HomeMy WebLinkAbout042126-09.1INVESTMENT REPORT
Danville | As of March 31, 2026
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
▪
▪
▪
March payrolls rebounded by 178,000 after February’s revised 133,000 decline,but the war in Iran and its disruption of the Strait of Hormuz
have pushed crude oil above $112,injecting a potential inflationary shock into an economy contending with sticky core prices above 3%.
The Federal Reserve has held the funds rate at 3.50–3.75%and is signaling a cautionary stance, keeping open the option of delaying cuts if
oil‑related inflation proves persistent rather than transitory.As the data flow normalizes, the Chandler team anticipates additional yield
curve steepening as the Federal Reserve gradually guides the policy rate toward a more neutral range. The Federal Reserve’s March dot
plot still projects one cut this year, yet the Iran-driven energy shock has narrowed the path toward easing.
The Federal Reserve’s March 2026 FOMC meeting ended with policymakers again holding the target range at 3.50%–3.75%,as the
Committee maintained its pause following three late‑2025 rate cuts. Governor Stephen Miran dissented in favor of an additional
quarter‑point reduction, while Christopher Waller joined the majority, tipping the vote 11–1 to leave the benchmark rate unchanged.
Meanwhile, President Trump’s nomination of Kevin Warsh to succeed Jerome Powell as chair has hit a roadblock after a Republican senator
vowed to block Warsh’s confirmation amid the Justice Department’s ongoing probe of the central bank.
Treasury yields exhibited considerable first-quarter volatility as the Iran conflict injected energy-driven inflation fears into a market
grappling with sticky core prices.At March month-end, the 2-year yield stood at 3.79%,up 32 basis points year-to-date, the 10-year at
4.32%, and the 30-year at 4.86%. The 2-year to 10-year spread narrowed to 52 basis points, reflecting pronounced flattening as short rates
rose faster than longer maturities. One year ago, that spread stood near 32 basis points, providing context on normalization since the 2022
through 2024 yield curve inversion. The 3-month to 10-year spread was approximately 64 basis points at March month-end.
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%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
Unemployment Rate
Underemployment Rate (U6)
Unemployment Rate (U3)
Ra
t
e
(
%
)
March nonfarm payrolls rose by 178,000, a decisive reversal from February’s revised 133,000 decline that had been distorted by a Kaiser
Permanente strike affecting over 30,000 healthcare workers and severe winter weather. Healthcare contributed 76,000 positions as
striking nurses returned, while construction and leisure rebounded fromweather-induced troughs. The unemployment rate edged lower to
4.3%, though partly from a labor force reduction rather than a hiring acceleration. Meanwhile, the underemployment rate edged up to
8.0% from 7.9%in February. Average hourly earnings rose 0.2% over the month and 3.5% year over year—the slowest annual pace since
May 2021.
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
)
Job openings fell to 6.9 million in February from a revised 7.2 million in January, according to the Bureau of Labor Statistics’Job Openings
and Labor Turnover Survey. The ratio of openings to unemployed workers slipped to 0.9, reinforcing the gradual rebalancing of demand
and supply. Hires decreased to 4.8 million, the lowest since April 2020,suggesting employers have grown selective about adding
headcount. Quits were little changed at 3 million. The data reflects a labor market consistent with the Federal Reserve’s characterization
of a no-hire, no-fire environment.
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%
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 firmed slightly in February on a headline basis, with the Consumer Price Index (CPI) rising 0.3% for the month, following a 0.2%
increase in January.On an annual basis, headline CPI rose 2.4%, unchanged from January. Core CPI, which excludes volatile food and
energy prices, increased 0.2%in February, down from January’s 0.3% pace, while the annual rate held steady at 2.5%. The Personal
Consumption Expenditures (PCE) Index rose 0.3%in January, easing from a 0.4% gain in December.On a year-over-year basis, headline
PCE also edged down to 2.8% from 2.9% the prior month. Core PCE held steady at 0.4%on the month but ticked up to 3.1% annually from
3.0% in December, driven largely by higher healthcare services costs.
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
The Conference Board’s Consumer Confidence Index edged up to 91.8 in March from 91.0 in February, a second consecutive gain that
nonetheless sits well below the all-time peak of 144.7 from early 2000.The Present Situation component rose 4.6 points to 123.3 on
favorable assessments of business and labor conditions, while the Expectations Index slipped 1.7 points to 70.9. Inflation expectations
climbed to their highest since August 2025,reflecting tariff passthrough and elevated gasoline prices. February retail sales rebounded
0.6% from January, with stronger auto and broad-based discretionary spending offsetting January’s weather- and vehicle-related
weakness; the control group also advanced 0.5%, signaling firmer underlying consumer demand.
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 Chicago Fed National Activity Index (CFNAI) fell to ‑0.11 in February, following a positive revision to 0.20 in January. The index’s
three‑month moving average edged up to ‑0.01 from ‑0.02 the prior month. Production and employment related indicators turned negative
in February, while sales, orders, and inventories also remained in negative territory. The personal consumption and housing categories
slipped modestly but stayed in positive territory. The Conference Board’s Leading Economic Index (LEI) declined 0.1%in January,an
improvement from ‑0.2%in December, with consumer expectations and building permits the largest drags on the index.On a
year‑over‑year basis, the LEI fell 3.8%, continuing to signal slower economic growth heading into 2026.Notably, the latest LEI data do not
yet reflect the impact of the war in Iran.
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 rose 7.2%in January to an annualized pace of 1.487 million units, including 935,000 single-family and 552,000 multifamily
starts. The January S&P Cotality Case-Shiller 20-City Composite posted a 1.18% year-over-year gain, continuing deceleration from
December’s revised 1.43% annual increase. Inflation again outpaced home price appreciation, extending the erosion of real housing
returns that began in the second half of 2025.The Freddie Mac 30-year fixed mortgage rate climbed to 6.46%as of April 2,its fifth
consecutive weekly rise, reversing progress made when rates dipped below 6%in February. Higher borrowing costs and elevated prices
continue to constrain affordability.
