INVESTMENT REPORT
City of Murrieta | As of June 30, 2025
CHANDLER ASSET MANAGEMENT | chandlerasset.com
Chandler Team:
For questions about your account, please call (800) 317-4747, or contact [email protected]
Information contained herein is confidential. We urge you to compare this statement to the one you receive from your qualified custodian. Please see Important Disclosures at the end of the statement.
TABLE OF CONTENTS
ECONOMIC UPDATE
ACCOUNT PROFILE
PORTFOLIO HOLDINGS
TRANSACTIONS
1 ECONOMIC UPDATE
2 ▪
▪
▪
Recent economic data suggest slower growth in 2025 and greater market uncertainty as the effects of fiscal policy unfold. Inflationary trends have subsided, but 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 June meeting. Fed Chair Powell continued to emphasize the Committee’s “waitand see” approach amidst economic uncertainty that remains elevated but diminished. Federal Reserve officials continued to pencil in two rate cuts in 2025.
US Treasury yields declined in June. The 2-year Treasury yield fell 18 basis points to 3.72%, the 5-year Treasury dropped 17 basis points to
3.80%, and the 10-year Treasury yield also declined 17 basis points to 4.23%. The spread between the 2-year and 10-year Treasury yield points on the curve edged up to +51 basis points at June month-end versus +50 basis points at May month-end. The spread between the 2- year Treasury and 10-year Treasury yield one year ago was -36 basis points. The spread between the 3-month and 10-year Treasury yield points on the curve was -7 basis points in June, versus -6 basis points in May.
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 147,000 jobs in June, exceeding consensus expectations, and the last two months were revised up by 16,000.
Gains were primarily driven by state and local government education, while job growth in service sectors languished. The three-month moving average and six-month moving average payrolls totaled 150,000 and 130,000 respectively. The unemployment rate declined to
4.1% in June from 4.2% in May, due to a shrinking labor force. The labor participation rate dipped to 62.3%, 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 dropped to 7.7% in June. Average hourly earnings fell slightly, marking a 3.7% year-over-year increase.
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) unexpectedly roseto 7.77 million new job openings in May from
7.40 million in April. Layoffs declined and the quits rate increased. Job openings indicate a ratio of approximately 1.1 jobs for each unemployed individual, representing a relatively balanced labor market.
Source: US Department of Labor
JOB OPENINGS & LABOR TURNOVER SURVEY
5 0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
9.0%
10.0%
Consumer Price Index (CPI)
CPI YOY % Change
Core CPI YOY % Change
YOY (%) Change
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
9.0%
10.0%
Personal Consumption Expenditures (PCE)
PCE Price Deflator YOY % Change
PCE Core Deflator YOY % Change
Fed Target
YOY (%) Change
In May, the Consumer Price Index (CPI) cooled slightly more than consensus expectations. The headline CPI increased 0.1% month-over- month and rose 2.4% year-over-year, while the Core CPI rose 0.1% month-over-month and 2.8% year-over-year. The Personal Consumption Expenditures (PCE) price index increased 0.1% month-over-month and rose 2.3% year-over-year in May. The Core PCE deflator, which excludes food and energy and is the Fed’s preferred gauge, increased 0.2% month-over-month and 2.7% year-over-year, up from April’s
2.6% year-over-year increase. Inflation is hovering above the Fed’s 2% target.
Source: US Department of Labor Source: US Department of Commerce
INFLATION
6 -10.0%
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
Retail Sales YOY % Change
YOY (%) Change
Advance Retail Sales were down 0.9% month-over-monthin May, further slowing from a downwardly revised -0.1%in April. Declines were led by auto sales, building materials, garden equipment and supplies, and spending at restaurants and bars fell by the most since early 2023. Control group sales, which feed into GDP, were the only bright spot in the report, with a 0.4% increase. On a year-over-year basis, Retail Sales grew 3.3% in May following a 5.0% increase in April. The Conference Board’s Consumer Confidence Index droppedto 93.0 in June from 98.4 in May, as consumers’ assessment of both the current situation and future expectations for income and labor markets soured. While the consumer has been resilient, elevated 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 0.1% in May, following a downwardly revised 1.4% decline in April. The LEI decreased by 4.0% year-over-year. The rebound in the stock market was the primary positive contributor, offset by consumer pessimism, weak new orders in manufacturing, the second consecutive month of rising initial unemployment claims, and a drop in housing permits.
The Chicago Fed National Activity Index (CFNAI) improved to -0.28 in May from a downwardly revised -0.36 in April. The three-month moving average dropped to -0.16 in May from 0.06 in April, indicating slightly below trend growth.
Source: The Conference Board Source: Federal Reserve Bank of Chicago
LEADING INDICATORS OF ECONOMIC ACTIVITY
8 0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
2,000
2,200
2,400
In Thousands of Units
Annualized Housing Starts
Multi Family Housing Starts
Single Family Housing Starts
Housing starts declined 9.8% month-over-month in May to a seasonally adjusted annual rate of 1.256 million units. Single family starts increased 0.4% above the revised April figures, whereas multi-family starts fell -30.4%. Total starts dropped 4.6% compared to May 2024.
Homebuilder confidence is shaky due to elevated mortgage rates, affordability constraints, and a weakening economic outlook. The Freddie Mac 30-year fixed rate mortgage averaged approximately 6.8% in June. According to the Case-Shiller 20-City Home Price Index, housing prices rose 3.4% year-over-year in April, compared to 4.1% in March. Limited inventory, elevated mortgage rates, and lack of affordability continue to weigh on the housing market.
