INVESTMENT REPORT
City of Menifee | As of June 30, 2026
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 ▪
▪
▪
Energy prices and inflation remained the primary drivers of the macro backdrop as the U.S.-Israel-Iran conflict entered its third month, disrupting global oil supply. Headline CPI accelerated at the fastest pace in more than three years, reflecting volatility in the energy component. Crude oil, however, retraced roughly 20% from its May–early June peak as diplomatic progress between the United States and Iran pointed to a potential framework for de-escalation. The labor market remained resilient, with continued payroll growth and subdued jobless claims. Risk assets held firm, as equities hovered near record highs and credit spreads remained historically tight amid broadly better-than-expected corporate earnings. Taken together, the current market environment has further constrained the case for near-term monetary policy easing, leading the Chandler team to push out its expected timing for rate cuts beyond the six-month investment horizon.
The Federal Reserve’s June FOMC meeting ended with policymakers unanimously holding the target range at 3.50%–3.75%, a notable shift from the8–4 split at April’s meeting, which marked JeromePowell’s final session as Chair. Under new Chair Kevin Warsh, sworn in on May 22, the Committee released an unusually concise statement that referenced Middle East tensions and energy supply disruptions while removing prior forward guidance that had suggested a bias toward rate cuts. Updated projections leaned more hawkish, with 9 of 18 officials expecting at least one rate hike this year and 6 anticipating multiple increases. The shift signals that restoring price stability has reemerged as the central focus of monetary policy deliberations.
The Treasury yield curve flattened modestly in June as short-term yields responded to a more hawkish shift in Federal Reserve guidance.
The 2-year yield rose to 4.15% from 3.98% the prior month, while the 10-year yield edged down slightly to 4.44% from 4.45%. As a result, the 2s/10s spread narrowed to 29 basis points, down from roughly 47 basis points a month earlier and significantly below the 69 basis point spread at the start of the year. Meanwhile, the 3-month/10-year spread remained positive at 64 basis points. Front-end rates absorbed the bulk of the Fed’s updated rate outlook, while longer maturities were partly anchored by a late-month decline in oil prices.
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%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
Unemployment Rate
Underemployment Rate (U6)
Unemployment Rate (U3)
Rate (%)
Nonfarm payrolls increased by just 57,000 in June, well below the 113,000 consensus and marking a sharp slowdown from May’s pace. The unemployment rate edged down to 4.2%, though the decline was driven by a drop in labor force participation to 61.5%, its lowest level since March 2021. Revisions further weakened the report’s signal. April payrolls were revised down by 31,000 to 148,000, while May was lowered by 43,000 to 129,000, resulting in a combined two-month downward revision of 74,000.
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)
Job openings were essentially unchanged at 7.6 million in May, remaining elevated by historical standards even as hiring momentum moderates. Gains in wholesale trade and accommodation and food services were offsetby declines in health care and social assistance, as well as finance and insurance. April openings were revised down by 33,000 to 7.6 million, while hires were revised up by 99,000, highlighting ongoing churn but a broadly stable labor market backdrop.
Source: US Department of Labor
JOB OPENINGS & LABOR TURNOVER SURVEY
5 Source: Bloomberg Indices Source: Bloomberg Indices
ENERGY MARKETS
Crude oil prices declined sharply in June as supply disruptions tied to the Middle East conflict began to ease. Tanker traffic through the Strait of Hormuz normalized, and signs of progress in U.S.–Iran negotiations helped unwind the geopolitical risk premium that had driven prices higher earlier in the year. West Texas Intermediate settled near $69.37 per barrel on June 30, while Brent crude closed around $72.96, both well below their recent peaks. Brent’s 21% monthly decline marked its steepest drop since March 2020, while WTI fell more than 20%, its largest monthly loss since late 2021. Beyond crude, broader energy markets also softened. Refined product cracks narrowed as gasoline and diesel demand showed signs of seasonal moderation, while U.S. natural gas prices remained range-bound amid ample storage and steady production. Taken together, the retracement in oil and broader energy prices reflects a rapid compression in geopolitical risk premia and improved near-term supply visibility, even as underlying structural risks in the region remain unresolved.
2.00 2.50
3.00 3.50
4.00 4.50
5.00 5.50
6.00 6.50
US Fuel Prices
Average Retail Price US Diesel
Average Retail Price US Gas
($) Per Gallon
40 60
80 100
120
140
160
Oil Prices
West Texas Intermediate (WTI Spot
Cushing)
Dated Brent (Global Spot)
Price Per Barrel (WTI Spot)
6 0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
Personal Consumption Expenditures (PCE)
PCE Price Deflator YOY %
Change
PCE Core Deflator YOY %
Change
Fed Target
YOY (%) Change
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
Inflation decelerated sharply in June, with the Consumer Price Index falling 0.4% on the month—its largest decline since the onset of the pandemic in 2020—and bringing the annual rate down to 3.5% from 4.2% in May. Core CPI (excluding food and energy) was flat on the month and rose 2.6% year over year, both coming in softer than expected after energy-driven pressures pushed inflation to a three-year high earlier in the quarter. The CPI report suggests at least a near-term reprieve in inflation. However, the latest available Personal Consumption Expenditures (PCE) price index tells a firmer story: headline PCE rose 0.4% in May and 4.1% year over year, up from 3.8% in April and marking the highest annual rate of the current cycle. Core PCE increased 0.3% on the month and 3.4% over the year. Energy prices remained the primary driver of recent headline acceleration, reflecting supply disruptions tied to the Iranian conflict, although price volatility remains elevated.
Source: US Department of Labor Source: US Department of Commerce
INFLATION
7 0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
Retail Sales YOY % Change
YOY (%) Change
Retail sales presented a firmer picture of consumer spending in June, rising 0.2% on the month and 6.7% year over year, while May’s gain was revised up to 1.0%. The control group, which feeds directly into GDP, increased a solid 0.5%, suggesting demand remains more resilient than sentiment alone would indicate. Consumer confidence improved modestly, with the Conference Board’s index edging up 0.6 points to 91.2 in June. However, the headline gain obscures continued weakness in labor market perceptions,as the share of respondents reporting jobs as “hard to get” climbed to a five-and-a-half-year high. Overall, spending has remained notably more resilient than sentiment in recent months.
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
8 -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) edged up 0.1% in May to 99.3, following a revised 0.2% increase in April. Despite the monthly gains, the LEI’s six- and twelve-month growth rates remained negative at -0.6% and -1.5%, respectively. The advance was driven primarily by financial components, including equity prices and the interest rate spread, while consumer expectations continuedto weigh on the index. The Chicago Fed National Activity Index fell to -0.10 in May from an upwardly revised 0.19 in April. Production-related and employment-related indicators each subtracted from the index, while the sales, orders, and inventories category made a small positive contribution.
Source: The Conference Board Source: Federal Reserve Bank of Chicago
LEADING INDICATORS OF ECONOMIC ACTIVITY
9 0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
2,000
2,200
2,400In Thousands of Units
Annualized Housing Starts
Multi Family Housing Starts
Single Family Housing Starts
Housing starts rebounded in June, rising to a seasonally adjusted annual rate of 1.427 million—a 19% increase from an upwardly revised
1.199 million in May. The gain was driven primarily by multifamily construction, with starts surging more than 76% month over month to 532,000 units, while single-family starts edged down slightly to 895,000. Home price growth showed tentative signs of firming, as the S&P CoreLogic Case-Shiller 20-City Composite rose 1.1% year over year in April, marking its first acceleration since November 2025 and following an upwardly revised 0.9% increase in March. Meanwhile, borrowing costs remained elevated, with FreddieMac’s average 30-year fixed mortgage rate ticking up to 6.49% in June from 6.44% in May, continuing to weigh on affordability for prospective buyers.
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
10 40
45 50
55 60
65 70
Institute of Supply Management (ISM) Surveys
ISM Manufacturing ISM Services
EXPANDING
CONTRACTING
Manufacturing activity cooled slightly in June, with the Institute for Supply Management's Manufacturing Index easing to 53.3%, down 0.7 percentage point from May but still marking a sixth consecutive month of expansion. Services activity also moderated, as the ISM Services Index eased to 54.0% from 54.5%, a twenty-fourth consecutive monthin expansion territory. Business activity and new orders both slowed, though the employment component jumpedto 51.2% from 47.9%, its strongest reading since late 2021 and the first expansion in services hiring in four months.
