INVESTMENT REPORT
City of Murrieta | As of December 31, 2025
CHANDLER ASSET MANAGEMENT | chandlerasset.com
Chandler Team:
For questions about your account, please call (800) 317-4747, or contact [email protected]
TABLE OF CONTENTS
ECONOMIC UPDATE
ACCOUNT PROFILE
PORTFOLIO HOLDINGS
TRANSACTIONS
1 ECONOMIC UPDATE
2 ▪
▪
▪
The near-term economic outlook continues to be distorted by the data delays from the government shutdown. Recently released government data—reflecting conditions from two to three months ago—indicate inflation remains moderately above the Federal Reserve’s target, while labor market conditions have continuedto soften. As the flow of economic data normalizes, the Chandler team expects further yield curve steepening as the Federal Reserve moves the policy rate toward a more neutral range. U.S. trade and fiscal policy also remain sources of elevated market uncertainty.
The Federal Reserve's December Federal Open Market Committee meeting concluded with the third consecutive 25-basis-point rate cut in 2025, lowering the target range to 3.50%–3.75%. However, policymakers remain divided on the path forward. Four Fed governors project one additional 25-basis-point cut in 2026, another four anticipateno further easing, eight expect multiple cuts, and three call for a potential rate hike. Chair Jerome Powell noted that the Fed is now “well placed to wait and see” how labor market conditions and inflation evolve in the near term.
The US Treasury yield curve steepened in December, as the 2-year Treasury yield dropped 2 basis points to 3.48%, the 5-year Treasury was up 13 basis points to 3.73%, and the 10-year Treasury yield was 15 basis points higher at 4.17%. The spread between the 2-year and 10- year Treasury yield points on the curve was 17 basis points wider from November at +69 basis points at December month-end. The spread between the 2-year Treasury and 10-year Treasury yield one year ago was +33 basis points. The spread between the 3-month and 10-year Treasury yield points on the curve was +54 basis points in December versus +21 basis points in November.
ECONOMIC UPDATE
3 -400
-200
0 200
400
600
800
1,000MOM Change In Thousands (000's)
Nonfarm Payroll (000's)
Non-farm Payroll (000's)
3-month average (000's)
-1.0%
3.0%
7.0%
11.0%
15.0%
Unemployment Rate
Underemployment Rate (U6)
Unemployment Rate (U3)
Rate (%)
The December Nonfarm Payrolls report showed weaker-than-expected job growth, with payrolls rising by 50,000 compared with the consensus estimate of 70,000. This follows a downwardly revised gain of 56,000 in November. Employment declines were most pronounced in retail trade and construction, while leisure and hospitality posted the strongest gains. Notably, the unemployment rate edged down to 4.4% after increasing to 4.6% in November.
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) reported that job openings fell to 7.1 million in November from a downwardly revised 7.4 millionin October. The dropin vacancies, alongside slower hiring, suggests the labor market continues to soften, though employers remain cautious about laying off workers. The number of openings now roughly matches the number of unemployed individuals, pointing to a labor market that is approaching equilibrium.
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%
Personal Consumption Expenditures (PCE)
PCE Price Deflator
YOY % Change
PCE Core Deflator
YOY % Change
Fed Target
YOY (%) Change
Inflation came in lower than expectedin November, with the Consumer Price Index (CPI) rising 2.7% year over year and core CPI easing to
2.6%. Notably, both Owners’ Equivalent Rent and Rent of Primary Residence contributed to the slowdown in services inflation. Shelter costs typically lag broader market trends by 12 to 18 months. Services, meanwhile, have remained the dominant driver of inflation throughout the post-pandemic period. The Personal Consumption Expenditures (PCE) Index for September, released on December 5, showed headline inflation up 0.3% from August and 2.8% year over year. Core PCE rose 0.2% on the month and 2.8% on an annual basis.
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
October Retail Sales, released with a one-month delay, were flat from the prior month but up 3.5% year over year. Eight of thirteen major categories posted gains, while motor vehicle sales declined following the expiration of federal tax incentives for electric vehicles, and gas station sales weakened amid lower fuel prices. The government shutdown may have weighed on consumer confidence regarding jobs, incomes, and overall financial conditions, both current and in the future. The Conference Board’s Consumer Confidence Index declined to
89.1 in December from an upwardly revised 92.9 in November, marking its fifth consecutive monthly drop. Consumers were pessimistic about both business conditions and the labor market.
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) declined 0.3% in September, marking its second consecutive monthly decrease after a revised 0.3% drop in August. On a year-over-year basis, the index fell 3.3%. According to the Conference Board, weakening expectations among consumers and businesses contributed most to the LEI’s overall decline. The index continues to signal slower economic growth through the end of 2025 and into 2026. The Chicago Fed National Activity Index (CFNAI) came in at -0.21 in September, following a downwardly revised -0.31 in August, signaling that U.S. economic activity remained below its historical trend for the sixth consecutive month. The three-month moving average ticked down to -0.21 in September from -0.18 in August, reinforcing signs of ongoing below-trend national growth. Employment-related indicators turned slightly positive, contributing +0.01 in September after a -0.11 result in August.