Source: US Department of Commerce Source: S&P
-20.0%
-16.0%
-12.0%
-8.0%
-4.0%
0.0%
4.0%
8.0%
12.0%
16.0%
20.0%
24.0%
S&P/Case-Shiller 20 City Composite Home Price Index
Recession
YOY (%) Change
HOUSING
9 40
45 50
55 60
65 70
Institute of Supply Management (ISM) Surveys
ISM Manufacturing ISM Services
EXPANDING
CONTRACTING
The Institute for Supply Management (ISM) Manufacturing index edged up to 49.0 in June from 48.5 in May, indicating a continuation of modest contraction in the sector. Inventories and production improved as companies worked through backlogs, while employment and new orders contracted. The ISM Services index increased to 50.8 in June from 49.9 in May, as new orders improved. However, ongoing concerns about the impact of tariffs remain. 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 6/24 9/24 12/24 3/25
1.9% 2.5% 2.7% 0.3%
1.5% 0.2% -1.0% 3.9%
-0.9% -0.4% 0.3% -4.6%
0.3% 0.6% 0.3% -0.3%
0.3% 0.3% 0.3% 0.2%
3.0% 3.1% 2.5% -0.5%
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 Real GDP decreased at an annualized rate of 0.5% in the first quarter of 2025, according to the third and final estimate from the Bureauof Economic Analysis, a downward revision from the previously estimated 0.2% decline. This marks the first negative quarter since 2022.
The primary driver of the downward revision was weaker personal consumption expenditures. Net exports remained the primary drag on growth, as imports rose sharply in anticipation of higher tariffs. Gross investment contributed positively, powered by business decisions to get ahead of possible cost increases. The consensus projection calls for 2.1% growth for the second quarter and 1.5% for the full year 2025.
GROSS DOMESTIC PRODUCT (GDP)
11 Source: Federal Reserve Source: Bloomberg
0 1,000,000
2,000,000
3,000,000
4,000,000
5,000,000
6,000,000
7,000,000
8,000,000
9,000,000
10,000,000
Federal Reserve Balance Sheet Assets
Recession
In $ millions
As broadly anticipated, the Federal Open Market Committee (FOMC) left the Federal Funds Rate unchanged at the range of 4.25 - 4.50% at the June meeting. In the Summaryof Economic Projections (SEP), Federal Reserve officials continued to pencil in two rate cuts in 2025, while downgrading estimates for economic growth and raising forecasts for both unemployment and inflation this year. The statement indicated that uncertainty about the economic outlook remained elevatedbut had diminished. The monthly redemption capon Treasuries will remain at $5 billion, while the cap on agencies and mortgage-backed securities will be maintained at $35 billion. Since the Fed began its Quantitative Tightening campaign in June 2022, securities holdings have declined by about $2.2 trillion to approximately $6.7 trillion.
FEDERAL RESERVE
0.00%
1.00%
2.00%
3.00%
4.00%
5.00%
6.00%
Effective Federal Funds Rate
Recession
Yield (%)
12 Source: Bloomberg Source: Bloomberg
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
US Treasury Note Yields
2-Year
5-Year
10-Year
Yield (%)
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
US Treasury Yield Curve
Jun-25
Mar-25
Jun-24
Yield (%)
At the end of June, the 2-year Treasury yield was 103 basis points lower, and the 10-Year Treasury yield was 17 basis points lower, year- over-year. The spread between the 2-year and 10-year Treasury yield pointson the curve edged up to +51 basis points at June month-end versus +50 basis points at May 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 -7 basis points in June, versus -6 basis points in May.
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
City of Murrieta | Account | As of June 30, 2025
Rules Name Limit Actual Compliance
Status Notes
AGENCY MORTGAGE SECURITIES (CMOS)
Max % (MV) 20.0 10.8 Compliant
Max % Issuer (MV) 30.0 10.8 Compliant
Max Maturity (Years) 5.0 4.7 Compliant
ASSET-BACKED SECURITIES (ABS)
Max % (MV) 20.0 8.9 Compliant
Max % Issuer (MV) 5.0 0.9 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 24.7 Compliant
16 STATEMENT OF COMPLIANCE
City of Murrieta | Account | As of June 30, 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 18.9 Compliant
Max % Issuer (MV) 30.0 11.8 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 0.9 Compliant
Max % Issuer (MV) 10.0 0.9 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
City of Murrieta | Account | As of June 30, 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 1.2 Compliant
