HomeMy WebLinkAbout5.6 City Treasurer's Informational Report of Investments for the Quarter Ending June 30, 2025
STAFF REPORT
CITY COUNCIL
Page 1 of 4
Agenda Item 5.6
DATE: August 19, 2025
TO: Honorable Mayor and City Councilmembers
FROM: Colleen Tribby, City Manager
SUBJECT:
City Treasurer's Informational Report of Investments for the Quarter
Ending June 30, 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 June 30, 2025, including a monthly transaction ledger. The City’s investment
portfolio for this period totaled $491,535,614 (market value) with an average market yield of
4.13%. 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 August 8, 2025 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 proportionat e 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 $312,116,273 managed by Chandler
Asset Management, and $179,419,341 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 3.97%
and 4.40% 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
persistent, 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
minor changes from the prior quarter. These changes include shifting funds from Agency
investments to US Treasury and Asset Backed Securities (ABS), based on these investment
types offering a higher value. Additionally, there was an increase in funds allocated to the local
pools as property tax revenue was received in the current quarter . To prepare for the close of
the fiscal year and accompanying expenditures, the additional funds were invested in local
government investment pools to ensure quick and convenient access. These expenditures,
which typically begin in July, include costs related to capital improvement projects and
contractual payments for Police and Fire services. Attachment 3 provides additional
information on the investment types shown in Table 1.
The market value of the City's portfolio increased by $20.8 million compared to the quarter
ending March 31, 2025. As previously mentioned, this increase is primarily attributed to the
receipt of property tax revenues during the current quarter, which represents the City’s largest
source of revenue. Overall, the City’s portfolio increased by $56.4 million from the same
quarter the prior year (see Table 1). Overall market yield-to-maturity decreased slightly from
4.26% to 4.13%, (shown in Table 2) due to the factors discussed in the Economic Update
Highlights. For detailed monthly transactions, refer to 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.
2Includes 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
Asset Management Program (CAMP). Table 3 shows the yields in the pools a long with the
assets managed by Chandler over the most recent eight quarters.
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Table 3: Quarterly Portfolio Yields, Recent Eight Quarters
Market Yield LAIF CAMP Chandler
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%
6/30/25 4.27% 4.43% 3.97%
Finance and Investment Committee
On April 8, 2025, the Finance and Investment Committee reviewed the quarterly report as it
aligns with the Committee’s role in providing policy guidance on financial matters, including the
investing of City funds.
STRATEGIC PLAN INITIATIVE:
None.
NOTICING REQUIREMENTS/PUBLIC OUTREACH:
The City Council Agenda was posted.
ATTACHMENTS:
1) City of Dublin Investment Report for Period Ending June 30, 2025
2) Transaction Ledger – April through June 2025
3) Glossary of Investment Categories
150
INVESTMENT REPORT
City of Dublin | As of June 30, 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
151
TABLE OF CONTENTS
City of Dublin | As of June 30, 2025
ECONOMIC UPDATE
ACCOUNT PROFILE
CONSOLIDATED INFORMATION
PORTFOLIO HOLDINGS
TRANSACTIONS
152
ECONOMIC UPDATE
153
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 June meeting.Fed Chair Powell continued to emphasize the Committee’s “wait and see”approach amidst economic uncertainty that
remains elevated but diminished. Federal Reserve officials continued to pencil in two rate cuts in 2025.
US Treasury yields declined in June. The 2-year Treasury yield fell 18 basis points to 3.72%,the 5-year Treasury dropped 17 basis points to
3.80%,and the 10-year Treasury yield also declined 17 basis points to 4.23%.The spread between the 2-year and 10-year Treasury yield
points on the curve edged up to +51 basis points at June month-end versus +50 basis points at May month-end. The spread between the 2-
year Treasury and 10-year Treasury yield one year ago was -36 basis points. The spread between the 3-month and 10-year Treasury yield
points on the curve was -7 basis points in June, versus -6 basis points in May.
ECONOMIC UPDATE
154
-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 147,000 jobs in June,exceeding consensus expectations, and the last two months were revised up by 16,000.
Gains were primarily driven by state and local government education,while job growth in service sectors languished. The three-month
moving average and six-month moving average payrolls totaled 150,000 and 130,000 respectively.The unemployment rate declined to
4.1%in June from 4.2%in May,due to a shrinking labor force.The labor participation rate dipped to 62.3%,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 dropped to 7.7%in June.Average hourly earnings fell slightly, marking a 3.7%year-over-year
increase.
Source: US Department of Labor Source: US Department of Labor
EMPLOYMENT
155
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 May,the Consumer Price Index (CPI)cooled slightly more than consensus expectations. The headline CPI increased 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 0.1%month-over-month and rose 2.3%year-over-year in May.The Core PCE deflator,which
excludes food and energy and is the Fed’s preferred gauge,increased 0.2%month-over-month and 2.7%year-over-year,up from April’s
2.6% year-over-year increase. Inflation is hovering above the Fed’s 2% target.
Source: US Department of Labor Source: US Department of Commerce
INFLATION
156
-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
Advance Retail Sales were down 0.9%month-over-month in May,further slowing from a downwardly revised -0.1%in April.Declines were
led by auto sales,building materials,garden equipment and supplies, and spending at restaurants and bars fell by the most since early
2023.Control group sales,which feed into GDP,were the only bright spot in the report,with a 0.4%increase.On a year-over-year basis,
Retail Sales grew 3.3%in May following a 5.0%increase in April.The Conference Board’s Consumer Confidence Index dropped to 93.0 in
June from 98.4 in May,as consumers’assessment of both the current situation and future expectations for income and labor markets
soured.While the consumer has been resilient,elevated 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
157
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 declined 9.8%month-over-month in May to a seasonally adjusted annual rate of 1.256 million units.Single family starts
increased 0.4%above the revised April figures,whereas multi-family starts fell -30.4%.Total starts dropped 4.6%compared to May 2024.
Homebuilder confidence is shaky due to elevated mortgage rates,affordability constraints, and a weakening economic outlook.The
Freddie Mac 30-year fixed rate mortgage averaged approximately 6.8%in June. According to the Case-Shiller 20-City Home Price Index,
housing prices rose 3.4%year-over-year in April,compared to 4.1%in March.Limited inventory,elevated mortgage rates,and lack of
affordability continue to weigh on the housing market.
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
158
40
45
50
55
60
65
70
Institute of Supply Management (ISM) Surveys
ISM Manufacturing ISM Services
EXPANDING
CONTRACTING
The Institute for Supply Management (ISM)Manufacturing index edged up to 49.0 in June from 48.5 in May,indicating a continuation of
modest contraction in the sector.Inventories and production improved as companies worked through backlogs, while employment and
new orders contracted. The ISM Services index increased to 50.8 in June from 49.9 in May,as new orders improved.However,ongoing
concerns about the impact of tariffs remain. A reading over 50 indicates expansion, while a reading under 50 indicates contraction.
Source: Institute for Supply Management
SURVEY BASED MEASURES
159
Components of GDP 6/24 9/24 12/24 3/25
1.9% 2.5% 2.7% 0.3%
1.5% 0.2% -1.0% 3.9%
-0.9% -0.4% 0.3% -4.6%
0.3% 0.6% 0.3% -0.3%
0.3% 0.3% 0.3% 0.2%
3.0% 3.1% 2.5% -0.5%
Personal Consumption Expenditures
Gross Private Domestic Investment
Net Exports and Imports
Federal Government Expenditures
Total
State and Local (Consumption and Gross
Investment)-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
Real GDP decreased at an annualized rate of 0.5%in the first quarter of 2025,according to the third and final estimate from the Bureau of
Economic Analysis,a downward revision from the previously estimated 0.2%decline. This marks the first negative quarter since 2022.
The primary driver of the downward revision was weaker personal consumption expenditures.Net exports remained the primary drag on
growth,as imports rose sharply in anticipation of higher tariffs.Gross investment contributed positively,powered by business decisions
to get ahead of possible cost increases.The consensus projection calls for 2.1%growth for the second quarter and 1.5%for the full year
2025.
GROSS DOMESTIC PRODUCT (GDP)
160
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 June meeting.In the Summary of Economic Projections (SEP),Federal Reserve officials continued to pencil in two rate cuts in 2025,
while downgrading estimates for economic growth and raising forecasts for both unemployment and inflation this year.The statement
indicated that uncertainty about the economic outlook remained elevated but had diminished. The monthly redemption cap on Treasuries
will remain at $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 about $2.2 trillion to approximately $6.7
trillion.
FEDERAL RESERVE
0.00%
1.00%
2.00%
3.00%
4.00%
5.00%
6.00%
Recession
161
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
Yi
e
l
d
(
%
)
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
US Treasury Yield Curve
Jun-25
Mar-25
Jun-24
Yi
e
l
d
(
%
)
At the end of June, the 2-year Treasury yield was 103 basis points lower,and the 10-Year Treasury yield was 17 basis points lower,year-
over-year.The spread between the 2-year and 10-year Treasury yield points on the curve edged up to +51 basis points at June month-end
versus +50 basis points at May 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 -7 basis points in June, versus -6 basis points in May.
BOND YIELDS
162
ACCOUNT PROFILE
163
OBJECTIVES
City of Dublin | As of June 30, 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.
