INVESTMENT REPORT
City of Murrieta | As of March 31, 2026
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 ▪
▪
▪
March payrolls reboundedby 178,000 after February’s revised 133,000 decline, but the war in Iran and its disruption of the Strait of Hormuz have pushed crude oil above $112, injecting a potential inflationary shock into an economy contending with sticky core prices above 3%.
The Federal Reserve has held the funds rate at 3.50–3.75% and is signaling a cautionary stance, keeping open the option of delaying cuts if oil‑related inflation proves persistent rather than transitory. As the data flow normalizes, the Chandler team anticipates additional yield curve steepening as the Federal Reserve gradually guides the policy rate toward a more neutral range. The Federal Reserve’s March dot plot still projects one cut this year, yet the Iran-driven energy shock has narrowed the path toward easing.
The Federal Reserve’s March 2026 FOMC meeting ended with policymakers again holding the target range at 3.50%–3.75%, as the Committee maintained its pause following three late ‑2025 rate cuts. Governor Stephen Miran dissented in favor of an additional quarter‑point reduction, while Christopher Waller joined the majority, tipping the vote 11–1 to leave the benchmark rate unchanged.
Meanwhile, President Trump’s nominationof Kevin Warsh to succeed Jerome Powell as chair has hit a roadblock after a Republican senator vowed to block Warsh’s confirmation amid the Justice Department’s ongoing probe of the central bank.
Treasury yields exhibited considerable first-quarter volatility as the Iran conflict injected energy-driven inflation fears into a market grappling with sticky core prices. At March month-end, the 2-year yield stood at 3.79%, up 32 basis points year-to-date, the 10-year at
4.32%, and the 30-year at 4.86%. The 2-year to 10-year spread narrowed to 52 basis points, reflecting pronounced flattening as short rates rose faster than longer maturities. One year ago, that spread stood near 32 basis points, providing context on normalization since the 2022 through 2024 yield curve inversion. The 3-month to 10-year spread was approximately 64 basis points at March month-end.
ECONOMIC UPDATE
3 Source: Bloomberg Indices Source: Bloomberg Indices
ENERGY MARKETS
U.S. energy markets proved volatile in March, as ongoing Middle East tensions pushed both Brent and WTI crude to a monthly high of $113 per barrel before prices pulled back, with Brent settling near $104 and WTI closing closer to $92, offering consumers modest relief.
Gasoline averaged $3.96 per gallon nationally while diesel sat at $5.38, with West Coast prices climbing above $6.00. According to the U.S. Energy Information Administration's (EIA) March 2026 Short-Term Energy Outlook, domestic output averaged 13.6 million barrels per day, helping buffer Americans from more severe price swings. The EIA projected fuel costs to ease through the second half of 2026 as conditions stabilized. Whether geopolitical tensions will subside quickly enough to bring lasting relief remains uncertain, and only time will tell how 2026 unfolds.
40 60
80 100
120
140
160
Oil Prices
West Texas Intermediate (WTI Spot Cushing)
Dated Brent (Global Spot)
Price Per Barrel (WTI Spot)
2.00 2.50
3.00 3.50
4.00 4.50
5.00 5.50
6.00 6.50
US Fuel Prices
Average Retail Price US Diesel
Average Retail Price US Gas
($) Per Gallon
4 -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%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
Unemployment Rate
Underemployment Rate (U6)
Unemployment Rate (U3)
Rate (%)
March nonfarm payrolls rose by 178,000, a decisive reversal from February’s revised 133,000 decline that had been distorted by a Kaiser Permanente strike affecting over 30,000 healthcare workers and severe winter weather. Healthcare contributed 76,000 positions as striking nurses returned, while construction and leisure rebounded from weather-induced troughs. The unemployment rate edged lowerto
4.3%, though partly from a labor force reduction rather than a hiring acceleration. Meanwhile, the underemployment rate edged up to
8.0% from 7.9% in February. Average hourly earnings rose 0.2% over the month and 3.5% year over year—the slowest annual pace since May 2021.
Source: US Department of Labor Source: US Department of Labor
EMPLOYMENT
5 0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
Job Openings
Recession
Historical Average
In Thousands (000's)
Job openings fell to 6.9 million in February from a revised 7.2 million in January, according to the Bureau of Labor Statistics’ Job Openings and Labor Turnover Survey. The ratio of openings to unemployed workers slipped to 0.9, reinforcing the gradual rebalancing of demand and supply. Hires decreased to 4.8 million, the lowest since April 2020, suggesting employers have grown selective about adding headcount. Quits were little changed at 3 million. The data reflects a labor market consistent with the Federal Reserve’s characterization of a no-hire, no-fire environment.
Source: US Department of Labor
JOB OPENINGS & LABOR TURNOVER SURVEY
6 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
Consumer Price Index (CPI) for March surged 0.9%, the highest monthly rate since June 2022, and was up 3.3% on an annual basis primarily due to spikes in energy and airfare prices. Notably, Core CPI was little changed with a monthly increase of 0.2% and an annual rise of 2.6% as costs for services and other goods remained subdued. Personal Consumption Expenditures (PCE) were little changed in February, with the headline PCE Price Index up 0.4% month-over-month and 2.8% year-over-year. The Fed’s preferred metric, Core PCE, which excludes food and energy, rose 0.4% during the month and 3.0% from February of 2025.
Source: US Department of Labor Source: US Department of Commerce
INFLATION
7 0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
Retail Sales YOY % Change
YOY (%) Change
The Conference Board’s Consumer Confidence Index edged up to 91.8 in March from 91.0 in February, a second consecutive gain that nonetheless sits well below the all-time peak of 144.7 from early 2000. The Present Situation component rose 4.6 points to 123.3 on favorable assessments of business and labor conditions, while the Expectations Index slipped 1.7 points to 70.9. Inflation expectations climbed to their highest since August 2025, reflecting tariff passthrough and elevated gasoline prices. February retail sales rebounded
0.6% from January, with stronger auto and broad-based discretionary spending offsetting January’s weather- and vehicle-related weakness; the control group also advanced 0.5%, signaling firmer underlying consumer demand. 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
8 -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 Chicago Fed National Activity Index (CFNAI) fell to ‑0.11 in February, following a positive revision to 0.20 in January. The index’s three‑month moving average edgedup to ‑0.01 from ‑0.02 the prior month. Production and employment related indicators turned negative in February, while sales, orders, and inventories also remained in negative territory. The personal consumption and housing categories slipped modestly but stayed in positive territory. The Conference Board’s Leading Economic Index (LEI) declined 0.1% in January, an improvement from ‑0.2% in December, with consumer expectations and building permits the largest drags on the index. On a year‑over‑year basis, the LEI fell 3.8%, continuing to signal slower economic growth heading into 2026. Notably, the latest LEI data do not yet reflect the impact of the war in Iran.
