INVESTMENT REPORT
Danville | As of June 30, 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 Energy prices and inflation remained the primary drivers of the macro backdrop as the U.S.- Israel-Iran conflict entered its third month, disrupting global oil supply. Headline CPI accelerated at the fastest pace in more than three years, reflecting volatility in the energy component. Crude oil, however, retraced roughly 20% from its May–early June peak as diplomatic progress between the United States and Iran pointed to a potential framework for de-escalation. The labor market remained resilient, with continued payroll growth and subdued jobless claims. Risk assets held firm, as equities hovered near record highs and credit spreads remained historically tight amid broadly better-than-expected corporate earnings. Taken together, the current market environment has further constrained the case for near-term monetary policy easing, leading the Chandler team to push out its expected timing for rate cuts beyond the six-month investment horizon.
The Federal Reserve’ s June FOMC meeting ended withpolicymakers unanimously holding the target range at 3.50%–3.75%, a notable shift fromthe 8–4 split at April’s meeting, which markedJerome Powell’s final session as Chair. Under newChair KevinWarsh, sworn in on May 22, the Committee released an unusually concise statement that referenced Middle East tensions and energy supply disruptions while removing prior forward guidance that had suggested a bias toward rate cuts. Updated projections leaned more hawkish, with 9 of 18 officials expecting at least one rate hike this year and 6 anticipating multiple increases. The shift signals that restoring price stability has reemerged as the central focus of monetary policy deliberations.
The Treasury yield curve flattened modestly in June as short-term yields responded to a more hawkish shift in Federal Reserve guidance.
The 2-year yield rose to 4.15% from 3.98% the prior month, while the 10-year yield edged down slightly to 4.44% from 4.45%. As a result, the 2s/ 10s spread narrowed to 29 basis points, down from roughly 47 basis points a month earlier and significantly below the 69 basis point spread at the start of the year. Meanwhile, the 3-month/ 10-year spread remained positive at 64 basis points. Front-end rates absorbed the bulk of the Fed’s updated rate outlook, while longer maturities were partly anchored by a late-month decline in oil prices.
ECONOMIC UPDATE
3 400
200
0 200
400
600
800
1,000
M
O
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
Nonfarmpayrolls increased by just 57,000 in June, well belowthe 113,000 consensus and marking a sharp slowdown from May’s pace. The unemployment rate edged down to 4.2%, though the decline was driven by a drop in labor force participation to 61.5%, its lowest level since March 2021. Revisions further weakened the report’s signal. April payrolls were revised down by 31,000 to 148,000, while May was lowered by 43,000 to 129,000, resulting in a combined two-month downward revision of 74,000.
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 were essentially unchanged at 7.6 million in May, remaining elevated by historical standards even as hiring momentum moderates. Gains in wholesale trade andaccommodation andfoodservices were offset by declines in health care andsocial assistance, as well as finance and insurance. April openings were revised down by 33,000 to 7.6 million, while hires were revised up by 99,000, highlighting ongoing churn but a broadly stable labor market backdrop.
Source: US Department of Labor
JOB OPENINGS & LABOR TURNOVER SURVEY
5 Source: Bloomberg Indices Source: Bloomberg Indices
ENERGY MARKETS
Crude oil prices declined sharply in June as supply disruptions tied to the Middle East conflict began to ease. Tanker traffic through the Strait of Hormuz normalized, and signs of progress in U.S.– Iran negotiations helped unwind the geopolitical risk premium that had driven prices higher earlier in the year. West Texas Intermediate settled near $ 69.37 per barrel on June 30, while Brent crude closed around
72.96, both well below their recent peaks. Brent’s 21% monthly decline marked its steepest drop since March 2020, while WTI fell more than 20%, its largest monthly loss since late 2021. Beyond crude, broader energy markets alsosoftened. Refined product cracks narrowed as gasoline and diesel demand showed signs of seasonal moderation, while U.S. natural gas prices remained range-bound amid ample storage and steady production. Taken together, the retracement in oil and broader energy prices reflects a rapid compression in geopolitical risk premia and improved near-term supply visibility, even as underlying structural risks in the region remain unresolved.
2.00 2.50
3.00 3.50
4.00 4.50
5.00 5.50
6.00 6.50
US Fuel Prices
Average Retail Price US Diesel
Average Retail Price US Gas
Pe
r
G
a
l
l
o
n
40 60
80 100
120
140
160
Oil Prices
West Texas Intermediate (WTI Spot Cushing)
Dated Brent (Global Spot)
Pr i
c
e
Pe
r
B
a
r
r
e
l
W
T
I
S
p
o
t
6 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
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
Inflation firmed in May, with the Personal Consumption Expenditures ( PCE) price index rising 0.4% on the month and 4.1%year overyear, up from 3.8% in April and marking the highest annual rate of the current cycle. Core PCE, which excludes food andenergy, increased 0.3% in May and3.4%overthe year. Energy prices remained the primary driver of the headline acceleration, reflecting supply disruptions tied to the Iranian conflict. A similarpattern was evident in the headline Consumer Price Index ( CPI), which rose 0.5% on the monthand 4.2%year over year, the fastest annual pace since 2023. Energy prices climbed 3.9% in May and 23.5% from a year earlier, largely due to crude oil reaching a four-year high. In contrast, core CPI rose a more modest 0.2%on the month and 2.9% year over year, indicating that inflation pressures remain concentrated in energy rather than broad-based.
Source: US Department of Labor Source: US Department of Commerce
INFLATION
7 0.0%
5.0%
10. 0%
15.0%
20.0%
25.0%
30.0%
Retail Sales YOY % Change
YO
Y
C
h
a
n
g
e
Retail sales rose a robust 0.9%in May to $763.7 billion, nearly double the pace economists hadpenciled in and an acceleration fromApril' s downwardly revised0.4% gain. The closely watched control group, which feeds directly intogross domestic product calculations, advanced
0.7%, pointing to durable underlying demand. Gasoline station receipts rose as energy prices stayed high, while autosales rebounded after an April pullback. The Conference Board's ConsumerConfidence Index ticked up 0.6 points to 91.2 in June, thoughthe improvement masked a further deterioration in how households view the job market, with the share calling jobs ‘ hard-to-get’ climbing to a five year high.
Spending has proven more resilient than sentiment across recent months. 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
8 25.0%
20.0%
15.0%
10.0%
5.0%
0.0%
5.0%
10. 0%
15. 0%
Leading Economic Indicators (LEI)
Recession
YO
Y
C
h
a
n
g
e
1.00 0.75
0.50 0.25
0.00 0.25
0.50 0.75
1.00 Chicago Fed National Activity Index (CFNAI)
Recession
3 M
o
n
t
h
A
v
e
r
a
g
e
The Conference Board’s Leading Economic Index (LEI) edged up 0.1%in May to 99.3, following a revised 0.2%increase in April. Despite the monthly gains, the LEI’s six- and twelve-month growth rates remained negative at -0.6% and -1.5%, respectively. The advance was driven primarily by financial components, including equity prices andthe interest rate spread, while consumerexpectations continued to weigh on the index. The Chicago Fed National Activity Index fell to -0.10 in May from an upwardly revised 0.19 in April. Production-related and employment- related indicators each subtracted from the index, while the sales, orders, and inventories category made a small positive contribution.
