INVESTMENT REPORT
City of San Leandro | As of March 31, 2025
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 March 31, 2025
ECONOMIC UPDATE
ACCOUNT PROFILE
CONSOLIDATED INFORMATION
PORTFOLIO HOLDINGS
TRANSACTIONS
1 ECONOMIC UPDATE
2
Recent economic data suggest slower growth in 2025 and greater market uncertainty as the effects of fiscal policy unfold. 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) left the Federal Funds Rate unchanged at the range of 4.25 - 4.50% at the March meeting. Fed Chair Powell emphasized increased uncertainty around the economic outlook and the need for “greater clarity” before making changes to interest rate policy. He also acknowledged possible transitory inflationary impacts from tariffs. The summary of economic projections (SEP) indicated lower GDP growth, higher inflation, and higher unemployment estimates than December projections, along with roughly two 25-basis point rate cuts this year. The FOMC also announced a slowdown in the pace of balance sheet reduction.
US Treasury yields declined, and the curve steepened in March. The 2-year Treasury yield declined 10 basis points to 3.89%, the 5-year Treasury fell 7 basis points to 3.95%, and the 10-year Treasury yield was unchanged 4.21%. The spread between the 2-year and 10-year Treasury yield points on the curve widened to +32 basis points at March month-end versus +22 basis points at February month-end. The spread between the 2-year Treasury and 10-year Treasury yield one year ago was -42 basis points. The spread between the 3-month and 10- year Treasury yield points on the curve was -9 basis points in March, unchanged from February.
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 228,000 jobs in March, exceeding consensus expectations, and the last two months were revised down by 48,000. Gains were led by healthcare, retail, social assistance, and transportation. The three-month moving average and six-month moving average payrolls totaled 152,000 and 181,000 respectively. The unemployment rate rose to 4.2% in March, and the labor participation rate edged up to 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 edged down to 7.9% in March from
8.0% in February. Average hourly earnings ticked down to an increase of 3.8% year-over-year in March.
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) fell to 7.57 million new job openings in February from 7.76 million new job openings in January. 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 March, price increases measured by both the Consumer Price Index (CPI) and Core CPI, which excludes volatile food and energy components, decelerated from last month and came in lower than consensus expectations. The headline CPI dropped 0.1% month-overmonth and rose 2.4% year-over-year, while the Core CPI rose 0.1% month-over-month and 2.8% year-over-year. The Personal Consumption Expenditures (PCE) price index increased by 0.3% from the previous month and 2.5% year-over-year in February. The Core PCE deflator, which excludes food and energy and is the Fed’s preferred gauge, accelerated its increase to 0.4% month-over-month and 2.8% from 2.6% year-over-year. Inflation remains 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
The Advance Retail Sales report for February fell short of expectations, increasing 0.2% month-over-month following a 1.2% decline in January. Declines were broad-based across categories. However, control group sales, which feeds into gross domestic product and excludes food services, auto dealers, building materials stores, and gasoline stations, increased 1% in February. On a year-over-year basis, Retail Sales grew 3.1% in February versus 3.9% in January. The Conference Board’s Consumer Confidence Index tumbled 7.2 points in March to 92.9, a notable decrease from February. Consumers' assessment of the present situation fell, with business conditions viewed as "good" by only 17.7% and jobs considered "plentiful" by 33.6%. Their expectations for income, business, and labor market conditions dropped, with pessimism about future employment prospects falling to a 12-year low. While the consumer has been resilient, rising inflation expectations, concerns about trade policies and tariffs, and general economic and policy uncertainty could 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) fell by 0.3% in February, following a 0.2% decline in January. The LEI decreased yearover-year by 3.1%. The monthly decline was primarily driven by consumer assessments of future business conditions becoming more pessimistic. The Chicago Fed National Activity Index (CFNAI) increased to +0.18 in February from a revised -0.08 in January, reflecting stronger readings across production-related indicators and sales, orders, and inventories. The three-month moving average rose to +0.15 in February from +0.07 in January, indicating expectations of continued above-trend economic growth.
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 soared 11.2% to 1.5 million units in February as builders rebounded from adverse weather conditions in January. Total starts are down 2.9% compared to February 2024. Single family homes starts rose 11.4%, and multi-family starts increased 10.7%. The Freddie Mac 30-year fixed rate mortgage averaged approximately 6.8% in February. According to the Case-Shiller 20-City Home Price Index, housing prices rose 4.7% year-over-year in January, compared to 4.5% in December. While inventory constraints remain a challenge, the slight improvement in annual gains suggests gradual stabilization in the market. However, higher mortgage rates continue to weigh on affordability, limiting buyer demand and market activity.
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 dipped back into contraction at 49.0 in March from 50.3 in February. The survey reflected a decline in business activity, upward price pressures, and notably weaker employment. The ISM Services index declined to 50.8 in March from 53.5 in February as new orders, employment, and supplier deliveries all weakened. 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 3/24 6/24 9/24 12/24
1.3% 1.9% 2.5% 2.7%
0.6% 1.5% 0.2% -1.0%
-0.6% -0.9% -0.4% 0.3%
0.0% 0.3% 0.6% 0.3%
0.3% 0.3% 0.3% 0.3%
1.6% 3.0% 3.1% 2.4%
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 third estimate, fourth quarter GDP increased at an annualized rate of 2.4 percent, revised up 0.1 percentage point from the second estimate. Growth continues to be powered by consumer spending and government spending, partly offset by a decrease in investment. Imports also decreased. Real GDP increased 2.8 percent in 2024. The consensus projection calls for 1.2% growth for the first quarter and 2.0% for the full year 2025.
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) left the Federal Funds Rate unchanged at the range of 4.25 - 4.50% at the March meeting. Fed Chair Powell emphasized increased uncertainty around the economic outlook and the need for “greater clarity” before making changes to interest rate policy. He also acknowledged possible transitory inflationary impacts from tariffs. The summary of economic projections (SEP) indicated lower GDP growth, higher inflation, and higher unemployment estimates than December projections, along with roughly two 25-basis point rate cuts this year. The FOMC also announced a slowdown in the pace of balance sheet reduction. The monthly redemption cap on Treasuries will be reduced from $25 billion to $5 billion, while the cap on agencies and mortgage-backed securities will be maintained at $35 billion. Since the Fed began its Quantitative Tightening campaign in June 2022, securities holdings have declined by approximately $2.2 trillion to approximately $6.8 trillion.
