Vallejo City Council
May 24, 2022

25.0 LEGISLATIVE CHANGES

Any State of California legislative action that further restricts allowable maturities, investment types or percentage allocations will be incorporated into the City of Vallejo Statement of Investment Policy and supersede any and all previous applicable language. If the City is holding an investment that is subsequently prohibited by a legisl ative change, the City may hold that investment until the maturity date, if it is deemed prudent by the Finance Director/Treasurer.

City of Vallejo Investment Policy – Considered by the City Council on May 24, 2022

ATTACHMENT A

SCHEDULE OF AUTHORIZED INVESTMENT INSTRUMENTS

Allowable Investment Instruments
The City Finance Director/Treasurer is authorized to invest in any of the investment instruments allowed by Sections 16340, 16429.1, 53600, 53601, 53601.6, 53601.8, , 53635.2, 53635.8, 53638, and 53684 of the California Government Code with the exception of those investments listed as Prohibited Transactions in Section 16 above. Exclusion of the instruments in Section 16 (B) is consistent with the City's overall objective of achieving reasonable yields on public funds while minimizing risk and capital losses. Although the potential exists for greater interest yields with these instruments, it is believed that the potential level of risk exceeds their benefits except in very limited circumstances. Accordingly, City Council approval is required on a case-by-case basis for any investments listed in Prohibited Transactions Section 16 (B). Percentage holding limits listed in this section apply at the time the security is purchased.

Term
Reserve funds from the proceeds of debt issues of the City may be invested by the City Finance Director/ Treasurer in government agency securities with terms exceeding five (5) years if the maturity of such investments is made to coincide as nearly as practicable with the life of the debt issue.

In all other cases, City Council approval to make investments with terms in excess of five (5) years is required on a case-by-case basis.

Authorized Investments

The City’s funds may not be invested in those prohibited funds described in California Government Code 53601.6, but must only be invested in any of the following instruments as permitted by law (California Government Code Section 53601):

A. U.S. TREASURY BILLS. Commonly referred to as T- Bills, these are short -term marketable securities sold as obligations of the U.S. Government. They are offered in three-month, six-month, and one-year maturities. T -Bills do not accrue interest but are sold at a discount to pay face value at maturity. There are no limits on the dollar amount or percentage that the City may invest in U.S. Treasuries.

B. U.S. TREASURY NOTES. These are marketable, interest -bearing securities sold as obligations of the U.S. Government with original maturities of one to ten years at issuance.

Interest is paid semiannually. Purchases of these assets are limited to a remaining maturity of 5 years or less. There are no limits on the dollar amount or percentage that the City may invest in U.S. Treasuries.

C. U.S. TREASURY BONDS. These are the same as U.S. Treasury Notes except they have original maturities of ten years or longer at issuance. Purchases of these assets are limited to a remaining maturity of 5 years or less, unless specifically approved by the City Council in accordance with California Government Code section 53601. There are no limits on the dollar amount or percentage that the City may invest in U.S. Treasuries

City of Vallejo Investment Policy – Considered by the City Council on May 24, 2022

D. U.S. GOVERNMENT AGENCY ISSUES AND GOVERNMENT SPONSORED ENTERPRISES (GSE’s). This includes obligations, participations, or other instruments of, or issued by, a federal government agency or a United States government-sponsored enterprise. Purchase of U.S. Government Agency securities may not exceed 50% of the City’s Portfolio. No more than 30% of the portfolio may be invested in any single Agency/GSE. The maximum percent of agency callable securities in the portfolio will be 20%.

The allowable securities fall into two categories: 1) Issues which are backed by the full faith and credit of the United States, 2) Issues which are implicitly backed by the full faith and credit of the United States and/or are in conservatorship.

These Issues include, but are not limited to:

1. Issues, which are unconditionally backed by the full faith and credit of the United States, including: Government National Mortgage Association (GNMA), Small Business Administration (SBA) and General Services Administration (GSA).

2. Issues which are not backed by the full faith and credit of the United States including but are not limited to: Federal National Mortgage Association (FNMA), Federal Home Loan Mortgage Corporation (FHLMC ), Federal Home Loan Bank (FHLB), Farm Credit System , Banks for Cooperation (Co- ops), Federal Lands Banks (FLB), Federal Intermediate Credit Banks (FICB), and Tennessee Valley Authority (TVA).

E. LOCAL AGENCY INVESTMENT FUND (LAIF). As authorized in Government Code Section 16429.1, local agencies may invest in the Local Agency Investment Fund (LAIF), a pooled investment money market fund established by the State of California, and overseen by the State Treasurer, which allows local agencies to pool their investment resources.

Principal may be withdrawn on a one- day notice. Interest earned is paid quarterly. The fees charged are limited to one-quarter of one percent of the earnings of the fund.

Current
policies of LAIF set minimum and maximum amounts of monies that may be invested as well as maximum numbers of transactions that are allowed per month. The City may invest up to the maximum amount permitted by LAIF. The LAIF is in trust in the custody of the State Tr easurer. The City’s right to withdraw its deposited monies from LAIF is not contingent upon the State’s ability to adopt a State Budget by July 1st of each new fiscal year.

F. BANKER'S ACCEPTANCES. Otherwise known as bills of exchange or time drafts, are negotiable instruments with a maturity of six months or less drawn on and accepted by a commercial bank. These instruments must be rated “A-1” or its equivalent or better by at least one Nationally Recognized Statistical Rating Organization (NRSRO); or long- term debt obligations which are rated in a category of “A” or its equivalent or better by at least one NRSRO. Banker’s Acceptances are usually created to finance the import or export of goods, or the shipment of goods within the United States. No more than 40% of the portfolio may be invested in Banker’s Acceptances. No more than 5% of the portfolio may be invested in any single issuer. The maximum maturity may not exceed 180 days.

City of Vallejo Investment Policy – Considered by the City Council on May 24, 2022

G. CERTIFICATE OF DEPOSIT (CDs). As authorized in Government Code Section 53601.8, local agencies may invest in Certificates of Deposit. These instruments must comply with Government Code Sections 16500 or 16600. This is a receipt for funds deposited in a Bank or Savings and Loan Association for a specified period at a specified rate of interest.

The first $250,000 of a CD is insured by the FDIC ; as such, the Finance Director/Treasurer may waive collateral requirements for CD investments up to this amount. Investments in CD's in excess of $250,000 must be collateralized by Treasury Department Securities, which must be at least 110% of the face value of the CD's in excess of the first $250,000, or by first mortgage loans, which must be at leas t 150% of the face value of the CD balance in excess of the first $250,000. No more than 20% of the portfolio may be invested in certificates of deposit. Maturities may not exceed more than five years.

All institutions must: (1) have a minimum of $100 million in assets; (2) have a demonstrated history of positive earnings; and, (3) must carry a minimum 3.5% equity ratio and hold that ratio for at least one year prior to the City’s investment. All institutions must be located within the State of California. For collateralized or negotiable certificates of deposit, the institution must have a minimum $1 billion in assets, in addition to meeting the above criteria.

H. NEGOTIABLE CERTIFICATE OF DEPOSIT (NCD). Allowable certificates of deposits must be issued by a nationally or state-chartered bank or a state or federal association, a state or federal credit union, or by a federally-licensed or state-licensed branch of a foreign bank. The amount of the NCD i nsured up to the FDIC limit does not require any credit ratings. Any amount above the FDIC insured limit must be issued by institutions which have short-term debt obligations rated “A-1” or its equivalent or better by at least one NRSRO; or long-term obligations rated in a rating category of “A” or its equivalent or better by at least one NRSRO. The maturity period for this investment vehicle may not exceed five years unless approved by the Council. No more than 30% of the total portfolio may be invested in these securities. No more than 5% of the portfolio may be invested in any single issuer.

I. COMMERCIAL PAPER. As authorized in Government Code Section 53601(h), 25% of the City's portfolio may be invested in "prime" quality commercial paper. The securities must be rated “A-1” or its equivalent or better by at least one NRSRO and issued by a corporation which has long-term obligations with a rating of “A” or better by at least one NRSRO with maturities not to exceed 270 days. These notes are secured promissory notes of industrial corporations, utilities and bank holding companies. The issuer must be a corporation organized and operating in the United States with assets in excess of $500 million. The City may not purchase more than 10% of the outstanding commercial paper of any single issuer. No more than 5% of the portfolio may be invested in any single issuer. Under a provision sunsetting on January 1, 2026, no more than 40% of the portfolio may be invested in Commercial Paper if the City’s investment assets under management are greater than $100,000,000.

J. REPURCHASE AGREEMENTS. As authorized in Government Code Section 53601( j), repurchase agreements are agreements between the local agency and seller for the purchase of government securities to be resold at a specific date and for a specific amount.

Repurchase agreements are generally used for short term investments for the City’s daily automatic sweep account and will generally not exceed 30 days. The legal limitation on the

City of Vallejo Investment Policy – Considered by the City Council on May 24, 2022

maturity period for a repurchase agreement is for one year with the required market value underlying the agreement at 102% of the funds borrowed with the value adjusted quarterly.

K. MUNICIPAL BONDS OF THE STATE OF CALIFORNIA OR LOCAL AGENCIES. As authorized in Government Code Section 53601(e), local agencies may invest in Bonds of the State of California and any local government in the State of California, which are rated in the “A” category or better by one NRSRO at the time of investment . In no event shall this classification of investment exceed 10% of the value of the portfolio. No more than 5% of the portfolio may be invested in any single issuer.

L. MUTUAL FUNDS and MONEY MARKET MUTUAL FUNDS. Mutual Funds are referred to in California Government Code Section 53601( l), as "shares of beneficial interest issued by diversified management companies." Mutual Funds and Money Market Mutual Funds that are registered with the Securities and Exchange Commission under the Investment Company Act of 1940 are authorized investments for funds subject to the following provisions:
a. Mutual Funds that invest in the securities and obligations as authorized under California Government Code Section 53601(a) to (k) and (m) to (q) inclusive and that meet either of the following criteria:

1. Attained the highest ranking or the highest letter and numerical rating provided by not less than two (2) Nationally Recognized Statistical Rating Organizations (NRSROs); or

2. Have retained an investment advisor registered or exempt from registration with the Securities and Exchange Commission with not less than five years’ experience investing in the securities and obligations authorized by California Government Code Section 53601 and with assets under management in excess of $500 million.

3. No more than 10% of the total portfolio may be invested in Mutual Funds.

4. No more than 5% of the total portfolio may be invested in any one issuer.

b. Money Market Mutual Funds registered with the Securities and Exchange Commission under the Investment Company Act of 1940 and issued by diversified management companies and meet either of the following criteria:

1. Have attained the highest ranking or the highest letter and numerical rating provided by not less than two (2) NRSROs; or

2. Have retained an investment advisor registered or exempt from registration with the Securities and Exchange Commission with not less than five years’ experience managing money market mutual funds with assets under management in excess of $500 million.

3. No more than 10% of the total portfolio may be invested in Money Market Mutual Funds.

4. No more than 5% of the total portfolio may be invested in any one issuer.

5. All Money Market Mutual Funds must be compliant with Rule 2 a-7 of the Investment Company Act of 1940.

M. LOCAL GOVERNMENT INVESTMENT POOLS (LGIP).

Established to aggregate funds from public agencies placed in the custody of the pool for investment and reinvestment. There are no issuer limitations for Local Government Investment Pools. Government Code section 53601 (p) states:

City of Vallejo Investment Policy – Considered by the City Council on May 24, 2022

Shares of beneficial interest issued by a joint powers authority organized pursuant to Section 6509.7 that invests in the securities and obligations authorized in subdivisions (a) to (q), inclusive. Each share shall represent an equal proportional interest in the underlying pool of securities owned by the joint powers authority. To be eligible under this section, the joint powers authority issuing the shares shall have retained an investment adviser that meets all of the following criteria:
(1) The adviser is registered or exempt from registration with the Securities and Exchange Commission.
(2) The adviser has not less than five years of experience investing in the securities and obligations authorized in subdivisions (a) to (q), inclusive. (3) The adviser has assets under management in excess of five hundred million dollars ($500,000,000).

N. MEDIUM TERM NOTES. As authorized in Government Code Section 53601( k), local agencies may invest in medium term notes issued by corporations organized and operating in the United States or by depository institutions licensed by the United States or any state and operating within the United States that are rated in the rating category of “A” or its equivalent or higher rating for the issuer’s debt as provided by one NRSRO and having a maximum remaining maturity period of five years or less in an amount not to exceed 30% of the agency’s portfolio. Furthermore, the maximum principal amount in any one issuer will not exceed 5% of the City’s portfolio.

O. MORTGAGE-BACKED SECURITIES (MBS), COLLATERALIZED MORTGAGE

OBLIGATIONS (CMO), AND ASSET BACKED SECURITIES (ABS) FROM ISSUERS

NOT DEFINED IN SECTIONS A THROUGH D OF THE AUTHORIZED INVESTMENTS SECTION OF THS POLICY. As authorized in Government Code Section 53601(o), local agencies may invest in any mortgage pass -through security, collateralized mortgage obligation, m ortgage-backed or other pay -through bond, equipment lease- backed certificate, consumer receivable pass-through certificate or consumer receivable-backed bond with a maximum remaining maturity of five years.

Securities eligible for investment under this s ubdivision shall be rated in the rating category of “AA” or its equivalent or better by a nationally recognized rating service.

Purchases of securities authorized by this subdivision may not exceed 20% of the agency’s portfolio. No more than 5% of the portfolio may be invested in any single Asset- Backed or Commercial Mortgage security issuer.

P. MUNICIPAL BONDS OF OTHER STATES. As authorized in Government Code Section 53601(d), local agencies may invest in r egistered treasury notes or bonds of any of the other 49 United States in addition to California, including bonds payable solely out of the revenues from a revenue-producing property owned, controlled, or operated by a state or by a department, board, agency, or authority of any of the other 49 United S tates, in addition to California. Securities eligible for investment under this subdivision shall be rated in the rating category of “A” or its equivalent or better by one NRSRO at the time of investment. Purchases of securities authorized by this subdivision may not exceed 1 0% of the agency’s portfolio. Furthermore, the maximum principal amount in any one issuer will not exceed 5% of the City’s portfolio.

City of Vallejo Investment Policy – Considered by the City Council on May 24, 2022

Q. EQUITY SECURITIES (COMMON AND PREFERRED STOCKS) . The City may not purchase equity securities. From time to time, however, equity securities may be received as a gift, through bankruptcies or as payment in lieu of monies due the City. Such stock shall be sold unless received through a gift or bequest with restrictions on its sale. Sale proceeds will be distributed to the appropriate program fund. If the stock has no market value or if the cost of selling it exceeds the market value, the stock will be written off or monitored periodically to be sold when a break-even market value can be realized.

R. SUPRANATIONALS. Issues are U.S. dollar denominated senior unsecured unsubordinated obligations issued or unconditionally guaranteed by the International Bank for Reconstruction and Development, Internat ional Finance Corporation, or Inter - American Development Bank. Supranationals are permitted by California Government Code § 53601 (q), and must be rated in a rating category of AA or its equivalent or higher by at least one NRSRO. No more than 30% of the t otal portfolio may be invested in Supranationals. No more than 10% of the portfolio may be invested in any single issuer.

The maximum maturity may not exceed five years.

It should be noted that while the Government Code specifies the maximum percentage of the portfolio that may be held in each type of investment at any one time, fluctuations in the portfolio balance will prevent strict adherence to such restrictions. Therefore, the constraints listed in this policy are to be applied at the time the investment is made and not necessarily to subsequent events which may change the percentage.

SUMMARY OF AUTHORIZED SECURITIES AND CRITERIA INCLUDING

DIVERSIFICATION CRITERIA

The following table (Exhibit 1 to Attachment A) provides a summary of Permitted Investments and is not designed to include all restrictions and constraints a specific Permitted Investment may be subject to as an authorized investm ent in conformance with California Government Code Sections 16340, 16429.1, 53601 et seq., 53638, and 53684. Authorized investments shall also include, in accordance with California Government Code Section 16429.1 et seq., investments into the Local Agency Investment Fund (LAIF) or the County Pool Fund in accordance with California Government Code Section 53684. The City’s investment portfolio, in aggregate, will be diversified to limit market and credit risk by observing the following maximum percentage limits, by instrument, for the City Policy Legal limitations.

City of Vallejo Investment Policy – Considered by the City Council on May 24, 2022

EXHIBIT 1 TO ATTACHMENT A
The City’s authorized investments must be in conformance with California Government Code Sections 53601 et seq. and 53635 et seq, and 53638. Authorized investments shall also include, in accordance with California Government Code Section 16429.1 et seq., investments into the Local Agency Investment Fund (LAIF) or the County Pool Fund in accordance with California Government Code Section 53684. Within the context of these limitations, the following investments are authorized:

State Code City Policy City
Maximum

Section Legal Limit Legal Limit Maturity City Policy
Ref # Permitted Investments (% or $) (% or $) Constraints Other Constraints A U.S. Government
Treasury Bills
Unlimited Unlimited 5 years None
B U.S. Government
Treasury Notes
Unlimited Unlimited 5 years None
C U.S. Government
Treasury Bonds
Unlimited Unlimited 5 years None
D U.S. Government
Agencies (e.g., GNMA,
FNMA)
Unlimited 50% 5 years 30% per issuer, 20%
limit on callable
agencies
E LAIF State Pool Up to
statutory
limits
Up to statutory
limits
On Demand Limited to 15
transactions per
month, per account,
per State Policy
F Bankers Acceptances 40% 40% 180 days No more than 5% of the portfolio invested
in any one
commercial bank:

Rated A-1 or better
G Certificates of Deposit Unlimited 20% 5 years Must be collateralized to 110% of the CD
value by other eligible
securities. The

City of Vallejo Investment Policy – Considered by the City Council on May 24, 2022

Finance Director may
waive collateral
requirements for
amounts insured by
the FDIC
H Negotiable Certificates
of Deposit
30% 30% 5 years State and Federally
chartered banks and
savings institutions,
“A” rating or better by
one agency. 5%
issuer limit.

I Commercial Paper 40% when
City has over
$100 million
in investible
assets, until
January 1,
2026
40% when City
has over $100
million in
investible assets,
until January 1,
2026
270 days U.S. Corporations
with assets in excess
of $500,000,000; “A”
long-term debt rating
or better; maximum of
$1,000,000 from an
issuing corporation.
5% per issuer limit.

Section
Ref #

Permitted
Investments
State Code

Legal Limit
(% or $)
City Policy

Legal Limit
(% or $)

City
Maximum
Maturity
Constraints

City Policy
Other Constraints
J Repurchase
Agreements
Unlimited 20% N.A. Collateralized by
securities with a
market value of at
least 102% of the loan
amount.

K Municipal State of
California or Local
Agency Bonds
Unlimited 10% 5 years Minimum “A” Debt
rating or better. 5%
issuer limit.

L a. Mutual Funds and

b. Money Market
Mutual Funds
a. 10%

b. 20%
a. 10%

b. 20%
4 years Funds invested as
defined in Section
53601 (a) to (g)
M Local Government
Investment Pools
Unlimited Unlimited On Demand None
N Corporate Medium
Term Notes
30% 30% 5 years U.S. Corporations;
minimum “A” debt
rating or better,
maximum of 5% of
portfolio per issuing
company
O Mortgage Backed
Securities
Collateralized
Mortgage Obligations,
Asset Backed
Securities
20% 20% 5 years Minimum “AA” Debt
rating or better. 5%
per issuer limit.

City of Vallejo Investment Policy – Considered by the City Council on May 24, 2022

P Municipal Bonds of
Other States
Unlimited 10% 5 years Minimum “A” rating or
better and Maximum
of 5% of portfolio per
issuer
Q Equity Securities
(Common or Preferred
Stocks)
0% 0% N.A. Only received by gift,
bankruptcy, or in lieu
of moneys due City
R Supranationals 30% 30% 5 years 10% per issuer limit

1) Limits on percent of portfolio do not apply to investments made by LAIF or other Government Investment Pools.

2) U.S. Treasury Bonds have a maturity of 10 years or more, which currently prohibits the purchase of “New Issue” Treasury bonds as an investment tool. Purchase of Treasury bonds in the secondary market is allowed only if the remaining term to maturity is less than 5 years , unless approved by the City Council.

ATTACHMENT B

GLOSSARY OF CASH MANAGEMENT TERMS

ACCRETION OF DISCOUNT - Periodic straight -line increases in the book or carrying value of a security so the amount of the purchase price discount below face value is completely eliminated by the time the bond matures or by the call date, if applicable.

ACCRUED INTEREST - Interest earned but not yet received. The interest accumulated on a bond since issue date or the last coupon payment. The buyer of the bond pays the market price and accrued interest, which is payable to the seller.

AGENCIES - A debt security issued by a federal or federally sponsored agency.

In the government securities industry, investors frequently refer to all debt instruments issued by U.S. government agencies, departments, and related instrumentalities as a gency securities. Only those securities backed by the full faith and credit of the U. S. Government are true agency securities. Only securities issued by the Government National Mortgage Association (Ginnie Mae or GNMA) are widely used by public investors as tr ue agency securities backed by the full faith and credit of the U.S.

Government.

Generally, the underlying security associated with a U.S. agency is considered to be as risk -free as direct Treasury securities. The key difference in risk with these instruments is their liquidity and marketability, which is diminished as a result of smaller, irregular, and less familiar issues.

U.S. Government Instrumentalities, also known as government sponsored enterprises (GSEs), are financial intermediaries established by the federal government to fund loans to certain groups of

City of Vallejo Investment Policy – Considered by the City Council on May 24, 2022

borrowers, such as homeowners, farmers, and students. In short, GSEs are privately owned corporations with a public purpose. The most common instrumentalities are:
• Federal Farm Credit System Banks (FFCB),
• Federal Home Loan Banks (FHLB),
• Federal Home Loan Mortgage Corporation (Freddie Mac or FHLMC), • Federal National Mortgage Association (Fannie Mae or FNMA), • Tennessee Valley Authority (TVA).

GSEs sell securities on a regularly scheduled basis through selling groups, which are chosen groups of dealers that the GSE uses to "bring the paper to the streets." Short -term securities are regularly issued as discount notes with maturities ranging from overnight to 360 days. GSEs also issue securities with fixed interest rates, ranging in maturity from three months to 30 years.

AMORTIZATION OF PREMIUM - Periodic straight-line decreases in the book or carrying value of a security so the premium paid for a bond above its face value or call price is completely eliminated.

ASK – The price at which securities are offered for sale.

ASSET BACKED SECURITIES (ABS) – Asset Backed Securities are pass -through instruments collateralized by installment loans, leases, revolving lines of credit or other consumer finance receivables. Securitizations are structured to separate the credit of the ABS issuer from the assets being securitized.

AVERAGE MATURITY - A weighted average of the expiration dates for a portfolio of debt securities.

An income fund's volatility can be m anaged by shortening or lengthening the average maturity of its portfolio.

BANK WIRE - A virtually instantaneous electronic transfer of funds between two financial institutions.

BANKERS ACCEPTANCES (BAs) - Bankers Acceptances generally are created based on a letter of credit issued in a foreign trade transaction. They are used to finance the shipment of commodities between countries as well as the shipment of some specific goods within the United States. BAs are short-term, non- interest bearing notes sold at a discount and redeemed by the accepting bank at maturity for full face value. These notes trade at a rate equal to or slightly higher than Certificates of Deposit (CDs), depending on market supply and demand.

Bankers Acceptances are sold in amounts t hat vary from $100,000 to $5,000,000, or more, with maturities ranging from 30 - 270 days. They offer liquidity to the investor as it is possible to sell BAs prior to maturity at the current market price.

BASIS POINT - A measure of an interest rate, i.e., 1/100 of 1 percent, or .0001.

BID - The indicated price at which a buyer is willing to purchase a security or commodity. When selling a security a bid is obtained.

BOND - A long-term debt security, or IOU, issued by a government or corporation that generally pays a stated rate of interest and returns the face value on the maturity date.

City of Vallejo Investment Policy – Considered by the City Council on May 24, 2022

BOOK ENTRY SECURITIES - U.S. government and federal agency securities that do not exist in definitive (paper) form; they exist only in computerized files maintained by the Federal Reserve Bank.

BOOK VALUE - The amount at which an asset is carried on the books of the owner. The book value of an asset does not necessarily have a significant relationship to market value.

BROKER – A broker brings buyers and sellers together for a commission.

CALLABLE BOND - A bond issue in which all or part of its outstanding principal amount may be redeemed before maturity by the issuer under specified conditions. Bonds are generally called when interest rates fall so that the bond issuer can save money by floating new bonds at the lower rate. The first call date is the date which a specific call price will be offered by the issuer, usually a premium price to par, as an incentive to the bondholder to redeem the bond.

CALL PRICE - The price at which an issuer may redeem a bond prior to maturity. The price is usually at a slight premium to the bond's original issue price to compensate the holder for loss of income and ownership.

CALL RISK - The risk to a bondholder that a bond may be redeemed prior to maturity.

CASH SALE\PURCHASE - A transaction which calls for delivery and payment of securities on the same day that the transaction is initiated.

CERTIFICATES OF DEPOSIT - Certificates of Deposit, familiarly known as CDs, are certificates issued against funds deposited in a bank for a definite period of time and earning a specified rate of return.

Certificates of Deposit bear rates of interest in line with money market rates current at the time of issuance.

