HomeMy WebLinkAbout4.4 - 1218 Q1 FY 2016-17 Investment Report
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STAFF REPORT
CITY COUNCIL
DATE: November 15, 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 September 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 September 30, 2016, and includes a monthly
transaction ledger. The City’s investment portfolio for this period totaled
$206,835,691(book value) with an average market yield of 0.93%. 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:
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 o f receipt of revenues and
payment of expenditures, the quarterly cash balance can vary from quarter to quarter.
Staff anticipates that interest earnings will be higher than budgeted in Fiscal Year 2016 -
17, but will monitor this through December and include any necessary budget
adjustments with the mid-year financial report to City Council.
DESCRIPTION:
The total investment portfolio of $206,835,691 (book value) is comprised of
$146,149,628 managed by Chandler Asset Management (Chandler), and $60,686,0 63
invested by the City in local government pools. The average market yield of the
Chandler portfolio and the local pools was 0.93% and 0.63% respectively. The total
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investment portfolio balance fluctuates throughout the year due to normal cash flow
needs and includes both discretionary and restricted funds.
Economic Update Highlights
The following are some highlights from the Economic Update included in the attached
Investment Report prepared by Chandler (Attachment 1):
The Federal Open Market Committee (FOMC) kept the fed funds rate unchanged at a
range of 0.25%-0.50% in September. However, there were three dissenting votes (out
of ten) who preferred to raise the target range by a quarter percent. Market observers
now believe that if the economic data remains modestly favorable over the next few
months, the Fed will hike the fed funds rate range by 25 basis points in December.
Overall, the global economy continues to face headwinds, but the domestic economic
data points toward continuing slow growth. T he unemployment rate was 5.0% in
September with payrolls having increased by an average of 192,000 on a trailing three -
month moving average basis. On a year-over-year basis, wages were up 2.6% in
September, versus 2.4% in August. Retail sales were up 0.6% in September, on a
month-over-month basis, which was in line with expectations, while consumer
confidence softened modestly. Lastly, the consensus forecast calls for a pick -up in
GDP growth in the second half of the year to 2.7% and 2.3% in the third and f ourth
quarters, respectively.
In September, the two-year Treasury yield decreased four basis points and the 10 -year
Treasury yield increased one basis point. After the FOMC meeting in September, the
yield modestly declined. In the near term, it is believed that multiple global and
domestic factors will create an effective cap on rates across the yield curve, leading up
to the December meeting, with fed fund futures prices now reflecting a greater than
70% probability of a December rate hike.
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 with minor adjustments betwee n
asset types.
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Chart 1: Investments by Type, June 30, 2016 - September, 2016
The market value of the City's portfolio increased $5.4 million since June 2016 (see
Table 1 below), and $9.7 million over the same quarter the prior year, due to higher
than anticipated revenue receipts as of June 30, 2016, as reported in the City's Fiscal
Year 2015-16 4th Quarter Financial Review.
Table 1: Portfolio Values and Yield to Maturity
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Overall market yield-to-maturity (YTM) increased from 0.80% to 0.93% (See Table
below). For detailed monthly transactions, see Attachment 2-4.
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.
LAIF rates have continued to increase since the same quarter last year, landing at 0.60
in September 2016.
Table 3: Quarterly LAIF Yields, Recent Six Years - 3 Quarters
NOTICING REQUIREMENTS/PUBLIC OUTREACH:
None.
ATTACHMENTS:
1. City of Dublin Investment Report for the Period Ending September 30, 2016
2. Transactions - July 2016
3. Transactions - August 2016
4. Transactions - September 2016
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6225 Lusk Blvd | San Diego, CA 92121 | Phone 800.317.4747 | Fax 858.546.3741 | www.chandlerasset.com
CHANDLER ASSET MANAGEMENT
Period Ending
September 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
Theglobaleconomycontinues to faceheadwinds,but domesticeconomicdatapointstowardongoingslowgrowth.
TheU.S.labormarketremainshealthy.Theunemploymentratewas5.0%in September,and payrollshaveincreased
byan average of 192,000 on atrailing3-monthmovingaveragebasis.Wagegrowth is inchinghigher.Consumer
confidenceremainsstrong.Housingtrendsremainfavorableeventhoughhomepriceappreciation has softened.Oil
priceshavereboundedfromearlierthisyear.Themanufacturingsector,thoughstill under pressure,has slightly
improved.Secondquarter 2016 GDPgrew1.4%,followinggrowth of 0.8%in thefirstquarter.Theconsensusforecast
callsforapick-up in GDPgrowth in thesecondhalf of theyear to 2.7%and 2.3%in thethird and fourthquarters,
respectively.
Economic Update
TheFederalOpenMarketCommittee(FOMC)keptthefedfundsrateunchanged at arange of 0.25%-0.50%in
September.However,therewerethreedissentingvotes(out of ten),as EstherGeorge(KansasCity),LorettaMester
(Cleveland),and EricRosengren(Boston)preferred to raisethetargetrange by aquarterpercent.The Fed’s overall
assessment of theeconomywaslittlechangedfromJuly.In thepolicystatement,theCommitteenotedthelabor
market has continued to strengthen but inflationremainsbelowtarget.In decidingwhether ornot to raisethefedfunds
targetrate,theCommitteesaid “the casefor an increase in thefederalfundsrate has strengthened but decided,for
thetimebeing,to waitforfurtherevidence of continuedprogresstowarditsobjectives."In her pressconference,Fed
ChairYellenremarkedthatthenextmeeting on November1-2 is a “live”meeting but givenitsproximity to the US
Presidentialelection on November 8,we thinktheFed is likely to keepmonetarypolicy on holduntilDecember.If
economicdataremainsmodestlyfavorableoverthenextfewmonths,we expecttheFedwillhikethefedfundsrate
rangeby25basispointsinDecember.
In September,the2-yearTreasuryyielddecreasedfourbasispoints and the10-yearTreasuryyieldincreased one
basispoint.Leading up to theFOMCmeeting in September,theyieldcurvesteepenedslightly.AftertheFOMC
meeting in September,yieldsmodestlydeclined.Themarket-impliedprobability of afedfundsratehikebeforeyear-
end (reflected in fedfundsfuturesprices)is now greaterthan70%.According to theFed'smostrecentprojections,14
outof17 policymakersproject at least one ratehikebeforeyear-end.The Fed’s longer-runfedfundsrateforecast is
now 2.9%.The Fed’s“dotplot”of fedfundsrateprojections has driftedloweroverthelastfewyears and we believe
theprojectedterminalfedfundsrate of 2.9%remainsunrealisticallyhigh.We expect it willcontinue to movedown
closer to 2.0%.At leastoverthenear-term,we believemultipleglobal and domesticfactorswillcreate an effectivecap
onratesacross the yield curve.
3
Nonfarmpayrollswerelowerthanexpected in September,up 156,000versustheconsensusforecast of 172,000.July and August
payrollswerereviseddown by a net total of 7,000.On atrailing3-month and 6-monthbasis,payrollsincreased byan average of
192,000 and 169,000 per month,respectively.Theunemploymentrateinched up in September to 5.0%from4.9%in August,as the
participationrateincreased to 62.9%from62.8%.Abroadermeasure of unemploymentcalledtheU-6,whichincludesthosewhoare
marginallyattached to thelaborforce and employedparttimeforeconomicreasons,remainedunchanged in September at 9.7%.
Wagesincreased0.2%in September,followinga0.1%increase in August.On ayear-over-yearbasis,wageswere up 2.6%in
September, versus 2.4% in August.
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
TheConsumerPriceIndex(CPI)was up 1.5%year-over-year in September,versus up 1.1%year-over-year in August.CoreCPI(CPI
lessfood and energy)was up 2.2%year-over-year in September,vs.2.3%in August.ThePersonalConsumptionExpenditures(PCE)
index was up 1.2% year-over-year in September, versus 1.0% in August. Core PCE (excluding food and energy) was up 1.7% year-over-
year in Septembervs.up 1.7%year-over-year in August.AlthoughCoreCPI is trendingabove2.0%,theFed'sprimaryinflation gauge is
PCE which 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
On ayear-over-yearbasis,totalretailsalesweresolid,up 2.7%in Septembercomparedwitha2.1%increase in August.On amonth-
over-monthbasis,retailsaleswere up 0.6%in September,in linewithexpectations.Excludingautos and gas,retailsalesrose0.3%in
the month. Meanwhile, consumer confidence softened modestly, to 98.6 in October versus 103.5 in September.
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)increased0.2%in September,in linewithexpectations,pointing to sloweconomic
growth ahead.Meanwhile,theChicagoFedNationalActivityIndex(CFNAI)declined to -0.21 in September on a3-monthmoving
average basis, from -0.07 in August. The CFNAI suggests that the pace of economic growth is below-trend.
Economic Activity
-0.4%
-0.2%
0.0%
0.2%
0.4%
0.6%
0.8%
Leading Economic Indicators (LEI)
M
O
M
(
%
)
C
h
a
n
g
e
-0.50
-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
Totalhousingstartsfell9.0%in September,followingadecline of 5.6%in August.Single-familystartsincreased8.1%in September but
multi-familystartsplunged38.0%.Housingstartstend to be volatile on amonth-to-monthbasis.Notably,bothsingle-and multi-family
permitswere up in September.According to theCase-Shiller20-Cityhomepriceindex,homepriceswere up just5.1%year-over-year
in August, vs. up 5.0% year-over-year in July.
