Good evening everybody. Calling to order the Investments Subcommittee for the City of Tuscany on today January 9th, 2025. I'll start with the roll call. Dan Erickson. President. John Wendy. President. Next on order of business is a pledge of allegiance. A pledge of allegiance to the flag of the United States of America and to the Republic for which it stands one nation under God, indivisible with liberty and justice for all. Thank you, Dan. Any presentations? No presentations today. Okay. And is there any public input at this time? We have received no public input for this meeting. Okay. Thank you. Moving on to regular business. First order on the agenda is the approval of minutes for December 12th, 2024 meeting. Call for a motion to approve. Move the minutes for December 12th, 2024 be approved. All right, I'll second that. Roll call vote, Dan Erickson. Proof. John Wendy, approve John Wendy approve. Moving on to the next agenda item is the review of the November 2024 investment report with Carl from Chandler Asset Management. Carl, thanks for hanging in with us there on that. Absolutely John. You're welcome. My pleasure. Good to see you in a virtual sense this time, so you'll share yours. All right, thank you, sir. And it says sharing is not turned on. This host isn't allowing multiple presenters sharing for this meeting. So I can't show you the screen here, but I can give you the figures audibly if that's advice. Oh, yeah. Oh, go ahead, Jennifer. Carl, if you can try again, I think we're just in the evil sharing. Oh, here we go. Perfect. Thank you. And the entire screen. How about this? Sure. I'm going to have this. Sure. Can you guys see my screen now? Yes. Okay, perfect. All right. Well, we'll first and foremost, happy new year everyone. And it's kind of surreal after being there physically at the podium to be gazing down on it from up above here. So, anyway, I'll do a brief overview of all of the economic releases that have transpired since our last meeting. And of course, attached to this report is our whole collection of economic slides. So if you have any specific questions, I'd be more than happy to reference any of those slides. But the Federal Reserve cut the Fed Fundrate 25 basis points at the December FOMC meeting. So the new Fed Fundrate is the range of 4.25 to 4.5%. The final revision to third quarter GDP came in stronger than expected. On the heels of continued consumer resilience, the third quarter GDP improved to 3.1% from 3% in the second quarter. And the resilient consumer was also echoed in the consumer sentiment and consumer confidence reports for November which remain high and unchanged from the previous month. Inflation data continues to be in line with the consensus estimates. CPI ticked up one-tenth to 2.7 while the Fed preferred gauge that's core PCE was unchanged at 2.8% year over year. And of course, in December all eyes were on the labor market and we were looking for signs of material slowing which we did not get. Initial jobless claims and continuing claims continue to trend lower than generally we have on a monthly basis. However, the unemployment rate did take up to 4.2% from 4.1%. So we're keeping an eye on that. So the net of effect of all the news since we last spoke would be short-term yields are lower. So the two-year U.S. Treasury, as of pretty much today, was 4.27% versus the last time we spoke was about 4.34% and the curve is steeper. It's normalizing. The five-year U.S. Treasury as of today was 4.45% and that is up from 4.32% in November. The Fed Vundrade, of course, I just mentioned is lower and that for in a quarter to four and a half percent range, Lafe has been ticking down. So Lafe went from 4.47 the last time we spoke to 4.4 percent, how's it December 31st and Camp Yield actually is down quite substantially. As of January 3rd, it was at 4.64 percent and that's down from 4.82%, and that was at our last meeting. So the current market is still presenting opportunities to take advantage of higher yields and longer duration strategies. And with that, I'll get into the portfolio performance. I'll start with the slide that is currently up on my screen. That's the consolidated portfolio, including the one-to-five-year strategy that Chandler manages, the Chandler managed liquidity strategy, Lafe, Camp, and money market holdings are all part of this consolidated statement. And the total market value of all reported financial assets as of November 30th, 2024, with 195,247,114. The modified duration of the consolidated portfolio ticked down from 1.38 to 0.89 and the purchase yield to maturity of relatively in line with last time. It was at 4.10%. Average final maturity also shortened from 1.01 to 0.91 years. And the percent of consolidated holdings that maturing in less than six months went up from 64.6% to 66.2%. As far as the Chandler managed strategies are concerned, the first one would be the one to five-year duration strategy, modified duration on that, decreased to 2.13 from 2.16 in October and this is for November, month end. Purchase yield ticked down slightly to 3.04% from 3.06% and the market yield as of the end of November ticked down to 4.39 from 4.49. Total market value of the portfolio was $77,642,157 and as far as transactions are concerned we purchased a million of a triple a-rated apple five-year bond that mature in 2029 at 4.31 percent. Finally the Chandler liquidity portfolio, just a couple highlights there. The purchase yield was 4.90% as of November. And the total market value of that portfolio as of November, was $24,924,919,040. That pretty much wraps up what I was intending to present. More than happy to answer any questions or dig in granular. Anything you guys like? I have no questions. Excuse me. No questions here, Carl. So thank you for the presentation on that and going through the numbers. It looks like everything's up to Snuff, so we're looking good. Thank you. Absolutely, looking great. All right, ask for a motion to approve the 2024, November 2024 investment report. I'll move to approve the November 30th to 2024 investment report. I'll second that roll call votes Dan Erickson approve John Wendy approve. Next order of business is any committee or staff comments. No comments from staff. Thank you. any committee or staff comments? No comments from staff. Thank you. All right. Dan, you have anything? Good. No comments? No comments, yeah. All right, yep, nothing here. So, all right, I'll call to adjourn. The next meeting of the investment subcommittee is scheduled for 5 p.m. on Thursday, February 27th, 2025. And in light of everything that's going on up north February 27th, 2025. And in light of everything that's going on up north of us here, I hope everybody's family and friends and all that are all safe and sound. And we wish the best for anybody and anybody that we all know or even for those that we don't get through this time. So with that, hopefully all becomes good and well and call this meeting to close at 5.30 on today.