INVESTMENT REPORT
City of Murrieta | As of June 30, 2026
CHANDLER ASSET MANAGEMENT | chandlerasset.com
Chandler Team:
For questions about your account, please call (800) 317-4747, or contact [email protected]
Information contained herein is confidential. We urge you to compare this statement to the one you receive from your qualified custodian. Please see Important Disclosures at the end of the statement.
TABLE OF CONTENTS
ECONOMIC UPDATE
ACCOUNT PROFILE
PORTFOLIO HOLDINGS
TRANSACTIONS
1 ECONOMIC UPDATE
2 ▪
▪
▪
Energy prices and inflation remained the primary drivers of the macro backdrop as the U.S.-Israel-Iran conflict entered its third month, disrupting global oil supply. Headline CPI accelerated at the fastest pace in more than three years, reflecting volatility in the energy component. Crude oil, however, retraced roughly 20% from its May–early June peak as diplomatic progress between the United States and Iran pointed to a potential framework for de-escalation. The labor market remained resilient, with continued payroll growth and subdued jobless claims. Risk assets held firm, as equities hovered near record highs and credit spreads remained historically tight amid broadly better-than-expected corporate earnings. Taken together, the current market environment has further constrained the case for near-term monetary policy easing, leading the Chandler team to push out its expected timing for rate cuts beyond the six-month investment horizon.
The Federal Reserve’s June FOMC meeting ended with policymakers unanimously holding the target range at 3.50%–3.75%, a notable shift from the8–4 split at April’s meeting, which marked JeromePowell’s final session as Chair. Under new Chair Kevin Warsh, sworn in on May 22, the Committee released an unusually concise statement that referenced Middle East tensions and energy supply disruptions while removing prior forward guidance that had suggested a bias toward rate cuts. Updated projections leaned more hawkish, with 9 of 18 officials expecting at least one rate hike this year and 6 anticipating multiple increases. The shift signals that restoring price stability has reemerged as the central focus of monetary policy deliberations.
The Treasury yield curve flattened modestly in June as short-term yields responded to a more hawkish shift in Federal Reserve guidance.
The 2-year yield rose to 4.15% from 3.98% the prior month, while the 10-year yield edged down slightly to 4.44% from 4.45%. As a result, the 2s/10s spread narrowed to 29 basis points, down from roughly 47 basis points a month earlier and significantly below the 69 basis point spread at the start of the year. Meanwhile, the 3-month/10-year spread remained positive at 64 basis points. Front-end rates absorbed the bulk of the Fed’s updated rate outlook, while longer maturities were partly anchored by a late-month decline in oil prices.
ECONOMIC UPDATE
3 -400
-200
0 200
400
600
800
1,000MOM Change In Thousands (000's)
Nonfarm Payroll (000's)
Non-farm Payroll (000's)
3-month average (000's)
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
Unemployment Rate
Underemployment Rate (U6)
Unemployment Rate (U3)
Rate (%)
Nonfarm payrolls increased by just 57,000 in June, well below the 113,000 consensus and marking a sharp slowdown from May’s pace. The unemployment rate edged down to 4.2%, though the decline was driven by a drop in labor force participation to 61.5%, its lowest level since March 2021. Revisions further weakened the report’s signal. April payrolls were revised down by 31,000 to 148,000, while May was lowered by 43,000 to 129,000, resulting in a combined two-month downward revision of 74,000.
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)
Job openings were essentially unchanged at 7.6 million in May, remaining elevated by historical standards even as hiring momentum moderates. Gains in wholesale trade and accommodation and food services were offsetby declines in health care and social assistance, as well as finance and insurance. April openings were revised down by 33,000 to 7.6 million, while hires were revised up by 99,000, highlighting ongoing churn but a broadly stable labor market backdrop.
Source: US Department of Labor
JOB OPENINGS & LABOR TURNOVER SURVEY
5 Source: Bloomberg Indices Source: Bloomberg Indices
ENERGY MARKETS
Crude oil prices declined sharply in June as supply disruptions tied to the Middle East conflict began to ease. Tanker traffic through the Strait of Hormuz normalized, and signs of progress in U.S.–Iran negotiations helped unwind the geopolitical risk premium that had driven prices higher earlier in the year. West Texas Intermediate settled near $69.37 per barrel on June 30, while Brent crude closed around $72.96, both well below their recent peaks. Brent’s 21% monthly decline marked its steepest drop since March 2020, while WTI fell more than 20%, its largest monthly loss since late 2021. Beyond crude, broader energy markets also softened. Refined product cracks narrowed as gasoline and diesel demand showed signs of seasonal moderation, while U.S. natural gas prices remained range-bound amid ample storage and steady production. Taken together, the retracement in oil and broader energy prices reflects a rapid compression in geopolitical risk premia and improved near-term supply visibility, even as underlying structural risks in the region remain unresolved.
2.00 2.50
3.00 3.50
4.00 4.50
5.00 5.50
6.00 6.50
US Fuel Prices
Average Retail Price US Diesel
Average Retail Price US Gas
($) Per Gallon
40 60
80 100
120
140
160
Oil Prices
West Texas Intermediate (WTI Spot Cushing)
Dated Brent (Global Spot)
Price Per Barrel (WTI Spot)
6 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
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
Inflation firmed in May, with the Personal Consumption Expenditures (PCE) price index rising 0.4% on the month and 4.1% year over year, up from 3.8% in April and marking the highest annual rate of the current cycle. Core PCE, which excludes food and energy, increased 0.3% in May and 3.4% over the year. Energy prices remained the primary driverof the headline acceleration, reflecting supply disruptions tied to the Iranian conflict. A similar pattern was evident in the headline Consumer Price Index (CPI), which rose 0.5% on the month and 4.2% year over year, the fastest annual pace since 2023. Energy prices climbed 3.9% in May and 23.5% from a year earlier, largely due to crude oil reaching a four-year high. In contrast, core CPI rose a more modest 0.2% on the month and 2.9% year over year, indicating that inflation pressures remain concentrated in energy rather than broad-based.
Source: US Department of Labor Source: US Department of Commerce
INFLATION
7 0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
Retail Sales YOY % Change
YOY (%) Change
Retail sales rose a robust 0.9% in May to $763.7 billion, nearly double the pace economists had penciled in and an acceleration from April's downwardly revised 0.4% gain. The closely watched control group, which feeds directly into gross domestic product calculations, advanced
0.7%, pointing to durable underlying demand. Gasoline station receipts roseas energy prices stayed high, while auto sales rebounded after an April pullback. The Conference Board's Consumer Confidence Index tickedup 0.6 points to 91.2 in June, though the improvement masked a further deterioration in how households view the job market, with the share calling jobs ‘hard-to-get’ climbing to a five year high.
