CHANDLER ASSET MANAGEMENT, INC. | 800.317.4747 | www.chandlerasset.com
INVESTMENT REPORT
Period Ending March 31, 2024
City of San Leandro
SECTION 1 Economic Update
SECTION 2 Account Profile
SECTION 3 Consolidated Information
SECTION 4 Portfolio Holdings
SECTION 5 Transactions
Table of Contents As of March 31, 2024
1 SECTION | Section 1 | Economic Update
2 Economic Update
Recent economic data suggests positive but slower growth this year fueled by consumer spending. While the consumer has been resilient, declining savings, growing credit card debt, higher delinquencies, and a moderating labor market pose potential headwinds to future economic growth. Inflationary trends are subsiding, but core levels remain above the Fed’s target. Given the cumulative effects of restrictive monetary policy and tighter financial conditions, we believe the economy will gradually soften and the Fed will loosen monetary policy in 2024.
As expected at the May meeting, the Federal Open Market Committee voted unanimously to leave the federal funds rate unchanged at a target range of 5.25-5.50%, while acknowledging the recent lack of progress in curbing inflation to its 2% target. Fed Chair Jerome Powell also indicated that the next move in interest rates is unlikely to be an increase, providing relief to financial markets. The Fed announced a slower reduction in bond holdings on its balance sheet, with the monthly cap on Treasuries reduced to $25 billion from $60 billion but maintaining the mortgage roll-off at $35 billion. The policy updates reflect the Fed's ongoing efforts to balance economic growth while returning the economy to its 2% inflation target.
The US Treasury yield curve shifted higher in April as inflationary pressures persisted and investors priced in fewer rate cuts. The 2-year Treasury yield rose 41 basis points to 5.04%, the 5-year Treasury surged 50 basis points to 4.72%, and the 10-year Treasury yield increased 48 basis points to 4.68%. The inversion between the 2-year Treasury yield and 10-year Treasury yield narrowed to -36 basis points at April month-end versus -42 basis points at March month-end. The spread between the 2-year Treasury and 10-year Treasury yield one year ago was -58 basis points. The inversion between 3-month and 10-year Treasuries narrowed to -72 basis points in April from -117 basis points in March.
3 Employment
-400
-200
0 200
400
600
800
1,000 MOM Change In Thousands (000's)
Nonfarm Payroll (000's)
Non-farm Payroll (000's)
3-month average (000's)
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
Unemployment Rate
Underemployment Rate (U6)
Unemployment Rate (U3)
Rate (%)
In April, the US labor market showed signs of moderation. The U.S. economy added 175,000 jobs in April, and the prior two months were revised down by 22,000. Sectors such as leisure and hospitality, construction, and government experienced slowdowns in job growth, while healthcare, transportation, and retail trade saw more substantial gains. While April’s data may indicate potential cooling, the threemonth moving average and six-month moving average payrolls both remain at a healthy 242,000. The unemployment rate edged up to
3.9% in April. The labor participation rate was unchanged at 62.7% but remained below the pre-pandemic level of 63.3%. The U-6 underemployment rate, which includes those who are marginally attached to the labor force and employed part time for economic reasons ticked up to 7.4%. Average hourly earnings rose 3.9% year-over-year in April, down from 4.1% last month. Employment remains strong by historical standards, but April data may indicate potential moderation in labor market growth.
Source: US Department of Labor Source: US Department of Labor 4 Inflation
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
9.0%
10.0%
Consumer Price Index (CPI)
CPI YOY % Change
Core CPI YOY % Change
YOY (%) Change
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
9.0%
10.0%
Personal Consumption Expenditures (PCE)
PCE Price Deflator YOY % Change
PCE Core Deflator YOY % Change
Fed Target
YOY (%) Change
The Consumer Price Index (CPI) came in higher than expected in March, increasing 0.4% month-over-month and 3.5% year-over-year. The Core CPI, which excludes volatile food and energy components, was up 0.4% month-over-month and 3.8% year-over-year in March, unchanged from 3.8% in February. Energy costs accelerated during the month and shelter costs remain elevated. The Personal Consumption Expenditures (PCE) Index headline inflation increased 0.3% month-over-month and rose 2.7% year-over-year in March. Core PCE, the Federal Reserve’s preferred inflation gauge, remained at 2.8% year-over-year, still above the Fed’s 2% inflation target. Much of the lingering inflation has been driven by rents and demand for services, especially in transportation, as spring break travel surged in March. Personal spending jumped 0.8% over the month, an increase of 0.5% after adjusting for inflation.
Source: US Department of Labor Source: US Department of Commerce 5 Federal Reserve
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
As expected at the May meeting, the Federal Open Market Committee voted unanimously to leave the federal funds rate unchanged at a target range of 5.25-5.50%, while acknowledging the recent lack of progress in curbing inflation to its 2% target. The FOMC indicated that the risks for achieving the dual mandate – maximum employment and price stability – are in better balance. Fed Chair Jerome Powell also indicated that the next move in interest rates is unlikely to be an increase, providing relief to financial markets. The Fed announced a slower reduction in bond holdings on its balance sheet, with the monthly cap on Treasuries reduced to $25 billion from $60 billion but maintaining the mortgage roll-off at $35 billion. Since the Fed began its Quantitative Tightening campaign in June 2022, securities holdings have declined by over $1.6T to approximately $7.4T.
0.00%
1.00%
2.00%
3.00%
4.00%
5.00%
6.00%
Effective Federal Funds Rate
Recession
Yield (%)
6 Consumer
-30.0%
-20.0%
-10.0%
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
Retail Sales YOY % Change
YOY (%) Change
March Retail Sales rose above expectations at +0.7% after a sizeable upward revision to +0.9% in February. On a year-over-year basis, Retail Sales growth increased 4.0% for March. Sales were supported by higher gas prices and higher volume sales in a busy travel period for spring break at schools, as well as strength from non-store retailers. The Conference Board’s Consumer Confidence Index declined to
97.0 in April, its lowest level since mid-2022, after a sizeable downward revision to 103.1 in March. The drop reflected concerns about job availability, income prospects, and overall economic conditions. While the consumer has been resilient, dwindling excess savings, rising credit card balances, and the resumption of student loan payments pose potential headwinds to future economic growth. 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) 7 Leading Indicators of Economic Activity
-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) dropped 0.3% month-over-month in March after registering the first increase in two years the prior month. The index declined 5.5% year-over-year. Primary factors for the decline include weaker business orders, lower consumer confidence and fewer building permits. The Chicago Fed National Activity Index (CFNAI) increased +0.15 in March from an upwardly revised +0.09 in February. On a 3-month moving average basis, the CFNAI improved to -0.19 in March from -0.28 in February, indicating below-trend economic growth.
Source: The Conference Board Source: Federal Reserve Bank of Chicago 8 Housing
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 plunged 14.7% month-over-month in March to 1.321 million units, due to declining confidence among homebuilders as mortgage rates topped 7%. Starts for multi-family homes dropped 21.7%, while single family homes fell 12.4 % for the month. According to Freddie Mac, 30-year fixed mortgage rates averaged 7.2% as of May 2nd. According to the Case-Shiller 20-City Home Price Index, housing prices rose 7.3% year-over-year in February, accelerating from a 6.6% year-over-year gain in January. Tight inventories and higher mortgage rates continue to impact 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
9 Survey Based Measures
40 45
50 55
60 65
70 Institute of Supply Management (ISM) Surveys
ISM Manufacturing ISM Services
EXPANDING
CONTRACTING
The Institute for Supply Management (ISM) Manufacturing index declined to 49.2 in April from 50.3 in March, while input prices rose at the fastest pace since 2022, posing challenges for producers amidst sluggish global markets. The ISM Services Index fell to 49.4 in April from 51.4 in March, crossing into contractionary territory after 15 months of growth. The survey reflected lower business activity, slower growth in new orders, faster supplier deliveries, and contraction in employment.
Source: Institute for Supply Management
10 Gross Domestic Product (GDP)
Components of GDP 6/23 9/23 12/23 3/24
0.6% 2.1% 2.2% 1.7%
0.9% 1.7% 0.2% 0.6%
0.0% 0.0% 0.3% -0.9%
0.1% 0.5% 0.2% 0.0%
0.5% 0.5% 0.6% 0.2%
2.1% 4.9% 3.4% 1.6%
State and Local (Consumption and Gross
Investment)
Personal Consumption Expenditures
Gross Private Domestic Investment
Net Exports and Imports
Federal Government Expenditures
Total
-40.0%
-30.0%
-20.0%
-10.0%
0.0%
10.0%
20.0%
30.0%
40.0%
Gross Domestic Product (GDP)
GDP QOQ % Change
GDP YOY % Change
Source: US Department of Commerce Source: US Department of Commerce According to the advance estimate, first quarter GDP cooled to an annualized rate of 1.6% from 3.4% in fourth quarter 2023, weighed down by an increase in imports, a decrease in inventory investment, and a drop in government spending. The consensus projection calls for 1.7% growth in the second quarter and 2.4% growth for the full year 2024. 11 Bond Yields
Source: Bloomberg Source: Bloomberg
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
US Treasury Note Yields
2-Year
5-Year
10-Year
Yield (%)
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
US Treasury Yield Curve
Apr-24
Jan-24
Apr-23
Yield (%)
At the end of April, the 2-year Treasury yield was 103 basis points higher, and the 10-Year Treasury yield was 126 basis points higher, year-over-year. The inversion between the 2-year Treasury yield and 10-year Treasury yield narrowed to -36 basis points at April monthend versus -42 basis points at March month-end. The average historical spread (since 2003) is about +130 basis points. The inversion between 3-month and 10-year Treasuries narrowed to -72 basis points in April from -117 basis points in March. 12 Section 2| SECTION | Section 2 | Account Profile
13 Objectives
Chandler Asset Management Performance Objective
The performance objective for the City of San Leandro 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.
Investment Objectives
The investment objectives of the City of San Leandro are first, to preserve principal; second, to provide liquidity; and third, to earn a return that is commensurate with the first two objectives.
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.
As of March 31, 2024
14 Compliance As of March 31, 2024
Category Standard Comment
Treasury Issues No limitations Complies
Agency Issues No limitations Complies
Supranationals "AA" rated or higher by a NRSRO; 30% maximum; 10% max per issuer; Unsubordinated obligations issued by by IBRD, IFC or IADB only Complies Municipal Securities Issued by City of San Leandro and its Agencies Complies Banker’s Acceptances "A" or highest money market rating by a NRSRO, such as S&P or Moody's; 40% maximum; 30% per issuer; 180 days max maturity Complies Commercial Paper
Highest rating by a NRSRO; Issuer must be a domestic corporation having assets in excess of $500 million and A-1 and P-1 rated or better by S&P and Moody's for its debt other than commercial paper; 25% maximum; 10% max of the outstanding commercial paper of any single issuer; 270 days max maturity
Complies
Negotiable Certificates of Deposit
(including CDARS) 30% maximum (including CDARS); FDIC Insured or Collateralized 110% Complies Time Deposits (TD)/ Certificates of
Deposit (CD) FDIC Insured or Collateralized 110% Complies Medium Term Corp Notes "A" rated or better by a NRSRO; 30% maximum; Issuers must be corporations organized and operating within the U.S. or depository institutions licensed by the U.S., or operating within the U.S. Complies Money Market Mutual Funds Highest rating by two NRSROs or SEC registered adviser with assets greater than $500 million; 20% maximum Complies Asset Backed Securities, Mortgage
Backed,Pass-Through Securities,
Collateralized Mortgage Obligations
"AA" rated or higher by a NRSRO; 20% maximum; 5% per single Asset-Backed or Commercial Mortgage issuer; There is no issuer limitation on any Mortgage security where the issuer is US Treasury or a Federal Agency/Government-sponsored Enterprise (GSE). Complies Repurchase Agreements 20% maximum; 360 days max maturity; 102% collateralized; Not used by IA Complies Reverse Repurchase Agreements 20% maximum; 92 days max maturity; Not used by IA Complies Local Agency Investment Fund (LAIF) Maximum program limit; Not used by IA Complies Social Responsibility The investment policy prohibits investing in an entity that received a significant portion of their revenues from the gun manufacturing, fossil fuel production, private prisons, and tobacco producers Complies Maximum Maturity 5 years Complies
City of San Leandro
Assets managed by Chandler Asset Management are in full compliance with state law and with the Client’s investment policy. 15 Portfolio Characteristics
