HomeMy WebLinkAbout011425-09.1INVESTMENT REPORT
Danville | As of December 31, 2024
CHANDLER ASSET MANAGEMENT | chandlerasset.com
Chandler Team:
For questions about your account, please call (800) 317-4747,
or contact clientservice@chandlerasset.com
Information contained herein is confidential. We urge you to compare this statement to the one you receive from your qualified custodian. Please see Important Disclosures at the end of the statement.
TABLE OF CONTENTS
ECONOMIC UPDATE
ACCOUNT PROFILE
PORTFOLIO HOLDINGS
TRANSACTIONS
1
ECONOMIC UPDATE
2
▪
▪
▪
Recent economic data suggests continued growth fueled by a resilient consumer. Inflationary trends have subsided,but some components
remain sticky, and core levels remain above the Fed’s target. The labor market is showing signs of cooling, reflecting an improved balance
between supply and demand for workers. Given the economic outlook,we expect a slower cadence of rate cuts by the Fed and a gradually
steepening yield curve.
As broadly anticipated, the Federal Open Market Committee (FOMC) reduced the Fed Funds Rate by 25 basis points to the range of 4.25-
4.50%at the December meeting. Although the cut was widely anticipated, market participants viewed the trajectory of rates in the SEP as
‘hawkish.’Chair Jerome Powell reiterated previous statements indicating the economy is in a good place and that monetary policy is well
positioned. The Fed released the quarterly Summary of Economic Projections (SEP), which now forecasts a higher central tendency of core
inflation and a higher longer run Fed Funds forecast.In the Chandler team’s view, the updated SEP reflects the continued resiliency of the
US economy and the corresponding risk of inflation taking longer to reach the FOMC’s two percent objective in 2025.
The US Treasury yield curve shifted lower in November. The 2-year Treasury yield edged down 2 basis points to 4.15%, the 5-year Treasury
dropped 11 basis points to 4.05%, and the 10-year Treasury yield fell 12 basis points to 4.17%. The spread between the 2-year and 10-year
Treasury yield points on the curve narrowed to +2 basis points at November month-end versus +11 basis points at October month-end. The
spread between the 2-year Treasury and 10-year Treasury yield one year ago was -36 basis points. The inversion between 3-month and 10-
year Treasuries widened to -32 basis points in November from -26 basis points in October.
ECONOMIC UPDATE
3
-400
-200
0
200
400
600
800
1,000
MO
M
C
h
a
n
g
e
I
n
T
h
o
u
s
a
n
d
s
(
0
0
0
'
s
)
Nonfarm Payroll (000's)
Non-farm Payroll (000's)
3-month average (000's)
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
Unemployment Rate
Underemployment Rate (U6)
Unemployment Rate (U3)
Ra
t
e
(
%
)
The U.S. economy added 227,000 jobs in November, rising from the upwardly revised 36,000 created in October. The Gulf and East Coast
dockworkers strike along with Boeing’s union machinists strike were both resolved which contributed to the recovery in November.
However, the temporary distortions in the wake of Hurricane Helene and Hurricane Milton may continue to affect labor market data in the
near-term. The three-month moving average and six-month moving average payrolls improved to 173,000 and 143,000 respectively. The
unemployment rate ticked up to 4.2%in November, and the labor participation rate fell to 62.5%, remaining below the pre-pandemic level
of 63.3%. The U-6 underemployment rate, which includes those who are marginally attached to the labor force and employed part time for
economic reasons edged up to 7.8%. Average hourly earnings was unchanged at 4.0% year-over-year in November.
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
T
h
o
u
s
a
n
d
s
(
0
0
0
'
s
)
The Labor Department’s Job Openings and Labor Turnover Survey (JOLTS) rose to 7.74 new job openings in October, which represented an
increase from the downwardly revised 7.37 million job openings in September. Job openings indicate a ratio of 1.1 jobs for each
unemployed individual, representing a relatively balanced labor market.
Source: US Department of Labor
JOB OPENINGS & LABOR TURNOVER SURVEY
5
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
9.0%
10.0%
Consumer Price Index (CPI)
CPI YOY % Change
Core CPI YOY % Change
YO
Y
(
%
)
C
h
a
n
g
e
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
9.0%
10.0%
Personal Consumption Expenditures (PCE)
PCE Price Deflator YOY % Change
PCE Core Deflator YOY % Change
Fed Target
YO
Y
(
%
)
C
h
a
n
g
e
In November, the Consumer Price Index (CPI) rose 0.3% month-over-month and 2.7% year-over-year, rising from 2.6%in October as
expected. The Core CPI, which excludes volatile food and energy components, rose 0.3% month-over-month and 3.3% year-over-year, also
meeting consensus forecasts. The Personal Consumption Expenditures (PCE) Index rose 0.1% fromthe previous month and 2.4% year-over-
year in November versus a 2.3% increase in October. The Core PCE deflator (the Fed’s preferred gauge) increased 0.1% month-over-
month, below recent small month-over-month rises and 2.8% over the past year. Core prices are exhibiting what Fed Chair Powell
describes as “sideways” movement. Although inflation has moderated, price increases remain above the Fed’s 2% target.
Source: US Department of Labor Source: US Department of Commerce
INFLATION
6
-30.0%
-20.0%
-10.0%
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
Retail Sales YOY % Change
YO
Y
(
%
)
C
h
a
n
g
e
Retail Sales grew marginally above expectations at 0.7%in November versus 0.5%in October driven by strong motor vehicle sales.On a
year-over-year basis, Retail Sales grew 3.8%in November versus 2.9%in October. Retail Sales Control Group, which are used to calculate
gross domestic product, was also solid at 0.4% for the month. The Conference Board’s Consumer Confidence Index declined to 104.7 in
December from an upwardly revised 112.8 in November. Consumers' assessment about future business conditions and outcomes were
substantially less optimistic and there was increased pessimism about future employment prospects. While the consumer has been
resilient, low savings rates, growing credit card debt, higher delinquencies, and a moderating labor market pose potential risks to future
spending.
0
20
40
60
80
100
120
140
160
In
d
e
x
L
e
v
e
l
Consumer Confidence
Recession
Source: US Department of Commerce Source: The Conference Board
All time high is 144.70 (1/31/00); All time low is 25.30 (2/28/09)
CONSUMER
7
-25.0%
-20.0%
-15.0%
-10.0%
-5.0%
0.0%
5.0%
10.0%
15.0%
Leading Economic Indicators (LEI)
Recession
YO
Y
(%
)
C
h
a
n
g
e
-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
M
o
n
t
h
A
v
e
r
a
g
e
The Conference Board’s Leading Economic Index (LEI) increased 0.3%in November reversing its -0.4% decline in October due to a
rebound in building permits, continued support from equities, improvement in average hours worked in manufacturing, and fewer initial
unemployment claims. The LEI decreased year-over-year by -3.5%. According to the Conference Board, the rise in LEI is a positive sign for
future activity in the US and is consistent with an expectation for moderate growth at the end of 2024 and into early 2025.The Chicago
Fed National Activity Index (CFNAI) improved to -0.12 in November from-0.50 in October. The three-month moving average fell to -0.31 in
November from -0.27 in October, indicating below-trend growth expectations for the economy.
Source: The Conference Board Source: Federal Reserve Bank of Chicago
LEADING INDICATORS OF ECONOMIC ACTIVITY
8
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
2,000
2,200
2,400
In
T
h
o
u
s
a
n
d
s
o
f
U
n
i
t
s
Annualized Housing Starts
Multi Family Housing Starts
Single Family Housing Starts
Housing starts in November declined 1.8%to 1.29 million units from 1.31 million units in October. Total starts are down 14.6% compared
to November 2023.Starts remain soft as mortgage rates remain relatively high. The supply of existing homes is becoming more abundant
after the period of scarcity as homeowners held onto their low mortgage rates. The Freddie Mac average rate for a 30-year fixed rate
mortgage increased to 6.9% from 6.8%in December. According to the Case-Shiller 20-City Home Price Index, housing prices rose 4.2%
year-over-year in October, decelerating from 4.6% reported in the previous month. With more inventory entering the market the trend is
gradually improving, however higher mortgage rates continue to impact 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
YO
Y
(
%
)
C
h
a
n
g
e
HOUSING
9
40
45
50
55
60
65
70
Institute of Supply Management (ISM) Surveys
ISM Manufacturing ISM Services
EXPANDING
CONTRACTING
The Institute for Supply Management (ISM) Manufacturing index rose more than forecast to 49.3 in December from 48.4 in November.