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
The S&P Cotality Case-Shiller 20-City Composite Home Price Index rose 1.3% year over year in October, slightly down from a 1.4% gain in September and marking the slowest annual increase since mid ‑2023. Short-term momentum also weakened, with 80 percent of the 20 tracked markets recording month-over-month price declineson a non-seasonally adjusted basis. Housing starts declined in October to an annualized rate of 1.25 million units, down from 1.29 million in September. Existing home sales inched higher in November to a 4.13 million-unit pace, indicating only modest improvement despite some relief in mortgage rates. The Freddie Mac 30‑year fixed mortgage rate fell throughout 2025 and averaged 6.18% at the end of December.
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’s (ISM) manufacturing index slipped to 47.9 in December, down from 48.2 in November, marking continued weakness across the sector. Manufacturing activity has now been in contraction for 36 of the past 38 months, as readings below 50 indicate contraction and those above50 signal expansion. The latest decline was driven primarily by pullbacks in the Production and Inventories components. In contrast, the ISM services index remained in expansion territory, rising to 54.4 in December from 52.6 in November. Respondents attributed the improvementto seasonal strength, though many remained cautious about the potential impact of tariffs.
Source: Institute for Supply Management
SURVEY BASED MEASURES
10 Components of GDP 12/24 3/25 6/25 9/25
2.6% 0.4% 1.7% 2.4%
-1.3% 3.8% -2.7% 0.0%
-0.1% -4.7% 4.8% 1.6%
0.3% -0.4% -0.4% 0.2%
0.3% 0.2% 0.3% 0.2%
1.9% -0.6% 3.8% 4.3%
State and Local (Consumption and Gross
Investment)
Personal Consumption Expenditures
Gross Private Domestic Investment
Net Exports and Imports
Federal Government Expenditures
Total
-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 The U.S. inflation adjusted gross domestic product (GDP) report demonstrated continued strength in the third quarter, with the first estimate showing a 4.3% annualized quarter-over-quarter increase, up from 3.8% in the second quarter. Consumer spending accelerated, while exports contributed 1.6 percentage points to growth—both key drivers of the quarter’s performance. The stronger-than-expected result represented the fastest pace of U.S. economic expansion in two years. The consensus projection calls for 1.1% growth in the fourth quarter and 2.0% growth 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 target range of 3.50% to 3.75% at its December meeting, citing concerns about emerging weakness in the labor market. A few policymakers dissented, arguing that tighter monetary policy may still be warranted to ensure progress on price stability. Beginning December 1, the Fed also halted its balance sheet runoff, announcing that principal and interest payments from its holdings will be reinvested in Treasury securities to maintain ample reserves and support market stability.
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
Dec-25
Sep-25
Dec-24
Yield (%)
At the end of December, the 2-year yield was 77 basis points lower, and the 10-year yield was 40 basis points lower, year-over-year. The spread between the 2-year and 10-year Treasury yield points on the curve increased to +69 basis points at December month-end versus +52 basis points at November 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 +95 basis points. The spread between the 3-month and 10-year Treasury yield points on the curve was +54 basis points in December versus +21 basis points in November.
BOND YIELDS
13 ACCOUNT PROFILE
14 OBJECTIVES
Investment Objectives
The City of Murrieta's investment objectives, in order of priority, are to provide safety to ensure the preservation of capital in the overall portfolio, provide sufficient liquidity for cash needs and a market rate of return consistent with the investment program.
Chandler Asset Management Performance Objective
The performance objective for the portfolio is to achieve a rate of return over a market cycle that equals or exceeds the return on a market index of similar duration and sector allocation.
Strategy
In order to achieve these objectives, the portfolio invests in high quality fixed income securities consistent with the investment policy and California Government Code. 15 STATEMENT OF COMPLIANCE
City of Murrieta | Account | As of December 31, 2025
Rules Name Limit Actual Compliance
Status Notes
AGENCY MORTGAGE SECURITIES
Max % (MV) 20.0 10.0 Compliant
Max % Issuer (MV) 30.0 10.0 Compliant
Max Maturity (Years) 5.0 4.2 Compliant
ASSET-BACKED SECURITIES (ABS)
Max % (MV) 20.0 8.4 Compliant
Max % Issuer (MV) 5.0 0.8 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 25.0 Compliant