Source: The Conference Board Source: Federal Reserve Bank of Chicago
LEADING INDICATORS OF ECONOMIC ACTIVITY
9 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 rose 7.2% in January to an annualized pace of 1.487 million units, including 935,000 single-family and 552,000 multifamily starts. The January S&P Cotality Case-Shiller 20-City Composite posted a 1.18% year-over-year gain, continuing deceleration from December’s revised 1.43% annual increase. Inflation again outpaced home price appreciation, extending the erosion of real housing returns that began in the second half of 2025. The Freddie Mac 30-year fixed mortgage rate climbed to 6.46% as of April 2, its fifth consecutive weekly rise, reversing progress made when rates dipped below 6% in February. Higher borrowing costs and elevated prices continue to constrain affordability.
Source: US Department of Commerce Source: S&P
-20.0%
-16.0%
-12.0%
-8.0%
-4.0%
0.0%
4.0%
8.0%
12.0%
16.0%
20.0%
24.0%
S&P/Case-Shiller 20 City Composite Home Price Index
Recession
YOY (%) Change
HOUSING
10 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 Manufacturing Index rose to 52.7 in March from 52.4, the fastest factory expansion since August 2022 and a third consecutive month above 50. Production accelerated to 55.1 from 53.5, though new orders decelerated to 53.5 from 55.8.
The prices subindex leaped to 78.3 from 70.5, reflecting elevated energy costs, metals tariffs, and Iran-related supply disruptions.
Employment remained in contraction at 48.7. The Services Index eased to 54.0 in March from 56.1 in February but still posted its 21st consecutive month of expansion. The expansion was mainly from an increase in prices, amid higher oil and fuel costs. With both measures above the 50 threshold, ISM data point toward a resilient if cost-pressured economy.
Source: Institute for Supply Management
SURVEY BASED MEASURES
11 Components of GDP 3/25 6/25 9/25 12/25
0.4% 1.7% 2.3% 1.3%
3.8% -2.7% 0.0% 0.4%
-4.7% 4.8% 1.6% -0.2%
-0.4% -0.4% 0.2% -1.2%
0.2% 0.3% 0.2% 0.2%
-0.6% 3.8% 4.4% 0.5%
State and Local (Consumption and Gross
Investment)
Personal Consumption Expenditures
Gross Private Domestic Investment
Net Exports and Imports
Federal Government Expenditures
Total
-2.0%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
Gross Domestic Product (GDP)
GDP QOQ % Change
GDP YOY % Change
Source: US Department of Commerce Source: US Department of Commerce The third and final estimate of real gross domestic product (GDP) showed fourth-quarter growth revised down to 0.5% from the initial
1.4% estimate. The slowdown from 4.4% in the third quarter primarily reflected a sharp pullback in government spending, as the federal government shutdown weighedon activity. The Bureau of Labor Statistics expects statistical distortions will persist into the spring due to data collection disruptions. Personal Consumption Expenditures also declined across both goods and services.
GROSS DOMESTIC PRODUCT (GDP)
12 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 left its benchmark interest rate unchanged in March, keeping the target range at 3.50% to 3.75% following three late‑2025 rate cuts that were justified by signs of softening in the labor market. The Federal Open Market Committee minutes showed some participants supported two-sided language on future rate direction given the upside risks to inflation and downside risks to employment being elevated. However, policymakers have grown waryof potential inflationary pressures stemming from tariffs, the war in Iran, and the ensuing spike in commodity prices. The Federal Reserve now projects just one rate cut in 2026, even as inflation expectations rise. The Committee also reaffirmed its December decision to halt balance sheet runoff and to reinvest principal and interest payments from its securities holdings, signaling a continued emphasis on maintaining ample reserves and supporting orderly market functioning.
FEDERAL RESERVE
0.00%
1.00%
2.00%
3.00%
4.00%
5.00%
6.00%
Effective Federal Funds Rate
Recession
Yield (%)
13 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 (%)
2.0%
2.5%
3.0%
3.5%
4.0%
4.5%
5.0%
5.5%
US Treasury Yield Curve
Mar-26
Dec-25
Mar-25
Yield (%)
At March month-end, the 2-year Treasury yield stood at 3.79%, down approximately 9 basis points from one year ago, while the 10-year finished at 4.32%, roughly 11 basis points higher year-over-year. The spread between the two narrowed to 52 basis points, wider by 20 basis points year-over-year. The prior 2-year to 10-year inversion from July 2022 through August 2024 was historically long. The average spread since 2005 is approximately 95 basis points, suggesting the current slope sits well below its long-run norm. The 3-month to 10- year spread stood near 64 basis points at March month-end.
