HomeMy WebLinkAbout102125-09.1INVESTMENT REPORT
Danville | As of September 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. Inflation
pressures have eased, though core levels remain above the Federal Reserve’s target, while tariffs continue to cloud forecasts. Signs of a
softer labor market are emerging, prompting expectations that the Fed will move cautiously toward policy normalization. Given the
economic outlook, we expect gradual normalization of monetary policy and a steeper yield curve.
The Federal Reserve lowered the Federal Funds Rate a quarter percentage point to the range of 4.00 –4.25% upon conclusion of the
September Federal Open Market Committee meeting. The move was telegraphed by the Fed and in line with market expectations. Stephen
Miran was the only opposing vote in the 11-1 decision as Governor Miran called for a larger 50 basis point rate cut. Chair Powell said
concerns over signs of a softening labor market prompted the policy shift. Policymakers also updated their economic forecasts penciling in
two additional quarter-point cuts through year-end.
The US Treasury yield curve flattened in September,as the 2-year Treasury yield declined 13 basis points to 3.57%, the 5-year Treasury also
down 13 basis points to 3.66%, and the 10-year Treasury yield declined 14 basis points to 4.12%. The spread between the 2-year and 10-
year Treasury yield points on the curve decreased to +54 basis points at September month-end versus +61 basis points at August month-
end. The spread between the 2-year Treasury and 10-year Treasury yield one year ago was 14 basis points. The spread between the 3-
month and 10-year Treasury yield points on the curve was +21 basis points in September versus +8 basis points in August.
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 just 22,000 jobs in August, falling short of consensus expectations and punctuating the softening trend in the
labor market. The three-month moving average and six-month moving average payrolls totaled 29,000 and 64,000 respectively. The
unemployment rate rose to 4.3%in August from 4.2%in July. The labor participation rate inched up 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 jumped to 8.1%in August from 7.9%in July. Average hourly earnings fell to 3.7% year-over-year
from 3.9% last month.
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) showed a modest increase to 7.227 million new job openings in
August from 7.2 million in July. The quits rate and layoffs remained relatively stable. Job openings indicate a ratio of approximately 1 job
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 August, the Consumer Price Index (CPI) increased more than expected at 0.4% month-over-month and 2.9% year-over-year, while the
Core CPI rose 0.3% month-over-month and 3.1% year-over-year,in line with expectations. The Personal Consumption Expenditures (PCE)
price index rose 0.3% month-over-month and 2.7% year-over-year in August. The Core PCE deflator, which excludes food and energy and
is the Fed’s preferred gauge, was up 0.2% from July leaving it unchanged at 2.9% on an annual basis in August.
Source: US Department of Labor Source: US Department of Commerce
INFLATION
6
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 showed continued strength jumping 0.6%in August as July data was also revised up to 0.6% month-over-month. The
increase elevated retail sales to 5.0%on an annual basis after jumping 4.1% year-over-year in July. Back-to-school shopping was a likely
catalyst as online shopping, clothing, and sporting goods saw some of the largest increases. Control group sales, which feed into GDP,
also jumped 0.74%in August from the prior month. The Conference Board’s Consumer Confidence Index fell to 94.2 in September from a
revised 97.8 in August, marking the lowest level since April 2025.Measures of current conditions and future expectations fell, signaling
weaker sentiment toward employment and income. Consumers have remained resilient,but rising debt burdens, higher delinquency rates,
lingering inflation worries, and emerging signs of labor market cooling could weigh on 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 0.5%in August, following a 0.1% increase in July. The LEI decreased by 3.6%
year-over-year. The Conference Board is expecting economic growth to slow in the second half of 2025 due to consumer pessimism, soft
manufacturing new orders, and negative impacts from tariffs. The Chicago Fed National Activity Index (CFNAI) came in at -0.12%in
August after a downwardly revised -0.28 in July, indicating that economic momentum remained below its historical trend for the fifth
consecutive month. The three-month moving average shows a similar trend at -0.18 in August from -0.20 in the prior month signaling
ongoing below-trend growth in national economic activity.
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 dropped 8.5%in August to 1.307 million units, marking a pullback amid elevated inventory levels and a softening labor
market. Single-family starts fell 7.0% in August to 890,000 units, hitting their lowest level since July 2024. The S&P Cotality Case Shiller 20-
City Home Price Index recorded a 0.07% month-over-month decline in July, marking the fifth consecutive month of losses, while still
posting a modest year-over-year gain of 1.8%. Persistently high asking prices and elevated mortgage rates have continued to challenge
affordability, contributing to the recent cooling across the housing market. However, the Freddie Mac 30-year fixed mortgage rate
continued recent declines to 6.3% as of September.
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
Manufacturing activity contracted at a slightly slower rate as the Institute for Supply Management (ISM) Manufacturing Index edged up to
49.1 in September, from 48.7 in August yet remaining below the expansion threshold, signaling the seventh consecutive month of
contraction in the manufacturing sector. Production growth factored into the gain, although drops in new orders and inventories offset the
increase. The ISM Services Index fell to 50.0 in September from 52.0 in August, which is the breakeven point between expansion and
contraction. The 2.0-point decline generally indicated moderate to weak growth, with only isolated reports of supplier delivery delays.
Employment remained in contraction territory, reflecting delayed hiring plans and ongoing challenges in finding qualified workers.