FEDERAL RESERVE
0.00%
1.00%
2.00%
3.00%
4.00%
5.00%
6.00%
Effective Federal Funds Rate
Recession
Yield (%)
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
Mar-25
Dec-24
Mar-24
Yield (%)
BOND YIELDS
13 ACCOUNT PROFILE
14 OBJECTIVES
City of San Leandro | As of March 31, 2025
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 PerformanceObjective
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 March 31, 2025 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 10.8 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 25.4 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 18.8 Compliant Max Maturity (Years) 5 3 Compliant
MONEY MARKET MUTUAL FUNDS
Max % (MV) 20.0 2.0 Compliant
Min Rating (AAA by 2) 0.0 0.0 Compliant
16 STATEMENT OF COMPLIANCE
City of San Leandro | Account #460 | As of March 31, 2025 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 40.3 Compliant
Max Maturity (Years) 5 4 Compliant
17 PORTFOLIO CHARACTERISTICS
City of San Leandro | Account #460 | As of March 31, 2025 Benchmark* 3/31/2025
Portfolio
12/31/2024
Portfolio
Average Maturity (yrs) 1.84 1.98 1.96
Average Modified Duration 1.75 1.63 1.60
Average Purchase Yield 4.21% 4.03%
Average Market Yield 3.94% 4.20% 4.43%
Average Quality** AA+ AA+ AA+
Total Market Value 195,033,327 191,918,887
*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 March 31, 2025 Sector as a Percentage of Market Value
Sector 03/31/2025 12/31/2024
US Treasury 40.29% 39.62%
Corporate 25.43% 24.85%
Agency 18.80% 21.20%
ABS 10.84% 11.02%
Money Mkt Fd 1.99% 0.63%
Agency CMBS 1.43% 1.43%
Supras 1.23% 1.24%
19 ISSUERS
City of San Leandro | Account #460 | As of March 31, 2025 Issuer Investment Type % Portfolio
Government of The United States US Treasury 40.29%
Federal Home Loan Banks Agency 12.24%
Farm Credit System Agency 4.94%
Federated Hermes, Inc. Money Mkt Fd 1.99%
Chase Issuance Trust ABS 1.70%
American Express Credit Master Trust ABS 1.69%
Royal Bank of Canada Corporate 1.45%
FHLMC Agency CMBS 1.43%
Bank of America Corporation Corporate 1.43%
UnitedHealth Group Incorporated Corporate 1.38%
Bank of Montreal Corporate 1.31%
BNY Mellon Corp Corporate 1.30%
Realty Income Corporation Corporate 1.29%
The Toronto-Dominion Bank Corporate 1.27%
State Street Corporation Corporate 1.24%
International Finance Corporation Supras 1.23%
Apple Inc. Corporate 1.18%
Comcast Corporation Corporate 1.17%
JPMorgan Chase & Co. Corporate 1.16%
Morgan Stanley Corporate 1.12%
Federal Home Loan Mortgage Corp Agency 1.11%
Toyota Motor Corporation Corporate 1.05%
PepsiCo, Inc. Corporate 1.03%
Honeywell International Inc. Corporate 1.03%
Visa Inc. Corporate 1.02%
John Deere Owner Trust ABS 1.01%
Prologis, Inc. Corporate 1.01%
Toyota Lease Owner Trust ABS 1.00%
Hyundai Auto Receivables Trust ABS 0.98%
Amazon.com, Inc. Corporate 0.88%
20 ISSUERS
City of San Leandro | Account #460 | As of March 31, 2025 Issuer Investment Type % Portfolio
Caterpillar Inc. Corporate 0.82%
Honda Auto Receivables Owner Trust ABS 0.79%
Merck & Co., Inc. Corporate 0.77%
BMW Vehicle Owner Trust ABS 0.74%
GM Financial Automobile Leasing Trus ABS 0.70%
Bank of America Credit Card Trust ABS 0.53%
Cisco Systems, Inc. Corporate 0.53%
Deere & Company Corporate 0.52%
Walmart Inc. Corporate 0.52%
Northern Trust Corporation Corporate 0.51%
FNMA Agency 0.51%
GM Financial Securitized Term ABS 0.51%
Toyota Auto Receivables Owner Trust ABS 0.39%
Hyundai Auto Lease Securitization Tr ABS 0.35%
Mercedes-Benz Auto Lease Trust ABS 0.26%
The Charles Schwab Corporation Corporate 0.25%
National Rural Utilities Cooperative Corporate 0.19%
Mercedes-Benz Auto Receivables Trust ABS 0.17%
Cash Cash 0.00%
TOTAL 100.00%
21 QUALITY DISTRIBUTION
Rating 03/31/2025 12/31/2024
AAA 12.2% 10.7%
AA 64.7% 66.5%
A 21.4% 20.7%
NA 1.8% 2.1%
Rating 03/31/2025 12/31/2024
AAA 68.9% 69.3%
AA 4.9% 2.9%
A 19.4% 20.8%
NA 6.8% 7.0%
Rating 03/31/2025 12/31/2024
AAA 12.0% 11.2%
AA 68.7% 69.1%
A 8.1% 7.8%
NA 11.3% 11.9%
City of San Leandro | Account #460 | As of March 31, 2025 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 9.8% 7.7% 12.8% 34.8% 25.9% 8.0% 1.1% 0.0% 0.0% ICE BofA 1-3 Year US Treasury & Agency Index 0.0% 0.0% 4.1% 58.2% 37.7% 0.0% 0.0% 0.0% 0.0%
DURATION DISTRIBUTION
City of San Leandro | Account #460 | As of March 31, 2025 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 1.62% 5.68% 4.72% 3.31% 1.67% 1.79% 2.15% Benchmark 1.59% 5.43% 4.19% 2.84% 1.17% 1.51% 2.04%
*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 March 31, 2025 Total Rate of Return : Inception | 05/01/2004
24 PORTFOLIO CHARACTERISTICS
City of San Leandro Reporting | Account #461 | As of March 31, 2025 3/31/2025
Portfolio
12/31/2024
Portfolio
Average Maturity (yrs) 0.00 0.00
Average Modified Duration 0.00 0.00
Average Purchase Yield 2.94% 2.75%
Average Market Yield 2.94% 2.75%
Average Quality** AAA AAA