Source: US Department of Commerce Source: S&P
-20.0%
-16.0%
-12.0%
-8.0%
-4.0%
0.0%
4.0%
8.0%
12.0%
16.0%
20.0%
24.0%
S&P/Case-Shiller 20 City Composite Home Price Index
Recession
YO
Y
(
%
)
C
h
a
n
g
e
HOUSING
9
40
45
50
55
60
65
70
Institute of Supply Management (ISM) Surveys
ISM Manufacturing ISM Services
EXPANDING
CONTRACTING
The Institute for Supply Management’s Manufacturing Index rose to 52.7 in March from 52.4, the fastest factory expansion since August
2022 and a third consecutive month above 50. Production accelerated to 55.1 from 53.5, though new orders decelerated to 53.5 from 55.8.
The prices subindex leaped to 78.3 from 70.5, reflecting elevated energy costs, metals tariffs, and Iran-related supply disruptions.
Employment remained in contraction at 48.7. The Services Index eased to 54.0 in March from 56.1 in February but still posted its 21st
consecutive month of expansion. With both measures above the 50 threshold, ISM data point toward a resilient if cost-pressured
economy.
Source: Institute for Supply Management
SURVEY BASED MEASURES
10
Components of GDP 3/25 6/25 9/25 12/25
0.4% 1.7% 2.3% 1.3%
3.8% -2.7% 0.0% 0.6%
-4.7% 4.8% 1.6% -0.2%
-0.4% -0.4% 0.2% -1.2%
0.2% 0.3% 0.2% 0.1%
-0.6% 3.8% 4.4% 0.7%
State and Local (Consumption and Gross
Investment)
Personal Consumption Expenditures
Gross Private Domestic Investment
Net Exports and Imports
Federal Government Expenditures
Total
-2.0%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
Gross Domestic Product (GDP)
GDP QOQ % Change
GDP YOY % Change
Source: US Department of Commerce Source: US Department of Commerce
The second estimate of real gross domestic product (GDP) showed fourth-quarter growth revised down to 0.7% from the initial 1.4%
estimate. The slowdown from 4.4%in the third quarter primarily reflected a sharp pullback in government spending,as the federal
government shutdown weighed on activity. Personal Consumption Expenditures also declined across both goods and services.
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 left its benchmark interest rate unchanged in March, keeping the target range at 3.50%to 3.75% following three
late‑2025 rate cuts that were justified by signs of softening in the labor market. However, policymakers have grown wary of potential
inflationary pressures stemming from tariffs, the war in Iran, and the ensuing spike in commodity prices. The Federal Reserve now
projects just one rate cut in 2026,even as inflation expectations rise. The Committee also reaffirmed its December decision to halt
balance sheet runoff and to reinvest principal and interest payments from its securities holdings, signaling a continued emphasis on
maintaining ample reserves and supporting orderly market functioning.
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
(
%
)
2.0%
2.5%
3.0%
3.5%
4.0%
4.5%
5.0%
5.5%
US Treasury Yield Curve
Mar-26
Dec-25
Mar-25
Yi
e
l
d
(
%
)
At March month-end, the 2-year Treasury yield stood at 3.79%, down approximately 9 basis points from one year ago, while the 10-year
finished at 4.32%, roughly 11 basis points higher year-over-year. The spread between the two narrowed to 52 basis points, wider by 20
basis points year-over-year. The prior 2-year to 10-year inversion from July 2022 through August 2024 was historically long. The average
spread since 2005 is approximately 95 basis points, suggesting the current slope sits well below its long-run norm. The 3-month to 10-
year spread stood near 64 basis points at March month-end.
BOND YIELDS
13
ACCOUNT PROFILE
14
OBJECTIVES
Investment Objectives
The primary investment objectives of the Town of Danville are to preserve principal and to
maintain adequate liquidity to meet the Town's cash flow requirements. The Town expects to
achieve a rate of return which is consistent with its primary objectives.
Chandler Asset Management Performance Objective
The performance objective is to achieve a return that equals the return on an unmanaged index
of one-to-three year Treasury securities (a "market rate of return").
Strategy
In order to meet its objectives, the Town invests in securities permitted under California
Government Code Section 53600 et seq. and under its Investment Policy. The maximum
maturity of the Town's investments is five years, unless specifically authorized by the Town
Council.
15
STATEMENT OF COMPLIANCE
Danville Short Term Treasury Pool | Account #21 | As of March 31, 2026
Rules Name Limit Actual Compliance
Status Notes
AGENCY MORTGAGE SECURITIES
Max % (MV; ABS, CMO, & MBS)15.0 13.1 Compliant
Max % Issuer (MV)30.0 8.5 Compliant
Max Maturity (Years)5.0 2.9 Compliant
Min Rating (AAA by 1)0.0 0.0 Compliant
ASSET-BACKED SECURITIES (ABS)
Max % (MV; ABS, CMO & MBS)15.0 13.1 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 17.5 Compliant
Max % Issuer (MV)5.0 1.3 Compliant
16
STATEMENT OF COMPLIANCE
Danville Short Term Treasury Pool | Account #21 | As of March 31, 2026
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 18.0 Compliant
Max % Issuer (MV)30.0 9.6 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 0.6 Compliant
Max % Issuer (MV)20.0 0.6 Compliant
Min Rating (AAA by 2)0.0 0.0 Compliant
MORTGAGE-BACKED SECURITIES (NON-AGENCY)
Max % (MV)15.0 0.0 Compliant
Max % Issuer (MV)5.0 0.0 Compliant
Max Maturity (Years)5.0 0.0 Compliant
Min Rating (AAA by 1)0.0 0.0 Compliant
MUNICIPAL SECURITIES (CA, LOCAL AGENCY)
Max % (MV)30.0 0.0 Compliant
Max % Issuer (MV)5.0 0.0 Compliant
Max Maturity (Years)5 0.0 Compliant
Min Rating (A- by 1)0.0 0.0 Compliant
MUNICIPAL SECURITIES (CA, OTHER STATES)
