HomeMy WebLinkAboutFin City Quarterly Investment Report____________________________________________________________________________________
FOR CITY CLERK ONLY
Council Meeting: February 5, 2024
Disposition: Accepted report
Agenda Item No: 4.d
Meeting Date: February 5, 2024
SAN RAFAEL CITY COUNCIL AGENDA REPORT
Department: Finance
Prepared by: Paul Navazio, Finance Director City Manager Approval: _________
TOPIC: CITY QUARTERLY INVESTMENT REPORT
SUBJECT: ACCEPTANCE OF CITY OF SAN RAFAEL QUARTERLY INVESTMENT REPORT FOR
THE QUARTER ENDING DECEMBER 31, 2023
RECOMMENDATION:
Accept investment report for the quarter ending December 31, 2023, as presented.
BACKGROUND:
Pursuant to the State of California Government Code Section 53601 and the City’s investment policy,
last approved by the City Council on June 21, 2022, staff provides the City Council with a quarterly report
on the City's investment activities and liquidity. Included in the report are the cost of each investment, the
interest rates (yield), maturity dates, and market value. Separate reports are prepared for the City and
the Successor Agency to San Rafael Redevelopment Agency.
The City invests a portion of its pooled funds in the Local Agency Investment Fund (LAIF), a State-run
investment pool. Beginning in March 2014, the City incorporated an investment strategy that added
purchases of securities outside of LAIF with the assistance of an investment advisor. The City’s current
investment advisor is Chandler Asset Management.
ANALYSIS:
As of December 31, 2023, the City’s Treasury consisted of investments with a total market value of
$100,479,195 consisting of $53,749,175 in the City’s primary Local Agency Investment Fund (LAIF)
account, and $46,730,020 in externally managed investments (which includes $986,700 of Pt. San Pedro
Assessment District bonds). An additional $17,819,427 represents cash balances in the City’s various
operating bank accounts, including Westamerica Bank ($16,953,726), Bank of the Marin ($501,982) and
Bank of Montreal (formerly Bank of the West - $363,719).
The overall return on the total portfolio for the quarter ending December 31, 2023, was 3.72%, with a
weighted average maturity of 0.98 years. The yield on the portfolio results from an effective yield of 3.95%
for the City’s investments in the Local Agency Investment Fund and a yield of 3.45% for the externally
managed investments. While the performance of the overall portfolio continues to improve in each of the
SAN RAFAEL CITY COUNCIL AGENDA REPORT / Page: 2
last several quarters, the performance falls short of the established benchmark (1-year Treasury Bill)
yield of 4.79%. This unfavorable variance is typical of a rising interest environment and the performance
of the portfolio is expected to continue to improve in the near-term as holdings mature and are reinvested
at higher rates of return.
The City’s investment portfolio continues to maintain strong diversification and is experiencing growth of
interest income as a result of higher market rates. All investments continue to comply with the City’s
investment policy and California Government Code.
Economic Outlook:
At their December meeting, the Federal Open Market Committee voted to maintain the target Federal
rate in the range of 5.25 - 5.50%. The Fed’s Summary of Economic Projections (SEP) also revealed
expectations of continued economic growth and inflation reaching the target 2% level in the medium-
term, without a significant increase in unemployment.
The City will continue to monitor market trends and refine is investment strategy, as appropriate, to
improve the performance of the investment portfolio while ensuring its primary goals of preservation of
principal, liquidity and yield.
Exhibit A is composed of three parts: (1) Quarterly Investment Portfolio Report; (2) Historical Activity by
Quarter summarizing the City’s investments; and (3) the City’s Investment Report from Chandler Asset
Management for the period ending December 31, 2023, which includes a listing of all holdings as well as
transaction activity details for the reporting period.
FISCAL IMPACT:
No financial impact occurs by adopting the report. The City continues to meet the priority principles of
investing - safety, liquidity, yield, and diversification. The portfolio remains conservatively invested and
sufficient liquidity exists to meet daily operating and capital project requirements for the next six months.
Operating funds, as defined for this report, exclude cash held with fiscal agents for the payment of bond
principal and interest.
RECOMMENDATION:
Accept investment report for the quarter ending December 31, 2023, as presented.
ATTACHMENTS:
Exhibit A:
1. Quarterly Investment Portfolio Report
2. Historical Activity by Quarter Report
3. Chandler Asset Management – Investment Report: Period Ending December 31, 2023
SAN RAFAEL CITY COUNCIL AGENDA REPORT / Page: 3
I CERTIFY THAT ALL INVESTMENTS MADE ARE IN CONFORMANCE WITH THE CITY’S APPROVED
INVESTMENT POLICY AND STATE INVESTMENT REGULATIONS. THE CITY HAS SUFFICIENT
LIQUIDITY TO MEET ALL OF THE OBLIGATIONS REQUIRED DURING THE NEXT SIX-MONTH
PERIOD.
Paul Navazio
Finance Director
%Yield
LAIF 53,749,175$ 100.0% 3.95%
Total Internally Managed 53,749,175$ 53.5%
Weighted Average Yield 3.95%
Days
Effective Average Duration - Internal 1
Weighted Average Maturity - Internal 1
% Yield
Money Market Fund 144,864$ 0.3% 4.95%
Treasury Securities 14,202,153$ 30.4% 2.62%
Instrumentality Securities 12,158,514$ 26.0% 2.92%
Corporate Notes 10,338,726$ 22.1% 3.79%
Asset-Backed 4,980,172$ 10.7% 5.03%
Negotiable CD 374,910$ 0.8% 5.34%
CMO 3,232,602$ 6.9% 4.57%
Supranational 311,379$ 0.7% 4.53%
Pt. San Pedro Assessment District 986,700$ 2.1% 5.25%
Total Externally Managed 46,730,020$ 46.5%
Weighted Average Yield 3.45%
Years
Effective Average Duration - External 1.71
Weighted Average Maturity - External 2.13
Total Portfolio Assets %Yield
LAIF 53,749,175$ 53.5% 3.95%
Money Market Fund 144,864$ 0.1% 4.95%
Treasury Securities 14,202,153$ 14.1% 2.62%
Instrumentality Securities 12,158,514$ 12.1% 2.92%
Corporate Notes 10,338,726$ 10.3% 3.79%
Asset-Backed 4,980,172$ 5.0% 5.03%
Negotiable CD 374,910$ 0.4% 5.34%
CMO 3,232,602$ 3.2% 4.57%
Supranational 311,379$ 0.3% 4.53%
Pt. San Pedro Assessment District 986,700$ 1.0% 5.25%
Total Portfolio Assets 100,479,195$ 100.0%
Weighted Average Yield 3.72%
Years
Effective Average Duration - Total 0.79
Weighted Average Maturity - Total 0.98
Based on Market Values
December 31, 2023
City of San Rafael
Quarterly Investment Portfolio Report
Externally Managed Assets
Internally Managed Assets
LAIF
100%
Money Market
Fund
0.3%Treasury
Securities
30.4%
Instrumentality
Securities
26.0%
Corporate Notes
22.1%
Asset-Backed
10.7%
Negotiable CD
0.8%CMO
6.9%
Supranational
0.7%
Pt. San Pedro
Assessment
District
2.1%
LAIF
53.5%
Money Market
Fund
0.1%
Treasury
Securities
14.1%
Instrumentality
Securities
12.1%
Corporate
Notes
10.3%
Asset-Backed
5.0%
Negotiable CD
0.4%
CMO
3.2%Supranational
0.3%Pt. San Pedro
Assessment
District
1.0%
Internally Managed Assets %Return %Return %Return %Return
LAIF 53,749,175$ 100.0% 3.95% 51,292,954$ 100.0% 3.61% 50,929,996$ 100.0% 3.26% 36,644,876$ 100.0% 2.87%
LAIF - Housing 0.0% 0.00% -$ 0.0% 0.00% -$ 0.0% 0.00% -$ 0.0% 0.00%
Total Internally Managed 53,749,175$ 53.5%51,292,954$ 52.9%50,929,996$ 52.9%36,644,876$ 44.6%
Weighted Average Yield 3.95% 3.61% 3.26% 2.87%
Externally Managed Assets %Return %Return %Return %Return
Cash 144,864$ 0.3%4.95%74,981$ 0.2%4.95%844,916$ 1.9%4.72%2,967,302$ 6.5%4.40%
Treasury Securities 14,202,153$ 31.1% 2.62% 14,031,449$ 30.8% 2.14% 15,306,595$ 33.7% 1.75% 17,159,389$ 37.8% 1.64%
Instrumentality Securities 12,158,514$ 26.7% 2.92% 11,497,923$ 25.2% 2.86% 11,496,767$ 25.3% 2.72% 10,748,119$ 23.7% 2.36%
Corporate Notes 10,338,726$ 22.7% 3.79% 11,108,352$ 24.3% 3.48% 10,100,915$ 22.2% 2.41% 11,251,043$ 24.8% 1.46%
Asset Backed 4,980,172$ 10.9% 5.03% 4,112,279$ 9.0% 4.97% 3,048,660$ 6.7% 4.86% 1,862,018$ 4.1% 5.02%
Negotiable CD 374,910$ 0.8% 5.34% 374,472$ 0.8% 5.34% 373,787$ 0.8% 5.34% 375,224$ 0.8% 5.34%
Collateralized Mortgage Obligations (CMO) 3,232,602$ 7.1% 4.57% 3,135,264$ 6.9% 4.57% 3,185,252$ 7.0% 4.57% -$ 0.0% 0.00%
Supranational 311,379$ 0.7% 4.53% 301,398$ 0.7% 4.53%
Municipal/Assessment District 986,700$ 2.2% 5.25% 986,700$ 2.2% 5.25% 1,075,200$ 2.4% 5.25% 1,075,200$ 2.4% 5.25%
Total Externally Managed 46,730,020$ 46.5%45,622,818$ 47.1%45,432,092$ 47.1%45,438,295$ 55.4%
Weighted Average Yield 3.15% 2.72% 2.16%
Years Years Years
Effective Average Duration - External 1.63 1.63 1.56
Weighted Average Maturity - External 1.92 1.92 1.72
Total Portfolio Assets %Return %Return %Return %Return
LAIF 53,749,175$ 53.5% 3.95% 51,292,954$ 52.9% 3.61% 50,929,996$ 52.9% 3.26% 36,644,876$ 44.6% 2.87%
Cash 144,864$ 0.1% 4.95% 74,981$ 0.1% 4.95% 844,916$ 0.9% 4.72% 2,967,302$ 3.6% 4.40%
Treasury Securities 14,202,153$ 14.1% 2.62% 14,031,449$ 14.5% 2.14% 15,306,595$ 15.9% 1.75% 17,159,389$ 20.9% 1.64%
Instrumentality Securities 12,158,514$ 12.1% 2.92% 11,497,923$ 11.9% 2.86% 11,496,767$ 11.9% 2.72% 10,748,119$ 13.1% 2.36%
Corporate Notes 10,338,726$ 10.3% 3.79% 11,108,352$ 11.5% 3.48% 10,100,915$ 10.5% 2.41% 11,251,043$ 13.7% 1.46%
Asset Backed 4,980,172$ 5.0% 5.03% 4,112,279$ 4.2% 4.97% 3,048,660$ 3.2% 4.86% 1,862,018$ 2.3% 5.02%
Negotiable CD 374,910$ 0.4% 5.34% 374,472$ 0.4% 5.34% 373,787$ 0.4% 5.34% 375,224$ 0.5% 5.34%
Collateralized Mortgage Obligations (CMO) 3,232,602$ 3.2% 4.57% 3,135,264$ 3.2% 4.57% 3,185,252$ 3.3% 4.57% -$ 0.0% 0.00%
Supranational 311,379$ 0.3% 4.53% 301,398$ 0.3% 4.53%
Municipal/Assessment District 986,700$ 1.0% 5.25% 986,700$ 1.0% 5.25% 1,075,200$ 1.1% 5.25% 1,075,200$ 1.3% 5.25%
Total Portfolio Assets 100,479,195$ 100.0%96,915,772$ 100%96,362,087$ 100%82,083,170$ 100%
Weighted Average Yield 3.72% 3.40% 3.00% 2.47%
Years Years Years Years
Effective Average Duration - Total 0.79 0.81 0.76 0.80
Weighted Average Maturity - Total 0.10 0.99 0.89 0.71
Performance Recap
-The weighted average quarterly portfolio yield increased from 3.00% to 3.40% during the past quarter. Yields are rising as the Federal Reserve increases interest rates to combat inflation.
-The effective average duration decreased, from 0.80 to 0.76 years since last quarter, this is a result of the decrease in effective average duration of the City's externally managed portfolio.
-The total portfolio assets increased by approximately $0.55 million during the quarter. This is reflective of improved yields across most categories of holdings throughout the portfolio.
Historical Activity-By Quarter
December 31, 2023 September 30, 2023 June 30, 2023 March 31, 2023
MONTHLY ACCOUNT STATEMENT
San Rafael Consolidated - Account #11047
DECEMBER 1, 2023 THROUGH DECEMBER 31, 2023
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 operations@chandlerasset.com
Custodian
US Bank
Alexander Bazan
(503) 402-5305
ACCOUNT SUMMARY
Beg. Values
as of 11/30/23
End Values
as of 12/31/23
Market Value 79,975,944 99,492,495
Accrued Interest 584,878 703,575
Total Market Value 80,560,822 100,196,070
Income Earned 246,833 244,309
Cont/WD
Par 81,006,154 100,106,039
Book Value 80,561,758 99,683,686
Cost Value 80,620,512 99,737,589
TOP ISSUERS
Local Agency Investment Fund 54.0%
Government of United States 14.2%
Federal Home Loan Bank 6.7%
Federal Farm Credit Bank 3.6%
Federal Home Loan Mortgage Corp 3.2%
Federal National Mortgage Assoc 1.9%
American Express ABS 1.1%
PNC Financial Services Group 0.9%
Total 85.7%
PORTFOLIO CHARACTERISTICS
Average Modified Duration 0.79
Average Coupon 3.58%
Average Purchase YTM 3.70%
Average Market YTM 4.29%
Average S&P/Moody Rating AA/Aa1
Average Final Maturity 0.98 yrs
Average Life 0.85 yrs
CREDIT QUALITY (S&P)MATURITY DISTRIBUTIONSECTOR ALLOCATION
Portfolio Summary
As of December 31, 2023
San Rafael Consolidated
Account #11047
PERFORMANCE REVIEW
Annualized
TOTAL RATE OF RETURN 1M 3M YTD 1YR 2YRS 3YRS 5YRS 10YRS
Execution Time: 1/4/2024 1:41:15 AMChandler Asset Management - CONFIDENTIAL Page 1
Category Standard Comment
U.S. Treasuries No limit; 5 years max maturity Complies
Federal Agencies No limit; 5 years max maturity; Federal Agency securities and Federal instrumentality (government sponsored enterprises)Complies
Supranational Obligations "AA" rated or higher by a NRSRO; 15% max; 5 years max maturity; USD denominated senior unsecured unsubordinated
obligations issued or unconditionally guaranteed by IBRD, IFC, or IADB Complies
Municipal Securities
Special Assessment District Obligations issued by the City of San Rafael as Limited Obligation Improvement Bonds related to
special assessment districts and special tax districts; Investments in such obligations requires the approval of the City
Council and maturities may extend to 30 years
Complies
Corporate Medium Term Notes "A" rated or higher by a NRSRO; 30% max; 5% max per issuer; 5 years max maturity; Issued by corporations organized and
operating within the U.S. or by depository institutions licensed by the U.S. or any state and operating within the U.S.Complies
Asset-Backed, Mortgage-Backed,
Mortgage Pass-Through Securities, and
Collateralized Mortgage Obligations
"AA" rating category or better by a NRSRO; "A" issuer rated or better by a NRSRO; 20% max (combined); 5 years max
maturity Complies
Negotiable Certificates of Deposit (NCD)A-1 rated or equivalent; 30% max (aggregate CDs); 5% max per issuer; 5 years max maturity Complies
Certificate of Deposit Placement Service
(CDARS)30% max (aggregate CDs); 5% max per private sector entity Complies
Time Deposits (Non-negotiable CD/TD)30% max (aggregate CDs); 5% max per issuer; 5 years max maturity; FDIC insured/ Collateralized Complies
Banker’s Acceptances A-1 short-term debt rated or better by a NRSRO; or A rated or better by a NRSRO, if issuers have senior debt outstanding;
40% max; $2 million max per commercial bank; 180 days max maturity; Issued by FDIC insured commercial banks Complies
Commercial Paper
25% max; 5% max per issuer; 270 days maturity; 10% max of the outstanding commercial paper of any single issuer; Issued
by an entity that meets all of the following conditions in either (a) or (b): a. (i) organized and operating in the U.S. as general
corporation; (ii) have total assets > $500 million; (iii) "A" rating or better by a NRSRO, if issuer has debt; b. (i) organized
within the U.S. as a special purpose corporation, trust, or limited liability company; (ii) have program-wide credit
enhancements including, but not limited to, overcollateralization, letters of credit, or a surety bond; (iii) rated "A-1" or
better by a NRSRO
Complies
Money Market Mutual Funds
10% max; Registered under Investment Company Act of 1940 that: 1) are "No load"; 2) have constant daily NAV per share
of $1.00; 3) invest only in US Treasuries, US Agency securities and Federal Instrumentalities; and 4) AAA rating or better by
two NRSROs
Complies
Local Agency Investment Fund (LAIF)Pursuant to California Government Code; Not used by investment adviser Complies
Repurchase Agreements 1 year max maturity; 102% Collateralized by U.S. Treasuries, Federal Agency securities, or Federal Instrumentality securities;
Not used by investment adviser Complies
Client Directive on Fossil Fuels Refrain from making direct investments in issuers whose primary business revenue is derived from the exploration ,
extraction, and processing of fossil fuels (per Client Directive)Complies *
Maximum Maturity 5 years max maturity, unless the City Council has by resolution granted authority to make such an investment at least three
(3) months prior to the date of investment Complies
Statement of Compliance
As of December 31, 2023
San Rafael Consolidated
This portfolio is a consolidation of assets managed by Chandler Asset Management and assets managed internally by Client. Chandler relies on Client to provide accurate information for reporting
assets and producing this compliance statement.
