HomeMy WebLinkAbout011326-07.1INVESTMENT REPORT
Danville | As of December 31, 2025
CHANDLER ASSET MANAGEMENT | chandlerasset.com
Chandler Team:
For questions about your account, please call (800) 317-4747,
or contact clientservice@chandlerasset.com
Information contained herein is confidential. We urge you to compare this statement to the one you receive from your qualified custodian. Please see Important Disclosures at the end of the statement.
TABLE OF CONTENTS
ECONOMIC UPDATE
ACCOUNT PROFILE
PORTFOLIO HOLDINGS
TRANSACTIONS
1
ECONOMIC UPDATE
2
▪
▪
▪
The near-term economic outlook continues to be distorted by the data delays from the government shutdown. Recently released
government data—reflecting conditions from two to three months ago—indicate inflation remains moderately above the Federal Reserve’s
target, while labor market conditions have continued to soften.As the flow of economic data normalizes, the Chandler team expects further
yield curve steepening as the Federal Reserve moves the policy rate toward a more neutral range. U.S. trade and fiscal policy also remain
sources of elevated market uncertainty.
The Federal Reserve's December Federal Open Market Committee meeting concluded with the third consecutive 25-basis-point rate cut in
2025,lowering the target range to 3.50%–3.75%.However, policymakers remain divided on the path forward. Four Fed governors project
one additional 25-basis-point cut in 2026,another four anticipate no further easing, eight expect multiple cuts, and three call for a potential
rate hike. Chair Jerome Powell noted that the Fed is now “well placed to wait and see”how labor market conditions and inflation evolve in
the near term.
The US Treasury yield curve steepened in December,as the 2-year Treasury yield dropped 2 basis points to 3.48%, the 5-year Treasury was
up 13 basis points to 3.73%, and the 10-year Treasury yield was 15 basis points higher at 4.17%. The spread between the 2-year and 10-
year Treasury yield points on the curve was 17 basis points wider from November at +69 basis points at December month-end. The spread
between the 2-year Treasury and 10-year Treasury yield one year ago was +33 basis points. The spread between the 3-month and 10-year
Treasury yield points on the curve was +54 basis points in December versus +21 basis points in November.
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%
4.0%
8.0%
12.0%
16.0%
20.0%
Unemployment Rate
Underemployment Rate (U6)
Unemployment Rate (U3)
Ra
t
e
(
%
)
The delayed Nonfarm Payrolls reports for October and November were released together on December 16.October’s data revealed
unexpected weakness, with payrolls declining by 105,000 jobs, largely due to the removal of thousands of federal employees who had
accepted deferred resignation offers under the Trump administration. In November, payrolls partially recovered with a gain of 64,000 jobs.
Notably, the unemployment rate rose to 4.6% in November, up from 4.4% in the most recent data available from September.
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 an increase to 7.670 million new job openings in
October, a slight pick-up from the 7.658 million in September. The rise marked the highest level of available jobs in five months. However,
in October hiring declined by 218,000 while layoffs rose to 1.85 million signaling further softening in the labor market. 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
Inflation came in lower than expected in November, with the Consumer Price Index (CPI) rising 2.7% year over year and core CPI easing to
2.6%. Notably, both Owners’Equivalent Rent and Rent of Primary Residence contributed to the slowdown in services inflation. Shelter
costs typically lag broader market trends by 12 to 18 months. Services, meanwhile, have remained the dominant driver of inflation
throughout the post-pandemic period. The Personal Consumption Expenditures (PCE) Index for September, released on December 5,
showed headline inflation up 0.3% from August and 2.8% year over year. Core PCE rose 0.2% on the month and 2.8% on an annual basis.
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
October Retail Sales, released with a one-month delay, were flat from the prior month but up 3.5% year over year. Eight of thirteen major
categories posted gains, while motor vehicle sales declined following the expiration of federal tax incentives for electric vehicles, and gas
station sales weakened amid lower fuel prices. The government shutdown may have weighed on consumer confidence regarding jobs,
incomes, and overall financial conditions, both current and in the future. The Conference Board’s Consumer Confidence Index declined to
89.1 in December from an upwardly revised 92.9 in November, marking its fifth consecutive monthly drop. Consumers remained
pessimistic about both business conditions and the labor market.
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) declined 0.3% in September, marking its second consecutive monthly decrease after
a revised 0.3% drop in August.On a year-over-year basis, the index fell 3.3%. According to the Conference Board, weakening expectations
among consumers and businesses contributed most to the LEI’s overall decline. The index continues to signal slower economic growth
through the end of 2025 and into 2026.The Chicago Fed National Activity Index (CFNAI) came in at -0.21 in September, following a
downwardly revised -0.31 in August, signaling that U.S. economic activity remained below its historical trend for the sixth consecutive
month. The three-month moving average ticked down to -0.21 in September from -0.18 in August, reinforcing signs of ongoing below-trend
national growth. Employment-related indicators turned slightly positive, contributing +0.01 in September after a -0.11 result in August.
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
The S&P Cotality Case-Shiller 20-City Composite Home Price Index rose 1.3% year over year in October, slightly down from a 1.4% gain in
September and marking the slowest annual increase since mid‑2023.Short-term momentum also weakened, with 80 percent of the 20
tracked markets recording month-over-month price declines on a non-seasonally adjusted basis. Existing home sales edged higher in
November to a pace of 4.13 million units, reflecting only modest momentum despite recent rate relief. The Freddie Mac 30-year fixed
mortgage rate averaged 6.23% at November month end.
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’s (ISM) manufacturing index registered 48.2 percent in November, down 0.5 from 48.7 in October.
Manufacturing activity has remained in contraction for 35 of the past 37 months, as readings below 50 signal contraction and those above
50 indicate expansion. The sector continues to be weighed down by trade policy uncertainty and elevated production costs, with factory
orders declining at the fastest pace since July.In contrast, the ISM services index sustained its expansionary momentum, rising to 52.6 in
November from 52.4 in October. Growth in Business Activity and New Orders supported the gain, though respondents cited tariffs and the
recent government shutdown as persistent headwinds.
