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Home My WebLink AboutFin City Quarterly Investment Report____________________________________________________________________________________ FOR CITY CLERK ONLY Council Meeting: May 6, 2024 Disposition: Accepted report Agenda Item No: 4.f Meeting Date: May 6, 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 MARCH 31, 2024 RECOMMENDATION: Accept the investment report for the quarter ending March 31, 2024, as presented. BACKGROUND: Under 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. The report includes 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 the San Rafael Redevelopment Agency. The City invests some 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 March 31, 2024, the City’s Treasury consisted of investments with a total market value of $101,071,729 consisting of $53,463,594 in the City’s primary Local Agency Investment Fund (LAIF) account and $47,608,135 in externally managed investments (which includes $986,700 of Pt. San Pedro Assessment District bonds). An additional $10,755,599 represents cash balances in the City’s various operating bank accounts, including Westamerica Bank ($10,055,705), Bank of the Marin ($349,398), and Bank of Montreal ($350,496). The overall return on the total portfolio for the quarter ending March 31, 2024, was 3.94%, with a weighted average maturity of 0.97 years. The yield on the portfolio results from an effective yield of 4.27% for the City’s investments in the Local Agency Investment Fund and a yield of 3.57% for the externally managed investments. While the total portfolio’s performance continues to improve in each of the last several SAN RAFAEL CITY COUNCIL AGENDA REPORT / Page: 2 quarters, the performance falls short of the established benchmark (1-year Treasury Bill) yield of 5.03%. This unfavorable variance is typical of a rising interest environment, and the portfolio’s performance 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 maintains strong diversification and is experiencing growth in interest income due to higher market rates. All investments comply with the City’s investment policy and California Government Code. Economic Outlook: At their March meeting, the Federal Open Market Committee voted to keep the target Federal rate in the 5.25 - 5.50% range. The Fed’s Summary of Economic Projections also showed a stronger real gross domestic product (GDP) growth outlook and higher core inflation projections for 2024 based on resilient labor market and consumer data. The median projection for the Federal Funds rate by year-end is 4.625%, implying three 0.25% rate cuts between now and year-end. The City will continue to watch market trends and refine its investment strategy, as appropriate, to improve the investment portfolio’s performance 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 3. The City’s Investment Report from Chandler Asset Management for the period ending March 31, 2024, which includes a listing of all holdings and transaction activity details for the reporting period FISCAL IMPACT: No financial impact occurs by adopting the report. The City continues to meet the priority investment principles - safety, liquidity, yield, and diversification. The portfolio is still conservatively invested, and sufficient liquidity exists to meet daily operating and capital project requirements for the next six months. As defined for this report, operating funds exclude cash held with fiscal agents to pay bond principal and interest. RECOMMENDED ACTION: Accept the investment report for the quarter ending March 31, 2024, as presented. ATTACHMENTS: Exhibit A: 1.Quarterly Investment Portfolio Report 2.Historical Activity by Quarter Report 3.Chandler Asset Management – Investment Report: Period Ending March 31, 2024 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 53,463,594$ 100.0% 4.27% Total Internally Managed 53,463,594$ 52.9% Weighted Average Yield 4.27% Days Effective Average Duration - Internal 1 Weighted Average Maturity - Internal 1 % Yield Money Market Fund 287,457$ 0.6% 4.89% Treasury Securities 13,932,479$ 29.3% 2.79% Instrumentality Securities 12,165,418$ 25.6% 2.91% Corporate Notes 10,855,380$ 22.8% 4.45% Asset-Backed 5,253,902$ 11.0% 4.82% Cash (Receivable) 608,112$ 0.0% 0.00% CMO 3,212,043$ 6.7% 4.36% Supranational 306,643$ 0.6% 4.53% Pt. San Pedro Assessment District 986,700$ 2.1% 5.25% Total Externally Managed 47,608,135$ 47.1% Weighted Average Yield 3.57% Years Effective Average Duration - External 1.71 Weighted Average Maturity - External 2.13 Total Portfolio Assets % Yield LAIF 53,463,594$ 52.9% 4.27% Money Market Fund 287,457$ 0.3% 4.89% Treasury Securities 13,932,479$ 13.8% 2.79% Instrumentality Securities 12,165,418$ 12.0% 2.91% Corporate Notes 10,855,380$ 10.7% 4.45% Asset-Backed 5,253,902$ 5.2% 4.82% Cash (Receivable) 608,112$ 0.6% 0.00% CMO 3,212,043$ 3.2% 4.36% Supranational 306,643$ 0.3% 4.53% Pt. San Pedro Assessment District 986,700$ 1.0% 5.25% Total Portfolio Assets 101,071,729$ 100.0% Weighted Average Yield 3.94% Years Effective Average Duration - Total 0.81 Weighted Average Maturity - Total 0.97 Based on Market Values March 31, 2024 City of San Rafael Quarterly Investment Portfolio Report Externally Managed Assets Internally Managed Assets LAIF 100% Money Market Fund 0.6% Treasury Securities 29.3% Instrumentality Securities 25.6% Corporate Notes 22.8% Asset-Backed 11.0% Cash (Receivable) 0.0% CMO 6.7%Supranational 0.6% Pt. San Pedro Assessment District 2.1% LAIF 52.9% Money Market Fund 0.3% Treasury Securities 13.8% Instrumentality Securities 12.0% Corporate Notes 10.7% Asset-Backed 5.2% Cash (Receivable) 0.6% CMO 3.2%Supranational 0.3% Pt. San Pedro Assessment District 1.0% Internally Managed Assets % Return % Return % Return % Return LAIF 53,463,594$ 100.0% 4.27% 53,749,175$ 100.0% 3.95% 51,292,954$ 100.0% 3.61% 50,929,996$ 100.0% 3.26% Total Internally Managed 53,463,594$ 52.9%53,749,175$ 53.5%51,292,954$ 52.9%50,929,996$ 52.9% Weighted Average Yield 4.27% 3.95% 3.61% 3.26% Externally Managed Assets % Return % Return % Return % Return Cash 608,112$ 0.0% 0.00% 144,864$ 0.3% 4.95% 74,981$ 0.2% 4.95% 844,916$ 1.9% 4.72% Money Market Fund 287,457$ 0.6% 4.89% -$ 0.0% 0.00% -$ 0.0% 0.00% -$ 0.0% 0.00% Treasury Securities 13,932,479$ 29.3% 2.79% 14,202,153$ 31.1% 2.62% 14,031,449$ 30.8% 2.14% 15,306,595$ 33.7% 1.75% Instrumentality Securities 12,165,418$ 25.6% 2.91% 12,158,514$ 26.7% 2.92% 11,497,923$ 25.2% 2.86% 11,496,767$ 25.3% 2.72% Corporate Notes 10,855,380$ 22.8% 4.45% 10,338,726$ 22.7% 3.79% 11,108,352$ 24.3% 3.48% 10,100,915$ 22.2% 2.41% Asset Backed 5,253,902$ 11.0% 4.82% 4,980,172$ 10.9% 5.03% 4,112,279$ 9.0% 4.97% 3,048,660$ 6.7% 4.86% Negotiable CD -$ 0.0% 0.00% 374,910$ 0.8% 5.34% 374,472$ 0.8% 5.34% 373,787$ 0.8% 5.34% Collateralized Mortgage Obligations (CMO) 3,212,043$ 6.7% 4.36% 3,232,602$ 7.1% 4.57% 3,135,264$ 6.9% 4.57% 3,185,252$ 7.0% 4.57% Supranational 306,643$ 0.6% 4.53% 311,379$ 0.7% 4.53% 301,398$ 0.7% 4.53% Municipal/Assessment District 986,700$ 2.1% 5.25% 986,700$ 2.2% 5.25% 986,700$ 2.2% 5.25% 1,075,200$ 2.4% 5.25% Total Externally Managed 47,608,135$ 47.1%46,730,020$ 46.5%45,622,818$ 47.1%45,432,092$ 47.1% Weighted Average Yield 3.57% 3.53% 3.18% 2.72% Years Years Years Years Effective Average Duration - External 1.71 1.71 1.63 1.63 Weighted Average Maturity - External 2.13 2.13 1.92 1.92 Total Portfolio Assets % Return % Return % Return % Return LAIF 53,463,594$ 55.2% 4.27% 53,749,175$ 53.5% 3.95% 51,292,954$ 52.9% 3.61% 50,929,996$ 52.9% 3.26% Cash 608,112$ 0.6% 0.00% 144,864$ 0.1% 4.95% 74,981$ 0.1% 4.95% 844,916$ 0.9% 4.72% Money Market Fund 287,457$ 0.3% 4.89% -$ 0.0% 0.00% -$ 0.0% 0.00% -$ 0.0% 0.00% Treasury Securities 13,932,479$ 14.4% 2.79% 14,202,153$ 14.1% 2.62% 14,031,449$ 14.5% 2.14% 15,306,595$ 15.9% 1.75% Instrumentality Securities 12,165,418$ 12.6% 2.91% 12,158,514$ 12.1% 2.92% 11,497,923$ 11.9% 2.86% 11,496,767$ 11.9% 2.72% Corporate Notes 10,855,380$ 11.2% 4.45% 10,338,726$ 10.3% 3.79% 11,108,352$ 11.5% 3.48% 10,100,915$ 10.5% 2.41% Asset Backed 5,253,902$ 5.4% 4.82% 4,980,172$ 5.0% 5.03% 4,112,279$ 4.2% 4.97% 3,048,660$ 3.2% 4.86% Negotiable CD -$ 0.0% 0.00% 374,910$ 0.4% 5.34% 374,472$ 0.4% 5.34% 373,787$ 0.4% 5.34% Collateralized Mortgage Obligations (CMO) 3,212,043$ 3.3% 4.36% 3,232,602$ 3.2% 4.57% 3,135,264$ 3.2% 4.57% 3,185,252$ 3.3% 4.57% Supranational 306,643$ 0.3% 4.53% 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% 986,700$ 1.0% 5.25% 1,075,200$ 1.1% 5.25% Total Portfolio Assets 101,071,729$ 104%100,479,195$ 100.0%96,915,772$ 100%96,362,087$ 100% Weighted Average Yield 3.94% 3.72% 3.41% 3.00% Years Years Years Years Effective Average Duration - Total 0.81 0.79 0.81 0.76 Weighted Average Maturity - Total 0.99 0.98 0.99 0.89 Performance Recap -The total portfolio assets increased by approximately $600 thousand during the quarter. This is reflective of the total investment earnings for the period March 31, 2024 -The weighted average quarterly portfolio yield increased from 3.72% to 3.94% during the past quarter. Yields are continue to rise as lower yielding investments mature and are replaced with higher yielding securities Historical Activity-By Quarter December 31, 2023 September 30, 2023 June 30, 2023 CHANDLER ASSET MANAGEMENT, INC. | 800.317.4747 | www.chandlerasset.com INVESTMENT REPORT Period Ending March 31, 2024 City of San Rafael I ,,;.,.& CHANDLER '-'--ASSET MANAGEMENT SECTION 1 Economic Update SECTION 2 Account Profile SECTION 3 Portfolio Holdings SECTION 4 Transactions Table of Contents As of March 31, 2024 1 I SECTION |Section 1 |Economic Update 2 Economic Update ▪ ▪ ▪ Recent economic data has shown above trend growth fueled by a rise in consumer spending and a continuing healthy US job market. Inflationary trends are subsiding,but core levels remain above the &ĞĚ͛Ɛtarget. Given the cumulative effects of restrictive monetary policy and tighter financial conditions, we believe the economy will gradually soften and the Fed will loosen monetary policy in 2024. As expected at the March meeting, the Federal Open Market Committee voted unanimously to leave the Federal Funds rate unchanged at a target range of 5.25 - 5.50%. The March Summary of Economic Projections (SEP) showed stronger real GDP growth outlook and higher core inflation projections for 2024 on resilient labor market and consumer data. The median projection for Federal Funds rate by year-end remained the same at 4.625%, implying three 0.25% cuts.We continue to believe the FOMC will loosen monetary policy in mid-2024 as inflation and economic growth continue to moderate. The US Treasury yield curve stabilized in March as the FOMC left the Federal Funds rate unchanged. The 2-year Treasury yield was unchanged at 4.62%, the 5-year Treasury fell 4 basis points to 4.21%, and the 10-year Treasury yield dropped 5 basis points to 4.20%. The inversion between the 2-year Treasury yield and 10-year Treasury yield widened to -42 basis points at March month-end versus -37 basis points at February month-end. The spread between the 2-year Treasury and 10-year Treasury yield one year ago was -56 basis points. The inversion between 3-month and 10-year Treasuries widened to -117 basis points in March from -113 basis points in February. 