Agenda packet, first session — Finance Committee, September 10, 2024

City Council Chambers
29844 Haun Road
Menifee, CA 92586
Lesa Sobek, District 3
Dean Deines, District 4
AGENDA
Finance Committee
Regular Meeting Agenda
Tuesday, September 10,
2024
2:00 PM Regular Meeting
Travis Hickey, Chief
Financial Officer
Edna A. Aguilar, Clerk
REGULAR MEETING (2:00 PM)

1. CALL TO ORDER

2. ROLL CALL

3. PRESENTATIONS NONE

4. PUBLIC COMMENTS (NONAGENDA ITEMS)
This is the time for members of the public to address the Committee Members about items which are NOT listed on the agenda. The Ralph M. Brown Act limits the Committee’s ability to respon d to comments on nonagendized matters at the time such comments are made. Each speaker will be limited to three minutes on any single item.

5. APPROVAL OF MINUTES

5.1 July 9, 2024 Minutes

6. DISCUSSION ITEMS

6.1 STAX Property Finder Application
RECOMMENDED ACTION

1. Receive and file a report on STAX Property Finder, an online portal available to property owners to access current tax information.

6.2 City of Menifee Investment Portfolio Overview
RECOMMENDED ACTION

1. Receive and file a presentation on the City of Menifee’s Investment Portfolio.

7. STAFF COMMENTS

8. COMMITTEE MEMBER UPDATES AND COMMENTS

9. FUTURE AGENDA ITEMS

10. ADJOURNMENT
Decorum Policy Notes
The Committee anticipates and encourages public participation at its meetings, both on agenda items and during the public comments period. Please turn your cell phones off, refrain from talking in the audience or outbursts that may be disruptive. We encourage participation and ask for a mutual respect for the proceedings.

Staff Reports
Materials related to an item on this agenda, including those submitted to the Committee after distribution of the agenda packet, are available for public inspection by contacting the City Clerk Department, at (951) 6726777, or by coming into City Hall located at 29844 Haun Road, Menifee, CA, 92586 during normal business hours.

Compliance with the Americans with Disabilities Act
If you need special assistance to participate in this meeting, you should contact the City Clerk Department at (951) 6726777, or by coming into City Hall located at 29844 Haun Road, Menifee, CA, 92586 during normal business hours. Notification 72 hours prior to the meeting will enable the City to make reasonable arrangements to assure accessibility to this meeting.

Menifee Finance Committee
September 10, 2024

Page 1 of 65 ends

1. CALL TO ORDER

2. ROLL CALL

3. PRESENTATIONS NONE

5. APPROVAL OF MINUTES

5.1 July 9, 2024 Minutes

6. DISCUSSION ITEMS

6.1 STAX Property Finder Application
RECOMMENDED ACTION

1. Receive and file a report on STAX Property Finder, an online portal available to property owners to access current tax information.

6.2 City of Menifee Investment Portfolio Overview
RECOMMENDED ACTION

1. Receive and file a presentation on the City of Menifee’s Investment Portfolio.

7. STAFF COMMENTS

8. COMMITTEE MEMBER UPDATES AND COMMENTS

9. FUTURE AGENDA ITEMS

Menifee Finance Committee
September 10, 2024

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Menifee Finance Committee
July 9, 2024

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City Council Chambers
29844 Haun Road
Menifee, CA 92586

Lesa Sobek, District 3
Dean Deines, District 4 MINUTES
Finance Committee
Regular Meeting
Minutes

Tuesday, July 9, 2024
2:00 PM Regular Meeting

Travis Hickey, Chief Financial Officer
Edna Aguilar, Management Analyst

REGULAR MEETING (2:00 PM)

1. CALL TO ORDER
Councilmember Sobek called the meeting to order at 2:03 PM.

2. ROLL CALL

Present: Dean Deines and Lesa Sobek

3. PRESENTATIONS – NONE

4. PUBLIC COMMENTS (NONAGENDA ITEMS)
None.

5. APPROVAL OF MINUTES

The Committee approved the following sets of minutes unanimously.

5.1 November 7, 2023 Minutes

5.2 December 12, 2023 Minutes

5.3 February 13, 2024 Minutes

5.4 March 26, 2024 Minutes

5.5 May 7, 2024 Minutes

6. DISCUSSION ITEMS

6.1 Creation of an Underwriters Pool for LandSecured Community Facility District Bond Issuance

Chief Financial Officer Travis Hickey introduced the item and Consultant Branden Kfoury with Urban Futures was available for any questions. Staff pr ovided a PowerPoint presentation to the Finance Committee to review the CFD Underwriter’s RFP and selection.

Mayor ProTem Deines requested the item be brought back in three years for future assessment.

Item: 5.1
Item Page Number: 1
Menifee Finance Committee September 10, 2024 Page 3 of 65

Menifee Finance Committee
July 9, 2024

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Mover: Dean Deines
Seconder: Lesa Sobek

ACTION

1. Received report on CFD Underwriters Pool and intended selection for two upcoming bond issuances and;

2. Recommended using established CFD Underwriter’s Pool on a rotating basis.

6.2 Proposed Bond Issuance for Community Facilities District No. 20231, Rockport Ranch
Chief Financial Officer Travis Hickey introduced the item and Consultant Shane Spicer with Spicer Consulting was available for any questions.

Mover: Lesa Sobek
Seconder: Dean Deines
ACTION

1. Reviewed the proposed bond issuance request for Community Facilities District No. 20231, Rockport Ranch, by Lennar Homes, located at the southwest corner of Newport Road and Briggs Road to finance the costs of certain public improvements.

6.3 Proposed Change to Community Facilities District No. 20223, Legado, by BLC Fleming
Chief Financial Officer Travis Hickey introduced the item to the Committee.

Councilmembers Deines and Sobek had questions on who would be responsible for the construction of community parks and community facilities. Consultants Shane Spicer from Spicer Consulting and Jim Zimmerman of Zimmerman Group were able to address these questions.

Mover: Dean Deines
Seconder: Lesa Sobek
ACTION

1. Reviewed the changes for Community Facilities District 20223, located northwest of Antelope Road and Chambers Avenue and south of Rouse Road, proposed by BLC Fleming, to amend the financing plan and for certain public improvements within the residential development and recommended submittal to the City Council for consideration.

6.4 Annual Update on Community Facility District Related Bond Premiums Deputy Finance Director Margarita Cornejo introduced the item to the Committee.

Committee members requested that staff consult with Councilmembers prior to allocating funds to a project within a specific district.

Deputy Finance Director Margarita Cornejo suggested that CFD funds should be highlighted at future budget workshops for the public, staff and City Council to review.

Item: 5.1
Item Page Number: 2
Menifee Finance Committee September 10, 2024 Page 4 of 65

Menifee Finance Committee
July 9, 2024

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Mover: Lesa Sobek
Seconder: Dean Deines
ACTION

1. Received annual report with updated details on Community Facility District and bond premiums.

7. STAFF COMMENTS
None.

8. COMMITTEE MEMBER UPDATES AND COMMENTS

None.

9. FUTURE AGENDA ITEMS

None.

10. ADOURNMENT
The meeting was called to adjournment by Committee Member Sobek at 2:57 PM.

Item: 5.1
Item Page Number: 3
Menifee Finance Committee September 10, 2024 Page 5 of 65

CITY OF MENIFEE
SUBJECT: STAX Property Finder Application
MEETING DATE: September 10, 2024
TO: Finance Committee
PREPARED BY: Lauri Lockwood, Financial Analyst
REVIEWED BY: Travis Hickey, Chief Financial Officer
APPROVED BY: Armando G. Villa, City Manager
-------------------------------------------------------------------------------------------------------------------------------

RECOMMENDED ACTION

1. Receive and file a report on STAX Property Finder, an online portal available to property owners to access current tax information.

DISCUSSION
One of the City’s guiding principles is to provide municipal services in a responsive and transparent manner, ensuring that current and future residents have access to local government in a meaningful way. In an effort to help Menifee property owners better understand how the City uses their property tax money, the City has partnered with Spicer Consulting Group to debut the STAX Property Finder application. STAX is a proprietary online property tax portal that allows property owners to look up their property using either the property address or Parcel Identification Number (PIN) found on their property tax bill.

The City of Menifee receives a share of the ad valorem tax assessed on each property and collects money from special assessments levied on parcels included within the boundaries of the six CSAs, 24 LLMDs, 65 services CFDs and 12 facilities CFDs currently established in the City.

The amounts, purpose, and duration of each component of a property tax bill vary greatly and that information is not printed on the Riverside County tax bill.

Existing and potential property owners frequently call the City asking about the nature and disposition of the charges represented by the numerous lines on their property tax bill, which can include the basic ad valorem tax, debt-related assessments for school districts, Mt. San Jacinto College, water districts, and special assessments put on the tax roll by the City. Some tax lines will eventually fall off the tax bill when the debt is paid, whereas assessments that cover the costs of providing services will remain in perpetuity. Due to the nature of the varying types of taxes, owners are frequently confused about who receives their property tax money, what it is used for and if it will one day be removed from the tax rolls. In order to get those specific details, a phone Item: 6.1
Item Page Number: 1
Menifee Finance Committee September 10, 2024 Page 6 of 65

City of Menifee Staff Report
STAX Property Finder application
September 10, 2024

Page 2 of 2 ends

2 3
5 7
call is required to the taxing agency.

The STAX application empowers property owners, allowing anyone to easily look up their property and quickly see the details of their property tax bill, including their land value, the value of the improvements on their property and a listing of which special districts are administered by the City. Users can then get further details on any of those City-levied assessments, including the amount of the assessment for that district, if that particular tax will increase each year, what services the district provides for that money, when (or if) that assessment will fall off the tax rolls, and a map of the district boundaries. Additionally, an application enhancement is in the works to provide information on how Menifee property owners can contact the City about any of the services a particular special district provides.

While the STAX application does not currently offer detailed information on taxes levied by other jurisdictions, it includes a direct link at the top of the property owner’s page to the County’s property tax portal, specific to their property. Residents seeking information about non-city- imposed taxes can access their tax bill and find contact numbers for inquiries regarding any particular tax line.

The City of Menifee will be the third city to make this application available to homeowners, following the City of Lake Elsinore and City of Beaumont, which currently offer it to property owners within their jurisdictions. The application can be accessed at https://propertyfinder.spicercg.com/, and a link to the application will be posted on the City’s website. A live demonstration of the program will be offered by Spicer Consulting Group during the Finance Committee meeting.

FISCAL IMPACT
The City has entered into an agreement with Spicer Consulting Group to provide access to the property information for parcels within its boundaries. The annual $24,385 which will increase by 2% each year, was previously approved as part of the FY 2024/25 mid-cycle budget and is covered by the special districts.

There is no additional fiscal impact associated with the recommended action.

ATTACHMENTS
None.

Item: 6.1
Item Page Number: 2
Menifee Finance Committee September 10, 2024 Page 7 of 65

CITY OF MENIFEE
SUBJECT: City of Menifee Investment Portfolio Overview
MEETING DATE: September 10, 2024
TO: Finance Committee
PREPARED BY: Margarita Cornejo, Deputy Finance Director REVIEWED BY: Travis Hickey, Chief Financial Officer
APPROVED BY: Armando G. Villa, City Manager
-------------------------------------------------------------------------------------------------------------------------------

RECOMMENDED ACTION

1. Receive and file a presentation on the City of Menifee’s Investment Portfolio.

DISCUSSION
The City of Menifee’s Investment Policy, CC-11, was created in 2008 and is reviewed on an annual basis with the purpose of establishing guidelines for investment operations of the City.

Pursuant to the policy, the City of Menifee will foster a prudent and systematic investment program designed to seek the City of Menifee’s objectives of safety, liquidity, and return through a diversified investment portfolio.

The City Treasurer, who also serves as the Chief Financial Officer (CFO), oversees the City's investment operations. Regular updates on these activities are provided through the Treasurer's Report, which is submitted as a recurring agenda item during City Council meetings throughout the year. During the year the City has proactively identified opportunities to improve the City’s overall investment portfolio and strategy, including:
•Participation in the California Asset Management Program (CAMP) investment pool, in addition to the Local Agency Investment Fund (LAIF);
•Consolidation of the City’s investment portfolio from a split broker-dealer and investment advisor structure to a unified portfolio under a single investment advisor, Chandler Asset Management;
•Expansion of the City’s longer term investment portfolio, moving available funds from the City’s principal bank account, and/or CAMP/LAIF holdings to the investment portfolio managed by Chandler Asset Management;
•Deliberate restructuring of the previous Piper Sandler managed portfolio to allow for overall stronger diversification and higher returns going forward.

Item: 6.2
Item Page Number: 1
Menifee Finance Committee September 10, 2024 Page 8 of 65

City of Menifee Staff Report
City of Menifee Investment Portfolio Overview
September 10, 2024

Page 2 of 2 ends

2 3
6 7
A presentation on the City’s investment performance since the unification and restructuring has been prepared by Chandler Asset Management and is presented to the Finance Committee for receipt and file.

FISCAL IMPACT
There is no fiscal impact associated with the recommended action.

ATTACHMENTS

1. Chandler Asset Management Investment Portfolio Review Item: 6.2
Item Page Number: 2
Menifee Finance Committee September 10, 2024 Page 9 of 65

INVESTMENT REPORT
City of Menifee | Account #10112 | As of June 30, 2024
CHANDLER ASSET MANAGEMENT | chandlerasset.com
Chandler Team:

For questions about your account, please call (800) 317-4747, or contact [email protected]
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.

Item: 6.2
Item Page Number: 3
Menifee Finance Committee September 10, 2024 Page 10 of 65

TABLE OF CONTENTS

ECONOMIC UPDATE

ACCOUNT PROFILE

PORTFOLIO HOLDINGS

TRANSACTIONS
1 Item: 6.2
Item Page Number: 4
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ECONOMIC UPDATE
2 Item: 6.2
Item Page Number: 5
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


Recent economic data suggests positive but slower growth this year fueled by consumer spending. While the consumer has been resilient, declining savings rates, growing credit card debt, higher delinquencies, and a moderating labor market pose potential headwinds to future economic growth. Inflationary trends are subsiding, but core levels remain above the Fed’s target. The labor market is showing signs of cooling, reflecting an improved balance between supply and demand for workers. Given the cumulative effects of restrictive monetary policy and tighter financial conditions, we believe the economy will gradually soften and the Fed will begin lowering interest rates at upcoming meetings with pace and magnitude determined by the incoming data.

As expected at the July meeting, the Federal Open Market Committee voted unanimously to leave the federal funds rate unchanged at a target range of 5.25-5.50%. Although this was the eighth straight meeting they left the overnight rate unchanged, they noted that risks to achieving their employment and inflation goals are moving “into better balance”. In addition, the FOMC adjusted their evaluation of the labor market pointing out that job gains have moderated. The market is now pricing in more aggressive easing in the coming months.

The US Treasury yield curve shifted significantly lower in July as economic data moderated. The 2-year Treasury yield fell 50 basis points to

4.26%, the 5-year Treasury dropped 46 basis points to 3.91%, and the 10-year Treasury yield declined 37 basis points to 4.03%. The inversion between the 2-year Treasury yield and 10-year Treasury yield narrowed to -23 basis points at July month-end versus -36 basis points at June month-end. The spread between the 2-year Treasury and 10-year Treasury yield one year ago was -92 basis points. The inversion between 3-month and 10-year Treasuries widened to -126 basis points in July from -96 basis points in June.

