INVESTMENT REPORT
City of San Leandro | As of September 30, 2024
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
City of San Leandro | As of September 30, 2024
ECONOMIC UPDATE
ACCOUNT PROFILE
CONSOLIDATED INFORMATION
PORTFOLIO HOLDINGS
TRANSACTIONS
1 ECONOMIC UPDATE
2
Recent economic data suggests positive but slower growth this year fueled by consumer spending. While the consumer has been resilient, declining savings rates, 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. The labor market is showing signs of cooling, reflecting an improved balance between supply and demand for workers. Given the cumulative effects of restrictive monetary policy and tighter financial conditions, we believe the economy will gradually soften and the Fed will continue to lower rates at a measured pace through this year with the ability to move more aggressively should the employment data warrant.
The Federal Open Market Committee (FOMC) delivered the first rate cut of the easing cycle with a 50 basis point cut at the September meeting. Although a reduction in the Fed Funds Rate was widely anticipated, the magnitude was somewhat of a surprise, as market participants were split between whether the FOMC would cut by 25 basis points or 50 basis points. Chair Jerome Powell reiterated previous statements acknowledging that monetary policy has shifted into a more balanced approach addressing price stability and full employment in tandem. The Fed released the quarterly Summary of Economic Projections (SEP) which now forecasts a substantially lower median Fed Funds Rate expectation among Fed Governors in 2025 due to lower inflation expectations and a higher projected unemployment rate. We believe the Fed will continue to lower rates at a measured pace through this year with the ability to move more aggressively should the employment data warrant.
The US Treasury yield curve shifted higher in October on stronger economic data, and the shape of the curve continued to gradually normalize. The 2-year Treasury yield surged 53 basis points to 4.17%, the 5-year Treasury jumped 60 basis points to 4.16%, and the 10-year Treasury yield rose 50 basis points to 4.29%. The spread between the 2-year and 10-year Treasury yield points on the curve narrowed to +11 basis points at October month-end versus +14 basis points at September month-end. The spread between the 2-year Treasury and 10- year Treasury yield one year ago was -16 basis points. The inversion between 3-month and 10-year Treasuries tightened to -26 basis points in October from -85 basis points in September.
ECONOMIC UPDATE
3 -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 (%)
The U.S. economy added 12,000 jobs in October, far below the consensus estimate of 100,000. The devastating impacts from Hurricanes Helene and Milton likely drove temporary jobs lower. The Boeing strike deducted jobs primarily from the manufacturing sector, while health care and government employment both posted gains. Additionally, downward revisions totaled 112,000 for the prior two months.
The three-month moving average and six-month moving average payrolls continued to trend weaker to 104,000 and 132,000 respectively.
The unemployment rate held steady at 4.1% in October, and the labor participation rate fell to 62.6%, remaining 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 remained at 7.7%. Average hourly earnings was unchanged at 4.0% year-over-year in October.
Source: US Department of Labor Source: US Department of Labor
EMPLOYMENT
4 0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
Job Openings
Recession
Historical Average
In Thousands (000's)
The Labor Department’s Job Openings and Labor Turnover Survey (JOLTS) declined to 7.44 million job openings in September from a downwardly revised 7.86 million in August. Job openings have dropped to a ratio of 1.09 jobs for each unemployed individual. The quits rate, an indicator of job availability, fell to 1.9% from 2.0% in August. While the current level of job openings remains elevated from a historical perspective, the trend is decelerating.
Source: US Department of Labor
JOB OPENINGS & LABOR TURNOVER SURVEY
5 0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
9.0%
10.0%
Consumer Price Index (CPI)
CPI YOY % Change
Core CPI YOY % Change
YOY (%) Change
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
9.0%
10.0%
Personal Consumption Expenditures (PCE)
PCE Price Deflator YOY % Change
PCE Core Deflator YOY % Change
Fed Target
YOY (%) Change
In September, the Consumer Price Index (CPI) rose 0.2% month-over-month and 2.4% year-over-year, down from 2.5% in August, but slightly higher than expected. The Core CPI, which excludes volatile food and energy components, rose by 0.3% month-over-month and
3.3% year-over-year, also exceeding consensus forecasts. The Personal Consumption Expenditures (PCE) Index rose 0.2% from the previous month and 2.1% year-over-year in September. The Core PCE deflator (the Fed’s preferred gauge) increased 0.3% month-overmonth and 2.7% over the past year. Much of the lingering inflation has been driven by shelter costs and demand for services. Although inflation has moderated, price increases are still above the Fed’s 2% target.
Source: US Department of Labor Source: US Department of Commerce
INFLATION
6 -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
Retail Sales grew more than expected month-over-month in September at 0.4% after growth of 0.1% in August. On a year-over-year basis, Retail Sales grew 1.7% in September versus 2.2% in August. Control-group sales, which are used to calculate gross domestic product, rose
0.7% month-over-month in September after last month’s increase of 0.3%. Apparel, grocery stores, and miscellaneous store retailers led the advance, while gas station sales fell reflecting lower gas prices. The Conference Board’s Consumer Confidence Index for October jumped to 108.7 versus 99.2 for the previous month, boosted by improvements in both consumers’ outlook and their view of present economic conditions. Although consumer confidence is above the longer run average of about 95, it remains well below pre-pandemic levels. While the consumer has been resilient, declining savings rates, growing credit card debt, higher delinquencies, and a moderating labor market pose potential risks to future spending.
0 20
40 60
80 100
120
140
160
Index Level
Consumer Confidence
Recession
Source: US Department of Commerce Source: The Conference Board All time high is 144.70 (1/31/00); All time low is 25.30 (2/28/09)
CONSUMER
7 -25.0%
-20.0%
-15.0%
-10.0%
-5.0%
0.0%
5.0%
10.0%
15.0%
Leading Economic Indicators (LEI)
Recession
YOY (%) Change
-1.00
-0.75
-0.50
-0.25
0.00 0.25
0.50 0.75
1.00 Chicago Fed National Activity Index (CFNAI)
Recession
3 Month Average
The Conference Board’s Leading Economic Index (LEI) remained in negative territory at -0.5% in September following a downwardly revised -0.3% in August. The LEI continued to signal uncertainty for economic activity ahead and is consistent with The Conference Board’s expectation for moderate growth at the end of 2024 and into early 2025. The Chicago Fed National Activity Index (CFNAI) declined to -0.28 in September after a downwardly revised -0.01 in August. The three-month moving average fell to -0.19 in September from -0.14 in August, indicating below-trend growth expectations for the economy.
Source: The Conference Board Source: Federal Reserve Bank of Chicago
LEADING INDICATORS OF ECONOMIC ACTIVITY
8 0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
2,000
2,200
2,400
In Thousands of Units
Annualized Housing Starts
Multi Family Housing Starts
Single Family Housing Starts
Housing starts surprised to the downside in September, declining -0.5% month-over-month to 1.354 million units after an increase of 7.8% in August. The decline can be attributed to a drop in multi-family housing projects. Total starts were down 0.7% year-over-year. The Freddie Mac average rate for a 30-year fixed rate mortgage jumped to 6.43% in October from 6.18% in September. According to the CaseShiller 20-City Home Price Index, housing prices rose 5.2% year-over-year in August, decelerating from 5.9% reported in the previous month. Although the trend is gradually improving, 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
HOUSING
9 40
45 50
55 60
65 70
Institute of Supply Management (ISM) Surveys
ISM Manufacturing ISM Services
EXPANDING
CONTRACTING
The Institute for Supply Management (ISM) Manufacturing index contracted at a deteriorating rate to 46.5 in October from 47.2 in September. The survey reflected ongoing weakness in demand with production slowing in response. The ISM Services Index increased to
54.9 in September, up from 51.7 in August, due to stronger production and new orders. A reading over 50 indicates expansion, while a reading under 50 indicates contraction.
Source: Institute for Supply Management
SURVEY BASED MEASURES
10 Components of GDP 12/23 3/24 6/24 9/24
2.3% 1.3% 1.9% 2.5%
0.2% 0.6% 1.5% 0.1%
0.1% -0.6% -0.9% -0.6%
0.0% 0.0% 0.3% 0.6%
0.6% 0.3% 0.3% 0.3%
3.2% 1.6% 3.0% 2.8%
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, third quarter GDP increased at an annualized rate of 2.8%, after 3.0% in the second quarter. Growth continues to be powered by personal consumption expenditures. Government consumption expenditures and nonresidential fixed investment also had positive contributions, with negative offsets by net exports, inventories, and residential investment. The consensus projection calls for 1.7% growth in the fourth quarter and 2.6% growth for the full year 2024.
