The URL can be used to link to this page

Home My WebLink About5.3 City Treasurer's Informational Report of Investments for the Quarter Ending December 31, 2024r DUBLIN CALIFORNIA STAFF REPORT CITY COUNCIL Agenda Item 5.3 DATE: February 18, 2025 TO: Honorable Mayor and City Councilmembers FROM: Colleen Tribby, City Manager SU B.ECT : City Treasurer's Informational Report of Investments for the Quarter Ending December 31, 2024 Prepared by: Chris Rhoades, Financial Analyst EXECUTIVE SUMMARY: The City Council will receive an informational report on the City's investments through the quarter ending December 31, 2024 including a monthly transaction ledger. The City's investment portfolio for this period totaled $464,941,399 (market value) with an average market yield of 4.53%. As required by the City's Investment Policy, the City Treasurer (Finance Director) affirms that the City is able to meet its expenditure requirements for the next six months. STAFF RECOMMENDATION: Receive the report. FINANCIAL IMPACT: There is no financial impact resulting from this report. Investments are made in accordance with the City's Investment Policy and State Law. Interest earned is apportioned between funds (i.e., General Fund, Gas Tax Fund, etc.) based upon their proportionate share of the total cash balance. The quarterly cash balance can vary from quarter to quarter based on the financial needs of the City, including the timing of revenues and expenditures. DESCRIPTION: The total investment portfolio (market value) consists of $301,193,731 managed by Chandler Asset Management, and $163,747,668 invested by the City in local government pools, the Local Agency Investment Fund (LAIF) and the California Asset Management Program (CAMP). The average market yield of the Chandler portfolio and the local pools was 4.49% and 4.60% respectively. The total investment portfolio balance fluctuates throughout the year due to normal cash flow Page 1 of 4 1 needs and includes both discretionary and restricted funds. Economic Update Highlights The following are some highlights from the Economic Update included in the Investment Report prepared by Chandler (Attachment 1). Recent economic data suggests continued growth fueled by a resilient consumer. Inflationary trends have subsided, but some components remain sticky, and core levels remain above the Fed's target. The labor market reflects an improved balance between supply and demand for workers. While job creation has been robust, continuing jobless claims remain elevated. Given the economic outlook, Chandler expects gradual normalization of monetary policy and a steepening yield curve. City of Dublin Portfolio The City's aggregate portfolio has maintained a healthy balance of investment types with only a minor shift in the City's asset allocation, shifting funds from Agency securities to Treasury securities as part of the Chandler team rebalancing the City's portfolio. The market value of the City's portfolio increased by $26.8 million from the September 30, 2024 quarter. The quarterly change results from the normal fluctuations in the timing of incoming revenue, predominantly the receipt of property tax revenue, the City's largest revenue source, in December. Approximately 50% of annual Property Tax revenue is received in December, with additional payments being received in April and June. These funds were deposited in Dublin's California Asset Management Program (CAMP) account. The City's portfolio increased by $38.5 million from the same quarter the prior year due to operating revenues exceeding expenditures on an annual basis, as well as the timing of capital project expenditures (see Table 1 below). Additionally, overall market yield -to -maturity has increased to 4.53%, (shown in Table 2) due to the factors discussed in the Economic Update in the Chandler report. For detailed monthly transactions, see Attachment 2. Page 2 of 4 2 Table 1: Portfolio Values and Yield to Maturity Holdings December 31, 2023 Market Value September 30, 2024 Market Value December 31, 2024 Par Value Book Value Market Value % of Subtotal Total Portfolio Book Yield Market Yield Managed by City Cash' - 314,182 313,298 313,298 313,298 0.2% 0.1% 0.00% 0.00% LAIF 26,534,226 27,392,776 27,717,626 27,717,626 27,717,626 16.9% 5.9% 4.43% 4.43% CAMP 109,660,424 106,918,796 135,716,745 135,716,745 135,716,745 82.9% 29.0% 4.65% 4.65% SUBTOTAL 136,194,650 134,625,755 163,747,668 163,747,668 163,747,668 100.00% 35.01% 4.60% 4.60% Accrued Interest' 254,504 - - 136,449,154 134,625,755 163,747,668 Managed by Chandler ABS 25,798,334 33,965,921 33,204,568 33,201,051 33,334,796 11.1% 7.1% 4.71% 4.59% Agency 45,535,489 21,005,009 14,005,000 14,070,358 13,896,584 4.6% 3.0% 3.36% 4.32% Cash' - 10,076 2,129 2,129 2,129 0.0% 0.0% 0.00% 0.00% Agency CMBS 8,685,518 11,859,631 14,370,000 13,912,291 13,733,961 4.6% 3.1% 4.15% 4.67% Money Market 1,159,231 2,161,116 743,108 743,108 743,108 0.2% 0.2% 4.09% 4.09% Supranational 23,370,361 27,039,073 28,265,000 27,937,978 27,445,408 9.2% 6.0% 2.75% 4.41% Corporate 72,851,163 78,453,439 77,190,000 76,778,100 75,925,813 25.4% 16.5% 3.77% 4.78% US Treasury 110,817,325 127,188,477 136,250,000 135,798,501 133,961,210 44.8% 29.1% 3.70% 4.33% SUBTOTAL 288,217,420 301,682,742 304,029,805 302,443,516 299,043,009 100.00% 64.99% 3.75% 4.49% Accrued Interest 1,782,764 1,812,539 2,150,722 290,000,184 303,495,281 301,193,731 TOTAL PORTFOLIO 426,449,338 438,121,036 467,777,474 466,191,184 464,941,399 100.00% 4.53% Change from Prior Year 38,492,061 Change from Prior Quarter 26,820,364 'Includes cash on hand, receivables, payables and accrued interest from the Local Pools. 'Accrued Interest is now shown in Cash. 3Includes cash on hand, receivables and payables from accounts managed by Chandler. Table 2: Quarterly Holdings (Market Value) by Type, and YTM, Five Quarters Holdings (Market Value) 12/31/23 3/31/24 6/30/24 9/30/24 12/31/24 LAIF/CAMP 136,194, 650 131, 332,074 141,555,441 134, 311,573 163,434, 370 ABS 25,798,334 27,628,978 31,133,561 33,965,921 33,334,796 Agency 45,535,489 39,102,074 29,682,071 21,005,009 13,896,584 Cash 730,962 742,848 324,258 315,427 Agency CMBS 8,685,518 8,630,360 8,540,328 11,859,631 13,733,961 Money Market 1,159,231 813,046 356,932 2,161,116 743,108 Supranational 23,370,361 26,247,930 26,304,657 27,039,073 27,445,408 Corporate 72,851,163 75,214,801 75,954,352 78,453,439 75,925,813 US Treasury 110,817,325 110,896,377 118,846,162 127,188,477 133,961,210 Accrued Interest 2,037,268 1,713,120 2,031,616 1,812,539 2,150,722 TOTAL 426,449,339 422,309,722 435,147,967 438,121,036 464,941,399 YIELD TO MATURITY 4.71% 4.92% 4.98% 4.22% 4.53% Funds Managed by the City The City participates in two local agency investment pools managed by government finance professionals and treasurers: the Local Agency Investment Fund (LAIF) and CAMP. Table 3 shows the yields in the pools and the yields for the assets managed by Chandler over the most recent eight quarters. Page 3 of 4 3 Table 3: Quarterly Portfolio Yields, Recent Eight Quarters Market Yield LAIF CAMP Chandler 3/31/23 2.88% 4.92% 4.37% 6/30/23 3.26% 5.20% 4.98% 9/30/23 3.61% 5.52% 5.24% 12/31/23 3.95% 5.56% 4.46% 3/31/24 4.27% 5.48% 4.79% 6/30/24 4.56% 5.44% 4.84% 9/30/24 4.57% 5.08% 3.89% 12/31/24 4.43% 4.65% 4.49% STRATEGIC PLAN INITIATIVE: None. NOTICING REQUIREMENTS/PUBLIC OUTREACH: The City Council Agenda was posted. ATTACHMENTS: 1) City of Dublin Investment Report for Period Ending December 31, 2024 2) Transaction Ledger - October through December 2024 Page 4 of 4 4 Attachment I CAlkR CHANDLASSET MANAGEMEENT INVESTMENT REPORT City of Dublin I As of December 31, 2024 CHANDLER ASSET MANAGEMENT I 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. 5 TABLE OF CONTENTS City of Dublin I As of December 31, 2024 ECONOMIC UPDATE ACCOUNT PROFILE CONSOLIDATED INFORMATION PORTFOLIO HOLDINGS TRANSACTIONS CM CHANDLER ASSET MANAGEMENT 1 6 CAllkCHANDLER ASSET MANAGEMENT ECONOMIC UPDATE 2 7 ECONOMIC UPDATE CM CHANDLER ASSET MANAGEMENT • Recent economic data suggests continued growth fueled by a resilient consumer. 