2025-12 Investment Report.pdf — Moreno Valley City Council, February 17, 2026

10,349,737 10,349,737 10,349,737 State of California LAIF Pool 68,436,432 68,567,294 68,436,432 0.71 4.025% California CLASS 122,564,186 122,586,336 122,564,186 3.877% Investments 251,195,848 254,829,881 254,328,872 2.76 4.03% 2.52 452,546,203 456,333,248 455,679,227 Total Funds with Fiscal Agents 16,344
Total Investment Portfolio 456,349,592

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.

2. T
he 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
December 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)
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% Oct 25 437,104,114 3.98% 112,282,049 4.189% 62,034,465 4.150% 252,623,086 4.01% 5.67% 5.39% Nov 25 437,786,571 3.98% 119,163,994 4.039% 58,236,495 4.096% 253,413,138 4.04% 5.76% 5.46% Dec 25 455,679,227 3.89% 122,564,186 3.877% 68,436,432 4.025% 254,328,872 4.03% 6.13% 5.73% 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.

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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
$
-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 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 12/31/2025 1/1/2026 $ 2,336 0.02% 0.02% 1.00 14.29% Wells Fargo 2019 Taxable Lease Revenue Bonds (Electric Utility) Money Market WF Government Fund 12/31/2025 1/1/2026 $ 426 0.02% 0.02% 1.00 2.61% Wilmington Trust 2020 Taxable Refunding of the 2013 TRIP COPs Money Market Federated Hermes Gov Fund 12/31/2025 1/1/2026 $ 13,168 0.03% 0.03% 1.00 80.57% Wilmington Trust 2024 Taxable Lease Revenue Refunding Bond Series Money Market Federated Hermes Gov Fund 12/31/2025 1/1/2026 $ - 0.03% 0.03% 0.00 0.00% Wells Fargo 2021 Taxable Refunding Lease Revenue Bonds (Electric Utility) Money Market WF Government Fund 12/31/2025 1/1/2026 $ 414 0.02% 0.02% 1.00 2.53% Total $ 16,344 100.00%
Trustee Bond Description Construction fund Debt Service Reserve &
Other Total
Wells Fargo 2017 Refunding of the 2007 RDA TABs $ - $ 2,336 $ - $ 2,336 Wells Fargo 2019 Taxable Lease Revenue Bonds (Electric Utility) $ - $ 426 $ - $ 426 Wilmington Trust 2020 Taxable Refunding of the 2013 TRIP COPs $ - $ 13,168 $ - $ 13,168 Wilmington Trust 2024 Taxable Lease Revenue Refunding Bond Series $ - $ - $ - $ - Wells Fargo 2021 Taxable Refunding Lease Revenue Bonds (Electric Utility) $ - $ 414 $ - $ 414 Total $ - $ 16,344 $ - $ 16,344

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 12/31/25 01/01/26 2,036$ 0.02% 0.02% 1.00 12.46% Interest fund 49150301 Money Market WF Gov Fund 12/31/25 01/01/26 - $ 0.00% 0.00% 0.00 0.00% Principal fund 49150302 Money Market WF Gov Fund 12/31/25 01/01/26 300$ 0.02% 0.02% 1.00 1.84% Reserve fund 49150304 Money Market WF Gov Fund 12/31/25 01/01/26 - $ 0.00% 0.00% 0.00 0.00% 2,336$
Wells Fargo 2019 Taxable Lease Revenue Bonds (Electric utility) Revenue fund 83056100 Money Market WF Gov Fund 12/31/25 01/01/26 426$ 0.02% 0.02% 1.00 2.61% Interest fund 83056101 Money Market WF Gov Fund 12/31/25 01/01/26 - $ 0.00% 0.00% 0.00 0.00% Construction fund 83056103 Money Market WF Gov Fund 12/31/25 01/01/26 - $ 0.00% 0.00% 0.00 0.00% Reserve Fund 83056105 Money Market WF Gov Fund 12/31/25 01/01/26 - $ 0.00% 0.00% 0.00 0.00% 426$
Wilmington Trust 2020 Taxable Refunding of the 2013 TRIP COPs Revenue fund 143629-000 Money Market Federated Gov Obl Fund 12/31/25 01/01/26 227$ 0.03% 0.03% 1.00 1.39% Interest fund 143629-001 Money Market Federated Gov Obl Fund 12/31/25 01/01/26 2$ 0.03% 0.03% 1.00 0.01% Principal fund 143629-002 Money Market Federated Gov Obl Fund 12/31/25 01/01/26 2,660$ 0.03% 0.03% 1.00 16.28% Reserve fund 143629-003 Money Market Federated Gov Obl Fund 12/31/25 01/01/26 - $ 0.00% 0.00% 0.00 0.00% Admin fund 143629-004 Money Market Federated Gov Obl Fund 12/31/25 01/01/26 935$ 0.03% 0.03% 1.00 5.72% Surplus fund 143629-005 Money Market Federated Gov Obl Fund 12/31/25 01/01/26 - $ 0.00% 0.00% 0.00 0.00% Interest fund 144078-003 Money Market Federated Gov Obl Fund 12/31/25 01/01/26 9,344$ 0.03% 0.03% 1.00 57.17% 13,168$
Wilmington Trust 2024 Taxable Lease Revenue Refunding Bonds Series Revenue fund 171784-000 Money Market Federated Gov Obl Fund 12/31/25 01/01/26 - $ 0.00% 0.00% 0.00 0.00% Interest fund 171784-001 Money Market Federated Gov Obl Fund 12/31/25 01/01/26 - $ 0.03% 0.03% 0.00 0.00% Principal fund 171784-002 Money Market Federated Gov Obl Fund 12/31/25 01/01/26 - $ 0.00% 0.00% 0.00 0.00% Redemption FD 171784-003 Money Market Federated Gov Obl Fund 12/31/25 01/01/26 - $ 0.00% 0.00% 0.00 0.00% Reserve FD 171784-004 Money Market Federated Gov Obl Fund 12/31/25 01/01/26 - $ 0.00% 0.00% 0.00 0.00% Cost of Issuance 171784-005 Money Market Federated Gov Obl Fund 12/31/25 01/01/26 - $ 0.00% 0.00% 0.00 0.00% Proceeds 171784-006 Money Market Federated Gov Obl Fund 12/31/25 01/01/26 - $ 0.00% 0.00% 0.00 0.00% - $
Wells Fargo 2021 Taxable Refunding Lease Revenue Bonds (Electric Utility) Revenue fund 83056107 Money Market WF Gov Fund 12/31/25 01/01/26 414$ 0.02% 0.02% 1.00 2.53% Interest fund 83056108 Money Market WF Gov Fund 12/31/25 01/01/26 - $ 0.00% 0.00% 0.00 0.00% Principal fund 83056109 Money Market WF Gov Fund 12/31/25 01/01/26 - $ 0.00% 0.00% 0.00 0.00% Reserve fund 83056111 Money Market WF Gov Fund 12/31/25 01/01/26 - $ 0.00% 0.00% 0.00 0.00% 414$
Totals 16,344$ 100.00%
Type Summary of Bond Proceeds with Fiscal Agents
1 Construction Funds - $
2 Principal & Interest Accounts 16,344$
3 Debt Service Reserve Funds - $
4 Custody Accounts - $
5 Arbitrage Rebate Accounts - $
6 Other Accounts - $
Total Fiscal Agent Funds 16,344$

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

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MONTHLY ACCOUNT STATEMENT
City of Moreno Valley | As of December 31, 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

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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 0.20% 1.13% 6.13% 6.13% 5.02% 4.91% 1.68% 2.14% 1.98% Benchmark Return 0.19% 1.11% 5.73% 5.73% 4.57% 4.48% 1.34% 1.83% 1.66% Average Modified Duration 2.52
Average Coupon 3.72%
Average Purchase YTM 4.03%
Average Market YTM 3.78%
Average Credit Quality* AA+
Average Final Maturity 2.92
Average Life 2.76
End Values as of
11/30/2025
End Values as of
12/31/2025
Market Value 254,219,154.10 254,829,880.60
Accrued Interest 1,960,383.69 1,851,679.11
Total Market Value 256,179,537.79 256,681,559.71
Income Earned 473,253.97 1,201,255.31
Cont/WD 0.00 0.00
Par 253,413,138.14 254,328,872.18
Book Value 251,384,239.10 252,339,477.71
Cost Value 250,297,103.44 251,195,847.66
United States 44.72%
FHLMC 12.56%
Toyota Motor Corporation 1.93%
International Bank for Recon and Dev 1.88%
Morgan Stanley 1.52%
International Finance Corporation 1.46%
Metropolitan Life Global Funding I 1.38%
Inter-American Development Bank 1.34%
**Periods over 1 year are annualized.