GROSS DOMESTIC PRODUCT (GDP)
11 Source: Federal Reserve Source: Bloomberg
0 1,000,000
2,000,000
3,000,000
4,000,000
5,000,000
6,000,000
7,000,000
8,000,000
9,000,000
10,000,000
Federal Reserve Balance Sheet Assets
Recession
In $ millions
The Federal Open Market Committee (FOMC) delivered the first rate cut of the easing cycle at the September meeting. Although a reduction in the Fed Funds Rate was widely anticipated, the magnitude was somewhat of a surprise, as market participants were split between whether the FOMC would cut by 25 basis points or 50 basis points. Chair Jerome Powell reiterated previous statements acknowledging that monetary policy has shifted into a more balanced approach addressing price stability and full employment in tandem.
The Fed released the quarterly Summary of Economic Projections (SEP) which now forecasts a substantially lower median Fed Funds Rate expectation among Fed Governors in 2025 to 3.1 – 3.6%. The Fed continues to reduce its holdings of U.S. Treasury securities and agency mortgage-backed securities as per its predefined schedule of $25 billion and $35 billion per month. Since the Fed began its Quantitative Tightening campaign in June 2022, securities holdings have declined by approximately $1.8T to approximately $7.1T.
0.00%
1.00%
2.00%
3.00%
4.00%
5.00%
6.00%
Effective Federal Funds Rate
Recession
Yield (%)
FEDERAL RESERVE
12 Source: Bloomberg Source: Bloomberg
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
US Treasury Note Yields
2-Year
5-Year
10-Year
Yield (%)
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
US Treasury Yield Curve
Oct-24
Jul-24
Oct-23
Yield (%)
At the end of October, the 2-year Treasury yield was 92 basis points lower, and the 10-Year Treasury yield was 65 basis points lower, yearover-year. The spread between the 2-year and 10-year Treasury yield points on the curve narrowed to +11 basis points at October monthend versus +14 basis points at September month-end. The yield curve inversion which began in July 2022 was historically long. The average historical spread (since 2003) is about +110 basis points. The inversion between 3-month and 10-year Treasuries tightened to -26 basis points in October from -85 basis points in September.
BOND YIELDS
13 ACCOUNT PROFILE
14 OBJECTIVES
City of San Leandro | As of September 30, 2024
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.
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 ofsimilar duration and sector allocation.
Strategy
In order to achieve these objectives, the portfolio invests in high quality fixed income securities consistent with the investment policy and California Government Code.
15 STATEMENT OF COMPLIANCE
City of San Leandro | Account #460 | As of September 30, 2024 Rules Name Limit Actual Compliance
Status Notes
AGENCY MORTGAGE SECURITIES (CMOS)
Max % (MV) 20.0 1.4 Compliant
ASSET-BACKED SECURITIES (ABS)
Max % (MV) 20.0 11.1 Compliant
Max % Issuer (MV) 5.0 1.3 Compliant
Max Maturity (Years) 5 4 Compliant
Min Rating (AA- by 1) 0.0 0.0 Compliant
BANKERS' ACCEPTANCES
Max % (MV) 40.0 0.0 Compliant
Max % Issuer (MV) 30.0 0.0 Compliant
Max Maturity (Days) 180 0.0 Compliant
Min Rating (A-1 by 1) 0.0 0.0 Compliant
COMMERCIAL PAPER
Max % (MV) 25.0 0.0 Compliant
Max % Issuer (MV) 10.0 0.0 Compliant
Max Maturity (Days) 270 0.0 Compliant
Min Rating (A-1/P-1 & A- Issuer by S&P and Moody's) 0.0 0.0 Compliant
CORPORATE MEDIUM TERM NOTES
Max % (MV) 30.0 24.6 Compliant
Max Maturity (Years) 5 4 Compliant
Min Rating (A- by 1) 0.0 0.0 Compliant
FDIC INSURED TIME DEPOSITS (NON-NEGOTIABLE
CD/TD)
Max Maturity (Years) 5 0.0 Compliant
FEDERAL AGENCIES
Max % (MV; Agencies & Agency CMOs) 100.0 22.4 Compliant Max Maturity (Years) 5 3 Compliant
MONEY MARKET MUTUAL FUNDS
Max % (MV) 20.0 0.7 Compliant
Min Rating (AAA by 2) 0.0 0.0 Compliant
16 STATEMENT OF COMPLIANCE
City of San Leandro | Account #460 | As of September 30, 2024 Rules Name Limit Actual Compliance
Status Notes
MORTGAGE-BACKED SECURITIES (NON-AGENCY)
Max % (MV) 20.0 0.0 Compliant
Max % Issuer (MV) 5.0 0.0 Compliant
Max Maturity (Years) 5.0 0.0 Compliant
Min Rating (AA- by 1) 0.0 0.0 Compliant
NEGOTIABLE CERTIFICATES OF DEPOSIT (NCD)
Max % (MV) 30.0 0.0 Compliant
Max Maturity (Years) 5 0.0 Compliant
SRI PROHIBITED INVESTMENTS
Prohibited Investment - Fossil Fuels 0.0 0.0 Compliant
Prohibited Investments - Firearms 0.0 0.0 Compliant
Prohibited Investments - Tobacco 0.0 0.0 Compliant
SUPRANATIONAL OBLIGATIONS
Max % (MV) 30.0 1.2 Compliant
Max % Issuer (MV) 10.0 0.7 Compliant
Max Maturity (Years) 5 3 Compliant
Min Rating (AA- by 1) 0.0 0.0 Compliant
U.S. TREASURIES
Max % (MV) 100.0 38.6 Compliant
Max Maturity (Years) 5 3 Compliant
17 PORTFOLIO CHARACTERISTICS
City of San Leandro | Account #460 | As of September 30, 2024 Benchmark* 9/30/2024
Portfolio
6/30/2024
Portfolio
Average Maturity (yrs) 1.84 2.09 2.07
Average Modified Duration 1.76 1.73 1.72
Average Purchase Yield 3.89% 3.88%
Average Market Yield 3.71% 4.04% 4.99%
Average Quality** AA+ AA AA
Total Market Value 199,279,868 202,389,343
*Benchmark: ICE BofA 1-3 Year US Treasury & Agency Index **The credit quality is a weighted average calculation of the highest of S&P, Moody’s and Fitch. 18 SECTOR DISTRIBUTION
City of San Leandro | Account #460 | As of September 30, 2024 Sector as a Percentage of Market Value
Sector 09/30/2024 06/30/2024
US Treasury 38.64% 43.21%
Corporate 24.59% 22.96%
Agency 22.32% 20.71%
ABS 11.15% 10.94%
Agency CMBS 1.41% 0.96%
Supras 1.21% 1.16%
Money Mkt Fd 0.68% 0.03%
19 ISSUERS
City of San Leandro | Account #460 | As of September 30, 2024 Issuer Investment Type % Portfolio