Source: The Conference Board Source: Federal Reserve Bank of Chicago
LEADING INDICATORS OF ECONOMIC ACTIVITY
9 0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
2,000
2,200
2,400
In
T
h
o
u
s
a
n
d
s
o
f
U
n
i
t
s
Annualized Housing Starts
Multi Family Housing Starts
Single Family Housing Starts
Housing starts declined sharply in May to a seasonally adjusted annual rate of 1,177,000, a 15.4% drop from a downwardly revised 1,392,000 in April. The pullback was driven primarily by multifamily construction, while single-family starts edged down a more modest
1.9% to 882,000; total multifamily starts came in at 295,000 units. The S& P CoreLogic Case-Shiller 20-City Composite rose 1.1% yearover year in April, marking its first pickup since November 2025, following an upwardly revised 0.9% gain in March. Freddie Mac’s average 30- year fixed mortgage rate increased to 6.44% in May from 6.33% in April, reinforcing ongoing affordability constraints for prospective buyers.
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
10 40
45 50
55 60
65 70
Institute of Supply Management ( ISM) Surveys
ISM Manufacturing ISM Services
EXPANDING
CONTRACTING
Manufacturing activity cooled slightly in June, with the Institute for Supply Management' s Manufacturing Index easing to 53.3%, down0.7 percentage point from May but still marking a sixth consecutive month of expansion. Services activity alsomoderated, as the ISMServices Index eased to 54.0% from54.5%, a twenty-fourth consecutive month in expansion territory. Business activity and neworders bothslowed, though the employment component jumped to 51.2% from 47.9%, its strongest reading since late 2021 andthe first expansion in services hiring in four months.
Source: Institute for Supply Management
PURCHASING MANAGERS INDEX (PMI)
11 Components of GDP 6/ 25 9/ 25 12/ 25 3/26
1.7% 2.3% 1.3% 0.4%
2.7% 0.0% 0.4% 1.4%
4.8% 1.6% - 0.2% - 0.4%
0.4% 0.2% - 1.2% 0.6%
0.3% 0.2% 0.2% 0.2%
3.8% 4.4% 0.5% 2.1%
Personal Consumption Expenditures
Gross Private Domestic Investment
Net Exports and Imports
Federal Government Expenditures
Total
State and Local ( Consumption and Gross
Investment)- 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 Real gross domestic product increased at an annualized rate of 2.1% in the first quarter of 2026, according to the Bureau of Economic Analysis’ thirdestimate, up from1.6% in the priorestimate and an acceleration from0.5% in the fourth quarter of 2025. The 0.5 percentage point upward revision was driven primarily by a downward revision to imports—which subtract from GDP—partly offset by a downward revision to consumer spending.
GROSS DOMESTIC PRODUCT ( GDP)
12 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 OpenMarket Committee (FOMC) heldthe target range forthe federal funds rate at 3.50%to 3.75%at its June 16–17 meeting, witha unanimous 12–0 vote. This marked a notable shift fromthe April meeting—Jerome Powell’ s last as chair—which sawfour dissents in an 8–4 decision. The return to consensus under Chair Kevin Warsh signals a clear change in tone. Minutes from the June meeting are scheduled forrelease in early July. The June Summary of Economic Projections reflected a more hawkish outlook. The median projection for the federal funds rate at year-end 2026 rose to 3.8%, up from3.4%in March, before easing to 3.6% in 2027 and3.4% in 2028. Officials also revised their inflation forecasts, with headline PCE projected at 3.6% in 2026 ( from 2.7%) and core PCE at 3.3%. By contrast, median projections for real GDP growth and the unemployment rate—2.2% and 4.3%, respectively—were little changed.
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
13 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
Jun- 26
Mar-26
Jun- 25
Yi e
l
d
Treasury yields ended June mixed, with a modest flattening across the curve as markets digested a more hawkish Federal Reserve signal.
The 2-yearyieldrose to 4.15% from3.98% at the end of May, while the 10-year yieldedged down to 4.44% from 4.45%. The 2s/ 10s spread narrowed to 29 basis points, downfrom 47 basis points a month earlier. The 3-month/10-yearspread remained positive at roughly 64 basis points at month-end. Relative to the 69 basis point spread at the start of 2026, the curve has flattened materially year to date, reflecting a repricing higher in front-end rates as expectations shift toward the possibility of further Fed tightening rather than easing.
BOND YIELDS
14 ACCOUNT PROFILE
15 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.
