HomeMy WebLinkAboutItem 5.4 City Treasurer's Informational Report of Investments for the Quarter Ending March 31, 2026 Agenda Item 5.4
STAFF REPORT
CITY COUNCIL
Page 1 of 4
DATE: May 19, 2026
TO: Honorable Mayor and City Councilmembers
FROM: Colleen Tribby, City Manager
SUBJECT:
City Treasurer's Informational Report of Investments for the Quarter
Ending March 31, 2026
Prepared by: Chris Rhoades, Financial Analyst
EXECUTIVE SUMMARY:
The City Council will receive an informational report of the City’s investments through the
quarter ending March 31, 2026 including a monthly transaction ledger. The City’s investment
portfolio for this period totaled $523,047,655 (market value) with an average market yield of
3.95%. As required by the City’s Investment Policy, the City Treasurer (Finance Director)
affirms that the City is able to meet its expenditure requirements for the next six months.
STAFF RECOMMENDATION:
Receive the report.
FINANCIAL IMPACT:
There is no financial impact resulting from this report. Investments are made in accordance
with the City’s Investment Policy and State Law. Interest earned is apportioned between funds
(i.e., General Fund, Gas Tax Fund, etc.) based upon their proportionate share of the total cash
balance. The quarterly cash balance can vary from quarter to quarter based on the financial
needs of the City, including the timing of revenues and expenditures.
DESCRIPTION:
The total investment portfolio (market value) consists of $320,589,395 managed by Chandler
Asset Management, and $202,458,260 invested by the City in local government pools, the
Local Agency Investment Fund (LAIF) and the California Asset Management Program
(CAMP). The average market yield of the Chandler portfolio and the local pools was 4.04%
and 3.80% respectively.
326
Page 2 of 4
The total investment portfolio balance fluctuates throughout the year due to normal cash flow
needs and includes both discretionary and restricted funds.
Economic Update Highlights
The following are some highlights from the Economic Update included in the Investment
Report prepared by Chandler (Attachment 1).
March payrolls rebounded by 178,000 after February’s revised 133,000 decline, but recent
international affairs have pushed crude oil above $112, injecting a potential inflationary shock
into an economy contending with sticky core prices above 3%. The Federal Reserve has held
the funds rate at 3.50–3.75% and is signaling a cautionary stance, keeping open the opt ion of
delaying cuts if oil-related inflation proves persistent rather than transitory. As the data flow
normalizes, the Chandler team anticipates additional yield curve steepening as the Federal
Reserve gradually guides the policy rate toward a more neutr al range. The Federal Reserve’s
March projection still shows one cut this year, yet current international events have narrowed
easing.
City of Dublin Portfolio
The City's aggregate portfolio has maintained a healthy balance of investment types , with
minimal changes from the prior quarter. Attachment 3 provides additional information on the
investment types shown in Table 1.
The market value of the City's portfolio decreased by $3.1 million compared to the quarter
ending December 31, 2025. Overall, the City’s portfolio increased by $52.3 million from the
same quarter the prior year (see Table 1). Overall market yield-to-maturity increased slightly
from 3.82% to 3.95%, (shown in Table 2). For detailed monthly transactions, refer to
Attachment 2.
327
Page 3 of 4
Table 1: Portfolio Values and Yield to Maturity
Table 2: Quarterly Holdings (Market Value) by Type, and YTM, Five Quarters
Funds Managed by the City
The City participates in two local agency investment pools managed by government finance
professionals and treasurers: the Local Agency Investment Fund (LAIF) and the California
Asset Management Program (CAMP). Table 3 shows the yields in the pools a long with the
assets managed by Chandler over the most recent eight quarters.
March 31, 2025 December 31, 2025
Holdings
Market
Value
Market
Value
Par
Value
Book
Value
Market
Value
% of
Subtotal
% of Total
Portfolio
Book
Yield
Market
Yield
Managed by City
Cash 304,578 298,339 281,738 281,738 281,738 0.1%0.1%0.00%0.00%
LAIF 28,039,989 29,278,998 29,565,920 29,565,920 29,565,920 14.6%5.7%3.82%3.82%
CAMP 134,938,774 176,910,827 172,610,602 172,610,602 172,610,602 85.3%33.2%3.80%3.80%
SUBTOTAL 163,283,342 206,488,164 202,458,260 202,458,260 202,458,260 100.00%38.93%3.80%3.80%
Managed by Chandler
ABS 36,131,194 36,448,659 35,773,845 35,770,506 35,906,096 11.3%6.9%4.75%4.13%
Agency 11,217,537 7,256,940 7,145,000 7,180,092 7,200,741 2.3%1.4%3.96%3.83%
Cash 6,119 2,383 7,697 7,697 7,697 0.0%0.0%0.00%0.00%
Agency CMBS 13,948,947 14,080,400 16,971,232 16,597,586 16,677,488 5.2%3.3%4.32%4.08%
Money Market 1,283,006 1,211,335 699,472 699,472 699,472 0.2%0.1%3.28%3.28%
Supranational 26,953,873 25,663,205 25,580,000 25,348,590 25,571,971 8.0%4.9%3.69%3.85%
Corporate 77,780,053 80,011,813 81,495,000 81,460,836 81,793,151 25.7%15.7%4.45%4.38%
US Treasury 138,087,540 152,276,435 149,900,000 149,673,156 150,261,510 47.2%28.8%4.04%3.87%
SUBTOTAL 305,408,271 316,951,170 317,572,245 316,737,934 318,118,124 100.00%61.07%4.21%4.04%
Accrued Interest 2,047,059 2,713,715 2,471,271
307,455,330 319,664,885 320,589,395
TOTAL PORTFOLIO 470,738,671 526,153,048 520,030,504 519,196,193 523,047,655 100.00%3.95%
52,308,984
(3,105,393)
March 31, 2026
Change from Prior Year
Change from Prior Quarter
Holdings (Market Value)3/31/25 6/30/25 9/30/25 12/31/25 3/31/26
% Change
from Prior
Quarter
LAIF/CAMP 162,978,763 179,117,665 175,184,990 206,189,825 202,176,522 -1.95%
ABS 36,131,194 38,538,323 36,881,004 36,448,659 35,906,096 -1.49%
Agency 11,217,537 7,239,578 7,239,856 7,256,940 7,200,741 -0.77%
Cash 310,698 314,373 309,213 300,722 289,435 -3.75%
Agency CMBS 13,948,947 14,057,968 14,128,979 14,080,400 16,677,488 18.44%
Money Market 1,283,006 879,415 694,172 1,211,335 699,472 -42.26%
Supranational 26,953,873 27,178,034 25,591,158 25,663,205 25,571,971 -0.36%
Corporate 77,780,053 77,276,470 78,291,033 80,011,813 81,793,151 2.23%
US Treasury 138,087,540 144,465,586 150,997,617 152,276,435 150,261,510 -1.32%
Accrued Interest 2,047,059 2,468,202 2,230,446 2,713,715 2,471,271 -8.93%
TOTAL 470,738,671 491,535,614 491,548,468 526,153,048 523,047,655 -0.59%
Change
from Prior
Quarter
YIELD TO MATURITY 4.26%4.13%3.99%3.82%3.95%0.14%
328
Page 4 of 4
Table 3: Quarterly Portfolio Yields, Recent Eight Quarters
Market Yield LAIF CAMP Chandler
6/30/24 4.56% 5.44% 4.84%
9/30/24 4.57% 5.08% 3.89%
12/31/24 4.43% 4.65% 4.49%
3/31/25 4.31% 4.47% 4.16%
6/30/25 4.27% 4.43% 3.97%
9/30/25 4.20% 4.27% 3.84%
12/31/25 3.98% 3.90% 3.76%
3/31/26 3.82% 3.80% 4.04%
Finance and Investment Committee (FIC) Review
This report was not reviewed by the FIC, as the regularly scheduled FIC meeting of May 5 was
cancelled to accommodate an early start time of the City Council Regular Meeting.
STRATEGIC PLAN INITIATIVE:
None.
NOTICING REQUIREMENTS/PUBLIC OUTREACH:
The City Council Agenda was posted.
ATTACHMENTS:
1) City of Dublin Investment Report for Period Ending March 31, 2026
2) Transaction Ledger – January through March 2026
3) Glossary of Investment Categories
329
INVESTMENT REPORT
City of Dublin | As of March 31, 2026
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
330
TABLE OF CONTENTS
ECONOMIC UPDATE
ACCOUNT PROFILE
CONSOLIDATED INFORMATION
PORTFOLIO HOLDINGS
TRANSACTIONS
1 331
ECONOMIC UPDATE
2 332
▪
▪
▪
March payrolls rebounded by 178,000 after February’s revised 133,000 decline,but the war in Iran and its disruption of the Strait of Hormuz
have pushed crude oil above $112,injecting a potential inflationary shock into an economy contending with sticky core prices above 3%.
The Federal Reserve has held the funds rate at 3.50–3.75%and is signaling a cautionary stance, keeping open the option of delaying cuts if
oil‑related inflation proves persistent rather than transitory.As the data flow normalizes, the Chandler team anticipates additional yield
curve steepening as the Federal Reserve gradually guides the policy rate toward a more neutral range. The Federal Reserve’s March dot
plot still projects one cut this year, yet the Iran-driven energy shock has narrowed the path toward easing.
The Federal Reserve’s March 2026 FOMC meeting ended with policymakers again holding the target range at 3.50%–3.75%,as the
Committee maintained its pause following three late‑2025 rate cuts. Governor Stephen Miran dissented in favor of an additional
quarter‑point reduction, while Christopher Waller joined the majority, tipping the vote 11–1 to leave the benchmark rate unchanged.
Meanwhile, President Trump’s nomination of Kevin Warsh to succeed Jerome Powell as chair has hit a roadblock after a Republican senator
vowed to block Warsh’s confirmation amid the Justice Department’s ongoing probe of the central bank.
Treasury yields exhibited considerable first-quarter volatility as the Iran conflict injected energy-driven inflation fears into a market
grappling with sticky core prices.At March month-end, the 2-year yield stood at 3.79%,up 32 basis points year-to-date, the 10-year at
4.32%, and the 30-year at 4.86%. The 2-year to 10-year spread narrowed to 52 basis points, reflecting pronounced flattening as short rates
rose faster than longer maturities. One year ago, that spread stood near 32 basis points, providing context on normalization since the 2022
through 2024 yield curve inversion. The 3-month to 10-year spread was approximately 64 basis points at March month-end.
ECONOMIC UPDATE
3 333
-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%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
Unemployment Rate
Underemployment Rate (U6)
Unemployment Rate (U3)
Ra
t
e
(
%
)
March nonfarm payrolls rose by 178,000, a decisive reversal from February’s revised 133,000 decline that had been distorted by a Kaiser
Permanente strike affecting over 30,000 healthcare workers and severe winter weather. Healthcare contributed 76,000 positions as striking
nurses returned, while construction and leisure rebounded from weather-induced troughs. The unemployment rate edged lower to 4.3%,
though partly from a labor force reduction rather than a hiring acceleration. Meanwhile, the underemployment rate edged up to 8.0% from
7.9% in February. Average hourly earnings rose 0.2% over the month and 3.5% year over year—the slowest annual pace since May 2021.