ECONOMIC UPDATE
3 Item: 6.2
Item Page Number: 6
Menifee Finance Committee September 10, 2024 Page 13 of 65

-400
-200
0 200
400
600
800
1,000MOM Change In Thousands (000's)
Nonfarm Payroll (000's)
Non-farm Payroll (000's)
3-month average (000's)

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%
Unemployment Rate
Underemployment Rate (U6)
Unemployment Rate (U3)
Rate (%)
The U.S. economy added 114,000 jobs in July, significantly below expectations of 175,000. Additionally, the prior two months were revised down by 29,000. The three-month moving average and six-month moving average payrolls have weakened from the first quarter to 170,000 and 194,000 respectively. The unemploymentrate increased to 4.3% in July, and the labor participation rate inched up to 62.7%, remaining below the pre-pandemic level of 63.3%. The U-6 underemploymentrate, which includes those who are marginally attached to the labor force and employed part time for economic reasons rose to 7.8% from 7.4%. Average hourly earnings rose 3.6% year-over-year in July, down from 3.8% year-over-year in June. The labor markets continue to show signs of cooling, in line with the Federal Reserve’s view that there has been “substantial” progress towards better balance in the labor market between demand and supply for workers.

Source: US Department of Labor Source: US Department of Labor

EMPLOYMENT
4 Item: 6.2
Item Page Number: 7
Menifee Finance Committee September 10, 2024 Page 14 of 65

0 2,000
4,000
6,000
8,000
10,000
12,000
14,000
Job Openings
Recession
Historical Average
In Thousands (000's)
The Labor D epartment’s Job Openings and Labor TurnoverSurvey (JOLTS) decreased to 8.18 million job openings in June from an upwardly revised 8.23 million in May. Job openings still represent a healthy ratio of around 1.2 jobs for each unemployed individual. The quits rate, an indicator of job availability, came in at 2.1%, which is the lowest level since 2020. While the current level of job openings remains elevated from a historical perspective, the trend is decelerating.

Source: US Department of Labor

JOB OPENINGS & LABOR TURNOVER SURVEY
5 Item: 6.2
Item Page Number: 8
Menifee Finance Committee September 10, 2024 Page 15 of 65

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

9.0%

10.0%
Consumer Price Index (CPI)
CPI YOY % Change
Core CPI YOY % Change
YOY (%) Change

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

9.0%

10.0%
Personal Consumption Expenditures (PCE)
PCE Price Deflator YOY % Change
PCE Cor e Deflator Y OY % Change
Fed Target
YOY (%) Change
In July, t he Consumer Price Index (CPI) rose 0.2% month-over-monthand 2.9% year-over-year, down from 3.0% in June and lower than expected. The Core CPI, which excludes volatile food and energy components, was up 0.2% month-over-monthand 3.2% year-over-year in July, down from 3.3% in June. The Personal Consumption Expenditures(PCE) Index rose 0.1% from the previous monthand 2.5% year-over- year in June. The Core PCE deflator (the Fed’s preferredgauge) increased 0.2% month-over-monthand 2.6% over the past year, still above the Fed’s 2% inflation target. Much of the lingering inflation has been driven by shelter costs and demand for services, but recent data provide confirmation that inflation is moderating.

Source: US Department of Labor Source: US Department of Commerce

INFLATION
6 Item: 6.2
Item Page Number: 9
Menifee Finance Committee September 10, 2024 Page 16 of 65

-30.0%
-20.0%
-10.0%

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%
Retail Sales YOY % Change
YOY (%) Change
Retail Sales g rew more than expected month-over-monthin July at 1.0% after a downwardly revised -0.2% in June. On a year-over-year basis, Retail Sales growth increased to 2.7% in July from 2.0% in June. Auto sales bounced back sharply after a cyberattack on dealerships caused a sizable decline in June. Control-group sales, which are used to calculate gross domestic product, rose 0.3% in July, down from June’s 0.9% increase. The Conference Board’s Consumer Confidence Index rose to 100.3 in July, up from June’s downwardly revised 97.8 reading. While the present situation component declined, future expectations for the labor market improved. While the consumer has been resilient, consumption has begun to moderate in the face of declining savings rates, growing credit card debt, higher delinquencies, and a moderating labor market.
0 20
40 60
80 100
120
140
160
Index Level
Consumer Confidence
Recession
Source: US Department of Commerce Source: The Conference Board All time high is 144.70 (1/31/00); All time low is 25.30 (2/28/09)

CONSUMER
7 Item: 6.2
Item Page Number: 10
Menifee Finance Committee September 10, 2024 Page 17 of 65

-25.0%
-20.0%
-15.0%
-10.0%
-5.0%

0.0%

5.0%

10.0%

15.0%
Leading Economic Indicators (LEI)
Recession
YOY (%) Change
-1.00
-0.75
-0.50
-0.25

0.00 0.25

0.50 0.75

1.00 Chicago Fed National Activity Index (CFNAI)
Recession
3 Month Average
The Conference Board’s Leading Economic Index (LEI) fell 0.6% in July following a 0.2% decline in June. The index dropped 5.2% year-over- year. T he reportindicated slowing economic growth overthe next few quarters ratherthan a pending recession. The Chicago Fed National Activity Index (CFNAI) decreased to -0.34 in July from a downwardly revised -0.09 in June, which was below consensus expectations. The three-month moving average remained unchanged in July at -.06, indicating slightly below-trend growth expectations for the economy.

Source: The Conference Board Source: Federal Reserve Bank of Chicago

LEADING INDICATORS OF ECONOMIC ACTIVITY
8 Item: 6.2
Item Page Number: 11
Menifee Finance Committee September 10, 2024 Page 18 of 65

0 200
400
600
800
1,000
1,200
1,400
1,600
1,800
2,000
2,200
2,400
In Thousands of Units
Annualized Housing Starts
Multi Family Housing Starts
Single Family Housing Starts
Housing starts were down 6.8% month-over-monthin July to 1.238 million units, with the decline attributable to weak single-family home starts. Total starts were down 16.0% year-over-year. The Freddie Mac average rate for a 30-year fixed mortgage edged down to 6.85% in July from 6.92% in June. According to the Case-Shiller 20-City Home Price Index, housing prices rose 6.8% year-over-year in May, decelerating from 7.3% reported in the previous month. Tight inventories and higher mortgage rates continue to impact affordability.

Source: US Department of Commerce Source: S&P
-20.0%
-16.0%
-12.0%
-8.0%
-4.0%

0.0%

4.0%

8.0%

12.0%

16.0%

20.0%

24.0%
S&P/Case-Shiller 20 City Composite Home Price Index
Recession
YOY (%) Change

HOUSING
9 Item: 6.2
Item Page Number: 12
Menifee Finance Committee September 10, 2024 Page 19 of 65

40 45
50 55
60 65
70 Institute of Supply Management (ISM) Surveys
ISM Manufacturing ISM Services

EXPANDING

CONTRACTING
The Institute for Supply Management (ISM) Manufacturing index declined to a lower than expected 46.8 in July from 48.5 in June. New orders were weak, and staff reductions increased. The ISM Services Index rebounded to 51.4 in July after falling unexpectedly to 48.8 in June. The survey reflected a return to growth in production, new orders and employment in July. A reading over 50 indicates expansion, while a reading under 50 indicates contraction.

Source: Institute for Supply Management

SURVEY BASED MEASURES
10 Item: 6.2
Item Page Number: 13
Menifee Finance Committee September 10, 2024 Page 20 of 65

Components of GDP 9/23 12/ 23 3/24 6/24

2.1% 2.2% 1.0% 1.6%

1.7% 0.2% 0.8% 1.5%

0.0% 0.3% -0.7% -0.7%

0.5% 0.2% 0.0% 0.3%

0.5% 0.6% 0.3% 0.3%

4.9% 3.4% 1.4% 2.8%
State and Local (Consumption and Gross
Investment)
Personal Consumption Expenditures
Gross Private Domestic Investment
Net Exports and Imports
Federal Government Expenditures
Total
-40.0%
-30.0%
-20.0%
-10.0%

0.0%

10.0%

20.0%

30.0%

40.0%
Gross Domestic Product (GDP)
GDP QOQ % Change
GDP YOY % Change
Source: US Department of Commerce Source: US Department of Commerce The advance e stimate for second quarter GDP came in higher than expected at 2.8%, beating consensus expectations and 1.4% growth in the first quarter. Personal consumption was the largest contributor to GDP, mostly due to outlays for necessities such as health care, housing, and utilities. The strong reading was also driven by business capital investment and an increase in auto inventories as car dealerships grappled with a software cyberattack. The consensus projection calls for 1.5% growth in the third quarter and 2.3% growth for the full year 2024.

GROSS DOMESTIC PRODUCT (GDP)
11 Item: 6.2
Item Page Number: 14
Menifee Finance Committee September 10, 2024 Page 21 of 65

Source: Federal Reserve Source: Bloomberg
0 1,000,000
2,000,000
3,000,000
4,000,000
5,000,000
6,000,000
7,000,000
8,000,000
9,000,000
10,000,000
Federal Reserve Balance Sheet Assets
Recession
In $ millions
As expected at the July meeting, the Federal Open Market Committee voted unanimously to leave the federal funds rate unchanged at a target range of 5.25-5.50%. Although this was the eighth straight meeting they left the overnight rate unchanged, they noted that risks to achieving their employment and inflation goals are moving “into better balance”. In addition, the FOMC adjusted their evaluation of the labor market pointing out that job gains have moderated. The Fed continues to reduce its holdings of U.S. Treasury securities and agency mortgage-backed securities as per its predefined schedule of $25 billion and $35 billion per month. Since the Fed began its Quantitative Tightening campaign in June 2022, securities holdings have declined by approximately $1.7T to approximately $7.3T.

0.00%

1.00%

2.00%

3.00%

4.00%

5.00%

6.00%
Effective Federal Funds Rate
Recession
Yield (%)

FEDERAL RESERVE
12 Item: 6.2
Item Page Number: 15
Menifee Finance Committee September 10, 2024 Page 22 of 65

Source: Bloomberg Source: Bloomberg

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%
US Treasury Note Yields
2-Year
5-Year
10-Year
Yield (%)

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%
US Treasury Yield Curve
Jul-24
Apr-24
Jul-23
Yield (%)
At the end of July, the 2-year Treasury yield was 62 basis points lower, and the 10-Year Treasury yield was 7 basis points higher, year- over-year. The inversion between the 2-year Treasury yield and 10-year Treasury yield narrowed to -23 basis points at July month-end versus -36 basis points at June month-end. The inversion has occurred since July 2022 and remains historically long. The average historical spread (since 2003) is about +110 basis points. The inversion between 3-month and 10-year Treasuries widened to -126 basis points in July from -96 basis points in June.

BOND YIELDS
13 Item: 6.2
Item Page Number: 16
Menifee Finance Committee September 10, 2024 Page 23 of 65

ACCOUNT PROFILE
14 Item: 6.2
Item Page Number: 17
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OBJECTIVES
City of Menifee | Account #10112 | As of June 30, 2024
Investment Objectives
The City of Menifee's investment objectives, in order of priority, are to provide safety to ensure the preservation of capital in the overall portfolio, provide sufficient liquidity for cash needs and a market rate of return consistent with the investment program.

Chandler Asset Management Performance Objective
The performance objective for the portfolio is to earn a total rate of return through a market cycle that is equal to or above the return on the benchmark index.

Strategy
In order to achieve these objectives, the portfolio invests in high quality fixed income securities consistent with the investment policy and California Government Code.
15 Item: 6.2
Item Page Number: 18
Menifee Finance Committee September 10, 2024 Page 25 of 65

STATEMENT OF COMPLIANCE
City of Menifee | Account #10112 | As of June 30, 2024
Rules Name Limit Actual Compliance
Status Notes

AGENCY MORTGAGE SECURITIES (CMOS)
Max % (MV) 100.0 3.1 Compliant
Max % Issuer (MV; Agencies & Agency CMOs) 25.0 15.1 Compliant Max Maturity (Years) 5.0 4.7 Compliant

ASSET-BACKED SECURITIES (ABS)
Max % (MV; Non Agency ABS & MBS) 20.0 0.9 Compliant
Max % Issuer (MV) 5.0 0.4 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
Min Rating (A-1 by 1 or A- by 1) 0.0 0.0 Compliant

CERTIFICATE OF DEPOSIT PLACEMENT SERVICE (CDARS)
Max % (MV) 30.0 0.0 Compliant
Max Maturity (Years) 5.0 0.0 Compliant

COLLATERALIZED BANK DEPOSITS
Max % (MV) 20.0 0.0 Compliant
Max Maturity (Years) 5.0 0.0 Compliant

COLLATERALIZED TIME DEPOSITS (NON-NEGOTIABLE
CD/TD)
Max % (MV) 20.0 0.0 Compliant
Max % Issuer (MV) 5.0 0.0 Compliant
Max Maturity (Years) 5.0 0.0 Compliant
C

OMMERCIAL PAPER
Max % (MV) 25.0 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
16 Item: 6.2
Item Page Number: 19
Menifee Finance Committee September 10, 2024 Page 26 of 65

STATEMENT OF COMPLIANCE
City of Menifee | Account #10112 | As of June 30, 2024
Rules Name Limit Actual Compliance
Status Notes

CORPORATE MEDIUM TERM NOTES
Max % (MV) 30.0 23.6 Compliant
Max % Issuer (MV) 5.0 1.3 Compliant
Max Maturity (Years) 5 4 Compliant
Min Rating (A- by 1) 0.0 0.0 Compliant

FDIC INSURED TIME DEPOSITS (NON-NEGOTIABLE CD/
TD)
Max % (MV) 20.0 0.0 Compliant
Max Maturity (Years) 5 0.0 Compliant

FEDERAL AGENCIES
Max % (MV) 100.0 24.7 Compliant
Max % Issuer (MV; Agencies & Agency CMOs) 25.0 15.1 Compliant Max Callables (MV) 20.0 20.5 Not
Compliant
Complies on a Consolidated Basis
Max Maturity (Years) 5 4 Compliant

LOCAL AGENCY INVESTMENT FUND (LAIF)
Max Concentration (MV) 75.0 0.0 Compliant

MONEY MARKET MUTUAL FUNDS
Max % (MV) 20.0 0.7 Compliant
Max % Issuer (MV) 20.0 0.7 Compliant
Min Rating (AAA by 2) 0.0 0.0 Compliant

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

MUNICIPAL SECURITIES (CA, LOCAL AGENCY)
Max % (MV) 30.0 0.0 Compliant
Max % Issuer (MV) 5.0 0.0 Compliant
Max Maturity (Years) 5 0.0 Compliant
17 Item: 6.2
Item Page Number: 20
Menifee Finance Committee September 10, 2024 Page 27 of 65

STATEMENT OF COMPLIANCE
City of Menifee | Account #10112 | As of June 30, 2024
Rules Name Limit Actual Compliance
Status Notes
Min Rating (A- by 1) 0.0 0.0 Compliant

MUNICIPAL SECURITIES (CA, OTHER STATES)
Max % (MV) 30.0 0.0 Compliant
Max % Issuer (MV) 5.0 0.0 Compliant
Max Maturity (Years) 5 0.0 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
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 1.4 Compliant
Max % Issuer (MV) 10.0 1.1 Compliant
Max Maturity (Years) 5 4 Compliant
Min Rating (AA- by 1) 0.0 0.0 Compliant
U.S. TREASURIES
Max % (MV) 100.0 45.5 Compliant
Max Maturity (Years) 5 4 C ompliant
18 Item: 6.2
Item Page Number: 21
Menifee Finance Committee September 10, 2024 Page 28 of 65

PORTFOLIO CHARACTERISTICS
City of Menifee | Account #10112 | As of June 30, 2024
Benchmark* 6/30/2024
Portfolio
3/31/2024
Portfolio
Average Maturity (yrs) 2.76 2.71 2.86
Average Modified Duration 2.56 2.40 2.59
Average Purchase Yield 3.34% 3.67%
Average Market Yield 4.65% 4.91% 4.75%
Average Quality** AA+ AA AA
Total Market Value 127,474,840 11,063,278
*Benchmark: ICE BofA 1-5 Year Unsubordinated US Treasury & Agency Index **The credit quality is a weighted average calculation of the highest of S&P, Moody’s and Fitch. 19 Item: 6.2
Item Page Number: 22
Menifee Finance Committee September 10, 2024 Page 29 of 65

