HomeMy WebLinkAbout11-04-2025 FIC Regular Meeting Agenda PacketNovember 04, 2025 Dublin Finance and Investment Committee Agenda 1
Kashef Qaadri, Vice Mayor
Regular Meeting of the DUBLIN FINANCE AND INVESTMENT COMMITTEE
Tuesday, November 4, 2025
Location: City Manager’s Conference Room
Dublin Civic Center
100 Civic Plaza
Dublin, CA 94568
REGULAR MEETING 5:30 PM
1. CALL TO ORDER AND PLEDGE OF ALLEGIANCE
2. PUBLIC COMMENT
3. ACTION ITEMS
3.1 Approval of the August 8, 2025 Special Finance and Investment Committee Meeting
Minutes
The Committee will consider approval of the minutes of the August 8, 2025 Special Finance
and Investment Committee Meeting.
STAFF RECOMMENDATION:
Approve the minutes of the August 8, 2025 Special Finance and Investment Committee
Meeting.
August 8, 2025 Special Finance and Investment Committee Meeting Minutes
4. REPORTS
4.1 Presentation on the City of Dublin's Investment Report Through Quarter Ending
September 30, 2025
The Finance and Investment Committee will receive a report from Chandler Asset
Management on the City’s investments through the quarter ending September 30, 2025. The
City’s investment portfolio for this period totaled $491,548,468 (market value) with an
average market yield of 3.99%.
STAFF RECOMMENDATION:
Receive the report.
Staff Report
Attachment 1 - City of Dublin Investment Report for Period Ending September 30, 2025
5. REQUEST FOR FUTURE MEETING AGENDA ITEMS
The Committee and/or City Staff will present items to be discussed at future meetings.
1
November 04, 2025 Dublin Finance and Investment Committee Agenda 2
6. 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 at least 72
hours 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 72 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.
2
Friday, August 8, 2025 Finance and Investment Committee Minutes 1
Agenda Item 3.1
MINUTES OF THE
FINANCE AND INVESTMENT COMMITTEE
SPECIAL MEETING
Friday, August 8, 2025 – 2:30 p.m.
A special meeting of the Finance and Investment Committee was held on Friday, August 8,
2025, at the Civic Center. The meeting was called to order at 2:35 p.m. by Vice Mayor
Kashef Qaadri.
1. CALL TO ORDER
PRESENT: Vice Mayor Kashef Qaadri and Councilmember Michael McCorriston
ABSENT: None
2. PUBLIC COMMENT
None.
3. ACTION ITEMS
3.1 Approval of the June 2, 2025 Finance and Investment Committee Special
Meeting Minutes
ACTION: By consensus, the Committee approved the minutes of the Special Meeting
of June 2, 2025.
3.2 Review of the City of Dublin’s Investment Portfolio with Application of
Environmental, Social, and Governance (ESG) Scores
The Committee received a presentation from Bill Dennehy, Co-Chief Investment
Officer at Chandler Asset Management Inc., on the application of Environmental,
Social, and Governance scoring on the City’s Investment portfolio.
ACTION: The Committee received the presentation and recommended receiving an
annual report on ESG scoring the City’s investment portfolio.
3.3 Review of Updates to the City of Dublin’s Statement of Investment Policy
The Committee received a summary of proposed revisions to the City’s Statement of
Investment Policy from Finance Director Jay Baksa. The Committee reviewed the
proposed revisions specifically to Section XI. Prohibited Investment Practices and
Instruments.
ACTION: By consensus, the Committee approved the revisions to the City of Dublin’s
Statement of Investment Policy with language clarifying how company industry
classifications are defined by the City’s investment managers.
4. REPORTS
COMMITTEE MEMBERS
Kashef Qaadri, Vice Mayor
Michael McCorriston, Councilmember
3
Friday, August 8, 2025 Finance and Investment Committee Minutes 2
4.1 City Treasurer's Informational Report of Investments for the Quarter Ending
June 30, 2025
The Committee received a presentation from Bill Dennehy, Co-Chief Investment
Officer at Chandler Asset Management Inc., providing an overview of the current
economic outlook and the performance of the City’s portfolio during the quarter ending
June 30, 2025.
5. REQUEST FOR FUTURE MEETING AGENDA ITEMS
The Committee did not make any requests.
6. ADJOURNMENT
The meeting was adjourned at 4:35 p.m. by Vice Mayor Kashef Qaadri.
Minutes prepared by Christopher Rhoades, Financial Analyst.
____________________________________
Vice Mayor
ATTEST: ____________________________________
Finance Director
4
STAFF REPORT
Finance and Investment Committee
Page 1 of 2
Agenda Item 4.1
DATE: November 4, 2025
TO: Honorable Committee Members
FROM: Hazel Wetherford, Deputy City Manager
SUBJECT:
Presentation on the City of Dublin’s Investment Report Through Quarter
Ending September 30, 2025
Prepared by: Chris Rhoades, Financial Analyst
EXECUTIVE SUMMARY:
The Finance and Investment Committee will receive a report from Chandler Asset
Management on the City’s investments through the quarter ending September 30, 2025. The
City’s investment portfolio for this period totaled $491,548,468 (market value) with an average
market yield of 3.99%.
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 $316,057,509 managed by Chandler
Asset Management, and $175,490,959 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 3.84% and 4.25% respectively.
The market value of the City’s investment portfolio remained essentially unchanged compared
to the quarter ending June 30, 2025, increasing $12,854. This is consistent with historical
trends, as the City’s cash position typically experiences limited fluctuation between the June
and September quarters based on the timing of invoices and revenue receipts.
5
Page 2 of 2
ATTACHMENTS:
1) City of Dublin Investment Report for Period Ending September 30, 2025
6
INVESTMENT REPORT
City of Dublin | As of September 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
7
TABLE OF CONTENTS
City of Dublin | As of September 30, 2025
ECONOMIC UPDATE
ACCOUNT PROFILE
CONSOLIDATED INFORMATION
PORTFOLIO HOLDINGS
TRANSACTIONS
1 8
ECONOMIC UPDATE
2 9
Recent economic data suggest slower growth in 2025 and greater market uncertainty as the effects of fiscal policy unfold.Inflation
pressures have eased,though core levels remain above the Federal Reserve’s target,while tariffs continue to cloud forecasts.Signs of a
softer labor market are emerging,prompting expectations that the Fed will move cautiously toward policy normalization.Given the
economic outlook, we expect gradual normalization of monetary policy and a steeper yield curve.
The Federal Reserve lowered the Federal Funds Rate a quarter percentage point to the range of 4.00 –4.25%upon conclusion of the
September Federal Open Market Committee meeting.The move was telegraphed by the Fed and in line with market expectations. Stephen
Miran was the only opposing vote in the 11-1 decision as Governor Miran called for a larger 50 basis point rate cut.Chair Powell said
concerns over signs of a softening labor market prompted the policy shift.Policymakers also updated their economic forecasts penciling in
two additional quarter-point cuts through year-end.
The US Treasury yield curve flattened in September,as the 2-year Treasury yield declined 13 basis points to 3.57%,the 5-year Treasury also
down 13 basis points to 3.66%,and the 10-year Treasury yield declined 14 basis points to 4.12%.The spread between the 2-year and 10-
year Treasury yield points on the curve decreased to +54 basis points at September month-end versus +61 basis points at August month-
end. The spread between the 2-year Treasury and 10-year Treasury yield one year ago was 14 basis points. The spread between the 3-
month and 10-year Treasury yield points on the curve was +21 basis points in September versus +8 basis points in August.
ECONOMIC UPDATE
3 10
-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 just 22,000 jobs in August,falling short of consensus expectations and punctuating the softening trend in the
labor market.The three-month moving average and six-month moving average payrolls totaled 29,000 and 64,000 respectively.The
unemployment rate rose to 4.3%in August from 4.2%in July. The labor participation rate inched up 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 jumped to 8.1%in August from 7.9%in July.Average hourly earnings fell to 3.7%year-over-year
from 3.9% last month.
Source: US Department of Labor Source: US Department of Labor
EMPLOYMENT
4 11
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
Job Openings
Recession
Historical Average
In
T
h
o
u
s
a
n
d
s
(
0
0
0
'
s
)
The Labor Department’s Job Openings and Labor Turnover Survey (JOLTS)showed a modest increase to 7.227 million new job openings in
August from 7.2 million in July. The quits rate and layoffs remained relatively stable.Job openings indicate a ratio of approximately 1 job
for each unemployed individual, representing a relatively balanced labor market.
Source: US Department of Labor
JOB OPENINGS & LABOR TURNOVER SURVEY
5 12
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 August, the Consumer Price Index (CPI)increased more than expected at 0.4%month-over-month and 2.9%year-over-year,while the
Core CPI rose 0.3%month-over-month and 3.1%year-over-year,in line with expectations. The Personal Consumption Expenditures (PCE)
price index rose 0.3%month-over-month and 2.7%year-over-year in August. The Core PCE deflator,which excludes food and energy and
is the Fed’s preferred gauge, was up 0.2% from July leaving it unchanged at 2.9% on an annual basis in August.