Source: US Department of Labor Source: US Department of Labor
EMPLOYMENT
4 334
2.00
2.50
3.00
3.50
4.00
4.50
5.00
5.50
6.00
6.50
US Fuel Prices
Average Retail Price US Diesel
Average Retail Price US Gas
($
)
Pe
r
G
a
l
l
o
n
40
60
80
100
120
140
160
Oil Prices
West Texas Intermediate (WTI Spot Cushing)
Dated Brent (Global Spot)
Pr
i
c
e
Pe
r
B
a
r
r
e
l
(
W
T
I
S
p
o
t
)
Source: Bloomberg Indices Source: Bloomberg Indices
ENERGY MARKETS
Retail gasoline prices climbed steeply in March following the escalation of the U.S.-Iran conflict and the closure of the Strait of Hormuz.
According to AAA,the national average reached $4.06 per gallon by month-end,an increase exceeding a dollar from $2.98 on February 26.
Diesel prices reached $5.49 as tight global distillate supplies compounded the disruption. Cushing WTI crude settled at $101.38 per barrel
on March 31,while Dated Brent closed at $126.97, producing a spread of roughly $25.60, the widest in more than five years. The gap
reflects the disproportionate impact of shipping disruptions on internationally benchmarked crude relative to domestic supply bolstered by
Strategic Petroleum Reserve releases.
5 335
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
Consumer Price Index (CPI) for March surged 0.9%, the highest monthly rate since June 2022,and was up 3.3%on an annual basis primarily
due to spikes in energy and airfare prices. Notably, Core CPI was little changed with a monthly increase of 0.2% and an annual rise of 2.6%
as costs for services and other goods remained subdued. Personal Consumption Expenditures (PCE) were little changed in February, with
the headline PCE Price Index up 0.4% month-over-month and 2.8% year-over-year. The Fed’s preferred metric, Core PCE, which excludes
food and energy, rose 0.4% during the month and 3.0% from February of 2025.
Source: US Department of Labor Source: US Department of Commerce
INFLATION
6 336
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
Retail Sales YOY % Change
YO
Y
(
%
)
C
h
a
n
g
e
The Conference Board’s Consumer Confidence Index edged up to 91.8 in March from 91.0 in February, a second consecutive gain that
nonetheless sits well below the all-time peak of 144.7 from early 2000.The Present Situation component rose 4.6 points to 123.3 on
favorable assessments of business and labor conditions, while the Expectations Index slipped 1.7 points to 70.9. Inflation expectations
climbed to their highest since August 2025,reflecting tariff passthrough and elevated gasoline prices. February retail sales rebounded 0.6%
from January, with stronger auto and broad-based discretionary spending offsetting January’s weather- and vehicle-related weakness; the
control group also advanced 0.5%, signaling firmer underlying consumer demand.
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
7 337
-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 Chicago Fed National Activity Index (CFNAI) fell to ‑0.11 in February, following a positive revision to 0.20 in January. The index’s
three‑month moving average edged up to ‑0.01 from ‑0.02 the prior month. Production and employment related indicators turned negative
in February, while sales, orders, and inventories also remained in negative territory. The personal consumption and housing categories
slipped modestly but stayed in positive territory. The Conference Board’s Leading Economic Index (LEI) declined 0.1%in January,an
improvement from ‑0.2% in December, with consumer expectations and building permits the largest drags on the index. On a year ‑over‑year
basis, the LEI fell 3.8%, continuing to signal slower economic growth heading into 2026.Notably, the latest LEI data do not yet reflect the
impact of the war in Iran.
Source: The Conference Board Source: Federal Reserve Bank of Chicago
LEADING INDICATORS OF ECONOMIC ACTIVITY
8 338
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 rose 7.2%in January to an annualized pace of 1.487 million units, including 935,000 single-family and 552,000 multifamily
starts. The January S&P Cotality Case-Shiller 20-City Composite posted a 1.18% year-over-year gain, continuing deceleration from
December’s revised 1.43% annual increase. Inflation again outpaced home price appreciation, extending the erosion of real housing returns
that began in the second half of 2025.The Freddie Mac 30-year fixed mortgage rate climbed to 6.46%as of April 2,its fifth consecutive
weekly rise, reversing progress made when rates dipped below 6%in February. Higher borrowing costs and elevated prices continue to
constrain affordability.
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
9 339
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 Manufacturing Index rose to 52.7 in March from 52.4, the fastest factory expansion since August
2022 and a third consecutive month above 50.Production accelerated to 55.1 from 53.5, though new orders decelerated to 53.5 from 55.8.
The prices subindex leaped to 78.3 from 70.5, reflecting elevated energy costs, metals tariffs, and Iran-related supply disruptions.
Employment remained in contraction at 48.7. The Services Index eased to 54.0 in March from 56.1 in February but still posted its 21st
consecutive month of expansion. The expansion was mainly from an increase in prices, amid higher oil and fuel costs. With both measures
above the 50 threshold, ISM data point toward a resilient if cost-pressured economy.
Source: Institute for Supply Management
SURVEY BASED MEASURES
10 340
Components of GDP 3/25 6/25 9/25 12/25
0.4% 1.7% 2.3% 1.3%
3.8% -2.7% 0.0% 0.4%
-4.7% 4.8% 1.6% -0.2%
-0.4% -0.4% 0.2% -1.2%
0.2% 0.3% 0.2% 0.2%
-0.6% 3.8% 4.4% 0.5%
Personal Consumption Expenditures
Gross Private Domestic Investment
Net Exports and Imports
Federal Government Expenditures
Total
State and Local (Consumption and Gross
Investment)-2.0%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
Gross Domestic Product (GDP)
GDP QOQ % Change
GDP YOY % Change
Source: US Department of Commerce Source: US Department of Commerce
The third and final estimate of real gross domestic product (GDP) showed fourth-quarter growth revised down to 0.5% from the initial 1.4%
estimate. The slowdown from 4.4%in the third quarter primarily reflected a sharp pullback in government spending,as the federal
government shutdown weighed on activity. The Bureau of Labor Statistics expects statistical distortions will persist into the spring due to
data collection disruptions. Personal Consumption Expenditures also declined across both goods and services.
GROSS DOMESTIC PRODUCT (GDP)
11 341
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 left its benchmark interest rate unchanged in March, keeping the target range at 3.50%to 3.75% following three
late‑2025 rate cuts that were justified by signs of softening in the labor market. The Federal Open Market Committee minutes showed
some participants supported two-sided language on future rate direction given the upside risks to inflation and downside risks to
employment being elevated. However, policymakers have grown wary of potential inflationary pressures stemming from tariffs, the war in
Iran, and the ensuing spike in commodity prices. The Federal Reserve now projects just one rate cut in 2026,even as inflation expectations
rise. The Committee also reaffirmed its December decision to halt balance sheet runoff and to reinvest principal and interest payments
from its securities holdings, signaling a continued emphasis on maintaining ample reserves and supporting orderly market functioning.
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
(
%
)
12 342
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
(
%
)
2.0%
2.5%
3.0%
3.5%
4.0%
4.5%
5.0%
5.5%
US Treasury Yield Curve
Mar-26
Dec-25
Mar-25
Yi
e
l
d
(
%
)
At March month-end, the 2-year Treasury yield stood at 3.79%, down approximately 9 basis points from one year ago, while the 10-year
finished at 4.32%, roughly 11 basis points higher year-over-year. The spread between the two narrowed to 52 basis points, wider by 20
basis points year-over-year. The prior 2-year to 10-year inversion from July 2022 through August 2024 was historically long. The average
spread since 2005 is approximately 95 basis points, suggesting the current slope sits well below its long-run norm. The 3-month to 10-year
spread stood near 64 basis points at March month-end.
BOND YIELDS
13 343
ACCOUNT PROFILE
14 344
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.
15 345
STATEMENT OF COMPLIANCE
City of Dublin | Account #10198 | As of March 31, 2026
Rules Name Limit Actual Compliance
Status Notes
AGENCY MORTGAGE SECURITIES
Max % (MV)35.0 5.2 Compliant
Max % Issuer (MV)35.0 5.2 Compliant
Max Maturity (Years)10.0 3.5 Compliant
ASSET-BACKED SECURITIES (ABS)
Max % (MV; Non Agency ABS & MBS)20.0 11.3 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 25.7 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
16 346
STATEMENT OF COMPLIANCE
City of Dublin | Account #10198 | As of March 31, 2026
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
17 347
STATEMENT OF COMPLIANCE
City of Dublin | Account #10198 | As of March 31, 2026
Rules Name Limit Actual Compliance
Status Notes
SUPRANATIONAL OBLIGATIONS
Max % (MV)30.0 8.0 Compliant
Max % Issuer (MV)10.0 4.1 Compliant
Max Maturity (Years)5 3 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 47.2 Compliant
Max Maturity (Years)10 5 Compliant
18 348
PORTFOLIO CHARACTERISTICS
City of Dublin | Account #10198 | As of March 31, 2026
Benchmark*3/31/2026
Portfolio
12/31/2025
Portfolio
Average Maturity (yrs)2.65 2.99 3.04
Average Modified Duration 2.47 2.48 2.53
Average Purchase Yield 4.21%4.18%
Average Market Yield 3.84%4.04%3.76%
Average Quality**AA+AA+AA+
Total Market Value 320,589,395 319,664,885
*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.
