HomeMy WebLinkAboutItem 5.3 City Treasurer’s Informational Report of Investments for the Quarter Ending June 30, 2026Agenda Item 5.3
STAFF REPORT
CITY COUNCIL
Page 1 of 4
DATE: August 18, 2026
TO: Honorable Mayor and City Councilmembers
FROM: Colleen Tribby, City Manager
SUBJECT:
City Treasurer’s Informational Report of Investments for the Quarter
Ending June 30, 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 June 30, 2026 including a monthly transaction ledger. The City’s investment
portfolio for this period totaled $536,326,026 (market value) with an average market yield of
4.10%. 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 proportionat e share of the total cash
balance. The quarterly cash balance can vary from quarter to quarter based on the financial
needs of the City, including the timing of revenues and expenditures.
DESCRIPTION:
The total investment portfolio (market value) consists of $321,812,702 managed by Chandler
Asset Management, and $214,513,324 invested by the City in local government pools, the
Local Agency Investment Fund (LAIF) and the California Asset Management Program
(CAMP). The average market yields of the Chandler portfolio and the local pools were 4.31%
and 3.78%, respectively.
The total investment portfolio balance fluctuates throughout the year due to normal cash flow
42
Page 2 of 4
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).
Economic conditions during the period continued to be influenced by energy prices, inflation,
and geopolitical uncertainty. The ongoing conflict involving the United States, Israel, and Iran
disrupted global oil supplies and contributed to higher energy prices. These increases were a
significant factor in the recent rise in inflation, which reached its fastest pace in more than
three years.
More recently, oil prices have declined by approximately 20% from their May and early June
highs as diplomatic discussions between the United States and Iran have raised expectations
for a possible easing of tensions. At the same time, the U .S. labor market has remained
relatively strong, with continued job growth and low levels of unemployment claims. Financial
markets have also remained stable, with stock markets near record highs and corporate
earnings generally exceeding expectations.
Overall, persistent inflation and continued strength in the economy have reduced expectations
that the Federal Reserve will lower interest rates in the near term. As a result, the City’s
investment advisor, Chandler Asset Management, now anticipates that int erest rate reductions
are unlikely within the next six months.
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 increased by $13.3 million compared to the quarter
ending March 31, 2026. Overall, the City’s portfolio increased by $44.8 million from the same
quarter the prior year (see Table 1). Overall market yield-to-maturity increased from 3.95% to
4.10% (shown in Table 2). For detailed monthly transactions, refer to Attachment 2.
43
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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 along with the
assets managed by Chandler over the most recent eight quarters.
June 30, 2025 March 31, 2026
Holdings
Market
Value
Market
Value
Par
Value
Book
Value
Market
Value
% of
Subtotal
% of Total
Portfolio
Book
Yield
Market
Yield
Managed by City
Cash 301,677 281,738 281,320 281,320 281,320 0.1%0.1%0.00%0.00%
LAIF 28,348,987 29,565,920 29,565,920 29,565,920 29,565,920 13.8%5.5%3.82%3.82%
CAMP 150,768,678 172,610,602 184,666,084 184,666,084 184,666,084 86.1%34.5%3.77%3.77%
SUBTOTAL 179,419,341 202,458,260 214,513,324 214,513,324 214,513,324 100.00%40.07%3.78%3.78%
Managed by Chandler
ABS 38,538,323 35,906,096 36,171,308 36,168,001 36,194,034 11.3%6.8%4.71%4.31%
Agency 7,239,578 7,200,741 7,145,000 7,175,637 7,156,349 2.2%1.3%3.96%4.15%
Cash 12,697 7,697 9,362 9,362 9,362 0.0%0.0%0.00%0.00%
Agency CMBS 14,057,968 16,677,488 16,918,590 16,575,638 16,545,842 5.2%3.2%4.33%4.38%
Money Market 879,415 699,472 584,042 584,042 584,042 0.2%0.1%3.27%3.27%
Supranational 27,178,034 25,571,971 20,965,000 20,756,350 20,787,817 6.5%3.9%4.29%4.19%
Corporate 77,276,470 81,793,151 82,325,000 82,220,905 82,153,439 25.8%15.4%4.52%4.59%
US Treasury 144,465,586 150,261,510 156,650,000 156,372,847 155,570,246 48.8%29.3%4.04%4.18%
SUBTOTAL 309,648,071 318,118,124 320,768,300 319,862,782 319,001,130 100.00%59.93%4.27%4.31%
Accrued Interest 2,468,202 2,471,271 2,811,572
312,116,273 320,589,395 321,812,702
TOTAL PORTFOLIO 491,535,614 523,047,655 535,281,624 534,376,106 536,326,026 100.00%4.10%
44,790,412
13,278,371
June 30, 2026
Change from Prior Year
Change from Prior Quarter
Holdings (Market Value)6/30/25 9/30/25 12/31/25 3/31/26 6/30/26
% Change
from Prior
Quarter
LAIF/CAMP 179,117,665 175,184,990 206,189,825 202,176,522 214,232,004 5.96%
ABS 38,538,323 36,881,004 36,448,659 35,906,096 36,194,034 0.80%
Agency 7,239,578 7,239,856 7,256,940 7,200,741 7,156,349 -0.62%
Cash 314,373 309,213 300,722 289,435 290,682 0.43%
Agency CMBS 14,057,968 14,128,979 14,080,400 16,677,488 16,545,842 -0.79%
Money Market 879,415 694,172 1,211,335 699,472 584,042 -16.50%
Supranational 27,178,034 25,591,158 25,663,205 25,571,971 20,787,817 -18.71%
Corporate 77,276,470 78,291,033 80,011,813 81,793,151 82,153,439 0.44%
US Treasury 144,465,586 150,997,617 152,276,435 150,261,510 155,570,246 3.53%
Accrued Interest 2,468,202 2,230,446 2,713,715 2,471,271 2,811,572 13.77%
TOTAL 491,535,614 491,548,468 526,153,048 523,047,655 536,326,026 2.54%
Change
from Prior
Quarter
YIELD TO MATURITY 4.13%3.99%3.82%3.95%4.10%0.15%
44
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Table 3. Quarterly Portfolio Yields, Recent Eight Quarters
Market Yield LAIF CAMP Chandler
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%
6/30/26 3.82% 3.77% 4.31%
Finance and Investment Committee (FIC) Review
This report was not reviewed by the FIC, as the regularly scheduled FIC meeting of July 21
was canceled due to lack of quorum. Per the City’s Investment Policy, this report must be
reviewed by the City Council no later than two months following the quarter end.
STRATEGIC PLAN INITIATIVE:
None.
NOTICING REQUIREMENTS/PUBLIC OUTREACH:
The City Council Agenda was posted.
ATTACHMENTS:
1) City of Dublin Investment Report for Period Ending June 30, 2026
2) Transaction Ledger – April through June 2026
3) Glossary of Investment Categories
45
INVESTMENT REPORT
City of Dublin | As of June 30, 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
46
TABLE OF CONTENTS
ECONOMIC UPDATE
ACCOUNT PROFILE
CONSOLIDATED INFORMATION
PORTFOLIO HOLDINGS
TRANSACTIONS
1 47
ECONOMIC UPDATE
2 48
▪
▪
▪
Energy prices and inflation remained the primary drivers of the macro backdrop as the U.S.-Israel-Iran conflict entered its third month,
disrupting global oil supply. Headline CPI accelerated at the fastest pace in more than three years, reflecting volatility in the energy
component. Crude oil, however, retraced roughly 20%from its May–early June peak as diplomatic progress between the United States and
Iran pointed to a potential framework for de-escalation. The labor market remained resilient, with continued payroll growth and subdued
jobless claims. Risk assets held firm,as equities hovered near record highs and credit spreads remained historically tight amid broadly
better-than-expected corporate earnings. Taken together, the current market environment has further constrained the case for near-term
monetary policy easing, leading the Chandler team to push out its expected timing for rate cuts beyond the six-month investment horizon.
The Federal Reserve’s June FOMC meeting ended withpolicymakers unanimously holding the target range at 3.50%–3.75%,a notable shift
fromthe 8–4 split at April’s meeting, which markedJerome Powell’s final session as Chair. Under newChair KevinWarsh, sworn in on May
22,the Committee released an unusually concise statement that referenced Middle East tensions and energy supply disruptions while
removing prior forward guidance that had suggested a bias toward rate cuts. Updated projections leaned more hawkish, with 9 of 18
officials expecting at least one rate hike this year and 6 anticipating multiple increases. The shift signals that restoring price stability has
reemerged as the central focus of monetary policy deliberations.
The Treasury yield curve flattened modestly in June as short-term yields responded to a more hawkish shift in Federal Reserve guidance.
The 2-year yield rose to 4.15% from 3.98% the prior month, while the 10-year yield edged down slightly to 4.44% from 4.45%.As a result,
the 2s/10s spread narrowed to 29 basis points, down from roughly 47 basis points a month earlier and significantly below the 69 basis
point spread at the start of the year. Meanwhile, the 3-month/10-year spread remained positive at 64 basis points. Front-end rates
absorbed the bulk of the Fed’s updated rate outlook, while longer maturities were partly anchored by a late-month decline in oil prices.
ECONOMIC UPDATE
3 49
-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
(
%
)
Nonfarmpayrolls increased by just 57,000 in June, well belowthe 113,000 consensus and marking a sharp slowdown from May’s pace. The
unemployment rate edged down to 4.2%, though the decline was driven by a drop in labor force participation to 61.5%, its lowest level
since March 2021.Revisions further weakened the report’s signal. April payrolls were revised down by 31,000 to 148,000, while May was
lowered by 43,000 to 129,000, resulting in a combined two-month downward revision of 74,000.
Source: US Department of Labor Source: US Department of Labor
EMPLOYMENT
4 50
Source: Bloomberg Indices Source: Bloomberg Indices
ENERGY MARKETS
Crude oil prices declined sharply in June as supply disruptions tied to the Middle East conflict began to ease. Tanker traffic through the
Strait of Hormuz normalized, and signs of progress in U.S.–Iran negotiations helped unwind the geopolitical risk premium that had driven
prices higher earlier in the year. West Texas Intermediate settled near $69.37 per barrel on June 30,while Brent crude closed around
$72.96, both well below their recent peaks.Brent’s 21%monthly decline marked its steepest drop since March 2020,while WTI fell more
than 20%, its largest monthly loss since late 2021.Beyond crude, broader energy markets alsosoftened. Refined product cracks narrowed
as gasoline and diesel demand showed signs of seasonal moderation, while U.S. natural gas prices remained range-bound amid ample
storage and steady production. Taken together, the retracement in oil and broader energy prices reflects a rapid compression in
geopolitical risk premia and improved near-term supply visibility, even as underlying structural risks in the region remain unresolved.
