The URL can be used to link to this page

Home My WebLink About4.9 City Treasurer's Informational Report of Investments for the Quarter Ending March 31, 2022STAFF REPORT CITY COUNCIL Page 1 of 5 Agenda Item 4.9 DATE:May 17, 2022 TO:Honorable Mayor and City Councilmembers FROM:Linda Smith, City Manager SUBJECT:City Treasurer's Informational Report of Investments for the Quarter Ending March 31, 2022Preparedby:Chris Rhoades,Financial Analyst EXECUTIVE SUMMARY:The City Council will receive an informational report of the City’s investments through the quarter ending March 31, 2022 including a monthly transaction ledger. The City’s investment portfolio for this period totaled $370,906,101 (market value) with an average market yield of 1.62%. As required by the Policy, the City Treasurer (Administrative Services 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 March 31, 2022. 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 $240,783,265 managed by Chandler Asset Management (Chandler), and $130,122,836 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 2.38% and 0.21% respectively. 326 Page 2 of 5 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).The Russian invasion into Ukraine and resulting Western sanctions on Russia have fueled volatility in financial markets. The latest escalation has exacerbated inflationary pressures, particularly in energy and commodities, and has caused tightening conditions in financial markets. While consumer spending and economic growth remain strong, Chandler believes an extended conflict in Eastern Europe along with elevated energy prices increases the risk of an economic slowdown later this year. While Chandler expects the Fed to tighten monetary policy, the Federal Open Market Committee (FOMC) has very little margin for error as it attempts to combat inflation without pushing the economy into a recession. Over the near-term, Chandler expects financial market volatility to remain elevated and conditions to remain tighter with heightened geopolitical risk, supply chain bottlenecks and persistent inflation, and the Fed's pivot to less accommodative monetary policy.The FOMC raised the federal funds rate by 0.25% at their March 16th meeting to a target range of 0.25% to 0.50%. The Federal Reserve also ended their bond-buying program as expected in March, which included the purchase of treasury and agency mortgage-backed securities. Chandler is anticipating additional rates hikes by the Fed this year but does not believe that monetary policy is on a pre-set course and expect the Fed's policy adjustments will depend on developments in the economy.In March, yields increased dramatically, and the curve continued to flatten. While the flat yield curve bears watching over the longer run, the spread between 3-month and 10-year treasuries is still steep at about 185 basis points, which indicates likely economic growth in the coming year.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. 327 Page 3 of 5 Chart 1: Investments by TypeMarch 31, 2022 and December 31, 2021 The market value of the City's portfolio decreased by $11,616,776 from the December 31, 2021quarter. 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; and expenditures on Capital Projects; as well as payments to Alameda County for Police and Fire Services. The City’s portfolio increased $49.0 million from the same quarter the prior year due to the excess of revenues over expenditures trending on an annual basis (see Table 1 below). Overall market yield-to-maturity stays has increased to 1.62% over the prior quarter’s 0.60% (shown in Table 2) due to the factors discussed in the Economic Update Highlights. For detailed monthly transactions, see Attachment 2. 328 Page 4 of 5 Table 1: Portfolio Values and Yield to Maturity Table 2: Quarterly Holdings (Market Value) by Type, and YTM, 5 Quarters March 31, 2021 Holdings Market Value Market Value Par Value Book Value Market Value % of Subtotal % of Total Portfolio Book Yield Market Yield Managed by City LAIF 50,268,759 50,395,433 50,424,445 50,424,445 50,424,445 38.8%13.4%0.42%0.42% CAMP 45,517,393 99,038,042 79,661,872 79,661,872 79,661,872 61.2%21.2%0.07%0.07% SUBTOTAL 95,786,151 149,433,475 130,086,317 130,086,317 130,086,317 100.00%34.57%0.21%0.21% Accrued Interest 51,201 26,613 36,519 95,837,352 149,460,088 130,122,836 Managed by Chandler ABS 7,785,198 14,715,444 23,327,438 23,325,374 22,814,841 9.5%6.2%1.05%2.54% Agency 78,831,782 64,567,126 58,320,000 58,581,085 57,293,846 23.9%15.5%1.61%2.27% CMO - 2,102,544 4,000,000 4,200,834 4,052,552 1.7%1.1%1.35%2.67% Money Market 7,546,801 287,150 632,736 632,736 632,736 0.3%0.2%0.01%0.01% Negotiable CD - 4,996,560 5,000,000 5,000,068 4,978,673 2.1%1.3%0.23%1.23% Supranational 14,391,293 22,424,573 20,740,000 20,705,963 19,609,525 8.2%5.5%0.85%2.45% Corporate 48,771,479 56,130,717 67,970,000 68,493,227 66,644,264 27.8%18.1%1.97%2.60% US Treasury 67,900,673 66,952,848 66,250,000 66,143,687 63,976,891 26.7%17.6%1.46%2.27% SUBTOTAL 225,227,225 232,176,962 246,240,174 247,082,973 240,003,327 100.00%65.43%1.52%2.38% Accrued Interest 796,190 885,828 779,938 226,023,415 233,062,790 240,783,265 TOTAL PORTFOLIO 321,860,767 382,522,878 376,326,491 377,169,290 370,906,101 100.00%1.62% 55,399,017 49,045,334 54,394,775 (11,616,776) March 31, 2022 Change from Prior Year Change from Prior Quarter December 31, 2021 Holdings (Market Value)3/31/21 6/30/21 9/30/21 12/31/21 3/31/22 LAIF/CAMP 95,786,151 97,647,167 93,494,034 149,433,475 130,086,317 ABS 7,785,198 9,835,052 13,665,558 14,715,444 22,814,841 Agency 78,831,782 75,581,659 65,306,279 64,567,126 57,293,846 CMO - - 2,138,464 2,102,544 4,052,552 Money Market 7,546,801 756,163 809,873 287,150 632,736 Negotiable CD - 2,499,825 2,500,588 4,996,560 4,978,673 Supranational 14,391,293 19,043,767 22,656,506 22,424,573 19,609,525 Corporate 48,771,479 54,161,172 57,831,563 56,130,717 66,644,264 US Treasury 67,900,673 71,745,729 68,951,352 66,952,848 63,976,891 Accrued Interest 847,391 988,596 773,887 912,441 816,458 TOTAL 321,860,767 332,259,129 328,128,102 382,522,878 370,906,101 YIELD TO MATURITY 0.39%0.39%0.44%0.60%1.62% 329 Page 5 of 5 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: Quarterly Portfolio Yields, Recent 8 Quarters STRATEGIC PLAN INITIATIVE:Strategy 2: Explore new City revenue streams for long term financial stability.Objective D: Continue to maintain strong fiscal policies. NOTICING REQUIREMENTS/PUBLIC OUTREACH:The City Council Agenda was posted. ATTACHMENTS:1) City of Dublin Investment Report for Period Ending March 31, 20222) Transaction Ledger – January through March 2022 Market Yield LAIF CAMP Chandler 3/31/20 1.74%1.50%0.89% 6/30/20 1.15%0.48%0.36% 9/30/20 0.66%0.25%0.30% 12/31/20 0.52%0.12%0.27% 3/31/21 0.35%0.07%0.46% 6/30/21 0.25%0.05%0.49% 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% 330 CHANDLER ASSET MANAGEMENT, INC. | 800.317.4747 | www.chandlerasset.com INVESTMENT REPORT Period Ending March 31, 2022 City of Dublin Attachment 1 331 SECTION 1 Economic Update SECTION 2 Account Profile SECTION 3 Consolidated Information SECTION 4 Portfolio Holdings SECTION 5 Transactions Table of Contents As of March 31, 2022 1 332 SECTION |Section 1 |Economic Update 2 333 Economic Update    The Russian invasion i nto Ukraine and resulting Western sanctions on Russia have fueled volatility in financial markets.The latest escalation has exacerbated inflationary pressures,particularly in energy and commodities,and has caused tightening conditions in financial markets.While consumer spending and economic growth remain strong,we believe an extended conflict in Eastern Europe along with elevated energy prices increases the risk of an economic slowdown later this year. While we expect the Fed to tighten monetary policy,the FOMC has very little margin for error as it attempts to combat inflation