HomeMy WebLinkAbout4.12 City Treasurer's Informational Report of Investments for the Quarter Ending June 30, 2023STAFF REPORT
CITY COUNCIL
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Agenda Item 4.12
DATE:August 15, 2023
TO:Honorable Mayor and City Councilmembers
FROM:Linda Smith, City Manager
SUBJECT:City Treasurer's Informational Report of Investments for the Quarter Ending June 30, 2023Prepared 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, 2023 including a monthly transaction ledger. The City’s investment portfolio for this period totaled $401,109,378 (market value) with an average market yield of 4.92%. As required by the 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 City Treasurer's Informational Report of Investments for the Quarter Ending June 30, 2023.
FINANCIAL IMPACT:There is no financial impact resulting from this report. Investments are made in accordance with the City 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. Based on the financial needs of the City including the timing of revenues and expenditures, the quarterly cash balance can vary from quarter to quarter.
DESCRIPTION:The total investment portfolio (market value) consists of $280,145,373 managed by Chandler Asset Management (Chandler), and $120,964,005 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 4.98% and 4.78%,respectively.
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The total investment portfolio balance fluctuates throughout the year due to normal cash flow needs and includes both discretionary and restricted funds. Economic Update HighlightsThe following are some highlights from the Economic Update included in the Investment Report prepared by Chandler (Attachment 1).Recent economic data continues to suggest positive but below trend growth this year. Although the pace of job growth is moderating, labor markets remain solid, and the U.S. consumer has demonstrated resiliency. Inflationary trends are subsiding, but core levels remain well above the Fed’s target. Given the cumulative effects of restrictive monetary policy and tighter financial conditions, Chandler believes the economy will gradually soften and the Fed will remain data dependent as they tread cautiously going forward.City of Dublin PortfolioThe City's aggregate portfolio has maintained a healthy balance of investment types with minimal change from the prior quarter as shown below in Chart 1, except for CAMP due to additional funds having been deposited from the receipt of property taxes. Chart 1: Investments by TypeJune 30, 2023 and March 31, 2023
The market value of the City's portfolio increased by $13,072,212 from the March 31, 2023quarter. The quarterly change results from the normal fluctuations in the timing of incoming revenue, predominantly the receipt of property tax allocations and sales tax revenue, expenditures on capital projects, and payments to Alameda County for Police and Fire Services. The City’s portfolio increased by $22.8 million from the same quarter the prior year (see Table 1 below). Overall market yield-to-maturity has increased to 4.92%, (shown in Table 2) due to the factors discussed in the Economic Update Highlights. For detailed monthly transactions, see
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Attachment 2. Table 1: Portfolio Values and Yield to Maturity
Table 2: Quarterly Holdings (Market Value) by Type, and YTM, 5Quarters
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). The following table shows recent quarterly yields in those portfolios.
June 30, 2022 March 31, 2023
Holdings
Market
Value
Market
Value
Par
Value
Book
Value
Market
Value
% of
Subtotal
% of Total
Portfolio
Book
Yield
Market
Yield
Managed by City
LAIF 50,464,181 25,917,596 26,092,229 26,092,229 26,092,229 21.6%6.3%3.26%3.26%
CAMP 89,240,308 80,625,562 94,675,879 94,675,879 94,675,879 78.4%22.9%5.20%5.20%
SUBTOTAL 139,704,489 106,543,157 120,768,108 120,768,108 120,768,108 100.00%29.22%4.78%4.78%
Accrued Interest 86,800 166,760 195,897
139,791,289 106,709,917 120,964,005
Managed by Chandler
ABS 26,693,153 30,171,153 28,895,839 28,893,798 28,186,820 10.1%7.0%2.41%5.79%
Agency 56,641,842 60,517,635 56,095,000 56,292,043 53,795,750 19.3%13.6%2.12%5.06%
CMO 3,966,300 3,874,342 6,815,000 6,882,986 6,570,900 2.4%1.6%2.64%4.92%
Commercial paper - - - - 0.0%0.0%0.00%0.00%
Money Market 3,039,481 760,481 2,641,554 2,641,554 2,641,554 0.9%0.6%4.70%4.70%
Negotiable CD 2,486,275 - - - - 0.0%0.0%0.00%0.00%
Supranational 19,403,787 16,860,396 18,240,000 18,220,629 16,711,738 6.0%4.4%0.67%4.91%
Corporate 62,892,216 71,092,672 75,325,000 75,308,479 71,551,741 25.7%18.2%2.56%5.24%
US Treasury 62,468,441 96,639,811 104,500,000 104,163,006 99,278,149 35.6%25.3%2.60%4.54%
SUBTOTAL 237,591,496 279,916,489 292,512,392 292,402,494 278,736,651 100.00%70.78%2.38%4.98%
Accrued Interest 926,068 1,410,760 1,408,723
238,517,564 281,327,249 280,145,373
TOTAL PORTFOLIO 378,308,853 388,037,166 413,280,500 413,170,602 401,109,378 100.00%4.92%
46,049,724 17,131,065 22,800,525
7,402,752 29,227,114 13,072,212
June 30, 2023
Change from Prior Year
Change from Prior Quarter
Holdings (Market Value)6/30/22 9/30/22 12/31/22 3/31/23 6/30/23
LAIF/CAMP 139,704,489 129,243,283 81,925,950 106,543,157 120,768,108
ABS 26,693,153 27,760,436 31,285,896 30,171,153 28,186,820
Agency 56,641,842 53,062,995 58,714,486 60,517,635 53,795,750
CMO 3,966,300 3,839,610 3,843,615 3,874,342 6,570,900
Commercial Paper - - 4,982,197 - -
Money Market 3,039,481 286,323 4,923,898 760,481 2,641,554
Negotiable CD 2,486,275 2,497,243 - - -
Supranational 19,403,787 16,428,894 16,569,068 16,860,396 16,711,738
Corporate 62,892,216 63,373,439 65,378,464 71,092,672 71,551,741
US Treasury 62,468,441 65,877,816 89,783,810 96,639,811 99,278,149
Accrued Interest 1,012,868 1,069,574 1,402,667 1,577,520 1,604,620
TOTAL 378,308,853 363,439,614 358,810,052 388,037,166 401,109,378
YIELD TO MATURITY 2.48%3.66%4.39%4.39%4.92%
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Table 3: Quarterly Portfolio Yields, Recent 8 Quarters
Market Yield LAIF CAMP Chandler
9/30/21 0.21%0.05%0.56%
12/31/21 0.22%0.05%0.91%
3/31/22 0.42%0.07%2.38%
6/30/22 0.94%1.40%3.20%
9/30/22 1.60%2.61%4.47%
12/31/22 2.23%4.50%4.57%
3/31/23 2.88%4.92%4.37%
6/30/23 3.26%5.20%4.98%
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, 20232) Transaction Ledger – April through June 2023
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CHANDLER ASSET MANAGEMENT, INC. | 800.317.4747 | www.chandlerasset.com
INVESTMENT REPORT
Period Ending June 30, 2023
City of Dublin
Attachment 1
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SECTION 1 Economic Update
SECTION 2 Account Profile
SECTION 3 Consolidated Information
SECTION 4 Portfolio Holdings
SECTION 5 Transactions
Table of Contents As of June 30, 2023
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SECTION |Section 1 |Economic Update
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Economic Update
Recent economic data continues to suggest positive but below trend growth this year.Although the pace of job growth is moderating,labor
markets remain solid,and the U.S.consumer has demonstrated resiliency.Inflationary trends are subsiding, but core levels remain well above the
Fed’s target.Given the cumulative effects of restrictive monetary policy and tighter financial conditions,we believe the economy will gradually
soften and the Fed will remain data dependent as they tread cautiously going forward.
At the June meeting,the Federal Open Market Committee paused in their rate hiking campaign after ten straight rate increases and left the target
Federal Funds rate in the current range of 5.00 -5.25%.Market participants viewed the FOMC’s decision as a ‘hawkish’ pause, expecting further
tightening in the future,primarily based on the updated release of the FOMC’s Summary of Economic Projections (SEP)forecast which reflected a
stronger economic outlook and higher rates compared to the March forecast. We believe the resiliency of future economic data will determine if
the Federal Reserve can stay on hold for a period of time or will be forced to tighten policy further to bring inflation back down towards their 2%
policy objective.
The yield curve remainedinverted in June.The 2-year Treasury yield surged 50 basis points to 4.90%,the 5-year Treasury yield rose 40 basis points
to 4.16%,and the 10-year Treasury yield increased 19 basis points to 3.84%.The inversion between the 2-year Treasury yield and 10-year Treasury
yield widened to -106 basis points at June month-end versus -76 basis points at May month-end.The spread between the 2-year Treasury and 10-
year Treasury yield one yearago was +6 basis points.The inversion between 3-month and 10-year Treasuries narrowed to -146 basis points in June
from -176 basis points in May. The shape of the yield curve indicates that the probability of recession is increasing.
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Employment
-400
-200
0
200
400
600
800
1,000
MO
M
C
h
a
n
g
e
I
n
T
h
o
u
s
a
n
d
s
(
0
0
0
'
s
)
Nonfarm Payroll (000's)
Non-farm Payroll (000's)
3 month average (000's)
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
Unemployment Rate
Underemployment Rate (U6)
Unemployment Rate (U3)
Ra
t
e
(
%
)
The U.S.economy added 209,000 jobs in June,falling short of consensus expectations,and the last two months were revised downward by
110,000 jobs.Although decelerating,the pace of job growth remains healthy with the three-month moving average payrolls at 244,000 and the six-
month moving average at 278,000.The unemployment rate declined to 3.6%in June from 3.7%in May,while the labor force participation rate
remained at 62.6%.The U-6 underemployment rate,which includes those who are marginally attached to the labor force and employed part time
for economic reasons,increased to 6.9%from the prior month at 6.7%.Average hourly earnings remained at 4.4%year-over-year in June,
unchanged from an upwardly revised 4.4%increase in May.While the longer-term trend of hiring isslowing,levels remain consistent with a solid
labor market.
Source: US Department of Labor Source: US Department of Labor
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Job Openings & Labor Turnover Survey
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
Job Openings
Recession
Historical Average
In
T
h
o
u
s
a
n
d
s
(
0
0
0
'
s
)
The number of job openings declined to 9.824 million in May after an upward revision to 10.320 million in April.The drop was widespread but
particularly steep in healthcare and social assistance.Hiring increased over the month,along with both separations and quits.The level of job
openings indicates strong resilience in labor demand.
Source: US Department of Labor
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Inflation
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
9.0%
10.0%
Consumer Price Index (CPI)
CPI YOY % Change
Core CPI YOY % Change
YO
Y
(
%
)
C
h
a
n
g
e
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
9.0%
10.0%
Personal Consumption Expenditures (PCE)
PCE Price Deflator YOY % Change
PCE Core Deflator YOY % Change
Fed Target
YO
Y
(
%
)
C
h
a
n
g
e
The Consumer Price Index (CPI)increased in June by 0.2%month-over-month and 3.0%year-over-year,down from 4.0%in May.The Core CPI,
which excludes volatile food and energy components,was up 0.2%month-over-month and 4.8%year-over-year,decelerating modestly from
5.3%in May.The Personal Consumption Expenditures (PCE)index rose 3.8%year-over-year in May,down from a 4.3%gain in April.Core PCE,the
Federal Reserve’s preferred inflation gauge,increased 4.6%year-over-year in May,down slightly from a 4.7%increase in April.Core inflation
remains stubbornly elevated above the Fed's 2% target, with service-sector inflation and strong wage growth as headwinds.
Source: US Department of Labor Source: US Department of Commerce
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Consumer
-30.0%
-20.0%
-10.0%
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
Retail Sales YOY % Change
YO
Y
(
%
)
C
h
a
n
g
e
Advance Retail Sales rose 0.2%month-over-month in June,modestly below expectations.On a year-over-year basis,retail sales growth
moderated to a 1.5%year-over-year gain in June versus an upwardly revised 2.0%increase in May.The Conference Board’s ConsumerConfidence
Index surged to a better than expected 109.7 in June from 102.5 in May. Both current conditions and future expectations gained strength.
