INVESTMENT REPORT
City of Murrieta | As of September 30, 2025
CHANDLER ASSET MANAGEMENT | chandlerasset.com
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. Inflation pressures have eased, though core levels remain above the Federal Reserve’s target, while tariffs continue to cloud forecasts. Signs of a softer labor market are emerging, prompting expectations that the Fed will move cautiously toward policy normalization. Given the economic outlook, we expect gradual normalization of monetary policy and a steeper yield curve.
The Federal Reserve lowered the Federal Funds Rate a quarter percentage point to the range of 4.00 – 4.25% upon conclusion of the September Federal Open Market Committee meeting. The move was telegraphed by the Fed and in line with market expectations. Stephen Miran was the only opposing vote in the 11-1 decision as Governor Miran called for a larger 50 basis point rate cut. Chair Powell said concerns over signs of a softening labor market prompted the policy shift. Policymakers also updated their economic forecasts penciling in two additional quarter-point cuts through year-end.
The US Treasury yield curve flattened in September,as the 2-year Treasury yield declined 13 basis points to 3.57%, the 5-year Treasury also down 13 basis points to 3.66%, and the 10-year Treasury yield declined 14 basis points to 4.12%. The spread between the 2-year and 10- year Treasury yield points on the curve decreased to +54 basis points at September month-end versus +61 basis points at August month- end. The spread between the 2-year Treasury and 10-year Treasury yield one year ago was 14 basis points. The spread between the 3- month and 10-year Treasury yield points on the curve was +21 basis points in September versus +8 basis points in August.
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 just 22,000 jobs in August, falling short of consensus expectations and punctuating the softening trend in the labor market. The three-month moving average and six-month moving average payrolls totaled 29,000 and 64,000 respectively. The unemployment rate rose to 4.3% in August from 4.2% in July. The labor participation rate inched up 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 jumpedto 8.1% in August from 7.9% in July. Average hourly earnings fell to 3.7% year-over-year from 3.9% last month.
Source: US Department of Labor Source: US Department of Labor
EMPLOYMENT
4 0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
Job Openings
Recession
Historical Average
In Thousands (000's)
The Labor Department’s Job Openings and Labor Turnover Survey (JOLTS) showed a modest increase to 7.227 million new job openings in August from 7.2 million in July. The quits rate and layoffs remained relatively stable. Job openings indicate a ratio of approximately 1 job 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 August, the Consumer Price Index (CPI) increased more than expected at 0.4% month-over-month and 2.9% year-over-year, while the Core CPI rose 0.3% month-over-month and 3.1% year-over-year, in line with expectations. The Personal Consumption Expenditures (PCE) price index rose 0.3% month-over-month and 2.7% year-over-year in August. The Core PCE deflator, which excludes food and energy and is the Fed’s preferred gauge, was up 0.2% from July leaving it unchanged at 2.9% on an annual basis in August.
Source: US Department of Labor Source: US Department of Commerce
INFLATION
6 0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
Retail Sales YOY % Change
YOY (%) Change
Advance Retail Sales showed continued strength jumping 0.6%in August as July data was also revised up to 0.6% month-over-month. The increase elevated retail sales to 5.0% on an annual basis after jumping 4.1% year-over-year in July. Back-to-school shopping was a likely catalyst as online shopping, clothing, and sporting goods saw some of the largest increases. Control group sales, which feed into GDP, also jumped 0.74% in August from the prior month. The Conference Board’s Consumer Confidence Index fell to 94.2 in September from a revised 97.8 in August, marking the lowest level since April 2025. Measures of current conditions and future expectations fell, signaling weaker sentiment toward employment and income. Consumers have remained resilient,but rising debt burdens, higher delinquency rates, lingering inflation worries, and emerging signs of labor market cooling could weigh on 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 0.5% in August, following a 0.1% increase in July. The LEI decreased by 3.6% year-over-year. The Conference Board is expecting economic growth to slow in the second half of 2025 due to consumer pessimism, soft manufacturing new orders, and negative impacts from tariffs. The Chicago Fed National Activity Index (CFNAI) came in at -0.12% in August after a downwardly revised -0.28 in July, indicating that economic momentum remained below its historical trend for the fifth consecutive month. The three-month moving average shows a similar trend at -0.18 in August from -0.20 in the prior month signaling ongoing below-trend growth in national economic activity.
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 dropped 8.5% in August to 1.307 million units, marking a pullback amid elevated inventory levels and a softening labor market. Single-family starts fell 7.0% in August to 890,000 units, hitting their lowest level since July 2024. The S&P Cotality Case Shiller 20- City Home Price Index recorded a 0.07% month-over-month decline in July, marking the fifth consecutive month of losses, while still posting a modest year-over-year gain of 1.8%. Persistently high asking prices and elevated mortgage rates have continued to challenge affordability, contributing to the recent cooling across the housing market. However, the Freddie Mac 30-year fixed mortgage rate continued recent declines to 6.3% as of September.
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
Manufacturing activity contractedat a slightly slower rate as the Institute for Supply Management (ISM) Manufacturing Index edgedup to
49.1 in September, from 48.7 in August yet remaining below the expansion threshold, signaling the seventh consecutive month of contraction in the manufacturing sector. Production growth factored into the gain, although dropsin new orders and inventories offset the increase. The ISM Services Index fell to 50.0 in September from 52.0 in August, which is the breakeven point between expansion and contraction. The 2.0-point decline generally indicated moderate to weak growth, with only isolated reports of supplier delivery delays.