without pushing the economy into a recession. Over the near-term, we expect financial market volatility to remain elevated and conditions to remain tighter with heightened geopolitical risk,supply chain bottlenecks and persistent inflation, and the Fed's pivot to less accommodative monetary policy. The Federal Open Market Committee (FOMC)raised the federal funds rate by 0.25%at their March 16th meeting to a target range of 0.25%to 0.50%.The Federal Reserve also ended their bond-buying program as expected in March,which included the purchase of treasury and agency mortgage-backed securities.Fed Chair Powell suggested that balance sheet runoff could begin as early as their next meeting in May,sooner than previously anticipated,and that the pace of the unwind will likely be fasterthan in the previous quantitative tightening cycle.The dotplot favors six additional rate hikes in 2022,which implies a 25 basis point rate hike at each remaining meeting this year,but the Fed hasn’t ruled out incorporating one or more 50 basis point hikes to address inflation.The FOMC’s Summary of Economic Projections forecasts higher Personal Consumption Expenditure (PCE)inflation this year at 4.3%and a lower growth rate of 2.8%real GDP.We are anticipating additional rates hikes by the Fed this year,but we do not believe that monetary policyis on a pre-set course and expect the Fed's policy adjustments will depend on developments in the economy. In March,yields increased dramatically and the curve continued to flatten.The 2-year Treasury yield increased 90 basis points to 2.34%,the 5-year Treasury yield increased 74 basis points to 2.46%,and the 10-year Treasury yield increased 51 basis points to 2.34%.The spread between the 2-year and 10-year Treasury yield declined to zero at March month-end versus 40 basis points at February month-end and 158 basis points one year ago.While the flat yield curve bears watching over the longer run,the spread between 3-month and 10-year treasuries is still steep at about 185 basis points,which indicates likely economic growth in the coming year. 3 334 Source: US Department of Labor Source: US Department of Labor Employment The U.S.economy added 431,000 jobs in March,with upward revisions from the prior months totaling 95,000.Trends in employment remain strong,with the three-month moving average payrolls at 561,000 and the six-month moving average at 600,000.Job gains were broad based in March,led by leisure and hospitality and professional and business services.The unemployment rate fell to 3.6%from 3.8%,the lowest level since February 2020.The labor participation rate increased marginally to 62.4%in March from 62.3%in February but remains lower than the pre- pandemic level of 63.4%.The U-6 underemployment rate,which includes those who are marginally attached to the labor force and employed part time for economic reasons,fell to 6.9%in March from 7.2%in February,declining below its pre-pandemic level of 7.0%in February 2020. Wage growth accelerated in March,with average hourly earnings rising 5.6%from 5.2%year-over-year.As more participants enter the labor force, wage inflation dynamics should start to moderate, helping to lower the current elevated inflation readings. -22,000 -18,000 -14,000 -10,000 -6,000 -2,000 2,000 6,000 MOM Change In (000's)Nonfarm Payroll (000's) Non-farm Payroll (000's) 3 month average (000's) 0.0% 4.0% 8.0% 12.0% 16.0% 20.0% 24.0% Unemployment Rate Underemployment Rate (U6) Unemployment Rate (U3)Rate (%)4 335 Source: US Department of Labor Source: US Department of Commerce Inflation Although U.S.consumer prices were inline with expectations in February,inflation hit a 40-year high.The Consumer Price Index (CPI)was up 7.9%year-over-year in February, versus a 7.5%year-over-year gain in January.Core CPI (CPI less food and energy)was up 6.4%year-over-year in February, versus up 6.0%in January.Rising food and rent prices were primary contributors to the big increase,as well as the month-end surge in gas prices, which islikely to be even more pronounced in the March report.The Personal Consumption Expenditures (PCE)index was up 6.4%year-over-year in February,up from 6.0%in January.Core PCE was up 5.4%year-over-year in February, versus up 5.2%in January. Current inflation readings continue to run well above the Fed’s longer-run target of around 2.0%.We believe pricing pressures are likely to increase in the coming months considering the recent surge in commodity prices,and will likely remain elevated longer than anticipated as a result of the conflict in Europe. 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 8.0% 9.0% Personal Consumption Expenditures (PCE) PCE Price Deflator YOY % Change PCE Core Deflator YOY % Change YOY( %) Change0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 8.0% 9.0% Consumer Price Index (CPI) CPI YOY % Change Core CPI YOY % Change YOY( %) Change5 336 Retail sales edged higher in February,but there are signs that higher gas prices are impacting discretionary spending.On a year-over-year basis,retail sales were up 17.6%in February versus up 14%in January.On a month-over-month basis,retail sales moderated,rising 0.3%in February versus an upwardly revised increase of 4.9%in January.Excluding vehicles and gas,retail sales were down 0.4%month-over-month. Although inflation threatens to put a dent in expected growth,we believe high levels of consumer savings along with improvement in the health situation and continued improvement in the labor market should provide a healthy tailwind for consumer spending.The Consumer Confidence index rebounded to 107.2 in March following declines in January and February,primarily driven by positive assessments of employment. However, while consumers’ evaluations of the present situation was strong, future expectations have been deteriorating. Source: US Department of Commerce Source: The Conference Board -30.0% -20.0% -10.0% 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% Retail Sales YOY % Change YOY (%) Change80 90 100 110 120 130 140 Index LevelConsumer Confidence Consumer 6 337 Source: The Conference Board Source: Federal Reserve Bank of Chicago Economic Activity The Conference Board’s Leading Economic Index (LEI)increased 0.3%month-over-month in February,following a 0.5%downwardly revised decline in January.On a year-over-year basis,the LEI was up 7.6%in February versus up 7.3%in January.The Conference Board acknowledged that the data do not fully reflect the impact of the Russian invasion of Ukraine on global supply chain issues, shortages,and the resulting soaring prices, which could result in slower than expected growth in the first half of the year.Meanwhile,the Chicago Fed National Activity Index (CFNAI)fell to 0.51 in February from a downwardly revised 0.59 in January.On a 3-month moving average basis,the CFNAI declined to 0.35 in February, while January was revised downward to 0.37. -8.00 -6.00 -4.00 -2.00 0.00 2.00 4.00 6.00 Chicago Fed National Activity Index (CFNAI)3 Month Average-8.0% -6.0% -4.0% -2.0% 0.0% 2.0% 4.0% Leading Economic Indicators (LEI)MOM ( %) Change7 338 Source: US Department of Commerce Source: S&P Housing 0 200 400 600 800 1000 1200 1400 1600 1800 2000 MOM Change (In Thousands of Units)Housing Starts Multi Family Housing Starts Single Family Housing Starts 0.0% 3.0% 6.0% 9.0% 12.0% 15.0% 18.0% 21.0% 24.0% S&P/Case -Shiller 20 City Composite Home Price Index YOY( %) ChangeTotal housing starts rebounded 6.8%to an annual rate of 1,769,000 in February.Single-family starts increased 5.7%,and multi-family starts increased 9.3%,month-over-month.On a year-over-year basis,total housing starts were up 22.3%in February driven by multi-family starts. According to the Case-Shiller 20-City home price index,home prices were up 19.1%year-over-year in January versus up 18.6%year-over-year in December,suggesting tight supply may be continuing to support prices.Rising mortgage rates and affordability could be headwinds to further price growth. 