HomeMy WebLinkAbout4.7 Q4 Investment Report
STAFF REPORT
CITY COUNCIL
DATE:August 16, 2016
TO:
Honorable Mayor and City Councilmembers
FROM:
Christopher L. Foss, City Manager
SUBJECT:
City Treasurer's Informational Report of Investments for the Quarter
Ending June 30, 2016
Prepared by: Jay Baksa, Financial Analyst
EXECUTIVE SUMMARY:
The City of Dublin's Investment Policy calls for a semi-annual report of investments.
This report is for the quarter ending June 30, 2016, and includes a monthly
transaction ledger. The City’s investment portfolio for this period totaled
$203,290,520 (market value) with an average market yield of 0.80%. All
investment transactions continue to comply with the City's Investment Policy and
the California Government Code. 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:
Staff recommends that the City Council receive the report.
FINANCIAL IMPACT:
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 receipt of revenues and
payment of expenditures, the quarterly cash balance can vary from quarter to quarter.
At this time, Staff is not anticipating interest earnings to vary significantly from the
Fiscal Year 2015-16 Budget.
DESCRIPTION:
The total investment portfolio of $203,290,520 (market value) is comprised of
$147,961,348 managed by Chandler Asset Management (Chandler), and $55,329,172
invested by the City in local government pools. The average market yield of the
Chandler portfolio and the local pools was 0.88% and 0.56% respectively. The total
investment portfolio balance fluctuates throughout the year due to normal cash flow
Page 1 of 4
needs and includes both discretionary and restricted funds.
Economic Update Highlights
The following are some highlights from the Economic Update included in the attached
Investment Report prepared by Chandler (Attachment 1):
The Federal Open Market Committee (FOMC) voted to keep the fed funds rate
unchanged at the June 14-15 meeting. Just a week later, Britain’s unexpected vote to
leave the European Union shocked the financial markets and prompted a broad selloff.
The long-term implications of the Brexit vote remain uncertain. Near term it is expected
that the financial markets will remain volatile and interest rates are now projected to
remain lower for longer.
Although the global economy faces headwinds, domestic economic data continues to
point toward modest growth. The unemployment rate was 4.9% in June as 287,000
jobs were added versus the consensus forecast of 180,000. Retail sales rose 2.7% in
June on a year-over-year basis, well above expectations. Housing starts continue to be
strong up 9.5% on a year-over-year basis. Overall the first quarter 2016 GDP grew
1.1%, following growth of 1.4% in the fourth quarter. The consensus forecast call for
GDP growth of 2.5% in the second quarter and 2.2% in the third quarter.
Negative interest rates in Europe and Japan has led to a high demand for US Treasury
securities. This has resulted in a decrease in the yield of the securities in June, the 2-
year Treasury yield declined nearly 30 basis points and the 10-year Treasury declined
almost 38 basis points. On a year-over-year basis the 2-year Treasury is down 6 basis
points and the 10-year yield is down 90 basis points. While the FOMC’s median
projection calls for two hikes before year-end, Chandler believes this projection is
unlikely to be met.
City of Dublin Portfolio
The City's portfolio managed by Chandler has maintained a healthy balance of
investment types. As illustrated in Chart 1 below, the City’s holding as managed by
Chandler, remained consistent with the prior quarter.
Page 2 of 4
Chart 1: Investments by Type, March 31, 2016 - June 30, 2016
The market value of the City's portfolio increased $1.2 million since March 2016 (see
Table 1 below), and $3.2 million over the same quarter the prior year, due to the timing
of various City obligations.
Table 1: Portfolio Values and Yield to Maturity
Overall market yield-to-maturity (YTM) decreased from 0.86% to 0.80 % (see Table 2
below) for detailed monthly transactions, see Attachments 2 - 4.
Page 3 of 4
Table 2: Quarterly Holdings (Par Value) by Type, and YTM, 5 Quarters
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 City has typically
carried close to the $50 million maximum allowable in LAIF with any excesses resulting
from the timing of large payments deposited into CAMP as a temporary holding place.
Table 3:
Quarterly LAIF Yields, Recent Six Years - 2 Quarters
NOTICING REQUIREMENTS/PUBLIC OUTREACH:
None.
ATTACHMENTS:
1. City of Dublin Investment Report, June 30, 2016
2. Transactions April 2016
3. Transactions May 2016
4. Transactions June 2016
Page 4 of 4
6225 Lusk Blvd | San Diego, CA 92121 | Phone 800.317.4747 | Fax 858.546.3741 | www.chandlerasset.com
CHANDLER ASSET MANAGEMENT
Period Ending
June 30, 2016
City of Dublin
Investment Report
Table of Contents
SECTION 1 Economic Update
SECTION 2 Account Profile
SECTION 3 Consolidated Information
SECTION 4 Portfolio Holdings
1
SECTION 1
Economic Update
2
Althoughtheglobaleconomyfacesheadwinds,domesticeconomicdatacontinues to pointtowardmodestgrowth,in
our view.Nonfarmpayrollgrowthwaslower in thesecondquarterthanthefirstquarter,but remainedhigh enough to
absorb new entrantsintothelabormarket.Theunemploymentratewas4.9%in June and wagegrowthcontinued to
tickhigherduringthemonth.Consumerconfidenceremainsstrong and consumerspending has recentlyimproved.
Thehousingsectorappearshealthy and pricingremainsfirm.Meanwhile,manufacturingtrendshaveimproved but
remainsluggish.Inflationpressuresaremuted(fornow)withtheCorePCEindex up just1.6%year-over-year in May.
Firstquarter 2016 GDPgrew1.1%,followinggrowth of 1.4%in thefourthquarter.Theconsensusforecastcallfor
GDP growth of 2.5% in the second quarter and 2.2% in the third quarter.
Economic Update
TheFederalOpenMarketCommittee(FOMC)voted to keepthefedfundsrateunchanged at theJune14-15meeting.
TheFOMCstatementwasmostlybalanced,notingthatthepace of labormarketgainsslowed but economicactivity
picked up.Brexitfears and thecorrespondingvolatility in sovereign bond yields,alongwiththedisappointingMayjobs
report,likelypromptedtheFed to keepmonetarypolicy on hold.In her pressconference,FedChairYellenconceded
that the Fed can more effectively respond to an overshoot of inflation than they can to a weakening labor market and/or
deflation.In hindsight,theFed'scautiousstance in Juneseems to have been prudent.Justaweeklater,Britain's
unexpectedvote to theleavetheEuropeanUnionwasashock to thefinancialmarkets and promptedabroadselloff of
riskassets and spike in volatility.Thelong-termimplications of theBrexitvotearehighlyuncertain.Nearterm,we
expectfinancialmarketvolatility to remainelevated and interestrates to staylowerforlonger.We believethehurdle
rateforfuturefedfundsratehikes has movedmateriallyhigher.Furthermore,we expecttheFederalReserve to
remain on hold over the near-term.
In June,the2-yearTreasuryyielddeclinednearly 30 basispoints and the10-yearTreasuryyielddeclinedalmost 38
basispoints.Negativeinterestrates in Europe and Japan,investors’hunt foryield,and aglobalflight to quality
continue to fueldemandfor US Treasurysecurities.Elevatedmarketvolatility,thepotentialforafurtherslowdown in
globaleconomicgrowth,and highlyaccommodativemonetarypolicies by otherglobalcentralbankswillcontinue to
influencetheFederalReserve.TheFOMC'smedianprojectioncallsfortworatehikesbeforeyear-end,but we believe
this projection is unlikely to be met.
3
Nonfarmpayrollsweremuchstrongerthanexpected in June,up 287,000versustheconsensusforecast of 180,000.However,May
payrolls(whichwerealreadyquitelow)werereviseddown to 11,000from38,000.Duringthesecondquarter,payrollsincreased byan
average of 147,000 per month,compared to an average of 196,000duringthefirstquarter.Jobgrowth has decelerated but remains
consistentwithslowdomesticeconomicgrowth.Theunemploymentrateincreased to 4.9%in Junefrom4.7%in May,as the
participationrateincreased to 62.7%from62.6%.Abroadermeasure of unemploymentcalledtheU-6,whichincludesthosewhoare
marginallyattached to thelaborforce and employedparttimeforeconomicreasons,edged down to 9.6%from9.7%.Wagesinched up
0.1% in June, following growth of 0.2% in May. On a year-over-year basis, wages were up 2.6% in June.
Employment
Source: US Department of Labor Source: US Department of Labor
0
50
100
150
200
250
300
350
M
O
M
C
h
a
n
g
e
I
n
(
0
0
0
'
s
)
Nonfarm Payroll (000's)
4.0%
5.0%
6.0%
7.0%
8.0%
9.0%
10.0%
11.0%
12.0%
13.0%
14.0%
15.0%
Unemployment Rate
Underemployment Rate (U6)
Unemployment Rate (U3)
Ra
t
e
(
%
)
4
Inflationpressuresremaincontainedfornow.TheConsumerPriceIndex(CPI)was up just1.0%year-over-year in June,vs.1.1%in
May.CoreCPI(CPIlessfood and energy)was up 2.3%year-over-year in June,vs.2.2%in May.ThePersonalConsumption
Expenditures(PCE)indexwas up 0.9%year-over-year in May,vs.up 1.1%in April.CorePCE(excludingfood and energy)was
unchanged in May,up 1.6%year-over-year.AlthoughCoreCPI is trendingabove2.0%,theFed'sprimaryinflation gauge is PCEwhich
remains below the Fed's 2.0% target.
Inflation
Source: US Department of Labor Source: US Department of Labor
-0.5%
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
Consumer Price Index (CPI)
CPI YOY % Change
Core CPI YOY % Change
YO
Y
(
%
)
C
h
a
n
g
e
-0.5%
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
Personal Consumption Expenditures
(PCE)
PCE Price Deflator YOY % Change
PCE Core Deflator YOY % Change
YO
Y
(
%
)
C
h
a
n
g
e
5
Retailsalesrose2.7%in June on ayear-over-yearbasis,followinga2.2%increase in May.Retailsaleswere up 0.6%month-over-
month,wellaboveexpectations.Excludingautos and gas,retailsaleswere up 0.7%month-over-month,vs.expectations of 0.3%.
Meanwhile,theconsumerconfidenceindexjumped to 98.0 in Junefrom92.4 in May.Overall,reports on consumerspendinghave been
mixed in recent months but we believe the underlying trend is favorable.
Consumer
Source: US Department of Commerce Source: Federal Reserve
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
Retail Sales YOY % Change
YO
Y
(
%
)
C
h
a
n
g
e
75
80
85
90
95
100
105
110
In
d
e
x
L
e
v
e
l
Consumer Confidence
6
TheIndex of LeadingEconomicIndicators(LEI)declined0.2%in May,draggeddown by asince-reversedjump in initialjoblessclaims.
According to theConferenceBoard(whichpublishestheLEI),“while theLEIsuggeststheeconomywillcontinuegrowing at amoderate
pace in the near term,volatility in financialmarkets and amoderatingoutlook in labormarketscouldposedownsiderisks to growth."
Meanwhile,theChicagoFedNationalActivityIndex(CFNAI)declined to -0.36 in May on a3-monthmovingaveragebasis,alevel
consistentwithbelow-trendeconomicgrowth.Notably,areadingbelow-0.70 on a3-monthmovingaveragebasis has historically
corresponded with the onset of a recession; fortunately the CFNAI remains safely above that level.
