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Home My WebLink About4.6 City Treasurer's Informational Report of Investments for the Quarter Ending December 31, 2022 Agenda Item 4.6 AD l STAFF REPORT DUBLIN CITY COUNCIL CALIFORNIA DATE: February 21, 2023 TO: Honorable Mayor and City Councilmembers FROM: Linda Smith, City Manager SU B.ECT: City Treasurer's Informational Report of Investments for the Quarter Ending December 31, 2022 Prepared by: Chris Rhoades, Financial Analyst EXECUTIVE SUMMARY: The City Council will receive an informational report of the City's investments through the quarter ending December 31, 2022 including a monthly transaction ledger. The City's investment portfolio for this period totaled $358,810,052 (market value) with an average market yield of 4.39%.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. 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 and 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$276,714,308 managed by Chandler Asset Management (Chandler), and $82,095,744 invested by the City in local government pools, the Local Agency Investment Fund (LAIF) and the California Asset Management Program (CAMP). In this quarter, the City transferred a total of$48.1 million from LAIF and CAMP funds over to Chandler,to take advantage of higher return projections for the Chandler portfolio over the local pools. The average market yield of the Chandler portfolio and the local pools was 4.58% and 3.79% respectively. Page 1 of 4 60 The total investment portfolio balance fluctuates throughout the year due to normal cash flow needs and includes both discretionary and restricted funds. Economic Update Highlights The following are some highlights from the Economic Update included in the Investment Report prepared by Chandler (Attachment 1). Market volatility has intensified as investors weigh the probabilities of a hard or soft economic landing.Although the pace of job growth is moderating, a historically strong labor market has sustained economic expansion. Inflation metrics are trending downward but remain significantly higher than the Federal Reserve's target. Financial conditions have eased, and credit spreads have narrowed over the last quarter. Geopolitical risks remain as the Russia/Ukraine war persists and China reopens,while domestically the debt ceiling risk has emerged.As uncertainty has grown, the consensus market view has diverged from the Federal Reserve's projected rate path.While evidence of slower economic conditions has begun to mount, Chandler believes the Federal Reserve will continue to tighten monetary policy at a slower pace and remain restrictive for some time, and uncertainty will continue to fuel market volatility. City of Dublin Portfolio The 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 Type December 31, 2022 and September 30, 2022 December31,2022 September 30,2022 Commercial Paper Negotiable CO 1.4% ABS US Treasury 0.7% 18.2% ABS 7.6% US Treasury 25.1% - Supranational - Agency Agency 4.5% 14.7% 16.4% Money Market Supranational Fund _ [MO 4.6% _ CMCI 0'1% 1.1% 1.1% Money Market Fund Local Gov 1.4% Investment Pool Corporate 21.7% 17.5% Local Corporate Investment Pool LAIF 18.3% LAIF 15.7% 7.2% 14.0% The market value of the City's portfolio decreased by$4,629,562 from the September 30, 2022 quarter. 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 decreased by$23.7 million from the same quarter the prior year (see Table 1 below). Overall market yield-to-maturity has increased to 4.39% over the prior quarter's 3.66% (shown in Table 2) due to the factors discussed in the Economic Update Highlights. For Page 2 of 4 61 detailed monthly transactions, see Attachment 2. Table 1: Portfolio Values and Yield to Maturity December 31,2021 September 30,2022 December 31,2022 Market Market Par Book Market %of %of Total Book Market Holdings Value Value Value Value Value Subtotal Portfolio Yield Yield Managed by City LAIF 50,395,433 50,558,661 25,730,693 25,730,693 25,730,693 31.4% 6.9% 2.23% 2.23% CAMP 99,038,042 78,684,623 56,195,257 56,195,257 56,195,257 68.6% 15.1% 4.50% 4.50% SUBTOTAL 149,433,475 129,243,283 81,925,950 81,925,950 81,925,950 100.00% 22.05% 3.79% 3.79% Accrued Interest 26,613 164,681 169,795 149,460,088 129,407,964 82,095,744 Managed by Chandler ABS 14,715,444 27,760,436 32,204,479 32,201,649 31,285,896 11.4% 8.7% 2.11% 5.10% Agency 64,567,126 53,062,995 61,300,000 61,462,302 58,714,486 21.3% 16.5% 1.82% 4.58% CMO 2,102,544 3,839,610 4,000,000 4,151,338 3,843,615 1.4% 1.1% 1.35% 4.75% Commercial paper 5,000,000 4,982,197 4,982,197 1.8% 1.3% 4.52% 4.52% Money Market 287,150 286,323 4,923,898 4,923,898 4,923,898 1.8% 1.3% 3.79% 3.79% Negotiable CD 4,996,560 2,497,243 - - - 0.0% 0.0% 0.00% 0.00% Supranational 22,424,573 16,428,894 18,240,000 18,216,628 16,569,068 6.0% 4.9% 0.67% 4.40% Corporate 56,130,717 63,373,439 69,275,000 69,527,899 65,378,464 23.7% 18.6% 2.12% 4.89% US Treasury 66,952,848 65,877,816 94,750,000 94,333,193 89,783,810 32.6% 25.5% 2.38% 4.23% SUBTOTAL 232,176,962 233,126,756 289,693,377 289,799,105 275,481,435 100.00% 77.95% 2.11% 4.58% Accrued Interest 885,828 904,893 1,232,872 233,062,790 234,031,649 276,714,308 TOTAL PORTFOLIO 382,522,878 363,439,614 371,619,327 371,725,054 358,810,052 100.00% 4.39% LChange from Prior Year (23,712,826) Change from Prior Quarter (4,629,562) Table 2: Quarterly Holdings (Market Value) by Type, and YTM, 5 Quarters Holdings(Market Value) 12/31/21 3/31/22 6/30/22 9/30/22 12/31/22 LAIF/CAMP 149,433,475 130,086,317 139,704,489 129,243,283 81,925,950 ABS 14,715,444 22,814,841 26,693,153 27,760,436 31,285,896 Agency 64,567,126 57,293,846 56,641,842 53,062,995 58,714,486 CMO 2,102,544 4,052,552 3,966,300 3,839,610 3,843,615 Commercial Paper - - - - 4,982,197 Money Market 287,150 632,736 3,039,481 286,323 4,923,898 Negotiable CD 4,996,560 4,978,673 2,486,275 2,497,243 - Supranational 22,424,573 19,609,525 19,403,787 16,428,894 16,569,068 Corporate 56,130,717 66,644,264 62,892,216 63,373,439 65,378,464 US Treasury 66,952,848 63,976,891 62,468,441 65,877,816 89,783,810 Accrued Interest 912,441 816,458 1,012,868 1,069,574 1,402,667 TOTAL 382,522,878 370,906,101 378,308,853 363,439,614 358,810,052 YIELD TO MATURITY 0.60% 1.62% 2.48% 3.66% 4.39% Funds Managed by the City The City participates in two local agency investment pools managed by government finance professionals and treasurers: the Local Agency Investment Fund (LAIF) and the California Asset Management Program (CAMP). The following table illustrates quarterly yields over the most recent eight quarters. Page 3 of 4 62 Table 3: Quarterly Portfolio Yields, Recent 8 Quarters Market Yield LAIF CAMP Chandler 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% 1 0.07% 2.38% 6/30/22 0.94% 1.40% 3.20% 9/30/22 1.60% 2.61% 4.47% 12/31/22 2.23% 4.50% 4.58% STRATEGIC PLAN INITIATIVE: None. NOTICING REQUIREMENTS/PUBLIC OUTREACH: The City Council Agenda was posted. ATTACHMENTS: 1) City of Dublin Investment Report for Period Ending December 31, 2022 2) Transaction Ledger- October through December 2022 Page 4 of 4 63 Attachment I INVESTMENT REPORT Gil CHANDLER ASSET MANAGEMENT City of Dublin Period Ending December 31, 2022 CHANDLER ASSET MANAGEMENT, INC. 1800.317.4747 I www.chandlerasset.com \ ' ......iN r� '% • __ • .ii V - . _-- • • iiri!ilil!''. .,.. ,Fel • . • - .:7e. ,- r , . _ , ...r. 2,__ _. ,, \ .. .. ...„ ., _ _ ...?„. .. _ „Li: __.,_____ . , ,,.. , . ....., . i , ITable of Contents As of December31, 2022 SECTION 1 Economic Update SECTION 2 Account Profile SECTION 3 Consolidated Information SECTION 4 Portfolio Holdings SECTION 5 Transactions 1 CM 65 I -11A \liriklii\ ,44. k Ikill - 10101\ \ . , . . . S:,...44 V. a Y Section 1 I Economic Update ,__ \ ,r • „F. Acf VP:F.' . ' ..A 111 2 C►1 66 IEconomic Update • Market volatility has intensified as investors weigh the probabilities of a hard or soft economic landing. Although the pace of job growth is moderating, a historically strong labor market has sustained economic expansion. Inflation metrics are trending downward but remain significantly higher than the Federal Reserve's target. Financial conditions have eased, and credit spreads have narrowed over the last quarter. Geopolitical risks remain as the Russia/Ukraine war persists and China reopens, while domestically the debt ceiling risk has emerged. As uncertainty has grown, the consensus market view has diverged from the Federal Reserve's projected rate path. While evidence of slower economic conditions has begun to mount, we believe the Federal Reserve will continue to tighten monetary policy at a slower pace and remain restrictive for some time, and uncertainty will continue to fuel market volatility. • As