Max % (MV)30.0 0.0 Compliant
Max % Issuer (MV)5.0 0.0 Compliant
17
STATEMENT OF COMPLIANCE
Danville Short Term Treasury Pool | Account #21 | As of March 31, 2026
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 47.6 Compliant
Max % Issuer (MV)100.0 47.6 Compliant
Max Maturity (Years)5 4 Compliant
18
PORTFOLIO CHARACTERISTICS
Danville Short Term Treasury Pool | Account #21 | As of March 31, 2026
Benchmark*3/31/2026
Portfolio
12/31/2025
Portfolio
Average Maturity (yrs)1.85 2.00 2.04
Average Modified Duration 1.76 1.77 1.80
Average Purchase Yield 4.23%4.22%
Average Market Yield 3.81%3.91%3.63%
Average Quality**AA+AA+AA+
Total Market Value 102,636,601 102,189,311
*Benchmark: ICE BofA 1-3 Year US Treasury Index
**The credit quality is a weighted average calculation of the highest of S&P, Moody’s and Fitch.
19
SECTOR DISTRIBUTION
Danville Short Term Treasury Pool | Account #21 | As of March 31, 2026
Sector as a Percentage of Market Value
Sector 03/31/2026 12/31/2025
US Treasury 47.62%46.82%
Agency 17.97%18.16%
Corporate 17.48%16.40%
Agency CMBS 8.55%8.65%
ABS 4.60%4.78%
Supras 3.36%3.39%
Money Mkt Fd 0.57%1.81%
Cash -0.15%--
20
ISSUERS
Danville Short Term Treasury Pool | Account #21 | As of March 31, 2026
Issuer Investment Type % Portfolio
United States US Treasury 47.62%
Farm Credit System Agency 9.60%
Federal Home Loan Mortgage Corp Agency CMBS 8.55%
Federal Home Loan Banks Agency 8.37%
International Bank for Recon and Dev Supras 1.46%
PepsiCo, Inc.Corporate 1.34%
BNY Mellon Corp Corporate 1.23%
State Street Corporation Corporate 1.05%
PACCAR Inc Corporate 1.04%
BMW Vehicle Owner Trust ABS 1.01%
Caterpillar Inc.Corporate 0.99%
Cisco Systems, Inc.Corporate 0.99%
Bank of America Corporation Corporate 0.99%
Inter-American Development Bank Supras 0.99%
Deere & Company Corporate 0.98%
Chase Issuance Trust ABS 0.98%
Toyota Motor Corporation Corporate 0.98%
Honeywell International Inc.Corporate 0.97%
Abbott Laboratories Corporate 0.97%
Amazon.com, Inc.Corporate 0.97%
Visa Inc.Corporate 0.96%
International Finance Corporation Supras 0.91%
Alphabet Inc.Corporate 0.75%
Blackrock, Inc.Corporate 0.68%
Merck & Co., Inc.Corporate 0.66%
Met Tower Global Funding Corporate 0.63%
Money Market Fund Money Mkt Fd 0.57%
Mercedes-Benz Auto Receivables Trust ABS 0.55%
Bank of America Credit Card Trust ABS 0.47%
Apple Inc.Corporate 0.46%
21
ISSUERS
Danville Short Term Treasury Pool | Account #21 | As of March 31, 2026
Issuer Investment Type % Portfolio
John Deere Owner Trust ABS 0.46%
Morgan Stanley Corporate 0.44%
JPMorgan Chase & Co.Corporate 0.40%
GM Financial Auto Leasing Trust ABS 0.40%
Honda Auto Receivables Owner Trust ABS 0.30%
BMW Vehicle Lease Trust ABS 0.25%
Toyota Auto Receivables Owner Trust ABS 0.17%
Cash Cash -0.15%
TOTAL 100.00%
22
0-.25 .25-.5 .5-1 1-2 2-3 3-4 4-5 5-7 7+
Portfolio 4.9%8.1%14.7%31.6%25.1%14.4%1.2%0.0%0.0%
ICE BofA 1-3 Year US Treasury Index 0.0%0.0%3.9%57.8%38.3%0.0%0.0%0.0%0.0%
DURATION DISTRIBUTION
Danville Short Term Treasury Pool | Account #21 | As of March 31, 2026
Portfolio Compared to the Benchmark
23
QUALITY DISTRIBUTION
Rating 03/31/2026 12/31/2025
AAA 9.06%10.69%
AA 77.98%77.17%
A 11.64%10.81%
NA 1.31%1.33%
Rating 03/31/2026 12/31/2025
Aaa 7.94%10.24%
Aa 81.95%79.49%
A 8.27%8.35%
NA 1.84%1.91%
Rating 03/31/2026 12/31/2025
AAA 9.09%10.63%
AA 74.36%73.13%
A 3.94%3.95%
NA 12.61%12.29%
Danville Short Term Treasury Pool | Account #21 | As of March 31, 2026
S&P Rating Moody’s Rating Fitch Rating
24
3 Months 12 Months 2 Years 3 Years 5 Years 10 Years Since Inception
TOTAL RATE OF RETURN
Danville ST Treasury Pool 0.44%4.14%4.84%4.44%2.21%2.04%3.43%
Benchmark 0.29%3.75%4.59%4.04%1.86%1.78%3.16%
REALIZED RATE OF RETURN
Danville ST Treasury Pool 1.05%4.21%3.84%3.31%2.54%2.10%3.37%
*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 March 31, 2026
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 March 31, 2026
Purchase Yield as of 03/31/26 = 4.23%
26
PORTFOLIO HOLDINGS
27
HOLDINGS REPORT