Economic Activity
-0.4%
-0.2%
0.0%
0.2%
0.4%
0.6%
0.8%
1.0%
Leading Economic Indicators (LEI)
M
O
M
(
%
)
C
h
a
n
g
e
-0.40
-0.30
-0.20
-0.10
0.00
0.10
0.20
0.30
0.40
Chicago Fed National Activity Index
(CFNAI)
3
M
o
n
t
h
A
v
e
r
a
g
e
Source: The Conference Board Source: Federal Reserve Bank of Chicago
7
Total housing starts slipped 0.3% on a month-over-month basis in May, but were up 9.5% on a year-over-year basis. Month-over-month,
single-familystartsrose0.3%in Maywhilemulti-familystartsdeclined1.2%.However,year-over-year,single-familystartswere up
10.1%in May and multi-familystartswere up 8.4%.Housingstartstend to be volatile on amonth-to-monthbasis and thedata is subject
to revision.Multi-familystartswereparticularlystrong in 2015,makingtheyear-over-yearcomparisonchallenging.We believe
underlyingtrends in thehousingmarketremainhealthy.According to theCase-Shiller20-Cityhomepriceindex,homepriceswere up
5.4% year-over-year in April, vs. up 5.5% year-over-year in March.
Housing
Source: US Census Bureau Source: S&P
0
200
400
600
800
1000
1200
1400
M
O
M
C
h
a
n
g
e
(
I
n
T
h
u
s
a
n
d
s
o
f
U
n
i
t
s
)
Housing Starts
Multi Family Housing Starts
Single Family Housing Starts
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
S&P/CaseShiller 20 City Composite Home
Price Index
YO
Y
(
%
)
C
h
a
n
g
e
8
TheInstituteforSupplyManagement(ISM)manufacturingindexincreased to 53.2 in Junefrom51.3 in May.Theindex is abovethe50.0
breakevenlevel,whichsuggeststhatthemanufacturingsector is expandingslightly.Notably,areadingabove43.1overaperiod of time
is generallyindicative of broadeconomicexpansion,based on thehistoricalrelationshipbetweentheindex and GDPgrowth.
Meanwhile,capacityutilization,which is productiondivided by capacity,increased to 75.4%in Junefrom74.9%in May.Thecapacity
utilizationrateremainsbelowthelong-runaverage of 80.0%(1972-2015),suggestingthere is stillexcesscapacity in theindustrial
sector.
Manufacturing
Source: Institute for Supply Management Source: Federal Reserve
46
48
50
52
54
56
58
60
Institute of Supply Management Purchasing
Manager Index
Expanding
Contracting
74.0%
75.0%
76.0%
77.0%
78.0%
79.0%
80.0%
Capacity Utilization
Ra
t
e
(
%
)
9
FirstquarterrealGDPgrowthwasrevised up again to 1.1%,fromthesecondestimate of 0.8%and theadvanceestimate of 0.5%.This
followsgrowth of 1.4%in thefourthquarter.Thesecondupwardrevision to firstquarterGDPwasdriven byan upwardadjustment to
nonresidentialinvestment andnet exports.GrowthfromPersonalConsumptionExpenditures(PCE)decelerated in thefirstquarter
fromthefourthquarter but continued to be thebiggestoverallcontributor to economicgrowth.MarketparticipantsareforecastingGDP
growth of about 2.5% in the second quarter of 2016.
Gross Domestic Product (GDP)
Source: US Department of Commerce Source: US Department of Commerce
6/159/1512/153/16
2.4%2.0%1.7%1.0%
0.9%-0.1%-0.2%-0.3%
0.2%-0.3%-0.1%0.1%
0.0%0.0%0.2%-0.1%
0.5%0.3%-0.1%0.3%
3.9%2.0%1.4%1.1%
Federal Government Expenditures
Total
Net Exports and Imports
Personal Consumption Expenditures
Gross Private Domestic Investment
State and Local (Consumption and Gross
Investment)
Components of GDP
-2.0%
-1.0%
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
Gross Domestic Product (GDP)
GDP QOQ % Change
GDP YOY % Change
10
Source: Bloomberg
Overthepastthreemonths,theyieldcurveflattenedwiththe2-yearTreasuryyielddown 14 basispoints and the10-yearTreasuryyield
down 30 basispoints.Theflattening is evenmorepronounced on ayear-over-yearbasiswiththe2-yearTreasuryyielddown6basis
points and the10-yearTreasuryyielddownnearly 90 basispoints.Overthepastyear,financialmarketvolatility hasbeen elevated due
to weak global economic growth, volatile commodity prices, and divergent global central bank monetary policy.
Bond Yields
Source: Bloomberg
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
US Treasury Note Yields
2-Year
5-Year
10-Year
Yi
e
l
d
(
%
)
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
3.5%
US Treasury Yield Curve
Jun-16
Mar-16
Jun-15
Yi
e
l
d
(
%
)
11
SECTION 2
Account Profile
12
Objectives
Chandler Asset Management Performance Objective
The performance objective of the City of Dublin is to earn a return that equals or exceeds the return on of the
Bank of America Merrill Lynch 1-5 Year Treasury and Agency Index.
Investment Objectives
The investment objectives of the City of Dublin are first, to provide safety of principal; second, to provide
adequate liquidity to meet all requirements which might be reasonably anticipated; third, to attain a market
average rate of return on its investments throughout economic cycles; and fourth, to be diversified to avoid
incurring unreasonable and avoidable risks regarding specific security types or individual financial
institutions.
Strategy
In order to achieve this objective, the portfolio invests in high-quality money market instruments, including
US Treasury securities, US agency securities and A or higher rated Corporate medium term notes.
13
Compliance
Category Standard Comment
Treasury Issues No limitations Complies
Agency Issues 35% max per issuer; 25% max callables Complies
Municipal Issues "A" rated or higher by a NRSRO; 5% max per issuer Complies
Medium Term Notes "A" rated or higher by a NRSRO; 30% max; 5% max per issuerComplies
Banker’s Acceptances "A-1" rated or higher by a NRSRO; 40% max; 5% max per issuer;
180 days max maturity
Complies
Commercial Paper "A-1" rated or higher by a NRSRO; 25% max; 5% max per issuer;
270 days max maturity
Complies
Negotiable Certificates of Deposit "A" or better long term debt rating/"A-1" or higher short term rating
by a NRSRO; 30% max; 5% max per issuer
Complies
Corporate Debt (All)20% max per issuer Complies
Time Deposits 10% max; Collateralized/FDIC Insured; 1 year max maturityComplies
Asset-Backed and Mortgage-
Backed Securities (ABS/MBS)
"AA" rated or higher by a NRSRO; "A" rated or higher for the
issuer's debt by a NRSRO; 20% max; 5% max per issue
Complies
Money Market Mutual Funds "AAA" rated by two NRSROs or SEC registered adviser; 20% max;
10% max per fund
Complies
LAIF $50 million limit Complies
CAMP Not used by adviser Complies
Supranationals Not listed as authorized investment in investment policy Complies
Max Per Issuer 5% (except US Government, agencies, money market mutual funds)Complies
Maximum Maturity 5 years Complies
City of Dublin
June 30, 2016
COMPLIANCE WITH INVESTMENT POLICY
Assets managed by Chandler Asset Management are in full compliance with State law and with the City's investment policy.
14
Portfolio Characteristics
City of Dublin
6/30/2016 3/31/2016
Benchmark* Portfolio Portfolio
Average Maturity (yrs) 2.70 2.60 2.61
Modified Duration 2.60 2.42 2.43
Average Purchase Yield n/a 1.31% 1.26%
Average Market Yield 0.72% 0.88% 0.99%
Average Quality** AAA AA+/Aa1 AA+/Aa1
Contributions/Withdrawals -313
Total Market Value 147,961,348 146,924,947
*BAML 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.
15
ABS
6.10%
Agency
44.00%
Commercial Paper
2.00%
Money Market Fund
FI
0.10%
US Corporate
19.70%
US Treasury
28.10%
Sector Distribution
City of Dublin
June 30, 2016 March 31, 2016
ABS
6.20%
Agency
42.40%
Commercial Paper
2.00%
Money Market Fund
FI
0.50%
US Corporate
19.00%
US Treasury
29.90%
16
Issuers
City of Dublin – Account #10198 As of 6/30/2016
Issue Name Investment Type % Portfolio
Government of United States US Treasury 28.13%
Federal National Mortgage Association Agency 12.77%
Federal Home Loan Bank Agency 12.50%
Federal Farm Credit Bank Agency 9.49%
Federal Home Loan Mortgage Corp Agency 9.20%
Honda ABS ABS 2.70%
Bank of Tokyo-Mit UFJ Commercial Paper 1.99%
Pepsico Inc US Corporate 1.89%
Toyota ABS ABS 1.51%
Wells Fargo Corp US Corporate 1.32%
Honda Motor Corporation US Corporate 1.27%
Exxon Mobil Corp US Corporate 1.26%
JP Morgan Chase & Co US Corporate 1.25%
John Deere ABS ABS 1.22%
Bank of New York US Corporate 1.22%
ChevronTexaco Corp US Corporate 1.20%
Qualcomm Inc US Corporate 1.19%
Apple Inc US Corporate 1.19%
Eli Lilly & Co US Corporate 1.10%
United Technology Corp US Corporate 1.09%
HSBC USA Corp US Corporate 1.02%
General Electric Co US Corporate 1.02%
Cisco Systems US Corporate 0.94%
Deere & Company US Corporate 0.87%
State Street Bank US Corporate 0.70%
Berkshire Hathaway US Corporate 0.70%
JP Morgan ABS ABS 0.68%
Oracle Corp US Corporate 0.53%
First American Govt Oblig Fund Money Market Fund FI 0.07%
Total 100.00%
17
AAA AA A <A NR
06/30/16 4.41% 82.01% 11.81% 0.00% 1.77%
03/31/16 5.74% 81.03% 11.85% 0.00% 1.38%
Source: S&P Ratings
Quality Distribution
June 30, 2016 vs. March 31, 2016
City of Dublin
0.00%
10.00%
20.00%
30.00%
40.00%
50.00%
60.00%
70.00%
80.00%
90.00%
AAA AA A <A NR
6/30/2016 3/31/2016
18
0.00%
5.00%
10.00%
15.00%
20.00%
25.00%
30.00%
0 - 0.25 0.25 - 0.50 0.50 - 1 1 - 2 2 - 3 3 - 4 4 - 5 5+
6/30/2016 3/31/2016
Duration Distribution
City of Dublin
June 30, 2016 vs. March 31, 2016
0 - 0.25 0.25 - 0.50 0.50 - 1 1 - 2 2 - 3 3 - 4 4 - 5 5+
06/30/16 1.26% 4.30% 17.15% 21.70% 14.15% 26.92% 14.51% 0.00%
03/31/16 4.56% 2.34% 12.78% 22.20% 19.07% 24.94% 14.11% 0.00%
19
Investment Performance
0.00%
0.50%
1.00%
1.50%
2.00%
2.50%
3.00%
12 months 2 years 3 years 5 years 10 years Since Inception
City of Dublin City of Dublin Custom Index*
City of Dublin
Period Ending
June 30, 2016
Total Rate of Return
Annualized Since Inception
October 31, 2013
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.
