2025-06 Investment Report.pdf — Moreno Valley City Council, August 19, 2025

10,004,112 10,004,112 10,004,112 State of California LAIF Pool 65,129,234 65,206,534 65,129,234 0.69 4.269% California CLASS 146,436,744 146,434,295 146,436,744 4.343% Investments 246,399,991 248,822,811 249,226,311 2.59 3.820% 2.51 467,970,081 470,467,752 470,796,401 Total Funds with Fiscal Agents 37,508
Total Investment Portfolio 470,505,260

1. I hereby certify that the investments are in compliance with the investment policy adopted by the City Council. There are n o it ems of non-compliance for this period.

3. T
he market value for LAIF is provided by the State Treasurer's Offic e.

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 Counci l or any unforeseen catastrophic event. /S/ Dena Heald
Chief Financial Officer/City Treasurer

2. The market values for the investments in the General Portfolio are provided by the City's investment advisors.

Pa
r 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
June 2025
Bank Accounts
1 CI TY 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)
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% Jan 25 428,481,534 3.86% 111,059,998 4.425% 64,046,210 4.366% 246,236,657 3.60% 4.10% 3.72% Feb 25 447,541,157 3.92% 131,471,766 4.143% 64,265,556 4.333% 246,786,521 3.63% 5.76% 5.46% Mar 25 444,986,373 3.90% 127,949,541 4.396% 59,498,844 4.313% 247,193,919 3.72% 5.74% 5.59% Apr 25 451,509,430 3.86% 132,424,572 4.393% 56,708,937 4.281% 247,565,423 3.72% 7.46% 7.39% May 25 456,328,638 3.98% 145,915,559 4.352% 56,914,053 4.272% 248,232,059 3.79% 6.31% 6.10% Jun 25 470,796,401 3.96% 146,436,744 4.343% 65,129,234 4.269% 249,226,311 3.82% 6.43% 6.18% 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. 2 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

3 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 2017 Refunding of the 2007 RDA TABs Money Market WF Government Fund 6/30/2025 7/1/2025 $ 5,526 0.02% 0.02% 1.00 14.73% Wells Fargo 2019 Taxable Lease Revenue Bonds (Electric Utility) Money Market WF Government Fund 6/30/2025 7/1/2025 $ 1, 495 0.02% 0.02% 1.00 3.99% Wilmington Trust 2020 Taxable Refunding of the 2013 TRIP COPs Money Market Federated Hermes Gov Fund 6/30/2025 7/1/2025 $ 14,648 0.03% 0.03% 1.00 39.05% Wilmington Trust 2024 Taxable Lease Revenue Refunding Bond Series Money Market Federated Hermes Gov Fund 6/30/2025 7/1/2025 $ 12,998 0.03% 0.03% 0.00 34.65% Wells Fargo 2021 Taxable Refunding Lease Revenue Bonds (Electric Utility) Money Market WF Government Fund 6/30/2025 7/1/2025 $ 2,841 0.02% 0.02% 1.00 7.57% Total 37,508$ 100.00%
Trustee Bond Description Construction fund Debt Service Reserve &
Other Total
Wells Fargo 2017 Refunding of the 2007 RDA TABs $0 $5,526 $0 $5,526 Wells Fargo 2019 Taxable Lease Revenue Bonds (Electric Utility) $0 $1,495 $0 $1,495 Wilmington Trust 2020 Taxable Refunding of the 2013 TRIP COPs $0 $14,648 $0 $14,648 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 $2,841 $0 $2,841 Total $0 $37,508 $0 $37,508

FUNDS WITH FISCAL AGENTS
By Investment Type
By Fund Purpose

4 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 2017 Refunding of the 2007 RDA TABs
Income fund 49150300 Money Market WF Gov Fund 06/30/25 07/01/25 5,526 0.02% 0.02% 1.00 14.73% Interest fund 49150301 Money Market WF Gov Fund 06/30/25 07/01/25 - 0.00% 0.00% 0.00 0.00% Reserve fund 49150304 Money Market WF Gov Fund 06/30/25 07/01/25 - 0.00% 0.00% 0.00 0.00% 5,526
Wells Fargo 2019 Taxable Lease Revenue Bonds (Electric utility) Revenue fund 83056100 Money Market WF Gov Fund 06/30/25 07/01/25 1,495 0.02% 0.02% 1.00 3.99% Interest fund 83056101 Money Market WF Gov Fund 06/30/25 07/01/25 - 0.00% 0.00% 0.00 0.00% Construction fund 83056103 Money Market WF Gov Fund 06/30/25 07/01/25 - 0.00% 0.00% 0.00 0.00% Reserve Fund 83056105 Money Market WF Gov Fund 06/30/25 07/01/25 - 0.00% 0.00% 0.00 0.00% 1,495
Wilmington Trust 2020 Taxable Refunding of the 2013 TRIP COPs Revenue fund 143629-000 Money Market Federated Gov Obl Fund 06/30/25 07/01/25 1,684 0.03% 0.03% 1.00 4.49% Interest fund 143629-001 Money Market Federated Gov Obl Fund 06/30/25 07/01/25 407 0.03% 0.03% 1.00 1.09% Principal fund 143629-002 Money Market Federated Gov Obl Fund 06/30/25 07/01/25 2,610 0.03% 0.03% 1.00 6.96% Reserve fund 143629-003 Money Market Federated Gov Obl Fund 06/30/25 07/01/25 - 0.00% 0.00% 0.00 0.00% Admin fund 143629-004 Money Market Federated Gov Obl Fund 06/30/25 07/01/25 917 0.03% 0.03% 1.00 2.44% Surplus fund 143629-005 Money Market Federated Gov Obl Fund 06/30/25 07/01/25 - 0.00% 0.00% 0.00 0.00% Interest fund 144078-003 Money Market Federated Gov Obl Fund 06/30/25 07/01/25 9,030 0.03% 0.03% 1.00 24.07% 14,648
Wilmington Trust 2024 Taxable Lease Revenue Refunding Bonds Series Revenue fund 171784-000 Money Market Federated Gov Obl Fund 06/30/25 07/01/25 - 0.00% 0.00% 0.00 0.00% Interest fund 171784-001 Money Market Federated Gov Obl Fund 06/30/25 07/01/25 12,998 0.03% 0.03% 0.00 34.65% Principal fund 171784-002 Money Market Federated Gov Obl Fund 06/30/25 07/01/25 - 0.00% 0.00% 0.00 0.00% Redemption FD 171784-003 Money Market Federated Gov Obl Fund 06/30/25 07/01/25 - 0.00% 0.00% 0.00 0.00% Reserve FD 171784-004 Money Market Federated Gov Obl Fund 06/30/25 07/01/25 - 0.00% 0.00% 0.00 0.00% Cost of Issuance 171784-005 Money Market Federated Gov Obl Fund 06/30/25 07/01/25 - 0.00% 0.00% 0.00 0.00% Proceeds 171784-006 Money Market Federated Gov Obl Fund 06/30/25 07/01/25 - 0.00% 0.00% 0.00 0.00% 12,998
Wells Fargo 2021 Taxable Refunding Lease Revenue Bonds (Electric Utility) Revenue fund 83056107 Money Market WF Gov Fund 06/30/25 07/01/25 2,841 0.02% 0.02% 1.00 7.57% Interest fund 83056108 Money Market WF Gov Fund 06/30/25 07/01/25 - 0.00% 0.00% 0.00 0.00% Principal fund 83056109 Money Market WF Gov Fund 06/30/25 07/01/25 - 0.00% 0.00% 0.00 0.00% Reserve fund 83056111 Money Market WF Gov Fund 06/30/25 07/01/25 - 0.00% 0.00% 0.00 0.00% 2,841
Totals 37,508 100.00%
Type Summary of Bond Proceeds with Fiscal Agents
1C o n s t r u c t i o n F u n d s -
2 Principal & Interest Accounts 37,508
3 Debt Service Reserve Funds -
4 Custody Accounts -
5 Arbitrage Rebate Accounts -
6 Other Accounts -
Total Fiscal Agent Funds 37,508

FUNDS WITH FISCAL AGENTS
Construction Funds
Total Fiscal Agent Funds
Principal & Interest Accounts
Debt Service Reserve Funds
Custody Accounts
Arbitrage Rebate Accounts
Other Accounts

5 MONTHLY ACCOUNT STATEMENT
City of Moreno Valley | As of June 30, 2025
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

PORTFOLIO SUMMARY
Portfolio Characteristics
Sector Allocation
Performance Review
Account Summary
Maturity Distribution
Top Issuers
Credit Quality (S&P)
Total Rate of Return** 1M 3M YTD 1YR 2YRS 3YRS 5YRS 10YRS Since Inception (06/01/10)
City of Moreno Valley 0.78% 1.54% 3.61% 6.43% 5.56% 3.76% 1.31% 1.92% 1.88% Benchmark Return 0.74% 1.36% 3.39% 6.06% 5.11% 3.24% 0.92% 1.61% 1.57% Secondary Benchmark Return 0.76% 1.40% 3.43% 6.18% 5.25% 3.39% 1.02% 1.72% 1.71% Average Modified Duration 2.51
Average Coupon 3.53%
Average Purchase YTM 3.82%
Average Market YTM 4.01%
Average Credit Quality* AA+
Average Final Maturity 2.91
Average Life 2.59
End Values as of
05/31/2025
End Values as of
06/30/2025
Market Value 246,722,074.37 248,822,810.73
Accrued Int
erest 1,909,966.95 1,759,045.32
Total Market Value 248,632,041.32 250,581,856.05
Income Earned 459,920.68 1,070,492.77
Cont/WD 0.00 326.75
Par 248,232,058.89 249,226,311.07
Book Value 246,539,444.40 247,398,636.83
Cost Value 245,566,615.78 246,399,991.29
Government of The United States 41.12%
FHLMC 11.78%
International Bank for Recon and Dev 3.27%
Toyota Motor Corporation 1.96%
Massachusetts Mutual Life Insurance 1.59%
International Finance Corporation 1.47%
FNMA 1.45%
Realty Income Corporation 1.41%
**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 *The average credit quality is a weighted average calculation of the highest of S&P , Moody’s and Fitch.