Source: Institute for Supply Management
PURCHASING MANAGERS INDEX (PMI)
11 Components of GDP 6/25 9/25 12/25 3/26
1.7% 2.3% 1.3% 0.4%
-2.7% 0.0% 0.4% 1.4%
4.8% 1.6% -0.2% -0.4%
-0.4% 0.2% -1.2% 0.6%
0.3% 0.2% 0.2% 0.2%
3.8% 4.4% 0.5% 2.1%
State and Local (Consumption and Gross
Investment)
Personal Consumption Expenditures
Gross Private Domestic Investment
Net Exports and Imports
Federal Government Expenditures
Total
-2.0%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
Gross Domestic Product (GDP)
GDP QOQ % Change
GDP YOY % Change
Source: US Department of Commerce Source: US Department of Commerce Real gross domestic product increased at an annualized rate of 2.1% in the first quarter of 2026, according to the Bureau of Economic Analysis’ third estimate, up from 1.6%in the prior estimate andan acceleration from 0.5% in the fourth quarterof 2025. The 0.5 percentage point upward revision was driven primarily by a downward revision to imports—which subtract from GDP—partly offset by a downward revision to consumer spending.
GROSS DOMESTIC PRODUCT (GDP)
12 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
The Federal Open Market Committee (FOMC) held the target range for the federal funds rate at 3.50% to 3.75% at its June 16–17 meeting, with a unanimous 12–0 vote. This marked a notable shift from the Aprilmeeting—Jerome Powell’slast as chair—which saw four dissents in an 8–4 decision. The return to consensus under Chair Kevin Warsh signals a clear change in tone. Minutes from the June meeting are scheduled for release in early July. The June Summaryof Economic Projections reflected a more hawkish outlook. The median projection for the federal funds rate at year-end 2026 rose to 3.8%, up from 3.4%in March, before easing to 3.6% in 2027 and 3.4% in 2028. Officials also revised their inflation forecasts, with headline PCE projected at 3.6% in 2026 (from 2.7%) and core PCE at 3.3%. By contrast, median projections for real GDP growth and the unemployment rate—2.2% and 4.3%, respectively—were little changed.
FEDERAL RESERVE
0.00%
1.00%
2.00%
3.00%
4.00%
5.00%
6.00%
Effective Federal Funds Rate
Recession
Yield (%)
13 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 (%)
2.0%
2.5%
3.0%
3.5%
4.0%
4.5%
5.0%
5.5%
US Treasury Yield Curve
Jun-26
Mar-26
Jun-25
Yield (%)
Treasury yields ended June mixed, with a modest flattening across the curve as markets digested a more hawkish Federal Reserve signal.
The 2-year yield rose to 4.15% from 3.98% at the end of May, while the 10-year yield edged down to 4.44% from 4.45%. The 2s/10s spread narrowedto 29 basis points, down from 47 basis points a month earlier. The 3-month/10-year spread remained positive at roughly 64 basis points at month-end. Relativeto the 69 basis point spread at the start of 2026, the curve has flattened materially year to date, reflecting a repricing higher in front-end rates as expectations shift toward the possibility of further Fed tightening rather than easing.
BOND YIELDS
14 ACCOUNT PROFILE
15 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. 16 STATEMENT OF COMPLIANCE
City of Menifee | Account #10112 | As of June 30, 2026
Rules Name Limit Actual Compliance
Status Notes
AGENCY MORTGAGE SECURITIES
Max % (MV) 100.0 9.1 Compliant
Max % Issuer (MV; Agencies & Agency CMOs) 25.0 9.1 Compliant Max Maturity (Years) 5.0 4.6 Compliant
ASSET-BACKED SECURITIES (ABS)
Max % (MV; Non Agency ABS & MBS) 20.0 7.4 Compliant
Max % Issuer (MV) 5.0 1.3 Compliant
Max Maturity (Years) 5 4 Compliant
Min Rating (AA- by 1) 0.0 0.0 Compliant
BANKERS' ACCEPTANCES
Max % (MV) 40.0 0.0 Compliant
Max % Issuer (MV) 5.0 0.0 Compliant
Max Maturity (Days) 180 0.0 Compliant
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
17 STATEMENT OF COMPLIANCE
City of Menifee | Account #10112 | As of June 30, 2026
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 27.0 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 2.4 Compliant
Max % Issuer (MV; Agencies & Agency CMOs) 25.0 9.1 Compliant Max Callables (MV) 20.0 0.0 Compliant
Max Maturity (Years) 5 2 Compliant
LOCAL AGENCY INVESTMENT FUND (LAIF)
Max Concentration (MV) 75.0 0.0 Compliant
MONEY MARKET MUTUAL FUNDS
Max % (MV) 20.0 0.8 Compliant
Max % Issuer (MV) 20.0 0.8 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
18 STATEMENT OF COMPLIANCE
City of Menifee | Account #10112 | As of June 30, 2026
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 4.7 Compliant
Max % Issuer (MV) 10.0 3.6 Compliant
Max Maturity (Years) 5 3 Compliant
Min Rating (AA- by 1) 0.0 0.0 Compliant
U.S. TREASURIES
Max % (MV) 100.0 48.6 Compliant
Max Maturity (Years) 5 4 Compliant
19 PORTFOLIO CHARACTERISTICS
City of Menifee | Account #10112 | As of June 30, 2026
Benchmark* 6/30/2026
Portfolio
3/31/2026
Portfolio
Average Maturity (yrs) 2.64 3.26 2.95
Average Modified Duration 2.46 2.79 2.55
Average Purchase Yield 4.36% 4.00%
Average Market Yield 4.16% 4.33% 4.01%
Average Quality** AA+ AA AA
Total Market Value 139,459,070 138,997,176
*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. 20 SECTOR DISTRIBUTION
City of Menifee | Account #10112 | As of June 30, 2026
Sector as a Percentage of Market Value
Sector 06/30/2026 03/31/2026
US Treasury 48.63% 42.84%
Corporate 26.87% 23.89%
Agency CMBS 9.13% 8.51%
ABS 7.44% 5.34%
Supras 4.73% 4.83%
Agency 2.41% 13.95%
Money Mkt Fd 0.79% 0.65%
21 ISSUERS
City of Menifee | Account #10112 | As of June 30, 2026
Issuer Investment Type % Portfolio
United States US Treasury 48.63%
Federal Home Loan Mortgage Corp Agency CMBS 9.13%
International Bank for Recon and Dev Supras 3.57%
Farm Credit System Agency 1.45%
JPMorgan Chase & Co. Corporate 1.31%
Honda Auto Receivables Owner Trust ABS 1.28%
Bank of America Corporation Corporate 1.24%
Abbott Laboratories Corporate 1.23%
Caterpillar Inc. Corporate 1.20%
Prologis, Inc. Corporate 1.17%
Merck & Co., Inc. Corporate 1.17%
U.S. Bancorp Corporate 1.16%
Nat Rural Util Coop Fin Corp Corporate 1.13%
Blackrock, Inc. Corporate 1.13%
Deere & Company Corporate 1.12%
Wells Fargo & Company Corporate 1.10%
Abbvie Inc. Corporate 1.10%
State Street Corporation Corporate 1.10%
PACCAR Inc Corporate 1.09%
Inter-American Development Bank Supras 1.09%
Marsh & McLennan Companies, Inc. Corporate 1.08%
Amazon.com, Inc. Corporate 1.07%
Toyota Motor Corporation Corporate 1.07%
Realty Income Corporation Corporate 1.05%
Ford Credit Auto Owner Trust ABS 1.03%
Federal Home Loan Banks Agency 0.96%
Toyota Auto Receivables Owner Trust ABS 0.89%
Mastercard Incorporated Corporate 0.85%
Duke Energy Corporation Corporate 0.84%
John Deere Owner Trust ABS 0.79%
22 ISSUERS
City of Menifee | Account #10112 | As of June 30, 2026
Issuer Investment Type % Portfolio
Federated Hermes, Inc. Money Mkt Fd 0.79%
Mercedes-Benz Auto Receivables Trust ABS 0.72%
BNY Mellon Corp Corporate 0.65%
American Honda Finance Corporation Corporate 0.62%
Simon Property Group, Inc. Corporate 0.61%
Morgan Stanley Corporate 0.58%
Hyundai Auto Receivables Trust ABS 0.58%
Public Service Enterprise Group Corporate 0.57%
Hyundai Motor Company ABS 0.57%
The Home Depot, Inc. Corporate 0.55%
UnitedHealth Group Incorporated Corporate 0.51%
NVIDIA Corporation Corporate 0.51%
BMW Vehicle Lease Trust ABS 0.50%
Mercedes-Benz Auto Lease Trust ABS 0.49%
GM Financial Auto Leasing Trust ABS 0.33%
BMW Vehicle Owner Trust ABS 0.26%
International Finance Corporation Supras 0.07%
The Charles Schwab Corporation Corporate 0.06%
Cash Cash 0.00%
TOTAL 100.00%
23 QUALITY DISTRIBUTION
City of Menifee | Account #10112 | As of June 30, 2026
S&P Rating Moody’s Rating Fitch Rating
Rating 06/30/2026 03/31/2026
AAA 11.77% 9.54%
AA 62.79% 66.45%
A 21.45% 19.80%
BBB 1.73% 1.82%
NA 2.26% 2.39%
Rating 06/30/2026 03/31/2026
Aaa 9.49% 8.95%
Aa 67.14% 69.59%
A 19.50% 19.16%
NA 3.86% 2.30%
Rating 06/30/2026 03/31/2026
AAA 14.41% 12.23%
AA 57.97% 63.39%
A 10.26% 9.62%
NA 17.35% 14.76%
24 DURATION DISTRIBUTION
City of Menifee | Account #10112 | As of June 30, 2026
Portfolio Compared to the Benchmark
0-.25 .25-.5 .5-1 1-2 2-3 3-4 4-5 5-7 7+
Portfolio 0.9% 0.1% 2.8% 16.5% 35.7% 27.7% 16.2% 0.0% 0.0% ICE BofA 1-5 Year Unsubordinated US Treasury &
Agency Index 0.0% 0.0% 2.5% 36.2% 28.4% 20.6% 12.3% 0.0% 0.0% 25 INVESTMENT PERFORMANCE
City of Menifee | Account #10112 | As of June 30, 2026
Total Rate of Return: Inception | 02/01/2010
TOTAL RATE OF RETURN* 3 Months 12 Months 2 Years 3 Years 5 Years 10 Years Since Inception City of Menifee 0.35% 3.10% 4.66% 4.72% 1.83% 1.92% 1.91% Benchmark 0.24% 2.71% 4.37% 4.30% 1.52% 1.64% 1.67%
*Periods over 1 year are annualized.