Spending has proven more resilient than sentiment across recent months. 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 Conference Board’s Leading Economic Index (LEI) edged up 0.1% in May to 99.3, following a revised 0.2% increase in April. Despite the monthly gains, the LEI’s six- and twelve-month growth rates remained negative at -0.6% and -1.5%, respectively. The advance was driven primarily by financial components, including equity prices and the interest rate spread, while consumer expectations continuedto weigh on the index. The Chicago Fed National Activity Index fell to -0.10 in May from an upwardly revised 0.19 in April. Production-related and employment-related indicators each subtracted from the index, while the sales, orders, and inventories category made a small positive contribution.
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 declined sharply in May to a seasonally adjusted annual rate of 1,177,000, a 15.4% drop from a downwardly revised 1,392,000 in April. The pullback was driven primarily by multifamily construction, while single-family starts edged down a more modest
1.9% to 882,000; total multifamily starts came in at 295,000 units. The S&P CoreLogic Case-Shiller 20-City Composite rose 1.1% year over year in April, marking its first pickup since November 2025, following an upwardly revised 0.9% gain in March. Freddie Mac’s average 30- year fixed mortgage rate increased to 6.44% in May from 6.33% in April, reinforcing ongoing affordability constraints for prospective buyers.
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
Manufacturing activity cooled slightly in June, with the Institute for Supply Management's Manufacturing Index easing to 53.3%, down 0.7 percentage point from May but still marking a sixth consecutive month of expansion. Services activity also moderated, as the ISM Services Index eased to 54.0% from 54.5%, a twenty-fourth consecutive monthin expansion territory. Business activity and new orders both slowed, though the employment component jumpedto 51.2% from 47.9%, its strongest reading since late 2021 and the first expansion in services hiring in four months.
Source: Institute for Supply Management
PURCHASING MANAGERS INDEX (PMI)
11 Components of GDP 6/25 9/25 12/25 3/26
1.7% 2.3% 1.3% 0.4%
-2.7% 0.0% 0.4% 1.4%
4.8% 1.6% -0.2% -0.4%
-0.4% 0.2% -1.2% 0.6%
0.3% 0.2% 0.2% 0.2%
3.8% 4.4% 0.5% 2.1%
Personal Consumption Expenditures
Gross Private Domestic Investment
Net Exports and Imports
Federal Government Expenditures
Total
State and Local (Consumption and Gross
Investment)
-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 Real gross domestic product increased at an annualized rate of 2.1% in the first quarter of 2026, according to the Bureau of Economic Analysis’ third estimate, up from 1.6%in the prior estimate andan acceleration from 0.5% in the fourth quarterof 2025. The 0.5 percentage point upward revision was driven primarily by a downward revision to imports—which subtract from GDP—partly offset by a downward revision to consumer spending.
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 Open Market Committee (FOMC) held the target range for the federal funds rate at 3.50% to 3.75% at its June 16–17 meeting, with a unanimous 12–0 vote. This marked a notable shift from the Aprilmeeting—Jerome Powell’slast as chair—which saw four dissents in an 8–4 decision. The return to consensus under Chair Kevin Warsh signals a clear change in tone. Minutes from the June meeting are scheduled for release in early July. The June Summaryof Economic Projections reflected a more hawkish outlook. The median projection for the federal funds rate at year-end 2026 rose to 3.8%, up from 3.4%in March, before easing to 3.6% in 2027 and 3.4% in 2028. Officials also revised their inflation forecasts, with headline PCE projected at 3.6% in 2026 (from 2.7%) and core PCE at 3.3%. By contrast, median projections for real GDP growth and the unemployment rate—2.2% and 4.3%, respectively—were little changed.
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
Jun-26
Mar-26
Jun-25
Yield (%)
Treasury yields ended June mixed, with a modest flattening across the curve as markets digested a more hawkish Federal Reserve signal.
The 2-year yield rose to 4.15% from 3.98% at the end of May, while the 10-year yield edged down to 4.44% from 4.45%. The 2s/10s spread narrowedto 29 basis points, down from 47 basis points a month earlier. The 3-month/10-year spread remained positive at roughly 64 basis points at month-end. Relativeto the 69 basis point spread at the start of 2026, the curve has flattened materially year to date, reflecting a repricing higher in front-end rates as expectations shift toward the possibility of further Fed tightening rather than easing.
