2025-09 Investment Report-REV.pdf — Moreno Valley City Council, November 18, 2025

6,062,718 6,062,718 6,062,718
State of California LAIF Pool 61,803,724 61,921,713 61,803,724 0.71 4.212% California CLASS 130,358,968 130,384,555 130,358,968 4.273% Investments 248,784,711 252,144,724 252,048,653 2.59 3.94% 2.51 447,010,121 450,513,711 450,274,063 Total Funds with Fiscal Agents 34,188
Total Investment Portfolio 450,547,899

1. I hereby certify that the investments are in compliance with the investment policy adopted by the City Council. There are n o 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 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.

Par Value
A
verage 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
September 2025
Bank Accounts

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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)
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% 65,129,235 4.269% 249,226,311 3.82% 6.43% 6.18% Jul 25 444,023,563 4.02% 128,942,081 4.342% 61,371,067 4.258% 250,237,866 3.84% 4.80% 4.52% Aug 25 450,474,305 4.00% 132,400,157 4.326% 61,591,935 4.251% 251,105,488 3.86% 4.82% 4.56% Sep 25 450,274,063 4.02% 130,358,968 4.273% 61,803,724 4.212% 252,048,653 3.94% 4.17% 3.90% 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.

Page 2 of 27 ends

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

Page 3 of 27 ends

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 9/30/2025 10/1/2025 $ 2,018 0.02% 0.02% 1.00 5.90% Wells Fargo 2019 Taxable Lease Revenue Bonds (Electric Utility) Money Market WF Government Fund 9/30/2025 10/1/2025 $ 1 ,510 0.02% 0.02% 1.00 4.42% Wilmington Trust 2020 Taxable Refunding of the 2013 TRIP COPs Money Market Federated Hermes Gov Fund 9/30/2025 10/1/2025 $ 14,793 0.03% 0.03% 1.00 43.27% Wilmington Trust 2024 Taxable Lease Revenue Refunding Bond Series Money Market Federated Hermes Gov Fund 9/30/2025 10/1/2025 $ 12,998 0.03% 0.03% 0.00 38.02% Wells Fargo 2021 Taxable Refunding Lease Revenue Bonds (Electric Utility) Money Market WF Government Fund 9/30/2025 10/1/2025 $ 2,869 0.02% 0.02% 1.00 8.39% Total 34,188$ 100.00%
Trustee Bond Description Construction fund Debt Service Reserve &
Other Total
Wells Fargo 2017 Refunding of the 2007 RDA TABs $ - $ 2,018 $ - $ 2,018 Wells Fargo 2019 Taxable Lease Revenue Bonds (Electric Utility) $ - $ 1,510 $ - $ 1,510 Wilmington Trust 2020 Taxable Refunding of the 2013 TRIP COPs $ - $ 14,793 $ - $ 14,793 Wilmington Trust 2024 Taxable Lease Revenue Refunding Bond Series $ - $ 12,998 $ - $ 12,998 Wells Fargo 2021 Taxable Refunding Lease Revenue Bonds (Electric Utility) $ - $ 2,869 $ - $ 2,869 Total $ - $ 34,188 $ - $ 34,188

FUNDS WITH FISCAL AGENTS
By Investment Type
By Fund Purpose

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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 09/30/25 10/01/25 2,018$ 0.02% 0.02% 1.00 5.90% Interest fund 49150301 Money Market WF Gov Fund 09/30/25 10/01/25 -$

0.00% 0.00% 1.00 0.00%
Reserve fund 49150304 Money Market WF Gov Fund 09/30/25 10/01/25 -$

0.00% 0.00% 0.00 0.00%
2,018$
Wells Fargo 2019 Taxable Lease Revenue Bonds (Electric utility) Revenue fund 83056100 Money Market WF Gov Fund 09/30/25 10/01/25 1,510$ 0.02% 0.02% 1.00 4.42% Interest fund 83056101 Money Market WF Gov Fund 09/30/25 10/01/25 -$

0.00% 0.00% 0.00 0.00%
Construction fund 83056103 Money Market WF Gov Fund 09/30/25 10/01/25 -$

0.00% 0.00% 0.00 0.00%
Reserve Fund 83056105 Money Market WF Gov Fund 09/30/25 10/01/25 -$

0.00% 0.00% 0.00 0.00%
1,510$
Wilmington Trust 2020 Taxable Refunding of the 2013 TRIP COPs Revenue fund 143629-000 Money Market Federated Gov Obl Fund 09/30/25 10/01/25 1,701$ 0.03% 0.03% 1.00 4.98% Interest fund 143629-001 Money Market Federated Gov Obl Fund 09/30/25 10/01/25 411$

0.03% 0.03% 1.00 1.20%
Principal fund 143629-002 Money Market Federated Gov Obl Fund 09/30/25 10/01/25 2,636$ 0.03% 0.03% 1.00 7.71% Reserve fund 143629-003 Money Market Federated Gov Obl Fund 09/30/25 10/01/25 -$

0.00% 0.00% 0.00 0.00%
Admin fund 143629-004 Money Market Federated Gov Obl Fund 09/30/25 10/01/25 926$

0.03% 0.03% 1.00 2.71%
Surplus fund 143629-005 Money Market Federated Gov Obl Fund 09/30/25 10/01/25 -$

0.00% 0.00% 0.00 0.00%
Interest fund 144078-003 Money Market Federated Gov Obl Fund 09/30/25 10/01/25 9,119$ 0.03% 0.03% 1.00 26.67% 14,793$
Wilmington Trust 2024 Taxable Lease Revenue Refunding Bonds Series Revenue fund 171784-000 Money Market Federated Gov Obl Fund 09/30/25 10/01/25 -$ 0.00% 0.00% 0.00 0.00% Interest fund 171784-001 Money Market Federated Gov Obl Fund 09/30/25 10/01/25 12,998$ 0.03% 0.03% 0.00 38.02% Principal fund 171784-002 Money Market Federated Gov Obl Fund 09/30/25 10/01/25 -$

0.00% 0.00% 0.00 0.00%
Redemption FD 171784-003 Money Market Federated Gov Obl Fund 09/30/25 10/01/25 -$

0.00% 0.00% 0.00 0.00%
Reserve FD 171784-004 Money Market Federated Gov Obl Fund 09/30/25 10/01/25 -$

0.00% 0.00% 0.00 0.00%
Cost of Issuance 171784-005 Money Market Federated Gov Obl Fund 09/30/25 10/01/25 -$

0.00% 0.00% 0.00 0.00%
Proceeds 171784-006 Money Market Federated Gov Obl Fund 09/30/25 10/01/25 -$

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 09/30/25 10/01/25 2,869$ 0.02% 0.02% 1.00 8.39% Interest fund 83056108 Money Market WF Gov Fund 09/30/25 10/01/25 -$

0.00% 0.00% 0.00 0.00%
Principal fund 83056109 Money Market WF Gov Fund 09/30/25 10/01/25 -$

0.00% 0.00% 0.00 0.00%
Reserve fund 83056111 Money Market WF Gov Fund 09/30/25 10/01/25 -$

0.00% 0.00% 0.00 0.00%
2,869$
Totals 34,188$ 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 34,188$
3 Debt Service Reserve Funds -$
4 Custody Accounts -$
5 Arbitrage Rebate Accounts -$
6 Other Accounts -$
Tot
al Fiscal Agent Funds 34,188$

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

Page 5 of 27 ends

MONTHLY ACCOUNT STATEMENT
City of Moreno Valley | As of September 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

Page 6 of 27 ends

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 0.29% 1.29% 4.95% 4.17% 6.08% 4.89% 1.50% 1.98% 1.93% Benchmark Return 0.24% 1.14% 4.57% 3.77% 5.58% 4.42% 1.13% 1.65% 1.62% Secondary Benchmark Return 0.26% 1.19% 4.66% 3.90% 5.76% 4.59% 1.22% 1.77% 1.76% Average Modified Duration 2.51
Average Coupon 3.62%
Average Purchase YTM 3.94%
Average Market YTM 3.86%
Average Credit Quality* AA+
Average Final Maturity 2.90
Average Life 2.59
End Values as of
08/31/2025
End Values as of
09/30/2025
Market Value 251,545,267.58 252,144,724.27
Accrued Interest 1,541,595.07 1,675,527.40
Total Market Value 253,086,862.65 253,820,251.67
Income Earned 493,560.62 1,106,300.06
Cont/WD 0.00 0.00
Par 251,105,488.07 252,048,653.48
Book Value 249,209,847.47 249,885,299.19
Cost Value 248,102,961.89 248,784,710.69
United States 43.19%
FHLMC 12.66%
International Bank for Recon and Dev 2.69%
Toyota Motor Corporation 1.95%
Massachusetts Mutual Life Insurance 1.58%
International Finance Corporation 1.46%
Realty Income Corporation 1.40%
Metropolitan Life Global Funding I 1.39%
**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.