Total Market Value 26,171,801 30,540,647
*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 March 31, 2025 Sector as a Percentage of Market Value
Sector 03/31/2025 12/31/2024
LAIF 68.12% 54.85%
Cash 31.88% 45.15%
26 HISTORICAL AVERAGE MARKET YIELD TO MATURITY
City of San Leandro | As of December 31, 2024
City of San Leandro Reserve
Portfolio 2022 2023 2024 2025
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 1.95% 2.18% 4.43% 4.20% 4.88% 4.73% 4.20% 3.94%
2Q 2.90% 2.95% 5.07% 5.02% 4.99% 4.81%
3Q 4.31% 4.30% 5.31% 5.15% 4.04% 3.71%
4Q 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 March 31, 2025 3/31/2025
Portfolio
12/31/2024
Portfolio
Average Maturity (yrs) 1.74 1.69
Average Modified Duration 1.43 1.38
Average Purchase Yield 4.06% 3.85%
Average Market Yield 4.05% 4.20%
Average Quality** AA+ AA+
Total Market Value 221,205,129 222,459,534
*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 March 31, 2025 Sector as a Percentage of Market Value
Sector 03/31/2025 12/31/2024
US Treasury 35.50% 34.14%
Corporate 22.40% 21.41%
Agency 16.56% 18.27%
ABS 9.55% 9.50%
LAIF 8.11% 7.59%
Cash 3.80% 6.25%
Money Mkt Fd 1.75% 0.54%
Agency CMBS 1.26% 1.24%
Supras 1.08% 1.07%
30 PORTFOLIO HOLDINGS
31 HOLDINGS REPORT
City of San Leandro | Account #460 | As of March 31, 2025 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
43815GAC3 HAROT 2021-4 A3 0.88
01/21/2026 18,679.04 11/16/20210.89%
18,675.10
18,678.36
99.66 4.86%
18,615.57
4.57 0.01%
(62.79)
AAA/NA
AAA
0.81 0.08
43815BAC4 HAROT 2022-1 A3 1.88
05/15/2026 108,355.29 02/15/20221.89%
108,339.00
108,351.35
99.46 4.73%
107,772.14
90.54 0.06%
(579.22)
AAA/AAA
NA
1.12 0.19
05602RAD3 BMWOT 2022-A A3 3.21
08/25/2026 200,607.46 01/04/2023
4.72%
195,553.10
198,679.52
99.68 4.55%
199,966.00
107.33
0.10%
1,286.48
AAA/AAA
NA
1.40 0.24
47787JAC2 JDOT 2022 A3 2.32 09/15/2026 86,485.98 03/10/2022
2.34%
86,466.85
86,480.22
99.48 4.16%
86,034.56
89.18 0.04%
(445.66)
AAA/NA
AAA
1.46 0.28
89238FAD5 TAOT 2022-B A3 2.93 09/15/2026 110,075.38 04/07/2022
3.09%
110,072.80
110,074.74
99.56 4.55%
109,592.74
143.34
0.06%
(482.00)
AAA/AAA
NA
1.46 0.27
362554AC1 GMCAR 2021-4 A3 0.68
09/16/2026 28,358.01 10/13/20210.68%
28,357.29
28,357.87
99.47 4.91%
28,209.10
8.03 0.01%
(148.78)
AAA/AAA
NA
1.46 0.12
380146AC4 GMCAR 2022-1 A3 1.26
11/16/2026 35,253.93 01/11/20221.27%
35,250.87
35,253.03
99.47 4.55%
35,068.39
18.51 0.02%
(184.64)
NA/AAA
AAA
1.63 0.16
47800AAC4 JDOT 2022-B A3 3.74 02/16/2027 253,698.57 07/12/2022
3.77%
253,674.34
253,689.00
99.62 4.59%
252,722.62
421.70
0.13%
(966.38)
AAA/NA
AAA
1.88 0.47
362585AC5 GMCAR 2022-2 A3 3.1
02/16/2027 115,029.82 04/05/20223.13%
115,005.78
115,021.27
99.49 4.67%
114,438.19
148.58
0.06%
(583.08)
AAA/AAA
NA
1.88 0.33
448988AD7 HALST 24A A3 5.02 03/15/2027 685,000.00 01/17/2024
5.03%
684,870.19
684,919.24
100.36
4.65%
687,487.44
1,528.31
0.35%
2,568.20
NA/AAA
AAA
1.96 0.85
36269FAD8 GMALT 2024-1 A3 5.09
03/22/2027 650,000.00 02/08/20245.09%
649,918.75
649,948.28
100.44
4.59%
652,882.23
1,010.93
0.34%
2,933.95
NA/AAA
AAA
1.97 0.80
448979AD6 HART 2023-A A3 4.58 04/15/2027 552,524.26 04/04/2023
5.14%
552,470.33
552,496.85
99.96 4.70%
552,329.05
1,124.69
0.29%
(167.80)
NA/AAA
AAA
2.04 0.48
89238GAD3 TLOT 2024-A A3 5.25 04/20/2027 655,000.00 02/21/2024
5.25%
654,972.36
654,981.97
100.63
4.53%
659,140.52
1,050.73
0.34%
4,158.55
NA/AAA
AAA
2.05 0.81
43815JAC7 HAROT 2023-1 A3 5.04
04/21/2027 314,039.48 02/16/20235.09%
313,981.13
314,010.63
100.23
4.68%
314,752.32
439.66
0.16%
741.69
AAA/NA
AAA
2.06 0.55
02582JJT8 AMXCA 2022-2 A 3.39 05/17/2027 1,105,000.00 05/17/2022
3.42%
1,104,755.57
1,104,985.96
99.84 4.72%
1,103,266.26
1,664.87
0.57%
(1,719.71)
NA/AAA
AAA
0.12 0.12
47800BAC2 JDOT 2022-C A3 5.09 06/15/2027 550,429.36 10/12/2022
5.15%
550,386.64
550,409.49
100.30
4.63%
552,104.75
1,245.19
0.29%
1,695.26
AAA/NA
AAA
2.21 0.58
32 HOLDINGS REPORT
City of San Leandro | Account #460 | As of March 31, 2025 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
36269WAD1 GMALT 2024-2 A3 5.39
07/20/2027 690,000.00 05/07/20245.85%
689,959.91
689,970.97
100.94
4.54%
696,497.87
1,136.39
0.36%
6,526.90
NA/AAA
AAA
2.30 1.03
47800CAC0 JDOT 2023 A3 5.01 11/15/2027 693,185.55 02/22/2023
3.39%
693,059.25
693,115.16
100.29
4.66%
695,195.10
1,543.49
0.36%
2,079.93
AAA/NA
AAA
2.63 0.71
58770AAC7 MBART 2023-1 A3 4.51
11/15/2027 334,879.81 01/18/20234.56%
334,839.62
334,857.99
99.97 4.60%
334,795.02
671.25
0.17%
(62.98)
NA/AAA
AAA
2.63 0.59
58770JAD6 MBALT 2024-A A3 5.32
01/18/2028 500,000.00 05/17/20245.73%
499,941.50
499,955.22
101.19
4.52%
505,967.50
1,182.22
0.26%
6,012.28
AAA/NA
AAA
2.80 1.38
362583AD8 GMCAR 2023-2 A3 4.47
02/16/2028 511,298.98 04/04/20234.51%
511,284.92
511,290.64
99.95 4.59%
511,042.36
952.29
0.26%
(248.28)
AAA/AAA
NA
2.88 0.66
89239NAD7 TLOT 2025-A A3 4.75 02/22/2028 1,265,000.00 02/20/2025
4.75%