City of San Leandro
03/31/24 12/31/23
Benchmark* Portfolio Portfolio
Average Maturity (yrs) 1.85 2.07 2.07
Average Modified Duration 1.76 1.76 1.74
Average Purchase Yield n/a 3.59% 3.42%
Average Market Yield 4.73% 4.88% 4.63%
Average Quality** AA+ AA AA/Aa1
Total Market Value 190,353,797 189,352,101
*ICE BofA 1-3 Yr US Treasury & Agency Index
**Benchmark is a blended rating of S&P, Moody’s, and Fitch. Portfolio is S&P and Moody’s respectively.
As of March 31, 2024
16 City of San Leandro
Sector Distribution
Agency
22.1%
Asset Backed
Security
9.4%
Corporate
24.3%
Money Market
Fund
0.4%
Supranational
1.2%
US Treasury
41.3%
Cash
1.2%
March 31, 2024 December 31, 2023
ABS
7.7%
Agency
23.0%
Corporate
24.4%
Money Market
Fund
1.3%
Supranational
1.3%
US Treasury
42.5%
As of March 31, 2024
17 Issue Name Investment Type % Portfolio
US Treasury US Treasury 41.27%
Federal Home Loan Bank Agency 14.01%
Federal Farm Credit Bank Agency 3.44%
Federal National Mortgage Association Agency 2.61%
Federal Home Loan Mortgage Corp Agency 2.10%
JP Morgan ABS Asset Backed Security 1.72%
John Deere ABS Asset Backed Security 1.57%
Bank of America Corp Corporate 1.45%
United Health Group Inc Corporate 1.37%
Bank of Montreal Chicago Corporate 1.33%
Toronto Dominion Holdings Corporate 1.28%
JP Morgan Chase & Co Corporate 1.26%
International Finance Corp Supranational 1.24%
Apple Inc Corporate 1.17%
Comcast Corp Corporate 1.17%
Account Receivable Payable Cash 1.16%
Morgan Stanley Corporate 1.14%
Pepsico Inc Corporate 1.04%
Honeywell Corp Corporate 1.04%
Visa Inc Corporate 1.03%
Prologis Trust Corporate 1.01%
Toyota Motor Corp Corporate 0.98%
Royal Bank of Canada Corporate 0.91%
American Express ABS Asset Backed Security 0.90%
Amazon.com Inc Corporate 0.89%
Hyundai Auto Receivables Asset Backed Security 0.87%
Paccar Financial Corporate 0.87%
Caterpillar Inc Corporate 0.82%
Merck & Company Corporate 0.79%
Honda ABS Asset Backed Security 0.79%
GM Financial Securitized Term Auto Trust Asset Backed Security 0.78% Bank of New York Corporate 0.77%
National Rural Utilities Corporate 0.71%
BMW ABS Asset Backed Security 0.59%
GM Financial Automobile Leasing Trust Asset Backed Security 0.55% Cisco Systems Corporate 0.54%
Chubb Corporation Corporate 0.53%
Issuers
City of San Leandro – Account #460
As of March 31, 2024
18 Issue Name Investment Type % Portfolio
Deere & Company Corporate 0.53%
Toyota ABS Asset Backed Security 0.52%
US Bancorp Corporate 0.52%
Northern Trust Corp Corporate 0.52%
Wal-Mart Stores Corporate 0.52%
Federated GOVT Obligation MMF Money Market Fund 0.44%
Hyundai Auto Lease Securitization Asset Backed Security 0.36% Toyota Lease Owner Trust Asset Backed Security 0.35%
Mercedes-Benz Asset Backed Security 0.27%
Charles Schwab Corp/The Corporate 0.24%
BMW Vehicle Lease Trust Asset Backed Security 0.11%
TOTAL 100.00%
Issuers
City of San Leandro – Account #460
As of March 31, 2024
19 AAA AA A <A NR
03/31/24 15.1% 64.1% 20.8% 0.0% 0.0%
12/31/23 12.9% 64.1% 20.8% 0.0% 2.2%
Source: S&P Ratings
March 31, 2024 vs. December 31, 2023
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
70.0%
AAA AA A <A NR
03/31/24 12/31/23
Quality Distribution
City of San Leandro
As of March 31, 2024
20 0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
70.0%
0 - 0.25 0.25 - 0.50 0.50 - 1 1 - 2 2 - 3 3 - 4 4 - 5 5+ City of San Leandro ICE BofA 1-3 Yr US Treasury & Agency Index Portfolio Compared to the Benchmark
0 - 0.25 0.25 - 0.50 0.50 - 1 1 - 2 2 - 3 3 - 4 4 - 5 5+ Portfolio 9.6% 4.8% 13.9% 26.6% 32.5% 12.7% 0.0% 0.0%
Benchmark* 0.0% 0.0% 3.7% 57.7% 38.5% 0.0% 0.0% 0.0%
*ICE BofA 1-3 Yr US Treasury & Agency Index
Duration Distribution
City of San Leandro
As of March 31, 2024
21 0.00%
0.50%
1.00%
1.50%
2.00%
2.50%
3.00%
3.50%
4.00%
12 months 2 years 3 years 5 years 10 years Since Inception City of San Leandro ICE BofA 1-3 Yr US Treasury & Agency Index Total Rate of Return Annualized Since Inception April 30, 2004 Annualized
TOTAL RATE OF RETURN 3 months 12 months 2 years 3 years 5 years 10 years Since Inception
City of San Leandro 0.51% 3.80% 2.15% 0.59% 1.47% 1.35% 1.98% ICE BofA 1-3 Yr US Treasury & Agency Index 0.30% 2.99% 1.58% 0.09% 1.16% 1.07% 1.87% 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 value; it includes interest earnings, realized and unrealized gains and losses in the portfolio.
Investment Performance
City of San Leandro
As of March 31, 2024
22 Portfolio Characteristics
City of San Leandro Reporting
03/31/24
Portfolio
12/31/23
Portfolio
Average Maturity (yrs) 0.00 0.00
Modified Duration 0.00 0.00
Average Purchase Yield 0.90% 1.05%
Average Market Yield 0.90% 1.06%
Average Quality* AAA NR/NR
Total Market Value 41,895,310 33,001,301
*Portfolio is S&P and Moody’s, respectively.
As of March 31, 2024
23 City of San Leandro Reporting
Sector Distribution
Cash
79.0%
LAIF
21.0%
March 31, 2024 December 31, 2023
Cash
73.3%
LAIF
26.7%
As of March 31, 2024
24 Historical Average Market Yield to Maturity As of March 31, 2024 City of San Leandro
Reserve Portfolio 2021 2022 2023 2024
Historical Average Market
YTM (Portfolio versus
Benchmark)
Portfolio Average
Market Yield
Benchmark
Average Market
Yield (G1A0)*
Portfolio
Average Market
Yield
Benchmark
Average Market
Yield (G1A0)*
Portfolio
Average Market
Yield
Benchmark
Average Market
Yield (G1A0)*
Portfolio
Average Market
Yield
Benchmark
Average Market
Yield (G1A0)*
1Q 0.27% 0.18% 1.95% 2.18% 4.43% 4.20% 4.88% 4.73%
2Q 0.33% 0.24% 2.90% 2.95% 5.07% 5.02%
3Q 0.35% 0.27% 4.31% 4.30% 5.31% 5.15%
4Q 0.71% 0.68% 4.55% 4.51% 4.63% 4.37%
* G1A0 1-3 Year US Treasury and Agency Index
source: Chandler Quarterly Report
25 SECTION | Section 3 | Consolidated Information
26 Portfolio Characteristics
City of San Leandro Consolidated
03/31/24 12/31/23
Portfolio Portfolio
Average Maturity (yrs) 1.70 1.76
Modified Duration 1.44 1.48
Average Purchase Yield 3.10% 3.20%
Average Market Yield 4.16% 4.10%
Average Quality* AA AA/Aa1
Total Market Value 232,249,107 222,353,402
* Portfolio is S&P and Moody’s respectively.