Employment remained in contraction territory, reflecting delayed hiring plans and ongoing challenges in finding qualified workers.
Source: Institute for Supply Management
SURVEY BASED MEASURES
10 Components of GDP 9/24 12/24 3/25 6/25
2.7% 2.6% 0.4% 1.7%
0.2% -1.3% 3.8% -2.7%
-0.4% -0.1% -4.7% 4.8%
0.5% 0.3% -0.4% -0.4%
0.4% 0.3% 0.2% 0.3%
3.4% 1.9% -0.6% 3.8%
Personal Consumption Expenditures
Gross Private Domestic Investment
Net Exports and Imports
Federal Government Expenditures
Total
State and Local (Consumption and Gross
Investment)
-40.0%
-30.0%
-20.0%
-10.0%
0.0%
10.0%
20.0%
30.0%
40.0%
Gross Domestic Product (GDP)
GDP QOQ % Change
GDP YOY % Change
Source: US Department of Commerce Source: US Department of Commerce In a sharp rebound from the first quarter, real GDP increasedat an annualized rate of 3.8% in the second quarter of 2025 according to the final data revision from the Bureau of Economic Analysis. The increase in real GDP in the second quarter was driven by the drop in imports following the significant rise in the first quarter in anticipation of higher tariffs and an increase in consumer spending. The consensus projection calls for 1.7% growth for the third quarter and 1.8% 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
The Federal Reserve lowered its benchmark interest rate by a quarter point to a range of 4.00% to 4.25% at its September meeting, as officials responded to mounting signs of labor market weakness. Chair Jerome Powell said the move was aimed at cushioning the slowdown while keeping policy restrictive enough to fight lingering inflation. The Fed kept its balance-sheet runoff unchanged, maintaining a $5 billion monthly cap on Treasuries and $35 billion on agency and mortgage-backed securities. Since launching its Quantitative Tightening campaign in June 2022, the Fed has reduced its securities holdings by about $2.35 trillion, bringing the total down to roughly $6.6 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
Sep-25
Jun-25
Sep-24
Yield (%)
At the end of September, the 2-year Treasury yield was 5 basis points lower, and the 10-Year Treasury yield was 40 basis points higher, year-over-year. The spread between the 2-year and 10-year Treasury yield points on the curve decreased to +54 basis points at September month-end versus +61 basis points at August month-end. The prior 2-year/10-year yield curve inversion, which spanned from July 2022 to August 2024, 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 +21 basis points in September versus +8 basis points in August.
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 September 30, 2025
Rules Name Limit Actual Compliance
Status Notes
AGENCY MORTGAGE SECURITIES (CMOS)
Max % (MV) 20.0 10.1 Compliant
Max % Issuer (MV) 30.0 10.1 Compliant
Max Maturity (Years) 5.0 4.5 Compliant
ASSET-BACKED SECURITIES (ABS)
Max % (MV) 20.0 8.4 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 24.5 Compliant
16 STATEMENT OF COMPLIANCE
City of Murrieta | Account | As of September 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 18.6 Compliant
Max % Issuer (MV) 30.0 11.6 Compliant
Max Callables (MV) 20.0 0.0 Compliant
Max Maturity (Years) 5 2 Compliant
LOCAL AGENCY INVESTMENT FUND (LAIF)
Max Concentration (MV) 75.0 0.0 Compliant
MONEY MARKET MUTUAL FUNDS
Max % (MV) 20.0 0.8 Compliant
Max % Issuer (MV) 10.0 0.8 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 September 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 2 Compliant
Min Rating (AA- by 1) 0.0 0.0 Compliant
U.S. TREASURIES
Max % (MV) 100.0 36.3 Compliant
Max Maturity (Years) 5 4 Compliant
18 PORTFOLIO CHARACTERISTICS
City of Murrieta | Account | As of September 30, 2025
Benchmark* 9/30/2025
Portfolio
6/30/2025
Portfolio
Average Maturity (yrs) 1.85 2.13 2.14
Average Modified Duration 1.77 1.81 1.80
Average Purchase Yield 4.35% 4.31%
