INVESTMENT REPORT
City of Murrieta | As of December 31, 2024
CHANDLER ASSET MANAGEMENT | chandlerasset.com
Information contained herein is confidential. We urge you to compare this statement to the one you receive from your qualified custodian. Please see Important Disclosures at the end of the statement.
TABLE OF CONTENTS
ECONOMIC UPDATE
ACCOUNT PROFILE
CONSOLIDATED INFORMATION
PORTFOLIO HOLDINGS
TRANSACTIONS
1 ECONOMIC UPDATE
2 ▪
▪
▪
Recent economic data suggests continued growth fueled by a resilient consumer. Inflationary trends have subsided, but some components remain sticky, and core levels remain above the Fed’s target. The labor market reflects improved balance between supply and demand for workers. While job creation has been robust, continuing jobless claims remain elevated. 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) reduced the Fed Funds Rate by 25 basis points to the range of 4.25-
4.50% at the December meeting. Although the cut was widely anticipated, market participants viewed the trajectory of rates in the SEP as ‘hawkish.’ Chair Jerome Powell reiterated previous statements indicating the economy is in a good place and that monetary policy is well positioned. The Fed released the quarterly Summary of Economic Projections (SEP), which now forecasts a higher central tendency of core inflation and a higher longer run Fed Funds forecast. In the Chandler team’s view, the updated SEP reflects the continued resiliency of the US economy and the corresponding risk of inflation taking longer to reach the FOMC’s two percent objective in 2025.
US Treasury yields shifted higher in December and the curve steepened. The 2-year Treasury yield increased 9 basis points to 4.24%, the 5- year Treasury rose 33 basis points to 4.38%, and the 10-year Treasury yield surged 40 basis points to 4.57%. The spread between the 2-year and 10-year Treasury yield points on the curve increased to +33 basis points at December month-end versus +2 basis points at November month-end. The spread between the 2-year Treasury and 10-year Treasury yield one year ago was -37 basis points. The spread between the 3-month and 10-year Treasury yield points on the curve increased to +25 basis points in December from -32 basis points in November.
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 256,000 jobs in December, far exceeding consensus expectations. Gains were led by health care, retail, and leisure sectors, while manufacturing shed jobs. The three-month moving average and six-month moving average payrolls totaled 170,000 and 165,000 respectively. The unemployment rate declined to 4.1% in December, and the labor participation rate was unchanged at
62.5%, 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 fell to 7.5%. Average hourly earnings moderated to an increase of 3.9% year-over-year in December.
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) rose to 8.098 million new job openings in November, which represented an increase from the upwardly revised 7.839 million job openings in October. Job openings indicate a ratio of 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 November, the Consumer Price Index (CPI) rose 0.3% month-over-month and 2.7% year-over-year, rising from 2.6% in October as expected. The Core CPI, which excludes volatile food and energy components, rose 0.3% month-over-month and 3.3% year-over-year, also meeting consensus forecasts. The Personal Consumption Expenditures (PCE) Index rose 0.1% from the previous month and 2.4% year-over- year in November versus a 2.3% increase in October. The Core PCE deflator (the Fed’s preferred gauge) increased 0.1% month-over- month, below recent small month-over-month rises and 2.8% over the past year. Core prices are exhibiting what Fed Chair Powell describes as “sideways” movement. Although inflation has moderated, price increases remain above the Fed’s 2% target.
Source: US Department of Labor Source: US Department of Commerce
INFLATION
6 -30.0%
-20.0%
-10.0%
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
Retail Sales YOY % Change
YOY (%) Change
Retail Sales grew marginally above expectations at 0.7% in November versus 0.5% in October driven by strong motor vehicle sales. On a year-over-year basis, Retail Sales grew 3.8% in November versus 2.9% in October. Retail Sales Control Group, which are used to calculate gross domestic product, was also solid at 0.4% for the month. The Conference Board’s Consumer Confidence Index declined to 104.7 in December from an upwardly revised 112.8 in November. Consumers' assessment about future business conditions and outcomes were substantially less optimistic and there was increased pessimism about future employment prospects. While the consumer has been resilient, low savings rates, growing credit card debt, higher delinquencies, and a moderating labor market 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) increased 0.3% in November reversing its -0.4% decline in October due to a rebound in building permits, continued support from equities, improvement in average hours worked in manufacturing, and fewer initial unemployment claims. The LEI decreased year-over-yearby -3.5%. According to the Conference Board, the rise in LEI is a positive sign for future activity in the US and is consistent with an expectation for moderate growthat the end of 2024 and into early 2025. The Chicago Fed National Activity Index (CFNAI) improvedto -0.12 in November from -0.50in October. The three-month moving average fell to -0.31 in November from -0.27 in October, indicating below-trend growth expectations for the economy.
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
2,400In Thousands of Units
Annualized Housing Starts
Multi Family Housing Starts
Single Family Housing Starts
Housing starts in November declined 1.8% to 1.29 million units from 1.31 million units in October. Total starts are down 14.6% compared to November2023. Starts remain soft as mortgage rates remain relatively high. The supply of existing homes is becoming more abundant after the period of scarcity as homeowners held onto their low mortgage rates. The Freddie Mac average rate for a 30-year fixed rate mortgage increased to 6.9% from 6.8% in December. According to the Case-Shiller 20-City Home Price Index, housing prices rose 4.2% year-over-year in October, decelerating from 4.6% reported in the previous month. With more inventory entering the market the trend is gradually improving, however higher mortgage rates continue to impact affordability.
Source: US Department of Commerce Source: S&P
-20.0%
-16.0%
-12.0%
-8.0%
-4.0%
0.0%
4.0%
8.0%
12.0%
16.0%
20.0%
24.0%
S&P/Case-Shiller 20 City Composite Home Price Index
Recession
YOY (%) Change
HOUSING
9 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 rose more than forecast to 49.3 in December from 48.4 in November.
While the index has posted contractionary readings for the past nine months, New Orders and Prices indices continued in expansion territory and the Production Index returned to expansion this month. The Backlog of Orders Index and Employment Index remained in contraction. The ISM Services Index roseto 54.1 in December from 52.1in November while marking the sixth straight month of expansion.
Robust business activity ahead of the new year and mitigating risks of potential tariffs were the key drivers. 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 12/23 3/24 6/24 9/24
2.3% 1.3% 1.9% 2.5%
0.2% 0.6% 1.5% 0.2%
0.1% -0.6% -0.9% -0.4%
0.0% 0.0% 0.3% 0.6%
0.6% 0.3% 0.3% 0.3%
3.2% 1.6% 3.0% 3.1%
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 According to the third estimate, third quarter GDP increased at an annualized rate of 3.1% compared to 2.8% from the second estimate.
Growth continues to be powered by personal consumption expenditures. Government consumption expenditures and nonresidential fixed investment also had positive contributions, with negative offsets by net exports, residential investment, and change in private inventories. The consensus projection calls for 2.4% growth in the fourth quarter and 2.7% growth for the full year 2024.
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) reduced the Fed Funds Rate by 25 basis points to the range of 4.25-
4.50% at the December meeting. There was one dissenting vote by Cleveland Fed President Beth Hammack who would have preferred no change in rates. Although a reduction in rates was widely anticipated, market participants viewed the trajectory of rates in the SEP as ‘hawkish.’ Chair Jerome Powell reiterated previous statements that monetary policy is “well positioned”and the outlook remains roughly balanced between the dual mandate of maximum employment and price stability. Economic activity is expanding at a solid pace, labor market conditions have “generally eased”,and the unemployment rate “remains low.”The Fed released the quarterly Summary of Economic Projections (SEP) which now forecasts a higher, longer run median Fed Funds rate expectation among Fed Governors at 2.8 –
3.6%. The Fed continues to reduce its holdings of U.S. Treasury securities and agency mortgage-backed securities as per its predefined schedule of $25 billion and $35 billion per month. Since the Fed began its Quantitative Tightening campaign in June 2022, securities holdings have declined by approximately $1.9T to approximately $7.0T.
