10,272,506 10,272,506 10,272,506 State of California LAIF Pool 58,785,636 58,905,647 58,785,636 0.70 4.434% California CLASS 104,183,400 104,184,724 104,183,400 4.639% Investments 242,802,120 240,535,931 245,458,034 2.40 3.500% 2.32 416,043,662 413,898,808 418,699,576 Total Funds with Fiscal Agents 2,000,650
Total Investment Portfolio 415,899,458
1. I hereby certify that the investments are in compliance with the investment policy adopted by the City Council. There are no items of non-compliance for this period.
3. The market value for LAIF is provided by the State Treasurer's Office.
4. The market values for investments held by fiscal agents are provided by each respective trustee or fiscal agent.
5. The value of LAIF incorporates accrued interest receivable provided by the City's investment advisors.
6. The City has the ability to meet its budgeted expenditures for the next six months pending any future action by City Council or any unforeseen catastrophic event. /S/ Launa Jimenez
Assistant City Manager (Administration)
Chief
Financial Officer/City Treasurer
CITY OF MORENO VALLEY
Treasurer's Cash and Investments Report
December 2024
Bank Accounts
2. The market values for the investments in the General Portfolio are provided by the City's investment advisors.
Par Value
Average Maturity
(in years)
Average Yield
to Maturity
Average
Duration
(in years)Cost Value Market ValueGeneral Portfolio
CITY OF MORENO VALLEY
Treasurer's Cash and Investments Report
Asset Balance (par) Avg YTM (2) Balance Yield Balance Yield Asset Balance (par) Investment
Portfolio (4)
Benchmark 1-5
Gov(5)
Jan 22 294,969,319 0.94% 92,358,252 0.234% 195,595,521 1.30% -1.88% -1.92% Feb 22 324,897,541 0.98% 107,358,252 0.278% 205,732,226 1.34% -2.02% -2.01% Mar 22 325,131,296 0.99% 107,658,252 0.365% 206,012,398 1.35% -3.64% -3.70% Apr 22 324,515,844 1.06% 107,738,556 0.523% 206,412,804 1.36% -4.72% -4.76% May 22 346,565,395 1.12% 115,338,556 0.684% 216,762,042 1.40% -4.39% -4.33% Jun 22 383,476,803 1.19% 162,579,173 0.861% 217,107,439 1.40% -4.79% -4.74% Jul 22 369,199,807 1.28% 141,304,379 1.090% 217,349,391 1.44% -4.38% -4.36% Aug 22 370,452,358 1.41% 146,304,379 1.276% 217,602,629 1.48% -5.38% -5.50% Sep 22 372,470,167 1.54% 151,304,379 1.513% 217,877,998 1.51% -6.67% -6.91% Oct 22 380,053,901 1.69% 149,798,931 1.772% 218,428,420 1.59% -6.48% -6.66% Nov 22 376,300,861 1.80% 145,798,931 2.007% 218,675,380 1.60% -5.30% -5.59% Dec 22 373,294,517 1.93% 150,798,931 2.173% 219,057,237 1.62% -4.99% -5.30% Jan 23 384,155,072 2.10% 148,573,248 2.425% 229,475,983 1.67% -3.15% -3.36% Feb 23 396,819,683 2.18% 153,573,248 2.624% 229,652,364 1.75% -3.61% -4.07% Mar 23 385,367,736 2.41% 139,573,248 2.831% 240,071,115 1.81% -0.25% -0.40% Apr 23 392,130,838 2.50% 133,568,086 2.870% 250,640,411 1.89% 1.11% 0.96% May 23 393,035,454 2.59% 117,568,086 2.993% 260,980,803 1.97% 0.10% -0.20% Jun 23 401,600,214 2.89% 124,116,027 3.167% 272,037,037 2.07% 0.25% -0.24% Jul 23 392,167,170 2.92% 107,575,030 3.296% 272,444,923 2.14% -0.17% -0.65% Aug 23 367,750,075 2.97% 84,575,030 3.434% 273,304,577 2.21% 1.22% 0.86% Sep 23 371,172,113 3.16% 93,575,029 3.534% 273,977,067 2.35% 2.56% 2.30% Oct 23 382,761,429 3.22% 99,466,248 3.670% 274,376,978 2.41% 2.89% 2.60% Nov 23 375,964,757 3.31% 97,466,247 3.843% 274,739,732 3.15% 3.31% 2.99% Dec 23 379,752,092 3.34% 97,466,248 3.929% 275,892,133 3.22% 4.70% 4.48% Jan 24 403,275,278 3.28% 102,929,639 4.012% 276,491,973 3.30% 4.11% 3.73% Feb 24 410,683,320 2.68% 57,128,309 5.440% 73,426,639 4.122% 255,895,778 3.18% 4.52% 4.25% Mar 24 406,671,661 2.48% 97,009,278 5.421% 46,944,639 4.232% 256,449,339 3.18% 3.32% 2.68% Apr 24 413,609,042 2.75% 112,466,448 5.403% 51,606,298 4.272% 240,926,798 3.16% 2.18% 1.48% May 24 423,061,594 3.93% 116,998,580 5.394% 54,171,701 4.332% 241,222,841 3.28% 3.52% 2.92% Jun 24 444,453,315 4.14% 143,599,410 5.401% 54,370,062 4.480% 242,404,341 3.36% 4.72% 4.34% Jul 24 433,779,644 4.02% 128,217,474 5.421% 46,591,572 4.516% 243,076,785 3.45% 5.94% 5.53% Aug 24 420,957,381 4.17% 121,778,896 5.408% 51,775,182 4.579% 243,407,598 3.52% 6.72% 6.32% Sep 24 418,778,861 4.23% 123,809,968 5.260% 46,707,596 4.575% 243,803,060 3.52% 8.03% 7.66% Oct 24 411,884,911 4.10% 113,310,716 5.004% 52,916,393 4.518% 244,222,753 3.62% 6.84% 6.44% Nov 24 412,552,657 4.00% 113,759,060 4.827% 49,100,233 4.477% 244,697,572 3.61% 5.65% 5.22% Dec 24 418,699,576 3.83% 104,183,400 4.639% 58,785,636 4.434% 245,458,034 3.50% 3.94% 3.58% Notes:
PORTFOLIO PERFORMANCE - 36 MONTH TREND
Period
Total General Portfolio (1) Local Agency Investment Fund (LAIF) Chandler Asset Management (CAM) Rate of Return (3)
Weighted Avg
YTM (2)
California CLASS
(1) Total General Portfolio includes all assets that comprise the City's Investment Portfolio which is LAIF, California CLASS, as well as assets managed by Chandler Asset Management. (2) Yield to Maturity (YTM): The rate of return on an investment or security if it were to be held until maturity. This yield does not reflect changes in the market value of a security. (4) The Rate of Return for the investment portfolio reflects the performance of the portfolio during the past twelve months. (5) The portfolio benchmark is the ICE Bank of America-Merrill Lynch 1 to 5 year Government Index. (3) Rate of Return represents the gain or loss on an investment or portfolio of investments over a specified period, expressed as a percentage of increase over the initial investment cost. Gains on investments are considered to be any income received from the security or portfolio plus any realized capital gain. This measure of return recognizes the changes in market values of a security or portfolio of securities.
CITY OF MORENO VALLEY
Treasurer's Cash and Investments Report
10/1/2023
########
260817451 273977067
0 /S/ Launa Jimenez
45230 2014136
PORTFOLIO CHARACTERISTICS
The portfolio invested in LAIF and California CLASS represents the City's immediate cash liquidity needs and is managed by City staff in a manner to fund the day to day operations of the City.
The portfolio managed by Chandler is comprised of idle cash balances related to funds that generally expect to expend cash with the next 12 to 60 months. 10 30
50 70
90 110
130
150
170
190
210
230
250
270
290
310
330
350
370
390
410
430
450
Millions
Portfolio Balances Trend ($)
LAIF
Chandler
CA Class
$
-8.0%
-6.0%
-4.0%
-2.0%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
Benchmark Comparison
Ice BAML Government 1-5 Index City Portfolio
0.00%
0.25%
0.50%
0.75%
1.00%
1.25%
1.50%
1.75%
2.00%
2.25%
2.50%
2.75%
3.00%
3.25%
3.50%
3.75%
4.00%
4.25%
4.50%
4.75%
5.00%
5.25%
5.50%
5.75%
Avg Yield to Maturity Trend
LAIF Chandler CA Class
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Portfolio Balances Trend (%)
LAIF
Chandler
CA Class
CITY OF MORENO VALLEY
Treasurer's Cash and Investments Report
Trustee Bond Description Investment Type Issuer Value Date Maturity Date Market Value Stated
Rate Yield Price
% of of
Portfolio
Wells Fargo 2014 Partial Refunding of the 2005 Lease Revenue Bonds Money Market WF Government Fund 12/31/2024 1/1/2025 $ 1,553 0.03% 0.03% 1.00 0.08% Wells Fargo 2017 Refunding of the 2007 RDA TABs Money Market WF Government Fund 12/31/2024 1/1/2025 $ 3,876 0.02% 0.02% 1.00 0.19% Wells Fargo 2019 Taxable Lease Revenue Bonds (Electric Utility) Money Market WF Government Fund 12/31/2024 1/1/2025 $ 1,970,810 0.02% 0.02% 1.00 98.51% Wilmington Trust 2020 Taxable Refunding of the 2013 TRIP COPs Money Market Federated Hermes Gov Fund 12/31/2024 1/1/2025 $ 10,847 0.03% 0.03% 1.00 0.54% Wilmington Trust 2024 Taxable Lease Revenue Refunding Bond Series Money Market Federated Hermes Gov Fund 12/31/2024 1/1/2025 $ 12,998 0.03% 0.03% 1.00 0.65% Wells Fargo 2021 Taxable Refunding Lease Revenue Bonds (Electric Utility) Money Market WF Government Fund 12/31/2024 1/1/2025 $ 566 0.02% 0.02% 1.00 0.03% Total 2,000,650$ 100%
Trustee Bond Description Construction fund Debt Service Reserve & Other Total Wells Fargo 2014 Partial Refunding of the 2005 Lease Revenue Bonds $0 $1,553 $0 $1,553 Wells Fargo 2017 Refunding of the 2007 RDA TABs $0 $3,876 $0 $3,876 Wells Fargo 2019 Taxable Lease Revenue Bonds (Electric Utility) $1,955,255 $15,555 ` $1,970,810 Wilmington Trust 2020 Taxable Refunding of the 2013 TRIP COPs $0 $10,847 $0 $10,847 Wilmington Trust 2024 Taxable Lease Revenue Refunding Bond Series $0 $12,998 $0 $12,998 Wells Fargo 2021 Taxable Refunding Lease Revenue Bonds (Electric Utility) $0 $566 $0 $ 566 Total $1,955,255 $45,395 $0 $2,000,650
FUNDS WITH FISCAL AGENTS
By Investment Type
By Fund Purpose
CITY OF MORENO VALLEY
Treasurer's Cash and Investments Report
Account Name Account Number Investment Issuer Value Date Maturity Date Market Value Stated
Rate Yield Price
% of of
Portfolio
Wells Fargo 2014 Partial Refunding of the 2005 Lease Revenue Bonds Revenue fund 83478300 Money Market WF Gov Fund 12/31/24 01/01/25 1,476 0.03% 0.03% 1.000 0.074% Interest fund 83478301 Money Market WF Gov Fund 12/31/24 01/01/25 77 0.00% 0.00% 1.000 0.004% Principal fund 83478302 Money Market WF Gov Fund 12/31/24 01/01/25 - 0.00% 0.00% 0.000 0.000% 1,553
Wells Fargo 2017 Refunding of the 2007 RDA TABs
Income fund 49150300 Money Market WF Gov Fund 12/31/24 01/01/25 3,876 0.02% 0.02% 1.000 0.194% Interest fund 49150301 Money Market WF Gov Fund 12/31/24 01/01/25 - 0.00% 0.00% 0.000 0.000% Reserve fund 49150304 Money Market WF Gov Fund 12/31/24 01/01/25 - 0.00% 0.00% 0.000 0.000% 3,876
Wells Fargo 2019 Taxable Lease Revenue Bonds (Electric utility) Revenue fund 83056100 Money Market WF Gov Fund 12/31/24 01/01/25 15,555 0.02% 0.02% 1.000 0.777% Interest fund 83056101 Money Market WF Gov Fund 12/31/24 01/01/25 - 0.00% 0.00% 0.000 0.000% Construction fund 83056103 Money Market WF Gov Fund 12/31/24 01/01/25 1,955,255 0.02% 0.02% 1.000 97.731% Reserve Fund 83056105 Money Market WF Gov Fund 12/31/24 01/01/25 - 0.00% 0.00% 0.000 0.000% 1,970,810
Wilmington Trust 2020 Taxable Refunding of the 2013 TRIP COPs Revenue fund 143629-000 Money Market Federated Gov Obl Fund 12/31/24 01/01/25 415 0.03% 0.03% 1.000 0.021% Interest fund 143629-001 Money Market Federated Gov Obl Fund 12/31/24 01/01/25 1 0.03% 0.03% 1.000 0.000% Principal fund 143629-002 Money Market Federated Gov Obl Fund 12/31/24 01/01/25 679 0.03% 0.03% 1.000 0.034% Reserve fund 143629-003 Money Market Federated Gov Obl Fund 12/31/24 01/01/25 - 0.00% 0.00% 0.000 0.000% Admin fund 143629-004 Money Market Federated Gov Obl Fund 12/31/24 01/01/25 899 0.03% 0.03% 1.000 0.045% Surplus fund 143629-005 Money Market Federated Gov Obl Fund 12/31/24 01/01/25 - 0.00% 0.00% 0.000 0.000% Interest fund 144078-003 Money Market Federated Gov Obl Fund 12/31/24 01/01/25 8,853 0.03% 0.03% 1.000 0.443% 10,847
Wilmington Trust 2024 Taxable Lease Revenue Refunding Bonds Series Revenue fund 171784-000 Money Market Federated Gov Obl Fund 12/31/24 01/01/25 - 0.03% 0.03% 1.000 0.000% Interest fund 171784-001 Money Market Federated Gov Obl Fund 12/31/24 01/01/25 - 0.03% 0.03% 1.000 0.000% Principal fund 171784-002 Money Market Federated Gov Obl Fund 12/31/24 01/01/25 - 0.03% 0.03% 1.000 0.000% Redemption FD 171784-003 Money Market Federated Gov Obl Fund 12/31/24 01/01/25 - 0.00% 0.00% 0.000 0.000% Reserve FD 171784-004 Money Market Federated Gov Obl Fund 12/31/24 01/01/25 - 0.03% 0.03% 1.000 0.000% Cost of Issuance 171784-005 Money Market Federated Gov Obl Fund 12/31/24 01/01/25 12,998 0.00% 0.00% 0.000 0.650% Proceeds 171784-006 Money Market Federated Gov Obl Fund 12/31/24 01/01/25 - 0.03% 0.03% 1.000 0.000% 12,998
Wells Fargo 2021 Taxable Refunding Lease Revenue Bonds (Electric Utility) Revenue fund 83056107 Money Market WF Gov Fund 12/31/24 01/01/25 566 0.02% 0.02% 1.000 0.028% Interest fund 83056108 Money Market WF Gov Fund 12/31/24 01/01/25 - 0.00% 0.00% 0.000 0.000% Principal fund 83056109 Money Market WF Gov Fund 12/31/24 01/01/25 - 0.00% 0.00% 0.000 0.000% Reserve fund 83056111 Money Market WF Gov Fund 12/31/24 01/01/25 - 0.00% 0.00% 0.000 0.000% 566
Totals 2,000,650 100.000%
Type Summary of Bond Proceeds with Fiscal Agents
1 Construction Funds 1,955,255
2 Principal & Interest Accounts 45,395
3 Debt Service Reserve Funds -
4 Custody Accounts -
5 Arbitrage Rebate Accounts -
6 Other Accounts -
Total Fiscal Agent Funds 2,000,650
FUNDS WITH FISCAL AGENTS
Construction Funds
Total Fiscal Agent Funds
Principal & Interest Accounts
Debt Service Reserve Funds
Custody Accounts
Arbitrage Rebate Accounts
Other Accounts
MONTHLY ACCOUNT STATEMENT
City of Moreno Valley / As of December 31, 2024
CHANDLER ASSET MANAGEMENT | 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.