16 STATEMENT OF COMPLIANCE
City of Murrieta | Account | As of December 31, 2025
Rules Name Limit Actual Compliance
Status Notes
Max % Issuer (MV) 5.0 1.3 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 18.5 Compliant
Max % Issuer (MV) 30.0 11.5 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 0.1 Compliant
Max % Issuer (MV) 10.0 0.1 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 December 31, 2025
Rules Name Limit Actual Compliance
Status Notes
Max Maturity (Years) 5 0.0 Compliant
Min Rating (A-1 by 1 or A- by 1 if > FDIC Limit) 0.0 0.0 Compliant
REPURCHASE AGREEMENTS
Max % (MV) 20.0 0.0 Compliant
Max Maturity (Years) 1.0 0.0 Compliant
SUPRANATIONAL OBLIGATIONS
Max % (MV) 30.0 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 36.9 Compliant
Max Maturity (Years) 5 4 Compliant
18 PORTFOLIO CHARACTERISTICS
City of Murrieta | Account | As of December 31, 2025
Benchmark* 12/31/2025
Portfolio
9/30/2025
Portfolio
Average Maturity (yrs) 1.85 2.13 2.13
Average Modified Duration 1.76 1.81 1.81
Average Purchase Yield 4.35% 4.35%
Average Market Yield 3.50% 3.69% 3.83%
Average Quality** AA+ AA+ AA+
Total Market Value 158,298,533 156,536,800
*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 December 31, 2025
Sector as a Percentage of Market Value
Sector 12/31/2025 09/30/2025
US Treasury 36.89% 36.33%
Corporate 25.00% 24.49%
Agency 18.45% 18.63%
Agency CMBS 10.03% 10.10%
ABS 8.35% 8.44%
Supras 1.17% 1.18%
Money Mkt Fd 0.10% 0.82%
20 ISSUERS
City of Murrieta | Account | As of December 31, 2025
Issuer Investment Type % Portfolio
United States US Treasury 36.89%
Federal Home Loan Banks Agency 11.50%
FHLMC Agency CMBS 10.03%
Farm Credit System Agency 6.95%
Massachusetts Mutual Life Insurance Corporate 1.34%
New York Life Insurance Company Corporate 1.26%
American Express Credit Master Trust ABS 1.22%
International Bank for Recon and Dev Supras 1.17%
Public Service Enterprise Group Inco Corporate 1.11%
Deere & Company Corporate 1.10%
JPMorgan Chase & Co. Corporate 1.01%
Bank of Montreal Corporate 0.97%
National Rural Utilities Cooperative Corporate 0.97%
PepsiCo, Inc. Corporate 0.97%
Florida Power & Light Corporate 0.97%
Cisco Systems, Inc. Corporate 0.97%
Air Products and Chemicals, Inc. Corporate 0.93%
PACCAR Inc Corporate 0.93%
BMW Vehicle Lease Trust ABS 0.86%
U.S. Bancorp Corporate 0.86%
Chase Issuance Trust ABS 0.85%
The Home Depot, Inc. Corporate 0.84%
Eli Lilly and Company Corporate 0.80%
Royal Bank of Canada Corporate 0.80%
UnitedHealth Group Incorporated Corporate 0.79%
State Street Corporation Corporate 0.78%
WF Card Issuance Trust ABS 0.78%
Verizon Master Trust ABS 0.67%
Honda Auto Receivables Owner Trust ABS 0.66%
John Deere Owner Trust ABS 0.65%
21 ISSUERS
City of Murrieta | Account | As of December 31, 2025
Issuer Investment Type % Portfolio
Toyota Motor Corporation Corporate 0.64%
Bank of America Corporation Corporate 0.64%
Met Tower Global Funding Corporate 0.64%
Northwestern Mutual Global Funding Corporate 0.64%
Northern Trust Corporation Corporate 0.64%
Caterpillar Inc. Corporate 0.64%
Apple Inc. Corporate 0.64%
Duke Energy Corporation Corporate 0.64%
Chubb Limited Corporate 0.64%
Amazon.com, Inc. Corporate 0.63%
GM Financial Automobile Leasing Trus ABS 0.60%
Mercedes-Benz Auto Lease Trust ABS 0.57%
Mercedes-Benz Auto Receivables Trust ABS 0.50%
Blackrock, Inc. Corporate 0.48%
BMW Vehicle Owner Trust ABS 0.38%
Hyundai Auto Receivables Trust ABS 0.38%
Morgan Stanley Corporate 0.37%
Target Corporation Corporate 0.37%
GM Financial Securitized Term ABS 0.24%
First American Govt Oblig Fund Money Mkt Fd 0.10%
Cash Cash 0.00%
TOTAL 100.00%
22 QUALITY DISTRIBUTION
Rating 12/31/2025 09/30/2025
AAA 10.05% 10.85%
AA 70.96% 71.00%
A 16.48% 15.59%
NA 2.51% 2.56%
Rating 12/31/2025 09/30/2025
Aaa 7.62% 8.79%
Aa 71.38% 71.15%
A 15.85% 15.22%
NA 5.15% 4.84%
Rating 12/31/2025 09/30/2025
AAA 14.10% 14.62%
AA 67.76% 67.77%
A 7.86% 6.92%
NA 10.29% 10.69%
City of Murrieta | Account | As of December 31, 2025
S&P Rating Moody’s Rating Fitch Rating
23 DURATION DISTRIBUTION
City of Murrieta | Account | As of December 31, 2025
Date 0-.25 .25-.5 .5-1 1-2 2-3 3-4 4-5 5-7 7+
12/31/2025 3.7% 4.9% 19.4% 27.0% 32.0% 12.8% 0.0% 0.0% 0.0% 09/30/2025 6.0% 4.4% 15.9% 31.2% 29.4% 13.0% 0.0% 0.0% 0.0% 24 TOTAL RATE OF RETURN* 3 Months 12 Months 2 Years 3 Years 5 Years 10 Years Since Inception City of Murrieta 1.13% 5.48% 4.95% 4.92% 2.16% 2.29%
Benchmark 1.12% 5.09% 4.58% 4.47% 1.79% 1.94%
*Periods over 1 year are annualized.
Total rate of return: A measure of a portfolio’s performance over time. It is the internal rate of return, which equates the beginning value of the portfolio with the ending market value; it includes interest earnings, realized and unrealized gains and losses in the portfolio.
