HomeMy WebLinkAboutInvestment Report as of June 30, 2024 (Response to City Divestment Correspondence)INVESTMENT REPORT
City of Palm Springs | Account #10805 | As of June 30, 2024
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.
TABLE OF CONTENTS
ECONOMIC UPDATE
ACCOUNT PROFILE
CONSOLIDATED INFORMATION
PORTFOLIO HOLDINGS
TRANSACTIONS
1
SECTION 1 | ECONOMIC UPDATE
2
Economic Update
▪
▪
▪
Recent economic data suggests positive but slower growth this year fueled by consumer spending. While the consumer has been resilient,
growing credit card debt, higher delinquencies, and a moderating labor market pose potential headwinds to future economic growth.
Inflationary trends are subsiding,but core levels remain above the Fed’s target. 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 June meeting, the Federal Open Market Committee voted unanimously to leave the federal funds rate unchanged at a
target range of 5.25-5.50%, emphasizing the need to see sustained evidence of easing inflation before considering any rate cuts. The
FOMC's latest projections now suggest only one interest rate cut in 2024,with four more cuts expected in 2025 and a slightly higher long-
termneutral rate. Additionally, the Fed continues to reduce its holdings of U.S. Treasury securities and agency mortgage-backed securities
as per its predefined schedule of $25 billion and $35 billion per month.
The US Treasury yield curve shifted lower in June as economic data moderated. The 2-year Treasury yield fell 12 basis points to 4.76%, the
5-year Treasury dropped 13 basis points to 4.38%, and the 10-year Treasury yield declined 10 basis points to 4.40%. The inversion between
the 2-year Treasury yield and 10-year Treasury yield remained relatively stable at -36 basis points at June month-end versus -37 basis
points at May month-end. The spread between the 2-year Treasury and 10-year Treasury yield one year ago was -106 basis points. The
inversion between 3-month and 10-year Treasuries widened to -96 basis points in June from -91 basis points in May.
3
Employment
-400
-200
0
200
400
600
800
1,000
MOM Change In Thousands (000's)Nonfarm Payroll (000's)
Non-farm Payroll (000's)
3-month average (000's)
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
Unemployment Rate
Underemployment Rate (U6)
Unemployment Rate (U3)Rate (%)The U.S. economy added 206,000 jobs in June, remaining ahead of consensus expectations of 190,000 jobs. The gains were broad based,
with government, health care, and social assistance posting the largest gains. The three-month moving average and six-month moving
average payrolls have weakened from the first quarter to 177,000 and 222,000 respectively. The unemployment rate edged up to 4.1%in
June, and the labor participation rate inched up to 62.6%, remaining below the pre-pandemic level of 63.3%. The U-6 underemployment
rate, which includes those who are marginally attached to the labor force and employed part time for economic reasons held steady at
7.4%. Average hourly earnings rose 3.9% year-over-year in June, down from 4.1% year-over-year in May. The labor markets continue to
show signs of cooling in line with the Federal Reserve’s view that there has been “substantial”progress towards better balance in the
labor market between demand and supply for workers.
Source: US Department of Labor Source: US Department of Labor
4
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 Thousands (000's)The Labor Department’s Job Openings and Labor Turnover Survey (JOLTS) increased to 8.140 million job openings in May from a
downwardly revised 7.919 million in April. Job openings still represent a healthy ratio of around 1.2 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
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
YOY (%) Change0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
9.0%
10.0%
Personal Consumption Expenditures (PCE)
PCE Price Deflator YOY % Change
PCE Core Deflator YOY % Change
Fed Target
YOY (%) ChangeIn June, the Consumer Price Index (CPI) declined 0.1% month-over-month and rose 3.0% year-over-year, reflecting broad-based cost
reductions. The month-over-month drop was the first deflationary data point since the pandemic. The Core CPI, which excludes volatile
food and energy components, was up just 0.1% month-over-month and 3.3% year-over-year in June, down from 3.4%in May and lower
than expected. The Personal Consumption Expenditures (PCE) Index decelerated in May as expected. The headline PCE deflator was
unchanged in May from April versus up 0.3%in the prior month. Year-over-year, the PCE deflator rose 2.6%. The Core PCE deflator (the
Fed’s preferred gauge) increased 0.1%in May from the prior month versus up 0.3%in April. The Core PCE deflator also rose 2.6% year-
over-year, still above the Fed’s 2%inflation target. Much of the lingering inflation has been driven by shelter costs and demand for
services.
Source: US Department of Labor Source: US Department of Commerce
6
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
YOY (%) ChangeMay Retail Sales increased below expectations to +0.1% after a downwardly revised -0.2%, pointing to a fatigued consumer.On a year-
over-year basis, Retail Sales growth further slowed to +2.3%in May. Nonstore retailers were a bright spot in May,up 0.8% following a
1.8% decline in April. The Conference Board’s Consumer Confidence Index fell to 100.4 in June from 101.3 in May. While the present
situation component rose marginally, consumers are less optimistic about future expectations for business conditions and potential
income increases. While the consumer has been resilient, consumption has begun to moderate in the face of higher interest rates, rising
credit card balances, and growing delinquencies.
0
20
40
60
80
100
120
140
160
Index LevelConsumer 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
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)
RecessionYOY(%) Change-1.00
-0.75
-0.50
-0.25
0.00
0.25
0.50
0.75
1.00
Chicago Fed National Activity Index (CFNAI)
Recession
3 Month AverageThe Conference Board’s Leading Economic Index (LEI) declined for the third consecutive month to -0.5%in May following a -0.6% decline
in April. The index declined 5.3% year-over-year. The primary drivers for the negative print were a decline in new orders, weak consumer
sentiment about future business conditions, and lower building permits. The Chicago Fed National Activity Index (CFNAI) increased to 0.18
in May from -0.26 in April, surpassing consensus expectations. However, the three-month moving average fell to -0.09 in May from-0.05
in April, indicating below-trend growth expectations for the economy.
Source: The Conference Board Source: Federal Reserve Bank of Chicago
8
Housing
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
2,000
2,200
2,400
In Thousands of UnitsAnnualized Housing Starts
Multi Family Housing Starts
Single Family Housing Starts
May Housing Starts declined 5.5% month-over-month from April to 1.352 million units. This equates to -19.3% less starts compared to
May 2023.Single family starts were 5.2% lower month-over-month due to higher mortgage interest rates, lack of existing unit supply and
home affordability. Multi-family home starts declined 10.3% month-over-month. The Freddie Mac average rate for a 30-year fixed
mortgage edged down to 6.92%in June from 7.06%in May. According to the Case-Shiller 20-City Home Price Index, housing prices rose a
higher-than-expected 7.2% year-over-year in April versus March's upwardly revised 7.5% increase. 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
RecessionYOY (%) Change9
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 edged down to 48.5 in June from 48.7 in May. While new orders picked
up,prices paid for materials fell the most in over a year. The ISM Services Index returned to contraction declining to 48.8 in June, from
53.8 in the previous month. Although the level of the decline was a surprise, the trend in the Services PMI, which applies to a larger share
of US economic output, has been steadily decreasing.
Source: Institute for Supply Management
10
Gross Domestic Product (GDP)
Components of GDP 6/23 9/23 12/23 3/24
0.6% 2.1% 2.2% 1.0%
0.9% 1.7% 0.2% 0.8%
0.0% 0.0% 0.3% -0.7%
0.1% 0.5% 0.2% 0.0%
0.5% 0.5% 0.6% 0.3%
2.1% 4.9% 3.4% 1.4%
State and Local (Consumption and Gross
Investment)
Personal Consumption Expenditures
Gross Private Domestic Investment
Net Exports and Imports
Federal Government Expenditures
Total
-40.0%
-30.0%
-20.0%
-10.0%
0.0%
10.0%
20.0%
30.0%
40.0%
Gross Domestic Product (GDP)
GDP QOQ % Change
GDP YOY % Change
Source: US Department of Commerce Source: US Department of Commerce
The third and final estimate of first quarter GDP came in as expected with growth up 1.4%, a small upward revision from 1.3%in the
second estimate. Notably, the personal consumption expenditures component was revised down substantially to +1.5%in the final
estimate from +2.0%in the second estimate. Weaker growth in consumer spending was offset by upward revisions in other major
categories, particularly gross fixed investment. The consensus projection calls for 2.0% growth in the second quarter and 2.3% growth for
the full year 2024.