STATEMENT OF COMPLIANCE
Rules Name Limit Actual Compliance
Status Notes

AGENCY MORTGAGE SECURITIES (CMOS)
Max % (MV) 20.0 11.8 Compliant
Max Maturity (Years) 5.0 4.6 Compliant

ASSET-BACKED SECURITIES (ABS)
Max % (MV) 20.0 7.8 Compliant
Max % Issuer (MV) 5.0 0.9 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 26.5 Compliant
Max % Issuer (MV) 5.0 2.0 Compliant
Max Maturity (Years) 5 4 Compliant
Min Rating (A- by 1) 0.0 0.0 Compliant

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 4.1 Compliant
Max Maturity (Years) 5 2 Compliant

LOCAL AGENCY INVESTMENT FUND (LAIF)
Max % (MV) 100.0 0.0 Compliant

MONEY MARKET MUTUAL FUNDS
Max % (MV) 20.0 0.6 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

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 6.1 Compliant
Max Maturity (Years) 5 4 Compliant
Min Rating (AA- by 1) 0.0 0.0 Compliant
U.S. TREASURIES
Max % (MV) 100.0 41.1 Compliant
Max Maturity (Years) 5 4 Compliant

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
43815BAC4 HAROT 2022-1 A3 1.88
05/15/2026 66,983.55 02/15/2022

1.89%
66,973.48
66,981.64

99.80 4.77%
66,847.89

55.97 0.03%
(133.75)
Aaa/AAA
NA

0.87 0.07
05602RAD3 BMWOT 2022-A A3 3.21
08/25/2026 61,961.72 05/10/2022

3.23%
61,958.50
61,960.91

99.82 4.56%
61,849.84

33.15 0.02%
(111.07)
Aaa/AAA
NA

1.15 0.14
47787JAC2 JDOT 2022 A3 2.32 09/15/2026 86,974.34 03/10/2022

2.34%
86,955.11
86,969.50

99.72 4.16%
86,726.98

89.68 0.03%
(242.52)
Aaa/NA
AAA

1.21 0.15
362554AC1 GMCAR 2021-4 A3 0.68
09/16/2026 1,121.58 10/13/2021

0.68%
1,121.55
1,121.57

99.84 4.51%
1,119.81

0.32 0.00%
(1.76)
Aaa/AAA
NA

1.21 0.04
448977AD0 HART 2022-A A3 2.22
10/15/2026 78,298.59 03/09/2022

2.23%
78,295.57
78,297.81

99.83 4.49%
78,168.00

77.25 0.03%
(129.82)
NA/AAA
AAA

1.29 0.07
380146AC4 GMCAR 2022-1 A3 1.26
11/16/2026 12,931.65 01/11/2022

1.27%
12,930.52
12,931.36

99.86 4.72%
12,913.31

6.79 0.01%
(18.05)
NA/AAA
AAA

1.38 0.04
362585AC5 GMCAR 2022-2 A3 3.1
02/16/2027 104,904.33 04/05/2022

3.13%
104,882.41
104,897.50

99.65 4.83%
104,542.01
135.50

0.04%
(355.48)
Aaa/AAA
NA

1.63 0.20
47800AAC4 JDOT 2022-B A3 3.74
02/16/2027 257,119.82 07/12/2022

3.77%
257,095.27
257,111.35

99.68 4.66%
256,287.50
427.39

0.10%
(823.85)
Aaa/NA
AAA

1.63 0.36
44934FAD7 HALST 2024-B A3 5.41
05/17/2027 810,000.00 05/14/2024

5.41%
809,977.48
809,985.85
100.79

4.55%
816,432.53
1,947.60

0.33%
6,446.69
NA/AAA
AAA

1.88 0.86
47800BAC2 JDOT 2022-C A3 5.09
06/15/2027 628,298.91 10/12/2022

5.15%
628,250.15
628,278.69
100.27

4.59%
629,984.70
1,421.35

0.25%
1,706.01
Aaa/NA
AAA

1.96 0.48
36269WAD1 GMALT 2024-2 A3 5.39
07/20/2027 750,000.00 05/07/2024

5.85%
749,956.43
749,971.87
100.80

4.38%
755,983.50
1,235.21

0.30%
6,011.63
NA/AAA
AAA

2.05 0.74
58770JAD6 MBALT 2024-A A3 5.32
01/18/2028 545,000.00 05/17/2024

5.73%
544,936.24
544,955.54
101.22

4.38%
551,656.19
1,288.62

0.22%
6,700.66
Aaa/NA
AAA

2.55 1.22
44935WAD9 HALST 2025-A A3 4.83
01/18/2028 1,185,000.00 01/14/2025

4.83%
1,184,911.24
1,184,924.26
100.89

4.30%
1,195,544.25
2,543.80

0.48%
10,619.99
NA/AAA
AAA

2.55 1.52
161571HT4 CHAIT 2023-1 A 5.16 09/15/2028 2,200,000.00 09/07/2023

5.23%
2,199,390.16
2,199,608.79
101.16

4.21%
2,225,425.18
5,045.33

0.89%
25,816.39
NA/AAA
AAA

3.21 1.14
437930AC4 HAROT 2024-2 A3 5.27
11/20/2028 710,000.00 05/14/2024

5.27%
709,913.74
709,935.04
101.20

4.30%
718,486.35
1,351.17

0.29%
8,551.30
NA/AAA
AAA

3.39 1.16
096919AD7 BMWOT 2024-A A3 5.18
02/26/2029 930,000.00 06/04/2024

5.18%
929,858.73
929,890.33
101.26

4.11%
941,725.44
802.90

0.38%
11,835.11
Aaa/AAA
NA

3.66 1.12
43813YAC6 HAROT 2024-3 A3 4.57
03/21/2029 1,310,000.00 08/09/2024

4.66%
1,309,794.20
1,309,832.83
100.54

4.21%
1,317,129.94
1,662.97

0.53%
7,297.11
Aaa/NA
AAA

3.72 1.35

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
02582JKH2 AMXCA 2024-1 A 5.23
04/16/2029 1,645,000.00 04/16/2024

5.30%
1,644,662.78
1,644,743.24
102.00

4.11%
1,677,846.54
3,823.71

0.67%
33,103.30
NA/AAA
AAA

3.79 1.67
05522RDJ4 BACCT 2024-1 A 4.93
05/15/2029 1,050,000.00 06/06/2024

4.93%
1,049,941.10
1,049,953.83
101.48

4.14%
1,065,553.76
2,300.67

0.43%
15,599.93
Aaa/AAA
NA

3.87 1.75
47800DAD6 JDOT 2025 A3 4.23 09/17/2029 1,180,000.00 03/04/2025

5.09%
1,179,925.78
1,179,930.82
100.25

4.16%
1,182,914.13
2,218.40

0.48%
2,983.31
Aaa/NA
AAA

4.22 2.18
92970QAE5 WFCIT 2024-2 A 4.29
10/15/2029 1,160,000.00 10/17/2024

4.29%
1,159,827.62
1,159,851.34
100.47

4.11%
1,165,453.16
2,211.73

0.47%
5,601.82
Aaa/AAA
NA

4.29 2.14
44935CAD3 HART 2025-A A3 4.32
10/15/2029 1,485,000.00 03/04/2025

4.84%
1,484,780.96
1,484,795.45
100.39

4.16%
1,490,735.96
2,851.20

0.60%
5,940.51
NA/AAA
AAA

4.29 1.98
362955AD8 GMCAR 2025-1 A3 4.62
12/17/2029 960,000.00 01/09/2025

5.03%
959,928.67
959,935.30
100.90

4.09%
968,599.68
1,848.00

0.39%
8,664.38
Aaa/NA
AAA

4.47 1.55
92970QAJ4 WFCIT 2025-1 A 4.34
05/15/2030 1,955,000.00 06/03/2025

4.33%
1,954,967.55
1,954,967.93
100.78

4.09%
1,970,311.17
4,949.41

0.79%
15,343.24
NA/AAA
AAA

4.87 2.65
Total ABS 19,173,594.49 4.93%
19,171,235.23
19,171,832.72
100.88

4.22%
19,342,237.81
38,328.13

7.77%
170,405.08

3.54 1.54
AGENCY
3135G05X7 FEDERAL NATIONAL MORTGAGE
ASSOCIATION 0.375 08/25/2025 2,000,000.00 12/16/2020

0.43%
1,994,860.00
1,999,834.87

99.39 4.48%
1,987,742.02
2,625.00

0.80%
(12,092.85)
Aa1/AA+
AA+

0.15 0.15
3137EAEX3

FEDERAL HOME LOAN
MORTGAGE CORP 0.375
09/23/2025
3,385,000.00 --

0.44%
3,374,969.55
3,384,529.70

99.09 4.41%
3,354,157.84
3,455.52

1.35%
(30,371.85)
Aa1/AA+
AA+

0.23 0.23
3135G06G3 FEDERAL NATIONAL MORTGAGE
ASSOCIATION 0.5 11/07/2025 1,650,000.00 --

0.56%
1,645,451.80
1,649,677.36

98.68 4.32%
1,628,222.43
1,237.50

0.65%
(21,454.94)
Aa1/AA+
AA+

0.36 0.34
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
3,191,824.76
100.19

