INVESTMENT REPORT
City of San Leandro | As of December 31, 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 December 31, 2024
ECONOMIC UPDATE
ACCOUNT PROFILE
CONSOLIDATED INFORMATION
PORTFOLIO HOLDINGS
TRANSACTIONS
1 ECONOMIC UPDATE
2
Recent economic data suggests continued growth fueled by a resilient consumer. Inflationary trends have subsided, but some components remain sticky, and core levels remain above the Fed’s target. The labor market reflects improved balance between supply and demand for workers. While job creation has been robust, continuing jobless claims remain elevated. Given the economic outlook, we expect gradual normalization of monetary policy and a steepening yield curve.
As broadly anticipated, the Federal Open Market Committee (FOMC) reduced the Fed Funds Rate by 25 basis points to the range of 4.25-
4.50% at the December meeting. Although the cut was widely anticipated, market participants viewed the trajectory of rates in the Summary of Economic Projections (SEP) as ‘hawkish.’ Chair Jerome Powell reiterated previous statements indicating the economy is in a good place and that monetary policy is well positioned. The Fed released the quarterly SEP, which now forecasts a higher central tendency of core inflation and a higher longer run Fed Funds forecast. In the Chandler team’s view, the updated SEP reflects the continued resiliency of the US economy and the corresponding risk of inflation taking longer to reach the FOMC’s two percent objective in 2025.
US Treasury yields shifted higher in December and the curve steepened. The 2-year Treasury yield increased 9 basis points to 4.24%, the 5- year Treasury rose 33 basis points to 4.38%, and the 10-year Treasury yield surged 40 basis points to 4.57%. The spread between the 2-year and 10-year Treasury yield points on the curve increased to +33 basis points at December month-end versus +2 basis points at November month-end. The spread between the 2-year Treasury and 10-year Treasury yield one year ago was -37 basis points. The spread between the 3-month and 10-year Treasury yield points on the curve increased to +25 basis points in December from -32 basis points in November.
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 256,000 jobs in December, far exceeding consensus expectations. Gains were led by health care, retail, and leisure sectors, while manufacturing shed jobs. The three-month moving average and six-month moving average payrolls totaled 170,000 and 165,000 respectively. The unemployment rate declined to 4.1% in December, and the labor participation rate was unchanged at
62.5%, 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 fell to 7.5%. Average hourly earnings moderated to an increase of 3.9% year-over-year in December.
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) rose to 8.098 million new job openings in November, which represented an increase from the upwardly revised 7.839 million job openings in October. Job openings indicate a ratio of 1.1 jobs for each unemployed individual, representing a relatively balanced labor market.
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 December, the Consumer Price Index (CPI) rose 0.4% month-over-month and 2.9% year-over-year. The Core CPI, which excludes volatile food and energy components, rose 0.2% month-over-month and 3.2% year-over-year, slowing from last month and coming in lower than consensus expectations. The Personal Consumption Expenditures (PCE) Index rose 0.1% from the previous month and 2.4% year-over-year in November versus a 2.3% increase in October. The Core PCE deflator (the Fed’s preferred gauge) increased 0.1% month-over-month, below recent small month-over-month rises and 2.8% over the past year. Core prices are exhibiting what Fed Chair Powell describes as “sideways” movement. Although inflation has moderated, price increases remain 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
December Retail Sales advanced broadly, providing evidence of a solid pace of consumer spending in the holiday season. Retail Sales rose 0.4% in December, after an increase of 0.8% in November and below the consensus expectation of 0.6%. Spending was solid for motor vehicles and non-store retailers, as well as for most other categories associated with the winter holidays. On a year-over-year basis, Retail Sales grew 3.9% in December versus 4.1% in November. The Retail Sales Control Group, which are used to calculate gross domestic product, increased 0.7% in December, the most in three months, exceeding expectations of 0.4%. The Conference Board’s Consumer Confidence Index declined to 104.7 in December from an upwardly revised 112.8 in November. Consumers' assessment about future business conditions and outcomes were substantially less optimistic and there was increased pessimism about future employment prospects. While the consumer has been resilient, low 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) increased 0.3% in November reversing its -0.4% decline in October due to a rebound in building permits, continued support from equities, improvement in average hours worked in manufacturing, and fewer initial unemployment claims. The LEI decreased year-over-year by -3.5%. According to the Conference Board, the rise in LEI is a positive sign for future activity in the US and is consistent with an expectation for moderate growth at the end of 2024 and into early 2025. The Chicago Fed National Activity Index (CFNAI) improved to -0.12 in November from -0.50 in October. The three-month moving average fell to -0.31 in November from -0.27 in October, 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 surged by 15.8% in December to 1.5 million units after declining in the prior three months. Total starts are down 4.4% compared to December 2023. The supply of existing homes is gradually becoming more abundant after the period of scarcity as homeowners held onto their low mortgage rates. The Freddie Mac 30-year fixed rate mortgage averaged approximately 6.7% in December. According to the Case-Shiller 20-City Home Price Index, housing prices rose 4.2% year-over-year in October, decelerating from
4.6% reported in the previous month. With more inventory entering the market the trend is gradually improving; however 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 rose more than forecast to 49.3 in December from 48.4 in November.
While the index has posted contractionary readings for the past nine months, New Orders and Prices indices continued in expansion territory and the Production Index returned to expansion this month. The Backlog of Orders Index and Employment Index remained in contraction. The ISM Services Index rose to 54.1 in December from 52.1 in November while marking the sixth straight month of expansion.
Robust business activity ahead of the new year and mitigating risks of potential tariffs were the key drivers. 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% 0.2%
0.1% -0.6% -0.9% -0.4%
0.0% 0.0% 0.3% 0.6%
0.6% 0.3% 0.3% 0.3%
3.2% 1.6% 3.0% 3.1%
Personal Consumption Expenditures
Gross Private Domestic Investment
Net Exports and Imports
Federal Government Expenditures
Total
State and Local (Consumption and Gross
Investment)
-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 third estimate, third quarter GDP increased at an annualized rate of 3.1% compared to 2.8% from the second estimate.
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, residential investment, and change in private inventories. The consensus projection calls for 2.4% growth in the fourth quarter and 2.7% 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
As broadly anticipated, the Federal Open Market Committee (FOMC) reduced the Fed Funds Rate by 25 basis points to the range of 4.25-
4.50% at the December meeting. There was one dissenting vote by Cleveland Fed President Beth Hammack who would have preferred no change in rates. Although a reduction in rates was widely anticipated, market participants viewed the trajectory of rates in the SEP as ‘hawkish.’ Chair Jerome Powell reiterated previous statements that monetary policy is “well positioned” and the outlook remains roughly balanced between the dual mandate of maximum employment and price stability. Economic activity is expanding at a solid pace, labor market conditions have “generally eased”, and the unemployment rate “remains low.” The Fed released the quarterly Summary of Economic Projections (SEP) which now forecasts a higher, longer run median Fed Funds rate expectation among Fed Governors at 2.8 –
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 $1.9T to approximately $7.0T.
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
Dec-24
Sep-24
Dec-23
Yield (%)
At the end of December, the 2-year Treasury yield was 1 basis point lower, and the 10-Year Treasury yield was 69 basis points higher, year-over-year. The spread between the 2-year and 10-year Treasury yield points on the curve increased to +33 basis points at December month-end versus +2 basis points at November month-end. The yield curve inversion which began in July 2022 was historically long. The average historical spread (since 2004) is about +99 basis points. The 3-month and 10-year Treasury yield curve normalized to +25 basis points in December from -32 basis points in November.