United States US Treasury 38.64%
Federal Home Loan Banks Agency 12.82%
Farm Credit System Agency 4.87%
FNMA Agency 2.55%
FHLMC Agency 2.07%
Chase Issuance Trust ABS 1.68%
American Express Credit Master Trust ABS 1.66%
FHLMC Agency CMBS 1.41%
Royal Bank of Canada Corporate 1.41%
Bank of America Corporation Corporate 1.40%
UnitedHealth Group Incorporated Corporate 1.35%
John Deere Owner Trust ABS 1.32%
Bank of Montreal Corporate 1.30%
Realty Income Corporation Corporate 1.29%
BNY Mellon Corp Corporate 1.28%
The Toronto-Dominion Bank Corporate 1.25%
International Finance Corporation Supras 1.21%
Apple Inc. Corporate 1.14%
Comcast Corporation Corporate 1.14%
Morgan Stanley Corporate 1.10%
Honeywell International Inc. Corporate 1.01%
PepsiCo, Inc. Corporate 1.00%
Visa Inc. Corporate 1.00%
Prologis, Inc. Corporate 0.99%
JPMorgan Chase & Co. Corporate 0.97%
Honda Auto Receivables Owner Trust ABS 0.95%
BMW Vehicle Owner Trust ABS 0.88%
Amazon.com, Inc. Corporate 0.85%
PACCAR Inc Corporate 0.85%
Hyundai Auto Receivables Trust ABS 0.81%
20 ISSUERS
City of San Leandro | Account #460 | As of September 30, 2024 Issuer Investment Type % Portfolio
Caterpillar Inc. Corporate 0.80%
Merck & Co., Inc. Corporate 0.76%
Toyota Motor Corporation Corporate 0.70%
National Rural Utilities Cooperative Corporate 0.69%
GM Financial Automobile Leasing Trus ABS 0.69%
Federated Hermes, Inc. Money Mkt Fd 0.68%
GM Financial Securitized Term ABS 0.63%
Bank of America Credit Card Trust ABS 0.53%
Cisco Systems, Inc. Corporate 0.53%
Deere & Company Corporate 0.51%
Northern Trust Corporation Corporate 0.51%
Walmart Inc. Corporate 0.50%
Toyota Auto Receivables Owner Trust ABS 0.44%
Hyundai Auto Lease Securitization Tr ABS 0.35%
Toyota Lease Owner Trust ABS 0.34%
Hyundai Auto Receivables Trust 2024- ABS 0.29%
Mercedes-Benz Auto Lease Trust ABS 0.26%
MERCEDES-BENZ AUTO RECEIVABLES TRUST ABS 0.26%
The Charles Schwab Corporation Corporate 0.24%
BMW Vehicle Lease Trust ABS 0.06%
Cash Cash 0.00%
TOTAL 100.00%
21 QUALITY DISTRIBUTION
Rating 09/30/2024 06/30/2024
AAA 10.8% 16.2%
AA 66.4% 62.4%
A 20.6% 19.1%
NR 2.2% 2.3%
Rating 09/30/2024 06/30/2024
AAA 69.6% 71.6%
AA 1.5% 1.5%
A 22.0% 20.4%
NR 6.9% 6.5%
Rating 09/30/2024 06/30/2024
AAA 11.2% 16.2%
AA 69.0% 65.2%
A 8.1% 8.3%
NR 11.8% 10.3%
City of San Leandro | Account #460 | As of September 30, 2024 S&P Rating Moody’s Rating Fitch Rating
22 0-.25 .25-.5 .5-1 1-2 2-3 3-4 4-5 5-7 7+
Portfolio 5.3% 7.5% 15.9% 29.0% 32.2% 10.1% 0.0% 0.0% 0.0% ICE BofA 1-3 Year US Treasury & Agency Index 0.1% 0.1% 3.6% 58.6% 37.6% 0.0% 0.0% 0.0% 0.0%
DURATION DISTRIBUTION
City of San Leandro | Account #460 | As of September 30, 2024 Portfolio Compared to the Benchmark
23 3 Months 12 Months 2 Years 3 Years 5 Years 10 Years Since Inception
TOTAL RATE OF RETURN
City of San Leandro 2.84% 7.19% 5.05% 1.85% 1.82% 1.70% 2.12% Benchmark 2.86% 6.74% 4.58% 1.34% 1.51% 1.42% 2.01%
*Periods over 1 year are annualized.
Benchmark: ICE BofA 1-3 Year US Treasury & Agency Index 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.
INVESTMENT PERFORMANCE
City of San Leandro | Account #460 | As of September 30, 2024 Total Rate of Return : Inception | 05/01/2004
24 PORTFOLIO CHARACTERISTICS
City of San Leandro Reporting | Account #461 | As of September 30, 2024 9/30/2024
Portfolio
6/30/2024
Portfolio
Average Maturity (yrs) 0.00 0.00
Average Modified Duration 0.00 0.00
Average Purchase Yield 4.50% 4.52%
Average Market Yield 4.50% 4.52%
Average Quality** AAA AAA
Total Market Value 26,563,917 32,516,436
*Benchmark: NO BENCHMARK REQUIRED
**The credit quality is a weighted average calculation of the highest of S&P, Moody’s and Fitch. 25 SECTOR DISTRIBUTION
City of San Leandro Reporting | Account #461 | As of September 30, 2024 Sector as a Percentage of Market Value
Sector 09/30/2024 06/30/2024
Cash 71.26% 66.45%
LAIF 28.74% 33.55%
26 HISTORICAL AVERAGE MARKET YIELD TO MATURITY
City of San Leandro | As of September 30, 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% 4.99% 4.81%
3Q 0.35% 0.27% 4.31% 4.30% 5.31% 5.15% 4.04% 3.71%
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
27 CONSOLIDATED INFORMATION
28 PORTFOLIO CHARACTERISTICS
City of San Leandro Cons | Account #462 | As of September 30, 2024 9/30/2024
Portfolio
6/30/2024
Portfolio
Average Maturity (yrs) 1.84 1.78
Average Modified Duration 1.58 1.48
Average Purchase Yield 3.92% 3.92%
Average Market Yield 4.06% 4.97%
Average Quality** AA AA
Total Market Value 225,843,785 234,905,779
*Benchmark: NO BENCHMARK REQUIRED
**The credit quality is a weighted average calculation of the highest of S&P, Moody’s and Fitch. 29 SECTOR DISTRIBUTION
City of San Leandro Cons | Account #462 | As of September 30, 2024 Sector as a Percentage of Market Value
Sector 09/30/2024 06/30/2024
US Treasury 34.07% 37.19%
Corporate 21.68% 19.77%
Agency 19.68% 17.83%
ABS 9.83% 9.41%
Cash 8.43% 9.28%
LAIF 3.40% 4.67%
Agency CMBS 1.24% 0.83%
Supras 1.07% 1.00%
Money Mkt Fd 0.60% 0.02%
30 PORTFOLIO HOLDINGS
31 HOLDINGS REPORT
City of San Leandro | Account #460 | As of September 30, 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
47788UAC6 JDOT 2021 A3 0.36 09/15/2025 1,469.82 03/02/2021
0.37%
1,469.54
1,469.77
99.81 5.41%
1,466.97
0.24 0.00%
(2.80)
Aaa/NA
AAA
0.96 0.04
05593AAC3 BMWLT 2023-1 A3 5.16
11/25/2025 120,122.61 02/07/20235.43%
120,119.75
120,121.42
100.08
4.88%
120,221.74
103.31
0.06%
100.32
Aaa/AAA
NA
1.15 0.25
43815GAC3 HAROT 2021-4 A3 0.88
01/21/2026 99,122.38 11/16/2021
0.89%
99,101.48
99,116.56
98.70 5.24%
97,831.80