3.81%
3,206,066.85
7,922.22

1.29%
14,242.09
Aa1/AA+
AA+

2.94 2.75
Total Agency 10,235,000.00 1.57%
10,201,361.35
10,225,866.69

99.43 4.22%
10,176,189.14
15,240.24

4.09%
(49,677.55)

1.09 1.02

AGENCY CMBS
3137BLW95 FHMS K-050 A2 3.334
08/25/2025 241,247.24 02/07/2022

1.79%
252,894.96
241,532.00

99.70 4.35%
240,522.92
670.27

0.10%
(1,009.08)
Aa1/AA+
AAA

0.15 0.15
3137BSP72 FHMS K-058 A2 2.653
08/25/2026 950,000.00
11/12/2021

1.36%
1,004,736.33
962,616.76

98.16 4.23%
932,474.97
2,100.29

0.37%
(30,141.79)
Aa1/AA+
AAA

1.15 1.07

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
3137FAWS3 FHMS K-067 A2 3.194
07/25/2027 675,000.00 09/28/2022

4.42%
640,538.09
660,464.18

98.22 4.04%
663,015.44
1,796.63

0.27%
2,551.26
Aaa/AA+
AA+

2.07 1.91
3137FBU79 FHMS K-069 A2 3.187
09/25/2027 1,231,614.25 09/28/2022

4.37%
1,167,002.61
1,203,070.16

98.15 4.01%
1,208,818.43
3,270.96

0.49%
5,748.27
Aa1/AAA
AA+

2.24 2.06
3137FCLD4 FHMS K-071 A2 3.286
11/25/2027 3,250,000.00 04/13/2023

4.03%
3,146,914.06
3,196,964.83

98.24 4.01%
3,192,792.85
8,899.58

1.28%
(4,171.98)
Aa1/AA+
AAA

2.41 2.23
3137FEBQ2 FHMS K-072 A2 3.444
12/25/2027 1,115,000.00 05/05/2023

3.98%
1,088,910.74
1,101,172.38

98.54 4.01%
1,098,729.59
3,200.05

0.44%
(2,442.79)
Aa1/AA+
AAA

2.49 2.27
3137FETN0 FHMS K-073 A2 3.35 01/25/2028 2,005,000.00 05/24/2023

4.34%
1,926,992.97
1,962,484.54

98.31 4.01%
1,971,099.66
5,597.29

0.79%
8,615.12
Aa1/AA+
AAA

2.57 2.31
3137F4D41 FHMS K-074 A2 3.6 01/25/2028 2,200,000.00 07/25/2023

5.78%
2,099,710.93
2,143,347.21

98.87 4.01%
2,175,055.52
6,600.00

0.87%
31,708.31
Aa1/AA+
AAA

2.57 2.34
3137FEZU7 FHMS K-076 A2 3.9 04/25/2028 2,069,000.00 05/05/2023

3.94%
2,062,615.20
2,065,411.23

99.56 4.00%
2,059,906.75
6,724.25

0.83%
(5,504.48)
Aa1/AA+
AAA

2.82 2.54
3137FJEH8 FHMS K-081 A2 3.9 08/25/2028 6,200,000.00 --

5.01%
5,899,464.85
6,009,222.04

99.55 4.00%
6,171,829.06
20,150.00

2.48%
162,607.02
Aa1/AA+
AAA

3.15 2.89
3137FJKE8 FHMS K-082 A2 3.92 09/25/2028 1,500,000.00 11/28/2023

4.74%
1,446,796.88
1,464,510.82

99.65 3.98%
1,494,793.65
4,900.00

0.60%
30,282.83
Aa1/AA+
AAA

3.24 2.92
3137H4BY5 FHMS K-746 A2 2.031
09/25/2028 1,750,000.00 03/21/2024

4.64%
1,568,164.06
1,620,101.16

93.98 4.04%
1,644,722.45
2,961.88

0.66%
24,621.29
Aa1/AA+
AAA

3.24 3.02
3137H5YC5 FHMS K-748 A2 2.26 01/25/2029 2,500,000.00 04/11/2024

4.94%
2,221,191.41
2,292,635.10

94.13 4.06%
2,353,211.75
4,708.33

0.95%
60,576.65
Aa1/AA+
AAA

3.57 3.28
3137FKZZ2 FHMS K-088 A2 3.69 01/25/2029 2,300,000.00 07/29/2024

4.47%
2,226,507.81
2,241,788.36

98.76 4.03%
2,271,504.38
7,072.50

0.91%
29,716.02
Aaa/AA+
AA+

3.57 3.21
3137FRUT6 FHMS K-106 A2 2.069
01/25/2030 2,000,000.00 06/06/2025

4.37%
1,810,078.12
1,812,359.46

91.55 4.12%
1,831,017.80
3,448.33

0.74%
18,658.34
Aa1/AA+
AAA

4.57 4.24
Total Agency CMBS 29,986,861.49 4.50%
28,562,519.02
28,977,680.24

97.80 4.03%
29,309,495.21
82,100.36

11.78%
331,814.97

2.95 2.70
CASH
CCYUSD Receivable 3,478.64 -- 3,478.64
3,478.64

1.00 0.00%
3,478.64

0.00 0.00%

0.00 Aaa/AAA
AAA

0.00 0.00
Total Cash 3,478.64
3,478.64
3,478.64

1.00 0.00%
3,478.64

0.00 0.00%

0.00 0.00

0.00 CORPORATE

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
78016EZQ3 ROYAL BANK OF CANADA 1.2
04/27/2026 1,000,000.00 07/09/2021

1.13%
1,003,440.00
1,000,590.05

97.58 4.22%
975,841.59
2,133.33

0.39%
(24,748.46)
A1/A
AA-

0.82 0.80
023135BX3 AMAZON.COM INC 1.0
05/12/2026 2,615,000.00 05/10/2021

1.09%
2,603,703.20
2,613,051.21

97.38 4.11%
2,546,550.39
3,559.31

1.02%
(66,500.82)
A1/AA
AA-

0.87 0.84
91324PEC2 UNITEDHEALTH GROUP INC 1.15
05/15/2026 430,000.00 --

1.08%
431,391.30
430,227.19

97.21 4.45%
417,984.28
631.86

0.17%
(12,242.91)
A2/A+
A

0.87 0.85
89236TJK2 TOYOTA MOTOR CREDIT CORP

1.125 06/18/2026 1,785,000.00 06/15/2021

1.13%
1,784,214.60
1,784,848.60

97.05 4.28%
1,732,406.22
725.16

0.70%
(52,442.37)
A1/A+
A+

0.97 0.94
57629WDE7 MASSMUTUAL GLOBAL
FUNDING II 1.2 07/16/2026 1,250,000.00 08/19/2021

1.15%
1,252,787.50
1,250,592.42

96.93 4.24%
1,211,627.80
6,875.00

0.49%
(38,964.62)
Aa3/AA+
AA+

1.04 1.01
58989V2D5 MET TOWER GLOBAL FUNDING

1.25 09/14/2026 975,000.00 09/07/2021

1.27%
974,103.00
974,783.86

96.43 4.33%
940,149.58
3,622.40

0.38%
(34,634.28)
Aa3/AA-
AA-

1.21 1.17
931142ER0 WALMART INC 1.05 09/17/2026 445,000.00 09/08/2021

1.09%
444,158.95
444,795.96

96.64 3.91%
430,068.86
1,349.83

0.17%
(14,727.09)
Aa2/AA
AA

1.22 1.18
59217GER6 METROPOLITAN LIFE GLOBAL
FUNDING I 1.875 01/11/2027 1,575,000.00 01/03/2022

1.90%
1,573,204.50
1,574,450.34

96.65 4.16%
1,522,231.44
13,945.31

0.61%
(52,218.90)
Aa3/AA-
AA-

1.53 1.47
808513BY0 CHARLES SCHWAB CORP 2.45
03/03/2027 1,425,000.00 03/01/2022

2.46%
1,424,601.70
1,424,861.94

97.18 4.21%
1,384,848.64
11,443.54

0.56%
(40,013.30)
A2/A-
A

1.67 1.60
084664CZ2 BERKSHIRE HATHAWAY FINANCE
CORP 2.3 03/15/2027 2,395,000.00 03/07/2022

2.30%
2,394,544.95
2,394,844.99

97.49 3.83%
2,334,901.24
16,219.47

0.94%
(59,943.76)
Aa2/AA
A+

1.71 1.64
91324PEG3 UNITEDHEALTH GROUP INC 3.7
05/15/2027 910,000.00 05/17/2022

3.69%
910,425.60
910,154.45

99.09 4.21%
901,707.46
4,302.28

0.36%
(8,446.99)
A2/A+
A

1.87 1.78
24422EXZ7 JOHN DEERE CAPITAL CORP 4.65
01/07/2028 1,635,000.00 01/06/2025

4.66%
1,634,509.50
1,634,587.14
101.51

4.01%
1,659,690.66
36,324.25

0.67%
25,103.52
A1/A
A+

2.52 2.31
756109AU8 REALTY INCOME CORP 3.65
01/15/2028 1,500,000.00 04/10/2023

4.87%
1,422,720.00
1,458,760.30

98.77 4.17%
1,481,537.78
25,245.83

0.60%
22,777.48
A3/A-
NA

2.54 2.36
24422EWR6 JOHN DEERE CAPITAL CORP 4.75
01/20/2028 1,650,000.00 01/23/2023

4.40%
1,675,393.50
1,663,010.51
101.58

4.09%
1,676,092.79
35,051.04

0.67%
13,082.28
A1/A
A+

2.56 2.34
037833ET3 APPLE INC 4.0 05/10/2028 1,000,000.00 05/08/2023

4.01%
999,449.70
999,685.54
100.35

3.87%
1,003,527.07
5,666.67

0.40%
3,841.53
Aaa/AA+
NA

2.86 2.59
58933YBH7 MERCK & CO INC 4.05
05/17/2028 1,165,000.00 05/08/2023

4.05%
1,165,218.35
1,165,121.39
100.46

3.88%
1,170,354.53
5,766.75

0.47%
5,233.14
Aa3/A+
NA

2.88 2.61
74340XCG4 PROLOGIS LP 4.875 06/15/2028 2,350,000.00 --

4.99%
2,338,786.70
2,343,306.69
102.01

4.14%
2,397,290.98
5,091.67

0.96%
53,984.29
A2/A
NA

2.96 2.66
91324PDK5 UNITEDHEALTH GROUP INC 3.85
06/15/2028 1,000,000.00 11/02/2023

5.24%
943,820.00
963,948.66

99.15 4.16%
991,482.23
1,711.11

0.40%
27,533.57
A2/A+
A

2.96 2.76

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
89115A2U5 TORONTO-DOMINION BANK