0.00%
1.00%
2.00%
3.00%
4.00%
5.00%
6.00%
Effective Federal Funds Rate
Recession
Yield (%)
FEDERAL RESERVE
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
Dec-24
Sep-24
Dec-23
Yield (%)
At the end of December, the 2-year Treasury yield was 1 basis point lower, and the 10-Year Treasury yield was 69 basis points higher, year-over-year. The spread between the 2-year and 10-year Treasury yield points on the curve increased to +33 basis points at December month-end versus+2 basis points at November month-end. The yield curve inversion which began in July 2022 was historically long. The average historical spread (since 2004) is about +99 basis points. The 3-month and 10-year Treasury yield curve normalized to +25 basis points in December from -32 basis points in November.
BOND YIELDS
13 ACCOUNT PROFILE
14 OBJECTIVES
Investment Objectives
The City of Murrieta'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 achieve a rate of return over a market cycle that equals or exceeds the return on a market index of similar duration and sector allocation.
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 PORTFOLIO CHARACTERISTICS
City of Murrieta | Account | As of December 31, 2024
Benchmark* 12/31/2024
Portfolio
9/30/2024
Portfolio
Average Maturity (yrs) 1.84 1.99 2.02
Average Modified Duration 1.75 1.75 1.78
Average Purchase Yield 4.02% 3.88%
Average Market Yield 4.25% 4.41% 4.02%
Average Quality** AA+ AA AA
Total Market Value 138,339,792 138,304,203
*Benchmark: ICE BofA 1-3 Year US Treasury Index
**The credit quality is a weighted average calculation of the highest of S&P, Moody’s and Fitch. 16 SECTOR DISTRIBUTION
City of Murrieta | Account | As of December 31, 2024
Sector as a Percentage of Market Value
Sector 12/31/2024 09/30/2024
US Treasury 39.44% 37.63%
Corporate 25.76% 25.96%
Agency 20.18% 21.43%
Agency CMBS 7.79% 7.89%
ABS 6.26% 6.62%
Supras 0.35% 0.36%
Money Mkt Fd 0.22% 0.83%
Cash 0.00% -0.72%
17 ISSUERS
City of Murrieta | Account | As of December 31, 2024
Issuer Investment Type % Portfolio
Government of The United States US Treasury 39.44%
Federal Home Loan Banks Agency 10.85%
Farm Credit System Agency 9.33%
FHLMC Agency CMBS 7.79%
Royal Bank of Canada Corporate 1.64%
Caterpillar Inc. Corporate 1.34%
The Home Depot, Inc. Corporate 1.27%
JPMorgan Chase & Co. Corporate 1.16%
State Street Corporation Corporate 1.13%
American Express Credit Master Trust ABS 1.13%
Cisco Systems, Inc. Corporate 1.10%
Honda Auto Receivables Owner Trust ABS 1.09%
NextEra Energy, Inc. Corporate 1.08%
PACCAR Inc Corporate 1.07%
Air Products and Chemicals, Inc. Corporate 1.03%
Amazon.com, Inc. Corporate 1.01%
Chase Issuance Trust ABS 0.97%
Eli Lilly and Company Corporate 0.91%
UnitedHealth Group Incorporated Corporate 0.87%
National Rural Utilities Cooperative Corporate 0.80%
BMW Vehicle Lease Trust ABS 0.76%
Bank of America Corporation Corporate 0.74%
Met Tower Global Funding Corporate 0.74%
Deere & Company Corporate 0.73%
Toyota Motor Corporation Corporate 0.73%
Morgan Stanley Corporate 0.73%
The Toronto-Dominion Bank Corporate 0.73%
Duke Energy Corporation Corporate 0.72%
Apple Inc. Corporate 0.72%
Honeywell International Inc. Corporate 0.72%
18 ISSUERS
City of Murrieta | Account | As of December 31, 2024
Issuer Investment Type % Portfolio
Northern Trust Corporation Corporate 0.72%
Chubb Limited Corporate 0.72%
New York Life Insurance Company Corporate 0.72%
BNY Mellon Corp Corporate 0.65%
BlackRock, Inc. Corporate 0.55%
Massachusetts Mutual Life Insurance Corporate 0.55%
GM Financial Automobile Leasing Trus ABS 0.54%
Public Service Enterprise Group Inco Corporate 0.53%
BMW Vehicle Owner Trust ABS 0.53%
Mercedes-Benz Auto Lease Trust 2024- ABS 0.40%
PepsiCo, Inc. Corporate 0.38%
John Deere Owner Trust ABS 0.37%
International Bank for Recon and Dev Supras 0.35%
Mercedes-Benz Auto Lease Trust ABS 0.26%
GM Financial Securitized Term ABS 0.22%
U.S. Bancorp Money Mkt Fd 0.22%
Cash Cash 0.00%
TOTAL 100.00%
19 QUALITY DISTRIBUTION
Rating 12/31/2024 09/30/2024
AAA 6.9% 7.0%
AA 73.1% 71.5%
A 19.3% 20.6%
NR 0.8% 0.9%
Rating 12/31/2024 09/30/2024
AAA 72.4% 72.1%
AA 7.3% 5.6%
A 17.1% 19.0%
NR 3.2% 3.3%
Rating 12/31/2024 09/30/2024
AAA 11.8% 11.7%
AA 69.2% 68.7%
A 8.6% 8.7%
NR 10.3% 10.9%
City of Murrieta | Account | As of December 31, 2024
S&P Rating Moody’s Rating Fitch Rating
20 DURATION DISTRIBUTION
City of Murrieta | Account | As of December 31, 2024
Date 0-.25 .25-.5 .5-1 1-2 2-3 3-4 4-5 5-7 7+
12/31/2024 5.6% 7.1% 14.4% 35.7% 23.2% 10.7% 3.4% 0.0% 0.0% 09/30/2024 4.5% 7.0% 15.2% 32.6% 28.7% 12.0% 0.0% 0.0% 0.0% 21 3 Months 12 Months 2 Years 3 Years 5 Years 10 Years Since Inception
TOTAL RATE OF RETURN
City of Murrieta 0.03% 4.44% 4.64% 1.96% 1.65%
Benchmark (0.06%) 4.08% 4.16% 1.49% 1.31%
*Periods over 1 year are annualized.