Average Market Yield 3.65% 3.83% 4.04%
Average Quality** AA+ AA+ AA+
Total Market Value 156,536,800 154,634,664
*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 September 30, 2025
Sector as a Percentage of Market Value
Sector 09/30/2025 06/30/2025
US Treasury 36.33% 34.69%
Corporate 24.49% 24.65%
Agency 18.63% 18.88%
Agency CMBS 10.10% 10.81%
ABS 8.44% 8.87%
Supras 1.18% 1.19%
Money Mkt Fd 0.82% 0.91%
20 ISSUERS
City of Murrieta | Account | As of September 30, 2025
Issuer Investment Type % Portfolio
United States US Treasury 36.33%
Federal Home Loan Banks Agency 11.61%
FHLMC Agency CMBS 10.10%
Farm Credit System Agency 7.02%
Massachusetts Mutual Life Insurance Corporate 1.35%
New York Life Insurance Company Corporate 1.27%
American Express Credit Master Trust ABS 1.24%
International Bank for Recon and Dev Supras 1.18%
Public Service Enterprise Group Inco Corporate 1.12%
Deere & Company Corporate 1.11%
JPMorgan Chase & Co. Corporate 1.03%
Bank of Montreal Corporate 0.98%
National Rural Utilities Cooperative Corporate 0.98%
PepsiCo, Inc. Corporate 0.98%
Cisco Systems, Inc. Corporate 0.98%
Florida Power & Light Corporate 0.98%
PACCAR Inc Corporate 0.94%
Air Products and Chemicals, Inc. Corporate 0.93%
Amazon.com, Inc. Corporate 0.91%
U.S. Bancorp Corporate 0.86%
Chase Issuance Trust ABS 0.86%
The Home Depot, Inc. Corporate 0.85%
U.S. Bancorp Money Mkt Fd 0.82%
Honda Auto Receivables Owner Trust ABS 0.82%
Royal Bank of Canada Corporate 0.81%
Eli Lilly and Company Corporate 0.81%
State Street Corporation Corporate 0.79%
UnitedHealth Group Incorporated Corporate 0.79%
WF Card Issuance Trust ABS 0.79%
GM Financial Automobile Leasing Trus ABS 0.74%
21 ISSUERS
City of Murrieta | Account | As of September 30, 2025
Issuer Investment Type % Portfolio
Verizon Master Trust ABS 0.68%
John Deere Owner Trust ABS 0.66%
Bank of America Corporation Corporate 0.65%
Toyota Motor Corporation Corporate 0.65%
Met Tower Global Funding Corporate 0.65%
Northwestern Mutual Global Funding Corporate 0.65%
Northern Trust Corporation Corporate 0.64%
Apple Inc. Corporate 0.64%
Duke Energy Corporation Corporate 0.64%
Chubb Limited Corporate 0.64%
Mercedes-Benz Auto Lease Trust ABS 0.58%
BMW Vehicle Lease Trust ABS 0.55%
Mercedes-Benz Auto Receivables Trust ABS 0.50%
Blackrock, Inc. Corporate 0.49%
BMW Vehicle Owner Trust ABS 0.39%
Hyundai Auto Receivables Trust ABS 0.38%
Target Corporation Corporate 0.37%
GM Financial Securitized Term ABS 0.27%
Cash Cash 0.00%
TOTAL 100.00%
22 QUALITY DISTRIBUTION
Rating 09/30/2025 06/30/2025
AAA 10.85% 11.31%
AA 71.00% 69.07%
A 15.59% 16.97%
NA 2.56% 2.65%
Rating 09/30/2025 06/30/2025
Aaa 8.79% 9.13%
Aa 71.15% 69.88%
A 15.22% 15.95%
NA 4.84% 5.04%
Rating 09/30/2025 06/30/2025
AAA 14.62% 14.34%
AA 67.77% 66.52%
A 6.92% 8.82%
NA 10.69% 10.31%
City of Murrieta | Account | As of September 30, 2025
S&P Rating Moody’s Rating Fitch Rating
23 DURATION DISTRIBUTION
City of Murrieta | Account | As of September 30, 2025
Date 0-.25 .25-.5 .5-1 1-2 2-3 3-4 4-5 5-7 7+
09/30/2025 6.0% 3.9% 16.6% 30.1% 30.3% 13.0% 0.0% 0.0% 0.0% 06/30/2025 8.1% 5.1% 10.7% 33.9% 28.5% 11.7% 2.0% 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 1.23% 4.34% 5.71% 4.83% 1.96% 2.19%
Benchmark 1.12% 3.87% 5.29% 4.34% 1.57% 1.83%
*Periods over 1 year are annualized.
Total rate of return: A measure of a portfolio’s performance over time. It is the internal rate of return, which equates the beginning value of the portfolio with the ending market value; it includes interest earnings, realized and unrealized gains and losses in the portfolio. Realized rate of return: A measure of a portfolio’s return over time. It is the internal rate which equates the beginning book value of the portfolio with the ending book value; it includes interest earnings, realized gains and losses in the portfolio.