16 STATEMENT OF COMPLIANCE
Danville Short Term Treasury Pool | Account #21 | As of June 30, 2026 Rules Name Limit Actual
Compliance
Status
Notes
AGENCY MORTGAGE SECURITIES
Max % ( MV; ABS, CMO, & MBS) 15.0 12.8 Compliant
Max % Issuer ( MV) 30.0 8.4 Compliant
Max Maturity ( Years) 5.0 2.7 Compliant
Min Rating ( AAA by 1) 0.0 0.0 Compliant
ASSET- BACKED SECURITIES ( ABS)
Max % ( MV; ABS, CMO & MBS) 15.0 12.8 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 ( NONNEGOTIABLE 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 18.1 Compliant
Max % Issuer ( MV) 5.0 1.5 Compliant
17 STATEMENT OF COMPLIANCE
Danville Short Term Treasury Pool | Account #21 | As of June 30, 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 15.8 Compliant
Max % Issuer ( MV) 30.0 8.3 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 0.3 Compliant
Max % Issuer ( MV) 20.0 0.3 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
18 STATEMENT OF COMPLIANCE
Danville Short Term Treasury Pool | Account #21 | As of June 30, 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 49.5 Compliant
Max % Issuer ( MV) 100. 0 49.5 Compliant
Max Maturity ( Years) 5 4 Compliant
19 PORTFOLIO CHARACTERISTICS
Danville Short Term Treasury Pool | Account #21 | As of June 30, 2026 Benchmark*
6/ 30/ 2026
Portfolio
3/ 31/ 2026
Portfolio
Average Maturity (yrs) 1.84 2.00 2.00
Average Modified Duration 1.75 1.76 1.77
Average Purchase Yield 4.23% 4.23%
Average Market Yield 4.15% 4.18% 3.91%
Average Quality** AA+ AA+ AA+
Total Market Value 103,130,345 102,636,601
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. 20 SECTOR DISTRIBUTION
Danville Short Term Treasury Pool | Account #21 | As of June 30, 2026 Sector as a Percentage of Market Value
Sector 06/ 30/ 2026 03/ 31/ 2026
US Treasury 49.50% 47.62%
Corporate 18.08% 17.48%
Agency 15.85% 17.97%
Agency CMBS 8.47% 8.55%
ABS 4.44% 4.60%
Supras 3.33% 3.36%
Money Mkt Fd 0.34% 0.57%
Cash 0.00%- 0.15%
21 ISSUERS
Danville Short Term Treasury Pool | Account #21 | As of June 30, 2026 Issuer Investment Type % Portfolio
United States US Treasury 49.50%
Federal Home Loan Mortgage Corp Agency CMBS 8.47%
Federal Home Loan Banks Agency 8.29%
Farm Credit System Agency 7.56%
PACCAR Inc Corporate 1.48%
International Bank for Recon and Dev Supras 1.45%
PepsiCo, Inc. Corporate 1.33%
BNY Mellon Corp Corporate 1.22%
State Street Corporation Corporate 1.05%
Caterpillar Inc. Corporate 0.98%
Cisco Systems, Inc. Corporate 0.98%
Inter-American Development Bank Supras 0.98%
Deere & Company Corporate 0.98%
Bank of America Corporation Corporate 0.98%
Chase Issuance Trust ABS 0.98%
NVIDIA Corporation Corporate 0.98%
Honeywell International Inc. Corporate 0.97%
Amazon. com, Inc. Corporate 0.97%
Visa Inc. Corporate 0.96%
Abbott Laboratories Corporate 0.96%
BMW Vehicle Owner Trust ABS 0.91%
International Finance Corporation Supras 0.91%
Alphabet Inc. Corporate 0.74%
Blackrock, Inc. Corporate 0.68%
Merck & Co., Inc. Corporate 0.65%
Met Tower Global Funding Corporate 0.62%
Mercedes- Benz Auto Receivables Trust ABS 0.55%
Bank of America Credit Card Trust ABS 0.47%
Apple Inc. Corporate 0.46%
John Deere Owner Trust ABS 0.46%
22 ISSUERS
Danville Short Term Treasury Pool | Account #21 | As of June 30, 2026 Issuer Investment Type % Portfolio
Morgan Stanley Corporate 0.43%
JPMorgan Chase & Co. Corporate 0.40%
GM Financial Auto Leasing Trust ABS 0.40%
Money Market Fund Money Mkt Fd 0.34%
Honda Auto Receivables Owner Trust ABS 0.30%
Eli Lilly and Company Corporate 0.26%
BMW Vehicle Lease Trust ABS 0.24%
Toyota Auto Receivables Owner Trust ABS 0.13%
Cash Cash 0.00%
TOTAL 100. 00%
23 DURATION DISTRIBUTION
Danville Short Term Treasury Pool | Account #21 | As of June 30, 2026 Portfolio Compared to the Benchmark
0-.25 . 25-.5 . 5-1 1-2 2-3 3-4 4-5 5-7 7+
Portfolio 8.4% 6.4% 13. 6% 30. 1% 25.2% 16.4% 0.0% 0.0% 0.0% ICE BofA 1-3 Year US Treasury Index 0.0% 0.0% 4.0% 58. 3% 37.7% 0.0% 0.0% 0.0% 0.0% 24 QUALITY DISTRIBUTION
Danville Short Term Treasury Pool | Account #21 | As of June 30, 2026 S& P Rating Moody’ s Rating Fitch Rating
Rating 06/ 30/ 2026 03/ 31/ 2026
AAA 8.80% 9.06%
AA 78.81% 77.98%
A 11.09% 11.64%
NA 1.30% 1.31%
Rating 06/ 30/ 2026 03/ 31/ 2026
Aaa 7.76% 7.94%
Aa 82.76% 81.95%
A 7.72% 8.27%
NA 1.77% 1.84%
Rating 06/ 30/ 2026 03/ 31/ 2026
AAA 8.86% 9.09%
AA 74.00% 74.36%
A 2.94% 3.94%
NA 14.20% 12.61%
25 3 Months 12 Months 2 Years 3 Years 5 Years 10 Years Since Inception
TOTAL RATE OF RETURN