80
90
100
110
120
130
140
In
d
e
x
L
e
v
e
l
Consumer Confidence
Source: US Department of Commerce Source: The Conference Board
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Leading Indicators of Economic Activity
-25.0%
-20.0%
-15.0%
-10.0%
-5.0%
0.0%
5.0%
10.0%
15.0%
20.0%
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)remained in negative territory for the fifteenth consecutive month at -0.7%and was down
7.8%year-over-year in June.The consistent decline month-over-month continues to signal future contraction in the economy.The Chicago Fed
National Activity Index (CFNAI) fell to -0.32 in June from a revised -0.28 in May. On a 3-month moving average basis, the CFNAI remained negative
at -0.16 in June, indicating a rate of growth below the historical average trend.
Source: The Conference Board Source: Federal Reserve Bank of Chicago
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Housing
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
Total housing starts fell 8.0%month-over-month in June to 1,434,000 units from a downwardly revised 1,559,000 untis in May and were down
8.1%compared to June 2022.Both single-family and multi-family construction declined.The 30-year fixed rate mortgage stabilized at an average
of approximately 6.7%at June month-end according to Freddie Mac.According to the Case-Shiller 20-City Home Price Index, housing prices
dropped 1.7%in April after falling 1.1%in March,clearly displaying the impact of higher mortgage rates year-over-year,which have reduced
demand for homebuying as affordability has declined. The Southeast remains the strongest region, while the West continues to be the weakest.
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
9
688
Survey Based Measures
40
45
50
55
60
65
70
Institute of Supply Management (ISM) Surveys
ISM Manufacturing ISM Services
EXPANDING
CONTRACTING
The Institute for Supply Management (ISM)manufacturing index fell to 46.0 in June from 46.9 in May.This is the eighth consecutive month of
readings below 50.0,which is indicative of contraction in the manufacturing sector.The Institute for Supply Management (ISM)services index
rose to 53.90 in June from 50.30 in May,as new orders increased,employment rebounded,and inflation moderated.The June data reflects
continued strength in the services sector.
Source: Institute for Supply Management
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Gross Domestic Product (GDP)
Components of GDP 6/22 9/22 12/22 3/23
1.4% 1.5% 0.7% 2.8%
-2.8% -1.8% 0.8% -2.2%
1.2% 2.9% 0.4% 0.6%
-0.2% 0.2% 0.4% 0.4%
-0.1% 0.4% 0.3% 0.5%
-0.6% 3.3% 2.6% 2.0%
Personal Consumption Expenditures
Gross Private Domestic Investment
Net Exports and Imports
Federal Government Expenditures
Total
State and Local (Consumption and
Gross Investment)
-40.0%
-30.0%
-20.0%
-10.0%
0.0%
10.0%
20.0%
30.0%
40.0%
Gross Domestic Product (GDP)
GDP QOQ % Change
GDP YOY % Change
Source: US Department of Commerce Source: US Department of Commerce
According to the third estimate,first quarter 2023 GDP growth was revised up to 2.0%from 1.3%.Stronger personal consumption expenditures
were the primary driver of the upward revision. The consensus estimate calls for 1.3% growth for the second quarter and for the full year 2023.
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690
Federal Reserve
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
At the June meeting,the Federal Open Market Committee paused in their rate hiking campaign after ten straight rate increases and left the
target Federal Funds rate in the current range of 5.00 -5.25%.Market participants viewed the FOMC’s decision as a ‘hawkish’ pause, expecting
furthertightening in the future,primarily based on the updated release of the FOMC’s Summary of EconomicProjections (SEP)forecast.The SEP
is forecasting higher GDP,a lower unemployment rate,and higher PCE inflation compared to the March 2023 forecast.The median forecast for
the Fed Funds rate was also increased to 5.6%in June,compared to the prior forecast of 5.1%in March,suggesting another 50 basis points of
tightening in 2023.We believe the resiliency of future economic data will determine if the Federal Reserve can stay on hold for a period of time
or will be forced to tighten policy further to bring inflation back down towards their 2% policy objective.
0.00%
1.00%
2.00%
3.00%
4.00%
5.00%
6.00%
Effective Federal Funds Rate
Recession
Yi
e
l
d
(
%
)
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Bond Yields
Source: Bloomberg Source: Bloomberg
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
US Treasury Note Yields
2-Year
5-Year
10-Year
Yi
e
l
d
(
%
)
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
US Treasury Yield Curve
Jun-23
Mar-23
Jun-22
Yi
e
l
d
(
%
)
At the end of June,the 2-year Treasury yield was 194 basis points higher,and the 10-Year Treasury yield was about 82 basis points higher,year-
over-year.The inversion between the 2-year Treasury yield and 10-year Treasury yield widened to -106 basis points at June month-end versus -76
basis points at May month-end.The average historical spread (since 2003)is about +130 basis points.The inversion between 3-month and 10-
year Treasuries narrowed to -146 basis points in June from -176 basis points in May.The shape of the yield curve indicates that the probability of
recession is increasing.
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Section 2|SECTION |Section 2 |Account Profile
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693
Objectives
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.
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.
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.
As of June 30, 2023
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694
Compliance As of June 30, 2023
Category Standard Comment
U.S. Treasury Issues No limitations; Full faith and credit of the U.S. are pledged for payment of principal and interest.Complies
Federal Agencies
35% max per agency issuer; 25% max callables for agency securities; Federal Agencies or U.S. Government Sponsored Enterprises (GSE),
participations, or other instruments, including those issued by or fully guaranteed as to principal and interest by federal agencies or U.S.
GSEs.
Complies
Municipal Securities "A" rated or higher by a NRSRO; 5% max per issuer; Obligations of the State of California, any of the other 49 states, or any local agency within
the state of California; Complies
Supranational Securities
"AA" rating category or better by a Nationally Recognized Statistical Rating Organization ("NRSRO"); 30% maximum; 10% max per issuer; U.S.
dollar denominated senior unsecured unsubordinated obligations issued or unconditionally guaranteed by the International Bank for
Reconstruction and Development ("IBRD"), the International Finance Corporation ("IFC") or the Inter-American Development Bank ("IADB")
Complies
Asset-Backed Securities/Mortgage-
Backed Securities/ Collateralized
Mortgage Obligations
"AA" rated or higher by a NRSRO; 20% maximum (combined); 5% max per issuer Complies
Corporate Medium Term Notes "A" rated or higher by a NRSRO; 30% maximum; 5% max per issuer; Issued by corporations organized and operating within the U.S. or by
depository institutions licensed by the U.S. or any state and operating within the U.S.Complies
Negotiable Certificates of Deposit
"A" long-term debt rated and/or "A-1" short-term rated or higher by a NRSRO; 30% maximum; 5% max per issuer; 20% max amount invested in
NCDs with any one financial institution in combination with any other debt from that financial institution; Issued by a nationally or state-
chartered bank, a savings association or a federal association, a state or federal credit union, or by a state-licensed branch of a foreign bank.
Complies
Time Deposits/ Certificates of Deposit 10% maximum; Collateralized/FDIC Insured; 1 year max maturity Complies
Commercial Paper
"A-1" rated or higher by a NRSRO; 25% maximum; 5% max per issuer; 10% max of the outstanding commercial paper of an issuing corporation;
20% max amount invested in CP of any one issuer in combination with any other debt from that issuer; 270 days max maturity; Issuer of the
commercial paper shall meet all conditions in either A) (1) Organized and operating in the U.S. as a general corp, (2) Has AUM > $500 million,
(3) "A" rated issuer debt (if any) or higher by a NRSRO; or B) (1) Organized in the U.S. as a special purpose corp, trust, LLC, (2) Has program
wide credit enhancements including, but not limited to, over collateralization, LOC, or surety bond, (3) "A-1" rated or higher by a NRSRO
Complies
Banker’s Acceptances "A-1" short-term rated or higher by a NRSRO; 40% maximum; 5% max per issuer; 20% max amount invested in BA with any one financial
institution in combination with any other debt from that financial institution; 180 days max maturity Complies
Money Market Mutual Funds and
Mutual Funds
Highest rating or "AAA" rated by two NRSROs; SEC registered adviser with AUM >$500 million and experience > 5 years; 20% maximum in
Mutual Funds and Money Market Mutual Funds; 20% max in Money Market Mutual Fund; 10% max per one Mutual Fund Complies
Local Agency Investment Fund (LAIF) Maximum permitted by LAIF; Not used by investment adviser Complies
California Asset Management Program
(CAMP)Issued by joint powers authority organized pursuant to California Government Code; Not used by investment adviser Complies
Prohibited Securities Inverse floaters; Ranges notes, Mortgage-derived, Interest-only strips; Any investment in a security not specifically listed as an Authorized and
Suitable Investment in the policy.Complies
Max Per Issuer 5% max per issuer, except US Government, its Agencies and instrumentalities (including agency backed-mortgage pools), Supranational
securities, or Money Market Mutual Funds Complies
Maximum Maturity 5 years, unless otherwise stated in the policy Complies
City of Dublin
Assets managed by Chandler Asset Management are in full compliance with state law and with the City's investment policy.
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Portfolio Characteristics
City of Dublin
06/30/23 03/31/23
Benchmark*Portfolio Portfolio
Average Maturity (yrs)2.64 2.73 2.67
Average Modified Duration 2.49 2.34 2.29
Average Purchase Yield n/a 2.38%2.21%
Average Market Yield 4.74%4.98%4.37%
Average Quality**AAA AA/Aa1 AA/Aa1
Total Market Value 280,145,373 281,327,249
*ICE BofA 1-5 Yr US Treasury & Agency Index
**Benchmark is a blended rating of S&P, Moody’s, and Fitch. Portfolio is S&P and Moody’s respectively.
As of June 30, 2023
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City of Dublin
Sector Distribution
ABS
10.1%
Agency
19.3%
CMO
2.3%
Corporate
25.8%
Money Market
Fund
0.9%
Supranational
6.0%
US Treasury
35.6%
June 30, 2023 March 31, 2023
ABS
10.7%
Agency
21.6%
CMO
1.4%
Corporate
25.4%
Money Market
Fund
0.3%
Supranational
6.0%
US Treasury
34.6%
As of June 30, 2023
18
697
Issue Name Investment Type % Portfolio
Government of United States US Treasury 35.60%
Federal National Mortgage Association Agency 6.38%
Federal Home Loan Bank Agency 6.31%
Inter-American Dev Bank Supranational 3.28%
Federal Home Loan Mortgage Corp Agency 2.85%
Federal Farm Credit Bank Agency 2.81%
Intl Bank Recon and Development Supranational 2.69%
Federal Home Loan Mortgage Corp CMO 2.35%
John Deere ABS ABS 1.65%
Amazon.com Inc Corporate 1.59%
Bank of America Corp Corporate 1.45%
Deere & Company Corporate 1.42%
Toronto Dominion Holdings Corporate 1.41%
JP Morgan Chase & Co Corporate 1.40%
Toyota Motor Corp Corporate 1.33%
Hyundai Auto Receivables ABS 1.27%
Merck & Company Corporate 1.23%
Honda Motor Corporation Corporate 1.21%
Royal Bank of Canada Corporate 1.21%
United Health Group Inc Corporate 1.20%
Qualcomm Inc Corporate 1.04%
Morgan Stanley Corporate 1.03%
Metlife Inc Corporate 1.00%
Mercedes-Benz ABS 0.99%
Toyota Lease Owner Trust ABS 0.96%
GM Financial Automobile Leasing Trust ABS 0.95%
First American Govt Oblig Fund Money Market Fund 0.94%
Tennessee Valley Authority Agency 0.94%
US Bancorp Corporate 0.89%
Caterpillar Inc Corporate 0.88%
Northwestern Mutual Glbl Corporate 0.88%
Chubb Corporation Corporate 0.87%
GM Financial Securitized Term Auto Trust ABS 0.86%
Honeywell Corp Corporate 0.83%
Honda ABS ABS 0.80%
Bank of Montreal Chicago Corporate 0.79%
Berkshire Hathaway Corporate 0.77%
American Express ABS ABS 0.76%
Issuers
City of Dublin – Account #10198
As of June 30, 2023
19
698
Issue Name Investment Type % Portfolio
Wal-Mart Stores Corporate 0.72%
Charles Schwab Corp/The Corporate 0.62%
Hyundai Auto Lease Securitization ABS 0.47%
Target Corp Corporate 0.44%
BMW Vehicle Lease Trust ABS 0.43%
Bank of New York Corporate 0.43%
Dominion Resources Inc Corporate 0.34%
Realty Income Corp Corporate 0.33%
Verizon Master Trust ABS 0.32%
BMW ABS ABS 0.30%
Mercedes-Benz Auto Lease Trust ABS 0.27%
Guardian Life Global Funding Corporate 0.26%
Salesforce.com Inc Corporate 0.16%
Toyota ABS ABS 0.04%
TOTAL 100.00%
Issuers
City of Dublin – Account #10198
As of June 30, 2023
20
699
AAA AA A <A NR
06/30/23 15.5%60.1%20.2%0.3%3.8%
03/31/23 15.2%63.4%17.9%0.3%3.1%
Source: S&P Ratings
June 30, 2023 vs. March 31, 2023
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
70.0%
AAA AA A <A NR
06/30/23 03/31/23
Quality Distribution
City of Dublin
As of June 30, 2023
21
700
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
35.0%
40.0%
0 - 0.25 0.25 - 0.50 0.50 - 1 1 - 2 2 - 3 3 - 4 4 - 5 5+
City of Dublin ICE BofA 1-5 Yr US Treasury & Agency Index
Portfolio Compared to the Benchmark
0 - 0.25 0.25 - 0.50 0.50 - 1 1 - 2 2 - 3 3 - 4 4 - 5 5+
Portfolio 2.9% 3.3% 7.7% 31.3% 20.9% 22.6% 11.3% 0.0%
Benchmark*0.0% 0.0% 1.7% 36.4% 26.5% 21.3% 14.1% 0.0%
*ICE BofA 1-5 Yr US Treasury & Agency Index
Duration Distribution
City of Dublin
As of June 30, 2023
22
701
-3.00%
-2.50%
-2.00%
-1.50%
-1.00%
-0.50%
0.00%
0.50%
1.00%
1.50%
12 months 2 years 3 years 5 years 10 years Since Inception
City of Dublin ICE BofA 1-5 Yr US Treasury & Agency Index*
Total Rate of Return Annualized Since Inception October 31, 2013
Annualized
TOTAL RATE OF RETURN 3 months 12 months 2 years 3 years 5 years 10 years Since
Inception
City of Dublin -0.42%0.36%-2.10%-1.35%1.16%N/A 1.01%
ICE BofA 1-5 Yr US Treasury & Agency Index*-0.85%-0.42%-2.53%-1.78%0.89%N/A 0.78%
*ICE BofA 1-3 Yr US Treasury & Agency Index to 12/31/14
Total rate of return: A measure of a portfolio’s performance over time. It is the internal rate of return, which equates the beginning value of the portfolio with the
ending value; it includes interest earnings, realized and unrealized gains and losses in the portfolio.
