HomeMy WebLinkAbout4.6 City Treasurer's Informational Report of Investments for the Quarter Ending June 30, 2022STAFF REPORT
CITY COUNCIL
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Agenda Item 4.6
DATE:August 16, 2022
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, 2022Preparedby: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, 2022 including a monthly transaction ledger. The City’s investment portfolio for this period totaled $378,308,853 (market value) with an average market yield of 2.48%. 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 report of investments for the quarter ending June 30, 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 $238,517,564 managed by Chandler Asset Management, and $139,791,289 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 3.20% and 1.23% respectively. The total investment portfolio balance fluctuates throughout the year due to normal cash flow
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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).Financial markets are experiencing heightened volatility and tighter conditions as central banks employ more restrictive monetary policies to combat persistent inflation. The conflict between Russia and Ukraine has exacerbated inflationary pressures, particularly with energy and commodities, and strict COVID lockdowns in China are intensifying distressed supply chains. Inflation is weighing heavily on consumer sentiment and beginning to impact discretionary spending. Labor markets remain strong, but wage gains are not keeping up with inflation. While Chandler expects the Fed to continue 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. Chandler continues to believe the risk of an economic slowdown later this year has increased. Over the near term, Chandler expects financial market volatility to remain intensified and conditions to remain tighter with persistent inflation, geopolitical risk, supply chain bottlenecks, and the Fed's shift to a more hawkish monetary policy.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. Chart 1: Investments by TypeJune 30, 2022 and March 31,2022
The market value of the City's portfolio increased by $7,402,752 from the March 31, 2022 quarter. The quarterly change results from the normal fluctuations in the timing of incoming revenue,
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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 $46 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 2.48% over the prior quarter’s 1.62% (shown in Table 2) due to the factors discussed in the Economic Update Highlights. For detailed monthly transactions, see Attachment 2. Table 1: Portfolio Values and Yield to Maturity
Table 2: Quarterly Holdings (Market Value) by Type, and YTM, 5 Quarters
June 30, 2021 March 31, 2022
Holdings
Market
Value
Market
Value
Par
Value
Book
Value
Market
Value
% of
Subtotal
% of Total
Portfolio
Book
Yield
Market
Yield
Managed by City
LAIF 50,323,677 50,424,445 50,464,181 50,464,181 50,464,181 36.1%13.0%0.94%0.94%
CAMP 47,323,490 79,661,872 89,240,308 89,240,308 89,240,308 63.9%23.1%1.40%1.40%
SUBTOTAL 97,647,167 130,086,317 139,704,489 139,704,489 139,704,489 100.00%36.09%1.23%1.23%
Accrued Interest 38,855 36,519 86,800
97,686,022 130,122,836 139,791,289
Managed by Chandler
ABS 9,835,052 22,814,841 27,436,052 27,433,321 26,693,153 11.2%7.1%1.46%3.66%
Agency 75,581,659 57,293,846 58,320,000 58,550,080 56,641,842 23.8%15.1%1.60%2.97%
CMO - 4,052,552 4,000,000 4,184,455 3,966,300 1.7%1.0%1.35%3.36%
Money Market 756,163 632,736 3,039,481 3,039,481 3,039,481 1.3%0.8%0.97%0.97%
Negotiable CD 2,499,825 4,978,673 2,500,000 2,500,036 2,486,275 1.0%0.6%0.25%2.13%
Supranational 19,043,767 19,609,525 20,740,000 20,710,489 19,403,787 8.2%5.4%0.85%2.97%
Corporate 54,161,172 66,644,264 65,640,000 66,100,638 62,892,216 26.5%17.0%1.96%3.64%
US Treasury 71,745,729 63,976,891 65,750,000 65,431,585 62,468,441 26.3%17.0%1.52%2.99%
SUBTOTAL 233,623,366 240,003,327 247,425,533 247,950,085 237,591,496 100.00%63.91%1.57%3.20%
Accrued Interest 949,741 779,938 926,068
234,573,108 240,783,265 238,517,564
TOTAL PORTFOLIO 332,259,129 370,906,101 387,130,022 387,654,574 378,308,853 100.00%2.48%
49,045,334 46,049,724
(11,616,776) 7,402,752
June 30, 2022
Change from Prior Year
Change from Prior Quarter
Holdings (Market Value)6/30/21 9/30/21 12/31/21 3/31/22 6/30/22
LAIF/CAMP 97,647,167 93,494,034 149,433,475 130,086,317 139,704,489
ABS 9,835,052 13,665,558 14,715,444 22,814,841 26,693,153
Agency 75,581,659 65,306,279 64,567,126 57,293,846 56,641,842
CMO - 2,138,464 2,102,544 4,052,552 3,966,300
Money Market 756,163 809,873 287,150 632,736 3,039,481
Negotiable CD 2,499,825 2,500,588 4,996,560 4,978,673 2,486,275
Supranational 19,043,767 22,656,506 22,424,573 19,609,525 19,403,787
Corporate 54,161,172 57,831,563 56,130,717 66,644,264 62,892,216
US Treasury 71,745,729 68,951,352 66,952,848 63,976,891 62,468,441
Accrued Interest 988,596 773,887 912,441 816,458 1,012,868
TOTAL 332,259,129 328,128,102 382,522,878 370,906,101 378,308,853
YIELD TO MATURITY 0.39%0.44%0.60%1.62%2.48%
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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). Recent quarterly yields are shown below.Table 3: Quarterly Portfolio Yields, Recent 8 Quarters
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, 20222) Transaction Ledger – April through June 2022
Market Yield LAIF CAMP Chandler
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%
6/30/22 0.94%1.40%3.20%
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CHANDLER ASSET MANAGEMENT, INC. | 800.317.4747 | www.chandlerasset.com
INVESTMENT REPORT
Period Ending June 30, 2022
City of Dublin
Attachment 1
62
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, 2022
1
63
SECTION |Section 1 |Economic Update
2
64
Economic Update
Financial markets are experiencing he ightened volatility and tighter conditions as central banks employ more restrictive
monetary policies to combat persistent inflation.The conflict between Russia and Ukraine has exacerbated inflationary
pressures,particularly with energy and commodities,and strict COVID lockdowns in China are intensifying distressed
supply chains.Inflation is weighing heavily on consumer sentiment and beginning to impact discretionary spending.Labor
markets remain strong,but wage gains are not keeping up with inflation. While we expect the Fed to continue to tighten
monetary policy,the FOMC has very little margin for error as it attempts to combat inflation withoutpushing the economy
into a recession.We continue to believe the risk of an economic slowdown later this year has increased.Over the near-
term,we expect financial market volatility to remain intensified and conditions to remain tighterwith persistent inflation,
geopolitical risk, supply chain bottlenecks, and the Fed's shift to a more hawkish monetary policy.
At the June meeting,persistently high inflation led the Federal Open Market Committee (FOMC)to announce a 0.75%
federal funds rate increase to 1.50%-1.75%.Federal Reserve Chair Powell indicated the committee may raise rates by 50 or
75 bps at the July meeting and continue to tighten as needed to dampen inflation.The Fed will continue shrinking its $9
trillion balance sheet by $47 billion per month as of June, increasing to $95 billionin September.We anticipate additional
rates hikes as the Fed remains “committed” to the 2%long-term inflation target.In the second half of the year, monetary
policy will be dependent on how the economy responds to tighter conditions.
In June,yields rose,and the curve flattened.The 2-year Treasury yield soared 40 basis points to 2.96%,the 5-year Treasury
yield increased 22 basis points to 3.04%,and the 10-year Treasury yield rose 17 basis points to 3.02%.The spread between
the 2-year and 10-year Treasury yield fell to 6 basis points at June month-end, down from 29 basis points at May month-end,
and down significantly from 122 basis points one yearago.The spread between 3-month and 10-year treasuries is wider at
about 135 basis points but continues to compress with each Fed rate hike.The shape of the curve bears watching but does
not indicate a high probability of an imminent recession.
3
65
Source: US Department of Labor Source: US Department of Labor
Employment
The U.S.economy added 372,000 jobs in June,and job gains in May were revised down to 384,000 from 390,000.Trends in employment remain
strong,with the three-month moving average payrolls at 375,000 and the six-month moving average at 457,000.Hiring was led by education
and health services,followed by professional and business services,and leisure and hospitality.The unemployment rate remained unchanged
at 3.6%for the fourth month,and the U-6 underemployment rate,which includes those who are marginally attached to the labor force and
employed part time for economic reasons,declined to a seasonally adjusted 6.7%rate. Average hourly earnings rose 5.1%year-over-year in
June,easing from a revised 5.3%year-over-year gain in May,which reflects a continuing,slow deceleration in wage growth that could help
ease broad cyclical price pressures.The labor participation rate decreased to 62.2%from 62.3%,suggesting a slower pace for workers returning
to the labor market despite higher wages.