COLLATERALIZATION - Process by which a borrower pledges securities, property, or other deposits for the purpose of securing the repayment of a loan and/or security.

COMMERCIAL PAPER - Commercial paper is an unsecured promissory note issued by a corporation for a specific amount and matur ing on a specific day that cannot be farther into the future than 270 days. Commercial Paper is typically rated by credit agencies that attempt to evaluate the liquidity, cash flow, profitability, and backup credit availability of the entity that is issuing the paper.

COMPETITIVE BID PROCESS - A process by which three or more institutions are contacted via the telephone to obtain interest rates for specific securities.

CONVEXITY - A measure of a bond's price sensitivity to changing interest rates. A high c onvexity indicates greater sensitivity of a bond's price to interest rate changes.

CORPORATE NOTES – A debt security issued by a corporation and sold to investors. The bond is usually a “general obligation” of the company. In some cases, the company's physical assets may be used as collateral for bonds, or certain bonds may be “subordinated” to others that the Company issues.

Subordinated notes and/or bonds are not permitted.

COUPON RATE - The annual rate of interest receiv ed by an investor from the issuer of certain types of fixed-income securities. Also known as the "interest rate."

City of Vallejo Investment Policy – Considered by the City Council on May 24, 2022

CREDIT QUALITY - The measurement of the financial strength of a bond issuer. This measurement helps an investor to understand an issuer’s ability to make timely interest payments and repay the loan principal upon maturity. Generally, the higher the credit quality of a bond issuer, the lower the interest rate paid by the issuer because the risk of default is lower. Credit quality ratings are prov ided by nationally recognized rating agencies.

CREDIT RATINGS: An investment rating given to a debt instrument that indicates its credit worthiness.

Private independent rating services such as Standard & Poor's, Moody's and Fitch provide these evaluations of the issuer's financial strength, or its ability to pay principal and interest in a timely fashion.

High graded credit ratings are as follows:

Moody’s Standard & Poor’s Fitch
Long Term Short Term Long Term Short Term Long Term Short Term Aaa
P1
AAA
A1+

AAA
A1+ Aa1 AA+ AA+
Aa2 AA AA
Aa3 AA- AA-
A1 A+
A1
A+
A2 A A
A3
P2
A-
A2
A-
A2
Baa1 BBB+ BBB+

CREDIT RISK - The risk that another party to an investment transaction will not fulfill its obligations.

Credit risk can be associated with the issuer of a security, a financial institution holding the entity's deposit, or a third party holding securities or collateral. Credit risk exposure can be affected by a concentration of deposits or investments in any one investment type or with any one party.

CUSIP NUMBER - A nine -digit number established by the Committee on Uniform Securities Identification Procedures that is used to identify publicly traded securities. Each publicly traded security receives a unique CUSIP number when the security is issued.

CURRENT YIELD - A yield calculation determined by dividing the annual interest received on a security by the current market price of that security.

City of Vallejo Investment Policy – Considered by the City Council on May 24, 2022

CUSTODIAN - An independent third party (usually bank or trust company) that holds sec urities in safekeeping as an agent for the city.

DEBENTURE – A bond secured only by the general credit of the issuer.

DEFEASE - To discharge the lien of an ordinance, resolution, or indenture relating to a bond issue, and in the process, render inoperative restrictions under which the issuer has been obliged to operate.

Comment: Ordinarily an issuer may defease an indenture requirement by depositing with a trustee an amount sufficient to fully pay all amounts under a bond contract as they become due.

DELIVERY - The providing of a security in an acceptable form to the City or to an agent acting on behalf of the City and independent of the seller. Acceptable forms can be physical securities or the transfer of book entry securities. The important distinction is that the transfer accomplishes absolute ownership control by the City.

DELIVERY VS PAYMENT - There are two methods of delivery of securities: Delivery vs. payment and delivery vs. receipt (also called free). Delivery vs. payment is delivery of securities with an exchange of money for the securities. Delivery vs. receipt is delivery of securities with an exchange of a signed receipt for the securities.

DEPOSITORY BANK - A local bank used as the point of deposit for cash receipts.

DEPOSITORY INSURANCE - Insurance on deposits with financial institutions. For purposes of this policy statement, depository insurance includes: a) Federal depository insurance funds, such as those maintained by the Federal Deposit Insurance Corporation (FDIC).

DERIVATIVE SECURITY - Financial instrument created from, or whose value depends upon, one or more underlying assets or indexes of asset values.

DISCOUNT - 1. (n.) selling below par; e.g., a $1,000 bond selling for $900. 2. (v.) anticipating the effects of news on a security's value; e.g., "The market had already discounted the effect of the labor strike by bidding the company's stock down."
DISCOUNT SECURITIES – Non-interest bearing money market instruments that are issued at a discount and redeemed at maturity for full face value, e.g., U.S. Treasury Bills.

DIVERSIFICATION - Dividing available funds among a variety of securities and institutions so as to minimize market risk.

DOLLAR-WEIGHTED AVERAGE MATURITY - The sum of the amount of each outstanding investment multiplied by the number of days to maturity, divided by the total amount of outstanding investment.

EFFECTIVE RATE - The yield you would receive on a debt security over a period of time taking into account any compounding effect.

FACE VALUE - The value of a bond stated on the bond certificate; thus, the redemption value at maturity. Most bonds have a face value, or par, of $1,000.

City of Vallejo Investment Policy – Considered by the City Council on May 24, 2022

FAIR VALUE - The amount at which a financial instrument could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale.

FEDERAL AGENCY SECURITIES - Several government-sponsored agencies, in recent years, have issued short and long-term notes. Such notes typically are issued through dealers, mostly investment banking houses. These Federal government -sponsored agencies were established by the U.S.

Congress to undertake various types of financing without tapping the public treasury. In order to do so, the agencies have been given the power to borrow money by issuing securities, generally under the authority of an act of Congress. These securiti es are highly acceptable and marketable for several reasons, mainly because they are exempt from state, municipal and local income taxes. Furthermore, agency securities must offer a higher yield than direct Treasury debt of the same maturity to find investors, partly because these securities are not direct obligations of the Treasury.

The main agency borrowing institutions are the Federal National Mortgage Association (FNMA), the Federal Home Loan Mortgage Corporation (FHLMC ), the Federal Home Loan Bank Sy stem (FHLB), and the Federal Farm Credit System (FFCS).

FLOATING-RATE NOTES - The term floating- rate notes includes different types of securities with a similar feature that the interest rate or coupon rate is adjusted periodically to a benchmark or base rate.

A simple example of a floating- rate instrument is a Series EE savings bond where the semiannual interest rate is determined in May and November based on 85 percent of the average market return of the five-year Treasury note for the preceding six mont hs. In theory, floating- rate notes are securities with coupons based on a short-term rate index.

FNMA - FEDERAL NATIONAL MORTGAGE ASSOCIATION - issues notes tailored to the maturity needs of the investor. Maturities range from 30 days up to 10 years. These notes are made attractive by their denominations from $5,000 to $1 million.

FHLB - FEDERAL HOME LOAN BANK SYSTEM - consists of twelve Federal Home Loan Banks, issues, in addition to long- term bonds, coupon notes with maturities of up to one year. Their attractiveness stems from their investment denominations of $10,000 to $1 million.

FEDERAL DEPOSIT INSURANCE CORPORATION (FDIC) - A Federal institution that insures bank deposits.

FEDERAL FUNDS (Fed Funds) - Funds placed in Federal Reserve banks by depository institutions in excess of current reserve requirements. These depository institutions may lend fed funds to each other overnight or on a longer basis. They may also transfer funds among each other on a same- day basis through the Federal Reserve banking system. Fed funds are considered to be immediately available funds.

FEDERAL FUNDS RATE - The rate of interest at which Fed Funds are traded between banks. Fed Funds are excess reserves held by banks that desire to invest or lend them to banks needing reserves.

The particular rate is heavily influenced through the open market operations of the Federal Reserve Board. Also referred to as the "Fed Funds rate."
FEDERAL HOME LOAN BANKS (FHLB) - The institutions that regulate and lend to savings and loan associations. These are Government sponsored wholesale banks which lend funds and provide correspondent banking services to member commercial banks, thrift institutions, credit unions and

City of Vallejo Investment Policy – Considered by the City Council on May 24, 2022

insurance companies. The mission of the FHLB’s is to liquefy the housing related assets of its members who must purchase stock in their district bank.

FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) - FNMA, like GNMA, was chartered under the Federal National Mortgage Association Act in 1938. FNMA is a Federal corporation working under the auspices of the Department of Housing and Urban Development, HUD. It is the largest single provider of residential mortgage funds in the United States. Fannie Mae, as the corporation is called, is a private stockholder-owned corporation. The corporation's purchases include a variety of adjustable mortgages and second loans, in addition to fixed- rate mortgages. FNMA's securities are also highly liquid and are widely accepted. FNMA assumes and guarantees that all security holders will receive timely payment of principal and interest.

FEDERAL OPEN MARKET COMMITTEE (FOMC) – Consists of seven members of the Federal Reserve Board and five of the twelve Federal reserve Bank Presidents. The President of the New York Federal Reserve Bank is a permanent member, while the other Presidents serve on a rotating basis.

The Committee periodically meets to set Federal Reserve guidelines regarding purchases and sales of Government Securities in the open market as a means of influencing the volume of bank credit and money.

FEDERAL RESERVE SYSTEM - The central bank of the United States which has regulated credit in the economy since its inception in 1913. Includes the Federal Reserve Bank, 12 district banks and the member banks of the Federal Reserve, and is governed by the Federal Board.

FLEXIBLE REPURCHASE AGREEMENTS (Flex Repos) - Similar to a term repurchase agreement, a flex repo is a contractual transfer of U.S. government securities during the investment period, whereby the Seller agrees to repurchase the collateral securities from the Buyer on the Buyer's demand, subject to provisions of the agreement. The Seller is generally a financial institution such as a securities dealer or a bank. As buyers, most issuers require over -collateralization, marking-to-market of collateral and delivery-vs.-payment of collateral.

GINNIE MAES (GNMAs) - Mortgage securities issued and guarantied, as to timely interest and principal payments, by the Government National Mortgage Associ ation, an agency within the Department of Housing and Urban Development (HUD).

GOVERNMENT SECURITY - Any debt obligation issued by the U.S. government, its agencies or instrumentalities. Certain securities, such as Treasury bonds and Ginnie Maes, are back ed by the government as to both principal and interest payments. Other securities, such as those issued by the Federal Home Loan Mortgage Corporation, or Freddie Mac, are backed by the issuing agency.

GOVERNMENT-SPONSORED ENTERPRISES (GSE’s) - Payment of principal and interest on securities issued by these corporations is not guaranteed explicitly by the U.S. government, however, most investors consider these securities to carry an implicit U.S. government guarantee. The debt is fully guaranteed by the issuing corporations. GSE’s include: Farm Credit System, Federal Home Loan Bank System, Federal Home Loan Mortgage Corporation, Federal National Mortgage Association, and the Tennessee Valley Authority.

HAIRCUT - This term describes the way brokers and client s protect themselves from market risk in doing repos. An entity wanting to finance the purchase of $100 million in Treasury bonds may borrow just $98 million of the money. The two percent difference between the amount of securities purchased

City of Vallejo Investment Policy – Considered by the City Council on May 24, 2022

and the amount of money borrowed is the haircut. Similarly, an entity looking to borrow $100 million may need to provide, as collateral, Treasury securities with a market price equal to $102 million.

INTERNAL CONTROLS - An internal control structure designed to ensure that the assets of the entity are protected from loss, theft, or misuse. The internal control structure is designed to provide reasonable assurance that these objectives are met. The concept of reasonable assurance recognizes that 1) the cost of a control should not exceed the benefits likely to be derived and 2) the valuation of costs and benefits requires estimates and judgments by management. Internal controls should address the following points:

1. Control of collusion - Collusion is a situation where two or more employees are working in conjunction to defraud their employer.

2. Separation of transaction authority from accounting and record keeping - By separating the person who authorizes or performs the transaction from the people who record or otherwise account for the transaction, a separation of duties is achieved.

3. Custodial safekeeping - Securities purchased from any bank or dealer including appropriate collateral (as defined by state law) shall be placed with an independent third party for custodial safekeeping.

4. Avoidance of physical delivery securities - Book-entry securities are much easier to transfer and account for since actual delivery of a document never takes place. Delivered securities must be properly safeguarded against loss or destruction. The potential for fraud and loss increases with physically delivered securities.

5. Clear delegation of authority to subordinate staff members - Subordinate staff members must have a clear understanding of their authority and responsibilities to avoid improper actions.

Clear delegation of authority also preserves the internal control structure that is contingent on the various staff positions and their respective responsibilities.

6. Written confirmation of transactions for investments and wire transfers - Due to the potential for error and improprieties arising from telephone and electronic transactions, all transactions should be supported by written communications and approved by the appropriate person. Written communications may be via fax if on letterhead and if the safekeeping institution has a list of authorized signatures.

7. Development of a wire transfer agreement with the lead bank and third-party custodian - The designated official should ensure that an agreement will be entered into and will address the following points: controls, security provisions, and responsibilities of each party making and receiving wire transfers.

INVERSE FLOATER - A bond or note that does not earn a fixed rate of interest. Rather, the interest rate that is earned is tied to a specific interest -rate index identified in the bond/note structure. The interest rate earned by the bond/note will move in the opposite direction of the index, e.g., if market interest rates as measured by the selected index rises, the interest rate earned by the bond/note will decline. An inverse floater increases the market rate risk and modified duration of the investment.

INVERTED YIELD CURVE - A chart formation that illustrates long-term securities having lower yields than short-term securities. This configuration usually occurs during periods of high inflation coupled with low levels of confidence in the economy and a restrictive monetary policy.

INVESTMENT COMPANY ACT OF 1940 - Federal legislation which sets the standards by which investment companies, such as mutual funds, are regulated in the areas of advertising, promotion, performance reporting requirements, and securities valuations.

City of Vallejo Investment Policy – Considered by the City Council on May 24, 2022

INVESTMENT POLICY - A concise and clear statement of the objectives and parameters formulated by an investor or investment manager for a portfolio of investment securities.

INVESTMENT-GRADE OBLIGATIONS - An investment instrument suitable for purchase by institutional investors under the prudent person rule. Investment-grade is restricted to those obligations rated BBB or higher by a rating agency.

LIQUIDATION - Conversion into cash.

LIQUIDITY - Refers to the ease and speed with which an asset can be converted into cash without a substantial loss in value. In the money market, a security is said to be liquid if the spread between bid and asked prices is narrow and reasonable size can be done at those quotes.

LOSS - The excess of the cost or book value of an asset over selling price.

LOCAL GOVERNMENT INVESTMENT POOL (LGIP) - The aggregate of all funds from political subdivisions that are placed in the custody of the Treasurer for investment and reinvestment.

LONG-TERM INVESTMENTS - Investments considered long- term are generally defined as those instruments maturing in one year or longer.

MARK-TO-MARKET - The practice of valuing a security or portfolio according to its market value, rather than its cost or book value. An adjustment in the valuation of a securities portfolio to reflect the current market values of the respective securities in the portfolio.

MARKETABILITY - Ability to sell large blocks of money market instruments quickly and at competitive prices.

MARKET VALUE - The price at which a security is trading and could presumably be sold.

MARKET RISK - The risk associated with declines or rises in interest rates which cause an investment in a fixed- income security to increase or decrease in value. The risk that the market value of an investment, collateral protecting a deposit, or securities underlying a repurchase agreement will decline.

MASTER REPURCHASE AGREEMENT - An agreement between the investor and the dealer or financial institute. This agreement defines the nature of the transactions, identifies the relationship between the parties, establishes normal practices regarding ownership and custody of the collateral securities during the term of the investment, provides for remedies in the event of a default by either party and otherwise clarifies issues of ownership.

MATURITY - The date upon which the principal or stated value of an investment becomes due.

MONEY MARKET – The market in which short -term debt instruments (bills, commercial paper, bankers’ acceptances, etc.) are issued and traded.

MORTGAGE-BACKED SECURITIES - Mortgage-backed securities have several unique characteristics, beginning with the payment of interest on a monthly basis. Mortgage Backed Securities also differ from standard Treasury investments in that the cash flow pattern is uncertain due to the risk of prepayments or the unscheduled payment of principal. Moreover, a change in the future assumption

City of Vallejo Investment Policy – Considered by the City Council on May 24, 2022

for prepayments will also affect the rate of return on the investment of a mortgage- backed security.

Mortgage-backed securities are created when mortgage pools are collateralized into interest -bearing securities. This securitization process can be accomplished via either a sale of assets or as a debt obligation of the issuer. In the former, a mortgage pass -through security is created, while in the latter case a mortgage-backed bond is originated.

MUNICIPAL SECURITIES – Securities issued by state and local agencies to finance capital and operating expenses.

MUTUAL FUND - An investment company that pools money and can invest in a variety of securities, including fixed-income securities and money market instruments. Mutual funds are regulated by the Investment Company Act of 1940 and must abide by the following Securities and Exchange Commission (SEC) disclosure guidelines:

1. Report standardized performance calculations.

2. Disseminate timely and accurate information regarding the fund's holdings, performance, management and general investment policy.

3. Have the fund's investment policies and activities supervised by a board of trustees, which are independent of the adviser, administrator or other vendor of the fund.

4. Maintain the daily liquidity of the fund's shares.

5. Value their portfolios on a daily basis.

6. Have all individuals who sell SEC- registered products licensed with a self -regulating organization (SRO) such as the National Association of Securities Dealers (NASD).

7. Have an investment policy governed by a prospectus which is updated and filed by the SEC annually.

MUTUAL FUND STATISTICAL SERVICES - Companies that track and rate mutual funds, e.g., IBC/Donoghue, Lipper Analytical Services, and Morningstar.

NATIONAL ASSOCIATION OF SECURITIES DEALERS (NASD) - A self -regulatory organization (SRO) of brokers and dealers in the over -the-counter securities business. Its regulatory mandate includes authority over firms that distribute mutual fund shares as well as other securities.

NATIONALLY RECOGNIZED STATISTICAL RATINGS ORGANIZATION. The formal term to describe credit rati ng agencies that provide credit ratings that are used by the U.S. government in several regulatory areas. Ratings provided by Nationally Recognized Statistical Ratings Organizations (NRSRO) are used frequently by investors and are used as benchmarks by federal and state agencies.

Generally, to be considered an NRSRO, the agency has to be "nationally recognized" in the U.S. and provide reliable and credible ratings. Also taken into consideration is the size of the credit rating agency, operational capability and its credit rating process.

NEGOTIABLE CERTIFICATES OF DEPOSIT - Large denomination ($100,000 or more) interest bearing time deposits, paying the holder a fixed amount of interest at maturity. Issues can be sold to a new owner before maturity.

NET ASSET VALUE - The market value of one share of an investment company, such as a mutual fund. This figure is calculated by totaling a fund's assets which includes securities, cash, and any accrued earnings, subtracting this from the fund's liabilities and dividing this total by the number of

City of Vallejo Investment Policy – Considered by the City Council on May 24, 2022

shares outstanding. This is calculated once a day based on the closing price for each security in the fund's portfolio. [(Total assets) - (Liabilities)]/(Number of shares outstanding) NO LOAD FUND - A mutual fund which does not levy a sales charge on the purchase of its shares.

NOMINAL YIELD - The stated rate of interest that a bond pays its current owner, based on par value of the security. It is also known as the "coupon," "coupon rate," or "interest rate." OFFER - The indicated price at which a seller is willing to sell a security or commodity. When buying a security an offer is obtained.

OPEN MARKET OPERATIONS – Purchases and sales of government and certain other securities in the open market by the New York Federal Reserve Bank as directed by the FOMC in order to influence the volume of money and credit in the economy. Purchases inject reserves into the bank system and stimulate growth of money and credit; sales have the opposite effect. Open market oper ations are the Federal Reserve’s most important and most flexible monetary policy tool.

PAR VALUE - The nominal or face value of a debt security; that is, the value at maturity.

PORTFOLIO – Collection of securities held by an investor.

POSITIVE YIELD CURVE - A chart formation that illustrates short -term securities having lower yields than long-term securities.

PREMIUM - The amount by which a bond sells above its par value.

PRIMARY DEALERS - A group of government securities dealers that submit daily reports of market activity and positions and monthly financial statements to the Federal Reserve Bank of New York and are subject to its informal oversight. Primary dealers include Securities and Exchange Commission (SEC), registered securities broker-dealers, banks, and a few unregulated firms.

PRIME RATE - The interest rate a bank charges on loans to its most credit worthy customers.

Frequently cited as a standard for general interest rate levels in the economy.

PRINCIPAL - An invested amount on which interest is charged or earned.

PRUDENT PERSON RULE – An investment standard. In some states the law requires that a fiduciary, such as a trustee, may invest money only in a list of securities selected by the custody state – the so- called legal list. In other states the trustee may invest in a security if it is one which would be bought by a prudent person of discretion and intelligence who is seeking a reasonable income and preservation of capital.

QUALIFIED PUBLIC DEPOSITORY - A financial institution which does not claim exemption from the payment of any sales or compensating use or ad valorem taxes under the laws of this state, which has segregated, for the benefit of the commission, eligible collateral having a value of not less than its maximum liability and which has been approved by the Public Deposit Protection Commission to hold public deposits.

City of Vallejo Investment Policy – Considered by the City Council on May 24, 2022

RANGE NOTE - An investment whose coupon payment varies (e.g. either 7% or 3%) and is dependent on whether the current benchmark (e.g. 30 year Treasury) falls within a pre -determined range (e.g. between 6.75% and 7.25%).

RATE OF RETURN - The amount of income received from an investment, expressed as a percentage.

A market rate of return is the yield that an investor can expect to receive in the current interest -rate environment utilizing a buy-and-hold to maturity investment strategy.

REGISTERED SECURITY - A security that has the name of the owner written on its face. A registered security cannot be negotiated except by the endorsement of the owner.

REINVESTMENT RISK - The risk that a fixed- income investor will be unable to reinvest inc ome proceeds from a security holding at the same rate of return currently generated by that holding.

REPURCHASE AGREEMENT (REPO) - The Repo is a contractual transaction between an investor and an issuing financial institution (not a secured loan). The investor exchanges cash for temporary ownership of specific securities, with an agreement between the parties that on a future date, the financial institution will repurchase the securities at a prearranged price. An "Open Repo" does not have a specified repurchase date and the repurchase price is established by a formula computation.

REPRICING - The revaluation of the market value of securities.

REVERSE REPO ’s - The opposite of the transaction undertaken through a regular repurchase agreement. In a "reverse" the City initially owns securities and the bank or dealer temporarily exchanges cash for this collateral. This is, in effect, temporarily borrowing cash at a high interest rate. Most typically, a Repo is initiated by the lender of funds. Reverses are used by dealers to borrow securities they have shorted. Such investments are not authorized in the City of Vallejo’s Investment Policy.

RULE 2a-7 OF THE INVESTMENT COMPANY ACT - Applies to all money market mutual funds and mandates such funds to maintain certain standards, including a 13- month maturity limit and a 90-day average maturity on investments, to help maintain a constant net asset value of one dollar ($1.00).

SAFEKEEPING - A service to customers rendered by banks for a fee whereby all securities and valuables of all types and descriptions are held in the bank's vaults for protection, or in the case of book entry securities, are held and recorded in the customer's name and are inaccessible to anyone else.

SECONDARY MARKET – A market made for the purc hase and sale of outstanding issues following the initial distribution.

SECURITIES - Bonds, notes, mortgages, or other forms of negotiable or non-negotiable instruments.

SECURITIES & EXCHANGE COMMISSION – Agency created by Congress to protect investors i n securities transactions by administering securities legislation.

SERIAL BOND - A bond issue, usually of a municipality, with various maturity dates scheduled at regular intervals until the entire issue is retired.

SETTLEMENT DATES - The day on which pay ment is due for a securities purchase. For stocks and mutual funds bought through an investment dealer, settlement is normally five business days after the

City of Vallejo Investment Policy – Considered by the City Council on May 24, 2022

trade date. Bonds and options normally settle one business day after the trade date, mutual fund shares purchased directly by mail or wire settle on the day payment is received.

SHORT-TERM INVESTMENTS - Short-term investments are generally defined as those instruments maturing in one year or less.

SINKING FUND - Money accumulated on a regular basis in a separate custodial account that is used to redeem debt securities or preferred stock issues.

SPREAD - (a) Difference between the best buying price and the best selling price for any given security. (b) Difference between yields on or prices of two securities of differing quality or differing maturities. (c) In underwriting, difference between price realized by the issuer and price paid by the investor.

STRIPS - Separation of the principal and interest cash flows due from any interest-bearing securities into different financial instruments. Each coupon payment is separated from the underlying investment to create a separate security. Each individual cash flow is sold at a discount. The amount of the discount and the time until the cash flow is paid determine the investor’s return.

STRIPPED TREASURIES - U.S. Treasury debt obligations in which coupons are removed by brokerage houses, creating zero-coupon bonds.

STRUCTURED NOTES – A complex, fixed income instrument, which pays interest, based on a formula tied to other interest rates, commodities or indices. Examples include inverse floating rate notes that have coupons that increase when other interest rates are falling, and which fall when other interest rates are r ising, and "dual index floaters," which pay interest based on the relationship between two other interest rates - for example, the yield on the ten-year Treasury note minus the Libor rate. Issuers of such notes lock in a reduced cost of borrowing by purchasing interest rate swap agreements.