Danville Short Term Treasury Pool | Account #21 | As of March 31, 2026
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
404,970.09
100.41
4.13%
406,677.51
576.68
0.40%
1,707.42
NA/AAA
AAA
1.90
0.72
05592XAD2 BMWOT 2023-A A3 5.47
02/25/2028 50,586.57 07/11/2023
5.47%
50,577.61
50,582.87
100.51
4.01%
50,843.60
46.12
0.05%
260.73
NA/AAA
AAA
1.91
0.33
096912AD2 BMWLT 2025-1 A3 4.43
06/26/2028 250,000.00 06/03/2025
4.82%
249,994.50
249,995.96
100.33
4.16%
250,826.75
184.58
0.25%
830.79
NA/AAA
AAA
2.24
1.06
89239FAD4 TAOT 2023-D A3 5.54 08/15/2028 170,564.69 11/07/2023
5.61%
170,546.30
170,555.51
100.93
4.14%
172,152.99
419.97
0.17%
1,597.48
NA/AAA
AAA
2.38
0.63
161571HT4 CHAIT 2023-1 A 5.16 09/15/2028 995,000.00 09/07/2023
5.23%
994,724.19
994,864.44
100.54
3.99%
1,000,397.88
2,281.87
0.98%
5,533.44
NA/AAA
AAA
2.46
0.44
096919AD7 BMWOT 2024-A A3 5.18
02/26/2029 333,839.28 06/04/2024
5.18%
333,788.57
333,807.99
100.66
4.30%
336,038.62
288.21
0.33%
2,230.63
Aaa/AAA
NA
2.91
0.70
05522RDJ4 BACCT 2024-1 A 4.93 05/15/2029 475,000.00 06/06/2024
4.93%
474,973.35
474,983.16
101.03
4.02%
479,913.40
1,040.78
0.47%
4,930.25
Aaa/AAA
NA
3.12
1.07
47800DAD6 JDOT 2025 A3 4.23 09/17/2029 470,000.00 03/04/2025
5.09%
469,970.44
469,977.35
100.28
4.08%
471,313.18
883.60
0.46%
1,335.83
Aaa/NA
AAA
3.47
1.49
096924AD7 BMWOT 2025-A A3 4.56
09/25/2029 635,000.00 02/04/2025
4.56%
634,937.45
634,952.77
100.53
4.10%
638,395.98
482.60
0.63%
3,443.21
Aaa/AAA
NA
3.49
1.05
437921AD1 HAROT 252 A3 4.15 10/15/2029 310,000.00 04/29/2025
4.15%
309,965.37
309,972.38
100.07
4.14%
310,202.74
571.78
0.30%
230.36
Aaa/NA
AAA
3.54
1.43
58773DAD6 MBART 2025-1 A3 4.78
12/17/2029 560,000.00 01/14/2025
4.84%
559,880.89
559,909.72
100.78
4.16%
564,360.72
1,189.69
0.55%
4,451.00
Aaa/NA
AAA
3.71
1.17
Total ABS 4,654,990.54 4.92%
4,654,310.88
4,654,572.22
100.56
4.10%
4,681,123.36
7,965.87
4.60%
26,551.14
2.95
0.93
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
1,999,819.27
100.13
3.74%
2,002,674.00
23,819.44
1.97%
2,854.73
Aa1/AA+
AA+
0.23
0.23
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
1,499,575.05
100.22
3.88%
1,503,246.00
8,812.50
1.48%
3,670.95
Aa1/AA+
AA+
0.37
0.36
3130AXU63 FEDERAL HOME LOAN BANKS
4.625 11/17/2026 1,000,000.00 11/30/2023
4.53%
1,002,530.00
1,000,537.80
100.54
3.74%
1,005,419.00
17,215.28
0.99%
4,881.20
Aa1/AA+
AA+
0.63
0.61
28
HOLDINGS REPORT
Danville Short Term Treasury Pool | Account #21 | As of March 31, 2026
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
1,000,618.24
100.89
3.85%
1,008,929.00
14,131.94
0.99%
8,310.76
Aa1/AA+
AA+
1.20
1.14
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
1,501,779.97
101.05
3.77%
1,515,805.50
33,187.50
1.49%
14,025.53
Aa1/AA+
AA+
1.51
1.42
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
1,747,364.78
101.27
3.80%
1,772,310.75
30,576.39
1.74%
24,945.97
Aa1/AA+
AA+
1.63
1.53
3130ATUS4 FEDERAL HOME LOAN BANKS 4.25
12/10/2027 1,500,000.00 05/15/2023
3.66%
1,536,930.00
1,513,674.50
100.71
3.81%
1,510,666.50
19,656.25
1.48%
(3,008.00)
Aa1/AA+
AA+
1.70
1.60
313382GT4 FEDERAL HOME LOAN BANKS 3.0
03/10/2028 2,000,000.00 05/07/2025
3.80%
1,957,320.00
1,970,819.56
98.47
3.82%
1,969,440.00
3,500.00
1.93%
(1,379.56)
Aa1/AA+
AA+
1.94
1.86
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
1,503,277.47
100.09
3.83%
1,501,350.00
25,187.50
1.47%
(1,927.47)
Aa1/AA+
AA+
2.07
1.94
3130AWC24 FEDERAL HOME LOAN BANKS 4.0
06/09/2028 1,500,000.00 07/06/2023
4.49%
1,467,705.00
1,485,614.70
100.35
3.83%
1,505,289.00
18,666.67
1.48%
19,674.30
Aa1/AA+
AA+
2.19
2.05
3130AVBD3 FEDERAL HOME LOAN BANKS 4.5
03/09/2029 1,500,000.00 04/26/2024
4.74%
1,484,775.00
1,490,791.19
101.83
3.83%
1,527,511.50
4,125.00
1.50%
36,720.31
Aa1/AA+
AA+
2.94
2.73
3133ERSP7 FEDERAL FARM CREDIT BANKS
FUNDING CORP 3.5 09/10/2029 1,500,000.00 09/17/2024
3.49%
1,500,945.00
1,500,653.91
98.73
3.90%
1,480,890.00
3,062.50
1.45%
(19,763.91)
Aa1/AA+
AA+
3.45
3.20
Total Agency 18,250,000.00 4.25%
18,201,817.50
18,214,526.44
100.30
3.82%
18,303,531.25
201,940.97
