HomeMy WebLinkAbout02-03-2026 FIC Regular Meeting Agenda Packet
February 03, 2026 Dublin Finance and Investment Committee Agenda 1
Kashef Qaadri, Councilmember
CALL TO ORDER AND PLEDGE OF ALLEGIANCE
2. PUBLIC COMMENT
3. ACTION ITEMS
3.1
The Committee will consider approval of the minutes of the January 13, 2026 Regular Finance
and Investment Committee Meeting.
Approve the minutes of the January 13, 2026 Regular Finance and Investment Committee
Meeting.
January 13, 2026 Regular Finance and Investment Committee Meeting Minutes
REPORTS
4.1 Fiscal Year 2025-26 2nd Quarter Financial Review
The Finance and Investment Committee will receive a financial report through the second
quarter of Fiscal Year 2025-26.
Receive the report.
Staff Report
Attachment 1 - Budget Change Requests
Attachment 2 - Fiscal Year 2025-26 General Fund Summary
The Finance and Investment Committee will receive a report from Chandler Asset
Management on the City’s investments through the quarter ending December 31, 2025. The
1
February 03, 2026 Dublin Finance and Investment Committee Agenda 2
City’s investment portfolio for this period totaled $526,153,049 (market value) with an
average market yield of 3.82%.
Receive the report.
Staff Report
Attachment 1 - City of Dublin Investment Report for Period Ending December 31, 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 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
Tuesday, January 13, 2026 Finance and Investment Committee Minutes 1
MINUTES OF THE
FINANCE AND INVESTMENT COMMITTEE
REGULAR MEETING
Tuesday, January 13, 2026 – 5:00 p.m.
A regular meeting of the Finance and Investment Committee was held on Tuesday, January
13, 2026 at the Civic Center. The meeting was called to order at 5:06 p.m.
1. CALL TO ORDER AND PLEDGE OF ALLEGIANCE
PRESENT: Councilmember Kashef Qaadri and Councilmember Michael
McCorriston
ABSENT: None
2. PUBLIC COMMENT
None.
3. ACTION ITEMS
3.1 Approval of the November 4, 2025 Finance and Investment Committee Meeting
Minutes
ACTION: By consensus, the Committee approved the minutes of the Regular Meeting
of November 4, 2025.
3.2 2026 Finance and Investment Committee Meeting Schedule
The Committee received a presentation from Finance Director Jay Baksa on the
proposed 2026 Finance and Investment Committee meeting schedule and work plan.
The Committee discussed the designated topics in the proposed schedule and
requested an annual review of Community Facility District Bonds be added to the
schedule and work plan.
ACTION: By consensus, the Committee approved the 2026 Finance and Investment
Committee Meeting Schedule with direction to add an annual review of Community
Facility District Bonds to the schedule and work plan.
4. REPORTS - None
5. REQUEST FOR FUTURE MEETING AGENDA ITEMS - None
6. ADJOURNMENT
The meeting was adjourned at 5:22 p.m.
Minutes prepared by Christopher Rhoades, Financial Analyst.
COMMITTEE MEMBERS
Kashef Qaadri, Councilmember
Michael McCorriston, Councilmember
Agenda Item 3.1
3
Tuesday, January 13, 2026 Finance and Investment Committee Minutes 2
____________________________________
Councilmember Qaadri
ATTEST:
____________________________________
Finance Director
4
STAFF REPORT
Finance and Investment Committee
Page 1 of 5
Agenda Item 4.1
DATE: February 3, 2026
TO: Honorable Committee Members
FROM: Hazel Wetherford, Deputy City Manager
SUBJECT:
Fiscal Year 2025-26 2nd Quarter Financial Review
Prepared by: Jay Baksa, Finance Director
EXECUTIVE SUMMARY:
The Finance and Investment Committee will receive a financial report through the second
quarter of Fiscal Year 2025-26.
STAFF RECOMMENDATION:
Receive the report.
FINANCIAL IMPACT:
Approval of the recommended budget changes will result in a net increase to the General Fund
revenue budget of $2,498,995 and a decrease in the General Fund expenditure budget of
$619,000. The City is projected to be in an operating surplus position of $17 ,769,022 in Fiscal
Year 2025-26. Total General Fund reserves are projected at $274,164,854 by June 30, 2026,
a decrease of $51,309,941 from the prior year.
This report also discusses budget changes in other funds that will require City Council
approval.
DESCRIPTION:
The Finance and Investment Committee (FIC) will receive an update on the status of the Fiscal
Year 2025-26 General Fund Amended Budget. The Amended Budget includes budget
changes approved since July 1, as well as prior year carryovers. Additionally, the FIC will
review new budget change requests as outlined in Attachment 1.
5
Page 2 of 5
General Fund Summary
A summary of General Fund revenues and expenditures is provided in Attachment 2. General
Fund revenues are projected to exceed the Amended Budget by $2,498,995, primarily due to
higher-than-anticipated interest earnings and one-time tax credit revenue. These increases are
partially offset by decreases in Parks and Community Services revenue related to the Dublin
Arts Center and Preschool programs, as well as reduced Public Works development revenue.
Staff recommends a decrease of $619,000 in operating expenditures, primarily associated with
the Dublin Arts Center and Public Works development activities. Table 1 summarizes the
proposed adjustments, followed by a detailed discussion of the changes.
Table 1: Revenue and Expenditure Changes
Category Amount
Revenues
Interest Earnings $3,000,000
Other Revenue $749,243
Charges for Services ($666,270)
Rentals & Leases ($83,978)
Development Revenue ($500,000)
Total Revenues $2,498,995
Expenditures
Contract Services ($619,000)
Total Expenditures ($619,000)
General Fund Impact $3,117,995
Revenues
Interest – Increase of $3,000,000
The increase in interest earnings is primarily attributable to the timing of General Fund capital
project payments, which resulted in higher-than-projected cash balances, combined with a
continued high-interest-rate environment.
Other Revenue – Increase of $749,243
In coordination with the City’s tax counsel, Staff identified that the City’s Energy Efficiency
Project is eligible for federal tax credits under the Build Back Better and Inflation Reduction Act
of 2022. Although the City does not typically file federal tax returns, the legislation allows
governmental entities to file limited returns to claim eligible tax credits, which are received as
direct revenue.
Fiscal Year 2025–26 is the first year the City has received these funds, and we will continue to
file annual claims in future years until all eligible credits associated with the project have been
fully received.
6
Page 3 of 5
Charges for Service – Decrease of $666,270
The decrease in Charges for Service revenues is the net result of the following:
Decrease of $185,070 in Preschool Program revenue. Preschool enrollment has been
declining due to the expansion of Transitional Kindergarten (TK) by Dublin Unified
School District. The school district began phasing in TK in the FY 2024–25 school year,
with Universal TK fully implemented beginning in FY 2025–26. As a result, enrollment in
the City’s preschool program has declined 57% from the prior year.
Decrease of $496,200 in Recreational Activities revenue. Th is is due to the timing of the
Dublin Arts Center opening, partially offset by a $280,000 reduction in Contract Services
expenditures related to recreation programming.
Increase of $15,000 in Aquatic Program revenue. This is due to higher-than-anticipated
attendance for contract aquatic fitness classes held at The Wave. This revenue
increase is accompanied by a corresponding $11,000 increase in Contract Services
expenditures.
Rentals and Leases – Decrease of $83,978
The decrease in Rentals and Leases revenue is due to the timing of the Dublin Arts Center
opening, with a decrease of $46,202 in rental revenue related to the black box theatre and a
decrease of $37,776 in rental revenue related to the remainder of the facility.
Development Revenue – Decrease of $500,000
The decrease in Public Works development revenue is attributable to the timing of
development projects and reduced expenditures resulting from departmental vacancies. The
revenue decrease is partially offset by a corresponding $350,000 reduction in Contract
Services expenditures.
Expenditures
Contract Services – Decrease of $619,000
The decrease in Contract Services expenditures is based on the following:
Decrease of $350,000 in Public Works development contracts. The reduction reflects
the timing of development-related projects and existing Public Works departmental
vacancies. Development-related expenditures are fully reimbursed by developers;
therefore, the expenditure decrease results in a corresponding revenue reduction. The
associated revenue decrease is reflected in the prior section .
Decrease of $269,000 in recreation contract classes. This change consists of a
$280,000 decrease in contract classes associated with the Dublin Arts Center, partially
offset by an $11,000 increase in recreation contract classes at The Wave. Revenue
from recreation contract classes is shared between the contractor and the City;
accordingly, any reduction in expenditures results in a proportional decrease in related
revenues. The associated revenue decrease is reflected in the prior section
After incorporating all adjustments, Staff is projecting an operating surplus of $17.8 million for
Fiscal Year 2025-26. Transfers out total $69.2 million, $41.5 million of which is funded by
Committed/Assigned reserves. In addition, $2.0 million is budgeted as a contribution to the
Internal Service Funds.
7
Page 4 of 5
After accounting for the use of reserves on capital projects, total reserves are projected to
decrease by $51.3 million from the prior year, as illustrated in Table 2 below.
Table 2: General Fund Summary
FY 2024-25
Actual
FY 2025-26
Adopted
Updated
FY 2025-26
Amended
Total Reserves, Beginning of Year $290,432,952 $325,474,796 $325,474,796
Revenues 138,222,222 133,236,842 135,813,093
Expenditures (102,007,918) (116,432,450) (118,044,071)
Net Operating Budget Impact 36,214,304 16,804,393 17,769,022
Transfers In 162,885 136,015 136,015
Unrealized Gains/Losses 9,181,038
CIP Reimbursement Payments 2,152,018
Transfers Out/Contributions to Other Funds (12,668,401) (20,221,900) (69,214,979)
Total Reserves, End of Year $325,474,796 $322,193,304 $274,164,854
Change from Prior Year ($51,309,941)
Other Funds
Staff will be requesting approval of the following non-general fund amendments:
Street Light Assessment District (1983-1) Fund – Appropriate $22,730 to repair lights
from wire theft. Any insurance reimbursements will be deposited back into the fund.
$10,450 to replace light poles at Village Parkway and Wineberry Way.
Street Light District (1999-1) – Appropriate $37,260 to repair lights from wire theft. Any
insurance reimbursements will be deposited back into the fund.
Affordable Housing – Appropriate $400,000 for the first time homebuyers loan program,
as the city continues to experience a high demand for the program.
Public, Educational, and Governmental (PEG) Access Funding – Appropriate $ 17,813
to fund the purchase of equipment related to streaming City Council and Planning
Commission meetings.
Measure D – Shift $83,692 in appropriations from Salaries and Benefits to Contract
Services to be used for Senate Bill 1383 implementation assistance and solid waste
agreement support, with no increase to total Measure D funds appropriated.
Other Notable Items
Workers Compensation Liability Self-Funding
On December 2, 2025, the City Council approved a Resolution declaring the City a self -insured
employer for Workers’ Compensation liability. At that time, Staff identified estimated costs of
approximately $165,000, which included the engagement of a claims administrator, the
purchase of excess insurance, and the establishment of a Workers’ Compensation Trust Fund.