Investment Performance
City of Dublin
As of June 30, 2023
23
702
Portfolio Characteristics
City of Dublin Reporting Account
06/30/23
Portfolio
03/31/23
Portfolio
Average Maturity (yrs)0.00 0.00
Modified Duration 0.00 0.00
Average Purchase Yield 4.78%4.42%
Average Market Yield 4.78%4.42%
Average Quality*AAA/NR AAA/NR
Total Market Value 120,964,005 106,709,917
*Portfolio is S&P and Moody’s, respectively.
As of June 30, 2023
24
703
City of Dublin Reporting Account
Sector Distribution
LAIF
21.7%
Local Gov
Investment Pool
78.3%
June 30, 2023 March 31, 2023
LAIF
24.4%
Local Gov
Investment Pool
75.6%
As of June 30, 2023
25
704
Issue Name Investment Type % Portfolio
CAMP Local Gov Investment Pool 78.27%
Local Agency Investment Fund LAIF 21.73%
TOTAL 100.00%
Issuers
City of Dublin Reporting Account – Account #10219
As of June 30, 2023
26
705
SECTION |Section 3 |Consolidated Information
27
706
Portfolio Characteristics
City of Dublin Consolidated
06/30/23 03/31/23
Portfolio Portfolio
Average Maturity (yrs)1.91 1.94
Modified Duration 1.63 1.66
Average Purchase Yield 3.03%2.80%
Average Market Yield 4.92%4.39%
Average Quality*AA+/Aa1 AA+/Aa1
Total Market Value 401,109,378 388,037,166
* Portfolio is S&P and Moody’s respectively.
As of June 30, 2023
28
707
City of Dublin Consolidated
Sector Distribution
ABS
7.0%
Agency
13.5%
CMO
1.6%
Corporate
18.0%
LAIF
6.6%
Local Gov
Investment Pool
23.6%
Money Market
Fund
0.7%
Supranational
4.2%
US Treasury
24.9%
June 30, 2023 March 31, 2023
ABS
7.8%
Agency
15.7%
CMO
1.0%
Corporate
18.4%
LAIF
6.7%
Local Gov
Investment Pool
20.8%
Money Market
Fund
0.2%
Supranational
4.4%
US Treasury
25.1%
As of June 30, 2023
29
708
SECTION |Section 4 |Portfolio Holdings
30
709
Holdings Report
City of Dublin - Account #10198
CUSIP Security Description Par Value/Units Purchase Date
Book Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody/S&P
Fitch
Maturity
Duration
ABS
44891VAC5 Hyundai Auto Lease Trust 2021-B A3
0.330% Due 06/17/2024
430,640.39 06/08/2021
0.34%
430,575.79
430,634.41
99.45
6.07%
428,263.69
63.16
0.15%
(2,370.72)
Aaa / AAA
NR
0.97
0.10
89237VAB5 Toyota Auto Receivables Trust 2020-C A3
0.440% Due 10/15/2024
123,642.94 07/21/2020
0.44%
123,633.41
123,640.02
99.31
6.03%
122,794.38
24.18
0.04%
(845.64)
Aaa / AAA
NR
1.30
0.12
43813KAC6 Honda Auto Receivables Trust 2020-3 A3
0.370% Due 10/18/2024
258,876.12 09/22/2020
0.38%
258,838.09
258,871.47
98.61
5.95%
255,289.39
34.59
0.09%
(3,582.08)
NR / AAA
AAA
1.30
0.25
89239CAC3 Toyota Lease Owner Trust 2021-B A3
0.420% Due 10/21/2024
693,433.30 07/27/2021
0.39%
693,423.94
693,431.19
98.88
5.93%
685,656.45
88.99
0.24%
(7,774.74)
Aaa / NR
AAA
1.31
0.20
47787NAC3 John Deere Owner Trust 2020-B A3
0.510% Due 11/15/2024
47,563.85 07/14/2020
0.52%
47,556.60
47,562.72
99.28
5.17%
47,222.11
10.78
0.02%
(340.61)
Aaa / NR
AAA
1.38
0.15
58769KAD6 Mercedes-Benz Auto Lease Trust 2021-B A3
0.400% Due 11/15/2024
762,783.66 06/22/2021
0.40%
762,726.07
762,771.40
98.41
6.13%
750,682.87
135.61
0.27%
(12,088.53)
NR / AAA
AAA
1.38
0.27
09690AAC7 BMW Vehicle Lease Trust 2021-2 A3
0.330% Due 12/26/2024
318,683.85 09/08/2021
0.33%
318,650.97
318,676.85
98.70
6.39%
314,556.25
17.53
0.11%
(4,120.60)
Aaa / NR
AAA
1.49
0.21
44891WAC3 Hyundai Auto Lease Trust 2022-A A3
1.160% Due 01/15/2025
910,000.00 01/11/2022
1.16%
909,979.89
909,992.89
98.22
5.87%
893,814.74
469.16
0.32%
(16,178.15)
Aaa / AAA
NR
1.55
0.38
89238LAC4 Toyota Lease Owner Trust 2022-A A3
1.960% Due 02/20/2025
2,045,000.00 02/23/2022
1.98%
2,044,678.12
2,044,864.45
97.81
5.92%
2,000,124.52
1,224.73
0.71%
(44,739.93)
NR / AAA
AAA
1.65
0.56
36265MAC9 GM Financial Auto Lease Trust 2022-1 A3
1.900% Due 03/20/2025
1,680,000.00 02/15/2022
1.91%
1,679,985.55
1,679,994.60
98.05
5.87%
1,647,295.44
975.33
0.59%
(32,699.16)
Aaa / NR
AAA
1.72
0.49
05601XAC3 BMW Vehicle Lease Trust 2022-1 A3
1.100% Due 03/25/2025
616,901.98 01/11/2022
1.00%
616,809.76
616,870.93
98.29
5.84%
606,352.96
113.10
0.22%
(10,517.97)
NR / AAA
AAA
1.74
0.36
36266FAC3 GM Financial Auto Lease Trust 2022-2 A3
3.420% Due 06/20/2025
1,020,000.00 05/03/2022
3.45%
1,019,893.61
1,019,948.86
98.22
5.90%
1,001,884.80
1,065.90
0.36%
(18,064.06)
NR / AAA
AAA
1.98
0.72
47788UAC6 John Deere Owner Trust 2021-A A3
0.360% Due 09/15/2025
452,087.12 03/02/2021
0.37%
452,000.24
452,055.94
97.07
6.12%
438,853.63
72.33
0.16%
(13,202.31)
Aaa / NR
AAA
2.21
0.50
44933LAC7 Hyundai Auto Receivables Trust 2021-A A3
0.380% Due 09/15/2025
429,120.99 04/20/2021
0.20%
429,075.84
429,108.05
97.38
6.00%
417,867.72
72.47
0.15%
(11,240.33)
NR / AAA
AAA
2.21
0.46
05593AAC3 BMW Vehicle Lease Trust 2023-1 A3
5.160% Due 11/25/2025
295,000.00 02/07/2023
4.96%
294,992.98
294,994.22
99.33
5.75%
293,017.01
253.70
0.10%
(1,977.21)
Aaa / AAA
NR
2.41
1.26
44934KAC8 Hyundai Auto Receivables Trust 2021-B A3
0.380% Due 01/15/2026
1,622,015.25 07/20/2021
0.16%
1,621,657.27
1,621,877.06
96.75
5.98%
1,569,257.58
273.94
0.56%
(52,619.48)
NR / AAA
AAA
2.55
0.58
43815GAC3 Honda Auto Receivables Trust 2021-4 A3
0.880% Due 01/21/2026
765,000.00 11/16/2021
0.89%
764,838.74
764,918.21
95.98
5.92%
734,232.47
187.00
0.26%
(30,685.74)
Aaa / NR
AAA
2.56
0.80
As of June 30, 2023
31
710
Holdings Report
City of Dublin - Account #10198
CUSIP Security Description Par Value/Units Purchase Date
Book Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody/S&P
Fitch
Maturity
Duration
47789QAC4 John Deere Owner Trust 2021-B A3
0.520% Due 03/16/2026
835,089.49 07/13/2021
0.52%
835,015.00
835,054.68
95.80
6.12%
800,004.88
193.00
0.29%
(35,049.80)
Aaa / NR
AAA
2.71
0.75
44935FAD6 Hyundai Auto Receivables Trust 2021-C A3
0.740% Due 05/15/2026
545,000.00 11/09/2021
0.75%
544,878.36
544,940.60
96.07
5.87%
523,567.88
179.24
0.19%
(21,372.72)
NR / AAA
AAA
2.88
0.77
43815BAC4 Honda Auto Receivables Trust 2022-1 A3
1.880% Due 05/15/2026
1,315,000.00 02/15/2022
1.89%
1,314,802.22
1,314,885.06
95.55
5.87%
1,256,490.39
1,098.76
0.45%
(58,394.67)
Aaa / AAA
NR
2.88
1.13
05602RAD3 BMW Vehicle Owner Trust 2022-A A3
3.210% Due 08/25/2026
850,000.00 05/10/2022
3.09%
849,955.80
849,971.74
97.22
5.76%
826,382.75
454.75
0.30%
(23,588.99)
Aaa / AAA
NR
3.16
1.10
362554AC1 GM Financial Securitized Term 2021-4 A3
0.680% Due 09/16/2026
585,000.00 10/13/2021
0.66%
584,985.08
584,992.50
95.50
6.14%
558,703.67
165.75
0.20%
(26,288.83)
Aaa / AAA
NR
3.22
0.82
47787JAC2 John Deere Owner Trust 2022-A A3
2.320% Due 09/16/2026
1,005,000.00 03/10/2022
2.34%
1,004,777.69
1,004,859.73
96.32
5.88%
968,049.17
1,036.27
0.35%
(36,810.56)
Aaa / NR
AAA
3.22
1.04
448977AD0 Hyundai Auto Receivables Trust 2022-A A3
2.220% Due 10/15/2026
1,080,000.00 03/09/2022
2.23%
1,079,958.42
1,079,974.95
95.98
5.78%
1,036,555.92
1,065.60
0.37%
(43,419.03)
NR / AAA
AAA
3.30
1.14
380146AC4 GM Financial Auto Receivables 2022-1 A3
1.260% Due 11/16/2026
500,000.00 01/11/2022
1.23%
499,956.55
499,975.46
95.52
5.90%
477,604.51
262.50
0.17%
(22,370.95)
NR / AAA
AAA
3.38
0.97
362585AC5 GM Financial Securitized ART 2022-2 A3
3.100% Due 02/16/2027
780,000.00 04/05/2022
3.13%
779,836.98
779,894.79
96.77
5.72%
754,767.78
1,007.50
0.27%
(25,127.01)
Aaa / AAA
NR
3.64
1.25
47800AAC4 John Deere Owner Trust 2022-B A3
3.740% Due 02/16/2027
1,045,000.00 07/12/2022
3.77%
1,044,900.20
1,044,926.64
97.15
5.73%
1,015,263.48
1,737.02
0.36%
(29,663.16)
Aaa / NR
AAA
3.64
1.46
02582JJT8 American Express Credit Trust 2022-2 A
3.390% Due 05/17/2027
2,205,000.00 05/17/2022
3.42%
2,204,512.25
2,204,693.08
96.51
5.43%
2,127,955.10
3,322.20
0.76%
(76,737.98)
NR / AAA
AAA
3.88
1.75
47800BAC2 John Deere Owner Trust 2022-C A3
5.090% Due 06/15/2027
1,350,000.00 10/12/2022
5.15%
1,349,895.24
1,349,915.25
99.21
5.61%
1,339,294.50
3,054.00
0.48%
(10,620.75)
Aaa / NR
AAA
3.96
1.69
92348KAV5 Verizon Master Trust 2022-5 A1A
3.720% Due 07/20/2027
915,000.00 08/02/2022
3.75%
914,959.74
914,972.62
98.78
5.25%
903,849.81
1,040.05
0.32%
(11,122.81)
NR / AAA
AAA
4.06
1.09
58768PAC8 Mercedes-Benz Auto Receivables 2022-1 A3
5.210% Due 08/16/2027