19 349
SECTOR DISTRIBUTION
City of Dublin | Account #10198 | As of March 31, 2026
Sector as a Percentage of Market Value
Sector 03/31/2026 12/31/2025
US Treasury 47.24%48.04%
Corporate 25.71%25.24%
ABS 11.29%11.50%
Supras 8.04%8.10%
Agency CMBS 5.24%4.44%
Agency 2.26%2.29%
Money Mkt Fd 0.22%0.38%
20 350
ISSUERS
City of Dublin | Account #10198 | As of March 31, 2026
Issuer Investment Type % Portfolio
United States US Treasury 47.23%
Federal Home Loan Mortgage Corp Agency CMBS 5.24%
International Bank for Recon and Dev Supras 4.09%
Inter-American Development Bank Supras 3.44%
Chase Issuance Trust ABS 1.58%
Federal Home Loan Banks Agency 1.43%
Bank of America Corporation Corporate 1.39%
Amazon.com, Inc.Corporate 1.38%
Deere & Company Corporate 1.27%
JPMorgan Chase & Co.Corporate 1.26%
Toyota Motor Corporation Corporate 1.25%
Morgan Stanley Corporate 1.12%
Merck & Co., Inc.Corporate 1.10%
BMW Vehicle Owner Trust ABS 1.00%
John Deere Owner Trust ABS 1.00%
Guardian Life Global Funding Corporate 0.99%
Abbvie Inc.Corporate 0.96%
The Goldman Sachs Group, Inc.Corporate 0.96%
The Toronto-Dominion Bank Corporate 0.96%
U.S. Bancorp Corporate 0.87%
Tennessee Valley Authority Agency 0.83%
Honda Auto Receivables Owner Trust ABS 0.81%
Royal Bank of Canada Corporate 0.80%
American Express Credit Master Trust ABS 0.80%
UnitedHealth Group Incorporated Corporate 0.79%
Citigroup Inc ABS 0.76%
Berkshire Hathaway Inc.Corporate 0.71%
Realty Income Corporation Corporate 0.71%
Walmart Inc.Corporate 0.65%
Wells Fargo & Company Corporate 0.64%
21 351
ISSUERS
City of Dublin | Account #10198 | As of March 31, 2026
Issuer Investment Type % Portfolio
Caterpillar Inc.Corporate 0.64%
Bank of Montreal Corporate 0.64%
Massachusetts Mutual Life Insurance Corporate 0.64%
GM Financial Auto Leasing Trust ABS 0.63%
The Home Depot, Inc.Corporate 0.60%
Hyundai Auto Lease Sec Trust ABS 0.59%
Metropolitan Life Global Funding I Corporate 0.57%
Hyundai Auto Receivables Trust ABS 0.56%
Northwestern Mutual Global Funding Corporate 0.54%
Cargill, Incorporated Corporate 0.54%
Toyota Lease Owner Trust ABS 0.53%
WF Card Issuance Trust ABS 0.52%
International Finance Corporation Supras 0.51%
BMW Vehicle Lease Trust ABS 0.51%
Mercedes-Benz Auto Lease Trust ABS 0.50%
Cisco Systems, Inc.Corporate 0.50%
Qualcomm Incorporated Corporate 0.47%
Bank of America Credit Card Trust ABS 0.47%
BNY Mellon Corp Corporate 0.47%
American Honda Finance Corporation Corporate 0.44%
Target Corporation Corporate 0.41%
American Express Company Corporate 0.40%
GM Financial Securitized Term ABS 0.38%
T-Mobile Us Trust 2026-1 ABS 0.36%
Public Storage OP, LP Corporate 0.31%
Dominion Energy, Inc.Corporate 0.31%
Salesforce, Inc.Corporate 0.22%
First American Govt Oblig Fund Money Mkt Fd 0.22%
Toyota Auto Receivables Owner Trust ABS 0.21%
The Charles Schwab Corporation Corporate 0.18%
22 352
ISSUERS
City of Dublin | Account #10198 | As of March 31, 2026
Issuer Investment Type % Portfolio
Mercedes-Benz Auto Receivables Trust ABS 0.08%
Cash Cash 0.00%
TOTAL 100.00%
23 353
QUALITY DISTRIBUTION
Rating 03/31/2026 12/31/2025
AAA 17.76%18.63%
AA 59.46%58.10%
A 17.42%18.65%
BBB 2.37%1.95%
NA 2.99%2.66%
Rating 03/31/2026 12/31/2025
Aaa 15.55%14.76%
Aa 59.19%59.33%
A 20.08%20.41%
NA 5.18%5.50%
Rating 03/31/2026 12/31/2025
AAA 12.15%11.86%
AA 60.32%60.56%
A 10.63%10.77%
NA 16.90%16.81%
City of Dublin | Account #10198 | As of March 31, 2026
S&P Rating Moody’s Rating Fitch Rating
24 354
0-.25 .25-.5 .5-1 1-2 2-3 3-4 4-5 5-7 7+
Portfolio 3.0%2.5%6.8%20.6%36.5%17.9%12.7%0.0%0.0%
ICE BofA 1-5 Year Unsubordinated US Treasury &
Agency Index 0.0%0.0%2.5%35.8%29.1%20.5%12.1%0.0%0.0%
DURATION DISTRIBUTION
City of Dublin | Account #10198 | As of March 31, 2026
Portfolio Compared to the Benchmark
25 355
INVESTMENT PERFORMANCE
City of Dublin | Account #10198 | As of March 31, 2026
Total Rate of Return: Inception | 11/01/2013
TOTAL RATE OF RETURN*3 Months 12 Months 2 Years 3 Years 5 Years 10 Years Since Inception
City of Dublin 0.29%4.27%5.01%4.45%1.91%2.02%1.89%
Benchmark 0.20%3.87%4.68%3.93%1.49%1.70%1.62%
*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 26 356
PORTFOLIO CHARACTERISTICS
City of Dublin Reporting Account | Account #10219 | As of March 31, 2026
3/31/2026
Portfolio
12/31/2025
Portfolio
Average Maturity (yrs)0.00 0.00
Average Modified Duration 0.00 0.00
Average Purchase Yield 3.80%3.91%
Average Market Yield 3.80%3.91%
Average Quality**AAA AAA
Total Market Value 202,458,260 206,488,164
*Benchmark: NO BENCHMARK REQUIRED
**The credit quality is a weighted average calculation of the highest of S&P, Moody’s and Fitch.
27 357
SECTOR DISTRIBUTION
City of Dublin Reporting Account | Account #10219 | As of March 31, 2026
Sector as a Percentage of Market Value
Sector 03/31/2026 12/31/2025
LGIP 85.38%85.80%
LAIF 14.62%14.20%
28 358
ISSUERS
City of Dublin Reporting Account | Account #10219 | As of March 31, 2026
Issuer Investment Type % Portfolio
California Asset Mgmt Program LGIP 85.26%
LAIF LAIF 14.60%
Cash Cash 0.14%
TOTAL 100.00%
29 359
CONSOLIDATED INFORMATION
30 360
PORTFOLIO CHARACTERISTICS
City of Dublin Cons | Account #10221 | As of March 31, 2026
3/31/2026
Portfolio
12/31/2025
Portfolio
Average Maturity (yrs)1.83 1.84
Average Modified Duration 1.51 1.53
Average Purchase Yield 4.05%4.08%
Average Market Yield 3.95%3.82%
Average Quality**AA+AA+
Total Market Value 523,047,655 526,153,048
*Benchmark: NO BENCHMARK REQUIRED
**The credit quality is a weighted average calculation of the highest of S&P, Moody’s and Fitch.
31 361
SECTOR DISTRIBUTION
City of Dublin Cons | Account #10221 | As of March 31, 2026
Sector as a Percentage of Market Value
Sector 03/31/2026 12/31/2025
LGIP 33.18%33.82%
US Treasury 28.88%29.11%
Corporate 15.72%15.29%
ABS 6.90%6.97%
LAIF 5.68%5.60%
Supras 4.91%4.91%
Agency CMBS 3.21%2.69%
Agency 1.38%1.39%
Money Mkt Fd 0.13%0.23%
32 362
PORTFOLIO HOLDINGS
33 363
HOLDINGS REPORT
City of Dublin | Account #10198 | As of March 31, 2026
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 622.61 07/12/2022
3.77%
622.55
622.60
99.98
4.24%
622.50
1.03
0.00%
(0.10)
Aaa/NA
AAA
0.88
0.04
448988AD7 HALST 2024-A A3 5.02
03/15/2027 177,552.22 01/17/2024
5.03%
177,518.57
177,542.00
100.05
4.37%
177,639.93
396.14
0.06%
97.93
NA/AAA
AAA
0.96
0.07
36269FAD8 GMALT 2024-1 A3 5.09
03/22/2027 171,120.79 02/08/2024
5.09%
171,099.40
171,114.07
100.06
4.34%
171,229.45
266.14
0.05%
115.38
NA/AAA
AAA
0.97
0.08
89238GAD3 TLOT 2024-A A3 5.25 04/20/2027 104,400.75 02/21/2024
5.25%
104,396.34
104,399.27
100.08
3.70%
104,487.19
167.48
0.03%
87.92
NA/AAA
AAA
1.05
0.05
47800BAC2 JDOT 2022-C A3 5.09 06/15/2027 143,767.46 10/12/2022
5.15%
143,756.30
143,764.62
100.09
4.39%
143,899.15
325.23
0.05%
134.53
Aaa/NA
AAA
1.21
0.09
36269WAD1 GMALT 2024-2 A3 5.39
07/20/2027 558,686.58 05/07/2024
5.85%
558,654.12
558,673.29
100.23
4.22%
559,944.18
920.13
0.18%
1,270.89
NA/AAA
AAA
1.30
0.18
58768PAC8 MBART 2022-1 A3 5.21
08/16/2027 239,915.02 11/15/2022
5.28%
239,867.56
239,901.44
100.14
4.27%
240,238.90
555.54
0.08%
337.46
Aaa/AAA
NA
1.38
0.14
891943AD4 TLOT 2024-B A3 4.21 09/20/2027 1,586,346.43 09/10/2024
4.21%
1,586,160.83