Benchmark: ICE BofA 1-3 Year US Treasury 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 Murrieta | Account | As of December 31, 2024
Total Rate of Return : Inception | 02/01/2020
-1.00%
0.00%
1.00%
2.00%
3.00%
4.00%
5.00%
3 months 12 months 2 years 3 years 5 years 10 years Since Inception City of Murrieta Benchmark
22 PORTFOLIO CHARACTERISTICS
Murrieta Liquidity | Account | As of December 31, 2024
Benchmark* 12/31/2024
Portfolio
9/30/2024
Portfolio
Average Maturity (yrs) 0.16 0.05 0.18
Average Modified Duration 0.15 0.05 0.14
Average Purchase Yield 4.75% 5.25%
Average Market Yield 4.26% 4.47% 4.87%
Average Quality** AA+ AAA AAA
Total Market Value 11,804,694 11,668,225
*Benchmark: ICE BofA 3-Month US Treasury Bill Index
**The credit quality is a weighted average calculation of the highest of S&P, Moody’s and Fitch. 23 SECTOR DISTRIBUTION
Murrieta Liquidity | Account | As of December 31, 2024
Sector as a Percentage of Market Value
Sector 12/31/2024 09/30/2024
Money Mkt Fd 60.20% 19.80%
Comm Paper 39.57% 39.57%
Cash 0.23% 0.07%
US Treasury -- 40.57%
24 ISSUERS
Murrieta Liquidity | Account | As of December 31, 2024
Issuer Investment Type % Portfolio
U.S. Bancorp Money Mkt Fd 60.20%
Mitsubishi UFJ Financial Group, Inc. Comm Paper 22.69%
Toyota Motor Corporation Comm Paper 16.88%
Cash Cash 0.23%
TOTAL 100.00%
25 0-.25 .25-.5 .5-1 1-2 2-3 3-4 4-5 5-7 7+
Portfolio 100.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% ICE BofA 3-Month US Treasury Bill Index 100.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
DURATION DISTRIBUTION
Murrieta Liquidity | Account | As of December 31, 2024
Portfolio Compared to the Benchmark
26 3 Months 12 Months 2 Years 3 Years 5 Years 10 Years Since Inception
TOTAL RATE OF RETURN
Murrieta Liquidity 1.17% 5.40% 5.50%
Benchmark 1.17% 5.25% 5.29%
*Periods over 1 year are annualized.
Benchmark: ICE BofA 3-Month US Treasury Bill 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
Murrieta Liquidity | Account | As of December 31, 2024
Total Rate of Return : Inception | 11/01/2023
0.00%
1.00%
2.00%
3.00%
4.00%
5.00%
6.00%
3 months 12 months Since Inception
Murrieta Liquidity Benchmark
27 CONSOLIDATED INFORMATION
28 PORTFOLIO CHARACTERISTICS
Murrieta Consolidated | Account | As of December 31, 2024 12/31/2024
Portfolio
9/30/2024
Portfolio
Average Maturity (yrs) 1.84 1.87
Average Modified Duration 1.62 1.65
Average Purchase Yield 4.07% 3.98%
Average Market Yield 4.42% 4.09%
Average Quality** AA+ AA+
Total Market Value 150,144,486 149,972,428
*Benchmark: NO BENCHMARK REQUIRED
**The credit quality is a weighted average calculation of the highest of S&P, Moody’s and Fitch. 29 SECTOR DISTRIBUTION
Murrieta Consolidated | Account | As of December 31, 2024 Sector as a Percentage of Market Value
Sector 12/31/2024 09/30/2024
US Treasury 36.31% 37.86%
Corporate 23.72% 23.93%
Agency 18.58% 19.75%
Agency CMBS 7.17% 7.28%
ABS 5.77% 6.10%
Money Mkt Fd 4.97% 2.31%
Comm Paper 3.13% 3.10%
Supras 0.33% 0.33%
Cash 0.02% -0.66%
30 PORTFOLIO HOLDINGS
31 HOLDINGS REPORT
City of Murrieta | Account | As of December 31, 2024
Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
ABS
05593AAC3 BMWLT 2023-1 A3 5.16
11/25/2025 39,815.69 02/07/2023
5.16%
39,814.75
39,814.75
100.07
4.67%
39,843.63
34.24 0.03%
28.88 Aaa/AAA
NA
0.90 0.13
43815GAC3 HAROT 2021-4 A3 0.88
01/21/2026 51,767.94 11/16/2021
0.89%
51,757.03
51,757.03
99.22 4.64%
51,365.28
12.65 0.04%
(391.75)
Aaa/NA
AAA
1.06 0.21
47789QAC4 JDOT 2021-B A3 0.52 03/16/2026 52,593.70 07/13/2021
0.52%
52,589.01
52,589.01
99.50 4.47%
52,331.73
12.16 0.04%
(257.28)
Aaa/NA
AAA
1.21 0.13
43815PAC3 HAROT 2022-2 A3 3.73
07/20/2026 189,478.49 08/15/2022
3.73%
189,467.20
189,467.20
99.66 4.59%
188,837.11
255.22
0.14%
(630.09)
NA/AAA
AAA
1.55 0.41
05602RAD3 BMWOT 2022-A A3 3.21
08/25/2026 114,713.83 05/10/2022
3.21%
114,707.86
114,707.86
99.55 4.54%
114,192.05
61.37 0.08%
(515.81)
Aaa/AAA
NA
1.65 0.35
47787JAC2 JDOT 2022 A3 0.36 09/15/2026 120,032.52 03/10/2022
2.33%
120,005.97
120,005.97
99.17 4.82%
119,032.84
123.77
0.09%
(973.13)
Aaa/NA
AAA
1.71 0.33
362554AC1 GMCAR 2021-4 A3 0.68
09/16/2026 52,460.15 10/13/2021
0.68%
52,458.82
52,458.82
99.07 4.44%
51,971.88
14.86 0.04%
(486.94)
Aaa/AAA
NA
1.71 0.25
380146AC4 GMCAR 2022-1 A3 1.26
11/16/2026 57,869.50 01/11/2022
1.26%
57,864.47
57,864.47
99.09 4.61%
57,345.62
30.38 0.04%
(518.85)
NA/AAA
AAA
1.88 0.27
379929AD4 GMALT 2023-3 A3 5.38
11/20/2026 280,000.00 08/08/2023
5.38%
279,966.43
279,966.43
100.52
4.61%
281,466.47
460.29
0.21%
1,500.04
NA/AAA
AAA
1.89 0.63
36269FAD8 GMALT 2024-1 A3 5.09
03/22/2027 455,000.00 02/08/2024
5.09%
454,943.13
454,943.13
100.61
4.58%
457,770.68
707.65
0.33%
2,827.55
NA/AAA
AAA
2.22 1.08
05611UAD5 BMWLT 2024-1 A3 4.98
03/25/2027 1,000,000.00 06/20/2024
5.19%
994,687.50
994,687.50
100.53
4.56%
1,005,334.10
830.00
0.73%
10,646.60
Aaa/AAA
NA
2.23 1.14
36265WAD5 GMCAR 2022-3 A3 3.64
04/16/2027 190,572.35 07/06/2022
3.64%
190,571.04
190,571.04
99.61 4.59%
189,822.19
289.03
0.14%
(748.85)
Aaa/NA
AAA
2.29 0.43
02582JJT8 AMXCA 2022-2 A 3.39 05/17/2027 905,000.00 05/17/2022
3.40%