Staff also indicated that a budget adjustment would be brought forward, if necessary, as part of
the Fiscal Year 2025–26 Mid-Year financial review.
8
Page 5 of 5
Since that time, Staff has implemented the Workers’ Compensation Trust Fund, retained a
claims administrator, and secured excess insurance coverage. These actions have been
completed within the existing Risk Management budget appropriations, and therefo re, no mid-
year budget adjustment is required.
Sales Tax – No Change
Staff continues to closely monitor the City’s sales tax receipts and has recently received
reports for the first quarter of Fiscal Year 2025–26. Overall, the reports to date are
encouraging, as the City’s businesses continue to perform well and are outpacing statewide
averages. Based on the first-quarter results, Staff is projecting that the City will meet its Fiscal
Year 2025–26 sales tax budget.
While first-quarter reports show total sales tax trending above budget, Staff is not
recommending any action by the City Council at this time. One major taxpayer did not remit its
first-quarter payment and is currently under audit. Although Staff anticipates the missed
payment will be received within the current fiscal year, no adjustments are recommended until
the payment has been received and verified.
Dublin Police Services (DPS) Memoranda of Understanding Update
During the first quarter of Fiscal Year 2025–26, the City was notified by DPS that multiple
Memoranda of Understanding (MOU) had been approved by the labor unions representing law
enforcement personnel and the County of Alameda. Because DPS personnel are County
employees, any changes resulting from these MOUs are automatically impleme nted by the
County and passed through to the City under the DPS contract.
Following notification of the MOU approvals, City and County staff worked collaboratively to
project the fiscal impacts of these changes on the DPS contract budget. During this same
period, the City was also notified of increases in risk management and workers’ compensation
costs charged by the County, as well as decreases in retirement costs resulting from the
expiration of a County Retiree Contribution Bonded Obligation.
Based on the combined impact of these adjustments, Staff projects that all associated costs
can be absorbed within the current DPS budget. As a result, Staff is not recommending any
mid-year budget changes at this time. Costs will continue to be closely monitored, and if future
budget adjustments become necessary, Staff will return to the City Council with an update and
recommendation.
ATTACHMENTS:
1) Budget Change Requests
2) Fiscal Year 2025-26 General Fund Summary
9
10010000.46101 (Interest)$3,000,000
10010000.49131 (Misc Reimbursements)$749,243
10017411.48813 (Preschool Programs)($185,070)
10017701.48812 (Recreational Activities)($489,000)
10017702.46202 (DAC Facility Rentals)($37,776)
10017704.48711 (Cultural Arts Activities) ($7,200)
10017721.46202 (Blackbox Rentals) ($46,202)
10017605.48817 (Aquatic Programs) $15,000
10096120.48921 (Plan Checking) ($500,000)
10017605.64002 (Aquatics - Contract Classes) $11,000
10017701.64002 (Contract Classes) ($280,000)
10096120.64095 (Inspections) ($350,000)
Special Revenue Funds
27016336.64001 - Street Light District 1983-1 - Contract
Services $22,730
27016336.64001 - Street Light District 1983-1 - Contract
Services $10,450
27056336.64001 - Street Light District 1999-1 - Contract
Services $37,260
29018100.66101 - Affordable Housing - First Time
Homebuyer Loan Program $400,000
28111830.64001 - PEG - Contract Services $17,813
23026230.64001 (Contract Services) $83,692
23026230.XXXXX (Salaries and Benefits) ($83,692)
Net Zero - To shift expenditures from staff time to contract
services, to be used for Senate Bill 1383 implementation
assistance and solid waste agreement support contract
services.
Net Zero - To shift expenditures from staff time to contract
services, to be used for Senate Bill 1383 implementation
assistance and solid waste agreement support contract
services.
Increase - To offset costs related to repairs of lights
damaged from wire theft. Any insurance reimbursement will
be deposited back into this fund.
Increase - For the first time homebuyers loan program, as
the City continues to experience a high demand for the
program.
Increase - To offset costs related to repairs of lights
damaged from wire theft. Any insurance reimbursement will
be deposited back into this fund.
Increase - For light pole replacement at Village Pkwy and
Wineberry Way.
Increase - To fund the purchase of equipment related to
streaming City Council and Planning Commission
meetings.
General Fund
REVENUES
Reduction - Due to Dublin Arts Center opening delay.
CITY OF DUBLIN
FISCAL YEAR 2025-26
BUDGET CHANGE REQUESTS
OPERATING EXPENDITURES
General Fund
Increase - Due to receipt of Federal Tax Credits from the
City's Energy Efficiency Projects.
Increase - Due to contract aquatic fitness classes held at
the Wave.
Increase - Based on the timing of General Fund capital
project payments and the continued high-interest-rate
environment.
Reduction - Due to Dublin Arts Center opening delay.
Increase - Due to higher-than-anticipated attendance for
contract aquatic fitness classes held at the Wave.
Reduction - Due to timing of projects and reduced
expenditures due to vacancies.
Reduction - Due to timing of projects and reduced
expenditures due to vacancies.
Reduction - Due to declining registrations from the school
districts implementation of Transitional Kindergarten.
Reduction - Due to Dublin Arts Center opening delay.
Reduction - Due to Dublin Arts Center opening delay.
Reduction - Due to Dublin Arts Center opening delay.
Attachment 1
10
FISCAL YEAR 2025-26 GENERAL FUND SUMMARY
Actuals
2024-25
Adopted
2025-26
Amended
2025-26 Q2 Adjustments New Amended
2025-26
Revenues
Property Tax 63,838,672 66,105,654 66,105,654 66,105,654
Sales Tax 29,172,420 27,574,345 27,574,345 27,574,345
Sales Tax Reimbursements (350,000) (375,000) (375,000)(375,000)
Development Revenue 10,378,283 10,428,265 10,505,521 (500,000) 10,005,521
Transient Occupancy Tax 1,324,612 1,400,000 1,400,000 1,400,000
Other Taxes 7,531,724 7,362,250 7,362,250 7,362,250
Licenses & Permits 332,607 124,400 124,400 124,400
Fines & Penalties 53,168 67,400 67,400 67,400
Interest Earnings 11,163,695 7,596,400 7,596,400 3,000,000 10,596,400
Rentals and Leases 2,159,045 2,271,676 2,271,676 (83,978) 2,187,698
Intergovernmental 540,580 300,000 300,000 300,000
Charges for Services 8,669,970 7,714,813 7,714,813 (666,270) 7,048,543
Other Revenue 3,407,448 2,666,640 2,666,640 749,243 3,415,883
Subtotal Revenues - Operating $138,222,222 $133,236,842 $133,314,098 $2,498,995 $135,813,093
Transfers In $162,885 $136,015 $136,015 $136,015
CIP Reimbursement Payments $2,152,018
Unrealized Gains/Losses/Adjustments 9,181,038
Total Revenues $149,718,163 $133,372,857 $133,450,113 $2,498,995 $135,949,108
Expenditures
Salaries & Wages $14,045,766 $16,863,696 $16,863,696 16,863,696
Benefits 5,539,519 6,698,988 6,698,988 6,698,988
Services & Supplies 6,393,224 8,083,119 8,371,769 8,371,769
Internal Service Fund Charges 5,475,186 5,885,854 5,885,854 5,885,854
Utilities 3,120,469 4,042,135 4,042,135 4,042,135
Contracted Services 65,851,624 72,914,991 74,397,350 (619,000) 73,778,350
Capital Outlay 233,989 388,416 848,029 848,029
Debt Service Payment 1,334,650 1,331,250 1,331,250 1,331,250
Contingency & Miscellaneous 13,491 224,000 224,000 224,000
Subtotal Expenditures - Operating $102,007,918 $116,432,450 $118,663,071 ($619,000) $118,044,071
Operating Impact (REV-EXP)$36,214,304 $16,804,393 $14,651,027 $3,117,995 $17,769,022
Transfer Outs & Contributions to Other Funds
Transfers Out (CIPs) - Com./Assig. Reserve 5,460,001 10,900,000 41,546,947 41,546,947
Transfers Out (CIPs) - Undesignated 3,320,135 7,321,900 25,668,031 25,668,031
Transfers Out (CIPs) - Reimbursable 1,888,264 -
Contribution to ISF & Other 2,000,000 2,000,000 2,000,000 2,000,000
Subtotal - Transfers Out & Contributions $12,668,401 $20,221,900 $69,214,979 $0 $69,214,979
Total Expenditures $114,676,319 $136,654,350 $187,878,050 ($619,000) $187,259,050
GF Impact (Include CIP & Transfers)$35,041,844 ($3,281,492) ($54,427,936) $3,117,995 ($51,309,941)
TOTAL GENERAL FUND BALANCE $325,474,796 $322,193,304 $271,046,859 $274,164,854
Attachment 2
11
STAFF REPORT
Finance and Investment Committee
Page 1 of 2
Agenda Item 4.2
DATE: February 3, 2026
TO: Honorable Committee Members
FROM: Hazel Wetherford, Deputy City Manager
SUBJECT:
Presentation on the City of Dublin’s Investment Report Through Quarter
Ending December 31, 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 December 31, 2025. The
City’s investment portfolio for this period totaled $526,153,049 (market value) with an average
market yield of 3.82%.
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 $319,664,885 managed by Chandler
Asset Management and $206,488,164 invested by the City in local government pools,
including the Local Agency Investment Fund and the California Asset Management Program.
The average market yield of the Chandler portfolio and the local pools was 3.76% and 3.91%,
respectively.
The market value of the City’s investment portfolio increased by $34.6 million compared to the
quarter ending September 30, 2025. This increase reflects the normal timing of large revenue
payments, primarily property tax revenues received in December, which represent
approximately 50% of annual property tax revenue. These funds were deposited in the City’s
12
Page 2 of 2
California Asset Management Program account.
ATTACHMENTS:
1) City of Dublin Investment Report for Period Ending December 31, 2025
13
INVESTMENT REPORT
City of Dublin | As of December 31, 2025
CHANDLER ASSET MANAGEMENT | chandlerasset.com
Chandler Team:
For questions about your account, please call (800) 317-4747,
or contact clientservice@chandlerasset.com
Information contained herein is confidential. We urge you to compare this statement to the one you receive from your qualified custodian. Please see Important Disclosures at the end of the statement.
Attachment 1
14
TABLE OF CONTENTS
ECONOMIC UPDATE
ACCOUNT PROFILE
CONSOLIDATED INFORMATION
PORTFOLIO HOLDINGS
TRANSACTIONS
1 15
ECONOMIC UPDATE
2 16
▪
▪
▪
The near-term economic outlook continues to be distorted by the data delays from the government shutdown. Recently released
government data—reflecting conditions from two to three months ago—indicate inflation remains moderately above the Federal Reserve’s
target, while labor market conditions have continued to soften.As the flow of economic data normalizes, the Chandler team expects further
yield curve steepening as the Federal Reserve moves the policy rate toward a more neutral range. U.S. trade and fiscal policy also remain
sources of elevated market uncertainty.