24.23 0.05%
(1,284.75)
Aaa/NA
AAA
1.31 0.30
44935FAD6 HART 2021-C A3 0.74 05/15/2026 61,142.97 11/09/2021
0.75%
61,129.32
61,138.81
99.08 5.23%
60,579.89
20.11 0.03%
(558.92)
NA/AAA
AAA
1.62 0.20
43815BAC4 HAROT 2022-1 A3 1.88
05/15/2026 271,082.96 02/15/20221.89%
271,042.19
271,068.72
98.81 4.89%
267,851.30
226.50
0.14%
(3,217.42)
Aaa/AAA
NA
1.62 0.39
05602RAD3 BMWOT 2022-A A3 3.21
08/25/2026 467,455.74 01/04/20234.72%
455,678.04
461,363.18
99.33 4.75%
464,315.51
250.09
0.23%
2,952.33
Aaa/AAA
NA
1.90 0.44
47787JAC2 JDOT 2022 A3 0.36 09/15/2026 191,836.37 03/10/2022
2.34%
191,793.94
191,819.22
98.85 4.69%
189,630.01
197.80
0.10%
(2,189.22)
Aaa/NA
AAA
1.96 0.49
89238FAD5 TAOT 2022-B A3 2.93 09/15/2026 221,274.95 04/07/2022
3.09%
221,269.77
221,273.22
99.18 4.65%
219,467.02
288.15
0.11%
(1,806.20)
Aaa/AAA
NA
1.96 0.48
362554AC1 GMCAR 2021-4 A3 0.68
09/16/2026 89,663.60 10/13/20210.68%
89,661.31
89,663.03
98.52 4.96%
88,338.91
25.40 0.04%
(1,324.12)
Aaa/AAA
NA
1.96 0.34
380146AC4 GMCAR 2022-1 A3 1.26
11/16/2026 95,870.50 01/11/20221.27%
95,862.16
95,867.28
98.64 4.79%
94,568.70
50.33 0.05%
(1,298.58)
NA/AAA
AAA
2.13 0.38
362585AC5 GMCAR 2022-2 A3 3.1
02/16/2027 210,579.52 04/05/20223.13%
210,535.51
210,559.71
99.15 4.69%
208,798.43
272.00
0.11%
(1,761.28)
Aaa/AAA
NA
2.38 0.54
47800AAC4 JDOT 2022-B A3 3.74 02/16/2027 422,687.89 07/12/2022
3.77%
422,647.52
422,667.71
99.44 4.62%
420,330.64
702.60
0.21%
(2,337.07)
Aaa/NA
AAA
2.38 0.66
448988AD7 HALST 24A A3 5.02 03/15/2027 685,000.00 01/17/2024
5.03%
684,870.19
684,898.62
100.81
4.45%
690,555.56
1,528.31
0.35%
5,656.93
NA/AAA
AAA
2.45 1.30
36269FAD8 GMALT 2024-1 A3 5.09
03/22/2027 650,000.00 02/08/20245.09%
649,918.75
649,935.20
101.00
4.40%
656,512.42
1,010.93
0.33%
6,577.21
NA/AAA
AAA
2.47 1.34
448979AD6 HART 2023-A A3 4.58 04/15/2027 760,000.00 04/04/2023
5.14%
759,925.82
759,953.08
100.11
4.47%
760,836.91
1,547.02
0.38%
883.83
NA/AAA
AAA
2.54 0.73
89238GAD3 TLOT 2024-A A3 5.25 04/20/2027 655,000.00 02/21/2024
5.25%
654,972.36
654,977.58
101.41
4.33%
664,256.33
1,050.73
0.34%
9,278.74
NA/AAA
AAA
2.55 1.44
32 HOLDINGS REPORT
City of San Leandro | Account #460 | As of September 30, 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
43815JAC7 HAROT 2023-1 A3 5.04
04/21/2027 420,000.00 02/16/20235.09%
419,921.96
419,952.05
100.51
4.49%
422,123.60
588.00
0.21%
2,171.55
Aaa/NA
AAA
2.56 0.84
02582JJT8 AMXCA 2022-2 A 3.39 05/17/2027 1,105,000.00 05/17/2022
3.42%
1,104,755.57
1,104,927.91
99.28 4.61%
1,097,045.11
1,664.87
0.55%
(7,882.80)
NA/AAA
AAA
0.62 0.60
47800BAC2 JDOT 2022-C A3 5.09 06/15/2027 822,014.81 10/12/2022
5.15%
821,951.02
821,978.44
100.44
4.58%
825,672.36
1,859.58
0.42%
3,693.92
Aaa/NA
AAA
2.71 0.79
36269WAD1 GMALT 2024-2 A3 5.39
07/20/2027 690,000.00 05/07/2024
5.85%
689,959.91
689,964.68
101.83
4.31%
702,626.79
1,136.39
0.35%
12,662.11
NA/AAA
AAA
2.80 1.59
58770AAC7 MBART 2023-1 A3 4.51
11/15/2027 507,826.12 01/18/2023
4.56%
507,765.18
507,786.75
100.01
4.54%
507,887.21
1,017.91
0.26%
100.46
NA/AAA
AAA
3.13 0.73
47800CAC0 JDOT 2023 A3 5.01 11/15/2027 800,000.00 02/22/2023
3.39%
799,854.24
799,903.34
100.69
4.46%
805,487.20
1,781.33
0.41%
5,583.86
Aaa/NA
AAA
3.13 1.14
58770JAD6 MBALT 2024-A A3 5.32
01/18/2028 500,000.00 05/17/20245.73%
499,941.50
499,947.24
102.19
4.33%
510,963.20
1,182.22
0.26%
11,015.96
Aaa/NA
AAA
3.30 2.06
362583AD8 GMCAR 2023-2 A3 4.47
02/16/2028 570,000.00 04/04/20234.51%
569,984.33
569,989.09
100.13
4.38%
570,767.22
1,061.63
0.29%
778.13
Aaa/AAA
NA
3.38 1.05
05592XAD2 BMWOT 2023-A A3 5.47
02/25/2028 340,000.00 07/11/20235.47%
339,939.75
339,955.54
101.24
4.43%
344,214.33
309.97
0.17%
4,258.80
NA/AAA
AAA
3.41 1.12
02582JJZ4 AMXCA 2023-1 A 4.87 05/15/2026 625,000.00 06/07/2023
4.87%
624,944.56
624,960.30
101.19
4.14%
632,467.31
1,352.78
0.32%
7,507.01
NA/AAA
AAA
1.62 1.53
438123AC5 HAROT 2023-4 A3 5.67
06/21/2028 420,000.00 11/01/20235.74%
419,926.04
419,940.42
102.32
4.18%
429,758.83
661.50
0.22%
9,818.41
Aaa/NA
AAA
3.73 1.47
89239FAD4 TAOT 2023-D A3 5.54 08/15/2028 645,000.00 11/07/2023
6.30%
644,930.47
644,943.37
102.33
4.19%
660,057.65
1,588.13
0.33%
15,114.29
NA/AAA
AAA
3.88 1.64
161571HT4 CHAIT 2023-1 A 5.16 09/15/2028 2,025,000.00 09/07/2023
5.17%
2,024,438.67
2,024,556.04
102.17
4.04%
2,068,951.41
4,644.00
1.05%
44,395.37
NR/AAA
AAA
3.96 1.82
47800RAD5 JDOT 2024 A3 4.96 11/15/2028 360,000.00 03/11/2024
5.12%
359,979.84
359,982.16
101.66
4.20%
365,984.21
793.60
0.18%
6,002.05
Aaa/NA
AAA
4.13 2.04
437930AC4 HONDO-242-A3 5.27 11/20/2028 655,000.00 05/14/2024
5.27%
654,920.42
654,926.86
102.19
4.16%
669,339.92
1,246.50
0.34%
14,413.06
NA/AAA
AAA
4.14 1.86
36268GAD7 GMCAR 2024-1 A3 4.85
12/18/2028 290,000.00 01/09/20244.91%
289,941.68
289,950.05
101.27
4.18%
293,676.27
586.04
0.15%
3,726.22
Aaa/NA
AAA
4.22 1.74
161571HV9 CHAIT 241 A 4.6 01/16/2029 1,245,000.00 01/24/2024
4.61%
1,244,810.39
1,244,835.92
101.28
4.05%
1,260,900.14
2,545.33
0.64%
16,064.22
NR/AAA
AAA
4.30 2.13
33 HOLDINGS REPORT
City of San Leandro | Account #460 | As of September 30, 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
448973AD9 HART 2024-A A3 4.99 02/15/2029 765,000.00 03/11/2024
5.05%
764,831.32
764,849.67
101.69
4.14%
777,928.42
1,696.60
0.39%
13,078.76
NA/AAA
AAA
4.38 1.85
096919AD7 BMWOT 2024-A A3 5.18
02/26/2029 905,000.00 06/04/20245.24%
904,862.53
904,871.48
102.19
4.05%
924,840.04
781.32
0.47%
19,968.57
Aaa/AAA
NA
4.41 1.84
44934QAD3 HART 2024-B A3 4.84 03/15/2029 570,000.00 07/16/2024
4.90%
569,913.99
569,917.49
101.71
4.12%
579,724.43
1,226.13
0.29%
9,806.94
NA/AAA
AAA
4.45 2.19
