HomeMy WebLinkAbout041525-09.1INVESTMENT REPORT
Danville | As of March 31, 2025
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 suggest slower growth in 2025 and greater market uncertainty as the effects of fiscal policy unfold. Inflationary
trends have subsided,but some components remain sticky, and core levels remain above the Fed’s target. The labor market reflects
improved balance between supply and demand for workers. While job creation has been robust, continuing jobless claims remain elevated.
Given the economic outlook, we expect gradual normalization of monetary policy and a steepening yield curve.
As broadly anticipated, the Federal Open Market Committee (FOMC) left the Federal Funds Rate unchanged at the range of 4.25 - 4.50%at
the March meeting. Fed Chair Powell emphasized increased uncertainty around the economic outlook and the need for “greater clarity”
before making changes to interest rate policy.He also acknowledged possible transitory inflationary impacts from tariffs. The summary of
economic projections (SEP) indicated lower GDP growth, higher inflation, and higher unemployment estimates than December projections,
along with roughly two 25-basis point rate cuts this year. The FOMC also announced a slowdown in the pace of balance sheet reduction.
US Treasury yields declined, and the curve steepened in March. The 2-year Treasury yield declined 10 basis points to 3.89%, the 5-year
Treasury fell 7 basis points to 3.95%, and the 10-year Treasury yield was unchanged 4.21%. The spread between the 2-year and 10-year
Treasury yield points on the curve widened to +32 basis points at March month-end versus +22 basis points at February month-end. The
spread between the 2-year Treasury and 10-year Treasury yield one year ago was -42 basis points. The spread between the 3-month and 10-
year Treasury yield points on the curve was -9 basis points in March, unchanged from February.
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 228,000 jobs in March, exceeding consensus expectations, and the last two months were revised down by
48,000. Gains were led healthcare, retail, social assistance, and transportation. The three-month moving average and six-month moving
average payrolls totaled 152,000 and 181,000 respectively. The unemployment rate rose to 4.2% in March, and the labor participation rate
edged up 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 down to 7.9%in March from8.0%in February.
Average hourly earnings ticked down to an increase of 3.8% year-over-year in March.
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) fell to 7.57 million new job openings in February from 7.76
million new job openings in January. 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 February, both the Consumer Price Index (CPI) and Core CPI, which excludes volatile food and energy components, posted more
moderate increases than last month and came in lower than consensus expectations. The headline CPI rose 0.2% month-over-month and
2.8% year-over-year, while the Core CPI rose 0.2% month-over-month and 3.1% year-over-year. The Personal Consumption Expenditures
(PCE) price index increased by 0.3% from the previous month and 2.5% year-over-year in February. The Core PCE deflator, which excludes
food and energy and is the Fed’s preferred gauge, accelerated its increase to 0.4% month-over-month and 2.8% from 2.6% year-over-
year.Inflation remains 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
The Advance Retail Sales report for February fell short of expectations, increasing 0.2% month-over-month following a 1.2% decline in
January. Declines were broad-based across categories. However, control group sales, which feeds into gross domestic product and
excludes food services, auto dealers, building materials stores, and gasoline stations, increased 1%in February.On a year-over-year
basis, Retail Sales grew 3.1%in February versus 3.9%in January. The Conference Board’s Consumer Confidence Index tumbled 7.2 points
in March to 92.9, a notable decrease from February. Consumers' assessment of the present situation fell, with business conditions viewed
as "good"by only 17.7% and jobs considered "plentiful"by 33.6%. Their expectations for income, business, and labor market conditions
dropped, with pessimism about future employment prospects falling to a 12-year low. While the consumer has been resilient, rising
inflation expectations, concerns about trade policies and tariffs, and general economic and policy uncertainty could 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) fell by 0.3% in February, following a 0.2% decline in January. The LEI decreased year-
over-year by 3.1%. The monthly decline was primarily driven by consumer assessments of future business conditions becoming more
pessimistic. The Chicago Fed National Activity Index (CFNAI) increased to +0.18 in February from a revised -0.08 in January, reflecting
stronger readings across production-related indicators and sales, orders, and inventories. The three-month moving average rose to +0.15
in February from +0.07 in January, indicating expectations of continued above-trend economic growth.
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 soared 11.2%to 1.5 million units in February as builders rebounded from adverse weather conditions in January. Total
starts are down 2.9% compared to February 2024.Single family homes starts rose 11.4%, and multi-family starts increased 10.7%. The
Freddie Mac 30-year fixed rate mortgage averaged approximately 6.8%in February. According to the Case-Shiller 20-City Home Price
Index, housing prices rose 4.7% year-over-year in January, compared to 4.5%in December. While inventory constraints remain a
challenge, the slight improvement in annual gains suggests gradual stabilization in the market. However, higher mortgage rates continue
to weigh on affordability, limiting buyer demand and market activity.
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 dipped back into contraction at 49.0 in March from 50.3 in February. The
survey reflected a decline in business activity, upward price pressures, and notably weaker employment. The ISM Services index declined
to 50.8 in March from 53.5 in February as new orders, employment, and supplier deliveries all weakened. 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 3/24 6/24 9/24 12/24
1.3% 1.9% 2.5% 2.7%
0.6% 1.5% 0.2% -1.0%
-0.6% -0.9% -0.4% 0.3%
0.0% 0.3% 0.6% 0.3%
0.3% 0.3% 0.3% 0.3%
1.6% 3.0% 3.1% 2.4%
Personal Consumption Expenditures
Gross Private Domestic Investment
Net Exports and Imports
Federal Government Expenditures
Total
State and Local (Consumption and Gross
Investment)
-40.0%
-30.0%
-20.0%
-10.0%
0.0%
10.0%
20.0%
30.0%
40.0%
Gross Domestic Product (GDP)
GDP QOQ % Change
GDP YOY % Change
Source: US Department of Commerce Source: US Department of Commerce
According to the third estimate, fourth quarter GDP increased at an annualized rate of 2.4 percent, revised up 0.1 percentage point from
the second estimate. Growth continues to be powered by consumer spending and government spending, partly offset by a decrease in
investment. Imports also decreased. Real GDP increased 2.8 percent in 2024.The consensus projection calls for 1.2% growth for the first
quarter and 2.0% for the full year 2025.