Source: Institute for Supply Management
SURVEY BASED MEASURES
10
Components of GDP 12/24 3/25 6/25 9/25
2.6% 0.4% 1.7% 2.4%
-1.3% 3.8% -2.7% 0.0%
-0.1% -4.7% 4.8% 1.6%
0.3% -0.4% -0.4% 0.2%
0.3% 0.2% 0.3% 0.2%
1.9% -0.6% 3.8% 4.3%
Personal Consumption Expenditures
Gross Private Domestic Investment
Net Exports and Imports
Federal Government Expenditures
Total
State and Local (Consumption and Gross
Investment)
-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
The U.S. inflation adjusted gross domestic product (GDP) report demonstrated continued strength in the third quarter, with the first
estimate showing a 4.3% annualized quarter-over-quarter increase,up from 3.8%in the second quarter. Consumer spending accelerated
to 3.5% from 2.5%, while exports contributed 1.59 percentage points to growth—both key drivers of the quarter’s performance. The
stronger-than-expected result represented the fastest pace of U.S. economic expansion in two years.
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 target range of 3.50%to 3.75%at its December meeting,
citing concerns about emerging weakness in the labor market. A few policymakers dissented, arguing that tighter monetary policy may
still be warranted to ensure progress on price stability. Beginning December 1,the Fed also halted its balance sheet runoff, announcing
that principal and interest payments from its holdings will be reinvested in Treasury securities to maintain ample reserves and support
market stability.
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
Dec-25
Sep-25
Dec-24
Yi
e
l
d
(
%
)
At the end of December, the 2-year yield was 77 basis points lower, and the 10-year yield was 40 basis points lower, year-over-year. The
spread between the 2-year and 10-year Treasury yield points on the curve increased to +69 basis points at December month-end versus
+52 basis points at November 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 +95 basis points. The spread between the 3-month and 10-year
Treasury yield points on the curve was +54 basis points in December versus +21 basis points in November.
BOND YIELDS
13
ACCOUNT PROFILE
14
OBJECTIVES
Investment Objectives
The primary investment objectives of the Town of Danville are to preserve principal and to
maintain adequate liquidity to meet the Town's cash flow requirements. The Town expects to
achieve a rate of return which is consistent with its primary objectives.
Chandler Asset Management Performance Objective
The performance objective is to achieve a return that equals the return on an unmanaged index
of one-to-three year Treasury securities (a "market rate of return").
Strategy
In order to meet its objectives, the Town invests in securities permitted under California
Government Code Section 53600 et seq. and under its Investment Policy. The maximum
maturity of the Town's investments is five years, unless specifically authorized by the Town
Council.
15
STATEMENT OF COMPLIANCE
Danville Short Term Treasury Pool | Account #21 | As of December 31, 2025
Rules Name Limit Actual Compliance
Status Notes
AGENCY MORTGAGE SECURITIES
Max % (MV; ABS, CMO, & MBS)15.0 13.4 Compliant
Max % Issuer (MV)30.0 8.6 Compliant
Max Maturity (Years)5.0 3.2 Compliant
Min Rating (AAA by 1)0.0 0.0 Compliant
ASSET-BACKED SECURITIES (ABS)
Max % (MV; ABS, CMO & MBS)15.0 13.4 Compliant
Max % Issuer (MV)5.0 1.0 Compliant
Max Maturity (Years)5 3 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 16.4 Compliant
Max % Issuer (MV)5.0 1.4 Compliant
16
STATEMENT OF COMPLIANCE
Danville Short Term Treasury Pool | Account #21 | As of December 31, 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 18.2 Compliant
Max % Issuer (MV)30.0 9.7 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 1.8 Compliant
Max % Issuer (MV)20.0 1.8 Compliant
Min Rating (AAA by 2)0.0 0.0 Compliant
MORTGAGE-BACKED SECURITIES (NON-AGENCY)
Max % (MV)15.0 0.0 Compliant
Max % Issuer (MV)5.0 0.0 Compliant
Max Maturity (Years)5.0 0.0 Compliant
Min Rating (AAA by 1)0.0 0.0 Compliant
MUNICIPAL SECURITIES (CA, LOCAL AGENCY)
Max % (MV)30.0 0.0 Compliant
Max % Issuer (MV)5.0 0.0 Compliant
Max Maturity (Years)5 0.0 Compliant
Min Rating (A- by 1)0.0 0.0 Compliant
MUNICIPAL SECURITIES (CA, OTHER STATES)
Max % (MV)30.0 0.0 Compliant
Max % Issuer (MV)5.0 0.0 Compliant
17
STATEMENT OF COMPLIANCE
Danville Short Term Treasury Pool | Account #21 | As of December 31, 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 46.8 Compliant