Benchmark: ICE BofA 1-5 Year Unsubordinated US Treasury & Agency Index *The average credit quality is a weighted average calculation of the highest of S&P , Moody’s and Fitch.

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STATEMENT OF COMPLIANCE
Rules Name Limit Actual Compliance
Status Notes

AGENCY MORTGAGE SECURITIES (CMBS)
Max % (MV) 20.0 12.6 Compliant
Max Maturity (Years) 5.0 4.3 Compliant

ASSET-BACKED SECURITIES (ABS)
Max % (MV) 20.0 7.2 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 27.0 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 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 0.5 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 1.1 Compliant
Max % Issuer (MV) 5.0 1.1 Compliant
Max Maturity (Years) 5 3 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

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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 4.7 Compliant
Max Maturity (Years) 5 4 Compliant
Min Rating (AA- by 1) 0.0 0.0 Compliant
U.S. TREASURIES
Max % (MV) 100.0 44.7 Compliant
Max Maturity (Years) 5 4 Compliant

Page 10 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
47800AAC4 JDOT 2022-B A3 3.74
02/16/2027 98,406.50 07/12/2022

3.77%
98,397.11
98,404.27

99.96 4.07%
98,370.09
163.57

0.04%
(34.17)
Aaa/NA
AAA

1.13 0.12
44934FAD7 HALST 2024-B A3 5.41
05/17/2027 743,761.83 05/14/2024

5.41%
743,741.15
743,752.32
100.51

4.11%
747,554.27
1,788.33

0.29%
3,801.95
NA/AAA
AAA

1.38 0.37
47800BAC2 JDOT 2022-C A3 5.09
06/15/2027 309,316.66 10/12/2022

5.15%
309,292.66
309,309.27
100.24

4.16%
310,069.85
699.74

0.12%
760.58
Aaa/NA
AAA

1.45 0.24
36269WAD1 GMALT 2024-2 A3 5.39
07/20/2027 685,168.06 05/07/2024

5.85%
685,128.26
685,148.68
100.42

4.24%
688,019.05
1,128.43

0.27%
2,870.37
NA/AAA
AAA

1.55 0.34
58770JAD6 MBALT 2024-A A3 5.32
01/18/2028 545,000.00 05/17/2024

5.73%
544,936.24
544,964.33
100.97

4.03%
550,295.77
1,288.62

0.22%
5,331.44
Aaa/NA
AAA

2.05 0.72
44935WAD9 HALST 2025-A A3 4.83
01/18/2028 1,185,000.00 01/14/2025

4.83%
1,184,911.24
1,184,939.23
101.01

3.90%
1,196,985.09
2,543.80

0.47%
12,045.86
NA/AAA
AAA

2.05 1.02
161571HT4 CHAIT 2023-1 A 5.16 09/15/2028 2,200,000.00 09/07/2023

5.23%
2,199,390.16
2,199,670.21
100.94

3.83%
2,220,704.20
5,045.33

0.87%
21,033.99
NA/AAA
AAA

2.71 0.68
437930AC4 HAROT 2024-2 A3 5.27
11/20/2028 688,935.54 05/14/2024

5.27%
688,851.84
688,881.88
101.21

3.84%
697,268.22
1,311.08

0.27%
8,386.34
NA/AAA
AAA

2.89 0.81
096919AD7 BMWOT 2024-A A3 5.18
02/26/2029 916,620.30 06/04/2024

5.18%
916,481.06
916,527.09
100.91

3.98%
924,986.29
791.35

0.36%
8,459.20
Aaa/AAA
NA

3.16 0.73
43813YAC6 HAROT 2024-3 A3 4.57
03/21/2029 1,310,000.00 08/09/2024

4.66%
1,309,794.20
1,309,855.46
100.76

3.84%
1,319,956.00
1,662.97

0.52%
10,100.54
Aaa/NA
AAA

3.22 0.97
02582JKH2 AMXCA 2024-1 A 5.23
04/16/2029 1,645,000.00 04/16/2024

5.30%
1,644,662.78
1,644,777.35
101.89

3.75%
1,676,095.44
3,823.71

0.66%
31,318.08
NA/AAA
AAA

3.29 1.22
05522RDJ4 BACCT 2024-1 A 4.93
05/15/2029 1,050,000.00 06/06/2024

4.93%
1,049,941.10
1,049,959.84
101.57

3.78%
1,066,449.30
2,300.67

0.42%
16,489.47
Aaa/AAA
NA

3.37 1.30
47800DAD6 JDOT 2025 A3 4.23 09/17/2029 1,180,000.00 03/04/2025

5.09%
1,179,925.78
1,179,939.09
100.75

3.85%
1,188,802.80
2,218.40

0.47%
8,863.71
Aaa/NA
AAA

3.71 1.77
92970QAE5 WFCIT 2024-2 A 4.29
10/15/2029 1,160,000.00 10/17/2024

4.29%
1,159,827.62
1,159,868.79
100.97

3.76%
1,171,236.92
2,211.73

0.46%
11,368.13
Aaa/AAA
NA

3.79 1.69
44935CAD3 HART 2025-A A3 4.32
10/15/2029 1,485,000.00 03/04/2025

4.84%
1,484,780.96
1,484,819.47
100.74

3.90%
1,495,996.43
2,851.20

0.59%
11,176.96
NA/AAA
AAA

3.79 1.61
362955AD8 GMCAR 2025-1 A3 4.62
12/17/2029 960,000.00 01/09/2025

5.03%
959,928.67
959,942.60
101.03

3.89%
969,859.20
1,848.00

0.38%
9,916.60
Aaa/NA
AAA

3.96 1.32
92970QAJ4 WFCIT 2025-1 A 4.34
05/15/2030 1,955,000.00 06/03/2025

4.33%
1,954,967.55
1,954,971.25
101.33

3.78%
1,980,952.63
3,770.98

0.78%
25,981.38
NA/AAA
AAA

4.37 2.21

Page 11 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
Total ABS 18,117,208.89 4.98%
18,114,958.37
18,115,731.12
101.03

3.87%
18,303,601.52
35,447.93

7.18%
187,870.41

3.14 1.19
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
3,193,226.67
100.86

