HomeMy WebLinkAbout071525-09.1INVESTMENT REPORT
Danville | As of June 30, 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 June meeting. Fed Chair Powell continued to emphasize the Committee’s “wait and see”approach amidst economic uncertainty that
remains elevated but diminished. Federal Reserve officials continued to pencil in two rate cuts in 2025.
US Treasury yields declined in June. The 2-year Treasury yield fell 18 basis points to 3.72%, the 5-year Treasury dropped 17 basis points to
3.80%, and the 10-year Treasury yield also declined 17 basis points to 4.23%. The spread between the 2-year and 10-year Treasury yield
points on the curve edged up to +51 basis points at June month-end versus +50 basis points at May month-end. The spread between the 2-
year Treasury and 10-year Treasury yield one year ago was -36 basis points. The spread between the 3-month and 10-year Treasury yield
points on the curve was -7 basis points in June, versus -6 basis points in May.
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 147,000 jobs in June, exceeding consensus expectations, and the last two months were revised up by 16,000.
Gains were primarily driven by state and local government education, while job growth in service sectors languished. The three-month
moving average and six-month moving average payrolls totaled 150,000 and 130,000 respectively. The unemployment rate declined to
4.1%in June from 4.2%in May,due to a shrinking labor force. The labor participation rate dipped to 62.3%, 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 dropped to 7.7%in June. Average hourly earnings fell slightly, marking a 3.7% year-over-year
increase.
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) unexpectedly rose to 7.77 million new job openings in May from
7.40 million in April. Layoffs declined and the quits rate increased. Job openings indicate a ratio of approximately 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 May, the Consumer Price Index (CPI) cooled slightly more than consensus expectations. The headline CPI increased 0.1% month-over-
month and rose 2.4% year-over-year, while the Core CPI rose 0.1% month-over-month and 2.8% year-over-year. The Personal Consumption
Expenditures (PCE) price index increased 0.1% month-over-month and rose 2.3% year-over-year in May. The Core PCE deflator, which
excludes food and energy and is the Fed’s preferred gauge, increased 0.2% month-over-month and 2.7% year-over-year,up from April’s
2.6% year-over-year increase. Inflation is hovering above the Fed’s 2% target.
Source: US Department of Labor Source: US Department of Commerce
INFLATION
6
-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
Advance Retail Sales were down 0.9% month-over-month in May, further slowing from a downwardly revised -0.1%in April. Declines were
led by auto sales, building materials, garden equipment and supplies, and spending at restaurants and bars fell by the most since early
2023.Control group sales, which feed into GDP, were the only bright spot in the report, with a 0.4% increase.On a year-over-year basis,
Retail Sales grew 3.3%in May following a 5.0% increase in April. The Conference Board’s Consumer Confidence Index dropped to 93.0 in
June from 98.4 in May,as consumers’assessment of both the current situation and future expectations for income and labor markets
soured. While the consumer has been resilient, elevated 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
Y
O
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 0.1%in May, following a downwardly revised 1.4% decline in April. The LEI
decreased by 4.0% year-over-year. The rebound in the stock market was the primary positive contributor, offset by consumer pessimism,
weak new orders in manufacturing, the second consecutive month of rising initial unemployment claims, and a drop in housing permits.
The Chicago Fed National Activity Index (CFNAI) improved to -0.28 in May from a downwardly revised -0.36 in April. The three-month
moving average dropped to -0.16 in May from 0.06 in April, indicating slightly below trend 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 declined 9.8% month-over-month in May to a seasonally adjusted annual rate of 1.256 million units. Single family starts
increased 0.4% above the revised April figures, whereas multi-family starts fell -30.4%. Total starts dropped 4.6% compared to May 2024.
Homebuilder confidence is shaky due to elevated mortgage rates, affordability constraints, and a weakening economic outlook. The
Freddie Mac 30-year fixed rate mortgage averaged approximately 6.8%in June. According to the Case-Shiller 20-City Home Price Index,
housing prices rose 3.4% year-over-year in April, compared to 4.1%in March. Limited inventory, elevated mortgage rates, and lack of
affordability continue to weigh on the housing market.
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 edged up to 49.0 in June from 48.5 in May, indicating a continuation of
modest contraction in the sector. Inventories and production improved as companies worked through backlogs, while employment and
new orders contracted. The ISM Services index increased to 50.8 in June from 49.9 in May,as new orders improved. However, ongoing
concerns about the impact of tariffs remain. 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 6/24 9/24 12/24 3/25
1.9% 2.5% 2.7% 0.3%
1.5% 0.2% -1.0% 3.9%
-0.9% -0.4% 0.3% -4.6%
0.3% 0.6% 0.3% -0.3%
0.3% 0.3% 0.3% 0.2%
3.0% 3.1% 2.5% -0.5%
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
Real GDP decreased at an annualized rate of 0.5%in the first quarter of 2025,according to the third and final estimate fromthe Bureau of
Economic Analysis, a downward revision from the previously estimated 0.2% decline. This marks the first negative quarter since 2022.
The primary driver of the downward revision was weaker personal consumption expenditures. Net exports remained the primary drag on
growth,as imports rose sharply in anticipation of higher tariffs. Gross investment contributed positively, powered by business decisions
to get ahead of possible cost increases. The consensus projection calls for 2.1% growth for the second quarter and 1.5% 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 June meeting.In the Summary of Economic Projections (SEP), Federal Reserve officials continued to pencil in two rate cuts in 2025,
while downgrading estimates for economic growth and raising forecasts for both unemployment and inflation this year. The statement
indicated that uncertainty about the economic outlook remained elevated but had diminished. The monthly redemption cap on Treasuries
will remain at $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 about $2.2 trillion to approximately $6.7
trillion.
FEDERAL RESERVE
0.00%
1.00%
2.00%
3.00%
4.00%
5.00%
6.00%
Effective Federal Funds Rate
Recession
Yi
e
l
d
(
%
)
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
Jun-25
Mar-25
Jun-24
Yi
e
l
d
(
%
)
At the end of June, the 2-year Treasury yield was 103 basis points lower, and the 10-Year Treasury yield was 17 basis points lower, year-
over-year. The spread between the 2-year and 10-year Treasury yield points on the curve edged up to +51 basis points at June month-end
versus +50 basis points at May 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 -7 basis points in June, versus -6 basis points in May.