Benchmark: ICE BofA 1-3 Year US Treasury Index
INVESTMENT PERFORMANCE
City of Murrieta | Account | As of September 30, 2025
Total Rate of Return : Inception | 02/01/2020
25 PORTFOLIO HOLDINGS
26 HOLDINGS REPORT
City of Murrieta | Account | As of September 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 21,076.32 08/15/2022
3.73%
21,075.07
21,075.07
99.96 4.29%
21,068.31
28.39 0.01%
(6.76)
NA/AAA
AAA
0.80 0.07
47787JAC2 JDOT 2022 A3 2.32 09/15/2026 10,315.09 03/10/2022
2.33%
10,312.81
10,312.81
99.92 4.46%
10,306.70
10.64 0.01%
(6.11)
Aaa/NA
AAA
0.96 0.04
379929AD4 GMALT 2023-3 A3 5.38
11/20/2026 56,069.71 08/08/2023
5.38%
56,062.98
56,062.98
100.11
4.16%
56,132.02
92.17 0.04%
69.04 NA/AAA
AAA
1.14 0.09
36269FAD8 GMALT 2024-1 A3 5.09
03/22/2027 377,053.42 02/08/2024
5.09%
377,006.29
377,006.29
100.32
4.17%
378,262.36
586.42
0.24%
1,256.07
NA/AAA
AAA
1.47 0.33
05611UAD5 BMWLT 2024-1 A3 4.98
03/25/2027 846,850.76 06/20/2024
5.19%
842,351.87
842,351.87
100.35
4.04%
849,789.93
702.89
0.55%
7,438.06
Aaa/AAA
NA
1.48 0.35
36265WAD5 GMCAR 2022-3 A3 3.64
04/16/2027 41,908.60 07/06/2022
3.64%
41,908.31
41,908.31
99.92 4.33%
41,875.78
63.56 0.03%
(32.53)
Aaa/NA
AAA
1.54 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
101.27
4.07%
354,450.32
827.56
0.23%
4,491.27
Aaa/NA
AAA
2.30 0.97
58769GAD5 MBALT 2024-B A3 4.23
02/15/2028 545,000.00 09/17/2024
4.24%
544,908.28
544,908.28
100.24
4.03%
546,282.82
1,024.60
0.35%
1,374.54
NA/AAA
AAA
2.38 0.98
362962AD4 GMALT 2025-2 A3 4.58
05/22/2028 705,000.00 05/20/2025
4.58%
704,988.30
704,988.30
100.92
3.97%
711,505.67
986.61
0.46%
6,517.37
NA/AAA
AAA
2.64 1.40
437918AC9 HAROT 2024-1 A3 5.21
08/15/2028 1,242,806.18 02/13/2024
5.21%
1,242,752.13
1,242,752.13
100.95
3.99%
1,254,554.31
2,877.79
0.81%
11,802.18
Aaa/AAA
NA
2.88 0.73
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
101.21
3.90%
1,335,911.02
3,027.20
0.86%
16,276.92
NA/AAA
AAA
2.96 0.91
47800RAD5 JDOT 2024 A3 4.96 11/15/2028 335,000.00 03/11/2024
4.96%
334,981.24
334,981.24
101.09
4.09%
338,642.22
738.49
0.22%
3,660.98
Aaa/NA
AAA
3.13 1.17
096919AD7 BMWOT 2024-A A3 5.18
02/26/2029 600,000.00 06/04/2024
5.18%
599,908.86
599,908.86
101.18
3.92%
607,072.80
518.00
0.39%
7,163.94
Aaa/AAA
NA
3.41 0.89
02582JKH2 AMXCA 2024-1 A 5.23 04/16/2029 640,000.00 04/16/2024
5.23%
639,868.80
639,868.80
102.07
3.88%
653,226.11
1,487.64
0.42%
13,357.31
NA/AAA
AAA
3.54 1.45
58768YAD7 MBALT 2025-A A3 4.61
04/16/2029 770,000.00 05/14/2025
4.61%
769,906.14
769,906.14
101.39
3.98%
780,736.73
1,577.64
0.50%
10,830.59
NA/AAA
AAA
3.54 2.05
47800DAD6 JDOT 2025 A3 4.23 09/17/2029 670,000.00 03/04/2025
4.23%
669,957.86
669,957.86
100.55
4.02%
673,681.25
1,259.60
0.43%
3,723.39
Aaa/NA
AAA
3.96 2.21
27 HOLDINGS REPORT
City of Murrieta | Account | As of September 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
44935XAD7 HART 2025-B A3 4.36 12/17/2029 585,000.00 06/03/2025
4.36%
584,947.18
584,947.18
100.95
3.91%
590,560.95
1,133.60
0.38%
5,613.77
NA/AAA
AAA
4.21 1.94
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
100.83
4.16%
1,058,722.35
1,446.96
0.68%
8,767.50
Aaa/NA
AAA
4.47 1.40
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
100.96
3.92%
1,266,989.02
2,387.29
0.81%
12,011.74
NA/AAA
AAA
4.54 2.36
362549AD9 GMCAR 2025-2 A3 4.28
04/16/2030 370,000.00 05/06/2025
4.28%
369,945.54
369,945.54
100.76
3.86%
372,819.18
659.83
0.24%
2,873.64
Aaa/AAA
NA
4.54 1.66
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
101.07
3.94%
1,222,931.75
2,333.96
0.79%
12,951.84
NA/AAA
AAA
4.62 2.43
Total ABS 13,001,080.08 4.74%
12,995,386.84
12,995,386.84
100.96
3.98%
13,125,521.59
23,770.83
8.44%
130,134.75
3.41 1.42
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
100.04
3.97%
1,400,525.06
11,068.75
0.90%
7,665.06
Aa1/AA+
AA+
0.31 0.30
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
100.54
3.82%
1,005,445.04
18,868.06
0.65%
7,755.04
Aa1/AA+
AA+
0.60 0.58
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
100.69
3.73%
2,013,856.78
28,763.89
1.30%
15,236.78
Aa1/AA+
AA+
0.70 0.67
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
101.04
3.72%
2,020,710.02
16,944.44
1.30%
13,230.02
Aa1/AA+