BOND YIELDS
14 ACCOUNT PROFILE
15 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. 16 STATEMENT OF COMPLIANCE
City of Murrieta | Account | As of March 31, 2026
Rules Name Limit Actual Compliance
Status Notes
AGENCY MORTGAGE SECURITIES
Max % (MV) 20.0 9.9 Compliant
Max % Issuer (MV) 30.0 9.9 Compliant
Max Maturity (Years) 5.0 4.0 Compliant
ASSET-BACKED SECURITIES (ABS)
Max % (MV) 20.0 7.7 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 26.5 Compliant
17 STATEMENT OF COMPLIANCE
City of Murrieta | Account | As of March 31, 2026
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 17.4 Compliant
Max % Issuer (MV) 30.0 11.4 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
18 STATEMENT OF COMPLIANCE
City of Murrieta | Account | As of March 31, 2026
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 37.3 Compliant
Max Maturity (Years) 5 4 Compliant
19 PORTFOLIO CHARACTERISTICS
City of Murrieta | Account | As of March 31, 2026
Benchmark* 3/31/2026
Portfolio
12/31/2025
Portfolio
Average Maturity (yrs) 1.85 2.15 2.13
Average Modified Duration 1.76 1.83 1.81
Average Purchase Yield 4.32% 4.35%
Average Market Yield 3.81% 3.97% 3.69%
Average Quality** AA+ AA+ AA+
Total Market Value 158,971,132 158,298,533
*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. 20 SECTOR DISTRIBUTION
City of Murrieta | Account | As of March 31, 2026
Sector as a Percentage of Market Value
Sector 03/31/2026 12/31/2025
US Treasury 37.26% 36.89%
Corporate 26.52% 25.00%
Agency 17.38% 18.45%
Agency CMBS 9.92% 10.03%
ABS 7.66% 8.35%
Supras 1.16% 1.17%
Money Mkt Fd 0.09% 0.10%
21 ISSUERS
City of Murrieta | Account | As of March 31, 2026
Issuer Investment Type % Portfolio
United States US Treasury 37.26%
Federal Home Loan Banks Agency 11.38%
Federal Home Loan Mortgage Corp Agency CMBS 9.92%
Farm Credit System Agency 6.00%
Massachusetts Mutual Life Insurance Corporate 1.33%
Abbott Laboratories Corporate 1.25%
New York Life Insurance Company Corporate 1.25%
American Express Credit Master Trust ABS 1.21%
International Bank for Recon and Dev Supras 1.16%
Met Tower Global Funding Corporate 1.11%
Public Service Enterprise Group Corporate 1.09%
Deere & Company Corporate 1.08%
JPMorgan Chase & Co. Corporate 1.00%
Bank of Montreal Corporate 0.96%
PepsiCo, Inc. Corporate 0.96%
National Rural Utilities Cooperative Corporate 0.96%
Cisco Systems, Inc. Corporate 0.96%
Florida Power & Light Corporate 0.95%
Air Products and Chemicals, Inc. Corporate 0.93%
PACCAR Inc Corporate 0.92%
U.S. Bancorp Corporate 0.85%
Chase Issuance Trust ABS 0.84%
The Home Depot, Inc. Corporate 0.83%
Eli Lilly and Company Corporate 0.79%
Royal Bank of Canada Corporate 0.79%
UnitedHealth Group Incorporated Corporate 0.78%
State Street Corporation Corporate 0.77%
WF Card Issuance Trust ABS 0.77%
Verizon Master Trust ABS 0.67%
BMW Vehicle Lease Trust ABS 0.64%
22 ISSUERS
City of Murrieta | Account | As of March 31, 2026
Issuer Investment Type % Portfolio
Toyota Motor Corporation Corporate 0.64%
Bank of America Corporation Corporate 0.64%
Chubb Limited Corporate 0.63%
Northern Trust Corporation Corporate 0.63%
Northwestern Mutual Global Funding Corporate 0.63%
Caterpillar Inc. Corporate 0.63%
Duke Energy Corporation Corporate 0.63%
Amazon.com, Inc. Corporate 0.63%
John Deere Owner Trust ABS 0.60%
Honda Auto Receivables Owner Trust ABS 0.52%
Mercedes-Benz Auto Lease Trust ABS 0.51%
GM Financial Auto Leasing Trust ABS 0.50%
Mercedes-Benz Auto Receivables Trust ABS 0.49%
Blackrock, Inc. Corporate 0.48%
Hyundai Auto Receivables Trust ABS 0.37%
Morgan Stanley Corporate 0.36%
Target Corporation Corporate 0.36%
Alphabet Inc. Corporate 0.36%
BNY Mellon Corp Corporate 0.34%
BMW Vehicle Owner Trust ABS 0.30%
GM Financial Securitized Term ABS 0.23%
First American Govt Oblig Fund Money Mkt Fd 0.09%
Cash Cash 0.00%
TOTAL 100.00%
23 QUALITY DISTRIBUTION
Rating 03/31/2026 12/31/2025
AAA 9.39% 10.05%
AA 70.32% 70.96%
A 17.86% 16.48%
NA 2.43% 2.51%
Rating 03/31/2026 12/31/2025
Aaa 6.44% 7.62%
Aa 72.94% 71.38%
A 15.66% 15.85%
NA 4.97% 5.15%
Rating 03/31/2026 12/31/2025
AAA 13.77% 14.10%
AA 67.73% 67.76%
A 7.79% 7.86%
NA 10.71% 10.29%
City of Murrieta | Account | As of March 31, 2026
S&P Rating Moody’s Rating Fitch Rating
24 DURATION DISTRIBUTION
City of Murrieta | Account | As of March 31, 2026
Date 0-.25 .25-.5 .5-1 1-2 2-3 3-4 4-5 5-7 7+