BOND YIELDS
13 ACCOUNT PROFILE
14 OBJECTIVES
City of San Leandro | As of December 31, 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 December 31, 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 11.0 Compliant
Max % Issuer (MV) 5.0 1.4 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 by S&P or Moody’s or A- by 1) 0.0 0.0 Compliant
CORPORATE MEDIUM TERM NOTES
Max % (MV) 30.0 24.9 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 21.2 Compliant Max Maturity (Years) 5 3 Compliant
MONEY MARKET MUTUAL FUNDS
Max % (MV) 20.0 0.6 Compliant
Min Rating (AAA by 2) 0.0 0.0 Compliant
16 STATEMENT OF COMPLIANCE
City of San Leandro | Account #460 | As of December 31, 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 1.2 Compliant
Max Maturity (Years) 5 3 Compliant
Min Rating (AA- by 1) 0.0 0.0 Compliant
U.S. TREASURIES
Max % (MV) 100.0 39.6 Compliant
Max Maturity (Years) 5 3 Compliant
17 PORTFOLIO CHARACTERISTICS
City of San Leandro | Account #460 | As of December 31, 2024 Benchmark* 12/31/2024
Portfolio
9/30/2024
Portfolio
Average Maturity (yrs) 1.84 1.96 2.09
Average Modified Duration 1.74 1.60 1.73
Average Purchase Yield 4.01% 3.90%
Average Market Yield 4.25% 4.43% 4.04%
Average Quality** AA+ AA+ AA+
Total Market Value 191,918,887 199,279,868
*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 December 31, 2024 Sector as a Percentage of Market Value
Sector 12/31/2024 09/30/2024
US Treasury 39.62% 38.64%
Corporate 24.85% 24.59%
Agency 21.20% 22.32%
ABS 11.02% 11.15%
Agency CMBS 1.43% 1.41%
Supras 1.24% 1.21%
Money Mkt Fd 0.63% 0.68%
19 ISSUERS
City of San Leandro | Account #460 | As of December 31, 2024 Issuer Investment Type % Portfolio
Government of The United States US Treasury 39.62%
Federal Home Loan Banks Agency 12.40%
Farm Credit System Agency 5.00%
FHLMC Agency 2.17%
Chase Issuance Trust ABS 1.73%
American Express Credit Master Trust ABS 1.72%
FNMA Agency 1.62%
Royal Bank of Canada Corporate 1.46%
Bank of America Corporation Corporate 1.45%
FHLMC Agency CMBS 1.43%
UnitedHealth Group Incorporated Corporate 1.39%
Bank of Montreal Corporate 1.32%
BNY Mellon Corp Corporate 1.31%
Realty Income Corporation Corporate 1.30%
The Toronto-Dominion Bank Corporate 1.28%
International Finance Corporation Supras 1.24%
John Deere Owner Trust ABS 1.23%
Apple Inc. Corporate 1.19%
Comcast Corporation Corporate 1.18%
Morgan Stanley Corporate 1.14%
PepsiCo, Inc. Corporate 1.05%
Visa Inc. Corporate 1.04%
Honeywell International Inc. Corporate 1.04%
Prologis, Inc. Corporate 1.02%
JPMorgan Chase & Co. Corporate 1.01%
Honda Auto Receivables Owner Trust ABS 0.91%
PACCAR Inc Corporate 0.89%
Amazon.com, Inc. Corporate 0.89%
BMW Vehicle Owner Trust ABS 0.83%
Caterpillar Inc. Corporate 0.83%
20 ISSUERS
City of San Leandro | Account #460 | As of December 31, 2024 Issuer Investment Type % Portfolio
Hyundai Auto Receivables Trust ABS 0.79%
Merck & Co., Inc. Corporate 0.78%
Toyota Motor Corporation Corporate 0.74%
GM Financial Automobile Leasing Trus ABS 0.71%
Federated Hermes, Inc. Money Mkt Fd 0.63%
GM Financial Securitized Term ABS 0.60%
Bank of America Credit Card Trust ABS 0.54%
Cisco Systems, Inc. Corporate 0.54%
Deere & Company Corporate 0.53%
Walmart Inc. Corporate 0.52%
Northern Trust Corporation Corporate 0.52%
Toyota Auto Receivables Owner Trust ABS 0.43%
Hyundai Auto Lease Securitization Tr ABS 0.36%
Toyota Lease Owner Trust ABS 0.35%
Hyundai Auto Receivables Trust 2024- ABS 0.30%
Mercedes-Benz Auto Lease Trust ABS 0.27%
The Charles Schwab Corporation Corporate 0.25%
MERCEDES-BENZ AUTO RECEIVABLES TRUST ABS 0.22%
National Rural Utilities Cooperative Corporate 0.20%
BMW Vehicle Lease Trust ABS 0.03%
Cash Cash 0.00%
TOTAL 100.00%
21 QUALITY DISTRIBUTION
Rating 12/31/2024 09/30/2024
AAA 10.7% 10.8%
AA 66.5% 66.4%
A 20.7% 20.6%
NA 2.1% 2.2%
Rating 12/31/2024 09/30/2024
AAA 69.3% 69.6%
AA 2.9% 1.5%
A 20.8% 22.0%
NA 7.0% 6.9%
Rating 12/31/2024 09/30/2024
AAA 11.2% 11.2%
AA 69.1% 69.0%
A 7.8% 8.1%
NA 11.9% 11.8%
City of San Leandro | Account #460 | As of December 31, 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 7.9% 8.2% 14.7% 33.4% 28.2% 7.7% 0.0% 0.0% 0.0% ICE BofA 1-3 Year US Treasury & Agency Index 0.0% 0.0% 3.9% 59.8% 36.2% 0.0% 0.0% 0.0% 0.0%
DURATION DISTRIBUTION
City of San Leandro | Account #460 | As of December 31, 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 0.09% 4.52% 4.69% 2.03% 1.73% 1.69% 2.10% Benchmark (0.05%) 4.09% 4.18% 1.50% 1.40% 1.40% 1.98%
*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 December 31, 2024 Total Rate of Return : Inception | 05/01/2004
24 PORTFOLIO CHARACTERISTICS
City of San Leandro Reporting | Account #461 | As of December 31, 2024 12/31/2024
Portfolio