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) reduced the Fed Funds Rate by 25 basis points to the range of 4.25- 4.50% at the December meeting. Although the cut was widely anticipated, market participants viewed the trajectory of rates in the SEP as 'hawkish.' Chair Jerome Powell reiterated previous statements indicating the economy is in a good place and that monetary policy is well positioned. The Fed released the quarterly Summary of Economic Projections (SEP), which now forecasts a higher central tendency of core inflation and a higher longer run Fed Funds forecast. In the Chandler team's view, the updated SEP reflects the continued resiliency of the US economy and the corresponding risk of inflation taking longer to reach the FOMC's two percent objective in 2025. • US Treasury yields shifted higher in December and the curve steepened. The 2-year Treasury yield increased 9 basis points to 4.24%, the 5- year Treasury rose 33 basis points to 4.38%, and the 10-year Treasury yield surged 40 basis points to 4.57%. The spread between the 2-year and 10-year Treasury yield points on the curve increased to +33 basis points at December month -end versus +2 basis points at November month -end. The spread between the 2-year Treasury and 10-year Treasury yield one year ago was -37 basis points. The spread between the 3-month and 10-year Treasury yield points on the curve increased to +25 basis points in December from -32 basis points in November. 3 8 EMPLOYMENT 1,000 800 I. 0 0 c 600 TS c CO • 400 0 s 1- c 200 a ao c 0 s 0 2 o • -200 i 1 CM Nonfarm Payroll (000's) Unemployment Rate 25.0% 20.0% e 15.0% Non -farm Payroll (000's) 3-month average (000's) a cc cc 10.0% 5.0 % -400 0.0% hoc, ✓�,/), doe, ✓�'/is eft,, ✓4/). hoc, �<'7, O(3 �('/7, does 0(°c, ��'/i, hoc, �' 7, doe, �('/i, doe, ��'/7, 0(, �('/is doe, 19 0 �0 �,Z ;,l �� Z '� �� ''Q �Q 19 c)0 c)0 c)l �,l c) c)� `'� c).1 `)g c)Q I CHANDLER ASSET MANAGEMENT Underemployment Rate (U Unemployment Rate (U3) Source: US Department of Labor Source: US Department of Labor The U.S. economy added 256,000 jobs in December, far exceeding consensus expectations. Gains were led by health care, retail, and leisure sectors, while manufacturing shed jobs. The three-month moving average and six-month moving average payrolls totaled 170,000 and 165,000 respectively. The unemployment rate declined to 4.1% in December, and the labor participation rate was unchanged at 62.5%, 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 fell to 7.5%. Average hourly earnings moderated to an increase of 3.9% year -over -year in December. 4 9 JOB OPENINGS & LABOR TURNOVER SURVEY In Thousands (000's) 14,000 12,000 10,000 8,000 6,000 4,000 2,000 0 Job Openings C'MCHANDLER ASSET MANAGEMENT Recession Historical Average +01, +01, +o1, �o tio/, tio/, tio tio� +01, 4Ok +ok +ok +ok +ok +ok tioL tiok '�'ok +ok +ok �ok oQ 'Os 06 0� 0� Oy 10 11 s.1,3 10, 11, 1s 16 1> 19 19 'o \-)1 \-.),) �‘3, ‘-)Q Source: US Department of Labor The Labor Department's Job Openings and Labor Turnover Survey (JOLTS) rose to 8.098 million new job openings in November, which represented an increase from the upwardly revised 7.839 million job openings in October. Job openings indicate a ratio of 1.1 jobs for each unemployed individual, representing a relatively balanced labor market. 5 10 INFLATION 10.0% 9.0% 8.0% 7.0% L 6.0% m r 5.0% 0 a 4.0% 0 } 3.0% 2.0% 1.0% 0.0% - Consumer Price Index (CPI) CPI YOY % Change Core CPI YOY % Change es '79 O c I C.l C2 C2 CZ)) C,)) c.)Q C Source: US Department of Labor YOY (%) Change 10.0% 9.0% 8.0% 7.0% 6.0% 5.0% 4.0% 3.0% 2.0% 1.0% 0.0% CHANDLER ASSET MANAGEMENT Personal Consumption Expenditures (PCE) PCE Price Deflator YOY % Change PCE Core Deflator YOY % Change Fed Target oG192fd� +oG��2dy�1�o`12fdy��,Lo`��2�dy�.��Lo�.�'7J- oG�A Source: US Department of Commerce In December, the Consumer Price Index (CPI) rose 0.4% month -over -month and 2.9% year -over -year. The Core CPI, which excludes volatile food and energy components, rose 0.2% month -over -month and 3.2% year -over -year, slowing from last month and coming in lower than consensus expectations. The Personal Consumption Expenditures (PCE) Index rose 0.1% from the previous month and 2.4% year -over -year in November versus a 2.3% increase in October. The Core PCE deflator (the Fed's preferred gauge) increased 0.1% month -over -month, below recent small month -over -month rises and 2.8% over the past year. Core prices are exhibiting what Fed Chair Powell describes as "sideways" movement. Although inflation has moderated, price increases remain above the Fed's 2% target. 6 11 YOY (%) Change CONSUMER 60.0% 50.0% 40.0% 30.0% 20.0% 10.0% 0.0% - 10.0% - 20.0% - 30.0% Retail Sales YOY % Change 111 .■■111111 11111111��II�I._..■■1.■1 .■■■.■.■■u1 '79 O )O �l �1 � c,) c>0) c),), c'Q �Q ai J a) 160 140 120 100 80 60 40 20 0 CHANDLER ASSET MANAGEMENT Consumer Confidence • Recession 0 0c 4, Oc OP 0, 0 0, 0 0 0 cQ c% coc c� c1 ' ' c• cc cc ' S! 6 8 O St •8 O � S! 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) December Retail Sales advanced broadly, providing evidence of a solid pace of consumer spending in the holiday season. Retail Sales rose 0.4% in December, after an increase of 0.8% in November and below the consensus expectation of 0.6%. Spending was solid for motor vehicles and non -store retailers, as well as for most other categories associated with the winter holidays. On a year -over -year basis, Retail Sales grew 3.9% in December versus 4.1% in November. The Retail Sales Control Group, which are used to calculate gross domestic product, increased 0.7% in December, the most in three months, exceeding expectations of 0.4%. The Conference Board's Consumer Confidence Index declined to 104.7 in December from an upwardly revised 112.8 in November. Consumers' assessment about future business conditions and outcomes were substantially less optimistic and there was increased pessimism about future employment prospects. While the consumer has been resilient, low savings rates, growing credit card debt, higher delinquencies, and a moderating labor market pose potential risks to future spending. 7 12 LEADING INDICATORS OF ECONOMIC ACTIVITY 15.0% 10.0% 5.0% a, ° 0.0% s v -5.0% 0 p -10.0% >- -15.0% - 20.0% - 25.0% Leading Economic Indicators (LEI) CM 4/o tio1 tio1 �o tio �o� 4'o/ tio. tio �O O. �o. 8V' c96) 9) 96 oo VT Od, 1c) 16 ')O `)Q Source: The Conference Board 1.00 0.75 0.50 a, O 0.25 a, a s c 0 i M - 0.50 0.00 -0.25 - 0.75 - 1.00 CHANDLER ASSET MANAGEMENT Chicago Fed National Activity Index (CFNAI) N • Recession do do do do do do 4o 4o do do 4/ 15).7 `c9 G,9 G,9 GO `O GO G1 G1 L� � cQ � 6 O S! 8 � 6 O Q Source: Federal Reserve Bank of Chicago The Conference Board's Leading Economic Index (LEI) increased 0.3% in November reversing its -0.4% decline in October due to a rebound in building permits, continued support from equities, improvement in average hours worked in manufacturing, and fewer initial unemployment claims. The LEI decreased year -over -year by -3.5%. According to the Conference Board, the rise in LEI is a positive sign for future activity in the US and is consistent with an expectation for moderate growth at the end of 2024 and into early 2025. The Chicago Fed National Activity Index (CFNAI) improved to -0.12 in November from -0.50 in October. The three-month moving average fell to -0.31 in November from -0.27 in October, indicating below -trend growth expectations for the economy. 8 13 In Thousands of Units HOUSING 2,400 2,200 2,000 1,800 1,600 1,400 1,200 1,000 800 600 400 200 0 Annualized Housing Starts • Multi Family Housing Starts • Single Family Housing Starts 06, OP 0 Oo 00 00 O6, Oo 0 0 Oo c, c, c, c, c, c, c, c, c, c, c, Ost O6 Od, 10 1� 1Q 16' '49 '30 c� c)Q Source: US Department of Commerce 24.0% 20.0% 16.0% 12.0% 0 8.0cY 2 4.0% u • 0.0% o -4.0% ' -8.0% - 12.0% - 16.0% -20.0% C'MCHANDLER ASSET MANAGEMENT S&P/Case-Shiller 20 City Composite Home Price Index Oc? Oct 0 0 ctc? OQ 06 09 10 Source: S&P Occ Oct Occ Oct Oct 1� 1Q 16, 1� c)0 Housing starts surged by 15.8% in December to 1.5 million units after declining in the prior three months. Total starts are down 4.4% compared to December 2023. The supply of existing homes is gradually becoming more abundant after the period of scarcity as homeowners held onto their low mortgage rates. The Freddie Mac 30-year fixed rate mortgage averaged approximately 6.7% in December. According to the Case-Shiller 20-City Home Price Index, housing prices rose 4.2% year -over -year in October, decelerating from 4.6% reported in the previous month. With more inventory entering the market the trend is gradually improving; however higher mortgage rates continue to impact affordability. 9 14 SURVEY BASED MEASURES 70 65 60 55 Institute of Supply Management (ISM) Surveys C'MCHANDLER ASSET MANAGEMENT ISM Manufacturing ISM Services oc'IS d~DO ��O p0 c�0 dsc)z -1 ��1 c-1 dr�� /4 � p� c�� dscps ��) A�..9 cam& �r�g ��1. p�A C Source: Institute for Supply Management The Institute for Supply Management (ISM) Manufacturing index rose more than forecast to 49.3 in December from 48.4 in November. While the index has posted contractionary readings for the past nine months, New Orders and Prices indices continued in expansion territory and the Production Index returned to expansion this month. The Backlog of Orders Index and Employment Index remained in contraction. The ISM Services Index rose to 54.1 in December from 52.1 in November while marking the sixth straight month of expansion. Robust business activity ahead of the new year and mitigating risks of potential tariffs were the key drivers. A reading over 50 indicates expansion, while a reading under 50 indicates contraction. 