Chandler Team:
For questions about your account, please call (800) 317-4747, or contact [email protected]
Custodian:
US Bank
City of Moreno Valley | As of December 31, 2024
Execution Time: 01/03/2025 05:42:02 PM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747
PORTFOLIO SUMMARY
Portfolio Characteristics
Sector Allocation
Performance Review
Account Summary
Maturity Distribution
Top Issuers
Credit Quality
Total Rate of Return 1M 3M YTD 1YR 2YRS 3YRS 5YRS 10YRS Since Inception (06/01/10)
City of Moreno Valley (0.15%) (0.73%) 3.94% 3.94% 4.31% 1.12% 1.38% 1.65% 1.70% Benchmark Return* (0.07%) (0.76%) 3.42% 3.42% 3.86% 0.74% 1.05% 1.37% 1.39% Secondary Benchmark Return* (0.07%) (0.72%) 3.58% 3.58% 4.03% 0.82% 1.14% 1.47% 1.53% Average ModifiedDuration 2.32
Average Coupon 2.89%
Av
erage Purchase YTM 3.50%
Average Market YTM 4.45%
Average Quality AA+
Average Final Maturity 2.67
Average Life 2.40
Beg. Values as of
12/01/2024
End Values as of
12/31/2024
Market Value 212,948,150.14 240,535,405.98
Accrued Int
erest 1,416,153.19 1,321,229.00
Total Market Value 214,364,303.33 241,856,634.98
Income Earned 401,628.18 829,992.63
Cont/WD 0.00 27,737,763.27
Par 216,959,809.06 245,457,509.47
Book Value 215,159,376.99 243,625,526.38
Cost Value 214,401,870.19 242,801,594.84
Government of The United States 43.59%
FHLMC 14.07%
FNMA 3.79%
International Bank for Recon and Dev 2.28%
International Finance Corporation 1.48%
American Express Credit Master Trust 1.46%
Realty Income Corporation 1.43%
Inter-American Development Bank 1.37%
*Periods over 1 year are annualized.
Benchmark: ICE BofA 1-5 Year Unsubordinated US Treasury & Agency Index Secondary Benchmark: ICE BofA 1-5 Year AAA-A Corp/Govt *See Footnote
The credit quality is a weighted average calculation of the highest of S&P , Moody’s and Fitch
City of Moreno Valley | As of December 31, 2024
Execution Time: 01/03/2025 05:42:02 PM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747
STATEMENT OF COMPLIANCE
Rules Name Limit Actual Compliance
Status Notes
AGENCY MORTGAGE SECURITIES (CMOS)
Max % (MV) 20.0 11.3 Compliant
Max Maturity (Years) 5.0 4.1 Compliant
ASSET-BACKED SECURITIES (ABS)
Max % (MV) 20.0 6.9 Compliant
Max % Issuer (MV) 5.0 1.5 Compliant
Max Maturity (Years) 5 4 Compliant
Min Rating (AA- 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
CERTIFICATE OF DEPOSIT PLACEMENT SERVICE (CDARS)
Max % (MV) 30.0 0.0 Compliant
Max % Issuer (MV) 5.0 0.0 Compliant
Max Maturity (Years) 5.0 0.0 Compliant
COLLATERALIZED BANK DEPOSITS
Max % Issuer (MV) 5.0 0.0 Compliant
Max Maturity (Years) 5.0 0.0 Compliant
COLLATERALIZED TIME DEPOSITS (NON-NEGOTIABLE
CD/TD)
Max % Issuer (MV) 5.0 0.0 Compliant
Max Maturity (Years) 5.0 0.0 Compliant
COMMERCIAL PAPER
Max % (MV) 40.0 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) 30.0 23.0 Compliant
Max % Issuer (MV) 5.0 1.4 Compliant
Max Maturity (Years) 5 4 Compliant
Min Rating (A- by 1) 0.0 0.0 Compliant
City of Moreno Valley | As of December 31, 2024
Execution Time: 01/03/2025 05:42:02 PM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747
STATEMENT OF COMPLIANCE
Rules Name Limit Actual Compliance
Status Notes
FDIC INSURED TIME DEPOSITS (NON-NEGOTIABLE CD/
TD)
Max % Issuer (MV) 5.0 0.0 Compliant
Max Maturity (Years) 5 0.0 Compliant
FEDERAL AGENCIES
Max % (MV) 100.0 7.9 Compliant
Max Maturity (Years) 5 3 Compliant
LOCAL AGENCY INVESTMENT FUND (LAIF)
Max % (MV) 100.0 0.0 Compliant
MONEY MARKET MUTUAL FUNDS
Max % (MV) 20.0 0.1 Compliant
Min Rating (AAA by 2) 0.0 0.0 Compliant
MORTGAGE-BACKED SECURITIES (NON-AGENCY)
Max % (MV) 20.0 0.0 Compliant
Max % Issuer (MV) 5.0 0.0 Compliant
Max Maturity (Years) 5.0 0.0 Compliant
Min Rating (AA- by 1) 0.0 0.0 Compliant
MUNICIPAL SECURITIES (CA, LOCAL AGENCY)
Max % (MV) 100.0 0.9 Compliant
Max % Issuer (MV) 5.0 0.9 Compliant
Max Maturity (Years) 5 4 Compliant
Min Rating (A- by 1) 0.0 0.0 Compliant
MUNICIPAL SECURITIES (CA, OTHER STATES)
Max % (MV) 100.0 1.2 Compliant
Max % Issuer (MV) 5.0 1.2 Compliant
Max Maturity (Years) 5 4 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
City of Moreno Valley | As of December 31, 2024
Execution Time: 01/03/2025 05:42:02 PM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747
STATEMENT OF COMPLIANCE
Rules Name Limit Actual Compliance
Status Notes
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 Maturity (Years) 1.0 0.0 Compliant
REVERSE REPURCHASE AGREEMENTS
Max % (MV) 20.0 0.0 Compliant
Max Maturity (Days) 92.0 0.0 Compliant
SUPRANATIONAL OBLIGATIONS
Max % (MV) 30.0 5.1 Compliant
Max Maturity (Years) 5 4 Compliant
Min Rating (AA- by 1) 0.0 0.0 Compliant
U.S. TREASURIES
Max % (MV) 100.0 43.6 Compliant
Max Maturity (Years) 5 4 Compliant
City of Moreno Valley | As of December 31, 2024
Execution Time: 01/03/2025 05:42:02 PM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747
HOLDINGS REPORT
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
43815GAC3 HAROT 2021-4 A3 0.88
01/21/2026 96,476.62 11/16/2021
0.89%
96,456.28
96,471.99
99.22 4.64%
95,726.20
23.58 0.04%
(745.78)
Aaa/NA
AAA
1.06 0.21
47789QAC4 JDOT 2021-B A3 0.52
03/16/2026 93,147.87 07/13/2021
0.52%
93,139.57
93,145.99
99.50 4.47%
92,683.90
21.53 0.04%
(462.09)
Aaa/NA
AAA
1.21 0.13
89238JAC9 TAOT 2021-D A3 0.71
04/15/2026 97,019.54 11/09/2021
0.71%
97,017.48
97,019.02
99.27 4.64%
96,312.62
30.62 0.04%
(706.40)
NA/AAA
AAA
1.29 0.18
43815BAC4 HAROT 2022-1 A3 1.88
05/15/2026 345,380.61 02/15/2022
1.89%
345,328.66
345,365.12
99.14 4.60%
342,415.10
288.58
0.14%
(2,950.02)
Aaa/AAA
NA
1.37 0.31
44935FAD6 HART 2021-C A3 0.74
05/15/2026 45,977.35 11/09/2021
0.75%
45,967.09
45,974.67
99.60 4.64%
45,792.88
15.12 0.02%
(181.78)
NA/AAA
AAA
1.37 0.10
05602RAD3 BMWOT 2022-A A3 3.21
08/25/2026 232,705.19 05/10/2022
3.23%
232,693.09
232,700.83
99.55 4.54%
231,646.73
124.50
0.10%
(1,054.10)
Aaa/AAA
NA
1.65 0.35
47787JAC2 JDOT 2022 A3 0.36 09/15/2026 245,920.28 03/10/2022
2.34%
245,865.88
245,900.96
99.17 4.82%
243,872.16
253.57
0.10%
(2,028.81)
Aaa/NA
AAA
1.71 0.33
362554AC1 GMCAR 2021-4 A3 0.68
09/16/2026 93,379.07 10/13/2021
0.68%
93,376.69
93,378.36
99.07 4.44%
92,509.94
26.46 0.04%
(868.42)
Aaa/AAA
NA
1.71 0.25
448977AD0 HART 2022-A A3 2.22
10/15/2026 392,461.54 03/09/2022
2.23%
392,446.43
392,456.16
99.25 4.77%
389,523.61
387.23
0.16%
(2,932.55)
NA/AAA
AAA
1.79 0.29
380146AC4 GMCAR 2022-1 A3 1.26
11/16/2026 113,047.39 01/11/2022
1.27%
113,037.57
113,044.00
99.09 4.61%
112,024.01
59.35 0.05%
(1,019.99)
NA/AAA
AAA
1.88 0.27
362585AC5 GMCAR 2022-2 A3 3.1
02/16/2027 239,482.05 04/05/2022
3.13%
239,431.99
239,461.69
99.35 4.63%
237,925.89
309.33
0.10%
(1,535.80)
Aaa/AAA
NA
2.13 0.43
47800AAC4 JDOT 2022-B A3 3.74
02/16/2027 534,149.28 07/12/2022
3.77%
534,098.27
534,126.34
99.56 4.56%
531,823.92
887.87
0.22%
(2,302.42)
Aaa/NA
AAA
2.13 0.55
44934FAD7 HALST 2024-B A3 5.41
05/17/2027 810,000.00 05/14/2024
5.41%
809,977.48
809,982.11
101.17
4.58%
819,465.98
1,947.60
0.34%
9,483.88
NA/AAA
AAA
2.38 1.31
02582JJT8 AMXCA 2022-2 A 3.39
05/17/2027 1,840,000.00 05/17/2022
3.42%
1,839,592.99
1,839,927.61
99.56 4.65%
1,831,824.88
2,772.27
0.76%
(8,102.73)
NA/AAA
AAA
0.37 0.36
47800BAC2 JDOT 2022-C A3 5.09
06/15/2027 1,070,911.18 10/12/2022
5.15%
1,070,828.07
1,070,867.97
100.29
4.69%
1,074,037.92
2,422.64
0.45%
3,169.95
Aaa/NA
AAA
2.45 0.64
36269WAD1 GMALT 2024-2 A3 5.39
07/20/2027 750,000.00 05/07/2024
5.85%
749,956.43
749,965.07
101.10
4.63%
758,250.30
1,235.21
0.32%
8,285.23
NA/AAA
AAA
2.55 1.33
58770JAD6 MBALT 2024-A A3 5.32
01/18/2028 545,000.00 05/17/2024
5.73%
544,936.24
544,946.89
101.19
4.64%
551,477.38
1,288.62
0.23%
6,530.49
Aaa/NA
AAA
3.05 1.60
City of Moreno Valley | As of December 31, 2024
Execution Time: 01/03/2025 05:42:02 PM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747
HOLDINGS REPORT
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
161571HT4 CHAIT 2023-1 A 5.16 09/15/2028 2,200,000.00 09/07/2023
5.17%
2,199,390.16
2,199,548.38
101.06
4.56%
2,223,317.80
5,045.33
0.92%
23,769.42
NR/AAA
AAA
3.71 1.59
437930AC4 HONDO-242-A3 5.27 11/20/2028 710,000.00 05/14/2024
5.27%
709,913.74
709,925.55
101.21
4.60%
718,617.20
1,351.17
0.30%
8,691.65
NA/AAA
AAA
3.89 1.65
096919AD7 BMWOT 2024-A A3 5.18
