HomeMy WebLinkAbout08-08-2025 FIC Special Meeting Agenda Packet
August 08, 2025 Dublin Finance and Investment Committee Agenda 1
Kashef Qaadri, Vice Mayor
Michael McCorriston, Councilmember
Special Meeting of the
CALL TO ORDER AND PLEDGE OF ALLEGIANCE
2. PUBLIC COMMENT
3. ACTION ITEMS
The Committee will consider approval of the minutes of the June 2, 2025 Finance and
Investment Committee Special Meeting.
Approve the minutes of the June 2, 2025 Finance and Investment Committee Special Meeting.
June 2, 2025 Finance and Investment Committee Special Meeting Minutes
The Finance and Investment Committee will receive a report from Chandler Asset
Management on the City's investment portfolio with the application of Environmental,
Social, and Governance scores as of the quarter ending June 30, 2025, and discuss the
potential incorporation of such scores into an ongoing portfolio review.
Receive the report and discuss Staff’s suggestions related to pursuing incorporation of
Environmental, Social, and Governance scoring in the City’s investment portfolio.
Staff Report
Attachment 1 - City of Dublin Portfolio ESG Report as of the 2nd Quarter 2025
The Finance and Investment Committee will review proposed updates to the City of Dublin’s
Statement of Investment Policy, reflecting the Committee’s direction to align the policy with
the City’s Mission, Vision, and Values.
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August 08, 2025 Dublin Finance and Investment Committee Agenda 2
Review the proposed updates and provide direction on the revised Statement of Investment
Policy for the City of Dublin.
Staff Report
Attachment 1 - City of Dublin’s Statement of Investment Policy (redlined version)
REPORTS
4.1
The Finance and Investment Committee will receive a report from Chandler Asset
Management on the City’s investments through the quarter ending June 30, 2025. The City’s
investment portfolio for this period totaled $491,535,614 (market value) with an average
market yield of 4.13%.
Receive the report.
Staff Report
Attachment 1 - City of Dublin Investment Report for Period Ending June 30, 2025
REQUEST FOR FUTURE MEETING AGENDA ITEMS
The Committee and/or City Staff will present items to be discussed at future meetings.
ADJOURNMENT
This AGENDA is posted in accordance with Government Code Section 54954.2(a)
If requested, pursuant to Government Code Section 54953.2, this agenda shall be made available
in appropriate alternative formats to persons with a disability, as required by Section 202 of the
Americans with Disabilities Act of 1990 (42 U.S.C. Section 12132) (ADA), and the federal rules and
regulations adopted in implementation thereof. To make a request for disability-related
modification or accommodation, please contact the City Clerk’s Office (925) 833-6650 in advance
of the meeting. Upon receiving a request, the City will swiftly resolve requests for reasonable
accommodation for individuals with disabilities, consistent with the federal ADA, and resolve any
doubt in favor of accessibility.
Agenda materials that become available within 24 hours in advance of the meeting, and after
publishing of the agenda, will be available at Civic Center, 100 Civic Plaza, and will be posted on
the City’s website at www.dublin.ca.gov/ccmeetings.
Mission
The City of Dublin promotes and supports a high quality of life, ensures a safe, secure, and sustainable
environment, fosters new opportunities, and champions a culture of equity, diversity, and inclusion.
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Monday, June 2, 2025 Finance and Investment Committee Minutes 1
MINUTES OF THE
FINANCE AND INVESTMENT COMMITTEE
SPECIAL MEETING
Monday, June 2, 2025 – 12:00 p.m.
A special meeting of the Finance and Investment Committee was held on Monday, June 2, 2025, at
Civic Center, in the Bray Community Room. The meeting was called to order at 12:00 p.m. by
Councilmember Michael McCorriston.
1. CALL TO ORDER
PRESENT: Vice Mayor Kashef Qaadri and Councilmember Michael McCorriston
ABSENT: None
2. ACTION ITEMS
2.1 Approval of the May 6, 2025 Regular Finance and Investment Committee
Meeting Minutes
ACTION: By consensus, the Committee approved the minutes of the Regular Meeting
of May 6, 2025.
2.2 Proposed Updates to the City’s Investment Policy
The Committee received a presentation from Finance Director Jay Baksa on proposed
updates to the City’s Investment Policy, including recommendations on how to
integrate Socially Responsible Investing (SRI) criteria; incorporate Environmental,
Social, and Governance (ESG) principles; and considerations related to the Boycott,
Divestment, and Sanctions (BDS) movement.
There were four public speakers who spoke on this item.
The Committee’s discussion focused on the need to determine how useful ESG ratings
and reporting would be, consideration of the additional cost, and updating the policy
with language that reflects Dublin’s values to further guide the investment portfolio.
ACTION: By consensus, the Committee provided the following direction:
1) Request a sample ESG report from the City’s investment management consultant,
Chandler Asset Management.
2) Update the City’s Investment Policy to align with the City’s Mission, Vision, and
Values by adding three new topics to the list of prohibited investments:
a. Companies that develop or manufacture commodities that facilitate violence
or war.
b. Companies engaged in border or mass surveillance industries.
c. Companies involved in mass incarceration or detention industries.
COMMITTEE MEMBERS
Kashef Qaadri, Vice Mayor
Michael McCorriston, Councilmember
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Monday, June 2, 2025 Finance and Investment Committee Minutes 2
3) Relocate the prohibited investment of tobacco and tobacco related companies into
the dedicated section for prohibited investments within the Investment Policy.
4) Return to the Finance and Investment Committee with the sample ESG report and
the updated Investment Policy for review.
3. ADJOURNMENT
The meeting adjourned at 12:59 p.m.
Minutes prepared by Christopher Rhoades, Financial Analyst.
____________________________________
Councilmember Michel McCorriston
ATTEST: ____________________________________
Finance Director
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STAFF REPORT
Finance and Investment Committee
Page 1 of 3
Agenda Item 3.2
DATE: August 8, 2025
TO: Honorable Committee Members
FROM: Colleen Tribby, City Manager
SUBJECT:
Review of the City of Dublin’s Investment Portfolio with Application of
Environmental, Social, and Governance (ESG) Scores
Prepared by: Jay Baksa, Finance Director
EXECUTIVE SUMMARY:
The Finance and Investment Committee will receive a report from Chandler Asset
Management on the City's investment portfolio with the application of Environmental, Social,
and Governance scores as of the quarter ending June 30, 2025, and discuss the potential
incorporation of such scores into an ongoing portfolio review.
STAFF RECOMMENDATION:
Receive the report and discuss Staff’s suggestions related to pursuing incorporation of
Environmental, Social, and Governance scoring in the City’s investment portfolio.
FINANCIAL IMPACT:
The estimated cost to produce a quarterly report on Environmental, Social, and Governance
scoring of the City’s portfolio is one basis point (0.01%) of the portfolio’s market value,
equating to $32,000 annually. The actual cost will vary depending on the Committee’s direction
regarding report frequency. For example, one report produced annually could cost an
estimated $8,000. Should the Committee want to proceed, Staff would request a formal
proposal from Chandler Asset Management Inc. to determine the exact cost.
DESCRIPTION:
Background
On February 10, 2025, the Finance and Investment Committee (FIC) received a presentation
from the City’s investment manager, Chandler Asset Management Inc., on Socially
Responsible Investing (SRI) and Environmental, Social, and Governance (ESG) standards.
The FIC asked Staff to provide more research on ESG scoring and to research the Boycott,
Divestment, Sanctions (BDS) movement and how it compares to SRI and ESG principles.
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Page 2 of 3
On April 14, 2025, the FIC received a presentation from Chandler that provided a more in-
depth review of how ESG scores are used. Staff also described the challenges in using BDS
as an investment filter.
On June 2, 2025, the FIC received a report providing further research into SRI, ESG, and
BDS, along with preliminary recommendations aimed at balancing the City’s ethical and moral
considerations with the responsibility of prudent portfolio management. As part of its feedback,
the FIC requested a sample report demonstrating how ESG scoring could be applied to the
City’s investment holdings.