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 June 30, 2025
Rules Name Limit Actual Compliance
Status Notes
AGENCY MORTGAGE SECURITIES (CMOS)
Max % (MV; ABS, CMO, & MBS)15.0 14.1 Compliant
Max % Issuer (MV)30.0 8.8 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 14.1 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 16.3 Compliant
Max % Issuer (MV)5.0 1.3 Compliant
16
STATEMENT OF COMPLIANCE
Danville Short Term Treasury Pool | Account #21 | As of June 30, 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 19.5 Compliant
Max % Issuer (MV)30.0 9.9 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 2.1 Compliant
Max % Issuer (MV)20.0 2.1 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 June 30, 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 44.5 Compliant
Max % Issuer (MV)100.0 44.5 Compliant
Max Maturity (Years)5 4 Compliant
18
PORTFOLIO CHARACTERISTICS
Danville Short Term Treasury Pool | Account #21 | As of June 30, 2025
Benchmark*6/30/2025
Portfolio
3/31/2025
Portfolio
Average Maturity (yrs)1.85 2.07 2.13
Average Modified Duration 1.77 1.82 1.87
Average Purchase Yield 4.14%3.96%
Average Market Yield 3.80%3.97%4.10%
Average Quality**AA+AA+AAA
Total Market Value 99,848,040 98,565,623
*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 June 30, 2025
Sector as a Percentage of Market Value
Sector 06/30/2025 03/31/2025
US Treasury 44.53%45.91%
Agency 19.52%18.73%
Corporate 16.26%16.92%
Agency CMBS 8.80%8.86%
ABS 5.30%5.19%
Supras 3.46%3.49%
Money Mkt Fd 2.13%0.90%
20
ISSUERS
Danville Short Term Treasury Pool | Account #21 | As of June 30, 2025
Issuer Investment Type % Portfolio
Government of The United States US Treasury 44.53%
Farm Credit System Agency 9.88%
FHLMC Agency CMBS 8.80%
Federal Home Loan Banks Agency 8.63%
Money Market Fund Money Mkt Fd 2.13%
International Bank for Recon and Dev Supras 1.50%
BMW Vehicle Owner Trust ABS 1.49%
BNY Mellon Corp Corporate 1.27%
Apple Inc.Corporate 1.22%
State Street Corporation Corporate 1.09%
Caterpillar Inc.Corporate 1.03%
Bank of America Corporation Corporate 1.02%
Cisco Systems, Inc.Corporate 1.02%
Inter-American Development Bank Supras 1.02%
Chase Issuance Trust ABS 1.02%
Deere & Company Corporate 1.02%
Microsoft Corporation Corporate 1.00%
FNMA Agency 1.00%
Amazon.com, Inc.Corporate 0.99%
Honeywell International Inc.Corporate 0.99%
Visa Inc.Corporate 0.98%
Toyota Motor Corporation Corporate 0.98%
International Finance Corporation Supras 0.94%
Walmart Inc.Corporate 0.71%
BlackRock, Inc.Corporate 0.70%
Mercedes-Benz Auto Receivables Trust ABS 0.57%
GM Financial Automobile Leasing Trus ABS 0.53%
PACCAR Inc Corporate 0.53%
John Deere Owner Trust ABS 0.51%
Bank of America Credit Card Trust ABS 0.49%
21
ISSUERS
Danville Short Term Treasury Pool | Account #21 | As of June 30, 2025
Issuer Investment Type % Portfolio
Colgate-Palmolive Company Corporate 0.47%
Morgan Stanley Corporate 0.45%
JPMorgan Chase & Co.Corporate 0.41%
PepsiCo, Inc.Corporate 0.37%
Honda Auto Receivables Owner Trust ABS 0.34%
Toyota Auto Receivables Owner Trust ABS 0.26%
GM Financial Securitized Term ABS 0.06%
Hyundai Auto Receivables Trust ABS 0.04%
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 9.0%5.4%8.5%34.4%29.7%11.0%2.0%0.0%0.0%
ICE BofA 1-3 Year US Treasury Index 0.0%0.0%3.9%57.5%38.6%0.0%0.0%0.0%0.0%
DURATION DISTRIBUTION
Danville Short Term Treasury Pool | Account #21 | As of June 30, 2025
Portfolio Compared to the Benchmark
23
QUALITY DISTRIBUTION
Rating 06/30/2025 03/31/2025
AAA 12.6%11.5%
AA 76.8%78.0%
A 9.3%9.3%
NA 1.4%1.1%
Rating 06/30/2025 03/31/2025
AAA 11.87%83.59%
AA 78.97%7.19%
A 6.94%6.99%
NA 2.23%2.23%
Rating 06/30/2025 03/31/2025
AAA 9.30%9.09%
AA 73.09%73.80%
A 4.01%4.06%
NA 13.59%13.05%
Danville Short Term Treasury Pool | Account #21 | As of June 30, 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 1.31%5.86%5.34%3.83%1.70%1.87%3.42%
Benchmark 1.18%5.67%5.09%3.41%1.37%1.61%3.15%
REALIZED RATE OF RETURN
Danville ST Treasury Pool 1.00%3.72%3.15%2.60%2.18%1.86%3.35%
*Periods over 1 year are annualized.