Page 7 of 27 ends

STATEMENT OF COMPLIANCE
Rules Name Limit Actual Compliance
Status Notes

AGENCY MORTGAGE SECURITIES (CMOS)
Max % (MV) 20.0 12.7 Compliant
Max Maturity (Years) 5.0 4.6 Compliant

ASSET-BACKED SECURITIES (ABS)
Max % (MV) 20.0 7.4 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) 50.0 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 27.2 Compliant
Max % Issuer (MV) 5.0 1.9 Compliant
Max Maturity (Years) 5 4 Compliant
Min Rating (A- by 1) 0.0 0.0 Compliant

Page 8 of 27 ends

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 1.3 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 0.7 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 3 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

Page 9 of 27 ends

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

SUPRANATIONAL OBLIGATIONS
Max % (MV) 30.0 5.5 Compliant
Max Maturity (Years) 5 4 Compliant
Min Rating (AA- by 1) 0.0 0.0 Compliant
U.S. TREASURIES
Max % (MV) 100.0 43.2 Compliant
Max Maturity (Years) 5 4 Compliant

Page 10 of 27 ends

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
47787JAC2 JDOT 2022 A3 2.32 09/15/2026 21,133.35 03/10/2022

2.34%
21,128.68
21,132.42

99.92 4.46%
21,116.16

21.79 0.01%
(16.26)
Aaa/NA
AAA

0.96 0.04
362585AC5 GMCAR 2022-2 A3 3.1
02/16/2027 45,426.77 04/05/2022

3.13%
45,417.27
45,424.27

99.88 4.30%
45,370.61

58.68 0.02%
(53.66)
Aaa/AAA
NA

1.38 0.10
47800AAC4 JDOT 2022-B A3 3.74
02/16/2027 184,657.08 07/12/2022

3.77%
184,639.45
184,651.94

99.86 4.30%
184,405.23
306.94

0.07%
(246.71)
Aaa/NA
AAA

1.38 0.26
44934FAD7 HALST 2024-B A3 5.41
05/17/2027 810,000.00 05/14/2024

5.41%
809,977.48
809,987.75
100.71

4.26%
815,761.37
1,947.60

0.32%
5,773.62
NA/AAA
AAA

1.63 0.59
47800BAC2 JDOT 2022-C A3 5.09
06/15/2027 448,657.94 10/12/2022

5.15%
448,623.12
448,645.36
100.33

4.32%
450,145.96
1,014.96

0.18%
1,500.60
Aaa/NA
AAA

1.71 0.40
36269WAD1 GMALT 2024-2 A3 5.39
07/20/2027 750,000.00 05/07/2024

5.85%
749,956.43
749,975.33
100.68

4.14%
755,134.28
1,235.21

0.30%
5,158.95
NA/AAA
AAA

1.80 0.52
58770JAD6 MBALT 2024-A A3 5.32
01/18/2028 545,000.00 05/17/2024

5.73%
544,936.24
544,959.93
101.27

4.07%
551,929.78
1,288.62

0.22%
6,969.85
Aaa/NA
AAA

2.30 0.97
44935WAD9 HALST 2025-A A3 4.83
01/18/2028 1,185,000.00 01/14/2025

4.83%
1,184,911.24
1,184,931.74
101.13

3.99%
1,198,354.36
2,543.80

0.48%
13,422.62
NA/AAA
AAA

2.30 1.26
161571HT4 CHAIT 2023-1 A 5.16 09/15/2028 2,200,000.00 09/07/2023

5.23%
2,199,390.16
2,199,639.50
101.21

3.90%
2,226,518.36
5,045.33

0.88%
26,878.86
NA/AAA
AAA

2.96 0.91
437930AC4 HAROT 2024-2 A3 5.27
11/20/2028 710,000.00 05/14/2024

5.27%
709,913.74
709,939.87
101.36

3.89%
719,651.31
1,351.17

0.29%
9,711.44
NA/AAA
AAA

3.14 0.94
096919AD7 BMWOT 2024-A A3 5.18
02/26/2029 930,000.00 06/04/2024

5.18%
929,858.73
929,897.88
101.18

3.92%
940,962.84
802.90

0.37%
11,064.96
Aaa/AAA
NA

3.41 0.89
43813YAC6 HAROT 2024-3 A3 4.57
03/21/2029 1,310,000.00 08/09/2024

4.66%
1,309,794.20
1,309,844.14
100.79

3.92%
1,320,397.47
1,662.97

0.52%
10,553.33
Aaa/NA
AAA

3.47 1.14
02582JKH2 AMXCA 2024-1 A 5.23
04/16/2029 1,645,000.00 04/16/2024

5.30%
1,644,662.78
1,644,760.30
102.07

3.88%
1,678,995.24
3,823.71

0.67%
34,234.95
NA/AAA
AAA

3.54 1.45
05522RDJ4 BACCT 2024-1 A 4.93
05/15/2029 1,050,000.00 06/06/2024

4.93%
1,049,941.10
1,049,956.83
101.69

3.88%
1,067,797.40
2,300.67

0.42%
17,840.56
Aaa/AAA
NA

3.62 1.53
47800DAD6 JDOT 2025 A3 4.23 09/17/2029 1,180,000.00 03/04/2025

5.09%
1,179,925.78
1,179,934.95
100.55

4.02%
1,186,483.39
2,218.40

0.47%
6,548.44
Aaa/NA
AAA

3.96 2.21
92970QAE5 WFCIT 2024-2 A 4.29
10/15/2029 1,160,000.00 10/17/2024

4.29%
1,159,827.62
1,159,860.07
100.83

3.90%
1,169,582.99
2,211.73

0.46%
9,722.93
Aaa/AAA
NA

4.04 1.92
44935CAD3 HART 2025-A A3 4.32
10/15/2029 1,485,000.00 03/04/2025

4.84%
1,484,780.96
1,484,807.46
100.76

3.89%
1,496,342.88
2,851.20

0.59%
11,535.42
NA/AAA
AAA

4.04 1.61

Page 11 of 27 ends

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

5.03%
959,928.67
959,938.95
101.12

3.83%
970,790.02
1,848.00

0.39%
10,851.07
Aaa/NA
AAA

4.21 1.34
92970QAJ4 WFCIT 2025-1 A 4.34
05/15/2030 1,955,000.00 06/03/2025

4.33%
1,954,967.55
1,954,969.59
101.07

3.94%
1,975,893.87
3,770.98

0.78%
20,924.28
NA/AAA
AAA

4.62 2.43
Total ABS 18,574,875.14 4.97%
18,572,581.20
18,573,258.27
101.08

3.96%
18,775,633.51
36,304.67

7.45%
202,375.23

3.35 1.37
AGENCY
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
3,192,525.71
100.43