Inherited security; Chevron (166764BW9)
Holdings Report
As of December 31, 2023
San Rafael Consolidated
Account #11047
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
05593AAC3 BMW Vehicle Lease Trust 2023-1 A3
5.16% Due 11/25/2025
435,000.00 Various
5.11%
435,745.64
435,435.37
99.87
5.37%
434,450.60
374.10
0.43%
(984.77)
Aaa / AAA
NR
1.90
0.80
43815JAC7 Honda Auto Receivables Owner 2023-1
A3
5.04% Due 4/21/2027
120,000.00 02/16/2023
5.10%
119,977.70
119,983.72
100.13
5.01%
120,150.00
168.00
0.12%
166.28
Aaa / NR
AAA
3.31
1.53
02582JJT8 American Express Credit Trust 2022-2 A
3.39% Due 5/17/2027
600,000.00 04/17/2023
4.65%
585,632.81
590,510.44
97.95
4.99%
587,723.40
904.00
0.59%
(2,787.04)
NR / AAA
AAA
3.38
1.30
58768PAC8 Mercedes-Benz Auto Receivables 2022-
1 A3
5.21% Due 8/16/2027
260,000.00 02/15/2023
5.02%
261,340.63
260,980.26
100.14
5.15%
260,358.80
602.04
0.26%
(621.46)
Aaa / AAA
NR
3.63
1.18
89239HAD0 Toyota Auto Receivables Owner 20222-
D A3
5.3% Due 9/15/2027
350,000.00 02/10/2023
4.82%
354,128.91
353,011.39
100.51
5.03%
351,787.45
824.44
0.35%
(1,223.94)
Aaa / NR
AAA
3.71
1.56
47800CAC0 John Deere Owner Trust 2023-A A3
5.01% Due 11/15/2027
880,000.00 Various
4.95%
882,243.24
881,893.41
100.19
4.95%
881,665.94
1,959.46
0.88%
(227.47)
Aaa / NR
AAA
3.88
1.66
891941AD8 Toyota Auto Receivables Owner 2023-B
A3
4.71% Due 2/15/2028
300,000.00 10/03/2023
5.74%
294,058.59
294,518.44
99.85
4.84%
299,539.80
628.00
0.30%
5,021.36
Aaa / NR
AAA
4.13
1.88
05592XAD2 BMW Vehicle Owner Trust 2023-A A3
5.47% Due 2/25/2028
90,000.00 07/11/2023
5.54%
89,984.05
89,986.22
101.04
4.95%
90,935.64
82.05
0.09%
949.42
NR / AAA
AAA
4.16
1.78
05522RDF2 Bank of America Credit Card Tr 2022-A2
A2
5% Due 4/15/2028
440,000.00 04/18/2023
4.59%
444,812.50
443,501.86
100.58
4.72%
442,538.80
977.78
0.44%
(963.06)
Aaa / AAA
NR
4.29
1.74
438123AC5 Honda Auto Receivables OT 2023-4 A3
5.67% Due 6/21/2028
500,000.00 12/07/2023
5.09%
507,480.47
507,358.51
102.09
3.84%
510,447.51
787.50
0.51%
3,089.00
Aaa / NR
AAA
4.48
1.09
161571HT4 Chase Issuance Trust 23-A1 A
5.16% Due 9/15/2028
495,000.00 09/07/2023
5.23%
494,862.79
494,876.31
101.55
4.59%
502,655.67
1,135.20
0.50%
7,779.36
NR / AAA
AAA
4.71
2.46
02582JKD1 American Express Credit Trust 2023-3 A
5.23% Due 9/15/2028
490,000.00 09/12/2023
5.29%
489,978.10
489,980.19
101.62
4.64%
497,918.40
1,138.98
0.50%
7,938.21
NR / AAA
AAA
4.71
2.46
Total ABS 4,960,000.00 5.03%
4,960,245.43
4,962,036.12 4.80%
4,980,172.01
9,581.55
4.98%
18,135.89
Aaa / AAA
AAA
3.89
1.63
Execution Time: 1/4/2024 1:41:15 AMChandler Asset Management - CONFIDENTIAL Page 3
Holdings Report
As of December 31, 2023
San Rafael Consolidated
Account #11047
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
3133EMWV0 FFCB Note
0.35% Due 4/22/2024
1,000,000.00 05/03/2021
0.35%
1,000,000.00
1,000,000.00
98.52
5.21%
985,243.00
670.83
0.98%
(14,757.00)
Aaa / AA+
AA+
0.31
0.30
3130AMQQ8 FHLB Callable Note Qtrly 12/23/2021
0.35% Due 4/23/2024
1,000,000.00 06/23/2021
0.35%
1,000,000.00
1,000,000.00
98.45
5.38%
984,535.00
77.78
0.98%
(15,465.00)
Aaa / AA+
NR
0.31
0.31
3136G46B4 FNMA Callable Note Qtrly 01/26/2024
0.35% Due 4/26/2024
1,200,000.00 10/30/2020
0.36%
1,199,700.00
1,199,972.68
98.42
5.38%
1,181,023.20
758.33
1.18%
(18,949.48)
Aaa / AA+
AA+
0.32
0.31
3133EMYR7 FFCB Callable Note Cont 5/6/2022
0.375% Due 5/6/2024
1,000,000.00 05/06/2021
0.38%
1,000,000.00
1,000,000.00
98.33
5.27%
983,291.00
572.92
0.98%
(16,709.00)
Aaa / AA+
AA+
0.35
0.34
3135G0V75 FNMA Note
1.75% Due 7/2/2024
750,000.00 11/05/2019
1.65%
753,426.75
750,368.66
98.33
5.15%
737,490.75
6,526.04
0.74%
(12,877.91)
Aaa / AA+
AA+
0.50
0.49
3133EPBF1 FFCB Note
4.875% Due 8/21/2024
1,000,000.00 02/15/2023
4.98%
998,490.00
999,356.80
99.88
5.06%
998,760.00
17,604.17
1.01%
(596.80)
Aaa / AA+
AA+
0.64
0.61
3130AV7L0 FHLB Note
5% Due 2/28/2025
1,100,000.00 03/02/2023
5.07%
1,098,548.00
1,099,154.33
100.37
4.67%
1,104,037.00
18,791.67
1.12%
4,882.67
Aaa / AA+
NR
1.16
1.10
3130AWER7 FHLB Note
4.625% Due 6/6/2025
775,000.00 06/09/2023
4.67%
774,356.75
774,536.86
100.56
4.22%
779,324.50
2,489.15
0.78%
4,787.64
Aaa / AA+
NR
1.43
1.37
3130ATHT7 FHLB Note
4.375% Due 9/12/2025
1,300,000.00 10/06/2022
4.29%
1,303,159.00
1,301,827.03
99.84
4.47%
1,297,961.60
17,220.49
1.31%
(3,865.43)
Aaa / AA+
NR
1.70
1.60
3130ATUC9 FHLB Note
4.5% Due 12/12/2025
1,000,000.00 02/13/2023
4.32%
1,004,720.00
1,003,251.86
100.23
4.37%
1,002,347.00
2,375.00
1.00%
(904.86)
Aaa / AA+
NR
1.95
1.84
3130AWGR5 FHLB Note
4.375% Due 6/12/2026
525,000.00 06/28/2023
4.43%
524,165.25
524,309.15
100.49
4.16%
527,585.10
1,212.24
0.53%
3,275.95
Aaa / AA+
NR
2.45
2.30
3133EPSW6 FFCB Note
4.5% Due 8/14/2026
560,000.00 08/09/2023
4.58%
558,712.00
558,876.53
100.84
4.16%
564,710.16
9,590.00
0.57%
5,833.63
Aaa / AA+
AA+
2.62
2.41
3130AXU63 Federal Home Loan Banks Note
4.625% Due 11/17/2026
500,000.00 12/18/2023
4.23%
505,325.00
505,259.94
101.41
4.10%
507,059.50
2,826.39
0.51%
1,799.56
Aaa / AA+
NR
2.88
2.66
3130ATUS4 FHLB Note
4.25% Due 12/10/2027
500,000.00 05/15/2023
3.66%
512,310.00
510,613.59
101.03
3.96%
505,146.00
1,239.58
0.51%
(5,467.59)
Aaa / AA+
NR
3.95
3.59
Total Agency 12,210,000.00 2.92%
12,232,912.75
12,227,527.43 4.78%
12,158,513.81
81,954.59
12.22%
(69,013.62)
Aaa / AA+
AA+
1.25
1.17
Execution Time: 1/4/2024 1:41:15 AMChandler Asset Management - CONFIDENTIAL Page 4
Holdings Report
As of December 31, 2023
San Rafael Consolidated
Account #11047
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
3137BVZ82 FHLMC K063
3.43% Due 1/25/2027
700,000.00 06/07/2023
4.55%
674,542.97
678,449.08
97.17
4.42%
680,210.30
2,000.83
0.68%
1,761.22
NR / NR
AAA
3.07
2.72
3137F1G44 FHLMC K065 A2
3.243% Due 4/25/2027
450,000.00 06/08/2023
4.42%
431,736.33
434,349.12
96.45
4.40%
434,015.55
1,216.13
0.43%
(333.57)
NR / NR
AAA
3.32
3.00
3137FBBX3 FHLMC K068 A2
3.244% Due 8/25/2027
240,000.00 06/08/2023
4.38%
229,940.63
231,286.32
96.15
4.39%
230,752.08
648.80
0.23%
(534.24)
Aaa / NR
NR
3.65
3.31
3137FBU79 FHLMC K069 A2
3.187% Due 9/25/2027
500,000.00 06/09/2023
4.98%
476,601.56
479,608.65
95.94
4.38%
479,702.00
1,327.92
0.48%
93.35
NR / AAA
NR
3.74
3.33
3137FETN0 FHLMC K073 A2
3.35% Due 1/25/2028
670,000.00 05/24/2023
4.34%
643,932.81
647,242.93
96.17
4.38%
644,352.40
374.08
0.64%
(2,890.53)
NR / NR
AAA
4.07
3.64
3137FG6X8 FHLMC K077 A2
3.85% Due 5/25/2028
780,000.00 05/24/2023
4.65%
765,679.69
767,377.38
97.89
4.36%
763,569.30
500.50
0.76%
(3,808.08)
NR / NR
AAA
4.40
3.89
Total CMO 3,340,000.00 4.57%
3,222,433.99
3,238,313.48 4.39%
3,232,601.63
6,068.26
3.23%
(5,711.85)
Aaa / AAA
AAA
3.76
3.35
CORPORATE
89236THU2 Toyota Motor Credit Corp Note
0.45% Due 1/11/2024
480,000.00 09/27/2021
0.51%
479,342.40
479,992.13
99.88
4.60%
479,446.08
1,020.00
0.48%
(546.05)
A1 / A+
A+
0.03
0.03
693475AV7 PNC Financial Services Callable Note
Cont 12/23/2023
3.5% Due 1/23/2024
900,000.00 07/29/2019
1.99%
957,939.00
900,777.70
99.85
5.81%
898,687.80
13,825.00
0.91%
(2,089.90)
A3 / A-
A
0.06
0.06
17325FAS7 Citibank Callable Note Cont 12/23/2023
3.65% Due 1/23/2024
500,000.00 05/19/2021
0.53%
541,470.00
500,931.91
99.89
5.40%
499,441.50
8,009.72
0.51%
(1,490.41)
Aa3 / A+
A+
0.06
0.06
713448CM8 Pepsico Inc. Callable Note Cont
12/01/2023
3.6% Due 3/1/2024
500,000.00 06/23/2021
0.78%
537,465.00
502,289.10
99.69
5.43%
498,438.00
6,000.00
0.50%
(3,851.10)
A1 / A+
NR
0.17
0.17
717081DM2 Pfizer Inc. Note
3.4% Due 5/15/2024
500,000.00 09/27/2021
0.55%
537,160.00
505,220.19
99.28
5.36%
496,376.00
2,172.22
0.50%
(8,844.19)
A2 / A
A
0.37
0.36
166764BW9 Chevron Corp Callable Note Cont
4/11/2025
1.554% Due 5/11/2025
700,000.00 05/12/2022
3.20%
667,380.00
685,224.18
95.89
4.71%
671,201.30
1,510.83
0.67%
(14,022.88)
Aa2 / AA-
NR
1.36
1.32
78016FZT4 Royal Bank of Canada Note
4.875% Due 1/12/2026
550,000.00 07/19/2023
5.34%
544,197.50
545,247.84
100.25
4.75%
551,350.25
12,586.98
0.56%
6,102.41
A1 / A
AA-
2.04
1.87
Execution Time: 1/4/2024 1:41:15 AMChandler Asset Management - CONFIDENTIAL Page 5
Holdings Report
As of December 31, 2023
San Rafael Consolidated
Account #11047
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
46647PBH8 JP Morgan Chase & Co Callable Note
Mthly 3/13/2025
2.005% Due 3/13/2026
600,000.00 04/05/2022
4.26%
577,518.00
587,461.36
96.07
5.41%
576,444.60
3,609.00
0.58%
(11,016.76)
A1 / A-
AA-
2.20
1.16
69371RS49 Paccar Financial Corp Note
4.45% Due 3/30/2026
600,000.00 03/28/2023
4.47%
599,634.00
599,726.50
99.82
4.53%
598,903.80
6,749.17
0.60%
(822.70)
A1 / A+
NR
2.25
2.10
00440EAV9 Chubb INA Holdings Inc Callable Note
Cont 2/3/2026
3.35% Due 5/3/2026
500,000.00 03/09/2023
5.09%
475,060.00
481,452.64
97.29
4.58%
486,425.00
2,698.61
0.49%
4,972.36
A3 / A
A
2.34
2.21
341081GR2 Florida Power and Light Callable Note
Cont 4/15/2026
4.45% Due 5/15/2026
550,000.00 05/18/2023
4.65%
547,030.00
547,640.91
100.09
4.40%
550,473.55
3,127.36
0.55%
2,832.64
A1 / A
A+
2.37
2.15
24422EWX3 John Deere Capital Corp Note
4.75% Due 6/8/2026
500,000.00 06/05/2023
4.72%
500,470.00
500,381.23
100.67
4.45%
503,355.50
1,517.36
0.50%
2,974.27
A2 / A
A+
2.44
2.27
06406RBQ9 Bank of NY Mellon Corp Callable Note
Cont 4/26/2026
4.947% Due 4/26/2027
350,000.00 04/19/2023
5.27%
350,497.00
350,411.96
100.03
4.92%
350,104.30
3,126.23
0.35%
(307.66)
A1 / A
AA-
3.32
2.15
74456QBS4 Public Service El & Gas Callable Note
Cont 2/15/2027
3% Due 5/15/2027
337,000.00 04/18/2023
4.48%
318,673.94
321,831.05
95.13
4.57%
320,586.41
1,291.83
0.32%
(1,244.64)
A1 / A
NR
3.37
3.14
89115A2M3 Toronto-Dominion Bank Note
5.156% Due 1/10/2028
575,000.00 07/12/2023
5.29%
571,929.50
572,249.46
101.51
4.74%
583,672.73
14,082.33
0.60%
11,423.27
A1 / A
AA-
4.03
3.52
756109AU8 Realty Income Corp Callable Note Cont
10/15/2027
3.65% Due 1/15/2028
500,000.00 04/10/2023
4.87%
474,240.00
478,150.66
95.88
4.78%
479,408.50
8,415.28
0.49%
1,257.84
A3 / A-
NR
4.04
3.63
06051GGF0 Bank of America Corp Callable Note
1/20/2027
3.824% Due 1/20/2028
600,000.00 07/12/2023
5.89%
567,738.00
571,079.49
96.08
5.22%
576,469.20
10,261.07
0.59%
5,389.71
A1 / A-
AA-
4.06
2.79
06368LGV2 Bank of Montreal Callable Note Cont
1/1/2028
5.203% Due 2/1/2028
600,000.00 09/05/2023
5.48%
593,520.00
593,987.46
101.87
4.68%
611,190.60
13,007.50
0.62%
17,203.14
A2 / A-
AA-
4.09
3.51
58933YBH7 Merck & Co Callable Note Cont
4/17/2028
4.05% Due 5/17/2028
130,000.00 05/08/2023
4.07%
129,894.70
129,907.90
99.56
4.16%
129,428.65
643.50
0.13%
(479.25)
A1 / A+
NR
4.38
3.89
Execution Time: 1/4/2024 1:41:15 AMChandler Asset Management - CONFIDENTIAL Page 6
Holdings Report
As of December 31, 2023
San Rafael Consolidated
Account #11047
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
61744YAK4 Morgan Stanley Callable Note 1X
7/22/2027
3.591% Due 7/22/2028
500,000.00 08/10/2023
5.87%
465,070.00
467,780.75
95.46
4.99%
477,322.00
7,930.13
0.48%
9,541.25
A1 / A-
A+
4.56
3.23
Total Corporate 10,472,000.00 3.79%
10,436,229.04
10,321,744.42 4.94%
10,338,725.77
121,584.12
10.44%
16,981.35
A1 / A
A+
2.21
1.84
LAIF
90LAIF$00 Local Agency Investment Fund State
Pool
53,749,175.38 Various
3.95%
53,749,175.38
53,749,175.38
1.00
3.95%
53,749,175.38
387,102.98
54.03%
0.00
NR / NR
NR
0.00
0.00
Total LAIF 53,749,175.38 3.95%
53,749,175.38
53,749,175.38 3.95%
53,749,175.38
387,102.98
54.03%
0.00
NR / NR
NR
0.00
0.00
MONEY MARKET FUND
31846V807 First American Treasury MMF Class Y 144,863.71 Various
4.95%
144,863.71
144,863.71
1.00
4.95%
144,863.71
0.00
0.14%
0.00
Aaa / AA+
AAA
0.00
0.00
Total Money Market Fund 144,863.71 4.95%
144,863.71
144,863.71 4.95%
144,863.71
0.00
0.14%
0.00
Aaa / AA+
AAA
0.00
0.00
NEGOTIABLE CD
96130ASC3 Westpac Banking Corp NY Yankee CD
5.38% Due 2/16/2024
375,000.00 02/16/2023
5.34%
375,141.03
375,017.82
99.98
5.31%
374,910.38
17,877.29
0.39%
(107.44)
P-1 / A-1+
F-1
0.13
0.13
Total Negotiable CD 375,000.00 5.34%
375,141.03
375,017.82 5.31%
374,910.38
17,877.29
0.39%
(107.44)
Aaa / AAA
AA
0.13
0.13
SUPRANATIONAL
45950KDD9 International Finance Corp Note
4.5% Due 7/13/2028
305,000.00 07/06/2023
4.53%