Benchmark: ICE BofA 1-3 Year US Treasury Index
. 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 June 30, 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%
7.00%
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 June 30,2025
As of 06/30/2025 Dollar Value Return
Danville Total Return $2,764,723 3.42%
Danville Realized Return $2,709,218 3.35%
LAIF $2,213,442 2.66%
Historical Return of $1 Million Invested on March 31, 1995
26
PORTFOLIO CHARACTERISTICS
Danville NERIAD Improvement Fund (89-1 90A) | Account #24 | As of June 30, 2025
Benchmark*6/30/2025
Portfolio
3/31/2025
Portfolio
Average Maturity (yrs)0.16 0.57 0.57
Average Modified Duration 0.16 0.56 0.55
Average Purchase Yield 4.18%4.42%
Average Market Yield 4.37%4.16%4.17%
Average Quality**AA+AA+AAA
Total Market Value 985,742 975,664
*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 June 30, 2025
Issuer Investment Type % Portfolio
Government of The United States US Treasury 98.30%
Money Market Fund Money Mkt Fd 1.70%
Cash Cash 0.00%
TOTAL 100.00%
28
PORTFOLIO HOLDINGS
29
HOLDINGS REPORT
Danville Short Term Treasury Pool | Account #21 | As of June 30, 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
43815BAC4 HAROT 2022-1 A3 1.88
05/15/2026 25,998.18 02/15/2022
1.89%
25,994.27
25,997.47
99.80
4.77%
25,945.53
21.72
0.03%
(51.94)
Aaa/AAA
NA
0.87
0.07
05602RAD3 BMWOT 2022-A A3 3.21
08/25/2026 26,181.01 05/10/2022
3.23%
26,179.65
26,180.68
99.82
4.56%
26,133.74
14.01
0.03%
(46.94)
Aaa/AAA
NA
1.15
0.14
47787JAC2 JDOT 2022 A3 2.32 09/15/2026 34,168.49 03/10/2022
2.34%
34,160.93
34,166.64
99.72
4.16%
34,071.31
35.23
0.03%
(95.33)
Aaa/NA
AAA
1.21
0.15
448977AD0 HART 2022-A A3 2.22 10/15/2026 38,823.05 03/09/2022
2.23%
38,821.56
38,822.68
99.83
4.49%
38,758.30
38.31
0.04%
(64.38)
NA/AAA
AAA
1.29
0.07
380146AC4 GMCAR 2022-1 A3 1.26
11/16/2026 5,234.24 01/11/2022
1.27%
5,233.78
5,234.13
99.86
4.72%
5,226.82
2.75
0.01%
(7.31)
NA/AAA
AAA
1.38
0.04
379929AD4 GMALT 2023-3 A3 5.38
11/20/2026 118,813.11 08/08/2023
5.38%
118,798.86
118,807.05
100.17
4.55%
119,019.32
195.32
0.12%
212.27
NA/AAA
AAA
1.39
0.19
362585AC5 GMCAR 2022-2 A3 3.1
02/16/2027 52,452.17 04/05/2022
3.13%
52,441.20
52,448.86
99.65
4.83%
52,271.01
67.75
0.05%
(177.85)
Aaa/AAA
NA
1.63
0.20
36271VAD9 GMALT 2025-1 A3 4.66
02/21/2028 405,000.00 02/05/2025
4.66%
404,952.21
404,958.23
100.67
4.25%
407,699.89
576.68
0.41%
2,741.67
NA/AAA
AAA
2.65
1.45
05592XAD2 BMWOT 2023-A A3 5.47
02/25/2028 131,673.04 07/11/2023
5.47%
131,649.70
131,659.60
100.59
4.49%
132,455.53
120.04
0.13%
795.93
NA/AAA
AAA
2.66
0.57
096912AD2 BMWLT 2025-1 A3 4.43
06/26/2028 250,000.00 06/03/2025
4.82%
249,994.50
249,994.60
100.57
4.16%
251,430.70
646.04
0.25%
1,436.10
NA/AAA
AAA
2.99
1.80
89239FAD4 TAOT 2023-D A3 5.54 08/15/2028 255,000.00 11/07/2023
5.61%
254,972.51
254,981.93
101.17
4.40%
257,991.61
627.87
0.26%
3,009.68
NA/AAA
AAA
3.13
0.97
161571HT4 CHAIT 2023-1 A 5.16 09/15/2028 995,000.00 09/07/2023
5.23%
994,724.19
994,823.07
101.16
4.21%
1,006,499.12
2,281.87
1.02%
11,676.04
NA/AAA
AAA
3.21
1.14
096919AD7 BMWOT 2024-A A3 5.18
02/26/2029 420,000.00 06/04/2024
5.18%
419,936.20
419,950.47
101.26
4.11%
425,295.36
362.60
0.43%
5,344.89
Aaa/AAA
NA
3.66
1.12
05522RDJ4 BACCT 2024-1 A 4.93 05/15/2029 475,000.00 06/06/2024
4.93%
474,973.35
474,979.11
101.48
4.14%
482,036.22
1,040.78
0.49%
7,057.12
Aaa/AAA
NA
3.87
1.75
47800DAD6 JDOT 2025 A3 4.23 09/17/2029 470,000.00 03/04/2025
5.09%
469,970.44
469,972.45
100.25
4.16%
471,160.71
883.60
0.48%
1,188.27
Aaa/NA
AAA
4.22
2.18
096924AD7 BMWOT 2025-A A3 4.56
09/25/2029 635,000.00 02/04/2025
4.56%
634,937.45
634,942.61
100.86
4.09%
640,437.25
482.60
0.65%
5,494.64
Aaa/AAA
NA
4.24
1.65
30
HOLDINGS REPORT
Danville Short Term Treasury Pool | Account #21 | As of June 30, 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
437921AD1 HAROT 252 A3 4.15 10/15/2029 310,000.00 04/29/2025
4.15%
309,965.37
309,966.52
100.20
