2026_03 Investment Report.pdf — Moreno Valley City Council, May 19, 2026

10,959,185 10,959,185 10,959,185 State of California LAIF Pool 73,138,195 73,136,805 73,138,195 0.73 3.826% California CLASS 126,171,317 126,164,296 126,171,317 3.696% Investments 253,690,453 255,573,056 257,200,002 2.70 4.08% 2.46 463,959,150 465,833,342 467,468,699 Total Funds with Fiscal Agents 15,607
Total Investment Portfolio 465,848,949

1. I hereby certify that the investments are in compliance with the investment policy adopted by the City Council. There are no items of non-compliance for this period.

3. The market value for LAIF is provided by the State Treasurer's Office.

4. The market values for investments held by fiscal agents are provided by each respective trustee or fiscal agent.

5. The value of LAIF incorporates accrued interest receivable provided by the City's investment advisors.

6. The City has the ability to meet its budgeted expenditures for the next six months pending any future action by City Council or any unforeseen catastrophic event.

CITY OF MORENO VALLEY
Treasurer's Cash and Investments Report
March 2026
Bank Accounts

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

Par Value
Average Maturity
(in years)
Average Yield
to Maturity
Average
Duration
(in years)Cost Value Market ValueGeneral Portfolio

Page 1 of 27 ends

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)
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% Jan 26 445,874,249 3.92% 111,418,342 3.783% 72,683,758 3.931% 255,767,139 4.07% 5.79% 5.39% Feb 26 474,074,912 3.87% 135,766,471 3.743% 72,899,195 3.871% 256,585,474 4.08% 5.58% 5.20% Mar 26 467,468,699 3.84% 126,171,317 3.696% 73,138,195 3.826% 257,200,002 4.08% 4.31% 3.87% Notes:
(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.

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

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
$
-2.0%
-1.0%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

9.0%
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 3/31/2026 4/1/2026 $ 1,483 0.02% 0.02% 1.00 9.50% Wells Fargo 2019 Taxable Lease Revenue Bonds (Electric Utility) Money Market WF Government Fund 3/31/2026 4/1/2026 $ 429 0.02% 0.02% 1.00 2.75% Wilmington Trust 2020 Taxable Refunding of the 2013 TRIP COPs Money Market Federated Hermes Gov Fund 3/31/2026 4/1/2026 $ 13,277 0.03% 0.03% 1.00 85.07% Wilmington Trust 2024 Taxable Lease Revenue Refunding Bond Series Money Market Federated Hermes Gov Fund 3/31/2026 4/1/2026 $ - 0.03% 0.03% 0.00 0.00% Wells Fargo 2021 Taxable Refunding Lease Revenue Bonds (Electric Utility) Money Market WF Government Fund 3/31/2026 4/1/2026 $ 418 0.02% 0.02% 1.00 2.68% Total 15,607$ 100.00%
Trustee Bond Description Construction fund Debt Service Reserve & Other Total Wells Fargo 2017 Refunding of the 2007 RDA TABs $ - $ 1,483 $ - $ 1,483 Wells Fargo 2019 Taxable Lease Revenue Bonds (Electric Utility) $ - $ 429 $ - $ 429 Wilmington Trust 2020 Taxable Refunding of the 2013 TRIP COPs $ - $ 13,277 $ - $ 13,277 Wilmington Trust 2024 Taxable Lease Revenue Refunding Bond Series $ - $ - $ - $ - Wells Fargo 2021 Taxable Refunding Lease Revenue Bonds (Electric Utility) $ - $ 418 $ - $ 418 Total $ - $ 15,607 $ - $ 15,607

FUNDS WITH FISCAL AGENTS
By Investment Type
By Fund Purpose

Page 4 of 27 ends

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 03/31/26 04/01/26 1,180$ 0.02% 0.02% 1.00 7.56% Interest fund 49150301 Money Market WF Gov Fund 03/31/26 04/01/26 - $ 0.00% 0.00% 0.00 0.00% Principal fund 49150302 Money Market WF Gov Fund 03/31/26 04/01/26 303$ 0.02% 0.02% 1.00 1.94% Reserve fund 49150304 Money Market WF Gov Fund 03/31/26 04/01/26 - $ 0.00% 0.00% 0.00 0.00% 1,483$
Wells Fargo 2019 Taxable Lease Revenue Bonds (Electric utility) Revenue fund 83056100 Money Market WF Gov Fund 03/31/26 04/01/26 429$ 0.02% 0.02% 1.00 2.75% Interest fund 83056101 Money Market WF Gov Fund 03/31/26 04/01/26 - $ 0.00% 0.00% 0.00 0.00% Construction fund 83056103 Money Market WF Gov Fund 03/31/26 04/01/26 - $ 0.00% 0.00% 0.00 0.00% Reserve Fund 83056105 Money Market WF Gov Fund 03/31/26 04/01/26 - $ 0.00% 0.00% 0.00 0.00% 429$
Wilmington Trust 2020 Taxable Refunding of the 2013 TRIP COPs Revenue fund 143629-000 Money Market Federated Gov Obl Fund 03/31/26 04/01/26 229$ 0.03% 0.03% 1.00 1.47% Interest fund 143629-001 Money Market Federated Gov Obl Fund 03/31/26 04/01/26 2$ 0.03% 0.03% 1.00 0.01% Principal fund 143629-002 Money Market Federated Gov Obl Fund 03/31/26 04/01/26 2,682$ 0.03% 0.03% 1.00 17.18% Reserve fund 143629-003 Money Market Federated Gov Obl Fund 03/31/26 04/01/26 - $ 0.00% 0.00% 0.00 0.00% Admin fund 143629-004 Money Market Federated Gov Obl Fund 03/31/26 04/01/26 943$ 0.03% 0.03% 1.00 6.04% Surplus fund 143629-005 Money Market Federated Gov Obl Fund 03/31/26 04/01/26 - $ 0.00% 0.00% 0.00 0.00% Interest fund 144078-003 Money Market Federated Gov Obl Fund 03/31/26 04/01/26 9,421$ 0.03% 0.03% 1.00 60.36% 13,277$
Wilmington Trust 2024 Taxable Lease Revenue Refunding Bonds Series Revenue fund 171784-000 Money Market Federated Gov Obl Fund 03/31/26 04/01/26 - $ 0.00% 0.00% 0.00 0.00% Interest fund 171784-001 Money Market Federated Gov Obl Fund 03/31/26 04/01/26 - $ 0.03% 0.03% 0.00 0.00% Principal fund 171784-002 Money Market Federated Gov Obl Fund 03/31/26 04/01/26 - $ 0.00% 0.00% 0.00 0.00% Redemption FD 171784-003 Money Market Federated Gov Obl Fund 03/31/26 04/01/26 - $ 0.00% 0.00% 0.00 0.00% Reserve FD 171784-004 Money Market Federated Gov Obl Fund 03/31/26 04/01/26 - $ 0.00% 0.00% 0.00 0.00% Cost of Issuance 171784-005 Money Market Federated Gov Obl Fund 03/31/26 04/01/26 - $ 0.00% 0.00% 0.00 0.00% Proceeds 171784-006 Money Market Federated Gov Obl Fund 03/31/26 04/01/26 - $ 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 03/31/26 04/01/26 418$ 0.02% 0.02% 1.00 2.68% Interest fund 83056108 Money Market WF Gov Fund 03/31/26 04/01/26 - $ 0.00% 0.00% 0.00 0.00% Principal fund 83056109 Money Market WF Gov Fund 03/31/26 04/01/26 - $ 0.00% 0.00% 0.00 0.00% Reserve fund 83056111 Money Market WF Gov Fund 03/31/26 04/01/26 - $ 0.00% 0.00% 0.00 0.00% 418$
Totals 15,607$ 100.00%
Type Summary of Bond Proceeds with Fiscal Agents
1 Construction Funds - $
2 Principal & Interest Accounts 15,607$
3 Debt Service Reserve Funds - $
4 Custody Accounts - $
5 Arbitrage Rebate Accounts - $
6 Other Accounts - $
Total Fiscal Agent Funds 15,607$

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 March 31, 2026
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 (0.75%) 0.29% 0.29% 4.31% 5.02% 4.45% 1.84% 2.01% 1.96% Benchmark Return (0.75%) 0.20% 0.20% 3.87% 4.68% 3.93% 1.49% 1.70% 1.65% Average Modified Duration 2.46
Average Coupon 3.74%
Average Purchase YTM 4.08%
Average Market YTM 4.04%
Average Credit Quality* AA+
Average Final Maturity 2.86
Average Life 2.70
End Values as of
02/28/2026
End Values as of
03/31/2026
Market Value 257,708,963.46 255,573,056.01
Accrued Interest 1,665,182.99 1,855,658.57
Total Market Value 259,374,146.45 257,428,714.58
Income Earned 712,776.17 1,271,018.86
Cont/WD 0.00 0.00
Par 256,585,473.72 257,200,002.63
Book Value 254,225,126.03 254,907,463.00
Cost Value 253,070,849.04 253,690,453.31
United States 43.71%
Federal Home Loan Mortgage Corp 12.95%
International Bank for Recon and Dev 1.87%
Morgan Stanley 1.50%
Toyota Motor Corporation 1.49%
International Finance Corporation 1.46%
Inter-American Development Bank 1.34%
Farm Credit System 1.25%
**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.

