INVESTMENT REPORT
City of Menifee | As of June 30, 2025
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.
TABLE OF CONTENTS
ECONOMIC UPDATE
ACCOUNT PROFILE
PORTFOLIO HOLDINGS
TRANSACTIONS
1 ECONOMIC UPDATE
2 ▪
▪
▪
Recent economic data suggest slower growth in 2025 and greater market uncertainty as the effects of fiscal policy unfold. Inflationary trends have subsided, but core levels remain above the Fed’s target, and tariff impacts remain uncertain. The labor market is exhibiting a softening trend. Given the economic outlook, we expect gradual normalization of monetary policy and a steepening yield curve.
As broadly anticipated, the Federal Open Market Committee (FOMC) left the Federal Funds Rate unchanged at the range of 4.25 - 4.50% at the July meeting. Fed governors Waller and Bowman dissented in favor of a rate cut, marking the first time since 1993 that two members have dissented. Chair Powell reaffirmed a cautious, data driven approach, emphasizing that future policy decisions will depend on economic and trade developments.
US Treasury yields rose, and the curve flattened in July. The 2-year Treasury yield jumped 24 basis points to 3.96%, the 5-year Treasury increased 18 basis points to 3.97%, and the 10-year Treasury yield rose 15 basis points to 4.38%. The spread between the 2-year and 10- year Treasury yield points on the curve narrowed to +42 basis points at July month-end versus +51 basis points at June month-end. The spread between the 2-year Treasury and 10-year Treasury yield one year ago was -23 basis points. The spread between the 3-month and10- year Treasury yield points on the curve was +4 basis points in July versus -7 basis points in June.
ECONOMIC UPDATE
3 -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 73,000 jobs in July, and the last two months were revised down by 258,000. Gains were primarily driven by healthcare and social assistance. The three-month moving average and six-month moving average payrolls totaled 35,000 and 81,000 respectively. The unemployment rate rose to 4.2% in July from 4.1% in June, due to a shrinking labor force. The labor participation rate dipped to 62.2%, remaining below the pre-pandemic level of 63.3%. The U-6 underemployment rate, which includes those who are marginally attached to the labor force and employed part time for economic reasons jumped to 7.9% in July from 7.7% in June. Average hourly earnings increased to 3.9% year-over-year from 3.8% last month.
Source: US Department of Labor Source: US Department of Labor
EMPLOYMENT
4 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 Department’s Job Openings and Labor Turnover Survey (JOLTS) fell to 7.4 million new job openings in June from 7.7 million in May. The quits rate and layoffs remained relatively stable. Job openings indicate a ratio of approximately 1.1 jobs for each unemployed individual, representing a relatively balanced labor market.
Source: US Department of Labor
JOB OPENINGS & LABOR TURNOVER SURVEY
5 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 Core Deflator YOY % Change
Fed Target
YOY (%) Change
In July, the Consumer Price Index (CPI) increased 0.2% month-over-month and rose 2.7% year-over-year, while the Core CPI rose 0.3% month-over-month and 3.1% year-over-year. The Personal Consumption Expenditures (PCE) price index increased 0.3% month-over-month and rose 2.6% year-over-yearin June. The Core PCE deflator, which excludes food and energy and is the Fed’s preferred gauge, increased
0.3% month-over-month and 2.8% year-over-year. Although inflation has trended toward the Federal Reserve’s 2% target, the overall impact of tariff policy has not yet fully flowed through to the US economy.
Source: US Department of Labor Source: US Department of Commerce
INFLATION
6 0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
Retail Sales YOY % Change
YOY (%) Change
Advance Retail Sales increased 0.5% in July after an upwardly revised 0.9% gain in June, in a broad-based advance led by auto sales.
Control group sales, which feed into GDP, also increased by 0.5%. On a year-over-year basis, Retail Sales grew 3.9% in July, following an upward revision to 4.4% in June. The Conference Board’s Consumer Confidence Index roseto 97.2 in July from an upwardly revised 95.2 in June. While consumers became slightly more pessimistic about current employment conditions, future expectations improved. While the consumer has been resilient, rising debt and delinquencies, elevated inflation expectations, and a weakening labor market could pose potential risks to future spending.
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 -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 by 0.1% in July, following a 0.3% decline in June. The LEI decreased by 3.6% year-over-year. The Conference Board is expecting economic growth to slow in the second half of 2025 due to consumer pessimism, soft manufacturing new orders, and negative impacts from tariffs. The Chicago Fed National Activity Index (CFNAI) improved slightly to -0.10 in June from an upwardly revised -0.16 in May. The three-month moving average dropped to -0.22 in June from -0.14 in May, indicating below trend growth.
Source: The Conference Board Source: Federal Reserve Bank of Chicago
LEADING INDICATORS OF ECONOMIC ACTIVITY
8 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 increased 5.2% month-over-month in July to a seasonally adjusted annual rate of 1.428 million units, which surpassed consensus expectations. Starts were up 12.9% from July 2024. The Freddie Mac 30-year fixed rate mortgage averaged approximately
6.7% in July. According to the Case-Shiller 20-City Home Price Index, housing prices rose 2.8% year-over-year in May, compared to 3.4% in April. Limited inventory, elevated mortgage rates, and lack of affordability continue to weigh on the housing market.
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 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 edged downto 48.0 in July from 49.0 in June, indicating a continuation of modest contraction in the sector. Demand weakened and layoffs increased, as firms struggled to manage rising costs. The ISM Services index declined to 50.1 in July from 50.8 in June, with growing concerns about employment and increasing inflationary pressures. A reading over 50 indicates expansion, while a reading under 50 indicates contraction.
Source: Institute for Supply Management
SURVEY BASED MEASURES
10 Components of GDP 9/24 12/24 3/25 6/25
2.5% 2.7% 0.3% 1.0%
0.2% -1.0% 3.9% -3.1%
-0.4% 0.3% -4.6% 5.0%
0.6% 0.3% -0.3% -0.2%
0.3% 0.3% 0.2% 0.3%
3.1% 2.5% -0.5% 3.0%
Personal Consumption Expenditures
Gross Private Domestic Investment
Net Exports and Imports
Federal Government Expenditures
Total
State and Local (Consumption and Gross
Investment)
-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 In a sharp rebound from the first quarter, real GDP increasedat an annualized rate of 3.0% in the second quarterof 2025, according to the advance estimate from the Bureau of Economic Analysis. The primary driver of the improvement was the drop in imports following the significant rise in the first quarter in anticipation of higher tariffs. Consumer spending also picked up modestly. The consensus projection calls for 1.0% growth for the third quarter and 1.5% for the full year 2025.
GROSS DOMESTIC PRODUCT (GDP)
11 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 broadly anticipated, the Federal Open Market Committee (FOMC) left the Federal Funds Rate unchanged at the range of 4.25 - 4.50% at the July meeting. Fed governors Waller and Bowman dissented in favor of a rate cut, marking the first time since 1993 that two members have dissented. Chair Powell reaffirmed a cautious, data driven approach, emphasizing that future policy decisions will depend on economic and trade developments. The monthly redemption capon Treasuries will remain at $5 billion, while the cap on agencies and mortgage-backed securities will be maintained at $35 billion. Since the Fed began its Quantitative Tightening campaign in June 2022, securities holdings have declined by about $2.2 trillion to approximately $6.7 trillion.
FEDERAL RESERVE
0.00%
1.00%
2.00%
3.00%
4.00%
5.00%
6.00%
Effective Federal Funds Rate
Recession
Yield (%)
12 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-25
Apr-25
Jul-24
Yield (%)
At the end of July, the 2-year Treasury yield was 30 basis points lower, and the 10-Year Treasury yield was 34 basis points higher, year- over-year. The spread between the 2-year and 10-year Treasury yield points on the curve narrowedto +42 basis points at July month-end versus +51 basis points at June month-end. The recent yield curve inversion which began in July 2022 was historically long. The average historical spread (since 2005) is about +99 basis points. The spread between the 3-month and 10-year Treasury yield points on the curve was +4 basis points in July versus -7 basis points in June.
