HomeMy WebLinkAbout5.8 City Treasurer's Informational Report of Investments for the Quarter Ending March 31, 2025STAFF REPORT
CITY COUNCIL
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Agenda Item 5.8
DATE:May 20, 2025
TO:Honorable Mayor and City Councilmembers
FROM:Colleen Tribby, City Manager
SUBJECT:City Treasurer's Informational Report of Investments for the Quarter
Ending March 31, 2025
Prepared by: Chris Rhoades, Financial Analyst
EXECUTIVE SUMMARY:
The City Council will receive an informational report of the City’s investments through the
quarter ending March 31, 2025 including a monthly transaction ledger. The City’s investment
portfolio for this period totaled $470,738,671 (market value) with an average market yield of
4.26%. 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. The
Finance and Investment Committee reviewed the report at their May 6, 2025 regular meeting.
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 $307,455,330 managed by Chandler
Asset Management (Chandler), and $163,283,342 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
4.16% and 4.43% respectively.
The total investment portfolio balance fluctuates throughout the year due to normal cash flow
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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 slower growth in 2025 and greater market uncertainty as the
effects of fiscal policy unfold. Inflationary trends have subsided, but some components remain
“sticky”, such as rents/shelter and food, 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
minimal change from the prior quarter.
The market value of the City's portfolio increased by $5.8 million from the December 31, 2024
quarter. The quarterly change results from the normal fluctuations in the timing of incoming
revenue, expenditures on capital projects, as well as payments to Alameda County for fire
services. The City’s portfolio increased by $48.4 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). Overall market yield-to-maturity has
decreased to 4.26%, (shown in Table 2) due to the factors discussed in the Economic Update
Highlights. For detailed monthly transactions, see Attachment 2.
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Table 1: Portfolio Values and Yield to Maturity
1Includes cash on hand, receivables, payables, and accrued interest from the Local Pools.
2Accrued 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
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 the California
March 31, 2024 December 31, 2024
Holdings
Market
Value
Market
Value
Par
Value
Book
Value
Market
Value
% of
Subtotal
% of
Total
Portfolio
Book
Yield
Market
Yield
Managed by City
Cash1 274,480 313,298 304,578 304,578 304,578 0.2%0.1%0.00%0.00%
LAIF 26,800,793 27,717,626 28,039,989 28,039,989 28,039,989 17.2%6.0%4.31%4.31%
CAMP 104,531,281 135,716,745 134,938,774 134,938,774 134,938,774 82.6%28.7%4.47%4.47%
SUBTOTAL 131,606,553 163,747,668 163,283,342 163,283,342 163,283,342 100.00%34.76%4.43%4.43%
Accrued Interest2 - - -
131,606,553 163,747,668 163,283,342
Managed by Chandler
ABS 27,628,978 33,334,796 35,936,255 35,932,717 36,131,194 11.8%7.7%4.80%4.47%
Agency 39,102,074 13,896,584 11,145,000 11,205,155 11,217,537 3.7%2.4%4.06%4.01%
Cash3 456,482 2,129 6,119 6,119 6,119 0.0%0.0%0.00%0.00%
Agency CMBS 8,630,360 13,733,961 14,370,000 13,937,857 13,948,947 4.6%3.1%4.15%4.26%
Money Market 813,046 743,108 1,283,006 1,283,006 1,283,006 0.4%0.3%3.97%3.97%
Supranational 26,247,930 27,445,408 27,265,000 26,939,425 26,953,873 8.8%5.8%3.53%4.06%
Corporate 75,214,801 75,925,813 78,190,000 77,861,417 77,780,053 25.5%16.6%3.99%4.50%
US Treasury 110,896,377 133,961,210 138,250,000 137,865,477 138,087,540 45.2%29.4%3.82%3.92%
SUBTOTAL 288,990,049 299,043,009 306,445,381 305,031,174 305,408,271 100.00%65.24%3.98%4.16%
Accrued Interest 1,713,120 2,150,722 2,047,059
290,703,168 301,193,731 307,455,330
TOTAL PORTFOLIO 422,309,722 464,941,399 469,728,722 468,314,515 470,738,671 100.00%4.26%
48,428,950
5,797,272
March 31, 2025
Change from Prior Year
Change from Prior Quarter
Holdings (Market Value)3/31/24 6/30/24 9/30/24 12/31/24 3/31/25
LAIF/CAMP 131,332,074 141,555,441 134,311,573 163,434,370 162,978,763
ABS 27,628,978 31,133,561 33,965,921 33,334,796 36,131,194
Agency 39,102,074 29,682,071 21,005,009 13,896,584 11,217,537
Cash 730,962 742,848 324,258 315,427 310,698
Agency CMBS 8,630,360 8,540,328 11,859,631 13,733,961 13,948,947
Money Market 813,046 356,932 2,161,116 743,108 1,283,006
Supranational 26,247,930 26,304,657 27,039,073 27,445,408 26,953,873
Corporate 75,214,801 75,954,352 78,453,439 75,925,813 77,780,053
US Treasury 110,896,377 118,846,162 127,188,477 133,961,210 138,087,540
Accrued Interest 1,713,120 2,031,616 1,812,539 2,150,722 2,047,059
TOTAL 422,309,722 435,147,967 438,121,036 464,941,399 470,738,671
YIELD TO MATURITY 4.92%4.98%4.22%4.53%4.26%
506
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Asset Management Program (CAMP). Table 3 shows the yields in the pools and with the
assets managed by Chandler over the most recent eight quarters.
Table 3: Quarterly Portfolio Yields, Recent Eight Quarters
Market Yield LAIF CAMP Chandler
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%
3/31/25 4.31%4.47%4.16%
STRATEGIC PLAN INITIATIVE:
None.
NOTICING REQUIREMENTS/PUBLIC OUTREACH:
The City Council Agenda was posted.
ATTACHMENTS:
1) City of Dublin Investment Report for Period Ending March 31, 2025
2) Transaction Ledger – January through March 2025
507
INVESTMENT REPORT
City of Dublin | As of March 31, 2025
CHANDLER ASSET MANAGEMENT | chandlerasset.com
Chandler Team:
For questions about your account, please call (800) 317-4747,
or contact clientservice@chandlerasset.com
Information contained herein is confidential. We urge you to compare this statement to the one you receive from your qualified custodian. Please see Important Disclosures at the end of the statement.
Attachment 1
508
TABLE OF CONTENTS
City of Dublin | As of March 31, 2025
ECONOMIC UPDATE
ACCOUNT PROFILE
CONSOLIDATED INFORMATION
PORTFOLIO HOLDINGS
TRANSACTIONS
1 509
ECONOMIC UPDATE
2 510
Recent economic data suggest slower growth in 2025 and greater market uncertainty as the effects of fiscal policy unfold.Inflationary
trends have subsided, but some components remain sticky,and core levels remain above the Fed’s target.The labor market reflects
improved balance between supply and demand for workers.While job creation has been robust, continuing jobless claims remain elevated.
Given the economic outlook, we expect gradual normalization of monetary policy and a steepening yield curve.
As broadly anticipated,the Federal Open Market Committee (FOMC)left the Federal Funds Rate unchanged at the range of 4.25 -4.50%at
the March meeting.Fed Chair Powell emphasized increased uncertainty around the economic outlook and the need for “greater clarity”
before making changes to interest rate policy.He also acknowledged possible transitory inflationary impacts from tariffs.The summary of
economic projections (SEP)indicated lower GDP growth,higher inflation,and higher unemployment estimates than December projections,
along with roughly two 25-basis point rate cuts this year. The FOMC also announced a slowdown in the pace of balance sheet reduction.
US Treasury yields declined, and the curve steepened in March.The 2-year Treasury yield declined 10 basis points to 3.89%,the 5-year
Treasury fell 7 basis points to 3.95%,and the 10-year Treasury yield was unchanged 4.21%.The spread between the 2-year and 10-year
Treasury yield points on the curve widened to +32 basis points at March month-end versus +22 basis points at February month-end. The
spread between the 2-year Treasury and 10-year Treasury yield one year ago was -42 basis points. The spread between the 3-month and 10-
year Treasury yield points on the curve was -9 basis points in March, unchanged from February.
ECONOMIC UPDATE
3 511
-400
-200
0
200
400
600
800
1,000
MO
M
C
h
a
n
g
e
I
n
T
h
o
u
s
a
n
d
s
(
0
0
0
'
s
)
Nonfarm Payroll (000's)
Non-farm Payroll (000's)
3-month average (000's)
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
Unemployment Rate
Underemployment Rate (U6)
Unemployment Rate (U3)
Ra
t
e
(
%
)
The U.S.economy added 228,000 jobs in March,exceeding consensus expectations, and the last two months were revised down by
48,000.Gains were led by healthcare, retail, social assistance,and transportation. The three-month moving average and six-month
moving average payrolls totaled 152,000 and 181,000 respectively.The unemployment rate rose to 4.2%in March,and the labor
participation rate edged up to 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 edged down to 7.9%in March from
8.0% in February. Average hourly earnings ticked down to an increase of 3.8% year-over-year in March.
Source: US Department of Labor Source: US Department of Labor
EMPLOYMENT
4 512
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
Job Openings
Recession
Historical Average
In
T
h
o
u
s
a
n
d
s
(
0
0
0
'
s
)
The Labor Department’s Job Openings and Labor Turnover Survey (JOLTS)fell to 7.57 million new job openings in February from 7.76
million new job openings in January.Job openings indicate a ratio of 1.1 jobs for each unemployed individual,representing a relatively
balanced labor market.
Source: US Department of Labor
JOB OPENINGS & LABOR TURNOVER SURVEY
5 513
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
9.0%
10.0%
Consumer Price Index (CPI)
CPI YOY % Change
Core CPI YOY % Change
YO
Y
(
%
)
C
h
a
n
g
e
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
9.0%
10.0%
Personal Consumption Expenditures (PCE)
PCE Price Deflator YOY % Change
PCE Core Deflator YOY % Change
Fed Target
YO
Y
(
%
)
C
h
a
n
g
e
In March,price increases measured by both the Consumer Price Index (CPI)and Core CPI,which excludes volatile food and energy
components,decelerated from last month and came in lower than consensus expectations. The headline CPI dropped 0.1%month-over-
month and rose 2.4%year-over-year,while the Core CPI rose 0.1%month-over-month and 2.8%year-over-year.The Personal Consumption
Expenditures (PCE)price index increased by 0.3%from the previous month and 2.5%year-over-year in February.The Core PCE deflator,
which excludes food and energy and is the Fed’s preferred gauge,accelerated its increase to 0.4%month-over-month and 2.8%from 2.6%
year-over-year. Inflation remains above the Fed’s 2% target.
Source: US Department of Labor Source: US Department of Commerce
INFLATION
6 514
-30.0%
-20.0%
-10.0%
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
Retail Sales YOY % Change
YO
Y
(
%
)
C
h
a
n
g
e
The Advance Retail Sales report for February fell short of expectations,increasing 0.2%month-over-month following a 1.2%decline in
January.Declines were broad-based across categories. However,control group sales,which feeds into gross domestic product and
excludes food services,auto dealers,building materials stores,and gasoline stations,increased 1%in February.On a year-over-year
basis, Retail Sales grew 3.1%in February versus 3.9%in January. The Conference Board’s Consumer Confidence Index tumbled 7.2 points
in March to 92.9, a notable decrease from February. Consumers' assessment of the present situation fell, with business conditions viewed
as "good"by only 17.7%and jobs considered "plentiful" by 33.6%.Their expectations for income,business, and labor market conditions
dropped,with pessimism about future employment prospects falling to a 12-year low.While the consumer has been resilient, rising
inflation expectations, concerns about trade policies and tariffs, and general economic and policy uncertainty could pose potential risks to
future spending.