4.09%
310,614.79
571.78
0.31%
648.27
Aaa/NA
AAA
4.29
2.14
58773DAD6 MBART 2025-1 A3 4.78
12/17/2029 560,000.00 01/14/2025
4.84%
559,880.89
559,891.48
101.32
4.06%
567,396.98
1,189.69
0.57%
7,505.51
Aaa/NA
AAA
4.47
1.71
Total ABS 5,208,343.28 4.87%
5,207,587.07
5,207,777.57
100.89
4.19%
5,254,444.19
9,158.62
5.30%
46,666.62
3.54
1.45
AGENCY
3135G05X7 FEDERAL NATIONAL MORTGAGE
ASSOCIATION 0.375 08/25/2025 1,000,000.00 12/09/2021
1.17%
971,060.00
998,824.45
99.39
4.48%
993,871.01
1,312.50
1.00%
(4,953.44)
Aa1/AA+
AA+
0.15
0.15
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
1,999,222.63
100.34
4.02%
2,006,792.08
1,944.44
2.03%
7,569.45
Aa1/AA+
AA+
0.98
0.95
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
1,498,712.55
100.55
3.99%
1,508,263.59
25,687.50
1.52%
9,551.04
Aa1/AA+
AA+
1.12
1.07
3130AXU63 FEDERAL HOME LOAN BANKS
4.625 11/17/2026 1,000,000.00 11/30/2023
4.53%
1,002,530.00
1,001,178.48
100.87
3.96%
1,008,733.37
5,652.78
1.02%
7,554.89
Aa1/AA+
AA+
1.38
1.32
3130B1EF0 FEDERAL HOME LOAN BANKS
4.625 06/11/2027 1,000,000.00 06/26/2024
4.57%
1,001,530.00
1,001,006.77
101.53
3.80%
1,015,260.30
2,569.44
1.02%
14,253.53
Aa1/AA+
AA+
1.95
1.84
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
1,502,665.11
101.38
3.85%
1,520,734.22
16,312.50
1.53%
18,069.10
Aa1/AA+
AA+
2.26
2.11
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
1,746,147.16
101.74
3.85%
1,780,414.79
10,342.01
1.80%
34,267.63
Aa1/AA+
AA+
2.38
2.22
3130ATUS4 FEDERAL HOME LOAN BANKS 4.25
12/10/2027 1,500,000.00 05/15/2023
3.66%
1,536,930.00
1,519,737.30
101.10
3.77%
1,516,548.84
3,718.75
1.53%
(3,188.46)
Aa1/AA+
AA+
2.45
2.30
313382GT4 FEDERAL HOME LOAN BANKS 3.0
03/10/2028 2,000,000.00 05/07/2025
3.80%
1,957,320.00
1,959,542.49
98.18
3.71%
1,963,644.46
18,500.00
1.98%
4,101.97
Aa1/AA+
AA+
2.70
2.53
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
1,504,466.91
100.16
3.81%
1,502,400.29
10,656.25
1.52%
(2,066.63)
Aa1/AA+
AA+
2.82
2.63
3130AWC24 FEDERAL HOME LOAN BANKS 4.0
06/09/2028 1,500,000.00 07/06/2023
4.49%
1,467,705.00
1,480,687.73
100.77
3.72%
1,511,509.08
3,666.67
1.53%
30,821.35
Aa1/AA+
AA+
2.94
2.75
3130AVBD3 FEDERAL HOME LOAN BANKS 4.5
03/09/2029 1,500,000.00 04/26/2024
4.74%
1,484,775.00
1,488,439.64
102.49
3.77%
1,537,402.40
21,000.00
1.55%
48,962.75
Aa1/AA+
AA+
3.69
3.34
31
HOLDINGS REPORT
Danville Short Term Treasury Pool | Account #21 | As of June 30, 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
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
1,500,796.34
98.35
3.93%
1,475,184.54
16,187.50
1.49%
(25,611.80)
Aa1/AA+
AA+
4.20
3.82
19,172,877.50 100.49 19,340,758.96 19.52%2.30
Total Agency 19,250,000.00 4.09%19,201,427.56 3.88%137,550.35 139,331.39 2.14
AGENCY CMBS
3137BVZ82 FHMS K-063 A2 3.43 01/25/2027 1,000,000.00 06/06/2023
4.47%
965,625.00
985,505.47
98.81
4.16%
988,115.60
2,858.33
1.00%
2,610.13
Aa1/AA+
AAA
1.57
1.36
3137F2LJ3 FHMS K-066 A2 3.117 06/25/2027 1,000,000.00 05/18/2023
4.28%
958,984.38
980,468.75
98.23
4.04%
982,297.70
2,597.50
0.99%
1,828.95
Aa1/AA+
AAA
1.99
1.74
3137FBBX3 FHMS K-068 A2 3.244 08/25/2027 1,000,000.00 05/12/2023
3.98%
970,820.31
985,552.54
98.27
4.04%
982,744.00
2,703.33
0.99%
(2,808.54)
Aaa/AA+
AA+
2.15
1.98
3137FBU79 FHMS K-069 A2 3.187 09/25/2027 1,118,757.17 12/27/2023
4.27%
1,077,109.69
1,094,178.33
98.15
4.01%
1,098,050.21
2,971.23
1.11%
3,871.88
Aa1/AAA
AA+
2.24
2.06
3137FETN0 FHMS K-073 A2 3.35 01/25/2028 720,000.00 05/24/2023
4.34%
691,987.50
704,732.60
98.31
4.01%
707,826.31
2,010.00
0.71%
3,093.71
Aa1/AA+
AAA
2.57
2.31
3137F4D41 FHMS K-074 A2 3.6 01/25/2028 1,000,000.00 12/18/2024
4.45%
974,921.88
979,237.86
98.87
4.01%
988,661.60
3,000.00
1.00%
9,423.74
Aa1/AA+
AAA
2.57
2.34
3137FJEH8 FHMS K-081 A2 3.9 08/25/2028 1,000,000.00 09/05/2023
4.85%
957,968.75
973,521.96
99.55
4.00%
995,456.30
3,250.00
1.00%
21,934.34
Aa1/AA+
AAA
3.15
2.89
3137FJKE8 FHMS K-082 A2 3.92 09/25/2028 1,000,000.00 10/30/2023