3 I Employment -400 -200 0 200 400 600 800 1,000 MO M C h a n g e I n T h o u s a n d s ( 0 0 0 ' s ) Nonfarm Payroll (000's) Non-farm Payroll (000's) 3-month average (000's) 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% Unemployment Rate Underemployment Rate (U6) Unemployment Rate (U3) Ra t e ( % ) The U.S. economy added a better-than-expected 303,000 jobs in March, and the prior two months were revised up by 22,000. Leading sectors included healthcare and government. Job creation remains healthy, with the three-month moving average payrolls at 276,000 and the six-month moving average at 244,000. The unemployment rate edged down to 3.8%in March. The labor participation rate ticked up to 62.7%but remained below the pre-pandemic level of 63.3%. The U-6 underemployment rate, which includes those who are marginally attached to the labor force and employed part time for economic reasons was unchanged at 7.3%. Average hourly earnings rose 4.1% year- over-year in March, down from 4.3% last month. Employment remains strong by historical standards. Source: US Department of Labor Source: US Department of Labor 4 I I ' I I I \ I \ Job Openings & Labor Turnover Survey 0 2,000 4,000 6,000 8,000 10,000 12,000 14,000 Job Openings Recession Historical Average In T h o u s a n d s ( 0 0 0 ' s ) The Labor Department’s Job Openings and Labor Turnover Survey (JOLTS) edged up to 8.756 million in February compared to a downwardly revised 8.748 million in January. Job openings still represent a healthy ratio of around 1.4 jobs for each unemployed individual. While the current level of job openings remains elevated from a historical perspective, the trend is decelerating. Source: US Department of Labor 5 I - Inflation 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 8.0% 9.0% 10.0% Consumer Price Index (CPI) CPI YOY % Change Core CPI YOY % Change YO Y ( % ) C h a n g e 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 8.0% 9.0% 10.0% Personal Consumption Expenditures (PCE) PCE Price Deflator YOY % Change PCE Core Deflator YOY % Change Fed Target YO Y ( % ) C h a n g e The Consumer Price Index (CPI) came in higher than expected in March, increasing 0.4% month-over-month and 3.5% year-over-year. The Core CPI, which excludes volatile food and energy components, was up 0.4% month-over-month and 3.8% year-over-year in March, unchanged from 3.8%in February. Energy costs accelerated during the month, and shelter costs remain elevated. The Personal Consumption Expenditures (PCE) Index headline inflation increased 0.3% month-over-month and rose 2.5% year-over-year in February,in line with expectations. Core PCE, the Federal Reserve’s preferred inflation gauge, increased 0.3% month-over-month and rose 2.8% year- over-year. While the trend is moderating, the path to the Fed's 2% inflation target remains uneven. Source: US Department of Labor Source: US Department of Commerce 6 I Consumer -30.0% -20.0% -10.0% 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% Retail Sales YOY % Change YO Y ( % ) C h a n g e March Retail Sales rose above expectations at +0.7% after a sizeable upward revision to +0.9%in February.On a year-over-year basis, Retail Sales growth increased 4.0% for March. Sales were supported by higher gas prices and higher volume sales in a busy travel period for spring break at schools,as well as strength fromnon-store retailers. The Conference Board’s Consumer Confidence Index edged down to 104.7 in March after a sizeable downward revision to 104.8 in February. The lower reading was largely due to a deteriorating view of the labor market and future business conditions, along with concerns about the highly polarized political environment. While the consumer has been resilient, dwindling excess savings, rising credit card balances, and the resumption of student loan payments pose potential headwinds to future economic growth. 0 20 40 60 80 100 120 140 160 In d e x L e v e l Consumer Confidence Recession Source: US Department of Commerce Source: The Conference Board All time high is 144.70 (1/31/00); All time low is 25.30 (2/28/09) 7 I Leading Indicators of Economic Activity -25.0% -20.0% -15.0% -10.0% -5.0% 0.0% 5.0% 10.0% 15.0% Leading Economic Indicators (LEI) Recession YO Y (% ) C h a n g e -1.00 -0.75 -0.50 -0.25 0.00 0.25 0.50 0.75 1.00 Chicago Fed National Activity Index (CFNAI) Recession 3 M o n t h A v e r a g e The Conference Board’s Leading Economic Index (LEI) rose to 0.1% month-over-month in February ending its 2-year uninterrupted contraction since February 2022.The index declined 6.3% year-over-year. The Conference Board is no longer calling for recession but expects GDP growth to slow to near zero this year. The Chicago Fed National Activity Index (CFNAI) increased +0.05 in February from a downwardly revised -0.54 in January.On a 3-month moving average basis, the CFNAI decreased to -0.18 in February from-0.11 in January, indicating moderating economic growth. Source: The Conference Board Source: Federal Reserve Bank of Chicago 8 I ■ ■ Housing 0 200 400 600 800 1,000 1,200 1,400 1,600 1,800 2,000 2,200 2,400 In T h o u s a n d s o f U n i t s Annualized Housing Starts Multi Family Housing Starts Single Family Housing Starts Housing Starts increased 10.7% month-over-month in February to 1.521 million units,due to milder weather than seen in January and some rising confidence among homebuilders as mortgage rates fell below 7%. Starts for multi-family homes increased 8.6%, while single family homes increased 11.6% for the month. Total starts of new single-family homes are up 35.2% year-over-year. According to Freddie Mac, 30-year fixed mortgage rates averaged 6.79%as of March 31st. According to the Case-Shiller 20-City Home Price Index, housing prices rose 6.59% year-over-year in January, accelerating from a 6.15% year-over-year gain in December. Tight inventories and higher mortgage rates continue to impact affordability. Source: US Department of Commerce Source: S&P -20.0% -16.0% -12.0% -8.0% -4.0% 0.0% 4.0% 8.0% 12.0% 16.0% 20.0% 24.0% S&P/Case -Shiller 20 City Composite Home Price Index Recession YOY ( % ) C h a n g e 9 I ----------------< ■ ---------1 ■ Survey Based Measures 40 45 50 55 60 65 70 Institute of Supply Management (ISM) Surveys ISM Manufacturing ISM Services EXPANDING CONTRACTING The Institute for Supply Management (ISM) Manufacturing index unexpectedly expanded to 50.3 in March from 47.8 in February, marking the first month of expansion in factory activity above a reading of 50 since 2022.Production and new orders surged, while employment improved and prices paid increased. The ISM Services Index fell to 51.4 in March from 52.6 in February but remained in expansion territory for the 15th consecutive month. The survey reflected slower growth in new orders, a contraction in employment, faster supplier deliveries, and declining price pressures. Source: Institute for Supply Management 10 I J ,--, ,_ ____________________ __;------/-\-------------------------- ,. I \ I\ I \ \ I \ ,.... \ "·.--,------------------------ \ Gross Domestic Product (GDP) Components of GDP 3/23 6/23 9/23 12/23 2.5% 0.6% 2.1% 2.2% -1.7% 0.9% 1.7% 0.2% 0.6% 0.0% 0.0% 0.3% 0.3% 0.1% 0.5% 0.2% 0.5% 0.5% 0.5% 0.6% 2.3% 2.1% 4.9% 3.4% Personal Consumption Expenditures Gross Private Domestic Investment Net Exports and Imports Federal Government Expenditures Total State and Local (Consumption and Gross Investment) -40.0% -30.0% -20.0% -10.0% 0.0% 10.0% 20.0% 30.0% 40.0% Gross Domestic Product (GDP) GDP QOQ % Change GDP YOY % Change Source: US Department of Commerce Source: US Department of Commerce According to the third estimate, fourth quarter GDP increased at an annualized rate of 3.4%, revised up from the second estimate of 3.2%. The upward revision was due mainly to stronger personal consumption expenditures and nonresidential investment. GDP growth for the full year 2023 is estimated at 2.5%. The consensus projection calls for 2.0% growth in the first quarter and 2.2% growth for the full year 2024. 11 I Federal Reserve Source: Federal Reserve Source: Bloomberg 0 1,000,000 2,000,000 3,000,000 4,000,000 5,000,000 6,000,000 7,000,000 8,000,000 9,000,000 10,000,000 Federal Reserve Balance Sheet Assets Recession In $ m i l l i o n s As expected at the March meeting, the Federal Open Market Committee voted unanimously to leave the federal funds rate unchanged at a target range of 5.25-5.50%. The FOMC Statement and Summary of Economic Projections (SEP) was minimally changed from January. The Fed assesses the progress to achieving its employment and inflation goals are moving into better balance, yet changes to monetary policy remain data dependent. For 2024, the March SEP showed stronger real GDP growth outlook of 2.1% from 1.4% in December as labor market and consumer data have been resilient. Core inflation projections nudged up from 2.4% to 2.6%. The median projection for the Federal Funds rate by the end of the year remained the same at 4.625%, implying three 0.25% cuts in 2024, three cuts in 2025 and three cuts in 2026. We believe the FOMC will loosen monetary policy in mid-2024 as inflation and economic growth continue to moderate. Since the Fed began its Quantitative Tightening campaign in June 2022, securities holdings have declined by over $1.5T to approximately $7.5T. 0.00% 1.00% 2.00% 3.00% 4.00% 5.00% 6.00% Effective Federal Funds Rate Recession Yi e l d ( % ) 12 I ■ I /~ ■ / ' ' ,, .... ~ / - .. 