6.2026 Final Report_Combined.pdf — Moreno Valley City Council, August 18, 2026

5,374,752 5,374,752 5,374,752
State of California LAIF Pool 73,848,222 73,765,734 73,848,222 0.75 3.816% California CLASS 144,398,260 144,389,397 144,398,260 3.700% Investments 261,768,437 262,090,754 265,610,442 2.77 4.15% 2.51 485,389,671 485,620,637 489,231,676
Total Funds with Fiscal Agents 139,598,578
Total Investment Portfolio 625,219,215

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. T
he 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
June 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

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CITY OF MORENO VALLEY
Treasurer's Cash and Investments Report
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% Apr 26 461,170,341 3.91% 124,553,588 3.692% 73,381,150 3.811% 258,372,556 4.13% 3.57% 3.01% May 26 480,365,271 3.75% 123,443,988 3.698% 73,618,825 3.810% 259,181,467 4.12% 3.85% 3.41% Jun 26 489,231,676 3.92% 144,398,260 3.700% 73,848,222 3.816% 265,610,442 4.15% 3.14% 2.71% Notes:

PORTFOLIO PERFORMANCE - 36 MONTH TREND
Period
Total General Portfolio (1) Local Agency Investment Fund (LAIF) Chandler Asset Management (CAM) Rate of Return (3)
g g
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
470
490
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 29 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 6/30/2026 7/1/2026 $ 1,495 0.02% 0.02% 1.00 0.00% Wells Fargo 2019 Taxable Lease Revenue Bonds (Electric Utility) Money Market WF Government Fund 6/30/2026 7/1/2026 $ 424 0.02% 0.02% 1.00 0.00% Wilmington Trust 2020 Taxable Refunding of the 2013 TRIP COPs Money Market Federated Hermes Gov Fund 6/30/2026 7/1/2026 $ 3,551 0.03% 0.03% 1.00 0.00% Wilmington Trust 2024 Taxable Lease Revenue Refunding Bond Series Money Market Federated Hermes Gov Fund 6/30/2026 7/1/2026 $ - 0.03% 0.03% 1.00 0.00% Wells Fargo 2021 Taxable Refunding Lease Revenue Bonds (Electric Utility) Money Market WF Government Fund 6/30/2026 7/1/2026 $ 2,526 0.02% 0.02% 1.00 0.00% Wilmington Trust 2026A Revenue Bonds Series (Electric Utility) Money Market Federated Hermes Gov Fund 6/30/2026 7/1/2026 $ 100,190,644 5.00% 5.00% 1.00 71.77% Wells Fargo 2026A Revenue Bonds Series (Electric Utility) Money Market WF Government Fund 6/30/2026 7/1/2026 $ 39,399,938 0.00% 0.00% 1.00 28.22% Total 139,598,578$ 100.00%
Trustee Bond Description Construction fund Debt Service Reserve & Other Total Wells Fargo 2017 Refunding of the 2007 RDA TABs $ - $ 1,495 $ - $ 1,495 Wells Fargo 2019 Taxable Lease Revenue Bonds (Electric Utility) $ - $ 424 $ - $ 424 Wilmington Trust 2020 Taxable Refunding of the 2013 TRIP COPs $ - $ 3,551 $ - $ 3,551 Wilmington Trust 2024 Taxable Lease Revenue Refunding Bond Series $ - $ - $ - $ - Wells Fargo 2021 Taxable Refunding Lease Revenue Bonds (Electric Utility) $ - $ 2,526 $ - $ 2,526 Wilmington Trust 2026A Revenue Bonds Series (Electric Utility) $ 100,178,082 $ 12,562 $ - $ 100,190,644 Wells Fargo 2026A Revenue Bonds Series (Electric Utility) $ - $ 39,399,938 $ - $ 39,399,938 Total $ 100,178,082 $ 39,420,496 $ - $ 139,598,578

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 06/30/26 07/01/26 1,190$ 0.02% 0.02% 1.00 0.00% Interest fund 49150301 Money Market WF Gov Fund 06/30/26 07/01/26 -$ 0.00% 0.00% 0.00 0.00% Principal fund 49150302 Money Market WF Gov Fund 06/30/26 07/01/26 305$ 0.02% 0.02% 1.00 0.00% Reserve fund 49150304 Money Market WF Gov Fund 06/30/26 07/01/26 -$ 0.00% 0.00% 0.00 0.00% 1,495$
Wells Fargo 2019 Taxable Lease Revenue Bonds (Electric utility) Revenue fund 83056100 Money Market WF Gov Fund 06/30/26 07/01/26 424$ 0.02% 0.02% 1.00 0.00% 424$
Wilmington Trust 2020 Taxable Refunding of the 2013 TRIP COPs Revenue fund 143629-000 Money Market Federated Gov Obl Fund 06/30/26 07/01/26 1,162$ 0.03% 0.03% 1.00 0.00% Interest fund 143629-001 Money Market Federated Gov Obl Fund 06/30/26 07/01/26 235$ 0.03% 0.03% 1.00 0.00% Principal fund 143629-002 Money Market Federated Gov Obl Fund 06/30/26 07/01/26 1,162$ 0.03% 0.03% 1.00 0.00% Reserve fund 143629-003 Money Market Federated Gov Obl Fund 06/30/26 07/01/26 -$ 0.00% 0.00% 0.00 0.00% Admin fund 143629-004 Money Market Federated Gov Obl Fund 06/30/26 07/01/26 951$ 0.03% 0.03% 1.00 0.00% Surplus fund 143629-005 Money Market Federated Gov Obl Fund 06/30/26 07/01/26 -$ 0.00% 0.00% 0.00 0.00% Interest fund 144078-003 Money Market Federated Gov Obl Fund 06/30/26 07/01/26 41$ 0.03% 0.03% 1.00 0.00% 3,551$
Wilmington Trust 2024 Taxable Lease Revenue Refunding Bonds Series Revenue fund 171784-000 Money Market Federated Gov Obl Fund 06/30/26 07/01/26 -$ 0.00% 0.00% 0.00 0.00% Interest fund 171784-001 Money Market Federated Gov Obl Fund 06/30/26 07/01/26 -$ 0.03% 0.03% 1.00 0.00% Principal fund 171784-002 Money Market Federated Gov Obl Fund 06/30/26 07/01/26 -$ 0.00% 0.00% 0.00 0.00% Redemption FD 171784-003 Money Market Federated Gov Obl Fund 06/30/26 07/01/26 -$ 0.00% 0.00% 0.00 0.00% Reserve FD 171784-004 Money Market Federated Gov Obl Fund 06/30/26 07/01/26 -$ 0.00% 0.00% 0.00 0.00% Cost of Issuance 171784-005 Money Market Federated Gov Obl Fund 06/30/26 07/01/26 -$ 0.00% 0.00% 0.00 0.00% Proceeds 171784-006 Money Market Federated Gov Obl Fund 06/30/26 07/01/26 -$ 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 06/30/26 07/01/26 2,526$ 0.02% 0.02% 1.00 0.00% 2,526$
Wilmington Trust 2026A Revenue Bonds Series (Electric Utility) Cost of Issuance 185241-005 Money Market Federated Gov Obl Fund 06/30/26 07/01/26 12,562$ 0.00% 0.00% 0.00 0.01% Acquisition & Construction 185241-006 Money Market Federated Gov Obl Fund 06/30/26 07/01/26 100,178,082$ 5.00% 5.00% 1.00 71.76% 100,190,644$
Computershare 2026A Revenue Bonds Series (Electric Utility) Escrow Fund 96829300 Money Market WF Gov Fund 06/30/26 07/01/26 23,483,879$ 0.00% 0.00% 1.00 16.82% Escrow Fund 96829400 Money Market WF Gov Fund 06/30/26 07/01/26 15,916,059$ 0.00% 0.00% 1.00 11.40% 39,399,938$
Totals 139,598,578$ 100.00%

FUNDS WITH FISCAL AGENTS

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CITY OF MORENO VALLEY
Treasurer's Cash and Investments Report

FUNDS WITH FISCAL AGENTS
Type Summary of Bond Proceeds with Fiscal Agents
1 Construction Funds 100,178,082$
2 Principal & Interest Accounts 7,996$
3 Debt Service Reserve Funds -$
4 Custody Accounts -$
5 Arbitrage Rebate Accounts -$
6 Other Accounts 39,412,500$
Total Fiscal Agent Funds 139,598,578$
Construction Funds
Total Fiscal Agent Funds
Principal & Interest Accounts
Debt Service Reserve Funds
Custody Accounts
Arbitrage Rebate Accounts
Other Accounts