Max % Issuer (MV)100.0 46.8 Compliant
Max Maturity (Years)5 4 Compliant
18
PORTFOLIO CHARACTERISTICS
Danville Short Term Treasury Pool | Account #21 | As of December 31, 2025
Benchmark*12/31/2025
Portfolio
9/30/2025
Portfolio
Average Maturity (yrs)1.85 2.04 2.06
Average Modified Duration 1.76 1.80 1.82
Average Purchase Yield 4.22%4.22%
Average Market Yield 3.50%3.63%3.79%
Average Quality**AA+AA+AA+
Total Market Value 102,189,311 101,044,187
*Benchmark: ICE BofA 1-3 Year US Treasury Index
**The credit quality is a weighted average calculation of the highest of S&P, Moody’s and Fitch.
19
SECTOR DISTRIBUTION
Danville Short Term Treasury Pool | Account #21 | As of December 31, 2025
Sector as a Percentage of Market Value
Sector 12/31/2025 09/30/2025
US Treasury 46.82%45.66%
Agency 18.16%18.33%
Corporate 16.40%16.48%
Agency CMBS 8.65%8.73%
ABS 4.78%4.98%
Supras 3.39%3.42%
Money Mkt Fd 1.81%2.40%
20
ISSUERS
Danville Short Term Treasury Pool | Account #21 | As of December 31, 2025
Issuer Investment Type % Portfolio
United States US Treasury 46.82%
Farm Credit System Agency 9.69%
FHLMC Agency CMBS 8.65%
Federal Home Loan Banks Agency 8.46%
Money Market Fund Money Mkt Fd 1.81%
International Bank for Recon and Dev Supras 1.48%
PepsiCo, Inc.Corporate 1.35%
BNY Mellon Corp Corporate 1.25%
Apple Inc.Corporate 1.20%
BMW Vehicle Owner Trust ABS 1.12%
State Street Corporation Corporate 1.06%
PACCAR Inc Corporate 1.05%
Caterpillar Inc.Corporate 1.00%
Cisco Systems, Inc.Corporate 1.00%
Bank of America Corporation Corporate 1.00%
Inter-American Development Bank Supras 0.99%
Deere & Company Corporate 0.99%
Chase Issuance Trust ABS 0.99%
Amazon.com, Inc.Corporate 0.98%
Honeywell International Inc.Corporate 0.98%
Visa Inc.Corporate 0.97%
Toyota Motor Corporation Corporate 0.97%
International Finance Corporation Supras 0.92%
Blackrock, Inc.Corporate 0.69%
Merck & Co., Inc.Corporate 0.67%
Mercedes-Benz Auto Receivables Trust ABS 0.56%
Bank of America Credit Card Trust ABS 0.48%
John Deere Owner Trust ABS 0.47%
Morgan Stanley Corporate 0.44%
JPMorgan Chase & Co.Corporate 0.40%
21
ISSUERS
Danville Short Term Treasury Pool | Account #21 | As of December 31, 2025
Issuer Investment Type % Portfolio
GM Financial Automobile Leasing Trus ABS 0.40%
Alphabet Inc.Corporate 0.39%
Honda Auto Receivables Owner Trust ABS 0.31%
BMW Vehicle Lease Trust ABS 0.25%
Toyota Auto Receivables Owner Trust ABS 0.21%
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 4.3%4.6%16.5%34.0%26.2%14.4%0.0%0.0%0.0%
ICE BofA 1-3 Year US Treasury Index 0.0%0.0%3.8%57.4%38.7%0.0%0.0%0.0%0.0%
DURATION DISTRIBUTION
Danville Short Term Treasury Pool | Account #21 | As of December 31, 2025
Portfolio Compared to the Benchmark
23
QUALITY DISTRIBUTION
Rating 12/31/2025 09/30/2025
AAA 10.69%12.49%
AA 77.17%75.95%
A 10.81%10.21%
NA 1.33%1.35%
Rating 12/31/2025 09/30/2025
Aaa 10.24%11.91%
Aa 79.49%77.63%
A 8.35%8.41%
NA 1.91%2.05%
Rating 12/31/2025 09/30/2025
AAA 10.63%11.43%
AA 73.13%72.28%
A 3.95%3.99%
NA 12.29%12.29%
Danville Short Term Treasury Pool | Account #21 | As of December 31, 2025
S&P Rating Moody’s Rating Fitch Rating
24
3 Months 12 Months 2 Years 3 Years 5 Years 10 Years Since Inception
TOTAL RATE OF RETURN
Danville ST Treasury Pool 1.14%5.48%4.87%4.80%2.10%2.11%3.44%
Benchmark 1.12%5.09%4.58%4.47%1.79%1.84%3.17%
REALIZED RATE OF RETURN
Danville ST Treasury Pool 1.05%4.10%3.65%3.08%2.42%2.02%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 December 31, 2025
Total and Realized Rate of Return : Inception | 04/01/1995
0.00%
1.00%
2.00%
3.00%
4.00%
5.00%
6.00%
3 months 12 months 2 years 3 years 5 years 10 years Since Inception
Danville Short Term Treasury Pool Benchmark Realized Rate of Return
25
HISTORICAL AVERAGE PURCHASE YIELD
Danville Short Term Treasury Pool | Account #21 | As of December 31, 2025
Purchase Yield as of 12/31/25 = 4.22%
26
PORTFOLIO CHARACTERISTICS
Danville NERIAD Improvement Fund (89-1 90A) | Account #24 | As of December 31, 2025
Benchmark*12/31/2025
Portfolio
9/30/2025
Portfolio
Average Maturity (yrs)0.16 0.57 0.59
Average Modified Duration 0.15 0.55 0.58
Average Purchase Yield 3.86%4.06%
Average Market Yield 3.63%3.54%3.83%
Average Quality**AA+AA+AA+