03/31/2026 4.0% 9.5% 14.9% 28.3% 26.4% 16.1% 0.9% 0.0% 0.0% 12/31/2025 3.8% 4.9% 18.6% 27.8% 32.0% 12.8% 0.0% 0.0% 0.0% 25 TOTAL RATE OF RETURN* 3 Months 12 Months 2 Years 3 Years 5 Years 10 Years Since Inception City of Murrieta 0.43% 4.18% 4.92% 4.57% 2.26% 2.26%
Benchmark 0.29% 3.75% 4.59% 4.04% 1.86% 1.91%
*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 March 31, 2026
Total Rate of Return : Inception | 02/01/2020
26 PORTFOLIO HOLDINGS
27 HOLDINGS REPORT
City of Murrieta | Account | As of March 31, 2026
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 78,251.21 02/08/2024
5.09%
78,241.43
78,241.43
100.06
4.34%
78,300.90
121.70
0.05%
59.47 NA/AAA
AAA
0.97 0.08
05611UAD5 BMWLT 2024-1 A3 4.98
03/25/2027 213,235.82 06/20/2024
5.19%
212,103.00
212,103.00
100.10
4.06%
213,456.09
176.99
0.14%
1,353.09
Aaa/AAA
NA
0.98 0.11
58770JAD6 MBALT 2024-A A3 5.32
01/18/2028 329,666.00 05/17/2024
5.32%
329,627.43
329,627.43
100.53
4.12%
331,412.24
779.48
0.21%
1,784.81
Aaa/NA
AAA
1.80 0.42
58769GAD5 MBALT 2024-B A3 4.23
02/15/2028 479,123.06 09/17/2024
4.24%
479,042.42
479,042.42
100.04
4.20%
479,305.12
900.75
0.30%
262.70
NA/AAA
AAA
1.88 0.54
362962AD4 GMALT 2025-2 A3 4.58
05/22/2028 705,000.00 05/20/2025
4.58%
704,988.30
704,988.30
100.47
4.11%
708,345.93
986.61
0.45%
3,357.63
NA/AAA
AAA
2.14 0.92
437918AC9 HAROT 2024-1 A3 5.21
08/15/2028 811,159.26 02/13/2024
5.21%
811,123.98
811,123.98
100.67
4.14%
816,585.91
1,878.28
0.52%
5,461.94
Aaa/AAA
NA
2.38 0.58
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
100.54
3.99%
1,327,161.00
3,027.20
0.84%
7,526.90
NA/AAA
AAA
2.46 0.44
05594HAD5 BMWLT 2025-2 A3 3.97
09/25/2028 800,000.00 10/08/2025
3.97%
799,997.76
799,997.76
99.87 4.11%
798,920.00
529.33
0.51%
(1,077.76)
NA/AAA
AAA
2.49 1.26
47800RAD5 JDOT 2024 A3 4.96 11/15/2028 273,251.87 03/11/2024
4.96%
273,236.56
273,236.56
100.58
4.15%
274,845.47
602.37
0.17%
1,608.91
Aaa/NA
AAA
2.63 0.67
096919AD7 BMWOT 2024-A A3 5.18
02/26/2029 476,913.26 06/04/2024
5.18%
476,840.82
476,840.82
100.66
4.30%
480,055.17
411.74
0.30%
3,214.35
Aaa/AAA
NA
2.91 0.70
58768YAD7 MBALT 2025-A A3 4.61
04/16/2029 770,000.00 05/14/2025
4.61%
769,906.14
769,906.14
100.72
4.21%
775,577.88
1,577.64
0.49%
5,671.74
NA/AAA
AAA
3.04 1.61
02582JKH2 AMXCA 2024-1 A 5.23 04/16/2029 640,000.00 04/16/2024
5.23%
639,868.80
639,868.80
101.32
3.97%
648,422.40
1,487.64
0.41%
8,553.60
NA/AAA
AAA
3.04 0.99
47800DAD6 JDOT 2025 A3 4.23 09/17/2029 670,000.00 03/04/2025
4.23%
669,957.86
669,957.86
100.28
4.08%
671,871.98
1,259.60
0.43%
1,914.12
Aaa/NA
AAA
3.47 1.49
44935XAD7 HART 2025-B A3 4.36 12/17/2029 585,000.00 06/03/2025
4.36%
584,947.18
584,947.18
100.38
4.15%
587,207.21
1,133.60
0.37%
2,260.03
NA/AAA
AAA
3.71 1.49
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
100.45
4.31%
1,054,691.40
1,446.96
0.67%
4,736.55
Aaa/NA
AAA
3.97 0.93
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
100.35
4.14%
1,259,344.81
2,387.29
0.80%
4,367.53
NA/AAA
AAA
4.04 1.91
28 HOLDINGS REPORT
City of Murrieta | Account | As of March 31, 2026
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
362549AD9 GMCAR 2025-2 A3 4.28
04/16/2030 370,000.00 05/06/2025
4.28%
369,945.54
369,945.54
100.19
4.17%
370,686.35
659.83
0.23%
740.81
Aaa/AAA
NA
4.04 1.28
92970QAJ4 WFCIT 2025-1 A 4.34 05/15/2030 1,210,000.00 06/03/2025
4.33%
1,209,979.91
1,209,979.91
100.52
4.12%
1,216,284.74
2,333.96
0.77%
6,304.83
NA/AAA
AAA
4.12 1.99
Total ABS 12,036,600.47 4.64%
12,034,373.36
12,034,373.36
100.47
4.13%
12,092,474.60
21,700.97
7.66%
58,101.24
3.08 1.13
AGENCY
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
100.10
3.72%
1,000,979.00
18,868.06
0.63%
3,289.00
Aa1/AA+
AA+
0.10 0.10
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
100.18
3.76%
2,003,674.00
28,763.89
1.27%
5,054.00
Aa1/AA+
AA+
0.20 0.20
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
100.42
3.70%
2,008,310.00
16,944.44
1.27%
830.00
Aa1/AA+
AA+
0.33 0.33
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
100.22
3.88%
2,410,204.42
14,129.38
1.53%
10,735.92
Aa1/AA+
AA+
0.37 0.36
3130AWTQ3 FEDERAL HOME LOAN BANKS
4.625 09/11/2026 4,500,000.00 --
4.81%
4,476,030.00
4,476,030.00
100.39
3.73%
4,517,487.00
11,562.50
2.86%
41,457.00
Aa1/AA+
AA+
0.45 0.44
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
100.54
3.74%
1,759,483.25
30,126.74
1.12%
5,055.75
Aa1/AA+
AA+
0.63 0.61
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
100.29
3.75%
2,005,704.00
17,416.67
1.27%
10,144.00
Aa1/AA+
AA+
0.79 0.76
3133EP6K6 FEDERAL FARM CREDIT BANKS
FUNDING CORP 4.5 03/26/2027 1,000,000.00 04/08/2024
4.66%
995,520.00
995,520.00