As of March 31, 2024
27 City of San Leandro Consolidated
Sector Distribution
Agency
18.1%
Asset Backed
Security
7.7%
Cash
15.3%
Corporate
20.0%
LAIF
3.8%
Money Market
Fund
0.4%
Supranational
1.0%
US Treasury
33.8%
March 31, 2024 December 31, 2023
ABS
6.5%
Agency
19.6%
Cash
10.9%
Corporate
20.8%
LAIF
4.0%
Money Market
Fund
1.1%
Supranational
1.1%
US Treasury
36.2%
As of March 31, 2024
28 SECTION | Section 4 | Portfolio Holdings
29 HOLDINGS REPORT
City of San Leandro | Account #460 | As of March 31, 2024 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
36265MAC9 GMALT 2022-1 A3 1.9 03/20/2025 104,702.42 02/15/2022 104,701.52 99.76 104,447.83 0.06% Aaa/NA 0.97
1.91% 104,702.26 3.51% 60.79 (254.43) AAA 0.06
02582JJT8 AMXCA 2022-2 A 05/17/2027 1,105,000.00 05/17/2022 1,104,755.57 97.93 1,082,171.58 0.57% NA/AAA 1.12
3.42% 1,104,869.53 5.33% 1,664.87 (22,697.95) AAA 1.60
36266FAC3 GMALT 2022-2 A3 3.42 06/20/2025 296,355.52 05/03/2022 296,324.61 99.65 295,324.88 0.16% NA/AAA 1.22
3.45% 296,344.96 5.17% 309.69 (1,020.08) AAA 0.14
47788UAC6 JDOT 2021 A3 0.36 09/15/2025 50,652.53 03/02/2021 50,642.80 98.74 50,016.24 0.03% Aaa/NA 1.46
0.37% 50,649.97 5.84% 8.10 (633.73) AAA 0.23
05593AAC3 BMWLT 2023-1 A3 5.16 11/25/2025 205,000.00 02/07/2023 204,995.12 99.76 204,518.02 0.11% Aaa/AAA 1.65
5.43% 204,997.10 5.64% 176.30 (479.07) NA 0.58
43815GAC3 HAROT 2021-4 A3 0.88 01/21/2026 198,322.18 11/16/2021 198,280.37 97.56 193,489.01 0.10% Aaa/NA 1.81
0.89% 198,306.06 5.99% 48.48 (4,817.06) AAA 0.47
44935FAD6 HART 2021-C A3 0.74 05/15/2026 138,371.60 11/09/2021 138,340.72 97.77 135,284.74 0.07% NA/AAA 2.12
0.75% 138,359.28 6.00% 45.51 (3,074.54) AAA 0.41
43815BAC4 HAROT 2022-1 A3 1.88 05/15/2026 468,205.96 02/15/2022 468,135.54 97.68 457,324.76 0.24% Aaa/AAA 2.12
1.89% 468,173.75 6.04% 391.21 (10,848.99) NA 0.55
05602RAD3 BMWOT 2022-A A3 3.21 08/25/2026 794,255.24 01/04/2023 774,243.73 98.48 782,213.54 0.41% Aaa/AAA 2.40
4.72% 781,169.75 5.71% 424.93 1,043.78 NA 0.59
47787JAC2 JDOT 2022 A3 0.36 09/15/2026 312,457.37 03/10/2022 312,388.25 97.90 305,896.58 0.16% Aaa/NA 2.46
2.34% 312,422.28 5.74% 322.18 (6,525.70) AAA 0.62
89238FAD5 TAOT 2022-B A3 2.93 09/15/2026 351,157.05 04/07/2022 351,148.83 98.34 345,312.14 0.18% Aaa/AAA 2.46
3.09% 351,153.61 5.93% 457.28 (5,841.47) NA 0.60
362554AC1 GMCAR 2021-4 A3 0.68 09/16/2026 160,658.65 10/13/2021 160,654.55 97.10 156,005.17 0.08% Aaa/AAA 2.46
0.68% 160,657.37 6.58% 45.52 (4,652.20) NA 0.49
380146AC4 GMCAR 2022-1 A3 1.23 11/16/2026 164,789.36 01/11/2022 164,775.04 97.54 160,738.28 0.08% NA/AAA 2.63
1.27% 164,782.53 6.28% 86.51 (4,044.25) AAA 0.52
362585AC5 GMCAR 2022-2 A3 3.1 02/16/2027 318,579.14 04/05/2022 318,512.56 98.21 312,869.92 0.17% Aaa/AAA 2.88
3.13% 318,542.86 5.87% 411.50 (5,672.95) NA 0.66
47800AAC4 JDOT 2022-B A3 3.74 02/16/2027 565,000.00 07/12/2022 564,946.04 98.54 556,727.38 0.29% Aaa/NA 2.88
3.77% 564,967.34 5.73% 939.16 (8,239.96) AAA 0.84
30 HOLDINGS REPORT
City of San Leandro | Account #460 | As of March 31, 2024 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
448988AD7 HALST 24A A3 5.02 03/15/2027 685,000.00 01/17/2024
5.03%
684,870.19
684,877.89
99.52 5.57%
681,683.50
1,528.31
0.36%
(3,194.39)
NA/AAA
AAA
2.96 1.70
36269FAD8 GMALT 2024-1 A3 5.09 03/22/2027 650,000.00 02/08/2024
5.09%
649,918.75
649,922.05
99.93 5.49%
649,571.20
1,010.93
0.34%
(350.86)
NA/AAA
AAA
2.97 1.72
448979AD6 HART 2023-A A3 4.58 04/15/2027 760,000.00 04/04/2023
5.14%
759,925.82
759,943.81
99.10 5.65%
753,143.58
1,547.02
0.40%
(6,800.22)
NA/AAA
AAA
3.04 1.15
89238GAD3 TLOT 2024-A A3 5.25 04/20/2027 655,000.00 02/21/2024
5.25%
654,972.36
654,973.18
100.29
5.59%
656,879.46
1,050.73
0.35%
1,906.28
NA/AAA
AAA
3.05 1.86
43815JAC7 HAROT 2023-1 A3 5.04 04/21/2027 420,000.00 02/16/2023
5.09%
419,921.96
419,942.64
99.74 5.59%
418,913.21
588.00
0.22%
(1,029.43)
Aaa/NA
AAA
3.06 1.25
47800BAC2 JDOT 2022-C A3 5.09 06/15/2027 915,000.00 10/12/2022
5.15%
914,929.00
914,952.01
99.65 5.67%
911,772.98
2,069.93
0.48%
(3,179.03)
Aaa/NA
AAA
3.21 1.07
58770AAC7 MBART 2023-1 A3 4.51 11/15/2027 515,000.00 01/18/2023
4.56%
514,938.20
514,953.67
99.05 5.54%
510,094.57
1,032.29
0.27%
(4,859.10)
NA/AAA
AAA
3.63 1.21
47800CAC0 JDOT 2023 A3 5.01 11/15/2027 800,000.00 02/22/2023
3.39%
799,854.24
799,887.82
99.71 5.59%
797,656.56
1,781.33
0.42%
(2,231.26)
Aaa/NA
AAA
3.63 1.43
362583AD8 GMCAR 2023-2 A3 4.47 02/16/2028 570,000.00 04/04/2023
4.51%
569,984.33
569,987.47
98.91 5.50%
563,799.08
1,061.63
0.30%
(6,188.39)
Aaa/AAA
NA
3.88 1.49
05592XAD2 BMWOT 2023-A A3 5.47 02/25/2028 340,000.00 07/11/2023
5.47%
339,939.75
339,948.99
100.41
5.49%
341,394.65
309.97
0.18%
1,445.66
NA/AAA
AAA
3.91 1.55
02582JJZ4 AMXCA 2023-1 A 4.87 05/15/2028 625,000.00 06/07/2023
4.87%
624,944.56
624,953.57
99.79 5.37%
623,678.81
1,352.78
0.33%
(1,274.76)
NA/AAA
AAA
4.12 1.97
438123AC5 HAROT 2023-4 A3 5.67 06/21/2028 420,000.00 11/01/2023
5.74%
419,926.04
419,932.40
101.21
5.44%
425,082.55
661.50
0.22%
5,150.15
Aaa/NA
AAA
4.22 1.93
89239FAD4 TAOT 2023-D A3 5.54 08/15/2028 645,000.00 11/07/2023
6.30%
644,930.47
644,936.04
101.06
5.46%
651,854.87
1,588.13
0.34%
6,918.83
NA/AAA
AAA
4.38 2.04
161571HT4 CHAIT 2023-1 A 5.16 09/15/2028 2,025,000.00 09/07/2023
5.17%
2,024,438.67
2,024,499.81
100.51
5.33%
2,035,321.22
4,644.00
1.08%
10,821.41
NR/AAA
AAA
4.46 2.25
47800RAD5 JDOT 2024 A3 4.96 11/15/2028 360,000.00 03/11/2024
5.12%
359,979.84
359,979.99
99.98 5.41%
359,943.23
595.20
0.19%
(36.77)
Aaa/NA
AAA
4.63 2.28
36268GAD7 GMCAR 2024-1 A3 4.85 12/18/2028 290,000.00 01/09/2024
4.91%
289,941.68
289,944.11
99.72 5.40%
289,201.31
586.04
0.15%
(742.80)
Aaa/NA
AAA
4.72 2.17
31 HOLDINGS REPORT
City of San Leandro | Account #460 | As of March 31, 2024 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
161571HV9 CHAIT 241 A 4.6 01/16/2029 1,245,000.00 01/24/2024 1,244,810.39 99.44 1,237,996.00 0.65% NR/AAA 4.80
4.61% 1,244,816.77 4.86% 2,545.33 (6,820.77) AAA 2.71
448973AD9 HART 2024-A A3 4.99 02/15/2029 765,000.00 03/11/2024 764,831.32 99.99 764,952.95 0.40% NA/AAA 4.88
5.05% 764,832.45 5.38% 1,166.41 120.50 AAA 2.22
17,895,902.82 99.43 17,815,279.81 9.41% Aaa/AAA 3.38
Total ABS 17,918,507.02 4.45% 17,903,383.34 5.50% 30,511.56 (88,103.53) AAA 1.54 AGENCY
3130A1XJ2 FEDERAL HOME LOAN BANKS 2.875 2,000,000.00 09/11/2019 2,110,320.00 99.52 1,990,369.04 1.05% Aaa/AA+ 0.21 06/14/2024 1.70% 2,004,710.72 5.23% 17,090.28 (14,341.68) AA+ 0.20 3130A2UW4 FEDERAL HOME LOAN BANKS 2.875 1,200,000.00 11/14/2019 1,264,920.00 98.93 1,187,139.46 0.63% Aaa/AA+ 0.45 09/13/2024 1.73% 1,206,072.45 5.31% 1,725.00 (18,932.99) AA+ 0.44 3135G0W66 FEDERAL NATIONAL MORTGAGE 2,000,000.00 10/17/2019 1,998,140.00 98.11 1,962,132.62 1.04% Aaa/AA+ 0.54 ASSOCIATION 1.625 10/15/2024 1.64% 1,999,798.78 5.23% 14,986.11 (37,666.16) AA+ 0.52 3130A3GE8 FEDERAL HOME LOAN BANKS 2.75 1,500,000.00 12/10/2019 1,571,250.00 98.32 1,474,841.76 0.78% Aaa/AA+ 0.70 12/13/2024 1.78% 1,509,983.58 5.21% 12,375.00 (35,141.82) AA+ 0.68 3135G0X24 FEDERAL NATIONAL MORTGAGE 2,100,000.00 -- 2,111,993.00 97.36 2,044,567.37 1.08% Aaa/AA+ 0.77 ASSOCIATION 1.625 01/07/2025 1.51% 2,101,870.31 5.18% 7,962.50 (57,302.94) AA+ 0.74 3137EAEP0 FEDERAL HOME LOAN MORTGAGE CORP 1.5 2,000,000.00 03/24/2020 2,051,940.00 96.91 1,938,215.38 1.02% Aaa/AA+ 0.87 02/12/2025 0.96% 2,009,224.08 5.20% 4,083.33 (71,008.70) AA+ 0.84 3130AWLY4 FEDERAL HOME LOAN BANKS 5.125 3,000,000.00 07/18/2023 3,014,549.58 100.17 3,005,137.26 1.59% Aaa/AA+ 1.20 06/13/2025 4.86% 3,009,169.38 4.97% 46,125.00 (4,032.12) AA+ 1.13 3135G05X7 FEDERAL NATIONAL MORTGAGE 1,000,000.00 10/20/2020 995,420.00 93.93 939,330.00 0.50% Aaa/AA+ 1.40 ASSOCIATION 0.375 08/25/2025 0.47% 998,677.00 4.91% 375.00 (59,347.00) AA+ 1.36 3130AWS92 FEDERAL HOME LOAN BANKS 4.875 3,000,000.00 10/18/2023 2,976,720.00 100.05 3,001,526.04 1.59% Aaa/AA+ 1.45 09/12/2025 5.30% 2,982,254.87 4.84% 7,718.75 19,271.17 AA+ 1.38 3137EAEX3 FEDERAL HOME LOAN MORTGAGE CORP 2,200,000.00 09/28/2020 2,195,512.00 93.67 2,060,737.38 1.09% Aaa/AA+ 1.48