2.00
2.50
3.00
3.50
4.00
4.50
5.00
5.50
6.00
6.50
US Fuel Prices
Average Retail Price US Diesel
Average Retail Price US Gas
($
)
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
)
5 51
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
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
Inflation firmed in May, with the Personal Consumption Expenditures (PCE) price index rising 0.4%on the month and 4.1%year overyear,
up from 3.8%in April and marking the highest annual rate of the current cycle. Core PCE, which excludes food andenergy, increased 0.3%
in May and3.4%overthe year. Energy prices remained the primary driver of the headline acceleration, reflecting supply disruptions tied to
the Iranian conflict. A similarpattern was evident in the headline Consumer Price Index (CPI), which rose 0.5%on the monthand 4.2%year
over year, the fastest annual pace since 2023.Energy prices climbed 3.9%in May and 23.5% from a year earlier, largely due to crude oil
reaching a four-year high.In contrast, core CPI rose a more modest 0.2%on the month and 2.9% year over year, indicating that inflation
pressures remain concentrated in energy rather than broad-based.
Source: US Department of Labor Source: US Department of Commerce
INFLATION
6 52
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
Retail Sales YOY % Change
YO
Y
(
%
)
C
h
a
n
g
e
Retail sales rose a robust 0.9%in May to $763.7 billion, nearly double the pace economists hadpenciled in and an acceleration fromApril's
downwardly revised0.4%gain. The closely watched control group, which feeds directly intogross domestic product calculations, advanced
0.7%, pointing to durable underlying demand. Gasoline station receipts rose as energy prices stayed high, while autosales rebounded after
an April pullback. The Conference Board's ConsumerConfidence Index ticked up 0.6 points to 91.2 in June, thoughthe improvement masked
a further deterioration in how households view the job market, with the share calling jobs ‘hard-to-get’climbing to a five year high.
Spending has proven more resilient than sentiment across recent months.
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 53
-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) edged up 0.1%in May to 99.3, following a revised 0.2%increase in April. Despite the
monthly gains, the LEI’s six- and twelve-month growth rates remained negative at -0.6% and -1.5%, respectively. The advance was driven
primarily by financial components, including equity prices andthe interest rate spread, while consumerexpectations continued to weigh on
the index. The Chicago Fed National Activity Index fell to -0.10 in May from an upwardly revised 0.19 in April. Production-related and
employment-related indicators each subtracted from the index, while the sales, orders, and inventories category made a small positive
contribution.
Source: The Conference Board Source: Federal Reserve Bank of Chicago
LEADING INDICATORS OF ECONOMIC ACTIVITY
8 54
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
2,000
2,200
2,400
In
T
h
o
u
s
a
n
d
s
o
f
U
n
i
t
s
Annualized Housing Starts
Multi Family Housing Starts
Single Family Housing Starts
Housing starts declined sharply in May to a seasonally adjusted annual rate of 1,177,000, a 15.4% drop from a downwardly revised
1,392,000 in April. The pullback was driven primarily by multifamily construction, while single-family starts edged down a more modest
1.9%to 882,000; total multifamily starts came in at 295,000 units. The S&P CoreLogic Case-Shiller 20-City Composite rose 1.1% yearover
year in April, marking its first pickup since November 2025,following an upwardly revised 0.9% gain in March. Freddie Mac’s average 30-
year fixed mortgage rate increased to 6.44% in May from 6.33% in April, reinforcing ongoing affordability constraints for prospective buyers.
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 55
40
45
50
55
60
65
70
Institute of Supply Management (ISM) Surveys
ISM Manufacturing ISM Services
EXPANDING
CONTRACTING
Manufacturing activity cooled slightly in June, with the Institute for Supply Management's Manufacturing Index easing to 53.3%, down0.7
percentage point from May but still marking a sixth consecutive month of expansion. Services activity alsomoderated,as the ISMServices
Index eased to 54.0% from54.5%, a twenty-fourth consecutive month in expansion territory. Business activity and neworders bothslowed,
though the employment component jumped to 51.2% from 47.9%, its strongest reading since late 2021 andthe first expansion in services
hiring in four months.
Source: Institute for Supply Management
PURCHASING MANAGERS INDEX (PMI)
10 56
Components of GDP 6/25 9/25 12/25 3/26
1.7% 2.3% 1.3% 0.4%
-2.7% 0.0% 0.4% 1.4%
4.8% 1.6% -0.2% -0.4%
-0.4% 0.2% -1.2% 0.6%
0.3% 0.2% 0.2% 0.2%
3.8% 4.4% 0.5% 2.1%
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
Real gross domestic product increased at an annualized rate of 2.1%in the first quarter of 2026,according to the Bureau of Economic
Analysis’thirdestimate,up from1.6%in the priorestimate and an acceleration from0.5%in the fourth quarter of 2025.The 0.5 percentage
point upward revision was driven primarily by a downward revision to imports—which subtract from GDP—partly offset by a downward
revision to consumer spending.
GROSS DOMESTIC PRODUCT (GDP)
11 57
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 OpenMarket Committee (FOMC) heldthe target range forthe federal funds rate at 3.50%to 3.75%at its June 16–17 meeting,
witha unanimous 12–0 vote. This marked a notable shift fromthe April meeting—Jerome Powell’s last as chair—which sawfour dissents in
an 8–4 decision. The return to consensus under Chair Kevin Warsh signals a clear change in tone. Minutes from the June meeting are
scheduled forrelease in early July. The June Summary of Economic Projections reflected a more hawkish outlook. The median projection for
the federal funds rate at year-end 2026 rose to 3.8%,up from3.4%in March, before easing to 3.6%in 2027 and3.4%in 2028.Officials also
revised their inflation forecasts, with headline PCE projected at 3.6%in 2026 (from 2.7%) and core PCE at 3.3%.By contrast, median
projections for real GDP growth and the unemployment rate—2.2% and 4.3%, respectively—were little changed.
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 58
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
Jun-26
Mar-26
Jun-25
Yi
e
l
d
(
%
)
Treasury yields ended June mixed, with a modest flattening across the curve as markets digested a more hawkish Federal Reserve signal.
The 2-yearyieldrose to 4.15% from3.98%at the end of May, while the 10-year yieldedged down to 4.44%from 4.45%. The 2s/10s spread
narrowed to 29 basis points, downfrom 47 basis points a month earlier. The 3-month/10-yearspread remained positive at roughly 64 basis
points at month-end. Relative to the 69 basis point spread at the start of 2026,the curve has flattened materially year to date, reflecting a
repricing higher in front-end rates as expectations shift toward the possibility of further Fed tightening rather than easing.