1~-- r Bond Yields Source: Bloomberg Source: Bloomberg 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% US Treasury Note Yields 2-Year 5-Year 10-Year Yi e l d ( % ) 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% US Treasury Yield Curve Mar-24 Dec-23 Mar-23 Yi e l d ( % ) At the end of March, the 2-year Treasury yield was 59 basis point higher, and the 10-Year Treasury yield was 73 basis points higher, year- over-year. The inversion between the 2-year Treasury yield and 10-year Treasury yield widened to -42 basis points at March month-end versus -37 basis points at February month-end. The average historical spread (since 2003)is about +130 basis points. The inversion between 3-month and 10-year Treasuries widened to -117 basis points in March from -113 basis points in February. 13 I ,.__ ...... , .·· .... .,.-: ............. . . . · ~ ·~ ~----------------• --.... ----· --------•••----------------wwwwm .. ••••••••••············••••••••••••••••••••••••••• ---I ----------------------------.... _._·_·_·_·_· ______ ~r Section 2|SECTION |Section 2 |Account Profile 14 Objectives Chandler Asset Management Performance Objective The performance objective for the portfolio is to earn a total rate of return through a market cycle that is equal to or above the return on the benchmark index. Investment Objectives Safety of principal is the foremost objective of the investment program. The investment portfolio shall remain sufficiently liquid to meet all requirements that may be reasonably anticipated. The investment portfolio shall be designed with the objective of attaining a market rate of return throughout budgetary and economic cycles, taking into account the investment risk constraints and liquidity needs. Strategy In order to achieve this objective, the portfolio invests in high-quality fixed income securities that comply with the investment policy and all regulations governing the funds. As of March 31, 2024 15 I Compliance As of March 31, 2024 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 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. 16 I Compliance As of March 31, 2024 Category Standard Comment 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 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) 17 I Portfolio Characteristics City of San Rafael 03/31/24 12/31/23 Benchmark*Portfolio Portfolio Average Maturity (yrs)1.85 2.11 2.13 Average Modified Duration 1.76 1.76 1.71 Average Purchase Yield n/a 3.57%3.40% Average Market Yield 4.73%5.00%4.70% Average Quality**AA+AA AA/Aa1 Total Market Value 46,326,789 46,059,792 *ICE BofA 1-3 Yr US Treasury & Agency Index **Benchmark is a blended rating of S&P, Moody’s, and Fitch. Portfolio is S&P and Moody’s respectively. As of March 31, 2024 18 I City of San Rafael Sector Distribution Agency 26.4% Asset Backed Security 11.4% Corporate 23.6% Money Market Fund 0.6% Supranational 0.7% US Treasury 30.2% Agency CMBS 7.0% Cash 0.1% March 31, 2024 As of March 31, 2024 ABS 10.8% Agency 26.6% Agency CMBS 7.0% Corporate 22.7% Money Market Fund 0.3% Negotiable CD 0.9% Supranational 0.7% US Treasury 31.0% December 31, 2023 19 I Issue Name Investment Type % Portfolio United States Government US Treasury 30.24% Federal Home Loan Bank Agency 14.49% Federal Farm Credit Bank Agency 7.71% Federal Home Loan Mortgage Corp Agency CMBS 6.97% Federal National Mortgage Association Agency 4.21% Toyota ABS Asset Backed Security 2.01% American Express ABS Asset Backed Security 2.35% John Deere ABS Asset Backed Security 1.90% JP Morgan Chase & Co Corporate 1.69% Bank of America Credit Card Trust Asset Backed Security 1.60% ChevronTexaco Corp Corporate 1.46% Honda ABS Asset Backed Security 1.35% Bank of Montreal Chicago Corporate 1.32% Paccar Financial Corporate 1.29% Toronto Dominion Holdings Corporate 1.26% Bank of America Corp Corporate 1.26% National Rural Utilities Corporate 1.20% Nextera Energy Capital Corporate 1.20% Royal Bank of Canada Corporate 1.20% Cisco Systems Corporate 1.19% Prologis Trust Corporate 1.15% State Street Bank Corporate 1.14% Deere & Company Corporate 1.09% Pfizer Inc.Corporate 1.09% JP Morgan ABS Asset Backed Security 1.08% Chubb Corporation Corporate 1.06% Realty Income Corp Corporate 1.04% Morgan Stanley Corporate 1.03% BMW Vehicle Lease Trust Asset Backed Security 0.94% Bank of New York Corporate 0.77% Public Service El & Gas Corporate 0.70% International Finance Corp Supranational 0.67% First American Treasury MMF Class Y Money Market Fund 0.62% Mercedes-Benz Asset Backed Security 0.56% Merck & Company Corporate 0.28% BMW ABS Asset Backed Security 0.20% Account Receivable Payable Cash 0.12% TOTAL 100.00% Issuers City of San Rafael – Account #11045 As of March 31, 2024 20 I AAA AA A <A NR 03/31/24 76.4%11.3%12.3%0.0%0.0% 12/31/23 8.7%59.3%21.2%0.0%10.7% Source: S&P Ratings March 31, 2024 vs. December 31, 2023 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0% 80.0% AAA AA A <A NR 03/31/24 12/31/23 Quality Distribution City of San Rafael As of March 31, 2024 21 I ■ ■ 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 0 - 0.25 0.25 - 0.50 0.50 - 1 1 - 2 2 - 3 3 - 4 4 - 5 5+ March 31, 2024 December 31, 2023 March 31, 2024 vs. December 31, 2023 0 - 0.25 0.25 - 0.50 0.50 - 1 1 - 2 2 - 3 3 - 4 4 - 5 5+ 03/31/24 14.6%6.4%8.2%27.0%26.1%17.7%0.0%0.0% 12/31/23 6.4%16.0%11.0%27.5%22.0%16.0%1.1%0.0% City of San Rafael Duration Distribution As of March 31, 2024 22 I - ■ ■ 0.00% 0.50% 1.00% 1.50% 2.00% 2.50% 3.00% 3.50% 4.00% 4.50% 12 months 2 years 3 years 5 years 10 years Since Inception City of San Rafael ICE BofA 1-3 Yr US Treasury & Agency Index Total Rate of Return Annualized Since Inception January 31, 2023 Annualized TOTAL RATE OF RETURN 3 months 12 months 2 years 3 years 5 years 10 years Since Inception City of San Rafael 0.59%4.10%N/A N/A N/A N/A 4.27% ICE BofA 1-3 Yr US Treasury & Agency Index 0.30%2.99%N/A N/A N/A N/A 3.32% Total rate of return: A measure of a portfolio’s performance over time. It is the internal rate of return, which equates the beginning value of the portfolio with the ending value; it includes interest earnings, realized and unrealized gains and losses in the portfolio. Investment Performance City of San Rafael As of March 31, 2024 23 I ■ ■ Portfolio Characteristics San Rafael Reporting 03/31/24 Portfolio 12/31/23 Portfolio Average Maturity (yrs)0.00 0.00 Modified Duration 0.00 0.00 Average Purchase Yield 4.23%3.95% Average Market Yield 4.23%3.95% Average Quality*AAA NR/NR Total Market Value 54,018,209 54,136,278 *Portfolio is S&P and Moody’s, respectively. As of March 31, 2024 24 I San Rafael Reporting Sector Distribution LAIF 98.6% Cash 1.4% March 31, 2024 December 31, 2023 LAIF 100.0% As of March 31, 2024 25 I Portfolio Characteristics San Rafael Consolidated 03/31/24 12/31/23 Portfolio Portfolio Average Maturity (yrs)0.97 0.98 Modified Duration 0.81 0.79 Average Purchase Yield 3.93%3.70% Average Market Yield 4.58%4.29% Average Quality*AA AA/Aa1 Total Market Value 100,344,998 100,196,070 * Portfolio is S&P and Moody’s respectively. As of March 31, 2024 26 I San Rafael Consolidated Sector Distribution Agency 12.2% Asset Backed Security 5.3% Corporate 10.9% LAIF 53.4% Supranational 0.3% US Treasury 13.9% Agency CMBS 3.2% Cash 0.6% March 31, 2024 As of March 31, 2024 ABS 5.0% Agency 12.2% Agency CMBS 3.2% Corporate 10.4% LAIF 54.0% Money Market Fund 0.1% Negotiable CD 0.4% Supranational 0.3% US Treasury 14.2% December 31, 2023 27 I SECTION |Section 3 |Portfolio Holdings 28 HOLDINGS REPORT City of San Rafael |Account #11045 |As of March 31,2024 Cusip Security Description Par Value/ Units Purchase Date Purchase Yield Cost Value Book Value Mkt Price Mkt YTM Market Value Accrued Int. %of Port. Gain/Loss Moody's/ S&P Fitch Maturity Duration ABS 02582JJT8 AMXCA 2022-2 A 05/17/2027 600,000.00 04/17/2023 585,632.81 97.93 587,604.48 1.28%NA/AAA 1.12 4.65%589,488.24 5.33%904.00 (1,883.76)AAA 1.60 05593AAC3 BMWLT 2023-1 A3 5.16 11/25/2025 435,000.00 --435,745.64 99.76 433,977.27 0.94%Aaa/AAA 1.65 5.32%435,326.63 5.64%374.10 (1,349.36)NA 0.64 05522RDH8 BACCT 2023-2 A 4.98 11/16/2026 300,000.00 02/20/2024 301,125.00 100.24 300,718.65 0.65%Aaa/NA 2.63 4.88%301,081.04 5.30%664.00 (362.39)AAA 2.40 43815JAC7 HAROT 2023-1 A3 5.04 04/21/2027 120,000.00 02/16/2023 119,977.70 99.74 119,689.49 0.26%Aaa/NA 3.06 5.09%119,983.61 5.59%168.00 (294.12)AAA 1.74 58768PAC8 MBART 2022-1 A3 5.21 08/16/2027 260,000.00 02/15/2023 261,340.63 99.89 259,724.32 0.56%Aaa/AAA 3.38 5.03%260,920.78 5.58%602.04 (1,196.46)NA 1.59 89239HAD0 TAOT 2022-D A3 5.3 09/15/2027 350,000.00 02/10/2023 354,128.91 100.24 350,826.49 0.76%Aaa/NA 3.46 4.86%352,858.48 5.57%824.44 (2,031.99)AAA 1.83 47800CAC0 JDOT 2023 A3 5.01 11/15/2027 880,000.00 --882,243.24 99.71 877,422.22 1.90%Aaa/NA 3.63 3.66%881,637.59 5.59%1,959.47 (4,215.37)AAA 1.78 891941AD8 TAOT 2023-B A3 4.71 02/15/2028 300,000.00 10/03/2023 294,058.59 99.26 297,785.55 0.65%Aaa/NA 3.88 5.68%294,743.01 5.57%628.00 3,042.54 AAA 2.27 05592XAD2 BMWOT 2023-A A3 5.47 02/25/2028 90,000.00 07/11/2023 89,984.05 100.41 90,369.17 0.20%NA/AAA 3.91 5.47%89,986.49 5.49%82.05 382.68 AAA 2.26 05522RDF2 BACCT 2022-2 A 5.0 04/17/2028 440,000.00 04/18/2023 444,812.50 99.74 438,848.04 0.95%Aaa/AAA 4.05 4.59%443,383.54 5.44%977.78 (4,535.50)NA 1.52 438123AC5 HAROT 2023-4 A3 5.67 06/21/2028 500,000.00 12/07/2023 507,480.47 101.21 506,050.65 1.10%Aaa/NA 4.22 5.10%506,884.01 5.44%787.50 (833.36)AAA 2.50 02582JKD1 AMXCA 2023-3 A 5.23 09/15/2028 490,000.00 09/12/2023 489,978.10 100.69 493,363.16 1.07%NA/AAA 4.46 5.29%489,980.44 5.34%1,138.98 3,382.72 AAA 2.25 161571HT4 CHAIT 2023-1 A 5.16 09/15/2028 495,000.00 09/07/2023 494,862.79 100.51 497,522.97 1.08%NR/AAA 4.46 5.17%494,877.74 5.33%1,135.20 2,645.23 AAA 2.26 5,261,370.43 99.89 5,253,902.45 11.40%Aaa/AAA 3.36 Total ABS 5,260,000.00 4.82%5,261,151.60 5.47%10,245.56 (7,249.14)AAA 1.87 AGENCY 29 ,,,a CHANDLER "-'•• ASSET MANAGEMENT HOLDINGS REPORT City of San Rafael |Account #11045 |As of March 31,2024 Cusip Security Description Par Value/ Units Purchase Date Purchase Cost Value Mkt Price Book Value Mkt YTM Market Value Accrued Int. %of Port. Gain/Loss Moody's/ S&P Fitch Maturity Duration Yield 3133EMWV0 FEDERAL FARM CREDIT BANKS FUNDING 1,000,000.00 01/12/2023 1,000,000.00 99.72 997,224.02 2.16%Aaa/AA+0.06 CORP 0.35 04/22/2024 0.35%1,000,000.00 5.12%1,545.83 (2,775.98)AA+0.06 3130AMQQ8 FEDERAL HOME LOAN BANKS 0.35 1,000,000.00 01/12/2023 1,000,000.00 99.70 997,023.38 2.16%Aaa/AA+0.06 