0.375 09/23/2025 0.42% 2,198,668.39 4.87% 183.33 (137,931.01) AA+ 1.44 3130AWGR5 FEDERAL HOME LOAN BANKS 4.375 3,000,000.00 07/10/2023 2,976,060.00 99.52 2,985,744.21 1.58% Aaa/AA+ 2.20 06/12/2026 4.67% 2,982,005.74 4.60% 39,739.58 3,738.47 AA+ 2.05 3133EPQC2 FEDERAL FARM CREDIT BANKS FUNDING 3,000,000.00 07/21/2023 3,005,010.00 99.84 2,995,252.44 1.58% Aaa/AA+ 2.30 CORP 4.625 07/17/2026 4.56% 3,003,850.66 4.70% 28,520.83 (8,598.22) AA+ 2.13 32 HOLDINGS REPORT
City of San Leandro | Account #460 | As of March 31, 2024 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
3133EPSW6 FEDERAL FARM CREDIT BANKS FUNDING 3,500,000.00 -- 3,481,589.75 99.94 3,497,797.45 1.85% Aaa/AA+ 2.37 CORP 4.5 08/14/2026 4.70% 3,484,861.74 4.53% 20,562.50 12,935.71 AA+ 2.21 3130AWTQ3 FEDERAL HOME LOAN BANKS 4.625 3,000,000.00 09/11/2023 2,984,760.00 100.16 3,004,922.76 1.59% Aaa/AA+ 2.45 09/11/2026 4.80% 2,987,571.40 4.55% 7,708.33 17,351.36 AA+ 2.28 3130AXU63 FEDERAL HOME LOAN BANKS 4.625 2,790,000.00 11/16/2023 2,785,061.70 100.26 2,797,174.93 1.48% Aaa/AA+ 2.63 11/17/2026 4.69% 2,785,674.48 4.52% 48,030.63 11,500.45 AA+ 2.41 3130AYPN0 FEDERAL HOME LOAN BANKS 4.125 3,000,000.00 01/30/2024 2,995,650.00 99.17 2,975,200.92 1.57% Aaa/AA+ 2.79 01/15/2027 4.18% 2,995,895.69 4.44% 21,312.50 (20,694.77) AA+ 2.59 3130ATS57 FEDERAL HOME LOAN BANKS 4.5 03/10/2028 2,000,000.00 03/21/2023 2,045,140.00 100.43 2,008,554.16 1.06% Aaa/AA+ 3.94
3.99% 2,035,788.68 4.38% 5,250.00 (27,234.52) AA+ 3.57
3130AWMN7 FEDERAL HOME LOAN BANKS 4.375 2,000,000.00 07/26/2023 2,008,820.00 100.07 2,001,426.64 1.06% Aaa/AA+ 4.19 06/09/2028 4.27% 2,007,585.50 4.35% 27,222.22 (6,158.86) AA+ 3.74 42,572,856.03 99.04 41,870,069.82 22.13% Aaa/AA+ 1.90
Total Agency 42,290,000.00 3.55% 42,303,663.46 4.78% 310,970.90 (433,593.64) AA+ 1.77 CASH
CCYUSD Receivable 2,204,759.15 -- 2,204,759.15 1.00 2,204,759.15 1.17% Aaa/AAA 0.00
0.00% 2,204,759.15 0.00% 0.00 0.00 AAA 0.00
2,204,759.15 1.00 2,204,759.15 1.17% Aaa/AAA 0.00
Total Cash 2,204,759.15 0.00% 2,204,759.15 0.00% 0.00 0.00 AAA 0.00
CORPORATE
46625HJX9 JPMORGAN CHASE & CO 3.625 05/13/2024 500,000.00 06/14/2022 500,080.00 99.79 498,927.82 0.26% A1/A- 0.12
3.61% 500,004.82 5.40% 6,947.92 (1,077.00) AA- 0.12
00440EAR8 CHUBB INA HOLDINGS INC 3.35 05/15/2024 1,000,000.00 04/28/2021 1,084,780.00 99.69 996,880.86 0.53% A3/A 0.12
0.56% 1,003,357.62 5.85% 12,655.56 (6,476.76) A 0.12
89236TJH9 TOYOTA MOTOR CREDIT CORP 0.5 500,000.00 06/14/2022 470,025.00 98.91 494,536.03 0.26% A1/A+ 0.22 06/18/2024 3.58% 496,810.30 5.66% 715.28 (2,274.27) A+ 0.21 91159HHX1 US BANCORP 2.4 07/30/2024 1,000,000.00 06/14/2022 973,200.00 98.94 989,424.53 0.52% A3/A 0.33
3.71% 995,850.32 5.61% 4,066.67 (6,425.79) A 0.33
33 HOLDINGS REPORT
City of San Leandro | Account #460 | As of March 31, 2024 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
63743HEY4 NATIONAL RURAL UTILITIES COOPERATIVE
FINANCE CORP 1.0 10/18/2024
1,000,000.00 06/14/2022
3.85%
935,890.00
985,003.51
97.53 5.64%
975,310.71
4,527.78
0.52%
(9,692.80)
A2/AA0.55
0.53 89236TJT3 TOYOTA MOTOR CREDIT CORP 1.45
01/13/2025
1,400,000.00 01/28/2022
1.73%
1,388,856.00
1,397,033.09
97.05 5.34%
1,358,730.67
4,398.33
0.72%
(38,302.42)
A1/A+
A+
0.79 0.76
69371RQ66 PACCAR FINANCIAL CORP 1.8 02/06/2025 1,700,000.00 04/20/2022
3.08%
1,641,588.00
1,682,207.51
97.11 5.33%
1,650,854.63
4,675.00
0.87%
(31,352.88)
A1/A+
NA
0.85 0.82
023135CE4 AMAZON.COM INC 3.0 04/13/2025 1,700,000.00 04/20/2022
2.94%
1,702,822.00
1,700,978.74
97.92 5.09%
1,664,604.03
23,800.00
0.88%
(36,374.71)
A1/AA
AA1.040.99
713448CT3 PEPSICO INC 2.75 04/30/2025 2,000,000.00 12/21/2022
4.50%
1,922,140.00
1,964,287.73
97.51 5.14%
1,950,125.96
23,069.44
1.03%
(14,161.77)
A1/A+
WR
1.08 1.04
037833DT4 APPLE INC 1.125 05/11/2025 1,300,000.00 --
2.14%
1,264,519.00
1,285,846.17
95.75 5.11%
1,244,732.42
5,687.50
0.66%
(41,113.75)
Aaa/AA+
NA
1.11 1.08
14913R2V8 CATERPILLAR FINANCIAL SERVICES CORP 3.4
05/13/2025
585,000.00 05/10/2022
3.44%
584,257.05
584,724.11
98.08 5.19%
573,761.06
7,624.50
0.30%
(10,963.05)
A2/A
A+
1.12 1.06
78015K7H1 ROYAL BANK OF CANADA 1.15 06/10/2025 1,800,000.00 --
1.66%
1,775,582.00
1,789,705.07
95.39 5.19%
1,716,992.95
6,382.50
0.91%
(72,712.13)
A1/A
AA1.191.15
63743HFE7 NATIONAL RURAL UTILITIES COOPERATIVE
FINANCE CORP 3.45 06/15/2025
375,000.00 04/27/2022
3.46%
374,898.75
374,960.85
97.87 5.29%
367,019.61
3,809.38
0.19%
(7,941.25)
A2/AA1.21
1.15 14913R2Z9 CATERPILLAR FINANCIAL SERVICES CORP 3.65 08/12/2025
1,000,000.00 08/18/2022
3.64%
1,000,270.00
1,000,123.81
98.01 5.18%
980,065.21
4,968.06
0.52%
(20,058.60)
A2/A
A+
1.37 1.30
931142EW9 WALMART INC 3.9 09/09/2025 1,000,000.00 09/08/2022
3.80%
1,002,740.00
1,001,318.61
98.56 4.94%
985,638.26
2,383.33
0.52%
(15,680.35)
Aa2/AA
AA
1.44 1.38
92826CAD4 VISA INC 3.15 12/14/2025 2,000,000.00 12/21/2022
4.35%
1,933,300.00
1,961,833.12
97.25 4.85%
1,944,908.36
18,725.00
1.03%
(16,924.76)
Aa3/AANA1.71
1.62 24422EWP0 JOHN DEERE CAPITAL CORP 4.8 01/09/2026 1,000,000.00 01/04/2023
4.75%
1,001,220.00
1,000,721.32
99.71 4.97%
997,089.59
10,933.33
0.53%
(3,631.73)
A1/A
A+
1.78 1.66
037833BY5 APPLE INC 3.25 02/23/2026 1,000,000.00 05/09/2023
4.05%
979,180.00
985,840.77
97.20 4.81%
971,993.93
3,430.56
0.51%
(13,846.84)
Aaa/AA+
NA
1.90 1.80
46647PBH8 JPMORGAN CHASE & CO 2.005 03/13/2026 950,000.00 04/07/2021
1.20%
979,811.00
957,192.89
96.68 5.65%
918,426.69
952.38
0.49%
(38,766.20)
A1/AAA1.95
0.92 808513BR5 CHARLES SCHWAB CORP 1.15 05/13/2026 500,000.00 05/17/2021
1.17%
499,515.00
499,794.28
92.19 5.09%
460,946.19
2,204.17
0.24%
(38,848.09)
A2/AA2.12
2.03 34
HOLDINGS REPORT
City of San Leandro | Account #460 | As of March 31, 2024 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
91324PEC2 UNITEDHEALTH GROUP INC 1.15 05/15/2026 1,700,000.00 --
2.24%
1,627,818.00
1,662,833.90
92.49 4.92%
1,572,413.03
7,385.56
0.83%
(90,420.87)
A2/A+
A
2.12 2.04
89114TZD7 TORONTO-DOMINION BANK 1.2 06/03/2026 500,000.00 04/21/2022
3.58%
454,290.00
475,834.65
91.97 5.15%
459,864.04
1,966.67
0.24%
(15,970.61)
A1/A
AA2.182.09
61747YET8 MORGAN STANLEY 4.679 07/17/2026 685,000.00 07/18/2022
4.68%
685,000.00
685,000.00
98.92 5.55%
677,619.28
6,588.29
0.36%
(7,380.72)
A1/AA+2.30
1.23 438516BL9 HONEYWELL INTERNATIONAL INC 2.5
11/01/2026
1,000,000.00 12/15/2022
4.30%
936,170.00
957,356.32
94.49 4.79%
944,882.66
10,416.67
0.50%
(12,473.66)
A2/A
A
2.59 2.43
06051GLE7 BANK OF AMERICA CORP 5.08 01/20/2027 2,000,000.00 01/26/2023
4.98%
2,005,260.00
2,003,191.84
99.50 5.37%
1,989,928.96
20,037.78
1.05%
(13,262.88)
A1/AAA2.81
1.68 20030NBY6 COMCAST CORP 3.3 02/01/2027 2,300,000.00 09/11/2023
5.27%
2,161,172.00
2,183,730.15
95.95 4.85%
2,206,794.43
12,650.00
1.17%
23,064.28
A3/AA2.84
2.65 17275RBQ4 CISCO SYSTEMS INC 4.8 02/26/2027 1,020,000.00 02/21/2024
4.85%
1,018,674.00
1,018,716.34
100.16
4.74%
1,021,640.69
4,760.00
0.54%
2,924.35
A1/AANA2.91
2.60 665859AW4 NORTHERN TRUST CORP 4.0 05/10/2027 1,000,000.00 09/08/2022
4.09%
996,170.00
997,446.67
97.42 4.90%
974,238.40
15,666.67
0.51%
(23,208.27)
A2/A+
A+
3.11 2.84
89115A2C5 TORONTO-DOMINION BANK 4.108
06/08/2027
2,000,000.00 03/19/2024
5.00%
1,947,340.00
1,947,833.41
97.34 5.00%
1,946,813.46
25,789.11
1.03%
(1,019.95)
A1/A
NA
3.19 2.91
74340XBV2 PROLOGIS LP 3.375 12/15/2027 2,000,000.00 10/18/2023
5.81%
1,822,200.00
1,841,421.62
94.90 4.90%
1,898,004.38
19,875.00
1.00%
56,582.76
A3/A
NA
3.71 3.39
06368LGV2 BANK OF MONTREAL 5.203 02/01/2028 2,500,000.00 --
5.34%
2,486,190.00
2,488,833.72