1,264,983.43
1,264,983.95
100.61
4.47%
1,272,709.92
2,503.65
0.66%
7,725.98
AAA/AAA
NA
2.90 1.83
05592XAD2 BMWOT 2023-A A3 5.47
02/25/2028 320,939.11 07/11/20235.47%
320,882.24
320,903.29
100.66
4.59%
323,055.03
292.59
0.17%
2,151.74
NA/AAA
AAA
2.91 0.70
02582JJZ4 AMXCA 2023-1 A 4.87 05/15/2026 625,000.00 06/07/2023
4.87%
624,944.56
624,972.53
100.55
4.40%
628,468.13
1,352.78
0.32%
3,495.60
NA/AAA
AAA
1.12 1.07
438123AC5 HAROT 2023-4 A3 5.67
06/21/2028 420,000.00 11/01/20235.74%
419,926.04
419,948.40
101.20
4.66%
425,059.74
661.50
0.22%
5,111.34
AAA/NA
AAA
3.22 1.11
89239FAD4 TAOT 2023-D A3 5.54 08/15/2028 645,000.00 11/07/2023
6.30%
644,930.47
644,950.66
101.51
4.40%
654,713.12
1,588.13
0.34%
9,762.46
NA/AAA
AAA
3.38 1.25
161571HT4 CHAIT 2023-1 A 5.16 09/15/2028 2,025,000.00 09/07/2023
5.17%
2,024,438.67
2,024,611.95
101.13
4.39%
2,047,939.20
4,644.00
1.06%
23,327.25
NA/AAA
AAA
3.46 1.37
47800RAD5 JDOT 2024 A3 4.96 11/15/2028 360,000.00 03/11/2024
5.12%
359,979.84
359,984.32
101.00
4.36%
363,598.42
793.60
0.19%
3,614.10
AAA/NA
AAA
3.63 1.52
437930AC4 HAROT 2024-2 A3 5.27
11/20/2028 655,000.00 05/14/2024
5.27%
654,920.42
654,935.67
101.27
4.44%
663,339.72
1,246.50
0.34%
8,404.05
NA/AAA
AAA
3.64 1.43
36268GAD7 GMCAR 2024-1 A3 4.85
12/18/2028 290,000.00 01/09/20244.91%
289,941.68
289,955.96
100.57
4.43%
291,650.10
586.04
0.15%
1,694.14
AAA/NA
AAA
3.72 1.20
161571HV9 CHAIT 241 A 4.6 01/16/2029 1,245,000.00 01/24/2024
4.61%
1,244,810.39
1,244,854.97
100.57
4.31%
1,252,068.36
2,545.33
0.65%
7,213.40
NA/AAA
AAA
3.80 1.68
448973AD9 HART 2024-A A3 4.99 02/15/2029 765,000.00 03/11/2024
5.05%
764,831.32
764,866.79
100.92
4.43%
772,004.11
1,696.60
0.40%
7,137.32
NA/AAA
AAA
3.88 1.50
096919AD7 BMWOT 2024-A A3 5.18
02/26/2029 905,000.00 06/04/2024
5.24%
904,862.53
904,886.01
101.24
4.40%
916,200.37
781.32
0.47%
11,314.36
AAA/AAA
NA
3.91 1.47
33 HOLDINGS REPORT
City of San Leandro | Account #460 | As of March 31, 2025 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
44934QAD3 HART 2024-B A3 4.84 03/15/2029 570,000.00 07/16/2024
4.90%
569,913.99
569,926.73
100.72
4.48%
574,131.93
1,226.13
0.30%
4,205.20
NA/AAA
AAA
3.96 1.77
02582JKH2 AMXCA 2024-1 A 5.23 04/16/2029 1,520,000.00 04/16/2024
5.30%
1,519,688.40
1,519,747.16
101.85
4.32%
1,548,155.87
3,533.16
0.80%
28,408.72
NA/AAA
AAA
4.04 1.89
05522RDJ4 BACCT 2024-1 A 4.93 05/15/2029 1,020,000.00 06/06/2024
4.93%
1,019,942.78
1,019,952.26
101.31
4.32%
1,033,350.47
2,234.93
0.53%
13,398.22
AAA/AAA
NA
4.12 1.97
Total ABS 20,828,840.03 4.91%
20,820,832.06
20,825,008.40
100.75
4.49%
20,984,324.20
40,268.07
10.84%
159,315.80
2.89 1.19
AGENCY
3130AWLY4 FEDERAL HOME LOAN BANKS
5.125 06/13/2025 3,000,000.00 07/18/20234.86%
3,014,549.58
3,001,528.23
100.15
4.32%
3,004,372.80
46,125.00
1.55%
2,844.57
AAA/AA
AA
0.20 0.20
3135G05X7 FEDERAL NATIONAL MORTGAGE
ASSOCIATION 0.375 08/25/2025 1,000,000.00 10/20/20200.47% 995,420.00
999,622.00
98.46 4.28%
984,630.36
375.00
0.51%
(14,991.64)
AAA/AA
AA
0.40 0.39
3130AWS92 FEDERAL HOME LOAN BANKS
4.875 09/12/2025 3,000,000.00 10/18/20235.30%
2,976,720.00
2,994,498.67
100.22
4.35%
3,006,703.56
7,718.75
1.55%
12,204.89
AAA/AA
AA
0.45 0.44
3137EAEX3 FEDERAL HOME LOAN MORTGAGE
CORP 0.375 09/23/2025 2,200,000.00 09/28/2020
0.42%
2,195,512.00
2,199,568.46
98.14 4.35%
2,159,088.40
183.33
1.11%
(40,480.06)
AAA/AA
AA
0.48 0.47
3130AWGR5 FEDERAL HOME LOAN BANKS
4.375 06/12/2026 3,000,000.00 07/10/20234.67%
2,976,060.00
2,990,195.15
100.36
4.06%
3,010,917.84
39,739.58
1.55%
20,722.69
AAA/AA
AA
1.20 1.14
3133EPQC2 FEDERAL FARM CREDIT BANKS
FUNDING CORP 4.625 07/17/2026 3,000,000.00 07/21/2023
4.56%
3,005,010.00
3,002,171.46
100.72
4.04%
3,021,738.24
28,520.83
1.56%
19,566.78
AAA/AA
AA
1.30 1.24
3133EPSW6 FEDERAL FARM CREDIT BANKS
FUNDING CORP 4.5 08/14/2026 3,500,000.00 -- 4.70%
3,481,589.75
3,491,249.56
100.67
3.99%
3,523,275.84
20,562.50
1.82%
32,026.28
AAA/AA
AA
1.37 1.31
3130AWTQ3 FEDERAL HOME LOAN BANKS
4.625 09/11/2026 3,000,000.00 09/11/20234.80%
2,984,760.00
2,992,651.40
100.88
3.99%
3,026,308.17
7,708.33
1.56%
33,656.77
AAA/AA
AA
1.45 1.38
3130AXU63 FEDERAL HOME LOAN BANKS
4.625 11/17/2026 2,790,000.00 11/16/2023
4.69%
2,785,061.70
2,787,319.08
100.98
3.99%
2,817,370.49
48,030.63
1.45%
30,051.41
AAA/AA
AA
1.63 1.53
3130AYPN0 FEDERAL HOME LOAN BANKS
4.125 01/15/2027 3,000,000.00 01/30/20244.18%
2,995,650.00
2,997,365.83
100.45
3.86%
3,013,537.26
26,125.00
1.56%
16,171.43
AAA/AA
AA
1.79 1.70
3130B0TY5 FEDERAL HOME LOAN BANKS 4.75
04/09/2027 1,730,000.00 04/10/20244.85%
1,725,432.80
1,726,916.20
101.62
3.91%
1,757,944.07
39,261.39
0.91%
31,027.87
AAA/AA
AA
2.02 1.87
34 HOLDINGS REPORT
City of San Leandro | Account #460 | As of March 31, 2025 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
3133ERMB4 FEDERAL FARM CREDIT BANKS
FUNDING CORP 4.25 07/23/2027 3,000,000.00 07/18/20244.26% 2,999,070.00