Benchmark: ICE BofA 1-3 Year US Treasury Index
INVESTMENT PERFORMANCE
City of Murrieta | Account | As of December 31, 2025
Total Rate of Return : Inception | 02/01/2020
25 PORTFOLIO HOLDINGS
26 HOLDINGS REPORT
City of Murrieta | Account | As of December 31, 2025
Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
ABS
36269FAD8 GMALT 2024-1 A3 5.09
03/22/2027 223,568.18 02/08/2024
5.09%
223,540.23
223,540.23
100.23
4.03%
224,073.22
347.71
0.14%
532.98
NA/AAA
AAA
1.22 0.20
05611UAD5 BMWLT 2024-1 A3 4.98
03/25/2027 551,492.47 06/20/2024
5.19%
548,562.67
548,562.67
100.24
3.75%
552,802.82
457.74
0.35%
4,240.15
Aaa/AAA
NA
1.23 0.19
36265WAD5 GMCAR 2022-3 A3 3.64
04/16/2027 880.58 07/06/2022
3.64%
880.57
880.57
99.98 4.11%
880.43
1.34 0.00%
(0.14)
Aaa/NA
AAA
1.29 0.04
58770JAD6 MBALT 2024-A A3 5.32
01/18/2028 350,000.00 05/17/2024
5.32%
349,959.05
349,959.05
100.97
4.03%
353,400.95
827.56
0.23%
3,441.90
Aaa/NA
AAA
2.05 0.72
58769GAD5 MBALT 2024-B A3 4.23
02/15/2028 545,000.00 09/17/2024
4.24%
544,908.28
544,908.28
100.22
3.97%
546,207.18
1,024.60
0.35%
1,298.90
NA/AAA
AAA
2.13 0.74
362962AD4 GMALT 2025-2 A3 4.58
05/22/2028 705,000.00 05/20/2025
4.58%
704,988.30
704,988.30
100.90
3.87%
711,326.67
986.61
0.45%
6,338.37
NA/AAA
AAA
2.39 1.18
437918AC9 HAROT 2024-1 A3 5.21
08/15/2028 1,019,577.49 02/13/2024
5.21%
1,019,533.14
1,019,533.14
100.87
4.07%
1,028,439.66
2,360.89
0.66%
8,906.52
Aaa/AAA
NA
2.62 0.72
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
100.94
3.83%
1,332,422.52
3,027.20
0.85%
12,788.42
NA/AAA
AAA
2.71 0.68
05594HAD5 BMWLT 2025-2 A3 3.97
09/25/2028 800,000.00 10/08/2025
3.97%
799,997.76
799,997.76
100.27
3.82%
802,140.00
529.33
0.51%
2,142.24
NA/AAA
AAA
2.74 1.47
47800RAD5 JDOT 2024 A3 4.96 11/15/2028 335,000.00 03/11/2024
4.96%
334,981.24
334,981.24
100.88
3.98%
337,935.61
738.49
0.22%
2,954.37
Aaa/NA
AAA
2.88 0.85
096919AD7 BMWOT 2024-A A3 5.18
02/26/2029 591,367.93 06/04/2024
5.18%
591,278.11
591,278.11
100.91
3.98%
596,765.35
510.55
0.38%
5,487.24
Aaa/AAA
NA
3.16 0.73
58768YAD7 MBALT 2025-A A3 4.61
04/16/2029 770,000.00 05/14/2025
4.61%
769,906.14
769,906.14
101.32
3.94%
780,153.22
1,577.64
0.50%
10,247.08
NA/AAA
AAA
3.29 1.84
02582JKH2 AMXCA 2024-1 A 5.23 04/16/2029 640,000.00 04/16/2024
5.23%
639,868.80
639,868.80
101.89
3.75%
652,097.92
1,487.64
0.42%
12,229.12
NA/AAA
AAA
3.29 1.22
47800DAD6 JDOT 2025 A3 4.23 09/17/2029 670,000.00 03/04/2025
4.23%
669,957.86
669,957.86
100.75
3.85%
674,998.20
1,259.60
0.43%
5,040.34
Aaa/NA
AAA
3.71 1.77
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
3.87%
590,585.00
1,133.60
0.38%
5,637.82
NA/AAA
AAA
3.96 1.79
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
100.79
4.13%
1,058,345.40
1,446.96
0.67%
8,390.55
Aaa/NA
AAA
4.22 1.16
27 HOLDINGS REPORT
City of Murrieta | Account | As of December 31, 2025
Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
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
101.14
3.79%
1,269,324.57
2,387.29
0.81%
14,347.29
NA/AAA
AAA
4.29 2.14
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
3.82%
372,804.23
659.83
0.24%
2,858.69
Aaa/AAA
NA
4.29 1.52
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
101.33
3.78%
1,226,062.75
2,333.96
0.78%
16,082.84
NA/AAA
AAA
4.37 2.21
Total ABS 12,991,886.65 4.68%
12,987,801.01
12,987,801.01
100.92
3.89%
13,110,765.68
23,098.53
8.35%
122,964.67
3.23 1.29
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
100.03
3.60%
1,400,355.60
25,506.25
0.89%
7,495.60
Aa1/AA+
AA+
0.06 0.06
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
100.39
3.60%
1,003,902.00
6,993.06
0.64%
6,212.00
Aa1/AA+
AA+
0.35 0.35
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
100.48
3.63%
2,009,694.00
5,013.89
1.28%
11,074.00
Aa1/AA+
AA+
0.45 0.44
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
100.73
3.71%
2,014,532.00
41,944.44
1.28%
7,052.00
Aa1/AA+
AA+
0.58 0.56
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
3.59%
2,418,191.43
41,185.63
1.54%
18,722.93
Aa1/AA+
AA+
0.62 0.60
3130AWTQ3 FEDERAL HOME LOAN BANKS
4.625 09/11/2026 4,500,000.00 --