Danville ST Treasury Pool 0.48% 3.29% 4.57% 4.65% 2.30% 2.04% 3.41% Benchmark 0.39% 2.94% 4.30% 4.37% 1.94% 1.77% 3.14%
REALIZED RATE OF RETURN
Danville ST Treasury Pool 1.05% 4.26% 3.99% 3.52% 2.68% 2.18% 3.38% Periods over 1 year are annualized.
Benchmark: ICE BofA 1-3 Year US Treasury Index
Realized rate of return: A measure of a portfolio’ s return over time. It is the internal rate which equates the beginning book value of the portfolio with the ending book value; it includes interest earnings, realized gains and losses in the portfolio.
INVESTMENT PERFORMANCE
Danville Short Term Treasury Pool | Account #21 | As of June 30, 2026 Total and Realized Rate of Return : Inception | 04/ 01/ 1995
0.00%
0.50%
1.00%
1.50%
2.00%
2.50%
3.00%
3.50%
4.00%
4.50%
5.00%
3 months 12 months 2 years 3 years 5 years 10 years Since Inception Danville Short Term Treasury Pool Benchmark Realized Rate of Return 26 HISTORICAL AVERAGE PURCHASE YIELD
Danville Short Term Treasury Pool | Account #21 | As of June 30, 2026 Purchase Yield as of 06/ 30/ 26 = 4.23%
27 CONSOLIDATED INFORMATION
28 PORTFOLIO HOLDINGS
29 HOLDINGS REPORT
Danville Short Term Treasury Pool | Account #21 | As of June 30, 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, 974. 03
100. 19
4.34%
405, 752. 09
576. 68
0.40%
778. 06
NA/ AAA
AAA
1.65 0.50
05592XAD2
BMWOT 2023- A A3 5.47
02/ 25/ 2028
29, 931. 87
07/ 11/ 2023
5.47%
29,926. 56
29,929. 97
100. 33
4.10%
30, 030. 17
27.29 0.03%
100. 20
NA/ AAA
AAA
1.66 0.23
096912AD2
BMWLT 2025- 1 A3 4.43
06/ 26/ 2028
250, 000. 00
06/ 03/ 2025
4.82%
249, 994. 50
249, 996. 41
100. 13
4.31%
250, 315. 50
184. 58
0.24%
319. 09
NA/ AAA
AAA
1.99 0.80
89239FAD4 TAOT 2023- D A3 5.54 08/ 15/ 2028 132, 428. 97 11/07/ 2023
5.61%
132,414.70
132,422.59
100.63
4.41%
133,264.47
326.07
0.13%
841.88
NA/AAA
AAA
2.13 0.53
161571HT4 CHAIT 2023-1 A 5.16 09/15/2028 995,000.00
09/ 07/ 2023
5.23%
994, 724. 19
994, 878. 17
100. 25
3.96%
997, 506. 41
2,281. 87
0.98%
2,628. 23
NA/ AAA
AAA
2.21 0.20
096919AD7
BMWOT 2024-A A3 5.18
02/26/2029
260, 759. 56
06/04/ 2024
5.18%
260,719.95
260,737.21
100.51
4.33%
262,079.52
225.12
0.26%
1,342.31
Aaa/AAA
NA
2.66 0.56
05522RDJ4 BACCT 2024-1 A 4.93 05/ 15/ 2029 475,000.00
06/ 06/ 2024
4.93%
474, 973. 35
474, 984. 50
100. 65
4.21%
478, 066. 13
1,040. 78
0.47%
3,081. 63
Aaa/ AAA
NA
2.87 0.84
47800DAD6 JDOT 2025 A3 4.23 09/ 17/ 2029 470, 000. 00
03/ 04/ 2025
5.09%
469, 970. 44
469, 978. 98
99.88 4.35%
469, 417. 67
883. 60
0.46%
561. 31)
Aaa/ NA
AAA
3.22 1.47
096924AD7
BMWOT 2025- A A3 4.56
09/ 25/ 2029
635, 000. 00
02/ 04/ 2025
4.56%
634, 937. 45
634, 956. 15
100. 25
4.28%
636, 570. 36
482. 60
0.62%
1,614. 21
Aaa/ AAA
NA
3.24 0.77
437921AD1 HAROT 252 A3 4.15 10/ 15/ 2029 310, 000. 00
04/ 29/ 2025
4.15%
309, 965. 37
309, 974. 32
99.78 4.38%
309, 317. 69
571. 78
0.30%
656. 63)
Aaa/ NA
AAA
3.29 1.14
58773DAD6
MBART 2025- 1 A3 4.78
12/ 17/ 2029
560, 000. 00
01/ 14/ 2025
4.84%
559, 880. 89
559, 915. 78
100. 44
4.32%
562, 453. 92
1,189. 69
0.55%
2,538. 14
Aaa/ NA
AAA
3.47 0.86
Total ABS 4,523, 120. 40 4.90%
4,522, 459. 61
4,522, 748. 10
100. 26
4.23%
4,534, 773. 90
7,790. 05
4.44%
12, 025. 80
2.72 0.72
AGENCY
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
1,499,861.50
100.06
3.91%
1,500,931.50
25,687.50
1.47%
1,070.00
Aa1/AA+
AA+
0.12 0.12
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, 325. 02
100. 24
3.96%
1,002, 379. 00
5,652. 78
0.98%
2,053. 98
Aa1/ AA+
AA+
0.38 0.37
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, 489. 20
100. 44
4.14%
1,004, 379. 00
2,569. 44
0.98%
3,889. 80
Aa1/ AA+
AA+
0.95 0.91
30 HOLDINGS REPORT
Danville Short Term Treasury Pool | Account #21 | As of June 30, 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
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, 486. 00
100. 50
4.08%
1,507, 570. 50
16, 312. 50
1.47%
6,084. 50
Aa1/ AA+
AA+
1.26 1.20
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, 769. 18
100. 52
4.22%
1,759, 170. 00
10, 342. 01
1.72%
11,400. 82
Aa1/ AA+
AA+
1.38 1.31
3130ATUS4
FEDERAL HOME LOAN BANKS 4.25
12/ 10/ 2027
1,500, 000. 00
05/ 15/ 2023
3.66%
1,536, 930. 00
1,511, 660. 94
100. 08
4.19%
1,501, 125. 00
3,718. 75
1.47%
10,535. 94)
Aa1/ AA+
AA+
1.45 1.38
313382GT4
FEDERAL HOME LOAN BANKS 3.0
03/ 10/ 2028
2,000, 000. 00
05/ 07/ 2025
3.80%
1,957, 320. 00
1,974, 564. 86
98.03 4.22%
1,960, 646. 00
18, 500. 00
1.92%
13,918. 86)
Aa1/ AA+
AA+
1.70 1.61
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