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 #10703 | As of June 30, 2026 Rules Name Limit Actual Compliance
Status Notes
AGENCY MORTGAGE SECURITIES
Max % (MV) 20.0 9.6 Compliant
Max % Issuer (MV) 30.0 9.6 Compliant
Max Maturity (Years) 5.0 3.7 Compliant
ASSET-BACKED SECURITIES (ABS)
Max % (MV) 20.0 8.1 Compliant
Max % Issuer (MV) 5.0 1.2 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; CDARS, & NCD) 30.0 0.0 Compliant
Max Maturity (Years) 5.0 0.0 Compliant
COLLATERALIZED TIME DEPOSITS (NON-
NEGOTIABLE CD/TD)
Max % (MV; FDIC & Collateralized CD/TD) 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) 25.0 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 26.2 Compliant
17 STATEMENT OF COMPLIANCE
City of Murrieta | Account #10703 | As of June 30, 2026 Rules Name Limit Actual Compliance
Status Notes
Max % Issuer (MV) 5.0 1.4 Compliant
Max Maturity (Years) 5 3 Compliant
Min Rating (A- by 1) 0.0 0.0 Compliant
FDIC INSURED TIME DEPOSITS (NON-NEGOTIABLE
CD/TD)
Max % (MV; FDIC & Collateralized CD/TD) 20.0 0.0 Compliant Max Maturity (Years) 5 0.0 Compliant
FEDERAL AGENCIES
Max % (MV) 100.0 15.4 Compliant
Max % Issuer (MV) 30.0 10.1 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; Money Market Fund & Mutual Fund) 20.0 0.4 Compliant Max % Issuer (MV) 10.0 0.4 Compliant
Min Rating (AAA by 2) 0.0 0.0 Compliant
MUNICIPAL SECURITIES
Max % (MV) 30.0 0.0 Compliant
Max % Issuer (MV) 5.0 0.0 Compliant
Max Maturity (Years) 5.0 0.0 Compliant
Min Rating (A- by 1) 0.0 0.0 Compliant
MUTUAL FUNDS
Max % (MV; Money Market Fund & Mutual Fund) 20.0 0.4 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; CDARS, & NCD) 30.0 0.0 Compliant
Max % Issuer (MV) 5.0 0.0 Compliant
18 STATEMENT OF COMPLIANCE
City of Murrieta | Account #10703 | As of June 30, 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 1.1 Compliant
Max % Issuer (MV) 10.0 1.1 Compliant
Max Maturity (Years) 5 2 Compliant
Min Rating (AA- by 1) 0.0 0.0 Compliant
U.S. TREASURIES
Max % (MV) 100.0 39.1 Compliant
Max Maturity (Years) 5 4 Compliant
19 PORTFOLIO CHARACTERISTICS
City of Murrieta | Account #10703 | As of June 30, 2026 Benchmark* 6/30/2026
Portfolio
3/31/2026
Portfolio
Average Maturity (yrs) 1.84 2.09 2.15
Average Modified Duration 1.75 1.78 1.83
Average Purchase Yield 4.27% 4.32%
Average Market Yield 4.15% 4.22% 3.97%
Average Quality** AA+ AA+ AA+
Total Market Value 159,799,387 158,971,132
*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 #10703 | As of June 30, 2026 Sector as a Percentage of Market Value
Sector 06/30/2026 03/31/2026
US Treasury 39.10% 37.26%
Corporate 26.16% 26.52%
Agency 15.35% 17.38%
Agency CMBS 9.61% 9.92%
ABS 8.20% 7.66%
Supras 1.15% 1.16%
Money Mkt Fd 0.43% 0.09%
21 ISSUERS
City of Murrieta | Account #10703 | As of June 30, 2026 Issuer Investment Type % Portfolio
United States US Treasury 39.10%
Federal Home Loan Banks Agency 10.03%
Federal Home Loan Mortgage Corp Agency CMBS 9.61%
Farm Credit System Agency 5.32%
PACCAR Inc Corporate 1.37%
NVIDIA Corporation Corporate 1.26%
Caterpillar Inc. Corporate 1.25%
Amazon.com, Inc. Corporate 1.25%
New York Life Insurance Company Corporate 1.24%
Abbott Laboratories Corporate 1.24%
American Express Credit Master Trust ABS 1.20%
International Bank for Recon and Dev Supras 1.15%
Public Service Enterprise Group Corporate 1.09%
Deere & Company Corporate 1.08%
JPMorgan Chase & Co. Corporate 1.00%
BMW Vehicle Lease Trust ABS 0.95%
Nat Rural Util Coop Fin Corp Corporate 0.95%
PepsiCo, Inc. Corporate 0.95%
Cisco Systems, Inc. Corporate 0.95%
Florida Power & Light Corporate 0.95%
Air Products and Chemicals, Inc. Corporate 0.93%
Mercedes-Benz Auto Lease Trust ABS 0.86%
Massachusetts Mutual Life Insurance Corporate 0.85%
U.S. Bancorp Corporate 0.84%
Chase Issuance Trust ABS 0.84%
The Home Depot, Inc. Corporate 0.83%
Eli Lilly and Company Corporate 0.79%
UnitedHealth Group Incorporated Corporate 0.78%
GM Financial Auto Leasing Trust ABS 0.77%
State Street Corporation Corporate 0.77%
22 ISSUERS
City of Murrieta | Account #10703 | As of June 30, 2026 Issuer Investment Type % Portfolio
WF Card Issuance Trust ABS 0.76%
Verizon Master Trust ABS 0.66%
Toyota Motor Corporation Corporate 0.63%
Bank of America Corporation Corporate 0.63%
Northern Trust Corporation Corporate 0.63%
Northwestern Mutual Global Funding Corporate 0.63%
Duke Energy Corporation Corporate 0.62%
John Deere Owner Trust ABS 0.56%
Blackrock, Inc. Corporate 0.47%
Met Tower Global Funding Corporate 0.47%
First American Govt Oblig Fund Money Mkt Fd 0.43%
Honda Auto Receivables Owner Trust ABS 0.39%
Hyundai Auto Receivables Trust ABS 0.37%
Toyota Auto Receivables Owner Trust ABS 0.36%
Morgan Stanley Corporate 0.36%
Target Corporation Corporate 0.36%