-5,000
-4,000
-3,000
-2,000
-1,000
0
1,000
2,000
3,000
4,000
5,000
M
O
M
C
h
a
n
g
e
I
n
(
0
0
0
'
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)
Ra
t
e
(
%
)
4
66
Source: US Department of Labor Source: US Department of Commerce
Inflation
The Consumer Price Index (CPI)hit a 40-year high in June with broad-based price increases for most goods and services.Headline CPI was up
9.1%year-over-year in June, surpassing expectations,up from 8.6%year-over-year in May.Core CPI (CPI less food and energy)was up 5.9%in
June,down from 6.0%in May.Gasoline,shelter,and food were the largest contributors to the increase.The Personal Consumption
Expenditures (PCE)index was up 6.3%year-over-year in May,unchanged from April.Core PCE was up 4.7%year-over-year in May,versus up
4.9%year-over-year inApril.Persistently elevatedlevels of inflation are likely to keep the Federal Reserve on the path of tightening monetary
policy as long as they continue to run well above the Fed’s longer-run target of around 2.0%.
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
YO
Y
(
%
)
C
h
a
n
g
e
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
9.0%
10.0%
Consumer Price Index (CPI)
CPI YOY % Change
Core CPI YOY % Change
Y
O
Y
(
%
)
C
h
a
n
g
e
5
67
Retail sales rose 1.0%in June from an upwardly revised -0.1%in May,led by a significant dollar value increase in gasoline sales.The higher-
than-expected results indicate consumer demand is holding up more than expected despite inflation.Retail sales growth is at risk as
consumers dip into savings and assume more debt.On a year-over-year basis,retail sales were up 8.4%in June versus up 8.2%revised in May.
The Consumer Confidence index fell to 98.7 in June from a downwardly revised 103.2 in May. U.S. consumer savings rates are declining, and the
wealth effect is waning from recent financial market declines.While the average consumer still has capacity to spend from accumulated
savings,higher wages, and credit lines,consumer balance sheets and discretionary spending decisions are increasingly pressured by elevated
gas, food, and shelter costs.
Source: US Department of Commerce Source: The Conference Board
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
Retail Sales YOY % Change
Y
O
Y
(
%
)
C
h
a
n
g
e
80
90
100
110
120
130
140
In
d
e
x
L
e
v
e
l
Consumer Confidence
Consumer
6
68
Source: The Conference Board Source: Federal Reserve Bank of Chicago
Economic Activity
The Conference Board’s Leading Economic Index (LEI)decreased more than expected to -0.8%month-over-month in June,following a decline
to -0.6%in May.Although the index is still in positive territory at +1.4%year-over-year versus +2.8%in May,the Conference Board indicated
that economic growth is slowing and recession risk is increasing due to elevated inflation and monetary policy tightening.The Chicago Fed
National Activity Index (CFNAI)is unchanged at -0.19.On a 3-month moving average basis,the CFNAI decreased to -0.04 in June from +0.09 in
May.
-4.00
-2.00
0.00
2.00
4.00
6.00
Chicago Fed National Activity Index (CFNAI)
3
M
o
n
t
h
A
v
e
r
a
g
e
-1.0%
-0.5%
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
Leading Economic Indicators (LEI)
M
O
M
(
%
)
C
h
a
n
g
e
7
69
Source: US Department of Commerce Source: S&P
Housing
0
200
400
600
800
1000
1200
1400
1600
1800
2000
M
O
M
C
h
a
n
g
e
(
I
n
T
h
o
u
s
a
n
d
s
o
f
U
n
i
t
s
)
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
YO
Y
(
%
)
C
h
a
n
g
e
Total housing starts declined 2.0%to an annual rate of 1,559,000 in June,from a revised 1,591,000 in units in May.Single-family home starts fell
by 8.1%and multi-family increased 15.0%month-over-month.On a year-over-year basis,total housing starts decreased 6.3%,driven by a drop
in construction of single-family houses as homebuyers struggle with a combination of elevated prices and higher mortgage rates.According to
the Case-Shiller 20-City home price index,home prices were up 21.2%in April versus 21.1%year-over-year in March,setting another new
record. While tight supply has continued to support prices, rising mortgage rates and affordability could be headwinds to further price growth.
8
70
Source: Institute for Supply Management Source: Federal Reserve
Manufacturing
The Institute for Suppl y Management (ISM)manufacturing index dropped sharply to a two-year low of 53.0 in June from 56.1 in May.Readings
above 50.0 are indicative of expansion in the manufacturing sector.The decline was primarily driven by weakness in new orders due to
softening consumer demand, supply constraints,and labor shortages.On a month-over-month basis,the Industrial Production index declined
0.2%in June,following a revised 0.0%change in May.Capacity utilization declined to 80.0%in June,from an upwardly revised 80.3%in May
bringing it in line with its longer run average.
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
YO
Y
(
%
)
C
h
a
n
g
e
9
71
Source: US Department of Commerce Source: US Department of Commerce
6/21 9/21 12/21 3/22
7.9% 1.4% 1.8% 1.2%
-0.7% 2.1% 5.8% 0.9%
-0.2% -1.3% -0.2% -3.2%
-0.4% -0.4% -0.3% -0.5%
0.0% 0.5% -0.2% -0.1%
6.7% 2.3% 6.9% -1.6%
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 estimate,first quarter 2022 GDP contracted at an annualized rate of 1.6%,revised down from the second estimate of a
1.5%decline,and following fourth quarter 2021 growth of 6.9%.The weaker estimate reflects personal consumption expenditures growing at
a slower 1.2%rate,as consumers spent more in services offset by a shift away from nondurable goods spending.The widening trade deficit
was the most significant contributor to the contraction.The consensus estimate calls for 2.2%growth in the second quarter of 2022 and 2.1%
growth for full year 2022.
10
72
Federal Reserve
Source: Federal Reserve Source: Bloomberg
At the June meeting,persistently high inflation led the Federal Open Market Committee (FOMC)to announce a 0.75%federal funds rate
increase to 1.50%-1.75%.Federal Reserve Chair Powell indicated the committee may raise rates by 50 or 75 bps at the July meeting and
continue to tighten as needed to dampen inflation.Dot plotprojections rose significantly from March,with the median fed funds target rate at
3.4%by the end of this year and 3.8%in 2023.The Fed will continue shrinking its $9 trillion balance sheet by $47 billion per month beginning
this month, increasing to $95 billion in September.We anticipate additional rates hikes as the Fed remains “committed” to the 2%long-term
inflation target.Although the FOMC views the economy as strong,the committee downgraded their economic outlook as trends cool later this
year from tightening conditions.
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
Yi
e
l
d
(
%
)
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
$
m
i
l
l
i
o
n
s
11
73
Source: Bloomberg Source: Bloomberg
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
3.5%
US Treasury Note Yields
2-Year
5-Year
10-Year
Y
i
e
l
d
(
%
)
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
3.5%
US Treasury Yield Curve
Jun-22
Mar-22
Jun-21
Y
i
e
l
d
(
%
)
Bond Yields
At the end of June,the 2-year Treasury yield was 271 basis points higher,and the 10-Year Treasury yield was about 155 basis points higher,year-
over-year.The spread between the 2-year Treasury yield and 10-year Treasury yield fell to 6 basis points at June month-end,down from 29
basis points at May month-end,which is narrow compared to the average historical spread (since 2003)of about 130 basis points.The spread
between 3-month and 10-year treasuries is wider at about 135 basis points but continues to compress with each Fed rate hike.The shape of
the curve bears watching but does not indicate a high probability of an imminent recession.