The Federal Reserve's December Federal Open Market Committee meeting concluded with the third consecutive 25-basis-point rate cut in
2025,lowering the target range to 3.50%–3.75%.However, policymakers remain divided on the path forward. Four Fed governors project
one additional 25-basis-point cut in 2026,another four anticipate no further easing, eight expect multiple cuts, and three call for a potential
rate hike. Chair Jerome Powell noted that the Fed is now “well placed to wait and see”how labor market conditions and inflation evolve in
the near term.
The US Treasury yield curve steepened in December,as the 2-year Treasury yield dropped 2 basis points to 3.48%, the 5-year Treasury was
up 13 basis points to 3.73%, and the 10-year Treasury yield was 15 basis points higher at 4.17%. The spread between the 2-year and 10-
year Treasury yield points on the curve was 17 basis points wider from November at +69 basis points at December month-end. The spread
between the 2-year Treasury and 10-year Treasury yield one year ago was +33 basis points. The spread between the 3-month and 10-year
Treasury yield points on the curve was +54 basis points in December versus +21 basis points in November.
ECONOMIC UPDATE
3 17
-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)
-1.0%
3.0%
7.0%
11.0%
15.0%
Unemployment Rate
Underemployment Rate (U6)
Unemployment Rate (U3)
Ra
t
e
(
%
)
The December Nonfarm Payrolls report showed weaker-than-expected job growth, with payrolls rising by 50,000 compared with the
consensus estimate of 70,000. This follows a downwardly revised gain of 56,000 in November. Employment declines were most
pronounced in retail trade and construction, while leisure and hospitality posted the strongest gains. Notably, the unemployment rate
edged down to 4.4% after increasing to 4.6% in November.
Source: US Department of Labor Source: US Department of Labor
EMPLOYMENT
4 18
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) reported that job openings fell to 7.1 million in November from a
downwardly revised 7.4 million in October. The drop in vacancies, alongside slower hiring, suggests the labor market continues to soften,
though employers remain cautious about laying off workers. The number of openings now roughly matches the number of unemployed
individuals, pointing to a labor market that is approaching equilibrium.
Source: US Department of Labor
JOB OPENINGS & LABOR TURNOVER SURVEY
5 19
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%
Personal Consumption Expenditures (PCE)
PCE Price Deflator
YOY % Change
PCE Core Deflator
YOY % Change
Fed Target
YO
Y
(
%
)
C
h
a
n
g
e
The Consumer Price Index (CPI) showed that inflation remained relatively subdued in December, with headline CPI and core CPI holding at
2.7% and 2.6% respectively year-over-year. Shelter has continued to play a central but gradually moderating role in services inflation.
December data keeps inflation close to the prior month’s pace and consistent with a trend of easing price pressures. The Personal
Consumption Expenditures (PCE) Index for September, released on December 5,showed headline inflation up 0.3% from August and 2.8%
year over year. Core PCE rose 0.2% on the month and 2.8% on an annual basis.
Source: US Department of Labor Source: US Department of Commerce
INFLATION
6 20
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
November Retail Sales rose 0.6% from October and 3.3% from a year earlier, while the control group measure which feeds into GDP rose a
solid 0.4%on the month after an even stronger 0.8% gain in October. This confirms that underlying goods spending excluding the most
volatile categories remained resilient into the start of the holiday season. The government shutdown may have weighed on consumer
confidence regarding jobs, incomes, and overall financial conditions, both current and in the future. The Conference Board’s Consumer
Confidence Index declined to 89.1 in December from an upwardly revised 92.9 in November, marking its fifth consecutive monthly drop.
Consumers remained pessimistic about both business conditions and the labor market.
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 21
-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) declined 0.3% in September, marking its second consecutive monthly decrease after
a revised 0.3% drop in August.On a year-over-year basis, the index fell 3.3%. According to the Conference Board, weakening expectations
among consumers and businesses contributed most to the LEI’s overall decline. The index continues to signal slower economic growth
through the end of 2025 and into 2026.The Chicago Fed National Activity Index (CFNAI) came in at -0.21 in September, following a
downwardly revised -0.31 in August, signaling that U.S. economic activity remained below its historical trend for the sixth consecutive
month. The three-month moving average ticked down to -0.21 in September from -0.18 in August, reinforcing signs of ongoing below-trend
national growth. Employment-related indicators turned slightly positive, contributing +0.01 in September after a -0.11 result in August.
Source: The Conference Board Source: Federal Reserve Bank of Chicago
LEADING INDICATORS OF ECONOMIC ACTIVITY
8 22
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
The S&P Cotality Case-Shiller 20-City Composite Home Price Index rose 1.3% year over year in October, slightly down from a 1.4% gain in
September and marking the slowest annual increase since mid‑2023.Short-term momentum also weakened, with 80 percent of the 20
tracked markets recording month-over-month price declines on a non-seasonally adjusted basis. Housing starts declined in October to an
annualized rate of 1.25 million units, down from 1.29 million in September. Existing home sales inched higher in November to a 4.13
million-unit pace, indicating only modest improvement despite some relief in mortgage rates. The Freddie Mac 30‑year fixed mortgage
rate fell throughout 2025 and averaged 6.18% at the end of December.
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 23
40
45
50
55
60
65
70
Institute of Supply Management (ISM) Surveys
ISM Manufacturing ISM Services
EXPANDING
CONTRACTING
The Institute for Supply Management’s (ISM) manufacturing index slipped to 47.9 in December, down from 48.2 in November, marking
continued weakness across the sector. Manufacturing activity has now been in contraction for 36 of the past 38 months,as readings
below 50 indicate contraction and those above 50 signal expansion. The latest decline was driven primarily by pullbacks in the Production
and Inventories components.In contrast, the ISM services index remained in expansion territory, rising to 54.4 in December from 52.6 in
November. Respondents attributed the improvement to seasonal strength, though many remained cautious about the potential impact of
tariffs.
Source: Institute for Supply Management
SURVEY BASED MEASURES
10 24
Components of GDP 12/24 3/25 6/25 9/25
2.6% 0.4% 1.7% 2.4%
-1.3% 3.8% -2.7% 0.0%
-0.1% -4.7% 4.8% 1.6%
0.3% -0.4% -0.4% 0.2%
0.3% 0.2% 0.3% 0.2%
1.9% -0.6% 3.8% 4.3%
State and Local (Consumption and Gross
Investment)
Personal Consumption Expenditures
Gross Private Domestic Investment
Net Exports and Imports
Federal Government Expenditures
Total
-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
The U.S. inflation adjusted gross domestic product (GDP) report demonstrated continued strength in the third quarter, with the first
estimate showing a 4.3% annualized quarter-over-quarter increase,up from 3.8%in the second quarter. Consumer spending accelerated,
while exports contributed 1.6 percentage points to growth—both key drivers of the quarter’s performance. The stronger-than-expected
result represented the fastest pace of U.S. economic expansion in two years. The consensus projection calls for 1.1% growth in the fourth
quarter and 2.0% growth for the full year 2025.
GROSS DOMESTIC PRODUCT (GDP)
11 25
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 target range of 3.50%to 3.75%at its December meeting,
citing concerns about emerging weakness in the labor market. A few policymakers dissented, arguing that tighter monetary policy may
still be warranted to ensure progress on price stability. Beginning December 1,the Fed also halted its balance sheet runoff, announcing
that principal and interest payments from its holdings will be reinvested in Treasury securities to maintain ample reserves and support
market stability.
FEDERAL RESERVE
0.00%
1.00%
2.00%
3.00%
4.00%
5.00%
6.00%
Effective Federal Funds Rate
Recession
Yi
e
l
d
(
%
)
12 26
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
Dec-25
Sep-25
Dec-24
Yi
e
l
d
(
%
)
At the end of December, the 2-year yield was 77 basis points lower, and the 10-year yield was 40 basis points lower, year-over-year. The
spread between the 2-year and 10-year Treasury yield points on the curve increased to +69 basis points at December month-end versus
+52 basis points at November 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 +95 basis points. The spread between the 3-month and 10-year
Treasury yield points on the curve was +54 basis points in December versus +21 basis points in November.