expected at the December 14th meeting, the Federal Open Market Committee (FOMC) raised the fed funds target rate by 50 basis points to a range of 4.25—4.50%, in a downshift from four consecutive 75 basis point hikes. The decision was unanimous, and there was no change to the November statement. The sentiment was hawkish, indicating that "ongoing increases" in the fed funds rate are likely appropriate and citing continued labor market imbalances. FOMC members forecasted a higher fed funds rate, slower GDP growth, higher inflation, and higher unemployment in 2023 than in the September projections. We believe the FOMC will continue to implement tighter monetary policy at a slower pace and hold rates at restrictive levels for some time until inflationary pressures subside and remain in the Fed's target range. • In December, yields rose, and the curve became less inverted. The 2-year Treasury yield increased 12 basis points to 4.43%, the 5-year Treasury yield rose 27 basis points to 4.01%, and the 10-year Treasury yield climbed 27 basis points to 3.88%.The inversion between the 2-year Treasury yield and 10-year Treasury yield narrowed to -55 basis points at December month- end versus -71 basis points at November month-end. The spread was a positive 78 basis points one year ago. The inversion between 3-month and 10-year treasuries narrowed to -50 basis points in December from -74 basis points in November. The year 2022 saw a dramatic shift in the Federal Reserve's policy from highly accommodative to aggressive tightening, resulting in significantly higher rates and an inverted yield curve. The shape of the yield curve indicates that the probability of recession is increasing. 3 CM 67 IEmployment Nonfarm Payroll (000's) Unemployment Rate 800 14.0% -Underemployment Rate(U6) 700 12.0% -Unemployment Rate (U3) 600 c 500 10.0% 0 c 400 7 8.0% c 300 co u 200 6.0% o 100 4.0% 0 Non-farm Payroll(000's) ...... � -100 , 3 month average(000's) 2.0% -200 0.0% OP 41o,.. ✓�, SP OP 41 ✓(, SP OP OP 2� ✓�, S� 0 2f ✓�, So OP c� � �� 'c c� dry 7� b� c� cc d,,� 7� b� c,� d,.� �� 4b� cT O ,7 1 .I 1 O 7 1 l 1 Source:US Department of Labor Source:US Department of Labor The U.S. economy added 223,000 jobs in December, slightly higher than market expectations of 205,000, but a decline from November's revised increase of 256,000. Trends in employment remain healthy, with the three-month moving average payrolls at 247,000 and the six-month moving average at 307,000. Jobs in the goods producing sector were surprisingly strong, and leisure and hospitality employment growth remained solid. The unemployment rate dipped to 3.5%, returning to its pre-pandemic level. The labor participation rate increased only slightly to 62.3% in December from 62.1% in November, indicating the supply of labor remains challenging for employers. 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 6.5% from the prior month at 6.7%. Average hourly earnings rose 4.6% year-over-year in December, down from a revised 4.8% increase in November. Overall, the December employment report demonstrates a strong demand for labor and supports the case for the Fed to continue raising the federal funds rate, but perhaps at a slower pace. 4 CM 68 I Inflation Consumer Price Index (CPI) Personal Consumption Expenditures (PCE) 10.0% 10.0% 9.0% CPI YOY%Change 9.0% PCE Price Deflator YOY% Change 8.0% Core CPI YOY%Change 8.0% PCE Core Deflator YOY%Change 7.0% 7.0% t cu 6.0% ' ' 2 6.0% s t u 5.0% u 5.0% —� 0 0 0 4.0% 0 4.0% - ' 3.0% ' 3.0% 2.0% 2.0% 1.0% 1.0% 0.0% 0.0% O0c�� 2'd~'1 ✓47 s)1 SPpc)1 OPcc)1 2fd r�� ✓4��) SPa)� O0cc� �ioGc)0 �Pb�1 2fd`�1 qesc)1 �ioG�1 �ob�� 2fd`c) q4s�� 4ioGsc)) Source:US Department of Labor Source:US Department of Commerce The Consumer Price Index (CPI) increased 6.5%year-over-year in December, down from a 7.1%year-over-year increase in November. The Core CPI, which excludes volatile food and energy components, rose 5.7% year-over-year in December, down from 6.0% in November. Gasoline prices decelerated materially, while shelter prices continued to rise. A shift in spending from goods to services continues to dampen merchandise prices. The Personal Consumption Expenditures (PCE) index rose 5.5%year-over-year in November, versus an upwardly revised 6.1% year-over-year gain in October. Core PCE increased 4.7% year-over-year in November versus a 5.0% year-over-year gain in October. Declining inflationary trends should provide the Federal Reserve room to reduce the pace and magnitude of future federal funds rate hikes. 5 CM 69 IConsumer Retail Sales YOY% Change Consumer Confidence 60.0% 140 50.0% 130 , 40.0% 120 ✓ w LI 30.0% J 110 x � w o} 20.0% c 100 10.0% 90 1.11IllIllIllIllOhlIhi 0.0% 80 60 �dr, j4> Sok 60 �dr j4> Sox) 60 ��°c, �ar, ✓�''2, So ��°c, �ar, ✓�''1, so 00c, �p �1 �1 �1 �1 �� ‘ ) �3 �O �1 <1 �1 �1 �� c.) Source:US Department of Commerce Source:The Conference Board Advance Retail Sales dropped 1.1% in December after a downward revision to a 1% decline in November, reflecting a loss of momentum in consumer demand for goods amid high inflation and shifting preferences toward services. Retail sales rose 6% year-over-year in December, unchanged from November's year-over-year gain. Weakness was widespread among sectors. The Conference Board's Consumer Confidence Index jumped more than expected to 108.3 in December from an upwardly revised 101.4 in November. Views of current conditions and the future outlook for the economy both improved as inflation expectations declined. 6 Q% 70 IEconomic Activity Leading Economic Indicators (LEI) Chicago Fed National Activity Index (CFNAI) 1.5% 1.00 1.0% 0.75 0 0.5% I 0.00 -1.0% -0.25 -1.5% -0.50 60 410 ✓41� SPp� 60 �dr� ✓41� SPp� 60c� oce, ✓d/�1 -1,0 ✓4/�1 Oce, ✓0/2 1,0 ✓04 Oee, 0 1 1 1 cs)1 � � � � Source:The Conference Board Source:Federal Reserve Bank of Chicago The Conference Board's Leading Economic Index (LEI) remained in negative territory for the tenth consecutive month at a worse than expected -1.0% in December, following a downwardly revised -1.1% in November. The LEI was down 7.4%year-over-over in December versus down 6.1% in November. The Conference Board cited widespread deterioration in the components of the index. The Chicago Fed National Activity Index (CFNAI) decreased to -0.05 in October from +0.17 in September indicating below trend growth over the month. On a 3-month moving average basis, the CFNAI moved down to+0.09 in October from an upwardly revised +0.19 in September. 7 CM 71 Housing Housing Starts S&P/Case-Shiller 20 City Composite Home Price Index 2000 24.0% 7 1800 c• 1600 21.0% w 0 1400 18.0% N 1200 ago 15.0% O c 1000 12.0% •`• 800 0 600 IIIIIIIIIIIIIIIiiiii 0 8.0% u 400 ilLiiii ousing S 6.0% co • 200 ousing S 3.0% 0 0.0% 6(c 1ar, j4/i, 'S% 0�°c, 4 ✓,, SPk 0�°c, °c �d7 9.C'r j4/ °�t �d7 �,or /4/, )ci )p �1 )1 ).1 �1 ),) c)c s ) c)) c)0 c1 \1 c)l c)1 C� \c C)c C)cp Source:US Department of Commerce Source:S&P Total housing starts fell 1.4% month-over-month in December to 1,382,000 units and were down 21.8% compared to December 2021. The dip was entirely due to a 19% decline in starts of multi-unit homes but was somewhat offset by an increase in starts of single-family homes as mortgage rates eased. The 30-year fixed rate mortgage has dropped to an average of 5.95% according to Freddie Mac, down from a peak of over 7% in November. According to the Case-Shiller 20-City Home Price Index, the year-over-year increase continued its declining rate of gain to +8.6% in October from +10.4% in September, clearly displaying the impact of higher mortgage rates year-over-year, which have reduced demand for homebuying as affordability has declined. 8 CM 72 IManufacturing Institute of Supply Management Purchasing Manager Index Industrial Production 66 20.0% 64 62 15.0% 60 58 gi, 10.0% 56 EXPANDING u 54 0 5.0% 52 5 50 0 0.0% 48 46 44 CONTRACTING -5.0% 42 40 -10.0% 0P �4 SP 00 /! �4 SP �� O�,c far, ✓4,4 Sscb, '00 /dr, ✓4'), SPp 00e, Source:Institute for Supply Management Source:Federal Reserve The Institute for Supply Management (ISM) manufacturing index declined to 48.4 in December from 49.0 in November. This is the second consecutive month of readings below 50.0, which is indicative of contraction in the manufacturing sector. The declining trend reflects sluggish demand amid economic uncertainty and easing price pressures in the goods sector. Industrial production fell 0.7% in December after a downward revision to-0.6% in November. The decrease was due to declines in production for manufacturing and mining, while utilities output rose sharply due to cold weather. This equates to a 1.65% increase from the prior year. Capacity utilization dropped to 78.8% in December from 79.4% in November and has fallen below the 1972-2021 average of 79.6%. 