164
STATEMENT OF COMPLIANCE
City of Dublin | Account #10198 | As of June 30, 2025
Rules Name Limit Actual Compliance
Status Notes
AGENCY MORTGAGE SECURITIES (CMOS)
Max % (MV)20.0 4.5 Compliant
Max % Issuer (MV)20.0 4.5 Compliant
Max Maturity (Years)5.0 4.2 Compliant
ASSET-BACKED SECURITIES (ABS)
Max % (MV; Non Agency ABS & MBS)20.0 12.4 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 25.0 Compliant
Max % Issuer (MV)5.0 1.4 Compliant
Max Maturity (Years)5 4 Compliant
Min Rating (A- by 1)0.0 0.0 Compliant
FEDERAL AGENCIES
Max % (MV)100.0 2.3 Compliant
Max % Issuer (MV)35.0 1.5 Compliant
Max Callables (MV)25.0 0.0 Compliant
Max Maturity (Years)10 2 Compliant
165
STATEMENT OF COMPLIANCE
City of Dublin | Account #10198 | As of June 30, 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 0.3 Compliant
Max % Issuer (MV)20.0 0.3 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 0.3 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
166
STATEMENT OF COMPLIANCE
City of Dublin | Account #10198 | As of June 30, 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 46.7 Compliant
Max Maturity (Years)10 4 Compliant
167
PORTFOLIO CHARACTERISTICS
City of Dublin | Account #10198 | As of June 30, 2025
Benchmark*6/30/2025
Portfolio
3/31/2025
Portfolio
Average Maturity (yrs)2.65 3.06 3.10
Average Modified Duration 2.48 2.54 2.60
Average Purchase Yield 4.05%3.98%
Average Market Yield 3.78%3.97%4.16%
Average Quality**AA+AA+AA+
Total Market Value 312,116,273 307,455,330
*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.