0
20
40
60
80
100
120
140
160
In
d
e
x
L
e
v
e
l
Consumer Confidence
Recession
Source: US Department of Commerce Source: The Conference Board
All time high is 144.70 (1/31/00); All time low is 25.30 (2/28/09)
CONSUMER
7 515
-25.0%
-20.0%
-15.0%
-10.0%
-5.0%
0.0%
5.0%
10.0%
15.0%
Leading Economic Indicators (LEI)
Recession
YO
Y
(%
)
C
h
a
n
g
e
-1.00
-0.75
-0.50
-0.25
0.00
0.25
0.50
0.75
1.00
Chicago Fed National Activity Index (CFNAI)
Recession
3
M
o
n
t
h
A
v
e
r
a
g
e
The Conference Board’s Leading Economic Index (LEI) fell by 0.3% in February, following a 0.2% decline in January. The LEI decreased year-
over-year by 3.1%.The monthly decline was primarily driven by consumer assessments of future business conditions becoming more
pessimistic.The Chicago Fed National Activity Index (CFNAI)increased to +0.18 in February from a revised -0.08 in January,reflecting
stronger readings across production-related indicators and sales,orders,and inventories. The three-month moving average rose to +0.15
in February from +0.07 in January, indicating expectations of continued above-trend economic growth.
Source: The Conference Board Source: Federal Reserve Bank of Chicago
LEADING INDICATORS OF ECONOMIC ACTIVITY
8 516
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
2,000
2,200
2,400
In
T
h
o
u
s
a
n
d
s
o
f
U
n
i
t
s
Annualized Housing Starts
Multi Family Housing Starts
Single Family Housing Starts
Housing starts soared 11.2%to 1.5 million units in February as builders rebounded from adverse weather conditions in January.Total
starts are down 2.9%compared to February 2024.Single family homes starts rose 11.4%,and multi-family starts increased 10.7%.The
Freddie Mac 30-year fixed rate mortgage averaged approximately 6.8%in February.According to the Case-Shiller 20-City Home Price
Index, housing prices rose 4.7%year-over-year in January,compared to 4.5%in December.While inventory constraints remain a
challenge,the slight improvement in annual gains suggests gradual stabilization in the market.However,higher mortgage rates continue
to weigh on affordability, limiting buyer demand and market activity.
Source: US Department of Commerce Source: S&P
-20.0%
-16.0%
-12.0%
-8.0%
-4.0%
0.0%
4.0%
8.0%
12.0%
16.0%
20.0%
24.0%
S&P/Case -Shiller 20 City Composite Home Price Index
Recession
YO
Y
(
%
)
C
h
a
n
g
e
HOUSING
9 517
40
45
50
55
60
65
70
Institute of Supply Management (ISM) Surveys
ISM Manufacturing ISM Services
EXPANDING
CONTRACTING
The Institute for Supply Management (ISM)Manufacturing index dipped back into contraction at 49.0 in March from 50.3 in February.The
survey reflected a decline in business activity,upward price pressures,and notably weaker employment.The ISM Services index declined
to 50.8 in March from 53.5 in February as new orders,employment,and supplier deliveries all weakened.A reading over 50 indicates
expansion, while a reading under 50 indicates contraction.
Source: Institute for Supply Management
SURVEY BASED MEASURES
10 518
Components of GDP 3/24 6/24 9/24 12/24
1.3% 1.9% 2.5% 2.7%
0.6% 1.5% 0.2% -1.0%
-0.6% -0.9% -0.4% 0.3%
0.0% 0.3% 0.6% 0.3%
0.3% 0.3% 0.3% 0.3%
1.6% 3.0% 3.1% 2.4%
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
According to the third estimate,fourth quarter GDP increased at an annualized rate of 2.4 percent,revised up 0.1 percentage point from
the second estimate.Growth continues to be powered by consumer spending and government spending,partly offset by a decrease in
investment.Imports also decreased. Real GDP increased 2.8 percent in 2024.The consensus projection calls for 1.2%growth for the first
quarter and 2.0% for the full year 2025.
GROSS DOMESTIC PRODUCT (GDP)
11 519
Source: Federal Reserve Source: Bloomberg
0
1,000,000
2,000,000
3,000,000
4,000,000
5,000,000
6,000,000
7,000,000
8,000,000
9,000,000
10,000,000
Federal Reserve Balance Sheet Assets
Recession
In
$
m
i
l
l
i
o
n
s
As broadly anticipated,the Federal Open Market Committee (FOMC)left the Federal Funds Rate unchanged at the range of 4.25 -4.50%
at the March meeting.Fed Chair Powell emphasized increased uncertainty around the economic outlook and the need for “greater clarity”
before making changes to interest rate policy.He also acknowledged possible transitory inflationary impacts from tariffs.The summary
of economic projections (SEP)indicated lower GDP growth,higher inflation,and higher unemployment estimates than December
projections,along with roughly two 25-basis point rate cuts this year.The FOMC also announced a slowdown in the pace of balance
sheet reduction. The monthly redemption cap on Treasuries will be reduced from $25 billion to $5 billion, while the cap on agencies and
mortgage-backed securities will be maintained at $35 billion.Since the Fed began its Quantitative Tightening campaign in June 2022,
securities holdings have declined by approximately $2.2 trillion to approximately $6.8 trillion.
FEDERAL RESERVE
0.00%
1.00%
2.00%
3.00%
4.00%
5.00%
6.00%
Effective Federal Funds Rate
Recession
Yi
e
l
d
(
%
)
12 520
Source: Bloomberg Source: Bloomberg
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
US Treasury Note Yields
2-Year
5-Year
10-Year
Y
i
e
l
d
(
%
)
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
US Treasury Yield Curve
Mar-25
Dec-24
Mar-24
Yi
e
l
d
(
%
)
At the end of March,the 2-year Treasury yield was 74 basis points lower,and the 10-Year Treasury yield was 6 basis points higher,year-
over-year.The spread between the 2-year and 10-year Treasury yield points on the curve widened to +32 basis points at March month-
end versus +22 basis points at February month-end. The recent yield curve inversion which began in July 2022 was historically long.The
average historical spread (since 2005)is about +99 basis points. The spread between the 3-month and 10-year Treasury yield points on
the curve was -9 basis points in in March, unchanged from February.
BOND YIELDS
13 521
ACCOUNT PROFILE
14 522
OBJECTIVES
City of Dublin | As of March 31, 2025
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.
15 523
STATEMENT OF COMPLIANCE
City of Dublin | Account #10198 | As of March 31, 2025
Rules Name Limit Actual Compliance
Status Notes
AGENCY MORTGAGE SECURITIES (CMOS)
Max % (MV)20.0 4.6 Compliant
Max % Issuer (MV)20.0 4.6 Compliant
Max Maturity (Years)5.0 4.5 Compliant
ASSET-BACKED SECURITIES (ABS)
Max % (MV; Non Agency ABS & MBS)20.0 11.8 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)40.0 0.0 Compliant
Max % Issuer (MV)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)25.0 0.0 Compliant
Max % Issuer (MV)5.0 0.0 Compliant
Max Maturity (Days)270 0.0 Compliant
Min Rating (A-1 by 1 or A- by 1)0.0 0.0 Compliant
CORPORATE MEDIUM TERM NOTES
Max % (MV)30.0 25.5 Compliant
Max % Issuer (MV)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)100.0 3.7 Compliant
Max % Issuer (MV)35.0 2.8 Compliant
Max Callables (MV)25.0 0.0 Compliant
Max Maturity (Years)10 3 Compliant
16 524
STATEMENT OF COMPLIANCE
City of Dublin | Account #10198 | As of March 31, 2025
Rules Name Limit Actual Compliance
Status Notes
LOCAL AGENCY INVESTMENT FUND (LAIF)
Max Concentration (MV)75.0 0.0 Compliant
MONEY MARKET MUTUAL FUNDS
Max % (MV; Money Market Fund & Mutual Fund)20.0 0.4 Compliant
Max % Issuer (MV)20.0 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 (ALL STATES)
Max % Issuer (MV)5.0 0.0 Compliant
Max Maturity (Years)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 0.4 Compliant
Max % Issuer (MV)10.0 0.0 Compliant
Min Rating (AAA by 2)0.0 0.0 Compliant
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-1 by 1 or A- by 1 if > FDIC Limit)0.0 0.0 Compliant
SRI PROHIBITED INVESTMENTS
Prohibited Investment - Fossil Fuels 0.0 0.0 Compliant
Prohibited Investments - Firearms 0.0 0.0 Compliant
Prohibited Investments - Tobacco 0.0 0.0 Compliant
SUPRANATIONAL OBLIGATIONS
17 525
STATEMENT OF COMPLIANCE
City of Dublin | Account #10198 | As of March 31, 2025
Rules Name Limit Actual Compliance
Status Notes
Max % (MV)30.0 8.8 Compliant
Max % Issuer (MV)10.0 4.2 Compliant
Max Maturity (Years)5 4 Compliant
Min Rating (AA- by 1)0.0 0.0 Compliant
TIME DEPOSITS
Max % (MV)10.0 0.0 Compliant
Max % Issuer (MV)5.0 0.0 Compliant
Max Maturity (Years)1.0 0.0 Compliant
U.S. TREASURIES
Max % (MV)100.0 45.2 Compliant
Max Maturity (Years)10 4 Compliant
18 526
PORTFOLIO CHARACTERISTICS
City of Dublin | Account #10198 | As of March 31, 2025
Benchmark*3/31/2025
Portfolio
12/31/2024
Portfolio
Average Maturity (yrs)2.65 3.10 3.09
Average Modified Duration 2.48 2.60 2.60
Average Purchase Yield 3.98%3.76%
Average Market Yield 3.93%4.16%4.49%
Average Quality**AA+AA+AA+
Total Market Value 307,455,330 301,193,731
*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.
