HomeMy WebLinkAboutFin City Quarterly Investment Report____________________________________________________________________________________
FOR CITY CLERK ONLY
Council Meeting: 05/05/2025
Disposition: Accepted report
Agenda Item No: 4.c
Meeting Date: May 5, 2025
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, 2025
RECOMMENDATION:
Staff recommends that the City Council accept the investment report for the quarter ending March 31,
2025, 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 17, 2024, 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.
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, 2025, the City’s Treasury consisted of investments with a total market value of
$111,004,737 consisting of $61,572,456 in the City’s primary Local Agency Investment Fund (LAIF)
account and $49,432,281 in externally managed investments (which includes $893,500 of Pt. San Pedro
Assessment District bonds). An additional $8,152,425 represents cash balances in the City’s various
operating bank accounts, including Westamerica Bank ($7,498,772), Bank of the Marin ($401,083), and
Bank of Montreal ($252,571).
As of March 31, 2025, the weighted average yield on the portfolio was 4.37%, which results from an
effective yield of 4.26% for the City’s investments in the Local Agency Investment Fund and a yield of
..
, SAN RAFAEL
5'(#\ THE CITY WITH A MISSION
V established 1874
SAN RAFAEL CITY COUNCIL AGENDA REPORT / Page: 2
4.51% for the externally managed investments. The overall return on the total portfolio for the quarter
ending March 31, 2025, was 4.20%, with a weighted average maturity of 0.96 years, and compares
favorably to the benchmark (1-3 Year Treasury Index) of 3.94%. This favorable variance is due to the
improved interest rate environment over the past year, as new higher-yield investments are being made,
replacing lower-yield investments, primarily upon maturity.
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:
As broadly anticipated, the Federal Open Market Committee (FOMC) left the Federal Funds Rate
unchanged at the range of 4.25 - 4.50% at the March meeting. Fed Chair Powell emphasized increased
uncertainty around the economic outlook and the need for “greater clarity” before making changes to
interest rate policy. He also acknowledged possible transitory inflationary impacts from tariffs. The
summary of economic projections (SEP) indicated lower GDP growth, higher inflation, and higher
unemployment estimates than December projections, along with roughly two 25-basis point rate cuts this
year. The FOMC also announced a slowdown in the pace of balance sheet reduction.
The 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.
The attachments include:
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,
2025, 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:
Staff recommends that the City Council accept the investment report for the quarter ending March 31,
2025, as presented. Microsoft Teams
ATTACHMENTS:
1.Quarterly Investment Portfolio Report
2.Historical Activity by Quarter Report
3.Chandler Asset Management – Investment Report: Period Ending March 31, 2025
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 60,863,383$ 98.8%4.31%
Cash (Receivable)709,072$ 1.2%0.00%
Total Internally Managed 61,572,456$ 55.5%
Weighted Average Yield 4.26%
Days
Effective Average Duration - Internal 1
Weighted Average Maturity - Internal 1
%Yield
Money Market Fund 832,503$ 1.7%3.95%
Treasury Securities 16,320,849$ 33.0%4.24%
Instrumentality Securities 7,943,011$ 16.1%4.34%
Corporate Notes 12,550,651$ 25.4%4.87%
Asset-Backed 4,833,808$ 9.8%4.83%
Cash (Receivable)4,688$ 0.0%0.00%
CMO 4,802,670$ 9.7%4.44%
Supranational 1,250,601$ 2.5%4.31%
Pt. San Pedro Assessment District 893,500$ 1.8%5.25%
Total Externally Managed 49,432,281$ 44.5%
Weighted Average Yield 4.51%
Years
Effective Average Duration - External 1.84
Weighted Average Maturity - External 2.22
Total Portfolio Assets %Yield
LAIF 60,863,383$ 54.8%4.31%
Money Market Fund 832,503$ 0.7%3.95%
Treasury Securities 16,320,849$ 14.7%4.24%
Instrumentality Securities 7,943,011$ 7.2%4.34%
Corporate Notes 12,550,651$ 11.3%4.87%
Asset-Backed 4,833,808$ 4.4%4.83%
Cash (Receivable)713,760$ 0.6%0.00%
CMO 4,802,670$ 4.3%4.44%
Supranational 1,250,601$ 1.1%4.31%
Pt. San Pedro Assessment District 893,500$ 0.8%5.25%
Total Portfolio Assets 111,004,737$ 100.0%
Weighted Average Yield 4.37%
Years
Effective Average Duration - Total 0.80
Weighted Average Maturity - Total 0.96
Based on Market Values
March 31, 2025
City of San Rafael
Quarterly Investment Portfolio Report
Externally Managed Assets
Internally Managed Assets
LAIF
98.8%
Cash
(Receivable)
1.2%
Money Market
Fund
1.7%
Treasury
Securities
33.0%
Instrumentality
Securities
16.1%
Corporate Notes
25.4%
Asset-Backed
9.8%
Cash
(Receivable)
0.0%
CMO
9.7%Supranational
2.5%
Pt. San Pedro
Assessment
District
1.8%
LAIF
54.8%
Money Market
Fund
0.7%
Treasury
Securities
14.7%
Instrumentality
Securities
7.2%
Corporate Notes
11.3%
Asset-Backed
4.4%
Cash
(Receivable)
0.6%
CMO
4.3%
Supranational
1.1%
Pt. San Pedro
Assessment
District
0.8%
Attachment 1
Internally Managed Assets %Return %Return %Return %Return
LAIF 60,863,383$ 98.8%4.31%67,213,508$ 99.1%4.57%60,496,038$ 98.9%4.57%59,849,234$ 100.0%4.52%
Cash (Receivable)709,073$ 1.2%0.00%609,268$ 0.9%0.00%692,545$ 1.1%0.00%
Total Internally Managed 61,572,456$ 55.5%67,822,776$ 58.3%61,188,583$ 55.7%59,849,234$ 55.8%
Weighted Average Yield 4.26%4.53%4.52%4.52%
Externally Managed Assets %Return %Return %Return %Return
Cash 4,688$ 2,131$ 0.0%0.00%1,427$ 0.0%0.00%38,820$ 0.1%0.00%
Commercial Paper 748,555$ 1.5%5.43%739,604$ 1.5%0.00%727,857$ 1.5%5.43%
Money Market Fund 832,503$ 1.7%219,455$ 0.5%4.49%1,110,193$ 2.3%4.49%59,761$ 0.1%4.89%
Treasury Securities 16,320,849$ 33.0%15,615,384$ 32.1%3.80%15,268,781$ 31.3%3.80%16,576,763$ 34.5%3.40%
Instrumentality Securities 7,943,011$ 16.1%9,016,594$ 18.6%4.42%9,099,833$ 18.7%4.42%7,976,068$ 16.6%4.22%
Corporate Notes 12,550,651$ 25.4%11,848,951$ 24.4%4.82%11,999,405$ 24.6%4.82%11,494,546$ 23.9%4.77%
Asset Backed 4,833,808$ 9.8%5,194,081$ 10.7%4.84%5,432,707$ 11.2%4.84%5,524,308$ 11.5%4.85%
Negotiable CD 0.0%0.0%-$ 0.0%0.00%-$ 0.0%0.00%
Collateralized Mortgage Obligations (CMO)4,802,670$ 9.7%4,125,160$ 8.5%4.44%3,849,645$ 7.9%4.44%3,737,626$ 7.8%4.44%
Supranational 1,250,601$ 2.5%939,586$ 1.9%4.53%315,102$ 0.6%4.53%305,116$ 0.6%4.53%
Municipal/Assessment District 893,500$ 1.8%893,500$ 1.8%5.25%893,500$ 1.8%5.25%986,700$ 2.1%5.25%
Total Externally Managed 49,432,281$ 44.5%48,603,397$ 41.7%48,710,196$ 44.3%47,427,565$ 44.2%
Weighted Average Yield 4.51%4.31%4.32%4.20%
Years Years Years Years
Effective Average Duration - External 1.84 1.84 1.84 1.83
Weighted Average Maturity - External 2.22 2.22 2.22 2.20
Total Portfolio Assets %Return %Return %Return %Return
LAIF 60,863,383$ 54.8%4.31%67,213,508$ 57.73%4.57%60,496,038$ 55.0%4.57%59,849,234$ 55.8%4.52%
Cash 713,761$ 0.6%611,399$ 0.53%0.00%693,972$ 0.6%0.00%38,820$ 0.0%0.00%
Commercial Paper 748,555$ 0.64%5.43%739,604$ 0.7%5.43%727,857$ 0.7%5.43%
Money Market Fund 832,503$ 0.7%3.95%219,455$ 0.19%4.49%1,110,193$ 1.0%4.49%59,761$ 0.1%4.89%
Treasury Securities 16,320,849$ 14.7%4.24%15,615,384$ 13.41%3.80%15,268,781$ 13.9%3.80%16,576,763$ 15.5%3.40%
Instrumentality Securities 7,943,011$ 7.2%4.34%9,016,594$ 7.74%4.42%9,099,833$ 8.3%4.42%7,976,068$ 7.4%4.22%
Corporate Notes 12,550,651$ 11.3%4.87%11,848,951$ 10.18%4.82%11,999,405$ 10.9%4.82%11,494,546$ 10.7%4.77%
Asset Backed 4,833,808$ 4.4%4.83%5,194,081$ 4.46%4.84%5,432,707$ 4.9%4.84%5,524,308$ 5.1%4.85%
Collateralized Mortgage Obligations (CMO)4,802,670$ 4.3%4.44%4,125,160$ 3.54%4.44%3,849,645$ 3.5%4.44%3,737,626$ 3.5%4.44%
Supranational 1,250,601$ 1.1%4.31%939,586$ 0.81%4.53%315,102$ 0.3%4.53%305,116$ 0.3%4.53%
Municipal/Assessment District 893,500$ 0.8%5.25%893,500$ 0.77%5.25%893,500$ 0.8%5.25%986,700$ 0.9%5.25%
Total Portfolio Assets 111,004,737$ 100%116,426,173$ 100.00%109,898,779$ 100.0%107,276,798$ 100.0%
Weighted Average Yield 4.37%4.44%4.43%4.38%
Years Years Years Years
Effective Average Duration - Total 0.80 0.81 0.81 0.79
Weighted Average Maturity - Total 0.96 0.97 0.97 0.96
March 31, 2025
City of San Rafael
Historical Activity-By Quarter
December 31, 2024 September 30, 2024 June 30, 2024
Attachment 2
INVESTMENT REPORT
City of San Rafael | As of March 31, 2025
CHANDLER ASSET MANAGEMENT | chandlerasset.com
Chandler Team:
For questions about your account, please call (800) 317-4747,
or contact clientservice@chandlerasset.com
Information contained herein is confidential. We urge you to compare this statement to the one you receive from your qualified custodian. Please see Important Disclosures at the end of the statement.