11
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$ millionsAs expected at the June meeting, the Federal Open Market Committee voted unanimously to leave the federal funds rate unchanged at a
target range of 5.25-5.50%, emphasizing the need to see sustained evidence of easing inflation before considering any rate cuts. The
FOMC's latest projections now suggest only one interest rate cut in 2024, with four more cuts expected in 2025 and a slightly higher long-
term neutral rate. The Fed’s inflation projections ticked up marginally, while unemployment and GDP growth forecasts remained steady.
Additionally, the Fed continues to reduce its holdings of U.S. Treasury securities and agency mortgage-backed securities as per its
predefined schedule of $25 billion and $35 billion per month. Since the Fed began its Quantitative Tightening campaign in June 2022,
securities holdings have declined by approximately $1.7T to approximately $7.3T.
0.00%
1.00%
2.00%
3.00%
4.00%
5.00%
6.00%
Effective Federal Funds Rate
Recession
Yield (%)12
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
Yield (%)0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
US Treasury Yield Curve
Jun-24
Mar-24
Jun-23Yield (%)At the end of June, the 2-year Treasury yield was 15 basis points lower, and the 10-Year Treasury yield was 56 basis points higher, year-
over-year. The inversion between the 2-year Treasury yield and 10-year Treasury yield remained relatively stable at -36 basis points at
June month-end versus -37 basis points at May month-end. The inversion has occurred since July 2022 and remains historically long. The
average historical spread (since 2003)is about +130 basis points. The inversion between 3-month and 10-year Treasuries widened to -96
basis points in June from -91 basis points in May.
13
SECTION 2 | ACCOUNT PROFILE
14
OBJECTIVES
City of Palm Springs | As of June 30, 2024
The investment objectives of the City of Palm Springs are first, to provide safety of principal to ensure the preservation of
capital in the overall portfolio; second, to provide adequate liquidity to meet all requirements which might be reasonably
anticipated; and third, to earn a commensurate rate of return.
The performance objective for the portfolio is to achieve a rate of return over a market cycle that equals or exceeds the
return on a market index of similar duration and sector allocation.
In order to achieve these objectives, the portfolio invests in high quality fixed income securities consistent with the
investment policy and California Government Code.
15
STATEMENT OF COMPLIANCE
City of Palm Springs | Account #10805 | As of June 30, 2024
Rules Name Limit Actual Compliance
Status Notes
AGENCY MORTGAGE SECURITIES (CMOS)
Max % (MV)20.0 2.1 Compliant
Max % Issuer (MV)5.0 2.1 Compliant
Max Maturity (Years)5.0 0.0 Compliant
ASSET-BACKED SECURITIES (ABS)
Max % (MV)20.0 0.1 Compliant
Max % Issuer (MV)5.0 0.1 Compliant
Max Maturity (Years)5 1 Compliant
Min Rating (AA- by 1)0.0 0.0 Compliant
BANKERS' ACCEPTANCES
Max % (MV)20.0 0.0 Compliant
Max % Issuer (MV)5.0 0.0 Compliant
Max Maturity (Days)180 0.0 Compliant
Min Rating (A-1 by 3)0.0 0.0 Compliant
COLLATERALIZED TIME DEPOSITS (NON-NEGOTIABLE
CD/TD)
Max % (MV)10.0 0.0 Compliant
Max Issuer Amount (MV)500,000.0 0.0 Compliant
Max Maturity (Years)1.0 0.0 Compliant
Min Rating (A-1 by 2; A- by 2)0.0 0.0 Compliant
COMMERCIAL PAPER
Max % (MV)15.0 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 22.1 Compliant
Max % Issuer (MV)5.0 1.4 Compliant
Max Maturity (Years)5 4 Compliant
Min Rating (A- by 1)0.0 0.0 Compliant
16
STATEMENT OF COMPLIANCE
City of Palm Springs | Account #10805 | As of June 30, 2024
Rules Name Limit Actual Compliance
Status Notes
FDIC INSURED TIME DEPOSITS (NON-NEGOTIABLE CD/
TD)
Max % (MV)10.0 0.0 Compliant
Max Maturity (Years)1 0.0 Compliant
FEDERAL AGENCIES
Max % (MV)60.0 31.7 Compliant
Max Callables (MV)20.0 2.7 Compliant
Max Maturity (Years)5 4 Compliant
LOCAL AGENCY INVESTMENT FUND (LAIF)
Max Concentration (MV)75.0 0.0 Compliant
LOCAL GOVERNMENT INVESTMENT POOL (LGIP)
Max % (MV)100.0 0.0 Compliant
MONEY MARKET MUTUAL FUNDS
Max % (MV)20.0 0.4 Compliant
Max % Issuer (MV)10.0 0.4 Compliant
Min Rating (AAA by 2)0.0 0.0 Compliant
MORTGAGE-BACKED SECURITIES (NON-AGENCY)
Max % (MV)20.0 0.0 Compliant
Max % Issuer (MV)5.0 0.0 Compliant
Max Maturity (Years)5.0 0.0 Compliant
Min Rating (AA- by 1)0.0 0.0 Compliant
MUNICIPAL SECURITIES (CA, LOCAL AGENCY)
Max % (MV)15.0 0.0 Compliant
Max % Issuer (MV)5.0 0.0 Compliant
Max Maturity (Years)5 0.0 Compliant
Min Rating (A- by 1)0.0 0.0 Compliant
MUTUAL FUNDS
Max % (MV)20.0 0.0 Compliant
Max % Issuer (MV)10.0 0.0 Compliant
Min Rating (AAA by 2)0.0 0.0 Compliant
17
STATEMENT OF COMPLIANCE
City of Palm Springs | Account #10805 | As of June 30, 2024
Rules Name Limit Actual Compliance
Status Notes
NEGOTIABLE CERTIFICATES OF DEPOSIT (NCD)
