INVESTMENT REPORT
City of Murrieta | As of March 31, 2025
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
PORTFOLIO HOLDINGS
TRANSACTIONS
1 ECONOMIC UPDATE
2 ▪
▪
▪
Recent economic data suggest slower growth in 2025 and greater market uncertainty as the effects of fiscal policy unfold. Inflationary trends have subsided, but 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) left the Federal Funds Rate unchanged at the range of 4.25 - 4.50% at the March meeting. Fed Chair Powell emphasized increased uncertainty around the economic outlook and the need for “greater clarity” before making changes to interest rate policy. He also acknowledged possible transitory inflationary impacts from tariffs. The summary of economic projections (SEP) indicated lower GDP growth, higher inflation, and higher unemployment estimates than December projections, along with roughly two 25-basis point rate cuts this year. The FOMC also announced a slowdown in the pace of balance sheet reduction.
US Treasury yields declined, and the curve steepened in March. The 2-year Treasury yield declined 10 basis points to 3.89%, the 5-year Treasury fell 7 basis points to 3.95%, and the 10-year Treasury yield was unchanged 4.21%. The spread between the 2-year and 10-year Treasury yield points on the curve widened to +32 basis points at March month-end versus +22 basis points at February month-end. The spread between the 2-year Treasury and 10-year Treasury yield one year ago was -42 basis points. The spread between the 3-month and10- year Treasury yield points on the curve was -9 basis points in March, unchanged from February.
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 (%)
Source: US Department of Labor Source: US Department of Labor
EMPLOYMENT
4 0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
Job Openings
Recession
Historical Average
In Thousands (000's)
The Labor Department’s Job Openings and Labor Turnover Survey (JOLTS) fell to 7.57 million new job openings in February from 7.76 million new job openings in January. 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 February, both the Consumer Price Index (CPI) and Core CPI, which excludes volatile food and energy components, posted more moderate increases than last month and came in lower than consensus expectations. The headline CPI rose 0.2% month-over-month and
2.8% year-over-year, while the Core CPI rose 0.2% month-over-month and 3.1% year-over-year. The Personal Consumption Expenditures (PCE) price index increased by 0.3% from the previous month and 2.5% year-over-yearin February. The Core PCE deflator, which excludes food and energy and is the Fed’s preferred gauge, accelerated its increase to 0.4% month-over-month and 2.8% from 2.6% year-over- year.Inflation remains 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
The Advance Retail Sales report for February fell short of expectations, increasing 0.2% month-over-month following a 1.2% decline in January. Declines were broad-based across categories. However, control group sales, which feeds into gross domestic product and excludes food services, auto dealers, building materials stores, and gasoline stations, increased 1% in February. On a year-over-year basis, Retail Sales grew 3.1% in February versus 3.9% in January. The Conference Board’s Consumer Confidence Index tumbled 7.2 points in March to 92.9, a notable decrease from February. Consumers' assessment of the present situation fell, with business conditions viewed as "good" by only 17.7% and jobs considered "plentiful" by 33.6%. Their expectations for income, business, and labor market conditions dropped, with pessimism about future employment prospects falling to a 12-year low. While the consumer has been resilient, rising inflation expectations, concerns about trade policies and tariffs, and general economic and policy uncertainty could pose potential risks to future spending.
0 20
40 60
80 100
120
140
160
Index Level
Consumer Confidence
Recession
Source: US Department of Commerce Source: The Conference Board All time high is 144.70 (1/31/00); All time low is 25.30 (2/28/09)
CONSUMER
7 -25.0%
-20.0%
-15.0%
-10.0%
-5.0%
0.0%
5.0%
10.0%
15.0%
Leading Economic Indicators (LEI)
Recession
YOY (%) Change
-1.00
-0.75
-0.50
-0.25
0.00 0.25
0.50 0.75
1.00 Chicago Fed National Activity Index (CFNAI)
Recession
3 Month Average
The Conference Board’s Leading Economic Index (LEI) fell by 0.3% in February, following a 0.2% decline in January. The LEI decreased year- over-year by 3.1%. The monthly decline was primarily driven by consumer assessments of future business conditions becoming more pessimistic. The Chicago Fed National Activity Index (CFNAI) increased to +0.18 in February from a revised -0.08 in January, reflecting stronger readings across production-related indicators and sales, orders, and inventories. The three-month moving average rose to +0.15 in February from +0.07 in January, indicating expectations of continued above-trend economic growth.
Source: The Conference Board Source: Federal Reserve Bank of Chicago
LEADING INDICATORS OF ECONOMIC ACTIVITY
8 0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
2,000
2,200
2,400In Thousands of Units
Annualized Housing Starts
Multi Family Housing Starts
Single Family Housing Starts
Housing starts soared 11.2% to 1.5 million units in February as builders rebounded from adverse weather conditions in January. Total starts are down 2.9% compared to February 2024. Single family homes starts rose 11.4%, and multi-family starts increased 10.7%. The Freddie Mac 30-year fixed rate mortgage averaged approximately 6.8% in February. According to the Case-Shiller 20-City Home Price Index, housing prices rose 4.7% year-over-year in January, compared to 4.5% in December. While inventory constraints remain a challenge, the slight improvement in annual gains suggests gradual stabilization in the market. However, higher mortgage rates continue to weigh on affordability, limiting buyer demand and market activity.
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 dipped back into contractionat 49.0 in March from 50.3 in February. The survey reflected a decline in business activity, upward price pressures, and notably weaker employment. The ISM Services index declined to 50.8 in March from 53.5 in February as new orders, employment, and supplier deliveries all weakened. 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 3/24 6/24 9/24 12/24
1.3% 1.9% 2.5% 2.7%
0.6% 1.5% 0.2% -1.0%
-0.6% -0.9% -0.4% 0.3%
0.0% 0.3% 0.6% 0.3%
0.3% 0.3% 0.3% 0.3%
1.6% 3.0% 3.1% 2.4%
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, fourth quarter GDP increased at an annualized rate of 2.4 percent, revised up 0.1 percentage point from the second estimate. Growth continues to be powered by consumer spending and government spending, partly offset by a decrease in investment. Imports also decreased. Real GDP increased 2.8 percent in 2024. The consensus projection calls for 1.2% growth for the first quarter and 2.0% for the full year 2025.