GROSS DOMESTIC PRODUCT (GDP)
11
Source: Federal Reserve Source: Bloomberg
0
1,000,000
2,000,000
3,000,000
4,000,000
5,000,000
6,000,000
7,000,000
8,000,000
9,000,000
10,000,000
Federal Reserve Balance Sheet Assets
Recession
In
$
m
i
l
l
i
o
n
s
As broadly anticipated, the Federal Open Market Committee (FOMC) left the Federal Funds Rate unchanged at the range of 4.25 - 4.50%
at the March meeting. Fed Chair Powell emphasized increased uncertainty around the economic outlook and the need for “greater clarity”
before making changes to interest rate policy.He also acknowledged possible transitory inflationary impacts from tariffs. The summary
of economic projections (SEP) indicated lower GDP growth, higher inflation, and higher unemployment estimates than December
projections, along with roughly two 25-basis point rate cuts this year. The FOMC also announced a slowdown in the pace of balance
sheet reduction. The monthly redemption cap on Treasuries will be reduced from $25 billion to $5 billion, while the cap on agencies and
mortgage-backed securities will be maintained at $35 billion. Since the Fed began its Quantitative Tightening campaign in June 2022,
securities holdings have declined by approximately $2.2 trillion to approximately $6.8 trillion.
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
Mar-25
Dec-24
Mar-24
Yi
e
l
d
(
%
)
At the end of March, the 2-year Treasury yield was 74 basis points lower, and the 10-Year Treasury yield was 6 basis points higher, year-
over-year. The spread between the 2-year and 10-year Treasury yield points on the curve widened to +32 basis points at March month-
end versus +22 basis points at February month-end. The recent yield curve inversion which began in July 2022 was historically long. The
average historical spread (since 2005)is about +99 basis points. The spread between the 3-month and 10-year Treasury yield points on
the curve was -9 basis points in in March, unchanged from February.
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 March 31, 2025
Rules Name Limit Actual Compliance
Status Notes
AGENCY MORTGAGE SECURITIES (CMOS)
Max % (MV; ABS, CMO, & MBS)15.0 14.0 Compliant
Max % Issuer (MV)30.0 8.8 Compliant
Max Maturity (Years)5.0 3.9 Compliant
Min Rating (AAA by 1)0.0 0.0 Compliant
ASSET-BACKED SECURITIES (ABS)
Max % (MV; ABS, CMO & MBS)15.0 14.0 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 16.9 Compliant
Max % Issuer (MV)5.0 1.7 Compliant
16
STATEMENT OF COMPLIANCE
Danville Short Term Treasury Pool | Account #21 | As of March 31, 2025
Rules Name Limit Actual Compliance
Status Notes
Max Maturity (Years)5 4 Compliant
Min Rating (A- by 1)0.0 0.0 Compliant
FDIC INSURED TIME DEPOSITS (NON-NEGOTIABLE
CD/TD)
Max % (MV)100.0 0.0 Compliant
Max % Issuer (MV)5.0 0.0 Compliant
FEDERAL AGENCIES
Max % (MV)100.0 18.7 Compliant
Max % Issuer (MV)30.0 11.1 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 0.9 Compliant
Max % Issuer (MV)20.0 0.9 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 March 31, 2025
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 45.9 Compliant
Max % Issuer (MV)100.0 45.9 Compliant
Max Maturity (Years)5 4 Compliant
18
PORTFOLIO CHARACTERISTICS
Danville Short Term Treasury Pool | Account #21 | As of March 31, 2025
Benchmark*3/31/2025
Portfolio
12/31/2024
Portfolio
Average Maturity (yrs)1.84 2.13 2.08
Average Modified Duration 1.76 1.87 1.86
Average Purchase Yield 4.03%3.76%
Average Market Yield 3.94%4.10%4.38%
Average Quality**AA+AAA AAA
Total Market Value 98,565,623 96,889,811
*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 March 31, 2025
Sector as a Percentage of Market Value
Sector 03/31/2025 12/31/2024
US Treasury 45.91%46.43%
Agency 18.73%21.83%
Corporate 16.92%16.66%
Agency CMBS 8.86%7.92%
ABS 5.19%3.49%
Supras 3.49%3.51%
Money Mkt Fd 0.90%0.15%
20
ISSUERS
Danville Short Term Treasury Pool | Account #21 | As of March 31, 2025
Issuer Investment Type % Portfolio
Government of The United States US Treasury 45.91%
Farm Credit System Agency 11.01%
FHLMC Agency CMBS 8.86%
Federal Home Loan Banks Agency 6.71%
Apple Inc.Corporate 1.74%
International Bank for Recon and Dev Supras 1.51%
BMW Vehicle Owner Trust ABS 1.32%
BNY Mellon Corp Corporate 1.28%
State Street Corporation Corporate 1.10%
Bank of America Corporation Corporate 1.04%
Caterpillar Inc.Corporate 1.04%
Cisco Systems, Inc.Corporate 1.03%
Inter-American Development Bank Supras 1.03%
Chase Issuance Trust ABS 1.03%
Deere & Company Corporate 1.03%
Microsoft Corporation Corporate 1.02%
FNMA Agency 1.01%
Amazon.com, Inc.Corporate 1.00%
Honeywell International Inc.Corporate 0.99%
Visa Inc.Corporate 0.99%
Toyota Motor Corporation Corporate 0.98%
International Finance Corporation Supras 0.95%
Money Market Fund Money Mkt Fd 0.90%
Walmart Inc.Corporate 0.71%
BlackRock, Inc.Corporate 0.71%
GM Financial Automobile Leasing Trus ABS 0.62%
Mercedes-Benz Auto Receivables Trust ABS 0.58%
John Deere Owner Trust ABS 0.55%
PACCAR Inc Corporate 0.53%
Bank of America Credit Card Trust ABS 0.49%
21
ISSUERS
Danville Short Term Treasury Pool | Account #21 | As of March 31, 2025
Issuer Investment Type % Portfolio
Colgate-Palmolive Company Corporate 0.48%
Morgan Stanley Corporate 0.46%
JPMorgan Chase & Co.Corporate 0.42%
PepsiCo, Inc.Corporate 0.37%
Toyota Auto Receivables Owner Trust ABS 0.28%
Hyundai Auto Receivables Trust ABS 0.12%
GM Financial Securitized Term ABS 0.11%
Honda Auto Receivables Owner Trust ABS 0.09%
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 7.8%6.9%8.2%31.0%30.6%11.6%3.9%0.0%0.0%
ICE BofA 1-3 Year US Treasury Index 0.0%0.0%4.0%58.1%38.0%0.0%0.0%0.0%0.0%
DURATION DISTRIBUTION
Danville Short Term Treasury Pool | Account #21 | As of March 31, 2025
Portfolio Compared to the Benchmark
23
QUALITY DISTRIBUTION
Rating 03/31/2025 12/31/2024
AAA 11.5%9.2%
AA 78.0%81.2%
A 9.3%9.5%
NA 1.1%0.2%
Rating 03/31/2025 12/31/2024
AAA 83.6%83.6%
AA 7.2%7.3%
A 7.0%7.1%
NA 2.2%2.0%
Rating 03/31/2025 12/31/2024
AAA 9.1%7.9%
AA 73.8%75.4%
A 4.1%4.1%
NA 13.0%12.5%
Danville Short Term Treasury Pool | Account #21 | As of March 31, 2025
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 1.73%5.55%4.60%3.20%1.60%1.75%3.40%
Benchmark 1.59%5.43%4.18%2.84%1.16%1.50%3.14%
REALIZED RATE OF RETURN
Danville ST Treasury Pool 0.95%3.47%2.86%2.37%2.08%1.78%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 March 31, 2025
Total and Realized Rate of Return : Inception | 04/01/1995
0.00%
1.00%
2.00%
3.00%
4.00%
5.00%
6.00%
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
Growth of $1 Million
GROWTH OVER TIME
Danville Short Term Treasury Pool |Account #21 |As of March 31,2025
As of 03/31/2025 Dollar Value Return
Danville Total Return $2,729,119 3.40%
Danville Realized Return $2,682,359 3.34%
LAIF $2,190,178 2.65%
Historical Return of $1 Million Invested on March 31, 1995
26
PORTFOLIO CHARACTERISTICS
Danville NERIAD Improvement Fund (89-1 90A) | Account #24 | As of March 31, 2025
Benchmark*3/31/2025
Portfolio
12/31/2024
Portfolio
Average Maturity (yrs)0.16 0.57 0.58
Average Modified Duration 0.16 0.55 0.56
Average Purchase Yield 4.42%4.65%
Average Market Yield 4.28%4.17%4.24%
Average Quality**AA+AAA AAA
Total Market Value 975,664 965,440
*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.