2,999,284.03
100.65
3.95%
3,019,391.28
24,083.33
1.56%
20,107.25
AAA/AA
AA
2.31 2.17
3130ATS57 FEDERAL HOME LOAN BANKS 4.5
03/10/2028 2,000,000.00 03/21/20233.99%
2,045,140.00
2,026,710.94
101.62
3.91%
2,032,392.72
5,250.00
1.05%
5,681.78
AAA/AA
AA
2.94 2.73
3130AWMN7 FEDERAL HOME LOAN BANKS
4.375 06/09/2028 2,000,000.00 07/26/20234.27%
2,008,820.00
2,005,775.89
101.34
3.92%
2,026,723.34
27,222.22
1.05%
20,947.45
AAA/AA
AA
3.19 2.92
36,188,795.83 100.52 36,404,394.37 18.80% 1.46
Total Agency 36,220,000.00 4.25% 36,214,856.90 4.06% 320,905.90 189,537.47 1.37
AGENCY CMBS
3137FJEH8 FHMS K-081 A2 3.9 08/25/2028 2,800,000.00 --
4.87%
2,696,000.00
2,716,261.45
98.80 4.24%
2,766,373.68
9,100.00
1.43%
50,112.23
AAA/AA
AAA
3.40 3.10
2,696,000.00 98.80 2,766,373.68 1.43% 3.40
Total Agency CMBS 2,800,000.00 4.87% 2,716,261.45 4.24% 9,100.00 50,112.23 3.10 CASH
CCYUSD Receivable 8,528.80 --
0.00%
8,528.80
8,528.80
1.00 0.00%
8,528.80
0.00 0.00%
0.00 AAA/AAA
AAA
0.00 0.00
8,528.80 1.00 8,528.80 0.00% 0.00
Total Cash 8,528.80 0.00% 8,528.80 0.00% 0.00 0.00 0.00
CORPORATE
023135CE4 AMAZON.COM INC 3.0
04/13/2025 1,700,000.00 04/20/20222.94%
1,702,822.00
1,700,031.15
99.95 4.52%
1,699,102.76
23,800.00
0.88%
(928.40)
A/AA
AA
0.04 0.03
713448CT3 PEPSICO INC 2.75 04/30/2025 2,000,000.00 12/21/2022
4.50%
1,922,140.00
1,997,371.43
99.86 4.49%
1,997,130.98
23,069.44
1.03%
(240.45)
A/A
NA
0.08 0.08
037833DT4 APPLE INC 1.125 05/11/2025 1,300,000.00 --
2.14%
1,264,519.00
1,298,468.85
99.62 4.58%
1,295,012.59
5,687.50
0.67%
(3,456.26)
AAA/AA
NA
0.11 0.11
14913R2V8 CATERPILLAR FINANCIAL SERVICES
CORP 3.4 05/13/2025 585,000.00 05/10/20223.44%
584,257.05
584,971.53
99.87 4.46%
584,241.56
7,624.50
0.30%
(729.97)
A/A
A
0.12 0.12
78015K7H1YANK ROYAL BANK OF CANADA 1.15
06/10/2025 1,800,000.00 -- 1.66%
1,775,582.00
1,798,343.35
99.34 4.59%
1,788,192.00
6,382.50
0.92%
(10,151.35)
A/A
AA
0.19 0.19
35 HOLDINGS REPORT
City of San Leandro | Account #460 | As of March 31, 2025 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
63743HFE7
NATIONAL RURAL UTILITIES
COOPERATIVE FINANCE CORP 3.45
06/15/2025
375,000.00 04/27/2022
3.46%
374,898.75
374,993.33
99.73 4.71%
374,001.08
3,809.38
0.19%
(992.24)
A/A
A
0.21 0.20
14913R2Z9 CATERPILLAR FINANCIAL SERVICES
CORP 3.65 08/12/2025 1,000,000.00 08/18/20223.64%
1,000,270.00
1,000,033.07
99.68 4.51%
996,828.70
4,968.06
0.51%
(3,204.37)
A/A
A
0.37 0.36
931142EW9 WALMART INC 3.9 09/09/2025 1,000,000.00 09/08/2022
3.80%
1,002,740.00
1,000,403.61
99.86 4.23%
998,551.71
2,383.33
0.52%
(1,851.90)
AA/AA
AA
0.44 0.43
92826CAD4 VISA INC 3.15 12/14/2025 2,000,000.00 12/21/2022
4.35%
1,933,300.00
1,984,230.08
99.23 4.27%
1,984,566.46
18,725.00
1.02%
336.38
AA/AA
NA
0.71 0.68
24422EWP0 JOHN DEERE CAPITAL CORP 4.8
01/09/2026 1,000,000.00 01/04/20234.75%
1,001,220.00
1,000,315.02
100.32
4.36%
1,003,242.42
10,933.33
0.52%
2,927.40
A/A
A
0.78 0.74
037833BY5 APPLE INC 3.25 02/23/2026 1,000,000.00 05/09/2023
4.05%
979,180.00
993,298.37
99.14 4.24%
991,394.75
3,430.56
0.51%
(1,903.62)
AAA/AA
NA
0.90 0.87
808513BR5 CHARLES SCHWAB CORP 1.15
05/13/2026 500,000.00 05/17/20211.17%
499,515.00
499,891.54
96.55 4.35%
482,733.98
2,204.17
0.25%
(17,157.57)
A/A
A
1.12 1.08
91324PEC2 UNITEDHEALTH GROUP INC 1.15
05/15/2026 1,700,000.00 -- 2.24%
1,627,818.00
1,680,360.55
96.56 4.32%
1,641,588.24
7,385.56
0.85%
(38,772.31)
A/A
A
1.12 1.09
89114TZD7 TORONTO-DOMINION BANK 1.2
06/03/2026 500,000.00 04/21/20223.58%
454,290.00
486,957.41
96.36 4.42%
481,797.43
1,966.67
0.25%
(5,159.98)
A/A
AA
1.18 1.14
61747YET8 MORGAN STANLEY 4.679
07/17/2026 685,000.00 07/18/20224.68%
685,000.00
685,000.00
99.98 5.74%
684,856.10
6,588.29
0.35%
(143.90)
A/A
A
1.30 0.29
438516BL9 HONEYWELL INTERNATIONAL INC
2.5 11/01/2026 1,000,000.00 12/15/2022
4.30%
936,170.00
973,844.61
97.24 4.32%
972,445.30
10,416.67
0.50%
(1,399.31)
A/A
A
1.59 1.51
06051GLE7 BANK OF AMERICA CORP 5.08
01/20/2027 2,000,000.00 01/26/20234.98%
2,005,260.00
2,001,423.98
100.36
5.18%
2,007,179.44
20,037.78
1.04%
5,755.46
A/A
AA
1.81 0.77
20030NBY6 COMCAST CORP 3.3 02/01/2027 2,300,000.00 09/11/2023
5.27%
2,161,172.00
2,224,693.95
98.27 4.29%
2,260,149.35
12,650.00
1.17%
35,455.40
A/A
A
1.84 1.75
17275RBQ4 CISCO SYSTEMS INC 4.8
02/26/2027 1,020,000.00 02/21/20244.85%
1,018,674.00
1,019,157.94
101.20
4.13%
1,032,270.20
4,760.00
0.53%
13,112.26
A/AA
NA
1.91 1.72
665859AW4 NORTHERN TRUST CORP 4.0
05/10/2027 1,000,000.00 09/08/20224.09%
996,170.00
998,268.51
99.55 4.23%
995,461.89
15,666.67
0.51%
(2,806.62)
A/A
A
2.11 1.97
89115A2C5 TORONTO-DOMINION BANK 4.108
06/08/2027 2,000,000.00 03/19/2024
5.00%
1,947,340.00
1,964,205.55
99.32 4.44%
1,986,329.76
25,789.11
1.03%
22,124.21
A/A
NA
2.19 2.04
36 HOLDINGS REPORT
City of San Leandro | Account #460 | As of March 31, 2025 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