While the index has posted contractionary readings for the past nine months, New Orders and Prices indices continued in expansion
territory and the Production Index returned to expansion this month. The Backlog of Orders Index and Employment Index remained in
contraction. The ISM Services Index dropped to 52.1 in November from 56.0 in October while marking the fifth straight month of
expansion. Election ramifications and tariffs were key contributors to the cautionary outlooks reflected in the survey. A reading over 50
indicates expansion, while a reading under 50 indicates contraction.
Source: Institute for Supply Management
SURVEY BASED MEASURES
10
Components of GDP 12/23 3/24 6/24 9/24
2.3% 1.3% 1.9% 2.5%
0.2% 0.6% 1.5% 0.2%
0.1% -0.6% -0.9% -0.4%
0.0% 0.0% 0.3% 0.6%
0.6% 0.3% 0.3% 0.3%
3.2% 1.6% 3.0% 3.1%
State and Local (Consumption and Gross
Investment)
Personal Consumption Expenditures
Gross Private Domestic Investment
Net Exports and Imports
Federal Government Expenditures
Total
-40.0%
-30.0%
-20.0%
-10.0%
0.0%
10.0%
20.0%
30.0%
40.0%
Gross Domestic Product (GDP)
GDP QOQ % Change
GDP YOY % Change
Source: US Department of Commerce Source: US Department of Commerce
According to the third estimate, third quarter GDP increased at an annualized rate of 3.1% compared to 2.8% from the second estimate.
Growth continues to be powered by personal consumption expenditures. Government consumption expenditures and nonresidential fixed
investment also had positive contributions, with negative offsets by net exports, residential investment, and change in private
inventories. The consensus projection calls for 2.4% growth in the fourth quarter and 2.7% growth for the full year 2024.
GROSS DOMESTIC PRODUCT (GDP)
11
Source: Federal Reserve Source: Bloomberg
0
1,000,000
2,000,000
3,000,000
4,000,000
5,000,000
6,000,000
7,000,000
8,000,000
9,000,000
10,000,000
Federal Reserve Balance Sheet Assets
Recession
In
$
m
i
l
l
i
o
n
s
As broadly anticipated, the Federal Open Market Committee (FOMC) reduced the Fed Funds Rate by 25 basis points to the range of 4.25-
4.50% at the December meeting. There was one dissenting vote by Cleveland Fed President Beth Hammack who would have preferred no
change in rates. Although a reduction in rates was widely anticipated, market participants viewed the trajectory of rates in the SEP as
‘hawkish.’ Chair Jerome Powell reiterated previous statements that monetary policy is “well positioned” and the outlook remains roughly
balanced between the dual mandate of maximum employment and price stability. Economic activity is expanding at a solid pace, labor
market conditions have “generally eased”, and the unemployment rate “remains low.” The Fed released the quarterly Summary of
Economic Projections (SEP) which now forecasts a higher, longer run median Fed Funds rate expectation among Fed Governors at 2.8 –
3.6%. The Fed continues to reduce its holdings of U.S. Treasury securities and agency mortgage-backed securities as per its predefined
schedule of $25 billion and $35 billion per month. Since the Fed began its Quantitative Tightening campaign in June 2022, securities
holdings have declined by approximately $1.9T to approximately $7.0T.
0.00%
1.00%
2.00%
3.00%
4.00%
5.00%
6.00%
Effective Federal Funds Rate
Recession
Yi
e
l
d
(
%
)
FEDERAL RESERVE
12
Source: Bloomberg Source: Bloomberg
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
US Treasury Note Yields
2-Year
5-Year
10-Year
Y
i
e
l
d
(
%
)
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
US Treasury Yield Curve
Dec-24
Sep-24
Dec-23
Yi
e
l
d
(
%
)
At the end of November, the 2-year Treasury yield was 53 basis points lower, and the 10-Year Treasury yield was 16 basis points lower,
year-over-year. The spread between the 2-year and 10-year Treasury yield points on the curve narrowed to +2 basis points at November
month-end versus +11 basis points at October month-end. The yield curve inversion which began in July 2022 was historically long. The
average historical spread (since 2003)is about +110 basis points. The inversion between 3-month and 10-year Treasuries widened to -32
basis points in November from -26 basis points in October.
BOND YIELDS
13
ACCOUNT PROFILE
14
OBJECTIVES
Investment Objectives
The primary investment objectives of the Town of Danville are to preserve principal and to maintain adequate liquidity to
meet the Town's cash flow requirements. The Town expects to achieve a rate of return which is consistent with its primary
objectives.
Chandler Asset Management Performance Objective
The performance objective is to achieve a return that equals the return on an unmanaged index of one-to-three year
Treasury securities (a "market rate of return").
Strategy
In order to meet its objectives, the Town invests in securities permitted under California Government Code Section 53600
et seq. and under its Investment Policy. The maximum maturity of the Town's investments is five years, unless specifically
authorized by the Town Council.
15
STATEMENT OF COMPLIANCE
Danville Short Term Treasury Pool | Account #21 | As of December 31, 2024
Rules Name Limit Actual Compliance
Status Notes
AGENCY MORTGAGE SECURITIES (CMOS)
Max % (MV; ABS, CMO, & MBS)15.0 11.4 Compliant
Max % Issuer (MV)30.0 7.9 Compliant
Max Maturity (Years)5.0 3.7 Compliant
Min Rating (AAA by 1)0.0 0.0 Compliant
ASSET-BACKED SECURITIES (ABS)
Max % (MV; ABS, CMO & MBS)15.0 11.4 Compliant
Max % Issuer (MV)5.0 1.0 Compliant
Max Maturity (Years)5 4 Compliant
Min Rating (AAA by 1)0.0 0.0 Compliant
BANKERS' ACCEPTANCES
Max % (MV)40.0 0.0 Compliant
Max % Issuer (MV)5.0 0.0 Compliant
Max Maturity (Days)180 0.0 Compliant
Min Rating (A-1 by 1 or A- by 1)0.0 0.0 Compliant
COLLATERALIZED BANK DEPOSITS
Max % (MV)100.0 0.0 Compliant
Max % Issuer (MV)5.0 0.0 Compliant
COLLATERALIZED TIME DEPOSITS (NON-
NEGOTIABLE CD/TD)
Max % (MV)100.0 0.0 Compliant
Max % Issuer (MV)5.0 0.0 Compliant
COMMERCIAL PAPER
Max % (MV)25.0 0.0 Compliant
Max % Issuer (MV)5.0 0.0 Compliant
Max Maturity (Days)270 0.0 Compliant
Min Rating (A-1 by 1 or A- by 1)0.0 0.0 Compliant
CORPORATE MEDIUM TERM NOTES
Max % (MV)20.0 16.7 Compliant
Max % Issuer (MV)5.0 1.4 Compliant