Alphabet Inc. Corporate 0.35%
BNY Mellon Corp Corporate 0.33%
The Goldman Sachs Group, Inc. Corporate 0.33%
BMW Vehicle Owner Trust ABS 0.24%
GM Financial Securitized Term ABS 0.23%
Cash Cash 0.00%
TOTAL 100.00%
23 QUALITY DISTRIBUTION
City of Murrieta | Account #10703 | As of June 30, 2026 S&P Rating Moody’s Rating Fitch Rating
Rating 06/30/2026 03/31/2026
AAA 9.88% 9.39%
AA 71.36% 70.32%
A 15.99% 17.86%
NA 2.77% 2.43%
Rating 06/30/2026 03/31/2026
Aaa 7.10% 6.44%
Aa 72.55% 72.94%
A 15.22% 15.66%
NA 5.12% 4.97%
Rating 06/30/2026 03/31/2026
AAA 14.34% 13.77%
AA 65.53% 67.73%
A 7.36% 7.79%
NA 12.77% 10.71%
24 MATURITY DISTRIBUTION
City of Murrieta | Account #10703 | As of June 30, 2026 Date 0-.25 .25-.5 .5-1 1-2 2-3 3-4 4-5 5-7 7+
06/30/2026 8.70% 4.81% 9.03% 22.70% 30.49% 20.48% 3.77% 0.00% 0.00% 03/31/2026 3.82% 8.46% 10.66% 22.33% 31.20% 15.77% 7.78% 0.00% 0.00% 25 DURATION DISTRIBUTION
City of Murrieta | Account #10703 | As of June 30, 2026 Date 0-.25 .25-.5 .5-1 1-2 2-3 3-4 4-5 5-7 7+
06/30/2026 9.5% 6.7% 11.8% 26.6% 28.3% 17.0% 0.0% 0.0% 0.0% 03/31/2026 4.0% 10.1% 14.3% 28.3% 26.4% 16.1% 0.9% 0.0% 0.0% 26 INVESTMENT PERFORMANCE
City of Murrieta | Account #10703 | As of June 30, 2026 Total Rate of Return: Inception | 02/01/2020
TOTAL RATE OF RETURN* 3 Months 12 Months 2 Years 3 Years 5 Years 10 Years Since Inception City of Murrieta 0.52% 3.35% 4.67% 4.74% 2.36% 2.26%
Benchmark 0.39% 2.94% 4.30% 4.37% 1.94% 1.90%
*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
27 PORTFOLIO HOLDINGS
28 HOLDINGS REPORT
City of Murrieta | Account #10703 | As of June 30, 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
58770JAD6 MBALT 2024-A A3 5.32
01/18/2028 234,926.20 05/17/2024
5.32%
234,898.71
234,898.71
100.35
4.20%
235,753.38
555.47
0.15%
854.66
Aaa/NA
AAA
1.55 0.30
58769GAD5 MBALT 2024-B A3 4.23
02/15/2028 352,478.97 09/17/2024
4.24%
352,419.65
352,419.65
100.00
4.27%
352,479.32
662.66
0.22%
59.67 NA/AAA
AAA
1.63 0.44
362962AD4 GMALT 2025-2 A3 4.58
05/22/2028 705,000.00 05/20/2025
4.58%
704,988.30
704,988.30
100.23
4.29%
706,601.06
986.61
0.45%
1,612.76
NA/AAA
AAA
1.90 0.68
437918AC9 HAROT 2024-1 A3 5.21
08/15/2028 617,749.70 02/13/2024
5.21%
617,722.83
617,722.83
100.47
4.26%
620,656.83
1,430.43
0.39%
2,934.00
Aaa/AAA
NA
2.13 0.46
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
100.25
3.96%
1,323,325.08
3,027.20
0.84%
3,690.98
NA/AAA
AAA
2.21 0.20
05594HAD5 BMWLT 2025-2 A3 3.97
09/25/2028 800,000.00 10/08/2025
3.97%
799,997.76
799,997.76
99.67 4.34%
797,398.40
529.33
0.50%
(2,599.36)
NA/AAA
AAA
2.24 0.97
47800RAD5 JDOT 2024 A3 4.96 11/15/2028 221,991.80 03/11/2024
4.96%
221,979.37
221,979.37
100.37
4.44%
222,819.17
489.37
0.14%
839.79
Aaa/NA
AAA
2.38 0.65
096919AD7 BMWOT 2024-A A3 5.18
02/26/2029 372,513.65 06/04/2024
5.18%
372,457.07
372,457.07
100.51
4.33%
374,399.32
321.60
0.24%
1,942.25
Aaa/AAA
NA
2.66 0.56
36275AAD1 GMALT 2026-2 A3 4.3 03/20/2029 520,000.00 05/05/2026
4.30%
519,943.74
519,943.74
99.86 4.43%
519,249.12
559.00
0.33%
(694.62)
NA/AAA
AAA
2.72 1.57
58768YAD7 MBALT 2025-A A3 4.61
04/16/2029 770,000.00 05/14/2025
4.61%
769,906.14
769,906.14
100.31
4.42%
772,410.10
1,577.64
0.49%
2,503.96
NA/AAA
AAA
2.79 1.34
02582JKH2 AMXCA 2024-1 A 5.23 04/16/2029 640,000.00 04/16/2024
5.23%
639,868.80
639,868.80
100.82
4.20%
645,265.92
1,487.64
0.41%
5,397.12
NA/AAA
AAA
2.79 0.76
05594YAD8 BMWLT 2026-1 A3 4.15
05/25/2029 715,000.00 04/14/2026
4.15%
714,920.99
714,920.99
99.56 4.46%
711,836.13
494.54
0.45%
(3,084.87)
Aaa/NA
AAA
2.90 1.65
47800DAD6 JDOT 2025 A3 4.23 09/17/2029 670,000.00 03/04/2025
4.23%
669,957.86
669,957.86
99.88 4.35%
669,169.87
1,259.60
0.42%
(787.99)
Aaa/NA
AAA
3.22 1.47
44935XAD7 HART 2025-B A3 4.36 12/17/2029 585,000.00 06/03/2025
4.36%
584,947.18
584,947.18
100.03
4.37%
585,179.60
1,133.60
0.37%
232.42
NA/AAA
AAA
3.47 1.20
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
100.17
4.49%
1,051,779.75
1,446.96
0.66%
1,824.90
Aaa/NA
AAA
3.72 0.69
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
99.90 4.38%
1,253,734.96
2,387.29
0.79%
(1,242.32)
NA/AAA
AAA
3.79 1.69
29 HOLDINGS REPORT
City of Murrieta | Account #10703 | As of June 30, 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
100.01
4.31%
370,046.25
659.83
0.23%
100.71
Aaa/AAA
NA
3.79 0.92
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
100.03
4.36%
1,210,375.10
2,333.96
0.76%
395.19
NA/AAA
AAA
3.87 1.76
89240QAD7 TAOT 2026-B A3 4.13 12/16/2030 580,000.00 04/14/2026
4.14%
579,877.68
579,877.68
99.42 4.46%
576,617.44
1,064.62
0.36%
(3,260.24)
Aaa/AAA
NA
4.46 1.97
Total ABS 12,989,660.32 4.55%
12,988,377.76
12,988,377.76
100.07
4.32%
12,999,096.77
22,407.37
8.20%
10,719.01
2.98 1.08
AGENCY
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