74340XBV2 PROLOGIS LP 3.375 12/15/2027 2,000,000.00 10/18/2023
5.81%
1,822,200.00
1,884,201.45
97.47 4.38%
1,949,352.10
19,875.00
1.01%
65,150.65
A/A
NA
2.71 2.53
06368LGV2 BANK OF MONTREAL 5.203
02/01/2028 2,500,000.00 -- 5.34%
2,486,190.00
2,491,693.04
101.83
4.51%
2,545,752.95
21,679.17
1.31%
54,059.91
A/A
AA
2.84 2.52
438516CJ3 HONEYWELL INTERNATIONAL INC
4.95 02/15/2028 1,000,000.00 02/23/20234.65%
1,013,070.00
1,007,469.62
101.82
4.27%
1,018,248.00
6,325.00
0.53%
10,778.38
A/A
A
2.88 2.57
91324PEP3 UNITEDHEALTH GROUP INC 5.25
02/15/2028 1,000,000.00 07/18/2023
4.52%
1,029,460.00
1,018,304.72
102.55
4.29%
1,025,504.03
6,708.33
0.53%
7,199.31
A/A
A
2.88 2.56
857477CU5 STATE STREET CORP 4.536
02/28/2028 2,385,000.00 02/25/20254.51%
2,385,000.00
2,385,000.00
100.47
4.36%
2,396,235.74
9,916.83
1.24%
11,235.74
AA/A
AA
2.91 2.62
61747YER2 MORGAN STANLEY 4.21
04/20/2028 1,500,000.00 07/06/20235.73%
1,423,620.00
1,458,544.48
99.28 5.02%
1,489,132.79
28,242.08
0.77%
30,588.31
A/A
A
3.05 1.91
46647PAF3 JPMORGAN CHASE & CO 3.54
05/01/2028 1,000,000.00 07/18/20235.35%
938,600.00
966,209.99
98.00 5.00%
979,960.17
14,750.00
0.51%
13,750.18
A/A
AA
3.08 1.95
58933YBH7 MERCK & CO INC 4.05 05/17/2028 1,500,000.00 --
4.07%
1,498,356.40
1,498,972.64
99.71 4.15%
1,495,589.91
22,612.50
0.77%
(3,382.73)
AA/A
NA
3.13 2.87
06406RBG1 BANK OF NEW YORK MELLON
CORP 3.992 06/13/2028 1,500,000.00 07/06/20235.21%
1,421,775.00
1,449,197.21
99.19 4.72%
1,487,828.58
17,964.00
0.77%
38,631.37
AA/A
AA
3.20 2.06
06051GKW8 BANK OF AMERICA CORP 4.948
07/22/2028 750,000.00 09/06/20235.78%
728,677.50
737,294.02
100.80
5.10%
756,023.70
7,112.75
0.39%
18,729.68
A/A
AA
3.31 2.14
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
1,011,644.71
103.28
4.06%
1,032,841.03
25,142.00
0.53%
21,196.32
AA/A
AA
3.57 2.32
78016HZV5 ROYAL BANK OF CANADA 4.95
02/01/2029 1,000,000.00 05/29/20245.30%
985,800.00
988,344.03
101.31
4.57%
1,013,141.92
8,250.00
0.52%
24,797.89
A/A
AA
3.84 3.44
756109CF9 REALTY INCOME CORP 4.75
02/15/2029 2,500,000.00 07/24/2024
4.91%
2,483,650.00
2,486,103.48
100.24
4.68%
2,506,038.78
15,173.61
1.29%
19,935.29
A/A
NA
3.88 3.41
89236TNA9 TOYOTA MOTOR CREDIT CORP
4.95 01/09/2030 2,000,000.00 01/14/20255.17%
1,980,780.00
1,981,582.59
101.51
4.59%
2,030,104.02
22,550.00
1.05%
48,521.43
A/A
A
4.78 4.17
46647PEB8 JPMORGAN CHASE & CO 5.012
01/23/2030 1,250,000.00 03/26/20254.76%
1,260,637.50
1,260,599.45
101.11
4.88%
1,263,881.41
11,833.89
0.65%
3,281.96
A/A
AA
4.82 3.41
Total Corporate 49,350,000.00 4.44%
48,345,614.20
48,891,425.26
99.81 4.52%
49,246,711.80
456,413.66
25.43%
355,286.55
2.12 1.75
37 HOLDINGS REPORT
City of San Leandro | Account #460 | As of March 31, 2025 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
MONEY MARKET
FUND
60934N104 FEDERATED HRMS GV O INST 3,845,232.52 --
4.21%
3,845,232.52
3,845,232.52
1.00 4.21%
3,845,232.52
0.00 1.99%
0.00 AAA/AAA
AAA
0.00 0.00
Total Money Market
Fund 3,845,232.52 4.21%
3,845,232.52
3,845,232.52
1.00 4.21%
3,845,232.52
0.00 1.99%
0.00 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
1,412,344.33
100.62
4.01%
1,423,733.90
13,072.08
0.74%
11,389.57
AAA/AAA
NA
1.79 1.69
45950KDD9 INTERNATIONAL FINANCE CORP
4.5 07/13/2028 935,000.00 07/06/20234.53%
933,962.15
934,318.89
101.58
3.98%
949,780.66
9,116.25
0.49%
15,461.76
AAA/AAA
NA
3.28 3.00
Total Supranational 2,350,000.00 4.50%
2,344,349.25
2,346,663.23
101.00
4.00%
2,373,514.56
22,188.33
1.23%
26,851.33
2.39 2.22
US TREASURY
912828ZT0 UNITED STATES TREASURY 0.25
05/31/2025 1,100,000.00 04/01/20210.69%
1,080,105.47
1,099,213.14
99.33 4.34%
1,092,638.02
921.70
0.56%
(6,575.12)
AAA/AA
AA
0.17 0.16
91282CHL8 UNITED STATES TREASURY 4.625
06/30/2025 1,750,000.00 07/28/20234.95%
1,739,609.38
1,748,664.06
100.07
4.30%
1,751,184.89
20,346.17
0.90%
2,520.83
AAA/AA
AA
0.25 0.25
912828Y79 UNITED STATES TREASURY 2.875
07/31/2025 3,000,000.00 06/14/20223.44%
2,949,257.81
2,994,623.64
99.53 4.28%
2,985,878.91
14,295.58
1.54%
(8,744.73)
AAA/AA
AA
0.33 0.33
9128284Z0 UNITED STATES TREASURY 2.75
08/31/2025 2,000,000.00 06/21/2021
0.74%
2,166,562.50
2,016,536.58
99.39 4.24%
1,987,812.50
4,782.61
1.03%
(28,724.08)
AAA/AA
AA
0.42 0.41
9128285J5 UNITED STATES TREASURY 3.0
10/31/2025 3,000,000.00 06/14/2022
3.48%
2,954,296.88
2,992,111.21
99.32 4.20%
2,979,468.75
37,790.06
1.54%
(12,642.46)
AAA/AA
AA
0.59 0.56
91282CAZ4 UNITED STATES TREASURY 0.375
11/30/2025 2,000,000.00 09/16/2021
0.72%
1,971,640.63
1,995,510.54
97.54 4.17%
1,950,703.12
2,513.74
1.01%
(44,807.42)
AAA/AA
AA
0.67 0.65
91282CJV4 UNITED STATES TREASURY 4.25
01/31/2026 3,000,000.00 01/30/20244.36%
2,993,671.88
2,997,359.68
100.10
4.12%
3,003,117.18
21,132.60
1.55%
5,757.50
AAA/AA
AA
0.84 0.81
91282CGL9 UNITED STATES TREASURY 4.0
02/15/2026 2,500,000.00 05/30/20245.03%
2,458,300.78
2,478,650.00
99.89 4.13%
2,497,128.90
12,430.94
1.29%
18,478.90
AAA/AA
AA
0.88 0.85