Source: Institute for Supply Management
SURVEY BASED MEASURES
10
Components of GDP 9/24 12/24 3/25 6/25
2.7% 2.6% 0.4% 1.7%
0.2% -1.3% 3.8% -2.7%
-0.4% -0.1% -4.7% 4.8%
0.5% 0.3% -0.4% -0.4%
0.4% 0.3% 0.2% 0.3%
3.4% 1.9% -0.6% 3.8%
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
In a sharp rebound fromthe first quarter, real GDP increased at an annualized rate of 3.8%in the second quarter of 2025 according to the
final data revision from the Bureau of Economic Analysis. The increase in real GDP in the second quarter was driven by the drop in
imports following the significant rise in the first quarter in anticipation of higher tariffs and an increase in consumer spending. The
consensus projection calls for 1.7% growth for the third quarter and 1.8% 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
The Federal Reserve lowered its benchmark interest rate by a quarter point to a range of 4.00%to 4.25%at its September meeting,as
officials responded to mounting signs of labor market weakness. Chair Jerome Powell said the move was aimed at cushioning the
slowdown while keeping policy restrictive enough to fight lingering inflation. The Fed kept its balance-sheet runoff unchanged,
maintaining a $5 billion monthly cap on Treasuries and $35 billion on agency and mortgage-backed securities. Since launching its
Quantitative Tightening campaign in June 2022, the Fed has reduced its securities holdings by about $2.35 trillion, bringing the total down
to roughly $6.6 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
Yi
e
l
d
(
%
)
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
US Treasury Yield Curve
Sep-25
Jun-25
Sep-24
Yi
e
l
d
(
%
)
At the end of September, the 2-year Treasury yield was 5 basis points lower, and the 10-Year Treasury yield was 40 basis points higher,
year-over-year. The spread between the 2-year and 10-year Treasury yield points on the curve decreased to +54 basis points at September
month-end versus +61 basis points at August month-end. The prior 2-year/10-year yield curve inversion, which spanned from July 2022 to
August 2024,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 +21 basis points in September versus +8 basis points in August.
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 September 30, 2025
Rules Name Limit Actual Compliance
Status Notes
AGENCY MORTGAGE SECURITIES (CMOS)
Max % (MV; ABS, CMO, & MBS)15.0 13.7 Compliant
Max % Issuer (MV)30.0 8.7 Compliant
Max Maturity (Years)5.0 3.4 Compliant
Min Rating (AAA by 1)0.0 0.0 Compliant
ASSET-BACKED SECURITIES (ABS)
Max % (MV; ABS, CMO & MBS)15.0 13.7 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 16.5 Compliant
Max % Issuer (MV)5.0 1.4 Compliant
16
STATEMENT OF COMPLIANCE
Danville Short Term Treasury Pool | Account #21 | As of September 30, 2025
Rules Name Limit Actual Compliance
Status Notes
Max Maturity (Years)5 3 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 18.3 Compliant
Max % Issuer (MV)30.0 9.8 Compliant
Max Callables (MV)20.0 0.0 Compliant
Max Maturity (Years)5 3 Compliant
LOCAL AGENCY INVESTMENT FUND (LAIF)
Max % (MV)30.0 0.0 Compliant
MONEY MARKET MUTUAL FUNDS
Max % (MV)20.0 2.4 Compliant
Max % Issuer (MV)20.0 2.4 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 September 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 3.4 Compliant
Max % Issuer (MV)5.0 1.5 Compliant
Max Maturity (Years)5 2 Compliant
Min Rating (AA- by 1)0.0 0.0 Compliant
U.S. TREASURIES
Max % (MV)100.0 45.7 Compliant
Max % Issuer (MV)100.0 45.7 Compliant
Max Maturity (Years)5 4 Compliant
18
PORTFOLIO CHARACTERISTICS
Danville Short Term Treasury Pool | Account #21 | As of September 30, 2025
Benchmark*9/30/2025
Portfolio
6/30/2025
Portfolio
Average Maturity (yrs)1.85 2.06 2.07
Average Modified Duration 1.77 1.82 1.82
Average Purchase Yield 4.22%4.14%
Average Market Yield 3.65%3.79%3.97%
Average Quality**AA+AA+AA+
Total Market Value 101,044,187 99,848,040
*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 September 30, 2025
Sector as a Percentage of Market Value
Sector 09/30/2025 06/30/2025
US Treasury 45.65%44.53%
Agency 18.32%19.52%
Corporate 16.48%16.26%
Agency CMBS 8.73%8.80%