904,799.81
904,799.81
99.56 4.65%
900,979.09
1,363.53
0.66%
(3,820.73)
NA/AAA
AAA
0.37 0.36
58770JAD6 MBALT 2024-A A3 5.32
01/18/2028 350,000.00 05/17/2024
5.32%
349,959.05
349,959.05
101.19
4.64%
354,159.79
827.56
0.26%
4,200.74
Aaa/NA
AAA
3.05 1.60
58769GAD5 MBALT 2024-B A3 4.23
02/15/2028 545,000.00 09/17/2024
4.24%
544,908.28
544,908.28
99.55 4.55%
542,529.08
1,024.60
0.40%
(2,379.20)
NA/AAA
AAA
3.13 1.62
437918AC9 HAROT 2024-1 A3 5.21
08/15/2028 1,250,000.00 02/13/2024
5.21%
1,249,945.63
1,249,945.63
101.04
4.55%
1,262,960.00
2,894.44
0.92%
13,014.37
Aaa/AAA
NA
3.62 1.44
32 HOLDINGS REPORT
City of Murrieta | Account | As of December 31, 2024
Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
161571HT4 CHAIT 2023-1 A 5.16 09/15/2028 1,320,000.00 09/07/2023
5.17%
1,319,634.10
1,319,634.10
101.06
4.56%
1,333,990.68
3,027.20
0.97%
14,356.58
NR/AAA
AAA
3.71 1.59
47800RAD5 JDOT 2024 A3 4.96 11/15/2028 335,000.00 03/11/2024
4.96%
334,981.24
334,981.24
100.77
4.57%
337,578.70
738.49
0.25%
2,597.46
Aaa/NA
AAA
3.88 1.73
096919AD7 BMWOT 2024-A A3 5.18
02/26/2029 600,000.00 06/04/2024
5.24%
599,908.86
599,908.86
101.18
4.48%
607,079.04
518.00
0.44%
7,170.18
Aaa/AAA
NA
4.16 1.55
02582JKH2 AMXCA 2024-1 A 5.23 04/16/2029 640,000.00 04/16/2024
5.23%
639,868.80
639,868.80
101.53
4.57%
649,784.26
1,487.64
0.47%
9,915.46
NA/AAA
AAA
4.29 2.11
Total ABS 8,549,304.17 4.71%
8,542,838.97
8,542,838.97
100.58
4.57%
8,598,374.19
14,713.09
6.26%
55,535.22
Aaa/AAA
AAA
2.85 1.25
AGENCY
3133ENKS8 FEDERAL FARM CREDIT BANKS
FUNDING CORP 1.125 01/06/2025 755,000.00 01/06/2022
1.20%
753,301.25
753,301.25
99.96 4.34%
754,728.82
4,128.91
0.55%
1,427.57
Aaa/AA+
AA+
0.02 0.01
3133ENPG9 FEDERAL FARM CREDIT BANKS
FUNDING CORP 1.75 02/14/2025 1,200,000.00 02/25/2022
1.82%
1,197,456.00
1,197,456.00
99.67 4.54%
1,196,078.63
7,991.67
0.87%
(1,377.37)
Aaa/AA+
AA+
0.12 0.12
3133EPW68 FEDERAL FARM CREDIT BANKS
FUNDING CORP 4.125 01/22/2026 1,400,000.00 01/24/2024
4.40%
1,392,860.00
1,392,860.00
99.77 4.35%
1,396,714.17
25,506.25
1.02%
3,854.17
Aaa/AA+
AA+
1.06 1.00
3133ERDZ1 FEDERAL FARM CREDIT BANKS
FUNDING CORP 4.75 05/08/2026 1,000,000.00 05/20/2024
4.87%
997,690.00
997,690.00
100.68
4.22%
1,006,802.38
6,993.06
0.73%
9,112.38
Aaa/AA+
AA+
1.35 1.29
3130AWLZ1 FEDERAL HOME LOAN BANKS 4.75
06/12/2026 2,000,000.00 08/16/2023
4.78%
1,998,620.00
1,998,620.00
100.63
4.29%
2,012,699.26
5,013.89
1.47%
14,079.26
Aaa/AA+
AA+
1.45 1.38
3133EPZY4 FEDERAL FARM CREDIT BANKS
FUNDING CORP 5.0 07/30/2026 2,000,000.00 11/09/2023
4.85%
2,007,480.00
2,007,480.00
101.09
4.27%
2,021,884.00
41,944.44
1.47%
14,404.00
Aaa/AA+
AA+
1.58 1.47
3133EPSW6 FEDERAL FARM CREDIT BANKS
FUNDING CORP 4.5 08/14/2026 2,405,000.00 08/09/2023
4.58%
2,399,468.50
2,399,468.50
100.39
4.24%
2,414,431.66
41,185.63
1.76%
14,963.16
Aaa/AA+
AA+
1.62 1.52
3130AWTQ3 FEDERAL HOME LOAN BANKS
4.625 09/11/2026 4,500,000.00 --
4.81%
4,476,030.00
4,476,030.00
100.57
4.27%
4,525,858.22
63,593.75
3.30%
49,828.22
Aaa/AA+
AA+
1.70 1.59
3130AXU63 FEDERAL HOME LOAN BANKS
4.625 11/17/2026 1,750,000.00 11/30/2023
4.53%
1,754,427.50
1,754,427.50
100.64
4.26%
1,761,225.34
9,892.36
1.28%
6,797.84
Aaa/AA+
AA+
1.88 1.77
3130AYPN0 FEDERAL HOME LOAN BANKS
4.125 01/15/2027 2,000,000.00 01/30/2024
4.21%
1,995,560.00
1,995,560.00
99.86 4.20%
1,997,125.72
38,041.67
1.45%
1,565.72
Aaa/AA+
AA+
2.04 1.90
33 HOLDINGS REPORT
City of Murrieta | Account | As of December 31, 2024
Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
3133EP6K6 FEDERAL FARM CREDIT BANKS
FUNDING CORP 4.5 03/26/2027 1,000,000.00 04/08/2024
4.66%
995,520.00
995,520.00
100.50
4.26%
1,005,028.32
11,875.00
0.73%
9,508.32
Aaa/AA+
AA+
2.23 2.08
3130B0TY5 FEDERAL HOME LOAN BANKS 4.75
04/09/2027 1,500,000.00 04/10/2024
4.84%
1,496,115.00
1,496,115.00
101.40
4.09%
1,521,019.58
16,229.17
1.11%
24,904.58
Aaa/AA+
AA+
2.27 2.11
3133ERFJ5 FEDERAL FARM CREDIT BANKS
FUNDING CORP 4.5 05/20/2027 1,000,000.00 05/20/2024
4.69%
994,830.00
994,830.00
100.52
4.27%
1,005,201.29
5,125.00
0.73%
10,371.29
Aaa/AA+
AA+
2.38 2.23
3130AVVX7 FEDERAL HOME LOAN BANKS 3.75
06/09/2028 1,120,000.00 06/07/2023
4.00%
1,107,243.20
1,107,243.20
97.90 4.41%
1,096,480.07
2,566.67
0.80%
(10,763.13)
Aaa/AA+
AA+
3.44 3.18
3130AWC24 FEDERAL HOME LOAN BANKS 4.0
06/09/2028 2,000,000.00 07/06/2023
4.49%
1,956,940.00
1,956,940.00
98.70 4.41%
1,973,957.98
4,888.89
1.44%
17,017.98
Aaa/AA+
AA+
3.44 3.17
3133EPWK7 FEDERAL FARM CREDIT BANKS
FUNDING CORP 4.5 09/22/2028 2,000,000.00 10/12/2023
4.71%
1,981,460.00
1,981,460.00
100.50
4.35%
2,009,944.26
24,750.00
1.46%
28,484.26
Aaa/AA+
AA+
3.73 3.36
Total Agency 27,630,000.00 4.41%
27,505,001.45
27,505,001.45
100.26
4.29%
27,699,179.69
309,726.34
20.18%
194,178.24
Aaa/AA+
AA+
1.96 1.82
AGENCY CMBS
3137BM7C4 FHMS K-051 A2 3.308 09/25/2025 1,182,667.61 06/23/2022
3.30%
1,180,172.92
1,180,172.92
99.07 4.50%
1,171,696.95
3,260.22
0.85%
(8,475.97)
Aaa/AA+
AAA
0.73 0.61
3137BSP72 FHMS K-058 A2 2.653 08/25/2026 2,000,000.00 02/09/2023
4.27%
1,890,546.88
1,890,546.88
97.06 4.48%
1,941,206.20
4,421.67
1.41%
50,659.32
Aaa/AA+
AAA
1.65 1.54