38 HOLDINGS REPORT
City of San Leandro | Account #460 | As of March 31, 2025 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
9128286L9 UNITED STATES TREASURY 2.25
03/31/2026 2,000,000.00 12/21/20223.92%
1,898,125.00
1,968,968.62
98.24 4.06%
1,964,875.00
122.95
1.01%
(4,093.62)
AAA/AA
AA
1.00 0.97
91282CBT7 UNITED STATES TREASURY 0.75
03/31/2026 1,700,000.00 10/14/20210.98%
1,682,667.97
1,696,124.78
96.80 4.06%
1,645,586.72
34.84 0.85%
(50,538.06)
AAA/AA
AA
1.00 0.98
912828R36 UNITED STATES TREASURY 1.625
05/15/2026 3,000,000.00 12/21/20223.94%
2,780,742.19
2,927,680.29
97.38 4.04%
2,921,367.18
18,449.59
1.51%
(6,313.11)
AAA/AA
AA
1.12 1.09
91282CHM6 UNITED STATES TREASURY 4.5
07/15/2026 1,750,000.00 07/28/20234.53%
1,748,359.38
1,749,286.03
100.63
3.99%
1,761,005.86
16,533.15
0.91%
11,719.83
AAA/AA
AA
1.29 1.23
9128282A7 UNITED STATES TREASURY 1.5
08/15/2026 3,000,000.00 12/21/20223.90%
2,756,367.19
2,908,363.34
96.71 3.98%
2,901,445.32
5,593.92
1.50%
(6,918.02)
AAA/AA
AA
1.38 1.34
912828U24 UNITED STATES TREASURY 2.0
11/15/2026 2,000,000.00 03/30/20222.53%
1,953,203.13
1,983,579.56
96.97 3.95%
1,939,376.00
15,138.12
1.00%
(44,203.56)
AAA/AA
AA
1.63 1.56
91282CJP7 UNITED STATES TREASURY 4.375
12/15/2026 3,500,000.00 12/21/20234.05%
3,531,171.88
3,517,832.95
100.70
3.94%
3,524,609.38
45,012.02
1.82%
6,776.43
AAA/AA
AA
1.71 1.61
91282CJT9 UNITED STATES TREASURY 4.0
01/15/2027 2,750,000.00 02/28/20244.47%
2,715,410.16
2,728,475.97
100.11
3.94%
2,752,900.40
23,093.92
1.42%
24,424.43
AAA/AA
AA
1.79 1.70
91282CEF4 UNITED STATES TREASURY 2.5
03/31/2027 3,000,000.00 08/18/20224.27%
2,928,164.06
2,968,920.83
97.34 3.90%
2,920,314.00
204.92
1.51%
(48,606.83)
AAA/AA
AA
2.00 1.92
91282CKJ9 UNITED STATES TREASURY 4.5
04/15/2027 3,000,000.00 04/26/20244.84%
2,971,992.19
2,980,723.58
101.15
3.91%
3,034,570.32
62,307.69
1.57%
53,846.74
AAA/AA
AA
2.04 1.89
912828X88 UNITED STATES TREASURY 2.375
05/15/2027 3,000,000.00 12/15/2022
3.71%
2,838,164.06
2,922,246.42
96.89 3.91%
2,906,835.93
26,964.78
1.50%
(15,410.49)
AAA/AA
AA
2.12 2.02
91282CKZ3 UNITED STATES TREASURY 4.375
07/15/2027 4,000,000.00 07/30/20244.17%
4,022,187.50
4,017,170.12
101.04
3.90%
4,041,406.24
36,740.33
2.09%
24,236.12
AAA/AA
AA
2.29 2.14
91282CFH9 UNITED STATES TREASURY 3.125
08/31/2027 4,000,000.00 05/29/20244.78%
3,802,500.00
3,853,371.21
98.23 3.90%
3,929,062.48
10,869.57
2.03%
75,691.27
AAA/AA
AA
2.42 2.29
91282CFM8 UNITED STATES TREASURY 4.125
09/30/2027 3,000,000.00 -- 3.81%
3,041,132.81
3,021,333.39
100.58
3.88%
3,017,460.93
338.11
1.56%
(3,872.46)
AAA/AA
AA
2.50 2.35
91282CFZ9 UNITED STATES TREASURY 3.875
11/30/2027 3,000,000.00 -- 3.90%
2,998,007.82
2,998,093.78
99.96 3.89%
2,998,710.93
38,962.91
1.55%
617.15
AAA/AA
AA
2.67 2.48
91282CGH8 UNITED STATES TREASURY 3.5
01/31/2028 3,000,000.00 02/23/2023
4.15%
2,914,101.56
2,950,663.22
98.95 3.89%
2,968,593.75
17,403.31
1.53%
17,930.53
AAA/AA
AA
2.84 2.66
91282CGT2 UNITED STATES TREASURY 3.625
03/31/2028 3,000,000.00 --
3.68%
2,993,593.75
2,995,865.86
99.27 3.88%
2,978,203.14
297.13
1.54%
(17,662.72)
AAA/AA
AA
3.00 2.81
39 HOLDINGS REPORT
City of San Leandro | Account #460 | As of March 31, 2025 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
91282CHE4 UNITED STATES TREASURY 3.625
05/31/2028 2,000,000.00 12/18/20244.23%
1,961,406.25
1,964,563.64
99.18 3.90%
1,983,593.76
24,299.45
1.02%
19,030.12
AAA/AA
AA
3.17 2.93
91282CHK0 UNITED STATES TREASURY 4.0
06/30/2028 2,500,000.00 02/12/20254.13%
2,466,503.91
2,467,780.73
100.34
3.89%
2,508,398.45
25,138.12
1.30%
40,617.72
AAA/AA
AA
3.25 2.99
91282CJA0 UNITED STATES TREASURY 4.625
09/30/2028 2,000,000.00 12/18/20244.25%
2,025,546.88
2,023,641.50
102.33
3.91%
2,046,562.50
252.73
1.06%
22,921.00
AAA/AA
AA
3.50 3.21
91282CJW2 UNITED STATES TREASURY 4.0
01/31/2029 2,500,000.00 --
4.28%
2,474,335.94
2,475,385.18
100.27
3.92%
2,506,835.95
16,574.59
1.29%
31,450.77
AAA/AA
AA
3.84 3.50
91282CKX8 UNITED STATES TREASURY 4.25
06/30/2029 2,500,000.00 -- 4.25%
2,500,175.78
2,500,383.67
101.22
3.93%
2,530,470.00
26,709.25
1.31%
30,086.33
AAA/AA
AA
4.25 3.82
Total US Treasury 78,550,000.00 3.83%
77,317,304.74
77,943,123.49
99.36 3.99%
78,030,116.50
525,254.80
40.29%
86,993.01
1.91 1.79
Total Portfolio 193,952,601.35 4.21%
191,566,657.40
192,791,100.03
97.90 4.20%
193,659,196.43
1,374,130.76
100.00%
868,096.40
1.98 1.63
Total Market Value +
Accrued 195,033,327.19
40 HOLDINGS REPORT
City of San Leandro Reporting | Account #461 | As of March 31, 2025 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 8,150,581.65 03/31/2023
0.00%
8,150,581.65
8,150,581.65
1.00 0.00%
8,150,581.65
0.00 31.14%
0.00 NA/NA
NA
0.00 0.00
CCYUSD Receivable 193,113.47 --
0.00%
193,113.47
193,113.47
1.00 0.00%
193,113.47
0.00 0.74%
0.00 AAA/AAA
AAA
0.00 0.00
Total Cash 8,343,695.12 0.00%
8,343,695.12
8,343,695.12
1.00 0.00%
8,343,695.12
0.00 31.88%