9/30/2024
Portfolio
Average Maturity (yrs) 0.00 0.00
Average Modified Duration 0.00 0.00
Average Purchase Yield 2.75% 4.50%
Average Market Yield 2.75% 4.50%
Average Quality** AAA AAA
Total Market Value 30,540,647 26,563,917
*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 December 31, 2024 Sector as a Percentage of Market Value
Sector 12/31/2024 09/30/2024
LAIF 54.85% 28.74%
Cash 45.15% 71.26%
26 HISTORICAL AVERAGE MARKET YIELD TO MATURITY
City of San Leandro | As of December 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% 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% 4.43% 4.25%
* 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 December 31, 2024 12/31/2024
Portfolio
9/30/2024
Portfolio
Average Maturity (yrs) 1.69 1.84
Average Modified Duration 1.38 1.58
Average Purchase Yield 3.84% 3.92%
Average Market Yield 4.20% 4.06%
Average Quality** AA AA
Total Market Value 222,459,534 225,843,785
*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 December 31, 2024 Sector as a Percentage of Market Value
Sector 12/31/2024 09/30/2024
US Treasury 34.14% 34.07%
Corporate 21.41% 21.68%
Agency 18.27% 19.68%
ABS 9.50% 9.83%
LAIF 7.59% 3.40%
Cash 6.25% 8.43%
Agency CMBS 1.24% 1.24%
Supras 1.07% 1.07%
Money Mkt Fd 0.54% 0.60%
30 PORTFOLIO HOLDINGS
31 HOLDINGS REPORT
City of San Leandro | Account #460 | As of December 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
05593AAC3 BMWLT 2023-1 A3 5.16
11/25/2025 52,659.47 02/07/20235.43%
52,658.21
52,659.06
100.07
4.67%
52,696.41
45.29 0.03%
37.35 Aaa/AAA
NA
0.90 0.13
43815GAC3 HAROT 2021-4 A3 0.88
01/21/2026 57,258.48 11/16/20210.89%
57,246.41
57,255.77
99.22 4.64%
56,813.11
14.00 0.03%
(442.65)
Aaa/NA
AAA
1.06 0.21
43815BAC4 HAROT 2022-1 A3 1.88
05/15/2026 186,095.49 02/15/2022
1.89%
186,067.50
186,087.23
99.14 4.60%
184,497.64
155.49
0.10%
(1,589.60)
Aaa/AAA
NA
1.37 0.31
44935FAD6 HART 2021-C A3 0.74 05/15/2026 27,168.43 11/09/2021
0.75%
27,162.37
27,166.87
99.60 4.64%
27,059.43
8.94 0.01%
(107.45)
NA/AAA
AAA
1.37 0.10
05602RAD3 BMWOT 2022-A A3 3.21
08/25/2026 327,753.79 01/04/20234.72%
319,495.93
324,049.14
99.55 4.54%
326,263.00
175.35
0.17%
2,213.87
Aaa/AAA
NA
1.65 0.35
47787JAC2 JDOT 2022 A3 0.36 09/15/2026 131,743.01 03/10/2022
2.34%
131,713.87
131,732.75
99.17 4.82%
130,645.80
135.84
0.07%
(1,086.95)
Aaa/NA
AAA
1.71 0.33
89238FAD5 TAOT 2022-B A3 2.93 09/15/2026 163,808.47 04/07/2022
3.09%
163,804.63
163,807.35
99.39 4.53%
162,813.92
213.32
0.09%
(993.44)
Aaa/AAA
NA
1.71 0.38
362554AC1 GMCAR 2021-4 A3 0.68
09/16/2026 57,706.17 10/13/20210.68%
57,704.70
57,705.85
99.07 4.44%
57,169.06
16.35 0.03%
(536.79)
Aaa/AAA
NA
1.71 0.25
380146AC4 GMCAR 2022-1 A3 1.26
11/16/2026 64,598.51 01/11/20221.27%
64,592.90
64,596.60
99.09 4.61%
64,013.72
33.91 0.03%
(582.88)
NA/AAA
AAA
1.88 0.27
47800AAC4 JDOT 2022-B A3 3.74 02/16/2027 344,907.82 07/12/2022
3.77%
344,874.88
344,893.10
99.56 4.56%
343,406.30
573.31
0.18%
(1,486.80)
Aaa/NA
AAA
2.13 0.55
362585AC5 GMCAR 2022-2 A3 3.1
02/16/2027 161,189.84 04/05/2022
3.13%
161,156.15
161,176.29
99.35 4.63%
160,142.43
208.20
0.08%
(1,033.86)
Aaa/AAA
NA
2.13 0.43
448988AD7 HALST 24A A3 5.02 03/15/2027 685,000.00 01/17/2024
5.03%
684,870.19
684,909.04
100.52
4.58%
688,552.96
1,528.31
0.36%
3,643.92
NA/AAA
AAA
2.20 1.04
36269FAD8 GMALT 2024-1 A3 5.09
03/22/2027 650,000.00 02/08/20245.09%
649,918.75
649,941.81
100.61
4.58%
653,958.11
1,010.93
0.34%
4,016.30
NA/AAA
AAA
2.22 1.08
448979AD6 HART 2023-A A3 4.58 04/15/2027 713,369.83 04/04/2023
5.14%
713,300.20
713,330.16
100.03
4.57%
713,597.96
1,452.10
0.38%
267.80
NA/AAA
AAA
2.29 0.57
89238GAD3 TLOT 2024-A A3 5.25 04/20/2027 655,000.00 02/21/2024
5.25%
654,972.36
654,979.80
100.79
4.54%
660,205.29
1,050.73
0.35%
5,225.49
NA/AAA
AAA
2.30 1.04
43815JAC7 HAROT 2023-1 A3 5.04
04/21/2027 399,146.14 02/16/2023
5.09%
399,071.97
399,105.07
100.34
4.57%
400,499.88
558.80
0.21%
1,394.81
Aaa/NA
AAA
2.30 0.65
32 HOLDINGS REPORT
City of San Leandro | Account #460 | As of December 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
02582JJT8 AMXCA 2022-2 A 3.39 05/17/2027 1,105,000.00 05/17/2022
3.42%
1,104,755.57
1,104,957.26
99.56 4.65%
1,100,090.49
1,664.87
0.58%
(4,866.77)
NA/AAA
AAA
0.37 0.36
47800BAC2 JDOT 2022-C A3 5.09 06/15/2027 697,426.14 10/12/2022
5.15%
697,372.02
697,398.16
100.29
4.69%
699,462.42
1,577.73
0.37%
2,064.26
Aaa/NA
AAA
2.45 0.64
36269WAD1 GMALT 2024-2 A3 5.39
07/20/2027 690,000.00 05/07/20245.85%
689,959.91
689,967.86
101.10
4.63%
697,590.28
1,136.39
0.37%
7,622.42
NA/AAA
AAA
2.55 1.33
47800CAC0 JDOT 2023 A3 5.01 11/15/2027 800,000.00 02/22/2023
3.39%
799,854.24
799,911.14
100.45
4.51%
803,565.36
1,781.33
0.42%
3,654.22
Aaa/NA
AAA
2.87 0.81
58770AAC7 MBART 2023-1 A3 4.51