16
STATEMENT OF COMPLIANCE
Danville Short Term Treasury Pool | Account #21 | As of December 31, 2024
Rules Name Limit Actual Compliance
Status Notes
Max Maturity (Years)5 2 Compliant
Min Rating (A- by 1)0.0 0.0 Compliant
FDIC INSURED TIME DEPOSITS (NON-NEGOTIABLE
CD/TD)
Max % (MV)100.0 0.0 Compliant
Max % Issuer (MV)5.0 0.0 Compliant
FEDERAL AGENCIES
Max % (MV)100.0 21.8 Compliant
Max % Issuer (MV)30.0 14.1 Compliant
Max Callables (MV)20.0 0.0 Compliant
Max Maturity (Years)5 4 Compliant
LOCAL AGENCY INVESTMENT FUND (LAIF)
Max % (MV)30.0 0.0 Compliant
MONEY MARKET MUTUAL FUNDS
Max % (MV)20.0 0.2 Compliant
Max % Issuer (MV)20.0 0.2 Compliant
Min Rating (AAA by 2)0.0 0.0 Compliant
MORTGAGE-BACKED SECURITIES (NON-AGENCY)
Max % (MV)15.0 0.0 Compliant
Max % Issuer (MV)5.0 0.0 Compliant
Max Maturity (Years)5.0 0.0 Compliant
Min Rating (AAA by 1)0.0 0.0 Compliant
MUNICIPAL SECURITIES (CA, LOCAL AGENCY)
Max % (MV)30.0 0.0 Compliant
Max % Issuer (MV)5.0 0.0 Compliant
Max Maturity (Years)5 0.0 Compliant
Min Rating (A- by 1)0.0 0.0 Compliant
MUNICIPAL SECURITIES (CA, OTHER STATES)
Max % (MV)30.0 0.0 Compliant
Max % Issuer (MV)5.0 0.0 Compliant
17
STATEMENT OF COMPLIANCE
Danville Short Term Treasury Pool | Account #21 | As of December 31, 2024
Rules Name Limit Actual Compliance
Status Notes
Max Maturity (Years)5 0.0 Compliant
Min Rating (A- by 1)0.0 0.0 Compliant
MUTUAL FUNDS
Max % (MV)20.0 0.0 Compliant
Max % Issuer (MV)10.0 0.0 Compliant
Min Rating (AAA by 2)0.0 0.0 Compliant
NEGOTIABLE CERTIFICATES OF DEPOSIT (NCD)
Max % (MV)30.0 0.0 Compliant
Max % Issuer (MV)5.0 0.0 Compliant
Max Maturity (Years)5 0.0 Compliant
Min Rating (A-1 by 1 or A- by 1 if > FDIC Limit)0.0 0.0 Compliant
REPURCHASE AGREEMENTS
Max % (MV)15.0 0.0 Compliant
Max % Issuer (MV)5.0 0.0 Compliant
Max Maturity (Days)30.0 0.0 Compliant
SUPRANATIONAL OBLIGATIONS
Max % (MV)30.0 3.5 Compliant
Max % Issuer (MV)5.0 1.5 Compliant
Max Maturity (Years)5 3 Compliant
Min Rating (AA- by 1)0.0 0.0 Compliant
U.S. TREASURIES
Max % (MV)100.0 46.4 Compliant
Max % Issuer (MV)100.0 46.4 Compliant
Max Maturity (Years)5 4 Compliant
18
PORTFOLIO CHARACTERISTICS
Danville Short Term Treasury Pool | Account #21 | As of December 31, 2024
Benchmark*12/31/2024
Portfolio
9/30/2024
Portfolio
Average Maturity (yrs)1.84 2.08 2.05
Average Modified Duration 1.75 1.86 1.83
Average Purchase Yield 3.74%3.50%
Average Market Yield 4.25%4.38%3.97%
Average Quality**AA+AA+AA+
Total Market Value 96,889,811 96,993,874
*Benchmark: ICE BofA 1-3 Year US Treasury Index
**The credit quality is a weighted average calculation of the highest of S&P, Moody’s and Fitch.
19
SECTOR DISTRIBUTION
Danville Short Term Treasury Pool | Account #21 | As of December 31, 2024
Sector as a Percentage of Market Value
Sector 12/31/2024 09/30/2024
US Treasury 46.43%43.40%
Agency 21.83%24.07%
Corporate 16.66%16.77%
Agency CMBS 7.92%7.02%
Supras 3.51%4.61%
ABS 3.49%3.96%
Money Mkt Fd 0.15%0.16%
20
ISSUERS
Danville Short Term Treasury Pool | Account #21 | As of December 31, 2024
Issuer Investment Type % Portfolio
Government of The United States US Treasury 46.43%
Farm Credit System Agency 14.07%
FHLMC Agency CMBS 7.92%
Federal Home Loan Banks Agency 6.75%
International Bank for Recon and Dev Supras 1.51%
State Street Corporation Corporate 1.39%
Apple Inc.Corporate 1.28%
Bank of America Corporation Corporate 1.05%
Caterpillar Inc.Corporate 1.05%
Cisco Systems, Inc.Corporate 1.05%
Chase Issuance Trust ABS 1.05%
Deere & Company Corporate 1.04%
Inter-American Development Bank Supras 1.04%
Mastercard Incorporated Corporate 1.04%
Microsoft Corporation Corporate 1.03%
FNMA Agency 1.01%
Amazon.com, Inc.Corporate 1.00%
Honeywell International Inc.Corporate 1.00%
Visa Inc.Corporate 0.99%
Toyota Motor Corporation Corporate 0.99%
International Finance Corporation Supras 0.96%
BMW Vehicle Owner Trust ABS 0.73%
Walmart Inc.Corporate 0.73%
BlackRock, Inc.Corporate 0.72%
PACCAR Inc Corporate 0.54%
Bank of America Credit Card Trust ABS 0.50%
Colgate-Palmolive Company Corporate 0.48%
Morgan Stanley Corporate 0.47%
JPMorgan Chase & Co.Corporate 0.43%
PepsiCo, Inc.Corporate 0.38%
21
ISSUERS
Danville Short Term Treasury Pool | Account #21 | As of December 31, 2024
Issuer Investment Type % Portfolio
Toyota Auto Receivables Owner Trust ABS 0.31%
GM Financial Automobile Leasing Trus ABS 0.22%
Hyundai Auto Receivables Trust ABS 0.20%
Honda Auto Receivables Owner Trust ABS 0.18%
GM Financial Securitized Term ABS 0.17%
Allspring Group Holdings LLC Money Mkt Fd 0.15%
John Deere Owner Trust ABS 0.14%
Cash Cash 0.00%
TOTAL 100.00%
22
0-.25 .25-.5 .5-1 1-2 2-3 3-4 4-5 5-7 7+
Portfolio 8.5%7.3%12.6%25.6%29.0%12.8%4.2%0.0%0.0%
ICE BofA 1-3 Year US Treasury Index 0.0%0.0%3.8%59.7%36.5%0.0%0.0%0.0%0.0%
DURATION DISTRIBUTION
Danville Short Term Treasury Pool | Account #21 | As of December 31, 2024
Portfolio Compared to the Benchmark
23
QUALITY DISTRIBUTION
Rating 12/31/2024 09/30/2024
AAA 9.2%10.6%
AA 81.2%79.1%
A 9.5%10.0%
NR 0.2%0.3%
Rating 12/31/2024 09/30/2024
AAA 83.6%83.3%
AA 7.3%5.9%
A 7.1%8.5%
NR 2.0%2.2%
Rating 12/31/2024 09/30/2024
AAA 7.9%7.3%
AA 75.4%74.8%
A 4.1%4.1%
NR 12.5%13.8%
Danville Short Term Treasury Pool | Account #21 | As of December 31, 2024
S&P Rating Moody’s Rating Fitch Rating
24
3 Months 12 Months 2 Years 3 Years 5 Years 10 Years Since Inception
TOTAL RATE OF RETURN
Danville ST Treasury Pool (0.11%)4.28%4.47%1.87%1.65%1.62%3.37%
Benchmark (0.06%)4.08%4.16%1.49%1.40%1.39%3.11%
REALIZED RATE OF RETURN
Danville ST Treasury Pool 0.89%3.20%2.57%2.16%2.00%1.71%3.34%
*Periods over 1 year are annualized.
Benchmark: ICE BofA 1-3 Year US Treasury Index
Total rate of return: A measure of a portfolio’s performance over time. It is the internal rate of return, which equates the beginning value of the portfolio with the ending market value; it includes interest earnings, realized
and unrealized gains and losses in the portfolio. Realized rate of return: A measure of a portfolio’s return over time. It is the internal rate which equates the beginning book value of the portfolio with the ending book value;
it includes interest earnings, realized gains and losses in the portfolio.