Total Market Value 1,006,858 996,654
*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 December 31, 2025
Issuer Investment Type % Portfolio
United States US Treasury 96.78%
Money Market Fund Money Mkt Fd 3.21%
Cash Cash 0.02%
TOTAL 100.00%
28
PORTFOLIO HOLDINGS
29
HOLDINGS REPORT
Danville Short Term Treasury Pool | Account #21 | As of December 31, 2025
Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
ABS
36271VAD9 GMALT 2025-1 A3 4.66
02/21/2028 405,000.00 02/05/2025
4.66%
404,952.21
404,966.19
100.82
3.88%
408,316.55
576.68
0.40%
3,350.35
NA/AAA
AAA
2.14
0.98
05592XAD2 BMWOT 2023-A A3 5.47
02/25/2028 74,275.26 07/11/2023
5.47%
74,262.10
74,269.12
100.60
4.08%
74,723.29
67.71
0.07%
454.17
NA/AAA
AAA
2.15
0.42
096912AD2 BMWLT 2025-1 A3 4.43
06/26/2028 250,000.00 06/03/2025
4.82%
249,994.50
249,995.51
100.86
3.79%
252,160.50
184.58
0.25%
2,164.99
NA/AAA
AAA
2.49
1.27
89239FAD4 TAOT 2023-D A3 5.54 08/15/2028 210,677.82 11/07/2023
5.61%
210,655.11
210,665.30
101.10
4.10%
212,998.22
518.74
0.21%
2,332.93
NA/AAA
AAA
2.62
0.73
161571HT4 CHAIT 2023-1 A 5.16 09/15/2028 995,000.00 09/07/2023
5.23%
994,724.19
994,850.85
100.94
3.83%
1,004,363.95
2,281.87
0.99%
9,513.09
NA/AAA
AAA
2.71
0.68
096919AD7 BMWOT 2024-A A3 5.18
02/26/2029 413,957.55 06/04/2024
5.18%
413,894.67
413,915.46
100.91
3.98%
417,735.74
357.38
0.41%
3,820.28
Aaa/AAA
NA
3.16
0.73
05522RDJ4 BACCT 2024-1 A 4.93 05/15/2029 475,000.00 06/06/2024
4.93%
474,973.35
474,981.83
101.57
3.78%
482,441.35
1,040.78
0.48%
7,459.52
Aaa/AAA
NA
3.37
1.30
47800DAD6 JDOT 2025 A3 4.23 09/17/2029 470,000.00 03/04/2025
5.09%
469,970.44
469,975.74
100.75
3.85%
473,506.20
883.60
0.47%
3,530.46
Aaa/NA
AAA
3.71
1.77
096924AD7 BMWOT 2025-A A3 4.56
09/25/2029 635,000.00 02/04/2025
4.56%
634,937.45
634,949.43
101.01
3.82%
641,386.20
482.60
0.63%
6,436.76
Aaa/AAA
NA
3.73
1.27
437921AD1 HAROT 252 A3 4.15 10/15/2029 310,000.00 04/29/2025
4.15%
309,965.37
309,970.45
100.61
3.84%
311,896.27
571.78
0.31%
1,925.82
Aaa/NA
AAA
3.79
1.77
58773DAD6 MBART 2025-1 A3 4.78
12/17/2029 560,000.00 01/14/2025
4.84%
559,880.89
559,903.73
101.45
3.85%
568,104.88
1,189.69
0.56%
8,201.15
Aaa/NA
AAA
3.96
1.47
Total ABS 4,798,910.63 4.93%
4,798,210.28
4,798,443.62
101.02
3.86%
4,847,633.14
8,155.40
4.78%
49,189.53
3.19
1.15
AGENCY
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
1,999,623.29
100.36
3.60%
2,007,192.00
1,944.44
1.98%
7,568.71
Aa1/AA+
AA+
0.48
0.47
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
1,499,291.74
100.55
3.59%
1,508,227.50
25,687.50
1.49%
8,935.76
Aa1/AA+
AA+
0.62
0.60
3130AXU63 FEDERAL HOME LOAN BANKS
4.625 11/17/2026 1,000,000.00 11/30/2023
4.53%
1,002,530.00
1,000,748.24
100.85
3.62%
1,008,541.00
5,652.78
0.99%
7,792.76
Aa1/AA+
AA+
0.88
0.85
30
HOLDINGS REPORT
Danville Short Term Treasury Pool | Account #21 | As of December 31, 2025
Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
3130B1EF0 FEDERAL HOME LOAN BANKS
4.625 06/11/2027 1,000,000.00 06/26/2024
4.57%
1,001,530.00
1,000,745.86
101.40
3.62%
1,014,031.00
2,569.44
1.00%
13,285.14
Aa1/AA+
AA+
1.44
1.38
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
1,502,070.71
101.67
3.51%
1,525,102.50
16,312.50
1.50%
23,031.79
Aa1/AA+
AA+
1.76
1.66
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
1,746,964.83
101.99
3.51%
1,784,786.50
10,342.01
1.76%
37,821.67
Aa1/AA+
AA+
1.87
1.77
3130ATUS4 FEDERAL HOME LOAN BANKS 4.25
12/10/2027 1,500,000.00 05/15/2023
3.66%
1,536,930.00
1,515,665.93
101.44
3.47%
1,521,627.00
3,718.75
1.50%
5,961.07
Aa1/AA+
AA+
1.94
1.85
313382GT4 FEDERAL HOME LOAN BANKS 3.0
03/10/2028 2,000,000.00 05/07/2025
3.80%
1,957,320.00
1,967,115.41
98.95
3.50%
1,978,976.00
18,500.00
1.95%
11,860.59
Aa1/AA+
AA+
2.19
2.08
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
1,503,668.16
100.80
3.51%
1,512,030.00
10,656.25
1.49%
8,361.84
Aa1/AA+
AA+
2.32
2.18
3130AWC24 FEDERAL HOME LOAN BANKS 4.0
06/09/2028 1,500,000.00 07/06/2023
4.49%
1,467,705.00
1,483,996.35
101.12
3.52%
1,516,768.50
3,666.67
1.50%
32,772.15
Aa1/AA+
AA+
2.44
2.30
3130AVBD3 FEDERAL HOME LOAN BANKS 4.5
03/09/2029 1,500,000.00 04/26/2024
4.74%
1,484,775.00
1,490,018.79
102.77
3.57%
1,541,586.00
21,000.00
1.52%
51,567.21
Aa1/AA+
AA+
3.19
2.92