Max % (MV)30.0 0.0 Compliant
Max % Issuer (MV)5.0 0.0 Compliant
Max Maturity (Years)5 0.0 Compliant
Min Rating (A- by 2 or A-1 by 2 if > FDIC Limit)0.0 0.0 Compliant
SRI PROHIBITED INVESTMENTS
Prohibited Investments - Firearms 0.0 0.0 Compliant
SUPRANATIONAL OBLIGATIONS
Max % (MV)30.0 3.0 Compliant
Max % Issuer (MV)10.0 1.2 Compliant
Max Maturity (Years)5 1 Compliant
Min Rating (AA- by 1)0.0 0.0 Compliant
U.S. TREASURIES
Max % (MV)100.0 40.5 Compliant
Max Maturity (Years)5 4 Compliant
18
PORTFOLIO CHARACTERISTICS
City of Palm Springs | Account #10805 | As of June 30, 2024
Benchmark*6/30/2024
Portfolio
3/31/2024
Portfolio
Average Maturity (yrs)2.76 2.59 2.37
Average Modified Duration 2.56 2.35 2.18
Average Purchase Yield 3.64%3.48%
Average Market Yield 4.65%4.82%5.12%
Average Quality**AA+AA AA
Total Market Value 415,993,262 385,546,033
*Benchmark: ICE BofA 1-5 Year Unsubordinated US Treasury & Agency Index
**The credit quality is a weighted average calculation of the highest of S&P, Moody’s and Fitch.
19
SECTOR DISTRIBUTION
City of Palm Springs | Account #10805 | As of June 30, 2024
Sector as a Percentage of Market Value
Sector 06/30/2024 03/31/2024
US Treasury 40.5%40.7%
Agency 31.7%28.5%
Corporate 22.1%22.1%
Supras 2.9%3.2%
Agency CMBS 2.2%2.3%
Money Mkt Fd 0.4%2.8%
ABS 0.1%0.2%
Cash 0.0%0.2%
20
DURATION ALLOCATION
City of Palm Springs | Account #10805 | As of June 30, 2024
0-.25 .25-.5 .5-1 1-2 2-3 3-4 4-5 5-7 7+
06/30/2024 5.8%6.7%8.0%20.1%24.1%22.0%13.4%0.0%0.0%
21
ISSUERS
City of Palm Springs | Account #10805 | As of June 30, 2024
Issuer Investment Type % Portfolio
United States US Treasury 40.54%
Farm Credit System Agency 16.06%
Federal Home Loan Banks Agency 14.17%
FHLMC Agency CMBS 2.15%
FNMA Agency 1.48%
PACCAR Inc Corporate 1.43%
Inter-American Development Bank Supras 1.21%
Caterpillar Inc.Corporate 1.21%
Eli Lilly and Company Corporate 1.19%
Deere & Company Corporate 1.16%
International Finance Corporation Supras 1.15%
The Home Depot, Inc.Corporate 1.09%
The PNC Financial Services Group, In Corporate 1.07%
Bank of America Corporation Corporate 0.97%
U.S. Bancorp Corporate 0.95%
State Street Corporation Corporate 0.94%
Mastercard Incorporated Corporate 0.93%
Apple Inc.Corporate 0.92%
Pfizer Inc.Corporate 0.92%
Merck & Co., Inc.Corporate 0.90%
Visa Inc.Corporate 0.89%
Morgan Stanley Corporate 0.78%
JPMorgan Chase & Co.Corporate 0.78%
BNY Mellon Corp Corporate 0.75%
Target Corporation Corporate 0.73%
Truist Financial Corporation Corporate 0.72%
Northern Trust Corporation Corporate 0.71%
Microsoft Corporation Corporate 0.70%
22
ISSUERS
City of Palm Springs | Account #10805 | As of June 30, 2024
Issuer Investment Type % Portfolio
International Bank for Recon and Dev Supras 0.58%
The Procter & Gamble Company Corporate 0.57%
The Charles Schwab Corporation Corporate 0.50%
Salesforce, Inc.Corporate 0.48%
Costco Wholesale Corporation Corporate 0.46%
Allspring Group Holdings LLC Money Mkt Fd 0.37%
Amazon.com, Inc.Corporate 0.36%
Honda Auto Receivables Owner Trust ABS 0.09%
Toyota Auto Receivables Owner Trust ABS 0.05%
Cash Cash 0.01%
TOTAL 100.00%
23
0-.25 .25-.5 .5-1 1-2 2-3 3-4 4-5 5-7 7+
Portfolio 5.8%6.7%8.0%20.1%24.1%22.0%13.4%0.0%0.0%
ICE BofA 1-5 Year Unsubordinated US
Treasury & Agency Index
0.0%0.1%2.4%35.0%26.8%22.9%12.8%0.0%0.0%
DURATION DISTRIBUTION
City of Palm Springs | Account #10805 | As of June 30, 2024
Portfolio Compared to the Benchmark
24
DURATION DISTRIBUTION
City of Palm Springs | Account #10805 | As of June 30, 2024
Date 0-.25 .25-.5 .5-1 1-2 2-3 3-4 4-5 5-7 7+
06/30/2024 5.8%6.7%8.0%20.1%24.1%22.0%13.4%0.0%0.0%
03/31/2024 7.2%4.2%11.3%19.9%21.6%20.0%8.5%0.0%0.0%
25
3 Months 12 Months 2 Years 3 Years 5 Years 10 Years Since Inception
TOTAL RATE OF RETURN
City of Palm Springs 0.91%4.59%2.54%0.82%0.75%
Benchmark 0.82%4.18%1.85%(0.34%)(0.29%)
*Periods over 1 year are annualized.
Benchmark: ICE BofA 1-5 Year Unsubordinated 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 Palm Springs | Account #10805 | As of June 30, 2024
Total Rate of Return : Inception | 04/01/2021
-1.00%
0.00%
1.00%
2.00%
3.00%
4.00%
5.00%
3 months 12 months 2 years 3 years 5 years 10 years Since Inception
City of Palm Springs Benchmark
26
PORTFOLIO CHARACTERISTICS
City of Palm Springs Reporting | Account #10806 | As of June 30, 2024
6/30/2024
Portfolio
3/31/2024
Portfolio
Average Maturity (yrs)0.00 0.00
Average Modified Duration 0.00 0.00
Average Purchase Yield 4.67%4.62%
Average Market Yield 4.67%4.62%
Average Quality**AAA AAA
Total Market Value 70,863,571 69,959,299
*Benchmark: NO BENCHMARK REQUIRED
**The credit quality is a weighted average calculation of the highest of S&P, Moody’s and Fitch.
27
SECTOR DISTRIBUTION
City of Palm Springs Reporting | Account #10806 | As of June 30, 2024
Sector as a Percentage of Market Value
Sector 06/30/2024 03/31/2024
LAIF 62.0%62.1%
LGIP 37.3%37.2%
Cash 0.7%0.6%
28
CONSOLIDATED INFORMATION
29
PORTFOLIO CHARACTERISTICS
City of Palm Springs Cons | Account #10807 | As of June 30, 2024
6/30/2024
Portfolio
3/31/2024
Portfolio
Average Maturity (yrs)2.21 2.01
Average Modified Duration 2.01 1.96
Average Purchase Yield 3.79%3.65%
Average Market Yield 4.79%4.74%
Average Quality**AA+AA+
Total Market Value 486,856,833 456,280,055
*Benchmark: NO BENCHMARK REQUIRED
**The credit quality is a weighted average calculation of the highest of S&P, Moody’s and Fitch.
30
SECTOR DISTRIBUTION
City of Palm Springs Cons | Account #10807 | As of June 30, 2024
Sector as a Percentage of Market Value
Sector 06/30/2024 03/31/2024
US Treasury 34.6%34.4%