02582JKH2 AMXCA 2024-1 A 5.23 04/16/2029 1,520,000.00 04/16/2024
5.30%
1,519,688.40
1,519,715.98
102.98
4.03%
1,565,359.38
3,533.16
0.79%
45,643.40
NA/AAA
AAA
4.54 2.33
05522RDJ4 BACCT 2024-1 A 4.93 03/15/2029 1,020,000.00 06/06/2024
4.93%
1,019,942.78
1,019,946.41
102.32
4.03%
1,043,674.51
2,234.93
0.53%
23,728.10
Aaa/AAA
NA
4.45 2.41
Total ABS 21,802,150.22 4.81%
21,787,202.21
21,793,694.31
101.22
4.30%
22,065,011.70
40,789.68
11.15%
271,317.39
Aaa/AAA
AAA
3.28 1.48
AGENCY
3135G0W66 FEDERAL NATIONAL MORTGAGE
ASSOCIATION 1.625 10/15/2024 2,000,000.00 10/17/20191.64% 1,998,140.00
1,999,985.70
99.87 4.93%
1,997,403.54
14,986.11
1.01%
(2,582.16)
Aaa/AA+
AA+
0.04 0.04
3130A3GE8 FEDERAL HOME LOAN BANKS 2.75
12/13/2024 1,500,000.00 12/10/2019
1.78%
1,571,250.00
1,502,846.88
99.62 4.63%
1,494,301.07
12,375.00
0.75%
(8,545.81)
Aaa/AA+
AA+
0.20 0.20
3135G0X24 FEDERAL NATIONAL MORTGAGE
ASSOCIATION 1.625 01/07/2025 2,100,000.00 -- 1.51%
2,111,993.00
2,100,652.28
99.19 4.67%
2,083,061.09
7,962.50
1.05%
(17,591.20)
Aaa/AA+
AA+
0.27 0.26
3137EAEP0 FEDERAL HOME LOAN MORTGAGE
CORP 1.5 02/12/2025 2,000,000.00 03/24/20200.96%
2,051,940.00
2,003,899.14
98.85 4.70%
1,977,001.44
4,083.33
1.00%
(26,897.70)
Aaa/AA+
AA+
0.37 0.36
3130AWLY4 FEDERAL HOME LOAN BANKS
5.125 06/13/2025 3,000,000.00 07/18/20234.86%
3,014,549.58
3,005,338.34
100.67
4.14%
3,019,996.05
46,125.00
1.53%
14,657.71
Aaa/AA+
AA+
0.70 0.67
3135G05X7 FEDERAL NATIONAL MORTGAGE
ASSOCIATION 0.375 08/25/2025 1,000,000.00 10/20/20200.47% 995,420.00
999,150.80
96.87 3.95%
968,654.49
375.00
0.49%
(30,496.31)
Aaa/AA+
AA+
0.90 0.88
3130AWS92 FEDERAL HOME LOAN BANKS
4.875 09/12/2025 3,000,000.00 10/18/2023
5.30%
2,976,720.00
2,988,393.54
100.74
4.06%
3,022,327.47
7,718.75
1.53%
33,933.93
Aaa/AA+
AA+
0.95 0.92
3137EAEX3 FEDERAL HOME LOAN MORTGAGE
CORP 0.375 09/23/2025 2,200,000.00 09/28/20200.42%
2,195,512.00
2,199,119.66
96.53 4.03%
2,123,734.43
183.33
1.07%
(75,385.23)
Aaa/AA+
AA+
0.98 0.96
3130AWGR5 FEDERAL HOME LOAN BANKS
4.375 06/12/2026 3,000,000.00 07/10/20234.67%
2,976,060.00
2,986,111.66
101.05
3.73%
3,031,350.54
39,739.58
1.53%
45,238.88
Aaa/AA+
AA+
1.70 1.60
34 HOLDINGS REPORT
City of San Leandro | Account #460 | As of September 30, 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
3133EPQC2 FEDERAL FARM CREDIT BANKS
FUNDING CORP 4.625 07/17/2026 3,000,000.00 07/21/20234.56% 3,005,010.00
3,003,008.76
101.57
3.71%
3,047,039.31
28,520.83
1.54%
44,030.55
Aaa/AA+
AA+
1.79 1.70
3133EPSW6 FEDERAL FARM CREDIT BANKS
FUNDING CORP 4.5 08/14/2026 3,500,000.00 -- 4.70%
3,481,589.75
3,488,064.40
101.54
3.64%
3,553,733.05
20,562.50
1.80%
65,668.65
Aaa/AA+
AA+
1.87 1.77
3130AWTQ3 FEDERAL HOME LOAN BANKS
4.625 09/11/2026 3,000,000.00 09/11/20234.80%
2,984,760.00
2,990,118.36
101.77
3.67%
3,052,953.39
7,708.33
1.54%
62,835.03
Aaa/AA+
AA+
1.95 1.84
3130AXU63 FEDERAL HOME LOAN BANKS
4.625 11/17/2026 2,790,000.00 11/16/2023
4.69%
2,785,061.70
2,786,499.03
102.01
3.63%
2,846,187.89
48,030.63
1.44%
59,688.86
Aaa/AA+
AA+
2.13 1.98
3130AYPN0 FEDERAL HOME LOAN BANKS
4.125 01/15/2027 3,000,000.00 01/30/20244.18%
2,995,650.00
2,996,632.78
101.08
3.63%
3,032,322.51
26,125.00
1.53%
35,689.73
Aaa/AA+
AA+
2.29 2.15
3130B0TY5 FEDERAL HOME LOAN BANKS 4.75
04/09/2027 1,730,000.00 04/10/2024
4.85%
1,725,432.80
1,726,155.70
102.76
3.59%
1,777,832.30
38,804.86
0.90%
51,676.61
Aaa/AA+
AA+
2.52 2.32
3133ERMB4 FEDERAL FARM CREDIT BANKS
FUNDING CORP 4.25 07/23/2027 3,000,000.00 07/18/20244.26% 2,999,070.00
2,999,129.45
101.64
3.63%
3,049,235.79
24,083.33
1.54%
50,106.34
Aaa/AA+
AA+
2.81 2.61
3130ATS57 FEDERAL HOME LOAN BANKS 4.5
03/10/2028 2,000,000.00 03/21/20233.99%
2,045,140.00
2,031,237.38
102.91
3.59%
2,058,249.10
5,250.00
1.04%
27,011.72
Aaa/AA+
AA+
3.44 3.17
3130AWMN7 FEDERAL HOME LOAN BANKS
4.375 06/09/2028 2,000,000.00 07/26/20234.27%
2,008,820.00
2,006,678.21
102.57
3.62%
2,051,362.94
27,222.22
1.04%
44,684.73
Aaa/AA+
AA+
3.69 3.35
43,922,118.83 100.86 44,186,746.39 22.32% Aaa/AA+ 1.66
Total Agency 43,820,000.00 3.78% 43,813,022.06 3.92% 359,856.32 373,724.33 AA+ 1.56
AGENCY CMBS
3137FJEH8 FHMS K-081 A2 3.9 08/25/2028 2,800,000.00 --
4.87%
2,696,000.00
2,703,748.79
99.74 3.93%
2,792,832.28
9,100.00
1.41%
89,083.49
Aaa/AA+
AAA
3.90 3.53
2,696,000.00 99.74 2,792,832.28 1.41% Aaa/AA+ 3.90
Total Agency CMBS 2,800,000.00 4.87% 2,703,748.79 3.93% 9,100.00 89,083.49 AAA 3.53 CASH
CCYUSD Receivable 4,109.63 --
0.00%
4,109.63
4,109.63
1.00 0.00%
4,109.63
0.00 0.00%
0.00 Aaa/AAA
AAA
0.00 0.00
4,109.63 1.00 4,109.63 0.00% Aaa/AAA 0.00
Total Cash 4,109.63 0.00% 4,109.63 0.00% 0.00 0.00 AAA 0.00 35 HOLDINGS REPORT
City of San Leandro | Account #460 | As of September 30, 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
CORPORATE
63743HEY4
NATIONAL RURAL UTILITIES
COOPERATIVE FINANCE CORP 1.0
10/18/2024
1,000,000.00 06/14/2022
3.85%
935,890.00
998,725.30
99.81 5.11%
998,052.94
4,527.78
0.50%
(672.36)
A2/AA0.05
0.05 89236TJT3 TOYOTA MOTOR CREDIT CORP
1.45 01/13/2025 1,400,000.00 01/28/20221.73%
1,388,856.00
1,398,924.88
99.09 4.69%
1,387,248.84
4,398.33
0.70%
(11,676.04)
A1/A+
A+
0.29 0.28
69371RQ66 PACCAR FINANCIAL CORP 1.8
02/06/2025 1,700,000.00 04/20/2022
3.08%
1,641,588.00
1,692,677.05
98.94 4.90%
1,681,913.55
4,675.00
0.85%
(10,763.50)
A1/A+
NA
0.35 0.34
023135CE4 AMAZON.COM INC 3.0
04/13/2025 1,700,000.00 04/20/20222.94%
1,702,822.00
1,700,503.65
99.19 4.55%
1,686,255.86
23,800.00
0.85%
(14,247.79)
A1/AA
AA0.530.51
713448CT3 PEPSICO INC 2.75 04/30/2025 2,000,000.00 12/21/2022
4.50%
1,922,140.00
1,980,874.90
98.97 4.56%
1,979,479.86
23,069.44
1.00%
(1,395.04)
A1/A+
WR
0.58 0.56