02/26/2029 930,000.00 06/04/2024
5.24%
929,858.73
929,875.48
101.18
4.48%
940,972.51
802.90
0.39%
11,097.04
Aaa/AAA
NA
4.16 1.55
43813YAC6 HAROT 2024-3 A3 4.57
03/21/2029 1,310,000.00 08/09/2024
4.62%
1,309,794.20
1,309,810.56
99.94 4.65%
1,309,199.59
1,662.97
0.54%
(610.97)
Aaa/NA
AAA
4.22 1.85
02582JKH2 AMXCA 2024-1 A 5.23
04/16/2029 1,645,000.00 04/16/2024
5.30%
1,644,662.78
1,644,709.68
101.53
4.57%
1,670,148.60
3,823.71
0.69%
25,438.91
NA/AAA
AAA
4.29 2.11
05522RDJ4 BACCT 2024-1 A 4.93
05/15/2029 1,050,000.00 06/06/2024
4.93%
1,049,941.10
1,049,947.91
100.97
4.54%
1,060,147.83
2,300.67
0.44%
10,199.92
Aaa/AAA
NA
4.37 2.19
92970QAE5 WFCIT 2024-2 A 4.29
10/15/2029 1,160,000.00 10/17/2024
4.33%
1,159,827.62
1,159,834.17
99.32 4.59%
1,152,131.95
2,211.73
0.48%
(7,702.21)
Aaa/AAA
NA
4.79 2.57
Total ABS 16,550,057.98 4.52%
16,547,538.55
16,548,386.50
100.44
4.60%
16,621,848.91
29,292.56
6.91%
73,462.41
Aaa/AAA
AAA
3.07 1.36
AGENCY
3135G04Z3 FEDERAL NATIONAL MORTGAGE
ASSOCIATION 0.5 06/17/2025 2,800,000.00 --
0.50%
2,799,566.20
2,799,983.83
98.32 4.24%
2,752,939.90
544.44
1.14%
(47,043.93)
Aaa/AA+
AA+
0.46 0.45
3137EAEU9
FEDERAL HOME LOAN
MORTGAGE CORP 0.375
07/21/2025
3,400,000.00 --
0.45%
3,388,108.00
3,398,658.94
97.84 4.37%
3,326,573.40
5,666.67
1.38%
(72,085.55)
Aaa/AA+
AA+
0.55 0.54
3135G05X7 FEDERAL NATIONAL MORTGAGE
ASSOCIATION 0.375 08/25/2025 3,150,000.00 12/16/2020
0.43%
3,141,904.50
3,148,884.03
97.50 4.34%
3,071,122.80
4,134.38
1.28%
(77,761.23)
Aaa/AA+
AA+
0.65 0.63
3137EAEX3
FEDERAL HOME LOAN
MORTGAGE CORP 0.375
09/23/2025
3,385,000.00 --
0.44%
3,374,969.55
3,383,516.30
97.25 4.27%
3,291,945.13
3,455.52
1.37%
(91,571.17)
Aaa/AA+
AA+
0.73 0.71
3135G06G3 FEDERAL NATIONAL MORTGAGE
ASSOCIATION 0.5 11/07/2025 3,400,000.00 --
0.56%
3,389,186.80
3,398,158.14
96.88 4.29%
3,293,803.75
2,550.00
1.37%
(104,354.38)
Aaa/AA+
AA+
0.85 0.83
3133EPME2
FEDERAL FARM CREDIT
BANKS FUNDING CORP 3.875
06/08/2028
3,200,000.00 06/06/2023
3.97%
3,186,080.00
3,190,445.71
98.40 4.38%
3,148,662.27
7,922.22
1.31%
(41,783.44)
Aaa/AA+
AA+
3.44 3.17
Total Agency 19,335,000.00 1.06%
19,279,815.05
19,319,646.96
97.68 4.32%
18,885,047.25
24,273.23
7.85%
(434,599.71)
Aaa/AA+
AA+
1.12 1.06
City of Moreno Valley | As of December 31, 2024
Execution Time: 01/03/2025 05:42:02 PM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747
HOLDINGS REPORT
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
AGENCY CMBS
3137BLW95 FHMS K-050 A2 3.334
08/25/2025 563,835.85 02/07/2022
1.79%
591,058.55
568,387.28
99.18 4.54%
559,187.41
1,566.52
0.23%
(9,199.86)
Aaa/AA+
AAA
0.65 0.51
3137BSP72 FHMS K-058 A2 2.653
08/25/2026 950,000.00 11/12/2021
1.36%
1,004,736.33
968,383.51
97.06 4.48%
922,072.95
2,100.29
0.38%
(46,310.56)
Aaa/AA+
AAA
1.65 1.54
3137FAWS3 FHMS K-067 A2 3.194
07/25/2027 675,000.00 09/28/2022
4.37%
640,538.09
656,860.09
96.63 4.57%
652,275.32
1,796.63
0.27%
(4,584.78)
Aaa/AA+
AA+
2.56 2.36
3137FBU79 FHMS K-069 A2 3.187
09/25/2027 1,244,330.78 09/28/2022
4.37%
1,179,052.02
1,208,901.28
96.46 4.57%
1,200,265.54
3,304.74
0.50%
(8,635.74)
Aaa/AAA
AA+
2.73 2.48
3137FCLD4 FHMS K-071 A2 3.286
11/25/2027 3,250,000.00 04/13/2023
4.03%
3,146,914.06
3,185,711.18
96.41 4.59%
3,133,451.10
8,899.58
1.30%
(52,260.08)
Aaa/AA+
AAA
2.90 2.67
3137FEBQ2 FHMS K-072 A2 3.444
12/25/2027 1,115,000.00 05/05/2023
3.98%
1,088,910.74
1,098,337.95
96.74 4.60%
1,078,702.07
3,200.05
0.45%
(19,635.88)
Aaa/AA+
AAA
2.98 2.71
3137FETN0 FHMS K-073 A2 3.35 01/25/2028 2,005,000.00 05/24/2023
4.27%
1,926,992.97
1,954,065.18
96.44 4.60%
1,933,701.60
5,597.29
0.80%
(20,363.58)
Aaa/AA+
AAA
3.07 2.75
3137F4D41 FHMS K-074 A2 3.6 01/25/2028 2,200,000.00 07/25/2023
4.73%
2,099,710.93
2,132,128.23
97.08 4.61%
2,135,796.52
6,600.00
0.89%
3,668.29
Aaa/AA+
AAA
3.07 2.78
3137FEZU7 FHMS K-076 A2 3.9 04/25/2028 2,069,000.00 05/05/2023
3.94%
2,062,615.20
2,064,764.89
97.70 4.63%
2,021,493.28
6,724.25
0.84%
(43,271.62)
Aaa/AA+
AAA
3.32 2.96
3137FJEH8 FHMS K-081 A2 3.9 08/25/2028 6,200,000.00 --
5.01%
5,899,464.85
5,978,582.46
97.41 4.65%
6,039,312.74
20,150.00
2.51%
60,730.28
Aaa/AA+
AAA
3.65 3.30
3137FJKE8 FHMS K-082 A2 3.92 09/25/2028 1,500,000.00 11/28/2023
4.74%
1,446,796.88
1,458,963.72
97.44 4.65%
1,461,636.15
4,900.00
0.61%
2,672.43
Aaa/AA+
AAA
3.74 3.33
3137H4BY5 FHMS K-746 A2 2.031
09/25/2028 1,750,000.00 03/21/2024
4.64%
1,568,164.06
1,599,797.46
91.03 4.69%
1,593,042.50
2,961.88
0.66%
(6,754.96)
Aaa/AA+
AAA
3.74 3.47
3137H5YC5 FHMS K-748 A2 2.26 01/25/2029 2,500,000.00 04/11/2024
4.94%
2,221,191.41
2,263,312.41
91.15 4.71%
2,278,855.50
4,708.33
0.95%
15,543.09
Aaa/AA+
AAA
4.07 3.71
3137FKZZ2 FHMS K-088 A2 3.69 01/25/2029 2,300,000.00 07/29/2024
4.47%
2,226,507.81
2,233,556.88
96.34 4.68%
2,215,800.91
7,072.50
0.92%
(17,755.97)
Aaa/AA+
AA+
4.07 3.62
Total Agency
CMBS 28,322,166.63
4.39%
27,102,653.90
27,371,752.50
96.18 4.63%
27,225,593.58
79,582.06
11.32%
(146,158.92)
Aaa/AA+
AAA
3.31 3.00
CASH
CCYUSD Receivable 18,380.72 --
0.00%
18,380.72
18,380.72
1.00 0.00%
18,380.72
0.00 0.01%
0.00 Aaa/AAA
AAA
0.00 0.00
City of Moreno Valley | As of December 31, 2024
Execution Time: 01/03/2025 05:42:02 PM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747
HOLDINGS REPORT
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 Cash 18,380.72 0.00%
18,380.72
18,380.72
1.00 0.00%
18,380.72
0.00 0.01%
0.00 Aaa/AAA
AAA
0.00 0.00
CORPORATE
40139LBC6 GUARDIAN LIFE GLOBAL
FUNDING 0.875 12/10/2025 1,700,000.00 --
1.12%
1,682,830.00
1,696,143.89
96.59 4.63%
1,642,044.67
867.71
0.68%
(54,099.22)
Aa1/AA+
NA
0.94 0.92
66815L2A6
NORTHWESTERN MUTUAL
GLOBAL FUNDING 0.8
01/14/2026
1,100,000.00 12/06/2021
1.46%
1,070,817.00
1,092,636.07
96.25 4.56%
1,058,724.27
4,082.22
0.44%
(33,911.79)
Aaa/AA+
AAA
1.04 1.00
78016EZQ3 ROYAL BANK OF CANADA 1.2
04/27/2026 1,000,000.00 07/09/2021
1.13%
1,003,440.00
1,000,946.05
95.67 4.62%
956,730.47
2,133.33
0.40%
(44,215.58)
A1/A
AA-
1.32 1.28
023135BX3 AMAZON.COM INC 1.0
05/12/2026 2,615,000.00 05/10/2021
1.09%
2,603,703.20
2,611,931.43
95.68 4.30%
2,502,018.30
3,559.31
1.04%
(109,913.13)
A1/AA
AA-
1.36 1.33
91324PEC2 UNITEDHEALTH GROUP INC 1.15
05/15/2026 430,000.00 --
1.08%
431,391.30
430,369.97
95.56 4.53%
410,926.51
631.86
0.17%
(19,443.46)
A2/A+
A
1.37 1.33
89236TJK2 TOYOTA MOTOR CREDIT CORP
1.125 06/18/2026 1,785,000.00 06/15/2021
1.13%
1,784,214.60
1,784,770.75
95.08 4.65%
1,697,201.21
725.16
0.71%
(87,569.54)
A1/A+
A+
1.46 1.42
06051GJD2 BANK OF AMERICA CORP 1.319
06/19/2026 1,800,000.00 --
1.24%
1,805,843.00
1,800,682.79
98.37 5.35%
1,770,608.65
791.40
0.74%
(30,074.14)
A1/A-
AA-
1.47 0.45
57629WDE7 MASSMUTUAL GLOBAL
FUNDING II 1.2 07/16/2026 1,250,000.00 08/19/2021
1.15%
1,252,787.50
1,250,874.60
95.01 4.59%
1,187,680.81
6,875.00
0.49%
(63,193.79)
Aa3/AA+
AA+
1.54 1.49
58989V2D5 MET TOWER GLOBAL FUNDING
1.25 09/14/2026 975,000.00 09/07/2021
1.27%
974,103.00
974,694.94
94.59 4.59%
922,272.67
3,622.40
0.38%
(52,422.27)
Aa3/AA-
AA-
1.70 1.64
931142ER0 WALMART INC 1.05 09/17/2026 445,000.00 09/08/2021
1.09%
444,158.95
444,712.59
94.60 4.36%
420,978.58
1,349.83
0.18%
(23,734.00)
Aa2/AA
AA
1.71 1.66
59217GER6 METROPOLITAN LIFE GLOBAL
FUNDING I 1.875 01/11/2027 1,575,000.00 01/03/2022
1.90%
1,573,204.50
1,574,272.36
94.70 4.65%
1,491,572.80
13,945.31
0.62%
(82,699.56)
Aa3/AA-
AA-
2.03 1.93
808513BY0 CHARLES SCHWAB CORP 2.45
03/03/2027 1,425,000.00 03/01/2022
2.46%
1,424,601.70
1,424,823.21
95.49 4.66%
1,360,752.61
11,443.54
0.57%
(64,070.60)
A2/A-
A
2.17 2.06
084664CZ2 BERKSHIRE HATHAWAY FINANCE
CORP 2.3 03/15/2027 2,395,000.00 03/07/2022
2.30%
2,394,544.95
2,394,799.89
95.79 4.32%
2,294,095.20
16,219.47
0.95%
(100,704.69)
Aa2/AA
A+
2.20 2.10
665859AW4 NORTHERN TRUST CORP 4.0
05/10/2027 895,000.00 05/05/2022
4.03%
893,550.10
894,317.93
98.68 4.59%
883,223.87
5,071.67
0.37%
(11,094.06)
A2/A+
A+
2.36 2.21
91324PEG3 UNITEDHEALTH GROUP INC 3.7
05/15/2027 910,000.00 05/17/2022
3.69%
910,425.60
910,197.78
98.03 4.59%
892,046.14
4,302.28
0.37%
(18,151.64)
A2/A+
A
2.37 2.23
City of Moreno Valley | As of December 31, 2024
Execution Time: 01/03/2025 05:42:02 PM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747
HOLDINGS REPORT
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
89115A2C5 TORONTO-DOMINION BANK