1,586,255.66
100.04
4.11%
1,586,998.41
2,040.66
0.50%
742.76
Aaa/NA
AAA
1.47
0.29
58770JAD6 MBALT 2024-A A3 5.32
01/18/2028 720,555.68 05/17/2024
5.73%
720,471.38
720,514.19
100.53
4.12%
724,372.46
1,703.71
0.23%
3,858.27
Aaa/NA
AAA
1.80
0.42
362583AD8 GMCAR 2023-2 A3 4.47
02/16/2028 169,748.08 04/04/2023
4.51%
169,743.41
169,746.27
100.08
4.25%
169,890.16
316.16
0.05%
143.89
Aaa/AAA
NA
1.88
0.33
36271VAD9 GMALT 2025-1 A3 4.66
02/21/2028 1,260,000.00 02/05/2025
4.66%
1,259,851.32
1,259,906.94
100.41
4.13%
1,265,218.92
1,794.10
0.40%
5,311.98
NA/AAA
AAA
1.90
0.72
05592XAD2 BMWOT 2023-A A3 5.47
02/25/2028 158,986.36 07/11/2023
5.47%
158,958.19
158,974.73
100.51
4.01%
159,794.17
144.94
0.05%
819.44
NA/AAA
AAA
1.91
0.33
44935DAD1 HALST 2025-B A3 4.53 04/17/2028 730,000.00 04/24/2025
4.53%
729,934.08
729,954.53
100.39
4.20%
732,842.62
1,469.73
0.23%
2,888.09
NA/AAA
AAA
2.05
1.04
89239FAD4 TAOT 2023-D A3 5.54 08/15/2028 655,503.52 11/07/2023
5.61%
655,432.86
655,468.23
100.93
4.14%
661,607.57
1,614.00
0.21%
6,139.34
NA/AAA
AAA
2.38
0.63
161571HT4 CHAIT 2023-1 A 5.16 09/15/2028 3,090,000.00 09/07/2023
5.23%
3,089,143.45
3,089,578.99
100.54
3.99%
3,106,763.25
7,086.40
0.98%
17,184.26
NA/AAA
AAA
2.46
0.44
05594HAD5 BMWLT 2025-2 A3 3.97
09/25/2028 1,620,000.00 10/08/2025
4.32%
1,619,995.46
1,619,996.17
99.87
4.11%
1,617,813.00
1,071.90
0.51%
(2,183.17)
NA/AAA
AAA
2.49
1.26
34 364
HOLDINGS REPORT
City of Dublin | Account #10198 | As of March 31, 2026
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 448,622.47 03/11/2024
5.12%
448,597.34
448,608.31
100.58
4.15%
451,238.83
988.96
0.14%
2,630.52
Aaa/NA
AAA
2.63
0.67
437930AC4 HAROT 2024-2 A3 5.27
11/20/2028 790,233.73 05/14/2024
5.27%
790,137.72
790,177.43
100.76
4.16%
796,259.26
1,503.86
0.25%
6,081.83
NA/AAA
AAA
2.64
0.65
448970AD5 HALST 2026-A A3 3.97
12/15/2028 975,000.00 01/12/2026
3.98%
974,857.07
974,866.52
99.64
4.21%
971,509.50
1,720.33
0.31%
(3,357.02)
NA/AAA
AAA
2.71
1.76
36268GAD7 GMCAR 2024-1 A3 4.85
12/18/2028 292,883.15 01/09/2024
4.91%
292,824.25
292,850.64
100.39
4.25%
294,018.37
591.87
0.09%
1,167.73
Aaa/NA
AAA
2.72
0.59
161571HV9 CHAIT 241 A 4.6 01/16/2029 1,910,000.00 01/24/2024
4.61%
1,909,709.11
1,909,836.09
100.45
4.05%
1,918,654.21
3,904.89
0.60%
8,818.12
NA/AAA
AAA
2.80
0.76
448973AD9 HART 2024-A A3 4.99 02/15/2029 957,895.86 03/11/2024
5.05%
957,684.65
957,772.06
100.58
4.17%
963,436.33
2,124.40
0.30%
5,664.27
NA/AAA
AAA
2.88
0.66
096919AD7 BMWOT 2024-A A3 5.18
02/26/2029 1,037,286.34 06/04/2024
5.18%
1,037,128.78
1,037,189.11
100.66
4.30%
1,044,119.99
895.52
0.33%
6,930.87
Aaa/AAA
NA
2.91
0.70
47786WAD2 JDOT 2024-B A3 5.2 03/15/2029 1,105,926.02 06/11/2024
5.81%
1,105,709.81
1,105,791.25
100.96
4.07%
1,116,549.54
2,555.92
0.35%
10,758.29
Aaa/NA
AAA
2.96
0.80
44934QAD3 HART 2024-B A3 4.84 03/15/2029 825,000.00 07/16/2024
5.45%
824,875.51
824,920.75
100.59
4.13%
829,830.38
1,774.67
0.26%
4,909.62
NA/AAA
AAA
2.96
0.77
43813YAC6 HAROT 2024-3 A3 4.57
03/21/2029 1,778,791.61 08/09/2024
4.66%
1,778,512.17
1,778,610.38
100.36
4.13%
1,785,138.34
2,258.08
0.56%
6,527.96
Aaa/NA
AAA
2.97
0.72
05522RDJ4 BACCT 2024-1 A 4.93 05/15/2029 1,480,000.00 06/06/2024
4.93%
1,479,916.97
1,479,947.52
101.03
4.02%
1,495,309.12
3,242.84
0.47%
15,361.60
Aaa/AAA
NA
3.12
1.07
47800DAD6 JDOT 2025 A3 4.23 09/17/2029 1,465,000.00 03/04/2025
5.09%
1,464,907.85
1,464,929.39
100.28
4.08%
1,469,093.21
2,754.20
0.46%
4,163.82
Aaa/NA
AAA
3.47
1.49
096924AD7 BMWOT 2025-A A3 4.56
09/25/2029 1,980,000.00 02/04/2025
4.56%
1,979,804.97
1,979,852.74
100.53
4.10%
1,990,589.04
1,504.80
0.63%
10,736.30
Aaa/AAA
NA
3.49
1.05
92970QAE5 WFCIT 2024-2 A 4.29 10/15/2029 1,645,000.00 10/17/2024
4.29%
1,644,755.55
1,644,826.05
100.41
4.05%
1,651,732.99
3,136.47
0.52%
6,906.94
Aaa/AAA
NA
3.54
1.46
58770YAD3 MBALT 2026-A A3 3.93
01/15/2030 880,000.00 01/13/2026
3.97%
879,825.50
879,833.90
99.43
4.24%
874,965.52
1,537.07
0.28%
(4,868.38)
Aaa/NA
AAA
3.79
2.04
02582JKP4 AMXCA 2025-2 A 4.28 04/15/2030 2,530,000.00 05/06/2025
4.28%
2,529,954.21
2,529,962.44
100.35
4.14%
2,538,758.86
4,812.62
0.80%
8,796.42
NA/AAA
AAA
4.04
1.91
362549AD9 GMCAR 2025-2 A3 4.28
04/16/2030 745,000.00 05/06/2025
4.71%
744,890.34
744,909.98
100.19
4.17%
746,381.98
1,328.58
0.23%
1,472.00
Aaa/AAA
NA
4.04
1.28
35 365
HOLDINGS REPORT
City of Dublin | Account #10198 | As of March 31, 2026
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
17305EHA6 CCCIT 2025-A1 A1 4.3 06/21/2030 2,400,000.00 06/18/2025
4.31%
2,399,348.88
2,399,448.64
100.30
4.16%
2,407,089.60
28,666.67
0.76%
7,640.96
Aaa/AAA
NA
4.22
2.08
87269AAA8 TMUST 261 A 4.25 10/21/2030 1,140,000.00 03/12/2026
4.26%
1,139,758.09
1,139,759.82
99.83
4.36%
1,138,058.58
1,480.42
0.36%
(1,701.24)
Aaa/NA
AAA
4.56
2.28
35,768,804.60 100.37 35,906,095.51 11.29%2.97
Total ABS 35,773,844.67 4.75%35,770,506.04 4.13%86,655.45 135,589.47 1.07
AGENCY
3130ATS57 FEDERAL HOME LOAN BANKS 4.5
03/10/2028 3,000,000.00 03/21/2023
4.01%
3,065,010.00
3,025,395.09
101.21
3.84%
3,036,393.00
7,875.00
0.95%
10,997.91
Aa1/AA+
AA+
1.94
1.84
880591EZ1 TENNESSEE VALLEY AUTHORITY
3.875 03/15/2028 2,645,000.00 --
3.73%
2,661,791.35
2,651,721.78
100.11
3.82%
2,647,811.64
4,555.28
0.83%
(3,910.15)
Aa1/AA+
AA+
1.96
1.86
3130AWMN7 FEDERAL HOME LOAN BANKS
4.375 06/09/2028 1,500,000.00 07/26/2023
4.27%
1,506,615.00
1,502,974.70
101.10
3.84%
1,516,536.00
20,416.67
0.48%
13,561.30
Aa1/AA+
AA+
2.19
2.05
7,233,416.35 100.78 7,200,740.64 2.26%2.00
Total Agency 7,145,000.00 3.96%7,180,091.58 3.83%32,846.94 20,649.06 1.89
AGENCY CMBS
3137BSRE5 FHMS K-059 A2 3.12 09/25/2026 1,727,724.20 02/18/2022
1.92%
1,801,692.39
1,734,583.07
99.44
3.91%
1,718,128.42
4,492.08
0.54%
(16,454.65)
Aa1/AAA
AAA
0.49
0.45
3137F4D41 FHMS K-074 A2 3.6 01/25/2028 993,268.10 07/25/2023
5.78%
947,989.04
975,357.97
99.07
4.04%
984,016.80
2,979.80
0.31%
8,658.84
Aa1/AA+
AAA
1.82
1.67
3137FG6X8 FHMS K-077 A2 3.85 05/25/2028 2,815,000.00 05/24/2023
4.65%
2,763,318.36
2,793,125.85
99.37
4.07%
2,797,240.17
9,031.46
0.88%
4,114.32
Aa1/AA+
AAA
2.15
1.95
3137FK4M5 FHMS K-085 A2 4.06 10/25/2028 1,100,000.00 10/30/2023
5.60%
1,038,253.91
1,068,559.37
99.76
4.08%
1,097,318.20
3,721.67
0.34%
28,758.83
Aaa/AA+
AA+
2.57
2.36
3137FKUP9 FHMS K-087 A2 3.771 12/25/2028 2,420,239.25 07/01/2024
4.86%
2,315,393.73
2,356,745.85
99.06
4.09%
2,397,527.72
7,605.60
0.75%
40,781.88
Aa1/AAA
AA+
2.74
2.44
3137H5YC5 FHMS K-748 A2 2.26 01/25/2029 2,000,000.00 08/26/2024
4.08%
1,855,937.50
1,908,621.14
95.16
4.12%
1,903,114.00
3,766.67
0.60%
(5,507.14)
Aa1/AA+
AAA
2.82
2.59
3137FKZZ2 FHMS K-088 A2 3.69 01/25/2029 2,960,000.00 03/26/2026
4.24%
2,913,634.38
2,913,680.42
98.82
4.09%
2,924,992.08
9,102.00
0.92%
11,311.66
Aaa/AA+
AA+
2.82
2.56
36 366
HOLDINGS REPORT
City of Dublin | Account #10198 | As of March 31, 2026
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
3137H9D71 FHMS K-750 A2 3.0 09/25/2029 2,955,000.00 10/18/2024
4.25%
2,801,478.52
2,846,911.88
96.62
4.14%
2,855,150.55
7,387.50
0.90%
8,238.67
Aa1/AA+
AAA
3.49
2.88
16,437,697.83 98.29 16,677,487.94 5.24%2.49
Total Agency CMBS 16,971,231.55 4.32%16,597,585.54 4.08%48,086.78 79,902.40 2.22
CASH
CCYUSD Receivable 7,696.91 --7,696.91