3.50%
3,227,606.40
7,922.22

1.27%
34,379.73
Aa1/AA+
AA+

2.44 2.30
Total Agency 3,200,000.00 3.97%
3,186,080.00
3,193,226.67
100.86

3.50%
3,227,606.40
7,922.22

1.27%
34,379.73

2.44 2.30

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

1.36%
1,004,736.33
956,754.43

99.14 3.82%
941,863.25
2,100.29

0.37%
(14,891.18)
Aa1/AA+
AAA

0.65 0.59
3137FAWS3 FHMS K-067 A2 3.194
07/25/2027 675,000.00 09/28/2022

4.42%
640,538.09
664,128.00

99.11 3.69%
668,979.68
1,796.63

0.26%
4,851.67
Aaa/AA+
AA+

1.56 1.45
3137FBU79 FHMS K-069 A2 3.187
09/25/2027 1,218,776.85 09/28/2022

4.37%
1,154,838.67
1,197,092.61

98.93 3.74%
1,205,710.34
3,236.87

0.47%
8,617.73
Aa1/AAA
AA+

1.73 1.61
3137FCLD4 FHMS K-071 A2 3.286
11/25/2027 3,250,000.00 04/13/2023

4.03%
3,146,914.06
3,208,405.01

99.00 3.75%
3,217,405.75
8,899.58

1.26%
9,000.74
Aa1/AA+
AAA

1.90 1.77
3137FEBQ2 FHMS K-072 A2 3.444
12/25/2027 1,115,000.00 05/05/2023

3.98%
1,088,910.74
1,104,053.79

99.26 3.75%
1,106,723.36
3,200.05

0.43%
2,669.57
Aa1/AA+
AAA

1.98 1.81
3137FETN0 FHMS K-073 A2 3.35 01/25/2028 2,005,000.00 05/24/2023

4.34%
1,926,992.97
1,971,043.45

99.07 3.75%
1,986,439.72
5,597.29

0.78%
15,396.26
Aa1/AA+
AAA

2.07 1.86
3137F4D41 FHMS K-074 A2 3.6 01/25/2028 2,197,721.81 07/25/2023

5.78%
2,097,536.60
2,152,520.82

99.52 3.75%
2,187,240.88
6,593.17

0.86%
34,720.06
Aa1/AA+
AAA

2.07 1.89
3137FEZU7 FHMS K-076 A2 3.9 04/25/2028 2,069,000.00 05/05/2023

3.94%
2,062,615.20
2,066,068.28
100.11

3.76%
2,071,215.90
6,724.25

0.81%
5,147.62
Aa1/AA+
AAA

2.32 2.09
3137FJEH8 FHMS K-081 A2 3.9 08/25/2028 6,200,000.00 --

5.01%
5,899,464.85
6,040,369.46
100.08

3.79%
6,205,208.00
20,150.00

2.44%
164,838.54
Aa1/AA+
AAA

2.65 2.45
3137FJKE8 FHMS K-082 A2 3.92 09/25/2028 1,500,000.00 11/28/2023

4.74%
1,446,796.88
1,470,149.86
100.21

3.76%
1,503,097.50
4,900.00

0.59%
32,947.64
Aa1/AA+
AAA

2.74 2.48
3137H4BY5 FHMS K-746 A2 2.031
09/25/2028 1,750,000.00 03/21/2024

4.64%
1,568,164.06
1,640,741.39

95.42 3.81%
1,669,825.50
2,961.88

0.66%
29,084.11
Aa1/AA+
AAA

2.74 2.56
3137H5YC5 FHMS K-748 A2 2.26 01/25/2029 2,500,000.00 04/11/2024

4.94%
2,221,191.41
2,322,443.80

95.51 3.84%
2,387,787.50
4,708.33

0.94%
65,343.70
Aa1/AA+
AAA

3.07 2.83

Page 12 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
3137FKZZ2 FHMS K-088 A2 3.69 01/25/2029 2,300,000.00 07/29/2024

4.47%
2,226,507.81
2,250,156.29

99.49 3.81%
2,288,219.40
7,072.50

0.90%
38,063.11
Aaa/AA+
AA+

3.07 2.78
3137FRUT6 FHMS K-106 A2 2.069
01/25/2030 2,000,000.00 06/06/2025

4.37%
1,810,078.12
1,833,347.83

92.97 3.95%
1,859,444.00
3,448.33

0.73%
26,096.17
Aa1/AA+
AAA

4.07 3.79
3137FTZQ3 FHMS K-110 A2 1.477
04/25/2030 3,000,000.00 09/03/2025

3.96%
2,697,304.69
2,718,199.02

90.51 3.97%
2,715,384.00
3,692.50

1.07%
(2,815.02)
Aa1/AA+
AAA

4.31 3.95
Total Agency CMBS 32,730,498.66 4.47%
30,992,590.47
31,595,474.04

97.91 3.80%
32,014,544.76
85,081.67

12.56%
419,070.72

2.63 2.42
CASH
CCYUSD Receivable 2,648.03 -- 2,648.03
2,648.03

1.00 2,648.03

0.00 0.00%

0.00 Aaa/AAA
AAA

0.00 0.00
Total Cash 2,648.03
2,648.03
2,648.03

1.00 2,648.03

0.00 0.00%

0.00 0.00

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

1.09%
2,603,703.20
2,614,189.55

99.02 3.74%
2,589,427.92
3,559.31

1.02%
(24,761.64)
A1/AA
AA-

0.36 0.36
89236TJK2 TOYOTA MOTOR CREDIT CORP

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

1.13%
1,784,214.60
1,784,927.74

98.79 3.80%
1,763,328.32
725.16

0.69%
(21,599.43)
A1/A+
A+

0.46 0.45
57629WDE7 MASSMUTUAL GLOBAL
FUNDING II 1.2 07/16/2026 1,250,000.00 08/19/2021

1.15%
1,252,787.50
1,250,305.56

98.54 3.96%
1,231,781.25
6,875.00

0.48%
(18,524.31)
Aa3/AA+
AA+

0.54 0.53
58989V2D5 MET TOWER GLOBAL FUNDING

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

1.27%
974,103.00
974,874.24

98.18 3.90%
957,297.90
3,622.40

0.38%
(17,576.34)
Aa3/AA-
AA-

0.70 0.68
931142ER0 WALMART INC 1.05 09/17/2026 445,000.00 09/08/2021

1.09%
444,158.95
444,880.71

98.21 3.63%
437,038.95
1,349.83

0.17%
(7,841.76)
Aa2/AA
AA

0.71 0.69
59217GER6 METROPOLITAN LIFE GLOBAL
FUNDING I 1.875 01/11/2027 1,575,000.00 01/03/2022

1.90%
1,573,204.50
1,574,631.26

97.99 3.89%
1,543,405.50
13,945.31

0.61%
(31,225.76)
Aa3/AA-
AA-

1.03 0.99
808513BY0 CHARLES SCHWAB CORP 2.45
03/03/2027 1,425,000.00 03/01/2022

2.46%
1,424,601.70
1,424,901.32

98.42 3.84%
1,402,517.78
11,443.54

0.55%
(22,383.55)
A2/A-
A

1.17 1.13
084664CZ2 BERKSHIRE HATHAWAY FINANCE
CORP 2.3 03/15/2027 2,395,000.00 03/07/2022

2.30%
2,394,544.95
2,394,890.85

98.42 3.65%
2,357,273.96
16,219.47

0.93%
(37,616.89)
Aa2/AA
A+

1.20 1.16
89115A2U5 TORONTO-DOMINION BANK

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

5.36%
1,006,890.00
1,003,499.68
103.61

4.02%
1,036,057.00
25,160.33

0.41%
32,557.32
A2/A-
AA-

2.54 2.31
78016HZS2 ROYAL BANK OF CANADA 5.2
08/01/2028 1,750,000.00 09/12/2023

5.50%
1,727,337.50
1,738,014.17
103.09

3.93%
1,804,136.25
37,916.67

0.71%
66,122.08
A1/A
AA-

2.59 2.35

Page 13 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
74456QBX3 PUBLIC SERVICE ELECTRIC AND
GAS CO 3.65 09/01/2028 1,000,000.00 12/14/2023