Page 6 of 29 ends

MONTHLY ACCOUNT STATEMENT
City of Moreno Valley | As of June 30, 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 7 of 29 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 0.09% 0.39% 0.68% 3.14% 4.77% 4.75% 1.87% 1.98% 1.96% Benchmark Return 0.06% 0.24% 0.43% 2.71% 4.37% 4.30% 1.52% 1.64% 1.64% Average Modified Duration 2.51
Average Coupon 3.81%
Average Purchase YTM 4.15%
Average Market YTM 4.32%
Average Credit Quality* AA+
Average Final Maturity 2.94
Average Life 2.77
End Values as of
05/31/2026
End Values as of
06/30/2026
Market Value 256,227,338.98 262,090,754.48
Accrued Interest 1,988,688.50 1,971,607.78
Total Market Value 258,216,027.48 264,062,362.26
Income Earned 539,811.73 1,234,480.13
Cont/WD 0.00 5,600,000.00
Par 259,181,467.53 265,610,442.32
Book Value 256,629,230.90 263,102,680.10
Cost Value 255,365,704.15 261,768,437.35
United States 43.85%
Federal Home Loan Mortgage Corp 13.36%
International Bank for Recon and Dev 1.80%
Morgan Stanley 1.46%
International Finance Corporation 1.44%
Caterpillar Inc. 1.37%
Honda Auto Receivables Owner Trust 1.28%
Farm Credit System 1.21%
**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 8 of 29 ends

STATEMENT OF COMPLIANCE
Rules Name Limit Actual Compliance
Status Notes

AGENCY MORTGAGE SECURITIES (CMBS)
Max % (MV) 20.0 13.3 Compliant
Max Maturity (Years) 5.0 4.6 Compliant

ASSET-BACKED SECURITIES (ABS)
Max % (MV) 20.0 8.0 Compliant
Max % Issuer (MV) 5.0 1.3 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 27.9 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 9 of 29 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 1.2 Compliant
Max Maturity (Years) 5 1 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

Page 10 of 29 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 3.2 Compliant
Max Maturity (Years) 5 3 Compliant
Min Rating (AA- by 1) 0.0 0.0 Compliant
U.S. TREASURIES
Max % (MV) 100.0 43.8 Compliant
Max Maturity (Years) 5 4 Compliant

Page 11 of 29 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
44934FAD7 HALST 2024-B A3 5.41
05/17/2027 180,321.40 05/14/2024

5.41%
180,316.38
180,319.92
100.11

3.96%
180,526.60
433.57

0.07%
206.68
NA/AAA
AAA

0.88 0.08
36269WAD1 GMALT 2024-2 A3 5.39
07/20/2027 93,246.78 05/07/2024

5.85%
93,241.36
93,244.99
100.09

3.93%
93,326.88
153.57

0.04%

81.89 NA/AAA
AAA

1.05 0.06
58770JAD6 MBALT 2024-A A3 5.32
01/18/2028 365,813.66 05/17/2024

5.73%
365,770.86
365,795.51
100.35

4.20%
367,101.69
864.95

0.14%
1,306.17
Aaa/NA
AAA

1.55 0.30
44935WAD9 HALST 2025-A A3 4.83
01/18/2028 1,185,000.00 01/14/2025

4.83%
1,184,911.24
1,184,953.95
100.29

4.32%
1,188,413.99
2,543.80

0.45%
3,460.03
NA/AAA
AAA

1.55 0.51
161571HT4 CHAIT 2023-1 A 5.16 09/15/2028 2,200,000.00 09/07/2023

5.23%
2,199,390.16
2,199,730.63
100.25

3.96%
2,205,541.80
5,045.33

0.84%
5,811.17
NA/AAA
AAA

2.21 0.20
437930AC4 HAROT 2024-2 A3 5.27
11/20/2028 440,655.61 05/14/2024

5.27%
440,602.07
440,627.18
100.54

4.37%
443,045.28
838.59

0.17%
2,418.10
NA/AAA
AAA

2.39 0.56
448970AD5 HALST 2026-A A3 3.97
12/15/2028 785,000.00 01/12/2026

3.98%
784,884.92
784,902.42

99.32 4.46%
779,700.47
1,385.09

0.30%
(5,201.95)
NA/AAA
AAA

2.46 1.49
096919AD7 BMWOT 2024-A A3 5.18
02/26/2029 577,396.16 06/04/2024

5.18%
577,308.45
577,346.67
100.51

4.33%
580,318.94
498.49

0.22%
2,972.27
Aaa/AAA
NA

2.66 0.56
36275AAD1 GMALT 2026-2 A3 4.3
03/20/2029 840,000.00 05/05/2026

4.40%
839,909.11
839,913.30

99.86 4.43%
838,787.04
903.00

0.32%
(1,126.26)
NA/AAA
AAA

2.72 1.57
43813YAC6 HAROT 2024-3 A3 4.57
03/21/2029 1,017,281.56 08/09/2024

4.66%
1,017,121.75
1,017,186.61
100.20

4.31%
1,019,297.81
1,291.38

0.39%
2,111.20
Aaa/NA
AAA

2.72 0.64
02582JKH2 AMXCA 2024-1 A 5.23
04/16/2029 1,645,000.00 04/16/2024

5.30%
1,644,662.78
1,644,810.91
100.82

4.20%
1,658,535.06
3,823.71

0.63%
13,724.15
NA/AAA
AAA

2.79 0.76
05522RDJ4 BACCT 2024-1 A 4.93
05/15/2029 1,050,000.00 06/06/2024

4.93%
1,049,941.10
1,049,965.75
100.65

4.21%
1,056,777.75
2,300.67

0.40%
6,812.00
Aaa/AAA
NA

2.87 0.84
47800DAD6 JDOT 2025 A3 4.23 09/17/2029 1,180,000.00 03/04/2025

5.09%
1,179,925.78
1,179,947.22

99.88 4.35%
1,178,537.98
2,218.40

0.45%
(1,409.24)
Aaa/NA
AAA

3.22 1.47
92970QAE5 WFCIT 2024-2 A 4.29
10/15/2029 1,160,000.00 10/17/2024

4.29%
1,159,827.62
1,159,885.97
100.06

4.28%
1,160,698.32
2,211.73

0.44%
812.35
Aaa/AAA
NA

3.29 1.23
44935CAD3 HART 2025-A A3 4.32
10/15/2029 1,485,000.00 03/04/2025

4.84%
1,484,780.96
1,484,843.09
100.05

4.31%
1,485,683.10
2,851.20

0.57%
840.01
NA/AAA
AAA

3.29 0.95
362955AD8 GMCAR 2025-1 A3 4.62
12/17/2029 960,000.00 01/09/2025

5.03%
959,928.67
959,949.79
100.26

4.32%
962,472.96
1,848.00

0.37%
2,523.17
Aaa/NA
AAA

3.47 0.73
58770YAD3 MBALT 2026-A A3 3.93
01/15/2030 710,000.00 01/13/2026

3.97%
709,859.21
709,874.79

99.21 4.40%
704,414.43
1,240.13

0.27%
(5,460.36)
Aaa/NA
AAA

3.54 1.78

Page 12 of 29 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
92970QAJ4 WFCIT 2025-1 A 4.34
05/15/2030 1,955,000.00 06/03/2025

4.33%
1,954,967.55
1,954,974.51
100.03

4.36%
1,955,606.05
3,770.98

0.75%
631.54
NA/AAA
AAA

3.87 1.76
43814YAD3 HAROT 2026-2 A3 4.3
11/15/2030 1,900,000.00 05/05/2026

3.02%
1,899,945.09
1,899,946.72

99.74 4.46%
1,895,141.70
3,631.11

0.72%
(4,805.02)
Aaa/AAA
NA

4.38 2.14
44935KAD5 HART 26B A3 4.81 02/18/2031 1,445,000.00 06/09/2026

4.86%
1,444,825.59
1,444,827.02
100.24

4.44%
1,448,473.78
2,702.95

0.55%
3,646.76
NA/AAA
AAA

4.64 2.20
Total ABS 21,174,715.16 4.66%
21,172,120.65
21,173,046.95
100.13

4.30%
21,202,401.62
40,556.66

8.09%
29,354.67

3.10 1.14
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
3,194,605.71

99.51 4.14%
3,184,166.40
7,922.22

1.21%
(10,439.31)
Aa1/AA+
AA+

1.94 1.84
Total Agency 3,200,000.00 3.97%
3,186,080.00
3,194,605.71

99.51 4.14%
3,184,166.40
7,922.22

1.21%
(10,439.31)