100.09
3.82%
2,001,764.00
41,944.44
1.26%
(5,716.00)
Aa1/AA+
AA+
0.08 0.08
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
100.06
3.91%
2,406,493.51
41,185.63
1.52%
7,025.01
Aa1/AA+
AA+
0.12 0.12
3130AWTQ3 FEDERAL HOME LOAN BANKS
4.625 09/11/2026 4,500,000.00 --
4.81%
4,476,030.00
4,476,030.00
100.12
3.93%
4,505,544.00
63,593.75
2.84%
29,514.00
Aa1/AA+
AA+
0.20 0.19
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
100.24
3.96%
1,754,163.25
9,892.36
1.11%
(264.25)
Aa1/AA+
AA+
0.38 0.37
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
100.04
4.05%
2,000,730.00
38,041.67
1.26%
5,170.00
Aa1/AA+
AA+
0.54 0.52
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
100.26
4.13%
1,002,587.00
11,875.00
0.63%
7,067.00
Aa1/AA+
AA+
0.74 0.71
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
100.52
4.06%
1,507,746.00
16,229.17
0.95%
11,631.00
Aa1/AA+
AA+
0.77 0.75
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
100.28
4.17%
1,002,814.00
5,125.00
0.63%
7,984.00
Aa1/AA+
AA+
0.89 0.86
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
100.53
4.17%
3,015,927.00
41,625.00
1.90%
(23,553.00)
Aa1/AA+
AA+
1.70 1.59
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
99.69 4.17%
1,993,820.00
4,888.89
1.26%
36,880.00
Aa1/AA+
AA+
1.94 1.84
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
99.26 4.15%
1,111,761.28
2,566.67
0.70%
4,518.08
Aa1/AA+
AA+
1.94 1.85
30 HOLDINGS REPORT
City of Murrieta | Account #10703 | As of June 30, 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
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
100.66
4.18%
2,013,258.00
24,750.00
1.27%
31,798.00
Aa1/AA+
AA+
2.23 2.07
24,204,554.20 100.17 24,316,608.04 15.35% 0.89
Total Agency 24,275,000.00 4.54% 24,204,554.20 4.04% 301,717.57 112,053.83 0.84
AGENCY CMBS
3137BSP72 FHMS K-058 A2 2.653 08/25/2026 1,654,771.76 02/09/2023
4.35%
1,564,211.79
1,564,211.79
99.68 3.63%
1,649,494.69
3,658.42
1.04%
85,282.90
Aa1/AA+
AAA
0.15 0.15
3137BTUM1 FHMS K-061 A2 3.347 11/25/2026 843,511.07 09/22/2022
4.23%
813,230.34
813,230.34
99.54 4.09%
839,671.41
2,352.69
0.53%
26,441.06
Aa1/AA+
AAA
0.41 0.32
3137BVZ82 FHMS K-063 A2 3.43 01/25/2027 847,970.34 --
4.09%
825,935.42
825,935.42
99.47 4.18%
843,512.56
2,423.78
0.53%
17,577.14
Aa1/AA+
AAA
0.57 0.41
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
99.10 4.24%
991,005.00
2,702.50
0.63%
25,536.25
Aa1/AA+
AAA
0.82 0.71
3137FBU79 FHMS K-069 A2 3.187 09/25/2027 1,200,741.05 05/18/2023
4.13%
1,153,414.97
1,153,414.97
98.59 4.25%
1,183,829.81
3,188.97
0.75%
30,414.84
Aa1/AAA
AA+
1.24 1.16
3137F4X72 FHMS K-075 A2 3.65 02/25/2028 1,154,925.99 09/14/2023
4.92%
1,097,901.52
1,097,901.52
98.80 4.31%
1,141,043.78
3,512.90
0.72%
43,142.26
Aa1/AA+
AAA
1.66 1.52
3137FJEH8 FHMS K-081 A2 3.9 08/25/2028 1,250,000.00 05/28/2024
4.94%
1,197,265.63
1,197,265.63
98.79 4.41%
1,234,840.00
4,062.50
0.78%
37,574.37
Aa1/AA+
AAA
2.15 1.99
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
99.03 4.42%
1,980,602.00
6,766.67
1.25%
(10,101.13)
Aaa/AA+
AA+
2.32 2.13
3137H5YC5 FHMS K-748 A2 2.26 01/25/2029 1,500,000.00 08/19/2024
4.12%
1,385,332.03
1,385,332.03
94.87 4.43%
1,423,003.50
2,825.00
0.90%
37,671.47
Aa1/AA+
AAA
2.57 2.36
3137FLMV3 FHMS K-090 A2 3.422 02/25/2029 2,000,000.00 03/27/2025
4.30%
1,932,500.00
1,932,500.00
97.42 4.43%
1,948,358.00
5,703.33
1.23%
15,858.00
Aa1/AAA
AA+
2.66 2.43
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
99.75 4.44%
1,995,092.00
7,353.33
1.26%
(2,798.63)
Aaa/AA+
AA+
3.73 3.08
14,923,854.22 98.59 15,230,452.75 9.61% 1.89
Total Agency CMBS 15,451,920.20 4.33% 14,923,854.22 4.27% 44,550.10 306,598.53 1.68 CASH
31 HOLDINGS REPORT
City of Murrieta | Account #10703 | As of June 30, 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
CCYUSD Receivable 1,518.51 -- 1,518.51
1,518.51
1.00 1,518.51
0.00 0.00%
0.00 Aaa/AAA
AAA
0.00 0.00
Total Cash 1,518.51
1,518.51
1,518.51
1.00 1,518.51
0.00 0.00%
0.00 0.00
0.00 CORPORATE
69371RS56 PACCAR FINANCIAL CORP 5.05
08/10/2026 1,450,000.00 --
4.99%
1,451,925.00
1,451,925.00
100.10
4.08%
1,451,383.30
28,679.79
0.92%
(541.70)
A1/A+
NA
0.11 0.11
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
100.08
4.82%
1,000,791.00
20,415.50
0.63%
1,981.00
Aa2/A+
AA
0.13 0.04
713448FW3 PEPSICO INC 5.125 11/10/2026 510,000.00 11/08/2023
5.13%
509,862.30
509,862.30
100.30
4.25%
511,517.76
3,702.81
0.32%
1,655.46
A1/A+
NA
0.36 0.27
48125LRU8 JPMORGAN CHASE BANK NA 5.11
12/08/2026 1,575,000.00 --
5.08%
1,576,460.00
1,576,460.00
100.35
4.27%
1,580,558.18
5,141.94
1.00%
4,098.18
Aa2/AA-
AA
0.44 0.35
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
100.16
4.18%
1,001,610.00
21,625.00
0.63%
2,150.00
A1/A
A+
0.53 0.50