Attachment 3
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TABLE OF CONTENTS
City of San Rafael | As of March 31, 2025
ECONOMIC UPDATE
ACCOUNT PROFILE
CONSOLIDATED INFORMATION
PORTFOLIO HOLDINGS
TRANSACTIONS
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ECONOMIC UPDATE
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Recent economic data suggest slower growth in 2025 and greater market uncertainty as the effects of fiscal policy unfold.Inflationary
trends have subsided, but some components remain sticky,and core levels remain above the Fed’s target.The labor market reflects
improved balance between supply and demand for workers.While job creation has been robust, continuing jobless claims remain elevated.
Given the economic outlook, we expect gradual normalization of monetary policy and a steepening yield curve.
As broadly anticipated,the Federal Open Market Committee (FOMC)left the Federal Funds Rate unchanged at the range of 4.25 -4.50%at
the March meeting.Fed Chair Powell emphasized increased uncertainty around the economic outlook and the need for “greater clarity”
before making changes to interest rate policy.He also acknowledged possible transitory inflationary impacts from tariffs.The summary of
economic projections (SEP)indicated lower GDP growth,higher inflation,and higher unemployment estimates than December projections,
along with roughly two 25-basis point rate cuts this year. The FOMC also announced a slowdown in the pace of balance sheet reduction.
US Treasury yields declined, and the curve steepened in March.The 2-year Treasury yield declined 10 basis points to 3.89%,the 5-year
Treasury fell 7 basis points to 3.95%,and the 10-year Treasury yield was unchanged 4.21%.The spread between the 2-year and 10-year
Treasury yield points on the curve widened to +32 basis points at March month-end versus +22 basis points at February month-end. The
spread between the 2-year Treasury and 10-year Treasury yield one year ago was -42 basis points. The spread between the 3-month and 10-
year Treasury yield points on the curve was -9 basis points in March, unchanged from February.
ECONOMIC UPDATE
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-400
-200
0
200
400
600
800
1,000
MO
M
C
h
a
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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
(
%
)
Source: US Department of Labor Source: US Department of Labor
EMPLOYMENT
4
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T , e U .S. e oo 111 om y added 2 28,0 00 j ob s i n M arc h, exceed i ng oo n sen su s exp e ctat i o n s, an d t h e l as t two m onth s w er e r ev i sed d ow n by
48,0 0 0. Gai n s w er e l ed by h ea lt h ca r e, r et a il, so ci a l ass i st an ce, an d tra n sp ortat io n . T h e t hree-m ont h m ov i ng av e r age a n d si x -m o nt h
m ov i ng av e r age p ayroll s t ot al ed 1 5 2,0 0 0 a n d 1 8 1,0 0 0 r es p ectiv el y . T h e un em p lo y m e nt r at e rose• to 4 .2% i n M a r ch, an d t h e l a b o r
p a rti ci p at io n ra t e e dged up t o 6 2 . .5%, r em ai n i ng b el o w t h e pre-p a n demic l ev e l o f 63 .3%. T h e U-fi un der em p l o y m ent ra t e, wh ich i n cl u des
t h ose wh o ar e m arg i n ally atta ch ed t o th e l ab or force an d emplo y ed p art t i m e for e oo rw m ic r easo n s edge d down t o 7 .9 % i n M ar ch fro m
8 .0% i n Fe bru ary. Average h ourl y ea rn i ngs tick ed d ow111 t o a n i n cr ease of 3.8% y ea r-over-ye,ar i n M ar ch .
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 O penings and Labor Turnover Survey (JOLTS)fell to 7.57 million new job openings in February from 7.76
million new job openings in January.Job openings indicate a ratio of 1.1 jobs for each unemployed individual,representing a relatively
balanced labor market.
Source: US Department of Labor
JOB OPENINGS & LABOR TURNOVER SURVEY
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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
In February,both the Consumer Price Index (CPI)and Core CPI,which excludes volatile food and energy components,posted more
moderate increases than last month and came in lower than consensus expectations. The headline CPI rose 0.2%month-over-month and
2.8%year-over-year,while the Core CPI rose 0.2%month-over-month and 3.1%year-over-year.The Personal Consumption Expenditures
(PCE)price index increased by 0.3%from the previous month and 2.5%year-over-year in February.The Core PCE deflator,which excludes
food and energy and is the Fed’s preferred gauge,accelerated its increase to 0.4%month-over-month and 2.8%from 2.6%year-over-
year.Inflation remains above the Fed’s 2% target.
Source: US Department of Labor Source: US Department of Commerce
INFLATION
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-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
The Advance Retail Sales re port for February fell short of expectations,increasing 0.2%month-over-month following a 1.2%decline in
January.Declines were broad-based across categories. However,control group sales,which feeds into gross domestic product and
excludes food services,auto dealers,building materials stores,and gasoline stations,increased 1%in February.On a year-over-year
basis, Retail Sales grew 3.1%in February versus 3.9%in January. The Conference Board’s Consumer Confidence Index tumbled 7.2 points
in March to 92.9, a notable decrease from February. Consumers' assessment of the present situation fell, with business conditions viewed
as "good"by only 17.7%and jobs considered "plentiful" by 33.6%.Their expectations for income,business, and labor market conditions
dropped,with pessimism about future employment prospects falling to a 12-year low.While the consumer has been resilient, rising
inflation expectations, concerns about trade policies and tariffs, and general economic and policy uncertainty could pose potential risks to
future spending.
0
20
40
60
80
100
120
140
160
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)
CONSUMER
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-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) fell by 0.3% in February, following a 0.2% decline in January. The LEI decreased year-
over-year by 3.1%.T he monthly decline was primarily driven by consumer assessments of future business conditions becoming more
pessimistic.The Chicago Fed National Activity Index (CFNAI)increased to +0.18 in February from a revised -0.08 in January,reflecting
stronger readings across production-related indicators and sales,orders,and inventories. The three-month moving average rose to +0.15
in February from +0.07 in January, indicating expectations of continued above-trend economic growth.
Source: The Conference Board Source: Federal Reserve Bank of Chicago
LEADING INDICATORS OF ECONOMIC ACTIVITY
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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 soared 11.2%to 1.5 million units in February as builders rebounded from adverse weather conditions in January.Total
starts are down 2.9%compared to February 2024.Single family homes starts rose 11.4%,and multi-family starts increased 10.7%.The
Freddie Mac 30-year fixed rate mortgage averaged approximately 6.8%in February.According to the Case-Shiller 20-City Home Price
Index, housing prices rose 4.7%year-over-year in January,compared to 4.5%in December.While inventory constraints remain a
challenge,the slight improvement in annual gains suggests gradual stabilization in the market.However,higher mortgage rates continue
to weigh on affordability, limiting buyer demand and market activity.