Housing
Source: US Census Bureau Source: S&P
0
200
400
600
800
1000
1200
1400
1600
M
O
M
C
h
a
n
g
e
(
I
n
T
h
o
u
s
a
n
d
s
o
f
U
n
i
t
s
)
Housing Starts
Multi Family Housing Starts
Single Family Housing Starts
3.0%
3.5%
4.0%
4.5%
5.0%
5.5%
6.0%
6.5%
7.0%
S&P/CaseShiller 20 City Composite Home
Price Index
YO
Y
(
%
)
C
h
a
n
g
e
8
TheInstituteforSupplyManagement(ISM)manufacturingindexincreased to 51.5 in Septemberfrom49.4 in August,suggestingthat
manufacturingactivity is improving.Newordersgrewsolidly in September.Areadingabove50.0suggeststhemanufacturingsector is
expanding,and areadingabove43.1 is generallyindicative of broadeconomicexpansion,based on thehistoricalrelationshipbetween
theindex and GDPgrowth.Meanwhile,capacityutilization,which is productiondivided by capacity,edgedup to 75.4%in September
from75.3%in August.Thecapacityutilizationrateremainsbelowthelong-runaverage of 80.0%(1972-2015),suggestingthere is still
excess capacity in the industrial sector.
Manufacturing
Source: Institute for Supply Management Source: Federal Reserve
74.0%
75.0%
76.0%
77.0%
78.0%
79.0%
80.0%
Capacity Utilization
Ra
t
e
(
%
)
46
48
50
52
54
56
58
60
Institute of Supply Management Purchasing
Manager Index
Expanding
Contracting
9
ThethirdquarterrealGDP(advancereport)wasreleasedwith an initialestimate of annualizedgrowth of 2.9%versus1.4%in the
secondquarter.GrowthfromPersonalConsumptionExpendituresremainedstrong at 1.5%althoughdownfromthesecondquarter.
Market participants are forecasting fourth quarter growth of 2.3%.
Gross Domestic Product (GDP)
Source: US Department of Commerce Source: US Department of Commerce
12/153/166/169/16
1.5%1.1%2.9%1.5%
-0.4%-0.6%-1.3%0.5%
-0.5%0.0%0.2%0.8%
0.3%-0.1%0.0%0.2%
-0.1%0.4%-0.3%-0.1%
0.9%0.9%0.8%2.9%
State and Local (Consumption and Gross
Investment)
Components of GDP
Total
Net Exports and Imports
Personal Consumption Expenditures
Gross Private Domestic Investment
Federal Government Expenditures
-2.0%
-1.0%
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
Gross Domestic Product (GDP)
GDP QOQ % Change
GDP YOY % Change
10
Source: Bloomberg
Overthepastthreemonths,theyieldcurveshiftedupwardwiththe2-yearTreasuryyield up18 basispoints and the10-yearTreasury
yield up nearly 13 basispoints.However,on ayear-over-yearbasistheyieldcurveflattenedwiththe2-yearTreasuryyield upabout13
basispoints and the10-yearTreasuryyielddownmorethan 44 basispoints.Overthepastyear,financialmarketvolatility hasbeen
elevated due to weakglobaleconomicgrowth,volatilecommodityprices,politicaluncertainty,and divergentglobalcentral 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%
US Treasury Yield Curve
Sep-16
Jun-16
Sep-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 1-3 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
October 31, 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
9/30/2016 6/30/2016
Benchmark* Portfolio Portfolio
Average Maturity (yrs) 2.71 2.63 2.60
Modified Duration 2.61 2.42 2.42
Average Purchase Yield n/a 1.36% 1.31%
Average Market Yield 0.90% 1.05% 0.88%
Average Quality** AAA AA/Aa1 AA+/Aa1
Contributions/Withdrawals -313
Total Market Value 147,927,671 147,961,348
*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
8.4%
Agency
41.8%
Commercial Paper
2.0%
Money Market Fund
FI
0.5%
US Corporate
21.8%
US Treasury
24.3%
Negotiable CD
1.3%
Sector Distribution
City of Dublin
September 30, 2016 June 30, 2016
ABS
6.1%
Agency
44.0%
Commercial Paper
2.0%
Money Market Fund
FI
0.1%
US Corporate
19.7%
US Treasury
28.1%
16
Issuers
City of Dublin – Account #10198 As of 9/30/2016
Issue Name Investment Type % Portfolio
Government of United States US Treasury 24.28%
Federal Home Loan Bank Agency 14.13%
Federal National Mortgage Association Agency 12.70%
Federal Home Loan Mortgage Corp Agency 10.18%
Federal Farm Credit Bank Agency 4.74%
Honda ABS ABS 2.60%
John Deere ABS ABS 2.00%
Bank of Tokyo-Mit UFJ Commercial Paper 1.99%
JP Morgan ABS ABS 1.95%
Pepsico Inc US Corporate 1.89%
Wells Fargo Corp US Corporate 1.31%
Bank of Nova Scotia Negotiable CD 1.25%
Honda Motor Corporation US Corporate 1.25%
Microsoft US Corporate 1.25%
Exxon Mobil Corp US Corporate 1.25%
JP Morgan Chase & Co US Corporate 1.24%
Bank of New York US Corporate 1.21%
Toyota ABS ABS 1.21%
ChevronTexaco Corp US Corporate 1.20%
Qualcomm Inc US Corporate 1.19%
Apple Inc US Corporate 1.19%
United Technology Corp US Corporate 1.09%
Eli Lilly & Co US Corporate 1.08%
HSBC USA Corp US Corporate 1.03%
US Bancorp US Corporate 1.02%
Cisco Systems US Corporate 0.93%
Deere & Company US Corporate 0.88%
Oracle Corp US Corporate 0.88%
State Street Bank US Corporate 0.70%
Berkshire Hathaway US Corporate 0.69%
17
Issuers
City of Dublin – Account #10198 As of 9/30/2016
Issue Name Investment Type % Portfolio
Nissan ABS ABS 0.63%
First American Govt Oblig Fund Money Market Fund FI 0.54%
General Electric Co US Corporate 0.51%
Total 100.00%
18
AAA AA A <A NR
09/30/16 7.0% 77.0% 12.8% 0.0% 3.2%
06/30/16 4.4% 82.0% 11.8% 0.0% 1.8%
Source: S&P Ratings
Quality Distribution
September 30, 2016 vs. June 30, 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
9/30/2016 6/30/2016
19
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+
9/30/2016 6/30/2016
Duration Distribution
City of Dublin
September 30, 2016 vs. June 30, 2016
0 - 0.25 0.25 - 0.50 0.50 - 1 1 - 2 2 - 3 3 - 4 4 - 5 5+
09/30/16 3.7% 5.0% 10.8% 21.8% 18.5% 24.2% 15.9% 0.0%
06/30/16 1.3% 4.3% 17.1% 21.7% 14.1% 26.9% 14.5% 0.0%
20
Investment Performance
0.00%
0.20%
0.40%
0.60%
0.80%
1.00%
1.20%
1.40%
1.60%
1.80%
2.00%
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
September 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 -0.02% 1.79% 1.74% N/A N/A N/A 1.36%
BAML 1-5 Yr US Treasury/Agency Index -0.16% 1.52% 1.66% N/A N/A N/A 1.28%
21
Portfolio Characteristics
City of Dublin Reporting Account
9/30/2016 6/30/2016
Portfolio Portfolio
Average Maturity (yrs) 0.00 0.00
Modified Duration 0.00 0.00
Average Purchase Yield 0.63% 0.56%
Average Market Yield 0.63% 0.56%
Average Quality NR/NR NR/NR
Contributions/Withdrawals 5,350,000
Total Market Value 60,762,483 55,329,173
22
LAIF
82.1%
Local Gov
Investment Pool
17.9%
Sector Distribution
City of Dublin Reporting Account
September 30, 2016 June 30, 2016
LAIF
77.4%
Local Gov
Investment Pool
22.6%
23
Issuers
City of Dublin Reporting Account – Account #10219 As of 9/30/2016
Issue Name Investment Type % Portfolio
Local Agency Investment Fund LAIF 82.11%
CAMP Local Gov Investment Pool 17.89%
Total 100.00%
24
SECTION 3
Consolidated Information
25
Portfolio Characteristics
City of Dublin Consolidated
9/30/2016 6/30/2016