GROSS DOMESTIC PRODUCT (GDP)
11 Source: Federal Reserve Source: Bloomberg
0 1,000,000
2,000,000
3,000,000
4,000,000
5,000,000
6,000,000
7,000,000
8,000,000
9,000,000
10,000,000
Federal Reserve Balance Sheet Assets
Recession
In $ millions
As broadly anticipated, the Federal Open Market Committee (FOMC) left the Federal Funds Rate unchanged at the range of 4.25 - 4.50% at the March meeting. Fed Chair Powell emphasized increased uncertainty around the economic outlook and the need for“greater clarity” before making changes to interest rate policy. He also acknowledged possible transitory inflationary impacts from tariffs. The summary of economic projections (SEP) indicated lower GDP growth, higher inflation, and higher unemployment estimates than December projections, along with roughly two 25-basis point rate cuts this year. The FOMC also announced a slowdown in the pace of balance sheet reduction. The monthly redemption cap on Treasuries will be reduced from $25 billion to $5 billion, while the cap on agencies and mortgage-backed securities will be maintained at $35 billion. Since the Fed began its Quantitative Tightening campaign in June 2022, securities holdings have declined by approximately $2.2 trillion to approximately $6.8 trillion.
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
Mar-25
Dec-24
Mar-24
Yield (%)
At the end of March, the 2-year Treasury yield was 74 basis points lower, and the 10-Year Treasury yield was 6 basis points higher, year- over-year. The spread between the 2-year and 10-year Treasury yield points on the curve widened to +32 basis points at March month- end versus +22 basis points at February month-end. The recent yield curve inversion which began in July 2022 was historically long. The average historical spread (since 2005) is about +99 basis points. The spread between the 3-month and 10-year Treasury yield points on the curve was -9 basis points in in March, unchanged from February.
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 STATEMENT OF COMPLIANCE
Murrieta Consolidated | Account | As of March 31, 2025
Rules Name Limit Actual Compliance
Status Notes
AGENCY MORTGAGE SECURITIES (CMOS)
Max % (MV) 20.0 9.7 Compliant
Max % Issuer (MV) 30.0 9.7 Compliant
Max Maturity (Years) 5.0 5.0 Compliant
ASSET-BACKED SECURITIES (ABS)
Max % (MV) 20.0 6.6 Compliant
Max % Issuer (MV) 5.0 1.0 Compliant
Max Maturity (Years) 5 4 Compliant
Min Rating (AA- by 1) 0.0 0.0 Compliant
BANKERS' ACCEPTANCES
Max % (MV) 30.0 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 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) 40.0 0.0 Compliant
Max % Issuer (MV) 5.0 0.0 Compliant
Max Maturity (Days) 270 0.0 Compliant
Min Rating (A-1 by 1 or A- by 1) 0.0 0.0 Compliant
CORPORATE MEDIUM TERM NOTES
Max % (MV) 30.0 24.9 Compliant
16 STATEMENT OF COMPLIANCE
Murrieta Consolidated | Account | As of March 31, 2025
Rules Name Limit Actual Compliance
Status Notes
Max % Issuer (MV) 5.0 1.4 Compliant
Max Maturity (Years) 5 3 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 19.1 Compliant
Max % Issuer (MV) 30.0 11.9 Compliant
Max Callables (MV) 20.0 0.0 Compliant
Max Maturity (Years) 5 3 Compliant
LOCAL AGENCY INVESTMENT FUND (LAIF)
Max Concentration (MV) 75.0 0.0 Compliant
MONEY MARKET MUTUAL FUNDS
Max % (MV) 20.0 1.4 Compliant
Max % Issuer (MV) 10.0 1.4 Compliant
Min Rating (AAA by 2) 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
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
17 STATEMENT OF COMPLIANCE
Murrieta Consolidated | Account | As of March 31, 2025
Rules Name Limit Actual Compliance
Status Notes
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 % (MV) 20.0 0.0 Compliant
Max Maturity (Years) 1.0 0.0 Compliant
SUPRANATIONAL OBLIGATIONS
Max % (MV) 30.0 0.3 Compliant
Max % Issuer (MV) 10.0 0.3 Compliant
Max Maturity (Years) 5 3 Compliant
Min Rating (AA- by 1) 0.0 0.0 Compliant
U.S. TREASURIES
Max % (MV) 100.0 38.0 Compliant
Max Maturity (Years) 5 4 Compliant
18 PORTFOLIO CHARACTERISTICS
City of Murrieta | Account | As of March 31, 2025
Benchmark* 3/31/2025
Portfolio
12/31/2024
Portfolio
Average Maturity (yrs) 1.84 2.11 1.99
Average Modified Duration 1.76 1.83 1.75
Average Purchase Yield 4.21% 4.02%
Average Market Yield 3.94% 4.16% 4.41%
Average Quality** AA+ AA+ AA+
Total Market Value 152,602,494 138,339,792
*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. 19 All funds in the Liquidity Account were deposited in the main City of Murrieta Account, which is reflected in the increased Market Value from December 31, 2024. Please see page 26, which shows the Liquidity Account balance of $0.00.