BOND YIELDS
13 59
ACCOUNT PROFILE
14 60
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 61
STATEMENT OF COMPLIANCE
City of Dublin | Account #10198 | As of June 30, 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 3.2 Compliant
ASSET-BACKED SECURITIES (ABS)
Max % (MV; Non Agency ABS & MBS)20.0 11.3 Compliant
Max % Issuer (MV)5.0 1.6 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 25.8 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 2.2 Compliant
Max % Issuer (MV)35.0 1.4 Compliant
Max Callables (MV)25.0 0.0 Compliant
Max Maturity (Years)10 1 Compliant
16 62
STATEMENT OF COMPLIANCE
City of Dublin | Account #10198 | As of June 30, 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 63
STATEMENT OF COMPLIANCE
City of Dublin | Account #10198 | As of June 30, 2026
Rules Name Limit Actual Compliance
Status Notes
SUPRANATIONAL OBLIGATIONS
Max % (MV)30.0 6.5 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 48.8 Compliant
Max Maturity (Years)10 5 Compliant
18 64
PORTFOLIO CHARACTERISTICS
City of Dublin | Account #10198 | As of June 30, 2026
Benchmark*6/30/2026
Portfolio
3/31/2026
Portfolio
Average Maturity (yrs)2.64 2.98 2.99
Average Modified Duration 2.46 2.46 2.48
Average Purchase Yield 4.27%4.21%
Average Market Yield 4.16%4.31%4.04%
Average Quality**AA+AA+AA+
Total Market Value 321,812,702 320,589,395
*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 65
SECTOR DISTRIBUTION
City of Dublin | Account #10198 | As of June 30, 2026
Sector as a Percentage of Market Value
Sector 06/30/2026 03/31/2026
US Treasury 48.77%47.23%
Corporate 25.75%25.71%
ABS 11.35%11.29%
Supras 6.52%8.04%
Agency CMBS 5.19%5.24%
Agency 2.24%2.26%
Money Mkt Fd 0.18%0.22%
20 66
ISSUERS
City of Dublin | Account #10198 | As of June 30, 2026
Issuer Investment Type % Portfolio
United States US Treasury 48.77%
Federal Home Loan Mortgage Corp Agency CMBS 5.19%
International Bank for Recon and Dev Supras 4.04%
Inter-American Development Bank Supras 1.97%
Chase Issuance Trust ABS 1.57%
Federal Home Loan Banks Agency 1.42%
Bank of America Corporation Corporate 1.39%
Amazon.com, Inc.Corporate 1.37%
Wells Fargo & Company Corporate 1.27%
Deere & Company Corporate 1.26%
Morgan Stanley Corporate 1.11%
JPMorgan Chase & Co.Corporate 1.10%
Merck & Co., Inc.Corporate 1.09%
Guardian Life Global Funding Corporate 0.98%
BMW Vehicle Lease Trust ABS 0.96%
The Goldman Sachs Group, Inc.Corporate 0.95%
Abbvie Inc.Corporate 0.95%
BMW Vehicle Owner Trust ABS 0.91%
American Express Company Corporate 0.87%
U.S. Bancorp Corporate 0.87%
John Deere Owner Trust ABS 0.86%
Tennessee Valley Authority Agency 0.83%
American Express Credit Master Trust ABS 0.79%
UnitedHealth Group Incorporated Corporate 0.79%
GM Financial Auto Leasing Trust ABS 0.76%
Citigroup Inc.ABS 0.75%
Berkshire Hathaway Inc.Corporate 0.71%
Realty Income Corporation Corporate 0.71%
Honda Auto Receivables Owner Trust ABS 0.65%
Caterpillar Inc.Corporate 0.63%
21 67
ISSUERS
City of Dublin | Account #10198 | As of June 30, 2026
Issuer Investment Type % Portfolio
Massachusetts Mutual Life Insurance Corporate 0.63%
Simon Property Group, Inc.Corporate 0.62%
The Home Depot, Inc.Corporate 0.59%
Metropolitan Life Global Funding I Corporate 0.58%
Hyundai Motor Company ABS 0.57%
Hyundai Motor Company Corporate 0.55%
Northwestern Mutual Global Funding Corporate 0.54%
Cargill, Incorporated Corporate 0.54%
Hyundai Auto Lease Sec Trust ABS 0.53%
WF Card Issuance Trust ABS 0.52%
NVIDIA Corporation Corporate 0.52%
International Finance Corporation Supras 0.51%
Cisco Systems, Inc.Corporate 0.50%
PNC Financial Services Corporate 0.47%
Toyota Motor Corporation Corporate 0.47%
Qualcomm Incorporated Corporate 0.47%
Walmart Inc.Corporate 0.47%
BNY Mellon Corp Corporate 0.47%
Bank of America Credit Card Trust ABS 0.47%
Hyundai Auto Receivables Trust ABS 0.45%
Mercedes-Benz Auto Lease Trust ABS 0.44%
American Honda Finance Corporation Corporate 0.43%
Duke Energy Corporation Corporate 0.43%
Target Corporation Corporate 0.42%
T-Mobile Us Trust 2026-1 ABS 0.36%
GM Financial Securitized Term ABS 0.33%
Dominion Energy, Inc.Corporate 0.31%
Public Storage OP, LP Corporate 0.31%
Toyota Lease Owner Trust ABS 0.28%
Salesforce, Inc.Corporate 0.22%
22 68
ISSUERS
City of Dublin | Account #10198 | As of June 30, 2026
Issuer Investment Type % Portfolio
First American Govt Oblig Fund Money Mkt Fd 0.18%
The Charles Schwab Corporation Corporate 0.18%
Toyota Auto Receivables Owner Trust ABS 0.16%
Mercedes-Benz Auto Receivables Trust ABS 0.00%
Cash Cash 0.00%
TOTAL 100.00%
23 69
QUALITY DISTRIBUTION
City of Dublin | Account #10198 | As of June 30, 2026
S&P Rating Moody’s Rating Fitch Rating
Rating 06/30/2026 03/31/2026
AAA 16.38%17.76%
AA 61.20%59.46%
A 16.56%17.42%
BBB 2.98%2.37%
NA 2.88%2.99%
Rating 06/30/2026 03/31/2026
Aaa 13.71%15.55%
Aa 61.33%59.19%
A 19.43%20.08%
NA 5.53%5.18%
Rating 06/30/2026 03/31/2026
AAA 12.31%12.15%
AA 59.00%60.32%
A 11.54%10.63%
NA 17.15%16.90%
24 70
DURATION DISTRIBUTION
City of Dublin | Account #10198 | As of June 30, 2026
Portfolio Compared to the Benchmark
0-.25 .25-.5 .5-1 1-2 2-3 3-4 4-5 5-7 7+
Portfolio 2.1%0.2%9.7%25.2%28.3%24.8%9.6%0.0%0.0%
ICE BofA 1-5 Year Unsubordinated US Treasury &
Agency Index 0.0%0.0%2.5%36.2%28.4%20.6%12.3%0.0%0.0%
25 71
INVESTMENT PERFORMANCE
City of Dublin | Account #10198 | As of June 30, 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 0.38%3.11%4.75%4.73%1.94%1.98%1.88%
Benchmark 0.24%2.71%4.37%4.30%1.52%1.64%1.60%
*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 72
PORTFOLIO CHARACTERISTICS
City of Dublin Reporting Account | Account #10219 | As of June 30, 2026
6/30/2026
Portfolio
3/31/2026
Portfolio
Average Maturity (yrs)0.00 0.00
Average Modified Duration 0.00 0.00
Average Purchase Yield 3.78%3.80%
Average Market Yield 3.78%3.80%
Average Quality**AAA AAA
Total Market Value 214,513,324 202,458,260
*Benchmark: NO BENCHMARK REQUIRED
**The credit quality is a weighted average calculation of the highest of S&P, Moody’s and Fitch.
27 73
SECTOR DISTRIBUTION
City of Dublin Reporting Account | Account #10219 | As of June 30, 2026
Sector as a Percentage of Market Value
Sector 06/30/2026 03/31/2026
LGIP 86.09%85.26%
LAIF 13.78%14.60%
Cash 0.13%0.14%
28 74
ISSUERS
City of Dublin Reporting Account | Account #10219 | As of June 30, 2026
Issuer Investment Type % Portfolio
California Asset Mgmt Program LGIP 86.09%
LAIF LAIF 13.78%
Cash Cash 0.13%
TOTAL 100.00%
29 75
CONSOLIDATED INFORMATION
30 76
PORTFOLIO CHARACTERISTICS
City of Dublin Cons | Account #10221 | As of June 30, 2026
6/30/2026
Portfolio
3/31/2026
Portfolio
Average Maturity (yrs)1.78 1.83
Average Modified Duration 1.47 1.51
Average Purchase Yield 4.07%4.05%
Average Market Yield 4.10%3.95%
Average Quality**AA+AA+
Total Market Value 536,326,026 523,047,655
*Benchmark: NO BENCHMARK REQUIRED
**The credit quality is a weighted average calculation of the highest of S&P, Moody’s and Fitch.
31 77
SECTOR DISTRIBUTION
City of Dublin Cons | Account #10221 | As of June 30, 2026
Sector as a Percentage of Market Value
Sector 06/30/2026 03/31/2026
LGIP 34.61%33.16%