304,661.45
304,693.32
102.09
3.99%
311,379.08
6,405.00
0.32%
6,685.76
Aaa / AAA
NR
4.54
3.99
Total Supranational 305,000.00 4.53%
304,661.45
304,693.32 3.99%
311,379.08
6,405.00
0.32%
6,685.76
Aaa / AAA
NR
4.54
3.99
Execution Time: 1/4/2024 1:41:15 AMChandler Asset Management - CONFIDENTIAL Page 7
Holdings Report
As of December 31, 2023
San Rafael Consolidated
Account #11047
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
91282CBV2 US Treasury Note
0.375% Due 4/15/2024
1,000,000.00 05/03/2021
0.33%
1,001,175.22
1,000,114.47
98.63
5.19%
986,250.00
799.18
0.99%
(13,864.47)
Aaa / AA+
AA+
0.29
0.29
91282CCC3 US Treasury Note
0.25% Due 5/15/2024
1,000,000.00 05/17/2021
0.35%
996,878.35
999,614.79
98.20
5.15%
982,031.00
322.80
0.98%
(17,583.79)
Aaa / AA+
AA+
0.37
0.37
912828D56 US Treasury Note
2.375% Due 8/15/2024
1,000,000.00 12/28/2021
0.91%
1,038,011.16
1,008,978.70
98.37
5.06%
983,672.00
8,970.79
0.99%
(25,306.70)
Aaa / AA+
AA+
0.62
0.60
9128282Y5 US Treasury Note
2.125% Due 9/30/2024
1,000,000.00 08/25/2021
0.44%
1,051,800.23
1,012,492.46
97.95
4.94%
979,492.00
5,399.59
0.98%
(33,000.46)
Aaa / AA+
AA+
0.75
0.73
912828YM6 US Treasury Note
1.5% Due 10/31/2024
1,000,000.00 12/28/2021
0.97%
1,014,925.23
1,004,371.17
97.29
4.86%
972,891.00
2,554.95
0.97%
(31,480.17)
Aaa / AA+
AA+
0.84
0.81
912828YV6 US Treasury Note
1.5% Due 11/30/2024
700,000.00 09/10/2021
0.48%
722,889.06
706,495.28
96.99
4.90%
678,945.40
918.03
0.68%
(27,549.88)
Aaa / AA+
AA+
0.92
0.89
91282CAJ0 US Treasury Note
0.25% Due 8/31/2025
1,200,000.00 06/30/2022
3.15%
1,095,937.50
1,145,362.69
93.36
4.43%
1,120,266.00
1,013.74
1.12%
(25,096.69)
Aaa / AA+
AA+
1.67
1.62
91282CAM3 US Treasury Note
0.25% Due 9/30/2025
500,000.00 07/15/2022
3.12%
456,445.31
476,310.41
93.13
4.38%
465,625.00
317.62
0.47%
(10,685.41)
Aaa / AA+
AA+
1.75
1.71
9128285N6 US Treasury Note
2.875% Due 11/30/2025
500,000.00 07/15/2022
3.11%
496,212.61
497,854.63
97.41
4.29%
487,070.50
1,256.83
0.49%
(10,784.13)
Aaa / AA+
AA+
1.92
1.83
91282CGE5 US Treasury Note
3.875% Due 1/15/2026
1,000,000.00 02/06/2023
4.13%
992,929.69
995,090.98
99.24
4.27%
992,383.00
17,900.82
1.01%
(2,707.98)
Aaa / AA+
AA+
2.04
1.91
91282CBQ3 US Treasury Note
0.5% Due 2/28/2026
500,000.00 07/15/2022
3.09%
455,839.84
473,684.01
92.41
4.20%
462,051.00
844.78
0.46%
(11,633.01)
Aaa / AA+
AA+
2.16
2.11
91282CBW0 US Treasury Note
0.75% Due 4/30/2026
500,000.00 09/30/2022
4.17%
443,595.43
463,345.65
92.52
4.15%
462,578.00
638.74
0.46%
(767.65)
Aaa / AA+
AA+
2.33
2.27
9128286X3 US Treasury Note
2.125% Due 5/31/2026
500,000.00 09/30/2022
4.14%
465,958.71
477,602.41
95.47
4.11%
477,363.50
928.96
0.48%
(238.91)
Aaa / AA+
AA+
2.42
2.31
91282CCJ8 US Treasury Note
0.875% Due 6/30/2026
500,000.00 09/30/2022
4.15%
443,595.43
462,465.62
92.47
4.07%
462,363.50
12.02
0.46%
(102.12)
Aaa / AA+
AA+
2.50
2.43
91282CHY0 US Treasury Note
4.625% Due 9/15/2026
900,000.00 09/25/2023
4.81%
895,429.69
895,838.28
101.39
4.07%
912,550.50
12,350.27
0.92%
16,712.22
Aaa / AA+
AA+
2.71
2.49
91282CJC6 US Treasury Note
4.625% Due 10/15/2026
500,000.00 10/19/2023
5.05%
494,218.75
494,605.58
101.48
4.05%
507,422.00
4,928.28
0.51%
12,816.42
Aaa / AA+
AA+
2.79
2.57
Execution Time: 1/4/2024 1:41:15 AMChandler Asset Management - CONFIDENTIAL Page 8
Holdings Report
As of December 31, 2023
San Rafael Consolidated
Account #11047
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
91282CFM8 US Treasury Note
4.125% Due 9/30/2027
750,000.00 12/18/2023
4.06%
751,669.92
751,654.20
100.63
3.94%
754,746.00
7,861.17
0.76%
3,091.80
Aaa / AA+
AA+
3.75
3.41
91282CGC9 US Treasury Note
3.875% Due 12/31/2027
1,000,000.00 02/06/2023
3.84%
1,001,445.31
1,001,180.17
99.84
3.92%
998,359.00
106.46
1.00%
(2,821.17)
Aaa / AA+
AA+
4.00
3.67
91282CJA0 US Treasury Note
4.625% Due 9/30/2028
500,000.00 10/19/2023
4.95%
492,968.75
493,252.80
103.22
3.88%
516,094.00
5,876.02
0.52%
22,841.20
Aaa / AA+
AA+
4.75
4.20
Total US Treasury 14,550,000.00 2.62%
14,311,926.19
14,360,314.30 4.49%
14,202,153.40
73,001.05
14.25%
(158,160.90)
Aaa / AA+
AA+
1.88
1.76
TOTAL PORTFOLIO 100,106,039.09 3.70%
99,737,588.97
99,683,685.98 4.29%
99,492,495.17
703,574.84
100.00%
(191,190.81)
Aa1 / AA
AA+
0.98
0.79
TOTAL MARKET VALUE PLUS ACCRUED 100,196,070.01
Execution Time: 1/4/2024 1:41:15 AMChandler Asset Management - CONFIDENTIAL Page 9
Transaction Ledger
As of December 31, 2023
San Rafael Consolidated
Account #11047
Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp
Yield Amount Interest
Pur/Sold Total Amount Gain/Loss
ACQUISITIONS
Purchase 12/01/2023 31846V807 1,482.03 First American Treasury MMF Class Y 1.000 4.95%1,482.03 0.00 1,482.03 0.00
Purchase 12/06/2023 31846V807 17,324.48 First American Treasury MMF Class Y 1.000 4.95%17,324.48 0.00 17,324.48 0.00
Purchase 12/08/2023 31846V807 11,875.00 First American Treasury MMF Class Y 1.000 4.95%11,875.00 0.00 11,875.00 0.00
Purchase 12/10/2023 31846V807 10,625.00 First American Treasury MMF Class Y 1.000 4.95%10,625.00 0.00 10,625.00 0.00
Purchase 12/11/2023 438123AC5 500,000.00 Honda Auto Receivables OT 2023-4 A3
5.67% Due 6/21/2028
101.496 5.09%507,480.47 2,598.75 510,079.22 0.00
Purchase 12/12/2023 31846V807 33,410.16 First American Treasury MMF Class Y 1.000 4.95%33,410.16 0.00 33,410.16 0.00
Purchase 12/15/2023 31846V807 375.00 First American Treasury MMF Class Y 1.000 4.95%375.00 0.00 375.00 0.00
Purchase 12/15/2023 31846V807 600,000.00 First American Treasury MMF Class Y 1.000 4.95%600,000.00 0.00 600,000.00 0.00
Purchase 12/15/2023 31846V807 1,695.00 First American Treasury MMF Class Y 1.000 4.95%1,695.00 0.00 1,695.00 0.00
Purchase 12/15/2023 31846V807 2,135.58 First American Treasury MMF Class Y 1.000 4.95%2,135.58 0.00 2,135.58 0.00
Purchase 12/15/2023 31846V807 1,833.33 First American Treasury MMF Class Y 1.000 4.95%1,833.33 0.00 1,833.33 0.00
Purchase 12/15/2023 31846V807 2,128.50 First American Treasury MMF Class Y 1.000 4.95%2,128.50 0.00 2,128.50 0.00
Purchase 12/15/2023 31846V807 3,674.00 First American Treasury MMF Class Y 1.000 4.95%3,674.00 0.00 3,674.00 0.00
Purchase 12/15/2023 31846V807 1,128.83 First American Treasury MMF Class Y 1.000 4.95%1,128.83 0.00 1,128.83 0.00
Purchase 12/15/2023 31846V807 1,545.83 First American Treasury MMF Class Y 1.000 4.95%1,545.83 0.00 1,545.83 0.00
Purchase 12/15/2023 31846V807 1,177.50 First American Treasury MMF Class Y 1.000 4.95%1,177.50 0.00 1,177.50 0.00
Purchase 12/19/2023 3130AXU63 500,000.00 Federal Home Loan Banks Note
4.625% Due 11/17/2026
101.065 4.23%505,325.00 2,055.56 507,380.56 0.00
Purchase 12/19/2023 91282CFM8 750,000.00 US Treasury Note
4.125% Due 9/30/2027
100.223 4.06%751,669.92 6,762.30 758,432.22 0.00
Purchase 12/21/2023 31846V807 504.00 First American Treasury MMF Class Y 1.000 4.95%504.00 0.00 504.00 0.00
Purchase 12/21/2023 31846V807 3,386.25 First American Treasury MMF Class Y 1.000 4.95%3,386.25 0.00 3,386.25 0.00
Purchase 12/23/2023 31846V807 1,750.00 First American Treasury MMF Class Y 1.000 4.95%1,750.00 0.00 1,750.00 0.00
Purchase 12/26/2023 31846V807 410.25 First American Treasury MMF Class Y 1.000 4.95%410.25 0.00 410.25 0.00
Purchase 12/26/2023 31846V807 2,502.50 First American Treasury MMF Class Y 1.000 4.95%2,502.50 0.00 2,502.50 0.00
Purchase 12/26/2023 31846V807 1,870.42 First American Treasury MMF Class Y 1.000 4.95%1,870.42 0.00 1,870.42 0.00
Purchase 12/26/2023 31846V807 1,327.92 First American Treasury MMF Class Y 1.000 4.95%1,327.92 0.00 1,327.92 0.00
Execution Time: 1/4/2024 1:41:15 AMChandler Asset Management - CONFIDENTIAL Page 10
Transaction Ledger
As of December 31, 2023
San Rafael Consolidated
Account #11047
Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp
Yield Amount Interest
Pur/Sold Total Amount Gain/Loss
ACQUISITIONS
Purchase 12/26/2023 31846V807 648.80 First American Treasury MMF Class Y 1.000 4.95%648.80 0.00 648.80 0.00
Purchase 12/26/2023 31846V807 1,216.13 First American Treasury MMF Class Y 1.000 4.95%1,216.13 0.00 1,216.13 0.00
Purchase 12/26/2023 31846V807 2,000.83 First American Treasury MMF Class Y 1.000 4.95%2,000.83 0.00 2,000.83 0.00
Purchase 12/26/2023 31846V807 1,870.50 First American Treasury MMF Class Y 1.000 4.95%1,870.50 0.00 1,870.50 0.00
Purchase 12/31/2023 31846V807 21,562.50 First American Treasury MMF Class Y 1.000 4.95%21,562.50 0.00 21,562.50 0.00
Purchase 12/31/2023 90LAIF$00 19,000,000.00 Local Agency Investment Fund State
Pool
1.000 3.95%19,000,000.00 0.00 19,000,000.00 0.00
Subtotal 21,479,460.34 21,493,935.73 11,416.61 21,505,352.34 0.00
Security
Contribution
12/21/2023 31846V807 0.11 First American Treasury MMF Class Y 1.000 0.11 0.00 0.11 0.00
Subtotal 0.11 0.11 0.00 0.11 0.00
TOTAL ACQUISITIONS 21,479,460.45 21,493,935.84 11,416.61 21,505,352.45 0.00
DISPOSITIONS
Sale 12/11/2023 31846V807 510,079.22 First American Treasury MMF Class Y 1.000 4.95%510,079.22 0.00 510,079.22 0.00
Sale 12/19/2023 31846V807 1,265,812.78 First American Treasury MMF Class Y 1.000 4.95%1,265,812.78 0.00 1,265,812.78 0.00
Subtotal 1,775,892.00 1,775,892.00 0.00 1,775,892.00 0.00
Paydown 12/15/2023 02582JJT8 0.00 American Express Credit Trust 2022-2 A
3.39% Due 5/17/2027
100.000 0.00 1,695.00 1,695.00 0.00
Paydown 12/15/2023 02582JKD1 0.00 American Express Credit Trust 2023-3 A
5.23% Due 9/15/2028
100.000 0.00 2,135.58 2,135.58 0.00
Paydown 12/15/2023 05522RDF2 0.00 Bank of America Credit Card Tr 2022-A2
A2
5% Due 4/15/2028
100.000 0.00 1,833.33 1,833.33 0.00
Paydown 12/15/2023 161571HT4 0.00 Chase Issuance Trust 23-A1 A
5.16% Due 9/15/2028
100.000 0.00 2,128.50 2,128.50 0.00
Paydown 12/15/2023 47800CAC0 0.00 John Deere Owner Trust 2023-A A3
5.01% Due 11/15/2027
100.000 0.00 3,674.00 3,674.00 0.00
Execution Time: 1/4/2024 1:41:15 AMChandler Asset Management - CONFIDENTIAL Page 11
Transaction Ledger
As of December 31, 2023
San Rafael Consolidated
Account #11047
Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp
Yield Amount Interest
Pur/Sold Total Amount Gain/Loss
DISPOSITIONS
Paydown 12/15/2023 58768PAC8 0.00 Mercedes-Benz Auto Receivables 2022-
1 A3
5.21% Due 8/16/2027
100.000 0.00 1,128.83 1,128.83 0.00
Paydown 12/15/2023 891941AD8 0.00 Toyota Auto Receivables Owner 2023-B
A3
4.71% Due 2/15/2028
100.000 0.00 1,177.50 1,177.50 0.00
Paydown 12/15/2023 89239HAD0 0.00 Toyota Auto Receivables Owner 20222-
D A3
5.3% Due 9/15/2027
100.000 0.00 1,545.83 1,545.83 0.00
Paydown 12/21/2023 438123AC5 0.00 Honda Auto Receivables OT 2023-4 A3
5.67% Due 6/21/2028
100.000 0.00 3,386.25 3,386.25 0.00
Paydown 12/21/2023 43815JAC7 0.00 Honda Auto Receivables Owner 2023-1
A3
5.04% Due 4/21/2027
100.000 0.00 504.00 504.00 0.00
Paydown 12/26/2023 05592XAD2 0.00 BMW Vehicle Owner Trust 2023-A A3
5.47% Due 2/25/2028
100.000 0.00 410.25 410.25 0.00
Paydown 12/26/2023 05593AAC3 0.00 BMW Vehicle Lease Trust 2023-1 A3
5.16% Due 11/25/2025
100.000 0.00 1,870.50 1,870.50 0.00
Paydown 12/26/2023 3137BVZ82 0.00 FHLMC K063
3.43% Due 1/25/2027
100.000 0.00 2,000.83 2,000.83 0.00
Paydown 12/26/2023 3137F1G44 0.00 FHLMC K065 A2
3.243% Due 4/25/2027
100.000 0.00 1,216.13 1,216.13 0.00
Paydown 12/26/2023 3137FBBX3 0.00 FHLMC K068 A2
3.244% Due 8/25/2027
100.000 0.00 648.80 648.80 0.00
Paydown 12/26/2023 3137FBU79 0.00 FHLMC K069 A2
3.187% Due 9/25/2027
100.000 0.00 1,327.92 1,327.92 0.00
Paydown 12/26/2023 3137FETN0 0.00 FHLMC K073 A2
3.35% Due 1/25/2028
100.000 0.00 1,870.42 1,870.42 0.00
Paydown 12/26/2023 3137FG6X8 0.00 FHLMC K077 A2
3.85% Due 5/25/2028
100.000 0.00 2,502.50 2,502.50 0.00
Subtotal 0.00 0.00 31,056.17 31,056.17 0.00
Execution Time: 1/4/2024 1:41:15 AMChandler Asset Management - CONFIDENTIAL Page 12
Transaction Ledger
As of December 31, 2023
San Rafael Consolidated
Account #11047
Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp
Yield Amount Interest
Pur/Sold Total Amount Gain/Loss
DISPOSITIONS
Maturity 12/15/2023 91282CBA8 600,000.00 US Treasury Note
0.125% Due 12/15/2023
100.000 600,000.00 0.00 600,000.00 0.00
Subtotal 600,000.00 600,000.00 0.00 600,000.00 0.00
Security
Withdrawal