19 527
SECTOR DISTRIBUTION
City of Dublin | Account #10198 | As of March 31, 2025
Sector as a Percentage of Market Value
Sector 03/31/2025 12/31/2024
US Treasury 45.21%44.80%
Corporate 25.47%25.39%
ABS 11.83%11.15%
Supras 8.83%9.18%
Agency CMBS 4.57%4.59%
Agency 3.67%4.65%
Money Mkt Fd 0.42%0.25%
20 528
ISSUERS
City of Dublin | Account #10198 | As of March 31, 2025
Issuer Investment Type % Portfolio
Government of The United States US Treasury 45.21%
FHLMC Agency CMBS 4.57%
International Bank for Recon and Dev Supras 4.23%
Inter-American Development Bank Supras 4.06%
Federal Home Loan Banks Agency 2.81%
Chase Issuance Trust ABS 1.65%
John Deere Owner Trust ABS 1.52%
UnitedHealth Group Incorporated Corporate 1.46%
Bank of Montreal Corporate 1.45%
Deere & Company Corporate 1.32%
The Toronto-Dominion Bank Corporate 1.32%
BMW Vehicle Owner Trust ABS 1.31%
JPMorgan Chase & Co.Corporate 1.30%
Toyota Motor Corporation Corporate 1.28%
Merck & Co., Inc.Corporate 1.14%
Caterpillar Inc.Corporate 1.11%
GM Financial Automobile Leasing Trus ABS 1.09%
Honda Auto Receivables Owner Trust ABS 1.03%
Bank of America Corporation Corporate 0.97%
Toyota Lease Owner Trust ABS 0.96%
Amazon.com, Inc.Corporate 0.89%
Tennessee Valley Authority Agency 0.86%
Royal Bank of Canada Corporate 0.83%
Northwestern Mutual Global Funding Corporate 0.82%
Honeywell International Inc.Corporate 0.81%
Guardian Life Global Funding Corporate 0.79%
Morgan Stanley Corporate 0.75%
Realty Income Corporation Corporate 0.73%
Berkshire Hathaway Inc.Corporate 0.73%
Hyundai Auto Receivables Trust ABS 0.73%
21 529
ISSUERS
City of Dublin | Account #10198 | As of March 31, 2025
Issuer Investment Type % Portfolio
American Express Credit Master Trust ABS 0.72%
Walmart Inc.Corporate 0.67%
Wells Fargo & Company Corporate 0.67%
Massachusetts Mutual Life Insurance Corporate 0.66%
The Home Depot, Inc.Corporate 0.62%
The Charles Schwab Corporation Corporate 0.62%
Metropolitan Life Global Funding I Corporate 0.58%
WF Card Issuance Trust ABS 0.54%
International Finance Corporation Supras 0.53%
Cisco Systems, Inc.Corporate 0.52%
Mercedes-Benz Auto Receivables Trust ABS 0.50%
AbbVie Inc.Corporate 0.50%
Bank of America Credit Card Trust ABS 0.49%
BNY Mellon Corp Corporate 0.49%
GM Financial Securitized Term ABS 0.46%
Honda Motor Co., Ltd.Corporate 0.46%
Target Corporation Corporate 0.42%
First American Govt Oblig fund Money Mkt Fd 0.42%
American Express Company Corporate 0.42%
U.S. Bancorp Corporate 0.41%
Met Tower Global Funding Corporate 0.40%
Toyota Auto Receivables Owner Trust ABS 0.33%
Dominion Energy, Inc.Corporate 0.32%
Hyundai Auto Lease Securitization Tr ABS 0.26%
Mercedes-Benz Auto Lease Trust ABS 0.25%
Cash Cash 0.00%
TOTAL 100.00%
22 530
QUALITY DISTRIBUTION
Rating 03/31/2025 12/31/2024
AAA 19.3%19.0%
AA 58.1%58.0%
A 18.4%19.2%
BBB 1.0%0.8%
NA 3.2%2.9%
Rating 03/31/2025 12/31/2024
AAA 69.7%70.0%
AA 5.5%3.7%
A 19.2%21.0%
NA 5.6%5.4%
Rating 03/31/2025 12/31/2024
AAA 13.4%12.8%
AA 59.7%60.2%
A 11.4%11.3%
NA 15.5%15.7%
City of Dublin | Account #10198 | As of March 31, 2025
S&P Rating Moody’s Rating Fitch Rating
23 531
0-.25 .25-.5 .5-1 1-2 2-3 3-4 4-5 5-7 7+
Portfolio 3.0%1.2%3.3%23.4%27.3%30.8%10.9%0.0%0.0%
ICE BofA 1-5 Year Unsubordinated US Treasury &
Agency Index 0.0%0.0%2.6%35.4%27.3%22.5%12.1%0.0%0.0%
DURATION DISTRIBUTION
City of Dublin | Account #10198 | As of March 31, 2025
Portfolio Compared to the Benchmark
24 532
3 Months 12 Months 2 Years 3 Years 5 Years 10 Years Since Inception
TOTAL RATE OF RETURN
City of Dublin 2.08%5.76%4.53%2.95%1.30%1.76%1.68%
Benchmark 2.00%5.50%3.96%2.49%0.71%1.47%1.42%
*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 Dublin | Account #10198 | As of March 31, 2025
Total Rate of Return : Inception | 11/01/2013
25 533
PORTFOLIO CHARACTERISTICS
City of Dublin Reporting Account | Account #10219 | As of March 31, 2025
3/31/2025
Portfolio
12/31/2024
Portfolio
Average Maturity (yrs)0.00 0.00
Average Modified Duration 0.00 0.00
Average Purchase Yield 4.43%4.60%
Average Market Yield 4.43%4.60%
Average Quality**AAA AAA
Total Market Value 163,283,342 163,747,668
*Benchmark: NO BENCHMARK REQUIRED
**The credit quality is a weighted average calculation of the highest of S&P, Moody’s and Fitch.
26 534
SECTOR DISTRIBUTION
City of Dublin Reporting Account | Account #10219 | As of March 31, 2025
Sector as a Percentage of Market Value
Sector 03/31/2025 12/31/2024
LGIP 82.64%82.88%
LAIF 17.17%16.93%
Cash 0.19%0.19%
27 535
ISSUERS
City of Dublin Reporting Account | Account #10219 | As of March 31, 2025
Issuer Investment Type % Portfolio
California Asset Mgmt Program LGIP 82.64%
LAIF LAIF 17.17%
Cash Cash 0.19%
TOTAL 100.00%
28 536
CONSOLIDATED INFORMATION
29 537
PORTFOLIO CHARACTERISTICS
City of Dublin Cons | Account #10221 | As of March 31, 2025
3/31/2025
Portfolio
12/31/2024
Portfolio
Average Maturity (yrs)2.02 2.00
Average Modified Duration 1.69 1.68
Average Purchase Yield 4.14%4.06%
Average Market Yield 4.26%4.53%
Average Quality**AA+AA+
Total Market Value 470,738,671 464,941,399
*Benchmark: NO BENCHMARK REQUIRED
**The credit quality is a weighted average calculation of the highest of S&P, Moody’s and Fitch.
30 538
SECTOR DISTRIBUTION
City of Dublin Cons | Account #10221 | As of March 31, 2025
Sector as a Percentage of Market Value
Sector 03/31/2025 12/31/2024
US Treasury 29.46%28.95%
LGIP 28.79%29.33%
Corporate 16.60%16.41%
ABS 7.71%7.20%
LAIF 5.98%5.99%
Supras 5.75%5.93%
Agency CMBS 2.98%2.97%
Agency 2.39%3.00%
Money Mkt Fd 0.27%0.16%
Cash 0.07%0.07%
31 539
PORTFOLIO HOLDINGS
32 540
HOLDINGS REPORT
City of Dublin | Account #10198 | As of March 31, 2025
Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
ABS
43815GAC3 HAROT 2021-4 A3 0.88
01/21/2026 39,149.22 11/16/2021
0.89%
39,140.97
39,147.80
99.66
4.86%
39,016.19
9.57
0.01%
(131.60)
AAA/NA
AAA
0.81
0.08
47789QAC4 JDOT 2021-B A3 0.52 03/16/2026 20,902.89 07/13/2021
0.52%
20,901.02
20,902.56
99.82
5.22%
20,865.25
4.83
0.01%
(37.30)
AAA/NA
AAA
0.96
0.04
43815BAC4 HAROT 2022-1 A3 1.88
05/15/2026 241,503.75 02/15/2022
1.89%
241,467.42
241,494.97
99.46
4.73%
240,204.00
201.79
0.08%
(1,290.97)
AAA/AAA
NA
1.12
0.19
05602RAD3 BMWOT 2022-A A3 3.21
08/25/2026 170,516.34 05/10/2022
3.23%
170,507.48
170,513.66
99.68
4.55%
169,971.10
91.23
0.06%
(542.56)
AAA/AAA
NA
1.40
0.24
47787JAC2 JDOT 2022 A3 2.32 09/15/2026 193,152.02 03/10/2022
2.34%
193,109.29
193,139.16
99.48
4.16%
192,143.84
199.16
0.06%
(995.31)
AAA/NA
AAA
1.46
0.28
362554AC1 GMCAR 2021-4 A3 0.68
09/16/2026 60,325.22 10/13/2021
0.68%
60,323.68
60,324.83
99.47
4.91%
60,008.44
17.09
0.02%
(316.39)
AAA/AAA
NA
1.46
0.12
448977AD0 HART 2022-A A3 2.22 10/15/2026 206,725.95 03/09/2022
2.23%
206,717.99
206,723.54
99.56
4.39%
205,820.57
203.97
0.07%
(902.97)
NA/AAA
AAA
1.54
0.20
380146AC4 GMCAR 2022-1 A3 1.26
11/16/2026 73,445.69 01/11/2022
1.27%
73,439.31
73,443.80
99.47
4.55%
73,059.14
38.56
0.02%
(384.67)
NA/AAA
AAA
1.63
0.16
362585AC5 GMCAR 2022-2 A3 3.1
02/16/2027 256,352.18 04/05/2022
3.13%
256,298.60
256,333.13
99.49
4.67%
255,033.68
331.12
0.08%
(1,299.44)
AAA/AAA
NA
1.88
0.33
47800AAC4 JDOT 2022-B A3 3.74 02/16/2027 469,230.10 07/12/2022
3.77%
469,185.29
469,212.40
99.62
4.59%
467,425.02
779.96
0.15%
(1,787.38)
AAA/NA
AAA
1.88
0.47
448988AD7 HALST 24A A3 5.02 03/15/2027 785,000.00 01/17/2024
5.03%
784,851.24
784,907.45
100.36
4.65%
787,850.57
1,751.42
0.26%
2,943.12
NA/AAA
AAA
1.96
0.85
36269FAD8 GMALT 2024-1 A3 5.09