US Treasury 29.16%28.86%
Corporate 15.40%15.71%
ABS 6.78%6.90%
LAIF 5.54%5.68%
Supras 3.90%4.91%
Agency CMBS 3.10%3.20%
Agency 1.34%1.38%
Money Mkt Fd 0.11%0.13%
Cash 0.05%0.06%
32 78
PORTFOLIO HOLDINGS
33 79
HOLDINGS REPORT
City of Dublin | Account #10198 | As of June 30, 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
36269WAD1 GMALT 2024-2 A3 5.39
07/20/2027 131,167.14 05/07/2024
5.85%
131,159.52
131,164.62
100.09
3.93%
131,279.81
216.03
0.04%
115.20
NA/AAA
AAA
1.05
0.06
58768PAC8 MBART 2022-1 A3 5.21
08/16/2027 12,214.69 11/15/2022
5.28%
12,212.28
12,214.13
100.05
3.85%
12,221.26
28.28
0.00%
7.14
Aaa/AAA
NA
1.13
0.04
891943AD4 TLOT 2024-B A3 4.21 09/20/2027 900,500.36 09/10/2024
4.21%
900,395.01
900,457.57
100.02
4.17%
900,636.34
1,158.39
0.28%
178.77
Aaa/NA
AAA
1.22
0.19
58770JAD6 MBALT 2024-A A3 5.32
01/18/2028 513,481.55 05/17/2024
5.73%
513,421.48
513,456.09
100.35
4.20%
515,289.52
1,214.10
0.16%
1,833.44
Aaa/NA
AAA
1.55
0.30
362583AD8 GMCAR 2023-2 A3 4.47
02/16/2028 95,567.34 04/04/2023
4.51%
95,564.71
95,566.45
100.07
4.12%
95,636.91
177.99
0.03%
70.46
Aaa/AAA
NA
1.63
0.18
36271VAD9 GMALT 2025-1 A3 4.66
02/21/2028 1,260,000.00 02/05/2025
4.66%
1,259,851.32
1,259,919.20
100.19
4.34%
1,262,339.82
1,794.10
0.40%
2,420.62
NA/AAA
AAA
1.65
0.50
05592XAD2 BMWOT 2023-A A3 5.47
02/25/2028 94,071.59 07/11/2023
5.47%
94,054.92
94,065.60
100.33
4.10%
94,380.52
85.76
0.03%
314.91
NA/AAA
AAA
1.66
0.23
44935DAD1 HALST 2025-B A3 4.53 04/17/2028 730,000.00 04/24/2025
4.53%
729,934.08
729,960.07
100.19
4.33%
731,364.37
1,469.73
0.23%
1,404.30
NA/AAA
AAA
1.80
0.78
89239FAD4 TAOT 2023-D A3 5.54 08/15/2028 508,942.72 11/07/2023
5.61%
508,887.86
508,918.20
100.63
4.41%
512,153.64
1,253.13
0.16%
3,235.44
NA/AAA
AAA
2.13
0.53
161571HT4 CHAIT 2023-1 A 5.16 09/15/2028 3,090,000.00 09/07/2023
5.23%
3,089,143.45
3,089,621.65
100.25
3.96%
3,097,783.71
7,086.40
0.97%
8,162.06
NA/AAA
AAA
2.21
0.20
05594HAD5 BMWLT 2025-2 A3 3.97
09/25/2028 1,620,000.00 10/08/2025
4.32%
1,619,995.46
1,619,996.55
99.67
4.34%
1,614,731.76
1,071.90
0.51%
(5,264.79)
NA/AAA
AAA
2.24
0.97
47800RAD5 JDOT 2024 A3 4.96 11/15/2028 364,464.15 03/11/2024
5.12%
364,443.74
364,453.74
100.37
4.44%
365,822.51
803.44
0.11%
1,368.77
Aaa/NA
AAA
2.38
0.65
437930AC4 HAROT 2024-2 A3 5.27
11/20/2028 620,641.70 05/14/2024
5.27%
620,566.29
620,601.65
100.54
4.37%
624,007.44
1,181.12
0.20%
3,405.78
NA/AAA
AAA
2.39
0.56
448970AD5 HALST 2026-A A3 3.97
12/15/2028 975,000.00 01/12/2026
3.98%
974,857.07
974,878.80
99.32
4.46%
968,417.78
1,720.33
0.30%
(6,461.03)
NA/AAA
AAA
2.46
1.49
36268GAD7 GMCAR 2024-1 A3 4.85
12/18/2028 221,392.56 01/09/2024
4.91%
221,348.04
221,370.24
100.28
4.28%
222,004.71
447.40
0.07%
634.47
Aaa/NA
AAA
2.47
0.45
161571HV9 CHAIT 241 A 4.6 01/16/2029 1,910,000.00 01/24/2024
4.61%
1,909,709.11
1,909,850.70
100.22
4.22%
1,914,203.91
3,904.89
0.60%
4,353.21
NA/AAA
AAA
2.55
0.52
34 80
HOLDINGS REPORT
City of Dublin | Account #10198 | As of June 30, 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
448973AD9 HART 2024-A A3 4.99 02/15/2029 749,733.02 03/11/2024
5.05%
749,567.71
749,644.51
100.34
4.37%
752,304.60
1,662.74
0.24%
2,660.09
NA/AAA
AAA
2.63
0.51
096919AD7 BMWOT 2024-A A3 5.18
02/26/2029 810,217.19 06/04/2024
5.18%
810,094.12
810,147.75
100.51
4.33%
814,318.51
699.49
0.26%
4,170.76
Aaa/AAA
NA
2.66
0.56
47786WAD2 JDOT 2024-B A3 5.2 03/15/2029 895,687.41 06/11/2024
5.81%
895,512.30
895,587.46
100.64
4.40%
901,411.74
2,070.03
0.28%
5,824.28
Aaa/NA
AAA
2.71
0.74
44934QAD3 HART 2024-B A3 4.84 03/15/2029 680,489.89 07/16/2024
5.45%
680,387.20
680,430.03
100.30
4.40%
682,542.92
1,463.81
0.21%
2,112.89
NA/AAA
AAA
2.71
0.61
36275AAD1 GMALT 2026-2 A3 4.3 03/20/2029 1,045,000.00 05/05/2026
4.40%
1,044,886.93
1,044,892.14
99.86
4.43%
1,043,491.02
1,123.38
0.33%
(1,401.12)
NA/AAA
AAA
2.72
1.57
43813YAC6 HAROT 2024-3 A3 4.57
03/21/2029 1,432,736.24 08/09/2024
4.66%
1,432,511.16
1,432,602.51
100.20
4.31%
1,435,575.93
1,818.78
0.45%
2,973.41
Aaa/NA
AAA
2.72
0.64
05522RDJ4 BACCT 2024-1 A 4.93 05/15/2029 1,480,000.00 06/06/2024
4.93%
1,479,916.97
1,479,951.71
100.65
4.21%
1,489,553.40
3,242.84
0.47%
9,601.69
Aaa/AAA
NA
2.87
0.84
05594YAD8 BMWLT 2026-1 A3 4.15
05/25/2029 1,445,000.00 04/14/2026
4.85%
1,444,840.33
1,444,850.23
99.56
4.46%
1,438,605.88
999.46
0.45%
(6,244.36)
Aaa/NA
AAA
2.90
1.65
47800DAD6 JDOT 2025 A3 4.23 09/17/2029 1,465,000.00 03/04/2025
5.09%
1,464,907.85
1,464,934.47
99.88
4.35%
1,463,184.87
2,754.20
0.46%
(1,749.61)
Aaa/NA
AAA
3.22
1.47
096924AD7 BMWOT 2025-A A3 4.56
09/25/2029 1,980,000.00 02/04/2025
4.56%
1,979,804.97
1,979,863.27
100.25
4.28%
1,984,896.54
1,504.80
0.62%
5,033.27
Aaa/AAA
NA
3.24
0.77
92970QAE5 WFCIT 2024-2 A 4.29 10/15/2029 1,645,000.00 10/17/2024
4.29%
1,644,755.55
1,644,838.29
100.06
4.28%
1,645,990.29
3,136.47
0.52%
1,152.00
Aaa/AAA
NA
3.29
1.23
58770YAD3 MBALT 2026-A A3 3.93
01/15/2030 880,000.00 01/13/2026
3.97%
879,825.50
879,844.81
99.21
4.40%
873,077.04
1,537.07
0.27%
(6,767.77)
Aaa/NA
AAA
3.54
1.78
02582JKP4 AMXCA 2025-2 A 4.28 04/15/2030 2,530,000.00 05/06/2025
4.28%
2,529,954.21
2,529,964.75
99.90
4.38%
2,527,449.76
4,812.62
0.79%
(2,514.99)
NA/AAA
AAA
3.79
1.69
362549AD9 GMCAR 2025-2 A3 4.28
04/16/2030 745,000.00 05/06/2025
4.71%
744,890.34
744,915.53
100.01
4.31%
745,093.13
1,328.58
0.23%
177.60
Aaa/AAA
NA
3.79
0.92
17305EHA6 CCCIT 2025-A1 A1 4.3 06/21/2030 2,400,000.00 06/18/2025
4.31%
2,399,348.88
2,399,481.18
99.83
4.39%
2,395,944.00
2,866.67
0.75%
(3,537.18)
Aaa/AAA
NA
3.97
1.87
87269AAA8 TMUST 2026-1 A 4.25 10/21/2030 1,140,000.00 03/12/2026
4.26%
1,139,758.09
1,139,772.96
99.47
4.54%
1,133,993.34
1,480.42
0.36%
(5,779.62)
Aaa/NA
AAA
4.31
2.09
44935KAD5 HART 26B A3 4.81 02/18/2031 1,800,000.00 06/09/2026
4.86%
1,799,782.74
1,799,784.52
100.24
4.44%
1,804,327.20
3,367.00
0.57%
4,542.68
NA/AAA
AAA
4.64
2.20
35 81
HOLDINGS REPORT
City of Dublin | Account #10198 | As of June 30, 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
36,166,289.18 100.06 36,194,034.18 11.35%2.93
Total ABS 36,171,307.55 4.71%36,168,001.41 4.31%59,481.35 26,032.77 1.06
AGENCY
3130ATS57 FEDERAL HOME LOAN BANKS 4.5
03/10/2028 3,000,000.00 03/21/2023
4.01%
3,065,010.00
3,022,135.64
100.53
4.17%
3,015,927.00
41,625.00
0.95%
(6,208.64)
Aa1/AA+
AA+
1.70
1.59
880591EZ1 TENNESSEE VALLEY AUTHORITY
3.875 03/15/2028 2,645,000.00 --
3.73%
2,661,791.35
2,650,865.09
99.60
4.12%
2,634,420.00
30,178.72
0.83%
(16,445.09)
Aa1/AA+
AA+
1.71
1.62
3130AWMN7 FEDERAL HOME LOAN BANKS
4.375 06/09/2028 1,500,000.00 07/26/2023
4.27%
1,506,615.00
1,502,636.33
100.40
4.16%
1,506,001.50
4,010.42
0.47%
3,365.17
Aa1/AA+
AA+
1.94
1.84
7,233,416.35 100.16 7,156,348.50 2.24%1.75
Total Agency 7,145,000.00 3.96%7,175,637.05 4.15%75,814.13 (19,288.55)1.65
AGENCY CMBS
3137BSRE5 FHMS K-059 A2 3.12 09/25/2026 1,689,069.58 02/18/2022
1.92%
1,761,382.87
1,691,786.81
99.58
4.13%
1,682,034.61
4,391.58
0.53%
(9,752.20)
Aa1/AAA
AAA
0.24
0.21
3137F4D41 FHMS K-074 A2 3.6 01/25/2028 987,771.02 07/25/2023
5.78%
942,742.55
972,492.51
98.76
4.32%
975,541.43
2,963.31
0.31%
3,048.92
Aa1/AA+
AAA
1.57
1.45
3137FG6X8 FHMS K-077 A2 3.85 05/25/2028 2,815,000.00 05/24/2023
