HomeMy WebLinkAboutItem 4.6 - 2446 Q2 Investment Report
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STAFF REPORT
CITY COUNCIL
DATE: February 19, 2019
TO: Honorable Mayor and City Councilmembers
FROM:
Christopher L. Foss, City Manager
SUBJECT:
City Treasurer's Informational Report of Investments for the Quarter
Ending December 31, 2018
Prepared by: Jay Baksa, Financial Analyst
EXECUTIVE SUMMARY:
The City Council will receive an informational report of the City’s investments through
the quarter ending December 31, 2018 including a monthly transaction ledger. The
City’s investment port folio for this period totaled $277,748,102 (book value) with an
average market yield of 2.59%. As required by the Policy, the City Treasurer
(Administrative Services Director) affirms that the City is able to meet its expenditure
requirements for the next six months.
STAFF RECOMMENDATION:
Receive the report.
FINANCIAL IMPACT:
There is no financial impact resulting from this report. Fiscal Year 2018 -19 interest
income is budgeted at $2.3 million in all City funds ($1.3 million in the General Fund).
As part of the mid-year financial review in March, Staff will be recommending a budget
adjustment to account for additional projected interest revenue. 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.
DESCRIPTION:
The total investment portfolio of $277,748,102 (book value) is comprised of
$185,698,954 managed by Chandler Asset Management (Chandler), and $92,049,148
invested by the City in local government pools. The average market yield of the
Chandler portfolio and the local pools was 2.68% and 2.42% respectively. The total
investment portfolio balance fluctuates throughout the year due to normal cash flow
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needs and includes both discretionary and restricted funds.
Economic Update 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 raised the fed funds target rate by 25 basis points
in December 2018 to a range of 2.25%-2.50%. Although recent economic data has
softened, the rate hike was widely expected. The Fed's long run fed funds rate target
was lowered to 2.8% from the previous estimate of 3.0%. Chandler continues to belie ve
the terminal fed funds rate will be below 3.0% and there is a high probability that the
Fed will keep monetary policy on hold at least through the first quarter.
Interest-rate-sensitive sectors such as housing and autos have softened, and financial
conditions have tightened in recent months as equity prices have declined . Borrowing
costs have increased and the US dollar has strengthened. Though Chandler doesn’t
foresee a recession in the near term, economic growth has eased, with the economy
expected to grow 2.6% this year versus 2.9% in 2018.
Treasury yields declined in December. At month-end, the 2-year Treasury yield was
down nearly 30 basis points to 2.49%, while the 10 -year Treasury yield was down
slightly more than 30 basis points to 2.68%. The spread between 2- and 10-year
Treasury yields was just 20 basis points at year-end.
City of Dublin Portfolio
The City's portfolio managed by Chandler has maintained a healthy balance of
investment types. In the current quarter the City moved some locally-managed funds to
Chandler, who in turn placed the funds into a Money Market Fund, pending investment
opportunities. This resulted in a slightly decreased rate of return from the September
quarter.
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Chart 1: Investments by Type, September 30, 2018 – December 31, 2018
The market value of the City's portfolio increased by $24.72 million from the September
30, 2018 quarter (see Table 1 below) and increased $36.28 million from the same
quarter the prior year. The quarterly increase was due to the receipt of Pr operty Tax
revenue in November and various routine differences in funds in and out from October
through December. The year-over-year increase reflects the budget surplus of Fiscal
Year 2017-18 in addition to substantial development revenues coming in durin g the
quarter.
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Table 1: Portfolio Values and Yield to Maturity
Overall market yield-to-maturity (YTM) decreased from 2.61% to 2.59% as shown in
Table 2 below. For detailed monthly transactions, see Attachment 2.
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 deposited into CAMP.
LAIF quarterly rates are currently the highest measured since 2011, as shown below.
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Table 3: Quarterly LAIF Yields, Recent Eight Years
STRATEGIC PLAN INITIATIVE:
Strategy 1: Assure the City's long-term financial sustainability.
NOTICING REQUIREMENTS/PUBLIC OUTREACH:
None.