1.94 1.84

AGENCY CMBS
3137BSP72 FHMS K-058 A2 2.653
08/25/2026 786,016.59 11/12/2021

1.36%
831,304.65
786,833.77

99.68 3.63%
783,509.98
1,737.75

0.30%
(3,323.80)
Aa1/AA+
AAA

0.15 0.15
3137FAWS3 FHMS K-067 A2 3.194
07/25/2027 675,000.00 09/28/2022

4.42%
640,538.09
667,732.09

98.79 4.24%
666,846.00
1,796.63

0.25%
(886.09)
Aaa/AA+
AA+

1.07 0.98
3137FBU79 FHMS K-069 A2 3.187
09/25/2027 1,205,544.01 09/28/2022

4.37%
1,142,300.04
1,190,480.47

98.59 4.25%
1,188,565.13
3,201.72

0.45%
(1,915.33)
Aa1/AAA
AA+

1.24 1.16
3137FEBQ2 FHMS K-072 A2 3.444
12/25/2027 1,115,000.00 05/05/2023

3.98%
1,088,910.74
1,106,888.21

98.66 4.30%
1,100,025.55
3,200.05

0.42%
(6,862.66)
Aa1/AA+
AAA

1.49 1.34
3137FETN0 FHMS K-073 A2 3.35 01/25/2028 2,005,000.00 05/24/2023

4.34%
1,926,992.97
1,979,462.81

98.48 4.31%
1,974,509.97
5,597.29

0.75%
(4,952.85)
Aa1/AA+
AAA

1.57 1.39
3137F4D41 FHMS K-074 A2 3.6 01/25/2028 2,173,096.24 07/25/2023

5.78%
2,074,033.61
2,139,483.52

98.76 4.32%
2,146,191.14
6,519.29

0.82%
6,707.62
Aa1/AA+
AAA

1.57 1.45
3137FEZU7 FHMS K-076 A2 3.9 04/25/2028 2,069,000.00 05/05/2023

3.94%
2,062,615.20
2,066,714.61

99.06 4.35%
2,049,632.09
6,724.25

0.78%
(17,082.52)
Aa1/AA+
AAA

1.82 1.62
3137FJEH8 FHMS K-081 A2 3.9 08/25/2028 6,200,000.00 --

5.01%
5,899,464.85
6,071,009.05

98.79 4.41%
6,124,806.40
20,150.00

2.34%
53,797.35
Aa1/AA+
AAA

2.15 1.99
3137FJKE8 FHMS K-082 A2 3.92 09/25/2028 1,500,000.00 11/28/2023

4.74%
1,446,796.88
1,475,696.96

98.81 4.41%
1,482,174.00
4,900.00

0.57%
6,477.04
Aa1/AA+
AAA

2.24 2.02

Page 13 of 29 ends

HOLDINGS REPORT
Cusip Security Description Par Value/
Units
Purchase Date
Purchase Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
% of Port.

Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
3137H4BY5 FHMS K-746 A2 2.031
09/25/2028 1,750,000.00 03/21/2024

4.64%
1,568,164.06
1,661,045.10

94.97 4.43%
1,661,976.75
2,961.88

0.63%
931.65
Aa1/AA+
AAA

2.24 2.09
3137H5YC5 FHMS K-748 A2 2.26 01/25/2029 2,500,000.00 04/11/2024

4.94%
2,221,191.41
2,351,766.50

94.87 4.43%
2,371,672.50
4,708.33

0.90%
19,906.00
Aa1/AA+
AAA

2.57 2.36
3137FKZZ2 FHMS K-088 A2 3.69 01/25/2029 2,300,000.00 07/29/2024

4.47%
2,226,507.81
2,258,387.78

98.12 4.43%
2,256,792.20
7,072.50

0.86%
(1,595.58)
Aaa/AA+
AA+

2.57 2.33
3137FRUT6 FHMS K-106 A2 2.069
01/25/2030 2,000,000.00 06/06/2025

4.37%
1,810,078.12
1,853,993.99

92.25 4.44%
1,844,956.00
3,448.33

0.70%
(9,037.99)
Aa1/AA+
AAA

3.57 3.33
3137FTZQ3 FHMS K-110 A2 1.477
04/25/2030 3,000,000.00 09/03/2025

3.96%
2,697,304.69
2,751,084.89

90.04 4.45%
2,701,200.00
3,692.50

1.03%
(49,884.89)
Aa1/AA+
AAA

3.82 3.48
3137F83Q4 FHMS K-121 A2 1.547
10/25/2030 5,000,000.00 01/07/2026

3.98%
4,475,000.00
4,526,799.19

88.68 4.46%
4,434,030.00
6,445.83

1.69%
(92,769.19)
Aa1/AA+
AAA

4.32 4.06
3137F9Z79 FHMS K-125 A2 1.846
01/25/2031 2,500,000.00 04/20/2026

4.09%
2,261,718.75
2,271,311.17

89.37 4.46%
2,234,252.50
3,845.83

0.85%
(37,058.67)
Aa1/AA+
AAA

4.57 4.22
Total Agency CMBS 36,778,656.84 4.44%
34,372,921.87
35,158,690.10

95.41 4.38%
35,021,140.21
86,002.19

13.36%
(137,549.90)

2.64 2.44
CASH
CCYUSD Receivable 3,687.82 -- 3,687.82
3,687.82

1.00 3,687.82

0.00 0.00%

0.00 Aaa/AAA
AAA

0.00 0.00
Total Cash 3,687.82
3,687.82
3,687.82

1.00 3,687.82

0.00 0.00%

0.00 0.00

0.00 CORPORATE
084664CZ2 BERKSHIRE HATHAWAY FINANCE
CORP 2.3 03/15/2027 1,000,000.00 03/07/2022

2.30%
999,810.00
999,973.26

98.68 4.21%
986,807.00
6,772.22

0.38%
(13,166.26)
Aa2/AA
A+

0.71 0.69
79466LAQ7 SALESFORCE INC 4.5 03/15/2028 1,675,000.00 03/12/2026

4.37%
1,679,063.30
1,678,428.41

99.87 4.57%
1,672,886.15
22,612.50

0.64%
(5,542.26)
A2/A+
NA

1.71 1.60
74456QBX3 PUBLIC SERVICE ELECTRIC AND
GAS CO 3.65 09/01/2028 1,000,000.00 12/14/2023

4.44%
966,790.00
984,679.74

98.36 4.45%
983,609.00
12,166.67

0.38%
(1,070.74)
A1/A
NA

2.17 2.03
40139LBH5 GUARDIAN LIFE GLOBAL
FUNDING 5.737 10/02/2028 1,000,000.00 11/02/2023

5.63%
1,004,470.00
1,002,055.40
102.57

4.52%
1,025,682.00
14,183.14

0.39%
23,626.60
Aa1/AA+
NA

2.26 2.07
66815L2Q1

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

4.67%
1,502,853.80
1,501,443.30
100.45

4.52%
1,506,811.50
33,558.75

0.57%
5,368.20
Aa1/AA+
AAA

2.53 2.31

Page 14 of 29 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
58989V2M5 MET TOWER GLOBAL FUNDING