5.523 07/17/2028 1,000,000.00 07/12/2023

5.36%
1,006,890.00
1,004,193.59
103.44

4.31%
1,034,376.72
25,160.33

0.42%
30,183.13
A2/A-
AA-

3.05 2.72
78016HZS2 ROYAL BANK OF CANADA 5.2
08/01/2028 1,750,000.00 09/12/2023

5.50%
1,727,337.50
1,735,675.47
102.87

4.20%
1,800,244.74
37,916.67

0.72%
64,569.27
A1/A
AA-

3.09 2.77
74456QBX3 PUBLIC SERVICE ELECTRIC AND
GAS CO 3.65 09/01/2028 1,000,000.00 12/14/2023

4.44%
966,790.00
977,628.17

98.46 4.17%
984,560.30
12,166.67

0.40%
6,932.13
A1/A
NA

3.17 2.92
40139LBH5 GUARDIAN LIFE GLOBAL
FUNDING 5.737 10/02/2028 1,000,000.00 11/02/2023

5.63%
1,004,470.00
1,002,965.87
104.50

4.24%
1,044,983.19
14,183.14

0.42%
42,017.33
Aa1/AA+
NA

3.26 2.92
26442CAX2 DUKE ENERGY CAROLINAS LLC

3.95 11/15/2028 2,000,000.00 12/06/2023

4.79%
1,927,120.00
1,950,187.89

99.76 4.03%
1,995,133.38
10,094.44

0.80%
44,945.49
Aa3/A
NA

3.38 3.11
756109BS2 REALTY INCOME CORP 4.7
12/15/2028 1,000,000.00 12/14/2023

4.71%
999,730.00
999,813.04
101.41

4.26%
1,014,119.76
2,088.89

0.41%
14,306.72
A3/A-
NA

3.46 3.09
66815L2Q1

NORTHWESTERN MUTUAL
GLOBAL FUNDING 4.71
01/10/2029
1,500,000.00 --

4.67%
1,502,853.80
1,502,013.44
101.09

4.37%
1,516,332.23
33,558.75

0.61%
14,318.79
Aa1/AA+
AAA

3.53 3.15
57629W5B2 MASSMUTUAL GLOBAL
FUNDING II 4.85 01/17/2029 1,290,000.00 01/09/2024

4.85%
1,289,832.30
1,289,881.04
101.60

4.36%
1,310,689.48
28,501.83

0.53%
20,808.44
Aa3/AA+
AA+

3.55 3.16
46647PAM8 JPMORGAN CHASE & CO 3.509
01/23/2029 2,000,000.00 01/18/2024

5.07%
1,888,580.00
1,928,617.99

97.95 4.67%
1,959,085.68
30,801.22

0.79%
30,467.69
A1/A
AA-

3.57 2.38
64952WFF5 NEW YORK LIFE GLOBAL
FUNDING 4.7 01/29/2029 1,000,000.00 01/22/2024

4.74%
998,190.00
998,704.17
101.27

4.31%
1,012,722.83
19,844.44

0.41%
14,018.66
Aa1/AA+
AAA

3.58 3.20
69371RS80 PACCAR FINANCIAL CORP 4.6
01/31/2029 2,000,000.00 04/09/2024

4.85%
1,978,760.00
1,984,154.67
101.37

4.18%
2,027,350.62
38,588.89

0.81%
43,195.95
A1/A+
NA

3.59 3.22
756109CF9 REALTY INCOME CORP 4.75
02/15/2029 1,000,000.00 05/21/2024

5.18%
982,010.00
986,213.56
101.10

4.42%
1,010,983.94
17,944.44

0.41%
24,770.38
A3/A-
NA

3.63 3.17
17275RBR2 CISCO SYSTEMS INC 4.85
02/26/2029 1,115,000.00 02/21/2024

4.86%
1,114,609.75
1,114,714.63
102.48

4.11%
1,142,623.63
18,776.91

0.46%
27,909.01
A1/AA-
NA

3.66 3.21
89236TMF9 TOYOTA MOTOR CREDIT CORP

5.05 05/16/2029 1,000,000.00 05/21/2024

5.00%
1,002,080.00
1,001,618.03
102.65

4.30%
1,026,532.30
6,312.50

0.41%
24,914.27
A1/A+
A+

3.88 3.48
64952WFG3 NEW YORK LIFE GLOBAL
FUNDING 5.0 06/06/2029 1,060,000.00 06/03/2024

5.04%
1,057,964.80
1,058,399.48
102.29

4.36%
1,084,253.82
3,680.56

0.44%
25,854.34
Aa1/AA+
AAA

3.93 3.53
437076DC3 HOME DEPOT INC 4.75
06/25/2029 1,600,000.00 06/18/2024

4.82%
1,595,280.00
1,596,238.99
102.07

4.18%
1,633,172.19
1,266.67

0.66%
36,933.20
A2/A
A

3.99 3.53
713448FX1 PEPSICO INC 4.5 07/17/2029 1,900,000.00 07/15/2024

4.53%
1,897,055.00
1,897,617.87
101.59

4.07%
1,930,288.96
38,950.00

0.78%
32,671.09
A1/A+
NA

4.05 3.53

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
171239AL0 CHUBB INA HOLDINGS LLC 4.65
08/15/2029 1,082,000.00 08/12/2024

4.52%
1,088,113.01
1,087,023.23
101.70

4.19%
1,100,441.14
19,007.13

0.44%
13,417.92
A2/A
A

4.13 3.59
30303M8S4 META PLATFORMS INC 4.3
08/15/2029 1,140,000.00 08/12/2024

4.33%
1,138,230.18
1,138,540.33
100.91

4.06%
1,150,393.44
18,518.67

0.46%
11,853.10
Aa3/AA-
NA

4.13 3.62
14913UAX8 CATERPILLAR FINANCIAL
SERVICES CORP 4.8 01/08/2030 2,255,000.00 01/06/2025

4.84%
2,250,647.85
2,251,062.57
102.40

4.21%
2,309,163.27
52,015.33

0.93%
58,100.71
A2/A
A+

4.53 3.95
59217GFT1 METROPOLITAN LIFE GLOBAL
FUNDING I 4.9 01/09/2030 1,925,000.00 01/02/2025

4.95%
1,921,034.50
1,921,410.20
102.02

4.40%
1,963,806.67
45,066.39

0.79%
42,396.47
Aa3/AA-
AA-

4.53 3.94
89236TNA9 TOYOTA MOTOR CREDIT CORP

4.95 01/09/2030 2,070,000.00 01/06/2025

5.00%
2,065,570.20
2,065,989.89
102.26

4.39%
2,116,833.85
48,955.50

0.85%
50,843.96
A1/A+
A+

4.53 3.93
57629TBV8 MASSMUTUAL GLOBAL
FUNDING II 4.95 01/10/2030 1,400,000.00 01/03/2025

4.96%
1,399,328.00
1,399,391.30
102.11

4.43%
1,429,528.03
32,917.50

0.57%
30,136.73
Aa3/AA+
AA+

4.53 3.94
61747YFK6 MORGAN STANLEY 5.173
01/16/2030 2,000,000.00 01/13/2025

5.39%
1,984,500.00
1,986,261.12
102.09

4.80%
2,041,897.72
47,419.17

0.82%
55,636.60
A1/A-
A+

4.55 3.14
63743HFX5

NATIONAL RURAL UTILITIES

COOPERATIVE FINANCE CORP

4.95 02/07/2030
2,000,000.00 02/05/2025

4.88%
2,005,746.39
2,005,285.40
102.28

4.40%
2,045,676.94
39,600.00

0.82%
40,391.54
A2/NA
A

4.61 3.94
74153WCW7 PRICOA GLOBAL FUNDING I 4.7
05/28/2030 2,000,000.00 05/21/2025

4.74%
1,996,740.00
1,996,800.70
101.11

4.44%
2,022,245.62
8,616.67

0.81%
25,444.92
Aa3/AA-
AA-

4.91 4.33
66815L2W8

NORTHWESTERN MUTUAL
GLOBAL FUNDING 4.6
06/03/2030
1,500,000.00 06/03/2025

4.58%
1,501,500.00
1,501,477.81
101.05

4.36%
1,515,793.22
5,366.67

0.61%
14,315.41
Aa1/AA+
AAA

4.93 4.35
Total Corporate 65,692,000.00 4.16%
65,267,436.33
65,413,501.68
100.52

4.24%
66,001,527.21
836,984.19

26.53%
588,025.52

3.20 2.81

MONEY MARKET
FUND
60934N104 FEDERATED HRMS GV O INST 1,395,376.45 --

4.21%
1,395,376.45
1,395,376.45

1.00 4.21%
1,395,376.45

0.00 0.56%

0.00 Aaa/
AAAm
AAA

0.00 0.00
Total Money
Market Fund 1,395,376.45 4.21%
1,395,376.45
1,395,376.45

1.00 4.21%
1,395,376.45

0.00 0.56%

0.00 0.00

0.00 MUNICIPAL
BONDS

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
13063EGT7 CALIFORNIA STATE 4.5
08/01/2029 2,200,000.00 10/30/2024