Max % Issuer (MV) 10.0 1.2 Compliant
Max Maturity (Years) 5 3 Compliant
Min Rating (AA- by 1) 0.0 0.0 Compliant
U.S. TREASURIES
Max % (MV) 100.0 34.7 Compliant
Max Maturity (Years) 5 4 Compliant
18 PORTFOLIO CHARACTERISTICS
City of Murrieta | Account | As of June 30, 2025
Benchmark* 6/30/2025
Portfolio
3/31/2025
Portfolio
Average Maturity (yrs) 1.85 2.14 2.11
Average Modified Duration 1.77 1.80 1.83
Average Purchase Yield 4.31% 4.17%
Average Market Yield 3.80% 4.04% 4.16%
Average Quality** AA+ AA+ AA+
Total Market Value 154,634,664 152,602,494
*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 SECTOR DISTRIBUTION
City of Murrieta | Account | As of June 30, 2025
Sector as a Percentage of Market Value
Sector 06/30/2025 03/31/2025
US Treasury 34.69% 38.04%
Corporate 24.65% 24.92%
Agency 18.88% 19.08%
Agency CMBS 10.81% 9.70%
ABS 8.87% 6.56%
Supras 1.19% 0.32%
Money Mkt Fd 0.91% 1.36%
20 ISSUERS
City of Murrieta | Account | As of June 30, 2025
Issuer Investment Type % Portfolio
Government of The United States US Treasury 34.69%
Federal Home Loan Banks Agency 11.77%
FHLMC Agency CMBS 10.81%
Farm Credit System Agency 7.11%
Massachusetts Mutual Life Insurance Corporate 1.37%
Duke Energy Corporation Corporate 1.30%
American Express Credit Master Trust ABS 1.25%
International Bank for Recon and Dev Supras 1.19%
The Home Depot, Inc. Corporate 1.14%
Deere & Company Corporate 1.12%
Mercedes-Benz Auto Lease Trust ABS 1.09%
JPMorgan Chase & Co. Corporate 1.04%
Bank of Montreal Corporate 0.99%
National Rural Utilities Cooperative Corporate 0.99%
Cisco Systems, Inc. Corporate 0.99%
Florida Power & Light Corporate 0.99%
PACCAR Inc Corporate 0.96%
Air Products and Chemicals, Inc. Corporate 0.94%
Amazon.com, Inc. Corporate 0.92%
U.S. Bancorp Money Mkt Fd 0.91%
Caterpillar Inc. Corporate 0.90%
U.S. Bancorp Corporate 0.87%
Chase Issuance Trust ABS 0.87%
Honda Auto Receivables Owner Trust ABS 0.87%
Royal Bank of Canada Corporate 0.82%
Eli Lilly and Company Corporate 0.82%
State Street Corporation Corporate 0.80%
WF Card Issuance Trust ABS 0.80%
UnitedHealth Group Incorporated Corporate 0.79%
GM Financial Securitized Term ABS 0.77%
21 ISSUERS
City of Murrieta | Account | As of June 30, 2025
Issuer Investment Type % Portfolio
Verizon Master Trust ABS 0.69%
John Deere Owner Trust ABS 0.69%
Bank of America Corporation Corporate 0.66%
Met Tower Global Funding Corporate 0.66%
Toyota Motor Corporation Corporate 0.66%
BMW Vehicle Lease Trust ABS 0.65%
Morgan Stanley Corporate 0.65%
Northern Trust Corporation Corporate 0.65%
Apple Inc. Corporate 0.65%
New York Life Insurance Company Corporate 0.65%
Chubb Limited Corporate 0.65%
BlackRock, Inc. Corporate 0.49%
Public Service Enterprise Group Inco Corporate 0.48%
BMW Vehicle Owner Trust ABS 0.42%
GM Financial Automobile Leasing Trus ABS 0.40%
Hyundai Auto Receivables Trust ABS 0.38%
Target Corporation Corporate 0.37%
PepsiCo, Inc. Corporate 0.34%
Cash Cash 0.00%
TOTAL 100.00%
22 QUALITY DISTRIBUTION
Rating 06/30/2025 03/31/2025
AAA 11.3% 8.6%
AA 69.1% 71.6%
A 17.0% 18.1%
NA 2.7% 1.7%
Rating 06/30/2025 03/31/2025
AAA 9.13% 73.49%
AA 69.88% 8.17%
A 15.95% 15.50%
NA 5.04% 2.84%
Rating 06/30/2025 03/31/2025
AAA 14.34% 12.21%
AA 66.52% 69.46%
A 8.82% 8.34%
NA 10.31% 10.00%
City of Murrieta | Account | As of June 30, 2025
S&P Rating Moody’s Rating Fitch Rating
23 DURATION DISTRIBUTION
City of Murrieta | Account | As of June 30, 2025
Date 0-.25 .25-.5 .5-1 1-2 2-3 3-4 4-5 5-7 7+
06/30/2025 8.0% 5.4% 10.4% 33.9% 28.5% 11.8% 2.0% 0.0% 0.0% 03/31/2025 7.6% 8.0% 11.2% 33.3% 23.3% 10.4% 6.2% 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 1.33% 6.02% 5.44% 3.94% 1.76% 2.06%
Benchmark 1.18% 5.67% 5.09% 3.41% 1.37% 1.71%
*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 June 30, 2025
Total Rate of Return : Inception | 02/01/2020
25 PORTFOLIO HOLDINGS
26 HOLDINGS REPORT
City of Murrieta | Account | As of June 30, 2025
Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
ABS
43815PAC3 HAROT 2022-2 A3 3.73
07/20/2026 70,807.45 08/15/2022
3.73%
70,803.23
70,803.23
99.86 4.53%
70,709.15
95.37 0.05%
(94.08)
NA/AAA
AAA
1.05 0.18
05602RAD3 BMWOT 2022-A A3 3.21
08/25/2026 30,544.51 05/10/2022
3.21%
30,542.92
30,542.92
99.82 4.56%
30,489.36
16.34 0.02%
(53.56)
Aaa/AAA
NA
1.15 0.14
47787JAC2 JDOT 2022 A3 2.32 09/15/2026 42,451.76 03/10/2022
2.33%
42,442.37
42,442.37
99.72 4.16%
42,331.03
43.77 0.03%