10 15 GROSS DOMESTIC PRODUCT (GDP) Components of GDP 6/24 9/24 Personal Consumption Expenditures 2.3% 1.3% 1.9% 2.5% Gross Private Domestic Investment 0.2% 0.6% 1.5% 0.2% Net Exports and Imports 0.1% -0.6% -0.9% -0.4% Federal Government Expenditures 0.0% 0.0% 0.3% 0.6% State and Local (Consumption and Gross Investment) 0.6% 0.3% 0.3% 0.3% Total 3.2% 1.6% 3.0% 3.1% Source: US Department of Commerce 40.0% 30.0% 20.0% 10.0% 0.0% - 10.0% - 20.0% - 30.0% - 40.0% C'MCHANDLER ASSET MANAGEMENT Gross Domestic Product (GDP) GDP QOQ % Change GDP YOY % Change soa. mar so,o` idr sow` mar sop` 41o, sop` /ar sop` 19 c)0 )0c)1 c'1 c2 �) c)) s)0 )Q c)Q Source: US Department of Commerce According to the third estimate, third quarter GDP increased at an annualized rate of 3.1% compared to 2.8% from the second estimate. Growth continues to be powered by personal consumption expenditures. Government consumption expenditures and nonresidential fixed investment also had positive contributions, with negative offsets by net exports, residential investment, and change in private inventories. The consensus projection calls for 2.4% growth in the fourth quarter and 2.7% growth for the full year 2024. 11 16 FEDERAL RESERVE 10, 000,000 9,000,000 8,000,000 7,000,000 c 6,000,000 5,000,000 4,000,000 3,000,000 2,000,000 1,000,000 0 Federal Reserve Balance Sheet Assets -I ■ Recession 0 0 0 0 0 0 0 ccc0 0 0 0 ccccoccc0T.60cQ1O1 1S1'1 �O . t Source: Federal Reserve 6.00% 5.00% 4.00% iv 3.00% 2.00% 1.00% 0.00% Oc Oc Oc O, OP O, O„, On O, O„ O� c 0 c c 0 c1 c1 c1 c1 c1 c,� c,� c,� j 6 cQ O 2 Q 6 9 O ' 4 C'MCHANDLER ASSET MANAGEMENT Effective Federal Funds Rate 1 • Recession Source: Bloomberg As broadly anticipated, the Federal Open Market Committee (FOMC) reduced the Fed Funds Rate by 25 basis points to the range of 4.25- 4.50% at the December meeting. There was one dissenting vote by Cleveland Fed President Beth Hammack who would have preferred no change in rates. Although a reduction in rates was widely anticipated, market participants viewed the trajectory of rates in the SEP as 'hawkish.' Chair Jerome Powell reiterated previous statements that monetary policy is "well positioned" and the outlook remains roughly balanced between the dual mandate of maximum employment and price stability. Economic activity is expanding at a solid pace, labor market conditions have "generally eased", and the unemployment rate "remains low." The Fed released the quarterly Summary of Economic Projections (SEP) which now forecasts a higher, longer run median Fed Funds rate expectation among Fed Governors at 2.8 — 3.6%. 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 $1.9T to approximately $7.0T. 12 17 BOND YIELDS 6.0% 5.0% 4.0% 3.0% 2.0% 1.0 % 0.0% 1,9 cDO ,0 c)1 c)1 ?c) c,) sco) ,3) �Q s\-)Q US Treasury Note Yields • 2-Year 5-Year 10-Year Source: Bloomberg At the end of December, the 2-year Treasury yield was 1 basis point year -over -year. The spread between the 2-year and 10-year Treasury y month -end versus +2 basis points at November month -end. The yield average historical spread (since 2004) is about +99 basis points. The points in December from-32 basis points in November. 6.0% 5.0% 4.0% 2.0% 1.0% 0.0% CM US Treasury Yield Curve CHANDLER ASSET MANAGEMENT .1 410 4lo Syr Source: Bloomberg Syr ,yr 10yr Dec-24 Sep-24 Dec-23 lower, and the 10-Year Treasury yield was 69 basis points higher, ield points on the curve increased to +33 basis points at December curve inversion which began in July 2022 was historically long. The 3-month and 10-year Treasury yield curve normalized to +25 basis 13 18 CAllkCHANDLER ASSET MANAGEMENT ACCOUNT PROFILE 14 19 OBJECTIVES City of Dublin I Account #10198 I As of December 31, 2024 CMCHANDLER ASSET MANAGEMENT Investment Objectives The investment objectives of the City of Dublin are first, to provide safety of principal; second, to provide adequate liquidity to meet all requirements which might be reasonably anticipated; third, to attain a market average rate of return on its investments throughout economic cycles; and fourth, to be diversified to avoid incurring unreasonable and avoidable risks regarding specific security types or individual financial institutions. Chandler Asset Management Performance Objective The performance objective of the City of Dublin is to earn a return that equals or exceeds the return on of the ICE BofA 1-5 Year Treasury and Agency Index. Strategy In order to achieve this objective, the portfolio invests in high quality fixed income instruments consistent with the City's investment policy and California Government Code. 15 20 STATEMENT OF COMPLIANCE City of Dublin 1 Account #10198 1 As of December 31, 2024 CM CHANDLER ASSET MANAGEMENT Rules Name Limit Actual Compliance Status Notes AGENCY MORTGAGE SECURITIES (CMOS) Max % (MV) Max % Issuer (MV) Max Maturity (Years) 20.0 20.0 4.6 Compliant 4.6 Compliant 5.0 4.7 Compliant ASSET -BACKED SECURITIES (ABS) Max % (MV; Non Agency ABS & MBS) 20.0 11.1 Compliant Max % Issuer (MV) 5.0 1.0 Compliant Max Maturity (Years) 5 4 Compliant Min Rating (AA- by 1) 0.0 0.0 Compliant BANKERS' ACCEPTANCES Max % (MV) Max % Issuer (MV) 40.0 0.0 Compliant 5.0 0.0 Compliant Max Maturity (Days) 180 0.0 Compliant Min Rating (A-1 by 1) 0.0 0.0 Compliant COMMERCIAL PAPER Max % (MV) Max % Issuer (MV) 25.0 0.0 Compliant 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) Max % Issuer (MV) 30.0 25.4 Compliant 5.0 1.5 Compliant Max Maturity (Years) 5 4 Compliant Min Rating (A- by 1) 0.0 0.0 Compliant FEDERAL AGENCIES Max % (MV) Max % Issuer (MV) 100.0 4.6 Compliant 35.0 2.8 Compliant Max Callables (MV) 25.0 0.0 Compliant Max Maturity (Years) 5 3 Compliant 16 21 STATEMENT OF COMPLIANCE City of Dublin 1 Account #10198 1 As of December 31, 2024 CM CHANDLER ASSET MANAGEMENT Rules Name Limit Actual Compliance Status Notes LOCAL AGENCY INVESTMENT FUND (LAIF) Max Concentration (MV) MONEY MARKET MUTUAL FUNDS Max % (MV; Money Market Fund & Mutual Fund) 20.0 Max % Issuer (MV) Min Rating (AAA by 2) 0.0 MORTGAGE -BACKED SECURITIES (NON -AGENCY) Max % (MV) 75.0 0.0 0.2 20.0 20.0 Compliant Compliant 0.2 Compliant 0.0 Compliant 0.0 Compliant Max % Issuer (MV) 5.0 0.0 Compliant Max Maturity (Years) 5.0 0.0 Compliant Min Rating (AA- by 1) MUNICIPAL SECURITIES (ALL STATES) Max % Issuer (MV) Max Maturity (Years) 0.0 0.0 Compliant 5.0 0.0 Compliant 5.0 0.0 Compliant Min Rating (A- by 1) 0.0 0.0 Compliant MUTUAL FUNDS Max % (MV; Money Market Fund & Mutual Fund) 20.0 0.2 Compliant Max % Issuer (MV) 10.0 0.0 Compliant Min Rating (AAA by 2) NEGOTIABLE CERTIFICATES OF DEPOSIT (NCD) Max % (MV) Max % Issuer (MV) 0.0 0.0 Compliant 30.0 0.0 Compliant 5.0 0.0 Compliant Max Maturity (Years) 5 0.0 Compliant Min Rating (A-1 by 1 or A- by 1 if > FDIC Limit) SUPRANATIONAL OBLIGATIONS Max % (MV) Max % Issuer (MV) 0.0 0.0 Compliant 30.0 9.2 Compliant 10.0 4.5 Compliant Max Maturity (Years) 5 4 Compliant Min Rating (AA- by 1) 0.0 0.0 Compliant 17 22 STATEMENT OF COMPLIANCE City of Dublin I Account #10198 I As of December 31, 2024 CM CHANDLER ASSET MANAGEMENT Rules Name Limit Actual Compliance Status Notes TIME DEPOSITS Max % (MV) 10.0 0.0 Compliant Max % Issuer (MV) Max Maturity (Years) 5.0 0.0 Compliant 1.0 0.0 Compliant U.S. TREASURIES Max % (MV) 100.0 44.8 Compliant Max Maturity (Years) 5 4 Compliant 18 23 PORTFOLIO CHARACTERISTICS City of Dublin I Account #10198 I As of December 31, 2024 Benchmark* 12/31/2024 9/30/2024 Portfolio Portfolio Average Maturity (yrs) Average Modified Duration Average Purchase Yield 2.66 3.09 3.07 2.48 2.60 2.61 3.75% 3.56% Average Market Yield Average Quality** 4.29% 4.49% 3.89% AA+ AA AA Total Market Value 301,193,731 303,495,281 *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. CM CHANDLER ASSET MANAGEMENT 19 24 SECTOR DISTRIBUTION City of Dublin I Account #10198 I As of December 31, 2024 50% 25% 0% US Treasury 1 CM CHANDLER ASSET MANAGEMENT Corporate ABS Supras Agency Agency CMBS Money Mkt Fd 12/31/2024 El 09/30/2024 Sector as a Percentage of Market Value Sector 12/31/2024 09/30/2024 US Treasury 44.80% 42.16% Corporate 25.39% 26.01 ABS 11.15% 11.26% Supras 9.18% 8.96% Agency 4.65% 6.96% Agency CMBS 4.59% 3.93% Money Mkt Fd 0.25% 0.72 20 25 ISSUERS City of Dublin I Account #10198 I As of December 31, 2024 CM CHANDLER ASSET MANAGEMENT Issuer Investment Type % Portfolio Government of The United States US Treasury 44.80% FHLMC Agency CMBS 4.59% International Bank for Recon and Dev