5.31%
940,742.19
961,121.50
99.65
3.98%
996,529.10
3,266.67
1.01%
35,407.60
Aa1/AA+
AAA
3.24
2.92
3137FLMV3 FHMS K-090 A2 3.422 02/25/2029 1,000,000.00 03/27/2025
4.36%
966,015.62
968,244.10
97.84
4.04%
978,383.60
2,851.67
0.99%
10,139.50
Aa1/AAA
AA+
3.66
3.32
8,504,175.32 98.64 8,718,064.42 8.80%2.57
Total Agency CMBS 8,838,757.17 4.48%8,632,563.12 4.03%25,508.73 85,501.29 2.32
CASH
CCYUSD Receivable 2,313.73 --2,313.73
2,313.73
1.00
0.00%
2,313.73
0.00
0.00%
0.00
Aaa/AAA
AAA
0.00
0.00
2,313.73 1.00 2,313.73 0.00%0.00
Total Cash 2,313.73 2,313.73 0.00%0.00 0.00 0.00
32
HOLDINGS REPORT
Danville Short Term Treasury Pool | Account #21 | As of June 30, 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
CORPORATE
194162AM5 COLGATE-PALMOLIVE CO 3.1
08/15/2025 470,000.00 08/01/2022
3.13%
469,567.60
469,982.34
99.81
4.62%
469,101.05
5,504.22
0.47%
(881.29)
Aa3/A+
NA
0.13
0.12
931142EW9 WALMART INC 3.9 09/09/2025 700,000.00 09/26/2022
4.64%
685,776.00
699,075.51
99.91
4.33%
699,369.97
8,493.33
0.71%
294.47
Aa2/AA
AA
0.19
0.19
594918BJ2 MICROSOFT CORP 3.125
11/03/2025 1,000,000.00 01/20/2023
4.28%
970,060.00
996,309.17
99.57
4.40%
995,658.54
5,034.72
1.00%
(650.63)
Aaa/AAA
NA
0.34
0.33
037833BY5 APPLE INC 3.25 02/23/2026 750,000.00 02/01/2023
4.27%
728,265.00
745,384.23
99.37
4.24%
745,293.07
8,666.67
0.75%
(91.17)
Aaa/AA+
NA
0.65
0.62
89236TJK2 TOYOTA MOTOR CREDIT CORP
1.125 06/18/2026 1,000,000.00 02/08/2024
4.68%
921,800.00
967,880.51
97.05
4.28%
970,535.70
406.25
0.98%
2,655.19
A1/A+
A+
0.97
0.94
69371RS56 PACCAR FINANCIAL CORP 5.05
08/10/2026 515,000.00 08/03/2023
5.07%
514,742.50
514,904.85
101.04
4.07%
520,375.94
10,186.27
0.53%
5,471.09
A1/A+
NA
1.11
1.05
06428CAA2 BANK OF AMERICA NA 5.526
08/18/2026 1,000,000.00 08/24/2023
5.48%
1,001,360.00
1,000,492.44
101.42
4.22%
1,014,182.56
20,415.50
1.02%
13,690.12
Aa2/A+
AA
1.13
0.99
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
4.23%
449,258.98
4,385.36
0.45%
9,258.98
Aa3/A+
AA-
1.33
1.19
438516BL9 HONEYWELL INTERNATIONAL INC
2.5 11/01/2026 1,000,000.00 01/11/2023
4.42%
933,280.00
976,542.25
97.77
4.23%
977,742.59
4,166.67
0.99%
1,200.34
A2/A
A
1.34
1.29
713448FW3 PEPSICO INC 5.125 11/10/2026 360,000.00 11/08/2023
5.13%
359,902.80
359,955.92
101.26
4.16%
364,535.75
2,613.75
0.37%
4,579.83
A1/A+
NA
1.36
1.22
48125LRU8 JPMORGAN CHASE BANK NA 5.11
12/08/2026 405,000.00 12/05/2023
5.11%
405,000.00
405,000.00
101.27
4.19%
410,127.28
1,322.21
0.41%
5,127.28
Aa2/AA-
AA
1.44
1.29
24422EXF1 JOHN DEERE CAPITAL CORP 4.5
01/08/2027 1,000,000.00 01/10/2024
4.53%
999,220.00
999,602.86
100.63
4.07%
1,006,284.97
21,625.00
1.02%
6,682.11
A1/A
A+
1.53
1.43
17275RBQ4 CISCO SYSTEMS INC 4.8
02/26/2027 1,000,000.00 --
4.81%
999,620.00
999,787.68
101.21
4.03%
1,012,126.55
16,666.67
1.02%
12,338.87
A1/AA-
NA
1.66
1.48
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
101.45
4.11%
1,080,413.01
15,214.09
1.09%
15,413.01
Aa3/A
AA-
1.71
1.53
14913UAL4 CATERPILLAR FINANCIAL SERVICES
CORP 5.0 05/14/2027 1,000,000.00 05/15/2024
4.89%
1,002,930.00
1,001,829.91
101.70
4.04%
1,017,024.22
6,527.78
1.03%
15,194.31
A2/A
A+
1.87
1.76
09290DAH4 BLACKROCK INC 4.6 07/26/2027 690,000.00 07/17/2024
4.60%
689,979.30
689,985.73
101.22
3.98%
698,425.15
13,665.83
0.70%
8,439.42
Aa3/AA-
NA
2.07
1.85
33
HOLDINGS REPORT
Danville Short Term Treasury Pool | Account #21 | As of June 30, 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
023135BC9 AMAZON.COM INC 3.15
08/22/2027 1,000,000.00 07/10/2024
4.73%
954,920.00
968,885.65
98.37
3.95%
983,710.53
11,287.50
0.99%
14,824.88
A1/AA
AA-
2.15
2.02
92826CAH5 VISA INC 2.75 09/15/2027 1,000,000.00 08/19/2024
4.14%
960,360.00
971,498.80
97.60
3.89%
976,024.99
8,097.22
0.98%
4,526.19
Aa3/AA-
NA
2.21
2.10
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
1,241,928.67
100.76
4.58%
1,259,559.41
23,661.46
1.27%
17,630.74
Aa3/A
AA-
3.59
2.37
037833DP2 APPLE INC 2.2 09/11/2029 500,000.00 03/05/2025