In response to that request, a report (Attachment 1) was created that utilizes ESG scores from
Standard & Poor’s (S&P) Global to evaluate the City’s investment portfolio across the past two
quarters.
Report Findings
As of the reporting period, 42% of the City’s investment portfolio (based on market value) was
eligible to be rated with an ESG score. U.S. Treasuries and other government agency
securities, which make up the balance of the City’s investments, are not rated by S&P and are
therefore excluded from the report.
Of the 42 issuers that received ESG scores, 34 were rated above their respective industry
averages. The remaining eight companies received ESG scores below their industry peers.
These eight can be divided into the following two categories:
Companies with low scores due to limited data availability, primarily within the insurance
sector (five of six companies) and Berkshire Hathaway.
Companies with adequate data, but their ESG scores still fell slightly below their
industry averages.
The two holdings that had slightly lower ESG scores despite sufficient data were:
Amazon.com Inc. – Score: 22 (Industry average: 24)
Dominion Energy, Inc. – Score: 38 (Industry average: 39)
Next Steps
As the City explores the potential incorporation of ESG scoring into its investment review
practices, Staff is requesting the Committee’s guidance on the following considerations.
1. Incorporating ESG Reporting
Staff finds the ESG report to be a valuable tool in broadly evaluating whether an asset
aligns with the City’s mission, vision, and values. However, since ESG scores typically
show minimal change on a quarterly basis, Staff suggests producing the report
annually.
2. Reviewing ESG Scores
Staff suggests that all investments scoring below their respective industry thresholds be
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Page 3 of 3
reviewed by the Committee to determine future eligibility. For those investments with
more limited data availability, Staff would work with Chandler to understand if there are
specific factors that the City can utilize to make an eligibility determination.
3. Report Format and Content
Staff welcomes feedback on the current report format and suggestions for additional
content in future versions. Additionally, Staff suggests that future ESG reports highlight
any year-over-year changes in scores, list companies scoring below industry averages
with brief explanations, and include available background on ESG scoring methodology
from Chandler.
Staff requests the Committee’s direction on whether and how to incorporate ESG reporting into
future investment reviews.
ATTACHMENTS:
1) City of Dublin Portfolio ESG Report as of the 2nd Quarter 2025.
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City of Dublin
Portfolio ESG Report
As of 2Q 2025
Attachment 1
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Chandler Asset Management | 1
Glossary
S&P Global ESG Score
The overarching score reflecting a company's performance on and management of key Environmental, Social,
and Governance (“ESG”) issues. All ESG scores range from 0-100 and reflect the performance of a company
according to an industry specific assessment methodology and aggregation schemes. The S&P Global ESG
Score should be used to compare a company's performance against its industry peers.
The S&P Global ESG Score is based on the Corporate Sustainability Assessment (CSA), the underlying
assessment of sustainability factors that are relevant for investors and other stakeholders. These scores
provide multiple layers of ESG intelligence with three underlying Environmental, Social, and Governance &
Economic Dimension Scores, and an average of 23 Criteria Scores informed by 61 industry-specific approaches.
All companies are assessed using the industry-specific CSA questionnaire and methodology reflecting a
company's score compared to its industry peers.
Companies assessed using the CSA fall into two categories, participating companies (companies that are
assessed on publicly available disclosures and additional disclosure provided to S&P Global as part of their
active participation in the CSA process) and non-participating companies (companies that are assessed solely
on publicly available disclosures only and do not actively participate in the CSA process).
ESG Scores can be viewed in their raw form or with the addition of estimated scores to fill disclosure gaps for
non-participating companies. All assessed companies are provided the opportunity to participate in the CSA
process.
Please also refer to the additional important disclosures on the last page of this report.
Attachment 1
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Chandler Asset Management | 2
Sector Allocation as of 2Q 2025
•Green shades represent ESG-rated sectors
•37 out of 42 issuers were rated comprising approximately $131 million or 42% of the portfolio’s market value
•Non ESG-rated issuers: US Treasuries, Federal Home Loan Banks, Inter-American Development Bank, International
Bank for Reconstruction and Development, and International Finance Corporation
US Treasury 46.6%
US Agency 2.3%
Corporates 25.1%
Asset-Backed Securities 4.5%
Agency Mortgage-Backed
Securities 12.4%
Supranational 8.8%Cash, 0.3%
Source: City of Dublin holdings as of June 30th, 2025, which are subject to change. Please see disclosures at the end of this presentation.
Attachment 1
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Chandler Asset Management | 3
ESG Summary Scores
Source: S&P Global ESG Scores as of March 31st and June 30th, 2025. Please see disclosures at the end of this presentation.
0
10
20
30
40
50
60
70
80
90
100
ESG Score Environmental
Score
Social Score Governance Score ESG Score Environmental
Score
Social Score Governance Score
2Q 2025 1Q 2025
Quarter-Over-Quarter Comparison
Attachment 1
11
Chandler Asset Management | 4
ESG Scores by Industry
Source: S&P Global ESG Scores as of March 31st and June 30th, 2025. Please see disclosures at the end of this presentation
0
10
20
30
40
50
60
70
80
2Q 2025 1Q 2025
Attachment 1
12
Chandler Asset Management | 5
ESG Risk Exposure
Top 5 Holdings ESG Score Industry
Average
Data
Availability
Hyundai Motor
Company 69 35 Very High
Bank of Montreal 69 32 Very High
AbbVie Inc.69 23 Very High
Cisco Systems 67 30 Very High
Honda Motor Co. 61 35 Very High
Bottom 5 Holdings ESG Score Industry
Average
Data
Availability
Northwestern Mutual
Life Insurance 13 37 Very Low
Berkshire Hathaway
Inc.14 31 Very Low
Guardian Life
Insurance Company 17 37 Very Low
Amazon.com Inc.22 24 High
MassMutual Life
Insurance Co. 28 37 Very Low
Source: S&P Global ESG Scores as of June 30th, 2025. Please see disclosures at the end of this presentation.
0%
5%
10%
15%
20%
25%
30%
35%
2nd 3rd 4th 5th 6th 7th
ESG Scores by Decile as of 2Q 2025
Attachment 1
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Chandler Asset Management | 6
Holdings Data as of 2Q 2025
Source: City of Dublin portfolio holdings as of June 30th, which are subject to change. Please see disclosures at the end of this presentation.
Issuer Weight ESG Score Industry ESG Score Environmental Social Governance Industry Average ESG Score Change Ratio v. Industry Average
Federal Home Loan Mortgage Corporation 5.87%33 22 26 42 31 0 1.06
JPMorgan Chase & Co.2.91%33 39 36 30 32 0 1.03
Deere & Company 2.48%49 47 45 55 28 0 1.75
Toyota Motor Corporation 2.48%48 57 55 31 35 0 1.37
Bank of America Corporation 1.77%58 51 59 59 32 0 1.81
Hyundai Motor Company 1.75%69 82 71 54 35 (3)1.97
Bank of Montreal 1.45%69 61 68 73 32 0 2.16
UnitedHealth Group Incorporated 1.45%44 58 54 30 26 (9)1.69
General Motors Company 1.33%51 53 52 47 35 0 1.46
The Toronto-Dominion Bank 1.32%47 62 66 30 32 (16)1.47
Massachusetts Mutual Life Insurance Company 1.31%28 33 25 28 37 0 0.76
American Express Company 1.24%44 44 38 47 31 0 1.42
Morgan Stanley 1.16%41 41 41 42 31 0 1.32
Merck & Co., Inc.1.13%52 54 54 49 33 0 1.58
Caterpillar Inc.1.11%41 39 43 40 28 0 1.46
AbbVie Inc.1.00%69 63 74 65 23 0 3.00
MetLife, Inc.0.98%52 68 43 52 37 0 1.41
Amazon.com, Inc.0.88%22 34 14 20 24 (1)0.92
Royal Bank of Canada 0.84%53 46 49 57 32 0 1.66
The Northwestern Mutual Life Insurance Company 0.82%13 13 12 15 37 0 0.35
The Guardian Life Insurance Company of America 0.78%17 15 14 21 37 0 0.46
Capital One Financial Corporation 0.77%35 33 26 41 31 0 1.13
Realty Income Corporation 0.73%37 43 30 37 35 0 1.06
Berkshire Hathaway Inc.0.72%14 8 13 17 31 (2)0.45
New York Life Insurance Company 0.71%29 30 31 27 37 0 0.78
Wells Fargo & Company 0.68%38 43 36 39 32 1 1.19
Walmart Inc.0.67%50 67 31 51 31 (5)1.61
Mercedes-Benz Group AG 0.61%44 52 36 44 35 0 1.26
The Home Depot, Inc.0.61%37 40 25 45 24 0 1.54
Bayerische Motoren Werke Aktiengesellschaft 0.58%47 56 45 40 35 (1)1.34
Cisco Systems, Inc.0.52%67 73 66 62 30 0 2.23
The Bank of New York Mellon Corporation 0.48%52 48 45 59 31 2 1.68
Guardian Life Global Funding 0.46%17 15 14 21 37 0 0.46
Target Corporation 0.42%53 63 41 55 31 0 1.71
U.S. Bancorp 0.41%44 37 38 49 32 0 1.38
Honda Motor Co., Ltd.0.35%61 63 67 52 35 (6)1.74
Dominion Energy, Inc.0.32%38 36 39 40 39 0 0.97
The Charles Schwab Corporation 0.18%34 19 28 42 31 0 1.10
Attachment 1
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Chandler Asset Management | 7
Material Changes in ESG Scores, Quarter-Over-Quarter
Improvements :
Source: S&P Global ESG Scores as of June 30th, 2025. Please see disclosures at the end of this presentation.