Page 7 of 27 ends

STATEMENT OF COMPLIANCE
Rules Name Limit Actual Compliance
Status Notes

AGENCY MORTGAGE SECURITIES (CMBS)
Max % (MV) 20.0 13.0 Compliant
Max Maturity (Years) 5.0 4.6 Compliant

ASSET-BACKED SECURITIES (ABS)
Max % (MV) 20.0 7.3 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 27.6 Compliant
Max % Issuer (MV) 5.0 1.5 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 0.6 Compliant
Min Rating (AAA by 2) 0.0 0.0 Compliant

MORTGAGE-BACKED SECURITIES (NON-AGENCY)
Max % (MV) 20.0 0.0 Compliant
Max % Issuer (MV) 5.0 0.0 Compliant
Max Maturity (Years) 5.0 0.0 Compliant
Min Rating (AA- by 1) 0.0 0.0 Compliant

MUNICIPAL SECURITIES (CA, LOCAL AGENCY)
Max % (MV) 100.0 0.9 Compliant
Max % Issuer (MV) 5.0 0.9 Compliant
Max Maturity (Years) 5 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

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 4.7 Compliant
Max Maturity (Years) 5 3 Compliant
Min Rating (AA- by 1) 0.0 0.0 Compliant
U.S. TREASURIES
Max % (MV) 100.0 43.7 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
47800AAC4 JDOT 2022-B A3 3.74
02/16/2027 521.33 07/12/2022

3.77%
521.28
521.32

99.98 4.24%
521.23

0.87 0.00%
(0.09)
Aaa/NA
AAA

0.88 0.04
44934FAD7 HALST 2024-B A3 5.41
05/17/2027 499,908.62 05/14/2024

5.41%
499,894.73
499,903.38
100.23

4.08%
501,051.42
1,202.00

0.20%
1,148.03
NA/AAA
AAA

1.13 0.16
47800BAC2 JDOT 2022-C A3 5.09
06/15/2027 149,624.65 10/12/2022

5.15%
149,613.04
149,621.68
100.09

4.39%
149,761.71
338.48

0.06%
140.02
Aaa/NA
AAA

1.21 0.09
36269WAD1 GMALT 2024-2 A3 5.39
07/20/2027 397,170.55 05/07/2024

5.85%
397,147.48
397,161.11
100.23

4.22%
398,064.58
654.12

0.16%
903.48
NA/AAA
AAA

1.30 0.18
58770JAD6 MBALT 2024-A A3 5.32
01/18/2028 513,337.05 05/17/2024

5.73%
513,277.00
513,307.50
100.53

4.12%
516,056.20
1,213.76

0.20%
2,748.70
Aaa/NA
AAA

1.80 0.42
44935WAD9 HALST 2025-A A3 4.83
01/18/2028 1,185,000.00 01/14/2025

4.83%
1,184,911.24
1,184,946.55
100.58

4.14%
1,191,907.37
2,543.80

0.47%
6,960.82
NA/AAA
AAA

1.80 0.79
161571HT4 CHAIT 2023-1 A 5.16 09/15/2028 2,200,000.00 09/07/2023

5.23%
2,199,390.16
2,199,700.25
100.54

3.99%
2,211,935.00
5,045.33

0.87%
12,234.75
NA/AAA
AAA

2.46 0.44
437930AC4 HAROT 2024-2 A3 5.27
11/20/2028 561,065.95 05/14/2024

5.27%
560,997.78
561,025.98
100.76

4.16%
565,344.08
1,067.74

0.22%
4,318.10
NA/AAA
AAA

2.64 0.65
448970AD5 HALST 2026-A A3 3.97
12/15/2028 785,000.00 01/12/2026

3.98%
784,884.92
784,892.53

99.64 4.21%
782,189.70
1,385.09

0.31%
(2,702.83)
NA/AAA
AAA

2.71 1.76
096919AD7 BMWOT 2024-A A3 5.18
02/26/2029 739,215.56 06/04/2024

5.18%
739,103.27
739,146.26
100.66

4.30%
744,085.51
638.19

0.29%
4,939.24
Aaa/AAA
NA

2.91 0.70
43813YAC6 HAROT 2024-3 A3 4.57
03/21/2029 1,262,990.25 08/09/2024

4.66%
1,262,791.84
1,262,861.57
100.36

4.13%
1,267,496.60
1,603.30

0.50%
4,635.03
Aaa/NA
AAA

2.97 0.72
02582JKH2 AMXCA 2024-1 A 5.23
04/16/2029 1,645,000.00 04/16/2024

5.30%
1,644,662.78
1,644,794.04
101.32

3.97%
1,666,648.20
3,823.71

0.65%
21,854.16
NA/AAA
AAA

3.04 0.99
05522RDJ4 BACCT 2024-1 A 4.93
05/15/2029 1,050,000.00 06/06/2024

4.93%
1,049,941.10
1,049,962.77
101.03

4.02%
1,060,861.20
2,300.67

0.42%
10,898.43
Aaa/AAA
NA

3.12 1.07
47800DAD6 JDOT 2025 A3 4.23 09/17/2029 1,180,000.00 03/04/2025

5.09%
1,179,925.78
1,179,943.13
100.28

4.08%
1,183,296.92
2,218.40

0.46%
3,353.79
Aaa/NA
AAA

3.47 1.49
92970QAE5 WFCIT 2024-2 A 4.29
10/15/2029 1,160,000.00 10/17/2024

4.29%
1,159,827.62
1,159,877.33
100.41

4.05%
1,164,747.88
2,211.73

0.46%
4,870.55
Aaa/AAA
NA

3.54 1.46
44935CAD3 HART 2025-A A3 4.32
10/15/2029 1,485,000.00 03/04/2025

4.84%
1,484,780.96
1,484,831.22
100.23

4.17%
1,488,471.93
2,851.20

0.58%
3,640.71
NA/AAA
AAA

3.54 1.25
362955AD8 GMCAR 2025-1 A3 4.62
12/17/2029 960,000.00 01/09/2025

5.03%
959,928.67
959,946.18
100.55

4.09%
965,307.84
1,848.00

0.38%
5,361.67
Aaa/NA
AAA

3.71 0.97

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
58770YAD3 MBALT 2026-A A3 3.93
01/15/2030 710,000.00 01/13/2026

3.97%
709,859.21
709,865.98

99.43 4.24%
705,938.09
1,240.13

0.28%
(3,927.89)
Aaa/NA
AAA

3.79 2.04
92970QAJ4 WFCIT 2025-1 A 4.34
05/15/2030 1,955,000.00 06/03/2025

4.33%
1,954,967.55
1,954,972.87
100.52

4.12%
1,965,154.27
3,770.98

0.77%
10,181.40
NA/AAA
AAA

4.12 1.99
Total ABS 18,438,833.96 4.88%
18,436,426.39
18,437,281.65
100.49

4.10%
18,528,839.72
35,957.50

7.25%
91,558.06

3.00 1.07
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
3,193,912.38
100.15