17.97%
89,004.81
1.66
1.56
AGENCY CMBS
3137BVZ82 FHMS K-063 A2 3.43 01/25/2027 990,634.02 06/06/2023
4.47%
956,580.98
983,441.56
99.47
3.92%
985,384.65
2,831.56
0.97%
1,943.09
Aa1/AA+
AAA
0.82
0.65
3137F2LJ3 FHMS K-066 A2 3.117 06/25/2027 989,458.00 05/18/2023
4.28%
948,874.77
977,697.14
98.99
3.91%
979,475.36
2,570.12
0.96%
1,778.21
Aa1/AA+
AAA
1.24
1.05
3137FBBX3 FHMS K-068 A2 3.244 08/25/2027 1,000,000.00 05/12/2023
3.98%
970,820.31
990,754.39
98.87
3.99%
988,670.00
2,703.33
0.97%
(2,084.39)
Aaa/AA+
AA+
1.40
1.28
3137FBU79 FHMS K-069 A2 3.187 09/25/2027 1,100,996.25 12/27/2023
4.27%
1,060,009.94
1,085,175.90
98.74
3.97%
1,087,109.38
2,924.06
1.07%
1,933.48
Aa1/AAA
AA+
1.49
1.39
3137FETN0 FHMS K-073 A2 3.35 01/25/2028 720,000.00 05/24/2023
4.34%
691,987.50
709,309.48
98.74
4.02%
710,903.52
2,010.00
0.70%
1,594.04
Aa1/AA+
AAA
1.82
1.63
29
HOLDINGS REPORT
Danville Short Term Treasury Pool | Account #21 | As of March 31, 2026
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 993,268.10 12/18/2024
4.45%
968,358.80
978,827.93
99.07
4.04%
984,016.80
2,979.80
0.97%
5,188.87
Aa1/AA+
AAA
1.82
1.67
3137FJEH8 FHMS K-081 A2 3.9 08/25/2028 1,000,000.00 09/05/2023
4.85%
957,968.75
979,959.39
99.41
4.08%
994,123.00
3,250.00
0.98%
14,163.61
Aa1/AA+
AAA
2.40
2.22
3137FJKE8 FHMS K-082 A2 3.92 09/25/2028 1,000,000.00 10/30/2023
5.31%
940,742.19
970,320.73
99.45
4.08%
994,505.00
3,266.67
0.98%
24,184.27
Aa1/AA+
AAA
2.49
2.25
3137FLMV3 FHMS K-090 A2 3.422 02/25/2029 1,000,000.00 03/27/2025
4.36%
966,015.62
974,881.11
98.08
4.09%
980,790.00
2,851.67
0.96%
5,908.89
Aa1/AAA
AA+
2.91
2.66
8,461,358.86 98.99 8,704,977.71 8.55%1.82
Total Agency CMBS 8,794,356.37 4.48%8,650,367.63 4.01%25,387.21 54,610.08 1.64
CASH
CCYUSD Cash (150,683.20)--
0.00%
(150,683.20)
(150,683.20)
1.00
0.00%
(150,683.20)
0.00
(0.15%)
0.00
Aaa/AAA
AAA
0.00
0.00
CCYUSD Receivable 1,925.13 --1,925.13
1,925.13
1.00 1,925.13
0.00
0.00%
0.00
Aaa/AAA
AAA
0.00
0.00
(148,758.07)1.00 (148,758.07)(0.15%)0.00
Total Cash (148,758.07)0.00%(148,758.07)0.00%0.00 0.00 0.00
CORPORATE
89236TJK2 TOYOTA MOTOR CREDIT CORP
1.125 06/18/2026 1,000,000.00 02/08/2024
4.68%
921,800.00
992,882.61
99.40
3.93%
994,017.00
3,218.75
0.98%
1,134.39
A1/A+
A+
0.22
0.21
69371RS56 PACCAR FINANCIAL CORP 5.05
08/10/2026 515,000.00 08/03/2023
5.07%
514,742.50
514,969.22
100.30
4.17%
516,551.70
3,684.40
0.51%
1,582.47
A1/A+
NA
0.36
0.35
06428CAA2 BANK OF AMERICA NA 5.526
08/18/2026 1,000,000.00 08/24/2023
5.48%
1,001,360.00
1,000,139.22
100.43
4.34%
1,004,319.00
6,600.50
0.99%
4,179.78
Aa2/A+
AA
0.38
0.29
61690U7W4 MORGAN STANLEY BANK NA
5.882 10/30/2026 440,000.00 10/30/2023
5.88%
440,000.00
440,000.00
100.93
4.24%
444,085.84
10,855.56
0.44%
4,085.84
Aa3/A+
AA-
0.58
0.48
438516BL9 HONEYWELL INTERNATIONAL INC
2.5 11/01/2026 1,000,000.00 01/11/2023
4.42%
933,280.00
989,713.20
99.11
4.06%
991,077.00
10,416.67
0.97%
1,363.80
A2/A
A
0.59
0.57
713448FW3 PEPSICO INC 5.125 11/10/2026 360,000.00 11/08/2023
5.13%
359,902.80
359,980.22
100.53
4.23%
361,904.76
7,226.25
0.36%
1,924.54
A1/A+
NA
0.61
0.50
30
HOLDINGS REPORT
Danville Short Term Treasury Pool | Account #21 | As of March 31, 2026
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
100.56
4.26%
407,268.81
6,496.09
0.40%
2,268.81
Aa2/AA-
AA
0.69
0.58
24422EXF1 JOHN DEERE CAPITAL CORP 4.5
01/08/2027 1,000,000.00 01/10/2024
4.53%
999,220.00
999,798.57
100.31
4.08%
1,003,131.00
10,375.00
0.98%
3,332.43
A1/A
A+
0.77
0.74
17275RBQ4 CISCO SYSTEMS INC 4.8
02/26/2027 1,000,000.00 --
4.81%
999,620.00
999,880.25
100.61
4.10%
1,006,082.00
4,666.67
0.99%
6,201.75
A1/AA-
NA
0.91
0.79
857477CL5 STATE STREET CORP 4.993
03/18/2027 1,065,000.00 03/13/2024
4.99%
1,065,000.00
1,065,000.00
100.68
4.26%
1,072,287.80
1,920.22
1.05%
7,287.80
Aa3/A
AA-
0.96
0.85
14913UAL4 CATERPILLAR FINANCIAL SERVICES
CORP 5.0 05/14/2027 1,000,000.00 05/15/2024
4.89%
1,002,930.00
1,001,094.73
100.97
4.10%
1,009,704.00
19,027.78
0.99%
8,609.27
A2/A
A+
1.12
1.06
09290DAH4 BLACKROCK INC 4.6 07/26/2027 690,000.00 07/17/2024