ATTACHMENTS:
1. City of Dublin Investment Report for Period Ending December 2018
2. Transaction Ledger - October - December 2018
CHANDLER ASSET MANAGEMENT, INC. | 800.317.4747 | www.chandlerasset.com
INVESTMENT REPORT
Period Ending December 31, 2018
City of Dublin
SECTION 1 Economic Update
SECTION 2 Account Profile
SECTION 3 Consolidated Information
SECTION 4 Portfolio Holdings
SECTION 5 Transactions
Table of Contents As of December 31, 2018
1
SECTION |Section 1 |Economic Update
Interest rate sensitive sectors such as housing and autos have softened, and financial conditions have tightened in recent
months as equity prices have declined, borrowing costs have increased, and the US dollar has strengthened. Although labor
market conditions remain tight,we expect the pace of job growth is likely to slow as the economy is at or near full
employment. Meanwhile, inflation pressures remain subdued. Though we don't foresee a recession in the near-term,
economic growth has eased. The economy is expected to grow 2.6% this year versus 2.9% in 2018.
Economic Update
▪
▪
▪
The Federal Open Market Committee (FOMC) raised the fed funds target rate by 25 basis points in December to a range of
2.25%-2.50%. Although recent economicdatahas softened, the rate hike was widely expected. The Fed's longrun fed funds
rate target was lowered to 2.8% from the previous estimate of 3.0%. However, the Fed did little to acknowledge the
changing market dynamics and tightening financial conditions, reaffirming their strong economic forecast for 2019 and
emphasizing the balance sheet reduction strategy remains on track. Although the modest adjustment in the Fed’s
projections was a step in the right direction, some market participants were expecting a more dovish tone from the Fed
Chair.We continue to believe the terminal fed funds rate will be below 3.0% and believe the Fed is at risk of making a
policy error if monetary policy continues to tighten at the same quarterly pace of 2018.We believe there is a high
probability that the Fed will keep monetary policy on hold at least through the first quarter.
Treasury yields declined in December.At month-end, the 2-year Treasury yield was down nearly 30 basis points to 2.49%,
while the 10-year Treasury yield was down slightly more than 30 basis points to 2.68%. The spread between 2-and 10-year
Treasury yields was just 20 basis points at year-end.
3
U.S. payrolls rose by 312,000 in December, well above the consensus forecast of 184,000. October and November payrolls were revised up by a
total of 58,000.On a trailing 3-month and 6-month basis payrolls increased by an average of 254,000 and 222,000 permonth, respectively, more
than enough to absorb new entrants into the labor market. The unemployment rate increased to 3.9%in Decemberfrom 3.7%in November as
the labor participation rate increased to 63.1% from 62.9%. A broadermeasure of unemployment called the U-6, which includes those who are
marginally attached to the laborforce and employed parttime foreconomic reasons, was unchanged at 7.6%. Wages jumped 0.4%in December
on a month-over-month basis, exceeding expectations of 0.3%. Wages were up 3.2%on a year-over-year basis in December, versus up 3.1%
year-over-year in November. The average workweek increased to 34.5 hours in December from 34.4 hours in November.
Source: US Department of Labor Source: US Department of Labor
0
50
100
150
200
250
300
350
MOM Change In (000's)Nonfarm Payroll (000's)
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
9.0%
10.0%
11.0%
12.0%
Unemployment Rate
Underemployment Rate (U6)
Unemployment Rate (U3)Rate (%)Employment
4
The Consumer Price Index (CPI) was up just 1.9% year-over-year in December, versus up 2.2% year-over-year in November,as energy prices
pulled down the index month-over-month. Core CPI (CPI less food and energy) was up 2.2% year-over-year in December, unchanged on ayear-
over-yearbasis from November. The Personal Consumption Expenditures (PCE) index was up 1.8% year-over-year in November, versus up 2.0%
year-over-year in October. Core PCE (excluding food and energy) was up 1.9%on a year-over-year basis in November, versus up 1.8%in
October. Core PCE inflation, which is the Fed's primary inflation gauge remains below the Fed’s 2.0% target.