8 339 Source: Institute for Supply Management Source: Federal Reserve Manufacturing The Institute for Supply Management (ISM)manufacturingindex fell to an 18-month low of 57.1 in March from 58.6 in February due to surging energy and commodities prices triggered by Russia's invasion of Ukraine. Readings above 50.0 are indicative of expansion in the manufacturing sector.On a month-over-month basis,the Industrial Production index rose 0.5%in February,following a 1.4%increase in January. Capacity utilization rose to 77.6%in February,up from 77.3%in January.Although capacity utilization remains below its longer-run average of 79.6%,it is running above the pre-pandemic level of 76.3%. 40 42 44 46 48 50 52 54 56 58 60 62 64 66 Institute of Supply Management Purchasing Manager Index EXPANDING CONTRACTING -20.0% -15.0% -10.0% -5.0% 0.0% 5.0% 10.0% 15.0% 20.0% Industrial Production YOY( %) Change9 340 Source: US Department of Commerce Source: US Department of Commerce 3/21 6/21 9/21 12/21 7.4% 7.9% 1.4% 1.8% -0.4% -0.7% 2.1% 5.8% -1.6% -0.2% -1.3% -0.2% 0.8% -0.4% -0.4% -0.3% 0.0% 0.0% 0.5% -0.2% 6.3% 6.7% 2.3% 6.9% Gross Private Domestic Investment Personal Consumption Expenditures Components of GDP Federal Government Expenditures State and Local (Consumption and Gross Investment) Net Exports and Imports Total -35.0% -30.0% -25.0% -20.0% -15.0% -10.0% -5.0% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% Gross Domestic Product (GDP) GDP QOQ % Change GDP YOY % Change Gross Domestic Product (GDP) According to the third e stimate,fourth quarter GDP grew at an annualized rate of 6.9%,revised slightly downward from the second estimate of 7.0%.Economic growth reaccelerated in the fourth quarter after slowing to a pace of 2.3%growth in the third quarter,bringing overall GDP growth for 2021 to 5.7%.The most significant contributor to fourth quarter growth was inventory build,potentially reflecting some easing in supply chain disruptions.The fourth-quarter's build will make for a tough comparison in the first quarter.The consensus estimate calls for 1.1% GDP growth in the first quarter, 3.0% growth in the current quarter, and 3.3% growth for 2022. 10 341 Federal Reserve Source: Federal Reserve Source: Bloomberg As expected the Federal Open Market Committee (FOMC)raised the federal funds rate by 0.25%at their March meeting to a target range of 0.25%to 0.50%.,This was the first increase since 2018,after two years of holding the federal funds rates near zero to insulate the economy from the impacts of the pandemic.The Federal Reserve (Fed)also ended their bond-buying program as expected in March,which grew the balance sheet to about $8.9 trillion.Fed Chair Powell suggested that balance sheet runoff could begin as early as their next meeting in May, sooner than previously anticipated,and that the pace of the unwind will likely be faster than in the previous quantitative tightening cycle.The dotplot favors six additional rate hikes in 2022,which implies a 25 basis point rate hike at each remaining meeting this year,but the Fed hasn’t ruled out incorporating one or more 50 basis point hikes to address inflation.The FOMC’s Summary of Economic Projections forecasts higher Personal Consumption Expenditure (PCE) inflation this year at 4.3% and a lower growth rate of 2.8% real GDP. 0.00% 0.25% 0.50% 0.75% 1.00% 1.25% 1.50% 1.75% 2.00% 2.25% 2.50% 2.75% Effective Federal Funds Rate Yield (%)2,000,000 3,000,000 4,000,000 5,000,000 6,000,000 7,000,000 8,000,000 9,000,000 10,000,000 Federal Reserve Balance Sheet Assets In$ millions11 342 Source: Bloomberg Source: Bloomberg 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% US Treasury Note Yields 2-Year 5-Year 10-Year Yield (%)0.0% 0.5% 1.0% 1.5% 2.0% 2.5% US Treasury Yield Curve Mar-22 Dec-21 Mar-21Yield (%)Bond Yields At the end of March, the 2-year Treasury yield was 217 basis points higher, and the 10-Year Treasury yield was about 60 basis points higher, year- over-year.The spread between the 2-year Treasury yield and 10-year Treasury yield declined to zero at March month-end compared to the average historical spread (since 2003)of about 130 basis points.While the flat yield curve bears watching over the longer run,the spread between 3-month and 10-year treasuries is still steep at about 185 basis points, which indicates likely economic growth in the coming year. 12 343 Section 2|SECTION |Section 2 |Account Profile 13 344 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 March 31, 2022 14 345 Compliance As of March 31, 2022 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. 15 346 Portfolio Characteristics City of Dublin 03/31/22 12/31/21 Benchmark*Portfolio Portfolio Average Maturity (yrs)2.62 2.71 2.67 Average Modified Duration 2.53 2.45 2.47 Average Purchase Yield n/a 1.52%1.49% Average Market Yield 2.30%2.38%0.91% Average Quality**AAA AA/Aa1 AA/Aa1 Total Market Value 240,783,265 233,062,790 *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 March 31, 2022 16 347 City of Dublin Sector Distribution ABS 9.5% Agency 23.9% CMO 1.7% Corporate 27.8% Money Market Fund 0.3% Negotiable CD 2.1% Supranational 8.2% US Treasury 26.6% March 31, 2022 December 31, 2021 ABS 6.3% Agency 27.8% CMO 0.9% Corporate 24.2% Money Market Fund 0.1% Negotiable CD 2.2% Supranational 9.7% US Treasury 28.8% As of March 31, 2022 17 348 Issue Name Investment Type % Portfolio Government of United States US Treasury 26.64% Federal National Mortgage Association Agency 9.61% Federal Home Loan Bank Agency 7.34% Inter-American Dev Bank Supranational 4.95% Federal Home Loan Mortgage Corp Agency 4.25% Intl Bank Recon and Development Supranational 3.21% Federal Farm Credit Bank Agency 2.69% Honda Motor Corporation Corporate 1.87% Hyundai Auto Receivables ABS 1.78% Berkshire Hathaway Corporate 1.72% Federal Home Loan Mortgage Corp CMO 1.69% JP Morgan Chase & Co Corporate 1.67% Charles Schwab Corp/The Corporate 1.61% Bank of America Corp Corporate 1.51% Qualcomm Inc Corporate 1.50% Royal Bank of Canada Corporate 1.43% Toronto Dominion Holdings Corporate 1.35% Honda ABS ABS 1.30% John Deere ABS ABS 1.29% Toyota Lease Owner Trust ABS 1.27% Apple Inc Corporate 1.27% Metlife Inc Corporate 1.22% Morgan Stanley Corporate 1.20% US Bancorp Corporate 1.07% Chubb Corporation Corporate 1.05% Bank of Nova Scotia Houston Negotiable CD 1.04% Svenska Handelsbanken NY Negotiable CD 1.03% Honeywell Corp Corporate 1.01% Toyota Motor Corp Corporate 0.96% Bank of Montreal Chicago Corporate 0.96% Hyundai Auto Lease Securitization ABS 0.95% PNC Financial Services Group Corporate 0.94% Deere & Company Corporate 0.84% Wal-Mart Stores Corporate 0.81% United Health Group Inc Corporate 0.78% Amazon.com Inc Corporate 0.75% GM Financial Automobile Leasing Trust ABS 0.69% BMW Vehicle Lease Trust ABS 0.59% Issuers City of Dublin –Account #10198 As of March 31, 2022 18 349 Issue Name Investment Type % Portfolio Target Corp Corporate 0.54% Bank of New York Corporate 0.51% Mercedes-Benz Auto Lease Trust ABS 0.46% GM Financial Securitized Term Auto Trust ABS 0.44% ChevronTexaco Corp Corporate 0.42% Toyota ABS ABS 0.37% Nissan ABS ABS 0.32% Guardian Life Global Funding Corporate 0.32% Merck & Company Corporate 0.31% First American Govt Oblig Fund Money Market Fund 0.26% Salesforce.com Inc Corporate 0.19% TOTAL 100.00% Issuers City of Dublin –Account #10198 As of March 31, 2022 19 350 AAA AA A <A NR 03/31/22 17.6%59.1%19.0%1.2%3.0% 12/31/21 15.1%63.7%17.0%1.3%2.9% Source: S&P Ratings March 31, 2022 vs. December 31, 2021 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0% AAA AA A <A NR 03/31/22 12/31/21 Quality Distribution City of Dublin As of March 31, 2022 20 351 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 1.3% 2.9% 7.3% 26.8% 28.0% 