2,790,000.00 11/15/2022
5.28%
2,789,448.14
2,789,544.17
99.54
5.56%
2,777,210.64
6,460.40
0.99%
(12,333.53)
Aaa / AAA
NR
4.13
1.57
362583AD8 GM Auto Receivable Trust 2023-2 A3
4.470% Due 02/16/2028
625,000.00 04/04/2023
4.53%
624,982.81
624,983.94
98.23
5.39%
613,953.13
1,164.06
0.22%
(11,030.81)
Aaa / AAA
NR
4.64
2.03
TOTAL ABS 28,895,838.94 2.41%
28,892,181.35
28,893,798.48 5.79%
28,186,819.62
27,323.60
10.07%
(706,978.86)
Aaa / AAA
AAA
2.85
0.98
Agency
3130A0F70 FHLB Note
3.375% Due 12/08/2023
5,000,000.00 Various
2.73%
5,147,870.00
5,013,171.44
99.17
5.29%
4,958,705.00
10,781.25
1.77%
(54,466.44)
Aaa / AA+
AAA
0.44
0.43
As of June 30, 2023
32
711
Holdings Report
City of Dublin - Account #10198
CUSIP Security Description Par Value/Units Purchase Date
Book Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody/S&P
Fitch
Maturity
Duration
3135G0V34 FNMA Note
2.500% Due 02/05/2024
2,000,000.00 02/27/2019
2.58%
1,992,340.00
1,999,069.58
98.23
5.55%
1,964,588.00
20,277.78
0.71%
(34,481.58)
Aaa / AA+
AAA
0.60
0.57
3130A1XJ2 FHLB Note
2.875% Due 06/14/2024
3,795,000.00 Various
1.96%
3,958,639.85
3,826,327.68
97.57
5.52%
3,702,766.32
5,152.24
1.32%
(123,561.36)
Aaa / AA+
NR
0.96
0.92
3133EKWV4 FFCB Note
1.850% Due 07/26/2024
2,500,000.00 08/13/2019
1.65%
2,524,140.00
2,505,220.54
96.24
5.50%
2,406,097.50
19,913.19
0.87%
(99,123.04)
Aaa / AA+
AAA
1.07
1.03
3130A2UW4 FHLB Note
2.875% Due 09/13/2024
2,000,000.00 10/10/2019
1.58%
2,122,020.00
2,029,843.69
97.17
5.33%
1,943,320.00
17,250.00
0.70%
(86,523.69)
Aaa / AA+
AAA
1.21
1.15
3135G0W66 FNMA Note
1.625% Due 10/15/2024
2,000,000.00 11/08/2019
1.80%
1,983,400.00
1,995,644.69
95.41
5.35%
1,908,228.00
6,861.11
0.68%
(87,416.69)
Aaa / AA+
AAA
1.30
1.25
3133ENZ94 FFCB Note
4.500% Due 11/18/2024
5,480,000.00 11/15/2022
4.56%
5,474,191.20
5,475,979.13
99.02
5.24%
5,426,482.32
29,455.00
1.95%
(49,496.81)
Aaa / AA+
AAA
1.39
1.32
3135G0X24 FNMA Note
1.625% Due 01/07/2025
4,200,000.00 Various
1.18%
4,287,898.80
4,227,673.92
94.82
5.22%
3,982,293.00
32,987.50
1.43%
(245,380.92)
Aaa / AA+
AAA
1.53
1.46
3137EAEP0 FHLMC Note
1.500% Due 02/12/2025
4,200,000.00 Various
1.23%
4,254,786.30
4,217,975.10
94.40
5.16%
3,964,690.80
24,325.00
1.42%
(253,284.30)
Aaa / AA+
AAA
1.62
1.55
3135G03U5 FNMA Note
0.625% Due 04/22/2025
1,825,000.00 04/22/2020
0.67%
1,821,240.50
1,823,637.59
92.48
5.02%
1,687,789.20
2,186.20
0.60%
(135,848.39)
Aaa / AA+
AAA
1.81
1.76
3135G04Z3 FNMA Note
0.500% Due 06/17/2025
3,435,000.00 06/17/2020
0.54%
3,427,889.55
3,432,204.94
91.81
4.93%
3,153,615.11
667.92
1.13%
(278,589.83)
Aaa / AA+
AAA
1.97
1.91
3137EAEU9 FHLMC Note
0.375% Due 07/21/2025
1,745,000.00 07/21/2020
0.48%
1,736,309.90
1,741,422.00
91.24
4.90%
1,592,118.81
2,908.33
0.57%
(149,303.19)
Aaa / AA+
AAA
2.06
2.00
3135G05X7 FNMA Note
0.375% Due 08/25/2025
2,755,000.00 08/25/2020
0.47%
2,742,106.60
2,749,443.96
90.99
4.83%
2,506,909.50
3,615.94
0.90%
(242,534.46)
Aaa / AA+
AAA
2.16
2.09
3137EAEX3 FHLMC Note
0.375% Due 09/23/2025
2,655,000.00 09/23/2020
0.44%
2,647,008.45
2,651,429.21
90.74
4.80%
2,409,059.39
2,710.31
0.86%
(242,369.82)
Aaa / AA+
AAA
2.24
2.17
3135G06G3 FNMA Note
0.500% Due 11/07/2025
2,860,000.00 11/09/2020
0.57%
2,849,761.20
2,855,164.54
90.63
4.76%
2,592,066.62
2,145.00
0.93%
(263,097.92)
Aaa / AA+
AAA
2.36
2.29
3130ATUC9 FHLB Note
4.500% Due 12/12/2025
4,000,000.00 02/09/2023
4.22%
4,029,238.40
4,025,259.05
99.14
4.87%
3,965,716.00
9,500.00
1.42%
(59,543.05)
Aaa / AA+
NR
2.45
2.29
3130ATS57 FHLB Note
4.500% Due 03/10/2028
3,000,000.00 03/21/2023
4.01%
3,065,010.00
3,061,392.36
100.96
4.27%
3,028,905.00
41,625.00
1.10%
(32,487.36)
Aaa / AA+
AAA
4.70
4.14
As of June 30, 2023
33
712
Holdings Report
City of Dublin - Account #10198
CUSIP Security Description Par Value/Units Purchase Date
Book Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody/S&P
Fitch
Maturity
Duration
880591EZ1 Tennessee Valley Authority Note
3.875% Due 03/15/2028
2,645,000.00 Various
3.73%
2,661,791.35
2,661,183.12
98.39
4.26%
2,602,399.63
25,908.14
0.94%
(58,783.49)
Aaa / AA+
AAA
4.71
4.21
TOTAL Agency 56,095,000.00 2.12%
56,725,642.10
56,292,042.54 5.06%
53,795,750.20
258,269.91
19.29%
(2,496,292.34)
Aaa / AA+
AAA
1.86
1.75
CMO
3137BFE98 FHLMC K041 A2
3.171% Due 10/25/2024
2,000,000.00 07/01/2021
0.64%
2,151,406.25
2,058,666.72
97.07
5.56%
1,941,426.00
5,285.00
0.69%
(117,240.72)
Aaa / AAA
AAA
1.32
1.16
3137BSRE5 FHLMC K059 A2
3.120% Due 09/25/2026
2,000,000.00 02/18/2022
1.92%
2,085,625.00
2,060,093.18
95.18
4.76%
1,903,636.00
5,200.00
0.68%
(156,457.18)
NR / AAA
AAA
3.24
2.91
3137FG6X8 FHLMC K077 A2
3.850% Due 05/25/2028
2,815,000.00 05/24/2023
4.65%
2,763,318.36
2,764,226.05
96.83
4.57%
2,725,837.69
1,806.29
0.97%
(38,388.36)
NR / NR
AAA
4.91
4.29
TOTAL CMO 6,815,000.00 2.64%
7,000,349.61
6,882,985.95 4.92%
6,570,899.69
12,291.29
2.35%
(312,086.26)
Aaa / AAA
AAA
3.36
2.96
Corporate
06406RAJ6 Bank of NY Mellon Corp Note
3.450% Due 08/11/2023
1,200,000.00 08/24/2018
3.42%
1,201,836.00
1,200,041.61
99.76
5.50%
1,197,122.40
16,100.00
0.43%
(2,919.21)
A1 / A
AA-
0.12
0.11
023135BW5 Amazon.com Inc Note
0.450% Due 05/12/2024
1,865,000.00 05/10/2021
0.50%
1,862,277.10
1,864,214.93
95.87
5.39%
1,788,029.59
1,142.31
0.64%
(76,185.34)
A1 / AA
AA-
0.87
0.84
24422ETT6 John Deere Capital Corp Note
2.650% Due 06/24/2024
2,000,000.00 Various
1.32%
2,093,680.00
2,025,419.85
97.27
5.54%
1,945,464.00
1,030.56
0.69%
(79,955.85)
A2 / A
A+
0.99
0.95
02665WCZ2 American Honda Finance Note
2.400% Due 06/27/2024
1,500,000.00 07/10/2019
2.49%
1,493,742.00
1,498,749.79
96.93
5.62%
1,454,011.50
400.00
0.52%
(44,738.29)
A3 / A-
A
0.99
0.96
79466LAG9 Salesforce.com Inc Callable Note Cont 7/15/2022
0.625% Due 07/15/2024
465,000.00 06/29/2021
0.64%
464,762.85
464,918.00
95.19
5.44%
442,632.57
1,340.10
0.16%
(22,285.43)
A2 / A+
NR
1.04
1.01
78013XZU5 Royal Bank of Canada Note
2.550% Due 07/16/2024
2,500,000.00 09/10/2019
2.28%
2,531,325.00
2,506,746.65
96.92
5.62%
2,423,065.00
29,218.75
0.88%
(83,681.65)
A1 / A
AA-
1.05
1.00
46647PAU0 JP Morgan Chase & Co Callable Note 1X 7/23/2023
3.797% Due 07/23/2024
2,500,000.00 09/12/2019
2.35%
2,632,175.00
2,502,068.17
99.88
5.65%
2,497,012.50
41,661.53
0.91%
(5,055.67)
A1 / A-
AA-
1.07
0.06
02665WEA5 American Honda Finance Note
1.500% Due 01/13/2025
1,075,000.00 01/11/2022
1.53%
1,074,150.75
1,074,564.53
94.23
5.46%
1,013,021.95
7,525.00
0.36%
(61,542.58)
A3 / A-
A
1.54
1.47
As of June 30, 2023
34
713
Holdings Report
City of Dublin - Account #10198
CUSIP Security Description Par Value/Units Purchase Date
Book Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody/S&P
Fitch
Maturity
Duration
90331HPL1 US Bank NA Callable Note Cont 12/21/2024
2.050% Due 01/21/2025
2,610,000.00 01/16/2020
2.10%
2,604,440.70
2,608,265.57
94.32
5.92%
2,461,754.61
23,780.00
0.89%
(146,510.96)
A2 / A+
A+
1.56
1.48
00440EAS6 Chubb INA Holdings Inc Note
3.150% Due 03/15/2025
2,500,000.00 Various
0.76%
2,753,600.00
2,600,106.31
96.53
5.30%
2,413,142.50
23,187.50
0.87%
(186,963.81)
A3 / A
A
1.71
1.62
14913R2V8 Caterpillar Financial Service Note
3.400% Due 05/13/2025
1,165,000.00 05/10/2022
3.44%
1,163,520.45
1,164,079.33
96.82
5.21%
1,127,911.06
5,281.33
0.40%
(36,168.27)
A2 / A
A+
1.87
1.77
747525AF0 Qualcomm Inc Callable Note Cont 2/20/2025
3.450% Due 05/20/2025
3,000,000.00 Various
1.78%
3,159,848.58
3,091,176.02
96.98
5.15%
2,909,280.00
11,787.50
1.04%
(181,896.02)
A2 / A
NR
1.89
1.79
61747YEA9 Morgan Stanley Callable Note Cont 5/30/2024
0.790% Due 05/30/2025
3,040,000.00 05/26/2021
0.77%
3,041,611.70
3,040,492.05
94.99
6.09%
2,887,802.40
2,068.05
1.03%
(152,689.65)
A1 / A-
A+
1.92
1.83
438516CB0 Honeywell Intl Callable Note Cont 5/1/2025
1.350% Due 06/01/2025
2,500,000.00 06/23/2020
0.85%
2,559,500.00
2,522,509.88
93.29
5.06%
2,332,327.50
2,812.50
0.83%
(190,182.38)
A2 / A
A
1.92
1.85
78015K7H1 Royal Bank of Canada Note
1.150% Due 06/10/2025
1,000,000.00 02/22/2021
0.86%
1,012,240.00
1,005,545.88
92.31
5.37%
923,103.00
670.83
0.33%
