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Home My WebLink About5.5 City Treasurer's Informational Report of Investments for the Quarter Ending September 30, 2023r DUBLIN CALIFORNIA STAFF REPORT CITY COUNCIL DATE: November 7, 2023 TO: Honorable Mayor and City Councilmembers FROM: Linda Smith, City Manager Agenda Item 5.5 SU B.ECT : City Treasurer's Informational Report of Investments for the Quarter Ending September 30, 2023 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 September 30, 2023, including a monthly transaction ledger. The City's investment portfolio for this period totaled $390,133,446 (market value) with an average market yield of 5.19%. As required by the Policy, the City Treasurer (Finance Director) affirms that the City is able to meet its expenditure requirements for the next six months. STAFF RECOMMENDATION: Receive the 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 including the timing of revenues and expenditures, the quarterly cash balance can vary from quarter to quarter. DESCRIPTION: The total investment portfolio (market value) consists of $280,997,577 managed by Chandler Asset Management, and $109,135,869 invested by the City in local government pools, the Local Agency Investment Fund (LAIF) and the California Asset Management Program (CAMP). The average market yields of the Chandler portfolio and the local pools for the reporting period were 5.24% and 5.06% respectively. The total investment portfolio balance fluctuates throughout the year due to normal cash flow Page 1 of 4 1 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). Recent economic data continues to suggest positive but below -trend growth this year. Labor markets remain solid, and the U.S. consumer has demonstrated resiliency. Inflationary trends are subsiding, but core levels remain well above the Fed's target. Given the cumulative effects of restrictive monetary policy and tighter financial conditions, Chandler believes the economy will gradually soften and the Fed will remain data dependent as it treads cautiously going forward. 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. US Treasury 26.4% Supranational 5.9% Money Market Fund 0.2% Local Gov Investment Pool 21.2% Chart 1: Investments by Type September 30, 2023 and June 30, 2023 September 30, 2023 LA€F 6.8% ABS 7.3% Agency 12.1% CM() 1.9% Corporate 18.2% US Treasury 24.9% Supranational 4.2% Money Market Fund 0.7% Local Gov Investment Pool 23.6% June 30, 2023 LAIF 6.6% ABS 7.0% Agency 13.5% Corporate 18.0% CMO 16% The market value of the City's portfolio decreased by $10,975,932 from the June 30, 2023 quarter, resulting from normal fluctuations in the timing of incoming revenue, predominantly the receipt of property tax allocations, and sales tax revenue. Historically, the City receives property tax payments in Q2 (quarter ending December) and Q4 (quarter ending June), with the following months portfolio balance seeing slight decreases. The City also incurred expenditures on multiple capital projects during the reporting period, and made payments to Alameda County for Police and Fire Services. The City's portfolio increased by $26.7 million from the same quarter the prior year (see Table 1 below). Overall market yield -to -maturity has increased to 5.19%, (shown in Table 2) due to the factors discussed in the Economic Update Highlights. For detailed monthly transactions, see Attachment 2. Page 2 of 4 2 Holdings Managed by City LAIF CAMP SUBTOTAL' Accrued Interest Managed by Chandler ABS Agency CMO Money Market Negotiable CD Supranational Corporate US Treasury SUBTOTAL Accrued Interest TOTAL PORTFOLIO Table 1: Portfolio Values and Yield to Maturity September 30, 2022 Market Value 50,558,661 78,684,623 129,243,283 164,681 129,407,964 27,760,436 53,062,995 3,839,610 286,323 2,497,243 16,428,894 63,373,439 65,877,816 233,126,756 904,893 234,031,649 363,439,614 June 30, 2023 Market Value 26,092, 229 94, 675, 879 120,768,108 195,897 120,964,005 28,186, 820 53, 795, 750 6,570,900 2,641,554 16, 711, 738 71, 551, 741 99, 278,149 278,736,651 1,408, 723 280,145,373 401,109,378 September 30,2023 Par Value Book Value Market Value 26,297,090 82,616,317 108,913,407 29,170,598 48,900,000 7,807,180 859,487 24,845,000 74,760,000 108,000,000 294,342,265 26,297,090 82,616,317 108,913,407 29,168,002 49,055,148 7,817,252 859,487 24,643,896 74,507,915 107,471,968 293,523,668 26,297,090 82,616,317 108,913,407 222,462 109,135,869 28,613,814 46,770,742 7,428,709 859,487 23,103,092 70,490,952 102, 206, 540 279,473,336 1,524,241 280,997,577 403,255,672 402,437,075 Change from Prior Year Change from Prior Quarter 390,133,446 26,693,832 (10,975,932) % of Subtotal % of Total Book Market Portfolio Yield Yield 24.1% 75.9% 6.5% 20.5% 3.61% 3.61% 5.52% 5.52% 100.00% 27.01% 5.06% 5.06% 10.2% 16.7% 2.7% 0.3% 0.0% 8.3% 25.2% 36.6% 100.00% 7.2% 12.1% 1.9% 0.2% 0.0% 6.2% 18.5% 26.8% 72.99% 2.97% 2.12% 3.03% 4.94% 0.00% 1.64% 2.86% 2.88% 2.66% 5.82% 5.22% 5.35% 4.94% 0.00% 5.11% 5.64% 4.83% 5.24% 100.00% 5.19% Table 2: Quarterly Holdings (Market Value) by Type, and YTM, 5 Quarters Holdings (Market Value) LAI F/CAMP ABS Agency CMO Commercial Paper Money Market Negotiable CD Supranational Corporate US Treasury Accrued Interest TOTAL YIELD TO MATURITY 9/30/22 12/31/22 3/31/23 6/30/23 9/30/23 129, 243, 283 81, 925, 950 106, 543,157 120, 768,108 108, 913, 407 27,760,436 31,285,896 30,171,153 28,186,820 28,613,814 53,062,995 58,714,486 60,517,635 53,795,750 46,770,742 3,839,610 3,843,615 3,874,342 6,570,900 7,428,709 4,982,197 - - - 286,323 4,923,898 760,481 2,641,554 859,487 2,497,243 - - - - 16, 428, 894 16, 569, 068 16, 860, 396 16, 711, 738 23,103, 092 63,373,439 65,378,464 71,092,672 71,551,741 70,490,952 65,877,816 89,783,810 96,639,811 99,278,149 102,206,540 1,069,574 1,402,667 1,577,520 1,604,620 1,746,703 363,439,614 358,810,052 388,037,166 401,109,378 1 390,133,446 I 3.66% 4.39% 4.39% 4.92% 5.19% Funds Managed by the City The City participates in two local agency investment pools managed by government finance professionals and treasurers: the Local Agency Investment Fund (LAIF) and the California Asset Management Program (CAMP). The following table shows portfolio yields over the most recent eight quarters. Page 3 of 4 3 Table 3: Quarterly Portfolio Yields, Recent 8 Quarters Market Yield LAIF CAMP Chandler 12/31/21 0.22% 0.05% 0.91% 3/31/22 0.42% 0.07% 2.38% 6/30/22 0.94% 1.40% 3.20% 9/30/22 1.60% 2.61% 4.47% 12/31/22 2.23% 4.50% 4.57% 3/31/23 2.88% 4.92% 4.37% 6/30/23 3.26% 5.20% 4.98% 9/30/23 3.61% 5.52% 5.24% STRATEGIC PLAN INITIATIVE: None. NOTICING REQUIREMENTS/PUBLIC OUTREACH: The City Council Agenda was posted. ATTACHMENTS: 1) City of Dublin Investment Report for Period Ending September 30, 2023 2) Transaction Ledger - July through September 2023 Page 4 of 4 4 Attachment I INVESTMENT REPORT City of Dublin Period Ending September 30, 2023 CiitCHANDLER ASSET MANAGEMENT CHANDLER ASSET MANAGEMENT, INC. 1800.317.4747 I www.chandlerasset.com ITable of Contents SECTION 1 Economic Update SECTION 2 Account Profile SECTION 3 Consolidated Information SECTION 4 Portfolio Holdings SECTION 5 Transactions As of September 30, 2023 1 CA% 6 Section 1 I Economic Update Economic Update • Recent economic data continues to suggest positive but below trend growth this year. Labor markets remain solid, and the U.S. consumer has demonstrated resiliency. Inflationary trends are subsiding, but core levels remain well above the Fed's target. Given the cumulative effects of restrictive monetary policy and tighter financial conditions, we believe the economy will gradually soften and the Fed will remain data dependent as they tread cautiously going forward. • As anticipated at the September meeting, the Federal Open Market Committee voted unanimously to maintain the target Federal Funds at the range of 5.25 - 5.50%. The Fed's Summary of Economic Projections (SEP) also revealed expectations of higher economic growth, reduced unemployment, and a gradual easing of inflation compared to earlier forecasts. The Fed is continuing to focus on achieving price stability and bringing inflation down toward their 2% policy objective, while leaving the option open for the possibility of additional rate hikes in the future if needed. • The yield curve remained inverted in September. The 2-year Treasury yield increased 18 basis points to 5.05%, the 5-year Treasury yield rose 36 basis points to 4.61%, and the 10-year Treasury yield increased 46 basis points to 4.57%. The inversion between the 2-year Treasury yield and 10-year Treasury yield narrowed to -48 basis points at September month -end versus -76 basis points at August month - end. The spread between the 2-year Treasury and 10-year Treasury yield one year ago was -45 basis points. The inversion between 3-month and 10-year Treasuries narrowed to -88 basis points in September from -134 basis points in August. The shape of the yield curve indicates that the probability of recession persists. 3 CA% 8 Employment 1,000 800 0 0 c 600 c 400 0 c 200 v o,o co 0 2 o -200 Nonfarm Payroll (000's) Unemployment Rate 25.0% 20.0% 15.0% cc co 10.0% —Non-farm Payroll (000's) 5.0% 3 month average (000's) Underemployment Rate (U6) Unemployment Rate (U3) -400 0.0% J / sP 27 S6).0 2f s� 4 sP 4 s� s� 2� sP 4 s 4 sC 4 � � sP p IcP dr19 l9 dr�0 �0 dry �� dry p� dry �� ' d' < p'< d' b� dr�,j � 7 d' p�� a' �c>0) l 1 8 9 9 O O Source: US Department of Labor Source: US Department of Labor The U.S. economy added 336,000 jobs in September, exceeding consensus expectations of 170,000, and the last two months were revised upward by 119,000 jobs. The largest gains came from leisure and hospitality, bringing restaurant and bar employment back in -line with pre -pandemic levels. The pace of job growth has picked up recently, with the three-month moving average payrolls at 266,000 and the six- month moving average at 234,000. The unemployment rate was unchanged at 3.8%, and the labor participation rate was consistent with last month's report at 62.8%. The U-6 underemployment rate, which includes those who are marginally attached to the labor force and employed part time for economic reasons declined slightly to 7.0% from the prior month at 7.1%. Average hourly earnings declined to 4.2% year -over -year in September from 4.3% in August. Employment remains strong by historical standards. 