BOND YIELDS
13 ACCOUNT PROFILE
14 OBJECTIVES
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 STATEMENT OF COMPLIANCE
City of Menifee | Account #10112 | As of June 30, 2025
Rules Name Limit Actual Compliance
Status Notes
AGENCY MORTGAGE SECURITIES (CMOS)
Max % (MV) 100.0 4.1 Compliant
Max % Issuer (MV; Agencies & Agency CMOs) 25.0 10.7 Compliant Max Maturity (Years) 5.0 4.7 Compliant
ASSET-BACKED SECURITIES (ABS)
Max % (MV; Non Agency ABS & MBS) 20.0 3.7 Compliant
Max % Issuer (MV) 5.0 0.6 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
COMMERCIAL PAPER
Max % (MV) 25.0 0.0 Compliant
Max % Issuer (MV) 5.0 0.0 Compliant
Max Maturity (Days) 270 0.0 Compliant
16 STATEMENT OF COMPLIANCE
City of Menifee | Account #10112 | As of June 30, 2025
Rules Name Limit Actual Compliance
Status Notes
Min Rating (A-1 by 1 or A- by 1) 0.0 0.0 Compliant
CORPORATE MEDIUM TERM NOTES
Max % (MV) 30.0 24.5 Compliant
Max % Issuer (MV) 5.0 1.4 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 14.6 Compliant
Max % Issuer (MV; Agencies & Agency CMOs) 25.0 10.7 Compliant Max Callables (MV) 20.0 11.6 Compliant
Max Maturity (Years) 5 3 Compliant
LOCAL AGENCY INVESTMENT FUND (LAIF)
Max Concentration (MV) 75.0 0.0 Compliant
MONEY MARKET MUTUAL FUNDS
Max % (MV) 20.0 0.5 Compliant
Max % Issuer (MV) 20.0 0.5 Compliant
Min Rating (AAA by 2) 0.0 0.0 Compliant
MORTGAGE -BACKED SECURITIES (NON-AGENCY)
Max % (MV) 20.0 0.0 Compliant
Max % Issuer (MV) 5.0 0.0 Compliant
Max Maturity (Years) 5.0 0.0 Compliant
Min Rating (AA by 1) 0.0 0.0 Compliant
MUNICIPAL SECURITIES (CA, LOCAL AGENCY)
Max % (MV) 30.0 0.0 Compliant
Max % Issuer (MV) 5.0 0.0 Compliant
Max Maturity (Years) 5 0.0 Compliant
17 STATEMENT OF COMPLIANCE
City of Menifee | Account #10112 | As of June 30, 2025
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 5.0 Compliant
Max % Issuer (MV) 10.0 3.8 Compliant
Max Maturity (Years) 5 4 Compliant
Min Rating (AA- by 1) 0.0 0.0 Compliant
U.S. TREASURIES
Max % (MV) 100.0 47.6 Compliant
Max Maturity (Years) 5 4 Compliant
18 PORTFOLIO CHARACTERISTICS
City of Menifee | Account #10112 | As of June 30, 2025
Benchmark* 6/30/2025
Portfolio
6/30/2024
Portfolio
Average Maturity (yrs) 2.65 2.89 2.71
Average Modified Duration 2.48 2.49 2.40
Average Purchase Yield 4.05% 3.34%
Average Market Yield 3.78% 4.01% 4.91%
Average Quality** AA+ AA AA+
Total Market Value 135,360,677 127,474,840
*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 SECTOR DISTRIBUTION
City of Menifee | Account #10112 | As of June 30, 2025
Sector as a Percentage of Market Value
Sector 06/30/2025 06/30/2024
US Treasury 47.64% 45.51%
Corporate 24.50% 23.42%
Agency 14.60% 24.86%
Supras 5.03% 1.38%
Agency CMBS 4.06% 3.14%
ABS 3.70% 0.90%
Money Mkt Fd 0.47% 0.69%
Cash 0.00% 0.11%
20 ISSUERS
City of Menifee | Account #10112 | As of June 30, 2025
Issuer Investment Type % Portfolio
Government of The United States US Treasury 47.64%
Federal Home Loan Banks Agency 10.76%
FHLMC Agency CMBS 4.06%
Farm Credit System Agency 3.84%
International Bank for Recon and Dev Supras 3.77%
Bank of America Corporation Corporate 1.35%
JPMorgan Chase & Co. Corporate 1.26%
State Street Corporation Corporate 1.24%
National Rural Utilities Cooperative Corporate 1.22%
Deere & Company Corporate 1.22%
Prologis, Inc. Corporate 1.22%
PACCAR Inc Corporate 1.21%
Public Service Enterprise Group Inco Corporate 1.21%
Toyota Motor Corporation Corporate 1.20%
U.S. Bancorp Corporate 1.20%
BNY Mellon Corp Corporate 1.20%
Honda Motor Co., Ltd. Corporate 1.19%
Inter-American Development Bank Supras 1.19%
Morgan Stanley Corporate 1.17%
Realty Income Corporation Corporate 1.17%
Wells Fargo & Company Corporate 1.14%
AbbVie Inc. Corporate 1.14%
Marsh & McLennan Companies, Inc. Corporate 1.13%
Caterpillar Inc. Corporate 1.05%
Honda Auto Receivables Owner Trust ABS 0.76%
Hyundai Auto Receivables Trust ABS 0.60%
SIMON PROPERTY GROUP, INC. Corporate 0.59%
Ford Credit Auto Owner Trust ABS 0.58%
The Home Depot, Inc. Corporate 0.57%
UnitedHealth Group Incorporated Corporate 0.56%
21 ISSUERS
City of Menifee | Account #10112 | As of June 30, 2025
Issuer Investment Type % Portfolio
Cisco Systems, Inc. Corporate 0.53%
Mercedes-Benz Auto Lease Trust ABS 0.50%
John Deere Owner Trust ABS 0.50%
Federated Hermes, Inc. Money Mkt Fd 0.47%
BMW Vehicle Owner Trust ABS 0.43%
Toyota Auto Receivables Owner Trust ABS 0.31%
Honeywell International Inc. Corporate 0.10%
The PNC Financial Services Group, In Corporate 0.10%
Merck & Co., Inc. Corporate 0.10%
Microsoft Corporation Corporate 0.09%
Apple Inc. Corporate 0.09%
The Charles Schwab Corporation Corporate 0.08%
International Finance Corporation Supras 0.08%
Amazon.com, Inc. Corporate 0.04%
Berkshire Hathaway Inc. Corporate 0.03%
Duke Energy Corporation Corporate 0.03%
Truist Financial Corporation Corporate 0.02%
Costco Wholesale Corporation Corporate 0.01%
Target Corporation Corporate 0.01%
Mercedes-Benz Auto Receivables Trust ABS 0.01%
Northern Trust Corporation Corporate 0.01%
Walmart Inc. Corporate 0.01%
Cash Cash 0.00%
GM Financial Securitized Term ABS 0.00%
TOTAL 100.00%
22 QUALITY DISTRIBUTION
Rating 06/30/2025 06/30/2024
AAA 8.77% 4.30%
AA 66.87% 72.87%
A 21.53% 22.77%
BBB 1.16% --
NA 1.67% 0.06%
Rating 06/30/2025 06/30/2024
AAA 8.56% 76.33%
AA 68.32% 0.11%
A 21.82% 23.28%
BBB 0.02% 0.02%
NA 1.28% 0.26%
Rating 06/30/2025 06/30/2024
AAA 5.83% 3.01%
AA 68.87% 77.98%
A 11.02% 9.84%
NA 14.28% 9.18%
City of Menifee | Account #10112 | As of June 30, 2025
S&P Rating Moody’s Rating Fitch Rating
23 0-.25 .25-.5 .5-1 1-2 2-3 3-4 4-5 5-7 7+
Portfolio 0.6% 0.3% 22.3% 12.7% 21.5% 33.3% 9.4% 0.0% 0.0% ICE BofA 1-5 Year Unsubordinated US Treasury &
Agency Index 0.0% 0.1% 2.6% 34.9% 27.8% 23.4% 11.1% 0.0% 0.0%
DURATION DISTRIBUTION
City of Menifee | Account #10112 | As of June 30, 2025
Portfolio Compared to the Benchmark
24 3 Months 12 Months 2 Years 3 Years 5 Years 10 Years Since Inception
TOTAL RATE OF RETURN
City of Menifee 1.51% 6.25% 5.54% 3.72% 1.25% 1.86% 1.84% Benchmark 1.36% 6.06% 5.11% 3.24% 0.92% 1.61% 1.60%
*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, 2025
Total Rate of Return : Inception | 02/01/2010
25 PORTFOLIO HOLDINGS
26 HOLDINGS REPORT
City of Menifee | Account #10112 | As of June 30, 2025
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
43815BAC4 HAROT 2022-1 A3 1.88
05/15/2026 5,811.36 --
4.10%
5,590.02
5,752.80
99.80 4.77%
5,799.59
4.86 0.00%
46.79 Aaa/AAA
NA
0.87 0.07
05602RAD3 BMWOT 2022-A A3 3.21
08/25/2026 1,309.05 05/10/2022
3.63%
1,308.98
1,309.04
99.82 4.56%
1,306.69
0.70 0.00%
(2.35)
Aaa/AAA
NA
1.15 0.14
47787JAC2 JDOT 2022 A3 2.32 09/15/2026 1,035.41 03/10/2022
2.34%
1,035.18
1,035.36
99.72 4.16%
1,032.46
1.07 0.00%
(2.90)
Aaa/NA
AAA
1.21 0.15
362554AC1 GMCAR 2021-4 A3 0.68
09/16/2026 25.20 10/13/2021
0.68%
25.20 25.20
99.84 4.51%
25.16 0.01
0.00%
(0.04)
Aaa/AAA
NA
1.21 0.04
448977AD0 HART 2022-A A3 2.22 10/15/2026 1,631.22 03/09/2022
2.23%
1,631.16
1,631.21
99.83 4.49%
1,628.50
1.61 0.00%
(2.71)
NA/AAA
AAA
1.29 0.07
380146AC4 GMCAR 2022-1 A3 1.26
11/16/2026 307.90 01/11/2022
1.24%
307.87
307.89
99.86 4.72%
307.46
0.16 0.00%
(0.43)
NA/AAA
AAA
1.38 0.04
47800AAC4 JDOT 2022-B A3 3.74 02/16/2027 4,407.77 07/12/2022
3.77%
4,407.35
4,407.65
99.68 4.66%
4,393.50
7.33 0.00%
(14.15)
Aaa/NA
AAA
1.63 0.36
89231CAD9 TAOT 2022-C A3 3.76 04/15/2027 10,104.66 01/09/2023
4.58%
9,936.51
10,035.10
99.70 4.65%
