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File Number: 21-254 <br />LAIF exceeded both standards. The Chandler managed funds average book yield was 1.62%, <br />exceeding the benchmark rates of return on the 2-year U.S. Treasury Bill of 0.16%, and the <br />5-year U.S. Treasury Note of 0.92%. <br />Amounts invested with LAIF are liquid; funds can be withdrawn with minimal notice as City <br />operations may require. The rate of return earned by LAIF generally follows fixed income security <br />rates. <br />Chandler Asset Management manages the balance of the portfolio having a market value of <br />$106.2 million, 59.4% of the total portfolio. These investments range from one to almost five <br />years to maturity, with the average maturity at 1.87 years (a slightly shorter duration than <br />December 31, 2020). <br />The report notes that the City is in compliance with all provisions of the City’s Investment Policy <br />and the City is able to meet its cash obligations during the next six-months. Chandler’s strategy is <br />gradually lengthening the average maturity of the portfolio in order to gain higher interest rates. <br />ATTACHMENT <br />City Council Investment Report for Quarter Ending March 31,2021 prepared by Chandler Asset <br />Management <br />PREPARED BY <br />Karen Chang, Assistant Finance Director <br />Page 2 City of San Leandro Printed on 4/29/2021 <br />116