Declines:
Issuers 2nd Quarter 1st Quarter Change Ratio Industry Avg Commentary
Toronto-
Dominion Bank
47 63 -16 1.69 32 Money laundering detection
(Governance)
UnitedHealth
Group
44 53 -9 1.47 26 Irresponsible sales practice
related over-prescribing by
PBM’s (Governance)
Honda Motors
Co.
61 67 -6 1.74 35 Involvement in End-of-Life
vehicle recycling related to
collusive practices between
2002-2017 (Governance)
Issuer 2nd Quarter 1st Quarter Change Ratio Industry Avg Commentary
Bank of New
York Mellon
52 50 +2 1.68 31 Improvement to cybersecurity
and business ethics
(Governance)
Attachment 1
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Chandler Asset Management | 8
Disclosures
Chandler Asset Management is an SEC registered investment adviser; however, such registration does not imply or infer any
level of skill or training. A copy of our current written disclosure documents discussing the firm’s services, fees and other
important information is available upon request or at https://adviserinfo.sec.gov.
The Portfolio ESG Report is provided as a service upon request of a client and is solely for informational purposes. It should
not be considered investment advice or a recommendation to buy or sell any securities, and no investment decision should
be made solely on the content of this report.
While we may, from time to time, consider certain ESG factors when performing investment research, and will adhere to a
client’s portfolio restrictions, such factors are not predominant management considerations and we do not offer ESG
strategies.
The data provided in this report has been obtained from a third-party source, is as of the dates referenced, and can change
without notice. In addition, while we believe the third-party to be a reliable source, the information has not been audited or
independently verified, so its accuracy is not guaranteed.
Please contact us at (858) 546-3737 should you have any questions.
Attachment 1
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STAFF REPORT
Finance and Investment Committee
Page 1 of 2
Agenda Item 3.3
DATE: August 8, 2025
TO: Honorable Committee Members
FROM: Colleen Tribby, City Manager
SUBJECT:
Review of Updates to the City of Dublin’s Statement of Investment Policy
Prepared by: Jay Baksa, Finance Director
EXECUTIVE SUMMARY:
The Finance and Investment Committee will review proposed updates to the City of Dublin’s
Statement of Investment Policy, reflecting the Committee’s direction to align the policy with the
City’s Mission, Vision, and Values.
STAFF RECOMMENDATION:
Review the proposed updates and provide direction on the revised Statement of Investment
Policy for the City of Dublin.
FINANCIAL IMPACT:
There is no financial impact associated with the review of the proposed updates.
DESCRIPTION:
On June 2, 2025, the Finance and Investment Committee (FIC) received a report on Socially
Responsible Investing (SRI) and provided direction to update the City’s Statement of
Investment Policy to better reflect the City’s Mission, Vision, and Values. Specifically, the
Committee recommended that additional prohibited investment categories be added, and
existing provisions be reorganized for clarity.
Based on this direction, Staff revised the policy to include the following updates:
Addition of three new categories to the prohibited investments list:
o Companies that develop or manufacture commodities that facilitate violence or
war.
o Companies engaged in border or mass surveillance industries.
o Companies involved in mass incarceration or detention industries.
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Page 2 of 2
Relocation of existing prohibitions (e.g., fossil fuel companies, tobacco and tobacco-
related companies, and companies supporting firearm production) into the designated
“Prohibited Investments” section for consistency and clarity.
The proposed updates reflect the Committee’s direction to align the City’s Investment Policy
with the City’s Mission, Vision, and Values. Staff recommends the Committee review the
revised policy language and provide direction on next steps.
ATTACHMENTS:
1) City of Dublin’s Statement of Investment Policy (redlined version)
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Attachment 1
1
STATEMENT OF INVESTMENT POLICY FOR THE CITY OF DUBLIN
I. INTRODUCTION
This Statement of Investment Policy is intended to identify various policies and
procedures that will foster a prudent and systematic investment program designed to
seek the City's objectives of safety, liquidity and return through a diversified investment
portfolio. This policy also serves to organize and formalize the City's investment-
related activities, while complying with all applicable status governing the investment
of public funds.
II. SCOPE
This policy covers all funds and investment activities under the direct authority of the
City of Dublin, as set forth in the State Government Code, sections 53600 et seq.,
excluding any bond-related proceeds or reserves, which are governed by their bond
indentures. Cash held by the City shall be pooled in order to more effectively manage
City cash resources. All pooled funds are accounted for in the City's Comprehensive
Annual Financial Report and include:
Funds
General Fund
Special Revenue Funds
Capital Project Funds
Internal Service Funds
Enterprise Funds
Agency Funds
This original investment policy was adopted by the City of Dublin (the "City"), on
August 21, 2007. This update to the Policy is effective on September 17, 2024 and
replaces any previous versions.
III. OBJECTIVES
The overall program shall be designed and managed with a degree of professionalism
worthy of the public trust. The primary objectives, in order of priority, of the City's
investment activities shall be:
1) Safety: Safety of principal is the foremost objective of the investment program. The
City's investments shall be undertaken in a manner that seeks to safeguard the
principal of the funds under its control by maintaining an appropriate risk level.
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Attachment 1
2
2) Liquidity: The City's investment portfolio will remain sufficiently liquid to enable the
City to meet its reasonably anticipated cash flow requirements.
3) Return: Return should become a consideration only after the basic requirements
of safety and liquidity have been met. The City seeks to attain market average rate
of return on its investments throughout economic cycles, consistent with
constraints imposed by its safety objectives and cash flow considerations.
4) Diversification: The investment portfolio will be diversified to avoid incurring
unreasonable and avoidable risks regarding specific security types or individual
financial institutions. This shall also conform with applicable sections of the
Government Code.
IV. DELEGATION OF AUTHORITY
As authorized in Government Code Section 53607, the City Council delegates the
authority to invest funds of the City to the City Treasurer and/or any duly appointed
Deputy City Treasurer. The City Treasurer and any duly appointed Deputy City
Treasurer shall make all investment decisions and transactions in strict accordance
with State law and this investment policy. The Finance Director shall be designated as
the City Treasurer and the City Manager shall be designated as the Deputy City
Treasurer. This delegation shall be for a one-year period until the delegation of
authority is revoked or expires. The City Council may renew the authority each year
as part of an annual review of this policy.
The City Treasurer shall establish procedures for the operation of the investment
program. The City Treasurer shall be also responsible for all transactions undertaken
and establishing a system of controls to regulate the activities of subordinates.