22.9% 10.8% 0.0% Benchmark*0.0% 0.0% 1.9% 35.1% 28.4% 19.6% 15.0% 0.0% *ICE BofA 1-5 Yr US Treasury & Agency Index Duration Distribution City of Dublin As of March 31, 2022 21 352 -4.00% -3.00% -2.00% -1.00% 0.00% 1.00% 2.00% 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 -2.98%-3.37%-1.12%1.13%1.37%N/A 1.23% ICE BofA 1-5 Yr US Treasury & Agency Index*-3.16%-3.71%-1.91%0.91%1.15%N/A 1.04% *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 March 31, 2022 22 353 Portfolio Characteristics City of Dublin Reporting Account 03/31/22 Portfolio 12/31/21 Portfolio Average Maturity (yrs)0.00 0.00 Modified Duration 0.00 0.00 Average Purchase Yield 0.21%0.11% Average Market Yield 0.21%0.11% Average Quality*AAA/NR AAA/NR Total Market Value 130,122,836 149,460,088 *Portfolio is S&P and Moody’s, respectively. As of March 31, 2022 23 354 City of Dublin Reporting Account Sector Distribution LAIF 38.8% Local Gov Investment Pool 61.2% March 31, 2022 December 31, 2021 LAIF 33.7% Local Gov Investment Pool 66.3% As of March 31, 2022 24 355 Issue Name Investment Type % Portfolio CAMP Local Gov Investment Pool 61.22% Local Agency Investment Fund LAIF 38.78% TOTAL 100.00% Issuers City of Dublin Reporting Account –Account #10219 As of March 31, 2022 25 356 SECTION |Section 3 |Consolidated Information 26 357 Portfolio Characteristics City of Dublin Consolidated 03/31/22 12/31/21 Portfolio Portfolio Average Maturity (yrs)1.76 1.63 Modified Duration 1.59 1.50 Average Purchase Yield 1.06%0.94% Average Market Yield 1.62%0.60% Average Quality*AA+/Aa1 AA+/Aa1 Total Market Value 370,906,101 382,522,878 * Portfolio is S&P and Moody’s respectively. As of March 31, 2022 27 358 City of Dublin Consolidated Sector Distribution ABS 6.2% Agency 15.5% CMO 1.1% Corporate 18.1% LAIF 13.6% Local Gov Investment Pool 21.5% Money Market Fund 0.2% Negotiable CD 1.3% Supranational 5.3% US Treasury 17.3% March 31, 2022 December 31, 2021 ABS 3.9% Agency 17.0% CMO 0.6% Corporate 14.8% LAIF 13.2% Local Gov Investment Pool 25.9% Money Market Fund 0.1% Negotiable CD 1.3% Supranational 5.9% US Treasury 17.6% As of March 31, 2022 28 359 SECTION |Section 4 |Portfolio Holdings 29 360 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 89231PAD0 Toyota Auto Receivables Trust 2018-D A3 3.180% Due 03/15/2023 29,698.88 08/29/2019 1.97% 30,333.46 29,869.67 100.10 0.57% 29,728.61 41.97 0.01% (141.06) Aaa / AAA NR 0.96 0.04 44891VAC5 Hyundai Auto Lease Trust 2021-B A3 0.330% Due 06/17/2024 1,420,000.00 06/08/2021 0.34% 1,419,787.00 1,419,861.98 97.86 2.28% 1,389,606.32 208.27 0.58% (30,255.66) Aaa / AAA NR 2.22 1.11 65479JAD5 Nissan Auto Receivables Owner 2019-C A3 1.930% Due 07/15/2024 774,321.59 10/16/2019 1.94% 774,280.71 774,301.80 100.19 1.42% 775,821.45 664.20 0.32% 1,519.65 Aaa / AAA NR 2.29 0.38 89237VAB5 Toyota Auto Receivables Trust 2020-C A3 0.440% Due 10/15/2024 881,125.42 07/21/2020 0.44% 881,057.58 881,084.57 99.08 2.02% 872,992.66 172.31 0.36% (8,091.91) Aaa / AAA NR 2.55 0.58 43813KAC6 Honda Auto Receivables Trust 2020-3 A3 0.370% Due 10/18/2024 1,120,000.00 09/22/2020 0.38% 1,119,835.47 1,119,914.36 98.74 2.13% 1,105,920.48 149.64 0.46% (13,993.88) NR / AAA AAA 2.55 0.71 89239CAC3 Toyota Lease Owner Trust 2021-B A3 0.420% Due 10/21/2024 1,090,000.00 07/27/2021 0.40% 1,089,985.28 1,089,989.23 97.05 2.52% 1,057,886.42 139.88 0.44% (32,102.81) Aaa / NR AAA 2.56 1.42 47787NAC3 John Deere Owner Trust 2020-B A3 0.510% Due 11/15/2024 427,292.18 07/14/2020 0.52% 427,227.06 427,258.70 98.89 2.22% 422,536.42 96.85 0.18% (4,722.28) Aaa / NR AAA 2.63 0.65 58769KAD6 Mercedes-Benz Auto Lease Trust 2021-B A3 0.400% Due 11/15/2024 1,135,000.00 06/22/2021 0.40% 1,134,914.31 1,134,939.74 97.45 2.42% 1,106,101.77 201.78 0.46% (28,837.97) NR / AAA AAA 2.63 1.27 09690AAC7 BMW Vehicle Lease Trust 2021-2 A3 0.330% Due 12/26/2024 710,000.00 09/08/2021 0.34% 709,926.73 709,944.19 97.49 2.43% 692,160.54 39.05 0.29% (17,783.65) Aaa / NR AAA 2.74 1.20 44891WAC3 Hyundai Auto Lease Trust 2022-A A3 1.160% Due 01/15/2025 910,000.00 01/11/2022 1.16% 909,979.89 909,981.66 97.64 2.61% 888,521.27 469.16 0.37% (21,460.39) Aaa / AAA NR 2.80 1.64 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 2,044,690.34 98.31 2.87% 2,010,506.99 1,224.73 0.84% (34,183.35) NR / AAA AAA 2.90 1.88 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 1,679,986.23 98.80 2.58% 1,659,789.60 975.33 0.69% (20,196.63) Aaa / NR AAA 2.97 1.78 05601XAC3 BMW Vehicle Lease Trust 2022-1 A3 1.100% Due 03/25/2025 755,000.00 01/11/2022 1.05% 754,887.13 754,897.34 97.51 2.72% 736,222.40 138.42 0.31% (18,674.94) NR / AAA AAA 2.99 1.55 47788UAC6 John Deere Owner Trust 2021-A A3 0.360% Due 09/15/2025 800,000.00 03/02/2021 0.37% 799,846.24 799,891.49 96.85 2.79% 774,792.81 128.00 0.32% (25,098.68) Aaa / NR AAA 3.46 1.30 44933LAC7 Hyundai Auto Receivables Trust 2021-A A3 0.380% Due 09/15/2025 725,000.00 04/20/2021 0.38% 724,923.73 724,946.89 97.50 2.34% 706,874.28 122.44 0.29% (18,072.61) NR / AAA AAA 3.46 1.29 44934KAC8 Hyundai Auto Receivables Trust 2021-B A3 0.380% Due 01/15/2026 2,065,000.00 07/20/2021 0.39% 2,064,544.25 2,064,642.56 96.72 2.54% 1,997,175.08 348.76 0.83% (67,467.48) NR / AAA AAA 3.80 1.53 43815GAC3 Honda Auto Receivables Trust 2021-4 A3 0.880% Due 01/21/2026 765,000.00 11/16/2021 0.89% 764,838.74 764,856.16 96.82 2.58% 740,695.95 187.00 0.31% (24,160.21) Aaa / NR AAA 3.81 1.89 As of March 31, 2022 30 361 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 965,000.00 07/13/2021 0.52% 964,913.92 964,930.32 95.82 2.82% 924,661.07 223.02 0.38% (40,269.25) Aaa / NR AAA 3.96 1.85 44935FAD6 Hyundai Auto Receivables Trust 2021-C A3 0.740% Due 05/15/2026 545,000.00 11/09/2021 0.75% 544,878.36 544,892.58 96.10 2.82% 523,743.91 179.24 0.22% (21,148.67) NR / AAA AAA 4.13 1.90 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 1,314,808.44 98.21 2.68% 1,291,454.94 1,098.76 0.54% (23,353.50) Aaa / AAA NR 4.13 2.26 362554AC1 GM Financial Securitized Term 2021-4 A3 0.680% Due 09/16/2026 585,000.00 10/13/2021 0.66% 584,985.08 584,987.03 96.60 2.67% 565,093.04 165.75 0.23% (19,893.99) Aaa / AAA NR 4.47 1.73 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 1,004,780.47 98.70 2.91% 991,967.16 971.50 0.41% (12,813.31) Aaa / NR AAA 4.47 2.22 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 1,079,958.98 98.75 2.79% 1,066,532.40 999.00 0.44% (13,426.58) NR / AAA AAA 4.55 2.21 380146AC4 GM Financial Auto Receivables 2022-1 A3 1.260% Due 11/16/2026 500,000.00 01/11/2022 1.23% 499,956.55 499,959.13 96.81 3.09% 484,055.50 262.50 0.20% (15,903.63) NR / AAA AAA 4.63 1.76 TOTAL ABS 23,327,438.07 1.05% 23,325,303.49 23,325,373.86 2.54% 22,814,841.07 9,207.56 9.48% (510,532.79) Aaa / AAA Aaa 3.28 1.53 Agency 3135G0T94 FNMA Note 2.375% Due 01/19/2023 2,500,000.00 03/28/2018 2.70% 2,463,675.00 2,493,942.39 100.66 1.53% 2,516,617.50 11,875.00 1.05% 22,675.11 Aaa / AA+ AAA 0.81 0.79 313383QR5 FHLB Note 3.250% Due 06/09/2023 1,500,000.00 08/28/2018 2.87% 1,525,005.00 1,506,219.01 101.46 2.00% 1,521,955.50 15,166.67 0.64% 15,736.49 Aaa / AA+ NR 1.19 1.15 3137EAEN5 FHLMC Note 2.750% Due 06/19/2023 2,000,000.00 07/16/2018 2.88% 1,988,360.00 1,997,125.61 100.96 1.95% 2,019,136.00 15,583.33 0.85% 22,010.39 Aaa / AA+ AAA 1.22 1.19 3135G05G4 FNMA Note 0.250% Due 07/10/2023 2,350,000.00 07/08/2020 0.32% 2,344,947.50 2,347,854.42 97.85 1.97% 2,299,390.40 1,321.88 0.96% (48,464.02) Aaa / AA+ AAA 1.28 1.26 3133EKZK5 FFCB Note 1.600% Due 08/14/2023 4,000,000.00 08/26/2019 1.54% 4,009,000.00 4,003,107.73 99.52 1.96% 3,980,756.00 8,355.56 1.66% (22,351.73) Aaa / AA+ AAA 1.37 1.34 313383YJ4 FHLB Note 3.375% Due 09/08/2023 5,000,000.00 Various 2.90% 5,102,615.00 5,031,396.16 101.85 2.06% 5,092,430.00 10,781.25 2.12% 61,033.84 Aaa / AA+ NR 1.44 1.40 3130A0F70 FHLB Note 3.375% Due 12/08/2023 5,000,000.00 Various 2.73% 5,147,870.00 5,050,710.05 101.82 2.27% 5,090,910.00 