Agency 27.1%24.1%
Corporate 18.9%18.7%
LAIF 9.1%9.6%
LGIP 5.5%5.7%
Supras 2.5%2.7%
Agency CMBS 1.8%2.0%
Money Mkt Fd 0.3%2.4%
ABS 0.1%0.2%
Cash 0.1%0.3%
31
SECTION 3 | PORTFOLIO HOLDINGS
32
HOLDINGS REPORT
City of Palm Springs | Account #10805 | As of June 30, 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
89190GAC1 TAOT 2021-B A3 0.26 11/17/2025 203,473.60 06/14/2021 203,473.60 98.99 201,419.74 0.05%NA/AAA 1.38
0.26%203,473.60 4.29%23.51 (2,053.86)AAA 0.27
43815GAC3 HAROT 2021-4 A3 0.88 01/21/2026 393,581.75 02/03/2022 389,153.95 97.97 385,573.58 0.09%Aaa/NA 1.56
1.48%391,991.30 4.64%96.21 (6,417.72)AAA 0.55
592,627.56 98.32 586,993.32 0.14%Aaa/AAA 1.50
Total ABS 597,055.35 1.06%595,464.90 4.52%119.72 (8,471.58)AAA 0.45
AGENCY
3133ENG20 FEDERAL FARM CREDIT BANKS 5,000,000.00 08/11/2022 5,005,300.00 99.71 4,985,663.35 1.21%Aaa/AA+0.13
FUNDING CORP 3.3 08/15/2024 3.24%5,000,326.27 5.54%62,333.33 (14,662.92)AA+0.12
3133ENZ94 FEDERAL FARM CREDIT BANKS 5,000,000.00 11/23/2022 4,978,950.00 99.59 4,979,395.35 1.21%Aaa/AA+0.39
FUNDING CORP 4.5 11/18/2024 4.72%4,995,912.62 5.57%26,875.00 (16,517.27)AA+0.38
3130ATUR6 FEDERAL HOME LOAN BANKS 4.625 5,000,000.00 04/26/2023 5,021,550.00 99.64 4,981,846.10 1.21%Aaa/AA+0.45
12/13/2024 4.34%5,005,966.02 5.43%11,562.50 (24,119.92)AA+0.44
3130AQF40 FEDERAL HOME LOAN BANKS 1.0 3,000,000.00 01/24/2022 2,978,610.00 97.97 2,939,149.20 0.71%Aaa/AA+0.47
12/20/2024 1.25%2,996,529.17 5.40%916.67 (57,379.97)AA+0.46
3133ENKS8 FEDERAL FARM CREDIT BANKS 3,000,000.00 01/24/2022 2,988,720.00 97.88 2,936,252.97 0.71%Aaa/AA+0.52
FUNDING CORP 1.125 01/06/2025 1.25%2,998,020.50 5.35%16,406.25 (61,767.53)AA+0.50
3135G0X24 FEDERAL NATIONAL MORTGAGE 3,100,000.00 12/28/2021 3,155,955.00 98.13 3,042,161.72 0.74%Aaa/AA+0.52
ASSOCIATION 1.625 01/07/2025 1.02%3,109,621.22 5.31%24,347.92 (67,459.50)AA+0.50
3133ELVQ4 FEDERAL FARM CREDIT BANKS 2,600,000.00 08/23/2021 2,635,074.00 96.89 2,519,196.71 0.61%Aaa/AA+0.75
FUNDING CORP 0.95 04/01/2025 0.57%2,607,302.64 5.21%6,175.00 (88,105.93)AA+0.73
3135G04Z3 FEDERAL NATIONAL MORTGAGE 3,200,000.00 12/29/2021 3,136,448.00 95.66 3,061,248.00 0.74%Aaa/AA+0.96
ASSOCIATION 0.5 06/17/2025 1.08%3,182,366.21 5.17%622.22 (121,118.21)AA+0.94
3133EPRS6 FEDERAL FARM CREDIT BANKS 5,250,000.00 08/22/2023 5,229,105.00 99.80 5,239,690.42 1.27%Aaa/AA+1.08
FUNDING CORP 4.875 07/28/2025 5.09%5,238,381.79 5.06%108,773.44 1,308.63 AA+1.02
3133ENP95 FEDERAL FARM CREDIT BANKS 4,200,000.00 05/30/2023 4,177,656.00 99.18 4,165,552.19 1.01%Aaa/AA+1.25
FUNDING CORP 4.25 09/30/2025 4.49%4,188,055.26 4.93%45,120.83 (22,503.07)AA+1.19
3130ATUC9 FEDERAL HOME LOAN BANKS 4.5 4,000,000.00 02/14/2023 4,010,520.00 99.42 3,976,806.00 0.96%Aaa/AA+1.45
12/12/2025 4.40%4,005,397.75 4.92%9,500.00 (28,591.75)AA+1.38
33
HOLDINGS REPORT
City of Palm Springs | Account #10805 | As of June 30, 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
3130ALHH0 FEDERAL HOME LOAN BANKS 0.96
03/05/2026
3,000,000.00 03/28/2022
2.68%
2,806,200.00
2,917,463.05
93.64
4.95%
2,809,123.77
9,280.00
0.68%
(108,339.28)
Aaa/AA+
AA+
1.68
1.63
3133EPCR4 FEDERAL FARM CREDIT BANKS
FUNDING CORP 4.75 03/09/2026
5,000,000.00 04/26/2023
3.87%
5,118,550.00
5,069,748.62
99.77
4.89%
4,988,612.90
73,888.89
1.21%
(81,135.72)
Aaa/AA+
AA+
1.69
1.58
3130AWLZ1 FEDERAL HOME LOAN BANKS 4.75
06/12/2026
5,250,000.00 08/22/2023
4.85%
5,235,772.50
5,240,121.34
99.83
4.84%
5,241,221.00
13,161.46
1.27%
1,099.67
Aaa/AA+
AA+
1.95
1.84
3130ANMH0 FEDERAL HOME LOAN BANKS 1.1
08/20/2026
2,000,000.00 09/08/2022
3.68%
1,810,600.00
1,897,479.53
92.35
4.91%
1,846,968.60
8,005.56
0.45%
(50,510.93)
Aaa/AA+
AA+
2.14
2.06
3133EMNW8 FEDERAL FARM CREDIT BANKS
FUNDING CORP 0.7 01/27/2027
2,000,000.00 04/25/2022
3.01%
1,795,000.00
1,889,061.60
90.42
4.69%
1,808,372.10
5,988.89
0.44%
(80,689.50)
Aaa/AA+
AA+
2.58
2.49
3130AL5A8 FEDERAL HOME LOAN BANKS 0.9
02/26/2027
5,000,000.00 --
3.15%
4,501,000.00
4,721,595.18
90.65
4.69%
4,532,412.45
15,625.00
1.10%
(189,182.73)
Aaa/AA+
AA+
2.66
2.56
3133EPBM6 FEDERAL FARM CREDIT BANKS
FUNDING CORP 4.125 08/23/2027
3,800,000.00 02/24/2023
4.36%
3,763,862.00
3,774,672.51
98.73
4.56%
3,751,568.62
55,733.33
0.91%
(23,103.89)
Aaa/AA+
AA+
3.15
2.87
3130ATUS4 FEDERAL HOME LOAN BANKS 4.25
12/10/2027
6,000,000.00 01/25/2023
3.63%
6,162,990.00
6,115,164.94
99.11
4.53%
5,946,696.90
14,875.00
1.44%
(168,468.04)
Aaa/AA+
AA+
3.45
3.16
3133EPAV7 FEDERAL FARM CREDIT BANKS
FUNDING CORP 3.875 02/14/2028
6,000,000.00 02/14/2023
4.07%
5,948,760.00
5,962,854.51
97.94
4.50%
5,876,170.32
88,479.17
1.42%
(86,684.19)
Aaa/AA+
AA+
3.63
3.29
3130ATS57 FEDERAL HOME LOAN BANKS 4.5
03/10/2028
6,000,000.00 03/30/2023
3.89%
6,163,404.00
6,121,964.89
99.88
4.53%
5,992,638.18
83,250.00
1.45%
(129,326.71)
Aaa/AA+
AA+
3.70
3.32
3133EPGW9 FEDERAL FARM CREDIT BANKS
FUNDING CORP 3.875 04/25/2028
5,000,000.00 04/26/2023
3.64%
5,053,550.00
5,040,903.40
97.93
4.47%
4,896,325.15
35,520.83
1.19%
(144,578.25)
Aaa/AA+
AA+
3.82
3.48
3133EPNH4 FEDERAL FARM CREDIT BANKS
FUNDING CORP 3.875 06/21/2028
7,000,000.00 06/22/2023
4.10%
6,928,110.00
6,942,842.53
98.08
4.41%
6,865,785.43
7,534.72
1.66%
(77,057.10)
Aaa/AA+
AA+
3.98
3.64
3130AWTR1 FEDERAL HOME LOAN BANKS 4.375
09/08/2028
5,000,000.00 10/19/2023
5.04%
4,856,850.00
4,877,300.00
99.66
4.46%
4,983,200.55
68,663.19
1.21%
105,900.55
Aaa/AA+
AA+
4.19
3.74
3130AXQK7 FEDERAL HOME LOAN BANKS 4.75
12/08/2028
7,100,000.00 01/23/2024
4.10%
7,299,865.00
7,282,011.89
101.38
4.40%
7,198,225.66
21,546.53
1.74%
(83,786.23)
Aaa/AA+
AA+
4.44
3.96
3133ERAK7 FEDERAL FARM CREDIT BANKS