Source: US Department of Commerce Source: S&P
-20.0%
-16.0%
-12.0%
-8.0%
-4.0%
0.0%
4.0%
8.0%
12.0%
16.0%
20.0%
24.0%
S&P/Case -Shiller 20 City Composite Home Price Index
Recession
YO
Y
(
%
)
C
h
a
n
g
e
HOUSING
9
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40
45
50
55
60
65
70
Institute of Supply Management (ISM) Surveys
ISM Manufacturing ISM Services
EXPANDING
CONTRACTING
The Institute for Supply Management (ISM)Manufacturing index dipped back into contraction at 49.0 in March from 50.3 in February.The
survey reflected a decline in business activity,upward price pressures,and notably weaker employment.The ISM Services index declined
to 50.8 in March from 53.5 in February as new orders,employment,and supplier deliveries all weakened.A reading over 50 indicates
expansion, while a reading under 50 indicates contraction.
Source: Institute for Supply Management
SURVEY BASED MEASURES
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Components of GDP 3/24 6/24 9/24 12/24
1.3% 1.9% 2.5% 2.7%
0.6% 1.5% 0.2% -1.0%
-0.6% -0.9% -0.4% 0.3%
0.0% 0.3% 0.6% 0.3%
0.3% 0.3% 0.3% 0.3%
1.6% 3.0% 3.1% 2.4%
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 2.4 percent,revised up 0.1 percentage point from
the second estimate.Growth continues to be powered by consumer spending and government spending,partly offset by a decrease in
investment.Imports also decreased. Real GDP increased 2.8 percent in 2024.The consensus projection calls for 1.2%growth for the first
quarter and 2.0% for the full year 2025.
GROSS DOMESTIC PRODUCT (GDP)
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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 broadly anticipated,the Federal Open Market Committee (FOMC)left the Federal Funds Rate unchanged at the range of 4.25 -4.50%
at the March meeting.Fed Chair Powell emphasized increased uncertainty around the economic outlook and the need for “greater clarity”
before making changes to interest rate policy.He also acknowledged possible transitory inflationary impacts from tariffs.The summary
of economic projections (SEP)indicated lower GDP growth,higher inflation,and higher unemployment estimates than December
projections,along with roughly two 25-basis point rate cuts this year.The FOMC also announced a slowdown in the pace of balance
sheet reduction. The monthly redemption cap on Treasuries will be reduced from $25 billion to $5 billion, while the cap on agencies and
mortgage-backed securities will be maintained at $35 billion.Since the Fed began its Quantitative Tightening campaign in June 2022,
securities holdings have declined by approximately $2.2 trillion to approximately $6.8 trillion.
FEDERAL RESERVE
12
■
~
"C
ai >
6.00 %
5.00 %
4.00 %
3.00 %
2.00 %
1.00%
0.00 %
,,,a CHANDLER
"'·· ASSET MANAGEMENT
Effective Federal Funds Rate
■ Recession
1-----------~~--=li=--=--=--=--=--::::'._-E-
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
Y
i
e
l
d
(
%
)
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
US Treasury Yield Curve
Mar-25
Dec-24
Mar-24
Yi
e
l
d
(
%
)
At the end of March,the 2-year Treasury yield was 74 basis points lower,and the 10-Year Treasury yield was 6 basis points higher,year-
over-year.The spread between the 2-year and 10-year Treasury yield points on the curve widened to +32 basis points at March month-
end versus +22 basis points at February month-end. The recent yield curve inversion which began in July 2022 was historically long.The
average historical spread (since 2005)is about +99 basis points. The spread between the 3-month and 10-year Treasury yield points on
the curve was -9 basis points in in March, unchanged from February.
BOND YIELDS
13
,, •• CHANDLER
"'·· ASSET MANAGEMENT
..... .
---------------· --------·••••••••••••••••••••
---I ------------------,.__._··_·_·· ___ ~r
ACCOUNT PROFILE
14
,,,a. CHANDLER
"'--ASSET MANAGEMENT
OBJECTIVES
City of San Rafael | As of March 31, 2025
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.
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.
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.
15
,,,a CHANDLER
"'·· ASSET MANAGEMENT
STATEMENT OF COMPLIANCE
San Rafael Cons | Account #11047 | As of March 31, 2025
Rules Name Limit Actual Compliance
Status Notes
AGENCY MORTGAGE SECURITIES (CMOS)
Max % (MV; ABS, CMO, & MBS)20.0 8.8 Compliant
Max Maturity (Years)5.0 4.2 Compliant
Min Rating (AA- by 1; A- Issuer by 1)0.0 0.0 Compliant
ASSET-BACKED SECURITIES (ABS)
Max % (MV; ABS, CMO & MBS)20.0 8.7 Compliant
Max Maturity (Years)5 3 Compliant
Min Rating (AA- by 1; A- Issuer by 1)0.0 0.0 Compliant
BANKERS' ACCEPTANCES
Max % (MV)40.0 0.0 Compliant
Max Amount Issuer (MV)2.0 0.0 Compliant
Max Maturity (Days)180 0.0 Compliant
Min Rating (A-1 by 1 or A- by 1)0.0 0.0 Compliant
CERTIFICATE OF DEPOSIT PLACEMENT SERVICE
(CDARS)
Max % (MV)30.0 0.0 Compliant
Max % Issuer (MV)5.0 0.0 Compliant
COLLATERALIZED TIME DEPOSITS (NON-
NEGOTIABLE CD/TD)
Max % (MV; CDs & NCDs)30.0 0.0 Compliant
Max % Issuer (MV)5.0 0.0 Compliant
Max Maturity (Years)5.0 0.0 Compliant
COMMERCIAL PAPER
Max % (MV)25.0 0.0 Compliant
Max % Issuer (MV)5.0 0.0 Compliant
Max Maturity (Days)270 0.0 Compliant
Min Rating (A-1 by 1 or A- by 1)0.0 0.0 Compliant
CORPORATE MEDIUM TERM NOTES
Max % (MV)30.0 11.4 Compliant
Max % Issuer (MV)5.0 0.6 Compliant
16
,,,a CHANDLER
"'·· ASSET MANAGEMENT
STATEMENT OF COMPLIANCE
San Rafael Cons | Account #11047 | As of March 31, 2025
Rules Name Limit Actual Compliance
Status Notes
Max Maturity (Years)5 4 Compliant
Min Rating (A- by 1)0.0 0.0 Compliant
FDIC INSURED TIME DEPOSITS (NON-NEGOTIABLE
CD/TD)
Max % (MV; CDs & NCDs)30.0 0.0 Compliant
Max % Issuer (MV)5.0 0.0 Compliant
Max Maturity (Years)5 0.0 Compliant
FEDERAL AGENCIES
Max % (MV)100.0 7.2 Compliant
Max Maturity (Years)5 2 Compliant
LOCAL AGENCY INVESTMENT FUND (LAIF)
Max Concentration (MV)75.0 60.9 Compliant
MONEY MARKET MUTUAL FUNDS
Max % (MV)10.0 0.8 Compliant
Min Rating (AAA by 2)0.0 0.0 Compliant
MORTGAGE-BACKED SECURITIES (NON-AGENCY)
Max % (MV)20.0 0.0 Compliant
Max Maturity (Years)5.0 0.0 Compliant
Min Rating (AA- by 1; A- Issuer by 1)0.0 0.0 Compliant
MUNICIPAL SECURITIES (CA, LOCAL AGENCY)
Max Maturity (Years)5 0.0 Compliant
NEGOTIABLE CERTIFICATES OF DEPOSIT (NCD)