Notes issued by government Sponsored Enterprises (GSE) such as FHLB, FNMA, and Corporations which have imbedded options (e.g., call features, step- up coupons, floating rate coupons, derivative- based returns) into their debt structure. Their market performance is impacted by the fluctuation of interest rates, the volatility of the imbedded options and shifts in the shape of the yield curve.

SUPRANATIONAL. A Supranational is a multi -national organization whereby member states transcend national boundaries or interests to share in the decision making to promote economic development in the member countries.

TERM BOND - Bonds comprising a large part or all of a particular issue which come due in a single maturity. The issuer usually agrees to make periodic payments into a sinking fund for mandatory redemption of term bonds before maturity.

TOTAL RETURN - The sum of all investment income plus changes in the capital value of the portfolio.

For mutual funds, return on an investment is composed of share price appreciation plus any realized dividends or capital gains. This is calculated by taking the following components during a certain time period. (Price Appreciation) + (Dividends and Interest received) + (Capital gains) = Total Return TRIPARTITE CUSTODIAN AGREEMENT - An agreement that occurs when a third party or custodian becomes a direct participant in a repurchase transaction. The custodian ensures that the exchange

City of Vallejo Investment Policy – Considered by the City Council on May 24, 2022

occurs simultaneously and that appropriate safeguards are in place to protect the investor’s interest in the underlying collateral.

THIRD-PARTY SAFEKEEPING - A safekeeping arrangement whereby the investor has full control over the securities being held and the dealer or bank investment department has no access to the securities being held.

TIME DEPOSIT - Interest-bearing deposit at a savings institution that has a specific maturity.

TREASURY BILLS - Treasury bills are short-term debt obligations of the U.S. Government. They offer maximum safety of principal since they are backed by the full faith and credit of the United States Government. Treasury bills, commonly called "T- Bills," account for the bulk of government financing, and are the major v ehicle used by the Federal Reserve System in the money market to implement national monetary policy. T-Bills are sold in three, six, nine, and twelve- month bills. Because treasury bills are considered "risk-free," these instruments generally yield the lowest returns in the major money market instruments.

TREASURY NOTES AND BONDS - While T-Bills are sold at a discount rate that establishes the yield to maturity, all other marketable treasury obligations are coupon issued. These include Treasury Notes with m aturities from one to ten years and Treasury Bonds with maturities of 10- 30 years. The instruments are typically held by banks and savings and loan associations. Since Bills, Notes and Bonds are general obligations of the U.S. Government, and since the Federal Government has the lowest credit risk of all participants in the money market, its obligations generally offer a lower yield to the investor than do other securities of comparable maturities.

UNDERLYING SECURITIES - Securities transferred in accordance with a repurchase agreement.

UNIFORM NET CAPITAL RULE – Securities and Exchange Commission requirement that member firms as well as nonmember broker-dealers in securities maintain a maximum ratio of indebtedness to liquid capital of 15 to 1; also called net capital rule and net capital ratio. Indebtedness covers all money owed to a firm, including margin loans and commitments to purchase securities, one reason new public issues are spread among members of underwriting syndicates. Liquid capital includes cash and assets easily converted into cash.

VARIABLE RATE - An interest rate which is adjusted periodically, usually based on a standard market rate outside the control of the bank or savings institution, such as that prevailing on a Treasury bill or the prime interest rate. These rates often have a specified floor and/or ceiling, called a cap or a collar, which limit the adjustment. Also called adjustable rate or floating rate.

WEIGHTED AVERAGE MATURITY - The sum of the amount of each outstanding investment multiplied by the number of days to maturity, divided by the total amount of outstanding investment.

WHEN-ISSUED TRADES - Typically, there is a lag between the time a new bond is announced and sold and the time it is actually issued. During this inter val, the security trades " WI," "when, as, and if issued."
WI - When, as, and if issued. See When-issued trades.

City of Vallejo Investment Policy – Considered by the City Council on May 24, 2022

YIELD - The rate at which an investment pays out interest or dividend income, expressed in percentage terms and calculated by dividing the amount paid by the price of the security and annualizing the result.

YIELD BASIS - Stated in terms of yield as opposed to price. As yield increases for a traded issue, price decreases and vice versa. Charts prepared on a yield basis appear exactly opposite of those prepared on a price basis.

YIELD CURVE - A graphic representation that depicts the relationship at a given point in time between yields and maturity for bonds that are identical in every way except maturity. A normal yield curve may be alternatively referred to as a positive yield curve.

YIELD SPREAD - The variation between yields on different types of debt securities; generally a function of supply and demand, credit quality and expected interest rate fluctuations. Treasury bonds, for example, because they are so safe, will normally yield less than corporate bonds. Yields may also differ on similar securities with different maturities. Long-term debt, for example, carries more risk of market changes and issuer defaults than short-term debt and thus usually yields more.

YIELD-TO-CALL (YTC) - The rate of return an investor earns from a bond assuming the bond is redeemed (called) prior to its nominal maturity date. It is the percentage rate of a bond or note, if an investor were to buy and hold the security until the call date. This yield is valid only if the security is called prior to maturity. Generally bonds are callable over several years and normally are called at a slight premium. The calculation of yield to call is based on the coupon rate, length of time to the call and the market price.

YIELD-TO-MATURITY (YTM) - The rate of return yielded by a debt security held to maturity when both interest payments and the investor's potential capital gain or loss are included in the calculation of return. The calculation for YTM is based on the coupon rate, length of time to maturity and market price.

It assumes that coupon interest paid over the life of the bond will be reinvested at the same rate.

ZERO-COUPON BONDS - Securities that do not pay interest but are instead sold at a deep discount from face value. They rise in price as the maturity date nears and are redeemed at face value upon maturity.

Approved as to form:

By: for
Veronica Nebb, City Attorney
RESOLUTION NO. 22-XXX N.C.

RESOLUTION OF THE CITY COUNCIL OF THE CITY OF VALLEJO APPROVING

THE STATEMENT OF INVESTMENT POLICY AND RENEWING DELEGATION OF

INVESTMENT AUTHORITY TO THE CITY FINANCE DIRECTOR, SERVING AS CITY TREASURER, FOR THE PERIOD JULY 1, 2022, THROUGH JUNE 30, 2023 WHEREAS, California Government Code Section 53646 allows a local agency at its option to provide for the Chief Fiscal Officer to render a Statement of Investment Policy for consideration and amendment by the City Council at a public meeting; and WHEREAS, California Government Code Section 53607 provides that a legislative body may delegate the authority to invest to the treasurer on an annual basis; and WHEREAS, the legislative body of a local agency may invest surplus monies not required for the immediate necessities of the local agency in accordance with the provisions of California Government Code Section 53601 et seq.; and WHEREAS, the Annual Statement of Investment Policy was last reviewed and adopted on June 8, 2021; and
WHEREAS, City Council renewed delegation of investment authority to the City Finance Director, serving as City Treasurer, for one year ending June 30, 2022; WHEREAS, the term of the delegation of investment authority should coincide with the term of the Investment Policy.

NOW, THEREFORE, BE IT RESOLVED that the Vallejo City Council hereby approves the Statement of Investment Policy for the City of Vallejo, as amended and set forth in Attachment 2 of the Staff Report accompanying this Resolution for the period from July 1, 2022 through June 30, 2023.

BE IT FURTHER RESOLVED that the Council hereby renews delegation of investment authority to the City Finance Director, serving as City Treasurer, for a period of one year, from July 1, 2022, through June 30, 2023, in accordance with the Policy.

CONSENT CALENDAR 8.G.

DATE: May 24, 2022
TO: Mayor and Members of the City Council
FROM: Rekha Nayar, Finance Director
SUBJECT: FISCAL YEAR 2022-2023 CITY OF VALLEJO GANN APPROPRIATIONS LIMIT

RECOMMENDATION
Adopt a Resolution establishing the Fiscal Year (FY) 2022-23 Appropriations Limit at $167,991,471 for the City of Vallejo.

REASONS FOR RECOMMENDATION
Article XIIIB of the California Constitution requires that the City compute an annual appropriations limit. This limit sets the maximum amount of appropriations that can be made from tax receipts.

BACKGROUND AND DISCUSSION
Article XIIIB of the California State Constitution, adopted as Proposition 4 (the Gann Initiative) by the voters of California in 1979, and later amended by Proposition 111, prohibits annual appropriations from exceeding an “Appropriations Limit.” The Appropriations Limit is calculated by adjusting the 1986-87 base year appropriations by annual changes in population and a cost-of-living index. For FY 2022-23, appropriations that are subject to the Appropriations Limit cannot exceed the Appropriations Limit.

The Appropriations Limit for FY 2022-23 is $167,991,471. This was determined by applying the percentage increase in California per capita income of 7.55% and the change in county population decrease of 0.58% to the FY 2021-22 Appropriations Limit of $157,109,722.

Article XIIIB requires that appropriations that are subject to the Appropriations Limit must not exceed $167,991,471. Based upon definitions contained in Article XIIIB, appropriations that are subject to the limit for FY 2022-23 are estimated to be $99,824,432. Therefore, the appropriations that are subject to the Appropriations Limit will not exceed the Appropriations Limit.

SB 1352 of 1980, which implemented the Gann Initiative, requires each local government to establish its appropriations limit by resolution each year at a regularly scheduled or noticed special meeting.

The annual adjustment made to the Appropriations Limit is based on a formula which adds the two following factors:

1. The City selection of 1) the Change in City population or 2) the Change in population for the entire County, and

2. Change in State per capita income or Change in non-residential assessed valuation An agency is allowed to select the population growth factor which provides for the largest growth in the limit.

For the calculation of the FY 2022-23 Appropriations Limit, staff recommends the City use the Change in County Population as it provides a greater limit.

Date: May 24, 2022
Subject: FISCAL YEAR 2022-2023 CITY OF VALLEJO GANN APPROPRIATIONS LIMIT

Not all revenues are restricted by the Appropriations Limit, only those which are referred to as "proceeds of taxes." The attachments provide a description of the “proceeds of taxes.” The following is a list of factors used in the calculation:

Vallejo Population in January 2021 124,410 Vallejo Population in January 2022 123,190 Percentage Change in Population - City of Vallejo - 0.98% Solano County Population in January 2021 439,181 Solano County Population in January 2022 436,647 Percentage Change in Solano County Population -0.58% California Per Capita Personal Income Increase 7.55% The proposed City of Vallejo increase in the FY 2022-23 Appropriations Limit is as follows:

Factor to be applied to Prior Year 1.06926210 (Population Factor x Per Capita Factor)

FISCAL IMPACT
There is no fiscal impact associated with the approval of this Resolution.

ENVIRONMENTAL REVIEW
This action is exempt from the California Environmental Quality Act (CEQA) because it is not a project which has a potential for resulting in either a direct physical change in the environment, or a reasonably foreseeable indirect physical change in the environment, pursuant to CEQA Guideline section 15378.

ATTACHMENTS

1. Attachment 2

2. Attachment 3

3. FY22-23 GANN resolution 05-24-2022

CONTACT
Rekha Nayar, Finance Director. 707-648-4592
[email protected]
City of Vallejo
Appropriations Limit Calculation
Fiscal Year 2022-2023
ATTACHMENT 2
I. Calculation of Appropriations Limit:

Fiscal Year 2021-2022 Appropriations Limit $157,109,722 a. CPI Factor (change in California per capita income) 1.0755 b. Population Factor (Change in County population) (1) 0.9 942 Change Factor (a. x b.) 1.06926210
Fiscal Year 2022-2023 Appropriations Limi
t $167,991,471
II. Calculation of appropriations subject to the Appropriations Limit:

Fiscal Year 2022-2023 Budgeted General Fund Revenue $130,606,274 Less: Non-proceeds of taxes -$30,781,842
Total FY 2022-2023 appropriations subject to the Appropriations Limit: $99,824,432 City of Vallejo
Proceeds of Taxes Calculation
Fiscal Year 2022-2023
ATTACHMENT 3
Proceeds of taxes Non-proceeds of taxes Total revenue
Operating Revenue:

Property Taxes 24,516,132 24,516,132
Sales Tax 39,932,559 39,932,559
Utility User Taxes 12,655,005 12,655,005 Franchise Fees 5,623,142 5,623,142 Transient Occupancy Tax 2,398,740 2,398,740 Business License Tax 1,660,000 1,660,000 Medical Marijuana Tax 3,040,000 3,040,000 Property Transfer Tax 2,606,043 2,606,043 Real Property Excise Tax 525,000 525,000 Motor Vehicle License Fees 12,679,654 12,679,654 Public Safety Grants 2,988,477 2,988,477 Development Fees and Permits 4,675,517 4,675,517 Fines & Forfeitures 210,611 210,611 Lease & Rental Revenue 1,239,253 1,239,253 Mare Island Service Reimbursement 3,331,000 3,331,000 Engineering Fees 3,087,791 3,087,791 Other Miscellaneous Revenue 7,749,096 7,749,096 Six Flags/Marine World Fee 1,248,254 1,248,254 Total, before interest allocation 99,488,133 30,678,141 130, 166,274 Percentage of total revenue 76.43% 23.57% 100.00%
Interest allocation 336,299 103,701 440,000 Total 99,824,432 30,781,842 130, 606,274 Approved as to form:

By: for
Veronica Nebb, City Attorney
RESOLUTION NO. 22-XXX

A RESOLUTION OF THE CITY COUCNIL OF THE CITY OF VALLEJO ESTABLISHING THE FISCAL YEAR 2022-23 GANN APPROPRIATIONS LIMIT AT $167,991,471 AND CERTIFYING THAT FISCAL YEAR 2022-2023

APPROPRIATIONS THAT ARE SUBJECT TO THE APPROPRIATIONS LIMIT DO

NOT EXCEED THE APPROPRIATIONS LIMIT
WHEREAS, Article XIIIB of the California State Constitution, adopted as Proposition 4 (the “Gann Initiative”) by the voters of California on November 6, 1979, as expanded by Proposition 111, prohibits, with certain exceptions, the annual appropriations subject to limitation of any governmental entity from exceeding the base year appropriations except by a formula which adjusts the limit for changes in population and cost-of-living; and
WHEREAS, the Appropriations Limit for Fiscal Year 2022-2023 is calculated to be $167,991,471, as determined by applying a change factor of 1.06926210 to the Fiscal Year 2021-2022 Appropriations Limit of $157,109,722; with such change factor comprised of the change in California per capita personal income of 7.55% and the annual population change for the County of Solano as of January 1, 2022 showing a decrease of 0.58%, (as provided by the State Department of Finance); and WHEREAS, the Fiscal Year 2022-2023 appropriations subject to the Appropriations Limit have been determined to be $99,824,432, such amount being $68,167,039, below the Appropriations Limit; and
WHEREAS, the documentation for the Appropriations Limit and appropriations subject to the Appropriations Limit for Fiscal Year 2022-2023 is on file in the Finance Department.

NOW, THEREFORE, BE IT RESOLVED that the City Council hereby adopts an Appropriations Limit of $167,991,471, for Fiscal Year 2022-2023, and certifies that the budgeted appropriations subject to the Appropriations Limit for Fiscal Year 2022-2023 do not exceed such Appropriations Limit.

CONSENT CALENDAR 8.H.

DATE: May 24, 2022
TO: Mayor and Members of the City Council
FROM: Rekha Nayar, Finance Director
SUBJECT: CITY TREASURER’S INVESTMENT REPORT AS OF 03/31/2022

RECOMMENDATION
Accept the City Treasurer’s Investment Report for the quarter ended March 31, 2022.

REASONS FOR RECOMMENDATION
The City’s Investment Policy requires the City Treasurer to submit quarterly investment reports to the City Council.

BACKGROUND AND DISCUSSION
At the end of each calendar quarter, the City Treasurer is required by the City’s adopted Investment Policy to report on the status of investments to the City Council. The City Treasurer’s Investment Report as of March 31, 2022 is submitted. It is the policy of the City of Vallejo to use the State of California Government Code Sections 53601, 53635, and 53651 provisions for local government investments as guidelines in the developing and implementing of the City's allowable investment policies and practices.

The report includes all securities managed by the City and its Investment Managers (excluding bond proceeds) and provides information on the values (par, fair, and cost), term, and yield of each security. Please note that because the safe-keeping custodian and the Investment Manager may use different pricing sources to determine the market value of the securities, there can be minor differences in market values shown on the custodian's monthly statement as compared to the Investment Manager's monthly statement.

Fair Value of individual securities has been provided by Chandler Asset Management. The City utilizes Principal Financial Group as its third-party safekeeping custodian for safekeeping of all investments with the exception of the Local Agency Investment Fund (LAIF). LAIF being a money market fund administered by the State Treasurer has many governmental agency participants, and holds securities through its own administrator.

Date: May 24, 2022
Subject: CITY TREASURER’S INVESTMENT REPORT AS OF 03/31/2022

Condensed investment information as of March 31, 2022, is as follows:

Par Value Fair Value Cost Basis
Description of Portfolio of Portfolio of Portfolio
Percentage of
Portfolio
City of Vallejo:

Local Agency Investment Fund $73,077,477.57 $73,077,477.57 $73,077,477.57 43.51% U.S. Federal Agency Bonds $30,675,000.00 $30,913,430.70 $29,955,056.27 18.40% U.S. Treasury Securities $29,550,000.00 $29,873,066.39 $28,494,193.00 17.79% Corporate Medium-Term Notes $22,095,000.00 $22,493,768.30 $21,658,092.44 13.39% Asset Backed Securities $9,585,924.94 $9,598,721.84 $9,412,950.05 5.71% Negotiable Certificates of
Deposit
$1,000,000.00 $1,000,050.43 $993,238.00 0.60%
Collateralized Mortgage
Obligations
$800,000.00 $860,562.50 $809,137.60 0.51%
Money Market Mutual Funds $149,626.06 $149,626.06 $149,626.06 0.09% Total $166,933,028.57 $167,966,703.79 $164,549,770.99 100.00%

Footnote: In accordance with Government Code Section 53646, the Fair Value of the Local Agency Investment Fund (LAIF) shown above represents the value from the March 31, 2022, LAIF statement and has not been adjusted by the “Amortized Cost Factor” which is used in adjusting the statement balance to the actual “Fair Value” balance.

Condensed earnings and return information as of March 31, 2022, is as follows:

Current Quarter Fiscal Year-to-Date
Portfolio Investment Earnings:

City of Vallejo1 $ 375,446 $ 1,199,366
Net Change in Portfolio Fair Value
Balance2:

City of Vallejo -$2,789,479 $ 1,699,788
Approximate Portfolio rate-of-return:

City of Vallejo - Yield to maturity3 0.93%
BENCHMARK COMPARISON RATE-OF-RETURN4:

Local Agency Investment Fund 0.23% 2-Year U.S. Treasury Note Yield 2.337% Date: May 24, 2022
Subject: CITY TREASURER’S INVESTMENT REPORT AS OF 03/31/2022

Footnotes:

1. The City records interest income on a cash basis, whereas the attached statement uses the accrual basis. Since the accrual basis includes interest income earned but not received, there is a timing difference in recording the interest income between the City’s books and the attached statement. This difference will be trued up at fiscal year-end.

2. The “Net Change in Portfolio Fair Value Balance” is primarily a measure of the difference in the inflows and outflows of funds held in the LAIF account during the period. The change is primarily due to the timing of the receipt of property tax revenues, which are received in December and April of each year, and the timing of the City making withdrawals in the ordinary course of business to pay expenses.

3. Yield to Maturity is the interest income the portfolio will earn for the next twelve months expressed as a percentage. Yield to maturity assumes no changes during that twelve month period.

4. These are the performance benchmarks stated in the City’s Investment Policy.

COMPLIANCE
All investment transactions were executed in accordance with the California Government Code and the City’s and Investment Policies. In accordance with California Government Code section 53646(b)(3), staff believes that the investments and budgeted revenues for the City will provide sufficient cash flow to meet the anticipated cash flow requirements of each entity for the next six months.

Pooled cash and investments book balances are adjusted annually to reflect fair value as required by Generally Accepted Accounting Principles. The term fair value was formerly known as market value and became effective with the mandatory implementation of GASB 31 in fiscal year 1998. The attached investment schedules meet these requirements.

It should be noted that this is an investment portfolio report and does not include bank checking account deposits for the City. The Housing Authority is not required to file a quarterly report because it does not have any reportable investments since it closed it's investment account and transferred all funds to it's bank account, which is covered by a general depository agreement, as required by HUD.

FISCAL IMPACT
There is no fiscal impact from this report. The City's portfolio had total investment earnings of $ 375,446 during the three-month period ending March 31, 2022. In addition, the portfolio also had a cumulative fair value versus cost value unrealized, non-cash loss of approximately ($3,156,922) during the three-month period as of March 31, 2022. Fair value fluctuates from one period to another depending on the changes in interest rates and the supply and demand for bonds at a particular time. Therefore, there is often a difference between the cost value (the value at the time of purchase) and the fair value (the market value of the same security at a certain later period), creating an unrealized gain or loss.

ENVIRONMENTAL REVIEW
This action is exempt from the California Environmental Quality Act (CEQA) because it is not a project which has a potential for resulting in either a direct physical change in the environment, or a reasonably foreseeable indirect physical change in the environment, pursuant to CEQA Guideline section 15378.

Date: May 24, 2022
Subject: CITY TREASURER’S INVESTMENT REPORT AS OF 03/31/2022

ATTACHMENTS

1. City of Vallejo Economic and Account Analysis 03-31-22

2. Chandler Monthly Statement - Account 262 - 3-31-22

CONTACT
Rekha Nayar, Finance Director, (707) 648-4592
[email protected]
CHANDLER ASSET MANAGEMENT, INC. | 800.317.4747 | www.chandlerasset.com

INVESTMENT REPORT
Period Ending March 31, 2022
City of Vallejo
SECTION 1 Economic Update
SECTION 2 Account Profile
Table of Contents As of March 31, 2022
1 SECTION |
Section 1 |
Economic Update
2 Economic Update



The Russian i nvasion into Ukraine and resulting Western sanctions on Russia have fueled volatility in financial markets. The latest escalation has exacerbated inflationary pressures, particularly in energy and commodities, and has caused tightening conditions in financial markets. While consumer spending and economic growth remain strong, we believe an extended conflict in Eastern Europe along with elevated energy prices increases the risk of an economic slowdown later this year.

While we expect the Fed to tighten monetary policy, the FOMC has very little margin for error as it attempts to combat inflation without pushing the economy into a recession. Over the near-term, we expect financial market volatility to remain elevated and conditions to remain tighter with heightened geopolitical risk, supply chain bottlenecks and persistent inflation, and the Fed's pivot to less accommodative monetary policy.

The Federal Open Market Committee (FOMC) raised the federal funds rate by 0.25% at their March16th meeting to a target range of 0.25% to 0.50%. The Federal Reserve also ended their bond-buying program as expected in March, which included the purchase of treasury and agency mortgage-backed securities. Fed Chair Powell suggested that balance sheet runoff could begin as early as their next meeting in May, sooner than previously anticipated, and that the pace of the unwind will likely be faster than in the previous quantitative tightening cycle. The dot plot favors six additional rate hikes in 2022,which implies a 25 basis point rate hike at each remaining meeting this year, but the Fed hasn’t ruled out incorporating one or more 50 basis point hikes to address inflation. The FOMC’s Summary of Economic Projections forecasts higher Personal Consumption Expenditure (PCE) inflation this year at 4.3% and a lower growth rate of 2.8% real GDP. We are anticipating additional rates hikes by the Fed this year, but we do not believe that monetary policy is on a pre-set course and expect the Fed's policy adjustments will depend on developments in the economy.

In March, yields increased dramatically and the curve continued to flatten. The 2-year Treasury yield increased 90 basis points to 2.34%, the 5-year Treasury yield increased 74 basis points to 2.46%, and the 10-year Treasury yield increased 51 basis points to 2.34%. The spread between the 2-year and 10-year Treasury yield declined to zero at March month-end versus 40 basis points at February month-end and 158 basis points one year ago. While the flat yield curve bears watching over the longer run, the spread between 3-month and 10-year treasuries is still steep at about 185 basis points, which indicates likely economic growth in the coming year.
3 Source: US Department of Labor Source: US Department of Labor Employment
The U.S. economy a dded 431,000jobs in March, with upward revisions from the prior months totaling 95,000. Trends in employment remain strong, with the three-month moving average payrolls at 561,000and the six-month moving average at 600,000. Job gains were broad based in March, led by leisure and hospitality and professional and business services. The unemployment rate fell to 3.6% from 3.8%, the lowest level since February 2020.The labor participation rate increased marginally to 62.4%in Marchfrom 62.3%in February but remains lower than the pre- pandemic level of 63.4%. 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 6.9% in March from 7.2% in February, declining below its pre-pandemic level of 7.0% in February 2020.