27
ISSUERS
Danville NERIAD Improvement Fund (89-1 90A) | Account #24 | As of March 31, 2025
Issuer Investment Type % Portfolio
Government of The United States US Treasury 98.80%
Money Market Fund Money Mkt Fd 1.16%
Cash Cash 0.04%
TOTAL 100.00%
28
PORTFOLIO HOLDINGS
29
HOLDINGS REPORT
Danville Short Term Treasury Pool | Account #21 | As of March 31, 2025
Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
ABS
43815GAC3 HAROT 2021-4 A3 0.88
01/21/2026 13,305.62 11/16/2021
0.89%
13,302.81
13,305.15
99.66
4.86%
13,260.41
3.25
0.01%
(44.74)
AAA/NA
AAA
0.81
0.08
47789QAC4 JDOT 2021-B A3 0.52 03/16/2026 6,714.92 07/13/2021
0.53%
6,714.32
6,714.81
99.82
5.22%
6,702.83
1.55
0.01%
(11.99)
AAA/NA
AAA
0.96
0.04
89238JAC9 TAOT 2021-D A3 0.71 04/15/2026 14,054.70 11/09/2021
0.71%
14,054.40
14,054.64
99.71
4.86%
14,014.07
4.44
0.01%
(40.57)
NA/AAA
AAA
1.04
0.07
43815BAC4 HAROT 2022-1 A3 1.88
05/15/2026 78,052.54 02/15/2022
1.89%
78,040.80
78,049.77
99.46
4.73%
77,632.47
65.22
0.08%
(417.30)
AAA/AAA
NA
1.12
0.19
05602RAD3 BMWOT 2022-A A3 3.21
08/25/2026 60,182.24 05/10/2022
3.23%
60,179.11
60,181.31
99.68
4.55%
59,989.80
32.20
0.06%
(191.51)
AAA/AAA
NA
1.40
0.24
47787JAC2 JDOT 2022 A3 2.32 09/15/2026 63,423.05 03/10/2022
2.34%
63,409.02
63,418.90
99.48
4.16%
63,092.01
65.40
0.06%
(326.89)
AAA/NA
AAA
1.46
0.28
448977AD0 HART 2022-A A3 2.22 10/15/2026 113,890.69 03/09/2022
2.23%
113,886.30
113,889.39
99.56
4.39%
113,391.89
112.37
0.12%
(497.50)
NA/AAA
AAA
1.54
0.20
380146AC4 GMCAR 2022-1 A3 1.26
11/16/2026 24,971.53 01/11/2022
1.27%
24,969.36
24,970.91
99.47
4.55%
24,840.11
13.11
0.03%
(130.81)
NA/AAA
AAA
1.63
0.16
379929AD4 GMALT 2023-3 A3 5.38
11/20/2026 200,497.95 08/08/2023
5.38%
200,473.91
200,485.89
100.25
4.76%
200,999.02
329.60
0.21%
513.13
NA/AAA
AAA
1.64
0.37
362585AC5 GMCAR 2022-2 A3 3.1
02/16/2027 85,450.73 04/05/2022
3.13%
85,432.87
85,444.52
99.49
4.67%
85,011.23
110.37
0.09%
(433.29)
AAA/AAA
NA
1.88
0.33
36271VAD9 GMALT 2025-1 A3 4.66
02/21/2028 405,000.00 02/05/2025
4.66%
404,952.21
404,954.29
100.46
4.43%
406,881.18
576.68
0.42%
1,926.90
NA/AAA
AAA
2.90
1.66
05592XAD2 BMWOT 2023-A A3 5.47
02/25/2028 165,189.25 07/11/2023
5.47%
165,159.98
165,170.81
100.66
4.59%
166,278.33
150.60
0.17%
1,107.51
NA/AAA
AAA
2.91
0.70
89239FAD4 TAOT 2023-D A3 5.54 08/15/2028 255,000.00 11/07/2023
6.30%
254,972.51
254,980.49
101.51
4.40%
258,840.07
627.87
0.26%
3,859.58
NA/AAA
AAA
3.38
1.25
161571HT4 CHAIT 2023-1 A 5.16 09/15/2028 995,000.00 09/07/2023
5.17%
994,724.19
994,809.33
101.13
4.39%
1,006,271.36
2,281.87
1.03%
11,462.03
NA/AAA
AAA
3.46
1.37
096919AD7 BMWOT 2024-A A3 5.18
02/26/2029 420,000.00 06/04/2024
5.24%
419,936.20
419,947.10
101.24
4.40%
425,197.96
362.60
0.43%
5,250.86
AAA/AAA
NA
3.91
1.47
05522RDJ4 BACCT 2024-1 A 4.93 05/15/2029 475,000.00 06/06/2024
4.93%
474,973.35
474,977.76
101.31
4.32%
481,217.13
1,040.78
0.49%
6,239.37
AAA/AAA
NA
4.12
1.97
30
HOLDINGS REPORT
Danville Short Term Treasury Pool | Account #21 | As of March 31, 2025
Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
47800DAD6 JDOT 2025 A3 4.23 09/17/2029 470,000.00 03/04/2025
5.09%
469,970.44
469,970.82
99.92
4.30%
469,629.73
1,271.61
0.48%
(341.08)
AAA/NA
AAA
4.47
2.38
096924AD7 BMWOT 2025-A A3 4.56
09/25/2029 635,000.00 02/04/2025
4.56%
634,937.45
634,939.23
100.47
4.37%
637,972.50
482.60
0.65%
3,033.27
AAA/AAA
NA
4.49
2.02
58773DAD6 MBART 2025-1 A3 4.78
12/17/2029 560,000.00 01/14/2025
4.94%
559,880.89
559,885.42
100.90
4.38%
565,034.34
1,189.69
0.58%
5,148.93
AAA/NA
AAA
4.71
2.01
Total ABS 5,040,733.21 4.82%
5,039,970.13
5,040,150.55
100.71
4.41%
5,076,256.44
8,721.79
5.19%
36,105.89
3.60
1.53
AGENCY
3133ENWH9 FEDERAL FARM CREDIT BANKS
FUNDING CORP 2.9 05/09/2025 1,000,000.00 05/03/2022
2.97%
998,050.00
999,932.39
99.85
4.32%
998,458.00
11,438.89
1.02%
(1,474.39)
AAA/AA
AA
0.11
0.11
3135G05X7 FEDERAL NATIONAL MORTGAGE
ASSOCIATION 0.375 08/25/2025 1,000,000.00 12/09/2021
1.17%
971,060.00
996,879.44
98.46
4.28%
984,630.36
375.00
1.01%
(12,249.08)
AAA/AA
AA
0.40
0.39
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
1,999,024.48
100.50
3.95%
2,009,924.04
23,819.44
2.05%
10,899.56
AAA/AA
AA
1.23
1.17
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
1,498,426.09
100.67
3.99%
1,509,975.36
8,812.50
1.54%
11,549.27
AAA/AA
AA
1.37
1.31
3130AXU63 FEDERAL HOME LOAN BANKS