4.108 06/08/2027 2,000,000.00 08/26/2022
4.18%
1,993,300.00
1,996,586.58
98.35 4.83%
1,967,077.14
5,249.11
0.82%
(29,509.44)
A2/A-
NA
2.44 2.28
756109AU8 REALTY INCOME CORP 3.65
01/15/2028 1,500,000.00 04/10/2023
4.87%
1,422,720.00
1,450,716.78
96.55 4.89%
1,448,255.51
25,245.83
0.60%
(2,461.27)
A3/A-
WR
3.04 2.78
24422EWR6 JOHN DEERE CAPITAL CORP 4.75
01/20/2028 1,650,000.00 01/23/2023
4.40%
1,675,393.50
1,665,534.52
100.51
4.57%
1,658,454.70
35,051.04
0.69%
(7,079.82)
A1/A
A+
3.05 2.75
037833ET3 APPLE INC 4.0 05/10/2028 1,000,000.00 05/08/2023
4.01%
999,449.70
999,631.02
98.57 4.46%
985,724.44
5,666.67
0.41%
(13,906.58)
Aaa/AA+
NA
3.36 3.09
58933YBH7 MERCK & CO INC 4.05
05/17/2028 1,165,000.00 05/08/2023
4.05%
1,165,218.35
1,165,144.00
98.53 4.52%
1,147,885.77
5,766.75
0.48%
(17,258.24)
A1/A+
NA
3.38 3.10
74340XCG4 PROLOGIS LP 4.875 06/15/2028 2,350,000.00 --
4.99%
2,338,786.70
2,342,184.94
100.24
4.80%
2,355,719.90
5,091.67
0.98%
13,534.96
A3/A
NA
3.46 3.07
91324PDK5 UNITEDHEALTH GROUP INC 3.85
06/15/2028 1,000,000.00 11/02/2023
5.24%
943,820.00
957,906.73
97.20 4.74%
972,005.87
1,711.11
0.40%
14,099.14
A2/A+
A
3.46 3.18
89115A2U5 TORONTO-DOMINION BANK
5.523 07/17/2028 1,000,000.00 07/12/2023
5.36%
1,006,890.00
1,004,876.17
101.63
5.01%
1,016,324.11
25,160.33
0.42%
11,447.94
A2/A-
AA-
3.54 3.11
78016HZS2 ROYAL BANK OF CANADA 5.2
08/01/2028 1,750,000.00 09/12/2023
5.50%
1,727,337.50
1,733,374.90
100.83
4.94%
1,764,515.43
37,916.67
0.73%
31,140.53
A1/A
AA-
3.59 3.17
74456QBX3 PUBLIC SERVICE ELECTRIC AND
GAS CO 3.65 09/01/2028 1,000,000.00 12/14/2023
4.44%
966,790.00
974,131.36
96.18 4.80%
961,762.78
12,166.67
0.40%
(12,368.58)
A1/A
WR
3.67 3.34
40139LBH5 GUARDIAN LIFE GLOBAL
FUNDING 5.737 10/02/2028 1,000,000.00 11/02/2023
5.63%
1,004,470.00
1,003,417.35
102.98
4.86%
1,029,770.64
14,183.14
0.43%
26,353.29
Aa1/AA+
NA
3.76 3.31
26442CAX2 DUKE ENERGY CAROLINAS LLC
3.95 11/15/2028 2,000,000.00 12/06/2023
4.79%
1,927,120.00
1,942,875.65
97.10 4.78%
1,942,045.58
10,094.44
0.81%
(830.07)
Aa3/A
NA
3.88 3.52
756109BS2 REALTY INCOME CORP 4.7
12/15/2028 1,000,000.00 12/14/2023
4.71%
999,730.00
999,786.25
99.50 4.84%
994,988.74
2,088.89
0.41%
(4,797.51)
A3/A-
NA
3.96 3.56
66815L2Q1
NORTHWESTERN MUTUAL
GLOBAL FUNDING 4.71
01/10/2029
1,500,000.00 --
4.67%
1,502,853.80
1,502,296.16
99.26 4.91%
1,488,928.30
33,558.75
0.62%
(13,367.86)
Aaa/AA+
AAA
4.03 3.54
57629W5B2 MASSMUTUAL GLOBAL
FUNDING II 4.85 01/17/2029 1,290,000.00 01/09/2024
4.85%
1,289,832.30
1,289,864.43
100.05
4.84%
1,290,609.80
28,501.83
0.54%
745.37
Aa3/AA+
AA+
4.05 3.55
46647PAM8 JPMORGAN CHASE & CO 3.509
01/23/2029 2,000,000.00 01/18/2024
5.07%
1,888,580.00
1,914,814.41
95.94 5.09%
1,918,761.06
30,801.22
0.80%
3,946.65
A1/A
AA-
4.06 2.81
64952WFF5 NEW YORK LIFE GLOBAL
FUNDING 4.7 01/29/2029 1,000,000.00 01/22/2024
4.74%
998,190.00
998,524.86
99.71 4.78%
997,070.95
19,844.44
0.41%
(1,453.91)
Aaa/AA+
AAA
4.08 3.60
City of Moreno Valley | As of December 31, 2024
Execution Time: 01/03/2025 05:42:02 PM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747
HOLDINGS REPORT
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
69371RS80 PACCAR FINANCIAL CORP 4.6
01/31/2029 2,000,000.00 04/09/2024
4.85%
1,978,760.00
1,981,965.35
99.58 4.71%
1,991,506.00
38,588.89
0.83%
9,540.65
A1/A+
NA
4.08 3.61
756109CF9 REALTY INCOME CORP 4.75
02/15/2029 1,000,000.00 05/21/2024
5.18%
982,010.00
984,330.28
99.26 4.95%
992,602.20
17,944.44
0.41%
8,271.92
A3/A-
NA
4.13 3.63
17275RBR2 CISCO SYSTEMS INC 4.85
02/26/2029 1,115,000.00 02/21/2024
4.86%
1,114,609.75
1,114,675.97
100.50
4.71%
1,120,620.72
18,776.91
0.47%
5,944.75
A1/AA-
NA
4.16 3.59
89236TMF9 TOYOTA MOTOR CREDIT CORP
5.05 05/16/2029 1,000,000.00 05/21/2024
5.00%
1,002,080.00
1,001,825.00
100.72
4.86%
1,007,214.40
6,312.50
0.42%
5,389.40
A1/A+
A+
4.37 3.86
64952WFG3 NEW YORK LIFE GLOBAL
FUNDING 5.0 06/06/2029 1,060,000.00 06/03/2024
5.04%
1,057,964.80
1,058,197.74
100.74
4.81%
1,067,815.96
3,680.56
0.44%
9,618.22
Aaa/AA+
AAA
4.43 3.92
437076DC3 HOME DEPOT INC 4.75
06/25/2029 1,600,000.00 06/18/2024
4.82%
1,595,280.00
1,595,771.13
100.01
4.75%
1,600,110.40
1,266.67
0.67%
4,339.27
A2/A
A
4.48 3.99
713448FX1 PEPSICO INC 4.5 07/17/2029 1,900,000.00 07/15/2024
4.53%
1,897,055.00
1,897,325.95
99.81 4.55%
1,896,380.56
38,950.00
0.79%
(945.40)
A1/A+
NA
4.54 3.98
171239AL0 CHUBB INA HOLDINGS LLC 4.65
08/15/2029 1,082,000.00 08/12/2024
4.52%
1,088,113.01
1,087,639.63
99.48 4.78%
1,076,382.26
21,103.51
0.45%
(11,257.38)
A2/A
A
4.62 4.03
30303M8S4 META PLATFORMS INC 4.3
08/15/2029 1,140,000.00 08/12/2024
4.33%
1,138,230.18
1,138,364.90
98.74 4.60%
1,125,690.65
19,335.67
0.47%
(12,674.25)
Aa3/AA-
NA
4.62 4.07
Total Corporate 56,402,000.00 3.70%
55,954,199.99
56,087,936.33
98.11 4.72%
55,309,100.61
539,678.20
22.99%
(778,835.73)
A1/A+
AA-
3.06 2.70
MONEY MARKET
FUND
60934N104 FEDERATED HRMS GV O INST 289,904.15 --
4.33%
289,904.15
289,904.15
1.00 0.00%
289,904.15
0.00 0.12%
0.00 Aaa/
AAAm
AAA
0.00 0.00
Total Money
Market Fund 289,904.15 4.33%
289,904.15
289,904.15
1.00 0.00%
289,904.15
0.00 0.12%
0.00 Aaa/
AAAm
AAA
0.00 0.00
MUNICIPAL
BONDS
13063EGT7 CALIFORNIA STATE 4.5
08/01/2029 2,200,000.00 10/30/2024
4.37%
2,211,594.00
2,211,212.00
99.82 4.54%
2,195,930.00
15,400.00
0.91%
(15,282.00)
Aa2/AA-
AA
4.58 4.02
882724XQ5 TEXAS ST 3.0 10/01/2029 3,000,000.00 10/11/2024
4.06%
2,858,880.00
2,864,954.70
93.64 4.50%
2,809,170.00
22,500.00
1.17%
(55,784.70)
NA/AAA
AAA
4.75 4.32
City of Moreno Valley | As of December 31, 2024
Execution Time: 01/03/2025 05:42:02 PM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747
HOLDINGS REPORT
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 Municipal
Bonds 5,200,000.00 4.19%
5,070,474.00
5,076,166.70
96.35 4.52%
5,005,100.00
37,900.00
2.08%
(71,066.70)
Aa2/AA
AA+
4.68 4.19
SUPRANATIONAL
459058JL8
INTERNATIONAL BANK FOR
RECONSTRUCTION AND
DEVELOPM 0.5 10/28/2025
3,400,000.00 --
0.60%
3,384,848.15
3,397,354.47
96.86 4.44%
3,293,110.73
2,975.00
1.37%
(104,243.74)
Aaa/AAA
NA
0.82 0.80
4581X0DV7
INTER-AMERICAN
DEVELOPMENT BANK 0.875
04/20/2026
3,435,000.00 04/13/2021
0.97%
3,419,267.70
3,430,916.15
95.62 4.38%
3,284,602.27
5,927.76
1.37%
(146,313.88)
Aaa/AAA
NA
1.30 1.27
45950KCX6 INTERNATIONAL FINANCE CORP
0.75 10/08/2026 3,800,000.00 11/08/2021
1.14%
3,728,332.00
3,774,218.71
93.96 4.34%
3,570,554.40
6,570.83
1.48%
(203,664.30)
Aaa/AAA
NA
1.77 1.72
459058LN1
INTERNATIONAL BANK FOR
RECONSTRUCTION AND
DEVELOPM 3.875 10/16/2029
2,250,000.00 12/12/2024
4.25%
2,213,370.00
2,213,763.65
97.44 4.48%
2,192,324.47
18,164.06
0.91%
(21,439.18)
Aaa/AAA
NA
4.79 4.28
Total
Supranational 12,885,000.00 1.50%
12,745,817.85
12,816,252.98
95.79 4.40%
12,340,591.87
33,637.66
5.13%
(475,661.10)
Aaa/AAA
NA
1.93 1.81
US TREASURY
912797MW4 UNITED STATES TREASURY
01/07/2025 20,000,000.00 12/20/2024
4.29%
19,964,791.67
19,985,916.67
99.94 4.15%
19,988,632.40
0.00 8.31%
2,715.73
P-1/A-1+
F1+
0.02 0.01
91282CAM3 UNITED STATES TREASURY 0.25
09/30/2025 3,300,000.00 03/29/2021
0.74%
3,228,199.22
3,288,127.77
97.09 4.27%
3,204,074.68
2,107.83
1.33%
(84,053.10)
Aaa/AA+
AA+
0.75 0.73
91282CAT8 UNITED STATES TREASURY 0.25
10/31/2025 3,400,000.00 02/22/2021
0.54%
3,354,046.88
3,391,862.19
96.78 4.26%
3,290,421.30
1,455.80
1.37%
(101,440.89)
Aaa/AA+
AA+
0.83 0.81
91282CAZ4 UNITED STATES TREASURY 0.375
11/30/2025 2,200,000.00 03/26/2021
0.76%
2,160,554.69
2,192,305.05
96.57 4.26%
2,124,448.37
725.27
0.88%
(67,856.68)
Aaa/AA+
AA+
0.91 0.89
91282CCZ2 UNITED STATES TREASURY 0.875
09/30/2026 1,780,000.00 10/18/2021
1.19%
1,753,369.53
1,770,612.28
94.37 4.26%
1,679,770.46
3,979.33
0.70%
(90,841.82)
Aaa/AA+
AA+
1.75 1.69
91282CDK4 UNITED STATES TREASURY 1.25
11/30/2026 3,500,000.00 12/16/2021
1.17%
3,512,714.84
3,504,906.00
94.54 4.26%
3,308,982.32
3,846.15
1.38%
(195,923.68)
Aaa/AA+
AA+
1.91 1.85
91282CLY5 UNITED STATES TREASURY 4.25
11/30/2026 2,500,000.00 12/20/2024
4.28%
2,498,437.50
2,498,457.39
99.98 4.26%
2,499,502.88
9,340.66
1.04%
1,045.48
Aaa/AA+
AA+
1.91 1.81
91282CME8 UNITED STATES TREASURY 4.25
12/31/2026 3,500,000.00 12/30/2024
4.26%
3,499,589.84
3,499,590.40
100.01
4.25%
3,500,287.53
410.91
1.46%
697.12
Aaa/AA+
AA+
2.00 1.89