Source: US Department of Labor Source: US Department of Commerce
INFLATION
6 13
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 showed continued strength jumping 0.6%in August as July data was also revised up to 0.6%month-over-month. The
increase elevated retail sales to 5.0%on an annual basis after jumping 4.1%year-over-year in July.Back-to-school shopping was a likely
catalyst as online shopping, clothing, and sporting goods saw some of the largest increases.Control group sales,which feed into GDP,
also jumped 0.74%in August from the prior month. The Conference Board’s Consumer Confidence Index fell to 94.2 in September from a
revised 97.8 in August,marking the lowest level since April 2025.Measures of current conditions and future expectations fell, signaling
weaker sentiment toward employment and income.Consumers have remained resilient,but rising debt burdens, higher delinquency rates,
lingering inflation worries, and emerging signs of labor market cooling could weigh on future spending.
0
20
40
60
80
100
120
140
160
In
d
e
x
L
e
v
e
l
Consumer Confidence
Recession
Source: US Department of Commerce Source: The Conference Board
All time high is 144.70 (1/31/00); All time low is 25.30 (2/28/09)
CONSUMER
7 14
-25.0%
-20.0%
-15.0%
-10.0%
-5.0%
0.0%
5.0%
10.0%
15.0%
Leading Economic Indicators (LEI)
Recession
YO
Y
(%
)
C
h
a
n
g
e
-1.00
-0.75
-0.50
-0.25
0.00
0.25
0.50
0.75
1.00
Chicago Fed National Activity Index (CFNAI)
Recession
3
M
o
n
t
h
A
v
e
r
a
g
e
The Conference Board’s Leading Economic Index (LEI)fell by 0.5%in August,following a 0.1%increase in July. The LEI decreased by 3.6%
year-over-year.The Conference Board is expecting economic growth to slow in the second half of 2025 due to consumer pessimism,soft
manufacturing new orders,and negative impacts from tariffs.The Chicago Fed National Activity Index (CFNAI)came in at -0.12%in
August after a downwardly revised -0.28 in July,indicating that economic momentum remained below its historical trend for the fifth
consecutive month. The three-month moving average shows a similar trend at -0.18 in August from -0.20 in the prior month signaling
ongoing below-trend growth in national economic activity.
Source: The Conference Board Source: Federal Reserve Bank of Chicago
LEADING INDICATORS OF ECONOMIC ACTIVITY
8 15
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 dropped 8.5%in August to 1.307 million units,marking a pullback amid elevated inventory levels and a softening labor
market. Single-family starts fell 7.0% in August to 890,000 units, hitting their lowest level since July 2024. The S&P Cotality Case Shiller 20-
City Home Price Index recorded a 0.07%month-over-month decline in July,marking the fifth consecutive month of losses,while still
posting a modest year-over-year gain of 1.8%.Persistently high asking prices and elevated mortgage rates have continued to challenge
affordability,contributing to the recent cooling across the housing market.However,the Freddie Mac 30-year fixed mortgage rate
continued recent declines to 6.3% as of September.
Source: US Department of Commerce Source: S&P
-20.0%
-16.0%
-12.0%
-8.0%
-4.0%
0.0%
4.0%
8.0%
12.0%
16.0%
20.0%
24.0%
S&P/Case-Shiller 20 City Composite Home Price Index
Recession
YO
Y
(
%
)
C
h
a
n
g
e
HOUSING
9 16
40
45
50
55
60
65
70
Institute of Supply Management (ISM) Surveys
ISM Manufacturing ISM Services
EXPANDING
CONTRACTING
Manufacturing activity contracted at a slightly slower rate as the Institute for Supply Management (ISM)Manufacturing Index edged up to
49.1 in September,from 48.7 in August yet remaining below the expansion threshold,signaling the seventh consecutive month of
contraction in the manufacturing sector.Production growth factored into the gain,although drops in new orders and inventories offset the
increase.The ISM Services Index fell to 50.0 in September from 52.0 in August,which is the breakeven point between expansion and
contraction.The 2.0-point decline generally indicated moderate to weak growth, with only isolated reports of supplier delivery delays.
Employment remained in contraction territory, reflecting delayed hiring plans and ongoing challenges in finding qualified workers.
Source: Institute for Supply Management
SURVEY BASED MEASURES
10 17
Components of GDP 9/24 12/24 3/25 6/25
2.7% 2.6% 0.4% 1.7%
0.2% -1.3% 3.8% -2.7%
-0.4% -0.1% -4.7% 4.8%
0.5% 0.3% -0.4% -0.4%
0.4% 0.3% 0.2% 0.3%
3.4% 1.9% -0.6% 3.8%
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
In a s harp rebound from the first quarter, real GDP increased at an annualized rate of 3.8%in the second quarter of 2025 according to the
final data revision from the Bureau of Economic Analysis.The increase in real GDP in the second quarter was driven by the drop in
imports following the significant rise in the first quarter in anticipation of higher tariffs and an increase in consumer spending. The
consensus projection calls for 1.7% growth for the third quarter and 1.8% for the full year 2025.
GROSS DOMESTIC PRODUCT (GDP)
11 18
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
The Federal Reserve lowered its benchmark interest rate by a quarter point to a range of 4.00%to 4.25%at its September meeting,as
officials responded to mounting signs of labor market weakness.Chair Jerome Powell said the move was aimed at cushioning the
slowdown while keeping policy restrictive enough to fight lingering inflation.The Fed kept its balance-sheet runoff unchanged,
maintaining a $5 billion monthly cap on Treasuries and $35 billion on agency and mortgage-backed securities.Since launching its
Quantitative Tightening campaign in June 2022, the Fed has reduced its securities holdings by about $2.35 trillion, bringing the total down
to roughly $6.6 trillion.
FEDERAL RESERVE
0.00%
1.00%
2.00%
3.00%
4.00%
5.00%
6.00%
Recession
12 19
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
Sep-25
Jun-25
Sep-24
Yi
e
l
d
(
%
)
At the end of September,the 2-year Treasury yield was 5 basis points lower,and the 10-Year Treasury yield was 40 basis points higher,
year-over-year. The spread between the 2-year and 10-year Treasury yield points on the curve decreased to +54 basis points at September
month-end versus +61 basis points at August month-end. The prior 2-year/10-year yield curve inversion,which spanned from July 2022 to
August 2024,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 +21 basis points in September versus +8 basis points in August.
BOND YIELDS
13 20
ACCOUNT PROFILE
14 21
OBJECTIVES
City of Dublin | As of September 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.
15 22
STATEMENT OF COMPLIANCE
City of Dublin | Account #10198 | As of September 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 4.0 Compliant
ASSET-BACKED SECURITIES (ABS)
Max % (MV; Non Agency ABS & MBS)20.0 11.8 Compliant
Max % Issuer (MV)5.0 1.0 Compliant
Max Maturity (Years)5 4 Compliant
Min Rating (AA- by 1)0.0 0.0 Compliant
BANKERS' ACCEPTANCES
Max % (MV)40.0 0.0 Compliant
Max % Issuer (MV)5.0 0.0 Compliant
Max Maturity (Days)180 0.0 Compliant
Min Rating (A-1 by 1)0.0 0.0 Compliant
COMMERCIAL PAPER
Max % (MV)25.0 0.0 Compliant
Max % Issuer (MV)5.0 0.0 Compliant
Max Maturity (Days)270 0.0 Compliant
Min Rating (A-1 by 1 or A- by 1)0.0 0.0 Compliant
CORPORATE MEDIUM TERM NOTES
Max % (MV)30.0 24.9 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
16 23
STATEMENT OF COMPLIANCE
City of Dublin | Account #10198 | As of September 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 0.2 Compliant
Max % Issuer (MV)20.0 0.2 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)10.0 0.0 Compliant
Min Rating (A- by 1)0.0 0.0 Compliant
MUTUAL FUNDS
Max % (MV; Money Market Fund & Mutual Fund)20.0 0.2 Compliant
Max % Issuer (MV)10.0 0.0 Compliant
Min Rating (AAA by 2)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 - Aerospace and Defense 0.0 0.0 Compliant
Prohibited Investments - Firearms 0.0 0.0 Compliant
Prohibited Investments - Tobacco 0.0 0.0 Compliant
17 24
STATEMENT OF COMPLIANCE
City of Dublin | Account #10198 | As of September 30, 2025
Rules Name Limit Actual Compliance
Status Notes
SUPRANATIONAL OBLIGATIONS
Max % (MV)30.0 8.2 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 48.1 Compliant