3.80%
3,204,928.00
38,922.22

1.25%
11,015.62
Aa1/AA+
AA+

2.19 2.05
Total Agency 3,200,000.00 3.97%
3,186,080.00
3,193,912.38
100.15

3.80%
3,204,928.00
38,922.22

1.25%
11,015.62

2.19 2.05

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

1.36%
1,004,736.33
953,886.98

99.38 3.93%
944,123.30
2,100.29

0.37%
(9,763.68)
Aa1/AA+
AAA

0.40 0.35
3137FAWS3 FHMS K-067 A2 3.194
07/25/2027 675,000.00 09/28/2022

4.42%
640,538.09
665,920.09

98.94 3.91%
667,866.60
1,796.63

0.26%
1,946.51
Aaa/AA+
AA+

1.32 1.22
3137FBU79 FHMS K-069 A2 3.187
09/25/2027 1,212,061.66 09/28/2022

4.37%
1,148,475.76
1,193,689.05

98.74 3.97%
1,196,773.92
3,219.03

0.47%
3,084.87
Aa1/AAA
AA+

1.49 1.39
3137FEBQ2 FHMS K-072 A2 3.444
12/25/2027 1,115,000.00 05/05/2023

3.98%
1,088,910.74
1,105,463.17

98.91 4.02%
1,102,791.87
3,200.05

0.43%
(2,671.30)
Aa1/AA+
AAA

1.74 1.58
3137FETN0 FHMS K-073 A2 3.35 01/25/2028 2,005,000.00 05/24/2023

4.34%
1,926,992.97
1,975,229.88

98.74 4.02%
1,979,668.83
5,597.29

0.77%
4,438.95
Aa1/AA+
AAA

1.82 1.63
3137F4D41 FHMS K-074 A2 3.6 01/25/2028 2,185,189.82 07/25/2023

5.78%
2,085,575.89
2,145,787.52

99.07 4.04%
2,164,836.96
6,555.57

0.85%
19,049.44
Aa1/AA+
AAA

1.82 1.67
3137FEZU7 FHMS K-076 A2 3.9 04/25/2028 2,069,000.00 05/05/2023

3.94%
2,062,615.20
2,066,389.66

99.49 4.07%
2,058,468.79
6,724.25

0.81%
(7,920.87)
Aa1/AA+
AAA

2.07 1.85
3137FJEH8 FHMS K-081 A2 3.9 08/25/2028 6,200,000.00 --

5.01%
5,899,464.85
6,055,604.61

99.41 4.08%
6,163,562.60
20,150.00

2.41%
107,957.99
Aa1/AA+
AAA

2.40 2.22
3137FJKE8 FHMS K-082 A2 3.92 09/25/2028 1,500,000.00 11/28/2023

4.74%
1,446,796.88
1,472,908.09

99.45 4.08%
1,491,757.50
4,900.00

0.58%
18,849.41
Aa1/AA+
AAA

2.49 2.25
3137H4BY5 FHMS K-746 A2 2.031
09/25/2028 1,750,000.00 03/21/2024

4.64%
1,568,164.06
1,650,837.16

95.13 4.11%
1,664,834.50
2,961.88

0.65%
13,997.34
Aa1/AA+
AAA

2.49 2.33

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

4.94%
2,221,191.41
2,337,024.15

95.16 4.12%
2,378,892.50
4,708.33

0.93%
41,868.35
Aa1/AA+
AAA

2.82 2.59
3137FKZZ2 FHMS K-088 A2 3.69 01/25/2029 2,300,000.00 07/29/2024

4.47%
2,226,507.81
2,254,249.29

98.82 4.09%
2,272,797.90
7,072.50

0.89%
18,548.61
Aaa/AA+
AA+

2.82 2.56
3137FRUT6 FHMS K-106 A2 2.069
01/25/2030 2,000,000.00 06/06/2025

4.37%
1,810,078.12
1,843,613.88

92.74 4.14%
1,854,792.00
3,448.33

0.73%
11,178.12
Aa1/AA+
AAA

3.82 3.56
3137FTZQ3 FHMS K-110 A2 1.477
04/25/2030 3,000,000.00 09/03/2025

3.96%
2,697,304.69
2,734,551.11

90.38 4.16%
2,711,268.00
3,692.50

1.06%
(23,283.11)
Aa1/AA+
AAA

4.07 3.71
3137F83Q4 FHMS K-121 A2 1.547
10/25/2030 5,000,000.00 01/07/2026

3.98%
4,475,000.00
4,499,071.39

89.04 4.21%
4,451,980.00
6,445.83

1.74%
(47,091.39)
Aa1/AA+
AAA

4.57 4.29
Total Agency CMBS 34,461,251.48 4.45%
32,302,352.80
32,954,226.02

96.23 4.09%
33,104,415.27
82,572.49

12.95%
150,189.25

2.75 2.53
CASH
CCYUSD Receivable 3,030.33 -- 3,030.33
3,030.33

1.00 3,030.33

0.00 0.00%

0.00 Aaa/AAA
AAA

0.00 0.00
Total Cash 3,030.33
3,030.33
3,030.33

1.00 3,030.33

0.00 0.00%

0.00 0.00

0.00 CORPORATE
89236TJK2 TOYOTA MOTOR CREDIT CORP

1.125 06/18/2026 700,000.00 06/15/2021

1.13%
699,692.00
699,986.84

99.40 3.93%
695,811.90
2,253.13

0.27%
(4,174.94)
A1/A+
A+

0.22 0.21
57629WDE7 MASSMUTUAL GLOBAL
FUNDING II 1.2 07/16/2026 1,250,000.00 08/19/2021

1.15%
1,252,787.50
1,250,165.25

99.15 4.13%
1,239,402.50
3,125.00

0.48%
(10,762.75)
Aa3/AA+
AA+

0.29 0.29
931142ER0 WALMART INC 1.05 09/17/2026 445,000.00 09/08/2021

1.09%
444,158.95
444,922.16

98.68 3.96%
439,123.33
181.71

0.17%
(5,798.83)
Aa2/AA
AA

0.47 0.45
808513BY0 CHARLES SCHWAB CORP 2.45
03/03/2027 1,425,000.00 03/01/2022

2.46%
1,424,601.70
1,424,920.59

98.46 4.17%
1,403,025.08
2,715.42

0.55%
(21,895.51)
A2/A-
A

0.92 0.90
084664CZ2 BERKSHIRE HATHAWAY FINANCE
CORP 2.3 03/15/2027 2,395,000.00 03/07/2022

2.30%
2,394,544.95
2,394,913.28

98.45 3.97%
2,357,884.69
2,448.22

0.92%
(37,028.59)
Aa2/AA
A+

0.96 0.93
79466LAQ7 SALESFORCE INC 4.5 03/15/2028 1,675,000.00 03/12/2026

4.37%
1,679,063.30
1,678,953.64
100.03

4.48%
1,675,432.15
3,768.75

0.66%
(3,521.49)
A2/A+
NA

1.96 1.85
89115A2U5 TORONTO-DOMINION BANK

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

5.36%
1,006,890.00
1,003,160.27
102.47

4.38%
1,024,681.00
11,352.83

0.40%
21,520.73
A2/A-
AA-

2.30 2.12
78016HZS2 ROYAL BANK OF CANADA 5.2
08/01/2028 1,750,000.00 09/12/2023

5.50%
1,727,337.50
1,739,158.10
101.98

4.30%
1,784,678.00
15,166.67

0.70%
45,519.90
A1/A
AA-

2.34 2.16

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

4.44%
966,790.00
982,921.68

98.62 4.26%
986,202.00
3,041.67

0.39%
3,280.32
A1/A
NA

2.42 2.28
40139LBH5 GUARDIAN LIFE GLOBAL
FUNDING 5.737 10/02/2028 1,000,000.00 11/02/2023

5.63%
1,004,470.00
1,002,282.39
103.19

4.38%
1,031,924.00
28,525.64

0.40%
29,641.61
Aa1/AA+
NA

2.51 2.26
66815L2Q1

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

4.67%
1,502,853.80
1,501,585.44
100.88

4.37%
1,513,158.00
15,896.25

0.59%
11,572.56
Aa1/AA+
AAA

2.78 2.55
58989V2M5 MET TOWER GLOBAL FUNDING

4.0 01/14/2029 1,630,000.00 01/07/2026

4.05%
1,627,897.30
1,628,045.03

98.95 4.40%
1,612,912.71
13,945.56

0.63%
(15,132.32)
Aa3/AA-
AA-

2.79 2.59
57629W5B2 MASSMUTUAL GLOBAL
FUNDING II 4.85 01/17/2029 1,290,000.00 01/09/2024

4.85%
1,289,832.30
1,289,906.19
101.30

4.35%
1,306,757.10