City of Moreno Valley | As of December 31, 2024
Execution Time: 01/03/2025 05:42:02 PM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747
HOLDINGS REPORT
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
912828Z78 UNITED STATES TREASURY 1.5
01/31/2027 1,150,000.00 02/07/2022
1.77%
1,135,355.47
1,143,877.97
94.57 4.26%
1,087,563.90
7,218.75
0.45%
(56,314.07)
Aaa/AA+
AA+
2.08 2.00
91282CET4 UNITED STATES TREASURY 2.625
05/31/2027 1,800,000.00 06/09/2022
3.07%
1,763,367.19
1,782,248.42
96.27 4.27%
1,732,815.74
4,153.85
0.72%
(49,432.68)
Aaa/AA+
AA+
2.41 2.29
91282CEW7 UNITED STATES TREASURY 3.25
06/30/2027 2,975,000.00 --
3.12%
2,993,090.82
2,984,096.93
97.65 4.25%
2,905,227.35
267.09
1.21%
(78,869.57)
Aaa/AA+
AA+
2.50 2.36
91282CFB2 UNITED STATES TREASURY 2.75
07/31/2027 900,000.00 08/22/2022
3.12%
884,742.19
892,036.83
96.31 4.28%
866,765.75
10,357.34
0.36%
(25,271.07)
Aaa/AA+
AA+
2.58 2.42
91282CFH9 UNITED STATES TREASURY 3.125
08/31/2027 3,150,000.00 --
3.41%
3,109,707.03
3,128,390.76
97.12 4.28%
3,059,286.02
33,447.00
1.27%
(69,104.75)
Aaa/AA+
AA+
2.67 2.49
91282CFM8 UNITED STATES TREASURY 4.125
09/30/2027 3,900,000.00 10/20/2022
4.45%
3,843,632.81
3,868,639.68
99.61 4.28%
3,884,598.59
41,102.68
1.61%
15,958.90
Aaa/AA+
AA+
2.75 2.54
91282CFZ9 UNITED STATES TREASURY 3.875
11/30/2027 1,250,000.00 12/05/2022
3.81%
1,253,906.25
1,252,281.51
98.87 4.29%
1,235,892.10
4,258.24
0.51%
(16,389.41)
Aaa/AA+
AA+
2.91 2.71
91282CGC9 UNITED STATES TREASURY 3.875
12/31/2027 3,350,000.00 --
3.71%
3,375,494.14
3,365,458.00
98.85 4.29%
3,311,548.43
358.60
1.38%
(53,909.57)
Aaa/AA+
AA+
3.00 2.79
91282CGH8 UNITED STATES TREASURY 3.5
01/31/2028 5,000,000.00 --
3.84%
4,923,765.63
4,952,422.12
97.71 4.30%
4,885,384.75
73,233.70
2.03%
(67,037.37)
Aaa/AA+
AA+
3.08 2.84
91282CGP0 UNITED STATES TREASURY 4.0
02/29/2028 5,000,000.00 --
4.08%
4,981,033.20
4,988,074.87
99.09 4.31%
4,954,535.70
67,955.80
2.06%
(33,539.17)
Aaa/AA+
AA+
3.16 2.89
91282CHE4 UNITED STATES TREASURY 3.625
05/31/2028 3,000,000.00 06/14/2023
4.00%
2,950,429.69
2,965,819.26
97.81 4.32%
2,934,288.72
9,560.44
1.22%
(31,530.54)
Aaa/AA+
AA+
3.42 3.16
91282CHQ7 UNITED STATES TREASURY 4.125
07/31/2028 4,000,000.00 08/21/2023
4.46%
3,941,718.75
3,957,798.56
99.31 4.33%
3,972,394.56
69,048.91
1.65%
14,596.00
Aaa/AA+
AA+
3.58 3.24
91282CHX2 UNITED STATES TREASURY 4.375
08/31/2028 1,100,000.00 09/25/2023
4.62%
1,088,398.44
1,091,380.96
100.08
4.35%
1,100,874.24
16,351.86
0.46%
9,493.27
Aaa/AA+
AA+
3.67 3.30
91282CJF9 UNITED STATES TREASURY 4.875
10/31/2028 1,700,000.00 10/27/2023
4.79%
1,706,441.41
1,704,932.42
101.80
4.36%
1,730,573.06
14,194.06
0.72%
25,640.63
Aaa/AA+
AA+
3.84 3.44
91282CJN2 UNITED STATES TREASURY 4.375
11/30/2028 1,400,000.00 12/28/2023
3.83%
1,434,125.00
1,427,121.59
100.04
4.36%
1,400,566.66
5,384.62
0.58%
(26,554.93)
Aaa/AA+
AA+
3.92 3.54
91282CJR3 UNITED STATES TREASURY 3.75
12/31/2028 4,500,000.00 --
3.99%
4,452,480.47
4,461,750.42
97.76 4.37%
4,398,981.21
466.16
1.83%
(62,769.21)
Aaa/AA+
AA+
4.00 3.66
91282CJW2 UNITED STATES TREASURY 4.0
01/31/2029 2,500,000.00 02/16/2024
4.31%
2,465,625.00
2,471,620.64
98.63 4.37%
2,465,754.83
41,847.83
1.03%
(5,865.81)
Aaa/AA+
AA+
4.08 3.66
91282CKG5 UNITED STATES TREASURY 4.125
03/31/2029 5,000,000.00 --
4.59%
4,897,460.94
4,912,218.70
99.02 4.38%
4,950,844.45
52,695.74
2.06%
38,625.75
Aaa/AA+
AA+
4.25 3.81
City of Moreno Valley | As of December 31, 2024
Execution Time: 01/03/2025 05:42:02 PM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747
HOLDINGS REPORT
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
91282CKP5 UNITED STATES TREASURY 4.625
04/30/2029 2,000,000.00 05/03/2024
4.48%
2,012,773.44
2,011,089.03
100.96
4.38%
2,019,168.12
15,842.54
0.84%
8,079.09
Aaa/AA+
AA+
4.33 3.86
91282CKT7 UNITED STATES TREASURY 4.5
05/31/2029 1,600,000.00 06/21/2024
4.26%
1,617,187.50
1,615,365.74
100.48
4.38%
1,607,645.41
6,329.67
0.67%
(7,720.33)
Aaa/AA+
AA+
4.41 3.95
91282CKX8 UNITED STATES TREASURY 4.25
06/30/2029 2,000,000.00 07/18/2024
4.09%
2,014,140.63
2,012,841.60
99.45 4.39%
1,988,928.94
234.81
0.83%
(23,912.66)
Aaa/AA+
AA+
4.50 4.05
91282CLK5 UNITED STATES TREASURY 3.625
08/31/2029 4,000,000.00 09/11/2024
3.45%
4,031,406.25
4,029,500.74
96.82 4.39%
3,872,999.12
49,267.96
1.61%
(156,501.62)
Aaa/AA+
AA+
4.67 4.18
91282CLN9 UNITED STATES TREASURY 3.5
09/30/2029 2,500,000.00 10/04/2024
3.76%
2,470,312.50
2,471,716.09
96.22 4.39%
2,405,484.35
22,355.77
1.00%
(66,231.74)
Aaa/AA+
AA+
4.75 4.27
91282CMA6 UNITED STATES TREASURY 4.125
11/30/2029 2,500,000.00 12/20/2024
4.36%
2,474,511.72
2,474,638.95
98.86 4.38%
2,471,596.98
9,065.93
1.03%
(3,041.97)
Aaa/AA+
AA+
4.91 4.38
Total US Treasury 106,455,000.00 3.64%
105,792,810.64
106,097,099.54
98.51 4.28%
104,839,838.89
576,865.29
43.59%
(1,257,260.65)
Aaa/AA+
AA+
2.51 2.30
Total Portfolio 245,457,509.47 3.50%
242,801,594.84
243,625,526.38
97.91 4.45%
240,535,405.98
1,321,229.00
100.00%
(3,090,120.40)
Aa2/AA
AA+
2.67 2.32
Total Market
Value + Accrued 241,856,634.98
City of Moreno Valley | As of December 31, 2024
Execution Time: 01/03/2025 05:42:02 PM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747
TRANSACTION LEDGER
Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp Yield Amount Interest Pur/
Sold Total Amount Gain/Loss
ACQUISITIONS
Purchase 12/02/2024 60934N104 194,843.75 FEDERATED HRMS GV O INST 1.000 4.51% (194,843.75) 0.00 (194,843.75) 0.00
Purchase 12/03/2024 60934N104 1,674.98 FEDERATED HRMS GV O INST 1.000 4.48% (1,674.98) 0.00 (1,674.98) 0.00
Purchase 12/06/2024 60934N104 26,500.00 FEDERATED HRMS GV O INST 1.000 4.48% (26,500.00) 0.00 (26,500.00) 0.00
Purchase 12/09/2024 60934N104 41,080.00 FEDERATED HRMS GV O INST 1.000 4.49% (41,080.00) 0.00 (41,080.00) 0.00
Purchase 12/09/2024 60934N104 62,000.00 FEDERATED HRMS GV O INST 1.000 4.49% (62,000.00) 0.00 (62,000.00) 0.00
Purchase 12/10/2024 60934N104 7,437.50 FEDERATED HRMS GV O INST 1.000 4.49% (7,437.50) 0.00 (7,437.50) 0.00
Purchase 12/13/2024 459058LN1 2,250,000.00
INTERNATIONAL BANK
FOR RECONSTRUCTION
AND DEVELOPM 3.875
10/16/2029
98.372 4.25% (2,213,370.00) (13,804.69) (2,227,174.69) 0.00 Purchase 12/16/2024 60934N104 52,259.36 FEDERATED HRMS GV O INST 1.000 4.48% (52,259.36) 0.00 (52,259.36) 0.00
Purchase 12/16/2024 60934N104 438,504.52 FEDERATED HRMS GV O INST 1.000 4.48% (438,504.52) 0.00 (438,504.52) 0.00
Purchase 12/17/2024 60934N104 7,000.00 FEDERATED HRMS GV O INST 1.000 4.48%
(7,000.00) 0.00 (7,000.00) 0.00
Purchase 12/18/2024 60934N104 10,040.63 FEDERATED HRMS GV O INST 1.000 4.47% (10,040.63) 0.00 (10,040.63) 0.00
Purchase 12/18/2024 60934N104 3,118.08 FEDERATED HRMS GV O INST 1.000 4.47% (3,118.08) 0.00 (3,118.08) 0.00
Purchase 12/19/2024 60934N104 27,737,763.27 FEDERATED HRMS GV O INST 1.000 4.45% (27,737,763.27) 0.00 (27,737,763.27) 0.00 Purchase 12/19/2024 60934N104 11,871.00 FEDERATED HRMS GV O INST 1.000 4.45% (11,871.00) 0.00 (11,871.00) 0.00
Purchase 12/20/2024 60934N104 3,368.75 FEDERATED HRMS GV O INST 1.000 4.34% (3,368.75) 0.00 (3,368.75) 0.00
Purchase 12/23/2024 60934N104 27,696.61 FEDERATED HRMS GV O INST 1.000 4.27% (27,696.61) 0.00 (27,696.61) 0.00
City of Moreno Valley | As of December 31, 2024
Execution Time: 01/03/2025 05:42:02 PM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747
TRANSACTION LEDGER
Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp Yield Amount Interest Pur/
Sold Total Amount Gain/Loss
Purchase 12/23/2024 91282CLY5 2,500,000.00 UNITED STATES TREASURY
4.25 11/30/2026 99.938 4.28% (2,498,437.50) (6,713.60) (2,505,151.10) 0.00 Purchase 12/23/2024 912797MW4 20,000,000.00 UNITED STATES TREASURY 01/07/2025 99.824 4.29% (19,964,791.67) 0.00 (19,964,791.67) 0.00 Purchase 12/23/2024 91282CMA6 2,500,000.00 UNITED STATES TREASURY
4.125 11/30/2029 98.980 4.36% (2,474,511.72) (6,516.14) (2,481,027.86) 0.00 Purchase 12/26/2024 60934N104 127,047.98 FEDERATED HRMS GV O INST 1.000 4.31% (127,047.98) 0.00 (127,047.98) 0.00
Purchase 12/26/2024 60934N104 53,521.59 FEDERATED HRMS GV O INST 1.000 4.31% (53,521.59) 0.00 (53,521.59) 0.00
Purchase 12/31/2024 91282CME8 3,500,000.00 UNITED STATES TREASURY
4.25 12/31/2026 99.988 4.26% (3,499,589.84) 0.00 (3,499,589.84) 0.00 Total Purchase 59,555,728.02 (59,456,428.75) (27,034.43) (59,483,463.18) 0.00 TOTAL