FUNDING CORP 4.375 04/10/2029
5,200,000.00 04/25/2024
4.71%
5,122,780.00
5,125,595.76
99.92
4.39%
5,196,009.47
51,187.50
1.26%
70,413.71
Aaa/AA+
AA+
4.78
4.23
3133ERDH1 FEDERAL FARM CREDIT BANKS
FUNDING CORP 4.75 04/30/2029
8,000,000.00 05/07/2024
4.53%
8,077,200.00
8,074,906.93
101.45
4.41%
8,116,233.52
64,388.89
1.97%
41,326.59
Aaa/AA+
AA+
4.83
4.25
34
HOLDINGS REPORT
City of Palm Springs | Account #10805 | As of June 30, 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
3130B1BC0 FEDERAL HOME LOAN BANKS 4.625 8,000,000.00 06/06/2024 8,097,920.00 101.02 8,081,625.76 1.96%Aaa/AA+4.94
06/08/2029 4.35%8,096,633.69 4.39%59,611.11 (15,007.93)AA+4.35
132,060,301.50 98.75 130,958,152.38 31.71%Aaa/AA+2.70
Total Agency 132,700,000.00 3.82%132,478,199.81 4.78%989,373.23 (1,520,047.43)AA+2.45
AGENCY CMBS
3137BSRE5 FHMS K-059 A2 3.12 09/25/2026 2,750,000.00 02/18/2022 2,868,164.06 96.11 2,643,111.08 0.64%Aaa/AAA 2.24
2.07%2,806,718.75 4.99%7,150.00 (163,607.68)AAA 2.02
3137H4BY5 FHMS K-746 A2 2.031 09/25/2028 7,000,000.00 10/18/2023 5,993,476.56 89.35 6,254,441.20 1.51%Aaa/AA+4.24
5.43%6,136,374.54 4.86%11,847.50 118,066.66 AAA 3.91
8,861,640.62 91.36 8,897,552.28 2.15%Aaa/AA+3.64
Total Agency CMBS 9,750,000.00 4.43%8,943,093.29 4.90%18,997.50 (45,541.01)AAA 3.35
CASH
CCYUSD Receivable 24,787.16 --24,787.16 1.00 24,787.16 0.01%Aaa/AAA 0.00
0.00%24,787.16 0.00%0.00 0.00 AAA 0.00
24,787.16 1.00 24,787.16 0.01%Aaa/AAA 0.00
Total Cash 24,787.16 0.00%24,787.16 0.00%0.00 0.00 AAA 0.00
CORPORATE
79466LAG9 SALESFORCE INC 0.625 07/15/2024 2,000,000.00 12/10/2021 1,980,340.00 99.81 1,996,157.46 0.48%A1/A+0.04
1.01%1,999,708.43 5.23%5,763.89 (3,550.97)NA 0.04
91159HHX1 US BANCORP 2.4 07/30/2024 1,250,000.00 08/23/2021 1,314,212.50 99.72 1,246,529.41 0.30%A3/A 0.08
0.54%1,250,000.00 5.69%12,583.33 (3,470.59)A 0.08
05552JAA7 PNC BANK NA (DELAWARE) 2.5 2,000,000.00 11/30/2022 1,917,860.00 99.51 1,990,165.66 0.48%A2/A 0.16
08/27/2024 4.99%1,992,615.17 5.59%17,222.22 (2,449.51)A+0.16
61761JVL0 MORGAN STANLEY 3.7 10/23/2024 3,250,000.00 --3,268,942.50 99.41 3,230,670.56 0.78%A1/A-0.31
3.45%3,252,431.20 5.59%22,713.89 (21,760.64)A+0.31
06406RAX5 BANK OF NEW YORK MELLON CORP 1,200,000.00 10/25/2021 1,199,068.50 98.51 1,182,168.73 0.29%A1/A 0.32
0.85 10/25/2024 0.88%1,199,901.23 5.58%1,870.00 (17,732.50)AA-0.31
35
HOLDINGS REPORT
City of Palm Springs | Account #10805 | As of June 30, 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
14913Q3B3 CATERPILLAR FINANCIAL SERVICES
CORP 2.15 11/08/2024
2,000,000.00 12/09/2021
1.20%
2,054,620.00
2,006,692.37
98.81
5.55%
1,976,153.98
6,330.56
0.48%
(30,538.39)
A2/A
A+
0.36
0.35
07330NAT2 TRUIST BANK 2.15 12/06/2024 3,000,000.00 11/28/2022
4.81%
2,847,750.00
2,967,360.24
98.45
5.80%
2,953,609.71
4,479.17
0.72%
(13,750.53)
A3/A
A
0.44
0.42
023135CE4 AMAZON.COM INC 3.0 04/13/2025 1,500,000.00 04/25/2022
2.96%
1,501,515.00
1,500,400.45
98.21
5.35%
1,473,148.83
9,750.00
0.36%
(27,251.62)
A1/AA
AA-
0.79
0.76
037833DT4 APPLE INC 1.125 05/11/2025 2,000,000.00 05/25/2022
2.82%
1,903,380.00
1,971,934.61
96.50
5.32%
1,930,087.26
3,125.00
0.47%
(41,847.35)
Aaa/AA+
NA
0.86
0.84
91159HHZ6 US BANCORP 1.45 05/12/2025 800,000.00 01/24/2022
1.64%
794,984.00
798,685.49
96.58
5.54%
772,634.95
1,578.89
0.19%
(26,050.54)
A3/A
A
0.87
0.84
69353REQ7 PNC BANK NA (DELAWARE) 3.25
06/01/2025
2,500,000.00 08/25/2022
3.92%
2,456,550.00
2,485,545.43
97.94
5.57%
2,448,608.90
6,770.83
0.59%
(36,936.53)
A2/A
A+
0.92
0.89
69371RR99 PACCAR FINANCIAL CORP 3.55
08/11/2025
3,000,000.00 08/11/2022
3.60%
2,995,680.00
2,998,393.85
98.19
5.24%
2,945,562.03
41,416.67
0.71%
(52,831.82)
A1/A+
NA
1.11
1.06
437076CR1 HOME DEPOT INC 4.0 09/15/2025 925,000.00 09/12/2022
4.01%
924,667.00
924,865.52
98.54
5.25%
911,526.66
10,894.44
0.22%
(13,338.85)
A2/A
A
1.21
1.15
857477BE2 STATE STREET CORP 2.354
11/01/2025
2,500,000.00 09/08/2022
4.18%
2,411,425.00
2,485,314.21
98.79
6.25%
2,469,771.95
9,808.33
0.60%
(15,542.26)
A1/A
AA-
1.34
0.33
58933YAY1 MERCK & CO INC 0.75 02/24/2026 4,000,000.00 --
2.77%
3,742,920.00
3,874,873.11
93.38
4.98%
3,735,152.56
10,583.33
0.90%
(139,720.55)
A1/A+
WR
1.65
1.60
46647PBK1 JPMORGAN CHASE & CO 2.083
04/22/2026
3,300,000.00 --
2.53%
3,277,439.50
3,289,498.85
97.11
6.58%
3,204,499.72
13,174.97
0.78%
(84,999.14)
A1/A-
AA-
1.81
0.78
06406FAC7 BANK OF NEW YORK MELLON CORP
2.8 05/04/2026
2,000,000.00 01/25/2023
4.38%
1,904,400.00
1,946,149.87
95.98
5.11%
1,919,539.12
8,866.67
0.46%
(26,610.75)
A1/A
AA-
1.84
1.76
808513BR5 CHARLES SCHWAB CORP 1.15
05/13/2026
2,250,000.00 --
3.39%
2,067,262.50
2,161,849.19
92.48
5.44%
2,080,720.94
3,450.00
0.50%
(81,128.25)
A2/A-
A
1.87
1.80
91159HHN3 US BANCORP 2.375 07/22/2026 2,000,000.00 08/11/2022
3.49%
1,918,340.00
1,957,323.13
94.37
5.29%
1,887,355.08
20,979.17
0.46%
(69,968.05)
A3/A
A
2.06
1.95
24422EVB2 JOHN DEERE CAPITAL CORP 2.25
09/14/2026
2,500,000.00 --
3.83%
2,357,655.00
2,419,550.37
94.14
5.09%
2,353,424.08
16,718.75
0.57%
(66,126.29)
A1/A
A+
2.21
2.09
437076CV2 HOME DEPOT INC 4.95 09/30/2026 3,600,000.00 12/21/2023
4.42%
3,647,736.00
3,638,559.75
99.86
5.01%
3,594,985.16
45,045.00
0.87%
(43,574.59)
A2/A
A
2.25
2.08
36
HOLDINGS REPORT
City of Palm Springs | Account #10805 | As of June 30, 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
717081EA7 PFIZER INC 3.0 12/15/2026 4,000,000.00 --3,852,095.00 95.43 3,817,095.56 0.92%A2/A 2.46
4.00%3,909,864.30 5.00%5,333.33 (92,768.74)WR 2.33
87612EBM7 TARGET CORP 1.95 01/15/2027 3,250,000.00 --3,164,240.00 93.06 3,024,457.15 0.73%A2/A 2.54