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
1,500,700.69
99.51
3.64%
1,492,578.00
16,187.50
1.47%
(8,122.69)
Aa1/AA+
AA+
3.69
3.39
Total Agency 18,250,000.00 4.25%
18,201,817.50
18,210,610.02
100.90
3.55%
18,411,446.00
136,237.85
18.16%
200,835.98
1.91
1.80
AGENCY CMBS
3137BVZ82 FHMS K-063 A2 3.43 01/25/2027 1,000,000.00 06/06/2023
4.47%
965,625.00
990,363.38
99.54
3.71%
995,429.00
2,858.33
0.98%
5,065.62
Aa1/AA+
AAA
1.07
0.89
3137F2LJ3 FHMS K-066 A2 3.117 06/25/2027 1,000,000.00 05/18/2023
4.28%
958,984.38
985,602.68
99.07
3.71%
990,713.00
2,597.50
0.98%
5,110.32
Aa1/AA+
AAA
1.48
1.27
3137FBBX3 FHMS K-068 A2 3.244 08/25/2027 1,000,000.00 05/12/2023
3.98%
970,820.31
989,045.75
99.12
3.71%
991,219.00
2,703.33
0.98%
2,173.25
Aaa/AA+
AA+
1.65
1.51
3137FBU79 FHMS K-069 A2 3.187 09/25/2027 1,107,096.10 12/27/2023
4.27%
1,065,882.72
1,088,424.17
98.93
3.74%
1,095,226.92
2,940.26
1.08%
6,802.76
Aa1/AAA
AA+
1.73
1.61
3137FETN0 FHMS K-073 A2 3.35 01/25/2028 720,000.00 05/24/2023
4.34%
691,987.50
707,806.13
99.07
3.75%
713,334.96
2,010.00
0.70%
5,528.83
Aa1/AA+
AAA
2.07
1.86
31
HOLDINGS REPORT
Danville Short Term Treasury Pool | Account #21 | As of December 31, 2025
Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
3137F4D41 FHMS K-074 A2 3.6 01/25/2028 998,964.46 12/18/2024
4.45%
973,912.31
982,399.18
99.52
3.75%
994,200.40
2,996.89
0.98%
11,801.22
Aa1/AA+
AAA
2.07
1.89
3137FJEH8 FHMS K-081 A2 3.9 08/25/2028 1,000,000.00 09/05/2023
4.85%
957,968.75
977,844.90
100.08
3.79%
1,000,840.00
3,250.00
0.99%
22,995.10
Aa1/AA+
AAA
2.65
2.45
3137FJKE8 FHMS K-082 A2 3.92 09/25/2028 1,000,000.00 10/30/2023
5.31%
940,742.19
967,299.09
100.21
3.76%
1,002,065.00
3,266.67
0.99%
34,765.91
Aa1/AA+
AAA
2.74
2.48
3137FLMV3 FHMS K-090 A2 3.422 02/25/2029 1,000,000.00 03/27/2025
4.36%
966,015.62
972,701.07
98.66
3.83%
986,625.00
2,851.67
0.97%
13,923.93
Aa1/AAA
AA+
3.15
2.88
8,491,938.78 99.36 8,769,653.28 8.65%2.06
Total Agency CMBS 8,826,060.56 4.48%8,661,486.35 3.75%25,474.66 108,166.93 1.87
CASH
CCYUSD Receivable 3,782.28 --3,782.28
3,782.28
1.00 3,782.28
0.00
0.00%
0.00
Aaa/AAA
AAA
0.00
0.00
3,782.28 1.00 3,782.28 0.00%0.00
Total Cash 3,782.28 3,782.28 0.00 0.00 0.00
CORPORATE
037833BY5 APPLE INC 3.25 02/23/2026 750,000.00 02/01/2023
4.27%
728,265.00
748,967.78
99.90
3.92%
749,243.25
8,666.67
0.74%
275.47
Aaa/AA+
NA
0.15
0.14
89236TJK2 TOYOTA MOTOR CREDIT CORP
1.125 06/18/2026 1,000,000.00 02/08/2024
4.68%
921,800.00
984,670.25
98.79
3.80%
987,859.00
406.25
0.97%
3,188.76
A1/A+
A+
0.46
0.45
69371RS56 PACCAR FINANCIAL CORP 5.05
08/10/2026 515,000.00 08/03/2023
5.07%
514,742.50
514,948.08
100.69
3.87%
518,568.95
10,186.27
0.51%
3,620.87
A1/A+
NA
0.61
0.58
06428CAA2 BANK OF AMERICA NA 5.526
08/18/2026 1,000,000.00 08/24/2023
5.48%
1,001,360.00
1,000,255.24
100.91
4.04%
1,009,079.00
20,415.50
1.00%
8,823.76
Aa2/A+
AA
0.63
0.52
61690U7W4 MORGAN STANLEY BANK NA
5.882 10/30/2026 440,000.00 10/30/2023
5.88%
440,000.00
440,000.00
101.50
4.01%
446,595.16
4,385.36
0.44%
6,595.16
Aa3/A+
AA-
0.83
0.72
438516BL9 HONEYWELL INTERNATIONAL INC
2.5 11/01/2026 1,000,000.00 01/11/2023
4.42%
933,280.00
985,386.97
98.92
3.83%
989,204.00
4,166.67
0.98%
3,817.03
A2/A
A
0.84
0.81
713448FW3 PEPSICO INC 5.125 11/10/2026 360,000.00 11/08/2023
5.13%
359,902.80
359,972.24
101.05
3.87%
363,763.44
2,613.75
0.36%
3,791.20
A1/A+
NA
0.86
0.75
32
HOLDINGS REPORT
Danville Short Term Treasury Pool | Account #21 | As of December 31, 2025
Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
48125LRU8 JPMORGAN CHASE BANK NA 5.11
12/08/2026 405,000.00 12/05/2023
5.11%
405,000.00
405,000.00
101.08
3.92%
409,368.74
1,322.21
0.40%
4,368.74
Aa2/AA-
AA
0.94
0.82
24422EXF1 JOHN DEERE CAPITAL CORP 4.5
01/08/2027 1,000,000.00 01/10/2024
4.53%
999,220.00
999,734.29
100.76
3.73%
1,007,569.00
21,625.00
0.99%
7,834.71
A1/A
A+
1.02
0.97
17275RBQ4 CISCO SYSTEMS INC 4.8
02/26/2027 1,000,000.00 --
4.81%
999,620.00
999,849.85
101.12
3.79%
1,011,211.00
16,666.67
1.00%
11,361.15
A1/AA-
NA
1.16
1.02
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
101.34
3.85%
1,079,260.35
15,214.09
1.06%
14,260.35
Aa3/A
AA-
1.21
1.08
14913UAL4 CATERPILLAR FINANCIAL SERVICES
CORP 5.0 05/14/2027 1,000,000.00 05/15/2024
4.89%
1,002,930.00