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
100.36
4.23%
1,505,337.00
25,000.00
0.95%
4,527.00
A1/AA-
NA
0.66 0.55
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
100.50
4.27%
1,216,046.37
17,285.49
0.77%
6,046.37
Aa3/A
AA-
0.71 0.61
665859AW4 NORTHERN TRUST CORP 4.0
05/10/2027 1,000,000.00 09/14/2022
4.23%
990,460.00
990,460.00
99.81 4.22%
998,094.00
5,666.67
0.63%
7,634.00
A2/A+
A+
0.86 0.83
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
98.01 4.20%
1,470,088.50
3,545.83
0.93%
98,143.50
A3/A
NA
0.87 0.85
437076DB5 HOME DEPOT INC 4.875
06/25/2027 740,000.00 --
4.95%
738,545.60
738,545.60
100.59
4.25%
744,367.48
601.25
0.47%
5,821.88
A2/A
A
0.99 0.87
09290DAH4 BLACKROCK INC 4.6 07/26/2027 750,000.00 07/18/2024
4.57%
750,645.00
750,645.00
100.32
4.28%
752,435.25
14,854.17
0.47%
1,790.25
Aa3/AA-
NA
1.07 0.94
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
99.88 4.25%
1,248,557.50
19,741.32
0.79%
(3,080.00)
Aa3/AA-
NA
1.12 1.07
023135BC9 AMAZON.COM INC 3.15
08/22/2027 1,000,000.00 07/30/2024
4.55%
960,450.00
960,450.00
98.80 4.23%
988,031.00
11,287.50
0.62%
27,581.00
A1/AA
AA-
1.15 1.10
32 HOLDINGS REPORT
City of Murrieta | Account #10703 | As of June 30, 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
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
100.30
4.29%
1,003,020.00
12,765.28
0.63%
13,120.00
A1/A+
A+
1.22 1.16
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
99.34 4.45%
993,366.00
9,750.00
0.63%
(6,454.00)
Aa1/AA+
AAA
1.25 1.19
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
98.29 4.33%
1,228,625.00
7,784.72
0.78%
39,325.00
A2/A+
A
1.29 1.24
24422EXZ7 JOHN DEERE CAPITAL CORP 4.65
01/07/2028 700,000.00 01/06/2025
4.66%
699,790.00
699,790.00
100.55
4.27%
703,879.40
15,732.50
0.44%
4,089.40
A1/A
A+
1.52 1.42
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
97.83 4.48%
978,343.00
14,250.00
0.62%
1,623.00
Aa1/AA+
AAA
1.53 1.45
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
100.41
4.48%
1,506,090.00
28,500.00
0.95%
(6,255.00)
A2/NA
A
1.61 1.42
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
100.05
4.42%
1,340,670.00
15,570.06
0.85%
2,264.60
Aa3/AA+
AA+
1.74 1.64
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
98.80 4.39%
740,967.75
4,625.00
0.47%
25,962.75
A1/A
NA
1.84 1.74
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
100.23
4.51%
1,333,027.08
8,038.37
0.84%
3,027.08
A2/A+
A+
1.88 0.84
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
100.06
4.36%
1,500,954.00
8,433.33
0.95%
16,929.00
Aa2/A+
AA-
1.88 1.62
87612EBU9 TARGET CORP 4.35 06/15/2028 570,000.00 06/05/2025
4.35%
569,994.30
569,994.30
100.04
4.33%
570,228.00
1,102.00
0.36%
233.70
A2/A
NA
1.96 1.85
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
98.72 4.46%
987,200.00
17,522.22
0.62%
2,080.00
A1/A
NA
2.04 1.90
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
99.22 4.51%
992,223.00
14,437.50
0.63%
(10,437.00)
Aa1/AA+
AAA
2.15 2.01
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
98.36 4.45%
983,609.00
12,166.67
0.62%
209.00
A1/A
NA
2.17 2.03
437076DH2 HOME DEPOT INC 3.75
09/15/2028 570,000.00 09/08/2025
3.77%
569,629.50
569,629.50
98.88 4.29%
563,618.85
6,293.75
0.36%
(6,010.65)
A2/A
A
2.21 2.07
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
99.02 4.39%
990,219.00
5,156.94
0.62%
(12,961.00)
A1/A
A+
2.38 2.23
33 HOLDINGS REPORT
City of Murrieta | Account #10703 | As of June 30, 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
58989V2M5 MET TOWER GLOBAL FUNDING
4.0 01/14/2029 750,000.00 01/07/2026
4.05%
749,032.50
749,032.50
98.60 4.59%
739,526.25
13,916.67
0.47%
(9,506.25)
Aa3/AA-
AA-
2.54 2.34
713448GL6 PEPSICO INC 4.1 01/15/2029 1,000,000.00 07/24/2025
4.19%
997,190.00
997,190.00
99.42 4.34%
994,242.00
18,905.56
0.63%
(2,948.00)
A1/A+
NA
2.54 2.34
02079KBJ5 ALPHABET INC 3.7 02/15/2029 570,000.00 02/09/2026
3.83%
567,930.90
567,930.90
98.38 4.36%
560,747.19
8,084.50
0.35%
(7,183.71)
Aa2/AA+
NA
2.63 2.43
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
98.08 4.46%
1,961,698.00
23,022.22
1.24%
(12,482.00)
Aa3/A+
NA
2.69 2.50
023135DC7 AMAZON.COM INC 4.0
03/13/2029 1,000,000.00 04/28/2026
4.21%
994,310.00
994,310.00
98.93 4.42%
989,312.00
12,000.00
0.62%
(4,998.00)
A1/AA
AA-
2.70 2.50
14913V2C1 CATERPILLAR FINANCIAL SERVICES
CORP 4.3 05/15/2029 1,000,000.00 05/12/2026
4.35%
998,520.00
998,520.00
99.63 4.44%
996,335.00
5,494.44
0.63%
(2,185.00)
A1/A
A+
2.87 2.66
38151LAJ9 GOLDMAN SACHS BANK USA
4.656 06/03/2029 515,000.00 05/27/2026
4.57%
515,000.00
515,000.00
100.06
4.54%
515,318.79
1,864.99
0.33%
318.79
A1/A+
AA-
2.93 1.81
67066GAQ7 NVIDIA CORP 4.35 06/15/2029 2,000,000.00 --
4.40%
1,996,990.00
1,996,990.00
99.70 4.46%
1,993,974.00
3,141.67
1.26%
(3,016.00)
Aa1/AA
NA
2.96 2.74