100.67
3.80%
1,006,672.00
625.00
0.64%
11,152.00
Aa1/AA+
AA+
0.99 0.96
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
101.00
3.74%
1,514,998.50
34,041.67
0.96%
18,883.50
Aa1/AA+
AA+
1.02 0.97
3133ERFJ5 FEDERAL FARM CREDIT BANKS
FUNDING CORP 4.5 05/20/2027 1,000,000.00 05/20/2024
4.69%
994,830.00
994,830.00
100.80
3.77%
1,007,964.00
16,375.00
0.64%
13,134.00
Aa1/AA+
AA+
1.14 1.08
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
101.21
3.84%
3,036,393.00
7,875.00
1.92%
(3,087.00)
Aa1/AA+
AA+
1.94 1.84
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
100.35
3.83%
2,007,052.00
24,888.89
1.27%
50,112.00
Aa1/AA+
AA+
2.19 2.05
29 HOLDINGS REPORT
City of Murrieta | Account | As of March 31, 2026
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
3130AVVX7 FEDERAL HOME LOAN BANKS 3.75
06/09/2028 1,120,000.00 06/07/2023
4.00%
1,107,243.20
1,107,243.20
99.88 3.80%
1,118,697.44
13,066.67
0.71%
11,454.24
Aa1/AA+
AA+
2.19 2.06
3133EPWK7 FEDERAL FARM CREDIT BANKS
FUNDING CORP 4.5 09/22/2028 2,000,000.00 10/12/2023
4.71%
1,981,460.00
1,981,460.00
101.55
3.84%
2,031,046.00
2,250.00
1.29%
49,586.00
Aa1/AA+
AA+
2.48 2.32
27,200,864.20 100.57 27,428,664.61 17.38% 1.03
Total Agency 27,275,000.00 4.57% 27,200,864.20 3.78% 236,933.89 227,800.41 0.98
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
99.38 3.93%
1,987,628.00
4,421.67
1.26%
97,081.12
Aa1/AA+
AAA
0.40 0.35
3137BTUM1 FHMS K-061 A2 3.347 11/25/2026 849,126.92 09/22/2022
4.23%
818,644.60
818,644.60
99.47 3.93%
844,584.94
2,368.36
0.54%
25,940.35
Aa1/AA+
AAA
0.65 0.56
3137BVZ82 FHMS K-063 A2 3.43 01/25/2027 853,926.53 --
4.09%
831,736.83
831,736.83
99.47 3.92%
849,401.57
2,440.81
0.54%
17,664.74
Aa1/AA+
AAA
0.82 0.65
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
99.19 3.89%
991,905.00
2,702.50
0.63%
26,436.25
Aa1/AA+
AAA
1.07 0.95
3137FBU79 FHMS K-069 A2 3.187 09/25/2027 1,207,232.73 05/18/2023
4.13%
1,159,650.79
1,159,650.79
98.74 3.97%
1,192,005.90
3,206.21
0.76%
32,355.11
Aa1/AAA
AA+
1.49 1.39
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
99.09 4.06%
1,154,377.53
3,543.54
0.73%
46,899.40
Aa1/AA+
AAA
1.91 1.77
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
99.41 4.08%
1,242,653.75
4,062.50
0.79%
45,388.12
Aa1/AA+
AAA
2.40 2.22
3137FK4M5 FHMS K-085 A2 4.06 10/25/2028 2,000,000.00 05/07/2025
4.12%
1,990,703.13
1,990,703.13
99.76 4.08%
1,995,124.00
6,766.67
1.26%
4,420.87
Aaa/AA+
AA+
2.57 2.36
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
95.16 4.12%
1,427,335.50
2,825.00
0.90%
42,003.47
Aa1/AA+
AAA
2.82 2.59
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
98.08 4.09%
1,961,580.00
5,703.33
1.24%
29,080.00
Aa1/AAA
AA+
2.91 2.66
3137HA4B9 FHMS K-751 A2 4.412 03/25/2030 2,000,000.00 03/26/2025
4.37%
1,997,890.63
1,997,890.63
100.60
4.18%
2,011,984.00
7,353.33
1.28%
14,093.37
Aaa/AA+
AA+
3.98 3.29
15,277,217.39 98.97 15,658,580.19 9.92% 2.10
Total Agency CMBS 15,825,286.17 4.33% 15,277,217.39 4.04% 45,393.91 381,362.80 1.88 30 HOLDINGS REPORT
City of Murrieta | Account | As of March 31, 2026
Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
CASH
CCYUSD Receivable 2,119.98 -- 2,119.98
2,119.98
1.00 2,119.98
0.00 0.00%
0.00 Aaa/AAA
AAA
0.00 0.00
Total Cash 2,119.98
2,119.98
2,119.98
1.00 2,119.98
0.00 0.00%
0.00 0.00
0.00 CORPORATE
57629W6F2 MASSMUTUAL GLOBAL FUNDING
II 4.5 04/10/2026 750,000.00 04/04/2023
4.52%
749,482.50
749,482.50
100.01
4.03%
750,072.00
16,031.25
0.48%
589.50
Aa3/AA+
AA+
0.03 0.03
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
99.90 4.38%
999,035.00
13,772.22
0.63%
44,815.00
A2/A
A
0.09 0.09
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
100.29
4.01%
1,002,900.00
15,150.00
0.64%
2,460.00
Aa3/AA-
AA-
0.22 0.22
69371RS56 PACCAR FINANCIAL CORP 5.05
08/10/2026 1,450,000.00 --
4.99%
1,451,925.00
1,451,925.00
100.30
4.17%
1,454,368.85
10,373.54
0.92%
2,443.85
A1/A+
NA
0.36 0.35
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
100.43
4.34%
1,004,319.00
6,600.50
0.64%
5,509.00
Aa2/A+
AA
0.38 0.29
713448FW3 PEPSICO INC 5.125 11/10/2026 510,000.00 11/08/2023
5.13%
509,862.30
509,862.30
100.53
4.23%
512,698.41
10,237.19
0.32%
2,836.11
A1/A+
NA
0.61 0.50
48125LRU8 JPMORGAN CHASE BANK NA 5.11
12/08/2026 1,575,000.00 --
5.08%
1,576,460.00
1,576,460.00
100.56
4.26%
1,583,823.15
25,262.56
1.00%
7,363.15
Aa2/AA-
AA
0.69 0.58
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
100.31
4.08%
1,003,131.00
10,375.00
0.64%
3,671.00
A1/A
A+
0.77 0.74
78016HZT0 ROYAL BANK OF CANADA 4.875