INVESTMENT PERFORMANCE
Danville Short Term Treasury Pool | Account #21 | As of December 31, 2024
Total and Realized Rate of Return : Inception | 04/01/1995
-1.00%
0.00%
1.00%
2.00%
3.00%
4.00%
5.00%
3 months 12 months 2 years 3 years 5 years 10 years Since Inception
Danville Short Term Treasury Pool Benchmark Realized Rate of Return
25
HISTORICAL AVERAGE PURCHASE YIELD
Danville Short Term Treasury Pool | Account #21 | As of December 31, 2024
Purchase Yield as of 12/31/24 = 3.74%
26
Growth of $1 Million
GROWTH OVER TIME
Danville Short Term Treasury Pool |Account #21 |As of December 31,2024
As of 12/31/2024 Dollar Value Return
Danville Total Return $2,682,692 3.37%
Danville Realized Return $2,657,222 3.34%
LAIF $2,167,349 2.63%
Historical Return of $1 Million Invested on March 31, 1995
27
PORTFOLIO CHARACTERISTICS
Danville NERIAD Improvement Fund (89-1 90A) | Account #24 | As of December 31, 2024
Benchmark*12/31/2024
Portfolio
9/30/2024
Portfolio
Average Maturity (yrs)0.16 0.58 0.56
Average Modified Duration 0.15 0.56 0.55
Average Purchase Yield 4.65%4.91%
Average Market Yield 4.26%4.24%4.28%
Average Quality**AA+AAA AAA
Total Market Value 965,440 955,553
*Benchmark: ICE BofA 3-Month US Treasury Bill Index
**The credit quality is a weighted average calculation of the highest of S&P, Moody’s and Fitch.
28
ISSUERS
Danville NERIAD Improvement Fund (89-1 90A) | Account #24 | As of December 31, 2024
Issuer Investment Type % Portfolio
Government of The United States US Treasury 97.02%
Allspring Group Holdings LLC Money Mkt Fd 2.96%
Cash Cash 0.02%
TOTAL 100.00%
29
PORTFOLIO HOLDINGS
30
HOLDINGS REPORT
Danville Short Term Treasury Pool | Account #21 | As of December 31, 2024
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
43815GAC3 HAROT 2021-4 A3 0.88
01/21/2026 40,786.86 11/16/2021
0.89%
40,778.26
40,784.98
99.22
4.64%
40,469.61
9.97
0.04%
(315.36)
Aaa/NA
AAA
1.06
0.21
47789QAC4 JDOT 2021-B A3 0.52 03/16/2026 39,286.86 07/13/2021
0.53%
39,283.35
39,286.10
99.50
4.47%
39,091.17
9.08
0.04%
(194.92)
Aaa/NA
AAA
1.21
0.13
89238JAC9 TAOT 2021-D A3 0.71 04/15/2026 41,338.76 11/09/2021
0.71%
41,337.88
41,338.55
99.27
4.64%
41,037.55
13.04
0.04%
(301.00)
NA/AAA
AAA
1.29
0.18
43815BAC4 HAROT 2022-1 A3 1.88
05/15/2026 134,051.83 02/15/2022
1.89%
134,031.67
134,046.02
99.14
4.60%
132,900.84
112.01
0.14%
(1,145.19)
Aaa/AAA
NA
1.37
0.31
05602RAD3 BMWOT 2022-A A3 3.21
08/25/2026 98,326.14 05/10/2022
3.23%
98,321.02
98,324.36
99.55
4.54%
97,878.90
52.60
0.10%
(445.46)
Aaa/AAA
NA
1.65
0.35
47787JAC2 JDOT 2022 A3 0.36 09/15/2026 96,611.54 03/10/2022
2.34%
96,590.17
96,604.15
99.17
4.82%
95,806.92
99.62
0.10%
(797.23)
Aaa/NA
AAA
1.71
0.33
448977AD0 HART 2022-A A3 2.22 10/15/2026 194,595.51 03/09/2022
2.23%
194,588.02
194,592.95
99.25
4.77%
193,138.79
192.00
0.20%
(1,454.16)
NA/AAA
AAA
1.79
0.29
380146AC4 GMCAR 2022-1 A3 1.26
11/16/2026 45,757.28 01/11/2022
1.27%
45,753.30
45,755.97
99.09
4.61%
45,343.05
24.02
0.05%
(412.91)
NA/AAA
AAA
1.88
0.27
379929AD4 GMALT 2023-3 A3 5.38
11/20/2026 210,000.00 08/08/2023
5.38%
209,974.82
209,985.47
100.52
4.61%
211,099.85
345.22
0.22%
1,114.39
NA/AAA
AAA
1.89
0.63
362585AC5 GMCAR 2022-2 A3 3.1
02/16/2027 119,741.02 04/05/2022
3.13%
119,716.00
119,731.18
99.35
4.63%
118,962.95
154.67
0.12%
(768.24)
Aaa/AAA
NA
2.13
0.43
05592XAD2 BMWOT 2023-A A3 5.47
02/25/2028 175,000.00 07/11/2023
5.47%
174,968.99
174,978.81
100.87
4.55%
176,515.85
159.54
0.18%
1,537.04
NA/AAA
AAA
3.15
0.88
89239FAD4 TAOT 2023-D A3 5.54 08/15/2028 255,000.00 11/07/2023
6.30%
254,972.51
254,979.07
101.47
4.57%
258,746.72
627.87
0.27%
3,767.65
NA/AAA
AAA
3.62
1.41
161571HT4 CHAIT 2023-1 A 5.16 09/15/2028 995,000.00 09/07/2023
5.17%
994,724.19
994,795.75
101.06
4.56%
1,005,546.01
2,281.87
1.05%
10,750.26
NR/AAA
AAA
3.71
1.59
096919AD7 BMWOT 2024-A A3 5.18
02/26/2029 420,000.00 06/04/2024
5.24%
419,936.20
419,943.76
101.18
4.48%
424,955.33
362.60
0.44%
5,011.57
Aaa/AAA
NA
4.16
1.55
05522RDJ4 BACCT 2024-1 A 4.93 05/15/2029 475,000.00 06/06/2024
4.93%
474,973.35
474,976.43
100.97
4.54%
479,590.69
1,040.78
0.50%
4,614.25
Aaa/AAA
NA
4.37
2.19
Total ABS 3,340,495.81 4.54%
3,339,949.74
3,340,123.53
100.62
4.57%
3,361,084.22
5,484.88
3.49%
20,960.69
Aaa/AAA
AAA
3.22
1.25
31
HOLDINGS REPORT
Danville Short Term Treasury Pool | Account #21 | As of December 31, 2024
Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
AGENCY
3133ENKS8 FEDERAL FARM CREDIT BANKS
FUNDING CORP 1.125 01/06/2025 595,000.00 01/06/2022
1.20%
593,661.25
594,993.86
99.96
4.34%
594,786.29
3,253.91
0.62%
(207.58)
Aaa/AA+
AA+
0.02
0.01
3133ENPG9 FEDERAL FARM CREDIT BANKS
FUNDING CORP 1.75 02/14/2025 1,500,000.00 --
1.83%
1,496,422.50
1,499,855.19
99.67
4.54%
1,495,098.29
9,989.58
1.55%
(4,756.90)
Aaa/AA+
AA+
0.12
0.12
3133ENPY0 FEDERAL FARM CREDIT BANKS
FUNDING CORP 1.75 02/25/2025 750,000.00 03/14/2022
2.05%
743,440.50
749,665.33
99.60
4.46%
746,997.30
4,593.75
0.78%
(2,668.03)
Aaa/AA+
AA+
0.15
0.15
3133ENWH9 FEDERAL FARM CREDIT BANKS
FUNDING CORP 2.9 05/09/2025 1,000,000.00 05/03/2022
2.97%
998,050.00
999,772.26
99.48
4.37%
994,841.09
4,188.89
1.03%
(4,931.17)
Aaa/AA+
AA+
0.35
0.35
3135G05X7 FEDERAL NATIONAL MORTGAGE
ASSOCIATION 0.375 08/25/2025 1,000,000.00 12/09/2021
1.17%
971,060.00
994,955.81
97.50
4.34%
974,959.62
1,312.50
1.01%
(19,996.19)
Aaa/AA+
AA+
0.65
0.63
3133EPNG6 FEDERAL FARM CREDIT BANKS
FUNDING CORP 4.375 06/23/2026 2,000,000.00 06/22/2023
4.42%
1,997,620.00
1,998,828.51
100.14
4.28%
2,002,774.38
1,944.44
2.08%
3,945.87