Annualized
3 months 12 months 2 years 3 years 5 years 10 years Since
Inception
City of Dublin 0.71% 2.50% 1.73% N/A N/A N/A 1.49%
BAML 1-5 Yr US Treasury/Agency Index 0.79% 2.38% 1.77% N/A N/A N/A 1.46%
20
Portfolio Characteristics
City of Dublin Reporting Account
6/30/2016 3/31/2016
Portfolio Portfolio
Average Maturity (yrs) 0.00 0.00
Modified Duration 0.00 0.00
Average Purchase Yield 0.56% 0.51%
Average Market Yield 0.56% 0.51%
Average Quality** NR/NR NR/NR
Contributions/Withdrawals 100,000
Total Market Value 55,329,173 55,131,421
21
LAIF
77.40%
Local Gov
Investment Pool
22.60%
Sector Distribution
City of Dublin Reporting Account
June 30, 2016 March 31, 2016
LAIF
90.20%
Local Gov
Investment Pool
9.80%
22
Issuers
City of Dublin Reporting Account – Account #10219 As of 6/30/2016
Issue Name Investment Type % Portfolio
Local Agency Investment Fund LAIF 77.41%
CAMP Local Gov Investment Pool 22.59%
Total 100.00%
23
SECTION 3
Consolidated Information
24
Portfolio Characteristics
City of Dublin Consolidated
6/30/2016 3/31/2016
Portfolio Portfolio
Average Maturity (yrs) 1.89 1.90
Modified Duration 1.76 1.77
Average Purchase Yield 1.10% 1.05%
Average Market Yield 0.80% 0.86%
Average Quality** AA+/Aa1 AA+/Aa1
Contributions/Withdrawals
Total Market Value 203,290,520 202,056,368
25
ABS
4.50%
Agency
32.00%
Commercial Paper
1.40%
LAIF
21.10%
Local Gov
Investment Pool
6.10%
Money Market Fund
FI
0.10%
US Corporate
14.40%
US Treasury
20.50%
Sector Distribution
City of Dublin Consolidated
June 30, 2016 March 31, 2016
ABS
4.50%
Agency
30.80%
Commercial Paper
1.40%
LAIF
24.60%
Local Gov
Investment Pool
2.70%
Money Market Fund
FI
0.30%
US Corporate
13.90%
US Treasury
21.80%
26
SECTION 4
Portfolio Holdings
27
Holdings Report
For the Month Ending 6/30/2016
CUSIP Security Description Par Value/Units
Purchase Date
Book Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody/S&P
Fitch
Maturity
Duration
ABS
89231MAC9 Toyota Auto Receivables Owner 2014-A
0.670% Due 12/15/2017
597,186.99 Various
0.70%
596,951.40
597,119.02
99.93
0.90%
596,785.08
177.83
0.40%
(333.94)
Aaa / AAA
NR
1.46
0.29
89231TAB6 Toyota Auto Receivables Owner 2015-C
0.920% Due 02/15/2018
613,063.72 08/18/2015
0.81%
613,014.42
613,031.33
100.04
0.81%
613,300.36
250.67
0.41%
269.03
Aaa / AAA
NR
1.63
0.34
43814GAC4 Honda Auto Receivables 2014-2 A3
0.770% Due 03/19/2018
522,811.06 05/13/2014
0.32%
522,748.23
522,792.61
99.95
0.89%
522,546.52
145.37
0.35%
(246.09)
Aaa / AAA
NR
1.72
0.43
47787VAC5 John Deere Owner Trust 2014-A A3
0.920% Due 04/16/2018
690,797.43 04/02/2014
0.87%
690,686.76
690,768.51
99.98
0.96%
690,677.23
282.46
0.47%
(91.28)
Aaa / NR
AAA
1.79
0.42
43814NAB1 Honda Auto Receivables 2016-1 A2
1.010% Due 06/18/2018
1,145,000.00 02/16/2016
0.85%
1,144,885.61
1,144,902.82
100.06
0.92%
1,145,737.38
417.61
0.77%
834.56
NR / AAA
AAA
1.97
0.71
161571GC2 Chase CHAIT Pool #2013-A8
1.010% Due 10/15/2018
1,000,000.00 01/07/2016
1.03%
999,648.44
999,708.14
100.07
0.77%
1,000,670.00
448.89
0.68%
961.86
Aaa / AAA
AAA
2.29
0.27
89236WAC2 Toyota Auto Receivables Owner 2015-A
1.120% Due 02/15/2019
1,025,000.00 02/24/2015
0.80%
1,024,845.02
1,024,914.68
100.18
0.92%
1,026,843.98
510.22
0.69%
1,929.30
Aaa / AAA
NR
2.63
0.87
43813NAC0 Honda Auto Receivables 2015-2 A3
1.040% Due 02/21/2019
1,520,000.00 05/13/2015
1.05%
1,519,766.68
1,519,836.01
100.08
0.96%
1,521,269.20
439.11
1.03%
1,433.19
NR / AAA
AAA
2.65
0.98
47788MAC4 John Deere Owner Trust 2016-A A3
1.360% Due 04/15/2020
1,115,000.00 02/23/2016
1.25%
1,114,824.50
1,114,838.61
100.37
1.17%
1,119,092.05
673.96
0.76%
4,253.44
Aaa / NR
AAA
3.79
1.87
43814QAC2 Honda Auto Receivables 2016-2 A3
1.390% Due 04/15/2020
805,000.00 05/24/2016
1.40%
804,984.38
804,984.72
100.73
1.04%
810,880.53
497.31
0.55%
5,895.81
Aaa / NR
AAA
3.79
2.03
Total ABS 9,033,859.20 0.96%
9,032,355.44
9,032,896.45
0.94%
9,047,802.33
3,843.43
6.12%
14,905.88
Aaa / AAA
Aaa
2.50
0.90
Agency
3133ECEF7 FFCB Note
0.640% Due 02/06/2017
5,000,000.00 04/23/2013
0.57%
5,013,085.00
5,002,078.48
100.06
0.53%
5,003,145.00
12,888.89
3.39%
1,066.52
Aaa / AA+
AAA
0.61
0.60
3133ECG99 FFCB Note
0.660% Due 02/22/2017
4,000,000.00 03/07/2013
0.61%
4,007,800.00
4,001,271.27
100.07
0.55%
4,002,908.00
9,460.00
2.71%
1,636.73
Aaa / AA+
AAA
0.65
0.64
3137EADT3 FHLMC Note
0.875% Due 02/22/2017
3,000,000.00 02/27/2014
0.72%
3,013,410.00
3,002,903.45
100.24
0.50%
3,007,167.00
9,406.25
2.04%
4,263.55
Aaa / AA+
AAA
0.65
0.64
3133ECMM3 FFCB Note
0.600% Due 04/25/2017
5,000,000.00 04/25/2013
0.62%
4,996,050.00
4,999,194.32
100.01
0.59%
5,000,415.00
5,500.00
3.38%
1,220.68
Aaa / AA+
AAA
0.82
0.82
3135G0ZL0 FNMA Note
1.000% Due 09/27/2017
1,075,000.00 08/21/2014
1.12%
1,071,162.25
1,073,460.14
100.46
0.63%
1,079,921.35
2,806.94
0.73%
6,461.21
Aaa / AA+
AAA
1.24
1.23
3134G3Y53 FHLMC Callable Note 1X 11/28/14
0.850% Due 11/28/2017
4,000,000.00 11/28/2012
0.85%
4,000,000.00
4,000,000.00
100.19
0.71%
4,007,672.00
3,116.67
2.71%
7,672.00
Aaa / AA+
AAA
1.41
1.40
313381B20 FHLB Note
0.750% Due 12/08/2017
4,000,000.00 12/13/2012
0.75%
3,999,960.00
3,999,988.47
100.15
0.65%
4,005,980.00
1,916.67
2.71%
5,991.53
Aaa / AA+
AAA
1.44
1.43
3135G0TG8 FNMA Note
0.875% Due 02/08/2018
3,000,000.00 01/21/2015
0.97%
2,991,390.00
2,995,459.06
100.51
0.56%
3,015,297.00
10,427.08
2.04%
19,837.94
Aaa / AA+
AAA
1.61
1.59
City of Dublin - Account #10198
28
Holdings Report
For the Month Ending 6/30/2016
CUSIP Security Description Par Value/Units
Purchase Date
Book Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody/S&P
Fitch
Maturity
Duration
3137EADP1 FHLMC Note
0.875% Due 03/07/2018
3,000,000.00 01/27/2015
1.01%
2,987,610.00
2,993,291.48
100.18
0.76%
3,005,529.00
8,312.50
2.04%
12,237.52
Aaa / AA+
AAA
1.68
1.67
313378A43 FHLB Note
1.375% Due 03/09/2018
4,000,000.00 Various
0.96%
4,047,840.00
4,027,866.70
101.17
0.68%
4,046,648.00
17,111.12
2.75%
18,781.30
Aaa / AA+
AAA
1.69
1.67
313379DT3 FHLB Note
1.250% Due 06/08/2018
2,000,000.00 08/18/2015
1.12%
2,007,360.00
2,005,081.56
101.13
0.66%
2,022,584.00
1,597.22
1.37%
17,502.44
Aaa / AA+
AAA
1.94
1.91
3135G0G72 FNMA Note
1.125% Due 12/14/2018
2,500,000.00 12/18/2015
1.37%
2,481,975.00
2,485,169.51
100.91
0.75%
2,522,727.50
1,328.13
1.71%
37,557.99
Aaa / AA+
AAA
2.46
2.42
3133782M2 FHLB Note
1.500% Due 03/08/2019
2,750,000.00 04/24/2015
1.21%
2,779,892.50
2,770,761.62
101.82
0.82%
2,799,951.00
12,947.92
1.90%
29,189.38
Aaa / AA+
AAA
2.69
2.62
3137EADG1 FHLMC Note
1.750% Due 05/30/2019
1,000,000.00 01/29/2015
1.28%
1,019,690.00
1,013,238.75
102.75
0.79%
1,027,497.00
1,506.94
0.70%
14,258.25
Aaa / AA+
AAA
2.92
2.84
3135G0ZG1 FNMA Note
1.750% Due 09/12/2019
2,500,000.00 10/28/2014
1.68%
2,508,350.00
2,505,482.18
102.77
0.87%
2,569,225.00
13,246.53
1.75%
63,742.82
Aaa / AA+
AAA
3.20
3.10
3137EADM8 FHLMC Note
1.250% Due 10/02/2019
2,500,000.00 12/18/2015
1.64%
2,464,700.00
2,469,633.31
101.19
0.88%
2,529,687.50
7,725.69
1.71%
60,054.19
Aaa / AA+
AAA
3.26
3.18
3135G0A78 FNMA Note
1.625% Due 01/21/2020
2,000,000.00 04/07/2015
1.44%
2,016,580.00
2,012,314.13
102.36
0.95%
2,047,238.00
14,444.44
1.39%
34,923.87
Aaa / AA+
AAA
3.56
3.43
313383HU8 FHLB Note
1.750% Due 06/12/2020
2,000,000.00 10/08/2015
1.46%
2,026,040.00
2,021,984.59
102.66
1.06%
2,053,214.00
1,847.22
1.39%
31,229.41
Aaa / AA+
NR
3.95
3.81
3135G0F73 FNMA Note
1.500% Due 11/30/2020
2,500,000.00 12/04/2015
1.87%
2,455,750.00
2,460,782.83
101.70
1.11%
2,542,407.50
3,229.17
1.72%
81,624.67
Aaa / AA+
AAA
4.42
4.26
3130A7CV5 FHLB Note
1.375% Due 02/18/2021
3,470,000.00 Various
1.45%
3,457,221.20
3,458,097.40
101.18
1.11%
3,510,918.24
17,627.12
2.38%
52,820.84
Aaa / AA+
AAA
4.64
4.46
3135G0J20 FNMA Note
1.375% Due 02/26/2021
5,000,000.00 Various
1.29%
5,018,675.00
5,018,905.38
101.04
1.15%
5,051,800.00
23,871.52
3.43%
32,894.62
Aaa / AA+
AAA
4.66
4.48
Total Agency 64,295,000.00 1.07%
64,364,540.95
64,316,964.63
0.76%
64,851,932.09
180,318.02
43.95%
534,967.46
Aaa / AA+
Aaa
2.23
2.17
Commercial Paper
06538BKS1 Bank of Tokyo Mitsubishi NY Discount CP
0.740% Due 10/26/2016
2,950,000.00 06/27/2016
0.75%
2,942,723.32
2,942,905.24
99.76
0.75%
2,942,905.24
0.00
1.99%
0.00
P-1 / A-1
F-1
0.32
0.32
Total Commercial Paper 2,950,000.00 0.75%
2,942,723.32
2,942,905.24
0.75%
2,942,905.24
0.00
1.99%
0.00
P-1 / A-1
F-1
0.32
0.32
Money Market Fund FI
31846V203 First American Govt Obligation Fund
101,774.07 Various
0.00%
101,774.07
101,774.07
1.00
0.00%
101,774.07
0.00
0.07%
0.00
Aaa / AAA
NR
0.00
0.00
Total Money Market Fund FI 101,774.07 0.00%
101,774.07
101,774.07
0.00%
101,774.07
0.00
0.07%
0.00
Aaa / AAA
NR
0.00
0.00
City of Dublin - Account #10198
29
Holdings Report
For the Month Ending 6/30/2016
CUSIP Security Description Par Value/Units
Purchase Date
Book Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody/S&P
Fitch
Maturity
Duration
US Corporate
36962G6Z2 General Electric Capital Corp Note
1.500% Due 07/12/2016
750,000.00 11/08/2013
1.00%
759,817.50
750,111.22
100.02
1.02%
750,117.75
5,281.25
0.51%
6.53
NR / AA+
NR
0.03
0.03
24422ERF8 John Deere Capital Corp Note