Wage growth accelerated in March, with average hourly earnings rising 5.6% from 5.2% year-over-year. As more participants enter the labor force, wage inflation dynamics should start to moderate, helping to lower the current elevated inflation readings. -22,000
-18,000
-14,000
-10,000
-6,000
-2,000
2,000
6,000
MOM Change In (000's)
Nonfarm Payroll (000's)
Non-farm Payroll (000's)
3 month average (000's)

0.0%

4.0%

8.0%

12.0%

16.0%

20.0%

24.0%
Unemployment Rate
Underemployment Rate (U6)
Unemployment Rate (U3)
Rate (%)
4 Retail sales edged higher in February, but there are signs that higher gas prices are impacting discretionary spending. On a year-over-year basis, retail sales were up 17.6% in February versus up 14% in January. On a month-over-month basis, retail sales moderated, rising 0.3% in February versus an upwardly revised increase of 4.9% in January. Excluding vehicles and gas, retail sales were down 0.4% month-over-month.

Although inflation threatens to put a dent in expected growth, we believe high levels of consumer savings along with improvement in the health situation and continued improvement in the labor market should provide a healthy tailwind for consumer spending. The Consumer Confidence index rebounded to 107.2 in March following declines in January and February, primarily driven by positive assessments of employment. However, while consumers’ evaluations of the present situation was strong, future expectations have been deteriorating.

Source: US Department of Commerce Source: The Conference Board -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
80 90
100
110
120
130
140
Index Level
Consumer Confidence
Consumer
5 Source: The Conference Board Source: Federal Reserve Bank of Chicago Economic Activity
The Conference Board’s Leading Economic Index (LEI) increased 0.3% month-over-month in February, following a 0.5% downwardly revised decline in January. On a year-over-year basis, the LEI was up 7.6% in February versus up 7.3% in January. The Conference Board acknowledged that the data do not fully reflect the impact of the Russian invasion of Ukraine on global supply chain issues, shortages, and the resulting soaring prices, which could result in slower than expected growth in the first half of the year. Meanwhile, the Chicago Fed National Activity Index (CFNAI) fell to 0.51 in February from a downwardly revised 0.59 in January. On a 3-month moving average basis, the CFNAI declined to

0.35 in February, while January was revised downward to 0.37. -8.00
-6.00
-4.00
-2.00

0.00 2.00

4.00 6.00
Chicago Fed National Activity Index (CFNAI)
3 Month Average
-8.0%
-6.0%
-4.0%
-2.0%

0.0%

2.0%

4.0%
Leading Economic Indicators (LEI)
MOM ( %) Change
6 Source: US Department of Commerce Source: S&P
Housing
0 200
400
600
800
1000
1200
1400
1600
1800
2000
MOM Change (In Thousands of Units)
Housing Starts
Multi Family Housing Starts
Single Family Housing Starts

0.0%

3.0%

6.0%

9.0%

12.0%

15.0%

18.0%

21.0%

24.0%
S&P/Case-Shiller 20 City Composite Home Price Index
YOY( %) Change
Total housing starts rebounded 6.8% to an annual rate of 1,769,000in February. Single-family starts increased 5.7%, and multi-family starts increased 9.3%, month-over-month. On a year-over-year basis, total housing starts were up 22.3% in February driven by multi-family starts.

According to the Case-Shiller 20-City home price index, home prices were up 19.1%year-over-year in January versus up 18.6%year-over-year in December, suggesting tight supply may be continuing to support prices. Rising mortgage rates and affordability could be headwinds to further price growth.
7 Source: US Department of Commerce Source: US Department of Commerce 3/21 6/21 9/21 12/21

7.4% 7.9% 1.4% 1.8%
-0.4% -0.7% 2.1% 5.8%
-1.6% -0.2% -1.3% -0.2%

0.8% -0.4% -0.4% -0.3%

0.0% 0.0% 0.5% -0.2%

6.3% 6.7% 2.3% 6.9%
Gross Private Domestic Investment
Personal Consumption Expenditures
Components of GDP
Federal Government Expenditures
State and Local (Consumption and Gross
Investment)
Net Exports and Imports
Total
-35.0%
-30.0%
-25.0%
-20.0%
-15.0%
-10.0%
-5.0%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%
Gross Domestic Product (GDP)
GDP QOQ % Change
GDP YOY % Change
Gross Domestic Product (GDP)
According to the t hird estimate, fourth quarter GDP grew at an annualized rate of 6.9%, revised slightly downward from the second estimate of

7.0%. Economic growth reaccelerated in the fourth quarter after slowing to a pace of 2.3% growth in the third quarter, bringing overall GDP growth for 2021to 5.7%. The most significant contributor to fourth quarter growth was inventory build, potentially reflecting some easing in supply chain disruptions. The fourth-quarter's build will make for a tough comparison in the first quarter. The consensus estimate calls for 1.1% GDP growth in the first quarter, 3.0% growth in the current quarter, and 3.3% growth for 2022. 8 Section 2|SECTION |
Section 2 |
Account Profile
9 Objectives
Chandler Asset Management Performance Objective
The performance objective for the portfolio is to earn a total rate of return through a market cycle that is equal to or above the return on the benchmark index.

Investment Objectives
The investment objectives for the City of Vallejo, in order of priority, are to provide safety to ensure the preservation of capital in the overall portfolio, provide sufficient liquidity for cash needs, and a market rate of return consistent with the investment program.

Strategy
In order to achieve this objective, the portfolio invests in high-quality fixed income securities that comply with the investment policy and all regulations governing the funds.

As of March 31, 2022
10 Compliance As of March 31, 2022
Category Standard Comment
Treasury Bills, Notes, Bonds No limitations; 5 years max maturity Complies U.S. Agencies/ Government Sponsored
Enterprises (GSEs)
50% maximum; Allowable securities include: 1) Issues which are backed by the full faith and credit of the U.S., and 2) Issues which are implicitly backed by the full faith and credit of the U.S. and/or are in conservatorship. Complies Municipal Bonds (California) "A" rated category or better by a NRSRO; 10% maximum Complies Municipal Bonds (Non-California) "A" rated category or better by a NRSRO; 10% maximum; 5% max per issuer Complies Banker’s Acceptances "A-1" rated or better by a NRSRO; or "A" long-term debt rated category or better by a NRSRO; 5% maximum, $1million max per commercial bank; 180 days max maturity Complies Commercial Paper
"Prime" quality commercial paper of the highest rating or "A-1" rated or better by one NRSRO; Issued by corporations with long-term debt rating of "A" or better by a NRSRO; Notes are secured promissory notes of industrial corporations, utilities and bank holding companies. Issuer must be a corporation organized and operating in the U.S. with assets >$500 million; 25% maximum; $1million max per issuing corporation; 10% max of the outstanding commercial paper of any issuer; 270 days max maturity
Complies
Corporate Medium Term Notes "A" rated category or higher by a NRSRO; 30% maximum; 5% max per issuer; Issued by corporations organized and operating in the U.S. or by depository institutions licensed by the U.S. Complies Negotiable Certificates of Deposit
(NCD)
No rating required if amount of the NCD is covered by FDIC insured limit; If above FDIC insured limit, requires "A-1" short-term rated or better by a NRSRO; or "A" long-term rated issuer or better by a NRSRO; 30% maximum; Issued by a nationally or state-chartered bank or a state or federal association, a state or federal credit union, or by a federally- licensed or state-licensed branch of a foreign bank.

Complies
Certificates of Deposit (CDs)
5% maximum with first $250k FDIC insured; CDs with a face value >$250k must be collateralized to 110% of the CD value by other eligible securities; All institutions must (1) have a minimum of $100 million in assets; (2) have a demonstrated history of positive earnings; and (3) must carry a minimum 3.5% equity ratio and hold that ratio for at least one year prior to the City's investment. All institutions must be located within the State of California; For collateralized or NCDs, institution must have a minimum $1 billion in assets.

Complies
Mortgage-Backed, Asset-Backed
Securities, Collateralized Mortgage
Obligations
"AA" rated or better by a NRSRO; 20% maximum (combined with ABS/MBS/CMO) Complies Money Market Mutual Funds and
Mutual Funds
"AAA" or highest rating by two NRSROs; SEC registered > 5 years with AUM >$500 million; 10% maximum in Money Market Funds; 10% maximum in Mutual Funds; 5% max per issuer; 4 years max maturity Complies City of Vallejo
Assets managed by Chandler Asset Management are in full compliance with state law and with the Client's investment policy. 11 Compliance As of March 31, 2022
Category Standard Comment
Repurchase Agreements 20% maximum; 102% Collateralized; 1 year max maturity; Not used by Investment Adviser Complies Local Agency Investment Fund (LAIF) Up to statutory limit maximum; 15 transactions limit per month Complies Local Government Investment
Pools(LGIP) Max limit allowed by the pool Complies
Supranationals Prohibited Complies
Equity Securities
Prohibited; Equity securities received as a gift, through bankruptcies or as payment in lieu of monies due the City, shall be sold unless received through a gift or bequest with restrictions on its sale. If the stock has no market value or if the cost of selling it exceeds the market value, the stock will be written off or monitored periodically to be sold when a break-even market value can be realized.

Complies
Prohibited
Mortgage derived Interest-only strips ; Zero interest accrual securities; Complex Derivatives such as Range Notes or Inverse Floaters; Auction-rate preferred securities; Leveraged investing; Option and Future contracts; Taking short positions; Equity Securities (common or preferred stocks) Complies
Social Responsibility No investment is to be made in a company that receives more than 51% of its gross revenues from the production or manufacture of fossil fuels, weapons, manufacturing, cigarettes, alcohol, or gaming products Complies Max Per Issuer 5% max per issuer of the portfolio (except U.S. Treasuries, Agencies, LAIF, Money Market Funds) Complies Max Per Asset Class 50% max per asset class of the portfolio (except U.S. Treasuries and Pools) Complies Max Per Outstanding Issue 5% max of any total outstanding issue Complies Weighted Average Maturity 3 years Complies
Maximum maturity 5 years Complies
City of Vallejo
Assets managed by Chandler Asset Management are in full compliance with state law and with the Client's investment policy. 12 Portfolio Characteristics
City of Vallejo
03/31/22 12/31/21
Benchmark* Portfolio Portfolio
Average Maturity (yrs) 2.62 2.75 2.80
Average Modified Duration 2.53 2.46 2.54
Average Purchase Yield n/a 1.32% 1.31%
Average Market Yield 2.30% 2.33% 0.94%
Average Quality** AAA AA/Aa1 AA/Aa1
Total Market Value 91,787,572 94,641,545
*ICE BofA 1-5 Yr US Treasury & Agency Index
**Benchmark is a blended rating of S&P, Moody’s, and Fitch. Portfolio is S&P and Moody’s respectively.

As of March 31, 2022
13 City of Vallejo
Sector Distribution
ABS

10.3%
Agency

32.7%
CMO

0.9%
Corporate

23.7%
Money Market
Fund

0.2%
Negotiable CD

1.1%
US Treasury

31.2%
March 31, 2022 December 31, 2021
ABS

8.9%
Agency

33.4%
CMO

0.9%
Corporate

22.9%
Money Market
Fund

0.1%
Negotiable CD

1.1%
US Treasury

32.9%
As of March 31, 2022
14 Investment Performance
City of Vallejo
As of March 31, 2022
Source: City of Vallejo Monthly Investment Report. Interest earnings include accrued interest and realized gains and losses on amortized cost.

Investment Earnings
April 2021 133,277
May 2021 123,297
June 2021 117,028
July 2021 134,993
August 2021 127,997
September 2021 117,410
October 2021 120,552
November 2021 123,773
December 2021 131,117
January 2022 100,961
February 2022 99,892
March 2022 118,666
Total 1,448,963
Change in Fair Value
Unrealized Gain/Loss Position 3/31/2021 1,685,818
Unrealized Gain/Loss Position 3/31/2022 (2,965,240)
Change in Fair Value (4,651,058)
15 Total Rate of Return Annualized Since Inception December 31, 2001 Total rate of return: A measure of a portfolio’s performance over time. It is the internal rate of return, which equates the beginning value of the portfolio with the ending value; it includes interest earnings, realized and unrealized gains and losses in the portfolio.

Investment Performance
City of Vallejo
-5.00%
-4.00%
-3.00%
-2.00%
-1.00%

0.00%

1.00%

2.00%

3.00%
12 months 2 years 3 years 5 years 10 years Since Inception City of Vallejo ICE BofA 1-5 Yr US Treasury & Agency Index City of Vallejo Book Return California Local Agency Fund Annualized
TOTAL RATE OF RETURN 3 months 12 months 2 years 3 years 5 years 10 years Since Inception
City of Vallejo -3.00% -3.37% -1.19% 1.05% 1.31% 1.16% 2.66% ICE BofA 1-5 Yr US Treasury & Agency Index -3.16% -3.71% -1.91% 0.91% 1.15% 1.04% 2.48% City of Vallejo Book Return 0.34% 1.55% N/A N/A N/A N/A N/A California Local Agency Fund 0.07% 0.25% 0.53% 1.80% 1.30% 0.83% 1.61% As of March 31, 2022
16 Purchase Yield as of 03/31/22 = 1.32%

0.00 0.50

1.00 1.50

2.00 2.50
Percent (%)
Historical Average Purchase Yield
City of Vallejo
As of March 31, 2022
17 Important Disclosures
2022 Chandler Asset Management, Inc, An Independent Registered Investment Adviser.

Information contained herein is confidential. Prices are provided by IDC, an independent pricing source. In the event IDC does not provide a price or if the price provided is not reflective of fair market value, Chandler will obtain pricing from an alternative approved third party pricing source in accordance with our written valuation policy and procedures. Our valuation procedures are also disclosed in Item 5 of our Form ADV Part 2A.

Performance results are presented gross-of-advisory fees and represent the client’s Total Return. The deduction of advisory fees lowers performance results. These results include the reinvestment of dividends and other earnings. Past performance may not be indicative of future results. Therefore, clients should not assume that future performance of any specific investment or investment strategy will be profitable or equal to past performance levels. All investment strategies have the potential for profit or loss. Economic factors, market conditions or changes in investment strategies, contributions or withdrawals may materially alter the performance and results of your portfolio.

Index returns assume reinvestment of all distributions. Historical performance results for investment indexes generally do not reflect the deduction of transaction and/or custodial charges or the deduction of an investment management fee, the incurrence of which would have the effect of decreasing historical performance results. It is not possible to invest directly in an index.

Source ice Data Indices, LLC ("ICE"), used with permission. ICE permits use of the ICE indices and related data on an "as is" basis; ICE, its affiliates and their respective third party suppliers disclaim any and all warranties and representations, express and/or implied, including any warranties of merchantability or fitness for a particular purpose or use, including the indices, index data and any data included in, related to, or derived therefrom. Neither ICE data, its affiliates or their respective third party providers guarantee the quality, adequacy, accuracy, timeliness or completeness of the indices or the index data or any component thereof, and the indices and index data and all components thereof are provided on an "as is" basis and licensee's use it at licensee's own risk. ICE data, its affiliates and their respective third party do not sponsor, endorse, or recommend chandler asset management, or any of its products or services.

This re port 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.

As of March 31, 2022
18 Benchmark Disclosures
ICE BofA 1-3 Yr US Treasury Index
The ICE BofA 1-3 Year US Treasury Index tracks the performance of US dollar-denominated sovereign debt publicly issued by the US government in its domestic market. Qualifying securities must have at least one year remaining term to final maturity and less than three years remaining term to final maturity, a fixed coupon schedule, and a minimum amount outstanding of $1 billion. Qualifying securities must have at least 18 months to final maturity at the time of issuance.

ICE BofA 1-5 Yr US Treasury & Agency Index
The ICE BofA 1-5 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 five years remaining term to final maturity, at least 18 months to maturity at time of issuance, a fixed coupon schedule, and a minimum amount outstanding of $1 billion for sovereigns and $250 million for agencies.

As of March 31, 2022
19 MONTHLY ACCOUNT STATEMENT
City of Vallejo Consolidated - Account #262
MARCH 1, 2022 THROUGH MARCH 31, 2022
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.

CHANDLER

ASSET MANAGEMENT
chandlerasset.com
Chandler Team:

For questions about your account, please call (800) 317-4747, or contact
[email protected]

ACCOUNT SUMMARY
Beg. Values
as of
2/28/22
End Values
as of
3/31/22
Market Value
166,034,318
164,549,771
Accrued Interest
399,458
367,671
Total Market Value
166,433,777
164,917,442
Income Earned
115,309
125,083
Cont/WD
Par
166,703,987
166,933,029
Book Value
167,341,954
167,515,011
Cost Value
167,755,550
167,966,704

TOP ISSUERS
Local Agency Investment Fund

44.3%
Government of United States

17.3%
Federal National Mortgage Assoc

7.6%
Federal Home Loan Bank

7.0%
Federal Home Loan Mortgage Corp

3.5%
Hyundai Auto Receivables

1.2%
Bank of America Corp

1.0%
JP Morgan Chase & Co

1.0%
Total

82.9%

PORTFOLIO CHARACTERISTICS
Average Modified Duration

1.37 Average Coupon

1.09%
Average Purchase YTM

0.93%
Average Market YTM

1.48%
Average S&P/Moody Rating
AA/Aa1
Average Final Maturity

1.53 yrs
Average Life

1.42 yrs

CREDIT QUALITY (S&P)

MATURITY DISTRIBUTION

SECTOR ALLOCATION
Portfolio Summary
As of March 31, 2022
City of Vallejo Consolidated
Account #262

PERFORMANCE REVIEW
Annualized

TOTAL RATE OF RETURN
1M
3M
YTD
1YR
2YRS
3YRS
5YRS
10YRS
Execution Time: 4/7/2022 1:01:34 PM
Chandler Asset Management - CONFIDENTIAL

Holdings Report
As of March 31, 2022
City of Vallejo Consolidated
Account #262
CUSIP
Security Description
Par Value/Units
Purchase Date
Book Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
% of Port.

Gain/Loss
Moody/S&P
Fitch
Maturity
Duration
ABS
58770FAC6
Mercedes Benz Auto Lease Trust
2020
-
A A
3 1.84%
Due
12/15/2022
39,728.68
01/21/2020

1.85%
39,723.44
39,727.39
100.03

0.91%
39,741.99

32.49 0.02%

14.60 Aaa / AAA
NR

0.71 0.04
14042WAC4
Capital One Prime Auto Trust
2019-1
A
3 2.51%
Due
11/15/2023
99,503.83
05/21/2019

2.50%
99,483.67
99,496.54
100.29

1.02%
99,796.87
111.00

0.06%
300.33
Aaa / AAA
AAA

1.63 0.20
43813RAC1
Honda Auto Receivables
2020-1
A
3 1.61%
Due
4/22/2024
277,080.66
02/19/2020

1.62%
277,026.36
277,053.74

99.93 1.74%
276,888.92
123.92

0.17%
(
164.82
)
Aaa / NR
AAA

2.06 0.53
89232HAC9
Toyota Auto Receivable Own
2020
-A A
3 1.66%
Due
5/15/2024
613,921.30
06/17/2020

0.68%
628,070.26
621,610.95
100.08

1.47%
614,422.26
452.94

0.37%
(
7,188.69
)
Aaa / AAA
NR

2.13 0.45
65479JAD5
Nissan Auto Receivables Owner
2019
-C
A
3 1.93%
Due
7/15/2024
171,526.93
10/16/2019

1.94%
171,517.87
171,522.54
100.19

1.42%
171,859.18
147.13

0.10%
336.64
Aaa / AAA
NR

2.29 0.38
14041NFU0
Capital One Execution Trust
2019
-A
2 A
2 1.72%
Due
8/15/2024
500,000.00
08/28/2019

1.74%
499,874.10
499,939.56
100.18

1.23%
500,893.50
382.22

0.30%
953.94

NR / AAA
AAA

2.38 0.37
47789KAC7
John Deere Owner Trust
2020
-A A
3 1.1%
Due
8/15/2024
331,431.83
03/04/2020

1.11%
331,411.57
331,420.97

99.68 1.69%
330,381.52
162.03

0.20%
(
1,039.45
)
Aaa / NR
AAA

2.38 0.53
89237VAB5
Toyota Auto Receivables Trust
2020
-C
A
3 0.44%
Due
10/15/2024
116,050.66
07/21/2020

0.44%
116,041.73
116,045.28

99.08 2.02%
114,979.52

22.69 0.07%
(
1,065.76
)
Aaa / AAA
NR

2.55 0.58
43813KAC6
Honda Auto Receivables Trust
2020-3

A
3 0.37%
Due
10/18/2024
495,000.00
09/22/2020

0.38%
494,927.28
494,962.15

98.74 2.13%
488,777.36

66.14 0.30%
(
6,184.79
)

NR / AAA
AAA

2.55 0.71
47787NAC3
John Deere Owner Trust
2020
-B A
3 0.51%
Due
11/15/2024
186,681.05
07/14/2020

0.52%
186,652.60
186,666.42

98.89 2.22%
184,603.29

42.31 0.11%
(
2,063.13
)
Aaa / NR
AAA

2.63 0.65
58769KAD6
Mercedes-Benz Auto Lease Trust
2021
-
B A
3 0.4%
Due
11/15/2024
460,000.00
06/22/2021

0.40%
459,965.27
459,975.58

97.45 2.42%
448,287.94

81.78 0.27%
(
11,687.64
)

NR / AAA
AAA

2.63 1.27
09690AAC7
BMW Vehicle Lease Trust
2021-2
A
3 0.33%
Due
12/26/2024
290,000.00
09/08/2021

0.34%
289,970.07
289,977.20

97.49 2.43%
282,713.46

15.95 0.17%
(
7,263.74
)
Aaa / NR
AAA

2.74 1.20
92290BAA9
Verizon Owner Trust
2020
-B A

0.47%
Due
2/20/2025
690,000.00
08/04/2020

0.48%
689,855.10
689,907.43

98.62 2.09%
680,460.06

99.09 0.41%
(
9,447.37
)
Aaa / NR
AAA

2.90 0.86
36265MAC9
GM Financial Auto Lease Trust
2022-1

A
3 1.9%
Due
3/20/2025
640,000.00
02/15/2022

1.91%
639,994.50
639,994.76

98.80 2.58%
632,300.80
371.56

0.38%
(
7,693.96
)
Aaa / NR
AAA

2.97 1.78
Execution Time: 4/7/2022 1:01:34 PM
Chandler Asset Management - CONFIDENTIAL

Holdings Report
As of March 31, 2022
City of Vallejo Consolidated
Account #262
CUSIP
Security Description
Par Value/Units
Purchase Date
Book Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
% of Port.

Gain/Loss
Moody/S&P
Fitch
Maturity
Duration
ABS
05601XAC3
BMW Vehicle Lease Trust
2022-1
A
3 1.1%
Due
3/25/2025
305,000.00
01/11/2022

1.11%
304,954.40
304,958.52

97.51 2.72%
297,414.35

55.92 0.18%
(
7,544.17
)

NR / AAA
AAA

2.99 1.55
44891RAC4
Hyundai Auto Receivables Trust
2020
-C
A
3 0.38%
Due
5/15/2025
500,000.00
10/20/2020

0.39%
499,884.85
499,934.54

98.22 2.31%
491,114.50

84.44 0.30%
(
8,820.04
)

NR / AAA
AAA

3.13 0.92
89240BAC2
Toyota Auto Receivables Owners
2021
-
A A
3 0.26%
Due
5/15/2025
215,000.00
02/02/2021

0.27%
214,960.10
214,974.81

98.10 2.26%
210,921.24

24.84 0.13%
(
4,053.57
)
Aaa / NR
AAA

3.13 0.95
47788UAC6
John Deere Owner Trust
2021
-A A
3 0.36%
Due
9/15/2025
250,000.00
03/02/2021

0.37%
249,951.95
249,966.09

96.85 2.79%
242,122.75

40.00 0.15%
(
7,843.34
)
Aaa / NR
AAA

3.46 1.30
44933LAC7
Hyundai Auto Receivables Trust
2021
-A
A
3 0.38%
Due
9/15/2025
405,000.00
04/20/2021

0.38%
404,957.39
404,970.33

97.50 2.34%
394,874.60

68.40 0.24%
(
10,095.73
)

NR / AAA
AAA

3.46 1.29
44934KAC8
Hyundai Auto Receivables Trust
2021
-B
A
3 0.38%
Due
1/15/2026
840,000.00
07/20/2021

0.39%
839,814.61
839,854.60

96.72 2.54%
812,410.20
141.87

0.49%
(
27,444.40
)

NR / AAA
AAA

3.80 1.53
43815GAC3
Honda Auto Receivables Trust
2021-4

A
3 0.88%
Due
1/21/2026
310,000.00
11/16/2021

0.89%
309,934.65
309,941.71

96.82 2.58%
300,151.30

75.78 0.18%
(
9,790.41
)
Aaa / NR
AAA

3.81 1.89
47789QAC4
John Deere Owner Trust
2021
-B A
3 0.52%
Due
3/16/2026
390,000.00
07/13/2021

0.52%
389,965.21
389,971.84

95.82 2.82%
373,697.22

90.13 0.23%
(
16,274.62
)
Aaa / NR
AAA

3.96 1.85
44935FAD6
Hyundai Auto Receivables Trust
2021
-C
A
3 0.74%
Due
5/15/2026
220,000.00
11/09/2021

0.75%
219,950.90
219,956.64

96.10 2.82%
211,419.56

72.36 0.13%
(
8,537.08
)

NR / AAA
AAA

4.13 1.90
43815BAC4
Honda Auto Receivables Trust
2022-1

A
3 1.88%
Due
5/15/2026
500,000.00
02/15/2022

1.89%
499,924.80
499,927.16

98.21 2.68%
491,047.51
417.78

0.30%
(
8,879.65
)
Aaa / AAA
NR

4.13 2.26
362554AC1
GM Financial Securitized Term
2021-4

A
3 0.68%
Due
9/16/2026
235,000.00
10/13/2021

0.68%
234,994.01
234,994.79

96.60 2.67%
227,003.19

66.58 0.14%
(
7,991.60
)
Aaa / AAA
NR

4.47 1.73
47787JAC2
John Deere Owner Trust
2022
-A A
3 2.32%
Due
9/16/2026
305,000.00
03/10/2022

2.34%
304,932.53
304,933.37

98.70 2.91%
301,044.76
294.83

0.18%
(
3,888.61
)
Aaa / NR
AAA

4.47 2.22
380146AC4
GM Financial Auto Receivables
2022-1

A
3 1.26%
Due
11/16/2026
200,000.00
01/11/2022

1.27%
199,982.62
199,983.65

96.81 3.09%
193,622.20
105.00

0.12%
(
6,361.45
)

NR / AAA
AAA

4.63 1.76
Execution Time: 4/7/2022 1:01:34 PM
Chandler Asset Management - CONFIDENTIAL

Holdings Report
As of March 31, 2022
City of Vallejo Consolidated
Account #262
CUSIP
Security Description
Par Value/Units
Purchase Date
Book Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
% of Port.