SECTOR DISTRIBUTION
City of Menifee | Account #10112 | As of June 30, 2024
Sector as a Percentage of Market Value
Sector 06/30/2024 03/31/2024
US Treasury 45.5% 30.4%
Agency 24.9% 22.6%
Corporate 23.4% 27.1%
Agency CMBS 3.1% 10.2%
Supras 1.4% 4.4%
ABS 0.9% 4.8%
Money Mkt Fd 0.7% 0.6%
Cash 0.1% 0.0%
20 Item: 6.2
Item Page Number: 23
Menifee Finance Committee September 10, 2024 Page 30 of 65

ISSUERS
City of Menifee | Account #10112 | As of June 30, 2024
Issuer Investment Type % Portfolio
United States US Treasury 45.51%
Federal Home Loan Banks Agency 15.23%
Farm Credit System Agency 9.14%
FHLMC Multiple 3.32%
Royal Bank of Canada Corporate 1.33%
JPMorgan Chase & Co. Corporate 1.31%
PACCAR Inc Corporate 1.28%
Toyota Motor Corporation Corporate 1.27%
Deere & Company Corporate 1.26%
Prologis, Inc. Corporate 1.26%
National Rural Utilities Cooperative Corporate 1.25%
BNY Mellon Corp Corporate 1.25%
Morgan Stanley Corporate 1.25%
UnitedHealth Group Incorporated Corporate 1.24%
Honda Motor Co., Ltd. Corporate 1.24%
U.S. Bancorp Corporate 1.24%
Realty Income Corporation Corporate 1.22%
The Toronto-Dominion Bank Corporate 1.21%
Bank of America Corporation Corporate 1.19%
Caterpillar Inc. Corporate 1.13%
International Bank for Recon and Dev Supras 1.05%
Federated Hermes, Inc. Money Mkt Fd 0.69%
Public Service Enterprise Group Inco Corporate 0.60%
Simon Property Group, Inc. Corporate 0.60%
The Home Depot, Inc. Corporate 0.59%
Cisco Systems, Inc. Corporate 0.55%
BMW Vehicle Owner Trust ABS 0.46%
FNMA Agency 0.31%
21 Item: 6.2
Item Page Number: 24
Menifee Finance Committee September 10, 2024 Page 31 of 65

ISSUERS
City of Menifee | Account #10112 | As of June 30, 2024
Issuer Investment Type % Portfolio
Inter-American Development Bank Supras 0.25%
Honda Auto Receivables Owner Trust ABS 0.22%
Cash Cash 0.11%
The PNC Financial Services Group, In Corporate 0.11%
Honeywell International Inc. Corporate 0.10%
Merck & Co., Inc. Corporate 0.10%
PepsiCo, Inc. Corporate 0.10%
State Street Corporation Corporate 0.10%
Microsoft Corporation Corporate 0.10%
Apple Inc. Corporate 0.10%
Bank of Montreal Corporate 0.09%
The Charles Schwab Corporation Corporate 0.08%
International Finance Corporation Supras 0.08%
BMW Vehicle Lease Trust ABS 0.08%
John Deere Owner Trust ABS 0.05%
Amazon.com, Inc. Corporate 0.04%
Toyota Auto Receivables Owner Trust ABS 0.04%
Chubb Limited Corporate 0.04%
Berkshire Hathaway Inc. Corporate 0.03%
Salesforce, Inc. Corporate 0.03%
MERCEDES-BENZ AUTO RECEIVABLES TRUST ABS 0.03%
Mastercard Incorporated Corporate 0.03%
Duke Energy Corporation Corporate 0.03%
Truist Financial Corporation Corporate 0.02%
Hyundai Auto Receivables Trust ABS 0.02%
Costco Wholesale Corporation Corporate 0.02%
Target Corporation Corporate 0.01%
Northern Trust Corporation Corporate 0.01%
22 Item: 6.2
Item Page Number: 25
Menifee Finance Committee September 10, 2024 Page 32 of 65

ISSUERS
City of Menifee | Account #10112 | As of June 30, 2024
Issuer Investment Type % Portfolio
GM Financial Securitized Term ABS 0.01%
Walmart Inc. Corporate 0.01%
TOTAL 100.00%
23 Item: 6.2
Item Page Number: 26
Menifee Finance Committee September 10, 2024 Page 33 of 65

0-.25 .25-.5 .5-1 1-2 2-3 3-4 4-5 5-7 7+
Portfolio 0.9% 2.7% 11.3% 36.6% 10.8% 21.5% 16.1% 0.0% 0.0% ICE BofA 1-5 Year Unsubordinated US
Treasury & Agency Index

0.0% 0.1% 2.4% 35.0% 26.8% 22.9% 12.8% 0.0% 0.0%

DURATION DISTRIBUTION
City of Menifee | Account #10112 | As of June 30, 2024
Portfolio Compared to the Benchmark
24 Item: 6.2
Item Page Number: 27
Menifee Finance Committee September 10, 2024 Page 34 of 65

3 Months 12 Months 2 Years 3 Years 5 Years 10 Years Since Inception

TOTAL RATE OF RETURN
City of Menifee 1.06% 4.84% 2.48% (0.01%) 1.08% 1.38% 1.54% Benchmark 0.82% 4.18% 1.85% (0.34%) 0.76% 1.15% 1.30%
*Periods over 1 year are annualized.

Benchmark: ICE BofA 1-5 Year Unsubordinated US Treasury & Agency Index Total rate of return: A measure of a portfolio’s performance over time. It is the internal rate of return, which equates the beginning value of the portfolio with the ending market value; it includes interest earnings, realized and unrealized gains and losses in the portfolio.

INVESTMENT PERFORMANCE
City of Menifee | Account #10112 | As of June 30, 2024
Total Rate of Return : Inception | 02/01/2010
-1.00%

0.00%

1.00%

2.00%

3.00%

4.00%

5.00%

6.00%
3 months 12 months 2 years 3 years 5 years 10 years Since Inception City of Menifee Benchmark
25 Item: 6.2
Item Page Number: 28
Menifee Finance Committee September 10, 2024 Page 35 of 65

PORTFOLIO HOLDINGS
26 Item: 6.2
Item Page Number: 29
Menifee Finance Committee September 10, 2024 Page 36 of 65

HOLDINGS REPORT
City of Menifee | Account #10112 | As of June 30, 2024
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
05593AAC3 BMWLT 2023-1 A3 5.16 11/25/2025 96,888.11 -- 97,063.38 99.81 96,707.39 0.08% Aaa/AAA 1.41

5.31% 96,940.54 5.69% 83.32 (233.15) NA 0.42
43815GAC3 HAROT 2021-4 A3 0.88 01/21/2026 3,995.75 11/16/2021 3,994.91 97.97 3,914.45 0.00% Aaa/NA 1.56

0.42% 3,995.56 4.64% 0.98 (81.11) AAA 0.55
47789QAC4 JDOT 2021-B A3 0.52 03/16/2026 4,410.82 07/13/2021 4,410.43 98.07 4,325.88 0.00% Aaa/NA 1.71

0.52% 4,410.74 4.81% 1.02 (84.86) AAA 0.45
89238JAC9 TAOT 2021-D A3 0.71 04/15/2026 31,223.09 12/14/2022 29,404.59 98.00 30,598.30 0.02% NA/AAA 1.79

5.38% 30,280.90 4.44% 9.85 317.39 AAA 0.57
44935FAD6 HART 2021-C A3 0.74 05/15/2026 7,560.21 -- 7,451.87 98.36 7,436.23 0.01% NA/AAA 1.87

1.55% 7,518.84 4.11% 2.49 (82.61) AAA 0.49
43815BAC4 HAROT 2022-1 A3 1.88 05/15/2026 58,823.33 -- 5 6,582.94 98.11 57,709.89 0.05% Aaa/AAA 1.87

4.10% 57,550.27 4.63% 49.15 159.62 NA 0.70
05602RAD3 BMWOT 2022-A A3 3.21 08/25/2026 9,333.26 05/10/2022 9,332.78 98.66 9,208.47 0.01% Aaa/AAA 2.15

3.63% 9,333.08 4.97% 4.99 (124.61) NA 0.
78 47787JAC2 JDOT 2022 A3 0.36 09/15/2026 5,552.71 03/10/2022 5,551.48 98.03 5,443.48 0.00% Aaa/NA 2.21

2.34% 5,552.27 5.46% 5.73 (108.79) AAA 0.64
362554AC1 GMCAR 2021-4 A3 0.68 09/16/2026 4,472.67 10/13/2021 4,472.56 97.67 4,368.57 0.00% Aaa/AAA 2.21

0.68% 4,472.64 4.17% 1.27 (104.07) NA 0.69
448977AD0 HART 2022-A A3 2.22 10/15/2026 15,713.58 03/09/2022 15,712.97 98.19 15,428.76 0.01% NA/AAA 2.29

2.23% 15,713.36 4.60% 15.50 (284.60) AAA 0.78
380146AC4 GMCAR 2022-1 A3 1.26 11/16/2026 5,358.15 01/11/2022 5,357.68 97.78 5,239.45 0.00% NA/AAA 2.38

1.24% 5,358.00 4.27% 2.81 (118.55) AAA 0.76
47800AAC4 JDOT 2022-B A3 3.74 02/16/2027 13,202.35 07/12/2022 13,201.09 98.59 13,016.20 0.01% Aaa/NA 2.63

3.77% 13,201.75 5.33% 21.95 (185.56) AAA 0.88
8 9231CAD9 TAOT 2022-C A3 3.76 04/15/2027 25,000.00 01/09/2023 24,583.98 98.56 24,640.00 0.02% NA/AAA 2.79

4.58% 24,731.68 5.20% 41.78 (91.68) AAA 1.10
47800BAC2 JDOT 2022-C A3 5.09 06/15/2027 25,000.00 10/12/2022 24,998.06 99.64 24,910.73 0.02% Aaa/NA 2.96

3.29% 24,998.89 5.50% 56.56 (88.16) AAA 1.05
47800CAC0 JDOT 2023 A3 5.01 11/15/2027 20,000.00 02/22/2023 19,996.36 99.54 19,908.79 0.02% Aaa/NA 3.38

3.39% 19,997.39 5.38% 44.53 (

88.61) AAA 1.52
27 Item: 6.2
Item Page Number: 30
Menifee Finance Committee September 10, 2024 Page 37 of 65

Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
58770AAC7 MBART 2023-1 A3 4.51 11/15/2027 35,000.00 01/18/2023 34,995.80 98.98 34,644.41 0.03% NA/AAA 3.38

4.56% 34,997.14 5.18% 70.16 (352.73) AAA 1.54
437930AC4 HONDO-242-A3 5.27 11/20/2028 210,000.00 05/14/2024 209,974.48 100.27 210,566.81 0.17% NA/AAA 4.39

5.27% 209,975.12 5.21% 399.64 591.69 AAA 2.06
096919AD7 BMWOT 2024-A A3 5.18 02/26/2029 570,000.00 06/04/2024 569,913.42 100.10 570,563.10 0.45% Aaa/AAA 4.66

5.18% 569,914.43 5.21% 1,640.33 648.68 NA 2.10
1,136,998.77 99.75 1,138,630.89 0.90% Aaa/AAA 3.83
Total ABS 1,141,534.03 4.88% 1,138,942.59 5.18% 2,452.05 (311.70) AAA 1.68 AGENCY
3135G0W66 FEDERAL NATIONAL MORTGAGE 70,000.00 10/17/2019 69,880.30 98.97 69,277.99 0.05% Aaa/AA+ 0.29 ASSOCIATION 1.625 10/15/2024 1.66% 69,993.04 5.20% 240.14 (715.06) AA+ 0.29 3130ATUR6 FEDERAL HOME LOAN BANKS 4.625 210,000.00 01/24/2023 210,808.50 99.64 209,237.54 0.17% Aaa/AA+ 0.45 12/13/2024 4 .40% 210,193.90 5.43% 485.63 (956.36) AA+ 0.44 3135G0X24 FEDERAL NATIONAL MORTGAGE 65,000.00 -- 66,319.45 98.13 63,787.26 0.05% Aaa/AA+ 0.52 ASSOCIATION 1.625 01/07/2025 1.20% 65,142.06 5.31% 510.52 (1,354.80) AA+ 0. 50 3137EAEP0 FEDERAL HOME LOAN MORTGAGE 80,000.00 02/13/2020 79,938.40 97.70 78,159.31 0.06% Aaa/AA+ 0.62 CORP 1.5 02/12/2025 1.52% 79,992.37 5.34% 463.33 (1,833.06) AA+ 0.60 3133ENPG9 FEDERAL FARM CREDIT BANKS 220,000.00 01/24/2023 209,231.00 97.81 215,189.30 0.17% Aaa/AA+ 0.63 FUNDING CORP 1.75 02/14/2025 4.27% 216,730.58 5.37% 1,465.14 (1,541.28) AA+ 0.60 3130A4CH3 FEDERAL HOME LOAN BANKS 2.375 35,000.00 03/19/2020 37,003.05 98.00 34,300.54 0.03% Aaa/AA+ 0.70 03/14/2025 1.21% 35,282.21 5.29% 247.07 (981.67) AA+ 0.68 3135G03U5 FEDERAL NATIONAL MORTGAGE 65,000.00 04/22/2020 64,866.10 96.43 62,676.78 0.05% Aaa/AA+ 0.81 ASSOCIATION 0.625 04/22/2025 0.67% 64,978.34 5.18% 77.86 (2,301.56) AA+ 0.79 3133EMF98 FEDERAL FARM CREDIT BANKS 4,000,000.00 06/03/2021 4,000,000.00 95.65 3,825,994.56 3.02% Aaa/AA+ 0.94 FUNDING CORP 0.65 06/09/2025 0.65% 4,000,000.00 5.45% 1,588.89 (174,005.44) AA+ 0.92 3135G04Z3 F EDERAL NATIONAL MORTGAGE 70,000.00 -- 69,954.40 95.66 66,964.80 0.05% Aaa/AA+ 0.96 ASSOCIATION 0.5 06/17/2025 0.51% 69,992.14 5.17% 13.61 (3,027.34) AA+ 0.94 3137EAEU9 FEDERAL HOME LOAN MORTGAGE 80,000.00 -- 79,736.00 95.27 76,219.74 0.06% Aaa/AA+ 1.06 CORP 0.375 07/21/2025 0.44% 79,942.71 5.01% 133.33 (3,722.97) AA+ 1.03 3135G05X7 FEDERAL NATIONAL MORTGAGE 75,000.00 12/16/2020 74,807.25 94.81 7 1,107.74 0.06% Aaa/AA+ 1.15
ASSOCIATION 0.375 08/25/2025 0.43% 74,952.71 5.07% 98.44 (3,844.97) AA+ 1.12 28 Item: 6.2
Item Page Number: 31
Menifee Finance Committee September 10, 2024 Page 38 of 65

Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
3130AMQ54 FEDERAL HOME LOAN BANKS 0.7
09/16/2025
4,000,000.00 05/27/2021

0.70%
4,000,000.00
4,000,000.00

94.94 5.06%
3,797,595.12
8,166.67

3.00%
(202,404.88)
Aaa/AA+
AA+

1.21 1.18
3137EAEX3 FEDERAL HOME LOAN MORTGAGE
CORP 0.375 09/23/2025
75,000.00 --

0.44%
74,777.85
74,944.30

94.51 5.03%
70,883.93

76.56 0.06%
(4,060.37)
Aaa/AA+
AA+

1.23 1.20
3135G06G3 FEDERAL NATIONAL MORTGAGE
ASSOCIATION 0.5 11/07/2025
65,000.00 11/09/2020

0.57%
64,767.30
64,936.87

94.22 4.97%
61,245.94

48.75 0.05%
(3,690.93)
Aaa/AA+
AA+

1.36 1.32
3133EN7J3 FEDERAL FARM CREDIT BANKS
FUNDING CORP 3.875 02/02/2026
210,000.00 01/27/2023

4.01%
209,202.00
209,576.97

98.45 4.90%
206,745.79
3,368.02

0.16%
(2,831.18)
Aaa/AA+
AA+

1.59 1.50
3130AMM33 FEDERAL HOME LOAN BANKS 0.875
06/16/2026
5,000,000.00 05/27/2021

0.88%
5,000,000.00
5,000,000.00

92.60 4.88%
4,630,126.15
1,822.92

3.66%
(369,873.85)
Aaa/AA+
AA+

1.96 1.90
3133EML67 FEDERAL FARM CREDIT BANKS
FUNDING CORP 0.8 06/22/2026
5,000,000.00 06/17/2021
0 .89%
4,977,500.00
4,991,135.25