69371RU53 PACCAR FINANCIAL CORP 4.3
06/18/2029 715,000.00 06/16/2026
4.34%
714,106.25
714,106.25
99.70 4.41%
712,872.88
1,110.24
0.45%
(1,233.38)
A1/A+
NA
2.97 2.75
61748UAK8 MORGAN STANLEY 4.133
10/18/2029 580,000.00 10/17/2025
4.36%
580,000.00
580,000.00
98.64 4.70%
572,083.00
4,860.87
0.36%
(7,917.00)
A1/A-
A+
3.30 2.15
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
98.61 4.50%
527,548.52
9,513.10
0.33%
(7,451.48)
Aa3/A
AA-
3.56 2.36
Total Corporate 41,660,000.00 4.49%
41,282,564.25
41,282,564.25
99.50 4.37%
41,448,515.04
461,589.86
26.16%
165,950.79
1.66 1.47
MONEY MARKET
FUND
31846V567 FIRST AMER:GVT OBLG Z 689,180.67 --
3.53%
689,180.67
689,180.67
1.00 3.53%
689,180.67
0.00 0.43%
0.00 Aaa/AAAm
AAA
0.00 0.00
Total Money Market
Fund 689,180.67 3.53%
689,180.67
689,180.67
1.00 3.53%
689,180.67
0.00 0.43%
0.00 0.00
0.00 SUPRANATIONAL
34 HOLDINGS REPORT
City of Murrieta | Account #10703 | As of June 30, 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
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
99.04 4.17%
1,322,167.98
7,527.92
0.83%
(9,868.32)
Aaa/AAA
NA
1.85 1.75
459058KT9
INTERNATIONAL BANK FOR
RECONSTRUCTION AND
DEVELOPM 3.5 07/12/2028
500,000.00 07/24/2023
4.26%
483,115.00
483,115.00
98.71 4.17%
493,541.00
8,215.28
0.31%
10,426.00
Aaa/AAA
NA
2.03 1.91
Total Supranational 1,835,000.00 3.86%
1,815,151.30
1,815,151.30
98.95 4.17%
1,815,708.98
15,743.19
1.15%
557.68
1.90 1.80
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
99.28 3.96%
2,978,343.00
7,663.04
1.88%
211,311.75
Aa1/AA+
AA+
0.38 0.37
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
98.54 4.15%
1,970,704.00
22,941.99
1.24%
83,594.62
Aa1/AA+
AA+
1.08 1.04
91282CFH9 UNITED STATES TREASURY 3.125
08/31/2027 2,500,000.00 01/24/2023
3.65%
2,445,117.19
2,445,117.19
98.86 4.13%
2,471,485.00
26,112.43
1.56%
26,367.81
Aa1/AA+
AA+
1.17 1.12
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
97.46 4.17%
1,364,507.20
4,023.10
0.86%
65,569.70
Aa1/AA+
AA+
1.38 1.33
91282CGH8 UNITED STATES TREASURY 3.5
01/31/2028 1,500,000.00 11/26/2024
4.24%
1,467,070.31
1,467,070.31
98.97 4.18%
1,484,532.00
21,899.17
0.94%
17,461.69
Aa1/AA+
AA+
1.59 1.50
9128283W8 UNITED STATES TREASURY 2.75
02/15/2028 2,750,000.00 09/27/2024
3.51%
2,684,257.81
2,684,257.81
97.79 4.17%
2,689,200.25
28,411.60
1.70%
4,942.44
Aa1/AA+
AA+
1.63 1.55
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
97.40 4.17%
2,434,960.00
27,002.76
1.54%
60,155.31
Aa1/AA+
AA+
2.13 2.01
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
98.34 4.17%
2,950,077.00
29,714.67
1.86%
(28,126.13)
Aa1/AA+
AA+
2.21 2.08
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
98.54 4.17%
2,463,575.00
18,408.47
1.55%
(30,858.59)
Aa1/AA+
AA+
2.29 2.16
91282CDF5 UNITED STATES TREASURY 1.375
10/31/2028 2,500,000.00 09/16/2025
3.50%
2,344,433.59
2,344,433.59
93.83 4.18%
2,345,800.00
5,791.44
1.48%
1,366.41
Aa1/AA+
AA+
2.34 2.25
9128285M8 UNITED STATES TREASURY 3.125
11/15/2028 2,000,000.00 04/22/2024
4.72%
1,870,625.00
1,870,625.00
97.66 4.17%
1,953,282.00
7,982.34
1.23%
82,657.00
Aa1/AA+
AA+
2.38 2.25
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
98.45 4.17%
2,264,421.30
3,519.13
1.43%
(35,399.01)
Aa1/AA+
AA+
2.46 2.32
35 HOLDINGS REPORT
City of Murrieta | Account #10703 | As of June 30, 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
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
100.21
4.17%
2,254,657.50
31,961.62
1.42%
9,930.94
Aa1/AA+
AA+
2.67 2.46
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
96.58 4.17%
2,656,005.00
13,320.31
1.68%
(25,782.11)
Aa1/AA+
AA+
2.83 2.67
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
99.52 4.17%
1,990,468.00
33,370.17
1.26%
(625.75)
Aa1/AA+
AA+
3.08 2.82
91282CFJ5 UNITED STATES TREASURY 3.125
08/31/2029 2,750,000.00 12/17/2024
4.26%
2,618,730.47
2,618,730.47
96.91 4.17%
2,665,137.75
28,723.68
1.68%
46,407.28
Aa1/AA+
AA+
3.17 2.94
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
99.45 4.18%
1,690,636.40
11,456.52
1.07%
25,433.27
Aa1/AA+
AA+
3.34 3.07
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
99.04 4.18%
2,971,056.00
9,846.31
1.87%
(5,623.69)
Aa1/AA+
AA+
3.42 3.15
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
99.02 4.18%
2,970,468.00
315.90
1.87%
(24,844.50)
Aa1/AA+
AA+
3.50 3.24
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
97.75 4.18%
2,932,617.00
43,798.34
1.85%
(61,758.00)
Aa1/AA+
AA+
3.59 3.28
91282CGQ8 UNITED STATES TREASURY 4.0
02/28/2030 2,700,000.00 05/12/2026
4.07%
2,693,566.41
2,693,566.41
99.39 4.18%
2,683,651.50
36,097.83
1.69%
(9,914.91)
Aa1/AA+
AA+
3.67 3.33
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
97.58 4.19%
2,927,343.00
17,690.22
1.85%
(41,953.88)
Aa1/AA+
AA+
3.83 3.52