Supras 4.55% Inter -American Development Bank Supras 4.09% Federal Home Loan Banks Agency 2.85% Chase Issuance Trust ABS 1.68% UnitedHealth Group Incorporated Corporate 1.48% Bank of Montreal Corporate 1.46% Bank of America Corporation Corporate 1.40% Deere & Company Corporate 1.33% The Toronto -Dominion Bank Corporate 1.33% Toyota Motor Corporation Corporate 1.29% John Deere Owner Trust ABS 1.26% Royal Bank of Canada Corporate 1.17% Merck & Co., Inc. Corporate 1.15% JPMorgan Chase & Co. Corporate 1.14% Caterpillar Inc. Corporate 1.12% FNMA Agency 0.93 Amazon.com, Inc. Corporate 0.91% Tennessee Valley Authority Agency 0.87% Northwestern Mutual Global Funding Corporate 0.83% Honeywell International Inc. Corporate 0.83% Guardian Life Global Funding Corporate 0.79% Honda Motor Co., Ltd. Corporate 0.79% Morgan Stanley Corporate 0.75% Realty Income Corporation Corporate 0.74% Berkshire Hathaway Inc. Corporate 0.74% American Express Credit Master Trust ABS 0.73 BMW Vehicle Owner Trust ABS 0.72% GM Financial Automobile Leasing Trus ABS 0.69% 21 26 ISSUERS City of Dublin I Account #10198 I As of December 31, 2024 CM CHANDLER ASSET MANAGEMENT Issuer Investment Type % Portfolio Walmart Inc. Corporate 0.68% MERCEDES-BENZ AUTO RECEIVABLES TRUST ABS 0.65% Toyota Lease Owner Trust 2024-B ABS 0.64% The Home Depot, Inc. Corporate 0.63% The Charles Schwab Corporation Corporate 0.62% Honda Auto Receivables 2024-3 Owner ABS 0.62% Metropolitan Life Global Funding I Corporate 0.59% GM Financial Securitized Term ABS 0.56% WF Card Issuance Trust 2024-2 ABS 0.55% International Finance Corporation Supras 0.54% Hyundai Auto Receivables Trust ABS 0.53% Cisco Systems, Inc. Corporate 0.53% Honda Auto Receivables Owner Trust ABS 0.52% Wells Fargo & Company Corporate 0.51% AbbVie Inc. Corporate 0.50% Bank of America Credit Card Trust ABS 0.50% BNY Mellon Corp Corporate 0.49% Target Corporation Corporate 0.43% U.S. Bancorp Corporate 0.41% Met Tower Global Funding Corporate 0.41% Toyota Lease Owner Trust ABS 0.34% Toyota Auto Receivables Owner Trust ABS 0.33% Dominion Energy, Inc. Corporate 0.33% Hyundai Auto Receivables Trust 2024- ABS 0.28% Hyundai Auto Lease Securitization Tr ABS 0.26% Mercedes-Benz Auto Lease Trust ABS 0.26% First American Govt Oblig fund Money Mkt Fd 0.25% BMW Vehicle Lease Trust ABS 0.03% Cash Cash 0.00% TOTAL 100.00% 22 27 QUALITY DISTRIBUTION City of Dublin I Account #10198 I As of December 31, 2024 S&P Rating 80% 60% 40% 20% 0% AAA AA BBB NR 12/31/2024 09/30/2024 Rating 12/31/2024 09/30/2024 AAA 19.0% 19.2% AA 58.0% 57.1% A 19.2% _ CM CHANDLER ASSET MANAGEMENT Moody's Rating Fitch Rating 75% 50% 25% 0% AAA AA 12/31/2024 09/30/2024 Rating 12/31/2024 09/30/2024 AAA 70.0% 69.3% AA 3.7% 3.2% 20.2% A BBB 0.8% 21.0% 75% 50% 25% 0% I I AAA AA IAI 12/31/2024 09/30/2024 I I Rating 12/31/2024 09/30/2024 AAA 12.8% 12.9% AA 60.2% 60.0% 22.0% A 0.3% NR NR 2.9% 3.2% 5.4% 11.3% 10.8% 5.5% NR 15.7% 16.3% 23 28 DURATION DISTRIBUTION City of Dublin I Account #10198 I As of December 31, 2024 CM CHANDLER ASSET MANAGEMENT Portfolio Compared to the Benchmark 40% 30% 20% 10% 0% 0-.25 .25-.5 ■ .5-1 1-2 2-3 3-4 1 1 4-5 5-7 i City of Dublin ICE BofA 1-5 Year Unsubordinated US Treasury & Agency Index 7+ 0-.25 .25-.5 .5-1 1-2 2-3 3-4 4-5 5-7 7+ Portfolio 1.2% 3.3% 7.0% ICE BofA 1-5 Year Unsubordinated US Treasury & Agency Index 0.0% 0.0% 2.4% 19.8% 36.3% 27.0% 33.0% 8.7% 0.0% 0.0% 26.3% 24.0% 11.0% 0.0% 0.0% 24 29 INVESTMENT PERFORMANCE City of Dublin I Account #10198 I As of December 31, 2024 CM CHANDLER ASSET MANAGEMENT Total Rate of Return : Inception 111/01/2013 6% 4% 2% 0% -2% 3 Months 12 Months 2 Years 3 Years • Total Return Benchmark 5 Years 10 Years Since Inception* 3 Months 12 Months 2 Years 3 Years 5 Years 10 Years Since Inception TOTAL RATE OF RETURN City of Dublin (0.76%) 3.86% 4.32% 1.22% 1.39% 1.63% 1.53% Benchmark (0. 76%) 3.42% 3.86% 0.74% 1.05% 1.37% 1.27% *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. 25 30 PORTFOLIO CHARACTERISTICS City of Dublin Reporting Account I Account #10219 I As of December 31, 2024 12/31/2024 9/30/2024 Portfolio Portfolio Average Maturity (yrs) Average Modified Duration Average Purchase Yield 0.00 0.00 0.00 0.00 4.60% 4.96% Average Market Yield Average Quality** 4.60% 4.96% AAA AAA Total Market Value 163,747,668 134,625,755 *Benchmark: NO BENCHMARK REQUIRED **The credit quality is a weighted average calculation of the highest of S&P, Moody's and Fitch. CM CHANDLER ASSET MANAGEMENT 26 31 SECTOR DISTRIBUTION City of Dublin Reporting Account I Account #10219 I As of December 31, 2024 100% 50% 0% LGIP LAIF 12/31/2024 09/30/2024 CM CHANDLER ASSET MANAGEMENT Cash Sector as a Percentage of Market Value Sector 12/31/2024 09/30/2024 LGIP 82.88% 79.42% LAIF 16.93% 20.35% Cash 0.19% 0.23% 27 32 ISSUERS City of Dublin Reporting Account I Account #10219 I As of December 31, 2024 CM CHANDLER ASSET MANAGEMENT Issuer Investment Type % Portfolio California Asset Mgmt Program LGIP 82.88% LAIF LAIF 16.93% Cash Cash 0.19% TOTAL 100.00% 28 33 CAllkCHANDLER ASSET MANAGEMENT CONSOLIDATED INFORMATION 29 34 PORTFOLIO CHARACTERISTICS City of Dublin Cons I Account #10221 I As of December 31, 2024 12/31/2024 9/30/2024 Portfolio Portfolio Average Maturity (yrs) Average Modified Duration Average Purchase Yield 2.00 2.13 1.68 2.61 4.05% 4.00% Average Market Yield Average Quality** 4.53% 4.22% AA+ AA+ Total Market Value 464,941,399 438,121,036 *Benchmark: NO BENCHMARK REQUIRED **The credit quality is a weighted average calculation of the highest of S&P, Moody's and Fitch. CM CHANDLER ASSET MANAGEMENT 30 35 SECTOR DISTRIBUTION City of Dublin Cons I Account #10221 I As of December 31, 2024 40% 20% 0% I 1 iii LGIP US Treasury CM CHANDLER ASSET MANAGEMENT Corporate ABS LAIF Supras Agency Agency CMBS Money Mkt Fd Cash 12/31/2024 09/30/2024 Sector as a Percentage of Market Value Sector 12/31/2024 09/30/2024 LGIP 29.33% 24.51% US Treasury 28.95% 29.15% Corporate 16.41% 17.98% ABS 7.20% 7.78% LAIF 5.99% 6.28% Supras 5.93% 6.20% Agency 3.00% 4.81% Agency CMBS 2.97% 2.72% Money Mkt Fd 0.16% 0.50% Cash 0.07 % 0.07 % 31 36 CAllkCHANDLER ASSET MANAGEMENT PORTFOLIO HOLDINGS 32 37 HOLDINGS REPORT City of Dublin 1 Account #10198 1 As of December 31, 2024 CM CHANDLER ASSET MANAGEMENT Cusip Security Description Purchase Mkt Par Value/ Date Cost Value Price Market Value % of Port. Units Purchase Book Value Mkt Accrued Int. Gain/Loss Yield YTM Moody's/ S&P/ Fitch Maturity Duration ABS 05593AAC3 43815GAC3 BMWLT 2023-1 A3 5.16 11/25/2025 75,778.26 02/07/2023 5.43% 75,776.45 100.07 75,777.67 4.67% 75,831.42 65.17 0.03% Aaa/AAA 0.90 53.75 NA 0.13 HAROT 2021-4 A3 0.88 01/21/2026 120,007.50 11/16/2021 119,982.20 0.89% 120,001.81 99.22 119,074.06 0.04% Aaa/NA 1.06 4.64% 29.34 (927.75) AAA 0.21 47789CZAC4 JDOT 2021-B A3 0.52 03/16/2026 122,296.19 07/13/2021 122,285.28 0.52% 122,293.75 99.50 121,687.03 0.04% Aaa/NA 1.21 4.47% 28.26 (606.72) AAA 0.13 43815BAC4 44935FAD6 HAROT 2022-1 A3 1.88 05/15/2026 414,772.15 02/15/2022 414,709.76 1.89% 414,753.75 99.14 411,210.83 0.14% Aaa/AAA 1.37 4.60% 346.57 (3,542.92) NA 0.31 HART 2021-C A3 0.74 05/15/2026 56,949.22 11/09/2021 56,936.51 99.60 56,720.73 0.02% NA/AAA 1.37 0.75% 56,945.95 4.64% 18.73 (225.22) AM 0.10 05602RAD3 BMWOT 2022-A A3 3.21 08/25/2026 278,590.72 05/10/2022 278,576.24 3.23% 278,585.56 99.55 277,323.55 0.09% Aaa/AAA 1.65 4.54% 149.05 (1,262.01) NA 0.35 47787JAC2 JDOT 2022 A3 0.36 09/15/2026 294,226.05 03/10/2022 294,160.96 2.34% 294,203.14 99.17 291,775.62 0.10% Aaa/NA 1.71 4.82% 303.38 (2,427.52) AAA 0.33 362554AC1 GMCAR 2021-4 A3 0.68 122,756.76 09/16/2026 10/13/2021 122,753.63 0.68% 122,755.84 99.07 121,614.19 0.04% Aaa/AAA 1.71 4.44% 34.78 (1,141.65) NA 0.25 448977AD0 HART 2022-A A3 2.22 10/15/2026 353,215.38 03/09/2022 353,201.79 2.23% 353,210.61 99.25 350,571.25 0.12% NA/AAA 1.79 4.77% 348.51 (2,639.36) AAA 0.29 380146AC4 GMCAR 2022-1 A3 1.26 134,580.23 11/16/2026 01/11/2022 134,568.54 99.09 1.27% 134,576.25 4.61% 133,361.92 70.65 362585AC5 GMCAR 2022-2 A3 3.1 359,223.07 02/16/2027 04/05/2022 359,147.99 3.13% 359,192.86 0.04% NA/AAA 1.88 (1,214.34) AM 0.27 99.35 356,888.84 0.12% Aaa/AAA 2.13 4.63% 464.00 (2,304.03) NA 0.43 47800AAC4 JDOT 2022-B A3 3.74 02/16/2027 637,926.86 07/12/2022 637,865.93 3.77% 637,899.64 99.56 635,149.71 0.21% Aaa/NA 2.13 4.56% 1,060.38 (2,749.93) AM 0.55 448988AD7 36269FAD8 HALST 24A A3 5.02 03/15/2027 785,000.00 GMALT 2024-1 A3 5.09 03/22/2027 995,000.00 01/17/2024 784,851.24 100.52 5.03% 784,895.76 4.58% 789,071.64 1,751.42 0.26% NA/AAA 2.20 4,175.87 AM 1.04 02/08/2024 994,875.63 100.61 1,001,058.95 5.09% 994,910.93 4.58% 1,547.50 0.33% NA/AAA 2.22 6,148.02 AAA 1.08 89238GAD3 TLOT 2024-A A3 5.25 04/20/2027 1,000,000.00 02/21/2024 999,957.80 100.79 1,007,947.00 5.25% 