1.850% Due 09/15/2016
1,000,000.00 04/21/2014
0.77%
1,025,640.00
1,002,227.02
100.23
0.74%
1,002,300.00
5,447.22
0.68%
72.98
A2 / A
NR
0.21
0.21
913017BU2 United Tech Corp Note
1.800% Due 06/01/2017
1,600,000.00 06/22/2015
1.04%
1,623,360.00
1,611,068.74
100.77
0.96%
1,612,244.80
2,400.00
1.09%
1,176.06
A3 / A-
A-
0.92
0.91
36962G6K5 General Electric Capital Corp Note
1.600% Due 11/20/2017
750,000.00 10/28/2014
1.31%
756,577.50
752,988.17
100.89
0.95%
756,690.75
1,366.67
0.51%
3,702.58
A1 / AA+
NR
1.39
1.37
40428HPH9 HSBC USA Inc Note
1.625% Due 01/16/2018
500,000.00 11/25/2013
1.69%
498,705.00
499,516.62
99.82
1.74%
499,109.00
3,723.96
0.34%
(407.62)
A2 / A
AA-
1.55
1.51
713448CR7 PepsiCo Inc Note
1.250% Due 04/30/2018
1,430,000.00 Various
1.26%
1,429,428.40
1,429,651.34
100.53
0.95%
1,437,644.78
3,028.82
0.97%
7,993.44
A1 / A
A
1.83
1.81
037833AJ9 Apple Inc Note
1.000% Due 05/03/2018
1,750,000.00 Various
1.34%
1,726,740.00
1,739,272.04
100.25
0.86%
1,754,306.75
2,819.44
1.19%
15,034.71
Aa1 / AA+
NR
1.84
1.82
166764AE0 Chevron Corp Callable Note Cont 5/24/2018
1.718% Due 06/24/2018
1,750,000.00 Various
1.57%
1,758,299.00
1,755,075.52
101.17
1.10%
1,770,443.50
584.60
1.20%
15,367.98
Aa2 / AA-
NR
1.98
1.87
06406HCL1 Bank of New York Callable Note Cont 7/2/2018
2.100% Due 08/01/2018
1,000,000.00 02/05/2014
1.94%
1,006,820.00
1,003,110.06
101.88
1.15%
1,018,823.00
8,750.00
0.69%
15,712.94
A1 / A
AA-
2.09
1.95
084664BY6 Berkshire Hathaway Note
2.000% Due 08/15/2018
1,000,000.00 12/12/2013
1.89%
1,004,960.00
1,002,258.52
102.21
0.95%
1,022,088.00
7,555.56
0.70%
19,829.48
Aa2 / AA
A+
2.13
2.07
17275RAR3 Cisco Systems Note
2.125% Due 03/01/2019
1,350,000.00 11/14/2014
2.05%
1,354,063.50
1,352,529.61
102.71
1.09%
1,386,533.70
9,562.50
0.94%
34,004.09
A1 / AA-
NR
2.67
2.58
532457BF4 Eli Lilly & Co Note
1.950% Due 03/15/2019
1,575,000.00 Various
1.91%
1,577,796.75
1,576,759.41
102.35
1.07%
1,611,946.35
9,043.13
1.10%
35,186.94
A2 / AA-
A
2.71
2.62
94974BFU9 Wells Fargo Corp Note
2.125% Due 04/22/2019
1,900,000.00 Various
2.07%
1,904,120.50
1,902,942.93
102.15
1.34%
1,940,908.90
7,738.54
1.32%
37,965.97
A2 / A
AA-
2.81
2.72
02665WAH4 American Honda Finance Note
2.250% Due 08/15/2019
1,800,000.00 Various
2.08%
1,812,627.00
1,809,269.69
103.26
1.19%
1,858,590.00
15,300.00
1.27%
49,320.31
A1 / A+
NR
3.13
2.99
06406HCW7 Bank of New York Callable Note Cont 8/11/2019
2.300% Due 09/11/2019
750,000.00 04/22/2015
1.82%
764,722.50
760,673.11
102.04
1.63%
765,293.25
5,270.83
0.52%
4,620.14
A1 / A
AA-
3.20
2.98
68389XAX3 Oracle Corp Note
2.250% Due 10/08/2019
750,000.00 Various
2.01%
757,817.50
755,639.10
103.09
1.28%
773,189.25
3,890.63
0.53%
17,550.15
A1 / AA-
A+
3.27
3.14
40428HPN6 HSBC USA Inc Note
2.375% Due 11/13/2019
1,000,000.00 11/07/2014
2.32%
1,002,440.00
1,001,643.59
100.80
2.13%
1,008,014.00
3,166.67
0.68%
6,370.41
A2 / A
AA-
3.37
3.21
46625HKA7 JP Morgan Chase Callable Note Cont 12/23/2019
2.250% Due 01/23/2020
1,800,000.00 Various
2.37%
1,790,172.00
1,792,594.97
101.38
1.84%
1,824,755.40
17,775.00
1.25%
32,160.43
A3 / A-
A+
3.57
3.31
713448CS5 PepsiCo Inc Callable Note Cont 3/30/2020
1.850% Due 04/30/2020
1,330,000.00 04/27/2015
1.86%
1,329,241.90
1,329,419.50
101.46
1.45%
1,349,402.04
4,169.18
0.91%
19,982.54
A1 / A
A
3.84
3.60
747525AD5 Qualcomm Inc Note
2.250% Due 05/20/2020
1,715,000.00 05/19/2015
2.27%
1,713,347.20
1,713,714.89
102.78
1.51%
1,762,706.16
4,394.69
1.19%
48,991.27
A1 / A+
NR
3.89
3.71
City of Dublin - Account #10198
30
Holdings Report
For the Month Ending 6/30/2016
CUSIP Security Description Par Value/Units
Purchase Date
Book Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody/S&P
Fitch
Maturity
Duration
24422ETF6 John Deere Capital Corp Note
2.550% Due 01/08/2021
265,000.00 01/05/2016
2.57%
264,727.05
264,753.19
103.89
1.65%
275,305.06
3,247.35
0.19%
10,551.87
A2 / A
NR
4.53
4.22
30231GAV4 Exxon Mobil Corp Callable Note Cont 2/1/2021
2.222% Due 03/01/2021
1,800,000.00 Various
2.06%
1,813,024.00
1,812,754.54
103.10
1.53%
1,855,882.80
13,109.80
1.26%
43,128.26
Aaa / AA+
NR
4.67
4.40
857477AV5 State Street Bank Note
1.950% Due 05/19/2021
1,015,000.00 05/16/2016
1.96%
1,014,472.20
1,014,484.63
101.26
1.68%
1,027,757.54
2,309.13
0.70%
13,272.91
A1 / A
AA-
4.89
4.64
Total US Corporate 28,580,000.00 1.80%
28,688,919.50
28,632,458.41
1.27%
29,064,052.78
139,934.97
19.74%
431,594.37
A1 / A+
A+
2.70
2.57
US Treasury
912828SS0 US Treasury Note
0.875% Due 04/30/2017
3,000,000.00 Various
0.87%
2,999,970.98
3,000,046.87
100.30
0.51%
3,009,114.00
4,422.55
2.04%
9,067.13
Aaa / AA+
AAA
0.83
0.83
912828UZ1 US Treasury Note
0.625% Due 04/30/2018
2,500,000.00 04/22/2015
0.90%
2,479,305.25
2,487,466.82
100.07
0.59%
2,501,660.00
2,632.47
1.69%
14,193.18
Aaa / AA+
AAA
1.83
1.82
912828RH5 US Treasury Note
1.375% Due 09/30/2018
2,000,000.00 10/30/2014
1.32%
2,004,459.82
2,002,560.50
101.65
0.63%
2,033,046.00
6,912.57
1.38%
30,485.50
Aaa / AA+
AAA
2.25
2.21
912828C24 US Treasury Note
1.500% Due 02/28/2019
3,000,000.00 08/18/2014
1.50%
3,000,595.98
3,000,350.24
102.14
0.69%
3,064,218.00
15,040.76
2.08%
63,867.76
Aaa / AA+
AAA
2.67
2.60
912828D80 US Treasury Note
1.625% Due 08/31/2019
3,000,000.00 Various
1.78%
2,977,822.56
2,985,843.02
102.71
0.76%
3,081,444.00
16,294.16
2.09%
95,600.98
Aaa / AA+
AAA
3.17
3.07
912828G61 US Treasury Note
1.500% Due 11/30/2019
6,500,000.00 Various
1.45%
6,510,978.81
6,509,785.49
102.33
0.81%
6,651,326.50
8,258.20
4.50%
141,541.01
Aaa / AA+
AAA
3.42
3.33
912828G95 US Treasury Note
1.625% Due 12/31/2019
3,000,000.00 01/08/2015
1.50%
3,017,470.99
3,012,315.46
102.76
0.82%
3,082,851.00
132.47
2.08%
70,535.54
Aaa / AA+
AAA
3.50
3.40
912828H52 US Treasury Note
1.250% Due 01/31/2020
4,500,000.00 Various
1.53%
4,440,542.42
4,456,657.03
101.46
0.84%
4,565,740.50
23,489.01
3.10%
109,083.47
Aaa / AA+
AAA
3.59
3.49
912828K58 US Treasury Note
1.375% Due 04/30/2020
1,750,000.00 05/06/2015
1.55%
1,735,171.88
1,738,601.90
101.88
0.87%
1,782,949.00
4,054.01
1.21%
44,347.10
Aaa / AA+
AAA
3.84
3.72
912828XE5 US Treasury Note
1.500% Due 05/31/2020
3,000,000.00 Various
1.67%
2,976,025.68
2,980,893.03
102.33
0.89%
3,069,843.00
3,811.47
2.08%
88,949.97
Aaa / AA+
AAA
3.92
3.80
912828XM7 US Treasury Note
1.625% Due 07/31/2020
1,500,000.00 09/08/2015
1.52%
1,507,622.21
1,506,359.66
102.83
0.92%
1,542,480.00
10,178.57
1.05%
36,120.34
Aaa / AA+
AAA
4.09
3.93
912828L99 US Treasury Note
1.375% Due 10/31/2020
5,000,000.00 Various
1.69%
4,927,376.14
4,935,773.77
101.81
0.95%
5,090,430.00
11,582.88
3.45%
154,656.23
Aaa / AA+
AAA
4.34
4.19
City of Dublin - Account #10198
31
Holdings Report
For the Month Ending 6/30/2016
CUSIP Security Description Par Value/Units
Purchase Date
Book Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody/S&P
Fitch
Maturity
Duration
912828N89 US Treasury Note
1.375% Due 01/31/2021
2,000,000.00
03/15/2016
1.49%
1,988,834.83
1,989,505.24
101.77
0.98%
2,035,390.00
11,483.52
1.38%
45,884.76
Aaa / AA+
AAA
4.59
4.41
Total US Treasury 40,750,000.00 1.46%
40,566,177.55
40,606,159.03
0.80%
41,510,492.00
118,292.64
28.13%
904,332.97
Aaa / AA+
Aaa
3.28
3.19
TOTAL PORTFOLIO 145,710,633.27 1.31%
145,696,490.83
145,633,157.83 0.88%
147,518,958.51
442,389.06
100.00%
1,885,800.68
Aa1 / AA+
Aaa
2.60
2.42
TOTAL MARKET VALUE PLUS ACCRUALS 147,961,347.57
City of Dublin - Account #10198
32
Holdings Report
For the Month Ending 6/30/2016
CUSIP Security Description Par Value/Units
Purchase Date
Book Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody/S&P
Fitch
Maturity
Duration
LAIF
90LAIF$00 Local Agency Investment Fund State Pool 42,751,394.10 Various
0.58%
42,751,394.10
42,751,394.10
1.00
0.58%
42,751,394.10
80,650.67
77.41%
0.00
NR / NR
NR
0.00
0.00
Total LAIF 42,751,394.10 0.58%
42,751,394.10
42,751,394.10
0.58%
42,751,394.10
80,650.67
77.41%
0.00
NR / NR
NR
0.00
0.00
Local Gov Investment Pool
90CAMP$00 Public Financial Management CAMP
12,497,127.93 Various
0.51%
12,497,127.93
12,497,127.93
1.00
0.51%
12,497,127.93
0.00
22.59%
0.00
NR / NR
NR
0.00
0.00
Total Local Gov Investment Pool 12,497,127.93 0.51%
12,497,127.93
12,497,127.93
0.51%
12,497,127.93
0.00
22.59%
0.00
NR / NR
NR
0.00
0.00
TOTAL PORTFOLIO 55,248,522.03 0.56%
55,248,522.03
55,248,522.03 0.56%
55,248,522.03
80,650.67
100.00%
0.00
NR / NR
NR
0.00
0.00
TOTAL MARKET VALUE PLUS ACCRUALS 55,329,172.70
City of Dublin Reporting Account - Account #10219
33
EXHIBIT A
AMENDED AND RESTATED
JOINT POWERS AGREEMENT CREATING THE
LOCAL GOVERNMENT SERVICES AUTHORITY
An agreement entitled “Joint Powers Agreement Creating the Local
Government Services Authority” was entered into as of March 1, 2001 (as amended
and restated from time to time, the “Agreement”), by and between participating public
entities (collectively called the “Members”), currently comprised of the City of
Dublin, the City of Larkspur, the City of Walnut Creek and the Town of
Yountville . This Amended and Restated Joint Powers Agreement Creating the Local
Government Services Authority is made and effective_____________, 2016, by the
Members.