52,968.75 2.14% 40,199.95 Aaa / AA+ AAA 1.69 1.62 3135G0V34 FNMA Note 2.500% Due 02/05/2024 2,000,000.00 02/27/2019 2.58% 1,992,340.00 1,997,132.28 100.50 2.22% 2,010,044.00 7,777.78 0.84% 12,911.72 Aaa / AA+ AAA 1.85 1.79 3130A1XJ2 FHLB Note 2.875% Due 06/14/2024 3,795,000.00 Various 1.96% 3,958,639.85 3,867,260.13 101.01 2.40% 3,833,397.81 32,428.80 1.61% (33,862.32) Aaa / AA+ NR 2.21 2.11 As of March 31, 2022 31 362 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 3133EKWV4 FFCB Note 1.850% Due 07/26/2024 2,500,000.00 08/13/2019 1.65% 2,524,140.00 2,511,308.95 99.08 2.26% 2,477,060.00 8,350.69 1.03% (34,248.95) Aaa / AA+ AAA 2.32 2.25 3130A2UW4 FHLB Note 2.875% Due 09/13/2024 2,000,000.00 10/10/2019 1.58% 2,122,020.00 2,060,772.61 101.05 2.43% 2,021,062.00 2,875.00 0.84% (39,710.61) Aaa / AA+ AAA 2.46 2.35 3135G0W66 FNMA Note 1.625% Due 10/15/2024 2,000,000.00 11/08/2019 1.80% 1,983,400.00 1,991,437.02 98.07 2.41% 1,961,402.00 14,986.11 0.82% (30,035.02) Aaa / AA+ AAA 2.55 2.45 3135G0X24 FNMA Note 1.625% Due 01/07/2025 4,200,000.00 Various 1.18% 4,287,898.80 4,250,370.51 97.73 2.48% 4,104,702.00 15,925.00 1.71% (145,668.51) Aaa / AA+ AAA 2.78 2.67 3137EAEP0 FHLMC Note 1.500% Due 02/12/2025 4,200,000.00 Various 1.23% 4,254,786.30 4,231,820.79 97.29 2.49% 4,086,163.20 8,575.00 1.70% (145,657.59) Aaa / AA+ AAA 2.87 2.77 3135G03U5 FNMA Note 0.625% Due 04/22/2025 1,825,000.00 04/22/2020 0.67% 1,821,240.50 1,822,697.72 94.55 2.49% 1,725,477.28 5,037.76 0.72% (97,220.44) Aaa / AA+ AAA 3.06 2.99 3135G04Z3 FNMA Note 0.500% Due 06/17/2025 3,435,000.00 06/17/2020 0.54% 3,427,889.55 3,430,427.33 93.84 2.51% 3,223,280.34 4,961.67 1.34% (207,146.99) Aaa / AA+ AAA 3.22 3.14 3137EAEU9 FHLMC Note 0.375% Due 07/21/2025 1,745,000.00 07/21/2020 0.48% 1,736,309.90 1,739,249.48 93.36 2.48% 1,629,091.87 1,272.40 0.68% (110,157.61) Aaa / AA+ AAA 3.31 3.24 3135G05X7 FNMA Note 0.375% Due 08/25/2025 2,755,000.00 08/25/2020 0.47% 2,742,106.60 2,746,220.61 93.18 2.48% 2,567,230.22 1,033.13 1.07% (178,990.39) Aaa / AA+ AAA 3.41 3.34 3137EAEX3 FHLMC Note 0.375% Due 09/23/2025 2,655,000.00 09/23/2020 0.44% 2,647,008.45 2,649,431.33 92.94 2.51% 2,467,453.46 221.25 1.02% (181,977.87) Aaa / AA+ AAA 3.48 3.41 3135G06G3 FNMA Note 0.500% Due 11/07/2025 2,860,000.00 11/09/2020 0.57% 2,849,761.20 2,852,600.63 93.23 2.48% 2,666,286.48 5,720.00 1.11% (186,314.15) Aaa / AA+ AAA 3.61 3.52 TOTAL Agency 58,320,000.00 1.61% 58,929,013.65 58,581,084.76 2.27% 57,293,846.06 225,217.03 23.89% (1,287,238.70) Aaa / AA+ Aaa 2.26 2.19 CMO 3137BFE98 FHLMC K041 A2 3.171% Due 10/25/2024 2,000,000.00 07/01/2021 0.72% 2,151,406.25 2,117,077.25 101.14 2.62% 2,022,844.00 5,285.00 0.84% (94,233.25) Aaa / AAA AAA 2.57 2.36 3137BSRE5 FHLMC K059 A2 3.120% Due 09/25/2026 2,000,000.00 02/18/2022 1.98% 2,085,625.00 2,083,756.82 101.49 2.72% 2,029,708.00 5,200.00 0.85% (54,048.82) NR / AAA AAA 4.49 4.06 TOTAL CMO 4,000,000.00 1.35% 4,237,031.25 4,200,834.07 2.67% 4,052,552.00 10,485.00 1.69% (148,282.07) Aaa / AAA Aaa 3.53 3.21 As of March 31, 2022 32 363 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 Corporate 808513AT2 Charles Schwab Corp Callable Note Cont 12/25/2022 2.650% Due 01/25/2023 2,000,000.00 05/21/2019 2.74% 1,993,920.00 1,998,646.37 100.73 1.64% 2,014,630.00 9,716.67 0.84% 15,983.63 A2 / A A 0.82 0.72 084670BR8 Berkshire Hathaway Callable Note Cont 1/15/2023 2.750% Due 03/15/2023 1,865,000.00 Various 3.35% 1,818,500.75 1,855,250.95 100.70 1.85% 1,878,075.52 2,279.44 0.78% 22,824.57 Aa2 / AA A+ 0.96 0.78 58933YAF2 Merck & Co Note 2.800% Due 05/18/2023 740,000.00 10/26/2018 3.41% 720,996.80 735,286.38 100.82 2.06% 746,056.16 7,654.89 0.31% 10,769.78 A1 / A+ A+ 1.13 1.10 46625HRL6 JP Morgan Chase Callable Note Cont 3/18/2023 2.700% Due 05/18/2023 500,000.00 12/20/2018 3.74% 479,055.00 494,626.81 100.42 2.25% 502,123.00 4,987.50 0.21% 7,496.19 A2 / A- AA- 1.13 0.94 69353RFL7 PNC Bank Callable Note Cont 5/9/2023 3.500% Due 06/08/2023 2,210,000.00 Various 3.53% 2,206,955.80 2,209,276.83 101.32 2.28% 2,239,152.11 24,279.30 0.94% 29,875.28 A2 / A A+ 1.19 1.07 166764AH3 Chevron Corp Callable Note Cont 3/24/2023 3.191% Due 06/24/2023 1,000,000.00 11/08/2018 3.59% 983,170.00 995,512.67 101.12 2.02% 1,011,211.00 8,597.97 0.42% 15,698.33 Aa2 / AA- NR 1.23 0.96 931142EK5 Wal-Mart Stores Callable Note Cont 5/26/2023 3.400% Due 06/26/2023 1,380,000.00 Various 3.41% 1,379,641.30 1,379,911.35 101.75 1.86% 1,404,116.88 12,381.66 0.59% 24,205.53 Aa2 / AA AA 1.24 1.12 02665WCJ8 American Honda Finance Note 3.450% Due 07/14/2023 1,000,000.00 Various 3.54% 996,275.00 998,965.10 101.41 2.33% 1,014,101.00 7,379.17 0.42% 15,135.90 A3 / A- A 1.29 1.25 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 1,200,504.42 101.38 2.41% 1,216,542.00 5,750.00 0.51% 16,037.58 A1 / A AA- 1.36 1.32 06051GHF9 Bank of America Corp Callable Note 1X 3/5/2023 3.550% Due 03/05/2024 2,400,000.00 Various 2.92% 2,434,650.00 2,413,591.04 100.70 2.33% 2,416,783.20 6,153.33 1.01% 3,192.16 A2 / A- AA- 1.93 1.86 89114QCB2 Toronto Dominion Bank Note 3.250% Due 03/11/2024 2,300,000.00 03/26/2019 2.95% 2,331,234.00 2,312,252.01 101.27 2.58% 2,329,118.00 4,152.78 0.97% 16,865.99 A1 / A AA- 1.95 1.87 037833CU2 Apple Inc Callable Note Cont 3/11/2024 2.850% Due 05/11/2024 3,000,000.00 Various 2.56% 3,038,334.00 3,016,082.32 100.90 2.37% 3,026,868.00 33,250.00 1.27% 10,785.68 Aaa / AA+ NR 2.12 1.87 023135BW5 Amazon.com Inc Note 0.450% Due 05/12/2024 1,865,000.00 05/10/2021 0.50% 1,862,277.10 1,863,082.04 96.43 2.19% 1,798,384.07 3,240.44 0.75% (64,697.97) A1 / AA AA- 2.12 2.08 24422ETT6 John Deere Capital Corp Note 2.650% Due 06/24/2024 2,000,000.00 Various 1.32% 2,093,680.00 2,057,708.02 100.22 2.55% 2,004,312.00 14,280.56 0.84% (53,396.02) A2 / A A 2.24 2.14 02665WCZ2 American Honda Finance Note 2.400% Due 06/27/2024 1,500,000.00 07/10/2019 2.49% 1,493,742.00 1,497,174.92 99.38 2.69% 1,490,677.50 9,400.00 0.62% (6,497.42) A3 / A- A 2.24 2.15 79466LAG9 Salesforce.com Inc Callable Note Cont 7/15/2022 0.625% Due 07/15/2024 465,000.00 06/29/2021 0.64% 464,762.85 464,819.60 95.83 2.51% 445,592.76 613.54 0.19% (19,226.84) A2 / A+ NR 2.29 2.24 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 2,514,821.38 99.63 2.72% 2,490,770.00 13,281.25 1.04% (24,051.38) A1 / A AA- 2.30 2.20 As of March 31, 2022 33 364 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 46647PAU0 JP Morgan Chase & Co Callable Note 1X 7/23/2023 3.797% Due 07/23/2024 2,500,000.00 09/12/2019 2.26% 2,632,175.00 2,562,954.68 101.19 2.44% 2,529,670.00 17,930.28 1.06% (33,284.68) A2 / A- AA- 2.32 2.20 02665WEA5 American Honda Finance Note 1.500% Due 01/13/2025 1,075,000.00 01/11/2022 1.53% 1,074,150.75 1,074,211.19 96.44 2.84% 1,036,713.88 3,493.75 0.43% (37,497.31) A3 / A- A 2.79 2.69 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 2,606,878.03 98.01 2.79% 2,557,974.87 10,403.75 1.07% (48,903.16) A1 / AA- AA- 2.81 2.69 00440EAS6 Chubb INA Holdings Inc Note 3.150% Due 03/15/2025 2,500,000.00 Various 0.76% 2,753,600.00 2,673,378.34 101.17 2.73% 2,529,295.00 3,500.00 1.05% (144,083.34) A3 / A A 2.96 2.80 747525AF0 Qualcomm Inc Callable Note Cont 2/20/2025 3.450% Due 05/20/2025 3,500,000.00 Various 1.78% 3,686,490.00 3,676,772.07 101.99 2.78% 3,569,569.50 43,939.59 1.50% (107,202.57) A2 / A NR 3.14 2.92 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 3,041,163.84 95.08 2.42% 2,890,422.88 8,072.05 1.20% (150,740.96) A1 / BBB+ A 3.17 3.09 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 2,537,830.04 96.40 2.54% 2,410,015.00 11,250.00 1.01% (127,815.04) A2 / A A 3.17 3.06 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 1,009,107.75 94.49 2.97% 944,881.00 3,545.83 0.39% (64,226.75) A1 / A AA- 3.20 3.08 02665WDL2 American Honda Finance Note 1.200% Due 07/08/2025 1,000,000.00 08/10/2021 1.00% 1,007,640.00 1,006,397.03 94.33 3.03% 943,347.00 2,766.67 