ABS 4.98%5.30%
Supras 3.42%3.46%
Money Mkt Fd 2.40%2.13%
20
ISSUERS
Danville Short Term Treasury Pool | Account #21 | As of September 30, 2025
Issuer Investment Type % Portfolio
United States US Treasury 45.65%
Farm Credit System Agency 9.79%
FHLMC Agency CMBS 8.73%
Federal Home Loan Banks Agency 8.53%
Money Market Fund Money Mkt Fd 2.40%
International Bank for Recon and Dev Supras 1.49%
PepsiCo, Inc.Corporate 1.36%
BNY Mellon Corp Corporate 1.26%
Apple Inc.Corporate 1.21%
BMW Vehicle Owner Trust ABS 1.16%
State Street Corporation Corporate 1.08%
PACCAR Inc Corporate 1.06%
Caterpillar Inc.Corporate 1.01%
Bank of America Corporation Corporate 1.01%
Cisco Systems, Inc.Corporate 1.01%
Deere & Company Corporate 1.00%
Inter-American Development Bank Supras 1.00%
Chase Issuance Trust ABS 1.00%
Microsoft Corporation Corporate 1.00%
Amazon.com, Inc.Corporate 0.99%
Honeywell International Inc.Corporate 0.98%
Visa Inc.Corporate 0.98%
Toyota Motor Corporation Corporate 0.98%
International Finance Corporation Supras 0.93%
Blackrock, Inc.Corporate 0.70%
Mercedes-Benz Auto Receivables Trust ABS 0.57%
Bank of America Credit Card Trust ABS 0.48%
John Deere Owner Trust ABS 0.48%
GM Financial Automobile Leasing Trus ABS 0.45%
Morgan Stanley Corporate 0.45%
21
ISSUERS
Danville Short Term Treasury Pool | Account #21 | As of September 30, 2025
Issuer Investment Type % Portfolio
JPMorgan Chase & Co.Corporate 0.41%
Honda Auto Receivables Owner Trust ABS 0.31%
Toyota Auto Receivables Owner Trust ABS 0.26%
BMW Vehicle Lease Trust ABS 0.25%
GM Financial Securitized Term ABS 0.02%
Cash Cash 0.01%
TOTAL 100.00%
22
0-.25 .25-.5 .5-1 1-2 2-3 3-4 4-5 5-7 7+
Portfolio 7.9%2.6%15.6%33.8%27.1%13.1%0.0%0.0%0.0%
ICE BofA 1-3 Year US Treasury Index 0.0%0.0%3.9%57.4%38.7%0.0%0.0%0.0%0.0%
DURATION DISTRIBUTION
Danville Short Term Treasury Pool | Account #21 | As of September 30, 2025
Portfolio Compared to the Benchmark
23
QUALITY DISTRIBUTION
Rating 09/30/2025 06/30/2025
AAA 12.49%12.58%
AA 75.95%76.77%
A 10.21%9.26%
NA 1.35%1.39%
Rating 09/30/2025 06/30/2025
Aaa 11.91%11.87%
Aa 77.63%78.97%
A 8.41%6.94%
NA 2.05%2.23%
Rating 09/30/2025 06/30/2025
AAA 11.43%9.30%
AA 72.28%73.09%
A 3.99%4.01%
NA 12.29%13.59%
Danville Short Term Treasury Pool | Account #21 | As of September 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 1.20%4.19%5.59%4.69%1.90%1.95%3.43%
Benchmark 1.12%3.87%5.29%4.34%1.57%1.69%3.16%
REALIZED RATE OF RETURN
Danville ST Treasury Pool 1.04%3.94%3.42%2.84%2.30%1.94%3.36%
*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 September 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%
3 months 12 months 2 years 3 years 5 years 10 years Since Inception
Danville Short Term Treasury Pool Benchmark Realized Rate of Return
25
HISTORICAL AVERAGE PURCHASE YIELD
Danville Short Term Treasury Pool | Account #21 | As of September 30, 2025
Purchase Yield as of 09/30/25 = 4.22%
26
PORTFOLIO CHARACTERISTICS
Danville NERIAD Improvement Fund (89-1 90A) | Account #24 | As of September 30, 2025
Benchmark*9/30/2025
Portfolio
6/30/2025
Portfolio
Average Maturity (yrs)0.16 0.59 0.57
Average Modified Duration 0.16 0.58 0.56
Average Purchase Yield 4.06%4.18%
Average Market Yield 4.04%3.83%4.16%
Average Quality**AA+AA+AA+
Total Market Value 996,654 985,742
*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 September 30, 2025
Issuer Investment Type % Portfolio
United States US Treasury 98.08%
Money Market Fund Money Mkt Fd 1.87%
Cash Cash 0.04%
TOTAL 100.00%
28
PORTFOLIO HOLDINGS
29
HOLDINGS REPORT
Danville Short Term Treasury Pool | Account #21 | As of September 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
47787JAC2 JDOT 2022 A3 2.32 09/15/2026 8,302.39 03/10/2022
2.34%
8,300.55
8,302.03
99.92
4.46%
8,295.64
8.56
0.01%
(6.40)
Aaa/NA
AAA
0.96
0.04
379929AD4 GMALT 2023-3 A3 5.38
11/20/2026 42,052.28 08/08/2023
5.38%
42,047.24
42,050.52
100.11
4.16%
42,099.02
69.13
0.04%
48.49
NA/AAA
AAA
1.14
0.09
362585AC5 GMCAR 2022-2 A3 3.1
02/16/2027 22,713.38 04/05/2022
3.13%
22,708.64
22,712.17
99.88
4.30%
22,685.30
29.34
0.02%
(26.87)
Aaa/AAA
NA
1.38
0.10
36271VAD9 GMALT 2025-1 A3 4.66
02/21/2028 405,000.00 02/05/2025
4.66%