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
98.42 4.19%
3,444,630.00
11,116.80
2.17%
(44,159.06)
Aa1/AA+
AA+
3.92 3.59
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
99.27 4.19%
1,489,101.00
25,027.62
0.94%
(9,844.31)
Aa1/AA+
AA+
4.08 3.67
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
97.80 4.20%
1,466,953.50
13,668.03
0.93%
(22,792.59)
Aa1/AA+
AA+
4.25 3.86
91282CPD7 UNITED STATES TREASURY 3.625
10/31/2030 2,500,000.00 06/10/2026
4.24%
2,439,355.47
2,439,355.47
97.74 4.20%
2,443,555.00
15,268.34
1.54%
4,199.53
Aa1/AA+
AA+
4.34 3.94
61,659,451.18 98.20 61,957,166.40 39.10% 2.75
Total US Treasury 63,100,000.00 3.96% 61,659,451.18 4.16% 495,131.83 297,715.22 2.54 157,564,652.09 98.62 158,458,247.15 100.00% 2.09
Total Portfolio 160,002,279.71 4.27% 157,564,652.09 4.22% 1,341,139.92 893,595.06 1.78 36 HOLDINGS REPORT
City of Murrieta | Account #10703 | As of June 30, 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
Total Market Value +
Accrued 159,799,387.07
37 TRANSACTIONS
38 TRANSACTION LEDGER
City of Murrieta | Account #10703|04/01/2026 Through 06/30/2026| Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp Yield Amount Interest Pur/
Sold Total Amount Gain/Loss
ACQUISITIONS
Purchase 04/21/2026 89240QAD7 580,000.00 TAOT 2026-B A3 4.13 12/16/2030 99.979 4.14% (579,877.68) 0.00 (579,877.68) 0.00 Purchase 04/22/2026 05594YAD8 715,000.00 BMWLT 2026-1 A3
4.15 05/25/2029 99.989 4.15% (714,920.99) 0.00 (714,920.99) 0.00 Purchase 04/29/2026 023135DC7 1,000,000.00 AMAZON.COM INC 4.0 03/13/2029 99.431 4.21% (994,310.00) (5,111.11) (999,421.11) 0.00 Purchase 05/13/2026 91282CGQ8 2,700,000.00
UNITED STATES
TREASURY 4.0
02/28/2030
99.762 4.07% (2,693,566.41) (21,717.39) (2,715,283.80) 0.00 Purchase 05/14/2026 36275AAD1 520,000.00 GMALT 2026-2 A3 4.3 03/20/2029 99.989 4.30% (519,943.74) 0.00 (519,943.74) 0.00 Purchase 05/15/2026 14913V2C1 1,000,000.00
CATERPILLAR
FINANCIAL SERVICES
CORP 4.3 05/15/2029
99.852 4.35% (998,520.00) 0.00 (998,520.00) 0.00
Purchase 06/03/2026 38151LAJ9 515,000.00
GOLDMAN SACHS
BANK USA 4.656
06/03/2029
100.000 4.57% (515,000.00) 0.00 (515,000.00) 0.00
Purchase 06/03/2026 38151LAJ9 515,000.00
GOLDMAN SACHS
BANK USA 4.656
06/03/2029
100.000 4.57% (515,000.00) 0.00 0.00 0.00
Purchase 06/03/2026 38151LAJ9 (515,000.00)
GOLDMAN SACHS
BANK USA 4.656
06/03/2029
100.000 4.57% 515,000.00 0.00 0.00 0.00
Purchase 06/12/2026 91282CPD7 2,500,000.00
UNITED STATES
TREASURY 3.625
10/31/2030
97.574 4.24% (2,439,355.47) (10,589.33) (2,449,944.80) 0.00 Purchase 06/18/2026 67066GAQ7 1,000,000.00 NVIDIA CORP 4.35 06/15/2029 99.953 4.37% (999,530.00) 0.00 (999,530.00) 0.00 Purchase 06/18/2026 69371RU53 715,000.00 PACCAR FINANCIAL CORP 4.3 06/18/2029 99.875 4.34% (714,106.25) 0.00 (714,106.25) 0.00 Purchase 06/22/2026 67066GAQ7 1,000,000.00 NVIDIA CORP 4.35 06/15/2029 99.746 4.44% (997,460.00) (483.33) (997,943.33) 0.00 Total Purchase 12,245,000.00 (12,166,590.54) (37,901.16) (12,204,491.70) 0.00 TOTAL
ACQUISITIONS 12,245,000.00 (12,166,590.54) (37,901.16) (12,204,491.70) 0.00 39 TRANSACTION LEDGER
City of Murrieta | Account #10703|04/01/2026 Through 06/30/2026| Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp Yield Amount Interest Pur/
Sold Total Amount Gain/Loss
DISPOSITIONS
Maturity 04/10/2026 57629W6F2 (750,000.00)
MASSMUTUAL GLOBAL
FUNDING II 4.5
04/10/2026
100.000 4.52% 750,000.00 0.00 750,000.00 517.50
Maturity 05/03/2026 00440EAV9 (1,000,000.00) CHUBB INA HOLDINGS LLC 3.35 05/03/2026 100.000 5.23% 1,000,000.00 0.00 1,000,000.00 45,780.00 Maturity 05/08/2026 3133ERDZ1 (1,000,000.00)
FEDERAL FARM CREDIT
BANKS FUNDING CORP
4.75 05/08/2026
100.000 4.87% 1,000,000.00 0.00 1,000,000.00 2,310.00
Maturity 06/12/2026 3130AWLZ1 (2,000,000.00)
FEDERAL HOME
LOAN BANKS 4.75
06/12/2026
100.000 4.78% 2,000,000.00 0.00 2,000,000.00 1,380.00
Maturity 06/20/2026 58989V2F0 (1,000,000.00)
MET TOWER GLOBAL
FUNDING 5.4
06/20/2026
100.000 5.38% 1,000,000.00 0.00 1,000,000.00 (440.00)
Total Maturity (5,750,000.00) 5,750,000.00 0.00 5,750,000.00 49,547.50 Sale 04/08/2026 78016HZT0 (1,245,000.00)
ROYAL BANK OF
CANADA 4.875
01/19/2027
100.561 4.88% 1,251,984.45 13,318.91 1,265,303.36 7,295.70 Sale 05/12/2026 06368MJG0 (1,500,000.00) BANK OF MONTREAL
5.004 01/27/2029 100.851 4.96% 1,512,765.00 21,892.50 1,534,657.50 10,905.00 Sale 06/17/2026 91282CFM8 (1,600,000.00)
UNITED STATES
TREASURY 4.125
09/30/2027
100.164 4.19% 1,602,625.00 14,065.57 1,616,690.57 7,125.00 Total Sale (4,345,000.00) 4,367,374.45 49,276.98 4,416,651.43 25,325.70 TOTAL
DISPOSITIONS (10,095,000.00) 10,117,374.45 49,276.98 10,166,651.43 74,873.20 40 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. 41 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. 42