12
74
Section 2|SECTION |Section 2 |Account Profile
13
75
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, 2022
14
76
Compliance As of June 30, 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
77
Portfolio Characteristics
City of Dublin
06/30/22 03/31/22
Benchmark*Portfolio Portfolio
Average Maturity (yrs)2.61 2.69 2.71
Average Modified Duration 2.51 2.39 2.45
Average Purchase Yield n/a 1.57%1.52%
Average Market Yield 2.98%3.20%2.38%
Average Quality**AAA AA/Aa1 AA/Aa1
Total Market Value 238,517,564 240,783,265
*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, 2022
16
78
City of Dublin
Sector Distribution
ABS
11.2%
Agency
23.9%
CMO
1.7%Corporate
26.5%
Money Market
Fund
1.3%
Negotiable CD
1.0%
Supranational
8.2%
US Treasury
26.3%
June 30, 2022 March 31, 2022
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%
As of June 30, 2022
17
79
Issue Name Investment Type % Portfolio
Government of United States US Treasury 26.28%
Federal National Mortgage Association Agency 9.61%
Federal Home Loan Bank Agency 7.31%
Inter-American Dev Bank Supranational 4.95%
Federal Home Loan Mortgage Corp Agency 4.24%
Intl Bank Recon and Development Supranational 3.20%
Federal Farm Credit Bank Agency 2.70%
Honda Motor Corporation Corporate 1.86%
Hyundai Auto Receivables ABS 1.78%
Federal Home Loan Mortgage Corp CMO 1.67%
JP Morgan Chase & Co Corporate 1.67%
Bank of America Corp Corporate 1.51%
Amazon.com Inc Corporate 1.47%
Qualcomm Inc Corporate 1.47%
Royal Bank of Canada Corporate 1.43%
Toronto Dominion Holdings Corporate 1.35%
Toyota Lease Owner Trust ABS 1.28%
First American Govt Oblig Fund Money Market Fund 1.27%
Apple Inc Corporate 1.25%
John Deere ABS ABS 1.25%
Honda ABS ABS 1.23%
Metlife Inc Corporate 1.20%
Morgan Stanley Corporate 1.19%
GM Financial Automobile Leasing Trust ABS 1.11%
US Bancorp Corporate 1.06%
Svenska Handelsbanken NY Negotiable CD 1.04%
Chubb Corporation Corporate 1.04%
Honeywell Corp Corporate 0.99%
Hyundai Auto Lease Securitization ABS 0.95%
Toyota Motor Corp Corporate 0.94%
Bank of Montreal Chicago Corporate 0.93%
PNC Financial Services Group Corporate 0.93%
American Express ABS ABS 0.92%
Berkshire Hathaway Corporate 0.92%
Deere & Company Corporate 0.83%
United Health Group Inc Corporate 0.76%
GM Financial Securitized Term Auto Trust ABS 0.76%
Charles Schwab Corp/The Corporate 0.75%
Issuers
City of Dublin –Account #10198
As of June 30, 2022
18
80
Issue Name Investment Type % Portfolio
BMW Vehicle Lease Trust ABS 0.59%
Target Corp Corporate 0.53%
Bank of New York Corporate 0.51%
Caterpillar Inc Corporate 0.49%
Mercedes-Benz Auto Lease Trust ABS 0.46%
Dominion Resources Inc Corporate 0.42%
BMW ABS ABS 0.35%
Guardian Life Global Funding Corporate 0.31%
Merck & Company Corporate 0.31%
Toyota ABS ABS 0.28%
Nissan ABS ABS 0.23%
Wal-Mart Stores Corporate 0.22%
Salesforce.com Inc Corporate 0.19%
TOTAL 100.00%
Issuers
City of Dublin –Account #10198
As of June 30, 2022
19
81
AAA AA A <A NR
06/30/22 20.4%56.6%19.7%0.4%3.0%
03/31/22 17.6%59.1%19.0%1.2%3.0%
Source: S&P Ratings
June 30, 2022 vs. March 31, 2022
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
70.0%
AAA AA A <A NR
06/30/22 03/31/22
Quality Distribution
City of Dublin
As of June 30, 2022
20
82
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 2.3% 1.6% 6.8% 31.5% 28.1% 18.1% 11.6% 0.0%
Benchmark*0.0% 0.0% 1.8% 36.1% 27.6% 20.0% 14.5% 0.0%
*ICE BofA 1-5 Yr US Treasury & Agency Index
Duration Distribution
City of Dublin
As of June 30, 2022
21
83
-5.00%
-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 -0.93%-4.51%-2.18%0.23%1.08%N/A 1.09%
ICE BofA 1-5 Yr US Treasury & Agency Index*-0.82%-4.60%-2.45%0.04%0.91%N/A 0.92%
*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, 2022
22
84
Portfolio Characteristics
City of Dublin Reporting Account
06/30/22
Portfolio
03/31/22
Portfolio
Average Maturity (yrs)0.00 0.00
Modified Duration 0.00 0.00
Average Purchase Yield 1.23%0.32%
Average Market Yield 1.23%0.32%
Average Quality*AAA/NR AAA/NR
Total Market Value 139,791,289 130,122,836
*Portfolio is S&P and Moody’s, respectively.
As of June 30, 2022
23
85
City of Dublin Reporting Account
Sector Distribution
LAIF
36.2%
Local Gov
Investment Pool
63.8%
June 30, 2022 March 31, 2022
LAIF
38.8%
Local Gov
Investment Pool
61.2%
As of June 30, 2022
24
86
Issue Name Investment Type % Portfolio
CAMP Local Gov Investment Pool 63.84%
Local Agency Investment Fund LAIF 36.16%
TOTAL 100.00%
Issuers
City of Dublin Reporting Account –Account #10219
As of June 30, 2022
25
87
SECTION |Section 3 |Consolidated Information
26
88
Portfolio Characteristics
City of Dublin Consolidated
06/30/22 03/31/22
Portfolio Portfolio
Average Maturity (yrs)1.70 1.76
Modified Duration 1.51 1.59
Average Purchase Yield 1.45%1.10%
Average Market Yield 2.48%1.66%
Average Quality*AA+/Aa1 AA+/Aa1
Total Market Value 378,308,853 370,906,101
* Portfolio is S&P and Moody’s respectively.
As of June 30, 2022
27
89
City of Dublin Consolidated
Sector Distribution
ABS
7.1%
Agency
15.0%
CMO
1.1%
Corporate
16.7%
LAIF
13.4%
Local Gov
Investment Pool
23.6%
Money Market
Fund
0.8%
Negotiable CD
0.7%
Supranational
5.1%
US Treasury
16.6%
June 30, 2022 March 31, 2022
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%
As of June 30, 2022
28
90
SECTION |Section 4 |Portfolio Holdings
29
91
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
1,420,000.00 06/08/2021
0.34%
1,419,787.00
1,419,885.59
97.40
3.49%
1,383,106.98
208.27
0.58%
(36,778.61)
Aaa / AAA
NR
1.97
0.83
65479JAD5 Nissan Auto Receivables Owner 2019-C A3
1.930% Due 07/15/2024
542,427.40 10/16/2019
1.94%
542,398.76
542,415.05
99.70
2.98%
540,808.25
465.28
0.23%
(1,606.80)
Aaa / AAA
NR
2.04
0.29
89237VAB5 Toyota Auto Receivables Trust 2020-C A3
0.440% Due 10/15/2024
688,014.31 07/21/2020
0.44%
687,961.34
687,985.54
98.63
3.28%
678,613.28
134.55
0.28%
(9,372.26)
Aaa / AAA
NR
2.30
0.48
43813KAC6 Honda Auto Receivables Trust 2020-3 A3
0.370% Due 10/18/2024
935,334.46 09/22/2020
0.38%
935,197.06
935,273.86
98.19
3.38%
918,395.55
124.97
0.39%
(16,878.31)
NR / AAA
AAA
2.30
0.60
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
1,089,990.72
96.35
3.69%
1,050,260.78
139.88
0.44%
(39,729.94)
Aaa / NR
AAA
2.31
1.13
47787NAC3 John Deere Owner Trust 2020-B A3
0.510% Due 11/15/2024
320,275.78 07/14/2020
0.52%
320,226.97
320,254.18
98.35
3.33%
314,996.67
72.60
0.13%
(5,257.51)
Aaa / NR
AAA
2.38
0.58
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
1,134,948.13