4.65%
2,763,318.36
2,795,741.55
98.91
4.37%
2,784,285.54
9,031.46
0.87%
(11,456.01)
Aa1/AA+
AAA
1.90
1.72
3137FK4M5 FHMS K-085 A2 4.06 10/25/2028 1,100,000.00 10/30/2023
5.60%
1,038,253.91
1,071,689.68
99.03
4.42%
1,089,331.10
3,721.67
0.34%
17,641.42
Aaa/AA+
AA+
2.32
2.13
3137FKUP9 FHMS K-087 A2 3.771 12/25/2028 2,411,748.93 07/01/2024
4.86%
2,307,271.21
2,354,383.52
98.38
4.42%
2,372,627.95
7,578.92
0.74%
18,244.42
Aa1/AAA
AA+
2.49
2.22
3137H5YC5 FHMS K-748 A2 2.26 01/25/2029 2,000,000.00 08/26/2024
4.08%
1,855,937.50
1,916,887.02
94.87
4.43%
1,897,338.00
3,766.67
0.59%
(19,549.02)
Aa1/AA+
AAA
2.57
2.36
3137FKZZ2 FHMS K-088 A2 3.69 01/25/2029 2,960,000.00 03/26/2026
4.24%
2,913,634.38
2,917,870.37
98.12
4.43%
2,904,393.44
9,102.00
0.91%
(13,476.93)
Aaa/AA+
AA+
2.57
2.33
3137H9D71 FHMS K-750 A2 3.0 09/25/2029 2,955,000.00 10/18/2024
4.25%
2,801,478.52
2,854,786.99
96.12
4.43%
2,840,289.86
7,387.50
0.89%
(14,497.14)
Aa1/AA+
AAA
3.24
2.66
16,384,019.30 97.82 16,545,841.91 5.19%2.25
Total Agency CMBS 16,918,589.53 4.33%16,575,638.44 4.38%47,943.11 (29,796.53)1.99
36 82
HOLDINGS REPORT
City of Dublin | Account #10198 | As of June 30, 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 9,361.61 --9,361.61
9,361.61
1.00 9,361.61
0.00
0.00%
0.00
Aaa/AAA
AAA
0.00
0.00
Total Cash 9,361.61
9,361.61
9,361.61
1.00 9,361.61
0.00
0.00%
0.00
0.00
0.00
CORPORATE
59217GER6 METROPOLITAN LIFE GLOBAL
FUNDING I 1.875 01/11/2027 1,860,000.00 01/03/2022
1.90%
1,857,879.60
1,859,774.72
98.79
4.22%
1,837,447.50
16,468.75
0.58%
(22,327.22)
Aa3/AA-
AA-
0.53
0.51
87612EBM7 TARGET CORP 1.95 01/15/2027 1,340,000.00 01/19/2022
1.99%
1,337,722.00
1,339,751.77
98.83
4.16%
1,324,346.12
12,048.83
0.42%
(15,405.65)
A2/A
NA
0.54
0.52
808513BY0 CHARLES SCHWAB CORP 2.45
03/03/2027 585,000.00 03/01/2022
2.47%
584,368.20
584,915.23
98.80
4.27%
578,003.99
4,697.88
0.18%
(6,911.24)
A2/A-
A
0.67
0.65
084664CZ2 BERKSHIRE HATHAWAY FINANCE
CORP 2.3 03/15/2027 2,295,000.00 03/07/2022
2.30%
2,294,563.95
2,294,938.63
98.68
4.21%
2,264,722.07
15,542.25
0.71%
(30,216.56)
Aa2/AA
A+
0.71
0.69
023135CF1 AMAZON.COM INC 3.3
04/13/2027 1,750,000.00 04/25/2022
3.34%
1,746,972.50
1,749,522.15
99.31
4.19%
1,738,010.75
12,512.50
0.54%
(11,511.40)
A1/AA
AA-
0.79
0.76
927804GH1 VIRGINIA ELECTRIC AND POWER
CO 3.75 05/15/2027 1,000,000.00 --
3.75%
999,773.40
999,934.73
99.53
4.30%
995,341.00
4,791.67
0.31%
(4,593.73)
A3/BBB+
A
0.87
0.84
931142EX7 WALMART INC 3.95 09/09/2027 1,500,000.00 --
3.97%
1,498,302.30
1,499,595.56
99.74
4.17%
1,496,095.50
18,433.33
0.47%
(3,500.06)
Aa2/AA
AA
1.19
1.14
89236TKJ3 TOYOTA MOTOR CREDIT CORP
4.55 09/20/2027 1,500,000.00 11/22/2022
4.88%
1,479,060.00
1,494,693.61
100.30
4.29%
1,504,530.00
19,147.92
0.47%
9,836.39
A1/A+
A+
1.22
1.16
023135CP9 AMAZON.COM INC 4.55
12/01/2027 1,000,000.00 01/17/2023
4.21%
1,014,400.00
1,004,022.44
100.41
4.25%
1,004,087.00
3,791.67
0.31%
64.56
A1/AA
AA-
1.42
1.28
756109AU8 REALTY INCOME CORP 3.65
01/15/2028 960,000.00 04/10/2023
4.87%
910,540.80
943,987.62
98.78
4.48%
948,270.72
16,157.33
0.30%
4,283.10
A3/A-
NA
1.54
1.45
24422EWR6 JOHN DEERE CAPITAL CORP 4.75
01/20/2028 2,000,000.00 01/23/2023
4.40%
2,030,780.00
2,009,600.79
100.71
4.27%
2,014,146.00
42,486.11
0.63%
4,545.21
A1/A
A+
1.56
1.45
06051GGF0 BANK OF AMERICA CORP 3.824
01/20/2028 3,000,000.00 --
5.88%
2,824,349.55
2,974,565.86
99.65
5.20%
2,989,350.00
51,305.33
0.94%
14,784.14
A1/A-
AA-
1.56
0.53
91324PEP3 UNITEDHEALTH GROUP INC 5.25
02/15/2028 1,500,000.00 02/21/2023
4.90%
1,522,890.00
1,507,211.57
101.34
4.38%
1,520,037.00
29,750.00
0.48%
12,825.43
A2/A+
A
1.63
1.44
37 83
HOLDINGS REPORT
City of Dublin | Account #10198 | As of June 30, 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
46647PAF3 JPMORGAN CHASE & CO 3.54
05/01/2028 2,000,000.00 08/16/2023
6.06%
1,854,340.00
1,967,248.05
99.18
5.00%
1,983,568.00
11,800.00
0.62%
16,319.95
A1/A
AA-
1.84
0.81
58933YBH7 MERCK & CO INC 4.05 05/17/2028 3,500,000.00 --
4.06%
3,497,960.40
3,499,233.55
99.71
4.21%
3,489,808.00
17,325.00
1.09%
(9,425.55)
Aa3/A+
NA
1.88
1.78
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
1,472,683.59
99.61
4.61%
1,494,120.00
2,994.00
0.47%
21,436.41
Aa3/A
AA-
1.96
0.92
02665WEM9 AMERICAN HONDA FINANCE
CORP 5.125 07/07/2028 1,370,000.00 10/12/2023
5.60%
1,343,288.50
1,358,594.22
100.88
4.66%
1,382,061.48
33,936.04
0.43%
23,467.26
A3/BBB+
A-
2.02
1.85
756109BS2 REALTY INCOME CORP 4.7
12/15/2028 1,300,000.00 --
4.98%
1,285,086.00
1,292,154.36
100.25
4.59%
1,303,256.50
2,715.56
0.41%
11,102.14
A3/A-
NA
2.46
2.22
91324PEU2 UNITEDHEALTH GROUP INC 4.25
01/15/2029 1,000,000.00 01/23/2024
4.61%
984,020.00
991,829.71
99.50
4.46%
994,971.00
19,597.22
0.31%
3,141.29
A2/A+
A
2.54
2.33
24422EXH7 JOHN DEERE CAPITAL CORP 4.5
01/16/2029 2,000,000.00 04/18/2024
5.16%
1,945,100.00
1,970,487.28
100.26
4.39%
2,005,156.00
41,250.00
0.63%
34,668.72
A1/A
A+
2.55
2.33
91159HJK7 US BANCORP 4.653 02/01/2029 1,250,000.00 04/11/2024
5.66%
1,207,450.00
1,232,206.92
100.07
4.71%
1,250,875.00
24,234.38
0.39%
18,668.08
A3/A
A+
2.59
1.48
17275RBR2 CISCO SYSTEMS INC 4.85
02/26/2029 1,565,000.00 02/21/2024
4.86%
1,564,452.25
1,564,708.89
101.06
4.42%
1,581,618.74
26,355.03
0.50%
16,909.85
A1/AA-
NA
2.66
2.36
14913UAJ9 CATERPILLAR FINANCIAL SERVICES
CORP 4.85 02/27/2029 2,000,000.00 08/26/2024
4.19%
2,053,700.00
2,031,730.33
101.21
4.36%
2,024,280.00
33,411.11
0.63%
(7,450.33)
A1/A
A+
2.66
2.43
00287YDS5 ABBVIE INC 4.8 03/15/2029 1,500,000.00 07/22/2024
4.68%
1,507,245.00
1,504,169.78
100.78
4.49%
1,511,631.00
21,200.00
0.47%
7,461.22
A2/A-
NA
2.71
2.41
79466LAR5 SALESFORCE INC 4.65 03/15/2029 700,000.00 03/19/2026
4.65%
700,049.00
700,044.25
99.95
4.67%
699,637.40
9,765.00
0.22%
(406.85)
A2/A+
NA
2.71
2.48
61747YFD2 MORGAN STANLEY 5.164
04/20/2029 2,250,000.00 05/30/2024
5.44%
2,228,212.50
2,239,888.76
100.79
4.88%
2,267,734.50
22,915.25
0.71%
27,845.74
A1/A-
A+
2.80
1.69
437076DC3 HOME DEPOT INC 4.75
06/25/2029 1,875,000.00 07/18/2024
4.59%
1,887,993.75
1,882,769.84
100.99
4.39%
1,893,556.88
1,484.38
0.59%
10,787.04
A2/A
A
2.99
2.68
95000U3E1 WELLS FARGO & CO 5.574
07/25/2029 2,000,000.00 --
4.92%
2,042,675.00
2,024,538.97
101.69
4.92%
2,033,782.00
48,308.00
0.64%
9,243.03
A1/BBB+
A+
3.07
1.89
025816DH9 AMERICAN EXPRESS CO 5.282
07/27/2029 1,250,000.00 03/27/2025
4.67%
1,273,275.00
1,264,477.55
101.32
4.70%
1,266,551.25
28,060.63
0.40%
2,073.70
A2/A-
A
3.07
1.90
40139LBJ1 GUARDIAN LIFE GLOBAL FUNDING
4.179 09/26/2029 1,675,000.00 --
4.21%
1,672,866.75
1,673,617.62
98.69
4.62%
1,653,072.58
18,471.76
0.52%
(20,545.05)
Aa1/AA+
NA
3.24
2.96
38 84
HOLDINGS REPORT
City of Dublin | Account #10198 | As of June 30, 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
57629TBV8 MASSMUTUAL GLOBAL FUNDING
II 4.95 01/10/2030 2,000,000.00 --
4.94%
2,000,626.35
2,000,525.55
100.70
4.73%
2,014,010.00
47,025.00
0.63%
13,484.45
Aa3/AA+
AA+
3.53
3.13
46647PEB8 JPMORGAN CHASE & CO 5.012
01/23/2030 1,500,000.00 03/19/2025
4.81%
1,510,215.00
1,506,812.42
100.68
4.79%
1,510,161.00
32,995.67
0.47%
3,348.58
A1/A
AA-
3.57
2.33