4.44%
966,790.00
981,182.93

99.26 3.94%
992,620.00
12,166.67

0.39%
11,437.07
A1/A
NA

2.67 2.48
40139LBH5 GUARDIAN LIFE GLOBAL
FUNDING 5.737 10/02/2028 1,000,000.00 11/02/2023

5.63%
1,004,470.00
1,002,506.89
104.33

4.05%
1,043,326.00
14,183.14

0.41%
40,819.11
Aa1/AA+
NA

2.76 2.50
26442CAX2 DUKE ENERGY CAROLINAS LLC

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

4.79%
1,927,120.00
1,957,621.33
100.25

3.86%
2,004,980.00
10,094.44

0.79%
47,358.67
Aa3/A
NA

2.88 2.45
756109BS2 REALTY INCOME CORP 4.7
12/15/2028 1,000,000.00 12/14/2023

4.71%
999,730.00
999,840.28
101.93

4.00%
1,019,267.00
2,088.89

0.40%
19,426.72
A3/A-
NA

2.96 2.66
66815L2Q1

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

4.67%
1,502,853.80
1,501,726.03
101.77

4.08%
1,526,485.50
33,558.75

0.60%
24,759.47
Aa1/AA+
AAA

3.03 2.74
57629W5B2 MASSMUTUAL GLOBAL
FUNDING II 4.85 01/17/2029 1,290,000.00 01/09/2024

4.85%
1,289,832.30
1,289,897.93
102.04

4.13%
1,316,310.84
28,501.83

0.52%
26,412.91
Aa3/AA+
AA+

3.05 2.75
46647PAM8 JPMORGAN CHASE & CO 3.509
01/23/2029 2,000,000.00 01/18/2024

5.07%
1,888,580.00
1,942,650.35

99.05 4.28%
1,981,022.00
30,801.22

0.78%
38,371.65
A1/A
AA-

3.06 1.93
64952WFF5 NEW YORK LIFE GLOBAL
FUNDING 4.7 01/29/2029 1,000,000.00 01/22/2024

4.74%
998,190.00
998,886.46
101.70

4.10%
1,016,996.00
19,844.44

0.40%
18,109.54
Aa1/AA+
AAA

3.08 2.79
69371RS80 PACCAR FINANCIAL CORP 4.6
01/31/2029 2,000,000.00 04/09/2024

4.85%
1,978,760.00
1,986,380.27
101.84

3.96%
2,036,712.00
38,588.89

0.80%
50,331.73
A1/A+
NA

3.08 2.80
756109CF9 REALTY INCOME CORP 4.75
02/15/2029 1,000,000.00 05/21/2024

5.18%
982,010.00
988,128.06
101.81

4.13%
1,018,068.00
17,944.44

0.40%
29,939.94
A3/A-
NA

3.13 2.76
17275RBR2 CISCO SYSTEMS INC 4.85
02/26/2029 1,115,000.00 02/21/2024

4.86%
1,114,609.75
1,114,753.93
102.64

3.95%
1,144,449.38
18,776.91

0.45%
29,695.45
A1/AA-
NA

3.16 2.79
89236TMF9 TOYOTA MOTOR CREDIT CORP

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

5.00%
1,002,080.00
1,001,407.63
103.15

4.04%
1,031,505.00
6,312.50

0.40%
30,097.37
A1/A+
A+

3.37 3.07
64952WFG3 NEW YORK LIFE GLOBAL
FUNDING 5.0 06/06/2029 1,060,000.00 06/03/2024

5.04%
1,057,964.80
1,058,604.56
102.62

4.17%
1,087,753.98
3,680.56

0.43%
29,149.42
Aa1/AA+
AAA

3.43 3.12
437076DC3 HOME DEPOT INC 4.75
06/25/2029 1,600,000.00 06/18/2024

4.82%
1,595,280.00
1,596,714.61
102.52

3.97%
1,640,390.40
1,266.67

0.64%
43,675.79
A2/A
A

3.48 3.12
713448FX1 PEPSICO INC 4.5 07/17/2029 1,900,000.00 07/15/2024

4.53%
1,897,055.00
1,897,914.63
101.96

3.90%
1,937,194.40
38,950.00

0.76%
39,279.77
A1/A+
NA

3.54 3.12
171239AL0 CHUBB INA HOLDINGS LLC 4.65
08/15/2029 1,082,000.00 08/12/2024

4.52%
1,088,113.01
1,086,396.60
102.21

3.99%
1,105,902.46
19,007.13

0.43%
19,505.86
A2/A
A

3.62 3.19
30303M8S4 META PLATFORMS INC 4.3
08/15/2029 1,140,000.00 08/12/2024

4.33%
1,138,230.18
1,138,718.67
101.20

3.94%
1,153,734.72
18,518.67

0.45%
15,016.05
Aa3/AA-
NA

3.62 3.20

Page 14 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
61748UAK8 MORGAN STANLEY 4.133
10/18/2029 1,830,000.00 10/17/2025

4.25%
1,830,230.10
1,830,215.14

99.97 4.27%
1,829,410.74
14,496.50

0.72%
(804.40)
A1/A-
A+

3.80 2.59
38141GD27 GOLDMAN SACHS GROUP INC

4.153 10/21/2029 1,970,000.00 --

4.29%
1,970,252.00
1,970,235.45

99.98 4.27%
1,969,558.72
15,908.30

0.77%
(676.73)
A2/BBB+
A

3.80 2.60
00287YBX6 ABBVIE INC 3.2 11/21/2029 1,300,000.00 09/24/2025

4.04%
1,258,712.00
1,261,377.50

96.98 4.05%
1,260,708.80
4,622.22

0.49%
(668.70)
A3/A-
NA

3.89 3.60
14913UAX8 CATERPILLAR FINANCIAL
SERVICES CORP 4.8 01/08/2030 2,255,000.00 01/06/2025

4.84%
2,250,647.85
2,251,501.12
103.35

3.89%
2,330,607.90
52,015.33

0.91%
79,106.78
A2/A
A+

4.02 3.56
59217GFT1 METROPOLITAN LIFE GLOBAL
FUNDING I 4.9 01/09/2030 1,925,000.00 01/02/2025

4.95%
1,921,034.50
1,921,809.79
102.32

4.27%
1,969,621.50
45,066.39

0.77%
47,811.71
Aa3/AA-
AA-

4.02 3.54
89236TNA9 TOYOTA MOTOR CREDIT CORP

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

5.00%
2,065,570.20
2,066,436.27
102.97

4.14%
2,131,406.55
48,955.50

0.84%
64,970.28
A1/A+
A+

4.02 3.54
61747YFK6 MORGAN STANLEY 5.173
01/16/2030 2,000,000.00 01/13/2025

5.39%
1,984,500.00
1,988,213.21
102.66

4.45%
2,053,134.00
47,419.17

0.81%
64,920.79
A1/A-
A+

4.04 2.73
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
2,004,696.35
102.92