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.
Benchmark: ICE BofA 1-5 Year Unsubordinated US Treasury & Agency Index 26 PORTFOLIO HOLDINGS
27 HOLDINGS REPORT
City of Menifee | Account #10112 | As of June 30, 2026
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
47800CAC0 JDOT 2023 A3 5.01 11/15/2027 3,048.02 02/22/2023
3.39%
3,047.46
3,047.86
100.16
4.26%
3,053.01
6.79 0.00%
5.15 Aaa/NA
AAA
1.38 0.19
58770AAC7 MBART 2023-1 A3 4.51
11/15/2027 2,180.13 01/18/2023
4.56%
2,179.87
2,180.05
100.06
4.00%
2,181.41
4.37 0.00%
1.36 NA/AAA
AAA
1.38 0.11
05594HAD5 BMWLT 2025-2 A3 3.97
09/25/2028 700,000.00 10/08/2025
4.32%
699,998.04
699,998.51
99.67 4.34%
697,723.60
463.17
0.50%
(2,274.91)
NA/AAA
AAA
2.24 0.97
437930AC4 HAROT 2024-2 A3 5.27
11/20/2028 130,334.76 05/14/2024
5.27%
130,318.92
130,326.35
100.54
4.37%
131,041.56
248.03
0.09%
715.22
NA/AAA
AAA
2.39 0.56
096919AD7 BMWOT 2024-A A3 5.18
02/26/2029 353,887.97 06/04/2024
5.18%
353,834.22
353,857.64
100.51
4.33%
355,679.35
305.52
0.26%
1,821.71
Aaa/AAA
NA
2.66 0.56
36275AAD1 GMALT 2026-2 A3 4.3 03/20/2029 450,000.00 05/05/2026
4.40%
449,951.31
449,953.56
99.86 4.43%
449,350.20
483.75
0.33%
(603.36)
NA/AAA
AAA
2.72 1.57
43813YAC6 HAROT 2024-3 A3 4.57
03/21/2029 621,240.65 08/09/2024
4.66%
621,143.05
621,182.66
100.20
4.31%
622,471.95
788.63
0.45%
1,289.29
Aaa/NA
AAA
2.72 0.64
58768YAD7 MBALT 2025-A A3 4.61
04/16/2029 670,000.00 05/14/2025
4.66%
669,918.33
669,941.58
100.31
4.42%
672,097.10
1,372.76
0.49%
2,155.52
NA/AAA
AAA
2.79 1.34
89239TAD4 TAOT 2024-D A3 4.4 06/15/2029 385,609.67 10/10/2024
4.51%
385,588.15
385,596.02
100.05
4.37%
385,817.52
754.08
0.28%
221.50
Aaa/AAA
NA
2.96 0.72
34535VAD6 FORDO 2024-D A3 4.61
08/15/2029 775,000.00 11/19/2024
4.66%
774,975.12
774,983.56
100.30
4.32%
777,334.30
1,587.89
0.56%
2,350.74
Aaa/NA
AAA
3.13 0.90
47800DAD6 JDOT 2025 A3 4.23 09/17/2029 635,000.00 03/04/2025
5.09%
634,960.06
634,971.60
99.88 4.35%
634,213.24
1,193.80
0.46%
(758.36)
Aaa/NA
AAA
3.22 1.47
44935CAD3 HART 2025-A A3 4.32 10/15/2029 805,000.00 03/04/2025
4.84%
804,881.26
804,914.94
100.05
4.31%
805,370.30
1,545.60
0.58%
455.36
NA/AAA
AAA
3.29 0.95
34532BAG6 FORDO 2025-B A3 3.91
04/15/2030 655,000.00 09/23/2025
4.27%
654,929.33
654,941.15
99.24 4.42%
650,021.35
1,138.24
0.47%
(4,919.81)
Aaa/NA
AAA
3.79 1.60
89231GAD0 TAOT 2025-D A3 3.84 06/17/2030 845,000.00 10/15/2025
4.27%
844,902.83
844,917.19
99.25 4.37%
838,658.28
1,442.13
0.61%
(6,258.92)
NA/AAA
AAA
3.96 1.52
47787DAD3 JDOT 2026 A3 3.87 08/15/2030 465,000.00 03/10/2026
4.49%
464,917.60
464,922.97
98.68 4.46%
458,841.54
799.80
0.33%
(6,081.43)
Aaa/NA
AAA
4.13 2.38
58769MAD2 MBART 261 A3 4.36 10/15/2030 1,000,000.00 05/12/2026
4.60%
999,782.20
999,787.89
99.81 4.49%
998,121.00
1,937.78
0.72%
(1,666.89)
NA/AAA
AAA
4.29 2.07
28 HOLDINGS REPORT
City of Menifee | Account #10112 | As of June 30, 2026
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
43814YAD3 HAROT 2026-2 A3 4.3 11/15/2030 1,025,000.00 05/05/2026
3.02%
1,024,970.38
1,024,971.26
99.74 4.46%
1,022,379.08
1,958.89
0.74%
(2,592.19)
Aaa/AAA
NA
4.38 2.14
44935KAD5 HART 26B A3 4.81 02/18/2031 780,000.00 06/09/2026
4.86%
779,905.85
779,906.62
100.24
4.44%
781,875.12
1,459.03
0.57%
1,968.50
NA/AAA
AAA
4.64 2.20
10,300,203.98 99.86 10,286,229.88 7.44% 3.50
Total ABS 10,301,301.19 4.47% 10,300,401.42 4.39% 17,490.26 (14,171.53) 1.46 AGENCY
3130ATUS4 FEDERAL HOME LOAN BANKS 4.25
12/10/2027 200,000.00 01/30/2023
3.76%
204,274.00
201,269.67
100.08
4.19%
200,150.00
495.83
0.14%
(1,119.67)
Aa1/AA+
AA+
1.45 1.38
3130ATS57 FEDERAL HOME LOAN BANKS 4.5
03/10/2028 190,000.00 03/23/2023
3.78%
196,165.50
192,101.64
100.53
4.17%
191,008.71
2,636.25
0.14%
(1,092.93)
Aa1/AA+
AA+
1.70 1.59
3133EPGW9 FEDERAL FARM CREDIT BANKS
FUNDING CORP 3.875 04/25/2028 150,000.00 04/24/2023
3.76%
150,753.00
150,273.67
99.50 4.16%
149,256.60
1,065.63
0.11%
(1,017.07)
Aa1/AA+
AA+
1.82 1.72
3133EPSK2 FEDERAL FARM CREDIT BANKS
FUNDING CORP 4.25 08/07/2028 75,000.00 08/17/2023
4.52%
74,100.00
74,619.38
100.13
4.18%
75,094.58
1,275.00
0.05%
475.19
Aa1/AA+
AA+
2.10 1.96
3130AWTR1 FEDERAL HOME LOAN BANKS
4.375 09/08/2028 225,000.00 09/12/2023
4.49%
223,860.00
224,499.18
100.40
4.18%
225,890.78
3,089.84
0.16%
1,391.60
Aa1/AA+
AA+
2.19 2.04
3133EPWK7 FEDERAL FARM CREDIT BANKS
FUNDING CORP 4.5 09/22/2028 95,000.00 09/27/2023
4.76%
93,915.10
94,515.04
100.66
4.18%
95,629.76
1,175.63
0.07%
1,114.71
Aa1/AA+
AA+
2.23 2.07
3133EPN50 FEDERAL FARM CREDIT BANKS
FUNDING CORP 4.25 12/15/2028 270,000.00 12/18/2023
4.00%
272,999.70
271,477.64
100.18
4.17%
270,484.65
510.00
0.20%
(992.99)
Aa1/AA+
AA+
2.46 2.31
3130AVBD3 FEDERAL HOME LOAN BANKS 4.5
03/09/2029 700,000.00 04/29/2024
4.71%
693,525.00
696,415.76
100.70
4.22%
704,897.90
9,800.00
0.51%
8,482.14
Aa1/AA+
AA+
2.69 2.48
3133ERAK7 FEDERAL FARM CREDIT BANKS
FUNDING CORP 4.375 04/10/2029 700,000.00 04/22/2024
4.73%
689,017.00
693,857.27
100.50
4.18%
703,507.70
6,890.63
0.51%
9,650.43
Aa1/AA+
AA+
2.78 2.57
3133ERDH1 FEDERAL FARM CREDIT BANKS
FUNDING CORP 4.75 04/30/2029 700,000.00 05/08/2024
4.55%
706,132.00
703,489.54
101.52
4.17%
710,674.30
5,634.03
0.51%
7,184.76
Aa1/AA+
AA+
2.83 2.61
3,304,741.30 100.66 3,326,594.97 2.41% 2.49
Total Agency 3,305,000.00 4.45% 3,302,518.79 4.19% 32,572.83 24,076.18 2.31
AGENCY CMBS
29 HOLDINGS REPORT