11/15/2027 419,674.12 01/18/2023
4.56%
419,623.76
419,644.21
100.01
4.53%
419,727.04
841.21
0.22%
82.83 NA/AAA
AAA
2.87 0.69
58770JAD6 MBALT 2024-A A3 5.32
01/18/2028 500,000.00 05/17/20245.73%
499,941.50
499,951.27
101.19
4.64%
505,942.55
1,182.22
0.27%
5,991.28
Aaa/NA
AAA
3.05 1.60
362583AD8 GMCAR 2023-2 A3 4.47
02/16/2028 570,000.00 04/04/20234.51%
569,984.33
569,989.91
100.00
4.51%
569,982.96
1,061.63
0.30%
(6.95)
Aaa/AAA
NA
3.13 0.81
05592XAD2 BMWOT 2023-A A3 5.47
02/25/2028 340,000.00 07/11/20235.47%
339,939.75
339,958.83
100.87
4.55%
342,945.08
309.97
0.18%
2,986.25
NA/AAA
AAA
3.15 0.88
02582JJZ4 AMXCA 2023-1 A 4.87 05/15/2026 625,000.00 06/07/2023
4.87%
624,944.56
624,966.48
100.53
4.51%
628,315.13
1,352.78
0.33%
3,348.64
NA/AAA
AAA
1.37 1.30
438123AC5 HAROT 2023-4 A3 5.67
06/21/2028 420,000.00 11/01/2023
5.74%
419,926.04
419,944.45
101.59
4.55%
426,678.67
661.50
0.22%
6,734.22
Aaa/NA
AAA
3.47 1.31
89239FAD4 TAOT 2023-D A3 5.54 08/15/2028 645,000.00 11/07/2023
6.30%
644,930.47
644,947.05
101.47
4.57%
654,476.99
1,588.13
0.34%
9,529.93
NA/AAA
AAA
3.62 1.41
161571HT4 CHAIT 2023-1 A 5.16 09/15/2028 2,025,000.00 09/07/2023
5.17%
2,024,438.67
2,024,584.30
101.06
4.56%
2,046,462.98
4,644.00
1.08%
21,878.67
NR/AAA
AAA
3.71 1.59
47800RAD5 JDOT 2024 A3 4.96 11/15/2028 360,000.00 03/11/2024
5.12%
359,979.84
359,983.25
100.77
4.57%
362,771.14
793.60
0.19%
2,787.88
Aaa/NA
AAA
3.88 1.73
437930AC4 HONDO-242-A3 5.27 11/20/2028 655,000.00 05/14/2024
5.27%
654,920.42
654,931.31
101.21
4.60%
662,949.67
1,246.50
0.35%
8,018.36
NA/AAA
AAA
3.89 1.65
36268GAD7 GMCAR 2024-1 A3 4.85
12/18/2028 290,000.00 01/09/20244.91%
289,941.68
289,953.04
100.51
4.54%
291,492.57
586.04
0.15%
1,539.53
Aaa/NA
AAA
3.97 1.43
161571HV9 CHAIT 241 A 4.6 01/16/2029 1,245,000.00 01/24/2024
4.61%
1,244,810.39
1,244,845.55
100.26
4.51%
1,248,224.80
2,545.33
0.66%
3,379.25
NR/AAA
AAA
4.04 1.90
448973AD9 HART 2024-A A3 4.99 02/15/2029 765,000.00 03/11/2024
5.05%
764,831.32
764,858.32
100.74
4.61%
770,678.67
1,696.60
0.41%
5,820.35
NA/AAA
AAA
4.13 1.72
33 HOLDINGS REPORT
City of San Leandro | Account #460 | As of December 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
096919AD7 BMWOT 2024-A A3 5.18
02/26/2029 905,000.00 06/04/20245.24%
904,862.53
904,878.83
101.18
4.48%
915,677.55
781.32
0.48%
10,798.73
Aaa/AAA
NA
4.16 1.55
44934QAD3 HART 2024-B A3 4.84 03/15/2029 570,000.00 07/16/2024
4.90%
569,913.99
569,922.16
100.51
4.64%
572,934.70
1,226.13
0.30%
3,012.54
NA/AAA
AAA
4.20 2.04
02582JKH2 AMXCA 2024-1 A 5.23 04/16/2029 1,520,000.00 04/16/2024
5.30%
1,519,688.40
1,519,731.74
101.53
4.57%
1,543,237.61
3,533.16
0.81%
23,505.87
NA/AAA
AAA
4.29 2.11
05522RDJ4 BACCT 2024-1 A 4.93 05/15/2029 1,020,000.00 06/06/2024
4.93%
1,019,942.78
1,019,949.40
100.97
4.54%
1,029,857.89
2,234.93
0.54%
9,908.49
Aaa/AAA
NA
4.37 2.19
Total ABS 20,844,505.70 4.86%
20,833,173.19
20,838,670.41
100.63
4.57%
20,975,399.54
39,626.26
11.02%
136,729.13
Aaa/AAA
AAA
3.08 1.29
AGENCY
3135G0X24 FEDERAL NATIONAL MORTGAGE
ASSOCIATION 1.625 01/07/2025 2,100,000.00 --1.51%
2,111,993.00
2,100,039.94
99.97 3.87%
2,099,335.81
16,493.75
1.10%
(704.12)
Aaa/AA+
AA+
0.02 0.01
3137EAEP0 FEDERAL HOME LOAN MORTGAGE
CORP 1.5 02/12/2025 2,000,000.00 03/24/20200.96%
2,051,940.00
2,001,222.12
99.67 4.42%
1,993,489.42
11,583.33
1.05%
(7,732.70)
Aaa/AA+
AA+
0.12 0.11
3130AWLY4 FEDERAL HOME LOAN BANKS
5.125 06/13/2025 3,000,000.00 07/18/20234.86%
3,014,549.58
3,003,412.35
100.35
4.31%
3,010,637.37
7,687.50
1.58%
7,225.02
Aaa/AA+
AA+
0.45 0.44
3135G05X7 FEDERAL NATIONAL MORTGAGE
ASSOCIATION 0.375 08/25/2025 1,000,000.00 10/20/20200.47% 995,420.00
999,388.99
97.50 4.34%
974,959.62
1,312.50
0.51%
(24,429.37)
Aaa/AA+
AA+
0.65 0.63
3130AWS92 FEDERAL HOME LOAN BANKS
4.875 09/12/2025 3,000,000.00 10/18/2023
5.30%
2,976,720.00
2,991,479.65
100.39
4.30%
3,011,579.46
44,281.25
1.58%
20,099.81
Aaa/AA+
AA+
0.70 0.67
3137EAEX3 FEDERAL HOME LOAN MORTGAGE
CORP 0.375 09/23/2025 2,200,000.00 09/28/2020
0.42%
2,195,512.00
2,199,346.53
97.25 4.27%
2,139,521.21
2,245.83
1.12%
(59,825.32)
Aaa/AA+
AA+
0.73 0.71
3130AWGR5 FEDERAL HOME LOAN BANKS
4.375 06/12/2026 3,000,000.00 07/10/20234.67%
2,976,060.00
2,988,175.84
100.12
4.29%
3,003,654.03
6,927.08
1.58%
15,478.19
Aaa/AA+
AA+
1.45 1.38
3133EPQC2 FEDERAL FARM CREDIT BANKS
FUNDING CORP 4.625 07/17/2026 3,000,000.00 07/21/20234.56% 3,005,010.00
3,002,585.51
100.44
4.33%
3,013,101.27
63,208.33
1.58%
10,515.76
Aaa/AA+
AA+
1.54 1.44
3133EPSW6 FEDERAL FARM CREDIT BANKS
FUNDING CORP 4.5 08/14/2026 3,500,000.00 -- 4.70%
3,481,589.75
3,489,674.48
100.39
4.24%
3,513,725.92
59,937.50
1.85%
24,051.43
Aaa/AA+
AA+
1.62 1.52
3130AWTQ3 FEDERAL HOME LOAN BANKS
4.625 09/11/2026 3,000,000.00 09/11/20234.80%
