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File Number: 22-067 <br />of return and the rates for both 2-year and 5-year U.S. Treasury securities. Amounts invested in <br />LAIF fell short of both standards. The Chandler managed funds average book yield was 1.19%, <br />exceeding the benchmark rate of return for the 2-year U.S. Treasury Bills at 0.73%, but below the <br />5-year U.S. Treasury Notes at 1.26%. <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Amounts invested with LAIF are liquid, funds can be withdrawn with minimal notice as City 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 />$110.8 million, 62% of the total portfolio. These investments range from one to almost five years <br />to maturity, with the average maturity at 1.91 years (from 1.87 years on September 30). <br />The report confirms the City complies with all provisions of the City’s Investment Policy and the <br />City can meet its cash obligations during the next six-months. Chandler’s strategy is gradually <br />lengthening the average maturity of the portfolio in order to gain higher interest rates. <br />PREPARED BY <br />Karen Chang, Assistant Finance Director <br />Page 2 City of San Leandro Printed on 2/3/2022