Max Maturity (Years)10 5 Compliant
18 25
PORTFOLIO CHARACTERISTICS
City of Dublin | Account #10198 | As of September 30, 2025
Benchmark*9/30/2025
Portfolio
6/30/2025
Portfolio
Average Maturity (yrs)2.65 3.05 3.06
Average Modified Duration 2.48 2.54 2.54
Average Purchase Yield 4.15%4.05%
Average Market Yield 3.66%3.84%3.97%
Average Quality**AA+AA+AA+
Total Market Value 316,057,509 312,116,273
*Benchmark: ICE BofA 1-5 Year Unsubordinated US Treasury & Agency Index
**The credit quality is a weighted average calculation of the highest of S&P, Moody’s and Fitch.
19 26
SECTOR DISTRIBUTION
City of Dublin | Account #10198 | As of September 30, 2025
Sector as a Percentage of Market Value
Sector 09/30/2025 06/30/2025
US Treasury 48.11%46.65%
Corporate 24.95%24.96%
ABS 11.75%12.45%
Supras 8.15%8.78%
Agency CMBS 4.50%4.54%
Agency 2.31%2.34%
Money Mkt Fd 0.22%0.28%
20 27
ISSUERS
City of Dublin | Account #10198 | As of September 30, 2025
Issuer Investment Type % Portfolio
United States US Treasury 48.11%
FHLMC Agency CMBS 4.50%
International Bank for Recon and Dev Supras 4.16%
Inter-American Development Bank Supras 3.47%
Chase Issuance Trust ABS 1.61%
Federal Home Loan Banks Agency 1.46%
UnitedHealth Group Incorporated Corporate 1.44%
Bank of Montreal Corporate 1.43%
Bank of America Corporation Corporate 1.41%
Deere & Company Corporate 1.30%
JPMorgan Chase & Co.Corporate 1.28%
Toyota Motor Corporation Corporate 1.26%
John Deere Owner Trust ABS 1.22%
BMW Vehicle Owner Trust ABS 1.16%
Morgan Stanley Corporate 1.15%
Merck & Co., Inc.Corporate 1.12%
GM Financial Automobile Leasing Trus ABS 1.01%
Abbvie Inc.Corporate 0.98%
The Toronto-Dominion Bank Corporate 0.98%
Honda Auto Receivables Owner Trust ABS 0.92%
Amazon.com, Inc.Corporate 0.88%
Tennessee Valley Authority Agency 0.85%
Royal Bank of Canada Corporate 0.82%
American Express Credit Master Trust ABS 0.81%
Toyota Lease Owner Trust ABS 0.81%
Guardian Life Global Funding Corporate 0.77%
Citigroup Inc ABS 0.77%
Realty Income Corporation Corporate 0.73%
Berkshire Hathaway Inc.Corporate 0.72%
Walmart Inc.Corporate 0.66%
21 28
ISSUERS
City of Dublin | Account #10198 | As of September 30, 2025
Issuer Investment Type % Portfolio
Wells Fargo & Company Corporate 0.66%
Caterpillar Inc.Corporate 0.65%
Massachusetts Mutual Life Insurance Corporate 0.65%
Hyundai Auto Receivables Trust ABS 0.64%
The Home Depot, Inc.Corporate 0.61%
Metropolitan Life Global Funding I Corporate 0.58%
WF Card Issuance Trust ABS 0.53%
International Finance Corporation Supras 0.52%
Cisco Systems, Inc.Corporate 0.51%
GM Financial Securitized Term ABS 0.51%
The Goldman Sachs Group, Inc.Corporate 0.50%
QUALCOMM Incorporated Corporate 0.49%
Bank of America Credit Card Trust ABS 0.48%
BNY Mellon Corp Corporate 0.48%
Hyundai Auto Lease Securitization Tr ABS 0.47%
Honda Motor Co., Ltd.Corporate 0.45%
Target Corporation Corporate 0.42%
American Express Company Corporate 0.41%
U.S. Bancorp Corporate 0.40%
Met Tower Global Funding Corporate 0.40%
Public Storage OP, LP Corporate 0.32%
DOMINION ENERGY, INC.Corporate 0.32%
Toyota Auto Receivables Owner Trust ABS 0.31%
Mercedes-Benz Auto Receivables Trust ABS 0.25%
Mercedes-Benz Auto Lease Trust ABS 0.25%
First American Govt Oblig fund Money Mkt Fd 0.22%
The Charles Schwab Corporation Corporate 0.18%
Cash Cash 0.00%
TOTAL 100.00%
22 29
QUALITY DISTRIBUTION
Rating 09/30/2025 06/30/2025
AAA 18.68%19.94%
AA 58.69%58.09%
A 18.34%18.03%
BBB 1.49%1.00%
NA 2.80%2.94%
Rating 09/30/2025 06/30/2025
Aaa 14.97%15.31%
Aa 59.98%59.37%
A 19.61%18.82%
NA 5.44%6.50%
Rating 09/30/2025 06/30/2025
AAA 11.81%13.14%
AA 61.18%59.66%
A 10.49%10.54%
NA 16.52%16.67%
City of Dublin | Account #10198 | As of September 30, 2025
S&P Rating Moody’s Rating Fitch Rating
23 30
0-.25 .25-.5 .5-1 1-2 2-3 3-4 4-5 5-7 7+
Portfolio 0.3%1.4%8.7%19.8%31.1%29.1%9.7%0.0%0.0%
ICE BofA 1-5 Year Unsubordinated US Treasury &
Agency Index 0.0%0.1%2.6%35.0%27.7%22.6%12.0%0.0%0.0%
DURATION DISTRIBUTION
City of Dublin | Account #10198 | As of September 30, 2025
Portfolio Compared to the Benchmark
24 31
3 Months 12 Months 2 Years 3 Years 5 Years 10 Years Since Inception
TOTAL RATE OF RETURN*
City of Dublin 1.26%4.14%6.04%4.88%1.55%1.98%1.84%
Benchmark 1.14%3.77%5.58%4.42%1.13%1.65%1.57%
*Periods over 1 year are annualized.
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. Realized rate of return: A measure of a portfolio’s return over time. It is the internal rate which equates the beginning book value of the portfolio with the ending book value;
it includes interest earnings, realized gains and losses in the portfolio.