2,984,760.00
2,991,398.79
100.57
4.27%
3,017,238.81
42,395.83
1.59%
25,840.02
Aaa/AA+
AA+
1.70 1.59
34 HOLDINGS REPORT
City of San Leandro | Account #460 | As of December 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
3130AXU63 FEDERAL HOME LOAN BANKS
4.625 11/17/2026 2,790,000.00 11/16/20234.69%
2,785,061.70
2,786,913.56
100.64
4.26%
2,807,896.40
15,771.25
1.48%
20,982.84
Aaa/AA+
AA+
1.88 1.77
3130AYPN0 FEDERAL HOME LOAN BANKS
4.125 01/15/2027 3,000,000.00 01/30/20244.18%
2,995,650.00
2,997,003.33
99.86 4.20%
2,995,688.58
57,062.50
1.57%
(1,314.75)
Aaa/AA+
AA+
2.04 1.90
3130B0TY5 FEDERAL HOME LOAN BANKS 4.75
04/09/2027 1,730,000.00 04/10/20244.85%
1,725,432.80
1,726,540.13
101.40
4.09%
1,754,242.58
18,717.64
0.92%
27,702.45
Aaa/AA+
AA+
2.27 2.11
3133ERMB4 FEDERAL FARM CREDIT BANKS
FUNDING CORP 4.25 07/23/2027 3,000,000.00 07/18/2024
4.26%
2,999,070.00
2,999,207.59
99.83 4.32%
2,994,881.37
55,958.33
1.57%
(4,326.22)
Aaa/AA+
AA+
2.56 2.36
3130ATS57 FEDERAL HOME LOAN BANKS 4.5
03/10/2028 2,000,000.00 03/21/20233.99%
2,045,140.00
2,028,949.29
100.38
4.37%
2,007,571.30
27,750.00
1.06%
(21,377.99)
Aaa/AA+
AA+
3.19 2.90
3130AWMN7 FEDERAL HOME LOAN BANKS
4.375 06/09/2028 2,000,000.00 07/26/2023
4.27%
2,008,820.00
2,006,222.09
99.77 4.45%
1,995,430.00
5,347.22
1.05%
(10,792.09)
Aaa/AA+
AA+
3.44 3.15
40,352,728.83 100.04 40,332,953.14 21.20% Aaa/AA+ 1.54
Total Agency 40,320,000.00 3.95% 40,311,560.19 4.27% 436,679.86 21,392.95 AA+ 1.44
AGENCY CMBS
3137FJEH8 FHMS K-081 A2 3.9 08/25/2028 2,800,000.00 --
4.87%
2,696,000.00
2,710,073.87
97.41 4.65%
2,727,431.56
9,100.00
1.43%
17,357.69
Aaa/AA+
AAA
3.65 3.30
2,696,000.00 97.41 2,727,431.56 1.43% Aaa/AA+ 3.65
Total Agency CMBS 2,800,000.00 4.87% 2,710,073.87 4.65% 9,100.00 17,357.69 AAA 3.30 CASH
CCYUSD Receivable 9,421.96 --
0.00%
9,421.96
9,421.96
1.00 0.00%
9,421.96
0.00 0.00%
0.00 Aaa/AAA
AAA
0.00 0.00
9,421.96 1.00 9,421.96 0.00% Aaa/AAA 0.00
Total Cash 9,421.96 0.00% 9,421.96 0.00% 0.00 0.00 AAA 0.00
CORPORATE
89236TJT3 TOYOTA MOTOR CREDIT CORP
1.45 01/13/2025 1,400,000.00 01/28/20221.73%
1,388,856.00
1,399,875.95
99.90 4.72%
1,398,588.76
9,473.33
0.74%
(1,287.19)
A1/A+
A+
0.04 0.03
69371RQ66 PACCAR FINANCIAL CORP 1.8
02/06/2025 1,700,000.00 04/20/20223.08%
1,641,588.00
1,697,940.42
99.72 4.73%
1,695,263.19
12,325.00
0.89%
(2,677.23)
A1/A+
NA
0.10 0.09
35 HOLDINGS REPORT
City of San Leandro | Account #460 | As of December 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
023135CE4 AMAZON.COM INC 3.0
04/13/2025 1,700,000.00 04/20/20222.94%
1,702,822.00
1,700,264.81
99.59 4.44%
1,693,093.16
11,050.00
0.89%
(7,171.65)
A1/AA
AA0.280.28
713448CT3 PEPSICO INC 2.75 04/30/2025 2,000,000.00 12/21/2022
4.50%
1,922,140.00
1,989,213.81
99.45 4.42%
1,989,055.30
9,319.44
1.05%
(158.51)
A1/A+
WR
0.33 0.32
037833DT4 APPLE INC 1.125 05/11/2025 1,300,000.00 --
2.14%
1,264,519.00
1,295,356.41
98.69 4.83%
1,283,010.30
2,031.25
0.67%
(12,346.11)
Aaa/AA+
NA
0.36 0.35
14913R2V8 CATERPILLAR FINANCIAL SERVICES
CORP 3.4 05/13/2025 585,000.00 05/10/2022
3.44%
584,257.05
584,910.52
99.60 4.50%
582,656.06
2,652.00
0.31%
(2,254.46)
A2/A
A+
0.36 0.36
78015K7H1 ROYAL BANK OF CANADA 1.15
06/10/2025 1,800,000.00 --
1.66%
1,775,582.00
1,796,213.36
98.47 4.70%
1,772,487.41
1,207.50
0.93%
(23,725.95)
A1/A
AA0.440.43
63743HFE7
NATIONAL RURAL UTILITIES
COOPERATIVE FINANCE CORP 3.45
06/15/2025
375,000.00 04/27/2022
3.46%
374,898.75
374,985.32
99.43 4.73%
372,854.90
575.00
0.20%
(2,130.42)
A2/AA0.45
0.44 14913R2Z9 CATERPILLAR FINANCIAL SERVICES
CORP 3.65 08/12/2025 1,000,000.00 08/18/20223.64%
1,000,270.00
1,000,055.44
99.49 4.49%
994,948.44
14,093.06
0.52%
(5,107.00)
A2/A
A+
0.61 0.59
931142EW9 WALMART INC 3.9 09/09/2025 1,000,000.00 09/08/2022
3.80%
1,002,740.00
1,000,629.22
99.65 4.42%
996,488.81
12,133.33
0.52%
(4,140.41)
Aa2/AA
AA
0.69 0.66
92826CAD4 VISA INC 3.15 12/14/2025 2,000,000.00 12/21/2022
4.35%
1,933,300.00
1,978,707.54
98.87 4.38%
1,977,304.96
2,975.00
1.04%
(1,402.58)
Aa3/AANA0.95
0.92 24422EWP0 JOHN DEERE CAPITAL CORP 4.8
01/09/2026 1,000,000.00 01/04/2023
4.75%
1,001,220.00
1,000,415.20
100.29
4.51%
1,002,856.22
22,933.33
0.53%
2,441.02
A1/A
A+
1.02 0.96
037833BY5 APPLE INC 3.25 02/23/2026 1,000,000.00 05/09/2023
4.05%
979,180.00
991,459.51
98.79 4.34%
987,938.05
11,555.56
0.52%
(3,521.46)
Aaa/AA+
NA
1.15 1.09
46647PBH8 JPMORGAN CHASE & CO 2.005
03/13/2026 950,000.00 04/07/20211.20%
979,811.00
951,476.00
99.42 5.77%
944,510.56
5,714.25
0.50%
(6,965.44)
A1/A
AA1.200.20
808513BR5 CHARLES SCHWAB CORP 1.15
05/13/2026 500,000.00 05/17/20211.17%
499,515.00
499,867.56
95.48 4.61%
477,401.19
766.67
0.25%
(22,466.37)
A2/AA1.36
1.32 91324PEC2 UNITEDHEALTH GROUP INC 1.15