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

4.05%
1,627,897.30
1,628,219.61

98.60 4.59%
1,607,237.05
30,245.56

0.61%
(20,982.56)
Aa3/AA-
AA-

2.54 2.34
57629W5B2 MASSMUTUAL GLOBAL
FUNDING II 4.85 01/17/2029 1,290,000.00 01/09/2024

4.85%
1,289,832.30
1,289,914.54
100.63

4.59%
1,298,070.24
28,501.83

0.50%
8,155.70
Aa3/AA+
AA+

2.55 2.32
69371RS80 PACCAR FINANCIAL CORP 4.6
01/31/2029 2,000,000.00 04/09/2024

4.85%
1,978,760.00
1,988,569.59
100.64

4.33%
2,012,772.00
38,588.89

0.77%
24,202.41
A1/A+
NA

2.59 2.37
756109CF9 REALTY INCOME CORP 4.75
02/15/2029 1,000,000.00 05/21/2024

5.18%
982,010.00
990,011.34
100.43

4.57%
1,004,290.00
17,944.44

0.38%
14,278.66
A3/A-
NA

2.63 2.33
89236TMF9 TOYOTA MOTOR CREDIT CORP

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

5.00%
1,002,080.00
1,001,200.66
101.46

4.50%
1,014,554.00
6,312.50

0.39%
13,353.34
A1/A+
A+

2.88 2.64
64952WFG3 NEW YORK LIFE GLOBAL
FUNDING 5.0 06/06/2029 1,060,000.00 06/03/2024

5.04%
1,057,964.80
1,058,806.30
101.27

4.53%
1,073,467.30
3,680.56

0.41%
14,661.00
Aa1/AA+
AAA

2.93 2.69
437076DC3 HOME DEPOT INC 4.75
06/25/2029 1,600,000.00 06/18/2024

4.82%
1,595,280.00
1,597,182.48
100.99

4.39%
1,615,835.20
1,266.67

0.62%
18,652.72
A2/A
A

2.99 2.68
713448FX1 PEPSICO INC 4.5 07/17/2029 1,900,000.00 07/15/2024

4.53%
1,897,055.00
1,898,206.55
100.31

4.39%
1,905,878.60
38,950.00

0.73%
7,672.05
A1/A+
NA

3.05 2.69
171239AL0 CHUBB INA HOLDINGS LLC 4.65
08/15/2029 1,082,000.00 08/12/2024

4.52%
1,088,113.01
1,085,780.19
100.49

4.48%
1,087,327.77
19,007.13

0.41%
1,547.58
A2/A
A

3.13 2.76
30303M8S4 META PLATFORMS INC 4.3
08/15/2029 1,140,000.00 08/12/2024

4.33%
1,138,230.18
1,138,894.10

99.78 4.38%
1,137,469.20
18,518.67

0.43%
(1,424.90)
Aa3/AA-
NA

3.13 2.85
61748UAK8 MORGAN STANLEY 4.133
10/18/2029 1,830,000.00 10/17/2025

4.25%
1,830,230.10
1,830,177.00

98.64 4.70%
1,805,020.50
15,336.87

0.69%
(25,156.50)
A1/A-
A+

3.30 2.15
38141GD27 GOLDMAN SACHS GROUP INC

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

4.29%
1,970,252.00
1,970,193.83

98.59 4.72%
1,942,223.00
15,908.30

0.74%
(27,970.83)
A2/BBB+
A

3.31 2.15
00287YBX6 ABBVIE INC 3.2 11/21/2029 1,300,000.00 09/24/2025

4.04%
1,258,712.00
1,266,300.51

95.75 4.57%
1,244,803.30
4,622.22

0.47%
(21,497.21)
A2/A-
NA

3.39 3.15
14913UAX8 CATERPILLAR FINANCIAL
SERVICES CORP 4.8 01/08/2030 2,255,000.00 01/06/2025

4.84%
2,250,647.85
2,251,932.52
101.35

4.38%
2,285,476.33
52,015.33

0.87%
33,543.80
A1/A
A+

3.53 3.14
89236TNA9 TOYOTA MOTOR CREDIT CORP

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

5.00%
2,065,570.20
2,066,875.37
101.15

4.59%
2,093,759.46
48,955.50

0.80%
26,884.09
A1/A+
A+

3.53 3.13
61747YFK6 MORGAN STANLEY 5.173
01/16/2030 2,000,000.00 01/13/2025

5.39%
1,984,500.00
1,990,133.47
100.90

4.87%
2,018,026.00
47,419.17

0.77%
27,892.53
A1/A-
A+

3.55 2.30
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

98.69 4.64%
1,613,568.42
30,009.34

0.62%
(21,431.58)
A1/BBB+
A+

3.57 2.35

Page 15 of 29 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
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
2,004,116.91
101.05

4.63%
2,021,076.00
39,600.00

0.77%
16,959.09
A2/NA
A

3.61 3.14
06051GMY2 BANK OF AMERICA CORP 4.477
04/23/2030 3,000,000.00 05/14/2026

4.55%
2,992,170.00
2,992,425.74

99.37 4.67%
2,981,079.00
25,369.67

1.14%
(11,346.74)
A1/A-
AA-

3.81 2.59
40139LBK8 GUARDIAN LIFE GLOBAL
FUNDING 4.798 04/28/2030 2,000,000.00 08/27/2025

4.30%
2,041,340.00
2,033,892.01
100.32

4.70%
2,006,398.00
16,793.00

0.77%
(27,494.01)
Aa1/AA+
NA

3.83 3.43
74153WCW7 PRICOA GLOBAL FUNDING I 4.7
05/28/2030 1,250,000.00 05/21/2025

4.74%
1,247,962.50
1,248,407.72

99.86 4.74%
1,248,240.00
5,385.42

0.48%
(167.72)
Aa3/AA-
AA-

3.91 3.52
66815L2W8

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

4.58%
1,501,500.00
1,501,177.81

99.72 4.68%
1,495,797.00
5,366.67

0.57%
(5,380.81)
Aa1/AA+
AAA

3.93 3.54
828807DK0 SIMON PROPERTY GROUP LP

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

4.32%
2,548,397.50
2,583,875.03

92.73 4.64%
2,550,146.50
33,603.47

0.97%
(33,728.53)
A3/A
NA

4.04 3.71
24422EYF0 JOHN DEERE CAPITAL CORP

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

4.22%
2,517,300.00
2,515,018.89

99.40 4.53%
2,484,897.50
23,090.28

0.95%
(30,121.39)
A1/A
A+

4.29 3.83
141781CF9 CARGILL INC 4.125 10/23/2030 1,360,000.00 10/20/2025

4.14%
1,358,974.05
1,359,115.08

97.93 4.66%
1,331,875.20
10,596.67

0.51%
(27,239.88)
A2/A
NA

4.31 3.87
30303MAB8 META PLATFORMS INC 4.2
11/15/2030 1,500,000.00 11/12/2025

4.11%
1,506,000.00
1,505,243.73

98.43 4.60%
1,476,469.50
8,050.00

0.56%
(28,774.23)
Aa3/AA-
NA

4.38 3.93
665859AY0 NORTHERN TRUST CORP 4.15
11/19/2030 1,500,000.00 11/13/2025

4.15%
1,499,940.00
1,499,947.36

98.55 4.52%
1,478,323.50
7,262.50

0.56%
(21,623.86)
A2/A+
A+

4.39 3.94
64952WFR9 NEW YORK LIFE GLOBAL
FUNDING 4.25 01/09/2031 1,355,000.00 01/05/2026

4.29%
1,352,832.00
1,353,037.40

98.37 4.65%
1,332,882.34
27,514.03

0.51%
(20,155.07)
Aa1/AA+
AAA

4.53 3.98
756109AX2 REALTY INCOME CORP 3.25
01/15/2031 1,000,000.00 01/14/2026

4.27%
954,510.00
958,670.37

94.04 4.72%
940,392.00
14,986.11

0.36%
(18,278.37)
A3/A-
NA

4.54 4.08
6944PL3M9 PACIFIC LIFE GLOBAL FUNDING II

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

4.34%
1,502,070.00
1,501,902.22

98.72 4.69%
1,480,734.00
26,979.17

0.56%
(21,168.22)
Aa3/AA-
AA-

4.60 4.04
92826CAZ5 VISA INC 4.1 02/12/2031 1,665,000.00 02/03/2026

4.13%
1,662,768.90
1,662,938.74

98.91 4.36%
1,646,863.16
26,357.88

0.63%
(16,075.58)
Aa3/AA-
NA

4.62 4.09
02079KBK2 ALPHABET INC 4.1 02/15/2031 2,000,000.00 02/12/2026

4.10%
2,000,117.04
2,000,107.78

98.26 4.52%
1,965,160.00
31,433.33

0.75%
(34,947.78)
Aa2/AA+
NA

4.63 4.10
023135DD5 AMAZON.COM INC 4.25
03/13/2031 1,500,000.00 05/19/2026

4.73%
1,469,430.00
1,470,160.34

98.47 4.62%
1,476,982.50
19,125.00

0.56%
6,822.16
A1/AA
AA-

4.70 4.16
46647PBJ4 JPMORGAN CHASE & CO 4.493
03/24/2031 2,000,000.00 05/19/2026

4.74%
1,978,700.00
1,979,205.71

99.12 5.30%
1,982,410.00
24,212.28

0.76%
3,204.29
A1/A
AA-

4.73 3.35

Page 16 of 29 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
743315BC6 PROGRESSIVE CORP 4.6
03/26/2031 1,900,000.00 04/13/2026

4.41%
1,915,257.00
1,914,588.06

99.67 4.68%
1,893,640.70
23,063.89

0.72%
(20,947.36)
A2/A
A

4.74 4.16
26442CBB9 DUKE ENERGY CAROLINAS LLC

2.55 04/15/2031 2,000,000.00 04/20/2026

4.32%
1,843,040.00
1,849,163.16

90.94 4.68%
1,818,730.00
10,766.67

0.69%
(30,433.16)
Aa3/A
NA

4.79 4.39
14913V2D9 CATERPILLAR FINANCIAL
SERVICES CORP 4.5 05/15/2031 1,300,000.00 --

4.54%
1,297,673.00
1,297,732.90

99.53 4.61%
1,293,849.70
7,475.00

0.49%
(3,883.20)
A1/A
A+

4.87 4.30
58933YCK9 MERCK & CO INC 4.65
05/22/2031 1,500,000.00 06/10/2026

4.66%
1,499,370.00
1,499,376.98
100.16

4.61%
1,502,452.50
7,556.25

0.57%
3,075.52
Aa3/A+
NA

4.89 4.31
57636QBL7 MASTERCARD INC 4.6
06/08/2031 2,185,000.00 06/04/2026

4.62%
2,183,252.00
2,183,274.02

99.85 4.63%
2,181,641.66
6,421.47

0.83%
(1,632.36)
Aa3/A+
NA

4.94 4.36
67066GAR5 NVIDIA CORP 4.5 06/15/2031 1,345,000.00 06/15/2026

4.54%
1,342,444.50
1,342,462.72

99.65 4.58%
1,340,238.70
2,185.63

0.51%
(2,224.02)
Aa1/AA
NA

4.96 4.39
Total Corporate 73,547,000.00 4.50%
73,025,916.72
73,109,818.83

99.13 4.60%
72,865,853.46
909,770.61

27.80%
(243,965.37)

3.72 3.19

MONEY MARKET
FUND
60934N104 FEDERATED HRMS GV O INST 1,301,382.50 --

3.51%
1,301,382.50
1,301,382.50

1.00 5.17%
1,301,382.50

0.00 0.50%

0.00 Aaa/
AAAm
AAA

0.00 0.00
Total Money
Market Fund 1,301,382.50 3.51%
1,301,382.50
1,301,382.50

1.00 5.17%
1,301,382.50

0.00 0.50%

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
2,207,552.85
100.46

4.34%
2,210,102.40
41,250.00

0.84%
2,549.55
Aa2/AA-
AA

3.09 2.80
882724XQ5 TEXAS ST 3.0 10/01/2029 3,000,000.00 10/11/2024

4.06%
2,858,880.00
2,907,477.62

96.38 4.20%
2,891,406.00
22,500.00

1.10%
(16,071.62)
NA/AAA
AAA

3.25 3.03
Total Municipal
Bonds 5,200,000.00 4.20%
5,070,474.00
5,115,030.47

98.15 4.26%
5,101,508.40
63,750.00

1.95%
(13,522.07)

3.18 2.93

SUPRANATIONAL
45950KCX6 INTERNATIONAL FINANCE CORP

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

1.14%
3,728,332.00
3,796,042.87

99.14 3.99%
3,767,133.80
6,570.83

1.44%
(28,909.07)
Aaa/AAA
NA

0.27 0.27

Page 17 of 29 ends

HOLDINGS REPORT
Cusip Security Description Par Value/
Units
Purchase Date
Purchase Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
% of Port.

Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
459058LN1

INTERNATIONAL BANK FOR

RECONSTRUCTION AND
DEVELOPM 3.875 10/16/2029
2,250,000.00 12/12/2024

4.25%
2,213,370.00
2,225,075.85

99.00 4.20%
2,227,574.25
18,157.50

0.85%
2,498.40
Aaa/AAA
NA

3.30 3.03
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
2,493,678.53

99.70 4.21%
2,492,470.00
28,932.29

0.95%
(1,208.53)
Aaa/AAA
NA

3.72 3.38
Total
Supranational 8,550,000.00 2.86%
8,433,202.00
8,514,797.26

99.27 4.11%
8,487,178.05
53,660.63

3.24%
(27,619.21)

2.08 1.91

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

1.19%
1,753,369.53
1,778,658.90

99.28 3.81%
1,767,112.80
3,915.03

0.67%
(11,546.10)
Aa1/AA+
AA+

0.25 0.25
91282CDK4 UNITED STATES TREASURY 1.25
11/30/2026 3,500,000.00 12/16/2021

1.17%
3,512,714.84
3,501,068.36

98.88 3.98%
3,460,926.00
3,705.60

1.32%
(40,142.36)
Aa1/AA+
AA+

0.42 0.41
91282CME8 UNITED STATES TREASURY 4.25
12/31/2026 5,500,000.00 --

4.29%
5,496,230.47
5,499,045.05
100.13

3.98%
5,507,304.00
635.19

2.10%
8,258.95
Aa1/AA+
AA+

0.50 0.49
912828Z78 UNITED STATES TREASURY 1.5
01/31/2027 1,150,000.00 02/07/2022

1.77%
1,135,355.47
1,148,276.17

98.56 4.02%
1,133,468.75
7,195.44

0.43%
(14,807.42)
Aa1/AA+
AA+

0.59 0.57
91282CET4 UNITED STATES TREASURY 2.625
05/31/2027 1,800,000.00 06/09/2022

3.07%
1,763,367.19
1,793,262.47

98.68 4.11%
1,776,191.40
4,002.05

0.68%
(17,071.07)
Aa1/AA+
AA+

0.92 0.89
91282CEW7 UNITED STATES TREASURY 3.25
06/30/2027 2,975,000.00 --

3.12%
2,993,090.82
2,978,638.77

99.16 4.12%
2,950,036.78
262.74

1.13%
(28,602.00)
Aa1/AA+
AA+

1.00 0.97
91282CFB2 UNITED STATES TREASURY 2.75
07/31/2027 900,000.00 08/22/2022

3.12%
884,742.19
896,657.33

98.54 4.15%
886,816.80
10,323.90

0.34%
(9,840.53)
Aa1/AA+
AA+

1.08 1.04
91282CFH9 UNITED STATES TREASURY 3.125
08/31/2027 3,150,000.00 --

3.41%
3,109,707.03
3,140,529.28

98.86 4.13%
3,114,071.10
32,901.66

1.19%
(26,458.18)
Aa1/AA+
AA+

1.17 1.12
91282CFM8 UNITED STATES TREASURY 4.125
09/30/2027 3,900,000.00 10/20/2022

4.45%
3,843,632.81
3,885,728.24

99.97 4.14%
3,898,935.30
40,438.52

1.49%
13,207.06
Aa1/AA+
AA+

1.25 1.19
91282CFZ9 UNITED STATES TREASURY 3.875
11/30/2027 1,250,000.00 12/05/2022

3.81%
1,253,906.25
1,251,109.63

99.61 4.16%
1,245,068.75
4,102.63

0.48%
(6,040.88)
Aa1/AA+
AA+

1.42 1.36
91282CGC9 UNITED STATES TREASURY 3.875
12/31/2027 3,350,000.00 --

3.71%
3,375,494.14
3,357,743.13

99.58 4.17%
3,335,866.35
352.75

1.27%
(21,876.78)
Aa1/AA+
AA+

1.50 1.44
91282CGH8 UNITED STATES TREASURY 3.5
01/31/2028 5,000,000.00 --

3.84%
4,923,765.63
4,975,513.25

98.97 4.18%
4,948,440.00
72,997.24

1.89%
(27,073.25)
Aa1/AA+
AA+

1.59 1.50
91282CGP0 UNITED STATES TREASURY 4.0
02/29/2028 5,000,000.00 --

4.08%
4,981,033.20
4,993,717.09

99.73 4.16%
4,986,720.00
66,847.83

1.90%
(6,997.09)
Aa1/AA+
AA+

1.67 1.57

Page 18 of 29 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
2,980,797.33

99.02 4.16%
2,970,468.00
9,211.07

1.13%
(10,329.33)
Aa1/AA+
AA+

1.92 1.82
91282CHQ7 UNITED STATES TREASURY 4.125
07/31/2028 4,000,000.00 08/21/2023

4.46%
3,941,718.75
3,975,428.24

99.93 4.16%
3,997,188.00
68,825.97

1.53%
21,759.76
Aa1/AA+
AA+

2.08 1.94
91282CHX2 UNITED STATES TREASURY 4.375
08/31/2028 1,100,000.00 09/25/2023

4.62%
1,088,398.44
1,094,898.15
100.42

4.17%
1,104,640.90
16,085.26

0.42%
9,742.75
Aa1/AA+
AA+

2.17 2.02
91282CJF9 UNITED STATES TREASURY 4.875
10/31/2028 1,700,000.00 10/27/2023

4.79%
1,706,441.41
1,703,007.40
101.54

4.17%
1,726,164.70
13,962.64

0.66%
23,157.30
Aa1/AA+
AA+

2.34 2.17
91282CJN2 UNITED STATES TREASURY 4.375
11/30/2028 1,400,000.00 12/28/2023

3.83%
1,434,125.00
1,416,758.83
100.46

4.17%
1,406,452.60
5,187.84

0.54%
(10,306.23)
Aa1/AA+
AA+

2.42 2.26
91282CJR3 UNITED STATES TREASURY 3.75
12/31/2028 4,500,000.00 --

3.99%
4,452,480.47
4,476,054.72

99.01 4.17%
4,455,351.00
458.56

1.70%
(20,703.72)
Aa1/AA+
AA+

2.50 2.36
91282CJW2 UNITED STATES TREASURY 4.0
01/31/2029 2,500,000.00 02/16/2024

4.31%
2,465,625.00
2,482,013.08

99.57 4.18%
2,489,257.50
41,712.71

0.95%
7,244.42
Aa1/AA+
AA+

2.59 2.39
91282CKG5 UNITED STATES TREASURY 4.125
03/31/2029 5,000,000.00 --

4.59%
4,897,460.94
4,943,140.37

99.88 4.17%
4,994,140.00
51,844.26

1.91%
50,999.63
Aa1/AA+
AA+

2.75 2.55
91282CKP5 UNITED STATES TREASURY 4.625
04/30/2029 2,000,000.00 05/03/2024

4.48%
2,012,773.44
2,007,257.00
101.20

4.17%
2,023,906.00
15,584.24

0.77%
16,649.00
Aa1/AA+
AA+

2.83 2.61
91282CKT7 UNITED STATES TREASURY 4.5
05/31/2029 1,600,000.00 06/21/2024

4.26%
1,617,187.50
1,610,157.98
100.91

4.17%
1,614,500.80
6,098.36

0.62%
4,342.82
Aa1/AA+
AA+

2.92 2.70
91282CKX8 UNITED STATES TREASURY 4.25
06/30/2029 2,000,000.00 07/18/2024

4.09%
2,014,140.63
2,008,568.89
100.23

4.17%
2,004,532.00
230.98

0.76%
(4,036.89)
Aa1/AA+
AA+

3.00 2.79
91282CLK5 UNITED STATES TREASURY 3.625
08/31/2029 4,000,000.00 09/11/2024

3.45%
4,031,406.25
4,020,042.49

98.40 4.17%
3,935,936.00
48,464.67

1.50%
(84,106.49)
Aa1/AA+
AA+

3.17 2.92
91282CLN9 UNITED STATES TREASURY 3.5
09/30/2029 2,500,000.00 10/04/2024

3.76%
2,470,312.50
2,480,627.23

97.97 4.17%
2,449,220.00
21,994.54

0.93%
(31,407.23)
Aa1/AA+
AA+

3.25 3.01
91282CMA6 UNITED STATES TREASURY 4.125
11/30/2029 2,500,000.00 12/20/2024

4.36%
2,474,511.72
2,482,357.53

99.84 4.17%
2,496,095.00
8,734.63

0.95%
13,737.47
Aa1/AA+
AA+

3.42 3.14
91282CMD0 UNITED STATES TREASURY 4.375
12/31/2029 3,500,000.00 01/10/2025