92.48 4.83%
4,624,142.15
1,000.00

3.66%
(366,993.10)
Aaa/AA+
AA+

1.98 1.92
3130AMT28 FEDERAL HOME LOAN BANKS 1.0
06/30/2026
5,000,000.00 06/07/2021

1.00%
5,000,000.00
5,000,000.00

92.71 4.87%
4,635,362.90
138.89

3.66%
(364,637.10)
Aaa/AA+
AA+

2.00 1.94
3130AMWZ1 FEDERAL HOME LOAN BANKS 1.05
06/30/2026
5,000,000.00 06/17/2021

1.05%
5,000,000.00
5,000,000.00

92.80 4
.87%
4,640,095.55
145.83

3.67%
(359,904.45)
Aaa/AA+
AA+

2.00 1.94
3133EP6K6 FEDERAL FARM CREDIT BANKS
FUNDING CORP 4.5 03/26/2027
700,000.00 04/24/2024

4.83%
693,700.00
694,096.34

99.77 4.59%
698,406.76
8,312.50

0.55%
4,310.42
Aaa/AA+
AA+

2.74 2.52
3130ATUS4 FEDERAL HOME LOAN BANKS 4.25
12/10/2027
200,000.00 01/30/2023

3.76%
204,274.00
203,028.42

99.11 4.53%
198,223.23
495.83

0.16%
(4,805.19)
Aaa/AA+
AA+

3.45 3.16
3130ATS57 FEDERAL HOME LOAN BANKS 4.5
03/10/2028
190,000.00 03/23/2023

3.78%
196,165.50
194,584.17

99.88 4.53%
189,766.88
2,636.25

0.15%
(4,817.29)
Aaa/AA+
AA+

3.70 3.32
3133EPGW9 FEDERAL FARM CREDIT BANKS
FUNDING CORP 3.875 04/25/2028
150,000.00 04/24/2023

3.76%
150,753.00
150,574.54

97.93 4.47%
146,889.75
1,065.63

0.12%
(3,684.78)
Aaa/AA+
AA+

3.82 3.48
3 133EPSK2 FEDERAL FARM CREDIT BANKS
FUNDING CORP 4.25 08/07/2028
75,000.00 08/17/2023

4.52%
74,100.00
74,257.60

99.12 4.49%
74,342.70
1,275.00

0.06%

85.10 Aaa/AA+
AA+

4.10 3.66
3130AWTR1 FEDERAL HOME LOAN BANKS 4.375
09/08/2028
225,000.00 09/12/2023

4.49%
223,860.00
224,042.17

99.66 4.46%
224,244.02
3,089.84

0.18%
201.85
Aaa/AA+
AA+

4.19 3.74
3133EPWK7 FEDERAL FARM CREDIT BANKS
FUNDING CORP 4.5 09/22/2028
95,000.00 09/27/2023

4.76%
93,915.10
94,080.13
100.16

4.46%
95,151.09
1,175.63

0.08%
1,070.96
Aaa/AA+
AA+

4.23 3.77
3133EPN50 FEDERAL FARM CREDIT BANKS
FUNDING CORP 4.25 12/15/2028
270,000.00 12/18/2023

4.00%
272,999.70
272,678.83

99.30 4.42%
268,114.86
510.00

0.21%
(4,563.97)
Aaa/AA+
AA+

4. 46

4.01 29
Item: 6.2
Item Page Number: 32
Menifee Finance Committee September 10, 2024 Page 39 of 65

Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
3130AVBD3 FEDERAL HOME LOAN BANKS 4.5 700,000.00 04/29/2024 693,525.00 100.42 702,941.24 0.56% Aaa/AA+ 4.69 03/09/2029 4.71% 693,751.30 4.40% 9,800.00 9,189.94 AA+ 4.13 3133ERAK7 FEDERAL FARM CREDIT BANKS 700,000.00 04/22/2024 689,017.00 99.92 699,462.81 0.55% Aaa/AA+ 4.78 FUNDING CORP 4.375 04/10/2029 4.73% 689,435.00 4.39% 6,890.63 10,027.82 AA+ 4.23 3133ERDH1 FEDERAL FARM CREDIT BANKS 700,000.00 05/08/2024 706,132.00 101.45 710,170.43 0.56% Aaa/AA+ 4.83 FUNDING CORP 4.75 04/30/2029 4.55% 705,953.14 4.41% 5,634.03 4,217.30 AA+ 4.25 33,287,232.90 94.43 31,446,826.87 24.86% Aaa/AA+ 2.00
Total Agency 33,325,000.00 1.40% 33,304,275.09 4.92% 60,976.93 (1,857,448.23) AA+ 1.90

AGENCY CMBS
3137FBTA4 FHMS K-728 A2 3.064 08/25/2024 12,255.60 03/10/2022 12,452.61 99.45 12,188.70 0.01% Aaa/AA+ 0.15

2.18% 12,262.61 5.70% 31.29 (73.91) AAA 0.13
3137BEVH4 FHMS K-040 A2 3.241 09/25/2024 11,817.15 11/24/2021 12,441.25 99.44 11,750.69 0.01% Aa a/AA+ 0.24

1.05% 11,856.36 5.71% 31.92 (105.67) AAA 0.14
3137BFE98 FHMS K-041 A2 3.171 10/25/2024 33,133.69 07/01/2021 35,642.02 99.20 32,869.52 0.03% Aaa/AA+ 0.32

0.64% 33,328.93 5.64% 87.56 (459.40) AAA 0.
24 3137BFXT3 FHMS K-042 A2 2.67 12/25/2024 14,849.42 03/10/2022 14,988.64 98.77 14,667.39 0.01% Aaa/AA+ 0.49

2.21% 14,870.87 5.64% 33.04 (203.48) AA+ 0.35
3137BKRJ1 FHMS K-047 A2 3.329 05/25/2025 34,836.79 03/10/2022 35,805.69 98.19 34,206.48 0.03% Aaa/AA+ 0.90

2.30% 35,094.26 5.44% 96.64 (887.78) AAA 0.76
3137BLAC2 FHMS K-048 A2 3.284 06/25/2025 60,000.00 -- 63,807.81 98.10 58,857.05 0.05% Aaa/AA+ 0.99

1.27% 60,993.55 5.45% 164.20 (2,136.50) AAA 0.79
3137BLW95 FHMS K-050 A2 3.334 08/25/2025 25,000.00 11/16/2021 26,792.97 97.83 24,457.94 0.02% Aaa/AA+ 1.15

1.21% 25,525.55 5.37% 69.46 (1,067.60) AAA 0.97
3137BN6G4 FHMS K-053 A2 2.995 12/25/2025 125,000.00 01/25/2023 121,166.99 96.97 121,217.83 0.10% Aaa/AA+ 1.49

4.13% 123,082.20 5.26% 311.98 (1,864.38) AAA 1.27
3137BNGT5 FHMS K-054 A2 2.745 01/25/2026 70,000.00 12/13/2022 67,000.39 96.46 6 7,520.99 0.05% Aaa/AA+ 1.57

4.24% 68,519.08 5.22% 160.13 (998.08) AAA 1.38
3137BQYS0 FHMS K-056 A2 2.525 05/25/2026 120,000.00 -- 116,042.97 95.56 114,668.72 0.09% Aaa/AA+ 1.90

3.76% 117,496.21 5.12% 252.50 (2,827.49) AAA 1.68
3137BSP72 FHMS K-058 A2 2.653 08/25/2026 125,000.00 01/31/2023 118,955.08 95.24 119,054.58 0.09% Aaa/AA+ 2.15

4.11% 121,392.01 4.99% 2

76.35 (2,337.44) AAA 2.00
30 Item: 6.2
Item Page Number: 33
Menifee Finance Committee September 10, 2024 Page 40 of 65

Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
3137FQXJ7 FHMS K-737 A2 2.525 10/25/2026 125,000.00 02/08/2023 117,695.31 94.87 118,586.80 0.09% Aaa/AA+ 2.32

4.29% 120,471.75 4.98% 263.02 (1,884.95) AAA 2.07
3137BUX60CMO FHMS K-062 A2 3.413 12/25/2026 70,000.00 12/12/2022 67,716.80 96.34 67,438.48 0.05% Aaa/AA+ 2.49

4.28% 68,606.73 4.97% 199.09 (1,168.25) AAA 2.27
3137BVZ82 FHMS K-063 A2 3.43 01/25/2027 70,000.00 12/12/2022 67,711.33 96.36 67,450.90 0.05% Aaa/AA+ 2.57

4.30% 68,583.45 4.98% 200.08 (1,132.55) AAA 2.27
3137FBU79 FHMS K-069 A2 3.187 09/25/2027 100,000.00 12/15/2023 95,941.41 95.02 95,016.12 0.08% Aaa/AAA 3.24

4.37% 96,524.21 4.89% 265.58 (1,508.09) AA+ 2.89
3137FCJK1 FHMS K-070 A2 3.303 11/25/2027 30,000.00 11/21/2022 28,566.80 95.19 28,557.44 0.02% Aaa/AA+ 3.41

4.38% 29,030.56 4.87% 82.58 (473.12) AA+ 3.03
3137FJEH8 FHMS K-081 A2 3.9 08/25/2028 1,500,000.00 05/28/2024 1,436,718.75 96.48 1,447,228.05 1.14% Aaa/AA+ 4.15

5.00% 1 ,438,006.81 4.82% 4,875.00 9,221.24 AAA 3.71
3137H4BY5 FHMS K-746 A2 2.031 09/25/2028 135,000.00 10/26/2023 116,263.48 89.35 120,621.37 0.10% Aaa/AA+ 4.24

5.31% 118,850.75 4.86% 228.49 1,770.61 AAA 3.91
3 137FLMV3 FHMS K-090 A2 3.422 02/25/2029 1,500,000.00 05/30/2024 1,405,195.31 94.53 1,417,946.85 1.12% Aaa/AAA 4.66

4.94% 1,406,698.38 4.74% 4,277.50 11,248.47 AA+ 4.14
3,960,905.60 95.52 3,974,305.88 3.14% Aaa/AA+ 3.79
Total Agency CMBS 4,161,892.65 4.65% 3,971,194.27 4.87% 11,906.41 3,111.61 AAA 3.38 CASH
CCYUSD Receivable 138,066.57 -- 138,066.57 1.00 138,066.57 0.11% Aaa/AAA 0.00

0.00% 138,066.57 0.00% 0.00 0.00 AAA 0.00
138,066.57 1.00 138,066.57 0.11% Aaa/AAA 0.00
Total Cash 138,066.57 0.00% 138,066.57 0.00% 0.00 0.00 AAA 0.00

CORPORATE
79466LAG9 SALESFORCE INC 0.625 07/15/2024 40,000.00 -- 39,628.55 99.81 39,923.15 0.03% A1/A+ 0.04

0.98% 39,994.54 5.23% 115.28 (71.39) NA 0.04
78013XZU5 ROYAL BANK OF CANADA 2.55 40,000.00 10/11/2019 40,598.00 99.86 39,942.98 0.03% A1/A 0.04 07/16/2024 2.23% 40,005.17 5.70% 467.50 (62.19) AA- 0. 04 31 Item: 6.2
Item Page Number: 34
Menifee Finance Committee September 10, 2024 Page 41 of 65

Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
14913Q3B3 CATERPILLAR FINANCIAL SERVICES
CORP 2.15 11/08/2024
45,000.00 01/28/2020

1.92%
45,481.50
45,035.89

98.81 5.55%
44,463.46
142.44

0.04%
(572.43)
A2/A
A+

0.36 0.35
89236TJT3 TOYOTA MOTOR CREDIT CORP 1.45
01/13/2025
30,000.00 01/10/2022

1.50%
29,959.80
29,992.81

97.92 5.44%
29,375.88
203.00

0.02%
(616.93)
A1/A+
A+

0.54 0.52
57636QAN4 MASTERCARD INC 2.0 03/03/2025 35,000.00 10/28/2021

1.05%
36,067.15
35,194.60

97.81 5.35%
34,231.88
229.44

0.03%
(962.72)
Aa3/A+
NA

0.67 0.65
00440EAS6 CHUBB INA HOLDINGS LLC 3.15
03/15/2025
50,000.00 03/04/2022

2.16%
51,448.00
50,337.38

98.43 5.44%
49,212.84
463.75

0.04%
(1,124.55)
A3/A
A

0.71 0.68
69371RR73 PACCAR FINANCIAL CORP 2.85
04/07/2025
35,000.00 03/31/2022

2.86%
34,990.90
34,998.37

98.01 5.52%
34,303.26
232.75

0.03%
(695.11)
A1/A+
NA

0.77 0.74
78016EZ59 ROYAL BANK OF CANADA 3.375
04/14/2025
20,000.00 04/07/2022

3.38%
19,992.60
19,998.63
9 8.31

5.59%
19,662.04
144.38

0.02%
(336.59)
A1/A
AA-

0.79 0.76
756109AV6 REALTY INCOME CORP 3.875
04/15/2025
20,000.00 09/13/2022

4.46%
19,714.00
19,912.65

98.63 5.66%
19,726.66
163.61

0.02%
(185.99)
A3/A-
WR

0.79 0.76
7 13448CT3 PEPSICO INC 2.75 04/30/2025 130,000.00 12/15/2022

4.48%
124,989.80
128,240.91

97.88 5.38%
127,244.79
605.76

0.10%
(996.12)
A1/A+
WR

0.83 0.80
06368D3S1 BANK OF MONTREAL 3.7
06/07/2025
75,000.00 12/12/2022

4.78%
73,120.50
74,292.60

98.28 5.60%
73,713.50
185.00

0.06%
(579.10)
A2/A-
AA-

0.94 0.90
63743HFE7 NATIONAL RURAL UTILITIES
COOPERATIVE FINANCE CORP 3.45
06/15/2025
10,000.00 04/27/2022

3.46%
9,997.30
9,999.39

98.06 5.56%
9,805.54

15.33 0.01%
(193.85)
A2/A-
A

0.96 0.92
89788MAA0 TRUIST FINANCIAL CORP 1.2
08/05/2025
30,000.00 02/03/2022

1.85%
29,341.20
29,793.32

95.27 5.71%
28,579.64
146.00

0.02%
(1,213.68)
Baa1/A-
A-

1.10 1.06
24422EWJ4 JOHN DEERE CAPITAL CORP 4.05
09/08/2025
70,000.00 12/12/2022

4.46%
69,267.10
69,681.60

98.63 5.25%
69,038.75
889.88

0.05%
(642.85)
A1/A
A+

1.19 1.13
594918BJ2 MICROSOFT CORP 3.125 11/03/2025 125,000.00 0
1/11/2023

4.38%
120,882.50
123,031.63

97.52 5.06%
121,900.56
629.34

0.10%
(1,131.07)
Aaa/AAA
WR

1.34 1.29
14913R3B1 CATERPILLAR FINANCIAL SERVICES
CORP 4.8 01/06/2026
80,000.00 01/05/2023

4.80%
79,988.80
79,994.59

99.51 5.14%
79,607.86
1,866.67

0.06%
(386.73)
A2/A
A+

1.52 1.41
89115A2K7 TORONTO-DOMINION BANK 5.103
01/09/2026
80,000.00 01/05/2023

5.15%
79,890.40
79,946.79

99.63 5.35%
79,707.93
1,950.48

0.06%
(238.86)
A1/A
AA-

1.53 1.41
32 Item: 6.2
Item Page Number: 35
Menifee Finance Committee September 10, 2024 Page 42 of 65

Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
037833BY5 APPLE INC 3.25 02/23/2026 100,000.00 12/15/2022

4.28%
96,949.00
98,419.36

97.20 5.04%
97,196.37
1,155.56

0.08%
(1,222.99)
Aaa/AA+
NA

1.65 1.56
63743HFH0 NATIONAL RURAL UTILITIES
COOPERATIVE FINANCE CORP 4.45
03/13/2026
70,000.00 02/02/2023

4.47%
69,950.30
69,973.17

98.61 5.31%
69,029.44
934.50

0.05%
(943.72)
A2/A-
A

1.70 1.60
46647PBK1 JPMORGAN CHASE & CO 2.083
04/22/2026
12,000.00 05/20/2021

1.11%
12,447.96
12,092.47

97.11 6.58%
11,652.73

47.91 0.01%
(439.75)
A1/A-
AA-

1.81 0.78
6174468Q5 MORGAN STANLEY 2.188
04/28/2026
35,000.00 --

4.47%
33,013.20
34,380.46

97.11 6.66%
33,990.05
134.02

0.03%
(390.41)
A1/A-
A+

1.83 0.80
023135BX3 AMAZON.COM INC 1.0 05/12/2026 60,000.00 05/10/2021

1.09%
59,740.80
59,903.47

93.03 4.95%
55,819.46

81.67 0.04%
(4,084.02)
A1/AA
AA-

1.87 1.81
91324PEC2 UNITEDHEALTH GROUP INC 1.15
05/15/2026
40,000.00 --

1.40%
39,563.60
3 9,814.37

92.96 5.14%
37,182.78

58.78 0.03%
(2,631.59)
A2/A+
A

1.87 1.81
89236TJK2 TOYOTA MOTOR CREDIT CORP 1.125
06/18/2026
40,000.00 06/15/2021

1.13%
39,982.40
39,993.09

92.61 5.12%
37,043.02

16.25 0.03%
(2,950.07)
A1/A+
A+

1.97 1.90
06051GJD2 BANK OF AMERICA CORP 1.319
06/19/2026
40,000.00 --

1.25%
40,105.60
4 0,025.73

95.82 6.18%
38,328.37

17.59 0.03%
(1,697.36)
A1/A-
AA-

1.97 0.94
037833DN7 APPLE INC 2.05 09/11/2026 25,000.00 12/02/2021

1.49%
25,621.00
25,273.86

94.01 4.96%
23,502.31
156.60

0.02%
(1,771.55)
Aaa/AA+
NA

2.20 2.09
06368FAC3 BANK OF MONTREAL 1.25
09/15/2026
40,000.00 09/13/2021

1.27%
39,951.60
39,978.64

91.60 5.33%
36,639.05
147.22

0.03%
(3,339.58)
A2/A-
AA-

2.21 2.12
931142ER0 WALMART INC 1.05 09/17/2026 10,000.00 09/08/2021

1.09%
9,981.10
9,991.64

92.18 4.81%
9,218.37

30.33 0.01%
(773.27)
Aa2/AA
AA

2.22 2.14
438516BL9 HONEYWELL INTERNATIONAL INC

2.5 11/01/2026
140,000.00 12/13/2022

4.28%
131,150.60
134,672.87

94.51 5.02%
132,318.31
583.33

0.10%
(2,354.56)
A2/A
A

2.34 2.22
26442CAS3 DUKE ENERGY CAROLINAS LLC 2.95
12/01/2026
35,000.00 0
1/13/2022

1.82%
36,755.95
35,824.37

95.27 5.05%
33,345.77

86.04 0.03%
(2,478.60)
Aa3/A
WR

2.42 2.29
87612EBM7 TARGET CORP 1.95 01/15/2027 20,000.00 01/19/2022

1.99%
19,966.00
19,982.63

93.06 4.89%
18,612.04
179.83

0.01%
(1,370.59)
A2/A
A

2.54 2.41
06051GLE7 BANK OF AMERICA CORP 5.08
01/20/2027
30,000.00 01/17/2023

5.08%
30,000.00
30,000.00

99.40 5.93%
29,819.95
681.57

0.02%
(180.05)
A1/A-
AA-

2.56 1.44
33 Item: 6.2
Item Page Number: 36
Menifee Finance Committee September 10, 2024 Page 43 of 65

Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
693475BL8 PNC FINANCIAL SERVICES GROUP
INC 4.758 01/26/2027
135,000.00 01/24/2023

4.77%
134,947.35
134,973.07

98.78 4.32%
133,348.28
2,765.59

0.11%
(1,624.79)
A3/A-
A

2.57 1.46
61747YEZ4 MORGAN STANLEY 5.05 01/28/2027 750,000.00 --

5.51%
744,262.05
744,804.29

99.43 5.89%
745,758.92
16,096.88

0.59%
954.63
A1/A-
A+

2.58 1.47
46647PBA3 JPMORGAN CHASE & CO 3.96
01/29/2027
400,000.00 04/17/2024

5.71%
388,284.00
389,599.80

97.68 6.02%
390,717.63
6,688.00

0.31%
1,117.83
A1/A-
AA-

2.58 1.48
17275RBQ4 CISCO SYSTEMS INC 4.8 02/26/2027 700,000.00 04/30/2024

5.09%
694,694.00
695,012.77

99.73 4.91%
698,107.06
11,666.67

0.55%
3,094.29
A1/AA-
NA

2.66 2.43
808513BY0 CHARLES SCHWAB CORP 2.45
03/03/2027
25,000.00 03/01/2022

2.46%
24,991.70
24,996.39

93.27 5.18%
23,316.50
200.76

0.02%
(1,679.89)
A2/A-
A

2.67 2.52
02665WFD8 AMERICAN HONDA FINANCE CORP

4.9 03/12/2027
600,000.00 04/23/2024

5.19%
5 95,380.00
595,674.52

99.62 5.05%
597,747.50
8,820.00

0.47%
2,072.98
A3/A-
NA

2.70 2.46
084664CZ2 BERKSHIRE HATHAWAY FINANCE
CORP 2.3 03/15/2027
45,000.00 03/07/2022

2.30%
44,991.45
44,996.27

93.74 4.79%
42,181.78
304.75

0.03%
(2,814.48)
Aa2/AA
A+

2.71 2.56
857477CL5 STATE STREET CORP 4.993
03/18/2027
125,000.00 03/13/2024
4 .99%
125,000.00
125,000.00

99.88 5.04%
124,848.83
1,785.69

0.10%
(151.17)
A1/A
AA-

2.71 2.48
06051GHT9 BANK OF AMERICA CORP 3.559
04/23/2027
375,000.00 --

5.61%
360,118.45
361,834.69

96.70 5.91%
362,614.14
2,520.96

0.29%
779.45
A1/A-
AA-

2.81 1.71
06406RBQ9 BANK OF NEW YORK MELLON CORP

4.947 04/26/2027
700,000.00 04/23/2024

5.38%
694,316.00
694,836.97

99.39 5.68%
695,695.82
6,252.46

0.55%
858.85
A1/A
AA-

2.82 1.71
665859AW4 NORTHERN TRUST CORP 4.0
05/10/2027
15,000.00 05/05/2022

4.03%
14,975.70
14,988.36

97.61 4.90%
14,642.10

85.00 0.01%
(346.26)
A2/A+
A+

2.86 2.65
22160KAM7 COSTCO WHOLESALE CORP 3.0
05/18/2027
20,000.00 07/15/2022

3.52%
19,535.80
19,723.43

95.59 4.65%
19,117.51

71.67 0.02%
(605.92)
Aa3/A+
WR

2.88 2.71
8 9115A2C5 TORONTO-DOMINION BANK 4.108
06/08/2027
40,000.00 08/26/2022

4.18%
39,866.00
39,917.59

97.05 5.20%
38,819.38
104.98

0.03%
(1,098.21)
A1/A
NA

2.94 2.72
756109BG8 REALTY INCOME CORP 3.95
08/15/2027
100,000.00 12/13/2022

4.65%
97,097.00
98,057.85

96.42 5.20%
96,421.75
1,492.22

0.08%
(1,636.10)
A3/A-
NA

3.13 2.85
828807DE4 SIMON PROPERTY GROUP LP 3.375
12/01/2027
800,000.00 04/24/2024

5.32%
749,536.00
752,070.72

94.58 5.12%
756,676.50
2,250.00

0.60%
4,605.78
A3/A-
WR

3.42 3.16
69371RS31 PACCAR FINANCIAL CORP 4.6
01/10/2028
100,000.00 01/05/2023

4.71%
99,515.00
99,657.90
9 9.03

4.90%
99,029.86
2,185.00

0.08%
(628.04)
A1/A+
NA

3.53 3.15
34 Item: 6.2
Item Page Number: 37
Menifee Finance Committee September 10, 2024 Page 44 of 65

Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
89236TKQ7 TOYOTA MOTOR CREDIT CORP 4.625
01/12/2028
80,000.00 01/09/2023

4.64%
79,947.20
79,963.68

99.06 4.92%
79,245.75
1,736.94

0.06%
(717.93)
A1/A+
A+

3.54 3.15
78016FZW7 ROYAL BANK OF CANADA 4.9
01/12/2028
80,000.00 01/09/2023

4.91%
79,957.60
79,970.83

99.21 5.15%
79,367.81
1,840.22

0.06%
(603.02)
A1/A
AA-

3.54 3.13
02665WED9 AMERICAN HONDA FINANCE CORP

4.7 01/12/2028
130,000.00 01/24/2023

4.52%
131,033.50
130,735.77

99.03 5.00%
128,737.05
2,868.31

0.10%
(1,998.72)
A3/A-
A

3.54 3.15
06051GGF0 BANK OF AMERICA CORP 3.824
01/20/2028
75,000.00 01/17/2023

5.11%
71,563.50
72,793.09

96.38 5.85%
72,287.68
1,282.63

0.06%
(505.41)
A1/A-
AA-

3.56 2.35
808513AU9 CHARLES SCHWAB CORP 3.2
01/25/2028
85,000.00 01/30/2023

4.32%
80,783.15
81,981.01

93.86 5.10%
79,778.82
1,178.67

0.06%
(2,202.19)
A2/A-
A

3.57 3.26
46625HRY8 JPMORGAN CHASE & CO 3.782
02/01/2028
70,000.00 01/30/2023
4 .74%
67,053.70
67,886.28

96.34 5.75%
67,434.94
1,103.08

0.05%
(451.34)
A1/A-
AA-

3.59 2.38
91324PEP3 UNITEDHEALTH GROUP INC 5.25
02/15/2028
700,000.00 04/18/2024

5.14%
702,464.00
702,337.46
101.30

4.85%
709,111.16
13,883.33

0.56%
6,773.70
A2/A+
A

3.63 3.14
58933YBH7 MERCK & CO INC 4.05 05/17/2028 130,000.00
--
3 .98%
130,394.70
130,304.34

97.90 4.65%
127,265.97
643.50

0.10%
(3,038.36)
A1/A+
NA

3.88 3.53
74340XCG4 PROLOGIS LP 4.875 06/15/2028 1,600,000.00 --

5.26%
1,577,232.00
1,578,078.67

99.51 5.01%
1,592,170.67
3,466.67

1.26%
14,092.00
A3/A
NA

3.96 3.55
89115A2U5 TORONTO-DOMINION BANK 5.523
07/17/2028
1,400,000.00 --

5.40%
1,406,219.50
1,406,019.79
101.24

5.18%
1,417,393.35
35,224.47

1.12%
11,373.56
A1/A
AA-

4.05 3.51
74456QBX3 PUBLIC SERVICE ELECTRIC AND GAS
CO 3.65 09/01/2028
800,000.00 04/25/2024

5.20%
752,432.00
754,321.52

95.35 4.90%
762,801.38
9,733.33

0.60%
8,479.85
A1/A
WR

4.17 3.76
89236TLB9 TOYOTA MOTOR CREDIT CORP 5.25
09/11/2028
1,450,000.00 --

5.15%
1,455,605.50
1,455,503.21
101.14

4.94%
1,466,594.42
23,260.42

1.16%
11,091.22
A1/A+
A+

4.20 3.68
9 1324PEU2 UNITEDHEALTH GROUP INC 4.25
01/15/2029
850,000.00 05/31/2024

5.04%
822,681.00
823,182.12

97.37 4.90%
827,661.19
16,657.64

0.65%
4,479.07
A2/A+
A

4.54 3.99
24422EXH7 JOHN DEERE CAPITAL CORP 4.5
01/16/2029
1,550,000.00 --

5.13%
1,509,761.00
1,510,934.90

98.30 4.92%
1,523,676.52
33,518.75

1.20%
12,741.62
A1/A
A+

4.55 3.97
46647PAM8 JPMORGAN CHASE & CO 3.509
01/23/2029
1,250,000.00 --

5.47%
1,169,226.50
1,171,964.58

94.57 5.48%
1,182,078.39
19,250.76

0.93%
10,113.81
A1/A-
AA-

4.57 3.24
69371RS80 PACCAR FINANCIAL CORP 4.6
01/31/2029
1,500,000.00 --

5.10%
1,468,515.00
1,469,453.31

98.90 4.87%
1,483,554.14
28,941.67

1.17%
1 4,100.83
A1/A+
NA

4.59 4.01
35 Item: 6.2
Item Page Number: 38
Menifee Finance Committee September 10, 2024 Page 45 of 65

Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
06406RBN6 BANK OF NEW YORK MELLON CORP

4.543 02/01/2029
900,000.00 06/07/2024

5.16%
881,811.00
882,097.98

98.03 5.43%
882,310.62
17,036.25

0.70%
212.64
A1/A
AA-

4.59 3.20
78016HZV5 ROYAL BANK OF CANADA 4.95
02/01/2029
1,550,000.00 --

5.26%
1,530,273.50
1,530,900.74

99.53 5.07%
1,542,701.33
34,526.25

1.22%
11,800.59
A1/A
AA-

4.59 3.97
91159HJK7 US BANCORP 4.653 02/01/2029 1,600,000.00 --

5.58%
1,550,764.50
1,552,648.48

97.85 5.58%
1,565,581.62
31,020.00

1.24%
12,933.14
A3/A
A

4.59 3.19
756109CF9 REALTY INCOME CORP 4.75
02/15/2029
1,450,000.00 --

5.40%
1,410,895.00
1,412,063.17

98.28 5.17%
1,425,007.87
31,567.71

1.13%
12,944.70
A3/A-
NA

4.63 4.01
14913UAJ9 CATERPILLAR FINANCIAL SERVICES
CORP 4.85 02/27/2029
1,300,000.00 --

5.02%
1,290,499.00
1,290,855.43
100.02

4.84%
1,300,307.45
21,717.22

1.03%
9,452.02
A2/A
A+

4.66 4.06
06051GHG7 BANK OF AMERICA CORP 3.97
03/05/2029
1,050,000.00 --

5.58%
992,729.50
9 94,651.79

95.61 5.57%
1,003,949.98
13,431.83

0.79%
9,298.20
A1/A-
AA-

4.68 3.32
02665WFE6 AMERICAN HONDA FINANCE CORP

4.9 03/13/2029
850,000.00 05/31/2024

5.08%
843,616.50
843,729.77

99.61 4.99%
846,643.42
12,495.00

0.67%
2,913.64
A3/A-
NA

4.70 4.09
637432NS0 NATIONAL RURAL UTILITIES
COOPERATIVE FINANCE CORP 3.7
03/15/2029
1,600,000.00 06/07/2024

5.08%
1,507,712.00
1,508,826.46

94.20 5
.10%
1,507,264.08
17,431.11

1.19%
(1,562.38)
A1/A-
A+

4.71 4.20
437076CW0 HOME DEPOT INC 4.9 04/15/2029 750,000.00 04/19/2024

5.12%
742,725.00
743,001.11
100.17

4.86%
751,286.39
7,758.33

0.59%
8,285.28
A2/A
A

4.79 4.19
61747YFD2 MORGAN STANLEY 5.164
04/20/2029
800,000.00 05/31/2024

5.36%
794,520.00
794,639.63

99.68 5.58%
797,403.72
8,147.64

0.63%
2,764.09
A1/A-
A+

4.80 3.38
Total Corporate 30,142,000.00 5.13%
29,468,463.56
29,505,766.76

98.33 5.17%
29,624,798.02
465,774.16

23.42%
119,031.26
A2/A
A+

4.02 3.33

MONEY MARKET
FUND
60934N104 FEDERATED HRMS GV O INST 870,131.92 --

5.19%
870,131.92
870,131.92

1.00 5.19%
870,131.92

0.00 0.69%

0.00 Aaa/
AAAm
AAA

0.00 0.00
Total Money Market
Fund 8
70,131.92 5.19%
870,131.92
870,131.92

1.00 5.19%
870,131.92

0.00 0.69%

0.00 Aaa/
AAAm
AAA

0.00 0.00
36 Item: 6.2
Item Page Number: 39
Menifee Finance Committee September 10, 2024 Page 46 of 65