168
SECTOR DISTRIBUTION
City of Dublin | Account #10198 | As of June 30, 2025
Sector as a Percentage of Market Value
Sector 06/30/2025 03/31/2025
US Treasury 46.65%45.21%
Corporate 24.96%25.47%
ABS 12.45%11.83%
Supras 8.78%8.83%
Agency CMBS 4.54%4.57%
Agency 2.34%3.67%
Money Mkt Fd 0.28%0.42%
169
ISSUERS
City of Dublin | Account #10198 | As of June 30, 2025
Issuer Investment Type % Portfolio
Government of The United States US Treasury 46.65%
FHLMC Agency CMBS 4.54%
International Bank for Recon and Dev Supras 4.21%
Inter-American Development Bank Supras 4.04%
Chase Issuance Trust ABS 1.63%
Federal Home Loan Banks Agency 1.48%
UnitedHealth Group Incorporated Corporate 1.45%
Bank of Montreal Corporate 1.44%
John Deere Owner Trust ABS 1.35%
The Toronto-Dominion Bank Corporate 1.31%
Deere & Company Corporate 1.31%
JPMorgan Chase & Co.Corporate 1.29%
Toyota Motor Corporation Corporate 1.27%
BMW Vehicle Owner Trust ABS 1.23%
Morgan Stanley Corporate 1.16%
Merck & Co., Inc.Corporate 1.14%
Caterpillar Inc.Corporate 1.10%
GM Financial Automobile Leasing Trus ABS 1.08%
AbbVie Inc.Corporate 0.99%
Bank of America Corporation Corporate 0.96%
Honda Auto Receivables Owner Trust ABS 0.95%
Toyota Lease Owner Trust ABS 0.90%
Amazon.com, Inc.Corporate 0.89%
Tennessee Valley Authority Agency 0.86%
Royal Bank of Canada Corporate 0.83%
American Express Credit Master Trust ABS 0.82%
Northwestern Mutual Global Funding Corporate 0.81%
Guardian Life Global Funding Corporate 0.78%
Citigroup Inc.ABS 0.78%
Realty Income Corporation Corporate 0.73%
170
ISSUERS
City of Dublin | Account #10198 | As of June 30, 2025
Issuer Investment Type % Portfolio
Berkshire Hathaway Inc.Corporate 0.72%
Hyundai Auto Receivables Trust ABS 0.67%
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%
GM Financial Securitized Term ABS 0.59%
Metropolitan Life Global Funding I Corporate 0.58%
WF Card Issuance Trust ABS 0.53%
International Finance Corporation Supras 0.53%
Cisco Systems, Inc.Corporate 0.52%
Hyundai Auto Lease Securitization Tr ABS 0.49%
Bank of America Credit Card Trust ABS 0.49%
BNY Mellon Corp Corporate 0.48%
Honda Motor Co., Ltd.Corporate 0.45%
Target Corporation Corporate 0.42%
American Express Company Corporate 0.42%
U.S. Bancorp Corporate 0.41%
Met Tower Global Funding Corporate 0.40%
Mercedes-Benz Auto Receivables Trust ABS 0.37%
DOMINION ENERGY, INC.Corporate 0.32%
Toyota Auto Receivables Owner Trust ABS 0.32%
First American Govt Oblig fund Money Mkt Fd 0.28%
Mercedes-Benz Auto Lease Trust ABS 0.25%
The Charles Schwab Corporation Corporate 0.18%
Cash Cash 0.00%
TOTAL 100.00%
171
QUALITY DISTRIBUTION
Rating 06/30/2025 03/31/2025
AAA 19.9%19.3%
AA 58.1%58.1%
A 18.0%18.4%
BBB 1.0%1.0%
NA 2.9%3.2%
Rating 06/30/2025 03/31/2025
AAA 15.31%69.72%
AA 59.37%5.46%
A 18.82%19.22%
NA 6.50%5.60%
Rating 06/30/2025 03/31/2025
AAA 13.14%13.39%
AA 59.66%59.68%
A 10.54%11.41%
NA 16.67%15.52%
City of Dublin | Account #10198 | As of June 30, 2025
S&P Rating Moody’s Rating Fitch Rating
172
0-.25 .25-.5 .5-1 1-2 2-3 3-4 4-5 5-7 7+
Portfolio 2.1%1.3%4.3%23.5%32.7%26.3%9.9%0.0%0.0%
ICE BofA 1-5 Year Unsubordinated US Treasury &
Agency Index 0.0%0.1%2.6%34.9%27.8%23.4%11.1%0.0%0.0%
DURATION DISTRIBUTION
City of Dublin | Account #10198 | As of June 30, 2025
Portfolio Compared to the Benchmark
173
3 Months 12 Months 2 Years 3 Years 5 Years 10 Years Since Inception
TOTAL RATE OF RETURN
City of Dublin 1.52%6.41%5.54%3.79%1.36%1.92%1.77%
Benchmark 1.36%6.06%5.11%3.24%0.92%1.61%1.51%
*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 June 30, 2025
Total Rate of Return : Inception | 11/01/2013
174
PORTFOLIO CHARACTERISTICS
City of Dublin Reporting Account | Account #10219 | As of June 30, 2025
6/30/2025
Portfolio
3/31/2025
Portfolio
Average Maturity (yrs)0.00 0.00
Average Modified Duration 0.00 0.00
Average Purchase Yield 4.40%4.44%
Average Market Yield 4.40%4.43%
Average Quality**AAA AAA
Total Market Value 179,419,341 163,283,342
*Benchmark: NO BENCHMARK REQUIRED
**The credit quality is a weighted average calculation of the highest of S&P, Moody’s and Fitch.
175
SECTOR DISTRIBUTION
City of Dublin Reporting Account | Account #10219 | As of June 30, 2025
Sector as a Percentage of Market Value
Sector 06/30/2025 03/31/2025
LGIP 84.03%82.64%
LAIF 15.80%17.17%
Cash 0.17%0.19%
176
ISSUERS
City of Dublin Reporting Account | Account #10219 | As of June 30, 2025
Issuer Investment Type % Portfolio
California Asset Mgmt Program LGIP 84.03%
LAIF LAIF 15.80%
Cash Cash 0.17%
TOTAL 100.00%
177
CONSOLIDATED INFORMATION
178
PORTFOLIO CHARACTERISTICS
City of Dublin Cons | Account #10221 | As of June 30, 2025
6/30/2025
Portfolio
3/31/2025
Portfolio
Average Maturity (yrs)1.94 2.02
Average Modified Duration 1.61 1.69
Average Purchase Yield 4.18%4.14%
Average Market Yield 4.13%4.26%
Average Quality**AA+AA+
Total Market Value 491,535,614 470,738,671
*Benchmark: NO BENCHMARK REQUIRED
**The credit quality is a weighted average calculation of the highest of S&P, Moody’s and Fitch.
179
SECTOR DISTRIBUTION
City of Dublin Cons | Account #10221 | As of June 30, 2025
Sector as a Percentage of Market Value
Sector 06/30/2025 03/31/2025
LGIP 30.83%28.79%
US Treasury 29.54%29.46%
Corporate 15.80%16.60%
ABS 7.88%7.71%
LAIF 5.80%5.98%
Supras 5.56%5.75%
Agency CMBS 2.87%2.98%
Agency 1.48%2.39%
Money Mkt Fd 0.18%0.27%
Cash 0.06%0.07%
180
PORTFOLIO HOLDINGS
181
HOLDINGS REPORT
City of Dublin | Account #10198 | As of June 30, 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
43815BAC4 HAROT 2022-1 A3 1.88
05/15/2026 80,441.44 02/15/2022
1.89%
80,429.34
80,439.16
99.80
4.77%
80,278.52
67.21
0.03%
(160.64)
Aaa/AAA
NA
0.87
0.07
05602RAD3 BMWOT 2022-A A3 3.21
08/25/2026 74,179.52 05/10/2022
3.23%
74,175.67
74,178.56
99.82
4.56%
74,045.58
39.69
0.02%
(132.98)
Aaa/AAA
NA
1.15
0.14
47787JAC2 JDOT 2022 A3 2.32 09/15/2026 104,058.59 03/10/2022
2.34%
104,035.57
104,052.85
99.72
4.16%
103,762.64
107.30
0.03%
(290.21)
Aaa/NA
AAA
1.21
0.15
362554AC1 GMCAR 2021-4 A3 0.68
09/16/2026 1,474.43 10/13/2021
0.68%
1,474.39
1,474.42
99.84
4.51%
1,472.11
0.42
0.00%
(2.32)
Aaa/AAA
NA
1.21
0.04
448977AD0 HART 2022-A A3 2.22 10/15/2026 70,468.73 03/09/2022
2.23%
70,466.02
70,468.04
99.83
4.49%
70,351.20
69.53
0.02%
(116.85)
NA/AAA
AAA
1.29
0.07
380146AC4 GMCAR 2022-1 A3 1.26
11/16/2026 15,394.82 01/11/2022
1.27%
15,393.48
15,394.48
99.86
4.72%
15,372.99
8.08
0.00%
(21.50)
NA/AAA
AAA
1.38
0.04
362585AC5 GMCAR 2022-2 A3 3.1
02/16/2027 157,356.50 04/05/2022
3.13%
157,323.61
157,346.36
99.65
4.83%
156,813.02
203.25
0.05%
(533.33)
Aaa/AAA
NA
1.63
0.20
47800AAC4 JDOT 2022-B A3 3.74 02/16/2027 307,074.53 07/12/2022
3.77%
307,045.20
307,064.48
99.68
4.66%
306,080.50
510.43
0.10%
(983.98)
Aaa/NA
AAA
1.63
0.36
448988AD7 HALST 2024-A A3 5.02
03/15/2027 785,000.00 01/17/2024
5.03%
784,851.24
784,919.26
100.27
4.61%
787,145.48
1,751.42
0.25%
2,226.23
NA/AAA
AAA
1.71
0.59
36269FAD8 GMALT 2024-1 A3 5.09