SECTOR DISTRIBUTION
City of Murrieta | Account | As of March 31, 2025
Sector as a Percentage of Market Value
Sector 03/31/2025 12/31/2024
US Treasury 38.04% 39.44%
Corporate 24.92% 25.76%
Agency 19.08% 20.18%
Agency CMBS 9.70% 7.79%
ABS 6.56% 6.26%
Money Mkt Fd 1.36% 0.22%
Supras 0.32% 0.35%
20 ISSUERS
City of Murrieta | Account | As of March 31, 2025
Issuer Investment Type % Portfolio
Government of The United States US Treasury 38.04%
Federal Home Loan Banks Agency 11.89%
FHLMC Agency CMBS 9.70%
Farm Credit System Agency 7.19%
Massachusetts Mutual Life Insurance Corporate 1.38%
U.S. Bancorp Money Mkt Fd 1.36%
Caterpillar Inc. Corporate 1.22%
The Home Depot, Inc. Corporate 1.15%
Deere & Company Corporate 1.13%
JPMorgan Chase & Co. Corporate 1.05%
American Express Credit Master Trust ABS 1.03%
Cisco Systems, Inc. Corporate 1.00%
Bank of Montreal Corporate 1.00%
Florida Power & Light Corporate 0.99%
PACCAR Inc Corporate 0.97%
Air Products and Chemicals, Inc. Corporate 0.94%
Honda Auto Receivables Owner Trust ABS 0.93%
Amazon.com, Inc. Corporate 0.93%
Chase Issuance Trust ABS 0.88%
Royal Bank of Canada Corporate 0.83%
Eli Lilly and Company Corporate 0.82%
State Street Corporation Corporate 0.81%
UnitedHealth Group Incorporated Corporate 0.80%
National Rural Utilities Cooperative Corporate 0.73%
John Deere Owner Trust ABS 0.72%
Verizon Master Trust, Series 2025-3 ABS 0.69%
Bank of America Corporation Corporate 0.67%
Met Tower Global Funding Corporate 0.67%
Toyota Motor Corporation Corporate 0.66%
BMW Vehicle Lease Trust ABS 0.66%
21 ISSUERS
City of Murrieta | Account | As of March 31, 2025
Issuer Investment Type % Portfolio
Morgan Stanley Corporate 0.66%
The Toronto-Dominion Bank Corporate 0.66%
Duke Energy Corporation Corporate 0.66%
Northern Trust Corporation Corporate 0.66%
Honeywell International Inc. Corporate 0.66%
Apple Inc. Corporate 0.65%
New York Life Insurance Company Corporate 0.65%
Chubb Limited Corporate 0.65%
BNY Mellon Corp Corporate 0.59%
Mercedes-Benz Auto Lease Trust ABS 0.59%
BlackRock, Inc. Corporate 0.50%
Public Service Enterprise Group Inco Corporate 0.49%
GM Financial Automobile Leasing Trus ABS 0.48%
BMW Vehicle Owner Trust ABS 0.45%
PepsiCo, Inc. Corporate 0.34%
International Bank for Recon and Dev Supras 0.32%
GM Financial Securitized Term ABS 0.13%
Cash Cash 0.02%
TOTAL 100.00%
22 QUALITY DISTRIBUTION
Rating 03/31/2025 12/31/2024
AAA 8.6% 6.9%
AA 71.6% 73.1%
A 18.1% 19.3%
NA 1.7% 0.8%
Rating 03/31/2025 12/31/2024
AAA 73.5% 72.4%
AA 8.2% 7.3%
A 15.5% 17.1%
NA 2.8% 3.2%
Rating 03/31/2025 12/31/2024
AAA 12.2% 11.8%
AA 69.5% 69.2%
A 8.3% 8.6%
NA 10.0% 10.3%
City of Murrieta | Account | As of March 31, 2025
S&P Rating Moody’s Rating Fitch Rating
23 DURATION DISTRIBUTION
City of Murrieta | Account | As of March 31, 2025
Date 0-.25 .25-.5 .5-1 1-2 2-3 3-4 4-5 5-7 7+
03/31/2025 7.5% 8.1% 11.2% 32.8% 23.8% 10.4% 6.2% 0.0% 0.0% 12/31/2024 5.7% 7.0% 14.4% 35.7% 23.2% 10.7% 3.4% 0.0% 0.0% 24 3 Months 12 Months 2 Years 3 Years 5 Years 10 Years Since Inception
TOTAL RATE OF RETURN
City of Murrieta 1.68% 5.67% 4.77% 3.30% 1.72% 1.90%
Benchmark 1.59% 5.43% 4.18% 2.84% 1.16% 1.56%
*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 March 31, 2025
Total Rate of Return : Inception | 02/01/2020
25 PORTFOLIO CHARACTERISTICS
Murrieta Liquidity | Account (CLOSED) | As of March 31, 2025 Benchmark* 3/31/2025
Portfolio
12/31/2024
Portfolio
Average Maturity (yrs) 0.16 -- 0.05
Average Modified Duration 0.16 -- 0.05
Average Purchase Yield -- 4.75%
Average Market Yield 4.28% -- 4.47%
Average Quality** AA+ -- AAA
Total Market Value -- 11,804,694
*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. 26 SECTOR DISTRIBUTION
Murrieta Liquidity | Account (CLOSED) | As of March 31, 2025 Sector as a Percentage of Market Value
Sector 03/31/2025 12/31/2024
Cash -- 0.23%
Comm Paper -- 39.57%
Money Mkt Fd -- 60.20%
27 3 Months 12 Months 2 Years 3 Years 5 Years 10 Years Since Inception
TOTAL RATE OF RETURN
Murrieta Liquidity (CLOSED) 0.77% 4.84% 5.09%
Benchmark 1.01% 4.98% 5.11%
*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 (CLOSED) | As of March 31, 2025 Total Rate of Return : Inception | 11/01/2023
28 PORTFOLIO HOLDINGS
29 HOLDINGS REPORT
City of Murrieta | Account | As of March 31, 2025
Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
ABS
43815GAC3 HAROT 2021-4 A3 0.88
01/21/2026 16,887.90 11/16/2021
0.89%
16,884.34
16,884.34
99.66 4.86%
16,830.51
4.13 0.01%
(53.82)
AAA/NA
AAA
0.81 0.08
47789QAC4 JDOT 2021-B A3 0.52 03/16/2026 8,989.32 07/13/2021
0.52%
8,988.52
8,988.52
99.82 5.22%
8,973.14
2.08 0.01%
(15.38)
AAA/NA
AAA
0.96 0.04
43815PAC3 HAROT 2022-2 A3 3.73
07/20/2026 128,259.86 08/15/2022
3.73%
128,252.21
128,252.21
99.73 4.65%
127,915.36
172.76
0.08%
(336.85)
NA/AAA
AAA
1.30 0.30
05602RAD3 BMWOT 2022-A A3 3.21
08/25/2026 70,212.61 05/10/2022
3.21%
70,208.96
70,208.96
99.68 4.55%
69,988.10
37.56 0.05%
(220.86)
AAA/AAA
NA
1.40 0.24
47787JAC2 JDOT 2022 A3 2.32 09/15/2026 78,798.34 03/10/2022
2.33%
78,780.91
78,780.91
99.48 4.16%
78,387.04
81.25 0.05%
(393.87)
AAA/NA
AAA
1.46 0.28
362554AC1 GMCAR 2021-4 A3 0.68