4.38%
2,211,594.00
2,209,998.99
101.77

4.02%
2,239,039.00
41,250.00

0.90%
29,040.01
Aa2/AA-
AA

4.09 3.64
882724XQ5 TEXAS ST 3.0 10/01/2029 3,000,000.00 10/11/2024

4.06%
2,858,880.00
2,879,051.13

96.38 3.93%
2,891,514.00
22,500.00

1.16%
12,462.87
NA/AAA
AAA

4.25 3.91
Total Municipal
Bonds 5,200,000.00 4.20%
5,070,474.00
5,089,050.11

98.74 3.97%
5,130,553.00
63,750.00

2.06%
41,502.89

4.18 3.79

SUPRANATIONAL
459058JL8

INTERNATIONAL BANK FOR

RECONSTRUCTION AND
DEVELOPM 0.5 10/28/2025
3,400,000.00 --

0.60%
3,384,848.15
3,398,950.61

98.74 4.43%
3,357,153.91
2,975.00

1.35%
(41,796.69)
Aaa/AAA
NA

0.33 0.32
4581X0DV7

INTER-AMERICAN
DEVELOPMENT BANK 0.875
04/20/2026
3,435,000.00 04/13/2021

0.97%
3,419,267.70
3,432,475.59

97.47 4.11%
3,347,998.63
5,927.76

1.35%
(84,476.97)
Aaa/AAA
NA

0.80 0.78
45950KCX6 INTERNATIONAL FINANCE CORP

0.75 10/08/2026 3,800,000.00 11/08/2021

1.14%
3,728,332.00
3,781,453.46

96.13 3.90%
3,652,993.62
6,570.83

1.47%
(128,459.84)
Aaa/AAA
NA

1.27 1.24
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
2,217,513.67
100.24

3.81%
2,255,288.81
18,164.06

0.91%
37,775.14
Aaa/AAA
NA

4.30 3.89
459058LR2

INTERNATIONAL BANK FOR

RECONSTRUCTION AND
DEVELOPM 4.125 03/20/2030
2,500,000.00 03/14/2025

4.20%
2,491,500.00
2,491,979.46
101.23

3.84%
2,530,627.35
28,932.29

1.02%
38,647.89
Aaa/AAA
NA

4.72 4.21
Total
Supranational 15,385,000.00 1.96%
15,237,317.85
15,322,372.79

98.47 4.04%
15,144,062.32
62,569.95

6.09%
(178,310.47)

1.99 1.83

US TREASURY
91282CAM3 UNITED STATES TREASURY 0.25
09/30/2025 1,200,000.00 03/29/2021

0.74%
1,173,890.63
1,198,555.65

99.00 4.31%
1,188,015.62
754.10

0.48%
(10,540.03)
Aa1/AA+
AA+

0.25 0.25
91282CAT8 UNITED STATES TREASURY 0.25
10/31/2025 3,400,000.00 02/22/2021

0.54%
3,354,046.88
3,396,723.39

98.67 4.33%
3,354,611.33
1,432.07

1.35%
(42,112.06)
Aa1/AA+
AA+

0.34 0.33
91282CAZ4 UNITED STATES TREASURY 0.375
11/30/2025 2,200,000.00 03/26/2021

0.76%
2,160,554.69
2,196,487.59

98.39 4.31%
2,164,658.21
698.77

0.87%
(31,829.38)
Aa1/AA+
AA+

0.42 0.41
91282CCZ2 UNITED STATES TREASURY 0.875
09/30/2026 1,780,000.00 10/18/2021

1.19%
1,753,369.53
1,773,279.75

96.33 3.92%
1,714,640.63
3,915.03

0.69%
(58,639.13)
Aa1/AA+
AA+

1.25 1.22
91282CDK4 UNITED STATES TREASURY 1.25
11/30/2026 3,500,000.00 12/16/2021

1.17%
3,512,714.84
3,503,633.82

96.42 3.87%
3,374,765.63
3,705.60

1.36%
(128,868.19)
Aa1/AA+
AA+

1.42 1.38

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
91282CLY5 UNITED STATES TREASURY 4.25
11/30/2026 2,500,000.00 12/20/2024

4.28%
2,498,437.50
2,498,857.41
100.52

3.87%
2,512,890.63
8,999.32

1.01%
14,033.22
Aa1/AA+
AA+

1.42 1.36
91282CME8 UNITED STATES TREASURY 4.25
12/31/2026 7,500,000.00 --

4.28%
7,495,996.09
7,496,964.43
100.58

3.85%
7,543,652.33
866.17

3.03%
46,687.89
Aa1/AA+
AA+

1.50 1.44
912828Z78 UNITED STATES TREASURY 1.5
01/31/2027 1,150,000.00 02/07/2022

1.77%
1,135,355.47
1,145,335.98

96.46 3.83%
1,109,255.86
7,195.44

0.45%
(36,080.13)
Aa1/AA+
AA+

1.59 1.53
91282CET4 UNITED STATES TREASURY 2.625
05/31/2027 1,800,000.00 06/09/2022

3.07%
1,763,367.19
1,785,899.60

97.93 3.75%
1,762,804.69
4,002.05

0.71%
(23,094.90)
Aa1/AA+
AA+

1.92 1.84
91282CEW7 UNITED STATES TREASURY 3.25
06/30/2027 2,975,000.00 --

3.12%
2,993,090.82
2,982,287.54

99.11 3.72%
2,948,387.70
262.74

1.18%
(33,899.84)
Aa1/AA+
AA+

2.00 1.91
91282CFB2 UNITED STATES TREASURY 2.75
07/31/2027 900,000.00 08/22/2022

3.12%
884,742.19
893,568.53

98.05 3.73%
882,457.03
10,323.90

0.35%
(11,111.50)
Aa1/AA+
AA+

2.08 1.98
91282CFH9 UNITED STATES TREASURY 3.125
08/31/2027 3,150,000.00 --

3.41%
3,109,707.03
3,132,414.70

98.77 3.72%
3,111,240.23
32,901.66

1.25%
(21,174.48)
Aa1/AA+
AA+

2.17 2.05
91282CFM8 UNITED STATES TREASURY 4.125
09/30/2027 3,900,000.00 10/20/2022

4.45%
3,843,632.81
3,874,304.57
100.91

3.70%
3,935,496.08
40,438.52

1.58%
61,191.51
Aa1/AA+
AA+

2.25 2.11
91282CFZ9 UNITED STATES TREASURY 3.875
11/30/2027 1,250,000.00 12/05/2022

3.81%
1,253,906.25
1,251,893.03
100.38

3.71%
1,254,785.15
4,102.63

0.50%
2,892.12
Aa1/AA+
AA+

2.42 2.28
91282CGC9 UNITED STATES TREASURY 3.875
12/31/2027 3,350,000.00 --

3.71%
3,375,494.14
3,362,900.51
100.42

3.70%
3,364,132.81
352.75

1.35%
1,232.31
Aa1/AA+
AA+

2.50 2.36
91282CGH8 UNITED STATES TREASURY 3.5
01/31/2028 5,000,000.00 --

3.84%
4,923,765.63
4,960,076.87

99.49 3.71%
4,974,609.40
72,997.24

2.00%
14,532.53
Aa1/AA+
AA+

2.59 2.41
91282CGP0 UNITED STATES TREASURY 4.0
02/29/2028 5,000,000.00 --

4.08%
4,981,033.20
4,989,945.27
100.76

3.70%
5,037,890.60
66,847.83

2.02%
47,945.33
Aa1/AA+
AA+

2.67 2.48
91282CHE4 UNITED STATES TREASURY 3.625
05/31/2028 3,000,000.00 06/14/2023

4.00%
2,950,429.69
2,970,784.52

99.79 3.70%
2,993,671.86
9,211.07

1.20%
22,887.34
Aa1/AA+
AA+

2.92 2.73
91282CHQ7 UNITED STATES TREASURY 4.125
07/31/2028 4,000,000.00 08/21/2023

4.46%
3,941,718.75
3,963,642.83
101.21

3.71%
4,048,281.24
68,825.97

1.63%
84,638.41
Aa1/AA+
AA+

3.08 2.83
91282CHX2 UNITED STATES TREASURY 4.375
08/31/2028 1,100,000.00 09/25/2023

4.62%
1,088,398.44
1,092,546.92
101.97

3.71%
1,121,699.22
16,085.26

0.45%
29,152.30
Aa1/AA+
AA+

3.17 2.90
91282CJF9 UNITED STATES TREASURY 4.875
10/31/2028 1,700,000.00 10/27/2023

4.79%
1,706,441.41
1,704,294.27
103.59

3.72%
1,761,094.60
13,962.64

0.71%
56,800.33
Aa1/AA+
AA+

3.34 3.04
91282CJN2 UNITED STATES TREASURY 4.375
11/30/2028 1,400,000.00 12/28/2023

3.83%
1,434,125.00
1,423,686.32
102.08

3.72%
1,429,148.43
5,187.84

0.57%
5,462.12
Aa1/AA+
AA+

3.42 3.14
91282CJR3 UNITED STATES TREASURY 3.75
12/31/2028 4,500,000.00 --

3.99%
4,452,480.47
4,466,492.32
100.09

3.72%
4,504,042.98
458.56

1.81%
37,550.66
Aa1/AA+
AA+

3.50 3.25

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
91282CJW2 UNITED STATES TREASURY 4.0
01/31/2029 2,500,000.00 02/16/2024