10,074.42
16.89 0.01%
39.32 NA/AAA
AAA
1.79 0.35
47800BAC2 JDOT 2022-C A3 5.09 06/15/2027 11,179.70 10/12/2022
3.29%
11,178.83
11,179.37
100.27
4.59%
11,209.69
25.29 0.01%
30.32 Aaa/NA
AAA
1.96 0.48
58770AAC7 MBART 2023-1 A3 4.51
11/15/2027 17,593.10 01/18/2023
4.56%
17,590.99
17,592.09
100.00
4.56%
17,592.50
35.26 0.01%
0.41 NA/AAA
AAA
2.38 0.51
47800CAC0 JDOT 2023 A3 5.01 11/15/2027 14,143.22 02/22/2023
3.39%
14,140.65
14,141.92
100.30
4.60%
14,185.88
31.49 0.01%
43.95 Aaa/NA
AAA
2.38 0.65
437930AC4 HAROT 2024-2 A3 5.27
11/20/2028 210,000.00 05/14/2024
5.27%
209,974.48
209,980.78
101.20
4.30%
212,510.05
399.64
0.16%
2,529.26
NA/AAA
AAA
3.39 1.16
096919AD7 BMWOT 2024-A A3 5.18
02/26/2029 570,000.00 06/04/2024
5.18%
569,913.42
569,932.79
101.26
4.11%
577,186.56
492.10
0.43%
7,253.77
Aaa/AAA
NA
3.66 1.12
43813YAC6 HAROT 2024-3 A3 4.57
03/21/2029 800,000.00 08/09/2024
4.66%
799,874.32
799,897.91
100.54
4.21%
804,354.16
1,015.56
0.60%
4,456.25
Aaa/NA
AAA
3.72 1.35
58768YAD7 MBALT 2025-A A3 4.61
04/16/2029 670,000.00 05/14/2025
4.66%
669,918.33
669,920.68
101.14
4.13%
677,608.59
1,372.76
0.50%
7,687.91
NA/AAA
AAA
3.79 2.15
89239TAD4 TAOT 2024-D A3 4.4 06/15/2029 405,000.00 10/10/2024
4.51%
404,977.40
404,980.81
100.42
4.15%
406,708.25
792.00
0.30%
1,727.44
Aaa/AAA
NA
3.96 1.44
27 HOLDINGS REPORT
City of Menifee | Account #10112 | As of June 30, 2025
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
34535VAD6 FORDO 2024-D A3 4.61
08/15/2029 775,000.00 11/19/2024
4.66%
774,975.12
774,978.30
101.00
4.08%
782,755.74
1,587.89
0.58%
7,777.43
Aaa/NA
AAA
4.13 1.73
47800DAD6 JDOT 2025 A3 4.23 09/17/2029 635,000.00 03/04/2025
5.09%
634,960.06
634,962.77
100.25
4.16%
636,568.20
1,193.80
0.47%
1,605.43
Aaa/NA
AAA
4.22 2.18
44935CAD3 HART 2025-A A3 4.32 10/15/2029 805,000.00 03/04/2025
4.84%
804,881.26
804,889.11
100.39
4.16%
808,109.39
1,545.60
0.60%
3,220.28
NA/AAA
AAA
4.29 1.98
Total ABS 4,937,548.59 4.81%
4,936,627.14
4,936,960.79
100.73
4.16%
4,973,356.78
8,524.00
3.70%
36,395.99
3.93 1.69
AGENCY
3130AMM33 FEDERAL HOME LOAN BANKS
0.875 06/16/2026 3,500,000.00 05/27/2021
0.88%
3,500,000.00
3,500,000.00
97.03 4.06%
3,396,188.57
1,276.04
2.53%
(103,811.44)
Aa1/AA+
AA+
0.96 0.94
3133EML67 FEDERAL FARM CREDIT BANKS
FUNDING CORP 0.8 06/22/2026 2,500,000.00 06/17/2021
0.89%
2,488,750.00
2,497,811.48
96.83 4.15%
2,420,807.23
500.00
1.80%
(77,004.25)
Aa1/AA+
AA+
0.98 0.95
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
97.11 4.04%
4,855,397.40
145.83
3.62%
(144,602.60)
Aa1/AA+
AA+
1.00 0.97
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
97.02 4.09%
4,850,754.10
138.89
3.61%
(149,245.90)
Aa1/AA+
AA+
1.00 0.97
3133EP6K6 FEDERAL FARM CREDIT BANKS
FUNDING CORP 4.5 03/26/2027 700,000.00 04/24/2024
4.83%
693,700.00
696,255.49
101.11
3.83%
707,788.29
8,312.50
0.53%
11,532.80
Aa1/AA+
AA+
1.74 1.64
3130ATUS4 FEDERAL HOME LOAN BANKS 4.25
12/10/2027 200,000.00 01/30/2023
3.76%
204,274.00
202,149.05
101.10
3.77%
202,206.51
495.83
0.15%
57.47 Aa1/AA+
AA+
2.45 2.30
3130ATS57 FEDERAL HOME LOAN BANKS 4.5
03/10/2028 190,000.00 03/23/2023
3.78%
196,165.50
193,342.90
101.97
3.72%
193,741.68
2,636.25
0.14%
398.78
Aa1/AA+
AA+
2.70 2.49
3133EPGW9 FEDERAL FARM CREDIT BANKS
FUNDING CORP 3.875 04/25/2028 150,000.00 04/24/2023
3.76%
150,753.00
150,424.10
100.16
3.81%
150,240.03
1,065.63
0.11%
(184.07)
Aa1/AA+
AA+
2.82 2.63
3133EPSK2 FEDERAL FARM CREDIT BANKS
FUNDING CORP 4.25 08/07/2028 75,000.00 08/17/2023
4.52%
74,100.00
74,438.49
101.23
3.83%
75,919.03
1,275.00
0.06%
1,480.54
Aa1/AA+
AA+
3.10 2.84
3130AWTR1 FEDERAL HOME LOAN BANKS
4.375 09/08/2028 225,000.00 09/12/2023
4.49%
223,860.00
224,270.68
101.97
3.71%
229,423.38
3,089.84
0.17%
5,152.71
Aa1/AA+
AA+
3.19 2.92
3133EPWK7 FEDERAL FARM CREDIT BANKS
FUNDING CORP 4.5 09/22/2028 95,000.00 09/27/2023
4.76%
93,915.10
94,297.59
102.15
3.78%
97,046.07
1,175.63
0.07%
2,748.48
Aa1/AA+
AA+
3.23 2.95
28 HOLDINGS REPORT
City of Menifee | Account #10112 | As of June 30, 2025
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
3133EPN50 FEDERAL FARM CREDIT BANKS
FUNDING CORP 4.25 12/15/2028 270,000.00 12/18/2023
4.00%
272,999.70
272,078.23
101.62
3.75%
274,367.47
510.00
0.20%
2,289.23
Aa1/AA+
AA+
3.46 3.19
3130AVBD3 FEDERAL HOME LOAN BANKS 4.5
03/09/2029 700,000.00 04/29/2024
4.71%
693,525.00
695,083.53
102.49
3.77%
717,454.45
9,800.00
0.53%
22,370.93
Aa1/AA+
AA+
3.69 3.34
3133ERAK7 FEDERAL FARM CREDIT BANKS
FUNDING CORP 4.375 04/10/2029 700,000.00 04/22/2024
4.73%
689,017.00
691,646.14
101.63
3.90%
711,431.41
6,890.63
0.53%
19,785.28
Aa1/AA+
AA+
3.78 3.42
3133ERDH1 FEDERAL FARM CREDIT BANKS
FUNDING CORP 4.75 04/30/2029 700,000.00 05/08/2024
4.55%
706,132.00
704,721.34
102.95
3.91%
720,679.93
5,634.03
0.54%
15,958.59
Aa1/AA+
AA+
3.83 3.46
Total Agency 20,005,000.00 1.71%
19,987,191.30
19,996,519.01
98.03 4.02%
19,603,445.54
42,946.09
14.60%
(393,073.47)
1.45 1.37
AGENCY CMBS
3137BLW95 FHMS K-050 A2 3.334 08/25/2025 10,257.11 11/16/2021
1.21%
10,992.74
10,273.99
99.70 4.35%
10,226.31
28.50 0.01%
(47.68)
Aa1/AA+
AAA
0.15 0.15
3137BN6G4 FHMS K-053 A2 2.995 12/25/2025 110,623.10 01/25/2023
4.13%
107,230.94
110,121.80
99.23 4.53%
109,767.32
276.10
0.08%
(354.48)
Aa1/AA+
AAA
0.49 0.38
3137BNGT5 FHMS K-054 A2 2.745 01/25/2026 62,844.90 12/13/2022
4.24%
60,151.89
62,399.29
98.93 4.50%
62,172.25
143.76
0.05%
(227.04)
Aa1/AA+
AAA
0.57 0.51
3137BQYS0 FHMS K-056 A2 2.525 05/25/2026 116,340.37 --
3.93%
112,504.02
115,237.32
98.44 4.37%
114,524.26
244.80
0.09%
(713.06)
Aa1/AA+
AAA
0.90 0.76
3137BSP72 FHMS K-058 A2 2.653 08/25/2026 125,000.00 01/31/2023
4.11%
118,955.08
123,122.52
98.16 4.23%
122,694.08
276.35
0.09%
(428.44)
Aa1/AA+
AAA
1.15 1.07
3137FQXJ7 FHMS K-737 A2 2.525 10/25/2026 125,000.00 02/08/2023
4.29%
117,695.31
122,482.47
97.92 4.22%
122,401.70
263.02
0.09%
(80.77)
Aa1/AA+
AAA
1.32 1.14
3137BUX60CMO FHMS K-062 A2 3.413 12/25/2026 70,000.00 12/12/2022
4.28%
67,716.80
69,182.66
98.79 4.16%
69,151.92
199.09
0.05%
(30.73)
Aa1/AA+
AAA
1.49 1.37
3137BVZ82 FHMS K-063 A2 3.43 01/25/2027 70,000.00 12/12/2022
4.30%
67,711.33
69,149.14
98.81 4.16%
69,168.09
200.08
0.05%
18.95 Aa1/AA+
AAA
1.57 1.36
3137FBU79 FHMS K-069 A2 3.187 09/25/2027 98,136.59 12/15/2023
4.37%
94,153.63
95,801.65
98.15 4.01%
96,320.19
260.63
0.07%
518.54
Aa1/AAA
AA+
2.24 2.06
3137FCJK1 FHMS K-070 A2 3.303 11/25/2027 30,000.00 11/21/2022
4.38%
28,566.80
29,321.08
98.32 4.01%
29,495.13
82.58 0.02%
174.05
Aaa/AA+
AA+
2.41 2.16
29 HOLDINGS REPORT
City of Menifee | Account #10112 | As of June 30, 2025
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
3137FJEH8 FHMS K-081 A2 3.9 08/25/2028 1,500,000.00 05/28/2024
5.00%
1,436,718.75
1,453,172.71
99.55 4.00%
1,493,184.45
4,875.00
1.11%
40,011.74
Aa1/AA+
AAA
3.15 2.89
3137H4BY5 FHMS K-746 A2 2.031 09/25/2028 135,000.00 10/26/2023
5.31%
116,263.48
122,721.06
93.98 4.04%
126,878.59
228.49
0.09%
4,157.53
Aa1/AA+
AAA
3.24 3.02
3137FLMV3 FHMS K-090 A2 3.422 02/25/2029 1,500,000.00 05/30/2024
4.94%
1,405,195.31
1,427,017.65
97.84 4.04%
1,467,575.40
4,277.50
1.09%
40,557.75
Aa1/AAA
AA+
3.66 3.32
3137FMCR1 FHMS K-093 A2 2.982 05/25/2029 992,731.41 09/19/2024
3.82%
957,753.13
963,582.85
96.30 4.05%
956,033.31
2,466.94
0.71%
(7,549.54)
Aa1/AA+
AAA
3.90 3.40
3137HA4B9 FHMS K-751 A2 4.412 03/25/2030 589,000.00 03/27/2025
4.40%
588,424.80
588,454.26
100.99
4.13%
594,809.95
2,165.56
0.44%
6,355.69
Aaa/AA+
AA+
4.73 3.92
Total Agency CMBS 5,534,933.48 4.59%