96.81
3.55%
1,098,819.61
201.78
0.46%
(36,128.52)
NR / AAA
AAA
2.38
1.02
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
709,952.21
97.07
3.49%
689,192.04
39.05
0.29%
(20,760.17)
Aaa / NR
AAA
2.49
0.93
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
909,983.90
96.61
3.66%
879,118.24
469.16
0.37%
(30,865.66)
Aaa / AAA
NR
2.55
1.37
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
2,044,725.08
97.47
3.55%
1,993,189.93
1,224.73
0.84%
(51,535.15)
NR / AAA
AAA
2.65
1.61
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
1,679,987.90
97.35
3.70%
1,635,417.84
975.33
0.69%
(44,570.06)
Aaa / NR
AAA
2.72
1.50
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
754,910.24
96.55
3.84%
728,948.73
138.42
0.31%
(25,961.51)
NR / AAA
AAA
2.74
1.27
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
1,019,900.38
99.49
3.74%
1,014,790.86
1,065.90
0.43%
(5,109.52)
NR / AAA
AAA
2.98
1.71
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
799,902.13
96.15
3.93%
769,206.40
128.00
0.32%
(30,695.73)
Aaa / NR
AAA
3.21
1.08
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
724,953.13
96.59
3.80%
700,271.70
122.44
0.29%
(24,681.43)
NR / AAA
AAA
3.21
1.00
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
2,064,678.79
96.00
3.62%
1,982,402.07
348.76
0.83%
(82,276.72)
NR / AAA
AAA
3.55
1.25
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
764,868.54
95.37
3.78%
729,605.75
187.00
0.31%
(35,262.79)
Aaa / NR
AAA
3.56
1.62
As of June 30, 2022
30
92
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
964,936.20
94.89
3.90%
915,720.35
223.02
0.38%
(49,215.85)
Aaa / NR
AAA
3.71
1.53
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
544,902.16
95.56
3.57%
520,775.84
179.24
0.22%
(24,126.32)
NR / AAA
AAA
3.88
1.59
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
1,314,823.73
96.81
3.55%
1,273,009.42
1,098.76
0.53%
(41,814.31)
Aaa / AAA
NR
3.88
1.94
05602RAD3 BMW Vehicle Owner Trust 2022-A A3
3.210% Due 08/25/2026
850,000.00 05/10/2022
3.23%
849,955.80
849,957.51
98.96
4.46%
841,147.25
454.75
0.35%
(8,810.26)
Aaa / AAA
NR
4.16
0.85
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
584,988.12
94.95
4.17%
555,429.42
165.75
0.23%
(29,558.70)
Aaa / AAA
NR
4.22
1.47
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
1,004,796.29
97.45
3.74%
979,401.65
1,036.27
0.41%
(25,394.64)
Aaa / NR
AAA
4.22
1.82
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
1,079,962.17
96.92
3.83%
1,046,737.09
1,065.60
0.44%
(33,225.08)
NR / AAA
AAA
4.30
1.95
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
499,962.39
95.68
4.09%
478,385.00
262.50
0.20%
(21,577.39)
NR / AAA
AAA
4.38
1.55
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
779,847.27
99.09
3.60%
772,935.54
1,007.50
0.32%
(6,911.73)
Aaa / AAA
NR
4.64
1.90
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
2,204,529.30
99.89
3.46%
2,202,466.46
3,322.20
0.92%
(2,062.84)
NR / AAA
AAA
4.88
2.68
TOTAL ABS 27,436,051.95 1.46%
27,432,551.98
27,433,320.51 3.66%
26,693,152.70
14,861.71
11.20%
(740,167.81)
Aaa / AAA
Aaa
3.28
1.43
Agency
3135G0T94 FNMA Note
2.375% Due 01/19/2023
2,500,000.00 03/28/2018
2.70%
2,463,675.00
2,495,823.76
99.94
2.48%
2,498,550.00
26,718.75
1.06%
2,726.24
Aaa / AA+
AAA
0.56
0.54
313383QR5 FHLB Note
3.250% Due 06/09/2023
1,500,000.00 08/28/2018
2.87%
1,525,005.00
1,504,915.02
100.30
2.92%
1,504,512.00
2,979.17
0.63%
(403.02)
Aaa / AA+
NR
0.94
0.92
3137EAEN5 FHLMC Note
2.750% Due 06/19/2023
2,000,000.00 07/16/2018
2.88%
1,988,360.00
1,997,714.73
99.74
3.03%
1,994,700.00
1,833.33
0.84%
(3,014.73)
Aaa / AA+
AAA
0.97
0.95
3135G05G4 FNMA Note
0.250% Due 07/10/2023
2,350,000.00 07/08/2020
0.32%
2,344,947.50
2,348,274.31
97.35
2.88%
2,287,769.65
2,790.63
0.96%
(60,504.66)
Aaa / AA+
AAA
1.03
1.01
3133EKZK5 FFCB Note
1.600% Due 08/14/2023
4,000,000.00 08/26/2019
1.54%
4,009,000.00
4,002,542.13
98.53
2.94%
3,941,212.00
24,355.56
1.66%
(61,330.13)
Aaa / AA+
AAA
1.12
1.09
313383YJ4 FHLB Note
3.375% Due 09/08/2023
5,000,000.00 Various
2.90%
5,102,615.00
5,025,954.17
100.51
2.93%
5,025,585.00
52,968.76
2.13%
(369.17)
Aaa / AA+
NR
1.19
1.15
As of June 30, 2022
31
93
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
3130A0F70 FHLB Note
3.375% Due 12/08/2023
5,000,000.00 Various
2.73%
5,147,870.00
5,043,218.79
100.57
2.97%
5,028,390.00
10,781.25
2.11%
(14,828.79)
Aaa / AA+
AAA
1.44
1.39
3135G0V34 FNMA Note
2.500% Due 02/05/2024
2,000,000.00 02/27/2019
2.58%
1,992,340.00
1,997,518.89
99.36
2.91%
1,987,122.00
20,277.78
0.84%
(10,396.89)
Aaa / AA+
AAA
1.60
1.54
3130A1XJ2 FHLB Note
2.875% Due 06/14/2024
3,795,000.00 Various
1.96%
3,958,639.85
3,859,091.59
99.72
3.02%
3,784,415.75
5,152.24
1.59%
(74,675.84)
Aaa / AA+
NR
1.96
1.88
3133EKWV4 FFCB Note
1.850% Due 07/26/2024
2,500,000.00 08/13/2019
1.65%
2,524,140.00
2,510,093.94
97.97
2.87%
2,449,265.00
19,913.19
1.04%
(60,828.94)
Aaa / AA+
AAA
2.07
2.00
3130A2UW4 FHLB Note
2.875% Due 09/13/2024
2,000,000.00 10/10/2019
1.58%
2,122,020.00
2,054,600.39
99.67
3.03%
1,993,472.00
17,250.00
0.84%
(61,128.39)
Aaa / AA+
AAA
2.21
2.10
3135G0W66 FNMA Note
1.625% Due 10/15/2024
2,000,000.00 11/08/2019
1.80%
1,983,400.00
1,992,276.71
97.00
2.99%
1,939,918.00
6,861.11
0.82%
(52,358.71)
Aaa / AA+
AAA
2.30
2.22
3135G0X24 FNMA Note
1.625% Due 01/07/2025
4,200,000.00 Various
1.18%
4,287,898.80
4,245,841.16
96.64
3.02%
4,058,766.60
32,987.50
1.72%
(187,074.56)
Aaa / AA+
AAA
2.53
2.42
3137EAEP0 FHLMC Note
1.500% Due 02/12/2025
4,200,000.00 Various
1.23%
4,254,786.30
4,229,057.72
96.21
3.02%
4,040,660.40
24,325.00
1.70%
(188,397.32)
Aaa / AA+
AAA
2.62
2.52
3135G03U5 FNMA Note
0.625% Due 04/22/2025
1,825,000.00 04/22/2020
0.67%
1,821,240.50
1,822,885.28
93.60
3.02%
1,708,132.48
2,186.20
0.72%
(114,752.80)
Aaa / AA+
AAA
2.81
2.75
3135G04Z3 FNMA Note
0.500% Due 06/17/2025
3,435,000.00 06/17/2020
0.54%
3,427,889.55
3,430,782.07
92.85
3.04%
3,189,431.85
667.92
1.34%
(241,350.22)
Aaa / AA+
AAA
2.97
2.90
3137EAEU9 FHLMC Note
0.375% Due 07/21/2025
1,745,000.00 07/21/2020
0.48%
1,736,309.90
1,739,683.03
92.34
3.02%
1,611,291.12
2,908.33
0.68%
(128,391.91)
Aaa / AA+
AAA
3.06
2.99
3135G05X7 FNMA Note
0.375% Due 08/25/2025
2,755,000.00 08/25/2020
0.47%
2,742,106.60
2,746,863.87
91.94
3.08%
2,532,869.86
3,615.94
1.06%
(213,994.01)
Aaa / AA+
AAA
3.16
3.08
3137EAEX3 FHLMC Note
0.375% Due 09/23/2025
2,655,000.00 09/23/2020
0.44%
2,647,008.45
2,649,830.03
91.79
3.06%
2,437,143.98
2,710.31
1.02%
(212,686.05)
Aaa / AA+
AAA
3.24
3.16