(82,442.88)
A1 / A
AA-
1.95
1.88
66815L2J7 Northwestern Mutual Glbl Note
4.000% Due 07/01/2025
2,500,000.00 06/27/2022
4.01%
2,499,150.00
2,499,433.07
96.85
5.69%
2,421,250.00
50,000.00
0.88%
(78,183.07)
Aaa / AA+
AAA
2.01
1.85
02665WDL2 American Honda Finance Note
1.200% Due 07/08/2025
1,000,000.00 08/10/2021
1.00%
1,007,640.00
1,003,953.94
92.02
5.42%
920,206.00
5,766.67
0.33%
(83,747.94)
A3 / A-
A
2.02
1.94
89114QCK2 Toronto Dominion Bank Note
0.750% Due 09/11/2025
1,000,000.00 02/16/2021
0.81%
997,230.00
998,664.88
90.53
5.37%
905,338.00
2,291.67
0.32%
(93,326.88)
A1 / A
AA-
2.20
2.12
06051GHY8 Bank of America Corp Callable Note Cont 2/13/2025
2.015% Due 02/13/2026
1,250,000.00 03/04/2021
1.14%
1,291,725.00
1,267,206.48
93.65
6.20%
1,170,587.50
9,655.21
0.42%
(96,618.98)
A1 / A-
AA-
2.63
1.54
46647PBH8 JP Morgan Chase & Co Callable Note Mthly 3/13/2025
2.005% Due 03/13/2026
1,000,000.00 04/29/2021
1.20%
1,030,270.00
1,013,303.38
93.92
5.80%
939,210.00
6,015.00
0.34%
(74,093.38)
A1 / A-
AA-
2.70
1.62
808513BR5 Charles Schwab Corp Callable Note Cont 4/13/2026
1.150% Due 05/13/2026
1,370,000.00 05/11/2021
1.20%
1,366,821.60
1,368,177.55
88.49
5.54%
1,212,378.76
2,100.67
0.43%
(155,798.79)
A2 / A-
A
2.87
2.75
91324PEC2 United Health Group Inc Callable Note Cont 4/15/2026
1.150% Due 05/15/2026
2,000,000.00 Various
1.90%
1,939,210.15
1,958,472.57
90.43
4.75%
1,808,610.01
2,938.90
0.65%
(149,862.56)
A3 / A+
A
2.88
2.76
89236TJK2 Toyota Motor Credit Corp Note
1.125% Due 06/18/2026
2,485,000.00 06/15/2021
1.13%
2,483,906.60
2,484,351.50
89.41
5.01%
2,221,890.69
1,009.53
0.79%
(262,460.81)
A1 / A+
A+
2.97
2.85
58989V2D5 Met Tower Global Funding Note
1.250% Due 09/14/2026
1,285,000.00 09/07/2021
1.27%
1,283,817.80
1,284,241.86
87.49
5.57%
1,124,204.10
4,774.13
0.40%
(160,037.76)
Aa3 / AA-
AA-
3.21
3.05
As of June 30, 2023
35
714
Holdings Report
City of Dublin - Account #10198
CUSIP Security Description Par Value/Units Purchase Date
Book Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody/S&P
Fitch
Maturity
Duration
06368FAC3 Bank of Montreal Note
1.250% Due 09/15/2026
2,500,000.00 Various
1.29%
2,495,539.50
2,497,137.07
88.16
5.31%
2,203,957.50
9,201.39
0.79%
(293,179.57)
A2 / A-
AA-
3.21
3.06
931142ER0 Wal-Mart Stores Callable Note Cont 08/17/2026
1.050% Due 09/17/2026
585,000.00 09/08/2021
1.09%
583,894.35
584,289.14
89.28
4.68%
522,304.38
1,774.50
0.19%
(61,984.76)
Aa2 / AA
AA
3.22
3.08
59217GER6 Metlife Note
1.875% Due 01/11/2027
1,860,000.00 01/03/2022
1.90%
1,857,879.60
1,858,502.02
89.09
5.30%
1,657,025.64
16,468.75
0.60%
(201,476.38)
Aa3 / AA-
AA-
3.54
3.30
87612EBM7 Target Corp Callable Note Cont 12/15/2026
1.950% Due 01/15/2027
1,340,000.00 01/19/2022
1.99%
1,337,722.00
1,338,377.69
91.54
4.56%
1,226,668.16
12,048.83
0.44%
(111,709.53)
A2 / A
A
3.55
3.32
808513BY0 Charles Schwab Corp Callable Note Cont 2/3/2027
2.450% Due 03/03/2027
585,000.00 03/01/2022
2.47%
584,368.20
584,536.01
89.58
5.63%
524,026.04
4,697.88
0.19%
(60,509.97)
A2 / A-
A
3.68
3.40
084664CZ2 Berkshire Hathaway Callable Note Cont 2/15/2027
2.300% Due 03/15/2027
2,295,000.00 03/07/2022
2.30%
2,294,563.95
2,294,676.90
93.51
4.21%
2,146,054.50
15,542.25
0.77%
(148,622.40)
Aa2 / AA
A+
3.71
3.47
40139LBF9 Guardian Life Glob Fun Note
3.246% Due 03/29/2027
765,000.00 03/24/2022
3.25%
765,000.00
765,000.00
93.15
5.28%
712,620.45
6,345.93
0.26%
(52,379.55)
Aa1 / AA+
NR
3.75
3.43
023135CF1 Amazon.com Inc Callable Note Cont 3/13/2027
3.300% Due 04/13/2027
1,750,000.00 04/25/2022
3.34%
1,746,972.50
1,747,690.95
95.23
4.69%
1,666,581.00
12,512.50
0.60%
(81,109.95)
A1 / AA
AA-
3.79
3.48
46647PCB0 JP Morgan Chase & Co Callable Note Cont 4/22/2026
1.578% Due 04/22/2027
500,000.00 08/23/2022
4.90%
449,845.00
458,985.53
89.82
5.54%
449,106.50
1,512.25
0.16%
(9,879.03)
A1 / A-
AA-
3.81
2.67
927804GH1 Virginia Electric Power Corp Callable Note Cont.
4/15/2027
3.750% Due 05/15/2027
1,000,000.00 Various
3.75%
999,773.40
999,816.22
95.75
4.97%
957,528.00
4,791.67
0.34%
(42,288.22)
A2 / BBB+
A
3.88
3.53
14913R3A3 Caterpillar Financial Service Note
3.600% Due 08/12/2027
1,375,000.00 Various
3.89%
1,357,243.75
1,360,148.56
96.26
4.61%
1,323,599.75
19,112.50
0.48%
(36,548.81)
A2 / A
A+
4.12
3.72
931142EX7 Wal-Mart Stores Callable Note Cont 09/09/2027
3.950% Due 09/09/2027
1,500,000.00 Various
3.98%
1,498,302.30
1,498,576.58
98.09
4.45%
1,471,323.00
18,433.34
0.53%
(27,253.58)
Aa2 / AA
AA
4.20
3.77
89236TKJ3 Toyota Motor Credit Corp Note
4.550% Due 09/20/2027
1,500,000.00 11/22/2022
4.88%
1,479,060.00
1,481,653.70
98.60
4.92%
1,479,046.50
19,147.92
0.53%
(2,607.20)
A1 / A+
A+
4.23
3.75
023135CP9 Amazon.com Inc Callable Note Cont 11/1/2027
4.550% Due 12/01/2027
1,000,000.00 01/17/2023
4.21%
1,014,400.00
1,013,056.44
99.37
4.71%
993,720.00
3,791.67
0.36%
(19,336.44)
A1 / AA
AA-
4.42
3.94
89115A2M3 Toronto-Dominion Bank Note
5.156% Due 01/10/2028
3,000,000.00 Various
5.28%
2,984,380.00
2,984,541.45
99.34
5.32%
2,980,053.00
73,473.00
1.09%
(4,488.45)
A1 / A
AA-
4.53
3.89
As of June 30, 2023
36
715
Holdings Report
City of Dublin - Account #10198
CUSIP Security Description Par Value/Units Purchase Date
Book Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody/S&P
Fitch
Maturity
Duration
756109AU8 Realty Income Corp Callable Note Cont 10/15/2027
3.650% Due 01/15/2028
960,000.00 04/10/2023
4.87%
910,540.80
912,816.09
93.26
5.34%
895,340.16
16,157.33
0.33%
(17,475.93)
A3 / A-
NR
4.55
4.03
24422EWR6 John Deere Capital Corp Note
4.750% Due 01/20/2028
2,000,000.00 01/23/2023
4.40%
2,030,780.00
2,028,126.26
99.92
4.77%
1,998,334.00
45,388.89
0.73%
(29,792.26)
A2 / A
A+
4.56
3.96
06051GGF0 Bank of America Corp Callable Note 1/20/2027
3.824% Due 01/20/2028
3,000,000.00 Various
5.87%
2,824,349.55
2,834,583.35
94.55
5.53%
2,836,641.00
51,305.34
1.03%
2,057.65
A1 / A-
AA-
4.56
3.20
91324PEP3 United Health Group Inc Callable Note Cont 1/15/2028
5.250% Due 02/15/2028
1,500,000.00 02/21/2023
4.90%
1,522,890.00
1,521,250.43
101.95
4.77%
1,529,289.00
29,750.00
0.56%
8,038.57
A3 / A+
A
4.63
3.93
58933YBH7 Merck & Co Callable Note Cont 4/17/2028
4.050% Due 05/17/2028
3,500,000.00 Various
4.06%
3,497,960.40
3,498,010.63
98.26
4.45%
3,439,166.51
17,325.00
1.23%
(58,844.12)
A1 / A+
NR
4.88
4.36
TOTAL Corporate 75,325,000.00 2.56%
75,783,946.58
75,308,478.82 5.24%
71,551,740.73
631,338.68
25.77%
(3,756,738.09)
A1 / A+
A+
2.83
2.49
Money Market Fund
31846V203 First American Govt Obligation Fund Class Y
2,641,553.51 Various
4.70%
2,641,553.51
2,641,553.51
1.00
4.70%
2,641,553.51
0.00
0.94%
0.00
Aaa / AAA
AAA
0.00
0.00
TOTAL Money Market Fund 2,641,553.51 4.70%
2,641,553.51
2,641,553.51 4.70%
2,641,553.51
0.00
0.94%
0.00
Aaa / AAA
AAA
0.00
0.00
Supranational
4581X0DZ8 Inter-American Dev Bank Note
0.500% Due 09/23/2024
3,680,000.00 09/15/2021
0.52%
3,677,276.80
3,678,881.90
94.22
5.42%
3,467,112.00
5,008.89
1.24%
(211,769.90)
Aaa / AAA
NR
1.24
1.19
459058JB0 Intl. Bank Recon & Development Note
0.625% Due 04/22/2025
2,260,000.00 04/15/2020
0.70%
2,251,253.80
2,256,833.93
92.43
5.05%
2,088,969.98
2,707.29
0.75%
(167,863.95)
Aaa / AAA
NR
1.81
1.76
4581X0DN5 Inter-American Dev Bank Note
0.625% Due 07/15/2025
1,685,000.00 01/13/2021
0.53%
1,692,329.75
1,688,325.62
91.78
4.90%
1,546,575.57
4,856.08
0.55%
(141,750.05)
Aaa / AAA
NR
2.04
1.98
459058JL8 Intl. Bank Recon & Development Note
0.500% Due 10/28/2025
6,000,000.00 Various
0.55%
5,986,632.00
5,993,440.46
90.76
4.74%
5,445,834.00
5,250.00
1.95%
(547,606.46)
Aaa / AAA
AAA
2.33
2.26
As of June 30, 2023
37
716
Holdings Report
City of Dublin - Account #10198
CUSIP Security Description Par Value/Units Purchase Date
Book Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody/S&P
Fitch
Maturity
Duration
4581X0DV7 Inter-American Dev Bank Note
0.875% Due 04/20/2026
4,615,000.00 04/13/2021
0.97%
4,593,863.30
4,603,146.78
90.21
4.64%
4,163,246.88
7,964.08
1.49%
(439,899.90)
Aaa / AAA
AAA
2.81
2.71
TOTAL Supranational 18,240,000.00 0.67%
18,201,355.65
18,220,628.69 4.91%