05/15/2026 1,700,000.00 --2.24%
1,627,818.00
1,676,038.91
95.56 4.53%
1,624,593.19
2,498.06
0.85%
(51,445.72)
A2/A+
A
1.37 1.33
89114TZD7 TORONTO-DOMINION BANK 1.2
06/03/2026 500,000.00 04/21/20223.58%
454,290.00
484,214.81
95.23 4.72%
476,135.46
466.67
0.25%
(8,079.36)
A2/AAA1.42
1.38 61747YET8 MORGAN STANLEY 4.679
07/17/2026 685,000.00 07/18/2022
4.68%
685,000.00
685,000.00
99.89 5.65%
684,266.71
14,601.08
0.36%
(733.29)
A1/AA+1.54
0.52 36
HOLDINGS REPORT
City of San Leandro | Account #460 | As of December 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
438516BL9 HONEYWELL INTERNATIONAL INC
2.5 11/01/2026 1,000,000.00 12/15/20224.30%
936,170.00
969,779.00
96.52 4.50%
965,218.79
4,166.67
0.51%
(4,560.21)
A2/A
A
1.84 1.75
06051GLE7 BANK OF AMERICA CORP 5.08
01/20/2027 2,000,000.00 01/26/20234.98%
2,005,260.00
2,001,859.89
100.29
5.22%
2,005,790.32
45,437.78
1.05%
3,930.43
A1/AAA2.05
0.99 20030NBY6 COMCAST CORP 3.3 02/01/2027 2,300,000.00 09/11/2023
5.27%
2,161,172.00
2,214,593.28
97.34 4.66%
2,238,799.88
31,625.00
1.18%
24,206.59
A3/AA2.09
1.95 17275RBQ4 CISCO SYSTEMS INC 4.8
02/26/2027 1,020,000.00 02/21/2024
4.85%
1,018,674.00
1,019,049.05
100.73
4.44%
1,027,446.03
17,000.00
0.54%
8,396.98
A1/AANA2.16
1.92 665859AW4 NORTHERN TRUST CORP 4.0
05/10/2027 1,000,000.00 09/08/2022
4.09%
996,170.00
998,065.86
98.68 4.59%
986,842.31
5,666.67
0.52%
(11,223.55)
A2/A+
A+
2.36 2.21
89115A2C5 TORONTO-DOMINION BANK 4.108
06/08/2027 2,000,000.00 03/19/20245.00%
1,947,340.00
1,960,168.59
98.35 4.83%
1,967,077.14
5,249.11
1.03%
6,908.55
A2/ANA2.44
2.28 74340XBV2 PROLOGIS LP 3.375 12/15/2027 2,000,000.00 10/18/2023
5.81%
1,822,200.00
1,873,653.00
96.75 4.56%
1,935,056.92
3,000.00
1.02%
61,403.92
A3/A
NA
2.96 2.77
06368LGV2 BANK OF MONTREAL 5.203
02/01/2028 2,500,000.00 --5.34%
2,486,190.00
2,490,988.01
100.78
4.93%
2,519,423.33
54,197.92
1.32%
28,435.32
A2/AAA3.09
2.69 438516CJ3 HONEYWELL INTERNATIONAL INC
4.95 02/15/2028 1,000,000.00 02/23/20234.65%
1,013,070.00
1,008,129.35
101.14
4.55%
1,011,433.62
18,700.00
0.53%
3,304.27
A2/A
A
3.13 2.74
91324PEP3 UNITEDHEALTH GROUP INC 5.25
02/15/2028 1,000,000.00 07/18/20234.52%
1,029,460.00
1,019,921.43
101.54
4.71%
1,015,425.17
19,833.33
0.53%
(4,496.26)
A2/A+
A
3.13 2.73
61747YER2 MORGAN STANLEY 4.21
04/20/2028 1,500,000.00 07/06/2023
5.73%
1,423,620.00
1,453,563.17
98.57 5.20%
1,478,524.52
12,454.58
0.78%
24,961.34
A1/AA+3.30
2.15 46647PAF3 JPMORGAN CHASE & CO 3.54
05/01/2028 1,000,000.00 07/18/20235.35%
938,600.00
962,208.54
97.17 5.17%
971,666.08
5,900.00
0.51%
9,457.54
A1/A
AA3.332.19
58933YBH7 MERCK & CO INC 4.05 05/17/2028 1,500,000.00 --
4.07%
1,498,356.40
1,498,891.67
98.53 4.52%
1,477,964.51
7,425.00
0.78%
(20,927.17)
A1/A+
NA
3.38 3.10
06406RBG1 BANK OF NEW YORK MELLON
CORP 3.992 06/13/2028 1,500,000.00 07/06/20235.21%
1,421,775.00
1,445,285.96
98.18 5.00%
1,472,753.78
2,994.00
0.77%
27,467.82
Aa3/A
AA3.452.30
06051GKW8 BANK OF AMERICA CORP 4.948
07/22/2028 750,000.00 09/06/20235.78%
728,677.50
735,935.90
100.21
5.28%
751,577.41
16,390.25
0.39%
15,641.51
A1/AAA3.56
2.32 06406RBL0 BANK OF NEW YORK MELLON
CORP 5.802 10/25/2028 1,000,000.00 05/28/2024
5.30%
1,015,460.00
1,012,763.20
102.66
4.34%
1,026,573.54
10,637.00
0.54%
13,810.34
Aa3/A
AA3.822.55
78016HZV5 ROYAL BANK OF CANADA 4.95
02/01/2029 1,000,000.00 05/29/2024
5.30%
985,800.00
987,595.78
100.15
4.91%
1,001,467.00
20,625.00
0.53%
13,871.22
A1/A
AA4.093.58
37 HOLDINGS REPORT
City of San Leandro | Account #460 | As of December 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
756109CF9 REALTY INCOME CORP 4.75
02/15/2029 2,500,000.00 07/24/20244.91%
2,483,650.00
2,485,220.23
99.26 4.95%
2,481,505.50
44,861.11
1.30%
(3,714.73)
A3/ANA4.13
3.63 Total Corporate 47,765,000.00 4.21%
46,729,451.70
47,244,296.71
99.02 4.74%
47,287,998.48
462,533.94
24.85%
43,701.77
A1/A
A+
1.96 1.62
MONEY MARKET
FUND
60934N104 FEDERATED HRMS GV O INST 1,203,287.00 --
5.17%
1,203,287.00
1,203,287.00
1.00 5.17%
1,203,287.00
0.00 0.63%
0.00 Aaa/AAAm
AAA
0.00 0.00
Total Money Market
Fund 1,203,287.00 5.17%
1,203,287.00
1,203,287.00
1.00 5.17%
1,203,287.00
0.00 0.63%
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
1,411,978.88
99.94 4.41%
1,414,138.68
28,552.18
0.74%
2,159.80
Aaa/AAA
NA
2.04 1.89
45950KDD9 INTERNATIONAL FINANCE CORP
4.5 07/13/2028 935,000.00 07/06/20234.53%
933,962.15
934,267.77
100.41
4.37%
938,825.99
19,635.00
0.49%
4,558.22
Aaa/AAA
NA
3.53 3.17
Total Supranational 2,350,000.00 4.50%
2,344,349.25
2,346,246.64
100.13
4.39%
2,352,964.67
48,187.18
1.24%
6,718.02
Aaa/AAA
NA
2.64 2.40
US TREASURY
912828Z52 UNITED STATES TREASURY 1.375
01/31/2025 3,000,000.00 04/21/20222.83%
2,883,281.25
2,996,550.18
99.76 4.35%
2,992,933.80
17,262.23