Benchmark: ICE BofA 1-5 Year Unsubordinated US Treasury & Agency Index
INVESTMENT PERFORMANCE
City of Dublin | Account #10198 | As of September 30, 2025
Total Rate of Return : Inception | 11/01/2013
25 32
PORTFOLIO CHARACTERISTICS
City of Dublin Reporting Account | Account #10219 | As of September 30, 2025
9/30/2025
Portfolio
6/30/2025
Portfolio
Average Maturity (yrs)0.00 0.00
Average Modified Duration 0.00 0.00
Average Purchase Yield 4.26%4.40%
Average Market Yield 4.25%4.40%
Average Quality**AAA AAA
Total Market Value 175,490,959 179,419,341
*Benchmark: NO BENCHMARK REQUIRED
**The credit quality is a weighted average calculation of the highest of S&P, Moody’s and Fitch.
26 33
SECTOR DISTRIBUTION
City of Dublin Reporting Account | Account #10219 | As of September 30, 2025
Sector as a Percentage of Market Value
Sector 09/30/2025 06/30/2025
LGIP 83.49%84.03%
LAIF 16.33%15.80%
Cash 0.17%0.17%
27 34
ISSUERS
City of Dublin Reporting Account | Account #10219 | As of September 30, 2025
Issuer Investment Type % Portfolio
California Asset Mgmt Program LGIP 83.49%
LAIF LAIF 16.33%
Cash Cash 0.17%
TOTAL 100.00%
28 35
CONSOLIDATED INFORMATION
29 36
PORTFOLIO CHARACTERISTICS
City of Dublin Cons | Account #10221 | As of September 30, 2025
9/30/2025
Portfolio
6/30/2025
Portfolio
Average Maturity (yrs)1.96 1.94
Average Modified Duration 1.63 1.61
Average Purchase Yield 4.19%4.18%
Average Market Yield 3.99%4.13%
Average Quality**AA+AA+
Total Market Value 491,548,468 491,535,614
*Benchmark: NO BENCHMARK REQUIRED
**The credit quality is a weighted average calculation of the highest of S&P, Moody’s and Fitch.
30 37
SECTOR DISTRIBUTION
City of Dublin Cons | Account #10221 | As of September 30, 2025
Sector as a Percentage of Market Value
Sector 09/30/2025 06/30/2025
US Treasury 30.86%29.54%
LGIP 29.94%30.83%
Corporate 16.00%15.80%
ABS 7.54%7.88%
LAIF 5.86%5.80%
Supras 5.23%5.56%
Agency CMBS 2.89%2.87%
Agency 1.48%1.48%
Money Mkt Fd 0.14%0.18%
Cash 0.06%0.06%
31 38
PORTFOLIO HOLDINGS
32 39
HOLDINGS REPORT
City of Dublin | Account #10198 | As of September 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
47787JAC2 JDOT 2022 A3 2.32 09/15/2026 25,284.55 03/10/2022
2.34%
25,278.95
25,283.44
99.92
4.46%
25,263.98
26.07
0.01%
(19.46)
Aaa/NA
AAA
0.96
0.04
362585AC5 GMCAR 2022-2 A3 3.1
02/16/2027 68,140.15 04/05/2022
3.13%
68,125.91
68,136.44
99.88
4.30%
68,055.91
88.01
0.02%
(80.53)
Aaa/AAA
NA
1.38
0.10
47800AAC4 JDOT 2022-B A3 3.74 02/16/2027 220,533.32 07/12/2022
3.77%
220,512.26
220,527.22
99.86
4.30%
220,232.53
366.58
0.07%
(294.69)
Aaa/NA
AAA
1.38
0.26
448988AD7 HALST 2024-A A3 5.02
03/15/2027 727,651.63 01/17/2024
5.03%
727,513.74
727,587.85
100.28
4.26%
729,687.45
1,623.47
0.23%
2,099.60
NA/AAA
AAA
1.45
0.34
36269FAD8 GMALT 2024-1 A3 5.09
03/22/2027 824,545.39 02/08/2024
5.09%
824,442.32
824,496.45
100.32
4.17%
827,189.13
1,282.40
0.26%
2,692.67
NA/AAA
AAA
1.47
0.33
89238GAD3 TLOT 2024-A A3 5.25 04/20/2027 597,861.09 02/21/2024
5.25%
597,835.86
597,848.65
100.48
3.63%
600,703.56
959.07
0.19%
2,854.91
NA/AAA
AAA
1.55
0.28
47800BAC2 JDOT 2022-C A3 5.09 06/15/2027 431,094.82 10/12/2022
5.15%
431,061.36
431,082.80
100.33
4.32%
432,524.59
975.23
0.14%
1,441.79
Aaa/NA
AAA
1.71
0.40
36269WAD1 GMALT 2024-2 A3 5.39
07/20/2027 1,055,000.00 05/07/2024
5.85%
1,054,938.71
1,054,965.29
100.68
4.14%
1,062,222.21
1,737.53
0.34%
7,256.93
NA/AAA
AAA
1.80
0.52
58768PAC8 MBART 2022-1 A3 5.21
08/16/2027 793,545.84 11/15/2022
5.28%
793,388.88
793,484.67
100.37
4.14%
796,513.54
1,837.50
0.25%
3,028.87
Aaa/AAA
NA
1.88
0.33
891943AD4 TLOT 2024-B A3 4.21 09/20/2027 1,925,000.00 09/10/2024
4.21%
1,924,774.78
1,924,852.52
100.25
3.93%
1,929,783.05
2,476.30
0.61%
4,930.53
Aaa/NA
AAA
1.97
0.77
58770JAD6 MBALT 2024-A A3 5.32
01/18/2028 765,000.00 05/17/2024
5.73%
764,910.50
764,943.75
101.27
4.07%
774,727.13
1,808.80
0.25%
9,783.37
Aaa/NA
AAA
2.30
0.97
362583AD8 GMCAR 2023-2 A3 4.47
02/16/2028 338,399.27 04/04/2023
4.51%
338,389.96
338,394.71
100.18
4.10%
339,007.95
630.27
0.11%
613.24
Aaa/AAA
NA
2.38
0.43
36271VAD9 GMALT 2025-1 A3 4.66
02/21/2028 1,260,000.00 02/05/2025
4.66%
1,259,851.32
1,259,882.43
100.90
3.97%
1,271,300.56
1,794.10
0.41%
11,418.13
NA/AAA
AAA
2.39
1.21
05592XAD2 BMWOT 2023-A A3 5.47
02/25/2028 318,400.67 07/11/2023
5.47%
318,344.25
318,371.27
100.71
4.04%
320,649.50
290.28
0.10%
2,278.23
NA/AAA
AAA
2.41
0.47
44935DAD1 HALST 2025-B A3 4.53 04/17/2028 730,000.00 04/24/2025
4.53%
729,934.08
729,943.45
100.89
3.99%
736,479.92
1,469.73
0.23%
6,536.46
NA/AAA
AAA
2.55
1.51
89239FAD4 TAOT 2023-D A3 5.54 08/15/2028 973,883.40 11/07/2023
5.61%
973,778.41
973,819.96
101.15
4.08%
985,083.64
2,397.92
0.31%
11,263.68
NA/AAA
AAA
2.88
0.75
33 40
HOLDINGS REPORT
City of Dublin | Account #10198 | As of September 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
161571HT4 CHAIT 2023-1 A 5.16 09/15/2028 3,090,000.00 09/07/2023
5.23%
3,089,143.45
3,089,493.66
101.21
3.90%
3,127,246.24
7,086.40
1.00%
37,752.58
NA/AAA
AAA
2.96
0.91
47800RAD5 JDOT 2024 A3 4.96 11/15/2028 550,000.00 03/11/2024
5.12%
549,969.20
549,979.35
101.09
4.09%
555,979.77
1,212.44
0.18%
6,000.41
Aaa/NA
AAA
3.13
1.17
437930AC4 HAROT 2024-2 A3 5.27
11/20/2028 1,000,000.00 05/14/2024
5.27%
999,878.50
999,915.30
101.36
3.89%
1,013,593.40
1,903.06
0.32%
13,678.10
NA/AAA
AAA
3.14
0.94
36268GAD7 GMCAR 2024-1 A3 4.85
12/18/2028 445,000.00 01/09/2024
4.91%
444,910.51
444,941.54
100.63
4.04%
447,808.35
899.27
0.14%
2,866.82
Aaa/NA
AAA
3.22
0.73
161571HV9 CHAIT 241 A 4.6 01/16/2029 1,910,000.00 01/24/2024
4.61%
1,909,709.11
1,909,806.88
100.95
3.88%
1,928,084.07
3,904.89
0.61%
18,277.19
NA/AAA
AAA
3.30
1.23
448973AD9 HART 2024-A A3 4.99 02/15/2029 1,170,000.00 03/11/2024
5.05%
1,169,742.02
1,169,822.60
100.99
3.97%
1,181,611.90
2,594.80
0.38%
11,789.30
NA/AAA
AAA
3.38
0.92
096919AD7 BMWOT 2024-A A3 5.18
02/26/2029 1,305,000.00 06/04/2024
5.18%
1,304,801.77
1,304,856.71
101.18
3.92%
1,320,383.34
1,126.65
0.42%
15,526.63
Aaa/AAA
NA
3.41
0.89
47786WAD2 JDOT 2024-B A3 5.2 03/15/2029 1,110,000.00 06/11/2024
5.81%
1,109,783.00
1,109,841.92
101.64
4.10%
1,128,257.17
2,565.33
0.36%