03/22/2027 995,000.00 02/08/2024
5.09%
994,875.63
994,920.83
100.44
4.59%
999,412.03
1,547.50
0.33%
4,491.20
NA/AAA
AAA
1.97
0.80
89238GAD3 TLOT 2024-A A3 5.25 04/20/2027 1,000,000.00 02/21/2024
5.25%
999,957.80
999,972.47
100.63
4.53%
1,006,321.40
1,604.17
0.33%
6,348.93
NA/AAA
AAA
2.05
0.81
02582JJT8 AMXCA 2022-2 A 3.39 05/17/2027 2,205,000.00 05/17/2022
3.42%
2,204,512.25
2,204,971.99
99.84
4.72%
2,201,540.36
3,322.20
0.72%
(3,431.64)
NA/AAA
AAA
0.12
0.12
47800BAC2 JDOT 2022-C A3 5.09 06/15/2027 812,108.88 10/12/2022
5.15%
812,045.86
812,079.58
100.30
4.63%
814,580.78
1,837.17
0.27%
2,501.20
AAA/NA
AAA
2.21
0.58
36269WAD1 GMALT 2024-2 A3 5.39
07/20/2027 1,055,000.00 05/07/2024
5.85%
1,054,938.71
1,054,955.62
100.94
4.54%
1,064,935.15
1,737.53
0.35%
9,979.53
NA/AAA
AAA
2.30
1.03
33 541
HOLDINGS REPORT
City of Dublin | Account #10198 | As of March 31, 2025
Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
58768PAC8 MBART 2022-1 A3 5.21
08/16/2027 1,523,041.93 11/15/2022
5.28%
1,522,740.67
1,522,893.11
100.29
4.70%
1,527,490.89
3,526.69
0.50%
4,597.77
AAA/AAA
NA
2.38
0.51
891943AD4 TLOT 2024-B A3 4.21 09/20/2027 1,925,000.00 09/10/2024
4.25%
1,924,774.78
1,924,814.98
99.61
4.54%
1,917,488.27
2,476.30
0.63%
(7,326.72)
AAA/NA
AAA
2.47
1.35
58770JAD6 MBALT 2024-A A3 5.32
01/18/2028 765,000.00 05/17/2024
5.73%
764,910.50
764,931.49
101.19
4.52%
774,130.28
1,808.80
0.25%
9,198.79
AAA/NA
AAA
2.80
1.38
362583AD8 GMCAR 2023-2 A3 4.47
02/16/2028 560,634.85 04/04/2023
4.51%
560,619.43
560,625.70
99.95
4.59%
560,353.46
1,044.18
0.18%
(272.23)
AAA/AAA
NA
2.88
0.66
36271VAD9 GMALT 2025-1 A3 4.66
02/21/2028 1,260,000.00 02/05/2025
4.66%
1,259,851.32
1,259,857.78
100.46
4.43%
1,265,852.57
1,794.10
0.41%
5,994.79
NA/AAA
AAA
2.90
1.66
05592XAD2 BMWOT 2023-A A3 5.47
02/25/2028 519,166.21 07/11/2023
5.47%
519,074.22
519,108.27
100.66
4.59%
522,589.02
473.31
0.17%
3,480.75
NA/AAA
AAA
2.91
0.70
89239FAD4 TAOT 2023-D A3 5.54 08/15/2028 980,000.00 11/07/2023
6.30%
979,894.36
979,925.03
101.51
4.40%
994,757.92
2,412.98
0.33%
14,832.89
NA/AAA
AAA
3.38
1.25
161571HT4 CHAIT 2023-1 A 5.16 09/15/2028 3,090,000.00 09/07/2023
5.17%
3,089,143.45
3,089,407.87
101.13
4.39%
3,125,003.52
7,086.40
1.02%
35,595.65
NA/AAA
AAA
3.46
1.37
47800RAD5 JDOT 2024 A3 4.96 11/15/2028 550,000.00 03/11/2024
5.12%
549,969.20
549,976.04
101.00
4.36%
555,497.58
1,212.44
0.18%
5,521.54
AAA/NA
AAA
3.63
1.52
437930AC4 HAROT 2024-2 A3 5.27
11/20/2028 1,000,000.00 05/14/2024
5.27%
999,878.50
999,901.78
101.27
4.44%
1,012,732.40
1,903.06
0.33%
12,830.62
NA/AAA
AAA
3.64
1.43
36268GAD7 GMCAR 2024-1 A3 4.85
12/18/2028 445,000.00 01/09/2024
4.91%
444,910.51
444,932.42
100.57
4.43%
447,532.05
899.27
0.15%
2,599.63
AAA/NA
AAA
3.72
1.20
161571HV9 CHAIT 241 A 4.6 01/16/2029 1,910,000.00 01/24/2024
4.61%
1,909,709.11
1,909,777.50
100.57
4.31%
1,920,843.83
3,904.89
0.63%
11,066.34
NA/AAA
AAA
3.80
1.68
448973AD9 HART 2024-A A3 4.99 02/15/2029 1,170,000.00 03/11/2024
5.05%
1,169,742.02
1,169,796.26
100.92
4.43%
1,180,712.17
2,594.80
0.39%
10,915.90
NA/AAA
AAA
3.88
1.50
096919AD7 BMWOT 2024-A A3 5.18
02/26/2029 1,305,000.00 06/04/2024
5.24%
1,304,801.77
1,304,835.63
101.24
4.40%
1,321,150.81
1,126.65
0.43%
16,315.18
AAA/AAA
NA
3.91
1.47
47786WAD2 JDOT 2024-B A3 5.2 03/15/2029 1,110,000.00 06/11/2024
5.26%
1,109,783.00
1,109,818.98
101.45
4.41%
1,126,065.47
2,565.33
0.37%
16,246.49
AAA/NA
AAA
3.96
1.69
44934QAD3 HART 2024-B A3 4.84 03/15/2029 825,000.00 07/16/2024
4.90%
824,875.51
824,893.95
100.72
4.48%
830,980.43
1,774.67
0.27%
6,086.48
NA/AAA
AAA
3.96
1.77
43813YAC6 HAROT 2024-3 A3 4.57
03/21/2029 1,845,000.00 08/09/2024
4.68%
1,844,710.15
1,844,748.79
100.42
4.36%
1,852,695.50
2,342.13
0.61%
7,946.71
AAA/NA
AAA
3.97
1.65
34 542
HOLDINGS REPORT
City of Dublin | Account #10198 | As of March 31, 2025
Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
05522RDJ4 BACCT 2024-1 A 4.93 05/15/2029 1,480,000.00 06/06/2024
4.93%
1,479,916.97
1,479,930.72
101.31
4.32%
1,499,371.28
3,242.84
0.49%
19,440.56
AAA/AAA
NA
4.12
1.97
47800DAD6 JDOT 2025 A3 4.23 09/17/2029 1,465,000.00 03/04/2025
5.09%
1,464,907.85
1,464,909.02
99.92
4.30%
1,463,845.87
3,963.64
0.48%
(1,063.15)
AAA/NA
AAA
4.47
2.38
096924AD7 BMWOT 2025-A A3 4.56
09/25/2029 1,980,000.00 02/04/2025
4.56%
1,979,804.97
1,979,810.52
100.47
4.37%
1,989,268.58
1,504.80
0.65%
9,458.06
AAA/AAA
NA
4.49
2.02
92970QAE5 WFCIT 2024-2 A 4.29 10/15/2029 1,645,000.00 10/17/2024
4.58%
1,644,755.55
1,644,776.94
99.98
4.34%
1,644,645.01
3,136.47
0.54%
(131.93)
AAA/AAA
NA
4.54
2.35
35,931,046.38 100.55 36,131,194.43 11.83%3.13
Total ABS 35,936,255.23 4.80%35,932,716.55 4.47%64,471.01 198,477.88 1.33
AGENCY
3130ATUC9 FEDERAL HOME LOAN BANKS 4.5
12/12/2025 4,000,000.00 02/09/2023
4.22%
4,029,238.40
4,007,196.71
100.21
4.18%
4,008,536.84
54,500.00
1.31%
1,340.13
AAA/AA
AA
0.70
0.67
3130ATS57 FEDERAL HOME LOAN BANKS 4.5
03/10/2028 3,000,000.00 03/21/2023
4.01%
3,065,010.00
3,038,468.73
101.62
3.91%
3,048,589.08
7,875.00
1.00%
10,120.35
AAA/AA
AA
2.94
2.73
880591EZ1 TENNESSEE VALLEY AUTHORITY
3.875 03/15/2028 2,645,000.00 --
3.73%
2,661,791.35
2,655,157.99
99.82
3.94%
2,640,368.79
4,555.28
0.86%
(14,789.20)
AAA/AA
AA
2.96
2.76
3130AWMN7 FEDERAL HOME LOAN BANKS
4.375 06/09/2028 1,500,000.00 07/26/2023
4.27%
1,506,615.00
1,504,331.91
101.34
3.92%
1,520,042.51
20,416.67
0.50%
15,710.59
AAA/AA
AA
3.19
2.92
11,262,654.75 100.66 11,217,537.22 3.67%2.18
Total Agency 11,145,000.00 4.06%11,205,155.34 4.01%87,346.94 12,381.87 2.03
AGENCY CMBS
3137BSRE5 FHMS K-059 A2 3.12 09/25/2026 2,000,000.00 02/18/2022
2.08%
2,085,625.00
2,026,881.06
98.34
4.24%
1,966,702.80
5,200.00
0.64%
(60,178.26)
AAA/AAA
AAA
1.49
1.33
3137F4D41 FHMS K-074 A2 3.6 01/25/2028 1,000,000.00 07/25/2023
4.73%
954,414.06
971,684.88
98.28
4.21%
982,828.00
3,000.00
0.32%
11,143.12
AAA/AA
AAA
2.82
2.56
3137FG6X8 FHMS K-077 A2 3.85 05/25/2028 2,815,000.00 05/24/2023
4.24%
2,763,318.36
2,782,634.30
98.77
4.23%
2,780,359.45
9,031.46
0.91%
(2,274.85)
AAA/AA
AAA
3.15
2.84
3137FK4M5 FHMS K-085 A2 4.06 10/25/2028 1,100,000.00 10/30/2023
5.37%
1,038,253.91
1,056,003.76
99.19
4.26%
1,091,053.92
3,721.67
0.36%
35,050.16
AAA/AA
AA
3.57
3.23
35 543
HOLDINGS REPORT
City of Dublin | Account #10198 | As of March 31, 2025
Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
3137FKUP9 FHMS K-087 A2 3.771 12/25/2028 2,500,000.00 07/01/2024
4.86%
2,391,699.22
2,409,861.46
98.28
4.26%
2,456,982.75
7,856.25
0.80%
47,121.29
AAA/AAA
AA
3.74
3.25
3137H5YC5 FHMS K-748 A2 2.26 01/25/2029 2,000,000.00 08/26/2024
4.08%
1,855,937.50
1,875,466.78
93.03
4.28%
1,860,514.00
3,766.67
0.61%
(14,952.78)
AAA/AA
AAA
3.82
3.50
3137H9D71 FHMS K-750 A2 3.0 09/25/2029 2,955,000.00 10/18/2024
4.25%
2,801,478.52
2,815,324.88
95.11
4.29%
2,810,506.41
7,387.50
0.92%
(4,818.47)
AAA/AA
AAA
4.49
3.76
13,890,726.57 97.12 13,948,947.33 4.57%3.39
Total Agency CMBS 14,370,000.00 4.15%13,937,857.12 4.26%39,963.54 11,090.22 2.98
CASH
CCYUSD Receivable 6,119.46 --
0.00%
6,119.46
6,119.46
1.00
0.00%
6,119.46
0.00
0.00%
0.00
AAA/AAA
AAA
0.00
0.00
6,119.46 1.00 6,119.46 0.00%0.00
Total Cash 6,119.46 0.00%6,119.46 0.00%0.00 0.00 0.00
CORPORATE
438516CB0 HONEYWELL INTERNATIONAL INC
1.35 06/01/2025 2,500,000.00 06/23/2020
0.85%
2,559,500.00
2,501,007.91
99.42
4.82%
2,485,555.70
11,250.00
0.81%
(15,452.21)
A/A
A
0.17
0.17
66815L2J7 NORTHWESTERN MUTUAL
GLOBAL FUNDING 4.0 07/01/2025 2,500,000.00 06/27/2022
4.01%
2,499,150.00