1.57%
(3,616.38)
Aaa/AA+
AA+
0.08 0.08
912828ZF0 UNITED STATES TREASURY 0.5
03/31/2025 2,500,000.00 12/13/2021
1.01%
2,458,789.06
2,496,951.14
99.11 4.23%
2,477,638.13
3,193.68
1.30%
(19,313.02)
Aaa/AA+
AA+
0.25 0.24
912828ZT0 UNITED STATES TREASURY 0.25
05/31/2025 1,100,000.00 04/01/2021
0.69%
1,080,105.47
1,098,032.84
98.38 4.28%
1,082,151.58
241.76
0.57%
(15,881.27)
Aaa/AA+
AA+
0.41 0.40
91282CHL8 UNITED STATES TREASURY 4.625
06/30/2025 1,750,000.00 07/28/20234.95%
1,739,609.38
1,747,328.13
100.24
4.13%
1,754,211.17
223.58
0.92%
6,883.04
Aaa/AA+
AA+
0.50 0.48
912828Y79 UNITED STATES TREASURY 2.875
07/31/2025 3,000,000.00 06/14/20223.44%
2,949,257.81
2,990,624.69
99.22 4.25%
2,976,649.02
36,093.75
1.56%
(13,975.67)
Aaa/AA+
AA+
0.58 0.56
9128284Z0 UNITED STATES TREASURY 2.75
08/31/2025 2,000,000.00 06/21/20210.74%
2,166,562.50
2,026,327.97
99.02 4.27%
1,980,375.14
18,687.85
1.04%
(45,952.83)
Aaa/AA+
AA+
0.67 0.64
38 HOLDINGS REPORT
City of San Leandro | Account #460 | As of December 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
9128285J5 UNITED STATES TREASURY 3.0
10/31/2025 3,000,000.00 06/14/20223.48%
2,954,296.88
2,988,777.92
98.98 4.26%
2,969,547.60
15,414.36
1.56%
(19,230.32)
Aaa/AA+
AA+
0.83 0.80
91282CAZ4 UNITED STATES TREASURY 0.375
11/30/2025 2,000,000.00 09/16/20210.72%
1,971,640.63
1,993,847.77
96.57 4.26%
1,931,316.70
659.34
1.01%
(62,531.07)
Aaa/AA+
AA+
0.91 0.89
91282CJV4 UNITED STATES TREASURY 4.25
01/31/2026 3,000,000.00 01/30/20244.36%
2,993,671.88
2,996,580.57
100.00
4.25%
3,000,057.81
53,355.98
1.58%
3,477.24
Aaa/AA+
AA+
1.08 1.03
91282CGL9 UNITED STATES TREASURY 4.0
02/15/2026 2,500,000.00 05/30/20245.03%
2,458,300.78
2,472,645.31
99.74 4.24%
2,493,412.25
37,771.74
1.31%
20,766.94
Aaa/AA+
AA+
1.13 1.07
9128286L9 UNITED STATES TREASURY 2.25
03/31/2026 2,000,000.00 12/21/20223.92%
1,898,125.00
1,961,296.02
97.58 4.27%
1,951,694.44
11,497.25
1.03%
(9,601.58)
Aaa/AA+
AA+
1.25 1.20
91282CBT7 UNITED STATES TREASURY 0.75
03/31/2026 1,700,000.00 10/14/20210.98%
1,682,667.97
1,695,166.62
95.78 4.27%
1,628,326.37
3,257.55
0.86%
(66,840.25)
Aaa/AA+
AA+
1.25 1.21
912828R36 UNITED STATES TREASURY 1.625
05/15/2026 3,000,000.00 12/21/20223.94%
2,780,742.19
2,911,766.41
96.52 4.27%
2,895,569.67
6,329.42
1.52%
(16,196.74)
Aaa/AA+
AA+
1.37 1.33
91282CHM6 UNITED STATES TREASURY 4.5
07/15/2026 1,750,000.00 07/28/20234.53%
1,748,359.38
1,749,149.31
100.36
4.25%
1,756,300.14
36,379.08
0.92%
7,150.83
Aaa/AA+
AA+
1.54 1.44
9128282A7 UNITED STATES TREASURY 1.5
08/15/2026 3,000,000.00 12/21/20223.90%
2,756,367.19
2,891,901.66
95.73 4.26%
2,871,829.11
16,997.28
1.51%
(20,072.55)
Aaa/AA+
AA+
1.62 1.56
912828U24 UNITED STATES TREASURY 2.0
11/15/2026 2,000,000.00 03/30/20222.53%
1,953,203.13
1,981,087.42
95.98 4.26%
1,919,513.34
5,193.37
1.01%
(61,574.08)
Aaa/AA+
AA+
1.87 1.80
91282CJP7 UNITED STATES TREASURY 4.375
12/15/2026 3,500,000.00 12/21/2023
4.05%
3,531,171.88
3,520,409.14
100.23
4.25%
3,507,930.41
7,151.44
1.84%
(12,478.73)
Aaa/AA+
AA+
1.96 1.85
91282CJT9 UNITED STATES TREASURY 4.0
01/15/2027 2,750,000.00 02/28/20244.47%
2,715,410.16
2,725,513.95
99.51 4.25%
2,736,479.93
50,815.22
1.44%
10,965.98
Aaa/AA+
AA+
2.04 1.90
91282CEF4 UNITED STATES TREASURY 2.5
03/31/2027 3,000,000.00 08/18/20223.06%
2,928,164.06
2,965,083.89
96.29 4.25%
2,888,708.76
19,162.09
1.52%
(76,375.13)
Aaa/AA+
AA+
2.25 2.13
91282CKJ9 UNITED STATES TREASURY 4.5
04/15/2027 3,000,000.00 04/26/20244.84%
2,971,992.19
2,978,391.75
100.50
4.26%
3,015,049.44
28,928.57
1.58%
36,657.69
Aaa/AA+
AA+
2.29 2.13
912828X88 UNITED STATES TREASURY 2.375
05/15/2027 3,000,000.00 12/15/20223.71%
2,838,164.06
2,913,205.31
95.77 4.27%
2,873,020.11
9,250.69
1.51%
(40,185.20)
Aaa/AA+
AA+
2.37 2.26
91282CKZ3 UNITED STATES TREASURY 4.375
07/15/2027 4,000,000.00 07/30/2024
4.17%
4,022,187.50
4,019,020.79
100.06
4.35%
4,002,344.00
80,842.39
2.10%
(16,676.79)
Aaa/AA+
AA+
2.54 2.33
91282CFH9 UNITED STATES TREASURY 3.125
08/31/2027 4,000,000.00 05/29/2024
4.78%
3,802,500.00
3,838,409.09
97.12 4.28%
3,884,807.64
42,472.38
2.04%
46,398.55
Aaa/AA+
AA+
2.67 2.49
39 HOLDINGS REPORT
City of San Leandro | Account #460 | As of December 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
91282CFM8 UNITED STATES TREASURY 4.125
09/30/2027 3,000,000.00 -- 3.81%
3,041,132.81
3,023,438.66
99.61 4.28%
2,988,152.76
31,617.45
1.57%
(35,285.90)
Aaa/AA+
AA+
2.75 2.54
91282CFZ9 UNITED STATES TREASURY 3.875
11/30/2027 3,000,000.00 --3.90%
2,998,007.82
2,997,917.46
98.87 4.29%
2,966,141.04
10,219.78
1.56%
(31,776.42)
Aaa/AA+
AA+
2.91 2.71
91282CGH8 UNITED STATES TREASURY 3.5
01/31/2028 3,000,000.00 02/23/20234.15%
2,914,101.56
2,946,373.06
97.71 4.30%
2,931,230.85
43,940.22
1.54%
(15,142.21)