9 CM 73 IGross Domestic Product (GDP) Gross Domestic Product (GDP) Components of GDP 12/21 3/22 6/22 9/22 40.0% 35.0% 30.0% Personal Consumption Expenditures 2.1% 0.9% 1.4% 1.5% 25.0% 20.0% 15.0% Gross Private Domestic Investment 5.1% 1.0% -2.8% -1.8% 10.0% 5.0% 1 , I . O. o - Net Exports and Imports -0.2% -3.1% 1.2% 2.9% -5.0% 1 , -10.0% - Federal Government Expenditures 0.0% -0.4% -0.2% 0.2% -15.0% GDP Q0Q%Change -20.0% - State and Local(Consumption and Gross -25.0% - -GDP YOY%Change Investment) -0.2% 0.0% -0.1% 0.4% -30.0% 35.0% Total 7.0% -1.6% -0.6% 3.2% SP .. �a,,1 .S%7� far,j s6°.a19 �0/. s6a�o a,.� scb, �a,.� s6°,b� 8 9 o 1 1 , Source: US Department of Commerce Source: US Department of Commerce According to the third estimate, GDP increased at an annualized rate of 3.2% in the third quarter, revised up from 2.9%. The upward revision reflects stronger personal consumption expenditures which rose 2.3% in the third quarter, up from 1.7% in the previous estimate, primarily due to continued strength in services spending. Business investment, state and local government spending, and net exports also contributed to the upward revision. The consensus estimate calls for 2.0%growth in the fourth quarter, 2.0%growth for the full year 2022, and 0.1%growth in the first quarter of 2023. 10 CM 74 Federal Reserve Federal Reserve Balance Sheet Assets Effective Federal Funds Rate 10,000,000 — 4.50% - 9,000,000 4.00% 8,000,000 3.50% 3.00% 4, 7,000,000 2.50% 6,000, MS 000 +A > 2.00% 5,000,000 1.50% 4,000,000 - 1.00% - 3,000,000 0.50% 2,000,000 0.00% - 0o 0e 0o 0o 0o 0o 0o 0o 0o 0o 0o 0o 0o 0P Oc Oc Oc Oc O Oc Oc Oc Oc Oc Oc Oc Oc cq c1 e1 c1 e1 c1 c1 e4 e1 c1 c1 c,� c1 c,� t;1 r'1 11 r1 1 r1 '1 r1 r1 11 e� r3 r ) 9 O 1 , .)' st S 6 > 8 9 O 1 � O 1 � .r' SI S 6 � 8 9 O 1 , Source:Federal Reserve Source:Bloomberg As expected at the December 14th meeting, the Federal Open Market Committee (FOMC) raised the fed funds target rate by 50 basis points to a range of 4.25-4.50%, in a downshift from four consecutive 75 basis point hikes. The decision was unanimous, and there was no change to the November statement. The sentiment was hawkish, indicating that "ongoing increases" in the fed funds rate are likely appropriate and citing continued labor market imbalances. The Summary of Economic Projections indicated a peak median forecast of 5.1% in 2023 and no rate cuts until 2024; however, the market consensus diverged, implying rate cuts in the second half of 2023. FOMC members forecasted a higher fed funds rate, slower GDP growth, higher inflation, and higher unemployment in 2023 than in the September projections. We believe the FOMC will continue to implement tighter monetary policy at a slower pace and hold rates at restrictive levels for some time until inflationary pressures subside and remain in the Fed's target range. 11 CM 75 Bond Yields US Treasury Note Yields US Treasury Yield Curve 5.0% 5.0% 4.5% • 2-Year 4.5% 4.0% 5-Year 4.0% 3.5% 10-Year 3.5% 3.0% 0 3.0% -2 2.5% -a 2.5% v D } 2.0% } 2.0% 1.5% 1.5% 1.0% 1.0% Dec-22 0.5% ° Sep-22 0.5% • Dec-21 0.0% ' 0.0% 6(°e �d,. �42, SPb 60e 41dr j4,i Sob 60e .7' 6 y S y .1 •1 �� 1 `),I �1 �1 �� ) �) �'!0�'!o r r r yr yr Source:Bloomberg Source:Bloomberg At the end of December, the 2-year Treasury yield was 370 basis points higher, and the 10-Year Treasury yield was about 237 basis points higher, year-over-year. The inversion between the 2-year Treasury yield and 10-year Treasury yield narrowed to-55 basis points at December month-end versus -71 basis points at November month-end. The average historical spread (since 2003) is about +130 basis points. The inversion between 3-month and 10-year treasuries narrowed to -50 basis points in December from -74 basis points in November.The shape of the yield curve indicates that the probability of recession is increasing. 12 CM 76 1, Silk. ...z% _ •4% . \ .....\ % „ .,. \Irk\ 1L iojc.,,,,....!,:<_-...%lF 11" \ \ • hik \ _...r._ , 4. .• ..\ .....„ , , • a e \ i Section 2 I Account Profile ,__ _rrzfff 77:fed a a 4044. 13 C►® 77 Objectives As of December 31, 2022 Investment Objectives The investment objectives of the City of Dublin are first, to provide safety of principal; second, to provide adequate liquidity to meet all requirements which might be reasonably anticipated; third, to attain a market average rate of return on its investments throughout economic cycles; and fourth, to be diversified to avoid incurring unreasonable and avoidable risks regarding specific security types or individual financial institutions. Chandler Asset Management Performance Objective The performance objective of the City of Dublin is to earn a return that equals or exceeds the return on of the ICE BofA 1-5 Year Treasury and Agency Index. Strategy In order to achieve this objective, the portfolio invests in high quality fixed income instruments consistent with the City's investment policy and California Government Code. 14 a 78 Compliance As of December 31, 2022 City of Dublin Assets managed by Chandler Asset Management are in full compliance with state law and with the City's investment policy. 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 35%max per agency issuer;25%max callables for agency securities; Federal Agencies or U.S.Government Sponsored Enterprises Federal Agencies (GSE),participations,or other instruments,including those issued by or fully guaranteed as to principal and interest by federal Complies agencies or U.S.GSEs. 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 Complies agency within the state of California; "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 SupranationalSecurities International Bank for Reconstruction and Development("I BRD"),the International Finance Corporation("I FC")or the Inter-American Complies Development Bank("IADB") Asset Backed Securities/Mortgage-Backed "Ag rated or higher by a NRSRO; 20%maximum(combined);5%max per issuer Complies Securities/Collateralized Mortgage Obligations "A"rated or higher by a NRSRO;30%maximum;5%max per issuer; Issued by corporations organized and operating within the U.S.or Corporate Medium Term Notes Complies by depository institutions licensed by the U.S.or any state and operating within the U.S. "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 Negotiable Certificates of Deposit Complies 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. Time Deposits/Certificates of Deposit 10%maximum;Collateralized/FDIC Insured;1 year max maturity Complies "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 Commercial Paper Complies 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 "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 Banker's Acceptances Complies financial institution in combination with any other debt from that financial institution; 180 days max maturity Highest rating or"AAA"rated by two NRSROs;SEC registered adviser with AUM>$500 million and experience>5 years;20% Money Market Mutual Funds and Mutual Funds maximum in Mutual Funds and Money Market Mutual Funds; 20%max in Money Market Mutual Fund;10%max per one Mutual Complies Fund 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 Inverse floaters;Ranges notes,Mortgage-derived,Interest-only strips;Any investment in a security not specifically listed as an Prohibited Securities Complies Authorized and Suitable Investment in the policy. Max Per Issuer 5%max per issuer,except US Government,its Agencies and instrumentalities(including agency backed-mortgage pools), Complies Supranational securities,or Money Market Mutual Funds Maximum Maturity 5 years,unless otherwise stated in the policy Complies 15 CA% 79 Portfolio Characteristics As of December 31, 2022 City of Dublin 12/31/22 09/30/22 Benchmark* Portfolio Portfolio Average Maturity(yrs) 2.61 2.54 2.73 Average Modified Duration 2.48 2.17 2.39 Average Purchase Yield n/a 2.11% 1.68% Average Market Yield 4.35% 4.57% 4.47% Average Quality** AAA AA+/Aa1 AA/Aa1 Total Market Value 276,714,308 234,031,649 *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. 