BOND YIELDS
13 27
ACCOUNT PROFILE
14 28
OBJECTIVES
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 29
STATEMENT OF COMPLIANCE
City of Dublin | Account #10198 | As of December 31, 2025
Rules Name Limit Actual Compliance
Status Notes
AGENCY MORTGAGE SECURITIES
Max % (MV)35.0 4.4 Compliant
Max % Issuer (MV)35.0 4.4 Compliant
Max Maturity (Years)10.0 3.7 Compliant
ASSET-BACKED SECURITIES (ABS)
Max % (MV; Non Agency ABS & MBS)20.0 11.5 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 25.2 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 1.4 Compliant
Max Callables (MV)25.0 0.0 Compliant
Max Maturity (Years)10 2 Compliant
16 30
STATEMENT OF COMPLIANCE
City of Dublin | Account #10198 | As of December 31, 2025
Rules Name Limit Actual Compliance
Status Notes
LOCAL AGENCY INVESTMENT FUND (LAIF)
Max Concentration (MV)75.0 0.0 Compliant
MONEY MARKET MUTUAL FUNDS
Max % (MV; Money Market Fund & Mutual Fund)20.0 0.4 Compliant
Max % Issuer (MV)20.0 0.4 Compliant
Min Rating (AAA by 2)0.0 0.0 Compliant
MORTGAGE-BACKED SECURITIES (NON-AGENCY)
Max % (MV)20.0 0.0 Compliant
Max % Issuer (MV)5.0 0.0 Compliant
Max Maturity (Years)5.0 0.0 Compliant
Min Rating (AA- by 1)0.0 0.0 Compliant
MUNICIPAL SECURITIES (ALL STATES)
Max % Issuer (MV)5.0 0.0 Compliant
Max Maturity (Years)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 0.4 Compliant
Max % Issuer (MV)10.0 0.0 Compliant
Min Rating (AAA by 2)0.0 0.0 Compliant
NEGOTIABLE CERTIFICATES OF DEPOSIT (NCD)
Max % (MV)30.0 0.0 Compliant
Max % Issuer (MV)5.0 0.0 Compliant
Max Maturity (Years)5 0.0 Compliant
Min Rating (A-1 by 1 or A- by 1 if > FDIC Limit)0.0 0.0 Compliant
SRI PROHIBITED INVESTMENTS
Prohibited Investment - Fossil Fuels 0.0 0.0 Compliant
Prohibited Investments - 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 31
STATEMENT OF COMPLIANCE
City of Dublin | Account #10198 | As of December 31, 2025
Rules Name Limit Actual Compliance
Status Notes
SUPRANATIONAL OBLIGATIONS
Max % (MV)30.0 8.1 Compliant
Max % Issuer (MV)10.0 4.1 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 48.0 Compliant
Max Maturity (Years)10 4 Compliant
18 32
PORTFOLIO CHARACTERISTICS
City of Dublin | Account #10198 | As of December 31, 2025
Benchmark*12/31/2025
Portfolio
9/30/2025
Portfolio
Average Maturity (yrs)2.64 3.04 3.05
Average Modified Duration 2.47 2.53 2.54
Average Purchase Yield 4.18%4.15%
Average Market Yield 3.55%3.76%3.84%
Average Quality**AA+AA+AA+
Total Market Value 319,664,885 316,057,509
*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 33
SECTOR DISTRIBUTION
City of Dublin | Account #10198 | As of December 31, 2025
Sector as a Percentage of Market Value
Sector 12/31/2025 09/30/2025
US Treasury 48.04%48.12%
Corporate 25.24%24.95%
ABS 11.50%11.75%
Supras 8.10%8.15%
Agency CMBS 4.44%4.50%
Agency 2.29%2.31%
Money Mkt Fd 0.38%0.22%
20 34
ISSUERS
City of Dublin | Account #10198 | As of December 31, 2025
Issuer Investment Type % Portfolio
United States US Treasury 48.04%
FHLMC Agency CMBS 4.44%
International Bank for Recon and Dev Supras 4.13%
Inter-American Development Bank Supras 3.45%
Chase Issuance Trust ABS 1.59%
Federal Home Loan Banks Agency 1.45%
Bank of Montreal Corporate 1.42%
Bank of America Corporation Corporate 1.40%
Deere & Company Corporate 1.28%
JPMorgan Chase & Co.Corporate 1.27%
Toyota Motor Corporation Corporate 1.25%
Morgan Stanley Corporate 1.14%
John Deere Owner Trust ABS 1.13%
BMW Vehicle Owner Trust ABS 1.11%
Merck & Co., Inc.Corporate 1.11%
The Goldman Sachs Group, Inc.Corporate 0.97%
Abbvie Inc.Corporate 0.97%
The Toronto-Dominion Bank Corporate 0.97%
Honda Auto Receivables Owner Trust ABS 0.90%
U.S. Bancorp Corporate 0.89%
Amazon.com, Inc.Corporate 0.87%
GM Financial Automobile Leasing Trus ABS 0.86%
State of Tennessee Agency 0.84%
Royal Bank of Canada Corporate 0.81%
American Express Credit Master Trust ABS 0.81%
UnitedHealth Group Incorporated Corporate 0.80%
Guardian Life Global Funding Corporate 0.77%
Citigroup Inc ABS 0.77%
Toyota Lease Owner Trust ABS 0.72%
Realty Income Corporation Corporate 0.72%
21 35
ISSUERS
City of Dublin | Account #10198 | As of December 31, 2025
Issuer Investment Type % Portfolio
Berkshire Hathaway Inc.Corporate 0.71%
Walmart Inc.Corporate 0.66%
Wells Fargo & Company Corporate 0.65%
Caterpillar Inc.Corporate 0.65%
Massachusetts Mutual Life Insurance Corporate 0.65%
Hyundai Auto Receivables Trust ABS 0.63%
The Home Depot, Inc.Corporate 0.61%
Metropolitan Life Global Funding I Corporate 0.58%
Cargill, Incorporated Corporate 0.55%
WF Card Issuance Trust ABS 0.52%
International Finance Corporation Supras 0.52%
BMW Vehicle Lease Trust ABS 0.51%
Cisco Systems, Inc.Corporate 0.51%
Qualcomm Incorporated Corporate 0.48%
Bank of America Credit Card Trust ABS 0.47%
BNY Mellon Corp Corporate 0.47%
American Honda Finance Corporation Corporate 0.44%
GM Financial Securitized Term ABS 0.43%
Target Corporation Corporate 0.42%
American Express Company Corporate 0.41%
First American Govt Oblig Fund Money Mkt Fd 0.38%
Hyundai Auto Lease Securitization Tr ABS 0.38%
Public Storage OP, LP Corporate 0.32%
DOMINION ENERGY, INC.Corporate 0.31%
Toyota Auto Receivables Owner Trust ABS 0.26%
Mercedes-Benz Auto Lease Trust ABS 0.24%
The Charles Schwab Corporation Corporate 0.18%
Mercedes-Benz Auto Receivables Trust ABS 0.16%
Cash Cash 0.00%
TOTAL 100.00%
22 36
QUALITY DISTRIBUTION
Rating 12/31/2025 09/30/2025
AAA 18.63%18.68%
AA 58.10%58.69%
A 18.65%18.34%
BBB 1.95%1.49%
NA 2.66%2.80%
Rating 12/31/2025 09/30/2025
Aaa 14.76%14.97%
Aa 59.33%59.98%
A 20.41%19.61%
NA 5.50%5.44%
Rating 12/31/2025 09/30/2025
AAA 11.86%11.81%
AA 60.56%61.18%
A 10.77%10.49%
NA 16.81%16.52%
City of Dublin | Account #10198 | As of December 31, 2025
S&P Rating Moody’s Rating Fitch Rating
23 37
0-.25 .25-.5 .5-1 1-2 2-3 3-4 4-5 5-7 7+
Portfolio 1.1%3.4%6.6%19.9%34.7%23.3%11.0%0.0%0.0%
ICE BofA 1-5 Year Unsubordinated US Treasury &
Agency Index 0.0%0.0%2.5%35.4%28.7%21.2%12.3%0.0%0.0%
DURATION DISTRIBUTION
City of Dublin | Account #10198 | As of December 31, 2025
Portfolio Compared to the Benchmark
24 38
TOTAL RATE OF RETURN*3 Months 12 Months 2 Years 3 Years 5 Years 10 Years Since Inception
City of Dublin 1.14%6.13%4.98%4.92%1.74%2.14%1.90%
Benchmark 1.11%5.73%4.57%4.48%1.34%1.83%1.63%
*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.
Benchmark: ICE BofA 1-5 Year Unsubordinated US Treasury & Agency Index
INVESTMENT PERFORMANCE
City of Dublin | Account #10198 | As of December 31, 2025
Total Rate of Return : Inception | 11/01/2013
25 39
PORTFOLIO CHARACTERISTICS
City of Dublin Reporting Account | Account #10219 | As of December 31, 2025
12/31/2025
Portfolio
9/30/2025
Portfolio
Average Maturity (yrs)0.00 0.00
Average Modified Duration 0.00 0.00
Average Purchase Yield 3.91%4.26%
Average Market Yield 3.91%4.26%
Average Quality**AAA AAA
Total Market Value 206,488,164 175,490,959
*Benchmark: NO BENCHMARK REQUIRED
**The credit quality is a weighted average calculation of the highest of S&P, Moody’s and Fitch.
26 40
SECTOR DISTRIBUTION
City of Dublin Reporting Account | Account #10219 | As of December 31, 2025
Sector as a Percentage of Market Value
Sector 12/31/2025 09/30/2025
LGIP 85.80%83.64%
LAIF 14.20%16.36%
27 41
ISSUERS
City of Dublin Reporting Account | Account #10219 | As of December 31, 2025
Issuer Investment Type % Portfolio
California Asset Mgmt Program LGIP 85.68%
LAIF LAIF 14.18%
Cash Cash 0.14%
TOTAL 100.00%
28 42
CONSOLIDATED INFORMATION
29 43
PORTFOLIO CHARACTERISTICS
City of Dublin Cons | Account #10221 | As of December 31, 2025