4.625 11/17/2026 1,000,000.00 11/30/2023
4.53%
1,002,530.00
1,001,391.27
100.98
3.99%
1,009,810.21
17,215.28
1.03%
8,418.94
AAA/AA
AA
1.63
1.53
3130B1EF0 FEDERAL HOME LOAN BANKS
4.625 06/11/2027 1,000,000.00 06/26/2024
4.57%
1,001,530.00
1,001,135.80
101.52
3.89%
1,015,245.84
14,131.94
1.04%
14,110.04
AAA/AA
AA
2.20
2.05
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
1,502,959.08
101.28
3.96%
1,519,261.23
33,187.50
1.55%
16,302.15
AAA/AA
AA
2.51
2.30
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
1,745,742.77
101.64
3.96%
1,778,668.33
30,576.39
1.82%
32,925.56
AAA/AA
AA
2.63
2.41
3130ATUS4 FEDERAL HOME LOAN BANKS 4.25
12/10/2027 1,500,000.00 05/15/2023
3.66%
1,536,930.00
1,521,750.86
100.86
3.91%
1,512,889.92
19,656.25
1.55%
(8,860.94)
AAA/AA
AA
2.70
2.49
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
1,504,861.94
99.75
3.96%
1,496,175.36
25,187.50
1.53%
(8,686.58)
AAA/AA
AA
3.07
2.82
3130AWC24 FEDERAL HOME LOAN BANKS 4.0
06/09/2028 1,500,000.00 07/06/2023
4.49%
1,467,705.00
1,479,051.41
100.25
3.91%
1,503,752.51
18,666.67
1.54%
24,701.10
AAA/AA
AA
3.19
2.93
31
HOLDINGS REPORT
Danville Short Term Treasury Pool | Account #21 | As of March 31, 2025
Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
3130AVBD3 FEDERAL HOME LOAN BANKS 4.5
03/09/2029 1,500,000.00 04/26/2024
4.74%
1,484,775.00
1,487,658.65
101.94
3.96%
1,529,113.77
4,125.00
1.56%
41,455.12
AAA/AA
AA
3.94
3.58
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
1,500,843.64
97.77
4.05%
1,466,592.11
3,062.50
1.50%
(34,251.53)
AAA/AA
AA
4.45
4.06
18,213,607.50 100.48 18,334,497.03 18.73%2.37
Total Agency 18,250,000.00 4.06%18,239,657.83 4.00%210,254.86 94,839.20 2.18
AGENCY CMBS
3137BVZ82 FHMS K-063 A2 3.43 01/25/2027 1,000,000.00 06/06/2023
4.47%
965,625.00
983,102.92
98.53
4.24%
985,296.20
2,858.33
1.01%
2,193.28
AAA/AA
AAA
1.82
1.60
3137F2LJ3 FHMS K-066 A2 3.117 06/25/2027 1,000,000.00 05/18/2023
4.23%
958,984.38
977,929.69
97.72
4.20%
977,239.30
2,597.50
1.00%
(690.39)
AAA/AA
AAA
2.24
1.97
3137FBBX3 FHMS K-068 A2 3.244 08/25/2027 1,000,000.00 05/12/2023
3.98%
970,820.31
983,824.92
97.84
4.16%
978,446.00
2,703.33
1.00%
(5,378.92)
AAA/AA
AA
2.40
2.20
3137FBU79 FHMS K-069 A2 3.187 09/25/2027 1,124,439.32 12/27/2023
4.27%
1,082,580.31
1,096,897.21
97.53
4.21%
1,096,688.83
2,986.32
1.12%
(208.38)
AAA/AAA
AA
2.49
2.27
3137FETN0 FHMS K-073 A2 3.35 01/25/2028 720,000.00 05/24/2023
4.27%
691,987.50
703,212.54
97.65
4.22%
703,115.78
2,010.00
0.72%
(96.76)
AAA/AA
AAA
2.82
2.54
3137F4D41 FHMS K-074 A2 3.6 01/25/2028 1,000,000.00 12/18/2024
4.45%
974,921.88
977,170.73
98.28
4.21%
982,828.00
3,000.00
1.00%
5,657.27
AAA/AA
AAA
2.82
2.56
3137FJEH8 FHMS K-081 A2 3.9 08/25/2028 1,000,000.00 09/05/2023
4.85%
957,968.75
971,383.98
98.80
4.24%
987,990.60
3,250.00
1.01%
16,606.62
AAA/AA
AAA
3.40
3.10
3137FJKE8 FHMS K-082 A2 3.92 09/25/2028 1,000,000.00 10/30/2023
5.31%
940,742.19
958,066.29
98.85
4.24%
988,455.90
3,266.67
1.01%
30,389.61
AAA/AA
AAA
3.49
3.13
3137FLMV3 FHMS K-090 A2 3.422 02/25/2029 1,000,000.00 03/27/2025
4.36%
966,015.62
966,039.84
96.96
4.26%
969,585.60
2,851.67
0.99%
3,545.76
AAA/AAA
AA
3.91
3.53
8,509,645.94 98.03 8,669,646.22 8.86%2.82
Total Agency CMBS 8,844,439.32 4.47%8,617,628.13 4.22%25,523.82 52,018.09 2.54
CASH
CCYUSD Receivable 3,175.68 --
0.00%
3,175.68
3,175.68
1.00
0.00%
3,175.68
0.00
0.00%
0.00
AAA/AAA
AAA
0.00
0.00
32
HOLDINGS REPORT
Danville Short Term Treasury Pool | Account #21 | As of March 31, 2025
Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
Total Cash 3,175.68 0.00%
3,175.68
3,175.68
1.00
0.00%
3,175.68
0.00
0.00%
0.00
0.00
0.00
CORPORATE
037833DT4 APPLE INC 1.125 05/11/2025 500,000.00 02/25/2022
2.03%
485,870.00
499,515.68
99.62
4.58%
498,081.77
2,187.50
0.51%
(1,433.92)
AAA/AA
NA
0.11
0.11
194162AM5 COLGATE-PALMOLIVE CO 3.1
08/15/2025 470,000.00 08/01/2022
3.13%
469,567.60
469,946.64
99.48
4.52%
467,533.48
1,861.72
0.48%
(2,413.15)
AA/A
NA
0.38
0.37
931142EW9 WALMART INC 3.9 09/09/2025 700,000.00 09/26/2022
4.64%
685,776.00
697,873.66
99.86
4.23%
698,986.20
1,668.33
0.71%
1,112.53
AA/AA
AA
0.44
0.43
594918BJ2 MICROSOFT CORP 3.125
11/03/2025 1,000,000.00 01/20/2023
4.28%
970,060.00
993,622.25
99.39
4.18%
993,883.62
12,847.22
1.02%
261.37
AAA/AAA
NA
0.59
0.57
037833BY5 APPLE INC 3.25 02/23/2026 750,000.00 02/01/2023