16 CM 80 ISector Distribution As of December 31, 2022 City of Dublin December 31, 2022 September 30, 2022 Commercial Negotiable CD Paper ABS 1.1% 1.8% 11.3% AB11.9% US Treasury 28.3% US Treasury 32.6% Agency Agency 21.3% 22.8% Supranational 7.0% (NIP CMO Supranational 1.4% 6.0% Money Market CMO Fund 1.7% Money Market 0.1% Fund Corporate Corporate 1.8% 23.8% 27.2% 17 CM 81 Issuers As of December 31, 2022 City of Dublin -Account #10198 Issue Name Investment Type %Portfolio Government of United States US Treasury 32.61% Federal National Mortgage Association Agency 7.25% Federal Home Loan Bank Agency 6.18% Federal Farm Credit Bank Agency 4.29% Federal Home Loan Mortgage Corp Agency 3.59% Inter-American Dev Bank Supranational 3.29% Intl Bank Recon and Development Supranational 2.70% John Deere ABS ABS 1.85% MUFG Bank Ltd/NY Commercial Paper 1.80% First American Govt Oblig Fund Money Market Fund 1.78% Hyundai Auto Receivables ABS 1.51% JP Morgan Chase&Co Corporate 1.41% Federal Home Loan Mortgage Corp CMO 1.39% Toyota Motor Corp Corporate 1.34% Bank of America Corp Corporate 1.30% Amazon.com Inc Corporate 1.24% Honda Motor Corporation Corporate 1.22% Royal Bank of Canada Corporate 1.21% Toronto Dominion Holdings Corporate 1.15% Toyota Lease Owner Trust ABS 1.10% Qualcomm Inc Corporate 1.06% Apple Inc Corporate 1.06% Morgan Stanley Corporate 1.02% Mercedes-Benz ABS 1.02% Metlife Inc Corporate 1.01% GM Financial Automobile Leasing Trust ABS 0.95% Honda ABS ABS 0.91% Northwestern Mutual Glbl Corporate 0.90% US Bancorp Corporate 0.90% Caterpillar Inc Corporate 0.89% Chubb Corporation Corporate 0.88% Honeywell Corp Corporate 0.84% Hyundai Auto Lease Securitization ABS 0.82% Bank of Montreal Chicago Corporate 0.79% American Express ABS ABS 0.78% Berkshire Hathaway Corporate 0.77% Wal-Mart Stores Corporate 0.73% Deere&Company Corporate 0.70% 18 C►" 82 Issuers As of December 31, 2022 City of Dublin —Account #10198 Issue Name Investment Type %Portfolio United Health Group Inc Corporate 0.65% GM Financial Securitized Term Auto Trust ABS 0.64% Charles Schwab Corp/The Corporate 0.64% BMW Vehicle Lease Trust ABS 0.51% Target Corp Corporate 0.44% Bank of New York Corporate 0.44% PNC Financial Services Group Corporate 0.44% Mercedes-Benz Auto Lease Trust ABS 0.40% Dominion Resources Inc Corporate 0.35% Verizon Master Trust ABS 0.33% BMW ABS ABS 0.30% Guardian Life Global Funding Corporate 0.26% Salesforce.com Inc Corporate 0.16% Toyota ABS ABS 0.13% Nissan ABS ABS 0.07% TOTAL 100.00% 19 CM 83 Quality Distribution As of December 31, 2022 City of Dublin December 31, 2022 vs. September 30, 2022 70.0% 60.0% 50.0% 40.0% 30.0% 20.0% 10.0% 0.0% AAA AA A <A NR ■12/31/22 09/30/22 AAA AA A <A NR 12/31/22 18.2% 61.5% 16.6% 0.3% 3.3% 09/30/22 18.3% 59.1% 18.8% 0.4% 3.4% Source:S&P Ratings 20 CM 84 IDuration Distribution As of December31, 2022 City of Dublin Portfolio Compared to the Benchmark 40.0% 35.0% 30.0% 25.0% 20.0% 15.0% 10.0% 5.0% 0.0% 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 0-0.25 0.25-0.50 0.50-1 1-2 2-3 3-4 4-5 5+ Portfolio 5.6% 2.8% 11.4% 25.2% 27.6% 16.8% 10.6% 0.0% Benchmark* 0.0% 0.0% 1.8% 36.4% 27.8% 20.9% 13.2% 0.0% *ICE BofA 1-5 Yr US Treasury&Agency Index 21 c►" 85 IInvestment Performance As of December31, 2022 City of Dublin Total Rate of Return Annualized Since Inception October 31, 2013 2.00% 1.00% 0.00% o ■ ME -1.00% -2.00% -3.00% -4.00% -5.00% -6.00% 12 months 2 years 3 years 5 years 10 years Since Inception •City of Dublin ICE BofA 1-5 Yr US Treasury&Agency Index* Annualized TOTAL RATE OF RETURN 3 months 12 months 2 years 3 years 5 years 10 years Since Inception City of Dublin 1.03% -4.73% -2.85% -0.51% 0.89% N/A 0.93% ICE BofA 1-5 Yr US Treasury&Agency Index* 0.94% -5.25% -3.19% -0.78% 0.66% N/A 0.72% *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. 22 CM 86 Portfolio Characteristics As of December 31, 2022 City of Dublin Reporting Account lill 12/31/22 09/30/22 Portfolio Portfolio Average Maturity(yrs) 0.00 0.00 Modified Duration 0.00 0.00 Average Purchase Yield 3.79% 2.21% Average Market Yield 3.78% 2.21% Average Quality* AAA/NR AAA/NR Total Market Value 82,095,744 129,407,964 *Portfolio is S&P and Moody's,respectively. 23 CA%% 87 Sector Distribution As of December31, 2022 City of Dublin Reporting Account December 31, 2022 September 30, 2022 LAIF 31.5% LAIF 39.2% Local Gov Investment Pool Local Gov 68.5% Investment Pool 60.8% 24 a 88 Issuers As of December 31, 2022 City of Dublin Reporting Account—Account#10219 Issue Name Investment Type %Portfolio CAMP Local Gov Investment Pool 68.45% Local Agency Investment Fund LAIF 31.55% TOTAL 100.00% 25 CM 89 1H \\111WIIIIIIL\ \ . \ \ hii. \ , \ 4 v .f..... ....... • ,,, F % Section 3 I Consolidated Information .,...f,.. _.. .., 90 - Portfolio Characteristics As of December 31, 2022 City of Dublin Consolidated 12/31/22 09/30/22 Portfolio Portfolio Average Maturity(yrs) 1.96 1.76 Modified Duration 1.67 1.54 Average Purchase Yield 2.48% 1.86% Average Market Yield 4.39% 3.66% Average Quality* AA+/Aa1 AA+/Aa1 Total Market Value 358,810,052 363,439,614 *Portfolio is S&P and Moody's respectively. 27 C►" 91 ISector Distribution As of December 31, 2022 City of Dublin Consolidated December 31, 2022 September 30, 2022 Commercial Paper Negotiable CD 1.4% ABS US Treasury 0.7% 8.7% 18.2% ABS 7.6% US Treasury 25.1% Supranational All Agency 4.5% 14.7% Agency 16.4% Money Market Fund Supranational 0 1� CMO 4.6% CMO 1.1% 1.1% Money Market Fund Local Gov 1.4% Investment Pool Corporate 21.7% 17.5% Local Gov Corporate Investment Pool 18.3% 15.7% LAIF LAIF 7.2% 14.0% 28 CM 92 ‘ N \Wilk\ ,..%. ; ilk - 1111101101, . . \ \ hii. \ , ilk\ .......-:;,..: • acaff e,_4_ .\-" • j % Section 4 I Portfolio Holdings fl".77:"... • • s- 29 G\ Holdings Report As of December 31, 2022 City of Dublin - Account #10198 Purchase Date Cost Value Mkt Price Market Value %of Port. Moody/S&P Maturity CUSIP Security Description Par Value/Units Book Yield Book Value Mkt YTM Accrued Int. Gain/Loss Fitch Duration ABS 44891VAC5 Hyundai Auto Lease Trust 2021-B A3 1,420,000.00 06/08/2021 1,419,787.00 98.47 1,398,335.49 0.51% Aaa/AAA 1.46 0.330% Due 06/17/2024 0.34% 1,419,933.32 5.00% 208.27 (21,597.83) NR 0.32 65479JAD5 Nissan Auto Receivables Owner 2019-C A3 186,674.31 10/16/2019 186,664.46 99.64 186,006.28 0.07% Aaa/AAA 1.54 1.930% Due 07/15/2024 1.94% 186,671.11 5.03% 160.13 (664.83) NR 0.11 89237VAB5 Toyota Auto Receivables Trust 2020-C A3 378,340.61 07/21/2020 378,311.48 98.40 372,284.64 0.13% Aaa/MA 1.79 0.440% Due 10/15/2024 0.44% 378,328.27 5.33% 73.99 (6,043.63) NR 0.32 43813KAC6 Honda Auto Receivables Trust 2020-3 A3 561,768.96 09/22/2020 561,686.43 97.82 549,494.65 0.20% NR/AAA 1.80 0.370% Due 10/18/2024 0.38% 561,745.82 5.31% 75.06 (12,251.17) AM 0.44 89239CAC3 Toyota Lease Owner Trust 2021-B A3 1,090,000.00 07/27/2021 1,089,985.28 97.21 1,059,620.39 0.38% Aaa/NR 1.81 0.420% Due 10/21/2024 0.39% 1,089,993.73 5.12% 139.88 (30,373.34) AM 0.59 47787NAC3 John Deere Owner Trust 2020-B A3 195,517.39 07/14/2020 195,487.59 98.46 192,513.79 0.07% Aaa/NR 1.88 0.510% Due 11/15/2024 0.52% 195,508.51 5.34% 44.32 (2,994.72) AM 0.32 58769KAD6 Mercedes-Benz Auto Lease Trust 2021-B A3 1,135,000.00 06/22/2021 1,134,914.31 97.12 1,102,286.24 0.40% NR/MA 1.88 0.400% Due 11/15/2024 0.40% 1,134,965.08 5.30% 201.78 (32,678.84) AM 0.59 09690AAC7 BMW Vehicle Lease Trust 2021-2A3 691,977.20 09/08/2021 691,905.79 97.72 676,167.18 0.24% Aaa/NR 1.99 0.330% Due 12/26/2024 0.34% 691,946.44 5.25% 38.06 (15,779.26) AM 0.46 44891WAC3 Hyundai Auto Lease Trust 2022-A A3 910,000.00 01/11/2022 909,979.89 96.51 878,208.70 0.32% Aaa/MA 2.04 1.160% Due 01/15/2025 1.16% 909,988.43 5.20% 469.16 (31,779.73) NR 0.87 89238LAC4 Toyota Lease Owner Trust 2022-AA3 2,045,000.00 02/23/2022 2,044,678.12 96.45 1,972,375.92 0.71% NR/MA 2.14 1.960% Due 02/20/2025 1.98% 2,044,795.34 5.25% 1,224.73 (72,419.42) AM 1.09 36265MAC9 GM Financial Auto Lease Trust 2022-1 A3 1,680,000.00 02/15/2022 1,679,985.55 96.62 1,623,288.24 0.59% Aaa/NR 2.22 1.900% Due 03/20/2025 1.91% 1,679,991.28 5.32% 975.33 (56,703.04) AM 1.00 05601XAC3 BMW Vehicle Lease Trust 2022-1 A3 755,000.00 01/11/2022 754,887.13 96.74 730,416.97 0.26% NR/MA 2.23 1.100% Due 03/25/2025 1.05% 754,936.33 5.29% 138.42 (24,519.36) AM 0.78 36266FAC3 GM Financial Auto Lease Trust 2022-2 A3 1,020,000.00 05/03/2022 1,019,893.61 97.83 997,867.43 0.36% NR/MA 2.47 3.420% Due 06/20/2025 _ 3.45% 1,019,924.82 5.23% 1,065.90 (22,057.39) AM 1.22 47788UAC6 John Deere Owner Trust 2021-AA3 697,761.78 03/02/2021 697,627.67 96.55 673,716.91 0.24% Aaa/NR 2.71 0.360% Due 09/15/2025 0.37% 697,695.18 5.21% 111.64 (23,978.27) AM 0.71 44933LAC7 Hyundai Auto Receivables Trust 2021-A A3 677,439.13 04/20/2021 677,367.86 96.71 655,147.32 0.24% NR/MA 2.71 0.380% Due 09/15/2025 0.20% 677,407.11 5.51% 114.41 (22,259.79) AM 0.64 44934KAC8 Hyundai Auto Receivables Trust 2021-B A3 2,065,000.00 07/20/2021 2,064,544.25 95.49 1,971,817.91 0.71% NR/MA 3.04 0.380% Due 01/15/2026 0.39% 2,064,752.02 5.78% 348.76 (92,934.11) AM 0.84 43815GAC3 Honda Auto Receivables Trust 2021-4A3 765,000.00 11/16/2021 764,838.74 94.91 726,029.06 0.26% Aaa/NR 3.06 0.880% Due 01/21/2026 0.89% 764,893.58 5.11% 187.00 (38,864.52) AM 1.22 30 CM 94 Holdings Report As of December 31, 2022 City of Dublin - Account #10198 Purchase Date