RECITALS
The Members have determined that it is more efficient, effective, and
economical to provide certain management, administrative, special or general
services for Members and other public agencies through a joint powers authority
(“JPA”) than by each agency directly employing separate staff;
The Members have determined that state law allows for a joint powers
authority to provide such services;
The Members further have determined that state law allows for certain such
Member functions to be provided by contract with the JPA;
The Members also wish to be able to offer expertise to other public and private
entities serving public agencies through the provision of services by this JPA;
Each Member is a public agency as defined by Government Code Section 6500
et seq., and is authorized and empowered to contract for the joint exercise of powers
common to each Member;
The Members seek to provide through the JPA, an entity that will directly
employ staff and consultants for local and regional entities;
The Members have determined there exists a need for a public agency to
operate services on a regional basis or to operate services outside the routine
operations of Members, in order to achieve greater efficiency, effectiveness and/or
economy;
The Members have determined there exists a need for a public agency to provide
shared, collaborative services to public agencies that enable partner agencies to achieve
their goals cost-effectively;
The Members now wish to exercise jointly their powers to provide services by
establishment of the Local Government Services Authority (“LGS”), a public agency;
and
LGS is established to maximize the efficiency and effectiveness of service
delivery of government programs benefiting the local and regional public interest.
Many of the services provided by LGS will be those typically beyond the scope or
capacity of an individual local government entity because of funding and other
EXHIBIT A
constraints. LGS can efficiently and effectively provide these services through
consolidation and coordination.
NOW, THEREFORE, in consideration of the mutual promises set out, the
parties agree as follows:
AGREEMENT
ARTICLE I.
POWERS AND PURPOSES
1. LGS Created. LGS is formed by this Agreement pursuant to the
provisions of Article 1, Chapter 5, Division 7, Title 1 (commencing with Section
6500) of the Government Code of the State of California. LGS shall be a public entity
separate from the parties hereto and its debts, liabilities and obligations shall not be
the debts, liabilities and obligations of its Members.
2. Purpose of the Agreement; Common Powers to be Exercised. Each
Member individually has the statutory ability to provide services for the operation of a
public agency. The purpose of this Agreement is to jointly exercise the foregoing
common powers in the manner set forth herein.
3. Effective Date of Formation. LGS was formed as of the date referred
to in the first paragraph of the Joint Powers Agreement Creating the Local
Government Services Authority, which was March 1, 2001 (the “Effective Date”).
4. Powers. Pursuant to and to the extent required by Government Code
Section 6509, LGS shall be restricted in the exercise of its powers in the same
manner as is a general law city. LGS shall have the power to do any of the following
in its own name:
(a) To exercise the common powers of its Members in providing
services for the operation of a public agency or other entity, including
related and incidental services.
(b) To make, assume and enter into contracts, including contracts
with its Members, associate members, partner agencies, consultants and
vendors.
(c) To negotiate contracts with represented and unrepresented
employees.
(d) To maintain, assume and employ such agents, employees,
consultants, and other persons as it deems necessary to accomplish its
purpose.
(e) To lease, acquire, hold and dispose of property of any kind.
(f) To invest surplus funds.
(g) To incur debts, liabilities, or obligations.
(h) To sue and be sued in its own name.
EXHIBIT A
(i) To apply for grants, loans, or other assistance from persons,
firms, corporations, and/or governmental entities.
(j) To prepare and support legislation related to the purposes of this
Agreement.
(k) To collect payments and fees for services, as relevant law may
allow.
(1) To purchase insurance or to self-insure.
(m) To enter into joint powers agreements with other public agencies when
necessary or beneficial for LGS to carry out its mission.
(n) To adopt rules, regulations, policies, bylaws and procedures
governing its operation.
5. Indemnification of Members. LGS shall indemnify, defend and hold
harmless the Members from and against any and all loses, liability, claims, suits, actions,
damages, causes of actions, and costs, including but not limited to reasonable attorneys’ fees,
(collectively, “Liability”) arising out of the operation of LGS, except when such Liability arises
due to the sole negligence or willful misconduct of the Member.
Whenever LGS provides services to a Member pursuant to a separate
agreement between LGS and the Member, the indemnification provisions of that
agreement shall apply as to the services that LGS provides pursuant to the
agreement.
ARTICLE II.
ORGANIZATION
1. Membership. The Members of LGS shall be the parties hereto, and
such other public entities as may join LGS after execution of this Agreement, and
shall exclude any current or future Members who later withdraw. Public entities
may join if approved by two-thirds of the members of the Executive Committee of
the LGS Board on terms and conditions approved by the Executive Committee. New
members shall be included within the term “Members” following execution of an
Addendum to this Agreement executed by the new member and the Chair of the
Executive Committee. Following execution of such an Addendum, the new member
shall be subject to the provisions of this Amended and Restated Agreement, and
shall have the same power to appoint a representative to the LGS Board of Directors as
existing Members. Any Member that withdraws from LGS, pursuant to Article V of this
Agreement, shall no longer be a Member.
2. Associate Membership. Public entities may join LGS as associate
members, by virtue of contracting for services with LGS, which contract
shall include an addendum to this Agreement and must be approved by the
Executive Committee, or by other means as approved by the Executive
Committee. Associate membership shall be on terms and conditions approved by
the Executive Committee, and the Executive Committee shall establish the rights,
privileges, duties and obligations of associate members consistent with this
Agreement. Associate members shall not have the right to appoint a representative
to the Board of Directors, nor shall they have a right to any of LGS’ assets upon
EXHIBIT A
dissolution. The debts, liabilities and obligations of LGS shall not be the debts,
liabilities and obligations of its associate members.
3. Designation of LGS Board of Directors. The LGS Board of Directors
(the “Board”) shall consist of the chief executive or the chief executive’s designee
of each Member, who shall serve at the pleasure of the governing board of the
Member and may be removed at any time, without cause, in the sole discretion of
that Member. Each representative shall serve as a director and shall be entitled to
place any matter reasonably related to the business of LGS on the agenda for any
meeting of the Board. No additional compensation shall be provided for such
service, although directors' expenses shall be reimbursable. A meeting of the Board
of Directors shall be called at least once per fiscal year for the purpose of selecting
Executive Committee members, amending Authority Bylaws, approving the budget,
and other such business as appropriate. All voting power shall reside in the Board
of Directors, with those powers necessary to carry out the day-to- day business of
LGS delegated to the Executive Committee. Special meetings of the Board may be
called in accordance with the provisions of Government Code
4. Executive Committee. The regular management of the Authority
shall be vested in an Executive Committee consisting of no more than seven
individuals selected by the Board of Directors at the annual meeting, with up to
two Alternate committee members also chosen by the Board of Directors. Members
of the Executive Committee may, but need not, be on the Board of Directors.
Members of the Executive Committee shall serve at the pleasure of the Board, and
may be removed, without cause, in the sole discretion of the Board. No additional
compensation shall be provided for service on the Executive Committee, although
expenses of members of the Executive Committee shall be reimbursable. The
Executive Committee shall have power:
(a) To approve additional public entities as new members or
associate members and terms and conditions of such membership;
(b) To employ and contract for personnel and consultants consistent with
the purposes of the LGS.
(c) To expend funds of LGS and enter into contracts, whenever required, in
the judgment of the Executive Committee consistent with the purposes of the LGS.
(d) To acquire and sell any personal property.
(e) To lease, acquire, hold and dispose of property of any kind.
(f) To approve payroll payments and other demands for payments by LGS.
(g) To review and recommend to the Board prior to July 1 of each year the
annual budget for the next fiscal year referred to in Section II.3.
(h) To make all expenditures of LGS consistent with the LGS budget,
authorized appropriations and approved agreements.
The Executive Committee shall perform such other duties as may be imposed
on it by the Board and shall report to the Board at such times and concerning such
matters as the Board may require.
EXHIBIT A
5. Principal Office. The principal office of LGS shall be designated by
the Board, which may move those offices should it choose to do so.
6. Meetings.
a. The Board shall meet at the principal office of LGS or at such
other place as may be designated by the Board. The Board shall meet
at least once per fiscal year.
b. All meetings of the Board or Executive Committee, including
regular, adjourned and special meetings, shall be called, noticed and
held in accordance with the Ralph M. Brown Act, Section 54950, et seq.
of the Government Code (the “Brown Act”) as it may be amended from
time to time.
7. Quorum; Voting. A majority of the members of the Board of Directors
shall constitute a quorum for the purpose of the transaction of business relating to
LGS. Each director shall be entitled to one vote. Unless otherwise provided herein,
a vote of the majority of those present and qualified to vote shall be sufficient for the
adoption of any motion, resolution or order or to take any other action deemed
appropriate to carry forward the objectives of LGS.
8. Officers. At its first meeting, the Board shall elect a Chair and Vice-
Chair from among the Directors, and shall appoint a Secretary who may, but need
not, be a Director. The officers shall perform the duties normal to such offices.
The Chair shall preside at all meetings of the Board and shall sign all routine
contracts that do not require Board award on behalf of LGS, and shall perform such
other duties as may be imposed by the Board. The Vice-Chair shall act, sign
contracts and perform all of the Chair's duties in the absence of the Chair. The
Board may also designate an employee of LGS to sign contracts that do not require
Board award and contracts for which Board award has been granted.
9. Secretary; Minutes. The Board shall have the authority to appoint a
Secretary of RGS, or may delegate such power to the Executive Committee. The Secretary of
LGS shall provide notice of, prepare and post agendas for and keep minutes of
regular, adjourned regular, and special meetings of the Board or Executive
Committee, and shall cause a copy of the minutes to be forwarded to each director.
The Secretary will otherwise perform the duties necessary to ensure compliance
with the Brown Act and other applicable rules or regulations, and shall perform
such other duties as may be imposed by the Board or Executive Committee. The
Secretary shall cause a copy of this Agreement to be filed with the Secretary of
State pursuant to the Act.