City of Menifee | Account #10112 | As of June 30, 2026
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
3137BSP72 FHMS K-058 A2 2.653 08/25/2026 103,423.24 01/31/2023
4.11%
98,421.75
103,301.63
99.68 3.63%
103,093.42
228.65
0.07%
(208.21)
Aa1/AA+
AAA
0.15 0.15
3137FQXJ7 FHMS K-737 A2 2.525 10/25/2026 102,791.03 02/08/2023
4.29%
96,784.18
102,374.26
99.48 4.07%
102,258.06
216.29
0.07%
(116.21)
Aa1/AA+
AAA
0.32 0.23
3137BUX60CMO FHMS K-062 A2 3.413 12/25/2026 68,715.00 12/12/2022
4.28%
66,473.72
68,478.02
99.46 4.18%
68,341.47
195.44
0.05%
(136.55)
Aa1/AA+
AAA
0.49 0.43
3137BVZ82 FHMS K-063 A2 3.43 01/25/2027 68,860.70 12/12/2022
4.30%
66,609.28
68,580.17
99.47 4.18%
68,498.70
196.83
0.05%
(81.47)
Aa1/AA+
AAA
0.57 0.41
3137FBU79 FHMS K-069 A2 3.187 09/25/2027 96,059.28 12/15/2023
4.37%
92,160.63
94,827.07
98.59 4.25%
94,706.39
255.12
0.07%
(120.68)
Aa1/AAA
AA+
1.24 1.16
3137FCJK1 FHMS K-070 A2 3.303 11/25/2027 30,000.00 11/21/2022
4.38%
28,566.80
29,611.59
98.61 4.28%
29,582.52
82.58 0.02%
(29.07)
Aaa/AA+
AA+
1.41 1.23
3137FJEH8 FHMS K-081 A2 3.9 08/25/2028 1,500,000.00 05/28/2024
5.00%
1,436,718.75
1,468,338.60
98.79 4.41%
1,481,808.00
4,875.00
1.07%
13,469.40
Aa1/AA+
AAA
2.15 1.99
3137H4BY5 FHMS K-746 A2 2.031 09/25/2028 135,000.00 10/26/2023
5.31%
116,263.48
126,591.36
94.97 4.43%
128,209.64
228.49
0.09%
1,618.27
Aa1/AA+
AAA
2.24 2.09
3137FLMV3 FHMS K-090 A2 3.422 02/25/2029 1,500,000.00 05/30/2024
4.94%
1,405,195.31
1,447,336.91
97.42 4.43%
1,461,268.50
4,277.50
1.06%
13,931.59
Aa1/AAA
AA+
2.66 2.43
3137FMCR1 FHMS K-093 A2 2.982 05/25/2029 978,908.47 09/19/2024
3.82%
944,417.24
957,659.41
96.24 4.43%
942,090.74
2,432.59
0.68%
(15,568.66)
Aa1/AA+
AAA
2.90 2.54
3137HA4B9 FHMS K-751 A2 4.412 03/25/2030 589,000.00 03/27/2025
4.40%
588,424.80
588,571.16
99.75 4.44%
587,554.59
2,165.56
0.43%
(1,016.57)
Aaa/AA+
AA+
3.73 3.08
3137FTFY8 FHMS K-109 A2 1.558 04/25/2030 1,500,000.00 12/16/2025
3.89%
1,363,710.94
1,380,616.36
90.17 4.45%
1,352,620.50
1,947.50
0.98%
(27,995.86)
Aa1/AA+
AAA
3.82 3.52
3137F83Q4 FHMS K-121 A2 1.547 10/25/2030 1,500,000.00 01/07/2026
3.97%
1,342,910.16
1,358,409.45
88.68 4.46%
1,330,209.00
1,933.75
0.96%
(28,200.45)
Aa1/AA+
AAA
4.32 4.06
3137F8ZV8 FHMS K-123 A2 1.621 12/25/2030 1,200,000.00 04/22/2026
4.13%
1,075,453.12
1,080,274.77
88.77 4.46%
1,065,207.60
1,621.00
0.77%
(15,067.17)
Aa1/AA+
AAA
4.49 4.13
3137FXZ35 FHMS K-127 A2 2.108 01/25/2031 1,250,000.00 02/03/2026
4.11%
1,138,671.88
1,147,690.08
90.37 4.46%
1,129,660.00
2,195.83
0.82%
(18,030.08)
Aa1/AA+
AAA
4.57 4.22
3137F9Z79 FHMS K-125 A2 1.846 01/25/2031 3,000,000.00 --
4.04%
2,708,320.31
2,732,216.29
89.37 4.46%
2,681,103.00
4,615.00
1.94%
(51,113.29)
Aa1/AA+
AAA
4.57 4.22
Total Agency CMBS 13,622,757.72 4.27%
12,569,102.34
12,754,877.14
92.88 4.43%
12,626,212.12
27,467.11
9.13%
(128,665.02)
3.62 3.32
30 HOLDINGS REPORT
City of Menifee | Account #10112 | As of June 30, 2026
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
CASH
CCYUSD Receivable 3,330.39 -- 3,330.39
3,330.39
1.00 3,330.39
0.00 0.00%
0.00 Aaa/AAA
AAA
0.00 0.00
Total Cash 3,330.39
3,330.39
3,330.39
1.00 3,330.39
0.00 0.00%
0.00 0.00
0.00 CORPORATE
808513AU9 CHARLES SCHWAB CORP 3.2
01/25/2028 85,000.00 01/30/2023
4.32%
80,783.15
83,672.39
98.21 4.39%
83,480.03
1,178.67
0.06%
(192.36)
A2/A-
A
1.57 1.49
46625HRY8 JPMORGAN CHASE & CO 3.782
02/01/2028 70,000.00 01/30/2023
5.34%
67,053.70
69,064.15
99.59 5.04%
69,715.59
1,103.08
0.05%
651.44
A1/A
AA-
1.59 0.56
91324PEP3 UNITEDHEALTH GROUP INC 5.25
02/15/2028 700,000.00 04/18/2024
5.14%
702,464.00
701,017.78
101.34
4.38%
709,350.60
13,883.33
0.51%
8,332.82
A2/A+
A
1.63 1.44
58933YBH7 MERCK & CO INC 4.05 05/17/2028 130,000.00 --
3.98%
130,394.70
130,143.83
99.71 4.21%
129,621.44
643.50
0.09%
(522.39)
Aa3/A+
NA
1.88 1.78
74340XCG4 PROLOGIS LP 4.875 06/15/2028 1,600,000.00 --
5.26%
1,577,232.00
1,589,153.11
100.87
4.41%
1,613,857.60
3,466.67
1.17%
24,704.49
A2/A
NA
1.96 1.77
74456QBX3 PUBLIC SERVICE ELECTRIC AND
GAS CO 3.65 09/01/2028 800,000.00 04/25/2024
5.20%
752,432.00
776,216.00
98.36 4.45%
786,887.20
9,733.33
0.57%
10,671.20
A1/A
NA
2.17 2.03
89236TLB9 TOYOTA MOTOR CREDIT CORP
5.25 09/11/2028 1,450,000.00 --
5.15%
1,455,605.50
1,452,882.63
101.67
4.44%
1,474,165.70
23,260.42
1.07%
21,283.07
A1/A+
A+
2.20 2.03
24422EXH7 JOHN DEERE CAPITAL CORP 4.5
01/16/2029 1,550,000.00 --
5.13%
1,509,761.00
1,528,114.13
100.26
4.39%
1,553,995.90
31,968.75
1.12%
25,881.77
A1/A
A+
2.55 2.33
46647PAM8 JPMORGAN CHASE & CO 3.509
01/23/2029 1,250,000.00 --
5.47%
1,169,226.50
1,215,750.79
98.34 4.75%
1,229,311.25
19,250.76
0.89%
13,560.46
A1/A
AA-
2.57 1.48
69371RS80 PACCAR FINANCIAL CORP 4.6
01/31/2029 1,500,000.00 --
5.10%
1,468,515.00
1,482,766.20
100.64
4.33%
1,509,579.00
28,941.67
1.09%
26,812.80
A1/A+
NA
2.59 2.37
91159HJK7 US BANCORP 4.653 02/01/2029 1,600,000.00 --
5.58%
1,550,764.50
1,579,035.20
100.07
4.71%
1,601,120.00
31,020.00
1.16%
22,084.80
A3/A
A+
2.59 1.48
06406RBN6 BANK OF NEW YORK MELLON
CORP 4.543 02/01/2029 900,000.00 06/07/2024
5.16%
881,811.00
892,073.91
100.09
4.61%
900,810.90
17,036.25
0.65%
8,736.99
Aa3/A
AA-
2.59 1.48
31 HOLDINGS REPORT
City of Menifee | Account #10112 | As of June 30, 2026
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
756109CF9 REALTY INCOME CORP 4.75
02/15/2029 1,450,000.00 --
5.40%
1,410,895.00
1,428,450.09
100.43