1,001,336.21
101.66
3.74%
1,016,583.00
6,527.78
1.00%
15,246.79
A2/A
A+
1.37
1.31
09290DAH4 BLACKROCK INC 4.6 07/26/2027 690,000.00 07/17/2024
4.60%
689,979.30
689,989.21
101.32
3.73%
699,076.26
13,665.83
0.69%
9,087.05
Aa3/AA-
NA
1.57
1.40
023135BC9 AMAZON.COM INC 3.15
08/22/2027 1,000,000.00 07/10/2024
4.73%
954,920.00
976,206.67
99.19
3.66%
991,874.00
11,287.50
0.98%
15,667.33
A1/AA
AA-
1.64
1.56
92826CAH5 VISA INC 2.75 09/15/2027 1,000,000.00 08/19/2024
4.14%
960,360.00
978,005.28
98.79
3.49%
987,891.00
8,097.22
0.97%
9,885.72
Aa3/AA-
NA
1.71
1.63
69371RT97 PACCAR FINANCIAL CORP 4.0
08/08/2028 540,000.00 08/04/2025
4.02%
539,681.40
539,723.84
100.61
3.75%
543,301.02
8,580.00
0.54%
3,577.18
A1/A+
NA
2.61
2.41
02079KAV9 ALPHABET INC 3.875 11/15/2028 395,000.00 11/03/2025
3.91%
394,660.30
394,677.52
100.49
3.69%
396,926.81
2,338.45
0.39%
2,249.29
Aa2/AA+
NA
2.88
2.60
713448GL6 PEPSICO INC 4.1 01/15/2029 1,000,000.00 07/29/2025
4.18%
997,580.00
997,876.52
100.55
3.91%
1,005,480.00
17,994.44
0.99%
7,603.48
A1/A+
NA
3.04
2.71
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
1,243,500.23
101.21
4.23%
1,265,178.75
23,661.46
1.25%
21,678.52
Aa3/A
AA-
3.09
1.93
58933YBW4 MERCK & CO INC 3.85 03/15/2029 675,000.00 12/01/2025
3.90%
674,001.00
674,024.37
99.97
3.86%
674,775.90
1,949.06
0.67%
751.53
Aa3/A+
NA
3.20
2.98
037833DP2 APPLE INC 2.2 09/11/2029 500,000.00 03/05/2025
4.29%
457,525.00
465,273.47
94.32
3.86%
471,618.00
3,361.11
0.47%
6,344.53
Aaa/AA+
NA
3.70
3.47
Total Corporate 16,585,000.00 4.66%
16,280,577.30
16,464,398.01
100.26
3.84%
16,624,426.63
203,131.29
16.39%
160,028.62
1.57
1.38
MONEY MARKET
FUND
33
HOLDINGS REPORT
Danville Short Term Treasury Pool | Account #21 | As of December 31, 2025
Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
VP4530003 ALLSPRING:TRS+ MM I 1,836,509.13 --
3.62%
1,836,509.13
1,836,509.13
1.00
3.62%
1,836,509.13
0.00
1.81%
0.00
Aaa/AAAm
AAA
0.00
0.00
Total Money Market
Fund 1,836,509.13 3.62%
1,836,509.13
1,836,509.13
1.00
3.62%
1,836,509.13
0.00
1.81%
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
923,993.95
100.71
3.67%
931,557.33
18,664.86
0.92%
7,563.38
Aaa/AAA
NA
1.04
0.99
4581X0EM6 INTER-AMERICAN DEVELOPMENT
BANK 4.375 02/01/2027 1,000,000.00 01/30/2024
4.23%
1,004,020.00
1,001,452.48
100.76
3.65%
1,007,573.00
18,229.17
0.99%
6,120.52
Aaa/AAA
NA
1.09
1.03
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
1,474,891.72
99.78
3.59%
1,496,752.50
24,645.83
1.48%
21,860.78
Aaa/AAA
NA
2.53
2.36
Total Supranational 3,425,000.00 4.30%
3,382,969.50
3,400,338.15
100.32
3.63%
3,435,882.83
61,539.86
3.39%
35,544.68
1.70
1.60
US TREASURY
9128286L9 UNITED STATES TREASURY 2.25
03/31/2026 1,800,000.00 08/03/2022
2.99%
1,753,523.44
1,796,901.56
99.67
3.60%
1,794,076.20
10,347.53
1.77%
(2,825.36)
Aa1/AA+
AA+
0.25
0.24
9128286S4 UNITED STATES TREASURY 2.375
04/30/2026 1,600,000.00 09/08/2022
3.42%
1,542,500.00
1,594,851.39
99.63
3.52%
1,594,019.20
6,508.29
1.57%
(832.19)
Aa1/AA+
AA+
0.33
0.32
91282CLB5 UNITED STATES TREASURY 4.375
07/31/2026 1,750,000.00 11/22/2024
4.40%
1,749,179.69
1,749,717.64
100.47
3.55%
1,758,162.00
32,039.74
1.73%
8,444.36
Aa1/AA+
AA+
0.58
0.56
912828YG9 UNITED STATES TREASURY 1.625
09/30/2026 2,000,000.00 06/07/2023
4.09%
1,848,984.38
1,966,024.61
98.58
3.58%
1,971,600.00
8,303.57
1.94%
5,575.39
Aa1/AA+
AA+
0.75
0.72
91282CJC6 UNITED STATES TREASURY 4.625
10/15/2026 1,750,000.00 02/20/2025
4.26%
1,759,912.11
1,754,733.40
100.81
3.57%
1,764,099.75
17,343.75
1.74%
9,366.35
Aa1/AA+
AA+
0.79
0.76
91282CEF4 UNITED STATES TREASURY 2.5
03/31/2027 1,450,000.00 11/28/2022
4.00%
1,363,566.41
1,425,195.42
98.76
3.53%
1,432,044.65
9,261.68
1.41%
6,849.23
Aa1/AA+
AA+
1.25
1.20
91282CKJ9 UNITED STATES TREASURY 4.5
04/15/2027 2,000,000.00 05/17/2024
4.58%
1,995,468.75
1,997,995.14
101.23
3.51%
2,024,610.00
19,285.71
2.00%
26,614.86
Aa1/AA+
AA+
1.29
1.23
912828X88 UNITED STATES TREASURY 2.375
05/15/2027 2,000,000.00 05/13/2025
4.01%
1,937,734.38
1,957,495.84
98.49
3.51%
1,969,844.00
6,167.13
1.94%
12,348.16
Aa1/AA+
AA+
1.37
1.33
34
HOLDINGS REPORT
Danville Short Term Treasury Pool | Account #21 | As of December 31, 2025
Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