1,502, 882. 44
99.50 4.16%
1,492, 566. 00
10, 656. 25
1.46%
10,316. 44)
Aa1/ AA+
AA+
1.82 1.72
3130AWC24
FEDERAL HOME LOAN BANKS 4.0
06/ 09/ 2028
1,500, 000. 00
07/ 06/ 2023
4.49%
1,467, 705. 00
1,487, 251. 03
99.69 4.17%
1,495, 365. 00
3,666. 67
1.46%
8,113. 97
Aa1/ AA+
AA+
1.94 1.84
3130AVBD3
FEDERAL HOME LOAN BANKS 4.5
03/ 09/ 2029
1,500, 000. 00
04/ 26/ 2024
4.74%
1,484, 775. 00
1,491, 572. 18
100. 70
4.22%
1,510, 495. 50
21, 000. 00
1.48%
18,923. 32
Aa1/ AA+
AA+
2.69 2.48
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, 606. 61
97.88 4.21%
1,468, 245. 00
16, 187. 50
1.44%
32,361. 61)
Aa1/ AA+
AA+
3.20 2.95
Total Agency 16, 250, 000. 00 4.23%
16,204,197.50
16,218,468.95
99.72 4.14%
16,202,872.50
134,293.40
15.85%
15,596.45)
1.59 1.50
AGENCY CMBS
3137BVZ82 FHMS K-063 A2 3.43 01/ 25/ 2027 983, 724. 29
06/ 06/ 2023
4.47%
949, 908. 77
978, 945. 45
99.47 4.18%
978, 552. 85
2,811. 81
0.96%
392. 59)
Aa1/ AA+
AAA
0.57 0.41
3137F2LJ3 FHMS K-066 A2 3.117 06/ 25/ 2027 984, 780. 09 05/ 18/ 2023
4.28%
944, 388. 72
975, 575. 26
98.95 4.19%
974, 402. 48
2,557. 97
0.95%
1,172. 78)
Aa1/ AA+
AAA
0.99 0.81
3137FBBX3 FHMS K-068 A2 3.244 08/ 25/ 2027 1,000, 000. 00 05/ 12/ 2023
3.98%
970, 820. 31
992, 482. 01
98.76 4.25%
987, 638. 00
2,703. 33
0.97%
4,844. 01)
Aaa/ AA+
AA+
1.15 1.04
3137FBU79 FHMS K-069 A2 3.187 09/ 25/ 2027 1,095, 075. 84 12/ 27/ 2023
4.27%
1,054, 309. 93
1,082, 104. 87
98.59 4.25%
1,079, 652. 79
2,908. 34
1.06%
2,452. 08)
Aa1/ AAA
AA+
1.24 1.16
3137FETN0 FHMS K-073 A2 3.35 01/ 25/ 2028 720, 000. 00
05/ 24/ 2023
4.34%
691, 987. 50
710, 829. 54
98.48 4.31%
709, 050. 96
2,010. 00
0.69%
1,778. 58)
Aa1/ AA+
AAA
1.57 1.39
3137F4D41 FHMS K-074 A2 3.6 01/ 25/ 2028 987, 771. 02
12/ 18/ 2024
4.45%
962, 999. 58
975, 452. 61
98.76 4.32%
975, 541. 43
2,963. 31
0.95%
88.81 Aa1/ AA+
AAA
1.57 1.45
31 HOLDINGS REPORT
Danville Short Term Treasury Pool | Account #21 | As of June 30, 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
3137FJEH8 FHMS K-081 A2 3.9 08/ 25/ 2028 1,000, 000. 00 09/ 05/ 2023
4.85%
957,968.75
982,097.37
98.79 4.41%
987,872.00
3,250.00
0.97%
5,774.63
Aa1/AA+
AAA
2.15 1.99
3137FJKE8 FHMS K-082 A2 3.92 09/25/2028 1,000,000.00
10/ 30/ 2023
5.31%
940, 742. 19
973, 375. 95
98.81 4.41%
988, 116. 00
3,266. 67
0.97%
14, 740. 05
Aa1/ AA+
AAA
2.24 2.02
3137FLMV3 FHMS K-090 A2 3.422 02/ 25/ 2029 1,000, 000. 00 03/ 27/ 2025
4.36%
966,015.62
977,085.37
97.42 4.43%
974,179.00
2,851.67
0.95%
2,906.37)
Aa1/ AAA
AA+
2.66 2.43
8,439, 141. 37 98. 68 8,655, 005. 51 8.47% 1.57
Total Agency CMBS 8,771,351.24 4.48% 8,647,948.42 4.31% 25,323.10 7,057.09 1.41 CASH
CCYUSD Receivable 1,267. 78 --
1,267. 78
1,267. 78
1.00 1,267. 78
0.00 0.00%
0.00 Aaa/ AAA
AAA
0.00 0.00
1,267. 78 1.00 1,267. 78 0.00% 0.00
Total Cash 1,267. 78 1,267. 78 0.00 0.00 0.00
CORPORATE
69371RS56
PACCAR FINANCIAL CORP 5.05
08/ 10/ 2026
515, 000. 00
08/ 03/ 2023
5.07%
514, 742. 50
514, 990. 60
100. 10
4.08%
515, 491. 31
10,186. 27
0.50%
500. 71
A1/ A+
NA
0.11 0.11
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, 021. 91
100. 08
4.82%
1,000, 791. 00
20, 415. 50
0.98%
769. 09
Aa2/ A+
AA
0.13 0.04
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. 44
4.50%
441, 922. 80
4,385. 36
0.43%
1,922. 80
Aa3/ A+
AA
0.33 0.24
438516BL9
HONEYWELL INTERNATIONAL INC
2.5 11/ 01/ 2026
1,000, 000. 00
01/ 11/ 2023
4.42%
933, 280. 00
994, 087. 49
99.42 4.25%
994, 184. 00
4,166. 67
0.97%
96.51 A2/ A
A
0.34 0.33
713448FW3 PEPSICO INC 5.125 11/ 10/ 2026 360, 000. 00
11/ 08/ 2023
5.13%
359, 902. 80
359, 988. 29
100. 30
4.25%
361, 071. 36
2,613. 75
0.35%
1,083. 07
A1/ A+
NA
0.36 0.27
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. 35
4.27%
406, 429. 25
1,322. 21
0.40%
1,429. 25
Aa2/ AAAA0.44
0.35 24422EXF1
JOHN DEERE CAPITAL CORP 4.5
01/ 08/ 2027
1,000, 000. 00
01/ 10/ 2024
4.53%
999, 220. 00
999, 863. 57
100. 16
4.18%
1,001, 610. 00
21, 625. 00
0.98%
1,746. 43
A1/ A
A+
0.53 0.50
17275RBQ4
CISCO SYSTEMS INC 4.8
02/ 26/ 2027
1,000, 000. 00 --
4.81%
999, 620. 00
999, 911. 00
100. 36
4.23%
1,003, 558. 00
16, 666. 67
0.98%
3,647. 00
A1/ AANA0.66
0.55 32
HOLDINGS REPORT
Danville Short Term Treasury Pool | Account #21 | As of June 30, 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
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. 50
4.27%
1,070, 321. 81
15, 214. 09
1.05%
5,321. 81
Aa3/ A
AA0.710.61
14913UAL4
CATERPILLAR FINANCIAL SERVICES
CORP 5.0 05/ 14/ 2027
1,000, 000. 00
05/ 15/ 2024
4.89%
1,002, 930. 00