Cost Value Mkt Price Market Value %of Port. Moody/S&P Maturity CUSIP Security Description Par Value/Units Book Yield Book Value Mkt YTM Accrued Int. Gain/Loss Fitch Duration 47789QAC4 John Deere Owner Trust 2021-B A3 965,000.00 07/13/2021 964,913.92 94.91 915,859.98 0.33% Aaa/NR 3.21 0.520% Due 03/16/2026 0.52% 964,948.08 5.29% 223.02 (49,088.10) AAA 1.08 44935FAD6 Hyundai Auto Receivables Trust 2021-CA3 545,000.00 11/09/2021 544,878.36 94.47 514,837.57 0.19% NR/MA 3.37 0.740% Due 05/15/2026 0.75% 544,921.54 5.54% 179.24 (30,083.97) AM 1.17 43815BAC4 Honda Auto Receivables Trust 2022-1 A3 1,315,000.00 02/15/2022 1,314,802.22 95.03 1,249,643.72 0.45% Aaa/MA 3.37 1.880% Due 05/15/2026 1.89% 1,314,854.65 5.03% 1,098.76 (65,210.93) NR 1.60 05602RAD3 BMW Vehicle Owner Trust 2022-A A3 850,000.00 05/10/2022 849,955.80 97.40 827,933.24 0.30% Aaa/AAA 3.65 3.210% Due 08/25/2026 3.23% 849,964.69 4.96% 454.75 (22,031.45) NR 1.51 362554AC1 GM Financial Securitized Term 2021-4 A3 585,000.00 10/13/2021 584,985.08 94.48 552,715.26 0.20% Aaa/MA 3.71 0.680% Due 09/16/2026 _ 0.66% 584,990.33 5.54% 165.75 (32,275.07) NR 1.15 47787JAC2 John Deere Owner Trust 2022-AA3 1,005,000.00 03/10/2022 1,004,777.69 95.91 963,931.38 0.35% Aaa/NR 3.71 2.320% Due 09/16/2026 2.34% 1,004,828.27 5.12% 1,036.27 (40,896.89) AM 1.48 448977AD0 Hyundai Auto Receivables Trust 2022-A A3 1,080,000.00 03/09/2022 1,079,958.42 95.56 1,032,097.68 0.37% NR/MA 3.79 2.220% Due 10/15/2026 2.23% 1,079,968.61 5.13% 1,065.60 (47,870.93) AM 1.55 380146AC4 GM Financial Auto Receivables 2022-1 A3 500,000.00 01/11/2022 499,956.55 94.55 472,741.40 0.17% NR/AAA 3.88 1.260% Due 11/16/2026 1.23% 499,968.98 5.35% 262.50 (27,227.58) AM 1.35 362585AC5 GM Financial Securitized ART 2022-2 A3 780,000.00 04/05/2022 779,836.98 96.88 755,669.76 0.27% Aaa/MA 4.13 3.100% Due 02/16/2027 3.13% 779,871.22 5.05% 1,007.50 (24,201.46) NR 1.63 47800AAC4 John Deere Owner Trust 2022-B A3 1,045,000.00 07/12/2022 1,044,900.20 97.70 1,020,973.15 0.37% Aaa/NR 4.13 3.740% Due 02/16/2027 3.77% 1,044,912.81 4.93% 1,737.02 (23,939.66) AAA 1.99 02582JJT8 American Express Credit Trust 2022-2 A 2,205,000.00 05/17/2022 2,204,512.25 97.14 2,141,893.56 0.78% NR/AAA 4.38 3.390% Due 05/17/2027 3.42% 2,204,611.86 4.72% 3,322.20 (62,718.30) AM 2.22 47800BAC2 John Deere Owner Trust 2022-C A3 1,350,000.00 10/12/2022 1,349,895.24 100.38 1,355,086.68 0.49% Aaa/NR 4.46 5.090% Due 06/15/2027 5.15% 1,349,901.05 4.97% 3,054.00 5,185.63 AM 2.15 92348KAV5 Verizon Master Trust 2022-5 A1A 915,000.00 08/02/2022 914,959.74 98.48 901,122.98 0.33% NR/AAA 4.55 3.720% Due 07/20/2027 3.75% 914,965.42 5.00% 1,040.05 (13,842.44) AM 1.54 58768PAC8 Mercedes-Benz Auto Receivables 2022-1 A3 2,790,000.00 11/15/2022 2,789,448.14 100.93 2,815,812.49 1.02% Aaa/MA 4.63 5.210% Due 08/16/2027 _ _ 5.28% 2,789,465.52 4.28% 6,460.40 26,346.97 NR 0.94 32,200,325.75 31,285,895.97 11.32% Aaa/AAA 3.15 TOTAL ABS 32,204,479.38 2.11% 32,201,649.40 5.10% 26,683.90 (915,753.43) AAA 1.16 Agency 313383QR5 FHLB Note 1,500,000.00 08/28/2018 1,525,005.00 99.46 1,491,944.63 0.54% Aaa/AA+ 0.44 3.250% Due 06/09/2023 2.87% 1,502,278.39 4.49% 2,979.17 (10,333.76) NR 0.43 3137EAEN5 FHLMC Note 2,000,000.00 07/16/2018 1,988,360.00 99.16 1,983,123.36 0.72% Aaa/AA+ 0.47 2.750% Due 06/19/2023 2.88% 1,998,905.92 4.59% 1,833.33 (15,782.56) AM 0.46 31 CA%% 95 Holdings Report As of December 31, 2022 City of Dublin - Account #10198 Purchase Date Cost Value Mkt Price Market Value %of Port. Moody/S&P Maturity CUSIP Security Description Par Value/Units Book Yield Book Value Mkt YTM Accrued Int. Gain/Loss Fitch Duration 3135G05G4 FNMA Note 2,350,000.00 07/08/2020 2,344,947.50 97.65 2,294,891.51 0.83% Aaa/AA+ 0.52 0.250% Due 07/10/2023 0.32% 2,349,123.31 4.83% 2,790.63 (54,231.80) AAA 0.51 3133EKZK5 FFCB Note 4,000,000.00 08/26/2019 4,009,000.00 98.08 3,923,361.72 1.43% Aaa/AA+ 0.62 1.600% Due 08/14/2023 1.54% 4,001,398.48 4.77% 24,355.56 (78,036.76) AAA 0.60 313383YJ4 FHLB Note 5,000,000.00 Various 5,102,615.00 98.99 4,949,513.45 1.81% Aaa/AA+ 0.69 3.375% Due 09/08/2023 2.90% 5,014,950.56 4.88% 52,968.76 (65,437.11) NR 0.66 3130A0F70 FHLB Note 5,000,000.00 Various 5,147,870.00 98.57 4,928,375.10 1.78% Aaa/AA+ 0.94 3.375% Due 12/08/2023 2.73% 5,028,071.63 4.96% 10,781.25 (99,696.53) AAA 0.91 3135G0V34 FNMA Note 2,000,000.00 02/27/2019 1,992,340.00 97.63 1,952,602.28 0.71% Aaa/AA+ 1.10 2.500% Due 02/05/2024 2.58% 1,998,300.61 4.75% 20,277.78 (45,698.33) AAA 1.05 3130A1XJ2 FHLB Note 3,795,000.00 Various 3,958,639.85 97.72 3,708,464.13 1.34% Aaa/AA+ 1.45 2.875% Due 06/14/2024 1.96% 3,842,574.99 4.51% 5,152.24 (134,110.86) NR 1.40 3133EKWV4 FFCB Note 2,500,000.00 08/13/2019 2,524,140.00 95.69 2,392,137.40 0.87% Aaa/AA+ 1.57 1.850% Due 07/26/2024 1.65% 2,507,637.21 4.73% 19,913.19 (115,499.81) AAA 1.51 3130A2UW4 FHLB Note 2,000,000.00 10/10/2019 2,122,020.00 97.12 1,942,425.74 0.71% Aaa/AA+ 1.70 2.875% Due 09/13/2024 1.58% 2,042,120.30 4.65% 17,250.00 (99,694.56) AAA 1.62 3135G0W66 FNMA Note 2,000,000.00 11/08/2019 1,983,400.00 95.05 1,900,937.54 0.69% Aaa/AA+ 1.79 1.625% Due 10/15/2024 1.80% 1,993,974.54 4.54% 6,861.11 (93,037.00) AAA 1.72 3133ENZ94 FFCB Note 5,480,000.00 11/15/2022 5,474,191.20 99.93 5,476,402.49 1.99% Aaa/AA+ 1.88 4.500% Due 11/18/2024 4.56% 5,474,540.84 4.53% 29,455.00 1,861.65 AAA 1.78 3135G0X24 FNMA Note 4,200,000.00 Various 4,287,898.80 94.54 3,970,847.28 1.45% Aaa/AA+ 2.02 1.625% Due 01/07/2025 1.18% 4,236,682.87 4.48% 32,987.50 (265,835.59) AAA 1.93 3137EAEPO FHLMC Note 4,200,000.00 Various 4,254,786.30 94.29 3,960,340.56 1.44% Aaa/AA+ 2.12 1.500% Due 02/12/2025 1.23% 4,223,470.86 4.35% 24,325.00 (263,130.30) AAA 2.03 3135G0305 FNMA Note 1,825,000.00 04/22/2020 1,821,240.50 91.94 1,677,995.10 0.61% Aaa/AA+ 2.31 0.625% Due 04/22/2025 0.67% 1,823,264.53 4.33% 2,186.20 (145,269.43) AAA 2.24 3135G04Z3 FNMA Note 3,435,000.00 06/17/2020 3,427,889.55 91.07 3,128,087.39 1.13% Aaa/AA+ 2.46 0.500% Due 06/17/2025 0.54% 3,431,499.35 4.37% 667.92 (303,411.96) AAA 2.40 3137EAEU9 FHLMC Note 1,745,000.00 07/21/2020 1,736,309.90 90.57 1,580,482.95 0.57% Aaa/AA+ 2.56 0.375% Due 07/21/2025 0.48% 1,740,559.66 4.31% 2,908.33 (160,076.71) AAA 2.49 3135G05X7 FNMA Note 2,755,000.00 08/25/2020 2,742,106.60 90.27 2,486,889.35 0.90% Aaa/AA+ 2.65 0.375% Due 08/25/2025 0.47% 2,748,164.52 4.30% 3,615.94 (261,275.17) AAA 2.58 3137EAEX3 FHLMC Note 2,655,000.00 09/23/2020 2,647,008.45 90.07 2,391,357.78 0.87% Aaa/AA+ 2.73 0.375% Due 09/23/2025 0.44% 2,650,636.19 4.27% 2,710.31 (259,278.41) AAA 2.66 32 CM 96 Holdings Report As of December 31, 2022 City of Dublin - Account #10198 Purchase Date Cost Value Mkt Price Market Value %of Port. Moody/S&P Maturity CUSIP Security Description Par Value/Units Book Yield Book Value Mkt YTM Accrued Int. Gain/Loss Fitch Duration 3135G06G3 FNMA Note 2,860,000.00 11/09/2020 2,849,761.20 90.01 2,574,306.08 0.93% Aaa/AA+ 2.85 0.500% Due 11/07/2025 0.57% 2,854,146.85 4.26% 2,145.00 (279,840.77) AAA 2.77 61,939,529.85 58,714,485.84 21.31% Aaa/AA+ 1.60 TOTAL Agency 61,300,000.00 1.82% 61,462,301.61 4.58% 266,164.22 (2,747,815.77) AAA 1.54 CMO I 3137BFE98 FHLMC K041 A2 2,000,000.00 07/01/2021 2,151,406.25 96.89 1,937,824.60 0.70% Aaa/AAA 1.82 3.171% Due 10/25/2024 0.72% 2,081,851.60 4.99% 5,285.00 (144,027.00) AAA 1.63 3137BSRE5 FHLMC K059 A2 2,000,000.00 02/18/2022 2,085,625.00 95.29 1,905,790.60 0.69% NR/AAA 3.74 3.120% Due 09/25/2026 1.98% 2,069,485.98 4.51% 5,200.00 (163,695.38) AAA 3.36 4,237,031.25 3,843,615.20 1.39% Aaa/AAA 2.77 TOTAL CMO 4,000,000.00 1.35% 4,151,337.58 4.75% 10,485.00 (307,722.38) AAA 2.48 Commercial Paper 62479MNW9 MUFG Bank Ltd/NY Discount CP 5,000,000.00 11/28/2022 4,961,325.00 99.64 4,982,197.22 1.80% P-1/A-1 0.08 4.420% Due 01/30/2023 4.52% 4,982,197.22 4.52% 0.00 0.00 NR 0.08 4,961,325.00 4,982,197.22 1.80% P-1/A-1 0.08 TOTAL Commercial Paper 5,000,000.00 4.52% 4,982,197.22 4.52% 0.00 0.00 NR 0.08 Corporate 69353RFL7 PNC Bank Callable Note Cont 5/9/2023 1,210,000.00 Various 1,208,333.27 99.39 1,202,630.74 0.44% A2/A 0.44 3.500% Due 06/08/2023 3.53% 1,209,855.52 4.92% 2,705.70 (7,224.78) A+ 0.43 06406RAJ6 Bank of NY Mellon Corp Note 1,200,000.00 08/24/2018 1,201,836.00 99.11 1,189,284.88 0.44% Al/A 0.61 3.450% Due 08/11/2023 3.42% 1,200,225.31 4.95% 16,100.00 (10,940.43) AA- 0.59 06051GHF9 Bank of America Corp Callable Note 1X 3/5/2023 2,400,000.00 Various 2,434,650.00 99.64 2,391,449.11 0.87% A2/A- 1.18 3.550% Due 03/05/2024 3.15% 2,401,527.81 5.47% 27,453.33 (10,078.70) AA- 0.18 89114QCB2 Toronto Dominion Bank Note 2,300,000.00 03/26/2019 2,331,234.00 97.87 2,251,015.45 0.82% Al/A 1.19 3.250% Due 03/11/2024 2.95% 2,307,506.51 5.11% 22,840.28 (56,491.06) AA- 1.14 037833CU2 Apple Inc Callable Note Cont 