9 IJob Openings & Labor Turnover Survey Job Openings In Thousands (000's) 14,000 12,000 10, 000 8,000 6,000 4,000 2,000 0 Recession Historical Average 14,604 "94 "94 94 94 "94 "94 94 'Toe "94 .94 94 "94 "94 -To 94 94 94 "94 "94 O 'O 6°'O 6°'O a'O 6° O 6°'O a° j e°' j j e°'1 e°V eV a°'1 6°V. 6°Vc 61 a'� 6� 6°� e°'� .�' St S 6 cQ 9 I .>' St S 6 cQ 9 O 0' Source: US Department of Labor The Labor Department's Job Openings and Labor Turnover Survey (JOLTS) unexpectedly increased to 9.61 million in August from a revised 8.92 million in July. The level significantly surpassed the survey of Bloomberg economists' expectations of 8.82 million and reflects approximately 1.5 job openings per available worker. Although JOLTS was an upside surprise, the quits rate remained at a benign 2.3% for August, well below its 3.0% peak in April 2022. Fewer quits can imply that workers are less confident in their ability to find another job in the current market. The current level of job openings remains elevated from a historical perspective. YOY (%) Change Inflation 10.0% 9.0 % 8.0 % 7.0 % 6.0 % 5.0 % 4.0 % 3.0 % 2.0 % 1.0 % 0.0 % Consumer Price Index (CPI) CPI YOY % Change Core CPI YOY % Change YOY (%) Change Source: US Department of Labor 10.0% 9.0% 8.0% 7.0% 6.0 % 5.0 % 4.0 % 3.0 % 2.0 % 1.0 % 0.0 % Personal Consumption Expenditures (PCE) PCE Price Deflator YOY % Change PCE Core Deflator YOY % Change Fed Target .119 l9 19 'O es `),I 2I 2c) �� .�' co) Source: US Department of Commerce The Consumer Price Index (CPI) increased in September by 0.4% month -over -month and 3.7% year -over -year, slightly higher than expected. Gains in shelter and energy costs accounted for a large part of the monthly increase. The Core CPI, which excludes volatile food and energy components, was up 0.3% month -over -month and 4.1% year -over -year, decelerating from 4.3% last month. The Personal Consumption Expenditures (PCE) index rose 0.4% month -over -month and 3.5% year -over -year in August, up from a 3.4% year -over -year gain in July. Core PCE, the Federal Reserve's preferred inflation gauge, increased just 0.1% month -over -month and 3.9% year -over -year in August, down from a 4.3% increase in July. Personal income and spending remained relatively healthy, but the personal savings rate continued its declining trend to 3.9% in August from 4.1% in July. Inflation remains above the Fed's 2% target. 6 a 11 YOY (%) Change Consumer 60.0% 50.0% 40.0% 30.0% 20.0% 10.0% 0.0% -10.0% -20.0% -30.0% Retail Sales YOY % Change uuu_.......uI.■I11 ■�11111I1 IIII I IIIIIIII111��.�.�� .1 'To� ' 6 -q 'P6 90� �P6 'To 1�6 - ' - 1(Q 'l9 19 'p "p l �l `‘-) �� ' \_)0' a cu GJ c Consumer Confidence 140 130 120 110 100 90 80 sPp. �d. SPb. �dr .sPa �a, sPa �d� .sPa �dr, Pa 1d, j9 19 �Q )0 �1 �1 �� ) �J, ‘c)? Source: US Department of Commerce Source: The Conference Board Retail Sales rose 0.6% in August, exceeding the consensus forecast. Sales of motor vehicles and higher gasoline prices drove greater than expected gains. However, Control Group Sales, which are used to calculate gross domestic product and exclude food services, auto dealers, building materials stores and gasoline stations, rose just 0.1%, the smallest advance in five months. On a year -over -year basis, retail sales growth decelerated to a 2.5% gain in August versus a downwardly revised 2.6% gain in July. The Conference Board's Consumer Confidence Index dropped more than expected to 103.0 in September from an upwardly revised 108.7 in August, primarily due to significantly weaker future expectations for employment. While the consumer has been resilient, dwindling excess savings, rising credit card balances, and the resumption of student loan payments pose potential headwinds to future economic growth. 12 ILeading Indicators of Economic Activity 20.0% 15.0% 10.0% O 5.0% c u 0.0% -5.0% >- o -10.0% -15.0% -20.0% -25.0% Leading Economic Indicators (LEI) q4g le@ S 1,60 qGg 9<g 8S Sj 91 9,5, 99 OS Source: The Conference Board le@ 11 -94g. e@15, gGg19 3 Month Average 1.00 0.75 0.50 0.25 0.00 - 0.25 - 0.50 -0.75 - 1.00 Chicago Fed National Activity Index (CFNAI) ' T • Recession LI T I °°'S °aS °09 °0'9 �'9 a°'O 1,60 a0 a? :I" °�'1 'Toe ° 1 °o'� a' > 1 S 9 a' > S 9 a' Source: Federal Reserve Bank of Chicago The Conference Board's Leading Economic Index (LEI) remained in negative territory for the seventeenth consecutive month at -0.4% in August due to weak new orders, deteriorating consumer expectations of business conditions, high interest rates, and tight credit conditions. The index declined 7.6% year -over -year. The consistent decline month -over -month continues to signal future contraction in the economy. The Chicago Fed National Activity Index (CFNAI) surprised to the downside at -0.16 in August from downwardly revised 0.07 in July. On a 3-month moving average basis, the CFNAI remained negative at -0.14 in August, indicating a rate of growth below the historical average trend. 8 a 13 In Thousands of Units Housing 2,400 2,200 2,000 1,800 1,600 1,400 1,200 1,000 800 600 400 200 0 Annualized Housing Starts • Multi Family Housing Starts • Single Family Housing Starts YOY (%) Change q4 q4 14 q4 q4 �� q4 6"'O �'O °�O �O �1 �1 g1 g1 g1 g� �� ' S 9 1 ' S 9 l 24.0% 20.0% 16.0% 12.0% 8.0% 4.0% 0.0% - 4.0% - 8.0% -12.0% -16.0% -20.0% S&P/Case-Shiller 20 City Composite Home Price Index 4/, ✓04 ✓4/, ✓0/, ✓4/, 03) Off. 0.?O9 11 Source: US Department of Commerce Source: S&P ✓�/ ✓4/ ✓0/ ✓44 10) •Is 1) 19 Starts of new homes slowed -11.3% to 1.283 million units at a seasonally adjusted annual rate in August after a downward revision to 1.447 million units in July. The slower starts came from both a 4.3% decline in single-family home starts and 26.3% decline in multi -family homes, continuing the reversal of strong multi -family homebuilding in the second half of 2022 and early 2023. Total starts of new homes are down 14.8% year -over -year. According to Freddie Mac, average 30-year fixed rate mortgage rates increased to 7.35% as of September 28th. Rising mortgage rates are prompting homebuilders to offer incentives to attract buyers and has caused homebuilder sentiment to reach a five -month low. According to the Case-Shiller 20-City Home Price Index, housing prices rose 0.1% year -over -year in July, improving from a 1.2% decline in June. Tight inventories and higher mortgage rates continue to impact affordability. 14 Survey Based Measures 70 65 55 50 45 40 Institute of Supply Management (ISM) Surveys ISM Manufacturing ISM Services ,•: S6 �'/l/ So 6 41 ✓e/ SpQP 47 ✓</�S(,6QP /1dr� ✓(/�SPp60cd�✓<1/2P,0esd4.,)e~��d�� Z [D� �SjQ <9 <9 ?o O O 0 z •7 SP Source: Institute for Supply Management The Institute for Supply Management (ISM) Manufacturing index remained in contraction territory at 49.0 in September, up from 47.6 in August. This is the eleventh consecutive month of readings below 50.0, which is indicative of contraction in the manufacturing sector. However, this is the highest reading since November 2022, as both employment and new orders improved, while prices paid subsided. The ISM Services Index eased to 53.6 in September from the six-month high of 54.5 in August. The prices paid component continued to grow primarily due to high labor costs and an uptick in energy costs, but new orders reflected a significant slowdown. Gross Domestic Product (GDP) 6/23 Personal Consumption Expenditures 1.1% 0.8% 2.5% 0.6% Gross Private Domestic Investment -1.5% 0.6% -1.7% 0.9% Net Exports and Imports 2.6% 0.3% 0.6% 0.0% Federal Government Expenditures 0.1% 0.6% 0.3% 0.1% State and Local (Consumption and Gross Investment) 0.4% 0.3% 0.5% 0.5% Total 2.7% 2.6% 2.3% 2.1% Source: US Department of Commerce 40.0% 30.0% 20.0% 10.0% 0.0% - 10.0% -20.0% - 30.0% - 40.0% ■ ■EN Gross Domestic Product (GDP) GDP Q0Q % Change GDP YOY % Change vix. 1cs) 1g 1,g ‘-)p cl c1 ),3) Source: US Department of Commerce According to the third estimate, second quarter annualized GDP growth remained unchanged at 2.1%. A material decline in consumer spending was offset by improvement in business investment. Historically low unemployment, wage growth and savings built up during the pandemic has supported consumer spending at a level to keep economic growth intact, but there are signs the consumer is beginning to show signs of stress. The consensus estimate calls for 3.0% growth for the third quarter and 2.1% for the full year 2023. 11 Q 16 Federal Reserve 10,000,000 9,000,000 8,000,000 7,000,000 c 6,000,000 E 5,000,000 • 4,000,000 3,000,000 2,000,000 1,000,000 0 Federal Reserve Balance Sheet Assets Recession So S4. 