4.57%
1,456,220.50
26,019.44
1.05%
27,770.41
A3/A-
NA
2.63 2.33
14913UAJ9 CATERPILLAR FINANCIAL SERVICES
CORP 4.85 02/27/2029 1,300,000.00 --
5.02%
1,290,499.00
1,294,777.60
101.21
4.36%
1,315,782.00
21,717.22
0.95%
21,004.40
A1/A
A+
2.66 2.43
06051GHG7 BANK OF AMERICA CORP 3.97
03/05/2029 1,050,000.00 --
5.58%
992,729.50
1,024,736.82
98.93 4.80%
1,038,725.10
13,431.83
0.75%
13,988.28
A1/A-
AA-
2.68 1.58
02665WFE6 AMERICAN HONDA FINANCE
CORP 4.9 03/13/2029 850,000.00 05/31/2024
5.08%
843,616.50
846,397.18
100.60
4.66%
855,066.00
12,495.00
0.62%
8,668.82
A3/BBB+
A-
2.70 2.47
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
1,547,567.25
97.81 4.57%
1,564,899.20
17,431.11
1.13%
17,331.95
A1/A-
A+
2.71 2.51
437076CW0 HOME DEPOT INC 4.9 04/15/2029 750,000.00 04/19/2024
5.12%
742,725.00
745,922.32
101.32
4.39%
759,903.00
7,758.33
0.55%
13,980.68
A2/A
A
2.79 2.49
61747YFD2 MORGAN STANLEY 5.164
04/20/2029 800,000.00 05/31/2024
5.36%
794,520.00
797,456.82
100.79
4.88%
806,305.60
8,147.64
0.58%
8,848.78
A1/A-
A+
2.80 1.69
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
1,502,004.36
101.01
4.46%
1,515,130.50
7,571.50
1.10%
13,126.14
Aa2/AA-
AA+
3.40 3.09
95000U3J0 WELLS FARGO & CO 5.198
01/23/2030 1,500,000.00 05/28/2025
4.78%
1,520,880.00
1,514,655.10
101.12
4.84%
1,516,860.00
34,220.17
1.10%
2,204.90
A1/BBB+
A+
3.57 2.32
571748CA8 MARSH & MCLENNAN
COMPANIES INC 4.65 03/15/2030 1,500,000.00 04/24/2025
4.62%
1,502,070.00
1,501,561.04
99.90 4.68%
1,498,483.50
20,537.50
1.08%
(3,077.54)
A3/A-
A-
3.71 3.32
00287YDZ9 ABBVIE INC 4.875 03/15/2030 1,500,000.00 06/10/2025
4.55%
1,520,099.99
1,515,574.55
101.10
4.55%
1,516,509.00
21,531.25
1.10%
934.45
A2/A-
NA
3.71 3.25
06051GHV4 BANK OF AMERICA CORP 3.194
07/23/2030 700,000.00 01/22/2026
4.47%
675,115.00
677,524.69
95.58 4.87%
669,025.00
9,812.68
0.48%
(8,499.69)
A1/A-
AA-
4.06 2.83
58933YBQ7 MERCK & CO INC 4.15 09/15/2030 1,500,000.00 09/26/2025
4.14%
1,500,360.00
1,500,304.41
98.82 4.46%
1,482,240.00
18,329.17
1.07%
(18,064.41)
Aa3/A+
NA
4.21 3.77
828807DZ7 SIMON PROPERTY GROUP LP
4.375 10/01/2030 850,000.00 12/08/2025
4.27%
853,706.00
853,268.23
99.03 4.63%
841,762.65
9,296.88
0.61%
(11,505.58)
A3/A
NA
4.25 3.79
46647PEV4 JPMORGAN CHASE & CO 5.14
01/24/2031 500,000.00 03/24/2026
4.63%
508,860.00
508,240.24
101.12
4.76%
505,622.50
11,208.06
0.37%
(2,617.74)
A1/A
AA-
4.57 3.16
09247XAR2 BLACKROCK FINANCE INC 1.9
01/28/2031 1,750,000.00 03/24/2026
4.47%
1,555,872.50
1,566,620.80
89.20 4.54%
1,561,050.75
14,131.25
1.13%
(5,570.05)
Aa3/AA-
NA
4.58 4.26
32 HOLDINGS REPORT
City of Menifee | Account #10112 | As of June 30, 2026
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
023135DD5 AMAZON.COM INC 4.25
03/13/2031 1,500,000.00 04/29/2026
4.48%
1,484,730.00
1,485,262.47
98.47 4.62%
1,476,982.50
19,125.00
1.07%
(8,279.97)
A1/AA
AA-
4.70 4.16
002824BS8 ABBOTT LABORATORIES 4.0
03/15/2031 1,750,000.00 05/06/2026
4.38%
1,721,317.50
1,722,207.26
97.46 4.61%
1,705,466.00
21,777.78
1.23%
(16,741.26)
Aa3/A+
NA
4.71 4.18
14913V2D9 CATERPILLAR FINANCIAL SERVICES
CORP 4.5 05/15/2031 350,000.00 05/11/2026
4.53%
349,520.50
349,532.84
99.53 4.61%
348,344.15
2,012.50
0.25%
(1,188.69)
A1/A
A+
4.87 4.30
57636QBL7 MASTERCARD INC 4.6 06/08/2031 1,180,000.00 06/04/2026
4.62%
1,179,056.00
1,179,067.89
99.85 4.63%
1,178,186.34
3,467.89
0.85%
(881.55)
Aa3/A+
NA
4.94 4.36
26442CBR4 DUKE ENERGY CAROLINAS LLC
4.65 06/15/2031 1,165,000.00 06/16/2026
4.59%
1,167,842.60
1,167,820.40
99.96 4.66%
1,164,584.10
3,912.46
0.84%
(3,236.31)
Aa3/A
NA
4.96 4.37
67066GAR5 NVIDIA CORP 4.5 06/15/2031 710,000.00 06/15/2026
4.54%
708,651.00
708,660.62
99.65 4.58%
707,486.60
1,153.75
0.51%
(1,174.02)
Aa1/AA
NA
4.96 4.39
Total Corporate 37,390,000.00 4.89%
36,679,641.14
36,937,503.13
99.42 4.57%
37,146,530.20
486,574.84
26.87%
209,027.06
3.33 2.81
MONEY MARKET
FUND
60934N104 FEDERATED HRMS GV O INST 1,086,420.79 --
3.51%
1,086,420.79
1,086,420.79
1.00 5.17%
1,086,420.79
0.00 0.79%
0.00 Aaa/AAAm
AAA
0.00 0.00
Total Money Market
Fund 1,086,420.79 3.51%
1,086,420.79
1,086,420.79
1.00 5.17%
1,086,420.79
0.00 0.79%
0.00 0.00
0.00 SUPRANATIONAL
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
1,274,647.75
98.71 4.17%
1,283,206.60
21,359.72
0.93%
8,558.85
Aaa/AAA
NA
2.03 1.91
45950KDD9 INTERNATIONAL FINANCE CORP
4.5 07/13/2028 100,000.00 07/06/2023
4.53%
99,889.00
99,954.86
100.63
4.17%
100,629.00
2,100.00
0.07%
674.14
Aaa/AAA
NA
2.04 1.89
4581X0DC9 INTER-AMERICAN DEVELOPMENT
BANK 3.125 09/18/2028 120,000.00 11/27/2023
4.55%
112,706.40
116,633.72
97.81 4.17%
117,375.84
1,072.92
0.08%
742.12
Aaa/AAA
NA
2.22 2.09
4581X0EN4 INTER-AMERICAN DEVELOPMENT
BANK 4.125 02/15/2029 1,385,000.00 --
4.19%
1,381,426.20
1,382,995.69
99.86 4.18%
1,383,037.46
21,582.92
1.00%
41.76 Aaa/AAA
NA
2.63 2.42
33 HOLDINGS REPORT
City of Menifee | Account #10112 | As of June 30, 2026
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
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
1,350,550.49
98.27 4.20%
1,326,682.80
13,593.75
0.96%
(23,867.69)
Aaa/AAA
NA
3.23 2.98
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
2,340,967.74
99.00 4.20%
2,321,627.39
18,924.15
1.68%
(19,340.36)
Aaa/AAA
NA
3.30 3.03
Total Supranational 6,600,000.00 4.06%
6,532,739.65
6,565,750.26
98.98 4.19%
6,532,559.08
78,633.46
4.73%
(33,191.18)
2.85 2.64
US TREASURY