4.53%
3,476,347.66
3,483,314.21
100.64

4.17%
3,522,557.50
416.10

1.34%
39,243.29
Aa1/AA+
AA+

3.50 3.21
91282CGQ8 UNITED STATES TREASURY 4.0
02/28/2030 2,800,000.00 --

4.02%
2,797,453.12
2,798,115.58

99.39 4.18%
2,783,046.00
37,434.78

1.06%
(15,069.58)
Aa1/AA+
AA+

3.67 3.33
91282CGS4 UNITED STATES TREASURY 3.625
03/31/2030 5,000,000.00 --

3.87%
4,947,363.29
4,959,401.19

98.06 4.19%
4,903,125.00
45,560.11

1.87%
(56,276.19)
Aa1/AA+
AA+

3.75 3.43
91282CNG2 UNITED STATES TREASURY 4.0
05/31/2030 2,500,000.00 05/29/2025

4.00%
2,499,511.72
2,499,617.19

99.32 4.19%
2,483,105.00
8,469.95

0.95%
(16,512.19)
Aa1/AA+
AA+

3.92 3.58

Page 19 of 29 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
3,490,327.30

98.84 4.19%
3,459,533.00
368.55

1.32%
(30,794.30)
Aa1/AA+
AA+

4.00 3.66
91282CNX5 UNITED STATES TREASURY 3.625
08/31/2030 5,500,000.00 --

3.70%
5,481,328.13
5,484,324.35

97.83 4.20%
5,380,760.00
66,638.93

2.05%
(103,564.35)
Aa1/AA+
AA+

4.17 3.77
91282CPD7 UNITED STATES TREASURY 3.625
10/31/2030 6,000,000.00 --

3.73%
5,971,640.62
5,975,306.26

97.74 4.20%
5,864,532.00
36,644.02

2.24%
(110,774.26)
Aa1/AA+
AA+

4.34 3.94
91282CPN5 UNITED STATES TREASURY 3.5
11/30/2030 3,000,000.00 12/03/2025

3.63%
2,982,773.44
2,984,749.48

97.20 4.20%
2,915,859.00
8,893.44

1.11%
(68,890.48)
Aa1/AA+
AA+

4.42 4.03
91282CQG9 UNITED STATES TREASURY 3.875
03/31/2031 4,000,000.00 04/08/2026

3.92%
3,991,718.75
3,992,097.03

98.58 4.21%
3,943,124.00
38,961.75

1.50%
(48,973.03)
Aa1/AA+
AA+

4.75 4.25
91282CQU8 UNITED STATES TREASURY 4.125
05/31/2031 3,000,000.00 06/10/2026

4.25%
2,983,125.00
2,983,310.95

99.63 4.21%
2,988,984.00
10,481.56

1.14%
5,673.05
Aa1/AA+
AA+

4.92 4.39
Total US Treasury 115,855,000.00 3.84%
115,202,651.79
115,531,620.46

99.20 4.15%
114,923,436.03
809,945.47

43.85%
(608,184.44)

2.63 2.42
Total Portfolio 265,610,442.32 4.15%
261,768,437.35
263,102,680.10

98.25 4.32%
262,090,754.48
1,971,607.78
100.00%
(1,011,925.63)

2.94 2.51
Total Market Value
+ Accrued 264,062,362.26

Page 20 of 29 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 06/01/2026 60934N104 406,781.25 FEDERATED HRMS GV O INST 1.000 3.50% (406,781.25) 0.00 (406,781.25) 0.00
Purchase 06/02/2026 60934N104 2,634.09 FEDERATED HRMS GV O INST 1.000 3.49% (2,634.09) 0.00 (2,634.09) 0.00
Purchase 06/03/2026 60934N104 34,500.00 FEDERATED HRMS GV O INST 1.000 3.48% (34,500.00) 0.00 (34,500.00) 0.00
Purchase 06/08/2026 57636QBL7 2,185,000.00 MASTERCARD INC 4.6 06/08/2031 99.920 4.62% (2,183,252.00) 0.00 (2,183,252.00) 0.00 Purchase 06/08/2026 60934N104 350,633.49 FEDERATED HRMS GV O INST 1.000 3.49% (350,633.49) 0.00 (350,633.49) 0.00
Purchase 06/09/2026 60934N104 5,600,000.00 FEDERATED HRMS GV O INST 1.000 3.49% (5,600,000.00) 0.00 (5,600,000.00) 0.00 Purchase 06/11/2026 58933YCK9 1,500,000.00 MERCK & CO INC 4.65 05/22/2031 99.958 4.66% (1,499,370.00) (3,681.25) (1,503,051.25) 0.00 Purchase 06/11/2026 91282CQU8 3,000,000.00

UNITED STATES
TREASURY 4.125
05/31/2031

99.438 4.25% (2,983,125.00) (3,719.26) (2,986,844.26) 0.00 Purchase 06/15/2026 60934N104 39,423.28 FEDERATED HRMS GV O INST 1.000 3.50% (39,423.28) 0.00 (39,423.28) 0.00
Purchase 06/15/2026 60934N104 206,980.68 FEDERATED HRMS GV O INST 1.000 3.50% (206,980.68)

0.00 (206,980.68) 0.00
Purchase 06/16/2026 60934N104 3,696.00 FEDERATED HRMS GV O INST 1.000 3.51% (3,696.00) 0.00 (3,696.00) 0.00
Purchase 06/17/2026 44935KAD5 1,445,000.00 HART 26B A3 4.81 02/18/2031 99.988 4.86% (1,444,825.59) 0.00 (1,444,825.59) 0.00 Purchase 06/18/2026 67066GAR5 1,345,000.00 NVIDIA CORP 4.5 06/15/2031 99.810 4.54% (1,342,444.50) 0.00 (1,342,444.50) 0.00 Purchase 06/18/2026 60934N104 39,489.95 FEDERATED HRMS GV O INST 1.000 3.50% (39,489.95) 0.00 (39,489.95) 0.00
Purchase 06/22/2026 60934N104 80,165.31 FEDERATED HRMS GV O INST 1.000 3.49% (80,165.31) 0.00 (80,165.31) 0.00
Purchase 06/22/2026 60934N104 96,220.98 FEDERATED HRMS GV O INST 1.000 3.49% (96,220.98) 0.00 (96,220.98) 0.00

Page 21 of 29 ends

TRANSACTION LEDGER
Transaction Type Settlement
Date CUSIP Quantity Security Description Price
Acq/
Disp
Yield
Amount Interest Pur/
Sold Total Amount Gain/Loss
Purchase 06/25/2026 60934N104 160,697.13 FEDERATED HRMS GV O INST 1.000 3.50% (160,697.13) 0.00 (160,697.13) 0.00
Purchase 06/25/2026 60934N104 113,741.57 FEDERATED HRMS GV O INST 1.000 3.50% (113,741.57) 0.00 (113,741.57) 0.00
Purchase 06/30/2026 60934N104 67,812.50 FEDERATED HRMS GV O INST 1.000 3.51% (67,812.50) 0.00 (67,812.50) 0.00
Purchase 06/30/2026 60934N104 433,562.50 FEDERATED HRMS GV O INST 1.000 3.51% (433,562.50) 0.00 (433,562.50) 0.00
Total Purchase 17,111,338.73 (17,089,355.82) (7,400.51) (17,096,756.33) 0.00 TOTAL
ACQUISITIONS 17,111,338.73 (17,089,355.82) (7,400.51) (17,096,756.33) 0.00

DISPOSITIONS
Sale 06/01/2026 60934N104 (62,000.00) FEDERATED HRMS GV O INST 1.000 3.50% 62,000.00 0.00 62,000.00 0.00
Sale 06/08/2026 60934N104 (1,028,585.97) FEDERATED HRMS GV O INST 1.000 3.49% 1,028,585.97 0.00 1,028,585.97 0.00
Sale 06/08/2026 808513BY0 (1,425,000.00) CHARLES SCHWAB CORP 2.45 03/03/2027 98.778 2.46% 1,407,586.50 (9,213.02) 1,416,799.52 (17,348.64) Sale 06/11/2026 60934N104 (4,489,895.51) FEDERATED HRMS GV O INST 1.000 3.47% 4,489,895.51 0.00 4,489,895.51 0.00
Sale 06/17/2026 60934N104 (58,700.89) FEDERATED HRMS GV O INST 1.000 3.50% 58,700.89

0.00 58,700.89 0.00
Sale 06/17/2026 084664CZ2 (1,395,000.00)