4.17%
2,058,350.00
39,600.00

0.81%
53,653.65
A2/NA
A

4.10 3.55
40139LBK8 GUARDIAN LIFE GLOBAL
FUNDING 4.798 04/28/2030 2,000,000.00 08/27/2025

4.30%
2,041,340.00
2,038,283.17
102.12

4.26%
2,042,338.00
16,793.00

0.80%
4,054.83
Aa1/AA+
NA

4.32 3.85
74153WCW7 PRICOA GLOBAL FUNDING I 4.7
05/28/2030 2,000,000.00 05/21/2025

4.74%
1,996,740.00
1,997,129.20
101.76

4.26%
2,035,272.00
8,616.67

0.80%
38,142.80
Aa3/AA-
AA-

4.41 3.93
66815L2W8

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

4.58%
1,501,500.00
1,501,326.58
101.47

4.23%
1,522,110.00
5,366.67

0.60%
20,783.42
Aa1/AA+
AAA

4.42 3.96
828807DK0 SIMON PROPERTY GROUP LP

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

4.32%
2,548,397.50
2,563,489.53

93.64 4.21%
2,575,017.50
33,603.47

1.01%
11,527.97
A3/A
NA

4.54 4.15
24422EYF0 JOHN DEERE CAPITAL CORP

4.375 10/15/2030 2,500,000.00 11/04/2025

4.22%
2,517,300.00
2,516,753.68
101.05

4.13%
2,526,335.00
23,090.28

0.99%
9,581.32
A1/A
A+

4.79 4.25
141781CF9 CARGILL INC 4.125 10/23/2030 1,360,000.00 10/20/2025

4.14%
1,358,974.05
1,359,013.38

99.57 4.22%
1,354,107.12
10,596.67

0.53%
(4,906.26)
A2/A
NA

4.81 4.29
30303MAB8 META PLATFORMS INC 4.2
11/15/2030 1,500,000.00 11/12/2025

4.11%
1,506,000.00
1,505,849.41
100.21

4.15%
1,503,169.50
10,150.00

0.59%
(2,679.91)
Aa3/AA-
NA

4.87 4.27
665859AY0 NORTHERN TRUST CORP 4.15
11/19/2030 1,500,000.00 11/13/2025

4.15%
1,499,940.00
1,499,941.41
100.11

4.12%
1,501,624.50
7,262.50

0.59%
1,683.09
A2/A+
A+

4.88 4.36
Total Corporate 68,362,000.00 4.15%
67,874,099.33
68,024,717.45
100.75

4.05%
68,841,754.32
818,664.83

27.01%
817,036.88

3.22 2.79

Page 15 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

MONEY MARKET
FUND
60934N104 FEDERATED HRMS GV O INST 1,376,516.60 --

3.62%
1,376,516.60
1,376,516.60

1.00 5.17%
1,376,516.60

0.00 0.54%

0.00 Aaa/
AAAm
AAA

0.00 0.00
Total Money
Market Fund 1,376,516.60 3.62%
1,376,516.60
1,376,516.60

1.00 5.17%
1,376,516.60

0.00 0.54%

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
2,208,765.87
102.47

3.76%
2,254,340.00
41,250.00

0.88%
45,574.13
Aa2/AA-
AA

3.58 3.23
882724XQ5 TEXAS STATE 3.0 10/01/2029 3,000,000.00 10/11/2024

4.06%
2,858,880.00
2,893,381.19

97.16 3.82%
2,914,767.00
22,500.00

1.14%
21,385.81
NA/AAA
AAA

3.75 3.48
Total Municipal
Bonds 5,200,000.00 4.20%
5,070,474.00
5,102,147.06

99.48 3.79%
5,169,107.00
63,750.00

2.03%
66,959.94

3.68 3.37

SUPRANATIONAL
4581X0DV7

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

0.97%
3,419,267.70
3,434,060.89

99.14 3.77%
3,405,424.65
5,927.76

1.34%
(28,636.24)
Aaa/AAA
NA

0.30 0.30
45950KCX6 INTERNATIONAL FINANCE CORP

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

1.14%
3,728,332.00
3,788,808.12

97.79 3.70%
3,716,050.40
6,570.83

1.46%
(72,757.72)
Aaa/AAA
NA

0.77 0.75
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
2,221,325.84
100.70

3.68%
2,265,745.50
18,157.50

0.89%
44,419.66
Aaa/AAA
NA

3.79 3.47
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
2,492,835.98
101.49

3.74%
2,537,202.50
28,932.29

1.00%
44,366.52
Aaa/AAA
NA

4.22 3.80
Total
Supranational 11,985,000.00 2.33%
11,852,469.70
11,937,030.83

99.52 3.72%
11,924,423.05
59,588.39

4.68%
(12,607.78)

1.94 1.79

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

1.19%
1,753,369.53
1,775,991.43

98.03 3.59%
1,744,877.04
3,979.33

0.68%
(31,114.39)
Aa1/AA+
AA+

0.75 0.73

Page 16 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
91282CLY5 UNITED STATES TREASURY 4.25
11/30/2026 2,500,000.00 12/20/2024