3137BTUM1 FHMS K-061 A2 3.347 11/25/2026 877,525.65 09/22/2022
4.23%
846,023.85
846,023.85
97.60 4.66%
856,449.24
2,447.57
0.62%
10,425.39
Aaa/AA+
AAA
1.90 1.70
3137BVZ82 FHMS K-063 A2 3.43 01/25/2027 862,000.00 --
4.03%
839,600.51
839,600.51
97.83 4.53%
843,335.63
2,463.88
0.61%
3,735.12
Aaa/AA+
AAA
2.07 1.82
3137F1G44 FHMS K-065 A2 3.243 04/25/2027 1,000,000.00 09/19/2022
4.02%
965,468.75
965,468.75
97.09 4.56%
970,889.70
2,702.50
0.71%
5,420.95
Aaa/AA+
AAA
2.31 2.10
3137FBU79 FHMS K-069 A2 3.187 09/25/2027 1,239,373.29 05/18/2023
4.13%
1,190,524.56
1,190,524.56
96.46 4.57%
1,195,483.61
3,291.57
0.87%
4,959.05
Aaa/AAA
AA+
2.73 2.48
3137F4X72 FHMS K-075 A2 3.65 02/25/2028 1,165,000.00 09/14/2023
4.83%
1,107,478.13
1,107,478.13
97.10 4.61%
1,131,220.36
3,543.54
0.82%
23,742.23
Aaa/AA+
AAA
3.15 2.88
3137FJEH8 FHMS K-081 A2 3.9 08/25/2028 1,250,000.00 05/28/2024
4.94%
1,197,265.63
1,197,265.63
97.41 4.65%
1,217,603.38
4,062.50
0.89%
20,337.75
Aaa/AA+
AAA
3.65 3.30
34 HOLDINGS REPORT
City of Murrieta | Account | As of December 31, 2024
Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
3137H5YC5 FHMS K-748 A2 2.26 01/25/2029 1,500,000.00 08/19/2024
4.12%
1,385,332.03
1,385,332.03
91.15 4.71%
1,367,313.30
2,825.00
1.00%
(18,018.73)
Aaa/AA+
AAA
4.07 3.71
Total Agency CMBS 11,076,566.55 4.22%
10,602,413.26
10,602,413.26
96.61 4.58%
10,695,198.36
29,018.45
7.79%
92,785.10
Aaa/AA+
AAA
2.48 2.25
CASH
CCYUSD Receivable 1,290.75 --
0.00%
1,290.75
1,290.75
1.00 0.00%
1,290.75
0.00 0.00%
0.00 Aaa/AAA
AAA
0.00 0.00
Total Cash 1,290.75 0.00%
1,290.75
1,290.75
1.00 0.00%
1,290.75
0.00 0.00%
0.00 Aaa/AAA
AAA
0.00 0.00
CORPORATE
78016EYM3 ROYAL BANK OF CANADA 1.6
01/21/2025 1,000,000.00 01/12/2022
1.60%
1,000,000.00
1,000,000.00
99.84 4.63%
998,389.11
7,111.11
0.73%
(1,610.89)
A1/A
AA-
0.06 0.05
06406RBC0 BANK OF NEW YORK MELLON
CORP 3.35 04/25/2025 900,000.00 04/19/2022
3.35%
899,874.00
899,874.00
99.61 4.57%
896,515.40
5,527.50
0.65%
(3,358.60)
Aa3/A
AA-
0.31 0.31
14913R2V8 CATERPILLAR FINANCIAL SERVICES
CORP 3.4 05/13/2025 480,000.00 05/10/2022
3.44%
479,390.40
479,390.40
99.60 4.50%
478,076.76
2,176.00
0.35%
(1,313.64)
A2/A
A+
0.36 0.36
438516CB0 HONEYWELL INTERNATIONAL INC
1.35 06/01/2025 1,000,000.00 03/09/2022
2.31%
970,280.00
970,280.00
98.70 4.55%
986,974.95
1,125.00
0.72%
16,694.95
A2/A
A
0.42 0.41
89115A2A9 TORONTO-DOMINION BANK 3.766
06/06/2025 1,000,000.00 06/02/2022
3.70%
1,001,830.00
1,001,830.00
99.63 4.64%
996,271.90
2,615.28
0.73%
(5,558.10)
A2/A-
NA
0.43 0.42
63743HFE7
NATIONAL RURAL UTILITIES
COOPERATIVE FINANCE CORP 3.45
06/15/2025
1,105,000.00 --
3.61%
1,099,973.65
1,099,973.65
99.43 4.73%
1,098,679.10
1,694.33
0.80%
(1,294.55)
A2/A-
A
0.45 0.44
14913R2Z9 CATERPILLAR FINANCIAL SERVICES
CORP 3.65 08/12/2025 1,375,000.00 08/08/2022
3.69%
1,373,336.25
1,373,336.25
99.49 4.49%
1,368,054.11
19,377.95
1.00%
(5,282.15)
A2/A
A+
0.61 0.59
26442UAA2 DUKE ENERGY PROGRESS LLC 3.25
08/15/2025 1,000,000.00 06/23/2022
3.57%
990,710.00
990,710.00
99.17 4.61%
991,726.81
12,277.78
0.72%
1,016.81
Aa3/A
WR
0.62 0.60
437076CR1 HOME DEPOT INC 4.0 09/15/2025 1,000,000.00 09/14/2022
4.13%
996,380.00
996,380.00
99.66 4.48%
996,633.15
11,777.78
0.73%
253.15
A2/A
A
0.71 0.68
023135CN4 AMAZON.COM INC 4.6
12/01/2025 425,000.00 11/29/2022
4.60%
424,974.50
424,974.50
100.12
4.46%
425,498.78
1,629.17
0.31%
524.28
A1/AA
AA-
0.92 0.88
35 HOLDINGS REPORT
City of Murrieta | Account | As of December 31, 2024
Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
857477BR3 STATE STREET CORP 1.746
02/06/2026 335,000.00 02/02/2022
1.75%
335,000.00
335,000.00
99.61 5.82%
333,706.57
2,355.89
0.24%
(1,293.44)
Aa3/A
AA-
1.10 0.09
037833BY5 APPLE INC 3.25 02/23/2026 1,000,000.00 02/22/2023
4.72%
959,390.00
959,390.00
98.79 4.34%
987,938.05
11,555.56
0.72%
28,548.05
Aaa/AA+
NA
1.15 1.09
57629W6F2 MASSMUTUAL GLOBAL FUNDING
II 4.5 04/10/2026 750,000.00 04/04/2023
4.52%
749,482.50
749,482.50
99.92 4.56%
749,390.17
7,593.75
0.55%
(92.33)
Aa3/AA+
AA+
1.27 1.21
00440EAV9 CHUBB INA HOLDINGS LLC 3.35
05/03/2026 1,000,000.00 09/13/2023
5.23%
954,220.00
954,220.00
98.45 4.56%
984,454.20
5,397.22
0.72%
30,234.20
A2/A
A
1.34 1.28
58989V2F0 MET TOWER GLOBAL FUNDING
5.4 06/20/2026 1,000,000.00 06/12/2023
5.38%
1,000,440.00
1,000,440.00
101.13
4.59%
1,011,304.27
1,650.00
0.74%
10,864.27
Aa3/AA-
AA-
1.47 1.40
61747YET8 MORGAN STANLEY 4.679
07/17/2026 1,000,000.00 09/14/2022
4.68%
994,030.00
994,030.00
99.89 5.65%
998,929.51
21,315.44
0.73%
4,899.51
A1/A-
A+
1.54 0.52
69371RS56 PACCAR FINANCIAL CORP 5.05
08/10/2026 1,450,000.00 --
4.99%
1,451,925.00
1,451,925.00
100.92
4.45%
1,463,276.36
28,679.79
1.07%
11,351.36
A1/A+
NA
1.61 1.50
06428CAA2 BANK OF AMERICA NA 5.526
08/18/2026 1,000,000.00 09/13/2023
5.57%
998,810.00
998,810.00
101.32
4.67%
1,013,198.02
20,415.50
0.74%
14,388.02
Aa1/A+
AA
1.63 1.44
713448FW3 PEPSICO INC 5.125 11/10/2026 510,000.00 11/08/2023
5.13%
509,862.30
509,862.30
101.25
4.41%
516,357.56
3,702.81
0.38%
6,495.26
A1/A+
NA
1.86 1.67
48125LRU8 JPMORGAN CHASE BANK NA 5.11
12/08/2026 1,575,000.00 --
5.08%
1,576,460.00
1,576,460.00
101.05
4.53%