999,969.16 4.54% 1,604.17 0.34% NA/AAA 2.30 7,977.84 AAA 1.04 02582JJT8 AMXCA 2022-2 A 3.39 05/17/2027 2,205,000.00 05/17/2022 2,204,512.25 3.42% 2,204,914.70 99.56 2,195,203.19 0.73% NA/AAA 0.37 4.65% 3,322.20 (9,711.52) AAA 0.36 33 38 HOLDINGS REPORT City of Dublin 1 Account #10198 1 As of December 31, 2024 CM CHANDLER ASSET MANAGEMENT Cusip Security Description Purchase Mkt Par Value/ Date Cost Value Price Market Value % of Port. Units Purchase Book Value Mkt Accrued Int. Gain/Loss Yield YTM Moody's/ S&P/ Fitch Maturity Duration 47800BAC2 36269WAD1 JDOT 2022-C A3 5.09 06/15/2027 GMALT 2024-2 A3 5.39 07/20/2027 1,028,989.39 10/12/2022 5.15% 1,028,909.54 1,028,948.11 100.29 4.69% 1,031,993.73 2,327.80 Aaa/NA 3,045.62 AAA 0.35% 2.45 0.64 1,055,000.00 05/07/2024 5.85% 1,054,938.71 1,054,950.86 101.10 1,066,605.42 0.36% NA/AAA 2.55 4.63% 1,737.53 11,654.56 AAA 1.33 58768PAC8 M BART 2022-1 A3 5.21 08/16/2027 1,945,256.33 11/15/2022 5.28% 1,944,871.56 1,945,046.52 100.45 1,953,945.79 0.65% Aaa/AAA 2.62 4.59% 4,504.35 8,899.26 NA 0.65 891943AD4 TLOT 2024-B A3 4.2109/20/2027 1,925,000.00 09/10/2024 1,924,774.78 4.25% 1,924,796.52 99.43 1,913,935.68 0.64% Aaa/NA 2.72 4.59% 2,476.30 (10,860.85) AAA 1.70 58770JAD6 MBALT 2024-A A3 5.32 01/18/2028 765,000.00 05/17/2024 5.73% 764,910.50 764,925.45 101.19 4.64% 774,092.10 1,808.80 0.26% Aaa/NA 3.05 9,166.65 AAA 1.60 362583AD8 GMCAR 2023-2 A3 4.47 02/16/2028 625,000.00 04/04/2023 4.51% 624,982.81 624,988.92 100.00 4.51% 624,981.31 1,164.06 0.21% Aaa/AAA 3.13 (7.61) NA 0.81 05592XAD2 BMWOT 2023-A A3 5.47 550,000.00 02/25/2028 07/11/2023 5.47% 549,902.54 549,933.41 100.87 4.55% 554,764.10 501.42 0.19% NA/AAA 3.15 4,830.69 AAA 0.88 89239FAD4 TAOT 2023-D A3 5.54 08/15/2028 980,000.00 11/07/2023 979,894.36 101.47 994,399.14 0.33% NA/AAA 3.62 6.30% 979,919.55 4.57% 2,412.98 14,479.59 AAA 1.41 161571HT4 CHAIT 2023-1 A 5.16 09/15/2028 3,090,000.00 09/07/2023 3,089,143.45 101.06 3,122,750.91 1.04% NR/AAA 3.71 5.17% 3,089,365.67 4.56% 7,086.40 33,385.24 AAA 1.59 47800RAD5 JDOT 2024 A3 4.9611/15/2028 550,000.00 437930AC4 HONDO-242-A3 5.27 11/20/2028 1,000,000.00 03/11/2024 549,969.20 100.77 554,233.68 0.19% Aaa/NA 3.88 5.12% 549,974.41 4.57% 1,212.44 4,259.27 AAA 1.73 05/14/2024 999,878.50 101.21 1,012,136.90 0.34% NA/AAA 3.89 5.27% 999,895.13 4.60% 1,903.06 12,241.77 AAA 1.65 36268GAD7 GMCAR 2024-1 A3 4.85 445,000.00 12/18/2028 01/09/2024 444,910.51 100.51 447,290.33 0.15% Aaa/NA 3.97 4.91% 444,927.94 4.54% 899.27 2,362.39 AAA 1.43 161571HV9 CHAIT 241 A 4.6 01/16/2029 1,910,000.00 01/24/2024 1,909,709.11 100.26 1,914,947.28 0.64% NR/AAA 4.04 4.61% 1,909,763.05 4.51% 3,904.89 5,184.23 AAA 1.90 448973AD9 HART 2024-A A3 4.99 02/15/2029 1,170,000.00 03/11/2024 1,169,742.02 100.74 1,178,685.03 0.39% NA/AAA 4.13 5.05% 1,169,783.31 4.61% 2,594.80 8,901.71 AAA 1.72 096919AD7 BMWOT 2024-A A3 5.18 1,305,000.00 02/26/2029 06/04/2024 1,304,801.77 101.18 1,320,396.91 0.44% Aaa/AAA 4.16 5.24% 1,304,825.27 4.48% 1,126.65 15,571.64 NA 1.55 47786WAD2 44934QAD3 JDOT 2024-B A3 5.2 03/15/2029 1,110,000.00 HART 2024-B A3 4.84 03/15/2029 825,000.00 06/11/2024 1,109,783.00 101.25 1,123,881.66 0.38% Aaa/NA 4.20 5.26% 1,109,807.70 4.63% 2,565.33 14,073.96 AAA 1.98 07/16/2024 824,875.51 100.51 829,247.60 0.28% NA/AAA 4.20 4.90% 824,887.34 4.64% 1,774.67 4,360.26 AAA 2.04 34 39 HOLDINGS REPORT City of Dublin I Account #10198 I As of December 31, 2024 CM CHANDLER ASSET MANAGEMENT Cusip Security Description Purchase Mkt Par Value/ Date Cost Value Price Market Value % of Port. Units Purchase Book Value Mkt Accrued Int. Gain/Loss Yield YTM Moody's/ S&P/ Fitch Maturity Duration 43813YAC6 05522RDJ4 HAROT 2024-3 A3 4.57 03/21/2029 1,845,000.00 BACCT 2024-1 A 4.93 05/15/2029 1,480,000.00 08/09/2024 4.62% 1,844,710.15 1,844,733.19 99.94 4.65% 1,843,872.71 2,342.13 0.62% Aaa/NA (860.49) AAA 4.22 1.85 06/06/2024 1,479,916.97 100.97 1,494,303.61 4.93% 1,479,926.58 4.54% 3,242.84 0.50% Aaa/AAA 4.37 14,377.03 NA 2.19 92970QAE5 WFCIT 2024-2 A 4.29 10/15/2029 1,645,000.00 10/17/2024 1, 644, 755.55 4.33% 1,644,764.83 99.32 1,633,842.29 0.55% Aaa/AAA 4.79 4.59% 3,136.47 (10,922.54) NA 2.57 Total ABS 33,204,568.10 33,199,542.74 4.71% 33,201,051.15 100.40 33,334,796.08 11.15% Aaa/AAA 3.16 4.59% 59,866.27 133,744.92 AAA 1.37 AGENCY 3135G06G3 FEDERAL NATIONAL MORTGAGE ASSOCIATION 0.5 11/07/2025 2,860,000.00 11/09/2020 2,849,761.20 0.57% 2,858,256.99 96.88 2,770,670.22 0.93% Aaa/AA+ 0.85 4.29% 2,145.00 (87,586.77) AA+ 0.83 3130ATUC9 FEDERAL HOME LOAN BANKS4.5 4,000,000.00 12/12/2025 3130ATS57 FEDERAL HOME LOAN BANKS 4.5 3,000,000.00 03/10/2028 880591EZ1 TENNESSEE VALLEY AUTHORITY 2,645,000.00 3.875 03/15/2028 02/09/2023 4,029,238.40 100.22 4,008,723.52 1.34% Aaa/AA+ 0.95 4.22% 4,009,736.73 4.26% 9,500.00 (1,013.21) AA+ 0.91 03/21/2023 3,065,010.00 100.38 3,011,356.95 1.01% Aaa/AA+ 3.19 4.01% 3,041,692.36 4.37% 41,625.00 (30,335.41) AA+ 2.90 -- 2,661,791.35 3.73% 2,656,005.27 98.65 2,609,260.89 0.87% Aaa/AA+ 3.21 4.33% 30,178.72 (46,744.38) AA+ 2.94 3130AWMN7 FEDERAL HOME LOAN BANKS 1,500,000.00 4.375 06/09/2028 07/26/2023 1,506,615.00 4.27% 1,504,666.57 99.77 1,496,572.50 0.50% Aaa/AA+ 3.44 4.45% 4,010.42 (8,094.07) AA+ 3.15 14,112,415.95 Total Agency 14,005,000.00 3.36% 14,070,357.92 99.24 13,896,584.08 4.65% Aaa/AA+ 2.11 4.32% 87,459.13 (173,773.84) AA+ 1.95 AGENCY CMBS 3137BSRE5 FHMS K-059 A2 3.12 09/25/2026 2,000,000.00 02/18/2022 2,085,625.00 2.08% 2,031,551.51 97.68 1,953,631.40 0.65% Aaa/AAA 1.73 4.50% 5,200.00 (77,920.11) AAA 1.56 3137F4D41 FHMS K-074 A2 3.6 01/25/2028 1,000,000.00 07/25/2023 954,414.06 4.73% 969,149.19 97.08 970,816.60 0.32% Aaa/AA+ 3.07 4.61% 3,000.00 1,667.41 AAA 2.78 3137FG6X8 FHMS K-077 A2 3.85 05/25/2028 2,815,000.00 05/24/2023 2,763,318.36 4.24% 2,780,047.34 97.28 2,738,468.60 0.92% Aaa/AA+ 3.40 4.70% 9,031.46 (41,578.75) AAA 3.04 3137FK4M5 FHMS K-085 A2 4.06 10/25/2028 1,100,000.00 10/30/2023 1,038,253.91 5.37% 1,052,907.86 97.69 1,074,621.79 0.36% Aaa/AA+ 3.82 4.70% 3,721.67 21,713.93 AA+ 3.43 35 40 HOLDINGS REPORT City of Dublin I Account #10198 I As of December 31, 2024 CM CHANDLER ASSET MANAGEMENT Cusip Security Description Purchase Mkt Par Value/ Date Cost Value Price Market Value % of Port. Units Purchase Book Value Mkt Accrued Int. Gain/Loss Yield YTM Moody's/ S&P/ Fitch Maturity Duration 3137FKUP9 3137H5YC5 FHMS K-087 A2 3.771 12/25/2028 2,500,000.00 FHMS K-748 A2 2.26 01/25/2029 2,000,000.00 07/01/2024 4.86% 2,391,699.22 2,403,807.38 96.77 4.68% 2,419,127.25 7,856.25 0.81% Aaa/AAA 15,319.87 AA+ 3.99 3.46 08/26/2024 1,855,937.50 91.15 4.08% 1,867,291.73 1,823,084.40 0.61% Aaa/AA+ 4.07 4.71% 3,766.67 (44,207.33) AAA 3.71 3137H9D71 FHMS K-750 A2 3.0 09/25/2029 2,955,000.00 10/18/2024 2,801,478.52 4.25% 2,807,536.30 93.21 2,754,211.30 0.92% Aaa/AA+ 4.73 4.74% 7,387.50 (53,325.01) AAA 3.96 Total Agency CMBS 13,890,726.57 14,370,000.00 4.15% 13,912,291.32 95.63 13,733,961.33 4.59% Aaa/AA+ 3.63 4.67% 39,963.54 (178,329.99) AAA 3.19 CASH CCYUSD Receivable 2,128.78 0.00% 2,128.78 0.00% 0.00 0.00 AAA 0.00 2,128.78 1.00 2,128.78 0.00% Aaa/AAA 0.00 Total Cash 2,128.78 0.00% 2,128.78 0.00% 0.00 0.00 AAA 0.00 CORPORATE 438516CB0 78015K7H1 HONEYWELL INTERNATIONAL INC 1.35 06/01/2025 2,128.78 1.00 2,128.78 0.00% Aaa/AAA 0.00 ROYAL BANK OF CANADA 1.15 06/10/2025 2,500,000.00 1,000,000.00 06/23/2020 2,559,500.00 0.85% 2,504,031.62 98.70 2,467,437.38 0.83% A2/A 0.42 4.55% 2,812.50 (36,594.25) A 0.41 02/22/2021 1,012,240.00 0.86% 1,001,249.78 98.47 984,715.23 0.33% A1/A 0.44 4.70% 670.83 (16,534.55) AA- 0.43 66815L2J7 NORTHWESTERN MUTUAL 2,500,000.00 GLOBAL FUNDING 4.007/01/2025 06/27/2022 2,499,150.00 4.01% 2,499,859.63 99.70 2,492,588.85 0.83% Aaa/AA+ 0.50 4.61% 50,000.00 (7,270.78) AAA 0.49 02665WDL2 AMERICAN HONDA FINANCE 1,000,000.00 CORP 1.2 07/08/2025 08/10/2021 1,007,640.00 1.00% 1,001,007.24 98.28 982,831.43 0.33% A3/A- 0.52 4.60% 5,766.67 (18,175.81) A 0.50 89114QCK2 TORONTO-DOMINION BANK 0.75 1,000,000.00 09/11/2025 02/16/2021 997,230.00 0.81% 999,579.35 97.34 973,402.01 0.33% A2/A- 0.70 4.70% 2,291.67 (26,177.34) AA- 0.67 06051GHY8 BANK OF AMERICA CORP 2.015 1,250,000.00 02/13/2026 03/04/2021 1,291,725.00 99.67 1.15% 1,251,247.69 5.21% 1,245,820.94 9,655.21 0.42% Al/A- 1.12 (5,426.75) AA- 0.11 46647PBH8 JPMORGAN CHASE & CO 2.005 1,000,000.00 03/13/2026 808513BR5 CHARLES SCHWAB CORP 1.15 1,370,000.00 05/13/2026 04/29/2021 1,030,270.00 1.21% 1,001,521.00 99.42 994,221.64 0.33% A1/A 1.20 5.77% 6,015.00 (7,299.36) AA- 0.20 05/11/2021 1,366, 821.60 1.20% 1,369,134.90 95.48 1,308,079.26 0.44% A2/A- 1.36 4.61% 2,100.67 (61,055.64) A 1.32 36 41 HOLDINGS REPORT City of Dublin 1 Account #10198 1 As of December 31, 2024 CM CHANDLER ASSET MANAGEMENT Cusip Security Description Purchase Mkt Par Value/ Date Cost Value Price Market