03/22/2027 995,000.00 02/08/2024
5.09%
994,875.63
994,930.83
100.30
4.53%
997,992.06
1,547.50
0.32%
3,061.23
NA/AAA
AAA
1.73
0.49
89238GAD3 TLOT 2024-A A3 5.25 04/20/2027 867,540.79 02/21/2024
5.25%
867,504.18
867,519.80
100.45
4.33%
871,463.11
1,391.68
0.28%
3,943.31
NA/AAA
AAA
1.80
0.46
47800BAC2 JDOT 2022-C A3 5.09 06/15/2027 603,703.58 10/12/2022
5.15%
603,656.73
603,684.26
100.27
4.59%
605,323.37
1,365.71
0.20%
1,639.12
Aaa/NA
AAA
1.96
0.48
36269WAD1 GMALT 2024-2 A3 5.39
07/20/2027 1,055,000.00 05/07/2024
5.85%
1,054,938.71
1,054,960.43
100.80
4.38%
1,063,416.79
1,737.53
0.34%
8,456.36
NA/AAA
AAA
2.05
0.74
58768PAC8 MBART 2022-1 A3 5.21
08/16/2027 1,137,107.84 11/15/2022
5.28%
1,136,882.92
1,137,008.39
100.31
4.55%
1,140,624.00
2,633.04
0.37%
3,615.61
Aaa/AAA
NA
2.13
0.43
891943AD4 TLOT 2024-B A3 4.21 09/20/2027 1,925,000.00 09/10/2024
4.21%
1,924,774.78
1,924,833.65
99.96
4.29%
1,924,168.98
2,476.30
0.62%
(664.67)
Aaa/NA
AAA
2.22
1.03
58770JAD6 MBALT 2024-A A3 5.32
01/18/2028 765,000.00 05/17/2024
5.73%
764,910.50
764,937.59
101.22
4.38%
774,343.10
1,808.80
0.25%
9,405.51
Aaa/NA
AAA
2.55
1.22
182
HOLDINGS REPORT
City of Dublin | Account #10198 | As of June 30, 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
362583AD8 GMCAR 2023-2 A3 4.47
02/16/2028 443,965.15 04/04/2023
4.51%
443,952.94
443,958.53
99.98
4.56%
443,857.85
826.89
0.14%
(100.69)
Aaa/AAA
NA
2.63
0.53
36271VAD9 GMALT 2025-1 A3 4.66
02/21/2028 1,260,000.00 02/05/2025
4.66%
1,259,851.32
1,259,870.04
100.67
4.25%
1,268,399.66
1,794.10
0.41%
8,529.62
NA/AAA
AAA
2.65
1.45
05592XAD2 BMWOT 2023-A A3 5.47
02/25/2028 413,829.54 07/11/2023
5.47%
413,756.21
413,787.32
100.59
4.49%
416,288.81
377.27
0.13%
2,501.49
NA/AAA
AAA
2.66
0.57
44935DAD1 HALST 2025-B A3 4.53 04/17/2028 730,000.00 04/24/2025
4.53%
729,934.08
729,937.85
100.69
4.19%
735,020.72
1,469.73
0.24%
5,082.87
NA/AAA
AAA
2.80
1.78
89239FAD4 TAOT 2023-D A3 5.54 08/15/2028 980,000.00 11/07/2023
5.61%
979,894.36
979,930.57
101.17
4.40%
991,497.16
2,412.98
0.32%
11,566.60
NA/AAA
AAA
3.13
0.97
161571HT4 CHAIT 2023-1 A 5.16 09/15/2028 3,090,000.00 09/07/2023
5.23%
3,089,143.45
3,089,450.53
101.16
4.21%
3,125,710.82
7,086.40
1.01%
36,260.29
NA/AAA
AAA
3.21
1.14
47800RAD5 JDOT 2024 A3 4.96 11/15/2028 550,000.00 03/11/2024
5.12%
549,969.20
549,977.69
100.92
4.29%
555,080.68
1,212.44
0.18%
5,102.99
Aaa/NA
AAA
3.38
1.27
437930AC4 HAROT 2024-2 A3 5.27
11/20/2028 1,000,000.00 05/14/2024
5.27%
999,878.50
999,908.51
101.20
4.30%
1,011,952.60
1,903.06
0.33%
12,044.09
NA/AAA
AAA
3.39
1.16
36268GAD7 GMCAR 2024-1 A3 4.85
12/18/2028 445,000.00 01/09/2024
4.91%
444,910.51
444,936.95
100.50
4.32%
447,223.71
899.27
0.14%
2,286.76
Aaa/NA
AAA
3.47
0.85
161571HV9 CHAIT 241 A 4.6 01/16/2029 1,910,000.00 01/24/2024
4.61%
1,909,709.11
1,909,792.11
100.73
4.14%
1,923,988.46
3,904.89
0.62%
14,196.35
NA/AAA
AAA
3.55
1.46
448973AD9 HART 2024-A A3 4.99 02/15/2029 1,170,000.00 03/11/2024
5.05%
1,169,742.02
1,169,809.36
100.90
4.26%
1,180,517.25
2,594.80
0.38%
10,707.89
NA/AAA
AAA
3.63
1.14
096919AD7 BMWOT 2024-A A3 5.18
02/26/2029 1,305,000.00 06/04/2024
5.18%
1,304,801.77
1,304,846.12
101.26
4.11%
1,321,453.44
1,126.65
0.43%
16,607.32
Aaa/AAA
NA
3.66
1.12
47786WAD2 JDOT 2024-B A3 5.2 03/15/2029 1,110,000.00 06/11/2024
5.81%
1,109,783.00
1,109,830.39
101.58
4.24%
1,127,531.23
2,565.33
0.36%
17,700.84
Aaa/NA
AAA
3.71
1.54
44934QAD3 HART 2024-B A3 4.84 03/15/2029 825,000.00 07/16/2024
5.45%
824,875.51
824,900.63
101.02
4.17%
833,408.40
1,774.67
0.27%
8,507.77
NA/AAA
AAA
3.71
1.40
43813YAC6 HAROT 2024-3 A3 4.57
03/21/2029 1,845,000.00 08/09/2024
4.66%
1,844,710.15
1,844,764.55
100.54
4.21%
1,855,041.78
2,342.13
0.60%
10,277.23
Aaa/NA
AAA
3.72
1.35
05522RDJ4 BACCT 2024-1 A 4.93 05/15/2029 1,480,000.00 06/06/2024
4.93%
1,479,916.97
1,479,934.91
101.48
4.14%
1,501,923.39
3,242.84
0.49%
21,988.48
Aaa/AAA
NA
3.87
1.75
47800DAD6 JDOT 2025 A3 4.23 09/17/2029 1,465,000.00 03/04/2025
5.09%
1,464,907.85
1,464,914.10
100.25
4.16%
1,468,617.96
2,754.20
0.47%
3,703.86
Aaa/NA
AAA
4.22
2.18
183
HOLDINGS REPORT
City of Dublin | Account #10198 | As of June 30, 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
096924AD7 BMWOT 2025-A A3 4.56
09/25/2029 1,980,000.00 02/04/2025
4.56%
1,979,804.97
1,979,821.05
100.86
4.09%
1,996,953.95
1,504.80
0.64%
17,132.90
Aaa/AAA
NA
4.24
1.65
92970QAE5 WFCIT 2024-2 A 4.29 10/15/2029 1,645,000.00 10/17/2024
4.29%
1,644,755.55
1,644,789.18
100.47
4.11%
1,652,733.15
3,136.47
0.53%
7,943.96
Aaa/AAA
NA
4.29
2.14
02582JKP4 AMXCA 2025-2 A 4.28 04/15/2030 2,530,000.00 05/06/2025
4.28%
2,529,954.21
2,529,955.46
100.61
4.08%
2,545,475.25
4,812.62
0.82%
15,519.79
NA/AAA
AAA
4.79
2.58
362549AD9 GMCAR 2025-2 A3 4.28
04/16/2030 745,000.00 05/06/2025
4.71%
744,890.34
744,893.27
100.54
4.07%
749,008.99
1,328.58
0.24%
4,115.73
Aaa/AAA
NA
4.79
2.14
17305EHA6 CCCIT_25-A1 4.3 06/21/2030 2,400,000.00 06/18/2025
4.31%
2,399,348.88
2,399,350.67
100.58
4.09%
2,413,984.08
1,433.33
0.78%
14,633.41
NA/AAA
NA
4.97
2.76
38,261,228.87 100.71 38,538,322.79 12.45%3.40
Total ABS 38,266,595.46 4.85%38,262,572.34 4.24%66,221.33 275,750.46 1.43
AGENCY
3130ATS57 FEDERAL HOME LOAN BANKS 4.5
03/10/2028 3,000,000.00 03/21/2023
4.01%
3,065,010.00
3,035,209.27
101.97
3.72%
3,059,079.18
41,625.00
0.99%
23,869.91
Aa1/AA+
AA+
2.70
2.49
880591EZ1 TENNESSEE VALLEY AUTHORITY
3.875 03/15/2028 2,645,000.00 --
3.73%
2,661,791.35
2,654,301.29
100.30
3.76%
2,652,972.11
30,178.72
0.86%
(1,329.18)
Aa1/AA+
AA+
2.71
2.52
3130AWMN7 FEDERAL HOME LOAN BANKS
4.375 06/09/2028 1,500,000.00 07/26/2023
4.27%
1,506,615.00
1,503,993.54
101.84
3.71%
1,527,527.12
4,010.42
0.49%
23,533.57
Aa1/AA+
AA+
2.94
2.73
7,233,416.35 101.33 7,239,578.40 2.34%2.75
Total Agency 7,145,000.00 3.97%7,193,504.11 3.73%75,814.13 46,074.30 2.55
AGENCY CMBS
3137BSRE5 FHMS K-059 A2 3.12 09/25/2026 2,000,000.00 02/18/2022
1.92%
2,085,625.00
2,022,158.71
98.61
4.22%
1,972,165.60
5,200.00
0.64%
(49,993.11)
Aa1/AAA
AAA
1.24
1.10
3137F4D41 FHMS K-074 A2 3.6 01/25/2028 1,000,000.00 07/25/2023
5.78%
954,414.06
974,248.73
98.87
4.01%
988,661.60
3,000.00
0.32%
14,412.87
Aa1/AA+
AAA
2.57
2.34
3137FG6X8 FHMS K-077 A2 3.85 05/25/2028 2,815,000.00 05/24/2023
4.65%
2,763,318.36
2,785,250.00
99.43
4.00%
2,799,050.21
9,031.46
0.90%
13,800.21
Aa1/AA+
AAA
2.90
2.62
3137FK4M5 FHMS K-085 A2 4.06 10/25/2028 1,100,000.00 10/30/2023
5.60%
1,038,253.91
1,059,134.06
99.96
4.02%
1,099,560.33
3,721.67
0.36%
40,426.27
Aaa/AA+
AA+
3.32
3.02
184
HOLDINGS REPORT
City of Dublin | Account #10198 | As of June 30, 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
2,415,982.81
99.12
4.01%
2,478,048.00
7,856.25
0.80%
62,065.19
Aa1/AAA
AA+
3.49
3.04
3137H5YC5 FHMS K-748 A2 2.26 01/25/2029 2,000,000.00 08/26/2024
4.08%
1,855,937.50
1,883,732.66
94.13
4.06%
1,882,569.40
3,766.67
0.61%
(1,163.26)
Aa1/AA+
AAA
3.57
3.28
3137H9D71 FHMS K-750 A2 3.0 09/25/2029 2,955,000.00 10/18/2024