4.28%
2,498,437.50
2,499,264.06
100.61

3.56%
2,515,315.00
9,340.66

0.99%
16,050.94
Aa1/AA+
AA+

0.91 0.88
91282CDK4 UNITED STATES TREASURY 1.25
11/30/2026 3,500,000.00 12/16/2021

1.17%
3,512,714.84
3,502,340.54

97.95 3.56%
3,428,337.50
3,846.15

1.35%
(74,003.04)
Aa1/AA+
AA+

0.91 0.89
91282CME8 UNITED STATES TREASURY 4.25
12/31/2026 7,500,000.00 --

4.28%
7,495,996.09
7,497,983.67
100.70

3.53%
7,552,320.00
880.52

2.96%
54,336.33
Aa1/AA+
AA+

1.00 0.97
912828Z78 UNITED STATES TREASURY 1.5
01/31/2027 1,150,000.00 02/07/2022

1.77%
1,135,355.47
1,146,818.16

97.86 3.54%
1,125,427.95
7,218.75

0.44%
(21,390.21)
Aa1/AA+
AA+

1.08 1.05
91282CET4 UNITED STATES TREASURY 2.625
05/31/2027 1,800,000.00 06/09/2022

3.07%
1,763,367.19
1,789,611.29

98.80 3.50%
1,778,484.60
4,153.85

0.70%
(11,126.69)
Aa1/AA+
AA+

1.41 1.37
91282CEW7 UNITED STATES TREASURY 3.25
06/30/2027 2,975,000.00 --

3.12%
2,993,090.82
2,980,448.16

99.66 3.49%
2,964,774.93
267.09

1.16%
(15,673.24)
Aa1/AA+
AA+

1.50 1.45
91282CFB2 UNITED STATES TREASURY 2.75
07/31/2027 900,000.00 08/22/2022

3.12%
884,742.19
895,125.62

98.87 3.49%
889,839.90
10,357.34

0.35%
(5,285.72)
Aa1/AA+
AA+

1.58 1.51
91282CFH9 UNITED STATES TREASURY 3.125
08/31/2027 3,150,000.00 --

3.41%
3,109,707.03
3,136,505.34

99.43 3.48%
3,131,912.70
33,447.00

1.23%
(4,592.64)
Aa1/AA+
AA+

1.67 1.58
91282CFM8 UNITED STATES TREASURY 4.125
09/30/2027 3,900,000.00 10/20/2022

4.45%
3,843,632.81
3,880,063.35
101.07

3.48%
3,941,741.70
41,102.68

1.55%
61,678.35
Aa1/AA+
AA+

1.75 1.65
91282CFZ9 UNITED STATES TREASURY 3.875
11/30/2027 1,250,000.00 12/05/2022

3.81%
1,253,906.25
1,251,498.11
100.71

3.49%
1,258,886.25
4,258.24

0.49%
7,388.14
Aa1/AA+
AA+

1.91 1.82
91282CGC9 UNITED STATES TREASURY 3.875
12/31/2027 3,350,000.00 --

3.71%
3,375,494.14
3,360,300.62
100.75

3.48%
3,374,994.35
358.60

1.32%
14,693.73
Aa1/AA+
AA+

2.00 1.91
91282CGH8 UNITED STATES TREASURY 3.5
01/31/2028 5,000,000.00 --

3.84%
4,923,765.63
4,967,858.50
100.02

3.49%
5,000,975.00
73,233.70

1.96%
33,116.50
Aa1/AA+
AA+

2.08 1.96
91282CGP0 UNITED STATES TREASURY 4.0
02/29/2028 5,000,000.00 --

4.08%
4,981,033.20
4,991,846.68
101.04

3.49%
5,052,150.00
67,955.80

1.98%
60,303.32
Aa1/AA+
AA+

2.16 2.03
91282CHE4 UNITED STATES TREASURY 3.625
05/31/2028 3,000,000.00 06/14/2023

4.00%
2,950,429.69
2,975,832.07
100.26

3.51%
3,007,851.00
9,560.44

1.18%
32,018.93
Aa1/AA+
AA+

2.42 2.28
91282CHQ7 UNITED STATES TREASURY 4.125
07/31/2028 4,000,000.00 08/21/2023

4.46%
3,941,718.75
3,969,583.97
101.49

3.51%
4,059,688.00
69,048.91

1.59%
90,104.03
Aa1/AA+
AA+

2.58 2.39
91282CHX2 UNITED STATES TREASURY 4.375
08/31/2028 1,100,000.00 09/25/2023

4.62%
1,088,398.44
1,093,732.19
102.11

3.53%
1,123,246.30
16,351.86

0.44%
29,514.11
Aa1/AA+
AA+

2.67 2.46
91282CJF9 UNITED STATES TREASURY 4.875
10/31/2028 1,700,000.00 10/27/2023

4.79%
1,706,441.41
1,703,645.55
103.54

3.54%
1,760,231.00
14,194.06

0.69%
56,585.45
Aa1/AA+
AA+

2.84 2.61
91282CJN2 UNITED STATES TREASURY 4.375
11/30/2028 1,400,000.00 12/28/2023

3.83%
1,434,125.00
1,420,194.10
102.27

3.55%
1,431,773.00
5,384.62

0.56%
11,578.90
Aa1/AA+
AA+

2.92 2.71

Page 17 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
91282CJR3 UNITED STATES TREASURY 3.75
12/31/2028 4,500,000.00 --

3.99%
4,452,480.47
4,471,312.82
100.57

3.55%
4,525,488.00
466.16

1.78%
54,175.18
Aa1/AA+
AA+

3.00 2.81
91282CJW2 UNITED STATES TREASURY 4.0
01/31/2029 2,500,000.00 02/16/2024

4.31%
2,465,625.00
2,478,567.97
101.27

3.56%
2,531,835.00
41,847.83

0.99%
53,267.03
Aa1/AA+
AA+

3.08 2.83
91282CKG5 UNITED STATES TREASURY 4.125
03/31/2029 5,000,000.00 --

4.59%
4,897,460.94
4,932,889.78
101.66

3.58%
5,082,815.00
52,695.74

1.99%
149,925.22
Aa1/AA+
AA+

3.25 2.99
91282CKP5 UNITED STATES TREASURY 4.625
04/30/2029 2,000,000.00 05/03/2024

4.48%
2,012,773.44
2,008,527.32
103.23

3.58%
2,064,610.00
15,842.54

0.81%
56,082.68
Aa1/AA+
AA+

3.33 3.05
91282CKT7 UNITED STATES TREASURY 4.5
05/31/2029 1,600,000.00 06/21/2024

4.26%
1,617,187.50
1,611,884.36
102.88

3.60%
1,646,000.00
6,329.67

0.65%
34,115.64
Aa1/AA+
AA+

3.41 3.13
91282CKX8 UNITED STATES TREASURY 4.25
06/30/2029 2,000,000.00 07/18/2024

4.09%
2,014,140.63
2,009,985.30
102.11

3.60%
2,042,266.00
234.81

0.80%
32,280.70
Aa1/AA+
AA+

3.50 3.23
91282CLK5 UNITED STATES TREASURY 3.625
08/31/2029 4,000,000.00 09/11/2024

3.45%
4,031,406.25
4,023,177.92

99.98 3.63%
3,999,376.00
49,267.96

1.57%
(23,801.92)
Aa1/AA+
AA+

3.67 3.36
91282CLN9 UNITED STATES TREASURY 3.5
09/30/2029 2,500,000.00 10/04/2024

3.76%
2,470,312.50
2,477,673.17

99.54 3.63%
2,488,380.00
22,355.77

0.98%
10,706.83
Aa1/AA+
AA+

3.75 3.45
91282CMA6 UNITED STATES TREASURY 4.125
11/30/2029 2,500,000.00 12/20/2024

4.36%
2,474,511.72
2,479,798.81
101.73

3.65%
2,543,165.00
9,065.93

1.00%
63,366.19
Aa1/AA+
AA+

3.91 3.58
91282CMD0 UNITED STATES TREASURY 4.375
12/31/2029 3,500,000.00 01/10/2025

4.53%
3,476,347.66
3,480,952.89
102.67

3.65%
3,593,516.50
423.00

1.41%
112,563.61
Aa1/AA+
AA+

4.00 3.65
91282CGQ8 UNITED STATES TREASURY 4.0
02/28/2030 2,800,000.00 --

4.02%
2,797,453.12
2,797,860.66
101.27

3.67%
2,835,655.20
38,055.25

1.11%
37,794.54
Aa1/AA+
AA+

4.16 3.75
91282CGS4 UNITED STATES TREASURY 3.625
03/31/2030 5,000,000.00 --

3.87%
4,947,363.29
4,954,033.49

99.81 3.67%
4,990,625.00
46,308.38

1.96%
36,591.51
Aa1/AA+
AA+

4.25 3.86
91282CNG2 UNITED STATES TREASURY 4.0
05/31/2030 2,500,000.00 05/29/2025

4.00%
2,499,511.72
2,499,568.74
101.27

3.68%
2,531,835.00
8,791.21

0.99%
32,266.26
Aa1/AA+
AA+

4.41 4.00
91282CNK3 UNITED STATES TREASURY 3.875
06/30/2030 3,500,000.00 07/09/2025

3.95%
3,487,968.75
3,489,128.15
100.75

3.69%
3,526,386.50
374.65

1.38%
37,258.35
Aa1/AA+
AA+

4.50 4.09
91282CNX5 UNITED STATES TREASURY 3.625
08/31/2030 5,500,000.00 --

3.70%
5,481,328.13
5,482,460.16

99.64 3.71%
5,480,447.50
67,743.44

2.15%
(2,012.66)
Aa1/AA+
AA+

4.67 4.20
91282CPD7 UNITED STATES TREASURY 3.625
10/31/2030 6,000,000.00 --

3.73%
5,971,640.62
5,972,482.79

99.58 3.72%
5,974,686.00
37,251.38

2.34%
2,203.21
Aa1/AA+
AA+

4.83 4.36
91282CPN5 UNITED STATES TREASURY 3.5
11/30/2030 3,000,000.00 12/03/2025

3.63%
2,982,773.44
2,983,038.17

98.99 3.73%
2,969,766.00
9,230.77

1.17%
(13,272.17)
Aa1/AA+
AA+

4.91 4.45
Total US Treasury 113,355,000.00 3.85%
112,726,011.16
112,991,985.93
100.56

3.58%
113,969,678.92
781,224.08

44.72%
977,692.99

2.91 2.68

Page 18 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
Total Portfolio 254,328,872.18 4.03%
251,195,847.66
252,339,477.71

99.71 3.78%
254,829,880.60
1,851,679.11
100.00%
2,490,402.89

2.92 2.52
Total Market Value
+ Accrued 256,681,559.71

Page 19 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 12/01/2025 60934N104 2,611,531.25 FEDERATED HRMS GV O INST 1.000 3.87% (2,611,531.25) 0.00 (2,611,531.25) 0.00 Purchase 12/02/2025 60934N104 7,838.06 FEDERATED HRMS GV O INST 1.000 3.86% (7,838.06) 0.00 (7,838.06) 0.00
Purchase 12/03/2025 60934N104 34,500.00 FEDERATED HRMS GV O INST 1.000 3.78% (34,500.00) 0.00 (34,500.00) 0.00
Purchase 12/04/2025 91282CPN5 3,000,000.00 UNITED STATES TREASURY