2,499,929.42
99.86
4.51%
2,496,550.13
25,000.00
0.82%
(3,379.30)
AAA/AA
AAA
0.25
0.25
89114QCK2 TORONTO-DOMINION BANK 0.75
09/11/2025 1,000,000.00 02/16/2021
0.81%
997,230.00
999,728.99
98.35
4.53%
983,524.99
416.67
0.32%
(16,204.00)
A/A
AA
0.45
0.44
808513BR5 CHARLES SCHWAB CORP 1.15
05/13/2026 1,370,000.00 05/11/2021
1.20%
1,366,821.60
1,369,291.56
96.55
4.35%
1,322,691.09
6,039.42
0.43%
(46,600.47)
A/A
A
1.12
1.08
91324PEC2 UNITEDHEALTH GROUP INC 1.15
05/15/2026 2,000,000.00 --
1.90%
1,939,210.15
1,983,788.34
96.56
4.32%
1,931,280.28
8,688.89
0.63%
(52,508.06)
A/A
A
1.12
1.09
89236TJK2 TOYOTA MOTOR CREDIT CORP
1.125 06/18/2026 2,485,000.00 06/15/2021
1.13%
2,483,906.60
2,484,734.74
96.29
4.30%
2,392,702.97
7,998.59
0.78%
(92,031.76)
A/A
A
1.22
1.18
58989V2D5 MET TOWER GLOBAL FUNDING
1.25 09/14/2026 1,285,000.00 09/07/2021
1.27%
1,283,817.80
1,284,656.22
95.68
4.35%
1,229,532.40
758.51
0.40%
(55,123.82)
AA/AA
AA
1.46
1.41
06368FAC3 BANK OF MONTREAL 1.25
09/15/2026 2,500,000.00 --
1.29%
2,495,539.50
2,498,700.45
95.54
4.45%
2,388,461.83
1,388.89
0.78%
(110,238.62)
A/A
AA
1.46
1.41
36 544
HOLDINGS REPORT
City of Dublin | Account #10198 | As of March 31, 2025
Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
931142ER0 WALMART INC 1.05 09/17/2026 585,000.00 09/08/2021
1.09%
583,894.35
584,676.66
95.76
4.06%
560,221.79
238.88
0.18%
(24,454.87)
AA/AA
AA
1.47
1.42
59217GER6 METROPOLITAN LIFE GLOBAL
FUNDING I 1.875 01/11/2027 1,860,000.00 01/03/2022
1.90%
1,857,879.60
1,859,245.20
95.66
4.44%
1,779,254.98
7,750.00
0.58%
(79,990.22)
AA/AA
AA
1.78
1.71
87612EBM7 TARGET CORP 1.95 01/15/2027 1,340,000.00 01/19/2022
1.99%
1,337,722.00
1,339,180.07
96.25
4.14%
1,289,755.98
5,516.33
0.42%
(49,424.10)
A/A
A
1.79
1.72
808513BY0 CHARLES SCHWAB CORP 2.45
03/03/2027 585,000.00 03/01/2022
2.47%
584,368.20
584,757.45
96.48
4.38%
564,409.47
1,114.75
0.18%
(20,347.98)
A/A
A
1.92
1.85
084664CZ2 BERKSHIRE HATHAWAY FINANCE
CORP 2.3 03/15/2027 2,295,000.00 03/07/2022
2.30%
2,294,563.95
2,294,829.73
96.69
4.08%
2,218,951.14
2,346.00
0.73%
(75,878.60)
AA/AA
A
1.96
1.88
40139LBF9 GUARDIAN LIFE GLOBAL FUNDING
3.246 03/29/2027 765,000.00 03/24/2022
3.25%
765,000.00
765,000.00
97.90
4.36%
748,937.69
137.96
0.25%
(16,062.31)
AA/AA
NA
1.99
1.91
023135CF1 AMAZON.COM INC 3.3
04/13/2027 1,750,000.00 04/25/2022
3.34%
1,746,972.50
1,748,760.26
98.32
4.17%
1,720,612.53
26,950.00
0.56%
(28,147.73)
A/AA
AA
2.04
1.91
46647PCB0 JPMORGAN CHASE & CO 1.578
04/22/2027 500,000.00 08/23/2022
4.64%
449,845.00
485,086.06
96.97
4.89%
484,831.31
3,484.75
0.16%
(254.75)
A/A
AA
2.06
1.02
927804GH1 VIRGINIA ELECTRIC AND POWER
CO 3.75 05/15/2027 1,000,000.00 --
3.75%
999,773.40
999,885.42
98.69
4.40%
986,947.88
14,166.67
0.32%
(12,937.54)
A/BBB
A
2.12
1.99
14913R3A3 CATERPILLAR FINANCIAL SERVICES
CORP 3.6 08/12/2027 1,375,000.00 --
3.89%
1,357,243.75
1,366,472.53
98.56
4.24%
1,355,253.30
6,737.50
0.44%
(11,219.23)
A/A
A
2.37
2.23
931142EX7 WALMART INC 3.95 09/09/2027 1,500,000.00 --
3.97%
1,498,302.30
1,499,171.60
99.72
4.07%
1,495,823.27
3,620.83
0.49%
(3,348.34)
AA/AA
AA
2.44
2.30
89236TKJ3 TOYOTA MOTOR CREDIT CORP
4.55 09/20/2027 1,500,000.00 11/22/2022
4.88%
1,479,060.00
1,489,268.25
100.49
4.34%
1,507,329.93
2,085.42
0.49%
18,061.68
A/A
A
2.47
2.31
023135CP9 AMAZON.COM INC 4.55
12/01/2027 1,000,000.00 01/17/2023
4.21%
1,014,400.00
1,007,781.11
101.06
4.13%
1,010,553.43
15,166.67
0.33%
2,772.32
A/AA
AA
2.67
2.38
89115A2M3 TORONTO-DOMINION BANK 5.156
01/10/2028 3,000,000.00 --
5.28%
2,984,380.00
2,990,523.00
101.69
4.50%
3,050,849.52
34,803.00
1.00%
60,326.52
A/A
AA
2.78
2.54
756109AU8 REALTY INCOME CORP 3.65
01/15/2028 960,000.00 04/10/2023
4.87%
910,540.80
931,018.44
97.84
4.48%
939,311.76
7,397.33
0.31%
8,293.32
A/A
NA
2.79
2.60
24422EWR6 JOHN DEERE CAPITAL CORP 4.75
01/20/2028 2,000,000.00 01/23/2023
4.40%
2,030,780.00
2,017,308.47
101.44
4.20%
2,028,732.70
18,736.11
0.66%
11,424.23
A/A
A
2.81
2.58
06051GGF0 BANK OF AMERICA CORP 3.824
01/20/2028 3,000,000.00 --
5.54%
2,824,349.55
2,917,433.01
98.73
5.11%
2,961,993.06
22,625.33
0.97%
44,560.05
A/A
AA
2.81
1.71
37 545
HOLDINGS REPORT
City of Dublin | Account #10198 | As of March 31, 2025
Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
06368LGV2 BANK OF MONTREAL 5.203
02/01/2028 2,000,000.00 08/17/2023
5.56%
1,972,380.00
1,982,391.19
101.83
4.51%
2,036,602.36
17,343.33
0.67%
54,211.17
A/A
AA
2.84
2.52
91324PEP3 UNITEDHEALTH GROUP INC 5.25
02/15/2028 1,500,000.00 02/21/2023
4.90%
1,522,890.00
1,513,052.55
102.55
4.29%
1,538,256.05
10,062.50
0.50%
25,203.49
A/A
A
2.88
2.56
46647PAF3 JPMORGAN CHASE & CO 3.54
05/01/2028 2,000,000.00 08/16/2023
5.75%
1,854,340.00
1,918,120.12
98.00
5.00%
1,959,920.34
29,500.00
0.64%
41,800.22
A/A
AA
3.08
1.95
58933YBH7 MERCK & CO INC 4.05 05/17/2028 3,500,000.00 --
4.06%
3,497,960.40
3,498,724.73
99.71
4.15%
3,489,709.79
52,762.50
1.14%
(9,014.94)
AA/A
NA
3.13
2.87
06406RBG1 BANK OF NEW YORK MELLON
CORP 3.992 06/13/2028 1,500,000.00 10/26/2023
6.16%
1,395,930.00
1,436,786.53
99.19
4.72%
1,487,828.58
17,964.00
0.49%
51,042.05
AA/A
AA
3.20
2.06
02665WEM9 AMERICAN HONDA FINANCE
CORP 5.125 07/07/2028 1,370,000.00 10/12/2023
5.60%
1,343,288.50
1,351,537.18
101.68
4.56%
1,393,040.81
16,382.92
0.46%
41,503.63
A/A
A
3.27
2.95
78016HZS2 ROYAL BANK OF CANADA 5.2
08/01/2028 2,500,000.00 09/07/2023
5.54%
2,464,100.00
2,475,517.25
101.93
4.57%
2,548,281.33
21,666.67
0.83%
72,764.08
A/A
AA
3.34
3.01
756109BS2 REALTY INCOME CORP 4.7
12/15/2028 1,300,000.00 --
4.98%
1,285,086.00
1,288,170.38
100.33
4.60%
1,304,307.39
17,990.56
0.43%
16,137.02
A/A
NA
3.71
3.25
91324PEU2 UNITEDHEALTH GROUP INC 4.25
01/15/2029 1,000,000.00 01/23/2024
4.61%
984,020.00
987,819.32
99.39
4.43%
993,885.76
8,972.22
0.33%
6,066.44
A/A
A
3.79
3.43
24422EXH7 JOHN DEERE CAPITAL CORP 4.5
01/16/2029 2,000,000.00 04/18/2024
5.16%
1,945,100.00
1,956,016.53
100.47
4.36%
2,009,464.58
18,750.00
0.66%
53,448.05
A/A
A
3.80
3.42
91159HJK7 US BANCORP 4.653 02/01/2029 1,250,000.00 04/11/2024
5.66%
1,207,450.00
1,218,217.88
100.06
4.86%
1,250,762.25
9,693.75
0.41%
32,544.37
A/A
A
3.84
2.61
17275RBR2 CISCO SYSTEMS INC 4.85
02/26/2029 1,565,000.00 02/21/2024
4.86%
1,564,452.25
1,564,572.17
101.78
4.35%
1,592,927.28
7,379.41
0.52%
28,355.11
A/AA
NA
3.91
3.44
14913UAJ9 CATERPILLAR FINANCIAL SERVICES
CORP 4.85 02/27/2029 2,000,000.00 08/26/2024
4.19%
2,053,700.00
2,046,616.17
101.60
4.40%
2,031,923.06
9,161.11
0.67%
(14,693.11)
A/A
A
3.91
3.52
00287YDS5 ABBVIE INC 4.8 03/15/2029 1,500,000.00 07/22/2024
4.68%
1,507,245.00
1,506,150.43
101.27
4.45%
1,519,043.55
3,200.00
0.50%
12,893.12
A/A
NA
3.96
3.50
61747YFD2 MORGAN STANLEY 5.164
04/20/2029 2,250,000.00 05/30/2024
5.44%
2,228,212.50
2,232,892.21
101.36
4.97%
2,280,499.76
51,962.75
0.75%
47,607.55
A/A
A
4.05
2.74
437076DC3 HOME DEPOT INC 4.75
06/25/2029 1,875,000.00 07/18/2024
4.59%
1,887,993.75
1,886,115.49
101.23
4.43%
1,897,986.66
23,750.00
0.62%
11,871.17
A/A
A
4.24
3.69
95000U3E1 WELLS FARGO & CO 5.574
07/25/2029 2,000,000.00 --
4.92%
2,042,675.00
2,039,359.86
102.72
4.98%
2,054,378.10
20,438.00
0.67%
15,018.24
A/BBB
A
4.32
2.98
38 546
HOLDINGS REPORT
City of Dublin | Account #10198 | As of March 31, 2025
Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
025816DH9 AMERICAN EXPRESS CO 5.282
07/27/2029 1,250,000.00 03/27/2025
4.67%
1,273,275.00
1,273,198.50
102.04
4.83%
1,275,469.74
11,554.38
0.42%
2,271.24
A/A
A
4.32
3.00
40139LBJ1 GUARDIAN LIFE GLOBAL FUNDING