3.70%
3,213,827.94
38,922.22

1.27%
21,302.22
Aa1/AA+
AA+

2.69 2.50
Total Agency 3,200,000.00 3.97%
3,186,080.00
3,192,525.71
100.43

3.70%
3,213,827.94
38,922.22

1.27%
21,302.22

2.69 2.50

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

1.36%
1,004,736.33
959,685.59

98.82 3.87%
938,805.01
2,100.29

0.37%
(20,880.58)
Aa1/AA+
AAA

0.90 0.84
3137FAWS3 FHMS K-067 A2 3.194
07/25/2027 675,000.00 09/28/2022

4.42%
640,538.09
662,296.09

98.70 3.87%
666,193.95
1,796.63

0.26%
3,897.86
Aaa/AA+
AA+

1.82 1.68
3137FBU79 FHMS K-069 A2 3.187
09/25/2027 1,225,294.64 09/28/2022

4.37%
1,161,014.53
1,200,195.73

98.57 3.87%
1,207,807.85
3,254.18

0.48%
7,612.12
Aa1/AAA
AA+

1.99 1.84
3137FCLD4 FHMS K-071 A2 3.286
11/25/2027 3,250,000.00 04/13/2023

4.03%
3,146,914.06
3,202,684.92

98.70 3.85%
3,207,632.68
8,899.58

1.27%
4,947.75
Aa1/AA+
AAA

2.15 2.00
3137FEBQ2 FHMS K-072 A2 3.444
12/25/2027 1,115,000.00 05/05/2023

3.98%
1,088,910.74
1,102,613.08

98.99 3.85%
1,103,698.03
3,200.05

0.44%
1,084.94
Aa1/AA+
AAA

2.24 2.05
3137FETN0 FHMS K-073 A2 3.35 01/25/2028 2,005,000.00 05/24/2023

4.34%
1,926,992.97
1,966,764.00

98.78 3.86%
1,980,497.10
5,597.29

0.79%
13,733.10
Aa1/AA+
AAA

2.32 2.09
3137F4D41 FHMS K-074 A2 3.6 01/25/2028 2,200,000.00 07/25/2023

5.78%
2,099,710.93
2,149,049.68

99.28 3.86%
2,184,171.44
6,600.00

0.87%
35,121.76
Aa1/AA+
AAA

2.32 2.12
3137FEZU7 FHMS K-076 A2 3.9 04/25/2028 2,069,000.00 05/05/2023

3.94%
2,062,615.20
2,065,739.75

99.99 3.83%
2,068,714.27
6,724.25

0.82%
2,974.52
Aa1/AA+
AAA

2.57 2.32
3137FJEH8 FHMS K-081 A2 3.9 08/25/2028 6,200,000.00 --

5.01%
5,899,464.85
6,024,795.75

99.91 3.87%
6,194,390.86
20,150.00

2.46%
169,595.11
Aa1/AA+
AAA

2.90 2.67
3137FJKE8 FHMS K-082 A2 3.92 09/25/2028 1,500,000.00 11/28/2023

4.74%
1,446,796.88
1,467,330.34

99.96 3.87%
1,499,470.35
4,900.00

0.59%
32,140.01
Aa1/AA+
AAA

2.99 2.70

Page 12 of 27 ends

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

4.64%
1,568,164.06
1,630,421.28

94.72 3.92%
1,657,633.60
2,961.88

0.66%
27,212.32
Aa1/AA+
AAA

2.99 2.80
3137H5YC5 FHMS K-748 A2 2.26 01/25/2029 2,500,000.00 04/11/2024

4.94%
2,221,191.41
2,307,539.45

94.85 3.94%
2,371,241.25
4,708.33

0.94%
63,701.80
Aa1/AA+
AAA

3.32 3.06
3137FKZZ2 FHMS K-088 A2 3.69 01/25/2029 2,300,000.00 07/29/2024

4.47%
2,226,507.81
2,245,972.33

99.29 3.87%
2,283,716.23
7,072.50

0.91%
37,743.90
Aaa/AA+
AA+

3.32 3.00
3137FRUT6 FHMS K-106 A2 2.069
01/25/2030 2,000,000.00 06/06/2025

4.37%
1,810,078.12
1,822,853.65

92.45 3.99%
1,849,057.40
3,448.33

0.73%
26,203.75
Aa1/AA+
AAA

4.32 4.02
3137FTZQ3 FHMS K-110 A2 1.477
04/25/2030 3,000,000.00 09/03/2025

3.96%
2,697,304.69
2,701,483.56

89.88 3.99%
2,696,440.80
3,692.50

1.07%
(5,042.76)
Aa1/AA+
AAA

4.57 4.18
Total Agency CMBS 32,739,294.64 4.47%
31,000,940.67
31,509,425.19

97.57 3.89%
31,909,470.80
85,105.81

12.66%
400,045.61

2.88 2.64
CASH
CCYUSD Receivable 2,224.93 -- 2,224.93
2,224.93

1.00 0.00%
2,224.93

0.00 0.00%

0.00 Aaa/AAA
AAA

0.00 0.00
Total Cash 2,224.93
2,224.93
2,224.93

1.00 0.00%
2,224.93

0.00 0.00%

0.00 0.00

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

1.13%
1,003,440.00
1,000,409.10

98.43 4.01%
984,269.06
5,133.33

0.39%
(16,140.04)
A1/A
AA-

0.57 0.56
023135BX3 AMAZON.COM INC 1.0
05/12/2026 2,615,000.00 05/10/2021

1.09%
2,603,703.20
2,613,620.38

98.24 3.93%
2,568,935.60
10,096.81

1.02%
(44,684.78)
A1/AA
AA-

0.61 0.60
91324PEC2 UNITEDHEALTH GROUP INC 1.15
05/15/2026 430,000.00 --

1.08%
431,391.30
430,154.62

98.20 4.11%
422,262.24
1,868.11

0.17%
(7,892.37)
A2/A+
A

0.62 0.61
89236TJK2 TOYOTA MOTOR CREDIT CORP

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

1.13%
1,784,214.60
1,784,888.17

97.99 4.01%
1,749,070.56
5,745.47

0.69%
(35,817.61)
A1/A+
A+

0.71 0.70
57629WDE7 MASSMUTUAL GLOBAL
FUNDING II 1.2 07/16/2026 1,250,000.00 08/19/2021

1.15%
1,252,787.50
1,250,448.99

97.78 4.07%
1,222,307.69
3,125.00

0.48%
(28,141.30)
Aa3/AA+
AA+

0.79 0.77
58989V2D5 MET TOWER GLOBAL FUNDING

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

1.27%
974,103.00
974,829.05

97.50 3.95%
950,609.00
575.52

0.38%
(24,220.05)
Aa3/AA-
AA-

0.96 0.93
931142ER0 WALMART INC 1.05 09/17/2026 445,000.00 09/08/2021

1.09%
444,158.95
444,838.33

97.46 3.76%
433,704.82
181.71

0.17%
(11,133.51)
Aa2/AA
AA

0.96 0.94
59217GER6 METROPOLITAN LIFE GLOBAL
FUNDING I 1.875 01/11/2027 1,575,000.00 01/03/2022

1.90%
1,573,204.50
1,574,540.80

97.37 4.01%
1,533,532.55
6,562.50

0.61%
(41,008.25)
Aa3/AA-
AA-

1.28 1.24

Page 13 of 27 ends

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

2.46%
1,424,601.70
1,424,881.63

97.84 4.03%
1,394,177.19
2,715.42

0.55%
(30,704.44)
A2/A-
A

1.42 1.38
084664CZ2 BERKSHIRE HATHAWAY FINANCE
CORP 2.3 03/15/2027 2,395,000.00 03/07/2022

2.30%
2,394,544.95
2,394,867.92

97.92 3.78%
2,345,152.72
2,448.22

0.93%
(49,715.20)
Aa2/AA
A+

1.45 1.41
756109AU8 REALTY INCOME CORP 3.65
01/15/2028 1,500,000.00 04/10/2023

4.87%
1,422,720.00
1,462,848.72

99.17 4.03%
1,487,523.35
11,558.33

0.59%
24,674.63
A3/A-
NA

2.29 2.16
24422EWR6 JOHN DEERE CAPITAL CORP 4.75
01/20/2028 1,650,000.00 01/23/2023

4.40%
1,675,393.50
1,661,727.59