4.25%
2,801,478.52
2,823,199.99
96.04
4.10%
2,837,912.85
7,387.50
0.92%
14,712.86
Aa1/AA+
AAA
4.24
3.55
13,890,726.57 97.87 14,057,967.99 4.54%3.14
Total Agency CMBS 14,370,000.00 4.30%13,963,706.97 4.06%39,963.54 94,261.02 2.77
CASH
CCYUSD Receivable 12,696.60 --12,696.60
12,696.60
1.00
0.00%
12,696.60
0.00
0.00%
0.00
Aaa/AAA
AAA
0.00
0.00
12,696.60 1.00 12,696.60 0.00%0.00
Total Cash 12,696.60 12,696.60 0.00%0.00 0.00 0.00
CORPORATE
66815L2J7 NORTHWESTERN MUTUAL
GLOBAL FUNDING 4.0 07/01/2025 2,500,000.00 06/27/2022
4.01%
2,499,150.00
2,500,000.00
100.00
4.00%
2,500,000.00
50,000.00
0.81%
0.00
Aa1/AA+
AAA
0.00
0.00
89114QCK2 TORONTO-DOMINION BANK 0.75
09/11/2025 1,000,000.00 02/16/2021
0.81%
997,230.00
999,880.29
99.23
4.72%
992,322.51
2,291.67
0.32%
(7,557.78)
A2/A-
AA-
0.20
0.19
91324PEC2 UNITEDHEALTH GROUP INC 1.15
05/15/2026 2,000,000.00 --
1.90%
1,939,210.15
1,987,387.93
97.21
4.45%
1,944,112.94
2,938.89
0.63%
(43,274.99)
A2/A+
A
0.87
0.85
89236TJK2 TOYOTA MOTOR CREDIT CORP
1.125 06/18/2026 2,485,000.00 06/15/2021
1.13%
2,483,906.60
2,484,789.23
97.05
4.28%
2,411,781.21
1,009.53
0.78%
(73,008.01)
A1/A+
A+
0.97
0.94
58989V2D5 MET TOWER GLOBAL FUNDING
1.25 09/14/2026 1,285,000.00 09/07/2021
1.27%
1,283,817.80
1,284,715.13
96.43
4.33%
1,239,068.93
4,774.13
0.40%
(45,646.20)
Aa3/AA-
AA-
1.21
1.17
06368FAC3 BANK OF MONTREAL 1.25
09/15/2026 2,500,000.00 --
1.29%
2,495,539.50
2,498,922.74
96.49
4.27%
2,412,184.10
9,201.39
0.78%
(86,738.64)
A2/A-
AA-
1.21
1.17
931142ER0 WALMART INC 1.05 09/17/2026 585,000.00 09/08/2021
1.09%
583,894.35
584,731.76
96.64
3.91%
565,371.42
1,774.50
0.18%
(19,360.34)
Aa2/AA
AA
1.22
1.18
59217GER6 METROPOLITAN LIFE GLOBAL
FUNDING I 1.875 01/11/2027 1,860,000.00 01/03/2022
1.90%
1,857,879.60
1,859,350.87
96.65
4.16%
1,797,682.84
16,468.75
0.58%
(61,668.03)
Aa3/AA-
AA-
1.53
1.47
185
HOLDINGS REPORT
City of Dublin | Account #10198 | As of June 30, 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
87612EBM7 TARGET CORP 1.95 01/15/2027 1,340,000.00 01/19/2022
1.99%
1,337,722.00
1,339,294.16
96.86
4.08%
1,297,917.39
12,048.83
0.42%
(41,376.77)
A2/A
A
1.54
1.48
808513BY0 CHARLES SCHWAB CORP 2.45
03/03/2027 585,000.00 03/01/2022
2.47%
584,368.20
584,788.94
97.18
4.21%
568,516.81
4,697.88
0.18%
(16,272.13)
A2/A-
A
1.67
1.60
084664CZ2 BERKSHIRE HATHAWAY FINANCE
CORP 2.3 03/15/2027 2,295,000.00 03/07/2022
2.30%
2,294,563.95
2,294,851.46
97.49
3.83%
2,237,410.58
15,542.25
0.72%
(57,440.89)
Aa2/AA
A+
1.71
1.64
40139LBF9 GUARDIAN LIFE GLOBAL FUNDING
3.246 03/29/2027 765,000.00 03/24/2022
3.25%
765,000.00
765,000.00
98.44
4.18%
753,086.96
6,345.93
0.24%
(11,913.04)
Aa1/AA+
NA
1.74
1.66
023135CF1 AMAZON.COM INC 3.3
04/13/2027 1,750,000.00 04/25/2022
3.34%
1,746,972.50
1,748,912.31
98.90
3.95%
1,730,676.68
12,512.50
0.56%
(18,235.63)
A1/AA
AA-
1.79
1.70
46647PCB0 JPMORGAN CHASE & CO 1.578
04/22/2027 500,000.00 08/23/2022
4.95%
449,845.00
488,602.04
97.68
4.95%
488,412.69
1,512.25
0.16%
(189.35)
A1/A
AA-
1.81
0.79
927804GH1 VIRGINIA ELECTRIC AND POWER
CO 3.75 05/15/2027 1,000,000.00 --
3.75%
999,773.40
999,895.26
99.27
4.16%
992,689.33
4,791.67
0.32%
(7,205.93)
A3/BBB+
A
1.87
1.78
14913R3A3 CATERPILLAR FINANCIAL SERVICES
CORP 3.6 08/12/2027 1,375,000.00 --
3.89%
1,357,243.75
1,367,371.72
99.01
4.09%
1,361,411.76
19,112.50
0.44%
(5,959.96)
A2/A
A+
2.12
1.99
931142EX7 WALMART INC 3.95 09/09/2027 1,500,000.00 --
3.97%
1,498,302.30
1,499,256.21
100.09
3.91%
1,501,308.29
18,433.33
0.48%
2,052.08
Aa2/AA
AA
2.19
1.98
89236TKJ3 TOYOTA MOTOR CREDIT CORP
4.55 09/20/2027 1,500,000.00 11/22/2022
4.88%
1,479,060.00
1,490,350.95
100.84
4.15%
1,512,582.23
19,147.92
0.49%
22,231.28
A1/A+
A+
2.22
2.07
023135CP9 AMAZON.COM INC 4.55
12/01/2027 1,000,000.00 01/17/2023
4.21%
1,014,400.00
1,007,031.02
101.33
3.97%
1,013,308.82
3,791.67
0.33%
6,277.80
A1/AA
AA-
2.42
2.19
89115A2M3 TORONTO-DOMINION BANK 5.156
01/10/2028 3,000,000.00 --
5.28%
2,984,380.00
2,991,373.50
102.04
4.29%
3,061,266.93
73,473.00
0.99%
69,893.43
A2/A-
AA-
2.53
2.30
756109AU8 REALTY INCOME CORP 3.65
01/15/2028 960,000.00 04/10/2023
4.87%
910,540.80
933,606.59
98.77
4.17%
948,184.18
16,157.33
0.31%
14,577.58
A3/A-
NA
2.54
2.36
24422EWR6 JOHN DEERE CAPITAL CORP 4.75
01/20/2028 2,000,000.00 01/23/2023
4.40%
2,030,780.00
2,015,770.31
101.58
4.09%
2,031,627.62
42,486.11
0.66%
15,857.31
A1/A
A+
2.56
2.34
06051GGF0 BANK OF AMERICA CORP 3.824
01/20/2028 3,000,000.00 --
5.88%
2,824,349.55
2,928,834.52
99.13
5.07%
2,973,854.52
51,305.33
0.96%
45,020.00
A1/A-
AA-
2.56
1.46
06368LGV2 BANK OF MONTREAL 5.203
02/01/2028 2,000,000.00 08/17/2023
5.56%
1,972,380.00
1,983,937.91
102.27
4.26%
2,045,381.64
43,358.33
0.66%
61,443.73
A2/A-
AA-
2.59
2.28
91324PEP3 UNITEDHEALTH GROUP INC 5.25
02/15/2028 1,500,000.00 02/21/2023
4.90%
1,522,890.00
1,511,886.92
102.64
4.17%
1,539,637.62
29,750.00
0.50%
27,750.70
A2/A+
A
2.63
2.32
186
HOLDINGS REPORT
City of Dublin | Account #10198 | As of June 30, 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
46647PAF3 JPMORGAN CHASE & CO 3.54
05/01/2028 2,000,000.00 08/16/2023
6.06%
1,854,340.00
1,927,924.16
98.52
4.92%
1,970,396.04
11,800.00
0.64%
42,471.88
A1/A
AA-
2.84
1.74
58933YBH7 MERCK & CO INC 4.05 05/17/2028 3,500,000.00 --
4.06%
3,497,960.40
3,498,826.27
100.46
3.88%
3,516,086.56
17,325.00
1.14%
17,260.29
Aa3/A+
NA
2.88
2.61
06406RBG1 BANK OF NEW YORK MELLON
CORP 3.992 06/13/2028 1,500,000.00 10/26/2023
6.26%
1,395,930.00
1,443,950.20
99.65
4.63%
1,494,686.15
2,994.00
0.48%
50,735.95
Aa3/A
AA-
2.96
1.85
02665WEM9 AMERICAN HONDA FINANCE
CORP 5.125 07/07/2028 1,370,000.00 10/12/2023
5.60%
1,343,288.50
1,352,945.50
102.03
4.40%
1,397,801.16
33,936.04
0.45%
44,855.67
A3/A-
A
3.02
2.71
78016HZS2 ROYAL BANK OF CANADA 5.2
08/01/2028 2,500,000.00 09/07/2023
5.54%
2,464,100.00
2,477,346.42
102.87
4.20%
2,571,778.20
54,166.67
0.83%
94,431.78
A1/A
AA-
3.09
2.77
756109BS2 REALTY INCOME CORP 4.7
12/15/2028 1,300,000.00 --
4.98%
1,285,086.00
1,288,965.43
101.41
4.26%
1,318,355.69
2,715.56
0.43%
29,390.26
A3/A-
NA
3.46
3.09
91324PEU2 UNITEDHEALTH GROUP INC 4.25
01/15/2029 1,000,000.00 01/23/2024
4.61%
984,020.00
988,619.64
99.82
4.30%
998,225.19
19,597.22
0.32%
9,605.55
A2/A+
A
3.54
3.19
24422EXH7 JOHN DEERE CAPITAL CORP 4.5
01/16/2029 2,000,000.00 04/18/2024
5.16%
1,945,100.00
1,958,904.34
101.09
4.16%
2,021,840.84
41,250.00
0.65%
62,936.50
A1/A
A+
3.55
3.18
91159HJK7 US BANCORP 4.653 02/01/2029 1,250,000.00 04/11/2024
5.66%
1,207,450.00
1,221,009.55
100.65
4.72%
1,258,109.04
24,234.38
0.41%
37,099.48
A3/A
A
3.59
2.37
17275RBR2 CISCO SYSTEMS INC 4.85
02/26/2029 1,565,000.00 02/21/2024
4.86%
1,564,452.25
1,564,599.46
102.48
4.11%
1,603,772.19
26,355.03
0.52%
39,172.73
A1/AA-
NA
3.66
3.21
14913UAJ9 CATERPILLAR FINANCIAL SERVICES
CORP 4.85 02/27/2029 2,000,000.00 08/26/2024
4.19%
2,053,700.00
2,043,645.53
102.30
4.16%
2,046,095.88
33,411.11
0.66%
2,450.35
A2/A
A+
3.66
3.28