404,952.21
404,962.21
100.90
3.97%
408,632.32
576.68
0.41%
3,670.11
NA/AAA
AAA
2.39
1.21
05592XAD2 BMWOT 2023-A A3 5.47
02/25/2028 101,309.30 07/11/2023
5.47%
101,291.35
101,299.95
100.71
4.04%
102,024.84
92.36
0.10%
724.89
NA/AAA
AAA
2.41
0.47
096912AD2 BMWLT 2025-1 A3 4.43
06/26/2028 250,000.00 06/03/2025
4.82%
249,994.50
249,995.06
100.76
3.97%
251,910.45
184.58
0.25%
1,915.39
NA/AAA
AAA
2.74
1.53
89239FAD4 TAOT 2023-D A3 5.54 08/15/2028 253,408.43 11/07/2023
5.61%
253,381.12
253,391.93
101.15
4.08%
256,322.78
623.95
0.26%
2,930.86
NA/AAA
AAA
2.88
0.75
161571HT4 CHAIT 2023-1 A 5.16 09/15/2028 995,000.00 09/07/2023
5.23%
994,724.19
994,836.96
101.21
3.90%
1,006,993.53
2,281.87
1.00%
12,156.57
NA/AAA
AAA
2.96
0.91
096919AD7 BMWOT 2024-A A3 5.18
02/26/2029 420,000.00 06/04/2024
5.18%
419,936.20
419,953.88
101.18
3.92%
424,950.96
362.60
0.42%
4,997.08
Aaa/AAA
NA
3.41
0.89
05522RDJ4 BACCT 2024-1 A 4.93 05/15/2029 475,000.00 06/06/2024
4.93%
474,973.35
474,980.47
101.69
3.88%
483,051.20
1,040.78
0.48%
8,070.74
Aaa/AAA
NA
3.62
1.53
47800DAD6 JDOT 2025 A3 4.23 09/17/2029 470,000.00 03/04/2025
5.09%
469,970.44
469,974.09
100.55
4.02%
472,582.37
883.60
0.47%
2,608.28
Aaa/NA
AAA
3.96
2.21
096924AD7 BMWOT 2025-A A3 4.56
09/25/2029 635,000.00 02/04/2025
4.56%
634,937.45
634,946.02
100.93
3.95%
640,894.64
482.60
0.64%
5,948.62
Aaa/AAA
NA
3.99
1.42
437921AD1 HAROT 252 A3 4.15 10/15/2029 310,000.00 04/29/2025
4.15%
309,965.37
309,968.49
100.34
4.00%
311,067.98
571.78
0.31%
1,099.49
Aaa/NA
AAA
4.04
1.87
58773DAD6 MBART 2025-1 A3 4.78
12/17/2029 560,000.00 01/14/2025
4.84%
559,880.89
559,897.60
101.33
3.89%
567,457.18
1,189.69
0.57%
7,559.58
Aaa/NA
AAA
4.21
1.41
Total ABS 4,947,785.79 4.93%
4,947,063.49
4,947,271.39
101.04
3.95%
4,998,968.22
8,397.51
4.98%
51,696.84
3.40
1.30
AGENCY
30
HOLDINGS REPORT
Danville Short Term Treasury Pool | Account #21 | As of September 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
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
1,999,422.96
100.39
3.81%
2,007,872.16
23,819.44
2.00%
8,449.20
Aa1/AA+
AA+
0.73
0.70
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
1,499,002.14
100.63
3.75%
1,509,512.00
8,812.50
1.50%
10,509.85
Aa1/AA+
AA+
0.87
0.84
3130AXU63 FEDERAL HOME LOAN BANKS
4.625 11/17/2026 1,000,000.00 11/30/2023
4.53%
1,002,530.00
1,000,963.36
101.01
3.70%
1,010,108.09
17,215.28
1.01%
9,144.73
Aa1/AA+
AA+
1.13
1.07
3130B1EF0 FEDERAL HOME LOAN BANKS
4.625 06/11/2027 1,000,000.00 06/26/2024
4.57%
1,001,530.00
1,000,876.31
101.39
3.77%
1,013,934.47
14,131.94
1.01%
13,058.16
Aa1/AA+
AA+
1.70
1.60
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
1,502,367.91
101.69
3.62%
1,525,382.69
33,187.50
1.52%
23,014.77
Aa1/AA+
AA+
2.01
1.87
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
1,746,556.00
101.87
3.70%
1,782,737.67
30,576.39
1.78%
36,181.67
Aa1/AA+
AA+
2.13
1.98
3130ATUS4 FEDERAL HOME LOAN BANKS 4.25
12/10/2027 1,500,000.00 05/15/2023
3.66%
1,536,930.00
1,517,701.62
101.06
3.74%
1,515,842.52
19,656.25
1.51%
(1,859.10)
Aa1/AA+
AA+
2.19
2.05
313382GT4 FEDERAL HOME LOAN BANKS 3.0
03/10/2028 2,000,000.00 05/07/2025
3.80%
1,957,320.00
1,963,328.95
98.52
3.64%
1,970,457.70
3,500.00
1.96%
7,128.75
Aa1/AA+
AA+
2.44
2.33
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
1,504,067.54
100.42
3.70%
1,506,288.06
25,187.50
1.50%
2,220.52
Aa1/AA+
AA+
2.57
2.38
3130AWC24 FEDERAL HOME LOAN BANKS 4.0
06/09/2028 1,500,000.00 07/06/2023
4.49%
1,467,705.00
1,482,342.04
100.92
3.64%
1,513,747.80
18,666.67
1.51%
31,405.76
Aa1/AA+
AA+
2.69
2.50
3130AVBD3 FEDERAL HOME LOAN BANKS 4.5
03/09/2029 1,500,000.00 04/26/2024
4.74%
1,484,775.00
1,489,229.21
102.40
3.75%
1,535,955.98
4,125.00
1.53%
46,726.76
Aa1/AA+
AA+
3.44
3.16
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
1,500,748.51
99.26
3.70%
1,488,894.41
3,062.50
1.48%
(11,854.11)
Aa1/AA+
AA+
3.94
3.64
Total Agency 18,250,000.00 4.25%
18,201,817.50
18,206,606.57
100.73
3.71%
18,380,733.53
201,940.97
18.32%
174,126.96
2.16
2.02
AGENCY CMBS
3137BVZ82 FHMS K-063 A2 3.43 01/25/2027 1,000,000.00 06/06/2023
4.47%
965,625.00
987,934.43
99.36
3.82%
993,634.30
2,858.33
0.99%
5,699.87
Aa1/AA+
AAA
1.32
1.13