101.92

3.87%
1,681,629.77
15,457.29

0.67%
19,902.19
A1/A
A+

2.31 2.15
037833ET3 APPLE INC 4.0 05/10/2028 1,000,000.00 05/08/2023

4.01%
999,449.70
999,713.25
100.58

3.76%
1,005,786.13
15,666.67

0.40%
6,072.88
Aaa/AA+
NA

2.61 2.35
58933YBH7 MERCK & CO INC 4.05
05/17/2028 1,165,000.00 05/08/2023

4.05%
1,165,218.35
1,165,109.89
100.55

3.83%
1,171,353.57
17,562.38

0.46%
6,243.68
Aa3/A+
NA

2.63 2.36
74340XCG4 PROLOGIS LP 4.875 06/15/2028 2,350,000.00 --

4.99%
2,338,786.70
2,343,876.86
102.29

3.97%
2,403,779.21
33,732.29

0.95%
59,902.35
A2/A
NA

2.71 2.41
89115A2U5 TORONTO-DOMINION BANK

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

5.36%
1,006,890.00
1,003,846.63
103.80

4.07%
1,037,955.87
11,352.83

0.41%
34,109.24
A2/A-
AA-

2.80 2.55
78016HZS2 ROYAL BANK OF CANADA 5.2
08/01/2028 1,750,000.00 09/12/2023

5.50%
1,727,337.50
1,736,844.82
103.12

4.02%
1,804,645.57
15,166.67

0.72%
67,800.75
A1/A
AA-

2.84 2.60
74456QBX3 PUBLIC SERVICE ELECTRIC AND
GAS CO 3.65 09/01/2028 1,000,000.00 12/14/2023

4.44%
966,790.00
979,405.55

99.03 4.00%
990,321.95
3,041.67

0.39%
10,916.40
A1/A
NA

2.92 2.73
40139LBH5 GUARDIAN LIFE GLOBAL
FUNDING 5.737 10/02/2028 1,000,000.00 11/02/2023

5.63%
1,004,470.00
1,002,736.38
104.54

4.11%
1,045,424.13
28,525.64

0.41%
42,687.75
Aa1/AA+
NA

3.01 2.68
26442CAX2 DUKE ENERGY CAROLINAS LLC

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

4.79%
1,927,120.00
1,953,904.61

99.98 3.96%
1,999,526.24
29,844.44

0.79%
45,621.63
Aa3/A
NA

3.13 2.87
756109BS2 REALTY INCOME CORP 4.7
12/15/2028 1,000,000.00 12/14/2023

4.71%
999,730.00
999,826.66
101.80

4.09%
1,017,981.13
13,838.89

0.40%
18,154.47
A3/A-
NA

3.21 2.85
66815L2Q1

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

4.67%
1,502,853.80
1,501,869.73
101.75

4.13%
1,526,213.18
15,896.25

0.61%
24,343.44
Aa1/AA+
AAA

3.28 2.98
57629W5B2 MASSMUTUAL GLOBAL
FUNDING II 4.85 01/17/2029 1,290,000.00 01/09/2024

4.85%
1,289,832.30
1,289,889.49
102.15

4.14%
1,317,774.41
12,860.58

0.52%
27,884.92
Aa3/AA+
AA+

3.30 3.00
46647PAM8 JPMORGAN CHASE & CO 3.509
01/23/2029 2,000,000.00 01/18/2024

5.07%
1,888,580.00
1,935,634.17

98.68 4.43%
1,973,652.90
13,256.22

0.78%
38,018.73
A1/A
AA-

3.31 2.18
64952WFF5 NEW YORK LIFE GLOBAL
FUNDING 4.7 01/29/2029 1,000,000.00 01/22/2024

4.74%
998,190.00
998,795.31
101.83

4.10%
1,018,325.21
8,094.44

0.40%
19,529.90
Aa1/AA+
AAA

3.33 3.04

Page 14 of 27 ends

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
1,985,267.47
101.86

4.00%
2,037,170.76
15,588.89

0.81%
51,903.29
A1/A+
NA

3.34 3.04
756109CF9 REALTY INCOME CORP 4.75
02/15/2029 1,000,000.00 05/21/2024

5.18%
982,010.00
987,170.81
101.90

4.14%
1,018,975.18
6,069.44

0.40%
31,804.37
A3/A-
NA

3.38 3.01
17275RBR2 CISCO SYSTEMS INC 4.85
02/26/2029 1,115,000.00 02/21/2024

4.86%
1,114,609.75
1,114,734.28
102.61

4.02%
1,144,137.86
5,257.53

0.45%
29,403.58
A1/AA-
NA

3.41 3.03
89236TMF9 TOYOTA MOTOR CREDIT CORP

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

5.00%
1,002,080.00
1,001,512.83
103.19

4.09%
1,031,901.19
18,937.50

0.41%
30,388.36
A1/A+
A+

3.62 3.24
64952WFG3 NEW YORK LIFE GLOBAL
FUNDING 5.0 06/06/2029 1,060,000.00 06/03/2024

5.04%
1,057,964.80
1,058,502.02
102.84

4.16%
1,090,079.65
16,930.56

0.43%
31,577.63
Aa1/AA+
AAA

3.68 3.29
437076DC3 HOME DEPOT INC 4.75
06/25/2029 1,600,000.00 06/18/2024

4.82%
1,595,280.00
1,596,476.80
102.41

4.05%
1,638,502.10
20,266.67

0.65%
42,025.29
A2/A
A

3.73 3.29
713448FX1 PEPSICO INC 4.5 07/17/2029 1,900,000.00 07/15/2024

4.53%
1,897,055.00
1,897,766.25
101.78

3.99%
1,933,768.43
17,575.00

0.77%
36,002.18
A1/A+
NA

3.79 3.36
171239AL0 CHUBB INA HOLDINGS LLC 4.65
08/15/2029 1,082,000.00 08/12/2024

4.52%
1,088,113.01
1,086,709.91
101.97

4.09%
1,103,282.24
6,428.88

0.44%
16,572.32
A2/A
A

3.87 3.43
30303M8S4 META PLATFORMS INC 4.3
08/15/2029 1,140,000.00 08/12/2024

4.33%
1,138,230.18
1,138,629.50
101.27

3.94%
1,154,497.52
6,263.67

0.46%
15,868.01
Aa3/AA-
NA

3.87 3.45
00287YBX6 ABBVIE INC 3.2 11/21/2029 1,300,000.00 09/24/2025

4.04%
1,258,712.00
1,258,875.19

96.47 4.13%
1,254,174.74
15,022.22

0.50%
(4,700.45)
A3/A-
NA

4.14 3.78
14913UAX8 CATERPILLAR FINANCIAL
SERVICES CORP 4.8 01/08/2030 2,255,000.00 01/06/2025

4.84%
2,250,647.85
2,251,281.84
103.10

4.00%
2,324,866.42
24,955.33

0.92%
73,584.57
A2/A
A+

4.27 3.80
59217GFT1 METROPOLITAN LIFE GLOBAL
FUNDING I 4.9 01/09/2030 1,925,000.00 01/02/2025

4.95%
1,921,034.50
1,921,610.00
102.53

4.24%
1,973,757.69
21,485.14

0.78%
52,147.69
Aa3/AA-
AA-

4.28 3.79
89236TNA9 TOYOTA MOTOR CREDIT CORP

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

5.00%
2,065,570.20
2,066,213.08
103.01

4.17%
2,132,301.60
23,339.25

0.85%
66,088.52
A1/A+
A+

4.28 3.79
57629TBV8 MASSMUTUAL GLOBAL
FUNDING II 4.95 01/10/2030 1,400,000.00 01/03/2025

4.96%
1,399,328.00
1,399,425.16
102.54

4.29%
1,435,570.64
15,592.50

0.57%
36,145.48
Aa3/AA+
AA+

4.28 3.79
61747YFK6 MORGAN STANLEY 5.173
01/16/2030 2,000,000.00 01/13/2025

5.39%
1,984,500.00
1,987,237.17
102.78

4.55%
2,055,548.76
21,554.17

0.82%
68,311.59
A1/A-
A+

4.30 2.98
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
2,004,990.88
103.01