12/31/2025
Portfolio
9/30/2025
Portfolio
Average Maturity (yrs)1.84 1.96
Average Modified Duration 1.53 1.63
Average Purchase Yield 4.08%4.19%
Average Market Yield 3.82%3.99%
Average Quality**AA+AA+
Total Market Value 526,153,048 491,548,468
*Benchmark: NO BENCHMARK REQUIRED
**The credit quality is a weighted average calculation of the highest of S&P, Moody’s and Fitch.
30 44
SECTOR DISTRIBUTION
City of Dublin Cons | Account #10221 | As of December 31, 2025
Sector as a Percentage of Market Value
Sector 12/31/2025 09/30/2025
LGIP 33.82%29.96%
US Treasury 29.11%30.88%
Corporate 15.29%16.01%
ABS 6.97%7.54%
LAIF 5.60%5.86%
Supras 4.91%5.23%
Agency CMBS 2.69%2.89%
Agency 1.39%1.48%
Money Mkt Fd 0.23%0.14%
31 45
PORTFOLIO HOLDINGS
32 46
HOLDINGS REPORT
City of Dublin | Account #10198 | As of December 31, 2025
Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
ABS
47800AAC4 JDOT 2022-B A3 3.74 02/16/2027 117,525.48 07/12/2022
3.77%
117,514.26
117,522.83
99.96
4.07%
117,482.00
195.35
0.04%
(40.83)
Aaa/NA
AAA
1.13
0.12
448988AD7 HALST 2024-A A3 5.02
03/15/2027 461,947.23 01/17/2024
5.03%
461,859.69
461,913.77
100.21
4.01%
462,929.79
1,030.66
0.15%
1,016.02
NA/AAA
AAA
1.20
0.20
36269FAD8 GMALT 2024-1 A3 5.09
03/22/2027 488,901.84 02/08/2024
5.09%
488,840.73
488,877.79
100.23
4.03%
490,006.27
760.38
0.15%
1,128.47
NA/AAA
AAA
1.22
0.20
89238GAD3 TLOT 2024-A A3 5.25 04/20/2027 351,231.78 02/21/2024
5.25%
351,216.96
351,225.66
100.37
3.51%
352,515.18
563.43
0.11%
1,289.52
NA/AAA
AAA
1.30
0.20
47800BAC2 JDOT 2022-C A3 5.09 06/15/2027 297,208.18 10/12/2022
5.15%
297,185.11
297,201.12
100.24
4.16%
297,931.88
672.35
0.09%
730.76
Aaa/NA
AAA
1.45
0.24
36269WAD1 GMALT 2024-2 A3 5.39
07/20/2027 963,803.07 05/07/2024
5.85%
963,747.08
963,775.80
100.42
4.24%
967,813.46
1,587.33
0.31%
4,037.66
NA/AAA
AAA
1.55
0.34
58768PAC8 MBART 2022-1 A3 5.21
08/16/2027 498,899.19 11/15/2022
5.28%
498,800.51
498,865.90
100.29
4.06%
500,369.44
1,155.23
0.16%
1,503.54
Aaa/AAA
NA
1.62
0.24
891943AD4 TLOT 2024-B A3 4.21 09/20/2027 1,925,000.00 09/10/2024
4.21%
1,924,774.78
1,924,871.39
100.17
3.90%
1,928,322.55
2,476.30
0.61%
3,451.16
Aaa/NA
AAA
1.72
0.49
58770JAD6 MBALT 2024-A A3 5.32
01/18/2028 765,000.00 05/17/2024
5.73%
764,910.50
764,949.92
100.97
4.03%
772,433.51
1,808.80
0.24%
7,483.58
Aaa/NA
AAA
2.05
0.72
362583AD8 GMCAR 2023-2 A3 4.47
02/16/2028 248,176.40 04/04/2023
4.51%
248,169.58
248,173.41
100.17
4.06%
248,609.72
462.23
0.08%
436.31
Aaa/AAA
NA
2.13
0.39
36271VAD9 GMALT 2025-1 A3 4.66
02/21/2028 1,260,000.00 02/05/2025
4.66%
1,259,851.32
1,259,894.82
100.82
3.88%
1,270,318.14
1,794.10
0.40%
10,423.32
NA/AAA
AAA
2.14
0.98
05592XAD2 BMWOT 2023-A A3 5.47
02/25/2028 233,436.53 07/11/2023
5.47%
233,395.16
233,417.24
100.60
4.08%
234,844.62
212.82
0.07%
1,427.38
NA/AAA
AAA
2.15
0.42
44935DAD1 HALST 2025-B A3 4.53 04/17/2028 730,000.00 04/24/2025
4.53%
729,934.08
729,949.05
100.90
3.88%
736,591.90
1,469.73
0.23%
6,642.85
NA/AAA
AAA
2.30
1.30
89239FAD4 TAOT 2023-D A3 5.54 08/15/2028 809,663.77 11/07/2023
5.61%
809,576.50
809,615.66
101.10
4.10%
818,581.41
1,993.57
0.26%
8,965.75
NA/AAA
AAA
2.62
0.73
161571HT4 CHAIT 2023-1 A 5.16 09/15/2028 3,090,000.00 09/07/2023
5.23%
3,089,143.45
3,089,536.80
100.94
3.83%
3,119,079.99
7,086.40
0.98%
29,543.19
NA/AAA
AAA
2.71
0.68
05594HAD5 BMWLT 2025-2 A3 3.97
09/25/2028 1,620,000.00 10/08/2025
4.32%
1,619,995.46
1,619,995.79
100.27
3.82%
1,624,333.50
1,071.90
0.51%
4,337.71
NA/AAA
AAA
2.74
1.47
33 47
HOLDINGS REPORT
City of Dublin | Account #10198 | As of December 31, 2025
Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
47800RAD5 JDOT 2024 A3 4.96 11/15/2028 550,000.00 03/11/2024
5.12%
549,969.20
549,981.02
100.88
3.98%
554,819.65
1,212.44
0.18%
4,838.63
Aaa/NA
AAA
2.88
0.85
437930AC4 HAROT 2024-2 A3 5.27
11/20/2028 970,331.75 05/14/2024
5.27%
970,213.85
970,256.16
101.21
3.84%
982,067.91
1,846.60
0.31%
11,811.75
NA/AAA
AAA
2.89
0.81
36268GAD7 GMCAR 2024-1 A3 4.85
12/18/2028 368,894.73 01/09/2024
4.91%
368,820.54
368,850.06
100.61
4.00%
371,145.73
745.47
0.12%
2,295.66
Aaa/NA
AAA
2.97
0.68
161571HV9 CHAIT 241 A 4.6 01/16/2029 1,910,000.00 01/24/2024
4.61%
1,909,709.11
1,909,821.65
100.90
3.75%
1,927,111.69
3,904.89
0.61%
17,290.04
NA/AAA
AAA
3.04
0.99
448973AD9 HART 2024-A A3 4.99 02/15/2029 1,166,972.89 03/11/2024
5.05%
1,166,715.58
1,166,809.15
100.86
3.96%
1,176,961.01
2,588.09
0.37%
10,151.86
NA/AAA
AAA
3.13
0.79
096919AD7 BMWOT 2024-A A3 5.18
02/26/2029 1,286,225.26 06/04/2024
5.18%
1,286,029.88
1,286,094.47
100.91
3.98%
1,297,964.63
1,110.44
0.41%
11,870.16
Aaa/AAA
NA
3.16
0.73
47786WAD2 JDOT 2024-B A3 5.2 03/15/2029 1,110,000.00 06/11/2024
5.81%
1,109,783.00
1,109,853.45
101.43
4.01%
1,125,820.83
2,565.33
0.36%
15,967.38
Aaa/NA
AAA
3.20
1.14
44934QAD3 HART 2024-B A3 4.84 03/15/2029 825,000.00 07/16/2024
5.45%
824,875.51
824,914.14
101.12
3.83%
834,226.80
1,774.67
0.26%
9,312.66
NA/AAA
AAA
3.20
1.05
43813YAC6 HAROT 2024-3 A3 4.57
03/21/2029 1,845,000.00 08/09/2024
4.66%
1,844,710.15
1,844,796.43
100.76
3.84%
1,859,022.00
2,342.13
0.59%
14,225.57
Aaa/NA
AAA
3.22
0.97
05522RDJ4 BACCT 2024-1 A 4.93 05/15/2029 1,480,000.00 06/06/2024
4.93%
1,479,916.97
1,479,943.38
101.57
3.78%
1,503,185.68
3,242.84
0.47%
23,242.30
Aaa/AAA
NA
3.37
1.30
47800DAD6 JDOT 2025 A3 4.23 09/17/2029 1,465,000.00 03/04/2025
5.09%
1,464,907.85
1,464,924.37
100.75
3.85%
1,475,928.90
2,754.20
0.47%
11,004.53
Aaa/NA
AAA
3.71
1.77
096924AD7 BMWOT 2025-A A3 4.56
09/25/2029 1,980,000.00 02/04/2025
4.56%
1,979,804.97
1,979,842.33
101.01
3.82%
1,999,912.86
1,504.80
0.63%
20,070.53
Aaa/AAA
NA
3.73
1.27
92970QAE5 WFCIT 2024-2 A 4.29 10/15/2029 1,645,000.00 10/17/2024
4.29%
1,644,755.55
1,644,813.94
100.97
3.76%
1,660,935.12
3,136.47
0.52%
16,121.18
Aaa/AAA
NA
3.79
1.69
02582JKP4 AMXCA 2025-2 A 4.28 04/15/2030 2,530,000.00 05/06/2025
4.28%
2,529,954.21
2,529,960.14
101.14
3.79%
2,558,877.42
4,812.62
0.81%
28,917.28
NA/AAA
AAA
4.29
2.14
362549AD9 GMCAR 2025-2 A3 4.28
04/16/2030 745,000.00 05/06/2025
4.71%
744,890.34
744,904.49
100.76
3.82%
750,646.36
1,328.58
0.24%
5,741.86
Aaa/AAA
NA
4.29
1.52
17305EHA6 CCCIT 2025-A1 A1 4.3 06/21/2030 2,400,000.00 06/18/2025
4.31%
2,399,348.88
2,399,416.46
101.16
3.80%
2,427,868.80
2,866.67
0.77%
28,452.34
Aaa/AAA
NA
4.47
2.32
Total ABS 36,138,218.10 4.84%
36,133,320.75
36,134,968.60
100.86
3.87%
36,448,658.73
62,076.82
11.50%
313,690.13
3.04
1.13
34 48
HOLDINGS REPORT
City of Dublin | Account #10198 | As of December 31, 2025
Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
AGENCY
3130ATS57 FEDERAL HOME LOAN BANKS 4.5
03/10/2028 3,000,000.00 03/21/2023
4.01%
3,065,010.00
3,028,618.73
102.09
3.50%
3,062,718.00
41,625.00
0.97%
34,099.27
Aa1/AA+
AA+
2.19
2.05
880591EZ1 TENNESSEE VALLEY AUTHORITY
3.875 03/15/2028 2,645,000.00 --
3.73%
2,661,791.35
2,652,569.07
100.71
3.54%
2,663,692.22
30,178.72
0.84%
11,123.15
Aa1/AA+
AA+
2.21
2.07
3130AWMN7 FEDERAL HOME LOAN BANKS
4.375 06/09/2028 1,500,000.00 07/26/2023
4.27%
1,506,615.00
1,503,309.36
102.04
3.50%
1,530,529.50
4,010.42
0.48%
27,220.14
Aa1/AA+
AA+
2.44
2.29
7,233,416.35 101.57 7,256,939.72 2.29%2.25
Total Agency 7,145,000.00 3.97%7,184,497.15 3.51%75,814.13 72,442.56 2.11
AGENCY CMBS
3137BSRE5 FHMS K-059 A2 3.12 09/25/2026 1,973,762.00 02/18/2022
1.92%
2,058,263.69
1,986,206.79
99.38
3.77%
1,961,564.15
5,131.78
0.62%
(24,642.64)
Aa1/AAA
AAA
0.73
0.65
3137F4D41 FHMS K-074 A2 3.6 01/25/2028 998,964.46 07/25/2023
5.78%
953,425.73
978,418.55
99.52
3.75%
994,200.40
2,996.89
0.31%
15,781.84
Aa1/AA+
AAA
2.07
1.89