12/06/2023 31846V807 3,433.78 First American Treasury MMF Class Y 1.000 3,433.78 0.00 3,433.78 0.00
Security
Withdrawal
12/26/2023 31846V807 250.00 First American Treasury MMF Class Y 1.000 250.00 0.00 250.00 0.00
Subtotal 3,683.78 3,683.78 0.00 3,683.78 0.00
TOTAL DISPOSITIONS 2,379,575.78 2,379,575.78 31,056.17 2,410,631.95 0.00
OTHER TRANSACTIONS
Interest 12/06/2023 3130AWER7 775,000.00 FHLB Note
4.625% Due 6/6/2025
0.000 17,324.48 0.00 17,324.48 0.00
Interest 12/08/2023 24422EWX3 500,000.00 John Deere Capital Corp Note
4.75% Due 6/8/2026
0.000 11,875.00 0.00 11,875.00 0.00
Interest 12/10/2023 3130ATUS4 500,000.00 FHLB Note
4.25% Due 12/10/2027
0.000 10,625.00 0.00 10,625.00 0.00
Interest 12/12/2023 3130ATUC9 1,000,000.00 FHLB Note
4.5% Due 12/12/2025
0.000 22,500.00 0.00 22,500.00 0.00
Interest 12/12/2023 3130AWGR5 525,000.00 FHLB Note
4.375% Due 6/12/2026
0.000 10,910.16 0.00 10,910.16 0.00
Interest 12/15/2023 91282CBA8 600,000.00 US Treasury Note
0.125% Due 12/15/2023
0.000 375.00 0.00 375.00 0.00
Interest 12/23/2023 3130AMQQ8 1,000,000.00 FHLB Callable Note Qtrly 12/23/2021
0.35% Due 4/23/2024
0.000 1,750.00 0.00 1,750.00 0.00
Interest 12/31/2023 91282CCJ8 500,000.00 US Treasury Note
0.875% Due 6/30/2026
0.000 2,187.50 0.00 2,187.50 0.00
Execution Time: 1/4/2024 1:41:15 AMChandler Asset Management - CONFIDENTIAL Page 13
Transaction Ledger
As of December 31, 2023
San Rafael Consolidated
Account #11047
Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp
Yield Amount Interest
Pur/Sold Total Amount Gain/Loss
OTHER TRANSACTIONS
Interest 12/31/2023 91282CGC9 1,000,000.00 US Treasury Note
3.875% Due 12/31/2027
0.000 19,375.00 0.00 19,375.00 0.00
Subtotal 6,400,000.00 96,922.14 0.00 96,922.14 0.00
Dividend 12/01/2023 31846V807 1,194,979.04 First American Treasury MMF Class Y 0.000 1,482.03 0.00 1,482.03 0.00
Subtotal 1,194,979.04 1,482.03 0.00 1,482.03 0.00
TOTAL OTHER TRANSACTIONS 7,594,979.04 98,404.17 0.00 98,404.17 0.00
Execution Time: 1/4/2024 1:41:15 AMChandler Asset Management - CONFIDENTIAL Page 14
Income Earned
As of December 31, 2023
San Rafael Consolidated
Account #11047
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
00440EAV9 Chubb INA Holdings Inc
Callable Note Cont 2/3/2026
3.35% Due 05/03/2026
03/09/2023
03/13/2023
500,000.00
480,778.59
0.00
0.00
481,452.64
1,302.78
0.00
2,698.61
1,395.83
674.05
0.00
674.05
2,069.88
2,069.88
02582JJT8 American Express Credit Trust
2022-2 A
3.39% Due 05/17/2027
04/17/2023
04/19/2023
600,000.00
589,922.09
0.00
0.00
590,510.44
904.00
1,695.00
904.00
1,695.00
588.35
0.00
588.35
2,283.35
2,283.35
02582JKD1 American Express Credit Trust
2023-3 A
5.23% Due 09/15/2028
09/12/2023
09/19/2023
490,000.00
489,979.56
0.00
0.00
489,980.19
1,138.98
2,135.58
1,138.98
2,135.58
0.63
0.00
0.63
2,136.21
2,136.21
05522RDF2 Bank of America Credit Card Tr
2022-A2 A2
5% Due 04/15/2028
04/18/2023
04/20/2023
440,000.00
443,660.57
0.00
0.00
443,501.86
977.78
1,833.33
977.78
1,833.33
0.00
158.71
(158.71)
1,674.62
1,674.62
05592XAD2 BMW Vehicle Owner Trust
2023-A A3
5.47% Due 02/25/2028
07/11/2023
07/18/2023
90,000.00
89,985.82
0.00
0.00
89,986.22
82.05
410.25
82.05
410.25
0.40
0.00
0.40
410.65
410.65
05593AAC3 BMW Vehicle Lease Trust
2023-1 A3
5.16% Due 11/25/2025
Various
02/15/2023
435,000.00
435,465.42
0.00
0.00
435,435.37
374.10
1,870.50
374.10
1,870.50
0.06
30.11
(30.05)
1,840.45
1,840.45
06051GGF0 Bank of America Corp
Callable Note 1/20/2027
3.824% Due 01/20/2028
07/12/2023
07/14/2023
600,000.00
570,473.72
0.00
0.00
571,079.49
8,349.07
0.00
10,261.07
1,912.00
605.77
0.00
605.77
2,517.77
2,517.77
06368LGV2 Bank of Montreal
Callable Note Cont 1/1/2028
5.203% Due 02/01/2028
09/05/2023
09/07/2023
600,000.00
593,862.54
0.00
0.00
593,987.46
10,406.00
0.00
13,007.50
2,601.50
124.92
0.00
124.92
2,726.42
2,726.42
06406RBQ9 Bank of NY Mellon Corp
Callable Note Cont 4/26/2026
4.947% Due 04/26/2027
04/19/2023
04/26/2023
350,000.00
350,422.50
0.00
0.00
350,411.96
1,683.35
0.00
3,126.23
1,442.88
0.00
10.54
(10.54)
1,432.34
1,432.34
Execution Time: 1/4/2024 1:41:15 AMChandler Asset Management - CONFIDENTIAL Page 15
Income Earned
As of December 31, 2023
San Rafael Consolidated
Account #11047
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
161571HT4 Chase Issuance Trust
23-A1 A
5.16% Due 09/15/2028
09/07/2023
09/15/2023
495,000.00
494,872.43
0.00
0.00
494,876.31
1,135.20
2,128.50
1,135.20
2,128.50
3.88
0.00
3.88
2,132.38
2,132.38
166764BW9 Chevron Corp
Callable Note Cont 4/11/2025
1.554% Due 05/11/2025
05/12/2022
05/12/2022
700,000.00
684,300.69
0.00
0.00
685,224.18
604.33
0.00
1,510.83
906.50
923.49
0.00
923.49
1,829.99
1,829.99
17325FAS7 Citibank
Callable Note Cont 12/23/2023
3.65% Due 01/23/2024
05/19/2021
05/19/2021
500,000.00
502,245.06
0.00
0.00
500,931.91
6,488.89
0.00
8,009.72
1,520.83
0.00
1,313.15
(1,313.15)
207.68
207.68
24422EWX3 John Deere Capital Corp
Note
4.75% Due 06/08/2026
06/05/2023
06/08/2023
500,000.00
500,394.53
0.00
0.00
500,381.23
11,413.19
11,875.00
1,517.36
1,979.17
0.00
13.30
(13.30)
1,965.87
1,965.87
3130AMQQ8 FHLB
Callable Note Qtrly 12/23/2021
0.35% Due 04/23/2024
06/23/2021
06/23/2021
1,000,000.00
1,000,000.00
0.00
0.00
1,000,000.00
1,536.11
1,750.00
77.78
291.67
0.00
0.00
0.00
291.67
291.67
3130ATHT7 FHLB
Note
4.375% Due 09/12/2025
10/06/2022
10/06/2022
1,300,000.00
1,301,918.39
0.00
0.00
1,301,827.03
12,480.90
0.00
17,220.49
4,739.59
0.00
91.36
(91.36)
4,648.23
4,648.23
3130ATUC9 FHLB
Note
4.5% Due 12/12/2025
02/13/2023
02/14/2023
1,000,000.00
1,003,393.64
0.00
0.00
1,003,251.86
21,125.00
22,500.00
2,375.00
3,750.00
0.00
141.78
(141.78)
3,608.22
3,608.22
3130ATUS4 FHLB
Note
4.25% Due 12/10/2027
05/15/2023
05/16/2023
500,000.00
510,842.24
0.00
0.00
510,613.59
10,093.75
10,625.00
1,239.58
1,770.83
0.00
228.65
(228.65)
1,542.18
1,542.18
3130AV7L0 FHLB
Note
5% Due 02/28/2025
03/02/2023
03/03/2023
1,100,000.00
1,099,092.50
0.00
0.00
1,099,154.33
14,208.33
0.00
18,791.67
4,583.34
61.83
0.00
61.83
4,645.17
4,645.17
Execution Time: 1/4/2024 1:41:15 AMChandler Asset Management - CONFIDENTIAL Page 16
Income Earned
As of December 31, 2023
San Rafael Consolidated
Account #11047
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
3130AWER7 FHLB
Note
4.625% Due 06/06/2025
06/09/2023
06/12/2023
775,000.00
774,509.36
0.00
0.00
774,536.86
16,826.65
17,324.48
2,489.15
2,986.98
27.50
0.00
27.50
3,014.48
3,014.48
3130AWGR5 FHLB
Note
4.375% Due 06/12/2026
06/28/2023
06/29/2023
525,000.00
524,285.16
0.00
0.00
524,309.15
10,208.33
10,910.16
1,212.24
1,914.07
23.99
0.00
23.99
1,938.06
1,938.06
3130AXU63 Federal Home Loan Banks
Note
4.625% Due 11/17/2026
12/18/2023
12/19/2023
500,000.00
0.00
505,325.00
0.00
505,259.94
0.00
(2,055.56)
2,826.39
770.83
0.00
65.06
(65.06)
705.77
705.77
3133EMWV0 FFCB
Note
0.35% Due 04/22/2024
05/03/2021
05/03/2021
1,000,000.00
1,000,000.00
0.00
0.00
1,000,000.00
379.17
0.00
670.83
291.66
0.00
0.00
0.00
291.66
291.66
3133EMYR7 FFCB
Callable Note Cont 5/6/2022
0.375% Due 05/06/2024
05/06/2021
05/06/2021
1,000,000.00
1,000,000.00
0.00
0.00
1,000,000.00
260.42
0.00
572.92
312.50
0.00
0.00
0.00
312.50
312.50
3133EPBF1 FFCB
Note
4.875% Due 08/21/2024
02/15/2023
02/21/2023
1,000,000.00
999,271.22
0.00
0.00
999,356.80
13,541.67
0.00
17,604.17
4,062.50
85.58
0.00
85.58
4,148.08
4,148.08
3133EPSW6 FFCB
Note
4.5% Due 08/14/2026
08/09/2023
08/14/2023
560,000.00
558,840.09
0.00
0.00
558,876.53
7,490.00
0.00
9,590.00
2,100.00
36.44
0.00
36.44
2,136.44
2,136.44
3135G0V75 FNMA
Note
1.75% Due 07/02/2024
11/05/2019
11/05/2019
750,000.00
750,431.11
0.00
0.00
750,368.66
5,432.29
0.00
6,526.04
1,093.75
0.00
62.45
(62.45)
1,031.30
1,031.30
3136G46B4 FNMA
Callable Note Qtrly 01/26/2024
0.35% Due 04/26/2024
10/30/2020
10/30/2020
1,200,000.00
1,199,965.38
0.00
0.00
1,199,972.68
408.33
0.00
758.33
350.00
7.30
0.00
7.30
357.30
357.30
Execution Time: 1/4/2024 1:41:15 AMChandler Asset Management - CONFIDENTIAL Page 17
Income Earned
As of December 31, 2023
San Rafael Consolidated
Account #11047
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
3137BVZ82 FHLMC
K063
3.43% Due 01/25/2027
06/07/2023
06/12/2023
700,000.00
677,852.58
0.00
0.00
678,449.08
2,000.83
2,000.83
2,000.83
2,000.83
596.50
0.00
596.50
2,597.33
2,597.33
3137F1G44 FHLMC
K065 A2
3.243% Due 04/25/2027
06/08/2023
06/13/2023
450,000.00
433,948.15
0.00
0.00
434,349.12
1,216.13
1,216.13
1,216.13
1,216.13
400.97
0.00
400.97
1,617.10
1,617.10
3137FBBX3 FHLMC
K068 A2
3.244% Due 08/25/2027
06/08/2023
06/13/2023
240,000.00
231,079.80
0.00
0.00
231,286.32
648.80
648.80
648.80
648.80
206.52
0.00
206.52
855.32
855.32
3137FBU79 FHLMC
K069 A2
3.187% Due 09/25/2027
06/09/2023
06/14/2023
500,000.00
479,144.87
0.00
0.00
479,608.65
1,327.92
1,327.92
1,327.92
1,327.92
463.78
0.00
463.78
1,791.70
1,791.70
3137FETN0 FHLMC
K073 A2
3.35% Due 01/25/2028
05/24/2023
05/30/2023
670,000.00
646,767.87
0.00
0.00
647,242.93
374.08
1,870.42
374.08
1,870.42
475.06
0.00
475.06
2,345.48
2,345.48
3137FG6X8 FHLMC
K077 A2
3.85% Due 05/25/2028
05/24/2023
05/30/2023
780,000.00
767,133.73
0.00
0.00
767,377.38
500.50
2,502.50
500.50
2,502.50
243.65
0.00
243.65
2,746.15
2,746.15
341081GR2 Florida Power and Light
Callable Note Cont 4/15/2026
4.45% Due 05/15/2026
05/18/2023
05/22/2023
550,000.00
547,556.36
0.00
0.00
547,640.91
1,087.78
0.00
3,127.36
2,039.58
84.55
0.00
84.55
2,124.13
2,124.13
438123AC5 Honda Auto Receivables OT
2023-4 A3
5.67% Due 06/21/2028
12/07/2023
12/11/2023
500,000.00
0.00
507,480.47
0.00
507,358.51
0.00
787.50
787.50
1,575.00
0.00
121.96
(121.96)
1,453.04
1,453.04
43815JAC7 Honda Auto Receivables Owner
2023-1 A3
5.04% Due 04/21/2027
02/16/2023
02/24/2023
120,000.00
119,983.12
0.00
0.00
119,983.72
168.00
504.00
168.00
504.00
0.60
0.00
0.60
504.60
504.60
Execution Time: 1/4/2024 1:41:15 AMChandler Asset Management - CONFIDENTIAL Page 18
Income Earned
As of December 31, 2023
San Rafael Consolidated
Account #11047
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
45950KDD9 International Finance Corp
Note
4.5% Due 07/13/2028
07/06/2023
07/13/2023
305,000.00
304,687.58
0.00
0.00
304,693.32
5,261.25
0.00
6,405.00
1,143.75
5.74
0.00
5.74
1,149.49
1,149.49
46647PBH8 JP Morgan Chase & Co
Callable Note Mthly 3/13/2025
2.005% Due 03/13/2026
04/05/2022
04/05/2022
600,000.00
586,976.70
0.00
0.00
587,461.36
2,606.50
0.00
3,609.00
1,002.50
484.66
0.00
484.66
1,487.16
1,487.16
47800CAC0 John Deere Owner Trust
2023-A A3
5.01% Due 11/15/2027
02/23/2023
03/02/2023
880,000.00
881,934.91
0.00
0.00
881,893.41
1,959.46
3,674.00
1,959.46
3,674.00
0.76
42.26
(41.50)
3,632.50
3,632.50
58768PAC8 Mercedes-Benz Auto Receivables
2022-1 A3
5.21% Due 08/16/2027
02/15/2023
02/17/2023
260,000.00
261,015.39
0.00
0.00
260,980.26
602.04
1,128.83
602.04
1,128.83
0.00
35.13
(35.13)
1,093.70
1,093.70
58933YBH7 Merck & Co
Callable Note Cont 4/17/2028
4.05% Due 05/17/2028
05/08/2023
05/17/2023
130,000.00
129,906.11
0.00
0.00
129,907.90
204.75
0.00
643.50
438.75
1.79
0.00
1.79
440.54
440.54
61744YAK4 Morgan Stanley
Callable Note 1X 7/22/2027
3.591% Due 07/22/2028
08/10/2023
08/14/2023
500,000.00
467,180.52
0.00
0.00
467,780.75
6,433.88
0.00
7,930.13
1,496.25
600.23
0.00
600.23
2,096.48
2,096.48
693475AV7 PNC Financial Services
Callable Note Cont 12/23/2023
3.5% Due 01/23/2024
07/29/2019
07/29/2019
900,000.00
901,873.56
0.00
0.00
900,777.70
11,200.00
0.00
13,825.00
2,625.00
0.00
1,095.86
(1,095.86)
1,529.14
1,529.14
69371RS49 Paccar Financial Corp
Note
4.45% Due 03/30/2026
03/28/2023
03/30/2023
600,000.00
599,716.15
0.00
0.00
599,726.50
4,524.17
0.00
6,749.17
2,225.00
10.35
0.00
10.35
2,235.35
2,235.35
713448CM8 Pepsico Inc.
Callable Note Cont 12/01/2023
3.6% Due 03/01/2024
06/23/2021
06/23/2021
500,000.00
503,471.81
0.00
0.00
502,289.10
4,500.00
0.00
6,000.00
1,500.00
0.00
1,182.71
(1,182.71)
317.29
317.29
Execution Time: 1/4/2024 1:41:15 AMChandler Asset Management - CONFIDENTIAL Page 19
Income Earned
As of December 31, 2023
San Rafael Consolidated
Account #11047
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
717081DM2 Pfizer Inc.