Portfolio Portfolio
Average Maturity (yrs) 1.87 1.89
Modified Duration 1.71 1.76
Average Purchase Yield 1.14% 1.10%
Average Market Yield 0.93% 0.80%
Average Quality AA/Aa1 AA+/Aa1
Contributions/Withdrawals
Total Market Value 208,690,154 203,290,520
26
ABS
5.9%
Agency
29.6%
Commercial Paper
1.4%
LAIF
23.9%
Local Gov
Investment Pool
5.2%
Money Market Fund
FI
0.4%
US Corporate
15.4%
US Treasury
17.2%
Negotiable CD
0.9%
Sector Distribution
City of Dublin Consolidated
September 30, 2016 June 30, 2016
ABS
4.5%
Agency
32.0%
Commercial Paper
1.5%
LAIF
21.1%
Local Gov
Investment Pool
6.2%
Money Market Fund
FI
0.1%
US Corporate
14.4%
US Treasury
20.5%
27
SECTION 4
Portfolio Holdings
28
Holdings Report
For the Month Ending 9/30/2016
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
358,711.67 Various
0.70%
358,570.16
358,689.62
99.95
0.96%
358,517.25
106.82
0.24%
(172.37)
Aaa / AAA
NR
1.21
0.18
89231TAB6 Toyota Auto Receivables Owner 2015-C
0.920% Due 02/15/2018
401,025.86 08/18/2015
0.81%
400,993.61
401,007.95
99.99
0.97%
400,980.14
163.98
0.27%
(27.81)
Aaa / AAA
NR
1.38
0.23
43814GAC4 Honda Auto Receivables 2014-2 A3
0.770% Due 03/19/2018
370,681.50 05/13/2014
0.33%
370,636.96
370,672.17
99.94
0.95%
370,464.28
103.07
0.25%
(207.89)
Aaa / AAA
NR
1.47
0.34
47787VAC5 John Deere Owner Trust 2014-A A3
0.920% Due 04/16/2018
517,375.42 04/02/2014
0.87%
517,292.53
517,360.68
99.94
1.11%
517,075.86
211.55
0.35%
(284.82)
Aaa / NR
AAA
1.54
0.31
43814NAB1 Honda Auto Receivables 2016-1 A2
1.010% Due 06/18/2018
1,145,000.00 02/16/2016
0.86%
1,144,885.61
1,144,915.29
100.03
0.95%
1,145,320.60
417.61
0.77%
405.31
NR / AAA
AAA
1.72
0.47
161571GC2 Chase CHAIT Pool #2013-A8
1.010% Due 10/15/2018
1,000,000.00 01/07/2016
1.03%
999,648.44
999,740.26
100.01
0.65%
1,000,091.00
448.89
0.68%
350.74
Aaa / AAA
AAA
2.04
0.02
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
1,024,927.90
100.07
1.01%
1,025,744.15
510.22
0.69%
816.25
Aaa / AAA
NR
2.38
0.64
47788NAB4 John Deere Owner Trust 2016-B A2
1.090% Due 02/15/2019
1,325,000.00 07/19/2016
1.10%
1,324,919.18
1,324,924.90
99.99
1.10%
1,324,882.08
641.89
0.90%
(42.82)
Aaa / NR
AAA
2.38
0.92
43813NAC0 Honda Auto Receivables 2015-2 A3
1.040% Due 02/21/2019
1,520,000.00 05/13/2015
0.56%
1,519,766.68
1,519,851.65
100.04
0.99%
1,520,582.16
439.11
1.03%
730.51
NR / AAA
AAA
2.39
0.75
65478WAB1 Nissan Auto Receivables Owner 2016-C A2A
1.070% Due 05/15/2019
930,000.00 08/02/2016
1.08%
929,963.36
929,965.25
99.93
1.14%
929,384.34
442.27
0.63%
(580.91)
Aaa / NR
AAA
2.62
1.00
161571HH0 Chase CHAIT Pool #2016-A7
1.060% Due 09/16/2019
1,880,000.00 09/06/2016
1.08%
1,879,837.94
1,879,845.89
100.02
1.04%
1,880,332.76
996.40
1.27%
486.87
Aaa / AAA
AAA
2.96
0.93
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
1,114,849.34
100.09
1.31%
1,116,033.61
673.96
0.75%
1,184.27
Aaa / NR
AAA
3.54
1.65
43814QAC2 Honda Auto Receivables 2016-2 A3
1.390% Due 04/15/2020
805,000.00 05/24/2016
1.37%
804,984.38
804,985.74
100.43
1.16%
808,496.12
497.31
0.55%
3,510.38
Aaa / NR
AAA
3.54
1.82
Total ABS 12,392,794.45 0.95%
12,391,168.37
12,391,736.64
1.03%
12,397,904.35
5,653.08
8.38%
6,167.71
Aaa / AAA
Aaa
2.45
0.81
Agency
3133ECG99 FFCB Note
0.660% Due 02/22/2017
2,000,000.00 03/07/2013
0.61%
2,003,900.00
2,000,387.85
100.11
0.39%
2,002,124.00
1,430.00
1.35%
1,736.15
Aaa / AA+
AAA
0.40
0.39
3137EADT3 FHLMC Note
0.875% Due 02/22/2017
1,500,000.00 02/27/2014
0.72%
1,506,705.00
1,500,885.80
100.16
0.47%
1,502,386.50
1,421.88
1.02%
1,500.70
Aaa / AA+
AAA
0.40
0.39
3133ECMM3 FFCB Note
0.600% Due 04/25/2017
5,000,000.00 04/25/2013
0.62%
4,996,050.00
4,999,443.05
100.02
0.57%
5,000,940.00
13,000.00
3.39%
1,496.95
Aaa / AA+
AAA
0.57
0.57
3135G0ZL0 FNMA Note
1.000% Due 09/27/2017
1,075,000.00 08/21/2014
1.12%
1,071,162.25
1,073,772.87
100.32
0.67%
1,078,452.90
119.44
0.73%
4,680.03
Aaa / AA+
AAA
0.99
0.99
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
100.02
0.83%
4,000,928.00
11,616.67
2.71%
928.00
Aaa / AA+
AAA
1.16
1.15
City of Dublin - Account #10198
29
Holdings Report
For the Month Ending 9/30/2016
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
313381B20 FHLB Note
0.750% Due 12/08/2017
4,000,000.00 12/13/2012
0.75%
3,999,960.00
3,999,990.49
100.02
0.73%
4,000,892.00
9,416.67
2.71%
901.51
Aaa / AA+
AAA
1.19
1.18
3135G0TG8 FNMA Note
0.875% Due 02/08/2018
3,000,000.00 01/21/2015
0.97%
2,991,390.00
2,996,170.75
100.13
0.78%
3,004,014.00
3,864.58
2.03%
7,843.25
Aaa / AA+
AAA
1.36
1.34
3137EADP1 FHLMC Note
0.875% Due 03/07/2018
3,000,000.00 01/27/2015
1.01%
2,987,610.00
2,994,296.67
100.08
0.82%
3,002,352.00
1,750.00
2.03%
8,055.33
Aaa / AA+
AAA
1.43
1.42
313378A43 FHLB Note
1.375% Due 03/09/2018
4,000,000.00 Various
0.96%
4,047,840.00
4,023,704.80
100.82
0.80%
4,032,612.00
3,361.12
2.73%
8,907.20
Aaa / AA+
AAA
1.44
1.43
313379DT3 FHLB Note
1.250% Due 06/08/2018
2,000,000.00 08/18/2015
1.12%
2,007,360.00
2,004,420.31
100.68
0.84%
2,013,586.00
7,847.22
1.37%
9,165.69
Aaa / AA+
AAA
1.69
1.66
3135G0G72 FNMA Note
1.125% Due 12/14/2018
2,500,000.00 12/18/2015
1.37%
2,481,975.00
2,486,692.29
100.48
0.90%
2,511,992.50
8,359.38
1.70%
25,300.21
Aaa / AA+
AAA
2.21
2.17
3133782M2 FHLB Note
1.500% Due 03/08/2019
2,750,000.00 04/24/2015
1.21%
2,779,892.50
2,768,812.57
101.31
0.96%
2,785,942.50
2,635.42
1.89%
17,129.93
Aaa / AA+
AAA
2.44
2.39
3137EADG1 FHLMC Note
1.750% Due 05/30/2019
1,000,000.00 01/29/2015
1.28%
1,019,690.00
1,012,092.97
102.09
0.95%
1,020,881.00
5,881.94
0.69%
8,788.03
Aaa / AA+
AAA
2.66
2.59
3135G0ZG1 FNMA Note
1.750% Due 09/12/2019
2,500,000.00 10/28/2014
1.68%
2,508,350.00
2,505,050.37
102.16
1.00%
2,554,037.50
2,309.03
1.73%
48,987.13
Aaa / AA+
AAA
2.95
2.87
3137EADM8 FHLMC Note
1.250% Due 10/02/2019
2,500,000.00 12/18/2015
1.64%
2,464,700.00
2,471,984.94
100.71
1.01%
2,517,650.00
15,538.19
1.71%
45,665.06
Aaa / AA+
AAA
3.01
2.93
3135G0A78 FNMA Note
1.625% Due 01/21/2020
2,000,000.00 04/07/2015
1.44%
2,016,580.00
2,011,442.00
101.80
1.07%
2,035,982.00
6,319.44
1.38%
24,540.00
Aaa / AA+
AAA
3.31
3.21
313383HU8 FHLB Note
1.750% Due 06/12/2020
2,000,000.00 10/08/2015
1.46%
2,026,040.00
2,020,581.97
102.32
1.11%
2,046,318.00
10,597.22
1.39%
25,736.03
Aaa / AA+
NR
3.70
3.56
3135G0F73 FNMA Note
1.500% Due 11/30/2020
2,500,000.00 12/04/2015
1.87%
2,455,750.00
2,463,019.64
101.35
1.17%
2,533,642.50
12,604.17
1.72%
70,622.86
Aaa / AA+
AAA
4.17
4.01
3130A7CV5 FHLB Note
1.375% Due 02/18/2021
3,470,000.00 Various
1.45%
3,457,221.20
3,458,744.21
100.61
1.23%
3,491,062.90
5,698.99
2.36%
32,318.69
Aaa / AA+
AAA
4.39
4.24
3135G0J20 FNMA Note
1.375% Due 02/26/2021
5,000,000.00 Various