4.27%
728,265.00
743,611.94
99.14
4.24%
743,546.06
2,572.92
0.76%
(65.87)
AAA/AA
NA
0.90
0.87
89236TJK2 TOYOTA MOTOR CREDIT CORP
1.125 06/18/2026 1,000,000.00 02/08/2024
4.68%
921,800.00
959,576.90
96.29
4.30%
962,858.34
3,218.75
0.98%
3,281.44
A/A
A
1.22
1.18
69371RS56 PACCAR FINANCIAL CORP 5.05
08/10/2026 515,000.00 08/03/2023
5.07%
514,742.50
514,883.47
101.07
4.23%
520,511.38
3,684.40
0.53%
5,627.91
A/A
NA
1.36
1.29
06428CAA2 BANK OF AMERICA NA 5.526
08/18/2026 1,000,000.00 08/24/2023
5.48%
1,001,360.00
1,000,609.74
101.61
4.31%
1,016,082.45
6,600.50
1.04%
15,472.71
AA/A
AA
1.38
1.23
61690U7W4 MORGAN STANLEY BANK NA
5.882 10/30/2026 440,000.00 10/30/2023
5.88%
440,000.00
440,000.00
102.21
4.42%
449,728.92
10,855.56
0.46%
9,728.92
AA/A
AA
1.58
1.39
438516BL9 HONEYWELL INTERNATIONAL INC
2.5 11/01/2026 1,000,000.00 01/11/2023
4.42%
933,280.00
972,167.95
97.24
4.32%
972,445.30
10,416.67
0.99%
277.35
A/A
A
1.59
1.51
713448FW3 PEPSICO INC 5.125 11/10/2026 360,000.00 11/08/2023
5.13%
359,902.80
359,947.85
101.38
4.23%
364,953.39
7,226.25
0.37%
5,005.54
A/A
NA
1.61
1.43
48125LRU8 JPMORGAN CHASE BANK NA 5.11
12/08/2026 405,000.00 12/05/2023
5.11%
405,000.00
405,000.00
101.31
4.29%
410,300.24
6,496.09
0.42%
5,300.24
AA/AA
AA
1.69
1.50
24422EXF1 JOHN DEERE CAPITAL CORP 4.5
01/08/2027 1,000,000.00 01/10/2024
4.53%
999,220.00
999,537.86
100.58
4.15%
1,005,841.14
10,375.00
1.03%
6,303.28
A/A
A
1.77
1.67
17275RBQ4 CISCO SYSTEMS INC 4.8
02/26/2027 1,000,000.00 --
4.81%
999,620.00
999,756.93
101.20
4.13%
1,012,029.61
4,666.67
1.03%
12,272.68
A/AA
NA
1.91
1.72
33
HOLDINGS REPORT
Danville Short Term Treasury Pool | Account #21 | As of March 31, 2025
Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
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
101.30
4.29%
1,078,895.32
1,920.22
1.10%
13,895.32
AA/A
AA
1.96
1.78
14913UAL4 CATERPILLAR FINANCIAL SERVICES
CORP 5.0 05/14/2027 1,000,000.00 05/15/2024
4.89%
1,002,930.00
1,002,074.08
101.59
4.21%
1,015,880.97
19,027.78
1.04%
13,806.89
A/A
A
2.12
1.96
09290DAH4 BLACKROCK INC 4.6 07/26/2027 690,000.00 07/17/2024
4.60%
689,979.30
689,984.01
100.79
4.24%
695,428.48
5,730.83
0.71%
5,444.47
AA/AA
NA
2.32
2.09
023135BC9 AMAZON.COM INC 3.15
08/22/2027 1,000,000.00 07/10/2024
4.73%
954,920.00
965,264.93
97.79
4.13%
977,871.90
3,412.50
1.00%
12,606.98
A/AA
AA
2.39
2.27
92826CAH5 VISA INC 2.75 09/15/2027 1,000,000.00 08/19/2024
4.14%
960,360.00
968,280.93
96.82
4.12%
968,210.40
1,222.22
0.99%
(70.53)
AA/AA
NA
2.46
2.34
06406RBN6 BANK OF NEW YORK MELLON
CORP 4.543 02/01/2029 1,250,000.00 02/12/2025
4.81%
1,240,750.00
1,241,151.43
100.18
4.73%
1,252,248.00
9,464.58
1.28%
11,096.57
AA/A
AA
3.84
2.61
037833DP2 APPLE INC 2.2 09/11/2029 500,000.00 03/05/2025
4.29%
457,525.00
458,194.30
91.90
4.22%
459,486.38
611.11
0.47%
1,292.08
AAA/AA
NA
4.45
4.16
Total Corporate 16,645,000.00 4.61%
16,285,928.20
16,446,000.54
99.57
4.28%
16,564,803.35
126,066.82
16.92%
118,802.81
1.80
1.60
MONEY MARKET
FUND
VP4530003 ALLSPRING:TRS+ MM I 884,566.17 --
4.20%
884,566.17
884,566.17
1.00
4.20%
884,566.17
0.00
0.90%
0.00
AAA/AAA
NA
0.00
0.00
Total Money Market
Fund 884,566.17 4.20%
884,566.17
884,566.17
1.00
4.20%
884,566.17
0.00
0.90%
0.00
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
923,263.96
100.62
4.01%
930,709.44
8,545.36
0.95%
7,445.48
AAA/AAA
NA
1.79
1.69
4581X0EM6 INTER-AMERICAN DEVELOPMENT
BANK 4.375 02/01/2027 1,000,000.00 01/30/2024
4.23%
1,004,020.00
1,002,461.15
100.63
4.01%
1,006,296.33
7,291.67
1.03%
3,835.18
AAA/AAA
NA
1.84
1.74
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
1,467,410.92
98.51
3.99%
1,477,699.55
11,520.83
1.51%
10,288.63
AAA/AAA
NA
3.28
3.04
34
HOLDINGS REPORT
Danville Short Term Treasury Pool | Account #21 | As of March 31, 2025
Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
Total Supranational 3,425,000.00 4.30%
3,382,969.50
3,393,136.03
99.71
4.00%
3,414,705.32
27,357.86
3.49%
21,569.29
2.45
2.29
US TREASURY
912828ZL7 UNITED STATES TREASURY 0.375
04/30/2025 2,000,000.00 --
1.52%
1,934,296.88
1,998,249.53
99.69
4.31%
1,993,711.98
3,149.17
2.04%
(4,537.55)
AAA/AA
AA
0.08
0.08
912828ZT0 UNITED STATES TREASURY 0.25
05/31/2025 1,500,000.00 06/11/2021
0.53%
1,483,359.38
1,499,309.99
99.33
4.34%
1,489,960.94
1,256.87
1.52%
(9,349.06)
AAA/AA
AA
0.17
0.16
912828ZW3 UNITED STATES TREASURY 0.25