4.31%
2,465,625.00
2,475,065.75
100.90

3.73%
2,522,558.60
41,712.71

1.01%
47,492.85
Aa1/AA+
AA+

3.59 3.26
91282CKG5 UNITED STATES TREASURY 4.125
03/31/2029 5,000,000.00 --

4.59%
4,897,460.94
4,922,469.29
101.35

3.73%
5,067,578.10
51,844.26

2.04%
145,108.81
Aa1/AA+
AA+

3.75 3.42
91282CKP5 UNITED STATES TREASURY 4.625
04/30/2029 2,000,000.00 05/03/2024

4.48%
2,012,773.44
2,009,818.70
103.13

3.74%
2,062,500.00
15,584.24

0.83%
52,681.30
Aa1/AA+
AA+

3.83 3.47
91282CKT7 UNITED STATES TREASURY 4.5
05/31/2029 1,600,000.00 06/21/2024

4.26%
1,617,187.50
1,613,639.36
102.73

3.74%
1,643,624.99
6,098.36

0.66%
29,985.63
Aa1/AA+
AA+

3.92 3.56
91282CKX8 UNITED STATES TREASURY 4.25
06/30/2029 2,000,000.00 07/18/2024

4.09%
2,014,140.63
2,011,425.19
101.86

3.74%
2,037,187.50
230.98

0.82%
25,762.31
Aa1/AA+
AA+

4.00 3.65
91282CLK5 UNITED STATES TREASURY 3.625
08/31/2029 4,000,000.00 09/11/2024

3.45%
4,031,406.25
4,026,365.31

99.50 3.75%
3,980,156.24
48,464.67

1.60%
(46,209.07)
Aa1/AA+
AA+

4.17 3.79
91282CLN9 UNITED STATES TREASURY 3.5
09/30/2029 2,500,000.00 10/04/2024

3.76%
2,470,312.50
2,474,670.15

98.99 3.76%
2,474,804.70
21,994.54

0.99%
134.55
Aa1/AA+
AA+

4.25 3.88
91282CMA6 UNITED STATES TREASURY 4.125
11/30/2029 2,500,000.00 12/20/2024

4.36%
2,474,511.72
2,477,197.67
101.47

3.76%
2,536,720.00
8,734.63

1.02%
59,522.33
Aa1/AA+
AA+

4.42 4.00
91282CMD0 UNITED STATES TREASURY 4.375
12/31/2029 3,500,000.00 01/10/2025

4.53%
3,476,347.66
3,478,552.43
102.48

3.77%
3,586,816.42
416.10

1.44%
108,263.99
Aa1/AA+
AA+

4.50 4.06
91282CGQ8 UNITED STATES TREASURY 4.0
02/28/2030 2,800,000.00 --

4.02%
2,797,453.12
2,797,601.52
100.97

3.77%
2,827,234.37
37,434.78

1.14%
29,632.85
Aa1/AA+
AA+

4.67 4.17
91282CGS4 UNITED STATES TREASURY 3.625
03/31/2030 5,000,000.00 --

3.87%
4,947,363.29
4,948,576.82

99.29 3.79%
4,964,257.80
45,560.11

2.00%
15,680.98
Aa1/AA+
AA+

4.75 4.28
91282CNG2 UNITED STATES TREASURY 4.0
05/31/2030 2,500,000.00 05/29/2025

4.00%
2,499,511.72
2,499,519.48
100.97

3.78%
2,524,220.00
8,469.95

1.01%
24,700.52
Aa1/AA+
AA+

4.92 4.42
Total US Treasury 102,155,000.00 3.66%
101,490,792.41
101,799,477.49
100.19

3.79%
102,319,890.96
660,072.46

41.12%
520,413.46

2.89 2.66
Total Portfolio 249,226,311.07 3.82%
246,399,991.29
247,398,636.83

99.32 4.01%
248,822,810.73
1,759,045.32
100.00%
1,424,173.90

2.91 2.51
Total Market Value
+ Accrued 250,581,856.05

TRANSACTION LEDGER
Transaction Type Settlement
Date CUSIP Quantity Security Description Price
Acq/
Disp
Yield
Amount Interest Pur/
Sold Total Amount Gain/Loss

ACQUISITIONS
Purchase 06/03/2025 60934N104 5,988.57 FEDERATED HRMS GV O INST 1.000 4.18% (5,988.57) 0.00 (5,988.57) 0.00
Purchase 06/04/2025 66815L2W8 1,500,000.00

NORTHWESTERN

MUTUAL GLOBAL
FUNDING 4.6 06/03/2030
100.100 4.58% (1,501,500.00) (191.67) (1,501,691.67) 0.00 Purchase 06/04/2025 60934N104 1,611,089.21 FEDERATED HRMS GV O INST 1.000 4.17% (1,611,089.21) 0.00 (1,611,089.21) 0.00 Purchase 06/06/2025 60934N104 26,500.00 FEDERATED HRMS GV O INST 1.000 4.15% (26,500.00) 0.00 (26,500.00) 0.00
Purchase 06/09/2025 60934N104 62,326.75 FEDERATED HRMS GV O INST 1.000 4.16% (62,326.75) 0.00 (62,326.75) 0.00
Purchase 06/09/2025 60934N104 1,723,899.53 FEDERATED HRMS GV O INST 1.000 4.16% (1,723,899.53) 0.00 (1,723,899.53) 0.00 Purchase 06/10/2025 92970QAJ4 1,955,000.00 WFCIT 2025-1 A 4.34 05/15/2030 99.998 4.33% (1,954,967.55) 0.00 (1,954,967.55) 0.00 Purchase 06/11/2025 3137FRUT6 2,000,000.00 FHMS K-106 A2 2.069 01/25/2030 90.504 4.37% (1,810,078.12) (1,149.44) (1,811,227.56) 0.00 Purchase 06/16/2025 60934N104 36,133.25 FEDERATED HRMS GV O INST 1.000 4.15% (36,133.25) 0.00 (36,133.25) 0.00
Purchase 06/16/2025 60934N104 370,530.53 FEDERATED HRMS GV O INST 1.000 4.15% (370,530.53)

0.00 (370,530.53) 0.00
Purchase 06/18/2025 60934N104 10,040.63 FEDERATED HRMS GV O INST 1.000 4.16% (10,040.63) 0.00 (10,040.63) 0.00
Purchase 06/18/2025 60934N104 3,118.08 FEDERATED HRMS GV O INST 1.000 4.16% (3,118.08) 0.00 (3,118.08) 0.00
Purchase 06/20/2025 60934N104 3,368.75 FEDERATED HRMS GV O INST 1.000 4.16% (3,368.75) 0.00 (3,368.75) 0.00
Purchase 06/23/2025 60934N104 4,988.92 FEDERATED HRMS GV O INST 1.000 4.15% (4,988.92) 0.00 (4,988.92) 0.00
Purchase 06/25/2025 60934N104 322,951.48 FEDERATED HRMS GV O INST 1.000 4.20% (322,951.48) 0.00 (322,951.48) 0.00
Purchase 06/25/2025 60934N104 82,924.28 FEDERATED HRMS GV O INST 1.000 4.20% (82,924.28) 0.00 (82,924.28) 0.00

TRANSACTION LEDGER
Transaction Type Settlement
Date CUSIP Quantity Security Description Price
Acq/
Disp
Yield
Amount Interest Pur/
Sold Total Amount Gain/Loss
Purchase 06/30/2025 60934N104 476,062.50 FEDERATED HRMS GV O INST 1.000 4.21% (476,062.50) 0.00 (476,062.50) 0.00
Total Purchase 10,194,922.48 (10,006,468.15) (1,341.11) (10,007,809.26) 0.00 TOTAL
ACQUISITIONS 10,194,922.48 (10,006,468.15) (1,341.11) (10,007,809.26) 0.00

DISPOSITIONS
Sale 06/02/2025 60934N104 (2,138,526.92) FEDERATED HRMS GV O INST 1.000 4.19% 2,138,526.92 0.00 2,138,526.92 0.00
Sale 06/02/2025 60934N104 (62,000.00) FEDERATED HRMS GV O INST 1.000 4.19% 62,000.00 0.00 62,000.00 0.00
Sale 06/04/2025 665859AW4 (895,000.00) NORTHERN TRUST CORP

4.0 05/10/2027 99.487 4.03% 890,408.65 (2,386.67) 892,795.32 (4,031.56) Sale 06/04/2025 66815L2A6 (1,100,000.00)

NORTHWESTERN

MUTUAL GLOBAL
FUNDING 0.8 01/14/2026

97.798 1.46% 1,075,778.00 (3,422.22) 1,079,200.22 (19,858.19) Sale 06/04/2025 3135G05X7 (1,150,000.00)

FEDERAL NATIONAL

MORTGAGE ASSOCIATION

0.375 08/25/2025

99.096 0.43% 1,139,599.40 (1,185.94) 1,140,785.34 (10,259.04) Sale 06/09/2025 3135G06G3 (1,750,000.00)

FEDERAL NATIONAL

MORTGAGE ASSOCIATION

0.5 11/07/2025

98.464 0.57% 1,723,121.75 (777.78) 1,723,899.53 (26,358.75) Sale 06/10/2025 60934N104 (1,954,967.55) FEDERATED HRMS GV O INST 1.000 4.15% 1,954,967.55 0.00 1,954,967.55 0.00
Sale 06/11/2025 60934N104 (1,811,227.56) FEDERATED HRMS GV O INST