Aaa/AA+
AA+
3.08 2.84
91282CGT2 UNITED STATES TREASURY 3.625
03/31/2028 3,000,000.00 --
3.68%
2,993,593.75
2,995,526.06
97.94 4.31%
2,938,268.61
27,785.03
1.54%
(57,257.45)
Aaa/AA+
AA+
3.25 2.99
91282CHE4 UNITED STATES TREASURY 3.625
05/31/2028 2,000,000.00 12/18/20244.23%
1,961,406.25
1,961,804.76
97.81 4.32%
1,956,192.48
6,373.63
1.03%
(5,612.28)
Aaa/AA+
AA+
3.42 3.16
91282CJA0 UNITED STATES TREASURY 4.625
09/30/2028 2,000,000.00 12/18/20244.25%
2,025,546.88
2,025,306.40
100.94
4.35%
2,018,701.02
23,633.24
1.06%
(6,605.38)
Aaa/AA+
AA+
3.75 3.37
Total US Treasury 76,550,000.00 3.62%
75,218,359.42
75,908,434.29
98.51 4.27%
75,388,553.30
644,750.34
39.62%
(519,881.00)
Aaa/AA+
AA+
1.83 1.71
Total Portfolio 191,842,214.65 4.01%
189,386,771.34
190,571,991.06
98.58 4.43%
190,278,009.64
1,640,877.58
100.00%
(293,981.43)
Aa1/AA
AA+
1.96 1.60
Total Market Value +
Accrued 191,918,887.22
40 HOLDINGS REPORT
City of San Leandro Reporting | Account #461 | As of December 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
90WELL$00 Wells Fargo Checking Account 13,723,755.52 --
0.71%
13,723,755.52
13,723,755.52
1.00 0.71%
13,723,755.52
0.00 44.94%
0.00 NA/NA
NA
0.00 0.00
CCYUSD Receivable 65,841.61 --
0.00%
65,841.61
65,841.61
1.00 0.00%
65,841.61
0.00 0.22%
0.00 Aaa/AAA
AAA
0.00 0.00
Total Cash 13,789,597.13 0.71%
13,789,597.13
13,789,597.13
1.00 0.71%
13,789,597.13
0.00 45.15%
0.00 Aaa/AAA
AAA
0.00 0.00
LAIF
90LAIF$00 Local Agency Investment Fund
State Pool 16,751,049.77 -- 4.43%
16,751,049.77
16,751,049.77
1.00 4.43%
16,751,049.77
0.00 54.85%
0.00 NA/NA
NA
0.00 0.00
Total LAIF 16,751,049.77 4.43%
16,751,049.77
16,751,049.77
1.00 4.43%
16,751,049.77
0.00 54.85%
0.00 NA/NA
NA
0.00 0.00
Total Portfolio 30,540,646.90 2.75%
30,540,646.90
30,540,646.90
1.00 2.75%
30,540,646.90
0.00 100.00%
0.00 Aaa/AAA
AAA
0.00 0.00
Total Market Value +
Accrued 30,540,646.90
41 TRANSACTIONS
42 TRANSACTION LEDGER
City of San Leandro | Account #460|10/01/2024 Through 12/31/2024| Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/DispYield Amount InterestPur/Sold Total Amount Gain/Loss
ACQUISITIONS
Purchase 12/19/2024 91282CHE4 2,000,000.00 UNITED STATES TREASURY
3.625 05/31/2028 98.070 4.23% (1,961,406.25) (3,784.34) (1,965,190.59) 0.00 Purchase 12/19/2024 91282CJA0 2,000,000.00 UNITED STATES TREASURY
4.625 09/30/2028 101.277 4.25% (2,025,546.88) (20,329.67) (2,045,876.55) 0.00 Total Purchase 4,000,000.00 (3,986,953.13) (24,114.01) (4,011,067.14) 0.00 TOTAL
ACQUISITIONS 4,000,000.00 (3,986,953.13) (24,114.01) (4,011,067.14) 0.00
DISPOSITIONS
Maturity 10/15/2024 3135G0W66 (2,000,000.00)
FEDERAL NATIONAL
MORTGAGE ASSOCIATION
1.625 10/15/2024
100.000 1.63% 2,000,000.00 0.00 2,000,000.00 0.00
Maturity 10/18/2024 63743HEY4 (1,000,000.00)
NATIONAL RURAL UTILITIES
COOPERATIVE FINANCE
CORP 1.0 10/18/2024
100.000 1.00% 1,000,000.00 0.00 1,000,000.00 0.00
Maturity 11/15/2024 91282CDH1 (2,500,000.00) UNITED STATES TREASURY
0.75 11/15/2024 100.000 0.75% 2,500,000.00 0.00 2,500,000.00 0.00 Maturity 11/30/2024 912828YV6 (2,000,000.00) UNITED STATES TREASURY
1.5 11/30/2024 100.000 1.50% 2,000,000.00 0.00 2,000,000.00 0.00 Maturity 12/13/2024 3130A3GE8 (1,500,000.00) FEDERAL HOME LOAN BANKS 2.75 12/13/2024 100.000 2.75% 1,500,000.00 0.00 1,500,000.00 0.00 Total Maturity (9,000,000.00) 9,000,000.00 0.00 9,000,000.00 0.00 TOTAL
DISPOSITIONS (9,000,000.00) 9,000,000.00 0.00 9,000,000.00 0.00 43 TRANSACTION LEDGER
City of San Leandro Reporting | Account #461|10/01/2024 Through 12/31/2024| Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/DispYield Amount InterestPur/Sold Total Amount Gain/Loss
ACQUISITIONS
Purchase 10/15/2024 90LAIF$00 358.22 Local Agency Investment Fund State Pool 1.000 4.48% (358.22) 0.00 (358.22) 0.00 Purchase 10/15/2024 90LAIF$00 116,494.67 Local Agency Investment Fund State Pool 1.000 4.48% (116,494.67) 0.00 (116,494.67) 0.00 Purchase 12/31/2024 90LAIF$00 15,000,000.00 Local Agency Investment Fund State Pool 1.000 4.43% (15,000,000.00) 0.00 (15,000,000.00) 0.00 Total Purchase 15,116,852.89 (15,116,852.89) 0.00 (15,116,852.89) 0.00 TOTAL
ACQUISITIONS 15,116,852.89 (15,116,852.89) 0.00 (15,116,852.89) 0.00
DISPOSITIONS
Sale 11/30/2024 90LAIF$00 (6,000,000.00) Local Agency Investment Fund State Pool 1.000 4.48% 6,000,000.00 0.00 6,000,000.00 0.00 Total Sale (6,000,000.00) 6,000,000.00 0.00 6,000,000.00 0.00 TOTAL
DISPOSITIONS (6,000,000.00) 6,000,000.00 0.00 6,000,000.00 0.00 44 IMPORTANT DISCLOSURES
City of San Leandro | Account #460 | As of December 31, 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. 45 BENCHMARK DISCLOSURES
City of San Leandro | Account #460 | As of December 31, 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. 46