91282CEW7 UNITED STATES TREASURY 3.25
06/30/2027 1,500,000.00 10/05/2022
4.00%
1,451,308.59
1,484,598.48
99.66
3.49%
1,494,844.50
134.67
1.47%
10,246.02
Aa1/AA+
AA+
1.50
1.45
91282CFB2 UNITED STATES TREASURY 2.75
07/31/2027 2,000,000.00 06/21/2024
4.46%
1,901,875.00
1,950,070.67
98.87
3.49%
1,977,422.00
23,016.30
1.95%
27,351.33
Aa1/AA+
AA+
1.58
1.51
91282CFH9 UNITED STATES TREASURY 3.125
08/31/2027 1,600,000.00 01/20/2023
3.59%
1,568,437.50
1,588,602.95
99.43
3.48%
1,590,812.80
16,988.95
1.57%
2,209.85
Aa1/AA+
AA+
1.67
1.58
91282CFM8 UNITED STATES TREASURY 4.125
09/30/2027 1,250,000.00 03/08/2023
4.44%
1,234,130.86
1,243,928.74
101.07
3.48%
1,263,378.75
13,173.94
1.25%
19,450.01
Aa1/AA+
AA+
1.75
1.65
91282CGH8 UNITED STATES TREASURY 3.5
01/31/2028 1,300,000.00 10/17/2024
3.90%
1,284,105.47
1,289,933.46
100.02
3.49%
1,300,253.50
19,040.76
1.28%
10,320.04
Aa1/AA+
AA+
2.08
1.96
9128283W8 UNITED STATES TREASURY 2.75
02/15/2028 1,500,000.00 09/27/2024
3.51%
1,464,140.63
1,477,460.66
98.49
3.49%
1,477,383.00
15,580.84
1.46%
(77.66)
Aa1/AA+
AA+
2.13
2.02
91282CGT2 UNITED STATES TREASURY 3.625
03/31/2028 1,000,000.00 11/08/2024
4.19%
982,343.75
988,276.82
100.27
3.50%
1,002,656.00
9,261.68
0.99%
14,379.18
Aa1/AA+
AA+
2.25
2.12
91282CHE4 UNITED STATES TREASURY 3.625
05/31/2028 1,750,000.00 12/30/2024
4.33%
1,711,445.31
1,722,761.28
100.26
3.51%
1,754,579.75
5,576.92
1.73%
31,818.47
Aa1/AA+
AA+
2.42
2.28
91282CHX2 UNITED STATES TREASURY 4.375
08/31/2028 1,000,000.00 12/13/2024
4.25%
1,004,101.56
1,002,947.43
102.11
3.53%
1,021,133.00
14,865.33
1.01%
18,185.57
Aa1/AA+
AA+
2.67
2.46
91282CNY3 UNITED STATES TREASURY 3.375
09/15/2028 2,000,000.00 09/29/2025
3.64%
1,985,468.75
1,986,718.89
99.59
3.53%
1,991,796.00
20,138.12
1.96%
5,077.11
Aa1/AA+
AA+
2.71
2.53
91282CPC9 UNITED STATES TREASURY 3.5
10/15/2028 2,000,000.00 11/10/2025
3.58%
1,995,468.75
1,995,680.89
99.90
3.54%
1,997,968.00
15,000.00
1.97%
2,287.11
Aa1/AA+
AA+
2.79
2.61
91282CDF5 UNITED STATES TREASURY 1.375
10/31/2028 2,000,000.00 09/16/2025
3.50%
1,875,546.88
1,887,118.84
94.21
3.55%
1,884,218.00
4,709.94
1.86%
(2,900.84)
Aa1/AA+
AA+
2.84
2.72
9128285M8 UNITED STATES TREASURY 3.125
11/15/2028 1,800,000.00 04/10/2024
4.66%
1,687,078.13
1,729,280.57
98.88
3.54%
1,779,890.40
7,303.18
1.76%
50,609.83
Aa1/AA+
AA+
2.88
2.71
91282CEM9 UNITED STATES TREASURY 2.875
04/30/2029 2,000,000.00 10/27/2025
3.56%
1,955,234.38
1,957,507.63
97.79
3.59%
1,955,782.00
9,848.07
1.93%
(1,725.63)
Aa1/AA+
AA+
3.33
3.12
91282CES6 UNITED STATES TREASURY 2.75
05/31/2029 1,200,000.00 09/05/2024
3.60%
1,155,984.38
1,168,261.89
97.32
3.59%
1,167,843.60
2,901.10
1.15%
(418.29)
Aa1/AA+
AA+
3.41
3.21
91282CLC3 UNITED STATES TREASURY 4.0
07/31/2029 1,500,000.00 10/29/2024
4.10%
1,493,320.31
1,494,965.19
101.29
3.61%
1,519,395.00
25,108.70
1.50%
24,429.81
Aa1/AA+
AA+
3.58
3.26
91282CFJ5 UNITED STATES TREASURY 3.125
08/31/2029 2,000,000.00 03/05/2025
4.06%
1,923,750.00
1,937,753.20
98.31
3.62%
1,966,250.00
21,236.19
1.94%
28,496.80
Aa1/AA+
AA+
3.67
3.38
35
HOLDINGS REPORT
Danville Short Term Treasury Pool | Account #21 | As of December 31, 2025
Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
91282CFY2 UNITED STATES TREASURY 3.875
11/30/2029 2,000,000.00 06/03/2025
4.01%
1,989,140.63
1,990,537.78
100.84
3.64%
2,016,718.00
6,813.19
1.99%
26,180.22
Aa1/AA+
AA+
3.91
3.59
91282CGB1 UNITED STATES TREASURY 3.875
12/31/2029 2,000,000.00 07/30/2025
3.91%
1,996,875.00
1,997,173.17
100.85
3.64%
2,016,954.00
214.09
1.99%
19,780.83
Aa1/AA+
AA+
4.00
3.67
91282CGZ8 UNITED STATES TREASURY 3.5
04/30/2030 2,000,000.00 12/09/2025
3.75%
1,979,531.25
1,979,812.34
99.28
3.68%
1,985,546.00
11,988.95
1.96%
5,733.66
Aa1/AA+
AA+
4.33
3.95
Total US Treasury 47,750,000.00 3.95%
46,590,156.29
47,116,305.90
99.44
3.55%
47,473,280.10
352,158.30
46.82%
356,974.20
2.24
2.10
Total Portfolio 101,475,262.60 4.22%
99,585,961.06
100,491,873.45
98.15
3.63%
101,402,613.38
786,697.36
100.00%
910,739.94
2.04
1.80
Total Market Value +
Accrued 102,189,310.74
36
HOLDINGS REPORT
Danville NERIAD Improvement Fund (89-1 90A) | Account #24 | As of December 31, 2025
Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
CASH
CCYUSD Receivable 178.96 --178.96
178.96
1.00 178.96