1.29%
5,018,675.00
5,017,882.87
100.66
1.22%
5,032,975.00
6,684.02
3.41%
15,092.13
Aaa / AA+
AAA
4.41
4.26
3130A8QS5 FHLB Note
1.125% Due 07/14/2021
2,500,000.00 07/25/2016
1.28%
2,481,475.00
2,482,159.22
99.27
1.28%
2,481,635.00
6,015.63
1.68%
(524.22)
Aaa / AA+
AAA
4.79
4.63
3137EAEC9 FHLMC Note
1.125% Due 08/12/2021
3,000,000.00 Various
1.33%
2,971,215.00
2,971,598.38
99.10
1.32%
2,972,952.00
4,593.76
2.01%
1,353.62
Aaa / AA+
AAA
4.87
4.71
Total Agency 61,295,000.00 1.15%
61,293,540.95
61,263,134.02
0.93%
61,623,358.30
141,064.77
41.75%
360,224.28
Aaa / AA+
Aaa
2.45
2.39
City of Dublin - Account #10198
30
Holdings Report
For the Month Ending 9/30/2016
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
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
2,948,484.03
99.95
0.75%
2,948,484.03
0.00
1.99%
0.00
P-1 / A-1
F-1
0.07
0.07
Total Commercial Paper 2,950,000.00 0.75%
2,942,723.32
2,948,484.03
0.75%
2,948,484.03
0.00
1.99%
0.00
P-1 / A-1
F-1
0.07
0.07
Money Market Fund FI
31846V203 First American Govt Obligation Fund
804,682.25 Various
0.01%
804,682.25
804,682.25
1.00
0.01%
804,682.25
0.00
0.54%
0.00
Aaa / AAA
NR
0.00
0.00
Total Money Market Fund FI 804,682.25 0.01%
804,682.25
804,682.25
0.01%
804,682.25
0.00
0.54%
0.00
Aaa / AAA
NR
0.00
0.00
Negotiable CD
06417GNP9 Bank of Nova Scotia Yankee CD
1.260% Due 03/01/2017
1,850,000.00 08/29/2016
1.26%
1,849,999.59
1,849,999.66
100.00
1.26%
1,849,999.66
2,136.75
1.25%
0.00
P-1 / A-1
F-1+
0.42
0.41
Total Negotiable CD 1,850,000.00 1.26%
1,849,999.59
1,849,999.66
1.26%
1,849,999.66
2,136.75
1.25%
0.00
Aaa / AA
Aaa
0.42
0.41
US Corporate
91159HHD5 US Bancorp Callable Note Cont 4/15/2017
1.650% Due 05/15/2017
1,500,000.00 08/12/2016
0.95%
1,506,885.00
1,505,599.42
100.29
1.11%
1,504,368.00
9,350.00
1.02%
(1,231.42)
A1 / A+
AA
0.62
0.54
913017BU2 United Tech Corp Note
1.800% Due 06/01/2017
1,600,000.00 06/22/2015
1.04%
1,623,360.00
1,608,028.97
100.48
1.08%
1,607,699.20
9,600.00
1.09%
(329.77)
A3 / A-
A-
0.67
0.66
36962G6K5 General Electric Capital Corp Note
1.600% Due 11/20/2017
750,000.00 10/28/2014
1.31%
756,577.50
752,445.93
100.66
1.01%
754,986.75
4,366.67
0.51%
2,540.82
A1 / AA-
AA-
1.14
1.12
40428HPH9 HSBC USA Inc Note
1.625% Due 01/16/2018
500,000.00 11/25/2013
1.69%
498,705.00
499,595.47
100.05
1.58%
500,273.50
1,692.71
0.34%
678.03
A2 / A
AA-
1.30
1.27
713448CR7 PepsiCo Inc Note
1.250% Due 04/30/2018
1,430,000.00 Various
1.26%
1,429,428.40
1,429,699.36
100.22
1.11%
1,433,097.38
7,497.57
0.97%
3,398.02
A1 / A
A
1.58
1.56
037833AJ9 Apple Inc Note
1.000% Due 05/03/2018
1,750,000.00 Various
1.34%
1,726,740.00
1,740,742.94
99.86
1.09%
1,747,560.50
7,194.44
1.19%
6,817.56
Aa1 / AA+
NR
1.59
1.57
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
1,754,429.68
100.88
1.18%
1,765,422.75
8,100.85
1.20%
10,993.07
Aa2 / AA-
NR
1.73
1.62
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
1,002,718.64
101.50
1.23%
1,015,039.00
3,500.00
0.69%
12,320.36
A1 / A
AA-
1.84
1.72
084664BY6 Berkshire Hathaway Note
2.000% Due 08/15/2018
1,000,000.00 12/12/2013
1.89%
1,004,960.00
1,001,990.41
101.44
1.22%
1,014,353.00
2,555.56
0.69%
12,362.59
Aa2 / AA
A+
1.87
1.83
17275RAR3 Cisco Systems Note
2.125% Due 03/01/2019
1,350,000.00 11/14/2014
2.05%
1,354,063.50
1,352,290.43
101.96
1.30%
1,376,407.35
2,390.63
0.93%
24,116.92
A1 / AA-
NR
2.42
2.35
532457BF4 Eli Lilly & Co Note
1.950% Due 03/15/2019
1,575,000.00 Various
1.91%
1,577,796.75
1,576,595.40
101.73
1.23%
1,602,227.03
1,365.00
1.08%
25,631.63
A2 / AA-
A
2.45
2.40
City of Dublin - Account #10198
31
Holdings Report
For the Month Ending 9/30/2016
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
94974BFU9 Wells Fargo Corp Note
2.125% Due 04/22/2019
1,900,000.00 Various
2.07%
1,904,120.50
1,902,678.78
101.39
1.57%
1,926,316.90
17,832.28
1.31%
23,638.12
A2 / A
AA-
2.56
2.46
02665WAH4 American Honda Finance Note
2.250% Due 08/15/2019
1,800,000.00 Various
2.08%
1,812,627.00
1,808,521.61
102.48
1.37%
1,844,661.60
5,175.00
1.25%
36,139.99
A1 / A+
NR
2.87
2.78
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
759,808.74
102.37
1.45%
767,787.00
958.33
0.52%
7,978.26
A1 / A
AA-
2.95
2.77
68389XAX3 Oracle Corp Note
2.250% Due 10/08/2019
1,250,000.00 Various
1.73%
1,272,172.50
1,268,936.55
102.47
1.41%
1,280,900.00
13,515.63
0.88%
11,963.45
A1 / AA-
A+
3.02
2.89
40428HPN6 HSBC USA Inc Note
2.375% Due 11/13/2019
1,000,000.00 11/07/2014
2.32%
1,002,440.00
1,001,520.66
101.23
1.97%
1,012,289.00
9,104.17
0.69%
10,768.34
A2 / A
AA-
3.12
2.97
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
1,793,118.63
101.31
1.83%
1,823,648.40
7,650.00
1.24%
30,529.77
A3 / A-
A+
3.32
3.09
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
1,329,457.67
101.53
1.40%
1,350,327.72
10,320.43
0.92%
20,870.05
A1 / A
A
3.58
3.36
747525AD5 Qualcomm Inc Note
2.250% Due 05/20/2020
1,715,000.00 05/19/2015
2.27%
1,713,347.20
1,713,798.21
102.11
1.65%
1,751,136.77
14,041.57
1.19%
37,338.56
A1 / A+
NR
3.64
3.46
24422ESY6 John Deere Capital Corp Note
2.375% Due 07/14/2020
1,000,000.00 09/15/2016
1.69%
1,025,153.50
1,024,954.87
102.37
1.72%
1,023,745.00
5,079.86
0.70%
(1,209.87)
A2 / A
NR
3.79
3.60
24422ETF6 John Deere Capital Corp Note
2.550% Due 01/08/2021
265,000.00 01/05/2016
2.57%
264,727.05
264,766.94
103.71
1.65%
274,832.03
1,557.98
0.19%
10,065.09
A2 / A
NR
4.28
4.02
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
1,812,065.91
102.18
1.71%
1,839,294.00
3,333.00
1.25%
27,228.09
Aaa / AA+
NR
4.42
4.19
857477AV5 State Street Bank Note
1.950% Due 05/19/2021
1,015,000.00 05/16/2016
1.96%
1,014,472.20
1,014,511.22
100.76
1.78%
1,022,748.51
7,257.25
0.70%
8,237.29
A1 / A
AA-
4.64
4.39
594918BP8 Microsoft Callable Note Cont 7/8/21
1.550% Due 08/08/2021
1,850,000.00 Various
1.59%
1,846,471.85
1,846,530.17
99.59
1.64%
1,842,439.06
4,221.60
1.25%
(4,091.11)
Aaa / AAA
AA+
4.86
4.65
Total US Corporate 31,680,000.00 1.79%
31,796,327.35
31,764,806.61
1.42%
32,081,560.45
157,660.53
21.79%
316,753.84
A1 / A+
A+
2.69
2.57
US Treasury
912828RH5 US Treasury Note
1.375% Due 09/30/2018
2,000,000.00 10/30/2014
1.32%
2,004,459.82
2,002,273.57
101.13
0.80%
2,022,578.00
75.55
1.37%
20,304.43
Aaa / AA+
AAA
2.00
1.97
912828C24 US Treasury Note
1.500% Due 02/28/2019
3,000,000.00 08/18/2014
1.50%
3,000,595.98
3,000,317.09
101.56
0.85%
3,046,875.00
3,853.59
2.06%
46,557.91
Aaa / AA+
AAA
2.41
2.37
912828D80 US Treasury Note
1.625% Due 08/31/2019
3,000,000.00 Various
1.78%
2,977,822.56
2,986,969.71
102.11
0.89%
3,063,165.00
4,174.72
2.07%
76,195.29
Aaa / AA+
AAA
2.92
2.85
912828G61 US Treasury Note
1.500% Due 11/30/2019
6,500,000.00 Various