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

SUPRANATIONAL
459058JL8 INTERNATIONAL BANK FOR 75,000.00 -- 74,670.05 94.26 70,693.00 0.06% Aaa/AAA 1.33 RECONSTRUCTION AND DEVELOPM 0.59% 74,907.08 5.02% 65.63 (4,214.09) NA 1.29

0.5 10/28/2025
4581X0DV7 INTER-AMERICAN DEVELOPMENT 75,000.00 04/13/2021 74,656.50 93.15 69,861.86 0.06% Aaa/AAA 1.80 BANK 0.875 04/20/2026 0.97% 74,876.22 4.88% 129.43 (5,014.36) NA 1.75 459058KT9 INTERNATIONAL BANK FOR 1,300,000.00 06/07/2024 1,248,988.00 96.35 1,252,603.24 0.99% Aaa/AAA 4.03 RECONSTRUCTION AND DEVELOPM 4.56% 1,249,705.52 4.50% 21,359.72 2,897.72 NA 3.65

3.5 07/12/2028
45950KDD9 INTERNATIONAL FINANCE CORP 4.5 100,000.00 07/06/2023 99,889.00 100.04 100,037.91 0.08% Aaa/AAA 4.04 07/13/2028 4.53% 99,910.51 4.49% 2,100.00 127.40 NA 3.58 4581X0DC9 INTER-AMERICAN DEVELOPMENT 120,000.00 11/27/2023 112,706.40 94.71 113,655.92 0.09% Aaa/AAA 4.22 BANK 3.125 09/18/2028 4.55% 113,599.92 4.51% 1,072.92 56.00 NA 3.85 4581X0EN4 INTER-A MERICAN DEVELOPMENT 135,000.00 02/15/2024 133,801.20 98.60 133,106.84 0.11% Aaa/AAA 4.63 BANK 4.125 02/15/2029 4.32% 133,888.05 4.46% 2,335.78 (781.21) NA 4.09 1,744,711.15 96.42 1,739,958.76 1.38% Aaa/AAA 3.89
Total Supranational 1,805,000.00 4
.24% 1,746,887.30 4.53% 27,063.47 (6,928.54) NA 3.52

US TREASURY
912828YM6 UNITED STATES TREASURY 1.5 3,000,000.00 06/01/2021 3,111,562.50 98.72 2,961,484.38 2.34% Aaa/AA+ 0.34 10/31/2024 0.40% 3,010,914.70 5.40% 7,581.52 (49,430.32) AA+ 0.33 912828Z52 UNITED STATES TREASURY 1.375 3,000,000.00 06/17/2021 3,091,875.00 97.76 2,932,792.98 2.32% Aaa/AA+ 0.59 01/31/2025 0.52% 3,014,861.11 5.31% 17,225.27 (82,068.13) AA+ 0.57 912828ZF0 UNITED STATES TREASURY 0.5 5,000,000.00 06/17/2021 4,984,375.00 96.57 4,828,564.45 3.82% Aaa/AA+ 0.75 03/31/2025 0.58% 4,996,913.44 5.21% 6,284.15 (168,348.99) AA+ 0.73 9128284R8 UNITED STATES TREASURY 2.875 800,000.00 04/30/2024 780,218.75 97.94 783,539.06 0.62% Aaa/AA+ 0.92 05/31/2025 5.25% 783,315.81 5.20% 1,948.09 223.25 AA+ 0.89 912828XZ8 UNITED STATES TREASURY 2.75 800,000.00 04/22/2024 778,218.75 97.71 781,697.92 0.62% Aaa/AA+ 1.00 06/30/2025 5.14% 781,689.67 5.13% 59.78 8.25 AA+ 0. 97
91282CHN4 UNITED STATES TREASURY 4.75 800,000.00 04/25/2024 796,187.50 99.64 797,156.25 0.63% Aaa/AA+ 1.08 07/31/2025 5.14% 796,733.32 5.09% 15,868.13 422.92 AA+ 1.02 37 Item: 6.2
Item Page Number: 40
Menifee Finance Committee September 10, 2024 Page 47 of 65

Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
912828K74 UNITED STATES TREASURY 2.0
08/15/2025
3,000,000.00 06/01/2021

0.59%
3,175,312.50
3,046,826.14

96.69 5.06%
2,900,742.18
22,582.42

2.29%
(146,083.96)
Aaa/AA+
AA+

1.13 1.08
91282CAM3 UNITED STATES TREASURY 0.25
09/30/2025
70,000.00 03/29/2021

0.74%
68,476.95
69,577.80

94.29 5.02%
66,002.34

43.99 0.05%
(3,575.46)
Aaa/AA+
AA+

1.25 1.22
91282CFP1 UNITED STATES TREASURY 4.25
10/15/2025
850,000.00 04/18/2024

5.10%
839,707.03
841,088.26

99.06 5.00%
842,031.25
7,600.07

0.67%
942.99
Aaa/AA+
AA+

1.29 1.23
91282CAT8 UNITED STATES TREASURY 0.25
10/31/2025
75,000.00 02/22/2021

0.54%
73,986.33
74,711.48

93.98 4.97%
70,485.35

31.59 0.06%
(4,226.13)
Aaa/AA+
AA+

1.34 1.30
912828M56 UNITED STATES TREASURY 2.25
11/15/2025
2,000,000.00 06/01/2021

0.64%
2,140,625.00
2,043,388.91

96.43 4.97%
1,928,515.62
5,747.28

1.52%
(114,873.29)
Aaa/AA+
AA+

1.38 1.33
91282CAZ4 UNITED STATES TREASURY 0.375
11/30/2025
70,000.00 03/26/2021

0.76%
68,744.92
69,619.87

93.82 4
.94%
65,671.48

22.23 0.05%
(3,948.39)
Aaa/AA+
AA+

1.42 1.38
91282CGA3 UNITED STATES TREASURY 4.0
12/15/2025
820,000.00 --

4.75%
810,386.72
811,444.24

98.71 4.93%
809,429.69
1,433.88

0.64%
(2,014.54)
Aaa/AA+
AA+

1.46 1.40
91282CJS1 UNITED STATES TREASURY 4.25
12/31/2025
8 50,000.00 04/29/2024

5.07%
838,876.95
840,007.49

99.04 4.92%
841,865.24

98.17 0.67%
1,857.75
Aaa/AA+
AA+

1.50 1.43
91282CJV4 UNITED STATES TREASURY 4.25
01/31/2026
800,000.00 04/18/2024

5.04%
789,312.50
790,509.11

99.04 4.88%
792,312.50
14,197.80

0.63%
1,803.39
Aaa/AA+
AA+

1.59 1.49
9128286A3 UNITED STATES TREASURY 2.625
01/31/2026
800,000.00 04/25/2024

5.07%
767,375.00
770,713.37

96.58 4.89%
772,656.25
8,769.23

0.61%
1,942.88
Aaa/AA+
AA+

1.59 1.51
9128286F2 UNITED STATES TREASURY 2.5
02/28/2026
800,000.00 --

4.88%
765,630.86
770,103.80

96.27 4.85%
770,187.50
6,684.78

0.61%

83.71 Aaa/AA+
AA+

1.67 1.59
91282CKB6 UNITED STATES TREASURY 4.625
02/28/2026
800,000.00 04/18/2024

5.01%
794,500.00
795,090.44

99.64 4.85%
797,125.00
12,366.85

0.63%
2,034.56
Aaa/AA+
AA+

1.67 1.56
91282CKH3 UNITED STATES TREASURY 4.5
03/31/2026
850,000.00 04/17/2024

4.96%
842,828.13
8 43,573.52

99.48 4.81%
845,550.78
9,614.75

0.67%
1,977.26
Aaa/AA+
AA+

1.75 1.65
91282CBT7 UNITED STATES TREASURY 0.75
03/31/2026
4,000,000.00 06/01/2021

0.76%
3,998,750.00
3,999,547.65

93.26 4.81%
3,730,312.48
7,540.98

2.95%
(269,235.17)
Aaa/AA+
AA+

1.75 1.70
91282CKK6 UNITED STATES TREASURY 4.875
04/30/2026
800,000.00 04/24/2024

4.93%
799,125.00
799,199.32
100.15

4.79%
801,187.50
6,570.65

0.63%
1,988.19
Aaa/AA+
AA+

1.83 1.72
91282CHB0 UNITED STATES TREASURY 3.625
05/15/2026
800,000.00 04/23/2024

4.90%
780,187.50
781,981.44

97.96 4.77%
7 83,687.50
3,703.80

0.62%
1,706.06
Aaa/AA+
AA+

1.87 1.78
38 Item: 6.2
Item Page Number: 41
Menifee Finance Committee September 10, 2024 Page 48 of 65

Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
91282CHH7 UNITED STATES TREASURY 4.125
06/15/2026
800,000.00 04/22/2024

4.94%
786,781.25
787,946.12

98.85 4.74%
790,812.50
1,442.62

0.63%
2,866.38
Aaa/AA+
AA+

1.96 1.85
91282CHM6 UNITED STATES TREASURY 4.5
07/15/2026
850,000.00 04/29/2024

4.94%
842,164.06
842,766.82

99.57 4.72%
846,347.65
17,653.85

0.67%
3,580.83
Aaa/AA+
AA+

2.04 1.89
91282CHU8 UNITED STATES TREASURY 4.375
08/15/2026
800,000.00 04/23/2024

4.87%
791,375.00
792,070.73

99.34 4.70%
794,750.00
13,173.08

0.63%
2,679.27
Aaa/AA+
AA+

2.13 1.97
91282CCZ2 UNITED STATES TREASURY 0.875
09/30/2026
120,000.00 --

1.08%
118,806.25
119,458.83

92.04 4.64%
110,442.19
263.93

0.09%
(9,016.64)
Aaa/AA+
AA+

2.25 2.18
912828YQ7 UNITED STATES TREASURY 1.625
10/31/2026
200,000.00 01/30/2023

3.82%
184,765.63
190,518.86

93.39 4.65%
186,773.44
547.55

0.15%
(3,745.42)
Aaa/AA+
AA+

2.34 2.24
912828U24 UNITED STATES TREASURY 2.0
11/15/2026
870,000.00 --

4.58%
812,147.27
820,610.54

94.10 4.65%
818,683.59
2 ,222.28

0.65%
(1,926.95)
Aaa/AA+
AA+

2.38 2.27
91282CJP7 UNITED STATES TREASURY 4.375
12/15/2026
800,000.00 04/18/2024

4.87%
790,250.00
790,983.76

99.43 4.62%
795,406.25
1,530.05

0.63%
4,422.49
Aaa/AA+
AA+

2.46 2.30
91282CJT9 UNITED STATES TREASURY 4.0
01/15/2027
800,000.00 04/22/2024

4.84%
782,968.75
784,147.44

98.55 4.61%
7 88,375.00
14,769.23

0.62%
4,227.56
Aaa/AA+
AA+

2.54 2.34
912828V98 UNITED STATES TREASURY 2.25
02/15/2027
800,000.00 --

4.57%
748,375.00
755,036.60

94.28 4.59%
754,218.75
6,774.73

0.60%
(817.85)
Aaa/AA+
AA+

2.63 2.48
91282CKJ9 UNITED STATES TREASURY 4.5
04/15/2027
800,000.00 04/16/2024

4.81%
793,125.00
793,596.75

99.85 4.55%
798,812.50
7,573.77

0.63%
5,215.74
Aaa/AA+
AA+

2.79 2.57
91282CKV2 UNITED STATES TREASURY 4.625
06/15/2027
1,500,000.00 06/17/2024

4.49%
1,505,683.59
1,505,615.93
100.29

4.52%
1,504,335.93
3,032.79

1.19%
(1,280.00)
Aaa/AA+
AA+

2.96 2.73
91282CEW7 UNITED STATES TREASURY 3.25
06/30/2027
815,000.00 --

4.43%
786,333.79
788,486.03

96.49 4.51%
786,379.49

71.98 0.62%
(2,106.54)
Aaa/AA+
AA+

3.00 2.82
91282CFB2 UNITED STATES TREASURY 2.75
07/31/2027
815,000.00 --

4.76%
765,901.95
768,820.21

94.95 4
.52%
773,867.97
9,359.07

0.61%
5,047.76
Aaa/AA+
AA+

3.08 2.88
91282CFH9 UNITED STATES TREASURY 3.125
08/31/2027
1,630,000.00 --

4.55%
1,560,182.82
1,562,659.78

95.94 4.51%
1,563,781.25
17,025.31

1.24%
1,121.47
Aaa/AA+
AA+

3.17 2.94
91282CFM8 UNITED STATES TREASURY 4.125
09/30/2027
800,000.00 --

4.54%
790,265.63
790,204.76

98.87 4.50%
790,937.50
8,295.08

0.63%
732.74
Aaa/AA+
AA+

3.25 2.98
91282CFU0 UNITED STATES TREASURY 4.125
10/31/2027
1,650,000.00 --

4.51%
1,630,343.75
1,630,449.39

98.88 4.49%
1,631,501.95
11,467.05

1.29%
1,052.56
Aaa/AA+
AA+

3.34 3.06
39 Item: 6.2
Item Page Number: 42
Menifee Finance Committee September 10, 2024 Page 49 of 65

Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
91282CGC9 UNITED STATES TREASURY 3.875 850,000.00 04/17/2024 824,931.64 98.08 833,697.26 0.66% Aaa/AA+ 3.50 12/31/2027 4.75% 826,303.72 4.47% 89.50 7,393.54 AA+ 3.23 91282CHA2 UNITED STATES TREASURY 3.5 815,000.00 -- 784,646.88 96.73 788,321.48 0.62% Aaa/AA+ 3.84 04/30/2028 4.50% 786,814.67 4.44% 4,805.84 1,506.81 AA+ 3.52 91282CHE4 UNITED STATES TREASURY 3.625 815,000.00 -- 787,623.25 97.15 791,791.60 0.63% Aaa/AA+ 3.92 05/31/2028 4.52% 789,357.44 4.42% 2,502.34 2,434.16 AA+ 3.59 91282CHQ7 UNITED STATES TREASURY 4.125 790,000.00 -- 773,639.07 98.94 781,637.11 0.62% Aaa/AA+ 4.08 07/31/2028 4.65% 774,673.10 4.41% 13,607.97 6,964.01 AA+ 3.66 91282CHX2 UNITED STATES TREASURY 4.375 800,000.00 -- 791,476.57 99.88 799,062.50 0.63% Aaa/AA+ 4.17 08/31/2028 4.65% 791,916.95 4.40% 11,698.37 7,145.54 AA+ 3.72 9128285M8 UNITED STATES TREASURY 3.125 150,000.00 01/17/2024 143,970.70 94.96 1 42,435.55 0.11% Aaa/AA+ 4.38 11/15/2028 4.05% 144,534.99 4.40% 598.68 (2,099.44) AA+ 4.01 91282CJN2 UNITED STATES TREASURY 4.375 850,000.00 04/17/2024 839,308.59 99.98 849,867.19 0.67% Aaa/AA+ 4.42 11/30/2028 4
.68% 839,777.57 4.38% 3,149.76 10,089.62 AA+ 3.96
91282CJR3 UNITED STATES TREASURY 3.75 890,000.00 -- 858,566.41 97.45 867,263.28 0.69% Aaa/AA+ 4.50 12/31/2028 4.59% 860,007.10 4.38% 90.69 7,256.18 AA+ 4.09 91282CJW2 UNITED STATES TREASURY 4.0 825,000.00 -- 802,336.91 98.46 812,302.74 0.64% Aaa/AA+ 4.59 01/31/2029 4.65% 803,272.58 4.37% 13,780.22 9,030.16 AA+ 4.07 912810FG8 UNITED STATES TREASURY 5.25 1,550,000.00 -- 1,603,873.05 103.91 1,610,667.96 1.27% Aaa/AA+ 4.63 02/15/2029 4.42% 1,602,854.87 4.31% 30,627.40 7,813.09 AA+ 4.02 91282CKD2 UNITED STATES TREASURY 4.25 850,000.00 -- 838,150.40 99.55 846,181.64 0.67% Aaa/AA+ 4.67 02/28/2029 4.57% 838,648.96 4.36% 12,074.39 7,532.68 AA+ 4.13 91282CKG5 UNITED STATES TREASURY 4.125 1,600,000.00 -- 1,574,437.50 98.98 1,583,687.50 1.25% Aaa/AA+ 4.75 03/31/2029 4.49% 1,575,270.67 4.36% 16,590.16 8,416.83 AA+ 4.23 9 1282CKP5 UNITED STATES TREASURY 4.625 1,600,000.00 -- 1,609,593.75 101.15 1,618,375.01 1.28% Aaa/AA+ 4.83 04/30/2029 4.49% 1,609,615.77 4.36% 12,467.39 8,759.24 AA+ 4.27 91282CKT7 UNITED STATES TREASURY 4.5 1,600,000.00 06/20/2024 1,614,812.50 100.68 1,610,875.01 1.27% Aaa/AA+ 4.92 05/31/2029 4.29% 1,614,730.44 4.34% 6,098.36 (3,855.43) AA+ 4.36 58,633,099.85 9

7.93 57,574,589.48 45.51% Aaa/AA+ 2.34
Total US Treasury 58,820,000.00 3.30% 58,312,962.26 4.78% 399,358.88 (738,372.77) AA+ 2.15 40 Item: 6.2
Item Page Number: 43
Menifee Finance Committee September 10, 2024 Page 50 of 65

Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
Total Portfolio 130,403,625.17 3.34%
129,239,610.32
128,988,226.76

96.30 4.91%
126,507,308.39
967,531.90
100.00%
(2,480,918.37)
Aa2/AA-
AA

2.71 2.40
Total Market Value +
Accrued 127,474,840.29
41 Item: 6.2
Item Page Number: 44
Menifee Finance Committee September 10, 2024 Page 51 of 65

TRANSACTIONS
42 Item: 6.2
Item Page Number: 45
Menifee Finance Committee September 10, 2024 Page 52 of 65

TRANSACTION LEDGER
City of Menifee | Account #10112|04/01/2024 Through 06/30/2024| Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp Yield Amount Interest Pur/
Sold Total Amount Gain/Loss

ACQUISITIONS
Purchase 04/17/2024 91282CKD2 650,000.00 UNITED STATES
TREASURY 4.25
02/28/2029

98.160 4.68% (638,041.02) (3,603.26) (641,644.28) 0.00
Purchase 04/17/2024 91282CJR3 750,000.00 UNITED STATES
TREASURY 3.75
12/31/2028

96.031 4.70% (720,234.38) (8,344.78) (728,579.16) 0.00
Purchase 04/17/2024 91282CKG5 800,000.00 UNITED STATES
TREASURY 4.125
03/31/2029

97.598 4.67% (780,781.25) (1,532.79) (782,314.04) 0.00
Purchase 04/17/2024 91282CKJ9 800,000.00 UNITED STATES
TREASURY 4.5
04/15/2027

99.141 4.81% (793,125.00) (196.72) (793,321.72) 0.00
Purchase 04/18/2024 14913UAJ9 600,000.00 CATERPILLAR

FINANCIAL SERVICES
CORP 4.85 02/27/2029

98.693 5.16% (592,158.00) (4,122.50) (596,280.50) 0.00
Purchase 04/18/2024 69371RS80 600,000.00 PACCAR FINANCIAL CORP 4.6 01/31/2029

97.538 5.19% (585,228.00) (5,980.00) (591,208.00) 0.00
Purchase 04/18/2024 89236TLB9 600,000.00 TOYOTA MOTOR
CREDIT CORP 5.25
09/11/2028

99.944 5.26% (599,664.00) (3,237.50) (602,901.50) 0.00
Purchase 04/18/2024 74340XCG4 800,000.00 PROLOGIS LP 4.875 06/15/2028

98.367 5.32% (786,936.00) (13,325.00) (800,261.00) 0.00 Purchase 04/18/2024 91282CJN2 8 50,000.00 UNITED STATES TREASURY 4.375
11/30/2028

98.742 4.68% (839,308.59) (14,224.73) (853,533.32) 0.00 Purchase 04/18/2024 91282CGC9 850,000.00 UNITED STATES
TREASURY 3.875
12/31/2027

97.051 4.75% (824,931.64) (9,863.15) (834,794.79) 0.00
Purchase 04/18/2024 91282CKH3 850,000.00 UNITED STATES
TREASURY 4.5
03/31/2026

99.156 4.96% (842,828.13) (
1,881.15) (844,709.28) 0.00
43 Item: 6.2
Item Page Number: 46
Menifee Finance Committee September 10, 2024 Page 53 of 65

95.970 5.02% (335,895.00) (6,089.84) (341,984.84) 0.00
Purchase 04/19/2024 06051GHG7 350,000.00 BANK OF AMERICA CORP 3.97 03/05/2029

94.045 5.38% (329,157.50) (1,698.28) (330,855.78) 0.00
Purchase 04/19/2024 46647PBA3 400,000.00 JPMORGAN CHASE & CO 3.96 01/29/2027

97.071 5.11% (388,284.00) (3,520.00) (391,804.00) 0.00
Purchase 04/19/2024 46647PAM8 400,000.00 JPMORGAN CHASE & CO 3.509 01/23/2029

93.141 5.15% (372,564.00) (3,353.04) (375,917.04) 0.00
Purchase 04/19/2024 91282CFU0 650,000.00 UNITED STATES
TREASURY 4.125
10/31/2027

97.859 4.79% (636,085.94) (12,595.98) (648,681.92) 0.00 Purchase 04/19/2024 912828U24 650,000.00 UNITED STATES
TREASURY 2.0
11/15/2026

93.121 4.88% (605,287.11) (5,571.43) (610,858.54) 0.00
Purchase 04/19/2024 89115A2U5 650,000.00 TORONTO-DOMINION BANK 5.523
07/17/2028
100.403 5.41% (652,619.50) (9,174.32) (661,793.82) 0.00 Purchase 04/19/2024 756109CF9 650,000.00 REALTY INCOME CORP

4.75 02/15/2029

96.950 5.47% (630,175.00) (7,976.04) (638,151.04) 0.00
Purchase 04/19/2024 91282CJP7 800,000.00 UNITED STATES
TREASURY 4.375
12/15/2026

98.781 4 .87% (790,250.00) (12,049.18) (802,299.18) 0.00 Purchase 04/19/2024 91282CKB6 800,000.00 UNITED STATES
TREASURY 4.625
02/28/2026

99.313 5.01% (794,500.00) (5,027.17) (799,527.17) 0.00
Purchase 04/19/2024 91282CJV4 800,000.00 UNITED STATES
TREASURY 4. 25
01/31/2026

98.664 5.04% (789,312.50) (
7,379.12) (796,691.62) 0.00
Purchase 04/19/2024 91282CFP1 850,000.00 UNITED STATES
TREASURY 4. 25
10/15/2025

98.789 5.10% (839,707.03) (394.81) (840,101.84) 0.00
44 Item: 6.2
Item Page Number: 47
Menifee Finance Committee September 10, 2024 Page 54 of 65

98.113 5.40% (637,734.50) (8,311.88) (646,046.38) 0.00
Purchase 04/22/2024 91324PEP3 700,000.00 UNITEDHEALTH GROUP INC 5.25 02/15/2028
100.352 5.14% (702,464.00) (6,839.58) (709,303.58) 0.00 Purchase 04/22/2024 24422EXH7 700,000.00 JOHN DEERE CAPITAL CORP 4.5 01/16/2029

97.263 5.16% (680,841.00) (9,100.00) (689,941.00) 0.00
Purchase 04/23/2024 91282CEW7 600,000.00 UNITED STATES
TREASURY 3.25
06/30/2027

95.520 4.78% (573,117.19) (6,107.14) (579,224.33) 0.00
Purchase 04/23/2024 912828V98 600,000.00 UNITED STATES
TREASURY 2.25
02/15/2027

93.277 4.83% (559,664.06) (2,521.98) (562,186.04) 0.00
Purchase 04/23/2024 3133ERAK7 700,000.00 FEDERAL FARM CREDIT

BANKS FUNDING CORP

4.375 04/10/2029

98.431 4.73% (689,017.00) (1,105.90) (690,122.90) 0.00
Purchase 04/23/2024 437076CW0 750,000.00 HOME DEPOT INC 4.9 04/15/2029

99.030 5.12% (742,725.00) (816.67) (743,541.67) 0.00
Purchase 04/23/2024 91159HJK7 750,000.00 US BANCORP 4.653 02/01/2029

96.306 5.55% (722,295.00) (7,948.88) (730,243.88) 0.00
Purchase 04/23/2024 9 12810FG8 800,000.00 UNITED STATES TREASURY 5.25
02/15/2029
102.629 4.63% (821,031.25) (7,846.15) (828,877.40) 0.00 Purchase 04/23/2024 91282CFB2 800,000.00 UNITED STATES
TREASURY 2.75
07/31/2027

93.895 4.79% (751,156.25) (5,016.48) (756,172.73) 0.00
Purchase 04/23/2024 91282CJT9 800,000.00 UNITED STATES
TREASURY 4.0
01/15/2027

97.871 4.84% (782,968.75) (
8,703.30) (791,672.05) 0.00
Purchase 04/23/2024 91282CHH7 800,000.00 UNITED STATES
TREASURY 4.125
06/15/2026

98.348 4.94% (786,781.25) (11,721.31) (798,502.56) 0.00 45 Item: 6.2
Item Page Number: 48
Menifee Finance Committee September 10, 2024 Page 55 of 65

97.277 5.14% (778,218.75) (6,890.11) (785,108.86) 0.00
Purchase 04/24/2024 91282CHA2 600,000.00 UNITED STATES
TREASURY 3.5
04/30/2028

95.691 4.69% (574,148.44) (10,153.85) (584,302.29) 0.00 Purchase 04/24/2024 61747YEZ4 650,000.00 MORGAN STANLEY

5.05 01/28/2027

99.091 5.41% (644,091.50) (7,841.53) (651,933.03) 0.00
Purchase 04/24/2024 91282CFH9 750,000.00 UNITED STATES
TREASURY 3.125
08/31/2027

95.051 4.74% (712,880.86) (3,502.89) (716,383.75) 0.00
Purchase 04/24/2024 91282CHU8 800,000.00 UNITED STATES
TREASURY 4.375
08/15/2026

98.922 4.87% (791,375.00) (6,634.62) (798,009.62) 0.00
Purchase 04/24/2024 91282CHB0 800,000.00 UNITED STATES
TREASURY 3.625
05/15/2026

97.523 4.90% (780,187.50) (12,826.92) (793,014.42) 0.00 Purchase 04/25/2024 91282CHX2 600,000.00 UNITED STATES
TREASURY 4.375
08/31/2028

98.695 4.71% (592,171.88) (3,994.57) (596,166.45) 0.00
Purchase 04/25/2024 91282CHQ7 600,000.00 UNITED STATES
TREASURY 4.125
07/31/2028

97.738 4.71% (586,429.69) (5,779.53) (592,209.22) 0.00
Purchase 04/25/2024 91282CHE4 600,000.00 UNITED STATES
TREASURY 3.625
05/31/2028

95.945 4 .72% (575,671.88) (8,735.65) (584,407.53) 0.00 Purchase 04/25/2024 91282CFM8 600,000.00 UNITED STATES
TREASURY 4.125
09/30/2027

97.984 4.77% (587,906.25) (1,690.57) (589,596.82) 0.00
Purchase 04/25/2024 91282CGA3 600,000.00 UNITED STATES
TREASURY 4.0
12/15/2025

98.391 5.03% (590,343.75) (
8,655.74) (598,999.49) 0.00
46 Item: 6.2
Item Page Number: 49
Menifee Finance Committee September 10, 2024 Page 56 of 65

99.230 5.19% (595,380.00) (3,430.00) (598,810.00) 0.00
Purchase 04/25/2024 3133EP6K6 700,000.00 FEDERAL FARM CREDIT

BANKS FUNDING CORP

4.5 03/26/2027

99.100 4.83% (693,700.00) (2,537.50) (696,237.50) 0.00
Purchase 04/25/2024 06406RBQ9 700,000.00 BANK OF NEW YORK MELLON CORP 4.947
04/26/2027

99.188 5.25% (694,316.00) (17,218.31) (711,534.31) 0.00 Purchase 04/25/2024 9128286F2 725,000.00 UNITED STATES
TREASURY 2.5
02/28/2026

95.656 4.99% (693,507.81) (2,758.15) (696,265.96) 0.00
Purchase 04/26/2024 91282CJW2 650,000.00 UNITED STATES
TREASURY 4.0
01/31/2029

96.887 4.74% (629,763.67) (6,142.86) (635,906.53) 0.00
Purchase 04/26/2024 9128286A3 800,000.00 UNITED STATES
TREASURY 2.625
01/31/2026

95.922 5.07% (767,375.00) (4,961.54) (772,336.54) 0.00
Purchase 04/26/2024 91282CHN4 800,000.00 UNITED STATES
TREASURY 4.75
07/31/2025

99.523 5.14% (796,187.50) (8,978.02) (805,165.52) 0.00
Purchase 04/26/2024 828807DE4 800,000.00 SIMON PROPERTY GROUP LP 3.375
12/01/2027

93.692 5.32% (749,536.00) ( 10,875.00) (760,411.00) 0.00 Purchase 04/29/2024 74456QBX3 800,000.00 PUBLIC SERVICE

ELECTRIC AND GAS CO

3.65 09/01/2028

94.054 5.20% (752,432.00) (4,704.44) (757,136.44) 0.00
Purchase 04/30/2024 3130AVBD3 700,000.00 FEDERAL HOME LOAN BANKS 4.5 03/09/2029

99.075 4.71% (693,525.00) (4,462.50) (697,987.50) 0.00
Purchase 04/30/2024 17275RBQ4 700,000.00 CISCO SYSTEMS INC

4.8 02/26/2027

99.242 5
.09% (694,694.00) (5,973.33) (700,667.33) 0.00
47 Item: 6.2
Item Page Number: 50
Menifee Finance Committee September 10, 2024 Page 57 of 65

99.852 4.66% (798,812.50) 0.00 (798,812.50) 0.00
Purchase 04/30/2024 91282CKK6 800,000.00 UNITED STATES
TREASURY 4.875
04/30/2026

99.891 4.93% (799,125.00) 0.00 (799,125.00) 0.00
Purchase 04/30/2024 9128284R8 800,000.00 UNITED STATES
TREASURY 2.875
05/31/2025

97.527 5.25% (780,218.75) (9,551.91) (789,770.66) 0.00
Purchase 04/30/2024 91282CHM6 850,000.00 UNITED STATES
TREASURY 4.5
07/15/2026

99.078 4.94% (842,164.06) (11,138.74) (853,302.80) 0.00 Purchase 04/30/2024 91282CJS1 850,000.00 UNITED STATES
TREASURY 4.25
12/31/2025