100.74
4.98%
2,518,517.20
21,679.17
1.33%
29,683.48
A2/AAA3.84
3.34 91324PEP3 UNITEDHEALTH GROUP INC 5.25 02/15/2028 1,000,000.00 07/18/2023
4.52%
1,029,460.00
1,024,861.37
101.83
4.72%
1,018,331.17
6,708.33
0.54%
(6,530.20)
A2/A+
A
3.88 3.39
438516CJ3 HONEYWELL INTERNATIONAL INC 4.95
02/15/2028
1,000,000.00 02/23/2023
4.65%
1,013,070.00
1,010,145.19
101.13
4.62%
1,011,319.23
6,325.00
0.53%
1,174.04
A2/A
A
3.88 3.40
61747YER2 MORGAN STANLEY 4.21 04/20/2028 1,500,000.00 07/06/2023
5.73%
1,423,620.00
1,438,342.52
97.17 5.22%
1,457,597.18
28,242.08
0.77%
19,254.65
A1/AA+4.05
2.77 46647PAF3 JPMORGAN CHASE & CO 3.54 05/01/2028 1,000,000.00 07/18/2023
5.35%
938,600.00
949,981.90
95.53 5.12%
955,312.89
14,750.00
0.50%
5,330.99
A1/AAA4.08
2.83 58933YBH7 MERCK & CO INC 4.05 05/17/2028 1,500,000.00 --
4.07%
1,498,356.40
1,498,644.28
98.30 4.50%
1,474,519.02
22,612.50
0.78%
(24,125.26)
A1/A+
NA
4.13 3.70
35 HOLDINGS REPORT
City of San Leandro | Account #460 | As of March 31, 2024 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
06406RBG1 BANK OF NEW YORK MELLON CORP 3.992
06/13/2028
1,500,000.00 07/06/2023
5.21%
1,421,775.00
1,433,334.92
97.02 5.01%
1,455,274.59
17,964.00
0.77%
21,939.67
A1/A
AA4.202.92
06051GKW8 BANK OF AMERICA CORP 4.948 07/22/2028 750,000.00 09/06/2023
5.78%
728,677.50
731,786.09
99.24 5.20%
744,277.17
7,112.75
0.39%
12,491.08
A1/AAA4.31
2.99 Total Corporate 47,265,000.00 4.02%
46,208,516.70
46,516,889.52
97.51 5.09%
46,068,317.28
402,486.24
24.34%
(448,572.24)
A1/A
A+
2.32 1.96
MONEY MARKET
FUND
60934N104 FEDERATED HRMS GV O INST 831,544.73 --
5.17%
831,544.73
831,544.73
1.00 5.17%
831,544.73
0.00 0.44%
0.00 Aaa/
AAAm
AA
0.00 0.00
Total Money Market
Fund 831,544.73 5.17%
831,544.73
831,544.73
1.00 5.17%
831,544.73
0.00 0.44%
0.00 Aaa/
AAAm
AA
0.00 0.00
SUPRANATIONAL
45950KDF4 INTERNATIONAL FINANCE CORP 4.375
01/15/2027
1,415,000.00 11/29/2023
4.49%
1,410,387.10
1,410,862.20
99.59 4.53%
1,409,221.64
13,069.10
0.74%
(1,640.56)
Aaa/AAA
NA
2.79 2.58
45950KDD9 INTERNATIONAL FINANCE CORP 4.5
07/13/2028
935,000.00 07/06/2023
4.53%
933,962.15
934,111.55
100.54
4.36%
940,036.39
9,116.25
0.50%
5,924.84
Aaa/AAA
NA
4.28 3.82
Total Supranational 2,350,000.00 4.50%
2,344,349.25
2,344,973.75
99.97 4.46%
2,349,258.02
22,185.35
1.24%
4,284.28
Aaa/AAA
NA
3.39 3.08
US TREASURY
912797JM0 UNITED STATES TREASURY 04/09/2024 2,000,000.00 02/20/2024
5.39%
1,985,950.67
1,997,658.45
99.88 5.36%
1,997,670.44
0.00 1.06%
12.00 P-1/A-1+
F1+
0.02 0.02
91282CBV2 UNITED STATES TREASURY 0.375 04/15/2024 1,800,000.00 06/24/2021
0.42%
1,797,890.63
1,799,971.19
99.81 5.02%
1,796,570.89
3,116.80
0.95%
(3,400.30)
Aaa/AA+
AA+
0.04 0.04
912797FH5 UNITED STATES TREASURY 05/16/2024 2,000,000.00 11/15/2023
5.44%
1,947,295.83
1,986,968.75
99.35 5.41%
1,986,927.82
0.00 1.05%
(40.93)
P-1/A-1+
F1+
0.13 0.11
36 HOLDINGS REPORT
City of San Leandro | Account #460 | As of March 31, 2024 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
912828XT2 UNITED STATES TREASURY 2.0 05/31/2024 2,000,000.00 03/03/2021
0.35%
2,106,640.63
2,005,404.09
99.46 5.23%
1,989,204.00
13,442.62
1.05%
(16,200.09)
Aaa/AA+
AA+
0.17 0.17
912797KE6 UNITED STATES TREASURY 06/11/2024 3,000,000.00 02/28/2024
5.40%
2,955,087.71
2,969,041.04
98.98 5.37%
2,969,270.31
0.00 1.57%
229.27
P-1/A-1+
F1+
0.20 0.16
91282CCL3 UNITED STATES TREASURY 0.375 07/15/2024 3,000,000.00 --
1.77%
2,908,496.10
2,988,286.76
98.58 5.31%
2,957,548.83
2,379.81
1.56%
(30,737.93)
Aaa/AA+
AA+
0.29 0.29
912797KP1 UNITED STATES TREASURY 07/16/2024 3,000,000.00 03/26/2024
5.36%
2,951,886.13
2,954,053.42
98.47 5.40%
2,954,000.43
0.00 1.56%
(52.99)
P-1/A-1+
F1+
0.29 0.21
91282CCT6 UNITED STATES TREASURY 0.375 08/15/2024 1,000,000.00 08/11/2021
0.45%
997,890.63
999,738.01
98.18 5.31%
981,777.34
473.90
0.52%
(17,960.67)
Aaa/AA+
AA+
0.38 0.37
91282CDH1 UNITED STATES TREASURY 0.75 11/15/2024 2,500,000.00 12/13/2021
0.93%
2,487,304.69
2,497,287.23
97.29 5.23%
2,432,153.33
7,108.52
1.29%
(65,133.90)
Aaa/AA+
AA+
0.63 0.61
912828YV6 UNITED STATES TREASURY 1.5 11/30/2024 2,000,000.00 09/16/2021
0.49%
2,064,218.75
2,013,337.74
97.58 5.24%
1,951,621.10
10,081.97
1.03%
(61,716.64)
Aaa/AA+
AA+
0.67 0.65
912828Z52 UNITED STATES TREASURY 1.375 01/31/2025 3,000,000.00 04/21/2022
2.83%
2,883,281.25
2,964,926.88
96.97 5.13%
2,909,062.50
6,912.77
1.54%
(55,864.38)
Aaa/AA+
AA+
0.84 0.81
912828ZF0 UNITED STATES TREASURY 0.5 03/31/2025 2,500,000.00 12/13/2021
1.01%
2,458,789.06
2,487,530.52
95.64 5.03%
2,390,903.93
34.15 1.26%
(96,626.60)
Aaa/AA+
AA+
1.00 0.97
912828ZT0 UNITED STATES TREASURY 0.25 05/31/2025 1,100,000.00 04/01/2021
0.69%
1,080,105.47
1,094,426.39
94.71 4.97%
1,041,820.32
924.18
0.55%
(52,606.07)
Aaa/AA+
AA+
1.17 1.14
91282CHL8 UNITED STATES TREASURY 4.625 06/30/2025 1,750,000.00 07/28/2023
4.95%
1,739,609.38
1,743,246.10
99.64 4.92%
1,743,642.58
20,456.73
0.92%
396.49
Aaa/AA+
AA+
1.25 1.19
912828Y79 UNITED STATES TREASURY 2.875 07/31/2025 3,000,000.00 06/14/2022
3.44%
2,949,257.81
2,978,405.69
97.43 4.88%
2,922,890.64
14,453.98
1.54%
(55,515.05)
Aaa/AA+
AA+
1.33 1.28
9128284Z0 UNITED STATES TREASURY 2.75 08/31/2025 2,000,000.00 06/21/2021
0.74%
2,166,562.50
2,056,246.12
97.14 4.87%
1,942,734.38
4,782.61
1.03%
(113,511.74)
Aaa/AA+
AA+
1.42 1.36
9128285J5 UNITED STATES TREASURY 3.0 10/31/2025 3,000,000.00 06/14/2022
3.48%
2,954,296.88
2,978,592.87
97.29 4.80%
2,918,554.68
37,829.67
1.54%
(60,038.19)
Aaa/AA+
AA+
1.59 1.50
91282CAZ4 UNITED STATES TREASURY 0.375 11/30/2025 2,000,000.00 09/16/2021
0.72%
1,971,640.63
1,988,767.10
93.04 4.77%
1,860,703.12
2,520.49
0.98%
(128,063.98)
Aaa/AA+
AA+
1.67 1.62
91282CJV4 UNITED STATES TREASURY 4.25 01/31/2026 3,000,000.00 01/30/2024
4.36%
2,993,671.88
2,994,199.95
99.21 4.70%
2,976,328.14
21,366.76
1.57%
(17,871.81)
Aaa/AA+
AA+
1.84 1.73
37 HOLDINGS REPORT
City of San Leandro | Account #460 | As of March 31, 2024 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
91282CBT7 UNITED STATES TREASURY 0.75 03/31/2026 1,700,000.00 10/14/2021 1,682,667.97 92.66 1,575,156.25 0.83% Aaa/AA+ 2.00
0.98% 1,692,238.91 4.64% 34.84 (117,082.66) AA+ 1.94
9128286L9 UNITED STATES TREASURY 2.25 03/31/2026 2,000,000.00 12/21/2022 1,898,125.00 95.50 1,909,921.88 1.01% Aaa/AA+ 2.00
3.92% 1,937,851.99 4.63% 122.95 (27,930.11) AA+ 1.92
912828R36 UNITED STATES TREASURY 1.625 05/15/2026 3,000,000.00 12/21/2022 2,780,742.19 93.99 2,819,648.43 1.49% Aaa/AA+ 2.12
3.94% 2,863,140.69 4.63% 18,482.14 (43,492.26) AA+ 2.03 91282CHM6 UNITED STATES TREASURY 4.5 07/15/2026 1,750,000.00 07/28/2023 1,748,359.38 99.85 1,747,402.34 0.92% Aaa/AA+ 2.29
4.53% 1,748,731.56 4.57% 16,658.65 (1,329.22) AA+ 2.13
9128282A7 UNITED STATES TREASURY 1.5 08/15/2026 3,000,000.00 12/21/2022 2,756,367.19 93.20 2,795,859.36 1.48% Aaa/AA+ 2.38
3.90% 2,841,602.09 4.55% 5,686.81 (45,742.73) AA+ 2.29
912828U24 UNITED STATES TREASURY 2.0 11/15/2026 2,000,000.00 03/30/2022 1,953,203.13 93.88 1,877,500.00 0.99% Aaa/AA+ 2.63
2.53% 1,973,472.54 4.50% 15,164.84 (95,972.54) AA+ 2.49 91282CJP7 UNITED STATES TREASURY 4.375 12/15/2026 3,500,000.00 12/21/2023 3,531,171.88 99.75 3,491,386.71 1.85% Aaa/AA+ 2.71
4.05% 3,528,280.82 4.47% 45,184.43 (36,894.11) AA+ 2.50 91282CJT9 UNITED STATES TREASURY 4.0 01/15/2027 2,750,000.00 02/28/2024 2,715,410.16 98.80 2,717,128.92 1.44% Aaa/AA+ 2.79
4.47% 2,716,463.32 4.46% 23,269.23 665.60 AA+ 2.59
91282CEF4 UNITED STATES TREASURY 2.5 03/31/2027 3,000,000.00 08/18/2022 2,928,164.06 94.68 2,840,390.64 1.50% Aaa/AA+ 3.00
3.06% 2,953,359.93 4.41% 204.92 (112,969.29) AA+ 2.84
912828X88 UNITED STATES TREASURY 2.375 05/15/2027 3,000,000.00 12/15/2022 2,838,164.06 94.10 2,823,046.86 1.49% Aaa/AA+ 3.12
3.71% 2,885,579.68 4.42% 27,012.36 (62,532.82) AA+ 2.93 91282CFM8 UNITED STATES TREASURY 4.125 09/30/2027 2,000,000.00 12/15/2022 2,041,562.50 99.22 1,984,453.12 1.05% Aaa/AA+ 3.50