91282CFU0 UNITED STATES TREASURY 4.125
10/31/2027 1,650,000.00 --
4.51%
1,630,343.75
1,642,176.54
99.94 4.17%
1,649,033.10
11,467.05
1.19%
6,856.56
Aa1/AA+
AA+
1.34 1.27
91282CGC9 UNITED STATES TREASURY 3.875
12/31/2027 850,000.00 04/17/2024
4.75%
824,931.64
839,839.16
99.58 4.17%
846,413.85
89.50 0.61%
6,574.69
Aa1/AA+
AA+
1.50 1.44
91282CMN8 UNITED STATES TREASURY 4.25
02/15/2028 1,500,000.00 02/25/2025
4.08%
1,506,855.47
1,503,756.60
100.11
4.17%
1,501,699.50
23,950.28
1.09%
(2,057.10)
Aa1/AA+
AA+
1.63 1.53
91282CHA2 UNITED STATES TREASURY 3.5
04/30/2028 815,000.00 --
4.50%
784,646.88
801,521.81
98.82 4.17%
805,417.23
4,805.84
0.58%
3,895.42
Aa1/AA+
AA+
1.84 1.74
91282CHE4 UNITED STATES TREASURY 3.625
05/31/2028 815,000.00 --
4.52%
787,623.25
802,447.70
99.02 4.16%
806,977.14
2,502.34
0.58%
4,529.44
Aa1/AA+
AA+
1.92 1.82
91282CHK0 UNITED STATES TREASURY 4.0
06/30/2028 1,500,000.00 02/10/2025
4.28%
1,486,933.59
1,492,276.54
99.69 4.16%
1,495,371.00
163.04
1.08%
3,094.47
Aa1/AA+
AA+
2.00 1.90
91282CHQ7 UNITED STATES TREASURY 4.125
07/31/2028 790,000.00 --
4.65%
773,639.07
782,177.22
99.93 4.16%
789,444.63
13,593.13
0.57%
7,267.41
Aa1/AA+
AA+
2.08 1.94
91282CHX2 UNITED STATES TREASURY 4.375
08/31/2028 1,450,000.00 --
4.41%
1,446,986.34
1,449,197.69
100.42
4.17%
1,456,117.55
21,203.29
1.05%
6,919.86
Aa1/AA+
AA+
2.17 2.02
91282CNY3 UNITED STATES TREASURY 3.375
09/15/2028 2,000,000.00 06/30/2026
4.14%
1,967,812.50
1,967,852.34
98.34 4.17%
1,966,718.00
19,809.78
1.42%
(1,134.34)
Aa1/AA+
AA+
2.21 2.08
9128285M8 UNITED STATES TREASURY 3.125
11/15/2028 150,000.00 01/17/2024
4.05%
143,970.70
147,031.52
97.66 4.17%
146,496.15
598.68
0.11%
(535.37)
Aa1/AA+
AA+
2.38 2.25
91282CJN2 UNITED STATES TREASURY 4.375
11/30/2028 1,850,000.00 --
4.40%
1,844,308.59
1,849,398.31
100.46
4.17%
1,858,526.65
6,855.36
1.34%
9,128.34
Aa1/AA+
AA+
2.42 2.26
91282CJR3 UNITED STATES TREASURY 3.75
12/31/2028 1,890,000.00 --
4.36%
1,849,191.41
1,863,960.36
99.01 4.17%
1,871,247.42
192.60
1.35%
7,287.06
Aa1/AA+
AA+
2.50 2.36
34 HOLDINGS REPORT
City of Menifee | Account #10112 | As of June 30, 2026
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
91282CJW2 UNITED STATES TREASURY 4.0
01/31/2029 1,825,000.00 --
4.37%
1,798,704.10
1,809,112.87
99.57 4.18%
1,817,157.98
30,450.28
1.31%
8,045.10
Aa1/AA+
AA+
2.59 2.39
912810FG8 UNITED STATES TREASURY 5.25
02/15/2029 1,550,000.00 --
4.42%
1,603,873.05
1,580,024.07
102.95
4.05%
1,595,652.15
30,571.82
1.15%
15,628.08
Aa1/AA+
AA+
2.63 2.39
91282CKD2 UNITED STATES TREASURY 4.25
02/28/2029 1,850,000.00 --
4.34%
1,840,806.65
1,846,168.17
100.21
4.17%
1,853,829.50
26,279.55
1.34%
7,661.33
Aa1/AA+
AA+
2.67 2.46
91282CKG5 UNITED STATES TREASURY 4.125
03/31/2029 1,600,000.00 --
4.49%
1,574,437.50
1,585,681.52
99.88 4.17%
1,598,124.80
16,590.16
1.16%
12,443.28
Aa1/AA+
AA+
2.75 2.55
91282CKP5 UNITED STATES TREASURY 4.625
04/30/2029 1,600,000.00 --
4.49%
1,609,593.75
1,605,636.45
101.20
4.17%
1,619,124.80
12,467.39
1.17%
13,488.35
Aa1/AA+
AA+
2.83 2.61
91282CKT7 UNITED STATES TREASURY 4.5
05/31/2029 1,600,000.00 06/20/2024
4.29%
1,614,812.50
1,608,739.79
100.91
4.17%
1,614,500.80
6,098.36
1.17%
5,761.01
Aa1/AA+
AA+
2.92 2.70
91282CEV9 UNITED STATES TREASURY 3.25
06/30/2029 1,500,000.00 07/29/2024
4.10%
1,443,515.64
1,465,562.15
97.43 4.17%
1,461,504.00
132.47
1.06%
(4,058.15)
Aa1/AA+
AA+
3.00 2.82
91282CKX8 UNITED STATES TREASURY 4.25
06/30/2029 1,600,000.00 09/10/2024
3.45%
1,656,250.00
1,635,136.20
100.23
4.17%
1,603,625.60
184.78
1.16%
(31,510.60)
Aa1/AA+
AA+
3.00 2.79
91282CLC3 UNITED STATES TREASURY 4.0
07/31/2029 2,000,000.00 --
3.87%
2,013,585.93
2,007,429.59
99.52 4.17%
1,990,468.00
33,370.17
1.44%
(16,961.59)
Aa1/AA+
AA+
3.08 2.82
91282CFJ5 UNITED STATES TREASURY 3.125
08/31/2029 2,100,000.00 --
3.48%
2,066,046.88
2,078,327.02
96.91 4.17%
2,035,196.10
21,934.44
1.47%
(43,130.92)
Aa1/AA+
AA+
3.17 2.94
91282CLN9 UNITED STATES TREASURY 3.5
09/30/2029 2,050,000.00 --
4.22%
1,992,615.23
2,006,656.80
97.97 4.17%
2,008,360.40
18,035.52
1.45%
1,703.60
Aa1/AA+
AA+
3.25 3.01
91282CLR0 UNITED STATES TREASURY 4.125
10/31/2029 2,000,000.00 11/19/2024
4.24%
1,990,234.38
1,993,413.88
99.84 4.18%
1,996,796.00
13,899.46
1.44%
3,382.12
Aa1/AA+
AA+
3.34 3.06
91282CMA6 UNITED STATES TREASURY 4.125
11/30/2029 1,750,000.00 12/09/2024
4.07%
1,754,375.00
1,753,006.61
99.84 4.17%
1,747,266.50
6,114.24
1.26%
(5,740.11)
Aa1/AA+
AA+
3.42 3.14
91282CMD0 UNITED STATES TREASURY 4.375
12/31/2029 2,000,000.00 --
4.31%
2,004,042.97
2,003,888.21
100.64
4.17%
2,012,890.00
237.77
1.46%
9,001.79
Aa1/AA+
AA+
3.50 3.21
91282CGJ4 UNITED STATES TREASURY 3.5
01/31/2030 2,000,000.00 --
4.14%
1,947,089.84
1,958,548.24
97.75 4.18%
1,955,078.00
29,198.90
1.41%
(3,470.24)
Aa1/AA+
AA+
3.59 3.28
91282CGQ8 UNITED STATES TREASURY 4.0
02/28/2030 1,750,000.00 06/23/2025
3.90%
1,757,587.89
1,755,937.19
99.39 4.18%
1,739,403.75
23,396.74
1.26%
(16,533.44)
Aa1/AA+
AA+
3.67 3.33
91282CMU2 UNITED STATES TREASURY 4.0
03/31/2030 2,000,000.00 --
4.02%
1,998,808.59
1,998,453.63
99.36 4.18%
1,987,266.00
20,109.29
1.44%
(11,187.63)
Aa1/AA+
AA+
3.75 3.41
35 HOLDINGS REPORT
City of Menifee | Account #10112 | As of June 30, 2026
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
91282CMZ1 UNITED STATES TREASURY 3.875
04/30/2030 1,750,000.00 05/28/2025
4.07%
1,734,619.14
1,738,025.70