Max % (MV; CDs & NCDs)30.0 0.0 Compliant
Max % Issuer (MV)5.0 0.0 Compliant
Max Maturity (Years)5 0.0 Compliant
Min Rating (A-1 or A- by 1)0.0 0.0 Compliant
REPURCHASE AGREEMENTS
Max Maturity (Years)1.0 0.0 Compliant
SRI PROHIBITED INVESTMENTS
Prohibited Investments - Energy 0.0 0.0 Compliant
17
,,,a CHANDLER
"'·· ASSET MANAGEMENT
STATEMENT OF COMPLIANCE
San Rafael Cons | Account #11047 | As of March 31, 2025
Rules Name Limit Actual Compliance
Status Notes
SUPRANATIONAL OBLIGATIONS
Max % (MV)15.0 1.1 Compliant
Max Maturity (Years)5 4 Compliant
Min Rating (AA- by 1)0.0 0.0 Compliant
U.S. TREASURIES
Max % (MV)100.0 14.8 Compliant
Max Maturity (Years)5 4 Compliant
18
,,,a CHANDLER
"'·· ASSET MANAGEMENT
PORTFOLIO CHARACTERISTICS
City of San Rafael | Account #11045 | As of March 31, 2025
Benchmark*3/31/2025
Portfolio
12/31/2024
Portfolio
Average Maturity (yrs)1.84 2.17 2.21
Average Modified Duration 1.75 1.82 1.83
Average Purchase Yield 4.49%4.52%
Average Market Yield 3.94%4.20%4.45%
Average Quality**AA+AA+AA+
Total Market Value 48,890,211 48,090,583
*Benchmark: ICE BofA 1-3 Year US Treasury & Agency Index
**The credit quality is a weighted average calculation of the highest of S&P, Moody’s and Fitch.
19
,,,a CHANDLER
"'·· ASSET MANAGEMENT
SECTOR DISTRIBUTION
City of San Rafael | Account #11045 | As of March 31, 2025
Sector as a Percentage of Market Value
Sector 03/31/2025 12/31/2024
US Treasury 33.62%32.73%
Corporate 25.86%24.84%
Agency 16.36%18.90%
ABS 9.96%10.89%
Agency CMBS 9.89%8.65%
Supras 2.58%1.97%
Money Mkt Fd 1.72%0.46%
Comm Paper --1.57%
20
US Treasury Corporate Agency ABS
■ 03/31/2025
Agency CMBS Supras
■ 12/31/2024
,,,a CHANDLER
"'·· ASSET MANAGEMENT
Money Mkt Fd Comm Paper
ISSUERS
City of San Rafael | Account #11045 | As of March 31, 2025
Issuer Investment Type % Portfolio
Government of The United States US Treasury 33.62%
FHLMC Agency CMBS 9.89%
Federal Home Loan Banks Agency 9.50%
Farm Credit System Agency 6.86%
American Express Credit Master Trust ABS 2.26%
International Bank for Recon and Dev Supras 1.94%
U.S. Bancorp Money Mkt Fd 1.72%
John Deere Owner Trust ABS 1.58%
Bank of America Credit Card Trust ABS 1.53%
Bank of Montreal Corporate 1.26%
Eli Lilly and Company Corporate 1.26%
The Home Depot, Inc.Corporate 1.25%
PACCAR Inc Corporate 1.24%
Honda Auto Receivables Owner Trust ABS 1.23%
Bank of America Corporation Corporate 1.22%
Toyota Motor Corporation Corporate 1.21%
The Toronto-Dominion Bank Corporate 1.20%
Toyota Auto Receivables Owner Trust ABS 1.18%
Caterpillar Inc.Corporate 1.15%
Cisco Systems, Inc.Corporate 1.15%
National Rural Utilities Cooperative Corporate 1.14%
Royal Bank of Canada Corporate 1.14%
Florida Power & Light Corporate 1.14%
Prologis, Inc.Corporate 1.11%
State Street Corporation Corporate 1.10%
PepsiCo, Inc.Corporate 1.04%
Chase Issuance Trust ABS 1.03%
Honda Motor Co., Ltd.Corporate 1.03%
Chubb Limited Corporate 1.02%
Realty Income Corporation Corporate 1.01%
21
,,,a CHANDLER
"'·· ASSET MANAGEMENT
ISSUERS
City of San Rafael | Account #11045 | As of March 31, 2025
Issuer Investment Type % Portfolio
Morgan Stanley Corporate 1.00%
JPMorgan Chase & Co.Corporate 1.00%
Deere & Company Corporate 0.89%
BNY Mellon Corp Corporate 0.72%
Public Service Enterprise Group Inco Corporate 0.68%
International Finance Corporation Supras 0.64%
AbbVie Inc.Corporate 0.63%
BMW Vehicle Owner Trust ABS 0.61%
Mercedes-Benz Auto Receivables Trust ABS 0.29%
Merck & Co., Inc.Corporate 0.27%
Mercedes-Benz Auto Lease Trust ABS 0.25%
Cash Cash 0.01%
TOTAL 100.00%
22
,,,a CHANDLER
"'·· ASSET MANAGEMENT
QUALITY DISTRIBUTION
Rating 03/31/2025 12/31/2024
AAA 11.7%8.9%
AA 58.7%61.8%
A 24.8%23.9%
NA 4.8%5.3%
Rating 03/31/2025 12/31/2024
AAA 70.6%70.0%
AA 3.3%3.3%
A 22.6%23.2%
NA 3.4%3.5%
Rating 03/31/2025 12/31/2024
AAA 17.1%16.4%
AA 60.4%60.3%
A 8.8%9.1%
NA 13.6%14.2%
City of San Rafael | Account #11045 | As of March 31, 2025
S&P Rating Moody’s Rating Fitch Rating
23
AAA AA A NA AAA AA
■ 03/31/2025 ■ 12/31/2024 ■ 03/31/2025
A NA
■ 12/31/2024
AAA
,,,a CHANDLER
"'·· ASSET MANAGEMENT
AA A NA
■ 03/31/2025 ■ 12/31/2024
0-.25 .25-.5 .5-1 1-2 2-3 3-4 4-5 5-7 7+
Portfolio 4.5%5.7%18.1%29.0%29.7%7.9%5.2%0.0%0.0%
ICE BofA 1-3 Year US Treasury & Agency Index 0.0%0.0%4.1%58.2%37.7%0.0%0.0%0.0%0.0%
DURATION DISTRIBUTION
City of San Rafael | Account #11045 | As of March 31, 2025
Portfolio Compared to the Benchmark
24
0-.25 .25-.5 .5-1 1-2
■ City of San Rafael
2-3 3-4 4-5
■ ICE BofA 1-3 Year US Treasury & Agency Index
,,,a CHANDLER
"'·· ASSET MANAGEMENT
5-7 7+
3 Months 12 Months 2 Years 3 Years 5 Years 10 Years Since Inception
TOTAL RATE OF RETURN
City of San Rafael 1.69%5.64%4.86%4.90%
Benchmark 1.59%5.43%4.19%4.29%
*Periods over 1 year are annualized.
Benchmark: ICE BofA 1-3 Year US Treasury & Agency Index
Total rate of return: A measure of a portfolio’s performance over time. It is the internal rate of return, which equates the beginning value of the portfolio with the ending market value; it includes interest earnings, realized
and unrealized gains and losses in the portfolio.