4.179 09/26/2029 1,675,000.00 --
4.21%
1,672,866.75
1,673,084.77
98.46
4.56%
1,649,128.54
972.20
0.54%
(23,956.24)
AA/AA
NA
4.49
4.04
57629TBV8 MASSMUTUAL GLOBAL FUNDING
II 4.95 01/10/2030 2,000,000.00 --
4.94%
2,000,626.35
2,000,711.47
100.80
4.76%
2,015,910.48
22,275.00
0.66%
15,199.01
AA/AA
AA
4.78
4.17
46647PEB8 JPMORGAN CHASE & CO 5.012
01/23/2030 1,500,000.00 03/19/2025
4.81%
1,510,215.00
1,510,127.75
101.11
4.88%
1,516,657.70
14,200.67
0.50%
6,529.94
A/A
AA
4.82
3.41
Total Corporate 78,190,000.00 3.99%
77,558,057.55
77,861,417.37
99.52
4.50%
77,780,053.21
620,400.44
25.47%
(81,364.16)
2.75
2.33
MONEY MARKET
FUND
31846V203 FIRST AMER:GVT OBLG Y 1,283,005.90 --
3.97%
1,283,005.90
1,283,005.90
1.00
3.97%
1,283,005.90
0.00
0.42%
0.00
AAA/AAA
AAA
0.00
0.00
Total Money Market
Fund 1,283,005.90 3.97%
1,283,005.90
1,283,005.90
1.00
3.97%
1,283,005.90
0.00
0.42%
0.00
0.00
0.00
SUPRANATIONAL
4581X0DN5 INTER-AMERICAN DEVELOPMENT
BANK 0.625 07/15/2025 1,685,000.00 01/13/2021
0.53%
1,692,329.75
1,685,468.71
98.91
4.44%
1,666,646.81
2,223.26
0.55%
(18,821.90)
AAA/AAA
NA
0.29
0.29
4581X0DV7 INTER-AMERICAN DEVELOPMENT
BANK 0.875 04/20/2026 4,615,000.00 04/13/2021
0.97%
4,593,863.30
4,610,555.04
96.72
4.09%
4,463,612.12
18,059.39
1.46%
(146,942.92)
AAA/AAA
NA
1.05
1.03
459058KT9
INTERNATIONAL BANK FOR
RECONSTRUCTION AND
DEVELOPM 3.5 07/12/2028
5,000,000.00 --
4.35%
4,813,059.00
4,875,079.91
98.51
3.99%
4,925,665.15
38,402.78
1.61%
50,585.24
AAA/AAA
NA
3.28
3.04
45950KDD9 INTERNATIONAL FINANCE CORP
4.5 07/13/2028 1,605,000.00 07/06/2023
4.53%
1,603,218.45
1,603,830.83
101.58
3.98%
1,630,372.15
15,648.75
0.53%
26,541.32
AAA/AAA
NA
3.28
3.00
4581X0DC9 INTER-AMERICAN DEVELOPMENT
BANK 3.125 09/18/2028 3,360,000.00 --
4.33%
3,187,150.40
3,234,897.82
97.24
3.99%
3,267,133.16
3,791.67
1.07%
32,235.34
AAA/AAA
NA
3.47
3.24
4581X0EN4 INTER-AMERICAN DEVELOPMENT
BANK 4.125 02/15/2029 3,000,000.00 02/15/2024
4.34%
2,970,690.00
2,977,221.21
100.42
4.01%
3,012,479.25
15,812.50
0.99%
35,258.04
AAA/AAA
NA
3.88
3.53
39 547
HOLDINGS REPORT
City of Dublin | Account #10198 | As of March 31, 2025
Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
459058LN1
INTERNATIONAL BANK FOR
RECONSTRUCTION AND
DEVELOPM 3.875 10/16/2029
3,000,000.00 10/22/2024
4.25%
2,972,640.00
2,975,046.60
99.26
4.06%
2,977,735.83
53,281.25
0.98%
2,689.23
AAA/AAA
NA
4.54
4.05
459058LR2
INTERNATIONAL BANK FOR
RECONSTRUCTION AND
DEVELOPM 4.125 03/20/2030
5,000,000.00 03/25/2025
4.23%
4,977,250.00
4,977,325.00
100.20
4.08%
5,010,228.75
6,302.08
1.64%
32,903.75
AAA/AAA
NA
4.97
4.45
Total Supranational 27,265,000.00 3.53%
26,810,200.90
26,939,425.12
98.88
4.06%
26,953,873.22
153,521.68
8.83%
14,448.11
3.27
2.99
US TREASURY
91282CCF6 UNITED STATES TREASURY 0.75
05/31/2026 2,000,000.00 06/18/2021
0.90%
1,985,000.00
1,996,468.15
96.30
4.04%
1,925,937.50
5,027.47
0.63%
(70,530.65)
AAA/AA
AA
1.17
1.14
91282CCW9 UNITED STATES TREASURY 0.75
08/31/2026 2,000,000.00 08/30/2021
0.77%
1,998,515.63
1,999,579.73
95.61
3.98%
1,912,187.50
1,304.35
0.63%
(87,392.23)
AAA/AA
AA
1.42
1.38
91282CDG3 UNITED STATES TREASURY 1.125
10/31/2026 5,000,000.00 --
1.25%
4,970,498.06
4,990,464.36
95.70
3.96%
4,784,960.95
23,618.78
1.57%
(205,503.41)
AAA/AA
AA
1.59
1.53
912828Z78 UNITED STATES TREASURY 1.5
01/31/2027 4,500,000.00 --
2.15%
4,367,285.16
4,449,174.31
95.75
3.92%
4,308,750.00
11,187.85
1.41%
(140,424.31)
AAA/AA
AA
1.84
1.78
91282CEN7 UNITED STATES TREASURY 2.75
04/30/2027 7,000,000.00 --
4.26%
6,761,484.38
6,893,346.31
97.71
3.90%
6,840,039.08
80,828.73
2.24%
(53,307.23)
AAA/AA
AA
2.08
1.97
91282CEW7 UNITED STATES TREASURY 3.25
06/30/2027 9,000,000.00 --
3.22%
9,018,066.41
9,006,301.58
98.66
3.88%
8,879,067.00
73,529.01
2.91%
(127,234.58)
AAA/AA
AA
2.25
2.13
91282CFM8 UNITED STATES TREASURY 4.125
09/30/2027 10,000,000.00 --
3.95%
10,074,062.50
10,038,665.14
100.58
3.88%
10,058,203.10
1,127.05
3.29%
19,537.97
AAA/AA
AA
2.50
2.35
91282CGC9 UNITED STATES TREASURY 3.875
12/31/2027 10,000,000.00 --
3.70%
10,078,828.13
10,043,970.34
99.98
3.88%
9,997,656.20
97,410.22
3.27%
(46,314.14)
AAA/AA
AA
2.75
2.56
91282CGT2 UNITED STATES TREASURY 3.625
03/31/2028 7,000,000.00 --
3.58%
7,014,042.96
7,008,599.48
99.27
3.88%
6,949,140.66
693.31
2.28%
(59,458.82)
AAA/AA
AA
3.00
2.81
91282CHE4 UNITED STATES TREASURY 3.625
05/31/2028 4,500,000.00 --
4.07%
4,412,773.44
4,443,607.13
99.18
3.90%
4,463,085.96
54,673.76
1.46%
19,478.83
AAA/AA
AA
3.17
2.93
91282CHQ7 UNITED STATES TREASURY 4.125
07/31/2028 9,000,000.00 --
4.29%
8,848,203.13
8,895,997.26
100.71
3.90%
9,063,632.79
61,533.15
2.97%
167,635.53
AAA/AA
AA
3.33
3.07
91282CJA0 UNITED STATES TREASURY 4.625
09/30/2028 3,750,000.00 --
4.92%
3,702,089.84
3,716,078.33
102.33
3.91%
3,837,304.69
473.87
1.26%
121,226.35
AAA/AA
AA
3.50
3.21
40 548
HOLDINGS REPORT
City of Dublin | Account #10198 | As of March 31, 2025
Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
91282CJN2 UNITED STATES TREASURY 4.375
11/30/2028 5,500,000.00 --
4.03%
5,584,941.41
5,563,117.58
101.55
3.91%
5,585,507.84
80,649.04
1.83%
22,390.26
AAA/AA
AA
3.67
3.32
91282CJR3 UNITED STATES TREASURY 3.75
12/31/2028 5,500,000.00 --
4.00%
5,438,359.38
5,453,179.93
99.41
3.92%
5,467,558.58
51,847.38
1.79%
14,378.65
AAA/AA
AA
3.75
3.43
91282CKD2 UNITED STATES TREASURY 4.25
02/28/2029 13,000,000.00 --
4.44%
12,891,953.13
12,913,008.24
101.17
3.92%
13,152,343.75
48,043.48
4.31%
239,335.51
AAA/AA
AA
3.91
3.57
91282CKP5 UNITED STATES TREASURY 4.625
04/30/2029 12,250,000.00 --
4.42%
12,359,384.76
12,341,919.77
102.61
3.93%
12,569,169.95
237,893.65
4.12%
227,250.18
AAA/AA
AA
4.08
3.63
91282CKX8 UNITED STATES TREASURY 4.25
06/30/2029 6,500,000.00 --
3.96%
6,581,855.47
6,571,259.56
101.22
3.93%
6,579,222.00
69,444.06
2.15%
7,962.44
AAA/AA
AA
4.25
3.82
91282CLK5 UNITED STATES TREASURY 3.625
08/31/2029 2,500,000.00 09/26/2024
3.55%
2,508,203.13
2,507,355.00
98.75
3.94%
2,468,652.35
7,880.43
0.81%
(38,702.65)
AAA/AA
AA
4.42
4.02
91282CLN9 UNITED STATES TREASURY 3.5
09/30/2029 3,000,000.00 --
3.97%
2,937,480.47
2,943,054.50
98.18
3.94%
2,945,507.82
286.89
0.96%
2,453.32
AAA/AA
AA
4.50
4.12
91282CFY2 UNITED STATES TREASURY 3.875
11/30/2029 10,000,000.00 --
4.32%
9,801,914.06
9,813,002.29
99.70
3.95%
9,969,531.20
129,876.37
3.26%
156,528.91
AAA/AA
AA
4.67
4.18
91282CMG3 UNITED STATES TREASURY 4.25
01/31/2030 6,250,000.00 --
4.15%
6,277,187.51
6,277,327.85
101.28
3.96%
6,330,081.25
44,026.24
2.07%
52,753.40
AAA/AA
AA
4.84
4.31
Total US Treasury 138,250,000.00 3.82%
137,612,128.96
137,865,476.85
99.92
3.92%
138,087,540.17
1,081,355.08
45.21%
222,063.32
3.32
3.04
Total Portfolio 306,445,380.59 3.98%
304,353,940.47
305,031,173.70
99.28
4.16%
305,408,270.94
2,047,058.71
100.00%
377,097.24
3.10
2.60
Total Market Value +
Accrued 307,455,329.64
41 549
HOLDINGS REPORT
City of Dublin Reporting Account | Account #10219 | As of March 31, 2025
Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
CASH
CCYUSD Receivable 304,578.33 --
0.00%
304,578.33
304,578.33
1.00
0.00%
304,578.33
0.00
0.19%
0.00
AAA/AAA
AAA
0.00
0.00
Total Cash 304,578.33 0.00%
304,578.33
304,578.33
1.00
0.00%
304,578.33
0.00
0.19%
0.00
0.00
0.00
LAIF
90LAIF$00 Local Agency Investment Fund
State Pool 28,039,989.26 --
4.31%
28,039,989.26
28,039,989.26
1.00
4.31%
28,039,989.26
0.00
17.17%
0.00
NA/NA
NA
0.00
0.00
Total LAIF 28,039,989.26 4.31%
28,039,989.26
28,039,989.26
1.00
4.31%
28,039,989.26
0.00
17.17%
0.00
0.00
0.00