18,415.25
Aaa/NA
AAA
3.45
1.41
44934QAD3 HART 2024-B A3 4.84 03/15/2029 825,000.00 07/16/2024
5.45%
824,875.51
824,907.39
101.10
3.96%
834,050.83
1,774.67
0.27%
9,143.44
NA/AAA
AAA
3.45
1.17
43813YAC6 HAROT 2024-3 A3 4.57
03/21/2029 1,845,000.00 08/09/2024
4.66%
1,844,710.15
1,844,780.49
100.79
3.92%
1,859,643.77
2,342.13
0.59%
14,863.28
Aaa/NA
AAA
3.47
1.14
05522RDJ4 BACCT 2024-1 A 4.93 05/15/2029 1,480,000.00 06/06/2024
4.93%
1,479,916.97
1,479,939.14
101.69
3.88%
1,505,085.85
3,242.84
0.48%
25,146.71
Aaa/AAA
NA
3.62
1.53
47800DAD6 JDOT 2025 A3 4.23 09/17/2029 1,465,000.00 03/04/2025
5.09%
1,464,907.85
1,464,919.24
100.55
4.02%
1,473,049.30
2,754.20
0.47%
8,130.06
Aaa/NA
AAA
3.96
2.21
096924AD7 BMWOT 2025-A A3 4.56
09/25/2029 1,980,000.00 02/04/2025
4.56%
1,979,804.97
1,979,831.69
100.93
3.95%
1,998,380.14
1,504.80
0.64%
18,548.45
Aaa/AAA
NA
3.99
1.42
92970QAE5 WFCIT 2024-2 A 4.29 10/15/2029 1,645,000.00 10/17/2024
4.29%
1,644,755.55
1,644,801.56
100.83
3.90%
1,658,589.67
3,136.47
0.53%
13,788.11
Aaa/AAA
NA
4.04
1.92
02582JKP4 AMXCA 2025-2 A 4.28 04/15/2030 2,530,000.00 05/06/2025
4.28%
2,529,954.21
2,529,957.80
100.96
3.92%
2,554,169.09
4,812.62
0.81%
24,211.29
NA/AAA
AAA
4.54
2.36
362549AD9 GMCAR 2025-2 A3 4.28
04/16/2030 745,000.00 05/06/2025
4.71%
744,890.34
744,898.88
100.76
3.86%
750,676.45
1,328.58
0.24%
5,777.57
Aaa/AAA
NA
4.54
1.66
17305EHA6 CCCIT 2025-A1 A1 4.3 06/21/2030 2,400,000.00 06/18/2025
4.31%
2,399,348.88
2,399,383.56
101.04
3.89%
2,424,970.32
27,233.33
0.77%
25,586.76
Aaa/AAA
NA
4.72
2.52
34 41
HOLDINGS REPORT
City of Dublin | Account #10198 | As of September 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
36,544,183.28 100.91 36,881,004.30 11.75%3.22
Total ABS 36,549,340.11 4.87%36,545,698.61 3.97%89,185.73 335,305.69 1.27
AGENCY
3130ATS57 FEDERAL HOME LOAN BANKS 4.5
03/10/2028 3,000,000.00 03/21/2023
4.01%
3,065,010.00
3,031,914.00
101.87
3.69%
3,056,053.86
7,875.00
0.97%
24,139.86
Aa1/AA+
AA+
2.44
2.29
880591EZ1 TENNESSEE VALLEY AUTHORITY
3.875 03/15/2028 2,645,000.00 --
3.73%
2,661,791.35
2,653,435.18
100.37
3.71%
2,654,878.31
4,555.28
0.85%
1,443.13
Aa1/AA+
AA+
2.46
2.32
3130AWMN7 FEDERAL HOME LOAN BANKS
4.375 06/09/2028 1,500,000.00 07/26/2023
4.27%
1,506,615.00
1,503,651.45
101.93
3.61%
1,528,924.01
20,416.67
0.49%
25,272.55
Aa1/AA+
AA+
2.69
2.49
7,233,416.35 101.33 7,239,856.17 2.31%2.50
Total Agency 7,145,000.00 3.97%7,189,000.63 3.68%32,846.94 50,855.54 2.34
AGENCY CMBS
3137BSRE5 FHMS K-059 A2 3.12 09/25/2026 1,999,330.22 02/18/2022
1.92%
2,084,926.55
2,016,708.87
99.15
3.89%
1,982,343.51
5,198.26
0.63%
(34,365.36)
Aa1/AAA
AAA
0.99
0.86
3137F4D41 FHMS K-074 A2 3.6 01/25/2028 1,000,000.00 07/25/2023
5.78%
954,414.06
976,840.76
99.28
3.86%
992,805.20
3,000.00
0.32%
15,964.44
Aa1/AA+
AAA
2.32
2.12
3137FG6X8 FHMS K-077 A2 3.85 05/25/2028 2,815,000.00 05/24/2023
4.65%
2,763,318.36
2,787,894.45
99.80
3.86%
2,809,449.10
9,031.46
0.90%
21,554.66
Aa1/AA+
AAA
2.65
2.40
3137FK4M5 FHMS K-085 A2 4.06 10/25/2028 1,100,000.00 10/30/2023
5.60%
1,038,253.91
1,062,298.77
100.33
3.88%
1,103,620.98
3,721.67
0.35%
41,322.21
Aaa/AA+
AA+
3.07
2.80
3137FKUP9 FHMS K-087 A2 3.771 12/25/2028 2,500,000.00 07/01/2024
4.86%
2,391,699.22
2,422,171.43
99.53
3.88%
2,488,263.50
7,856.25
0.79%
66,092.07
Aa1/AAA
AA+
3.24
2.83
3137H5YC5 FHMS K-748 A2 2.26 01/25/2029 2,000,000.00 08/26/2024
4.08%
1,855,937.50
1,892,089.38
94.85
3.94%
1,896,993.00
3,766.67
0.60%
4,903.62
Aa1/AA+
AAA
3.32
3.06
3137H9D71 FHMS K-750 A2 3.0 09/25/2029 2,955,000.00 10/18/2024
4.25%
2,801,478.52
2,831,161.65
96.63
3.98%
2,855,503.97
7,387.50
0.91%
24,342.32
Aa1/AA+
AAA
3.99
3.33
13,890,028.12 98.36 14,128,979.26 4.50%2.89
Total Agency CMBS 14,369,330.22 4.30%13,989,165.29 3.90%39,961.80 139,813.97 2.55
CASH
35 42
HOLDINGS REPORT
City of Dublin | Account #10198 | As of September 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
CCYUSD Receivable 3,243.46 --3,243.46
3,243.46
1.00
0.00%
3,243.46
0.00
0.00%
0.00
Aaa/AAA
AAA
0.00
0.00
Total Cash 3,243.46
3,243.46
3,243.46
1.00
0.00%
3,243.46
0.00
0.00%
0.00
0.00
0.00
CORPORATE
91324PEC2 UNITEDHEALTH GROUP INC 1.15
05/15/2026 2,000,000.00 --
1.90%
1,939,210.15
1,991,027.07
98.20
4.11%
1,964,010.44
8,688.89
0.63%
(27,016.63)
A2/A+
A
0.62
0.61
89236TJK2 TOYOTA MOTOR CREDIT CORP
1.125 06/18/2026 2,485,000.00 06/15/2021
1.13%
2,483,906.60
2,484,844.31
97.99
4.01%
2,434,980.58
7,998.59
0.78%
(49,863.74)
A1/A+
A+
0.71
0.70
58989V2D5 MET TOWER GLOBAL FUNDING
1.25 09/14/2026 1,285,000.00 09/07/2021
1.27%
1,283,817.80
1,284,774.70
97.50
3.95%
1,252,853.91
758.51
0.40%
(31,920.78)
Aa3/AA-
AA-
0.96
0.93
06368FAC3 BANK OF MONTREAL 1.25
09/15/2026 2,500,000.00 --
1.29%
2,495,539.50
2,499,147.47
97.44
4.01%
2,436,023.60
1,388.89
0.78%
(63,123.87)
A2/A-
AA-
0.96
0.93
931142ER0 WALMART INC 1.05 09/17/2026 585,000.00 09/08/2021
1.09%
583,894.35
584,787.47
97.46
3.76%
570,151.28
238.88
0.18%
(14,636.18)
Aa2/AA
AA
0.96
0.94
59217GER6 METROPOLITAN LIFE GLOBAL
FUNDING I 1.875 01/11/2027 1,860,000.00 01/03/2022
1.90%
1,857,879.60
1,859,457.71
97.37
4.01%
1,811,028.92
7,750.00
0.58%
(48,428.79)
Aa3/AA-
AA-
1.28
1.24
87612EBM7 TARGET CORP 1.95 01/15/2027 1,340,000.00 01/19/2022
1.99%
1,337,722.00
1,339,409.50
97.63
3.85%
1,308,196.73
5,516.33
0.42%
(31,212.77)
A2/A
A
1.29
1.25
808513BY0 CHARLES SCHWAB CORP 2.45
03/03/2027 585,000.00 03/01/2022
2.47%
584,368.20
584,820.77
97.84
4.03%
572,346.43
1,114.75
0.18%
(12,474.34)
A2/A-
A
1.42
1.38
084664CZ2 BERKSHIRE HATHAWAY FINANCE
CORP 2.3 03/15/2027 2,295,000.00 03/07/2022
2.30%
2,294,563.95
2,294,873.43
97.92
3.78%
2,247,234.03
2,346.00
0.72%
(47,639.41)
Aa2/AA
A+
1.45
1.41
40139LBF9 GUARDIAN LIFE GLOBAL FUNDING
3.246 03/29/2027 765,000.00 03/24/2022
3.25%
765,000.00
765,000.00
98.97
3.97%
757,092.59
137.96
0.24%
(7,907.41)
Aa1/AA+
NA
1.49
1.44
023135CF1 AMAZON.COM INC 3.3
04/13/2027 1,750,000.00 04/25/2022
3.34%
1,746,972.50
1,749,066.02
99.27
3.80%
1,737,178.87
26,950.00
0.55%
(11,887.15)
A1/AA
AA-
1.53
1.46
46647PCB0 JPMORGAN CHASE & CO 1.578
04/22/2027 500,000.00 08/23/2022
4.95%
449,845.00
492,156.66
98.56
4.74%
492,814.42
3,484.75
0.16%