09/16/2026 25,780.01 10/13/2021
0.68%
25,779.35
25,779.35
99.47 4.91%
25,644.63
7.30 0.02%
(134.72)
AAA/AAA
NA
1.46 0.12
380146AC4 GMCAR 2022-1 A3 1.26
11/16/2026 31,581.65 01/11/2022
1.26%
31,578.90
31,578.90
99.47 4.55%
31,415.43
16.58 0.02%
(163.47)
NA/AAA
AAA
1.63 0.16
379929AD4 GMALT 2023-3 A3 5.38
11/20/2026 267,330.60 08/08/2023
5.38%
267,298.55
267,298.55
100.25
4.76%
267,998.69
439.46
0.18%
700.14
NA/AAA
AAA
1.64 0.37
36269FAD8 GMALT 2024-1 A3 5.09
03/22/2027 455,000.00 02/08/2024
5.09%
454,943.13
454,943.13
100.44
4.59%
457,017.56
707.65
0.30%
2,074.43
NA/AAA
AAA
1.97 0.80
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
100.48
4.50%
1,004,790.40
830.00
0.66%
10,102.90
AAA/AAA
NA
1.98 0.90
36265WAD5 GMCAR 2022-3 A3 3.64
04/16/2027 137,270.07 07/06/2022
3.64%
137,269.13
137,269.13
99.68 4.56%
136,831.87
208.19
0.09%
(437.26)
AAA/NA
AAA
2.04 0.36
02582JJT8 AMXCA 2022-2 A 3.39 05/17/2027 905,000.00 05/17/2022
3.40%
904,799.81
904,799.81
99.84 4.72%
903,580.06
1,363.53
0.60%
(1,219.76)
NA/AAA
AAA
0.12 0.12
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
4.52%
354,177.25
827.56
0.23%
4,218.20
AAA/NA
AAA
2.80 1.38
58769GAD5 MBALT 2024-B A3 4.23
02/15/2028 545,000.00 09/17/2024
4.24%
544,908.28
544,908.28
99.83 4.39%
544,061.62
1,024.60
0.36%
(846.66)
NA/AAA
AAA
2.88 1.36
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
100.96
4.50%
1,261,978.00
2,894.44
0.83%
12,032.37
AAA/AAA
NA
3.38 1.24
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
101.13
4.39%
1,334,952.96
3,027.20
0.88%
15,318.86
NA/AAA
AAA
3.46 1.37
30 HOLDINGS REPORT
City of Murrieta | Account | As of March 31, 2025
Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
47800RAD5 JDOT 2024 A3 4.96 11/15/2028 335,000.00 03/11/2024
4.96%
334,981.24
334,981.24
101.00
4.36%
338,348.53
738.49
0.22%
3,367.29
AAA/NA
AAA
3.63 1.52
096919AD7 BMWOT 2024-A A3 5.18
02/26/2029 600,000.00 06/04/2024
5.24%
599,908.86
599,908.86
101.24
4.40%
607,425.66
518.00
0.40%
7,516.80
AAA/AAA
NA
3.91 1.47
02582JKH2 AMXCA 2024-1 A 5.23 04/16/2029 640,000.00 04/16/2024
5.23%
639,868.80
639,868.80
101.85
4.32%
651,855.10
1,487.64
0.43%
11,986.30
NA/AAA
AAA
4.04 1.89
47800DAD6 JDOT 2025 A3 4.23 09/17/2029 670,000.00 03/04/2025
4.23%
669,957.86
669,957.86
99.92 4.30%
669,472.17
1,812.72
0.44%
(485.69)
AAA/NA
AAA
4.47 2.38
92348KDY6 VERIZON MASTER TRUST, SERIES
2025-3 4.51 03/20/2030 1,050,000.00 03/25/2025
4.51%
1,049,954.85
1,049,954.85
100.00
4.59%
1,049,954.85
131.54
0.69%
0.00 AAA/NA
NA
4.97 1.85
Total ABS 9,885,110.36 4.73%
9,878,589.98
9,878,589.98
100.58
4.49%
9,941,598.94
16,332.70
6.56%
63,008.95
3.03 1.25
AGENCY
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
100.00
4.12%
1,400,018.17
11,068.75
0.92%
7,158.17
AAA/AA
AA
0.81 0.78
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
100.73
4.06%
1,007,288.26
18,868.06
0.66%
9,598.26
AAA/AA
AA
1.10 1.05
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
100.81
4.04%
2,016,242.38
28,763.89
1.33%
17,622.38
AAA/AA
AA
1.20 1.14
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
101.26
4.01%
2,025,284.90
16,944.44
1.34%
17,804.90
AAA/AA
AA
1.33 1.27
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
100.67
3.99%
2,420,993.83
14,129.38
1.60%
21,525.33
AAA/AA
AA
1.37 1.31
3130AWTQ3 FEDERAL HOME LOAN BANKS
4.625 09/11/2026 4,500,000.00 --
4.81%
4,476,030.00
4,476,030.00
100.88
3.99%
4,539,462.26
11,562.50
2.99%
63,432.26
AAA/AA
AA
1.45 1.38
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
100.98
3.99%
1,767,167.87
30,126.74
1.17%
12,740.37
AAA/AA
AA
1.63 1.53
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
100.45
3.86%
2,009,024.84
17,416.67
1.33%
13,464.84
AAA/AA
AA
1.79 1.70
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
101.04
3.95%
1,010,350.26
625.00
0.67%
14,830.26
AAA/AA
AA
1.99 1.88
31 HOLDINGS REPORT
City of Murrieta | Account | As of March 31, 2025
Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
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
101.62
3.91%
1,524,228.96
34,041.67
1.01%
28,113.96
AAA/AA
AA
2.02 1.87
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
101.11
3.95%
1,011,091.35
16,375.00
0.67%
16,261.35
AAA/AA
AA
2.14 1.99
3130ATS57 FEDERAL HOME LOAN BANKS 4.5
03/10/2028 3,000,000.00 03/24/2025
4.02%
3,039,480.00
3,039,480.00
101.62
3.91%
3,048,589.08
7,875.00
2.01%
9,109.08
AAA/AA
AA
2.94 2.73
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
99.34 3.97%
1,112,622.35
13,066.67
0.73%
5,379.15
AAA/AA
AA
3.19 2.94
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
100.25
3.91%
2,005,003.34
24,888.89
1.32%
48,063.34
AAA/AA
AA
3.19 2.93
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
101.62
3.99%
2,032,464.18
2,250.00
1.34%
51,004.18
AAA/AA
AA
3.48 3.19
Total Agency 28,675,000.00 4.57%
28,593,724.20
28,593,724.20
100.89
3.97%
28,929,832.02
248,002.64
19.08%
336,107.82
1.97 1.84
AGENCY CMBS
3137BM7C4 FHMS K-051 A2 3.308 09/25/2025 1,143,935.20 06/23/2022
3.30%
1,141,522.21
1,141,522.21
99.34 4.47%
1,136,410.51
3,153.45
0.75%
(5,111.70)
AAA/AA
AAA
0.49 0.39
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
97.75 4.26%
1,954,991.40