3.65% 2,030,346.09 4.37% 225.41 (45,892.97) AA+ 3.22
91282CFZ9 UNITED STATES TREASURY 3.875 11/30/2027 3,000,000.00 -- 2,998,007.82 98.38 2,951,484.36 1.56% Aaa/AA+ 3.67
3.90% 2,997,378.70 4.36% 39,067.62 (45,894.34) AA+ 3.34 91282CGH8 UNITED STATES TREASURY 3.5 01/31/2028 3,000,000.00 02/23/2023 2,914,101.56 97.07 2,912,226.57 1.54% Aaa/AA+ 3.84
4.15% 2,933,264.25 4.34% 17,596.15 (21,037.68) AA+ 3.52 91282CGT2 UNITED STATES TREASURY 3.625 03/31/2028 3,000,000.00 -- 2,993,593.75 97.48 2,924,531.25 1.55% Aaa/AA+ 4.00
3.68% 2,994,487.81 4.32% 297.13 (69,956.56) AA+ 3.68
79,179,517.28 97.24 78,093,521.46 41.27% Aaa/AA+ 1.77
Total US Treasury 80,350,000.00 3.21% 79,594,286.67 4.81% 354,892.46 (1,500,765.21) AA+ 1.65 38 HOLDINGS REPORT
City of San Leandro | Account #460 | As of March 31, 2024 Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody's/
S&P
Fitch
Maturity
Duration
Total Portfolio 193,209,810.90 3.59%
191,237,445.96
191,699,500.61
96.40 4.88%
189,232,750.26
1,121,046.51
100.00%
(2,466,750.35)
Aa2/AAAA2.07
1.74 Total Market Value +
Accrued 190,353,796.77
39 HOLDINGS REPORT
City of San LeandroReporting | Account #461 | As of March 31, 2024 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 60,555.10 --
0.00%
60,555.10
60,555.10
1.00 0.00%
60,555.10
0.00 0.14%
0.00 Aaa/AAA
AAA
0.00 0.00
90WELL$00 Wells Fargo Checking Account 33,020,153.86 --
0.00%
33,020,153.86
33,020,153.86
1.00 0.00%
33,020,153.86
0.00 78.82%
0.00 NA/NA
NA
0.00 0.00
Total Cash 33,080,708.96 0.00%
33,080,708.96
33,080,708.96
1.00 0.00%
33,080,708.96
0.00 78.96%
0.00 Aaa/AAA
AAA
0.00 0.00
LAIF
90LAIF$00 State Pool 8,814,601.19 --
4.27%
8,814,601.19
8,814,601.19
1.00 4.27%
8,814,601.19
0.00 21.04%
0.00 NA/NA
NA
0.00 0.00
Total LAIF 8,814,601.19 4.27%
8,814,601.19
8,814,601.19
1.00 4.27%
8,814,601.19
0.00 21.04%
0.00 NA/NA
NA
0.00 0.00
Total Portfolio 41,895,310.15 0.90%
41,895,310.15
41,895,310.15
1.00 0.90%
41,895,310.15
0.00 100.00%
0.00 Aaa/AAA
AAA
0.00 0.00
Total Market
Value + Accrued 41,895,310.15
40 SECTION | Section 5 | Transactions
41 Transaction Ledger
City of San Leandro - Account #460
Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/DispYield Amount Interest Pur/Sold Total Amount Gain/Loss
ACQUISITIONS
Purchase 01/17/2024 36268GAD7 290,000.00 GM Financial Securitized Term 2024-1 A3
4.85% Due: 12/18/2028
99.980 4.91% 289,941.68 0.00 289,941.68 0.00
Purchase 01/24/2024 448988AD7 685,000.00 Hyundai Auto Lease Securitizat 2024-A A3
5.02% Due: 03/15/2027
99.981 5.08% 684,870.19 0.00 684,870.19 0.00
Purchase 01/31/2024 161571HV9 1,245,000.00 Chase Issuance Trust 2024-A1 A
4.6% Due: 01/16/2029
99.985 4.66% 1,244,810.39 0.00 1,244,810.39 0.00
Purchase 01/31/2024 3130AYPN0 3,000,000.00 FHLB Note
4.125% Due: 01/15/2027
99.855 4.18% 2,995,650.00 687.50 2,996,337.50 0.00
Purchase 01/31/2024 91282CJV4 3,000,000.00 US Treasury Note
4.25% Due: 01/31/2026
99.789 4.36% 2,993,671.88 0.00 2,993,671.88 0.00
Subtotal 8,220,000.00 8,208,944.14 687.50 8,209,631.64 0.00 TOTAL ACQUISITIONS 8,220,000.00 8,208,944.14 687.50 8,209,631.64 0.00
DISPOSITIONS
Maturity 01/10/2024 24422EUR8 300,000.00 John Deere Capital Corp Note
3.45% Due: 01/10/2024
100.000 300,000.00 0.00 300,000.00 0.00
Maturity 01/15/2024 91282CBE0 3,000,000.00 US Treasury Note
0.125% Due: 01/15/2024
100.000 3,000,000.00 0.00 3,000,000.00 0.00
Maturity 01/17/2024 24422EVN6 1,000,000.00 John Deere Capital Corp Note
0.45% Due: 01/17/2024
100.000 1,000,000.00 0.00 1,000,000.00 0.00
Maturity 01/18/2024 912797GD3 2,000,000.00 US Treasury Bill
5.243% Due: 01/18/2024
100.000 2,000,000.00 0.00 2,000,000.00 0.00
Maturity 01/19/2024 3133EMNG3 2,000,000.00 FFCB Note
0.23% Due: 01/19/2024
100.000 2,000,000.00 0.00 2,000,000.00 0.00
Subtotal 8,300,000.00 8,300,000.00 0.00 8,300,000.00 0.00 TOTAL DISPOSITIONS 8,300,000.00 8,300,000.00 0.00 8,300,000.00 0.00 As of January 31, 2024
42 TRANSACTION LEDGER
City of San Leandro | Account #460 | As of March 31, 2024 Transaction Type Settlement
Date CUSIP Quantity Security Description Price Acq/DispYield Amount InterestPur/Sold Total Amount Gain/Loss
ACQUISITIONS
Purchase 02/15/2024 36269FAD8 650,000.00 GMALT 2024-1 A3 5.09 03/22/2027
99.988 5.15% 649,918.75 0.00 (649,918.75) 0.00
Purchase 02/21/2024 912797JM0 2,000,000.00 UNITED STATES TREASURY04/09/2024
99.298 5.39% 1,985,950.67 0.00 (1,985,950.67) 0.00
Purchase 02/22/2024 06368LGV2 1,000,000.00 BANK OF MONTREAL 5.203 02/01/2028
100.869 4.95% 1,008,690.00 (3,035.08) (1,011,725.08) 0.00 Purchase 02/26/2024 17275RBQ4 1,020,000.00 CISCO SYSTEMS INC 4.8 02/26/2027
99.870 4.85% 1,018,674.00 0.00 (1,018,674.00) 0.00
Purchase 02/27/2024 89238GAD3 655,000.00 TLOT 2024-A A3 5.25 04/20/2027
99.996 654,972.36 0.00 (654,972.36) 0.00
Purchase 02/29/2024 912797KE6 3,000,000.00 UNITED STATES TREASURY06/11/2024
98.503 5.40% 2,955,087.71 0.00 (2,955,087.71) 0.00
Purchase 02/29/2024 91282CJT9 2,750,000.00 UNITED STATES TREASURY 4.0 01/15/2027
98.742 4.47% 2,715,410.16 (13,598.90) (2,729,009.06) 0.00 Purchase 03/19/2024 47800RAD5 360,000.00 JDOT 2024 A3 4.96 11/15/2028 99.994 5.01% 359,979.84 0.00 (359,979.84) 0.00 Purchase 03/20/2024 448973AD9 765,000.00 HART 2024-A A3 4.99 02/15/2029
99.978 5.05% 764,831.32 0.00 (764,831.32) 0.00
Purchase 03/21/2024 89115A2C5 2,000,000.00 TORONTO-DOMINION BANK
4.108 06/08/2027
97.367 5.00% 1,947,340.00 (23,506.89) (1,970,846.89) 0.00 Purchase 03/27/2024 912797KP1 3,000,000.00 UNITED STATES TREASURY07/16/2024
98.396 5.36% 2,951,886.13 0.00 (2,951,886.13) 0.00
Total Purchase 17,200,000.00 17,012,740.94 (40,140.87) (17,052,881.81) 0.00 TOTAL
ACQUISITIONS 17,200,000.00 17,012,740.94 (40,140.87) (17,052,881.81) 0.00 OTHER
TRANSACTIONS
Coupon 02/01/2024 06368LGV2 0.00 BANK OF MONTREAL 5.203 02/01/2028
39,022.50 0.00 39,022.50 0.00
43 TRANSACTION LEDGER
City of San Leandro | Account #460 | As of March 31, 2024 Transaction Type Settlement
Date CUSIP Quantity Security Description Price Acq/DispYield Amount InterestPur/Sold Total Amount Gain/Loss Coupon 02/01/2024 20030NBY6 0.00 COMCAST CORP 3.3
02/01/2027
37,950.00 0.00 37,950.00 0.00
Coupon 02/05/2024 3135G0V34 0.00 FEDERAL NATIONAL
MORTGAGE ASSOCIATION 2.5
02/05/2024
25,000.00 0.00 25,000.00 0.00
Coupon 02/06/2024 69371RQ66 0.00 PACCAR FINANCIAL CORP 1.8 02/06/2025
15,300.00 0.00 15,300.00 0.00
Coupon 02/12/2024 14913R2Z9 0.00 CATERPILLAR FINANCIAL
SERVICES CORP 3.65
08/12/2025
18,250.00 0.00 18,250.00 0.00
Coupon 02/12/2024 3137EAEP0 0.00 FEDERAL HOME LOAN
MORTGAGE CORP 1.5
02/12/2025
15,000.00 0.00 15,000.00 0.00
Coupon 02/14/2024 3133EPSW6 0.00 FEDERAL FARM CREDIT
BANKS FUNDING CORP 4.5
08/14/2026
78,750.00 0.00 78,750.00 0.00
Coupon 02/15/2024 02582JJT8 0.00 AMXCA 2022-2 A 3.39
05/15/2025
3,121.63 0.00 3,121.63 0.00
Coupon 02/15/2024 02582JJZ4 0.00 AMXCA 2023-1 A 4.87
05/15/2028
2,536.46 0.00 2,536.46 0.00
Coupon 02/15/2024 161571HT4 0.00 CHAIT 2023-1 A 5.16
09/15/2028
8,707.50 0.00 8,707.50 0.00
Coupon 02/15/2024 161571HV9 0.00 CHAIT 241 A 4.6 01/16/2029 2,386.25 0.00 2,386.25 0.00 Coupon 02/15/2024 43815BAC4 0.00 HAROT 2022-1 A3 1.88
05/15/2026
845.45 0.00 845.45 0.00
Coupon 02/15/2024 438516CJ3 0.00 HONEYWELL INTERNATIONAL INC 4.95 02/15/2028
24,750.00 0.00 24,750.00 0.00
Coupon 02/15/2024 448979AD6 0.00 HART 2023-A A3 4.58
04/15/2027
2,900.67 0.00 2,900.67 0.00
Coupon 02/15/2024 448988AD7 0.00 HALST 24A A3 5.02
03/15/2027
2,005.91 0.00 2,005.91 0.00
44 TRANSACTION LEDGER
City of San Leandro | Account #460 | As of March 31, 2024 Transaction Type Settlement
Date CUSIP Quantity Security Description Price Acq/DispYield Amount InterestPur/Sold Total Amount Gain/Loss Coupon 02/15/2024 44935FAD6 0.00 HART 2021-C A3 0.74
05/15/2026
102.18 0.00 102.18 0.00