6),() SP SP SP SP SP s SP So So "0 0 '60 '60 0,() 0,() �;l I p1 a1 b b� a' S 0 9 l ,�' 9 6.00% 5.00% 4.00% ✓ 3.00% 2.00% 1.00% Source: Federal Reserve Source: Bloomberg Effective Federal Funds Rate Recession At the September meeting, the Federal Open Market Committee voted unanimously to leave the Federal Funds rate unchanged at a target range of 5.25 - 5.50%. Nonetheless, the Fed conveyed a consensus view that another rate hike is possible later in the year, along with its commitment to keeping rates at their current level until inflation subsides closer to its 2% target, endorsing a data -dependent ' higher -for - longer' strategy. The Fed's Summary of Economic Projections (SEP) also revealed expectations of higher economic growth, reduced unemployment, and a gradual easing of inflation compared to earlier forecasts. We believe the resiliency of future economic data will determine if the Federal Reserve can stay on hold for or will tighten policy further to curb inflation. Since the Federal Reserve began its Quantitative Tightening campaign in June 2022, securities holdings have declined by over $1 trillion to $8.024T. Bond Yields US Treasury Note Yields 6.0% 2-Year 5.0% 5-Year 10-Yea r 4.0% -� 3.0% ry 2.0% 1.0% 0.0% /1dr SPA` �dr . 0,o �dr, S o. �dr SPA` �dr , Spa` � 9 j9 �p �� .1 �1 � ) �� , .3' Source: Bloomberg 6.0% 4.0% 0 3.0% 2.0% 1.0% 0.0% US Treasury Yield Curve Sep-23 Jun-23 Sep-22 10 410 Pr. yi y�` O . Syr Source: Bloomberg At the end of September, the 2-year Treasury yield was 77 basis points higher, and the 10-Year Treasury yield was about 74 basis points higher, year -over -year. The inversion between the 2-year Treasury yield and 10-year Treasury yield narrowed to -48 basis points at September month -end versus -76 basis points at August month -end. The average historical spread (since 2003) is about +130 basis points. The inversion between 3-month and 10-year Treasuries narrowed to -88 basis points in September from -134 basis points in August. The shape of the yield curve indicates that the probability of recession persists. 13 18 Section 2 I Account Profile 14 c►A 19 Objectives As of September 30, 2023 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. Compliance City of Dublin Assets managed by Chandler Asset Management are in full compliance with state law and with the City's investment policy. As of September 30, 2023 Category Standard Comment U.S. Treasury Issues Federal Agencies Municipal Securities Supranational Securities Asset -Backed Securiti es/Mortgage- Backed Securities/ Col l a tera l i zed Mortgage Obligations Corporate Medium Term Notes Negotiable Certificates of Deposit Time Deposits/ Certificates of Deposit Commercial Paper Banker's Acceptances Money Market Mutual Funds and Mutual Funds Local Agency Investment Fund (LAIF) California Asset Management Program (CAMP) Prohibited Securities Max Per Issuer Maximum Maturity 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 caIIables 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 Complies U.S. GSEs. "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 "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 Complies for Reconstruction and Development ("IBRD"), the International Finance Corporation ("IFC") or the Inter -American Development Bank ("IADB") "AA" rated or higher by a NRSRO; 20% maximum (combined); 5% max per issuer "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. "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 ofa foreign bank. 10% maximum; Collateralized/FDIC Insured; 1 year max maturity "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 core, 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 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% maximum in Mutual Funds and Money Market Mutual Funds; 20% max in Money Market Mutual Fund; 10% max per one Mutual Fund Maximum permitted by LAIF; Not used by investment adviser Issued by joint powers authority organized pursuant to California Government Code; Not used by investment adviser 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. 5% max per issuer, except US Government, its Agencies and instrumentalities (including agency backed -mortgage pools), Supranational securities, or Money Market Mutual Funds 5 years, unless otherwise stated in the policy Complies Complies Complies Complies Complies Complies Complies Complies Complies Complies Complies Complies 16 CM 21 Portfolio Characteristics City of Dublin As of September 30, 2023 09/30/23 06/30/23 Benchmark* Portfolio Portfolio Average Maturity (yrs) Average Modified Duration Average Purchase Yield Average Market Yield Average Quality** Total Market Value *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. 2.65 2.49 n/a 4.98% AA+ 2.89 2.46 2.66% 5.24% AA/Aa1 280,997,577 2.73 2.34 2.38% 4.98% AA/Aa 1 280,145,373 17 CM 22 I Sector Distribution US Treasury 36.6% Supranational 8.3% September 30, 2023 Money Market Fund 0.3 ABS 10.2% 4 Corporate 25.3% Agency 16.7% CMO 2.6% City of Dublin US Treasury 35.6% Supranational 6.0 Money Market Fund 0.9% June 30, 2023 Corporate 25.8% As of September 30, 2023 ABS 10.1% Agency 19.3% CMO 2.4% 18 C►" 23 Issuers City of Dublin - Account #10198 As of September 30, 2023 Issue Name Investment Type % Portfolio Government of United States Federal National Mortgage Association Federal Home Loan Bank Intl Bank Recon and Development Inter -American Dev Bank Federal Home Loan Mortgage Corp Federal Farm Credit Bank Federal Home Loan Mortgage Corp John Deere ABS Bank of Montreal Chicago Bank of America Corp Deere & Company Toronto Dominion Holdings Toyota Motor Corp Amazon.com Inc Honda Motor Corporation Merck & Company Royal Bank of Canada United Health Group Inc JP Morgan Chase & Co JP Morgan ABS Hyundai Auto Receivables Qualcomm Inc Morgan Stanley Metlife Inc Mercedes-Benz Tennessee Valley Authority US Bancorp Northwestern Mutual Glbl Caterpillar Inc Chubb Corporation GM Financial Automobile Leasing Trust Honeywell Corp GM Financial Securitized Term Auto Trust Toyota Lease Owner Trust American Express ABS Berkshire Hathaway Honda ABS US Treasury Agency Agency Supranational Supranational Agency Agency CMO ABS Corporate Corporate Corporate Corporate Corporate Corporate Corporate Corporate Corporate Corporate Corporate ABS ABS Corporate Corporate Corporate ABS Agency Corporate Corporate Corporate Corporate ABS Corporate ABS ABS ABS Corporate ABS 36.60% 5.68% 4.46% 4.40% 3.29% 2.86% 2.83% 2.65% 1.56% 1.48% 1.42% 1.41% 1.38% 1.31% 1.29% 1.22% 1.22% 1.21% 1.18% 1.16% 1.10% 1.08% 1.05% 1.04% 0.99% 0.99% 0.91% 0.89% 0.87% 0.87% 0.86% 0.85% 0.84% 0.83% 0.80% 0.76% 0.75% 0.72% 19 CM 24 Issuers City of Dublin — Account #10198 As of September 30, 2023 Issue Name Investment Type % Portfolio Wal-Mart Stores Charles Schwab Corp/The International Finance Corp BMW ABS Target Corp Dominion Resources Inc Verizon Master Trust Realty Income Corp First American Govt Oblig Fund BMW Vehicle Lease Trust Guardian Life Global Funding Hyundai Auto Lease Securitization Salesforce.com Inc Mercedes-Benz Auto Lease Trust Toyota ABS TOTAL Corporate Corporate Su pra natio na I ABS Corporate Corporate ABS Corporate Money Market Fund ABS Corporate ABS Corporate ABS ABS 0.70% 0.62% 0.57% 0.49% 0.43% 0.34% 0.32% 0.32% 0.31% 0.30% 0.25% 0.24% 0.16% 0.16% 0.01% 100.00% 20 CM 25 Quality Distribution 70.0% 60.0 % 50.0% 40.0 % 30.0% 20.0% 10.0% 0.0% 1 AAA City of Dublin September 30, 2023 vs. June 30, 2023 AA ■ 09/30/23 II A <A ■ 06/30/23 NR As of September 30, 2023 AAA AA A <A NR 09/30/23 06/30/23 Source: S&P Ratings 17.7% 15.5% 58.2% 60.1% 20.1% 20.2% 0.3% 3.7% 0.3% 3.8% 21 CA 26 I Duration Distribution 40.0% 35.0% 30.0% 25.0% 20.0% 15.0% 10.0% 5.0% 0.0% 0 - 0.25 City of Dublin Portfolio Compared to the Benchmark 0.25 - 0.50 0.50 - 1 ■ City of Dublin 1-2 2-3 3-4 As of September 30, 2023 4-5 5+ 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 Benchmark* 0.0% *ICE BofA 1-5 Yr US Treasury & Agency Index 2.2% 0.0% 8.7% 1.6% 31.1% 35.9% 17.9% 27.1% 25.2% 20.7% 13.9% 14.6% 0.0% 0.0% 22 C►" 27 Investment Performance 3.00% 2.00% 1.00% 0.00% - 1.00% - 2.00% -3.00% City of Dublin Total Rate of Return Annualized Since Inception October 31, 2013 12 months 2 years 3 years 5 years As of September 30, 2023 r 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 0.30% 2.60% -1.96% -1.34% 1.17% N/A 1.02% ICE BofA 1-5 Yr US Treasury & Agency Index* 0.23% 2.14% -2.42% -1.75% 0.93% N/A 0.78% *ICE BofA 1-3 Yr US Treasury & Agency Index to 12/31/14 Total rate of return: A measure of a portfolio's performance over time. It is the internal rate of return, which equates the beginning value of the portfolio with the ending value; it includes interest earnings, realized and unrealized gains and losses in the portfolio. 23 CM 28 Portfolio Characteristics City of Dublin Reporting Account As of September 30, 2023 09/30/23 Portfolio 06/30/23 Portfolio Average Maturity (yrs) Modified Duration Average Purchase Yield Average Market Yield Average Quality* Total Market Value *Portfolio is S&P and Moody's, respectively. 0.00 0.00 5.06% 5.06% AAA/NR 109,135,869 0.00 0.00 4.78% 4.78% AAA/NR 120,964,005 24 a 29 Sector Distribution September 30, 2023 Local Gov Investment Pool 75.7% City of Dublin Reporting Account LAI F 24.3% Local Gov Investment Pool 78.3% June 30, 2023 As of September 30, 2023 LAI F 21.7% Issuers City of Dublin Reporting Account — Account #10219 As of September 30, 2023 Issue Name Investment Type % Portfolio CAM P Local Agency Investment Fund TOTAL Local Gov Investment Pool LAI F 75.70% 24.30% 100.00% 26 Q 31 Section 3 I Consolidated Information 27 C►1 32 Portfolio Characteristics City of Dublin Consolidated As of September 30, 2023 Average Maturity (yrs) 2.08 1.91 Modified Duration 1.77 1.63 Average Purchase Yield 3.31% 3.08% Average Market Yield 5.19% 4.92% Average Quality* AA+/Aa1 AA+/Aa1 Total Market Value 390,133,446 401,109,378 * Portfolio is S&P and Moody's respectively. 