04/23/2024 0.35%1,000,000.00 5.23%952.78 (2,976.62)AA+0.07 3136G46B4 FEDERAL NATIONAL MORTGAGE 1,200,000.00 01/12/2023 1,199,700.00 99.67 1,196,012.36 2.60%Aaa/AA+0.07 ASSOCIATION 0.35 04/26/2024 0.37%1,199,984.04 5.14%1,808.33 (3,971.68)AA+0.07 3133EMYR7 FEDERAL FARM CREDIT BANKS FUNDING 1,000,000.00 01/12/2023 1,000,000.00 99.50 995,029.96 2.16%Aaa/AA+0.10 CORP 0.375 05/06/2024 0.37%1,000,000.00 5.51%1,510.42 (4,970.04)AA+0.10 3135G0V75 FEDERAL NATIONAL MORTGAGE 750,000.00 01/12/2023 753,426.75 99.09 743,160.67 1.61%Aaa/AA+0.25 ASSOCIATION 1.75 07/02/2024 1.44%750,587.08 5.38%3,244.79 (7,426.41)AA+0.25 3133EPBF1 FEDERAL FARM CREDIT BANKS FUNDING 1,000,000.00 02/15/2023 998,490.00 99.85 998,471.32 2.17%Aaa/AA+0.39 CORP 4.875 08/21/2024 4.98%999,608.01 5.25%5,416.67 (1,136.69)AA+0.39 3130AV7L0 FEDERAL HOME LOAN BANKS 5.0 02/28/2025 1,100,000.00 03/02/2023 1,098,548.00 99.86 1,098,427.47 2.38%Aaa/AA+0.91 5.07%1,099,335.83 5.16%5,041.67 (908.36)AA+0.88 3130AWER7 FEDERAL HOME LOAN BANKS 4.625 775,000.00 06/09/2023 774,356.75 99.62 772,066.76 1.68%Aaa/AA+1.18 06/06/2025 4.67%774,617.60 4.95%11,450.09 (2,550.83)AA+1.12 3130ATHT7 FEDERAL HOME LOAN BANKS 4.375 1,300,000.00 01/12/2023 1,303,159.00 99.41 1,292,292.01 2.81%Aaa/AA+1.45 09/12/2025 4.28%1,301,715.72 4.80%3,001.74 (9,423.70)AA+1.39 3130ATUC9 FEDERAL HOME LOAN BANKS 4.5 12/12/2025 1,000,000.00 02/13/2023 1,004,720.00 99.50 994,960.88 2.16%Aaa/AA+1.70 4.32%1,002,835.66 4.81%13,625.00 (7,874.78)AA+1.60 3130AWGR5 FEDERAL HOME LOAN BANKS 4.375 525,000.00 06/28/2023 524,165.25 99.52 522,505.24 1.13%Aaa/AA+2.20 06/12/2026 4.43%524,379.55 4.60%6,954.43 (1,874.31)AA+2.05 3133EPSW6 FEDERAL FARM CREDIT BANKS FUNDING 560,000.00 08/09/2023 558,712.00 99.94 559,647.59 1.21%Aaa/AA+2.37 CORP 4.5 08/14/2026 4.58%558,983.47 4.53%3,290.00 664.12 AA+2.22 3130AXU63 FEDERAL HOME LOAN BANKS 4.625 500,000.00 12/18/2023 505,325.00 100.26 501,285.83 1.09%Aaa/AA+2.63 11/17/2026 4.23%504,804.51 4.52%8,607.64 (3,518.68)AA+2.42 3130ATUS4 FEDERAL HOME LOAN BANKS 4.25 500,000.00 05/15/2023 512,310.00 99.46 497,310.50 1.08%Aaa/AA+3.70 12/10/2027 3.66%509,942.41 4.41%6,552.08 (12,631.91)AA+3.35 12,232,912.75 99.64 12,165,418.00 26.41%Aaa/AA+0.99 Total Agency 12,210,000.00 2.91%12,226,793.87 5.02%73,001.46 (61,375.86)AA+0.93 AGENCY CMBS 30 ,,,a CHANDLER "-'•• ASSET MANAGEMENT HOLDINGS REPORT City of San Rafael |Account #11045 |As of March 31,2024 Cusip Security Description Par Value/ Units Purchase Date Purchase Yield Cost Value Book Value Mkt Price Mkt YTM Market Value Accrued Int. %of Port. Gain/Loss Moody's/ S&P Fitch Maturity Duration 3137BVZ82 FHMS K-063 A2 3.43 01/25/2027 700,000.00 06/07/2023 674,542.97 96.65 676,561.83 1.47%Aaa/AA+2.82 4.53%680,304.61 5.08%2,000.83 (3,742.78)AAA 2.50 3137F1G44 FHMS K-065 A2 3.243 04/25/2027 450,000.00 06/08/2023 431,736.33 95.93 431,705.34 0.94%Aaa/AA+3.07 4.39%435,591.70 5.04%1,216.12 (3,886.36)AAA 2.78 3137FBBX3 FHMS K-068 A2 3.244 08/25/2027 240,000.00 06/08/2023 229,940.63 95.60 229,430.64 0.50%Aaa/AA+3.40 4.34%231,892.55 5.02%648.80 (2,461.91)AA+3.08 3137FBU79 FHMS K-069 A2 3.187 09/25/2027 500,000.00 06/09/2023 476,601.56 95.40 476,984.80 1.04%Aaa/AAA 3.49 4.41%481,038.15 5.02%1,327.92 (4,053.35)AA+3.11 3137FETN0 FHMS K-073 A2 3.35 01/25/2028 670,000.00 05/24/2023 643,932.81 95.63 640,702.71 1.39%Aaa/AA+3.82 4.27%648,704.80 5.03%1,870.42 (8,002.09)AAA 3.42 3137FG6X8 FHMS K-077 A2 3.85 05/25/2028 780,000.00 05/24/2023 765,679.69 97.01 756,657.95 1.64%Aaa/AA+4.15 4.24%768,124.82 5.05%2,502.50 (11,466.86)AAA 3.67 3,222,433.99 96.17 3,212,043.27 6.97%Aaa/AA+3.51 Total Agency CMBS 3,340,000.00 4.36%3,245,656.62 5.05%9,566.59 (33,613.35)AAA 3.13 CASH CCYUSD Receivable 53,495.73 --53,495.73 1.00 53,495.73 0.12%Aaa/AAA 0.00 0.00%53,495.73 0.00%0.00 0.00 AAA 0.00 53,495.73 1.00 53,495.73 0.12%Aaa/AAA 0.00 Total Cash 53,495.73 0.00%53,495.73 0.00%0.00 0.00 AAA 0.00 CORPORATE 717081DM2 PFIZER INC 3.4 05/15/2024 500,000.00 01/12/2023 537,160.00 99.73 498,637.96 1.08%A2/A 0.12 (1.82%)503,206.89 5.57%6,422.22 (4,568.92)A 0.13 166764BW9 CHEVRON CORP 1.554 05/11/2025 700,000.00 01/12/2023 667,380.00 96.17 673,164.86 1.46%Aa2/AA-1.11 3.65%684,457.53 5.15%4,230.33 (11,292.67)NA 1.08 78016FZT4 ROYAL BANK OF CANADA 4.875 01/12/2026 550,000.00 07/19/2023 544,197.50 99.65 548,048.94 1.19%A1/A 1.79 5.34%545,830.65 5.08%5,883.85 2,218.29 AA-1.67 46647PBH8 JPMORGAN CHASE &CO 2.005 03/13/2026 600,000.00 01/12/2023 577,518.00 96.68 580,058.96 1.26%A1/A-1.95 3.26%586,172.40 5.65%601.50 (6,113.44)AA-0.92 31 ,,,a CHANDLER "-'•• ASSET MANAGEMENT HOLDINGS REPORT City of San Rafael |Account #11045 |As of March 31,2024 Cusip Security Description Par Value/ Units Purchase Date Purchase Cost Value Mkt Price Book Value Mkt YTM Market Value Accrued Int. %of Port. Gain/Loss Moody's/ S&P Fitch Maturity Duration Yield 69371RS49 PACCAR FINANCIAL CORP 4.45 03/30/2026 600,000.00 03/28/2023 599,634.00 99.23 595,376.53 1.29%A1/A+2.00 4.47%599,756.89 4.86%74.17 (4,380.36)NA 1.85 00440EAV9 CHUBB INA HOLDINGS INC 3.35 05/03/2026 500,000.00 03/09/2023 475,060.00 96.60 482,991.29 1.05%A3/A 2.09 5.09%483,431.32 5.09%6,886.11 (440.03)A 1.96 341081GR2 FLORIDA POWER &LIGHT CO 4.45 550,000.00 05/18/2023 547,030.00 99.04 544,700.24 1.18%A1/A 2.12 05/15/2026 4.65%547,889.09 4.93%9,246.11 (3,188.85)A+1.97 24422EWX3 JOHN DEERE CAPITAL CORP 4.75 06/08/2026 500,000.00 06/05/2023 500,470.00 99.68 498,414.26 1.08%A1/A 2.19 4.72%500,342.21 4.90%7,454.86 (1,927.94)A+2.03 74340XBK6 PROLOGIS LP 3.25 10/01/2026 550,000.00 01/16/2024 532,240.50 95.66 526,130.87 1.14%A3/A 2.50 4.53%533,572.01 5.12%8,937.50 (7,441.14)WR 2.32 89236TDR3 TOYOTA MOTOR CREDIT CORP 3.2 600,000.00 01/22/2024 577,398.00 95.66 573,975.49 1.25%A1/A+2.78 01/11/2027 4.57%578,817.15 4.89%4,266.67 (4,841.66)A+2.60 63743HFM9 NATIONAL RURAL UTILITIES COOPERATIVE 550,000.00 01/25/2024 550,792.00 100.07 550,384.77 1.19%A2/A-2.85 FINANCE CORP 4.8 02/05/2027 4.75%550,750.35 4.77%4,106.67 (365.59)A 2.61 17275RBQ4 CISCO SYSTEMS INC 4.8 02/26/2027 550,000.00 --549,759.00 100.16 550,884.69 1.20%A1/AA-2.91 4.82%549,766.62 4.74%2,566.67 1,118.07 NA 2.67 857477CL5 STATE STREET CORP 4.993 03/18/2027 525,000.00 03/13/2024 525,000.00 100.19 526,016.96 1.14%NA/A 2.96 4.99%525,000.00 4.92%946.59 1,016.96 AA-2.72 06406RBQ9 BANK OF NEW YORK MELLON CORP 4.947 350,000.00 04/19/2023 350,497.00 99.54 348,402.33 0.76%A1/A 3.07 04/26/2027 4.90%350,342.37 5.18%7,454.85 (1,940.04)AA-1.91 74456QBS4 PUBLIC SERVICE ELECTRIC AND GAS CO 3.0 337,000.00 04/18/2023 318,673.94 94.53 318,557.53 0.69%A1/A 3.12 05/15/2027 4.48%322,953.31 4.91%3,819.33 (4,395.78)WR 2.90 89115A2M3 TORONTO-DOMINION BANK 5.156 575,000.00 07/12/2023 571,929.50 100.64 578,685.34 1.26%A1/A 3.78 01/10/2028 5.29%572,419.73 4.97%6,670.58 6,265.60 AA-3.36 756109AU8 REALTY INCOME CORP 3.65 01/15/2028 500,000.00 04/10/2023 474,240.00 95.29 476,456.68 1.03%A3/A-3.79 4.87%479,498.65 5.03%3,852.78 (3,041.97)WR 3.45 06051GGF0 BANK OF AMERICA CORP 3.824 01/20/2028 600,000.00 07/12/2023 567,738.00 96.32 577,893.13 1.25%A1/A-3.81 5.53%574,310.82 5.25%4,525.07 3,582.31 AA-2.60 46647PEA0 JPMORGAN CHASE &CO 5.04 01/23/2028 200,000.00 01/17/2024 200,292.00 99.66 199,310.35 0.43%A1/A-3.82 4.99%200,273.62 5.17%1,904.00 (963.27)AA-2.57 06368LGV2 BANK OF MONTREAL 5.203 02/01/2028 600,000.00 09/05/2023 593,520.00 100.74 604,444.13 1.31%A2/A-3.84 5.48%594,354.18 4.98%5,203.00 10,089.95 AA-3.35 32 ,,,a CHANDLER "-'•• ASSET MANAGEMENT HOLDINGS REPORT City of San Rafael |Account #11045 |As of March 31,2024 Cusip Security Description Par Value/ Units Purchase Date Purchase Yield Cost Value Book Value Mkt Price Mkt YTM Market Value Accrued Int. %of Port. Gain/Loss Moody's/ S&P Fitch Maturity Duration 58933YBH7 MERCK &CO INC 4.05 05/17/2028 130,000.00 05/08/2023 129,894.70 98.30 127,791.65 0.28%A1/A+4.13 4.07%129,913.14 4.50%1,959.75 (2,121.49)NA 3.70 61744YAK4 MORGAN STANLEY 3.591 07/22/2028 500,000.00 08/10/2023 465,070.00 95.01 475,053.06 1.03%A1/A-4.31 5.22%469,542.74 5.25%3,441.38 5,510.32 A+3.05 10,855,494.14 98.13 10,855,380.02 23.56%A1/A 2.66 Total Corporate 11,067,000.00 4.45%10,882,601.67 5.06%100,453.98 (27,221.65)A+2.26 MONEY MARKET FUND 31846V807 FIRST AMER:TRS OBG Y 287,457.23 --287,457.23 1.00 287,457.23 0.62%Aaa/0.00 4.89%287,457.23 4.89%0.00 0.00 AAAm AAA 0.00 Total Money Market 287,457.23 1.00 287,457.23 0.62% Aaa/ AAAm 0.00 Fund 287,457.23 4.89%287,457.23 4.89%0.00 0.00 AAA 0.00 SUPRANATIONAL 45950KDD9 INTERNATIONAL FINANCE CORP 4.5 305,000.00 07/06/2023 304,661.45 100.54 306,642.89 0.67%Aaa/AAA 4.28 07/13/2028 4.53%304,710.18 4.36%2,973.75 1,932.70 NA 3.83 07/06/2023 304,661.45 100.54 306,642.89 0.67%Aaa/AAA 4.28 Total Supranational 305,000.00 4.53%304,710.18 4.36%2,973.75 1,932.70 NA 3.83 US TREASURY 91282CCC3 UNITED STATES TREASURY 0.25 05/15/2024 1,000,000.00 01/12/2023 996,878.35 99.39 993,882.82 2.16%Aaa/AA+0.12 0.48%999,719.11 5.23%947.80 (5,836.29)AA+0.13 912828D56 UNITED STATES TREASURY 2.375 08/15/2024 1,000,000.00 01/12/2023 1,038,011.16 98.90 989,013.67 2.15%Aaa/AA+0.38 0.07%1,008,591.34 5.34%3,001.37 (19,577.67)AA+0.37 9128282Y5 UNITED STATES TREASURY 2.125 09/30/2024 1,000,000.00 01/12/2023 1,051,800.23 98.48 984,794.92 2.14%Aaa/AA+0.50 (0.77%)1,014,556.49 5.25%58.06 (29,761.57)AA+0.49 912828YM6 UNITED STATES TREASURY 1.5 10/31/2024 1,000,000.00 01/12/2023 1,014,925.23 97.86 978,593.75 2.12%Aaa/AA+0.59 0.66%1,004,831.42 5.28%6,304.95 (26,237.67)AA+0.57 33 ,,,a CHANDLER "-'•• ASSET MANAGEMENT HOLDINGS REPORT City of San Rafael |Account #11045 |As of March 31,2024 Cusip Security Description Par Value/ Units Purchase Date Purchase Cost Value Mkt Price Book Value Mkt YTM Market Value Accrued Int. %of Port. Gain/Loss Moody's/ S&P Fitch Maturity Duration Yield 912828YV6 UNITED STATES TREASURY 1.5 11/30/2024 700,000.00 01/12/2023 722,889.06 97.58 683,067.38 1.48%Aaa/AA+0.67 (0.18%)707,849.35 5.24%3,528.69 (24,781.97)AA+0.65 91282CAJ0 UNITED STATES TREASURY 0.25 08/31/2025 1,200,000.00 01/12/2023 1,095,937.50 93.76 1,125,093.74 2.44%Aaa/AA+1.42 3.74%1,144,074.52 4.87%260.87 (18,980.77)AA+1.38 91282CAM3 UNITED STATES TREASURY 0.25 09/30/2025 500,000.00 01/12/2023 456,445.31 93.45 467,246.10 1.01%Aaa/AA+1.50 3.65%475,983.45 4.83%3.42 (8,737.36)AA+1.46 9128285N6 UNITED STATES TREASURY 2.875 11/30/2025 500,000.00 01/12/2023 496,212.61 97.00 484,980.47 1.05%Aaa/AA+1.67 3.15%497,813.17 4.77%4,830.94 (12,832.70)AA+1.59 91282CGE5 UNITED STATES TREASURY 