Note
3.4% Due 05/15/2024
09/27/2021
09/27/2021
500,000.00
506,418.90
0.00
0.00
505,220.19
755.56
0.00
2,172.22
1,416.66
0.00
1,198.71
(1,198.71)
217.95
217.95
74456QBS4 Public Service El & Gas
Callable Note Cont 2/15/2027
3% Due 05/15/2027
04/18/2023
04/20/2023
337,000.00
321,448.75
0.00
0.00
321,831.05
449.33
0.00
1,291.83
842.50
382.30
0.00
382.30
1,224.80
1,224.80
756109AU8 Realty Income Corp
Callable Note Cont 10/15/2027
3.65% Due 01/15/2028
04/10/2023
04/12/2023
500,000.00
477,691.45
0.00
0.00
478,150.66
6,894.44
0.00
8,415.28
1,520.84
459.21
0.00
459.21
1,980.05
1,980.05
78016FZT4 Royal Bank of Canada
Note
4.875% Due 01/12/2026
07/19/2023
07/21/2023
550,000.00
545,049.30
0.00
0.00
545,247.84
10,352.60
0.00
12,586.98
2,234.38
198.54
0.00
198.54
2,432.92
2,432.92
89115A2M3 Toronto-Dominion Bank
Note
5.156% Due 01/10/2028
07/12/2023
07/14/2023
575,000.00
572,191.46
0.00
0.00
572,249.46
11,611.74
0.00
14,082.33
2,470.59
58.00
0.00
58.00
2,528.59
2,528.59
891941AD8 Toyota Auto Receivables Owner
2023-B A3
4.71% Due 02/15/2028
10/03/2023
10/05/2023
300,000.00
294,356.44
0.00
0.00
294,518.44
628.00
1,177.50
628.00
1,177.50
162.00
0.00
162.00
1,339.50
1,339.50
89236THU2 Toyota Motor Credit Corp
Note
0.45% Due 01/11/2024
09/27/2021
09/27/2021
480,000.00
479,967.75
0.00
0.00
479,992.13
840.00
0.00
1,020.00
180.00
24.38
0.00
24.38
204.38
204.38
89239HAD0 Toyota Auto Receivables Owner
20222-D A3
5.3% Due 09/15/2027
02/10/2023
02/14/2023
350,000.00
353,119.31
0.00
0.00
353,011.39
824.44
1,545.83
824.44
1,545.83
0.00
107.92
(107.92)
1,437.91
1,437.91
9128282Y5 US Treasury
Note
2.125% Due 09/30/2024
08/25/2021
08/25/2021
1,000,000.00
1,013,911.02
0.00
0.00
1,012,492.46
3,599.73
0.00
5,399.59
1,799.86
0.00
1,418.56
(1,418.56)
381.30
381.30
Execution Time: 1/4/2024 1:41:15 AMChandler Asset Management - CONFIDENTIAL Page 20
Income Earned
As of December 31, 2023
San Rafael Consolidated
Account #11047
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
9128285N6 US Treasury
Note
2.875% Due 11/30/2025
07/15/2022
07/15/2022
500,000.00
497,759.49
0.00
0.00
497,854.63
39.28
0.00
1,256.83
1,217.55
95.14
0.00
95.14
1,312.69
1,312.69
9128286X3 US Treasury
Note
2.125% Due 05/31/2026
09/30/2022
09/30/2022
500,000.00
476,814.30
0.00
0.00
477,602.41
29.03
0.00
928.96
899.93
788.11
0.00
788.11
1,688.04
1,688.04
912828D56 US Treasury
Note
2.375% Due 08/15/2024
12/28/2021
12/28/2021
1,000,000.00
1,010,204.87
0.00
0.00
1,008,978.70
6,970.11
0.00
8,970.79
2,000.68
0.00
1,226.17
(1,226.17)
774.51
774.51
912828YM6 US Treasury
Note
1.5% Due 10/31/2024
12/28/2021
12/28/2021
1,000,000.00
1,004,816.91
0.00
0.00
1,004,371.17
1,277.47
0.00
2,554.95
1,277.48
0.00
445.74
(445.74)
831.74
831.74
912828YV6 US Treasury
Note
1.5% Due 11/30/2024
09/10/2021
09/10/2021
700,000.00
707,098.14
0.00
0.00
706,495.28
28.69
0.00
918.03
889.34
0.00
602.86
(602.86)
286.48
286.48
91282CAJ0 US Treasury
Note
0.25% Due 08/31/2025
06/30/2022
06/30/2022
1,200,000.00
1,142,576.91
0.00
0.00
1,145,362.69
758.24
0.00
1,013.74
255.50
2,785.78
0.00
2,785.78
3,041.28
3,041.28
91282CAM3 US Treasury
Note
0.25% Due 09/30/2025
07/15/2022
07/15/2022
500,000.00
475,159.35
0.00
0.00
476,310.41
211.75
0.00
317.62
105.87
1,151.06
0.00
1,151.06
1,256.93
1,256.93
91282CBA8 US Treasury
Note
Due 12/15/2023
10/07/2021
10/07/2021
0.00
599,952.40
0.00
600,000.00
0.00
346.31
375.00
0.00
28.69
47.60
0.00
47.60
76.29
76.29
91282CBQ3 US Treasury
Note
0.5% Due 02/28/2026
07/15/2022
07/15/2022
500,000.00
472,650.05
0.00
0.00
473,684.01
631.87
0.00
844.78
212.91
1,033.96
0.00
1,033.96
1,246.87
1,246.87
Execution Time: 1/4/2024 1:41:15 AMChandler Asset Management - CONFIDENTIAL Page 21
Income Earned
As of December 31, 2023
San Rafael Consolidated
Account #11047
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
91282CBV2 US Treasury
Note
0.375% Due 04/15/2024
05/03/2021
05/03/2021
1,000,000.00
1,000,148.27
0.00
0.00
1,000,114.47
481.56
0.00
799.18
317.62
0.00
33.80
(33.80)
283.82
283.82
91282CBW0 US Treasury
Note
0.75% Due 04/30/2026
09/30/2022
09/30/2022
500,000.00
462,008.85
0.00
0.00
463,345.65
319.37
0.00
638.74
319.37
1,336.80
0.00
1,336.80
1,656.17
1,656.17
91282CCC3 US Treasury
Note
0.25% Due 05/15/2024
05/17/2021
05/17/2021
1,000,000.00
999,526.33
0.00
0.00
999,614.79
109.89
0.00
322.80
212.91
88.46
0.00
88.46
301.37
301.37
91282CCJ8 US Treasury
Note
0.875% Due 06/30/2026
09/30/2022
09/30/2022
500,000.00
461,188.38
0.00
0.00
462,465.62
1,830.84
2,187.50
12.02
368.68
1,277.24
0.00
1,277.24
1,645.92
1,645.92
91282CFM8 US Treasury
Note
4.125% Due 09/30/2027
12/18/2023
12/19/2023
750,000.00
0.00
751,669.92
0.00
751,654.20
0.00
(6,762.30)
7,861.17
1,098.87
0.00
15.72
(15.72)
1,083.15
1,083.15
91282CGC9 US Treasury
Note
3.875% Due 12/31/2027
02/06/2023
02/07/2023
1,000,000.00
1,001,205.23
0.00
0.00
1,001,180.17
16,216.03
19,375.00
106.46
3,265.43
0.00
25.06
(25.06)
3,240.37
3,240.37
91282CGE5 US Treasury
Note
3.875% Due 01/15/2026
02/06/2023
02/07/2023
1,000,000.00
994,886.71
0.00
0.00
995,090.98
14,636.55
0.00
17,900.82
3,264.27
204.27
0.00
204.27
3,468.54
3,468.54
91282CHY0 US Treasury
Note
4.625% Due 09/15/2026
09/25/2023
09/26/2023
900,000.00
895,707.70
0.00
0.00
895,838.28
8,805.29
0.00
12,350.27
3,544.98
130.58
0.00
130.58
3,675.56
3,675.56
91282CJA0 US Treasury
Note
4.625% Due 09/30/2028
10/19/2023
10/20/2023
500,000.00
493,132.18
0.00
0.00
493,252.80
3,917.35
0.00
5,876.02
1,958.67
120.62
0.00
120.62
2,079.29
2,079.29
Execution Time: 1/4/2024 1:41:15 AMChandler Asset Management - CONFIDENTIAL Page 22
Income Earned
As of December 31, 2023
San Rafael Consolidated
Account #11047
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
91282CJC6 US Treasury
Note
4.625% Due 10/15/2026
10/19/2023
10/20/2023
500,000.00
494,441.31
0.00
0.00
494,605.58
2,969.60
0.00
4,928.28
1,958.68
164.27
0.00
164.27
2,122.95
2,122.95
Total Fixed Income 45,837,000.00
44,242,573.58
1,764,475.39
600,000.00
45,414,629.07
299,001.83
116,561.70
298,594.57
116,154.44
17,247.67
9,667.57
7,580.10
123,734.54 123,734.54
CASH & EQUIVALENT
31846V807 First American
Treasury MMF Class Y
08/25/2023
08/25/2023
144,863.71
1,194,979.04
729,460.45
1,779,575.78
144,863.71
0.00
1,482.03
0.00
1,482.03
0.00
0.00
0.00
1,482.03
1,482.03
96130ASC3 Westpac Banking Corp NY
Yankee CD
5.38% Due 02/16/2024
02/16/2023
02/17/2023
375,000.00
375,029.83
0.00
0.00
375,017.82
16,140.00
0.00
17,877.29
1,737.29
0.00
12.01
(12.01)
1,725.28
1,725.28
Total Cash & Equivalent 519,863.71
1,570,008.87
729,460.45
1,779,575.78
519,881.53
16,140.00
1,482.03
17,877.29
3,219.32
0.00
12.01
(12.01)
3,207.31 3,207.31
Execution Time: 1/4/2024 1:41:15 AMChandler Asset Management - CONFIDENTIAL Page 23
Income Earned
As of December 31, 2023
San Rafael Consolidated
Account #11047
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
LOCAL AGENCY INVESTMENT FUND
90LAIF$00 Local Agency Investment Fund
State Pool
Various
Various
53,749,175.38
34,749,175.38
19,000,000.00
0.00
53,749,175.38
269,735.90
0.00
387,102.98
117,367.08
0.00
0.00
0.00
117,367.08
117,367.08
Total Local Agency Investment Fund 53,749,175.38
34,749,175.38
19,000,000.00
0.00
53,749,175.38
269,735.90
0.00
387,102.98
117,367.08
0.00
0.00
0.00
117,367.08 117,367.08
TOTAL PORTFOLIO 100,106,039.09
80,561,757.83
21,493,935.84
2,379,575.78
99,683,685.98
584,877.73
118,043.73
703,574.84
236,740.84
17,247.67
9,679.58
7,568.09
244,308.93 244,308.93
Execution Time: 1/4/2024 1:41:15 AMChandler Asset Management - CONFIDENTIAL Page 24
Cash Flow Report
As of December 31, 2023
San Rafael Consolidated
Account #11047
Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount
01/02/2024 Interest 3135G0V75 750,000.00 FNMA Note
1.75% Due 7/2/2024
0.00 6,562.50 6,562.50
01/10/2024 Interest 89115A2M3 575,000.00 Toronto-Dominion Bank Note
5.156% Due 1/10/2028
0.00 14,823.50 14,823.50
01/11/2024 Maturity 89236THU2 480,000.00 Toyota Motor Credit Corp Note
0.45% Due 1/11/2024
480,000.00 1,080.00 481,080.00
01/12/2024 Interest 78016FZT4 550,000.00 Royal Bank of Canada Note
4.875% Due 1/12/2026
0.00 13,406.25 13,406.25
01/13/2024 Interest 45950KDD9 305,000.00 International Finance Corp Note
4.5% Due 7/13/2028
0.00 6,862.50 6,862.50
01/15/2024 Dividend 90LAIF$00 3,727,080,813.81 Local Agency Investment Fund State Pool 0.00 386,790.60 386,790.60
01/15/2024 Interest 756109AU8 500,000.00 Realty Income Corp Callable Note Cont 10/15/2027
3.65% Due 1/15/2028
0.00 9,125.00 9,125.00
01/15/2024 Interest 91282CGE5 1,000,000.00 US Treasury Note
3.875% Due 1/15/2026
0.00 19,375.00 19,375.00
01/15/2024 Paydown 47800CAC0 880,000.00 John Deere Owner Trust 2023-A A3
5.01% Due 11/15/2027
16,985.37 3,674.00 20,659.37
01/15/2024 Paydown 89239HAD0 350,000.00 Toyota Auto Receivables Owner 20222-D A3
5.3% Due 9/15/2027
0.00 1,545.83 1,545.83
01/15/2024 Paydown 02582JJT8 600,000.00 American Express Credit Trust 2022-2 A
3.39% Due 5/17/2027
0.00 1,695.00 1,695.00
01/15/2024 Paydown 05522RDF2 440,000.00 Bank of America Credit Card Tr 2022-A2 A2
5% Due 4/15/2028
0.00 1,833.33 1,833.33
01/15/2024 Paydown 161571HT4 495,000.00 Chase Issuance Trust 23-A1 A
5.16% Due 9/15/2028
0.00 2,128.50 2,128.50
01/15/2024 Paydown 58768PAC8 260,000.00 Mercedes-Benz Auto Receivables 2022-1 A3
5.21% Due 8/16/2027
0.00 1,128.83 1,128.83
01/15/2024 Paydown 891941AD8 300,000.00 Toyota Auto Receivables Owner 2023-B A3
4.71% Due 2/15/2028
0.00 1,177.50 1,177.50
01/15/2024 Paydown 02582JKD1 490,000.00 American Express Credit Trust 2023-3 A
5.23% Due 9/15/2028
0.00 2,135.58 2,135.58
01/20/2024 Interest 06051GGF0 600,000.00 Bank of America Corp Callable Note 1/20/2027
3.824% Due 1/20/2028
0.00 11,472.00 11,472.00
Execution Time: 1/4/2024 1:41:15 AMChandler Asset Management - CONFIDENTIAL Page 25
Cash Flow Report
As of December 31, 2023
San Rafael Consolidated
Account #11047
Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount
01/20/2024 Paydown 3137BVZ82 0.00 FHLMC K063
3.43% Due 1/25/2027
0.00 2,000.83 2,000.83
01/20/2024 Paydown 3137F1G44 0.00 FHLMC K065 A2
3.243% Due 4/25/2027
0.00 1,216.13 1,216.13
01/20/2024 Paydown 3137FBBX3 0.00 FHLMC K068 A2
3.244% Due 8/25/2027
0.00 648.80 648.80
01/20/2024 Paydown 3137FBU79 0.00 FHLMC K069 A2
3.187% Due 9/25/2027
0.00 1,327.92 1,327.92
01/21/2024 Paydown 438123AC5 500,000.00 Honda Auto Receivables OT 2023-4 A3
5.67% Due 6/21/2028
0.00 2,362.50 2,362.50
01/21/2024 Paydown 43815JAC7 120,000.00 Honda Auto Receivables Owner 2023-1 A3
5.04% Due 4/21/2027
0.00 504.00 504.00
01/22/2024 Interest 61744YAK4 500,000.00 Morgan Stanley Callable Note 1X 7/22/2027
3.591% Due 7/22/2028
0.00 8,977.50 8,977.50
01/23/2024 Maturity 693475AV7 900,000.00 PNC Financial Services Callable Note Cont
12/23/2023
3.5% Due 1/23/2024
900,000.00 15,750.00 915,750.00
01/23/2024 Maturity 17325FAS7 500,000.00 Citibank Callable Note Cont 12/23/2023
3.65% Due 1/23/2024
500,000.00 9,125.00 509,125.00
01/25/2024 Paydown 3137BVZ82 700,000.00 FHLMC K063
3.43% Due 1/25/2027
0.00 2,000.83 2,000.83
01/25/2024 Paydown 3137FETN0 670,000.00 FHLMC K073 A2
3.35% Due 1/25/2028
0.00 1,870.42 1,870.42
01/25/2024 Paydown 3137F1G44 450,000.00 FHLMC K065 A2
3.243% Due 4/25/2027
0.00 1,216.13 1,216.13
01/25/2024 Paydown 05592XAD2 90,000.00 BMW Vehicle Owner Trust 2023-A A3
5.47% Due 2/25/2028
0.00 410.25 410.25
01/25/2024 Paydown 05593AAC3 435,000.00 BMW Vehicle Lease Trust 2023-1 A3
5.16% Due 11/25/2025
0.00 1,870.50 1,870.50
01/25/2024 Paydown 3137FBBX3 240,000.00 FHLMC K068 A2
3.244% Due 8/25/2027
0.00 648.80 648.80
01/25/2024 Paydown 3137FBU79 500,000.00 FHLMC K069 A2
3.187% Due 9/25/2027
0.00 1,327.92 1,327.92
Execution Time: 1/4/2024 1:41:15 AMChandler Asset Management - CONFIDENTIAL Page 26
Cash Flow Report
As of December 31, 2023
San Rafael Consolidated
Account #11047
Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount
01/25/2024 Paydown 3137FG6X8 780,000.00 FHLMC K077 A2
3.85% Due 5/25/2028
13,360.15 2,502.50 15,862.65
JAN 2024 1,910,345.52 538,575.95 2,448,921.47
02/01/2024 Interest 06368LGV2 600,000.00 Bank of Montreal Callable Note Cont 1/1/2028
5.203% Due 2/1/2028
0.00 15,609.00 15,609.00
02/14/2024 Interest 3133EPSW6 560,000.00 FFCB Note
4.5% Due 8/14/2026
0.00 12,600.00 12,600.00
02/15/2024 Interest 912828D56 1,000,000.00 US Treasury Note
2.375% Due 8/15/2024
0.00 11,875.00 11,875.00
02/15/2024 Paydown 02582JJT8 600,000.00 American Express Credit Trust 2022-2 A
3.39% Due 5/17/2027
0.00 1,695.00 1,695.00
02/15/2024 Paydown 161571HT4 495,000.00 Chase Issuance Trust 23-A1 A
5.16% Due 9/15/2028
0.00 2,128.50 2,128.50