Coupon 02/15/2024 47787JAC2 0.00 JDOT 2022 A3 0.36 09/15/2026 688.04 0.00 688.04 0.00 Coupon 02/15/2024 47788UAC6 0.00 JDOT 2021 A3 0.36 09/15/2025 20.44 0.00 20.44 0.00 Coupon 02/15/2024 47800AAC4 0.00 JDOT 2022-B A3 3.74
02/16/2027
1,760.92 0.00 1,760.92 0.00
Coupon 02/15/2024 47800BAC2 0.00 JDOT 2022-C A3 5.09
06/15/2027
3,881.12 0.00 3,881.12 0.00
Coupon 02/15/2024 47800CAC0 0.00 JDOT 2023 A3 5.01 11/15/2027 3,340.00 0.00 3,340.00 0.00 Coupon 02/15/2024 58770AAC7 0.00 MBART 2023-1 A3 4.51
11/15/2027
1,935.54 0.00 1,935.54 0.00
Coupon 02/15/2024 89238FAD5 0.00 TAOT 2022-B A3 2.93
09/15/2026
970.11 0.00 970.11 0.00
Coupon 02/15/2024 89239FAD4 0.00 TAOT 2023-D A3 5.54
08/15/2028
2,977.75 0.00 2,977.75 0.00
Coupon 02/15/2024 9128282A7 0.00 UNITED STATES TREASURY 1.5 08/15/2026
22,500.00 0.00 22,500.00 0.00
Coupon 02/15/2024 91282CCT6 0.00 UNITED STATES TREASURY
0.375 08/15/2024
1,875.00 0.00 1,875.00 0.00
Coupon 02/15/2024 91324PEP3 0.00 UNITEDHEALTH GROUP INC
5.25 02/15/2028
26,250.00 0.00 26,250.00 0.00
Coupon 02/16/2024 362554AC1 0.00 GMCAR 2021-4 A3 0.68
09/16/2026
105.20 0.00 105.20 0.00
Coupon 02/16/2024 362583AD8 0.00 GMCAR 2023-2 A3 4.47
02/16/2028
2,123.25 0.00 2,123.25 0.00
Coupon 02/16/2024 362585AC5 0.00 GMCAR 2022-2 A3 3.1
02/16/2027
904.17 0.00 904.17 0.00
Coupon 02/16/2024 36268GAD7 0.00 GMCAR 2024-1 A3 4.85
12/18/2028
1,133.01 0.00 1,133.01 0.00
Coupon 02/16/2024 380146AC4 0.00 GMCAR 2022-1 A3 1.23
11/16/2026
197.66 0.00 197.66 0.00
45 TRANSACTION LEDGER
City of San Leandro | Account #460 | As of March 31, 2024 Transaction Type Settlement
Date CUSIP Quantity Security Description Price Acq/DispYield Amount InterestPur/Sold Total Amount Gain/Loss Coupon 02/20/2024 36265MAC9 0.00 GMALT 2022-1 A3 1.9
03/20/2025
463.78 0.00 463.78 0.00
Coupon 02/20/2024 36266FAC3 0.00 GMALT 2022-2 A3 3.42
06/20/2025
1,346.62 0.00 1,346.62 0.00
Coupon 02/21/2024 438123AC5 0.00 HAROT 2023-4 A3 5.67
06/21/2028
1,984.50 0.00 1,984.50 0.00
Coupon 02/21/2024 43815GAC3 0.00 HAROT 2021-4 A3 0.88
01/21/2026
172.54 0.00 172.54 0.00
Coupon 02/21/2024 43815JAC7 0.00 HAROT 2023-1 A3 5.04
04/21/2027
1,764.00 0.00 1,764.00 0.00
Coupon 02/23/2024 037833BY5 0.00 APPLE INC 3.25 02/23/2026 16,250.00 0.00 16,250.00 0.00 Coupon 02/25/2024 05592XAD2 0.00 BMWOT 2023-A A3 5.47
02/25/2028
1,549.83 0.00 1,549.83 0.00
Coupon 02/25/2024 05593AAC3 0.00 BMWLT 2023-1 A3 5.16
11/25/2025
881.50 0.00 881.50 0.00
Coupon 02/25/2024 05601XAC3 0.00 BMWLT 2022-1 A3 1.03
03/25/2025
51.88 0.00 51.88 0.00
Coupon 02/25/2024 05602RAD3 0.00 BMWOT 2022-A A3 3.21
08/25/2026
2,446.27 0.00 2,446.27 0.00
Coupon 02/25/2024 3135G05X7 0.00 FEDERAL NATIONAL
MORTGAGE ASSOCIATION
0.375 08/25/2025
1,875.00 0.00 1,875.00 0.00
Coupon 02/29/2024 9128284Z0 0.00 UNITED STATES TREASURY 2.75 08/31/2025
27,500.00 0.00 27,500.00 0.00
Coupon 02/29/2024 912828W48 0.00 UNITED STATES TREASURY
2.125 02/29/2024
31,875.00 0.00 31,875.00 0.00
Coupon 03/09/2024 931142EW9 0.00 WALMART INC 3.9 09/09/2025 19,500.00 0.00 19,500.00 0.00 Coupon 03/10/2024 3130ATS57 0.00 FEDERAL HOME LOAN BANKS
4.5 03/10/2028
45,000.00 0.00 45,000.00 0.00
Coupon 03/11/2024 3130AWTQ3 0.00 FEDERAL HOME LOAN BANKS
4.625 09/11/2026
83,635.42 0.00 83,635.42 0.00
46 TRANSACTION LEDGER
City of San Leandro | Account #460 | As of March 31, 2024 Transaction Type Settlement
Date CUSIP Quantity Security Description Price Acq/DispYield Amount InterestPur/Sold Total Amount Gain/Loss Coupon 03/11/2024 89114QCB2 0.00 TORONTO-DOMINION BANK
3.25 03/11/2024
21,125.00 0.00 21,125.00 0.00
Coupon 03/12/2024 3130AWS92 0.00 FEDERAL HOME LOAN BANKS
4.875 09/12/2025
89,781.25 0.00 89,781.25 0.00
Coupon 03/13/2024 3130A2UW4 0.00 FEDERAL HOME LOAN BANKS
2.875 09/13/2024
17,250.00 0.00 17,250.00 0.00
Coupon 03/13/2024 46647PBH8 0.00 JPMORGAN CHASE & CO 2.005 03/13/2026
9,523.75 0.00 9,523.75 0.00
Coupon 03/15/2024 02582JJT8 0.00 AMXCA 2022-2 A 3.39
05/15/2025
3,121.63 0.00 3,121.63 0.00
Coupon 03/15/2024 02582JJZ4 0.00 AMXCA 2023-1 A 4.87
05/15/2028
2,536.46 0.00 2,536.46 0.00
Coupon 03/15/2024 161571HT4 0.00 CHAIT 2023-1 A 5.16
09/15/2028
8,707.50 0.00 8,707.50 0.00
Coupon 03/15/2024 161571HV9 0.00 CHAIT 241 A 4.6 01/16/2029 4,772.50 0.00 4,772.50 0.00 Coupon 03/15/2024 43815BAC4 0.00 HAROT 2022-1 A3 1.88
05/15/2026
789.04 0.00 789.04 0.00
Coupon 03/15/2024 448979AD6 0.00 HART 2023-A A3 4.58
04/15/2027
2,900.67 0.00 2,900.67 0.00
Coupon 03/15/2024 448988AD7 0.00 HALST 24A A3 5.02
03/15/2027
2,865.58 0.00 2,865.58 0.00
Coupon 03/15/2024 44935FAD6 0.00 HART 2021-C A3 0.74
05/15/2026
93.56 0.00 93.56 0.00
Coupon 03/15/2024 47787JAC2 0.00 JDOT 2022 A3 0.36 09/15/2026 635.84 0.00 635.84 0.00 Coupon 03/15/2024 47788UAC6 0.00 JDOT 2021 A3 0.36 09/15/2025 17.39 0.00 17.39 0.00 Coupon 03/15/2024 47800AAC4 0.00 JDOT 2022-B A3 3.74
02/16/2027
1,760.92 0.00 1,760.92 0.00
Coupon 03/15/2024 47800BAC2 0.00 JDOT 2022-C A3 5.09
06/15/2027
3,881.13 0.00 3,881.13 0.00
Coupon 03/15/2024 47800CAC0 0.00 JDOT 2023 A3 5.01 11/15/2027 3,340.00 0.00 3,340.00 0.00 47 TRANSACTION LEDGER
City of San Leandro | Account #460 | As of March 31, 2024 Transaction Type Settlement
Date CUSIP Quantity Security Description Price Acq/DispYield Amount InterestPur/Sold Total Amount Gain/Loss Coupon 03/15/2024 58770AAC7 0.00 MBART 2023-1 A3 4.51
11/15/2027
1,935.54 0.00 1,935.54 0.00
Coupon 03/15/2024 89238FAD5 0.00 TAOT 2022-B A3 2.93
09/15/2026
911.81 0.00 911.81 0.00
Coupon 03/15/2024 89239FAD4 0.00 TAOT 2023-D A3 5.54
08/15/2028
2,977.75 0.00 2,977.75 0.00
Coupon 03/16/2024 362554AC1 0.00 GMCAR 2021-4 A3 0.68
09/16/2026
98.14 0.00 98.14 0.00
Coupon 03/16/2024 362583AD8 0.00 GMCAR 2023-2 A3 4.47
02/16/2028
2,123.25 0.00 2,123.25 0.00
Coupon 03/16/2024 362585AC5 0.00 GMCAR 2022-2 A3 3.1
02/16/2027
870.97 0.00 870.97 0.00
Coupon 03/16/2024 36268GAD7 0.00 GMCAR 2024-1 A3 4.85
12/18/2028
1,172.08 0.00 1,172.08 0.00
Coupon 03/16/2024 380146AC4 0.00 GMCAR 2022-1 A3 1.23
11/16/2026
185.32 0.00 185.32 0.00
Coupon 03/18/2024 808513BN4 0.00 CHARLES SCHWAB CORP 0.75 03/18/2024
3,750.00 0.00 3,750.00 0.00
Coupon 03/20/2024 36265MAC9 0.00 GMALT 2022-1 A3 1.9
03/20/2025
318.43 0.00 318.43 0.00
Coupon 03/20/2024 36266FAC3 0.00 GMALT 2022-2 A3 3.42
06/20/2025
1,106.55 0.00 1,106.55 0.00
Coupon 03/20/2024 36269FAD8 0.00 GMALT 2024-1 A3 5.09
03/22/2027
3,216.60 0.00 3,216.60 0.00
Coupon 03/20/2024 89238GAD3 0.00 TLOT 2024-A A3 5.25
04/20/2027
2,196.98 0.00 2,196.98 0.00
Coupon 03/21/2024 438123AC5 0.00 HAROT 2023-4 A3 5.67
06/21/2028
1,984.50 0.00 1,984.50 0.00
Coupon 03/21/2024 43815GAC3 0.00 HAROT 2021-4 A3 0.88
01/21/2026
158.69 0.00 158.69 0.00
Coupon 03/21/2024 43815JAC7 0.00 HAROT 2023-1 A3 5.04
04/21/2027
1,764.00 0.00 1,764.00 0.00
48 TRANSACTION LEDGER
City of San Leandro | Account #460 | As of March 31, 2024 Transaction Type Settlement
Date CUSIP Quantity Security Description Price Acq/DispYield Amount InterestPur/Sold Total Amount Gain/Loss Coupon 03/23/2024 3137EAEX3 0.00 FEDERAL HOME LOAN
MORTGAGE CORP 0.375
09/23/2025
4,125.00 0.00 4,125.00 0.00
Coupon 03/25/2024 05592XAD2 0.00 BMWOT 2023-A A3 5.47
02/25/2028
1,549.83 0.00 1,549.83 0.00
Coupon 03/25/2024 05593AAC3 0.00 BMWLT 2023-1 A3 5.16
11/25/2025
881.50 0.00 881.50 0.00
Coupon 03/25/2024 05601XAC3 0.00 BMWLT 2022-1 A3 1.03
03/25/2025
21.12 0.00 21.12 0.00
Coupon 03/25/2024 05602RAD3 0.00 BMWOT 2022-A A3 3.21
08/25/2026
2,279.17 0.00 2,279.17 0.00
Coupon 03/31/2024 9128286L9 0.00 UNITED STATES TREASURY 2.25 03/31/2026
22,500.00 0.00 22,500.00 0.00
Coupon 03/31/2024 912828ZF0 0.00 UNITED STATES TREASURY 0.5 03/31/2025
6,250.00 0.00 6,250.00 0.00
Coupon 03/31/2024 91282CBT7 0.00 UNITED STATES TREASURY 0.75 03/31/2026
6,375.00 0.00 6,375.00 0.00
Coupon 03/31/2024 91282CEF4 0.00 UNITED STATES TREASURY 2.5 03/31/2027