0.00
0.02%
0.00
Aaa/AAA
AAA
0.00
0.00
Total Cash 178.96
178.96
178.96
1.00 178.96
0.00
0.02%
0.00
0.00
0.00
MONEY MARKET
FUND
VP4530003 ALLSPRING:TRS+ MM I 32,153.43 --
3.62%
32,153.43
32,153.43
1.00
3.62%
32,153.43
0.00
3.21%
0.00
Aaa/AAAm
AAA
0.00
0.00
Total Money Market
Fund 32,153.43 3.62%
32,153.43
32,153.43
1.00
3.62%
32,153.43
0.00
3.21%
0.00
0.00
0.00
US TREASURY
91282CBT7 UNITED STATES TREASURY 0.75
03/31/2026 225,000.00 03/27/2025
4.12%
217,582.03
223,205.98
99.34
3.49%
223,518.60
431.15
22.28%
312.62
Aa1/AA+
AA+
0.25
0.24
91282CHH7 UNITED STATES TREASURY 4.125
06/15/2026 250,000.00 06/11/2025
4.14%
249,970.70
249,986.86
100.28
3.49%
250,695.50
481.63
24.99%
708.64
Aa1/AA+
AA+
0.45
0.44
91282CLP4 UNITED STATES TREASURY 3.5
09/30/2026 250,000.00 09/16/2025
3.71%
249,472.66
249,620.54
99.93
3.60%
249,817.00
2,235.58
24.91%
196.46
Aa1/AA+
AA+
0.75
0.72
912828U24 UNITED STATES TREASURY 2.0
11/15/2026 250,000.00 12/18/2025
3.54%
246,591.80
246,725.66
98.68
3.56%
246,696.75
649.17
24.59%
(28.91)
Aa1/AA+
AA+
0.87
0.85
Total US Treasury 975,000.00 3.87%
963,617.19
969,539.04
99.57
3.53%
970,727.85
3,797.52
96.78%
1,188.81
0.59
0.57
Total Portfolio 1,007,332.39 3.86%
995,949.58
1,001,871.43
96.39
3.54%
1,003,060.24
3,797.52
100.00%
1,188.81
0.57
0.55
Total Market Value +
Accrued 1,006,857.76
37
TRANSACTIONS
38
TRANSACTION LEDGER
Danville Short Term Treasury Pool | Account #21|10/01/2025 Through 12/31/2025|
Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp
Yield Amount Interest Pur/
Sold Total Amount Gain/Loss
ACQUISITIONS
Purchase 10/28/2025 91282CEM9 2,000,000.00
UNITED STATES
TREASURY 2.875
04/30/2029
97.762 3.56%(1,955,234.38)(28,281.25)(1,983,515.63)0.00
Purchase 11/06/2025 02079KAV9 395,000.00 ALPHABET INC 3.875
11/15/2028 99.914 3.91%(394,660.30)0.00 (394,660.30)0.00
Purchase 11/12/2025 91282CPC9 2,000,000.00
UNITED STATES
TREASURY 3.5
10/15/2028
99.773 3.58%(1,995,468.75)(5,384.62)(2,000,853.37)0.00
Purchase 12/04/2025 58933YBW4 675,000.00 MERCK & CO INC 3.85
03/15/2029 99.852 3.90%(674,001.00)0.00 (674,001.00)0.00
Purchase 12/10/2025 91282CGZ8 2,000,000.00
UNITED STATES
TREASURY 3.5
04/30/2030
98.977 3.75%(1,979,531.25)(7,734.81)(1,987,266.06)0.00
Total Purchase 7,070,000.00 (6,998,895.68)(41,400.68)(7,040,296.36)0.00
TOTAL
ACQUISITIONS 7,070,000.00 (6,998,895.68)(41,400.68)(7,040,296.36)0.00
DISPOSITIONS
Maturity 10/31/2025 9128285J5 (1,600,000.00)
UNITED STATES
TREASURY 3.0
10/31/2025
100.000 2.87%1,600,000.00 0.00 1,600,000.00 0.00
Maturity 11/03/2025 594918BJ2 (1,000,000.00)MICROSOFT CORP
3.125 11/03/2025 100.000 4.28%1,000,000.00 0.00 1,000,000.00 0.00
Maturity 11/15/2025 912828M56 (1,700,000.00)
UNITED STATES
TREASURY 2.25
11/15/2025
100.000 3.04%1,700,000.00 0.00 1,700,000.00 0.00
Maturity 12/31/2025 9128285T3 (1,100,000.00)
UNITED STATES
TREASURY 2.625
12/31/2025
100.000 3.20%1,100,000.00 0.00 1,100,000.00 0.00
Total Maturity (5,400,000.00)5,400,000.00 0.00 5,400,000.00 0.00
TOTAL
DISPOSITIONS (5,400,000.00)5,400,000.00 0.00 5,400,000.00 0.00
39
TRANSACTION LEDGER
Danville NERIAD Improvement Fund (89-1 90A) | Account #24|10/01/2025 Through 12/31/2025|
Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp
Yield Amount Interest Pur/
Sold Total Amount Gain/Loss
ACQUISITIONS
Purchase 12/19/2025 912828U24 250,000.00
UNITED STATES
TREASURY 2.0
11/15/2026
98.637 3.54%(246,591.80)(469.61)(247,061.41)0.00
Total Purchase 250,000.00 (246,591.80)(469.61)(247,061.41)0.00
TOTAL
ACQUISITIONS 250,000.00 (246,591.80)(469.61)(247,061.41)0.00
DISPOSITIONS
Maturity 12/15/2025 91282CGA3 (250,000.00)
UNITED STATES
TREASURY 4.0
12/15/2025
100.000 4.26%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
40
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.
41
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 $250 million for all other securities.
42
Supplement to Quarterly Investment Report
Town Managed Cash Account
Average Average
Maturity Yield Cost
Town Funds 0 4.096%3,437,965
Trust Fund 0 4.096% 1,982,867
.
Community Development Agency DS/Successor Agency 0 4.096%82,777
NERIAD 0 4.096%53,120
Total LAIF Funds Managed by the Town 5,556,729$
LAIF Funds Managed by the Town
(Local Agency Investment Fund)
November 2025
7.1