4,421.67
1.29%
64,444.52
AAA/AA
AAA
1.40 1.31
3137BTUM1 FHMS K-061 A2 3.347 11/25/2026 871,978.41 09/22/2022
4.23%
840,675.75
840,675.75
98.29 4.38%
857,106.82
2,432.09
0.57%
16,431.07
AAA/AA
AAA
1.65 1.49
3137BVZ82 FHMS K-063 A2 3.43 01/25/2027 862,000.00 --
4.03%
839,600.51
839,600.51
98.53 4.24%
849,325.32
2,463.88
0.56%
9,724.81
AAA/AA
AAA
1.82 1.60
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
98.05 4.19%
980,528.00
2,702.50
0.65%
15,059.25
AAA/AA
AAA
2.07 1.88
3137FBU79 FHMS K-069 A2 3.187 09/25/2027 1,232,937.85 05/18/2023
4.13%
1,184,342.77
1,184,342.77
97.53 4.21%
1,202,509.68
3,274.48
0.79%
18,166.92
AAA/AAA
AA
2.49 2.27
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
98.30 4.23%
1,145,227.39
3,543.54
0.76%
37,749.26
AAA/AA
AAA
2.91 2.67
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
98.80 4.24%
1,234,988.25
4,062.50
0.81%
37,722.62
AAA/AA
AAA
3.40 3.10
32 HOLDINGS REPORT
City of Murrieta | Account | As of March 31, 2025
Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
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
93.03 4.28%
1,395,385.50
2,825.00
0.92%
10,053.47
AAA/AA
AAA
3.82 3.50
3137FLMV3 FHMS K-090 A2 3.422 02/25/2029 2,000,000.00 03/27/2025
4.30%
1,932,500.00
1,932,500.00
96.96 4.26%
1,939,171.20
5,703.33
1.28%
6,671.20
AAA/AAA
AA
3.91 3.53
3137HA4B9 FHMS K-751 A2 4.412 03/25/2030 2,000,000.00 03/26/2025
4.37%
1,997,890.63
1,997,890.63
100.24
4.32%
2,004,729.40
7,353.33
1.32%
6,838.77
AAA/AA
AA
4.98 4.11
Total Agency CMBS 15,025,851.46 4.25%
14,482,623.29
14,482,623.29
97.87 4.28%
14,700,373.47
41,935.78
9.70%
217,750.18
2.84 2.52
CASH
CCYUSD Receivable 37,072.97 --
0.00%
37,072.97
37,072.97
1.00 0.00%
37,072.97
0.00 0.02%
0.00 AAA/AAA
AAA
0.00 0.00
Total Cash 37,072.97 0.00%
37,072.97
37,072.97
1.00 0.00%
37,072.97
0.00 0.02%
0.00 0.00
0.00 CORPORATE
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
99.89 4.91%
899,023.92
13,065.00
0.59%
(850.08)
AA/A
AA
0.07 0.07
14913R2V8 CATERPILLAR FINANCIAL SERVICES
CORP 3.4 05/13/2025 480,000.00 05/10/2022
3.44%
479,390.40
479,390.40
99.87 4.46%
479,377.69
6,256.00
0.32%
(12.71)
A/A
A
0.12 0.12
438516CB0 HONEYWELL INTERNATIONAL INC
1.35 06/01/2025 1,000,000.00 03/09/2022
2.31%
970,280.00
970,280.00
99.42 4.82%
994,222.28
4,500.00
0.66%
23,942.28
A/A
A
0.17 0.17
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
99.81 4.78%
998,082.30
12,030.28
0.66%
(3,747.70)
A/A
NA
0.18 0.18
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
99.73 4.71%
1,102,056.52
11,224.96
0.73%
2,082.87
A/A
A
0.21 0.20
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
99.68 4.51%
1,370,639.46
6,831.08
0.90%
(2,696.79)
A/A
A
0.37 0.36
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
99.57 4.40%
995,732.58
4,152.78
0.66%
5,022.58
AA/A
NA
0.38 0.37
437076CR1 HOME DEPOT INC 4.0 09/15/2025 1,000,000.00 09/14/2022
4.13%
996,380.00
996,380.00
99.80 4.43%
998,031.83
1,777.78
0.66%
1,651.83
A/A
A
0.46 0.45
33 HOLDINGS REPORT
City of Murrieta | Account | As of March 31, 2025
Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
023135CN4 AMAZON.COM INC 4.6
12/01/2025 425,000.00 11/29/2022
4.60%
424,974.50
424,974.50
100.33
4.09%
426,395.90
6,516.67
0.28%
1,421.40
A/AA
AA
0.67 0.64
037833BY5 APPLE INC 3.25 02/23/2026 1,000,000.00 02/22/2023
4.72%
959,390.00
959,390.00
99.14 4.24%
991,394.75
3,430.56
0.65%
32,004.75
AAA/AA
NA
0.90 0.87
57629W6F2 MASSMUTUAL GLOBAL FUNDING
II 4.5 04/10/2026 750,000.00 04/04/2023
4.52%
749,482.50
749,482.50
100.12
4.38%
750,901.54
16,031.25
0.50%
1,419.04
AA/AA
AA
1.03 0.97
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
98.92 4.37%
989,216.68
13,772.22
0.65%
34,996.68
A/A
A
1.09 1.04
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
101.19
4.38%
1,011,880.52
15,150.00
0.67%
11,440.52
AA/AA
AA
1.22 1.16
61747YET8 MORGAN STANLEY 4.679
07/17/2026 1,000,000.00 09/14/2022
4.68%
994,030.00
994,030.00
99.98 5.74%
999,789.92
9,617.94
0.66%
5,759.92
A/A
A
1.30 0.29
69371RS56 PACCAR FINANCIAL CORP 5.05
08/10/2026 1,450,000.00 --
4.99%
1,451,925.00
1,451,925.00
101.07
4.23%
1,465,517.48
10,373.54
0.97%
13,592.48
A/A
NA
1.36 1.29
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
101.61
4.31%
1,016,082.45
6,600.50
0.67%
17,272.45
AA/A
AA
1.38 1.23
713448FW3 PEPSICO INC 5.125 11/10/2026 510,000.00 11/08/2023
5.13%
509,862.30
509,862.30
101.38
4.23%
517,017.31
10,237.19
0.34%
7,155.01
A/A
NA
1.61 1.43
48125LRU8 JPMORGAN CHASE BANK NA 5.11
12/08/2026 1,575,000.00 --
5.08%
1,576,460.00
1,576,460.00
101.31
4.29%
1,595,612.03
25,262.56
1.05%
19,152.03
AA/AA
AA
1.69 1.50
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
100.58
4.15%
1,005,841.14
10,375.00
0.66%
6,381.14
A/A
A
1.77 1.67
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
100.90
4.35%
1,256,170.66
12,138.75
0.83%
11,481.91
A/A
AA
1.80 1.69
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
101.20
4.13%
1,518,044.42
7,000.00
1.00%
17,234.42
A/AA
NA
1.91 1.72
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
101.30
4.29%
1,225,787.17
2,181.66
0.81%
15,787.17
AA/A
AA
1.96 1.78
665859AW4 NORTHERN TRUST CORP 4.0
05/10/2027 1,000,000.00 09/14/2022