Source: US Department of Labor Source: US Department of Commerce
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
3.5%
Consumer Price Index (CPI)
CPI YOY % Change
Core CPI YOY % ChangeYOY( %) Change0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
3.5%
Personal Consumption Expenditures (PCE)
PCE Price Deflator YOY % Change
PCE Core Deflator YOY % ChangeYOY( %) ChangeInflation
5
On a year-over-year basis, retail sales were up 4.2%in November, versus up 4.8% year-over-year in October.On a month-over-month basis,
retail sales increased 0.2%in November, above expectations fora0.1% increase, following growth of 1.1%in October. Octobersales were likely
boosted in part by a hurricane-related rebound in auto sales and building materials. Lower gas prices held back monthly retail sales growth in
November,but sales growth excluding autos and gas was solid. The ConsumerConfidence Index remains strong but eased to 128.1 in December
from 136.4 in November. Looking ahead, labor market strength should continue to support consumer confidence and spending trends.
Source: US Department of Commerce Source: The Conference Board
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
Retail Sales YOY % Change
YOY (%) Change100
105
110
115
120
125
130
135
140
145
Index LevelConsumer Confidence
Consumer
6
The Index of Leading Economic Indicators (LEI) rose 0.2% month-over-month in November, following a downwardly revised 0.3% decline in
October. Based on the index, the Conference Board believes the US economy will continue to grow at a pace of about 2.8%in early 2019 and
then moderate in the second half of the year. The Chicago Fed National Activity Index (CFNAI) increased to 0.22 in November from a sharply
downwardly revised 0.0 in October (previously 0.24).On a 3-month moving average basis, the index declined to 0.12 in Novemberfrom 0.23 in
October.
-0.4%
-0.2%
0.0%
0.2%
0.4%
0.6%
0.8%
1.0%
1.2%
1.4%
Leading Economic Indicators (LEI)MOM ( %) Change-0.40
-0.20
0.00
0.20
0.40
0.60
0.80
Chicago Fed National Activity Index (CFNAI)3 Month AverageSource: The Conference Board Source: Federal Reserve Bank of Chicago
Economic Activity
7
Total housing starts were stronger than expected in November,up 3.2%to a 1.256 million annualized rate. The growth was driven by multi-
family starts which rose 22.4%. Single-family starts declined 4.6% in November. Permits rose 5.0% in the month. According to the Case-Shiller 20-
City home price index, home prices were up 5.0% year-over-year in October, versus up 5.2%in September. The housing sectorhas softened as
mortgage rates have increased.
Source: US Department of Commerce Source: S&P
0
200
400
600
800
1000
1200
1400
1600
1800
MOM Change (In Thousands of Units)Housing Starts
Multi Family Housing Starts
Single Family Housing Starts
4.5%
5.0%
5.5%
6.0%
6.5%
7.0%
7.5%
S&P/CaseShiller 20 City Composite Home Price Index YOY( %) ChangeHousing
8
The Institute for Supply Management (ISM) manufacturing index fell to 54.1 in December from 59.3 in November. Despite the large decline, a
reading above 50.0 suggests the manufacturing sector is expanding. The Industrial Production index was up 3.9% year-over-year in November
versus up 3.8% year-over-year in October.On a month-over-month basis, the manufacturing component of the index was flat in November,
following a 0.1% decline in October. Capacity Utilization increased to 78.5%in November from 78.1%in October,but remains below the long-
run average of 79.8% indicating there is still excess capacity for growth.
Source: Institute for Supply Management Source: Federal Reserve
48
50
52
54
56
58
60
62
64
Institute of Supply Management Purchasing
Manager Index
Expanding
Contracting
-2.0%
-1.0%
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
Industrial Production
YOY( %) ChangeManufacturing
9
Third quarter GDP grew at an annualized rate of 3.4% (revised down slightly from the second estimate of 3.5%). This follows growth of 4.2%in
the second quarter. Inventories and consumer spending drove growth in the third quarter, while net exports were a drag. The consensus
forecast calls for GDP growth of 2.6% in the fourth quarter, 2.3% in the current quarter, and 2.6% in 2019.