4.60%
689,979.30
689,990.91
100.68
4.06%
694,687.17
5,730.83
0.68%
4,696.26
Aa3/AA-
NA
1.32
1.18
023135BC9 AMAZON.COM INC 3.15
08/22/2027 1,000,000.00 07/10/2024
4.73%
954,920.00
979,787.61
98.79
4.05%
987,901.00
3,412.50
0.97%
8,113.39
A1/AA
AA-
1.39
1.34
92826CAH5 VISA INC 2.75 09/15/2027 1,000,000.00 08/19/2024
4.14%
960,360.00
981,187.80
98.24
4.01%
982,361.00
1,222.22
0.96%
1,173.20
Aa3/AA-
NA
1.46
1.41
69371RT97 PACCAR FINANCIAL CORP 4.0
08/08/2028 540,000.00 08/04/2025
4.02%
539,681.40
539,750.00
99.93
4.03%
539,615.52
3,180.00
0.53%
(134.48)
A1/A+
NA
2.36
2.21
02079KAV9 ALPHABET INC 3.875 11/15/2028 395,000.00 11/03/2025
3.91%
394,660.30
394,705.18
99.68
4.00%
393,719.81
6,165.02
0.39%
(985.38)
Aa2/AA+
NA
2.63
2.43
58989V2M5 MET TOWER GLOBAL FUNDING
4.0 01/14/2029 645,000.00 01/07/2026
4.05%
644,167.95
644,226.41
98.95
4.40%
638,238.47
5,518.33
0.63%
(5,987.94)
Aa3/AA-
AA-
2.79
2.59
713448GL6 PEPSICO INC 4.1 01/15/2029 1,000,000.00 07/29/2025
4.18%
997,580.00
998,048.70
99.94
4.12%
999,422.00
8,655.56
0.98%
1,373.30
A1/A+
NA
2.79
2.59
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
1,244,268.93
100.50
4.45%
1,256,237.50
9,464.58
1.23%
11,968.57
Aa3/A
AA-
2.84
1.73
02079KBJ5 ALPHABET INC 3.7 02/15/2029 370,000.00 02/09/2026
3.83%
368,656.90
368,714.39
99.14
4.02%
366,820.22
1,825.33
0.36%
(1,894.17)
Aa2/AA+
NA
2.88
2.68
002824BR0 ABBOTT LABORATORIES 3.7
03/09/2029 1,000,000.00 --
3.75%
998,478.00
998,509.94
98.81
4.13%
988,106.00
2,261.11
0.97%
(10,403.94)
Aa3/A+
NA
2.94
2.75
58933YBW4 MERCK & CO INC 3.85 03/15/2029 675,000.00 12/01/2025
3.90%
674,001.00
674,099.48
99.27
4.11%
670,096.13
1,155.00
0.66%
(4,003.36)
Aa3/A+
NA
2.96
2.76
037833DP2 APPLE INC 2.2 09/11/2029 500,000.00 03/05/2025
4.29%
457,525.00
467,590.29
94.28
3.99%
471,418.50
611.11
0.46%
3,828.21
Aaa/AA+
NA
3.45
3.26
31
HOLDINGS REPORT
Danville Short Term Treasury Pool | Account #21 | As of March 31, 2026
Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
Total Corporate 17,850,000.00 4.58%
17,563,615.15
17,749,337.66
99.73
4.14%
17,799,052.21
133,689.48
17.48%
49,714.54
1.56
1.38
MONEY MARKET
FUND
VP4530003 ALLSPRING:TRS+ MM I 584,507.21 --
3.55%
584,507.21
584,507.21
1.00
3.55%
584,507.21
0.00
0.57%
0.00
Aaa/AAAm
AAA
0.00
0.00
Total Money Market
Fund 584,507.21 3.55%
584,507.21
584,507.21
1.00
3.55%
584,507.21
0.00
0.57%
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
924,232.85
100.40
3.86%
928,663.93
8,545.36
0.91%
4,431.07
Aaa/AAA
NA
0.79
0.76
4581X0EM6 INTER-AMERICAN DEVELOPMENT
BANK 4.375 02/01/2027 1,000,000.00 01/30/2024
4.23%
1,004,020.00
1,001,122.37
100.42
3.86%
1,004,167.00
7,291.67
0.99%
3,044.63
Aaa/AAA
NA
0.84
0.81
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
1,477,339.98
99.32
3.81%
1,489,740.00
11,520.83
1.46%
12,400.02
Aaa/AAA
NA
2.28
2.15
Total Supranational 3,425,000.00 4.30%
3,382,969.50
3,402,695.20
99.93
3.84%
3,422,570.93
27,357.86
3.36%
19,875.72
1.46
1.38
US TREASURY
9128286S4 UNITED STATES TREASURY 2.375
04/30/2026 1,600,000.00 09/08/2022
3.42%
1,542,500.00
1,598,745.30
99.89
3.70%
1,598,262.40
15,955.80
1.57%
(482.90)
Aa1/AA+
AA+
0.08
0.08
91282CLB5 UNITED STATES TREASURY 4.375
07/31/2026 1,750,000.00 11/22/2024
4.40%
1,749,179.69
1,749,838.08
100.21
3.71%
1,753,683.75
12,689.92
1.72%
3,845.67
Aa1/AA+
AA+
0.33
0.33
912828YG9 UNITED STATES TREASURY 1.625
09/30/2026 2,000,000.00 06/07/2023
4.09%
1,848,984.38
1,977,266.47
98.95
3.78%
1,978,976.00
88.80
1.94%
1,709.53
Aa1/AA+
AA+
0.50
0.49
91282CJC6 UNITED STATES TREASURY 4.625
10/15/2026 1,750,000.00 02/20/2025
4.26%
1,759,912.11
1,753,249.06
100.45
3.77%
1,757,913.50
37,355.77
1.73%
4,664.44
Aa1/AA+
AA+
0.54
0.52
91282CEF4 UNITED STATES TREASURY 2.5
03/31/2027 1,450,000.00 11/28/2022
4.00%
1,363,566.41
1,430,112.63
98.83
3.71%
1,432,962.50
99.04
1.41%
2,849.87
Aa1/AA+
AA+
1.00
0.97
32
HOLDINGS REPORT
Danville Short Term Treasury Pool | Account #21 | As of March 31, 2026
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