AA+
0.83 0.80
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
100.63
3.75%
2,420,250.90
14,129.38
1.56%
20,782.40
Aa1/AA+
AA+
0.87 0.84
3130AWTQ3 FEDERAL HOME LOAN BANKS
4.625 09/11/2026 4,500,000.00 --
4.81%
4,476,030.00
4,476,030.00
100.80
3.76%
4,535,796.42
11,562.50
2.92%
59,766.42
Aa1/AA+
AA+
0.95 0.92
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
101.01
3.70%
1,767,689.16
30,126.74
1.14%
13,261.66
Aa1/AA+
AA+
1.13 1.07
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
100.64
3.60%
2,012,896.72
17,416.67
1.29%
17,336.72
Aa1/AA+
AA+
1.29 1.24
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
101.18
3.68%
1,011,752.13
625.00
0.65%
16,232.13
Aa1/AA+
AA+
1.48 1.43
28 HOLDINGS REPORT
City of Murrieta | Account | As of September 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
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
3.65%
1,524,284.48
34,041.67
0.98%
28,169.48
Aa1/AA+
AA+
1.52 1.43
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
101.28
3.69%
1,012,783.88
16,375.00
0.65%
17,953.88
Aa1/AA+
AA+
1.64 1.54
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
101.87
3.69%
3,056,053.86
7,875.00
1.97%
16,573.86
Aa1/AA+
AA+
2.44 2.29
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
100.31
3.62%
1,123,515.23
13,066.67
0.72%
16,272.03
Aa1/AA+
AA+
2.69 2.51
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
100.92
3.64%
2,018,330.40
24,888.89
1.30%
61,390.40
Aa1/AA+
AA+
2.69 2.50
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
102.22
3.70%
2,044,474.08
2,250.00
1.32%
63,014.08
Aa1/AA+
AA+
2.98 2.77
Total Agency 28,675,000.00 4.56%
28,593,724.20
28,593,724.20
101.03
3.71%
28,968,364.15
248,002.64
18.63%
374,639.95
1.47 1.39
AGENCY CMBS
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
98.82 3.87%
1,976,431.60
4,421.67
1.27%
85,884.72
Aa1/AA+
AAA
0.90 0.84
3137BTUM1 FHMS K-061 A2 3.347 11/25/2026 862,134.04 09/22/2022
4.23%
831,184.78
831,184.78
99.00 4.12%
853,551.24
2,404.64
0.55%
22,366.46
Aa1/AA+
AAA
1.15 1.03
3137BVZ82 FHMS K-063 A2 3.43 01/25/2027 862,000.00 --
4.09%
839,600.51
839,600.51
99.36 3.82%
856,512.77
2,463.88
0.55%
16,912.26
Aa1/AA+
AAA
1.32 1.13
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
98.94 3.86%
989,401.80
2,702.50
0.64%
23,933.05
Aa1/AA+
AAA
1.57 1.42
3137FBU79 FHMS K-069 A2 3.187 09/25/2027 1,220,412.99 05/18/2023
4.13%
1,172,311.56
1,172,311.56
98.57 3.87%
1,202,995.86
3,241.21
0.77%
30,684.30
Aa1/AAA
AA+
1.99 1.84
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
99.36 3.86%
1,157,576.15
3,543.54
0.74%
50,098.02
Aa1/AA+
AAA
2.41 2.23
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
99.91 3.87%
1,248,869.13
4,062.50
0.80%
51,603.50
Aa1/AA+
AAA
2.90 2.67
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
100.33
3.88%
2,006,583.60
6,766.67
1.29%
15,880.47
Aaa/AA+
AA+
3.07 2.80
29 HOLDINGS REPORT
City of Murrieta | Account | As of September 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
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
94.85 3.94%
1,422,744.75
2,825.00
0.92%
37,412.72
Aa1/AA+
AAA
3.32 3.06
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
98.38 3.90%
1,967,545.60
5,703.33
1.27%
35,045.60
Aa1/AAA
AA+
3.41 3.10
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
101.30
4.03%
2,025,980.60
7,353.33
1.30%
28,089.97
Aaa/AA+
AA+
4.48 3.71
15,310,282.03 99.07 15,708,193.10 10.10% 2.60
Total Agency CMBS 15,859,547.03 4.33% 15,310,282.03 3.91% 45,488.27 397,911.07 2.33 CASH
CCYUSD Receivable 4,342.34 -- 4,342.34
4,342.34
1.00 0.00%
4,342.34
0.00 0.00%
0.00 Aaa/AAA
AAA
0.00 0.00
4,342.34 1.00 4,342.34 0.00% 0.00
Total Cash 4,342.34 4,342.34 0.00% 0.00 0.00 0.00
CORPORATE
023135CN4 AMAZON.COM INC 4.6
12/01/2025 425,000.00 11/29/2022
4.60%
424,974.50
424,974.50
100.07
4.11%
425,299.41
6,516.67
0.27%
324.91
A1/AA
AA-
0.17 0.17
037833BY5 APPLE INC 3.25 02/23/2026 1,000,000.00 02/22/2023
4.72%
959,390.00
959,390.00
99.69 4.04%
996,861.21
3,430.56
0.64%
37,471.21
Aaa/AA+
NA
0.40 0.39
57629W6F2 MASSMUTUAL GLOBAL FUNDING
II 4.5 04/10/2026 750,000.00 04/04/2023
4.52%
749,482.50
749,482.50
100.25
4.01%
751,891.02
16,031.25
0.48%
2,408.52
Aa3/AA+
AA+
0.53 0.50