3.875 01/15/2026 1,000,000.00 02/06/2023 992,929.69 98.57 985,703.12 2.14%Aaa/AA+1.79 4.13%995,690.60 4.71%8,197.12 (9,987.48)AA+1.70 91282CBQ3 UNITED STATES TREASURY 0.5 02/28/2026 500,000.00 01/12/2023 455,839.84 92.43 462,128.90 1.00%Aaa/AA+1.91 3.50%473,032.56 4.68%217.39 (10,903.65)AA+1.87 91282CBW0 UNITED STATES TREASURY 0.75 04/30/2026 500,000.00 01/12/2023 443,595.43 92.38 461,914.06 1.00%Aaa/AA+2.08 4.46%464,442.63 4.63%1,576.24 (2,528.57)AA+2.02 9128286X3 UNITED STATES TREASURY 2.125 05/31/2026 500,000.00 01/12/2023 465,958.71 94.95 474,726.56 1.03%Aaa/AA+2.17 4.31%478,224.60 4.60%3,570.70 (3,498.04)AA+2.07 91282CCJ8 UNITED STATES TREASURY 0.875 06/30/2026 500,000.00 01/12/2023 443,595.43 92.20 461,015.62 1.00%Aaa/AA+2.25 4.42%463,437.35 4.56%1,105.77 (2,421.73)AA+2.18 91282CHY0 UNITED STATES TREASURY 4.625 09/15/2026 900,000.00 09/25/2023 895,429.69 100.22 901,968.75 1.96%Aaa/AA+2.46 4.81%896,221.60 4.53%1,922.89 5,747.15 AA+2.30 91282CJC6 UNITED STATES TREASURY 4.625 10/15/2026 500,000.00 10/19/2023 494,218.75 100.29 501,425.78 1.09%Aaa/AA+2.54 5.05%495,087.79 4.50%10,677.94 6,337.99 AA+2.33 91282CFM8 UNITED STATES TREASURY 4.125 09/30/2027 750,000.00 12/18/2023 751,669.92 99.22 744,169.92 1.62%Aaa/AA+3.50 4.06%751,544.16 4.37%84.53 (7,374.24)AA+3.16 91282CGC9 UNITED STATES TREASURY 3.875 12/31/2027 1,000,000.00 02/06/2023 1,001,445.31 98.39 983,867.19 2.14%Aaa/AA+3.75 3.84%1,001,106.62 4.34%9,793.96 (17,239.43)AA+3.42 91282CHK0 UNITED STATES TREASURY 4.0 06/30/2028 750,000.00 03/12/2024 743,496.09 98.89 741,679.69 1.61%Aaa/AA+4.25 4.22%743,574.80 4.29%7,582.42 (1,895.11)AA+3.83 91282CJA0 UNITED STATES TREASURY 4.625 09/30/2028 500,000.00 10/19/2023 492,968.75 101.44 507,207.03 1.10%Aaa/AA+4.50 4.95%493,606.89 4.27%63.18 13,600.14 AA+3.95 14,054,247.06 97.50 13,932,479.48 30.24%Aaa/AA+1.87 Total US Treasury 14,300,000.00 2.79%14,109,388.46 4.80%63,728.22 (176,908.98)AA+1.74 34 ,,,a CHANDLER "-'•• ASSET MANAGEMENT HOLDINGS REPORT City of San Rafael |Account #11045 |As of March 31,2024 Cusip Security Description Par Value/ Units Purchase Date Purchase Yield Cost Value Book Value Mkt Price Mkt YTM Market Value Accrued Int. %of Port.Moody's/Maturity Gain/Loss S&P DurationFitch 46,272,072.78 97.70 46,066,819.08 100.00%Aa2/AA-2.11 Total Portfolio 46,822,952.96 3.57%46,371,255.36 5.00%259,969.56 (304,436.29)AA 1.76 Total Market Value + Accrued 46,326,788.64 35 ,,,a CHANDLER "-'•• ASSET MANAGEMENT HOLDINGS REPORT San Rafael Reporting |Account #11046 |As of March 31,2024 Cusip Security Description Par Value/ Units Purchase Date Purchase Yield Cost Value Book Value Mkt Price Mkt YTM Market Value Accrued Int. %of Port. Gain/Loss Moody's/ S&P Fitch Maturity Duration CASH CCYUSD Receivable 554,616.19 --554,616.19 1.00 554,616.19 1.03%Aaa/AAA 0.00 0.00%554,616.19 0.00%0.00 0.00 AAA 0.00 554,616.19 1.00 554,616.19 1.03%Aaa/AAA 0.00 Total Cash 554,616.19 0.00%554,616.19 0.00%0.00 0.00 AAA 0.00 LAIF 90LAIF$00 State Pool 53,463,593.64 --53,463,593.64 1.00 53,463,593.64 98.97%NA/NA 0.00 4.27%53,463,593.64 4.27%0.00 0.00 NA 0.00 53,463,593.64 1.00 53,463,593.64 98.97%NA/NA 0.00 Total LAIF 53,463,593.64 4.27%53,463,593.64 4.27%0.00 0.00 NA 0.00 54,018,209.83 1.00 54,018,209.83 100.00%Aaa/AAA 0.00 Total Portfolio 54,018,209.83 4.23%54,018,209.83 4.23%0.00 0.00 AAA 0.00 Total Market Value + Accrued 54,018,209.83 36 ,,,a CHANDLER "-'•• ASSET MANAGEMENT HOLDINGS REPORT San Rafael Cons |Account #11047 |As of March 31,2024 Cusip Security Description Par Value/ Units Purchase Date Purchase Yield Cost Value Book Value Mkt Price Mkt YTM Market Value Accrued Int. %of Port. Gain/Loss Moody's/ S&P Fitch Maturity Duration ABS 02582JJT8 AMXCA 2022-2 A 05/17/2027 600,000.00 04/17/2023 585,632.81 97.93 587,604.48 0.59%NA/AAA 1.12 4.65%589,488.24 5.33%904.00 (1,883.76)AAA 1.60 05593AAC3 BMWLT 2023-1 A3 5.16 11/25/2025 435,000.00 --435,745.64 99.76 433,977.27 0.43%Aaa/AAA 1.65 5.32%435,326.63 5.64%374.10 (1,349.36)NA 0.64 05522RDH8 BACCT 2023-2 A 4.98 11/16/2026 300,000.00 02/20/2024 301,125.00 100.24 300,718.65 0.30%Aaa/NA 2.63 4.88%301,081.04 5.30%664.00 (362.39)AAA 2.40 43815JAC7 HAROT 2023-1 A3 5.04 04/21/2027 120,000.00 02/16/2023 119,977.70 99.74 119,689.49 0.12%Aaa/NA 3.06 5.09%119,983.61 5.59%168.00 (294.12)AAA 1.74 58768PAC8 MBART 2022-1 A3 5.21 08/16/2027 260,000.00 02/15/2023 261,340.63 99.89 259,724.32 0.26%Aaa/AAA 3.38 5.03%260,920.78 5.58%602.04 (1,196.46)NA 1.59 89239HAD0 TAOT 2022-D A3 5.3 09/15/2027 350,000.00 02/10/2023 354,128.91 100.24 350,826.49 0.35%Aaa/NA 3.46 4.86%352,858.48 5.57%824.44 (2,031.99)AAA 1.83 47800CAC0 JDOT 2023 A3 5.01 11/15/2027 880,000.00 --882,243.24 99.71 877,422.22 0.88%Aaa/NA 3.63 3.66%881,637.59 5.59%1,959.47 (4,215.37)AAA 1.78 891941AD8 TAOT 2023-B A3 4.71 02/15/2028 300,000.00 10/03/2023 294,058.59 99.26 297,785.55 0.30%Aaa/NA 3.88 5.68%294,743.01 5.57%628.00 3,042.54 AAA 2.27 05592XAD2 BMWOT 2023-A A3 5.47 02/25/2028 90,000.00 07/11/2023 89,984.05 100.41 90,369.17 0.09%NA/AAA 3.91 5.47%89,986.49 5.49%82.05 382.68 AAA 2.26 05522RDF2 BACCT 2022-2 A 5.0 04/17/2028 440,000.00 04/18/2023 444,812.50 99.74 438,848.04 0.44%Aaa/AAA 4.05 4.59%443,383.54 5.44%977.78 (4,535.50)NA 1.52 438123AC5 HAROT 2023-4 A3 5.67 06/21/2028 500,000.00 12/07/2023 507,480.47 101.21 506,050.65 0.51%Aaa/NA 4.22 5.10%506,884.01 5.44%787.50 (833.36)AAA 2.50 02582JKD1 AMXCA 2023-3 A 5.23 09/15/2028 490,000.00 09/12/2023 489,978.10 100.69 493,363.16 0.49%NA/AAA 4.46 5.29%489,980.44 5.34%1,138.98 3,382.72 AAA 2.25 161571HT4 CHAIT 2023-1 A 5.16 09/15/2028 495,000.00 09/07/2023 494,862.79 100.51 497,522.97 0.50%NR/AAA 4.46 5.17%494,877.74 5.33%1,135.20 2,645.23 AAA 2.26 5,261,370.43 99.89 5,253,902.45 5.25%Aaa/AAA 3.36 Total ABS 5,260,000.00 4.82%5,261,151.60 5.47%10,245.56 (7,249.14)AAA 1.87 AGENCY 37 ,,,a CHANDLER "-'•• ASSET MANAGEMENT HOLDINGS REPORT San Rafael Cons |Account #11047 |As of March 31,2024 Cusip Security Description Par Value/ Units Purchase Date Purchase Cost Value Mkt Price Book Value Mkt YTM Market Value Accrued Int. %of Port. Gain/Loss Moody's/ S&P Fitch Maturity Duration Yield 3133EMWV0 FEDERAL FARM CREDIT BANKS FUNDING 1,000,000.00 01/12/2023 1,000,000.00 99.72 997,224.02 1.00%Aaa/AA+0.06 CORP 0.35 04/22/2024 0.35%1,000,000.00 5.12%1,545.83 (2,775.98)AA+0.06 3130AMQQ8 FEDERAL HOME LOAN BANKS 0.35 1,000,000.00 01/12/2023 1,000,000.00 99.70 997,023.38 1.00%Aaa/AA+0.06 04/23/2024 0.35%1,000,000.00 5.23%952.78 (2,976.62)AA+0.07 3136G46B4 FEDERAL NATIONAL MORTGAGE 1,200,000.00 01/12/2023 1,199,700.00 99.67 1,196,012.36 1.19%Aaa/AA+0.07 ASSOCIATION 0.35 04/26/2024 0.37%1,199,984.04 5.14%1,808.33 (3,971.68)AA+0.07 3133EMYR7 FEDERAL FARM CREDIT BANKS FUNDING 1,000,000.00 01/12/2023 1,000,000.00 99.50 995,029.96 0.99%Aaa/AA+0.10 CORP 0.375 05/06/2024 0.37%1,000,000.00 5.51%1,510.42 (4,970.04)AA+0.10 3135G0V75 FEDERAL NATIONAL MORTGAGE 750,000.00 01/12/2023 753,426.75 99.09 743,160.67 0.74%Aaa/AA+0.25 ASSOCIATION 1.75 07/02/2024 1.44%750,587.08 5.38%3,244.79 (7,426.41)AA+0.25 3133EPBF1 FEDERAL FARM CREDIT BANKS FUNDING 1,000,000.00 02/15/2023 998,490.00 99.85 998,471.32 1.00%Aaa/AA+0.39 CORP 4.875 08/21/2024 4.98%999,608.01 5.25%5,416.67 (1,136.69)AA+0.39 3130AV7L0 FEDERAL HOME LOAN BANKS 5.0 02/28/2025 1,100,000.00 03/02/2023 1,098,548.00 99.86 1,098,427.47 1.10%Aaa/AA+0.91 5.07%1,099,335.83 5.16%5,041.67 (908.36)AA+0.88 3130AWER7 FEDERAL HOME LOAN BANKS 4.625 775,000.00 06/09/2023 774,356.75 99.62 772,066.76 0.77%Aaa/AA+1.18 06/06/2025 4.67%774,617.60 4.95%11,450.09 (2,550.83)AA+1.12 3130ATHT7 FEDERAL HOME LOAN BANKS 4.375 1,300,000.00 01/12/2023 1,303,159.00 99.41 1,292,292.01 1.29%Aaa/AA+1.45 09/12/2025 4.28%1,301,715.72 4.80%3,001.74 (9,423.70)AA+1.39 3130ATUC9 FEDERAL HOME LOAN BANKS 4.5 12/12/2025 1,000,000.00 02/13/2023 1,004,720.00 99.50 994,960.88 0.99%Aaa/AA+1.70 4.32%1,002,835.66 4.81%13,625.00 (7,874.78)AA+1.60 3130AWGR5 FEDERAL HOME LOAN BANKS 4.375 525,000.00 06/28/2023 524,165.25 99.52 522,505.24 0.52%Aaa/AA+2.20 06/12/2026 4.43%524,379.55 4.60%6,954.43 (1,874.31)AA+2.05 3133EPSW6 FEDERAL FARM CREDIT BANKS FUNDING 560,000.00 08/09/2023 558,712.00 99.94 559,647.59 0.56%Aaa/AA+2.37 CORP 4.5 08/14/2026 4.58%558,983.47 4.53%3,290.00 664.12 AA+2.22 3130AXU63 FEDERAL HOME LOAN BANKS 4.625 500,000.00 12/18/2023 505,325.00 100.26 501,285.83 0.50%Aaa/AA+2.63 11/17/2026 4.23%504,804.51 4.52%8,607.64 (3,518.68)AA+2.42 3130ATUS4 FEDERAL HOME LOAN BANKS 4.25 500,000.00 05/15/2023 512,310.00 99.46 497,310.50 0.50%Aaa/AA+3.70 12/10/2027 3.66%509,942.41 4.41%6,552.08 (12,631.91)AA+3.35 12,232,912.75 99.64 12,165,418.00 12.16%Aaa/AA+0.99 Total Agency 12,210,000.00 2.91%12,226,793.87 5.02%73,001.46 (61,375.86)AA+0.93 AGENCY CMBS 38 ,,,a CHANDLER "-'•• ASSET MANAGEMENT HOLDINGS REPORT San Rafael Cons |Account #11047 |As of March 31,2024 Cusip Security Description Par Value/ Units Purchase Date Purchase Yield Cost Value Book Value Mkt Price Mkt YTM Market Value Accrued Int. %of Port. Gain/Loss Moody's/ S&P Fitch Maturity Duration 3137BVZ82 FHMS K-063 A2 3.43 01/25/2027 700,000.00 06/07/2023 674,542.97 96.65 676,561.83 0.68%Aaa/AA+2.82 4.53%680,304.61 5.08%2,000.83 (3,742.78)AAA 2.50 3137F1G44 FHMS K-065 A2 3.243 04/25/2027 450,000.00 06/08/2023 431,736.33 95.93 431,705.34 0.43%Aaa/AA+3.07 4.39%435,591.70 5.04%1,216.12 (3,886.36)AAA 2.78 3137FBBX3 FHMS K-068 A2 3.244 08/25/2027 240,000.00 06/08/2023 229,940.63 95.60 229,430.64 0.23%Aaa/AA+3.40 4.34%231,892.55 5.02%648.80 (2,461.91)AA+3.08 3137FBU79 FHMS K-069 A2 3.187 09/25/2027 500,000.00 06/09/2023 476,601.56 95.40 476,984.80 0.48%Aaa/AAA 3.49 4.41%481,038.15 5.02%1,327.92 (4,053.35)AA+3.11 3137FETN0 FHMS K-073 A2 3.35 01/25/2028 670,000.00 05/24/2023 643,932.81 95.63 640,702.71 0.64%Aaa/AA+3.82 4.27%648,704.80 5.03%1,870.42 (8,002.09)AAA 3.42 3137FG6X8 FHMS K-077 A2 3.85 05/25/2028 780,000.00 05/24/2023 765,679.69 97.01 756,657.95 0.76%Aaa/AA+4.15 4.24%768,124.82 5.05%2,502.50 (11,466.86)AAA 3.67 3,222,433.99 96.17 3,212,043.27 3.21%Aaa/AA+3.51 Total Agency CMBS 3,340,000.00 4.36%3,245,656.62 5.05%9,566.59 (33,613.35)AAA 3.13 CASH CCYUSD Receivable 53,495.73 --53,495.73 1.00 53,495.73 0.05%Aaa/AAA 0.00 0.00%53,495.73 0.00%0.00 0.00 AAA 0.00 CCYUSD Receivable 554,616.19 --554,616.19 1.00 554,616.19 0.55%Aaa/AAA 0.00 0.00%554,616.19 0.00%0.00 0.00 AAA 0.00 608,111.92 1.00 608,111.92 0.61%Aaa/AAA 0.00 Total Cash 608,111.92 0.00%608,111.92 0.00%0.00 0.00 AAA 0.00 CORPORATE 717081DM2 PFIZER INC 