4.19%
2,060,165.52
14,850.00

0.82%
55,174.64
A2/NA
A

4.36 3.80
40139LBK8 GUARDIAN LIFE GLOBAL
FUNDING 4.798 04/28/2030 2,000,000.00 08/27/2025

4.30%
2,041,340.00
2,040,515.14
102.21

4.26%
2,044,103.54
40,783.00

0.81%
3,588.40
Aa1/AA+
NA

4.57 4.00

Page 15 of 27 ends

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

4.74%
1,996,740.00
1,996,964.95
101.66

4.30%
2,033,179.64
32,116.67

0.81%
36,214.69
Aa3/AA-
AA-

4.66 4.09
66815L2W8

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

4.58%
1,501,500.00
1,501,402.19
101.53

4.23%
1,522,969.13
22,616.67

0.60%
21,566.93
Aa1/AA+
AAA

4.67 4.11
828807DK0 SIMON PROPERTY GROUP LP

2.65 07/15/2030 2,750,000.00 08/19/2025

4.32%
2,548,397.50
2,553,127.84

93.13 4.25%
2,560,983.87
15,384.72

1.02%
7,856.03
A3/A
NA

4.79 4.40
Total Corporate 68,197,000.00 4.15%
67,627,130.73
67,777,921.98
100.71

4.09%
68,635,850.51
645,324.49

27.22%
857,928.53

3.13 2.77

MONEY MARKET
FUND
60934N104 FEDERATED HRMS GV O INST 1,695,258.77 --

4.01%
1,695,258.77
1,695,258.77

1.00 4.01%
1,695,258.77

0.00 0.67%

0.00 Aaa/
AAAm
AAA

0.00 0.00
Total Money
Market Fund 1,695,258.77 4.01%
1,695,258.77
1,695,258.77

1.00 4.01%
1,695,258.77

0.00 0.67%

0.00 0.00

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

4.38%
2,211,594.00
2,209,382.43
102.61

3.76%
2,257,464.00
16,500.00

0.90%
48,081.57
Aa2/AA-
AA

3.84 3.48
882724XQ5 TEXAS ST 3.0 10/01/2029 3,000,000.00 10/11/2024

4.06%
2,858,880.00
2,886,216.16

96.91 3.84%
2,907,150.00
45,000.00

1.15%
20,933.84
NA/AAA
AAA

4.00 3.72
Total Municipal
Bonds 5,200,000.00 4.20%
5,070,474.00
5,095,598.59

99.40 3.81%
5,164,614.00
61,500.00

2.05%
69,015.41

3.93 3.62

SUPRANATIONAL
459058JL8

INTERNATIONAL BANK FOR

RECONSTRUCTION AND
DEVELOPM 0.5 10/28/2025
2,000,000.00 --

0.65%
1,986,430.15
1,999,785.29

99.72 4.24%
1,994,399.54
4,250.00

0.79%
(5,385.75)
Aaa/AAA
NA

0.08 0.07
4581X0DV7

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

0.97%
3,419,267.70
3,433,268.24

98.33 3.95%
3,377,759.95
13,441.82

1.34%
(55,508.29)
Aaa/AAA
NA

0.55 0.54
45950KCX6 INTERNATIONAL FINANCE CORP

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

1.14%
3,728,332.00
3,785,130.79

96.92 3.86%
3,682,944.42
13,695.83

1.46%
(102,186.37)
Aaa/AAA
NA

1.02 0.99

Page 16 of 27 ends

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
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
2,219,419.75
100.53

3.73%
2,261,841.62
39,960.00

0.90%
42,421.86
Aaa/AAA
NA

4.04 3.65
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
2,492,407.72
101.48

3.76%
2,537,017.78
3,151.04

1.01%
44,610.05
Aaa/AAA
NA

4.47 4.05
Total
Supranational 13,985,000.00 2.10%
13,838,899.85
13,930,011.80

99.09 3.90%
13,853,963.30
74,498.70

5.49%
(76,048.50)