3135G06G3 FNMA Note
0.500% Due 11/07/2025
2,860,000.00 11/09/2020
0.57%
2,849,761.20
2,853,112.28
91.91
3.06%
2,628,634.58
2,145.00
1.10%
(224,477.70)
Aaa / AA+
AAA
3.36
3.28
TOTAL Agency 58,320,000.00 1.60%
58,929,013.65
58,550,079.87 2.97%
56,641,842.27
263,427.97
23.86%
(1,908,237.60)
Aaa / AA+
Aaa
2.01
1.95
CMO
3137BFE98 FHLMC K041 A2
3.171% Due 10/25/2024
2,000,000.00 07/01/2021
0.72%
2,151,406.25
2,105,420.76
99.53
3.32%
1,990,626.00
5,285.00
0.84%
(114,794.76)
Aaa / AAA
AAA
2.32
2.11
As of June 30, 2022
32
94
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
3137BSRE5 FHLMC K059 A2
3.120% Due 09/25/2026
2,000,000.00 02/18/2022
1.98%
2,085,625.00
2,079,034.47
98.78
3.41%
1,975,674.00
5,200.00
0.83%
(103,360.47)
NR / AAA
AAA
4.24
3.81
TOTAL CMO 4,000,000.00 1.35%
4,237,031.25
4,184,455.23 3.36%
3,966,300.00
10,485.00
1.67%
(218,155.23)
Aaa / AAA
Aaa
3.28
2.96
Corporate
58933YAF2 Merck & Co Note
2.800% Due 05/18/2023
740,000.00 10/26/2018
3.41%
720,996.80
736,327.50
99.65
3.20%
737,423.32
2,474.89
0.31%
1,095.82
A1 / A+
A+
0.88
0.86
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
495,813.61
99.55
3.22%
497,730.50
1,612.50
0.21%
1,916.89
A2 / A-
AA-
0.88
0.86
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
2,209,428.82
100.01
3.49%
2,210,179.01
4,941.80
0.93%
750.19
A2 / A
A+
0.94
0.91
02665WCJ8 American Honda Finance Note
3.450% Due 07/14/2023
1,000,000.00 Various
3.54%
996,275.00
999,165.90
100.06
3.39%
1,000,616.00
16,004.17
0.43%
1,450.10
A3 / A-
A
1.04
1.00
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
1,200,412.06
100.30
3.17%
1,203,616.80
16,100.00
0.51%
3,204.74
A1 / A
AA-
1.12
1.07
06051GHF9 Bank of America Corp Callable Note 1X 3/5/2023
3.550% Due 03/05/2024
2,400,000.00 Various
3.15%
2,434,650.00
2,407,821.63
99.71
3.55%
2,392,987.20
27,453.33
1.01%
(14,834.43)
A2 / A-
AA-
1.68
1.60
89114QCB2 Toronto Dominion Bank Note
3.250% Due 03/11/2024
2,300,000.00 03/26/2019
2.95%
2,331,234.00
2,310,681.68
99.50
3.56%
2,288,403.40
22,840.28
0.97%
(22,278.28)
A1 / A
AA-
1.70
1.62
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
3,014,021.07
99.37
3.20%
2,980,968.00
11,875.00
1.25%
(33,053.07)
Aaa / AA+
NR
1.87
1.79
023135BW5 Amazon.com Inc Note
0.450% Due 05/12/2024
1,865,000.00 05/10/2021
0.50%
1,862,277.10
1,863,308.13
95.16
3.14%
1,774,676.19
1,142.31
0.74%
(88,631.94)
A1 / AA
AA-
1.87
1.83
24422ETT6 John Deere Capital Corp Note
2.650% Due 06/24/2024
2,000,000.00 Various
1.32%
2,093,680.00
2,051,264.55
98.80
3.28%
1,976,000.00
1,030.56
0.83%
(75,264.55)
A2 / A
A
1.99
1.91
02665WCZ2 American Honda Finance Note
2.400% Due 06/27/2024
1,500,000.00 07/10/2019
2.49%
1,493,742.00
1,497,489.20
97.77
3.57%
1,466,601.00
400.00
0.62%
(30,888.20)
A3 / A-
A
1.99
1.92
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
464,839.24
94.71
3.33%
440,408.01
1,340.10
0.19%
(24,431.23)
A2 / A+
NR
2.04
1.99
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
2,513,209.98
97.73
3.71%
2,443,162.50
29,218.75
1.04%
(70,047.48)
A1 / A
AA-
2.05
1.95
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
2,536,381.03
99.67
3.67%
2,491,827.50
41,661.53
1.06%
(44,553.53)
A2 / A-
AA-
2.07
1.93
02665WEA5 American Honda Finance Note
1.500% Due 01/13/2025
1,075,000.00 01/11/2022
1.53%
1,074,150.75
1,074,281.70
94.97
3.59%
1,020,941.48
7,525.00
0.43%
(53,340.22)
A3 / A-
A
2.54
2.43
As of June 30, 2022
33
95
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
2,607,154.93
96.14
3.64%
2,509,316.64
23,780.00
1.06%
(97,838.29)
A1 / AA-
AA-
2.56
2.44
00440EAS6 Chubb INA Holdings Inc Note
3.150% Due 03/15/2025
2,500,000.00 Various
0.76%
2,753,600.00
2,658,756.07
98.33
3.80%
2,458,165.00
23,187.50
1.04%
(200,591.07)
A3 / A
A
2.71
2.54
14913R2V8 Caterpillar Financial Service Note
3.400% Due 05/13/2025
1,165,000.00 05/10/2022
3.44%
1,163,520.45
1,163,586.60
99.83
3.46%
1,163,046.30
5,281.33
0.49%
(540.30)
A2 / A
A
2.87
2.70
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
3,662,722.95
99.58
3.60%
3,485,275.50
13,752.09
1.47%
(177,447.45)
A2 / A
NR
2.89
2.72
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
3,041,029.78
93.30
3.66%
2,836,368.64
2,068.05
1.19%
(204,661.14)
A1 / A-
A
2.92
2.83
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
2,534,772.73
94.21
3.45%
2,355,240.00
2,812.50
0.99%
(179,532.73)
A2 / A
A
2.92
2.82
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
1,008,396.94
92.60
3.83%
926,043.00
670.83
0.39%
(82,353.94)
A1 / A
AA-
2.95
2.85
02665WDL2 American Honda Finance Note
1.200% Due 07/08/2025
1,000,000.00 08/10/2021
1.00%
1,007,640.00
1,005,909.48
92.37
3.90%
923,736.00
5,766.67
0.39%
(82,173.48)
A3 / A-
A
3.02
2.90
89114QCK2 Toronto Dominion Bank Note
0.750% Due 09/11/2025
1,000,000.00 02/16/2021
0.81%
997,230.00
998,058.01
90.37
3.99%
903,730.00
2,291.67
0.38%
(94,328.01)
A1 / A
AA-
3.20
3.09
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
1,277,797.32
93.81
4.12%
1,172,585.00
9,655.21
0.50%
(105,212.32)
A2 / A-
AA-
3.63
3.40
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
1,021,122.59
93.72
4.14%
937,248.00
6,015.00
0.40%
(83,874.59)
A2 / A-
AA-
3.70
3.48
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
1,367,542.22
90.32
3.87%
1,237,401.81
2,100.67
0.52%
(130,140.41)
A2 / A
A
3.87
3.71
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
1,944,034.67
90.77
3.73%
1,815,304.00
2,938.90
0.76%
(128,730.67)
A3 / A+
A
3.88
3.72
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
2,484,132.94
90.43
3.74%
2,247,073.68
1,009.53
0.94%
(237,059.26)
A1 / A+
A+
3.97
3.81
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
1,284,005.55
88.88
4.16%
1,142,129.85
4,774.13
0.48%
(141,875.70)
Aa3 / AA-
AA-
4.21
4.00
06368FAC3 Bank of Montreal Note
1.250% Due 09/15/2026
2,500,000.00 Various
1.29%
2,495,539.50
2,496,245.46
88.70
4.21%
2,217,577.50
9,201.39
0.93%
(278,667.96)
A2 / A-
AA-
4.21
4.00
As of June 30, 2022
34
96
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
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
584,068.13
91.05
3.34%
532,670.00
1,774.50
0.22%
(51,398.13)
Aa2 / AA
AA
4.22
4.05
59217GER6 Metlife Note
1.875% Due 01/11/2027
1,860,000.00 01/03/2022
1.90%
1,857,879.60
1,858,078.17
90.87
4.10%
1,690,215.48
16,468.75
0.72%
(167,862.69)
Aa3 / AA-
AA-
4.54
4.23
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
1,337,920.09
92.89
3.66%
1,244,772.90
11,395.58
0.53%
(93,147.19)
A2 / A
A
4.55
4.24
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
584,409.72
93.40