Value % of Port. Units Purchase Book Value Mkt Accrued Int. Gain/Loss Yield YTM Moody's/ S&P/ Fitch Maturity Duration 91324PEC2 UNITEDHEALTH GROUP INC 1.15 05/15/2026 89236TJK2 TOYOTA MOTOR CREDIT CORP 1.125 06/18/2026 2,000,000.00 1.90% 1,939,210.15 1,980,228.31 95.56 4.53% 1,911,286.10 2,938.89 0.64% (68,942.21) 2,485,000.00 06/15/2021 2,483,906.60 95.08 1.13% 2,484,680.84 4.65% 2,362,770.31 1,009.53 0.79% (121,910.54) A2/A+ A A1/A+ A+ 1.37 1.33 1.46 1.42 58989V2D5 MET TOWER GLOBAL FUNDING 1.25 09/14/2026 1,285,000.00 09/07/2021 1, 283, 817.80 1.27% 1,284,597.95 94.59 1,215,508.09 0.41% Aa3/AA- 1.70 4.59% 4,774.13 (69,089.86) AA- 1.64 06368FAC3 BANK OF MONTREAL 1.25 09/15/2026 931142ER0 2,500,000.00 1.29% 2,495,539.50 2,498,480.60 WALMART INC 1.05 09/17/2026 585,000.00 94.55 2,363,674.48 0.79% A2/A- 1.71 4.62% 9,201.39 (134,806.12) AA- 1.65 09/08/2021 583,894.35 94.60 1.09% 584,622.16 4.36% 553,421.28 1,774.50 59217GER6 METROPOLITAN LIFE GLOBAL FUNDING 1 1.875 01/11/2027 1,860,000.00 0.19% Aa2/AA 1.71 (31,200.88) AA 1.66 01/03/2022 1,857,879.60 94.70 1,761,476.45 0.59% Aa3/AA- 2.03 1.90% 1,859,140.69 4.65% 16,468.75 (97,664.24) AA- 1.93 87612EBM7 TARGET CORP 1.95 01/15/2027 1,340,000.00 01/19/2022 1,337,722.00 95.14 1,274,885.49 0.43% A2/A 2.04 1.99% 1,339,067.24 4.47% 12,048.83 (64,181.75) A 1.94 808513BY0 CHARLES SCHWAB CORP 2.45 585,000.00 03/03/2027 03/01/2022 584,368.20 95.49 558,624.75 0.19% A2/A- 2.17 2.47% 584,726.31 4.66% 4,697.88 (26,101.56) A 2.06 084664CZ2 BERKSHIRE HATHAWAY FINANCE 2,295,000.00 CORP 2.3 03/15/2027 03/07/2022 2,294,563.95 95.79 2,198,308.35 0.74% Aa2/AA 2.20 2.30% 2,294,808.24 4.32% 15,542.25 (96,499.90) A+ 2.10 40139LBF9 GUARDIAN LIFE GLOBAL FUNDING 765,000.00 03/24/2022 765,000.00 96.94 3.246 03/29/2027 3.25% 765,000.00 4.70% 023135CF1 AMAZON.COM INC 3.3 1,750,000.00 04/13/2027 741,621.70 6,345.93 0.25% Aa1/AA+ 2.24 (23,378.30) NA 2.11 04/25/2022 1,746,972.50 97.36 1,703,779.00 0.57% A1/AA 2.28 3.34% 1,748,609.89 4.53% 12,512.50 (44,830.89) AA- 2.15 46647PCB0 JPMORGAN CHASE & CO 1.578 500,000.00 04/22/2027 08/23/2022 449,845.00 96.02 480,114.20 0.16% A1/A 2.31 4.64% 481,608.71 4.98% 1,512.25 (1,494.52) AA- 1.26 927804GH1 VIRGINIA ELECTRIC AND POWER 1,000,000.00 CO 3.75 05/15/2027 999,773.40 3.75% 999,875.69 97.74 4.77% 977,398.00 4,791.67 0.33% A2/BBB+ 2.37 (22,477.69) A 2.22 14913R3A3 CATERPILLAR FINANCIAL SERVICES 1,375,000.00 CORP 3.6 08/12/2027 1,357,243.75 3.89% 1,365,583.22 97.64 1,342,570.63 0.45% A2/A 2.61 4.57% 19,112.50 (23,012.59) A+ 2.42 931142EX7 WALMART INC 3.95 09/09/2027 1,500,000.00 1,498,302.30 3.97% 1,499,087.93 99.02 1,485,290.24 0.50% Aa2/AA 2.69 4.34% 18,433.33 (13,797.69) AA 2.49 89236TKJ3 TOYOTA MOTOR CREDIT CORP 1,500,000.00 4.55 09/20/2027 11/22/2022 1,479,060.00 4.88% 1,488,197.46 99.99 1,499,867.57 0.50% A1/A+ 2.72 4.55% 19,147.92 11,670.11 A+ 2.50 023135CP9 AMAZON.COM INC 4.55 1,000,000.00 12/01/2027 01/17/2023 1,014,400.00 100.60 1,006,011.92 0.34% A1/AA 2.92 4.21% 1,008,522.95 4.33% 3,791.67 (2,511.03) AA- 2.62 37 42 HOLDINGS REPORT City of Dublin I Account #10198 I As of December 31, 2024 CM CHANDLER ASSET MANAGEMENT Cusip Security Description Purchase Mkt Par Value/ Date Cost Value Price Market Value % of Port. Units Purchase Book Value Mkt Accrued Int. Gain/Loss Yield YTM Moody's/ S&P/ Fitch Maturity Duration 89115A2M3 TORONTO-DOMINION BANK 5.156 01/10/2028 756109AU8 REALTY INCOME CORP 3.65 01/15/2028 3,000,000.00 960,000.00 -- 2,984,380.00 5.28% 2,989,681.84 100.50 4.97% 3,015,028.23 73,473.00 1.01% A2/A- 25,346.39 AA- 04/10/2023 910,540.80 96.55 4.87% 928,458.74 4.89% 926,883.52 16,157.33 0.31% A3/A- (1,575.22) WR 3.03 2.70 3.04 2.78 24422 E W R6 JOHN DEERE CAPITAL CORP 4.75 01/20/2028 2,000,000.00 01/23/2023 2,030,780.00 100.51 2,010,248.12 0.67% A1/A 3.05 4.40% 2,018,829.72 4.57% 42,486.11 (8,581.60) A+ 2.75 06051GGFO 06368LGV2 BANK OF AMERICA CORP 3.824 01/20/2028 3,000,000.00 BANK OF MONTREAL 5.203 02/01/2028 -- 2,824,349.55 5.54% 2,906,156.79 97.83 5.33% 2,934,999.00 51,305.33 0.98% A1/A- 3.05 28,842.21 AA- 1.91 2,000,000.00 08/17/2023 1,972,380.00 100.78 2,015,538.66 0.67% A2/A- 3.09 5.56% 1,980,861.46 4.93% 43,358.33 34,677.20 AA- 2.69 91324PEP3 UNITEDHEALTH GROUP INC 5.25 02/15/2028 1,500,000.00 02/21/2023 1,522,890.00 101.54 1,523,137.76 0.51% A2/A+ 3.13 4.90% 1,514,205.38 4.71% 29,750.00 8,932.38 A 2.73 46647PAF3 JPMORGAN CHASE & CO 3.54 2,000,000.00 05/01/2028 08/16/2023 1,854,340.00 97.17 5.75% 1,908,423.82 5.17% 1,943,332.16 11,800.00 0.65% Al/A 3.33 34,908.34 AA- 2.19 58933YBH7 MERCK & CO INC 4.05 05/17/2028 3,500,000.00 4.06% 3,497,960.40 3,498,624.31 98.53 3,448,583.85 1.15% A1/A+ 3.38 4.52% 17,325.00 (50,040.47) NA 3.10 BANK OF NEW YORK MELLON 10/26/2023 1,395,930.00 98.18 06406RBG1 CORP 3.992 06/13/2028 1,500,000.00 6.16% 1,429,701.58 5.00% 1,472,753.78 2,994.00 0.49% Aa3/A 3.45 43,052.19 AA- 2.30 02665WEM9 AMERICAN HONDA FINANCE 1,370,000.00 CORP 5.125 07/07/2028 78016HZS2 ROYAL BANK OF CANADA 5.2 2,500,000.00 08/01/2028 10/12/2023 1,343,288.50 100.47 1,376,471.88 0.46% A3/A- 3.52 5.60% 1,350,144.35 4.98% 33,936.04 26,327.53 A 3.10 09/07/2023 2,464,100.00 100.83 2,520,736.33 0.84% A1/A 3.59 5.54% 2,473,708.17 4.94% 54,166.67 47,028.15 AA- 3.17 756109652 REALTY INCOME CORP 4.7 1,300,000.00 12/15/2028 -- 1,285,086.00 4.98% 1,287,384.07 99.50 1,293,485.36 0.43% A3/A- 3.96 4.84% 2,715.56 6,101.30 NA 3.56 91324PEU2 UNITEDHEALTH GROUP INC 4.25 1,000,000.00 01/15/2029 01/23/2024 984,020.00 4.61% 987,027.79 98.01 980,082.10 0.33% A2/A+ 4.04 4.80% 19,597.22 (6,945.69) A 3.59 24422EXH7 JOHN DEERE CAPITAL CORP 4.5 2,000,000.00 01/16/2029 04/18/2024 1,945,100.00 5.16% 1,953,160.46 99.09 1,981,895.50 0.66% A1/A 4.04 4.75% 41,250.00 28,735.04 A+ 3.58 91159HJK7 US BANCORP 4.653 02/01/2029 1,250,000.00 04/11/2024 1,207,450.00 5.66% 1,215,456.89 98.99 1,237,336.70 0.41% A3/A 4.09 5.15% 24,234.38 21,879.81 A 2.78 17275RBR2 CISCO SYSTEMS INC 4.85 1,565,000.00 02/26/2029 14913UAJ9 CATERPILLAR FINANCIAL SERVICES 2,000,000.00 CORP 4.85 02/27/2029 02/21/2024 1,564,452.25 100.50 1,572,889.17 0.53% A1/AA- 4.16 4.86% 1,564,545.19 4.71% 26,355.03 8,343.97 NA 3.59 08/26/2024 2,053,700.00 100.53 2,010,620.02 0.67% A2/A 4.16 4.19% 2,049,554.16 4.71% 33,411.11 (38,934.14) A+ 3.66 38 43 HOLDINGS REPORT City of Dublin I Account #10198 I As of December 31, 2024 CM CHANDLER ASSET MANAGEMENT Cusip Security Description Purchase Mkt Par Value/ Date Cost Value Price Market Value % of Port. Units Purchase Book Value Mkt Accrued Int. Gain/Loss Yield YTM Moody's/ S&P/ Fitch Maturity Duration 00287YDS5 ABBVIE INC 4.8 03/15/2029 61747YFD2 MORGAN STANLEY 5.164 04/20/2029 1,500,000.00 2,250,000.00 07/22/2024 4.68% 1,507,245.00 1,506,541.35 99.92 4.82% 1,498,865.58 21,200.00 0.50% A3/A- (7,675.77) NA 4.20 3.71 05/30/2024 2,228,212.50 100.10 2,252,169.00 0.75% A1/A- 4.30 5.44% 2,231,511.31 5.31% 22,915.25 20,657.69 A+ 2.97 437076DC3 HOME DEPOTINC4.75 06/25/2029 1,875,000.00 07/18/2024 1,887,993.75 100.01 1,875,129.38 0.63% A2/A 4.48 4.59% 1,886,775.82 4.75% 1,484.38 (11,646.44) A 3.99 95000U3E1 40139LBJ1 WELLS FARGO & CO 5.574 07/25/2029 1,500,000.00 GUARDIAN LIFE GLOBAL FUNDING 4.179 09/26/2029 1,675,000.00 11/20/2024 1,530,840.00 101.53 1,522,942.71 0.51% A1/BBB+ 4.56 4.95% 1,529,897.79 5.31% 36,231.00 (6,955.08) A+ 3.13 4.21% 1,672,866.75 1,672,979.60 97.13 1,626,978.64 0.54% Aa1/AA+ 4.74 4.86% 18,471.76 (46,000.97) NA 4.19 Total Corporate 77,190,000.00 76,603,981.20 98.41 75,925,812.68 25.39% A1/A 2.74 3.77% 76,778,099.99 4.78% 858,033.96 (852,287.30) A+ 2.33 MONEY MARKET FUND 31846V203 FIRST AMER:GVT OBLG Y 743,108.37 4.09% 743,108.37 743,108.37 1.00 743,108.37 0.25% Aaa/AAAm 0.00 4.09% 0.00 0.00 AAA 0.00 Total Money Market 743,108.37 Fund 743,108.37 4.09% 743,108.37 1.00 743,108.37 0.25% Aaa/AAAm 0.00 4.09% 0.00 0.00 AAA 0.00 SUPRANATIONAL 4581XODN5 BANK 0.625 07/15/2025 INTER-AMERICAN DEVELOPMENT INTERNATIONAL BANK FOR 459058JL8 RECONSTRUCTION AND DEVELOPM 0.5 10/28/2025 4581X0DV7 INTER-AMERICAN DEVELOPMENT BANK 0.875 04/20/2026 INTERNATIONAL BANK FOR 459058KT9 RECONSTRUCTION AND DEVELOPM 3.5 07/12/2028 1,685,000.00 6,000,000.00 4,615,000.00 5,000,000.00 45950KDD9 INTERNATIONAL FINANCE CORP 4.5 07/13/2028 01/13/2021 1,692,329.75 0.53% 1,685,870.46 98.03 1,651,763.26 0.55% Aaa/AAA 0.54 4.39% 4,856.08 (34,107.21) NA 0.52 0.55% 5,986,632.00 5,997,684.87 96.86 5,811,371.88 1.94% Aaa/AAA 0.82 4.44% 5,250.00 (186,312.99) NA 0.80 04/ 13 / 20 21 4, 593, 863.30 0.97% 4,609,513.26 95.62 4,412,937.26 1.48% Aaa/AAA 1.30 4.38% 7,964.08 (196,576.00) NA 1.27 -- 4,813,059.00 4.35% 4,865,695.26 97.14 4.38% 4,857,112.00 82,152.78 1.62% Aaa/AAA 3.53 (8,583.26) NA 3.22 1,605,000.00 07/06/2023 1,603,218.45 100.41 1,611,567.61 0.54% Aaa/AAA 3.53 4.53% 1,603,743.07 4.37% 33,705.00 7,824.55 NA 