657.76
A1/A
AA-
1.56
0.54
927804GH1 VIRGINIA ELECTRIC AND POWER
CO 3.75 05/15/2027 1,000,000.00 --
3.75%
999,773.40
999,905.21
99.54
4.04%
995,424.04
14,166.67
0.32%
(4,481.17)
A3/BBB+
A
1.62
1.54
36 43
HOLDINGS REPORT
City of Dublin | Account #10198 | As of September 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
931142EX7 WALMART INC 3.95 09/09/2027 1,500,000.00 --
3.97%
1,498,302.30
1,499,341.75
100.43
3.72%
1,506,462.09
3,620.83
0.48%
7,120.34
Aa2/AA
AA
1.94
1.77
89236TKJ3 TOYOTA MOTOR CREDIT CORP
4.55 09/20/2027 1,500,000.00 11/22/2022
4.88%
1,479,060.00
1,491,445.54
101.15
3.93%
1,517,302.10
2,085.42
0.48%
25,856.56
A1/A+
A+
1.97
1.87
023135CP9 AMAZON.COM INC 4.55
12/01/2027 1,000,000.00 01/17/2023
4.21%
1,014,400.00
1,006,272.69
101.50
3.82%
1,015,013.63
15,166.67
0.32%
8,740.94
A1/AA
AA-
2.17
1.95
89115A2M3 TORONTO-DOMINION BANK 5.156
01/10/2028 3,000,000.00 --
5.28%
2,984,380.00
2,992,233.34
102.38
4.05%
3,071,333.49
34,803.00
0.98%
79,100.15
A2/A-
AA-
2.28
2.11
756109AU8 REALTY INCOME CORP 3.65
01/15/2028 960,000.00 04/10/2023
4.87%
910,540.80
936,223.18
99.17
4.03%
952,014.94
7,397.33
0.30%
15,791.76
A3/A-
NA
2.29
2.16
24422EWR6 JOHN DEERE CAPITAL CORP 4.75
01/20/2028 2,000,000.00 01/23/2023
4.40%
2,030,780.00
2,014,215.26
101.92
3.87%
2,038,339.12
18,736.11
0.65%
24,123.86
A1/A
A+
2.31
2.15
06051GGF0 BANK OF AMERICA CORP 3.824
01/20/2028 3,000,000.00 --
5.88%
2,824,349.55
2,940,361.32
99.53
4.89%
2,986,045.86
22,625.33
0.95%
45,684.54
A1/A-
AA-
2.31
1.25
06368LGV2 BANK OF MONTREAL 5.203
02/01/2028 2,000,000.00 08/17/2023
5.56%
1,972,380.00
1,985,501.62
102.44
4.09%
2,048,884.30
17,343.33
0.65%
63,382.68
A2/A-
AA-
2.34
2.09
91324PEP3 UNITEDHEALTH GROUP INC 5.25
02/15/2028 1,500,000.00 02/21/2023
4.90%
1,522,890.00
1,510,708.47
102.68
4.05%
1,540,215.20
10,062.50
0.49%
29,506.72
A2/A+
A
2.38
2.13
46647PAF3 JPMORGAN CHASE & CO 3.54
05/01/2028 2,000,000.00 08/16/2023
6.06%
1,854,340.00
1,937,835.93
99.13
4.69%
1,982,520.38
29,500.00
0.63%
44,684.45
A1/A
AA-
2.59
1.50
58933YBH7 MERCK & CO INC 4.05 05/17/2028 3,500,000.00 --
4.06%
3,497,960.40
3,498,928.93
100.55
3.83%
3,519,087.99
52,762.50
1.12%
20,159.06
Aa3/A+
NA
2.63
2.36
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
1,451,192.59
99.96
4.47%
1,499,432.40
17,964.00
0.48%
48,239.81
Aa3/A
AA-
2.70
1.61
02665WEM9 AMERICAN HONDA FINANCE
CORP 5.125 07/07/2028 1,370,000.00 10/12/2023
5.60%
1,343,288.50
1,354,369.28
102.54
4.14%
1,404,840.10
16,382.92
0.45%
50,470.82
A3/A-
A
2.77
2.54
78016HZS2 ROYAL BANK OF CANADA 5.2
08/01/2028 2,500,000.00 09/07/2023
5.54%
2,464,100.00
2,479,195.69
103.12
4.02%
2,578,065.10
21,666.67
0.82%
98,869.41
A1/A
AA-
2.84
2.60
756109BS2 REALTY INCOME CORP 4.7
12/15/2028 1,300,000.00 --
4.98%
1,285,086.00
1,289,769.21
101.80
4.09%
1,323,375.47
17,990.56
0.42%
33,606.26
A3/A-
NA
3.21
2.85
91324PEU2 UNITEDHEALTH GROUP INC 4.25
01/15/2029 1,000,000.00 01/23/2024
4.61%
984,020.00
989,428.75
100.35
4.13%
1,003,487.29
8,972.22
0.32%
14,058.54
A2/A+
A
3.29
2.94
24422EXH7 JOHN DEERE CAPITAL CORP 4.5
01/16/2029 2,000,000.00 04/18/2024
5.16%
1,945,100.00
1,961,823.87
101.50
4.01%
2,030,009.18
18,750.00
0.65%
68,185.31
A1/A
A+
3.30
3.01
37 44
HOLDINGS REPORT
City of Dublin | Account #10198 | As of September 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
91159HJK7 US BANCORP 4.653 02/01/2029 1,250,000.00 04/11/2024
5.66%
1,207,450.00
1,223,831.90
101.11
4.50%
1,263,827.80
9,693.75
0.40%
39,995.90
A3/A
A
3.34
2.18
17275RBR2 CISCO SYSTEMS INC 4.85
02/26/2029 1,565,000.00 02/21/2024
4.86%
1,564,452.25
1,564,627.04
102.61
4.02%
1,605,897.53
7,379.41
0.51%
41,270.50
A1/AA-
NA
3.41
3.03
14913UAJ9 CATERPILLAR FINANCIAL SERVICES
CORP 4.85 02/27/2029 2,000,000.00 08/26/2024
4.19%
2,053,700.00
2,040,642.25
102.69
4.00%
2,053,700.44
9,161.11
0.65%
13,058.19
A2/A
A+
3.41
3.11
00287YDS5 ABBVIE INC 4.8 03/15/2029 1,500,000.00 07/22/2024
4.68%
1,507,245.00
1,505,355.57
102.26
4.09%
1,533,941.42
3,200.00
0.49%
28,585.85
A3/A-
NA
3.45
3.09
61747YFD2 MORGAN STANLEY 5.164
04/20/2029 2,250,000.00 05/30/2024
5.44%
2,228,212.50
2,235,700.04
102.36
4.59%
2,303,170.94
51,962.75
0.73%
67,470.91
A1/A-
A+
3.55
2.32
437076DC3 HOME DEPOT INC 4.75
06/25/2029 1,875,000.00 07/18/2024
4.59%
1,887,993.75
1,884,772.83
102.41
4.05%
1,920,119.64
23,750.00
0.61%
35,346.82
A2/A
A
3.73
3.29
95000U3E1 WELLS FARGO & CO 5.574
07/25/2029 2,000,000.00 --
4.92%
2,042,675.00
2,033,412.00
103.64
4.60%
2,072,703.74
20,438.00
0.66%
39,291.74
A1/BBB+
A+
3.82
2.57
025816DH9 AMERICAN EXPRESS CO 5.282
07/27/2029 1,250,000.00 03/27/2025
4.67%
1,273,275.00
1,269,698.64
103.14
4.41%
1,289,215.79
11,554.38
0.41%
19,517.14
A2/A-
A
3.82
2.59
40139LBJ1 GUARDIAN LIFE GLOBAL FUNDING
4.179 09/26/2029 1,675,000.00 --
4.21%
1,672,866.75
1,673,298.61
99.95
4.19%
1,674,182.53
972.20
0.53%
883.92
Aa1/AA+
NA
3.99
3.63
57629TBV8 MASSMUTUAL GLOBAL FUNDING
II 4.95 01/10/2030 2,000,000.00 --
4.94%
2,000,626.35
2,000,636.86
102.54
4.29%
2,050,815.20
22,275.00
0.65%
50,178.34
Aa3/AA+
AA+
4.28
3.79
46647PEB8 JPMORGAN CHASE & CO 5.012
01/23/2030 1,500,000.00 03/19/2025
4.81%
1,510,215.00
1,508,797.26
102.45
4.48%
1,536,676.01
14,200.67
0.49%
27,878.75
A1/A
AA-
4.31
3.01
00287YDZ9 ABBVIE INC 4.875 03/15/2030 1,500,000.00 06/25/2025
4.39%
1,529,820.00
1,528,113.49
102.94
4.15%
1,544,040.72
3,250.00
0.49%
15,927.23
A3/A-
NA
4.45
3.91
61747YFQ3 MORGAN STANLEY 5.656
04/18/2030 1,250,000.00 06/04/2025
4.70%
1,291,937.50
1,288,435.29
104.42
4.52%
1,305,268.20
32,011.39
0.42%
16,832.91
A1/A-
A+
4.55
3.13
38141GA87 GOLDMAN SACHS GROUP INC
5.727 04/25/2030 1,500,000.00 08/08/2025
4.46%
1,564,140.00
1,561,722.31
104.62
4.53%
1,569,363.30
37,225.50
0.50%
7,640.99
A2/BBB+
A
4.57
3.14
747525BU6 QUALCOMM INC 4.5 05/20/2030 1,500,000.00 07/08/2025
4.41%
1,505,535.00
1,505,268.71
101.53
4.13%
1,522,942.83
24,375.00
0.49%
17,674.12
A2/A
NA
4.64
4.02
74464AAC5 PUBLIC STORAGE OPERATING CO
4.375 07/01/2030 1,000,000.00 07/23/2025
4.50%
994,710.00
994,912.45
100.46
4.27%
1,004,605.86
11,059.03
0.32%
9,693.41
A2/A
NA
4.75
4.14
06051GHV4 BANK OF AMERICA CORP 3.194
07/23/2030 1,500,000.00 09/17/2025