37,500.00 0.00 37,500.00 0.00
Coupon 03/31/2024 91282CEG2 0.00 UNITED STATES TREASURY 2.25 03/31/2024
22,500.00 0.00 22,500.00 0.00
Coupon 03/31/2024 91282CFM8 0.00 UNITED STATES TREASURY
4.125 09/30/2027
41,250.00 0.00 41,250.00 0.00
Coupon 03/31/2024 91282CGT2 0.00 UNITED STATES TREASURY
3.625 03/31/2028
54,375.00 0.00 54,375.00 0.00
Total Coupon 0.00 981,066.55 0.00 981,066.55 0.00
Maturity 02/05/2024 3135G0V34 (2,000,000.00) FEDERAL NATIONAL MORTGAGE ASSOCIATION 2.5
02/05/2024
100.000 0.00% (2,000,000.00) 0.00 2,000,000.00 0.00
Maturity 02/13/2024 912797JD0 (3,500,000.00) UNITED STATES TREASURY02/13/2024
100.000 0.00% (3,500,000.00) 0.00 3,500,000.00 0.00
49 TRANSACTION LEDGER
City of San Leandro | Account #460 | As of March 31, 2024 Transaction Type Settlement
Date CUSIP Quantity Security Description Price Acq/DispYield Amount InterestPur/Sold Total Amount Gain/Loss Maturity 02/29/2024 912828W48 (3,000,000.00) UNITED STATES TREASURY
2.125 02/29/2024
100.000 0.00% (3,000,000.00) 0.00 3,000,000.00 0.00
Maturity 03/11/2024 89114QCB2 (1,300,000.00) TORONTO-DOMINION BANK
3.25 03/11/2024
100.000 0.00% (1,300,000.00) 0.00 1,300,000.00 0.00
Maturity 03/12/2024 912797JH1 (2,000,000.00) UNITED STATES TREASURY03/12/2024
100.000 0.00% (2,000,000.00) 0.00 2,000,000.00 0.00
Maturity 03/18/2024 808513BN4 (1,000,000.00) CHARLES SCHWAB CORP 0.75 03/18/2024
100.000 0.00% (1,000,000.00) 0.00 1,000,000.00 0.00
Maturity 03/31/2024 91282CEG2 (2,000,000.00) UNITED STATES TREASURY 2.25 03/31/2024
100.000 0.00% (2,000,000.00) 0.00 2,000,000.00 0.00
Total Maturity (14,800,000.00) (14,800,000.00) 0.00 14,800,000.00 0.00 Principal Paydown 02/15/2024 43815BAC4 (36,006.14) HAROT 2022-1 A3 1.88 05/15/2026
(36,006.14) -- 36,006.14 0.00
Principal Paydown 02/15/2024 44935FAD6 (13,992.86) HART 2021-C A3 0.74 05/15/2026
(13,992.86) -- 13,992.86 (0.00)
Principal Paydown 02/15/2024 47787JAC2 (27,004.20) JDOT 2022 A3 0.36 09/15/2026 (27,004.20) -- 27,004.20 (0.00) Principal Paydown 02/15/2024 47788UAC6 (10,157.29) JDOT 2021 A3 0.36 09/15/2025 (10,157.29) -- 10,157.29 (0.00) Principal Paydown 02/15/2024 89238FAD5 (23,874.20) TAOT 2022-B A3 2.93 09/15/2026
(23,874.20) -- 23,874.20 (0.00)
Principal Paydown 02/16/2024 362554AC1 (12,466.20) GMCAR 2021-4 A3 0.68 09/16/2026
(12,466.20) -- 12,466.20 0.01
Principal Paydown 02/16/2024 362585AC5 (12,848.48) GMCAR 2022-2 A3 3.1 02/16/2027
(12,848.48) -- 12,848.48 0.00
Principal Paydown 02/16/2024 380146AC4 (11,756.42) GMCAR 2022-1 A3 1.23 11/16/2026
(11,756.42) -- 11,756.42 (0.00)
Principal Paydown 02/20/2024 36265MAC9 (91,801.08) GMALT 2022-1 A3 1.9 03/20/2025
(91,801.08) -- 91,801.08 0.01
Principal Paydown 02/20/2024 36266FAC3 (84,236.43) GMALT 2022-2 A3 3.42 06/20/2025
(84,236.43) -- 84,236.43 (0.00)
Principal Paydown 02/21/2024 43815GAC3 (18,878.35) HAROT 2021-4 A3 0.88 01/21/2026
(18,878.35) -- 18,878.35 (0.01)
50 TRANSACTION LEDGER
City of San Leandro | Account #460 | As of March 31, 2024 Transaction Type Settlement
Date CUSIP Quantity Security Description Price Acq/DispYield Amount InterestPur/Sold Total Amount Gain/Loss Principal Paydown 02/25/2024 05601XAC3 (33,559.24) BMWLT 2022-1 A3 1.03 03/25/2025
(33,559.24) -- 33,559.24 (0.00)
Principal Paydown 02/25/2024 05602RAD3 (62,466.71) BMWOT 2022-A A3 3.21 08/25/2026
(62,466.71) -- 62,466.71 (0.01)
Principal Paydown 03/15/2024 43815BAC4 (35,434.63) HAROT 2022-1 A3 1.88 05/15/2026
(35,434.63) -- 35,434.63 0.00
Principal Paydown 03/15/2024 44935FAD6 (13,340.56) HART 2021-C A3 0.74 05/15/2026
(13,340.56) -- 13,340.56 (0.00)
Principal Paydown 03/15/2024 47787JAC2 (16,422.98) JDOT 2022 A3 0.36 09/15/2026 (16,422.98) -- 16,422.98 (0.01) Principal Paydown 03/15/2024 47788UAC6 (7,323.41) JDOT 2021 A3 0.36 09/15/2025 (7,323.41) -- 7,323.41 0.00 Principal Paydown 03/15/2024 89238FAD5 (22,281.73) TAOT 2022-B A3 2.93 09/15/2026
(22,281.73) -- 22,281.73 0.00
Principal Paydown 03/16/2024 362554AC1 (12,522.18) GMCAR 2021-4 A3 0.68 09/16/2026
(12,522.18) -- 12,522.18 0.00
Principal Paydown 03/16/2024 362585AC5 (18,572.38) GMCAR 2022-2 A3 3.1 02/16/2027
(18,572.38) -- 18,572.38 (0.00)
Principal Paydown 03/16/2024 380146AC4 (11,703.68) GMCAR 2022-1 A3 1.23 11/16/2026
(11,703.68) -- 11,703.68 0.00
Principal Paydown 03/20/2024 36265MAC9 (96,409.40) GMALT 2022-1 A3 1.9 03/20/2025
(96,409.40) -- 96,409.40 (0.00)
Principal Paydown 03/20/2024 36266FAC3 (91,906.30) GMALT 2022-2 A3 3.42 06/20/2025
(91,906.30) -- 91,906.30 0.00
Principal Paydown 03/21/2024 43815GAC3 (18,074.46) HAROT 2021-4 A3 0.88 01/21/2026
(18,074.46) -- 18,074.46 0.00
Principal Paydown 03/25/2024 05601XAC3 (23,035.42) BMWLT 2022-1 A3 1.03 03/25/2025
(23,035.42) -- 23,035.42 0.02
Principal Paydown 03/25/2024 05602RAD3 (57,771.76) BMWOT 2022-A A3 3.21 08/25/2026
(57,771.76) -- 57,771.76 0.00
Total Principal
Paydown (863,846.49) (863,846.49) -- 863,846.49 0.03
51 TRANSACTION LEDGER
City of San Leandro | Account #460 | As of March 31, 2024 Transaction Type Settlement
Date CUSIP Quantity Security Description Price Acq/DispYield Amount InterestPur/Sold Total Amount Gain/Loss
TOTAL OTHER
TRANSACTIONS (15,663,846.49) (14,682,779.94) 0.00 16,644,913.04 0.03 52 Transaction Ledger
San Leandro Reporting - Account #461
Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/DispYield Amount Interest Pur/Sold Total Amount Gain/Loss
ACQUISITIONS
Purchase 01/15/2024 90LAIF$00 137,926.63 Local Agency Investment Fund State Pool 1.000 3.95% 137,926.63 0.00 137,926.63 0.00 Subtotal 137,926.63 137,926.63 0.00 137,926.63 0.00
TOTAL ACQUISITIONS 137,926.63 137,926.63 0.00 137,926.63 0.00
DISPOSITIONS
Security
Withdrawal
01/31/2024 90LAIF$00 29,260.21 Local Agency Investment Fund State Pool 1.000 29,260.21 0.00 29,260.21 0.00 Subtotal 29,260.21 29,260.21 0.00 29,260.21 0.00
TOTAL DISPOSITIONS 29,260.21 29,260.21 0.00 29,260.21 0.00 As of January 31, 2024
53 TRANSACTION LEDGER
City of San LeandroReporting | Account #461 | As of March 31, 2024 Transaction Type Settlement
Date CUSIP Quantity Security Description Price Acq/DispYield Amount Interest Pur/Sold Total Amount Gain/Loss
ACQUISITIONS
Purchase 03/31/2024 90WELL$00 8,842,523.22 Wells Fargo Checking Account 1.000 0.00% (8,842,523.22) 0.00 (8,842,523.22) 0.00 Total Purchase 8,842,523.22 (8,842,523.22) 0.00 (8,842,523.22) 0.00 TOTAL ACQUISITIONS 8,842,523.22 (8,842,523.22) 0.00 (8,842,523.22) 0.00 OTHER
TRANSACTIONS
Cash Transfer 03/31/2024 CCYUSD 8,842,523.22 Cash 0.00% 8,842,523.22 0.00 8,842,523.22 0.00 Total Cash Transfer 8,842,523.22 8,842,523.22 0.00 8,842,523.22 0.00
TOTAL OTHER
TRANSACTIONS 8,842,523.22 8,842,523.22 0.00 8,842,523.22 0.00 54 Important Disclosures
2024 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 and carries a AA+/Aaa/AAA by S&P, Moody’s and Fitch respectively.
Your qualified custodian bank maintains control of all assets reflected in this statement and we urge you to compare this statement to the one you receive from your qualified custodian. Chandler does not have any authority to withdraw or deposit funds from/to the custodian account.
As of March 31, 2024
55 Benchmark Disclosures
ICE BofA 1-3 Yr US Treasury & Agency Index
The ICE BofA 1-3 Year US Treasury & Agency Index tracks the performance of US dollar denominated US Treasury and nonsubordinated US agency debt issued in the US domestic market. Qualifying securities must have an investment grade rating (based on an average of Moody’s, S&P and Fitch). Qualifying securities must have at least one year remaining term to final maturity and less than three years remaining term to final maturity, at least 18 months to maturity at time of issuance, a fixed coupon schedule, and a minimum amount outstanding of $1 billion for sovereigns and $250 million for agencies.
As of March 31, 2024
56