0.39% (63,050.03) A3 / A- A 3.27 3.16 89114QCK2 Toronto Dominion Bank Note 0.750% Due 09/11/2025 1,000,000.00 02/16/2021 0.81% 997,230.00 997,906.70 92.30 3.12% 923,029.00 416.67 0.38% (74,877.70) A1 / A AA- 3.45 3.35 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 1,280,437.78 96.36 2.92% 1,204,490.00 3,358.33 0.50% (75,947.78) A2 / A- AA- 3.88 3.67 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 1,023,072.04 96.51 2.92% 965,133.00 1,002.50 0.40% (57,939.04) A2 / A- AA- 3.95 3.76 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 1,367,383.83 93.24 2.90% 1,277,367.45 6,039.42 0.53% (90,016.38) A2 / A A 4.12 3.95 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 1,940,435.08 93.05 2.95% 1,860,902.01 8,688.89 0.78% (79,533.07) A3 / A+ A 4.13 3.96 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 2,484,078.45 92.90 2.93% 2,308,654.46 7,998.59 0.96% (175,423.99) A1 / A+ A+ 4.22 4.05 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 1,283,946.64 92.42 3.08% 1,187,643.26 758.51 0.49% (96,303.38) Aa3 / AA- AA- 4.46 4.27 As of March 31, 2022 34 365 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 2,496,023.16 91.93 3.21% 2,298,257.50 1,388.89 0.96% (197,765.66) A2 / A- AA- 4.46 4.27 931142ER0 Wal-Mart Stores Callable Note Cont 08/17/2026 1.050% Due 09/17/2026 585,000.00 09/08/2021 1.09% 583,894.35 584,013.03 93.10 2.70% 544,625.06 238.88 0.23% (39,387.97) Aa2 / AA AA 4.47 4.31 59217GER6 Metlife Note 1.875% Due 01/11/2027 1,860,000.00 01/03/2022 1.90% 1,857,879.60 1,857,972.50 94.08 3.22% 1,749,928.92 7,750.00 0.73% (108,043.58) Aa3 / AA- AA- 4.79 4.49 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 1,337,806.00 96.72 2.69% 1,295,999.76 4,863.08 0.54% (41,806.24) A2 / A A 4.80 4.51 808513BY0 Charles Schwab Corp Callable Note Cont 2/3/2027 2.450% Due 03/03/2027 585,000.00 03/01/2022 2.47% 584,368.20 584,378.23 97.21 3.06% 568,696.05 1,114.75 0.24% (15,682.18) A2 / A A 4.93 4.58 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 2,294,568.01 98.28 2.67% 2,255,562.72 2,346.00 0.94% (39,005.29) Aa2 / AA A+ 4.96 4.64 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 99.81 3.29% 763,572.51 137.96 0.32% (1,427.49) Aa2 / AA+ NR 5.00 4.57 TOTAL Corporate 67,970,000.00 1.97% 68,714,152.50 68,493,226.63 2.60% 66,644,264.03 318,402.89 27.81% (1,848,962.60) A1 / A+ A+ 2.85 2.69 Money Market Fund 31846V203 First American Govt Obligation Fund Class Y 632,735.73 Various 0.01% 632,735.73 632,735.73 1.00 0.01% 632,735.73 0.00 0.26% 0.00 Aaa / AAA AAA 0.00 0.00 TOTAL Money Market Fund 632,735.73 0.01% 632,735.73 632,735.73 0.01% 632,735.73 0.00 0.26% 0.00 Aaa / AAA Aaa 0.00 0.00 Negotiable CD 06417MQL2 Bank of Nova Scotia Houston Yankee CD 0.200% Due 06/23/2022 2,500,000.00 06/29/2021 0.20% 2,499,999.81 2,499,999.96 99.82 0.96% 2,495,577.50 3,916.67 1.04% (4,422.46) P-1 / A-1 F-1+ 0.23 0.23 86959RTW0 Svenska Handelsbanken NY Yankee CD 0.255% Due 10/14/2022 2,500,000.00 10/15/2021 0.25% 2,500,126.08 2,500,067.89 99.32 1.50% 2,483,095.00 2,975.00 1.03% (16,972.89) P-1 / A-1+ F-1+ 0.54 0.54 TOTAL Negotiable CD 5,000,000.00 0.23% 5,000,125.89 5,000,067.85 1.23% 4,978,672.50 6,891.67 2.07% (21,395.35) Aaa / AA+ Aaa 0.38 0.38 Supranational 4581X0CZ9 Inter-American Dev Bank Note 1.750% Due 09/14/2022 2,500,000.00 11/28/2017 2.18% 2,451,675.00 2,495,413.41 100.02 1.70% 2,500,502.50 2,065.97 1.04% 5,089.09 Aaa / AAA AAA 0.46 0.45 As of March 31, 2022 35 366 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 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 3,677,748.89 95.31 2.46% 3,507,297.60 408.89 1.46% (170,451.29) Aaa / AAA NR 2.48 2.43 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 2,254,649.78 94.43 2.53% 2,134,219.70 6,238.54 0.89% (120,430.08) Aaa / AAA NR 3.06 2.99 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 1,690,361.16 93.91 2.57% 1,582,361.60 2,223.26 0.66% (107,999.56) Aaa / AAA NR 3.29 3.21 459058JL8 Intl. Bank Recon & Development Note 0.500% Due 10/28/2025 6,000,000.00 Various 0.55% 5,986,632.00 5,989,921.47 92.91 2.59% 5,574,618.00 12,750.00 2.32% (415,303.47) Aaa / AAA AAA 3.58 3.49 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 4,597,868.39 93.40 2.60% 4,310,525.38 18,059.39 1.80% (287,343.01) Aaa / AAA AAA 4.06 3.92 TOTAL Supranational 20,740,000.00 0.85% 20,653,030.65 20,705,963.10 2.45% 19,609,524.78 41,746.05 8.16% (1,096,438.32) Aaa / AAA Aaa 3.01 2.93 US Treasury 912828L57 US Treasury Note 1.750% Due 09/30/2022 3,750,000.00 Various 2.02% 3,702,841.80 3,745,200.80 100.35 1.04% 3,763,185.00 179.31 1.56% 17,984.20 Aaa / AA+ AAA 0.50 0.50 912828M49 US Treasury Note 1.875% Due 10/31/2022 1,000,000.00 01/30/2018 2.47% 973,359.38 996,727.54 100.38 1.21% 1,003,828.00 7,872.93 0.42% 7,100.46 Aaa / AA+ AAA 0.59 0.57 9128284D9 US Treasury Note 2.500% Due 03/31/2023 3,750,000.00 Various 2.75% 3,706,123.05 3,741,142.69 100.76 1.73% 3,778,417.50 256.15 1.57% 37,274.81 Aaa / AA+ AAA 1.00 0.99 912828R69 US Treasury Note 1.625% Due 05/31/2023 1,500,000.00 05/30/2018 2.67% 1,427,167.97 1,483,048.40 99.71 1.88% 1,495,663.50 8,169.64 0.62% 12,615.10 Aaa / AA+ AAA 1.17 1.14 912828U57 US Treasury Note 2.125% Due 11/30/2023 5,000,000.00 Various 2.53% 4,908,242.19 4,968,452.05 99.92 2.17% 4,995,900.00 35,611.27 2.09% 27,447.95 Aaa / AA+ AAA 1.67 1.62 912828V80 US Treasury Note 2.250% Due 01/31/2024 5,000,000.00 Various 2.32% 4,983,691.41 4,993,786.37 99.96 2.27% 4,997,850.00 18,646.40 2.08% 4,063.63 Aaa / AA+ AAA 1.84 1.78 912828WJ5 US Treasury Note 2.500% Due 05/15/2024 1,750,000.00 06/10/2019 1.91% 1,798,261.72 1,770,779.35 100.28 2.36% 1,754,852.75 16,557.32 0.74% (15,926.60) Aaa / AA+ AAA 2.13 2.04 9128282N9 US Treasury Note 2.125% Due 07/31/2024 2,000,000.00 08/30/2019 1.44% 2,064,531.25 2,030,595.78 99.36 2.41% 1,987,266.00 7,044.20 0.83% (43,329.78) Aaa / AA+ AAA 2.34 2.26 912828YH7 US Treasury Note 1.500% Due 09/30/2024 3,500,000.00 Various 1.65% 3,474,941.41 3,487,078.89 97.73 2.44% 3,420,431.00 143.45 1.42% (66,647.89) Aaa / AA+ AAA 2.50 2.43 9128283J7 US Treasury Note 2.125% Due 11/30/2024 3,000,000.00 Various 1.76% 3,051,650.40 3,027,775.14 99.11 2.47% 2,973,282.00 21,366.76 1.24% (54,493.14) Aaa / AA+ AAA 2.67 2.56 As of March 31, 2022 36 367 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 912828ZC7 US Treasury Note 1.125% Due 02/28/2025 3,500,000.00 03/24/2020 0.52% 3,603,222.66 3,560,982.18 96.22 2.48% 3,367,658.00 3,423.91 1.40% (193,324.18) Aaa / AA+ AAA 2.92 2.84 91282CED9 US Treasury Note 1.750% Due 03/15/2025 2,000,000.00 03/15/2022 2.00% 1,985,312.50 1,985,527.11 97.99 2.46% 1,959,844.00 1,616.85 0.81% (25,683.11) Aaa / AA+ AAA 2.96 2.86 912828ZL7 US Treasury Note 0.375% Due 04/30/2025 4,000,000.00 Various 0.38% 3,998,593.75 3,999,111.21 93.73 2.50% 3,749,220.00 6,298.34 1.56% (249,891.21) Aaa / AA+ AAA 3.08 3.02 91282CAM3 US Treasury Note 0.250% Due 09/30/2025 2,500,000.00 10/16/2020 0.32% 2,491,406.25 2,493,922.07 92.48 2.51% 2,312,012.50 17.08 0.96% (181,909.57) Aaa / AA+ AAA 3.50 3.44 91282CBC4 US Treasury Note 0.375% Due 12/31/2025 1,000,000.00 12/29/2020 0.38% 999,921.88 999,941.39 92.45 2.49% 924,531.00 942.68 0.38% (75,410.39) Aaa / AA+ AAA 3.76 3.68 91282CBH3 US Treasury Note 0.375% Due 01/31/2026 4,000,000.00 02/23/2021 0.58% 3,960,625.00 3,969,387.14 92.26 2.50% 3,690,468.00 2,486.19 1.53% (278,919.14) Aaa / AA+ AAA 3.84 3.76 91282CBQ3 US Treasury Note 0.500% Due 02/28/2026 2,500,000.00 03/26/2021 0.83% 2,459,960.94 2,468,160.37 92.56 2.51% 2,313,965.00 1,086.96 0.96% (154,195.37) Aaa / AA+ AAA 3.92 3.83 91282CBT7 US Treasury Note 0.750% Due 03/31/2026 5,000,000.00 Various 0.85% 4,974,804.69 4,979,787.17 93.36 2.50% 4,668,165.00 102.46 1.94% (311,622.17) Aaa / AA+ AAA 4.00 3.90 91282CCF6 US Treasury Note 0.750% Due 05/31/2026 2,000,000.00 06/18/2021 0.91% 1,985,000.00 1,987,360.11 93.12 2.50% 1,862,344.00 5,027.47 0.78% (125,016.11) Aaa / AA+ AAA 4.17 4.05 91282CCW9 