3137FG6X8 FHMS K-077 A2 3.85 05/25/2028 2,815,000.00 05/24/2023
4.65%
2,763,318.36
2,790,538.89
100.00
3.76%
2,815,059.12
9,031.46
0.89%
24,520.22
Aa1/AA+
AAA
2.40
2.17
3137FK4M5 FHMS K-085 A2 4.06 10/25/2028 1,100,000.00 10/30/2023
5.60%
1,038,253.91
1,065,463.47
100.49
3.80%
1,105,364.70
3,721.67
0.35%
39,901.23
Aaa/AA+
AA+
2.82
2.58
3137FKUP9 FHMS K-087 A2 3.771 12/25/2028 2,429,140.95 07/01/2024
4.86%
2,323,909.81
2,359,531.53
99.74
3.81%
2,422,735.31
7,633.58
0.76%
63,203.78
Aa1/AAA
AA+
2.99
2.65
3137H5YC5 FHMS K-748 A2 2.26 01/25/2029 2,000,000.00 08/26/2024
4.08%
1,855,937.50
1,900,446.09
95.51
3.84%
1,910,230.00
3,766.67
0.60%
9,783.91
Aa1/AA+
AAA
3.07
2.83
3137H9D71 FHMS K-750 A2 3.0 09/25/2029 2,955,000.00 10/18/2024
4.25%
2,801,478.52
2,839,123.30
97.17
3.88%
2,871,246.44
7,387.50
0.91%
32,123.13
Aa1/AA+
AAA
3.73
3.11
13,794,587.51 98.69 14,080,400.10 4.44%2.64
Total Agency CMBS 14,271,867.41 4.30%13,919,728.63 3.81%39,669.54 160,671.48 2.34
CASH
CCYUSD Receivable 2,383.18 --2,383.18
2,383.18
1.00 2,383.18
0.00
0.00%
0.00
Aaa/AAA
AAA
0.00
0.00
35 49
HOLDINGS REPORT
City of Dublin | Account #10198 | As of December 31, 2025
Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
Total Cash 2,383.18
2,383.18
2,383.18
1.00 2,383.18
0.00
0.00%
0.00
0.00
0.00
CORPORATE
89236TJK2 TOYOTA MOTOR CREDIT CORP
1.125 06/18/2026 2,485,000.00 06/15/2021
1.13%
2,483,906.60
2,484,899.40
98.79
3.80%
2,454,829.62
1,009.53
0.77%
(30,069.79)
A1/A+
A+
0.46
0.45
06368FAC3 BANK OF MONTREAL 1.25
09/15/2026 2,500,000.00 --
1.29%
2,495,539.50
2,499,372.21
98.18
3.89%
2,454,567.50
9,201.39
0.77%
(44,804.71)
A2/A-
AA-
0.71
0.69
931142ER0 WALMART INC 1.05 09/17/2026 585,000.00 09/08/2021
1.09%
583,894.35
584,843.17
98.21
3.63%
574,534.35
1,774.50
0.18%
(10,308.82)
Aa2/AA
AA
0.71
0.69
59217GER6 METROPOLITAN LIFE GLOBAL
FUNDING I 1.875 01/11/2027 1,860,000.00 01/03/2022
1.90%
1,857,879.60
1,859,564.54
97.99
3.89%
1,822,688.40
16,468.75
0.58%
(36,876.14)
Aa3/AA-
AA-
1.03
0.99
87612EBM7 TARGET CORP 1.95 01/15/2027 1,340,000.00 01/19/2022
1.99%
1,337,722.00
1,339,524.84
98.20
3.73%
1,315,904.12
12,048.83
0.42%
(23,620.72)
A2/A
A
1.04
1.00
808513BY0 CHARLES SCHWAB CORP 2.45
03/03/2027 585,000.00 03/01/2022
2.47%
584,368.20
584,852.60
98.42
3.84%
575,770.46
4,697.88
0.18%
(9,082.15)
A2/A-
A
1.17
1.13
084664CZ2 BERKSHIRE HATHAWAY FINANCE
CORP 2.3 03/15/2027 2,295,000.00 03/07/2022
2.30%
2,294,563.95
2,294,895.40
98.42
3.65%
2,258,849.16
15,542.25
0.71%
(36,046.24)
Aa2/AA
A+
1.20
1.16
40139LBF9 GUARDIAN LIFE GLOBAL FUNDING
3.246 03/29/2027 765,000.00 03/24/2022
3.25%
765,000.00
765,000.00
99.27
3.85%
759,423.92
6,345.93
0.24%
(5,576.09)
Aa1/AA+
NA
1.24
1.19
023135CF1 AMAZON.COM INC 3.3
04/13/2027 1,750,000.00 04/25/2022
3.34%
1,746,972.50
1,749,219.74
99.58
3.64%
1,742,573.00
12,512.50
0.55%
(6,646.74)
A1/AA
AA-
1.28
1.23
46647PCB0 JPMORGAN CHASE & CO 1.578
04/22/2027 500,000.00 08/23/2022
4.95%
449,845.00
495,711.28
99.25
4.49%
496,250.00
1,512.25
0.16%
538.72
A1/A
AA-
1.31
0.30
927804GH1 VIRGINIA ELECTRIC AND POWER
CO 3.75 05/15/2027 1,000,000.00 --
3.75%
999,773.40
999,915.16
99.81
3.89%
998,061.00
4,791.67
0.31%
(1,854.16)
A3/BBB+
A
1.37
1.32
931142EX7 WALMART INC 3.95 09/09/2027 1,500,000.00 --
3.97%
1,498,302.30
1,499,427.28
100.57
3.60%
1,508,502.00
18,433.33
0.48%
9,074.72
Aa2/AA
AA
1.69
1.52
89236TKJ3 TOYOTA MOTOR CREDIT CORP
4.55 09/20/2027 1,500,000.00 11/22/2022
4.88%
1,479,060.00
1,492,540.13
101.24
3.79%
1,518,573.00
19,147.92
0.48%
26,032.87
A1/A+
A+
1.72
1.62
023135CP9 AMAZON.COM INC 4.55
12/01/2027 1,000,000.00 01/17/2023
4.21%
1,014,400.00
1,005,514.37
101.65
3.65%
1,016,519.00
3,791.67
0.32%
11,004.63
A1/AA
AA-
1.92
1.74
36 50
HOLDINGS REPORT
City of Dublin | Account #10198 | As of December 31, 2025
Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
89115A2M3 TORONTO-DOMINION BANK 5.156
01/10/2028 3,000,000.00 --
5.28%
2,984,380.00
2,993,093.19
102.26
3.98%
3,067,914.00
73,473.00
0.97%
74,820.81
A2/A-
AA-
2.03
1.86
756109AU8 REALTY INCOME CORP 3.65
01/15/2028 960,000.00 04/10/2023
4.87%
910,540.80
938,839.77
99.35
3.99%
953,730.24
16,157.33
0.30%
14,890.47
A3/A-
NA
2.04
1.91
24422EWR6 JOHN DEERE CAPITAL CORP 4.75
01/20/2028 2,000,000.00 01/23/2023
4.40%
2,030,780.00
2,012,660.20
101.92
3.77%
2,038,304.00
42,486.11
0.64%
25,643.80
A1/A
A+
2.05
1.90
06051GGF0 BANK OF AMERICA CORP 3.824
01/20/2028 3,000,000.00 --
5.88%
2,824,349.55
2,951,888.13
99.76
4.76%
2,992,806.00
51,305.33
0.94%
40,917.87
A1/A-
AA-
2.05
1.00
06368LGV2 BANK OF MONTREAL 5.203
02/01/2028 2,000,000.00 08/17/2023
5.56%
1,972,380.00
1,987,065.34
102.53
3.92%
2,050,652.00
43,358.33
0.65%
63,586.66
A2/A-
AA-
2.09
1.85
91324PEP3 UNITEDHEALTH GROUP INC 5.25
02/15/2028 1,500,000.00 02/21/2023
4.90%
1,522,890.00
1,509,530.03
102.73
3.89%
1,540,986.00
29,750.00
0.49%
31,455.97
A2/A+
A
2.13
1.89
46647PAF3 JPMORGAN CHASE & CO 3.54
05/01/2028 2,000,000.00 08/16/2023
6.06%
1,854,340.00
1,947,747.71
99.44
4.53%
1,988,724.00
11,800.00
0.63%
40,976.29
A1/A
AA-
2.33
1.28
58933YBH7 MERCK & CO INC 4.05 05/17/2028 3,500,000.00 --
4.06%
3,497,960.40
3,499,031.58
100.72
3.73%
3,525,217.50
17,325.00
1.11%
26,185.92
Aa3/A+
NA
2.38
2.16
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
1,458,434.98
100.04
4.33%
1,500,553.50
2,994.00
0.47%
42,118.52
Aa3/A
AA-
2.45
1.39
02665WEM9 AMERICAN HONDA FINANCE
CORP 5.125 07/07/2028 1,370,000.00 10/12/2023
5.60%
1,343,288.50
1,355,793.07
102.61
4.02%
1,405,733.71
33,936.04
0.44%
49,940.64
A3/A-
A
2.52
2.29
78016HZS2 ROYAL BANK OF CANADA 5.2
08/01/2028 2,500,000.00 09/07/2023
5.54%
2,464,100.00
2,481,044.96
103.09
3.93%
2,577,337.50
54,166.67
0.81%
96,292.54
A1/A
AA-
2.59
2.35
756109BS2 REALTY INCOME CORP 4.7
12/15/2028 1,300,000.00 --
4.98%
1,285,086.00
1,290,573.00
101.93
4.00%
1,325,047.10
2,715.56
0.42%
34,474.10
A3/A-
NA
2.96
2.66
91324PEU2 UNITEDHEALTH GROUP INC 4.25
01/15/2029 1,000,000.00 01/23/2024
4.61%
984,020.00
990,237.86
100.74
3.99%
1,007,377.00
19,597.22
0.32%
17,139.14
A2/A+
A
3.04
2.70
24422EXH7 JOHN DEERE CAPITAL CORP 4.5
01/16/2029 2,000,000.00 04/18/2024
5.16%
1,945,100.00
1,964,743.41
101.60
3.94%
2,031,944.00
41,250.00
0.64%
67,200.59
A1/A
A+
3.04
2.76
91159HJK7 US BANCORP 4.653 02/01/2029 1,250,000.00 04/11/2024
5.66%
1,207,450.00
1,226,654.25
101.25
4.31%
1,265,625.00
24,234.38
0.40%
38,970.75
A3/A
A
3.09
1.93
17275RBR2 CISCO SYSTEMS INC 4.85
02/26/2029 1,565,000.00 02/21/2024
4.86%
1,564,452.25
1,564,654.62
102.64
3.95%
1,606,334.78
26,355.03
0.51%
41,680.16
A1/AA-
NA
3.16
2.79
14913UAJ9 CATERPILLAR FINANCIAL SERVICES
CORP 4.85 02/27/2029 2,000,000.00 08/26/2024
4.19%
2,053,700.00
2,037,638.97
102.75
3.91%
2,055,020.00
33,411.11
0.65%
17,381.03
A2/A
A+
3.16
2.86
37 51
HOLDINGS REPORT
City of Dublin | Account #10198 | As of December 31, 2025
Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
00287YDS5 ABBVIE INC 4.8 03/15/2029 1,500,000.00 07/22/2024
4.68%
1,507,245.00
1,504,955.96
102.45
3.97%
1,536,792.00
21,200.00
0.48%
31,836.04
A3/A-
NA
3.20
2.84
61747YFD2 MORGAN STANLEY 5.164
04/20/2029 2,250,000.00 05/30/2024
5.44%
2,228,212.50
2,237,111.62
102.25
4.47%
2,300,647.50
22,915.25
0.73%
63,535.88
A1/A-
A+
3.30
2.13
437076DC3 HOME DEPOT INC 4.75
06/25/2029 1,875,000.00 07/18/2024
4.59%
1,887,993.75
1,884,097.83
102.52
3.97%
1,922,332.50
1,484.38
0.61%
38,234.67
A2/A
A
3.48
3.12
95000U3E1 WELLS FARGO & CO 5.574
07/25/2029 2,000,000.00 --
4.92%
2,042,675.00
2,030,421.82
103.59
4.45%
2,071,754.00
48,308.00
0.65%
41,332.18
A1/BBB+
A+
3.56
2.32
025816DH9 AMERICAN EXPRESS CO 5.282