12,860.58

0.51%
16,850.91
Aa3/AA+
AA+

2.80 2.57
46647PAM8 JPMORGAN CHASE & CO 3.509
01/23/2029 2,000,000.00 01/18/2024

5.07%
1,888,580.00
1,949,514.00

98.38 4.61%
1,967,680.00
13,256.22

0.77%
18,166.00
A1/A
AA-

2.82 1.72
69371RS80 PACCAR FINANCIAL CORP 4.6
01/31/2029 2,000,000.00 04/09/2024

4.85%
1,978,760.00
1,987,468.88
101.46

4.05%
2,029,220.00
15,588.89

0.79%
41,751.12
A1/A+
NA

2.84 2.62
756109CF9 REALTY INCOME CORP 4.75
02/15/2029 1,000,000.00 05/21/2024

5.18%
982,010.00
989,064.49
100.98

4.38%
1,009,772.00
6,069.44

0.40%
20,707.51
A3/A-
NA

2.88 2.57
17275RBR2 CISCO SYSTEMS INC 4.85
02/26/2029 1,115,000.00 02/21/2024

4.86%
1,114,609.75
1,114,773.16
101.83

4.17%
1,135,419.00
5,257.53

0.44%
20,645.84
A1/AA-
NA

2.91 2.60
89236TMF9 TOYOTA MOTOR CREDIT CORP

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

5.00%
1,002,080.00
1,001,304.72
102.13

4.31%
1,021,337.00
18,937.50

0.40%
20,032.28
A1/A+
A+

3.13 2.82
64952WFG3 NEW YORK LIFE GLOBAL
FUNDING 5.0 06/06/2029 1,060,000.00 06/03/2024

5.04%
1,057,964.80
1,058,704.87
101.64

4.44%
1,077,384.00
16,930.56

0.42%
18,679.13
Aa1/AA+
AAA

3.18 2.87
437076DC3 HOME DEPOT INC 4.75
06/25/2029 1,600,000.00 06/18/2024

4.82%
1,595,280.00
1,596,947.25
101.54

4.23%
1,624,590.40
20,266.67

0.64%
27,643.15
A2/A
A

3.24 2.87
713448FX1 PEPSICO INC 4.5 07/17/2029 1,900,000.00 07/15/2024

4.53%
1,897,055.00
1,898,059.78
100.96

4.18%
1,918,260.90
17,575.00

0.75%
20,201.12
A1/A+
NA

3.30 2.94
171239AL0 CHUBB INA HOLDINGS LLC 4.65
08/15/2029 1,082,000.00 08/12/2024

4.52%
1,088,113.01
1,086,090.10
101.12

4.29%
1,094,164.93
6,428.88

0.43%
8,074.83
A2/A
A

3.38 3.01
30303M8S4 META PLATFORMS INC 4.3
08/15/2029 1,140,000.00 08/12/2024

4.33%
1,138,230.18
1,138,805.90
100.45

4.16%
1,145,085.54
6,263.67

0.45%
6,279.64
Aa3/AA-
NA

3.38 3.02
61748UAK8 MORGAN STANLEY 4.133
10/18/2029 1,830,000.00 10/17/2025

4.25%
1,830,230.10
1,830,196.18

98.84 4.61%
1,808,768.34
33,404.97

0.71%
(21,427.84)
A1/A-
A+

3.55 2.35
38141GD27 GOLDMAN SACHS GROUP INC

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

4.29%
1,970,252.00
1,970,214.75

99.07 4.54%
1,951,617.93
36,361.82

0.76%
(18,596.82)
A2/BBB+
A

3.56 2.35

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

4.04%
1,258,712.00
1,263,825.40

96.41 4.28%
1,253,285.80
15,022.22

0.49%
(10,539.60)
A2/A-
NA

3.64 3.35
14913UAX8 CATERPILLAR FINANCIAL
SERVICES CORP 4.8 01/08/2030 2,255,000.00 01/06/2025

4.84%
2,250,647.85
2,251,715.63
102.31

4.13%
2,307,083.74
24,955.33

0.90%
55,368.11
A2/A
A+

3.77 3.39
59217GFT1 METROPOLITAN LIFE GLOBAL
FUNDING I 4.9 01/09/2030 1,925,000.00 01/02/2025

4.95%
1,921,034.50
1,922,005.24
100.87

4.65%
1,941,674.35
21,485.14

0.76%
19,669.11
Aa3/AA-
AA-

3.78 3.38
89236TNA9 TOYOTA MOTOR CREDIT CORP

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

5.00%
2,065,570.20
2,066,654.60
101.62

4.48%
2,103,569.19
23,339.25

0.82%
36,914.59
A1/A+
A+

3.78 3.38
61747YFK6 MORGAN STANLEY 5.173
01/16/2030 2,000,000.00 01/13/2025

5.39%
1,984,500.00
1,989,168.04
101.41

4.75%
2,028,130.00
21,554.17

0.79%
38,961.96
A1/A-
A+

3.80 2.55
95000U4D2 WELLS FARGO & CO 4.182
01/23/2030 1,635,000.00 01/15/2026

4.18%
1,635,000.00
1,635,000.00

99.11 4.49%
1,620,513.90
12,915.41

0.63%
(14,486.10)
A1/BBB+
A+

3.82 2.60
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
2,004,408.23
101.74

4.45%
2,034,712.00
14,850.00

0.80%
30,303.77
A2/NA
A

3.86 3.39
40139LBK8 GUARDIAN LIFE GLOBAL
FUNDING 4.798 04/28/2030 2,000,000.00 08/27/2025

4.30%
2,041,340.00
2,036,099.72
100.58

4.64%
2,011,538.00
40,783.00

0.79%
(24,561.72)
Aa1/AA+
NA

4.08 3.59
74153WCW7 PRICOA GLOBAL FUNDING I 4.7
05/28/2030 2,000,000.00 05/21/2025

4.74%
1,996,740.00
1,997,289.88
100.26

4.63%
2,005,238.00
32,116.67

0.78%
7,948.12
Aa3/AA-
AA-

4.16 3.68
66815L2W8

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

4.58%
1,501,500.00
1,501,252.60
100.11

4.57%
1,501,672.50
22,616.67

0.59%
419.90
Aa1/AA+
AAA

4.18 3.70
828807DK0 SIMON PROPERTY GROUP LP

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

4.32%
2,548,397.50
2,573,625.97

92.87 4.50%
2,553,842.50
15,384.72

1.00%
(19,783.47)
A3/A
NA

4.29 3.96
24422EYF0 JOHN DEERE CAPITAL CORP

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

4.22%
2,517,300.00
2,515,891.08

99.85 4.41%
2,496,315.00
50,434.03

0.98%
(19,576.08)
A1/A
A+

4.54 4.00
141781CF9 CARGILL INC 4.125 10/23/2030 1,360,000.00 10/20/2025

4.14%
1,358,974.05
1,359,063.95

98.55 4.48%
1,340,299.04
24,621.67

0.52%
(18,764.91)
A2/A
NA

4.56 4.04
30303MAB8 META PLATFORMS INC 4.2
11/15/2030 1,500,000.00 11/12/2025

4.11%
1,506,000.00
1,505,548.24

99.03 4.43%
1,485,445.50
25,900.00

0.58%
(20,102.74)
Aa3/AA-
NA

4.63 4.09
665859AY0 NORTHERN TRUST CORP 4.15
11/19/2030 1,500,000.00 11/13/2025

4.15%
1,499,940.00
1,499,944.37

99.10 4.37%
1,486,531.50
22,825.00

0.58%
(13,412.87)
A2/A+
A+

4.64 4.11
64952WFR9 NEW YORK LIFE GLOBAL
FUNDING 4.25 01/09/2031 1,355,000.00 01/05/2026

4.29%
1,352,832.00
1,352,929.36

98.81 4.53%
1,338,924.28
13,117.15

0.52%
(14,005.08)
Aa1/AA+
AAA

4.78 4.23
756109AX2 REALTY INCOME CORP 3.25
01/15/2031 1,000,000.00 01/14/2026

4.27%
954,510.00
956,403.34

94.03 4.65%
940,304.00
6,861.11

0.37%
(16,099.34)
A3/A-
NA

4.79 4.33

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
6944PL3M9 PACIFIC LIFE GLOBAL FUNDING II