4.23%
990,460.00
990,460.00
99.55 4.23%
995,461.89
15,666.67
0.66%
5,001.89
A/A
A
2.11 1.97
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
95.24 4.22%
1,428,670.97
10,483.33
0.94%
56,725.97
A/A
NA
2.12 2.03
437076DB5 HOME DEPOT INC 4.875
06/25/2027 740,000.00 --
4.95%
738,545.60
738,545.60
101.41
4.21%
750,405.46
9,620.00
0.49%
11,859.86
A/A
A
2.24 2.00
34 HOLDINGS REPORT
City of Murrieta | Account | As of March 31, 2025
Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
09290DAH4 BLACKROCK INC 4.6 07/26/2027 750,000.00 07/18/2024
4.57%
750,645.00
750,645.00
100.79
4.24%
755,900.52
6,229.17
0.50%
5,255.52
AA/AA
NA
2.32 2.09
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
100.06
4.12%
1,250,699.60
6,772.57
0.82%
(937.90)
AA/A
NA
2.37 2.22
023135BC9 AMAZON.COM INC 3.15
08/22/2027 1,000,000.00 07/30/2024
4.55%
960,450.00
960,450.00
97.79 4.13%
977,871.90
3,412.50
0.64%
17,421.90
A/AA
AA
2.39 2.27
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
100.49
4.34%
1,004,886.62
1,390.28
0.66%
14,986.62
A/A
A
2.47 2.31
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
99.03 4.31%
990,330.66
19,500.00
0.65%
(9,489.34)
AAA/AA
AAA
2.50 2.35
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
96.78 4.30%
1,209,712.93
17,003.47
0.80%
20,412.93
A/A
A
2.54 2.38
24422EXZ7 JOHN DEERE CAPITAL CORP 4.65
01/07/2028 700,000.00 01/06/2025
4.66%
699,790.00
699,790.00
101.24
4.17%
708,683.01
7,414.17
0.47%
8,893.01
A/A
A
2.77 2.55
57629TBW6 MASSMUTUAL GLOBAL FUNDING
II 4.45 03/27/2028 1,340,000.00 03/20/2025
4.49%
1,338,405.40
1,338,405.40
100.22
4.37%
1,342,914.88
662.56
0.89%
4,509.48
AA/AA
AA
2.99 2.77
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
98.11 4.36%
735,851.03
11,562.50
0.49%
20,846.03
A/A
NA
3.08 2.83
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
100.11
4.36%
1,501,701.15
24,933.33
0.99%
17,676.15
AA/A
AA
3.12 2.70
06368MJG0 BANK OF MONTREAL 5.004
01/27/2029 1,500,000.00 01/24/2025
4.96%
1,501,860.00
1,501,860.00
101.04
4.71%
1,515,537.09
13,344.00
1.00%
13,677.09
A/A
AA
3.83 2.59
Total Corporate 37,805,000.00 4.50%
37,368,115.85
37,368,115.85
99.94 4.40%
37,775,446.24
356,520.25
24.92%
407,330.39
1.71 1.52
MONEY MARKET
FUND
31846V567 FIRST AMER:GVT OBLG Z 2,065,505.72 --
4.23%
2,065,505.72
2,065,505.72
1.00 4.23%
2,065,505.72
0.00 1.36%
0.00 AAA/AAA
AAA
0.00 0.00
Total Money Market
Fund 2,065,505.72 4.23%
2,065,505.72
2,065,505.72
1.00 4.23%
2,065,505.72
0.00 1.36%
0.00 0.00
0.00 35
HOLDINGS REPORT
City of Murrieta | Account | As of March 31, 2025
Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
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
98.51 3.99%
492,566.52
3,840.28
0.32%
9,451.52
AAA/AAA
NA
3.28 3.04
Total Supranational 500,000.00 4.26%
483,115.00
483,115.00
98.51 3.99%
492,566.52
3,840.28
0.32%
9,451.52
3.28 3.04
US TREASURY
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
99.69 4.31%
1,993,711.98
3,149.17
1.32%
16,368.23
AAA/AA
AA
0.08 0.08
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
99.33 4.34%
1,787,953.12
1,508.24
1.18%
22,195.31
AAA/AA
AA
0.17 0.16
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
98.66 4.32%
1,973,187.50
828.73
1.30%
31,156.25
AAA/AA
AA
0.33 0.33
91282CAJ0 UNITED STATES TREASURY 0.25
08/31/2025 1,000,000.00 03/22/2022
2.42%
928,828.13
928,828.13
98.37 4.25%
983,742.19
217.39
0.65%
54,914.06
AAA/AA
AA
0.42 0.41
9128285C0 UNITED STATES TREASURY 3.0
09/30/2025 3,250,000.00 --
2.90%
3,259,882.81
3,259,882.81
99.40 4.23%
3,230,601.56
266.39
2.13%
(29,281.25)
AAA/AA
AA
0.50 0.49
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
99.32 4.20%
2,482,890.63
31,491.71
1.64%
(15,742.19)
AAA/AA
AA
0.59 0.56
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
98.85 4.14%
2,471,210.93
21,287.98
1.63%
40,058.59
AAA/AA
AA
0.63 0.60
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
98.89 4.14%
2,472,200.53
16,496.89
1.63%
59,407.56
AAA/AA
AA
0.75 0.73
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
98.24 4.06%
2,456,093.75
153.69
1.62%
78,261.72
AAA/AA
AA
1.00 0.97
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
99.69 4.06%
1,993,750.00
34,615.38
1.32%
28,046.87
AAA/AA
AA
1.04 0.99
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
96.97 3.95%
2,909,064.00
22,707.18
1.92%
142,032.75
AAA/AA
AA
1.63 1.56
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
96.34 3.93%
1,686,016.50
7,698.55
1.11%
44,776.27
AAA/AA
AA
1.75 1.69
91282CEF4 UNITED STATES TREASURY 2.5
03/31/2027 2,500,000.00 11/17/2022
4.27%
2,349,414.06
2,349,414.06
97.34 3.90%
2,433,595.00
170.77
1.61%
84,180.94
AAA/AA
AA
2.00 1.92
36 HOLDINGS REPORT
City of Murrieta | Account | As of March 31, 2025
Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
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
98.66 3.88%
1,282,531.90
10,620.86
0.85%
15,844.40
AAA/AA
AA
2.25 2.13
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
97.46 3.90%
1,949,296.88
9,116.02
1.29%
62,187.50
AAA/AA
AA
2.33 2.22
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
98.23 3.90%
2,455,664.05
6,793.48
1.62%
10,546.86
AAA/AA
AA
2.42 2.29
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