037833DT4 APPLE INC 1.125 05/11/2025 1,300,000.00 --
2.14%
1,264,519.00
1,292,174.80
97.98 4.52%
1,273,704.68
5,687.50
0.64%
(18,470.12)
Aaa/AA+
NA
0.61 0.59
14913R2V8 CATERPILLAR FINANCIAL SERVICES
CORP 3.4 05/13/2025 585,000.00 05/10/20223.44%
584,257.05
584,848.16
99.35 4.47%
581,213.61
7,624.50
0.29%
(3,634.55)
A2/A
A+
0.62 0.59
78015K7H1 ROYAL BANK OF CANADA 1.15
06/10/2025 1,800,000.00 -- 1.66%
1,775,582.00
1,794,036.04
97.71 4.55%
1,758,776.18
6,382.50
0.89%
(35,259.86)
A1/A
AA0.690.67
63743HFE7
NATIONAL RURAL UTILITIES
COOPERATIVE FINANCE CORP 3.45
06/15/2025
375,000.00 04/27/2022
3.46%
374,898.75
374,977.13
99.27 4.50%
372,268.88
3,809.38
0.19%
(2,708.25)
A2/AA0.71
0.68 14913R2Z9 CATERPILLAR FINANCIAL SERVICES
CORP 3.65 08/12/2025 1,000,000.00 08/18/2022
3.64%
1,000,270.00
1,000,078.32
99.51 4.23%
995,059.16
4,968.06
0.50%
(5,019.16)
A2/A
A+
0.87 0.84
931142EW9 WALMART INC 3.9 09/09/2025 1,000,000.00 09/08/2022
3.80%
1,002,740.00
1,000,859.86
99.80 4.11%
998,045.10
2,383.33
0.50%
(2,814.76)
Aa2/AA
AA
0.94 0.91
92826CAD4 VISA INC 3.15 12/14/2025 2,000,000.00 12/21/2022
4.35%
1,933,300.00
1,973,062.28
98.95 4.05%
1,978,939.06
18,725.00
1.00%
5,876.78
Aa3/AANA1.21
1.16 24422EWP0 JOHN DEERE CAPITAL CORP 4.8
01/09/2026 1,000,000.00 01/04/2023
4.75%
1,001,220.00
1,000,517.61
100.92
4.05%
1,009,199.52
10,933.33
0.51%
8,681.91
A1/A
A+
1.28 1.21
037833BY5 APPLE INC 3.25 02/23/2026 1,000,000.00 05/09/2023
4.05%
979,180.00
989,579.78
99.11 3.91%
991,136.24
3,430.56
0.50%
1,556.46
Aaa/AA+
NA
1.40 1.34
46647PBH8 JPMORGAN CHASE & CO 2.005
03/13/2026 950,000.00 04/07/20211.20%
979,811.00
953,388.56
98.67 5.85%
937,327.88
952.38
0.47%
(16,060.68)
A1/AAA1.45
0.44 36
HOLDINGS REPORT
City of San Leandro | Account #460 | As of September 30, 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
808513BR5 CHARLES SCHWAB CORP 1.15
05/13/2026 500,000.00 05/17/20211.17%
499,515.00
499,843.04
95.32 4.17%
476,604.21
2,204.17
0.24%
(23,238.84)
A2/AA1.62
1.57 91324PEC2 UNITEDHEALTH GROUP INC 1.15
05/15/2026 1,700,000.00 --2.24%
1,627,818.00
1,671,621.23
95.60 3.97%
1,625,272.98
7,385.56
0.82%
(46,348.25)
A2/A+
A
1.62 1.57
89114TZD7 TORONTO-DOMINION BANK 1.2
06/03/2026 500,000.00 04/21/20223.58%
454,290.00
481,411.27
95.34 4.11%
476,712.37
1,966.67
0.24%
(4,698.90)
A1/A
AA1.671.62
61747YET8 MORGAN STANLEY 4.679
07/17/2026 685,000.00 07/18/20224.68%
685,000.00
685,000.00
99.86 5.78%
684,034.07
6,588.29
0.35%
(965.93)
A1/AA+1.79
0.76 438516BL9 HONEYWELL INTERNATIONAL INC
2.5 11/01/2026 1,000,000.00 12/15/20224.30%
936,170.00
965,623.05
97.41 3.81%
974,070.71
10,416.67
0.49%
8,447.66
A2/A
A
2.09 1.98
06051GLE7 BANK OF AMERICA CORP 5.08
01/20/2027 2,000,000.00 01/26/20234.98%
2,005,260.00
2,002,305.49
100.81
5.15%
2,016,257.20
20,037.78
1.02%
13,951.71
A1/AAA2.31
1.24 20030NBY6 COMCAST CORP 3.3 02/01/2027 2,300,000.00 09/11/2023
5.27%
2,161,172.00
2,204,268.16
98.43 4.01%
2,263,798.46
12,650.00
1.14%
59,530.30
A3/AA2.34
2.21 17275RBQ4 CISCO SYSTEMS INC 4.8
02/26/2027 1,020,000.00 02/21/20244.85%
1,018,674.00
1,018,937.75
102.19
3.84%
1,042,322.28
4,760.00
0.53%
23,384.53
A1/AANA2.41
2.17 665859AW4 NORTHERN TRUST CORP 4.0
05/10/2027 1,000,000.00 09/08/20224.09%
996,170.00
997,858.71
100.16
3.93%
1,001,627.03
15,666.67
0.51%
3,768.32
A2/A+
A+
2.61 2.34
89115A2C5 TORONTO-DOMINION BANK 4.108
06/08/2027 2,000,000.00 03/19/20245.00%
1,947,340.00
1,956,041.91
99.99 4.11%
1,999,777.88
25,789.11
1.01%
43,735.97
A1/A
NA
2.69 2.49
74340XBV2 PROLOGIS LP 3.375 12/15/2027 2,000,000.00 10/18/2023
5.81%
1,822,200.00
1,862,870.14
97.96 4.06%
1,959,139.76
19,875.00
0.99%
96,269.62
A3/A
NA
3.21 2.97
06368LGV2 BANK OF MONTREAL 5.203
02/01/2028 2,500,000.00 --5.34%
2,486,190.00
2,490,267.30
103.12
4.19%
2,577,971.15
21,679.17
1.30%
87,703.85
A2/AAA3.34
2.95 438516CJ3 HONEYWELL INTERNATIONAL INC
4.95 02/15/2028 1,000,000.00 02/23/20234.65%
1,013,070.00
1,008,803.74
103.50
3.83%
1,035,044.10
6,325.00
0.52%
26,240.36
A2/A
A
3.38 3.00
91324PEP3 UNITEDHEALTH GROUP INC 5.25
02/15/2028 1,000,000.00 07/18/20234.52%
1,029,460.00
1,021,574.06
104.07
3.95%
1,040,669.19
6,708.33
0.53%
19,095.13
A2/A+
A
3.38 2.99
61747YER2 MORGAN STANLEY 4.21
04/20/2028 1,500,000.00 07/06/20235.73%
1,423,620.00
1,448,471.17
99.80 4.87%
1,496,951.21
28,242.08
0.76%
48,480.03
A1/AA+3.56
2.35 46647PAF3 JPMORGAN CHASE & CO 3.54
05/01/2028 1,000,000.00 07/18/2023
5.35%
938,600.00
958,118.18
98.19 4.81%
981,918.77
14,750.00
0.50%
23,800.59
A1/AAA3.59
2.40 58933YBH7 MERCK & CO INC 4.05 05/17/2028 1,500,000.00 --
4.07%
1,498,356.40
1,498,808.91
100.84
3.80%
1,512,626.42
22,612.50
0.76%
13,817.51
A1/A+
NA
3.63 3.23
37 HOLDINGS REPORT
City of San Leandro | Account #460 | As of September 30, 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 07/06/20235.21%
1,421,775.00
1,441,287.79
99.51 4.65%
1,492,632.45
17,964.00
0.75%
51,344.66
A1/A
AA3.702.50
06051GKW8 BANK OF AMERICA CORP 4.948
07/22/2028 750,000.00 09/06/20235.78%
728,677.50
734,547.60
101.76
4.92%
763,181.30
7,112.75
0.39%
28,633.69
A1/AAA3.81
2.58 06406RBL0 BANK OF NEW YORK MELLON
CORP 5.802 10/25/2028 1,000,000.00 05/28/20245.30%
1,015,460.00
1,013,906.54
104.82
3.85%
1,048,209.19
25,142.00
0.53%
34,302.65
A1/A
AA4.072.74
78016HZV5 ROYAL BANK OF CANADA 4.95
02/01/2029 1,000,000.00 05/29/20245.30%
985,800.00
986,830.91
103.12
4.15%
1,031,246.45
8,250.00
0.52%
44,415.54
A1/A
AA4.343.85
756109CF9 REALTY INCOME CORP 4.75
02/15/2029 2,500,000.00 07/24/20244.91%
2,483,650.00
2,484,317.35
101.86
4.28%
2,546,492.15
15,173.61
1.29%
62,174.80
A3/ANA4.38
3.83 Total Corporate 48,765,000.00 4.21%