LOCAL GOV
INVESTMENT POOL
90CAMP$00 CAMP 134,938,773.93 --
4.47%
134,938,773.93
134,938,773.93
1.00
4.47%
134,938,773.93
0.00
82.64%
0.00
NA/AAA
AAA
0.00
0.00
Total Local Gov
Investment Pool 134,938,773.93 4.47%
134,938,773.93
134,938,773.93
1.00
4.47%
134,938,773.93
0.00
82.64%
0.00
0.00
0.00
Total Portfolio 163,283,341.52 4.43%
163,283,341.52
163,283,341.52
1.00
4.43%
163,283,341.52
0.00
100.00%
0.00
0.00
0.00
Total Market Value +
Accrued 163,283,341.52
42 550
TRANSACTIONS
43 551
TRANSACTION LEDGER
City of Dublin | Account #10198|01/01/2025 Through 03/31/2025|
Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp
Yield Amount Interest
Pur/Sold Total Amount Gain/Loss
ACQUISITIONS
Purchase 01/10/2025 57629TBV8 1,055,000.00 MASSMUTUAL GLOBAL
FUNDING II 4.95 01/10/2030 99.724 5.01%(1,052,088.20)0.00 (1,052,088.20)0.00
Purchase 01/24/2025 57629TBV8 445,000.00 MASSMUTUAL GLOBAL
FUNDING II 4.95 01/10/2030 99.767 5.00%(443,963.15)(856.63)(444,819.78)0.00
Purchase 01/31/2025 91282CMG3 2,000,000.00 UNITED STATES TREASURY
4.25 01/31/2030 99.645 4.33%(1,992,890.63)0.00 (1,992,890.63)0.00
Purchase 02/12/2025 096924AD7 1,980,000.00 BMWOT 2025-A A3 4.56
09/25/2029 99.990 4.56%(1,979,804.97)0.00 (1,979,804.97)0.00
Purchase 02/12/2025 36271VAD9 1,260,000.00 GMALT 2025-1 A3 4.66
02/21/2028 99.988 4.66%(1,259,851.32)0.00 (1,259,851.32)0.00
Purchase 02/28/2025 95000U3E1 500,000.00 WELLS FARGO & CO 5.574
07/25/2029 102.367 4.81%(511,835.00)(2,554.75)(514,389.75)0.00
Purchase 02/28/2025 57629TBV8 500,000.00 MASSMUTUAL GLOBAL
FUNDING II 4.95 01/10/2030 100.915 4.74%(504,575.00)(3,300.00)(507,875.00)0.00
Purchase 03/11/2025 47800DAD6 1,465,000.00 JDOT 2025 A3 4.23
09/17/2029 99.994 5.09%(1,464,907.85)0.00 (1,464,907.85)0.00
Purchase 03/20/2025 46647PEB8 1,500,000.00 JPMORGAN CHASE & CO
5.012 01/23/2030 100.681 4.81%(1,510,215.00)(11,903.50)(1,522,118.50)0.00
Purchase 03/25/2025 91282CMG3 3,250,000.00 UNITED STATES TREASURY
4.25 01/31/2030 100.672 4.09%(3,271,835.94)(20,222.72)(3,292,058.66)0.00
Purchase 03/26/2025 459058LR2 5,000,000.00
INTERNATIONAL BANK
FOR RECONSTRUCTION
AND DEVELOPM 4.125
03/20/2030
99.545 4.23%(4,977,250.00)(3,437.50)(4,980,687.50)0.00
Purchase 03/28/2025 025816DH9 1,250,000.00 AMERICAN EXPRESS CO
5.282 07/27/2029 101.862 4.67%(1,273,275.00)(11,004.17)(1,284,279.17)0.00
Purchase 03/31/2025 91282CMG3 1,000,000.00 UNITED STATES TREASURY
4.25 01/31/2030 101.246 3.96%(1,012,460.94)(6,926.80)(1,019,387.74)0.00
Total Purchase 21,205,000.00 (21,254,953.00)(60,206.07)(21,315,159.07)0.00
TOTAL
ACQUISITIONS 21,205,000.00 (21,254,953.00)(60,206.07)(21,315,159.07)0.00
DISPOSITIONS
44 552
TRANSACTION LEDGER
City of Dublin | Account #10198|01/01/2025 Through 03/31/2025|
Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp
Yield Amount Interest
Pur/Sold Total Amount Gain/Loss
Call Redemption 02/13/2025 06051GHY8 (1,250,000.00)BANK OF AMERICA CORP
2.015 02/13/2026 100.000 1.15%1,250,000.00 0.00 1,250,000.00 0.00
Call Redemption 03/13/2025 46647PBH8 (1,000,000.00)JPMORGAN CHASE & CO
2.005 03/13/2026 100.000 1.21%1,000,000.00 0.00 1,000,000.00 0.00
Total Call
Redemption (2,250,000.00)2,250,000.00 0.00 2,250,000.00 0.00
Sale 01/10/2025 02665WDL2 (1,000,000.00)AMERICAN HONDA FINANCE
CORP 1.2 07/08/2025 98.281 1.00%982,810.00 66.67 982,876.67 (18,149.02)
Sale 01/31/2025 91282CBT7 (1,000,000.00)UNITED STATES TREASURY
0.75 03/31/2026 96.094 0.85%960,937.50 2,534.34 963,471.84 (37,888.49)
Sale 02/06/2025 3135G06G3 (2,860,000.00)
FEDERAL NATIONAL
MORTGAGE ASSOCIATION
0.5 11/07/2025
97.223 0.57%2,780,577.80 3,535.28 2,784,113.08 (77,881.60)
Sale 03/25/2025 91282CBT7 (3,250,000.00)UNITED STATES TREASURY
0.75 03/31/2026 96.668 0.85%3,141,708.98 11,785.71 3,153,494.69 (104,952.44)
Sale 03/26/2025 459058JL8 (6,000,000.00)
INTERNATIONAL BANK FOR
RECONSTRUCTION AND
DEVELOPM 0.5 10/28/2025
97.789 0.55%5,867,340.00 12,333.33 5,879,673.33 (130,993.11)
Sale 03/28/2025 (1,000,000.00)ROYAL BANK OF CANADA
1.15 06/10/2025 99.314 0.86%993,140.00 3,450.00 996,590.00 (7,438.02)
Total Sale (15,110,000.00)14,726,514.28 33,705.33 14,760,219.61 (377,302.68)
TOTAL
DISPOSITIONS (17,360,000.00)16,976,514.28 33,705.33 17,010,219.61 (377,302.68)
45 553
TRANSACTION LEDGER
City of Dublin Reporting Account | Account #10219|01/01/2025 Through 03/31/2025|
Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp
Yield Amount Interest
Pur/Sold Total Amount Gain/Loss
ACQUISITIONS
Purchase 01/15/2025 90LAIF$00 322,363.55 Local Agency Investment
Fund State Pool 1.000 4.36%(322,363.55)0.00 (322,363.55)0.00
Purchase 01/31/2025 90CAMP$00 1,600,000.00 CAMP 1.000 4.54%(1,600,000.00)0.00 (1,600,000.00)0.00
Purchase 01/31/2025 90CAMP$00 510,555.30 CAMP 1.000 4.54%(510,555.30)0.00 (510,555.30)0.00
Purchase 02/28/2025 90CAMP$00 428,589.16 CAMP 1.000 4.50%(428,589.16)0.00 (428,589.16)0.00
Purchase 03/12/2025 90CAMP$00 1,500,000.00 CAMP 1.000 4.47%(1,500,000.00)0.00 (1,500,000.00)0.00
Purchase 03/18/2025 90CAMP$00 1,000,000.00 CAMP 1.000 4.47%(1,000,000.00)0.00 (1,000,000.00)0.00
Purchase 03/21/2025 90CAMP$00 9,500,000.00 CAMP 1.000 4.47%(9,500,000.00)0.00 (9,500,000.00)0.00
Purchase 03/31/2025 90CAMP$00 482,884.94 CAMP 1.000 4.47%(482,884.94)0.00 (482,884.94)0.00
Total Purchase 15,344,392.95 (15,344,392.95)0.00 (15,344,392.95)0.00
TOTAL
ACQUISITIONS 15,344,392.95 (15,344,392.95)0.00 (15,344,392.95)0.00
DISPOSITIONS
Sale 01/31/2025 90CAMP$00 (4,700,000.00)CAMP 1.000 4.54%4,700,000.00 0.00 4,700,000.00 0.00
Sale 01/31/2025 90CAMP$00 (4,500,000.00)CAMP 1.000 4.54%4,500,000.00 0.00 4,500,000.00 0.00
Sale 01/31/2025 90CAMP$00 (1,600,000.00)CAMP 1.000 4.54%1,600,000.00 0.00 1,600,000.00 0.00
Sale 01/31/2025 90CAMP$00 (1,300,000.00)CAMP 1.000 4.54%1,300,000.00 0.00 1,300,000.00 0.00
Sale 02/04/2025 90CAMP$00 (500,000.00)CAMP 1.000 4.54%500,000.00 0.00 500,000.00 0.00
Sale 02/10/2025 90CAMP$00 (1,000,000.00)CAMP 1.000 4.54%1,000,000.00 0.00 1,000,000.00 0.00
Sale 02/19/2025 90CAMP$00 (2,200,000.00)CAMP 1.000 4.54%2,200,000.00 0.00 2,200,000.00 0.00
Total Sale (15,800,000.00)15,800,000.00 0.00 15,800,000.00 0.00
TOTAL
DISPOSITIONS (15,800,000.00)15,800,000.00 0.00 15,800,000.00 0.00
46 554
IMPORTANT DISCLOSURES
City of Dublin | As of March 31, 2025
2025 Chandler Asset Management, Inc, An Independent Registered Investment Adviser.
Information contained herein is confidential. Prices are provided by ICE Data Services Inc (“IDS”), an independent pricing source. In the event IDS does not provide a price or if the
price provided is not reflective of fair market value, Chandler will obtain pricing from an alternative approved third party pricing source in accordance with our written valuation
policy and procedures. Our valuation procedures are also disclosed in Item 5 of our Form ADV Part 2A.
Performance results are presented gross-of-advisory fees and represent the client’s Total Return. The deduction of advisory fees lowers performance results. These results include
the reinvestment of dividends and other earnings. Past performance may not be indicative of future results. Therefore, clients should not assume that future performance of any
specific investment or investment strategy will be profitable or equal to past performance levels. All investment strategies have the potential for profit or loss. Economic factors,
market conditions or changes in investment strategies, contributions or withdrawals may materially alter the performance and results of your portfolio.