ACQUISITIONS 59,555,728.02 (59,456,428.75) (27,034.43) (59,483,463.18) 0.00 OTHER
Sale 12/13/2024 3135G04Z3 (600,000.00)
FEDERAL NATIONAL
MORTGAGE ASSOCIATION
0.5 06/17/2025
98.070 0.54% 588,420.00 (1,466.67) 589,886.67 (11,453.35) Sale 12/13/2024 3135G03U5 (530,000.00)
FEDERAL NATIONAL
MORTGAGE ASSOCIATION
0.625 04/22/2025
98.676 0.67% 522,982.80 (469.27) 523,452.07 (6,939.39)
Sale 12/13/2024 60934N104 (1,113,835.95) FEDERATED HRMS GV O INST 1.000
4.48% 1,113,835.95 0.00 1,113,835.95 0.00
Sale 12/23/2024 60934N104 (24,950,970.63) FEDERATED HRMS GV O INST 1.000 4.27% 24,950,970.63 0.00 24,950,970.63 0.00
Sale 12/31/2024 60934N104 (3,259,464.84) FEDERATED HRMS GV O INST 1.000 4.33% 3,259,464.84 0.00 3,259,464.84 0.00
Total Sale (30,454,271.42) 30,435,674.22 (1,935.94) 30,437,610.16 (18,392.73)
TOTAL OTHER
TRANSACTIONS (30,454,271.42) 30,435,674.22 (1,935.94) 30,437,610.16 (18,392.73) OTHER
City of Moreno Valley | As of December 31, 2024
Execution Time: 01/03/2025 05:42:02 PM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747
TRANSACTION LEDGER
Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp Yield Amount Interest Pur/
Sold Total Amount Gain/Loss
Cash Transfer 12/19/2024 CCYUSD 27,737,763.27 Cash 0.00% 27,737,763.27 0.00 27,737,763.27 0.00 Total Cash
Transfer 27,737,763.27 27,737,763.27 0.00 27,737,763.27 0.00 Coupon 12/01/2024 3137BSP72 0.00 FHMS K-058 A2 2.653
08/25/2026 1.33% 2,100.29 0.00 2,100.29 0.00
Coupon 12/01/2024 3137BLW95 0.00 FHMS K-050 A2 3.334
08/25/2025 1.40% 1,633.66 0.00 1,633.66 0.00
Coupon 12/01/2024 3137FEZU7 0.00 FHMS K-076 A2 3.9
04/25/2028 3.92% 6,724.25 0.00 6,724.25 0.00
Coupon 12/01/2024 3137FEBQ2 0.00 FHMS K-072 A2 3.444
12/25/2027 3.94% 3,200.05 0.00 3,200.05 0.00
Coupon 12/01/2024 3137FCLD4 0.00 FHMS K-071 A2 3.286
11/25/2027 3.98% 8,899.58 0.00 8,899.58 0.00
Coupon 12/01/2024 3137FETN0 0.00 FHMS K-073 A2 3.35
01/25/2028 4.23% 5,597.29 0.00 5,597.29 0.00
Coupon 12/01/2024 3137FAWS3 0.00 FHMS K-067 A2 3.194
07/25/2027 4.28% 1,796.63 0.00 1,796.63 0.00
Coupon 12/01/2024 3137FBU79 0.00 FHMS K-069 A2 3.187
09/25/2027 4.29% 3,310.42 0.00 3,310.42 0.00
Coupon 12/01/2024 3137FKZZ2 0.00 FHMS K-088 A2 3.69
01/25/2029 4.46% 7,072.50 0.00 7,072.50 0.00
Coupon 12/01/2024 3137H4BY5
0.00 FHMS K-746 A2 2.031
09/25/2028 4.59% 2,961.88 0.00 2,961.88 0.00
Coupon 12/01/2024 3137F4D41 0.00 FHMS K-074 A2 3.6
01/25/2028 4.67% 6,600.00 0.00 6,600.00 0.00
Coupon 12/01/2024 3137FJKE8 0.00 FHMS K-082 A2 3.92
09/25/2028 4.71% 4,900.00 0.00 4,900.00 0.00
Coupon 12/01/2024 3137H5YC5 0.00 FHMS K-748 A2 2.26
01/25/2029 4.90% 4,708.33 0.00 4,708.33 0.00
Coupon 12/01/2024 3137FJEH8 0.00 FHMS K-081 A2 3.9
08/25/2028 4.96% 20,150.00 0.00 20,150.00 0.00
Coupon 12/06/2024 64952WFG3 0.00 NEW YORK LIFE GLOBAL
FUNDING 5.0 06/06/2029 5.04% 26,500.00 0.00 26,500.00 0.00
City of Moreno Valley | As of December 31, 2024
Execution Time: 01/03/2025 05:42:02 PM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747
TRANSACTION LEDGER
Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp Yield Amount Interest Pur/
Sold Total Amount Gain/Loss
Coupon 12/08/2024 3133EPME2 0.00
FEDERAL FARM CREDIT
BANKS FUNDING CORP
3.875 06/08/2028
3.97% 62,000.00 0.00 62,000.00 0.00
Coupon 12/08/2024 89115A2C5 0.00 TORONTO-DOMINION
BANK 4.108 06/08/2027 4.18% 41,080.00 0.00 41,080.00 0.00 Coupon 12/10/2024 40139LBC6 0.00
GUARDIAN LIFE GLOBAL
FUNDING 0.875
12/10/2025
1.12% 7,437.50 0.00 7,437.50 0.00
Coupon 12/15/2024 47789QAC4 0.00 JDOT 2021-B A3 0.52
03/16/2026 0.53% 48.41 0.00 48.41 0.00
Coupon 12/15/2024 89238JAC9 0.00 TAOT 2021-D A3 0.71
04/15/2026 0.71% 70.33 0.00 70.33 0.00
Coupon 12/15/2024 44935FAD6 0.00 HART 2021-C A3 0.74
05/15/2026 0.78% 39.87 0.00 39.87 0.00
Coupon 12/15/2024 43815BAC4 0.00 HAROT 2022-1 A3 1.88
05/15/2026 1.90% 619.62 0.00 619.62 0.00
Coupon 12/15/2024 448977AD0 0.00 HART 2022-A A3 2.22
10/15/2026 2.23% 831.05 0.00 831.05 0.00
Coupon 12/15/2024 47787JAC2 0.00 JDOT 2022 A3 0.36
09/15/2026 2.35% 540.27 0.00 540.27 0.00
Coupon 12/15/2024 02582JJT8 0.00 AMXCA 2022-2 A 3.39
05/17/2027 3.42% 5,198.00 0.00 5,198.00 0.00
Coupon 12/15/2024 47800AAC4 0.00 JDOT 2022-B A3 3.74
02/16/2027 3.78%
1,769.35 0.00 1,769.35 0.00
Coupon 12/15/2024 92970QAE5 0.00 WFCIT 2024-2 A 4.29
10/15/2029 4.33% 4,147.00 0.00 4,147.00 0.00
Coupon 12/15/2024 756109BS2 0.00 REALTY INCOME CORP 4.7 12/15/2028 4.71% 23,500.00 0.00 23,500.00 0.00
Coupon 12/15/2024 05522RDJ4 0.00 BACCT 2024-1 A 4.93
05/15/2029 4.98% 4,313.75 0.00 4,313.75 0.00
Coupon 12/15/2024 74340XCG4 0.00 PROLOGIS LP 4.875
06/15/2028 4.99% 57,281.25 0.00 57,281.25 0.00
Coupon 12/15/2024 47800BAC2 0.00 JDOT 2022-C A3 5.09
06/15/2027 5.15% 4,774.06 0.00 4,774.06 0.00
City of Moreno Valley | As of December 31, 2024
Execution Time: 01/03/2025 05:42:02 PM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747
TRANSACTION LEDGER
Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp Yield Amount Interest Pur/
Sold Total Amount Gain/Loss
Coupon 12/15/2024 161571HT4 0.00 CHAIT 2023-1 A 5.16
09/15/2028 5.23% 9,460.00 0.00 9,460.00 0.00
Coupon 12/15/2024 91324PDK5 0.00 UNITEDHEALTH GROUP
INC 3.85 06/15/2028 5.24% 19,250.00 0.00 19,250.00 0.00 Coupon 12/15/2024 02582JKH2 0.00 AMXCA 2024-1 A 5.23
04/16/2029 5.30% 7,169.46 0.00 7,169.46 0.00
Coupon 12/15/2024 58770JAD6 0.00 MBALT 2024-A A3 5.32
01/18/2028 5.39% 2,416.17 0.00 2,416.17 0.00
Coupon 12/15/2024 44934FAD7 0.00 HALST 2024-B A3 5.41
05/17/2027 5.47% 3,651.75 0.00 3,651.75 0.00
Coupon 12/16/2024 362554AC1 0.00 GMCAR 2021-4 A3 0.68
09/16/2026 0.68% 62.09 0.00 62.09 0.00
Coupon 12/16/2024 380146AC4 0.00 GMCAR 2022-1 A3 1.26
11/16/2026 1.27% 137.35 0.00 137.35 0.00
Coupon 12/16/2024 362585AC5 0.00 GMCAR 2022-2 A3 3.1
02/16/2027 3.14% 678.64 0.00 678.64 0.00
Coupon 12/17/2024 3135G04Z3 0.00
FEDERAL NATIONAL
MORTGAGE ASSOCIATION
0.5 06/17/2025
0.50% 7,000.00 0.00 7,000.00 0.00
Coupon 12/18/2024 89236TJK2 0.00 TOYOTA MOTOR CREDIT
CORP 1.125 06/18/2026 1.13% 10,040.63 0.00 10,040.63 0.00 Coupon 12/18/2024 437930AC4 0.00 HONDO-242-A3 5.27
11/20/2028 5.33% 3,118.08
0.00 3,118.08 0.00
Coupon 12/19/2024 06051GJD2 0.00 BANK OF AMERICA CORP
1.319 06/19/2026 1.24% 11,871.00 0.00 11,871.00 0.00
Coupon 12/20/2024 36269WAD1 0.00 GMALT 2024-2 A3 5.39
07/20/2027 5.45% 3,368.75 0.00 3,368.75 0.00
Coupon 12/21/2024 43815GAC3 0.00 HAROT 2021-4 A3 0.88
01/21/2026 0.90% 87.34 0.00 87.34 0.00
Coupon 12/21/2024 43813YAC6 0.00 HAROT 2024-3 A3 4.57
03/21/2029 4.62% 4,988.92 0.00 4,988.92 0.00
Coupon 12/25/2024 05602RAD3 0.00 BMWOT 2022-A A3 3.21
08/25/2026 3.24% 707.79 0.00 707.79 0.00
Coupon 12/25/2024 437076DC3 0.00 HOME DEPOT INC 4.75
06/25/2029 4.82% 38,000.00 0.00 38,000.00 0.00
City of Moreno Valley | As of December 31, 2024
Execution Time: 01/03/2025 05:42:02 PM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747
TRANSACTION LEDGER
Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp Yield Amount Interest Pur/
Sold Total Amount Gain/Loss
Coupon 12/25/2024 096919AD7 0.00 BMWOT 2024-A A3 5.18
02/26/2029 5.24% 4,014.50 0.00 4,014.50 0.00
Coupon 12/31/2024 91282CEW7 0.00 UNITED STATES TREASURY
3.25 06/30/2027 3.12% 48,343.75 0.00 48,343.75 0.00
Coupon 12/31/2024 91282CGC9 0.00 UNITED STATES TREASURY
3.875 12/31/2027 3.71% 64,906.25 0.00 64,906.25 0.00
Coupon 12/31/2024 91282CJR3 0.00 UNITED STATES TREASURY
3.75 12/31/2028 3.99% 84,375.00 0.00 84,375.00 0.00
Coupon 12/31/2024 91282CKX8 0.00 UNITED STATES TREASURY
4.25 06/30/2029 4.09% 42,500.00 0.00 42,500.00 0.00
Total Coupon 0.00 685,952.81 0.00 685,952.81 0.00
Dividend 12/31/2024 60934N104 0.00 FEDERATED HRMS GV O
INST 4.34% 18,380.72 0.00 18,380.72 0.00
Total Dividend 0.00 18,380.72 0.00 18,380.72 0.00
Principal
Paydown 12/01/2024 3137BLW95 24,164.15 FHMS K-050 A2 3.334 08/25/2025 1.40% 24,164.15 -- 24,164.15 (0.00)
Principal
Paydown 12/01/2024 3137FBU79 2,140.23 FHMS K-069 A2 3.187 09/25/2027 4.29% 2,140.23 -- 2,140.23 0.00
Principal
Paydown 12/15/2024 47789QAC4 18,560.06 JDOT 2021-B A3 0.52 03/16/2026 0.53% 18,560.06 -- 18,560.06 (0.00)
Principal
Paydown 12/15/2024 89238JAC9 21,842.52
TAOT 2021-D A3 0.71
04/15/2026 0.71% 21,842.52 -- 21,842.52 0.00