3137F2LJ3 FHMS K-066 A2 3.117 06/25/2027 1,000,000.00 05/18/2023
4.28%
958,984.38
983,035.72
98.69
3.87%
986,937.10
2,597.50
0.98%
3,901.38
Aa1/AA+
AAA
1.73
1.51
31
HOLDINGS REPORT
Danville Short Term Treasury Pool | Account #21 | As of September 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
3137FBBX3 FHMS K-068 A2 3.244 08/25/2027 1,000,000.00 05/12/2023
3.98%
970,820.31
987,299.15
98.83
3.82%
988,277.20
2,703.33
0.99%
978.05
Aaa/AA+
AA+
1.90
1.75
3137FBU79 FHMS K-069 A2 3.187 09/25/2027 1,113,016.64 12/27/2023
4.27%
1,071,582.86
1,091,404.39
98.57
3.87%
1,097,132.23
2,955.99
1.09%
5,727.84
Aa1/AAA
AA+
1.99
1.84
3137FETN0 FHMS K-073 A2 3.35 01/25/2028 720,000.00 05/24/2023
4.34%
691,987.50
706,269.36
98.78
3.86%
711,200.95
2,010.00
0.71%
4,931.59
Aa1/AA+
AAA
2.32
2.09
3137F4D41 FHMS K-074 A2 3.6 01/25/2028 1,000,000.00 12/18/2024
4.45%
974,921.88
981,327.70
99.28
3.86%
992,805.20
3,000.00
0.99%
11,477.50
Aa1/AA+
AAA
2.32
2.12
3137FJEH8 FHMS K-081 A2 3.9 08/25/2028 1,000,000.00 09/05/2023
4.85%
957,968.75
975,683.43
99.91
3.87%
999,095.30
3,250.00
1.00%
23,411.87
Aa1/AA+
AAA
2.90
2.67
3137FJKE8 FHMS K-082 A2 3.92 09/25/2028 1,000,000.00 10/30/2023
5.31%
940,742.19
964,210.30
99.96
3.87%
999,646.90
3,266.67
1.00%
35,436.60
Aa1/AA+
AAA
2.99
2.70
3137FLMV3 FHMS K-090 A2 3.422 02/25/2029 1,000,000.00 03/27/2025
4.36%
966,015.62
970,472.59
98.38
3.90%
983,772.80
2,851.67
0.98%
13,300.21
Aa1/AAA
AA+
3.41
3.10
8,498,648.49 99.09 8,752,501.98 8.73%2.32
Total Agency CMBS 8,833,016.64 4.48%8,647,637.06 3.86%25,493.49 104,864.92 2.10
CASH
CCYUSD Receivable 11,552.93 --11,552.93
11,552.93
1.00
0.00%
11,552.93
0.00
0.01%
0.00
Aaa/AAA
AAA
0.00
0.00
11,552.93 1.00 11,552.93 0.01%0.00
Total Cash 11,552.93 11,552.93 0.00%0.00 0.00 0.00
CORPORATE
594918BJ2 MICROSOFT CORP 3.125
11/03/2025 1,000,000.00 01/20/2023
4.28%
970,060.00
999,025.62
99.90
4.25%
998,953.63
12,847.22
1.00%
(71.99)
Aaa/AAA
NA
0.09
0.09
037833BY5 APPLE INC 3.25 02/23/2026 750,000.00 02/01/2023
4.27%
728,265.00
747,176.01
99.69
4.04%
747,645.91
2,572.92
0.75%
469.90
Aaa/AA+
NA
0.40
0.39
89236TJK2 TOYOTA MOTOR CREDIT CORP
1.125 06/18/2026 1,000,000.00 02/08/2024
4.68%
921,800.00
976,275.38
97.99
4.01%
979,871.46
3,218.75
0.98%
3,596.08
A1/A+
A+
0.71
0.70
69371RS56 PACCAR FINANCIAL CORP 5.05
08/10/2026 515,000.00 08/03/2023
5.07%
514,742.50
514,926.46
100.99
3.86%
520,118.46
3,684.40
0.52%
5,191.99
A1/A+
NA
0.86
0.83
32
HOLDINGS REPORT
Danville Short Term Treasury Pool | Account #21 | As of September 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
06428CAA2 BANK OF AMERICA NA 5.526
08/18/2026 1,000,000.00 08/24/2023
5.48%
1,001,360.00
1,000,373.84
101.24
4.07%
1,012,440.42
6,600.50
1.01%
12,066.58
Aa2/A+
AA
0.88
0.77
61690U7W4 MORGAN STANLEY BANK NA
5.882 10/30/2026 440,000.00 10/30/2023
5.88%
440,000.00
440,000.00
101.95
4.01%
448,601.28
10,855.56
0.45%
8,601.28
Aa3/A+
AA-
1.08
0.94
438516BL9 HONEYWELL INTERNATIONAL INC
2.5 11/01/2026 1,000,000.00 01/11/2023
4.42%
933,280.00
980,964.61
98.39
4.03%
983,916.95
10,416.67
0.98%
2,952.34
A2/A
A
1.09
1.04
713448FW3 PEPSICO INC 5.125 11/10/2026 360,000.00 11/08/2023
5.13%
359,902.80
359,964.08
101.31
3.90%
364,733.94
7,226.25
0.36%
4,769.85
A1/A+
NA
1.11
0.97
48125LRU8 JPMORGAN CHASE BANK NA 5.11
12/08/2026 405,000.00 12/05/2023
5.11%
405,000.00
405,000.00
101.26
4.01%
410,096.18
6,496.09
0.41%
5,096.18
Aa2/AA-
AA
1.19
1.05
24422EXF1 JOHN DEERE CAPITAL CORP 4.5
01/08/2027 1,000,000.00 01/10/2024
4.53%
999,220.00
999,668.57
100.79
3.85%
1,007,883.89
10,375.00
1.00%
8,215.32
A1/A
A+
1.27
1.21
17275RBQ4 CISCO SYSTEMS INC 4.8
02/26/2027 1,000,000.00 --
4.81%
999,620.00
999,818.76
101.20
3.91%
1,012,005.60
4,666.67
1.01%
12,186.84
A1/AA-
NA
1.41
1.26
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
101.54
3.90%
1,081,392.87
1,920.22
1.08%
16,392.87
Aa3/A
AA-
1.46
1.32
14913UAL4 CATERPILLAR FINANCIAL SERVICES
CORP 5.0 05/14/2027 1,000,000.00 05/15/2024
4.89%
1,002,930.00
1,001,583.06
101.74
3.88%
1,017,352.43
19,027.78
1.01%
15,769.37
A2/A
A+
1.62
1.52
09290DAH4 BLACKROCK INC 4.6 07/26/2027 690,000.00 07/17/2024
4.60%
689,979.30
689,987.47
101.33
3.83%
699,182.95
5,730.83