The City recognizes that in a diversified portfolio, occasional measured losses may be
inevitable and must be considered within the context of the overall portfolio's return
and the cash flow requirements of the City. Authorized individuals acting in accordance
with written procedures and the investment policy and exercising due diligence shall
be relieved of personal responsibility for an individual security's credit risk or market
price changes, provided deviations from expectations are reported in a timely fashion
and appropriate action is taken to control adverse developments.
The City may engage the services of one or more external investment managers to
assist in the management of the City's investment portfolio in a manner consistent with
the City's objectives. Such external managers may be granted discretion to purchase
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Attachment 1
3
and sell investment securities in accordance with this investment policy. Such
managers must be registered under the Investment Advisors Act of 1940.
V. PRUDENCE
Pursuant to California Government Code Section 53600.3, all persons authorized to
make investment decisions on behalf of the City are trustees and therefore fiduciaries
subject to the prudent investor standard: "When investing, reinvesting, purchasing,
acquiring, exchanging, selling, or managing public funds, a trustee shall act with care,
skill, prudence, and diligence under the circumstances then prevailing, including, but
not limited to, the general economic conditions and the anticipated needs of the
agency, that a prudent person acting in a like capacity and familiarity with those
matters would use in the conduct of funds of a like character and with like aims, to
safeguard the principal and maintain the liquidity needs of the agency."
VI. ETHICS AND CONFLICTS OF INTEREST
All participants in the investment process shall act as custodians of the public trust.
Investment officials shall recognize that the investment portfolio is subject to public
review and evaluation. The overall program shall be designed and managed with a
degree of professionalism that is worthy of the public trust. Thus, employees and
officials involved in the investment process shall refrain from personal business
activity that conflicts with proper execution of the investment program or impairs their
ability to make impartial investment decisions. Additionally, the City Treasurer and the
Deputy Treasurer shall file applicable financial disclosures as required by the Fair
Political Practices Commission (FPPC).
VII. INTERNAL CONTROLS
The Treasurer is responsible for establishing and maintaining an internal control
structure designed to ensure that the assets of the entity are protected from loss, theft
or misuse. The internal control structure shall be designed to provide reasonable
assurance that these objectives are met. The concept of reasonable assurance
recognizes that (1) the cost of a control should not exceed the benefits likely to be
derived; and (2) the valuation of costs and benefits requires estimates and judgments
by City management. Periodically, as deemed appropriate by City management and/or
the City Council, an independent analysis by an external auditor shall be conducted
to review internal controls, account activity and compliance with policies and
procedures.
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Attachment 1
4
VIII. AUTHORIZED FINANCIAL DEALERS AND INSTITUTIONS
To the extent practical the Treasurer shall endeavor to complete investment
transactions using a competitive bid process whenever possible. It shall be the City's
policy to purchase securities only from authorized institutions and firms. No deposit of
public funds shall be made except in a qualified public depository as established by
state laws.
Institutions eligible to transact investment business with the City include:
1) Primary government dealers as designated by the Federal Reserve Bank and non-
primary government dealers
2) Nationally or state-chartered banks
3) The Federal Reserve Bank
4) Direct issuers of securities eligible for purchase
The Treasurer shall maintain procedures for the establishing a list of authorized
broker/dealers and financial institutions which are approved for investment purposes.
These may include primary or regional dealers that qualify under Securities &
Exchange Commission Rule 15C3-l (uniform net capital rule). The City requires each
firm that will be used for the purchase or sale of securities to be evaluated by the
Treasurer prior to any investments. The firms shall submit current financial statements,
and annual audited financial statements each year thereafter, which are to be
evaluated by the Treasurer. At a minimum, the firm must be financially sound and have
been in business a minimum of three years. In addition, the firms must provide: proof
of National Association of Security Dealers membership, proof of state registration or
exemption, and certificate of having read the City's investment policy.
If an investment adviser is retained by the City, then that adviser will be permitted to
use their own list of approved broker/dealers and financial institutions for investment
purposes.
IX. AUTHORIZED AND SUITABLE INVESTMENTS
The City's investments are governed by Government Code, Sections 53600 et seq.
Within the investments permitted by the Government Code, the City seeks to further
restrict eligible investments to the guidelines listed below. In the event an apparent
discrepancy is found between this Policy and the Government Code, the more
restrictive parameters will take precedence. Percentage holding limits listed in this
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Attachment 1
5
section apply at the time the security is purchased. Any investment currently held at
the time the Policy is adopted which does not meet the new Policy guidelines can be
held until maturity, and shall be exempt from the current Policy. At the time of the
investment's maturity or liquidation such funds shall be reinvested only as provided in
the most current Policy.
An appropriate risk level shall be maintained by primarily purchasing securities that
are of high quality, liquid, and marketable. The portfolio shall be diversified by security
type and institution to avoid incurring unreasonable and avoidable risks regarding
specific security types or individual financial institutions.
1) United States Treasury Issues. United States Treasury notes, bonds, bills, or
certificates of indebtedness, or those for which the faith and credit of the United
States are pledged for the payment of principal and interest. There is no limitation
as to the percentage of the portfolio that may be invested in this category. The
maximum maturity of these securities is ten years. The City Council authorized
investments in United States Treasury Issues beyond five years on September 6,
2022.
2) Federal Agency Obligations. Federal agency or United States government-
sponsored enterprise obligations, participations, or other instruments, including
those issued by or fully guaranteed as to principal and interest by federal agencies
or United States government- sponsored enterprises. There is no limitation as to
the percentage of the portfolio that may be invested in this category. However, the
portfolio's exposure to any one federal agency issuer is limited to 35 percent of the
overall portfolio. The limit of the overall portfolio's exposure to callable federal
agency securities is 25 percent. The maximum maturity for agency securities is ten
years. The City Council authorized investments in Federal Agency Obligations
beyond five years on September 6, 2022.
3) Bankers' Acceptances. Bankers' acceptances, otherwise known as bills of
exchange or time drafts, that are drawn on and accepted by a commercial bank.
Bankers' acceptances must be secured by the irrevocable primary obligation of the
accepting domestic bank. Purchasers are limited to issuers whose short-term debt
is rated "A- 1" or higher, or the equivalent, by a Nationally Recognized Statistical-
Rating Organization (NRSRO). Bankers' acceptances cannot exceed a maturity of
180 days. A maximum of 40 percent of the portfolio may be invested in this
category. The amount invested in bankers' acceptances with any one financial
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institution in combination with any other debt from that financial institution shall not
exceed 20 percent of the portfolio.
4) Commercial Paper. Commercial paper of "prime" quality rated "A-1" or higher, or
the equivalent, by a NRSRO. The entity that issues the commercial paper shall
meet all of the following conditions in either paragraph (a) or paragraph (b):
a. The entity meets the following criteria: (i) Is organized and operating in the
United States as a general corporation. (ii) Has total assets in excess of five
hundred million dollars ($500,000,000). (iii) Has debt other than commercial
paper, if any, that is rated "A" or higher by a nationally recognized statistical-
rating organization.
b. The entity meets the following criteria: (i) Is organized within the United
States as a special purpose corporation, trust, or limited liability company.
(ii) Has program wide credit enhancements including, but not limited to,
overcollateralization, letters of credit, or surety bond. (iii) Has commercial
paper that is rated "A-1" or higher, or the equivalent, by a nationally
recognized statistical-rating organization.
Eligible commercial paper shall have a maximum maturity of 270 days or less and
not represent more than 10 percent of the outstanding paper of an issuing
corporation. A maximum of 25 percent of the portfolio may be invested in this
category. Under a provision of the California Government Code sunsetting on
January 1, 2026, no more than 40 percent of the portfolio may be invested in
Commercial Paper if the Agency’s investment assets under management are
greater than $100,000,000. The amount invested in commercial paper of any one
issuer in combination with any other debt from that issuer shall not exceed 20
percent of the portfolio.