01/19/2027 1,245,000.00 01/10/2024
4.88%
1,244,688.75
1,244,688.75
100.52
4.20%
1,251,502.64
12,138.75
0.79%
6,813.89
A1/A
AA-
0.80 0.77
17275RBQ4 CISCO SYSTEMS INC 4.8
02/26/2027 1,500,000.00 02/29/2024
4.78%
1,500,810.00
1,500,810.00
100.61
4.10%
1,509,123.00
7,000.00
0.96%
8,313.00
A1/AA-
NA
0.91 0.79
857477CL5 STATE STREET CORP 4.993
03/18/2027 1,210,000.00 03/13/2024
4.99%
1,210,000.00
1,210,000.00
100.68
4.26%
1,218,280.03
2,181.66
0.77%
8,280.03
Aa3/A
AA-
0.96 0.85
665859AW4 NORTHERN TRUST CORP 4.0
05/10/2027 1,000,000.00 09/14/2022
4.23%
990,460.00
990,460.00
99.88 4.11%
998,806.00
15,666.67
0.63%
8,346.00
A2/A+
A+
1.11 1.06
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
97.63 4.03%
1,464,415.50
10,483.33
0.93%
92,470.50
A2/A
NA
1.12 1.09
31 HOLDINGS REPORT
City of Murrieta | Account | As of March 31, 2026
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
437076DB5 HOME DEPOT INC 4.875
06/25/2027 740,000.00 --
4.95%
738,545.60
738,545.60
100.96
4.06%
747,138.04
9,620.00
0.47%
8,592.44
A2/A
A
1.24 1.10
09290DAH4 BLACKROCK INC 4.6 07/26/2027 750,000.00 07/18/2024
4.57%
750,645.00
750,645.00
100.68
4.06%
755,094.75
6,229.17
0.48%
4,449.75
Aa3/AA-
NA
1.32 1.18
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
100.13
4.05%
1,251,573.75
6,772.57
0.79%
(63.75)
Aa3/A+
NA
1.37 1.23
023135BC9 AMAZON.COM INC 3.15
08/22/2027 1,000,000.00 07/30/2024
4.55%
960,450.00
960,450.00
98.79 4.05%
987,901.00
3,412.50
0.63%
27,451.00
A1/AA
AA-
1.39 1.34
89236TKJ3 TOYOTA MOTOR CREDIT CORP
4.55 09/20/2027 1,000,000.00 06/20/2024
4.89%
989,900.00
989,900.00
100.57
4.15%
1,005,697.00
1,390.28
0.64%
15,797.00
A1/A+
A+
1.47 1.41
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
99.50 4.25%
994,994.00
19,500.00
0.63%
(4,826.00)
Aa1/AA+
AAA
1.50 1.44
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
98.19 4.18%
1,227,313.75
17,003.47
0.78%
38,013.75
A2/A+
A
1.54 1.46
24422EXZ7 JOHN DEERE CAPITAL CORP 4.65
01/07/2028 700,000.00 01/06/2025
4.66%
699,790.00
699,790.00
100.91
4.10%
706,398.70
7,595.00
0.45%
6,608.70
A1/A
A+
1.77 1.67
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
97.91 4.23%
979,085.00
6,750.00
0.62%
2,365.00
Aa1/AA+
AAA
1.78 1.69
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
100.74
4.33%
1,511,104.50
10,687.50
0.96%
(1,240.50)
A2/NA
A
1.86 1.67
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
100.32
4.28%
1,344,274.60
662.56
0.85%
5,869.20
Aa3/AA+
AA+
1.99 1.88
74456QBU9 PUBLIC SERVICE ELECTRIC AND
GAS CO 3.7 05/01/2028 750,000.00 06/22/2023
4.79%
715,005.00
715,005.00
98.82 4.30%
741,136.50
11,562.50
0.47%
26,131.50
A1/A
NA
2.08 1.95
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
100.36
4.47%
1,334,835.88
23,765.62
0.85%
4,835.88
A2/A+
A+
2.12 1.06
341081GN1 FLORIDA POWER & LIGHT CO 4.4
05/15/2028 1,500,000.00 05/22/2023
4.64%
1,484,025.00
1,484,025.00
100.40
4.20%
1,506,010.50
24,933.33
0.95%
21,985.50
Aa2/A+
AA-
2.12 1.83
87612EBU9 TARGET CORP 4.35 06/15/2028 570,000.00 06/05/2025
4.35%
569,994.30
569,994.30
100.47
4.12%
572,652.21
7,300.75
0.36%
2,657.91
A2/A
A
2.21 1.98
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
99.03 4.24%
990,346.00
8,022.22
0.63%
5,226.00
A1/A
NA
2.29 2.15
32 HOLDINGS REPORT
City of Murrieta | Account | As of March 31, 2026
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
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
99.67 4.27%
996,696.00
4,125.00
0.63%
(5,964.00)
Aa1/AA+
AAA
2.40 2.25
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
98.62 4.26%
986,202.00
3,041.67
0.63%
2,802.00
A1/A
NA
2.42 2.28
437076DH2 HOME DEPOT INC 3.75
09/15/2028 570,000.00 09/08/2025
3.77%
569,629.50
569,629.50
99.36 4.02%
566,367.96
950.00
0.36%
(3,261.54)
A2/A
A
2.46 2.32
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
99.52 4.14%
995,213.00
15,031.94
0.63%
(7,967.00)
A2/A
A+
2.62 2.43
58989V2M5 MET TOWER GLOBAL FUNDING
4.0 01/14/2029 750,000.00 01/07/2026
4.05%
749,032.50
749,032.50
98.95 4.40%
742,137.75
6,416.67
0.47%
(6,894.75)
Aa3/AA-
AA-
2.79 2.59
713448GL6 PEPSICO INC 4.1 01/15/2029 1,000,000.00 07/24/2025
4.19%
997,190.00
997,190.00
99.94 4.12%
999,422.00
8,655.56
0.63%
2,232.00
A1/A+
NA
2.79 2.59
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
100.90
4.43%
1,513,452.00
13,344.00
0.96%
11,592.00
A2/A-
AA-
2.83 1.71
02079KBJ5 ALPHABET INC 3.7 02/15/2029 570,000.00 02/09/2026
3.83%
567,930.90
567,930.90
99.14 4.02%
565,101.42
2,812.00
0.36%
(2,829.48)
Aa2/AA+
NA
2.88 2.68