Aaa/AA+
AA+
1.48
1.41
3133EPSW6 FEDERAL FARM CREDIT BANKS
FUNDING CORP 4.5 08/14/2026 1,500,000.00 08/09/2023
4.58%
1,496,550.00
1,498,142.79
100.39
4.24%
1,505,882.54
25,687.50
1.57%
7,739.74
Aaa/AA+
AA+
1.62
1.52
3130AXU63 FEDERAL HOME LOAN BANKS
4.625 11/17/2026 1,000,000.00 11/30/2023
4.53%
1,002,530.00
1,001,601.71
100.64
4.26%
1,006,414.48
5,652.78
1.05%
4,812.77
Aaa/AA+
AA+
1.88
1.77
3130B1EF0 FEDERAL HOME LOAN BANKS
4.625 06/11/2027 1,000,000.00 06/26/2024
4.57%
1,001,530.00
1,001,263.42
100.80
4.28%
1,007,964.26
2,569.44
1.05%
6,700.84
Aaa/AA+
AA+
2.44
2.28
3133EPH81 FEDERAL FARM CREDIT BANKS
FUNDING CORP 4.5 10/04/2027 1,500,000.00 12/08/2023
4.41%
1,504,500.00
1,503,249.82
100.42
4.33%
1,506,296.78
16,312.50
1.57%
3,046.95
Aaa/AA+
AA+
2.76
2.54
3133EPC60 FEDERAL FARM CREDIT BANKS
FUNDING CORP 4.625 11/15/2027 1,750,000.00 11/09/2023
4.73%
1,743,507.50
1,745,342.82
100.81
4.32%
1,764,131.13
10,342.01
1.83%
18,788.31
Aaa/AA+
AA+
2.87
2.65
3130ATUS4 FEDERAL HOME LOAN BANKS 4.25
12/10/2027 1,500,000.00 05/15/2023
3.66%
1,536,930.00
1,523,742.29
99.86
4.30%
1,497,906.21
3,718.75
1.56%
(25,836.08)
Aaa/AA+
AA+
2.94
2.73
3133EPGW9 FEDERAL FARM CREDIT BANKS
FUNDING CORP 3.875 04/25/2028 1,500,000.00 04/27/2023
3.76%
1,507,905.00
1,505,252.64
98.47
4.38%
1,476,979.91
10,656.25
1.54%
(28,272.73)
Aaa/AA+
AA+
3.32
3.05
3130AWC24 FEDERAL HOME LOAN BANKS 4.0
06/09/2028 1,500,000.00 07/06/2023
4.49%
1,467,705.00
1,477,433.06
98.70
4.41%
1,480,468.49
3,666.67
1.54%
3,035.43
Aaa/AA+
AA+
3.44
3.17
3130AVBD3 FEDERAL HOME LOAN BANKS 4.5
03/09/2029 1,500,000.00 04/26/2024
4.74%
1,484,775.00
1,486,886.25
100.01
4.50%
1,500,100.50
21,000.00
1.56%
13,214.25
Aaa/AA+
AA+
4.19
3.73
3133ERSP7 FEDERAL FARM CREDIT BANKS
FUNDING CORP 3.5 09/10/2029 1,500,000.00 09/17/2024
3.49%
1,500,945.00
1,500,890.42
96.19
4.41%
1,442,905.95
16,187.50
1.50%
(57,984.47)
Aaa/AA+
AA+
4.69
4.22
32
HOLDINGS REPORT
Danville Short Term Treasury Pool | Account #21 | As of December 31, 2024
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
21,047,131.75 99.56 20,998,507.19 21.83%Aaa/AA+2.27
Total Agency 21,095,000.00 3.75%21,081,876.18 4.36%141,076.48 (83,368.99)AA+2.09
AGENCY CMBS
3137BVZ82 FHMS K-063 A2 3.43 01/25/2027 1,000,000.00 06/06/2023
4.47%
965,625.00
980,726.77
97.83
4.53%
978,347.60
2,858.33
1.02%
(2,379.17)
Aaa/AA+
AAA
2.07
1.82
3137F2LJ3 FHMS K-066 A2 3.117 06/25/2027 1,000,000.00 05/18/2023
4.23%
958,984.38
975,418.53
96.71
4.56%
967,102.10
2,597.50
1.01%
(8,316.43)
Aaa/AA+
AAA
2.48
2.19
3137FBBX3 FHMS K-068 A2 3.244 08/25/2027 1,000,000.00 05/12/2023
3.98%
970,820.31
982,116.29
96.67
4.57%
966,652.00
2,703.33
1.00%
(15,464.29)
Aaa/AA+
AA+
2.65
2.42
3137FBU79 FHMS K-069 A2 3.187 09/25/2027 1,130,308.44 12/27/2023
4.27%
1,088,230.94
1,099,800.69
96.46
4.57%
1,090,281.05
3,001.91
1.13%
(9,519.63)
Aaa/AAA
AA+
2.73
2.48
3137FETN0 FHMS K-073 A2 3.35 01/25/2028 720,000.00 05/24/2023
4.27%
691,987.50
701,709.19
96.44
4.60%
694,396.58
2,010.00
0.72%
(7,312.61)
Aaa/AA+
AAA
3.07
2.75
3137F4D41 FHMS K-074 A2 3.6 01/25/2028 1,000,000.00 12/18/2024
4.45%
974,921.88
975,126.32
97.08
4.61%
970,816.60
3,000.00
1.01%
(4,309.72)
Aaa/AA+
AAA
3.07
2.78
3137FJEH8 FHMS K-081 A2 3.9 08/25/2028 1,000,000.00 09/05/2023
4.85%
957,968.75
969,269.49
97.41
4.65%
974,082.70
3,250.00
1.01%
4,813.21
Aaa/AA+
AAA
3.65
3.30
3137FJKE8 FHMS K-082 A2 3.92 09/25/2028 1,000,000.00 10/30/2023
5.31%
940,742.19
955,044.64
97.44
4.65%
974,424.10
3,266.67
1.01%
19,379.46
Aaa/AA+
AAA
3.74
3.33
7,549,280.95 97.02 7,616,102.74 7.92%Aaa/AA+2.92
Total Agency CMBS 7,850,308.44 4.48%7,639,211.92 4.59%22,687.74 (23,109.18)AAA 2.63
CASH
CCYUSD Receivable 1,355.65 --
0.00%
1,355.65
1,355.65
1.00
0.00%
1,355.65
0.00
0.00%
0.00
Aaa/AAA
AAA
0.00
0.00
1,355.65 1.00 1,355.65 0.00%Aaa/AAA 0.00
Total Cash 1,355.65 0.00%1,355.65 0.00%0.00 0.00 AAA 0.00
CORPORATE
57636QAN4 MASTERCARD INC 2.0 03/03/2025 1,000,000.00 02/25/2022
2.03%
999,010.00
999,945.00
99.56
4.58%
995,603.84
6,555.56
1.04%
(4,341.16)
Aa3/A+
NA
0.17
0.17
33
HOLDINGS REPORT
Danville Short Term Treasury Pool | Account #21 | As of December 31, 2024
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
037833DT4 APPLE INC 1.125 05/11/2025 500,000.00 02/25/2022
2.03%
485,870.00
498,425.96
98.69
4.83%
493,465.50
781.25
0.51%
(4,960.46)
Aaa/AA+
NA
0.36
0.35
194162AM5 COLGATE-PALMOLIVE CO 3.1
08/15/2025 470,000.00 08/01/2022
3.13%
469,567.60
469,911.32
99.17
4.47%
466,103.42
5,504.22
0.48%
(3,807.90)
Aa3/A+
NA
0.62
0.60
931142EW9 WALMART INC 3.9 09/09/2025 700,000.00 09/26/2022
4.64%
685,776.00
696,685.03
99.65
4.42%
697,542.17
8,493.33
0.73%
857.14
Aa2/AA
AA
0.69
0.66
594918BJ2 MICROSOFT CORP 3.125
11/03/2025 1,000,000.00 01/20/2023
4.28%
970,060.00
990,964.85
98.96
4.41%
989,556.33
5,034.72
1.03%
(1,408.52)
Aaa/AAA
WR
0.84
0.81
857477BR3 STATE STREET CORP 1.746
02/06/2026 265,000.00 02/02/2022
1.75%
265,000.00
265,000.00
99.61
5.82%
263,976.84
1,863.61
0.27%
(1,023.17)
Aa3/A
AA-
1.10
0.09
037833BY5 APPLE INC 3.25 02/23/2026 750,000.00 02/01/2023
4.27%
728,265.00
741,859.11
98.79
4.34%
740,953.54
8,666.67
0.77%
(905.58)
Aaa/AA+
NA
1.15
1.09
89236TJK2 TOYOTA MOTOR CREDIT CORP
1.125 06/18/2026 1,000,000.00 02/08/2024
4.68%
921,800.00
951,364.53
95.08
4.65%
950,813.00
406.25
0.99%
(551.53)
A1/A+
A+
1.46
1.42
69371RS56 PACCAR FINANCIAL CORP 5.05
08/10/2026 515,000.00 08/03/2023
5.07%
514,742.50
514,862.32
100.92
4.45%
519,715.40
10,186.27
0.54%
4,853.07
A1/A+
NA
1.61
1.50
06428CAA2 BANK OF AMERICA NA 5.526