5,290,034.02
5,362,040.44
98.39 4.07%
5,444,402.96
15,988.39
4.06%
82,362.52
3.31 2.94
CASH
CCYUSD Receivable 1,953.22 -- 1,953.22
1,953.22
1.00 0.00%
1,953.22
0.00 0.00%
0.00 Aaa/AAA
AAA
0.00 0.00
Total Cash 1,953.22
1,953.22
1,953.22
1.00 0.00%
1,953.22
0.00 0.00%
0.00 0.00
0.00 CORPORATE
89788MAA0 TRUIST FINANCIAL CORP 1.2
08/05/2025 30,000.00 02/03/2022
1.85%
29,341.20
29,981.92
99.68 4.54%
29,905.09
146.00
0.02%
(76.83)
Baa1/A-
A-
0.10 0.09
24422EWJ4 JOHN DEERE CAPITAL CORP 4.05
09/08/2025 70,000.00 12/12/2022
4.46%
69,267.10
69,949.38
99.91 4.49%
69,935.65
889.88
0.05%
(13.73)
A1/A
A+
0.19 0.18
594918BJ2 MICROSOFT CORP 3.125
11/03/2025 125,000.00 01/11/2023
4.38%
120,882.50
124,497.87
99.57 4.40%
124,457.32
629.34
0.09%
(40.55)
Aaa/AAA
NA
0.34 0.33
14913R3B1 CATERPILLAR FINANCIAL SERVICES
CORP 4.8 01/06/2026 80,000.00 01/05/2023
4.80%
79,988.80
79,998.15
100.17
4.47%
80,132.93
1,866.67
0.06%
134.78
A2/A
A+
0.52 0.49
037833BY5 APPLE INC 3.25 02/23/2026 100,000.00 12/15/2022
4.28%
96,949.00
99,377.72
99.37 4.24%
99,372.41
1,155.56
0.07%
(5.31)
Aaa/AA+
NA
0.65 0.62
63743HFH0
NATIONAL RURAL UTILITIES
COOPERATIVE FINANCE CORP 4.45
03/13/2026
70,000.00 02/02/2023
4.47%
69,950.30
69,988.96
100.04
4.38%
70,029.40
934.50
0.05%
40.44 A2/A-
A
0.70 0.59
30 HOLDINGS REPORT
City of Menifee | Account #10112 | As of June 30, 2025
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
023135BX3 AMAZON.COM INC 1.0
05/12/2026 60,000.00 05/10/2021
1.09%
59,740.80
59,955.29
97.38 4.11%
58,429.45
81.67 0.04%
(1,525.83)
A1/AA
AA-
0.87 0.84
91324PEC2 UNITEDHEALTH GROUP INC 1.15
05/15/2026 40,000.00 --
1.40%
39,563.60
39,913.28
97.21 4.45%
38,882.26
58.78 0.03%
(1,031.02)
A2/A+
A
0.87 0.85
89236TJK2 TOYOTA MOTOR CREDIT CORP
1.125 06/18/2026 40,000.00 06/15/2021
1.13%
39,982.40
39,996.61
97.05 4.28%
38,821.43
16.25 0.03%
(1,175.18)
A1/A+
A+
0.97 0.94
037833DN7 APPLE INC 2.05 09/11/2026 25,000.00 12/02/2021
1.49%
25,621.00
25,138.78
97.71 4.03%
24,426.75
156.60
0.02%
(712.03)
Aaa/AA+
NA
1.20 1.16
74456QBR6 PUBLIC SERVICE ELECTRIC AND
GAS CO 2.25 09/15/2026 850,000.00 07/29/2024
4.77%
807,126.00
825,666.11
97.76 4.17%
830,938.64
5,631.25
0.62%
5,272.53
A1/A
NA
1.21 1.16
931142ER0 WALMART INC 1.05 09/17/2026 10,000.00 09/08/2021
1.09%
9,981.10
9,995.42
96.64 3.91%
9,664.47
30.33 0.01%
(330.95)
Aa2/AA
AA
1.22 1.18
438516BL9 HONEYWELL INTERNATIONAL INC
2.5 11/01/2026 140,000.00 12/13/2022
4.28%
131,150.60
136,952.36
97.77 4.23%
136,883.96
583.33
0.10%
(68.40)
A2/A
A
1.34 1.29
26442CAS3 DUKE ENERGY CAROLINAS LLC
2.95 12/01/2026 35,000.00 01/13/2022
1.82%
36,755.95
35,444.45
98.37 4.15%
34,429.22
86.04 0.03%
(1,015.23)
Aa3/A
NA
1.42 1.37
87612EBM7 TARGET CORP 1.95 01/15/2027 20,000.00 01/19/2022
1.99%
19,966.00
19,989.46
96.86 4.08%
19,371.90
179.83
0.01%
(617.56)
A2/A
A
1.54 1.48
06051GLE7 BANK OF AMERICA CORP 5.08
01/20/2027 30,000.00 01/17/2023
5.08%
30,000.00
30,000.00
100.27
5.30%
30,079.93
681.57
0.02%
79.93 A1/A-
AA-
1.56 0.53
693475BL8 PNC FINANCIAL SERVICES GROUP
INC 4.758 01/26/2027 135,000.00 01/24/2023
5.18%
134,947.35
134,990.19
100.15
3.10%
135,197.44
2,765.59
0.10%
207.25
A3/A-
A
1.57 0.55
61747YEZ4 MORGAN STANLEY 5.05
01/28/2027 750,000.00 --
5.44%
744,262.05
748,096.71
100.30
5.26%
752,277.70
16,096.88
0.56%
4,180.99
A1/A-
A+
1.58 0.55
46647PBA3 JPMORGAN CHASE & CO 3.96
01/29/2027 400,000.00 04/17/2024
5.71%
388,284.00
396,178.78
99.74 5.31%
398,949.70
6,688.00
0.30%
2,770.91
A1/A
AA-
1.58 0.56
17275RBQ4 CISCO SYSTEMS INC 4.8
02/26/2027 700,000.00 04/30/2024
5.09%
694,694.00
696,889.41
101.21
4.03%
708,488.59
11,666.67
0.53%
11,599.18
A1/AA-
NA
1.66 1.48
808513BY0 CHARLES SCHWAB CORP 2.45
03/03/2027 25,000.00 03/01/2022
2.46%
24,991.70
24,997.71
97.18 4.21%
24,295.59
200.76
0.02%
(702.12)
A2/A-
A
1.67 1.60
02665WFD8 AMERICAN HONDA FINANCE
CORP 4.9 03/12/2027 600,000.00 04/23/2024
5.19%
595,380.00
597,278.99
100.89
4.35%
605,335.32
8,901.67
0.45%
8,056.33
A3/A-
NA
1.70 1.59
084664CZ2 BERKSHIRE HATHAWAY FINANCE
CORP 2.3 03/15/2027 45,000.00 03/07/2022
2.30%
44,991.45
44,997.65
97.49 3.83%
43,870.80
304.75
0.03%
(1,126.85)
Aa2/AA
A+
1.71 1.64
31 HOLDINGS REPORT
City of Menifee | Account #10112 | As of June 30, 2025
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
857477CL5 STATE STREET CORP 4.993
03/18/2027 125,000.00 03/13/2024
4.99%
125,000.00
125,000.00
101.45
4.11%
126,809.04
1,785.69
0.09%
1,809.04
Aa3/A
AA-
1.71 1.53
06051GHT9 BANK OF AMERICA CORP 3.559
04/23/2027 675,000.00 --
4.93%
656,743.45
667,291.10
99.28 5.11%
670,151.07
4,537.73
0.50%
2,859.97
A1/A-
AA-
1.81 0.78
06406RBQ9 BANK OF NEW YORK MELLON
CORP 4.947 04/26/2027 700,000.00 04/23/2024
5.38%
694,316.00
697,675.08
100.46
4.94%
703,245.31
6,252.46
0.52%
5,570.22
Aa3/A
AA-
1.82 0.79
665859AW4 NORTHERN TRUST CORP 4.0
05/10/2027 15,000.00 05/05/2022
4.03%
14,975.70
14,992.44
99.88 4.07%
14,981.66
85.00 0.01%
(10.78)
A2/A+
A+
1.86 1.76
22160KAM7 COSTCO WHOLESALE CORP 3.0
05/18/2027 20,000.00 07/15/2022
3.52%
19,535.80
19,819.48
98.53 3.82%
19,705.02
71.67 0.01%
(114.46)
Aa3/AA
NA
1.88 1.80
756109BG8 REALTY INCOME CORP 3.95
08/15/2027 100,000.00 12/13/2022
4.65%
97,097.00
98,679.68
99.43 4.23%
99,426.41
1,492.22
0.07%
746.73
A3/A-
NA
2.13 1.98
828807DE4 SIMON PROPERTY GROUP LP
3.375 12/01/2027 800,000.00 04/24/2024
5.32%
749,536.00
766,088.50
98.19 4.17%
785,516.85
2,250.00
0.59%
19,428.35
A3/A-
NA
2.42 2.29
69371RS31 PACCAR FINANCIAL CORP 4.6
01/10/2028 100,000.00 01/05/2023
4.71%
99,515.00
99,754.84
101.28
4.06%
101,281.90
2,185.00
0.08%
1,527.05
A1/A+
NA
2.53 2.32
89236TKQ7 TOYOTA MOTOR CREDIT CORP
4.625 01/12/2028 80,000.00 01/09/2023
4.64%
79,947.20
79,973.96
101.21
4.12%
80,967.72
1,736.94
0.06%
993.76
A1/A+
A+
2.54 2.32
02665WED9 AMERICAN HONDA FINANCE
CORP 4.7 01/12/2028 130,000.00 01/24/2023
4.52%
131,033.50
130,527.59
100.91
4.32%
131,184.02
2,868.31
0.10%
656.43
A3/A-
A
2.54 2.31
06051GGF0 BANK OF AMERICA CORP 3.824
01/20/2028 75,000.00 01/17/2023
5.51%
71,563.50
73,656.46
99.13 5.07%
74,346.36
1,282.63
0.06%
689.90
A1/A-
AA-
2.56 1.46
808513AU9 CHARLES SCHWAB CORP 3.2
01/25/2028 85,000.00 01/30/2023
4.32%
80,783.15
82,826.70
97.89 4.07%
83,209.67
1,178.67
0.06%
382.97
A2/A-
A
2.57 2.40
46625HRY8 JPMORGAN CHASE & CO 3.782
02/01/2028 70,000.00 01/30/2023
5.34%
67,053.70
68,475.22
99.13 4.94%
69,391.81
1,103.08
0.05%
916.59
A1/A
AA-
2.59 1.50
91324PEP3 UNITEDHEALTH GROUP INC 5.25
02/15/2028 700,000.00 04/18/2024
5.14%
702,464.00
701,677.62
102.64
4.17%
718,497.56
13,883.33
0.54%
16,819.94
A2/A+
A
2.63 2.32
58933YBH7 MERCK & CO INC 4.05 05/17/2028 130,000.00 --
3.98%
130,394.70
130,224.08
100.46
3.88%
130,597.50
643.50
0.10%
373.42
Aa3/A+
NA
2.88 2.61
74340XCG4 PROLOGIS LP 4.875 06/15/2028 1,600,000.00 --
5.26%
1,577,232.00
1,583,615.89
102.01
4.14%
1,632,198.11
3,466.67
1.22%
48,582.22
A2/A
NA
2.96 2.66
74456QBX3 PUBLIC SERVICE ELECTRIC AND
GAS CO 3.65 09/01/2028 800,000.00 04/25/2024
5.20%
752,432.00
765,268.76
98.46 4.17%
787,648.24
9,733.33
0.59%
22,379.48
A1/A
NA
3.17 2.92
32 HOLDINGS REPORT
City of Menifee | Account #10112 | As of June 30, 2025
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
89236TLB9 TOYOTA MOTOR CREDIT CORP
5.25 09/11/2028 1,450,000.00 --
5.15%
1,455,605.50
1,454,192.92
103.18
4.17%
1,496,099.27
23,260.42
1.11%
41,906.35
A1/A+
A+
3.20 2.88
24422EXH7 JOHN DEERE CAPITAL CORP 4.5
01/16/2029 1,550,000.00 --
5.13%
1,509,761.00
1,519,524.51
101.09