06/30/2025 1,500,000.00 07/29/2021
0.55%
1,482,246.09
1,498,883.40
99.00
4.30%
1,485,039.06
942.68
1.52%
(13,844.34)
AAA/AA
AA
0.25
0.25
91282CAB7 UNITED STATES TREASURY 0.25
07/31/2025 1,350,000.00 12/02/2021
4.30%
1,310,871.09
1,346,456.14
98.66
4.32%
1,331,901.56
559.39
1.36%
(14,554.58)
AAA/AA
AA
0.33
0.33
912828K74 UNITED STATES TREASURY 2.0
08/15/2025 1,500,000.00 04/21/2022
4.26%
1,454,882.81
1,494,933.16
99.15
4.28%
1,487,285.16
3,729.28
1.52%
(7,648.00)
AAA/AA
AA
0.38
0.37
9128285C0 UNITED STATES TREASURY 3.0
09/30/2025 1,500,000.00 04/21/2022
2.96%
1,502,109.38
1,500,305.42
99.40
4.23%
1,491,046.88
122.95
1.52%
(9,258.54)
AAA/AA
AA
0.50
0.49
9128285J5 UNITED STATES TREASURY 3.0
10/31/2025 1,600,000.00 06/02/2022
2.87%
1,606,562.50
1,601,121.84
99.32
4.20%
1,589,050.00
20,154.70
1.62%
(12,071.84)
AAA/AA
AA
0.59
0.56
912828M56 UNITED STATES TREASURY 2.25
11/15/2025 1,700,000.00 06/09/2022
3.04%
1,655,839.84
1,691,970.88
98.85
4.14%
1,680,423.43
14,475.83
1.72%
(11,547.45)
AAA/AA
AA
0.63
0.60
9128285T3 UNITED STATES TREASURY 2.625
12/31/2025 1,100,000.00 07/13/2022
3.20%
1,079,031.25
1,095,461.74
98.89
4.14%
1,087,768.23
7,258.63
1.11%
(7,693.51)
AAA/AA
AA
0.75
0.73
9128286L9 UNITED STATES TREASURY 2.25
03/31/2026 1,800,000.00 08/03/2022
2.99%
1,753,523.44
1,787,327.74
98.24
4.06%
1,768,387.50
110.66
1.81%
(18,940.24)
AAA/AA
AA
1.00
0.97
9128286S4 UNITED STATES TREASURY 2.375
04/30/2026 1,600,000.00 09/08/2022
3.42%
1,542,500.00
1,582,953.35
98.25
4.05%
1,571,968.75
15,955.80
1.61%
(10,984.60)
AAA/AA
AA
1.08
1.04
91282CLB5 UNITED STATES TREASURY 4.375
07/31/2026 1,750,000.00 11/22/2024
4.40%
1,749,179.69
1,749,349.64
100.50
3.98%
1,758,750.00
12,689.92
1.80%
9,400.36
AAA/AA
AA
1.33
1.28
912828YG9 UNITED STATES TREASURY 1.625
09/30/2026 2,000,000.00 06/07/2023
4.09%
1,848,984.38
1,931,674.49
96.66
3.95%
1,933,126.00
88.80
1.97%
1,451.51
AAA/AA
AA
1.50
1.46
91282CJC6 UNITED STATES TREASURY 4.625
10/15/2026 1,750,000.00 02/20/2025
4.26%
1,759,912.11
1,759,268.89
100.99
3.95%
1,767,363.29
37,355.77
1.81%
8,094.40
AAA/AA
AA
1.54
1.44
35
HOLDINGS REPORT
Danville Short Term Treasury Pool | Account #21 | As of March 31, 2025
Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
91282CEF4 UNITED STATES TREASURY 2.5
03/31/2027 1,450,000.00 11/28/2022
4.27%
1,363,566.41
1,410,170.62
97.34
3.90%
1,411,485.10
99.04
1.44%
1,314.48
AAA/AA
AA
2.00
1.92
91282CKJ9 UNITED STATES TREASURY 4.5
04/15/2027 2,000,000.00 05/17/2024
4.58%
1,995,468.75
1,996,819.58
101.15
3.91%
2,023,046.88
41,538.46
2.07%
26,227.30
AAA/AA
AA
2.04
1.89
91282CEW7 UNITED STATES TREASURY 3.25
06/30/2027 1,500,000.00 10/05/2022
4.00%
1,451,308.59
1,476,827.07
98.66
3.88%
1,479,844.50
12,254.83
1.51%
3,017.43
AAA/AA
AA
2.25
2.13
91282CFB2 UNITED STATES TREASURY 2.75
07/31/2027 2,000,000.00 06/21/2024
4.46%
1,901,875.00
1,926,232.88
97.46
3.90%
1,949,296.88
9,116.02
1.99%
23,064.00
AAA/AA
AA
2.33
2.22
91282CFH9 UNITED STATES TREASURY 3.125
08/31/2027 1,600,000.00 01/20/2023
3.59%
1,568,437.50
1,583,439.55
98.23
3.90%
1,571,624.99
4,347.83
1.61%
(11,814.55)
AAA/AA
AA
2.42
2.29
91282CFM8 UNITED STATES TREASURY 4.125
09/30/2027 1,250,000.00 03/08/2023
4.44%
1,234,130.86
1,241,307.71
100.58
3.88%
1,257,275.39
140.88
1.28%
15,967.67
AAA/AA
AA
2.50
2.35
91282CGH8 UNITED STATES TREASURY 3.5
01/31/2028 1,300,000.00 10/17/2024
3.90%
1,284,105.47
1,286,290.97
98.95
3.89%
1,286,390.63
7,541.44
1.31%
99.66
AAA/AA
AA
2.84
2.66
9128283W8 UNITED STATES TREASURY 2.75
02/15/2028 1,500,000.00 09/27/2024
3.51%
1,464,140.63
1,469,462.82
96.94
3.88%
1,454,062.50
5,127.76
1.49%
(15,400.32)
AAA/AA
AA
2.88
2.72
91282CGT2 UNITED STATES TREASURY 3.625
03/31/2028 1,000,000.00 11/08/2024
4.19%
982,343.75
984,345.27
99.27
3.88%
992,734.38
99.04
1.01%
8,389.11
AAA/AA
AA
3.00
2.81
91282CHE4 UNITED STATES TREASURY 3.625
05/31/2028 1,750,000.00 12/30/2024
4.33%
1,711,445.31
1,714,258.84
99.18
3.90%
1,735,644.54
21,262.02
1.77%
21,385.70
AAA/AA
AA
3.17
2.93
91282CHX2 UNITED STATES TREASURY 4.375
08/31/2028 1,000,000.00 12/13/2024
4.25%
1,004,101.56
1,003,780.46
101.46
3.91%
1,014,648.44
3,804.35
1.04%
10,867.98
AAA/AA
AA
3.42
3.14
9128285M8 UNITED STATES TREASURY 3.125
11/15/2028 1,800,000.00 04/10/2024
4.66%
1,687,078.13
1,710,741.16
97.36
3.91%
1,752,468.75
21,287.98
1.79%
41,727.59
AAA/AA
AA