4.375 02/03/2031 1,500,000.00 01/29/2026

4.34%
1,502,070.00
1,502,005.38

99.29 4.54%
1,489,311.00
10,572.92

0.58%
(12,694.38)
Aa3/AA-
AA-

4.85 4.28
92826CAZ5 VISA INC 4.1 02/12/2031 1,665,000.00 02/03/2026

4.13%
1,662,768.90
1,662,827.55

99.90 4.12%
1,663,353.32
9,291.63

0.65%
525.77
Aa3/AA-
NA

4.87 4.35
02079KBK2 ALPHABET INC 4.1 02/15/2031 2,000,000.00 02/12/2026

4.10%
2,000,117.04
2,000,114.07

99.31 4.26%
1,986,102.00
10,933.33

0.78%
(14,012.07)
Aa2/AA+
NA

4.88 4.35
Total Corporate 70,572,000.00 4.37%
70,127,784.57
70,257,837.60

99.86 4.38%
70,442,138.09
731,201.98

27.56%
184,300.49

3.40 2.94

MONEY MARKET
FUND
60934N104 FEDERATED HRMS GV O INST 1,484,886.86 --

3.54%
1,484,886.86
1,484,886.86

1.00 3.54%
1,484,886.86

0.00 0.58%

0.00 Aaa/
AAAm
AAA

0.00 0.00
Total Money
Market Fund 1,484,886.86 3.54%
1,484,886.86
1,484,886.86

1.00 3.54%
1,484,886.86

0.00 0.58%

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
2,208,162.71
101.76

3.93%
2,238,779.40
16,500.00

0.88%
30,616.69
Aa2/AA-
AA

3.34 3.05
882724XQ5 TEXAS STATE 3.0 10/01/2029 3,000,000.00 10/11/2024

4.06%
2,858,880.00
2,900,390.46

96.93 3.95%
2,907,837.00
45,000.00

1.14%
7,446.54
NA/AAA
AAA

3.50 3.28
Total Municipal
Bonds 5,200,000.00 4.20%
5,070,474.00
5,108,553.18

99.03 3.94%
5,146,616.40
61,500.00

2.01%
38,063.22

3.43 3.18

SUPRANATIONAL
4581X0DV7

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

0.97%
3,419,267.70
3,434,836.30

99.84 3.84%
3,429,607.05
13,441.82

1.34%
(5,229.25)
Aaa/AAA
NA

0.05 0.05
45950KCX6 INTERNATIONAL FINANCE CORP

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

1.14%
3,728,332.00
3,792,405.51

98.43 3.84%
3,740,176.60
13,695.83

1.46%
(52,228.91)
Aaa/AAA
NA

0.52 0.51
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
2,223,190.49
100.04

3.86%
2,250,810.00
39,960.00

0.88%
27,619.51
Aaa/AAA
NA

3.54 3.22

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
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
2,493,254.93
100.81

3.90%
2,520,242.50
3,151.04

0.99%
26,987.57
Aaa/AAA
NA

3.97 3.63
Total
Supranational 11,985,000.00 2.32%
11,852,469.70
11,943,687.23

99.64 3.86%
11,940,836.15
70,248.70

4.67%
(2,851.08)