3/11/2024 3,000,000.00 Various 3,038,334.00 97.39 2,921,805.42 1.06% Aaa/AA+ 1.36 2.850% Due 05/11/2024 2.56% 3,009,853.26 4.85% 11,875.00 (88,047.84) NR 1.31 023135BW5 Amazon.com Inc Note 1,865,000.00 05/10/2021 1,862,277.10 94.22 1,757,292.43 0.64% Al/AA 1.36 0.450% Due 05/12/2024 0.50% 1,863,765.25 4.88% 1,142.31 (106,472.82) AA- 1.33 24422ETT6 John Deere Capital Corp Note 2,000,000.00 Various 2,093,680.00 96.95 1,939,077.16 0.70% A2/A 1.48 2.650% Due 06/24/2024 1.32% 2,038,236.00 4.81% 1,030.56 (99,158.84) A 1.43 33 CM 97 Holdings Report As of December 31, 2022 City of Dublin - Account #10198 Purchase Date Cost Value Mkt Price Market Value %of Port. Moody/S&P Maturity CUSIP Security Description Par Value/Units Book Yield Book Value Mkt YTM Accrued Int. Gain/Loss Fitch Duration 02665WCZ2 American Honda Finance Note 1,500,000.00 07/10/2019 1,493,742.00 96.38 1,445,718.46 0.52% A3/A- 1.49 2.400% Due 06/27/2024 2.49% 1,498,124.67 4.95% 400.00 (52,406.21) A 1.44 79466LAG9 Salesforce.com Inc Callable Note Cont 7/15/2022 465,000.00 06/29/2021 464,762.85 93.84 436,360.17 0.16% A2/A+ 1.54 0.625% Due 07/15/2024 0.64% 464,878.94 4.83% 1,340.10 (28,518.77) NR 1.49 78013XZU5 Royal Bank of Canada Note 2,500,000.00 09/10/2019 2,531,325.00 96.41 2,410,368.63 0.88% Al/A 1.54 2.550% Due 07/16/2024 2.28% 2,509,951.75 4.99% 29,218.75 (99,583.12) AA- 1.47 46647PAU0 JP Morgan Chase&Co Callable Note 1X 7/23/2023 2,500,000.00 09/12/2019 2,632,175.00 99.00 2,475,042.28 0.91% Al/A- 1.56 3.797% Due 07/23/2024 2.35% 2,519,083.59 5.60% 41,661.53 (44,041.31) AA- 0.54 02665WEA5 American Honda Finance Note 1,075,000.00 01/11/2022 1,074,150.75 93.57 1,005,896.40 0.37% A3/A- 2.04 1.500% Due 01/13/2025 1.53% 1,074,424.28 4.86% 7,525.00 (68,527.88) A 1.95 90331HPL1 US Bank NA Callable Note Cont 12/21/2024 2,610,000.00 01/16/2020 2,604,440.70 94.76 2,473,260.17 0.90% Al/AA- 2.06 2.050% Due 01/21/2025 2.10% 2,607,714.81 4.75% 23,780.00 (134,454.64) AA- 1.96 00440EAS6 Chubb INA Holdings Inc Note 2,500,000.00 Various 2,753,600.00 96.63 2,415,736.83 0.88% A3/A 2.21 3.150% Due 03/15/2025 0.76% 2,629,190.16 4.78% 23,187.50 (213,453.33) A 2.08 14913R2V8 Caterpillar Financial Service Note 1,165,000.00 05/10/2022 1,163,520.45 97.29 1,133,403.28 0.41% A2/A 2.37 3.400% Due 05/13/2025 3.44% 1,163,834.99 4.62% 5,281.33 (30,431.71) A 2.23 747525AF0 Qualcomm Inc Callable Note Cont 2/20/2025 3,000,000.00 Various 3,159,848.58 97.42 2,922,470.01 1.06% A2/A 2.39 3.450% Due 05/20/2025 1.78% 3,115,127.92 4.60% 11,787.50 (192,657.91) NR 2.25 61747YEA9 Morgan Stanley Callable Note Cont 5/30/2024 3,040,000.00 05/26/2021 3,041,611.70 93.18 2,832,575.50 1.02% Al/A- 2.41 0.790% Due 05/30/2025 0.77% 3,040,758.70 5.28% 2,068.05 (208,183.20) A+ 2.32 438516CB0 Honeywell Intl Callable Note Cont 5/1/2025 2,500,000.00 06/23/2020 2,559,500.00 92.53 2,313,167.20 0.84% A2/A 2.42 1.350% Due 06/01/2025 0.85% 2,528,590.91 4.65% 2,812.50 (215,423.71) A 2.33 78015K7H1 Royal Bank of Canada Note 1,000,000.00 02/22/2021 1,012,240.00 91.61 916,069.25 0.33% Al/A 2.44 1.150% Due 06/10/2025 0.86% 1,006,959.69 4.84% 670.83 (90,890.44) AA- 2.35 66815L2J7 Northwestern Mutual Gib!Note 2,500,000.00 06/27/2022 2,499,150.00 98.11 2,452,769.23 0.90% Aaa/AA+ 2.50 4.000% Due 07/01/2025 4.01% 2,499,292.70 4.81% 50,000.00 (46,523.47) AM 2.30 02665WDL2 American Honda Finance Note 1,000,000.00 08/10/2021 1,007,640.00 91.51 915,146.03 0.33% A3/A- 2.52 1.200% Due 07/08/2025 1.00% 1,004,923.67 4.82% 5,766.67 (89,777.64) A 2.41 89114QCK2 Toronto Dominion Bank Note 1,000,000.00 02/16/2021 997,230.00 89.34 893,401.04 0.32% Al/A 2.70 0.750% Due 09/11/2025 0.81% 998,363.94 5.03% 2,291.67 (104,962.90) AA- 2.60 06051GHY8 Bank of America Corp Callable Note Cont 2/13/2025 1,250,000.00 03/04/2021 1,291,725.00 92.76 1,159,482.75 0.42% A2/A- 3.12 2.015% Due 02/13/2026 1.14% 1,272,458.38 5.63% 9,655.21 (112,975.63) AA- 2.92 46647PBH8 JP Morgan Chase&Co Callable Note Mthly 3/13/2025 1,000,000.00 04/29/2021 1,030,270.00 92.62 926,220.61 0.34% Al/A- 3.20 2.005% Due 03/13/2026 1.20% 1,017,180.85 5.58% 6,015.00 (90,960.24) AA- 3.00 34 CM 98 Holdings Report As of December 31, 2022 City of Dublin - Account #10198 Purchase Date Cost Value Mkt Price Market Value %of Port. Moody/S&P Maturity CUSIP Security Description Par Value/Units Book Yield Book Value Mkt YTM Accrued Int. Gain/Loss Fitch Duration 808513BR5 Charles Schwab Corp Callable Note Cont 4/13/2026 1,370,000.00 05/11/2021 1,366,821.60 88.96 1,218,789.03 0.44% A2/A 3.37 1.150% Due 05/13/2026 1.20% 1,367,862.50 4.73% 2,100.67 (149,073.47) A 3.23 91324PEC2 United Health Group Inc Callable Note Cont 4/15/2026 2,000,000.00 Various 1,939,210.15 89.43 1,788,663.86 0.65% A3/A+ 3.37 1.150% Due 05/15/2026 1.90% 1,951,312.95 4.57% 2,938.90 (162,649.09) A 3.23 8923611K2 Toyota Motor Credit Corp Note 2,485,000.00 06/15/2021 2,483,906.60 88.46 2,198,344.04 0.79% Al/A+ 3.47 1.125% Due 06/18/2026 1.13% 2,484,243.12 4.78% 1,009.53 (285,899.08) A+ 3.32 58989V2D5 Met Tower Global Funding Note 1,285,000.00 09/07/2021 1,283,817.80 87.00 1,117,962.85 0.41% Aa3/AA- 3.71 1.250% Due 09/14/2026 1.27% 1,284,124.68 5.15% 4,774.13 (166,161.83) AA- 3.52 06368FAC3 Bank of Montreal Note 2,500,000.00 Various 2,495,539.50 87.49 2,187,287.38 0.79% A2/A- 3.71 1.250% Due 09/15/2026 1.29% 2,496,694.93 4.99% 9,201.39 (309,407.55) AA- 3.52 931142ER0 Wal-Mart Stores Callable Note Cont 08/17/2026 585,000.00 09/08/2021 583,894.35 88.67 518,693.50 0.19% Aa2/AA 3.72 1.050% Due 09/17/2026 1.09% 584,179.54 4.39% 1,774.50 (65,486.04) AA 3.55 59217GER6 Metlife Note 1,860,000.00 01/03/2022 1,857,879.60 88.58 1,647,612.89 0.60% Aa3/AA- 4.03 1.875% Due 01/11/2027 1.90% 1,858,291.84 5.04% 16,468.75 (210,678.95) AA- 3.76 87612EBM7 Target Corp Callable Note Cont 12/15/2026 1,340,000.00 01/19/2022 1,337,722.00 90.91 1,218,167.44 0.44% A2/A 4.04 1.950% Due 01/15/2027 1.99% 1,338,150.77 4.43% 12,048.83 (119,983.33) A 3.77 808513BY0 Charles Schwab Corp Callable Note Cont 2/3/2027 585,000.00 03/01/2022 584,368.20 91.31 534,188.89 0.19% A2/A 4.17 2.450% Due 03/03/2027 2.47% 584,473.38 4.77% 4,697.88 (50,284.49) A 3.86 084664CZ2 Berkshire Hathaway Callable Note Cont 2/15/2027 2,295,000.00 03/07/2022 2,294,563.95 92.41 2,120,758.96 0.77% Aa2/AA 4.21 2.300% Due 03/15/2027 2.30% 2,294,633.68 4.29% 15,542.25 (173,874.72) A+ 3.91 40139LBF9 Guardian Life Glob Fun Note 765,000.00 03/24/2022 765,000.00 93.71 716,853.91 0.26% Aa1/AA+ 4.24 3.246% Due 03/29/2027 3.25% 765,000.00 4.91% 6,345.93 (48,146.09) NR 3.86 023135CF1 Amazon.com Inc Callable Note Cont 3/13/2027 1,750,000.00 04/25/2022 1,746,972.50 95.04 1,663,273.36 0.61% Al/AA 4.28 3.300% Due 04/13/2027 3.34% 1,747,388.53 4.59% 12,512.50 (84,115.17) AA- 3.90 46647PCB0 JP Morgan Chase&Co Callable Note Cont 4/22/2026 500,000.00 08/23/2022 449,845.00 88.01 440,064.22 0.16% Al/A- 4.31 1.578% Due 04/22/2027 4.73% 453,648.64 5.41% 1,512.25 (13,584.42) AA- 4.04 927804GH1 Virginia Electric Power Corp Callable Note Cont. 1,000,000.00 Various 999,773.40 95.48 954,777.35 0.35% A2/BBB+ 4.37 4/15/2027 3.75% 999,796.65 4.91% 4,791.67 (45,019.30) A 3.95 3.750% Due 05/15/2027 14913R3A3 Caterpillar Financial Service Note 1,375,000.00 Various 1,357,243.75 95.57 1,314,049.66 0.48% A2/A 4.62 3.600% Due 08/12/2027 3.89% 1,358,360.06 4.68% 19,112.50 (44,310.40) A 4.13 931142EX7 Wal-Mart Stores Callable Note Cont 09/09/2027 1,500,000.00 Various 1,498,302.30 98.61 1,479,183.32 0.54% Aa2/AA 4.69 3.950% Due 09/09/2027 3.98% 1,498,408.29 4.28% 18,433.34 (19,224.97) AA 4.18 35 CM 99 Holdings Report As of December 31, 2022 City of Dublin - Account #10198 Purchase Date Cost Value Mkt Price Market Value %of Port. Moody/S&P Maturity CUSIP Security Description Par Value/Units Book Yield Book Value Mkt YTM Accrued Int. Gain/Loss Fitch Duration 89236TKJ3 Toyota Motor Credit Corp Note 1,500,000.00 11/22/2022 1,479,060.00 98.68 1,480,150.77 0.54% Al/A+ 4.72 4.550% Due 09/20/2027 4.88% 1,479,500.22 4.87% 19,147.92 650.55 A+ 4.14 70,011,197.10 65,378,464.46 23.79% Al/A+ 2.62 TOTAL Corporate 69,275,000.00 2.12% 69,527,899.39 4.89% 459,021.76 (4,149,434.93) A+ 2.39 Money Market Fund 11M T 31846V203 First American Govt Obligation Fund Class Y 4,923,898.04 Various 4,923,898.04 1.00 4,923,898.04 1.78% Aaa/AAA 0.00 3.79% 4,923,898.04 3.79% 0.00 0.00 AAA 0.00 4,923,898.04 4,923,898.04 1.78% Aaa/AAA 0.00 TOTAL Money Market Fund 4,923,898.04 3.79% 4,923,898.04 3.79% 0.00 0.00 AAA 0.00 Supranational 4581XODZ8 Inter-American Dev Bank Note 3,680,000.00 09/15/2021 3,677,276.80 93.20 3,429,782.96 1.24% Aaa/AAA 1.73 0.500% Due 09/23/2024 0.52% 3,678,432.17 4.64% 5,008.89 (248,649.21) NR 1.68 459058JB0 Intl.Bank Recon&Development Note 2,260,000.00 04/15/2020 2,251,253.80 91.81 2,074,803.08 0.75% Aaa/AAA 2.31 