4.29%
457,525.00
460,536.86
92.84
4.07%
464,203.62
3,361.11
0.47%
3,666.76
Aaa/AA+
NA
4.20
3.91
Total Corporate 16,145,000.00 4.69%
15,800,058.20
15,974,583.38
99.85
4.18%
16,113,953.87
191,301.61
16.26%
139,370.49
1.60
1.41
MONEY MARKET
FUND
VP4530003 ALLSPRING:TRS+ MM I 2,109,183.61 --
4.18%
2,109,183.61
2,109,183.61
1.00
4.18%
2,109,183.61
0.00
2.13%
0.00
Aaa/AAAm
NA
0.00
0.00
Total Money Market
Fund 2,109,183.61 4.18%
2,109,183.61
2,109,183.61
1.00
4.18%
2,109,183.61
0.00
2.13%
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
923,505.52
100.74
3.87%
931,878.72
18,664.86
0.94%
8,373.19
Aaa/AAA
NA
1.54
1.45
4581X0EM6 INTER-AMERICAN DEVELOPMENT
BANK 4.375 02/01/2027 1,000,000.00 01/30/2024
4.23%
1,004,020.00
1,002,127.37
100.76
3.87%
1,007,610.08
18,229.17
1.02%
5,482.71
Aaa/AAA
NA
1.59
1.49
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
1,469,886.38
99.26
3.76%
1,488,832.86
24,645.83
1.50%
18,946.48
Aaa/AAA
NA
3.03
2.80
Total Supranational 3,425,000.00 4.30%
3,382,969.50
3,395,519.28
100.10
3.82%
3,428,321.66
61,539.86
3.46%
32,802.38
2.20
2.05
US TREASURY
91282CAB7 UNITED STATES TREASURY 0.25
07/31/2025 1,350,000.00 12/02/2021
1.05%
1,310,871.09
1,349,121.36
99.66
4.34%
1,345,435.97
1,407.80
1.36%
(3,685.38)
Aa1/AA+
AA+
0.08
0.08
34
HOLDINGS REPORT
Danville Short Term Treasury Pool | Account #21 | As of June 30, 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
912828K74 UNITED STATES TREASURY 2.0
08/15/2025 1,500,000.00 04/21/2022
2.94%
1,454,882.81
1,498,323.47
99.69
4.45%
1,495,388.54
11,270.72
1.51%
(2,934.94)
Aa1/AA+
AA+
0.13
0.12
9128285C0 UNITED STATES TREASURY 3.0
09/30/2025 1,500,000.00 04/21/2022
2.96%
1,502,109.38
1,500,152.71
99.67
4.29%
1,495,117.19
11,311.48
1.51%
(5,035.52)
Aa1/AA+
AA+
0.25
0.25
9128285J5 UNITED STATES TREASURY 3.0
10/31/2025 1,600,000.00 06/02/2022
2.87%
1,606,562.50
1,600,642.56
99.57
4.28%
1,593,187.50
8,086.96
1.61%
(7,455.05)
Aa1/AA+
AA+
0.34
0.33
912828M56 UNITED STATES TREASURY 2.25
11/15/2025 1,700,000.00 06/09/2022
3.04%
1,655,839.84
1,695,175.48
99.24
4.32%
1,687,028.64
4,885.19
1.70%
(8,146.84)
Aa1/AA+
AA+
0.38
0.37
9128285T3 UNITED STATES TREASURY 2.625
12/31/2025 1,100,000.00 07/13/2022
3.20%
1,079,031.25
1,096,968.97
99.22
4.23%
1,091,420.57
78.46
1.10%
(5,548.40)
Aa1/AA+
AA+
0.50
0.49
9128286L9 UNITED STATES TREASURY 2.25
03/31/2026 1,800,000.00 08/03/2022
2.99%
1,753,523.44
1,790,495.81
98.65
4.10%
1,775,707.04
10,180.33
1.79%
(14,788.77)
Aa1/AA+
AA+
0.75
0.73
9128286S4 UNITED STATES TREASURY 2.375
04/30/2026 1,600,000.00 09/08/2022
3.42%
1,542,500.00
1,586,890.52
98.61
4.09%
1,577,687.50
6,402.17
1.59%
(9,203.02)
Aa1/AA+
AA+
0.83
0.81
91282CLB5 UNITED STATES TREASURY 4.375
07/31/2026 1,750,000.00 11/22/2024
4.40%
1,749,179.69
1,749,471.42
100.40
3.99%
1,756,972.67
31,936.29
1.77%
7,501.25
Aa1/AA+
AA+
1.08
1.03
912828YG9 UNITED STATES TREASURY 1.625
09/30/2026 2,000,000.00 06/07/2023
4.09%
1,848,984.38
1,943,041.26
97.24
3.91%
1,944,843.76
8,169.40
1.96%
1,802.51
Aa1/AA+
AA+
1.25
1.21
91282CJC6 UNITED STATES TREASURY 4.625
10/15/2026 1,750,000.00 02/20/2025
4.26%
1,759,912.11
1,757,768.06
100.89
3.91%
1,765,585.94
17,027.83
1.78%
7,817.88
Aa1/AA+
AA+
1.29
1.23
91282CEF4 UNITED STATES TREASURY 2.5
03/31/2027 1,450,000.00 11/28/2022
4.00%
1,363,566.41
1,415,142.46
97.86
3.77%
1,419,017.57
9,112.02
1.43%
3,875.12
Aa1/AA+
AA+
1.75
1.68
91282CKJ9 UNITED STATES TREASURY 4.5
04/15/2027 2,000,000.00 05/17/2024
4.58%
1,995,468.75
1,997,208.58
101.25
3.77%
2,024,921.88
18,934.43
2.04%
27,713.30
Aa1/AA+
AA+
1.79
1.69
912828X88 UNITED STATES TREASURY 2.375
05/15/2027 2,000,000.00 05/13/2025
4.01%
1,937,734.38
1,941,822.96
97.53
3.75%
1,950,546.88
6,066.58
1.97%
8,723.92
Aa1/AA+
AA+
1.87
1.80
91282CEW7 UNITED STATES TREASURY 3.25
06/30/2027 1,500,000.00 10/05/2022
4.00%
1,451,308.59
1,479,398.70
99.11
3.72%
1,486,582.04
132.47
1.50%
7,183.34
Aa1/AA+
AA+
2.00
1.91