Source: US Department of Commerce Source: US Department of Commerce
12/17 3/18 6/18 9/18
2.6% 0.4% 2.6% 2.4%
0.1% 1.6% -0.1% 2.5%
-0.9% 0.0% 1.2% -2.0%
0.3% 0.2% 0.2% 0.2%
0.2% 0.1% 0.2% 0.2%
2.3% 2.2% 4.2% 3.4%
Net Exports and Imports
Personal Consumption Expenditures
Gross Private Domestic Investment
Federal Government Expenditures
State and Local (Consumption and
Gross Investment)
Components of GDP
Total
-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
Gross Domestic Product (GDP)
10
Source: Bloomberg Source: Bloomberg
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
3.5%
4.0%
US Treasury Note Yields
2-Year
5-Year
10-YearYield (%)0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
3.5%
4.0%
US Treasury Yield Curve
Dec-18
Sep-18
Dec-17Yield (%)Bond Yields
On a year-over-year basis,Treasury yields have increased and the Treasury yield curve has flattened.The spread between 2-year and 10-year
Treasury yields narrowed from 52 basis points to 20 basis points in 2018.Rate hikes by the Federal Reserve have put upward pressure on rates,
while supply and demand imbalances,technical factors,weakening global economic growth,and subdued inflation expectations have
contributed to the curve flattening.
11
Section 2|SECTION |Section 2 |Account Profile
Objectives
Chandler Asset Management Performance Objective
The performance objective of the City of Dublin is to earn a return that equals or exceeds the return on of
the ICE BAML 1-5 Year Treasury and Agency Index.
Investment Objectives
The investment objectives of the City of Dublin are first,to provide safety of principal;second,to provide
adequate liquidity to meet all requirements which might be reasonably anticipated;third,to attain a
market average rate of return on its investments throughout economic cycles;and fourth,to be diversified
to avoid incurring unreasonable and avoidable risks regarding specific security types or individual financial
institutions.
Strategy
In order to achieve this objective,the portfolio invests in high quality fixed income instruments consistent
with the City's investment policy and California Government Code.
As of December 31, 2018
13
Compliance As of December 31, 2018
Category Standard Comment
Treasury Issues No limitations Complies
Agency Issues 35% max per issuer; 25% max callables Complies
Supranationals "AA" rated or equivalent by a NRSRO; 30% maximum; 5% max per issuer; USD denominated senior unsecured unsubordinated obligations
issued by: IBRD, IFC, IADB Complies
Municipal Securities "A" rated or higher by a NRSRO; 5% max per issuer Complies
Medium Term Notes "A" rated or higher by a NRSRO; 30% maximum; 5% max per issuer; Issued by corporations organized and operating within the U.S. or by
depository institutions licensed by the U.S. or any state and operating within the U.S.Complies
Banker’s Acceptances "A-1" rated or higher by a NRSRO; 40% maximum; 5% max per issuer; 20% max amount invested in BA with any one financial institution in
combination with any other debt from that financial institution; 180 days max maturity Complies
Commercial Paper "A-1" rated or higher by a NRSRO; 25% maximum; 5% max per issuer; 20% max amount invested in CP of any one issuer in combination
with any other debt from that issuer; 270 days max maturity Complies
Negotiable Certificates of Deposit "A" or better long term debt rating and/or "A-1" or higher short term rating by a NRSRO; 30% maximum; 5% max per issuer; 20% max
amount invested in NCDs with any one financial institution in combination with any other debt from that financial institution.Complies
Time Deposits/ Certificates of Deposit 10% max; Collateralized/FDIC Insured; 1 year max maturity Complies
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% maximum; 5% max per issue Complies
Money Market Mutual Funds and
Mutual Funds
Highest rating or "AAA" rated by two NRSROs; SEC registered adviser with AUM >$500 million and experience greater than 5 years; 10% per
one Mutual Fund; 20% maximum in Money Market Mutual Funds; 20% maximum combined of total portfolio in these securities Complies
LAIF Max program limit Complies
CAMP Not used by adviser Complies
Max Per Issuer 5% (except US Government, Agencies and its instrumentalities including agency backed-mortgage pools, Money Market Mutual Funds)Complies
Maximum Maturity 5 years Complies
City of Dublin
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
12/31/2018 9/30/2018
Benchmark*Portfolio Portfolio
Average Maturity (yrs)2.67 2.32 2.61
Average Modified Duration 2.54 2.13 2.38
Average Purchase Yield n/a 2.08%1.98%
Average Market Yield 2.52%2.68%2.90%
Average Quality**AAA AA+/Aa1 AA/Aa1
Total Market Value 184,628,041 158,369,049
*ICE 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.