1.45%
6,510,978.81
6,509,063.55
101.75
0.94%
6,614,003.50
32,766.39
4.49%
104,939.95
Aaa / AA+
AAA
3.17
3.08
912828G95 US Treasury Note
1.625% Due 12/31/2019
3,000,000.00 01/08/2015
1.50%
3,017,470.99
3,011,428.90
102.15
0.95%
3,064,569.00
12,319.97
2.08%
53,140.10
Aaa / AA+
AAA
3.25
3.15
912828H52 US Treasury Note
1.250% Due 01/31/2020
4,500,000.00 Various
1.53%
4,440,542.42
4,459,703.29
100.92
0.97%
4,541,485.50
9,476.91
3.08%
81,782.21
Aaa / AA+
AAA
3.34
3.25
City of Dublin - Account #10198
32
Holdings Report
For the Month Ending 9/30/2016
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
912828K58 US Treasury Note
1.375% Due 04/30/2020
1,750,000.00 05/06/2015
1.55%
1,735,171.88
1,739,351.45
101.30
1.00%
1,772,764.00
10,069.63
1.21%
33,412.55
Aaa / AA+
AAA
3.58
3.47
912828XE5 US Treasury Note
1.500% Due 05/31/2020
3,000,000.00 Various
1.67%
2,976,025.68
2,982,122.29
101.71
1.02%
3,051,444.00
15,122.95
2.07%
69,321.71
Aaa / AA+
AAA
3.67
3.55
912828XM7 US Treasury Note
1.625% Due 07/31/2020
1,500,000.00 09/08/2015
1.52%
1,507,622.21
1,505,967.25
102.18
1.04%
1,532,637.00
4,106.66
1.04%
26,669.75
Aaa / AA+
AAA
3.84
3.71
912828L99 US Treasury Note
1.375% Due 10/31/2020
5,000,000.00 Various
1.69%
4,927,376.14
4,939,506.44
101.17
1.08%
5,058,400.00
28,770.38
3.44%
118,893.56
Aaa / AA+
AAA
4.09
3.94
912828N89 US Treasury Note
1.375% Due 01/31/2021
2,000,000.00 03/15/2016
1.49%
1,988,834.83
1,990,081.67
101.09
1.12%
2,021,876.00
4,633.15
1.37%
31,794.33
Aaa / AA+
AAA
4.34
4.19
Total US Treasury 35,250,000.00 1.55%
35,086,901.32
35,126,785.21
0.97%
35,789,797.00
125,369.90
24.28%
663,011.79
Aaa / AA+
Aaa
3.33
3.24
TOTAL PORTFOLIO 146,222,476.70 1.36%
146,165,343.15
146,149,628.42 1.05%
147,495,786.04
431,885.03
100.00%
1,346,157.62
Aa1 / AA
Aaa
2.63
2.42
TOTAL MARKET VALUE PLUS ACCRUALS 147,927,671.07
City of Dublin - Account #10198
33
Holdings Report
For the Month Ending 9/30/2016
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
49,818,347.12 Various
0.63%
49,818,347.12
49,818,347.12
1.00
0.63%
49,818,347.12
76,420.34
82.11%
0.00
NR / NR
NR
0.00
0.00
Total LAIF 49,818,347.12 0.63%
49,818,347.12
49,818,347.12
0.63%
49,818,347.12
76,420.34
82.11%
0.00
NR / NR
NR
0.00
0.00
Local Gov Investment Pool
90CAMP$00 Public Financial Management CAMP
10,867,715.87 Various
0.61%
10,867,715.87
10,867,715.87
1.00
0.61%
10,867,715.87
0.00
17.89%
0.00
NR / NR
NR
0.00
0.00
Total Local Gov Investment Pool 10,867,715.87 0.61%
10,867,715.87
10,867,715.87
0.61%
10,867,715.87
0.00
17.89%
0.00
NR / NR
NR
0.00
0.00
TOTAL PORTFOLIO 60,686,062.99 0.63%
60,686,062.99
60,686,062.99 0.63%
60,686,062.99
76,420.34
100.00%
0.00
NR / NR
NR
0.00
0.00
TOTAL MARKET VALUE PLUS ACCRUALS 60,762,483.33
City of Dublin Reporting Account - Account #10219
34
Transaction Ledger
6/30/16 Thru 7/31/16
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 07/01/2016 31846V203 7.71 First American Govt Obligation Fund 1.000 7.71 0.00 7.71 0.00
Purchase 07/08/2016 31846V203 3,378.75 First American Govt Obligation Fund 1.000 3,378.75 0.00 3,378.75 0.00
Purchase 07/12/2016 31846V203 5,625.00 First American Govt Obligation Fund 1.000 5,625.00 0.00 5,625.00 0.00
Purchase 07/12/2016 31846V203 750,000.00 First American Govt Obligation Fund 1.000 750,000.00 0.00 750,000.00 0.00
Purchase 07/15/2016 31846V203 932.46 First American Govt Obligation Fund 1.000 932.46 0.00 932.46 0.00
Purchase 07/15/2016 31846V203 56,461.74 First American Govt Obligation Fund 1.000 56,461.74 0.00 56,461.74 0.00
Purchase 07/15/2016 31846V203 1,263.67 First American Govt Obligation Fund 1.000 1,263.67 0.00 1,263.67 0.00
Purchase 07/15/2016 31846V203 84,044.17 First American Govt Obligation Fund 1.000 84,044.17 0.00 84,044.17 0.00
Purchase 07/15/2016 31846V203 73,031.52 First American Govt Obligation Fund 1.000 73,031.52 0.00 73,031.52 0.00
Purchase 07/15/2016 31846V203 956.67 First American Govt Obligation Fund 1.000 956.67 0.00 956.67 0.00
Purchase 07/15/2016 31846V203 841.67 First American Govt Obligation Fund 1.000 841.67 0.00 841.67 0.00
Purchase 07/16/2016 31846V203 4,062.50 First American Govt Obligation Fund 1.000 4,062.50 0.00 4,062.50 0.00
Purchase 07/18/2016 31846V203 54,059.78 First American Govt Obligation Fund 1.000 54,059.78 0.00 54,059.78 0.00
Purchase 07/18/2016 31846V203 963.71 First American Govt Obligation Fund 1.000 963.71 0.00 963.71 0.00
Purchase 07/21/2016 31846V203 251,121.36 First American Govt Obligation Fund 1.000 251,121.36 0.00 251,121.36 0.00
Purchase 07/21/2016 31846V203 16,250.00 First American Govt Obligation Fund 1.000 16,250.00 0.00 16,250.00 0.00
Purchase 07/21/2016 31846V203 1,317.33 First American Govt Obligation Fund 1.000 1,317.33 0.00 1,317.33 0.00
Purchase 07/23/2016 31846V203 20,250.00 First American Govt Obligation Fund 1.000 20,250.00 0.00 20,250.00 0.00
Purchase 07/26/2016 3130A8QS5 2,500,000.00 FHLB Note
1.125% Due 7/14/2021
99.259 1.28 %2,481,475.00 937.50 2,482,412.50 0.00
Purchase 07/26/2016 31846V203 279,819.71 First American Govt Obligation Fund 1.000 279,819.71 0.00 279,819.71 0.00
Purchase 07/27/2016 47788NAB4 1,325,000.00 John Deere Owner Trust 2016-B A2
1.09% Due 2/15/2019
99.994 1.10 %1,324,919.18 0.00 1,324,919.18 0.00
Purchase 07/31/2016 31846V203 54,062.50 First American Govt Obligation Fund 1.000 54,062.50 0.00 54,062.50 0.00
Subtotal 5,483,450.25 5,464,844.43 937.50 5,465,781.93 0.00
Short Sale 07/27/2016 31846V203 -1,324,919.18 First American Govt Obligation Fund 1.000 -1,324,919.18 0.00 -1,324,919.18 0.00
Subtotal -1,324,919.18 -1,324,919.18 0.00 -1,324,919.18 0.00
TOTAL ACQUISITIONS 4,158,531.07 4,139,925.25 937.50 4,140,862.75 0.00
Execution Time: 8/2/2016 12:52:11 AMChandler Asset Management - CONFIDENTIAL Page 9
Transaction Ledger
6/30/16 Thru 7/31/16
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
Closing
Purchase
07/27/2016 31846V203 -1,324,919.18 First American Govt Obligation Fund 1.000 -1,324,919.18 0.00 -1,324,919.18 0.00
Subtotal -1,324,919.18 -1,324,919.18 0.00 -1,324,919.18 0.00
Sale 07/21/2016 912828SS0 250,000.00 US Treasury Note
0.875% Due 4/30/2017
100.254 0.55 %250,633.93 487.43 251,121.36 630.28
Sale 07/26/2016 912828SS0 2,750,000.00 US Treasury Note
0.875% Due 4/30/2017
100.238 0.56 %2,756,543.52 5,688.69 2,762,232.21 6,504.10
Sale 07/27/2016 31846V203 1,324,919.18 First American Govt Obligation Fund 1.000 1,324,919.18 0.00 1,324,919.18 0.00
Subtotal 4,324,919.18 4,332,096.63 6,176.12 4,338,272.75 7,134.38
Paydown 07/15/2016 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 07/15/2016 43814QAC2 0.00 Honda Auto Receivables 2016-2 A3
1.39% Due 4/15/2020