002824BR0 ABBOTT LABORATORIES 3.7
03/09/2029 2,000,000.00 03/23/2026
4.17%
1,974,180.00
1,974,180.00
98.81 4.13%
1,976,212.00
4,522.22
1.25%
2,032.00
Aa3/A+
NA
2.94 2.75
61748UAK8 MORGAN STANLEY 4.133
10/18/2029 580,000.00 10/17/2025
4.36%
580,000.00
580,000.00
98.84 4.61%
573,270.84
10,587.37
0.36%
(6,729.16)
A1/A-
A+
3.55 2.35
06406RCG0 BANK OF NEW YORK MELLON
CORP 4.026 01/22/2030 535,000.00 01/14/2026
4.09%
535,000.00
535,000.00
99.00 4.36%
529,644.65
4,128.33
0.34%
(5,355.35)
Aa3/A
AA-
3.81 2.61
Total Corporate 41,925,000.00 4.58%
41,514,329.25
41,514,329.25
99.83 4.20%
41,851,750.38
394,094.90
26.52%
337,421.13
1.64 1.43
MONEY MARKET
FUND
31846V567 FIRST AMER:GVT OBLG Z 136,000.50 --
3.55%
136,000.50
136,000.50
1.00 3.55%
136,000.50
0.00 0.09%
0.00 Aaa/AAAm
AAA
0.00 0.00
Total Money Market
Fund 136,000.50 3.55%
136,000.50
136,000.50
1.00 3.55%
136,000.50
0.00 0.09%
0.00 0.00
0.00 33
HOLDINGS REPORT
City of Murrieta | Account | As of March 31, 2026
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
99.62 3.81%
1,329,969.72
19,626.35
0.84%
(2,066.58)
Aaa/AAA
NA
2.10 1.97
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
99.32 3.81%
496,580.00
3,840.28
0.31%
13,465.00
Aaa/AAA
NA
2.28 2.15
Total Supranational 1,835,000.00 3.86%
1,815,151.30
1,815,151.30
99.54 3.81%
1,826,549.72
23,466.63
1.16%
11,398.42
2.15 2.02
US TREASURY
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
98.92 3.77%
2,967,552.00
22,707.18
1.88%
200,520.75
Aa1/AA+
AA+
0.63 0.61
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
98.60 3.84%
1,971,954.00
9,116.02
1.25%
84,844.62
Aa1/AA+
AA+
1.33 1.29
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
99.02 3.84%
2,475,487.50
6,793.48
1.57%
30,370.31
Aa1/AA+
AA+
1.42 1.36
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
100.41
3.84%
1,606,563.20
180.33
1.02%
11,063.20
Aa1/AA+
AA+
1.50 1.44
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
97.51 3.85%
1,365,163.80
11,921.27
0.87%
66,226.30
Aa1/AA+
AA+
1.63 1.56
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
99.43 3.82%
1,491,445.50
8,701.66
0.95%
24,375.19
Aa1/AA+
AA+
1.84 1.75
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
98.08 3.82%
2,697,255.00
9,400.90
1.71%
12,997.19
Aa1/AA+
AA+
1.88 1.80
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
97.89 3.81%
2,447,265.00
8,934.74
1.55%
72,460.31
Aa1/AA+
AA+
2.38 2.26
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
98.97 3.82%
2,969,064.00
4,677.31
1.88%
(9,139.13)
Aa1/AA+
AA+
2.46 2.33
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
99.22 3.82%
2,480,567.50
40,384.62
1.57%
(13,866.09)
Aa1/AA+
AA+
2.54 2.37
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
94.04 3.82%
2,350,977.50
14,433.70
1.49%
6,543.91
Aa1/AA+
AA+
2.59 2.48
34 HOLDINGS REPORT
City of Murrieta | Account | As of March 31, 2026
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
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
98.26 3.83%
1,965,156.00
23,653.31
1.25%
94,531.00
Aa1/AA+
AA+
2.63 2.46
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
99.17 3.82%
2,280,953.70
23,663.46
1.45%
(18,866.61)
Aa1/AA+
AA+
2.71 2.53
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
101.15
3.83%
2,275,839.00
8,315.22
1.44%
31,112.44
Aa1/AA+
AA+
2.91 2.71
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
97.22 3.84%
2,673,517.00
33,197.51
1.69%
(8,270.11)
Aa1/AA+
AA+
3.08 2.88
91282CLC3 UNITED STATES TREASURY 4.0
07/31/2029 2,000,000.00 10/29/2024
4.10%
1,991,093.75
1,991,093.75
100.45
3.86%
2,008,906.00
13,259.67
1.27%
17,812.25
Aa1/AA+
AA+
3.33 3.08
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
97.64 3.87%
2,685,223.75
7,472.83
1.70%
66,493.28
Aa1/AA+
AA+
3.42 3.19
91282CFT3 UNITED STATES TREASURY 4.0
10/31/2029 1,700,000.00 02/12/2025
4.49%
1,665,203.13
1,665,203.13
100.40
3.88%
1,706,772.80
28,552.49
1.08%
41,569.67
Aa1/AA+
AA+
3.59 3.25
91282CFY2 UNITED STATES TREASURY 3.875
11/30/2029 3,000,000.00 03/24/2025
4.06%
2,976,679.69
2,976,679.69
99.98 3.88%
2,999,298.00
38,962.91
1.90%
22,618.31
Aa1/AA+
AA+
3.67 3.34
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
99.93 3.89%
2,998,008.00
29,223.07
1.90%
2,695.50
Aa1/AA+
AA+
3.75 3.43
91282CGJ4 UNITED STATES TREASURY 3.5
01/31/2030 3,000,000.00 02/25/2026
3.55%
2,994,375.00
2,994,375.00
98.61 3.89%
2,958,282.00
17,403.31
1.87%
(36,093.00)
Aa1/AA+
AA+
3.84 3.53
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
98.48 3.91%
2,954,298.00
44,088.40
1.87%
(14,998.88)
Aa1/AA+
AA+
4.08 3.71