00287YDZ9 ABBVIE INC 4.875 03/15/2030 1,500,000.00 06/25/2025
4.39%
1,529,820.00
1,523,310.62
101.10
4.55%
1,516,509.00
21,531.25
0.48%
(6,801.62)
A2/A-
NA
3.71
3.25
61747YFQ3 MORGAN STANLEY 5.656
04/18/2030 1,250,000.00 06/04/2025
4.70%
1,291,937.50
1,280,332.71
102.15
4.84%
1,276,887.50
14,336.39
0.40%
(3,445.21)
A1/A-
A+
3.80
2.54
38141GA87 GOLDMAN SACHS GROUP INC
5.727 04/25/2030 1,500,000.00 08/08/2025
4.46%
1,564,140.00
1,548,780.53
102.48
4.81%
1,537,240.50
15,749.25
0.48%
(11,540.03)
A2/BBB+
A
3.82
2.56
747525BU6 QUALCOMM INC 4.5 05/20/2030 1,500,000.00 07/08/2025
4.41%
1,505,535.00
1,504,403.27
99.96
4.51%
1,499,454.00
7,687.50
0.47%
(4,949.27)
A2/A
NA
3.89
3.51
74464AAC5 PUBLIC STORAGE OPERATING CO
4.375 07/01/2030 1,000,000.00 07/23/2025
4.50%
994,710.00
995,713.43
99.35
4.56%
993,481.00
21,875.00
0.31%
(2,232.43)
A2/A
NA
4.00
3.63
06051GHV4 BANK OF AMERICA CORP 3.194
07/23/2030 1,500,000.00 09/17/2025
4.42%
1,449,030.00
1,457,270.49
95.58
4.87%
1,433,625.00
21,027.17
0.45%
(23,645.49)
A1/A-
AA-
4.06
2.83
91159HJS0 US BANCORP 5.1 07/23/2030 1,500,000.00 12/15/2025
4.18%
1,545,645.00
1,538,806.93
101.23
4.72%
1,518,439.50
33,575.00
0.48%
(20,367.43)
A3/A
A+
4.06
2.75
141781CF9 CARGILL INC 4.125 10/23/2030 1,750,000.00 11/14/2025
4.28%
1,738,240.00
1,739,715.71
97.93
4.66%
1,713,810.00
13,635.42
0.54%
(25,905.71)
A2/A
NA
4.31
3.87
38141GB60 GOLDMAN SACHS GROUP INC
4.692 10/23/2030 1,500,000.00 11/25/2025
4.24%
1,524,240.00
1,520,553.89
99.53
4.83%
1,492,887.00
13,294.00
0.47%
(27,666.89)
A2/BBB+
A
4.31
3.01
40139LBP7 GUARDIAN LIFE GLOBAL FUNDING
4.402 12/11/2030 1,500,000.00 02/24/2026
4.18%
1,514,505.00
1,513,460.64
98.68
4.73%
1,480,189.50
3,668.33
0.46%
(33,271.14)
Aa1/AA+
NA
4.45
3.98
66815L2Z1 NORTHWESTERN MUTUAL
GLOBAL FUNDING 4.3 01/13/2031 1,750,000.00 01/14/2026
4.28%
1,751,715.00
1,751,557.98
98.44
4.69%
1,722,635.25
35,116.67
0.54%
(28,922.73)
Aa1/AA+
AAA
4.54
3.99
828807EB9 SIMON PROPERTY GROUP LP 4.3
01/15/2031 2,000,000.00 04/28/2026
4.57%
1,977,060.00
1,977,899.27
98.34
4.71%
1,966,818.00
40,133.33
0.62%
(11,081.27)
A3/A
NA
4.54
3.99
025816DY2 AMERICAN EXPRESS CO 5.085
01/30/2031 1,500,000.00 05/13/2026
4.64%
1,522,620.00
1,521,819.88
101.20
4.71%
1,517,983.50
31,993.13
0.48%
(3,836.38)
A2/A-
A
4.59
3.18
023135DD5 AMAZON.COM INC 4.25
03/13/2031 1,650,000.00 03/26/2026
4.51%
1,631,239.50
1,632,233.43
98.47
4.62%
1,624,680.75
21,037.50
0.51%
(7,552.68)
A1/AA
AA-
4.70
4.16
26442CBB9 DUKE ENERGY CAROLINAS LLC
2.55 04/15/2031 1,500,000.00 06/10/2026
4.68%
1,362,945.00
1,364,494.52
90.94
4.68%
1,364,047.50
8,075.00
0.43%
(447.02)
Aa3/A
NA
4.79
4.39
39 85
HOLDINGS REPORT
City of Dublin | Account #10198 | As of June 30, 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
95000U3W1 WELLS FARGO & CO 5.15
04/23/2031 2,000,000.00 05/26/2026
4.78%
2,026,340.00
2,025,693.96
101.05
4.90%
2,020,994.00
19,455.56
0.63%
(4,699.96)
A1/BBB+
A+
4.81
3.40
693475CD5 PNC FINANCIAL SERVICES GROUP
INC 4.899 05/13/2031 1,500,000.00 06/10/2026
4.81%
1,504,605.00
1,504,540.68
100.54
4.79%
1,508,115.00
9,798.00
0.47%
3,574.32
A3/A-
A
4.87
3.47
67066GAR5 NVIDIA CORP 4.5 06/15/2031 1,650,000.00 06/22/2026
4.66%
1,638,532.50
1,638,582.96
99.65
4.58%
1,644,159.00
2,681.25
0.52%
5,576.04
Aa1/AA
NA
4.96
4.39
44891AEP8 HYUNDAI CAPITAL AMERICA 5.0
06/18/2031 1,750,000.00 06/22/2026
5.11%
1,741,460.00
1,741,497.52
99.84
5.04%
1,747,243.75
3,159.72
0.55%
5,746.23
A3/A-
A-
4.97
4.34
Total Corporate 82,325,000.00 4.52%
81,870,407.30
82,220,904.74
99.82
4.59%
82,153,438.71
1,028,807.05
25.75%
(67,466.04)
2.91
2.33
MONEY MARKET
FUND
31846V203 FIRST AMER:GVT OBLG Y 584,041.66 --
3.27%
584,041.66
584,041.66
1.00
3.27%
584,041.66
0.00
0.18%
0.00
Aaa/AAAm
AAA
0.00
0.00
Total Money Market
Fund 584,041.66 3.27%
584,041.66
584,041.66
1.00
3.27%
584,041.66
0.00
0.18%
0.00
0.00
0.00
SUPRANATIONAL
459058KT9
INTERNATIONAL BANK FOR
RECONSTRUCTION AND
DEVELOPM 3.5 07/12/2028
5,000,000.00 --
4.35%
4,813,059.00
4,922,628.79
98.71
4.17%
4,935,410.00
82,152.78
1.55%
12,781.21
Aaa/AAA
NA
2.03
1.91
45950KDD9 INTERNATIONAL FINANCE CORP
4.5 07/13/2028 1,605,000.00 07/06/2023
4.53%
1,603,218.45
1,604,275.48
100.63
4.17%
1,615,095.45
33,705.00
0.51%
10,819.97
Aaa/AAA
NA
2.04
1.89
4581X0DC9 INTER-AMERICAN DEVELOPMENT
BANK 3.125 09/18/2028 3,360,000.00 --
4.33%
3,187,150.40
3,279,958.32
97.81
4.17%
3,286,523.52
30,041.67
1.03%
6,565.20
Aaa/AAA
NA
2.22
2.09
4581X0EN4 INTER-AMERICAN DEVELOPMENT
BANK 4.125 02/15/2029 3,000,000.00 02/15/2024
4.34%
2,970,690.00
2,984,556.75
99.86
4.18%
2,995,749.00
46,750.00
0.94%
11,192.25
Aaa/AAA
NA
2.63
2.42
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
2,981,905.40
99.00
4.20%
2,970,099.00
24,210.00
0.93%
(11,806.40)
Aaa/AAA
NA
3.30
3.03
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
4,983,025.00
99.70
4.21%
4,984,940.00
57,864.58
1.56%
1,915.00
Aaa/AAA
NA
3.72
3.38
40 86
HOLDINGS REPORT
City of Dublin | Account #10198 | As of June 30, 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
Total Supranational 20,965,000.00 4.29%
20,524,007.85
20,756,349.75
99.16
4.19%
20,787,816.97
274,724.03
6.52%
31,467.22
2.73
2.52
US TREASURY
91282CGC9 UNITED STATES TREASURY 3.875
12/31/2027 10,000,000.00 --
3.70%
10,078,828.13
10,023,999.75
99.58
4.17%
9,957,810.00
1,052.99
3.12%
(66,189.75)
Aa1/AA+
AA+
1.50
1.44
91282CGT2 UNITED STATES TREASURY 3.625
03/31/2028 7,000,000.00 --
3.58%
7,014,042.96
7,005,018.33
99.09
4.17%
6,936,013.00
63,784.15
2.17%
(69,005.33)
Aa1/AA+
AA+
1.75
1.66
91282CHE4 UNITED STATES TREASURY 3.625
05/31/2028 4,500,000.00 --
4.07%
4,412,773.44
4,465,852.07
99.02
4.16%
4,455,702.00
13,816.60
1.40%
(10,150.07)
Aa1/AA+
AA+
1.92
1.82
91282CHQ7 UNITED STATES TREASURY 4.125
07/31/2028 9,000,000.00 --
4.51%
8,848,203.13
8,934,966.24
99.93
4.16%
8,993,673.00
154,858.43
2.82%
58,706.76
Aa1/AA+
AA+
2.08
1.94
91282CJA0 UNITED STATES TREASURY 4.625
09/30/2028 3,750,000.00 --
4.92%
3,702,089.84
3,728,181.84
100.97
4.17%
3,786,330.00
43,596.31
1.19%
58,148.16
Aa1/AA+
AA+
2.25
2.10
91282CJN2 UNITED STATES TREASURY 4.375
11/30/2028 5,500,000.00 --
4.03%
5,584,941.41
5,541,622.72
100.46
4.17%
5,525,349.50
20,380.81
1.73%
(16,273.22)
Aa1/AA+
AA+
2.42
2.26
91282CJR3 UNITED STATES TREASURY 3.75
12/31/2028 5,500,000.00 --
4.00%
5,438,359.38
5,468,763.84
99.01
4.17%
5,445,429.00
560.46
1.71%
(23,334.84)
Aa1/AA+
AA+
2.50
2.36
91282CKD2 UNITED STATES TREASURY 4.25
02/28/2029 13,000,000.00 --
4.44%
12,891,953.13
12,940,767.68
100.21
4.17%
13,026,910.00
184,667.12
4.08%
86,142.32
Aa1/AA+
AA+
2.67
2.46
91282CKP5 UNITED STATES TREASURY 4.625
04/30/2029 12,250,000.00 --
4.42%
12,359,384.76
12,313,788.62
101.20
4.17%
12,396,424.25
95,453.46
3.89%
82,635.63
Aa1/AA+
AA+
2.83
2.61
91282CKX8 UNITED STATES TREASURY 4.25
06/30/2029 6,500,000.00 --
3.96%
6,581,855.47
6,550,308.97
100.23
4.17%
6,514,729.00
750.68
2.04%
(35,579.97)
Aa1/AA+
AA+
3.00
2.79
91282CLK5 UNITED STATES TREASURY 3.625
08/31/2029 2,500,000.00 09/26/2024
3.55%
2,508,203.13
2,505,275.72
98.40
4.17%
2,459,960.00
30,290.42
0.77%
(45,315.72)
Aa1/AA+
AA+
3.17
2.92
91282CLN9 UNITED STATES TREASURY 3.5
09/30/2029 3,000,000.00 --
3.97%
2,937,480.47