3.4 05/15/2024 500,000.00 01/12/2023 537,160.00 99.73 498,637.96 0.50%A2/A 0.12 (1.82%)503,206.89 5.57%6,422.22 (4,568.92)A 0.13 166764BW9 CHEVRON CORP 1.554 05/11/2025 700,000.00 01/12/2023 667,380.00 96.17 673,164.86 0.67%Aa2/AA-1.11 3.65%684,457.53 5.15%4,230.33 (11,292.67)NA 1.08 78016FZT4 ROYAL BANK OF CANADA 4.875 01/12/2026 550,000.00 07/19/2023 544,197.50 99.65 548,048.94 0.55%A1/A 1.79 5.34%545,830.65 5.08%5,883.85 2,218.29 AA-1.67 39 ,,,a CHANDLER "-'•• ASSET MANAGEMENT HOLDINGS REPORT San Rafael Cons |Account #11047 |As of March 31,2024 Cusip Security Description Par Value/ Units Purchase Date Purchase Cost Value Mkt Price Book Value Mkt YTM Market Value Accrued Int. %of Port. Gain/Loss Moody's/ S&P Fitch Maturity Duration Yield 46647PBH8 JPMORGAN CHASE &CO 2.005 03/13/2026 600,000.00 01/12/2023 577,518.00 96.68 580,058.96 0.58%A1/A-1.95 3.26%586,172.40 5.65%601.50 (6,113.44)AA-0.92 69371RS49 PACCAR FINANCIAL CORP 4.45 03/30/2026 600,000.00 03/28/2023 599,634.00 99.23 595,376.53 0.59%A1/A+2.00 4.47%599,756.89 4.86%74.17 (4,380.36)NA 1.85 00440EAV9 CHUBB INA HOLDINGS INC 3.35 05/03/2026 500,000.00 03/09/2023 475,060.00 96.60 482,991.29 0.48%A3/A 2.09 5.09%483,431.32 5.09%6,886.11 (440.03)A 1.96 341081GR2 FLORIDA POWER &LIGHT CO 4.45 550,000.00 05/18/2023 547,030.00 99.04 544,700.24 0.54%A1/A 2.12 05/15/2026 4.65%547,889.09 4.93%9,246.11 (3,188.85)A+1.97 24422EWX3 JOHN DEERE CAPITAL CORP 4.75 06/08/2026 500,000.00 06/05/2023 500,470.00 99.68 498,414.26 0.50%A1/A 2.19 4.72%500,342.21 4.90%7,454.86 (1,927.94)A+2.03 74340XBK6 PROLOGIS LP 3.25 10/01/2026 550,000.00 01/16/2024 532,240.50 95.66 526,130.87 0.53%A3/A 2.50 4.53%533,572.01 5.12%8,937.50 (7,441.14)WR 2.32 89236TDR3 TOYOTA MOTOR CREDIT CORP 3.2 600,000.00 01/22/2024 577,398.00 95.66 573,975.49 0.57%A1/A+2.78 01/11/2027 4.57%578,817.15 4.89%4,266.67 (4,841.66)A+2.60 63743HFM9 NATIONAL RURAL UTILITIES COOPERATIVE 550,000.00 01/25/2024 550,792.00 100.07 550,384.77 0.55%A2/A-2.85 FINANCE CORP 4.8 02/05/2027 4.75%550,750.35 4.77%4,106.67 (365.59)A 2.61 17275RBQ4 CISCO SYSTEMS INC 4.8 02/26/2027 550,000.00 --549,759.00 100.16 550,884.69 0.55%A1/AA-2.91 4.82%549,766.62 4.74%2,566.67 1,118.07 NA 2.67 857477CL5 STATE STREET CORP 4.993 03/18/2027 525,000.00 03/13/2024 525,000.00 100.19 526,016.96 0.53%NA/A 2.96 4.99%525,000.00 4.92%946.59 1,016.96 AA-2.72 06406RBQ9 BANK OF NEW YORK MELLON CORP 4.947 350,000.00 04/19/2023 350,497.00 99.54 348,402.33 0.35%A1/A 3.07 04/26/2027 4.90%350,342.37 5.18%7,454.85 (1,940.04)AA-1.91 74456QBS4 PUBLIC SERVICE ELECTRIC AND GAS CO 3.0 337,000.00 04/18/2023 318,673.94 94.53 318,557.53 0.32%A1/A 3.12 05/15/2027 4.48%322,953.31 4.91%3,819.33 (4,395.78)WR 2.90 89115A2M3 TORONTO-DOMINION BANK 5.156 575,000.00 07/12/2023 571,929.50 100.64 578,685.34 0.58%A1/A 3.78 01/10/2028 5.29%572,419.73 4.97%6,670.58 6,265.60 AA-3.36 756109AU8 REALTY INCOME CORP 3.65 01/15/2028 500,000.00 04/10/2023 474,240.00 95.29 476,456.68 0.48%A3/A-3.79 4.87%479,498.65 5.03%3,852.78 (3,041.97)WR 3.45 06051GGF0 BANK OF AMERICA CORP 3.824 01/20/2028 600,000.00 07/12/2023 567,738.00 96.32 577,893.13 0.58%A1/A-3.81 5.53%574,310.82 5.25%4,525.07 3,582.31 AA-2.60 46647PEA0 JPMORGAN CHASE &CO 5.04 01/23/2028 200,000.00 01/17/2024 200,292.00 99.66 199,310.35 0.20%A1/A-3.82 4.99%200,273.62 5.17%1,904.00 (963.27)AA-2.57 40 ,,,a CHANDLER "-'•• ASSET MANAGEMENT HOLDINGS REPORT San Rafael Cons |Account #11047 |As of March 31,2024 Cusip Security Description Par Value/ Units Purchase Date Purchase Yield Cost Value Book Value Mkt Price Mkt YTM Market Value Accrued Int. %of Port. Gain/Loss Moody's/ S&P Fitch Maturity Duration 06368LGV2 BANK OF MONTREAL 5.203 02/01/2028 600,000.00 09/05/2023 593,520.00 100.74 604,444.13 0.60%A2/A-3.84 5.48%594,354.18 4.98%5,203.00 10,089.95 AA-3.35 58933YBH7 MERCK &CO INC 4.05 05/17/2028 130,000.00 05/08/2023 129,894.70 98.30 127,791.65 0.13%A1/A+4.13 4.07%129,913.14 4.50%1,959.75 (2,121.49)NA 3.70 61744YAK4 MORGAN STANLEY 3.591 07/22/2028 500,000.00 08/10/2023 465,070.00 95.01 475,053.06 0.47%A1/A-4.31 5.22%469,542.74 5.25%3,441.38 5,510.32 A+3.05 10,855,494.14 98.13 10,855,380.02 10.85%A1/A 2.66 Total Corporate 11,067,000.00 4.45%10,882,601.67 5.06%100,453.98 (27,221.65)A+2.26 LAIF 90LAIF$00 State Pool 53,463,593.64 --53,463,593.64 1.00 53,463,593.64 53.42%NA/NA 0.00 4.27%53,463,593.64 4.27%0.00 0.00 NA 0.00 53,463,593.64 1.00 53,463,593.64 53.42%NA/NA 0.00 Total LAIF 53,463,593.64 4.27%53,463,593.64 4.27%0.00 0.00 NA 0.00 MONEY MARKET FUND 31846V807 FIRST AMER:TRS OBG Y 287,457.23 --287,457.23 1.00 287,457.23 0.29%Aaa/0.00 4.89%287,457.23 4.89%0.00 0.00 AAAm AAA 0.00 Total Money Market 287,457.23 1.00 287,457.23 0.29% Aaa/ AAAm 0.00 Fund 287,457.23 4.89%287,457.23 4.89%0.00 0.00 AAA 0.00 SUPRANATIONAL 45950KDD9 INTERNATIONAL FINANCE CORP 4.5 305,000.00 07/06/2023 304,661.45 100.54 306,642.89 0.31%Aaa/AAA 4.28 07/13/2028 4.53%304,710.18 4.36%2,973.75 1,932.70 NA 3.83 07/06/2023 304,661.45 100.54 306,642.89 0.31%Aaa/AAA 4.28 Total Supranational 305,000.00 4.53%304,710.18 4.36%2,973.75 1,932.70 NA 3.83 US TREASURY 41 ,,,a CHANDLER "-'•• ASSET MANAGEMENT HOLDINGS REPORT San Rafael Cons |Account #11047 |As of March 31,2024 Cusip Security Description Par Value/ Units Purchase Date Purchase Cost Value Mkt Price Book Value Mkt YTM Market Value Accrued Int. %of Port. Gain/Loss Moody's/ S&P Fitch Maturity Duration Yield 91282CCC3 UNITED STATES TREASURY 0.25 05/15/2024 1,000,000.00 01/12/2023 996,878.35 99.39 993,882.82 0.99%Aaa/AA+0.12 0.48%999,719.11 5.23%947.80 (5,836.29)AA+0.13 912828D56 UNITED STATES TREASURY 2.375 08/15/2024 1,000,000.00 01/12/2023 1,038,011.16 98.90 989,013.67 0.99%Aaa/AA+0.38 0.07%1,008,591.34 5.34%3,001.37 (19,577.67)AA+0.37 9128282Y5 UNITED STATES TREASURY 2.125 09/30/2024 1,000,000.00 01/12/2023 1,051,800.23 98.48 984,794.92 0.98%Aaa/AA+0.50 (0.77%)1,014,556.49 5.25%58.06 (29,761.57)AA+0.49 912828YM6 UNITED STATES TREASURY 1.5 10/31/2024 1,000,000.00 01/12/2023 1,014,925.23 97.86 978,593.75 0.98%Aaa/AA+0.59 0.66%1,004,831.42 5.28%6,304.95 (26,237.67)AA+0.57 912828YV6 UNITED STATES TREASURY 1.5 11/30/2024 700,000.00 01/12/2023 722,889.06 97.58 683,067.38 0.68%Aaa/AA+0.67 (0.18%)707,849.35 5.24%3,528.69 (24,781.97)AA+0.65 91282CAJ0 UNITED STATES TREASURY 0.25 08/31/2025 1,200,000.00 01/12/2023 1,095,937.50 93.76 1,125,093.74 1.12%Aaa/AA+1.42 3.74%1,144,074.52 4.87%260.87 (18,980.77)AA+1.38 91282CAM3 UNITED STATES TREASURY 0.25 09/30/2025 500,000.00 01/12/2023 456,445.31 93.45 467,246.10 0.47%Aaa/AA+1.50 3.65%475,983.45 4.83%3.42 (8,737.36)AA+1.46 9128285N6 UNITED STATES TREASURY 2.875 11/30/2025 500,000.00 01/12/2023 496,212.61 97.00 484,980.47 0.48%Aaa/AA+1.67 3.15%497,813.17 4.77%4,830.94 (12,832.70)AA+1.59 91282CGE5 UNITED STATES TREASURY 3.875 01/15/2026 1,000,000.00 02/06/2023 992,929.69 98.57 985,703.12 0.98%Aaa/AA+1.79 4.13%995,690.60 4.71%8,197.12 (9,987.48)AA+1.70 91282CBQ3 UNITED STATES TREASURY 0.5 02/28/2026 500,000.00 01/12/2023 455,839.84 92.43 462,128.90 0.46%Aaa/AA+1.91 3.50%473,032.56 4.68%217.39 (10,903.65)AA+1.87 91282CBW0 UNITED STATES TREASURY 0.75 04/30/2026 500,000.00 01/12/2023 443,595.43 92.38 461,914.06 0.46%Aaa/AA+2.08 4.46%464,442.63 4.63%1,576.24 (2,528.57)AA+2.02 9128286X3 UNITED STATES TREASURY 2.125 05/31/2026 500,000.00 01/12/2023 465,958.71 94.95 474,726.56 0.47%Aaa/AA+2.17 4.31%478,224.60 4.60%3,570.70 (3,498.04)AA+2.07 91282CCJ8 UNITED STATES TREASURY 0.875 06/30/2026 500,000.00 01/12/2023 443,595.43 92.20 461,015.62 0.46%Aaa/AA+2.25 4.42%463,437.35 4.56%1,105.77 (2,421.73)AA+2.18 91282CHY0 UNITED STATES TREASURY 4.625 09/15/2026 900,000.00 09/25/2023 895,429.69 100.22 901,968.75 0.90%Aaa/AA+2.46 4.81%896,221.60 4.53%1,922.89 5,747.15 AA+2.30 91282CJC6 UNITED STATES TREASURY 4.625 10/15/2026 500,000.00 10/19/2023 494,218.75 100.29 501,425.78 0.50%Aaa/AA+2.54 5.05%495,087.79 4.50%10,677.94 6,337.99 AA+2.33 91282CFM8 UNITED STATES TREASURY 4.125 09/30/2027 750,000.00 12/18/2023 751,669.92 99.22 744,169.92 0.74%Aaa/AA+3.50 4.06%751,544.16 4.37%84.53 (7,374.24)AA+3.16 42 ,,,a CHANDLER "-'•• ASSET MANAGEMENT HOLDINGS REPORT San Rafael Cons |Account #11047 |As of March 31,2024 Cusip Security Description Par Value/ Units Purchase Date Purchase Cost Value Mkt Price Book Value Mkt YTM Market Value Accrued Int. %of Port. Gain/Loss Moody's/ S&P Fitch Maturity Duration Yield 91282CGC9 UNITED STATES TREASURY 3.875 12/31/2027 1,000,000.00 02/06/2023 1,001,445.31 98.39 983,867.19 0.98%Aaa/AA+3.75 3.84%1,001,106.62 4.34%9,793.96 (17,239.43)AA+3.42 91282CHK0 UNITED STATES TREASURY 4.0 06/30/2028 750,000.00 03/12/2024 743,496.09 98.89 741,679.69 0.74%Aaa/AA+4.25 4.22%743,574.80 4.29%7,582.42 (1,895.11)AA+3.83 91282CJA0 UNITED STATES TREASURY 4.625 09/30/2028 500,000.00 10/19/2023 492,968.75 101.44 507,207.03 0.51%Aaa/AA+4.50 4.95%493,606.89 4.27%63.18 13,600.14 AA+3.95 14,054,247.06 97.50 13,932,479.48 13.92%Aaa/AA+1.87 Total US Treasury 14,300,000.00 2.79%14,109,388.46 4.80%63,728.22 (176,908.98)AA+1.74 100,290,282.61 45.51 100,085,028.91 100.00%Aa2/AA-0.97 Total Portfolio 100,841,162.79 3.93%100,389,465.20 4.58%259,969.56 (304,436.29)AA 0.81 Total Market Value + Accrued 100,344,998.47 43 ,,,a CHANDLER "-'•• ASSET MANAGEMENT SECTION |Section 4 |Transactions 44 TRANSACTION LEDGER City of San Rafael |Account #11045 |As of March 31,2024 Transaction Type Settlement Date CUSIP Quantity Security Description Price Acq/Disp Yield Amount Interest Pur/Sold Total Amount Gain/Loss ACQUISITIONS Purchase 02/22/2024 05522RDH8 300,000.00 BACCT 2023-2 A 4.98 11/16/2026 100.375 4.88%301,125.00 (290.50)(301,415.50)0.00 Purchase 02/26/2024 17275RBQ4 250,000.00 CISCO SYSTEMS INC 4.8 02/26/2027 99.870 4.85%249,675.00 0.00 (249,675.00)0.00 Purchase 02/26/2024 17275RBQ4 300,000.00 CISCO SYSTEMS INC 4.8 02/26/2027 100.028 4.79%300,084.00 0.00 (300,084.00)0.00 Purchase 03/13/2024 91282CHK0 750,000.00 UNITED STATES TREASURY 4.0 06/30/2028 99.133 4.22%743,496.09 (6,016.48)(749,512.57)0.00 Purchase 03/18/2024 857477CL5 525,000.00 STATE STREET CORP 4.993 03/18/2027 100.000 4.99%525,000.00 0.00 (525,000.00)0.00 Total Purchase 2,125,000.00 2,119,380.09 (6,306.98)(2,125,687.07)0.00 TOTAL ACQUISITIONS 2,125,000.00 2,119,380.09 (6,306.98)(2,125,687.07)0.00 DISPOSITIONS Sale 03/13/2024 91282CBV2 (400,000.00)UNITED STATES TREASURY 0.375 04/15/2024 99.555 5.33%(398,218.75)(614.75)398,833.50 (1,815.05) Sale 03/15/2024 91282CBV2 (500,000.00)UNITED STATES TREASURY 0.375 