4.81%
4,476,030.00
4,476,030.00
100.69
3.60%
4,531,023.00
63,593.75
2.89%
54,993.00
Aa1/AA+
AA+
0.70 0.67
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
100.85
3.62%
1,764,946.75
9,892.36
1.12%
10,519.25
Aa1/AA+
AA+
0.88 0.85
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
3.49%
2,012,804.00
38,041.67
1.28%
17,244.00
Aa1/AA+
AA+
1.04 0.99
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
3.51%
1,011,786.00
11,875.00
0.64%
16,266.00
Aa1/AA+
AA+
1.23 1.18
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
101.68
3.38%
1,525,243.50
16,229.17
0.97%
29,128.50
Aa1/AA+
AA+
1.27 1.21
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
101.31
3.52%
1,013,122.00
5,125.00
0.65%
18,292.00
Aa1/AA+
AA+
1.38 1.33
28 HOLDINGS REPORT
City of Murrieta | Account | As of December 31, 2025
Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
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
102.09
3.50%
3,062,718.00
41,625.00
1.95%
23,238.00
Aa1/AA+
AA+
2.19 2.05
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
101.12
3.52%
2,022,358.00
4,888.89
1.29%
65,418.00
Aa1/AA+
AA+
2.44 2.30
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
100.56
3.51%
1,126,301.12
2,566.67
0.72%
19,057.92
Aa1/AA+
AA+
2.44 2.31
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
102.44
3.55%
2,048,888.00
24,750.00
1.31%
67,428.00
Aa1/AA+
AA+
2.73 2.52
Total Agency 28,675,000.00 4.56%
28,593,724.20
28,593,724.20
101.02
3.56%
28,965,865.40
339,230.76
18.45%
372,141.19
1.22 1.15
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
99.14 3.82%
1,982,870.00
4,421.67
1.26%
92,323.12
Aa1/AA+
AAA
0.65 0.59
3137BTUM1 FHMS K-061 A2 3.347 11/25/2026 857,477.70 09/22/2022
4.23%
826,695.59
826,695.59
99.44 3.79%
852,696.40
2,391.65
0.54%
26,000.81
Aa1/AA+
AAA
0.90 0.80
3137BVZ82 FHMS K-063 A2 3.43 01/25/2027 862,000.00 --
4.09%
839,600.51
839,600.51
99.54 3.71%
858,059.80
2,463.88
0.55%
18,459.29
Aa1/AA+
AAA
1.07 0.89
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
99.26 3.71%
992,617.00
2,702.50
0.63%
27,148.25
Aa1/AA+
AAA
1.31 1.18
3137FBU79 FHMS K-069 A2 3.187 09/25/2027 1,213,921.16 05/18/2023
4.13%
1,166,075.61
1,166,075.61
98.93 3.74%
1,200,906.71
3,223.97
0.76%
34,831.11
Aa1/AAA
AA+
1.73 1.61
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
99.61 3.75%
1,160,487.96
3,543.54
0.74%
53,009.83
Aa1/AA+
AAA
2.15 2.00
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
100.08
3.79%
1,251,050.00
4,062.50
0.80%
53,784.37
Aa1/AA+
AAA
2.65 2.45
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
100.49
3.80%
2,009,754.00
6,766.67
1.28%
19,050.87
Aaa/AA+
AA+
2.82 2.58
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
95.51 3.84%
1,432,672.50
2,825.00
0.91%
47,340.47
Aa1/AA+
AAA
3.07 2.83
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
98.66 3.83%
1,973,250.00
5,703.33
1.26%
40,750.00
Aa1/AAA
AA+
3.15 2.88
29 HOLDINGS REPORT
City of Murrieta | Account | As of December 31, 2025
Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
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
101.42
3.97%
2,028,316.00
7,353.33
1.29%
30,425.37
Aaa/AA+
AA+
4.23 3.50
15,299,556.89 99.36 15,742,680.37 10.03% 2.35
Total Agency CMBS 15,848,398.86 4.33% 15,299,556.89 3.81% 45,458.05 443,123.48 2.11 CASH
CCYUSD Receivable 1,478.73 -- 1,478.73
1,478.73
1.00 1,478.73
0.00 0.00%
0.00 Aaa/AAA
AAA
0.00 0.00
1,478.73 1.00 1,478.73 0.00% 0.00
Total Cash 1,478.73 1,478.73 0.00 0.00 0.00
CORPORATE
037833BY5 APPLE INC 3.25 02/23/2026 1,000,000.00 02/22/2023
4.72%
959,390.00
959,390.00
99.90 3.92%
998,991.00
11,555.56
0.64%
39,601.00
Aaa/AA+
NA
0.15 0.14
57629W6F2 MASSMUTUAL GLOBAL FUNDING
II 4.5 04/10/2026 750,000.00 04/04/2023
4.52%
749,482.50
749,482.50
100.15
3.91%
751,121.25
7,593.75
0.48%
1,638.75
Aa3/AA+
AA+
0.27 0.27
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
99.81 3.90%
998,121.00
5,397.22
0.64%
43,901.00
A2/A
A
0.34 0.33
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
100.64
3.99%
1,006,419.00
1,650.00
0.64%
5,979.00
Aa3/AA-
AA-
0.47 0.46
69371RS56 PACCAR FINANCIAL CORP 5.05