0.70%
9,195.48
Aa3/AA-
NA
1.82
1.64
023135BC9 AMAZON.COM INC 3.15
08/22/2027 1,000,000.00 07/10/2024
4.73%
954,920.00
972,546.16
98.91
3.75%
989,111.82
3,412.50
0.99%
16,565.66
A1/AA
AA-
1.89
1.81
92826CAH5 VISA INC 2.75 09/15/2027 1,000,000.00 08/19/2024
4.14%
960,360.00
974,752.04
98.14
3.75%
981,381.53
1,222.22
0.98%
6,629.49
Aa3/AA-
NA
1.96
1.88
69371RT97 PACCAR FINANCIAL CORP 4.0
08/08/2028 540,000.00 08/04/2025
4.02%
539,681.40
539,697.10
100.27
3.90%
541,435.92
3,180.00
0.54%
1,738.83
A1/A+
NA
2.86
2.66
713448GL6 PEPSICO INC 4.1 01/15/2029 1,000,000.00 07/29/2025
4.18%
997,580.00
997,700.52
100.35
3.98%
1,003,533.26
7,744.44
1.00%
5,832.74
A1/A+
NA
3.29
2.96
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
1,242,714.45
101.12
4.40%
1,264,043.43
9,464.58
1.26%
21,328.97
Aa3/A
AA-
3.34
2.18
037833DP2 APPLE INC 2.2 09/11/2029 500,000.00 03/05/2025
4.29%
457,525.00
462,905.17
93.82
3.91%
469,091.74
611.11
0.47%
6,186.57
Aaa/AA+
NA
3.95
3.72
Total Corporate 16,515,000.00 4.68%
16,181,976.00
16,370,079.30
100.14
3.98%
16,532,793.65
131,273.71
16.48%
162,714.35
1.62
1.43
33
HOLDINGS REPORT
Danville Short Term Treasury Pool | Account #21 | As of September 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
MONEY MARKET
FUND
VP4530003 ALLSPRING:TRS+ MM I 2,407,780.39 --
4.16%
2,407,780.39
2,407,780.39
1.00
4.16%
2,407,780.39
0.00
2.40%
0.00
Aaa/AAAm
AAA
0.00
0.00
Total Money Market
Fund 2,407,780.39 4.16%
2,407,780.39
2,407,780.39
1.00
4.16%
2,407,780.39
0.00
2.40%
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
923,749.74
100.71
3.80%
931,548.08
8,545.36
0.93%
7,798.35
Aaa/AAA
NA
1.29
1.23
4581X0EM6 INTER-AMERICAN DEVELOPMENT
BANK 4.375 02/01/2027 1,000,000.00 01/30/2024
4.23%
1,004,020.00
1,001,789.93
100.75
3.79%
1,007,546.50
7,291.67
1.00%
5,756.57
Aaa/AAA
NA
1.34
1.28
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
1,472,389.05
99.52
3.68%
1,492,786.65
11,520.83
1.49%
20,397.60
Aaa/AAA
NA
2.78
2.61
Total Supranational 3,425,000.00 4.30%
3,382,969.50
3,397,928.71
100.20
3.75%
3,431,881.23
27,357.86
3.42%
33,952.52
1.95
1.84
US TREASURY
9128285J5 UNITED STATES TREASURY 3.0
10/31/2025 1,600,000.00 06/02/2022
2.87%
1,606,562.50
1,600,158.01
99.90
4.14%
1,598,456.32
20,086.96
1.59%
(1,701.69)
Aa1/AA+
AA+
0.08
0.08
912828M56 UNITED STATES TREASURY 2.25
11/15/2025 1,700,000.00 06/09/2022
3.04%
1,655,839.84
1,698,415.31
99.79
3.95%
1,696,414.05
14,447.69
1.69%
(2,001.25)
Aa1/AA+
AA+
0.13
0.12
9128285T3 UNITED STATES TREASURY 2.625
12/31/2025 1,100,000.00 07/13/2022
3.20%
1,079,031.25
1,098,492.77
99.66
3.99%
1,096,261.72
7,297.21
1.09%
(2,231.05)
Aa1/AA+
AA+
0.25
0.24
9128286L9 UNITED STATES TREASURY 2.25
03/31/2026 1,800,000.00 08/03/2022
2.99%
1,753,523.44
1,793,698.68
99.23
3.83%
1,786,078.12
111.26
1.78%
(7,620.57)
Aa1/AA+
AA+
0.50
0.49
9128286S4 UNITED STATES TREASURY 2.375
04/30/2026 1,600,000.00 09/08/2022
3.42%
1,542,500.00
1,590,870.96
99.18
3.82%
1,586,800.00
15,902.17
1.58%
(4,070.96)
Aa1/AA+
AA+
0.58
0.56
91282CLB5 UNITED STATES TREASURY 4.375
07/31/2026 1,750,000.00 11/22/2024
4.40%
1,749,179.69
1,749,594.53
100.48
3.78%
1,758,394.52
12,899.12
1.75%
8,799.99
Aa1/AA+
AA+
0.83
0.81
34
HOLDINGS REPORT
Danville Short Term Treasury Pool | Account #21 | As of September 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
912828YG9 UNITED STATES TREASURY 1.625
09/30/2026 2,000,000.00 06/07/2023
4.09%
1,848,984.38
1,954,532.93
97.98
3.71%
1,959,515.62
89.29
1.95%
4,982.69
Aa1/AA+
AA+
1.00
0.98
91282CJC6 UNITED STATES TREASURY 4.625
10/15/2026 1,750,000.00 02/20/2025
4.26%
1,759,912.11
1,756,250.73
100.92
3.71%
1,766,180.66
37,372.78
1.76%
9,929.93
Aa1/AA+
AA+
1.04
0.99
91282CEF4 UNITED STATES TREASURY 2.5
03/31/2027 1,450,000.00 11/28/2022
4.00%
1,363,566.41
1,420,168.94
98.31
3.67%
1,425,531.25
99.59
1.42%
5,362.31
Aa1/AA+
AA+
1.50
1.45
91282CKJ9 UNITED STATES TREASURY 4.5
04/15/2027 2,000,000.00 05/17/2024
4.58%
1,995,468.75
1,997,601.86
101.23
3.67%
2,024,687.50
41,557.38
2.02%
27,085.64
Aa1/AA+
AA+
1.54
1.45
912828X88 UNITED STATES TREASURY 2.375
05/15/2027 2,000,000.00 05/13/2025
4.01%
1,937,734.38
1,949,659.40
97.99
3.66%
1,959,843.76
17,941.58
1.95%