4.16%
1,566,926.65
31,968.75
1.17%
47,402.14
A1/A
A+
3.55 3.18
46647PAM8 JPMORGAN CHASE & CO 3.509
01/23/2029 1,250,000.00 --
5.47%
1,169,226.50
1,193,857.69
97.95 4.67%
1,224,428.55
19,250.76
0.91%
30,570.86
A1/A
AA-
3.57 2.38
69371RS80 PACCAR FINANCIAL CORP 4.6
01/31/2029 1,500,000.00 --
5.10%
1,468,515.00
1,476,109.75
101.37
4.18%
1,520,512.97
28,941.67
1.13%
44,403.21
A1/A+
NA
3.59 3.22
91159HJK7 US BANCORP 4.653 02/01/2029 1,600,000.00 --
5.58%
1,550,764.50
1,565,841.84
100.65
4.72%
1,610,379.57
31,020.00
1.20%
44,537.73
A3/A
A
3.59 2.37
06406RBN6 BANK OF NEW YORK MELLON
CORP 4.543 02/01/2029 900,000.00 06/07/2024
5.16%
881,811.00
887,085.95
100.76
4.58%
906,882.78
17,036.25
0.68%
19,796.83
Aa3/A
AA-
3.59 2.37
756109CF9 REALTY INCOME CORP 4.75
02/15/2029 1,450,000.00 --
5.40%
1,410,895.00
1,420,256.63
101.10
4.42%
1,465,926.71
26,019.44
1.09%
45,670.08
A3/A-
NA
3.63 3.17
14913UAJ9 CATERPILLAR FINANCIAL SERVICES
CORP 4.85 02/27/2029 1,300,000.00 --
5.02%
1,290,499.00
1,292,816.51
102.30
4.16%
1,329,962.32
21,717.22
0.99%
37,145.81
A2/A
A+
3.66 3.28
06051GHG7 BANK OF AMERICA CORP 3.97
03/05/2029 1,050,000.00 --
5.58%
992,729.50
1,009,694.30
98.89 4.73%
1,038,383.46
13,431.83
0.77%
28,689.16
A1/A-
AA-
3.68 2.48
02665WFE6 AMERICAN HONDA FINANCE
CORP 4.9 03/13/2029 850,000.00 05/31/2024
5.08%
843,616.50
845,063.48
101.53
4.45%
862,989.51
12,495.00
0.64%
17,926.04
A3/A-
NA
3.70 3.31
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
1,528,196.86
98.04 4.27%
1,568,717.86
17,431.11
1.17%
40,521.00
A1/A-
A+
3.71 3.38
437076CW0 HOME DEPOT INC 4.9 04/15/2029 750,000.00 04/19/2024
5.12%
742,725.00
744,461.72
102.60
4.15%
769,471.63
7,758.33
0.57%
25,009.91
A2/A
A
3.79 3.34
61747YFD2 MORGAN STANLEY 5.164
04/20/2029 800,000.00 05/31/2024
5.36%
794,520.00
796,048.23
101.96
4.80%
815,680.12
8,147.64
0.61%
19,631.89
A1/A-
A+
3.80 2.57
857449AE2 STATE STREET BANK AND TRUST
CO 4.782 11/23/2029 1,500,000.00 02/10/2025
4.74%
1,502,820.00
1,502,593.88
102.13
4.24%
1,531,950.92
7,571.50
1.14%
29,357.03
Aa2/AA-
AA
4.40 3.92
95000U3J0 WELLS FARGO & CO 5.198
01/23/2030 1,500,000.00 05/28/2025
4.78%
1,520,880.00
1,520,363.87
102.43
4.74%
1,536,453.02
34,220.17
1.14%
16,089.15
A1/BBB+
A+
4.57 3.16
571748CA8 MARSH & MCLENNAN
COMPANIES INC 4.65 03/15/2030 1,500,000.00 04/24/2025
4.62%
1,502,070.00
1,501,991.06
101.13
4.38%
1,516,917.08
20,537.50
1.13%
14,926.01
A3/A-
A-
4.71 4.07
33 HOLDINGS REPORT
City of Menifee | Account #10112 | As of June 30, 2025
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
00287YDZ9 ABBVIE INC 4.875 03/15/2030 1,500,000.00 06/10/2025
4.55%
1,520,099.99
1,519,864.90
102.40
4.30%
1,535,999.76
25,390.63
1.14%
16,134.86
A3/A-
NA
4.71 4.05
Total Corporate 32,635,000.00 5.06%
32,007,690.09
32,223,786.68
100.81
4.41%
32,891,016.32
460,506.35
24.50%
667,229.64
3.29 2.68
MONEY MARKET
FUND
60934N104 FEDERATED HRMS GV O INST 629,858.18 --
4.21%
629,858.18
629,858.18
1.00 4.21%
629,858.18
0.00 0.47%
0.00 Aaa/AAAm
AAA
0.00 0.00
Total Money Market
Fund 629,858.18 4.21%
629,858.18
629,858.18
1.00 4.21%
629,858.18
0.00 0.47%
0.00 0.00
0.00 SUPRANATIONAL
459058JL8
INTERNATIONAL BANK FOR
RECONSTRUCTION AND
DEVELOPM 0.5 10/28/2025
75,000.00 --
0.59%
74,670.05
74,977.15
98.74 4.43%
74,054.87
65.63 0.06%
(922.29)
Aaa/AAA
NA
0.33 0.32
4581X0DV7 INTER-AMERICAN DEVELOPMENT
BANK 0.875 04/20/2026 75,000.00 04/13/2021
0.97%
74,656.50
74,944.88
97.47 4.11%
73,100.41
129.43
0.05%
(1,844.48)
Aaa/AAA
NA
0.80 0.78
459058KT9
INTERNATIONAL BANK FOR
RECONSTRUCTION AND
DEVELOPM 3.5 07/12/2028
1,300,000.00 06/07/2024
4.56%
1,248,988.00
1,262,176.64
99.26 3.76%
1,290,321.81
21,359.72
0.96%
28,145.18
Aaa/AAA
NA
3.03 2.80
45950KDD9 INTERNATIONAL FINANCE CORP
4.5 07/13/2028 100,000.00 07/06/2023
4.53%
99,889.00
99,932.68
102.12
3.75%
102,118.14
2,100.00
0.08%
2,185.45
Aaa/AAA
NA
3.04 2.76
4581X0DC9 INTER-AMERICAN DEVELOPMENT
BANK 3.125 09/18/2028 120,000.00 11/27/2023
4.55%
112,706.40
115,116.82
98.05 3.77%
117,659.37
1,072.92
0.09%
2,542.55
Aaa/AAA
NA
3.22 3.00
4581X0EN4 INTER-AMERICAN DEVELOPMENT
BANK 4.125 02/15/2029 1,385,000.00 --
4.19%
1,381,426.20
1,382,233.64
101.10
3.80%
1,400,179.30
21,582.92
1.04%
17,945.66
Aaa/AAA
NA
3.63 3.29
459058KL6
INTERNATIONAL BANK FOR
RECONSTRUCTION AND
DEVELOPM 3.625 09/21/2029
1,350,000.00 09/26/2024
3.61%
1,350,850.50
1,350,721.06
99.28 3.81%
1,340,277.19
13,593.75
1.00%
(10,443.86)
Aaa/AAA
NA
4.23 3.84
459058LN1
INTERNATIONAL BANK FOR
RECONSTRUCTION AND
DEVELOPM 3.875 10/16/2029
2,345,000.00 10/08/2024
3.93%
2,338,879.55
2,339,744.32
100.24
3.81%
2,350,512.11
18,930.99
1.75%
10,767.79
Aaa/AAA
NA
4.30 3.89
34 HOLDINGS REPORT
City of Menifee | Account #10112 | As of June 30, 2025
Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
Total Supranational 6,750,000.00 3.99%
6,682,066.20
6,699,847.19
99.98 3.81%
6,748,223.19
78,835.35
5.03%
48,375.99
3.78 3.44
US TREASURY
9128286A3 UNITED STATES TREASURY 2.625
01/31/2026 800,000.00 04/25/2024
5.07%
767,375.00
789,175.58
99.08 4.24%
792,625.00
8,759.67
0.59%
3,449.42
Aa1/AA+
AA+
0.59 0.56
91282CJV4 UNITED STATES TREASURY 4.25
01/31/2026 800,000.00 04/18/2024
5.04%
789,312.50
796,492.14
100.00
4.25%
799,968.75
14,182.32
0.60%
3,476.61
Aa1/AA+
AA+
0.59 0.56
9128286F2 UNITED STATES TREASURY 2.5
02/28/2026 800,000.00 --
4.88%
765,630.86
788,080.92
98.90 4.19%
791,187.50
6,684.78
0.59%
3,106.58
Aa1/AA+
AA+
0.67 0.65
91282CKB6 UNITED STATES TREASURY 4.625
02/28/2026 800,000.00 04/18/2024
5.01%
794,500.00
798,042.65
100.28
4.19%
802,226.56
12,366.85
0.60%
4,183.91
Aa1/AA+
AA+
0.67 0.64
91282CBT7 UNITED STATES TREASURY 0.75
03/31/2026 4,000,000.00 06/01/2021
0.76%
3,998,750.00
3,999,806.44
97.53 4.13%
3,901,328.12
7,540.98
2.91%
(98,478.32)
Aa1/AA+
AA+
0.75 0.73
91282CKH3 UNITED STATES TREASURY 4.5
03/31/2026 850,000.00 04/17/2024
4.96%
842,828.13
847,250.11
100.27
4.12%
852,324.22
9,614.75
0.63%
5,074.11
Aa1/AA+
AA+
0.75 0.72
91282CKK6 UNITED STATES TREASURY 4.875
04/30/2026 800,000.00 04/24/2024
4.93%
799,125.00
799,636.82
100.63
4.10%
805,000.00
6,570.65
0.60%
5,363.18
Aa1/AA+
AA+
0.83 0.80
91282CHB0 UNITED STATES TREASURY 3.625
05/15/2026 800,000.00 04/23/2024
4.90%
780,187.50
791,610.69
99.63 4.06%
797,031.25
3,703.80
0.59%
5,420.56
Aa1/AA+
AA+
0.87 0.85
91282CHH7 UNITED STATES TREASURY 4.125
06/15/2026 800,000.00 04/22/2024
4.94%
786,781.25
794,108.12
100.12
3.99%
800,984.38
1,442.62
0.60%
6,876.26
Aa1/AA+
AA+
0.96 0.93
91282CHM6 UNITED STATES TREASURY 4.5
07/15/2026 850,000.00 04/29/2024
4.94%
842,164.06
846,315.36
100.53
3.98%
854,474.12
17,645.72
0.64%
8,158.76
Aa1/AA+
AA+
1.04 0.99
91282CHU8 UNITED STATES TREASURY 4.375
08/15/2026 800,000.00 04/23/2024
4.87%
791,375.00
795,805.16
100.43
3.97%
803,468.75
13,149.17
0.60%
7,663.59
Aa1/AA+
AA+
1.13 1.07
91282CCZ2 UNITED STATES TREASURY 0.875
09/30/2026 120,000.00 --
1.08%
118,806.25
119,699.42
96.33 3.92%
115,593.75
263.93
0.09%
(4,105.67)
Aa1/AA+
AA+
1.25 1.22
912828YQ7 UNITED STATES TREASURY 1.625
10/31/2026 200,000.00 01/30/2023
3.82%
184,765.63
194,580.61
97.09 3.89%
194,179.69
547.55
0.14%
(400.93)
Aa1/AA+
AA+
1.34 1.29
912828U24 UNITED STATES TREASURY 2.0
11/15/2026 870,000.00 --
4.58%
812,147.27
841,403.10
97.50 3.88%
848,283.98
2,222.28
0.63%
6,880.88
Aa1/AA+
AA+
1.38 1.33
35 HOLDINGS REPORT
City of Menifee | Account #10112 | As of June 30, 2025
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
91282CJP7 UNITED STATES TREASURY 4.375