08/18/2026 1,000,000.00 08/24/2023
5.48%
1,001,360.00
1,000,725.76
101.32
4.67%
1,013,198.02
20,415.50
1.05%
12,472.26
Aa1/A+
AA
1.63
1.44
61690U7W4 MORGAN STANLEY BANK NA
5.882 10/30/2026 440,000.00 10/30/2023
5.88%
440,000.00
440,000.00
102.10
4.67%
449,239.85
4,385.36
0.47%
9,239.85
Aa3/A+
AA-
1.83
1.63
438516BL9 HONEYWELL INTERNATIONAL INC
2.5 11/01/2026 1,000,000.00 01/11/2023
4.42%
933,280.00
967,841.73
96.52
4.50%
965,218.79
4,166.67
1.00%
(2,622.94)
A2/A
A
1.84
1.75
713448FW3 PEPSICO INC 5.125 11/10/2026 360,000.00 11/08/2023
5.13%
359,902.80
359,939.87
101.25
4.41%
364,487.69
2,613.75
0.38%
4,547.82
A1/A+
NA
1.86
1.67
48125LRU8 JPMORGAN CHASE BANK NA 5.11
12/08/2026 405,000.00 12/05/2023
5.11%
405,000.00
405,000.00
101.05
4.53%
409,265.95
1,322.21
0.43%
4,265.95
Aa2/AA-
AA
1.94
1.74
24422EXF1 JOHN DEERE CAPITAL CORP 4.5
01/08/2027 1,000,000.00 01/10/2024
4.53%
999,220.00
999,473.57
100.14
4.43%
1,001,403.92
21,625.00
1.04%
1,930.35
A1/A
A+
2.02
1.87
17275RBQ4 CISCO SYSTEMS INC 4.8
02/26/2027 1,000,000.00 --
4.81%
999,620.00
999,726.53
100.73
4.44%
1,007,300.03
16,666.67
1.05%
7,573.50
A1/AA-
NA
2.16
1.92
857477CL5 STATE STREET CORP 4.993
03/18/2027 1,065,000.00 03/13/2024
4.99%
1,065,000.00
1,065,000.00
100.83
4.59%
1,073,863.88
15,214.09
1.12%
8,863.88
Aa3/A
AA-
2.21
1.97
14913UAL4 CATERPILLAR FINANCIAL SERVICES
CORP 5.0 05/14/2027 1,000,000.00 05/15/2024
4.89%
1,002,930.00
1,002,315.56
101.02
4.54%
1,010,182.21
6,527.78
1.05%
7,866.65
A2/A
A+
2.37
2.20
34
HOLDINGS REPORT
Danville Short Term Treasury Pool | Account #21 | As of December 31, 2024
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
09290DAH4 BLACKROCK INC 4.6 07/26/2027 690,000.00 07/17/2024
4.60%
689,979.30
689,982.31
100.23
4.50%
691,570.03
13,665.83
0.72%
1,587.73
Aa3/AA-
NA
2.57
2.28
023135BC9 AMAZON.COM INC 3.15
08/22/2027 1,000,000.00 07/10/2024
4.73%
954,920.00
961,683.99
96.55
4.55%
965,519.16
11,287.50
1.00%
3,835.17
A1/AA
AA-
2.64
2.47
92826CAH5 VISA INC 2.75 09/15/2027 1,000,000.00 08/19/2024
4.14%
960,360.00
965,098.41
95.70
4.45%
957,017.16
8,097.22
0.99%
(8,081.25)
Aa3/AA-
NA
2.71
2.54
Total Corporate 16,160,000.00 4.40%
15,851,663.20
15,985,805.85
99.21
4.54%
16,025,996.71
173,479.46
16.66%
40,190.86
Aa3/A+
AA-
1.68
1.53
MONEY MARKET
FUND
VP4530003 ALLSPRING:TRS+ MM I 144,650.59 --
4.33%
144,650.59
144,650.59
1.00
4.33%
144,650.59
0.00
0.15%
0.00
Aaa/AAAm
NA
0.00
0.00
Total Money Market
Fund 144,650.59 4.33%
144,650.59
144,650.59
1.00
4.33%
144,650.59
0.00
0.15%
0.00
Aaa/AAAm
NA
0.00
0.00
SUPRANATIONAL
45950KDF4 INTERNATIONAL FINANCE CORP
4.375 01/15/2027 925,000.00 11/29/2023
4.49%
921,984.50
923,025.06
99.94
4.41%
924,436.94
18,664.86
0.96%
1,411.88
Aaa/AAA
NA
2.04
1.89
4581X0EM6 INTER-AMERICAN DEVELOPMENT
BANK 4.375 02/01/2027 1,000,000.00 01/30/2024
4.23%
1,004,020.00
1,002,791.26
99.96
4.40%
999,569.33
18,229.17
1.04%
(3,221.93)
Aaa/AAA
NA
2.09
1.93
459058KT9
INTERNATIONAL BANK FOR
RECONSTRUCTION AND
DEVELOPM 3.5 07/12/2028
1,500,000.00 03/11/2024
4.23%
1,456,965.00
1,464,962.65
97.14
4.38%
1,457,133.60
24,645.83
1.51%
(7,829.05)
Aaa/AAA
NA
3.53
3.22
Total Supranational 3,425,000.00 4.30%
3,382,969.50
3,390,778.97
98.74
4.39%
3,381,139.87
61,539.86
3.51%
(9,639.10)
Aaa/AAA
NA
2.70
2.48
US TREASURY
912828Z52 UNITED STATES TREASURY 1.375
01/31/2025 1,500,000.00 02/24/2021
0.40%
1,557,011.72
1,501,191.05
99.76
4.35%
1,496,466.90
8,631.11
1.56%
(4,724.15)
Aaa/AA+
AA+
0.08
0.08
912828ZC7 UNITED STATES TREASURY 1.125
02/28/2025 1,000,000.00 02/03/2022
1.43%
990,820.31
999,524.62
99.49
4.36%
994,912.90
3,822.51
1.03%
(4,611.72)
Aaa/AA+
AA+
0.16
0.16
35
HOLDINGS REPORT
Danville Short Term Treasury Pool | Account #21 | As of December 31, 2024
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
912828ZF0 UNITED STATES TREASURY 0.5
03/31/2025 1,350,000.00 --
0.66%
1,342,150.39
1,349,486.52
99.11
4.23%
1,337,924.59
1,724.59
1.39%
(11,561.94)
Aaa/AA+
AA+
0.25
0.24
912828ZL7 UNITED STATES TREASURY 0.375
04/30/2025 2,000,000.00 --
1.52%
1,934,296.88
1,992,817.06
98.73
4.32%
1,974,611.42
1,284.53
2.05%
(18,205.64)
Aaa/AA+
AA+
0.33
0.32
912828ZT0 UNITED STATES TREASURY 0.25
05/31/2025 1,500,000.00 06/11/2021
0.53%
1,483,359.38
1,498,274.99
98.38
4.28%
1,475,661.24
329.67
1.53%
(22,613.75)
Aaa/AA+
AA+
0.41
0.40
912828ZW3 UNITED STATES TREASURY 0.25
06/30/2025 1,500,000.00 07/29/2021
0.55%
1,482,246.09
1,497,766.80
98.09
4.20%
1,471,303.91
10.36
1.53%
(26,462.90)
Aaa/AA+
AA+
0.50
0.48
91282CAB7 UNITED STATES TREASURY 0.25
07/31/2025 1,350,000.00 12/02/2021
4.30%
1,310,871.09
1,343,820.21
97.73
4.27%
1,319,294.80
1,412.36
1.37%
(24,525.41)
Aaa/AA+
AA+
0.58
0.57
912828K74 UNITED STATES TREASURY 2.0
08/15/2025 1,500,000.00 04/21/2022
2.94%
1,454,882.81
1,491,580.11
98.61
4.29%
1,479,175.10
11,331.52
1.54%
(12,405.02)
Aaa/AA+
AA+
0.62
0.60
9128285C0 UNITED STATES TREASURY 3.0
09/30/2025 1,500,000.00 04/21/2022
2.96%
1,502,109.38
1,500,456.44
99.09
4.25%
1,486,339.04
11,497.25
1.55%
(14,117.41)
Aaa/AA+
AA+
0.75
0.72
9128285J5 UNITED STATES TREASURY 3.0
10/31/2025 1,600,000.00 06/02/2022
2.87%
1,606,562.50
1,601,595.86
98.98
4.26%
1,583,758.72
8,220.99
1.65%
(17,837.14)
Aaa/AA+
AA+
0.83
0.80
912828M56 UNITED STATES TREASURY 2.25
11/15/2025 1,700,000.00 06/09/2022
3.04%
1,655,839.84
1,688,801.49
98.29
4.28%
1,670,910.72
4,966.16
1.74%
(17,890.77)
Aaa/AA+
AA+
0.87
0.84
9128285T3 UNITED STATES TREASURY 2.625
12/31/2025 1,100,000.00 07/13/2022
3.20%
1,079,031.25
1,093,971.07
98.47
4.21%
1,083,220.33