BERKSHIRE HATHAWAY
FINANCE CORP 2.3
03/15/2027

98.776 2.30% 1,377,925.20 (8,199.50) 1,386,124.70 (17,035.46) Sale 06/18/2026 60934N104 (1,342,444.50) FEDERATED HRMS GV O INST 1.000 3.50% 1,342,444.50 0.00 1,342,444.50 0.00
Total Sale (9,801,626.87) 9,767,138.57 (17,412.52) 9,784,551.09 (34,384.10) TOTAL
DISPOSITIONS (9,801,626.87) 9,767,138.57 (17,412.52) 9,784,551.09 (34,384.10)

Page 22 of 29 ends

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

TRANSACTIONS
Cash Transfer 06/09/2026 CCYUSD 5,600,000.00 Cash 0.00% 5,600,000.00 0.00 5,600,000.00 0.00 Total Cash
Transfer 5,600,000.00 5,600,000.00 0.00 5,600,000.00 0.00 Coupon 06/01/2026 3137F4D41 0.00 FHMS K-074 A2 3.6
01/25/2028 5.78% 6,531.14 0.00 6,531.14 0.00
Coupon 06/01/2026 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 06/01/2026 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 06/01/2026 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 06/01/2026 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 06/01/2026 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 06/01/2026 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 06/01/2026 3137FBU79 0.00 FHMS K-069 A2 3.187
09/25/2027 4.37% 3,207.40 0.00 3,207.40 0.00
Coupon 06/01/2026 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
06/01/2026 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 06/01/2026 3137F9Z79 0.00 FHMS K-125 A2 1.846
01/25/2031 4.09% 3,845.83 0.00 3,845.83 0.00
Coupon 06/01/2026 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 06/01/2026 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 06/01/2026 3137FTZQ3 0.00 FHMS K-110 A2 1.477
04/25/2030 3.96% 3,692.50 0.00 3,692.50 0.00

Page 23 of 29 ends

TRANSACTION LEDGER
Transaction Type Settlement
Date CUSIP Quantity Security Description Price
Acq/
Disp
Yield
Amount Interest Pur/
Sold Total Amount Gain/Loss
Coupon 06/01/2026 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 06/01/2026 3137BSP72 0.00 FHMS K-058 A2 2.653
08/25/2026 1.36% 1,939.39 0.00 1,939.39 0.00
Coupon 06/03/2026 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 06/06/2026 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 06/08/2026 3133EPME2 0.00

FEDERAL FARM CREDIT

BANKS FUNDING CORP

3.875 06/08/2028

3.97% 62,000.00 0.00 62,000.00 0.00
Coupon 06/15/2026 58770JAD6 0.00 MBALT 2024-A A3 5.32
01/18/2028 5.73% 1,834.49 0.00 1,834.49 0.00
Coupon 06/15/2026 44934FAD7 0.00 HALST 2024-B A3 5.41
05/17/2027 5.41% 1,250.83 0.00 1,250.83 0.00
Coupon 06/15/2026 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 06/15/2026 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 06/15/2026 47800BAC2 0.00 JDOT 2022-C A3 5.09
06/15/2027 5.15% 167.22 0.00 167.22 0.00
Coupon 06/15/2026 47800DAD6 0.00 JDOT 2025 A3 4.23
09/17/2029 5.09% 4,159.50 0.00 4,159.50 0.00
Coupon 06/15/2026 05522RDJ4 0.00 BACCT 2024-1 A 4.93
05/15/2029 4.93% 4,313.75 0.00 4,313.75 0.00
Coupon 06/15/2026 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 06/15/2026 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 06/15/2026 92970QAJ4 0.00 WFCIT 2025-1 A 4.34
05/15/2030 4.33% 7,070.58 0.00 7,070.58 0.00

Page 24 of 29 ends

TRANSACTION LEDGER
Transaction Type Settlement
Date CUSIP Quantity Security Description Price
Acq/
Disp
Yield
Amount Interest Pur/
Sold Total Amount Gain/Loss
Coupon 06/15/2026 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 06/15/2026 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 06/15/2026 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 06/15/2026 43814YAD3 0.00 HAROT 2026-2 A3 4.3
11/15/2030 3.02% 7,262.22 0.00 7,262.22 0.00
Coupon 06/16/2026 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 06/18/2026 437930AC4 0.00 HAROT 2024-2 A3 5.27
11/20/2028 5.27% 2,099.42 0.00 2,099.42 0.00
Coupon 06/20/2026 36269WAD1 0.00 GMALT 2024-2 A3 5.39
07/20/2027 5.85% 830.17 0.00 830.17 0.00
Coupon 06/20/2026 36275AAD1 0.00 GMALT 2026-2 A3 4.3
03/20/2029 4.40% 3,812.67 0.00 3,812.67 0.00
Coupon 06/21/2026 43813YAC6 0.00 HAROT 2024-3 A3 4.57
03/21/2029 4.66% 4,163.59 0.00 4,163.59 0.00
Coupon 06/25/2026 096919AD7 0.00 BMWOT 2024-A A3

5.18 02/26/2029 5.18% 2,709.20 0.00 2,709.20 0.00
Coupon 06/25/2026 437076DC3 0.00 HOME DEPOT INC 4.75
06/25/2029 4.82% 38,000.00 0.00
38,000.00 0.00
Coupon 06/30/2026 91282CMD0 0.00

UNITED STATES
TREASURY 4.375
12/31/2029

4.53% 76,562.50 0.00 76,562.50 0.00
Coupon 06/30/2026 91282CME8 0.00

UNITED STATES
TREASURY 4.25
12/31/2026

4.29% 116,875.00 0.00 116,875.00 0.00
Coupon 06/30/2026 91282CKX8 0.00

UNITED STATES
TREASURY 4.25
06/30/2029

4.09% 42,500.00 0.00 42,500.00 0.00
Coupon 06/30/2026 91282CJR3 0.00

UNITED STATES
TREASURY 3.75
12/31/2028

3.99% 84,375.00 0.00 84,375.00 0.00

Page 25 of 29 ends

TRANSACTION LEDGER
Transaction Type Settlement
Date CUSIP Quantity Security Description Price
Acq/
Disp
Yield
Amount Interest Pur/
Sold Total Amount Gain/Loss
Coupon 06/30/2026 91282CNK3 0.00

UNITED STATES
TREASURY 3.875
06/30/2030

3.95% 67,812.50 0.00 67,812.50 0.00
Coupon 06/30/2026 91282CGC9 0.00

UNITED STATES
TREASURY 3.875
12/31/2027

3.71% 64,906.25 0.00 64,906.25 0.00
Coupon 06/30/2026 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 0.00 827,780.38 0.00 827,780.38 0.00
Dividend 06/30/2026 60934N104 0.00 FEDERATED HRMS GV
O INST 3.51% 3,687.82 0.00 3,687.82 0.00
Total Dividend 0.00 3,687.82 0.00 3,687.82 0.00
Principal Paydown 06/01/2026 3137F4D41 3,950.54 FHMS K-074 A2 3.6 01/25/2028 5.78% 3,950.54 -- 3,950.54 0.00
Principal Paydown 06/01/2026 3137FBU79 2,135.86 FHMS K-069 A2 3.187 09/25/2027 4.37% 2,135.86 -- 2,135.86 0.00
Principal Paydown 06/01/2026 3137BSP72 91,205.12 FHMS K-058 A2 2.653 08/25/2026 1.36% 91,205.12 -- 91,205.12 0.01
Principal Paydown 06/15/2026 58770JAD6 47,980.01 MBALT 2024-A A3 5.32 01/18/2028 5.73% 47,980.01 -- 47,980.01 0.00
Principal Paydown 06/15/2026 44934FAD7 97,127.70 HALST 2024-B A3 5.41 05/17/2027 5.41% 97,127.70 -- 97,127.70 (0.00)
Principal Paydown 06/15/2026 47800BAC2 39,423.28 JDOT 2022-C A3 5.09 06/15/2027 5.15% 39,423.28 -- 39,423.28 (0.02)
Principal Paydown 06/18/2026 437930AC4 37,390.53 HAROT 2024-2 A3 5.27 11/20/2028 5.27% 37,390.53 -- 37,390.53 (0.01)
Principal Paydown 06/20/2026 36269WAD1 91,578.14 GMALT 2024-2 A3 5.39 07/20/2027 5.85% 91,578.14 -- 91,578.14 (0.00)
Principal Paydown 06/21/2026 43813YAC6 76,001.72 HAROT 2024-3 A3 4.57 03/21/2029 4.66% 76,001.72 -- 76,001.72 (0.00)
Principal Paydown 06/25/2026 096919AD7 50,216.62 BMWOT 2024-A A3

5.18 02/26/2029 5.18% 50,216.62 -- 50,216.62 (0.01)

Page 26 of 29 ends

TRANSACTION LEDGER
Transaction Type Settlement
Date CUSIP Quantity Security Description Price
Acq/
Disp
Yield
Amount Interest Pur/
Sold Total Amount Gain/Loss
Total Principal
Paydown 537,009.52 537,009.52 -- 537,009.52 (0.02)

TOTAL OTHER
TRANSACTIONS 6,137,009.52 6,968,477.72 0.00 6,968,477.72 (0.02)

Page 27 of 29 ends

June 2026
Bond Market Review
Market Summary
The Iran conflict continues to influence global markets, with Brent crude peaking in late April before easing in May on ceasefire hopes. Elevated energy prices have lifted headline inflation above core measures and weighed on sentiment, while the labor market remains resilient. This mix has reduced the likelihood of near-term rate cuts, prompting the Chandler team to push easing expectations beyond our six-month investment horizon.