98.92 4.18%
1,731,065.00
11,424.93
1.25%
(6,960.70)
Aa1/AA+
AA+
3.83 3.50
91282CNG2 UNITED STATES TREASURY 4.0
05/31/2030 2,000,000.00 --
4.10%
1,991,738.29
1,992,883.76
99.32 4.19%
1,986,484.00
6,775.96
1.44%
(6,399.76)
Aa1/AA+
AA+
3.92 3.58
91282CNK3 UNITED STATES TREASURY 3.875
06/30/2030 2,000,000.00 --
3.93%
1,995,273.44
1,996,275.05
98.84 4.19%
1,976,876.00
210.60
1.43%
(19,399.05)
Aa1/AA+
AA+
4.00 3.66
91282CNN7 UNITED STATES TREASURY 3.875
07/31/2030 2,000,000.00 --
3.80%
2,006,982.43
2,005,802.47
98.82 4.19%
1,976,406.00
32,327.35
1.43%
(29,396.47)
Aa1/AA+
AA+
4.08 3.68
91282CNX5 UNITED STATES TREASURY 3.625
08/31/2030 2,000,000.00 --
3.71%
1,992,753.90
1,993,874.35
97.83 4.20%
1,956,640.00
24,232.34
1.42%
(37,234.35)
Aa1/AA+
AA+
4.17 3.77
91282CPA3 UNITED STATES TREASURY 3.625
09/30/2030 1,750,000.00 --
3.70%
1,743,916.02
1,744,687.45
97.80 4.20%
1,711,445.75
15,946.04
1.24%
(33,241.70)
Aa1/AA+
AA+
4.25 3.86
91282CPD7 UNITED STATES TREASURY 3.625
10/31/2030 2,000,000.00 10/31/2025
3.71%
1,992,343.75
1,993,362.63
97.74 4.20%
1,954,844.00
12,214.67
1.41%
(38,518.63)
Aa1/AA+
AA+
4.34 3.94
91282CPN5 UNITED STATES TREASURY 3.5
11/30/2030 2,250,000.00 --
3.74%
2,225,781.26
2,228,457.02
97.20 4.20%
2,186,894.25
6,670.08
1.58%
(41,562.77)
Aa1/AA+
AA+
4.42 4.03
91282CJX0 UNITED STATES TREASURY 4.0
01/31/2031 2,000,000.00 --
4.05%
1,995,507.81
1,995,558.55
99.13 4.21%
1,982,656.00
33,370.17
1.43%
(12,902.55)
Aa1/AA+
AA+
4.59 4.08
91282CQD6 UNITED STATES TREASURY 3.5
02/28/2031 2,000,000.00 03/10/2026
3.70%
1,981,718.75
1,982,846.85
97.07 4.20%
1,941,328.00
23,396.74
1.40%
(41,518.85)
Aa1/AA+
AA+
4.67 4.20
91282CKF7 UNITED STATES TREASURY 4.125
03/31/2031 2,000,000.00 06/30/2026
4.18%
1,995,468.75
1,995,471.36
99.63 4.21%
1,992,500.00
20,737.70
1.44%
(2,971.36)
Aa1/AA+
AA+
4.75 4.23
Total US Treasury 67,785,000.00 4.10%
67,369,726.63
67,500,603.34
99.19 4.18%
67,226,845.60
581,608.81
48.63%
(273,757.75)
3.25 2.98
Total Portfolio 140,093,810.09 4.36%
137,845,906.22
138,451,405.25
97.98 4.33%
138,234,723.02
1,224,347.31
100.00%
(216,682.23)
3.26 2.79
Total Market Value +
Accrued 139,459,070.33
36 TRANSACTIONS
37 TRANSACTION LEDGER
City of Menifee | Account #10112|04/01/2026 Through 06/30/2026| Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp Yield Amount Interest Pur/
Sold Total Amount Gain/Loss
ACQUISITIONS
Purchase 04/27/2026 3137F8ZV8 1,200,000.00 FHMS K-123 A2 1.621 12/25/2030 89.621 4.13% (1,075,453.12) (1,404.87) (1,076,857.99) 0.00 Purchase 04/30/2026 023135DD5 1,500,000.00 AMAZON.COM INC
4.25 03/13/2031 98.982 4.48% (1,484,730.00) (8,322.92) (1,493,052.92) 0.00 Purchase 05/07/2026 002824BS8 1,750,000.00
ABBOTT
LABORATORIES 4.0
03/15/2031
98.361 4.38% (1,721,317.50) (11,277.78) (1,732,595.28) 0.00 Purchase 05/13/2026 43814YAD3 1,025,000.00 HAROT 2026-2 A3 4.3 11/15/2030 99.997 3.02% (1,024,970.38) 0.00 (1,024,970.38) 0.00 Purchase 05/14/2026 36275AAD1 450,000.00 GMALT 2026-2 A3 4.3 03/20/2029 99.989 4.40% (449,951.31) 0.00 (449,951.31) 0.00 Purchase 05/15/2026 14913V2D9 350,000.00
CATERPILLAR
FINANCIAL SERVICES
CORP 4.5 05/15/2031
99.863 4.53% (349,520.50) 0.00 (349,520.50) 0.00
Purchase 05/20/2026 58769MAD2 1,000,000.00 MBART 261 A3 4.36 10/15/2030 99.978 4.60% (999,782.20) 0.00 (999,782.20) 0.00 Purchase 06/08/2026 57636QBL7 1,180,000.00 MASTERCARD INC 4.6 06/08/2031 99.920 4.62% (1,179,056.00) 0.00 (1,179,056.00) 0.00 Purchase 06/17/2026 44935KAD5 780,000.00 HART 26B A3 4.81 02/18/2031 99.988 4.86% (779,905.85) 0.00 (779,905.85) 0.00 Purchase 06/17/2026 26442CBR4 1,165,000.00
DUKE ENERGY
CAROLINAS LLC 4.65
06/15/2031
100.244 4.59% (1,167,842.60) (1,805.75) (1,169,648.35) 0.00 Purchase 06/18/2026 67066GAR5 710,000.00 NVIDIA CORP 4.5 06/15/2031 99.810 4.54% (708,651.00) 0.00 (708,651.00) 0.00 Purchase 06/30/2026 91282CLC3 700,000.00
UNITED STATES
TREASURY 4.0
07/31/2029
99.598 4.14% (697,183.59) (11,602.21) (708,785.80) 0.00 Purchase 06/30/2026 91282CGJ4 500,000.00
UNITED STATES
TREASURY 3.5
01/31/2030
97.855 4.15% (489,277.34) (7,251.38) (496,528.72) 0.00
Purchase 06/30/2026 91282CMD0 500,000.00
UNITED STATES
TREASURY 4.375
12/31/2029
100.703 4.16% (503,515.63) 0.00 (503,515.63) 0.00
38 TRANSACTION LEDGER
City of Menifee | Account #10112|04/01/2026 Through 06/30/2026| Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp Yield Amount Interest Pur/
Sold Total Amount Gain/Loss
Purchase 06/30/2026 91282CMU2 500,000.00
UNITED STATES
TREASURY 4.0
03/31/2030
99.469 4.15% (497,343.75) (4,972.68) (502,316.43) 0.00
Purchase 06/30/2026 91282CNG2 500,000.00
UNITED STATES
TREASURY 4.0
05/31/2030
99.426 4.16% (497,128.91) (1,639.34) (498,768.25) 0.00
Purchase 06/30/2026 91282CJX0 500,000.00
UNITED STATES
TREASURY 4.0
01/31/2031
99.277 4.17% (496,386.72) (8,287.29) (504,674.01) 0.00
Purchase 06/30/2026 91282CJN2 1,000,000.00
UNITED STATES
TREASURY 4.375
11/30/2028
100.500 4.15% (1,005,000.00) (3,586.07) (1,008,586.07) 0.00 Purchase 06/30/2026 91282CJW2 1,000,000.00
UNITED STATES
TREASURY 4.0
01/31/2029
99.637 4.15% (996,367.19) (16,574.59) (1,012,941.78) 0.00 Purchase 06/30/2026 91282CJR3 1,000,000.00
UNITED STATES
TREASURY 3.75
12/31/2028
99.063 4.15% (990,625.00) 0.00 (990,625.00) 0.00
Purchase 06/30/2026 91282CKD2 1,000,000.00
UNITED STATES
TREASURY 4.25
02/28/2029
100.266 4.14% (1,002,656.25) (14,089.67) (1,016,745.92) 0.00 Purchase 06/30/2026 91282CKF7 2,000,000.00