4.01%
546,361.34
4,697.88
0.23%
(38,048.38)
A2 / A
A
4.68
4.31
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
2,294,589.74
94.59
3.56%
2,170,888.69
15,542.25
0.92%
(123,701.05)
Aa2 / AA
A+
4.71
4.37
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
96.88
3.97%
741,105.23
6,345.93
0.31%
(23,894.77)
Aa2 / AA+
NR
4.75
4.31
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
1,747,081.10
98.22
3.71%
1,718,913.00
12,512.50
0.73%
(28,168.10)
A1 / AA
AA-
4.79
4.35
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
999,776.75
99.15
3.94%
991,508.00
3,229.17
0.42%
(8,268.75)
A2 / BBB+
A
4.88
4.40
TOTAL Corporate 65,640,000.00 1.96%
66,449,186.80
66,100,638.04 3.64%
62,892,216.47
372,892.25
26.52%
(3,208,421.57)
A1 / A
A+
2.87
2.72
Money Market Fund
31846V203 First American Govt Obligation Fund Class Y 3,039,481.06 Various
0.97%
3,039,481.06
3,039,481.06
1.00
0.97%
3,039,481.06
0.00
1.27%
0.00
Aaa / AAA
AAA
0.00
0.00
TOTAL Money Market Fund 3,039,481.06 0.97%
3,039,481.06
3,039,481.06 0.97%
3,039,481.06
0.00
1.27%
0.00
Aaa / AAA
Aaa
0.00
0.00
Negotiable CD
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
2,500,036.37
99.45
2.13%
2,486,275.00
4,586.46
1.04%
(13,761.37)
P-1 / A-1+
F-1+
0.29
0.29
TOTAL Negotiable CD 2,500,000.00 0.25%
2,500,126.08
2,500,036.37 2.13%
2,486,275.00
4,586.46
1.04%
(13,761.37)
Aaa / AAA
Aaa
0.29
0.29
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
2,497,927.74
99.93
2.07%
2,498,330.00
13,003.47
1.05%
402.26
Aaa / AAA
AAA
0.21
0.20
As of June 30, 2022
35
97
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
3,677,974.99
94.58
3.03%
3,480,396.80
5,008.89
1.46%
(197,578.19)
Aaa / AAA
NR
2.24
2.18
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
2,255,085.65
93.41
3.09%
2,111,038.88
2,707.29
0.89%
(144,046.77)
Aaa / AAA
NR
2.81
2.74
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
1,689,954.95
92.70
3.16%
1,561,986.58
4,856.08
0.66%
(127,968.37)
Aaa / AAA
NR
3.04
2.96
459058JL8 Intl. Bank Recon & Development Note
0.500% Due 10/28/2025
6,000,000.00 Various
0.55%
5,986,632.00
5,990,623.73
91.80
3.11%
5,507,772.00
5,250.00
2.31%
(482,851.73)
Aaa / AAA
AAA
3.33
3.25
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
4,598,921.75
91.97
3.13%
4,244,263.21
7,964.08
1.78%
(354,658.54)
Aaa / AAA
AAA
3.81
3.68
TOTAL Supranational 20,740,000.00 0.85%
20,653,030.65
20,710,488.81 2.97%
19,403,787.47
38,789.81
8.15%
(1,306,701.34)
Aaa / AAA
Aaa
2.76
2.68
US Treasury
912828R69 US Treasury Note
1.625% Due 05/31/2023
1,500,000.00 05/30/2018
2.67%
1,427,167.97
1,486,678.04
98.85
2.91%
1,482,715.50
2,064.55
0.62%
(3,962.54)
Aaa / AA+
AAA
0.92
0.90
912828U57 US Treasury Note
2.125% Due 11/30/2023
5,000,000.00 Various
2.53%
4,908,242.19
4,973,173.87
98.91
2.91%
4,945,705.00
8,999.32
2.08%
(27,468.87)
Aaa / AA+
AAA
1.42
1.38
912828V80 US Treasury Note
2.250% Due 01/31/2024
5,000,000.00 Various
2.32%
4,983,691.41
4,994,630.31
98.94
2.94%
4,946,875.00
46,926.80
2.09%
(47,755.31)
Aaa / AA+
AAA
1.59
1.53
912828WJ5 US Treasury Note
2.500% Due 05/15/2024
1,750,000.00 06/10/2019
1.91%
1,798,261.72
1,768,339.45
99.18
2.95%
1,735,713.00
5,587.64
0.73%
(32,626.45)
Aaa / AA+
AAA
1.88
1.81
9128282N9 US Treasury Note
2.125% Due 07/31/2024
2,000,000.00 08/30/2019
1.44%
2,064,531.25
2,027,327.93
98.33
2.95%
1,966,640.00
17,727.90
0.83%
(60,687.93)
Aaa / AA+
AAA
2.09
2.00
912828YH7 US Treasury Note
1.500% Due 09/30/2024
3,500,000.00 Various
1.65%
3,474,941.41
3,488,366.75
96.82
2.97%
3,388,847.00
13,196.72
1.43%
(99,519.75)
Aaa / AA+
AAA
2.25
2.18
9128283J7 US Treasury Note
2.125% Due 11/30/2024
3,000,000.00 Various
1.76%
3,051,650.40
3,025,180.13
98.02
2.98%
2,940,585.00
5,399.59
1.24%
(84,595.13)
Aaa / AA+
AAA
2.42
2.33
91282CDZ1 US Treasury Note
1.500% Due 02/15/2025
2,000,000.00 05/06/2022
2.92%
1,925,156.25
1,929,072.06
96.21
3.01%
1,924,296.00
11,270.72
0.81%
(4,776.06)
Aaa / AA+
AAA
2.63
2.53
912828ZC7 US Treasury Note
1.125% Due 02/28/2025
3,500,000.00 03/24/2020
0.52%
3,603,222.66
3,555,766.60
95.27
2.98%
3,334,569.00
13,160.67
1.40%
(221,197.60)
Aaa / AA+
AAA
2.67
2.59
91282CED9 US Treasury Note
1.750% Due 03/15/2025
2,000,000.00 03/15/2022
2.00%
1,985,312.50
1,986,747.72
96.78
3.00%
1,935,624.00
10,271.74
0.82%
(51,123.72)
Aaa / AA+
AAA
2.71
2.60
As of June 30, 2022
36
98
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
912828ZL7 US Treasury Note
0.375% Due 04/30/2025
4,000,000.00 Various
0.38%
3,998,593.75
3,999,183.11
92.91
3.00%
3,716,248.00
2,527.18
1.56%
(282,935.11)
Aaa / AA+
AAA
2.84
2.78
91282CAM3 US Treasury Note
0.250% Due 09/30/2025
2,500,000.00 10/16/2020
0.32%
2,491,406.25
2,494,354.85
91.46
3.03%
2,286,620.00
1,571.04
0.96%
(207,734.85)
Aaa / AA+
AAA
3.25
3.19
91282CBC4 US Treasury Note
0.375% Due 12/31/2025
1,000,000.00 12/29/2020
0.38%
999,921.88
999,945.28
91.25
3.03%
912,461.00
10.19
0.38%
(87,484.28)
Aaa / AA+
AAA
3.51
3.43
91282CBH3 US Treasury Note
0.375% Due 01/31/2026
4,000,000.00 02/23/2021
0.58%
3,960,625.00
3,971,375.55
91.04
3.03%
3,641,564.00
6,256.91
1.53%
(329,811.55)
Aaa / AA+
AAA
3.59
3.50
91282CBQ3 US Treasury Note
0.500% Due 02/28/2026
2,500,000.00 03/26/2021
0.83%
2,459,960.94
2,470,187.95
91.26
3.04%
2,281,445.00
4,177.99
0.96%
(188,742.95)
Aaa / AA+
AAA
3.67
3.58
91282CBT7 US Treasury Note
0.750% Due 03/31/2026
5,000,000.00 Various
0.85%
4,974,804.69
4,981,047.01
91.96
3.03%
4,598,240.00
9,426.23
1.93%
(382,807.01)
Aaa / AA+
AAA
3.75
3.64
91282CCF6 US Treasury Note
0.750% Due 05/31/2026
2,000,000.00 06/18/2021
0.91%
1,985,000.00
1,988,116.34
91.61
3.04%
1,832,266.00
1,270.49
0.77%
(155,850.34)
Aaa / AA+
AAA
3.92
3.81
91282CCW9 US Treasury Note
0.750% Due 08/31/2026
2,000,000.00 08/30/2021
0.77%
1,998,515.63
1,998,762.75
91.15
3.02%
1,823,046.00
5,013.59
0.77%
(175,716.75)
Aaa / AA+
AAA
4.17
4.04
91282CDG3 US Treasury Note
1.125% Due 10/31/2026
5,000,000.00 Various
1.25%
4,970,498.06
4,973,884.23
92.31
3.03%
4,615,430.00
9,476.91
1.94%
(358,454.23)
Aaa / AA+
AAA
4.34
4.17
912828Z78 US Treasury Note
1.500% Due 01/31/2027
4,500,000.00 Various
2.15%
4,367,285.16
4,372,935.79
93.50
3.03%
4,207,675.50
28,156.08
1.78%
(165,260.29)
Aaa / AA+
AAA
4.59
4.35
91282CEN7 US Treasury Note
2.750% Due 04/30/2027
4,000,000.00 Various
3.04%
3,946,171.88
3,946,509.72
98.80
3.01%
3,951,876.00
18,532.60
1.66%
5,366.28
Aaa / AA+
AAA
4.84
4.48
TOTAL US Treasury 65,750,000.00 1.52%
65,374,961.00
65,431,585.44 2.99%
62,468,441.00
221,024.86
26.28%
(2,963,144.44)
Aaa / AA+
Aaa
3.05