1.90 1.74

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

0.54%
3,354,046.88
3,399,194.28

99.68 4.14%
3,389,254.47
3,557.07

1.34%
(9,939.81)
Aa1/AA+
AA+

0.08 0.08
91282CAZ4 UNITED STATES TREASURY 0.375
11/30/2025 2,200,000.00 03/26/2021

0.76%
2,160,554.69
2,198,613.52

99.39 4.11%
2,186,593.75
2,772.54

0.87%
(12,019.77)
Aa1/AA+
AA+

0.17 0.16
91282CCZ2 UNITED STATES TREASURY 0.875
09/30/2026 1,780,000.00 10/18/2021

1.19%
1,753,369.53
1,774,635.59

97.24 3.72%
1,730,813.60

42.79 0.69%
(43,821.99)
Aa1/AA+
AA+

1.00 0.98
91282CDK4 UNITED STATES TREASURY 1.25
11/30/2026 3,500,000.00 12/16/2021

1.17%
3,512,714.84
3,502,987.18

97.21 3.72%
3,402,246.09
14,702.87

1.35%
(100,741.09)
Aa1/AA+
AA+

1.17 1.13
91282CLY5 UNITED STATES TREASURY 4.25
11/30/2026 2,500,000.00 12/20/2024

4.28%
2,498,437.50
2,499,060.73
100.59

3.72%
2,514,746.10
35,706.97

1.00%
15,685.37
Aa1/AA+
AA+

1.17 1.11
91282CME8 UNITED STATES TREASURY 4.25
12/31/2026 7,500,000.00 --

4.28%
7,495,996.09
7,497,474.05
100.64

3.71%
7,548,339.83
80,553.67

2.99%
50,865.77
Aa1/AA+
AA+

1.25 1.19
912828Z78 UNITED STATES TREASURY 1.5
01/31/2027 1,150,000.00 02/07/2022

1.77%
1,135,355.47
1,146,077.07

97.17 3.70%
1,117,476.56
2,906.25

0.44%
(28,600.51)
Aa1/AA+
AA+

1.34 1.30
91282CET4 UNITED STATES TREASURY 2.625
05/31/2027 1,800,000.00 06/09/2022

3.07%
1,763,367.19
1,787,755.44

98.34 3.66%
1,770,187.50
15,879.10

0.70%
(17,567.94)
Aa1/AA+
AA+

1.67 1.60
91282CEW7 UNITED STATES TREASURY 3.25
06/30/2027 2,975,000.00 --

3.12%
2,993,090.82
2,981,367.85

99.35 3.63%
2,955,708.97
24,434.61

1.17%
(25,658.88)
Aa1/AA+
AA+

1.75 1.67
91282CFB2 UNITED STATES TREASURY 2.75
07/31/2027 900,000.00 08/22/2022

3.12%
884,742.19
894,347.08

98.44 3.64%
885,937.50
4,169.84

0.35%
(8,409.58)
Aa1/AA+
AA+

1.83 1.76
91282CFH9 UNITED STATES TREASURY 3.125
08/31/2027 3,150,000.00 --

3.41%
3,109,707.03
3,134,460.02

99.07 3.63%
3,120,837.90
8,429.73

1.24%
(13,622.12)
Aa1/AA+
AA+

1.92 1.84
91282CFM8 UNITED STATES TREASURY 4.125
09/30/2027 3,900,000.00 10/20/2022

4.45%
3,843,632.81
3,877,183.96
100.96

3.62%
3,937,628.92
441.96

1.56%
60,444.95
Aa1/AA+
AA+

2.00 1.90
91282CFZ9 UNITED STATES TREASURY 3.875
11/30/2027 1,250,000.00 12/05/2022

3.81%
1,253,906.25
1,251,695.57
100.53

3.62%
1,256,591.80
16,278.18

0.50%
4,896.23
Aa1/AA+
AA+

2.17 2.03

Page 17 of 27 ends

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

3.71%
3,375,494.14
3,361,600.56
100.55

3.62%
3,368,451.16
32,805.88

1.34%
6,850.60
Aa1/AA+
AA+

2.25 2.12
91282CGH8 UNITED STATES TREASURY 3.5
01/31/2028 5,000,000.00 --

3.84%
4,923,765.63
4,963,967.68

99.73 3.62%
4,986,718.75
29,483.70

1.98%
22,751.07
Aa1/AA+
AA+

2.34 2.21
91282CGP0 UNITED STATES TREASURY 4.0
02/29/2028 5,000,000.00 --

4.08%
4,981,033.20
4,990,895.98
100.88

3.61%
5,044,140.60
17,127.07

2.00%
53,244.62
Aa1/AA+
AA+

2.42 2.28
91282CHE4 UNITED STATES TREASURY 3.625
05/31/2028 3,000,000.00 06/14/2023

4.00%
2,950,429.69
2,973,308.29
100.02

3.62%
3,000,468.75
36,547.13

1.19%
27,160.46
Aa1/AA+
AA+

2.67 2.49
91282CHQ7 UNITED STATES TREASURY 4.125
07/31/2028 4,000,000.00 08/21/2023

4.46%
3,941,718.75
3,966,613.40
101.33

3.63%
4,053,125.00
27,798.91

1.61%
86,511.60
Aa1/AA+
AA+

2.84 2.64
91282CHX2 UNITED STATES TREASURY 4.375
08/31/2028 1,100,000.00 09/25/2023

4.62%
1,088,398.44
1,093,139.56
102.04

3.63%
1,122,386.72
4,121.20

0.45%
29,247.16
Aa1/AA+
AA+

2.92 2.71
91282CJF9 UNITED STATES TREASURY 4.875
10/31/2028 1,700,000.00 10/27/2023

4.79%
1,706,441.41
1,703,969.91
103.56

3.64%
1,760,562.50
34,681.39

0.70%
56,592.59
Aa1/AA+
AA+

3.08 2.80
91282CJN2 UNITED STATES TREASURY 4.375
11/30/2028 1,400,000.00 12/28/2023

3.83%
1,434,125.00
1,421,940.21
102.16

3.64%
1,430,242.18
20,584.02

0.57%
8,301.97
Aa1/AA+
AA+

3.17 2.90
91282CJR3 UNITED STATES TREASURY 3.75
12/31/2028 4,500,000.00 --

3.99%
4,452,480.47
4,468,902.57
100.32

3.64%
4,514,238.27
42,646.06

1.79%
45,335.70
Aa1/AA+
AA+

3.25 3.01
91282CJW2 UNITED STATES TREASURY 4.0
01/31/2029 2,500,000.00 02/16/2024

4.31%
2,465,625.00
2,476,816.86
101.08

3.65%
2,527,050.78
16,847.83

1.00%
50,233.91
Aa1/AA+
AA+

3.34 3.08
91282CKG5 UNITED STATES TREASURY 4.125
03/31/2029 5,000,000.00 --

4.59%
4,897,460.94
4,927,679.53
101.52

3.66%
5,076,171.90
566.62

2.01%
148,492.37
Aa1/AA+
AA+

3.50 3.23
91282CKP5 UNITED STATES TREASURY 4.625
04/30/2029 2,000,000.00 05/03/2024

4.48%
2,012,773.44
2,009,173.01
103.19

3.67%
2,063,828.12
38,709.24

0.82%
54,655.11
Aa1/AA+
AA+

3.58 3.23
91282CKT7 UNITED STATES TREASURY 4.5
05/31/2029 1,600,000.00 06/21/2024

4.26%
1,617,187.50
1,612,761.86
102.80

3.67%
1,644,875.01
24,196.72

0.65%
32,113.15
Aa1/AA+
AA+

3.67 3.31
91282CKX8 UNITED STATES TREASURY 4.25
06/30/2029 2,000,000.00 07/18/2024

4.09%
2,014,140.63
2,010,705.25
101.99

3.68%
2,039,765.62
21,480.98

0.81%
29,060.37
Aa1/AA+
AA+

3.75 3.41
91282CLK5 UNITED STATES TREASURY 3.625
08/31/2029 4,000,000.00 09/11/2024

3.45%
4,031,406.25
4,024,771.61

99.76 3.69%
3,990,312.48
12,417.13

1.58%
(34,459.13)
Aa1/AA+
AA+

3.92 3.61
91282CLN9 UNITED STATES TREASURY 3.5
09/30/2029 2,500,000.00 10/04/2024

3.76%
2,470,312.50
2,476,171.66

99.29 3.69%
2,482,324.23
240.38

0.98%
6,152.56
Aa1/AA+
AA+

4.00 3.70
91282CMA6 UNITED STATES TREASURY 4.125
11/30/2029 2,500,000.00 12/20/2024

4.36%
2,474,511.72
2,478,498.24
101.61

3.70%
2,540,234.38
34,656.76

1.01%
61,736.14
Aa1/AA+
AA+

4.17 3.75
91282CMD0 UNITED STATES TREASURY 4.375
12/31/2029 3,500,000.00 01/10/2025

4.53%
3,476,347.66
3,479,752.66
102.59

3.71%
3,590,507.83
38,697.35

1.42%
110,755.17
Aa1/AA+
AA+

4.25 3.82

Page 18 of 27 ends

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

4.02%
2,797,453.12
2,797,731.09
101.16

3.71%
2,832,484.37
9,591.16

1.12%
34,753.28
Aa1/AA+
AA+

4.41 4.01
91282CGS4 UNITED STATES TREASURY 3.625
03/31/2030 5,000,000.00 --

3.87%
4,947,363.29
4,951,305.15

99.59 3.72%
4,979,492.20
497.94

1.97%
28,187.05
Aa1/AA+
AA+

4.50 4.11
91282CNG2 UNITED STATES TREASURY 4.0
05/31/2030 2,500,000.00 05/29/2025

4.00%
2,499,511.72
2,499,544.11
101.17

3.72%
2,529,296.88
33,606.56

1.00%
29,752.76
Aa1/AA+
AA+

4.67 4.17
91282CNK3 UNITED STATES TREASURY 3.875
06/30/2030 3,500,000.00 07/09/2025

3.95%
3,487,968.75
3,488,518.64
100.61

3.73%
3,521,464.84
34,274.80

1.40%
32,946.20
Aa1/AA+
AA+

4.75 4.26
91282CNX5 UNITED STATES TREASURY 3.625
08/31/2030 4,000,000.00 09/03/2025

3.70%
3,986,250.00
3,986,453.76

99.48 3.74%
3,979,375.00
12,417.13

1.58%
(7,078.76)
Aa1/AA+
AA+

4.92 4.45
Total US Treasury 108,455,000.00 3.70%
107,791,120.54
108,109,073.95
100.42

3.70%
108,893,880.52
733,871.51

43.19%
784,806.56

2.82 2.60
Total Portfolio 252,048,653.48 3.94%
248,784,710.69
249,885,299.19

99.43 3.86%
252,144,724.27
1,675,527.40
100.00%
2,259,425.08

2.90 2.51
Total Market Value
+ Accrued 253,820,251.67

Page 19 of 27 ends

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

ACQUISITIONS
Purchase 09/02/2025 60934N104 320,031.25 FEDERATED HRMS GV O INST 1.000 4.16% (320,031.25) 0.00 (320,031.25) 0.00
Purchase 09/03/2025 60934N104 21,391.60 FEDERATED HRMS GV O INST 1.000 4.16% (21,391.60) 0.00 (21,391.60) 0.00
Purchase 09/04/2025 60934N104 1,682,613.51 FEDERATED HRMS GV O INST 1.000 4.16% (1,682,613.51) 0.00 (1,682,613.51) 0.00 Purchase 09/04/2025 91282CNX5 4,000,000.00 UNITED STATES TREASURY

3.625 08/31/2030 99.656 3.70% (3,986,250.00) (1,602.21) (3,987,852.21) 0.00 Purchase 09/08/2025 3137FTZQ3 3,000,000.00 FHMS K-110 A2 1.477 04/25/2030 89.910 3.96% (2,697,304.69) (861.58) (2,698,166.27) 0.00 Purchase 09/15/2025 60934N104 59,925.46 FEDERATED HRMS GV O INST 1.000 4.15% (59,925.46) 0.00 (59,925.46) 0.00
Purchase 09/15/2025 60934N104 125,627.72 FEDERATED HRMS GV O INST 1.000 4.15% (125,627.72) 0.00 (125,627.72) 0.00
Purchase 09/16/2025 60934N104 22,912.28 FEDERATED HRMS GV O INST 1.000 4.19% (22,912.28) 0.00 (22,912.28) 0.00
Purchase 09/17/2025 60934N104 2,336.25 FEDERATED HRMS GV O INST 1.000 4.17% (2,336.25) 0.00 (2,336.25) 0.00
Purchase 09/18/2025 60934N104 3,118.08 FEDERATED HRMS GV O INST 1.000 4.17% (3,118.08) 0.00
(3,118.08) 0.00
Purchase 09/22/2025 60934N104 56,551.42 FEDERATED HRMS GV O INST 1.000 4.01% (56,551.42) 0.00 (56,551.42) 0.00
Purchase 09/22/2025 60934N104 3,381.25 FEDERATED HRMS GV O INST 1.000 4.01% (3,381.25) 0.00 (3,381.25) 0.00
Purchase 09/25/2025 00287YBX6 1,300,000.00 ABBVIE INC 3.2 11/21/2029 96.824 4.04% (1,258,712.00) (14,328.89) (1,273,040.89) 0.00 Purchase 09/25/2025 60934N104 79,767.13 FEDERATED HRMS GV O INST 1.000 4.00% (79,767.13) 0.00 (79,767.13) 0.00
Purchase 09/30/2025 60934N104 1,527,225.00 FEDERATED HRMS GV O INST 1.000 4.01% (1,527,225.00) 0.00 (1,527,225.00) 0.00 Total Purchase 12,204,880.95 (11,847,147.64) (16,792.68) (11,863,940.32) 0.00

Page 20 of 27 ends

TRANSACTION LEDGER
Transaction Type Settlement
Date CUSIP Quantity Security Description Price
Acq/
Disp
Yield
Amount Interest Pur/
Sold Total Amount Gain/Loss
TOTAL
ACQUISITIONS 12,204,880.95 (11,847,147.64) (16,792.68) (11,863,940.32) 0.00