08/10/2026 1,450,000.00 --
4.99%
1,451,925.00
1,451,925.00
100.69
3.87%
1,460,048.50
28,679.79
0.93%
8,123.50
A1/A+
NA
0.61 0.58
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
100.91
4.04%
1,009,079.00
20,415.50
0.64%
10,269.00
Aa2/A+
AA
0.63 0.52
713448FW3 PEPSICO INC 5.125 11/10/2026 510,000.00 11/08/2023
5.13%
509,862.30
509,862.30
101.05
3.87%
515,331.54
3,702.81
0.33%
5,469.24
A1/A+
NA
0.86 0.75
48125LRU8 JPMORGAN CHASE BANK NA 5.11
12/08/2026 1,575,000.00 --
5.08%
1,576,460.00
1,576,460.00
101.08
3.92%
1,591,989.53
5,141.94
1.01%
15,529.53
Aa2/AA-
AA
0.94 0.82
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
100.76
3.73%
1,007,569.00
21,625.00
0.64%
8,109.00
A1/A
A+
1.02 0.97
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
101.03
3.86%
1,257,883.26
27,312.19
0.80%
13,194.51
A1/A
AA-
1.05 0.99
30 HOLDINGS REPORT
City of Murrieta | Account | As of December 31, 2025
Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
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
101.12
3.79%
1,516,816.50
25,000.00
0.97%
16,006.50
A1/AA-
NA
1.16 1.02
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
101.34
3.85%
1,226,201.90
17,285.49
0.78%
16,201.90
Aa3/A
AA-
1.21 1.08
665859AW4 NORTHERN TRUST CORP 4.0
05/10/2027 1,000,000.00 09/14/2022
4.23%
990,460.00
990,460.00
100.33
3.75%
1,003,262.00
5,666.67
0.64%
12,802.00
A2/A+
A+
1.36 1.22
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
97.49 3.74%
1,462,392.00
3,545.83
0.93%
90,447.00
A2/A
NA
1.37 1.33
437076DB5 HOME DEPOT INC 4.875
06/25/2027 740,000.00 --
4.95%
738,545.60
738,545.60
101.69
3.69%
752,513.40
601.25
0.48%
13,967.80
A2/A
A
1.48 1.34
09290DAH4 BLACKROCK INC 4.6 07/26/2027 750,000.00 07/18/2024
4.57%
750,645.00
750,645.00
101.32
3.73%
759,865.50
14,854.17
0.48%
9,220.50
Aa3/AA-
NA
1.57 1.40
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
100.74
3.67%
1,259,202.50
19,741.32
0.80%
7,565.00
Aa3/A+
NA
1.62 1.45
023135BC9 AMAZON.COM INC 3.15
08/22/2027 1,000,000.00 07/30/2024
4.55%
960,450.00
960,450.00
99.19 3.66%
991,874.00
11,287.50
0.63%
31,424.00
A1/AA
AA-
1.64 1.56
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
101.24
3.79%
1,012,382.00
12,765.28
0.64%
22,482.00
A1/A+
A+
1.72 1.62
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
100.15
3.81%
1,001,534.00
9,750.00
0.64%
1,714.00
Aa1/AA+
AAA
1.75 1.66
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
98.60 3.77%
1,232,451.25
7,784.72
0.79%
43,151.25
A2/A+
A
1.79 1.71
24422EXZ7 JOHN DEERE CAPITAL CORP 4.65
01/07/2028 700,000.00 01/06/2025
4.66%
699,790.00
699,790.00
101.72
3.75%
712,041.40
15,732.50
0.45%
12,251.40
A1/A
A+
2.02 1.87
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
98.20 3.94%
981,956.00
14,250.00
0.63%
5,236.00
Aa1/AA+
AAA
2.03 1.91
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
101.52
3.99%
1,522,744.50
28,500.00
0.97%
10,399.50
A2/NA
A
2.10 1.87
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
101.03
3.96%
1,353,826.12
15,570.06
0.86%
15,420.72
Aa3/AA+
AA+
2.24 2.09
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
99.60 3.88%
746,989.50
4,625.00
0.48%
31,984.50
A1/A
NA
2.33 2.20
31 HOLDINGS REPORT
City of Murrieta | Account | As of December 31, 2025
Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
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
101.01
4.24%
1,343,429.01
8,038.37
0.86%
13,429.01
A2/A+
A+
2.37 1.31
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
101.25
3.84%
1,518,681.00
8,433.33
0.97%
34,656.00
Aa2/A+
AA-
2.37 2.07
87612EBU9 TARGET CORP 4.35 06/15/2028 570,000.00 06/05/2025
4.35%
569,994.30
569,994.30
101.17
3.85%
576,666.15
1,102.00
0.37%
6,671.85
A2/A
A
2.46 2.23
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
99.89 3.84%
998,933.00
17,522.22
0.64%
13,813.00
A1/A
NA
2.54 2.35
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
3.96%
1,004,015.00
14,437.50
0.64%
1,355.00
Aa1/AA+
AAA
2.65 2.45
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
99.26 3.94%
992,620.00
12,166.67
0.63%
9,220.00
A1/A
NA
2.67 2.48
437076DH2 HOME DEPOT INC 3.75