Gain/Loss
Moody/S&P
Fitch
Maturity
Duration
Total ABS
9,585,924.94

0.92%
9,598,721.84
9,592,668.56

2.27%
9,412,950.05
3,649.18

5.71%
(
179,718.51
)
Aaa / AAA
AAA

3.13 1.21
AGENCY
313379Q69
FHLB Note

2.125%
Due
6/10/2022
1,250,000.00
Various

1.90%
1,257,981.00
1,250,525.53
100.31

0.50%
1,253,892.50
8,190.11

0.77%
3,366.97
Aaa / AA+
AAA

0.19 0.19
3133EKYJ9
FFCB Note

1.85%
Due
8/5/2022
550,000.00
07/31/2019

1.84%
550,110.00
550,012.65
100.30

0.96%
551,672.00
1,582.78

0.34%
1,659.35
Aaa / AA+
AAA

0.35 0.34
313380GJ0
FHLB Note
2%
Due
9/9/2022
1,000,000.00
Various

1.62%
1,011,275.00
1,001,645.54
100.45

0.98%
1,004,453.00
1,222.24

0.61%
2,807.46
Aaa / AA+
NR

0.44 0.44
3135G0T78
FNMA Note
2%
Due
10/5/2022
1,000,000.00
06/08/2018

2.82%
966,950.00
996,080.94
100.43

1.15%
1,004,323.00
9,777.78

0.61%
8,242.06
Aaa / AA+
AAA

0.52 0.50
3135G0T94
FNMA Note

2.375%
Due
1/19/2023
1,000,000.00
Various

2.78%
981,827.00
996,961.36
100.66

1.53%
1,006,647.00
4,750.00

0.61%
9,685.64
Aaa / AA+
AAA

0.81 0.79
313382AX1
FHLB Note

2.125%
Due
3/10/2023
500,000.00
03/23/2018

2.73%
486,065.00
497,359.28
100.39

1.71%
501,945.50
619.79

0.30%
4,586.22
Aaa / AA+
AAA

0.94 0.93
313383QR5
FHLB Note

3.25%
Due
6/9/2023
500,000.00
08/28/2018

2.87%
508,335.00
502,073.00
101.46

2.00%
507,318.50
5,055.56

0.31%
5,245.50
Aaa / AA+
NR

1.19 1.15
3137EAEN5
FHLMC Note

2.75%
Due
6/19/2023
500,000.00
07/16/2018

2.88%
497,090.00
499,281.40
100.96

1.95%
504,784.00
3,895.83

0.31%
5,502.60
Aaa / AA+
AAA

1.22 1.19
3135G05G4
FNMA Note

0.25%
Due
7/10/2023
1,035,000.00
07/08/2020

0.32%
1,032,774.75
1,034,055.03

97.85 1.97%
1,012,710.24
582.19

0.61%
(
21,344.79
)
Aaa / AA+
AAA

1.28 1.26
313383YJ4
FHLB Note

3.375%
Due
9/8/2023
700,000.00
10/30/2018

3.08%
709,317.00
702,758.84
101.85

2.06%
712,940.20
1,509.38

0.43%
10,181.36
Aaa / AA+
NR

1.44 1.40
3135G0U43
FNMA Note

2.875%
Due
9/12/2023
645,000.00
09/12/2018

2.96%
642,355.50
644,233.04
101.07

2.12%
651,876.35
978.70

0.40%
7,643.31
Aaa / AA+
AAA

1.45 1.41
3130A0F70
FHLB Note

3.375%
Due
12/8/2023
900,000.00
Various

2.75%
925,664.50
908,832.60
101.82

2.27%
916,363.80
9,534.37

0.56%
7,531.20
Aaa / AA+
AAA

1.69 1.62
3135G0V34
FNMA Note

2.5%
Due
2/5/2024
700,000.00
02/25/2019

2.59%
697,172.00
698,942.44
100.50

2.22%
703,515.40
2,722.22

0.43%
4,572.96
Aaa / AA+
AAA

1.85 1.79
3130A1XJ2
FHLB Note

2.875%
Due
6/14/2024
680,000.00
Various

1.96%
709,321.60
692,947.85
101.01

2.40%
686,880.24
5,810.70

0.42%
(
6,067.61
)
Aaa / AA+
NR

2.21 2.11
3133EKWV4
FFCB Note

1.85%
Due
7/26/2024
500,000.00
08/13/2019

1.65%
504,828.00
502,261.79

99.08 2.26%
495,412.00
1,670.14

0.30%
(
6,849.79
)
Aaa / AA+
AAA

2.32 2.25
Execution Time: 4/7/2022 1:01:34 PM
Chandler Asset Management - CONFIDENTIAL

Holdings Report
As of March 31, 2022
City of Vallejo Consolidated
Account #262
CUSIP
Security Description
Par Value/Units
Purchase Date
Book Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
% of Port.

Gain/Loss
Moody/S&P
Fitch
Maturity
Duration
AGENCY
3130A2UW4
FHLB Note

2.875%
Due
9/13/2024
500,000.00
10/10/2019

1.58%
530,505.00
515,193.15
101.05

2.43%
505,265.50
718.75

0.31%
(
9,927.65
)
Aaa / AA+
AAA

2.46 2.35
3135G0W66
FNMA Note

1.625%
Due
10/15/2024
500,000.00
11/08/2019

1.80%
495,850.00
497,859.26

98.07 2.41%
490,350.50
3,746.53

0.30%
(
7,508.76
)
Aaa / AA+
AAA

2.55 2.45
3130A3GE8
FHLB Note

2.75%
Due
12/13/2024
1,850,000.00
02/26/2020

1.26%
1,977,594.50
1,921,922.20
100.86

2.42%
1,865,930.35
15,262.50

1.14%
(
55,991.85
)
Aaa / AA+
NR

2.71 2.57
3135G0X24
FNMA Note

1.625%
Due
1/7/2025
1,835,000.00
01/08/2020

1.69%
1,829,146.35
1,831,752.25

97.73 2.48%
1,793,363.85
6,957.71

1.09%
(
38,388.40
)
Aaa / AA+
AAA

2.78 2.67
3137EAEP0
FHLMC Note

1.5%
Due
2/12/2025
2,040,000.00
02/13/2020

1.52%
2,038,429.20
2,039,097.97

97.29 2.49%
1,984,707.84
4,165.00

1.21%
(
54,390.13
)
Aaa / AA+
AAA

2.87 2.77
3130A4CH3
FHLB Note

2.375%
Due
3/14/2025
1,750,000.00
03/19/2020

1.18%
1,851,097.50
1,809,880.83

99.84 2.43%
1,747,245.50
1,962.67

1.06%
(
62,635.33
)
Aaa / AA+
AAA

2.96 2.83
3130AJHU6
FHLB Note

0.5%
Due
4/14/2025
1,900,000.00
05/28/2020

0.50%
1,899,601.00
1,899,751.55

94.37 2.43%
1,793,119.30
4,406.94

1.09%
(
106,632.25
)
Aaa / AA+
AAA

3.04 2.97
3135G03U5
FNMA Note

0.625%
Due
4/22/2025
805,000.00
04/22/2020

0.67%
803,341.70
803,984.47

94.55 2.49%
761,100.94
2,222.14

0.46%
(
42,883.53
)
Aaa / AA+
AAA

3.06 2.99
3135G04Z3
FNMA Note

0.5%
Due
6/17/2025
2,020,000.00
06/17/2020

0.54%
2,015,818.60
2,017,310.97

93.84 2.51%
1,895,495.28
2,917.78

1.15%
(
121,815.69
)
Aaa / AA+
AAA

3.22 3.14
3137EAEU9
FHLMC Note

0.375%
Due
7/21/2025
1,075,000.00
07/21/2020

0.48%
1,069,646.50
1,071,457.42

93.36 2.48%
1,003,595.28
783.85

0.61%
(
67,862.14
)
Aaa / AA+
AAA

3.31 3.24
3135G05X7
FNMA Note

0.375%
Due
8/25/2025
1,700,000.00
08/25/2020

0.47%
1,692,044.00
1,694,582.59

93.18 2.48%
1,584,134.80
637.50

0.96%
(
110,447.79
)
Aaa / AA+
AAA

3.41 3.34
3137EAEX3
FHLMC Note

0.375%
Due
9/23/2025
1,560,000.00
09/23/2020

0.44%
1,555,304.40
1,556,728.01

92.94 2.51%
1,449,803.16
130.00

0.88%
(
106,924.85
)
Aaa / AA+
AAA

3.48 3.41
3135G06G3
FNMA Note

0.5%
Due
11/7/2025
1,680,000.00
11/09/2020

0.57%
1,673,985.60
1,675,653.51

93.23 2.48%
1,566,210.24
3,360.00

0.95%
(
109,443.27
)
Aaa / AA+
AAA

3.61 3.52
Total Agency
30,675,000.00

1.42%
30,913,430.70
30,813,145.47

2.15%
29,955,056.27
105,173.16

18.23%
(
858,089.20
)
Aaa / AA+
AAA

2.31 2.25
Execution Time: 4/7/2022 1:01:34 PM
Chandler Asset Management - CONFIDENTIAL

Holdings Report
As of March 31, 2022
City of Vallejo Consolidated
Account #262
CUSIP
Security Description
Par Value/Units
Purchase Date
Book Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
% of Port.

Gain/Loss
Moody/S&P
Fitch
Maturity
Duration
CMO
3137BFE98

FHLMC K
041
A
2 3.171%
Due
10/25/2024
800,000.00
07/01/2021

0.72%
860,562.50
846,830.90
101.14

2.62%
809,137.60
2,114.00

0.49%
(
37,693.30
)
Aaa / AAA
AAA

2.57 2.36
Total CMO
800,000.00

0.72%
860,562.50
846,830.90

2.62%
809,137.60
2,114.00

0.49%
(
37,693.30
)
Aaa / AAA
AAA

2.57 2.36

CORPORATE
69371RP83
Paccar Financial Corp Note

2.65%
Due
5/10/2022
700,000.00
07/02/2019

2.14%
709,821.00
700,368.29
100.18

0.99%
701,248.80
7,265.42

0.43%
880.51
A
1 / A+
NR

0.11 0.11
69353RFE3
PNC Bank Callable Note Cont
6/28/2022

2.45%
Due
7/28/2022
700,000.00
07/02/2019

2.14%
706,314.00
700,510.22
100.30

1.20%
702,072.70
3,001.25

0.43%
1,562.48
A
2 / A
A+

0.33 0.24
037833DC1
Apple Inc Callable Note Cont
8/12/2022

2.1%
Due
9/12/2022
625,000.00
09/12/2017

2.23%
621,206.25
624,658.90
100.28

1.32%
626,738.75
692.71

0.38%
2,079.85
Aaa / AA+
NR

0.45 0.36
931142EK5
Wal-Mart Stores Callable Note Cont
5/26/2023

3.4%
Due
6/26/2023
600,000.00
Various

3.35%
601,410.40
600,329.30
101.75

1.86%
610,485.60
5,383.33

0.37%
10,156.30
Aa
2 / AA
AA

1.24 1.12
06051GHF9
Bank of America Corp Callable Note
1 X
3/5/2023

3.55%
Due
3/5/2024
1,150,000.00
Various

2.06%
1,200,715.00
1,173,403.92
100.70

2.33%
1,158,041.96
2,948.48

0.70%
(
15,361.96
)
A
2 / A-
AA-

1.93 1.86
89114QCB2
Toronto Dominion Bank Note

3.25%
Due
3/11/2024
1,100,000.00
06/05/2020

0.99%
1,191,586.00
1,147,429.66
101.27

2.58%
1,113,926.00
1,986.11

0.68%
(
33,503.66
)
A
1 / A
AA-

1.95 1.87
023135BW5
Amazon.com Inc Note

0.45%
Due
5/12/2024
755,000.00
05/10/2021

0.50%
753,897.70
754,223.56

96.43 2.19%
728,032.16
1,311.81

0.44%
(
26,191.40
)
A
1 / AA
AA-

2.12 2.08
747525AT0
Qualcomm Inc Callable Note Cont
3/20/2024

2.9%
Due
5/20/2024
1,150,000.00
12/05/2019

2.16%
1,184,626.50
1,165,928.63
100.77

2.49%
1,158,882.60
12,135.69

0.71%
(
7,046.03
)
A
2 / A
NR

2.14 1.89
02665WCZ2
American Honda Finance Note

2.4%
Due
6/27/2024
1,150,000.00
Various

2.31%
1,154,431.00
1,152,274.35

99.38 2.69%
1,142,852.75
7,206.67

0.70%
(
9,421.60
)
A
3 / A-
A

2.24 2.15
79466LAG9
Salesforce.com Inc Callable Note Cont
7/15/2022

0.625%
Due
7/15/2024
190,000.00
06/29/2021

0.64%
189,903.10
189,926.29

95.83 2.51%
182,070.16
250.69

0.11%
(
7,856.13
)
A
2 / A+
NR

2.29 2.24
Execution Time: 4/7/2022 1:01:34 PM
Chandler Asset Management - CONFIDENTIAL

Holdings Report
As of March 31, 2022
City of Vallejo Consolidated
Account #262
CUSIP
Security Description
Par Value/Units
Purchase Date
Book Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
% of Port.

Gain/Loss
Moody/S&P
Fitch
Maturity
Duration

CORPORATE
78013XZU5
Royal Bank of Canada Note

2.55%
Due
7/16/2024
1,150,000.00
Various

2.26%
1,164,978.75
1,157,279.73

99.63 2.72%
1,145,754.20
6,109.38

0.70%
(
11,525.53
)
A
1 / A
AA-

2.30 2.20
14913Q3B3
Caterpillar Finl Service Note

2.15%
Due
11/8/2024
650,000.00
02/19/2020

1.83%
659,256.00
655,117.14

99.19 2.47%
644,725.90
5,551.18

0.39%
(
10,391.24
)
A
2 / A
A

2.61 2.49
90331HPL1
US Bank NA Callable Note Cont
12/21/2024

2.05%
Due
1/21/2025
1,150,000.00
01/16/2020

2.10%
1,147,550.50
1,148,624.42

98.01 2.79%
1,127,077.05
4,584.03

0.69%
(
21,547.37
)
A
1 / AA-
AA-

2.81 2.69
00440EAS6
Chubb INA Holdings Inc Note

3.15%
Due
3/15/2025
1,150,000.00
02/24/2021

0.83%
1,255,961.00
1,227,355.83
101.17

2.73%
1,163,475.70
1,610.00

0.71%
(
63,880.13
)
A
3 / A
A

2.96 2.80
06367WB85
Bank of Montreal Note

1.85%
Due
5/1/2025
1,150,000.00
03/24/2021

1.15%
1,182,257.50
1,174,263.16

96.21 3.15%
1,106,435.70
8,864.58

0.68%
(
67,827.46
)
A
2 / A-
AA-

3.09 2.94
61747YEA9
Morgan Stanley Callable Note Cont
5/30/2024

0.79%
Due
5/30/2025
1,240,000.00
05/26/2021

0.77%
1,240,658.30
1,240,475.37

95.08 2.42%
1,178,988.28
3,292.54

0.72%
(
61,487.09
)
A
1 / BBB+
A

3.17 3.09
78015K7H1
Royal Bank of Canada Note

1.15%
Due
6/10/2025
400,000.00
12/22/2021

1.43%
396,240.00
396,523.27

94.49 2.97%
377,952.40
1,418.33

0.23%
(
18,570.87
)
A
1 / A
AA-

3.20 3.08
46647PBF2
JP Morgan Chase & Co Callable Note
1 X
10/15/2024

2.301%
Due
10/15/2025
1,150,000.00
11/13/2020

0.93%
1,210,363.50
1,189,227.82

98.03 2.65%
1,127,339.25
12,201.69

0.69%
(
61,888.57
)
A
2 / A-
AA-

3.55 3.34
46647PBK1
JP Morgan Chase & Co Callable Note
Cont
4/22/2025

2.083%
Due
4/22/2026
500,000.00
09/16/2021

1.17%
515,945.00
513,595.85

96.61 2.99%
483,054.50
4,599.96

0.30%
(
30,541.35
)
A
2 / A-
AA-

4.06 3.82
91324PEC2
United Health Group Inc Callable Note
Cont
4/15/2026

1.15%
Due
5/15/2026
1,245,000.00
Various

1.41%
1,231,472.05
1,232,301.22

93.05 2.95%
1,158,411.50
5,408.83

0.71%
(
73,889.72
)
A
3 / A+
A

4.13 3.96
89236TJK2
Toyota Motor Credit Corp Note

1.125%
Due
6/18/2026
810,000.00
06/15/2021

1.13%
809,643.60
809,699.62

92.90 2.93%
752,519.16
2,607.19

0.46%
(
57,180.46
)
A
1 / A+
A+

4.22 4.05
06051GJD2
Bank of America Corp Callable Note
Cont
6/19/2025

1.319%
Due
6/19/2026
500,000.00
09/16/2021

1.23%
501,675.00
501,438.69

93.83 2.91%
469,153.50
1,868.58

0.29%
(
32,285.19
)
A
2 / A-
AA-

4.22 4.04
931142ER0
Wal-Mart Stores Callable Note Cont
08/17/2026

1.05%
Due
9/17/2026
240,000.00
09/08/2021

1.09%
239,546.40
239,595.09

93.10 2.70%
223,435.92

98.00 0.14%
(
16,159.17
)
Aa
2 / AA
AA

4.47 4.31
Execution Time: 4/7/2022 1:01:34 PM
Chandler Asset Management - CONFIDENTIAL

Holdings Report
As of March 31, 2022
City of Vallejo Consolidated
Account #262
CUSIP
Security Description
Par Value/Units
Purchase Date
Book Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
% of Port.

Gain/Loss
Moody/S&P
Fitch
Maturity
Duration

CORPORATE
87612EBM7
Target Corp Callable Note Cont
12/15/2026

1.95%
Due
1/15/2027
545,000.00
01/19/2022

1.99%
544,073.50
544,107.66

96.72 2.69%
527,104.38
1,977.90

0.32%
(
17,003.28
)
A
2 / A
A

4.80 4.51
808513BY0
Charles Schwab Corp Callable Note
Cont
2/3/2027

2.45%
Due
3/3/2027
1,000,000.00
Various

2.76%
985,444.30
985,567.84

97.21 3.06%
972,130.00
1,905.56

0.59%
(
13,437.84
)
A
2 / A
A

4.93 4.58
084664CZ2
Berkshire Hathaway Callable Note Cont
2/15/2027

2.3%
Due
3/15/2027
1,095,000.00
03/07/2022

2.30%
1,094,791.95
1,094,793.89

98.28 2.67%
1,076,183.52
1,119.33

0.65%
(
18,610.37
)
Aa
2 / AA
A+

4.96 4.64
Total Corporate
22,095,000.00

1.67%
22,493,768.30
22,319,019.72

2.53%
21,658,092.44
105,399.24

13.20%
(
660,927.28
)
A
1 / A
A+

2.84 2.69
LAIF
90LAIF$00
Local Agency Investment Fund State
Pool
73,077,477.57
Various

0.42%
73,077,477.57
73,077,477.57

1.00 0.42%
73,077,477.57
52,392.81

44.34%

0.00 NR / NR
NR

0.00 0.00
Total LAIF
73,077,477.57

0.42%
73,077,477.57
73,077,477.57

0.42%
73,077,477.57
52,392.81

44.34%

0.00 NR / NR
NR

0.00 0.00

MONEY MARKET FUND
94975H312
Wells Fargo Advantage Treasury Plus
MMF
149,626.06
Various

0.01%
149,626.06
149,626.06

1.00 0.01%
149,626.06

0.00 0.09%

0.00 Aaa / AAA
NR

0.00 0.00
Total Money Market Fund
149,626.06

0.01%
149,626.06
149,626.06

0.01%
149,626.06

0.00 0.09%

0.00 Aaa / AAA
NR

0.00 0.00

NEGOTIABLE CD
86959RTW0
Svenska Handelsbanken NY Yankee CD

0.255%
Due
10/14/2022
1,000,000.00
10/15/2021

0.25%
1,000,050.43
1,000,027.15

99.32 1.50%
993,238.00
1,190.00

0.60%
(
6,789.15
)
P-
1 / A-
1 +
F-
1 +

0.54 0.54
Total Negotiable CD
1,000,000.00

0.25%
1,000,050.43
1,000,027.15

1.50%
993,238.00
1,190.00

0.60%
(
6,789.15
)
Aaa / AAA
AAA

0.54 0.54
Execution Time: 4/7/2022 1:01:34 PM
Chandler Asset Management - CONFIDENTIAL

Holdings Report
As of March 31, 2022
City of Vallejo Consolidated
Account #262
CUSIP
Security Description
Par Value/Units
Purchase Date
Book Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
% of Port.

Gain/Loss
Moody/S&P
Fitch
Maturity
Duration

US TREASURY
912828P38
US Treasury Note

1.75%
Due
1/31/2023
1,000,000.00
05/30/2018

2.63%
961,601.56
993,135.10
100.19

1.52%
1,001,875.00
2,900.55

0.61%
8,739.90
Aaa / AA+
AAA

0.84 0.83
912828T91
US Treasury Note

1.625%
Due
10/31/2023
750,000.00
11/29/2018

2.87%
707,490.23
736,319.24

99.21 2.13%
744,081.75
5,117.40

0.45%
7,762.51
Aaa / AA+
AAA

1.59 1.54
912828V80
US Treasury Note

2.25%
Due
1/31/2024
1,450,000.00
Various

0.81%
1,524,039.06
1,487,746.01

99.96 2.27%
1,449,376.50
5,407.46

0.88%
(
38,369.51
)
Aaa / AA+
AAA

1.84 1.78
912828W48
US Treasury Note

2.125%
Due
2/29/2024
550,000.00
04/10/2019

2.29%
545,939.45
548,409.90

99.71 2.28%
548,388.50
1,016.30

0.33%
(

21.40 )
Aaa / AA+
AAA

1.92 1.86
912828W71
US Treasury Note

2.125%
Due
3/31/2024
500,000.00
04/23/2019

2.36%
494,472.66
497,762.09

99.64 2.31%
498,222.50

29.03 0.30%
460.41
Aaa / AA+
AAA

2.00 1.95
912828X70
US Treasury Note
2%
Due
4/30/2024
2,000,000.00
Various

1.43%
2,045,894.53
2,023,136.87

99.31 2.34%
1,986,172.00
16,795.58

1.21%
(
36,964.87
)
Aaa / AA+
AAA

2.08 2.01
912828WJ5
US Treasury Note

2.5%
Due
5/15/2024
2,000,000.00
Various

1.00%
2,125,234.37
2,062,314.32
100.28

2.36%
2,005,546.00
18,922.65

1.23%
(
56,768.32
)
Aaa / AA+
AAA

2.13 2.04
912828YH7
US Treasury Note

1.5%
Due
9/30/2024
2,000,000.00
Various

1.37%
2,010,562.50
2,006,088.31

97.73 2.44%
1,954,532.00

81.96 1.19%
(
51,556.31
)
Aaa / AA+
AAA

2.50 2.43
9128283J7
US Treasury Note

2.125%
Due
11/30/2024
2,000,000.00
Various

1.50%
2,058,496.09
2,032,249.35

99.11 2.47%
1,982,188.00
14,244.51

1.21%
(
50,061.35
)
Aaa / AA+
AAA

2.67 2.56
912828J27
US Treasury Note
2%
Due
2/15/2025
1,850,000.00
02/27/2020

1.07%
1,932,888.67
1,898,024.25

98.69 2.47%
1,825,790.90
4,599.45

1.11%
(
72,233.35
)
Aaa / AA+
AAA

2.88 2.77
9128283Z1
US Treasury Note

2.75%
Due
2/28/2025
700,000.00
03/05/2020

0.69%
770,519.53
741,226.80
100.76

2.48%
705,304.60
1,673.91

0.43%
(
35,922.20
)
Aaa / AA+
AAA

2.92 2.78
912828ZC7
US Treasury Note

1.125%
Due
2/28/2025
1,500,000.00
Various

0.50%
1,541,923.83
1,526,955.05

96.22 2.48%
1,443,282.00
1,467.40

0.88%
(
83,673.05
)
Aaa / AA+
AAA

2.92 2.84
91282CAZ4
US Treasury Note

0.375%
Due
11/30/2025
2,000,000.00
12/28/2020

0.38%
1,999,453.13
1,999,592.51

92.55 2.51%
1,851,094.00
2,513.74

1.12%
(
148,498.51
)
Aaa / AA+
AAA

3.67 3.59
91282CBC4
US Treasury Note

0.375%
Due
12/31/2025
2,000,000.00
01/27/2021

0.39%
1,998,125.00
1,998,571.33

92.45 2.49%
1,849,062.00
1,885.36

1.12%
(
149,509.33
)
Aaa / AA+
AAA

3.76 3.68
91282CBT7
US Treasury Note

0.75%
Due
3/31/2026
1,500,000.00
03/30/2021

0.91%
1,487,988.28
1,490,395.89

93.36 2.50%
1,400,449.50

30.74 0.85%
(
89,946.39
)
Aaa / AA+
AAA

4.00 3.90
91282CBW0
US Treasury Note

0.75%
Due
4/30/2026
1,000,000.00
04/29/2021

0.89%
993,398.44
994,613.18

93.25 2.50%
932,539.00
3,149.17

0.57%
(
62,074.18
)
Aaa / AA+
AAA

4.08 3.96
Execution Time: 4/7/2022 1:01:34 PM
Chandler Asset Management - CONFIDENTIAL

Holdings Report
As of March 31, 2022
City of Vallejo Consolidated
Account #262
CUSIP
Security Description
Par Value/Units
Purchase Date
Book Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
% of Port.