02/15/2024 Paydown 05522RDF2 440,000.00 Bank of America Credit Card Tr 2022-A2 A2
5% Due 4/15/2028
0.00 1,833.33 1,833.33
02/15/2024 Paydown 58768PAC8 260,000.00 Mercedes-Benz Auto Receivables 2022-1 A3
5.21% Due 8/16/2027
0.00 1,128.83 1,128.83
02/15/2024 Paydown 02582JKD1 490,000.00 American Express Credit Trust 2023-3 A
5.23% Due 9/15/2028
0.00 2,135.58 2,135.58
02/15/2024 Paydown 47800CAC0 880,000.00 John Deere Owner Trust 2023-A A3
5.01% Due 11/15/2027
17,056.28 3,603.09 20,659.37
02/15/2024 Paydown 891941AD8 300,000.00 Toyota Auto Receivables Owner 2023-B A3
4.71% Due 2/15/2028
0.00 1,177.50 1,177.50
02/15/2024 Paydown 89239HAD0 350,000.00 Toyota Auto Receivables Owner 20222-D A3
5.3% Due 9/15/2027
0.00 1,545.83 1,545.83
02/16/2024 Maturity 96130ASC3 375,000.00 Westpac Banking Corp NY Yankee CD
5.38% Due 2/16/2024
375,000.00 20,455.21 395,455.21
02/21/2024 Interest 3133EPBF1 1,000,000.00 FFCB Note
4.875% Due 8/21/2024
0.00 24,375.00 24,375.00
02/21/2024 Paydown 438123AC5 500,000.00 Honda Auto Receivables OT 2023-4 A3
5.67% Due 6/21/2028
0.00 2,362.50 2,362.50
02/21/2024 Paydown 43815JAC7 120,000.00 Honda Auto Receivables Owner 2023-1 A3
5.04% Due 4/21/2027
0.00 504.00 504.00
Execution Time: 1/4/2024 1:41:15 AMChandler Asset Management - CONFIDENTIAL Page 27
Cash Flow Report
As of December 31, 2023
San Rafael Consolidated
Account #11047
Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount
02/25/2024 Paydown 05592XAD2 90,000.00 BMW Vehicle Owner Trust 2023-A A3
5.47% Due 2/25/2028
0.00 410.25 410.25
02/25/2024 Paydown 3137FG6X8 780,000.00 FHLMC K077 A2
3.85% Due 5/25/2028
13,409.13 2,459.64 15,868.77
02/25/2024 Paydown 3137FETN0 670,000.00 FHLMC K073 A2
3.35% Due 1/25/2028
0.00 1,870.42 1,870.42
02/25/2024 Paydown 05593AAC3 435,000.00 BMW Vehicle Lease Trust 2023-1 A3
5.16% Due 11/25/2025
0.00 1,870.50 1,870.50
02/25/2024 Paydown 3137BVZ82 700,000.00 FHLMC K063
3.43% Due 1/25/2027
0.00 2,000.83 2,000.83
02/25/2024 Paydown 3137F1G44 450,000.00 FHLMC K065 A2
3.243% Due 4/25/2027
0.00 1,216.13 1,216.13
02/25/2024 Paydown 3137FBBX3 240,000.00 FHLMC K068 A2
3.244% Due 8/25/2027
0.00 648.80 648.80
02/25/2024 Paydown 3137FBU79 500,000.00 FHLMC K069 A2
3.187% Due 9/25/2027
0.00 1,327.92 1,327.92
02/28/2024 Interest 3130AV7L0 1,100,000.00 FHLB Note
5% Due 2/28/2025
0.00 27,500.00 27,500.00
02/29/2024 Interest 91282CAJ0 1,200,000.00 US Treasury Note
0.25% Due 8/31/2025
0.00 1,500.00 1,500.00
02/29/2024 Interest 91282CBQ3 500,000.00 US Treasury Note
0.5% Due 2/28/2026
0.00 1,250.00 1,250.00
FEB 2024 405,465.41 145,082.86 550,548.27
03/01/2024 Maturity 713448CM8 500,000.00 Pepsico Inc. Callable Note Cont 12/01/2023
3.6% Due 3/1/2024
500,000.00 9,000.00 509,000.00
03/12/2024 Interest 3130ATHT7 1,300,000.00 FHLB Note
4.375% Due 9/12/2025
0.00 28,437.50 28,437.50
03/13/2024 Interest 46647PBH8 600,000.00 JP Morgan Chase & Co Callable Note Mthly
3/13/2025
2.005% Due 3/13/2026
0.00 6,015.00 6,015.00
03/15/2024 Interest 91282CHY0 900,000.00 US Treasury Note
4.625% Due 9/15/2026
0.00 20,812.50 20,812.50
03/15/2024 Paydown 05522RDF2 440,000.00 Bank of America Credit Card Tr 2022-A2 A2
5% Due 4/15/2028
0.00 1,833.33 1,833.33
Execution Time: 1/4/2024 1:41:15 AMChandler Asset Management - CONFIDENTIAL Page 28
Cash Flow Report
As of December 31, 2023
San Rafael Consolidated
Account #11047
Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount
03/15/2024 Paydown 161571HT4 495,000.00 Chase Issuance Trust 23-A1 A
5.16% Due 9/15/2028
0.00 2,128.50 2,128.50
03/15/2024 Paydown 58768PAC8 260,000.00 Mercedes-Benz Auto Receivables 2022-1 A3
5.21% Due 8/16/2027
0.00 1,128.83 1,128.83
03/15/2024 Paydown 02582JKD1 490,000.00 American Express Credit Trust 2023-3 A
5.23% Due 9/15/2028
0.00 2,135.58 2,135.58
03/15/2024 Paydown 47800CAC0 880,000.00 John Deere Owner Trust 2023-A A3
5.01% Due 11/15/2027
17,127.50 3,531.87 20,659.37
03/15/2024 Paydown 891941AD8 300,000.00 Toyota Auto Receivables Owner 2023-B A3
4.71% Due 2/15/2028
0.00 1,177.50 1,177.50
03/15/2024 Paydown 89239HAD0 350,000.00 Toyota Auto Receivables Owner 20222-D A3
5.3% Due 9/15/2027
0.00 1,545.83 1,545.83
03/15/2024 Paydown 02582JJT8 600,000.00 American Express Credit Trust 2022-2 A
3.39% Due 5/17/2027
0.00 1,695.00 1,695.00
03/21/2024 Paydown 438123AC5 500,000.00 Honda Auto Receivables OT 2023-4 A3
5.67% Due 6/21/2028
0.00 2,362.50 2,362.50
03/21/2024 Paydown 43815JAC7 120,000.00 Honda Auto Receivables Owner 2023-1 A3
5.04% Due 4/21/2027
0.00 504.00 504.00
03/25/2024 Paydown 3137F1G44 450,000.00 FHLMC K065 A2
3.243% Due 4/25/2027
0.00 1,216.13 1,216.13
03/25/2024 Paydown 3137FETN0 670,000.00 FHLMC K073 A2
3.35% Due 1/25/2028
0.00 1,870.42 1,870.42
03/25/2024 Paydown 3137FG6X8 780,000.00 FHLMC K077 A2
3.85% Due 5/25/2028
13,458.30 2,416.62 15,874.92
03/25/2024 Paydown 05592XAD2 90,000.00 BMW Vehicle Owner Trust 2023-A A3
5.47% Due 2/25/2028
0.00 410.25 410.25
03/25/2024 Paydown 05593AAC3 435,000.00 BMW Vehicle Lease Trust 2023-1 A3
5.16% Due 11/25/2025
0.00 1,870.50 1,870.50
03/25/2024 Paydown 3137BVZ82 700,000.00 FHLMC K063
3.43% Due 1/25/2027
0.00 2,000.83 2,000.83
03/25/2024 Paydown 3137FBBX3 240,000.00 FHLMC K068 A2
3.244% Due 8/25/2027
0.00 648.80 648.80
03/25/2024 Paydown 3137FBU79 500,000.00 FHLMC K069 A2
3.187% Due 9/25/2027
0.00 1,327.92 1,327.92
Execution Time: 1/4/2024 1:41:15 AMChandler Asset Management - CONFIDENTIAL Page 29
Cash Flow Report
As of December 31, 2023
San Rafael Consolidated
Account #11047
Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount
03/30/2024 Interest 69371RS49 600,000.00 Paccar Financial Corp Note
4.45% Due 3/30/2026
0.00 13,350.00 13,350.00
03/31/2024 Interest 9128282Y5 1,000,000.00 US Treasury Note
2.125% Due 9/30/2024
0.00 10,625.00 10,625.00
03/31/2024 Interest 91282CAM3 500,000.00 US Treasury Note
0.25% Due 9/30/2025
0.00 625.00 625.00
03/31/2024 Interest 91282CJA0 500,000.00 US Treasury Note
4.625% Due 9/30/2028
0.00 11,562.50 11,562.50
03/31/2024 Interest 91282CFM8 750,000.00 US Treasury Note
4.125% Due 9/30/2027
0.00 15,468.75 15,468.75
MAR 2024 530,585.80 145,700.66 676,286.46
04/15/2024 Interest 91282CJC6 500,000.00 US Treasury Note
4.625% Due 10/15/2026
0.00 11,562.50 11,562.50
04/15/2024 Maturity 91282CBV2 1,000,000.00 US Treasury Note
0.375% Due 4/15/2024
1,000,000.00 1,875.00 1,001,875.00
04/15/2024 Paydown 161571HT4 495,000.00 Chase Issuance Trust 23-A1 A
5.16% Due 9/15/2028
0.00 2,128.50 2,128.50
04/15/2024 Paydown 47800CAC0 880,000.00 John Deere Owner Trust 2023-A A3
5.01% Due 11/15/2027
17,199.00 3,460.37 20,659.37
04/15/2024 Paydown 89239HAD0 350,000.00 Toyota Auto Receivables Owner 20222-D A3
5.3% Due 9/15/2027
0.00 1,545.83 1,545.83
04/15/2024 Paydown 05522RDF2 440,000.00 Bank of America Credit Card Tr 2022-A2 A2
5% Due 4/15/2028
0.00 1,833.33 1,833.33
04/15/2024 Paydown 58768PAC8 260,000.00 Mercedes-Benz Auto Receivables 2022-1 A3
5.21% Due 8/16/2027
0.00 1,128.83 1,128.83
04/15/2024 Paydown 02582JJT8 600,000.00 American Express Credit Trust 2022-2 A
3.39% Due 5/17/2027
0.00 1,695.00 1,695.00
04/15/2024 Paydown 02582JKD1 490,000.00 American Express Credit Trust 2023-3 A
5.23% Due 9/15/2028
0.00 2,135.58 2,135.58
04/15/2024 Paydown 891941AD8 300,000.00 Toyota Auto Receivables Owner 2023-B A3
4.71% Due 2/15/2028
0.00 1,177.50 1,177.50
04/21/2024 Paydown 438123AC5 500,000.00 Honda Auto Receivables OT 2023-4 A3
5.67% Due 6/21/2028
0.00 2,362.50 2,362.50
Execution Time: 1/4/2024 1:41:15 AMChandler Asset Management - CONFIDENTIAL Page 30
Cash Flow Report
As of December 31, 2023
San Rafael Consolidated
Account #11047
Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount
04/21/2024 Paydown 43815JAC7 120,000.00 Honda Auto Receivables Owner 2023-1 A3
5.04% Due 4/21/2027
0.00 504.00 504.00
04/22/2024 Maturity 3133EMWV0 1,000,000.00 FFCB Note
0.35% Due 4/22/2024
1,000,000.00 1,750.00 1,001,750.00
04/23/2024 Maturity 3130AMQQ8 1,000,000.00 FHLB Callable Note Qtrly 12/23/2021
0.35% Due 4/23/2024
1,000,000.00 1,166.67 1,001,166.67
04/25/2024 Paydown 3137FETN0 670,000.00 FHLMC K073 A2
3.35% Due 1/25/2028
0.00 1,870.42 1,870.42
04/25/2024 Paydown 3137BVZ82 700,000.00 FHLMC K063
3.43% Due 1/25/2027
0.00 2,000.83 2,000.83
04/25/2024 Paydown 3137F1G44 450,000.00 FHLMC K065 A2
3.243% Due 4/25/2027
0.00 1,216.13 1,216.13
04/25/2024 Paydown 05592XAD2 90,000.00 BMW Vehicle Owner Trust 2023-A A3
5.47% Due 2/25/2028
0.00 410.25 410.25
04/25/2024 Paydown 05593AAC3 435,000.00 BMW Vehicle Lease Trust 2023-1 A3
5.16% Due 11/25/2025
0.00 1,870.50 1,870.50
04/25/2024 Paydown 3137FBBX3 240,000.00 FHLMC K068 A2
3.244% Due 8/25/2027
0.00 648.80 648.80
04/25/2024 Paydown 3137FBU79 500,000.00 FHLMC K069 A2
3.187% Due 9/25/2027
0.00 1,327.92 1,327.92
04/25/2024 Paydown 3137FG6X8 780,000.00 FHLMC K077 A2
3.85% Due 5/25/2028
13,507.65 2,373.44 15,881.09
04/26/2024 Interest 06406RBQ9 350,000.00 Bank of NY Mellon Corp Callable Note Cont
4/26/2026
4.947% Due 4/26/2027
0.00 8,657.25 8,657.25
04/26/2024 Maturity 3136G46B4 1,200,000.00 FNMA Callable Note Qtrly 01/26/2024
0.35% Due 4/26/2024
1,200,000.00 2,100.00 1,202,100.00
04/30/2024 Interest 91282CBW0 500,000.00 US Treasury Note
0.75% Due 4/30/2026
0.00 1,875.00 1,875.00
04/30/2024 Interest 912828YM6 1,000,000.00 US Treasury Note
1.5% Due 10/31/2024
0.00 7,500.00 7,500.00
APR 2024 4,230,706.65 66,176.15 4,296,882.80
05/03/2024 Interest 00440EAV9 500,000.00 Chubb INA Holdings Inc Callable Note Cont 2/3/2026
3.35% Due 5/3/2026
0.00 8,375.00 8,375.00
Execution Time: 1/4/2024 1:41:15 AMChandler Asset Management - CONFIDENTIAL Page 31
Cash Flow Report
As of December 31, 2023
San Rafael Consolidated
Account #11047
Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount
05/06/2024 Maturity 3133EMYR7 1,000,000.00 FFCB Callable Note Cont 5/6/2022
0.375% Due 5/6/2024
1,000,000.00 1,875.00 1,001,875.00
05/11/2024 Interest 166764BW9 700,000.00 Chevron Corp Callable Note Cont 4/11/2025
1.554% Due 5/11/2025
0.00 5,439.00 5,439.00
05/15/2024 Interest 341081GR2 550,000.00 Florida Power and Light Callable Note Cont
4/15/2026
4.45% Due 5/15/2026
0.00 12,237.50 12,237.50
05/15/2024 Interest 74456QBS4 337,000.00 Public Service El & Gas Callable Note Cont 2/15/2027
3% Due 5/15/2027
0.00 5,055.00 5,055.00
05/15/2024 Maturity 717081DM2 500,000.00 Pfizer Inc. Note
3.4% Due 5/15/2024
500,000.00 8,500.00 508,500.00
05/15/2024 Maturity 91282CCC3 1,000,000.00 US Treasury Note
0.25% Due 5/15/2024
1,000,000.00 1,250.00 1,001,250.00
05/15/2024 Paydown 891941AD8 300,000.00 Toyota Auto Receivables Owner 2023-B A3
4.71% Due 2/15/2028
0.00 1,177.50 1,177.50
05/15/2024 Paydown 02582JKD1 490,000.00 American Express Credit Trust 2023-3 A
5.23% Due 9/15/2028
0.00 2,135.58 2,135.58
05/15/2024 Paydown 89239HAD0 350,000.00 Toyota Auto Receivables Owner 20222-D A3
5.3% Due 9/15/2027
0.00 1,545.83 1,545.83
05/15/2024 Paydown 47800CAC0 880,000.00 John Deere Owner Trust 2023-A A3
5.01% Due 11/15/2027
17,270.80 3,388.57 20,659.37
05/15/2024 Paydown 02582JJT8 600,000.00 American Express Credit Trust 2022-2 A
3.39% Due 5/17/2027
0.00 1,695.00 1,695.00
05/15/2024 Paydown 05522RDF2 440,000.00 Bank of America Credit Card Tr 2022-A2 A2
5% Due 4/15/2028
0.00 1,833.33 1,833.33
05/15/2024 Paydown 161571HT4 495,000.00 Chase Issuance Trust 23-A1 A
5.16% Due 9/15/2028
0.00 2,128.50 2,128.50
05/15/2024 Paydown 58768PAC8 260,000.00 Mercedes-Benz Auto Receivables 2022-1 A3
5.21% Due 8/16/2027
0.00 1,128.83 1,128.83
05/17/2024 Interest 58933YBH7 130,000.00 Merck & Co Callable Note Cont 4/17/2028
4.05% Due 5/17/2028
0.00 2,632.50 2,632.50
05/17/2024 Interest 3130AXU63 500,000.00 Federal Home Loan Banks Note
4.625% Due 11/17/2026
0.00 11,562.50 11,562.50
Execution Time: 1/4/2024 1:41:15 AMChandler Asset Management - CONFIDENTIAL Page 32
Cash Flow Report
As of December 31, 2023
San Rafael Consolidated
Account #11047
Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount
05/21/2024 Paydown 438123AC5 500,000.00 Honda Auto Receivables OT 2023-4 A3
5.67% Due 6/21/2028
0.00 2,362.50 2,362.50
05/21/2024 Paydown 43815JAC7 120,000.00 Honda Auto Receivables Owner 2023-1 A3
5.04% Due 4/21/2027
0.00 504.00 504.00
05/25/2024 Paydown 05593AAC3 435,000.00 BMW Vehicle Lease Trust 2023-1 A3
5.16% Due 11/25/2025
0.00 1,870.50 1,870.50
05/25/2024 Paydown 3137FBBX3 240,000.00 FHLMC K068 A2
3.244% Due 8/25/2027
0.00 648.80 648.80
05/25/2024 Paydown 3137FBU79 500,000.00 FHLMC K069 A2
3.187% Due 9/25/2027
0.00 1,327.92 1,327.92
05/25/2024 Paydown 05592XAD2 90,000.00 BMW Vehicle Owner Trust 2023-A A3
5.47% Due 2/25/2028
0.00 410.25 410.25