79.77
1.13%
(10,750.74)
Aaa/AA+
AA+
1.00
0.97
9128286L9 UNITED STATES TREASURY 2.25
03/31/2026 1,800,000.00 08/03/2022
2.99%
1,753,523.44
1,784,194.49
97.58
4.27%
1,756,525.00
10,347.53
1.83%
(27,669.49)
Aaa/AA+
AA+
1.25
1.20
9128286S4 UNITED STATES TREASURY 2.375
04/30/2026 1,600,000.00 09/08/2022
3.42%
1,542,500.00
1,579,059.45
97.58
4.27%
1,561,237.89
6,508.29
1.62%
(17,821.56)
Aaa/AA+
AA+
1.33
1.28
91282CLB5 UNITED STATES TREASURY 4.375
07/31/2026 1,750,000.00 11/22/2024
4.40%
1,749,179.69
1,749,229.20
100.16
4.26%
1,752,887.41
32,039.74
1.82%
3,658.21
Aaa/AA+
AA+
1.58
1.48
912828YG9 UNITED STATES TREASURY 1.625
09/30/2026 2,000,000.00 06/07/2023
4.09%
1,848,984.38
1,920,432.63
95.63
4.25%
1,912,617.96
8,303.57
1.99%
(7,814.67)
Aaa/AA+
AA+
1.75
1.68
91282CEF4 UNITED STATES TREASURY 2.5
03/31/2027 1,450,000.00 11/28/2022
4.00%
1,363,566.41
1,405,253.41
96.29
4.25%
1,396,209.23
9,261.68
1.45%
(9,044.17)
Aaa/AA+
AA+
2.25
2.13
91282CKJ9 UNITED STATES TREASURY 4.5
04/15/2027 2,000,000.00 05/17/2024
4.58%
1,995,468.75
1,996,434.85
100.50
4.26%
2,010,032.96
19,285.71
2.09%
13,598.11
Aaa/AA+
AA+
2.29
2.13
91282CEW7 UNITED STATES TREASURY 3.25
06/30/2027 1,500,000.00 10/05/2022
4.00%
1,451,308.59
1,474,283.70
97.65
4.25%
1,464,820.52
134.67
1.52%
(9,463.18)
Aaa/AA+
AA+
2.50
2.36
36
HOLDINGS REPORT
Danville Short Term Treasury Pool | Account #21 | As of December 31, 2024
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
91282CFB2 UNITED STATES TREASURY 2.75
07/31/2027 2,000,000.00 06/21/2024
4.46%
1,901,875.00
1,918,431.43
96.31
4.28%
1,926,146.12
23,016.30
2.00%
7,714.69
Aaa/AA+
AA+
2.58
2.42
91282CFH9 UNITED STATES TREASURY 3.125
08/31/2027 1,600,000.00 01/20/2023
3.59%
1,568,437.50
1,581,749.70
97.12
4.28%
1,553,923.06
16,988.95
1.62%
(27,826.65)
Aaa/AA+
AA+
2.67
2.49
91282CFM8 UNITED STATES TREASURY 4.125
09/30/2027 1,250,000.00 03/08/2023
4.44%
1,234,130.86
1,240,449.92
99.61
4.28%
1,245,063.65
13,173.94
1.29%
4,613.73
Aaa/AA+
AA+
2.75
2.54
91282CGH8 UNITED STATES TREASURY 3.5
01/31/2028 1,300,000.00 10/17/2024
3.90%
1,284,105.47
1,285,098.88
97.71
4.30%
1,270,200.04
19,040.76
1.32%
(14,898.84)
Aaa/AA+
AA+
3.08
2.84
9128283W8 UNITED STATES TREASURY 2.75
02/15/2028 1,500,000.00 09/27/2024
3.51%
1,464,140.63
1,466,845.35
95.27
4.39%
1,428,984.00
15,580.84
1.49%
(37,861.35)
Aaa/AA+
AA+
3.13
2.91
91282CGT2 UNITED STATES TREASURY 3.625
03/31/2028 1,000,000.00 11/08/2024
4.19%
982,343.75
983,058.58
97.94
4.31%
979,422.87
9,261.68
1.02%
(3,635.71)
Aaa/AA+
AA+
3.25
2.99
91282CHE4 UNITED STATES TREASURY 3.625
05/31/2028 1,750,000.00 12/30/2024
4.33%
1,711,445.31
1,711,476.23
97.81
4.32%
1,711,668.42
5,576.92
1.78%
192.19
Aaa/AA+
AA+
3.42
3.16
91282CHX2 UNITED STATES TREASURY 4.375
08/31/2028 1,000,000.00 12/13/2024
4.25%
1,004,101.56
1,004,053.09
100.08
4.35%
1,000,794.76
14,865.33
1.04%
(3,258.33)
Aaa/AA+
AA+
3.67
3.30
9128285M8 UNITED STATES TREASURY 3.125
11/15/2028 1,800,000.00 04/10/2024
4.66%
1,687,078.13
1,704,673.72
95.69
4.35%
1,722,394.33
7,303.18
1.79%
17,720.62
Aaa/AA+
AA+
3.88
3.57
91282CES6 UNITED STATES TREASURY 2.75
05/31/2029 1,200,000.00 09/05/2024
3.60%
1,155,984.38
1,158,964.60
93.50
4.39%
1,121,962.00
2,901.10
1.17%
(37,002.61)
Aaa/AA+
AA+
4.41
4.07
91282CLC3 UNITED STATES TREASURY 4.0
07/31/2029 1,500,000.00 10/29/2024
4.30%
1,493,320.31
1,493,559.15
98.42
4.39%
1,476,225.63
25,108.70
1.53%
(17,333.52)
Aaa/AA+
AA+
4.58
4.07
Total US Treasury 45,600,000.00 3.26%
44,590,675.80
45,016,534.59
97.97
4.29%
44,664,695.49
292,009.72
46.43%
(351,839.11)
Aaa/AA+
AA+
1.86
1.73
Total Portfolio 97,616,810.49 3.74%
95,907,677.19
96,600,337.29
98.42
4.38%
96,193,532.45
696,278.13
100.00%
(406,804.83)
Aa1/AA
AA+
2.08
1.86
Total Market Value +
Accrued 96,889,810.59
37
HOLDINGS REPORT
Danville NERIAD Improvement Fund (89-1 90A) | Account #24 | As of December 31, 2024
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 158.05 --
0.00%
158.05
158.05
1.00
0.00%
158.05
0.00
0.02%
0.00
Aaa/AAA
AAA
0.00
0.00
Total Cash 158.05 0.00%
158.05
158.05
1.00
0.00%
158.05
0.00
0.02%
0.00
Aaa/AAA
AAA
0.00
0.00
MONEY MARKET
FUND
VP4530003 ALLSPRING:TRS+ MM I 28,563.55 --
4.33%
28,563.55
28,563.55
1.00
4.33%
28,563.55
0.00
2.96%
0.00
Aaa/AAAm
NA
0.00
0.00
Total Money Market
Fund 28,563.55 4.33%
28,563.55
28,563.55
1.00
4.33%
28,563.55
0.00
2.96%
0.00
Aaa/AAAm
NA
0.00
0.00
US TREASURY
912797KJ5 UNITED STATES TREASURY
03/20/2025 200,000.00 04/26/2024
5.21%
191,044.44
197,850.67
99.11
4.27%
198,213.38
0.00
20.54%
362.71
P-1/A-1+
F1+
0.22
0.21
912797LN5 UNITED STATES TREASURY
06/12/2025 250,000.00 06/13/2024
5.08%
237,836.98
244,571.88
98.15
4.27%
245,373.13
0.00
25.43%
801.25
P-1/A-1+
F1+
0.45
0.43
912797MH7 UNITED STATES TREASURY
09/04/2025 250,000.00 09/05/2024
4.20%
239,875.83
243,138.99
97.24
4.21%
243,088.13
0.00
25.19%
(50.86)
P-1/A-1+
F1+
0.68
0.66
91282CGA3 UNITED STATES TREASURY 4.0
12/15/2025 250,000.00 12/16/2024
4.26%
249,384.77
249,410.19
99.83
4.18%
249,576.92
467.03
25.86%
166.73
Aaa/AA+
AA+
0.96
0.92
Total US Treasury 950,000.00 4.66%
918,142.02
934,971.73
98.56
4.23%
936,251.56
467.03
97.02%
1,279.83
Aaa/AAA
AAA
0.59
0.57
Total Portfolio 978,721.60 4.65%
946,863.62
963,693.33
95.66
4.24%
964,973.16
467.03
100.00%
1,279.83
Aaa/AAA
AAA
0.58
0.56
Total Market Value +
Accrued 965,440.19
38
TRANSACTIONS
39
TRANSACTION LEDGER
Danville Short Term Treasury Pool | Account #21|10/01/2024 Through 12/31/2024|
Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp
Yield Amount Interest