100.58
3.88%
1,609,312.50
180.33
1.06%
13,812.50
AAA/AA
AA
2.50 2.35
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
95.93 3.90%
1,343,015.63
11,921.27
0.89%
44,078.13
AAA/AA
AA
2.63 2.49
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
98.95 3.89%
1,484,296.88
8,701.66
0.98%
17,226.57
AAA/AA
AA
2.84 2.66
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
96.94 3.88%
2,665,781.25
9,400.90
1.76%
(18,476.56)
AAA/AA
AA
2.88 2.72
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
96.77 3.90%
2,419,335.95
8,934.74
1.60%
44,531.26
AAA/AA
AA
3.38 3.17
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
97.36 3.91%
1,947,187.50
23,653.31
1.28%
76,562.50
AAA/AA
AA
3.63 3.34
91282CKD2 UNITED STATES TREASURY 4.25
02/28/2029 2,250,000.00 01/30/2025
4.31%
2,244,726.56
2,244,726.56
101.17
3.92%
2,276,367.19
8,315.22
1.50%
31,640.63
AAA/AA
AA
3.91 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
100.26
3.93%
2,005,234.38
13,259.67
1.32%
14,140.63
AAA/AA
AA
4.33 3.92
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
96.74 3.94%
2,660,302.73
7,472.83
1.75%
41,572.26
AAA/AA
AA
4.42 4.06
91282CFT3 UNITED STATES TREASURY 4.0
10/31/2029 1,700,000.00 02/12/2025
4.33%
1,665,203.13
1,665,203.13
100.22
3.95%
1,703,785.15
28,552.49
1.12%
38,582.02
AAA/AA
AA
4.59 4.08
91282CFY2 UNITED STATES TREASURY 3.875
11/30/2029 3,000,000.00 03/24/2025
4.06%
2,976,679.69
2,976,679.69
99.70 3.95%
2,990,859.36
38,962.91
1.97%
14,179.67
AAA/AA
AA
4.67 4.18
56,704,185.55 98.51 57,666,989.02 38.04% 2.16
Total US Treasury 58,550,000.00 3.74% 56,704,185.55 4.02% 326,477.76 962,803.47 2.00 149,612,932.57 98.04 151,609,384.89 100.00% 2.11
Total Portfolio 152,543,540.51 4.21% 149,612,932.57 4.16% 993,109.41 1,996,452.33 1.83 37 HOLDINGS REPORT
City of Murrieta | Account | As of March 31, 2025
Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
Total Market Value +
Accrued 152,602,494.30
38 TRANSACTIONS
39 TRANSACTION LEDGER
City of Murrieta | Account |01/01/2025 Through 03/31/2025| Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp Yield Amount Interest
Pur/Sold Total Amount Gain/Loss
ACQUISITIONS
Purchase 01/09/2025 24422EXZ7 700,000.00 JOHN DEERE CAPITAL CORP
4.65 01/07/2028 99.970 4.66% (699,790.00) 0.00 (699,790.00) 0.00 Purchase 01/27/2025 06368MJG0 1,500,000.00 BANK OF MONTREAL 5.004 01/27/2029 100.124 4.96% (1,501,860.00) 0.00 (1,501,860.00) 0.00 Purchase 01/31/2025 91282CKD2 2,250,000.00 UNITED STATES TREASURY
4.25 02/28/2029 99.766 4.31% (2,244,726.56) (40,416.09) (2,285,142.65) 0.00 Purchase 02/14/2025 91282CFT3 1,700,000.00 UNITED STATES TREASURY
4.0 10/31/2029 97.953 4.49% (1,665,203.13) (19,911.60) (1,685,114.73) 0.00 Purchase 03/11/2025 47800DAD6 670,000.00 JDOT 2025 A3 4.23 09/17/2029 99.994 4.23% (669,957.86) 0.00 (669,957.86) 0.00 Purchase 03/25/2025 3130ATS57 3,000,000.00 FEDERAL HOME LOAN BANKS 4.5 03/10/2028 101.316 4.02% (3,039,480.00) (5,625.00) (3,045,105.00) 0.00 Purchase 03/25/2025 91282CFY2 3,000,000.00 UNITED STATES TREASURY
3.875 11/30/2029 99.223 4.06% (2,976,679.69) (36,727.34) (3,013,407.03) 0.00 Purchase 03/27/2025 57629TBW6 1,340,000.00 MASSMUTUAL GLOBAL FUNDING II 4.45 03/27/2028 99.881 4.49% (1,338,405.40) 0.00 (1,338,405.40) 0.00 Purchase 03/31/2025 92348KDY6 1,050,000.00
VERIZON MASTER TRUST,
SERIES 2025-3 4.51
03/20/2030
99.996 4.51% (1,049,954.85) 0.00 (1,049,954.85) 0.00
Purchase 03/31/2025 3137HA4B9 2,000,000.00 FHMS K-751 A2 4.412 03/25/2030 99.895 4.37% (1,997,890.63) (7,353.33) (2,005,243.96) 0.00 Purchase 03/31/2025 3137FLMV3 2,000,000.00 FHMS K-090 A2 3.422 02/25/2029 96.625 4.30% (1,932,500.00) (5,703.33) (1,938,203.33) 0.00 Total Purchase 19,210,000.00 (19,116,448.12) (19,232,184.81) 0.00 TOTAL
ACQUISITIONS 19,210,000.00 (19,116,448.12) (19,232,184.81) 0.00
DISPOSITIONS
Call Redemption 02/06/2025 857477BR3 (335,000.00) STATE STREET CORP 1.746 02/06/2026 100.000 1.75% 335,000.00 0.00 335,000.00 0.00 Total Call
Redemption (335,000.00) 335,000.00 0.00 335,000.00 0.00 40 TRANSACTION LEDGER
City of Murrieta | Account |01/01/2025 Through 03/31/2025| Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp Yield Amount Interest
Pur/Sold Total Amount Gain/Loss
Maturity 01/06/2025 3133ENKS8 (755,000.00)
FEDERAL FARM CREDIT
BANKS FUNDING CORP
1.125 01/06/2025
100.000 1.20% 755,000.00 0.00 755,000.00 1,698.75
Maturity 01/21/2025 78016EYM3 (1,000,000.00) ROYAL BANK OF CANADA
1.6 01/21/2025 100.000 1.60% 1,000,000.00 0.00 1,000,000.00 0.00 Maturity 01/31/2025 912828Z52 (2,000,000.00) UNITED STATES TREASURY
1.375 01/31/2025 100.000 0.51% 2,000,000.00 0.00 2,000,000.00 (62,500.00) Maturity 02/14/2025 3133ENPG9 (1,200,000.00)
FEDERAL FARM CREDIT
BANKS FUNDING CORP 1.75
02/14/2025
100.000 1.82% 1,200,000.00 0.00 1,200,000.00 2,544.00
Maturity 03/31/2025 912828ZF0 (2,000,000.00) UNITED STATES TREASURY
0.5 03/31/2025 100.000 0.54% 2,000,000.00 0.00 2,000,000.00 2,968.75 Total Maturity (6,955,000.00) 6,955,000.00 0.00 6,955,000.00 (55,288.50) TOTAL
DISPOSITIONS (7,290,000.00) 7,290,000.00 0.00 7,290,000.00 (55,288.50) 41 TRANSACTION LEDGER