7,696.91
1.00 7,696.91
0.00
0.00%
0.00
Aaa/AAA
AAA
0.00
0.00
7,696.91 1.00 7,696.91 0.00%0.00
Total Cash 7,696.91 7,696.91 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
2,484,953.29
99.40
3.93%
2,470,132.25
7,998.59
0.78%
(14,821.05)
A1/A+
A+
0.22
0.21
931142ER0 WALMART INC 1.05 09/17/2026 585,000.00 09/08/2021
1.09%
583,894.35
584,897.67
98.68
3.96%
577,274.49
238.88
0.18%
(7,623.18)
Aa2/AA
AA
0.47
0.45
59217GER6 METROPOLITAN LIFE GLOBAL
FUNDING I 1.875 01/11/2027 1,860,000.00 01/03/2022
1.90%
1,857,879.60
1,859,669.05
98.34
4.06%
1,829,176.08
7,750.00
0.57%
(30,492.97)
Aa3/AA-
AA-
0.78
0.76
87612EBM7 TARGET CORP 1.95 01/15/2027 1,340,000.00 01/19/2022
1.99%
1,337,722.00
1,339,637.68
98.43
3.99%
1,318,975.40
5,516.33
0.41%
(20,662.28)
A2/A
A
0.79
0.77
808513BY0 CHARLES SCHWAB CORP 2.45
03/03/2027 585,000.00 03/01/2022
2.47%
584,368.20
584,883.74
98.46
4.17%
575,978.72
1,114.75
0.18%
(8,905.03)
A2/A-
A
0.92
0.90
084664CZ2 BERKSHIRE HATHAWAY FINANCE
CORP 2.3 03/15/2027 2,295,000.00 03/07/2022
2.30%
2,294,563.95
2,294,916.90
98.45
3.97%
2,259,434.39
2,346.00
0.71%
(35,482.51)
Aa2/AA
A+
0.96
0.93
023135CF1 AMAZON.COM INC 3.3
04/13/2027 1,750,000.00 04/25/2022
3.34%
1,746,972.50
1,749,370.11
99.25
4.05%
1,736,813.75
26,950.00
0.55%
(12,556.36)
A1/AA
AA-
1.04
0.99
46647PCB0 JPMORGAN CHASE & CO 1.578
04/22/2027 500,000.00 08/23/2022
4.95%
449,845.00
499,188.62
99.84
4.53%
499,194.50
3,484.75
0.16%
5.88
A1/A
AA-
1.06
0.06
927804GH1 VIRGINIA ELECTRIC AND POWER
CO 3.75 05/15/2027 1,000,000.00 --
3.75%
999,773.40
999,924.89
99.38
4.32%
993,829.00
14,166.67
0.31%
(6,095.89)
A3/BBB+
A
1.12
1.07
931142EX7 WALMART INC 3.95 09/09/2027 1,500,000.00 --
3.97%
1,498,302.30
1,499,510.96
100.03
3.93%
1,500,477.00
3,620.83
0.47%
966.04
Aa2/AA
AA
1.44
1.38
37 367
HOLDINGS REPORT
City of Dublin | Account #10198 | As of March 31, 2026
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
89236TKJ3 TOYOTA MOTOR CREDIT CORP
4.55 09/20/2027 1,500,000.00 11/22/2022
4.88%
1,479,060.00
1,493,610.92
100.57
4.15%
1,508,545.50
2,085.42
0.47%
14,934.58
A1/A+
A+
1.47
1.41
023135CP9 AMAZON.COM INC 4.55
12/01/2027 1,000,000.00 01/17/2023
4.21%
1,014,400.00
1,004,772.52
100.88
3.99%
1,008,833.00
15,166.67
0.32%
4,060.48
A1/AA
AA-
1.67
1.49
89115A2M3 TORONTO-DOMINION BANK 5.156
01/10/2028 3,000,000.00 --
5.28%
2,984,380.00
2,993,934.34
101.27
4.40%
3,038,118.00
34,803.00
0.96%
44,183.66
A2/A-
AA-
1.78
1.66
756109AU8 REALTY INCOME CORP 3.65
01/15/2028 960,000.00 04/10/2023
4.87%
910,540.80
941,399.47
98.82
4.34%
948,716.16
7,397.33
0.30%
7,316.69
A3/A-
NA
1.79
1.70
24422EWR6 JOHN DEERE CAPITAL CORP 4.75
01/20/2028 2,000,000.00 01/23/2023
4.40%
2,030,780.00
2,011,138.95
101.33
3.98%
2,026,540.00
18,736.11
0.64%
15,401.05
A1/A
A+
1.81
1.70
06051GGF0 BANK OF AMERICA CORP 3.824
01/20/2028 3,000,000.00 --
5.88%
2,824,349.55
2,963,164.35
99.50
5.06%
2,985,042.00
22,625.33
0.94%
21,877.65
A1/A-
AA-
1.81
0.78
06368LGV2 BANK OF MONTREAL 5.203
02/01/2028 2,000,000.00 08/17/2023
5.56%
1,972,380.00
1,988,595.06
101.50
4.34%
2,029,996.00
17,343.33
0.64%
41,400.94
A2/A-
AA-
1.84
1.65
91324PEP3 UNITEDHEALTH GROUP INC 5.25
02/15/2028 1,500,000.00 02/21/2023
4.90%
1,522,890.00
1,508,377.20
101.76
4.26%
1,526,338.50
10,062.50
0.48%
17,961.30
A2/A+
A
1.88
1.68
46647PAF3 JPMORGAN CHASE & CO 3.54
05/01/2028 2,000,000.00 08/16/2023
6.06%
1,854,340.00
1,957,444.01
99.07
4.85%
1,981,434.00
29,500.00
0.62%
23,989.99
A1/A
AA-
2.08
1.03
58933YBH7 MERCK & CO INC 4.05 05/17/2028 3,500,000.00 --
4.06%
3,497,960.40
3,499,132.01
100.12
3.99%
3,504,105.50
52,762.50
1.10%
4,973.49
Aa3/A+
NA
2.13
1.92
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
1,465,519.92
99.56
4.57%
1,493,370.00
17,964.00
0.47%
27,850.08
Aa3/A
AA-
2.20
1.15
02665WEM9 AMERICAN HONDA FINANCE
CORP 5.125 07/07/2028 1,370,000.00 10/12/2023
5.60%
1,343,288.50
1,357,185.91
101.06
4.62%
1,384,589.13
16,382.92
0.44%
27,403.22
A3/BBB+
A
2.27
2.10
78016HZS2 ROYAL BANK OF CANADA 5.2
08/01/2028 2,500,000.00 09/07/2023
5.54%
2,464,100.00
2,482,854.03
101.98
4.30%
2,549,540.00
21,666.67
0.80%
66,685.97
A1/A
AA-
2.34
2.16
756109BS2 REALTY INCOME CORP 4.7
12/15/2028 1,300,000.00 --
4.98%
1,285,086.00
1,291,359.31
100.56
4.47%
1,307,307.30
17,990.56
0.41%
15,947.99
A3/A-
NA
2.71
2.41
91324PEU2 UNITEDHEALTH GROUP INC 4.25
01/15/2029 1,000,000.00 01/23/2024
4.61%
984,020.00
991,029.39
99.82
4.32%
998,223.00
8,972.22
0.31%
7,193.61
A2/A+
A
2.79
2.58
24422EXH7 JOHN DEERE CAPITAL CORP 4.5
01/16/2029 2,000,000.00 04/18/2024
5.16%
1,945,100.00
1,967,599.48
100.95
4.13%
2,019,064.00
18,750.00
0.63%
51,464.52
A1/A
A+
2.80
2.58
91159HJK7 US BANCORP 4.653 02/01/2029 1,250,000.00 04/11/2024
5.66%
1,207,450.00
1,229,415.25
100.46
4.56%
1,255,717.50
9,693.75
0.39%
26,302.25
A3/A
A
2.84
1.73
38 368
HOLDINGS REPORT
City of Dublin | Account #10198 | As of March 31, 2026
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
17275RBR2 CISCO SYSTEMS INC 4.85
02/26/2029 1,565,000.00 02/21/2024
4.86%
1,564,452.25
1,564,681.60
101.83
4.17%
1,593,659.85
7,379.41
0.50%
28,978.24
A1/AA-
NA
2.91
2.60
14913UAJ9 CATERPILLAR FINANCIAL SERVICES
CORP 4.85 02/27/2029 2,000,000.00 08/26/2024
4.19%
2,053,700.00
2,034,700.97
101.76
4.20%
2,035,140.00
9,161.11
0.64%
439.03
A2/A
A+
2.91
2.68
00287YDS5 ABBVIE INC 4.8 03/15/2029 1,500,000.00 07/22/2024
4.68%
1,507,245.00
1,504,565.05
101.61
4.22%
1,524,100.50
3,200.00
0.48%
19,535.46
A2/A-
NA
2.96
2.66
79466LAR5 SALESFORCE INC 4.65 03/15/2029 700,000.00 03/19/2026
4.65%
700,049.00
700,048.45
100.21
4.57%
701,449.70
1,627.50
0.22%
1,401.25
A2/A+
NA
2.96
2.65
61747YFD2 MORGAN STANLEY 5.164
04/20/2029 2,250,000.00 05/30/2024
5.44%
2,228,212.50
2,238,492.52
101.15
4.78%
2,275,915.50
51,962.75
0.72%
37,422.98
A1/A-
A+
3.05
1.89
437076DC3 HOME DEPOT INC 4.75
06/25/2029 1,875,000.00 07/18/2024
4.59%
1,887,993.75
1,883,437.50
101.54
4.23%
1,903,816.88
23,750.00
0.60%
20,379.38
A2/A
A
3.24
2.87
95000U3E1 WELLS FARGO & CO 5.574
07/25/2029 2,000,000.00 --
4.92%
2,042,675.00
2,027,496.65
102.30
4.77%
2,045,946.00
20,438.00
0.64%
18,449.35
A1/BBB+
A+
3.32
2.14
025816DH9 AMERICAN EXPRESS CO 5.282
07/27/2029 1,250,000.00 03/27/2025
4.67%
1,273,275.00
1,266,217.91
101.70
4.62%
1,271,296.25
11,554.38
0.40%
5,078.34
A2/A-
A
3.32
2.15
40139LBJ1 GUARDIAN LIFE GLOBAL FUNDING
4.179 09/26/2029 1,675,000.00 --
4.21%
1,672,866.75
1,673,511.29
99.08
4.47%
1,659,528.03
972.20
0.52%
(13,983.26)
Aa1/AA+
NA
3.49
3.21
57629TBV8 MASSMUTUAL GLOBAL FUNDING
II 4.95 01/10/2030 2,000,000.00 --
4.94%
2,000,626.35
2,000,562.65
101.07
4.64%
2,021,424.00
22,275.00
0.64%
20,861.35
Aa3/AA+
AA+
3.78
3.38
46647PEB8 JPMORGAN CHASE & CO 5.012
01/23/2030 1,500,000.00 03/19/2025
4.81%
1,510,215.00
1,507,474.04
101.40
4.60%
1,520,986.50
14,200.67
0.48%
13,512.46
A1/A
AA-
3.82
2.58
00287YDZ9 ABBVIE INC 4.875 03/15/2030 1,500,000.00 06/25/2025
4.39%
1,529,820.00
1,524,911.58
101.99
4.32%
1,529,923.50
3,250.00
0.48%
5,011.92
A2/A-
NA
3.96
3.50
61747YFQ3 MORGAN STANLEY 5.656
04/18/2030 1,250,000.00 06/04/2025
4.70%
1,291,937.50
1,283,033.57
102.87
4.70%
1,285,901.25
32,011.39
0.40%
2,867.68
A1/A-
A+
4.05
2.71
38141GA87 GOLDMAN SACHS GROUP INC