INVESTMENT PERFORMANCE
City of San Rafael | Account #11045 | As of March 31, 2025
Total Rate of Return : Inception | 02/01/2023
25
6%
4%
2%
0% 3 Months 12 Months 2 Years
■Total Return
3 Year s 5 Year s
■ Benchmark
,,,a CHANDLER
"'·· ASSET MANAGEMENT
10 Years Since Inception *
HISTORICAL AVERAGE PURCHASE YIELD
City of San Rafael | Account #11045 | As of March 31, 2025
Purchase Yield as of 03/31/25 = 4.49%
26
5%
4%
3%
2%
1%
,,,a CHANDLER
"'·· ASSET MANAGEMENT
PORTFOLIO CHARACTERISTICS
San Rafael Reporting | Account #11046 | As of March 31, 2025
3/31/2025
Portfolio
12/31/2024
Portfolio
Average Maturity (yrs)0.00 0.00
Average Modified Duration 0.00 0.00
Average Purchase Yield 4.26%4.39%
Average Market Yield 4.26%4.39%
Average Quality**AAA AAA
Total Market Value 61,572,456 67,822,776
*Benchmark: NO BENCHMARK REQUIRED
**The credit quality is a weighted average calculation of the highest of S&P, Moody’s and Fitch.
27
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"'·· ASSET MANAGEMENT
SECTOR DISTRIBUTION
San Rafael Reporting | Account #11046 | As of March 31, 2025
Sector as a Percentage of Market Value
Sector 03/31/2025 12/31/2024
LAIF 98.85%99.10%
Cash 1.15%0.90%
28
■ 03/31/2025 ■ 12/31/2024
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"'·· ASSET MANAGEMENT
CONSOLIDATED INFORMATION
29
,,,a. CHANDLER
"'--ASSET MANAGEMENT
PORTFOLIO CHARACTERISTICS
San Rafael Cons | Account #11047 | As of March 31, 2025
3/31/2025
Portfolio
12/31/2024
Portfolio
Average Maturity (yrs)0.96 0.91
Average Modified Duration 0.80 0.76
Average Purchase Yield 4.36%4.44%
Average Market Yield 4.23%4.41%
Average Quality**AA+AA+
Total Market Value 110,462,667 115,913,359
*Benchmark: NO BENCHMARK REQUIRED
**The credit quality is a weighted average calculation of the highest of S&P, Moody’s and Fitch.
30
,,,a CHANDLER
"'·· ASSET MANAGEMENT
SECTOR DISTRIBUTION
San Rafael Cons | Account #11047 | As of March 31, 2025
Sector as a Percentage of Market Value
Sector 03/31/2025 12/31/2024
LAIF 55.27%58.18%
US Treasury 14.82%13.52%
Corporate 11.40%10.26%
Agency 7.21%7.80%
ABS 4.39%4.50%
Agency CMBS 4.36%3.57%
Supras 1.14%0.81%
Money Mkt Fd 0.76%0.19%
Cash 0.65%0.53%
Comm Paper --0.65%
31
LAIF US Tre as ury Corporate Agency ABS
■ 03/31/2025
Agency CMBS Supras Money Mkt Fd
■ 12/31/2024
,,,a CHANDLER
"'·· ASSET MANAGEMENT
Cash Comm Paper
PORTFOLIO HOLDINGS
32
,,,a. CHANDLER
"'--ASSET MANAGEMENT
HOLDINGS REPORT
City of San Rafael | Account #11045 | As of March 31, 2025
Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
ABS
43815JAC7 HAROT 2023-1 A3 5.04
04/21/2027 89,725.57 02/16/2023
5.09%
89,708.89
89,717.32
100.23
4.68%
89,929.23
125.62
0.19%
211.91
AAA/NA
AAA
2.06
0.55
02582JJT8 AMXCA 2022-2 A 3.39 05/17/2027 600,000.00 04/17/2023
4.65%
585,632.81
598,869.15
99.84
4.72%
599,058.60
904.00
1.23%
189.45
NA/AAA
AAA
0.12
0.12
58768PAC8 MBART 2022-1 A3 5.21
08/16/2027 141,932.22 02/15/2023
5.03%
142,664.06
142,226.96
100.29
4.70%
142,346.82
328.65
0.29%
119.86
AAA/AAA
NA
2.38
0.51
89239HAD0 TAOT 2022-D A3 5.3 09/15/2027 269,665.13 02/10/2023
4.86%
272,846.34
271,000.34
100.44
4.66%
270,863.85
635.21
0.56%
(136.49)
AAA/NA
AAA
2.46
0.63
47800CAC0 JDOT 2023 A3 5.01 11/15/2027 762,504.11 --
3.66%
764,447.83
763,379.49
100.29
4.66%
764,714.60
1,697.84
1.58%
1,335.12
AAA/NA
AAA
2.63
0.71
58770JAD6 MBALT 2024-A A3 5.32
01/18/2028 120,000.00 05/17/2024
5.73%
119,985.96
119,989.25
101.19
4.52%
121,432.20
283.73
0.25%
1,442.95
AAA/NA
AAA
2.80
1.38
891941AD8 TAOT 2023-B A3 4.71 02/15/2028 300,000.00 10/03/2023
5.68%
294,058.59
296,099.05
100.11
4.62%
300,316.92
628.00
0.62%
4,217.87
AAA/NA
AAA
2.88
0.79
05592XAD2 BMWOT 2023-A A3 5.47
02/25/2028 84,954.47 07/11/2023
5.47%
84,939.42
84,944.99
100.66
4.59%
85,514.57
77.45
0.18%
569.58
NA/AAA
AAA
2.91
0.70
05522RDF2 BACCT 2022-2 A 5.0 04/17/2028 440,000.00 04/18/2023
4.59%
444,812.50
441,307.92
100.29
4.56%
441,297.47
977.78
0.91%
(10.45)
AAA/AAA
NA
3.05
0.60
438123AC5 HAROT 2023-4 A3 5.67
06/21/2028 500,000.00 12/07/2023
5.10%
507,480.47
504,905.16
101.20
4.66%
506,023.50
787.50
1.04%
1,118.34
AAA/NA
AAA
3.22
1.11
161571HT4 CHAIT 2023-1 A 5.16 09/15/2028 495,000.00 09/07/2023
5.17%
494,862.79
494,905.15
101.13
4.39%
500,607.36
1,135.20
1.03%
5,702.21
NA/AAA
AAA
3.46
1.37
02582JKD1 AMXCA 2023-3 A 5.23 09/15/2028 490,000.00 09/12/2023
5.29%
489,978.10
489,984.83
101.22
4.40%
495,984.37
1,138.98
1.02%
5,999.54
NA/AAA
AAA
3.46
1.37
05522RDH8 BACCT 2023-2 A 4.98 11/16/2026 300,000.00 02/20/2024
4.88%
301,125.00
300,669.59
101.04
4.35%
303,119.04
664.00
0.62%
2,449.45
AAA/NA
AAA
1.63
1.53
096919AD7 BMWOT 2024-A A3 5.18
02/26/2029 210,000.00 06/04/2024
5.24%
209,968.10
209,973.55
101.24
4.40%
212,598.98
181.30
0.44%
2,625.43
AAA/AAA
NA
3.91
1.47
Total ABS 4,803,781.50 4.83%
4,802,510.86
4,807,972.75
100.63
4.57%
4,833,807.52
9,565.26
9.96%
25,834.77
2.58
0.90
AGENCY
33
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"'·· ASSET MANAGEMENT
HOLDINGS REPORT
City of San Rafael | Account #11045 | As of March 31, 2025
Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
3130AWER7 FEDERAL HOME LOAN BANKS
4.625 06/06/2025 775,000.00 06/09/2023
4.67%
774,356.75
774,941.44
100.05
4.29%
775,374.45
11,450.09
1.60%
433.01
AAA/AA
AA
0.18
0.18
3130ATHT7 FEDERAL HOME LOAN BANKS
4.375 09/12/2025 1,300,000.00 01/12/2023
4.28%
1,303,159.00
1,300,531.90
99.96
4.45%
1,299,533.73
3,001.74
2.68%
(998.18)
AAA/AA
AA
0.45
0.44
3130ATUC9 FEDERAL HOME LOAN BANKS 4.5
12/12/2025 1,000,000.00 02/13/2023
4.32%
1,004,720.00
1,001,166.28
100.21
4.18%
1,002,134.21
13,625.00
2.06%
967.93
AAA/AA
AA
0.70
0.67
3130AWGR5 FEDERAL HOME LOAN BANKS
4.375 06/12/2026 525,000.00 06/28/2023
4.43%
524,165.25
524,661.92
100.36
4.06%
526,910.62
6,954.43
1.09%
2,248.70
AAA/AA
AA
1.20
1.14
3133EPSW6 FEDERAL FARM CREDIT BANKS
FUNDING CORP 4.5 08/14/2026 560,000.00 08/09/2023
4.58%
558,712.00
559,412.41
100.67
3.99%
563,724.13
3,290.00
1.16%
4,311.73
AAA/AA
AA
1.37
1.31
3130AXU63 FEDERAL HOME LOAN BANKS
4.625 11/17/2026 500,000.00 12/18/2023
4.23%
505,325.00
502,977.80
100.98
3.99%
504,905.11
8,607.64
1.04%
1,927.31
AAA/AA
AA
1.63
1.53
3133EP6K6 FEDERAL FARM CREDIT BANKS
FUNDING CORP 4.5 03/26/2027 1,000,000.00 04/24/2024
4.84%
990,700.00
993,677.75
101.04
3.95%
1,010,350.26
625.00
2.08%
16,672.51
AAA/AA
AA
1.99
1.88
3133ERMB4 FEDERAL FARM CREDIT BANKS
FUNDING CORP 4.25 07/23/2027 750,000.00 07/18/2024
4.26%
749,767.50
749,821.01
100.65
3.95%
754,847.82
6,020.83
1.56%
5,026.81
AAA/AA
AA
2.31
2.17
3133ERNP2 FEDERAL FARM CREDIT BANKS
FUNDING CORP 4.0 08/06/2027 1,000,000.00 08/19/2024
3.92%
1,002,290.00
1,001,815.48
100.09
3.96%
1,000,934.12
6,111.11
2.06%
(881.36)
AAA/AA
AA
2.35
2.21