5) Negotiable Certificates of Deposit. Negotiable certificates of deposit (NCDs)
issued by a nationally or state-chartered bank, a savings association or a federal
association, a state or federal credit union, or by a state-licensed branch of a
foreign bank. Purchases are limited to institutions which have long-term debt rated
"A" or better and/or have short-term debt rated at least "A-1" or higher, or the
equivalent by a NRSRO. A maximum of 30 percent of the portfolio may be invested
in this category. The amount invested in NCDs with any one financial institution in
combination with any other debt from that financial institution shall not exceed 20
percent of the portfolio. The maximum maturity of these securities is five years.
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6) Time Certificates of Deposit. Time Certificates of Deposit (TCDs) placed with
commercial banks and savings and loans. The purchase of TCDs from out-of-state
banks or savings and loans is prohibited. The amount on deposit shall not exceed
the shareholder's equity in the financial institution. To be eligible for purchase, the
financial institution must have received a minimum overall satisfactory rating for
meeting the credit needs of California Communities in its most recent evaluation,
as provided Government Code Section 53635.2. TCDs are required to be
collateralized as specified under Government Code Section 53630 et. seq. The
Treasurer, at his discretion, may waive the collateralization requirements for any
portion that is covered by federal (FDIC) insurance. The City shall have a signed
agreement with the depository per Government Code Section 53649. The
maximum maturity of these securities may not exceed one (1) year in maturity. A
maximum of 10 percent of the portfolio may be invested in this category.
7) Mutual Funds and Money Market Mutual Funds that are registered with the
Securities and Exchange Commission under the Investment Company Act of 1940,
provided that,
a. MUTUAL FUNDS that invest in the securities and obligations as authorized
under California Government Code, Section 53601 (a) to (k) and (m) to (q)
inclusive and that meet either of the following criteria:
i. Attained the highest ranking or the highest letter and numerical rating
provided by not less than two (2) NRSROs; or
ii. Have retained an investment adviser registered or exempt from
registration with the Securities and Exchange Commission with not
less than five years’ experience investing in the securities and
obligations authorized by California Government Code, Section
53601 and with assets under management in excess of $500 million.
iii. No more than 10% of the total portfolio may be invested in shares of
any one mutual fund.
b. MONEY MARKET MUTUAL FUNDS registered with the Securities and
Exchange Commission under the Investment Company Act of 1940 and
issued by diversified management companies and meet either of the
following criteria:
i. Have attained the highest ranking or the highest letter and numerical
rating provided by not less than two (2) NRSROs; or
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ii. Have retained an investment adviser registered or exempt from
registration with the Securities and Exchange Commission with not
less than five years’ experience managing money market mutual
funds with assets under management in excess of $500 million.
iii. No more than 20% of the total portfolio may be invested in Money
Market Mutual Funds.
c. No more than 20% of the total portfolio may be invested in these securities.
8) State of California Local Agency Investment Fund (LAIF). The City may invest up
to the maximum as permitted by LAIF. For due diligence, the Treasurer shall
maintain on file a copy of LAIF's current Answer Book.
9) Joint Powers Authority (JPA) Pools, provided that: The JPA is organized pursuant
to California Government Code Section 6509.7 and invests in the securities and
obligations authorized in subdivisions (a) to (r), inclusive. Each share shall
represent an equal proportional interest in the underlying pool of securities owned
by the JPA. The JPA has retained an investment advisor who is registered with the
SEC (or exempt from registration), has assets under management in excess of
$500 million, and has at least five years’ experience investing in instruments
authorized by Section 53601, subdivisions (a) to (q).
10) Medium Term Notes. Medium-term notes, defined as all corporate and depository
institution debt securities with a maximum remaining maturity of five years or less,
issued by corporations organized and operating within the United States or by
depository institutions licensed by the United States or any state and operating
within the United States. Purchases are limited to securities rated "A" or higher, or
the equivalent, by a NRSRO. A maximum of 30 percent of the City's portfolio may
be invested in this category and a maximum of 5 percent with any one issuer. The
maximum maturity of these securities is five years.
11) Asset-Backed, Mortgage-Backed, Mortgage Pass-Through Securities, and
Collateralized Mortgage Obligations, from issuers not defined in the Federal
Agency Obligations Subdivision. The City may purchase such securities provided
that they are rated "AA" or higher, or the equivalent, by a NRSRO. Purchase of
securities authorized by this subdivision may not exceed 20 percent of the portfolio,
and a maximum of 5 percent per issue. The maximum maturity of these securities
is five years.
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12) Municipal Securities. Obligations of the State of California, any of the other 49
states, or any local agency within the State of California, may be purchased by the
City provided that long-term obligations are rated "A" or higher, or the equivalent,
by at least one NRSRO. There are no limits on the dollar amount or percentage
that the city may invest in municipal securities; however, investments in these
securities are limited to a maximum of 5 percent with any single issuer. The
maximum maturity of these securities is ten years. The City Council authorized
investments in Municipal Securities beyond five years on September 6, 2022.
13) Supranationals provided that issues are US dollar denominated senior unsecured
unsubordinated obligations issued or unconditionally guaranteed by the
International Bank for Reconstruction and Development, International Finance
Corporation, or Inter-American Development Bank. The securities must be rated
in a rating category of “AA” or its equivalent by a NRSRO. No more than 30% of
the portfolio may be invested in these securities, and no more than 10% of the
portfolio may be invested in any single issuer. The maximum maturity does not
exceed five (5) years.
X. AUTHORIZED INVESTMENTS FOR BOND PROCEEDS
Bond proceeds shall be invested in securities permitted by the applicable bond
documents. If the bond documents are silent as to the permitted investments, bond
proceeds will be invested in securities permitted by this Policy. Notwithstanding the
provisions of the Policy, the percentage or dollar portfolio limitations listed elsewhere
in this Policy do not apply to bond proceeds. In addition to the securities listed in
Section IX above, bond proceeds may be invested in structured investment products
if approved by the Treasurer.
XI. PROHIBITED INVESTMENT PRACTICES AND INSTRUMENTS
City Investments will be guided by the City’s Mission, Vision, and Values and during
the annual review of the Investment Policy, the City shall review the portfolio and
identify and update prohibited investments as needed.
The City will not invest in fossil fuel companies, tobacco or tobacco-related companies
and companies that support the production of firearms.
The City will not invest in companies that develop or manufacture commodities that
facilitate violence or war.
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The City will not invest in companies that engage in border or mass surveillance
industries.
The City will not invest in companies that are involved in mass incarceration or
detention industries.
The City shall not make investments for the purpose of trading or speculation as the
dominate criterion such as anticipation of appreciation of capital value through
changes in market rates.
Any investment in a security not specifically listed as an Authorized and Suitable
Investment above, but otherwise permitted by the Government Code, is prohibited
without the prior approval of the City Council. Section 53601.6 of the Government
Code specifically disallows investments in invoice floaters, range notes, or interest-
only strips that are derived from a pool of mortgages. Under a provision of the
California Government Code sunsetting on January 1, 2026, securities backed by the
United States Government that could result in a zero or negative interest accrual if
held to maturity are permitted.
XII. REVIEW OF INVESTMENT PORTFOLIO
The City Treasurer shall periodically, but no less than quarterly, review the portfolio to
identify investments that do not comply with this investment policy and establish
protocols for reporting major and critical incidences of noncompliance to the City
Council.
XIII. TERM OF INVESTMENTS
Funds of the City will be invested in accordance with sound treasury management
principles. It is the objective of this Policy to provide a system which will accurately
monitor and forecast revenues and expenditures so that the City can invest funds to
the fullest extent possible.
The maximum maturity of individual investments shall not exceed the limits set forth
in under Authorized and Suitable Investments. No investment shall exceed a maturity
of five years from the date of purchase unless the City Council has granted express
authority to make that investment either specifically or as a part of an investment
program approved by the City Council no less than three months prior to the
investment.
XIV. INVESTMENT RISK
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a. MARKET RISK
Market risk is the risk that the portfolio will decline in value (or will not optimize
its value) due to changes in the general level of interest rates. The City
recognizes that, over time, longer-term portfolios achieve higher returns. On
the other hand, longer-term portfolios have higher volatility of return. The City
shall mitigate market risk by providing adequate liquidity for short-term cash
needs, and by making some longer-term investments only with funds that are
not needed for current cash flow purposes.