5.727 04/25/2030 1,500,000.00 08/08/2025
4.46%
1,564,140.00
1,553,094.46
103.17
4.68%
1,547,536.50
37,225.50
0.49%
(5,557.96)
A2/BBB+
A
4.07
2.73
747525BU6 QUALCOMM INC 4.5 05/20/2030 1,500,000.00 07/08/2025
4.41%
1,505,535.00
1,504,691.75
100.58
4.34%
1,508,746.50
24,562.50
0.47%
4,054.75
A2/A
NA
4.14
3.61
74464AAC5 PUBLIC STORAGE OPERATING CO
4.375 07/01/2030 1,000,000.00 07/23/2025
4.50%
994,710.00
995,446.43
99.87
4.41%
998,668.00
10,937.50
0.31%
3,221.57
A2/A
NA
4.25
3.80
06051GHV4 BANK OF AMERICA CORP 3.194
07/23/2030 1,500,000.00 09/17/2025
4.42%
1,449,030.00
1,454,648.51
95.91
4.67%
1,438,590.00
9,049.67
0.45%
(16,058.51)
A1/A-
AA-
4.31
3.08
39 369
HOLDINGS REPORT
City of Dublin | Account #10198 | As of March 31, 2026
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
91159HJS0 US BANCORP 5.1 07/23/2030 1,500,000.00 12/15/2025
4.18%
1,545,645.00
1,541,965.63
101.76
4.60%
1,526,449.50
14,450.00
0.48%
(15,516.13)
A3/A
A
4.31
3.00
141781CF9 CARGILL INC 4.125 10/23/2030 1,750,000.00 11/14/2025
4.28%
1,738,240.00
1,739,121.51
98.55
4.48%
1,724,649.50
31,682.29
0.54%
(14,472.01)
A2/A
NA
4.56
4.04
38141GB60 GOLDMAN SACHS GROUP INC
4.692 10/23/2030 1,500,000.00 11/25/2025
4.24%
1,524,240.00
1,522,099.68
100.08
4.69%
1,501,174.50
30,889.00
0.47%
(20,925.18)
A2/BBB+
A
4.56
3.18
40139LBP7 GUARDIAN LIFE GLOBAL FUNDING
4.402 12/11/2030 1,500,000.00 02/24/2026
4.18%
1,514,505.00
1,514,214.90
99.22
4.59%
1,488,291.00
20,175.83
0.47%
(25,923.90)
Aa1/AA+
NA
4.70
4.14
66815L2Z1 NORTHWESTERN MUTUAL
GLOBAL FUNDING 4.3 01/13/2031 1,750,000.00 01/14/2026
4.28%
1,751,715.00
1,751,643.54
98.59
4.63%
1,725,353.00
16,304.17
0.54%
(26,290.54)
Aa1/AA+
AAA
4.79
4.23
023135DD5 AMAZON.COM INC 4.25
03/13/2031 1,650,000.00 03/26/2026
4.51%
1,631,239.50
1,631,291.27
99.26
4.42%
1,637,839.50
3,506.25
0.51%
6,548.23
A1/AA
AA-
4.95
4.41
Total Corporate 81,495,000.00 4.45%
81,035,350.75
81,460,836.48
100.39
4.38%
81,793,151.10
795,654.22
25.71%
332,314.62
2.66
2.16
MONEY MARKET
FUND
31846V203 FIRST AMER:GVT OBLG Y 699,471.52 --
3.28%
699,471.52
699,471.52
1.00
3.28%
699,471.52
0.00
0.22%
0.00
Aaa/AAAm
AAA
0.00
0.00
Total Money Market
Fund 699,471.52 3.28%
699,471.52
699,471.52
1.00
3.28%
699,471.52
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
4,614,780.07
99.84
3.84%
4,607,754.45
18,059.39
1.45%
(7,025.62)
Aaa/AAA
NA
0.05
0.05
459058KT9
INTERNATIONAL BANK FOR
RECONSTRUCTION AND
DEVELOPM 3.5 07/12/2028
5,000,000.00 --
4.35%
4,813,059.00
4,913,139.87
99.32
3.81%
4,965,800.00
38,402.78
1.56%
52,660.13
Aaa/AAA
NA
2.28
2.15
45950KDD9 INTERNATIONAL FINANCE CORP
4.5 07/13/2028 1,605,000.00 07/06/2023
4.53%
1,603,218.45
1,604,186.75
101.47
3.82%
1,628,526.09
15,648.75
0.51%
24,339.34
Aaa/AAA
NA
2.28
2.14
4581X0DC9 INTER-AMERICAN DEVELOPMENT
BANK 3.125 09/18/2028 3,360,000.00 --
4.33%
3,187,150.40
3,270,965.99
98.37
3.82%
3,305,336.16
3,791.67
1.04%
34,370.17
Aaa/AAA
NA
2.47
2.34
40 370
HOLDINGS REPORT
City of Dublin | Account #10198 | As of March 31, 2026
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
4581X0EN4 INTER-AMERICAN DEVELOPMENT
BANK 4.125 02/15/2029 3,000,000.00 02/15/2024
4.34%
2,970,690.00
2,983,092.86
100.77
3.84%
3,022,989.00
15,812.50
0.95%
39,896.14
Aaa/AAA
NA
2.88
2.67
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
2,980,536.65
100.04
3.86%
3,001,080.00
53,280.00
0.94%
20,543.35
Aaa/AAA
NA
3.54
3.22
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
4,981,887.50
100.81
3.90%
5,040,485.00
6,302.08
1.58%
58,597.50
Aaa/AAA
NA
3.97
3.63
Total Supranational 25,580,000.00 3.69%
25,117,871.15
25,348,589.68
99.98
3.85%
25,571,970.70
151,297.17
8.04%
223,381.02
2.46
2.28
US TREASURY
91282CFM8 UNITED STATES TREASURY 4.125
09/30/2027 750,000.00 --
3.95%
755,591.15
751,739.30
100.41
3.84%
753,076.50
84.53
0.24%
1,337.20
Aa1/AA+
AA+
1.50
1.44
91282CGC9 UNITED STATES TREASURY 3.875
12/31/2027 10,000,000.00 --
3.70%
10,078,828.13
10,027,985.11
100.07
3.83%
10,007,030.00
97,410.22
3.15%
(20,955.11)
Aa1/AA+
AA+
1.75
1.66
91282CGT2 UNITED STATES TREASURY 3.625
03/31/2028 7,000,000.00 --
3.58%
7,014,042.96
7,005,732.99
99.64
3.82%
6,974,569.00
693.31
2.19%
(31,163.99)
Aa1/AA+
AA+
2.00
1.91
91282CHE4 UNITED STATES TREASURY 3.625
05/31/2028 4,500,000.00 --
4.07%
4,412,773.44
4,461,412.84
99.61
3.81%
4,482,247.50
54,673.76
1.41%
20,834.66
Aa1/AA+
AA+
2.17
2.04
91282CHQ7 UNITED STATES TREASURY 4.125
07/31/2028 9,000,000.00 --
4.51%
8,848,203.13
8,927,189.53
100.69
3.81%
9,061,875.00
61,533.15
2.85%
134,685.47
Aa1/AA+
AA+
2.33
2.19
91282CJA0 UNITED STATES TREASURY 4.625
09/30/2028 3,750,000.00 --
4.92%
3,702,089.84
3,725,766.45
101.91
3.81%
3,821,778.75
473.87
1.20%
96,012.30
Aa1/AA+
AA+
2.50
2.34
91282CJN2 UNITED STATES TREASURY 4.375
11/30/2028 5,500,000.00 --
4.03%
5,584,941.41
5,545,912.26
101.38
3.82%
5,576,054.00
80,649.04
1.75%
30,141.74
Aa1/AA+
AA+
2.67
2.46
91282CJR3 UNITED STATES TREASURY 3.75
12/31/2028 5,500,000.00 --
4.00%
5,438,359.38
5,465,653.89
99.80
3.83%
5,489,044.00
51,847.38
1.73%
23,390.11
Aa1/AA+
AA+
2.75
2.56
91282CKD2 UNITED STATES TREASURY 4.25
02/28/2029 13,000,000.00 --
4.44%
12,891,953.13
12,935,227.97
101.15
3.83%
13,149,292.00
48,043.48
4.13%
214,064.03
Aa1/AA+
AA+
2.91
2.71
91282CKP5 UNITED STATES TREASURY 4.625
04/30/2029 12,250,000.00 --
4.42%
12,359,384.76
12,319,402.51
102.27
3.84%
12,527,536.00
237,893.65
3.94%
208,133.49
Aa1/AA+
AA+
3.08
2.80
91282CKX8 UNITED STATES TREASURY 4.25
06/30/2029 6,500,000.00 --
3.96%
6,581,855.47
6,554,489.90
101.21
3.85%
6,578,708.50
69,444.06
2.07%
24,218.60
Aa1/AA+
AA+
3.25
2.98
41 371
HOLDINGS REPORT
City of Dublin | Account #10198 | As of March 31, 2026
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
91282CLK5 UNITED STATES TREASURY 3.625
08/31/2029 2,500,000.00 09/26/2024
3.55%
2,508,203.13
2,505,690.66
99.23
3.87%
2,480,860.00
7,880.43
0.78%
(24,830.66)
Aa1/AA+
AA+
3.42
3.17
91282CLN9 UNITED STATES TREASURY 3.5
09/30/2029 3,000,000.00 --
3.97%
2,937,480.47
2,955,705.21
98.80
3.87%
2,963,907.00
286.89
0.93%
8,201.79
Aa1/AA+
AA+
3.50
3.26
91282CFY2 UNITED STATES TREASURY 3.875
11/30/2029 10,000,000.00 --
4.32%
9,801,914.06
9,853,057.55
99.98
3.88%
9,997,660.00
129,876.37
3.14%
144,602.45
Aa1/AA+
AA+
3.67
3.34
91282CMG3 UNITED STATES TREASURY 4.25
01/31/2030 6,250,000.00 --
4.15%
6,277,187.51
6,271,679.68
101.27
3.89%
6,329,100.00
44,026.24
1.99%
57,420.32
Aa1/AA+
AA+
3.84
3.49
91282CMZ1 UNITED STATES TREASURY 3.875
04/30/2030 7,500,000.00 --
3.85%
7,509,785.16
7,508,054.20
99.89
3.90%
7,491,795.00
122,030.39
2.36%
(16,259.20)
Aa1/AA+
AA+
4.08
3.68
91282CHR5 UNITED STATES TREASURY 4.0
07/31/2030 8,750,000.00 --
3.79%
8,829,609.37
8,820,533.41
100.32
3.92%
8,777,685.00
58,011.05
2.76%
(42,848.41)
Aa1/AA+
AA+
4.33
3.92
91282CPA3 UNITED STATES TREASURY 3.625
09/30/2030 6,400,000.00 09/26/2025
3.77%
6,359,500.00
6,363,558.87
98.75
3.93%
6,320,249.60
633.88
1.99%
(43,309.27)
Aa1/AA+
AA+
4.50
4.11
91282CPD7 UNITED STATES TREASURY 3.625
10/31/2030 10,500,000.00 --
3.71%
10,458,984.38
10,461,793.04
98.71
3.94%
10,364,235.00
159,820.44
3.26%
(97,558.04)
Aa1/AA+
AA+
4.59
4.11
91282CPN5 UNITED STATES TREASURY 3.5
11/30/2030 7,500,000.00 --
3.70%