4.42%
1,449,030.00
1,449,404.57
96.32
4.48%
1,444,796.12
9,049.67
0.46%
(4,608.45)
A1/A-
AA-
4.81
3.52
38 45
HOLDINGS REPORT
City of Dublin | Account #10198 | As of September 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
Total Corporate 77,695,000.00 4.25%
77,113,284.70
77,536,747.55
100.81
4.16%
78,291,032.53
687,927.44
24.95%
754,284.98
2.73
2.26
MONEY MARKET
FUND
31846V203 FIRST AMER:GVT OBLG Y 694,171.71 --
3.73%
694,171.71
694,171.71
1.00
3.73%
694,171.71
0.00
0.22%
0.00
Aaa/AAAm
AAA
0.00
0.00
Total Money Market
Fund 694,171.71 3.73%
694,171.71
694,171.71
1.00
3.73%
694,171.71
0.00
0.22%
0.00
0.00
0.00
SUPRANATIONAL
4581X0DV7 INTER-AMERICAN DEVELOPMENT
BANK 0.875 04/20/2026 4,615,000.00 04/13/2021
0.97%
4,593,863.30
4,612,673.34
98.33
3.95%
4,538,096.70
18,059.39
1.45%
(74,576.64)
Aaa/AAA
NA
0.55
0.54
459058KT9
INTERNATIONAL BANK FOR
RECONSTRUCTION AND
DEVELOPM 3.5 07/12/2028
5,000,000.00 --
4.35%
4,813,059.00
4,894,162.02
99.52
3.68%
4,975,955.50
38,402.78
1.59%
81,793.48
Aaa/AAA
NA
2.78
2.61
45950KDD9 INTERNATIONAL FINANCE CORP
4.5 07/13/2028 1,605,000.00 07/06/2023
4.53%
1,603,218.45
1,604,009.27
102.13
3.68%
1,639,245.15
15,648.75
0.52%
35,235.87
Aaa/AAA
NA
2.79
2.58
4581X0DC9 INTER-AMERICAN DEVELOPMENT
BANK 3.125 09/18/2028 3,360,000.00 --
4.33%
3,187,150.40
3,252,981.31
98.45
3.68%
3,308,050.20
3,791.67
1.05%
55,068.89
Aaa/AAA
NA
2.97
2.80
4581X0EN4 INTER-AMERICAN DEVELOPMENT
BANK 4.125 02/15/2029 3,000,000.00 02/15/2024
4.34%
2,970,690.00
2,980,165.08
101.33
3.70%
3,039,985.95
15,812.50
0.97%
59,820.87
Aaa/AAA
NA
3.38
3.11
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
2,977,799.14
100.53
3.73%
3,015,788.82
53,280.00
0.96%
37,989.68
Aaa/AAA
NA
4.04
3.65
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
4,979,612.50
101.48
3.76%
5,074,035.55
6,302.08
1.62%
94,423.05
Aaa/AAA
NA
4.47
4.05
Total Supranational 25,580,000.00 3.70%
25,117,871.15
25,301,402.67
100.06
3.75%
25,591,157.87
151,297.17
8.15%
289,755.19
2.97
2.73
US TREASURY
39 46
HOLDINGS REPORT
City of Dublin | Account #10198 | As of September 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
912828Z78 UNITED STATES TREASURY 1.5
01/31/2027 2,250,000.00 --
2.15%
2,183,642.58
2,231,528.28
97.17
3.70%
2,186,367.19
5,686.14
0.70%
(45,161.09)
Aa1/AA+
AA+
1.34
1.30
91282CEN7 UNITED STATES TREASURY 2.75
04/30/2027 7,000,000.00 --
3.55%
6,761,484.38
6,919,061.23
98.62
3.65%
6,903,476.58
80,557.07
2.20%
(15,584.65)
Aa1/AA+
AA+
1.58
1.51
91282CEW7 UNITED STATES TREASURY 3.25
06/30/2027 9,000,000.00 --
3.22%
9,018,066.41
9,004,895.25
99.35
3.63%
8,941,640.58
73,919.84
2.85%
(63,254.67)
Aa1/AA+
AA+
1.75
1.67
91282CFM8 UNITED STATES TREASURY 4.125
09/30/2027 10,000,000.00 --
3.95%
10,074,062.50
10,030,906.67
100.96
3.62%
10,096,484.40
1,133.24
3.22%
65,577.73
Aa1/AA+
AA+
2.00
1.90
91282CGC9 UNITED STATES TREASURY 3.875
12/31/2027 10,000,000.00 --
3.70%
10,078,828.13
10,035,955.83
100.55
3.62%
10,055,078.10
97,927.99
3.20%
19,122.27
Aa1/AA+
AA+
2.25
2.12
91282CGT2 UNITED STATES TREASURY 3.625
03/31/2028 7,000,000.00 --
3.58%
7,014,042.96
7,007,162.31
100.03
3.61%
7,001,914.08
697.12
2.23%
(5,248.23)
Aa1/AA+
AA+
2.50
2.37
91282CHE4 UNITED STATES TREASURY 3.625
05/31/2028 4,500,000.00 --
4.07%
4,412,773.44
4,452,534.38
100.02
3.62%
4,500,703.13
54,820.70
1.43%
48,168.75
Aa1/AA+
AA+
2.67
2.49
91282CHQ7 UNITED STATES TREASURY 4.125
07/31/2028 9,000,000.00 --
4.51%
8,848,203.13
8,911,636.13
101.33
3.63%
9,119,531.25
62,547.55
2.91%
207,895.12
Aa1/AA+
AA+
2.84
2.64
91282CJA0 UNITED STATES TREASURY 4.625
09/30/2028 3,750,000.00 --
4.92%
3,702,089.84
3,720,935.66
102.81
3.63%
3,855,468.75
476.48
1.23%
134,533.09
Aa1/AA+
AA+
3.00
2.79
91282CJN2 UNITED STATES TREASURY 4.375
11/30/2028 5,500,000.00 --
4.03%
5,584,941.41
5,554,491.35
102.16
3.64%
5,618,808.58
80,865.78
1.79%
64,317.23
Aa1/AA+
AA+
3.17
2.90
91282CJR3 UNITED STATES TREASURY 3.75
12/31/2028 5,500,000.00 --
4.00%
5,438,359.38
5,459,434.00
100.32
3.64%
5,517,402.33
52,122.96
1.76%
57,968.33
Aa1/AA+
AA+
3.25
3.01
91282CKD2 UNITED STATES TREASURY 4.25
02/28/2029 13,000,000.00 --
4.44%
12,891,953.13
12,924,148.54
101.90
3.65%
13,247,304.72
47,313.54
4.22%
323,156.18
Aa1/AA+
AA+
3.41
3.15
91282CKP5 UNITED STATES TREASURY 4.625
04/30/2029 12,250,000.00 --
4.42%
12,359,384.76
12,330,630.30
103.19
3.67%
12,640,947.24
237,094.09
4.03%
310,316.94
Aa1/AA+
AA+
3.58
3.23
91282CKX8 UNITED STATES TREASURY 4.25
06/30/2029 6,500,000.00 --
3.96%
6,581,855.47
6,562,851.76
101.99
3.68%
6,629,238.27
69,813.18
2.11%
66,386.51
Aa1/AA+
AA+
3.75
3.41
91282CLK5 UNITED STATES TREASURY 3.625
08/31/2029 2,500,000.00 09/26/2024
3.55%
2,508,203.13
2,506,520.55
99.76
3.69%
2,493,945.30
7,760.70
0.79%
(12,575.25)
Aa1/AA+
AA+
3.92
3.61
91282CLN9 UNITED STATES TREASURY 3.5
09/30/2029 3,000,000.00 --
3.97%
2,937,480.47
2,949,397.19
99.29
3.69%
2,978,789.07
288.46
0.95%
29,391.88
Aa1/AA+
AA+
4.00
3.70
91282CFY2 UNITED STATES TREASURY 3.875
11/30/2029 10,000,000.00 --
4.32%
9,801,914.06
9,833,084.79
100.64
3.71%
10,064,453.10
130,225.41
3.21%
231,368.31
Aa1/AA+
AA+
4.17
3.77
40 47
HOLDINGS REPORT
City of Dublin | Account #10198 | As of September 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
91282CMG3 UNITED STATES TREASURY 4.25
01/31/2030 6,250,000.00 --
4.15%
6,277,187.51
6,274,496.03
102.12
3.72%
6,382,324.25
44,752.04
2.03%
107,828.22
Aa1/AA+
AA+
4.34
3.91
91282CMZ1 UNITED STATES TREASURY 3.875
04/30/2030 7,500,000.00 --
3.85%
7,509,785.16
7,509,038.00
100.63
3.72%
7,547,460.90
121,620.24
2.40%
38,422.90
Aa1/AA+
AA+
4.58
4.10
91282CHR5 UNITED STATES TREASURY 4.0
07/31/2030 8,750,000.00 --
3.79%
8,829,609.37
8,828,647.87
101.13
3.74%
8,848,779.28
58,967.39
2.82%
20,131.40
Aa1/AA+
AA+
4.83
4.33
91282CPA3 UNITED STATES TREASURY 3.625
09/30/2030 6,400,000.00 09/26/2025
3.77%
6,359,500.00
6,359,522.18
99.49
3.74%
6,367,500.03
637.36
2.03%
7,977.85
Aa1/AA+
AA+
5.00
4.53
Total US Treasury 149,650,000.00 3.98%
149,173,367.22
149,406,878.29
100.92
3.66%
150,997,617.11
1,229,227.28
48.11%
1,590,738.82
3.25
2.98
Total Portfolio 311,686,085.50 4.15%
309,769,565.99
310,666,308.22
100.49
3.84%
313,827,062.41