05/25/2024 Paydown 3137F1G44 450,000.00 FHLMC K065 A2
3.243% Due 4/25/2027
0.00 1,216.13 1,216.13
05/25/2024 Paydown 3137BVZ82 700,000.00 FHLMC K063
3.43% Due 1/25/2027
0.00 2,000.83 2,000.83
05/25/2024 Paydown 3137FETN0 670,000.00 FHLMC K073 A2
3.35% Due 1/25/2028
0.00 1,870.42 1,870.42
05/25/2024 Paydown 3137FG6X8 780,000.00 FHLMC K077 A2
3.85% Due 5/25/2028
13,557.18 2,330.10 15,887.28
05/31/2024 Interest 9128286X3 500,000.00 US Treasury Note
2.125% Due 5/31/2026
0.00 5,312.50 5,312.50
05/31/2024 Interest 9128285N6 500,000.00 US Treasury Note
2.875% Due 11/30/2025
0.00 7,187.50 7,187.50
05/31/2024 Interest 912828YV6 700,000.00 US Treasury Note
1.5% Due 11/30/2024
0.00 5,250.00 5,250.00
MAY 2024 2,530,827.98 104,251.09 2,635,079.07
06/06/2024 Interest 3130AWER7 775,000.00 FHLB Note
4.625% Due 6/6/2025
0.00 17,921.88 17,921.88
06/08/2024 Interest 24422EWX3 500,000.00 John Deere Capital Corp Note
4.75% Due 6/8/2026
0.00 11,875.00 11,875.00
06/10/2024 Interest 3130ATUS4 500,000.00 FHLB Note
4.25% Due 12/10/2027
0.00 10,625.00 10,625.00
Execution Time: 1/4/2024 1:41:15 AMChandler Asset Management - CONFIDENTIAL Page 33
Cash Flow Report
As of December 31, 2023
San Rafael Consolidated
Account #11047
Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount
06/12/2024 Interest 3130ATUC9 1,000,000.00 FHLB Note
4.5% Due 12/12/2025
0.00 22,500.00 22,500.00
06/12/2024 Interest 3130AWGR5 525,000.00 FHLB Note
4.375% Due 6/12/2026
0.00 11,484.38 11,484.38
06/15/2024 Paydown 02582JKD1 490,000.00 American Express Credit Trust 2023-3 A
5.23% Due 9/15/2028
0.00 2,135.58 2,135.58
06/15/2024 Paydown 47800CAC0 880,000.00 John Deere Owner Trust 2023-A A3
5.01% Due 11/15/2027
17,342.91 3,316.46 20,659.37
06/15/2024 Paydown 891941AD8 300,000.00 Toyota Auto Receivables Owner 2023-B A3
4.71% Due 2/15/2028
0.00 1,177.50 1,177.50
06/15/2024 Paydown 89239HAD0 350,000.00 Toyota Auto Receivables Owner 20222-D A3
5.3% Due 9/15/2027
0.00 1,545.83 1,545.83
06/15/2024 Paydown 05522RDF2 440,000.00 Bank of America Credit Card Tr 2022-A2 A2
5% Due 4/15/2028
0.00 1,833.33 1,833.33
06/15/2024 Paydown 58768PAC8 260,000.00 Mercedes-Benz Auto Receivables 2022-1 A3
5.21% Due 8/16/2027
10,297.20 1,128.83 11,426.03
06/15/2024 Paydown 02582JJT8 600,000.00 American Express Credit Trust 2022-2 A
3.39% Due 5/17/2027
0.00 1,695.00 1,695.00
06/15/2024 Paydown 161571HT4 495,000.00 Chase Issuance Trust 23-A1 A
5.16% Due 9/15/2028
0.00 2,128.50 2,128.50
06/21/2024 Paydown 438123AC5 500,000.00 Honda Auto Receivables OT 2023-4 A3
5.67% Due 6/21/2028
0.00 2,362.50 2,362.50
06/21/2024 Paydown 43815JAC7 120,000.00 Honda Auto Receivables Owner 2023-1 A3
5.04% Due 4/21/2027
0.00 504.00 504.00
06/25/2024 Paydown 05592XAD2 90,000.00 BMW Vehicle Owner Trust 2023-A A3
5.47% Due 2/25/2028
0.00 410.25 410.25
06/25/2024 Paydown 05593AAC3 435,000.00 BMW Vehicle Lease Trust 2023-1 A3
5.16% Due 11/25/2025
42,754.72 1,870.50 44,625.22
06/25/2024 Paydown 3137BVZ82 700,000.00 FHLMC K063
3.43% Due 1/25/2027
0.00 2,000.83 2,000.83
06/25/2024 Paydown 3137F1G44 450,000.00 FHLMC K065 A2
3.243% Due 4/25/2027
0.00 1,216.13 1,216.13
06/25/2024 Paydown 3137FBBX3 240,000.00 FHLMC K068 A2
3.244% Due 8/25/2027
0.00 648.80 648.80
Execution Time: 1/4/2024 1:41:15 AMChandler Asset Management - CONFIDENTIAL Page 34
Cash Flow Report
As of December 31, 2023
San Rafael Consolidated
Account #11047
Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount
06/25/2024 Paydown 3137FBU79 500,000.00 FHLMC K069 A2
3.187% Due 9/25/2027
0.00 1,327.92 1,327.92
06/25/2024 Paydown 3137FETN0 670,000.00 FHLMC K073 A2
3.35% Due 1/25/2028
0.00 1,870.42 1,870.42
06/25/2024 Paydown 3137FG6X8 780,000.00 FHLMC K077 A2
3.85% Due 5/25/2028
13,606.89 2,286.60 15,893.49
06/30/2024 Interest 91282CCJ8 500,000.00 US Treasury Note
0.875% Due 6/30/2026
0.00 2,187.50 2,187.50
06/30/2024 Interest 91282CGC9 1,000,000.00 US Treasury Note
3.875% Due 12/31/2027
0.00 19,375.00 19,375.00
JUN 2024 84,001.72 125,427.74 209,429.46
07/02/2024 Maturity 3135G0V75 750,000.00 FNMA Note
1.75% Due 7/2/2024
750,000.00 6,562.50 756,562.50
07/10/2024 Interest 89115A2M3 575,000.00 Toronto-Dominion Bank Note
5.156% Due 1/10/2028
0.00 14,823.50 14,823.50
07/12/2024 Interest 78016FZT4 550,000.00 Royal Bank of Canada Note
4.875% Due 1/12/2026
0.00 13,406.25 13,406.25
07/13/2024 Interest 45950KDD9 305,000.00 International Finance Corp Note
4.5% Due 7/13/2028
0.00 6,862.50 6,862.50
07/15/2024 Interest 756109AU8 500,000.00 Realty Income Corp Callable Note Cont 10/15/2027
3.65% Due 1/15/2028
0.00 9,125.00 9,125.00
07/15/2024 Interest 91282CGE5 1,000,000.00 US Treasury Note
3.875% Due 1/15/2026
0.00 19,375.00 19,375.00
07/15/2024 Paydown 02582JKD1 490,000.00 American Express Credit Trust 2023-3 A
5.23% Due 9/15/2028
0.00 2,135.58 2,135.58
07/15/2024 Paydown 47800CAC0 880,000.00 John Deere Owner Trust 2023-A A3
5.01% Due 11/15/2027
17,415.32 3,244.05 20,659.37
07/15/2024 Paydown 891941AD8 300,000.00 Toyota Auto Receivables Owner 2023-B A3
4.71% Due 2/15/2028
0.00 1,177.50 1,177.50
07/15/2024 Paydown 89239HAD0 350,000.00 Toyota Auto Receivables Owner 20222-D A3
5.3% Due 9/15/2027
0.00 1,545.83 1,545.83
07/15/2024 Paydown 05522RDF2 440,000.00 Bank of America Credit Card Tr 2022-A2 A2
5% Due 4/15/2028
0.00 1,833.33 1,833.33
Execution Time: 1/4/2024 1:41:15 AMChandler Asset Management - CONFIDENTIAL Page 35
Cash Flow Report
As of December 31, 2023
San Rafael Consolidated
Account #11047
Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount
07/15/2024 Paydown 161571HT4 495,000.00 Chase Issuance Trust 23-A1 A
5.16% Due 9/15/2028
0.00 2,128.50 2,128.50
07/15/2024 Paydown 58768PAC8 260,000.00 Mercedes-Benz Auto Receivables 2022-1 A3
5.21% Due 8/16/2027
10,342.33 1,084.13 11,426.46
07/15/2024 Paydown 02582JJT8 600,000.00 American Express Credit Trust 2022-2 A
3.39% Due 5/17/2027
0.00 1,695.00 1,695.00
07/20/2024 Interest 06051GGF0 600,000.00 Bank of America Corp Callable Note 1/20/2027
3.824% Due 1/20/2028
0.00 11,472.00 11,472.00
07/21/2024 Paydown 438123AC5 500,000.00 Honda Auto Receivables OT 2023-4 A3
5.67% Due 6/21/2028
0.00 2,362.50 2,362.50
07/21/2024 Paydown 43815JAC7 120,000.00 Honda Auto Receivables Owner 2023-1 A3
5.04% Due 4/21/2027
0.00 504.00 504.00
07/22/2024 Interest 61744YAK4 500,000.00 Morgan Stanley Callable Note 1X 7/22/2027
3.591% Due 7/22/2028
0.00 8,977.50 8,977.50
07/25/2024 Paydown 05593AAC3 435,000.00 BMW Vehicle Lease Trust 2023-1 A3
5.16% Due 11/25/2025
42,918.66 1,686.65 44,605.31
07/25/2024 Paydown 3137BVZ82 700,000.00 FHLMC K063
3.43% Due 1/25/2027
0.00 2,000.83 2,000.83
07/25/2024 Paydown 3137FBBX3 240,000.00 FHLMC K068 A2
3.244% Due 8/25/2027
0.00 648.80 648.80
07/25/2024 Paydown 3137FBU79 500,000.00 FHLMC K069 A2
3.187% Due 9/25/2027
0.00 1,327.92 1,327.92
07/25/2024 Paydown 3137FG6X8 780,000.00 FHLMC K077 A2
3.85% Due 5/25/2028
13,656.78 2,242.95 15,899.73
07/25/2024 Paydown 05592XAD2 90,000.00 BMW Vehicle Owner Trust 2023-A A3
5.47% Due 2/25/2028
0.00 410.25 410.25
07/25/2024 Paydown 3137F1G44 450,000.00 FHLMC K065 A2
3.243% Due 4/25/2027
0.00 1,216.13 1,216.13
07/25/2024 Paydown 3137FETN0 670,000.00 FHLMC K073 A2
3.35% Due 1/25/2028
0.00 1,870.42 1,870.42
JUL 2024 834,333.09 119,718.62 954,051.71
08/01/2024 Interest 06368LGV2 600,000.00 Bank of Montreal Callable Note Cont 1/1/2028
5.203% Due 2/1/2028
0.00 15,609.00 15,609.00
Execution Time: 1/4/2024 1:41:15 AMChandler Asset Management - CONFIDENTIAL Page 36
Cash Flow Report
As of December 31, 2023
San Rafael Consolidated
Account #11047
Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount
08/14/2024 Interest 3133EPSW6 560,000.00 FFCB Note
4.5% Due 8/14/2026
0.00 12,600.00 12,600.00
08/15/2024 Maturity 912828D56 1,000,000.00 US Treasury Note
2.375% Due 8/15/2024
1,000,000.00 11,875.00 1,011,875.00
08/15/2024 Paydown 161571HT4 495,000.00 Chase Issuance Trust 23-A1 A
5.16% Due 9/15/2028
0.00 2,128.50 2,128.50
08/15/2024 Paydown 47800CAC0 880,000.00 John Deere Owner Trust 2023-A A3
5.01% Due 11/15/2027
17,488.03 3,171.34 20,659.37
08/15/2024 Paydown 58768PAC8 260,000.00 Mercedes-Benz Auto Receivables 2022-1 A3
5.21% Due 8/16/2027
10,387.67 1,039.22 11,426.89
08/15/2024 Paydown 89239HAD0 350,000.00 Toyota Auto Receivables Owner 20222-D A3
5.3% Due 9/15/2027
15,386.53 1,545.83 16,932.36
08/15/2024 Paydown 05522RDF2 440,000.00 Bank of America Credit Card Tr 2022-A2 A2
5% Due 4/15/2028
0.00 1,833.33 1,833.33
08/15/2024 Paydown 02582JJT8 600,000.00 American Express Credit Trust 2022-2 A
3.39% Due 5/17/2027
0.00 1,695.00 1,695.00
08/15/2024 Paydown 02582JKD1 490,000.00 American Express Credit Trust 2023-3 A
5.23% Due 9/15/2028
0.00 2,135.58 2,135.58
08/15/2024 Paydown 891941AD8 300,000.00 Toyota Auto Receivables Owner 2023-B A3
4.71% Due 2/15/2028
0.00 1,177.50 1,177.50
08/21/2024 Maturity 3133EPBF1 1,000,000.00 FFCB Note
4.875% Due 8/21/2024
1,000,000.00 24,375.00 1,024,375.00
08/21/2024 Paydown 43815JAC7 120,000.00 Honda Auto Receivables Owner 2023-1 A3
5.04% Due 4/21/2027
0.00 504.00 504.00
08/21/2024 Paydown 438123AC5 500,000.00 Honda Auto Receivables OT 2023-4 A3
5.67% Due 6/21/2028
0.00 2,362.50 2,362.50
08/25/2024 Paydown 3137FETN0 670,000.00 FHLMC K073 A2
3.35% Due 1/25/2028
0.00 1,870.42 1,870.42
08/25/2024 Paydown 3137BVZ82 700,000.00 FHLMC K063
3.43% Due 1/25/2027
0.00 2,000.83 2,000.83
08/25/2024 Paydown 3137F1G44 450,000.00 FHLMC K065 A2
3.243% Due 4/25/2027
0.00 1,216.13 1,216.13
08/25/2024 Paydown 3137FG6X8 780,000.00 FHLMC K077 A2
3.85% Due 5/25/2028
13,706.86 2,199.13 15,905.99
Execution Time: 1/4/2024 1:41:15 AMChandler Asset Management - CONFIDENTIAL Page 37
Cash Flow Report
As of December 31, 2023
San Rafael Consolidated
Account #11047
Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount
08/25/2024 Paydown 05592XAD2 90,000.00 BMW Vehicle Owner Trust 2023-A A3
5.47% Due 2/25/2028
0.00 410.25 410.25
08/25/2024 Paydown 05593AAC3 435,000.00 BMW Vehicle Lease Trust 2023-1 A3
5.16% Due 11/25/2025
43,083.21 1,502.11 44,585.32
08/25/2024 Paydown 3137FBBX3 240,000.00 FHLMC K068 A2
3.244% Due 8/25/2027
0.00 648.80 648.80
08/25/2024 Paydown 3137FBU79 500,000.00 FHLMC K069 A2
3.187% Due 9/25/2027
12,372.38 1,327.92 13,700.30
08/28/2024 Interest 3130AV7L0 1,100,000.00 FHLB Note
5% Due 2/28/2025
0.00 27,500.00 27,500.00
08/31/2024 Interest 91282CAJ0 1,200,000.00 US Treasury Note
0.25% Due 8/31/2025
0.00 1,500.00 1,500.00
08/31/2024 Interest 91282CBQ3 500,000.00 US Treasury Note
0.5% Due 2/28/2026
0.00 1,250.00 1,250.00
AUG 2024 2,112,424.68 123,477.39 2,235,902.07
09/12/2024 Interest 3130ATHT7 1,300,000.00 FHLB Note
4.375% Due 9/12/2025
0.00 28,437.50 28,437.50
09/13/2024 Interest 46647PBH8 600,000.00 JP Morgan Chase & Co Callable Note Mthly
3/13/2025
2.005% Due 3/13/2026
0.00 6,015.00 6,015.00
09/15/2024 Interest 91282CHY0 900,000.00 US Treasury Note
4.625% Due 9/15/2026
0.00 20,812.50 20,812.50
09/15/2024 Paydown 02582JJT8 600,000.00 American Express Credit Trust 2022-2 A
3.39% Due 5/17/2027
0.00 1,695.00 1,695.00
09/15/2024 Paydown 05522RDF2 440,000.00 Bank of America Credit Card Tr 2022-A2 A2
5% Due 4/15/2028
0.00 1,833.33 1,833.33
09/15/2024 Paydown 161571HT4 495,000.00 Chase Issuance Trust 23-A1 A
5.16% Due 9/15/2028
0.00 2,128.50 2,128.50
09/15/2024 Paydown 58768PAC8 260,000.00 Mercedes-Benz Auto Receivables 2022-1 A3
5.21% Due 8/16/2027
10,433.20 994.12 11,427.32
09/15/2024 Paydown 47800CAC0 880,000.00 John Deere Owner Trust 2023-A A3
5.01% Due 11/15/2027
17,561.04 3,098.33 20,659.37
09/15/2024 Paydown 89239HAD0 350,000.00 Toyota Auto Receivables Owner 20222-D A3
5.3% Due 9/15/2027
15,435.24 1,477.88 16,913.12
Execution Time: 1/4/2024 1:41:15 AMChandler Asset Management - CONFIDENTIAL Page 38
Cash Flow Report
As of December 31, 2023
San Rafael Consolidated
Account #11047
Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount
09/15/2024 Paydown 02582JKD1 490,000.00 American Express Credit Trust 2023-3 A
5.23% Due 9/15/2028
0.00 2,135.58 2,135.58
09/15/2024 Paydown 891941AD8 300,000.00 Toyota Auto Receivables Owner 2023-B A3
4.71% Due 2/15/2028
0.00 1,177.50 1,177.50
09/21/2024 Paydown 438123AC5 500,000.00 Honda Auto Receivables OT 2023-4 A3
5.67% Due 6/21/2028
0.00 2,362.50 2,362.50
09/21/2024 Paydown 43815JAC7 120,000.00 Honda Auto Receivables Owner 2023-1 A3
5.04% Due 4/21/2027
0.00 504.00 504.00
09/25/2024 Paydown 05593AAC3 435,000.00 BMW Vehicle Lease Trust 2023-1 A3
5.16% Due 11/25/2025
43,248.41 1,316.84 44,565.25
09/25/2024 Paydown 3137FBBX3 240,000.00 FHLMC K068 A2
3.244% Due 8/25/2027
0.00 648.80 648.80