2.94
TOTAL PORTFOLIO 247,425,533.01 1.57%
248,615,382.47
247,950,085.33 3.20%
237,591,495.97
926,068.06
100.00%
(10,358,589.36
)
Aa1 / AA
Aaa
2.69
2.39
TOTAL MARKET VALUE PLUS ACCRUALS 238,517,564.03
As of June 30, 2022
37
99
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 50,464,181.02 Various
0.94%
50,464,181.02
50,464,181.02
1.00
0.94%
50,464,181.02
86,800.11
36.16%
0.00
NR / NR
NR
0.00
0.00
TOTAL LAIF 50,464,181.02 0.94%
50,464,181.02
50,464,181.02 0.94%
50,464,181.02
86,800.11
36.16%
0.00
NR / NR
NR
0.00
0.00
Local Gov Investment Pool
90CAMP$00 California Asset Mgmt Program CAMP 89,240,307.94 Various
1.40%
89,240,307.94
89,240,307.94
1.00
1.40%
89,240,307.94
0.00
63.84%
0.00
NR / AAA
NR
0.00
0.00
TOTAL Local Gov Investment Pool 89,240,307.94 1.40%
89,240,307.94
89,240,307.94 1.40%
89,240,307.94
0.00
63.84%
0.00
NR / AAA
NR
0.00
0.00
TOTAL PORTFOLIO 139,704,488.96 1.23%
139,704,488.96
139,704,488.96 1.23%
139,704,488.96
86,800.11
100.00%
0.00
NR / AAA
NR
0.00
0.00
TOTAL MARKET VALUE PLUS ACCRUALS 139,791,289.07
As of June 30, 2022
38
100
SECTION |Section 5 |Transactions
39
101
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 04/13/2022 362585AC5 780,000.00 GM Financial Securitized ART 2022-2 A3
3.1% Due: 02/16/2027
99.979 3.13%779,836.98 0.00 779,836.98 0.00
Purchase 04/27/2022 023135CF1 1,750,000.00 Amazon.com Inc Callable Note Cont 3/13/2027
3.3% Due: 04/13/2027
99.827 3.34%1,746,972.50 2,245.83 1,749,218.33 0.00
Purchase 04/28/2022 912828Z78 2,000,000.00 US Treasury Note
1.5% Due: 01/31/2027
94.199 2.81%1,883,984.38 7,209.94 1,891,194.32 0.00
Purchase 05/09/2022 91282CDZ1 2,000,000.00 US Treasury Note
1.5% Due: 02/15/2025
96.258 2.92%1,925,156.25 6,878.45 1,932,034.70 0.00
Purchase 05/11/2022 36266FAC3 1,020,000.00 GM Financial Auto Lease Trust 2022-2 A3
3.42% Due: 06/20/2025
99.990 3.45%1,019,893.61 0.00 1,019,893.61 0.00
Purchase 05/13/2022 14913R2V8 1,165,000.00 Caterpillar Financial Service Note
3.4% Due: 05/13/2025
99.873 3.44%1,163,520.45 0.00 1,163,520.45 0.00
Purchase 05/18/2022 05602RAD3 850,000.00 BMW Vehicle Owner Trust 2022-A A3
3.21% Due: 08/25/2026
99.995 3.23%849,955.80 0.00 849,955.80 0.00
Purchase 05/24/2022 02582JJT8 2,205,000.00 American Express Credit Trust 2022-2 A
3.39% Due: 05/17/2027
99.978 3.42%2,204,512.25 0.00 2,204,512.25 0.00
Purchase 05/31/2022 927804GH1 660,000.00 Virginia Electric Power Corp Callable Note Cont.
4/15/2027
3.75% Due: 05/15/2027
99.688 3.82%657,940.80 0.00 657,940.80 0.00
Purchase 05/31/2022 927804GH1 340,000.00 Virginia Electric Power Corp Callable Note Cont.
4/15/2027
3.75% Due: 05/15/2027
100.539 3.63%341,832.60 0.00 341,832.60 0.00
Purchase 06/07/2022 91282CEN7 2,000,000.00 US Treasury Note
2.75% Due: 04/30/2027
98.805 3.01%1,976,093.75 5,679.35 1,981,773.10 0.00
March 31, 2022 through June 30, 2022
As of June 30, 2022
40
102
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 06/30/2022 91282CEN7 2,000,000.00 US Treasury Note
2.75% Due: 04/30/2027
98.504 3.08%1,970,078.13 9,116.84 1,979,194.97 0.00
Subtotal 16,770,000.00 16,519,777.50 31,130.41 16,550,907.91 0.00
TOTAL ACQUISITIONS 16,770,000.00 16,519,777.50 31,130.41 16,550,907.91 0.00
DISPOSITIONS
Sale 04/08/2022 912828L57 750,000.00 US Treasury Note
1.75% Due: 09/30/2022
100.313 2.06%752,343.75 286.89 752,630.64 3,266.68
Sale 04/27/2022 808513AT2 2,000,000.00 Charles Schwab Corp Callable Note Cont
12/25/2022
2.65% Due: 01/25/2023
100.352 2.74%2,007,040.00 13,544.44 2,020,584.44 8,275.92
Sale 04/28/2022 912828M49 1,000,000.00 US Treasury Note
1.875% Due: 10/31/2022
100.250 2.47%1,002,500.00 9,271.41 1,011,771.41 5,357.64
Sale 05/05/2022 912828L57 1,000,000.00 US Treasury Note
1.75% Due: 09/30/2022
100.164 2.06%1,001,640.63 1,673.50 1,003,314.13 2,681.33
Sale 05/09/2022 912828L57 2,000,000.00 US Treasury Note
1.75% Due: 09/30/2022
100.191 2.06%2,003,828.13 3,729.51 2,007,557.64 5,853.29
Sale 05/13/2022 931142EK5 1,380,000.00 Wal-Mart Stores Callable Note Cont 5/26/2023
3.4% Due: 06/26/2023
101.121 3.41%1,395,469.80 17,855.67 1,413,325.47 15,550.19
Sale 05/20/2022 9128284D9 1,750,000.00 US Treasury Note
2.5% Due: 03/31/2023
100.449 2.76%1,757,861.33 5,976.78 1,763,838.11 11,438.32
Sale 05/25/2022 9128284D9 250,000.00 US Treasury Note
2.5% Due: 03/31/2023
100.492 2.76%251,230.47 939.21 252,169.68 1,733.35
Sale 06/07/2022 9128284D9 1,750,000.00 US Treasury Note
2.5% Due: 03/31/2023
100.316 2.76%1,755,537.11 8,128.42 1,763,665.53 8,909.70
Sale 06/29/2022 084670BR8 1,865,000.00 Berkshire Hathaway Callable Note Cont 1/15/2023
2.75% Due: 03/15/2023
99.844 3.35%1,862,090.60 14,816.39 1,876,906.99 4,346.36
Subtotal 13,745,000.00 13,789,541.82 76,222.22 13,865,764.04 67,412.78
March 31, 2022 through June 30, 2022
As of June 30, 2022
41
103
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
Call 05/11/2022 166764AH3 1,000,000.00 Chevron Corp Callable Note Cont 3/24/2023
3.191% Due: 06/24/2023
101.059 3.59%1,010,593.72 12,143.50 1,022,737.22 0.00
Subtotal 1,000,000.00 1,010,593.72 12,143.50 1,022,737.22 0.00
Maturity 06/23/2022 06417MQL2 2,500,000.00 Bank of Nova Scotia Houston Yankee CD
0.2% Due: 06/23/2022
100.000 2,500,000.00 5,069.45 2,505,069.45 0.00
Subtotal 2,500,000.00 2,500,000.00 5,069.45 2,505,069.45 0.00
TOTAL DISPOSITIONS 17,245,000.00 17,300,135.54 93,435.17 17,393,570.71 67,412.78
March 31, 2022 through June 30, 2022
As of June 30, 2022
42
104
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 04/15/2022 90LAIF$00 39,735.77 Local Agency Investment Fund State Pool 1.000 0.42%39,735.77 0.00 39,735.77 0.00
Purchase 06/30/2022 90CAMP$00 80,385.23 California Asset Mgmt Program CAMP 1.000 1.40%80,385.23 0.00 80,385.23 0.00
Subtotal 120,121.00 120,121.00 0.00 120,121.00 0.00
Security
Contribution
06/28/2022 90CAMP$00 4,000,000.00 California Asset Mgmt Program CAMP 1.000 4,000,000.00 0.00 4,000,000.00 0.00
Subtotal 4,000,000.00 4,000,000.00 0.00 4,000,000.00 0.00
TOTAL ACQUISITIONS 4,120,121.00 4,120,121.00 0.00 4,120,121.00 0.00
DISPOSITIONS
Security
Withdrawal
06/01/2022 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
06/14/2022 90CAMP$00 500,000.00 California Asset Mgmt Program CAMP 1.000 500,000.00 0.00 500,000.00 0.00
Subtotal 1,500,000.00 1,500,000.00 0.00 1,500,000.00 0.00
TOTAL DISPOSITIONS 1,500,000.00 1,500,000.00 0.00 1,500,000.00 0.00
March 31, 2022 through June 30, 2022
As of June 30, 2022
43
105
Important Disclosures
2022 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.