09/15/2028 570,000.00 09/08/2025
3.77%
569,629.50
569,629.50
100.03
3.74%
570,160.17
6,293.75
0.36%
530.67
A2/A
A
2.71 2.52
14913UBD1 CATERPILLAR FINANCIAL SERVICES
CORP 3.95 11/14/2028 1,000,000.00 11/26/2025
3.83%
1,003,180.00
1,003,180.00
100.24
3.86%
1,002,351.00
5,156.94
0.64%
(829.00)
A2/A
A+
2.87 2.67
713448GL6 PEPSICO INC 4.1 01/15/2029 1,000,000.00 07/24/2025
4.19%
997,190.00
997,190.00
100.55
3.91%
1,005,480.00
17,994.44
0.64%
8,290.00
A1/A+
NA
3.04 2.71
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
101.89
4.15%
1,528,420.50
32,109.00
0.97%
26,560.50
A2/A-
AA-
3.07 1.91
61748UAK8 MORGAN STANLEY 4.133
10/18/2029 580,000.00 10/17/2025
4.36%
580,000.00
580,000.00
99.97 4.27%
579,813.24
4,594.52
0.37%
(186.76)
A1/A-
A+
3.80 2.59
Total Corporate 39,070,000.00 4.63%
38,647,575.85
38,647,575.85
100.48
3.88%
39,253,174.72
467,882.29
25.00%
605,598.87
1.71 1.49
MONEY MARKET
FUND
31846V567 FIRST AMER:GVT OBLG Z 163,471.63 --
3.64%
163,471.63
163,471.63
1.00 3.64%
163,471.63
0.00 0.10%
0.00 Aaa/AAAm
AAA
0.00 0.00
Total Money Market
Fund 163,471.63 3.64%
163,471.63
163,471.63
1.00 3.64%
163,471.63
0.00 0.10%
0.00 0.00
0.00 32
HOLDINGS REPORT
City of Murrieta | Account | As of December 31, 2025
Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
SUPRANATIONAL
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
100.12
3.57%
1,336,537.92
7,527.92
0.85%
4,501.62
Aaa/AAA
NA
2.34 2.21
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
99.78 3.59%
498,917.50
8,215.28
0.32%
15,802.50
Aaa/AAA
NA
2.53 2.36
Total Supranational 1,835,000.00 3.86%
1,815,151.30
1,815,151.30
100.03
3.58%
1,835,455.42
15,743.19
1.17%
20,304.12
2.40 2.25
US TREASURY
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
99.67 3.60%
2,491,772.50
14,371.57
1.59%
113,940.47
Aa1/AA+
AA+
0.25 0.24
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
100.05
3.55%
2,000,944.00
16,071.43
1.27%
35,240.87
Aa1/AA+
AA+
0.29 0.28
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
98.68 3.56%
2,960,361.00
7,790.06
1.89%
193,329.75
Aa1/AA+
AA+
0.87 0.85
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
98.76 3.53%
2,469,042.50
15,968.41
1.57%
119,628.44
Aa1/AA+
AA+
1.25 1.20
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
99.66 3.49%
1,295,531.90
116.71
0.83%
28,844.40
Aa1/AA+
AA+
1.50 1.45
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
98.87 3.49%
1,977,422.00
23,016.30
1.26%
90,312.62
Aa1/AA+
AA+
1.58 1.51
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
99.43 3.48%
2,485,645.00
26,545.23
1.58%
40,527.81
Aa1/AA+
AA+
1.67 1.58
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
101.07
3.48%
1,617,124.80
16,862.64
1.03%
21,624.80
Aa1/AA+
AA+
1.75 1.65
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
97.78 3.49%
1,368,938.20
4,089.78
0.87%
70,000.70
Aa1/AA+
AA+
1.87 1.80
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
100.02
3.49%
1,500,292.50
21,970.11
0.96%
33,222.19
Aa1/AA+
AA+
2.08 1.96
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
98.49 3.49%
2,708,535.50
28,564.88
1.73%
24,277.69
Aa1/AA+
AA+
2.13 2.02
33 HOLDINGS REPORT
City of Murrieta | Account | As of December 31, 2025
Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
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
98.39 3.52%
2,459,862.50
27,148.44
1.57%
85,057.81
Aa1/AA+
AA+
2.62 2.47
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
99.59 3.53%
2,987,694.00
30,207.18
1.90%
9,490.87
Aa1/AA+
AA+
2.71 2.53
91282CPC9 UNITED STATES TREASURY 3.5
10/15/2028 2,500,000.00 11/10/2025
3.58%
2,494,433.59
2,494,433.59
99.90 3.54%
2,497,460.00
18,750.00
1.59%
3,026.41
Aa1/AA+
AA+
2.79 2.61
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
94.21 3.55%
2,355,272.50
5,887.43
1.50%
10,838.91
Aa1/AA+
AA+
2.84 2.72
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
98.88 3.54%
1,977,656.00
8,114.64
1.26%
107,031.00
Aa1/AA+
AA+
2.88 2.71
91282CPP0 UNITED STATES TREASURY 3.5
12/15/2028 2,300,000.00 12/30/2025
3.50%
2,299,820.31
2,299,820.31
99.88 3.54%
2,297,304.40
3,759.62
1.46%
(2,515.91)
Aa1/AA+
AA+
2.96 2.78