16,711,738.43
25,786.34
5.97%
(1,508,890.26)
Aaa / AAA
AAA
2.13
2.06
US Treasury
912828YH7 US Treasury Note
1.500% Due 09/30/2024
3,500,000.00 Various
1.65%
3,474,941.41
3,493,532.37
95.41
5.33%
3,339,493.50
13,196.72
1.20%
(154,038.87)
Aaa / AA+
AAA
1.25
1.21
9128283J7 US Treasury Note
2.125% Due 11/30/2024
3,000,000.00 Various
1.76%
3,051,650.40
3,014,771.58
95.77
5.26%
2,872,968.00
5,399.59
1.03%
(141,803.58)
Aaa / AA+
AAA
1.42
1.37
91282CDZ1 US Treasury Note
1.500% Due 02/15/2025
2,000,000.00 05/06/2022
2.92%
1,925,156.25
1,956,039.46
94.38
5.14%
1,887,656.00
11,270.72
0.68%
(68,383.46)
Aaa / AA+
AAA
1.63
1.56
912828ZC7 US Treasury Note
1.125% Due 02/28/2025
3,500,000.00 03/24/2020
0.52%
3,603,222.66
3,534,846.96
93.73
5.09%
3,280,567.50
13,160.67
1.18%
(254,279.46)
Aaa / AA+
AAA
1.67
1.61
91282CED9 US Treasury Note
1.750% Due 03/15/2025
2,000,000.00 03/15/2022
2.00%
1,985,312.50
1,991,643.55
94.59
5.09%
1,891,876.00
10,271.74
0.68%
(99,767.55)
Aaa / AA+
AAA
1.71
1.64
912828ZL7 US Treasury Note
0.375% Due 04/30/2025
4,000,000.00 Various
0.38%
3,998,593.75
3,999,471.47
92.01
4.99%
3,680,312.00
2,527.18
1.31%
(319,159.47)
Aaa / AA+
AAA
1.84
1.78
91282CFE6 US Treasury Note
3.125% Due 08/15/2025
3,000,000.00 Various
4.34%
2,905,703.13
2,927,645.34
96.58
4.83%
2,897,460.00
35,220.99
1.05%
(30,185.34)
Aaa / AA+
AAA
2.13
2.00
91282CAM3 US Treasury Note
0.250% Due 09/30/2025
2,500,000.00 10/16/2020
0.32%
2,491,406.25
2,496,090.72
90.57
4.71%
2,264,355.00
1,571.04
0.81%
(231,735.72)
Aaa / AA+
AAA
2.25
2.19
91282CFP1 US Treasury Note
4.250% Due 10/15/2025
10,000,000.00 Various
4.24%
10,002,724.61
10,002,522.76
98.88
4.77%
9,888,280.00
89,412.56
3.56%
(114,242.76)
Aaa / AA+
AAA
2.30
2.14
91282CBC4 US Treasury Note
0.375% Due 12/31/2025
1,000,000.00 12/29/2020
0.38%
999,921.88
999,960.90
90.14
4.60%
901,367.00
10.19
0.32%
(98,593.90)
Aaa / AA+
AAA
2.51
2.43
91282CBH3 US Treasury Note
0.375% Due 01/31/2026
4,000,000.00 02/23/2021
0.58%
3,960,625.00
3,979,351.07
89.78
4.61%
3,591,252.00
6,256.91
1.28%
(388,099.07)
Aaa / AA+
AAA
2.59
2.51
91282CBQ3 US Treasury Note
0.500% Due 02/28/2026
2,500,000.00 03/26/2021
0.83%
2,459,960.94
2,478,320.53
89.83
4.59%
2,245,702.50
4,177.99
0.80%
(232,618.03)
Aaa / AA+
AAA
2.67
2.59
91282CBT7 US Treasury Note
0.750% Due 03/31/2026
5,000,000.00 Various
0.85%
4,974,804.69
4,986,100.21
90.38
4.51%
4,519,140.00
9,426.23
1.62%
(466,960.21)
Aaa / AA+
AAA
2.75
2.66
91282CCF6 US Treasury Note
0.750% Due 05/31/2026
2,000,000.00 06/18/2021
0.91%
1,985,000.00
1,991,149.58
89.82
4.51%
1,796,484.00
1,270.49
0.64%
(194,665.58)
Aaa / AA+
AAA
2.92
2.82
As of June 30, 2023
38
717
Holdings Report
City of Dublin - Account #10198
CUSIP Security Description Par Value/Units Purchase Date
Book Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody/S&P
Fitch
Maturity
Duration
91282CCW9 US Treasury Note
0.750% Due 08/31/2026
2,000,000.00 08/30/2021
0.77%
1,998,515.63
1,999,059.47
89.19
4.45%
1,783,750.00
5,013.59
0.64%
(215,309.47)
Aaa / AA+
AAA
3.17
3.06
91282CDG3 US Treasury Note
1.125% Due 10/31/2026
5,000,000.00 Various
1.25%
4,970,498.06
4,979,905.87
89.92
4.41%
4,496,095.00
9,476.91
1.61%
(483,810.87)
Aaa / AA+
AAA
3.34
3.20
912828Z78 US Treasury Note
1.500% Due 01/31/2027
4,500,000.00 Various
2.15%
4,367,285.16
4,400,624.41
90.58
4.37%
4,076,190.00
28,156.08
1.47%
(324,434.41)
Aaa / AA+
AAA
3.59
3.40
91282CEN7 US Treasury Note
2.750% Due 04/30/2027
7,000,000.00 Various
3.55%
6,761,484.38
6,803,414.35
94.46
4.33%
6,612,536.00
32,432.06
2.37%
(190,878.35)
Aaa / AA+
AAA
3.84
3.57
91282CEW7 US Treasury Note
3.250% Due 06/30/2027
9,000,000.00 Various
3.21%
9,018,066.41
9,011,219.87
96.17
4.30%
8,655,471.00
794.84
3.09%
(355,748.87)
Aaa / AA+
AAA
4.00
3.70
91282CFM8 US Treasury Note
4.125% Due 09/30/2027
10,000,000.00 Various
3.95%
10,074,062.50
10,065,798.56
99.44
4.27%
9,944,140.00
103,688.52
3.59%
(121,658.56)
Aaa / AA+
AAA
4.25
3.82
91282CGC9 US Treasury Note
3.875% Due 12/31/2027
10,000,000.00 Various
3.70%
10,078,828.13
10,071,999.25
98.60
4.22%
9,859,770.00
1,052.99
3.52%
(212,229.25)
Aaa / AA+
AAA
4.51
4.08
91282CGT2 US Treasury Note
3.625% Due 03/31/2028
7,000,000.00 Various
3.58%
7,014,042.96
7,013,625.66
97.67
4.17%
6,837,033.00
63,784.15
2.46%
(176,592.66)
Aaa / AA+
AAA
4.76
4.27
91282CHE4 US Treasury Note
3.625% Due 05/31/2028
2,000,000.00 06/16/2023
4.01%
1,965,703.13
1,965,911.91
97.81
4.12%
1,956,250.00
6,140.71
0.70%
(9,661.91)
Aaa / AA+
AAA
4.92
4.44
TOTAL US Treasury 104,500,000.00 2.60%
104,067,509.83
104,163,005.85 4.54%
99,278,148.50
453,712.87
35.60%
(4,884,857.35)
Aaa / AA+
AAA
3.23
3.00
TOTAL PORTFOLIO 292,512,392.45 2.38%
293,312,538.63
292,402,493.84 4.98%
278,736,650.68
1,408,722.69
100.00%
(13,665,843.16)
Aa1 / AA
AAA
2.73
2.34
TOTAL MARKET VALUE PLUS ACCRUALS 280,145,373.37
As of June 30, 2023
39
718
Holdings Report
City of Dublin Reporting Account - Account #10219
CUSIP Security Description Par Value/Units Purchase Date
Book Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody/S&P
Fitch
Maturity
Duration
LAIF
90LAIF$00 Local Agency Investment Fund State Pool
26,092,228.96 Various
3.26%
26,092,228.96
26,092,228.96
1.00
3.26%
26,092,228.96
195,897.03
21.73%
0.00
NR / NR
NR
0.00
0.00
TOTAL LAIF 26,092,228.96 3.26%
26,092,228.96
26,092,228.96 3.26%
26,092,228.96
195,897.03
21.73%
0.00
NR / NR
NR
0.00
0.00
Local Gov Investment Pool
90CAMP$00 California Asset Mgmt Program CAMP
94,675,878.95 Various
5.20%
94,675,878.95
94,675,878.95
1.00
5.20%
94,675,878.95
0.00
78.27%
0.00
NR / AAA
NR
0.00
0.00
TOTAL Local Gov Investment Pool 94,675,878.95 5.20%
94,675,878.95
94,675,878.95 5.20%
94,675,878.95
0.00
78.27%
0.00
NR / AAA
NR
0.00
0.00
TOTAL PORTFOLIO 120,768,107.91 4.78%
120,768,107.91
120,768,107.91 4.78%
120,768,107.91
195,897.03
100.00%
0.00
NR / AAA
NR
0.00
0.00
TOTAL MARKET VALUE PLUS ACCRUALS 120,964,004.94
As of June 30, 2023
40
719
SECTION |Section 5 |Transactions
41
720
Transaction Ledger
City of Dublin - Account #10198
Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp
Yield Amount Interest
Pur/Sold Total Amount Gain/Loss
ACQUISITIONS
Purchase 04/12/2023 362583AD8 625,000.00 GM Auto Receivable Trust 2023-2 A3
4.47% Due: 02/16/2028
99.997 4.51%624,982.81 0.00 624,982.81 0.00
Purchase 04/12/2023 756109AU8 960,000.00 Realty Income Corp Callable Note Cont
10/15/2027
3.65% Due: 01/15/2028
94.848 4.87%910,540.80 8,468.00 919,008.80 0.00
Purchase 04/27/2023 880591EZ1 1,390,000.00 Tennessee Valley Authority Note
3.875% Due: 03/15/2028
100.734 3.71%1,400,202.60 4,039.69 1,404,242.29 0.00
Purchase 04/28/2023 880591EZ1 1,255,000.00 Tennessee Valley Authority Note
3.875% Due: 03/15/2028
100.525 3.76%1,261,588.75 3,782.43 1,265,371.18 0.00
Purchase 04/28/2023 91282CGT2 2,500,000.00 US Treasury Note
3.625% Due: 03/31/2028
100.121 3.60%2,503,027.34 6,933.06 2,509,960.40 0.00
Purchase 05/16/2023 91282CGT2 3,000,000.00 US Treasury Note
3.625% Due: 03/31/2028
100.621 3.48%3,018,632.81 13,668.03 3,032,300.84 0.00
Purchase 05/17/2023 58933YBH7 820,000.00 Merck & Co Callable Note Cont 4/17/2028
4.05% Due: 05/17/2028
99.919 4.07%819,335.80 0.00 819,335.80 0.00
Purchase 05/17/2023 58933YBH7 495,000.00 Merck & Co Callable Note Cont 4/17/2028
4.05% Due: 05/17/2028
99.883 4.08%494,420.85 0.00 494,420.85 0.00
Purchase 05/17/2023 58933YBH7 685,000.00 Merck & Co Callable Note Cont 4/17/2028
4.05% Due: 05/17/2028
99.875 4.08%684,143.75 0.00 684,143.75 0.00
Purchase 05/17/2023 58933YBH7 1,500,000.00 Merck & Co Callable Note Cont 4/17/2028
4.05% Due: 05/17/2028
100.004 4.05%1,500,060.00 0.00 1,500,060.00 0.00
Purchase 05/22/2023 91282CGT2 1,500,000.00 US Treasury Note
3.625% Due: 03/31/2028
99.492 3.74%1,492,382.81 7,725.41 1,500,108.22 0.00
Purchase 05/30/2023 3137FG6X8 2,815,000.00 FHLMC K077 A2
3.85% Due: 05/25/2028
98.164 4.65%2,763,318.36 8,730.41 2,772,048.77 0.00
Purchase 06/13/2023 89115A2M3 1,000,000.00 Toronto-Dominion Bank Note
5.156% Due: 01/10/2028
99.570 5.26%995,700.00 21,913.00 1,017,613.00 0.00