3.63
3.34
91282CES6 UNITED STATES TREASURY 2.75
05/31/2029 1,200,000.00 09/05/2024
3.60%
1,155,984.38
1,161,257.08
95.51
3.93%
1,146,140.63
11,060.44
1.17%
(15,116.46)
AAA/AA
AA
4.17
3.85
91282CLC3 UNITED STATES TREASURY 4.0
07/31/2029 1,500,000.00 10/29/2024
4.30%
1,493,320.31
1,493,905.84
100.26
3.93%
1,503,925.79
9,944.75
1.54%
10,019.94
AAA/AA
AA
4.33
3.92
91282CFJ5 UNITED STATES TREASURY 3.125
08/31/2029 2,000,000.00 03/05/2025
4.06%
1,923,750.00
1,924,959.58
96.74
3.94%
1,934,765.62
5,434.78
1.98%
9,806.04
AAA/AA
AA
4.42
4.06
Total US Treasury 45,500,000.00 3.60%
44,384,355.49
44,921,065.66
98.81
4.03%
44,949,137.78
270,910.08
45.91%
28,072.13
1.88
1.76
36
HOLDINGS REPORT
Danville Short Term Treasury Pool | Account #21 | As of March 31, 2025
Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
Total Portfolio 98,592,914.38 4.03%
96,704,218.60
97,545,380.58
98.42
4.10%
97,896,787.98
668,835.23
100.00%
351,407.40
2.13
1.87
Total Market Value +
Accrued 98,565,623.20
37
HOLDINGS REPORT
Danville NERIAD Improvement Fund (89-1 90A) | Account #24 | As of March 31, 2025
Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
CASH
CCYUSD Receivable 345.57 --
0.00%
345.57
345.57
1.00
0.00%
345.57
0.00
0.04%
0.00
AAA/AAA
AAA
0.00
0.00
Total Cash 345.57 0.00%
345.57
345.57
1.00
0.00%
345.57
0.00
0.04%
0.00
0.00
0.00
MONEY MARKET
FUND
VP4530003 ALLSPRING:TRS+ MM I 11,295.39 --
4.20%
11,295.39
11,295.39
1.00
4.20%
11,295.39
0.00
1.16%
0.00
AAA/AAA
NA
0.00
0.00
Total Money Market
Fund 11,295.39 4.20%
11,295.39
11,295.39
1.00
4.20%
11,295.39
0.00
1.16%
0.00
0.00
0.00
US TREASURY
912797LN5 UNITED STATES TREASURY
06/12/2025 250,000.00 06/13/2024
5.08%
237,836.98
247,587.50
99.16
4.28%
247,905.00
0.00
25.49%
317.50
A/AAA
AAA
0.20
0.20
912797MH7 UNITED STATES TREASURY
09/04/2025 250,000.00 09/05/2024
4.20%
239,875.83
245,649.12
98.23
4.23%
245,563.01
0.00
25.24%
(86.11)
A/AAA
AAA
0.43
0.42
91282CGA3 UNITED STATES TREASURY 4.0
12/15/2025 250,000.00 12/16/2024
4.26%
249,384.77
249,562.73
99.93
4.10%
249,812.50
2,939.56
25.68%
249.77
AAA/AA
AA
0.71
0.68
91282CBT7 UNITED STATES TREASURY 0.75
03/31/2026 225,000.00 03/27/2025
4.12%
217,582.03
217,662.66
96.80
4.06%
217,798.24
4.61
22.39%
135.58
AAA/AA
AA
1.00
0.98
Total US Treasury 975,000.00 4.42%
944,679.61
960,462.01
98.59
4.17%
961,078.75
2,944.17
98.80%
616.74
0.57
0.56
Total Portfolio 986,640.96 4.42%
956,320.57
972,102.97
97.42
4.17%
972,719.71
2,944.17
100.00%
616.74
0.57
0.55
Total Market Value +
Accrued 975,663.88
38
TRANSACTIONS
39
TRANSACTION LEDGER
Danville Short Term Treasury Pool | Account #21|01/01/2025 Through 03/31/2025|
Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp
Yield Amount Interest
Pur/Sold Total Amount Gain/Loss
ACQUISITIONS
Purchase 01/23/2025 58773DAD6 560,000.00 MBART 2025-1 A3 4.78
12/17/2029 99.979 4.84%(559,880.89)0.00 (559,880.89)0.00
Purchase 02/12/2025 096924AD7 635,000.00 BMWOT 2025-A A3 4.56
09/25/2029 99.990 4.56%(634,937.45)0.00 (634,937.45)0.00
Purchase 02/12/2025 36271VAD9 405,000.00 GMALT 2025-1 A3 4.66
02/21/2028 99.988 4.66%(404,952.21)0.00 (404,952.21)0.00
Purchase 02/13/2025 06406RBN6 1,250,000.00
BANK OF NEW YORK
MELLON CORP 4.543
02/01/2029
99.260 4.81%(1,240,750.00)(1,892.92)(1,242,642.92)0.00
Purchase 02/21/2025 91282CJC6 1,750,000.00 UNITED STATES TREASURY
4.625 10/15/2026 100.566 4.26%(1,759,912.11)(28,683.89)(1,788,596.00)0.00
Purchase 03/06/2025 037833DP2 500,000.00 APPLE INC 2.2 09/11/2029 91.505 4.29%(457,525.00)(5,347.22)(462,872.22)0.00
Purchase 03/06/2025 91282CFJ5 2,000,000.00 UNITED STATES TREASURY
3.125 08/31/2029 96.188 4.06%(1,923,750.00)(1,019.02)(1,924,769.02)0.00
Purchase 03/11/2025 47800DAD6 470,000.00 JDOT 2025 A3 4.23
09/17/2029 99.994 5.09%(469,970.44)0.00 (469,970.44)0.00
Purchase 03/31/2025 3137FLMV3 1,000,000.00 FHMS K-090 A2 3.422
02/25/2029 96.602 4.36%(966,015.62)(2,851.67)(968,867.29)0.00
Total Purchase 8,570,000.00 (8,417,693.72)(39,794.72)(8,457,488.44)0.00
TOTAL
ACQUISITIONS 8,570,000.00 (8,417,693.72)(39,794.72)(8,457,488.44)0.00
DISPOSITIONS
Call Redemption 02/06/2025 857477BR3 (265,000.00)STATE STREET CORP 1.746
02/06/2026 100.000 1.75%265,000.00 0.00 265,000.00 0.00
Total Call
Redemption (265,000.00)265,000.00 0.00 265,000.00 0.00
Maturity 01/06/2025 3133ENKS8 (595,000.00)
FEDERAL FARM CREDIT
BANKS FUNDING CORP