04/15/2024 99.578 5.37%(497,890.63)(778.69)498,669.32 (2,149.06) Total Sale (900,000.00)(896,109.38)(1,393.44)897,502.82 (3,964.10) TOTAL DISPOSITIONS (900,000.00)(896,109.38)(1,393.44)897,502.82 (3,964.10) OTHER TRANSACTIONS Coupon 02/01/2024 06368LGV2 0.00 BANK OF MONTREAL 5.203 02/01/2028 15,609.00 0.00 15,609.00 0.00 Coupon 02/01/2024 3137BVZ82 0.00 FHMS K-063 A2 3.43 01/25/2027 2,000.83 0.00 2,000.83 0.00 45 ,,,a CHANDLER "-'•• ASSET MANAGEMENT TRANSACTION LEDGER City of San Rafael |Account #11045 |As of March 31,2024 Transaction Type Settlement Date CUSIP Quantity Security Description Price Acq/Disp Yield Amount Interest Pur/Sold Total Amount Gain/Loss Coupon 02/01/2024 3137F1G44 0.00 FHMS K-065 A2 3.243 04/25/2027 1,216.13 0.00 1,216.13 0.00 Coupon 02/01/2024 3137FBBX3 0.00 FHMS K-068 A2 3.244 08/25/2027 648.80 0.00 648.80 0.00 Coupon 02/01/2024 3137FBU79 0.00 FHMS K-069 A2 3.187 09/25/2027 1,327.92 0.00 1,327.92 0.00 Coupon 02/01/2024 3137FETN0 0.00 FHMS K-073 A2 3.35 01/25/2028 1,870.42 0.00 1,870.42 0.00 Coupon 02/01/2024 3137FG6X8 0.00 FHMS K-077 A2 3.85 05/25/2028 2,502.50 0.00 2,502.50 0.00 Coupon 02/14/2024 3133EPSW6 0.00 FEDERAL FARM CREDIT BANKS FUNDING CORP 4.5 08/14/2026 12,600.00 0.00 12,600.00 0.00 Coupon 02/15/2024 02582JJT8 0.00 AMXCA 2022-2 A 3.39 05/15/2025 1,695.00 0.00 1,695.00 0.00 Coupon 02/15/2024 02582JKD1 0.00 AMXCA 2023-3 A 5.23 09/15/2028 2,135.58 0.00 2,135.58 0.00 Coupon 02/15/2024 05522RDF2 0.00 BACCT 2022-2 A 5.0 04/17/2028 1,833.33 0.00 1,833.33 0.00 Coupon 02/15/2024 161571HT4 0.00 CHAIT 2023-1 A 5.16 09/15/2028 2,128.50 0.00 2,128.50 0.00 Coupon 02/15/2024 47800CAC0 0.00 JDOT 2023 A3 5.01 11/15/2027 3,674.00 0.00 3,674.00 0.00 Coupon 02/15/2024 58768PAC8 0.00 MBART 2022-1 A3 5.21 08/16/2027 1,128.83 0.00 1,128.83 0.00 Coupon 02/15/2024 891941AD8 0.00 TAOT 2023-B A3 4.71 02/15/2028 1,177.50 0.00 1,177.50 0.00 Coupon 02/15/2024 89239HAD0 0.00 TAOT 2022-D A3 5.3 09/15/2027 1,545.83 0.00 1,545.83 0.00 Coupon 02/15/2024 912828D56 0.00 UNITED STATES TREASURY 2.375 08/15/2024 11,875.00 0.00 11,875.00 0.00 46 ,,,a CHANDLER "-'•• ASSET MANAGEMENT TRANSACTION LEDGER City of San Rafael |Account #11045 |As of March 31,2024 Transaction Type Settlement Date CUSIP Quantity Security Description Price Acq/Disp Yield Amount Interest Pur/Sold Total Amount Gain/Loss Coupon 02/16/2024 96130ASC3 0.00 Westpac Banking Corporation -New York Branch 5.38 02/16/2024 20,455.21 0.00 20,455.21 0.00 Coupon 02/21/2024 3133EPBF1 0.00 FEDERAL FARM CREDIT BANKS FUNDING CORP 4.875 08/21/2024 24,375.00 0.00 24,375.00 0.00 Coupon 02/21/2024 438123AC5 0.00 HAROT 2023-4 A3 5.67 06/21/2028 2,362.50 0.00 2,362.50 0.00 Coupon 02/21/2024 43815JAC7 0.00 HAROT 2023-1 A3 5.04 04/21/2027 504.00 0.00 504.00 0.00 Coupon 02/25/2024 05592XAD2 0.00 BMWOT 2023-A A3 5.47 02/25/2028 410.25 0.00 410.25 0.00 Coupon 02/25/2024 05593AAC3 0.00 BMWLT 2023-1 A3 5.16 11/25/2025 1,870.50 0.00 1,870.50 0.00 Coupon 02/28/2024 3130AV7L0 0.00 FEDERAL HOME LOAN BANKS 5.0 02/28/2025 27,500.00 0.00 27,500.00 0.00 Coupon 02/29/2024 91282CAJ0 0.00 UNITED STATES TREASURY 0.25 08/31/2025 1,500.00 0.00 1,500.00 0.00 Coupon 02/29/2024 91282CBQ3 0.00 UNITED STATES TREASURY 0.5 02/28/2026 1,250.00 0.00 1,250.00 0.00 Coupon 03/01/2024 3137BVZ82 0.00 FHMS K-063 A2 3.43 01/25/2027 2,000.83 0.00 2,000.83 0.00 Coupon 03/01/2024 3137F1G44 0.00 FHMS K-065 A2 3.243 04/25/2027 1,216.13 0.00 1,216.13 0.00 Coupon 03/01/2024 3137FBBX3 0.00 FHMS K-068 A2 3.244 08/25/2027 648.80 0.00 648.80 0.00 Coupon 03/01/2024 3137FBU79 0.00 FHMS K-069 A2 3.187 09/25/2027 1,327.92 0.00 1,327.92 0.00 Coupon 03/01/2024 3137FETN0 0.00 FHMS K-073 A2 3.35 01/25/2028 1,870.42 0.00 1,870.42 0.00 Coupon 03/01/2024 3137FG6X8 0.00 FHMS K-077 A2 3.85 05/25/2028 2,502.50 0.00 2,502.50 0.00 47 ,,,a CHANDLER "-'•• ASSET MANAGEMENT TRANSACTION LEDGER City of San Rafael |Account #11045 |As of March 31,2024 Transaction Type Settlement Date CUSIP Quantity Security Description Price Acq/Disp Yield Amount Interest Pur/Sold Total Amount Gain/Loss Coupon 03/01/2024 713448CM8 0.00 PEPSICO INC 3.6 03/01/2024 9,000.00 0.00 9,000.00 0.00 Coupon 03/12/2024 3130ATHT7 0.00 FEDERAL HOME LOAN BANKS 4.375 09/12/2025 28,437.50 0.00 28,437.50 0.00 Coupon 03/13/2024 46647PBH8 0.00 JPMORGAN CHASE &CO 2.005 03/13/2026 6,015.00 0.00 6,015.00 0.00 Coupon 03/15/2024 02582JJT8 0.00 AMXCA 2022-2 A 3.39 05/15/2025 1,695.00 0.00 1,695.00 0.00 Coupon 03/15/2024 02582JKD1 0.00 AMXCA 2023-3 A 5.23 09/15/2028 2,135.58 0.00 2,135.58 0.00 Coupon 03/15/2024 05522RDF2 0.00 BACCT 2022-2 A 5.0 04/17/2028 1,833.33 0.00 1,833.33 0.00 Coupon 03/15/2024 05522RDH8 0.00 BACCT 2023-2 A 4.98 11/16/2026 1,245.00 0.00 1,245.00 0.00 Coupon 03/15/2024 161571HT4 0.00 CHAIT 2023-1 A 5.16 09/15/2028 2,128.50 0.00 2,128.50 0.00 Coupon 03/15/2024 47800CAC0 0.00 JDOT 2023 A3 5.01 11/15/2027 3,674.00 0.00 3,674.00 0.00 Coupon 03/15/2024 58768PAC8 0.00 MBART 2022-1 A3 5.21 08/16/2027 1,128.83 0.00 1,128.83 0.00 Coupon 03/15/2024 891941AD8 0.00 TAOT 2023-B A3 4.71 02/15/2028 1,177.50 0.00 1,177.50 0.00 Coupon 03/15/2024 89239HAD0 0.00 TAOT 2022-D A3 5.3 09/15/2027 1,545.83 0.00 1,545.83 0.00 Coupon 03/15/2024 91282CHY0 0.00 UNITED STATES TREASURY 4.625 09/15/2026 20,812.50 0.00 20,812.50 0.00 Coupon 03/21/2024 438123AC5 0.00 HAROT 2023-4 A3 5.67 06/21/2028 2,362.50 0.00 2,362.50 0.00 Coupon 03/21/2024 43815JAC7 0.00 HAROT 2023-1 A3 5.04 04/21/2027 504.00 0.00 504.00 0.00 Coupon 03/25/2024 05592XAD2 0.00 BMWOT 2023-A A3 5.47 02/25/2028 410.25 0.00 410.25 0.00 48 ,,,a CHANDLER "-'•• ASSET MANAGEMENT TRANSACTION LEDGER City of San Rafael |Account #11045 |As of March 31,2024 Transaction Type Settlement Date CUSIP Quantity Security Description Price Acq/Disp Yield Amount Interest Pur/Sold Total Amount Gain/Loss Coupon 03/25/2024 05593AAC3 0.00 BMWLT 2023-1 A3 5.16 11/25/2025 1,870.50 0.00 1,870.50 0.00 Coupon 03/30/2024 69371RS49 0.00 PACCAR FINANCIAL CORP 4.45 03/30/2026 13,350.00 0.00 13,350.00 0.00 Coupon 03/31/2024 9128282Y5 0.00 UNITED STATES TREASURY 2.125 09/30/2024 10,625.00 0.00 10,625.00 0.00 Coupon 03/31/2024 91282CAM3 0.00 UNITED STATES TREASURY 0.25 09/30/2025 625.00 0.00 625.00 0.00 Coupon 03/31/2024 91282CFM8 0.00 UNITED STATES TREASURY 4.125 09/30/2027 15,468.75 0.00 15,468.75 0.00 Coupon 03/31/2024 91282CJA0 0.00 UNITED STATES TREASURY 4.625 09/30/2028 11,562.50 0.00 11,562.50 0.00 Total Coupon 0.00 292,370.30 0.00 292,370.30 0.00 Custody Fee 02/23/2024 CCYUSD 0.00 US DOLLAR 0.00 0.00 (250.00)0.00 Custody Fee 03/25/2024 CCYUSD 0.00 US DOLLAR 0.00 0.00 (250.00)0.00 Total Custody Fee 0.00 0.00 0.00 (500.00)0.00 Management Fee 02/07/2024 CCYUSD 0.00 US DOLLAR 0.00 0.00 (3,493.57)0.00 Management Fee 03/18/2024 CCYUSD 0.00 US DOLLAR 0.00 0.00 (3,496.00)0.00 Total Management Fee 0.00 0.00 0.00 (6,989.57)0.00 Maturity 02/16/2024 96130ASC3 (375,000.00)Westpac Banking Corporation -New York Branch 5.38 02/16/2024 100.000 (375,000.00)0.00 375,000.00 0.00 Maturity 03/01/2024 713448CM8 (500,000.00)PEPSICO INC 3.6 03/01/2024 100.000 0.00%(500,000.00)0.00 500,000.00 0.00 Total Maturity (875,000.00)(875,000.00)0.00 875,000.00 0.00 TOTAL OTHER TRANSACTIONS (875,000.00)(582,629.70)0.00 1,159,880.73 0.00 49 ,,,a CHANDLER "-'•• ASSET MANAGEMENT TRANSACTION LEDGER San Rafael Cons |Account #11047 |As of March 31,2024 Transaction Type Settlement Date CUSIP Quantity Security Description Price Acq/Disp Yield Amount Interest Pur/Sold Total Amount Gain/Loss ACQUISITIONS Purchase 02/22/2024 05522RDH8 300,000.00 BACCT 2023-2 A 4.98 11/16/2026 100.375 4.88%301,125.00 (290.50)(301,415.50)0.00 Purchase 02/26/2024 17275RBQ4 250,000.00 CISCO SYSTEMS INC 4.8 02/26/2027 99.870 4.85%249,675.00 0.00 (249,675.00)0.00 Purchase 02/26/2024 17275RBQ4 300,000.00 CISCO SYSTEMS INC 4.8 02/26/2027 100.028 4.79%300,084.00 0.00 (300,084.00)0.00 Purchase 03/13/2024 91282CHK0 750,000.00 UNITED STATES TREASURY 4.0 06/30/2028 99.133 4.22%743,496.09 (6,016.48)(749,512.57)0.00 Purchase 03/18/2024 857477CL5 525,000.00 STATE STREET CORP 4.993 03/18/2027 100.000 4.99%525,000.00 0.00 (525,000.00)0.00 Total Purchase 2,125,000.00 2,119,380.09 (6,306.98)(2,125,687.07)0.00 TOTAL ACQUISITIONS 2,125,000.00 2,119,380.09 (6,306.98)(2,125,687.07)0.00 DISPOSITIONS Sale 03/13/2024 91282CBV2 (400,000.00)UNITED STATES TREASURY 0.375 04/15/2024 99.555 5.33%(398,218.75)(614.75)398,833.50 (1,815.05) Sale 03/15/2024 91282CBV2 (500,000.00)UNITED STATES TREASURY 0.375 04/15/2024 99.578 5.37%(497,890.63)(778.69)498,669.32 (2,149.06) Total Sale (900,000.00)(896,109.38)(1,393.44)897,502.82 (3,964.10) TOTAL DISPOSITIONS (900,000.00)(896,109.38)(1,393.44)897,502.82 (3,964.10) OTHER TRANSACTIONS Coupon 02/01/2024 06368LGV2 0.00 BANK OF MONTREAL 5.203 02/01/2028 15,609.00 0.00 15,609.00 0.00 Coupon 02/01/2024 3137BVZ82 0.00 FHMS K-063 A2 3.43 01/25/2027 2,000.83 0.00 2,000.83 0.00 50 ,,,a CHANDLER "-'•• ASSET MANAGEMENT TRANSACTION LEDGER San Rafael Cons |Account #11047 |As of March 31,2024 Transaction Type Settlement Date CUSIP Quantity Security Description Price Acq/Disp Yield Amount Interest Pur/Sold Total Amount Gain/Loss Coupon 02/01/2024 3137F1G44 0.00 FHMS K-065 A2 3.243 04/25/2027 1,216.13 0.00 1,216.13 0.00 Coupon 02/01/2024 3137FBBX3 0.00 FHMS K-068 A2 3.244 08/25/2027 648.80 0.00 648.80 0.00 Coupon 02/01/2024 3137FBU79 0.00 FHMS K-069 A2 3.187 09/25/2027 1,327.92 0.00 1,327.92 0.00 Coupon 02/01/2024 3137FETN0 0.00 FHMS K-073 A2 3.35 01/25/2028 1,870.42 0.00 1,870.42 0.00 Coupon 02/01/2024 3137FG6X8 0.00 FHMS K-077 A2 3.85 05/25/2028 2,502.50 0.00 2,502.50 0.00 Coupon 02/14/2024 3133EPSW6 0.00 FEDERAL FARM CREDIT BANKS FUNDING CORP 4.5 08/14/2026 12,600.00 0.00 12,600.00 0.00 Coupon 02/15/2024 02582JJT8 0.00 AMXCA 2022-2 A 3.39 05/15/2025 1,695.00 0.00 1,695.00 0.00 Coupon 02/15/2024 02582JKD1 0.00 AMXCA 2023-3 A 5.23 09/15/2028 2,135.58 0.00 2,135.58 0.00 Coupon 02/15/2024 05522RDF2 0.00 BACCT 2022-2 A 5.0 04/17/2028 1,833.33 0.00 1,833.33 0.00 Coupon 02/15/2024 161571HT4 0.00 CHAIT 2023-1 A 5.16 09/15/2028 2,128.50 0.00 2,128.50 0.00 Coupon 02/15/2024 47800CAC0 0.00 JDOT 2023 A3 5.01 11/15/2027 3,674.00 0.00 3,674.00 0.00 Coupon 02/15/2024 58768PAC8 0.00 MBART 2022-1 A3 5.21 08/16/2027 1,128.83 0.00 1,128.83 0.00 Coupon 02/15/2024 891941AD8 0.00 TAOT 2023-B A3 4.71 02/15/2028 1,177.50 0.00 1,177.50 0.00 Coupon 02/15/2024 89239HAD0 0.00 TAOT 2022-D A3 5.3 09/15/2027 1,545.83 0.00 1,545.83 0.00 Coupon 02/15/2024 912828D56 0.00 UNITED STATES