(111.35)
Aaa/NA
AAA
1.21 0.15
362554AC1 GMCAR 2021-4 A3 0.68
09/16/2026 630.10 10/13/2021
0.68%
630.08
630.08
99.84 4.51%
629.11
0.18 0.00%
(0.98)
Aaa/AAA
NA
1.21 0.04
380146AC4 GMCAR 2022-1 A3 1.26
11/16/2026 6,619.77 01/11/2022
1.26%
6,619.20
6,619.20
99.86 4.72%
6,610.38
3.48 0.00%
(8.81)
NA/AAA
AAA
1.38 0.04
379929AD4 GMALT 2023-3 A3 5.38
11/20/2026 158,417.48 08/08/2023
5.38%
158,398.48
158,398.48
100.17
4.55%
158,692.43
260.42
0.10%
293.94
NA/AAA
AAA
1.39 0.19
36269FAD8 GMALT 2024-1 A3 5.09
03/22/2027 455,000.00 02/08/2024
5.09%
454,943.13
454,943.13
100.30
4.53%
456,368.23
707.65
0.30%
1,425.10
NA/AAA
AAA
1.73 0.49
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
100.34
4.43%
1,003,413.50
830.00
0.65%
8,726.00
Aaa/AAA
NA
1.73 0.57
36265WAD5 GMCAR 2022-3 A3 3.64
04/16/2027 86,628.82 07/06/2022
3.64%
86,628.22
86,628.22
99.81 4.51%
86,463.58
131.39
0.06%
(164.65)
Aaa/NA
AAA
1.79 0.22
58770JAD6 MBALT 2024-A A3 5.32
01/18/2028 350,000.00 05/17/2024
5.32%
349,959.05
349,959.05
101.22
4.38%
354,274.62
827.56
0.23%
4,315.57
Aaa/NA
AAA
2.55 1.22
58769GAD5 MBALT 2024-B A3 4.23
02/15/2028 545,000.00 09/17/2024
4.24%
544,908.28
544,908.28
99.97 4.29%
544,845.82
1,024.60
0.36%
(62.46)
NA/AAA
AAA
2.63 1.29
362962AD4 GMALT 2025-2 A3 4.58
05/22/2028 705,000.00 05/20/2025
4.58%
704,988.30
704,988.30
100.64
4.23%
709,502.34
986.61
0.46%
4,514.04
NA/AAA
AAA
2.90 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
100.86
4.32%
1,260,716.00
2,894.44
0.82%
10,770.37
Aaa/AAA
NA
3.13 0.90
161571HT4 CHAIT 2023-1 A 5.16 09/15/2028 1,320,000.00 09/07/2023
5.23%
1,319,634.10
1,319,634.10
101.16
4.21%
1,335,255.11
3,027.20
0.87%
15,621.01
NA/AAA
AAA
3.21 1.14
47800RAD5 JDOT 2024 A3 4.96 11/15/2028 335,000.00 03/11/2024
4.96%
334,981.24
334,981.24
100.92
4.29%
338,094.60
738.49
0.22%
3,113.36
Aaa/NA
AAA
3.38 1.27
096919AD7 BMWOT 2024-A A3 5.18
02/26/2029 600,000.00 06/04/2024
5.18%
599,908.86
599,908.86
101.26
4.11%
607,564.80
518.00
0.40%
7,655.94
Aaa/AAA
NA
3.66 1.12
27 HOLDINGS REPORT
City of Murrieta | Account | As of June 30, 2025
Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
58768YAD7 MBALT 2025-A A3 4.61
04/16/2029 770,000.00 05/14/2025
4.61%
769,906.14
769,906.14
101.14
4.13%
778,744.20
1,577.64
0.51%
8,838.06
NA/AAA
AAA
3.79 2.15
02582JKH2 AMXCA 2024-1 A 5.23 04/16/2029 640,000.00 04/16/2024
5.23%
639,868.80
639,868.80
102.00
4.11%
652,779.20
1,487.64
0.43%
12,910.40
NA/AAA
AAA
3.79 1.67
47800DAD6 JDOT 2025 A3 4.23 09/17/2029 670,000.00 03/04/2025
4.23%
669,957.86
669,957.86
100.25
4.16%
671,654.63
1,259.60
0.44%
1,696.77
Aaa/NA
AAA
4.22 2.18
44935XAD7 HART 2025-B A3 4.36 12/17/2029 585,000.00 06/03/2025
4.36%
584,947.18
584,947.18
100.64
4.09%
588,745.17
1,417.00
0.38%
3,797.99
NA/AAA
AAA
4.47 2.07
92348KDY6 VZMT 2025-3 A1A 4.51
03/20/2030 1,050,000.00 03/25/2025
4.51%
1,049,954.85
1,049,954.85
100.44
4.39%
1,054,608.87
1,446.96
0.69%
4,654.02
Aaa/NA
AAA
4.72 1.62
02582JKP4 AMXCA 2025-2 A 4.28 04/15/2030 1,255,000.00 05/06/2025
4.28%
1,254,977.28
1,254,977.28
100.61
4.08%
1,262,676.46
2,387.29
0.82%
7,699.18
NA/AAA
AAA
4.79 2.58
362549AD9 GMCAR 2025-2 A3 4.28
04/16/2030 370,000.00 05/06/2025
4.28%
369,945.54
369,945.54
100.54
4.07%
371,991.04
659.83
0.24%
2,045.50
Aaa/AAA
NA
4.79 2.14
92970QAJ4 WFCIT 2025-1 A 4.34 05/15/2030 1,210,000.00 06/03/2025
4.33%
1,209,979.91
1,209,979.91
100.78
4.09%
1,219,476.48
3,063.32
0.80%
9,496.57
NA/AAA
AAA
4.87 2.65
Total ABS 13,506,099.89 4.74%
13,499,558.16
13,499,558.16
100.75
4.23%
13,606,636.09
25,404.78
8.87%
107,077.93
3.58 1.57
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
99.95 4.21%
1,399,341.08
25,506.25
0.91%
6,481.08
Aa1/AA+
AA+
0.56 0.54
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
100.61
4.01%
1,006,089.88
6,993.06
0.66%
8,399.88
Aa1/AA+
AA+
0.85 0.82
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
4.07%
2,012,545.40
5,013.89
1.31%
13,925.40
Aa1/AA+
AA+
0.95 0.92
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
100.85
4.18%
2,016,995.72
41,944.44
1.32%
9,515.72
Aa1/AA+
AA+
1.08 1.02
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
100.55
3.99%
2,418,249.29
41,185.63
1.58%
18,780.79
Aa1/AA+
AA+
1.12 1.07
3130AWTQ3 FEDERAL HOME LOAN BANKS
4.625 09/11/2026 4,500,000.00 --
4.81%
4,476,030.00
4,476,030.00
100.84
3.89%
4,537,826.37
63,593.75
2.96%
61,796.37
Aa1/AA+
AA+
1.20 1.14
28 HOLDINGS REPORT
City of Murrieta | Account | As of June 30, 2025
Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
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
100.87
3.96%
1,765,283.40
9,892.36
1.15%
10,855.90
Aa1/AA+
AA+
1.38 1.32
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
100.49
3.79%
2,009,870.22
38,041.67
1.31%
14,310.22
Aa1/AA+
AA+
1.54 1.45
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
101.11
3.83%
1,011,126.13
11,875.00
0.66%
15,606.13
Aa1/AA+
AA+
1.74 1.64
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
101.70
3.75%
1,525,466.63
16,229.17
0.99%
29,351.63
Aa1/AA+
AA+
1.77 1.67
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
101.30
3.78%
1,013,033.82
5,125.00
0.66%
18,203.82
Aa1/AA+
AA+
1.89 1.79
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
101.97
3.72%
3,059,079.18
41,625.00
1.99%
19,599.18
Aa1/AA+
AA+
2.70 2.49
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
100.77
3.72%
2,015,345.44
4,888.89
1.31%
58,405.44
Aa1/AA+
AA+
2.94 2.75
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
100.09
3.72%
1,120,967.72
2,566.67
0.73%
13,724.52
Aa1/AA+
AA+
2.94 2.75
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
102.15
3.78%
2,043,075.10
24,750.00
1.33%
61,615.10
Aa1/AA+
AA+
3.23 2.95
Total Agency 28,675,000.00 4.56%
28,593,724.20
28,593,724.20
100.98
3.89%
28,954,295.37
339,230.76
18.88%
360,571.17
1.72 1.61
AGENCY CMBS
3137BM7C4 FHMS K-051 A2 3.308 09/25/2025 940,236.59 06/23/2022
3.30%
938,253.28
938,253.28
99.57 4.46%
936,148.25
2,591.92
0.61%
(2,105.02)
Aa1/AA+
AAA
0.24 0.19
3137BSP72 FHMS K-058 A2 2.653 08/25/2026 2,000,000.00 02/09/2023
4.35%
1,890,546.88
1,890,546.88
98.16 4.23%
1,963,105.20
4,421.67
1.28%
72,558.32
Aa1/AA+
AAA
1.15 1.07
3137BTUM1 FHMS K-061 A2 3.347 11/25/2026 866,584.60 09/22/2022
4.23%
835,475.57
835,475.57
98.83 4.13%
856,438.02
2,417.05
0.56%
20,962.45
Aa1/AA+
AAA
1.41 1.26
3137BVZ82 FHMS K-063 A2 3.43 01/25/2027 862,000.00 --
4.09%
839,600.51
839,600.51
98.81 4.16%
851,755.65
2,463.88
0.56%
12,155.14
Aa1/AA+
AAA
1.57 1.36
3137F1G44 FHMS K-065 A2 3.243 04/25/2027 1,000,000.00 09/19/2022
4.08%
965,468.75
965,468.75
98.42 4.10%
984,211.10
2,702.50
0.64%
18,742.35
Aa1/AA+
AAA
1.82 1.65
29 HOLDINGS REPORT
City of Murrieta | Account | As of June 30, 2025
Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
3137FBU79 FHMS K-069 A2 3.187 09/25/2027 1,226,707.43 05/18/2023
4.13%
1,178,357.91
1,178,357.91
98.15 4.01%
1,204,002.42
3,257.93
0.78%
25,644.51
Aa1/AAA
AA+
2.24 2.06
3137F4X72 FHMS K-075 A2 3.65 02/25/2028 1,165,000.00 09/14/2023
4.92%
1,107,478.13
1,107,478.13
98.95 4.01%
1,152,820.39
3,543.54
0.75%
45,342.26
Aa1/AA+
AAA
2.66 2.45
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
99.55 4.00%
1,244,320.38
4,062.50
0.81%
47,054.75
Aa1/AA+
AAA
3.15 2.89
3137FK4M5 FHMS K-085 A2 4.06 10/25/2028 2,000,000.00 05/07/2025
4.12%
1,990,703.13
1,990,703.13
99.96 4.02%
1,999,200.60
6,766.67
1.30%
8,497.47
Aaa/AA+
AA+
3.32 3.02
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
94.13 4.06%
1,411,927.05
2,825.00
0.92%
26,595.02
Aa1/AA+
AAA
3.57 3.28
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
97.84 4.04%
1,956,767.20
5,703.33
1.28%
24,267.20
Aa1/AAA
AA+
3.66 3.32
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
100.99
4.13%
2,019,728.20
7,353.33
1.32%
21,837.57
Aaa/AA+
AA+
4.73 3.92
16,258,872.45 98.66 16,580,424.46 10.81% 2.71
Total Agency CMBS 16,810,528.62 4.27% 16,258,872.45 4.10% 48,109.32 321,552.01 2.42 CASH
CCYUSD Receivable 6,208.24 -- 6,208.24
6,208.24
1.00 0.00%
6,208.24
0.00 0.00%
0.00 Aaa/AAA
AAA
0.00 0.00
6,208.24 1.00 6,208.24 0.00% 0.00
Total Cash 6,208.24 6,208.24 0.00% 0.00 0.00 0.00
CORPORATE
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
99.91 4.36%
1,373,791.50
19,377.95
0.90%
455.25
A2/A
A+
0.12 0.11
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
99.84 4.54%
998,360.57
12,277.78
0.65%
7,650.57
Aa3/A
NA
0.13 0.12
437076CR1 HOME DEPOT INC 4.0 09/15/2025 1,000,000.00 09/14/2022
4.13%
996,380.00
996,380.00
99.90 4.46%
998,960.85
11,777.78
0.65%
2,580.85
A2/A
A
0.21 0.20
023135CN4 AMAZON.COM INC 4.6
12/01/2025 425,000.00 11/29/2022
4.60%
424,974.50
424,974.50
100.17
4.18%
425,703.12
1,629.17
0.28%
728.62
A1/AA
AA-
0.42 0.41
30 HOLDINGS REPORT
City of Murrieta | Account | As of June 30, 2025
Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
037833BY5 APPLE INC 3.25 02/23/2026 1,000,000.00 02/22/2023
4.72%
959,390.00
959,390.00
99.37 4.24%
993,724.09