100.000 0.00 932.46 932.46 0.00
Paydown 07/15/2016 47787VAC5 55,932.13 John Deere Owner Trust 2014-A A3
0.92% Due 4/16/2018
100.000 55,932.13 529.61 56,461.74 0.00
Paydown 07/15/2016 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 07/15/2016 89231MAC9 83,710.74 Toyota Auto Receivables Owner 2014-A
0.67% Due 12/15/2017
100.000 83,710.74 333.43 84,044.17 0.00
Paydown 07/15/2016 89231TAB6 72,561.50 Toyota Auto Receivables Owner 2015-C
0.92% Due 2/15/2018
100.000 72,561.50 470.02 73,031.52 0.00
Paydown 07/15/2016 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 07/18/2016 43814GAC4 53,724.31 Honda Auto Receivables 2014-2 A3
0.77% Due 3/19/2018
100.000 53,724.31 335.47 54,059.78 0.00
Paydown 07/18/2016 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 07/21/2016 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 265,928.68 265,928.68 7,944.04 273,872.72 0.00
Maturity 07/12/2016 36962G6Z2 750,000.00 General Electric Capital Corp Note
1.5% Due 7/12/2016
100.000 750,000.00 0.00 750,000.00 0.00
Subtotal 750,000.00 750,000.00 0.00 750,000.00 0.00
Execution Time: 8/2/2016 12:52:11 AMChandler Asset Management - CONFIDENTIAL Page 10
Transaction Ledger
6/30/16 Thru 7/31/16
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
07/25/2016 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 4,016,032.85 4,023,210.30 14,120.16 4,037,330.46 7,134.38
OTHER TRANSACTIONS
Interest 07/08/2016 24422ETF6 265,000.00 John Deere Capital Corp Note
2.55% Due 1/8/2021
0.000 3,378.75 0.00 3,378.75 0.00
Interest 07/12/2016 36962G6Z2 750,000.00 General Electric Capital Corp Note
1.5% Due 7/12/2016
0.000 5,625.00 0.00 5,625.00 0.00
Interest 07/16/2016 40428HPH9 500,000.00 HSBC USA Inc Note
1.625% Due 1/16/2018
0.000 4,062.50 0.00 4,062.50 0.00
Interest 07/21/2016 3135G0A78 2,000,000.00 FNMA Note
1.625% Due 1/21/2020
0.000 16,250.00 0.00 16,250.00 0.00
Interest 07/23/2016 46625HKA7 1,800,000.00 JP Morgan Chase Callable Note Cont
12/23/2019
2.25% Due 1/23/2020
0.000 20,250.00 0.00 20,250.00 0.00
Interest 07/31/2016 912828H52 4,500,000.00 US Treasury Note
1.25% Due 1/31/2020
0.000 28,125.00 0.00 28,125.00 0.00
Interest 07/31/2016 912828N89 2,000,000.00 US Treasury Note
1.375% Due 1/31/2021
0.000 13,750.00 0.00 13,750.00 0.00
Interest 07/31/2016 912828XM7 1,500,000.00 US Treasury Note
1.625% Due 7/31/2020
0.000 12,187.50 0.00 12,187.50 0.00
Subtotal 13,315,000.00 103,628.75 0.00 103,628.75 0.00
Dividend 07/01/2016 31846V203 101,774.07 First American Govt Obligation Fund 0.000 7.71 0.00 7.71 0.00
Subtotal 101,774.07 7.71 0.00 7.71 0.00
TOTAL OTHER TRANSACTIONS 13,416,774.07 103,636.46 0.00 103,636.46 0.00
Execution Time: 8/2/2016 12:52:11 AMChandler Asset Management - CONFIDENTIAL Page 11
Transaction Ledger
7/31/16 Thru 8/31/16
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 08/01/2016 31846V203 10,500.00 First American Govt Obligation Fund 1.000 10,500.00 0.00 10,500.00 0.00
Purchase 08/01/2016 31846V203 3.47 First American Govt Obligation Fund 1.000 3.47 0.00 3.47 0.00
Purchase 08/03/2016 31846V203 1,000,828.85 First American Govt Obligation Fund 1.000 1,000,828.85 0.00 1,000,828.85 0.00
Purchase 08/04/2016 31846V203 1,501,444.54 First American Govt Obligation Fund 1.000 1,501,444.54 0.00 1,501,444.54 0.00
Purchase 08/06/2016 31846V203 16,000.00 First American Govt Obligation Fund 1.000 16,000.00 0.00 16,000.00 0.00
Purchase 08/08/2016 31846V203 13,125.00 First American Govt Obligation Fund 1.000 13,125.00 0.00 13,125.00 0.00
Purchase 08/08/2016 594918BP8 970,000.00 Microsoft Callable Note Cont 7/8/21
1.55% Due 8/8/2021
99.895 1.57 %968,981.50 0.00 968,981.50 0.00
Purchase 08/08/2016 594918BP8 385,000.00 Microsoft Callable Note Cont 7/8/21
1.55% Due 8/8/2021
99.847 1.58 %384,410.95 0.00 384,410.95 0.00
Purchase 08/10/2016 65478WAB1 930,000.00 Nissan Auto Receivables Owner 2016-C
A2A
1.07% Due 5/15/2019
99.996 1.08 %929,963.36 0.00 929,963.36 0.00
Purchase 08/12/2016 68389XAX3 500,000.00 Oracle Corp Note
2.25% Due 10/8/2019
102.871 1.32 %514,355.00 3,875.00 518,230.00 0.00
Purchase 08/15/2016 31846V203 5,004,000.00 First American Govt Obligation Fund 1.000 5,004,000.00 0.00 5,004,000.00 0.00
Purchase 08/15/2016 31846V203 30,250.00 First American Govt Obligation Fund 1.000 30,250.00 0.00 30,250.00 0.00
Purchase 08/15/2016 31846V203 841.67 First American Govt Obligation Fund 1.000 841.67 0.00 841.67 0.00
Purchase 08/15/2016 31846V203 932.46 First American Govt Obligation Fund 1.000 932.46 0.00 932.46 0.00
Purchase 08/15/2016 31846V203 67,268.37 First American Govt Obligation Fund 1.000 67,268.37 0.00 67,268.37 0.00
Purchase 08/15/2016 31846V203 1,263.67 First American Govt Obligation Fund 1.000 1,263.67 0.00 1,263.67 0.00
Purchase 08/15/2016 31846V203 67,707.65 First American Govt Obligation Fund 1.000 67,707.65 0.00 67,707.65 0.00
Purchase 08/15/2016 31846V203 956.67 First American Govt Obligation Fund 1.000 956.67 0.00 956.67 0.00
Purchase 08/15/2016 31846V203 76,839.25 First American Govt Obligation Fund 1.000 76,839.25 0.00 76,839.25 0.00
Purchase 08/16/2016 3137EAEC9 1,500,000.00 FHLMC Note
1.125% Due 8/12/2021
99.246 1.28 %1,488,690.00 187.50 1,488,877.50 0.00
Purchase 08/17/2016 91159HHD5 1,500,000.00 US Bancorp Callable Note Cont 4/15/2017
1.65% Due 5/15/2017
100.459 0.95 %1,506,885.00 6,325.00 1,513,210.00 0.00
Purchase 08/18/2016 31846V203 23,856.25 First American Govt Obligation Fund 1.000 23,856.25 0.00 23,856.25 0.00
Purchase 08/18/2016 31846V203 963.71 First American Govt Obligation Fund 1.000 963.71 0.00 963.71 0.00
Purchase 08/18/2016 31846V203 49,809.17 First American Govt Obligation Fund 1.000 49,809.17 0.00 49,809.17 0.00
Purchase 08/22/2016 31846V203 26,325.00 First American Govt Obligation Fund 1.000 26,325.00 0.00 26,325.00 0.00
Purchase 08/22/2016 31846V203 1,317.33 First American Govt Obligation Fund 1.000 1,317.33 0.00 1,317.33 0.00
Purchase 08/26/2016 31846V203 34,375.00 First American Govt Obligation Fund 1.000 34,375.00 0.00 34,375.00 0.00
Execution Time: 9/2/2016 12:06:57 AMChandler Asset Management - CONFIDENTIAL Page 9
Transaction Ledger
7/31/16 Thru 8/31/16
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 08/30/2016 06417GNP9 1,850,000.00 Bank of Nova Scotia Yankee CD
1.26% Due 3/1/2017
100.000 1.26 %1,849,999.59 0.00 1,849,999.59 0.00
Purchase 08/31/2016 31846V203 46,875.00 First American Govt Obligation Fund 1.000 46,875.00 0.00 46,875.00 0.00
Subtotal 15,610,483.06 15,618,768.46 10,387.50 15,629,155.96 0.00
Short Sale 08/08/2016 31846V203 -968,981.50 First American Govt Obligation Fund 1.000 -968,981.50 0.00 -968,981.50 0.00