91282CHF1 UNITED STATES TREASURY 3.75
05/31/2030 3,500,000.00 03/13/2026
3.83%
3,488,789.06
3,488,789.06
99.39 3.91%
3,478,671.00
43,990.38
2.20%
(10,118.06)
Aa1/AA+
AA+
4.17 3.77
91282CHR5 UNITED STATES TREASURY 4.0
07/31/2030 1,500,000.00 03/26/2026
4.02%
1,498,945.31
1,498,945.31
100.32
3.92%
1,504,746.00
9,944.75
0.95%
5,800.69
Aa1/AA+
AA+
4.33 3.92
91282CPA3 UNITED STATES TREASURY 3.625
09/30/2030 1,500,000.00 01/29/2026
3.79%
1,489,746.09
1,489,746.09
98.75 3.93%
1,481,308.50
148.57
0.94%
(8,437.59)
Aa1/AA+
AA+
4.50 4.11
58,122,029.30 98.83 58,794,274.75 37.26% 2.85
Total US Treasury 59,500,000.00 3.95% 58,122,029.30 3.85% 459,127.08 672,245.45 2.64 156,102,085.29 99.46 157,790,414.73 100.00% 2.15
Total Portfolio 158,535,007.12 4.32% 156,102,085.29 3.97% 1,180,717.39 1,688,329.44 1.83 Total Market Value +
Accrued 158,971,132.11
35 TRANSACTIONS
36 TRANSACTION LEDGER
City of Murrieta | Account |01/01/2026 Through 03/31/2026| Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp Yield Amount Interest Pur/
Sold Total Amount Gain/Loss
ACQUISITIONS
Purchase 01/14/2026 58989V2M5 750,000.00
MET TOWER GLOBAL
FUNDING 4.0
01/14/2029
99.871 4.05% (749,032.50) 0.00 (749,032.50) 0.00
Purchase 01/22/2026 06406RCG0 535,000.00
BANK OF NEW YORK
MELLON CORP 4.026
01/22/2030
100.000 4.09% (535,000.00) 0.00 (535,000.00) 0.00
Purchase 01/30/2026 91282CPA3 1,500,000.00
UNITED STATES
TREASURY 3.625
09/30/2030
99.316 3.79% (1,489,746.09) (18,224.59) (1,507,970.68) 0.00 Purchase 02/13/2026 02079KBJ5 570,000.00 ALPHABET INC 3.7 02/15/2029 99.637 3.83% (567,930.90) 0.00 (567,930.90) 0.00 Purchase 02/26/2026 91282CGJ4 3,000,000.00
UNITED STATES
TREASURY 3.5
01/31/2030
99.813 3.55% (2,994,375.00) (7,541.43) (3,001,916.43) 0.00 Purchase 03/16/2026 91282CHF1 3,500,000.00
UNITED STATES
TREASURY 3.75
05/31/2030
99.680 3.83% (3,488,789.06) (38,221.15) (3,527,010.21) 0.00 Purchase 03/24/2026 002824BR0 2,000,000.00
ABBOTT
LABORATORIES 3.7
03/09/2029
98.709 4.17% (1,974,180.00) (3,083.34) (1,977,263.34) 0.00 Purchase 03/27/2026 91282CHR5 1,500,000.00
UNITED STATES
TREASURY 4.0
07/31/2030
99.930 4.02% (1,498,945.31) (9,116.02) (1,508,061.33) 0.00 Total Purchase 13,355,000.00 (13,297,998.86) (76,186.53) (13,374,185.39) 0.00 TOTAL
ACQUISITIONS 13,355,000.00 (13,297,998.86) (76,186.53) (13,374,185.39) 0.00
DISPOSITIONS
Maturity 01/22/2026 3133EPW68 (1,400,000.00)
FEDERAL FARM CREDIT
BANKS FUNDING CORP
4.125 01/22/2026
100.000 4.40% 1,400,000.00 0.00 1,400,000.00 7,140.00
Maturity 02/23/2026 037833BY5 (1,000,000.00) APPLE INC 3.25 02/23/2026 100.000 4.72% 1,000,000.00 0.00 1,000,000.00 40,610.00 Total Maturity (2,400,000.00) 2,400,000.00 0.00 2,400,000.00 47,750.00 37 TRANSACTION LEDGER
City of Murrieta | Account |01/01/2026 Through 03/31/2026| Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp Yield Amount Interest Pur/
Sold Total Amount Gain/Loss
Sale 01/09/2026 9128286L9 (600,000.00)
UNITED STATES
TREASURY 2.25
03/31/2026
99.711 3.74% 598,265.63 3,745.88 602,011.51 27,585.94
Sale 02/11/2026 9128286L9 (1,900,000.00)
UNITED STATES
TREASURY 2.25
03/31/2026
99.816 3.74% 1,896,511.72 15,737.64 1,912,249.36 89,359.38 Sale 03/16/2026 91282CEF4 (2,500,000.00)
UNITED STATES
TREASURY 2.5
03/31/2027
98.809 4.02% 2,470,214.84 28,674.45 2,498,889.29 120,800.78 Sale 03/16/2026 91282CEW7 (1,300,000.00)
UNITED STATES
TREASURY 3.25
06/30/2027
99.391 3.87% 1,292,078.13 8,753.45 1,300,831.58 25,390.63 Sale 03/24/2026 91282CGV7 (2,000,000.00)
UNITED STATES
TREASURY 3.75
04/15/2026
100.004 4.63% 2,000,078.13 32,967.03 2,033,045.16 34,375.00 Total Sale (8,300,000.00) 8,257,148.45 89,878.45 8,347,026.90 297,511.73 TOTAL
DISPOSITIONS (10,700,000.00) 10,657,148.45 89,878.45 10,747,026.90 345,261.73 38 IMPORTANT DISCLOSURES
2026 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.
LGIP Yields: Reported yields for local government investment pools may be presented as either the 30-day yield or the monthly distribution yield, as applicable. For certain funds, the 30-day yield is calculated using reported daily yield data. Yield calculations are subject to change and may not be directly comparable across funds.
LAIF Yields: Additional Disclosure for CA Clients - As a result of a reporting lag from the Local Agency Investment Fund (LAIF), reported LAIF yields represent the most recently available Daily Effective Yield and may reflect data from approximately 7–10 days prior to month-end. 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