2.59%3,201,604.29 4.89%29,222.92 (177,147.14)A 2.41
742718FV6 PROCTER & GAMBLE CO 1.9 2,550,000.00 01/27/2022 2,546,379.00 93.08 2,373,487.73 0.57%Aa3/AA-2.59
02/01/2027 1.93%2,548,126.04 4.78%20,187.50 (174,638.32)NA 2.45
594918BY9 MICROSOFT CORP 3.3 02/06/2027 3,000,000.00 01/25/2023 2,926,980.00 96.46 2,893,802.40 0.70%Aaa/AAA 2.61
3.96%2,952,842.28 4.76%39,875.00 (59,039.88)WR 2.42
57636QAR5 MASTERCARD INC 3.3 03/26/2027 4,000,000.00 05/30/2023 3,852,800.00 95.93 3,837,349.68 0.93%Aa3/A+2.74
4.36%3,894,691.33 4.90%34,833.33 (57,341.65)NA 2.55
92826CAL6 VISA INC 1.9 04/15/2027 4,000,000.00 02/14/2023 3,617,920.00 92.31 3,692,408.92 0.89%Aa3/AA-2.79
4.44%3,743,938.49 4.88%16,044.44 (51,529.57)NA 2.65
665859AW4 NORTHERN TRUST CORP 4.0 3,000,000.00 06/13/2022 2,973,570.00 97.61 2,928,420.51 0.71%A2/A+2.86
05/10/2027 4.20%2,984,599.72 4.90%17,000.00 (56,179.21)A+2.65
22160KAM7 COSTCO WHOLESALE CORP 3.0 2,000,000.00 08/24/2022 1,956,700.00 95.59 1,911,751.10 0.46%Aa3/A+2.88
05/18/2027 3.50%1,973,633.66 4.65%7,166.67 (61,882.56)WR 2.71
037833DB3 APPLE INC 2.9 09/12/2027 2,000,000.00 02/14/2023 1,872,980.00 94.44 1,888,884.16 0.46%Aaa/AA+3.20
4.45%1,911,108.83 4.79%17,561.11 (22,224.67)NA 2.98
857477BS1 STATE STREET CORP 2.203 1,500,000.00 02/14/2023 1,362,523.37 93.04 1,395,643.74 0.34%A1/A 3.61
02/07/2028 4.76%1,409,958.49 5.36%13,218.00 (14,314.75)AA-2.46
24422EXH7 JOHN DEERE CAPITAL CORP 4.5 2,500,000.00 06/06/2024 2,466,550.00 98.30 2,457,542.78 0.60%A1/A 4.55
01/16/2029 4.83%2,467,026.72 4.92%54,062.50 (9,483.95)A+3.97
69371RS80 PACCAR FINANCIAL CORP 4.6 3,000,000.00 02/12/2024 2,994,863.00 98.90 2,967,108.27 0.72%A1/A+4.59
01/31/2029 4.64%2,995,254.01 4.87%57,883.33 (28,145.74)NA 4.01
14913UAJ9 CATERPILLAR FINANCIAL SERVICES 3,000,000.00 06/06/2024 3,015,000.00 100.02 3,000,709.50 0.73%A2/A 4.66
CORP 4.85 02/27/2029 4.73%3,014,791.43 4.84%50,116.67 (14,081.93)A+4.06
532457BV9 ELI LILLY AND CO 3.375 03/15/2029 5,200,000.00 04/24/2024 4,846,452.00 94.50 4,914,217.15 1.19%A1/A+4.71
4.96%4,859,531.69 4.69%51,675.00 54,685.46 WR 4.24
06051GLG2 BANK OF AMERICA CORP 5.202 4,000,000.00 06/06/2024 4,002,680.00 99.84 3,993,662.32 0.97%A1/A-4.82
04/25/2029 5.18%4,002,634.64 5.58%38,148.00 (8,972.32)AA-3.39
91,938,479.87 96.71 91,399,013.71 22.13%A1/A 2.32
Total Corporate 94,575,000.00 3.76%92,991,258.40 5.21%725,452.92 (1,592,244.69)A+2.02
37
HOLDINGS REPORT
City of Palm Springs | Account #10805 | As of June 30, 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
MONEY MARKET
FUND
94975P405 ALLSPRING:GOVT MM I 1,525,806.48 --1,525,806.48 1.00 1,525,806.48 0.37%Aaa/0.00
5.19%1,525,806.48 5.19%0.00 0.00 AAAm 0.00
NA
Aaa/
Total Money Market 1,525,806.48 1.00 1,525,806.48 0.37%AAAm 0.00
Fund 1,525,806.48 5.19%1,525,806.48 5.19%0.00 0.00 NA 0.00
SUPRANATIONAL
4581X0EE4 INTER-AMERICAN DEVELOPMENT 5,000,000.00 06/27/2022 4,999,800.00 100.00 5,000,000.00 1.21%Aaa/AAA 0.00
BANK 3.25 07/01/2024 3.25%5,000,000.00 3.25%81,250.00 0.00 NA 0.00
459058JB0 INTERNATIONAL BANK FOR 2,500,000.00 07/20/2021 2,506,400.00 96.39 2,409,814.93 0.58%Aaa/AAA 0.81
RECONSTRUCTION AND DEVELOPM 0.56%2,501,378.10 5.23%2,999.58 (91,563.18)NA 0.79
0.625 04/22/2025
45950VHX7 INTERNATIONAL FINANCE CORP 5,000,000.00 --4,817,056.56 95.39 4,769,404.50 1.15%Aaa/AAA 1.77
2.125 04/07/2026 3.19%4,911,192.41 4.88%24,791.67 (141,787.91)NA 1.70
12,323,256.56 97.48 12,179,219.43 2.95%Aaa/AAA 0.85
Total Supranational 12,500,000.00 2.69%12,412,570.51 4.28%109,041.25 (233,351.08)NA 0.82
US TREASURY
91282CFN6 UNITED STATES TREASURY 4.25 7,000,000.00 05/30/2023 6,936,562.50 99.72 6,980,722.63 1.69%Aaa/AA+0.25
09/30/2024 4.96%6,988,170.47 5.30%74,781.42 (7,447.84)AA+0.25
91282CDH1 UNITED STATES TREASURY 0.75 3,000,000.00 12/09/2021 2,981,835.94 98.31 2,949,199.23 0.71%Aaa/AA+0.38
11/15/2024 0.96%2,997,676.49 5.35%2,873.64 (48,477.26)AA+0.37
91282CDZ1 UNITED STATES TREASURY 1.5 3,000,000.00 03/24/2022 2,927,109.39 97.66 2,929,833.99 0.71%Aaa/AA+0.63
02/15/2025 2.37%2,984,223.11 5.34%16,936.81 (54,389.12)AA+0.61
91282CED9 UNITED STATES TREASURY 1.75 4,000,000.00 06/13/2022 3,827,968.75 97.58 3,903,333.32 0.95%Aaa/AA+0.71
03/15/2025 3.38%3,956,007.93 5.26%20,543.48 (52,674.61)AA+0.69
912828ZF0 UNITED STATES TREASURY 0.5 2,000,000.00 05/21/2021 1,996,640.63 96.57 1,931,425.78 0.47%Aaa/AA+0.75
03/31/2025 0.54%1,999,347.72 5.21%2,513.66 (67,921.94)AA+0.73
38
HOLDINGS REPORT
City of Palm Springs | Account #10805 | As of June 30, 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
91282CAB7 UNITED STATES TREASURY 0.25
07/31/2025
2,800,000.00 10/25/2021
0.93%
2,729,015.63
2,779,593.29
94.96
5.08%
2,659,015.63
2,923.08
0.64%
(120,577.65)
Aaa/AA+
AA+
1.08
1.06
91282CAJ0 UNITED STATES TREASURY 0.25
08/31/2025
2,750,000.00 08/23/2021
0.64%
2,707,353.52
2,737,624.38
94.61
5.06%
2,601,865.23
2,297.89
0.63%
(135,759.16)
Aaa/AA+
AA+
1.17
1.14
91282CAM3 UNITED STATES TREASURY 0.25
09/30/2025
3,300,000.00 12/28/2021
1.12%
3,194,812.50
3,265,014.23
94.29
5.02%
3,111,539.05
2,073.77
0.75%
(153,475.18)
Aaa/AA+
AA+
1.25
1.22
91282CAT8 UNITED STATES TREASURY 0.25
10/31/2025
2,750,000.00 08/23/2021
0.67%
2,702,089.84
2,734,740.19
93.98
4.97%
2,584,462.90
1,158.29
0.63%
(150,277.29)
Aaa/AA+
AA+
1.34
1.30
912828M56 UNITED STATES TREASURY 2.25
11/15/2025
3,000,000.00 05/25/2022
2.70%
2,955,585.94
2,982,430.37
96.43
4.97%
2,892,773.43
8,620.92
0.70%
(89,656.94)
Aaa/AA+
AA+
1.38
1.33
91282CBH3 UNITED STATES TREASURY 0.375
01/31/2026
2,800,000.00 10/25/2021
1.07%
2,718,953.13
2,769,880.53
93.20
4.89%
2,609,578.13
4,384.62
0.63%
(160,302.40)