1.69 1.55

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

1.19%
1,753,369.53
1,777,317.80

98.59 3.76%
1,754,926.92

42.55 0.69%
(22,390.88)
Aa1/AA+
AA+

0.50 0.49
91282CLY5 UNITED STATES TREASURY 4.25
11/30/2026 1,000,000.00 12/20/2024

4.28%
999,375.00
999,785.18
100.33

3.73%
1,003,330.00
14,244.51

0.39%
3,544.82
Aa1/AA+
AA+

0.67 0.64
91282CDK4 UNITED STATES TREASURY 1.25
11/30/2026 3,500,000.00 12/16/2021

1.17%
3,512,714.84
3,501,707.96

98.36 3.76%
3,442,750.50
14,663.46

1.35%
(58,957.46)
Aa1/AA+
AA+

0.67 0.65
91282CME8 UNITED STATES TREASURY 4.25
12/31/2026 7,500,000.00 --

4.28%
7,495,996.09
7,498,482.22
100.35

3.76%
7,526,310.00
80,127.76

2.94%
27,827.78
Aa1/AA+
AA+

0.75 0.72
912828Z78 UNITED STATES TREASURY 1.5
01/31/2027 1,150,000.00 02/07/2022

1.77%
1,135,355.47
1,147,543.13

98.18 3.74%
1,129,055.05
2,859.12

0.44%
(18,488.08)
Aa1/AA+
AA+

0.84 0.82
91282CET4 UNITED STATES TREASURY 2.625
05/31/2027 1,800,000.00 06/09/2022

3.07%
1,763,367.19
1,791,426.79

98.64 3.82%
1,775,601.00
15,836.54

0.69%
(15,825.79)
Aa1/AA+
AA+

1.17 1.12
91282CEW7 UNITED STATES TREASURY 3.25
06/30/2027 2,975,000.00 --

3.12%
2,993,090.82
2,979,548.46

99.30 3.82%
2,954,314.83
24,305.42

1.16%
(25,233.64)
Aa1/AA+
AA+

1.25 1.20
91282CFB2 UNITED STATES TREASURY 2.75
07/31/2027 900,000.00 08/22/2022

3.12%
884,742.19
895,887.25

98.60 3.84%
887,379.30
4,102.21

0.35%
(8,507.95)
Aa1/AA+
AA+

1.33 1.29
91282CFH9 UNITED STATES TREASURY 3.125
08/31/2027 3,150,000.00 --

3.41%
3,109,707.03
3,138,506.20

99.02 3.84%
3,119,114.25
8,559.78

1.22%
(19,391.95)
Aa1/AA+
AA+

1.42 1.36
91282CFM8 UNITED STATES TREASURY 4.125
09/30/2027 3,900,000.00 10/20/2022

4.45%
3,843,632.81
3,882,880.15
100.41

3.84%
3,915,997.80
439.55

1.53%
33,117.65
Aa1/AA+
AA+

1.50 1.44
91282CFZ9 UNITED STATES TREASURY 3.875
11/30/2027 1,250,000.00 12/05/2022

3.81%
1,253,906.25
1,251,304.95
100.06

3.84%
1,250,732.50
16,234.55

0.49%
(572.45)
Aa1/AA+
AA+

1.67 1.58
91282CGC9 UNITED STATES TREASURY 3.875
12/31/2027 3,350,000.00 --

3.71%
3,375,494.14
3,359,028.94
100.07

3.83%
3,352,355.05
32,632.42

1.31%
(6,673.89)
Aa1/AA+
AA+

1.75 1.66
91282CGH8 UNITED STATES TREASURY 3.5
01/31/2028 5,000,000.00 --

3.84%
4,923,765.63
4,971,664.73

99.43 3.82%
4,971,485.00
29,005.52

1.95%
(179.73)
Aa1/AA+
AA+

1.84 1.75
91282CGP0 UNITED STATES TREASURY 4.0
02/29/2028 5,000,000.00 --

4.08%
4,981,033.20
4,992,776.72
100.33

3.82%
5,016,405.00
17,391.30

1.96%
23,628.28
Aa1/AA+
AA+

1.92 1.82

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

4.00%
2,950,429.69
2,978,300.99

99.61 3.81%
2,988,165.00
36,449.18

1.17%
9,864.01
Aa1/AA+
AA+

2.17 2.04
91282CHQ7 UNITED STATES TREASURY 4.125
07/31/2028 4,000,000.00 08/21/2023

4.46%
3,941,718.75
3,972,489.96
100.69

3.81%
4,027,500.00
27,348.07

1.58%
55,010.04
Aa1/AA+
AA+

2.33 2.19
91282CHX2 UNITED STATES TREASURY 4.375
08/31/2028 1,100,000.00 09/25/2023

4.62%
1,088,398.44
1,094,311.95
101.25

3.83%
1,113,750.00
4,184.78

0.44%
19,438.05
Aa1/AA+
AA+

2.42 2.27
91282CJF9 UNITED STATES TREASURY 4.875
10/31/2028 1,700,000.00 10/27/2023

4.79%
1,706,441.41
1,703,328.24
102.55

3.83%
1,743,363.60
34,798.34

0.68%
40,035.36
Aa1/AA+
AA+

2.59 2.36
91282CJN2 UNITED STATES TREASURY 4.375
11/30/2028 1,400,000.00 12/28/2023

3.83%
1,434,125.00
1,418,485.95
101.38

3.82%
1,419,359.20
20,528.85

0.56%
873.25
Aa1/AA+
AA+

2.67 2.46
91282CJR3 UNITED STATES TREASURY 3.75
12/31/2028 4,500,000.00 --

3.99%
4,452,480.47
4,473,670.67

99.80 3.83%
4,491,036.00
42,420.58

1.76%
17,365.33
Aa1/AA+
AA+

2.75 2.56
91282CJW2 UNITED STATES TREASURY 4.0
01/31/2029 2,500,000.00 02/16/2024

4.31%
2,465,625.00
2,480,281.01
100.45

3.83%
2,511,327.50
16,574.59

0.98%
31,046.49
Aa1/AA+
AA+

2.84 2.64
91282CKG5 UNITED STATES TREASURY 4.125
03/31/2029 5,000,000.00 --

4.59%
4,897,460.94
4,937,986.76
100.83

3.83%
5,041,600.00
563.52

1.97%
103,613.24
Aa1/AA+
AA+

3.00 2.80
91282CKP5 UNITED STATES TREASURY 4.625
04/30/2029 2,000,000.00 05/03/2024

4.48%
2,012,773.44
2,007,895.67
102.27

3.84%
2,045,312.00
38,839.78

0.80%
37,416.33
Aa1/AA+
AA+

3.08 2.80
91282CKT7 UNITED STATES TREASURY 4.5
05/31/2029 1,600,000.00 06/21/2024

4.26%
1,617,187.50
1,611,025.94
101.94

3.84%
1,631,000.00
24,131.87

0.64%
19,974.06
Aa1/AA+
AA+

3.17 2.89
91282CKX8 UNITED STATES TREASURY 4.25
06/30/2029 2,000,000.00 07/18/2024

4.09%
2,014,140.63
2,009,281.01
101.21

3.85%
2,024,218.00
21,367.40

0.79%
14,936.99
Aa1/AA+
AA+

3.25 2.98
91282CLK5 UNITED STATES TREASURY 3.625
08/31/2029 4,000,000.00 09/11/2024

3.45%
4,031,406.25
4,021,618.86

99.23 3.87%
3,969,376.00
12,608.70

1.55%
(52,242.86)
Aa1/AA+
AA+

3.42 3.17
91282CLN9 UNITED STATES TREASURY 3.5
09/30/2029 2,500,000.00 10/04/2024

3.76%
2,470,312.50
2,479,142.04

98.80 3.87%
2,469,922.50
239.07

0.97%
(9,219.54)
Aa1/AA+
AA+

3.50 3.26
91282CMA6 UNITED STATES TREASURY 4.125
11/30/2029 2,500,000.00 12/20/2024

4.36%
2,474,511.72
2,481,071.10
100.83

3.88%
2,520,702.50
34,563.87

0.99%
39,631.40
Aa1/AA+
AA+

3.67 3.33
91282CMD0 UNITED STATES TREASURY 4.375
12/31/2029 3,500,000.00 01/10/2025

4.53%
3,476,347.66
3,482,127.02
101.69

3.88%
3,559,199.00
38,492.75

1.39%
77,071.98
Aa1/AA+
AA+

3.75 3.40
91282CGQ8 UNITED STATES TREASURY 4.0
02/28/2030 2,800,000.00 --

4.02%
2,797,453.12
2,797,987.42
100.38

3.89%
2,810,609.20
9,739.13

1.10%
12,621.78
Aa1/AA+
AA+

3.91 3.58
91282CGS4 UNITED STATES TREASURY 3.625
03/31/2030 5,000,000.00 --

3.87%
4,947,363.29
4,956,702.51

98.96 3.91%
4,948,240.00
495.22

1.94%
(8,462.51)
Aa1/AA+
AA+

4.00 3.68
91282CNG2 UNITED STATES TREASURY 4.0
05/31/2030 2,500,000.00 05/29/2025

4.00%
2,499,511.72
2,499,592.83
100.34

3.91%
2,508,495.00
33,516.48

0.98%
8,902.17
Aa1/AA+
AA+

4.17 3.75

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

3.95%
3,487,968.75
3,489,724.41

99.85 3.91%
3,494,669.50
34,093.58

1.37%
4,945.09
Aa1/AA+
AA+

4.25 3.85
91282CNX5 UNITED STATES TREASURY 3.625
08/31/2030 5,500,000.00 --

3.70%
5,481,328.13
5,483,387.11

98.77 3.93%
5,432,537.00
17,336.96

2.13%
(50,850.11)
Aa1/AA+
AA+

4.42 4.02
91282CPD7 UNITED STATES TREASURY 3.625
10/31/2030 6,000,000.00 --

3.73%
5,971,640.62
5,973,886.73

98.71 3.94%
5,922,420.00
91,325.97

2.32%
(51,466.73)
Aa1/AA+
AA+

4.59 4.11
91282CPN5 UNITED STATES TREASURY 3.5
11/30/2030 3,000,000.00 12/03/2025

3.63%
2,982,773.44
2,983,889.10

98.16 3.93%
2,944,806.00
35,192.31

1.15%
(39,083.10)
Aa1/AA+
AA+

4.67 4.21
Total US Treasury 111,855,000.00 3.84%
111,226,948.66
111,524,047.75

99.89 3.85%
111,717,365.20
835,255.69

43.71%
193,317.44

2.68 2.48
Total Portfolio 257,200,002.63 4.08%
253,690,453.31
254,907,463.00

98.85 4.04%
255,573,056.01
1,855,658.57
100.00%
665,593.01

2.86 2.46
Total Market Value
+ Accrued 257,428,714.58

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 03/02/2026 60934N104 423,156.25 FEDERATED HRMS GV O INST 1.000 3.54% (423,156.25) 0.00 (423,156.25) 0.00
Purchase 03/03/2026 60934N104 21,244.81 FEDERATED HRMS GV O INST 1.000 3.55% (21,244.81) 0.00 (21,244.81) 0.00
Purchase 03/13/2026 79466LAQ7 835,000.00 SALESFORCE INC 4.5 03/15/2028 100.214 4.38% (836,786.90) 0.00 (836,786.90) 0.00 Purchase 03/13/2026 79466LAQ7 840,000.00 SALESFORCE INC 4.5 03/15/2028 100.271 4.35% (842,276.40) 0.00 (842,276.40) 0.00 Purchase 03/13/2026 60934N104 492,049.37 FEDERATED HRMS GV O INST 1.000 3.53% (492,049.37) 0.00 (492,049.37) 0.00
Purchase 03/16/2026 60934N104 271,295.75 FEDERATED HRMS GV O INST 1.000 3.53% (271,295.75) 0.00 (271,295.75) 0.00
Purchase 03/16/2026 60934N104 2,597.04 FEDERATED HRMS GV O INST 1.000 3.53% (2,597.04) 0.00 (2,597.04) 0.00
Purchase 03/17/2026 60934N104 2,336.25 FEDERATED HRMS GV O INST 1.000 3.55% (2,336.25) 0.00 (2,336.25) 0.00
Purchase 03/18/2026 60934N104 43,162.05 FEDERATED HRMS GV O INST 1.000 3.52% (43,162.05) 0.00 (43,162.05) 0.00
Purchase 03/20/2026 60934N104 149,296.16 FEDERATED HRMS GV O INST 1.000 3.51% (149,296.16) 0.00
(149,296.16) 0.00
Purchase 03/20/2026 60934N104 12.50 FEDERATED HRMS GV
O INST 1.000 3.51% (12.50) 0.00 (12.50) 0.00
Purchase 03/23/2026 60934N104 51,998.67 FEDERATED HRMS GV O INST 1.000 3.51% (51,998.67) 0.00 (51,998.67) 0.00
Purchase 03/25/2026 60934N104 146,414.06 FEDERATED HRMS GV O INST 1.000 3.51% (146,414.06) 0.00 (146,414.06) 0.00
Purchase 03/31/2026 60934N104 281,975.00 FEDERATED HRMS GV O INST 1.000 3.54% (281,975.00) 0.00 (281,975.00) 0.00
Purchase 03/31/2026 60934N104 43,750.00 FEDERATED HRMS GV O INST 1.000 3.54% (43,750.00) 0.00 (43,750.00) 0.00
Total Purchase 3,604,287.91 (3,608,351.21) 0.00 (3,608,351.21) 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 3,604,287.91 (3,608,351.21) 0.00 (3,608,351.21) 0.00