3130ATUS4 FEDERAL HOME LOAN BANKS 4.25
12/10/2027 500,000.00 05/15/2023
3.66%
512,310.00
507,250.29
100.86
3.91%
504,296.64
6,552.08
1.04%
(2,953.65)
AAA/AA
AA
2.70
2.49
Total Agency 7,910,000.00 4.34%
7,925,505.50
7,916,256.27
100.42
4.10%
7,943,011.09
66,237.92
16.36%
26,754.82
1.40
1.32
AGENCY CMBS
3137BVZ82 FHMS K-063 A2 3.43 01/25/2027 700,000.00 06/07/2023
4.53%
674,542.97
687,457.66
98.53
4.24%
689,707.34
2,000.83
1.42%
2,249.68
AAA/AA
AAA
1.82
1.60
3137F1G44 FHMS K-065 A2 3.243 04/25/2027 450,000.00 06/08/2023
4.39%
431,736.33
440,394.47
98.05
4.19%
441,237.60
1,216.13
0.91%
843.13
AAA/AA
AAA
2.07
1.88
3137F2LJ3 FHMS K-066 A2 3.117 06/25/2027 350,000.00 04/18/2024
5.06%
330,654.30
336,505.78
97.72
4.20%
342,033.76
909.13
0.70%
5,527.98
AAA/AA
AAA
2.24
1.97
3137FBBX3 FHMS K-068 A2 3.244 08/25/2027 240,000.00 06/08/2023
4.34%
229,940.63
234,324.12
97.84
4.16%
234,827.04
648.80
0.48%
502.92
AAA/AA
AA
2.40
2.20
34
,,,a CHANDLER
"'·· ASSET MANAGEMENT
HOLDINGS REPORT
City of San Rafael | Account #11045 | As of March 31, 2025
Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
3137FBU79 FHMS K-069 A2 3.187 09/25/2027 493,175.14 06/09/2023
4.41%
470,096.08
479,942.15
97.53
4.21%
481,003.87
1,309.79
0.99%
1,061.73
AAA/AAA
AA
2.49
2.27
3137FETN0 FHMS K-073 A2 3.35 01/25/2028 670,000.00 05/24/2023
4.27%
643,932.81
654,378.34
97.65
4.22%
654,288.30
1,870.42
1.35%
(90.04)
AAA/AA
AAA
2.82
2.54
3137FG6X8 FHMS K-077 A2 3.85 05/25/2028 780,000.00 05/24/2023
4.24%
765,679.69
771,031.89
98.77
4.23%
770,401.55
2,502.50
1.59%
(630.33)
AAA/AA
AAA
3.15
2.84
3137FJEH8 FHMS K-081 A2 3.9 08/25/2028 350,000.00 11/21/2024
4.53%
342,070.31
342,813.72
98.80
4.24%
345,796.71
1,137.50
0.71%
2,982.99
AAA/AA
AAA
3.40
3.10
3137FLMV3 FHMS K-090 A2 3.422 02/25/2029 650,000.00 03/26/2025
4.37%
627,656.25
627,672.18
96.96
4.26%
630,230.64
1,853.58
1.30%
2,558.46
AAA/AAA
AA
3.91
3.53
3137FMTY8 FHMS K-094 A2 2.903 06/25/2029 225,000.00 06/21/2024
4.65%
207,764.65
210,434.65
94.73
4.28%
213,143.63
544.31
0.44%
2,708.98
AAA/AA
AAA
4.24
3.83
4,724,074.02 97.86 4,802,670.44 9.89%2.81
Total Agency CMBS 4,908,175.14 4.44%4,784,954.93 4.22%13,992.99 17,715.50 2.53
CASH
CCYUSD Receivable 4,687.53 --
0.00%
4,687.53
4,687.53
1.00
0.00%
4,687.53
0.00
0.01%
0.00
AAA/AAA
AAA
0.00
0.00
4,687.53 1.00 4,687.53 0.01%0.00
Total Cash 4,687.53 0.00%4,687.53 0.00%0.00 0.00 0.00
CORPORATE
78016FZT4 ROYAL BANK OF CANADA 4.875
01/12/2026 550,000.00 07/19/2023
5.34%
544,197.50
548,168.31
100.39
4.35%
552,166.11
5,883.85
1.14%
3,997.80
A/A
AA
0.79
0.75
69371RS49 PACCAR FINANCIAL CORP 4.45
03/30/2026 600,000.00 03/28/2023
4.47%
599,634.00
599,878.78
100.15
4.29%
600,901.16
74.17
1.24%
1,022.38
A/A
NA
1.00
0.97
00440EAV9 CHUBB INA HOLDINGS LLC 3.35
05/03/2026 500,000.00 03/09/2023
5.09%
475,060.00
491,367.76
98.92
4.37%
494,608.34
6,886.11
1.02%
3,240.58
A/A
A
1.09
1.04
341081GR2 FLORIDA POWER & LIGHT CO 4.45
05/15/2026 550,000.00 05/18/2023
4.65%
547,030.00
548,884.55
100.30
4.17%
551,628.06
9,246.11
1.14%
2,743.52
A/A
A
1.12
0.99
74340XBK6 PROLOGIS LP 3.25 10/01/2026 550,000.00 01/16/2024
4.53%
532,240.50
540,139.61
98.37
4.38%
541,046.15
8,937.50
1.11%
906.54
A/A
NA
1.50
1.44
35
,,,a CHANDLER
"'·· ASSET MANAGEMENT
HOLDINGS REPORT
City of San Rafael | Account #11045 | As of March 31, 2025
Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
89236TDR3 TOYOTA MOTOR CREDIT CORP 3.2
01/11/2027 600,000.00 01/22/2024
4.57%
577,398.00
586,434.63
98.08
4.33%
588,480.34
4,266.67
1.21%
2,045.71
A/A
A
1.78
1.69
63743HFM9
NATIONAL RURAL UTILITIES
COOPERATIVE FINANCE CORP 4.8
02/05/2027
550,000.00 01/25/2024
4.75%
550,792.00
550,478.92
100.93
4.27%
555,101.59
4,106.67
1.14%
4,622.67
A/A
A
1.85
1.66
17275RBQ4 CISCO SYSTEMS INC 4.8
02/26/2027 550,000.00 --
4.82%
549,759.00
549,846.06
101.20
4.13%
556,616.29
2,566.67
1.15%
6,770.22
A/AA
NA
1.91
1.72
857477CL5 STATE STREET CORP 4.993
03/18/2027 525,000.00 03/13/2024
4.99%
525,000.00
525,000.00
101.30
4.29%
531,849.81
946.59
1.10%
6,849.81
AA/A
AA
1.96
1.78
06406RBQ9 BANK OF NEW YORK MELLON
CORP 4.947 04/26/2027 350,000.00 04/19/2023
4.90%
350,497.00
350,176.85
100.52
4.89%
351,814.15
7,454.85
0.72%
1,637.30
AA/A
AA
2.07
1.01
14913UAL4 CATERPILLAR FINANCIAL SERVICES
CORP 5.0 05/14/2027 550,000.00 05/13/2024
5.01%
549,818.50
549,871.76
101.59
4.21%
558,734.53
10,465.28
1.15%
8,862.78
A/A
A
2.12
1.96
74456QBS4 PUBLIC SERVICE ELECTRIC AND
GAS CO 3.0 05/15/2027 337,000.00 04/18/2023
4.48%
318,673.94
327,454.66
97.44
4.27%
328,366.01
3,819.33
0.68%
911.35
A/A
NA
2.12
2.01
437076DB5 HOME DEPOT INC 4.875
06/25/2027 600,000.00 06/20/2024
4.92%
599,208.00
599,410.52
101.41
4.21%
608,436.86
7,800.00
1.25%
9,026.34
A/A
A
2.24
2.00
532457CP1 ELI LILLY AND CO 4.15 08/14/2027 305,000.00 08/12/2024
4.18%
304,752.95
304,804.84
100.06
4.12%
305,170.70
1,652.51
0.63%
365.86
AA/A
NA
2.37
2.22
24422EXZ7 JOHN DEERE CAPITAL CORP 4.65
01/07/2028 425,000.00 01/06/2025
4.66%
424,872.50
424,882.07
101.24
4.17%
430,271.83
4,501.46
0.89%
5,389.76
A/A
A
2.77
2.55
89115A2M3 TORONTO-DOMINION BANK 5.156
01/10/2028 575,000.00 07/12/2023
5.29%
571,929.50
573,102.69
101.69
4.50%
584,746.16
6,670.58
1.20%
11,643.47
A/A
AA
2.78
2.54
756109AU8 REALTY INCOME CORP 3.65
01/15/2028 500,000.00 04/10/2023
4.87%
474,240.00
484,905.44
97.84
4.48%
489,224.88
3,852.78
1.01%
4,319.44
A/A
NA
2.79
2.60
06051GGF0 BANK OF AMERICA CORP 3.824
01/20/2028 600,000.00 07/12/2023
5.53%
567,738.00
583,467.61
98.73
5.11%
592,398.61
4,525.07
1.22%
8,931.01
A/A
AA
2.81
1.71
46647PEA0 JPMORGAN CHASE & CO 5.04
01/23/2028 200,000.00 01/17/2024
4.99%
200,292.00
200,176.37
100.87
4.88%
201,735.97
1,904.00
0.42%
1,559.60
A/A
AA
2.82
1.70
06368LGV2 BANK OF MONTREAL 5.203
02/01/2028 600,000.00 09/05/2023
5.48%
593,520.00
595,825.07
101.83
4.51%
610,980.71
5,203.00
1.26%
15,155.63
A/A
AA
2.84
2.52
02665WFX4 AMERICAN HONDA FINANCE
CORP 4.55 03/03/2028 500,000.00 03/06/2025
4.60%
499,255.00
499,272.06
99.96
4.56%
499,786.66
1,643.06
1.03%
514.60
A/A
NA
2.93
2.70
36
,,,a CHANDLER
"'·· ASSET MANAGEMENT
HOLDINGS REPORT
City of San Rafael | Account #11045 | As of March 31, 2025
Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
00287YDY2 ABBVIE INC 4.65 03/15/2028 305,000.00 02/18/2025
4.70%
304,594.35
304,606.74
100.81
4.35%
307,473.43
1,378.85
0.63%
2,866.69
A/A
NA
2.96
2.65
58933YBH7 MERCK & CO INC 4.05 05/17/2028 130,000.00 05/08/2023
4.07%
129,894.70
129,934.18
99.71
4.15%
129,617.79
1,959.75
0.27%
(316.39)
AA/A
NA
3.13
2.87
61744YAK4 MORGAN STANLEY 3.591
07/22/2028 500,000.00 08/10/2023
5.22%
465,070.00
476,610.07
97.51
4.41%
487,546.18
3,441.38
1.00%
10,936.11
A/A
A
3.31
2.17
46647PEU6 JPMORGAN CHASE & CO 4.915
01/24/2029 280,000.00 01/16/2025