Gain/Loss
Moody/S&P
Fitch
Maturity
Duration

US TREASURY
91282CCP4
US Treasury Note

0.625%
Due
7/31/2026
1,000,000.00
08/10/2021

0.82%
990,507.81
991,726.37

92.40 2.48%
923,984.00
1,035.91

0.56%
(
67,742.37
)
Aaa / AA+
AAA

4.34 4.23
91282CCW9
US Treasury Note

0.75%
Due
8/31/2026
2,250,000.00
Various

0.97%
2,226,699.22
2,228,763.50

92.81 2.48%
2,088,281.25
1,467.39

1.27%
(
140,482.25
)
Aaa / AA+
AAA

4.42 4.29
91282CDG3
US Treasury Note

1.125%
Due
10/31/2026
3,000,000.00
Various

1.27%
2,979,511.72
2,980,852.57

94.18 2.48%
2,825,508.00
14,171.28

1.72%
(
155,344.57
)
Aaa / AA+
AAA

4.59 4.40
912828Z78
US Treasury Note

1.5%
Due
1/31/2027
500,000.00
03/30/2022

2.46%
478,320.31
478,332.58

95.70 2.45%
478,515.50
1,243.09

0.29%
182.92
Aaa / AA+
AAA

4.84 4.61
Total US Treasury
29,550,000.00

1.15%
29,873,066.39
29,716,215.22

2.40%
28,494,193.00
97,752.88

17.34%
(
1,222,022.22
)
Aaa / AA+
AAA

3.11 3.01

TOTAL PORTFOLIO
166,933,028.57

0.93%
167,966,703.79
167,515,010.65

1.48%
164,549,770.99
367,671.27
100.00%
(
2,965,239.66
)
Aa
1 / AA
AAA

1.53 1.37

TOTAL MARKET VALUE PLUS ACCRUED
164,917,442.26
Execution Time: 4/7/2022 1:01:34 PM
Chandler Asset Management - CONFIDENTIAL

Transaction Ledger
As of March 31, 2022
City of Vallejo Consolidated
Account #262
Transaction
Type
Settlement
Date
CUSIP
Quantity
Security Description
Price
Acq/Disp
Yield
Amount
Interest
Pur/Sold
Total Amount
Gain/Loss

ACQUISITIONS
Purchase
03/01/2022
94975H312

7.94 Wells Fargo Advantage Treasury Plus
MMF

1.000

0.01%

7.94 0.00

7.94 0.00
Purchase
03/03/2022
808513BY0
370,000.00
Charles Schwab Corp Callable Note
Cont
2/3/2027

2.45%
Due
3/3/2027

99.892

2.47%
369,600.40

0.00 369,600.40

0.00 Purchase
03/03/2022
94975H312
505,242.85
Wells Fargo Advantage Treasury Plus
MMF

1.000

0.01%
505,242.85

0.00 505,242.85

0.00 Purchase
03/05/2022
94975H312
20,412.50
Wells Fargo Advantage Treasury Plus
MMF

1.000

0.01%
20,412.50

0.00 20,412.50

0.00 Purchase
03/08/2022
94975H312
11,812.50
Wells Fargo Advantage Treasury Plus
MMF

1.000

0.01%
11,812.50

0.00 11,812.50

0.00 Purchase
03/09/2022
94975H312
1,520,041.99
Wells Fargo Advantage Treasury Plus
MMF

1.000

0.01%
1,520,041.99

0.00 1,520,041.99

0.00 Purchase
03/09/2022
94975H312
10,000.00
Wells Fargo Advantage Treasury Plus
MMF

1.000

0.01%
10,000.00

0.00 10,000.00

0.00 Purchase
03/10/2022
94975H312
5,312.50
Wells Fargo Advantage Treasury Plus
MMF

1.000

0.01%
5,312.50

0.00 5,312.50

0.00 Purchase
03/11/2022
94975H312
17,875.00
Wells Fargo Advantage Treasury Plus
MMF

1.000

0.01%
17,875.00

0.00 17,875.00

0.00 Purchase
03/12/2022
94975H312
15,834.38
Wells Fargo Advantage Treasury Plus
MMF

1.000

0.01%
15,834.38

0.00 15,834.38

0.00 Purchase
03/13/2022
94975H312
7,187.50
Wells Fargo Advantage Treasury Plus
MMF

1.000

0.01%
7,187.50

0.00 7,187.50

0.00 Purchase
03/14/2022
94975H312
20,781.25
Wells Fargo Advantage Treasury Plus
MMF

1.000

0.01%
20,781.25

0.00 20,781.25

0.00 Purchase
03/15/2022
084664CZ2
1,095,000.00
Berkshire Hathaway Callable Note Cont
2/15/2027

2.3%
Due
3/15/2027

99.981

2.30%
1,094,791.95

0.00 1,094,791.95

0.00 Purchase
03/15/2022
94975H312
18,112.50
Wells Fargo Advantage Treasury Plus
MMF

1.000

0.01%
18,112.50

0.00 18,112.50

0.00 Purchase
03/15/2022
94975H312
128.25
Wells Fargo Advantage Treasury Plus
MMF

1.000

0.01%
128.25

0.00 128.25

0.00 Execution Time: 4/7/2022 1:01:34 PM
Chandler Asset Management - CONFIDENTIAL

Transaction Ledger
As of March 31, 2022
City of Vallejo Consolidated
Account #262
Transaction
Type
Settlement
Date
CUSIP
Quantity
Security Description
Price
Acq/Disp
Yield
Amount
Interest
Pur/Sold
Total Amount
Gain/Loss

ACQUISITIONS
Purchase
03/15/2022
94975H312
158.33
Wells Fargo Advantage Treasury Plus
MMF

1.000

0.01%
158.33

0.00 158.33

0.00 Purchase
03/15/2022
94975H312
716.67
Wells Fargo Advantage Treasury Plus
MMF

1.000

0.01%
716.67

0.00 716.67

0.00 Purchase
03/15/2022
94975H312

46.58 Wells Fargo Advantage Treasury Plus
MMF

1.000

0.01%

46.58 0.00

46.58 0.00
Purchase
03/15/2022
94975H312

75.00 Wells Fargo Advantage Treasury Plus
MMF

1.000

0.01%

75.00 0.00

75.00 0.00
Purchase
03/15/2022
94975H312
169.00
Wells Fargo Advantage Treasury Plus
MMF

1.000

0.01%
169.00

0.00 169.00

0.00 Purchase
03/15/2022
94975H312
153.33
Wells Fargo Advantage Treasury Plus
MMF

1.000

0.01%
153.33

0.00 153.33

0.00 Purchase
03/15/2022
94975H312
266.00
Wells Fargo Advantage Treasury Plus
MMF

1.000

0.01%
266.00

0.00 266.00

0.00 Purchase
03/15/2022
94975H312
135.67
Wells Fargo Advantage Treasury Plus
MMF

1.000

0.01%
135.67

0.00 135.67

0.00 Purchase
03/15/2022
94975H312
20,530.35
Wells Fargo Advantage Treasury Plus
MMF

1.000

0.01%
20,530.35

0.00 20,530.35

0.00 Purchase
03/15/2022
94975H312
15,181.74
Wells Fargo Advantage Treasury Plus
MMF

1.000

0.01%
15,181.74

0.00 15,181.74

0.00 Purchase
03/15/2022
94975H312
26,046.36
Wells Fargo Advantage Treasury Plus
MMF

1.000

0.01%
26,046.36

0.00 26,046.36

0.00 Purchase
03/15/2022
94975H312
38,755.37
Wells Fargo Advantage Treasury Plus
MMF

1.000

0.01%
38,755.37

0.00 38,755.37

0.00 Purchase
03/15/2022
94975H312
4,802.54
Wells Fargo Advantage Treasury Plus
MMF

1.000

0.01%
4,802.54

0.00 4,802.54

0.00 Purchase
03/15/2022
94975H312
16,971.65
Wells Fargo Advantage Treasury Plus
MMF

1.000

0.01%
16,971.65

0.00 16,971.65

0.00 Purchase
03/15/2022
94975H312
55,391.54
Wells Fargo Advantage Treasury Plus
MMF

1.000

0.01%
55,391.54

0.00 55,391.54

0.00 Purchase
03/15/2022
94975H312
8,425.83
Wells Fargo Advantage Treasury Plus
MMF

1.000

0.01%
8,425.83

0.00 8,425.83

0.00 Execution Time: 4/7/2022 1:01:34 PM
Chandler Asset Management - CONFIDENTIAL

Transaction Ledger
As of March 31, 2022
City of Vallejo Consolidated
Account #262
Transaction
Type
Settlement
Date
CUSIP
Quantity
Security Description
Price
Acq/Disp
Yield
Amount
Interest
Pur/Sold
Total Amount
Gain/Loss

ACQUISITIONS
Purchase
03/16/2022
47787JAC2
305,000.00
John Deere Owner Trust
2022
-A A
3 2.32%
Due
9/16/2026

99.978

2.34%
304,932.53

0.00 304,932.53

0.00 Purchase
03/16/2022
94975H312
133.17
Wells Fargo Advantage Treasury Plus
MMF

1.000

0.01%
133.17

0.00 133.17

0.00 Purchase
03/16/2022
94975H312
210.00
Wells Fargo Advantage Treasury Plus
MMF

1.000

0.01%
210.00

0.00 210.00

0.00 Purchase
03/17/2022
808513BY0
630,000.00
Charles Schwab Corp Callable Note
Cont
2/3/2027

2.45%
Due
3/3/2027

97.753

2.94%
615,843.90
600.25
616,444.15

0.00 Purchase
03/17/2022
94975H312
1,260.00
Wells Fargo Advantage Treasury Plus
MMF

1.000

0.01%
1,260.00

0.00 1,260.00

0.00 Purchase
03/18/2022
94975H312
152.62
Wells Fargo Advantage Treasury Plus
MMF

1.000

0.01%
152.62

0.00 152.62

0.00 Purchase
03/21/2022
94975H312
270.25
Wells Fargo Advantage Treasury Plus
MMF

1.000

0.01%
270.25

0.00 270.25

0.00 Purchase
03/21/2022
94975H312
227.33
Wells Fargo Advantage Treasury Plus
MMF

1.000

0.01%
227.33

0.00 227.33

0.00 Purchase
03/21/2022
94975H312
24,111.73
Wells Fargo Advantage Treasury Plus
MMF

1.000

0.01%
24,111.73

0.00 24,111.73

0.00 Purchase
03/23/2022
94975H312
2,925.00
Wells Fargo Advantage Treasury Plus
MMF

1.000

0.01%
2,925.00

0.00 2,925.00

0.00 Purchase
03/24/2022
94975H312
945.78
Wells Fargo Advantage Treasury Plus
MMF

1.000

0.01%
945.78

0.00 945.78

0.00 Purchase
03/24/2022
94975H312
574.44
Wells Fargo Advantage Treasury Plus
MMF

1.000

0.01%
574.44

0.00 574.44

0.00 Purchase
03/25/2022
94975H312
279.58
Wells Fargo Advantage Treasury Plus
MMF

1.000

0.01%
279.58

0.00 279.58

0.00 Purchase
03/25/2022
94975H312

79.75 Wells Fargo Advantage Treasury Plus
MMF

1.000

0.01%

79.75 0.00

79.75 0.00
Purchase
03/25/2022
94975H312
2,114.00
Wells Fargo Advantage Treasury Plus
MMF

1.000

0.01%
2,114.00

0.00 2,114.00

0.00 Purchase
03/31/2022
912828Z78
500,000.00
US Treasury Note

1.5%
Due
1/31/2027

95.664

2.46%
478,320.31
1,222.38
479,542.69

0.00 Execution Time: 4/7/2022 1:01:34 PM
Chandler Asset Management - CONFIDENTIAL

Transaction Ledger
As of March 31, 2022
City of Vallejo Consolidated
Account #262
Transaction
Type
Settlement
Date
CUSIP
Quantity
Security Description
Price
Acq/Disp
Yield
Amount
Interest
Pur/Sold
Total Amount
Gain/Loss

ACQUISITIONS
Purchase
03/31/2022
94975H312
25,937.50
Wells Fargo Advantage Treasury Plus
MMF

1.000

0.01%
25,937.50

0.00 25,937.50

0.00 Subtotal
5,299,796.27
5,263,285.36
1,822.63
5,265,107.99

0.00 Short Sale
03/03/2022
94975H312
-369,600.40
Wells Fargo Advantage Treasury Plus
MMF

1.000
-369,600.40

0.00 -369,600.40

0.00 Short Sale
03/15/2022
94975H312
-1,094,791.95
Wells Fargo Advantage Treasury Plus
MMF

1.000
-1,094,791.95

0.00 -1,094,791.95

0.00 Subtotal
-1,464,392.35
-1,464,392.35

0.00 -1,464,392.35

0.00 TOTAL ACQUISITIONS
3,835,403.92
3,798,893.01
1,822.63
3,800,715.64

0.00 DISPOSITIONS
Closing
Purchase
03/03/2022
94975H312
-369,600.40
Wells Fargo Advantage Treasury Plus
MMF

1.000
-369,600.40

0.00 -369,600.40

0.00 Closing
Purchase
03/15/2022
94975H312
-1,094,791.95
Wells Fargo Advantage Treasury Plus
MMF

1.000
-1,094,791.95

0.00 -1,094,791.95

0.00 Subtotal
-1,464,392.35
-1,464,392.35

0.00 -1,464,392.35

0.00 Sale
03/03/2022
3130A5P45
500,000.00
FHLB Note

2.375%
Due
6/10/2022
100.501

1.90%
502,505.00
2,737.85
505,242.85
1,884.89
Sale
03/03/2022
94975H312
369,600.40
Wells Fargo Advantage Treasury Plus
MMF

1.000

0.01%
369,600.40

0.00 369,600.40

0.00 Sale
03/09/2022
912828M49
1,500,000.00
US Treasury Note

1.875%
Due
10/31/2022
100.668

2.26%
1,510,019.54
10,022.45
1,520,041.99
13,523.81
Sale
03/15/2022
94975H312
1,094,791.95
Wells Fargo Advantage Treasury Plus
MMF

1.000

0.01%
1,094,791.95

0.00 1,094,791.95

0.00 Sale
03/16/2022
94975H312
304,932.53
Wells Fargo Advantage Treasury Plus
MMF

1.000

0.01%
304,932.53

0.00 304,932.53

0.00 Sale
03/17/2022
94975H312
616,444.15
Wells Fargo Advantage Treasury Plus
MMF

1.000

0.01%
616,444.15

0.00 616,444.15

0.00 Sale
03/31/2022
912828TY6
275,000.00
US Treasury Note

1.625%
Due
11/15/2022
100.227

1.72%
275,623.05
1,678.87
277,301.92
777.92
Execution Time: 4/7/2022 1:01:34 PM
Chandler Asset Management - CONFIDENTIAL

Transaction Ledger
As of March 31, 2022
City of Vallejo Consolidated
Account #262
Transaction
Type
Settlement
Date
CUSIP
Quantity
Security Description
Price
Acq/Disp
Yield
Amount
Interest
Pur/Sold
Total Amount
Gain/Loss

DISPOSITIONS
Sale
03/31/2022
94975H312
202,240.77
Wells Fargo Advantage Treasury Plus
MMF

1.000

0.01%
202,240.77

0.00 202,240.77

0.00 Subtotal
4,863,009.80
4,876,157.39
14,439.17
4,890,596.56
16,186.62
Paydown
03/15/2022
14041NFU0

0.00 Capital One Execution Trust
2019
-A
2 A
2 1.72%
Due
8/15/2024
100.000

0.00 716.67
716.67

0.00 Paydown
03/15/2022
14042WAC4
20,279.80
Capital One Prime Auto Trust
2019-1
A
3 2.51%
Due
11/15/2023
100.000
20,279.80
250.55
20,530.35

0.00 Paydown
03/15/2022
44891RAC4

0.00 Hyundai Auto Receivables Trust
2020
-C
A
3 0.38%
Due
5/15/2025
100.000

0.00 158.33
158.33

0.00 Paydown
03/15/2022
44933LAC7

0.00 Hyundai Auto Receivables Trust
2021
-A
A
3 0.38%
Due
9/15/2025
100.000

0.00 128.25
128.25

0.00 Paydown
03/15/2022
44934KAC8

0.00 Hyundai Auto Receivables Trust
2021
-B
A
3 0.38%
Due
1/15/2026
100.000

0.00 266.00
266.00

0.00 Paydown
03/15/2022
44935FAD6

0.00 Hyundai Auto Receivables Trust
2021
-C
A
3 0.74%
Due
5/15/2026
100.000

0.00 135.67
135.67

0.00 Paydown
03/15/2022
47787NAC3
15,095.98
John Deere Owner Trust
2020
-B A
3 0.51%
Due
11/15/2024
100.000
15,095.98

85.76 15,181.74

0.00 Paydown
03/15/2022
47788UAC6

0.00 John Deere Owner Trust
2021
-A A
3 0.36%
Due
9/15/2025
100.000

0.00 75.00

75.00 0.00
Paydown
03/15/2022
47789KAC7
25,718.97
John Deere Owner Trust
2020
-A A
3 1.1%
Due
8/15/2024
100.000
25,718.97
327.39
26,046.36

0.00 Paydown
03/15/2022
47789QAC4

0.00 John Deere Owner Trust
2021
-B A
3 0.52%
Due
3/16/2026
100.000

0.00 169.00
169.00

0.00 Paydown
03/15/2022
58769KAD6

0.00 Mercedes-Benz Auto Lease Trust
2021
-
B A
3 0.4%
Due
11/15/2024
100.000

0.00 153.33
153.33

0.00 Execution Time: 4/7/2022 1:01:34 PM
Chandler Asset Management - CONFIDENTIAL

Transaction Ledger
As of March 31, 2022
City of Vallejo Consolidated
Account #262
Transaction
Type
Settlement
Date
CUSIP
Quantity
Security Description
Price
Acq/Disp
Yield
Amount
Interest
Pur/Sold
Total Amount
Gain/Loss

DISPOSITIONS
Paydown
03/15/2022
58770FAC6
38,635.21
Mercedes Benz Auto Lease Trust
2020
-
A A
3 1.84%
Due
12/15/2022
100.000
38,635.21
120.16
38,755.37

0.00 Paydown
03/15/2022
65479GAD1
4,790.32
Nissan Auto Receivables Trust
2018
-B
A
3 3.06%
Due
3/15/2023
100.000
4,790.32

12.22 4,802.54

0.00 Paydown
03/15/2022
65479JAD5
16,668.97
Nissan Auto Receivables Owner
2019
-C
A
3 1.93%
Due
7/15/2024
100.000
16,668.97
302.68
16,971.65

0.00 Paydown
03/15/2022
89232HAC9
54,466.94
Toyota Auto Receivable Own
2020
-A A
3 1.66%
Due
5/15/2024
100.000
54,466.94
924.60
55,391.54

0.00 Paydown
03/15/2022
89237VAB5
8,380.21
Toyota Auto Receivables Trust
2020
-C
A
3 0.44%
Due
10/15/2024
100.000
8,380.21

45.62 8,425.83

0.00 Paydown
03/15/2022
89240BAC2

0.00 Toyota Auto Receivables Owners
2021
-
A A
3 0.26%
Due
5/15/2025
100.000

0.00 46.58

46.58 0.00
Paydown
03/16/2022
362554AC1

0.00 GM Financial Securitized Term
2021-4

A
3 0.68%
Due
9/16/2026
100.000

0.00 133.17
133.17

0.00 Paydown
03/16/2022
380146AC4

0.00 GM Financial Auto Receivables
2022-1

A
3 1.26%
Due
11/16/2026
100.000

0.00 210.00
210.00

0.00 Paydown
03/18/2022
43813KAC6

0.00 Honda Auto Receivables Trust
2020-3

A
3 0.37%
Due
10/18/2024
100.000

0.00 152.62
152.62

0.00 Paydown
03/21/2022
43813RAC1
23,708.17
Honda Auto Receivables
2020-1
A
3 1.61%
Due
4/22/2024
100.000
23,708.17
403.56
24,111.73

0.00 Paydown
03/21/2022
43815GAC3

0.00 Honda Auto Receivables Trust
2021-4

A
3 0.88%
Due
1/21/2026
100.000

0.00 227.33
227.33

0.00 Paydown
03/21/2022
92290BAA9

0.00 Verizon Owner Trust
2020
-B A

0.47%
Due
2/20/2025
100.000

0.00 270.25
270.25

0.00 Execution Time: 4/7/2022 1:01:34 PM
Chandler Asset Management - CONFIDENTIAL

Transaction Ledger
As of March 31, 2022
City of Vallejo Consolidated
Account #262
Transaction
Type
Settlement
Date
CUSIP
Quantity
Security Description
Price
Acq/Disp
Yield
Amount
Interest
Pur/Sold
Total Amount
Gain/Loss

DISPOSITIONS
Paydown
03/24/2022
36265MAC9

0.00 GM Financial Auto Lease Trust
2022-1

A
3 1.9%
Due
3/20/2025
100.000

0.00 945.78
945.78

0.00 Paydown
03/24/2022
43815BAC4

0.00 Honda Auto Receivables Trust
2022-1

A
3 1.88%
Due
5/15/2026
100.000

0.00 574.44
574.44

0.00 Paydown
03/25/2022
05601XAC3

0.00 BMW Vehicle Lease Trust
2022-1
A
3 1.1%
Due
3/25/2025
100.000

0.00 279.58
279.58

0.00 Paydown
03/25/2022
09690AAC7

0.00 BMW Vehicle Lease Trust
2021-2
A
3 0.33%
Due
12/26/2024
100.000

0.00 79.75

79.75 0.00
Paydown
03/25/2022
3137BFE98

0.00 FHLMC K
041
A
2 3.171%
Due
10/25/2024
100.000

0.00 2,114.00
2,114.00

0.00 Subtotal
207,744.57
207,744.57
9,308.29
217,052.86

0.00 TOTAL DISPOSITIONS
3,606,362.02
3,619,509.61
23,747.46
3,643,257.07
16,186.62

OTHER TRANSACTIONS
Interest
03/05/2022
06051GHF9
1,150,000.00
Bank of America Corp Callable Note
1 X
3/5/2023

3.55%
Due
3/5/2024

0.000
20,412.50

0.00 20,412.50

0.00 Interest
03/08/2022
313383YJ4
700,000.00
FHLB Note

3.375%
Due
9/8/2023

0.000
11,812.50

0.00 11,812.50

0.00 Interest
03/09/2022
313380GJ0
1,000,000.00
FHLB Note
2%
Due
9/9/2022

0.000
10,000.00

0.00 10,000.00

0.00 Interest
03/10/2022
313382AX1
500,000.00
FHLB Note

2.125%
Due
3/10/2023

0.000
5,312.50

0.00 5,312.50

0.00 Interest
03/11/2022
89114QCB2
1,100,000.00
Toronto Dominion Bank Note

3.25%
Due
3/11/2024

0.000
17,875.00

0.00 17,875.00

0.00 Interest
03/12/2022
037833DC1
625,000.00
Apple Inc Callable Note Cont
8/12/2022

2.1%
Due
9/12/2022

0.000
6,562.50

0.00 6,562.50

0.00 Execution Time: 4/7/2022 1:01:34 PM
Chandler Asset Management - CONFIDENTIAL

Transaction Ledger
As of March 31, 2022
City of Vallejo Consolidated
Account #262
Transaction
Type
Settlement
Date
CUSIP
Quantity
Security Description
Price
Acq/Disp
Yield
Amount
Interest
Pur/Sold
Total Amount
Gain/Loss