11,555.56
0.65%
34,334.09
Aaa/AA+
NA
0.65 0.62
57629W6F2 MASSMUTUAL GLOBAL FUNDING
II 4.5 04/10/2026 750,000.00 04/04/2023
4.52%
749,482.50
749,482.50
100.04
4.44%
750,289.31
7,593.75
0.49%
806.81
Aa3/AA+
AA+
0.78 0.75
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
99.23 4.29%
992,309.61
5,397.22
0.65%
38,089.61
A2/A
A
0.84 0.81
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
101.02
4.31%
1,010,247.22
1,650.00
0.66%
9,807.22
Aa3/AA-
AA-
0.97 0.94
61747YET8 MORGAN STANLEY 4.679
07/17/2026 1,000,000.00 09/14/2022
5.45%
994,030.00
994,030.00
99.98 6.05%
999,845.29
21,315.44
0.65%
5,815.29
A1/A-
A+
1.05 0.04
69371RS56 PACCAR FINANCIAL CORP 5.05
08/10/2026 1,450,000.00 --
4.99%
1,451,925.00
1,451,925.00
101.04
4.07%
1,465,136.13
28,679.79
0.96%
13,211.13
A1/A+
NA
1.11 1.05
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
101.42
4.22%
1,014,182.56
20,415.50
0.66%
15,372.56
Aa2/A+
AA
1.13 0.99
713448FW3 PEPSICO INC 5.125 11/10/2026 510,000.00 11/08/2023
5.13%
509,862.30
509,862.30
101.26
4.16%
516,425.64
3,702.81
0.34%
6,563.34
A1/A+
NA
1.36 1.22
48125LRU8 JPMORGAN CHASE BANK NA 5.11
12/08/2026 1,575,000.00 --
5.08%
1,576,460.00
1,576,460.00
101.27
4.19%
1,594,939.41
5,141.94
1.04%
18,479.41
Aa2/AA-
AA
1.44 1.29
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
100.63
4.07%
1,006,284.97
21,625.00
0.66%
6,824.97
A1/A
A+
1.53 1.43
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
100.97
4.22%
1,257,088.13
27,312.19
0.82%
12,399.38
A1/A
AA-
1.56 1.45
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
101.21
4.03%
1,518,189.83
25,000.00
0.99%
17,379.83
A1/AA-
NA
1.66 1.48
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
101.45
4.11%
1,227,511.50
17,285.49
0.80%
17,511.50
Aa3/A
AA-
1.71 1.53
665859AW4 NORTHERN TRUST CORP 4.0
05/10/2027 1,000,000.00 09/14/2022
4.23%
990,460.00
990,460.00
99.88 4.07%
998,777.01
5,666.67
0.65%
8,317.01
A2/A+
A+
1.86 1.76
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
96.00 4.09%
1,440,073.52
3,545.83
0.94%
68,128.52
A2/A
NA
1.87 1.81
437076DB5 HOME DEPOT INC 4.875
06/25/2027 740,000.00 --
4.95%
738,545.60
738,545.60
101.58
4.04%
751,659.67
601.25
0.49%
13,114.07
A2/A
A
1.99 1.80
09290DAH4 BLACKROCK INC 4.6 07/26/2027 750,000.00 07/18/2024
4.57%
750,645.00
750,645.00
101.22
3.98%
759,157.77
14,854.17
0.49%
8,512.77
Aa3/AA-
NA
2.07 1.85
31 HOLDINGS REPORT
City of Murrieta | Account | As of June 30, 2025
Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
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
100.49
3.90%
1,256,130.85
19,741.32
0.82%
4,493.35
Aa3/A+
NA
2.12 1.91
023135BC9 AMAZON.COM INC 3.15
08/22/2027 1,000,000.00 07/30/2024
4.55%
960,450.00
960,450.00
98.37 3.95%
983,710.53
11,287.50
0.64%
23,260.53
A1/AA
AA-
2.15 2.02
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
100.84
4.15%
1,008,388.15
12,765.28
0.66%
18,488.15
A1/A+
A+
2.22 2.07
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
99.33 4.21%
993,287.74
9,750.00
0.65%
(6,532.26)
Aa1/AA+
AAA
2.25 2.11
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
97.29 4.20%
1,216,067.29
7,784.72
0.79%
26,767.29
A2/A+
A
2.29 2.17
24422EXZ7 JOHN DEERE CAPITAL CORP 4.65
01/07/2028 700,000.00 01/06/2025
4.66%
699,790.00
699,790.00
101.51
4.01%
710,570.92
15,551.67
0.46%
10,780.92
A1/A
A+
2.52 2.31
63743HFW7
NATIONAL RURAL UTILITIES
COOPERATIVE FINANCE CORP 4.75
02/07/2028
1,500,000.00 06/17/2025
4.40%
1,512,345.00
1,512,345.00
101.29
4.22%
1,519,353.71
28,500.00
0.99%
7,008.71
A2/NA
A
2.61 2.31
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
100.60
4.21%
1,348,092.54
15,570.06
0.88%
9,687.14
Aa3/AA+
AA+
2.74 2.53
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
99.12 4.03%
743,408.87
4,625.00
0.48%
28,403.87
A1/A
NA
2.84 2.65
90331HPS6 US BANK NA 4.73 05/15/2028 1,330,000.00 05/12/2025
4.88%
1,330,000.00
1,330,000.00
100.50
4.74%
1,336,681.16
8,038.37
0.87%
6,681.16
A2/A+
A+
2.88 1.76
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
100.75
4.12%
1,511,203.50
8,433.33
0.99%
27,178.50
Aa2/A+
AA-
2.88 2.51
87612EBU9 TARGET CORP 4.35 06/15/2028 570,000.00 06/05/2025
4.35%
569,994.30
569,994.30
100.60
4.13%
573,426.00
1,446.38
0.37%
3,431.70
A2/A
A
2.96 2.67
26444HAE1 DUKE ENERGY FLORIDA LLC 3.8
07/15/2028 1,000,000.00 06/04/2025
4.32%
985,120.00
985,120.00
99.12 4.11%
991,183.94
17,522.22
0.65%
6,063.94
A1/A
NA
3.04 2.79
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