1,591,589.79
5,141.94
1.16%
15,129.79
Aa2/AA-
AA
1.94 1.74
24422EXF1 JOHN DEERE CAPITAL CORP 4.5
01/08/2027 1,000,000.00 01/10/2024
4.52%
999,460.00
999,460.00
100.14
4.43%
1,001,403.92
21,625.00
0.73%
1,943.92
A1/A
A+
2.02 1.87
78016HZT0 ROYAL BANK OF CANADA 4.875
01/19/2027 1,245,000.00 01/10/2024
4.88%
1,244,688.75
1,244,688.75
100.39
4.67%
1,249,798.01
27,312.19
0.91%
5,109.26
A1/A
AA-
2.05 1.89
17275RBQ4 CISCO SYSTEMS INC 4.8
02/26/2027 1,500,000.00 02/29/2024
4.78%
1,500,810.00
1,500,810.00
100.73
4.44%
1,510,950.05
25,000.00
1.10%
10,140.05
A1/AA-
NA
2.16 1.92
857477CL5 STATE STREET CORP 4.993
03/18/2027 1,210,000.00 03/13/2024
4.99%
1,210,000.00
1,210,000.00
100.83
4.59%
1,220,070.70
17,285.49
0.89%
10,070.70
Aa3/A
AA-
2.21 1.97
665859AW4 NORTHERN TRUST CORP 4.0
05/10/2027 1,000,000.00 09/14/2022
4.23%
990,460.00
990,460.00
98.68 4.59%
986,842.31
5,666.67
0.72%
(3,617.69)
A2/A+
A+
2.36 2.21
009158AY2 AIR PRODUCTS AND CHEMICALS
INC 1.85 05/15/2027 1,500,000.00 02/09/2024
4.71%
1,371,945.00
1,371,945.00
94.00 4.55%
1,410,025.92
3,545.83
1.03%
38,080.92
A2/A
NA
2.37 2.27
437076DB5 HOME DEPOT INC 4.875
06/25/2027 740,000.00 --
4.95%
738,545.60
738,545.60
100.95
4.47%
747,011.52
601.25
0.54%
8,465.92
A2/A
A
2.48 2.24
36 HOLDINGS REPORT
City of Murrieta | Account | As of December 31, 2024
Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
09290DAH4 BLACKROCK INC 4.6 07/26/2027 750,000.00 07/18/2024
4.57%
750,645.00
750,645.00
100.23
4.50%
751,706.56
14,854.17
0.55%
1,061.56
Aa3/AA-
NA
2.57 2.28
532457CP1 ELI LILLY AND CO 4.15 08/14/2027 1,250,000.00 08/22/2024
4.10%
1,251,637.50
1,251,637.50
99.46 4.37%
1,243,231.48
19,741.32
0.91%
(8,406.03)
A1/A+
NA
2.62 2.42
023135BC9 AMAZON.COM INC 3.15
08/22/2027 1,000,000.00 07/30/2024
4.55%
960,450.00
960,450.00
96.55 4.55%
965,519.16
11,287.50
0.70%
5,069.16
A1/AA
AA-
2.64 2.47
89236TKJ3 TOYOTA MOTOR CREDIT CORP
4.55 09/20/2027 1,000,000.00 06/20/2024
4.89%
989,900.00
989,900.00
99.99 4.55%
999,911.71
12,765.28
0.73%
10,011.71
A1/A+
A+
2.72 2.50
64952WFJ7 NEW YORK LIFE GLOBAL FUNDING
3.9 10/01/2027 1,000,000.00 09/25/2024
3.91%
999,820.00
999,820.00
98.23 4.59%
982,323.88
9,750.00
0.72%
(17,496.12)
Aaa/AA+
AAA
2.75 2.55
91324PDE9 UNITEDHEALTH GROUP INC 2.95
10/15/2027 1,250,000.00 07/30/2024
4.60%
1,189,300.00
1,189,300.00
95.70 4.61%
1,196,285.35
7,784.72
0.87%
6,985.35
A2/A+
A
2.79 2.62
74456QBU9 PUBLIC SERVICE ELECTRIC AND
GAS CO 3.7 05/01/2028 750,000.00 06/22/2023
4.79%
715,005.00
715,005.00
96.66 4.80%
724,942.64
4,625.00
0.53%
9,937.64
A1/A
WR
3.33 3.07
341081GN1 FLORIDA POWER & LIGHT CO 4.4
05/15/2028 1,500,000.00 05/22/2023
4.64%
1,484,025.00
1,484,025.00
99.00 4.72%
1,485,044.03
8,433.33
1.08%
1,019.03
Aa2/A+
AA-
3.37 3.08
Total Corporate 35,600,000.00 4.37%
35,163,060.45
35,163,060.45
99.36 4.60%
35,362,031.77
363,397.54
25.76%
198,971.32
A1/A+
A+
1.73 1.57
MONEY MARKET
FUND
31846V567 FIRST AMER:GVT OBLG Z 297,882.75 --
4.35%
297,882.75
297,882.75
1.00 4.35%
297,882.75
0.00 0.22%
0.00 Aaa/AAAm
AAA
0.00 0.00
Total Money Market
Fund 297,882.75 4.35%
297,882.75
297,882.75
1.00 4.35%
297,882.75
0.00 0.22%
0.00 Aaa/AAAm
AAA
0.00 0.00
SUPRANATIONAL
459058KT9
INTERNATIONAL BANK FOR
RECONSTRUCTION AND
DEVELOPM 3.5 07/12/2028
500,000.00 07/24/2023
4.26%
483,115.00
483,115.00
97.14 4.38%
485,711.20
8,215.28
0.35%
2,596.20
Aaa/AAA
NA
3.53 3.22
Total Supranational 500,000.00 4.26%
483,115.00
483,115.00
97.14 4.38%
485,711.20
8,215.28
0.35%
2,596.20
Aaa/AAA
NA
3.53 3.22
37 HOLDINGS REPORT
City of Murrieta | Account | As of December 31, 2024
Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
US TREASURY
912828Z52 UNITED STATES TREASURY 1.375
01/31/2025 2,000,000.00 06/04/2021
0.51%
2,062,500.00
2,062,500.00
99.76 4.35%
1,995,289.20
11,508.15
1.45%
(67,210.80)
Aaa/AA+
AA+
0.08 0.08
912828ZF0 UNITED STATES TREASURY 0.5
03/31/2025 2,000,000.00 03/03/2021
0.54%
1,997,031.25
1,997,031.25
99.11 4.23%
1,982,110.50
2,554.95
1.44%
(14,920.75)
Aaa/AA+
AA+
0.25 0.24
912828ZL7 UNITED STATES TREASURY 0.375
04/30/2025 2,000,000.00 04/12/2021
0.66%
1,977,343.75
1,977,343.75
98.73 4.32%
1,974,611.42
1,284.53
1.44%
(2,732.33)
Aaa/AA+
AA+
0.33 0.32
912828ZT0 UNITED STATES TREASURY 0.25
05/31/2025 1,800,000.00 10/14/2021
0.78%
1,765,757.81
1,765,757.81
98.38 4.28%
1,770,793.49
395.60
1.29%
5,035.68
Aaa/AA+
AA+
0.41 0.40
91282CAB7 UNITED STATES TREASURY 0.25
07/31/2025 2,000,000.00 12/02/2021
4.30%
1,942,031.25
1,942,031.25
97.73 4.27%
1,954,510.82
2,092.39
1.42%
12,479.57
Aaa/AA+
AA+
0.58 0.57
91282CAJ0 UNITED STATES TREASURY 0.25
08/31/2025 1,000,000.00 03/22/2022
2.42%
928,828.13
928,828.13
97.39 4.31%
973,925.85
849.45
0.71%
45,097.72
Aaa/AA+
AA+
0.67 0.64
9128285C0 UNITED STATES TREASURY 3.0
09/30/2025 3,250,000.00 --
2.90%
3,259,882.81
3,259,882.81
99.09 4.25%
3,220,401.24
24,910.71
2.35%
(39,481.57)
Aaa/AA+
AA+
0.75 0.72
9128285J5 UNITED STATES TREASURY 3.0
10/31/2025 2,500,000.00 06/23/2022
3.02%
2,498,632.81
2,498,632.81
98.98 4.26%
2,474,623.00
12,845.30
1.80%
(24,009.81)
Aaa/AA+
AA+
0.83 0.80
912828M56 UNITED STATES TREASURY 2.25
11/15/2025 2,500,000.00 06/23/2022