The City also prohibits investments in any fossil fuel companies, tobacco or
tobacco-related companies, and companies in support of the production of
firearms. The City further recognizes that certain types of securities, including
variable rate securities, securities with principal pay-downs prior to maturity,
and securities with embedded options, will affect the market risk profile of the
portfolio differently in different interest rate environments. The City, therefore,
adopts the following strategies to control and mitigate its exposure to market
risk:
i. The maximum stated final maturity of individual securities in the portfolio
shall be five years, unless otherwise stated in this policy;
ii. The City shall maintain a minimum of three months of budgeted
operating expenditures in cash, cash equivalents and short-term
investments; and
iii. The duration of the portfolio will typically be approximately equal to the
duration of a market index, selected by the City as its performance
benchmark, which meets the City's needs for cash flow and level of risk
tolerance plus or minus 20%.
b. CREDIT RISK
In general, the City's portfolio will be diversified to avoid incurring unreasonable
and avoidable risks regarding specific security types or individual financial
institutions, such as credit risk. Credit risk is the risk that a security or a portfolio
will lose some or all of its value due to a real or perceived change in the ability of
the issuer to repay its debt. The City shall mitigate credit risk by adopting the
following strategies:
i. The diversification requirements included in Section IX are designed to
mitigate credit risk in the portfolio;
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ii. No more than 5% of the total portfolio may be deposited with or invested
in securities issued by any single issuer unless otherwise specified in
this policy.
iii. The City may elect to sell a security prior to its maturity and record a
capital gain or loss in order to improve the quality, liquidity or return of
the portfolio in response to market conditions or the City's risk
preferences; and
iv. If a security owned by the City is downgraded to a level below the
requirements of this policy, making the security ineligible for additional
purchases, the following steps will be taken:
1. Any actions taken related to the downgrade by the investment
manager will be communicated to the City in a timely manner.
2. If a decision is made to retain the security, the credit situation will
be monitored and reported back to the City.
XV. SAFEKEEPING AND CUSTODY
Investment securities are to be purchased when possible in book-entry form in the
City's name. All security transactions entered into by the City shall be conducted on a
delivery-versus-payment (DVP) basis. All cash and securities in the City's portfolio
shall be held in safekeeping in the City's name by a third-party bank trust department,
acting as agent for the City under the terms of a custody agreement executed by the
bank and the City. All investment transactions will require a safekeeping receipt or
acknowledgment generated from the trade. A monthly report will be received by the
City from the safekeeping institution listing all securities held in safekeeping with
current market data and other information. The only exception to the foregoing shall
be depository accounts and securities purchases made with: (i) local government
investment pools; (ii) time certificates of deposit, and, (iii) money mutual funds, since
the purchased securities are not deliverable. Term and non-negotiable instruments,
such as certificates of deposit, can be held by the Treasurer, or in safekeeping as the
Treasurer deems appropriate.
XVI. PERFORMANCE BENCHMARK
The investment portfolio shall be designed to attain a market-average rate of return
throughout budgetary and economic cycles, taking into account the City's risk
constraints, the cash flow characteristics of the portfolio, and state and local laws,
ordinances or resolutions that restrict investments. The Treasurer shall monitor and
evaluate the portfolio's performance relative to the market benchmark, which will be
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included in the Treasurer's quarterly report. The Treasurer shall select an appropriate,
readily available index to use as a benchmark.
XVII. REPORT INFORMATION
The Treasurer shall prepare a report to the City Council not less than semi-annually
which is available each year within 60 days following December 31st and June 30th.
The semi-annual report shall be presented at a subsequent regularly scheduled City
Council Meeting. The report shall be inclusive of a monthly listing of investment
transactions. At a minimum the report shall include the following (Revised 9-18-2012):
a. Type of Investment
b. Issuer
c. Date of Maturity
d. Par and dollar amount invested
e. Current Market Value as of the date of the report
f. Source of the market value information
g. A list of investment transactions.
h. A statement of compliance with the investment policy
i. A statement as to the ability of the City to meet its expenditure requirements for
the next six months
In addition, the City Treasurer will submit a monthly transaction report to the City
Council.
XVIII. REVIEW OF INVESTMENT POLICY
This policy shall be subject to review by the City Council on an annual basis, by the
second Council meeting in September. Any recommended modifications or
amendments shall be presented by Staff to the City Council for their consideration and
adoption.
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GLOSSARY OF TERMS
ACCRUED INTEREST: Interest earned but not yet received.
AGENCIES: 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.
AMORTIZATION: An accounting practice of gradually decreasing (increasing) an asset's
book value by spreading its depreciation (accretion) over a period of time.
ASKED: The price at which securities are offered.
ASSET BACKED SECURITIES: Securities supported by pools of installment loans or
leases or by pools of revolving lines of credit.
BANKERS' ACCEPTANCE (BA): A draft or bill or exchange accepted by a bank or trust
company. The accepting institution guarantees payment of the bill, as well as the issuer.
BASIS POINT: One basis point is one hundredth of one percent (.0 I ).
BENCHMARK: A comparative base for measuring the performance or risk tolerance of
the investment portfolio. A benchmark should represent a close correlation to the level of
risk and the average duration of the portfolio's investments.
BID PRICE: The price offered by a buyer of securities. (When you are selling securities,
you ask for a bid.) See Offer.
BOND: A financial obligation for which the issuer promises to pay the bondholder a
specified stream of future cash flows, including periodic interest payments and a principal
repayment.
BOOK ENTRY: The system maintained by the Federal Reserve, by which most money
market securities are delivered to an investor's custodial bank. The Federal Reserve
maintains a computerized record of the ownership of these securities and records any
changes in ownership corresponding to payments made over the Federal Reserve wire
(delivery versus payment.)
BOOK VALUE: The value at which a debt security is shown on the holder's balance
sheet. Book value is acquisition cost less amortization of premium or accretion of
discount.
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BROKER: A broker brings buyers and sellers together for a commission.
CALLABLE BOND: A bond issue in which all or part of its outstanding principal amount
may be redeemed before maturity by the issuer under specified conditions.
CALL PRICE: The price at which an issuer may redeem a bond prior to maturity. The
price is usually at a slight premium to the bond's original issue price to compensate the
holder for loss of income and ownership.
CALL RISK: The risk to a bondholder that a bond may be redeemed prior to maturity.
CERTIFICATE OF DEPOSIT (CD): A deposit insured up to $100,000 by the FDIC at a
set rate for a specified period of time.
COLLATERAL: Securities, evidence of deposit or other property which a borrower
pledges to secure repayment of a loan. Also refers to securities pledged by a bank to
secure deposits of public monies.
COLLATERALIZED MORTGAGE OBLIGATION (CMO): Classes of bonds that
redistribute the cash flows of mortgage securities (and whole loans) to create securities
that have different levels of prepayment risk, as compared to the underlying mortgage
securities.
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.
COMPREHENSIVE ANNUAL FINANCIAL REPORT (CAFR): The official annual
financial report for the City. It includes combined statements and basic financial
statements for each individual fund and account group prepared in conformity with
Generally Accepted Accounting Principles (GAAP). Supplemental information is also
included including a detailed multi-year comparative statistics.
COST YIELD: The annual income from an investment divided by the purchase cost.
Because it does not give effect to premiums and discounts which may have been included
in the purchase cost, it is an incomplete measure of return.
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COUPON: (a) The annual rate of interest that a bond's issuer promises to pay the
bondholder on the bond's face value. (b) A certificate attached to a bond evidencing
interest due on a payment date.
CREDIT RISK: The risk that principal and/or interest on an investment will not be paid in
a timely manner due to changes in the condition of the issuer.
CURRENT YIELD: The interest paid on an investment expressed as a percentage of the
current price of the security.
CUSTODY: A banking service that provides safekeeping for the individual securities in a
customer's investment portfolio under a written agreement which also calls for the bank
to collect and pay out income, and to buy, sell, receive and deliver securities when ordered
to do so by the account holder.