7,433,652.35
7,437,464.79
98.16
3.93%
7,362,015.00
87,980.77
2.31%
(75,449.79)
Aa1/AA+
AA+
4.67
4.21
91282CJX0 UNITED STATES TREASURY 4.0
01/31/2031 6,500,000.00 --
3.88%
6,535,292.97
6,534,748.83
100.20
3.95%
6,513,201.50
43,093.92
2.05%
(21,547.33)
Aa1/AA+
AA+
4.84
4.33
91282CQG9 UNITED STATES TREASURY 3.875
03/31/2031 3,250,000.00 03/31/2026
3.94%
3,240,351.56
3,240,356.84
99.68
3.95%
3,239,590.25
344.09
1.02%
(766.59)
Aa1/AA+
AA+
5.00
4.50
Total US Treasury 149,900,000.00 4.04%
149,559,983.76
149,673,155.85
100.25
3.87%
150,261,509.60
1,356,730.92
47.23%
588,353.75
3.38
3.09
Total Portfolio 317,572,244.65 4.21%
315,860,292.87
316,737,933.59
99.97
4.04%
318,118,123.92
2,471,271.48
100.00%
1,380,190.32
2.99
2.48
Total Market Value +
Accrued 320,589,395.40
42 372
HOLDINGS REPORT
City of Dublin Reporting Account | Account #10219 | As of March 31, 2026
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 281,737.63 --281,737.63
281,737.63
1.00 281,737.63
0.00
0.14%
0.00
Aaa/AAA
AAA
0.00
0.00
Total Cash 281,737.63
281,737.63
281,737.63
1.00 281,737.63
0.00
0.14%
0.00
0.00
0.00
LAIF
90LAIF$00 Local Agency Investment Fund
State Pool 29,565,919.95 --
3.82%
29,565,919.95
29,565,919.95
1.00
3.82%
29,565,919.95
0.00
14.60%
0.00
NA/NA
NA
0.00
0.00
Total LAIF 29,565,919.95 3.82%
29,565,919.95
29,565,919.95
1.00
3.82%
29,565,919.95
0.00
14.60%
0.00
0.00
0.00
LOCAL GOV
INVESTMENT POOL
90CAMP$00 CAMP 172,610,602.09 --
3.80%
172,610,602.09
172,610,602.09
1.00
3.80%
172,610,602.09
0.00
85.26%
0.00
NA/AAAm
NA
0.00
0.00
Total Local Gov
Investment Pool 172,610,602.09 3.80%
172,610,602.09
172,610,602.09
1.00
3.80%
172,610,602.09
0.00
85.26%
0.00
0.00
0.00
Total Portfolio 202,458,259.67 3.80%
202,458,259.67
202,458,259.67
1.00
3.80%
202,458,259.67
0.00
100.00%
0.00
0.00
0.00
Total Market Value +
Accrued 202,458,259.67
43 373
TRANSACTIONS
44 374
TRANSACTION LEDGER
City of Dublin | Account #10198|01/01/2026 Through 03/31/2026|
Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp
Yield Amount Interest Pur/
Sold Total Amount Gain/Loss
ACQUISITIONS
Purchase 01/15/2026 66815L2Z1 1,750,000.00
NORTHWESTERN
MUTUAL GLOBAL
FUNDING 4.3
01/13/2031
100.098 4.28%(1,751,715.00)(418.06)(1,752,133.06)0.00
Purchase 01/21/2026 448970AD5 975,000.00 HALST 26A A3 3.97
12/15/2028 99.985 3.98%(974,857.07)0.00 (974,857.07)0.00
Purchase 01/21/2026 58770YAD3 880,000.00 MBALT 2026-A A3 3.93
01/15/2030 99.980 3.97%(879,825.50)0.00 (879,825.50)0.00
Purchase 02/25/2026 40139LBP7 1,500,000.00
GUARDIAN LIFE
GLOBAL FUNDING
4.402 12/11/2030
100.967 4.18%(1,514,505.00)(13,572.83)(1,528,077.83)0.00
Purchase 03/06/2026 91282CJX0 3,500,000.00
UNITED STATES
TREASURY 4.0
01/31/2031
101.105 3.75%(3,538,691.41)(13,149.17)(3,551,840.58)0.00
Purchase 03/20/2026 87269AAA8 1,140,000.00 TMUST 261 A 4.25
10/21/2030 99.979 4.26%(1,139,758.09)0.00 (1,139,758.09)0.00
Purchase 03/20/2026 79466LAR5 700,000.00 SALESFORCE INC 4.65
03/15/2029 100.007 4.65%(700,049.00)(632.92)(700,681.92)0.00
Purchase 03/23/2026 91282CJX0 3,000,000.00
UNITED STATES
TREASURY 4.0
01/31/2031
99.887 4.02%(2,996,601.56)(16,906.08)(3,013,507.64)0.00
Purchase 03/27/2026 023135DD5 1,650,000.00 AMAZON.COM INC
4.25 03/13/2031 98.863 4.51%(1,631,239.50)(2,727.08)(1,633,966.58)0.00
Purchase 03/31/2026 3137FKZZ2 2,960,000.00 FHMS K-088 A2 3.69
01/25/2029 98.434 4.24%(2,913,634.38)(9,102.00)(2,922,736.38)0.00
Purchase 03/31/2026 91282CQG9 3,250,000.00
UNITED STATES
TREASURY 3.875
03/31/2031
99.703 3.94%(3,240,351.56)0.00 (3,240,351.56)0.00
Total Purchase 21,305,000.00 (21,281,228.07)(56,508.14)(21,337,736.21)0.00
TOTAL
ACQUISITIONS 21,305,000.00 (21,281,228.07)(56,508.14)(21,337,736.21)0.00
DISPOSITIONS
45 375
TRANSACTION LEDGER
City of Dublin | Account #10198|01/01/2026 Through 03/31/2026|
Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp
Yield Amount Interest Pur/
Sold Total Amount Gain/Loss
Sale 01/15/2026 06368FAC3 (2,500,000.00)BANK OF MONTREAL
1.25 09/15/2026 98.288 1.29%2,457,200.00 10,416.67 2,467,616.67 (42,206.41)
Sale 02/25/2026 40139LBF9 (765,000.00)
GUARDIAN LIFE
GLOBAL FUNDING
3.246 03/29/2027
99.429 3.25%760,631.85 10,070.71 770,702.56 (4,368.15)
Sale 03/06/2026 91282CEN7 (2,300,000.00)
UNITED STATES
TREASURY 2.75
04/30/2027
99.016 3.55%2,277,359.38 22,015.19 2,299,374.57 (3,249.04)
Sale 03/23/2026 91282CEW7 (2,000,000.00)
UNITED STATES
TREASURY 3.25
06/30/2027
99.148 3.22%1,982,968.75 14,723.76 1,997,692.51 (17,823.64)
Sale 03/27/2026 91282CFM8 (3,250,000.00)
UNITED STATES
TREASURY 4.125
09/30/2027
100.184 3.95%3,255,966.80 65,558.04 3,321,524.84 (1,639.04)
Sale 03/31/2026 91282CFM8 (3,000,000.00)
UNITED STATES
TREASURY 4.125
09/30/2027
100.422 3.95%3,012,656.25 0.00 3,012,656.25 5,686.35
Total Sale (13,815,000.00)13,746,783.03 122,784.37 13,869,567.40 (63,599.93)
TOTAL
DISPOSITIONS (13,815,000.00)13,746,783.03 122,784.37 13,869,567.40 (63,599.93)
46 376
TRANSACTION LEDGER
City of Dublin Reporting Account | Account #10219|01/01/2026 Through 03/31/2026|
Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp
Yield Amount Interest Pur/
Sold Total Amount Gain/Loss
ACQUISITIONS
Purchase 01/05/2026 90CAMP$00 3,600,000.00 CAMP 1.000 3.84%(3,600,000.00)0.00 (3,600,000.00)0.00
Purchase 01/27/2026 90CAMP$00 2,000,000.00 CAMP 1.000 3.84%(2,000,000.00)0.00 (2,000,000.00)0.00
Purchase 01/31/2026 90CAMP$00 575,683.88 CAMP 1.000 3.84%(575,683.88)0.00 (575,683.88)0.00
Purchase 02/27/2026 90CAMP$00 490,124.88 CAMP 1.000 3.83%(490,124.88)0.00 (490,124.88)0.00
Purchase 03/02/2026 90CAMP$00 3,100,000.00 CAMP 1.000 3.80%(3,100,000.00)0.00 (3,100,000.00)0.00
Purchase 03/24/2026 90CAMP$00 8,500,000.00 CAMP 1.000 3.80%(8,500,000.00)0.00 (8,500,000.00)0.00
Purchase 03/31/2026 90LAIF$00 286,922.07
Local Agency
Investment Fund State
Pool
1.000 3.82%(286,922.07)0.00 (286,922.07)0.00
Purchase 03/31/2026 90CAMP$00 533,966.40 CAMP 1.000 3.80%(533,966.40)0.00 (533,966.40)0.00
Total Purchase 19,086,697.23 (19,086,697.23)0.00 (19,086,697.23)0.00
TOTAL
ACQUISITIONS 19,086,697.23 (19,086,697.23)0.00 (19,086,697.23)0.00
DISPOSITIONS
Sale 01/13/2026 90CAMP$00 (6,100,000.00)CAMP 1.000 3.84%6,100,000.00 0.00 6,100,000.00 0.00
Sale 01/20/2026 90CAMP$00 (1,650,000.00)CAMP 1.000 3.84%1,650,000.00 0.00 1,650,000.00 0.00
Sale 02/09/2026 90CAMP$00 (7,100,000.00)CAMP 1.000 3.83%7,100,000.00 0.00 7,100,000.00 0.00
Sale 02/17/2026 90CAMP$00 (7,400,000.00)CAMP 1.000 3.83%7,400,000.00 0.00 7,400,000.00 0.00
Sale 02/23/2026 90CAMP$00 (850,000.00)CAMP 1.000 3.83%850,000.00 0.00 850,000.00 0.00
Total Sale (23,100,000.00)23,100,000.00 0.00 23,100,000.00 0.00
TOTAL
DISPOSITIONS (23,100,000.00)23,100,000.00 0.00 23,100,000.00 0.00
47 377
IMPORTANT DISCLOSURES
2026 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
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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.
LGIP Yields: Reported yields for local government investment pools may be presented as either the 30-day yield or the monthly distribution yield, as applicable. For certain funds,
the 30-day yield is calculated using reported daily yield data. Yield calculations are subject to change and may not be directly comparable across funds.