US Treasury Note 0.750% Due 08/31/2026 2,000,000.00 08/30/2021 0.77% 1,998,515.63 1,998,688.78 92.81 2.48% 1,856,250.00 1,304.35 0.77% (142,438.78) Aaa / AA+ AAA 4.42 4.29 91282CDG3 US Treasury Note 1.125% Due 10/31/2026 5,000,000.00 Various 1.25% 4,970,498.06 4,972,382.94 94.18 2.48% 4,709,180.00 23,618.78 1.97% (263,202.94) Aaa / AA+ AAA 4.59 4.40 912828Z78 US Treasury Note 1.500% Due 01/31/2027 2,500,000.00 01/31/2022 1.64% 2,483,300.78 2,483,849.49 95.70 2.45% 2,392,577.50 6,215.47 1.00% (91,271.99) Aaa / AA+ AAA 4.84 4.61 TOTAL US Treasury 66,250,000.00 1.46% 66,001,972.72 66,143,686.97 2.27% 63,976,890.75 167,987.97 26.64% (2,166,796.22) Aaa / AA+ Aaa 2.82 2.73 TOTAL PORTFOLIO 246,240,173.80 1.52% 247,493,365.88 247,082,972.97 2.38% 240,003,326.92 779,938.17 100.00% (7,079,646.05) Aa1 / AA Aaa 2.71 2.45 TOTAL MARKET VALUE PLUS ACCRUALS 240,783,265.09 As of March 31, 2022 37 368 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 50,424,445.25 Various 0.42% 50,424,445.25 50,424,445.25 1.00 0.42% 50,424,445.25 36,519.44 38.78% 0.00 NR / NR NR 0.00 0.00 TOTAL LAIF 50,424,445.25 0.42% 50,424,445.25 50,424,445.25 0.42% 50,424,445.25 36,519.44 38.78% 0.00 NR / NR NR 0.00 0.00 Local Gov Investment Pool 90CAMP$00 California Asset Mgmt Program CAMP 79,661,871.67 Various 0.07% 79,661,871.67 79,661,871.67 1.00 0.07% 79,661,871.67 0.00 61.22% 0.00 NR / AAA NR 0.00 0.00 TOTAL Local Gov Investment Pool 79,661,871.67 0.07% 79,661,871.67 79,661,871.67 0.07% 79,661,871.67 0.00 61.22% 0.00 NR / AAA NR 0.00 0.00 TOTAL PORTFOLIO 130,086,316.92 0.21% 130,086,316.92 130,086,316.92 0.21% 130,086,316.92 36,519.44 100.00% 0.00 NR / AAA NR 0.00 0.00 TOTAL MARKET VALUE PLUS ACCRUALS 130,122,836.36 As of March 31, 2022 38 369 SECTION |Section 5 |Transactions 39 370 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 01/11/2022 59217GER6 1,860,000.00 Metlife Note 1.875% Due: 01/11/2027 99.886 1.90%1,857,879.60 0.00 1,857,879.60 0.00 Purchase 01/13/2022 02665WEA5 1,075,000.00 American Honda Finance Note 1.5% Due: 01/13/2025 99.921 1.53%1,074,150.75 0.00 1,074,150.75 0.00 Purchase 01/19/2022 05601XAC3 755,000.00 BMW Vehicle Lease Trust 2022-1 A3 1.1% Due: 03/25/2025 99.985 1.11%754,887.13 0.00 754,887.13 0.00 Purchase 01/19/2022 380146AC4 500,000.00 GM Financial Auto Receivables 2022-1 A3 1.26% Due: 11/16/2026 99.991 1.27%499,956.55 0.00 499,956.55 0.00 Purchase 01/19/2022 44891WAC3 910,000.00 Hyundai Auto Lease Trust 2022-A A3 1.16% Due: 01/15/2025 99.998 1.16%909,979.89 0.00 909,979.89 0.00 Purchase 01/24/2022 87612EBM7 1,340,000.00 Target Corp Callable Note Cont 12/15/2026 1.95% Due: 01/15/2027 99.830 1.99%1,337,722.00 0.00 1,337,722.00 0.00 Purchase 01/27/2022 747525AF0 2,500,000.00 Qualcomm Inc Callable Note Cont 2/20/2025 3.45% Due: 05/20/2025 105.498 1.74%2,637,450.00 16,052.08 2,653,502.08 0.00 Purchase 01/31/2022 747525AF0 1,000,000.00 Qualcomm Inc Callable Note Cont 2/20/2025 3.45% Due: 05/20/2025 104.904 1.91%1,049,040.00 6,804.17 1,055,844.17 0.00 Purchase 01/31/2022 912828Z78 2,500,000.00 US Treasury Note 1.5% Due: 01/31/2027 99.332 1.64%2,483,300.78 0.00 2,483,300.78 0.00 Purchase 02/22/2022 91324PEC2 1,395,000.00 United Health Group Inc Callable Note Cont 4/15/2026 1.15% Due: 05/15/2026 95.502 2.27%1,332,252.90 4,322.56 1,336,575.46 0.00 Purchase 02/23/2022 36265MAC9 1,680,000.00 GM Financial Auto Lease Trust 2022-1 A3 1.9% Due: 03/20/2025 99.999 1.91%1,679,985.55 0.00 1,679,985.55 0.00 Purchase 02/23/2022 43815BAC4 1,315,000.00 Honda Auto Receivables Trust 2022-1 A3 1.88% Due: 05/15/2026 99.985 1.89%1,314,802.22 0.00 1,314,802.22 0.00 Purchase 02/24/2022 3137BSRE5 2,000,000.00 FHLMC K059 A2 3.12% Due: 09/25/2026 104.281 1.98%2,085,625.00 3,986.67 2,089,611.67 0.00 Purchase 02/28/2022 89238LAC4 2,045,000.00 Toyota Lease Owner Trust 2022-A A3 1.96% Due: 02/20/2025 99.984 1.98%2,044,678.12 0.00 2,044,678.12 0.00 Purchase 03/03/2022 808513BY0 585,000.00 Charles Schwab Corp Callable Note Cont 2/3/2027 2.45% Due: 03/03/2027 99.892 2.47%584,368.20 0.00 584,368.20 0.00 December 31, 2021 through March 31, 2022 As of March 31, 2022 40 371 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 03/15/2022 084664CZ2 2,295,000.00 Berkshire Hathaway Callable Note Cont 2/15/2027 2.3% Due: 03/15/2027 99.981 2.30%2,294,563.95 0.00 2,294,563.95 0.00 Purchase 03/16/2022 448977AD0 1,080,000.00 Hyundai Auto Receivables Trust 2022-A A3 2.22% Due: 10/15/2026 99.996 2.23%1,079,958.42 0.00 1,079,958.42 0.00 Purchase 03/16/2022 47787JAC2 1,005,000.00 John Deere Owner Trust 2022-A A3 2.32% Due: 09/16/2026 99.978 2.34%1,004,777.69 0.00 1,004,777.69 0.00 Purchase 03/16/2022 91282CED9 2,000,000.00 US Treasury Note 1.75% Due: 03/15/2025 99.266 2.00%1,985,312.50 95.11 1,985,407.61 0.00 Purchase 03/29/2022 40139LBF9 765,000.00 Guardian Life Glob Fun Note 3.246% Due: 03/29/2027 100.000 3.25%765,000.00 0.00 765,000.00 0.00 Subtotal 28,605,000.00 28,775,691.25 31,260.59 28,806,951.84 0.00 TOTAL ACQUISITIONS 28,605,000.00 28,775,691.25 31,260.59 28,806,951.84 0.00 DISPOSITIONS Sale 01/05/2022 912828XW5 2,000,000.00 US Treasury Note 1.75% Due: 06/30/2022 100.742 1.86%2,014,843.75 483.43 2,015,327.18 15,881.98 Sale 01/13/2022 459058FY4 2,000,000.00 Intl. Bank Recon & Development Note 2% Due: 01/26/2022 100.066 2.12%2,001,320.00 18,555.56 2,019,875.56 1,401.24 Sale 01/13/2022 912828XW5 1,000,000.00 US Treasury Note 1.75% Due: 06/30/2022 100.695 1.86%1,006,953.13 628.45 1,007,581.58 7,448.65 Sale 03/03/2022 313378CR0 2,000,000.00 FHLB Note 2.25% Due: 03/11/2022 100.048 1.86%2,000,960.00 21,500.00 2,022,460.00 796.38 Sale 03/09/2022 3135G0T45 3,250,000.00 FNMA Note 1.875% Due: 04/05/2022 100.116 1.99%3,253,770.00 26,067.71 3,279,837.71 4,039.17 December 31, 2021 through March 31, 2022 As of March 31, 2022 41 372 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 Sale 03/16/2022 912828L24 2,000,000.00 US Treasury Note 1.875% Due: 08/31/2022 100.496 1.92%2,009,921.88 1,630.43 2,011,552.31 10,300.84 Subtotal 12,250,000.00 12,287,768.76 68,865.58 12,356,634.34 39,868.26 TOTAL DISPOSITIONS 12,250,000.00 12,287,768.76 68,865.58 12,356,634.34 39,868.26 December 31, 2021 through March 31, 2022 As of March 31, 2022 42 373 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 01/15/2022 90LAIF$00 29,012.37 Local Agency Investment Fund State Pool 1.000 0.22%29,012.37 0.00 29,012.37 0.00 Purchase 01/31/2022 90CAMP$00 3,896.35 California Asset Mgmt Program CAMP 1.000 0.05%3,896.35 0.00 3,896.35 0.00 Purchase 02/28/2022 90CAMP$00 3,573.51 California Asset Mgmt Program CAMP 1.000 0.07%3,573.51 0.00 3,573.51 0.00 Purchase 03/31/2022 90CAMP$00 16,360.01 California Asset Mgmt Program CAMP 1.000 0.07%16,360.01 0.00 16,360.01 0.00 Subtotal 52,842.24 52,842.24 0.00 52,842.24 0.00 Security Contribution 03/04/2022 90CAMP$00 3,000,000.00 California Asset Mgmt Program CAMP 1.000 3,000,000.00 0.00 3,000,000.00 0.00 Security Contribution 03/28/2022 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 Subtotal 8,000,000.00 8,000,000.00 0.00 8,000,000.00 0.00 TOTAL ACQUISITIONS 8,052,842.24 8,052,842.24 0.00 8,052,842.24 0.00 DISPOSITIONS Security Withdrawal 01/11/2022 90CAMP$00 2,200,000.00 California Asset Mgmt Program CAMP 1.000 2,200,000.00 0.00 2,200,000.00 0.00 Security Withdrawal 01/14/2022 90CAMP$00 2,300,000.00 California Asset Mgmt Program CAMP 1.000 2,300,000.00 0.00 2,300,000.00 0.00 Security Withdrawal 01/19/2022 90CAMP$00 15,000,000.00 California Asset Mgmt Program CAMP 1.000 15,000,000.00 0.00 15,000,000.00 0.00 Security Withdrawal 01/21/2022 90CAMP$00 500,000.00 California Asset Mgmt Program CAMP 1.000 500,000.00 0.00 500,000.00 0.00 Security Withdrawal 01/28/2022 90CAMP$00 1,200,000.00 California Asset Mgmt Program CAMP 1.000 1,200,000.00 0.00 1,200,000.00 0.00 Security Withdrawal 02/04/2022 90CAMP$00 1,900,000.00 California Asset Mgmt Program CAMP 1.000 1,900,000.00 0.00 1,900,000.00 0.00 