DEALER: A dealer, as opposed to a broker, acts as a principal in all transactions, buying
and selling for his own account.
DEBENTURE: A bond secured only by the general credit of the issuer.
DELIVERY VERSUS PAYMENT (DVP): Delivery versus payment is delivery of securities
with an exchange of money for the securities.
DERIVATIVES: (1) Financial instruments whose return profile is linked to, or derived from,
the movement of one or more underlying index or security, and may include a leveraging
factor, or (2) financial contracts based upon notional amounts whose value is derived from
an underlying index or security (interest rates, foreign exchange rates, equities or
commodities).
DISCOUNT: The difference between the cost price of a security and its value at maturity
when quoted at lower than face value.
DISCOUNT SECURITIES: Non-interest-bearing money market instruments that are
issued a discount and redeemed at maturity for full face value, e.g., U.S. Treasury Bills.
DIVERSIFICATION: Dividing investment funds among a variety of securities offering
independent returns.
DURATION: A measure of the timing of the cash flows, such as the interest payments
and the principal repayment, to be received from a given fixed-income security. This
calculation is based on three variables: term to maturity, coupon rate, and yield to maturity.
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The duration of a security is a useful indicator of its price volatility for given changes in
interest rates.
FEDERAL CREDIT AGENCIES: Agencies of the Federal government set up to supply
credit to various classes of institutions and individuals, e.g., S&L's, small business firms,
students, farmers, farm cooperatives, and exporters.
FEDERAL DEPOSIT INSURANCE CORPORATION (FDIC): A federal agency that
insures bank deposits, currently up to $100,000 per deposit.
FEDERAL FUNDS RATE: The rate of interest at which Fed funds are traded. This rate is
currently pegged by the Federal Reserve through open-market operations.
FEDERAL HOME LOAN BANKS (FHLB): Government sponsored wholesale banks
(currently 12 regional banks) which lend funds and provide correspondent banking
services to member commercial banks, thrift institutions, credit unions and insurance
companies.
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA or Fannie Mae): FNMA,
like GNMA was chartered under the Federal National Mortgage Association Act in 1938.
FNMA is a federal corporation working under the auspices of the Department of Housing
and Urban Development (HUD). The corporation is called, is a private stockholder-owned
corporation. The corporation's purchases include a variety of adjustable mortgages and
second loans, in addition to fixed-rate mortgages.
FEDERAL OPEN MARKET COMMITTEE (FOMC): Consists of seven members of the
Federal Reserve Board and five of the twelve Federal Reserve Bank Presidents. The
President of the New York Federal Reserve Bank is a permanent member, while the other
Presidents serve on a rotating basis. The Committee periodically meets to set Federal
Reserve guidelines regarding purchases and sales of Government Securities in the open
market as a means of influencing the volume of bank credit and money.
FEDERAL RESERVE SYSTEM: The central bank of the United States created by
Congress and consisting of a seven-member Board of Governors in Washington, D.C.,
12 regional banks and about 5,700 commercial banks that are members of the system.
FED WIRE: A wire transmission service established by the Federal Reserve Bank to
facilitate the transfer of funds through debits and credits of funds between participants
within the Fed system.
FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC or Freddie Mac): A
United States government sponsored corporation.
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GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA or Ginnie Mae):
Securities influencing the volume of bank credit guaranteed by GNMA and issued by
mortgage bankers, commercial banks, savings and loan associations, and other
institutions. Security holder is protected by full faith and credit of the U.S. Government.
Ginnie Mae securities are backed by the FHA, VA or FmHA mortgages. The term "pass-
throughs" is often used to describe Ginnie Maes.
HAIRCUT: The margin or difference between the actual market value of a security and
the value assessed by the lending side of a transaction (i.e. a repo).
INTEREST RATE: The annual yield earned on an investment, expressed as a
percentage.
LEVERAGE: Borrowing funds in order to invest in securities that have the potential to
pay earnings at a rate higher than the cost of borrowing.
LIQUIDITY: Refers to the ability to easily and rapidly convert a security into cash.
LOCAL AGENCY INVESTMENT FUND (LAIF): The local Agency Investment Fund
(LAIF) is a special fund in the California State Treasury created and governed pursuant
to Government Code Sections 16429.1 et seq. There are limits on the maximum dollars
deposited by a city as well as the number of transactions allowed each month.
LOCAL GOVERNMENT INVESTMENT POOL (LGIP): The aggregate of all funds from
political subdivisions that are placed in custody of the State Treasurer for investment and
reinvestment.
MAKE WHOLE CALL: A type of call provision on a bond that allows the issuer to pay off
the remaining debt early. Unlike a call option, with a make whole call provision, the issuer
makes a lump sum payment that equals the net present value (NPV) of future coupon
payments that will not be paid because of the call. With this type of call, an investor is
compensated, or "made whole."
MARGIN: The difference between the market value of a security and the loan a broker
makes using that security as collateral.
MARKET RISK: The risk that the value of securities will fluctuate with changes in overall
market conditions or interest rates.
MARKET VALUE: The price at which a security is trading and could presumably be
purchased or sold on a specific date.
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MARKING TO MARKET: The process of posting current market values for securities in
a portfolio.
MATURITY: The date upon which the principal or stated value of an investment becomes
due and payable.
MEDIUM TERM NOTES (MTNs): Unsecured, investment-grade senior debt securities of
major corporations which are sold in relatively small amounts on either a continuous or
an intermittent basis. MTNs are highly flexible debt instruments that can be structured to
respond to market opportunities or to investor preferences.
MODIFIED DURATION: The percent change in price for a 100 basis point change in
yields. Modified duration is the best single measure of a portfolio's or security's exposure
to market risk.
MONEY MARKET: The market in which short-term debt instruments (T-bills, discount
notes, commercial paper, and banker's acceptances) are issued and traded.
MONEY MARKET MUTUAL FUND: Mutual funds that invest solely in money market
instruments (short- term debt instruments, such as Treasury bills, commercial paper,
bankers' acceptances, and federal funds).
MORTGAGE PASS THROUGH SECURITIES: A securitized participation in the interest
and principal cash flows from a specified pool of mortgages. Principal and interest
payments made on the mortgages are passed through to the holder of the security.
MUNICIPAL SECURITIES: Securities issued by state and local agencies to finance
capital and operating expenses.
MUTUAL FUND: An entity which pools the funds of investors and invests those funds in
a set of securities which is specifically defined in the fund's prospectus. Mutual funds can
be invested in various types of domestic and/or international stocks, bonds, and money
market instruments, as set forth in the individual fund's prospectus. For most large,
institutional investors, the costs associated with investing in mutual funds are higher than
the investor can obtain through an individually managed portfolio.
NATIONAL ASSOCIATION OF SECURITIES DEALERS (NASD): A self-regulatory
organization (SRO) of brokers and dealers in the over-the-counter securities business. Its
regulatory mandate includes authority over firms that distribute mutual fund shares as
well as other securities.
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NATIONALLY RECOGNIZED STATISTICAL RATING ORGANIZATIONS (NSROs );
Credit rating agencies whose ratings are permitted to be used for regulatory purposes
such as those imposed by the Securities and Exchange Commission.
NEGOTIABLE CERTIFICATE OF DEPOSIT: A large denomination certificate of deposit
which can be sold in the open market prior to maturity.
NEW ISSUE: Term used when a security is originally "brought" to market.
OFFER: The price asked by a seller of securities. (When you are buying securities, you
ask for an offer.) See Asked and Bid.
OPEN MARKET OPERATIONS: Purchases and sales of government and certain other
securities in the open market by the New York Federal Reserve Bank as directed by the
FOMC in order to influence the volume of money and credit in the economy. Purchases
inject reserves into the bank system and stimulate growth of money and credit; sales have
the opposite effect. Open market operations are the Federal Reserve' s most important
and most flexible monetary policy tool.
PORTFOLIO: Collection of securities held by an investor.
PREMIUM: The amount by which the price paid for a security exceeds the security's par
value.