Short Sale 08/10/2016 31846V203 -929,963.36 First American Govt Obligation Fund 1.000 -929,963.36 0.00 -929,963.36 0.00
Subtotal -1,898,944.86 -1,898,944.86 0.00 -1,898,944.86 0.00
TOTAL ACQUISITIONS 13,711,538.20 13,719,823.60 10,387.50 13,730,211.10 0.00
DISPOSITIONS
Closing
Purchase
08/08/2016 31846V203 -968,981.50 First American Govt Obligation Fund 1.000 -968,981.50 0.00 -968,981.50 0.00
Closing
Purchase
08/10/2016 31846V203 -929,963.36 First American Govt Obligation Fund 1.000 -929,963.36 0.00 -929,963.36 0.00
Subtotal -1,898,944.86 -1,898,944.86 0.00 -1,898,944.86 0.00
Sale 08/03/2016 912828UZ1 1,000,000.00 US Treasury Note
0.625% Due 4/30/2018
99.922 0.67 %999,215.40 1,613.45 1,000,828.85 3,981.01
Sale 08/04/2016 912828UZ1 1,500,000.00 US Treasury Note
0.625% Due 4/30/2018
99.933 0.66 %1,498,998.89 2,445.65 1,501,444.54 6,136.05
Sale 08/08/2016 31846V203 384,410.95 First American Govt Obligation Fund 1.000 384,410.95 0.00 384,410.95 0.00
Sale 08/08/2016 31846V203 968,981.50 First American Govt Obligation Fund 1.000 968,981.50 0.00 968,981.50 0.00
Sale 08/10/2016 31846V203 929,963.36 First American Govt Obligation Fund 1.000 929,963.36 0.00 929,963.36 0.00
Sale 08/12/2016 31846V203 518,230.00 First American Govt Obligation Fund 1.000 518,230.00 0.00 518,230.00 0.00
Sale 08/15/2016 3133ECEF7 5,000,000.00 FFCB Note
0.64% Due 2/6/2017
100.064 0.50 %5,003,200.00 800.00 5,004,000.00 1,546.66
Sale 08/16/2016 31846V203 1,488,877.50 First American Govt Obligation Fund 1.000 1,488,877.50 0.00 1,488,877.50 0.00
Sale 08/17/2016 31846V203 1,513,210.00 First American Govt Obligation Fund 1.000 1,513,210.00 0.00 1,513,210.00 0.00
Sale 08/30/2016 31846V203 1,849,999.59 First American Govt Obligation Fund 1.000 1,849,999.59 0.00 1,849,999.59 0.00
Subtotal 15,153,672.90 15,155,087.19 4,859.10 15,159,946.29 11,663.72
Paydown 08/15/2016 161571GC2 0.00 Chase CHAIT Pool #2013-A8
1.01% Due 10/15/2018
100.000 0.00 841.67 841.67 0.00
Execution Time: 9/2/2016 12:06:57 AMChandler Asset Management - CONFIDENTIAL Page 10
Transaction Ledger
7/31/16 Thru 8/31/16
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
Paydown 08/15/2016 43814QAC2 0.00 Honda Auto Receivables 2016-2 A3
1.39% Due 4/15/2020
100.000 0.00 932.46 932.46 0.00
Paydown 08/15/2016 47787VAC5 66,781.64 John Deere Owner Trust 2014-A A3
0.92% Due 4/16/2018
100.000 66,781.64 486.73 67,268.37 0.00
Paydown 08/15/2016 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 08/15/2016 89231MAC9 76,552.56 Toyota Auto Receivables Owner 2014-A
0.67% Due 12/15/2017
100.000 76,552.56 286.69 76,839.25 0.00
Paydown 08/15/2016 89231TAB6 67,293.26 Toyota Auto Receivables Owner 2015-C
0.92% Due 2/15/2018
100.000 67,293.26 414.39 67,707.65 0.00
Paydown 08/15/2016 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 08/18/2016 43814GAC4 49,508.17 Honda Auto Receivables 2014-2 A3
0.77% Due 3/19/2018
100.000 49,508.17 301.00 49,809.17 0.00
Paydown 08/18/2016 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 08/22/2016 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 260,135.63 260,135.63 7,764.32 267,899.95 0.00
Security
Withdrawal
08/25/2016 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 13,514,967.84 13,516,382.13 12,623.42 13,529,005.55 11,663.72
OTHER TRANSACTIONS
Interest 08/01/2016 06406HCL1 1,000,000.00 Bank of New York Callable Note Cont
7/2/2018
2.1% Due 8/1/2018
0.000 10,500.00 0.00 10,500.00 0.00
Interest 08/06/2016 3133ECEF7 5,000,000.00 FFCB Note
0.64% Due 2/6/2017
0.000 16,000.00 0.00 16,000.00 0.00
Interest 08/08/2016 3135G0TG8 3,000,000.00 FNMA Note
0.875% Due 2/8/2018
0.000 13,125.00 0.00 13,125.00 0.00
Interest 08/15/2016 02665WAH4 1,800,000.00 American Honda Finance Note
2.25% Due 8/15/2019
0.000 20,250.00 0.00 20,250.00 0.00
Interest 08/15/2016 084664BY6 1,000,000.00 Berkshire Hathaway Note
2% Due 8/15/2018
0.000 10,000.00 0.00 10,000.00 0.00
Execution Time: 9/2/2016 12:06:57 AMChandler Asset Management - CONFIDENTIAL Page 11
Transaction Ledger
7/31/16 Thru 8/31/16
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
OTHER TRANSACTIONS
Interest 08/18/2016 3130A7CV5 3,470,000.00 FHLB Note
1.375% Due 2/18/2021
0.000 23,856.25 0.00 23,856.25 0.00
Interest 08/22/2016 3133ECG99 4,000,000.00 FFCB Note
0.66% Due 2/22/2017
0.000 13,200.00 0.00 13,200.00 0.00
Interest 08/22/2016 3137EADT3 3,000,000.00 FHLMC Note
0.875% Due 2/22/2017
0.000 13,125.00 0.00 13,125.00 0.00
Interest 08/26/2016 3135G0J20 5,000,000.00 FNMA Note
1.375% Due 2/26/2021
0.000 34,375.00 0.00 34,375.00 0.00
Interest 08/31/2016 912828C24 3,000,000.00 US Treasury Note
1.5% Due 2/28/2019
0.000 22,500.00 0.00 22,500.00 0.00
Interest 08/31/2016 912828D80 3,000,000.00 US Treasury Note
1.625% Due 8/31/2019
0.000 24,375.00 0.00 24,375.00 0.00
Subtotal 33,270,000.00 201,306.25 0.00 201,306.25 0.00
Dividend 08/01/2016 31846V203 523,280.53 First American Govt Obligation Fund 0.000 3.47 0.00 3.47 0.00
Subtotal 523,280.53 3.47 0.00 3.47 0.00
TOTAL OTHER TRANSACTIONS 33,793,280.53 201,309.72 0.00 201,309.72 0.00
Execution Time: 9/2/2016 12:06:57 AMChandler Asset Management - CONFIDENTIAL Page 12
Transaction Ledger
8/31/16 Thru 9/30/16
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 09/01/2016 31846V203 34,119.55 First American Govt Obligation Fund 1.000 34,119.55 0.00 34,119.55 0.00
Purchase 09/01/2016 31846V203 10.38 First American Govt Obligation Fund 1.000 10.38 0.00 10.38 0.00
Purchase 09/07/2016 31846V203 2,002,130.00 First American Govt Obligation Fund 1.000 2,002,130.00 0.00 2,002,130.00 0.00
Purchase 09/07/2016 31846V203 13,125.00 First American Govt Obligation Fund 1.000 13,125.00 0.00 13,125.00 0.00
Purchase 09/08/2016 31846V203 20,625.00 First American Govt Obligation Fund 1.000 20,625.00 0.00 20,625.00 0.00
Purchase 09/09/2016 31846V203 27,500.00 First American Govt Obligation Fund 1.000 27,500.00 0.00 27,500.00 0.00
Purchase 09/11/2016 31846V203 8,625.00 First American Govt Obligation Fund 1.000 8,625.00 0.00 8,625.00 0.00
Purchase 09/12/2016 31846V203 21,875.00 First American Govt Obligation Fund 1.000 21,875.00 0.00 21,875.00 0.00
Purchase 09/13/2016 161571HH0 1,880,000.00 Chase CHAIT Pool #2016-A7
1.06% Due 9/16/2019
99.991 1.08 %1,879,837.94 0.00 1,879,837.94 0.00
Purchase 09/15/2016 31846V203 1,000,000.00 First American Govt Obligation Fund 1.000 1,000,000.00 0.00 1,000,000.00 0.00
Purchase 09/15/2016 31846V203 24,606.25 First American Govt Obligation Fund 1.000 24,606.25 0.00 24,606.25 0.00
Purchase 09/15/2016 31846V203 1,263.67 First American Govt Obligation Fund 1.000 1,263.67 0.00 1,263.67 0.00
Purchase 09/15/2016 31846V203 932.46 First American Govt Obligation Fund 1.000 932.46 0.00 932.46 0.00