1,000, 850. 56
100. 70
4.17%
1,006, 967. 00
6,527. 78
0.98%
6,116. 44
A1/ A
A+
0.87 0.84
09290DAH4 BLACKROCK INC 4.6 07/ 26/ 2027 690, 000. 00
07/ 17/ 2024
4.60%
689, 979. 30
689, 992. 63
100. 32
4.28%
692, 240. 43
13,665. 83
0.68%
2,247. 80
Aa3/ AANA1.07
0.94 023135BC9
AMAZON. COM INC 3.15
08/ 22/ 2027
1,000, 000. 00
07/ 10/ 2024
4.73%
954, 920. 00
983, 408. 33
98. 80
4.23%
988, 031. 00
11,287. 50
0.97%
4,622. 67
A1/ AA
AA1.151.10
92826CAH5 VISA INC 2.75 09/ 15/ 2027 1,000, 000. 00
08/ 19/ 2024
4.14%
960, 360. 00
984, 405. 67
98. 21
4.28%
982, 124. 00
8,097. 22
0.96%
2,281. 67)
Aa3/ AANA1.21
1.16 69371RT97
PACCAR FINANCIAL CORP 4.0
08/ 08/ 2028
540, 000. 00
08/ 04/ 2025
4.02%
539, 681. 40
539, 776. 46
99. 31
4.34%
536, 279. 94
8,580. 00
0.52%
3,496. 52)
A1/ A+
NA
2.11 1.96
02079KAV9 ALPHABET INC 3.875 11/ 15/ 2028 395, 000. 00
11/ 03/ 2025
3.91%
394, 660. 30
394, 733. 16
99. 10
4.28%
391, 431. 18
1,955. 80
0.38%
3,301. 98)
Aa2/ AA+
NA
2.38 2.23
58989V2M5
MET TOWER GLOBAL FUNDING
4.0 01/ 14/ 2029
645, 000. 00
01/ 07/ 2026
4.05%
644, 167. 95
644, 295. 49
98. 60
4.59%
635, 992. 58
11,968. 33
0.62%
8,302. 92)
Aa3/ AAAA2.54
2.34 713448GL6 PEPSICO INC 4.1 01/ 15/ 2029 1,000, 000. 00 07/ 29/ 2025
4.18%
997, 580. 00
998, 222. 78
99. 42
4.34%
994, 242. 00
18,905. 56
0.97%
3,980. 78)
A1/ A+
NA
2.54 2.34
06406RBN6
BANK OF NEW YORK MELLON
CORP 4.543 02/ 01/ 2029
1,250, 000. 00
02/ 12/ 2025
4.81%
1,240, 750. 00
1,245, 046. 17
100. 09
4.61%
1,251, 126. 25
23, 661. 46
1.22%
6,080. 08
Aa3/ A
AA2.591.48
02079KBJ5 ALPHABET INC 3.7 02/ 15/ 2029 370, 000. 00
02/ 09/ 2026
3.83%
368, 656. 90
368, 825. 70
98. 38
4.36%
363, 993. 79
5,247. 83
0.36%
4,831. 91)
Aa2/ AA+
NA
2.63 2.43
002824BR0
ABBOTT LABORATORIES 3.7
03/ 09/ 2029
1,000, 000. 00 --
3.75%
998, 478. 00
998, 636. 31
98. 08
4.46%
980, 849. 00
11,511. 11
0.96%
17,787. 31)
Aa3/ A+
NA
2.69 2.50
58933YBW4 MERCK & CO INC 3.85 03/ 15/ 2029 675, 000. 00 12/ 01/ 2025
3.90%
674, 001. 00
674, 175. 43
98. 78
4.33%
666, 766. 35
7,651. 88
0.65%
7,409. 08)
Aa3/ A+
NA
2.71 2.51
532457DK1 ELI LILLY AND CO 4.15 05/ 20/ 2029 270, 000. 00 05/06/2026
4.17%
269,840.70
269, 846. 80
99.48 4.34%
268,596.00
1,276. 13
0.26%
1,250. 80)
Aa3/AANA2.89
2.68 67066GAQ7 NVIDIA CORP 4.35 06/ 15/ 2029 1,000, 000. 00 --
4.39%
998, 795. 15
998, 806. 21
99. 70
4.46%
996, 987. 00
1,570. 83
0.98%
1,819. 21)
Aa1/ AA
NA
2.96 2.74
69371RU53
PACCAR FINANCIAL CORP 4.3
06/ 18/ 2029
460, 000. 00
06/ 16/ 2026
4.34%
459, 425. 00
459, 431. 82
99. 70
4.41%
458, 631. 50
714. 28
0.45%
800. 32)
A1/ A+
NA
2.97 2.75
037833DP2 APPLE INC 2.2 09/ 11/ 2029 500, 000. 00
03/ 05/ 2025
4.29%
457, 525. 00
469, 932. 85
93. 92
4.25%
469, 610. 00
3,361. 11
0.46%
322. 85)
Aaa/ AA+
NA
3.20 3.01
33 HOLDINGS REPORT
Danville Short Term Treasury Pool | Account #21 | As of June 30, 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 18, 580, 000. 00 4.56%
18,369, 876. 00
18,499, 249. 25
99. 47
4.35%
18, 479, 247. 53
232, 578. 16
18. 08%
20,001. 72)
1.53 1.35
MONEY MARKET
FUND
VP4530003 ALLSPRING: TRS+ MM I 343, 184. 32 --
3.55%
343,184.32
343,184.32
1.00 3.55%
343,184.32
0.00 0.34%
0.00 Aaa/ AAAm
AAA
0.00 0.00
Total Money Market
Fund 343, 184. 32 3.55%
343, 184. 32
343, 184. 32
1.00 3.55%
343, 184. 32
0.00 0.34%
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
924,474.41
100.15
4.09%
926,406.93
18,660.59
0.91%
1,932.51
Aaa/AAA
NA
0.54 0.52
4581X0EM6
INTER- AMERICAN DEVELOPMENT
BANK 4.375 02/ 01/ 2027
1,000, 000. 00
01/ 30/ 2024
4.23%
1,004, 020. 00
1,000, 788. 59
100. 18
4.06%
1,001, 770. 00
18, 229. 17
0.98%
981. 41
Aaa/ AAA
NA
0.59 0.56
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
1,479, 815. 44
98.71 4.17%
1,480, 623. 00
24, 645. 83
1.45%
807. 56
Aaa/ AAA
NA
2.03 1.91
Total Supranational 3,425, 000. 00 4.30%
3,382, 969. 50
3,405, 078. 45
99. 53
4.11%
3,408, 799. 93
61,535. 59
3.33%
3,721. 48
1.20 1.13
US TREASURY
91282CLB5
UNITED STATES TREASURY 4.375
07/ 31/ 2026
1,750, 000. 00
11/ 22/ 2024
4.40%
1,749, 179. 69
1,749, 959. 85
100. 05
3.67%
1,750, 915. 25
31, 936. 29
1.71%
955. 40
Aa1/ AA+
AA+
0.08 0.08
912828YG9
UNITED STATES TREASURY 1.625
09/ 30/ 2026
2,000, 000. 00
06/ 07/ 2023
4.09%
1,848, 984. 38
1,988, 633. 23
99.46 3.81%
1,989, 140. 00
8,169. 40
1.95%
506. 77
Aa1/ AA+
AA+
0.25 0.25
91282CJC6
UNITED STATES TREASURY 4.625
10/ 15/ 2026
1,750, 000. 00
02/ 20/ 2025
4.26%
1,759, 912. 11
1,751, 748. 23
100. 23
3.78%
1,754, 046. 00
17, 027. 83
1.72%
2,297. 77
Aa1/ AA+
AA+
0.29 0.29