TREASURY 2.375 08/15/2024 11,875.00 0.00 11,875.00 0.00 51 ,,,a CHANDLER "-'•• ASSET MANAGEMENT TRANSACTION LEDGER San Rafael Cons |Account #11047 |As of March 31,2024 Transaction Type Settlement Date CUSIP Quantity Security Description Price Acq/Disp Yield Amount Interest Pur/Sold Total Amount Gain/Loss Coupon 02/16/2024 96130ASC3 0.00 Westpac Banking Corporation -New York Branch 5.38 02/16/2024 20,455.21 0.00 20,455.21 0.00 Coupon 02/21/2024 3133EPBF1 0.00 FEDERAL FARM CREDIT BANKS FUNDING CORP 4.875 08/21/2024 24,375.00 0.00 24,375.00 0.00 Coupon 02/21/2024 438123AC5 0.00 HAROT 2023-4 A3 5.67 06/21/2028 2,362.50 0.00 2,362.50 0.00 Coupon 02/21/2024 43815JAC7 0.00 HAROT 2023-1 A3 5.04 04/21/2027 504.00 0.00 504.00 0.00 Coupon 02/25/2024 05592XAD2 0.00 BMWOT 2023-A A3 5.47 02/25/2028 410.25 0.00 410.25 0.00 Coupon 02/25/2024 05593AAC3 0.00 BMWLT 2023-1 A3 5.16 11/25/2025 1,870.50 0.00 1,870.50 0.00 Coupon 02/28/2024 3130AV7L0 0.00 FEDERAL HOME LOAN BANKS 5.0 02/28/2025 27,500.00 0.00 27,500.00 0.00 Coupon 02/29/2024 91282CAJ0 0.00 UNITED STATES TREASURY 0.25 08/31/2025 1,500.00 0.00 1,500.00 0.00 Coupon 02/29/2024 91282CBQ3 0.00 UNITED STATES TREASURY 0.5 02/28/2026 1,250.00 0.00 1,250.00 0.00 Coupon 03/01/2024 3137BVZ82 0.00 FHMS K-063 A2 3.43 01/25/2027 2,000.83 0.00 2,000.83 0.00 Coupon 03/01/2024 3137F1G44 0.00 FHMS K-065 A2 3.243 04/25/2027 1,216.13 0.00 1,216.13 0.00 Coupon 03/01/2024 3137FBBX3 0.00 FHMS K-068 A2 3.244 08/25/2027 648.80 0.00 648.80 0.00 Coupon 03/01/2024 3137FBU79 0.00 FHMS K-069 A2 3.187 09/25/2027 1,327.92 0.00 1,327.92 0.00 Coupon 03/01/2024 3137FETN0 0.00 FHMS K-073 A2 3.35 01/25/2028 1,870.42 0.00 1,870.42 0.00 Coupon 03/01/2024 3137FG6X8 0.00 FHMS K-077 A2 3.85 05/25/2028 2,502.50 0.00 2,502.50 0.00 52 ,,,a CHANDLER "-'•• ASSET MANAGEMENT TRANSACTION LEDGER San Rafael Cons |Account #11047 |As of March 31,2024 Transaction Type Settlement Date CUSIP Quantity Security Description Price Acq/Disp Yield Amount Interest Pur/Sold Total Amount Gain/Loss Coupon 03/01/2024 713448CM8 0.00 PEPSICO INC 3.6 03/01/2024 9,000.00 0.00 9,000.00 0.00 Coupon 03/12/2024 3130ATHT7 0.00 FEDERAL HOME LOAN BANKS 4.375 09/12/2025 28,437.50 0.00 28,437.50 0.00 Coupon 03/13/2024 46647PBH8 0.00 JPMORGAN CHASE &CO 2.005 03/13/2026 6,015.00 0.00 6,015.00 0.00 Coupon 03/15/2024 02582JJT8 0.00 AMXCA 2022-2 A 3.39 05/15/2025 1,695.00 0.00 1,695.00 0.00 Coupon 03/15/2024 02582JKD1 0.00 AMXCA 2023-3 A 5.23 09/15/2028 2,135.58 0.00 2,135.58 0.00 Coupon 03/15/2024 05522RDF2 0.00 BACCT 2022-2 A 5.0 04/17/2028 1,833.33 0.00 1,833.33 0.00 Coupon 03/15/2024 05522RDH8 0.00 BACCT 2023-2 A 4.98 11/16/2026 1,245.00 0.00 1,245.00 0.00 Coupon 03/15/2024 161571HT4 0.00 CHAIT 2023-1 A 5.16 09/15/2028 2,128.50 0.00 2,128.50 0.00 Coupon 03/15/2024 47800CAC0 0.00 JDOT 2023 A3 5.01 11/15/2027 3,674.00 0.00 3,674.00 0.00 Coupon 03/15/2024 58768PAC8 0.00 MBART 2022-1 A3 5.21 08/16/2027 1,128.83 0.00 1,128.83 0.00 Coupon 03/15/2024 891941AD8 0.00 TAOT 2023-B A3 4.71 02/15/2028 1,177.50 0.00 1,177.50 0.00 Coupon 03/15/2024 89239HAD0 0.00 TAOT 2022-D A3 5.3 09/15/2027 1,545.83 0.00 1,545.83 0.00 Coupon 03/15/2024 91282CHY0 0.00 UNITED STATES TREASURY 4.625 09/15/2026 20,812.50 0.00 20,812.50 0.00 Coupon 03/21/2024 438123AC5 0.00 HAROT 2023-4 A3 5.67 06/21/2028 2,362.50 0.00 2,362.50 0.00 Coupon 03/21/2024 43815JAC7 0.00 HAROT 2023-1 A3 5.04 04/21/2027 504.00 0.00 504.00 0.00 Coupon 03/25/2024 05592XAD2 0.00 BMWOT 2023-A A3 5.47 02/25/2028 410.25 0.00 410.25 0.00 53 ,,,a CHANDLER "-'•• ASSET MANAGEMENT TRANSACTION LEDGER San Rafael Cons |Account #11047 |As of March 31,2024 Transaction Type Settlement Date CUSIP Quantity Security Description Price Acq/Disp Yield Amount Interest Pur/Sold Total Amount Gain/Loss Coupon 03/25/2024 05593AAC3 0.00 BMWLT 2023-1 A3 5.16 11/25/2025 1,870.50 0.00 1,870.50 0.00 Coupon 03/30/2024 69371RS49 0.00 PACCAR FINANCIAL CORP 4.45 03/30/2026 13,350.00 0.00 13,350.00 0.00 Coupon 03/31/2024 9128282Y5 0.00 UNITED STATES TREASURY 2.125 09/30/2024 10,625.00 0.00 10,625.00 0.00 Coupon 03/31/2024 91282CAM3 0.00 UNITED STATES TREASURY 0.25 09/30/2025 625.00 0.00 625.00 0.00 Coupon 03/31/2024 91282CFM8 0.00 UNITED STATES TREASURY 4.125 09/30/2027 15,468.75 0.00 15,468.75 0.00 Coupon 03/31/2024 91282CJA0 0.00 UNITED STATES TREASURY 4.625 09/30/2028 11,562.50 0.00 11,562.50 0.00 Total Coupon 0.00 292,370.30 0.00 292,370.30 0.00 Custody Fee 02/23/2024 CCYUSD 0.00 US DOLLAR 0.00 0.00 (250.00)0.00 Custody Fee 03/25/2024 CCYUSD 0.00 US DOLLAR 0.00 0.00 (250.00)0.00 Total Custody Fee 0.00 0.00 0.00 (500.00)0.00 Management Fee 02/07/2024 CCYUSD 0.00 US DOLLAR 0.00 0.00 (3,493.57)0.00 Management Fee 03/18/2024 CCYUSD 0.00 US DOLLAR 0.00 0.00 (3,496.00)0.00 Total Management Fee 0.00 0.00 0.00 (6,989.57)0.00 Maturity 02/16/2024 96130ASC3 (375,000.00)Westpac Banking Corporation -New York Branch 5.38 02/16/2024 100.000 (375,000.00)0.00 375,000.00 0.00 Maturity 03/01/2024 713448CM8 (500,000.00)PEPSICO INC 3.6 03/01/2024 100.000 0.00%(500,000.00)0.00 500,000.00 0.00 Total Maturity (875,000.00)(875,000.00)0.00 875,000.00 0.00 TOTAL OTHER TRANSACTIONS (875,000.00)(582,629.70)0.00 1,159,880.73 0.00 54 ,,,a CHANDLER "-'•• ASSET MANAGEMENT Important Disclosures 2024 Chandler Asset Management, Inc, An Independent Registered Investment Adviser. Information contained herein is confidential. Prices are provided by ICE Data Services Inc (“IDS”), an independent pricing source. In the event IDS does not provide a price or if the price provided is not reflective of fair market value, Chandler will obtain pricing from an alternative approved third party pricing source in accordance with our written valuation policy and procedures.Our valuation procedures are also disclosed in Item 5 of our Form ADV Part 2A. Performance results are presented gross-of-advisory fees and represent the client’s Total Return. The deduction of advisory fees lowers performance results. These results include the reinvestment of dividends and other earnings. Past performance may not be indicative of future results. Therefore, clients should not assume that future performance of any specific investment or investment strategy will be profitable or equal to past performance levels. All investment strategies have the potential for profit or loss. Economic factors, market conditions or changes in investment strategies, contributions or withdrawals may materially alter the performance and results of your portfolio. Index returns assume reinvestment of all distributions. Historical performance results for investment indexes generally do not reflect the deduction of transaction and/or custodial charges or the deduction of an investment management fee, the incurrence of which would have the effect of decreasing historical performance results. It is not possible to invest directly in an index. Source ICE Data Indices, LLC ("ICE"), used with permission. ICE permits use of the ICE indices and related data on an "as is" basis; ICE, its affiliates and their respective third party suppliers disclaim any and all warranties and representations, express and/or implied, including any warranties of merchantability or fitness for a particular purpose or use, including the indices, index data and any data included in, related to, or derived therefrom. Neither ICE data, its affiliates or their respective third party providers guarantee the quality, adequacy, accuracy, timeliness or completeness of the indices or the index data or any component thereof, and the indices and index data and all components thereof are provided on an "as is" basis and licensee's use it at licensee's own risk. ICE data, its affiliates and their respective third party do not sponsor, endorse, or recommend chandler asset management, or any of its products or services. This report is provided for informational purposes only and should not be construed as a specific investment or legal advice. The information contained herein was obtained from sources believed to be reliable as of the date of publication, but may become outdated or superseded at any time without notice. Any opinions or views expressed are based on current market conditions and are subject to change. This report may contain forecasts and forward-looking statements which are inherently limited and should not be relied upon as indicator of future results. Past performance is not indicative of future results. This report is not intended to constitute an offer, solicitation, recommendation or advice regarding any securities or investment strategy and should not be regarded by recipients as a substitute for the exercise of their own judgment. Fixed income investments are subject to interest, credit and market risk. Interest rate risk: the value of fixed income investments will decline as interest rates rise. Credit risk: the possibility that the borrower may not be able to repay interest and principal. Low rated bonds generally have to pay higher interest rates to attract investors willing to take on greater risk. Market risk: the bond market in general could decline due to economic conditions, especially during periods of rising interest rates. Ratings information have been provided by Moody’s, S&P and Fitch through data feeds we believe to be reliable as of the date of this statement, however we cannot guarantee its accuracy. Security level ratings for U.S. Agency issued mortgage-backed securities (“MBS”) reflect the issuer rating because the securities themselves are not rated. The issuing U.S. Agency guarantees the full and timely payment of both principal and interest and carries a AA+/Aaa/AAA by S&P, Moody’s and Fitch respectively. 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. As of March 31, 2024 55 I Benchmark Disclosures ICE BofA 1-3 Yr US Treasury & Agency Index The ICE BofA 1-3 Year US Treasury & Agency Index tracks the performance of US dollar denominated US Treasury and nonsubordinated US agency debt issued in the US domestic market. Qualifying securities must have an investment grade rating (based on an average of Moody’s, S&P and Fitch). Qualifying securities must have at least one year remaining term to final maturity and less than three years remaining term to final maturity, at least 18 months to maturity at time of issuance, a fixed coupon schedule, and a minimum amount outstanding of $1 billion for sovereigns and $250 million for agencies. As of March 31, 2024 56 I