101.62
4.53%
1,524,289.04
32,109.00
0.99%
22,429.04
A2/A-
AA-
3.58 2.35
Total Corporate 37,720,000.00 4.66%
37,314,227.10
37,314,227.10
100.25
4.25%
37,808,451.93
459,530.12
24.65%
494,224.83
1.81 1.56
32 HOLDINGS REPORT
City of Murrieta | Account | As of June 30, 2025
Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
31846V567 FIRST AMER:GVT OBLG Z 1,393,263.96 --
4.22%
1,393,263.96
1,393,263.96
1.00 4.22%
1,393,263.96
0.00 0.91%
0.00 Aaa/AAAm
AAA
0.00 0.00
Total Money Market
Fund 1,393,263.96 4.22%
1,393,263.96
1,393,263.96
1.00 4.22%
1,393,263.96
0.00 0.91%
0.00 0.00
0.00 SUPRANATIONAL
459058LT8
INTERNATIONAL BANK FOR
RECONSTRUCTION AND
DEVELOPM 3.625 05/05/2028
1,335,000.00 04/29/2025
3.70%
1,332,036.30
1,332,036.30
99.70 3.74%
1,330,947.05
7,393.49
0.87%
(1,089.25)
Aaa/AAA
NA
2.85 2.66
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
99.26 3.76%
496,277.62
8,215.28
0.32%
13,162.62
Aaa/AAA
NA
3.03 2.80
Total Supranational 1,835,000.00 3.86%
1,815,151.30
1,815,151.30
99.58 3.74%
1,827,224.67
15,608.77
1.19%
12,073.37
2.90 2.70
US TREASURY
91282CAB7 UNITED STATES TREASURY 0.25
07/31/2025 2,000,000.00 12/02/2021
1.06%
1,942,031.25
1,942,031.25
99.66 4.34%
1,993,238.48
2,085.64
1.30%
51,207.23
Aa1/AA+
AA+
0.08 0.08
9128285C0 UNITED STATES TREASURY 3.0
09/30/2025 3,250,000.00 --
2.90%
3,259,882.81
3,259,882.81
99.67 4.29%
3,239,420.57
24,508.20
2.11%
(20,462.24)
Aa1/AA+
AA+
0.25 0.25
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
99.57 4.28%
2,489,355.48
12,635.87
1.62%
(9,277.34)
Aa1/AA+
AA+
0.34 0.33
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
99.24 4.32%
2,480,924.48
7,184.10
1.62%
49,772.14
Aa1/AA+
AA+
0.38 0.37
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
99.22 4.23%
2,480,501.30
178.33
1.62%
67,708.33
Aa1/AA+
AA+
0.50 0.49
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
98.65 4.10%
2,466,259.78
14,139.34
1.61%
88,427.75
Aa1/AA+
AA+
0.75 0.73
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
99.74 4.08%
1,994,804.68
15,778.69
1.30%
29,101.55
Aa1/AA+
AA+
0.79 0.76
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
97.50 3.88%
2,925,117.18
7,663.04
1.91%
158,085.93
Aa1/AA+
AA+
1.38 1.33
MONEY MARKET
FUND
33 HOLDINGS REPORT
City of Murrieta | Account | As of June 30, 2025
Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
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
96.98 3.84%
1,697,226.56
83.22 1.11%
55,986.33
Aa1/AA+
AA+
1.50 1.46
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
97.86 3.77%
2,446,582.03
15,710.38
1.60%
97,167.97
Aa1/AA+
AA+
1.75 1.68
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
99.11 3.72%
1,288,371.10
114.81
0.84%
21,683.60
Aa1/AA+
AA+
2.00 1.91
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
98.05 3.73%
1,961,015.62
22,941.99
1.28%
73,906.24
Aa1/AA+
AA+
2.08 1.98
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
98.77 3.72%
2,469,238.28
26,112.43
1.61%
24,121.09
Aa1/AA+
AA+
2.17 2.05
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
100.91
3.70%
1,614,562.50
16,590.16
1.05%
19,062.50
Aa1/AA+
AA+
2.25 2.11
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
96.70 3.72%
1,353,789.07
4,023.10
0.88%
54,851.57
Aa1/AA+
AA+
2.38 2.27
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
99.49 3.71%
1,492,382.82
21,899.17
0.97%
25,312.51
Aa1/AA+
AA+
2.59 2.41
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
97.62 3.71%
2,684,580.09
28,411.60
1.75%
322.28
Aa1/AA+
AA+
2.63 2.48
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
97.54 3.72%
2,438,476.55
27,002.76
1.59%
63,671.86
Aa1/AA+
AA+
3.13 2.92
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
98.13 3.72%
1,962,656.24
7,982.34
1.28%
92,031.24
Aa1/AA+
AA+
3.38 3.15
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
101.76
3.73%
2,289,638.68
31,961.62
1.49%
44,912.12
Aa1/AA+
AA+
3.67 3.33
91282CLC3 UNITED STATES TREASURY 4.0
07/31/2029 2,000,000.00 10/29/2024
4.10%
1,991,093.75
1,991,093.75
100.93
3.75%
2,018,671.88
33,370.17
1.32%
27,578.13
Aa1/AA+
AA+
4.08 3.68
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
97.59 3.76%
2,683,613.30
28,723.68
1.75%
64,882.83
Aa1/AA+
AA+
4.17 3.82
91282CFT3 UNITED STATES TREASURY 4.0
10/31/2029 1,700,000.00 02/12/2025
4.49%
1,665,203.13
1,665,203.13
100.95
3.76%
1,716,203.13
11,456.52
1.12%
51,000.00
Aa1/AA+
AA+
4.34 3.92
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
100.44
3.76%
3,013,242.18
9,846.31