10. Rules. The Board from time to time may adopt such bylaws, rules and
regulations for the conduct of its affairs that are not in conflict with this Agreement.
The Board may also adopt bylaws, rules and regulations for the conduct of the
Executive Committee, or may delegate such authority to the Executive Committee
itself.
11. Fiscal Year. LGS’s fiscal year shall be July 1 of each year, to and
including the following June 30.
12. Treasurer/Controller. The Board shall have the power to appoint a
Finance Director of LGS. Pursuant to Section 6505.6 of the Act, the Finance Director
EXHIBIT A
of LGS serves as the Auditor, Controller and Treasurer of LGS. The Treasurer shall
be the depositary, shall have custody of all of the accounts, funds and money of
LGS from whatever source, shall have the duties and obligations set forth in
Sections 6505 and 6505.5 of the Act and shall assure that there shall be strict
accountability of all funds and reporting of all receipts and disbursements of LGS.
13. Officers in Charge of Records, Funds, and Accounts. Pursuant to
Section 6505.1 of the Act, the Treasurer shall have charge of, handle and have
access to all accounts, funds and money of LGS and all records of LGS relating
thereto; and the Secretary shall have charge of, handle and have access to all other
records of LGS.
14. Bonding Persons Having Access to Public Records. From time to
time, the Board may designate persons, in addition to the Executive Director,
Secretary and the Treasurer, having charge of handling or having access to any
records, funds or accounts of LGS, who shall be required to post performance bonds.
The respective costs of the official bonds of such persons designated by the Board
pursuant to Section 6505.1 of the Act shall be paid by LGS. The Executive
Director, Secretary and the Treasurer may be employees of, or contracting to, any
Member or public agency affiliated with LGS.
15. Legal Advisor. The Board shall have the power, or may delegate such
power to the Executive Committee, to appoint the legal advisor of LGS who shall
perform such duties as may be prescribed by the Board, and to retain other legal
counsel as the Executive Committee deems necessary. The Legal Advisor may be
an employee of, or have a contractual relationship with, any Member, but such
relationship is not required.
16. Executive Director Appointment; Employees . The Executive
Committee shall have the power to appoint and employ an Executive Director, and
to establish the duties and responsibilities of the Executive Director. The
Executive Director shall have the power to appoint and employ such other
employees, consultants, and independent contractors as may be necessary for the
purposes of this Agreement, and to establish the duties and responsibilities of such
employees. Such employees, consultants, or independent contractors may be
employees of, or have a contractual relationship with, any Member. The Executive
Committee may also contract with a Member to provide administrative services to
LGS.
All of the privileges and immunities from liability, exemption from laws,
ordinances and rules, and all other benefits which apply to the activities of officers,
agents, or employees of a public agency when performing their respective functions
shall apply to the officers, agents and employees of LGS to the same degree and
extent while engaged in the performance of any of the functions and other duties
under this Agreement.
None of the officers, agents, or employees directly employed by LGS shall be
deemed, by reason of their employment by LGS, to be employed by a Member or, by
reason of their employment by LGS , to be subject to any of the requirements of a
Member.
17. Assistant Officers. The Board may appoint or delegate to the
Executive Committee the authority to appoint, such assistants to act in the place of
the Executive Director, Treasurer, Secretary or other officers of LGS (other than a
EXHIBIT A
member of the Board of Directors) as the Board shall from time to time deem
appropriate.
ARTICLE III.
MEMBER CONTRACTING WITH LGS
Any Member may contract with LGS for services on terms to be negotiated
by the parties.
ARTICLE IV.
ACCOUNTS AND REPORTS; FUNDS
1. Accounts and Reports. The Treasurer shall establish and maintain
such funds and accounts as may be required by good accounting practice. The
books and records of LGS shall be open to inspection at all reasonable times by
representatives of Member Agencies. The Treasurer will make independently audited
financial statements available to Members each fiscal year.
2. Funds. The Treasurer of LGS shall receive, have the custody of and
disburse LGS funds as nearly as possible in accordance with generally accepted
accounting practices, shall make the disbursements required by these Agreements
or to carry out any of the provisions or purposes of these Agreements.
ARTICLE V.
TERM
1. Term. This Restated and Amended Agreement for Local Government
Services Authority shall become effective when signed by all of the Members and
shall continue in full force and effect so long as there are at least two Members.
2. Dissolution & Withdrawal . All Members may mutually
agree to dissolve LGS at any time. Individual Members may terminate their
membership by providing three months' advance notice to the LGS Board Chair, with
the date of termination coinciding with the beginning of a fiscal quarter. Any
terminating Member shall pay all amounts owed to the JPA prior to the date of
termination. A terminating Member shall not be entitled to receive a share of LGS’
assets, except upon dissolution as provided for in Section V.3.
3. Disposition of Assets. Upon dissolution of LGS, after satisfaction of
all debts, liabilities or obligations incurred by LGS, any and all remaining property
of LGS, both real and personal, and all other assets of any kind shall be divided
among the Members active as of the act of dissolution , in such manner as shall be
agreed upon by those Members. In the event LGS has outstanding debt, liability or
obligation at the time of dissolution, the Members shall have no obligation or
responsibility for such debt, pursuant to Section I.1 of this Agreement.
ARTICLE VI.
MISCELLANEOUS PROVISIONS
1. Notices. Notices hereunder shall be in writing and shall be sufficient
EXHIBIT A
if delivered to the notice address of each party hereto for legal notices or as
otherwise provided by a party hereto in writing to each of the other parties hereto.
2. Section Headings. All section headings in this Agreement are for
convenience of reference only and are not to be construed as modifying or governing
the language in the section referred to or to define or limit the scope of any provision
of this Agreement.
3. Consent. Whenever in this Agreement any consent or approval is
required, the same shall not be unreasonably withheld.
4. Law Governing. This Agreement is made in the State of California
under the constitution and laws of the State of California, and is to be so construed.
5. Amendments. This Amended and Restated Agreement may be
amended at any time, or from time to time, by a written amendment executed by the
Members. Additional public entities may become Members of LGS by execution of
an Addendum as provided in Article II, section 1. Following the addition of a new
Member, any amendment of this Amended and Restated Agreement shall require
approval of all Members, including any such new Members.
6. Enforcement by LGS. LGS is hereby authorized to take any or all
legal or equitable actions, including but not limited to injunction and specific
performance, necessary or permitted by law to enforce this Agreement.
7. Severability. Should any part, term or provision of this Agreement be
decided by any court of competent jurisdiction to be illegal or in conflict with any law
of the State of California, or otherwise be rendered unenforceable or ineffectual, the
validity of the remaining portions or provisions shall not be affected thereby.
8. Successors. This Agreement shall be binding upon and shall inure to
the benefit of the successors of the Members respectively. No Member may
assign any right or obligation hereunder without the written consent of other
Member(s).
IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
executed and attested by their proper officers thereunto duly authorized on the
day and year set opposite the name of each of the parties.
CITY OF DUBLIN CITY OF WALNUT CREEK
By:__________________________
Chris Foss, City Manager
Date:_________________________
Attest:
______________________________
City Clerk
Approved as to Form:
_______________________________
City Attorney
CITY OF LARKSPUR TOWN OF YOUNTVILLE
By:__________________________
Ken Nordhoff, City Manager
Date:_________________________
Attest:
______________________________
City Clerk
Approved as to Form:
_______________________________
City Attorney
By:__________________________
Steven Rogers, City Manager
Date:_________________________
Attest:
______________________________
City Clerk
Approved as to Form:
_______________________________
City Attorney
By:__________________________
Dan Schwarz, City Manager
Date:_________________________
Attest:
______________________________
City Clerk
Approved as to Form:
_______________________________
City Attorney
Transaction Ledger
3/31/16 Thru 4/30/16
City of Dublin
Account #10198
Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price
Acq/Disp
Yield Amount
Interest
Pur/Sold Total Amount Gain/Loss
ACQUISITIONS
Purchase 04/01/2016 31846V203 4.39 First American Govt Obligation Fund 1.000 4.39 0.00 4.39 0.00
Purchase 04/02/2016 31846V203 15,625.00 First American Govt Obligation Fund 1.000 15,625.00 0.00 15,625.00 0.00