47,665,341.70
48,167,942.62
99.86 4.37%
48,675,180.68
426,666.43
24.59%
507,238.06
A1/A
A+
2.19 1.83
MONEY MARKET
FUND
60934N104 FEDERATED HRMS GV O INST 1,341,555.11 --
4.80%
1,341,555.11
1,341,555.11
1.00 4.80%
1,341,555.11
0.00 0.68%
0.00 Aaa/AAAm
AAA
0.00 0.00
Total Money Market
Fund 1,341,555.11 4.80%
1,341,555.11
1,341,555.11
1.00 4.80%
1,341,555.11
0.00 0.68%
0.00 Aaa/AAAm
AAA
0.00 0.00
SUPRANATIONAL
45950KDF4 INTERNATIONAL FINANCE CORP
4.375 01/15/2027 1,415,000.00 11/29/20234.49%
1,410,387.10
1,411,605.30
101.44
3.71%
1,435,381.80
13,072.08
0.73%
23,776.51
Aaa/AAA
NA
2.29 2.15
45950KDD9 INTERNATIONAL FINANCE CORP
4.5 07/13/2028 935,000.00 07/06/20234.53%
933,962.15
934,215.51
103.31
3.56%
965,967.47
9,116.25
0.49%
31,751.97
Aaa/AAA
NA
3.79 3.43
Total Supranational 2,350,000.00 4.50%
2,344,349.25
2,345,820.80
102.19
3.65%
2,401,349.27
22,188.33
1.21%
55,528.47
Aaa/AAA
NA
2.89 2.66
US TREASURY
91282CDH1 UNITED STATES TREASURY 0.75
11/15/2024 2,500,000.00 12/13/20210.93%
2,487,304.69
2,499,464.58
99.50 4.84%
2,487,516.33
7,082.20
1.26%
(11,948.26)
Aaa/AA+
AA+
0.13 0.12
912828YV6 UNITED STATES TREASURY 1.5
11/30/2024 2,000,000.00 09/16/20210.49%
2,064,218.75
2,003,293.27
99.46 4.81%
1,989,160.16
10,081.97
1.00%
(14,133.11)
Aaa/AA+
AA+
0.17 0.16
38 HOLDINGS REPORT
City of San Leandro | Account #460 | As of September 30, 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
912828Z52 UNITED STATES TREASURY 1.375
01/31/2025 3,000,000.00 04/21/20222.83%
2,883,281.25
2,985,970.75
98.96 4.55%
2,968,798.83
6,949.73
1.50%
(17,171.92)
Aaa/AA+
AA+
0.34 0.33
912828ZF0 UNITED STATES TREASURY 0.5
03/31/2025 2,500,000.00 12/13/20211.01%
2,458,789.06
2,493,799.52
98.11 4.38%
2,452,734.38
34.34 1.24%
(41,065.14)
Aaa/AA+
AA+
0.50 0.49
912828ZT0 UNITED STATES TREASURY 0.25
05/31/2025 1,100,000.00 04/01/20210.69%
1,080,105.47
1,096,826.32
97.42 4.23%
1,071,608.40
924.18
0.54%
(25,217.92)
Aaa/AA+
AA+
0.67 0.65
91282CHL8 UNITED STATES TREASURY 4.625
06/30/2025 1,750,000.00 07/28/20234.95%
1,739,609.38
1,745,962.50
100.35
4.14%
1,756,118.16
20,454.31
0.89%
10,155.66
Aaa/AA+
AA+
0.75 0.72
912828Y79 UNITED STATES TREASURY 2.875
07/31/2025 3,000,000.00 06/14/20223.44%
2,949,257.81
2,986,536.88
99.05 4.05%
2,971,406.25
14,531.25
1.50%
(15,130.63)
Aaa/AA+
AA+
0.83 0.81
9128284Z0 UNITED STATES TREASURY 2.75
08/31/2025 2,000,000.00 06/21/20210.74%
2,166,562.50
2,036,336.95
98.83 4.06%
1,976,671.88
4,709.94
1.00%
(59,665.07)
Aaa/AA+
AA+
0.92 0.89
9128285J5 UNITED STATES TREASURY 3.0
10/31/2025 3,000,000.00 06/14/20223.48%
2,954,296.88
2,985,370.56
99.02 3.94%
2,970,468.75
37,663.04
1.50%
(14,901.81)
Aaa/AA+
AA+
1.08 1.04
91282CAZ4 UNITED STATES TREASURY 0.375
11/30/2025 2,000,000.00 09/16/20210.72%
1,971,640.63
1,992,148.06
96.05 3.88%
1,921,015.62
2,520.49
0.97%
(71,132.44)
Aaa/AA+
AA+
1.17 1.14
91282CJV4 UNITED STATES TREASURY 4.25
01/31/2026 3,000,000.00 01/30/20244.36%
2,993,671.88
2,995,784.14
100.54
3.83%
3,016,171.86
21,480.98
1.52%
20,387.72
Aaa/AA+
AA+
1.34 1.28
91282CGL9 UNITED STATES TREASURY 4.0
02/15/2026 2,500,000.00 05/30/20245.03%
2,458,300.78
2,466,507.19
100.27
3.79%
2,506,738.28
12,771.74
1.27%
40,231.09
Aaa/AA+
AA+
1.38 1.32
91282CBT7 UNITED STATES TREASURY 0.75
03/31/2026 1,700,000.00 10/14/2021
0.98%
1,682,667.97
1,694,187.17
95.64 3.77%
1,625,824.22
35.03 0.82%
(68,362.94)
Aaa/AA+
AA+
1.50 1.46
9128286L9 UNITED STATES TREASURY 2.25
03/31/2026 2,000,000.00 12/21/20223.92%
1,898,125.00
1,953,452.93
97.81 3.77%
1,956,171.88
123.63
0.99%
2,718.95
Aaa/AA+
AA+
1.50 1.45
912828R36 UNITED STATES TREASURY 1.625
05/15/2026 3,000,000.00 12/21/20223.94%
2,780,742.19
2,895,498.90
96.71 3.73%
2,901,445.32
18,413.72
1.47%
5,946.42
Aaa/AA+
AA+
1.62 1.57
91282CHM6 UNITED STATES TREASURY 4.5
07/15/2026 1,750,000.00 07/28/20234.53%
1,748,359.38
1,749,009.55
101.38
3.69%
1,774,199.21
16,691.58
0.90%
25,189.66
Aaa/AA+
AA+
1.79 1.69
9128282A7 UNITED STATES TREASURY 1.5
08/15/2026 3,000,000.00 12/21/20223.90%
2,756,367.19
2,875,074.17
96.10 3.67%
2,883,046.86
5,747.28
1.46%
7,972.69
Aaa/AA+
AA+
1.87 1.82
912828U24 UNITED STATES TREASURY 2.0
11/15/2026 2,000,000.00 03/30/2022
2.53%
1,953,203.13
1,978,539.90
96.68 3.64%
1,933,593.76
15,108.70
0.98%
(44,946.14)
Aaa/AA+
AA+
2.13 2.04
91282CJP7 UNITED STATES TREASURY 4.375
12/15/2026 3,500,000.00 12/21/2023
4.05%
3,531,171.88
3,523,042.57
101.59
3.62%
3,555,507.83
45,184.43
1.80%
32,465.26
Aaa/AA+
AA+
2.21 2.06
39 HOLDINGS REPORT
City of San Leandro | Account #460 | As of September 30, 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
91282CJT9 UNITED STATES TREASURY 4.0
01/15/2027 2,750,000.00 02/28/20244.47%
2,715,410.16
2,722,486.10
100.83
3.62%
2,772,773.44
23,315.22
1.40%
50,287.34
Aaa/AA+
AA+
2.29 2.15
91282CEF4 UNITED STATES TREASURY 2.5
03/31/2027 3,000,000.00 08/18/20223.06%
2,928,164.06
2,961,161.70
97.43 3.59%
2,922,890.64
206.04
1.48%
(38,271.06)
Aaa/AA+
AA+
2.50 2.39
91282CKJ9 UNITED STATES TREASURY 4.5
04/15/2027 3,000,000.00 04/26/20244.84%
2,971,992.19
2,976,008.11
102.18
3.59%
3,065,273.43
62,336.07
1.55%
89,265.32
Aaa/AA+
AA+
2.54 2.34
912828X88 UNITED STATES TREASURY 2.375
05/15/2027 3,000,000.00 12/15/2022
3.71%
2,838,164.06
2,903,963.28
96.96 3.60%
2,908,945.32
26,912.36
1.47%
4,982.04
Aaa/AA+
AA+
2.62 2.49
91282CKZ3 UNITED STATES TREASURY 4.375
07/15/2027 4,000,000.00 07/30/20244.17%
4,022,187.50
4,020,912.59
102.09
3.58%
4,083,750.00
37,092.39
2.06%
62,837.41
Aaa/AA+
AA+
2.79 2.59
91282CFH9 UNITED STATES TREASURY 3.125
08/31/2027 4,000,000.00 05/29/20244.78%
3,802,500.00
3,823,114.48
98.76 3.58%
3,950,468.76
10,704.42
2.00%