1.96%
36,562.49
Aa1/AA+
AA+
4.42 4.01
Total US Treasury 53,750,000.00 3.84%
52,032,255.86
52,032,255.86
98.99 3.91%
53,199,871.93
370,403.47
34.69%
1,167,616.07
2.09 1.94
34 HOLDINGS REPORT
City of Murrieta | Account | As of June 30, 2025
Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
Total Portfolio 153,696,100.71 4.31%
150,913,261.27
150,913,261.27
98.91 4.04%
153,376,376.64
1,258,287.23
100.00%
2,463,115.37
2.14 1.80
Total Market Value +
Accrued 154,634,663.87
35 TRANSACTIONS
36 TRANSACTION LEDGER
City of Murrieta | Account |04/01/2025 Through 06/30/2025| Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp Yield Amount Interest
Pur/Sold Total Amount Gain/Loss
ACQUISITIONS
Purchase 05/06/2025 459058LT8 1,335,000.00
INTERNATIONAL BANK
FOR RECONSTRUCTION
AND DEVELOPM 3.625
05/05/2028
99.778 3.70% (1,332,036.30) 0.00 (1,332,036.30) 0.00
Purchase 05/12/2025 3137FK4M5 2,000,000.00 FHMS K-085 A2 4.06 10/25/2028 99.535 4.12% (1,990,703.13) (2,481.11) (1,993,184.24) 0.00 Purchase 05/13/2025 02582JKP4 1,255,000.00 AMXCA 2025-2 A 4.28 04/15/2030 99.998 4.28% (1,254,977.28) 0.00 (1,254,977.28) 0.00 Purchase 05/14/2025 362549AD9 370,000.00 GMCAR 2025-2 A3 4.28 04/16/2030 99.985 4.28% (369,945.54) 0.00 (369,945.54) 0.00 Purchase 05/15/2025 90331HPS6 1,330,000.00 US BANK NA 4.73 05/15/2028 100.000 4.88% (1,330,000.00) 0.00 (1,330,000.00) 0.00 Purchase 05/21/2025 58768YAD7 770,000.00 MBALT 2025-A A3 4.61 04/16/2029 99.988 4.61% (769,906.14) 0.00 (769,906.14) 0.00 Purchase 05/29/2025 362962AD4 705,000.00 GMALT 2025-2 A3 4.58 05/20/2028 99.998 4.58% (704,988.30) 0.00 (704,988.30) 0.00 Purchase 06/05/2025 26444HAE1 1,000,000.00 DUKE ENERGY FLORIDA LLC
3.8 07/15/2028 98.512 4.32% (985,120.00) (14,777.78) (999,897.78) 0.00 Purchase 06/10/2025 92970QAJ4 1,210,000.00 WFCIT 2025-1 A 4.34 05/15/2030 99.998 4.33% (1,209,979.91) 0.00 (1,209,979.91) 0.00 Purchase 06/10/2025 87612EBU9 570,000.00 TARGET CORP 4.35 06/15/2028 99.999 4.35% (569,994.30) 0.00 (569,994.30) 0.00 Purchase 06/11/2025 44935XAD7 585,000.00 HART 2025-B A3 4.36 12/17/2029 99.991 4.36% (584,947.18) 0.00 (584,947.18) 0.00 Purchase 06/18/2025 63743HFW7 1,500,000.00
NATIONAL RURAL UTILITIES
COOPERATIVE FINANCE
CORP 4.75 02/07/2028
100.823 4.40% (1,512,345.00) (25,927.08) (1,538,272.08) 0.00 Total Purchase 12,630,000.00 (12,614,943.08) (43,185.97) (12,658,129.05) 0.00 TOTAL
ACQUISITIONS 12,630,000.00 (12,614,943.08) (43,185.97) (12,658,129.05) 0.00 37 TRANSACTION LEDGER
City of Murrieta | Account |04/01/2025 Through 06/30/2025| Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp Yield Amount Interest
Pur/Sold Total Amount Gain/Loss
DISPOSITIONS
Maturity 04/25/2025 06406RBC0 (900,000.00)
BANK OF NEW YORK
MELLON CORP 3.35
04/25/2025
100.000 3.35% 900,000.00 0.00 900,000.00 126.00
Maturity 04/30/2025 912828ZL7 (2,000,000.00) UNITED STATES TREASURY
0.375 04/30/2025 100.000 0.66% 2,000,000.00 0.00 2,000,000.00 22,656.25 Maturity 05/13/2025 14913R2V8 (480,000.00)
CATERPILLAR FINANCIAL
SERVICES CORP 3.4
05/13/2025
100.000 3.44% 480,000.00 0.00 480,000.00 609.60
Maturity 05/15/2025 02582JJT8 (905,000.00) AMXCA 2022-2 A 3.39 05/17/2027 100.000 3.40% 0.00 0.00 0.00 0.00
Maturity 05/31/2025 912828ZT0 (1,300,000.00) UNITED STATES TREASURY
0.25 05/31/2025 100.000 0.78% 1,300,000.00 0.00 1,300,000.00 24,730.47 Maturity 06/01/2025 438516CB0 (1,000,000.00)
HONEYWELL
INTERNATIONAL INC 1.35
06/01/2025
100.000 2.31% 1,000,000.00 0.00 1,000,000.00 29,720.00
Maturity 06/06/2025 89115A2A9 (1,000,000.00) TORONTO-DOMINION BANK
3.766 06/06/2025 100.000 3.70% 1,000,000.00 0.00 1,000,000.00 (1,830.00) Maturity 06/15/2025 63743HFE7 (1,105,000.00)
NATIONAL RURAL UTILITIES
COOPERATIVE FINANCE
CORP 3.45 06/15/2025
100.000 3.61% 1,105,000.00 0.00 1,105,000.00 5,026.35
Total Maturity (8,690,000.00) 7,785,000.00 0.00 7,785,000.00 81,038.67 Sale 05/22/2025 912828ZT0 (500,000.00) UNITED STATES TREASURY
0.25 05/31/2025 99.887 0.78% 499,433.59 594.09 500,027.68 8,945.31 Sale 06/05/2025 91282CAJ0 (1,000,000.00) UNITED STATES TREASURY
0.25 08/31/2025 99.055 2.42% 990,546.88 658.97 991,205.85 61,718.75 Total Sale (1,500,000.00) 1,489,980.47 1,253.06 1,491,233.53 70,664.06 TOTAL
DISPOSITIONS (10,190,000.00) 9,274,980.47 1,253.06 9,276,233.53 151,702.73 38 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. 39 BENCHMARK DISCLOSURES
Benchmark Disclosure
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. 40