00287YDS5 ABBVIE INC 4.8 03/15/2029 1,500,000.00 07/22/2024
4.68%
1,507,245.00
1,505,755.17
101.96
4.22%
1,529,413.86
21,200.00
0.49%
23,658.69
A3/A-
NA
3.71
3.26
61747YFD2 MORGAN STANLEY 5.164
04/20/2029 2,250,000.00 05/30/2024
5.44%
2,228,212.50
2,234,288.45
101.96
4.80%
2,294,100.34
22,915.25
0.74%
59,811.89
A1/A-
A+
3.80
2.57
437076DC3 HOME DEPOT INC 4.75
06/25/2029 1,875,000.00 07/18/2024
4.59%
1,887,993.75
1,885,447.83
102.07
4.18%
1,913,873.66
1,484.38
0.62%
28,425.84
A2/A
A
3.99
3.53
95000U3E1 WELLS FARGO & CO 5.574
07/25/2029 2,000,000.00 --
4.92%
2,042,675.00
2,036,402.18
103.26
4.82%
2,065,115.24
48,308.00
0.67%
28,713.06
A1/BBB+
A+
4.07
2.74
025816DH9 AMERICAN EXPRESS CO 5.282
07/27/2029 1,250,000.00 03/27/2025
4.67%
1,273,275.00
1,271,458.13
102.82
4.61%
1,285,264.93
28,060.63
0.42%
13,806.79
A2/A-
A
4.07
2.76
40139LBJ1 GUARDIAN LIFE GLOBAL FUNDING
4.179 09/26/2029 1,675,000.00 --
4.21%
1,672,866.75
1,673,191.11
99.55
4.29%
1,667,500.91
18,471.76
0.54%
(5,690.20)
Aa1/AA+
NA
4.24
3.80
187
HOLDINGS REPORT
City of Dublin | Account #10198 | As of June 30, 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
57629TBV8 MASSMUTUAL GLOBAL FUNDING
II 4.95 01/10/2030 2,000,000.00 --
4.94%
2,000,626.35
2,000,674.37
102.11
4.43%
2,042,182.90
47,025.00
0.66%
41,508.53
Aa3/AA+
AA+
4.53
3.94
46647PEB8 JPMORGAN CHASE & CO 5.012
01/23/2030 1,500,000.00 03/19/2025
4.81%
1,510,215.00
1,509,466.14
101.85
4.70%
1,527,685.50
32,995.67
0.49%
18,219.36
A1/A
AA-
4.57
3.17
00287YDZ9 ABBVIE INC 4.875 03/15/2030 1,500,000.00 06/25/2025
4.39%
1,529,820.00
1,529,732.04
102.40
4.30%
1,535,999.76
25,390.63
0.50%
6,267.72
A3/A-
NA
4.71
4.05
61747YFQ3 MORGAN STANLEY 5.656
04/18/2030 1,250,000.00 06/04/2025
4.70%
1,291,937.50
1,291,165.83
103.87
4.75%
1,298,388.43
14,336.39
0.42%
7,222.60
A1/A-
A+
4.80
3.37
Total Corporate 77,070,000.00 4.18%
76,453,493.45
76,854,859.47
100.31
4.31%
77,276,470.44
990,898.39
24.96%
421,610.97
2.69
2.25
MONEY MARKET
FUND
31846V203 FIRST AMER:GVT OBLG Y 879,415.22 --
3.96%
879,415.22
879,415.22
1.00
3.96%
879,415.22
0.00
0.28%
0.00
Aaa/AAAm
AAA
0.00
0.00
Total Money Market
Fund 879,415.22 3.96%
879,415.22
879,415.22
1.00
3.96%
879,415.22
0.00
0.28%
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
1,685,062.49
99.85
4.43%
1,682,501.79
4,856.08
0.54%
(2,560.71)
Aaa/AAA
NA
0.04
0.04
4581X0DV7 INTER-AMERICAN DEVELOPMENT
BANK 0.875 04/20/2026 4,615,000.00 04/13/2021
0.97%
4,593,863.30
4,611,608.41
97.47
4.11%
4,498,111.70
7,964.08
1.45%
(113,496.71)
Aaa/AAA
NA
0.80
0.78
459058KT9
INTERNATIONAL BANK FOR
RECONSTRUCTION AND
DEVELOPM 3.5 07/12/2028
5,000,000.00 --
4.35%
4,813,059.00
4,884,568.83
99.26
3.76%
4,962,776.20
82,152.78
1.60%
78,207.37
Aaa/AAA
NA
3.03
2.80
45950KDD9 INTERNATIONAL FINANCE CORP
4.5 07/13/2028 1,605,000.00 07/06/2023
4.53%
1,603,218.45
1,603,919.56
102.12
3.75%
1,638,996.07
33,705.00
0.53%
35,076.50
Aaa/AAA
NA
3.04
2.76
4581X0DC9 INTER-AMERICAN DEVELOPMENT
BANK 3.125 09/18/2028 3,360,000.00 --
4.33%
3,187,150.40
3,243,890.16
98.05
3.77%
3,294,462.39
30,041.67
1.06%
50,572.23
Aaa/AAA
NA
3.22
3.00
4581X0EN4 INTER-AMERICAN DEVELOPMENT
BANK 4.125 02/15/2029 3,000,000.00 02/15/2024
4.34%
2,970,690.00
2,978,685.10
101.10
3.80%
3,032,879.34
46,750.00
0.98%
54,194.24
Aaa/AAA
NA
3.63
3.29
188
HOLDINGS REPORT
City of Dublin | Account #10198 | As of June 30, 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
4.08%
2,972,640.00
2,976,415.35
100.24
3.81%
3,007,051.74
24,218.75
0.97%
30,636.39
Aaa/AAA
NA
4.30
3.89
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
4,978,462.50
101.23
3.84%
5,061,254.70
57,864.58
1.63%
82,792.20
Aaa/AAA
NA
4.72
4.21
Total Supranational 27,265,000.00 3.51%
26,810,200.90
26,962,612.40
99.70
3.89%
27,178,033.92
287,552.93
8.78%
215,421.52
3.02
2.76
US TREASURY
91282CCW9 UNITED STATES TREASURY 0.75
08/31/2026 2,000,000.00 08/30/2021
0.77%
1,998,515.63
1,999,653.70
96.38
3.96%
1,927,578.12
5,013.59
0.62%
(72,075.58)
Aa1/AA+
AA+
1.17
1.14
91282CDG3 UNITED STATES TREASURY 1.125
10/31/2026 5,000,000.00 --
1.25%
4,970,498.06
4,991,965.65
96.43
3.90%
4,821,679.70
9,476.90
1.56%
(170,285.95)
Aa1/AA+
AA+
1.34
1.30
912828Z78 UNITED STATES TREASURY 1.5
01/31/2027 4,500,000.00 --
2.15%
4,367,285.16
4,456,077.50
96.46
3.83%
4,340,566.40
28,156.08
1.40%
(115,511.11)
Aa1/AA+
AA+
1.59
1.53
91282CEN7 UNITED STATES TREASURY 2.75
04/30/2027 7,000,000.00 --
3.55%
6,761,484.38
6,906,133.52
98.23
3.76%
6,875,859.34
32,432.07
2.22%
(30,274.18)
Aa1/AA+
AA+
1.83
1.76
91282CEW7 UNITED STATES TREASURY 3.25
06/30/2027 9,000,000.00 --
3.22%
9,018,066.41
9,005,602.25
99.11
3.72%
8,919,492.21
794.84
2.88%
(86,110.04)
Aa1/AA+
AA+
2.00
1.91
91282CFM8 UNITED STATES TREASURY 4.125
09/30/2027 10,000,000.00 --
3.95%
10,074,062.50
10,034,807.10
100.91
3.70%
10,091,015.60
103,688.52
3.26%
56,208.50
Aa1/AA+
AA+
2.25
2.11
91282CGC9 UNITED STATES TREASURY 3.875
12/31/2027 10,000,000.00 --
3.70%
10,078,828.13
10,039,984.98
100.42
3.70%
10,042,187.50
1,052.99
3.24%
2,202.52
Aa1/AA+
AA+
2.50
2.36
91282CGT2 UNITED STATES TREASURY 3.625
03/31/2028 7,000,000.00 --
3.58%
7,014,042.96
7,007,884.82
99.83
3.69%
6,987,968.75
63,784.15
2.26%
(19,916.07)
Aa1/AA+
AA+
2.75
2.57
91282CHE4 UNITED STATES TREASURY 3.625
05/31/2028 4,500,000.00 --
4.07%
4,412,773.44
4,448,046.36
99.79
3.70%
4,490,507.79
13,816.60
1.45%
42,461.43
Aa1/AA+
AA+
2.92
2.73
91282CHQ7 UNITED STATES TREASURY 4.125
07/31/2028 9,000,000.00 --
4.51%
8,848,203.13
8,903,773.96
101.21
3.71%
9,108,632.79
154,858.43
2.94%
204,858.83
Aa1/AA+
AA+
3.08
2.83
91282CJA0 UNITED STATES TREASURY 4.625
09/30/2028 3,750,000.00 --
4.92%
3,702,089.84
3,718,493.73
102.77
3.71%
3,853,857.41
43,596.31
1.24%
135,363.69
Aa1/AA+
AA+
3.25
2.97
91282CJN2 UNITED STATES TREASURY 4.375
11/30/2028 5,500,000.00 --
4.03%
5,584,941.41
5,558,828.03
102.08
3.72%
5,614,511.71
20,380.81
1.81%
55,683.67
Aa1/AA+
AA+
3.42
3.14
189
HOLDINGS REPORT
City of Dublin | Account #10198 | As of June 30, 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
91282CJR3 UNITED STATES TREASURY 3.75
12/31/2028 5,500,000.00 --
4.00%
5,438,359.38
5,456,289.88
100.09
3.72%
5,504,941.42
560.46
1.78%
48,651.54
Aa1/AA+
AA+
3.50
3.25
91282CKD2 UNITED STATES TREASURY 4.25
02/28/2029 13,000,000.00 --
4.44%
12,891,953.13
12,918,547.95
101.76
3.73%
13,229,023.47
184,667.12
4.27%
310,475.52
Aa1/AA+
AA+
3.67
3.33
91282CKP5 UNITED STATES TREASURY 4.625
04/30/2029 12,250,000.00 --
4.42%
12,359,384.76
12,336,305.88
103.13
3.74%
12,632,812.50
95,453.46
4.08%
296,506.62
Aa1/AA+
AA+
3.83
3.47
91282CKX8 UNITED STATES TREASURY 4.25
06/30/2029 6,500,000.00 --
3.96%
6,581,855.47
6,567,078.63
101.86
3.74%
6,620,859.38
750.68
2.14%
53,780.75
Aa1/AA+
AA+
4.00
3.65
91282CLK5 UNITED STATES TREASURY 3.625
08/31/2029 2,500,000.00 09/26/2024
3.55%
2,508,203.13
2,506,940.06
99.50
3.75%
2,487,597.65
30,290.42
0.80%
(19,342.41)
Aa1/AA+
AA+
4.17
3.79
91282CLN9 UNITED STATES TREASURY 3.5
09/30/2029 3,000,000.00 --