In May, equities reached new highs even as Treasury yields rose on inflation data tied to energy costs. Despite some late month relief in oil prices, markets shifted toward an extended policy pause with some risk of further tightening. Under newly confirmed Fed Chair Kevin Warsh, the Chandler team expects gradual normalization, with energy prices and ceasefire durability as key uncertainties.

The Fed did not meet in May, keeping the federal funds rate at 3.50%-3.75% after April's unusually divided decision, which saw four dissents. Although Kevin Warsh was confirmed by the Senate as Fed Chair, Jerome Powell will remain a governor "for a period of time to be determined." With energy-driven inflation elevated and labor markets still growing modestly, markets have priced out rate cuts for the rest of the year and begun to assign some probability to a hike, making the June meeting the next key policy inflection point.

The Treasury yield curve flattened modestly through May month-end. The curve's positive slope reflects a market that expects the Federal Reserve to hold short rates in place over the coming months, even as longer yields continue to embed the uncertainty of higher inflation alongside the outlook for growth.

As the Iran conflict continued, U.S. Treasury yields
remained at the highest levels in several months. By
May month-end, the 2-year Treasury yield closed at

4.00% and the 10-year at 4.44%, producing a +44 basis
point spread. This narrowed from +69 basis points at the end of 2025, as the curve flattened year-to-date: the 2- year rose roughly 53 basis points while the 10-year
gained roughly 28 basis points. The 3-month to 10-year
spread stood at + 76 basis points, a positively sloped
curve that reflects markets pricing in persistent inflation risk.

Credit Spreads
Credit spreads were tighter in May
Spread to One Month Change Treasuries Ago
3-month �or rated
commerc1a paper 0.01 0.04 (0.03)
2-year A corporate 0.22 0.30 (0.08) note
5-year A corporate 0.48 0.56 (0.08) note
5-year Agency note 0.03 0.06 (0.03)
Source: Bloomberg; data as of 5/29/2026

5.50%

5.00%

4.50%

4.00%

3.50%

3.00% 3 mo 6mo
U.S. Treasury Yields
2yr 3 yr 5 yr 7 yr
- May 2025 - April 2026 - May 2026
10 yr 30yr
Treasury Yields Source: Bloomberg
Iran Conflict Keeps Treasury Yields Elevated in May
Treasury
Yields Trend 5/29/2026 4/30/2026 Change
3 month A 3.68 3.67 0.01
2y ear A 4.01 3.87 0.14
3y ear A 4.05 3.89 0.16
5y ear A 4.14 4.01 0.12
7y ear A 4.28 4.19 0.11
10 year A 4.44 4.37 0.07
30 year A 4.97 4.97 0.00
Source: Bloomberg
Chandler Asset Management j 800.317.4747 I chandlerasset.com I ,.._,a CHANDLER '-••· ASSET MANAGEMENT

Page 28 of 29 ends

Market Data
Data as of 5/29/2026
1-MoChg
S&P500
7,580.06 371.05
NASDAQ
26,972.62 2,080.31
Dow Jones
51,032.46 1,380.32

FTSE (UK)
10,409.28 30.46
DAX (Gennany)
25,104.70 614.29
Hang Seng (Hong Kong)
24,182.39 (594.14)
Nikkei (Japan)
66,239.50 15,990.02
%Chg

5.15%

8.36%

2.78%

0.29%

2.51%
(2.30%)

31.76%
Wor1d 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 on
index that tracks 30 large, publicly-owned
companies trading on the New York Stock
Exchange and the NASDAQ. The Financial nmes
stock Exchange Group (FTSE)-The FTSE is a shore
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 Germon companies
trading on the Frankfurt stock Exchange. Hong
Seng-The Hong Seng Index is a freefloot
odjusted market-capitalization- weighted stock
market index in Hong Kong. It is used to record
and monitor doily changes of the largest
companies of the Hong Kong stock market and is
the main indicator of overall market
performance in Hong Kong. Nikkei-Jopan'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
Equities
Equity markets extended their May advance to close at record highs, shrugging off rising Treasury yields as resilient earnings and Al enthusiasm outweighed renewed inflation concerns. The Nasdaq led with an -8% gain to fresh all-time highs, while the S&P 500 also set records as investors looked past energy-driven price pressures toward underlying profit growth. The rally reflected a market increasingly willing to separate geopolitical and inflation noise from fundamentals, even as higher discount rates warranted caution.

Consumer Prices
The Iran conflict drove energy prices higher in April, pushing CPI up 0.6% month-over-month to a 3.8% year-over-year headline rate - the fastest pace since May 2023, up from 3.3% in March. Core CPI rose 0.4% for the month and 2.8% year-over-year. PCE also remained firm, climbing 0.4% monthly and 3.8% annually, with core PCE up 0.2% and 3.3%, respectively. Energy is the primary inflation driver: the CPI energy component is up 17.9% over 12 months and gasoline 28.4%. Goods inflation has reaccelerated due to tariff pressures and higher oil prices, while services inflation has moderated. The broadening of price increases complicates the policy outlook.

Retail Sales
Tax refunds may be cushioning consumers facing higher gasoline and food prices amid recent inflation.

April retail sales rose 0.5% month-over-month and 4.9% year-over-year, reflecting continued but decelerating household spending despite the energy shock, with more than 40% of the monthly gain driven by higher gasoline spending. The Conference Board's Consumer Confidence Index edged down to

93.l in May from a revised 93.8 in April; the survey period captured a temporary ceasefire and equity market rebound that partially offset energy-price anxiety weighing on near-term sentiment.

Labor Market
The April Employment Situation report revealed a stronger-than-expected jobs market, with nonfarm payrolls climbing 115,000 - well above the 65,000 forecast - while the unemployment rate held steady at

4.3%. Behind the headline number, however, the data carried some noise: February payrolls were revised down 23,000 to a loss of 156,000 (originally reported at -92,000 and previously revised to -133,000), while March payrolls were revised up 7,000 to a gain of 185,000, leaving a net revision of -16,000. Meanwhile, the labor force participation rate dipped to 61.8%, its lowest level since October 2021.

Housing Starts
The Census Bureau reported that April housing starts totaled 1.465 million units, down 2.8% from March but up 4.6% year-over-year. Single-family starts declined to 930,000 units, while multifamily starts rose to 535,000. March starts were revised higher to l.507 million. On the price side, the S&P Corelogic Case-Shiller 20-City Composite Home Price Index climbed 0.8% year-over-year as of March month-end, though half of the metro areas posted annual declines. Seattle led the downside at -2.5%, while Chicago topped the gains at +6.1% year-over-year. Meanwhile, the Freddie Mac 30-year fixed mortgage rate averaged 6.53% at the end of May.

Economic Indicator Current Release Prior Release One Year Ago Trade Balance (55.88) $B Apr. 30 (56.59) $B Mar. 31 (60.34) $B Apr. 30 Gross Domestic Product 1.60% Mar. 31 0.50% Dec. 31 (0.20)% Mar. 31 Unemployment Rate 4.30%May 29 4.30% Apr. 30 4.30%May 31 Prime Rate 6.75% May 29 6.75% Apr. 30 7.50%May 30
Refinitiv/CoreCommodity CRB Index 380.45 May 29 395.ll Apr. 30 290.43 May 30 Oil (West Texas Int.) $87.36 May 29 $105.07 Apr. 30 $60.79 May 30 Consumer Price Index (YoY) 3.80%May 29 3.30% Apr. 30 2.3%May 30 Producer Price Index (YoY) 6.46% May 29 4.48% Apr. 30 0.29% May 30 Euro/Dollar 1.17 May 29 1.17 Apr. 30 1.13 May 30
Source: Bloomberg
© 2026 Chandler Asset Management, Inc. An independent, SEC-registered investment adviser. Doto source: Bloomberg, Federal Reserve, and the us Deportment 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 dote of publication, but may become outdated or superseded at any time without notice. Any opinions or views expressed ore based on current market conditions and ore subject to change. This report may contain forecasts and forward-looking statements which ore inherently limited and should not be relied upon as on indicator of future results. Post performance is not indicative of future results. This report is not intended to constitute on 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 ore subject to interest rote, credit, and market risk. Interest rote risk: The value of fixed income investments will decline as interest rotes rise. Credit risk: the possibility that the borrower may not be able to repay interest and principal. Low-roted bonds generally h uring periods
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the value
market,
of
in
residential
general,
real
could
estate
decline
in 20
due to
metropolitan
economic
regions
conditions,
across the
especially
notion.
d ,,., £t'/��R�� Chandler Asset Management j 800.317.4747 I chandlerasset.com I

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Moreno Valley City CouncilAugust 18, 2026

Moreno Valley City Council
August 18, 2026