Purchase 06/14/2023 89115A2M3 2,000,000.00 Toronto-Dominion Bank Note
5.156% Due: 01/10/2028
99.434 5.30%1,988,680.00 44,112.44 2,032,792.44 0.00
March 31, 2023 through June 30, 2023
As of June 30, 2023
42
721
Transaction Ledger
City of Dublin - Account #10198
Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp
Yield Amount Interest
Pur/Sold Total Amount Gain/Loss
Purchase 06/20/2023 91282CHE4 2,000,000.00 US Treasury Note
3.625% Due: 05/31/2028
98.285 4.01%1,965,703.13 3,961.75 1,969,664.88 0.00
Subtotal 22,545,000.00 22,422,719.81 123,334.22 22,546,054.03 0.00
TOTAL ACQUISITIONS 22,545,000.00 22,422,719.81 123,334.22 22,546,054.03 0.00
DISPOSITIONS
Sale 04/12/2023 912828V80 1,000,000.00 US Treasury Note
2.25% Due: 01/31/2024
98.070 2.32%980,703.13 4,412.98 985,116.11 -18,751.55
Sale 04/27/2023 3133EKZK5 4,000,000.00 FFCB Note
1.6% Due: 08/14/2023
98.978 1.54%3,959,120.00 12,977.78 3,972,097.78 -41,557.49
Sale 04/28/2023 912828WJ5 1,750,000.00 US Treasury Note
2.5% Due: 05/15/2024
97.699 1.91%1,709,736.33 19,820.44 1,729,556.77 -50,532.69
Sale 05/11/2023 037833CU2 3,000,000.00 Apple Inc Callable Note Cont 3/11/2024
2.85% Due: 05/11/2024
97.977 2.32%2,939,310.00 0.00 2,939,310.00 -67,598.60
Sale 05/16/2023 313383YJ4 5,000,000.00 FHLB Note
3.375% Due: 09/08/2023
99.415 2.94%4,970,750.00 31,875.00 5,002,625.00 -36,127.26
Sale 06/14/2023 89114QCB2 2,300,000.00 Toronto Dominion Bank Note
3.25% Due: 03/11/2024
98.217 2.95%2,258,991.00 19,310.42 2,278,301.42 -45,685.47
Sale 06/20/2023 9128282N9 2,000,000.00 US Treasury Note
2.125% Due: 07/31/2024
96.633 1.44%1,932,656.25 16,436.46 1,949,092.71 -81,959.34
Subtotal 19,050,000.00 18,751,266.71 104,833.08 18,856,099.79 -342,212.40
Maturity 06/08/2023 69353RFL7 1,210,000.00 PNC Bank Callable Note Cont 5/9/2023
3.5% Due: 06/08/2023
100.000 1,210,000.00 0.00 1,210,000.00 0.00
Subtotal 1,210,000.00 1,210,000.00 0.00 1,210,000.00 0.00
TOTAL DISPOSITIONS 20,260,000.00 19,961,266.71 104,833.08 20,066,099.79 -342,212.40
March 31, 2023 through June 30, 2023
As of June 30, 2023
43
722
Transaction Ledger
City of Dublin Reporting Account - Account #10219
Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp
Yield Amount Interest
Pur/Sold Total Amount Gain/Loss
ACQUISITIONS
Purchase 04/15/2023 90LAIF$00 174,633.46 Local Agency Investment Fund State Pool 1.000 2.88%174,633.46 0.00 174,633.46 0.00
Purchase 04/30/2023 90CAMP$00 388,754.43 California Asset Mgmt Program CAMP 1.000 5.00%388,754.43 0.00 388,754.43 0.00
Purchase 05/31/2023 90CAMP$00 453,077.32 California Asset Mgmt Program CAMP 1.000 5.20%453,077.32 0.00 453,077.32 0.00
Purchase 06/30/2023 90CAMP$00 408,485.68 California Asset Mgmt Program CAMP 1.000 5.20%408,485.68 0.00 408,485.68 0.00
Subtotal 1,424,950.89 1,424,950.89 0.00 1,424,950.89 0.00
Security
Contribution
04/11/2023 90CAMP$00 5,000,000.00 California Asset Mgmt Program CAMP 1.000 5,000,000.00 0.00 5,000,000.00 0.00
Security
Contribution
04/18/2023 90CAMP$00 26,000,000.00 California Asset Mgmt Program CAMP 1.000 26,000,000.00 0.00 26,000,000.00 0.00
Subtotal 31,000,000.00 31,000,000.00 0.00 31,000,000.00 0.00
TOTAL ACQUISITIONS 32,424,950.89 32,424,950.89 0.00 32,424,950.89 0.00
DISPOSITIONS
Security
Withdrawal
04/25/2023 90CAMP$00 1,000,000.00 California Asset Mgmt Program CAMP 1.000 1,000,000.00 0.00 1,000,000.00 0.00
Security
Withdrawal
05/02/2023 90CAMP$00 2,600,000.00 California Asset Mgmt Program CAMP 1.000 2,600,000.00 0.00 2,600,000.00 0.00
Security
Withdrawal
05/08/2023 90CAMP$00 1,000,000.00 California Asset Mgmt Program CAMP 1.000 1,000,000.00 0.00 1,000,000.00 0.00
Security
Withdrawal
05/16/2023 90CAMP$00 3,600,000.00 California Asset Mgmt Program CAMP 1.000 3,600,000.00 0.00 3,600,000.00 0.00
Security
Withdrawal
05/23/2023 90CAMP$00 8,500,000.00 California Asset Mgmt Program CAMP 1.000 8,500,000.00 0.00 8,500,000.00 0.00
Security
Withdrawal
06/07/2023 90CAMP$00 1,000,000.00 California Asset Mgmt Program CAMP 1.000 1,000,000.00 0.00 1,000,000.00 0.00
March 31, 2023 through June 30, 2023
As of June 30, 2023
44
723
Transaction Ledger
City of Dublin Reporting Account - Account #10219
Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp
Yield Amount Interest
Pur/Sold Total Amount Gain/Loss
Security
Withdrawal
06/20/2023 90CAMP$00 500,000.00 California Asset Mgmt Program CAMP 1.000 500,000.00 0.00 500,000.00 0.00
Subtotal 18,200,000.00 18,200,000.00 0.00 18,200,000.00 0.00
TOTAL DISPOSITIONS 18,200,000.00 18,200,000.00 0.00 18,200,000.00 0.00
March 31, 2023 through June 30, 2023
As of June 30, 2023
45
724
Important Disclosures
2023 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
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This report is provided for informational purposes only and should not be construed as a specific investment or legal advice. The information contained herein was obtained from sources believed to be
reliable as of the date of publication, but may become outdated or superseded at any time without notice. Any opinions or views expressed are based on current market conditions and are subject to
change. This report may contain forecasts and forward-looking statements which are inherently limited and should not be relied upon as indicator of future results. Past performance is not indicative of
future results. This report is not intended to constitute an offer, solicitation, recommendation or advice regarding any securities or investment strategy and should not be regarded by recipients as a
substitute for the exercise of their own judgment.
Fixed income investments are subject to interest, credit and market risk. Interest rate risk: the value of fixed income investments will decline as interest rates rise. Credit risk: the possibility that the
borrower may not be able to repay interest and principal. Low rated bonds generally have to pay higher interest rates to attract investors willing to take on greater risk. Market risk: the bond market in
general could decline due to economic conditions, especially during periods of rising interest rates.
Ratings information have been provided by Moody’s, S&P and Fitch through data feeds we believe to be reliable as of the date of this statement, however we cannot guarantee its accuracy.
Security level ratings for U.S. Agency issued mortgage-backed securities (“MBS”) reflect the issuer rating because the securities themselves are not rated. The issuing U.S. Agency guarantees the full and
timely payment of both principal and interest and carries a AA+/Aaa/AAA by S&P, Moody’s and Fitch respectively.
Your qualified custodian bank maintains control of all assets reflected in this statement and we urge you to compare this statement to the one you receive from your qualified custodian. Chandler does
not have any authority to withdraw or deposit funds from/to the custodian account.
As of June 30, 2023
46
725
Benchmark Disclosures
ICE BofA 1-5 Yr US Treasury & Agency Index*
The ICE BofA 1-5 Year US Treasury & Agency Index tracks the performance of US dollar denominated US Treasury and nonsubordinated US agency debt issued in the US domestic market. Qualifying
securities must have an investment grade rating (based on an average of Moody’s, S&P and Fitch). Qualifying securities must have at least one year remaining term to final maturity and less than five
years remaining term to final maturity, at least 18 months to maturity at time of issuance, a fixed coupon schedule, and a minimum amount outstanding of $1 billion for sovereigns and $250 million for
agencies.
The ICE BofA 1-3 Year US Treasury & Agency Index tracks the performance of US dollar denominated US Treasury and nonsubordinated US agency debt issued in the US domestic market. Qualifying
securities must have an investment grade rating (based on an average of Moody’s, S&P and Fitch). Qualifying securities must have at least one year remaining term to final maturity and less than three
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.