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
99.58 4.07%
995,810.58
13,772.22
0.64%
41,590.58
A2/A
A
0.59 0.57
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
100.92
4.07%
1,009,236.03
15,150.00
0.65%
8,796.03
Aa3/AA-
AA-
0.72 0.69
69371RS56 PACCAR FINANCIAL CORP 5.05
08/10/2026 1,450,000.00 --
4.99%
1,451,925.00
1,451,925.00
100.99
3.86%
1,464,411.19
10,373.54
0.94%
12,486.19
A1/A+
NA
0.86 0.83
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
101.24
4.07%
1,012,440.42
6,600.50
0.65%
13,630.42
Aa2/A+
AA
0.88 0.77
713448FW3 PEPSICO INC 5.125 11/10/2026 510,000.00 11/08/2023
5.13%
509,862.30
509,862.30
101.31
3.90%
516,706.41
10,237.19
0.33%
6,844.11
A1/A+
NA
1.11 0.97
30 HOLDINGS REPORT
City of Murrieta | Account | As of September 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
48125LRU8 JPMORGAN CHASE BANK NA 5.11
12/08/2026 1,575,000.00 --
5.08%
1,576,460.00
1,576,460.00
101.26
4.01%
1,594,818.46
25,262.56
1.03%
18,358.46
Aa2/AA-
AA
1.19 1.05
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
100.79
3.85%
1,007,883.89
10,375.00
0.65%
8,423.89
A1/A
A+
1.27 1.21
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
101.15
3.95%
1,259,373.85
12,138.75
0.81%
14,685.10
A1/A
AA-
1.30 1.24
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
3.91%
1,518,008.40
7,000.00
0.98%
17,198.40
A1/AA-
NA
1.41 1.26
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
101.54
3.90%
1,228,624.77
2,181.66
0.79%
18,624.77
Aa3/A
AA-
1.46 1.32
665859AW4 NORTHERN TRUST CORP 4.0
05/10/2027 1,000,000.00 09/14/2022
4.23%
990,460.00
990,460.00
100.16
3.90%
1,001,557.92
15,666.67
0.64%
11,097.92
A2/A+
A+
1.61 1.44
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
96.81 3.90%
1,452,162.17
10,483.33
0.93%
80,217.17
A2/A
NA
1.62 1.56
437076DB5 HOME DEPOT INC 4.875
06/25/2027 740,000.00 --
4.95%
738,545.60
738,545.60
101.66
3.88%
752,247.49
9,620.00
0.48%
13,701.89
A2/A
A
1.73 1.56
09290DAH4 BLACKROCK INC 4.6 07/26/2027 750,000.00 07/18/2024
4.57%
750,645.00
750,645.00
101.33
3.83%
759,981.47
6,229.17
0.49%
9,336.47
Aa3/AA-
NA
1.82 1.64
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
100.65
3.78%
1,258,153.58
6,772.57
0.81%
6,516.08
Aa3/A+
NA
1.87 1.70
023135BC9 AMAZON.COM INC 3.15
08/22/2027 1,000,000.00 07/30/2024
4.55%
960,450.00
960,450.00
98.91 3.75%
989,111.82
3,412.50
0.64%
28,661.82
A1/AA
AA-
1.89 1.81
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
101.15
3.93%
1,011,534.73
1,390.28
0.65%
21,634.73
A1/A+
A+
1.97 1.87
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
99.98 3.91%
999,842.54
19,500.00
0.64%
22.54 Aa1/AA+
AAA
2.00 1.91
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
98.04 3.96%
1,225,543.93
17,003.47
0.79%
36,243.93
A2/A+
A
2.04 1.93
24422EXZ7 JOHN DEERE CAPITAL CORP 4.65
01/07/2028 700,000.00 01/06/2025
4.66%
699,790.00
699,790.00
101.63
3.89%
711,439.12
7,595.00
0.46%
11,649.12
A1/A
A+
2.27 2.12
64952WCX9 NEW YORK LIFE GLOBAL FUNDING
3.0 01/10/2028 1,000,000.00 08/26/2025
4.04%
976,720.00
976,720.00
97.85 4.00%
978,476.02
6,750.00
0.63%
1,756.02
Aa1/AA+
AAA
2.28 2.16
31 HOLDINGS REPORT
City of Murrieta | Account | As of September 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
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
101.47
4.08%
1,522,115.61
10,687.50
0.98%
9,770.61
A2/NA
A
2.36 2.12
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
100.99
4.03%
1,353,276.13
662.56
0.87%
14,870.73
Aa3/AA+
AA+
2.49 2.34
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
99.43 3.93%
745,735.40
11,562.50
0.48%
30,730.40
A1/A
NA
2.59 2.40
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
101.13
3.94%
1,516,906.07
24,933.33
0.98%
32,881.07
Aa2/A+
AA-
2.62 2.27
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
100.89
4.49%
1,341,778.61
23,765.62
0.86%
11,778.61
A2/A+
A+
2.62 1.52
87612EBU9 TARGET CORP 4.35 06/15/2028 570,000.00 06/05/2025
4.35%
569,994.30
569,994.30
100.99
3.96%
575,668.80
7,645.13
0.37%
5,674.50
A2/A
A
2.71 2.43
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
99.58 3.96%
995,839.82
8,022.22
0.64%
10,719.82
A1/A
NA
2.79 2.60
66815L2X6
NORTHWESTERN MUTUAL
GLOBAL FUNDING 4.125
08/25/2028