2,958,859.22
97.97
4.17%
2,939,064.00
26,393.44
0.92%
(19,795.22)
Aa1/AA+
AA+
3.25
3.01
91282CFY2 UNITED STATES TREASURY 3.875
11/30/2029 10,000,000.00 --
4.32%
9,801,914.06
9,863,043.93
99.04
4.18%
9,903,520.00
32,821.04
3.10%
40,476.07
Aa1/AA+
AA+
3.42
3.15
91282CMG3 UNITED STATES TREASURY 4.25
01/31/2030 6,250,000.00 --
4.15%
6,277,187.51
6,270,271.51
100.22
4.18%
6,263,675.00
110,799.38
1.96%
(6,596.51)
Aa1/AA+
AA+
3.59
3.24
41 87
HOLDINGS REPORT
City of Dublin | Account #10198 | As of June 30, 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
91282CMZ1 UNITED STATES TREASURY 3.875
04/30/2030 7,500,000.00 --
3.85%
7,509,785.16
7,507,562.30
98.92
4.18%
7,418,850.00
48,963.99
2.33%
(88,712.30)
Aa1/AA+
AA+
3.83
3.50
91282CHR5 UNITED STATES TREASURY 4.0
07/31/2030 8,750,000.00 --
3.79%
8,829,609.37
8,816,476.18
99.27
4.19%
8,686,422.50
145,994.48
2.72%
(130,053.68)
Aa1/AA+
AA+
4.08
3.67
91282CPA3 UNITED STATES TREASURY 3.625
09/30/2030 6,400,000.00 09/26/2025
3.77%
6,359,500.00
6,365,577.22
97.80
4.20%
6,259,001.60
58,316.94
1.96%
(106,575.62)
Aa1/AA+
AA+
4.25
3.86
91282CPD7 UNITED STATES TREASURY 3.625
10/31/2030 10,500,000.00 --
3.71%
10,458,984.38
10,463,870.00
97.74
4.20%
10,262,931.00
64,127.04
3.22%
(200,939.00)
Aa1/AA+
AA+
4.34
3.94
91282CPN5 UNITED STATES TREASURY 3.5
11/30/2030 7,500,000.00 --
3.70%
7,433,652.35
7,440,804.41
97.20
4.20%
7,289,647.50
22,233.61
2.29%
(151,156.91)
Aa1/AA+
AA+
4.42
4.03
91282CJX0 UNITED STATES TREASURY 4.0
01/31/2031 6,500,000.00 --
3.88%
6,535,292.97
6,532,958.26
99.13
4.21%
6,443,632.00
108,453.04
2.02%
(89,326.26)
Aa1/AA+
AA+
4.59
4.08
91282CQG9 UNITED STATES TREASURY 3.875
03/31/2031 10,000,000.00 --
4.05%
9,924,462.89
9,926,547.66
98.58
4.21%
9,857,810.00
97,404.37
3.09%
(68,737.66)
Aa1/AA+
AA+
4.75
4.25
91282CQX2 UNITED STATES TREASURY 4.125
06/30/2031 750,000.00 06/30/2026
4.17%
748,330.08
748,330.99
99.65
4.20%
747,363.00
84.07
0.23%
(967.99)
Aa1/AA+
AA+
5.00
4.47
Total US Treasury 156,650,000.00 4.04%
156,236,834.02
156,372,847.46
99.32
4.18%
155,570,246.35
1,324,802.82
48.77%
(802,601.11)
3.22
2.94
Total Portfolio 320,768,300.35 4.27%
319,008,377.27
319,862,782.12
99.28
4.31%
319,001,129.88
2,811,572.48
100.00%
(861,652.24)
2.98
2.46
Total Market Value +
Accrued 321,812,702.36
42 88
HOLDINGS REPORT
City of Dublin Reporting Account | Account #10219 | As of June 30, 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 281,319.97 --281,319.97
281,319.97
1.00 281,319.97
0.00
0.13%
0.00
Aaa/AAA
AAA
0.00
0.00
Total Cash 281,319.97
281,319.97
281,319.97
1.00 281,319.97
0.00
0.13%
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
13.78%
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
13.78%
0.00
0.00
0.00
LOCAL GOV
INVESTMENT POOL
90CAMP$00 CAMP 184,666,083.90 --
3.77%
184,666,083.90
184,666,083.90
1.00
3.77%
184,666,083.90
0.00
86.09%
0.00
NA/AAAm
NA
0.00
0.00
Total Local Gov
Investment Pool 184,666,083.90 3.77%
184,666,083.90
184,666,083.90
1.00
3.77%
184,666,083.90
0.00
86.09%
0.00
0.00
0.00
Total Portfolio 214,513,323.82 3.78%
214,513,323.82
214,513,323.82
1.00
3.78%
214,513,323.82
0.00
100.00%
0.00
0.00
0.00
Total Market Value +
Accrued 214,513,323.82
43 89
TRANSACTIONS
44 90
TRANSACTION LEDGER
City of Dublin | Account #10198|04/01/2026 Through 06/30/2026|
Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp
Yield Amount Interest Pur/
Sold Total Amount Gain/Loss
ACQUISITIONS
Purchase 04/22/2026 05594YAD8 1,445,000.00 BMWLT 2026-1 A3
4.15 05/25/2029 99.989 4.85%(1,444,840.33)0.00 (1,444,840.33)0.00
Purchase 04/29/2026 828807EB9 2,000,000.00
SIMON PROPERTY
GROUP LP 4.3
01/15/2031
98.853 4.57%(1,977,060.00)(25,322.22)(2,002,382.22)0.00
Purchase 04/30/2026 91282CQG9 3,250,000.00
UNITED STATES
TREASURY 3.875
03/31/2031
99.285 4.04%(3,226,767.58)(10,322.75)(3,237,090.33)0.00
Purchase 05/14/2026 36275AAD1 1,045,000.00 GMALT 2026-2 A3 4.3
03/20/2029 99.989 4.40%(1,044,886.93)0.00 (1,044,886.93)0.00
Purchase 05/14/2026 025816DY2 1,500,000.00 AMERICAN EXPRESS
CO 5.085 01/30/2031 101.508 4.64%(1,522,620.00)(22,035.00)(1,544,655.00)0.00
Purchase 05/27/2026 95000U3W1 2,000,000.00 WELLS FARGO & CO
5.15 04/23/2031 101.317 4.78%(2,026,340.00)(9,727.78)(2,036,067.78)0.00
Purchase 05/29/2026 91282CQG9 3,500,000.00
UNITED STATES
TREASURY 3.875
03/31/2031
98.781 4.15%(3,457,343.75)(21,863.05)(3,479,206.80)0.00
Purchase 06/11/2026 26442CBB9 1,500,000.00
DUKE ENERGY
CAROLINAS LLC 2.55
04/15/2031
90.863 4.68%(1,362,945.00)(5,950.00)(1,368,895.00)0.00
Purchase 06/11/2026 693475CD5 1,500,000.00
PNC FINANCIAL
SERVICES GROUP INC
4.899 05/13/2031
100.307 4.81%(1,504,605.00)(5,715.50)(1,510,320.50)0.00
Purchase 06/17/2026 44935KAD5 1,800,000.00 HART 26B A3 4.81
02/18/2031 99.988 4.86%(1,799,782.74)0.00 (1,799,782.74)0.00
Purchase 06/23/2026 44891AEP8 1,750,000.00
HYUNDAI CAPITAL
AMERICA 5.0
06/18/2031
99.512 5.11%(1,741,460.00)(1,215.28)(1,742,675.28)0.00
Purchase 06/23/2026 67066GAR5 1,650,000.00 NVIDIA CORP 4.5
06/15/2031 99.305 4.66%(1,638,532.50)(1,031.25)(1,639,563.75)0.00
Purchase 06/30/2026 91282CQX2 750,000.00
UNITED STATES
TREASURY 4.125
06/30/2031
99.777 4.17%(748,330.08)0.00 (748,330.08)0.00
Total Purchase 23,690,000.00 (23,495,513.91)(103,182.83)(23,598,696.74)0.00
45 91
TRANSACTION LEDGER
City of Dublin | Account #10198|04/01/2026 Through 06/30/2026|
Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp
Yield Amount Interest Pur/
Sold Total Amount Gain/Loss
TOTAL
ACQUISITIONS 23,690,000.00 (23,495,513.91)(103,182.83)(23,598,696.74)0.00
DISPOSITIONS
Call Redemption 04/22/2026 46647PCB0 (500,000.00)JPMORGAN CHASE &
CO 1.578 04/22/2027 100.000 4.95%500,000.00 0.00 500,000.00 0.00
Total Call
Redemption (500,000.00)500,000.00 0.00 500,000.00 0.00
Maturity 04/20/2026 4581X0DV7 (4,615,000.00)
INTER-AMERICAN
DEVELOPMENT BANK
0.875 04/20/2026
100.000 0.97%4,615,000.00 0.00 4,615,000.00 0.00
Total Maturity (4,615,000.00)4,615,000.00 0.00 4,615,000.00 0.00
Sale 04/16/2026 89236TJK2 (2,485,000.00)
TOYOTA MOTOR
CREDIT CORP 1.125
06/18/2026
99.505 1.13%2,472,699.25 9,163.44 2,481,862.69 (12,263.03)
Sale 05/08/2026 06368LGV2 (2,000,000.00)BANK OF MONTREAL
5.203 02/01/2028 101.509 5.56%2,030,180.00 28,038.39 2,058,218.39 40,956.05
Sale 05/08/2026 931142ER0 (585,000.00)WALMART INC 1.05
09/17/2026 98.978 1.09%579,021.30 870.19 579,891.49 (5,898.77)
Sale 05/12/2026 89115A2M3 (3,000,000.00)
TORONTO-DOMINION
BANK 5.156
01/10/2028
101.235 5.28%3,037,050.00 52,419.33 3,089,469.33 42,732.46
Sale 06/05/2026 78016HZS2 (2,500,000.00)
ROYAL BANK
OF CANADA 5.2
08/01/2028
101.725 5.54%2,543,125.00 44,777.78 2,587,902.78 58,964.42
Sale 06/23/2026 91282CFM8 (750,000.00)
UNITED STATES
TREASURY 4.125
09/30/2027
99.906 3.95%749,296.88 7,100.41 756,397.29 (2,178.50)
Total Sale (11,320,000.00)11,411,372.43 142,369.54 11,553,741.97 122,312.63
TOTAL
DISPOSITIONS (16,435,000.00)16,526,372.43 142,369.54 16,668,741.97 122,312.63
46 92
TRANSACTION LEDGER
City of Dublin Reporting Account | Account #10219|04/01/2026 Through 06/30/2026|
Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp
Yield Amount Interest Pur/
Sold Total Amount Gain/Loss
ACQUISITIONS