1.000 4.15% 1,811,227.56 0.00 1,811,227.56 0.00
Total Sale (10,861,722.03) 10,795,629.83 (7,772.61) 10,803,402.44 (60,507.53) TOTAL
DISPOSITIONS (10,861,722.03) 10,795,629.83 (7,772.61) 10,803,402.44 (60,507.53) OTHER

TRANSACTIONS
Cash Transfer 06/09/2025 CCYUSD 326.75 Cash 0.00% 326.75 0.00 326.75 0.00

TRANSACTION LEDGER
Transaction Type Settlement
Date CUSIP Quantity Security Description Price
Acq/
Disp
Yield
Amount Interest Pur/
Sold Total Amount Gain/Loss
Total Cash
Transfer 326.75 326.75 0.00 326.75 0.00
Coupon 06/01/2025 3137F4D41 0.00 FHMS K-074 A2 3.6
01/25/2028 5.78% 6,600.00 0.00 6,600.00 0.00
Coupon 06/01/2025 3137FJEH8 0.00 FHMS K-081 A2 3.9
08/25/2028 5.01% 20,150.00 0.00 20,150.00 0.00
Coupon 06/01/2025 3137H5YC5 0.00 FHMS K-748 A2 2.26
01/25/2029 4.94% 4,708.33 0.00 4,708.33 0.00
Coupon 06/01/2025 3137FJKE8 0.00 FHMS K-082 A2 3.92
09/25/2028 4.74% 4,900.00 0.00 4,900.00 0.00
Coupon 06/01/2025 3137H4BY5 0.00 FHMS K-746 A2 2.031
09/25/2028 4.64% 2,961.88 0.00 2,961.88 0.00
Coupon 06/01/2025 3137FKZZ2 0.00 FHMS K-088 A2 3.69
01/25/2029 4.47% 7,072.50 0.00 7,072.50 0.00
Coupon 06/01/2025 3137FAWS3 0.00 FHMS K-067 A2 3.194
07/25/2027 4.42% 1,796.63 0.00 1,796.63 0.00
Coupon 06/01/2025 3137FBU79 0.00 FHMS K-069 A2 3.187
09/25/2027 4.37% 3,276.40 0.00 3,276.40 0.00
Coupon 06/01/2025 3137FETN0 0.00 FHMS K-073 A2 3.35
01/25/2028 4.34% 5,597.29 0.00 5,597.29 0.00
Coupon 06/01/2025 3137FCLD4 0.00 FHMS K-071 A2 3.286
11/25/2027 4.03% 8,899.58 0.00 8,899.58 0.00
Coupon 06/01/2025
3137FEBQ2 0.00 FHMS K-072 A2 3.444
12/25/2027 3.98% 3,200.05 0.00 3,200.05 0.00
Coupon 06/01/2025 3137FEZU7 0.00 FHMS K-076 A2 3.9
04/25/2028 3.94% 6,724.25 0.00 6,724.25 0.00
Coupon 06/01/2025 3137BLW95 0.00 FHMS K-050 A2 3.334
08/25/2025 1.79% 1,384.45 0.00 1,384.45 0.00
Coupon 06/01/2025 3137BSP72 0.00 FHMS K-058 A2 2.653
08/25/2026 1.36% 2,100.29 0.00 2,100.29 0.00
Coupon 06/06/2025 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

TRANSACTION LEDGER
Transaction Type Settlement
Date CUSIP Quantity Security Description Price
Acq/
Disp
Yield
Amount Interest Pur/
Sold Total Amount Gain/Loss
Coupon 06/08/2025 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 06/15/2025 58770JAD6 0.00 MBALT 2024-A A3 5.32
01/18/2028 5.73% 2,416.17 0.00 2,416.17 0.00
Coupon 06/15/2025 44934FAD7 0.00 HALST 2024-B A3 5.41
05/17/2027 5.41% 3,651.75 0.00 3,651.75 0.00
Coupon 06/15/2025 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 06/15/2025 91324PDK5 0.00 UNITEDHEALTH GROUP
INC 3.85 06/15/2028 5.24% 19,250.00 0.00 19,250.00 0.00 Coupon 06/15/2025 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 06/15/2025 47800BAC2 0.00 JDOT 2022-C A3 5.09
06/15/2027 5.15% 2,915.61 0.00 2,915.61 0.00
Coupon 06/15/2025 47800DAD6 0.00 JDOT 2025 A3 4.23
09/17/2029 5.09% 4,159.50 0.00 4,159.50 0.00
Coupon 06/15/2025 74340XCG4 0.00 PROLOGIS LP 4.875
06/15/2028 4.99% 57,281.25 0.00 57,281.25 0.00
Coupon 06/15/2025 05522RDJ4 0.00 BACCT 2024-1 A 4.93
05/15/2029 4.93% 4,313.75 0.00 4,313.75 0.00
Coupon 06/15/2025 44935CAD3 0.00 HART 2025-A A3 4.32
10/15/2029 4.84% 5,346.00

0.00 5,346.00 0.00
Coupon 06/15/2025 44935WAD9 0.00 HALST 2025-A A3 4.83
01/18/2028 4.83% 4,769.63 0.00 4,769.63 0.00
Coupon 06/15/2025 756109BS2 0.00 REALTY INCOME CORP 4.7 12/15/2028 4.71% 23,500.00 0.00 23,500.00 0.00
Coupon 06/15/2025 92970QAE5 0.00 WFCIT 2024-2 A 4.29
10/15/2029 4.29% 4,147.00 0.00 4,147.00 0.00
Coupon 06/15/2025 47800AAC4 0.00 JDOT 2022-B A3 3.74
02/16/2027 3.77% 902.88 0.00 902.88 0.00
Coupon 06/15/2025 47787JAC2 0.00 JDOT 2022 A3 2.32
09/15/2026 2.34% 205.84 0.00 205.84 0.00

TRANSACTION LEDGER
Transaction Type Settlement
Date CUSIP Quantity Security Description Price
Acq/
Disp
Yield
Amount Interest Pur/
Sold Total Amount Gain/Loss
Coupon 06/15/2025 448977AD0 0.00 HART 2022-A A3 2.22
10/15/2026 2.23% 233.63 0.00 233.63 0.00
Coupon 06/15/2025 43815BAC4 0.00 HAROT 2022-1 A3 1.88
05/15/2026 1.89% 171.40 0.00 171.40 0.00
Coupon 06/16/2025 362955AD8 0.00 GMCAR 2025-1 A3 4.62
12/17/2029 5.03% 3,696.00 0.00 3,696.00 0.00
Coupon 06/16/2025 362585AC5 0.00 GMCAR 2022-2 A3 3.1
02/16/2027 3.13% 326.86 0.00 326.86 0.00
Coupon 06/16/2025 380146AC4 0.00 GMCAR 2022-1 A3 1.26
11/16/2026 1.27% 29.70 0.00 29.70 0.00
Coupon 06/16/2025 362554AC1 0.00 GMCAR 2021-4 A3 0.68
09/16/2026 0.68% 8.67 0.00 8.67 0.00
Coupon 06/18/2025 437930AC4 0.00 HAROT 2024-2 A3 5.27
11/20/2028 5.27% 3,118.08 0.00 3,118.08 0.00
Coupon 06/18/2025 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 06/20/2025 36269WAD1 0.00 GMALT 2024-2 A3 5.39
07/20/2027 5.85% 3,368.75 0.00 3,368.75 0.00
Coupon 06/21/2025 43813YAC6 0.00 HAROT 2024-3 A3 4.57
03/21/2029 4.66% 4,988.92 0.00 4,988.92 0.00
Coupon 06/25/2025 096919AD7 0.00 BMWOT 2024-A A3 5.18
02/26/2029 5.18% 4,014.50 0.00
4,014.50 0.00
Coupon 06/25/2025 437076DC3 0.00 HOME DEPOT INC 4.75
06/25/2029 4.82% 38,000.00 0.00 38,000.00 0.00
Coupon 06/25/2025 05602RAD3 0.00 BMWOT 2022-A A3 3.21
08/25/2026 3.23% 233.04 0.00 233.04 0.00
Coupon 06/30/2025 91282CMD0 0.00 UNITED STATES TREASURY

4.375 12/31/2029 4.53% 76,562.50 0.00 76,562.50 0.00
Coupon 06/30/2025 91282CME8 0.00 UNITED STATES TREASURY

4.25 12/31/2026 4.28% 159,375.00 0.00 159,375.00 0.00
Coupon 06/30/2025 91282CKX8 0.00 UNITED STATES TREASURY

4.25 06/30/2029 4.09% 42,500.00 0.00 42,500.00 0.00
Coupon 06/30/2025 91282CJR3 0.00 UNITED STATES TREASURY

3.75 12/31/2028 3.99% 84,375.00 0.00 84,375.00 0.00

TRANSACTION LEDGER
Transaction Type Settlement
Date CUSIP Quantity Security Description Price
Acq/
Disp
Yield
Amount Interest Pur/
Sold Total Amount Gain/Loss
Coupon 06/30/2025 91282CGC9 0.00 UNITED STATES TREASURY