28 Q 33 I Sector Distribution US Treasury 26.4% Supranational 5.9% Money Market Fund 0.2 Local Gov Investment Pool 21.2% September 30, 2023 LAI F 6.8% ABS 7.3% City of Dublin Consolidated Agency 12.1% CMO 1.9% Corporate 18.2% US Treasury 24.9% Supranational 4.2% Money Market Fund 0.7% Local Gov Investment Pool 23.6% June 30, 2023 LAI F 6.6% As of September 30, 2023 ABS 7.0 Agency 13.5% Corporate 18.0 CMO 1.6% 29 CM 34 Section 4 I Portfolio Holdings Holdings Report City of Dublin - Account #10198 As of September 30, 2023 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 ABS 89237VAB5 Toyota Auto Receivables Trust 2020-C A3 0.440% Due 10/15/2024 43813KAC6 Honda Auto Receivables Trust 2020-3A3 0.370% Due 10/18/2024 89239CAC3 Toyota Lease Owner Trust 2021-B A3 0.420% Due 10/21/2024 47787NAC3 John Deere Owner Trust 2020-B A3 0.510% Due 11/15/2024 58769KAD6 Mercedes-Benz Auto Lease Trust 2021-B A3 0.400% Due 11/15/2024 09690AAC7 BMW Vehicle Lease Trust 2021-2 A3 0.330% Due 12/26/2024 44891WAC3 Hyundai Auto Lease Trust 2022-AA3 1.160% Due 01/15/2025 89238LAC4 Toyota Lease Owner Trust 2022-AA3 1.960% Due 02/20/2025 36265MAC9 GM Financial Auto Lease Trust 2022-1 A3 1.900% Due 03/20/2025 05601XAC3 BMW Vehicle Lease Trust 2022-1 A3 1.100% Due 03/25/2025 36266FAC3 GM Financial Auto Lease Trust 2022-2 A3 3.420% Due 06/20/2025 47788UAC6 John Deere Owner Trust 2021-AA3 0.360% Due 09/15/2025 44933LAC7 Hyundai Auto Receivables Trust 2021-AA3 0.380% Due 09/15/2025 05593AAC3 BMW Vehicle Lease Trust 2023-1 A3 5.160% Due 11/25/2025 44934KAC8 Hyundai Auto Receivables Trust 2021-B A3 0.380% Due 01/15/2026 43815GAC3 Honda Auto Receivables Trust 2021-4A3 0.880% Due 01/21/2026 47789C!AC4 John Deere Owner Trust 2021-B A3 0.520% Due 03/16/2026 17,548.44 07/21/2020 17,547.09 0.44% 17,548.11 133,093.10 09/22/2020 133,073.55 0.38% 133,092.28 307,784.82 07/27/2021 307,780.66 0.39% 307,784.31 12,087.67 07/14/2020 12,085.83 0.52% 12,087.52 444,693.66 06/22/2021 444,660.09 0.40% 444,689.83 134,734.02 09/08/2021 134,720.12 0.33% 134,732.60 688,565.02 01/11/2022 688,549.80 1.16% 688,561.35 1,956,638.56 02/23/2022 1,956,330.59 1.98% 1,956,542.48 1,384,952.63 02/15/2022 1,384,940.72 1.91% 1,384,949.57 407,102.11 01/11/2022 407,041.25 1.00% 407,088.65 1,020,000.00 05/03/2022 1,019,893.61 3.45% 1,019,961.08 345,685.07 03/02/2021 345,618.64 0.37% 345,665.87 314,973.30 04/20/2021 314,940.16 0.20% 314,966.54 295,000.00 02/07/2023 294,992.98 4.96% 294,995.06 1,272,713.25 07/20/2021 1,272,432.37 0.15% 1,272,627.39 655,711.53 11/16/2021 655,573.31 0.89% 655,652.16 712,472.15 07/13/2021 712,408.59 0.52% 712,446.83 99.79 7.01% 99.16 6.01% 99.43 5.91% 99.78 5.99% 99.15 5.55% 99.43 5.99% 98.90 5.84% 98.72 6.07% 98.72 6.18% 98.83 6.13% 98.79 6.03% 97.63 6.07% 97.97 5.89% 99.15 6.04% 97.18 6.10% 96.10 6.44% 96.59 5.88% 17,510.72 3.43 131,979.11 17.78 306,032.90 39.50 12,061.19 2.74 440,903.09 79.06 133,969.13 7.41 680,991.50 354.99 1,931,525.10 1,171.81 1,367,268.17 804.04 402,324.77 74.64 1,007,683.50 1,065.90 337,491.64 55.31 308,582.49 53.20 292,506.66 253.70 1,236,822.74 214.95 630,147.30 160.29 688,149.78 164.66 0.01% Aaa / AAA (37.39) NR 0.05% NR / AAA (1,113.17) AAA 0.11% Aaa / NR (1,751.41) AAA 0.00% Aaa / NR (26.33) AAA 0.16% NR/AAA (3,786.74) AAA 0.05% Aaa / NR (763.47) AAA 0.24% Aaa / AAA (7,569.85) NR 0.69% NR/AAA (25,017.38) AAA 0.49% Aaa / NR (17,681.40) AAA 0.14% NR/AAA (4,763.88) AAA 0.36% NR / AAA (12,277.58) AAA 0.12% Aaa / NR (8,174.23) AAA 0.11% NR/AAA (6,384.05) AAA 0.10% Aaa / AAA (2,488.40) AAA 0.44% NR/AAA (35,804.65) AAA 0.22% Aaa / NR (25,504.86) AAA 0.24% Aaa / NR (24,297.05) AAA 1.04 0.03 1.05 0.15 1.06 0.10 1.13 0.04 1.13 0.16 1.24 0.10 1.30 0.23 1.39 0.31 1.47 0.30 1.48 0.23 1.72 0.47 1.96 0.41 1.96 0.37 2.16 1.03 2.30 0.49 2.31 0.70 2.46 0.64 31 CM 36 Holdings Report City of Dublin - Account #10198 As of September 30, 2023 CUSIP Security Description Par Value/Units Purchase Date Book Yield Cost Value Book Value Mkt Price Mkt YTM Market Value Accrued Int. % of Port. Moody/S&P Maturity Gain/Loss Fitch Duration 44935FAD6 43815BAC4 05602RAD3 362554AC1 47787JAC2 448977AD0 380146AC4 362585AC5 47800AAC4 02582JJT8 47800BAC2 92348KAV5 58768PAC8 362583AD8 05592XAD2 161571HT4 Hyundai Auto Receivables Trust 2021-CA3 0.740% Due 05/15/2026 Honda Auto Receivables Trust 2022-1 A3 1.880% Due 05/15/2026 BMW Vehicle Owner Trust 2022-A A3 3.210% Due 08/25/2026 GM Financial Securitized Term 2021-4A3 0.680% Due 09/16/2026 John Deere Owner Trust 2022-AA3 2.320% Due 09/16/2026 Hyundai Auto Receivables Trust 2022-AA3 2.220% Due 10/15/2026 GM Financial Auto Receivables 2022-1 A3 1.260% Due 11/16/2026 GM Financial Securitized ART 2022-2 A3 3.100% Due 02/16/2027 John Deere Owner Trust 2022-B A3 3.740% Due 02/16/2027 American Express Credit Trust 2022-2 A 3.390% Due 05/17/2027 John Deere Owner Trust 2022-C A3 5.090% Due 06/15/2027 Verizon Master Trust 2022-5 A1A 3.720% Due 07/20/2027 Mercedes-Benz Auto Receivables 2022-1 A3 5.210% Due 08/16/2027 GM Auto Receivable Trust 2023-2 A3 4.470% Due 02/16/2028 BMW Vehicle Owner Trust 2023-A A3 5.470% Due 02/25/2028 Chase Issuance Trust 23-Al A 5.160% Due 09/15/2028 466,992.68 1,315,000.00 850,000.00 504,419.12 1,005,000.00 1,080,000.00 495,430.85 780, 000.00 1,045,000.00 2,205,000.00 1,350,000.00 915, 000.00 2,790,000.00 625,000.00 550,000.00 3,090,000.00 11/09/2021 0.75% 02/15/2022 1.89% 05/10/2022 3.09% 10/13/2021 0.66% 03/10/2022 2.34% 03/09/2022 2.23% 01/11/2022 1.23% 04/05/2022 3.13% 07/12/2022 3.77% 05/17/2022 3.42% 10/12/2022 5.15% 08/02/2022 3.75% 11/15/2022 5.28% 04/04/2023 4.53% 07/11/2023 5.54% 09/07/2023 5.23% TOTAL ABS 29,170,597.98 2.97% 466,888.46 466,950.09 1,314,802.22 1,314,900.52 849,955.80 849,975.33 504,406.25 504,413.61 1,004,777.69 1,004,875.72 1,079,958.42 1,079,978.18 495,387.80 495,409.80 779,836.98 779,906.77 1,044,900.20 1,044,933.67 2,204,512.25 2,204,734.36 1,349,895.24 1,349,922.47 914,959.74 914,976.27 2,789,448.14 2,789,584.15 624,982.81 624,985.23 549,902.54 549,908.50 3,089,143.45 3,089,155.95 29,166,347.35 29,168,002.25 96.64 5.94% 96.48 5.78% 97.56 5.95% 95.94 6.21% 96.82 6.16% 96.77 5.74% 96.63 5.58% 97.21 5.72% 97.34 5.85% 96.51 5.72% 98.93 5.85% 99.36 4.97% 99.34 5.76% 97.76 5.76% 99.74 5.67% 99.63 5.35% 5.82% 451,305.93 153.59 1,268,673.88 1,098.76 829,218.35 454.75 483,931.63 142.92 972,991.76 1,036.27 1,045,078.19 1,065.60 478,737.31 260.10 758,213.04 1,007.50 1,017,232.26 1,737.02 2,127, 977.15 3,322.20 1,335,579.30 3,054.00 909,179.69 1,040.05 2,771,546.94 6,460.40 611,023.13 1,164.06 548,553.50 501.42 3,078,622.62 7,086.40 28,613,814.47 34,108.45 0.16% (15,644.16) 0.45% (46,226.64) 0.30% (20,756.98) 0.17% (20,481.98) 0.35% (31,883.96) 0.37% (34,899.99) 0.17% (16,672.49) 0.27% (21,693.73) 0.36% (27,701.41) 0.76% (76,757.21) 0.48% (14,343.17) 0.32% (5,796.58) 0.99% (18,037.21) 0.22% (13,962.10) 0.20% (1,355.00) 1.10% (10,533.33) 10.20% (554,187.78) NR/AAA AAA Aaa / AAA NR Aaa / AAA NR Aaa / AAA NR Aaa / NR AAA NR/AAA AAA NR/AAA AAA Aaa / AAA NR Aaa / NR AAA NR/AAA AAA Aaa / NR AAA NR/AAA AAA Aaa / AAA NR Aaa / AAA NR NR/AAA AAA NR/AAA AAA Aaa / AAA AAA 2.62 0.64 2.62 0.91 2.90 0.90 2.96 0.73 2.96 0.83 3.04 0.92 3.13 0.78 3.38 1.08 3.38 1.28 3.63 1.53 3.71 1.51 3.81 0.86 3.88 1.35 4.38 1.80 4.41 1.88 4.96 2.66 3.01 1.08 32 CM 37 Holdings Report City of Dublin - Account #10198 As of September 30, 2023 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 Agency 3130A1XJ2 FHLB Note 2.875% Due 06/14/2024 3133EKWV4 FFCB Note 1.850% Due 07/26/2024 3130A2UW4 FHLB Note 2.875% Due 09/13/2024 3135G0W66 FNMA Note 1.625% Due 10/15/2024 3133ENZ94 FFCB Note 4.500% Due 11/18/2024 3135G0X24 FNMA Note 1.625% Due 01/07/2025 3137EAEPO FHLMC Note 1.500% Due 02/12/2025 3135G03U5 FNMA Note 0.625% Due 04/22/2025 3135G04Z3 FNMA Note 0.500% Due 06/17/2025 3137EAEU9 FHLMC Note 0.375% Due 07/21/2025 3135G05X7 FNMA Note 0.375% Due 08/25/2025 3137EAEX3 FHLMC Note 0.375% Due 09/23/2025 3135G06G3 FNMA Note 0.500% Due 11/07/2025 3130ATUC9 FHLB Note 4.500% Due 12/12/2025 3130ATS57 FHLB Note 4.500% Due 03/10/2028 880591EZ1 Tennessee Valley Authority Note 3.875% Due 03/15/2028 2,100,000.00 Various 2,190,551.70 98.08 2,059,768.20 0.74% Aaa /AA+ 0.71 1.96% 2,112,765.67 5.68% 17,944.79 (52,997.47) NR 0.68 2,500,000.00 08/13/2019 2,524,140.00 97.11 2,427,750.00 0.87% Aaa /AA+ 0.82 1.65% 2,503,992.18 5.49% 8,350.69 (76,242.18) AA+ 0.80 2,000,000.00 10/10/2019 2,122,020.00 97.56 1,951,132.00 0.70% Aaa /AA+ 0.96 1.58% 2,023,603.65 5.54% 2,875.00 (72,471.65) NR 0.92 2,000,000.00 11/08/2019 1,983,400.00 96.15 1,922,946.00 0.69% Aaa /AA+ 1.04 1.80% 1,996,493.61 5.48% 14,986.11 (73,547.61) AA+ 1.00 5,480,000.00 11/15/2022 5,474,191.20 98.99 5,424,515.00 1.96% Aaa /AA+ 1.14 4.56% 5,476,710.20 5.43% 91,105.00 (52,195.20) AA+ 1.07 4,200,000.00 Various 4,287,898.80 95.43 4,008,165.00 1.43% Aaa /AA+ 1.27 1.18% 4,223,094.78 5.39% 15,925.00 (214,929.78) AA+ 1.22 4,200,000.00 Various 4,254,786.30 95.05 3,992,171.41 1.42% Aaa /AA+ 1.37 1.23% 4,215,181.67 5.30% 8,575.00 (223,010.26) AA+ 1.32 1,825,000.00 04/22/2020 1,821,240.50 93.06 1,698,425.30 0.61% Aaa / AA+ 1.56 0.67% 1,823,827.22 5.31% 5,037.76 (125,401.92) AA+ 1.51 3,435,000.00 06/17/2020 3,427,889.55 92.46 3,175,994.13 1.13% Aaa /AA+ 1.72 0.54% 3,432,563.58 5.15% 4,961.67 (256,569.45) AA+ 1.66 1,745,000.00 07/21/2020 1,736,309.90 91.91 1,603,834.74 0.57% Aaa/AA+ 1.81 0.48% 1,741,860.32 5.12% 1,272.40 (138,025.58) AA+ 1.76 2,755,000.00 08/25/2020 2,742,106.60 91.47 2,519,959.93 0.90% Aaa /AA+ 1.90 0.47% 2,750,094.29 5.14% 1,033.13 (230,134.36) AA+ 1.85 2,655,000.00 09/23/2020 2,647,008.45 91.18 2,420,725.46 0.86% Aaa /AA+ 1.98 0.44% 2,651,832.30 5.12% 221.25 (231,106.84) AA+ 1.93 2,860,000.00 11/09/2020 2,849,761.20 90.94 2,600,823.94 0.93% Aaa /AA+ 2.11 0.57% 2,855,681.82 5.10% 5,720.00 (254,857.88) AA+ 2.04 4,000,000.00 02/09/2023 4,029,238.40 98.72 3,948,924.00 1.42% Aaa /AA+ 2.20 4.22% 4,022,662.59 5.12% 54,500.00 (73,738.59) NR 2.04 3,000,000.00 