3.11%
2,431,152.34
2,431,152.34
98.29 4.28%
2,457,221.65
7,303.18
1.79%
26,069.31
Aaa/AA+
AA+
0.87 0.84
9128285T3 UNITED STATES TREASURY 2.625
12/31/2025 2,500,000.00 09/14/2022
3.76%
2,412,792.97
2,412,792.97
98.47 4.21%
2,461,864.38
181.28
1.79%
49,071.41
Aaa/AA+
AA+
1.00 0.97
9128286L9 UNITED STATES TREASURY 2.25
03/31/2026 2,500,000.00 09/14/2022
3.74%
2,377,832.03
2,377,832.03
97.58 4.27%
2,439,618.05
14,371.57
1.78%
61,786.02
Aaa/AA+
AA+
1.25 1.20
91282CGV7 UNITED STATES TREASURY 3.75
04/15/2026 2,000,000.00 03/20/2024
4.63%
1,965,703.13
1,965,703.13
99.37 4.26%
1,987,324.68
16,071.43
1.45%
21,621.55
Aaa/AA+
AA+
1.29 1.23
912828U24 UNITED STATES TREASURY 2.0
11/15/2026 3,000,000.00 09/13/2023
4.66%
2,767,031.25
2,767,031.25
95.98 4.26%
2,879,270.01
7,790.06
2.10%
112,238.76
Aaa/AA+
AA+
1.87 1.80
912828YX2 UNITED STATES TREASURY 1.75
12/31/2026 1,750,000.00 12/27/2023
3.96%
1,641,240.23
1,641,240.23
95.29 4.24%
1,667,492.96
84.60 1.21%
26,252.73
Aaa/AA+
AA+
2.00 1.93
91282CEF4 UNITED STATES TREASURY 2.5
03/31/2027 2,500,000.00 11/17/2022
4.02%
2,349,414.06
2,349,414.06
96.29 4.25%
2,407,257.30
15,968.41
1.75%
57,843.24
Aaa/AA+
AA+
2.25 2.13
91282CEW7 UNITED STATES TREASURY 3.25
06/30/2027 1,300,000.00 12/12/2022
3.87%
1,266,687.50
1,266,687.50
97.65 4.25%
1,269,511.11
116.71
0.92%
2,823.61
Aaa/AA+
AA+
2.50 2.36
38 HOLDINGS REPORT
City of Murrieta | Account | As of December 31, 2024
Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
91282CFB2 UNITED STATES TREASURY 2.75
07/31/2027 2,000,000.00 07/26/2023
4.30%
1,887,109.38
1,887,109.38
96.31 4.28%
1,926,146.12
23,016.30
1.40%
39,036.74
Aaa/AA+
AA+
2.58 2.42
91282CFH9 UNITED STATES TREASURY 3.125
08/31/2027 2,500,000.00 01/24/2023
3.65%
2,445,117.19
2,445,117.19
97.12 4.28%
2,428,004.78
26,545.23
1.77%
(17,112.42)
Aaa/AA+
AA+
2.67 2.49
91282CFM8 UNITED STATES TREASURY 4.125
09/30/2027 1,600,000.00 02/22/2023
4.19%
1,595,500.00
1,595,500.00
99.61 4.28%
1,593,681.47
16,862.64
1.16%
(1,818.53)
Aaa/AA+
AA+
2.75 2.54
9128283F5 UNITED STATES TREASURY 2.25
11/15/2027 1,400,000.00 06/07/2023
4.05%
1,298,937.50
1,298,937.50
94.55 4.29%
1,323,653.23
4,089.78
0.96%
24,715.73
Aaa/AA+
AA+
2.87 2.72
91282CGH8 UNITED STATES TREASURY 3.5
01/31/2028 1,500,000.00 11/26/2024
4.24%
1,467,070.31
1,467,070.31
97.71 4.30%
1,465,615.43
21,970.11
1.07%
(1,454.89)
Aaa/AA+
AA+
3.08 2.84
9128283W8 UNITED STATES TREASURY 2.75
02/15/2028 2,750,000.00 09/27/2024
3.51%
2,684,257.81
2,684,257.81
95.27 4.39%
2,619,804.00
28,564.88
1.91%
(64,453.81)
Aaa/AA+
AA+
3.13 2.91
9128284V9 UNITED STATES TREASURY 2.875
08/15/2028 2,500,000.00 11/12/2024
4.34%
2,374,804.69
2,374,804.69
95.13 4.34%
2,378,149.10
27,148.44
1.73%
3,344.41
Aaa/AA+
AA+
3.62 3.35
9128285M8 UNITED STATES TREASURY 3.125
11/15/2028 2,000,000.00 04/22/2024
4.72%
1,870,625.00
1,870,625.00
95.69 4.35%
1,913,771.48
8,114.64
1.39%
43,146.48
Aaa/AA+
AA+
3.88 3.57
91282CLC3 UNITED STATES TREASURY 4.0
07/31/2029 2,000,000.00 10/29/2024
4.30%
1,991,093.75
1,991,093.75
98.42 4.39%
1,968,300.84
33,478.26
1.43%
(22,792.91)
Aaa/AA+
AA+
4.58 4.07
91282CFJ5 UNITED STATES TREASURY 3.125
08/31/2029 2,750,000.00 12/17/2024
4.26%
2,618,730.47
2,618,730.47
94.72 4.39%
2,604,782.13
29,199.76
1.90%
(13,948.35)
Aaa/AA+
AA+
4.67 4.22
Total US Treasury 55,600,000.00 3.43%
53,877,107.42
53,877,107.42
97.40 4.29%
54,137,734.22
337,318.36
39.44%
260,626.80
Aaa/AA+
AA+
1.95 1.82
Total Portfolio 139,255,044.22 4.02%
136,472,710.05
136,472,710.05
98.41 4.41%
137,277,402.94
1,062,389.06
100.00%
804,692.89
Aa2/AA
AA
1.99 1.75
Total Market Value +
Accrued 138,339,791.99
39 HOLDINGS REPORT
Murrieta Liquidity | Account | As of December 31, 2024
Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
CASH
CCYUSD Receivable 26,792.30 --
0.00%
26,792.30
26,792.30
1.00 0.00%
26,792.30
0.00 0.23%
0.00 Aaa/AAA
AAA
0.00 0.00
Total Cash 26,792.30 0.00%
26,792.30
26,792.30
1.00 0.00%
26,792.30
0.00 0.23%
0.00 Aaa/AAA
AAA
0.00 0.00
COMMERCIAL
PAPER
89233GNX0 Toyota Motor Credit Corporation
01/31/2025 2,000,000.00 05/21/2024
5.42%
1,925,625.00
1,925,625.00
99.62 4.74%
1,992,386.00
0.00 16.88%
66,761.00
P-1/A-1+
F1
0.08 0.08
62479LQ40 MUFG Bank, Ltd. - New York
Branch 03/04/2025 2,700,000.00 06/07/2024
5.36%
2,594,902.50
2,594,902.50
99.22 4.62%
2,679,018.30
0.00 22.69%
84,115.80
P-1/A-1
NA
0.17 0.17
Total Commercial
Paper 4,700,000.00 5.39%
4,520,527.50
4,520,527.50
99.39 4.67%
4,671,404.30
0.00 39.57%
150,876.80
P-1/AA-
A+
0.14 0.13
MONEY MARKET
FUND
31846V567 FIRST AMER:GVT OBLG Z 7,106,497.49 --
4.35%
7,106,497.49
7,106,497.49
1.00 4.35%
7,106,497.49
0.00 60.20%
0.00 Aaa/AAAm
AAA
0.00 0.00
Total Money Market
Fund 7,106,497.49 4.35%
7,106,497.49
7,106,497.49
1.00 4.35%
7,106,497.49
0.00 60.20%
0.00 Aaa/AAAm
AAA
0.00 0.00
Total Portfolio 11,833,289.79 4.75%
11,653,817.29
11,653,817.29
39.94 4.47%
11,804,694.09
0.00 100.00%
150,876.80
Aaa/AA
AA
0.05 0.05
Total Market Value +
Accrued 11,804,694.09
40 TRANSACTIONS
41 TRANSACTION LEDGER
City of Murrieta | Account |10/01/2024 Through 12/31/2024| Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp Yield Amount Interest