98.691 5.07% (838,876.95) (12,008.59) (850,885.54) 0.00 Purchase 04/30/2024 912797HQ3 6,000,000.00 UNITED STATES TREASURY 05/09/2024

99.868 5.36% (5,992,104.75) 0.00 (5,992,104.75) 0.00
Purchase 05/09/2024 3133ERDH1 700,000.00 FEDERAL FARM CREDIT

BANKS FUNDING CORP

4.75 04/30/2029
100.876 4.55% (706,132.00) (831.25) (706,963.25) 0.00
Purchase 05/21/2024 437930AC4 210,000.00 HONDO-242-A3 5.27 11/20/2028

99.988 5.27% (209,974.48) 0.00 (209,974.48) 0.00
Purchase 05/30/2024 06051GHG7 700,000.00 BANK OF AM ERICA CORP 3.97 03/05/2029

94.796 5.22% (663,572.00) (6,561.53) (670,133.53) 0.00
Purchase 05/30/2024 89115A2U5 750,000.00 TORONTO-DOMINION BANK 5.523
07/17/2028
100.480 5.39% (753,600.00) (15,303.31) (768,903.31) 0.00 Purchase 05/30/2024 74340XCG4 800,000.00 PROLOGIS LP 4.875 06/15/2028

98.787 0.00% (790,296.00) (
17,875.00) (808,171.00) 0.00
Purchase 05/30/2024 46647PAM8 850,000.00 JPMORGAN CHASE & CO 3.509 01/23/2029

93.725 0.00% (796,662.50) (10,522.13) (807,184.63) 0.00 Purchase 05/30/2024 24422EXH7 850,000.00 JOHN DEERE CAPITAL CORP 4.5 01/16/2029

97.520 5.11% (828,920.00) (15,087.50) (844,007.50) 0.00 48 Item: 6.2
Item Page Number: 51
Menifee Finance Committee September 10, 2024 Page 58 of 65

98.143 5.05% (883,287.00) (13,800.00) (897,087.00) 0.00 Purchase 05/31/2024 14913UAJ9 700,000.00 CATERPILLAR

FINANCIAL SERVICES
CORP 4.85 02/27/2029

99.763 4.90% (698,341.00) (8,864.72) (707,205.72) 0.00
Purchase 05/31/2024 61747YFD2 800,000.00 MORGAN STANLEY

5.164 04/20/2029

99.315 5.33% (794,520.00) (4,704.98) (799,224.98) 0.00
Purchase 05/31/2024 756109CF9 800,000.00 REALTY INCOME CORP

4.75 02/15/2029

97.590 5.33% (780,720.00) (14,250.00) (794,970.00) 0.00 Purchase 05/31/2024 91324PEU2 850,000.00 UNITEDHEALTH GROUP INC 4.25 01/15/2029

96.786 5.04% (822,681.00) (13,647.22) (836,328.22) 0.00 Purchase 05/31/2024 89236TLB9 850,000.00 TOYOTA MOTOR
CREDIT CORP 5.25
09/11/2028
100.699 5.06% (855,941.50) (9,916.67) (865,858.17) 0.00 Purchase 05/31/2024 02665WFE6 850,000.00 AMERICAN HONDA FINANCE CORP 4.9
03/13/2029

99.249 5.08% (843,616.50) (9,024.17) (852,640.67) 0.00
Purchase 05/31/2024 91159HJK7 850,000.00 US BANCORP 4.653 02/01/2029

97.467 5.27% (828,469.50) (13,183.50) (841,653.00) 0.00 Purchase 05/31/2024 78016HZV5 900,000.00 ROYAL BANK OF
CANADA 4.95
02/01/2029

99.171 5 .15% (892,539.00) (16,335.00) (908,874.00) 0.00 Purchase 05/31/2024 3137FJEH8 1,500,000.00 FHMS K-081 A2 3.9 08/25/2028

95.781 5.00% (1,436,718.75) (4,875.00) (1,441,593.75) 0.00 Purchase 06/04/2024 3137FLMV3 1,500,000.00 FHMS K-090 A2 3.422 02/25/2029

93.680 4.94% (
1,405,195.31) (427.75) (1,405,623.06) 0.00
Purchase 06/10/2024 06406RBN6 900,000.00 BANK OF NEW YORK MELLON CORP 4.543
02/01/2029

97.979 5.04% (881,811.00) (14,651.18) (896,462.18) 0.00 Purchase 06/10/2024 459058KT9 1,300,000.00 INTERNATIONAL BANK

FOR RECONSTRUCTION
AND DEVELOPM 3.5
07/12/2028

96.076 4.56% (1,248,988.00) (18,705.56) (1,267,693.56) 0.00 49 Item: 6.2
Item Page Number: 52
Menifee Finance Committee September 10, 2024 Page 59 of 65

RURAL UTILITIES

COOPERATIVE
FINANCE CORP 3.7
03/15/2029

94.232 5.08% (1,507,712.00) (13,977.78) (1,521,689.78) 0.00 Purchase 06/11/2024 096919AD7 570,000.00 BMWOT 2024-A A3

5.18 02/26/2029

99.985 5.18% (569,913.42) 0.00 (569,913.42) 0.00
Purchase 06/18/2024 91282CKV2 1,500,000.00 UNITED STATES TREASURY 4.625
06/15/2027
100.379 4.49% (1,505,683.59) (568.65) (1,506,252.24) 0.00 Purchase 06/21/2024 912810FG8 750,000.00 UNITED STATES
TREASURY 5.25
02/15/2029
104.379 4.20% (782,841.80) (13,737.98) (796,579.78) 0.00 Purchase 06/21/2024 91282CKG5 800,000.00 UNITED STATES
TREASURY 4.125
03/31/2029

99.207 4.31% (793,656.25) (7,393.44) (801,049.69) 0.00
Purchase 06/21/2024 91282CKT7 1,600,000.00 UNITED STATES TREASURY 4.5
05/31/2029
100.926 4.29% (1,614,812.50) (4,131.15) (1,618,943.65) 0.00 Purchase 06/28/2024 91282CKP5 800,000.00 UNITED STATES
TREASURY 4.625
04/30/2029
101.348 4.31% (810,781.25) (5,932.07) (816,713.32) 0.00 Purchase 06/28/2024 91282CFU0 800,000.00 UNITED STATES
TREASURY 4.125
10/31/2027

98.984 4.45% (791,875.00) (5,290.76) (797,165.76) 0.00
Purchase 06/28/2024 91282CFH9 8
00,000.00 UNITED STATES
TREASURY 3.125
08/31/2027

96.027 4.48% (768,218.75) (8,152.17) (776,370.92) 0.00
Total Purchase 76,405,000.00 (74,909,493.43) (666,377.40) (75,575,870.83) 0.00 Transfer In 05/27/2021 3130AMNZ1 3,000,000.00 FEDERAL HOME LOAN BANKS 0.5 12/16/2024

97.283 0.50% (3,000,000.00) (6,250.00) 0.00 0.00
Transfer In 0
5/27/2021 3130AMQ54 4,000,000.00 FEDERAL HOME LOAN
BANKS 0.7 09/16/2025

94.379 0.70% (4,000,000.00) (4,666.67) 0.00 0.00
50 Item: 6.2
Item Page Number: 53
Menifee Finance Committee September 10, 2024 Page 60 of 65

91.932 0.88% (5,000,000.00) (18,229.17) 0.00 0.00
Transfer In 06/01/2021 912828M56 2,000,000.00 UNITED STATES TREASURY 2.25
11/15/2025

96.129 0.64% (2,047,364.78) (122.28) 0.00 0.00
Transfer In 06/01/2021 912828K74 3,000,000.00 UNITED STATES TREASURY 2.0
08/15/2025

96.371 0.59% (3,052,079.80) (15,000.00) 0.00 0.00
Transfer In 06/01/2021 912828YM6 3,000,000.00 UNITED STATES TREASURY 1.5
10/31/2024

98.309 0.40% (3,015,030.07) (1,956.52) 0.00 0.00
Transfer In 06/01/2021 91282CBT7 4,000,000.00 UNITED STATES TREASURY 0.75
03/31/2026

92.789 0.76% (3,999,515.03) (3,770.49) 0.00 0.00
Transfer In 06/03/2021 3133EMF98 4,000,000.00 FEDERAL FARM CREDIT

BANKS FUNDING CORP

0.65 06/09/2025

95.497 0.65% (4,000,000.00) (11,338.89) 0.00 0.00
Transfer In 06/03/2021 3130AMST0 5,000,000.00 FEDERAL HOME LOAN BANKS 0.625
03/24/2025

96.211 0.63% (5,000,000.00) (4,513.89) 0.00 0.00
Transfer In 06/07/2021 3130AMT28 5,000,000.00 FEDERAL HOME LOAN BANKS 1.0 06/30/2026

92.307 1 .00% (5,000,000.00) (18,888.89) 0.00 0.00
Transfer In 06/17/2021 912828Z52 3,000,000.00 UNITED STATES TREASURY 1.375
01/31/2025

97.343 0.52% (3,018,055.56) (12,012.36) 0.00 0.00
Transfer In 06/17/2021 912828ZF0 5,000,000.00 UNITED STATES TREASURY 0.5
03/31/2025

96.071 0.58% (4,996,393.36) (3,142.08) 0.00 0.00
Transfer In 06/17/2021 3130AMX31 5,000,000.00 FEDERAL HOME LOAN BANKS 0.75
06/30/2025

95.509 0.75% (5,000,000.00) (
14,166.67) 0.00 0.00
51 Item: 6.2
Item Page Number: 54
Menifee Finance Committee September 10, 2024 Page 61 of 65

92.308 1.05% (5,000,000.00) (19,833.33) 0.00 0.00
Transfer In 06/17/2021 3130AMXJ6 5,000,000.00 FEDERAL HOME LOAN BANKS 0.5 09/30/2024

98.167 0.50% (5,000,000.00) (3,194.44) 0.00 0.00
Transfer In 06/17/2021 3133EML67 5,000,000.00 FEDERAL FARM CREDIT

BANKS FUNDING CORP

0.8 06/22/2026

91.866 0.89% (4,990,569.67) (16,000.00) 0.00 0.00
Total Transfer
In 66,000,000.00 (66,119,008.28) (153,085.68) 0.00 0.00 TOTAL
ACQUISITIONS 76,405,000.00 (74,909,493.43) (666,377.40) (75,575,870.83) 0.00

DISPOSITIONS
Call
Redemption
06/01/2024 46647PCH7 (40,000.00) JPMORGAN CHASE &
CO 0.824 06/01/2025
100.000 0.82% 40,000.00 0.00 40,000.00 0.00
Call
Redemption
06/23/2024 46647PCK0 (20,000.00) JPMORGAN CHASE &
CO 0.969 06/23/2025
100.000 0.97% 20,000.00 0.00 20,000.00 0.00
Total Call
Redemption (60,000.00) 60,000.00 0.00 60,000.00 0.00
Maturity 05/09/2024 912797HQ3 (6,000,000.00) UNITED STATES TREASURY 05/09/2024
100.000 0.00% 6,000,000.00 0.00 6,000,000.00 0.00
Total Maturity (6,000,000.00) 6,000,000.00 0.00 6,000,000.00 0.00 S
ale 05/30/2024 3130AMXJ6 (5,000,000.00) FEDERAL HOME LOAN BANKS 0.5 09/30/2024

98.360 0.50% 4,918,000.00 4,166.67 4,922,166.67 (82,000.00) Sale 05/30/2024 3130AMNZ1 (3,000,000.00) FEDERAL HOME LOAN BANKS 0.5 12/16/2024

97.381 0.50% 2,921,430.00 6,833.33 2,928,263.33 (78,570.00) 52 Item: 6.2
Item Page Number: 55
Menifee Finance Committee September 10, 2024 Page 62 of 65

96.432 0.63% 4,821,600.00 6,597.22 4,828,197.22 (178,400.00) Sale 06/21/2024 3130AMX31 (5,000,000.00) FEDERAL HOME
LOAN BANKS 0.75
06/30/2025

95.640 0.75% 4,782,000.00 17,812.50 4,799,812.50 (218,000.00) Total Sale (18,000,000.00) 17,443,030.00 35,409.72 17,478,439.72 (556,970.00) TOTAL
DISPOSITIONS (24,060,000.00) 23,503,030.00 35,409.72 23,538,439.72 (556,970.00) 53 Item: 6.2
Item Page Number: 56
Menifee Finance Committee September 10, 2024 Page 63 of 65

IMPORTANT DISCLOSURES
City of Menifee | Account #10112 | As of June 30, 2024
2024 Chandler Asset Management, Inc, An Independent Registered Investment Adviser.

Information contained herein is confidential. Prices are provided by ICE Data Services Inc (“IDS”), an independent pricing source. In the event IDS does not provide a price or if the price provided is not reflective of fair market value, Chandler will obtain pricing from an alternative approved third party pricing source in accordance with our written valuation policy and procedures. Our valuation procedures are also disclosed in Item 5 of our Form ADV Part 2A.

Performance results are presented gross-of-advisory fees and represent the client’s Total Return. The deduction of advisory fees lowers performance results. These results include the reinvestment of dividends and other earnings. Past performance may not be indicative of future results. Therefore, clients should not assume that future performance of any specific investment or investment strategy will be profitable or equal to past performance levels. All investment strategies have the potential for profit or loss. Economic factors, market conditions or changes in investment strategies, contributions or withdrawals may materially alter the performance and results of your portfolio.

Index returns assume reinvestment of all distributions. Historical performance results for investment indexes generally do not reflect the deduction of transaction and/or custodial charges or the deduction of an investment management fee, the incurrence of which would have the effect of decreasing historical performance results. It is not possible to invest directly in an index.

Source I CE Data Indices, LLC (“ICE”), used with permission. ICE permits use of the ICE indices and related data on an “as is” basis; ICE, its affiliates and their respective third party suppliers disclaim any and all warranties and representations, express and/or implied, including any warranties of merchantability or fitness for a particular purpose or use, including the indices, index data and any data included in, related to, or derived therefrom. Neither ICE data, its affiliates or their respective third party providers guarantee the quality, adequacy, accuracy, timeliness or completeness of the indices or the index data or any component thereof, and the indices and index data and all components thereof are provided on an “as is” basis and licensee’s use it at licensee’s own risk. ICE data, its affiliates and their respective third party do not sponsor, endorse, or recommend chandler asset management, or any of its products or services.

This report is provided for informational purposes only and should not be construed as a 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 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 i ncome investments are subject to interest, 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.

Ratings information have been provided by Moody’s, S&P and Fitch through data feeds we believe to be reliable as of the date of this statement, however we cannot guarantee its accuracy.

Security level ratings for U.S. Agency issued mortgage-backed securities (“MBS”) reflect the issuer rating because the securities themselves are not rated. The issuing U.S. Agency guarantees the full and timely payment of both principal and interest and carries a AA+/Aaa/AAA by S&P, Moody’s and Fitch respectively. 54 Item: 6.2
Item Page Number: 57
Menifee Finance Committee September 10, 2024 Page 64 of 65

BENCHMARK DISCLOSURES
City of Menifee | Account #10112 | As of June 30, 2024
Benchmark Disclosure
ICE BofA 1-5 Unsubordinated Yr US Treasury
& Agency Index
The ICE BofA 1-5 Unsubordinated Year US Treasury & Agency Index tracks the performance of US dollar denominated US Treasury and nonsubordinated US agency debt issued in the US domestic market. Qualifying securities must have an investment grade rating (based on an average of Moody’s, S&P and Fitch). Qualifying securities must have at least one year remaining term to final maturity and less than five years remaining term to final maturity, at least 18 months to maturity at time of issuance, a fixed coupon schedule, and a minimum amount outstanding of $1 billion for sovereigns and $250 million for agencies. 55 Item: 6.2
Item Page Number: 58
Menifee Finance Committee September 10, 2024 Page 65 of 65

Finance CommitteeSeptember 10, 2024

Finance Committee
September 10, 2024