12/15/2026 800,000.00 04/18/2024
4.87%
790,250.00
794,652.58
100.75
3.84%
805,968.75
1,530.05
0.60%
11,316.17
Aa1/AA+
AA+
1.46 1.40
91282CJT9 UNITED STATES TREASURY 4.0
01/15/2027 800,000.00 04/22/2024
4.84%
782,968.75
790,382.55
100.24
3.84%
801,906.25
14,762.43
0.60%
11,523.69
Aa1/AA+
AA+
1.54 1.45
912828V98 UNITED STATES TREASURY 2.25
02/15/2027 800,000.00 --
4.57%
748,375.00
772,149.89
97.56 3.81%
780,500.00
6,762.43
0.58%
8,350.11
Aa1/AA+
AA+
1.63 1.56
91282CKJ9 UNITED STATES TREASURY 4.5
04/15/2027 800,000.00 04/16/2024
4.81%
793,125.00
795,892.61
101.25
3.77%
809,968.75
7,573.77
0.60%
14,076.14
Aa1/AA+
AA+
1.79 1.69
91282CKR1 UNITED STATES TREASURY 4.5
05/15/2027 1,250,000.00 04/24/2025
3.83%
1,266,357.42
1,264,896.16
101.32
3.76%
1,266,455.08
7,184.10
0.94%
1,558.92
Aa1/AA+
AA+
1.87 1.77
91282CKV2 UNITED STATES TREASURY 4.625
06/15/2027 1,500,000.00 06/17/2024
4.49%
1,505,683.59
1,503,716.19
101.66
3.74%
1,524,844.50
3,032.79
1.14%
21,128.31
Aa1/AA+
AA+
1.96 1.86
91282CEW7 UNITED STATES TREASURY 3.25
06/30/2027 815,000.00 --
4.43%
786,333.79
797,332.10
99.11 3.72%
807,709.57
71.98 0.60%
10,377.48
Aa1/AA+
AA+
2.00 1.91
91282CFB2 UNITED STATES TREASURY 2.75
07/31/2027 815,000.00 --
4.76%
765,901.95
783,802.98
98.05 3.73%
799,113.87
9,348.86
0.60%
15,310.88
Aa1/AA+
AA+
2.08 1.98
91282CFH9 UNITED STATES TREASURY 3.125
08/31/2027 1,630,000.00 --
4.55%
1,560,182.82
1,583,922.04
98.77 3.72%
1,609,943.36
17,025.31
1.20%
26,021.31
Aa1/AA+
AA+
2.17 2.05
91282CFM8 UNITED STATES TREASURY 4.125
09/30/2027 800,000.00 --
4.54%
790,265.63
793,219.32
100.91
3.70%
807,281.25
8,295.08
0.60%
14,061.93
Aa1/AA+
AA+
2.25 2.11
91282CFU0 UNITED STATES TREASURY 4.125
10/31/2027 1,650,000.00 --
4.51%
1,630,343.75
1,636,312.97
100.91
3.71%
1,665,082.02
11,467.05
1.24%
28,769.06
Aa1/AA+
AA+
2.34 2.19
91282CGC9 UNITED STATES TREASURY 3.875
12/31/2027 850,000.00 04/17/2024
4.75%
824,931.64
833,071.44
100.42
3.70%
853,585.94
89.50 0.64%
20,514.50
Aa1/AA+
AA+
2.50 2.36
91282CMN8 UNITED STATES TREASURY 4.25
02/15/2028 1,500,000.00 02/25/2025
4.08%
1,506,855.47
1,506,064.94
101.35
3.70%
1,520,273.43
23,950.28
1.13%
14,208.49
Aa1/AA+
AA+
2.63 2.43
91282CHA2 UNITED STATES TREASURY 3.5
04/30/2028 815,000.00 --
4.50%
784,646.88
794,168.24
99.46 3.70%
810,574.80
4,805.84
0.60%
16,406.56
Aa1/AA+
AA+
2.84 2.66
91282CHE4 UNITED STATES TREASURY 3.625
05/31/2028 815,000.00 --
4.52%
787,623.25
795,902.57
99.79 3.70%
813,280.86
2,502.34
0.61%
17,378.29
Aa1/AA+
AA+
2.92 2.73
91282CHK0 UNITED STATES TREASURY 4.0
06/30/2028 1,500,000.00 02/10/2025
4.28%
1,486,933.59
1,488,414.80
100.86
3.69%
1,512,890.63
163.04
1.13%
24,475.82
Aa1/AA+
AA+
3.00 2.80
91282CHQ7 UNITED STATES TREASURY 4.125
07/31/2028 790,000.00 --
4.65%
773,639.07
778,425.16
101.21
3.71%
799,535.54
13,593.13
0.60%
21,110.39
Aa1/AA+
AA+
3.08 2.83
36 HOLDINGS REPORT
City of Menifee | Account #10112 | As of June 30, 2025
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
91282CHX2 UNITED STATES TREASURY 4.375
08/31/2028 1,450,000.00 --
4.41%
1,446,986.34
1,448,827.94
101.97
3.71%
1,478,603.51
21,203.29
1.10%
29,775.57
Aa1/AA+
AA+
3.17 2.90
9128285M8 UNITED STATES TREASURY 3.125
11/15/2028 150,000.00 01/17/2024
4.05%
143,970.70
145,783.25
98.13 3.72%
147,199.22
598.68
0.11%
1,415.97
Aa1/AA+
AA+
3.38 3.15
91282CJN2 UNITED STATES TREASURY 4.375
11/30/2028 850,000.00 04/17/2024
4.68%
839,308.59
842,090.76
102.08
3.72%
867,697.26
3,149.76
0.65%
25,606.50
Aa1/AA+
AA+
3.42 3.14
91282CJR3 UNITED STATES TREASURY 3.75
12/31/2028 890,000.00 --
4.59%
858,566.41
866,666.11
100.09
3.72%
890,799.61
90.69 0.66%
24,133.51
Aa1/AA+
AA+
3.50 3.25
91282CJW2 UNITED STATES TREASURY 4.0
01/31/2029 825,000.00 --
4.65%
802,336.91
808,007.21
100.90
3.73%
832,444.34
13,765.19
0.62%
24,437.13
Aa1/AA+
AA+
3.59 3.26
912810FG8 UNITED STATES TREASURY 5.25
02/15/2029 1,550,000.00 --
4.42%
1,603,873.05
1,591,439.47
105.43
3.64%
1,634,160.16
30,571.82
1.22%
42,720.69
Aa1/AA+
AA+
3.63 3.24
91282CKD2 UNITED STATES TREASURY 4.25
02/28/2029 850,000.00 --
4.57%
838,150.40
841,081.80
101.76
3.73%
864,974.61
12,074.39
0.64%
23,892.81
Aa1/AA+
AA+
3.67 3.33
91282CKG5 UNITED STATES TREASURY 4.125
03/31/2029 1,600,000.00 --
4.49%
1,574,437.50
1,580,476.10
101.35
3.73%
1,621,624.99
16,590.16
1.21%
41,148.90
Aa1/AA+
AA+
3.75 3.42
91282CKP5 UNITED STATES TREASURY 4.625
04/30/2029 1,600,000.00 --
4.49%
1,609,593.75
1,607,626.11
103.13
3.74%
1,650,000.00
12,467.39
1.23%
42,373.89
Aa1/AA+
AA+
3.83 3.47
91282CKT7 UNITED STATES TREASURY 4.5
05/31/2029 1,600,000.00 06/20/2024
4.29%
1,614,812.50
1,611,735.11
102.73
3.74%
1,643,624.99
6,098.36
1.22%
31,889.88
Aa1/AA+
AA+
3.92 3.56
91282CEV9 UNITED STATES TREASURY 3.25
06/30/2029 1,500,000.00 07/29/2024
4.10%
1,443,515.64
1,454,082.87
98.17 3.75%
1,472,578.13
132.47
1.10%
18,495.26
Aa1/AA+
AA+
4.00 3.71
91282CKX8 UNITED STATES TREASURY 4.25
06/30/2029 1,600,000.00 09/10/2024
3.45%
1,656,250.00
1,646,848.26
101.86
3.74%
1,629,750.00
184.78
1.21%
(17,098.26)
Aa1/AA+
AA+
4.00 3.65
91282CLC3 UNITED STATES TREASURY 4.0
07/31/2029 1,300,000.00 08/22/2024
3.72%
1,316,402.34
1,313,564.00
100.93
3.75%
1,312,136.72
21,690.61
0.98%
(1,427.28)
Aa1/AA+
AA+
4.08 3.68
91282CFJ5 UNITED STATES TREASURY 3.125
08/31/2029 2,100,000.00 --
3.48%
2,066,046.88
2,071,489.82
97.59 3.76%
2,049,304.70
21,934.44
1.53%
(22,185.12)
Aa1/AA+
AA+
4.17 3.82
91282CLN9 UNITED STATES TREASURY 3.5
09/30/2029 1,350,000.00 12/18/2024
4.26%
1,306,177.73
1,311,046.87
98.99 3.76%
1,336,394.54
11,877.05
1.00%
25,347.67
Aa1/AA+
AA+
4.25 3.88
91282CLR0 UNITED STATES TREASURY 4.125
10/31/2029 2,000,000.00 11/19/2024
4.24%
1,990,234.38
1,991,440.21
101.43
3.76%
2,028,593.76
13,899.46
1.51%
37,153.55
Aa1/AA+
AA+
4.34 3.91
91282CMA6 UNITED STATES TREASURY 4.125
11/30/2029 1,750,000.00 12/09/2024
4.07%
1,754,375.00
1,753,885.94
101.47
3.76%
1,775,704.00
6,114.24
1.32%
21,818.06
Aa1/AA+
AA+
4.42 4.00
37 HOLDINGS REPORT
City of Menifee | Account #10112 | As of June 30, 2025
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
91282CMD0 UNITED STATES TREASURY 4.375
12/31/2029 1,500,000.00 01/28/2025
4.37%
1,500,527.34
1,500,482.44
102.48
3.77%
1,537,207.04
178.33
1.15%
36,724.59
Aa1/AA+
AA+
4.50 4.06
91282CGJ4 UNITED STATES TREASURY 3.5
01/31/2030 1,500,000.00 02/27/2025
4.14%
1,457,812.50
1,460,698.52
98.84 3.78%
1,482,539.07
21,899.17
1.10%
21,840.55
Aa1/AA+
AA+
4.59 4.13
91282CGQ8 UNITED STATES TREASURY 4.0
02/28/2030 1,750,000.00 06/23/2025
3.90%
1,757,587.89
1,757,556.83
100.97
3.77%
1,767,021.48
23,396.74
1.32%
9,464.65
Aa1/AA+
AA+
4.67 4.17
91282CMU2 UNITED STATES TREASURY 4.0
03/31/2030 1,500,000.00 04/15/2025
3.98%
1,501,464.84
1,501,403.33
100.93
3.78%
1,513,945.32
15,081.97
1.13%
12,541.99
Aa1/AA+
AA+
4.75 4.25
91282CMZ1 UNITED STATES TREASURY 3.875
04/30/2030 1,750,000.00 05/28/2025
4.07%
1,734,619.14
1,734,901.59
100.39
3.78%
1,756,835.94
11,424.93
1.31%
21,934.34
Aa1/AA+
AA+
4.83 4.34
91282CNG2 UNITED STATES TREASURY 4.0
05/31/2030 1,500,000.00 06/10/2025
4.08%
1,494,609.38
1,494,668.78
100.97
3.78%
1,514,532.00
5,081.97
1.13%
19,863.22
Aa1/AA+
AA+
4.92 4.42
Total US Treasury 63,685,000.00 4.14%
62,969,825.26
63,250,137.00
100.45
3.81%
63,955,262.05
506,358.99
47.64%
705,125.05
2.94 2.69
Total Portfolio 134,179,293.47 4.05%
132,505,245.41
133,101,102.50
99.62 4.01%
134,247,518.23
1,113,159.18
100.00%
1,146,415.73
2.89 2.49
Total Market Value +
Accrued 135,360,677.42