4.92%
280,000.00
280,000.00
100.95
4.70%
282,662.47
2,561.26
0.58%
2,662.47
A/A
AA
3.82
2.58
713448FX1 PEPSICO INC 4.5 07/17/2029 500,000.00 07/16/2024
4.52%
499,490.00
499,562.06
100.94
4.26%
504,691.07
4,625.00
1.04%
5,129.01
A/A
NA
4.30
3.77
532457CV8 ELI LILLY AND CO 4.75 02/12/2030 300,000.00 02/10/2025
4.75%
300,066.00
300,064.24
101.53
4.40%
304,595.59
1,939.58
0.63%
4,531.36
AA/A
NA
4.87
4.22
Total Corporate 12,532,000.00 4.87%
12,335,023.44
12,424,325.83
100.17
4.39%
12,550,651.43
118,312.06
25.86%
126,325.61
2.32
1.99
MONEY MARKET
FUND
31846V807 FIRST AMER:TRS OBG Y 832,503.39 --
3.95%
832,503.39
832,503.39
1.00
3.95%
832,503.39
0.00
1.72%
0.00
AAA/AAA
AAA
0.00
0.00
Total Money Market
Fund 832,503.39 3.95%
832,503.39
832,503.39
1.00
3.95%
832,503.39
0.00
1.72%
0.00
0.00
0.00
SUPRANATIONAL
45950KDD9 INTERNATIONAL FINANCE CORP
4.5 07/13/2028 305,000.00 07/06/2023
4.53%
304,661.45
304,777.82
101.58
3.98%
309,821.50
2,973.75
0.64%
5,043.68
AAA/AAA
NA
3.28
3.00
459058LN1
INTERNATIONAL BANK FOR
RECONSTRUCTION AND
DEVELOPM 3.875 10/16/2029
650,000.00 12/17/2024
4.25%
637,513.50
638,250.08
99.26
4.06%
645,176.10
11,544.27
1.33%
6,926.01
AAA/AAA
NA
4.54
4.05
459058LR2
INTERNATIONAL BANK FOR
RECONSTRUCTION AND
DEVELOPM 4.125 03/20/2030
295,000.00 03/14/2025
4.20%
293,946.85
293,953.77
100.20
4.08%
295,603.50
371.82
0.61%
1,649.73
AAA/AAA
NA
4.97
4.45
Total Supranational 1,250,000.00 4.31%
1,236,121.80
1,236,981.67
100.06
4.04%
1,250,601.09
14,889.84
2.58%
13,619.42
4.33
3.89
37
,,,a CHANDLER
"'·· ASSET MANAGEMENT
HOLDINGS REPORT
City of San Rafael | Account #11045 | As of March 31, 2025
Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
US TREASURY
91282CAJ0 UNITED STATES TREASURY 0.25
08/31/2025 1,000,000.00 01/12/2023
3.74%
913,281.25
986,298.08
98.37
4.25%
983,742.19
217.39
2.03%
(2,555.89)
AAA/AA
AA
0.42
0.41
91282CAM3 UNITED STATES TREASURY 0.25
09/30/2025 500,000.00 01/12/2023
4.26%
456,445.31
492,009.12
98.06
4.23%
490,316.41
3.42
1.01%
(1,692.71)
AAA/AA
AA
0.50
0.49
91282CJE2 UNITED STATES TREASURY 5.0
10/31/2025 1,000,000.00 05/28/2024
5.09%
998,671.88
999,455.98
100.46
4.19%
1,004,554.69
20,994.48
2.07%
5,098.71
AAA/AA
AA
0.59
0.56
9128285N6 UNITED STATES TREASURY 2.875
11/30/2025 500,000.00 01/12/2023
3.15%
496,212.61
499,125.99
99.15
4.18%
495,742.19
4,817.99
1.02%
(3,383.80)
AAA/AA
AA
0.67
0.64
91282CGE5 UNITED STATES TREASURY 3.875
01/15/2026 1,000,000.00 02/06/2023
4.13%
992,929.69
998,095.69
99.83
4.09%
998,335.94
8,135.36
2.06%
240.25
AAA/AA
AA
0.79
0.76
91282CBQ3 UNITED STATES TREASURY 0.5
02/28/2026 500,000.00 01/12/2023
3.50%
455,839.84
487,134.44
96.79
4.12%
483,960.94
217.39
1.00%
(3,173.51)
AAA/AA
AA
0.91
0.89
91282CKH3 UNITED STATES TREASURY 4.5
03/31/2026 1,000,000.00 04/24/2024
4.96%
991,679.69
995,704.12
100.41
4.08%
1,004,109.37
122.95
2.07%
8,405.25
AAA/AA
AA
1.00
0.97
91282CBW0 UNITED STATES TREASURY 0.75
04/30/2026 500,000.00 01/12/2023
4.46%
443,595.43
481,542.03
96.54
4.05%
482,707.03
1,574.59
0.99%
1,165.00
AAA/AA
AA
1.08
1.05
9128286X3 UNITED STATES TREASURY 2.125
05/31/2026 500,000.00 01/12/2023
4.31%
465,958.71
488,285.39
97.85
4.03%
489,238.28
3,561.13
1.01%
952.89
AAA/AA
AA
1.17
1.13
91282CCJ8 UNITED STATES TREASURY 0.875
06/30/2026 500,000.00 01/12/2023
4.42%
443,595.43
479,712.19
96.22
4.01%
481,113.28
1,099.79
0.99%
1,401.09
AAA/AA
AA
1.25
1.22
91282CHY0 UNITED STATES TREASURY 4.625
09/15/2026 900,000.00 09/25/2023
4.81%
895,429.69
897,759.07
100.94
3.95%
908,437.50
1,922.89
1.87%
10,678.43
AAA/AA
AA
1.46
1.39
91282CJC6 UNITED STATES TREASURY 4.625
10/15/2026 500,000.00 10/19/2023
5.05%
494,218.75
497,021.94
100.99
3.95%
504,960.94
10,673.08
1.04%
7,939.00
AAA/AA
AA
1.54
1.44
91282CKV2 UNITED STATES TREASURY 4.625
06/15/2027 625,000.00 06/26/2024
4.50%
627,148.44
626,596.95
101.54
3.89%
634,594.73
8,497.17
1.31%
7,997.78
AAA/AA
AA
2.21
2.06
91282CFM8 UNITED STATES TREASURY 4.125
09/30/2027 750,000.00 12/18/2023
4.06%
751,669.92
751,102.80
100.58
3.88%
754,365.23
84.53
1.55%
3,262.43
AAA/AA
AA
2.50
2.35
91282CLQ2 UNITED STATES TREASURY 3.875
10/15/2027 500,000.00 11/15/2024
4.29%
494,394.53
495,102.48
99.95
3.90%
499,746.10
8,942.31
1.03%
4,643.62
AAA/AA
AA
2.54
2.35
91282CGC9 UNITED STATES TREASURY 3.875
12/31/2027 1,000,000.00 02/06/2023
3.84%
1,001,445.31
1,000,811.57
99.98
3.88%
999,765.62
9,741.02
2.06%
(1,045.95)
AAA/AA
AA
2.75
2.56
38
,,,a CHANDLER
"'·· ASSET MANAGEMENT
HOLDINGS REPORT
City of San Rafael | Account #11045 | As of March 31, 2025
Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
91282CMF5 UNITED STATES TREASURY 4.25
01/15/2028 750,000.00 01/27/2025
4.24%
750,292.97
750,275.91
100.94
3.89%
757,031.25
6,691.99
1.56%
6,755.34
AAA/AA
AA
2.79
2.59
91282CHE4 UNITED STATES TREASURY 3.625
05/31/2028 525,000.00 10/17/2024
3.91%
519,934.57
520,567.27
99.18
3.90%
520,693.36
6,378.61
1.07%
126.09
AAA/AA
AA
3.17
2.93
91282CHK0 UNITED STATES TREASURY 4.0
06/30/2028 750,000.00 03/12/2024
4.13%
743,496.09
745,086.86
100.34
3.89%
752,519.54
7,541.44
1.55%
7,432.68
AAA/AA
AA
3.25
2.99
91282CJA0 UNITED STATES TREASURY 4.625
09/30/2028 500,000.00 10/19/2023
4.95%
492,968.75
495,027.15
102.33
3.91%
511,640.63
63.18
1.05%
16,613.47
AAA/AA
AA
3.50
3.21
91282CJR3 UNITED STATES TREASURY 3.75
12/31/2028 600,000.00 10/17/2024
3.92%
596,039.06
596,464.83
99.41
3.92%
596,460.94
5,656.08
1.23%
(3.89)
AAA/AA
AA
3.75
3.43
91282CEM9 UNITED STATES TREASURY 2.875
04/30/2029 750,000.00 09/18/2024
3.51%
729,931.64
732,243.55
96.07
3.93%
720,556.64
9,053.87
1.48%
(11,686.91)
AAA/AA
AA
4.08
3.75
91282CLK5 UNITED STATES TREASURY 3.625
08/31/2029 650,000.00 09/26/2024
3.56%
651,955.08
651,752.94
98.75
3.94%
641,849.61
2,048.91
1.32%
(9,903.33)
AAA/AA
AA
4.42
4.02
91282CLR0 UNITED STATES TREASURY 4.125
10/31/2029 600,000.00 12/11/2024
4.38%
600,820.31
600,769.73
100.73
3.95%
604,406.25
10,392.27
1.25%
3,636.52
AAA/AA
AA
4.59
4.07
Total US Treasury 16,400,000.00 4.24%
16,007,954.95
16,267,946.08
99.54
4.00%
16,320,848.63
128,431.82
33.62%
52,902.55
2.07
1.92
Total Portfolio 48,641,147.56 4.49%
47,868,381.50
48,275,628.46
98.10
4.20%
48,538,781.12
351,429.89
100.00%
263,152.66
2.17
1.82
Total Market Value +
Accrued 48,890,211.01
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HOLDINGS REPORT
San Rafael Reporting | Account #11046 | As of March 31, 2025
Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
CASH
CCYUSD Receivable 709,072.36 --
0.00%
709,072.36
709,072.36
1.00
0.00%
709,072.36
0.00
1.15%
0.00
AAA/AAA
AAA
0.00
0.00
Total Cash 709,072.36 0.00%
709,072.36
709,072.36
1.00
0.00%
709,072.36
0.00
1.15%
0.00
0.00
0.00
LAIF
90LAIF$00 Local Agency Investment Fund
State Pool 60,863,383.40 --
4.31%