DISPOSITIONS
Sale 03/02/2026 60934N104 (3,437.50) FEDERATED HRMS GV
O INST 1.000 3.54% 3,437.50 0.00 3,437.50 0.00
Sale 03/13/2026 91282CLY5 (1,000,000.00)

UNITED STATES
TREASURY 4.25
11/30/2026
100.379 4.28% 1,003,789.06 (12,026.10) 1,015,815.16 4,020.67 Sale 03/13/2026 60934N104 (1,155,297.51) FEDERATED HRMS GV O INST 1.000 3.53% 1,155,297.51 0.00 1,155,297.51 0.00
Total Sale (2,158,735.01) 2,162,524.07 (12,026.10) 2,174,550.17 4,020.67 TOTAL
DISPOSITIONS (2,158,735.01) 2,162,524.07 (12,026.10) 2,174,550.17 4,020.67 OTHER

TRANSACTIONS
Coupon 03/01/2026 3137F4D41 0.00 FHMS K-074 A2 3.6
01/25/2028 5.78% 6,569.87 0.00 6,569.87 0.00
Coupon 03/01/2026 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 03/01/2026 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 03/01/2026 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 03/01/2026 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 03/01/2026 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 03/01/2026 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

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 03/01/2026 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 03/01/2026 3137FBU79 0.00 FHMS K-069 A2 3.187
09/25/2027 4.37% 3,225.71 0.00 3,225.71 0.00
Coupon 03/01/2026 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 03/01/2026 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 03/01/2026 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 03/01/2026 3137F83Q4 0.00 FHMS K-121 A2 1.547
10/25/2030 3.98% 6,445.84 0.00 6,445.84 0.00
Coupon 03/01/2026 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 03/01/2026 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 03/01/2026 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 03/03/2026 808513BY0 0.00 CHARLES SCHWAB
CORP 2.45 03/03/2027 2.46% 17,456.25 0.00 17,456.25 0.00 Coupon 03/15/2026 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 03/15/2026 44934FAD7 0.00 HALST 2024-B A3 5.41
05/17/2027 5.41% 2,627.95 0.00 2,627.95 0.00
Coupon 03/15/2026 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 03/15/2026 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 03/15/2026 47800BAC2 0.00 JDOT 2022-C A3 5.09
06/15/2027 5.15% 820.09 0.00 820.09 0.00
Coupon 03/15/2026 47800DAD6 0.00 JDOT 2025 A3 4.23
09/17/2029 5.09% 4,159.50 0.00 4,159.50 0.00
Coupon 03/15/2026 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 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 03/15/2026 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 03/15/2026 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 03/15/2026 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 03/15/2026 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 03/15/2026 448970AD5 0.00 HALST 2026-A A3 3.97
12/15/2028 3.98% 2,597.04 0.00 2,597.04 0.00
Coupon 03/15/2026 58770YAD3 0.00 MBALT 2026-A A3 3.93
01/15/2030 3.97% 2,325.25 0.00 2,325.25 0.00
Coupon 03/15/2026 47800AAC4 0.00 JDOT 2022-B A3 3.74
02/16/2027 3.77% 85.67 0.00 85.67 0.00
Coupon 03/15/2026 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 03/16/2026 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 03/17/2026 931142ER0 0.00 WALMART INC 1.05
09/17/2026 1.09% 2,336.25 0.00 2,336.25 0.00
Coupon 03/18/2026 437930AC4 0.00 HAROT 2024-2 A3 5.27
11/20/2028 5.27% 2,641.97

0.00 2,641.97 0.00
Coupon 03/20/2026 36269WAD1 0.00 GMALT 2024-2 A3 5.39
07/20/2027 5.85% 2,213.01 0.00 2,213.01 0.00
Coupon 03/20/2026 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 03/21/2026 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 03/25/2026 096919AD7 0.00 BMWOT 2024-A A3

5.18 02/26/2029 5.18% 3,420.25 0.00 3,420.25 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 03/31/2026 91282CKG5 0.00

UNITED STATES
TREASURY 4.125
03/31/2029

4.59% 103,125.00 0.00 103,125.00 0.00
Coupon 03/31/2026 91282CFM8 0.00

UNITED STATES
TREASURY 4.125
09/30/2027

4.45% 80,437.50 0.00 80,437.50 0.00
Coupon 03/31/2026 91282CGS4 0.00

UNITED STATES
TREASURY 3.625
03/31/2030

3.87% 90,625.00 0.00 90,625.00 0.00
Coupon 03/31/2026 91282CLN9 0.00

UNITED STATES
TREASURY 3.5
09/30/2029

3.76% 43,750.00 0.00 43,750.00 0.00
Coupon 03/31/2026 91282CCZ2 0.00

UNITED STATES
TREASURY 0.875
09/30/2026

1.19% 7,787.50 0.00 7,787.50 0.00
Total Coupon 0.00 599,746.71 0.00 599,746.71 0.00
Dividend 03/31/2026 60934N104 0.00 FEDERATED HRMS GV
O INST 3.54% 3,030.33 0.00 3,030.33 0.00
Total Dividend 0.00 3,030.33 0.00 3,030.33 0.00
Principal Paydown 03/01/2026 3137F4D41 4,768.24 FHMS K-074 A2 3.6 01/25/2028 5.78% 4,768.24 -- 4,768.24 0.00
Principal Paydown 03/01/2026 3137FBU79 2,512.08 FHMS K-069 A2 3.187 09/25/2027 4.37% 2,512.08 -- 2,512.08 (0.00)
Principal Paydown 03/15/2026 58770JAD6 31,662.95 MBALT 2024-A A3 5.32 01/18/2028 5.73% 31,662.95 -- 31,662.95 0.00
Principal Paydown 03/15/2026 44934FAD7
83,001.66 HALST 2024-B A3 5.41
05/17/2027 5.41% 83,001.66 -- 83,001.66 0.00
Principal Paydown 03/15/2026 47800BAC2 43,716.11 JDOT 2022-C A3 5.09 06/15/2027 5.15% 43,716.11 -- 43,716.11 (0.00)
Principal Paydown 03/15/2026 47800AAC4 26,965.48 JDOT 2022-B A3 3.74 02/16/2027 3.77% 26,965.48 -- 26,965.48 0.00
Principal Paydown 03/18/2026 437930AC4 40,520.08 HAROT 2024-2 A3 5.27 11/20/2028 5.27% 40,520.08 -- 40,520.08 (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 03/20/2026 36269WAD1 95,520.65 GMALT 2024-2 A3 5.39 07/20/2027 5.85% 95,520.65 -- 95,520.65 0.00
Principal Paydown 03/21/2026 43813YAC6 47,009.75 HAROT 2024-3 A3 4.57 03/21/2029 4.66% 47,009.75 -- 47,009.75 0.00
Principal Paydown 03/25/2026 096919AD7 53,120.02 BMWOT 2024-A A3

5.18 02/26/2029 5.18% 53,120.02 -- 53,120.02 0.00
Total Principal
Paydown 428,797.02 428,797.02 -- 428,797.02 0.01

TOTAL OTHER
TRANSACTIONS 428,797.02 1,031,574.06 0.00 1,031,574.06 0.01

Page 25 of 27 ends

March 2026
Bond Market Review
Market Summary
February economic data continued to reflect the measured disinflationary progression that has characterized conditions throughout the post-pandemic normalization cycle, with price pressures maintaining a trajectory toward the Federal Reserve longer-run objective while remaining modestly above the 2.0% target. The unemployment rate edged up to 4.4%, remaining in a historically lower range and affirming that the labor market has shown recent stability following an extended sequence of gradual softening. With no Federal Open Market Committee (FOMC) meeting scheduled for February, the target range of 3.50% to 3.75% remained unchanged throughout the month, and market participants continued to assign meaningful probability to at least one additional 25-basis point rate reduction in 2026. U.S. trade and fiscal policy continue to represent important sources of elevated market uncertainty, while escalating geopolitical tensions contributed to a notable flight-to-quality bid in Treasury securities that drove yields sharply lower across the curve.