1.125 01/06/2025
100.000 1.20%595,000.00 0.00 595,000.00 0.00
Maturity 01/31/2025 912828Z52 (1,500,000.00)UNITED STATES TREASURY
1.375 01/31/2025 100.000 0.40%1,500,000.00 0.00 1,500,000.00 0.00
40
TRANSACTION LEDGER
Danville Short Term Treasury Pool | Account #21|01/01/2025 Through 03/31/2025|
Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp
Yield Amount Interest
Pur/Sold Total Amount Gain/Loss
Maturity 02/14/2025 3133ENPG9 (1,500,000.00)
FEDERAL FARM CREDIT
BANKS FUNDING CORP 1.75
02/14/2025
100.000 1.83%1,500,000.00 0.00 1,500,000.00 0.00
Maturity 02/25/2025 3133ENPY0 (750,000.00)
FEDERAL FARM CREDIT
BANKS FUNDING CORP 1.75
02/25/2025
100.000 2.05%750,000.00 0.00 750,000.00 0.00
Maturity 02/28/2025 912828ZC7 (1,000,000.00)UNITED STATES TREASURY
1.125 02/28/2025 100.000 1.43%1,000,000.00 0.00 1,000,000.00 0.00
Maturity 03/03/2025 57636QAN4 (1,000,000.00)MASTERCARD INC 2.0
03/03/2025 100.000 2.03%1,000,000.00 0.00 1,000,000.00 0.00
Maturity 03/31/2025 912828ZF0 (1,350,000.00)UNITED STATES TREASURY
0.5 03/31/2025 100.000 0.66%1,350,000.00 0.00 1,350,000.00 0.00
Total Maturity (7,695,000.00)7,695,000.00 0.00 7,695,000.00 0.00
TOTAL
DISPOSITIONS (7,960,000.00)7,960,000.00 0.00 7,960,000.00 0.00
41
TRANSACTION LEDGER
Danville NERIAD Improvement Fund (89-1 90A) | Account #24|01/01/2025 Through 03/31/2025|
Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp
Yield Amount Interest
Pur/Sold Total Amount Gain/Loss
ACQUISITIONS
Purchase 03/28/2025 91282CBT7 225,000.00 UNITED STATES TREASURY
0.75 03/31/2026 96.703 4.12%(217,582.03)(829.84)(218,411.87)0.00
Total Purchase 225,000.00 (217,582.03)(829.84)(218,411.87)0.00
TOTAL
ACQUISITIONS 225,000.00 (217,582.03)(829.84)(218,411.87)0.00
DISPOSITIONS
Maturity 03/20/2025 912797KJ5 (200,000.00)UNITED STATES TREASURY
03/20/2025 100.000 5.21%200,000.00 0.00 200,000.00 0.00
Total Maturity (200,000.00)200,000.00 0.00 200,000.00 0.00
TOTAL
DISPOSITIONS (200,000.00)200,000.00 0.00 200,000.00 0.00
42
IMPORTANT DISCLOSURES
2025 Chandler Asset Management, Inc, An Independent Registered Investment Adviser.
Information contained herein is confidential. Prices are provided by ICE Data Services Inc (“IDS”), an independent pricing source. In the event IDS does not provide a price or if the
price provided is not reflective of fair market value, Chandler will obtain pricing from an alternative approved third party pricing source in accordance with our written valuation
policy and procedures. Our valuation procedures are also disclosed in Item 5 of our Form ADV Part 2A.
Performance results are presented gross-of-advisory fees and represent the client’s Total Return. The deduction of advisory fees lowers performance results. These results include
the reinvestment of dividends and other earnings. Past performance may not be indicative of future results. Therefore, clients should not assume that future performance of any
specific investment or investment strategy will be profitable or equal to past performance levels. All investment strategies have the potential for profit or loss. Economic factors,
market conditions or changes in investment strategies, contributions or withdrawals may materially alter the performance and results of your portfolio.
Index returns assume reinvestment of all distributions. Historical performance results for investment indexes generally do not reflect the deduction of transaction and/or
custodial charges or the deduction of an investment management fee, the incurrence of which would have the effect of decreasing historical performance results. It is not
possible to invest directly in an index.
Source ICE Data Indices, LLC (“ICE”), used with permission. ICE permits use of the ICE indices and related data on an “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.
43
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 $250 million for all other securities.
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Supplement to Quarterly Investment Report
Town Managed Cash Account
Average Average
Maturity Yield Cost
Town Funds 0 4.330%16,963,520
Trust Fund 0 4.330% 2,294,521
.
Community Development Agency DS/Successor Agency 0 4.330%144,814
NERIAD 0 4.330%167,461
Total LAIF Funds Managed by the Town 19,570,315$
LAIF Funds Managed by the Town
(Local Agency Investment Fund)
February 2025
9.1