Pur/Sold Total Amount Gain/Loss
ACQUISITIONS
Purchase 10/18/2024 91282CGH8 1,300,000.00 UNITED STATES TREASURY
3.5 01/31/2028 98.777 3.90%(1,284,105.47)(9,767.66)(1,293,873.13)0.00
Purchase 10/31/2024 91282CLC3 1,500,000.00 UNITED STATES TREASURY
4.0 07/31/2029 99.555 4.10%(1,493,320.31)(15,000.00)(1,508,320.31)0.00
Purchase 11/12/2024 91282CGT2 1,000,000.00 UNITED STATES TREASURY
3.625 03/31/2028 98.234 4.19%(982,343.75)(4,282.28)(986,626.03)0.00
Purchase 11/25/2024 91282CLB5 1,750,000.00 UNITED STATES TREASURY
4.375 07/31/2026 99.953 4.40%(1,749,179.69)(24,341.88)(1,773,521.57)0.00
Purchase 12/16/2024 91282CHX2 1,000,000.00 UNITED STATES TREASURY
4.375 08/31/2028 100.410 4.25%(1,004,101.56)(12,931.63)(1,017,033.19)0.00
Purchase 12/23/2024 3137F4D41 1,000,000.00 FHMS K-074 A2 3.6
01/25/2028 97.492 4.45%(974,921.88)(2,200.00)(977,121.88)0.00
Purchase 12/31/2024 91282CHE4 1,750,000.00 UNITED STATES TREASURY
3.625 05/31/2028 97.797 4.33%(1,711,445.31)(5,402.64)(1,716,847.95)0.00
Total Purchase 9,300,000.00 (9,199,417.97)(73,926.09)(9,273,344.06)0.00
TOTAL
ACQUISITIONS 9,300,000.00 (9,199,417.97)(73,926.09)(9,273,344.06)0.00
DISPOSITIONS
Maturity 10/16/2024 45950KCR9 (1,000,000.00)INTERNATIONAL FINANCE
CORP 1.375 10/16/2024 100.000 1.38%1,000,000.00 0.00 1,000,000.00 0.00
Maturity 10/31/2024 912828YM6 (1,350,000.00)UNITED STATES TREASURY
1.5 10/31/2024 100.000 1.50%1,350,000.00 0.00 1,350,000.00 0.00
Maturity 11/08/2024 3130APQ81 (900,000.00)FEDERAL HOME LOAN
BANKS 1.0 11/08/2024 100.000 1.00%900,000.00 0.00 900,000.00 0.00
Maturity 11/15/2024 91282CDH1 (1,500,000.00)UNITED STATES TREASURY
0.75 11/15/2024 100.000 0.75%1,500,000.00 0.00 1,500,000.00 0.00
Maturity 12/15/2024 91282CDN8 (850,000.00)UNITED STATES TREASURY
1.0 12/15/2024 100.000 1.00%850,000.00 0.00 850,000.00 0.00
Maturity 12/20/2024 3130AQF40 (1,000,000.00)FEDERAL HOME LOAN
BANKS 1.0 12/20/2024 100.000 1.00%1,000,000.00 0.00 1,000,000.00 0.00
Maturity 12/31/2024 912828YY0 (1,500,000.00)UNITED STATES TREASURY
1.75 12/31/2024 100.000 1.75%1,500,000.00 0.00 1,500,000.00 0.00
40
TRANSACTION LEDGER
Danville Short Term Treasury Pool | Account #21|10/01/2024 Through 12/31/2024|
Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp
Yield Amount Interest
Pur/Sold Total Amount Gain/Loss
Total Maturity (8,100,000.00)8,100,000.00 0.00 8,100,000.00 0.00
TOTAL
DISPOSITIONS (8,100,000.00)8,100,000.00 0.00 8,100,000.00 0.00
41
TRANSACTION LEDGER
Danville NERIAD Improvement Fund (89-1 90A) | Account #24|10/01/2024 Through 12/31/2024|
Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp
Yield Amount Interest
Pur/Sold Total Amount Gain/Loss
ACQUISITIONS
Purchase 12/17/2024 91282CGA3 250,000.00 UNITED STATES TREASURY
4.0 12/15/2025 99.754 4.26%(249,384.77)(54.95)(249,439.72)0.00
Total Purchase 250,000.00 (249,384.77)(54.95)(249,439.72)0.00
TOTAL
ACQUISITIONS 250,000.00 (249,384.77)(54.95)(249,439.72)0.00
DISPOSITIONS
Maturity 12/15/2024 91282CDN8 (250,000.00)UNITED STATES TREASURY
1.0 12/15/2024 100.000 1.00%250,000.00 0.00 250,000.00 0.00
Total Maturity (250,000.00)250,000.00 0.00 250,000.00 0.00
TOTAL
DISPOSITIONS (250,000.00)250,000.00 0.00 250,000.00 0.00
42
IMPORTANT DISCLOSURES
2024 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 “as is” 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 and carries a AA+/Aaa/AAA by S&P, Moody’s and Fitch respectively.
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BENCHMARK DISCLOSURES
Benchmark Disclosure
ICE BofA 3-Month US Treasury Bill Index The ICE BofA US 3-Month Treasury Bill Index is comprised of a single issue purchased at the beginning of the month and held for
a full month.At the end of the month that issue is sold and rolled into a newly selected issue.The issue selected at each month-end
rebalancing is the outstanding Treasury Bill that matures closest to,but not beyond,three months from the rebalancing date.
ICE BofA 1-3 Yr US Treasury Index
The ICE BofA 1-3 Year US Treasury Index tracks the performance of US dollar-denominated sovereign debt publicly issued by the
US government in its domestic market. Qualifying securities must have at least one year remaining term to final maturity and less
than three years remaining term to final maturity, a fixed coupon schedule, and a minimum amount outstanding of $1 billion.
Qualifying securities must have at least 18 months to final maturity at the time of issuance.
ICE BofA 1-3 Yr AAA-A US Corp & Govt Index
The ICE BofA 1-3 AAA-A Year US Corporate & Government Index tracks the performance of US dollar denominated investment
grade debt publicly issued in the US domestic market, including US Treasury, US agency, foreign government, supranational, and
corporate securities. Qualifying securities must be rated AAA through A3 (based on an average of Moody’s, S&P and Fitch). In
addition, 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 final maturity at point of issuance, a fixed coupon schedule, and a minimum amount
outstanding of $1 billion for US Treasuries and $250 million for all other securities.
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Supplement to Quarterly Investment Report
Town Managed Cash Account
Average Average
Maturity Yield Cost
Town Funds 0 4.477%10,494,141
Trust Fund 0 4.477%3,260,950
.
Community Development Agency DS/Successor Agency 0 4.477%69,203
NERIAD 0 4.477%167,636
Total LAIF Funds Managed by the Town 13,991,930$
LAIF Funds Managed by the Town
(Local Agency Investment Fund)
November 2024
9.1