Principal
Paydown 12/15/2024 44935FAD6 18,668.91 HART 2021-C A3 0.74 05/15/2026 0.78% 18,668.91 -- 18,668.91 (0.01)
Principal
Paydown 12/15/2024 43815BAC4 50,119.62 HAROT 2022-1 A3 1.88 05/15/2026 1.90% 50,119.62 -- 50,119.62 0.01
Principal
Paydown 12/15/2024 448977AD0 56,752.37 HART 2022-A A3 2.22 10/15/2026 2.23% 56,752.37 -- 56,752.37 0.01
Principal
Paydown 12/15/2024 47787JAC2 33,531.44 JDOT 2022 A3 0.36 09/15/2026 2.35% 33,531.44 -- 33,531.44 (0.00)
Principal
Paydown 12/15/2024 47800AAC4 33,555.23 JDOT 2022-B A3 3.74 02/16/2027 3.78% 33,555.23 -- 33,555.23 0.01
Principal
Paydown 12/15/2024 47800BAC2 54,604.29 JDOT 2022-C A3 5.09 06/15/2027 5.15% 54,604.29 -- 54,604.29 0.01
City of Moreno Valley | As of December 31, 2024
Execution Time: 01/03/2025 05:42:02 PM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747
TRANSACTION LEDGER
Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp Yield Amount Interest Pur/
Sold Total Amount Gain/Loss
Principal
Paydown 12/16/2024 362554AC1 16,188.25 GMCAR 2021-4 A3 0.68 09/16/2026 0.68% 16,188.25 -- 16,188.25 0.00
Principal
Paydown 12/16/2024 380146AC4 17,764.89 GMCAR 2022-1 A3 1.26 11/16/2026 1.27% 17,764.89 -- 17,764.89 0.00
Principal
Paydown 12/16/2024 362585AC5 23,217.88 GMCAR 2022-2 A3 3.1 02/16/2027 3.14% 23,217.88 -- 23,217.88 0.01
Principal
Paydown 12/21/2024 43815GAC3 22,620.35 HAROT 2021-4 A3 0.88 01/21/2026 0.90% 22,620.35 -- 22,620.35 (0.01)
Principal
Paydown 12/25/2024 05602RAD3 31,888.02 BMWOT 2022-A A3 3.21 08/25/2026 3.24% 31,888.02 -- 31,888.02 0.00
Total Principal
Paydown 425,618.21 425,618.21 -- 425,618.21 0.04
TOTAL OTHER
TRANSACTIONS 28,163,381.48 28,867,715.01 0.00 28,867,715.01 0.04
MONTHLY ACCOUNT STATEMENT
City of Moreno Valley Limited Strategy | As of December 31, 2024 CHANDLER ASSET MANAGEMENT | 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.
Chandler Team:
For questions about your account, please call (800) 317-4747, or contact [email protected]
Custodian:
US Bank
City of Moreno Valley Limited Strategy | As of December 31, 2024 Execution Time: 01/03/2025 06:43:57 PM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747
PORTFOLIO SUMMARY
Portfolio Characteristics
Sector Allocation
Account Summary
Maturity Distribution
Top Issuers
Credit Quality
Average Modified Duration 0.00
Average Coupon 0.00%
Average Purchase YTM 0.00%
Average Market YTM 0.00%
Average Quality AAA
Average Final Maturity 0.00
Average Life 0.00
Beg. Values as of
12/01/2024
End Values as of
12/31/2024
Market Value 27,678,663.57 525.39
Accrued Interest 0.00 0.00
Total Market Value 27,678,663.57 525.39
Income Earned 118,874.69 71,641.72
Cont/WD 0.00 (27,737,763.27)
Par 27,737,763.27 525.39
Book Value 27,667,008.52 525.39
Cost Value 27,042,008.23 525.39
*See Footnote
The credit quality is a weighted average calculation of the highest of S&P , Moody’s and Fitch
City of Moreno Valley Limited Strategy | As of December 31, 2024 Execution Time: 01/03/2025 06:43:57 PM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747
STATEMENT OF COMPLIANCE
Rules Name Limit Actual Compliance
Status Notes
AGENCY MORTGAGE SECURITIES (CMOS)
Max % (MV) 20.0 0.0 Compliant
Max Maturity (Years) 5.0 0.0 Compliant
ASSET-BACKED SECURITIES (ABS)
Max % (MV) 20.0 0.0 Compliant
Max % Issuer (MV) 5.0 0.0 Compliant
Max Maturity (Years) 5 0.0 Compliant
Min Rating (AA- 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
CERTIFICATE OF DEPOSIT PLACEMENT SERVICE (CDARS)
Max % (MV) 30.0 0.0 Compliant
Max % Issuer (MV) 5.0 0.0 Compliant
Max Maturity (Years) 5.0 0.0 Compliant
COLLATERALIZED BANK DEPOSITS
Max % Issuer (MV) 5.0 0.0 Compliant
Max Maturity (Years) 5.0 0.0 Compliant
COLLATERALIZED TIME DEPOSITS (NON-NEGOTIABLE
CD/TD)
Max % Issuer (MV) 5.0 0.0 Compliant
Max Maturity (Years) 5.0 0.0 Compliant
COMMERCIAL PAPER
Max % (MV) 40.0 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) 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
City of Moreno Valley Limited Strategy | As of December 31, 2024 Execution Time: 01/03/2025 06:43:57 PM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747
STATEMENT OF COMPLIANCE
Rules Name Limit Actual Compliance
Status Notes
FDIC INSURED TIME DEPOSITS (NON-NEGOTIABLE CD/
TD)
Max % Issuer (MV) 5.0 0.0 Compliant
Max Maturity (Years) 5 0.0 Compliant
FEDERAL AGENCIES
Max % (MV) 100.0 0.0 Compliant
Max Maturity (Years) 5 0.0 Compliant
LOCAL AGENCY INVESTMENT FUND (LAIF)
Max % (MV) 100.0 0.0 Compliant
MONEY MARKET MUTUAL FUNDS
Max % (MV) 20.0 0.0 Compliant
Min Rating (AAA by 2) 0.0 0.0 Compliant
MORTGAGE-BACKED SECURITIES (NON-AGENCY)
Max % (MV) 20.0 0.0 Compliant
Max % Issuer (MV) 5.0 0.0 Compliant
Max Maturity (Years) 5.0 0.0 Compliant
Min Rating (AA- by 1) 0.0 0.0 Compliant
MUNICIPAL SECURITIES (CA, LOCAL AGENCY)
Max % (MV) 100.0 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) 100.0 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
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
City of Moreno Valley Limited Strategy | As of December 31, 2024 Execution Time: 01/03/2025 06:43:57 PM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747
STATEMENT OF COMPLIANCE
Rules Name Limit Actual Compliance
Status Notes
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 Maturity (Years) 1.0 0.0 Compliant
REVERSE REPURCHASE AGREEMENTS
Max % (MV) 20.0 0.0 Compliant
Max Maturity (Days) 92.0 0.0 Compliant
SUPRANATIONAL OBLIGATIONS
Max % (MV) 30.0 0.0 Compliant
Max Maturity (Years) 5 0.0 Compliant
Min Rating (AA- by 1) 0.0 0.0 Compliant
U.S. TREASURIES
Max % (MV) 100.0 0.0 Compliant
Max Maturity (Years) 5 0.0 Compliant
City of Moreno Valley Limited Strategy | As of December 31, 2024 Execution Time: 01/03/2025 06:43:57 PM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747
HOLDINGS REPORT
Cusip Security Description Par Value/
Units
Purchase Date
Purchase Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
CASH
CCYUSD Receivable 525.39 --
0.00%
525.39
525.39
1.00 0.00%
525.39
0.00 100.00%
0.00 Aaa/AAA
AAA
0.00 0.00
Total Cash 525.39 0.00%
525.39
525.39
1.00 0.00%
525.39
0.00 100.00%
0.00 Aaa/AAA
AAA
0.00 0.00
Total Portfolio 525.39 0.00%
525.39
525.39
1.00 0.00%
525.39
0.00 100.00%
0.00 Aaa/AAA
AAA
0.00 0.00
Total Market
Value + Accrued 525.39
City of Moreno Valley Limited Strategy | As of December 31, 2024 Execution Time: 01/03/2025 06:43:57 PM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747
TRANSACTION LEDGER
Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp Yield Amount Interest Pur/
Sold Total Amount Gain/Loss
ACQUISITIONS
Purchase 12/03/2024 60934N104 886.97 FEDERATED HRMS GV O INST 1.000 4.48% (886.97) 0.00 (886.97) 0.00
Purchase 12/19/2024 60934N104 27,500,000.00 FEDERATED HRMS GV O INST 1.000 4.45% (27,500,000.00) 0.00 (27,500,000.00) 0.00 Total Purchase 27,500,886.97 (27,500,886.97) 0.00 (27,500,886.97) 0.00 TOTAL
ACQUISITIONS 27,500,886.97 (27,500,886.97) 0.00 (27,500,886.97) 0.00 OTHER
Maturity 12/19/2024 912797LQ8 (27,500,000.00) UNITED STATES TREASURY 12/19/2024 100.000 0.00% 27,500,000.00 0.00 27,500,000.00 0.00 Total Maturity (27,500,000.00) 27,500,000.00 0.00 27,500,000.00 0.00 Sale 12/19/2024 60934N104 (27,737,763.27) FEDERATED HRMS GV O INST 1.000 4.45% 27,737,763.27 0.00 27,737,763.27 0.00
Total Sale (27,737,763.27) 27,737,763.27 0.00 27,737,763.27 0.00
TOTAL OTHER
TRANSACTIONS (55,237,763.27) 55,237,763.27 0.00 55,237,763.27 0.00 OTHER
Cash Transfer 12/19/2024 CCYUSD (27,737,763.27) Cash 0.00% (27,737,763.27) 0.00 (27,737,763.27) 0.00 Total Cash
Transfer (27,737,763.27) (27,737,763.27) 0.00 (27,737,763.27) 0.00 Dividend 12/31/2024 60934N104 0.00 FEDERATED HRMS GV O
INST 4.45% 525.39 0.00 525.39 0.00
Total Dividend 0.00 525.39 0.00 525.39 0.00
TOTAL OTHER
TRANSACTIONS
(27,737,763.27) (27,737,237.88) 0.00 (27,737,237.88) 0.00
December 2024
Market Data
World Stock Market Indices
data as of 11/29/2024
Change
(10/30/2024) %CHG
S&P 500
6,032.38
NASDAQ
326.93
19,218.17 1,123.02
DOW JONES
44,910.65 3,147.19
FTSE (UK)
8,2787.30
DAX (Germany)
19,626.45
177.20
548.91
Hang Seng (Hong Kong)
19,423.61 (893.72)
Nikkei (Japan)
38,208.03 (873.22)
5.73%
6.21%
7.54 2.18
2.88 -4.40%
-2.23%
Source: Bloomberg. Please see
descriptions of indices on Page 2.