Purchase 04/01/2026 90CAMP$00 30.00 CAMP 1.000 3.78%(30.00)0.00 (30.00)0.00
Purchase 04/14/2026 90CAMP$00 29,000,000.00 CAMP 1.000 3.78%(29,000,000.00)0.00 (29,000,000.00)0.00
Purchase 04/27/2026 90CAMP$00 1,750,000.00 CAMP 1.000 3.78%(1,750,000.00)0.00 (1,750,000.00)0.00
Purchase 04/30/2026 90CAMP$00 579,185.15 CAMP 1.000 3.78%(579,185.15)0.00 (579,185.15)0.00
Purchase 05/29/2026 90CAMP$00 604,794.72 CAMP 1.000 3.76%(604,794.72)0.00 (604,794.72)0.00
Purchase 06/30/2026 90CAMP$00 571,471.94 CAMP 1.000 3.77%(571,471.94)0.00 (571,471.94)0.00
Total Purchase 32,505,481.81 (32,505,481.81)0.00 (32,505,481.81)0.00
TOTAL
ACQUISITIONS 32,505,481.81 (32,505,481.81)0.00 (32,505,481.81)0.00
DISPOSITIONS
Sale 04/08/2026 90CAMP$00 (3,300,000.00)CAMP 1.000 3.78%3,300,000.00 0.00 3,300,000.00 0.00
Sale 04/20/2026 90CAMP$00 (1,450,000.00)CAMP 1.000 3.78%1,450,000.00 0.00 1,450,000.00 0.00
Sale 05/04/2026 90CAMP$00 (9,100,000.00)CAMP 1.000 3.76%9,100,000.00 0.00 9,100,000.00 0.00
Sale 05/12/2026 90CAMP$00 (300,000.00)CAMP 1.000 3.76%300,000.00 0.00 300,000.00 0.00
Sale 05/18/2026 90CAMP$00 (2,700,000.00)CAMP 1.000 3.76%2,700,000.00 0.00 2,700,000.00 0.00
Sale 06/01/2026 90CAMP$00 (2,700,000.00)CAMP 1.000 3.77%2,700,000.00 0.00 2,700,000.00 0.00
Sale 06/16/2026 90CAMP$00 (900,000.00)CAMP 1.000 3.77%900,000.00 0.00 900,000.00 0.00
Total Sale (20,450,000.00)20,450,000.00 0.00 20,450,000.00 0.00
TOTAL
DISPOSITIONS (20,450,000.00)20,450,000.00 0.00 20,450,000.00 0.00
47 93
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 94
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 95
TRANSACTION LEDGER
City of Dublin | Account #10198|04/01/2026 Through 06/30/2026|
Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp
Yield Amount Interest Pur/
Sold Total Amount Gain/Loss
ACQUISITIONS
Purchase 04/22/2026 05594YAD8 1,445,000.00 BMWLT 2026-1 A3
4.15 05/25/2029 99.989 4.85%(1,444,840.33)0.00 (1,444,840.33)0.00
Purchase 04/29/2026 828807EB9 2,000,000.00
SIMON PROPERTY
GROUP LP 4.3
01/15/2031
98.853 4.57%(1,977,060.00)(25,322.22)(2,002,382.22)0.00
Purchase 04/30/2026 91282CQG9 3,250,000.00
UNITED STATES
TREASURY 3.875
03/31/2031
99.285 4.04%(3,226,767.58)(10,322.75)(3,237,090.33)0.00
Purchase 05/14/2026 36275AAD1 1,045,000.00 GMALT 2026-2 A3 4.3
03/20/2029 99.989 4.40%(1,044,886.93)0.00 (1,044,886.93)0.00
Purchase 05/14/2026 025816DY2 1,500,000.00 AMERICAN EXPRESS
CO 5.085 01/30/2031 101.508 4.64%(1,522,620.00)(22,035.00)(1,544,655.00)0.00
Purchase 05/27/2026 95000U3W1 2,000,000.00 WELLS FARGO & CO
5.15 04/23/2031 101.317 4.78%(2,026,340.00)(9,727.78)(2,036,067.78)0.00
Purchase 05/29/2026 91282CQG9 3,500,000.00
UNITED STATES
TREASURY 3.875
03/31/2031
98.781 4.15%(3,457,343.75)(21,863.05)(3,479,206.80)0.00
Purchase 06/11/2026 26442CBB9 1,500,000.00
DUKE ENERGY
CAROLINAS LLC 2.55
04/15/2031
90.863 4.68%(1,362,945.00)(5,950.00)(1,368,895.00)0.00
Purchase 06/11/2026 693475CD5 1,500,000.00
PNC FINANCIAL
SERVICES GROUP INC
4.899 05/13/2031
100.307 4.81%(1,504,605.00)(5,715.50)(1,510,320.50)0.00
Purchase 06/17/2026 44935KAD5 1,800,000.00 HART 26B A3 4.81
02/18/2031 99.988 4.86%(1,799,782.74)0.00 (1,799,782.74)0.00
Purchase 06/23/2026 44891AEP8 1,750,000.00
HYUNDAI CAPITAL
AMERICA 5.0
06/18/2031
99.512 5.11%(1,741,460.00)(1,215.28)(1,742,675.28)0.00
Purchase 06/23/2026 67066GAR5 1,650,000.00 NVIDIA CORP 4.5
06/15/2031 99.305 4.66%(1,638,532.50)(1,031.25)(1,639,563.75)0.00
Purchase 06/30/2026 91282CQX2 750,000.00
UNITED STATES
TREASURY 4.125
06/30/2031
99.777 4.17%(748,330.08)0.00 (748,330.08)0.00
Total Purchase 23,690,000.00 (23,495,513.91)(103,182.83)(23,598,696.74)0.00
45
Attachment 2
96
TRANSACTION LEDGER
City of Dublin | Account #10198|04/01/2026 Through 06/30/2026|
Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp
Yield Amount Interest Pur/
Sold Total Amount Gain/Loss
TOTAL
ACQUISITIONS 23,690,000.00 (23,495,513.91)(103,182.83)(23,598,696.74)0.00
DISPOSITIONS
Call Redemption 04/22/2026 46647PCB0 (500,000.00)JPMORGAN CHASE &
CO 1.578 04/22/2027 100.000 4.95%500,000.00 0.00 500,000.00 0.00
Total Call
Redemption (500,000.00)500,000.00 0.00 500,000.00 0.00
Maturity 04/20/2026 4581X0DV7 (4,615,000.00)
INTER-AMERICAN
DEVELOPMENT BANK
0.875 04/20/2026
100.000 0.97%4,615,000.00 0.00 4,615,000.00 0.00
Total Maturity (4,615,000.00)4,615,000.00 0.00 4,615,000.00 0.00
Sale 04/16/2026 89236TJK2 (2,485,000.00)
TOYOTA MOTOR
CREDIT CORP 1.125
06/18/2026
99.505 1.13%2,472,699.25 9,163.44 2,481,862.69 (12,263.03)
Sale 05/08/2026 06368LGV2 (2,000,000.00)BANK OF MONTREAL
5.203 02/01/2028 101.509 5.56%2,030,180.00 28,038.39 2,058,218.39 40,956.05
Sale 05/08/2026 931142ER0 (585,000.00)WALMART INC 1.05
09/17/2026 98.978 1.09%579,021.30 870.19 579,891.49 (5,898.77)
Sale 05/12/2026 89115A2M3 (3,000,000.00)
TORONTO-DOMINION
BANK 5.156
01/10/2028
101.235 5.28%3,037,050.00 52,419.33 3,089,469.33 42,732.46
Sale 06/05/2026 78016HZS2 (2,500,000.00)
ROYAL BANK
OF CANADA 5.2
08/01/2028
101.725 5.54%2,543,125.00 44,777.78 2,587,902.78 58,964.42
Sale 06/23/2026 91282CFM8 (750,000.00)
UNITED STATES
TREASURY 4.125
09/30/2027
99.906 3.95%749,296.88 7,100.41 756,397.29 (2,178.50)
Total Sale (11,320,000.00)11,411,372.43 142,369.54 11,553,741.97 122,312.63
TOTAL
DISPOSITIONS (16,435,000.00)16,526,372.43 142,369.54 16,668,741.97 122,312.63
46 97
TRANSACTION LEDGER
City of Dublin Reporting Account | Account #10219|04/01/2026 Through 06/30/2026|
Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp
Yield Amount Interest Pur/
Sold Total Amount Gain/Loss
ACQUISITIONS
Purchase 04/01/2026 90CAMP$00 30.00 CAMP 1.000 3.78%(30.00)0.00 (30.00)0.00
Purchase 04/14/2026 90CAMP$00 29,000,000.00 CAMP 1.000 3.78%(29,000,000.00)0.00 (29,000,000.00)0.00
Purchase 04/27/2026 90CAMP$00 1,750,000.00 CAMP 1.000 3.78%(1,750,000.00)0.00 (1,750,000.00)0.00
Purchase 04/30/2026 90CAMP$00 579,185.15 CAMP 1.000 3.78%(579,185.15)0.00 (579,185.15)0.00
Purchase 05/29/2026 90CAMP$00 604,794.72 CAMP 1.000 3.76%(604,794.72)0.00 (604,794.72)0.00
Purchase 06/30/2026 90CAMP$00 571,471.94 CAMP 1.000 3.77%(571,471.94)0.00 (571,471.94)0.00
Total Purchase 32,505,481.81 (32,505,481.81)0.00 (32,505,481.81)0.00
TOTAL
ACQUISITIONS 32,505,481.81 (32,505,481.81)0.00 (32,505,481.81)0.00
DISPOSITIONS
Sale 04/08/2026 90CAMP$00 (3,300,000.00)CAMP 1.000 3.78%3,300,000.00 0.00 3,300,000.00 0.00
Sale 04/20/2026 90CAMP$00 (1,450,000.00)CAMP 1.000 3.78%1,450,000.00 0.00 1,450,000.00 0.00
Sale 05/04/2026 90CAMP$00 (9,100,000.00)CAMP 1.000 3.76%9,100,000.00 0.00 9,100,000.00 0.00
Sale 05/12/2026 90CAMP$00 (300,000.00)CAMP 1.000 3.76%300,000.00 0.00 300,000.00 0.00
Sale 05/18/2026 90CAMP$00 (2,700,000.00)CAMP 1.000 3.76%2,700,000.00 0.00 2,700,000.00 0.00
Sale 06/01/2026 90CAMP$00 (2,700,000.00)CAMP 1.000 3.77%2,700,000.00 0.00 2,700,000.00 0.00
Sale 06/16/2026 90CAMP$00 (900,000.00)CAMP 1.000 3.77%900,000.00 0.00 900,000.00 0.00
Total Sale (20,450,000.00)20,450,000.00 0.00 20,450,000.00 0.00
TOTAL
DISPOSITIONS (20,450,000.00)20,450,000.00 0.00 20,450,000.00 0.00
47 98
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
99
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.
100