LAIF Yields: Additional Disclosure for CA Clients - As a result of a reporting lag from the Local Agency Investment Fund (LAIF), reported LAIF yields represent the most recently
available Daily Effective Yield and may reflect data from approximately 7–10 days prior to month-end.
48 378
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.
49 379
TRANSACTION LEDGER
City of Dublin | Account #10198|01/01/2026 Through 03/31/2026|
Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp
Yield Amount Interest Pur/
Sold Total Amount Gain/Loss
ACQUISITIONS
Purchase 01/15/2026 66815L2Z1 1,750,000.00
NORTHWESTERN
MUTUAL GLOBAL
FUNDING 4.3
01/13/2031
100.098 4.28%(1,751,715.00)(418.06)(1,752,133.06)0.00
Purchase 01/21/2026 448970AD5 975,000.00 HALST 26A A3 3.97
12/15/2028 99.985 3.98%(974,857.07)0.00 (974,857.07)0.00
Purchase 01/21/2026 58770YAD3 880,000.00 MBALT 2026-A A3 3.93
01/15/2030 99.980 3.97%(879,825.50)0.00 (879,825.50)0.00
Purchase 02/25/2026 40139LBP7 1,500,000.00
GUARDIAN LIFE
GLOBAL FUNDING
4.402 12/11/2030
100.967 4.18%(1,514,505.00)(13,572.83)(1,528,077.83)0.00
Purchase 03/06/2026 91282CJX0 3,500,000.00
UNITED STATES
TREASURY 4.0
01/31/2031
101.105 3.75%(3,538,691.41)(13,149.17)(3,551,840.58)0.00
Purchase 03/20/2026 87269AAA8 1,140,000.00 TMUST 261 A 4.25
10/21/2030 99.979 4.26%(1,139,758.09)0.00 (1,139,758.09)0.00
Purchase 03/20/2026 79466LAR5 700,000.00 SALESFORCE INC 4.65
03/15/2029 100.007 4.65%(700,049.00)(632.92)(700,681.92)0.00
Purchase 03/23/2026 91282CJX0 3,000,000.00
UNITED STATES
TREASURY 4.0
01/31/2031
99.887 4.02%(2,996,601.56)(16,906.08)(3,013,507.64)0.00
Purchase 03/27/2026 023135DD5 1,650,000.00 AMAZON.COM INC
4.25 03/13/2031 98.863 4.51%(1,631,239.50)(2,727.08)(1,633,966.58)0.00
Purchase 03/31/2026 3137FKZZ2 2,960,000.00 FHMS K-088 A2 3.69
01/25/2029 98.434 4.24%(2,913,634.38)(9,102.00)(2,922,736.38)0.00
Purchase 03/31/2026 91282CQG9 3,250,000.00
UNITED STATES
TREASURY 3.875
03/31/2031
99.703 3.94%(3,240,351.56)0.00 (3,240,351.56)0.00
Total Purchase 21,305,000.00 (21,281,228.07)(56,508.14)(21,337,736.21)0.00
TOTAL
ACQUISITIONS 21,305,000.00 (21,281,228.07)(56,508.14)(21,337,736.21)0.00
DISPOSITIONS
45
Attachment 2
380
TRANSACTION LEDGER
City of Dublin | Account #10198|01/01/2026 Through 03/31/2026|
Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp
Yield Amount Interest Pur/
Sold Total Amount Gain/Loss
Sale 01/15/2026 06368FAC3 (2,500,000.00)BANK OF MONTREAL
1.25 09/15/2026 98.288 1.29%2,457,200.00 10,416.67 2,467,616.67 (42,206.41)
Sale 02/25/2026 40139LBF9 (765,000.00)
GUARDIAN LIFE
GLOBAL FUNDING
3.246 03/29/2027
99.429 3.25%760,631.85 10,070.71 770,702.56 (4,368.15)
Sale 03/06/2026 91282CEN7 (2,300,000.00)
UNITED STATES
TREASURY 2.75
04/30/2027
99.016 3.55%2,277,359.38 22,015.19 2,299,374.57 (3,249.04)
Sale 03/23/2026 91282CEW7 (2,000,000.00)
UNITED STATES
TREASURY 3.25
06/30/2027
99.148 3.22%1,982,968.75 14,723.76 1,997,692.51 (17,823.64)
Sale 03/27/2026 91282CFM8 (3,250,000.00)
UNITED STATES
TREASURY 4.125
09/30/2027
100.184 3.95%3,255,966.80 65,558.04 3,321,524.84 (1,639.04)
Sale 03/31/2026 91282CFM8 (3,000,000.00)
UNITED STATES
TREASURY 4.125
09/30/2027
100.422 3.95%3,012,656.25 0.00 3,012,656.25 5,686.35
Total Sale (13,815,000.00)13,746,783.03 122,784.37 13,869,567.40 (63,599.93)
TOTAL
DISPOSITIONS (13,815,000.00)13,746,783.03 122,784.37 13,869,567.40 (63,599.93)
46 381
TRANSACTION LEDGER
City of Dublin Reporting Account | Account #10219|01/01/2026 Through 03/31/2026|
Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp
Yield Amount Interest Pur/
Sold Total Amount Gain/Loss
ACQUISITIONS
Purchase 01/05/2026 90CAMP$00 3,600,000.00 CAMP 1.000 3.84%(3,600,000.00)0.00 (3,600,000.00)0.00
Purchase 01/27/2026 90CAMP$00 2,000,000.00 CAMP 1.000 3.84%(2,000,000.00)0.00 (2,000,000.00)0.00
Purchase 01/31/2026 90CAMP$00 575,683.88 CAMP 1.000 3.84%(575,683.88)0.00 (575,683.88)0.00
Purchase 02/27/2026 90CAMP$00 490,124.88 CAMP 1.000 3.83%(490,124.88)0.00 (490,124.88)0.00
Purchase 03/02/2026 90CAMP$00 3,100,000.00 CAMP 1.000 3.80%(3,100,000.00)0.00 (3,100,000.00)0.00
Purchase 03/24/2026 90CAMP$00 8,500,000.00 CAMP 1.000 3.80%(8,500,000.00)0.00 (8,500,000.00)0.00
Purchase 03/31/2026 90LAIF$00 286,922.07
Local Agency
Investment Fund State
Pool
1.000 3.82%(286,922.07)0.00 (286,922.07)0.00
Purchase 03/31/2026 90CAMP$00 533,966.40 CAMP 1.000 3.80%(533,966.40)0.00 (533,966.40)0.00
Total Purchase 19,086,697.23 (19,086,697.23)0.00 (19,086,697.23)0.00
TOTAL
ACQUISITIONS 19,086,697.23 (19,086,697.23)0.00 (19,086,697.23)0.00
DISPOSITIONS
Sale 01/13/2026 90CAMP$00 (6,100,000.00)CAMP 1.000 3.84%6,100,000.00 0.00 6,100,000.00 0.00
Sale 01/20/2026 90CAMP$00 (1,650,000.00)CAMP 1.000 3.84%1,650,000.00 0.00 1,650,000.00 0.00
Sale 02/09/2026 90CAMP$00 (7,100,000.00)CAMP 1.000 3.83%7,100,000.00 0.00 7,100,000.00 0.00
Sale 02/17/2026 90CAMP$00 (7,400,000.00)CAMP 1.000 3.83%7,400,000.00 0.00 7,400,000.00 0.00
Sale 02/23/2026 90CAMP$00 (850,000.00)CAMP 1.000 3.83%850,000.00 0.00 850,000.00 0.00
Total Sale (23,100,000.00)23,100,000.00 0.00 23,100,000.00 0.00
TOTAL
DISPOSITIONS (23,100,000.00)23,100,000.00 0.00 23,100,000.00 0.00
47 382
IMPORTANT DISCLOSURES
2026 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.
LGIP Yields: Reported yields for local government investment pools may be presented as either the 30-day yield or the monthly distribution yield, as applicable. For certain funds,
the 30-day yield is calculated using reported daily yield data. Yield calculations are subject to change and may not be directly comparable across funds.
LAIF Yields: Additional Disclosure for CA Clients - As a result of a reporting lag from the Local Agency Investment Fund (LAIF), reported LAIF yields represent the most recently
available Daily Effective Yield and may reflect data from approximately 7–10 days prior to month-end.
48 383
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.
49 384
Page 1 of 2
Glossary of Investment Categories
Local Agency Investment Pools - Also referred to as Local Government Investment
Pools (LGIPs) — are investment vehicles that allow California public entities such as
counties, cities, school districts, and special districts to pool their funds together and
invest them collectively. These pools are designed to provide safety, liquidity, and
competitive yields by leveraging economies of scale and professional investment
management.
LAIF (Local Agency Investment Fund) - A voluntary investment program established
by state statute in 1977, that Enables local agencies to invest funds in a large,
professionally managed portfolio overseen by the State Treasurer’s Office.
CAMP (California Asset Management Program) - Joint Powers Authority investment
pool created for California public agencies to invest funds in a professionally managed,
diversified portfolio that prioritizes safety, liquidity, and yield. Managed by PFM Asset
Management LLC, CAMP offers daily liquidity and compliance with California
Government Code for public investments.
Agency - Federal agency securities and/or Government-sponsored enterprises.
Examples of well-known agencies that issue bonds are Federal Home Loan Mortgage
Corporation (FHLMC or "Freddie Mac"), Federal National Mortgage Association (FNMA
or "Fannie Mae"), and the Federal Home Loan Bank.
Cash – Includes cash on hand, receivables, payables.
Commercial Paper - An unsecured promissory note of industrial corporations, utilities
and bank holding companies having assets in excess of $500 million and an "A" or
higher rating for the issuer's debentures. Interest is discounted from par and calculated
using the actual number of days on a 360-day year. The notes are in bearer form,
mature from one to 270 days and generally start at $100,000. There is a secondary
market for commercial paper and an investor may sell them prior to maturity. Unused
lines of credit back commercial paper from major banks.
Agency CMBS (Commercial Mortgage-Backed Securities) - Mortgage-backed
securities issued or guaranteed by government-sponsored enterprises like Fannie Mae,
Freddie Mac, or Ginnie Mae, backed by pools of commercial real estate loans.
Money Market - Mutual funds that invest solely in money market instruments (short-
term debt instruments, such as Treasury bills, commercial paper, bankers' acceptances,
and federal funds).
Supranational - International financial institutions formed by multiple countries to
promote economic development and cooperation, such as the World Bank or the Inter -
American Development Bank. Bonds issued by supranationals are typically high -quality,
Attachment 3
385
Page 2 of 2
low-risk investments, often used by governments and institutional inve stors for
diversification and stability.
Corporate - Debt securities issued by corporations.
US Treasury - (Treasury Notes): Medium-term coupon-bearing U.S. Treasury securities
issued as direct obligations of the U.S. Government and having initial maturities of I to
10 years.
Accrued Interest - Interest earned but not yet received.
386