3.97%
2,937,480.47
2,946,208.51
98.99
3.76%
2,969,765.64
26,393.44
0.96%
23,557.13
Aa1/AA+
AA+
4.25
3.88
91282CFY2 UNITED STATES TREASURY 3.875
11/30/2029 10,000,000.00 --
4.32%
9,801,914.06
9,822,988.67
100.44
3.76%
10,044,140.60
32,821.04
3.24%
221,151.93
Aa1/AA+
AA+
4.42
4.01
91282CMG3 UNITED STATES TREASURY 4.25
01/31/2030 6,250,000.00 --
4.15%
6,277,187.51
6,275,919.68
101.97
3.78%
6,373,291.00
110,799.38
2.06%
97,371.32
Aa1/AA+
AA+
4.59
4.07
91282CMZ1 UNITED STATES TREASURY 3.875
04/30/2030 7,500,000.00 --
3.85%
7,509,785.16
7,509,535.30
100.39
3.78%
7,529,296.88
48,963.99
2.43%
19,761.57
Aa1/AA+
AA+
4.83
4.34
Total US Treasury 143,750,000.00 3.84%
143,136,914.12
143,411,066.18
100.53
3.74%
144,465,585.84
1,007,751.28
46.65%
1,054,519.66
3.20
2.94
Total Portfolio 308,758,707.28 4.05%
306,678,092.08
307,540,433.29
100.04
3.97%
309,648,071.22
2,468,201.61
100.00%
2,107,637.92
3.06
2.54
Total Market Value +
Accrued 312,116,272.82
190
HOLDINGS REPORT
City of Dublin Reporting Account | Account #10219 | As of June 30, 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 301,676.56 --301,676.56
301,676.56
1.00
0.00%
301,676.56
0.00
0.17%
0.00
Aaa/AAA
AAA
0.00
0.00
Total Cash 301,676.56
301,676.56
301,676.56
1.00
0.00%
301,676.56
0.00
0.17%
0.00
0.00
0.00
LAIF
90LAIF$00 Local Agency Investment Fund
State Pool 28,348,986.85 --
4.27%
28,348,986.85
28,348,986.85
1.00
4.27%
28,348,986.85
0.00
15.80%
0.00
NA/NA
NA
0.00
0.00
Total LAIF 28,348,986.85 4.27%
28,348,986.85
28,348,986.85
1.00
4.27%
28,348,986.85
0.00
15.80%
0.00
0.00
0.00
LOCAL GOV
INVESTMENT POOL
90CAMP$00 CAMP 150,768,677.89 --
4.43%
150,768,677.89
150,768,677.89
1.00
4.43%
150,768,677.89
0.00
84.03%
0.00
NA/AAAm
NA
0.00
0.00
Total Local Gov
Investment Pool 150,768,677.89 4.43%
150,768,677.89
150,768,677.89
1.00
4.43%
150,768,677.89
0.00
84.03%
0.00
0.00
0.00
Total Portfolio 179,419,341.30 4.40%
179,419,341.30
179,419,341.30
1.00
4.40%
179,419,341.30
0.00
100.00%
0.00
0.00
0.00
Total Market Value +
Accrued 179,419,341.30
191
TRANSACTIONS
192
TRANSACTION LEDGER
City of Dublin | Account #10198|04/01/2025 Through 06/30/2025|
Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp
Yield Amount Interest
Pur/Sold Total Amount Gain/Loss
ACQUISITIONS
Purchase 04/30/2025 44935DAD1 730,000.00 HALST 2025-B A3 4.53
04/17/2028 99.991 4.53%(729,934.08)0.00 (729,934.08)0.00
Purchase 04/30/2025 91282CMZ1 2,500,000.00 UNITED STATES TREASURY
3.875 04/30/2030 100.543 3.75%(2,513,574.22)0.00 (2,513,574.22)0.00
Purchase 05/13/2025 02582JKP4 2,530,000.00 AMXCA 2025-2 A 4.28
04/15/2030 99.998 4.28%(2,529,954.21)0.00 (2,529,954.21)0.00
Purchase 05/14/2025 362549AD9 745,000.00 GMCAR 2025-2 A3 4.28
04/16/2030 99.985 4.71%(744,890.34)0.00 (744,890.34)0.00
Purchase 05/30/2025 91282CMZ1 2,000,000.00 UNITED STATES TREASURY
3.875 04/30/2030 99.395 4.01%(1,987,890.63)(6,317.93)(1,994,208.56)0.00
Purchase 06/05/2025 61747YFQ3 1,250,000.00 MORGAN STANLEY 5.656
04/18/2030 103.355 4.70%(1,291,937.50)(9,230.28)(1,301,167.78)0.00
Purchase 06/26/2025 17305EHA6 2,400,000.00 CCCIT_25-A1 4.3
06/21/2030 99.973 4.31%(2,399,348.88)0.00 (2,399,348.88)0.00
Purchase 06/26/2025 00287YDZ9 1,500,000.00 ABBVIE INC 4.875
03/15/2030 101.988 4.39%(1,529,820.00)(24,375.00)(1,554,195.00)0.00
Purchase 06/30/2025 91282CMZ1 3,000,000.00 UNITED STATES TREASURY
3.875 04/30/2030 100.277 3.81%(3,008,320.31)(19,269.70)(3,027,590.01)0.00
Total Purchase 16,655,000.00 (16,735,670.17)(59,192.91)(16,794,863.08)0.00
TOTAL
ACQUISITIONS 16,655,000.00 (16,735,670.17)(59,192.91)(16,794,863.08)0.00
DISPOSITIONS
Maturity 05/15/2025 02582JJT8 (2,205,000.00)AMXCA 2022-2 A 3.39
05/17/2027 100.000 3.42%0.00 0.00 0.00 0.00
Maturity 06/01/2025 438516CB0 (2,500,000.00)
HONEYWELL
INTERNATIONAL INC 1.35
06/01/2025
100.000 0.85%2,500,000.00 0.00 2,500,000.00 0.00
Total Maturity (4,705,000.00)2,500,000.00 0.00 2,500,000.00 0.00
Sale 04/30/2025 91282CCF6 (2,000,000.00)UNITED STATES TREASURY
0.75 05/31/2026 96.703 0.90%1,934,062.50 6,222.53 1,940,285.03 (62,646.64)
Sale 05/07/2025 3130ATUC9 (2,000,000.00)FEDERAL HOME LOAN
BANKS 4.5 12/12/2025 100.187 4.22%2,003,740.00 36,250.00 2,039,990.00 649.65
193
TRANSACTION LEDGER
City of Dublin | Account #10198|04/01/2025 Through 06/30/2025|
Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp
Yield Amount Interest
Pur/Sold Total Amount Gain/Loss
Sale 06/05/2025 808513BR5 (1,370,000.00)CHARLES SCHWAB CORP
1.15 05/13/2026 97.027 1.20%1,329,269.90 962.81 1,330,232.71 (40,134.80)
Sale 06/30/2025 3130ATUC9 (2,000,000.00)FEDERAL HOME LOAN
BANKS 4.5 12/12/2025 100.067 4.22%2,001,340.00 4,500.00 2,005,840.00 (988.35)
Total Sale (7,370,000.00)7,268,412.40 47,935.34 7,316,347.74 (103,120.14)
TOTAL
DISPOSITIONS (12,075,000.00)9,768,412.40 47,935.34 9,816,347.74 (103,120.14)
194
TRANSACTION LEDGER
City of Dublin Reporting Account | Account #10219|04/01/2025 Through 06/30/2025|
Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp
Yield Amount Interest
Pur/Sold Total Amount Gain/Loss
ACQUISITIONS
Purchase 04/15/2025 90LAIF$00 308,997.59 Local Agency Investment
Fund State Pool 1.000 4.28%(308,997.59)0.00 (308,997.59)0.00
Purchase 04/30/2025 90CAMP$00 27,000,000.00 CAMP 1.000 (27,000,000.00)0.00 (27,000,000.00)0.00
Purchase 04/30/2025 90CAMP$00 3,200,000.00 CAMP 1.000 (3,200,000.00)0.00 (3,200,000.00)0.00
Purchase 04/30/2025 90CAMP$00 559,915.48 CAMP 1.000 (559,915.48)0.00 (559,915.48)0.00
Purchase 04/30/2025 90CAMP$00 1,000,000.00 CAMP 1.000 (1,000,000.00)0.00 (1,000,000.00)0.00
Purchase 05/31/2025 90CAMP$00 594,282.33 CAMP 1.000 (594,282.33)0.00 (594,282.33)0.00
Purchase 06/30/2025 90CAMP$00 525,706.15 CAMP 1.000 (525,706.15)0.00 (525,706.15)0.00
Purchase 06/30/2025 90CAMP$00 5,900,000.00 CAMP 1.000 (5,900,000.00)0.00 (5,900,000.00)0.00
Total Purchase 39,088,901.55 (39,088,901.55)0.00 (39,088,901.55)0.00
TOTAL
ACQUISITIONS 39,088,901.55 (39,088,901.55)0.00 (39,088,901.55)0.00
DISPOSITIONS
Sale 04/30/2025 90CAMP$00 (2,000,000.00)CAMP 1.000 2,000,000.00 0.00 2,000,000.00 0.00
Sale 05/05/2025 90CAMP$00 (2,300,000.00)CAMP 1.000 2,300,000.00 0.00 2,300,000.00 0.00
Sale 05/12/2025 90CAMP$00 (3,400,000.00)CAMP 1.000 3,400,000.00 0.00 3,400,000.00 0.00
Sale 05/19/2025 90CAMP$00 (3,700,000.00)CAMP 1.000 3,700,000.00 0.00 3,700,000.00 0.00
Sale 05/28/2025 90CAMP$00 (5,850,000.00)CAMP 1.000 5,850,000.00 0.00 5,850,000.00 0.00
Sale 06/03/2025 90CAMP$00 (5,100,000.00)CAMP 1.000 5,100,000.00 0.00 5,100,000.00 0.00
Sale 06/17/2025 90CAMP$00 (600,000.00)CAMP 1.000 600,000.00 0.00 600,000.00 0.00
Total Sale (22,950,000.00)22,950,000.00 0.00 22,950,000.00 0.00
TOTAL
DISPOSITIONS (22,950,000.00)22,950,000.00 0.00 22,950,000.00 0.00
195
IMPORTANT DISCLOSURES
City of Dublin | As of June 30, 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.
196
BENCHMARK DISCLOSURES
City of Dublin | Account #10198 | As of June 30, 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.