38 TRANSACTIONS
39 TRANSACTION LEDGER
City of Menifee | Account #10112|07/01/2024 Through 06/30/2025| Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp Yield Amount Interest Pur/
Sold Total Amount Gain/Loss
ACQUISITIONS
Purchase 07/30/2024 74456QBR6 850,000.00
PUBLIC SERVICE
ELECTRIC AND GAS CO
2.25 09/15/2026
94.956 4.77% (807,126.00) (7,171.88) (814,297.88) 0.00
Purchase 07/30/2024 4581X0EN4 1,250,000.00
INTER-AMERICAN
DEVELOPMENT BANK
4.125 02/15/2029
99.810 4.17% (1,247,625.00) (25,781.25) (1,273,406.25) 0.00 Purchase 07/30/2024 91282CEV9 1,500,000.00
UNITED STATES
TREASURY 3.25
06/30/2029
96.234 4.10% (1,443,515.64) (3,974.18) (1,447,489.82) 0.00 Purchase 08/21/2024 43813YAC6 800,000.00 HAROT 2024-3 A3 4.57 03/21/2029 99.984 4.66% (799,874.32) 0.00 (799,874.32) 0.00 Purchase 08/23/2024 91282CLC3 1,300,000.00
UNITED STATES
TREASURY 4.0
07/31/2029
101.262 3.72% (1,316,402.34) (3,250.00) (1,319,652.34) 0.00 Purchase 09/11/2024 91282CFJ5 1,600,000.00
UNITED STATES
TREASURY 3.125
08/31/2029
98.449 3.47% (1,575,187.50) (1,519.34) (1,576,706.84) 0.00 Purchase 09/11/2024 91282CKX8 1,600,000.00
UNITED STATES
TREASURY 4.25
06/30/2029
103.516 3.45% (1,656,250.00) (13,489.13) (1,669,739.13) 0.00 Purchase 09/20/2024 06051GHT9 300,000.00
BANK OF AMERICA
CORP 3.559
04/23/2027
98.875 4.30% (296,625.00) (4,359.77) (300,984.77) 0.00
Purchase 09/20/2024 91282CFJ5 500,000.00
UNITED STATES
TREASURY 3.125
08/31/2029
98.172 3.53% (490,859.38) (863.26) (491,722.64) 0.00
Purchase 09/24/2024 3137FMCR1 1,000,000.00 FHMS K-093 A2 2.982 05/25/2029 96.477 3.82% (964,765.62) (1,905.17) (966,670.79) 0.00 Purchase 09/27/2024 459058KL6 1,350,000.00
INTERNATIONAL BANK
FOR RECONSTRUCTION
AND DEVELOPM 3.625
09/21/2029
100.063 3.61% (1,350,850.50) (815.63) (1,351,666.13) 0.00 Purchase 10/16/2024 459058LN1 2,345,000.00
INTERNATIONAL BANK
FOR RECONSTRUCTION
AND DEVELOPM 3.875
10/16/2029
99.739 3.93% (2,338,879.55) 0.00 (2,338,879.55) 0.00
40 TRANSACTION LEDGER
City of Menifee | Account #10112|07/01/2024 Through 06/30/2025| Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp Yield Amount Interest Pur/
Sold Total Amount Gain/Loss
Purchase 10/17/2024 89239TAD4 405,000.00 TAOT 2024-D A3 4.4 06/15/2029 99.994 4.51% (404,977.40) 0.00 (404,977.40) 0.00 Purchase 11/20/2024 91282CLR0 2,000,000.00
UNITED STATES
TREASURY 4.125
10/31/2029
99.512 4.24% (1,990,234.38) (4,558.01) (1,994,792.39) 0.00 Purchase 11/22/2024 34535VAD6 775,000.00 FORDO 2024-D 4.61 08/15/2029 99.997 4.66% (774,975.12) 0.00 (774,975.12) 0.00 Purchase 12/10/2024 91282CMA6 1,750,000.00
UNITED STATES
TREASURY 4.125
11/30/2029
100.250 4.07% (1,754,375.00) (1,983.17) (1,756,358.17) 0.00 Purchase 12/19/2024 91282CLN9 1,350,000.00
UNITED STATES
TREASURY 3.5
09/30/2029
96.754 4.26% (1,306,177.73) (10,384.62) (1,316,562.35) 0.00 Purchase 01/29/2025 91282CMD0 1,500,000.00
UNITED STATES
TREASURY 4.375
12/31/2029
100.035 4.37% (1,500,527.34) (5,257.25) (1,505,784.59) 0.00 Purchase 02/11/2025 857449AE2 1,500,000.00
STATE STREET BANK
AND TRUST CO 4.782
11/23/2029
100.188 4.74% (1,502,820.00) (15,143.00) (1,517,963.00) 0.00 Purchase 02/11/2025 91282CHK0 1,500,000.00
UNITED STATES
TREASURY 4.0
06/30/2028
99.129 4.28% (1,486,933.59) (6,961.33) (1,493,894.92) 0.00 Purchase 02/26/2025 91282CHX2 650,000.00
UNITED STATES
TREASURY 4.375
08/31/2028
100.848 4.11% (655,509.77) (14,061.64) (669,571.41) 0.00 Purchase 02/26/2025 91282CMN8 1,500,000.00
UNITED STATES
TREASURY 4.25
02/15/2028
100.457 4.08% (1,506,855.47) (1,937.15) (1,508,792.62) 0.00 Purchase 02/28/2025 91282CGJ4 1,500,000.00
UNITED STATES
TREASURY 3.5
01/31/2030
97.188 4.14% (1,457,812.50) (4,060.77) (1,461,873.27) 0.00 Purchase 03/11/2025 47800DAD6 635,000.00 JDOT 2025 A3 4.23 09/17/2029 99.994 5.09% (634,960.06) 0.00 (634,960.06) 0.00 Purchase 03/12/2025 44935CAD3 805,000.00 HART 2025-A A3 4.32 10/15/2029 99.985 4.84% (804,881.26) 0.00 (804,881.26) 0.00 Purchase 03/31/2025 3137HA4B9 589,000.00 FHMS K-751 A2 4.412 03/25/2030 99.902 4.40% (588,424.80) (2,165.56) (590,590.36) 0.00 41 TRANSACTION LEDGER
City of Menifee | Account #10112|07/01/2024 Through 06/30/2025| Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp Yield Amount Interest Pur/
Sold Total Amount Gain/Loss
Purchase 04/16/2025 91282CMU2 1,500,000.00
UNITED STATES
TREASURY 4.0
03/31/2030
100.098 3.98% (1,501,464.84) (2,622.95) (1,504,087.79) 0.00 Purchase 04/25/2025 571748CA8 1,500,000.00
MARSH & MCLENNAN
COMPANIES INC 4.65
03/15/2030
100.138 4.62% (1,502,070.00) (7,750.00) (1,509,820.00) 0.00 Purchase 04/25/2025 91282CKR1 1,250,000.00
UNITED STATES
TREASURY 4.5
05/15/2027
101.309 3.83% (1,266,357.42) (25,017.27) (1,291,374.69) 0.00 Purchase 05/21/2025 58768YAD7 670,000.00 MBALT 2025-A A3 4.61 04/16/2029 99.988 4.66% (669,918.33) 0.00 (669,918.33) 0.00 Purchase 05/29/2025 95000U3J0 1,500,000.00 WELLS FARGO & CO
5.198 01/23/2030 101.392 4.78% (1,520,880.00) (27,289.50) (1,548,169.50) 0.00 Purchase 05/29/2025 91282CMZ1 1,750,000.00
UNITED STATES
TREASURY 3.875
04/30/2030
99.121 4.07% (1,734,619.14) (5,343.92) (1,739,963.06) 0.00 Purchase 06/11/2025 00287YDZ9 1,500,000.00 ABBVIE INC 4.875 03/15/2030 101.340 4.55% (1,520,099.99) (21,328.13) (1,541,428.12) 0.00 Purchase 06/11/2025 91282CNG2 1,500,000.00
UNITED STATES
TREASURY 4.0
05/31/2030
99.641 4.08% (1,494,609.38) (1,803.28) (1,496,412.66) 0.00 Purchase 06/24/2025 91282CGQ8 1,750,000.00
UNITED STATES
TREASURY 4.0
02/28/2030
100.434 3.90% (1,757,587.89) (22,065.22) (1,779,653.11) 0.00 Total Purchase 43,774,000.00 (43,625,032.26) (242,862.38) (43,867,894.64) 0.00 TOTAL
ACQUISITIONS 43,774,000.00 (43,625,032.26) (242,862.38) (43,867,894.64) 0.00
DISPOSITIONS
Call Redemption 04/22/2025 46647PBK1 (12,000.00) JPMORGAN CHASE & CO 2.083 04/22/2026 100.000 1.11% 12,000.00 0.00 12,000.00 0.00 Call Redemption 04/28/2025 6174468Q5 (35,000.00) MORGAN STANLEY
2.188 04/28/2026 100.000 5.10% 35,000.00 0.00 35,000.00 0.00 Call Redemption 06/20/2025 06051GJD2 (40,000.00) BANK OF AMERICA CORP 5.43 06/19/2026 100.000 1.25% 40,000.00 0.00 40,000.00 0.00 42 TRANSACTION LEDGER
City of Menifee | Account #10112|07/01/2024 Through 06/30/2025| Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp Yield Amount Interest Pur/
Sold Total Amount Gain/Loss
Total Call
Redemption (87,000.00) 87,000.00 0.00 87,000.00 0.00
Maturity 07/15/2024 79466LAG9 (40,000.00) SALESFORCE INC 0.625 07/15/2024 100.000 0.98% 40,000.00 0.00 40,000.00 0.00
Maturity 07/16/2024 78013XZU5 (40,000.00)
ROYAL BANK OF
CANADA 2.55
07/16/2024
100.000 2.23% 40,000.00 0.00 40,000.00 0.00
Maturity 10/15/2024 3135G0W66 (70,000.00)
FEDERAL NATIONAL
MORTGAGE
ASSOCIATION 1.625
10/15/2024
100.000 1.66% 70,000.00 0.00 70,000.00 0.00
Maturity 11/08/2024 14913Q3B3 (45,000.00)
CATERPILLAR
FINANCIAL SERVICES
CORP 2.15 11/08/2024
100.000 1.92% 45,000.00 0.00 45,000.00 0.00
Maturity 03/03/2025 57636QAN4 (35,000.00) MASTERCARD INC 2.0 03/03/2025 100.000 1.05% 35,000.00 0.00 35,000.00 0.00
Maturity 04/30/2025 713448CT3 (130,000.00) PEPSICO INC 2.75 04/30/2025 100.000 4.48% 130,000.00 0.00 130,000.00 0.00 Maturity 06/15/2025 63743HFE7 (10,000.00)
NATIONAL
RURAL UTILITIES
COOPERATIVE
FINANCE CORP 3.45
06/15/2025
100.000 3.46% 10,000.00 0.00 10,000.00 0.00
Total Maturity (370,000.00) 370,000.00 0.00 370,000.00 0.00 Sale 07/30/2024 3133EMF98 (4,000,000.00)
FEDERAL FARM CREDIT
BANKS FUNDING CORP
0.65 06/09/2025