03/21/2023 3,065,010.00 99.46 2,983,854.00 1.06% Aaa /AA+ 4.45 4.01% 3,058,097.09 4.63% 7,875.00 (74,243.09) NR 3.97 2,645,000.00 Various 2,661,791.35 96.51 2,552,819.11 0.91% Aaa /AA+ 4.46 3.73% 2,660,317.01 4.75% 4,555.28 (107,497.90) AA+ 4.03 33 CM 38 Holdings Report City of Dublin - Account #10198 As of September 30, 2023 CUSIP Security Description Par Value/Units Purchase Date Book Yield Cost Value Book Value Mkt Price Mkt YTM Market Value Accrued Int. % of Port. Moody/S&P Maturity Gain/Loss Fitch Duration 3130AWMN7 FHLB Note 4.375% Due 06/09/2028 TOTAL Agency CMO 3137BFE98 3137BSRE5 3137F4D41 3137FG6X8 TOTAL CMO FHLMC K041 A2 3.171% Due 10/25/2024 FHLMC K059 A2 3.120% Due 09/25/2026 FHLMC K074 A2 3.600% Due 01/25/2028 FHLMC K077 A2 3.850% Due 05/25/2028 1,500,000.00 48,900,000.00 1,992,180.26 2,000,000.00 1,000,000.00 2,815,000.00 7,807,180.26 07/26/2023 4.27% 2.12% 07/01/2021 0.64% 02/18/2022 1.92% 07/25/2023 5.78% 05/24/2023 4.65% 3.03% 1,506,615.00 1,506,369.59 49,323,958.95 49,055,147.57 2,142,994.54 2,038,879.10 2,085,625.00 2,055,318.94 954,414.06 956,218.62 2,763,318.36 2,766,835.66 7,946,351.96 7,817,252.32 98.60 4.71% 5.22% 97.40 5.77% 94.20 5.27% 93.94 5.19% 94.67 5.16% 5.35% 1,478,934.00 14,583.33 0.53% (27,435.59) 46,770,742.22 16.74% 259,521.41 (2,284,405.35) 1,940,295.92 5,264.34 1,884,096.00 5,200.00 939,404.00 600.00 2,664,912.65 1,806.29 7,428,708.57 12,870.63 0.69% (98,583.18) 0.67% (171,222.94) 0.33% (16,814.62) 0.95% (101,923.01) 2.65% (388,543.75) Aaa / AA+ NR Aaa / AA+ AA+ Aaa / AAA AAA NR / AAA AAA NR/NR AAA NR / NR AAA Aaa / AAA AAA 4.70 4.15 1.93 1.81 1.07 0.93 2.99 2.69 4.32 3.82 4.65 4.07 3.25 2.87 Corporate 023135BW5 24422ETT6 02665WCZ2 79466LAG9 02665WEA5 90331HPL1 00440EAS6 14913R2V8 Amazon.com Inc Note 0.450% Due 05/12/2024 John Deere Capital Corp Note 2.650% Due 06/24/2024 American Honda Finance Note 2.400% Due 06/27/2024 Salesforce.com Inc Callable Note Cont 7/15/2022 0.625% Due 07/15/2024 American Honda Finance Note 1.500% Due 01/13/2025 US Bank NA Callable Note Cont 12/21/2024 2.050% Due 01/21/2025 Chubb INA Holdings Inc Note 3.150% Due 03/15/2025 Caterpillar Financial Service Note 3.400% Due 05/13/2025 1,000,000.00 2,000,000.00 1,500,000.00 465,000.00 1,075,000.00 2,610,000.00 2,500,000.00 1,165,000.00 05/10/2021 0.50% Various 1.32% 07/10/2019 2.49% 06/29/2021 0.64% 01/11/2022 1.53% 01/16/2020 2.10% Various 0.76% 05/10/2022 3.44% 998,540.00 999,701.61 2,093,680.00 2,018,905.57 1,493,742.00 1,499,067.52 464,762.85 464,937.85 1,074,150.75 1,074,635.81 2,604,440.70 2,608,545.51 2,753,600.00 2,585,323.35 1,163,520.45 1,164,203.53 96.90 5.63% 97.85 5.68% 97.52 5.86% 96.11 5.72% 94.86 5.70% 94.98 6.10% 96.39 5.76% 96.69 5.56% 969,013.00 1,737.50 1,956,968.00 14,280.56 1,462,837.50 9,400.00 446,917.55 613.54 1,019,726.73 3,493.75 2,478,985.83 10,403.75 2,409,825.00 3,500.00 1,126,401.22 15,183.83 0.35% (30,688.61) 0.70% (61,937.57) 0.52% (36,230.02) 0.16% (18,020.30) 0.36% (54,909.08) 0.89% (129,559.68) 0.86% (175,498.35) 0.41% (37,802.31) Al/AA AA- A2 / A A+ A3/A- A A2/A+ NR A3/A- A A2/A+ A+ A3 / A A A2 / A A+ 0.62 0.60 0.73 0.71 0.74 0.71 0.79 0.77 1.29 1.24 1.31 1.25 1.46 1.39 1.62 1.53 34 CM 39 Holdings Report City of Dublin - Account #10198 As of September 30, 2023 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 747525AF0 61747YEA9 438516CB0 78015K7H1 66815L2J7 02665 W D L2 89114QCK2 06051GHY8 46647PBH8 808513BR5 91324PEC2 89236TJK2 58989V2D5 06368FAC3 931142ER0 59217GER6 Qualcomm Inc Callable Note Cont 2/20/2025 3.450% Due 05/20/2025 Morgan Stanley Callable Note Cont 5/30/2024 0.790% Due 05/30/2025 Honeywell Intl Callable Note Cont 5/1/2025 1.350% Due 06/01/2025 Royal Bank of Canada Note 1.150% Due 06/10/2025 Northwestern Mutual Gib! Note 4.000% Due 07/01/2025 American Honda Finance Note 1.200% Due 07/08/2025 Toronto Dominion Bank Note 0.750% Due 09/11/2025 Bank of America Corp Callable Note Cont 2/13/2025 2.015% Due 02/13/2026 JP Morgan Chase & Co Callable Note Mthly 3/13/2025 2.005% Due 03/13/2026 Charles Schwab Corp Callable Note Cont 4/13/2026 1.150% Due 05/13/2026 United Health Group Inc Callable Note Cont 4/15/2026 1.150% Due 05/15/2026 Toyota Motor Credit Corp Note 1.125% Due 06/18/2026 Met Tower Global Funding Note 1.250% Due 09/14/2026 Bank of Montreal Note 1.250% Due 09/15/2026 Wal-Mart Stores Callable Note Cont 08/17/2026 1.050% Due 09/17/2026 Metlife Note 1.875% Due 01/11/2027 3,000,000.00 3,040,000.00 2,500,000.00 1,000,000.00 2,500,000.00 1,000,000.00 1,000,000.00 1,250,000.00 1,000,000.00 1,370,000.00 2,000,000.00 2,485,000.00 1,285,000.00 2,500,000.00 585,000.00 1,860,000.00 Various 1.78% 05/26/2021 0.77% 06/23/2020 0.85% 02/22/2021 0.86% 06/27/2022 4.01 % 08/10/2021 1.00% 02/16/2021 0.81 % 03/04/2021 1.14% 04/29/2021 1.20% 05/11/2021 1.20% Various 1.90% 06/15/2021 1.13% 09/07/2021 1.27% Various 1.29% 09/08/2021 1.09% 01/03/2022 1.90% 3,159,848.58 3,079,001.58 3, 041, 611.70 3,040,356.52 2,559,500.00 2,519,418.97 1, 012, 240.00 1,004,827.26 2,499,150.00 2,499,504.43 1, 007, 640.00 1,003,461.04 997,230.00 998,817.85 1,291,725.00 1,264,537.01 1,030,270.00 1,011,332.51 1,366,821.60 1,368,337.69 1,939,210.15 1,962,111.71 2,483,906.60 2,484,406.59 1,283,817.80 1,284,301.43 2,495,539.50 2,497,361.81 583,894.35 584,344.84 1,857,879.60 1,858,608.85 96.78 5.53% 96.05 6.35% 93.59 5.41% 92.47 5.88% 97.09 5.76% 92.63 5.63% 91.01 5.69% 94.09 6.59% 94.17 6.27% 88.57 5.92% 89.96 5.30% 89.30 5.41% 88.10 5.68% 87.90 5.76% 89.16 5.03% 88.64 5.72% 2,903,436.00 37,662.50 2,920,044.64 8,072.05 2,339,807.50 11,250.00 924,735.00 3,545.83 2,427,317.50 25,000.00 926,294.00 2,766.67 910,115.00 416.67 1,176,166.25 3,358.33 941,672.00 1,002.50 1,213,456.95 6,039.42 1,799,124.00 8,688.89 2,219,055.30 7,998.59 1,132,147.97 758.51 2,197,480.00 1,388.89 521,605.31 238.88 1, 648, 715.16 7,750.00 1.05% (175,565.58) 1.04% (120,311.88) 0.84% (179,611.47) 0.33% (80,092.26) 0.87% (72,186.93) 0.33 % (77,167.04) 0.32% (88,702.85) 0.42% (88,370.76) 0.34% (69,660.51) 0.43% (154,880.74) 0.64% (162,987.71) 0.79% (265,351.29) 0.40% (152,153.46) 0.78% (299,881.81) 0.19% (62,739.53) 0.59% (209,893.69) A2 / A NR Al/A- A+ A2 / A A Al/A AA- Aaa / AA+ AAA A3/A- A Al/A AA- A1/A- AA- A1/A- AA- A2/A- A A2/A+ A Al/A+ A+ Aa3 / AA- AA- A2/A- AA- Aa2 / AA AA Aa3 / AA- AA- 1.64 1.54 1.67 1.58 1.67 1.61 1.70 1.63 1.75 1.65 1.77 1.71 1.95 1.88 2.38 1.31 2.45 1.39 2.62 2.50 2.62 2.51 2.72 2.60 2.96 2.83 2.96 2.83 2.97 2.85 3.28 3.09 35 CM 40 Holdings Report City of Dublin - Account #10198 As of September 30, 2023 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 87612EBM7 808513BY0 084664CZ2 40139LBF9 023135CF1 46647PCB0 927804GH1 14913R3A3 931142EX7 89236TKJ3 023135CP9 89115A2 M 3 756109AU8 24422 E W R6 06051GGF0 Target Corp Callable Note Cont 12/15/2026 1.950% Due 01/15/2027 Charles Schwab Corp Callable Note Cont 2/3/2027 2.450% Due 03/03/2027 Berkshire Hathaway Callable Note Cont 2/15/2027 2.300% Due 03/15/2027 Guardian Life Glob Fun Note 3.246% Due 03/29/2027 Amazon.com Inc Callable Note Cont 3/13/2027 3.300% Due 04/13/2027 JP Morgan Chase & Co Callable Note Cont 4/22/2026 1.578% Due 04/22/2027 Virginia Electric Power Corp Callable Note Cont. 4/15/2027 3.750% Due 05/15/2027 1,340,000.00 585,000.00 2,295,000.00 765,000.00 1,750,000.00 500,000.00 1,000,000.00 01/19/2022 1.99% 03/01/2022 2.47% 03/07/2022 2.30% 03/24/2022 3.25% 04/25/2022 3.34% 08/23/2022 4.94% Various 3.75% 1,337,722.00 1,338,493.03 584,368.20 584,567.84 2,294,563.95 2,294,698.87 765,000.00 765,000.00 1,746,972.50 1,747,844.66 449, 845.00 461,698.21 999,773.40 999,826.17 90.31 5.19% 89.07 6.03% 91.73 4.93% 92.28 5.71% 94.09 5.15% 89.24 6.18% 94.38 5.48% 1,210,206.26 5,516.33 521,084.66 1,114.75 2,105, 281.53 2,346.00 705,936.65 137.96 1,646,576.75 26,950.00 446,216.00 3,484.75 943, 798.00 14,166.67 0.43% (128,286.77) 0.19% (63,483.18) 0.75% (189,417.34) 0.25% (59,063.35) 0.60% (101,267.91) 0.16% (15,482.21) 0.34% (56,028.17) A2 / A A A2/A- A Aa2 / AA A+ Aa 1 / AA+ NR Al/AA AA- A1/A- AA- A2 / BBB+ A 3.30 3.10 3.42 3.19 3.46 3.25 3.50 3.23 3.54 3.22 3.56 2.42 3.62 3.28 Caterpillar Financial Service Note 1,375,000.00 Various 1,357,243.75 94.35 1,297,257.50 0.46% A2 / A 3.87 3.600% Due 08/12/2027 3.89% 1,361,057.63 5.23% 6,737.50 (63,800.13) A+ 3.53 Wal-Mart Stores Callable Note Cont 09/09/2027 1,500,000.00 Various 1,498,302.30 96.50 1,447,428.00 0.52% Aa2 / AA 3.95 3.950% Due 09/09/2027 3.98% 1,498,662.11 4.94% 3,620.83 (51,234.11) AA 3.59 Toyota Motor Credit Corp Note 1,500,000.00 11/22/2022 1,479,060.00 97.28 1,459,204.50 0.52% Al / A+ 3.98 4.550% Due 09/20/2027 4.88% 1,482,748.30 5.32% 2,085.42 (23,543.80) A+ 3.57 Amazon.com Inc Callable Note Cont 11/1/2027 1,000,000.00 01/17/2023 1,014,400.00 97.93 979,309.00 0.35% Al / AA 4.17 4.550% Due 12/01/2027 4.21% 1,012,298.11 5.11% 15,166.67 (32,989.11) AA- 3.69 Toronto -Dominion Bank Note 3,000,000.00 Various 2,984,380.00 97.60 2,927,973.00 1.05% Al / A 4.28 5.156% Due 01/10/2028 5.28% 2,985,401.30 5.80% 34,803.00 (57,428.30) AA- 3.74 Realty Income Corp Callable Note Cont 10/15/2027 960,000.00 04/10/2023 910,540.80 92.12 884,314.56 0.32% A3 / A- 4.30 3.650% Due 01/15/2028 4.87% 915,432.68 5.75% 7,397.33 (31,118.12) NR 3.85 John Deere Capital Corp Note 2,000,000.00 01/23/2023 2,030,780.00 98.19 1,963,702.00 0.71% A2 / A 4.31 4.750% Due 01/20/2028 4.40% 2,026,571.20 5.22% 18,736.11 (62,869.20) A+ 3.81 Bank of America Corp Callable Note 1/20/2027 3,000,000.00 Various 2,824,349.55 92.86 2,785,920.00 1.00% Al / A- 4.31 3.824% Due 01/20/2028 5.89% 2,843,728.99 6.24% 22,625.34 (57,808.99) AA- 3.01 36 a 41 Holdings Report City of Dublin - Account #10198 As of September 30, 2023 CUSIP Security Description Par Value/Units Purchase Date Book Yield Cost Value