0.625% Due 04/22/2025 0.70% 2,255,966.98 4.40% 2,707.29 (181,163.90) NR 2.24 4581X0DN5 Inter-American Dev Bank Note 1,685,000.00 01/13/2021 1,692,329.75 91.11 1,535,201.07 0.56% Aaa/AAA 2.54 0.625% Due 07/15/2025 0.53% 1,689,133.59 4.36% 4,856.08 (153,932.52) NR 2.46 459058JL8 Intl.Bank Recon&Development Note 6,000,000.00 Various 5,986,632.00 89.92 5,395,348.74 1.95% Aaa/AAA 2.83 0.500% Due 10/28/2025 0.55% 5,992,043.66 4.33% 5,250.00 (596,694.92) AAA 2.75 4581X0DV7 Inter-American Dev Bank Note 4,615,000.00 04/13/2021 4,593,863.30 89.58 4,133,932.40 1.50% Aaa/AAA 3.30 0.875% Due 04/20/2026 0.97% 4,601,051.63 4.29% 7,964.08 (467,119.23) AAA 3.19 18,201,355.65 16,569,068.25 6.00% Aaa/AAA 2.63 TOTAL Supranational 18,240,000.00 0.67% 18,216,628.03 4.40% 25,786.34 (1,647,559.78) AAA 2.55 US Treasury 912796Z85 US Treasury Bill 3,000,000.00 11/29/2022 2,956,924.10 98.95 2,968,605.70 1.07% P-1/A-1+ 0.24 4.381% Due 03/28/2023 4.51% 2,968,605.70 4.51% 0.00 0.00 F-1+ 0.23 912828V80 US Treasury Note 3,500,000.00 Various 3,488,583.99 97.38 3,408,398.00 1.24% Aaa/AA+ 1.08 2.250% Due 01/31/2024 2.32% 3,497,435.71 4.75% 32,955.16 (89,037.71) AAA 1.04 912828WJ5 US Treasury Note 1,750,000.00 06/10/2019 1,798,261.72 97.10 1,699,209.75 0.62% Aaa/AA+ 1.37 2.500% Due 05/15/2024 1.91% 1,763,406.03 4.71% 5,680.25 (64,196.28) AAA 1.32 9128282N9 US Treasury Note 2,000,000.00 08/30/2019 2,064,531.25 96.22 1,924,376.00 0.70% Aaa/AA+ 1.58 2.125% Due 07/31/2024 1.44% 2,020,720.38 4.63% 17,785.33 (96,344.38) AAA 1.52 36 CA% 100 Holdings Report As of December 31, 2022 City of Dublin - Account #10198 Purchase Date Cost Value Mkt Price Market Value %of Port. Moody/S&P Maturity CUSIP Security Description Par Value/Units Book Yield Book Value Mkt YTM Accrued Int. Gain/Loss Fitch Duration 912828YH7 US Treasury Note 3,500,000.00 Various 3,474,941.41 95.01 3,325,273.00 1.21% Aaa/AA+ 1.75 1.500% Due 09/30/2024 1.65% 3,490,970.79 4.50% 13,413.47 (165,697.79) AM 1.69 9128283J7 US Treasury Note 3,000,000.00 Various 3,051,650.40 95.78 2,873,319.00 1.04% Aaa/AA+ 1.92 2.125% Due 11/30/2024 1.76% 3,019,933.08 4.45% 5,604.40 (146,614.08) AM 1.84 91282CDZ1 US Treasury Note 2,000,000.00 05/06/2022 1,925,156.25 94.19 1,883,828.00 0.68% Aaa/AA+ 2.13 1.500% Due 02/15/2025 2.92% 1,942,666.58 4.39% 11,331.52 (58,838.58) AM 2.04 912828ZC7 US Treasury Note 3,500,000.00 03/24/2020 3,603,222.66 93.42 3,269,630.00 1.19% Aaa/AA+ 2.16 1.125% Due 02/28/2025 0.52% 3,545,220.81 4.35% 13,378.80 (275,590.81) AM 2.09 91282CED9 US Treasury Note 2,000,000.00 03/15/2022 1,985,312.50 94.56 1,891,250.00 0.69% Aaa/AA+ 2.21 1.750% Due 03/15/2025 2.00% 1,989,215.75 4.36% 10,441.99 (97,965.75) AM 2.11 912828ZL7 US Treasury Note 4,000,000.00 Various 3,998,593.75 91.34 3,653,436.00 1.32% Aaa/AA+ 2.33 0.375% Due 04/30/2025 0.38% 3,999,328.47 4.32% 2,569.06 (345,892.47) AM 2.27 91282CFE6 US Treasury Note 3,000,000.00 Various 2,905,703.13 97.16 2,914,923.00 1.07% Aaa/AA+ 2.62 3.125% Due 08/15/2025 4.34% 2,910,768.80 4.28% 35,411.01 4,154.20 AM 2.46 91282CAM3 US Treasury Note 2,500,000.00 10/16/2020 2,491,406.25 89.88 2,246,972.50 0.81% Aaa/AA+ 2.75 0.250% Due 09/30/2025 0.32% 2,495,229.92 4.19% 1,596.84 (248,257.42) AM 2.68 91282CFP1 US Treasury Note 10,000,000.00 Various 10,002,724.61 100.01 10,000,780.00 3.65% Aaa/AA+ 2.79 4.250% Due 10/15/2025 4.24% 10,003,068.30 4.24% 91,071.44 (2,288.30) AM 2.58 91282CBC4 US Treasury Note 1,000,000.00 12/29/2020 999,921.88 89.46 894,609.00 0.32% Aaa/AA+ 3.00 0.375% Due 12/31/2025 0.38% 999,953.15 4.15% 10.36 (105,344.15) AM 2.92 91282CBH3 US Treasury Note 4,000,000.00 02/23/2021 3,960,625.00 89.06 3,562,344.00 1.29% Aaa/AA+ 3.09 0.375% Due 01/31/2026 0.58% 3,975,396.09 4.19% 6,277.17 (413,052.09) AM 3.00 91282CBQ3 US Treasury Note 2,500,000.00 03/26/2021 2,459,960.94 89.21 2,230,272.50 0.81% Aaa/AA+ 3.16 0.500% Due 02/28/2026 0.83% 2,474,287.66 4.18% 4,247.24 (244,015.16) AM 3.07 91282CBT7 US Treasury Note 5,000,000.00 Various 4,974,804.69 89.73 4,486,720.00 1.62% Aaa/AA+ 3.25 0.750% Due 03/31/2026 0.85% 4,983,594.38 4.16% 9,581.05 (496,874.38) AM 3.14 91282CCF6 US Treasury Note 2,000,000.00 06/18/2021 1,985,000.00 89.29 1,785,860.00 0.65% Aaa/AA+ 3.42 0.750% Due 05/31/2026 0.91% 1,989,645.43 4.14% 1,318.68 (203,785.43) AM 3.30 91282CCW9 US Treasury Note 2,000,000.00 08/30/2021 1,998,515.63 88.66 1,773,282.00 0.64% Aaa/AA+ 3.67 0.750% Due 08/31/2026 0.77% 1,998,912.33 4.12% 5,096.69 (225,630.33) AM 3.53 91282CDG3 US Treasury Note 5,000,000.00 Various 4,970,498.06 89.56 4,478,125.00 1.62% Aaa/AA+ 3.84 1.125% Due 10/31/2026 1.25% 4,976,919.79 4.10% 9,633.97 (498,794.79) AM 3.67 912828Z78 US Treasury Note 4,500,000.00 Various 4,367,285.16 90.41 4,068,459.00 1.48% Aaa/AA+ 4.09 1.500% Due 01/31/2027 2.15% 4,386,893.89 4.07% 28,247.28 (318,434.89) AM 3.86 91282CEN7 US Treasury Note 7,000,000.00 Various 6,761,484.38 94.91 6,643,434.00 2.41% Aaa/AA+ 4.33 2.750% Due 04/30/2027 3.55% 6,777,980.47 4.04% 32,969.61 (134,546.47) AM 4.01 37 CA1 101 Holdings Report As of December 31, 2022 City of Dublin - Account #10198 CUSIP Security Description Par Value/Units Purchase Date Cost Value Mkt Price Market Value %of Port. Moody/S&P Maturity Book Yield Book Value Mkt YTM Accrued Int. Gain/Loss Fitch Duration 91282CEW7 US Treasury Note 8,000,000.00 Various 8,053,964.85 96.84 7,747,184.00 2.80% Aaa/AA+ 4.50 3.250% Due 06/30/2027 3.10% 8,049,567.76 4.02% 718.24 (302,383.76) AM 4.13 91282CFM8 US Treasury Note 10,000,000.00 Various 10,074,062.50 100.54 10,053,520.00 3.67% Aaa/AA+ 4.75 4.125% Due 09/30/2027 3.95% 10,073,472.22 4.00% 105,391.50 (19,952.22) AM 4.23 94,353,135.11 89,783,810.45 32.61% Aaa/AA+ 3.12 TOTAL US Treasury 94,750,000.00 2.38% 94,333,193.49 4.23% 444,731.06 (4,549,383.04) AAA 2.92 290,827,797.75 275,481,435.43 100.00% Aa1/AA+ 2.54 TOTAL PORTFOLIO 289,693,377.42 2.11% 289,799,104.76 4.57% 1,232,872.28 (14,317,669.33) AAA 2.17 TOTAL MARKET VALUE PLUS ACCRUALS 276,714,307.71 38 CA% 102 Holdings Report As of December 31, 2022 City of Dublin Reporting Account- Account #10219 Purchase Date Cost Value Mkt Price Market Value %of Port. Moody/S&P Maturity CUSIP Security Description Par Value/Units Book Yield Book Value Mkt YTM Accrued Int. Gain/Loss Fitch Duration LAIF 90LAIF$00 Local Agency Investment Fund State Pool 25,730,693.07 Various 25,730,693.07 1.00 25,730,693.07 31.55% NR/NR 0.00 2.23% 25,730,693.07 2.23% 169,794.59 0.00 NR 0.00 25,730,693.07 25,730,693.07 31.55% NR/NR 0.00 TOTAL LAIF 25,730,693.07 2.23% 25,730,693.07 2.23% 169,794.59 0.00 NR 0.00 Local Gov Investment Pool r 90CAMP$00 California Asset Mgmt Program CAMP 56,195,256.63 Various 56,195,256.63 1.00 56,195,256.63 68.45% NR/AAA 0.00 4.50% 56,195,256.63 4.50% 0.00 0.00 NR 0.00 56,195,256.63 56,195,256.63 68.45% NR/AAA 0.00 TOTAL Local Gov Investment Pool 56,195,256.63 4.50% 56,195,256.63 4.50% 0.00 0.00 NR 0.00 81,925,949.70 81,925,949.70 100.00% NR/AAA 0.00 TOTAL PORTFOLIO 81,925,949.70 3.79% 81,925,949.70 3.78% 169,794.59 0.00 NR 0.00 TOTAL MARKET VALUE PLUS ACCRUALS 82,095,744.29 39 CA1 103 1, Silk. ...z% _ •4% . \ .....\ % „ .,. 1L iojc.,,,,....!,:<_-...%lF 11" \ \ • hik \ _...r._ , , , 4. .• ..\ .....„ • a • • \ i -eeIV-H::::-,__ _rrzfff e Section 5 I Transactions } a a 4044. 40 a 104 ITransaction Ledger As of December 31, 2022 City of Dublin - Account #10198 September 30, 2022 through December 31,2022 Transaction Settlement Acq/Disp Interest Type Date CUSIP Quantity Security Description Price Yield Amount Pur/Sold Total Amount Gain/Loss ACQUISITIONS Purchase 10/19/2022 47800BAC2 1,350,000.00 John Deere Owner Trust 2022-C A3 99.992 5.15% 1,349,895.24 0.00 1,349,895.24 0.00 5.09%Due:06/15/2027 Purchase 10/31/2022 91282CFM8 1,250,000.00 US Treasury Note 99.664 4.20% 1,245,800.78 4,391.31 1,250,192.09 0.00 4.125%Due:09/30/2027 Purchase 10/31/2022 91282CFP1 1,250,000.00 US Treasury Note 99.594 4.40% 1,244,921.88 2,335.16 1,247,257.04 0.00 4.25%Due:10/15/2025 Purchase 11/18/2022 3133ENZ94 5,480,000.00 FFCB Note 99.894 4.56% 5,474,191.20 0.00 5,474,191.20 0.00 4.5%Due: 11/18/2024 Purchase 11/21/2022 91282CFM8 1,750,000.00 US Treasury Note 100.539 4.00% 1,759,433.59 10,312.50 1,769,746.09 0.00 4.125%Due:09/30/2027 Purchase 11/21/2022 91282CFP1 3,750,000.00 US Treasury Note 99.895 4.29% 3,746,044.92 16,200.21 3,762,245.13 0.00 4.25%Due:10/15/2025 Purchase 11/22/2022 58768PAC8 2,790,000.00 Mercedes-Benz Auto Receivables 2022-1 A3 99.980 5.28% 2,789,448.14 0.00 2,789,448.14 0.00 5.21%Due:08/16/2027 Purchase 11/25/2022 89236TKJ3 1,500,000.00 Toyota Motor Credit Corp Note 98.604 4.88% 1,479,060.00 12,322.91 1,491,382.91 0.00 4.55%Due:09/20/2027 Purchase 11/28/2022 62479MNW9 5,000,000.00 MUFG Bank Ltd/NY Discount CP 99.227 4.52% 4,961,325.00 0.00 4,961,325.00 0.00 