Purchase 09/15/2016 31846V203 1,925.67 First American Govt Obligation Fund 1.000 1,925.67 0.00 1,925.67 0.00
Purchase 09/15/2016 31846V203 967.46 First American Govt Obligation Fund 1.000 967.46 0.00 967.46 0.00
Purchase 09/15/2016 31846V203 841.67 First American Govt Obligation Fund 1.000 841.67 0.00 841.67 0.00
Purchase 09/15/2016 31846V203 956.67 First American Govt Obligation Fund 1.000 956.67 0.00 956.67 0.00
Purchase 09/15/2016 31846V203 51,143.77 First American Govt Obligation Fund 1.000 51,143.77 0.00 51,143.77 0.00
Purchase 09/15/2016 31846V203 78,455.96 First American Govt Obligation Fund 1.000 78,455.96 0.00 78,455.96 0.00
Purchase 09/15/2016 31846V203 72,545.89 First American Govt Obligation Fund 1.000 72,545.89 0.00 72,545.89 0.00
Purchase 09/19/2016 31846V203 963.71 First American Govt Obligation Fund 1.000 963.71 0.00 963.71 0.00
Purchase 09/19/2016 31846V203 49,166.31 First American Govt Obligation Fund 1.000 49,166.31 0.00 49,166.31 0.00
Purchase 09/20/2016 24422ESY6 550,000.00 John Deere Capital Corp Note
2.375% Due 7/14/2020
102.505 1.69 %563,777.50 2,394.79 566,172.29 0.00
Purchase 09/20/2016 24422ESY6 450,000.00 John Deere Capital Corp Note
2.375% Due 7/14/2020
102.528 1.69 %461,376.00 1,959.38 463,335.38 0.00
Purchase 09/21/2016 3137EAEC9 1,500,000.00 FHLMC Note
1.125% Due 8/12/2021
98.835 1.37 %1,482,525.00 1,828.13 1,484,353.13 0.00
Purchase 09/21/2016 31846V203 18,999.16 First American Govt Obligation Fund 1.000 18,999.16 0.00 18,999.16 0.00
Purchase 09/21/2016 31846V203 1,317.33 First American Govt Obligation Fund 1.000 1,317.33 0.00 1,317.33 0.00
Purchase 09/21/2016 594918BP8 495,000.00 Microsoft Callable Note Cont 7/8/21
1.55% Due 8/8/2021
99.612 1.63 %493,079.40 916.44 493,995.84 0.00
Execution Time: 10/3/2016 7:06:53 PMChandler Asset Management - CONFIDENTIAL Page 9
Transaction Ledger
8/31/16 Thru 9/30/16
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 09/27/2016 31846V203 5,375.00 First American Govt Obligation Fund 1.000 5,375.00 0.00 5,375.00 0.00
Purchase 09/30/2016 31846V203 13,750.00 First American Govt Obligation Fund 1.000 13,750.00 0.00 13,750.00 0.00
Subtotal 8,326,220.91 8,331,816.75 7,098.74 8,338,915.49 0.00
TOTAL ACQUISITIONS 8,326,220.91 8,331,816.75 7,098.74 8,338,915.49 0.00
DISPOSITIONS
Sale 09/07/2016 3133ECG99 2,000,000.00 FFCB Note
0.66% Due 2/22/2017
100.079 0.49 %2,001,580.00 550.00 2,002,130.00 1,127.51
Sale 09/13/2016 31846V203 1,879,837.94 First American Govt Obligation Fund 1.000 1,879,837.94 0.00 1,879,837.94 0.00
Sale 09/20/2016 31846V203 1,029,507.67 First American Govt Obligation Fund 1.000 1,029,507.67 0.00 1,029,507.67 0.00
Sale 09/21/2016 3137EADT3 1,500,000.00 FHLMC Note
0.875% Due 2/22/2017
100.153 0.51 %1,502,295.00 1,057.29 1,503,352.29 1,347.69
Sale 09/21/2016 31846V203 493,995.84 First American Govt Obligation Fund 1.000 493,995.84 0.00 493,995.84 0.00
Subtotal 6,903,341.45 6,907,216.45 1,607.29 6,908,823.74 2,475.20
Paydown 09/15/2016 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 09/15/2016 43814QAC2 0.00 Honda Auto Receivables 2016-2 A3
1.39% Due 4/15/2020
100.000 0.00 932.46 932.46 0.00
Paydown 09/15/2016 47787VAC5 50,708.24 John Deere Owner Trust 2014-A A3
0.92% Due 4/16/2018
100.000 50,708.24 435.53 51,143.77 0.00
Paydown 09/15/2016 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 09/15/2016 47788NAB4 0.00 John Deere Owner Trust 2016-B A2
1.09% Due 2/15/2019
100.000 0.00 1,925.67 1,925.67 0.00
Paydown 09/15/2016 65478WAB1 0.00 Nissan Auto Receivables Owner 2016-C
A2A
1.07% Due 5/15/2019
100.000 0.00 967.46 967.46 0.00
Paydown 09/15/2016 89231MAC9 78,212.02 Toyota Auto Receivables Owner 2014-A
0.67% Due 12/15/2017
100.000 78,212.02 243.94 78,455.96 0.00
Paydown 09/15/2016 89231TAB6 72,183.10 Toyota Auto Receivables Owner 2015-C
0.92% Due 2/15/2018
100.000 72,183.10 362.79 72,545.89 0.00
Paydown 09/15/2016 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 09/19/2016 43814GAC4 48,897.08 Honda Auto Receivables 2014-2 A3
0.77% Due 3/19/2018
100.000 48,897.08 269.23 49,166.31 0.00
Execution Time: 10/3/2016 7:06:53 PMChandler Asset Management - CONFIDENTIAL Page 10
Transaction Ledger
8/31/16 Thru 9/30/16
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 09/19/2016 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 09/21/2016 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 250,000.44 250,000.44 10,480.13 260,480.57 0.00
Maturity 09/15/2016 24422ERF8 1,000,000.00 John Deere Capital Corp Note
1.85% Due 9/15/2016
100.000 1,000,000.00 0.00 1,000,000.00 0.00
Subtotal 1,000,000.00 1,000,000.00 0.00 1,000,000.00 0.00
Security
Withdrawal
09/26/2016 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 8,153,446.06 8,157,321.06 12,087.42 8,169,408.48 2,475.20
OTHER TRANSACTIONS
Interest 09/01/2016 17275RAR3 1,350,000.00 Cisco Systems Note
2.125% Due 3/1/2019
0.000 14,343.75 0.00 14,343.75 0.00
Interest 09/01/2016 30231GAV4 1,800,000.00 Exxon Mobil Corp Callable Note Cont
2/1/2021
2.222% Due 3/1/2021
0.000 19,775.80 0.00 19,775.80 0.00
Interest 09/07/2016 3137EADP1 3,000,000.00 FHLMC Note
0.875% Due 3/7/2018
0.000 13,125.00 0.00 13,125.00 0.00
Interest 09/08/2016 3133782M2 2,750,000.00 FHLB Note
1.5% Due 3/8/2019
0.000 20,625.00 0.00 20,625.00 0.00
Interest 09/09/2016 313378A43 4,000,000.00 FHLB Note
1.375% Due 3/9/2018
0.000 27,500.00 0.00 27,500.00 0.00
Interest 09/11/2016 06406HCW7 750,000.00 Bank of New York Callable Note Cont
8/11/2019
2.3% Due 9/11/2019
0.000 8,625.00 0.00 8,625.00 0.00
Interest 09/12/2016 3135G0ZG1 2,500,000.00 FNMA Note
1.75% Due 9/12/2019
0.000 21,875.00 0.00 21,875.00 0.00
Interest 09/15/2016 24422ERF8 1,000,000.00 John Deere Capital Corp Note
1.85% Due 9/15/2016
0.000 9,250.00 0.00 9,250.00 0.00
Interest 09/15/2016 532457BF4 1,575,000.00 Eli Lilly & Co Note
1.95% Due 3/15/2019
0.000 15,356.25 0.00 15,356.25 0.00
Interest 09/27/2016 3135G0ZL0 1,075,000.00 FNMA Note
1% Due 9/27/2017
0.000 5,375.00 0.00 5,375.00 0.00
Execution Time: 10/3/2016 7:06:53 PMChandler Asset Management - CONFIDENTIAL Page 11
Transaction Ledger
8/31/16 Thru 9/30/16
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 09/30/2016 912828RH5 2,000,000.00 US Treasury Note
1.375% Due 9/30/2018
0.000 13,750.00 0.00 13,750.00 0.00
Subtotal 21,800,000.00 169,600.80 0.00 169,600.80 0.00
Dividend 09/01/2016 31846V203 791,026.51 First American Govt Obligation Fund 0.000 10.38 0.00 10.38 0.00
Subtotal 791,026.51 10.38 0.00 10.38 0.00
TOTAL OTHER TRANSACTIONS 22,591,026.51 169,611.18 0.00 169,611.18 0.00
Execution Time: 10/3/2016 7:06:53 PMChandler Asset Management - CONFIDENTIAL Page 12