Murrieta Liquidity | Account (CLOSED)|01/01/2025 Through 03/31/2025| Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp Yield Amount Interest
Pur/Sold Total Amount Gain/Loss
DISPOSITIONS
Maturity 01/31/2025 89233GNX0 (2,000,000.00) Toyota Motor Credit Corporation 01/31/2025 100.000 5.42% 2,000,000.00 0.00 2,000,000.00 74,375.00 Maturity 03/04/2025 62479LQ40 (2,700,000.00) MUFG Bank, Ltd. - New York Branch 03/04/2025 100.000 5.36% 2,700,000.00 0.00 2,700,000.00 105,097.50 Total Maturity (4,700,000.00) 4,700,000.00 0.00 4,700,000.00 179,472.50 TOTAL
DISPOSITIONS (4,700,000.00) 4,700,000.00 0.00 4,700,000.00 179,472.50 42 IMPORTANT DISCLOSURES
2025 Chandler Asset Management, Inc, An Independent Registered Investment Adviser.
Information contained herein is confidential. Prices are provided by ICE Data Services Inc (“IDS”), an independent pricing source. In the event IDS does not provide a price or if the price provided is not reflective of fair market value, Chandler will obtain pricing from an alternative approved third party pricing source in accordance with our written valuation policy and procedures. Our valuation procedures are also disclosed in Item 5 of our Form ADV Part 2A.
Performance results are presented gross-of-advisory fees and represent the client’s Total Return. The deduction of advisory fees lowers performance results. These results include the reinvestment of dividends and other earnings. Past performance may not be indicative of future results. Therefore, clients should not assume that future performance of any specific investment or investment strategy will be profitable or equal to past performance levels. All investment strategies have the potential for profit or loss. Economic factors, market conditions or changes in investment strategies, contributions or withdrawals may materially alter the performance and results of your portfolio.
Index returns assume reinvestment of all distributions. Historical performance results for investment indexes generally do not reflect the deduction of transaction and/or custodial charges or the deduction of an investment management fee, the incurrence of which would have the effect of decreasing historical performance results. It is not possible to invest directly in an index.
Source ICE Data Indices, LLC (“ICE”), used with permission. ICE permits use of the ICE indices and related data on an “as is” basis; ICE, its affiliates and their respective third party suppliers disclaim any and all warranties and representations, express and/or implied, including any warranties of merchantability or fitness for a particular purpose or use, including the indices, index data and any data included in, related to, or derived therefrom. Neither ICE data, its affiliates or their respective third party providers guarantee the quality, adequacy, accuracy, timeliness or completeness of the indices or the index data or any component thereof, and the indices and index data and all components thereof are provided on an “as is” basis and licensee’s use it at licensee’s own risk. ICE data, its affiliates and their respective third party do not sponsor, endorse, or recommend chandler asset management, or any of its products or services.
This report is provided for informational purposes only and should not be construed as a specific investment or legal advice. The information contained herein was obtained from sources believed to be reliable as of the date of publication, but may become outdated or superseded at any time without notice. Any opinions or views expressed are based on current market conditions and are subject to change. This report may contain forecasts and forward-looking statements which are inherently limited and should not be relied upon as indicator of future results. Past performance is not indicative of future results. This report is not intended to constitute an offer, solicitation, recommendation or advice regarding any securities or investment strategy and should not be regarded by recipients as a substitute for the exercise of their own judgment.
Fixed income investments are subject to interest, credit and market risk. Interest rate risk: the value of fixed income investments will decline as interest rates rise. Credit risk: the possibility that the borrower may not be able to repay interest and principal. Low rated bonds generally have to pay higher interest rates to attract investors willing to take on greater risk. Market risk: the bond market in general could decline due to economic conditions, especially during periods of rising interest rates.
Ratings information have been provided by Moody’s, S&P and Fitch through data feeds we believe to be reliable as of the date of this statement, however we cannot guarantee its accuracy.
Security level ratings for U.S. Agency issued mortgage-backed securities (“MBS”) reflect the issuer rating because the securities themselves are not rated. The issuing U.S. Agency guarantees the full and timely payment of both principal and interest and carries a AA+/Aaa/AAA by S&P, Moody’s and Fitch respectively. 43 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. 44