3.5 11/30/2030 99.426 3.63% (2,982,773.44) (1,153.85) (2,983,927.29) 0.00 Purchase 12/08/2025 60934N104 26,500.00 FEDERATED HRMS GV O INST 1.000 3.77% (26,500.00) 0.00 (26,500.00) 0.00
Purchase 12/08/2025 60934N104 62,000.00 FEDERATED HRMS GV O INST 1.000 3.77% (62,000.00) 0.00 (62,000.00) 0.00
Purchase 12/15/2025 60934N104 92,720.87 FEDERATED HRMS GV O INST 1.000 3.65% (92,720.87) 0.00 (92,720.87) 0.00
Purchase 12/15/2025 60934N104 103,972.05 FEDERATED HRMS GV O INST 1.000 3.65% (103,972.05) 0.00 (103,972.05) 0.00
Purchase 12/16/2025 60934N104 13,021.20 FEDERATED HRMS GV O INST 1.000 3.65% (13,021.20) 0.00 (13,021.20) 0.00
Purchase 12/18/2025 60934N104 10,040.63 FEDERATED HRMS GV O INST 1.000 3.61% (10,040.63) 0.00
(10,040.63) 0.00
Purchase 12/18/2025 60934N104 24,182.54 FEDERATED HRMS GV O INST 1.000 3.61% (24,182.54) 0.00 (24,182.54) 0.00
Purchase 12/22/2025 60934N104 66,411.58 FEDERATED HRMS GV O INST 1.000 3.59% (66,411.58) 0.00 (66,411.58) 0.00
Purchase 12/26/2025 60934N104 74,364.13 FEDERATED HRMS GV O INST 1.000 3.59% (74,364.13) 0.00 (74,364.13) 0.00
Purchase 12/26/2025 60934N104 70,627.03 FEDERATED HRMS GV O INST 1.000 3.59% (70,627.03) 0.00 (70,627.03) 0.00
Purchase 12/31/2025 60934N104 543,875.00 FEDERATED HRMS GV O INST 1.000 3.62% (543,875.00) 0.00 (543,875.00) 0.00
Total Purchase 6,741,584.34 (6,724,357.78) (1,153.85) (6,725,511.63) 0.00

Page 20 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 6,741,584.34 (6,724,357.78) (1,153.85) (6,725,511.63) 0.00

DISPOSITIONS
Sale 12/01/2025 60934N104 (62,000.00) FEDERATED HRMS GV O INST 1.000 3.87% 62,000.00 0.00 62,000.00 0.00
Sale 12/04/2025 60934N104 (2,983,927.29) FEDERATED HRMS GV O INST 1.000 3.78% 2,983,927.29 0.00 2,983,927.29 0.00
Total Sale (3,045,927.29) 3,045,927.29 0.00 3,045,927.29 0.00 TOTAL
DISPOSITIONS (3,045,927.29) 3,045,927.29 0.00 3,045,927.29 0.00 OTHER

TRANSACTIONS
Coupon 12/01/2025 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 12/01/2025 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 12/01/2025 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 12/01/2025 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 12/01/2025 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 12/01/2025 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 12/01/2025 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 12/01/2025 3137FBU79 0.00 FHMS K-069 A2 3.187
09/25/2027 4.37% 3,242.78 0.00 3,242.78 0.00
Coupon 12/01/2025 3137FRUT6 0.00 FHMS K-106 A2 2.069
01/25/2030 4.37% 3,448.33 0.00 3,448.33 0.00

Page 21 ends

TRANSACTION LEDGER
Transaction Type Settlement
Date CUSIP Quantity Security Description Price
Acq/
Disp
Yield
Amount Interest Pur/
Sold Total Amount Gain/Loss
Coupon 12/01/2025 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 12/01/2025 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 12/01/2025 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 12/01/2025 3137FTZQ3 0.00 FHMS K-110 A2 1.477
04/25/2030 3.96% 3,692.50 0.00 3,692.50 0.00
Coupon 12/01/2025 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 12/01/2025 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 12/03/2025 66815L2W8 0.00

NORTHWESTERN

MUTUAL GLOBAL
FUNDING 4.6 06/03/2030

4.58% 34,500.00 0.00 34,500.00 0.00
Coupon 12/06/2025 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 Coupon 12/08/2025 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 12/15/2025 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 12/15/2025 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 12/15/2025 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 12/15/2025 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 12/15/2025 47800BAC2 0.00 JDOT 2022-C A3 5.09
06/15/2027 5.15% 1,450.43 0.00 1,450.43 0.00
Coupon 12/15/2025 47800DAD6 0.00 JDOT 2025 A3 4.23
09/17/2029 5.09% 4,159.50 0.00 4,159.50 0.00
Coupon 12/15/2025 05522RDJ4 0.00 BACCT 2024-1 A 4.93
05/15/2029 4.93% 4,313.75 0.00 4,313.75 0.00

Page 22 ends

TRANSACTION LEDGER
Transaction Type Settlement
Date CUSIP Quantity Security Description Price
Acq/
Disp
Yield
Amount Interest Pur/
Sold Total Amount Gain/Loss
Coupon 12/15/2025 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 12/15/2025 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 12/15/2025 756109BS2 0.00 REALTY INCOME CORP 4.7 12/15/2028 4.71% 23,500.00 0.00 23,500.00 0.00
Coupon 12/15/2025 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 12/15/2025 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 12/15/2025 47800AAC4 0.00 JDOT 2022-B A3 3.74
02/16/2027 3.77% 369.03 0.00 369.03 0.00
Coupon 12/16/2025 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 12/16/2025 362585AC5 0.00 GMCAR 2022-2 A3 3.1
02/16/2027 3.13% 24.03 0.00 24.03 0.00
Coupon 12/18/2025 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 12/18/2025 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 12/20/2025 36269WAD1 0.00 GMALT 2024-2 A3 5.39
07/20/2027 5.85% 3,338.44 0.00
3,338.44 0.00
Coupon 12/21/2025 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 12/25/2025 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 12/25/2025 437076DC3 0.00 HOME DEPOT INC 4.75
06/25/2029 4.82% 38,000.00 0.00 38,000.00 0.00
Coupon 12/31/2025 91282CMD0 0.00 UNITED STATES TREASURY

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

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

4.25 06/30/2029 4.09% 42,500.00 0.00 42,500.00 0.00

Page 23 ends

TRANSACTION LEDGER
Transaction Type Settlement
Date CUSIP Quantity Security Description Price
Acq/
Disp
Yield
Amount Interest Pur/
Sold Total Amount Gain/Loss
Coupon 12/31/2025 91282CJR3 0.00 UNITED STATES TREASURY

3.75 12/31/2028 3.99% 84,375.00 0.00 84,375.00 0.00
Coupon 12/31/2025 91282CNK3 0.00 UNITED STATES TREASURY

3.875 06/30/2030 3.95% 67,812.50 0.00 67,812.50 0.00
Coupon 12/31/2025 91282CGC9 0.00 UNITED STATES TREASURY

3.875 12/31/2027 3.71% 64,906.25 0.00 64,906.25 0.00
Coupon 12/31/2025 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 0.00 897,013.31 0.00 897,013.31 0.00
Dividend 12/31/2025 60934N104 0.00 FEDERATED HRMS GV O
INST 3.67% 2,648.03 0.00 2,648.03 0.00
Total Dividend 0.00 2,648.03 0.00 2,648.03 0.00
Principal Paydown 12/01/2025 3137F4D41 2,278.19 FHMS K-074 A2 3.6 01/25/2028 5.78% 2,278.19 -- 2,278.19 0.00
Principal Paydown 12/01/2025 3137FBU79 2,224.35 FHMS K-069 A2 3.187 09/25/2027 4.37% 2,224.35 -- 2,224.35 0.00
Principal Paydown 12/15/2025 44934FAD7 66,238.17 HALST 2024-B A3 5.41 05/17/2027 5.41% 66,238.17 -- 66,238.17 (0.00)
Principal Paydown 12/15/2025 47800BAC2 32,631.70 JDOT 2022-C A3 5.09 06/15/2027 5.15% 32,631.70 -- 32,631.70 0.00
Principal Paydown 12/15/2025 47800AAC4 19,999.75 JDOT 2022-B A3 3.74 02/16/2027 3.77% 19,999.75
-- 19,999.75 (0.00)
Principal Paydown 12/16/2025 362585AC5 9,301.17 GMCAR 2022-2 A3 3.1 02/16/2027 3.13% 9,301.17 -- 9,301.17 (0.02)
Principal Paydown 12/18/2025 437930AC4 21,064.46 HAROT 2024-2 A3 5.27 11/20/2028 5.27% 21,064.46 -- 21,064.46 0.00
Principal Paydown 12/20/2025 36269WAD1 58,084.22 GMALT 2024-2 A3 5.39 07/20/2027 5.85% 58,084.22 -- 58,084.22 0.00
Principal Paydown 12/25/2025 096919AD7 13,379.71 BMWOT 2024-A A3 5.18 02/26/2029 5.18% 13,379.71 -- 13,379.71 0.01
Total Principal
Paydown 225,201.72 225,201.72 -- 225,201.72 (0.01)