Pur/Sold Total Amount Gain/Loss
ACQUISITIONS
Purchase 10/31/2024 91282CLC3 2,000,000.00 UNITED STATES TREASURY
4.0 07/31/2029 99.555 4.10% (1,991,093.75) (20,000.00) (2,011,093.75) 0.00 Purchase 11/15/2024 9128284V9 2,500,000.00 UNITED STATES TREASURY
2.875 08/15/2028 94.992 4.34% (2,374,804.69) (17,968.75) (2,392,773.44) 0.00 Purchase 11/27/2024 91282CGH8 1,500,000.00 UNITED STATES TREASURY
3.5 01/31/2028 97.805 4.24% (1,467,070.31) (16,976.90) (1,484,047.21) 0.00 Purchase 12/20/2024 91282CFJ5 2,750,000.00 UNITED STATES TREASURY
3.125 08/31/2029 95.227 4.26% (2,618,730.47) (26,351.00) (2,645,081.47) 0.00 Total Purchase 8,750,000.00 (8,451,699.22) (81,296.65) (8,532,995.87) 0.00 TOTAL
ACQUISITIONS 8,750,000.00 (8,451,699.22) (81,296.65) (8,532,995.87) 0.00
DISPOSITIONS
Maturity 10/31/2024 912828YM6 (1,700,000.00) UNITED STATES TREASURY
1.5 10/31/2024 100.000 1.50% 1,700,000.00 0.00 1,700,000.00 (49,273.44) Maturity 11/15/2024 91282CDH1 (2,000,000.00) UNITED STATES TREASURY
0.75 11/15/2024 100.000 0.75% 2,000,000.00 0.00 2,000,000.00 3,671.87 Maturity 12/15/2024 91282CDN8 (900,000.00) UNITED STATES TREASURY
1.0 12/15/2024 100.000 1.00% 900,000.00 0.00 900,000.00 (386.72) Maturity 12/20/2024 3130AQF40 (1,400,000.00) FEDERAL HOME LOAN BANKS 1.0 12/20/2024 100.000 1.00% 1,400,000.00 0.00 1,400,000.00 1,232.00 Total Maturity (6,000,000.00) 6,000,000.00 0.00 6,000,000.00 (44,756.29) Sale 11/27/2024 912828ZC7 (1,200,000.00) UNITED STATES TREASURY
1.125 02/28/2025 99.164 1.59% 1,189,968.75 3,281.77 1,193,250.52 6,609.37 Total Sale (1,200,000.00) 1,189,968.75 3,281.77 1,193,250.52 6,609.37 TOTAL
DISPOSITIONS (7,200,000.00) 7,189,968.75 3,281.77 7,193,250.52 (38,146.92) 42 TRANSACTION LEDGER
Murrieta Liquidity | Account |10/01/2024 Through 12/31/2024| Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp Yield Amount Interest
Pur/Sold Total Amount Gain/Loss
DISPOSITIONS
Maturity 10/17/2024 912797KU0 (2,000,000.00) UNITED STATES TREASURY 10/17/2024 100.000 0.00% 2,000,000.00 0.00 2,000,000.00 50,764.58 Maturity 11/05/2024 912797MA2 (2,750,000.00) UNITED STATES TREASURY 11/05/2024 100.000 0.00% 2,750,000.00 0.00 2,750,000.00 46,452.66 Total Maturity (4,750,000.00) 4,750,000.00 0.00 4,750,000.00 97,217.24 TOTAL
DISPOSITIONS (4,750,000.00) 4,750,000.00 0.00 4,750,000.00 97,217.24 43 IMPORTANT DISCLOSURES
2024 Chandler Asset Management, Inc, An Independent Registered Investment Adviser.
Information contained herein is confidential. Prices are provided by ICE Data Services Inc (“IDS”), an independent pricing source. In the event IDS does not provide a price or if the price provided is not reflective of fair market value, Chandler will obtain pricing from an alternative approved third party pricing source in accordance with our written valuation policy and procedures. Our valuation procedures are also disclosed in Item 5 of our Form ADV Part 2A.
Performance results are presented gross-of-advisory fees and represent the client’s Total Return. The deduction of advisory fees lowers performance results. These results include the reinvestment of dividends and other earnings. Past performance may not be indicative of future results. Therefore, clients should not assume that future performance of any specific investment or investment strategy will be profitable or equal to past performance levels. All investment strategies have the potential for profit or loss. Economic factors, market conditions or changes in investment strategies, contributions or withdrawals may materially alter the performance and results of your portfolio.
Index returns assume reinvestment of all distributions. Historical performance results for investment indexes generally do not reflect the deduction of transaction and/or custodial charges or the deduction of an investment management fee, the incurrence of which would have the effect of decreasing historical performance results. It is not possible to invest directly in an index.
Source 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 and carries a AA+/Aaa/AAA by S&P, Moody’s and Fitch respectively. 44 BENCHMARK DISCLOSURES
Benchmark Disclosure
ICE BofA 3-Month US Treasury Bill Index
The ICE BofA US 3-Month Treasury Bill Index is comprised of a single issue purchased at the beginning of the month and held for a full month. At the end of the month that issue is sold and rolled into a newly selected issue. The issue selected at each month- end rebalancing is the outstanding Treasury Bill that matures closest to, but not beyond, three months from the rebalancing date.
ICE BofA 1-3 Yr US Treasury Index The ICE BofA 1-3 Year US Treasury Index tracks the performance of US dollar-denominated sovereign debt publicly issued by the US government in its domestic market. Qualifying securities must have at least one year remaining term to final maturity and less than three years remaining term to final maturity, a fixed coupon schedule, and a minimum amount outstanding of $1 billion. Qualifying securities must have at least 18 months to final maturity at the time of issuance. 45