OTHER TRANSACTIONS
Interest
03/12/2022
3135G0U43
645,000.00
FNMA Note

2.875%
Due
9/12/2023

0.000
9,271.88

0.00 9,271.88

0.00 Interest
03/13/2022
3130A2UW4
500,000.00
FHLB Note

2.875%
Due
9/13/2024

0.000
7,187.50

0.00 7,187.50

0.00 Interest
03/14/2022
3130A4CH3
1,750,000.00
FHLB Note

2.375%
Due
3/14/2025

0.000
20,781.25

0.00 20,781.25

0.00 Interest
03/15/2022
00440EAS6
1,150,000.00
Chubb INA Holdings Inc Note

3.15%
Due
3/15/2025

0.000
18,112.50

0.00 18,112.50

0.00 Interest
03/17/2022
931142ER0
240,000.00
Wal-Mart Stores Callable Note Cont
08/17/2026

1.05%
Due
9/17/2026

0.000
1,260.00

0.00 1,260.00

0.00 Interest
03/23/2022
3137EAEX3
1,560,000.00
FHLMC Note

0.375%
Due
9/23/2025

0.000
2,925.00

0.00 2,925.00

0.00 Interest
03/31/2022
912828W71
500,000.00
US Treasury Note

2.125%
Due
3/31/2024

0.000
5,312.50

0.00 5,312.50

0.00 Interest
03/31/2022
912828YH7
2,000,000.00
US Treasury Note

1.5%
Due
9/30/2024

0.000
15,000.00

0.00 15,000.00

0.00 Interest
03/31/2022
91282CBT7
1,500,000.00
US Treasury Note

0.75%
Due
3/31/2026

0.000
5,625.00

0.00 5,625.00

0.00 Subtotal
14,920,000.00
157,450.63

0.00 157,450.63

0.00 Dividend
03/01/2022
94975H312
-31,760.81
Wells Fargo Advantage Treasury Plus
MMF

0.000

7.94 0.00

7.94 0.00
Subtotal
-31,760.81

7.94 0.00

7.94 0.00

TOTAL OTHER TRANSACTIONS
14,888,239.19
157,458.57

0.00 157,458.57

0.00 Execution Time: 4/7/2022 1:01:34 PM
Chandler Asset Management - CONFIDENTIAL

Income Earned
As of March 31, 2022
City of Vallejo Consolidated
Account #262
CUSIP
Security Description
Trade Date
Settle Date
Units
Book Value: Begin
Book Value: Acq
Book Value: Disp
Book Value: End
Prior Accrued
Inc. Received
Ending Accrued
Total Interest
Accr. Of Discount
Amort. Of Premium
Net Accret/Amort
Income Earned
Total Income

FIXED INCOME
00440EAS6
Chubb INA Holdings Inc
Note

3.15%
Due
03/15/2025
02/24/2021
02/26/2021
1,150,000.00
1,229,578.29

0.00 0.00
1,227,355.83
16,703.75
18,112.50
1,610.00
3,018.75

0.00 2,222.46
(
2,222.46
)
796.29
796.29
023135BW5
Amazon.com Inc
Note

0.45%
Due
05/12/2024
05/10/2021
05/12/2021
755,000.00
754,192.38

0.00 0.00
754,223.56
1,028.69

0.00 1,311.81
283.12

31.18 0.00

31.18 314.30
314.30
02665WCZ2
American Honda Finance
Note

2.4%
Due
06/27/2024
Various
Various
1,150,000.00
1,152,360.53

0.00 0.00
1,152,274.35
4,906.67

0.00 7,206.67
2,300.00

39.27 125.45
(

86.18 )
2,213.82
2,213.82
037833DC1
Apple Inc
Callable Note Cont
8/12/2022

2.1%
Due
09/12/2022
09/12/2017
09/14/2017
625,000.00
624,594.42

0.00 0.00
624,658.90
6,161.46
6,562.50
692.71
1,093.75

64.48 0.00

64.48 1,158.23
1,158.23
05601XAC3
BMW Vehicle Lease Trust
2022-1
A
3 1.1%
Due
03/25/2025
01/11/2022
01/19/2022
305,000.00
304,956.75

0.00 0.00
304,958.52

55.92 279.58

55.92 279.58

1.77 0.00

1.77 281.35
281.35
06051GHF9
Bank of America Corp
Callable Note
1 X
3/5/2023

3.55%
Due
03/05/2024
Various
Various
1,150,000.00
1,174,434.49

0.00 0.00
1,173,403.92
19,958.88
20,412.50
2,948.48
3,402.10

0.00 1,030.57
(
1,030.57
)
2,371.53
2,371.53
06051GJD2
Bank of America Corp
Callable Note Cont
6/19/2025

1.319%
Due
06/19/2026
09/16/2021
09/20/2021
500,000.00
501,518.42

0.00 0.00
501,438.69
1,319.00

0.00 1,868.58
549.58

0.00 79.73
(

79.73 )
469.85
469.85
06367WB85
Bank of Montreal
Note

1.85%
Due
05/01/2025
03/24/2021
03/26/2021
1,150,000.00
1,174,931.15

0.00 0.00
1,174,263.16
7,091.67

0.00 8,864.58
1,772.91

0.00 667.99
(
667.99
)
1,104.92
1,104.92
084664CZ2
Berkshire Hathaway
Callable Note Cont
2/15/2027

2.3%
Due
03/15/2027
03/07/2022
03/15/2022
1,095,000.00

0.00 1,094,791.95

0.00 1,094,793.89

0.00 0.00
1,119.33
1,119.33

1.94 0.00

1.94 1,121.27
1,121.27
Execution Time: 4/7/2022 1:01:34 PM
Chandler Asset Management - CONFIDENTIAL

Income Earned
As of March 31, 2022
City of Vallejo Consolidated
Account #262
CUSIP
Security Description
Trade Date
Settle Date
Units
Book Value: Begin
Book Value: Acq
Book Value: Disp
Book Value: End
Prior Accrued
Inc. Received
Ending Accrued
Total Interest
Accr. Of Discount
Amort. Of Premium
Net Accret/Amort
Income Earned
Total Income
09690AAC7
BMW Vehicle Lease Trust
2021-2
A
3 0.33%
Due
12/26/2024
09/08/2021
09/15/2021
290,000.00
289,976.08

0.00 0.00
289,977.20

15.95 79.75

15.95 79.75

1.12 0.00

1.12 80.87

80.87 14041NFU0
Capital One Execution Trust
2019
-A
2 A
2 1.72%
Due
08/15/2024
08/28/2019
09/05/2019
500,000.00
499,937.40

0.00 0.00
499,939.56
382.22
716.67
382.22
716.67

2.16 0.00

2.16 718.83
718.83
14042WAC4
Capital One Prime Auto Trust
2019-1
A
3 2.51%
Due
11/15/2023
05/21/2019
05/21/2019
99,503.83
119,774.39

0.00 20,279.80
99,496.54
133.63
250.55
111.00
227.92

1.95 0.00

1.95 229.87
229.87
14913Q3B3
Caterpillar Finl Service
Note

2.15%
Due
11/08/2024
02/19/2020
02/21/2020
650,000.00
655,283.77

0.00 0.00
655,117.14
4,386.60

0.00 5,551.18
1,164.58

0.00 166.63
(
166.63
)
997.95
997.95
3130A0F70
FHLB
Note

3.375%
Due
12/08/2023
Various
Various
900,000.00
909,277.10

0.00 0.00
908,832.60
7,003.13

0.00 9,534.37
2,531.24

0.00 444.50
(
444.50
)
2,086.74
2,086.74
3130A1XJ2
FHLB
Note

2.875%
Due
06/14/2024
Various
Various
680,000.00
693,446.46

0.00 0.00
692,947.85
4,181.52

0.00 5,810.70
1,629.18

0.00 498.61
(
498.61
)
1,130.57
1,130.57
3130A2UW4
FHLB
Note

2.875%
Due
09/13/2024
10/10/2019
10/11/2019
500,000.00
515,718.81

0.00 0.00
515,193.15
6,708.33
7,187.50
718.75
1,197.92

0.00 525.66
(
525.66
)
672.26
672.26
3130A3GE8
FHLB
Note

2.75%
Due
12/13/2024
02/26/2020
02/27/2020
1,850,000.00
1,924,181.15

0.00 0.00
1,921,922.20
11,022.92

0.00 15,262.50
4,239.58

0.00 2,258.95
(
2,258.95
)
1,980.63
1,980.63
3130A4CH3
FHLB
Note

2.375%
Due
03/14/2025
03/19/2020
03/20/2020
1,750,000.00
1,811,602.82

0.00 0.00
1,809,880.83
19,280.38
20,781.25
1,962.67
3,463.54

0.00 1,721.99
(
1,721.99
)
1,741.55
1,741.55
Execution Time: 4/7/2022 1:01:34 PM
Chandler Asset Management - CONFIDENTIAL

Income Earned
As of March 31, 2022
City of Vallejo Consolidated
Account #262
CUSIP
Security Description
Trade Date
Settle Date
Units
Book Value: Begin
Book Value: Acq
Book Value: Disp
Book Value: End
Prior Accrued
Inc. Received
Ending Accrued
Total Interest
Accr. Of Discount
Amort. Of Premium
Net Accret/Amort
Income Earned
Total Income
3130A5P45
FHLB
Note
Due
06/10/2022
06/14/2019
06/14/2019

0.00 500,632.64

0.00 500,620.11

0.00 2,671.88
2,737.85

0.00 65.97

0.00 12.53
(

12.53 )

53.44 53.44
313379Q69
FHLB
Note

2.125%
Due
06/10/2022
Various
Various
1,250,000.00
1,250,758.26

0.00 0.00
1,250,525.53
5,976.57

0.00 8,190.11
2,213.54

0.00 232.73
(
232.73
)
1,980.81
1,980.81
313380GJ0
FHLB
Note
2%
Due
09/09/2022
Various
Various
1,000,000.00
1,001,962.40

0.00 0.00
1,001,645.54
9,555.56
10,000.00
1,222.24
1,666.68

0.00 316.86
(
316.86
)
1,349.82
1,349.82
313382AX1
FHLB
Note

2.125%
Due
03/10/2023
03/23/2018
03/26/2018
500,000.00
497,120.61

0.00 0.00
497,359.28
5,046.88
5,312.50
619.79
885.41
238.67

0.00 238.67
1,124.08
1,124.08
313383QR5
FHLB
Note

3.25%
Due
06/09/2023
08/28/2018
08/29/2018
500,000.00
502,221.07

0.00 0.00
502,073.00
3,701.39

0.00 5,055.56
1,354.17

0.00 148.07
(
148.07
)
1,206.10
1,206.10
313383YJ4
FHLB
Note

3.375%
Due
09/08/2023
10/30/2018
10/31/2018
700,000.00
702,921.74

0.00 0.00
702,758.84
11,353.13
11,812.50
1,509.38
1,968.75

0.00 162.90
(
162.90
)
1,805.85
1,805.85
3133EKWV4
FFCB
Note

1.85%
Due
07/26/2024
08/13/2019
08/14/2019
500,000.00
502,344.57

0.00 0.00
502,261.79
899.31

0.00 1,670.14
770.83

0.00 82.78
(

82.78 )
688.05
688.05
3133EKYJ9
FFCB
Note

1.85%
Due
08/05/2022
07/31/2019
08/05/2019
550,000.00
550,015.76

0.00 0.00
550,012.65
734.86

0.00 1,582.78
847.92

0.00 3.11
(

3.11 )
844.81
844.81
3135G03U5
FNMA
Note

0.625%
Due
04/22/2025
04/22/2020
04/24/2020
805,000.00
803,956.29

0.00 0.00
803,984.47
1,802.86

0.00 2,222.14
419.28

28.18 0.00

28.18 447.46
447.46
Execution Time: 4/7/2022 1:01:34 PM
Chandler Asset Management - CONFIDENTIAL

Income Earned
As of March 31, 2022
City of Vallejo Consolidated
Account #262
CUSIP
Security Description
Trade Date
Settle Date
Units
Book Value: Begin
Book Value: Acq
Book Value: Disp
Book Value: End
Prior Accrued
Inc. Received
Ending Accrued
Total Interest
Accr. Of Discount
Amort. Of Premium
Net Accret/Amort
Income Earned
Total Income
3135G04Z3
FNMA
Note

0.5%
Due
06/17/2025
06/17/2020
06/19/2020
2,020,000.00
2,017,239.91

0.00 0.00
2,017,310.97
2,076.11

0.00 2,917.78
841.67

71.06 0.00

71.06 912.73
912.73
3135G05G4
FNMA
Note

0.25%
Due
07/10/2023
07/08/2020
07/10/2020
1,035,000.00
1,033,992.03

0.00 0.00
1,034,055.03
366.56

0.00 582.19
215.63

63.00 0.00

63.00 278.63
278.63
3135G05X7
FNMA
Note

0.375%
Due
08/25/2025
08/25/2020
08/27/2020
1,700,000.00
1,694,447.38

0.00 0.00
1,694,582.59
106.25

0.00 637.50
531.25
135.21

0.00 135.21
666.46
666.46
3135G06G3
FNMA
Note

0.5%
Due
11/07/2025
11/09/2020
11/12/2020
1,680,000.00
1,675,551.13

0.00 0.00
1,675,653.51
2,660.00

0.00 3,360.00
700.00
102.38

0.00 102.38
802.38
802.38
3135G0T78
FNMA
Note
2%
Due
10/05/2022
06/08/2018
06/11/2018
1,000,000.00
995,431.26

0.00 0.00
996,080.94
8,111.11

0.00 9,777.78
1,666.67
649.68

0.00 649.68
2,316.35
2,316.35
3135G0T94
FNMA
Note

2.375%
Due
01/19/2023
Various
Various
1,000,000.00
996,639.87

0.00 0.00
996,961.36
2,770.83

0.00 4,750.00
1,979.17
321.49

0.00 321.49
2,300.66
2,300.66
3135G0U43
FNMA
Note

2.875%
Due
09/12/2023
09/12/2018
09/14/2018
645,000.00
644,188.09

0.00 0.00
644,233.04
8,705.26
9,271.88
978.70
1,545.32

44.95 0.00

44.95 1,590.27
1,590.27
3135G0V34
FNMA
Note

2.5%
Due
02/05/2024
02/25/2019
02/26/2019
700,000.00
698,893.87

0.00 0.00
698,942.44
1,263.89

0.00 2,722.22
1,458.33

48.57 0.00

48.57 1,506.90
1,506.90
3135G0W66
FNMA
Note

1.625%
Due
10/15/2024
11/08/2019
11/12/2019
500,000.00
497,787.74

0.00 0.00
497,859.26
3,069.44

0.00 3,746.53
677.09

71.52 0.00

71.52 748.61
748.61
Execution Time: 4/7/2022 1:01:34 PM
Chandler Asset Management - CONFIDENTIAL

Income Earned
As of March 31, 2022
City of Vallejo Consolidated
Account #262
CUSIP
Security Description
Trade Date
Settle Date
Units
Book Value: Begin
Book Value: Acq
Book Value: Disp
Book Value: End
Prior Accrued
Inc. Received
Ending Accrued
Total Interest
Accr. Of Discount
Amort. Of Premium
Net Accret/Amort
Income Earned
Total Income
3135G0X24
FNMA
Note

1.625%
Due
01/07/2025
01/08/2020
01/10/2020
1,835,000.00
1,831,652.76

0.00 0.00
1,831,752.25
4,472.81

0.00 6,957.71
2,484.90

99.49 0.00

99.49 2,584.39
2,584.39
3137BFE98
FHLMC
K
041
A
2 3.171%
Due
10/25/2024
07/01/2021
07/07/2021
800,000.00
848,419.26

0.00 0.00
846,830.90
2,114.00
2,114.00
2,114.00
2,114.00

0.00 1,588.36
(
1,588.36
)
525.64
525.64
3137EAEN5
FHLMC
Note

2.75%
Due
06/19/2023
07/16/2018
07/17/2018
500,000.00
499,231.23

0.00 0.00
499,281.40
2,750.00

0.00 3,895.83
1,145.83

50.17 0.00

50.17 1,196.00
1,196.00
3137EAEP0
FHLMC
Note

1.5%
Due
02/12/2025
02/13/2020
02/14/2020
2,040,000.00
2,039,071.29

0.00 0.00
2,039,097.97
1,615.00

0.00 4,165.00
2,550.00

26.68 0.00

26.68 2,576.68
2,576.68
3137EAEU9
FHLMC
Note

0.375%
Due
07/21/2025
07/21/2020
07/23/2020
1,075,000.00
1,071,366.43

0.00 0.00
1,071,457.42
447.92

0.00 783.85
335.93

90.99 0.00

90.99 426.92
426.92
3137EAEX3
FHLMC
Note

0.375%
Due
09/23/2025
09/23/2020
09/25/2020
1,560,000.00
1,556,648.21

0.00 0.00
1,556,728.01
2,567.50
2,925.00
130.00
487.50

79.80 0.00

79.80 567.30
567.30
362554AC1
GM Financial Securitized Term
2021-4
A
3 0.68%
Due
09/16/2026
10/13/2021
10/21/2021
235,000.00
234,994.64

0.00 0.00
234,994.79

66.58 133.17

66.58 133.17

0.15 0.00

0.15 133.32
133.32
36265MAC9
GM Financial Auto Lease Trust
2022-1
A
3 1.9%
Due
03/20/2025
02/15/2022
02/23/2022
640,000.00
639,994.54

0.00 0.00
639,994.76
270.22
945.78
371.56
1,047.12

0.22 0.00

0.22 1,047.34
1,047.34
380146AC4
GM Financial Auto Receivables
2022-1
A
3 1.26%
Due
11/16/2026
01/11/2022
01/19/2022
200,000.00
199,983.21

0.00 0.00
199,983.65
105.00
210.00
105.00
210.00

0.44 0.00

0.44 210.44
210.44
Execution Time: 4/7/2022 1:01:34 PM
Chandler Asset Management - CONFIDENTIAL

Income Earned
As of March 31, 2022
City of Vallejo Consolidated
Account #262
CUSIP
Security Description
Trade Date
Settle Date
Units
Book Value: Begin
Book Value: Acq
Book Value: Disp
Book Value: End
Prior Accrued
Inc. Received
Ending Accrued
Total Interest
Accr. Of Discount
Amort. Of Premium
Net Accret/Amort
Income Earned
Total Income
43813KAC6
Honda Auto Receivables Trust
2020-3
A
3 0.37%
Due
10/18/2024
09/22/2020
09/29/2020
495,000.00
494,960.18

0.00 0.00
494,962.15

66.14 152.62

66.14 152.62

1.97 0.00

1.97 154.59
154.59
43813RAC1
Honda Auto Receivables
2020-1
A
3 1.61%
Due
04/22/2024
02/19/2020
02/26/2020
277,080.66
300,758.40

0.00 23,708.17
277,053.74
134.52
403.56
123.92
392.96

3.51 0.00

3.51 396.47
396.47
43815BAC4
Honda Auto Receivables Trust
2022-1
A
3 1.88%
Due
05/15/2026
02/15/2022
02/23/2022
500,000.00
499,925.18

0.00 0.00
499,927.16
208.89
574.44
417.78
783.33

1.98 0.00

1.98 785.31
785.31
43815GAC3
Honda Auto Receivables Trust
2021-4
A
3 0.88%
Due
01/21/2026
11/16/2021
11/24/2021
310,000.00
309,940.00

0.00 0.00
309,941.71

75.78 227.33

75.78 227.33

1.71 0.00

1.71 229.04
229.04
44891RAC4
Hyundai Auto Receivables Trust
2020
-C A
3 0.38%
Due
05/15/2025
10/20/2020
10/28/2020
500,000.00
499,931.58

0.00 0.00
499,934.54

84.44 158.33

84.44 158.33

2.96 0.00

2.96 161.29
161.29
44933LAC7
Hyundai Auto Receivables Trust
2021
-A A
3 0.38%
Due
09/15/2025
04/20/2021
04/28/2021
405,000.00
404,969.14

0.00 0.00
404,970.33

68.40 128.25

68.40 128.25

1.19 0.00

1.19 129.44
129.44
44934KAC8
Hyundai Auto Receivables Trust
2021
-B A
3 0.38%
Due
01/15/2026
07/20/2021
07/28/2021
840,000.00
839,849.58

0.00 0.00
839,854.60
141.87
266.00
141.87
266.00

5.02 0.00

5.02 271.02
271.02
44935FAD6
Hyundai Auto Receivables Trust
2021
-C A
3 0.74%
Due
05/15/2026
11/09/2021
11/17/2021
220,000.00
219,955.32

0.00 0.00
219,956.64

72.36 135.67

72.36 135.67

1.32 0.00

1.32 136.99
136.99
46647PBF2
JP Morgan Chase & Co
Callable Note
1 X
10/15/2024

2.301%
Due
10/15/2025
11/13/2020
11/17/2020
1,150,000.00
1,190,538.23

0.00 0.00
1,189,227.82
9,996.57

0.00 12,201.69
2,205.12

0.00 1,310.41
(
1,310.41
)
894.71
894.71
Execution Time: 4/7/2022 1:01:34 PM
Chandler Asset Management - CONFIDENTIAL

Income Earned
As of March 31, 2022
City of Vallejo Consolidated
Account #262
CUSIP
Security Description
Trade Date
Settle Date
Units
Book Value: Begin
Book Value: Acq
Book Value: Disp
Book Value: End
Prior Accrued
Inc. Received
Ending Accrued
Total Interest
Accr. Of Discount
Amort. Of Premium
Net Accret/Amort
Income Earned
Total Income
46647PBK1
JP Morgan Chase & Co
Callable Note Cont
4/22/2025

2.083%
Due
04/22/2026
09/16/2021
09/20/2021
500,000.00
513,973.18

0.00 0.00
513,595.85
3,732.04

0.00 4,599.96
867.92

0.00 377.33
(
377.33
)
490.59
490.59
47787JAC2
John Deere Owner Trust
2022
-A A
3 2.32%
Due
09/16/2026
03/10/2022
03/16/2022
305,000.00

0.00 304,932.53

0.00 304,933.37

0.00 0.00
294.83
294.83

0.84 0.00

0.84 295.67
295.67
47787NAC3
John Deere Owner Trust
2020
-B A
3 0.51%
Due
11/15/2024
07/14/2020
07/22/2020
186,681.05
201,760.47

0.00 15,095.98
186,666.42

45.74 85.76

42.31 82.33

1.93 0.00

1.93 84.26

84.26 47788UAC6
John Deere Owner Trust
2021
-A A
3 0.36%
Due
09/15/2025
03/02/2021
03/10/2021
250,000.00
249,964.96

0.00 0.00
249,966.09

40.00 75.00

40.00 75.00

1.13 0.00

1.13 76.13

76.13 47789KAC7
John Deere Owner Trust
2020
-A A
3 1.1%
Due
08/15/2024
03/04/2020
03/11/2020
331,431.83
357,138.68

0.00 25,718.97
331,420.97
174.61
327.39
162.03
314.81

1.26 0.00

1.26 316.07
316.07
47789QAC4
John Deere Owner Trust
2021
-B A
3 0.52%
Due
03/16/2026
07/13/2021
07/21/2021
390,000.00
389,971.03

0.00 0.00
389,971.84

90.13 169.00

90.13 169.00

0.81 0.00

0.81 169.81
169.81
58769KAD6
Mercedes-Benz Auto Lease Trust
2021
-B A
3 0.4%
Due
11/15/2024
06/22/2021
06/29/2021
460,000.00
459,974.42

0.00 0.00
459,975.58

81.78 153.33

81.78 153.33

1.16 0.00

1.16 154.49
154.49
58770FAC6
Mercedes Benz Auto Lease Trust
2020
-A A
3 1.84%
Due
12/15/2022
01/21/2020
01/29/2020
39,728.68
78,361.05

0.00 38,635.21
39,727.39

64.08 120.16

32.49 88.57

1.55 0.00

1.55 90.12

90.12 61747YEA9
Morgan Stanley
Callable Note Cont
5/30/2024

0.79%
Due
05/30/2025
05/26/2021
06/01/2021
1,240,000.00
1,240,535.12

0.00 0.00
1,240,475.37
2,476.20

0.00 3,292.54
816.34

0.00 59.75
(

59.75 )
756.59
756.59
Execution Time: 4/7/2022 1:01:34 PM
Chandler Asset Management - CONFIDENTIAL

Income Earned
As of March 31, 2022
City of Vallejo Consolidated
Account #262
CUSIP
Security Description
Trade Date
Settle Date
Units
Book Value: Begin
Book Value: Acq
Book Value: Disp
Book Value: End
Prior Accrued
Inc. Received
Ending Accrued
Total Interest
Accr. Of Discount
Amort. Of Premium
Net Accret/Amort
Income Earned
Total Income
65479GAD1
Nissan Auto Receivables Trust
2018
-B A
3 Due
03/15/2023
07/17/2018
07/25/2018

0.00 4,790.32

0.00 4,790.32

0.00 6.51

12.22 0.00

5.71 0.00

0.00 0.00

5.71 5.71
65479JAD5
Nissan Auto Receivables Owner
2019
-C A
3 1.93%
Due
07/15/2024
10/16/2019
10/23/2019
171,526.93
188,190.91