4.42%Due:01/30/2023 Purchase 11/30/2022 912796Z85 3,000,000.00 US Treasury Bill 98.564 4.51% 2,956,924.10 0.00 2,956,924.10 0.00 4.381%Due:03/28/2023 Purchase 11/30/2022 91282CFE6 2,000,000.00 US Treasury Note 97.023 4.30% 1,940,468.75 18,172.55 1,958,641.30 0.00 3.125%Due:08/15/2025 Purchase 11/30/2022 91282CFM8 2,000,000.00 US Treasury Note 100.633 3.98% 2,012,656.25 13,825.55 2,026,481.80 0.00 4.125%Due:09/30/2027 Purchase 11/30/2022 91282CFP1 2,000,000.00 US Treasury Note 99.938 4.27% 1,998,750.00 10,741.76 2,009,491.76 0.00 4.25%Due:10/15/2025 Purchase 12/21/2022 91282CFM8 3,000,000.00 US Treasury Note 101.227 3.84% 3,036,796.88 27,877.75 3,064,674.63 0.00 4.125%Due:09/30/2027 Purchase 12/21/2022 91282CFP1 3,000,000.00 US Treasury Note 100.434 4.08% 3,013,007.81 23,468.41 3,036,476.22 0.00 4.25%Due:10/15/2025 41 Ci" 105 ITransaction Ledger As of December 31, 2022 City of Dublin - Account #10198 September 30, 2022 through December 31,2022 Transaction Settlement Acq/Disp Interest CUSIP Quantity Security Description Price Amount Total Amount Gain/Loss Type Date Yield Pur/Sold Purchase 12/27/2022 91282CFM8 2,000,000.00 US Treasury Note 100.969 3.90% 2,019,375.00 19,945.05 2,039,320.05 0.00 4.125%Due:09/30/2027 Subtotal 41,120,000.00 41,028,099.54 159,593.16 41,187,692.70 0.00 TOTAL ACQUISITIONS 41,120,000.00 41,028,099.54 159,593.16 41,187,692.70 0.00 DISPOSITIONS Sale 10/13/2022 912828V80 1,500,000.00 US Treasury Note 97.281 2.32% 1,459,218.75 6,786.68 1,466,005.43 -39,459.69 2.25%Due:01/31/2024 Subtotal 1,500,000.00 1,459,218.75 6,786.68 1,466,005.43 -39,459.69 Maturity 10/14/2022 86959RTW0 2,500,000.00 Svenska Handelsbanken NY Yankee CD 100.000 2,500,000.00 6,445.83 2,506,445.83 0.00 0.255%Due:10/14/2022 Subtotal 2,500,000.00 2,500,000.00 6,445.83 2,506,445.83 0.00 TOTAL DISPOSITIONS 4,000,000.00 3,959,218.75 13,232.51 3,972,451.26 -39,459.69 42 c►'% 106 ITransaction Ledger As of December 31, 2022 City of Dublin Reporting Account - Account #10219 September 30, 2022 through December 31,2022 Transaction Settlement Acq/Disp Interest Type Date CUSIP Quantity Security Description Price Yield Amount Pur/Sold Total Amount Gain/Loss ACQUISITIONS Purchase 10/15/2022 90LAIF$00 172,032.54 Local Agency Investment Fund State Pool 1.000 1.60% 172,032.54 0.00 172,032.54 0.00 Purchase 10/31/2022 90CAMP$00 209,677.53 California Asset Mgmt Program CAMP 1.000 3.21% 209,677.53 0.00 209,677.53 0.00 Purchase 11/30/2022 90CAMP$00 195,613.46 California Asset Mgmt Program CAMP 1.000 4.04% 195,613.46 0.00 195,613.46 0.00 Purchase 12/30/2022 90CAMP$00 205,342.71 California Asset Mgmt Program CAMP 1.000 4.04% 205,342.71 0.00 205,342.71 0.00 Subtotal 782,666.24 782,666.24 0.00 782,666.24 0.00 TOTAL ACQUISITIONS 782,666.24 782,666.24 0.00 782,666.24 0.00 DISPOSITIONS Security 11/04/2022 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 Withdrawal Security 11/04/2022 90LAIF$00 25,000,000.00 Local Agency Investment Fund State Pool 1.000 25,000,000.00 0.00 25,000,000.00 0.00 Withdrawal Security 11/09/2022 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 Withdrawal Security 11/22/2022 90CAMP$00 1,600,000.00 California Asset Mgmt Program CAMP 1.000 1,600,000.00 0.00 1,600,000.00 0.00 Withdrawal Security 12/05/2022 90CAMP$00 1,500,000.00 California Asset Mgmt Program CAMP 1.000 1,500,000.00 0.00 1,500,000.00 0.00 Withdrawal Subtotal 48,100,000.00 48,100,000.00 0.00 48,100,000.00 0.00 TOTAL DISPOSITIONS 48,100,000.00 48,100,000.00 0.00 48,100,000.00 0.00 43 CA% 107 IImportant Disclosures As of December 31, 2022 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. 44 Ci" 108 IBenchmark Disclosures As of December 31, 2022 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. 45 Cif::,. 109 Attachment 2 ITransaction Ledger As of December 31, 2022 City of Dublin - Account #10198 September 30, 2022 through December 31,2022 Transaction Settlement Acq/Disp Interest Type Date CUSIP Quantity Security Description Price Yield Amount Pur/Sold Total Amount Gain/Loss ACQUISITIONS Purchase 10/19/2022 47800BAC2 1,350,000.00 John Deere Owner Trust 2022-C A3 99.992 5.15% 1,349,895.24 0.00 1,349,895.24 0.00 5.09%Due:06/15/2027 Purchase 10/31/2022 91282CFM8 1,250,000.00 US Treasury Note 99.664 4.20% 1,245,800.78 4,391.31 1,250,192.09 0.00 4.125%Due:09/30/2027 Purchase 10/31/2022 91282CFP1 1,250,000.00 US Treasury Note 99.594 4.40% 1,244,921.88 2,335.16 1,247,257.04 0.00 4.25%Due:10/15/2025 Purchase 11/18/2022 3133ENZ94 5,480,000.00 FFCB Note 99.894 4.56% 5,474,191.20 0.00 5,474,191.20 0.00 4.5%Due: 11/18/2024 Purchase 11/21/2022 91282CFM8 1,750,000.00 US Treasury Note 100.539 4.00% 1,759,433.59 10,312.50 1,769,746.09 0.00 4.125%Due:09/30/2027 Purchase 11/21/2022 91282CFP1 3,750,000.00 US Treasury Note 99.895 4.29% 3,746,044.92 16,200.21 3,762,245.13 0.00 4.25%Due:10/15/2025 Purchase 11/22/2022 58768PAC8 2,790,000.00 Mercedes-Benz Auto Receivables 2022-1 A3 99.980 5.28% 2,789,448.14 0.00 2,789,448.14 0.00 5.21%Due:08/16/2027 Purchase 11/25/2022 89236TKJ3 1,500,000.00 Toyota Motor Credit Corp Note 98.604 4.88% 1,479,060.00 12,322.91 1,491,382.91 0.00 4.55%Due:09/20/2027 Purchase 11/28/2022 62479MNW9 5,000,000.00 MUFG Bank Ltd/NY Discount CP 99.227 4.52% 4,961,325.00 0.00 4,961,325.00 0.00 4.42%Due:01/30/2023 Purchase 11/30/2022 912796Z85 3,000,000.00 US Treasury Bill 98.564 4.51% 2,956,924.10 0.00 2,956,924.10 0.00 4.381%Due:03/28/2023 Purchase 11/30/2022 91282CFE6 2,000,000.00 US Treasury Note 97.023 4.30% 1,940,468.75 18,172.55 1,958,641.30 0.00 3.125%Due:08/15/2025 Purchase 11/30/2022 91282CFM8 2,000,000.00 US Treasury Note 100.633 3.98% 2,012,656.25 13,825.55 2,026,481.80 0.00 4.125%Due:09/30/2027 Purchase 11/30/2022 91282CFP1 2,000,000.00 US Treasury Note 99.938 4.27% 1,998,750.00 10,741.76 2,009,491.76 0.00 4.25%Due:10/15/2025 Purchase 12/21/2022 91282CFM8 3,000,000.00 US Treasury Note 101.227 3.84% 3,036,796.88 27,877.75 3,064,674.63 0.00 4.125%Due:09/30/2027 Purchase 12/21/2022 91282CFP1 3,000,000.00 US Treasury Note 100.434 4.08% 3,013,007.81 23,468.41 3,036,476.22 0.00 4.25%Due:10/15/2025 41 CM 110 ITransaction Ledger As of December 31, 2022 City of Dublin - Account #10198 September 30, 2022 through December 31,2022 Transaction Settlement Acq/Disp Interest CUSIP Quantity Security Description Price Amount Total Amount Gain/Loss Type Date Yield Pur/Sold Purchase 12/27/2022 91282CFM8 2,000,000.00 US Treasury Note 100.969 3.90% 2,019,375.00 19,945.05 2,039,320.05 0.00 4.125%Due:09/30/2027 Subtotal 41,120,000.00 41,028,099.54 159,593.16 41,187,692.70 0.00 TOTAL ACQUISITIONS 41,120,000.00 41,028,099.54 159,593.16 41,187,692.70 0.00 DISPOSITIONS Sale 10/13/2022 912828V80 1,500,000.00 US Treasury Note 97.281 2.32% 1,459,218.75 6,786.68 1,466,005.43 -39,459.69 2.25%Due:01/31/2024 Subtotal 1,500,000.00 1,459,218.75 6,786.68 1,466,005.43 -39,459.69 Maturity 10/14/2022 86959RTW0 2,500,000.00 Svenska Handelsbanken NY Yankee CD 100.000 2,500,000.00 6,445.83 2,506,445.83 0.00 0.255%Due:10/14/2022 Subtotal 2,500,000.00 2,500,000.00 6,445.83 2,506,445.83 0.00 TOTAL DISPOSITIONS 4,000,000.00 3,959,218.75 13,232.51 3,972,451.26 -39,459.69 42 CA%% 111 ITransaction Ledger As of December 31, 2022 City of Dublin Reporting Account - Account #10219 September 30, 2022 through December 31,2022 Transaction Settlement Acq/Disp Interest Type Date CUSIP Quantity Security Description Price Yield Amount Pur/Sold Total Amount Gain/Loss ACQUISITIONS Purchase 10/15/2022 90LAIF$00 172,032.54 Local Agency Investment Fund State Pool 1.000 1.60% 172,032.54 0.00 172,032.54 0.00 Purchase 10/31/2022 90CAMP$00 209,677.53 California Asset Mgmt Program CAMP 1.000 3.21% 209,677.53 0.00 209,677.53 0.00 Purchase 11/30/2022 90CAMP$00 195,613.46 California Asset Mgmt Program CAMP 1.000 4.04% 195,613.46 0.00 195,613.46 0.00 Purchase 12/30/2022 90CAMP$00 205,342.71 California Asset Mgmt Program CAMP 1.000 4.04% 205,342.71 0.00 205,342.71 0.00 Subtotal 782,666.24 782,666.24 0.00 782,666.24 0.00 TOTAL ACQUISITIONS 782,666.24 782,666.24 0.00 782,666.24 0.00 DISPOSITIONS Security 11/04/2022 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 Withdrawal Security 11/04/2022 90LAIF$00 25,000,000.00 Local Agency Investment Fund State Pool 1.000 25,000,000.00 0.00 25,000,000.00 0.00 Withdrawal Security 11/09/2022 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 Withdrawal Security 11/22/2022 90CAMP$00 1,600,000.00 California Asset Mgmt Program CAMP 1.000 1,600,000.00 0.00 1,600,000.00 0.00 Withdrawal Security 12/05/2022 90CAMP$00 1,500,000.00 California Asset Mgmt Program CAMP 1.000 1,500,000.00 0.00 1,500,000.00 0.00 Withdrawal Subtotal 48,100,000.00 48,100,000.00 0.00 48,100,000.00 0.00 TOTAL DISPOSITIONS 48,100,000.00 48,100,000.00 0.00 48,100,000.00 0.00 43 CA% 112