The Federal Reserve did not convene in February, consistent with its scheduled meeting calendar, with the next policy decision anticipated at the March Federal Open Market Committee meeting. The target range remains at 3.50% to 3.75%, following three consecutive 25-basis-point reductions at the end of 2025. Senate confirmation proceedings for Kevin Warsh, President Trump nominee to succeed Chair Jerome Powell as Federal Reserve Chair, advanced during February, introducing a consequential dimension of institutional uncertainty into an already divided policy outlook. Market-implied probabilities for a rate reduction at the March FOMC meeting remained subdued, while the Chandler team continues to expect a 25 basis point cut in the second half of 2026. Although the February outcome represented a temporary departure from this view and a steeper term structure, the medium-term expectation for yield curve steepening remains intact, supported by ongoing Federal Reserve policy normalization.

The us Treasury yield curve flattened in February as yields fell across all maturities, driven by escalating trade policy uncertainty, emerging stagflation concerns, and intensifying geopolitical risk that collectively prompted investors to seek the relative safety of U.S. Treasuries.

The 10-year Treasury yield declined 30 basis points to close the month at 3.94%, crossing below the psychologically significant

4.0% threshold for the first time in several months, while the 2-year yield fell 15 basis points to 3.38%, its lowest closing level since August 2022. The 5-year Treasury was down 29 basis points to

3.50%.

The spread between the 2-year and 10-year Treasury yield points on the curve was 15 basis points tighter from January at +56 basis points at February month-end. The spread between the 2-year Treasury and 10-year Treasury yield one year ago was +22 basis points. The spread between the 3-month and 10-year Treasury yield points on the curve was +28 basis points in February versus +58 basis points in January.

Credit Spreads

5.00%

4.00%

3.00%
U.S. Treasury Yields
3 Mo 6 Mo 2 Yr 3 Yr 5 Yr
-February 2025 -January 2026
Treasury Yields
7Yr lOYr 30Yr
-February 2026
Source: Bloomberg
Credit spreads were wider in February Yields drop in the U.S. Treasury market 3-month top rated
commercial paper
2-year A corporate
note
5-year A corporate
note
5-year Agency note
Spread to One Month Change Treasuries Ago
Treasury Trend 2/27/2026 1/30/2026 Change Yields
3 month - 3.66 3.66 0.00

0.01 0.00 0.01
2 year ¥ 3.38 3.52 -0.15

0.38 0.30 0.08 3 year ¥ 3.38 3.59 -0.21
5 year ¥ 3.50 3.79 -0.29

0.60 0.47 0.13 7y ear ¥ 3.70 4.01 -0.31
10 year ¥ 3.94 4.24 -0.30

0.05 0.04 0.01 30 year ¥ 4.61 4.87 -0.26
Source: Bloomberg; data as of 2/27/2026 Source: Bloomberg Chandler Asset Management I 800.317.4747 I chandlerasset.com I ,,,a CHANDLER '-••· ASSET MANAGEMENT

Page 26 of 27 ends

Market Data
Data as of2/27/2026 unless otherwise noted
1-Mo Chg % Chg
S&P 500
6878.88
NASDAQ
22,668.21
Dow Jones
48,977.92
FTSE (UK}
10,910.55
(60.15)
(793.61)

85.45 687.01
DAX (Germany}
25,284.26 793.85
-0.87%
-3.38%

0.17%

6.72%

3.24%
Hang Seng (Hong Kong}
26,630.54 (756.57)
Nikkei (Japan}
58,850.27 8,510.79
-2.76%

16.91%
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.

Economic Roundup
Consumer Prices
Inflation firmed slightly in February on a headline basis, with the Consumer Price Index (CPI) rising 0.3% for the month, following a 0.2% increase in January. On an annual basis, headline CPI rose 2.4%, unchanged from January. Core CPI, which excludes volatile food and energy prices, increased 0.2% in February, down from January's 0.3% pace, while the annual rate held steady at 2.5%. The Personal Consumption Expenditures (PCE) Index rose 0.3% in January, easing from a 0.4% gain in December. On a year-over-year basis, headline PCE also edged down to 2.8% from 2.9% the prior month. Core PCE held steady at 0.4% on the month but ticked up to 3.1% annually from 3.0% in December, driven largely by higher healthcare services costs.

Retail Sales
Retail sales edged down 0.2% in January from December, driven by a decline in vehicle sales, but were up 3.2% on a seasonally adjusted annual basis. The control group measure, which feeds directly into GDP calculations, rose 0.3% from the prior month, matching expectations.

Adverse winter weather continued to restrain retail activity during the month. The Conference Board's Consumer Confidence Index rose to 91.2 in February from an upwardly revised 89.0 in January. Confidence improved amid signs of labor market stability and moderating inflation.

However, the survey noted an increase in respondents citing concerns about the overall cost of goods as well as political and trade uncertainties.

Labor Market
The February Nonfarm Payrolls report showed an unexpected decline of 92,000 jobs, contrasting with expectations for a 55,000 increase. The loss partly reflected a month-long strike involving more than 30,000 Kaiser Permanente employees, while severe winter weather further weighed on hiring. Even so, payroll declines were broad-based across several industries. The unemployment rate rose to 4.4% in February, according to the Bureau of Labor Statistics. The unexpectedly weak jobs report may prompt renewed concerns about the labor market's recent stability.

Housing Starts
Housing starts rose 7.2% in January to an annualized pace of 1.487 million units, including 935,000 single-family and 552,000 multifamily starts. The December S&P Cotality Case-Shiller 20-City Composite Home Price Index posted a 1.3% year-over-year gain in 2025 on a non-seasonally adjusted basis-the weakest annual increase since 2011. Notably, inflation outpaced home price appreciation in the second half of the year, ending a 10-year trend of positive real returns. Over the same period, the Freddie Mac 30-year fixed mortgage rate continued to edge lower, reaching 5.98 percent by the end of February.

Economic Indicator Current Prior Release One Year
Release Ago
Trade Balance (54.56) $B Jan. 30 (70.31) $B Dec. 31 (131.40) $B Jan. 31 Gross Domestic Product 2.0% Dec. 31 4.30% Sep. 30 2.40% Dec. 31 Unemployment Rate 4.40% Feb. 28 4.30% Jan. 31 4.20% Feb. 28 Prime Rate 6.75% Feb. 27 6.75% Jan. 30 7.50% Feb. 28
Refinitiv/CoreCommodity CRB Index 312.67 Feb. 27 320.09 Jan. 30 301.83 Feb. 28 Oil (West Texas Int.) $67.02 Feb. 27 $65.21 Jan. 30 $69.76 Feb. 28 Consumer Price Index (YoY) 2.40% Jan. 30 2.40% Jan. 30 3.00% Jan. 31 Producer Price Index (YoY) 1.70% Feb. 28 2.00% Dec. 31 2.14% Feb. 28 Euro/Dollar 1.18 Feb. 27 1.19 Jan. 30 1.04 Feb. 28
Source: Bloomberg
© 2026 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. ,,,a CHANDLER
'-••· ASSET MANAGEMENT Chandler Asset Management I 800.317.4747 I chandlerasset.com I

Page 27 of 27 ends

Moreno Valley City CouncilMay 19, 2026

Moreno Valley City Council
May 19, 2026