197
TRANSACTION LEDGER
City of Dublin | Account #10198|04/01/2025 Through 06/30/2025|
Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp
Yield Amount Interest
Pur/Sold Total Amount Gain/Loss
ACQUISITIONS
Purchase 04/30/2025 44935DAD1 730,000.00 HALST 2025-B A3 4.53
04/17/2028 99.991 4.53%(729,934.08)0.00 (729,934.08)0.00
Purchase 04/30/2025 91282CMZ1 2,500,000.00 UNITED STATES TREASURY
3.875 04/30/2030 100.543 3.75%(2,513,574.22)0.00 (2,513,574.22)0.00
Purchase 05/13/2025 02582JKP4 2,530,000.00 AMXCA 2025-2 A 4.28
04/15/2030 99.998 4.28%(2,529,954.21)0.00 (2,529,954.21)0.00
Purchase 05/14/2025 362549AD9 745,000.00 GMCAR 2025-2 A3 4.28
04/16/2030 99.985 4.71%(744,890.34)0.00 (744,890.34)0.00
Purchase 05/30/2025 91282CMZ1 2,000,000.00 UNITED STATES TREASURY
3.875 04/30/2030 99.395 4.01%(1,987,890.63)(6,317.93)(1,994,208.56)0.00
Purchase 06/05/2025 61747YFQ3 1,250,000.00 MORGAN STANLEY 5.656
04/18/2030 103.355 4.70%(1,291,937.50)(9,230.28)(1,301,167.78)0.00
Purchase 06/26/2025 17305EHA6 2,400,000.00 CCCIT_25-A1 4.3
06/21/2030 99.973 4.31%(2,399,348.88)0.00 (2,399,348.88)0.00
Purchase 06/26/2025 00287YDZ9 1,500,000.00 ABBVIE INC 4.875
03/15/2030 101.988 4.39%(1,529,820.00)(24,375.00)(1,554,195.00)0.00
Purchase 06/30/2025 91282CMZ1 3,000,000.00 UNITED STATES TREASURY
3.875 04/30/2030 100.277 3.81%(3,008,320.31)(19,269.70)(3,027,590.01)0.00
Total Purchase 16,655,000.00 (16,735,670.17)(59,192.91)(16,794,863.08)0.00
TOTAL
ACQUISITIONS 16,655,000.00 (16,735,670.17)(59,192.91)(16,794,863.08)0.00
DISPOSITIONS
Maturity 05/15/2025 02582JJT8 (2,205,000.00)AMXCA 2022-2 A 3.39
05/17/2027 100.000 3.42%0.00 0.00 0.00 0.00
Maturity 06/01/2025 438516CB0 (2,500,000.00)
HONEYWELL
INTERNATIONAL INC 1.35
06/01/2025
100.000 0.85%2,500,000.00 0.00 2,500,000.00 0.00
Total Maturity (4,705,000.00)2,500,000.00 0.00 2,500,000.00 0.00
Sale 04/30/2025 91282CCF6 (2,000,000.00)UNITED STATES TREASURY
0.75 05/31/2026 96.703 0.90%1,934,062.50 6,222.53 1,940,285.03 (62,646.64)
Sale 05/07/2025 3130ATUC9 (2,000,000.00)FEDERAL HOME LOAN
BANKS 4.5 12/12/2025 100.187 4.22%2,003,740.00 36,250.00 2,039,990.00 649.65
Attachment 2
198
TRANSACTION LEDGER
City of Dublin | Account #10198|04/01/2025 Through 06/30/2025|
Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp
Yield Amount Interest
Pur/Sold Total Amount Gain/Loss
Sale 06/05/2025 808513BR5 (1,370,000.00)CHARLES SCHWAB CORP
1.15 05/13/2026 97.027 1.20%1,329,269.90 962.81 1,330,232.71 (40,134.80)
Sale 06/30/2025 3130ATUC9 (2,000,000.00)FEDERAL HOME LOAN
BANKS 4.5 12/12/2025 100.067 4.22%2,001,340.00 4,500.00 2,005,840.00 (988.35)
Total Sale (7,370,000.00)7,268,412.40 47,935.34 7,316,347.74 (103,120.14)
TOTAL
DISPOSITIONS (12,075,000.00)9,768,412.40 47,935.34 9,816,347.74 (103,120.14)
199
TRANSACTION LEDGER
City of Dublin Reporting Account | Account #10219|04/01/2025 Through 06/30/2025|
Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp
Yield Amount Interest
Pur/Sold Total Amount Gain/Loss
ACQUISITIONS
Purchase 04/15/2025 90LAIF$00 308,997.59 Local Agency Investment
Fund State Pool 1.000 4.28%(308,997.59)0.00 (308,997.59)0.00
Purchase 04/30/2025 90CAMP$00 27,000,000.00 CAMP 1.000 (27,000,000.00)0.00 (27,000,000.00)0.00
Purchase 04/30/2025 90CAMP$00 3,200,000.00 CAMP 1.000 (3,200,000.00)0.00 (3,200,000.00)0.00
Purchase 04/30/2025 90CAMP$00 559,915.48 CAMP 1.000 (559,915.48)0.00 (559,915.48)0.00
Purchase 04/30/2025 90CAMP$00 1,000,000.00 CAMP 1.000 (1,000,000.00)0.00 (1,000,000.00)0.00
Purchase 05/31/2025 90CAMP$00 594,282.33 CAMP 1.000 (594,282.33)0.00 (594,282.33)0.00
Purchase 06/30/2025 90CAMP$00 525,706.15 CAMP 1.000 (525,706.15)0.00 (525,706.15)0.00
Purchase 06/30/2025 90CAMP$00 5,900,000.00 CAMP 1.000 (5,900,000.00)0.00 (5,900,000.00)0.00
Total Purchase 39,088,901.55 (39,088,901.55)0.00 (39,088,901.55)0.00
TOTAL
ACQUISITIONS 39,088,901.55 (39,088,901.55)0.00 (39,088,901.55)0.00
DISPOSITIONS
Sale 04/30/2025 90CAMP$00 (2,000,000.00)CAMP 1.000 2,000,000.00 0.00 2,000,000.00 0.00
Sale 05/05/2025 90CAMP$00 (2,300,000.00)CAMP 1.000 2,300,000.00 0.00 2,300,000.00 0.00
Sale 05/12/2025 90CAMP$00 (3,400,000.00)CAMP 1.000 3,400,000.00 0.00 3,400,000.00 0.00
Sale 05/19/2025 90CAMP$00 (3,700,000.00)CAMP 1.000 3,700,000.00 0.00 3,700,000.00 0.00
Sale 05/28/2025 90CAMP$00 (5,850,000.00)CAMP 1.000 5,850,000.00 0.00 5,850,000.00 0.00
Sale 06/03/2025 90CAMP$00 (5,100,000.00)CAMP 1.000 5,100,000.00 0.00 5,100,000.00 0.00
Sale 06/17/2025 90CAMP$00 (600,000.00)CAMP 1.000 600,000.00 0.00 600,000.00 0.00
Total Sale (22,950,000.00)22,950,000.00 0.00 22,950,000.00 0.00
TOTAL
DISPOSITIONS (22,950,000.00)22,950,000.00 0.00 22,950,000.00 0.00
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Glossary of Investment Categories
Local Agency Investment Pools - Also referred to as Local Government Investment
Pools (LGIPs) — are investment vehicles that allow California public entities such as
counties, cities, school districts, and special districts to pool their funds together and
invest them collectively. These pools are designed to provide safety, liquidity, and
competitive yields by leveraging economies of scale and professional investment
management.
LAIF (Local Agency Investment Fund) - A voluntary investment program established
by state statute in 1977, that Enables local agencies to invest funds in a large,
professionally managed portfolio overseen by the State Treasurer’s Office.
CAMP (California Asset Management Program) - Joint Powers Authority investment
pool created for California public agencies to invest funds in a professionally managed,
diversified portfolio that prioritizes safety, liquidity, and yield. Managed by PFM Asset
Management LLC, CAMP offers daily liquidity and compliance with California
Government Code for public investments.
Agency - Federal agency securities and/or Government-sponsored enterprises.
Examples of well-known agencies that issue bonds are Federal Home Loan Mortgage
Corporation (FHLMC or "Freddie Mac"), Federal National Mortgage Association (FNMA
or "Fannie Mae"), and the Federal Home Loan Bank.
Cash – Includes cash on hand, receivables, payables.
Commercial Paper - An unsecured promissory note of industrial corporations, utilities
and bank holding companies having assets in excess of $500 million and an "A" or
higher rating for the issuer's debentures. Interest is discounted from par and calculated
using the actual number of days on a 360-day year. The notes are in bearer form,
mature from one to 270 days and generally start at $100,000. There is a secondary
market for commercial paper and an investor may sell them prior to maturity. Unused
lines of credit back commercial paper from major banks.
Agency CMBS (Commercial Mortgage-Backed Securities) - Mortgage-backed
securities issued or guaranteed by government-sponsored enterprises like Fannie Mae,
Freddie Mac, or Ginnie Mae, backed by pools of commercial real estate loans.
Money Market - Mutual funds that invest solely in money market instruments (short-
term debt instruments, such as Treasury bills, commercial paper, bankers' acceptances,
and federal funds).
Supranational - International financial institutions formed by multiple countries to
promote economic development and cooperation, such as the World Bank or the Inter -
American Development Bank. Bonds issued by supranationals are typically high -quality,
Attachment 3
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low-risk investments, often used by governments and institutional inve stors for
diversification and stability.
Corporate - Debt securities issued by corporations.
US Treasury - (Treasury Notes): Medium-term coupon-bearing U.S. Treasury securities
issued as direct obligations of the U.S. Government and having initial maturities of I to
10 years.
Accrued Interest - Interest earned but not yet received.
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