1,000,000.00 08/25/2025
4.03%
1,002,660.00
1,002,660.00
100.40
3.98%
1,003,967.34
4,125.00
0.65%
1,307.34
Aa1/AA+
AAA
2.90 2.70
74456QBX3 PUBLIC SERVICE ELECTRIC AND
GAS CO 3.65 09/01/2028 1,000,000.00 07/24/2025
4.23%
983,400.00
983,400.00
99.03 4.00%
990,321.95
3,041.67
0.64%
6,921.95
A1/A
NA
2.92 2.73
437076DH2 HOME DEPOT INC 3.75
09/15/2028 570,000.00 09/08/2025
3.77%
569,629.50
569,629.50
99.64 3.88%
567,942.57
950.00
0.37%
(1,686.93)
A2/A
A
2.96 2.77
713448GL6 PEPSICO INC 4.1 01/15/2029 1,000,000.00 07/24/2025
4.19%
997,190.00
997,190.00
100.35
3.98%
1,003,533.26
7,744.44
0.65%
6,343.26
A1/A+
NA
3.29 2.96
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
101.95
4.32%
1,529,205.09
13,344.00
0.98%
27,345.09
A2/A-
AA-
3.33 2.16
Total Corporate 37,915,000.00 4.65%
37,489,370.35
37,489,370.35
100.42
3.98%
38,067,707.06
359,976.86
24.49%
578,336.71
1.88 1.66
MONEY MARKET
FUND
31846V567 FIRST AMER:GVT OBLG Z 1,281,929.04 --
4.00%
1,281,929.04
1,281,929.04
1.00 4.00%
1,281,929.04
0.00 0.82%
0.00 Aaa/AAAm
AAA
0.00 0.00
32 HOLDINGS REPORT
City of Murrieta | Account | As of September 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 Money Market
Fund 1,281,929.04 4.00%
1,281,929.04
1,281,929.04
1.00 4.00%
1,281,929.04
0.00 0.82%
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
99.91 3.66%
1,333,852.54
19,491.93
0.86%
1,816.24
Aaa/AAA
NA
2.60 2.42
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
99.52 3.68%
497,595.55
3,840.28
0.32%
14,480.55
Aaa/AAA
NA
2.78 2.61
Total Supranational 1,835,000.00 3.86%
1,815,151.30
1,815,151.30
99.81 3.67%
1,831,448.09
23,332.20
1.18%
16,296.79
2.65 2.47
US TREASURY
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
99.90 4.14%
2,497,588.00
31,385.87
1.61%
(1,044.81)
Aa1/AA+
AA+
0.08 0.08
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
99.79 3.95%
2,494,726.55
21,246.60
1.60%
63,574.21
Aa1/AA+
AA+
0.13 0.12
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
99.66 3.99%
2,491,503.90
16,584.58
1.60%
78,710.93
Aa1/AA+
AA+
0.25 0.24
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
99.23 3.83%
2,480,664.05
154.53
1.60%
102,832.02
Aa1/AA+
AA+
0.50 0.49
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
99.96 3.83%
1,999,101.56
34,631.15
1.29%
33,398.43
Aa1/AA+
AA+
0.54 0.52
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
98.12 3.73%
2,943,515.64
22,663.04
1.89%
176,484.39
Aa1/AA+
AA+
1.13 1.09
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
97.64 3.70%
1,708,710.94
7,739.47
1.10%
67,470.71
Aa1/AA+
AA+
1.25 1.21
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
98.31 3.67%
2,457,812.50
171.70
1.58%
108,398.44
Aa1/AA+
AA+
1.50 1.45
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
99.35 3.63%
1,291,570.31
10,677.31
0.83%
24,882.81
Aa1/AA+
AA+
1.75 1.67
33 HOLDINGS REPORT
City of Murrieta | Account | As of September 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
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
98.44 3.64%
1,968,750.00
9,266.30
1.27%
81,640.62
Aa1/AA+
AA+
1.83 1.76
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
99.07 3.63%
2,476,855.48
6,690.26
1.59%
31,738.29
Aa1/AA+
AA+
1.92 1.84
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
100.96
3.62%
1,615,437.50
181.32
1.04%
19,937.50
Aa1/AA+
AA+
2.00 1.90
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
97.22 3.62%
1,361,062.50
11,898.10
0.88%
62,125.00
Aa1/AA+
AA+
2.13 2.03
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
99.73 3.62%
1,496,015.63
8,845.11
0.96%
28,945.32
Aa1/AA+
AA+
2.34 2.21
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
98.02 3.63%
2,695,537.10
9,658.63
1.73%
11,279.29
Aa1/AA+
AA+
2.38 2.26
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
97.96 3.63%
2,448,925.78
9,179.69
1.58%
74,121.09
Aa1/AA+
AA+
2.88 2.72
91282CNY3 UNITED STATES TREASURY 3.375
09/15/2028 3,000,000.00 09/29/2025
3.64%
2,978,203.13
2,978,203.13
99.32 3.62%
2,979,609.36
4,475.14
1.92%
1,406.23
Aa1/AA+
AA+
2.96 2.78
91282CDF5 UNITED STATES TREASURY 1.375
10/31/2028 2,500,000.00 09/16/2025
3.50%
2,344,433.59
2,344,433.59
93.45 3.64%
2,336,132.80
14,385.19
1.50%
(8,300.79)
Aa1/AA+
AA+
3.08 2.95