Purchase 04/08/2016 31846V203 8,437.50 First American Govt Obligation Fund 1.000 8,437.50 0.00 8,437.50 0.00
Purchase 04/15/2016 31846V203 841.67 First American Govt Obligation Fund 1.000 841.67 0.00 841.67 0.00
Purchase 04/15/2016 31846V203 76,993.78 First American Govt Obligation Fund 1.000 76,993.78 0.00 76,993.78 0.00
Purchase 04/15/2016 31846V203 95,947.73 First American Govt Obligation Fund 1.000 95,947.73 0.00 95,947.73 0.00
Purchase 04/15/2016 31846V203 52,409.96 First American Govt Obligation Fund 1.000 52,409.96 0.00 52,409.96 0.00
Purchase 04/15/2016 31846V203 956.67 First American Govt Obligation Fund 1.000 956.67 0.00 956.67 0.00
Purchase 04/15/2016 31846V203 1,811.25 First American Govt Obligation Fund 1.000 1,811.25 0.00 1,811.25 0.00
Purchase 04/18/2016 31846V203 60,662.86 First American Govt Obligation Fund 1.000 60,662.86 0.00 60,662.86 0.00
Purchase 04/18/2016 31846V203 963.71 First American Govt Obligation Fund 1.000 963.71 0.00 963.71 0.00
Purchase 04/20/2016 31846V203 601,108.06 First American Govt Obligation Fund 1.000 601,108.06 0.00 601,108.06 0.00
Purchase 04/21/2016 31846V203 1,317.33 First American Govt Obligation Fund 1.000 1,317.33 0.00 1,317.33 0.00
Purchase 04/22/2016 31846V203 20,187.50 First American Govt Obligation Fund 1.000 20,187.50 0.00 20,187.50 0.00
Purchase 04/25/2016 31846V203 15,000.00 First American Govt Obligation Fund 1.000 15,000.00 0.00 15,000.00 0.00
Purchase 04/30/2016 31846V203 88,583.75 First American Govt Obligation Fund 1.000 88,583.75 0.00 88,583.75 0.00
Subtotal 1,040,851.16 1,040,851.16 0.00 1,040,851.16 0.00
TOTAL ACQUISITIONS 1,040,851.16 1,040,851.16 0.00 1,040,851.16 0.00
DISPOSITIONS
Sale 04/20/2016 912828C81 600,000.00 US Treasury Note
0.375% Due 4/30/2016
100.007 0.10 %600,044.87 1,063.19 601,108.06 40.64
Subtotal 600,000.00 600,044.87 1,063.19 601,108.06 40.64
Paydown 04/15/2016 161571GC2 0.00 Chase CHAIT Pool #2013-A8
1.01% Due 10/15/2018
100.000 0.00 841.67 841.67 0.00
Paydown 04/15/2016 47787VAC5 76,297.13 John Deere Owner Trust 2014-A A3
0.92% Due 4/16/2018
100.000 76,297.13 696.65 76,993.78 0.00
Paydown 04/15/2016 47788MAC4 0.00 John Deere Owner Trust 2016-A A3
1.36% Due 4/15/2020
100.000 0.00 1,811.25 1,811.25 0.00
Paydown 04/15/2016 89231MAC9 95,466.10 Toyota Auto Receivables Owner 2014-A
0.67% Due 12/15/2017
100.000 95,466.10 481.63 95,947.73 0.00
Execution Time: 5/3/2016 12:25:12 PMChandler Asset Management - CONFIDENTIAL Page 9
Transaction Ledger
3/31/16 Thru 4/30/16
City of Dublin
Account #10198
Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price
Acq/Disp
Yield Amount
Interest
Pur/Sold Total Amount Gain/Loss
DISPOSITIONS
Paydown 04/15/2016 89231TAB6 51,785.13 Toyota Auto Receivables Owner 2015-C
0.92% Due 2/15/2018
100.000 51,785.13 624.83 52,409.96 0.00
Paydown 04/15/2016 89236WAC2 0.00 Toyota Auto Receivables Owner 2015-A
1.12% Due 2/15/2019
100.000 0.00 956.67 956.67 0.00
Paydown 04/18/2016 43814GAC4 60,218.31 Honda Auto Receivables 2014-2 A3
0.77% Due 3/19/2018
100.000 60,218.31 444.55 60,662.86 0.00
Paydown 04/18/2016 43814NAB1 0.00 Honda Auto Receivables 2016-1 A2
1.01% Due 6/18/2018
100.000 0.00 963.71 963.71 0.00
Paydown 04/21/2016 43813NAC0 0.00 Honda Auto Receivables 2015-2 A3
1.04% Due 2/21/2019
100.000 0.00 1,317.33 1,317.33 0.00
Subtotal 283,766.67 283,766.67 8,138.29 291,904.96 0.00
Security
Withdrawal
04/25/2016 31846V203 104.17 First American Govt Obligation Fund 1.000 104.17 0.00 104.17 0.00
Subtotal 104.17 104.17 0.00 104.17 0.00
TOTAL DISPOSITIONS 883,870.84 883,915.71 9,201.48 893,117.19 40.64
OTHER TRANSACTIONS
Interest 04/02/2016 3137EADM8 2,500,000.00 FHLMC Note
1.25% Due 10/2/2019
0.000 15,625.00 0.00 15,625.00 0.00
Interest 04/08/2016 68389XAX3 750,000.00 Oracle Corp Note
2.25% Due 10/8/2019
0.000 8,437.50 0.00 8,437.50 0.00
Interest 04/22/2016 94974BFU9 1,900,000.00 Wells Fargo Corp Note
2.125% Due 4/22/2019
0.000 20,187.50 0.00 20,187.50 0.00
Interest 04/25/2016 3133ECMM3 5,000,000.00 FFCB Note
0.6% Due 4/25/2017
0.000 15,000.00 0.00 15,000.00 0.00
Interest 04/30/2016 713448CR7 1,430,000.00 PepsiCo Inc Note
1.25% Due 4/30/2018
0.000 8,937.50 0.00 8,937.50 0.00
Interest 04/30/2016 713448CS5 1,330,000.00 PepsiCo Inc Callable Note Cont 3/30/2020
1.85% Due 4/30/2020
0.000 12,302.50 0.00 12,302.50 0.00
Interest 04/30/2016 912828K58 1,750,000.00 US Treasury Note
1.375% Due 4/30/2020
0.000 12,031.25 0.00 12,031.25 0.00
Interest 04/30/2016 912828L99 5,000,000.00 US Treasury Note
1.375% Due 10/31/2020
0.000 34,375.00 0.00 34,375.00 0.00
Interest 04/30/2016 912828SS0 3,000,000.00 US Treasury Note
0.875% Due 4/30/2017
0.000 13,125.00 0.00 13,125.00 0.00
Execution Time: 5/3/2016 12:25:12 PMChandler Asset Management - CONFIDENTIAL Page 10
Transaction Ledger
3/31/16 Thru 4/30/16
City of Dublin
Account #10198
Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price
Acq/Disp
Yield Amount
Interest
Pur/Sold Total Amount Gain/Loss
OTHER TRANSACTIONS
Interest 04/30/2016 912828UZ1 2,500,000.00 US Treasury Note
0.625% Due 4/30/2018
0.000 7,812.50 0.00 7,812.50 0.00
Subtotal 25,160,000.00 147,833.75 0.00 147,833.75 0.00
Dividend 04/01/2016 31846V203 665,899.02 First American Govt Obligation Fund 0.000 4.39 0.00 4.39 0.00
Subtotal 665,899.02 4.39 0.00 4.39 0.00
TOTAL OTHER TRANSACTIONS 25,825,899.02 147,838.14 0.00 147,838.14 0.00
Execution Time: 5/3/2016 12:25:12 PMChandler Asset Management - CONFIDENTIAL Page 11
Transaction Ledger
4/30/16 Thru 5/31/16
City of Dublin
Account #10198
Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price
Acq/Disp
Yield Amount
Interest
Pur/Sold Total Amount Gain/Loss
ACQUISITIONS
Purchase 05/02/2016 31846V203 5.27 First American Govt Obligation Fund 1.000 5.27 0.00 5.27 0.00
Purchase 05/03/2016 31846V203 8,750.00 First American Govt Obligation Fund 1.000 8,750.00 0.00 8,750.00 0.00
Purchase 05/05/2016 31846V203 1,012,256.68 First American Govt Obligation Fund 1.000 1,012,256.68 0.00 1,012,256.68 0.00
Purchase 05/13/2016 31846V203 18,125.00 First American Govt Obligation Fund 1.000 18,125.00 0.00 18,125.00 0.00
Purchase 05/13/2016 31846V203 2,500,000.00 First American Govt Obligation Fund 1.000 2,500,000.00 0.00 2,500,000.00 0.00
Purchase 05/16/2016 31846V203 841.67 First American Govt Obligation Fund 1.000 841.67 0.00 841.67 0.00
Purchase 05/16/2016 31846V203 91,202.67 First American Govt Obligation Fund 1.000 91,202.67 0.00 91,202.67 0.00
Purchase 05/16/2016 31846V203 1,263.67 First American Govt Obligation Fund 1.000 1,263.67 0.00 1,263.67 0.00
Purchase 05/16/2016 31846V203 86,214.54 First American Govt Obligation Fund 1.000 86,214.54 0.00 86,214.54 0.00
Purchase 05/16/2016 31846V203 75,580.44 First American Govt Obligation Fund 1.000 75,580.44 0.00 75,580.44 0.00
Purchase 05/16/2016 31846V203 956.67 First American Govt Obligation Fund 1.000 956.67 0.00 956.67 0.00
Purchase 05/18/2016 31846V203 56,865.80 First American Govt Obligation Fund 1.000 56,865.80 0.00 56,865.80 0.00
Purchase 05/18/2016 31846V203 963.71 First American Govt Obligation Fund 1.000 963.71 0.00 963.71 0.00
Purchase 05/19/2016 857477AV5 1,015,000.00 State Street Bank Note
1.95% Due 5/19/2021
99.948 1.96 %1,014,472.20 0.00 1,014,472.20 0.00
Purchase 05/20/2016 31846V203 25,293.75 First American Govt Obligation Fund 1.000 25,293.75 0.00 25,293.75 0.00
Purchase 05/23/2016 31846V203 1,317.33 First American Govt Obligation Fund 1.000 1,317.33 0.00 1,317.33 0.00
Purchase 05/24/2016 3135G0J20 2,500,000.00 FNMA Note
1.375% Due 2/26/2021
99.546 1.47 %2,488,650.00 8,402.77 2,497,052.77 0.00
Purchase 05/25/2016 31846V203 751,226.67 First American Govt Obligation Fund 1.000 751,226.67 0.00 751,226.67 0.00
Purchase 05/26/2016 30231GAV4 1,100,000.00 Exxon Mobil Corp Callable Note Cont
2/1/2021
2.222% Due 3/1/2021
101.184 1.96 %1,113,024.00 5,635.24 1,118,659.24 0.00
Purchase 05/28/2016 31846V203 17,000.00 First American Govt Obligation Fund 1.000 17,000.00 0.00 17,000.00 0.00
Purchase 05/30/2016 31846V203 27,500.00 First American Govt Obligation Fund 1.000 27,500.00 0.00 27,500.00 0.00
Purchase 05/31/2016 31846V203 71,250.00 First American Govt Obligation Fund 1.000 71,250.00 0.00 71,250.00 0.00
Purchase 05/31/2016 43814QAC2 805,000.00 Honda Auto Receivables 2016-2 A3
1.39% Due 4/15/2020
99.998 1.40 %804,984.38 0.00 804,984.38 0.00
Subtotal 10,166,613.87 10,167,744.45 14,038.01 10,181,782.46 0.00
TOTAL ACQUISITIONS 10,166,613.87 10,167,744.45 14,038.01 10,181,782.46 0.00
Execution Time: 6/1/2016 10:15:18 PMChandler Asset Management - CONFIDENTIAL Page 9
Transaction Ledger
4/30/16 Thru 5/31/16
City of Dublin
Account #10198
Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price
Acq/Disp
Yield Amount
Interest
Pur/Sold Total Amount Gain/Loss
DISPOSITIONS
Sale 05/19/2016 31846V203 1,014,472.20 First American Govt Obligation Fund 1.000 1,014,472.20 0.00 1,014,472.20 0.00
Sale 05/24/2016 31846V203 2,497,052.77 First American Govt Obligation Fund 1.000 2,497,052.77 0.00 2,497,052.77 0.00
Sale 05/25/2016 912828B74 750,000.00 US Treasury Note
0.625% Due 2/15/2017
99.992 0.64 %749,938.90 1,287.77 751,226.67 438.75
Sale 05/26/2016 31846V203 1,118,659.24 First American Govt Obligation Fund 1.000 1,118,659.24 0.00 1,118,659.24 0.00
Sale 05/31/2016 31846V203 804,984.38 First American Govt Obligation Fund 1.000 804,984.38 0.00 804,984.38 0.00
Subtotal 6,185,168.59 6,185,107.49 1,287.77 6,186,395.26 438.75
Call 05/05/2016 674599CB9 1,000,000.00 Occidental Petroleum Note
1.75% Due 2/15/2017
100.837 0.67 %1,008,367.79 3,888.89 1,012,256.68 0.00
Subtotal 1,000,000.00 1,008,367.79 3,888.89 1,012,256.68 0.00
Paydown 05/15/2016 161571GC2 0.00 Chase CHAIT Pool #2013-A8
1.01% Due 10/15/2018
100.000 0.00 841.67 841.67 0.00
Paydown 05/15/2016 47787VAC5 90,564.52 John Deere Owner Trust 2014-A A3
0.92% Due 4/16/2018
100.000 90,564.52 638.15 91,202.67 0.00