60,863,383.40
60,863,383.40
1.00
4.31%
60,863,383.40
0.00
98.85%
0.00
NA/NA
NA
0.00
0.00
Total LAIF 60,863,383.40 4.31%
60,863,383.40
60,863,383.40
1.00
4.31%
60,863,383.40
0.00
98.85%
0.00
0.00
0.00
Total Portfolio 61,572,455.76 4.26%
61,572,455.76
61,572,455.76
1.00
4.26%
61,572,455.76
0.00
100.00%
0.00
0.00
0.00
Total Market Value +
Accrued 61,572,455.76
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TRANSACTIONS
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TRANSACTION LEDGER
City of San Rafael | Account #11045|01/01/2025 Through 03/31/2025|
Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp
Yield Amount Interest
Pur/Sold Total Amount Gain/Loss
ACQUISITIONS
Purchase 01/09/2025 24422EXZ7 425,000.00 JOHN DEERE CAPITAL CORP
4.65 01/07/2028 99.970 4.66%(424,872.50)0.00 (424,872.50)0.00
Purchase 01/24/2025 46647PEU6 280,000.00 JPMORGAN CHASE & CO
4.915 01/24/2029 100.000 4.92%(280,000.00)0.00 (280,000.00)0.00
Purchase 01/28/2025 91282CMF5 750,000.00 UNITED STATES TREASURY
4.25 01/15/2028 100.039 4.24%(750,292.97)(1,144.68)(751,437.65)0.00
Purchase 02/12/2025 532457CV8 300,000.00 ELI LILLY AND CO 4.75
02/12/2030 100.022 4.75%(300,066.00)0.00 (300,066.00)0.00
Purchase 02/26/2025 00287YDY2 305,000.00 ABBVIE INC 4.65 03/15/2028 99.867 4.70%(304,594.35)0.00 (304,594.35)0.00
Purchase 03/07/2025 02665WFX4 500,000.00 AMERICAN HONDA FINANCE
CORP 4.55 03/03/2028 99.851 4.60%(499,255.00)(126.39)(499,381.39)0.00
Purchase 03/20/2025 459058LR2 295,000.00
INTERNATIONAL BANK
FOR RECONSTRUCTION
AND DEVELOPM 4.125
03/20/2030
99.643 4.20%(293,946.85)0.00 (293,946.85)0.00
Purchase 03/31/2025 3137FLMV3 650,000.00 FHMS K-090 A2 3.422
02/25/2029 96.563 4.37%(627,656.25)(1,853.58)(629,509.83)0.00
Total Purchase 3,505,000.00 (3,480,683.92)(3,124.65)(3,483,808.57)0.00
TOTAL
ACQUISITIONS 3,505,000.00 (3,480,683.92)(3,124.65)(3,483,808.57)0.00
DISPOSITIONS
Maturity 01/16/2025 62479LNG6 (750,000.00)MUFG Bank, Ltd. - New York
Branch 01/16/2025 100.000 5.43%750,000.00 0.00 750,000.00 0.00
Maturity 02/28/2025 3130AV7L0 (1,100,000.00)FEDERAL HOME LOAN
BANKS 5.0 02/28/2025 100.000 5.07%1,100,000.00 0.00 1,100,000.00 0.00
Total Maturity (1,850,000.00)1,850,000.00 0.00 1,850,000.00 0.00
Sale 01/07/2025 24422EWX3 (500,000.00)JOHN DEERE CAPITAL CORP
4.75 06/08/2026 100.367 4.72%501,835.00 1,913.19 503,748.19 1,613.29
Sale 02/20/2025 91282CAJ0 (200,000.00)UNITED STATES TREASURY
0.25 08/31/2025 97.891 3.74%195,781.25 238.95 196,020.20 (757.21)
Sale 03/07/2025 166764BW9 (700,000.00)CHEVRON CORP 1.554
05/11/2025 99.458 3.65%696,206.00 3,505.13 699,711.13 (1,299.53)
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TRANSACTION LEDGER
City of San Rafael | Account #11045|01/01/2025 Through 03/31/2025|
Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp
Yield Amount Interest
Pur/Sold Total Amount Gain/Loss
Total Sale (1,400,000.00)1,393,822.25 5,657.27 1,399,479.52 (443.45)
TOTAL
DISPOSITIONS (3,250,000.00)3,243,822.25 5,657.27 3,249,479.52 (443.45)
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TRANSACTION LEDGER
San Rafael Reporting | Account #11046|01/01/2025 Through 03/31/2025|
Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp
Yield Amount Interest
Pur/Sold Total Amount Gain/Loss
ACQUISITIONS
Purchase 01/15/2025 90LAIF$00 9,690.36 Local Agency Investment
Fund State Pool 1.000 4.36%(9,690.36)0.00 (9,690.36)0.00
Purchase 01/15/2025 90LAIF$00 640,184.84 Local Agency Investment
Fund State Pool 1.000 4.36%(640,184.84)0.00 (640,184.84)0.00
Total Purchase 649,875.20 (649,875.20)0.00 (649,875.20)0.00
TOTAL
ACQUISITIONS 649,875.20 (649,875.20)0.00 (649,875.20)0.00
DISPOSITIONS
Sale 02/24/2025 90LAIF$00 (7,000,000.00)Local Agency Investment
Fund State Pool 1.000 4.32%7,000,000.00 0.00 7,000,000.00 0.00
Total Sale (7,000,000.00)7,000,000.00 0.00 7,000,000.00 0.00
TOTAL
DISPOSITIONS (7,000,000.00)7,000,000.00 0.00 7,000,000.00 0.00
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IMPORTANT DISCLOSURES
City of San Rafael | Account #11045 | As of March 31, 2025
2025 Chandler Asset Management, Inc, An Independent Registered Investment Adviser.
Information contained herein is confidential. Prices are provided by ICE Data Services Inc (“IDS”), an independent pricing source. In the event IDS does not provide a price or if the
price provided is not reflective of fair market value, Chandler will obtain pricing from an alternative approved third party pricing source in accordance with our written valuation
policy and procedures. Our valuation procedures are also disclosed in Item 5 of our Form ADV Part 2A.
Performance results are presented gross-of-advisory fees and represent the client’s Total Return. The deduction of advisory fees lowers performance results. These results include
the reinvestment of dividends and other earnings. Past performance may not be indicative of future results. Therefore, clients should not assume that future performance of any
specific investment or investment strategy will be profitable or equal to past performance levels. All investment strategies have the potential for profit or loss. Economic factors,
market conditions or changes in investment strategies, contributions or withdrawals may materially alter the performance and results of your portfolio.
Index returns assume reinvestment of all distributions. Historical performance results for investment indexes generally do not reflect the deduction of transaction and/or
custodial charges or the deduction of an investment management fee, the incurrence of which would have the effect of decreasing historical performance results. It is not
possible to invest directly in an index.
Source ICE Data Indices, LLC (“ICE”), used with permission. ICE permits use of the ICE indices and related data on an “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.
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BENCHMARK DISCLOSURES
City of San Rafael | Account #11045 | As of March 31, 2025
Benchmark Disclosure
ICE BofA 1-3 Yr US Treasury & Agency Index
The ICE BofA 1-3 Year US Treasury & Agency Index tracks the performance of US dollar denominated US Treasury and
nonsubordinated US agency debt issued in the US domestic market. Qualifying securities must have an investment grade rating
(based on an average of Moody’s, S&P and Fitch). Qualifying securities must have at least one year remaining term to final
maturity and less than three years remaining term to final maturity, at least 18 months to maturity at time of issuance, a fixed
coupon schedule, and a minimum amount outstanding of $1 billion for sovereigns and $250 million for agencies.
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