As of June 30, 2023
47
726
Transaction Ledger
City of Dublin - Account #10198
Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp
Yield Amount Interest
Pur/Sold Total Amount Gain/Loss
ACQUISITIONS
Purchase 04/12/2023 362583AD8 625,000.00 GM Auto Receivable Trust 2023-2 A3
4.47% Due: 02/16/2028
99.997 4.51%624,982.81 0.00 624,982.81 0.00
Purchase 04/12/2023 756109AU8 960,000.00 Realty Income Corp Callable Note Cont
10/15/2027
3.65% Due: 01/15/2028
94.848 4.87%910,540.80 8,468.00 919,008.80 0.00
Purchase 04/27/2023 880591EZ1 1,390,000.00 Tennessee Valley Authority Note
3.875% Due: 03/15/2028
100.734 3.71%1,400,202.60 4,039.69 1,404,242.29 0.00
Purchase 04/28/2023 880591EZ1 1,255,000.00 Tennessee Valley Authority Note
3.875% Due: 03/15/2028
100.525 3.76%1,261,588.75 3,782.43 1,265,371.18 0.00
Purchase 04/28/2023 91282CGT2 2,500,000.00 US Treasury Note
3.625% Due: 03/31/2028
100.121 3.60%2,503,027.34 6,933.06 2,509,960.40 0.00
Purchase 05/16/2023 91282CGT2 3,000,000.00 US Treasury Note
3.625% Due: 03/31/2028
100.621 3.48%3,018,632.81 13,668.03 3,032,300.84 0.00
Purchase 05/17/2023 58933YBH7 820,000.00 Merck & Co Callable Note Cont 4/17/2028
4.05% Due: 05/17/2028
99.919 4.07%819,335.80 0.00 819,335.80 0.00
Purchase 05/17/2023 58933YBH7 495,000.00 Merck & Co Callable Note Cont 4/17/2028
4.05% Due: 05/17/2028
99.883 4.08%494,420.85 0.00 494,420.85 0.00
Purchase 05/17/2023 58933YBH7 685,000.00 Merck & Co Callable Note Cont 4/17/2028
4.05% Due: 05/17/2028
99.875 4.08%684,143.75 0.00 684,143.75 0.00
Purchase 05/17/2023 58933YBH7 1,500,000.00 Merck & Co Callable Note Cont 4/17/2028
4.05% Due: 05/17/2028
100.004 4.05%1,500,060.00 0.00 1,500,060.00 0.00
Purchase 05/22/2023 91282CGT2 1,500,000.00 US Treasury Note
3.625% Due: 03/31/2028
99.492 3.74%1,492,382.81 7,725.41 1,500,108.22 0.00
Purchase 05/30/2023 3137FG6X8 2,815,000.00 FHLMC K077 A2
3.85% Due: 05/25/2028
98.164 4.65%2,763,318.36 8,730.41 2,772,048.77 0.00
Purchase 06/13/2023 89115A2M3 1,000,000.00 Toronto-Dominion Bank Note
5.156% Due: 01/10/2028
99.570 5.26%995,700.00 21,913.00 1,017,613.00 0.00
Purchase 06/14/2023 89115A2M3 2,000,000.00 Toronto-Dominion Bank Note
5.156% Due: 01/10/2028
99.434 5.30%1,988,680.00 44,112.44 2,032,792.44 0.00
March 31, 2023 through June 30, 2023
As of June 30, 2023
42
Attachment 2
727
Transaction Ledger
City of Dublin - Account #10198
Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp
Yield Amount Interest
Pur/Sold Total Amount Gain/Loss
Purchase 06/20/2023 91282CHE4 2,000,000.00 US Treasury Note
3.625% Due: 05/31/2028
98.285 4.01%1,965,703.13 3,961.75 1,969,664.88 0.00
Subtotal 22,545,000.00 22,422,719.81 123,334.22 22,546,054.03 0.00
TOTAL ACQUISITIONS 22,545,000.00 22,422,719.81 123,334.22 22,546,054.03 0.00
DISPOSITIONS
Sale 04/12/2023 912828V80 1,000,000.00 US Treasury Note
2.25% Due: 01/31/2024
98.070 2.32%980,703.13 4,412.98 985,116.11 -18,751.55
Sale 04/27/2023 3133EKZK5 4,000,000.00 FFCB Note
1.6% Due: 08/14/2023
98.978 1.54%3,959,120.00 12,977.78 3,972,097.78 -41,557.49
Sale 04/28/2023 912828WJ5 1,750,000.00 US Treasury Note
2.5% Due: 05/15/2024
97.699 1.91%1,709,736.33 19,820.44 1,729,556.77 -50,532.69
Sale 05/11/2023 037833CU2 3,000,000.00 Apple Inc Callable Note Cont 3/11/2024
2.85% Due: 05/11/2024
97.977 2.32%2,939,310.00 0.00 2,939,310.00 -67,598.60
Sale 05/16/2023 313383YJ4 5,000,000.00 FHLB Note
3.375% Due: 09/08/2023
99.415 2.94%4,970,750.00 31,875.00 5,002,625.00 -36,127.26
Sale 06/14/2023 89114QCB2 2,300,000.00 Toronto Dominion Bank Note
3.25% Due: 03/11/2024
98.217 2.95%2,258,991.00 19,310.42 2,278,301.42 -45,685.47
Sale 06/20/2023 9128282N9 2,000,000.00 US Treasury Note
2.125% Due: 07/31/2024
96.633 1.44%1,932,656.25 16,436.46 1,949,092.71 -81,959.34
Subtotal 19,050,000.00 18,751,266.71 104,833.08 18,856,099.79 -342,212.40
Maturity 06/08/2023 69353RFL7 1,210,000.00 PNC Bank Callable Note Cont 5/9/2023
3.5% Due: 06/08/2023
100.000 1,210,000.00 0.00 1,210,000.00 0.00
Subtotal 1,210,000.00 1,210,000.00 0.00 1,210,000.00 0.00
TOTAL DISPOSITIONS 20,260,000.00 19,961,266.71 104,833.08 20,066,099.79 -342,212.40
March 31, 2023 through June 30, 2023
As of June 30, 2023
43
728
Transaction Ledger
City of Dublin Reporting Account - Account #10219
Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp
Yield Amount Interest
Pur/Sold Total Amount Gain/Loss
ACQUISITIONS
Purchase 04/15/2023 90LAIF$00 174,633.46 Local Agency Investment Fund State Pool 1.000 2.88%174,633.46 0.00 174,633.46 0.00
Purchase 04/30/2023 90CAMP$00 388,754.43 California Asset Mgmt Program CAMP 1.000 5.00%388,754.43 0.00 388,754.43 0.00
Purchase 05/31/2023 90CAMP$00 453,077.32 California Asset Mgmt Program CAMP 1.000 5.20%453,077.32 0.00 453,077.32 0.00
Purchase 06/30/2023 90CAMP$00 408,485.68 California Asset Mgmt Program CAMP 1.000 5.20%408,485.68 0.00 408,485.68 0.00
Subtotal 1,424,950.89 1,424,950.89 0.00 1,424,950.89 0.00
Security
Contribution
04/11/2023 90CAMP$00 5,000,000.00 California Asset Mgmt Program CAMP 1.000 5,000,000.00 0.00 5,000,000.00 0.00
Security
Contribution
04/18/2023 90CAMP$00 26,000,000.00 California Asset Mgmt Program CAMP 1.000 26,000,000.00 0.00 26,000,000.00 0.00
Subtotal 31,000,000.00 31,000,000.00 0.00 31,000,000.00 0.00
TOTAL ACQUISITIONS 32,424,950.89 32,424,950.89 0.00 32,424,950.89 0.00
DISPOSITIONS
Security
Withdrawal
04/25/2023 90CAMP$00 1,000,000.00 California Asset Mgmt Program CAMP 1.000 1,000,000.00 0.00 1,000,000.00 0.00
Security
Withdrawal
05/02/2023 90CAMP$00 2,600,000.00 California Asset Mgmt Program CAMP 1.000 2,600,000.00 0.00 2,600,000.00 0.00
Security
Withdrawal
05/08/2023 90CAMP$00 1,000,000.00 California Asset Mgmt Program CAMP 1.000 1,000,000.00 0.00 1,000,000.00 0.00
Security
Withdrawal
05/16/2023 90CAMP$00 3,600,000.00 California Asset Mgmt Program CAMP 1.000 3,600,000.00 0.00 3,600,000.00 0.00
Security
Withdrawal
05/23/2023 90CAMP$00 8,500,000.00 California Asset Mgmt Program CAMP 1.000 8,500,000.00 0.00 8,500,000.00 0.00
Security
Withdrawal
06/07/2023 90CAMP$00 1,000,000.00 California Asset Mgmt Program CAMP 1.000 1,000,000.00 0.00 1,000,000.00 0.00
March 31, 2023 through June 30, 2023
As of June 30, 2023
44
729
Transaction Ledger
City of Dublin Reporting Account - Account #10219
Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp
Yield Amount Interest
Pur/Sold Total Amount Gain/Loss
Security
Withdrawal
06/20/2023 90CAMP$00 500,000.00 California Asset Mgmt Program CAMP 1.000 500,000.00 0.00 500,000.00 0.00
Subtotal 18,200,000.00 18,200,000.00 0.00 18,200,000.00 0.00
TOTAL DISPOSITIONS 18,200,000.00 18,200,000.00 0.00 18,200,000.00 0.00
March 31, 2023 through June 30, 2023
As of June 30, 2023
45
730
Important Disclosures
2023 Chandler Asset Management, Inc, An Independent Registered Investment Adviser.
Information contained herein is confidential. Prices are provided by ICE Data Services Inc (“IDS”), an independent pricing source. In the event IDS does not provide a price or if the price provided is not
reflective of fair market value, Chandler will obtain pricing from an alternative approved third party pricing source in accordance with our written valuation policy and procedures.Our valuation
procedures are also disclosed in Item 5 of our Form ADV Part 2A.
Performance results are presented gross-of-advisory fees and represent the client’s Total Return. The deduction of advisory fees lowers performance results. These results include the reinvestment of
dividends and other earnings. Past performance may not be indicative of future results. Therefore, clients should not assume that future performance of any specific investment or investment strategy
will be profitable or equal to past performance levels. All investment strategies have the potential for profit or loss. Economic factors, market conditions or changes in investment strategies,
contributions or withdrawals may materially alter the performance and results of your portfolio.
Index returns assume reinvestment of all distributions. Historical performance results for investment indexes generally do not reflect the deduction of transaction and/or custodial charges or the
deduction of an investment management fee, the incurrence of which would have the effect of decreasing historical performance results. It is not possible to invest directly in an index.
Source ICE Data Indices, LLC ("ICE"), used with permission. ICE permits use of the ICE indices and related data on an "as is" basis; ICE, its affiliates and their respective third party suppliers disclaim any and
all warranties and representations, express and/or implied, including any warranties of merchantability or fitness for a particular purpose or use, including the indices, index data and any data included
in, related to, or derived therefrom. Neither ICE data, its affiliates or their respective third party providers guarantee the quality, adequacy, accuracy, timeliness or completeness of the indices or the
index data or any component thereof, and the indices and index data and all components thereof are provided on an "as is" basis and licensee's use it at licensee's own risk. ICE data, its affiliates and their
respective third party do not sponsor, endorse, or recommend chandler asset management, or any of its products or services.
This report is provided for informational purposes only and should not be construed as a specific investment or legal advice. The information contained herein was obtained from sources believed to be
reliable as of the date of publication, but may become outdated or superseded at any time without notice. Any opinions or views expressed are based on current market conditions and are subject to
change. This report may contain forecasts and forward-looking statements which are inherently limited and should not be relied upon as indicator of future results. Past performance is not indicative of
future results. This report is not intended to constitute an offer, solicitation, recommendation or advice regarding any securities or investment strategy and should not be regarded by recipients as a
substitute for the exercise of their own judgment.
Fixed income investments are subject to interest, credit and market risk. Interest rate risk: the value of fixed income investments will decline as interest rates rise. Credit risk: the possibility that the
borrower may not be able to repay interest and principal. Low rated bonds generally have to pay higher interest rates to attract investors willing to take on greater risk. Market risk: the bond market in
general could decline due to economic conditions, especially during periods of rising interest rates.
Ratings information have been provided by Moody’s, S&P and Fitch through data feeds we believe to be reliable as of the date of this statement, however we cannot guarantee its accuracy.
Security level ratings for U.S. Agency issued mortgage-backed securities (“MBS”) reflect the issuer rating because the securities themselves are not rated. The issuing U.S. Agency guarantees the full and
timely payment of both principal and interest and carries a AA+/Aaa/AAA by S&P, Moody’s and Fitch respectively.
Your qualified custodian bank maintains control of all assets reflected in this statement and we urge you to compare this statement to the one you receive from your qualified custodian. Chandler does
not have any authority to withdraw or deposit funds from/to the custodian account.
As of June 30, 2023
46
731
Benchmark Disclosures
ICE BofA 1-5 Yr US Treasury & Agency Index*
The ICE BofA 1-5 Year US Treasury & Agency Index tracks the performance of US dollar denominated US Treasury and nonsubordinated US agency debt issued in the US domestic market. Qualifying
securities must have an investment grade rating (based on an average of Moody’s, S&P and Fitch). Qualifying securities must have at least one year remaining term to final maturity and less than five
years remaining term to final maturity, at least 18 months to maturity at time of issuance, a fixed coupon schedule, and a minimum amount outstanding of $1 billion for sovereigns and $250 million for
agencies.
The ICE BofA 1-3 Year US Treasury & Agency Index tracks the performance of US dollar denominated US Treasury and nonsubordinated US agency debt issued in the US domestic market. Qualifying
securities must have an investment grade rating (based on an average of Moody’s, S&P and Fitch). Qualifying securities must have at least one year remaining term to final maturity and less than three
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.
As of June 30, 2023
47
732