Index returns assume reinvestment of all distributions. Historical performance results for investment indexes generally do not reflect the deduction of transaction and/or
custodial charges or the deduction of an investment management fee, the incurrence of which would have the effect of decreasing historical performance results. It is not
possible to invest directly in an index.
Source ICE Data Indices, LLC (“ICE”), used with permission. ICE permits use of the ICE indices and related data on an “as is” basis; ICE, its affiliates and their respective third party
suppliers disclaim any and all warranties and representations, express and/or implied, including any warranties of merchantability or fitness for a particular purpose or use,
including the indices, index data and any data included in, related to, or derived therefrom. Neither ICE data, its affiliates or their respective third party providers guarantee the
quality, adequacy, accuracy, timeliness or completeness of the indices or the index data or any component thereof, and the indices and index data and all components thereof
are provided on an “as is” basis and licensee’s use it at licensee’s own risk. ICE data, its affiliates and their respective third party do not sponsor, endorse, or recommend chandler
asset management, or any of its products or services.
This report is provided for informational purposes only and should not be construed as a specific investment or legal advice. The information contained herein was obtained from
sources believed to be reliable as of the date of publication, but may become outdated or superseded at any time without notice. Any opinions or views expressed are based on
current market conditions and are subject to change. This report may contain forecasts and forward-looking statements which are inherently limited and should not be relied
upon as indicator of future results. Past performance is not indicative of future results. This report is not intended to constitute an offer, solicitation, recommendation or advice
regarding any securities or investment strategy and should not be regarded by recipients as a substitute for the exercise of their own judgment.
Fixed income investments are subject to interest, credit and market risk. Interest rate risk: the value of fixed income investments will decline as interest rates rise. Credit risk: the
possibility that the borrower may not be able to repay interest and principal. Low rated bonds generally have to pay higher interest rates to attract investors willing to take on
greater risk. Market risk: the bond market in general could decline due to economic conditions, especially during periods of rising interest rates.
Ratings information have been provided by Moody’s, S&P and Fitch through data feeds we believe to be reliable as of the date of this statement, however we cannot guarantee
its accuracy.
Security level ratings for U.S. Agency issued mortgage-backed securities (“MBS”) reflect the issuer rating because the securities themselves are not rated. The issuing U.S. Agency
guarantees the full and timely payment of both principal and interest and carries a AA+/Aaa/AAA by S&P, Moody’s and Fitch respectively.
47 555
BENCHMARK DISCLOSURES
City of Dublin | Account #10198 | As of March 31, 2025
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.
48 556
TRANSACTION LEDGER
City of Dublin | Account #10198|01/01/2025 Through 03/31/2025|
Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp
Yield Amount Interest
Pur/Sold Total Amount Gain/Loss
ACQUISITIONS
Purchase 01/10/2025 57629TBV8 1,055,000.00 MASSMUTUAL GLOBAL
FUNDING II 4.95 01/10/2030 99.724 5.01%(1,052,088.20)0.00 (1,052,088.20)0.00
Purchase 01/24/2025 57629TBV8 445,000.00 MASSMUTUAL GLOBAL
FUNDING II 4.95 01/10/2030 99.767 5.00%(443,963.15)(856.63)(444,819.78)0.00
Purchase 01/31/2025 91282CMG3 2,000,000.00 UNITED STATES TREASURY
4.25 01/31/2030 99.645 4.33%(1,992,890.63)0.00 (1,992,890.63)0.00
Purchase 02/12/2025 096924AD7 1,980,000.00 BMWOT 2025-A A3 4.56
09/25/2029 99.990 4.56%(1,979,804.97)0.00 (1,979,804.97)0.00
Purchase 02/12/2025 36271VAD9 1,260,000.00 GMALT 2025-1 A3 4.66
02/21/2028 99.988 4.66%(1,259,851.32)0.00 (1,259,851.32)0.00
Purchase 02/28/2025 95000U3E1 500,000.00 WELLS FARGO & CO 5.574
07/25/2029 102.367 4.81%(511,835.00)(2,554.75)(514,389.75)0.00
Purchase 02/28/2025 57629TBV8 500,000.00 MASSMUTUAL GLOBAL
FUNDING II 4.95 01/10/2030 100.915 4.74%(504,575.00)(3,300.00)(507,875.00)0.00
Purchase 03/11/2025 47800DAD6 1,465,000.00 JDOT 2025 A3 4.23
09/17/2029 99.994 5.09%(1,464,907.85)0.00 (1,464,907.85)0.00
Purchase 03/20/2025 46647PEB8 1,500,000.00 JPMORGAN CHASE & CO
5.012 01/23/2030 100.681 4.81%(1,510,215.00)(11,903.50)(1,522,118.50)0.00
Purchase 03/25/2025 91282CMG3 3,250,000.00 UNITED STATES TREASURY
4.25 01/31/2030 100.672 4.09%(3,271,835.94)(20,222.72)(3,292,058.66)0.00
Purchase 03/26/2025 459058LR2 5,000,000.00
INTERNATIONAL BANK
FOR RECONSTRUCTION
AND DEVELOPM 4.125
03/20/2030
99.545 4.23%(4,977,250.00)(3,437.50)(4,980,687.50)0.00
Purchase 03/28/2025 025816DH9 1,250,000.00 AMERICAN EXPRESS CO
5.282 07/27/2029 101.862 4.67%(1,273,275.00)(11,004.17)(1,284,279.17)0.00
Purchase 03/31/2025 91282CMG3 1,000,000.00 UNITED STATES TREASURY
4.25 01/31/2030 101.246 3.96%(1,012,460.94)(6,926.80)(1,019,387.74)0.00
Total Purchase 21,205,000.00 (21,254,953.00)(60,206.07)(21,315,159.07)0.00
TOTAL
ACQUISITIONS 21,205,000.00 (21,254,953.00)(60,206.07)(21,315,159.07)0.00
DISPOSITIONS
44
Attachment 2
557
TRANSACTION LEDGER
City of Dublin | Account #10198|01/01/2025 Through 03/31/2025|
Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp
Yield Amount Interest
Pur/Sold Total Amount Gain/Loss
Call Redemption 02/13/2025 06051GHY8 (1,250,000.00)BANK OF AMERICA CORP
2.015 02/13/2026 100.000 1.15%1,250,000.00 0.00 1,250,000.00 0.00
Call Redemption 03/13/2025 46647PBH8 (1,000,000.00)JPMORGAN CHASE & CO
2.005 03/13/2026 100.000 1.21%1,000,000.00 0.00 1,000,000.00 0.00
Total Call
Redemption (2,250,000.00)2,250,000.00 0.00 2,250,000.00 0.00
Sale 01/10/2025 02665WDL2 (1,000,000.00)AMERICAN HONDA FINANCE
CORP 1.2 07/08/2025 98.281 1.00%982,810.00 66.67 982,876.67 (18,149.02)
Sale 01/31/2025 91282CBT7 (1,000,000.00)UNITED STATES TREASURY
0.75 03/31/2026 96.094 0.85%960,937.50 2,534.34 963,471.84 (37,888.49)
Sale 02/06/2025 3135G06G3 (2,860,000.00)
FEDERAL NATIONAL
MORTGAGE ASSOCIATION
0.5 11/07/2025
97.223 0.57%2,780,577.80 3,535.28 2,784,113.08 (77,881.60)
Sale 03/25/2025 91282CBT7 (3,250,000.00)UNITED STATES TREASURY
0.75 03/31/2026 96.668 0.85%3,141,708.98 11,785.71 3,153,494.69 (104,952.44)
Sale 03/26/2025 459058JL8 (6,000,000.00)
INTERNATIONAL BANK FOR
RECONSTRUCTION AND
DEVELOPM 0.5 10/28/2025
97.789 0.55%5,867,340.00 12,333.33 5,879,673.33 (130,993.11)
Sale 03/28/2025 (1,000,000.00)ROYAL BANK OF CANADA
1.15 06/10/2025 99.314 0.86%993,140.00 3,450.00 996,590.00 (7,438.02)
Total Sale (15,110,000.00)14,726,514.28 33,705.33 14,760,219.61 (377,302.68)
TOTAL
DISPOSITIONS (17,360,000.00)16,976,514.28 33,705.33 17,010,219.61 (377,302.68)
45 558
TRANSACTION LEDGER
City of Dublin Reporting Account | Account #10219|01/01/2025 Through 03/31/2025|
Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp
Yield Amount Interest
Pur/Sold Total Amount Gain/Loss
ACQUISITIONS
Purchase 01/15/2025 90LAIF$00 322,363.55 Local Agency Investment
Fund State Pool 1.000 4.36%(322,363.55)0.00 (322,363.55)0.00
Purchase 01/31/2025 90CAMP$00 1,600,000.00 CAMP 1.000 4.54%(1,600,000.00)0.00 (1,600,000.00)0.00
Purchase 01/31/2025 90CAMP$00 510,555.30 CAMP 1.000 4.54%(510,555.30)0.00 (510,555.30)0.00
Purchase 02/28/2025 90CAMP$00 428,589.16 CAMP 1.000 4.50%(428,589.16)0.00 (428,589.16)0.00
Purchase 03/12/2025 90CAMP$00 1,500,000.00 CAMP 1.000 4.47%(1,500,000.00)0.00 (1,500,000.00)0.00
Purchase 03/18/2025 90CAMP$00 1,000,000.00 CAMP 1.000 4.47%(1,000,000.00)0.00 (1,000,000.00)0.00
Purchase 03/21/2025 90CAMP$00 9,500,000.00 CAMP 1.000 4.47%(9,500,000.00)0.00 (9,500,000.00)0.00
Purchase 03/31/2025 90CAMP$00 482,884.94 CAMP 1.000 4.47%(482,884.94)0.00 (482,884.94)0.00
Total Purchase 15,344,392.95 (15,344,392.95)0.00 (15,344,392.95)0.00
TOTAL
ACQUISITIONS 15,344,392.95 (15,344,392.95)0.00 (15,344,392.95)0.00
DISPOSITIONS
Sale 01/31/2025 90CAMP$00 (4,700,000.00)CAMP 1.000 4.54%4,700,000.00 0.00 4,700,000.00 0.00
Sale 01/31/2025 90CAMP$00 (4,500,000.00)CAMP 1.000 4.54%4,500,000.00 0.00 4,500,000.00 0.00
Sale 01/31/2025 90CAMP$00 (1,600,000.00)CAMP 1.000 4.54%1,600,000.00 0.00 1,600,000.00 0.00
Sale 01/31/2025 90CAMP$00 (1,300,000.00)CAMP 1.000 4.54%1,300,000.00 0.00 1,300,000.00 0.00
Sale 02/04/2025 90CAMP$00 (500,000.00)CAMP 1.000 4.54%500,000.00 0.00 500,000.00 0.00
Sale 02/10/2025 90CAMP$00 (1,000,000.00)CAMP 1.000 4.54%1,000,000.00 0.00 1,000,000.00 0.00
Sale 02/19/2025 90CAMP$00 (2,200,000.00)CAMP 1.000 4.54%2,200,000.00 0.00 2,200,000.00 0.00
Total Sale (15,800,000.00)15,800,000.00 0.00 15,800,000.00 0.00
TOTAL
DISPOSITIONS (15,800,000.00)15,800,000.00 0.00 15,800,000.00 0.00
46 559