UNITED STATES
TREASURY 4.125
03/31/2031
99.773 4.18% (1,995,468.75) (20,512.30) (2,015,981.05) 0.00 Purchase 06/30/2026 91282CLN9 700,000.00
UNITED STATES
TREASURY 3.5
09/30/2029
98.063 4.14% (686,437.50) (6,091.53) (692,529.03) 0.00
Purchase 06/30/2026 91282CNY3 2,000,000.00
UNITED STATES
TREASURY 3.375
09/15/2028
98.391 4.14% (1,967,812.50) (19,626.36) (1,987,438.86) 0.00 Total Purchase 23,010,000.00 (22,766,383.59) (137,044.74) (22,903,428.33) 0.00 TOTAL
ACQUISITIONS 23,010,000.00 (22,766,383.59) (137,044.74) (22,903,428.33) 0.00
DISPOSITIONS
39 TRANSACTION LEDGER
City of Menifee | Account #10112|04/01/2026 Through 06/30/2026| Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp Yield Amount Interest Pur/
Sold Total Amount Gain/Loss
Call Redemption 04/27/2026 06406RBQ9 (700,000.00)
BANK OF NEW YORK
MELLON CORP 4.947
04/26/2027
100.000 5.38% 700,000.00 0.00 700,000.00 0.00
Total Call
Redemption (700,000.00) 700,000.00 0.00 700,000.00 0.00 Maturity 04/20/2026 4581X0DV7 (75,000.00)
INTER-AMERICAN
DEVELOPMENT BANK
0.875 04/20/2026
100.000 0.97% 75,000.00 0.00 75,000.00 0.00
Maturity 06/16/2026 3130AMM33 (1,500,000.00)
FEDERAL HOME
LOAN BANKS 0.875
06/16/2026
100.000 0.88% 1,500,000.00 0.00 1,500,000.00 0.00
Maturity 06/22/2026 3133EML67 (2,500,000.00)
FEDERAL FARM CREDIT
BANKS FUNDING CORP
0.8 06/22/2026
100.000 0.89% 2,500,000.00 0.00 2,500,000.00 0.00
Maturity 06/30/2026 3130AMWZ1 (5,000,000.00)
FEDERAL HOME
LOAN BANKS 1.05
06/30/2026
100.000 1.05% 5,000,000.00 0.00 5,000,000.00 0.00
Maturity 06/30/2026 3130AMT28 (5,000,000.00) FEDERAL HOME LOAN BANKS 1.0 06/30/2026 100.000 1.00% 5,000,000.00 0.00 5,000,000.00 0.00 Total Maturity (14,075,000.00) 14,075,000.00 0.00 14,075,000.00 0.00 Sale 04/30/2026 3130AMM33 (500,000.00)
FEDERAL HOME
LOAN BANKS 0.875
06/16/2026
99.616 0.88% 498,080.00 1,628.47 499,708.47 (1,920.00)
Sale 04/30/2026 26442CAS3 (35,000.00)
DUKE ENERGY
CAROLINAS LLC 2.95
12/01/2026
99.340 1.82% 34,769.00 427.34 35,196.34 (360.07)
Sale 04/30/2026 931142ER0 (10,000.00) WALMART INC 1.05
09/17/2026 98.841 1.09% 9,884.10 12.54 9,896.64 (114.45) Sale 04/30/2026 857477CL5 (125,000.00) STATE STREET CORP
4.993 03/18/2027 100.739 4.99% 125,923.75 728.15 126,651.90 923.75 Sale 05/07/2026 3130AMM33 (1,500,000.00)
FEDERAL HOME
LOAN BANKS 0.875
06/16/2026
99.682 0.88% 1,495,230.00 5,140.62 1,500,370.62 (4,770.00) Sale 05/07/2026 91282CFH9 (1,630,000.00)
UNITED STATES
TREASURY 3.125
08/31/2027
99.094 4.55% 1,615,228.13 9,412.36 1,624,640.49 13,247.72 40 TRANSACTION LEDGER
City of Menifee | Account #10112|04/01/2026 Through 06/30/2026| Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp Yield Amount Interest Pur/
Sold Total Amount Gain/Loss
Sale 05/13/2026 756109BG8 (100,000.00) REALTY INCOME CORP
3.95 08/15/2027 99.507 4.65% 99,507.00 965.56 100,472.56 288.97 Sale 05/13/2026 87612EBM7 (20,000.00) TARGET CORP 1.95
01/15/2027 98.720 1.99% 19,744.00 127.83 19,871.83 (251.38) Sale 05/14/2026 084664CZ2 (45,000.00)
BERKSHIRE HATHAWAY
FINANCE CORP 2.3
03/15/2027
98.550 2.30% 44,347.50 169.63 44,517.13 (651.35)
Sale 05/14/2026 808513BY0 (25,000.00) CHARLES SCHWAB
CORP 2.45 03/03/2027 98.712 2.46% 24,678.00 120.80 24,798.80 (320.85) Sale 05/14/2026 22160KAM7 (20,000.00) COSTCO WHOLESALE
CORP 3.0 05/18/2027 99.152 3.52% 19,830.40 293.33 20,123.73 (72.50) Sale 05/14/2026 828807DE4 (800,000.00)
SIMON PROPERTY
GROUP LP 3.375
12/01/2027
98.619 5.32% 788,952.00 12,225.00 801,177.00 10,689.16
Sale 05/14/2026 665859AW4 (15,000.00) NORTHERN TRUST
CORP 4.0 05/10/2027 99.929 4.03% 14,989.35 6.67 14,996.02 (6.62) Sale 05/14/2026 91282CFB2 (815,000.00)
UNITED STATES
TREASURY 2.75
07/31/2027
98.641 4.76% 803,921.09 6,377.04 810,298.13 7,105.67
Sale 06/08/2026 69371RS31 (100,000.00) PACCAR FINANCIAL CORP 4.6 01/10/2028 100.486 4.71% 100,486.00 1,891.11 102,377.11 640.32 Sale 06/17/2026 06051GGF0 (75,000.00)
BANK OF AMERICA
CORP 3.824
01/20/2028
99.682 5.51% 74,761.50 1,171.10 75,932.60 274.79
Sale 06/17/2026 02665WED9 (130,000.00)
AMERICAN HONDA
FINANCE CORP 4.7
01/12/2028
100.333 4.52% 130,432.90 2,630.69 133,063.59 105.51
Sale 06/17/2026 89236TKQ7 (80,000.00)
TOYOTA MOTOR
CREDIT CORP 4.625
01/12/2028
100.683 4.64% 80,546.40 1,593.06 82,139.46 562.56
Sale 06/17/2026 91282CFM8 (800,000.00)
UNITED STATES
TREASURY 4.125
09/30/2027
100.176 4.54% 801,406.25 7,032.79 808,439.04 5,288.00
Total Sale (6,825,000.00) 6,782,717.37 51,954.09 6,834,671.46 30,659.24 TOTAL
DISPOSITIONS (21,600,000.00) 21,557,717.37 51,954.09 21,609,671.46 30,659.24 41 IMPORTANT DISCLOSURES
2026 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.
LGIP Yields: Reported yields for local government investment pools may be presented as either the 30-day yield or the monthly distribution yield, as applicable. For certain funds, the 30-day yield is calculated using reported daily yield data. Yield calculations are subject to change and may not be directly comparable across funds.
LAIF Yields: Additional Disclosure for CA Clients - As a result of a reporting lag from the Local Agency Investment Fund (LAIF), reported LAIF yields represent the most recently available Daily Effective Yield and may reflect data from approximately 7–10 days prior to month-end. 42 BENCHMARK DISCLOSURES
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. 43