07/27/2029 1,250,000.00 03/27/2025
4.67%
1,273,275.00
1,267,939.15
102.99
4.30%
1,287,420.00
28,060.63
0.41%
19,480.85
A2/A-
A
3.57
2.34
40139LBJ1 GUARDIAN LIFE GLOBAL FUNDING
4.179 09/26/2029 1,675,000.00 --
4.21%
1,672,866.75
1,673,406.12
99.93
4.20%
1,673,891.15
18,471.76
0.53%
485.03
Aa1/AA+
NA
3.74
3.39
57629TBV8 MASSMUTUAL GLOBAL FUNDING
II 4.95 01/10/2030 2,000,000.00 --
4.94%
2,000,626.35
2,000,599.35
102.38
4.30%
2,047,500.00
47,025.00
0.65%
46,900.65
Aa3/AA+
AA+
4.03
3.54
46647PEB8 JPMORGAN CHASE & CO 5.012
01/23/2030 1,500,000.00 03/19/2025
4.81%
1,510,215.00
1,508,128.38
102.47
4.35%
1,537,050.00
32,995.67
0.48%
28,921.62
A1/A
AA-
4.06
2.76
00287YDZ9 ABBVIE INC 4.875 03/15/2030 1,500,000.00 06/25/2025
4.39%
1,529,820.00
1,526,494.94
103.03
4.08%
1,545,489.00
21,531.25
0.49%
18,994.06
A3/A-
NA
4.20
3.66
61747YFQ3 MORGAN STANLEY 5.656
04/18/2030 1,250,000.00 06/04/2025
4.70%
1,291,937.50
1,285,704.75
104.18
4.43%
1,302,282.50
14,336.39
0.41%
16,577.75
A1/A-
A+
4.30
2.96
38141GA87 GOLDMAN SACHS GROUP INC
5.727 04/25/2030 1,500,000.00 08/08/2025
4.46%
1,564,140.00
1,557,360.98
104.47
4.42%
1,567,083.00
15,749.25
0.49%
9,722.02
A2/BBB+
A
4.31
2.98
747525BU6 QUALCOMM INC 4.5 05/20/2030 1,500,000.00 07/08/2025
4.41%
1,505,535.00
1,504,977.06
101.65
4.08%
1,524,768.00
7,687.50
0.48%
19,790.94
A2/A
NA
4.38
3.86
74464AAC5 PUBLIC STORAGE OPERATING CO
4.375 07/01/2030 1,000,000.00 07/23/2025
4.50%
994,710.00
995,182.37
100.82
4.17%
1,008,161.00
21,996.53
0.32%
12,978.63
A2/A
NA
4.50
3.98
06051GHV4 BANK OF AMERICA CORP 3.194
07/23/2030 1,500,000.00 09/17/2025
4.42%
1,449,030.00
1,452,055.35
96.59
4.42%
1,448,818.50
21,027.17
0.46%
(3,236.85)
A1/A-
AA-
4.56
3.27
91159HJS0 US BANCORP 5.1 07/23/2030 1,500,000.00 12/15/2025
4.18%
1,545,645.00
1,545,089.62
102.97
4.35%
1,544,589.00
33,575.00
0.49%
(500.62)
A3/A
A
4.56
3.17
141781CF9 CARGILL INC 4.125 10/23/2030 1,750,000.00 11/14/2025
4.28%
1,738,240.00
1,738,533.84
99.57
4.22%
1,742,417.25
13,635.42
0.55%
3,883.41
A2/A
NA
4.81
4.29
38141GB60 GOLDMAN SACHS GROUP INC
4.692 10/23/2030 1,500,000.00 11/25/2025
4.24%
1,524,240.00
1,523,628.48
101.36
4.41%
1,520,466.00
13,294.00
0.48%
(3,162.48)
A2/BBB+
A
4.81
3.43
38 52
HOLDINGS REPORT
City of Dublin | Account #10198 | As of December 31, 2025
Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
Total Corporate 79,160,000.00 4.35%
78,698,381.75
79,100,598.80
101.11
4.06%
80,011,813.25
1,034,886.69
25.24%
911,214.45
2.69
2.18
MONEY MARKET
FUND
31846V203 FIRST AMER:GVT OBLG Y 1,211,335.29 --
3.38%
1,211,335.29
1,211,335.29
1.00
3.38%
1,211,335.29
0.00
0.38%
0.00
Aaa/AAAm
AAA
0.00
0.00
Total Money Market
Fund 1,211,335.29 3.38%
1,211,335.29
1,211,335.29
1.00
3.38%
1,211,335.29
0.00
0.38%
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
4,613,738.28
99.14
3.77%
4,575,264.85
7,964.08
1.44%
(38,473.43)
Aaa/AAA
NA
0.30
0.30
459058KT9
INTERNATIONAL BANK FOR
RECONSTRUCTION AND
DEVELOPM 3.5 07/12/2028
5,000,000.00 --
4.35%
4,813,059.00
4,903,755.22
99.78
3.59%
4,989,175.00
82,152.78
1.57%
85,419.78
Aaa/AAA
NA
2.53
2.36
45950KDD9 INTERNATIONAL FINANCE CORP
4.5 07/13/2028 1,605,000.00 07/06/2023
4.53%
1,603,218.45
1,604,098.99
102.19
3.59%
1,640,146.29
33,705.00
0.52%
36,047.30
Aaa/AAA
NA
2.53
2.33
4581X0DC9 INTER-AMERICAN DEVELOPMENT
BANK 3.125 09/18/2028 3,360,000.00 --
4.33%
3,187,150.40
3,262,072.47
98.79
3.59%
3,319,461.60
30,041.67
1.05%
57,389.13
Aaa/AAA
NA
2.72
2.55
4581X0EN4 INTER-AMERICAN DEVELOPMENT
BANK 4.125 02/15/2029 3,000,000.00 02/15/2024
4.34%
2,970,690.00
2,981,645.05
101.46
3.63%
3,043,758.00
46,750.00
0.96%
62,112.95
Aaa/AAA
NA
3.13
2.86
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
2,979,182.94
100.70
3.68%
3,020,994.00
24,210.00
0.95%
41,811.06
Aaa/AAA
NA
3.79
3.47
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
4,980,762.50
101.49
3.74%
5,074,405.00
57,864.58
1.60%
93,642.50
Aaa/AAA
NA
4.22
3.80
Total Supranational 25,580,000.00 3.70%
25,117,871.15
25,325,255.44
100.34
3.67%
25,663,204.74
282,688.11
8.10%
337,949.30
2.71
2.49
US TREASURY
39 53
HOLDINGS REPORT
City of Dublin | Account #10198 | As of December 31, 2025
Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
91282CEN7 UNITED STATES TREASURY 2.75
04/30/2027 2,300,000.00 --
3.55%
2,221,595.43
2,277,653.51
99.03
3.50%
2,277,719.90
10,832.87
0.72%
66.39
Aa1/AA+
AA+
1.33
1.28
91282CEW7 UNITED STATES TREASURY 3.25
06/30/2027 2,000,000.00 --
3.22%
2,003,105.35
2,000,930.72
99.66
3.49%
1,993,126.00
179.56
0.63%
(7,804.72)
Aa1/AA+
AA+
1.50
1.45
91282CFM8 UNITED STATES TREASURY 4.125
09/30/2027 7,000,000.00 --
3.95%
7,052,006.36
7,018,904.37
101.07
3.48%
7,074,921.00
73,774.04
2.23%
56,016.63
Aa1/AA+
AA+
1.75
1.65
91282CGC9 UNITED STATES TREASURY 3.875
12/31/2027 10,000,000.00 --
3.70%
10,078,828.13
10,031,926.67
100.75
3.48%
10,074,610.00
1,070.44
3.18%
42,683.33
Aa1/AA+
AA+
2.00
1.91
91282CGT2 UNITED STATES TREASURY 3.625
03/31/2028 7,000,000.00 --
3.58%
7,014,042.96
7,006,439.80
100.27
3.50%
7,018,592.00
64,831.73
2.21%
12,152.20
Aa1/AA+
AA+
2.25
2.12
91282CHE4 UNITED STATES TREASURY 3.625
05/31/2028 4,500,000.00 --
4.07%
4,412,773.44
4,457,022.39
100.26
3.51%
4,511,776.50
14,340.66
1.42%
54,754.11
Aa1/AA+
AA+
2.42
2.28
91282CHQ7 UNITED STATES TREASURY 4.125
07/31/2028 9,000,000.00 --
4.51%
8,848,203.13
8,919,498.29
101.49
3.51%
9,134,298.00
155,360.05
2.88%
214,799.71
Aa1/AA+
AA+
2.58
2.39
91282CJA0 UNITED STATES TREASURY 4.625
09/30/2028 3,750,000.00 --
4.92%
3,702,089.84
3,723,377.60
102.83
3.53%
3,856,053.75
44,312.33
1.22%
132,676.15
Aa1/AA+
AA+
2.75
2.54
91282CJN2 UNITED STATES TREASURY 4.375
11/30/2028 5,500,000.00 --
4.03%
5,584,941.41
5,550,154.67
102.27
3.55%
5,624,822.50
21,153.85
1.77%
74,667.83
Aa1/AA+
AA+
2.92
2.71
91282CJR3 UNITED STATES TREASURY 3.75
12/31/2028 5,500,000.00 --
4.00%
5,438,359.38
5,462,578.12
100.57
3.55%
5,531,152.00
569.75
1.75%
68,573.88
Aa1/AA+
AA+
3.00
2.81
91282CKD2 UNITED STATES TREASURY 4.25
02/28/2029 13,000,000.00 --
4.44%
12,891,953.13
12,929,749.13
102.02
3.57%
13,263,042.00
187,727.90
4.18%
333,292.87
Aa1/AA+
AA+
3.16
2.90
91282CKP5 UNITED STATES TREASURY 4.625
04/30/2029 12,250,000.00 --
4.42%
12,359,384.76
12,324,954.71
103.23
3.58%
12,645,736.25
97,035.57
3.99%
320,781.54
Aa1/AA+
AA+
3.33
3.05
91282CKX8 UNITED STATES TREASURY 4.25
06/30/2029 6,500,000.00 --
3.96%
6,581,855.47
6,558,624.88
102.11
3.60%
6,637,364.50
763.12
2.09%
78,739.62
Aa1/AA+
AA+
3.50
3.23
91282CLK5 UNITED STATES TREASURY 3.625
08/31/2029 2,500,000.00 09/26/2024
3.55%
2,508,203.13
2,506,101.05
99.98
3.63%
2,499,610.00
30,792.47
0.79%
(6,491.05)
Aa1/AA+
AA+
3.67
3.36
91282CLN9 UNITED STATES TREASURY 3.5
09/30/2029 3,000,000.00 --
3.97%
2,937,480.47
2,952,585.86
99.54
3.63%
2,986,056.00
26,826.92
0.94%
33,470.14
Aa1/AA+
AA+
3.75
3.45
91282CFY2 UNITED STATES TREASURY 3.875
11/30/2029 10,000,000.00 --
4.32%
9,801,914.06
9,843,180.91
100.84
3.64%
10,083,590.00
34,065.93
3.18%
240,409.09
Aa1/AA+
AA+
3.91
3.59
91282CMG3 UNITED STATES TREASURY 4.25
01/31/2030 6,250,000.00 --
4.15%
6,277,187.51
6,273,072.38
102.22
3.66%
6,388,918.75
111,158.29
2.02%
115,846.37
Aa1/AA+
AA+
4.08
3.66
40 54
HOLDINGS REPORT
City of Dublin | Account #10198 | As of December 31, 2025
Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
91282CMZ1 UNITED STATES TREASURY 3.875
04/30/2030 7,500,000.00 --
3.85%
7,509,785.16
7,508,540.69
100.78
3.68%
7,558,597.50
49,775.55
2.38%
50,056.81
Aa1/AA+
AA+
4.33
3.93
91282CHR5 UNITED STATES TREASURY 4.0
07/31/2030 8,750,000.00 --
3.79%
8,829,609.37
8,824,546.06
101.27
3.70%