09/25/2024 Paydown 3137FBU79 500,000.00 FHLMC K069 A2
3.187% Due 9/25/2027
12,413.18 1,295.06 13,708.24
09/25/2024 Paydown 05592XAD2 90,000.00 BMW Vehicle Owner Trust 2023-A A3
5.47% Due 2/25/2028
0.00 410.25 410.25
09/25/2024 Paydown 3137F1G44 450,000.00 FHLMC K065 A2
3.243% Due 4/25/2027
0.00 1,216.13 1,216.13
09/25/2024 Paydown 3137BVZ82 700,000.00 FHLMC K063
3.43% Due 1/25/2027
0.00 2,000.83 2,000.83
09/25/2024 Paydown 3137FETN0 670,000.00 FHLMC K073 A2
3.35% Due 1/25/2028
0.00 1,870.42 1,870.42
09/25/2024 Paydown 3137FG6X8 780,000.00 FHLMC K077 A2
3.85% Due 5/25/2028
13,757.11 2,155.16 15,912.27
09/30/2024 Interest 69371RS49 600,000.00 Paccar Financial Corp Note
4.45% Due 3/30/2026
0.00 13,350.00 13,350.00
09/30/2024 Interest 91282CFM8 750,000.00 US Treasury Note
4.125% Due 9/30/2027
0.00 15,468.75 15,468.75
09/30/2024 Interest 91282CJA0 500,000.00 US Treasury Note
4.625% Due 9/30/2028
0.00 11,562.50 11,562.50
09/30/2024 Interest 91282CAM3 500,000.00 US Treasury Note
0.25% Due 9/30/2025
0.00 625.00 625.00
09/30/2024 Maturity 9128282Y5 1,000,000.00 US Treasury Note
2.125% Due 9/30/2024
1,000,000.00 10,625.00 1,010,625.00
Execution Time: 1/4/2024 1:41:15 AMChandler Asset Management - CONFIDENTIAL Page 39
Cash Flow Report
As of December 31, 2023
San Rafael Consolidated
Account #11047
Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount
SEP 2024 1,112,848.18 135,216.48 1,248,064.66
10/15/2024 Interest 91282CJC6 500,000.00 US Treasury Note
4.625% Due 10/15/2026
0.00 11,562.50 11,562.50
10/15/2024 Paydown 05522RDF2 440,000.00 Bank of America Credit Card Tr 2022-A2 A2
5% Due 4/15/2028
0.00 1,833.33 1,833.33
10/15/2024 Paydown 02582JKD1 490,000.00 American Express Credit Trust 2023-3 A
5.23% Due 9/15/2028
0.00 2,135.58 2,135.58
10/15/2024 Paydown 47800CAC0 880,000.00 John Deere Owner Trust 2023-A A3
5.01% Due 11/15/2027
17,634.36 3,025.01 20,659.37
10/15/2024 Paydown 891941AD8 300,000.00 Toyota Auto Receivables Owner 2023-B A3
4.71% Due 2/15/2028
0.00 1,177.50 1,177.50
10/15/2024 Paydown 89239HAD0 350,000.00 Toyota Auto Receivables Owner 20222-D A3
5.3% Due 9/15/2027
15,484.13 1,409.70 16,893.83
10/15/2024 Paydown 02582JJT8 600,000.00 American Express Credit Trust 2022-2 A
3.39% Due 5/17/2027
0.00 1,695.00 1,695.00
10/15/2024 Paydown 161571HT4 495,000.00 Chase Issuance Trust 23-A1 A
5.16% Due 9/15/2028
0.00 2,128.50 2,128.50
10/15/2024 Paydown 58768PAC8 260,000.00 Mercedes-Benz Auto Receivables 2022-1 A3
5.21% Due 8/16/2027
10,478.92 948.83 11,427.75
10/21/2024 Paydown 438123AC5 500,000.00 Honda Auto Receivables OT 2023-4 A3
5.67% Due 6/21/2028
0.00 2,362.50 2,362.50
10/21/2024 Paydown 43815JAC7 120,000.00 Honda Auto Receivables Owner 2023-1 A3
5.04% Due 4/21/2027
6,100.63 504.00 6,604.63
10/25/2024 Paydown 05593AAC3 435,000.00 BMW Vehicle Lease Trust 2023-1 A3
5.16% Due 11/25/2025
43,414.22 1,130.88 44,545.10
10/25/2024 Paydown 3137FBBX3 240,000.00 FHLMC K068 A2
3.244% Due 8/25/2027
0.00 648.80 648.80
10/25/2024 Paydown 3137FETN0 670,000.00 FHLMC K073 A2
3.35% Due 1/25/2028
0.00 1,870.42 1,870.42
10/25/2024 Paydown 3137FG6X8 780,000.00 FHLMC K077 A2
3.85% Due 5/25/2028
13,807.55 2,111.02 15,918.57
10/25/2024 Paydown 05592XAD2 90,000.00 BMW Vehicle Owner Trust 2023-A A3
5.47% Due 2/25/2028
0.00 410.25 410.25
Execution Time: 1/4/2024 1:41:15 AMChandler Asset Management - CONFIDENTIAL Page 40
Cash Flow Report
As of December 31, 2023
San Rafael Consolidated
Account #11047
Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount
10/25/2024 Paydown 3137BVZ82 700,000.00 FHLMC K063
3.43% Due 1/25/2027
0.00 2,000.83 2,000.83
10/25/2024 Paydown 3137F1G44 450,000.00 FHLMC K065 A2
3.243% Due 4/25/2027
0.00 1,216.13 1,216.13
10/25/2024 Paydown 3137FBU79 500,000.00 FHLMC K069 A2
3.187% Due 9/25/2027
12,454.12 1,262.09 13,716.21
10/26/2024 Interest 06406RBQ9 350,000.00 Bank of NY Mellon Corp Callable Note Cont
4/26/2026
4.947% Due 4/26/2027
0.00 8,657.25 8,657.25
10/31/2024 Interest 91282CBW0 500,000.00 US Treasury Note
0.75% Due 4/30/2026
0.00 1,875.00 1,875.00
10/31/2024 Maturity 912828YM6 1,000,000.00 US Treasury Note
1.5% Due 10/31/2024
1,000,000.00 7,500.00 1,007,500.00
OCT 2024 1,119,373.93 57,465.12 1,176,839.05
11/03/2024 Interest 00440EAV9 500,000.00 Chubb INA Holdings Inc Callable Note Cont 2/3/2026
3.35% Due 5/3/2026
0.00 8,375.00 8,375.00
11/11/2024 Interest 166764BW9 700,000.00 Chevron Corp Callable Note Cont 4/11/2025
1.554% Due 5/11/2025
0.00 5,439.00 5,439.00
11/15/2024 Interest 74456QBS4 337,000.00 Public Service El & Gas Callable Note Cont 2/15/2027
3% Due 5/15/2027
0.00 5,055.00 5,055.00
11/15/2024 Interest 341081GR2 550,000.00 Florida Power and Light Callable Note Cont
4/15/2026
4.45% Due 5/15/2026
0.00 12,237.50 12,237.50
11/15/2024 Paydown 47800CAC0 880,000.00 John Deere Owner Trust 2023-A A3
5.01% Due 11/15/2027
17,707.98 2,951.39 20,659.37
11/15/2024 Paydown 891941AD8 300,000.00 Toyota Auto Receivables Owner 2023-B A3
4.71% Due 2/15/2028
0.00 1,177.50 1,177.50
11/15/2024 Paydown 89239HAD0 350,000.00 Toyota Auto Receivables Owner 20222-D A3
5.3% Due 9/15/2027
15,533.16 1,341.32 16,874.48
11/15/2024 Paydown 05522RDF2 440,000.00 Bank of America Credit Card Tr 2022-A2 A2
5% Due 4/15/2028
0.00 1,833.33 1,833.33
11/15/2024 Paydown 161571HT4 495,000.00 Chase Issuance Trust 23-A1 A
5.16% Due 9/15/2028
0.00 2,128.50 2,128.50
Execution Time: 1/4/2024 1:41:15 AMChandler Asset Management - CONFIDENTIAL Page 41
Cash Flow Report
As of December 31, 2023
San Rafael Consolidated
Account #11047
Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount
11/15/2024 Paydown 58768PAC8 260,000.00 Mercedes-Benz Auto Receivables 2022-1 A3
5.21% Due 8/16/2027
10,524.86 903.33 11,428.19
11/15/2024 Paydown 02582JKD1 490,000.00 American Express Credit Trust 2023-3 A
5.23% Due 9/15/2028
0.00 2,135.58 2,135.58
11/15/2024 Paydown 02582JJT8 600,000.00 American Express Credit Trust 2022-2 A
3.39% Due 5/17/2027
0.00 1,695.00 1,695.00
11/17/2024 Interest 58933YBH7 130,000.00 Merck & Co Callable Note Cont 4/17/2028
4.05% Due 5/17/2028
0.00 2,632.50 2,632.50
11/17/2024 Interest 3130AXU63 500,000.00 Federal Home Loan Banks Note
4.625% Due 11/17/2026
0.00 11,562.50 11,562.50
11/21/2024 Paydown 438123AC5 500,000.00 Honda Auto Receivables OT 2023-4 A3
5.67% Due 6/21/2028
0.00 2,362.50 2,362.50
11/21/2024 Paydown 43815JAC7 120,000.00 Honda Auto Receivables Owner 2023-1 A3
5.04% Due 4/21/2027
6,124.02 478.38 6,602.40
11/25/2024 Paydown 3137F1G44 450,000.00 FHLMC K065 A2
3.243% Due 4/25/2027
0.00 1,216.13 1,216.13
11/25/2024 Paydown 3137FETN0 670,000.00 FHLMC K073 A2
3.35% Due 1/25/2028
0.00 1,870.42 1,870.42
11/25/2024 Paydown 05593AAC3 435,000.00 BMW Vehicle Lease Trust 2023-1 A3
5.16% Due 11/25/2025
43,580.69 944.19 44,524.88
11/25/2024 Paydown 3137BVZ82 700,000.00 FHLMC K063
3.43% Due 1/25/2027
0.00 2,000.83 2,000.83
11/25/2024 Paydown 05592XAD2 90,000.00 BMW Vehicle Owner Trust 2023-A A3
5.47% Due 2/25/2028
0.00 410.25 410.25
11/25/2024 Paydown 3137FBBX3 240,000.00 FHLMC K068 A2
3.244% Due 8/25/2027
0.00 648.80 648.80
11/25/2024 Paydown 3137FBU79 500,000.00 FHLMC K069 A2
3.187% Due 9/25/2027
12,495.19 1,229.01 13,724.20
11/25/2024 Paydown 3137FG6X8 780,000.00 FHLMC K077 A2
3.85% Due 5/25/2028
13,858.18 2,066.72 15,924.90
11/30/2024 Interest 9128285N6 500,000.00 US Treasury Note
2.875% Due 11/30/2025
0.00 7,187.50 7,187.50
11/30/2024 Interest 9128286X3 500,000.00 US Treasury Note
2.125% Due 5/31/2026
0.00 5,312.50 5,312.50
Execution Time: 1/4/2024 1:41:15 AMChandler Asset Management - CONFIDENTIAL Page 42
Cash Flow Report
As of December 31, 2023
San Rafael Consolidated
Account #11047
Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount
11/30/2024 Maturity 912828YV6 700,000.00 US Treasury Note
1.5% Due 11/30/2024
700,000.00 5,250.00 705,250.00
NOV 2024 819,824.08 90,444.68 910,268.76
12/06/2024 Interest 3130AWER7 775,000.00 FHLB Note
4.625% Due 6/6/2025
0.00 17,921.88 17,921.88
12/08/2024 Interest 24422EWX3 500,000.00 John Deere Capital Corp Note
4.75% Due 6/8/2026
0.00 11,875.00 11,875.00
12/10/2024 Interest 3130ATUS4 500,000.00 FHLB Note
4.25% Due 12/10/2027
0.00 10,625.00 10,625.00
12/12/2024 Interest 3130AWGR5 525,000.00 FHLB Note
4.375% Due 6/12/2026
0.00 11,484.38 11,484.38
12/12/2024 Interest 3130ATUC9 1,000,000.00 FHLB Note
4.5% Due 12/12/2025
0.00 22,500.00 22,500.00
12/15/2024 Paydown 05522RDF2 440,000.00 Bank of America Credit Card Tr 2022-A2 A2
5% Due 4/15/2028
0.00 1,833.33 1,833.33
12/15/2024 Paydown 161571HT4 495,000.00 Chase Issuance Trust 23-A1 A
5.16% Due 9/15/2028
0.00 2,128.50 2,128.50
12/15/2024 Paydown 47800CAC0 880,000.00 John Deere Owner Trust 2023-A A3
5.01% Due 11/15/2027
17,781.91 2,877.46 20,659.37
12/15/2024 Paydown 58768PAC8 260,000.00 Mercedes-Benz Auto Receivables 2022-1 A3
5.21% Due 8/16/2027
10,571.00 857.63 11,428.63
12/15/2024 Paydown 89239HAD0 350,000.00 Toyota Auto Receivables Owner 20222-D A3
5.3% Due 9/15/2027
15,582.35 1,272.71 16,855.06
12/15/2024 Paydown 02582JJT8 600,000.00 American Express Credit Trust 2022-2 A
3.39% Due 5/17/2027
0.00 1,695.00 1,695.00
12/15/2024 Paydown 02582JKD1 490,000.00 American Express Credit Trust 2023-3 A
5.23% Due 9/15/2028
0.00 2,135.58 2,135.58
12/15/2024 Paydown 891941AD8 300,000.00 Toyota Auto Receivables Owner 2023-B A3
4.71% Due 2/15/2028
0.00 1,177.50 1,177.50
12/21/2024 Paydown 438123AC5 500,000.00 Honda Auto Receivables OT 2023-4 A3
5.67% Due 6/21/2028
0.00 2,362.50 2,362.50
12/21/2024 Paydown 43815JAC7 120,000.00 Honda Auto Receivables Owner 2023-1 A3
5.04% Due 4/21/2027
6,147.50 452.66 6,600.16
Execution Time: 1/4/2024 1:41:15 AMChandler Asset Management - CONFIDENTIAL Page 43
Cash Flow Report
As of December 31, 2023
San Rafael Consolidated
Account #11047
Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount
12/25/2024 Paydown 05593AAC3 435,000.00 BMW Vehicle Lease Trust 2023-1 A3
5.16% Due 11/25/2025
43,747.77 756.80 44,504.57
12/25/2024 Paydown 3137FG6X8 780,000.00 FHLMC K077 A2
3.85% Due 5/25/2028
13,908.99 2,022.26 15,931.25
12/25/2024 Paydown 05592XAD2 90,000.00 BMW Vehicle Owner Trust 2023-A A3
5.47% Due 2/25/2028
0.00 410.25 410.25
12/25/2024 Paydown 3137FBU79 500,000.00 FHLMC K069 A2
3.187% Due 9/25/2027
12,536.39 1,195.83 13,732.22
12/25/2024 Paydown 3137BVZ82 700,000.00 FHLMC K063
3.43% Due 1/25/2027
0.00 2,000.83 2,000.83
12/25/2024 Paydown 3137F1G44 450,000.00 FHLMC K065 A2
3.243% Due 4/25/2027
0.00 1,216.13 1,216.13
12/25/2024 Paydown 3137FBBX3 240,000.00 FHLMC K068 A2
3.244% Due 8/25/2027
0.00 648.80 648.80
12/25/2024 Paydown 3137FETN0 670,000.00 FHLMC K073 A2
3.35% Due 1/25/2028
0.00 1,870.42 1,870.42
DEC 2024 120,275.91 101,320.45 221,596.36
TOTAL 15,811,012.95 1,752,857.19 17,563,870.14
Execution Time: 1/4/2024 1:41:15 AMChandler Asset Management - CONFIDENTIAL Page 44
Important DisclosuresSan Rafael Consolidated
Account #11047
Chandler Asset Management, Inc. ;͞Chandler͟Ϳis an SEC registered investment adviser. For additional information about our firm, please see our current disclosures (Form ADV). To
obtain a copy of our current disclosures, you may contact your client service representative by calling the number on the front of this statement or you may visit our website at
www.chandlerasset.com.
Information contained in this monthly statement is confidential and is provided for informational purposes only and should not be construed as specific investment or legal advice. The
information contained herein was obtained from sources believed to be reliable as of the date of this statement, but may become outdated or superseded at any time without
notice.
Custody: Your qualified custodian bank maintains control of all assets reflected in this statement and we urge you to compare this statement to the one you receive from your qualified
custodian. Chandler does not have any authority to withdraw or deposit funds from/to the custodian account.
Valuation: 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: 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.
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 IS AT LICENSEE'S OWN RISK. ICE
DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY DO NOT SPONSOR, ENDORSE, OR RECOMMEND CHANDLER, OR ANY OF ITS PRODUCTS OR SERVICES.
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.
Ratings: Ratings information have been provided by Moody͛s, 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 ;͞MBS͟Ϳreflect 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.
Execution Time: 1/4/2024 1:41:15 AMChandler Asset Management - CONFIDENTIAL Page 45