Book Value Mkt Price Mkt YTM Market Value Accrued Int. % of Port. Moody/S&P Maturity Gain/Loss Fitch Duration 06368LGV2 91324PEP3 46647PAF3 58933YBH7 78016HZS2 Bank of Montreal Callable Note Cont 1/1/2028 5.203% Due 02/01/2028 United Health Group Inc Callable Note Cont 1/15/2028 5.250% Due 02/15/2028 JP Morgan Chase & Co Callable Note 2X 5/1/2027 3.540% Due 05/01/2028 Merck & Co Callable Note Cont 4/17/2028 4.050% Due 05/17/2028 ROYAL BANK OF CANADA Note 5.200% Due 08/01/2028 TOTAL Corporate 2,000,000.00 1,500,000.00 2,000,000.00 3,500,000.00 2,500,000.00 74,760,000.00 08/17/2023 5.56% 02/21/2023 4.90% 08/16/2023 6.08% Various 4.06% 09/07/2023 5.54% 2.86% 1,972,380.00 1,973,076.87 1,522,890.00 1,520,071.98 1,854,340.00 1,858,070.52 3,497,960.40 3,498,113.35 2,464,100.00 2,464,502.02 74,845,693.48 74,507,914.68 97.61 5.83% 100.17 5.20% 91.95 6.07% 96.23 4.97% 97.33 5.84% 5.64% 1,952,168.00 17,343.33 1,502,548.50 10,062.50 1,838,990.00 29,500.00 3,367,917.00 52,762.51 2,433,272.50 25,638.89 0.70% (20,908.87) 0.54% (17,523.48) 0.66% (19,080.52) 1.22% (130,196.35) 0.88% (31,229.52) 70,490,951.82 25.26% 484,746.55 (4,016,962.86) A2 /A- AA- A2 / A+ A Al/A- AA- A1/ A+ NR Al/A AA- A1/A A+ 4.34 3.79 4.38 3.84 4.59 3.24 4.63 4.09 4.84 4.17 2.93 2.59 Money Market Fund 31846V203 First American Govt Obligation Fund Class Y TOTAL Money Market Fund 859,486.86 859,486.86 Various 4.94% 4.94% 859,486.86 859,486.86 859,486.86 859,486.86 1.00 4.94% 4.94% 859,486.86 0.00 859,486.86 0.00 0.31% 0.00 0.31% 0.00 Aaa / AAA AAA Aaa / AAA AAA 0.00 0.00 0.00 0.00 Supranational 4581XODZ8 459058JB0 4581X0DN5 459058JL8 4581X0DV7 459058KT9 Inter -American Dev Bank Note 0.500% Due 09/23/2024 Intl. Bank Recon & Development Note 0.625% Due 04/22/2025 Inter -American Dev Bank Note 0.625% Due 07/15/2025 Intl. Bank Recon & Development Note 0.500% Due 10/28/2025 Inter -American Dev Bank Note 0.875% Due 04/20/2026 Intl. Bank Recon & Development Note 3.500% Due 07/12/2028 3,680,000.00 2,260,000.00 1,685,000.00 6,000,000.00 4,615,000.00 5,000,000.00 09/15/2021 0.52% 04/15/2020 0.70% 01/13/2021 0.53% Various 0.55% 04/13/2021 0.97% Various 4.35% 3,677,276.80 3,679,110.49 2,251,253.80 2,257,274.60 1,692,329.75 1,687,914.94 5,986,632.00 5,994,150.44 4,593,863.30 4,604,211.72 4,813,059.00 4,817,937.83 95.14 5.67% 92.93 5.41% 92.23 5.23% 91.01 5.12% 90.23 4.99% 94.74 4.74% 3,501,085.76 408.89 2,100,297.10 6,238.54 1,554,011.47 2,223.26 5,460,330.00 12,750.00 4,164,239.11 18,059.39 4,737,085.01 38,402.77 1.25% (178,024.73) 0.75% (156,977.50) 0.55% (133,903.47) 1.95% (533,820.44) 1.49% (439,972.61) 1.70% (80,852.82) Aaa / AAA NR Aaa / AAA NR Aaa / AAA NR Aaa / AAA AAA Aaa / AAA AAA Aaa / AAA NR 0.98 0.95 1.56 1.51 1.79 1.74 2.08 2.01 2.56 2.46 4.79 4.30 37 CM 42 Holdings Report City of Dublin - Account #10198 As of September 30, 2023 CUSIP Security Description Par Value/Units Purchase Date Book Yield Cost Value Book Value Mkt Price Mkt YTM Market Value Accrued Int. % of Port. Moody/S&P Maturity Gain/Loss Fitch Duration 45950KDD9 International Finance Corp Note 4.500% Due 07/13/2028 TOTAL Supranational US Treasury 91282CDZ1 912828ZC7 91282CED9 912828ZL7 91282CFE6 91282CAM3 91282CFP1 91282CBC4 91282CBH3 91282CBQ3 91282CBT7 91282CCF6 91282CCW9 91282CDG3 US Treasury Note 1.500% Due 02/15/2025 US Treasury Note 1.125% Due 02/28/2025 US Treasury Note 1.750% Due 03/15/2025 US Treasury Note 0.375% Due 04/30/2025 US Treasury Note 3.125% Due 08/15/2025 US Treasury Note 0.250% Due 09/30/2025 US Treasury Note 4.250% Due 10/15/2025 US Treasury Note 0.375% Due 12/31/2025 US Treasury Note 0.375% Due 01/31/2026 US Treasury Note 0.500% Due 02/28/2026 US Treasury Note 0.750% Due 03/31/2026 US Treasury Note 0.750% Due 05/31/2026 US Treasury Note 0.750% Due 08/31/2026 US Treasury Note 1.125% Due 10/31/2026 1,605,000.00 24,845,000.00 2,000,000.00 2,000,000.00 2,000,000.00 4,000,000.00 3,000,000.00 2,500,000.00 10,000,000.00 1,000,000.00 4,000,000.00 2, 500, 000.00 5,000,000.00 2,000,000.00 2,000,000.00 5,000,000.00 07/06/2023 4.53% 1.64% 05/06/2022 2.92% 03/24/2020 0.52% 03/15/2022 2.00% Various 0.38% Various 4.34% 10/16/2020 0.32% Various 4.24% 12/29/2020 0.38% 02/23/2021 0.58% 03/26/2021 0.83% Various 0.85% 06/18/2021 0.91% 08/30/2021 0.77% Various 1.25% 1,603,218.45 1,603,296.46 24,617,633.10 24,643,896.48 1,925,156.25 1,962,836.72 2,058,984.38 2,016,899.47 1,985,312.50 1,992,877.57 3,998,593.75 3,999,544.15 2,905,703.13 2,936,223.47 2,491,406.25 2,496,528.26 10,002,724.61 10,002,245.48 999,921.88 999,964.83 3,960,625.00 3,981,361.33 2,459,960.94 2,480,370.39 4,974,804.69 4,987,373.90 1,985,000.00 1,991,914.13 1,998,515.63 1,999,134.25 4,970,498.06 4,981,423.66 98.82 4.78% 5.11% 94.99 5.32% 94.39 5.28% 95.09 5.29% 92.71 5.23% 96.47 5.12% 91.00 5.04% 98.43 5.07% 90.40 4.93% 90.02 4.96% 90.03 4.92% 90.43 4.86% 89.81 4.87% 89.05 4.82% 89.60 4.79% 1,586,043.35 15,648.75 0.57% (17,253.11) 23,103,091.80 8.26% 93,731.60 (1,540,804.68) 1,899,844.00 3,831.52 1,887,812.00 1,916.21 1,901,876.00 1,538.46 3,708,280.00 6,277.18 2,894,181.00 11,973.51 2,275,000.00 17.08 9,843,360.00 196,243.17 904,023.00 947.69 3,600,780.00 2,527.17 2,250,782.50 1,064.56 4,521,485.00 102.46 1,796,172.00 5,040.98 1,781,016.00 1,277.47 4,480,080.00 23,539.40 0.68% (62,992.72) 0.67% (129,087.47) 0.68% (91,001.57) 1.32% (291,264.15) 1.03% (42,042.47) 0.81 % (221,528.26) 3.57% (158,885.48) 0.32% (95,941.83) 1.28% (380,581.33) 0.80% (229,587.89) 1.61% (465,888.90) 0.64% (195,742.13) 0.63% (218,118.25) 1.60% (501,343.66) Aaa / AAA NR Aaa / AAA AAA Aaa / AA+ AA+ Aaa / AA+ AA+ Aaa / AA+ AA+ Aaa / AA+ AA+ Aaa / AA+ AA+ Aaa / AA+ AA+ Aaa / AA+ AA+ Aaa / AA+ AA+ Aaa / AA+ AA+ Aaa / AA+ AA+ Aaa / AA+ AA+ Aaa / AA+ AA+ Aaa / AA+ AA+ Aaa / AA+ AA+ 4.79 4.21 2.68 2.49 1.38 1.33 1.42 1.37 1.46 1.41 1.58 1.54 1.88 1.78 2.00 1.95 2.04 1.89 2.25 2.19 2.34 2.27 2.42 2.35 2.50 2.42 2.67 2.57 2.92 2.82 3.09 2.95 38 CM 43 Holdings Report City of Dublin - Account #10198 As of September 30, 2023 CUSIP Security Description Par Value/Units Purchase Date Book Yield Cost Value Book Value Mkt Price Mkt YTM Market Value Accrued Int. % of Port. Moody/S&P Maturity Gain/Loss Fitch Duration 912828Z78 91282CEN7 91282CEW7 91282CFM8 91282CGC9 91282CGT2 91282CHE4 91282CHQ7 US Treasury Note 1.500% Due 01/31/2027 US Treasury Note 2.750% Due 04/30/2027 US Treasury Note 3.250% Due 06/30/2027 US Treasury Note 4.125% Due 09/30/2027 US Treasury Note 3.875% Due 12/31/2027 US Treasury Note 3.625% Due 03/31/2028 US Treasury Note 3.625% Due 05/31/2028 US Treasury Note 4.125% Due 07/31/2028 TOTAL US Treasury TOTAL PORTFOLIO TOTAL MARKET VALUE PLUS ACCRUALS 4,500,000.00 7,000,000.00 9,000,000.00 10,000,000.00 10,000,000.00 7,000,000.00 4,500,000.00 9,000,000.00 108,000,000.00 294,342,265.10 Various 2.15% Various 3.55% Various 3.21% Various 3.95% Various 3.70% Various 3.58% Various 4.07% Various 4.51% 2.88% 4,367,285.16 4,407,603.46 6,761,484.38 6,816,342.07 9,018,066.41 9,010,512.87 10,074,062.50 10,061,898.12 10,078,828.13 10,067,970.09 7,014,042.96 7,012,903.14 4,412,773.44 4,416,874.18 8,848,203.13 8,849,166.12 107,291,953.18 107,471,967.66 294,051,424.88 2.66% 293,523,667.82 90.04 4.77% 93.51 4.74% 95.01 4.72% 97.92 4.70% 96.92 4.68% 95.87 4.65% 95.84 4.62% 97.84 4.63% 4.83% 4,051,759.50 11,372.28 6,545,819.00 80,557.06 8,551,053.00 73,919.84 9,791,800.00 1,127.04 9,691,800.00 97,927.99 6,710,704.00 693.31 4,312,971.00 54,820.69 8,805,942.00 62,547.55 102,206,540.00 639,262.62 1.45% (355,843.96) 2.36% (270,523.07) 3.07% (459,459.87) 3.49% (270,098.12) 3.48% (376,170.09) 2.39% (302,199.14) 1.55% (103,903.18) 3.16% (43,224.12) 36.60% (5,265,427.66) Aaa / AA+ AA+ Aaa / AA+ AA+ Aaa / AA+ AA+ Aaa / AA+ AA+ Aaa / AA+ AA+ Aaa / AA+ AA+ Aaa / AA+ AA+ Aaa / AA+ AA+ Aaa / AA+ AA+ 279,473,335.74 100.00% Aa1 / AA 5.24% 1,524,241.26 (14,050,332.08) AA+ 280,997,577.00 3.34 3.18 3.58 3.31 3.75 3.44 4.00 3.64 4.25 3.83 4.50 4.09 4.67 4.18 4.84 4.30 3.30 3.04 2.89 2.46 39 CM 44 Holdings Report City of Dublin Reporting Account - Account #10219 As of September 30, 2023 CUSIP Security Description Par Value/Units Purchase Date Book Yield Cost Value Book Value Mkt Price Mkt YTM Market Value Accrued Int. % of Port. Moody/S&P Maturity Gain/Loss Fitch Duration LAIF 90LAIF$00 Local Agency Investment Fund State Pool TOTAL LAIF Local Gov Investment Pool 90CAMP$00 California Asset Mgmt Program CAMP TOTAL Local Gov Investment Pool TOTAL PORTFOLIO TOTAL MARKET VALUE PLUS ACCRUALS 26,297,089.57 26,297,089.57 82,616,317.44 82,616,317.44 108,913,407.01 Various 26,297,089.57 3.61% 26,297,089.57 26,297,089.57 3.61% 26,297,089.57 Various 82,616,317.44 5.52% 82,616,317.44 82,616,317.44 5.52% 82,616,317.44 108,913,407.01 5.06% 108,913,407.01 1.00 3.61% 3.61% 1.00 5.52% 5.52% 5.06% 26,297,089.57 222,461.84 26,297,089.57 222,461.84 82,616,317.44 0.00 82,616,317.44 0.00 108,913,407.01 222,461.84 109,135,868.85 24.30% 0.00 24.30% 0.00 75.70% 0.00 75.70% 0.00 NR / NR NR NR / NR NR NR/AAA NR NR / AAA NR 100.00% NR / AAA 0.00 NR 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 40 CM 45 Section 5 I Transactions 41 Q 46 Transaction Ledger City of Dublin - Account #10198 June 30, 2023 through September 30, 2023 As of September 30, 2023 Transaction Settlement Type Date CUSIP Quantity Security Description Acq/Disp Price Yield Amount Interest Pur/Sold Total Amount Gain/Loss ACQUISITIONS Purchase 07/13/2023 45950KDD9 1,605,000.00 International Finance Corp Note 99.889 4.53% 1,603,218.45 0.00 1,603,218.45 0.00 4.5% Due: 07/13/2028 Purchase 07/18/2023 05592XAD2 550,000.00 BMW Vehicle Owner Trust 2023-A A3 99.982 5.54% 549,902.54 0.00 549,902.54 0.00 5.47% Due: 02/25/2028 Purchase 07/18/2023 459058KT9 1,300,000.00 Intl. Bank Recon & Development Note 97.148 