3.875 12/31/2027 3.71% 64,906.25 0.00 64,906.25 0.00
Coupon 06/30/2025 91282CEW7 0.00 UNITED STATES TREASURY

3.25 06/30/2027 3.12% 48,343.75 0.00 48,343.75 0.00
Total Coupon 0.00 861,653.17 0.00 861,653.17 0.00
Principal Paydown 06/01/2025 3137FBU79 2,047.18 FHMS K-069 A2 3.187 09/25/2027 4.37% 2,047.18 -- 2,047.18 (0.00)
Principal Paydown 06/01/2025 3137BLW95 257,054.24 FHMS K-050 A2 3.334 08/25/2025 1.79% 257,054.24 -- 257,054.24 0.00
Principal Paydown 06/15/2025 47800BAC2 59,074.28 JDOT 2022-C A3 5.09 06/15/2027 5.15% 59,074.28 -- 59,074.28 0.00
Principal Paydown 06/15/2025 47800AAC4 32,573.49 JDOT 2022-B A3 3.74 02/16/2027 3.77% 32,573.49 -- 32,573.49 (0.01)
Principal Paydown 06/15/2025 47787JAC2 19,495.24 JDOT 2022 A3 2.32 09/15/2026 2.34% 19,495.24 -- 19,495.24 (0.01)
Principal Paydown 06/15/2025 448977AD0 47,987.64 HART 2022-A A3 2.22 10/15/2026 2.23% 47,987.64 -- 47,987.64 0.01
Principal Paydown 06/15/2025 43815BAC4 42,423.39 HAROT 2022-1 A3 1.88 05/15/2026 1.89% 42,423.39 -- 42,423.39 0.00
Principal Paydown 06/16/2025 362585AC5 21,621.54 GMCAR 2022-2 A3 3.1 02/16/2027 3.13% 21,621.54 -- 21,621.54 0.01
Principal Paydown 06/16/2025 380146AC4
15,356.92 GMCAR 2022-1 A3 1.26
11/16/2026 1.27% 15,356.92 -- 15,356.92 (0.00)
Principal Paydown 06/16/2025 362554AC1 14,176.18 GMCAR 2021-4 A3 0.68 09/16/2026 0.68% 14,176.18 -- 14,176.18 (0.00)
Principal Paydown 06/25/2025 05602RAD3 25,155.15 BMWOT 2022-A A3 3.21 08/25/2026 3.23% 25,155.15 -- 25,155.15 (0.00)
Total Principal
Paydown 536,965.25 536,965.25 -- 536,965.25 (0.01)

TOTAL OTHER
TRANSACTIONS 537,292.00 1,398,945.17 0.00 1,398,945.17 (0.01)

25 DAX

FTSE (UK)
Nikkei
S&P 500
NASDAQ
Hang Seng

DOW JONES
World Stock Market Indices
As the midyear point of 2025 quickly approaches, economic data for the first half has indicated an easing of inflationary pressure. Nevertheless, core prices remain above target levels, and tariff related disruptions may surface in the second half of the year. In May, job creation was robust; however, initial and continuing jobless claims trended slightly higher.

Thus, the labor market continues to reflect an improved balance between supply and demand for workers. Given the current economic outlook, the Chandler team expects gradual normalization of monetary policy and a steepening yield curve.

The Federal Open Market Committee (FOMC) left the Federal Funds Rate unchanged, as projected, at 4.25 - 4.50% at the May meeting. Progress on inflation, paired with a softening labor market and uncertainty surrounding fiscal policy, leaves Fed policy makers reluctant to express firm conviction for the direction of near-term monetary policy. Fed Chair Powell continues to emphasize the Committee’s “wait and see” data-dependent approach.

US Treasury yields increased in May. The 2-year Treasury yield increased nearly 30 basis points to 3.90%, the 5-year Treasury increased 23 basis points to 3.96%, and the 10-year Treasury yield also increased 23 basis points to 4.40%. The spread between the 2-year and 10-year Treasury yield points on the curve narrowed to +50 basis points at May month-end versus +56 basis points at April month-end. The spread between the 2-year Treasury and 10-year Treasury yield one year ago was -37 basis points. The spread between the 3-month and 10-year Treasury yield points on the curve was -6 basis points in May, versus -13 basis points in April.

Market participants shrugged off some of the initial concern over the negative effects of tariff policy as the flight-to-quality into US Treasuries reversed course driving yields up practically in unison approximately 20 basis points across the curve. Higher short-term yields suggest a broad view that the pace of rate cuts may be drawn out longer than perceived at the beginning of the year. The recent spike in medium and long-term yields is consistent with the perception that the proposed course of fiscal policy may not address the lingering budget deficit and may stoke inflation. The Chandler team projects a more cautious trajectory for rate adjustments, as the Federal Reserve weighs potential inflation pressures against signs of slowing growth.

Market Summary

BOND MARKET REVIEW
A M o n t h l y R e v i e w o f F i x e d I n c o m e M a r k e t s June 2025
(Japan)
(Germany)
(Hong Kong)
TREASURY YIELDS Trend 5/30/25 4/30/25 Change
Chandler Asset Management | 800.317.4747 | chandlerasset.com | Page 1 5,911.69
8,772.38
19,113.77
42,270.07
23,997.48
23,289.77
342.63
277.53
1,170.36
1,667.43
1,500.50
1,600.71
data as of 5/30/2025
Change
(4/30/2025)

6.15%

3.27%

6.67%
Source: Bloomberg. Please see
descriptions of indices on Page 2.

3.94%

9.56%
%CHG

5.29%
3-Month
2-Year
3-Year
5-Year
7-Year
10-Year
30-Year

4.34 3.90

3.86 3.96

4.17 4.40

4.93 0.05

0.29 0.26

0.23 0.23

0.24 0.25
Source: Bloomberg
Market Data
Toll Free: 800.317.4747
[email protected]
chandlerasset.com
Source: Bloomberg
(▲/▼)
▼

YIELD CURVE SHIFTED UP IN MAY
37,965.10 1,919.72 5.33%

4.29 3.61

3.60 3.73

3.94 4.16

4.68 ▼
▼
▼
▼
▼
▼

26 Economic Roundup

ECONOMIC INDICATOR
Trade Balance
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
(73.11) $B APR. 30

1.60% MAR. 31

4.00% MAY. 31

8.50% MAY. 31
290.16 MAY. 31
$76.99 MAY. 31

3.30% MAY. 31

2.20% MAY. 31

1.08 MAY. 31
Retail Sales
Labor Market
Housing Starts
Consumer Prices
Crude Oil Prices Increased in May
Credit Spreads Were Tighter in May

CREDIT SPREADS
3-month top rated commercial paper
2-year A corporate note
5-year A corporate note
5-year Agency note
Spread to Treasuries

0.03 0.40

0.63 0.05
One Month Ago

0.10 0.57

0.75 0.06
Change
(0.07)
(0.17)
(0.12)
(0.01)
Chandler Asset Management | 800.317.4747 | chandlerasset.com | Page 2 Total Housing Starts were below consensus expectations for May, dropping -9.8% from April for a seasonally adjusted annual rate of 1.256 million units. The month-over-month drop was entirely attributable to a slowdown in multifamily unit starts, which fell -30.4%. Single family home starts increased marginally 0.43% from April. Although the decline in multifamily units appears dramatic, the multifamily component of Total Housing Starts is inherently more volatile than the single family component as the start or postponement of a few large projects can skew monthly data sharply up or down. It is also worth noting that the recent high levels of new single family homes available for sale are second only to the all-time highs reached in 2006-07. Meanwhile, listings for existing homes for sale have spike markedly in 2025.

U.S. job growth topped forecasts in May, but revisions tempered momentum. The U.S. economy added 139,000 jobs in May, topping expectations, though downward revisions to the prior two months trimmed 95,000 positions from earlier estimates. Job gains were led by healthcare and social assistance, underscoring continued strength in service-related sectors. Despite the headline beat, the labor market showed signs of cooling. The three-month and six-month averages came in at 135,000 and 157,000, respectively, reflecting a slower pace of hiring. The unemployment rate remained unchanged at 4.2%, while the labor force participation rate edged down to 62.4%, still below the pre- pandemic level of 63.3%. Broader underemployment, measured by the U-6 rate, remained unchanged at 7.8%. Nominal and real wage growth continued to converge in May, with nominal average hourly earnings rising 3.9% and real average hourly earnings rising 1.4% from a year earlier, suggesting less inflationary pressure from the labor market.

In May, Advanced Retail Sales surprised to the downside, falling -0.9% from the prior month, which resulted in a 3.1% increase year-over- year. The slowdown was led by a mean-reverting effect following the sharp increase in vehicle sales in March as consumers anticipated price increases due to tariffs; Motor Vehicle and Parts Dealers are the largest component of the Retail Sales data. Furthermore, there was a notable drop in sales at restaurants and grocery stores, and lower gas prices creating a drag on gas station sales. On a positive note, the Control Group, which strips out the noisy data and feeds directly into the GDP calculation, increased more than anticipated at 0.4% after a decline in April. Also, Consumer Confidence rebounded from the recent trend of weakness, as the Conference Board’s Consumer Confidence Index jumped to 98.0 after reaching a 5-year low of 85.7 in April.

Price increases measured by both the Consumer Price Index (CPI) and Core CPI, which excludes volatile food and energy components, showed more progress against inflation in May coming in at or below consensus expectations. The headline CPI increased 0.1% month-over- month and rose 2.4% year-over-year, while the Core CPI rose 0.1% month-over-month and 2.8% year-over-year. The Personal Consumption Expenditures (PCE) price index was significantly lower month-over-month, rising 0.1% versus the 0.7% increase in March. PCE was also lower on a year-over-year basis, rising 2.1% in April from 2.3% in March. The Core PCE deflator, which is the Fed’s preferred gauge, was unchanged month-over-month at 0.1% after revisions, while lower at 2.5% versus the prior month at 2.6% year-over-year.

BOND MARKET REVIEW
World Stock Market Index Descriptions
S&P 500–The S&P 500 is a market value-weighted index of 500 large-capitalization stocks. The 500 companies included 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.

© 2025 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.

Source: Bloomberg
Source: Bloomberg
Data as of 5/30/2025
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Current Release
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One Year Ago

Moreno Valley City CouncilAugust 19, 2025

Moreno Valley City Council
August 19, 2025