96.390 0.65% 3,855,600.00 3,683.33 3,859,283.33 (144,400.00) Sale 09/11/2024 912828YM6 (3,000,000.00)
UNITED STATES
TREASURY 1.5
10/31/2024
99.504 0.40% 2,985,117.19 16,385.87 3,001,503.06 (19,356.05) Sale 09/20/2024 912828Z52 (3,000,000.00)
UNITED STATES
TREASURY 1.375
01/31/2025
98.859 0.52% 2,965,781.25 5,716.71 2,971,497.96 (43,454.86) Sale 10/16/2024 3137EAEP0 (80,000.00)
FEDERAL HOME LOAN
MORTGAGE CORP 1.5
02/12/2025
99.007 1.52% 79,205.60 213.33 79,418.93 (790.38)
43 TRANSACTION LEDGER
City of Menifee | Account #10112|07/01/2024 Through 06/30/2025| Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp Yield Amount Interest Pur/
Sold Total Amount Gain/Loss
Sale 10/16/2024 3133ENPG9 (220,000.00)
FEDERAL FARM CREDIT
BANKS FUNDING CORP
1.75 02/14/2025
99.059 4.27% 217,929.80 663.06 218,592.86 (335.11)
Sale 10/16/2024 3130ATUR6 (210,000.00)
FEDERAL HOME
LOAN BANKS 4.625
12/13/2024
99.968 4.40% 209,932.80 3,318.44 213,251.24 (135.36)
Sale 10/16/2024 912828ZF0 (2,000,000.00)
UNITED STATES
TREASURY 0.5
03/31/2025
98.227 0.58% 1,964,531.25 439.56 1,964,970.81 (34,718.03) Sale 11/20/2024 912828ZF0 (3,000,000.00)
UNITED STATES
TREASURY 0.5
03/31/2025
98.613 0.58% 2,958,398.44 2,101.65 2,960,500.09 (40,712.90) Sale 12/10/2024 3135G03U5 (65,000.00)
FEDERAL NATIONAL
MORTGAGE
ASSOCIATION 0.625
04/22/2025
98.586 0.67% 64,080.90 54.17 64,135.07 (909.34)
Sale 12/10/2024 3130A4CH3 (35,000.00)
FEDERAL HOME
LOAN BANKS 2.375
03/14/2025
99.405 1.21% 34,791.75 198.58 34,990.33 (311.87)
Sale 12/10/2024 3135G04Z3 (70,000.00)
FEDERAL NATIONAL
MORTGAGE
ASSOCIATION 0.5
06/17/2025
98.012 0.51% 68,608.40 168.19 68,776.59 (1,387.37)
Sale 12/10/2024 3135G0X24 (65,000.00)
FEDERAL NATIONAL
MORTGAGE
ASSOCIATION 1.625
01/07/2025
99.754 1.20% 64,840.10 448.91 65,289.01 (180.84)
Sale 12/10/2024 89236TJT3 (30,000.00)
TOYOTA MOTOR
CREDIT CORP 1.45
01/13/2025
99.674 1.50% 29,902.20 177.63 30,079.83 (96.55)
Sale 12/10/2024 69371RR73 (35,000.00) PACCAR FINANCIAL
CORP 2.85 04/07/2025 99.361 2.86% 34,776.35 174.56 34,950.91 (222.96) Sale 12/10/2024 00440EAS6 (50,000.00) CHUBB INA HOLDINGS LLC 3.15 03/15/2025 99.505 2.16% 49,752.50 371.88 50,124.38 (372.21) Sale 12/10/2024 9128284R8 (800,000.00)
UNITED STATES
TREASURY 2.875
05/31/2025
99.320 5.25% 794,562.50 631.87 795,194.37 3,154.36
44 TRANSACTION LEDGER
City of Menifee | Account #10112|07/01/2024 Through 06/30/2025| Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp Yield Amount Interest Pur/
Sold Total Amount Gain/Loss
Sale 12/19/2024 3137EAEX3 (75,000.00)
FEDERAL HOME LOAN
MORTGAGE CORP
0.375 09/23/2025
97.031 0.44% 72,773.25 67.19 72,840.44 (2,192.26)
Sale 12/19/2024 3135G05X7 (75,000.00)
FEDERAL NATIONAL
MORTGAGE
ASSOCIATION 0.375
08/25/2025
97.332 0.43% 72,999.00 89.06 73,088.06 (1,972.97)
Sale 12/19/2024 3135G06G3 (65,000.00)
FEDERAL NATIONAL
MORTGAGE
ASSOCIATION 0.5
11/07/2025
96.709 0.57% 62,860.85 37.92 62,898.77 (2,097.87)
Sale 12/19/2024 3137EAEU9 (80,000.00)
FEDERAL HOME LOAN
MORTGAGE CORP
0.375 07/21/2025
97.664 0.44% 78,131.20 123.33 78,254.53 (1,836.96)
Sale 12/19/2024 912828XZ8 (800,000.00)
UNITED STATES
TREASURY 2.75
06/30/2025
99.230 5.14% 793,843.75 10,282.61 804,126.36 3,552.25
Sale 01/29/2025 3130AMQ54 (4,000,000.00) FEDERAL HOME LOAN BANKS 0.7 09/16/2025 97.764 0.70% 3,910,560.00 10,344.44 3,920,904.44 (89,440.00) Sale 02/26/2025 3133EML67 (2,500,000.00)
FEDERAL FARM CREDIT
BANKS FUNDING CORP
0.8 06/22/2026
95.635 0.89% 2,390,875.00 3,555.56 2,394,430.56 (106,168.03) Sale 02/28/2025 756109AV6 (20,000.00) REALTY INCOME CORP
3.875 04/15/2025 99.891 4.46% 19,978.20 286.32 20,264.52 (7.85) Sale 02/28/2025 78016EZ59 (20,000.00)
ROYAL BANK OF
CANADA 3.375
04/14/2025
99.837 3.38% 19,967.40 251.25 20,218.65 (32.39)
Sale 02/28/2025 06368D3S1 (75,000.00) BANK OF MONTREAL
3.7 06/07/2025 99.724 4.78% 74,793.00 624.38 75,417.38 (1.62) Sale 02/28/2025 91282CHN4 (800,000.00)
UNITED STATES
TREASURY 4.75
07/31/2025
100.184 5.14% 801,468.75 2,939.23 804,407.98 2,734.07
Sale 03/11/2025 912828K74 (1,500,000.00)
UNITED STATES
TREASURY 2.0
08/15/2025
99.020 0.59% 1,485,292.97 1,988.95 1,487,281.92 (23,672.52) 45 TRANSACTION LEDGER
City of Menifee | Account #10112|07/01/2024 Through 06/30/2025| Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp Yield Amount Interest Pur/
Sold Total Amount Gain/Loss
Sale 04/16/2025 912828K74 (1,500,000.00)
UNITED STATES
TREASURY 2.0
08/15/2025
99.230 0.59% 1,488,457.03 4,972.38 1,493,429.41 (18,452.68) Sale 04/25/2025 3133EN7J3 (210,000.00)
FEDERAL FARM CREDIT
BANKS FUNDING CORP
3.875 02/02/2026
99.740 4.01% 209,454.00 1,876.15 211,330.15 (339.95)
Sale 04/25/2025 3130AMM33 (1,500,000.00)
FEDERAL HOME
LOAN BANKS 0.875
06/16/2026
96.453 0.88% 1,446,795.00 4,703.13 1,451,498.13 (53,205.00) Sale 04/25/2025 91282CAM3 (70,000.00)
UNITED STATES
TREASURY 0.25
09/30/2025
98.301 0.74% 68,810.55 11.95 68,822.50 (1,043.16)
Sale 04/25/2025 91282CFP1 (850,000.00)
UNITED STATES
TREASURY 4.25
10/15/2025
100.035 5.10% 850,298.83 987.02 851,285.85 3,572.15
Sale 05/16/2025 91324PEU2 (850,000.00) UNITEDHEALTH GROUP INC 4.25 01/15/2029 98.071 5.04% 833,603.50 12,142.01 845,745.51 5,264.72 Sale 05/29/2025 06368FAC3 (40,000.00) BANK OF MONTREAL
1.25 09/15/2026 95.906 1.27% 38,362.40 102.78 38,465.18 (1,625.04) Sale 05/29/2025 89115A2C5 (40,000.00)
TORONTO-DOMINION
BANK 4.108
06/08/2027
99.084 4.18% 39,633.60 780.52 40,414.12 (309.51)
Sale 05/29/2025 89115A2K7 (80,000.00)
TORONTO-DOMINION
BANK 5.103
01/09/2026
100.219 5.15% 80,175.20 1,587.60 81,762.80 196.69
Sale 05/29/2025 78016FZW7 (80,000.00)
ROYAL BANK
OF CANADA 4.9
01/12/2028
101.185 4.91% 80,948.00 1,491.78 82,439.78 969.66
Sale 05/29/2025 89115A2U5 (1,400,000.00)
TORONTO-DOMINION
BANK 5.523
07/17/2028
102.712 5.40% 1,437,968.00 28,351.40 1,466,319.40 33,301.34 Sale 05/29/2025 78016HZV5 (1,550,000.00)
ROYAL BANK OF
CANADA 4.95
02/01/2029
101.420 5.26% 1,572,010.00 25,148.75 1,597,158.75 37,325.87 Sale 06/11/2025 912828M56 (2,000,000.00)
UNITED STATES
TREASURY 2.25
11/15/2025
99.145 0.64% 1,982,890.63 3,301.63 1,986,192.26 (30,679.21) 46 TRANSACTION LEDGER
City of Menifee | Account #10112|07/01/2024 Through 06/30/2025| Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp Yield Amount Interest Pur/
Sold Total Amount Gain/Loss
Sale 06/24/2025 91282CJS1 (850,000.00)
UNITED STATES
TREASURY 4.25
12/31/2025
99.988 5.07% 849,900.39 17,463.74 867,364.13 3,364.95
Sale 06/24/2025 91282CAZ4 (70,000.00)
UNITED STATES
TREASURY 0.375
11/30/2025
98.328 0.76% 68,829.69 17.21 68,846.90 (1,053.40)
Sale 06/24/2025 91282CGA3 (820,000.00)
UNITED STATES
TREASURY 4.0
12/15/2025
99.906 4.75% 819,231.25 806.56 820,037.81 2,029.56
Sale 06/24/2025 91282CAT8 (75,000.00)
UNITED STATES
TREASURY 0.25
10/31/2025
98.609 0.54% 73,957.03 28.02 73,985.05 (966.55)
Total Sale (38,655,000.00) 38,102,679.50 169,110.61 38,271,790.11 (527,015.18) TOTAL
DISPOSITIONS (39,112,000.00) 38,559,679.50 169,110.61 38,728,790.11 (527,015.18) 47 IMPORTANT DISCLOSURES
City of Menifee | Account #10112 | As of June 30, 2025
2025 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 ICE 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 income 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. 48 BENCHMARK DISCLOSURES
City of Menifee | Account #10112 | As of June 30, 2025
Benchmark Disclosure
ICE BofA 1-5 Yr Unsubordinated US Treasury
& Agency Index
The ICE BofA 1-5 Year Unsubordinated 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. 49