5.203 02/01/2028 101.509 5.48% 609,054.00 8,411.52 617,465.52 11,608.93 Sale 05/12/2026 89115A2M3 (575,000.00)
TORONTO-DOMINION
BANK 5.156
01/10/2028
101.235 5.29% 582,101.25 10,047.04 592,148.29 8,238.89
Total Sale (1,175,000.00) 1,191,155.25 18,458.56 1,209,613.81 19,847.81 TOTAL
DISPOSITIONS (3,550,000.00) 3,566,155.25 18,458.56 3,584,613.81 19,847.81 45 TRANSACTION LEDGER
San Rafael Reporting | Account #11046|04/01/2026 Through 06/30/2026| Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/DispYield Amount Interest Pur/Sold Total Amount Gain/Loss
ACQUISITIONS
Purchase 04/15/2026 90LAIF$00 573,049.93
Local Agency
Investment Fund State
Pool
1.000 3.81% (573,049.93) 0.00 (573,049.93) 0.00
Purchase 04/22/2026 90LAIF$00 8,000,000.00
Local Agency
Investment Fund State
Pool
1.000 3.81% (8,000,000.00) 0.00 (8,000,000.00) 0.00
Purchase 06/01/2026 90LAIF$00 888,762.06
Local Agency
Investment Fund State
Pool
1.000 3.81% (888,762.06) 0.00 (888,762.06) 0.00
Total Purchase 9,461,811.99 (9,461,811.99) 0.00 (9,461,811.99) 0.00 TOTAL
ACQUISITIONS 9,461,811.99 (9,461,811.99) 0.00 (9,461,811.99) 0.00 46 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 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