December 31, 2021 through March 31, 2022 As of March 31, 2022 43 374 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 02/18/2022 90CAMP$00 500,000.00 California Asset Mgmt Program CAMP 1.000 500,000.00 0.00 500,000.00 0.00 Security Withdrawal 02/25/2022 90CAMP$00 2,500,000.00 California Asset Mgmt Program CAMP 1.000 2,500,000.00 0.00 2,500,000.00 0.00 Security Withdrawal 03/21/2022 90CAMP$00 1,300,000.00 California Asset Mgmt Program CAMP 1.000 1,300,000.00 0.00 1,300,000.00 0.00 Subtotal 27,400,000.00 27,400,000.00 0.00 27,400,000.00 0.00 TOTAL DISPOSITIONS 27,400,000.00 27,400,000.00 0.00 27,400,000.00 0.00 December 31, 2021 through March 31, 2022 As of March 31, 2022 44 375 Important Disclosures 2022 Chandler Asset Management,Inc, An Independent Registered Investment Adviser. Information contained herein is confidential.Prices are provided by IDC,an independent pricing source.In the event IDC 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. As of March 31, 2022 45 376 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 March 31, 2022 46 377 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 01/11/2022 59217GER6 1,860,000.00 Metlife Note 1.875% Due: 01/11/2027 99.886 1.90%1,857,879.60 0.00 1,857,879.60 0.00 Purchase 01/13/2022 02665WEA5 1,075,000.00 American Honda Finance Note 1.5% Due: 01/13/2025 99.921 1.53%1,074,150.75 0.00 1,074,150.75 0.00 Purchase 01/19/2022 05601XAC3 755,000.00 BMW Vehicle Lease Trust 2022-1 A3 1.1% Due: 03/25/2025 99.985 1.11%754,887.13 0.00 754,887.13 0.00 Purchase 01/19/2022 380146AC4 500,000.00 GM Financial Auto Receivables 2022-1 A3 1.26% Due: 11/16/2026 99.991 1.27%499,956.55 0.00 499,956.55 0.00 Purchase 01/19/2022 44891WAC3 910,000.00 Hyundai Auto Lease Trust 2022-A A3 1.16% Due: 01/15/2025 99.998 1.16%909,979.89 0.00 909,979.89 0.00 Purchase 01/24/2022 87612EBM7 1,340,000.00 Target Corp Callable Note Cont 12/15/2026 1.95% Due: 01/15/2027 99.830 1.99%1,337,722.00 0.00 1,337,722.00 0.00 Purchase 01/27/2022 747525AF0 2,500,000.00 Qualcomm Inc Callable Note Cont 2/20/2025 3.45% Due: 05/20/2025 105.498 1.74%2,637,450.00 16,052.08 2,653,502.08 0.00 Purchase 01/31/2022 747525AF0 1,000,000.00 Qualcomm Inc Callable Note Cont 2/20/2025 3.45% Due: 05/20/2025 104.904 1.91%1,049,040.00 6,804.17 1,055,844.17 0.00 Purchase 01/31/2022 912828Z78 2,500,000.00 US Treasury Note 1.5% Due: 01/31/2027 99.332 1.64%2,483,300.78 0.00 2,483,300.78 0.00 Purchase 02/22/2022 91324PEC2 1,395,000.00 United Health Group Inc Callable Note Cont 4/15/2026 1.15% Due: 05/15/2026 95.502 2.27%1,332,252.90 4,322.56 1,336,575.46 0.00 Purchase 02/23/2022 36265MAC9 1,680,000.00 GM Financial Auto Lease Trust 2022-1 A3 1.9% Due: 03/20/2025 99.999 1.91%1,679,985.55 0.00 1,679,985.55 0.00 Purchase 02/23/2022 43815BAC4 1,315,000.00 Honda Auto Receivables Trust 2022-1 A3 1.88% Due: 05/15/2026 99.985 1.89%1,314,802.22 0.00 1,314,802.22 0.00 Purchase 02/24/2022 3137BSRE5 2,000,000.00 FHLMC K059 A2 3.12% Due: 09/25/2026 104.281 1.98%2,085,625.00 3,986.67 2,089,611.67 0.00 Purchase 02/28/2022 89238LAC4 2,045,000.00 Toyota Lease Owner Trust 2022-A A3 1.96% Due: 02/20/2025 99.984 1.98%2,044,678.12 0.00 2,044,678.12 0.00 Purchase 03/03/2022 808513BY0 585,000.00 Charles Schwab Corp Callable Note Cont 2/3/2027 2.45% Due: 03/03/2027 99.892 2.47%584,368.20 0.00 584,368.20 0.00 December 31, 2021 through March 31, 2022 As of March 31, 2022 40 Attachment 2 378 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 03/15/2022 084664CZ2 2,295,000.00 Berkshire Hathaway Callable Note Cont 2/15/2027 2.3% Due: 03/15/2027 99.981 2.30%2,294,563.95 0.00 2,294,563.95 0.00 Purchase 03/16/2022 448977AD0 1,080,000.00 Hyundai Auto Receivables Trust 2022-A A3 2.22% Due: 10/15/2026 99.996 2.23%1,079,958.42 0.00 1,079,958.42 0.00 Purchase 03/16/2022 47787JAC2 1,005,000.00 John Deere Owner Trust 2022-A A3 2.32% Due: 09/16/2026 99.978 2.34%1,004,777.69 0.00 1,004,777.69 0.00 Purchase 03/16/2022 91282CED9 2,000,000.00 US Treasury Note 1.75% Due: 03/15/2025 99.266 2.00%1,985,312.50 95.11 1,985,407.61 0.00 Purchase 03/29/2022 40139LBF9 765,000.00 Guardian Life Glob Fun Note 3.246% Due: 03/29/2027 100.000 3.25%765,000.00 0.00 765,000.00 0.00 Subtotal 28,605,000.00 28,775,691.25 31,260.59 28,806,951.84 0.00 TOTAL ACQUISITIONS 28,605,000.00 28,775,691.25 31,260.59 28,806,951.84 0.00 DISPOSITIONS Sale 01/05/2022 912828XW5 2,000,000.00 US Treasury Note 1.75% Due: 06/30/2022 100.742 1.86%2,014,843.75 483.43 2,015,327.18 15,881.98 Sale 01/13/2022 459058FY4 2,000,000.00 Intl. Bank Recon & Development Note 2% Due: 01/26/2022 100.066 2.12%2,001,320.00 18,555.56 2,019,875.56 1,401.24 Sale 01/13/2022 912828XW5 1,000,000.00 US Treasury Note 1.75% Due: 06/30/2022 100.695 1.86%1,006,953.13 628.45 1,007,581.58 7,448.65 Sale 03/03/2022 313378CR0 2,000,000.00 FHLB Note 2.25% Due: 03/11/2022 100.048 1.86%2,000,960.00 21,500.00 2,022,460.00 796.38 Sale 03/09/2022 3135G0T45 3,250,000.00 FNMA Note 1.875% Due: 04/05/2022 100.116 1.99%3,253,770.00 26,067.71 3,279,837.71 4,039.17 December 31, 2021 through March 31, 2022 As of March 31, 2022 41 379 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 Sale 03/16/2022 912828L24 2,000,000.00 US Treasury Note 1.875% Due: 08/31/2022 100.496 1.92%2,009,921.88 1,630.43 2,011,552.31 10,300.84 Subtotal 12,250,000.00 12,287,768.76 68,865.58 12,356,634.34 39,868.26 TOTAL DISPOSITIONS 12,250,000.00 12,287,768.76 68,865.58 12,356,634.34 39,868.26 December 31, 2021 through March 31, 2022 As of March 31, 2022 42 380 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 01/15/2022 90LAIF$00 29,012.37 Local Agency Investment Fund State Pool 1.000 0.22%29,012.37 0.00 29,012.37 0.00 Purchase 01/31/2022 90CAMP$00 3,896.35 California Asset Mgmt Program CAMP 1.000 0.05%3,896.35 0.00 3,896.35 0.00 Purchase 02/28/2022 90CAMP$00 3,573.51 California Asset Mgmt Program CAMP 1.000 0.07%3,573.51 0.00 3,573.51 0.00 Purchase 03/31/2022 90CAMP$00 16,360.01 California Asset Mgmt Program CAMP 1.000 0.07%16,360.01 0.00 16,360.01 0.00 Subtotal 52,842.24 52,842.24 0.00 52,842.24 0.00 Security Contribution 03/04/2022 90CAMP$00 3,000,000.00 California Asset Mgmt Program CAMP 1.000 3,000,000.00 0.00 3,000,000.00 0.00 Security Contribution 03/28/2022 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 Subtotal 8,000,000.00 8,000,000.00 0.00 8,000,000.00 0.00 TOTAL ACQUISITIONS 8,052,842.24 8,052,842.24 0.00 8,052,842.24 0.00 DISPOSITIONS Security Withdrawal 01/11/2022 90CAMP$00 2,200,000.00 California Asset Mgmt Program CAMP 1.000 2,200,000.00 0.00 2,200,000.00 0.00 Security Withdrawal 01/14/2022 90CAMP$00 2,300,000.00 California Asset Mgmt Program CAMP 1.000 2,300,000.00 0.00 2,300,000.00 0.00 Security Withdrawal 01/19/2022 90CAMP$00 15,000,000.00 California Asset Mgmt Program CAMP 1.000 15,000,000.00 0.00 15,000,000.00 0.00 Security Withdrawal 01/21/2022 90CAMP$00 500,000.00 California Asset Mgmt Program CAMP 1.000 500,000.00 0.00 500,000.00 0.00 Security Withdrawal 01/28/2022 90CAMP$00 1,200,000.00 California Asset Mgmt Program CAMP 1.000 1,200,000.00 0.00 1,200,000.00 0.00 Security Withdrawal 02/04/2022 90CAMP$00 1,900,000.00 California Asset Mgmt Program CAMP 1.000 1,900,000.00 0.00 1,900,000.00 0.00 December 31, 2021 through March 31, 2022 As of March 31, 2022 43 381 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 02/18/2022 90CAMP$00 500,000.00 California Asset Mgmt Program CAMP 1.000 500,000.00 0.00 500,000.00 0.00 Security Withdrawal 02/25/2022 90CAMP$00 2,500,000.00 California Asset Mgmt Program CAMP 1.000 2,500,000.00 0.00 2,500,000.00 0.00 Security Withdrawal 03/21/2022 90CAMP$00 1,300,000.00 California Asset Mgmt Program CAMP 1.000 1,300,000.00 0.00 1,300,000.00 0.00 Subtotal 27,400,000.00 27,400,000.00 0.00 27,400,000.00 0.00 TOTAL DISPOSITIONS 27,400,000.00 27,400,000.00 0.00 27,400,000.00 0.00 December 31, 2021 through March 31, 2022 As of March 31, 2022 44 382