8,861,081.25
146,467.39
2.80%
36,535.19
Aa1/AA+
AA+
4.58
4.09
91282CPA3 UNITED STATES TREASURY 3.625
09/30/2030 6,400,000.00 09/26/2025
3.77%
6,359,500.00
6,361,562.71
99.61
3.71%
6,375,251.20
59,274.73
2.01%
13,688.49
Aa1/AA+
AA+
4.75
4.28
91282CPD7 UNITED STATES TREASURY 3.625
10/31/2030 10,500,000.00 --
3.71%
10,458,984.38
10,459,738.90
99.58
3.72%
10,455,700.50
65,189.92
3.30%
(4,038.40)
Aa1/AA+
AA+
4.83
4.36
91282CPN5 UNITED STATES TREASURY 3.5
11/30/2030 7,500,000.00 --
3.70%
7,433,652.35
7,434,161.88
98.99
3.73%
7,424,415.00
23,076.92
2.34%
(9,746.88)
Aa1/AA+
AA+
4.91
4.45
Total US Treasury 150,700,000.00 4.03%
150,305,455.22
150,425,305.30
101.06
3.60%
152,276,434.60
1,218,580.00
48.04%
1,851,129.30
3.39
3.10
Total Portfolio 314,208,803.98 4.18%
312,496,751.20
313,304,072.40
100.51
3.76%
316,951,169.61
2,713,715.28
100.00%
3,647,097.21
3.04
2.53
Total Market Value +
Accrued 319,664,884.89
41 55
HOLDINGS REPORT
City of Dublin Reporting Account | Account #10219 | As of December 31, 2025
Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
CASH
CCYUSD Receivable 298,338.70 --298,338.70
298,338.70
1.00 298,338.70
0.00
0.14%
0.00
Aaa/AAA
AAA
0.00
0.00
Total Cash 298,338.70
298,338.70
298,338.70
1.00 298,338.70
0.00
0.14%
0.00
0.00
0.00
LAIF
90LAIF$00 Local Agency Investment Fund
State Pool 29,278,997.88 --
3.98%
29,278,997.88
29,278,997.88
1.00
3.98%
29,278,997.88
0.00
14.18%
0.00
NA/NA
NA
0.00
0.00
Total LAIF 29,278,997.88 3.98%
29,278,997.88
29,278,997.88
1.00
3.98%
29,278,997.88
0.00
14.18%
0.00
0.00
0.00
LOCAL GOV
INVESTMENT POOL
90CAMP$00 CAMP 176,910,826.93 --
3.90%
176,910,826.93
176,910,826.93
1.00
3.90%
176,910,826.93
0.00
85.68%
0.00
NA/AAAm
NA
0.00
0.00
Total Local Gov
Investment Pool 176,910,826.93 3.90%
176,910,826.93
176,910,826.93
1.00
3.90%
176,910,826.93
0.00
85.68%
0.00
0.00
0.00
Total Portfolio 206,488,163.51 3.91%
206,488,163.51
206,488,163.51
1.00
3.91%
206,488,163.51
0.00
100.00%
0.00
0.00
0.00
Total Market Value +
Accrued 206,488,163.51
42 56
TRANSACTIONS
43 57
TRANSACTION LEDGER
City of Dublin | Account #10198|10/01/2025 Through 12/31/2025|
Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp
Yield Amount Interest Pur/
Sold Total Amount Gain/Loss
ACQUISITIONS
Purchase 10/15/2025 05594HAD5 1,620,000.00 BMWLT 2025-2 A3
3.97 09/25/2028 100.000 4.32%(1,619,995.46)0.00 (1,619,995.46)0.00
Purchase 10/31/2025 91282CPD7 3,000,000.00
UNITED STATES
TREASURY 3.625
10/31/2030
99.570 3.72%(2,987,109.38)0.00 (2,987,109.38)0.00
Purchase 11/17/2025 141781CF9 1,750,000.00 CARGILL INC 4.125
10/23/2030 99.328 4.28%(1,738,240.00)(4,812.50)(1,743,052.50)0.00
Purchase 11/26/2025 38141GB60 1,500,000.00
GOLDMAN SACHS
GROUP INC 4.692
10/23/2030
101.616 4.24%(1,524,240.00)(6,451.50)(1,530,691.50)0.00
Purchase 11/28/2025 91282CPD7 2,500,000.00
UNITED STATES
TREASURY 3.625
10/31/2030
100.180 3.58%(2,504,492.19)(7,009.67)(2,511,501.86)0.00
Purchase 12/10/2025 91282CPD7 5,000,000.00
UNITED STATES
TREASURY 3.625
10/31/2030
99.348 3.77%(4,967,382.81)(20,027.62)(4,987,410.43)0.00
Purchase 12/16/2025 91159HJS0 1,500,000.00 US BANCORP 5.1
07/23/2030 103.043 4.18%(1,545,645.00)(30,387.50)(1,576,032.50)0.00
Purchase 12/18/2025 91282CPN5 6,500,000.00
UNITED STATES
TREASURY 3.5
11/30/2030
99.098 3.70%(6,441,347.66)(11,250.00)(6,452,597.66)0.00
Purchase 12/19/2025 91282CPN5 1,000,000.00
UNITED STATES
TREASURY 3.5
11/30/2030
99.230 3.67%(992,304.69)(1,826.92)(994,131.61)0.00
Total Purchase 24,370,000.00 (24,320,757.19)(81,765.71)(24,402,522.90)0.00
TOTAL
ACQUISITIONS 24,370,000.00 (24,320,757.19)(81,765.71)(24,402,522.90)0.00
DISPOSITIONS
Sale 10/09/2025 912828Z78 (1,000,000.00)
UNITED STATES
TREASURY 1.5
01/31/2027
97.270 2.15%972,695.31 2,853.26 975,548.57 (19,229.90)
Sale 10/31/2025 91282CEN7 (750,000.00)
UNITED STATES
TREASURY 2.75
04/30/2027
98.707 3.55%740,302.73 0.00 740,302.73 (1,476.93)
44 58
TRANSACTION LEDGER
City of Dublin | Account #10198|10/01/2025 Through 12/31/2025|
Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp
Yield Amount Interest Pur/
Sold Total Amount Gain/Loss
Sale 10/31/2025 912828Z78 (1,250,000.00)
UNITED STATES
TREASURY 1.5
01/31/2027
97.344 2.15%1,216,796.88 4,687.50 1,221,484.38 (23,573.21)
Sale 11/17/2025 91324PEC2 (2,000,000.00)UNITEDHEALTH GROUP
INC 1.15 05/15/2026 98.606 1.90%1,972,120.00 127.78 1,972,247.78 (20,766.20)
Sale 11/28/2025 91282CEN7 (2,500,000.00)
UNITED STATES
TREASURY 2.75
04/30/2027
98.891 3.55%2,472,265.63 5,317.68 2,477,583.31 (1,738.41)
Sale 12/10/2025 91282CEW7 (5,000,000.00)
UNITED STATES
TREASURY 3.25
06/30/2027
99.453 3.22%4,972,656.25 71,976.90 5,044,633.15 (29,764.48)
Sale 12/16/2025 58989V2D5 (1,285,000.00)
MET TOWER GLOBAL
FUNDING 1.25
09/14/2026
98.072 1.27%1,260,225.20 4,104.86 1,264,330.06 (24,598.70)
Sale 12/18/2025 91282CEN7 (1,450,000.00)
UNITED STATES
TREASURY 2.75
04/30/2027
99.000 3.55%1,435,500.00 5,287.29 1,440,787.29 (4.49)
Sale 12/18/2025 91282CFM8 (3,000,000.00)
UNITED STATES
TREASURY 4.125
09/30/2027
101.086 3.95%3,032,578.13 26,857.83 3,059,435.96 24,298.19
Sale 12/18/2025 91282CEW7 (2,000,000.00)
UNITED STATES
TREASURY 3.25
06/30/2027
99.645 3.22%1,992,890.63 30,203.80 2,023,094.43 (8,064.00)
Total Sale (20,235,000.00)20,068,030.76 151,416.90 20,219,447.66 (104,918.12)
TOTAL
DISPOSITIONS (20,235,000.00)20,068,030.76 151,416.90 20,219,447.66 (104,918.12)
45 59
TRANSACTION LEDGER
City of Dublin Reporting Account | Account #10219|10/01/2025 Through 12/31/2025|
Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp
Yield Amount Interest Pur/
Sold Total Amount Gain/Loss
ACQUISITIONS
Purchase 10/15/2025 90LAIF$00 313,072.14
Local Agency
Investment Fund State
Pool
1.000 4.15%(313,072.14)0.00 (313,072.14)0.00
Purchase 10/28/2025 90CAMP$00 4,600,000.00 CAMP 1.000 (4,600,000.00)0.00 (4,600,000.00)0.00
Purchase 10/31/2025 90CAMP$00 519,004.64 CAMP 1.000 (519,004.64)0.00 (519,004.64)0.00
Purchase 11/17/2025 90CAMP$00 2,000,000.00 CAMP 1.000 (2,000,000.00)0.00 (2,000,000.00)0.00
Purchase 11/28/2025 90CAMP$00 484,814.45 CAMP 1.000 (484,814.45)0.00 (484,814.45)0.00
Purchase 12/15/2025 90CAMP$00 42,500,000.00 CAMP 1.000 (42,500,000.00)0.00 (42,500,000.00)0.00
Purchase 12/31/2025 90LAIF$00 306,346.22
Local Agency
Investment Fund State
Pool
1.000 3.98%(306,346.22)0.00 (306,346.22)0.00
Purchase 12/31/2025 90CAMP$00 541,597.29 CAMP 1.000 (541,597.29)0.00 (541,597.29)0.00
Total Purchase 51,264,834.74 (51,264,834.74)0.00 (51,264,834.74)0.00
TOTAL
ACQUISITIONS 51,264,834.74 (51,264,834.74)0.00 (51,264,834.74)0.00
DISPOSITIONS
Sale 10/07/2025 90CAMP$00 (2,000,000.00)CAMP 1.000 2,000,000.00 0.00 2,000,000.00 0.00
Sale 10/16/2025 90CAMP$00 (3,100,000.00)CAMP 1.000 3,100,000.00 0.00 3,100,000.00 0.00
Sale 10/20/2025 90CAMP$00 (1,200,000.00)CAMP 1.000 1,200,000.00 0.00 1,200,000.00 0.00
Sale 11/04/2025 90CAMP$00 (2,100,000.00)CAMP 1.000 2,100,000.00 0.00 2,100,000.00 0.00
Sale 11/24/2025 90CAMP$00 (1,800,000.00)CAMP 1.000 1,800,000.00 0.00 1,800,000.00 0.00
Sale 12/01/2025 90CAMP$00 (1,460,000.00)CAMP 1.000 1,460,000.00 0.00 1,460,000.00 0.00
Sale 12/18/2025 90CAMP$00 (8,600,000.00)CAMP 1.000 8,600,000.00 0.00 8,600,000.00 0.00
Total Sale (20,260,000.00)20,260,000.00 0.00 20,260,000.00 0.00
TOTAL
DISPOSITIONS (20,260,000.00)20,260,000.00 0.00 20,260,000.00 0.00
46 60
IMPORTANT DISCLOSURES
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 61
BENCHMARK DISCLOSURES
Benchmark Disclosure
ICE BofA 1-5 Yr Unsubordinated US
Treasury & Agency Index
The ICE BofA 1-5 Year Unsubordinated 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 62