91282CKJ9 UNITED STATES TREASURY 4.5
04/15/2027 2,000,000.00 05/17/2024
4.58%
1,995,468.75
1,998,379.86
100.76
3.74%
2,015,226.00
41,538.46
1.98%
16,846.14
Aa1/AA+
AA+
1.04
0.99
912828X88 UNITED STATES TREASURY 2.375
05/15/2027 2,000,000.00 05/13/2025
4.01%
1,937,734.38
1,965,161.92
98.43
3.82%
1,968,594.00
17,976.52
1.93%
3,432.08
Aa1/AA+
AA+
1.12
1.08
91282CFB2 UNITED STATES TREASURY 2.75
07/31/2027 2,000,000.00 06/21/2024
4.46%
1,901,875.00
1,957,872.13
98.60
3.84%
1,971,954.00
9,116.02
1.94%
14,081.87
Aa1/AA+
AA+
1.33
1.29
91282CFH9 UNITED STATES TREASURY 3.125
08/31/2027 1,600,000.00 01/20/2023
3.59%
1,568,437.50
1,590,292.79
99.02
3.84%
1,584,312.00
4,347.83
1.56%
(5,980.79)
Aa1/AA+
AA+
1.42
1.36
91282CFM8 UNITED STATES TREASURY 4.125
09/30/2027 1,250,000.00 03/08/2023
4.44%
1,234,130.86
1,244,786.53
100.41
3.84%
1,255,127.50
140.88
1.23%
10,340.97
Aa1/AA+
AA+
1.50
1.44
91282CGH8 UNITED STATES TREASURY 3.5
01/31/2028 1,300,000.00 10/17/2024
3.90%
1,284,105.47
1,291,125.55
99.43
3.82%
1,292,586.10
7,541.44
1.27%
1,460.55
Aa1/AA+
AA+
1.84
1.75
9128283W8 UNITED STATES TREASURY 2.75
02/15/2028 1,500,000.00 09/27/2024
3.51%
1,464,140.63
1,480,078.13
98.08
3.82%
1,471,230.00
5,127.76
1.44%
(8,848.13)
Aa1/AA+
AA+
1.88
1.80
91282CGT2 UNITED STATES TREASURY 3.625
03/31/2028 1,000,000.00 11/08/2024
4.19%
982,343.75
989,563.51
99.64
3.82%
996,367.00
99.04
0.98%
6,803.49
Aa1/AA+
AA+
2.00
1.91
91282CHE4 UNITED STATES TREASURY 3.625
05/31/2028 1,750,000.00 12/30/2024
4.33%
1,711,445.31
1,725,543.90
99.61
3.81%
1,743,096.25
21,262.02
1.71%
17,552.35
Aa1/AA+
AA+
2.17
2.04
91282CHX2 UNITED STATES TREASURY 4.375
08/31/2028 1,000,000.00 12/13/2024
4.25%
1,004,101.56
1,002,674.80
101.25
3.83%
1,012,500.00
3,804.35
0.99%
9,825.20
Aa1/AA+
AA+
2.42
2.27
91282CNY3 UNITED STATES TREASURY 3.375
09/15/2028 2,000,000.00 09/29/2025
3.64%
1,985,468.75
1,987,928.71
98.97
3.82%
1,979,376.00
3,118.21
1.94%
(8,552.71)
Aa1/AA+
AA+
2.46
2.33
91282CPC9 UNITED STATES TREASURY 3.5
10/15/2028 2,000,000.00 11/10/2025
3.58%
1,995,468.75
1,996,062.73
99.22
3.82%
1,984,454.00
32,307.69
1.95%
(11,608.73)
Aa1/AA+
AA+
2.54
2.37
91282CDF5 UNITED STATES TREASURY 1.375
10/31/2028 2,000,000.00 09/16/2025
3.50%
1,875,546.88
1,896,944.08
94.04
3.82%
1,880,782.00
11,546.96
1.85%
(16,162.08)
Aa1/AA+
AA+
2.59
2.48
9128285M8 UNITED STATES TREASURY 3.125
11/15/2028 1,800,000.00 04/10/2024
4.66%
1,687,078.13
1,735,348.02
98.26
3.83%
1,768,640.40
21,287.98
1.74%
33,292.38
Aa1/AA+
AA+
2.63
2.46
91282CEM9 UNITED STATES TREASURY 2.875
04/30/2029 2,000,000.00 10/27/2025
3.56%
1,955,234.38
1,960,655.22
97.22
3.84%
1,944,376.00
24,143.65
1.91%
(16,279.22)
Aa1/AA+
AA+
3.08
2.88
91282CES6 UNITED STATES TREASURY 2.75
05/31/2029 1,200,000.00 09/05/2024
3.60%
1,155,984.38
1,170,554.37
96.76
3.85%
1,161,093.60
11,060.44
1.14%
(9,460.77)
Aa1/AA+
AA+
3.17
2.97
91282CLC3 UNITED STATES TREASURY 4.0
07/31/2029 1,500,000.00 10/29/2024
4.10%
1,493,320.31
1,495,311.89
100.45
3.86%
1,506,679.50
9,944.75
1.48%
11,367.61
Aa1/AA+
AA+
3.33
3.08
33
HOLDINGS REPORT
Danville Short Term Treasury Pool | Account #21 | As of March 31, 2026
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
91282CFJ5 UNITED STATES TREASURY 3.125
08/31/2029 2,000,000.00 03/05/2025
4.06%
1,923,750.00
1,941,940.21
97.64
3.87%
1,952,890.00
5,434.78
1.92%
10,949.79
Aa1/AA+
AA+
3.42
3.19
91282CFY2 UNITED STATES TREASURY 3.875
11/30/2029 2,000,000.00 06/03/2025
4.01%
1,989,140.63
1,991,133.72
99.98
3.88%
1,999,532.00
25,975.27
1.96%
8,398.28
Aa1/AA+
AA+
3.67
3.34
91282CGB1 UNITED STATES TREASURY 3.875
12/31/2029 2,000,000.00 07/30/2025
3.91%
1,996,875.00
1,997,347.43
99.93
3.89%
1,998,672.00
19,482.04
1.96%
1,324.57
Aa1/AA+
AA+
3.75
3.43
91282CGJ4 UNITED STATES TREASURY 3.5
01/31/2030 1,300,000.00 02/25/2026
3.55%
1,297,562.50
1,297,620.25
98.61
3.89%
1,281,922.20
7,541.44
1.26%
(15,698.05)
Aa1/AA+
AA+
3.84
3.53
91282CGZ8 UNITED STATES TREASURY 3.5
04/30/2030 2,000,000.00 12/09/2025
3.75%
1,979,531.25
1,980,962.27
98.48
3.91%
1,969,532.00