91282CFB2 UNITED STATES TREASURY 2.75
07/31/2027 2,000,000.00 06/21/2024
4.46%
1,901,875.00
1,934,121.02
98.05
3.73%
1,961,015.62
22,941.99
1.98%
26,894.60
Aa1/AA+
AA+
2.08
1.98
91282CFH9 UNITED STATES TREASURY 3.125
08/31/2027 1,600,000.00 01/20/2023
3.59%
1,568,437.50
1,585,148.16
98.77
3.72%
1,580,312.50
16,711.96
1.59%
(4,835.67)
Aa1/AA+
AA+
2.17
2.05
91282CFM8 UNITED STATES TREASURY 4.125
09/30/2027 1,250,000.00 03/08/2023
4.44%
1,234,130.86
1,242,175.04
100.91
3.70%
1,261,376.95
12,961.07
1.27%
19,201.91
Aa1/AA+
AA+
2.25
2.11
35
HOLDINGS REPORT
Danville Short Term Treasury Pool | Account #21 | As of June 30, 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
91282CGH8 UNITED STATES TREASURY 3.5
01/31/2028 1,300,000.00 10/17/2024
3.90%
1,284,105.47
1,287,496.30
99.49
3.71%
1,293,398.44
18,979.28
1.31%
5,902.14
Aa1/AA+
AA+
2.59
2.41
9128283W8 UNITED STATES TREASURY 2.75
02/15/2028 1,500,000.00 09/27/2024
3.51%
1,464,140.63
1,472,109.38
97.62
3.71%
1,464,316.41
15,497.24
1.48%
(7,792.97)
Aa1/AA+
AA+
2.63
2.48
91282CGT2 UNITED STATES TREASURY 3.625
03/31/2028 1,000,000.00 11/08/2024
4.19%
982,343.75
985,646.26
99.83
3.69%
998,281.25
9,112.02
1.01%
12,634.99
Aa1/AA+
AA+
2.75
2.57
91282CHE4 UNITED STATES TREASURY 3.625
05/31/2028 1,750,000.00 12/30/2024
4.33%
1,711,445.31
1,717,072.38
99.79
3.70%
1,746,308.59
5,373.12
1.76%
29,236.21
Aa1/AA+
AA+
2.92
2.73
91282CHX2 UNITED STATES TREASURY 4.375
08/31/2028 1,000,000.00 12/13/2024
4.25%
1,004,101.56
1,003,504.80
101.97
3.71%
1,019,726.56
14,622.96
1.03%
16,221.76
Aa1/AA+
AA+
3.17
2.90
9128285M8 UNITED STATES TREASURY 3.125
11/15/2028 1,800,000.00 04/10/2024
4.66%
1,687,078.13
1,716,876.02
98.13
3.72%
1,766,390.62
7,184.10
1.78%
49,514.60
Aa1/AA+
AA+
3.38
3.15
91282CES6 UNITED STATES TREASURY 2.75
05/31/2029 1,200,000.00 09/05/2024
3.60%
1,155,984.38
1,163,575.04
96.43
3.74%
1,157,156.26
2,795.08
1.17%
(6,418.78)
Aa1/AA+
AA+
3.92
3.66
91282CLC3 UNITED STATES TREASURY 4.0
07/31/2029 1,500,000.00 10/29/2024
4.10%
1,493,320.31
1,494,256.39
100.93
3.75%
1,514,003.91
25,027.62
1.53%
19,747.52
Aa1/AA+
AA+
4.08
3.68
91282CFJ5 UNITED STATES TREASURY 3.125
08/31/2029 2,000,000.00 03/05/2025
4.06%
1,923,750.00
1,929,193.11
97.59
3.76%
1,951,718.76
20,889.95
1.97%
22,525.65
Aa1/AA+
AA+
4.17
3.82
91282CFY2 UNITED STATES TREASURY 3.875
11/30/2029 2,000,000.00 06/03/2025
4.01%
1,989,140.63
1,989,319.41
100.44
3.76%
2,008,828.12
6,564.21
2.03%
19,508.71
Aa1/AA+
AA+
4.42
4.01
Total US Treasury 44,500,000.00 3.78%
43,411,328.15
43,922,117.61
99.19
3.90%
44,132,277.66
323,662.73
44.53%
210,160.05
1.97
1.84
Total Portfolio 99,478,597.79 4.14%
97,590,493.08
98,445,485.86
97.53
3.97%
99,099,318.09
748,721.89
100.00%
653,832.23
2.07
1.82
Total Market Value +
Accrued 99,848,039.99
36
HOLDINGS REPORT
Danville NERIAD Improvement Fund (89-1 90A) | Account #24 | As of June 30, 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 46.09 --46.09
46.09
1.00
0.00%
46.09
0.00
0.00%
0.00
Aaa/AAA
AAA
0.00
0.00
Total Cash 46.09
46.09
46.09
1.00
0.00%
46.09
0.00
0.00%
0.00
0.00
0.00
MONEY MARKET
FUND
VP4530003 ALLSPRING:TRS+ MM I 16,736.77 --
4.18%
16,736.77
16,736.77
1.00
4.18%
16,736.77
0.00
1.70%
0.00
Aaa/AAAm
NA
0.00
0.00
Total Money Market
Fund 16,736.77 4.18%
16,736.77
16,736.77
1.00
4.18%
16,736.77
0.00
1.70%
0.00
0.00
0.00
US TREASURY
912797MH7 UNITED STATES TREASURY
09/04/2025 250,000.00 09/05/2024
4.20%
239,875.83
248,187.13
99.23
4.35%
248,077.65
0.00
25.20%
(109.48)
P-1/A-1+
F1+
0.18
0.18
91282CGA3 UNITED STATES TREASURY 4.0
12/15/2025 250,000.00 12/16/2024
4.26%
249,384.77
249,716.96
99.92
4.16%
249,812.01
437.16
25.38%
95.05
Aa1/AA+
AA+
0.46
0.45
91282CBT7 UNITED STATES TREASURY 0.75
03/31/2026 225,000.00 03/27/2025
4.12%
217,582.03
219,497.00
97.53
4.13%
219,449.71
424.18
22.29%
(47.29)
Aa1/AA+
AA+
0.75
0.73
91282CHH7 UNITED STATES TREASURY 4.125
06/15/2026 250,000.00 06/11/2025
4.14%
249,970.70
249,972.21
100.12
3.99%