91282CEF4
UNITED STATES TREASURY 2.5
03/ 31/ 2027
1,450, 000. 00
11/ 28/ 2022
4.00%
1,363, 566. 41
1,435, 084. 47
98.89 4.01%
1,433, 913. 70
9,112. 02
1.40%
1,170. 77)
Aa1/ AA+
AA+
0.75 0.73
91282CKJ9
UNITED STATES TREASURY 4.5
04/ 15/ 2027
2,000, 000. 00
05/ 17/ 2024
4.58%
1,995, 468. 75
1,998, 768. 87
100. 36
4.02%
2,007, 246. 00
18, 934. 43
1.96%
8,477. 13
Aa1/ AA+
AA+
0.79 0.76
34 HOLDINGS REPORT
Danville Short Term Treasury Pool | Account #21 | As of June 30, 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
91282CFB2
UNITED STATES TREASURY 2.75
07/ 31/ 2027
2,000,000.00
06/ 21/ 2024
4.46%
1,901, 875. 00
1,965, 760. 27
98. 54
4.15%
1,970, 704. 00
22,941. 99
1.93%
4,943. 73
Aa1/ AA+
AA+
1.08 1.04
91282CFH9
UNITED STATES TREASURY 3.125
08/ 31/ 2027
1,600, 000. 00
01/ 20/ 2023
3.59%
1,568, 437. 50
1,592, 001. 41
98. 86
4.13%
1,581, 750. 40
16,711. 96
1.55%
10,251. 01)
Aa1/ AA+
AA+
1.17 1.12
91282CFM8
UNITED STATES TREASURY 4.125
09/ 30/ 2027
1,250, 000. 00
03/ 08/ 2023
4.44%
1,234, 130. 86
1,245, 653. 86
99. 97
4.14%
1,249, 658. 75
12,961. 07
1.22%
4,004. 89
Aa1/ AA+
AA+
1.25 1.19
91282CGH8
UNITED STATES TREASURY 3.5
01/ 31/ 2028
1,300, 000. 00
10/ 17/ 2024
3.90%
1,284, 105. 47
1,292, 330. 89
98. 97
4.18%
1,286, 594. 40
18,979. 28
1.26%
5,736. 49)
Aa1/ AA+
AA+
1.59 1.50
9128283W8
UNITED STATES TREASURY 2.75
02/ 15/ 2028
1,500, 000. 00
09/ 27/ 2024
3.51%
1,464, 140. 63
1,482, 724. 68
97. 79
4.17%
1,466, 836. 50
15,497. 24
1.43%
15,888. 18)
Aa1/ AA+
AA+
1.63 1.55
91282CGT2
UNITED STATES TREASURY 3.625
03/ 31/ 2028
1,000, 000. 00
11/ 08/ 2024
4.19%
982, 343. 75
990, 864. 50
99. 09
4.17%
990, 859. 00
9,112. 02
0.97%
5.50)
Aa1/ AA+
AA+
1.75 1.66
91282CHE4
UNITED STATES TREASURY 3.625
05/ 31/ 2028
1,750, 000. 00
12/ 30/ 2024
4.33%
1,711, 445. 31
1,728, 357. 43
99. 02
4.16%
1,732, 773. 00
5,373. 12
1.69%
4,415. 57
Aa1/ AA+
AA+
1.92 1.82
91282CHX2
UNITED STATES TREASURY 4.375
08/ 31/ 2028
1,000, 000. 00
12/ 13/ 2024
4.25%
1,004, 101. 56
1,002, 399. 14
100. 42
4.17%
1,004, 219. 00
14,622. 96
0.98%
1,819. 86
Aa1/ AA+
AA+
2.17 2.02
91282CNY3
UNITED STATES TREASURY 3.375
09/ 15/ 2028
2,000, 000. 00
09/ 29/ 2025
3.64%
1,985, 468. 75
1,989, 151. 97
98. 34
4.17%
1,966, 718. 00
19,809. 78
1.92%
22,433. 97)
Aa1/ AA+
AA+
2.21 2.08
91282CPC9
UNITED STATES TREASURY 3.5
10/ 15/ 2028
2,000, 000. 00
11/ 10/ 2025
3.58%
1,995, 468. 75
1,996, 448. 82
98. 54
4.17%
1,970, 860. 00
14,726. 78
1.93%
25,588. 82)
Aa1/ AA+
AA+
2.29 2.16
91282CDF5
UNITED STATES TREASURY 1.375
10/ 31/ 2028
2,000, 000. 00
09/ 16/ 2025
3.50%
1,875, 546. 88
1,906, 878. 50
93. 83
4.18%
1,876, 640. 00
4,633. 15
1.84%
30,238. 50)
Aa1/ AA+
AA+
2.34 2.25
9128285M8
UNITED STATES TREASURY 3.125
11/ 15/ 2028
1,800, 000. 00
04/ 10/ 2024
4.66%
1,687, 078. 13
1,741, 482. 88
97. 66
4.17%
1,757, 953. 80
7,184. 10
1.72%
16, 470. 92
Aa1/ AA+
AA+
2.38 2.25
91282CEM9
UNITED STATES TREASURY 2.875
04/ 30/ 2029
2,000, 000. 00
10/ 27/ 2025
3.56%
1,955, 234. 38
1,963, 837. 77
96. 58
4.17%
1,931, 640. 00
9,687. 50
1.89%
32,197. 77)
Aa1/ AA+
AA+
2.83 2.67
91282CES6
UNITED STATES TREASURY 2.75
05/ 31/ 2029
1,200, 000. 00
09/05/2024
3.60%
1,155,984.38
1,172, 872. 32
96.16 4.16%
1,153,922.40
2,795. 08
1.13%
18,949. 92)
Aa1/AA+
AA+
2.92 2.76
91282CLC3
UNITED STATES TREASURY 4.0
07/ 31/ 2029
1,500, 000. 00
10/ 29/ 2024
4.10%
1,493, 320. 31
1,495, 662. 44
99. 52
4.17%
1,492, 851. 00
25,027. 62
1.46%
2,811. 44)
Aa1/ AA+
AA+
3.08 2.82
91282CFJ5
UNITED STATES TREASURY 3.125
08/ 31/ 2029
2,000, 000. 00
03/ 05/ 2025
4.06%
1,923, 750. 00
1,946, 173. 73
96. 91
4.17%
1,938, 282. 00
20,889. 95
1.90%
7,891. 73)
Aa1/ AA+
AA+
3.17 2.94
91282CFY2
UNITED STATES TREASURY 3.875
11/ 30/ 2029
2,000, 000. 00
06/ 03/ 2025
4.01%
1,989, 140. 63
1,991, 736. 28
99. 04
4.18%
1,980, 704. 00
6,564. 21
1.94%
11,032. 28)
Aa1/ AA+
AA+
3.42 3.15
35 HOLDINGS REPORT
Danville Short Term Treasury Pool | Account #21 | As of June 30, 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
91282CGB1
UNITED STATES TREASURY 3.875
12/ 31/ 2029
2,000, 000. 00
07/ 30/ 2025
3.91%
1,996, 875. 00
1,997, 523. 62
99. 02
4.18%
1,980, 312. 00
210. 60
1.94%
17, 211. 62)
Aa1/ AA+
AA+
3.50 3.24
91282CGJ4
UNITED STATES TREASURY 3.5
01/ 31/ 2030
1,300, 000. 00
02/ 25/ 2026
3.55%
1,297, 562. 50
1,297, 774. 83
97. 75
4.18%
1,270, 800. 70
18,979. 28
1.24%
26, 974. 13)
Aa1/ AA+
AA+
3.59 3.28
91282CGQ8
UNITED STATES TREASURY 4.0
02/ 28/ 2030
2,000, 000. 00
06/ 18/ 2026
4.22%
1,985, 312. 50
1,985, 399. 80