0.00 0.00
0.00 LAIF
90LAIF$00 Local Agency Investment Fund
State Pool 17,828,106.36 -- 4.31%
17,828,106.36
17,828,106.36
1.00 4.31%
17,828,106.36
0.00 68.12%
0.00 NA/NA
NA
0.00 0.00
Total LAIF 17,828,106.36 4.31%
17,828,106.36
17,828,106.36
1.00 4.31%
17,828,106.36
0.00 68.12%
0.00 0.00
0.00 Total Portfolio 26,171,801.48 2.94%
26,171,801.48
26,171,801.48
1.00 2.94%
26,171,801.48
0.00 100.00%
0.00 0.00
0.00 Total Market Value +
Accrued 26,171,801.48
41 TRANSACTIONS
42 TRANSACTION LEDGER
City of San Leandro | Account #460|01/01/2025 Through 03/31/2025| Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/DispYield Amount InterestPur/Sold Total Amount Gain/Loss
ACQUISITIONS
Purchase 01/15/2025 89236TNA9 2,000,000.00 TOYOTA MOTOR CREDIT CORP 4.95 01/09/2030 99.039 5.17% (1,980,780.00) (1,650.00) (1,982,430.00) 0.00 Purchase 01/29/2025 91282CKX8 1,500,000.00 UNITED STATES TREASURY
4.25 06/30/2029 99.605 4.35% (1,494,082.03) (5,107.04) (1,499,189.07) 0.00 Purchase 01/29/2025 91282CJW2 2,000,000.00 UNITED STATES TREASURY
4.0 01/31/2029 98.813 4.33% (1,976,250.00) (39,565.22) (2,015,815.22) 0.00 Purchase 02/13/2025 91282CHK0 2,500,000.00 UNITED STATES TREASURY
4.0 06/30/2028 98.660 4.43% (2,466,503.91) (12,154.70) (2,478,658.61) 0.00 Purchase 02/26/2025 89239NAD7 1,265,000.00 TLOT 2025-A A3 4.75 02/22/2028 99.999 4.75% (1,264,983.43) 0.00 (1,264,983.43) 0.00 Purchase 02/28/2025 857477CU5 2,385,000.00 STATE STREET CORP 4.536 02/28/2028 100.000 4.51% (2,385,000.00) 0.00 (2,385,000.00) 0.00 Purchase 02/28/2025 91282CJW2 500,000.00 UNITED STATES TREASURY
4.0 01/31/2029 99.617 4.11% (498,085.94) (1,546.96) (499,632.90) 0.00 Purchase 03/27/2025 46647PEB8 1,250,000.00 JPMORGAN CHASE & CO
5.012 01/23/2030 100.851 4.76% (1,260,637.50) (11,137.78) (1,271,775.28) 0.00 Purchase 03/27/2025 91282CKX8 1,000,000.00 UNITED STATES TREASURY
4.25 06/30/2029 100.609 4.09% (1,006,093.75) (10,096.69) (1,016,190.44) 0.00 Total Purchase 14,400,000.00 (14,332,416.56) (81,258.39) (14,413,674.95) 0.00 TOTAL
ACQUISITIONS 14,400,000.00 (14,332,416.56) (81,258.39) (14,413,674.95) 0.00
DISPOSITIONS
Call Redemption 03/13/2025 46647PBH8 (950,000.00) JPMORGAN CHASE & CO
2.005 03/13/2026 100.000 1.20% 950,000.00 0.00 950,000.00 0.00 Total Call
Redemption (950,000.00) 950,000.00 0.00 950,000.00 0.00 Maturity 01/07/2025 3135G0X24 (2,100,000.00)
FEDERAL NATIONAL
MORTGAGE ASSOCIATION
1.625 01/07/2025
100.000 1.51% 2,100,000.00 0.00 2,100,000.00 0.00
Maturity 01/13/2025 89236TJT3 (1,400,000.00) TOYOTA MOTOR CREDIT CORP 1.45 01/13/2025 100.000 1.73% 1,400,000.00 0.00 1,400,000.00 0.00 43 TRANSACTION LEDGER
City of San Leandro | Account #460|01/01/2025 Through 03/31/2025| Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/DispYield Amount InterestPur/Sold Total Amount Gain/Loss Maturity 01/31/2025 912828Z52 (3,000,000.00) UNITED STATES TREASURY
1.375 01/31/2025 100.000 2.83% 3,000,000.00 0.00 3,000,000.00 0.00 Maturity 02/06/2025 69371RQ66 (1,700,000.00) PACCAR FINANCIAL CORP
1.8 02/06/2025 100.000 3.08% 1,700,000.00 0.00 1,700,000.00 0.00 Maturity 02/12/2025 3137EAEP0 (2,000,000.00)
FEDERAL HOME LOAN
MORTGAGE CORP 1.5
02/12/2025
100.000 0.96% 2,000,000.00 0.00 2,000,000.00 0.00
Maturity 03/31/2025 912828ZF0 (2,500,000.00) UNITED STATES TREASURY
0.5 03/31/2025 100.000 1.01% 2,500,000.00 0.00 2,500,000.00 0.00 Total Maturity (12,700,000.00) 12,700,000.00 0.00 12,700,000.00 0.00 TOTAL
DISPOSITIONS (13,650,000.00) 13,650,000.00 0.00 13,650,000.00 0.00 44 TRANSACTION LEDGER
City of San Leandro Reporting | Account #461|01/01/2025 Through 03/31/2025| Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/DispYield Amount InterestPur/Sold Total Amount Gain/Loss
ACQUISITIONS
Purchase 01/13/2025 90LAIF$00 3,000,000.00 Local Agency Investment Fund State Pool 1.000 4.37% (3,000,000.00) 0.00 (3,000,000.00) 0.00 Purchase 01/15/2025 90LAIF$00 355.48 Local Agency Investment Fund State Pool 1.000 4.36% (355.48) 0.00 (355.48) 0.00 Purchase 01/15/2025 90LAIF$00 76,701.11 Local Agency Investment Fund State Pool 1.000 4.36% (76,701.11) 0.00 (76,701.11) 0.00 Purchase 03/31/2025 90LAIF$00 3,000,000.00 Local Agency Investment Fund State Pool 1.000 4.31% (3,000,000.00) 0.00 (3,000,000.00) 0.00 Total Purchase 6,077,056.59 (6,077,056.59) 0.00 (6,077,056.59) 0.00 TOTAL
ACQUISITIONS 6,077,056.59 (6,077,056.59) 0.00 (6,077,056.59) 0.00
DISPOSITIONS
Sale 02/28/2025 90LAIF$00 (5,000,000.00) Local Agency Investment Fund State Pool 1.000 4.32% 5,000,000.00 0.00 5,000,000.00 0.00 Total Sale (5,000,000.00) 5,000,000.00 0.00 5,000,000.00 0.00 TOTAL
DISPOSITIONS (5,000,000.00) 5,000,000.00 0.00 5,000,000.00 0.00 45 IMPORTANT DISCLOSURES
City of San Leandro | Account #460 | As of March 31, 2025 2025 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 | Account #460 | As of March 31, 2025 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