2,230,446.37
100.00%
3,160,754.19
3.05
2.54
Total Market Value +
Accrued 316,057,508.77
41 48
HOLDINGS REPORT
City of Dublin Reporting Account | Account #10219 | As of September 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 305,969.40 --305,969.40
305,969.40
1.00
0.00%
305,969.40
0.00
0.17%
0.00
Aaa/AAA
AAA
0.00
0.00
Total Cash 305,969.40
305,969.40
305,969.40
1.00
0.00%
305,969.40
0.00
0.17%
0.00
0.00
0.00
LAIF
90LAIF$00 Local Agency Investment Fund
State Pool 28,659,579.52 --
4.20%
28,659,579.52
28,659,579.52
1.00
4.20%
28,659,579.52
0.00
16.33%
0.00
NA/NA
NA
0.00
0.00
Total LAIF 28,659,579.52 4.20%
28,659,579.52
28,659,579.52
1.00
4.20%
28,659,579.52
0.00
16.33%
0.00
0.00
0.00
LOCAL GOV
INVESTMENT POOL
90CAMP$00 CAMP 146,525,410.55 --
4.27%
146,525,410.55
146,525,410.55
1.00
4.27%
146,525,410.55
0.00
83.49%
0.00
NA/AAAm
NA
0.00
0.00
Total Local Gov
Investment Pool 146,525,410.55 4.27%
146,525,410.55
146,525,410.55
1.00
4.27%
146,525,410.55
0.00
83.49%
0.00
0.00
0.00
Total Portfolio 175,490,959.47 4.26%
175,490,959.47
175,490,959.47
1.00
4.25%
175,490,959.47
0.00
100.00%
0.00
0.00
0.00
Total Market Value +
Accrued 175,490,959.47
42 49
TRANSACTIONS
43 50
TRANSACTION LEDGER
City of Dublin | Account #10198|07/01/2025 Through 09/30/2025|
Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp
Yield Amount Interest Pur/
Sold Total Amount Gain/Loss
ACQUISITIONS
Purchase 07/09/2025 747525BU6 1,500,000.00 QUALCOMM INC 4.5
05/20/2030 100.369 4.41%(1,505,535.00)(9,000.00)(1,514,535.00)0.00
Purchase 07/24/2025 74464AAC5 1,000,000.00
PUBLIC STORAGE
OPERATING CO 4.375
07/01/2030
99.471 4.50%(994,710.00)(2,916.67)(997,626.67)0.00
Purchase 07/31/2025 91282CHR5 3,000,000.00
UNITED STATES
TREASURY 4.0
07/31/2030
100.172 3.96%(3,005,156.25)0.00 (3,005,156.25)0.00
Purchase 08/11/2025 38141GA87 1,500,000.00
GOLDMAN SACHS
GROUP INC 5.727
04/25/2030
104.276 4.46%(1,564,140.00)(25,294.25)(1,589,434.25)0.00
Purchase 08/29/2025 91282CHR5 2,750,000.00
UNITED STATES
TREASURY 4.0
07/31/2030
101.297 3.71%(2,785,664.06)(8,668.48)(2,794,332.54)0.00
Purchase 09/18/2025 06051GHV4 1,500,000.00
BANK OF AMERICA
CORP 3.194
07/23/2030
96.602 4.42%(1,449,030.00)(7,319.58)(1,456,349.58)0.00
Purchase 09/25/2025 91282CHR5 3,000,000.00
UNITED STATES
TREASURY 4.0
07/31/2030
101.293 3.71%(3,038,789.06)(18,260.87)(3,057,049.93)0.00
Purchase 09/30/2025 91282CPA3 6,400,000.00
UNITED STATES
TREASURY 3.625
09/30/2030
99.367 3.77%(6,359,500.00)0.00 (6,359,500.00)0.00
Total Purchase 20,650,000.00 (20,702,524.37)(71,459.85)(20,773,984.22)0.00
TOTAL
ACQUISITIONS 20,650,000.00 (20,702,524.37)(71,459.85)(20,773,984.22)0.00
DISPOSITIONS
Maturity 07/01/2025 66815L2J7 (2,500,000.00)
NORTHWESTERN
MUTUAL GLOBAL
FUNDING 4.0
07/01/2025
100.000 4.01%2,500,000.00 0.00 2,500,000.00 0.00
Maturity 07/15/2025 4581X0DN5 (1,685,000.00)
INTER-AMERICAN
DEVELOPMENT BANK
0.625 07/15/2025
100.000 0.53%1,685,000.00 0.00 1,685,000.00 0.00
44 51
TRANSACTION LEDGER
City of Dublin | Account #10198|07/01/2025 Through 09/30/2025|
Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp
Yield Amount Interest Pur/
Sold Total Amount Gain/Loss
Total Maturity (4,185,000.00)4,185,000.00 0.00 4,185,000.00 0.00
Sale 08/07/2025 89114QCK2 (1,000,000.00)TORONTO-DOMINION
BANK 0.75 09/11/2025 99.669 0.81%996,690.00 3,041.67 999,731.67 (3,251.81)
Sale 08/29/2025 91282CCW9 (1,000,000.00)
UNITED STATES
TREASURY 0.75
08/31/2026
96.930 0.77%969,296.88 3,709.24 973,006.12 (30,553.95)
Sale 09/18/2025 14913R3A3 (1,375,000.00)
CATERPILLAR
FINANCIAL SERVICES
CORP 3.6 08/12/2027
99.737 3.89%1,371,383.75 4,950.00 1,376,333.75 3,231.42
Sale 09/25/2025 91282CDG3 (3,000,000.00)
UNITED STATES
TREASURY 1.125
10/31/2026
97.234 1.25%2,917,031.25 13,573.37 2,930,604.62 (78,999.42)
Sale 09/29/2025 912828Z78 (2,250,000.00)
UNITED STATES
TREASURY 1.5
01/31/2027
97.152 2.15%2,185,927.73 5,502.72 2,191,430.45 (45,524.69)
Sale 09/29/2025 91282CCW9 (1,000,000.00)
UNITED STATES
TREASURY 0.75
08/31/2026
97.297 0.77%972,968.75 600.83 973,569.58 (26,894.68)
Sale 09/29/2025 91282CDG3 (2,000,000.00)
UNITED STATES
TREASURY 1.125
10/31/2026
97.219 1.25%1,944,375.00 9,293.48 1,953,668.48 (53,005.17)
Total Sale (11,625,000.00)11,357,673.36 40,671.31 11,398,344.67 (234,998.30)
TOTAL
DISPOSITIONS (15,810,000.00)15,542,673.36 40,671.31 15,583,344.67 (234,998.30)
45 52
TRANSACTION LEDGER
City of Dublin Reporting Account | Account #10219|07/01/2025 Through 09/30/2025|
Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp
Yield Amount Interest Pur/
Sold Total Amount Gain/Loss
ACQUISITIONS
Purchase 07/08/2025 90CAMP$00 1,500,000.00 CAMP 1.000 (1,500,000.00)0.00 (1,500,000.00)0.00
Purchase 07/15/2025 90LAIF$00 310,592.67
Local Agency
Investment Fund State
Pool
1.000 4.26%(310,592.67)0.00 (310,592.67)0.00
Purchase 07/31/2025 90CAMP$00 546,037.64 CAMP 1.000 (546,037.64)0.00 (546,037.64)0.00
Purchase 08/29/2025 90CAMP$00 513,808.19 CAMP 1.000 (513,808.19)0.00 (513,808.19)0.00
Purchase 09/04/2025 90CAMP$00 2,900,000.00 CAMP 1.000 (2,900,000.00)0.00 (2,900,000.00)0.00
Purchase 09/09/2025 90CAMP$00 1,600,000.00 CAMP 1.000 (1,600,000.00)0.00 (1,600,000.00)0.00
Purchase 09/25/2025 90CAMP$00 8,300,000.00 CAMP 1.000 (8,300,000.00)0.00 (8,300,000.00)0.00
Purchase 09/30/2025 90CAMP$00 496,886.83 CAMP 1.000 (496,886.83)0.00 (496,886.83)0.00
Total Purchase 16,167,325.33 (16,167,325.33)0.00 (16,167,325.33)0.00
TOTAL
ACQUISITIONS 16,167,325.33 (16,167,325.33)0.00 (16,167,325.33)0.00
DISPOSITIONS
Sale 07/15/2025 90CAMP$00 (10,900,000.00)CAMP 1.000 10,900,000.00 0.00 10,900,000.00 0.00
Sale 07/22/2025 90CAMP$00 (700,000.00)CAMP 1.000 700,000.00 0.00 700,000.00 0.00
Sale 08/18/2025 90CAMP$00 (8,500,000.00)CAMP 1.000 8,500,000.00 0.00 8,500,000.00 0.00
Total Sale (20,100,000.00)20,100,000.00 0.00 20,100,000.00 0.00
TOTAL
DISPOSITIONS (20,100,000.00)20,100,000.00 0.00 20,100,000.00 0.00
46 53
IMPORTANT DISCLOSURES
City of Dublin | As of September 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.
47 54
BENCHMARK DISCLOSURES
City of Dublin | Account #10198 | As of September 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.
48 55