Page 24 ends

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

TOTAL OTHER
TRANSACTIONS 225,201.72 1,124,863.06 0.00 1,124,863.06 (0.01)

Page 25 ends

DAX

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

DOW JONES
World Stock Market Indices
The near-term economic outlook continues to be distorted by the data delays from the government shutdown. Recently released government data—reflecting conditions from two to three months ago—indicate inflation remains moderately above the Federal Reserve’s target, while labor market conditions have continued to soften. As the flow of economic data normalizes, the Chandler team expects further yield curve steepening as the Federal Reserve moves the policy rate toward a more neutral range. U.S. trade and fiscal policy also remain sources of elevated market uncertainty.

The Federal Reserve’s December Federal Open Market Committee meeting concluded with the third consecutive 25-basis-point rate cut in 2025, lowering the target range to

3.50%–3.75%. However, policymakers remain divided on the path forward. Four Fed governors project one additional 25-basis-point cut in 2026, another four anticipate no further easing, eight expect multiple cuts, and three call for a potential rate hike. Chair Jerome Powell noted that the Fed is now “well placed to wait and see” how labor market conditions and inflation evolve in the near term.

The US Treasury yield curve steepened slightly in November, as the 2-year Treasury yield dropped 9 basis points to 3.49%, the 5-year Treasury was down 9 basis points to 3.60%, and the 10-year Treasury yield was 6 basis points lower at 4.02%. The spread between the 2-year and 10-year Treasury yield points on the curve was 2 basis points wider from October at +52 basis points at November month-end. The spread between the 2-year Treasury and 10-year Treasury yield one year ago was 2 basis points. The spread between the 3-month and 10-year Treasury yield points on the curve was +21 basis points in November versus +26 basis points in October.

After market expectations shifted away from another rate cut following the government shutdown, the FOMC ultimately delivered its third cut of the year at the December meeting. In total, the three cuts in 2025 reduced the federal funds rate by 75 basis points, bringing the target range to 3.50%–3.75%. The yield curve subsequently steepened, with markets also pricing in at least one additional 25-basis-point cut in the first half of 2026. The past year’s developments have aligned with the Chandler team’s view that lower short-term rates would lead to a steeper curve. We expect this steepening trend to continue into the first half of 2026, though likely at a more moderate pace.

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 December 2025
(Japan)
(Germany)
(Hong Kong)
TREASURY YIELDS Trend 11/28/25 10/31/2025 Change
Chandler Asset Management | 800.317.4747 | chandlerasset.com | 6,849.09
9,720.51
23,365.69
47,716.42
23,836.79
25,585.89

8.89 3.26
(47.76)
(359.27)
(121.51)
153.55
data as of 11/28/2025
Change
(10/31/2025)

0.13%

0.03%
(0.51%)
Source: Bloomberg. Please see
descriptions of indices on Page 2.

0.32%
(1.51%)
%CHG
(0.18%)
3-Month
2-Year
3-Year
5-Year
7-Year
10-Year
30-Year

3.80 3.49

3.49 3.60

3.79 4.02

4.66 (0.02)
(0.09)
(0.09)
(0.09)
(0.08)
(0.06)

0.01 Source: Bloomberg
Market Data
Toll Free: 800.317.4747
[email protected]
chandlerasset.com
Source: Bloomberg
(▲/▼)
▼
U.S. Treasury Yields
50,253.91
(2,157.43)
(4.12%)

3.82 3.58

3.58 3.69

3.87 4.08

4.65 ▼
▼
▼
▼
▼
▼

Page 26 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
(81.50) $B SEP. 30

3.30% SEP. 30

4.20% NOV. 30

7.75% NOV. 29
286.94 NOV. 29
$68.72 NOV. 27

2.70% NOV. 30
(0.80%) SEP. 30

1.06 NOV. 29
Crude oil prices decreased in November
Credit spreads were wider in November

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

0.07 0.37

0.57 0.04
One Month Ago

0.04 0.37

0.56 0.04
Change

0.03 -

0.01 (0.01)
Chandler Asset Management | 800.317.4747 | chandlerasset.com | Housing Starts
Government provided U.S. h ousing starts data remain delayed due to the October government shutdown, with releases now expected to resume in January 2026. The latest available S&P Cotality Case-Shiller 20-City Composite Home Price Index rose 1.4% year over year in September, easing from a 1.6% increase in August and signaling further cooling in price appreciation. All 20 metro areas posted month- over-month declines before seasonal adjustment, underscoring broad-based softening as elevated mortgage rates continue to pressure affordability and demand. Existing home sales edged higher in November to a pace of 4.13 million units, reflecting only modest momentum despite recent rate relief. The Freddie Mac 30-year fixed mortgage rate averaged 6.23% at November month end.

Labor Market
The latest labor market data included the Nonfarm Payrolls reports for both October and November. October showed unexpected weakness, with payrolls down by 105,000 jobs—largely reflecting the removal of thousands of federal employees who accepted deferred resignation offers under the Trump administration. In November, payrolls partially rebounded with a gain of 64,000 jobs, though the unemployment rate ticked up to 4.6%.

Retail Sales
October Retail Sales, released with a one-month delay, were flat from the prior month but up 3.5% year over year. Eight of thirteen major categories posted gains, while motor vehicle sales declined following the expiration of federal tax incentives for electric vehicles, and gas station sales weakened amid lower fuel prices. The government shutdown may have weighed on consumer confidence regarding jobs, incomes, and overall financial conditions, both current and in the future. The Conference Board’s Consumer Confidence Index fell 6.8 points in November to 88.7 from 95.5 in October, marking its lowest level since April.

Consumer Prices
Inflation came in lower than expected in November, with the Consumer Price Index (CPI) rising 2.7% year over year and core CPI easing to 2.6%. Notably, both Owners’ Equivalent Rent and Rent of Primary Residence contributed to the slowdown in services inflation. Shelter costs typically lag broader market trends by 12 to 18 months. Services, meanwhile, have remained the dominant driver of inflation throughout the post-pandemic period.

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 9/30/2025
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
(59.27) $B AUG. 31

3.80% JUN. 30

4.40% SEP. 30

7.00% OCT. 31
302.54 OCT. 31
$60.98 OCT. 31

3.00% SEP. 30

1.90% AUG. 31

1.15 OCT. 31
Prior Release
(52.83) $B SEP. 30

4.30% SEP. 30

4.60% NOV. 30

7.00% NOV. 28
301.49 NOV. 28
$58.58 NOV. 28

2.70% NOV. 28

3.30% SEP. 30

1.16 NOV. 28
One Year Ago

Page 27 ends

Moreno Valley City CouncilFebruary 17, 2026

Moreno Valley City Council
February 17, 2026