250,307.62
450.82
25.43%
335.40
Aa1/AA+
AA+
0.96
0.93
Total US Treasury 975,000.00 4.18%
956,813.33
967,373.30
99.26
4.16%
967,646.98
1,312.16
98.30%
273.68
0.58
0.57
Total Portfolio 991,782.86 4.18%
973,596.19
984,156.16
97.58
4.16%
984,429.84
1,312.16
100.00%
273.68
0.57
0.56
Total Market Value +
Accrued 985,742.00
37
TRANSACTIONS
38
TRANSACTION LEDGER
Danville Short Term Treasury Pool | Account #21|04/01/2025 Through 06/30/2025|
Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp
Yield Amount Interest
Pur/Sold Total Amount Gain/Loss
ACQUISITIONS
Purchase 05/08/2025 437921AD1 310,000.00 4.65 10/15/2029 99.989 4.65%(309,965.37)0.00 (309,965.37)0.00
Purchase 05/08/2025 437921AD1 (310,000.00)HAROT 252 A3 4.15
10/15/2029 99.989 4.15%309,965.37 0.00 0.00 0.00
Purchase 05/08/2025 437921AD1 310,000.00 HAROT 252 A3 4.15
10/15/2029 99.989 4.15%(309,965.37)0.00 0.00 0.00
Purchase 05/08/2025 313382GT4 2,000,000.00 FEDERAL HOME LOAN
BANKS 3.0 03/10/2028 97.866 3.80%(1,957,320.00)(9,666.67)(1,966,986.67)0.00
Purchase 05/14/2025 912828X88 2,000,000.00 UNITED STATES TREASURY
2.375 05/15/2027 96.887 4.01%(1,937,734.38)(23,618.78)(1,961,353.16)0.00
Purchase 06/04/2025 91282CFY2 2,000,000.00 UNITED STATES TREASURY
3.875 11/30/2029 99.457 4.01%(1,989,140.63)(846.99)(1,989,987.62)0.00
Purchase 06/10/2025 096912AD2 250,000.00 BMWLT 2025-1 A3 4.43
06/26/2028 99.998 4.82%(249,994.50)0.00 (249,994.50)0.00
Total Purchase 6,560,000.00 (6,444,154.88)(34,132.44)(6,478,287.32)0.00
TOTAL
ACQUISITIONS 6,560,000.00 (6,444,154.88)(34,132.44)(6,478,287.32)0.00
DISPOSITIONS
Maturity 04/30/2025 912828ZL7 (2,000,000.00)UNITED STATES TREASURY
0.375 04/30/2025 100.000 1.52%2,000,000.00 0.00 2,000,000.00 0.00
Maturity 05/09/2025 3133ENWH9 (1,000,000.00)
FEDERAL FARM CREDIT
BANKS FUNDING CORP 2.9
05/09/2025
100.000 2.97%1,000,000.00 0.00 1,000,000.00 0.00
Maturity 05/11/2025 037833DT4 (500,000.00)APPLE INC 1.125
05/11/2025 100.000 2.03%500,000.00 0.00 500,000.00 0.00
Maturity 05/31/2025 912828ZT0 (1,500,000.00)UNITED STATES TREASURY
0.25 05/31/2025 100.000 0.53%1,500,000.00 0.00 0.00 0.00
Maturity 05/31/2025 912828ZT0 0.00 UNITED STATES TREASURY
0.25 05/31/2025 100.000 0.53%0.00 0.00 1,500,000.00 0.00
Maturity 06/30/2025 912828ZW3 (1,500,000.00)UNITED STATES TREASURY
0.25 06/30/2025 100.000 0.55%1,500,000.00 0.00 1,500,000.00 0.00
Total Maturity (6,500,000.00)6,500,000.00 0.00 6,500,000.00 0.00
39
TRANSACTION LEDGER
Danville Short Term Treasury Pool | Account #21|04/01/2025 Through 06/30/2025|
Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp
Yield Amount Interest
Pur/Sold Total Amount Gain/Loss
TOTAL
DISPOSITIONS (6,500,000.00)6,500,000.00 0.00 6,500,000.00 0.00
40
TRANSACTION LEDGER
Danville NERIAD Improvement Fund (89-1 90A) | Account #24|04/01/2025 Through 06/30/2025|
Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp
Yield Amount Interest
Pur/Sold Total Amount Gain/Loss
ACQUISITIONS
Purchase 06/12/2025 91282CHH7 250,000.00 UNITED STATES TREASURY
4.125 06/15/2026 99.988 4.14%(249,970.70)(5,071.26)(255,041.96)0.00
Total Purchase 250,000.00 (249,970.70)(5,071.26)(255,041.96)0.00
TOTAL
ACQUISITIONS 250,000.00 (249,970.70)(5,071.26)(255,041.96)0.00
DISPOSITIONS
Maturity 06/12/2025 912797LN5 (250,000.00)UNITED STATES TREASURY
06/12/2025 100.000 5.08%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
41
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.
42
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 $250 million for all other securities.
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Supplement to Quarterly Investment Report
Town Managed Cash Account
Average Average
Maturity Yield Cost
Town Funds 0 4.272%17,937,747
Trust Fund 0 4.272%2,070,012
.
Community Development Agency DS/Successor Agency 0 4.272%89,293
NERIAD 0 4.272%167,533
Total LAIF Funds Managed by the Town 20,264,586$
LAIF Funds Managed by the Town
(Local Agency Investment Fund)
May 2025
9.1