DISPOSITIONS
Maturity 09/30/2025 91282CAM3 (1,200,000.00) UNITED STATES TREASURY

0.25 09/30/2025 100.000 0.74% 1,200,000.00 0.00 1,200,000.00 0.00 Total Maturity (1,200,000.00) 1,200,000.00 0.00 1,200,000.00 0.00 Sale 09/04/2025 3135G06G3 (1,000,000.00)

FEDERAL NATIONAL

MORTGAGE ASSOCIATION

0.5 11/07/2025

99.345 0.57% 993,450.00 (1,625.00) 995,075.00 (6,424.18) Sale 09/04/2025 3135G06G3 (650,000.00)

FEDERAL NATIONAL

MORTGAGE ASSOCIATION

0.5 11/07/2025

99.345 0.53% 645,742.50 (1,056.25) 646,798.75 (4,223.25) Sale 09/04/2025 459058JL8 (1,400,000.00)

INTERNATIONAL BANK

FOR RECONSTRUCTION
AND DEVELOPM 0.5
10/28/2025

99.445 0.52% 1,392,230.00 (2,450.00) 1,394,680.00 (7,723.22) Sale 09/04/2025 3137EAEX3 (2,635,000.00)

FEDERAL HOME LOAN
MORTGAGE CORP 0.375
09/23/2025

99.791 0.44% 2,629,492.85 (4,419.12) 2,633,911.97 (5,424.29) Sale 09/08/2025 60934N104 (2,698,166.27) FEDERATED HRMS GV O INST 1.000 4.17% 2,698,166.27 0.00 2,698,166.27 0.00
Sale 09/25/2025 91324PDK5 (1,000,000.00) UNITEDHEALTH GROUP INC 3.85 06/15/2028 99.719 5.24% 997,190.00 (10,694.44) 1,007,884.44 30,370.58 Sale 09/25/2025 60934N104 (242,131.24) FEDERATED HRMS GV O INST 1.000 4.00% 242,131.24 0.00 242,131.24 0.00
Total Sale (9,625,297.51) 9,598,402.86 (20,244.81)
9,618,647.67 6,575.65
TOTAL
DISPOSITIONS (10,825,297.51) 10,798,402.86 (20,244.81) 10,818,647.67 6,575.65 OTHER

TRANSACTIONS

Page 21 of 27 ends

TRANSACTION LEDGER
Transaction Type Settlement
Date CUSIP Quantity Security Description Price
Acq/
Disp
Yield
Amount Interest Pur/
Sold Total Amount Gain/Loss
Coupon 09/01/2025 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 09/01/2025 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 09/01/2025 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 09/01/2025 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 09/01/2025 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 09/01/2025 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 09/01/2025 74456QBX3 0.00

PUBLIC SERVICE ELECTRIC
AND GAS CO 3.65
09/01/2028

4.44% 18,250.00 0.00 18,250.00 0.00
Coupon 09/01/2025 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 09/01/2025 3137FBU79 0.00 FHMS K-069 A2 3.187
09/25/2027 4.37% 3,259.67 0.00 3,259.67 0.00
Coupon 09/01/2025 3137FRUT6 0.00 FHMS K-106 A2 2.069
01/25/2030 4.37% 3,448.33 0.00 3,448.33 0.00
Coupon 09/01/2025 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 09/01/2025 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 09/01/2025 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 09/01/2025 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 09/01/2025 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 09/03/2025 808513BY0 0.00 CHARLES SCHWAB CORP

2.45 03/03/2027 2.46% 17,456.25 0.00 17,456.25 0.00

Page 22 of 27 ends

TRANSACTION LEDGER
Transaction Type Settlement
Date CUSIP Quantity Security Description Price
Acq/
Disp
Yield
Amount Interest Pur/
Sold Total Amount Gain/Loss
Coupon 09/14/2025 58989V2D5 0.00

MET TOWER GLOBAL
FUNDING 1.25
09/14/2026

1.27% 6,093.75 0.00 6,093.75 0.00
Coupon 09/15/2025 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 09/15/2025 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 09/15/2025 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 09/15/2025 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 09/15/2025 47800BAC2 0.00 JDOT 2022-C A3 5.09
06/15/2027 5.15% 2,124.38 0.00 2,124.38 0.00
Coupon 09/15/2025 47800DAD6 0.00 JDOT 2025 A3 4.23
09/17/2029 5.09% 4,159.50 0.00 4,159.50 0.00
Coupon 09/15/2025 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 09/15/2025 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 09/15/2025 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 09/15/2025 92970QAJ4 0.00 WFCIT 2025-1 A 4.34
05/15/2030 4.33% 7,070.58

0.00 7,070.58 0.00
Coupon 09/15/2025 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 09/15/2025 47800AAC4 0.00 JDOT 2022-B A3 3.74
02/16/2027 3.77% 649.62 0.00 649.62 0.00
Coupon 09/15/2025 47787JAC2 0.00 JDOT 2022 A3 2.32
09/15/2026 2.34% 80.69 0.00 80.69 0.00
Coupon 09/15/2025 084664CZ2 0.00

BERKSHIRE HATHAWAY
FINANCE CORP 2.3
03/15/2027

2.30% 27,542.50 0.00 27,542.50 0.00
Coupon 09/16/2025 362955AD8 0.00 GMCAR 2025-1 A3 4.62
12/17/2029 5.03% 3,696.00 0.00 3,696.00 0.00

Page 23 of 27 ends

TRANSACTION LEDGER
Transaction Type Settlement
Date CUSIP Quantity Security Description Price
Acq/
Disp
Yield
Amount Interest Pur/
Sold Total Amount Gain/Loss
Coupon 09/16/2025 362585AC5 0.00 GMCAR 2022-2 A3 3.1
02/16/2027 3.13% 166.56 0.00 166.56 0.00
Coupon 09/17/2025 931142ER0 0.00 WALMART INC 1.05
09/17/2026 1.09% 2,336.25 0.00 2,336.25 0.00
Coupon 09/18/2025 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 09/20/2025 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 09/20/2025 459058LR2 0.00

INTERNATIONAL BANK

FOR RECONSTRUCTION
AND DEVELOPM 4.125
03/20/2030

4.20% 51,575.00 0.00 51,575.00 0.00
Coupon 09/21/2025 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 09/25/2025 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 09/25/2025 05602RAD3 0.00 BMWOT 2022-A A3 3.21
08/25/2026 3.23% 40.79 0.00 40.79 0.00
Coupon 09/30/2025 91282CKG5 0.00 UNITED STATES TREASURY

4.125 03/31/2029 4.59% 103,125.00 0.00 103,125.00 0.00
Coupon 09/30/2025 91282CFM8 0.00 UNITED STATES TREASURY

4.125 09/30/2027 4.45% 80,437.50 0.00 80,437.50 0.00
Coupon 09/30/2025 91282CGS4 0.00 UNITED STATES TREASURY

3.625 03/31/2030 3.87%
90,625.00 0.00 90,625.00 0.00
Coupon 09/30/2025 91282CLN9 0.00 UNITED STATES TREASURY

3.5 09/30/2029 3.76% 43,750.00 0.00 43,750.00 0.00
Coupon 09/30/2025 91282CCZ2 0.00 UNITED STATES TREASURY

0.875 09/30/2026 1.19% 7,787.50 0.00 7,787.50 0.00
Coupon 09/30/2025 91282CAM3 0.00 UNITED STATES TREASURY

0.25 09/30/2025 0.74% 1,500.00 0.00 1,500.00 0.00
Total Coupon 0.00 606,649.68 0.00 606,649.68 0.00
Dividend 09/30/2025 60934N104 0.00 FEDERATED HRMS GV O
INST 4.03% 2,224.93 0.00 2,224.93 0.00
Total Dividend 0.00 2,224.93 0.00 2,224.93 0.00