10,184.36
Aa1/AA+
AA+
1.62
1.56
91282CEW7 UNITED STATES TREASURY 3.25
06/30/2027 1,500,000.00 10/05/2022
4.00%
1,451,308.59
1,481,998.59
99.35
3.63%
1,490,273.43
12,319.97
1.49%
8,274.84
Aa1/AA+
AA+
1.75
1.67
91282CFB2 UNITED STATES TREASURY 2.75
07/31/2027 2,000,000.00 06/21/2024
4.46%
1,901,875.00
1,942,095.85
98.44
3.64%
1,968,750.00
9,266.30
1.96%
26,654.15
Aa1/AA+
AA+
1.83
1.76
91282CFH9 UNITED STATES TREASURY 3.125
08/31/2027 1,600,000.00 01/20/2023
3.59%
1,568,437.50
1,586,875.56
99.07
3.63%
1,585,187.50
4,281.77
1.58%
(1,688.05)
Aa1/AA+
AA+
1.92
1.84
91282CFM8 UNITED STATES TREASURY 4.125
09/30/2027 1,250,000.00 03/08/2023
4.44%
1,234,130.86
1,243,051.89
100.96
3.62%
1,262,060.55
141.66
1.26%
19,008.66
Aa1/AA+
AA+
2.00
1.90
91282CGH8 UNITED STATES TREASURY 3.5
01/31/2028 1,300,000.00 10/17/2024
3.90%
1,284,105.47
1,288,714.88
99.73
3.62%
1,296,546.88
7,665.76
1.29%
7,831.99
Aa1/AA+
AA+
2.34
2.21
9128283W8 UNITED STATES TREASURY 2.75
02/15/2028 1,500,000.00 09/27/2024
3.51%
1,464,140.63
1,474,785.02
98.02
3.63%
1,470,292.97
5,268.34
1.47%
(4,492.05)
Aa1/AA+
AA+
2.38
2.26
91282CGT2 UNITED STATES TREASURY 3.625
03/31/2028 1,000,000.00 11/08/2024
4.19%
982,343.75
986,961.54
100.03
3.61%
1,000,273.44
99.59
1.00%
13,311.90
Aa1/AA+
AA+
2.50
2.37
91282CHE4 UNITED STATES TREASURY 3.625
05/31/2028 1,750,000.00 12/30/2024
4.33%
1,711,445.31
1,719,916.83
100.02
3.62%
1,750,273.44
21,319.16
1.74%
30,356.61
Aa1/AA+
AA+
2.67
2.49
91282CHX2 UNITED STATES TREASURY 4.375
08/31/2028 1,000,000.00 12/13/2024
4.25%
1,004,101.56
1,003,226.12
102.04
3.63%
1,020,351.56
3,746.55
1.02%
17,125.44
Aa1/AA+
AA+
2.92
2.71
91282CNY3 UNITED STATES TREASURY 3.375
09/15/2028 2,000,000.00 09/29/2025
3.64%
1,985,468.75
1,985,482.19
99.32
3.62%
1,986,406.24
2,983.43
1.98%
924.05
Aa1/AA+
AA+
2.96
2.78
91282CDF5 UNITED STATES TREASURY 1.375
10/31/2028 2,000,000.00 09/16/2025
3.50%
1,875,546.88
1,877,075.25
93.45
3.64%
1,868,906.24
11,508.15
1.86%
(8,169.01)
Aa1/AA+
AA+
3.08
2.95
9128285M8 UNITED STATES TREASURY 3.125
11/15/2028 1,800,000.00 04/10/2024
4.66%
1,687,078.13
1,723,078.30
98.48
3.64%
1,772,578.12
21,246.60
1.77%
49,499.82
Aa1/AA+
AA+
3.13
2.91
35
HOLDINGS REPORT
Danville Short Term Treasury Pool | Account #21 | As of September 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
91282CES6 UNITED STATES TREASURY 2.75
05/31/2029 1,200,000.00 09/05/2024
3.60%
1,155,984.38
1,165,918.46
96.86
3.67%
1,162,265.63
11,090.16
1.16%
(3,652.83)
Aa1/AA+
AA+
3.67
3.41
91282CLC3 UNITED STATES TREASURY 4.0
07/31/2029 1,500,000.00 10/29/2024
4.10%
1,493,320.31
1,494,610.79
101.11
3.69%
1,516,582.04
10,108.70
1.51%
21,971.24
Aa1/AA+
AA+
3.83
3.50
91282CFJ5 UNITED STATES TREASURY 3.125
08/31/2029 2,000,000.00 03/05/2025
4.06%
1,923,750.00
1,933,473.15
97.95
3.69%
1,959,062.50
5,352.21
1.95%
25,589.35
Aa1/AA+
AA+
3.92
3.64
91282CFY2 UNITED STATES TREASURY 3.875
11/30/2029 2,000,000.00 06/03/2025
4.01%
1,989,140.63
1,989,928.60
100.64
3.71%
2,012,890.62
26,045.08
2.01%
22,962.02
Aa1/AA+
AA+
4.17
3.77
91282CGB1 UNITED STATES TREASURY 3.875
12/31/2029 2,000,000.00 07/30/2025
3.91%
1,996,875.00
1,996,995.04
100.64
3.71%
2,012,812.50
19,585.60
2.01%
15,817.46
Aa1/AA+
AA+
4.25
3.85
Total US Treasury 46,150,000.00 3.91%
45,001,355.50
45,503,632.16
99.26
3.71%
45,793,677.16
339,834.05
45.65%
290,045.00
2.11
1.97
Total Portfolio 100,540,135.75 4.22%
98,633,163.80
99,492,488.51
97.41
3.79%
100,309,889.10
734,297.58
100.00%
817,400.59
2.06
1.82
Total Market Value +
Accrued 101,044,186.68
36
HOLDINGS REPORT
Danville NERIAD Improvement Fund (89-1 90A) | Account #24 | As of September 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 418.34 --418.34
418.34
1.00
0.00%
418.34
0.00
0.04%
0.00
Aaa/AAA
AAA
0.00
0.00
Total Cash 418.34
418.34
418.34
1.00
0.00%
418.34
0.00
0.04%
0.00
0.00
0.00
MONEY MARKET
FUND
VP4530003 ALLSPRING:TRS+ MM I 18,568.14 --
4.16%
18,568.14
18,568.14
1.00
4.16%
18,568.14
0.00
1.87%
0.00
Aaa/AAAm
AAA
0.00
0.00
Total Money Market
Fund 18,568.14 4.16%
18,568.14
18,568.14
1.00
4.16%
18,568.14
0.00
1.87%
0.00
0.00
0.00
US TREASURY
91282CGA3 UNITED STATES TREASURY 4.0
12/15/2025 250,000.00 12/16/2024
4.26%
249,384.77