Aaa/AA+
AA+
1.59
1.54
912828P46 UNITED STATES TREASURY 1.625
02/15/2026
6,000,000.00 01/25/2023
3.83%
5,621,250.00
5,798,407.26
94.99
4.87%
5,699,296.86
36,696.43
1.38%
(99,110.40)
Aaa/AA+
AA+
1.63
1.56
9128286L9 UNITED STATES TREASURY 2.25
03/31/2026
5,000,000.00 08/24/2022
3.27%
4,826,562.50
4,915,789.10
95.75
4.81%
4,787,500.00
28,278.69
1.16%
(128,289.10)
Aaa/AA+
AA+
1.75
1.68
9128286S4 UNITED STATES TREASURY 2.375
04/30/2026
7,000,000.00 --
3.39%
6,803,789.07
6,878,054.81
95.81
4.79%
6,706,875.00
28,009.51
1.62%
(171,179.81)
Aaa/AA+
AA+
1.83
1.76
912828Y95 UNITED STATES TREASURY 1.875
07/31/2026
5,000,000.00 06/27/2022
3.21%
4,743,164.06
4,869,347.18
94.43
4.71%
4,721,484.40
39,148.35
1.14%
(147,862.78)
Aaa/AA+
AA+
2.08
1.99
9128282A7 UNITED STATES TREASURY 1.5
08/15/2026
3,100,000.00 12/28/2021
1.23%
3,137,296.88
3,117,103.60
93.58
4.71%
2,900,921.88
17,501.37
0.70%
(216,181.72)
Aaa/AA+
AA+
2.13
2.04
91282CDG3 UNITED STATES TREASURY 1.125
10/31/2026
5,000,000.00 08/11/2022
3.00%
4,629,687.50
4,795,258.76
92.29
4.65%
4,614,257.80
9,476.90
1.12%
(181,000.96)
Aaa/AA+
AA+
2.34
2.25
912828U24 UNITED STATES TREASURY 2.0
11/15/2026
3,000,000.00 05/25/2022
2.76%
2,903,789.06
2,948,950.50
94.10
4.65%
2,823,046.86
7,663.04
0.68%
(125,903.64)
Aaa/AA+
AA+
2.38
2.27
912828V98 UNITED STATES TREASURY 2.25
02/15/2027
7,000,000.00 --
3.60%
6,696,316.41
6,768,588.34
94.28
4.59%
6,599,414.08
59,278.85
1.60%
(169,174.26)
Aaa/AA+
AA+
2.63
2.48
91282CEF4 UNITED STATES TREASURY 2.5
03/31/2027
5,000,000.00 06/27/2022
3.23%
4,839,648.44
4,907,407.82
94.79
4.54%
4,739,257.80
31,420.77
1.15%
(168,150.02)
Aaa/AA+
AA+
2.75
2.60
91282CEN7 UNITED STATES TREASURY 2.75
04/30/2027
5,000,000.00 08/24/2022
3.18%
4,905,859.38
4,943,096.98
95.27
4.54%
4,763,671.90
23,165.76
1.15%
(179,425.08)
Aaa/AA+
AA+
2.83
2.67
39
HOLDINGS REPORT
City of Palm Springs | Account #10805 | As of June 30, 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
912828X88 UNITED STATES TREASURY 2.375 7,000,000.00 --6,635,781.25 94.18 6,592,578.16 1.60%Aaa/AA+2.87
05/15/2027 3.79%6,737,231.91 4.56%21,233.02 (144,653.75)AA+2.72
91282CFB2 UNITED STATES TREASURY 2.75 5,000,000.00 11/23/2022 4,726,953.13 94.95 4,747,656.25 1.15%Aaa/AA+3.08
07/31/2027 4.04%4,819,942.71 4.52%57,417.58 (72,286.46)AA+2.88
9128282R0 UNITED STATES TREASURY 2.25 7,000,000.00 05/30/2023 6,545,546.88 93.43 6,540,351.58 1.58%Aaa/AA+3.13
08/15/2027 3.94%6,662,930.02 4.53%59,278.85 (122,578.44)AA+2.94
91282CFM8 UNITED STATES TREASURY 4.125 7,000,000.00 05/30/2023 7,050,039.06 98.87 6,920,703.16 1.68%Aaa/AA+3.25
09/30/2027 3.94%7,037,489.78 4.50%72,581.97 (116,786.62)AA+2.98
9128283F5 UNITED STATES TREASURY 2.25 6,000,000.00 01/25/2023 5,651,718.75 93.02 5,581,406.28 1.35%Aaa/AA+3.38
11/15/2027 3.58%5,755,369.16 4.50%17,241.85 (173,962.88)AA+3.18
91282CGH8 UNITED STATES TREASURY 3.5 6,900,000.00 06/22/2023 6,723,726.56 96.85 6,682,488.26 1.62%Aaa/AA+3.59
01/31/2028 4.11%6,762,898.44 4.46%100,846.15 (80,410.17)AA+3.27
91282CGT2 UNITED STATES TREASURY 3.625 5,200,000.00 11/15/2023 5,008,859.38 97.19 5,053,750.00 1.22%Aaa/AA+3.75
03/31/2028 4.56%5,036,148.08 4.45%47,382.51 17,601.92 AA+3.43
91282CHE4 UNITED STATES TREASURY 3.625 7,000,000.00 05/30/2023 6,940,664.06 97.15 6,800,664.08 1.65%Aaa/AA+3.92
05/31/2028 3.81%6,953,557.53 4.42%21,492.49 (152,893.45)AA+3.59
9128284V9 UNITED STATES TREASURY 2.875 5,250,000.00 08/22/2023 4,878,398.44 94.22 4,946,484.38 1.20%Aaa/AA+4.13
08/15/2028 4.48%4,942,340.87 4.42%56,808.89 4,143.50 AA+3.79
91282CJF9 UNITED STATES TREASURY 4.875 7,000,000.00 02/12/2024 7,217,656.25 101.87 7,130,703.16 1.73%Aaa/AA+4.34
10/31/2028 4.14%7,200,087.02 4.40%57,493.21 (69,383.86)AA+3.85
9128285M8 UNITED STATES TREASURY 3.125 7,000,000.00 02/12/2024 6,696,757.81 94.96 6,646,992.17 1.61%Aaa/AA+4.38
11/15/2028 4.14%6,721,024.17 4.40%27,938.18 (74,032.00)AA+4.01
912810FG8 UNITED STATES TREASURY 5.25 7,000,000.00 --7,201,062.51 103.91 7,273,984.34 1.76%Aaa/AA+4.63
02/15/2029 4.57%7,193,848.07 4.31%138,317.31 80,136.27 AA+4.02
91282CKG5 UNITED STATES TREASURY 4.125 4,000,000.00 06/20/2024 3,971,562.50 98.98 3,959,218.76 0.96%Aaa/AA+4.75
03/31/2029 4.29%3,971,725.56 4.36%41,475.41 (12,506.80)AA+4.23
91282CKT7 UNITED STATES TREASURY 4.5 5,000,000.00 06/20/2024 5,050,585.94 100.68 5,033,984.40 1.22%Aaa/AA+4.92
05/31/2029 4.27%5,050,305.69 4.34%19,057.38 (16,321.29)AA+4.36
169,084,603.59 96.38 167,420,440.87 40.54%Aaa/AA+2.75
Total US Treasury 173,850,000.00 3.45%170,981,612.05 4.66%1,158,312.04 (3,561,171.19)AA+2.54
40
HOLDINGS REPORT
City of Palm Springs | Account #10805 | As of June 30, 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
Total Portfolio 425,522,648.99 3.64%
416,411,503.34
419,952,792.60
96.78
4.82%
412,991,965.62
3,001,296.66
100.00%
(6,960,826.98)
Aa2/AA
AA
2.59
2.35
Total Market Value +
Accrued 415,993,262.28
41
HOLDINGS REPORT
City of Palm Springs Reporting | Account #10806 | As of June 30, 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 476,868.52 --
0.00%
476,868.52
476,868.52
1.00
0.00%
476,868.52
0.00
0.67%
0.00
Aaa/AAA
AAA
0.00
0.00
Total Cash 476,868.52 0.00%
476,868.52
476,868.52
1.00
0.00%
476,868.52
0.00
0.67%
0.00
Aaa/AAA
AAA
0.00
0.00
LAIF
90LAIF$00 Local Agency Investment Fund State
Pool
43,940,042.98 --
4.36%
43,940,042.98
43,940,042.98
1.00
4.36%
43,940,042.98
0.00
62.01%
0.00
NA/NA
NA
0.00
0.00
Total LAIF 43,940,042.98 4.36%
43,940,042.98
43,940,042.98
1.00
4.36%
43,940,042.98
0.00
62.01%
0.00
NA/NA
NA
0.00
0.00
LOCAL GOV
INVESTMENT POOL
09CATR$04 CalTrust STF 2,636,755.66 --