0.00 16,668.97
171,522.54
161.43
302.68
147.13
288.38

0.60 0.00

0.60 288.98
288.98
69353RFE3
PNC Bank
Callable Note Cont
6/28/2022

2.45%
Due
07/28/2022
07/02/2019
07/05/2019
700,000.00
700,689.96

0.00 0.00
700,510.22
1,572.08

0.00 3,001.25
1,429.17

0.00 179.74
(
179.74
)
1,249.43
1,249.43
69371RP83
Paccar Financial Corp
Note

2.65%
Due
05/10/2022
07/02/2019
07/05/2019
700,000.00
700,661.03

0.00 0.00
700,368.29
5,719.58

0.00 7,265.42
1,545.84

0.00 292.74
(
292.74
)
1,253.10
1,253.10
747525AT0
Qualcomm Inc
Callable Note Cont
3/20/2024

2.9%
Due
05/20/2024
12/05/2019
12/09/2019
1,150,000.00
1,166,615.40

0.00 0.00
1,165,928.63
9,356.53

0.00 12,135.69
2,779.16

0.00 686.77
(
686.77
)
2,092.39
2,092.39
78013XZU5
Royal Bank of Canada
Note

2.55%
Due
07/16/2024
Various
Various
1,150,000.00
1,157,549.35

0.00 0.00
1,157,279.73
3,665.62

0.00 6,109.38
2,443.76

0.00 269.62
(
269.62
)
2,174.14
2,174.14
78015K7H1
Royal Bank of Canada
Note

1.15%
Due
06/10/2025
12/22/2021
12/27/2021
400,000.00
396,430.83

0.00 0.00
396,523.27
1,035.00

0.00 1,418.33
383.33

92.44 0.00

92.44 475.77
475.77
79466LAG9
Salesforce.com Inc
Callable Note Cont
7/15/2022

0.625%
Due
07/15/2024
06/29/2021
07/12/2021
190,000.00
189,923.56

0.00 0.00
189,926.29
151.74

0.00 250.69

98.95 2.73

0.00 2.73
101.68
101.68
808513BY0
Charles Schwab Corp
Callable Note Cont
2/3/2027

2.45%
Due
03/03/2027
Various
Various
1,000,000.00

0.00 985,444.30

0.00 985,567.84

0.00 (
600.25
)
1,905.56
1,305.31
123.54

0.00 123.54
1,428.85
1,428.85
Execution Time: 4/7/2022 1:01:34 PM
Chandler Asset Management - CONFIDENTIAL

Income Earned
As of March 31, 2022
City of Vallejo Consolidated
Account #262
CUSIP
Security Description
Trade Date
Settle Date
Units
Book Value: Begin
Book Value: Acq
Book Value: Disp
Book Value: End
Prior Accrued
Inc. Received
Ending Accrued
Total Interest
Accr. Of Discount
Amort. Of Premium
Net Accret/Amort
Income Earned
Total Income
87612EBM7
Target Corp
Callable Note Cont
12/15/2026

1.95%
Due
01/15/2027
01/19/2022
01/24/2022
545,000.00
544,091.86

0.00 0.00
544,107.66
1,092.27

0.00 1,977.90
885.63

15.80 0.00

15.80 901.43
901.43
89114QCB2
Toronto Dominion Bank
Note

3.25%
Due
03/11/2024
06/05/2020
06/09/2020
1,100,000.00
1,149,500.53

0.00 0.00
1,147,429.66
16,881.94
17,875.00
1,986.11
2,979.17

0.00 2,070.87
(
2,070.87
)
908.30
908.30
89232HAC9
Toyota Auto Receivable Own
2020
-A A
3 1.66%
Due
05/15/2024
06/17/2020
06/19/2020
613,921.30
677,094.99

0.00 54,466.94
621,610.95
493.12
924.60
452.94
884.42

0.00 1,017.10
(
1,017.10
)
(
132.68
)
(132.68)
89236TJK2
Toyota Motor Credit Corp
Note

1.125%
Due
06/18/2026
06/15/2021
06/18/2021
810,000.00
809,693.57

0.00 0.00
809,699.62
1,847.81

0.00 2,607.19
759.38

6.05 0.00

6.05 765.43
765.43
89237VAB5
Toyota Auto Receivables Trust
2020
-C A
3 0.44%
Due
10/15/2024
07/21/2020
07/27/2020
116,050.66
124,424.91

0.00 8,380.21
116,045.28

24.33 45.62

22.69 43.98

0.58 0.00

0.58 44.56

44.56 89240BAC2
Toyota Auto Receivables Owners
2021
-A A
3 0.26%
Due
05/15/2025
02/02/2021
02/08/2021
215,000.00
214,973.72

0.00 0.00
214,974.81

24.84 46.58

24.84 46.58

1.09 0.00

1.09 47.67

47.67 90331HPL1
US Bank NA
Callable Note Cont
12/21/2024

2.05%
Due
01/21/2025
01/16/2020
01/21/2020
1,150,000.00
1,148,582.86

0.00 0.00
1,148,624.42
2,619.44

0.00 4,584.03
1,964.59

41.56 0.00

41.56 2,006.15
2,006.15
9128283J7
US Treasury
Note

2.125%
Due
11/30/2024
Various
Various
2,000,000.00
2,033,275.77

0.00 0.00
2,032,249.35
10,625.00

0.00 14,244.51
3,619.51

0.00 1,026.42
(
1,026.42
)
2,593.09
2,593.09
9128283Z1
US Treasury
Note

2.75%
Due
02/28/2025
03/05/2020
03/06/2020
700,000.00
742,427.96

0.00 0.00
741,226.80

52.31 0.00
1,673.91
1,621.60

0.00 1,201.16
(
1,201.16
)
420.44
420.44
Execution Time: 4/7/2022 1:01:34 PM
Chandler Asset Management - CONFIDENTIAL

Income Earned
As of March 31, 2022
City of Vallejo Consolidated
Account #262
CUSIP
Security Description
Trade Date
Settle Date
Units
Book Value: Begin
Book Value: Acq
Book Value: Disp
Book Value: End
Prior Accrued
Inc. Received
Ending Accrued
Total Interest
Accr. Of Discount
Amort. Of Premium
Net Accret/Amort
Income Earned
Total Income
912828J27
US Treasury
Note
2%
Due
02/15/2025
02/27/2020
02/28/2020
1,850,000.00
1,899,440.76

0.00 0.00
1,898,024.25
1,430.94

0.00 4,599.45
3,168.51

0.00 1,416.51
(
1,416.51
)
1,752.00
1,752.00
912828M49
US Treasury
Note
Due
10/31/2022
Various
Various

0.00 1,496,376.94

0.00 1,496,495.73

0.00 9,400.90
10,022.45

0.00 621.55
118.79

0.00 118.79
740.34
740.34
912828P38
US Treasury
Note

1.75%
Due
01/31/2023
05/30/2018
05/31/2018
1,000,000.00
992,437.35

0.00 0.00
993,135.10
1,401.93

0.00 2,900.55
1,498.62
697.75

0.00 697.75
2,196.37
2,196.37
912828T91
US Treasury
Note

1.625%
Due
10/31/2023
11/29/2018
11/30/2018
750,000.00
735,585.50

0.00 0.00
736,319.24
4,073.72

0.00 5,117.40
1,043.68
733.74

0.00 733.74
1,777.42
1,777.42
912828TY6
US Treasury
Note
Due
11/15/2022
11/15/2019
11/15/2019

0.00 274,824.84

0.00 274,845.13

0.00 1,308.53
1,678.87

0.00 370.34

20.29 0.00

20.29 390.63
390.63
912828V80
US Treasury
Note

2.25%
Due
01/31/2024
Various
Various
1,450,000.00
1,489,492.46

0.00 0.00
1,487,746.01
2,613.61

0.00 5,407.46
2,793.85

0.00 1,746.45
(
1,746.45
)
1,047.40
1,047.40
912828W48
US Treasury
Note

2.125%
Due
02/29/2024
04/10/2019
04/11/2019
550,000.00
548,339.38

0.00 0.00
548,409.90

31.76 0.00
1,016.30
984.54

70.52 0.00

70.52 1,055.06
1,055.06
912828W71
US Treasury
Note

2.125%
Due
03/31/2024
04/23/2019
04/24/2019
500,000.00
497,667.05

0.00 0.00
497,762.09
4,436.81
5,312.50

29.03 904.72

95.04 0.00

95.04 999.76
999.76
912828WJ5
US Treasury
Note

2.5%
Due
05/15/2024
Various
Various
2,000,000.00
2,064,806.88

0.00 0.00
2,062,314.32
14,640.88

0.00 18,922.65
4,281.77

0.00 2,492.56
(
2,492.56
)
1,789.21
1,789.21
Execution Time: 4/7/2022 1:01:34 PM
Chandler Asset Management - CONFIDENTIAL

Income Earned
As of March 31, 2022
City of Vallejo Consolidated
Account #262
CUSIP
Security Description
Trade Date
Settle Date
Units
Book Value: Begin
Book Value: Acq
Book Value: Disp
Book Value: End
Prior Accrued
Inc. Received
Ending Accrued
Total Interest
Accr. Of Discount
Amort. Of Premium
Net Accret/Amort
Income Earned
Total Income
912828X70
US Treasury
Note
2%
Due
04/30/2024
Various
Various
2,000,000.00
2,024,080.62

0.00 0.00
2,023,136.87
13,370.16

0.00 16,795.58
3,425.42

31.87 975.62
(
943.75
)
2,481.67
2,481.67
912828YH7
US Treasury
Note

1.5%
Due
09/30/2024
Various
Various
2,000,000.00
2,006,295.03

0.00 0.00
2,006,088.31
12,527.47
15,000.00

81.96 2,554.49
186.15
392.87
(
206.72
)
2,347.77
2,347.77
912828Z78
US Treasury
Note

1.5%
Due
01/31/2027
03/30/2022
03/31/2022
500,000.00

0.00 478,320.31

0.00 478,332.58

0.00 (
1,222.38
)
1,243.09

20.71 12.27

0.00 12.27

32.98 32.98
912828ZC7
US Treasury
Note

1.125%
Due
02/28/2025
Various
Various
1,500,000.00
1,527,740.39

0.00 0.00
1,526,955.05

45.86 0.00
1,467.40
1,421.54

0.00 785.34
(
785.34
)
636.20
636.20
91282CAZ4
US Treasury
Note

0.375%
Due
11/30/2025
12/28/2020
12/29/2020
2,000,000.00
1,999,583.08

0.00 0.00
1,999,592.51
1,875.00

0.00 2,513.74
638.74

9.43 0.00

9.43 648.17
648.17
91282CBC4
US Treasury
Note

0.375%
Due
12/31/2025
01/27/2021
01/28/2021
2,000,000.00
1,998,539.00

0.00 0.00
1,998,571.33
1,243.09

0.00 1,885.36
642.27

32.33 0.00

32.33 674.60
674.60
91282CBT7
US Treasury
Note

0.75%
Due
03/31/2026
03/30/2021
03/31/2021
1,500,000.00
1,490,191.96

0.00 0.00
1,490,395.89
4,697.80
5,625.00

30.74 957.94
203.93

0.00 203.93
1,161.87
1,161.87
91282CBW0
US Treasury
Note

0.75%
Due
04/30/2026
04/29/2021
04/30/2021
1,000,000.00
994,501.11

0.00 0.00
994,613.18
2,506.91

0.00 3,149.17
642.26
112.07

0.00 112.07
754.33
754.33
91282CCP4
US Treasury
Note

0.625%
Due
07/31/2026
08/10/2021
08/11/2021
1,000,000.00
991,564.24

0.00 0.00
991,726.37
500.69

0.00 1,035.91
535.22
162.13

0.00 162.13
697.35
697.35
Execution Time: 4/7/2022 1:01:34 PM
Chandler Asset Management - CONFIDENTIAL

Income Earned
As of March 31, 2022
City of Vallejo Consolidated
Account #262
CUSIP
Security Description
Trade Date
Settle Date
Units
Book Value: Begin
Book Value: Acq
Book Value: Disp
Book Value: End
Prior Accrued
Inc. Received
Ending Accrued
Total Interest
Accr. Of Discount
Amort. Of Premium
Net Accret/Amort
Income Earned
Total Income
91282CCW9
US Treasury
Note

0.75%
Due
08/31/2026
Various
Various
2,250,000.00
2,228,355.36

0.00 0.00
2,228,763.50

45.86 0.00
1,467.39
1,421.53
408.14

0.00 408.14
1,829.67
1,829.67
91282CDG3
US Treasury
Note

1.125%
Due
10/31/2026
Various
Various
3,000,000.00
2,980,497.99

0.00 0.00
2,980,852.57
11,281.08

0.00 14,171.28
2,890.20
354.58

0.00 354.58
3,244.78
3,244.78
91324PEC2
United Health Group Inc
Callable Note Cont
4/15/2026

1.15%
Due
05/15/2026
Various
Various
1,245,000.00
1,232,039.93

0.00 0.00
1,232,301.22
4,215.71

0.00 5,408.83
1,193.12
275.21

13.92 261.29
1,454.41
1,454.41
92290BAA9
Verizon Owner Trust
2020
-B A

0.47%
Due
02/20/2025
08/04/2020
08/12/2020
690,000.00
689,904.71

0.00 0.00
689,907.43

99.09 270.25

99.09 270.25

2.72 0.00

2.72 272.97
272.97
931142EK5
Wal-Mart Stores
Callable Note Cont
5/26/2023

3.4%
Due
06/26/2023
Various
Various
600,000.00
600,353.73

0.00 0.00
600,329.30
3,683.34

0.00 5,383.33
1,699.99

1.68 26.11
(

24.43 )
1,675.56
1,675.56
931142ER0
Wal-Mart Stores
Callable Note Cont
08/17/2026

1.05%
Due
09/17/2026
09/08/2021
09/17/2021
240,000.00
239,587.39

0.00 0.00
239,595.09
1,148.00
1,260.00

98.00 210.00

7.70 0.00

7.70 217.70
217.70
Total Fixed Income
90,805,924.94
91,026,860.35
2,863,489.09
2,479,705.54
91,388,128.32
365,083.88
179,375.46
309,681.52
123,973.10
6,115.59
28,631.17
(
22,515.58
)
101,457.52
101,457.52

CASH & EQUIVALENT
3130AJHU6
FHLB
Note

0.5%
Due
04/14/2025
05/28/2020
05/29/2020
1,900,000.00
1,899,744.60

0.00 0.00
1,899,751.55
3,615.28

0.00 4,406.94
791.66

6.95 0.00

6.95 798.61
798.61
Execution Time: 4/7/2022 1:01:34 PM
Chandler Asset Management - CONFIDENTIAL

Income Earned
As of March 31, 2022
City of Vallejo Consolidated
Account #262
CUSIP
Security Description
Trade Date
Settle Date
Units
Book Value: Begin
Book Value: Acq
Book Value: Disp
Book Value: End
Prior Accrued
Inc. Received
Ending Accrued
Total Interest
Accr. Of Discount
Amort. Of Premium
Net Accret/Amort
Income Earned
Total Income
86959RTW0
Svenska Handelsbanken NY
Yankee CD

0.255%
Due
10/14/2022
10/15/2021
10/15/2021
1,000,000.00
1,000,031.45

0.00 0.00
1,000,027.15
970.42

0.00 1,190.00
219.58

0.00 4.30
(

4.30 )
215.28
215.28
94975H312
Wells Fargo
Advantage Treasury Plus MMF
Various
Various
149,626.06
337,839.59
935,403.92
1,123,617.45
149,626.06

0.00 7.94

0.00 7.94

0.00 0.00

0.00 7.94

7.94 Total Cash & Equivalent
3,049,626.06
3,237,615.64
935,403.92
1,123,617.45
3,049,404.76
4,585.70

7.94 5,596.94
1,019.18

6.95 4.30

2.65 1,021.83
1,021.83

LOCAL AGENCY INVESTMENT FUND
90LAIF$00
Local Agency Investment Fund
State Pool
Various
Various
73,077,477.57
73,077,477.57

0.00 0.00
73,077,477.57
29,788.86

0.00 52,392.81
22,603.95

0.00 0.00

0.00 22,603.95
22,603.95
Total Local Agency Investment Fund
73,077,477.57
73,077,477.57

0.00 0.00
73,077,477.57
29,788.86

0.00 52,392.81
22,603.95

0.00 0.00

0.00 22,603.95
22,603.95

TOTAL PORTFOLIO
166,933,028.57
167,341,953.56
3,798,893.01
3,603,322.99
167,515,010.65
399,458.44
179,383.40
367,671.27
147,596.23
6,122.54
28,635.47
(
22,512.93
)
125,083.30
125,083.30
Execution Time: 4/7/2022 1:01:34 PM
Chandler Asset Management - CONFIDENTIAL

Cash Flow Report
As of March 31, 2022
City of Vallejo Consolidated
Account #262
Payment Date
Transaction Type
CUSIP
Quantity
Security Description
Principal Amount
Income
Total Amount
04/05/2022
Interest
3135G0T78
1,000,000.00
FNMA Note
2%
Due
10/5/2022

0.00 10,000.00
10,000.00
04/14/2022
Interest
3130AJHU6
1,900,000.00
FHLB Note

0.5%
Due
4/14/2025

0.00 4,750.00
4,750.00
04/15/2022
Dividend
90LAIF$00
6,576,488,352.75
Local Agency Investment Fund State Pool

0.00 52,391.85
52,391.85
04/15/2022
Interest
3135G0W66
500,000.00
FNMA Note

1.625%
Due
10/15/2024

0.00 4,062.50
4,062.50
04/15/2022
Interest
46647PBF2
1,150,000.00
JP Morgan Chase & Co Callable Note
1 X
10/15/2024

2.301%
Due
10/15/2025

0.00 13,230.75
13,230.75
04/15/2022
Paydown
58769KAD6
460,000.00
Mercedes-Benz Auto Lease Trust
2021
-B A
3 0.4%
Due
11/15/2024

0.00 153.33
153.33
04/15/2022
Paydown
89232HAC9
613,921.30
Toyota Auto Receivable Own
2020
-A A
3 1.66%
Due
5/15/2024
34,418.62
849.26
35,267.88
04/15/2022
Paydown
14042WAC4
99,503.83
Capital One Prime Auto Trust
2019-1
A
3 2.51%
Due
11/15/2023
7,110.38
208.13
7,318.51
04/15/2022
Paydown
44935FAD6
220,000.00
Hyundai Auto Receivables Trust
2021
-C A
3 0.74%
Due
5/15/2026

0.00 135.67
135.67
04/15/2022
Paydown
43815BAC4
500,000.00
Honda Auto Receivables Trust
2022-1
A
3 1.88%
Due
5/15/2026

0.00 783.33
783.33
04/15/2022
Paydown
44891RAC4
500,000.00
Hyundai Auto Receivables Trust
2020
-C A
3 0.38%
Due
5/15/2025

0.00 158.33
158.33
04/15/2022
Paydown
44933LAC7
405,000.00
Hyundai Auto Receivables Trust
2021
-A A
3 0.38%
Due
9/15/2025

0.00 128.25
128.25
04/15/2022
Paydown
47787NAC3
186,681.05
John Deere Owner Trust
2020
-B A
3 0.51%
Due
11/15/2024
8,450.66

79.34 8,530.00
04/15/2022
Paydown
47788UAC6
250,000.00
John Deere Owner Trust
2021
-A A
3 0.36%
Due
9/15/2025

0.00 75.00

75.00 04/15/2022
Paydown
47789QAC4
390,000.00
John Deere Owner Trust
2021
-B A
3 0.52%
Due
3/16/2026

0.00 169.00
169.00
04/15/2022
Paydown
58770FAC6
39,728.68
Mercedes Benz Auto Lease Trust
2020
-A A
3 1.84%
Due
12/15/2022
7,482.21

60.92 7,543.13
04/15/2022
Paydown
47789KAC7
331,431.83
John Deere Owner Trust
2020
-A A
3 1.1%
Due
8/15/2024
10,994.72
303.81
11,298.53
Execution Time: 4/7/2022 1:01:34 PM
Chandler Asset Management - CONFIDENTIAL

Cash Flow Report
As of March 31, 2022
City of Vallejo Consolidated
Account #262
Payment Date
Transaction Type
CUSIP
Quantity
Security Description
Principal Amount
Income
Total Amount
04/15/2022
Paydown
89237VAB5
116,050.66
Toyota Auto Receivables Trust
2020
-C A
3 0.44%
Due
10/15/2024
3,723.02

42.55 3,765.57
04/15/2022
Paydown
89240BAC2
215,000.00
Toyota Auto Receivables Owners
2021
-A A
3 0.26%
Due
5/15/2025

0.00 46.58

46.58 04/15/2022
Paydown
14041NFU0
500,000.00
Capital One Execution Trust
2019
-A
2 A
2 1.72%
Due
8/15/2024
16,897.88
716.67
17,614.55
04/15/2022
Paydown
44934KAC8
840,000.00
Hyundai Auto Receivables Trust
2021
-B A
3 0.38%
Due
1/15/2026

0.00 266.00
266.00
04/15/2022
Paydown
47787JAC2
305,000.00
John Deere Owner Trust
2022
-A A
3 2.32%
Due
9/16/2026

0.00 570.01
570.01
04/15/2022
Paydown
65479JAD5
171,526.93
Nissan Auto Receivables Owner
2019
-C A
3 1.93%
Due
7/15/2024
5,941.91
275.87
6,217.78
04/16/2022
Paydown
380146AC4
200,000.00
GM Financial Auto Receivables
2022-1
A
3 1.26%
Due
11/16/2026

0.00 210.00
210.00
04/16/2022
Paydown
362554AC1
235,000.00
GM Financial Securitized Term
2021-4
A
3 0.68%
Due
9/16/2026

0.00 133.17
133.17
04/18/2022
Paydown
43813KAC6
495,000.00
Honda Auto Receivables Trust
2020-3
A
3 0.37%
Due
10/18/2024
24,677.58
152.63
24,830.21
04/19/2022
Paydown
3137BFE98

0.00 FHLMC K
041
A
2 3.171%
Due
10/25/2024

0.00 2,114.00
2,114.00
04/20/2022
Paydown
36265MAC9
640,000.00
GM Financial Auto Lease Trust
2022-1
A
3 1.9%
Due
3/20/2025

0.00 1,013.33
1,013.33
04/20/2022
Paydown
92290BAA9
690,000.00
Verizon Owner Trust
2020
-B A

0.47%
Due
2/20/2025
19,583.33
270.25
19,853.58
04/21/2022
Paydown
43813RAC1
277,080.66
Honda Auto Receivables
2020-1
A
3 1.61%
Due
4/22/2024
10,479.30
371.75
10,851.05
04/21/2022
Paydown
43815GAC3
310,000.00
Honda Auto Receivables Trust
2021-4
A
3 0.88%
Due
1/21/2026

0.00 227.33
227.33
04/22/2022
Interest
46647PBK1
500,000.00
JP Morgan Chase & Co Callable Note Cont
4/22/2025

2.083%
Due
4/22/2026

0.00 5,207.50
5,207.50
04/22/2022
Interest
3135G03U5
805,000.00
FNMA Note

0.625%
Due
4/22/2025

0.00 2,515.63
2,515.63
04/25/2022
Paydown
3137BFE98
800,000.00

FHLMC K
041
A
2 3.171%
Due
10/25/2024

0.00 2,114.00
2,114.00
Execution Time: 4/7/2022 1:01:34 PM
Chandler Asset Management - CONFIDENTIAL

Cash Flow Report
As of March 31, 2022
City of Vallejo Consolidated
Account #262
Payment Date
Transaction Type
CUSIP
Quantity
Security Description
Principal Amount
Income
Total Amount
04/25/2022
Paydown
05601XAC3
305,000.00
BMW Vehicle Lease Trust
2022-1
A
3 1.1%
Due
3/25/2025

0.00 279.58
279.58
04/25/2022
Paydown
09690AAC7
290,000.00
BMW Vehicle Lease Trust
2021-2
A
3 0.33%
Due
12/26/2024

0.00 79.75

79.75 04/30/2022
Interest
912828T91
750,000.00
US Treasury Note

1.625%
Due
10/31/2023

0.00 6,093.75
6,093.75
04/30/2022
Interest
912828X70
2,000,000.00
US Treasury Note
2%
Due
4/30/2024

0.00 20,000.00
20,000.00
04/30/2022
Interest
91282CDG3
3,000,000.00
US Treasury Note

1.125%
Due
10/31/2026

0.00 16,875.00
16,875.00
04/30/2022
Interest
91282CBW0
1,000,000.00
US Treasury Note

0.75%
Due
4/30/2026

0.00 3,750.00
3,750.00
APR 2022
149,759.61
150,864.82
300,624.43
05/01/2022
Interest
06367WB85
1,150,000.00
Bank of Montreal Note

1.85%
Due
5/1/2025

0.00 10,637.50
10,637.50
05/07/2022
Interest
3135G06G3
1,680,000.00
FNMA Note

0.5%
Due
11/7/2025

0.00 4,200.00
4,200.00
05/08/2022
Interest
14913Q3B3
650,000.00
Caterpillar Finl Service Note

2.15%
Due
11/8/2024

0.00 6,987.50
6,987.50
05/10/2022
Maturity
69371RP83
700,000.00
Paccar Financial Corp Note

2.65%
Due
5/10/2022
700,000.00
9,275.00
709,275.00
05/12/2022
Interest
023135BW5
755,000.00
Amazon.com Inc Note