Paydown 05/15/2016 47788MAC4 0.00 John Deere Owner Trust 2016-A A3
1.36% Due 4/15/2020
100.000 0.00 1,263.67 1,263.67 0.00
Paydown 05/15/2016 89231MAC9 85,786.21 Toyota Auto Receivables Owner 2014-A
0.67% Due 12/15/2017
100.000 85,786.21 428.33 86,214.54 0.00
Paydown 05/15/2016 89231TAB6 74,995.31 Toyota Auto Receivables Owner 2015-C
0.92% Due 2/15/2018
100.000 74,995.31 585.13 75,580.44 0.00
Paydown 05/15/2016 89236WAC2 0.00 Toyota Auto Receivables Owner 2015-A
1.12% Due 2/15/2019
100.000 0.00 956.67 956.67 0.00
Paydown 05/18/2016 43814GAC4 56,459.89 Honda Auto Receivables 2014-2 A3
0.77% Due 3/19/2018
100.000 56,459.89 405.91 56,865.80 0.00
Paydown 05/18/2016 43814NAB1 0.00 Honda Auto Receivables 2016-1 A2
1.01% Due 6/18/2018
100.000 0.00 963.71 963.71 0.00
Paydown 05/23/2016 43813NAC0 0.00 Honda Auto Receivables 2015-2 A3
1.04% Due 2/21/2019
100.000 0.00 1,317.33 1,317.33 0.00
Subtotal 307,805.93 307,805.93 7,400.57 315,206.50 0.00
Maturity 05/13/2016 3137EADQ9 2,500,000.00 FHLMC Note
0.5% Due 5/13/2016
100.000 2,500,000.00 0.00 2,500,000.00 0.00
Subtotal 2,500,000.00 2,500,000.00 0.00 2,500,000.00 0.00
Execution Time: 6/1/2016 10:15:18 PMChandler Asset Management - CONFIDENTIAL Page 10
Transaction Ledger
4/30/16 Thru 5/31/16
City of Dublin
Account #10198
Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price
Acq/Disp
Yield Amount
Interest
Pur/Sold Total Amount Gain/Loss
DISPOSITIONS
Security
Withdrawal
05/25/2016 31846V203 104.17 First American Govt Obligation Fund 1.000 104.17 0.00 104.17 0.00
Subtotal 104.17 104.17 0.00 104.17 0.00
TOTAL DISPOSITIONS 9,993,078.69 10,001,385.38 12,577.23 10,013,962.61 438.75
OTHER TRANSACTIONS
Interest 05/03/2016 037833AJ9 1,750,000.00 Apple Inc Note
1% Due 5/3/2018
0.000 8,750.00 0.00 8,750.00 0.00
Interest 05/13/2016 3137EADQ9 2,500,000.00 FHLMC Note
0.5% Due 5/13/2016
0.000 6,250.00 0.00 6,250.00 0.00
Interest 05/13/2016 40428HPN6 1,000,000.00 HSBC USA Inc Note
2.375% Due 11/13/2019
0.000 11,875.00 0.00 11,875.00 0.00
Interest 05/20/2016 36962G6K5 750,000.00 General Electric Capital Corp Note
1.6% Due 11/20/2017
0.000 6,000.00 0.00 6,000.00 0.00
Interest 05/20/2016 747525AD5 1,715,000.00 Qualcomm Inc Note
2.25% Due 5/20/2020
0.000 19,293.75 0.00 19,293.75 0.00
Interest 05/28/2016 3134G3Y53 4,000,000.00 FHLMC Callable Note 1X 11/28/14
0.85% Due 11/28/2017
0.000 17,000.00 0.00 17,000.00 0.00
Interest 05/30/2016 3135G0F73 2,500,000.00 FNMA Note
1.5% Due 11/30/2020
0.000 18,750.00 0.00 18,750.00 0.00
Interest 05/30/2016 3137EADG1 1,000,000.00 FHLMC Note
1.75% Due 5/30/2019
0.000 8,750.00 0.00 8,750.00 0.00
Interest 05/31/2016 912828G61 6,500,000.00 US Treasury Note
1.5% Due 11/30/2019
0.000 48,750.00 0.00 48,750.00 0.00
Interest 05/31/2016 912828XE5 3,000,000.00 US Treasury Note
1.5% Due 5/31/2020
0.000 22,500.00 0.00 22,500.00 0.00
Subtotal 24,715,000.00 167,918.75 0.00 167,918.75 0.00
Dividend 05/02/2016 31846V203 1,706,646.01 First American Govt Obligation Fund 0.000 5.27 0.00 5.27 0.00
Subtotal 1,706,646.01 5.27 0.00 5.27 0.00
TOTAL OTHER TRANSACTIONS 26,421,646.01 167,924.02 0.00 167,924.02 0.00
Execution Time: 6/1/2016 10:15:18 PMChandler Asset Management - CONFIDENTIAL Page 11
Transaction Ledger
5/31/16 Thru 6/30/16
City of Dublin
Account #10198
Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price
Acq/Disp
Yield Amount
Interest
Pur/Sold Total Amount Gain/Loss
ACQUISITIONS
Purchase 06/01/2016 31846V203 14,400.00 First American Govt Obligation Fund 1.000 14,400.00 0.00 14,400.00 0.00
Purchase 06/01/2016 31846V203 16.20 First American Govt Obligation Fund 1.000 16.20 0.00 16.20 0.00
Purchase 06/08/2016 31846V203 27,500.00 First American Govt Obligation Fund 1.000 27,500.00 0.00 27,500.00 0.00
Purchase 06/12/2016 31846V203 17,500.00 First American Govt Obligation Fund 1.000 17,500.00 0.00 17,500.00 0.00
Purchase 06/14/2016 31846V203 14,062.50 First American Govt Obligation Fund 1.000 14,062.50 0.00 14,062.50 0.00
Purchase 06/15/2016 31846V203 51,580.78 First American Govt Obligation Fund 1.000 51,580.78 0.00 51,580.78 0.00
Purchase 06/15/2016 31846V203 84,559.10 First American Govt Obligation Fund 1.000 84,559.10 0.00 84,559.10 0.00
Purchase 06/15/2016 31846V203 75,683.48 First American Govt Obligation Fund 1.000 75,683.48 0.00 75,683.48 0.00
Purchase 06/15/2016 31846V203 841.67 First American Govt Obligation Fund 1.000 841.67 0.00 841.67 0.00
Purchase 06/15/2016 31846V203 466.23 First American Govt Obligation Fund 1.000 466.23 0.00 466.23 0.00
Purchase 06/15/2016 31846V203 1,263.67 First American Govt Obligation Fund 1.000 1,263.67 0.00 1,263.67 0.00
Purchase 06/15/2016 31846V203 956.67 First American Govt Obligation Fund 1.000 956.67 0.00 956.67 0.00
Purchase 06/20/2016 31846V203 53,678.92 First American Govt Obligation Fund 1.000 53,678.92 0.00 53,678.92 0.00
Purchase 06/20/2016 31846V203 963.71 First American Govt Obligation Fund 1.000 963.71 0.00 963.71 0.00
Purchase 06/21/2016 31846V203 1,317.33 First American Govt Obligation Fund 1.000 1,317.33 0.00 1,317.33 0.00
Purchase 06/24/2016 31846V203 15,032.50 First American Govt Obligation Fund 1.000 15,032.50 0.00 15,032.50 0.00
Purchase 06/24/2016 31846V203 2,930,000.00 First American Govt Obligation Fund 1.000 2,930,000.00 0.00 2,930,000.00 0.00
Purchase 06/28/2016 06538BKS1 2,950,000.00 Bank of Tokyo Mitsubishi NY Discount CP
0.74% Due 10/26/2016
99.753 0.75 %2,942,723.32 0.00 2,942,723.32 0.00
Purchase 06/30/2016 3135G0J20 2,500,000.00 FNMA Note
1.375% Due 2/26/2021
101.201 1.11 %2,530,025.00 11,840.28 2,541,865.28 0.00
Purchase 06/30/2016 31846V203 24,375.00 First American Govt Obligation Fund 1.000 24,375.00 0.00 24,375.00 0.00
Subtotal 8,764,197.76 8,786,946.08 11,840.28 8,798,786.36 0.00
TOTAL ACQUISITIONS 8,764,197.76 8,786,946.08 11,840.28 8,798,786.36 0.00
DISPOSITIONS
Sale 06/28/2016 31846V203 2,942,723.32 First American Govt Obligation Fund 1.000 2,942,723.32 0.00 2,942,723.32 0.00
Sale 06/30/2016 31846V203 1,287,583.32 First American Govt Obligation Fund 1.000 1,287,583.32 0.00 1,287,583.32 0.00
Sale 06/30/2016 912828B74 1,250,000.00 US Treasury Note
0.625% Due 2/15/2017
100.109 0.45 %1,251,363.00 2,918.96 1,254,281.96 2,083.34
Subtotal 5,480,306.64 5,481,669.64 2,918.96 5,484,588.60 2,083.34
Execution Time: 7/3/2016 12:21:49 PMChandler Asset Management - CONFIDENTIAL Page 9
Transaction Ledger
5/31/16 Thru 6/30/16
City of Dublin
Account #10198
Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price
Acq/Disp
Yield Amount
Interest
Pur/Sold Total Amount Gain/Loss
DISPOSITIONS
Paydown 06/15/2016 161571GC2 0.00 Chase CHAIT Pool #2013-A8
1.01% Due 10/15/2018
100.000 0.00 841.67 841.67 0.00
Paydown 06/15/2016 43814QAC2 0.00 Honda Auto Receivables 2016-2 A3
1.39% Due 4/15/2020
100.000 0.00 466.23 466.23 0.00
Paydown 06/15/2016 47787VAC5 51,012.06 John Deere Owner Trust 2014-A A3
0.92% Due 4/16/2018
100.000 51,012.06 568.72 51,580.78 0.00
Paydown 06/15/2016 47788MAC4 0.00 John Deere Owner Trust 2016-A A3
1.36% Due 4/15/2020
100.000 0.00 1,263.67 1,263.67 0.00
Paydown 06/15/2016 89231MAC9 84,178.67 Toyota Auto Receivables Owner 2014-A
0.67% Due 12/15/2017
100.000 84,178.67 380.43 84,559.10 0.00
Paydown 06/15/2016 89231TAB6 75,155.84 Toyota Auto Receivables Owner 2015-C
0.92% Due 2/15/2018
100.000 75,155.84 527.64 75,683.48 0.00
Paydown 06/15/2016 89236WAC2 0.00 Toyota Auto Receivables Owner 2015-A
1.12% Due 2/15/2019
100.000 0.00 956.67 956.67 0.00
Paydown 06/20/2016 43814GAC4 53,309.24 Honda Auto Receivables 2014-2 A3
0.77% Due 3/19/2018
100.000 53,309.24 369.68 53,678.92 0.00
Paydown 06/20/2016 43814NAB1 0.00 Honda Auto Receivables 2016-1 A2
1.01% Due 6/18/2018
100.000 0.00 963.71 963.71 0.00
Paydown 06/21/2016 43813NAC0 0.00 Honda Auto Receivables 2015-2 A3
1.04% Due 2/21/2019
100.000 0.00 1,317.33 1,317.33 0.00
Subtotal 263,655.81 263,655.81 7,655.75 271,311.56 0.00
Maturity 06/24/2016 06538BFQ1 2,930,000.00 Bank of Tokyo Mitsubishi NY Discount CP
0.7% Due 6/24/2016
99.769 2,930,000.00 0.00 2,930,000.00 0.00
Subtotal 2,930,000.00 2,930,000.00 0.00 2,930,000.00 0.00
Security
Withdrawal
06/27/2016 31846V203 104.17 First American Govt Obligation Fund 1.000 104.17 0.00 104.17 0.00
Subtotal 104.17 104.17 0.00 104.17 0.00
TOTAL DISPOSITIONS 8,674,066.62 8,675,429.62 10,574.71 8,686,004.33 2,083.34
OTHER TRANSACTIONS
Interest 06/01/2016 913017BU2 1,600,000.00 United Tech Corp Note
1.8% Due 6/1/2017
0.000 14,400.00 0.00 14,400.00 0.00
Interest 06/08/2016 313379DT3 2,000,000.00 FHLB Note
1.25% Due 6/8/2018
0.000 12,500.00 0.00 12,500.00 0.00
Interest 06/08/2016 313381B20 4,000,000.00 FHLB Note
0.75% Due 12/8/2017
0.000 15,000.00 0.00 15,000.00 0.00
Execution Time: 7/3/2016 12:21:49 PMChandler Asset Management - CONFIDENTIAL Page 10
Transaction Ledger
5/31/16 Thru 6/30/16
City of Dublin
Account #10198
Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price
Acq/Disp
Yield Amount
Interest
Pur/Sold Total Amount Gain/Loss
OTHER TRANSACTIONS
Interest 06/12/2016 313383HU8 2,000,000.00 FHLB Note
1.75% Due 6/12/2020
0.000 17,500.00 0.00 17,500.00 0.00
Interest 06/14/2016 3135G0G72 2,500,000.00 FNMA Note
1.125% Due 12/14/2018
0.000 14,062.50 0.00 14,062.50 0.00
Interest 06/24/2016 166764AE0 1,750,000.00 Chevron Corp Callable Note Cont 5/24/2018
1.718% Due 6/24/2018
0.000 15,032.50 0.00 15,032.50 0.00
Interest 06/30/2016 912828G95 3,000,000.00 US Treasury Note
1.625% Due 12/31/2019
0.000 24,375.00 0.00 24,375.00 0.00
Subtotal 16,850,000.00 112,870.00 0.00 112,870.00 0.00
Dividend 06/01/2016 31846V203 1,032,387.12 First American Govt Obligation Fund 0.000 16.20 0.00 16.20 0.00
Subtotal 1,032,387.12 16.20 0.00 16.20 0.00
TOTAL OTHER TRANSACTIONS 17,882,387.12 112,886.20 0.00 112,886.20 0.00
Execution Time: 7/3/2016 12:21:49 PMChandler Asset Management - CONFIDENTIAL Page 11