99. 39
4.18%
1,987, 890. 00
26,739. 13
1.94%
2,490. 20
Aa1/ AA+
AA+
3.67 3.33
91282CGZ8
UNITED STATES TREASURY 3.5
04/ 30/ 2030
2,000, 000. 00
12/ 09/ 2025
3.75%
1,979, 531. 25
1,982, 124. 98
97. 58
4.19%
1,951, 562. 00
11,793. 48
1.91%
30, 562. 98)
Aa1/ AA+
AA+
3.83 3.52
91282CHF1
UNITED STATES TREASURY 3.75
05/ 31/ 2030
2,000, 000. 00
04/ 28/ 2026
3.94%
1,985, 781. 25
1,986, 372. 11
98. 42
4.19%
1,968, 360. 00
6,352. 46
1.93%
18,012. 11)
Aa1/ AA+
AA+
3.92 3.59
91282CHR5
UNITED STATES TREASURY 4.0
07/ 31/ 2030
2,000, 000. 00
03/ 24/ 2026
4.01%
1,998, 828. 13
1,998, 896. 24
99. 27
4.19%
1,985, 468. 00
33,370. 17
1.94%
13, 428. 24)
Aa1/ AA+
AA+
4.08 3.67
91282CPA3
UNITED STATES TREASURY 3.625
09/ 30/ 2030
1,250, 000. 00
01/ 29/ 2026
3.79%
1,241, 455. 08
1,242, 217. 30
97. 80
4.20%
1,222, 461. 25
11,390. 03
1.20%
19, 756. 05)
Aa1/ AA+
AA+
4.25 3.86
91282CPD7
UNITED STATES TREASURY 3.625
10/ 31/ 2030
2,000, 000. 00
05/ 05/ 2026
4.05%
1,965, 078. 13
1,966, 271. 31
97. 74
4.20%
1,954, 844. 00
12,214. 67
1.91%
11, 427. 31)
Aa1/ AA+
AA+
4.34 3.94
Total US Treasury 51,400, 000. 00 4.00%
50,379, 107. 47
50,885, 111. 73
98. 48
4.12%
50,609, 925. 15
433, 747. 60
49.50%
275, 186. 58)
2.38 2.21
Total Portfolio 103, 293, 923. 74 4.23%
101, 642, 203. 55
102, 523, 057. 00
98. 66
4.18%
102, 235, 076. 61
895, 267. 89
100. 00%
287, 980. 38)
2.00 1.76
Total Market Value +
Accrued 103, 130, 344. 51
36 TRANSACTIONS
37 TRANSACTION LEDGER
Danville Short Term Treasury Pool | Account #21| 04/ 01/ 2026 Through 06/ 30/ 2026| Transaction
Type
Settlement
Date
CUSIP Quantity Security Description Price
Acq/ Disp
Yield
Amount
Interest Pur/
Sold
Total Amount Gain/ Loss
ACQUISITIONS
Purchase 04/ 30/ 2026 91282CHF1 2,000, 000. 00
UNITED STATES
TREASURY 3.75
05/ 31/ 2030
99.289 3.94%( 1,985, 781. 25)( 31,112. 64)( 2,016, 893. 89) 0.00 Purchase 05/ 06/ 2026 91282CPD7 2,000, 000. 00
UNITED STATES
TREASURY 3.625
10/ 31/ 2030
98.254 4.05%( 1,965, 078. 13)( 1,182. 07)( 1,966, 260. 20) 0.00 Purchase 05/ 20/ 2026 532457DK1 270, 000. 00
ELI LILLY AND CO 4.15
05/ 20/ 2029
99.941 4.17%( 269, 840. 70) 0.00 ( 269, 840. 70) 0.00
Purchase 06/ 18/ 2026 67066GAQ7 645, 000. 00
NVIDIA CORP 4.35
06/ 15/ 2029
99.953 4.37%( 644, 696. 85) 0.00 ( 644, 696. 85) 0.00
Purchase 06/ 18/ 2026 69371RU53 460, 000. 00
PACCAR FINANCIAL
CORP 4.3 06/ 18/ 2029
99.875 4.34%( 459, 425. 00) 0.00 ( 459, 425. 00) 0.00
Purchase 06/ 22/ 2026 67066GAQ7 355, 000. 00
NVIDIA CORP 4.35
06/ 15/ 2029
99.746 4.44%( 354, 098. 30)( 171. 58)( 354, 269. 88) 0.00 Purchase 06/ 23/ 2026 91282CGQ8 2,000, 000. 00
UNITED STATES
TREASURY 4.0
02/ 28/ 2030
99.266 4.22%( 1,985, 312. 50)( 25,000. 00)( 2,010, 312. 50) 0.00 Total Purchase 7,730, 000. 00 ( 7,664, 232. 73)( 57, 466. 29)( 7,721, 699. 02) 0.00 TOTAL
ACQUISITIONS 7,730, 000. 00 ( 7,664, 232. 73)( 57, 466. 29)( 7,721, 699. 02) 0.00
DISPOSITIONS
Maturity 04/ 30/ 2026 9128286S4 ( 1,600, 000. 00)
UNITED STATES
TREASURY 2.375
04/ 30/ 2026
100. 000 3.42% 1,600, 000. 00 0.00 1,600, 000. 00 0.00
Maturity 06/18/2026 89236TJK2 ( 1,000,000.00)
TOYOTA MOTOR
CREDIT CORP 1.125
06/ 18/ 2026
100.000 4.68% 1,000,000.00 0.00 1,000,000.00 0.00
Maturity 06/ 23/ 2026 3133EPNG6 ( 2,000, 000. 00)
FEDERAL FARM CREDIT
BANKS FUNDING CORP
4.375 06/ 23/ 2026
100. 000 4.42% 2,000, 000. 00 0.00 2,000, 000. 00 0.00
Total Maturity ( 4,600, 000. 00) 4,600, 000. 00 0.00 4,600, 000. 00 0.00 38 TRANSACTION LEDGER
Danville Short Term Treasury Pool | Account #21| 04/ 01/ 2026 Through 06/ 30/ 2026| Transaction
Type
Settlement
Date
CUSIP Quantity Security Description Price
Acq/ Disp
Yield
Amount
Interest Pur/
Sold
Total Amount Gain/ Loss
Sale 05/ 06/ 2026 912828X88 ( 2,000, 000. 00)
UNITED STATES
TREASURY 2.375
05/ 15/ 2027
98.551 4.01% 1,971, 015. 63 22, 569. 06 1,993, 584. 69 2,872. 46 Total Sale ( 2,000, 000. 00) 1,971, 015. 63 22, 569. 06 1,993, 584. 69 2,872. 46 TOTAL
DISPOSITIONS ( 6,600, 000. 00) 6,571, 015. 63 22, 569. 06 6,593, 584. 69 2,872. 46 39 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. 40 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. 41 Supplement to Quarterly Investment Report
Town Managed Cash Account
Average Average
Maturity Yield Cost
Town Funds 0 3.811% 27,179,100
Trust Fund 0 3.811% 1,878,363
Community Development Agency DS/Successor Agency 0 3.811% 97,918 NERIAD 0 3.811%( 161,615)
Total LAIF Funds Managed by the Town 28,993,765$
LAIF Funds Managed by the Town
Local Agency Investment Fund)
May 2026
12.1