PREPAYMENT SPEED: A measure of how quickly principal is repaid to investors in
mortgage securities.
PREPAYMENT WINDOW: The time period over which principal repayments will be
received on mortgage securities at a specified prepayment speed.
PRIMARY DEALER: A group of government securities dealers who submit daily reports
of market activity and positions and monthly financial statements to the Federal Reserve
Bank of New York and are subject to its informal oversight. Primary dealers include
Securities and Exchange Commission (SEC)-registered securities broker-dealers, banks,
and a few unregulated firms.
PRINCIPAL: The face value or par value of a debt instrument, or the amount of capital
invested in a given security.
PRUDENT PERSON (PRUDENT INVESTOR) RULE: A standard of responsibility which
applies to fiduciaries. In California, the rule is stated as "Investments shall be managed
with the care, skill, prudence and diligence, under the circumstances then prevailing, that
38
Attachment 1
21
a prudent person, acting in a like capacity and familiar with such matters, would use in
the conduct of an enterprise of like character and with like aims to accomplish similar
purposes."
PURCHASE DATE: The date on which a security is purchased for settlement on that or
a later date.
RATE OF RETURN: The yield obtainable on a security based on its purchase price or its
current market price. This may be the amortized yield to maturity on a bond or the current
income return.
REALIZED YIELD: The change in value of the portfolio due to interest received and
interest earned and realized gains and losses. It does not give effect to changes in market
value on securities, which have not been sold from the portfolio.
REGIONAL DEALER: A financial intermediary that buys and sells securities for the
benefit of its customers without maintaining substantial inventories of securities and that
is not a primary dealer.
REPURCHASE AGREEMENT (RP OR REPO): A holder of securities sells these
securities to an investor with an agreement to repurchase them at a fixed price on a fixed
date. The security "buyer" in effect lends the "seller" money for the period of the
agreement, and the terms of the agreement are structured to compensate him for this.
RULE 2a-7 OF THE INVESTMENT COMPANY ACT: Applies to all money market mutual
funds and mandates such funds to maintain certain standards, including a 13- month
maturity limit and a 90-day average maturity on investments, to help maintain a constant
net asset value of one dollar ($1.00).
SAFEKEEPING: See CUSTODY.
SECONDARY MARKET: A market made for the purchase and sale of outstanding issues
following the initial distribution.
SECURITIES & EXCHANGE COMMISSION: Agency created by Congress to protect
investors m securities transactions by administering securities legislation.
SETTLEMENT DATE: The date on which a trade is cleared by delivery of securities
against funds.
STRUCTURED NOTE: A complex, fixed income instrument, which pays interest, based
on a formula tied to other interest rates, commodities or indices. Examples include inverse
39
Attachment 1
22
floating rate notes which have coupons that increase when other interest rates are falling,
and which fall when other interest rates are rising, and "dual index floaters," which pay
interest based on the relationship between two other interest rates - for example, the yield
on the ten-year Treasury note minus the Libor rate. Issuers of such notes lock in a reduced
cost of borrowing by purchasing interest rate swap agreements.
TENNESSEE VALLEY AUTHORITY (TVA): The Tennessee Valley Authority provides
flood control and power and promotes development in portions of the Tennessee, Ohio,
and Mississippi River valleys. TVA currently issues discount notes and bonds.
TIME CERTIFICATE OF DEPOSIT: A non-negotiable certificate of deposit which cannot
be sold prior to maturity.
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
value; it includes interest earnings, realized and unrealized gains, and losses in the
portfolio.
TREASURY BILLS: A non-interest-bearing discount security issued by the U.S. Treasury
to finance the national debt. Most bills are issued to mature in three months, six months,
or one year and are sold on a discount basis.
TREASURY BONDS: Long-term coupon-bearing U.S. Treasury securities issued
as direct obligations of the U.S. Government and having initial maturities of more than 10
years.
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.
U.S. GOVERNMENT AGENCIES: Instruments issued by various US Government
Agencies most of which are secured only by the credit worthiness of the particular agency.
VOLATILITY: The rate at which security prices change with changes in general economic
conditions or the general level of interest rates.
WEIGHTED AVERAGE MATURITY (WAM): The average maturity of all the securities
that comprise a portfolio that is typically expressed in days or years.
YIELD: The rate of annual income return on an investment, expressed as a percentage.
It is obtained by dividing the current dollar income by the current market price of the
security.
40
Attachment 1
23
YIELD TO MATURITY: The rate of income return on an investment, minus any premium
or plus any discount, with the adjustment spread over the period from the date of purchase
to the date of maturity of the bond, expressed as a percentage.
YIELD CURVE: The yield on bonds, notes or bills of the same type and credit risk at a
specific date for maturities up to thirty years.
ZERO-COUPON SECURITY: Security that is issued at a discount and makes no periodic
interest payments. The rate of return consists of a gradual accretion of the principal of the
security and is payable at par upon maturity.
41
STAFF REPORT
Finance and Investment Committee
Page 1 of 2
Agenda Item 4.1
DATE: August 8, 2025
TO: Honorable Committee Members
FROM: Colleen Tribby, City Manager
SUBJECT:
City Treasurer's Informational Report of Investments for the Quarter
Ending June 30, 2025
Prepared by: Jay Baksa, Finance Director
EXECUTIVE SUMMARY:
The Finance and Investment Committee will receive a report from Chandler Asset
Management on the City’s investments through the quarter ending June 30, 2025. The City’s
investment portfolio for this period totaled $491,535,614 (market value) with an average
market yield of 4.13%.
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.
DESCRIPTION:
The total investment portfolio (market value) consists of $312,116,273 managed by Chandler
Asset Management (Chandler), and $179,419,341 invested by the City in local government
pools, the Local Agency Investment Fund and the California Asset Management Program. The
average market yield of the Chandler portfolio and the local pools was 3.97% and 4.40%
respectively.
The market value of the City’s investment portfolio increased by $20.8 million compared to the
quarter ending March 31, 2025. 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.
To prepare for the fiscal year-end close and the accompanying rise in expenditures, the
42
Page 2 of 2
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 .
ATTACHMENTS:
1) City of Dublin Investment Report for Period Ending June 30, 2025
43
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
44
TABLE OF CONTENTS
City of Dublin | As of June 30, 2025
ECONOMIC UPDATE
ACCOUNT PROFILE
CONSOLIDATED INFORMATION
PORTFOLIO HOLDINGS
TRANSACTIONS
1
Attachment #1
45
ECONOMIC UPDATE
2
Attachment #1
46
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
3
Attachment #1
47
-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
4
Attachment #1
48
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
5
Attachment #1
49
-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
6
Attachment #1
50
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
7
Attachment #1
51
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
8
Attachment #1
52
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)
9
Attachment #1
53
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
10
Attachment #1
54
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
11
Attachment #1
55
ACCOUNT PROFILE
12
Attachment #1
56
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.
13
Attachment #1
57
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
14
Attachment #1
58
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
15
Attachment #1
59
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
16
Attachment #1
60
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.
17
Attachment #1
61
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%
18
Attachment #1
62
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%
19
Attachment #1
63
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%
20
Attachment #1
64
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
21
Attachment #1
65
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
22
Attachment #1
66
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
23
Attachment #1
67
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.
24
Attachment #1
68
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%
25
Attachment #1
69
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%
26
Attachment #1
70
CONSOLIDATED INFORMATION
27
Attachment #1
71
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.
28
Attachment #1
72
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%
29
Attachment #1
73
PORTFOLIO HOLDINGS
30
Attachment #1
74
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
31
Attachment #1
75
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
32
Attachment #1
76
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
33
Attachment #1
77
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
34
Attachment #1
78
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
35
Attachment #1
79
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
36
Attachment #1
80
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
37
Attachment #1
81
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
38
Attachment #1
82
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
39
Attachment #1
83
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
40
Attachment #1
84
TRANSACTIONS
41
Attachment #1
85
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
42
Attachment #1
86
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)
43
Attachment #1
87
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
44
Attachment #1
88
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.
45
Attachment #1
89
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.
46
Attachment #1
90