,.,,. .. CHANDLER
"j1l1l ASSET MANAGEMENT
Toll Free: 800.317.4747
[email protected]
ch and lerasset.com
BOND MARKET REVIEW
A Monthly Review of Fixed Income Markets
Market Summary
The results from the US elections provided some clarity to the direction of fiscal policy and removed some of the political uncertainty that had been affecting capital markets. It is our view that the Federal Reserve will continue the course of easing monetary policy as the labor market normalizes and growth trends slower. In November, consumer spending once again drove solid economic growth. While the consumer has been resilient, declining savings rates, growing credit card debt, higher delinquencies, and a moderating labor market pose potential headwinds to future economic growth. Inflationary trends are subsiding, but core levels remain above the Fed's target. The labor market is showing signs of cooling, reflecting an improved balance between supply and demand for workers. Given the cumulative effects of restrictive monetary policy and tighter financial conditions, we believe the economy will gradually soften and the Fed will continue to lower rates in the near-term, then pursue a moderate, data dependent pace through 2025.
As broadly anticipated, the Federal Open Market Committee (FOMC) reduced the Fed Funds Rate by 25 basis points to the range of 4.50 - 4.75% at the November meeting. Chair Jerome Powell indicated that the Federal Reserve is taking a more neutral stance toward the dual mandate of maximum employment and price stability. Economic activity is expanding at a solid pace, while the Fed has gained confidence that the economy is on the path to the 2% inflation target. The Fed believes that monetary policy is still restrictive following the second rate cut, and the committee will exercise optionality as needed based on economic data. Chair Powell stated that in the near-term, the election results will have no effect on monetary policy as he avoided commenting on fiscal policy. Moving into year-end, the Chandler team still expects the Federal Reserve to adjust their policy stance to become less restrictive.
The US Treasury yield curve shifted lower in November. The 2-year Treasury yield edged down 2 basis points to 4.15%, the 5-year Treasury dropped 11 basis points to 4.05%, and the 10-year Treasury yield fell 12 basis points to 4.17%. The spread between the 2-year and 10-year Treasury yield points on the curve narrowed to +2 basis points at November month-end versus +11 basis points at October month-end. The spread between the 2-year Treasury and 10-year Treasury yield one year ago was -36 basis points. The inversion between 3-month and 10-year Treasuries widened to -32 basis points in November from -26 basis points in October.
TREASURY YIELDS TREND LOWER IN NOVERMBER
7.CIO%
6.00% ----·······---·----·······---- ----···-···---------------------·······--- S.00%
4.00%
3.00%
2.00%
1.00%
0.00%
----November 2023 - -October 2024 -- November 2024
Source: Bloomberg
The 25 basis point Fed Funds Rate reduction in November catalyzed lower treasury yields across the yield curve. The one-year point of the curve was the only exception, as 1-year yields were slightly higher to end the month. Economic data in November did not present any surprises to alter the course of the Federal Reserve's path of easing monetary policy through year-end, and the market-implied odds of a rate cut at the December FOMC meeting stood at 66% at month end. The bond market rallied during the second half of November following President-elect Trump's appointed Scott Bessent as Treasury Secretary. Yet, lower yields across the curve could also be partially attributed to less market liquidity due to holiday market closures.
TREASURY YIELDS Trend ( I ) 11/29/24 10/31/24 Change
3-Month 4.49 4.55 -0.06
2-Year 4.15 4.17 -0.02
3-Year 4.09 4.13 -0.04
5-Year 4.05 4.16 -0.11
7-Year 4.11 4.23 -0.12
10-Year 4.17 4.29 -0.12
30-Year 4.36 4.48 -0.12
Source: Bloomberg
Chandler Asset Management I 800.317.4747 I chandlerasset.com
BOND MARKET REVIEW
Since 1988, Chandler
Asset Management
has specialized in
providing fixed
income investment
solutions to risk-averse
public agencies and
institutions. Chandler's
mission is to provide
fully customizable
client-centered portfolio
management that
preserves principal,
mitigates risk, and
generates income in
our clients' portfolios.
Economic Roundup
Consumer Prices
Credit Spreads Were Modestly Tighter in November
CREDIT SPREADS Spread to Treasuries One Month Ago Change 3-month top rated commercial paper
2-year A corporate note
5-year A corporate note
5-year Agency note
Source: Bloomberg
(%) 4.56
0.26 0.52
0.05 Oil Prices Were Marginally Lower in November
(%) 4.71
0.29 0.51
0.03 (0.15)
(0.03)
0.01 0.02
Data as of 11/29/2024
ECONOMIC INDICATOR Current Release Prior Release One Year Ago Trade Balance (73.36) $B In OCT. 31 (83.80) $B In SEP. 30 (64.33) $B In OCT. 31 Gross Domestic Product
Unemployment Rate
Prime Rate
Refinitiv/CoreCommodity CRB Index
Oil (West Texas Int.)
Consumer Price Index (y/o/y)
Producer Price Index (y/o/y)
Euro/Dollar
Source: Bloomberg.
2.80% SEP. 30
4.20% NOV. 30
7.75% NOV. 29
286.94 NOV. 29
$68.72 NOV. 27
2. 70% NOV. 30
2.00% NOV. 30
1.06 NOV. 29
2.80% SEP. 30
4.10% OCT. 31
8.00o/oOCT. 31
279.86 OCT. 31
$69.26 OCT. 31
2.60% OCT. 31
0.80% OCT. 31
1.09 OCT. 31
4.40% SEP. 30
3.70% NOV. 30
8.50% NOV. 30
273.64 NOV. 30
$75.96 NOV. 30
3.10% NOV. 30
(1.10)% NOV. 30
1.09 NOV. 30
The Consumer Price Index (CPI) increased slightly to 0.3% month-over-month and increased in-line with the consensus estimate of 2.7% year-over-year in November from 2.6% in October. The increase can be partially attributed to the slowing of the deflationary price trend in consumer goods. While inflationary pressure in shelter prices remains elevated, Rent of Primary Residence and Owners Equivalent Rent decreased both on a month-over-month and year-over-year basis. The Core CPI measure, which excludes volatile food and energy components, remained unchanged from October on the month-over-month and year-over-year basis increasing at 0.3% and 3.3% respectively. The Personal Consumption Expenditures (PCE) Index was unchanged at 0.2% month-over-month and unchanged at 2.3% year over-year from an upwardly revised 2.3% for the September reference period. The Core PCE deflator increased month-over-month to 0.3% in October from a downwardly revised 0.2% in September. Core PCE increased on a year-over-year basis to 2.8% in October from 2. 7% in September. The services components of PCE continue to be the primary source of lingering inflation.
Retail Sales
The consensus estimates call for an increase in Retail Sales for November to 0.5% month-over-month. Sales of new and used vehicles-the largest category in Retail Sales-is likely to get a boost from replacement purchases due to damages from the recent hurricanes. Quarter earnings from General Merchandise Retailers point to mixed results from physical retailers. For example, Wal-Mart beat 3rd Quarter earnings estimates, while Target missed. E-commerce may show moderate growth, driven by early holiday promotions in November. October Retail Sales increased 2.8% year-over-year, which has been on trend with resilient consumer spending.
Labor Market
The U.S. economy added 227,000 jobs in November, rising from the upwardly revised 36,000 created in October.The Gulf and East Coast dockworkers strike along with Boeing's union machinists strike were both resolved, which contributed to the recovery in November. However, the temporary distortions in the wake of Hurricane Helene and Hurricane Milton may continue to affect labor market data in the near-term. The three-month moving average and six-month moving average payrolls improved to 173,000 and 143,000 respectively. The unemployment rate ticked up to 4.2% in November, and the labor participation rate fell to 62.5%, remaining below the pre-pandemic level of 63.3%. The U-6 underemployment rate, which includes those who are marginally attached to the labor force and employed part time for economic reasons, edged up to 7.8%. Average Hourly Earnings was unchanged at 4.0% year-over-year in November.
Housing Starts
U.S. Housing Starts are forecasted to rebound from the previous two consecutive months of decline; the consensus estimate is for an increase of 2.5% month-over-month to 1.344 million annualized housing starts in November. Construction Spending, which generally refers to the value of new construction activity on residential and non-residential projects, expanded more than anticipated in the prior two months at
0.1% and 0.4% for September and October respectively. The prior two months in positive territory ended eight consecutive months of Construction Spending decline. The prior decline in Construction Spending culminated in the surprising decline of -3.1 % in housing starts in October.
World Stock Market Index Descriptions
S&P 5� The S&P 500 is a market value-weighted index of 500 large-capitalization stocks. The 500 companies induded in the index capture approximately 80% of available US market capitalization.
NASDAQ-The NASDAQ Composite Index is the market capitalization-weighted index of over 3.300 common stocks listed on the NASDAQ stock exchange. Dow Jones-The Dow Jones Industrial Average is an index that tracks 30 large, publicly-owned companies trading on the New York Stock Exchange and the NASDAQ. The Financial Times Stock Exchange Group (FTSE}-The FTSE is a share index of the 100 companies listed on the London Stock Exchange with the highest market capitalization. DAX-The Deutscher Aktienindex (DAX) is a blue chip stock market index consisting of the 30 major German companies trading on the Frankfurt Stock Exchange. Hang Seng-The Hang Seng Index is a freefloat-adjusted market-capitalization- weighted stock market index in Hong Kong.
It is used to record and monitor daily changes of the largest companies of the Hong Kong stock market and is the main indicator of overall market performance in Hong Kong. Nikkei-Japan's Nikkei 225 Stock Average is a price-weighted index composed of Japan·s top 225 blue-chip companies traded on the Tokyo Stock Exchange. © 2024 Chandler Asset Management, Inc. An Independent Registered Investment Adviser. Data source: Bloomberg, Federal Reserve, and the us Department of Labor. This report is provided for informational purposes only and should not be construed as 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 an 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 rate, 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. The S&P Corelogic Case-Shiller home price index tracks monthly changes in the value of residential real estate in 20 metropolitan regions across the nation.
Chandler Asset Management I 800.317.4747 I chandlerasset.com
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