249,872.89
100.00
3.94%
250,007.33
2,950.82
25.24%
134.44
Aa1/AA+
AA+
0.21
0.20
91282CBT7 UNITED STATES TREASURY 0.75
03/31/2026 225,000.00 03/27/2025
4.12%
217,582.03
221,351.49
98.48
3.86%
221,584.57
4.64
22.37%
233.08
Aa1/AA+
AA+
0.50
0.49
91282CHH7 UNITED STATES TREASURY 4.125
06/15/2026 250,000.00 06/11/2025
4.14%
249,970.70
249,979.54
100.23
3.78%
250,580.08
3,043.03
25.29%
600.54
Aa1/AA+
AA+
0.71
0.68
91282CLP4 UNITED STATES TREASURY 3.5
09/30/2026 250,000.00 09/16/2025
3.71%
249,472.66
249,492.19
99.79
3.72%
249,472.66
24.04
25.18%
(19.54)
Aa1/AA+
AA+
1.00
0.97
Total US Treasury 975,000.00 4.05%
966,410.16
970,696.10
99.66
3.82%
971,644.63
6,022.53
98.08%
948.52
0.61
0.59
Total Portfolio 993,986.48 4.06%
985,396.64
989,682.58
97.77
3.83%
990,631.11
6,022.53
100.00%
948.52
0.59
0.58
Total Market Value +
Accrued 996,653.63
37
TRANSACTIONS
38
TRANSACTION LEDGER
Danville Short Term Treasury Pool | Account #21|07/01/2025 Through 09/30/2025|
Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp
Yield Amount Interest Pur/
Sold Total Amount Gain/Loss
ACQUISITIONS
Purchase 07/30/2025 713448GL6 1,000,000.00 PEPSICO INC 4.1
01/15/2029 99.758 4.18%(997,580.00)(797.22)(998,377.22)0.00
Purchase 07/31/2025 91282CGB1 2,000,000.00
UNITED STATES
TREASURY 3.875
12/31/2029
99.844 3.91%(1,996,875.00)(6,528.53)(2,003,403.53)0.00
Purchase 08/08/2025 69371RT97 540,000.00 PACCAR FINANCIAL
CORP 4.0 08/08/2028 99.941 4.02%(539,681.40)0.00 (539,681.40)0.00
Purchase 09/17/2025 91282CDF5 2,000,000.00
UNITED STATES
TREASURY 1.375
10/31/2028
93.777 3.50%(1,875,546.88)(10,461.96)(1,886,008.84)0.00
Purchase 09/30/2025 91282CNY3 2,000,000.00
UNITED STATES
TREASURY 3.375
09/15/2028
99.273 3.64%(1,985,468.75)(2,796.96)(1,988,265.71)0.00
Total Purchase 7,540,000.00 (7,395,152.03)(20,584.67)(7,415,736.70)0.00
TOTAL
ACQUISITIONS 7,540,000.00 (7,395,152.03)(20,584.67)(7,415,736.70)0.00
DISPOSITIONS
Maturity 07/31/2025 91282CAB7 (1,350,000.00)
UNITED STATES
TREASURY 0.25
07/31/2025
100.000 1.05%1,350,000.00 0.00 1,350,000.00 0.00
Maturity 08/15/2025 194162AM5 (470,000.00)COLGATE-PALMOLIVE
CO 3.1 08/15/2025 100.000 3.13%470,000.00 0.00 470,000.00 0.00
Maturity 08/15/2025 912828K74 (1,500,000.00)
UNITED STATES
TREASURY 2.0
08/15/2025
100.000 2.94%1,500,000.00 0.00 1,500,000.00 0.00
Maturity 08/25/2025 3135G05X7 (1,000,000.00)
FEDERAL NATIONAL
MORTGAGE
ASSOCIATION 0.375
08/25/2025
100.000 1.17%1,000,000.00 0.00 1,000,000.00 0.00
Maturity 09/09/2025 931142EW9 (700,000.00)WALMART INC 3.9
09/09/2025 100.000 4.64%700,000.00 0.00 700,000.00 0.00
Maturity 09/30/2025 9128285C0 (1,500,000.00)
UNITED STATES
TREASURY 3.0
09/30/2025
100.000 2.96%1,500,000.00 0.00 1,500,000.00 0.00
39
TRANSACTION LEDGER
Danville Short Term Treasury Pool | Account #21|07/01/2025 Through 09/30/2025|
Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp
Yield Amount Interest Pur/
Sold Total Amount Gain/Loss
Total Maturity (6,520,000.00)6,520,000.00 0.00 6,520,000.00 0.00
TOTAL
DISPOSITIONS (6,520,000.00)6,520,000.00 0.00 6,520,000.00 0.00
40
TRANSACTION LEDGER
Danville NERIAD Improvement Fund (89-1 90A) | Account #24|07/01/2025 Through 09/30/2025|
Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp
Yield Amount Interest Pur/
Sold Total Amount Gain/Loss
ACQUISITIONS
Purchase 09/17/2025 91282CLP4 250,000.00
UNITED STATES
TREASURY 3.5
09/30/2026
99.789 3.71%(249,472.66)(4,064.21)(253,536.87)0.00
Total Purchase 250,000.00 (249,472.66)(4,064.21)(253,536.87)0.00
TOTAL
ACQUISITIONS 250,000.00 (249,472.66)(4,064.21)(253,536.87)0.00
DISPOSITIONS
Maturity 09/04/2025 912797MH7 (250,000.00)UNITED STATES
TREASURY 09/04/2025 100.000 4.20%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.
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 $250 million for all other securities.
43
Supplement to Quarterly Investment Report
Town Managed Cash Account
Average Average
Maturity Yield Cost
Town Funds 0 4.251%10,850,665
Trust Fund 0 4.251%1,897,566
.
Community Development Agency DS/Successor Agency 0 4.251%78,118
NERIAD 0 4.251%137,437
Total LAIF Funds Managed by the Town 12,963,785$
LAIF Funds Managed by the Town
(Local Agency Investment Fund)
August 2025
9.1