3.17 39 44 HOLDINGS REPORT City of Dublin I Account #10198 I As of December 31, 2024 CM CHANDLER ASSET MANAGEMENT Cusip Security Description Purchase Mkt Par Value/ Date Cost Value Price Market Value % of Port. Units Purchase Book Value Mkt Accrued Int. Gain/Loss Yield YTM Moody's/ S&P/ Fitch Maturity Duration 4581X0DC9 4581X0EN4 459058LN1 INTER-AMERICAN DEVELOPMENT BANK 3.125 09/18/2028 3,360,000.00 INTER-AMERICAN DEVELOPMENT BANK 4.125 02/15/2029 -- 3,187,150.40 4.33% 3,226,004.30 95.66 4.40% 3,214,280.46 30,041.67 1.07% Aaa/AAA (11,723.84) NA 3.72 3.42 3,000,000.00 02/15/2024 2,970,690.00 98.78 4.34% 2,975,773.40 4.45% 2,963,276.19 46,750.00 0.99% Aaa/AAA 4.13 (12,497.21) NA 3.69 INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPM 3.875 10/16/2029 3,000,000.00 Total Supranational 10/22/2024 2,972,640.00 4.08% 2,973,692.89 27,819,582.90 28,265,000.00 2.75% 27,937,977.51 97.44 2,923,099.29 0.98% Aaa/AAA 4.79 4.48% 24,218.75 (50,593.60) NA 4.28 97.12 27,445,407.95 9.18% Aaa/AAA 2.64 4.41% 234,938.35 (492,569.56) NA 2.42 US TREASURY 91282CBT7 91282CCF6 91282CCW9 UNITED STATES TREASURY 0.75 03/31/2026 4,250,000.00 UNITED STATES TREASURY 0.75 05/31/2026 2,000,000.00 UNITED STATES TREASURY 0.75 08/31/2026 2,000,000.00 -- 4,228,583.99 0.85% 4,244,657.44 95.78 4,070,815.92 1.36% Aaa/AA+ 1.25 4.27% 8,143.89 (173,841.52) AA+ 1.21 06/18/2021 1,985,000.00 0.90% 1,995,720.22 95.24 1,904,837.42 0.64% Aaa/AA+ 1.41 4.26% 1,318.68 (90,882.80) AA+ 1.37 08/30/2021 1,998,515.63 0.77% 1,999,506.57 94.43 1,888,698.36 0.63% Aaa/AA+ 1.67 4.26% 5,096.69 (110,808.21) AA+ 1.61 91282CDG3 UNITED STATES TREASURY1.125 5,000,000.00 10/31/2026 912828Z78 UNITED STATES TREASURY 1.5 4,500,000.00 01/31/2027 1.25% 4,970,498.06 4,988,979.57 94.53 4,726,692.95 1.58% Aaa/AA+ 1.83 4.27% 9,633.98 (262,286.62) AA+ 1.77 91282CEN7 UNITED STATES TREASURY 2.75 7,000,000.00 04/30/2027 -- 4,367,285.16 2.15% 4,442,346.98 94.57 4,255,684.83 1.42% Aaa/AA+ 2.08 4.26% 28,247.28 (186,662.15) AA+ 2.00 - - 6,761,484.38 3.55% 6,880,699.63 96.68 6,767,416.53 2.26% Aaa/AA+ 2.33 4.26% 32,969.61 (113,283.10) AA+ 2.21 91282CEW7 UNITED STATES TREASURY 3.25 9,000,000.00 06/30/2027 91282CFM8 UNITED STATES TREASURY 4.125 10,000,000.00 09/30/2027 91282CGC9 - - 9,018,066.41 3.22% 9,006,993.21 97.65 8,788,923.09 2.94% Aaa/AA+ 2.50 4.25% 808.01 (218,070.12) AA+ 2.36 -- 10,074,062.50 3.95% 10,042,480.77 99.61 9,960,509.20 3.33% Aaa/AA+ 2.75 4.28% 105,391.48 (81,971.57) AA+ 2.54 UNITED STATES TREASURY 3.875 10,000,000.00 10,078,828.13 98.85 12/31/2027 3.70% 10,047,911.91 4.29% 9,885,219.20 3.31% Aaa/AA+ 3.00 1,070.44 (162,692.71) AA+ 2.79 91282CGT2 UNITED STATES TREASURY 3.625 7,000,000.00 03/31/2028 -- 7,014,042.96 3.58% 7,009,306.29 97.94 6,855,960.09 2.29% Aaa/AA+ 3.25 4.31% 64,831.73 (153,346.20) AA+ 2.99 91282CHE4 UNITED STATES TREASURY 3.625 q 500,000.00 4,412,773.44 97.81 05/31/2028 4.07% 4,439,216.68 4.32% 4,401,433.08 1.47% Aaa/AA+ 3.42 14,340.66 (37,783.60) AA+ 3.16 40 45 HOLDINGS REPORT City of Dublin 1 Account #10198 1 As of December 31, 2024 CM CHANDLER ASSET MANAGEMENT Cu Security Description Purchase Mkt Par Value/ Date Cost Value Price Market Value % of Port. Units Purchase Book Value Mkt Accrued Int. Gain/Loss Yield YTM Moody's/ S&P/ Fitch Maturity Duration 91282CHQ7 91282CJA0 UNITED STATES TREASURY 4.125 07/31/2028 UNITED STATES TREASURY 4.625 09/30/2028 9,000,000.00 3,750,000.00 4.51% 8,848,203.13 8,888,306.01 99.31 4.33% 8,937,887.76 155,360.05 2.99% Aaa/AA+ 49,581.75 AA+ 3.58 3.24 - 3,702,089.84 4.92% 3,713,689.48 100.94 3,785,064.41 1.27% Aaa/AA+ 3.75 4.35% 44,312.33 71,374.93 AA+ 3.37 91282CJN2 UNITED STATES TREASURY 4.375 11/30/2028 5,500,000.00 4.03% 5,584,941.41 5,567,359.98 100.04 5,502,226.18 1.84% Aaa/AA+ 3.92 4.36% 21,153.85 (65,133.80) AA+ 3.54 91282CJR3 91282CKD2 UNITED STATES TREASURY 3.75 12/31/2028 UNITED STATES TREASURY 4.25 02/28/2029 5,500,000.00 13,000,000.00 4.00% 5,438,359.38 5,450,104.16 97.76 5,376,532.59 1.80% Aaa/AA+ 4.00 4.37% 569.75 (73,571.57) AA+ 3.66 12,891,953.13 4.44% 12,907,529.40 99.53 12,939,236.83 4.33% Aaa/AA+ 4.16 4.37% 187,727.90 31,707.43 AA+ 3.72 91282CKP5 UNITED STATES TREASURY 4.625 04/30/2029 12,250,000.00 12,359,384.76 4.42% 12,347,471.97 100.96 12,367,404.74 4.14% Aaa/AA+ 4.33 4.38% 97,035.57 19,932.76 AA+ 3.86 91282CKX8 UNITED STATES TREASURY 4.25 6,500,000.00 06/30/2029 91282CLK5 UNITED STATES TREASURY 3.625 2,500,000.00 08/31/2029 - 6,581,855.47 3.96% 6,575,394.54 99.45 6,464,019.06 2.16% Aaa/AA+ 4.50 4.39% 763.12 (111,375.49) AA+ 4.05 09/26/2024 2,508,203.13 3.55% 2,507,765.39 96.82 2,420,624.45 0.81% Aaa/AA+ 4.67 4.39% 30,792.47 (87,140.94) AA+ 4.18 91282CLN9 UNITED STATES TREASURY 3.5 3,000,000.00 09/30/2029 - 2,937,480.47 3.97% 2,939,935.15 96.22 2,886,581.22 0.97% Aaa/AA+ 4.75 4.39% 26,826.92 (53,353.93) AA+ 4.27 91282CFY2 UNITED STATES TREASURY 3.875 10,000,000.00 11/30/2029 Total US Treasury Total Portfolio Total Market Value + Accrued 9,801,914.06 4.32% 9,803,125.65 97.75 9,775,442.20 3.27% Aaa/AA+ 4.91 4.39% 34,065.93 (27,683.45) AA+ 4.40 136,250,000.00 3.70% 135,563,525.44 135,798,501.03 98.35 133,961,210.10 44.80% Aaa/AA+ 3.43 4.33% 870,460.35 (1,837,290.93) AA+ 3.13 301,935,011.94 98.15 299,043,009.37 100.00% Aa2/AA- 3.09 304,029,805.25 3.75% 302,443,516.07 4.49% 2,150,721.61 (3,400,506.70) AA 2.60 301,193,730.98 41 46 HOLDINGS REPORT City of Dublin Reporting Account 1 Account #10219 1 As of December 31, 2024 CM CHANDLER ASSET MANAGEMENT Cusip Security Description Purchase Mkt Par Value/ Date Cost Value Price Market Value % of Port. Units Purchase Book Value Mkt Accrued Int. Gain/Loss Yield YTM Moody's/ S&P/ Fitch Maturity Duration CASH CCYUSD Total Cash LAIF 90LAIF$00 Receivable 313,298.07 0.00% 313,298.07 313,298.07 1.00 0.00% 313,298.07 0.00 0.19% Aaa/AAA 0.00 AAA 0.00 0.00 Local Agency Investment Fund State Pool 313,298.07 27,717,625.71 313,298.07 0.00% 313,298.07 - 27,717,625.71 4.43% 27,717,625.71 1.00 0.00% 313,298.07 0.00 0.19% Aaa/AAA 0.00 AAA 0.00 0.00 1.00 27,717,625.71 16.93% NA/NA 0.00 4.43% 0.00 0.00 NA 0.00 Total LAIF 27,717,625.71 27,717,625.71 4.43% 27,717,625.71 1.00 27,717,625.71 16.93% NA/NA 0.00 4.43% 0.00 0.00 NA 0.00 LOCAL GOV INVESTMENT POOL 90CAMP$00 CAMP 135,716,744.53 - 135,716,744.53 1.00 135,716,744.53 82.88% NA/AAAm 0.00 4.65% 135,716,744.53 4.65% 0.00 0.00 AAA 0.00 Total Local Gov Investment Pool 135,716,744.53 135,716,744.53 1.00 4.65% 135,716,744.53 4.65% 135,716,744.53 0.00 Total Portfolio 163,747,668.31 Total Market Value + Accrued 163,747,668.31 1.00 4.60% 163,747,668.31 4.60% 163,747,668.31 0.00 163,747,668.31 82.88% NA/AAAm 0.00 AAA 0.00 0.00 100.00% Aaa/AAA 0.00 AAA 0.00 0.00 42 47 CAllkCHANDLER ASSET MANAGEMENT TRANSACTIONS 43 48 TRANSACTION LEDGER City of Dublin I Account #10198I 10/01/2024 Through 12/31/20241 CM CHANDLER ASSET MANAGEMENT Transaction Type Settlement CUSIP Date Quantity Security Description c Price Aq/Disp Yield Amount Interest Pur/Sold Total Amount Gain/Loss ACQUISITIONS Purchase Purchase 10/10/2024 91282CLN9 10/23/2024 3137H9D71 2,500,000.00 UNITED STATES TREASURY 3.5 09/30/2029 FHMS K-750 A2 3.0 2,955,000.00 09/25/2029 Purchase Purchase 10/23/2024 459058LN1 10/24/2024 929700AE5 Purchase 11/21/2024 95000U3E1 INTERNATIONAL BANK FOR RECONSTRUCTION 3,000,000.00 AND DEVELOPM 3.875 10/16/2029 98.195 3.90% (2,454,882.81) (2,403.85) (2,457,286.66) 0.00 94.805 4.25% (2,801,478.52) (5,417.50) (2,806,896.02) 0.00 99.088 4.08% (2,972,640.00) (2,260.42) (2,974,900.42) WF CARD ISSUANCE TRUST 1,645,000.00 2024-2 4.29 10/15/2029 99.985 4.29% (1,644,755.55) 1,500,000.00 WELLS FARGO & CO 5.574 07/25/2029 0.00 (1,644,755.55) 0.00 0.00 102.056 4.95% (1,530,840.00) (26,941.00) Purchase 11/22/2024 91282CLN9 UNITED STATES TREASURY 500,000.00 3.5 09/30/2029 (1,557,781.00) 0.00 96.520 4.30% (482,597.66) (2,548.08) Purchase 12/13/2024 91282CFY2 (485,145.74) 0.00 3,000,000.00 UNITED STATES TREASURY 98.680 4.17% (2,960,390.63) (4,151.79) 3.875 11/30/2029 Purchase 12/19/2024 91282CFY2 3,000,000.00 UNITED STATES TREASURY 97.902 4.35% (2,937,070.31) (6,067.99) 3.875 11/30/2029 Purchase 12/24/2024 91282CFY2 UNITED STATES TREASURY 3,000,000.00 3.875 11/30/2029 (2,964,542.42) 0.00 (2,943,138.30) 0.00 97.621 4.42% (2,928,632.81) (7,664.84) (2,936,297.65) 0.00 Purchase Total Purchase 12/30/2024 91282CFY2 TOTAL ACQUISITIONS 1,000,000.00 UNITED STATES TREASURY 3.875 11/30/2029 97.582 4.43% (975,820.31) (3,193.68) (979,013.99) 0.00 22,100,000.00 (21,689,108.60) (60,649.15) (21,749,757.75) 0.00 22,100,000.00 DISPOSITIONS Sale Sale 10/10/2024 3137EAEU9 10/21/2024 747525AF0 FEDERAL HOME LOAN (1,745,000.00) MORTGAGE CORP 0.375 07/21/2025 (3,000,000.00) QUALCOMM INC 3.45 05/20/2025 (21,689,108.60) (60,649.15) (21,749,757.75) 0.00 96.976 0.48% 1,692,231.20 1,435.99 1,693,667.19 (51,415.74) 