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
102.02
3.57%
2,295,526.50
32,491.37
1.46%
50,799.94
Aa1/AA+
AA+
3.16 2.90
91282CEM9 UNITED STATES TREASURY 2.875
04/30/2029 2,750,000.00 10/30/2025
3.64%
2,681,787.11
2,681,787.11
97.79 3.59%
2,689,200.25
13,541.09
1.71%
7,413.14
Aa1/AA+
AA+
3.33 3.12
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
101.29
3.61%
2,025,860.00
33,478.26
1.29%
34,766.25
Aa1/AA+
AA+
3.58 3.26
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
98.31 3.62%
2,703,593.75
29,199.76
1.72%
84,863.28
Aa1/AA+
AA+
3.67 3.38
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
101.31
3.63%
1,722,246.20
11,646.41
1.10%
57,043.07
Aa1/AA+
AA+
3.83 3.50
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
100.84
3.64%
3,025,077.00
10,219.78
1.93%
48,397.31
Aa1/AA+
AA+
3.91 3.59
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
100.85
3.64%
3,025,431.00
321.13
1.93%
30,118.50
Aa1/AA+
AA+
4.00 3.67
91282CGZ8 UNITED STATES TREASURY 3.5
04/30/2030 3,000,000.00 12/09/2025
3.75%
2,969,296.88
2,969,296.88
99.28 3.68%
2,978,319.00
17,983.43
1.90%
9,022.12
Aa1/AA+
AA+
4.33 3.95
56,609,810.56 99.37 57,916,113.00 36.89% 2.55
Total US Treasury 58,300,000.00 4.00% 56,609,810.56 3.56% 418,115.64 1,306,302.44 2.38 154,118,570.17 99.98 156,989,004.94 100.00% 2.13
Total Portfolio 156,885,235.87 4.35% 154,118,570.17 3.69% 1,309,528.47 2,870,434.76 1.81 34 HOLDINGS REPORT
City of Murrieta | Account | As of December 31, 2025
Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
Total Market Value +
Accrued 158,298,533.41
35 TRANSACTIONS
36 TRANSACTION LEDGER
City of Murrieta | Account |10/01/2025 Through 12/31/2025| Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp Yield Amount Interest Pur/
Sold Total Amount Gain/Loss
ACQUISITIONS
Purchase 10/15/2025 05594HAD5 800,000.00 BMWLT 2025-2 A3
3.97 09/25/2028 100.000 3.97% (799,997.76) 0.00 (799,997.76) 0.00 Purchase 10/22/2025 61748UAK8 580,000.00 MORGAN STANLEY
4.133 10/18/2029 100.000 4.36% (580,000.00) 0.00 (580,000.00) 0.00 Purchase 10/31/2025 91282CEM9 2,750,000.00
UNITED STATES
TREASURY 2.875
04/30/2029
97.520 3.64% (2,681,787.11) 0.00 (2,681,787.11) 0.00
Purchase 11/17/2025 91282CPC9 2,500,000.00
UNITED STATES
TREASURY 3.5
10/15/2028
99.777 3.58% (2,494,433.59) (7,932.69) (2,502,366.28) 0.00 Purchase 11/28/2025 14913UBD1 1,000,000.00
CATERPILLAR
FINANCIAL SERVICES
CORP 3.95 11/14/2028
100.318 3.83% (1,003,180.00) (1,536.11) (1,004,716.11) 0.00 Purchase 12/10/2025 91282CGZ8 3,000,000.00
UNITED STATES
TREASURY 3.5
04/30/2030
98.977 3.75% (2,969,296.88) (11,602.21) (2,980,899.09) 0.00 Purchase 12/31/2025 91282CPP0 2,300,000.00
UNITED STATES
TREASURY 3.5
12/15/2028
99.992 3.50% (2,299,820.31) (3,538.46) (2,303,358.77) 0.00 Total Purchase 12,930,000.00 (12,828,515.65) (24,609.47) (12,853,125.12) 0.00 TOTAL
ACQUISITIONS 12,930,000.00 (12,828,515.65) (24,609.47) (12,853,125.12) 0.00
DISPOSITIONS
Maturity 10/31/2025 9128285J5 (2,500,000.00)
UNITED STATES
TREASURY 3.0
10/31/2025
100.000 3.02% 2,500,000.00 0.00 2,500,000.00 1,367.19
Maturity 11/15/2025 912828M56 (2,500,000.00)
UNITED STATES
TREASURY 2.25
11/15/2025
100.000 3.11% 2,500,000.00 0.00 2,500,000.00 68,847.66
Maturity 12/01/2025 023135CN4 (425,000.00) AMAZON.COM INC 4.6 12/01/2025 100.000 4.60% 425,000.00 0.00 425,000.00 25.50 Total Maturity (5,425,000.00) 5,425,000.00 0.00 5,425,000.00 70,240.35 37 TRANSACTION LEDGER
City of Murrieta | Account |10/01/2025 Through 12/31/2025| Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp Yield Amount Interest Pur/
Sold Total Amount Gain/Loss
Sale 12/10/2025 9128285T3 (2,500,000.00)
UNITED STATES
TREASURY 2.625
12/31/2025
99.938 3.76% 2,498,437.50 29,067.60 2,527,505.10 85,644.53 Sale 12/31/2025 912828YX2 (1,750,000.00)
UNITED STATES
TREASURY 1.75
12/31/2026
98.270 3.96% 1,719,716.80 0.00 1,719,716.80 78,476.57
Total Sale (4,250,000.00) 4,218,154.30 29,067.60 4,247,221.90 164,121.10 TOTAL
DISPOSITIONS (9,675,000.00) 9,643,154.30 29,067.60 9,672,221.90 234,361.45 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