29,392.27
1.93%
(11,430.27)
Aa1/AA+
AA+
4.08
3.71
91282CHR5 UNITED STATES TREASURY 4.0
07/31/2030 2,000,000.00 03/24/2026
4.01%
1,998,828.13
1,998,828.87
100.32
3.92%
2,006,328.00
13,259.67
1.97%
7,499.13
Aa1/AA+
AA+
4.33
3.92
91282CPA3 UNITED STATES TREASURY 3.625
09/30/2030 1,250,000.00 01/29/2026
3.79%
1,241,455.08
1,241,760.97
98.75
3.93%
1,234,423.75
123.80
1.21%
(7,337.22)
Aa1/AA+
AA+
4.50
4.11
Total US Treasury 49,000,000.00 3.97%
47,923,169.97
48,447,089.40
99.00
3.83%
48,501,492.45
391,762.61
47.62%
54,403.05
2.30
2.14
Total Portfolio 102,410,096.05 4.23%
100,622,991.00
101,554,337.69
99.05
3.91%
101,848,497.04
788,103.99
100.00%
294,159.35
2.00
1.77
Total Market Value +
Accrued 102,636,601.03
34
TRANSACTIONS
35
TRANSACTION LEDGER
Danville Short Term Treasury Pool | Account #21|01/01/2026 Through 03/31/2026|
Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp
Yield Amount Interest Pur/
Sold Total Amount Gain/Loss
ACQUISITIONS
Purchase 01/14/2026 58989V2M5 645,000.00
MET TOWER GLOBAL
FUNDING 4.0
01/14/2029
99.871 4.05%(644,167.95)0.00 (644,167.95)0.00
Purchase 01/30/2026 91282CPA3 1,250,000.00
UNITED STATES
TREASURY 3.625
09/30/2030
99.316 3.79%(1,241,455.08)(15,187.16)(1,256,642.24)0.00
Purchase 02/13/2026 02079KBJ5 370,000.00 ALPHABET INC 3.7
02/15/2029 99.637 3.83%(368,656.90)0.00 (368,656.90)0.00
Purchase 02/26/2026 91282CGJ4 1,300,000.00
UNITED STATES
TREASURY 3.5
01/31/2030
99.812 3.55%(1,297,562.50)(3,267.96)(1,300,830.46)0.00
Purchase 03/09/2026 002824BR0 440,000.00
ABBOTT
LABORATORIES 3.7
03/09/2029
99.873 3.75%(439,441.20)0.00 (439,441.20)0.00
Purchase 03/09/2026 002824BR0 560,000.00
ABBOTT
LABORATORIES 3.7
03/09/2029
99.828 3.76%(559,036.80)0.00 (559,036.80)0.00
Purchase 03/31/2026 91282CHR5 2,000,000.00
UNITED STATES
TREASURY 4.0
07/31/2030
99.941 4.01%(1,998,828.13)(13,038.67)(2,011,866.80)0.00
Total Purchase 6,565,000.00 (6,549,148.56)(31,493.79)(6,580,642.35)0.00
TOTAL
ACQUISITIONS 6,565,000.00 (6,549,148.56)(31,493.79)(6,580,642.35)0.00
DISPOSITIONS
Maturity 02/23/2026 037833BY5 (750,000.00)APPLE INC 3.25
02/23/2026 100.000 4.27%750,000.00 0.00 750,000.00 0.00
Maturity 03/31/2026 9128286L9 (1,800,000.00)
UNITED STATES
TREASURY 2.25
03/31/2026
100.000 2.99%1,800,000.00 0.00 1,800,000.00 0.00
Total Maturity (2,550,000.00)2,550,000.00 0.00 2,550,000.00 0.00
Sale 02/11/2026 91282CEW7 (1,500,000.00)
UNITED STATES
TREASURY 3.25
06/30/2027
99.719 4.00%1,495,781.25 5,656.08 1,501,437.33 10,024.12
36
TRANSACTION LEDGER
Danville Short Term Treasury Pool | Account #21|01/01/2026 Through 03/31/2026|
Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp
Yield Amount Interest Pur/
Sold Total Amount Gain/Loss
Total Sale (1,500,000.00)1,495,781.25 5,656.08 1,501,437.33 10,024.12
TOTAL
DISPOSITIONS (4,050,000.00)4,045,781.25 5,656.08 4,051,437.33 10,024.12
37
IMPORTANT DISCLOSURES
2026 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.
LGIP Yields: Reported yields for local government investment pools may be presented as either the 30-day yield or the monthly distribution yield, as applicable. For certain funds,
the 30-day yield is calculated using reported daily yield data. Yield calculations are subject to change and may not be directly comparable across funds.
LAIF Yields: Additional Disclosure for CA Clients - As a result of a reporting lag from the Local Agency Investment Fund (LAIF), reported LAIF yields represent the most recently
available Daily Effective Yield and may reflect data from approximately 7–10 days prior to month-end.
38
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 $250 million for all other securities.
39
Supplement to Quarterly Investment Report
Town Managed Cash Account
Average Average
Maturity Yield Cost
Town Funds 0 3.871% 12,765,796
Trust Fund 0 3.871% 1,731,141
.
Community Development Agency DS/Successor Agency 0 3.871% 108,385
NERIAD 0 3.871% 36,167
Total LAIF Funds Managed by the Town 14,641,488$
LAIF Funds Managed by the Town
(Local Agency Investment Fund)
April 2026
9.1