As of June 30, 2022
44
106
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, 2022
45
107
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 04/13/2022 362585AC5 780,000.00 GM Financial Securitized ART 2022-2 A3
3.1% Due: 02/16/2027
99.979 3.13%779,836.98 0.00 779,836.98 0.00
Purchase 04/27/2022 023135CF1 1,750,000.00 Amazon.com Inc Callable Note Cont 3/13/2027
3.3% Due: 04/13/2027
99.827 3.34%1,746,972.50 2,245.83 1,749,218.33 0.00
Purchase 04/28/2022 912828Z78 2,000,000.00 US Treasury Note
1.5% Due: 01/31/2027
94.199 2.81%1,883,984.38 7,209.94 1,891,194.32 0.00
Purchase 05/09/2022 91282CDZ1 2,000,000.00 US Treasury Note
1.5% Due: 02/15/2025
96.258 2.92%1,925,156.25 6,878.45 1,932,034.70 0.00
Purchase 05/11/2022 36266FAC3 1,020,000.00 GM Financial Auto Lease Trust 2022-2 A3
3.42% Due: 06/20/2025
99.990 3.45%1,019,893.61 0.00 1,019,893.61 0.00
Purchase 05/13/2022 14913R2V8 1,165,000.00 Caterpillar Financial Service Note
3.4% Due: 05/13/2025
99.873 3.44%1,163,520.45 0.00 1,163,520.45 0.00
Purchase 05/18/2022 05602RAD3 850,000.00 BMW Vehicle Owner Trust 2022-A A3
3.21% Due: 08/25/2026
99.995 3.23%849,955.80 0.00 849,955.80 0.00
Purchase 05/24/2022 02582JJT8 2,205,000.00 American Express Credit Trust 2022-2 A
3.39% Due: 05/17/2027
99.978 3.42%2,204,512.25 0.00 2,204,512.25 0.00
Purchase 05/31/2022 927804GH1 660,000.00 Virginia Electric Power Corp Callable Note Cont.
4/15/2027
3.75% Due: 05/15/2027
99.688 3.82%657,940.80 0.00 657,940.80 0.00
Purchase 05/31/2022 927804GH1 340,000.00 Virginia Electric Power Corp Callable Note Cont.
4/15/2027
3.75% Due: 05/15/2027
100.539 3.63%341,832.60 0.00 341,832.60 0.00
Purchase 06/07/2022 91282CEN7 2,000,000.00 US Treasury Note
2.75% Due: 04/30/2027
98.805 3.01%1,976,093.75 5,679.35 1,981,773.10 0.00
March 31, 2022 through June 30, 2022
As of June 30, 2022
40
Attachment 2
108
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 06/30/2022 91282CEN7 2,000,000.00 US Treasury Note
2.75% Due: 04/30/2027
98.504 3.08%1,970,078.13 9,116.84 1,979,194.97 0.00
Subtotal 16,770,000.00 16,519,777.50 31,130.41 16,550,907.91 0.00
TOTAL ACQUISITIONS 16,770,000.00 16,519,777.50 31,130.41 16,550,907.91 0.00
DISPOSITIONS
Sale 04/08/2022 912828L57 750,000.00 US Treasury Note
1.75% Due: 09/30/2022
100.313 2.06%752,343.75 286.89 752,630.64 3,266.68
Sale 04/27/2022 808513AT2 2,000,000.00 Charles Schwab Corp Callable Note Cont
12/25/2022
2.65% Due: 01/25/2023
100.352 2.74%2,007,040.00 13,544.44 2,020,584.44 8,275.92
Sale 04/28/2022 912828M49 1,000,000.00 US Treasury Note
1.875% Due: 10/31/2022
100.250 2.47%1,002,500.00 9,271.41 1,011,771.41 5,357.64
Sale 05/05/2022 912828L57 1,000,000.00 US Treasury Note
1.75% Due: 09/30/2022
100.164 2.06%1,001,640.63 1,673.50 1,003,314.13 2,681.33
Sale 05/09/2022 912828L57 2,000,000.00 US Treasury Note
1.75% Due: 09/30/2022
100.191 2.06%2,003,828.13 3,729.51 2,007,557.64 5,853.29
Sale 05/13/2022 931142EK5 1,380,000.00 Wal-Mart Stores Callable Note Cont 5/26/2023
3.4% Due: 06/26/2023
101.121 3.41%1,395,469.80 17,855.67 1,413,325.47 15,550.19
Sale 05/20/2022 9128284D9 1,750,000.00 US Treasury Note
2.5% Due: 03/31/2023
100.449 2.76%1,757,861.33 5,976.78 1,763,838.11 11,438.32
Sale 05/25/2022 9128284D9 250,000.00 US Treasury Note
2.5% Due: 03/31/2023
100.492 2.76%251,230.47 939.21 252,169.68 1,733.35
Sale 06/07/2022 9128284D9 1,750,000.00 US Treasury Note
2.5% Due: 03/31/2023
100.316 2.76%1,755,537.11 8,128.42 1,763,665.53 8,909.70
Sale 06/29/2022 084670BR8 1,865,000.00 Berkshire Hathaway Callable Note Cont 1/15/2023
2.75% Due: 03/15/2023
99.844 3.35%1,862,090.60 14,816.39 1,876,906.99 4,346.36
Subtotal 13,745,000.00 13,789,541.82 76,222.22 13,865,764.04 67,412.78
March 31, 2022 through June 30, 2022
As of June 30, 2022
41
109
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
Call 05/11/2022 166764AH3 1,000,000.00 Chevron Corp Callable Note Cont 3/24/2023
3.191% Due: 06/24/2023
101.059 3.59%1,010,593.72 12,143.50 1,022,737.22 0.00
Subtotal 1,000,000.00 1,010,593.72 12,143.50 1,022,737.22 0.00
Maturity 06/23/2022 06417MQL2 2,500,000.00 Bank of Nova Scotia Houston Yankee CD
0.2% Due: 06/23/2022
100.000 2,500,000.00 5,069.45 2,505,069.45 0.00
Subtotal 2,500,000.00 2,500,000.00 5,069.45 2,505,069.45 0.00
TOTAL DISPOSITIONS 17,245,000.00 17,300,135.54 93,435.17 17,393,570.71 67,412.78
March 31, 2022 through June 30, 2022
As of June 30, 2022
42
110
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 04/15/2022 90LAIF$00 39,735.77 Local Agency Investment Fund State Pool 1.000 0.42%39,735.77 0.00 39,735.77 0.00
Purchase 06/30/2022 90CAMP$00 80,385.23 California Asset Mgmt Program CAMP 1.000 1.40%80,385.23 0.00 80,385.23 0.00
Subtotal 120,121.00 120,121.00 0.00 120,121.00 0.00
Security
Contribution
06/28/2022 90CAMP$00 4,000,000.00 California Asset Mgmt Program CAMP 1.000 4,000,000.00 0.00 4,000,000.00 0.00
Subtotal 4,000,000.00 4,000,000.00 0.00 4,000,000.00 0.00
TOTAL ACQUISITIONS 4,120,121.00 4,120,121.00 0.00 4,120,121.00 0.00
DISPOSITIONS
Security
Withdrawal
06/01/2022 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
06/14/2022 90CAMP$00 500,000.00 California Asset Mgmt Program CAMP 1.000 500,000.00 0.00 500,000.00 0.00
Subtotal 1,500,000.00 1,500,000.00 0.00 1,500,000.00 0.00
TOTAL DISPOSITIONS 1,500,000.00 1,500,000.00 0.00 1,500,000.00 0.00
March 31, 2022 through June 30, 2022
As of June 30, 2022
43
111