4.14% 1,262,924.00 758.33 1,263,682.33 0.00 3.5% Due: 07/12/2028 Purchase 07/21/2023 91282CHE4 2,500,000.00 US Treasury Note 97.883 4.11% 2,447,070.31 12,628.07 2,459,698.38 0.00 3.625% Due: 05/31/2028 Purchase 07/27/2023 3130AWMN7 1,500,000.00 FHLB Note 100.441 4.27% 1,506,615.00 2,916.67 1,509,531.67 0.00 4.375% Due: 06/09/2028 Purchase 07/27/2023 459058KT9 1,625,000.00 Intl. Bank Recon & Development Note 96.313 4.33% 1,565,086.25 2,369.79 1,567,456.04 0.00 3.5% Due: 07/12/2028 Purchase 07/28/2023 3137F4D41 1,000,000.00 FHLMCK074A2 95.441 5.78% 954,414.06 2,700.00 957,114.06 0.00 3.6% Due: 01/25/2028 Purchase 08/18/2023 46647PAF3 2,000,000.00 JP Morgan Chase & Co Callable Note 2X 5/1/2027 92.717 6.08% 1,854,340.00 21,043.33 1,875,383.33 0.00 3.54% Due: 05/01/2028 Purchase 08/21/2023 06368LGV2 2,000,000.00 Bank of Montreal Callable Note Cont 1/1/2028 98.619 5.56% 1,972,380.00 5,781.11 1,978,161.11 0.00 5.203% Due: 02/01/2028 Purchase 08/31/2023 91282CHQ7 1,000,000.00 US Treasury Note 99.227 4.30% 992,265.63 3,474.86 995,740.49 0.00 4.125% Due: 07/31/2028 Purchase 09/08/2023 459058KT9 2,075,000.00 Intl. Bank Recon & Development Note 95.665 4.51% 1,985,048.75 11,297.22 1,996,345.97 0.00 3.5% Due: 07/12/2028 Purchase 09/11/2023 78016HZS2 2,500,000.00 ROYAL BANK OF CANADA Note 98.564 5.54% 2,464,100.00 18,416.67 2,482,516.67 0.00 5.2% Due: 08/01/2028 Purchase 09/12/2023 91282CHQ7 3,000,000.00 US Treasury Note 98.637 4.44% 2,959,101.56 14,459.92 2,973,561.48 0.00 4.125% Due: 07/31/2028 Purchase 09/15/2023 161571HT4 3,090,000.00 Chase Issuance Trust 23-Al A 99.972 5.23% 3,089,143.45 0.00 3,089,143.45 0.00 5.16% Due: 09/15/2028 Purchase 09/21/2023 91282CHQ7 2,000,000.00 US Treasury Note 98.176 4.55% 1,963,515.63 11,657.61 1,975,173.24 0.00 4.125% Due: 07/31/2028 42 CM 47 Transaction Ledger City of Dublin - Account #10198 June 30, 2023 through September 30, 2023 As of September 30, 2023 Transaction Type Settlement Date CUSIP Quantit Security Descrip '. . Price Acq/Disp Yield Amount Interest Total Amount Gain/Loss Pur/Sold Purchase Subtotal 09/26/2023 TOTAL ACQUISITIONS 91282CHQ7 3,000,000.00 US Treasury Note 4.125% Due: 07/31/2028 30,745,000.00 30,745,000.00 97.777 4.64% 2,933,320.31 19,167.80 2,952,488.11 30,102,445.94 126,671.38 30,229,117.32 30,102,445.94 126,671.38 30,229,117.32 0.00 0.00 0.00 DISPOSITIONS Sale Sale Sale Sale Sale Sale Sale Sale Sale Sale Subtotal 07/17/2023 3130A0F70 5,000,000.00 07/18/2023 023135BW5 865,000.00 09/07/2023 912828YH7 2,000,000.00 09/11/2023 78013XZU5 2,500,000.00 09/11/2023 9128283J7 1,500,000.00 09/11/2023 912828YH7 1,500,000.00 09/12/2023 9128283J7 1,500,000.00 09/12/2023 912828ZC7 1,500,000.00 09/21/2023 3135G0V34 2,000,000.00 09/26/2023 3130A1XJ2 1,695,000.00 20,060,000.00 FHLB Note 3.375% Due: 12/08/2023 Amazon.com Inc Note 0.45% Due: 05/12/2024 US Treasury Note 1.5% Due: 09/30/2024 Royal Bank of Canada Note 2.55% Due: 07/16/2024 US Treasury Note 2.125% Due: 11/30/2024 US Treasury Note 1.5% Due: 09/30/2024 US Treasury Note 2.125% Due: 11/30/2024 US Treasury Note 1.125% Due: 02/28/2025 FNMA Note 2.5% Due: 02/05/2024 FHLB Note 2.875% Due: 06/14/2024 99.191 2.73% 4,959,550.00 18,281.25 4,977,831.25 -52,304.30 96.003 0.50% 830,425.95 713.63 831,139.58 -34,229.52 95.988 1.65% 1,919,765.63 13,114.75 1,932,880.38 -77,088.51 97.253 2.28% 2,431,325.00 9,739.58 2,441,064.58 -74,146.69 96.242 1.76% 1,443,632.81 8,970.29 1,452,603.10 -62,726.39 96.059 1.65% 1,440,878.91 10,081.97 1,450,960.88 -56,785.94 96.234 1.76% 1,443,515.63 9,057.38 1,452,573.01 -62,829.30 94.277 0.52% 1,414,160.16 556.32 1,414,716.48 -98,981.14 98.874 2.58% 1,977,480.00 6,388.89 1,983,868.89 -21,937.96 98.123 1.96% 1,663,184.85 13,807.19 1,676,992.04 -42,319.33 19,523,918.94 90,711.25 19,614,630.19 -583,349.08 43 CM 48 Transaction Ledger City of Dublin - Account #10198 June 30, 2023 through September 30, 2023 As of September 30, 2023 Transaction Type Settlement Date CUSIP Quantity Security Description Acq/Disp Price Yield Amount Interest Pur/Sold Total Amount Gain/Loss Call 07/23/2023 46647PAU0 Subtotal Maturity 08/11/2023 06406RAJ6 Subtotal 2,500,000.00 JP Morgan Chase & Co Callable Note 1X 7/23/2023 100.000 Due: 07/23/2024 2,500,000.00 1, 200, 000.00 1,200,000.00 TOTAL DISPOSITIONS 23,760,000.00 Bank of NY Mellon Corp Note 3.45% Due: 08/11/2023 100.000 2.35% 2,500,000.00 2,500,000.00 1,200,000.00 1,200,000.00 0.00 0.00 0.00 2,500,000.00 2,500,000.00 1, 200, 000.00 0.00 1,200,000.00 0.00 0.00 0.00 0.00 23,223,918.94 90,711.25 23,314,630.19 -583,349.08 44 CM 49 Transaction Ledger City of Dublin Reporting Account - Account #10219 June 30, 2023 through September 30, 2023 As of September 30, 2023 Transaction Settlement Type Date CUSIP Quantity Security Description c Price Aq/Disp Yield Amount Interest Pur/Sold Total Amount Gain/Loss ACQUISITIONS Purchase 07/15/2023 90LAIF$00 204,860.61 Purchase 07/31/2023 90CAMP$00 425,172.48 Purchase 08/31/2023 90CAMP$00 392,308.67 Purchase 09/29/2023 90CAMP$00 372,957.34 Local Agency Investment Fund State Pool California Asset Mgmt Program CAMP California Asset Mgmt Program CAMP California Asset Mgmt Program CAMP 1.000 3.26% 204,860.61 0.00 204,860.61 1.000 5.43% 425,172.48 0.00 425,172.48 1.000 5.54% 392,308.67 0.00 392,308.67 1.000 5.54% 372,957.34 0.00 372,957.34 Subtotal 1,395,299.10 Security 07/11/2023 90CAMP$00 4,000,000.00 California Asset Mgmt Program CAMP 1.000 Contribution Security 09/07/2023 90CAMP$00 4,500,000.00 California Asset Mgmt Program CAMP 1.000 Contribution Subtotal 8,500,000.00 TOTAL ACQUISITIONS 9,895,299.10 0.00 0.00 0.00 0.00 1,395,299.10 0.00 1,395,299.10 0.00 4,000,000.00 0.00 4,000,000.00 0.00 4,500,000.00 0.00 4,500,000.00 0.00 8,500,000.00 0.00 8,500,000.00 0.00 9,895,299.10 0.00 9,895,299.10 0.00 DISPOSITIONS Security 07/18/2023 90CAMP$00 7,000,000.00 California Asset Mgmt Program CAMP 1.000 7,000,000.00 0.00 7,000,000.00 0.00 Withdrawal Security 08/02/2023 90CAMP$00 550,000.00 California Asset Mgmt Program CAMP 1.000 550,000.00 0.00 550,000.00 0.00 Withdrawal Security 08/08/2023 90CAMP$00 5,500,000.00 California Asset Mgmt Program CAMP 1.000 5,500,000.00 0.00 5,500,000.00 0.00 Withdrawal Security 08/17/2023 90CAMP$00 6,300,000.00 California Asset Mgmt Program CAMP 1.000 6,300,000.00 0.00 6,300,000.00 0.00 Withdrawal Security 08/22/2023 90CAMP$00 1,700,000.00 California Asset Mgmt Program CAMP 1.000 1,700,000.00 0.00 1,700,000.00 0.00 Withdrawal 45 CM 50 Transaction Ledger City of Dublin Reporting Account - Account #10219 June 30, 2023 through September 30, 2023 As of September 30, 2023 Transaction Settlement Type Date CUSIP Quantity Security Description Price Acq/Disp Yield Amount Interest Total Amount Gain/Loss Pur/Sold Security Withdrawal Subtotal TOTAL DISPOSITIONS 09/20/2023 90CAM P$00 700,000.00 California Asset Mgmt Program CAMP 21,750,000.00 21,750,000.00 1.000 700,000.00 21,750,000.00 0.00 700, 000.00 0.00 0.00 21,750,000.00 0.00 21,750,000.00 0.00 21,750,000.00 0.00 46 Q 51 Important Disclosures 2023 Chandler Asset Management, Inc, An Independent Registered Investment Adviser. As of September 30, 2023 Information contained herein is confidential. Prices are provided by ICE Data Services Inc ("IDS"), an independent pricing source. In the event IDS does not provide a price or if the price provided is not reflective of fair market value, Chandler will obtain pricing from an alternative approved third party pricing source in accordance with our written valuation policy and procedures. Our valuation procedures are also disclosed in Item 5 of our Form ADV Part 2A. Performance results are presented gross -of -advisory fees and represent the client's Total Return. The deduction of advisory fees lowers performance results. These results include the reinvestment of dividends and other earnings. Past performance may not be indicative of future results. Therefore, clients should not assume that future performance of any specific investment or investment strategy will be profitable or equal to past performance levels. All investment strategies have the potential for profit or loss. Economic factors, market conditions or changes in investment strategies, contributions or withdrawals may materially alter the performance and results of your portfolio. Index returns assume reinvestment of all distributions. Historical performance results for investment indexes generally do not reflect the deduction of transaction and/or custodial charges or the deduction of an investment management fee, the incurrence of which would have the effect of decreasing historical performance results. It is not possible to invest directly in an index. Source ICE Data Indices, LLC ("ICE"), used with permission. ICE permits use of the ICE indices and related data on an "as is" basis; ICE, its affiliates and their respective third party suppliers disclaim any and all warranties and representations, express and/or implied, including any warranties of merchantability or fitness for a particular purpose or use, including the indices, index data and any data included in, related to, or derived therefrom. Neither ICE data, its affiliates or their respective third party providers guarantee the quality, adequacy, accuracy, timeliness or completeness of the indices or the index data or any component thereof, and the indices and index data and all components thereof are provided on an "as is" basis and licensee's use it at licensee's own risk. ICE data, its affiliates and their respective third party do not sponsor, endorse, or recommend chandler asset management, or any of its products or services. This report is provided for informational purposes only and should not be construed as a specific investment or legal advice. The information contained