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
98.48 3.64%
1,969,531.24
23,607.34
1.27%
98,906.24
Aa1/AA+
AA+
3.13 2.91
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
101.90
3.65%
2,292,802.74
8,188.88
1.47%
48,076.18
Aa1/AA+
AA+
3.41 3.15
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
101.11
3.69%
2,022,109.38
13,478.26
1.30%
31,015.63
Aa1/AA+
AA+
3.83 3.50
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
97.95 3.69%
2,693,710.94
7,359.29
1.73%
74,980.47
Aa1/AA+
AA+
3.92 3.64
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
101.13
3.70%
1,719,125.00
28,456.52
1.11%
53,921.87
Aa1/AA+
AA+
4.08 3.68
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
100.64
3.71%
3,019,335.93
39,067.62
1.94%
42,656.24
Aa1/AA+
AA+
4.17 3.77
91282CGB1 UNITED STATES TREASURY 3.875
12/31/2029 3,000,000.00 07/30/2025
3.91%
2,995,312.50
2,995,312.50
100.64
3.71%
3,019,218.75
29,378.40
1.94%
23,906.25
Aa1/AA+
AA+
4.25 3.85
Total US Treasury 57,000,000.00 3.97%
55,148,291.02
55,148,291.02
99.12 3.72%
56,479,353.56
369,370.30
36.33%
1,331,062.54
2.25 2.10
34 HOLDINGS REPORT
City of Murrieta | Account | As of September 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 155,571,898.48 4.35%
152,638,477.12
152,638,477.12
99.14 3.83%
155,466,858.92
1,069,941.11
100.00%
2,828,381.80
2.13 1.81
Total Market Value +
Accrued 156,536,800.03
35 TRANSACTIONS
36 TRANSACTION LEDGER
City of Murrieta | Account |07/01/2025 Through 09/30/2025| Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp Yield Amount Interest Pur/
Sold Total Amount Gain/Loss
ACQUISITIONS
Purchase 07/25/2025 74456QBX3 1,000,000.00
PUBLIC SERVICE
ELECTRIC AND GAS CO
3.65 09/01/2028
98.340 4.23% (983,400.00) (14,600.00) (998,000.00) 0.00 Purchase 07/25/2025 713448GL6 1,000,000.00 PEPSICO INC 4.1 01/15/2029 99.719 4.19% (997,190.00) (227.78) (997,417.78) 0.00 Purchase 07/31/2025 91282CGB1 3,000,000.00
UNITED STATES
TREASURY 3.875
12/31/2029
99.844 3.91% (2,995,312.50) (9,792.80) (3,005,105.30) 0.00 Purchase 08/26/2025 66815L2X6 1,000,000.00
NORTHWESTERN
MUTUAL GLOBAL
FUNDING 4.125
08/25/2028
100.266 4.03% (1,002,660.00) (114.58) (1,002,774.58) 0.00 Purchase 08/27/2025 64952WCX9 1,000,000.00
NEW YORK LIFE
GLOBAL FUNDING 3.0
01/10/2028
97.672 4.04% (976,720.00) (3,916.67) (980,636.67) 0.00
Purchase 09/15/2025 437076DH2 570,000.00 HOME DEPOT INC 3.75 09/15/2028 99.935 3.77% (569,629.50) 0.00 (569,629.50) 0.00 Purchase 09/17/2025 91282CDF5 2,500,000.00
UNITED STATES
TREASURY 1.375
10/31/2028
93.777 3.50% (2,344,433.59) (13,077.45) (2,357,511.04) 0.00 Purchase 09/30/2025 91282CNY3 3,000,000.00
UNITED STATES
TREASURY 3.375
09/15/2028
99.273 3.64% (2,978,203.13) (4,195.44) (2,982,398.57) 0.00 Total Purchase 13,070,000.00 (12,847,548.72) (45,924.72) (12,893,473.44) 0.00 TOTAL
ACQUISITIONS 13,070,000.00 (12,847,548.72) (45,924.72) (12,893,473.44) 0.00
DISPOSITIONS
Call Redemption 07/17/2025 61747YET8 (1,000,000.00) MORGAN STANLEY
4.679 07/17/2026 100.000 5.45% 1,000,000.00 0.00 1,000,000.00 5,970.00 Total Call
Redemption (1,000,000.00) 1,000,000.00 0.00 1,000,000.00 5,970.00 Maturity 07/31/2025 91282CAB7 (2,000,000.00)
UNITED STATES
TREASURY 0.25
07/31/2025
100.000 1.06% 2,000,000.00 0.00 2,000,000.00 57,968.75
37 TRANSACTION LEDGER
City of Murrieta | Account |07/01/2025 Through 09/30/2025| Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp Yield Amount Interest Pur/
Sold Total Amount Gain/Loss
Maturity 08/12/2025 14913R2Z9 (1,375,000.00)
CATERPILLAR
FINANCIAL SERVICES
CORP 3.65 08/12/2025
100.000 3.69% 1,375,000.00 0.00 1,375,000.00 1,663.75
Maturity 08/15/2025 26442UAA2 (1,000,000.00)
DUKE ENERGY
PROGRESS LLC 3.25
08/15/2025
100.000 3.57% 1,000,000.00 0.00 1,000,000.00 9,290.00
Maturity 09/15/2025 437076CR1 (1,000,000.00) HOME DEPOT INC 4.0 09/15/2025 100.000 4.13% 1,000,000.00 0.00 1,000,000.00 3,620.00 Maturity 09/30/2025 9128285C0 (3,250,000.00)
UNITED STATES
TREASURY 3.0
09/30/2025
100.000 2.90% 3,250,000.00 0.00 3,250,000.00 (9,882.81) Total Maturity (8,625,000.00) 8,625,000.00 0.00 8,625,000.00 62,659.69 TOTAL
DISPOSITIONS (9,625,000.00) 9,625,000.00 0.00 9,625,000.00 68,629.69 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