127,354.28
Aaa/AA+
AA+
2.92 2.75
91282CFM8 UNITED STATES TREASURY 4.125
09/30/2027 3,000,000.00 -- 3.81%
3,041,132.81
3,025,590.71
101.61
3.56%
3,048,164.07
339.97
1.54%
22,573.36
Aaa/AA+
AA+
3.00 2.80
91282CFZ9 UNITED STATES TREASURY 3.875
11/30/2027 3,000,000.00 -- 3.90%
2,998,007.82
2,997,737.22
100.88
3.58%
3,026,250.00
39,067.62
1.53%
28,512.78
Aaa/AA+
AA+
3.17 2.92
91282CGH8 UNITED STATES TREASURY 3.5
01/31/2028 3,000,000.00 02/23/20234.15%
2,914,101.56
2,941,987.57
99.77 3.57%
2,993,203.14
17,690.22
1.51%
51,215.57
Aaa/AA+
AA+
3.34 3.10
91282CGT2 UNITED STATES TREASURY 3.625
03/31/2028 3,000,000.00 -- 3.68%
2,993,593.75
2,995,178.72
100.20
3.56%
3,006,093.75
298.76
1.52%
10,915.03
Aaa/AA+
AA+
3.50 3.26
Total US Treasury 77,050,000.00 3.42%
75,782,929.73
76,324,946.38
99.32 3.83%
76,496,010.51
458,471.62
38.64%
171,064.13
Aaa/AA+
AA+
1.88 1.78
Total Portfolio 197,932,814.96 3.89%
195,543,606.45
196,494,839.70
99.38 4.04%
197,962,795.57
1,317,072.38
100.00%
1,467,955.87
Aa2/AAAA2.09
1.73 Total Market Value +
Accrued 199,279,867.95
40 HOLDINGS REPORT
City of San Leandro Reporting | Account #461 | As of September 30, 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 125,858.83 --
0.00%
125,858.83
125,858.83
1.00 0.00%
125,858.83
0.00 0.47%
0.00 Aaa/AAA
AAA
0.00 0.00
90WELL$00 Wells Fargo Checking Account 18,803,861.40 -- 18,803,861.40 18,803,861.40
1.00 18,803,861.40
0.00 70.79%
0.00 NA/NA
NA
0.00 0.00
Total Cash 18,929,720.23 0.00%
18,929,720.23
18,929,720.23
1.00 0.00%
18,929,720.23
0.00 71.26%
0.00 Aaa/AAA
AAA
0.00 0.00
LAIF
90LAIF$00 Local Agency Investment Fund
State Pool 7,634,196.88 -- 4.57%
7,634,196.88
7,634,196.88
1.00 4.57%
7,634,196.88
0.00 28.74%
0.00 NA/NA
NA
0.00 7,634,196.88
7,634,196.88
1.00 4.57%
7,634,196.88
0.00 28.74%
0.00 NA/NA
NA
0.00 Total LAIF 7,634,196.88 4.57%
Total Portfolio 26,563,917.11 4.50%
26,563,917.11
26,563,917.11
1.00 4.50%
26,563,917.11
0.00 100.00%
0.00 Aaa/AAA
AAA
0.00 0.00
Total Market Value +
Accrued 26,563,917.11
41 TRANSACTIONS
42 TRANSACTION LEDGER
City of San Leandro | Account #460|07/01/2024 Through 09/30/2024| Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/DispYield Amount InterestPur/Sold Total Amount Gain/Loss
ACQUISITIONS
Purchase 07/23/2024 3133ERMB4 3,000,000.00
FEDERAL FARM CREDIT
BANKS FUNDING CORP 4.25
07/23/2027
99.969 4.26% (2,999,070.00) 0.00 (2,999,070.00) 0.00
Purchase 07/23/2024 3137FJEH8 800,000.00 FHMS K-081 A2 3.9 08/25/2028 97.547 4.54% (780,375.00) (1,906.67) (782,281.67) 0.00 Purchase 07/24/2024 44934QAD3 570,000.00 HART 2024-B A3 4.84 03/15/2029 99.985 5.45% (569,913.99) 0.00 (569,913.99) 0.00 Purchase 07/25/2024 756109CF9 2,500,000.00 REALTY INCOME CORP 4.75 02/15/2029 99.346 4.91% (2,483,650.00) (62,343.75) (2,545,993.75) 0.00 Purchase 07/31/2024 91282CFM8 1,000,000.00 UNITED STATES TREASURY
4.125 09/30/2027 99.957 4.14% (999,570.31) (13,750.00) (1,013,320.31) 0.00 Purchase 07/31/2024 91282CKZ3 4,000,000.00 UNITED STATES TREASURY
4.375 07/15/2027 100.555 4.17% (4,022,187.50) (7,608.70) (4,029,796.20) 0.00 Total Purchase 11,870,000.00 (11,854,766.80) (85,609.12) (11,940,375.92) 0.00 TOTAL
ACQUISITIONS 11,870,000.00 (11,854,766.80) (85,609.12) (11,940,375.92) 0.00
DISPOSITIONS
Maturity 07/11/2024 912797GB7 (7,000,000.00) UNITED STATES TREASURY 07/11/2024 100.000 0.00% 7,000,000.00 0.00 7,000,000.00 0.00 Maturity 07/15/2024 91282CCL3 (3,000,000.00) UNITED STATES TREASURY
0.375 07/15/2024 100.000 0.38% 3,000,000.00 0.00 3,000,000.00 0.00 Maturity 07/16/2024 912797KP1 (3,000,000.00) UNITED STATES TREASURY 07/16/2024 100.000 0.00% 3,000,000.00 0.00 3,000,000.00 0.00 Maturity 07/30/2024 91159HHX1 (1,000,000.00) US BANCORP 2.4 07/30/2024 100.000 2.40% 1,000,000.00 0.00 1,000,000.00 0.00 Maturity 08/15/2024 91282CCT6 (1,000,000.00) UNITED STATES TREASURY
0.375 08/15/2024 100.000 0.38% 1,000,000.00 0.00 1,000,000.00 0.00 Maturity 09/13/2024 3130A2UW4 (1,200,000.00) FEDERAL HOME LOAN BANKS 2.875 09/13/2024 100.000 2.88% 1,200,000.00 0.00 1,200,000.00 0.00 Maturity 09/17/2024 912797LH8 (3,000,000.00) UNITED STATES TREASURY 09/17/2024 100.000 0.00% 3,000,000.00 0.00 3,000,000.00 0.00 Total Maturity (19,200,000.00) 19,200,000.00 0.00 19,200,000.00 0.00 43 TRANSACTION LEDGER
City of San Leandro | Account #460|07/01/2024 Through 09/30/2024| Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/DispYield Amount InterestPur/Sold Total Amount Gain/Loss TOTAL
DISPOSITIONS (19,200,000.00) 19,200,000.00 0.00 19,200,000.00 0.00 44 TRANSACTION LEDGER
City of San Leandro Reporting | Account #461|07/01/2024 Through 09/30/2024| Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/DispYield Amount InterestPur/Sold Total Amount Gain/Loss
ACQUISITIONS
Purchase 07/15/2024 90LAIF$00 125,479.23 Local Agency Investment Fund State Pool 1.000 4.53% (125,479.23) 0.00 (125,479.23) 0.00 Total Purchase 125,479.23 (125,479.23) 0.00 (125,479.23) 0.00 TOTAL
ACQUISITIONS 125,479.23 (125,479.23) 0.00 (125,479.23) 0.00
DISPOSITIONS
Sale 09/30/2024 90LAIF$00 (3,400,000.00) Local Agency Investment Fund State Pool 1.000 4.57% 3,400,000.00 0.00 3,400,000.00 0.00 Total Sale (3,400,000.00) 3,400,000.00 0.00 3,400,000.00 0.00 TOTAL
DISPOSITIONS (3,400,000.00) 3,400,000.00 0.00 3,400,000.00 0.00 45 IMPORTANT DISCLOSURES
City of San Leandro Cons | Account #462 | As of September 30, 2024 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 “asis” 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. 46 BENCHMARK DISCLOSURES
City of San Leandro | As of September 30, 2024
Benchmark Disclosure
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. 47