herein was obtained from sources believed to be reliable as of the date of publication, but may become outdated or superseded at any time without notice. Any opinions or views expressed are based on current market conditions and are subject to change. This report may contain forecasts and forward -looking statements which are inherently limited and should not be relied upon as indicator of future results. Past performance is not indicative of future results. This report is not intended to constitute an offer, solicitation, recommendation or advice regarding any securities or investment strategy and should not be regarded by recipients as a substitute for the exercise of their own judgment. Fixed income investments are subject to interest, credit and market risk. Interest rate risk: the value of fixed income investments will decline as interest rates rise. Credit risk: the possibility that the borrower may not be able to repay interest and principal. Low rated bonds generally have to pay higher interest rates to attract investors willing to take on greater risk. Market risk: the bond market in general could decline due to economic conditions, especially during periods of rising interest rates. Ratings information have been provided by Moody's, S&P and Fitch through data feeds we believe to be reliable as of the date of this statement, however we cannot guarantee its accuracy. Security level ratings for U.S. Agency issued mortgage -backed securities ("MBS") reflect the issuer rating because the securities themselves are not rated. The issuing U.S. Agency guarantees the full and timely payment of both principal and interest and carries a AA+/Aaa/AAA by S&P, Moody's and Fitch respectively. Your qualified custodian bank maintains control of all assets reflected in this statement and we urge you to compare this statement to the one you receive from your qualified custodian. Chandler does not have any authority to withdraw or deposit funds from/to the custodian account. 47 CM 52 Benchmark Disclosures As of September 30, 2023 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. 48 a;. 53 Attachment 2 Transaction Ledger City of Dublin - Account #10198 June 30, 2023 through September 30, 2023 As of September 30, 2023 Transaction Settlement Type Date CUSIP Quantity Security Description Acq/Disp Price Yield Amount Interest Pur/Sold Total Amount Gain/Loss ACQUISITIONS Purchase 07/13/2023 45950KDD9 1,605,000.00 International Finance Corp Note 99.889 4.53% 1,603,218.45 0.00 1,603,218.45 0.00 4.5% Due: 07/13/2028 Purchase 07/18/2023 05592XAD2 550,000.00 BMW Vehicle Owner Trust 2023-A A3 99.982 5.54% 549,902.54 0.00 549,902.54 0.00 5.47% Due: 02/25/2028 Purchase 07/18/2023 459058KT9 1,300,000.00 Intl. Bank Recon & Development Note 97.148 4.14% 1,262,924.00 758.33 1,263,682.33 0.00 3.5% Due: 07/12/2028 Purchase 07/21/2023 91282CHE4 2,500,000.00 US Treasury Note 97.883 4.11% 2,447,070.31 12,628.07 2,459,698.38 0.00 3.625% Due: 05/31/2028 Purchase 07/27/2023 3130AWMN7 1,500,000.00 FHLB Note 100.441 4.27% 1,506,615.00 2,916.67 1,509,531.67 0.00 4.375% Due: 06/09/2028 Purchase 07/27/2023 459058KT9 1,625,000.00 Intl. Bank Recon & Development Note 96.313 4.33% 1,565,086.25 2,369.79 1,567,456.04 0.00 3.5% Due: 07/12/2028 Purchase 07/28/2023 3137F4D41 1,000,000.00 FHLMCK074A2 95.441 5.78% 954,414.06 2,700.00 957,114.06 0.00 3.6% Due: 01/25/2028 Purchase 08/18/2023 46647PAF3 2,000,000.00 JP Morgan Chase & Co Callable Note 2X 5/1/2027 92.717 6.08% 1,854,340.00 21,043.33 1,875,383.33 0.00 3.54% Due: 05/01/2028 Purchase 08/21/2023 06368LGV2 2,000,000.00 Bank of Montreal Callable Note Cont 1/1/2028 98.619 5.56% 1,972,380.00 5,781.11 1,978,161.11 0.00 5.203% Due: 02/01/2028 Purchase 08/31/2023 91282CHQ7 1,000,000.00 US Treasury Note 99.227 4.30% 992,265.63 3,474.86 995,740.49 0.00 4.125% Due: 07/31/2028 Purchase 09/08/2023 459058KT9 2,075,000.00 Intl. Bank Recon & Development Note 95.665 4.51% 1,985,048.75 11,297.22 1,996,345.97 0.00 3.5% Due: 07/12/2028 Purchase 09/11/2023 78016HZS2 2,500,000.00 ROYAL BANK OF CANADA Note 98.564 5.54% 2,464,100.00 18,416.67 2,482,516.67 0.00 5.2% Due: 08/01/2028 Purchase 09/12/2023 91282CHQ7 3,000,000.00 US Treasury Note 98.637 4.44% 2,959,101.56 14,459.92 2,973,561.48 0.00 4.125% Due: 07/31/2028 Purchase 09/15/2023 161571HT4 3,090,000.00 Chase Issuance Trust 23-Al A 99.972 5.23% 3,089,143.45 0.00 3,089,143.45 0.00 5.16% Due: 09/15/2028 Purchase 09/21/2023 91282CHQ7 2,000,000.00 US Treasury Note 98.176 4.55% 1,963,515.63 11,657.61 1,975,173.24 0.00 4.125% Due: 07/31/2028 42 CM 54 Transaction Ledger City of Dublin - Account #10198 June 30, 2023 through September 30, 2023 As of September 30, 2023 Transaction Type Settlement Date CUSIP Quantit Security Descrip '. . Price Acq/Disp Yield Amount Interest Total Amount Gain/Loss Pur/Sold Purchase Subtotal 09/26/2023 TOTAL ACQUISITIONS 91282CHQ7 3,000,000.00 US Treasury Note 4.125% Due: 07/31/2028 30,745,000.00 30,745,000.00 97.777 4.64% 2,933,320.31 19,167.80 2,952,488.11 30,102,445.94 126,671.38 30,229,117.32 30,102,445.94 126,671.38 30,229,117.32 0.00 0.00 0.00 DISPOSITIONS Sale Sale Sale Sale Sale Sale Sale Sale Sale Sale Subtotal 07/17/2023 3130A0F70 5,000,000.00 07/18/2023 023135BW5 865,000.00 09/07/2023 912828YH7 2,000,000.00 09/11/2023 78013XZU5 2,500,000.00 09/11/2023 9128283J7 1,500,000.00 09/11/2023 912828YH7 1,500,000.00 09/12/2023 9128283J7 1,500,000.00 09/12/2023 912828ZC7 1,500,000.00 09/21/2023 3135G0V34 2,000,000.00 09/26/2023 3130A1XJ2 1,695,000.00 20,060,000.00 FHLB Note 3.375% Due: 12/08/2023 Amazon.com Inc Note 0.45% Due: 05/12/2024 US Treasury Note 1.5% Due: 09/30/2024 Royal Bank of Canada Note 2.55% Due: 07/16/2024 US Treasury Note 2.125% Due: 11/30/2024 US Treasury Note 1.5% Due: 09/30/2024 US Treasury Note 2.125% Due: 11/30/2024 US Treasury Note 1.125% Due: 02/28/2025 FNMA Note 2.5% Due: 02/05/2024 FHLB Note 2.875% Due: 06/14/2024 99.191 2.73% 4,959,550.00 18,281.25 4,977,831.25 -52,304.30 96.003 0.50% 830,425.95 713.63 831,139.58 -34,229.52 95.988 1.65% 1,919,765.63 13,114.75 1,932,880.38 -77,088.51 97.253 2.28% 2,431,325.00 9,739.58 2,441,064.58 -74,146.69 96.242 1.76% 1,443,632.81 8,970.29 1,452,603.10 -62,726.39 96.059 1.65% 1,440,878.91 10,081.97 1,450,960.88 -56,785.94 96.234 1.76% 1,443,515.63 9,057.38 1,452,573.01 -62,829.30 94.277 0.52% 1,414,160.16 556.32 1,414,716.48 -98,981.14 98.874 2.58% 1,977,480.00 6,388.89 1,983,868.89 -21,937.96 98.123 1.96% 1,663,184.85 13,807.19 1,676,992.04 -42,319.33 19,523,918.94 90,711.25 19,614,630.19 -583,349.08 43 CM 55 Transaction Ledger City of Dublin - Account #10198 June 30, 2023 through September 30, 2023 As of September 30, 2023 Transaction Settlement Type Date CUSIP Quantity Security Description Acq/Disp Price Yield Amount Interest Pur/Sold Total Amount Gain/Loss Call Subtotal 07/23/2023 46647PAU0 2,500,000.00 JP Morgan Chase & Co Callable Note 1X 7/23/2023 100.000 Due: 07/23/2024 2,500,000.00 Maturity 08/11/2023 06406RAJ6 1,200,000.00 Bank of NY Mellon Corp Note 3.45% Due: 08/11/2023 Subtotal 1,200,000.00 TOTAL DISPOSITIONS 23,760,000.00 100.000 2.35% 2,500,000.00 2,500,000.00 1,200,000.00 0.00 0.00 0.00 1,200,000.00 0.00 2,500,000.00 2,500,000.00 1, 200, 000.00 0.00 0.00 0.00 1,200,000.00 0.00 23,223,918.94 90,711.25 23,314,630.19 -583,349.08 44 CA 56 Transaction Ledger City of Dublin Reporting Account - Account #10219 June 30, 2023 through September 30, 2023 As of September 30, 2023 Transaction Settlement Type Date CUSIP Quantity Security Description c Price Aq/Disp Yield Amount Interest Pur/Sold Total Amount Gain/Loss ACQUISITIONS Purchase 07/15/2023 90LAIF$00 204,860.61 Purchase 07/31/2023 90CAMP$00 425,172.48 Purchase 08/31/2023 90CAMP$00 392,308.67 Purchase 09/29/2023 90CAMP$00 372,957.34 Local Agency Investment Fund State Pool California Asset Mgmt Program CAMP California Asset Mgmt Program CAMP California Asset Mgmt Program CAMP 1.000 3.26% 204,860.61 0.00 204,860.61 1.000 5.43% 425,172.48 0.00 425,172.48 1.000 5.54% 392,308.67 0.00 392,308.67 1.000 5.54% 372,957.34 0.00 372,957.34 Subtotal 1,395,299.10 Security 07/11/2023 90CAMP$00 4,000,000.00 California Asset Mgmt Program CAMP 1.000 Contribution Security 09/07/2023 90CAMP$00 4,500,000.00 California Asset Mgmt Program CAMP 1.000 Contribution Subtotal 8,500,000.00 TOTAL ACQUISITIONS 9,895,299.10 0.00 0.00 0.00 0.00 1,395,299.10 0.00 1,395,299.10 0.00 4,000,000.00 0.00 4,000,000.00 0.00 4,500,000.00 0.00 4,500,000.00 0.00 8,500,000.00 0.00 8,500,000.00 0.00 9,895,299.10 0.00 9,895,299.10 0.00 DISPOSITIONS Security 07/18/2023 90CAMP$00 7,000,000.00 California Asset Mgmt Program CAMP 1.000 7,000,000.00 0.00 7,000,000.00 0.00 Withdrawal Security 08/02/2023 90CAMP$00 550,000.00 California Asset Mgmt Program CAMP 1.000 550,000.00 0.00 550,000.00 0.00 Withdrawal Security 08/08/2023 90CAMP$00 5,500,000.00 California Asset Mgmt Program CAMP 1.000 5,500,000.00 0.00 5,500,000.00 0.00 Withdrawal Security 08/17/2023 90CAMP$00 6,300,000.00 California Asset Mgmt Program CAMP 1.000 6,300,000.00 0.00 6,300,000.00 0.00 Withdrawal Security 08/22/2023 90CAMP$00 1,700,000.00 California Asset Mgmt Program CAMP 1.000 1,700,000.00 0.00 1,700,000.00 0.00 Withdrawal 45 CM 57 Transaction Ledger City of Dublin Reporting Account - Account #10219 June 30, 2023 through September 30, 2023 As of September 30, 2023 Transaction Settlement Type Date CUSIP Quantity Security Description Price Acq/Disp Yield Amount Interest Total Amount Gain/Loss Pur/Sold Security Withdrawal Subtotal TOTAL DISPOSITIONS 09/20/2023 90CAM P$00 700,000.00 California Asset Mgmt Program CAMP 21,750,000.00 21,750,000.00 1.000 700,000.00 21,750,000.00 0.00 700, 000.00 0.00 0.00 21,750,000.00 0.00 21,750,000.00 0.00 21,750,000.00 0.00 46 Q 58