Page 24 of 27 ends

TRANSACTION LEDGER
Transaction Type Settlement
Date CUSIP Quantity Security Description Price
Acq/
Disp
Yield
Amount Interest Pur/
Sold Total Amount Gain/Loss
Principal Paydown 09/01/2025 3137FBU79 2,068.68 FHMS K-069 A2 3.187 09/25/2027 4.37% 2,068.68 -- 2,068.68 0.00
Principal Paydown 09/15/2025 47800BAC2 52,177.23 JDOT 2022-C A3 5.09 06/15/2027 5.15% 52,177.23 -- 52,177.23 (0.00)
Principal Paydown 09/15/2025 47800AAC4 23,777.44 JDOT 2022-B A3 3.74 02/16/2027 3.77% 23,777.44 -- 23,777.44 (0.01)
Principal Paydown 09/15/2025 47787JAC2 20,603.73 JDOT 2022 A3 2.32 09/15/2026 2.34% 20,603.73 -- 20,603.73 0.00
Principal Paydown 09/16/2025 362585AC5 19,049.72 GMCAR 2022-2 A3 3.1 02/16/2027 3.13% 19,049.72 -- 19,049.72 (0.00)
Principal Paydown 09/25/2025 05602RAD3 15,249.57 BMWOT 2022-A A3 3.21 08/25/2026 3.23% 15,249.57 -- 15,249.57 0.02
Total Principal
Paydown 132,926.37 132,926.37 -- 132,926.37 0.01

TOTAL OTHER
TRANSACTIONS 132,926.37 741,800.98 0.00 741,800.98 0.01

Page 25 of 27 ends

DAX

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

DOW JONES
World Stock Market Indices
Economic data was mixed in August as market participants braced for a probable rate cut in September. Treasury yields were lower across the curve as the labor market and housing market showed signs of slowing. However, the consumer remained resilient as Retail Sales increased, while Consumer Confidence showed neither signs of exuberance nor caution. Core inflation levels remain above the Fed’s target, and tariff impacts remain uncertain. Given the economic outlook, our view at Chandler is for a steeper yield curve driven mainly by gradual normalization of monetary policy starting with a 25 basis point rate cut in September.

After holding its benchmark federal funds rate steady at 4.25% to 4.50% at the July Federal Open Markets Committee meeting in July, the Federal Reserve did not convene in August. Nevertheless, Chair Jerome Powell indicated an interest-rate cut could be on the table for September, telling attendees at the Jackson Hole Economic Symposium, “The stability of the unemployment rate and other labor market measures allows us to proceed carefully as we consider changes to our policy stance”.

The US Treasury yield curve steepened in August, as the 2-year Treasury yield declined 34 basis points to 3.62%, the 5-year Treasury was 28 basis points lower to

3.70%, and the 10-year Treasury yield was down 15 basis points to 4.23%. The spread between the 2-year and 10-year Treasury Note yield increased to +61 basis points at August month-end versus +42 basis points at July month-end. The spread between the 2-year Treasury and 10-year Treasury yield one year ago was -1.5 basis points. The spread between the 3-month Bill and 10-year Treasury Note yield was -7 basis points in August versus +4 basis points in July.

Expectations of Federal Reserve rate cuts pushed short-term yields lower in August. Investors anticipated the Fed would begin easing monetary policy soon, as economic growth moderated and recent data pointed to a slowing labor market.

Although yields fell across the curve, long-term inflation expectations remained heightened amid trade policy uncertainty which slowed the decline in yields on the long end of the yield curve, thus the yield curve steepened. The 2-year Treasury Note, which tends to lead the Fed Funds Rate, dropped 34 basis points from the end of July to the end of August.

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 September 2025
(Japan)
(Germany)
(Hong Kong)
TREASURY YIELDS Trend 8/29/25 7/31/25 Change
Chandler Asset Management | 800.317.4747 | chandlerasset.com | 6,460.26
9,187.34
21,455.55
45,544.88
23,902.21
25,077.62
120.87

54.53 304.29
333.10
(163.26)
1,413.90
data as of 8/29/2025
Change
(7/31/2025)

1.91%

0.60%
(0.68%)
Source: Bloomberg. Please see
descriptions of indices on Page 2.

3.20%

1.58%
%CHG

1.23%
3-Month
2-Year
3-Year
5-Year
7-Year
10-Year
30-Year

4.15 3.62

3.58 3.70

3.93 4.23

4.93 (0.19)
(0.34)
(0.32)
(0.27)
(0.23)
(0.15)

0.03 Source: Bloomberg
Market Data
Toll Free: 800.317.4747
[email protected]
chandlerasset.com
Source: Bloomberg
(▲/▼)
▼
U.S. Treasury Yields Fall Sharply in August as a Rate Cut Looms in September 42,718.47
1,648.65

4.01%

4.34 3.96

3.90 3.97

4.16 4.38

4.90 ▼
▼
▼
▼
▼
▼

Page 26 of 27 ends

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
(78.64) $B JUL. 31

3.00% JUN. 30

4.20% AUG. 31

8.50% AUG. 30
277.03 AUG. 30
$73.55 AUG. 30

2.50% AUG. 31

0.30% AUG. 31

1.10 AUG. 30
Retail Sales
Labor Market
Housing Starts
Consumer Prices
Crude Oil Prices Decreased in August
Credit Spreads Were Slightly Wider in August

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

0.13 0.39

0.57 0.04
One Month Ago

0.00 0.33

0.53 0.03
Change

0.13 0.06

0.04 0.01
Chandler Asset Management | 800.317.4747 | chandlerasset.com | Housing starts dropped 8.5% in August to 1.307 million units, marking a pullback amid elevated inventory levels and a softening labor market. Single-family starts fell 7.0% in August to 890,000 units, hitting their lowest level since July 2024. Meanwhile, the Freddie Mac 30-year fixed mortgage rate declined to 6.6% in August. According to the S&P CoreLogic Case-Shiller 20-City Home Price Index, home prices slipped 0.25% month-over-month in June marking the fourth straight month home prices have fallen. The decline pulled the annual gain down to 2.1%, the weakest pace since the market turned higher in mid-2023, adding to signs of cooling in the housing market.

Elevated mortgage rates and asking prices presented affordability challenges which have weighed on housing demand.

The U.S. economy added just 22,000 jobs in August, falling short of consensus expectations and punctuating the softening trend in the labor market. The three-month moving average and six-month moving average payrolls totaled 29,000 and 64,000 respectively. The unemployment rate rose to 4.3% in August from 4.2% in July. The labor participation rate inched up to 62.3%, 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 jumped to 8.1% in August from 7.9% in July. Average hourly earnings fell to 3.7% year-over- year from 3.9% last month.

Back-to-school shopping was a likely catalyst to boost Retail Sales as online shopping, clothing, and sporting goods stores sales increased in August. Total Advance Retail Sales showed continued strength jumping 0.6% month-over-month, while July data was also revised up to 0.6% from the prior month. Control Group Sales, which feed into GDP, also jumped 0.74% in August from the prior month.

Retail Sales rose 5.0% from the prior year in August, building on the 4.1% increase in July. The Conference Board’s Consumer Confidence Index fell to 97.4 in August from a revised 98.7 in July. Measures of current conditions and future expectations declined, reflecting weaker sentiment on employment and income prospects. Views on business conditions ticked higher, helping offset the dip.

While consumers have shown resilience, rising debt, increased delinquencies, persistent inflation concerns and signs of labor market softening may threaten future spending.

Inflation ticked up in August, but tariff pass-through was not the cause. The Consumer Price Index (CPI) increased more than expected at

0.4% month-over-month and 2.9% year-over-year, while the Core CPI rose 0.3% month-over-month and 3.1% year-over-year. Core Services components, such as medical care services and auto insurance, led the increase. The Personal Consumption Expenditures (PCE) price index rose 0.2% month-over-month and held at 2.6% year-over-year in July. The Core PCE deflator, which excludes food and energy and is the Fed’s preferred gauge, edged up 0.3% month-over-month and 2.9% year-over-year. Although inflation has trended toward the Federal Reserve’s 2% target, the overall impact of tariff policy has not yet fully flowed through to the US economy.

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, SEC-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 8/29/2025
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.

Current Release
(59.09) $B JUN. 30
(0.50%) MAR. 31

4.20% JUL. 31

7.50% JUL. 31
299.78 JUL. 31
$69.26 JUL. 31

2.70% JUL. 31

1.90% JUL 31

1.14 JUL 31
Prior Release
(78.31) $B JUL. 31

3.30% JUN. 30

4.30% AUG. 31

7.50% AUG. 29
302.35 AUG. 29
$64.01 AUG. 29

2.90% AUG. 31

1.90% AUG. 31

1.17 AUG. 29
One Year Ago

Page 27 of 27 ends

Moreno Valley City CouncilNovember 18, 2025

Moreno Valley City Council
November 18, 2025