Market Report:

April 26

Volatility and uncertainty characterized financial markets in March. For example, the yield on the 10-year U.S. Treasury note started the month at 4.21%, fell to 4.12%, then rose to 4.40%, but finished the month near where it began at 4.21%. Why? Inflation reacceleration worries offset economic growth concerns. Regarding growth, a softer-than-expected rebound in consumer spending in February did not make up for the slump in consumer spending in January. Consequently, first quarter GDP growth may register an annualized rate between 1% and 2%, the softest quarterly reading in three years. Sluggish growth estimates pushed down U.S. Treasury yields. However, more persistent price pressures pushed yields up, or at least kept yields higher than they otherwise might have been. The personal consumption expenditures (PCE) price index registered a 0.4% rise in February, the fastest one-month increase in core inflation in over a year. Tariffs add upside risk to inflation in the near term and will impact growth prospects overall.

Monthly Economic and Market Commentary

Day to Day Fund

As of 2025-04-21

Day to Day Fund Balance

$1,310,868,940.130

Net Asset Value

$1.00

7 Day Yield

4.40%

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Short-Term Bond Fund

As of 2025-04-21

Short-Term Bond Fund Balance

$602,530,031.48

Net Asset Value

$29.30

30 Day Yield

4.31%

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Payden & Rygel Investment Management

Funds professionally managed by Payden & Rygel for 29 years running.

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  • "It is my honor to serve as Chair of the Florida Trust – the longest running, member-owned and member-governed local government pool in the state. The Trust has met the investment and diversification needs of local governments all over Florida since its 1991 inception. Nearing its third decade, it continues to provide a great combination of safety, liquidity and yield, in that order."
    Hon. Pamela Childers, CPA, CGFO
    Escambia County Clerk of Court
  • “The Florida Trust provides local governments with two excellent investment options to manage public dollars safely and effectively. Polk County uses the Florida Trust Day to Day Fund to meet some of our short term investment needs and the Florida Trust Short Term Bond Fund to invest a portion of our core assets. We are pleased with the structure of the funds, the investment strategies used, the high quality of the securities purchased, and the overall level of service provided by Florida Trust staff and Payden & Rygel.”
    Philip J. Borozny, CTP
    Investment Manager Polk County Clerk of Circuit Court & Comptroller
  • "The Florida Trust is the longest running, member-owned and member-governed local government investment pool in Florida. Along with the Board of Trustees, the Florida Association of Court Clerks and Comptrollers, the Florida Association of Counties, our Investment Advisory Board, and our outstanding partners, I welcome and encourage you to join us where the future is bright-- at the Florida Trust.”
    Paula S. O'Neil, Ph.D.
    Former Clerk of the Circuit Court and Comptroller Pasco County, Florida

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Sector Allocation

% of Portfolio Assets (12/31/2024)

Commercial Paper

19.63%

Certificate of Deposit

16.30%

Repurchase Agreements

15.60%

Municipals

13.86%

Asset Backed Securities

11.36%

Corporates

10.79%

U.S. Treasuries

7.93%

Govt. Related Securities

3.49%

Coll. Mort. Obl.

0.93%

Money Market Fund

0.12%

Asset Backed

30.07%

Corporates

28.69%

U.S. Treasury Notes

27.86%

Coll. Mort. Obligations

10.97%

Government Related Securities

1.19%

Money Market

1.22%

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