99.316 1.75% 2,979,480.00 43,412.50 3,022,892.50 (38,580.17) 44 49 TRANSACTION LEDGER City of Dublin I Account #10198I 10/01/2024 Through 12/31/20241 CM CHANDLER ASSET MANAGEMENT Transaction Settlement CUSIP Quantity Security Description Price Type Date Acq/Disp Yield Amount Interest Pur/Sold Total Amount Gain/Loss Sale Sale 10/23/2024 459058JB0 INTERNATIONAL BANK (2,260,000.00) FOR RECONSTRUCTION AND DEVELOPM 0.625 04/22/2025 12/13/2024 3135G05X7 98.076 0.70% 2,216,517.60 39.24 2,216,556.84 (42,615.44) FEDERAL NATIONAL (2,755,000.00) MORTGAGE ASSOCIATION 97.326 0.47% 2,681,331.30 3,099.38 2,684,430.68 (71,866.17) 0.375 08/25/2025 FEDERAL HOME LOAN Sale 12/19/2024 3137EAEX3 (2,655,000.00) MORTGAGE CORP 0.375 97.051 0.44% 2,576,704.05 2,378.44 2,579,082.49 (77,077.94) 09/23/2025 Sale 12/24/2024 91282CBQ3 (2,500,000.00) UNITED STATES TREASURY 95.629 0.83% 2,390,722.66 3,970.99 2,394,693.65 (99,674.20) 0.5 02/28/2026 Sale 12/30/2024 91282CBT7 (750,000.00) UNITED STATES TREASURY 95.719 0.90% 717,890.63 1,406.25 719,296.88 (31,162.41) 0.75 03/31/2026 Total Sale (15,665,000.00) 15,254,877.44 55,742.79 15,310,620.23 (412,392.08) TOTAL DISPOSITIONS (15,665,000.00) 15,254,877.44 55,742.79 15,310,620.23 (412,392.08) 45 50 TRANSACTION LEDGER City of Dublin Reporting Account I Account #10219I 10/01/2024 Through 12/31/20241 CM CHANDLER ASSET MANAGEMENT Transaction Type Settlement CUSIP Date Quantity Security Description Price Acq/Disp Yield Amount Interest Pur/Sold Total Amount Gain/Loss ACQUISITIONS Purchase 10/15/2024 90LAIF$00 324,849.27 Local Agency Investment Fund State Pool Purchase 10/29/2024 90CAMP$00 2,800,000.00 CAMP Purchase 10/31/2024 90CAMP$00 438,908.82 CAMP Purchase 11/29/2024 90CAMP$00 395,168.40 CAMP Purchase 12/17/2024 90CAMP$00 40,100,000.00 CAMP 1.000 4.48% (324,849.27) 0.00 (324,849.27) 0.00 1.000 5.01% (2,800,000.00) 0.00 (2,800,000.00) 0.00 1.000 5.01% (438,908.82) 0.00 (438,908.82) 0.00 1.000 4.81% (395,168.40) 0.00 (395,168.40) 0.00 1.000 4.65% (40,100,000.00) 0.00 (40,100,000.00) 0.00 Purchase 12/31/2024 90CAMP$00 463,871.12 CAMP 1.000 4.65% (463,871.12) 0.00 (463,871.12) 0.00 Total Purchase 44,522,797.61 (44,522,797.61) 0.00 (44,522,797.61) 0.00 TOTAL ACQUISITIONS 44,522,797.61 (44,522,797.61) 0.00 (44,522,797.61) 0.00 DISPOSITIONS Sale Sale 10/07/2024 90CAMP$00 (4,300,000.00) CAMP 1.000 5.01% 4,300,000.00 0.00 4,300,000.00 0.00 10/15/2024 90CAMP$00 (500,000.00) CAMP 1.000 5.01% 500,000.00 0.00 500,000.00 0.00 Sale 10/22/2024 90CAMP$00 (1,500,000.00) CAMP 1.000 5.01% 1,500,000.00 0.00 1,500,000.00 0.00 Sale 11/04/2024 90CAMP$00 (2,900,000.00) CAMP 1.000 4.81% 2,900,000.00 0.00 2,900,000.00 0.00 Sale 11/12/2024 90CAMP$00 (2,600,000.00) CAMP 1.000 4.81% 2,600,000.00 0.00 2,600,000.00 0.00 Sale 11/18/2024 90CAMP$00 (1,500,000.00) CAMP 1.000 4.81% 1,500,000.00 0.00 1,500,000.00 0.00 Sale 12/24/2024 90CAMP$00 (2,100,000.00) CAMP 1.000 4.65% 2,100,000.00 0.00 2,100,000.00 0.00 Total Sale (15,400,000.00) 15,400,000.00 0.00 15,400,000.00 0.00 TOTAL DISPOSITIONS (15,400,000.00) 15,400,000.00 0.00 15,400,000.00 0.00 46 51 IMPORTANT DISCLOSURES City of Dublin 1 As of December 31, 2024 2024 Chandler Asset Management, Inc, An Independent Registered Investment Adviser. C'MCHANDLER ASSET MANAGEMENT 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 52 BENCHMARK DISCLOSURES City of Dublin 1 Account #10198 1 As of December 31, 2024 CM CHANDLER ASSET MANAGEMENT Benchmark Disclosure ICE BofA 1-5 Yr US Treasury & Agency Index The ICE BofA 1-5 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 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. 48 53 Attachment 2 TRANSACTION LEDGER City of Dublin I Account #10198I 10/01/2024 Through 12/31/20241 CM CHANDLER ASSET MANAGEMENT Transaction Type Settlement CUSIP Date Quantity Security Description c Price Aq/Disp Yield Amount Interest Pur/Sold Total Amount Gain/Loss ACQUISITIONS Purchase Purchase 10/10/2024 91282CLN9 10/23/2024 3137H9D71 2,500,000.00 UNITED STATES TREASURY 3.5 09/30/2029 FHMS K-750 A2 3.0 2,955,000.00 09/25/2029 Purchase Purchase 10/23/2024 459058LN1 10/24/2024 929700AE5 Purchase 11/21/2024 95000U3E1 INTERNATIONAL BANK FOR RECONSTRUCTION 3,000,000.00 AND DEVELOPM 3.875 10/16/2029 98.195 3.90% (2,454,882.81) (2,403.85) (2,457,286.66) 0.00 94.805 4.25% (2,801,478.52) (5,417.50) (2,806,896.02) 0.00 99.088 4.08% (2,972,640.00) (2,260.42) (2,974,900.42) WF CARD ISSUANCE TRUST 1,645,000.00 2024-2 4.29 10/15/2029 99.985 4.29% (1,644,755.55) 1,500,000.00 WELLS FARGO & CO 5.574 07/25/2029 0.00 (1,644,755.55) 0.00 0.00 102.056 4.95% (1,530,840.00) (26,941.00) Purchase 11/22/2024 91282CLN9 UNITED STATES TREASURY 500,000.00 3.5 09/30/2029 (1,557,781.00) 0.00 96.520 4.30% (482,597.66) (2,548.08) Purchase 12/13/2024 91282CFY2 (485,145.74) 0.00 3,000,000.00 UNITED STATES TREASURY 98.680 4.17% (2,960,390.63) (4,151.79) 3.875 11/30/2029 Purchase 12/19/2024 91282CFY2 3,000,000.00 UNITED STATES TREASURY 97.902 4.35% (2,937,070.31) (6,067.99) 3.875 11/30/2029 Purchase 12/24/2024 91282CFY2 UNITED STATES TREASURY 3,000,000.00 3.875 11/30/2029 (2,964,542.42) 0.00 (2,943,138.30) 0.00 97.621 4.42% (2,928,632.81) (7,664.84) (2,936,297.65) 0.00 Purchase Total Purchase 12/30/2024 91282CFY2 TOTAL ACQUISITIONS 1,000,000.00 UNITED STATES TREASURY 3.875 11/30/2029 97.582 4.43% (975,820.31) (3,193.68) (979,013.99) 0.00 22,100,000.00 (21,689,108.60) (60,649.15) (21,749,757.75) 0.00 22,100,000.00 DISPOSITIONS Sale Sale 10/10/2024 3137EAEU9 10/21/2024 747525AF0 FEDERAL HOME LOAN (1,745,000.00) MORTGAGE CORP 0.375 07/21/2025 (3,000,000.00) QUALCOMM INC 3.45 05/20/2025 (21,689,108.60) (60,649.15) (21,749,757.75) 0.00 96.976 0.48% 1,692,231.20 1,435.99 1,693,667.19 (51,415.74) 99.316 1.75% 2,979,480.00 43,412.50 3,022,892.50 (38,580.17) 44 54 TRANSACTION LEDGER City of Dublin I Account #10198I 10/01/2024 Through 12/31/20241 CM CHANDLER ASSET MANAGEMENT Transaction Settlement CUSIP Quantity Security Description Price Type Date Acq/Disp Yield Amount Interest Pur/Sold Total Amount Gain/Loss Sale Sale 10/23/2024 459058JB0 INTERNATIONAL BANK (2,260,000.00) FOR RECONSTRUCTION AND DEVELOPM 0.625 04/22/2025 12/13/2024 3135G05X7 98.076 0.70% 2,216,517.60 39.24 2,216,556.84 (42,615.44) FEDERAL NATIONAL (2,755,000.00) MORTGAGE ASSOCIATION 97.326 0.47% 2,681,331.30 3,099.38 2,684,430.68 (71,866.17) 0.375 08/25/2025 FEDERAL HOME LOAN Sale 12/19/2024 3137EAEX3 (2,655,000.00) MORTGAGE CORP 0.375 97.051 0.44% 2,576,704.05 2,378.44 2,579,082.49 (77,077.94) 09/23/2025 Sale 12/24/2024 91282CBQ3 (2,500,000.00) UNITED STATES TREASURY 95.629 0.83% 2,390,722.66 3,970.99 2,394,693.65 (99,674.20) 0.5 02/28/2026 Sale 12/30/2024 91282CBT7 (750,000.00) UNITED STATES TREASURY 95.719 0.90% 717,890.63 1,406.25 719,296.88 (31,162.41) 0.75 03/31/2026 Total Sale (15,665,000.00) 15,254,877.44 55,742.79 15,310,620.23 (412,392.08) TOTAL DISPOSITIONS (15,665,000.00) 15,254,877.44 55,742.79 15,310,620.23 (412,392.08) 45 55 TRANSACTION LEDGER City of Dublin Reporting Account I Account #10219I 10/01/2024 Through 12/31/20241 CM CHANDLER ASSET MANAGEMENT Transaction Type Settlement CUSIP Date Quantity Security Description Price Acq/Disp Yield Amount Interest Pur/Sold Total Amount Gain/Loss ACQUISITIONS Purchase 10/15/2024 90LAIF$00 324,849.27 Local Agency Investment Fund State Pool Purchase 10/29/2024 90CAMP$00 2,800,000.00 CAMP Purchase 10/31/2024 90CAMP$00 438,908.82 CAMP Purchase 11/29/2024 90CAMP$00 395,168.40 CAMP Purchase 12/17/2024 90CAMP$00 40,100,000.00 CAMP 1.000 4.48% (324,849.27) 0.00 (324,849.27) 0.00 1.000 5.01% (2,800,000.00) 0.00 (2,800,000.00) 0.00 1.000 5.01% (438,908.82) 0.00 (438,908.82) 0.00 1.000 4.81% (395,168.40) 0.00 (395,168.40) 0.00 1.000 4.65% (40,100,000.00) 0.00 (40,100,000.00) 0.00 Purchase 12/31/2024 90CAMP$00 463,871.12 CAMP 1.000 4.65% (463,871.12) 0.00 (463,871.12) 0.00 Total Purchase 44,522,797.61 (44,522,797.61) 0.00 (44,522,797.61) 0.00 TOTAL ACQUISITIONS 44,522,797.61 (44,522,797.61) 0.00 (44,522,797.61) 0.00 DISPOSITIONS Sale Sale 10/07/2024 90CAMP$00 (4,300,000.00) CAMP 1.000 5.01% 4,300,000.00 0.00 4,300,000.00 0.00 10/15/2024 90CAMP$00 (500,000.00) CAMP 1.000 5.01% 500,000.00 0.00 500,000.00 0.00 Sale 10/22/2024 90CAMP$00 (1,500,000.00) CAMP 1.000 5.01% 1,500,000.00 0.00 1,500,000.00 0.00 Sale 11/04/2024 90CAMP$00 (2,900,000.00) CAMP 1.000 4.81% 2,900,000.00 0.00 2,900,000.00 0.00 Sale 11/12/2024 90CAMP$00 (2,600,000.00) CAMP 1.000 4.81% 2,600,000.00 0.00 2,600,000.00 0.00 Sale 11/18/2024 90CAMP$00 (1,500,000.00) CAMP 1.000 4.81% 1,500,000.00 0.00 1,500,000.00 0.00 Sale 12/24/2024 90CAMP$00 (2,100,000.00) CAMP 1.000 4.65% 2,100,000.00 0.00 2,100,000.00 0.00 Total Sale (15,400,000.00) 15,400,000.00 0.00 15,400,000.00 0.00 TOTAL DISPOSITIONS (15,400,000.00) 15,400,000.00 0.00 15,400,000.00 0.00 46 56