4.94%
26,576,897.65
26,576,897.65
10.03
4.94%
26,446,659.28
0.00
37.32%
(130,238.37)
NA/AAAm
NA
0.00
0.00
Total Local Gov
Investment Pool 2,636,755.66 4.94%
26,576,897.65
26,576,897.65
10.03
4.94%
26,446,659.28
0.00
37.32%
(130,238.37)
NA/
AAAm
NA
0.00
0.00
Total Portfolio 47,053,667.16 4.55%
70,993,809.15
70,993,809.15
4.37
4.55%
70,863,570.78
0.00
100.00%
(130,238.37)
Aaa/AAA
AAA
0.00
0.00
Total Market Value +
Accrued 70,863,570.78
42
SECTION 4 | TRANSACTIONS
43
TRANSACTION LEDGER
City of Palm Springs | Account #10805|04/01/2024 Through 06/30/2024|
Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp
Yield Amount Interest Pur/
Sold Total Amount Gain/Loss
ACQUISITIONS
Purchase 04/25/2024 912810FG8 5,200,000.00 UNITED STATES
TREASURY 5.25
02/15/2029
102.652 4.63%(5,337,921.88)(52,500.00)(5,390,421.88)0.00
Purchase 04/26/2024 3133ERAK7 5,200,000.00 FEDERAL FARM CREDIT
BANKS FUNDING CORP
4.375 04/10/2029
98.515 4.71%(5,122,780.00)(10,111.11)(5,132,891.11)0.00
Purchase 04/26/2024 532457BV9 5,200,000.00 ELI LILLY AND CO 3.375
03/15/2029
93.201 4.96%(4,846,452.00)(19,987.50)(4,866,439.50)0.00
Purchase 05/08/2024 912810FG8 1,800,000.00 UNITED STATES
TREASURY 5.25
02/15/2029
103.508 4.42%(1,863,140.63)(21,548.08)(1,884,688.71)0.00
Purchase 05/08/2024 3133ERDH1 8,000,000.00 FEDERAL FARM CREDIT
BANKS FUNDING CORP
4.75 04/30/2029
100.965 4.53%(8,077,200.00)(8,444.44)(8,085,644.44)0.00
Purchase 06/07/2024 24422EXH7 2,500,000.00 JOHN DEERE CAPITAL
CORP 4.5 01/16/2029
98.662 4.83%(2,466,550.00)(46,562.50)(2,513,112.50)0.00
Purchase 06/07/2024 14913UAJ9 3,000,000.00 CATERPILLAR
FINANCIAL SERVICES
CORP 4.85 02/27/2029
100.500 4.73%(3,015,000.00)(40,416.67)(3,055,416.67)0.00
Purchase 06/07/2024 06051GLG2 4,000,000.00 BANK OF AMERICA
CORP 5.202
04/25/2029
100.067 5.18%(4,002,680.00)(24,276.00)(4,026,956.00)0.00
Purchase 06/07/2024 3130B1BC0 8,000,000.00 FEDERAL HOME
LOAN BANKS 4.625
06/08/2029
101.224 4.35%(8,097,920.00)(34,944.44)(8,132,864.44)0.00
Purchase 06/21/2024 91282CKG5 4,000,000.00 UNITED STATES
TREASURY 4.125
03/31/2029
99.289 4.29%(3,971,562.50)(36,967.21)(4,008,529.71)0.00
Purchase 06/21/2024 91282CKT7 5,000,000.00 UNITED STATES
TREASURY 4.5
05/31/2029
101.012 4.27%(5,050,585.94)(12,909.84)(5,063,495.78)0.00
Total Purchase 51,900,000.00 (51,851,792.95)(308,667.79)(52,160,460.74)0.00
44
TRANSACTION LEDGER
City of Palm Springs | Account #10805|04/01/2024 Through 06/30/2024|
Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp
Yield Amount Interest Pur/
Sold Total Amount Gain/Loss
TOTAL
ACQUISITIONS 51,900,000.00 (51,851,792.95)(308,667.79)(52,160,460.74)0.00
DISPOSITIONS
Call
Redemption
05/14/2024 06051GJY6 (3,050,000.00)BANK OF AMERICA
CORP 5.74866
06/14/2024
100.000 7.50%3,050,000.00 0.00 3,050,000.00 1,592.74
Total Call
Redemption (3,050,000.00)3,050,000.00 0.00 3,050,000.00 1,592.74
Maturity 04/15/2024 91282CBV2 (4,000,000.00)UNITED STATES
TREASURY 0.375
04/15/2024
100.000 0.38%4,000,000.00 0.00 4,000,000.00 0.00
Maturity 04/26/2024 06406RAS6 (1,250,000.00)BANK OF NEW YORK
MELLON CORP 0.5
04/26/2024
100.000 0.50%1,250,000.00 0.00 1,250,000.00 0.00
Maturity 05/12/2024 023135BW5 (1,250,000.00)AMAZON.COM INC
0.45 05/12/2024
100.000 0.45%1,250,000.00 0.00 1,250,000.00 0.00
Maturity 05/15/2024 149123CC3 (1,250,000.00)CATERPILLAR INC 3.4
05/15/2024
100.000 3.40%1,250,000.00 0.00 1,250,000.00 0.00
Maturity 06/07/2024 24422EVQ9 (1,250,000.00)JOHN DEERE CAPITAL
CORP 0.45 06/07/2024
100.000 0.45%1,250,000.00 0.00 1,250,000.00 0.00
Maturity 06/15/2024 91282CCG4 (1,250,000.00)UNITED STATES
TREASURY 0.25
06/15/2024
100.000 0.25%1,250,000.00 0.00 1,250,000.00 0.00
Total Maturity (10,250,000.00)10,250,000.00 0.00 10,250,000.00 0.00
TOTAL
DISPOSITIONS (13,300,000.00)13,300,000.00 0.00 13,300,000.00 1,592.74
45
TRANSACTION LEDGER
City of Palm Springs Reporting | Account #10806|04/01/2024 Through 06/30/2024|
Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp
Yield Amount Interest Pur/
Sold Total Amount Gain/Loss
ACQUISITIONS
Purchase 04/15/2024 90LAIF$00 464,474.93 Local Agency
Investment Fund State
Pool
1.000 4.27%(464,474.93)0.00 (464,474.93)0.00
Purchase 04/30/2024 09CATR$04 12,155.23 CalTrust STF 10.010 0.00%(121,673.89)0.00 (121,673.89)0.00
Purchase 05/31/2024 09CATR$04 10,941.66 CalTrust STF 10.020 0.00%(109,635.43)0.00 (109,635.43)0.00
Purchase 06/28/2024 09CATR$04 9,901.61 CalTrust STF 10.030 0.00%(99,313.15)0.00 (99,313.15)0.00
Total Purchase 497,473.43 (795,097.40)0.00 (795,097.40)0.00
TOTAL
ACQUISITIONS 497,473.43 (795,097.40)0.00 (795,097.40)0.00
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IMPORTANT DISCLOSURES
City of Palm Springs | Account #10805 | As of June 30, 2024
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.
47
BENCHMARK DISCLOSURES
City of Palm Springs | Account #10805 | As of June 30, 2024
Benchmark Disclosure
ICE BofA 1-5 Yr Unsubordinated US Treasury
& Agency Index
The ICE BofA 1-5 Year Unsubordinated US Treasury & Agency Index tracks the performance of US dollar denominated US
Treasury and nonsubordinated US agency debt issued in the US domestic market. Qualifying securities must have an investment
grade rating (based on an average of Moody’s, S&P and Fitch). Qualifying securities must have at least one year remaining term
to final maturity and less than five years remaining term to final maturity, at least 18 months to maturity at time of issuance, a
fixed coupon schedule, and a minimum amount outstanding of $1 billion for sovereigns and $250 million for agencies.
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