As of December 31, 2018
15
City of Dublin
Sector Distribution
ABS
4.8%
Agency
30.2%
Foreign Corporate
0.8%
Money Market
Fund FI
3.9%
Supranational
4.3%
US Corporate
22.1%
US Treasury
33.9%
December 31, 2018 September 30, 2018
ABS
6.3%
Agency
31.8%
Foreign Corporate
0.9%
Money Market
Fund FI
1.6%
Supranational
2.7%
US Corporate
23.3%
US Treasury
33.5%
As of December 31, 2018
16
Issue Name Investment Type % Portfolio
Government of United States US Treasury 33.88%
Federal Home Loan Bank Agency 12.46%
Federal National Mortgage Association Agency 11.91%
Federal Home Loan Mortgage Corp Agency 5.84%
First American Govt Oblig Fund Money Market Fund FI 3.94%
Intl Bank Recon and Development Supranational 2.97%
Honda Motor Corporation US Corporate 1.53%
John Deere ABS ABS 1.49%
Inter-American Dev Bank Supranational 1.32%
Honda ABS ABS 1.25%
JP Morgan Chase & Co US Corporate 1.24%
Oracle Corp US Corporate 1.21%
PNC Financial Services Group US Corporate 1.20%
US Bancorp US Corporate 1.08%
IBM Corp US Corporate 1.08%
ChevronTexaco Corp US Corporate 1.07%
Chubb Corporation US Corporate 1.07%
Qualcomm Inc US Corporate 1.07%
Bank of New York US Corporate 1.07%
Wells Fargo Corp US Corporate 1.03%
Berkshire Hathaway US Corporate 1.00%
Microsoft US Corporate 0.98%
Exxon Mobil Corp US Corporate 0.97%
Deere & Company US Corporate 0.95%
State Street Bank US Corporate 0.95%
Eli Lilly & Co US Corporate 0.86%
Toyota ABS ABS 0.82%
HSBC Holdings PLC Foreign Corporate 0.80%
Wal-Mart Stores US Corporate 0.76%
Cisco Systems US Corporate 0.74%
Pepsico Inc US Corporate 0.71%
Nissan ABS ABS 0.68%
General Dynamics Corp US Corporate 0.62%
HSBC Holdings PLC US Corporate 0.54%
American Express ABS ABS 0.53%
Merck & Company US Corporate 0.40%
TOTAL 100.00%
Issuers
City of Dublin –Account #10198
As of December 31, 2018
17
AAA AA A <A NR
12/31/18 12.5%67.8%14.9%0.0%4.7%
09/30/18 5.9%71.7%16.6%0.0%5.8%
Source: S&P Ratings
December 31, 2018 vs. September 30, 2018
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
70.0%
80.0%
AAA AA A <A NR
12/31/2018 9/30/2018
Quality Distribution
City of Dublin
As of December 31, 2018
18
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
35.0%
40.0%
0 - 0.25 0.25 - 0.50 0.50 - 1 1 - 2 2 - 3 3 - 4 4 - 5 5+
City of Dublin ICE BAML 1-5 Yr US Treasury/Agency Index
Portfolio Compared to the Benchmark as of December 31, 2018
0 - 0.25 0.25 - 0.50 0.50 - 1 1 - 2 2 - 3 3 - 4 4 - 5 5+
Portfolio 12.5% 2.4% 8.8% 19.8% 27.5% 18.6% 10.3% 0.0%
Benchmark*0.2% 0.0% 1.6% 33.8% 29.3% 21.4% 13.8% 0.0%
*ICE BAML 1-5 Yr US Treasury/Agency Index
Duration Distribution
City of Dublin
As of December 31, 2018
19
0.00%
0.20%
0.40%
0.60%
0.80%
1.00%
1.20%
1.40%
1.60%
1.80%
12 months 2 years 3 years 5 years 10 years Since Inception
City of Dublin City of Dublin Custom Index*
Total Rate of Return Annualized Since Inception 10/31/2013
Annualized
TOTAL RATE OF RETURN 3 months 12 months 2 years 3 years 5 years 10 years Since
Inception
City of Dublin 1.34%1.47%1.24%1.27%1.13%N/A 1.08%
ICE BAML 1-5 Yr US Treasury/Agency Index 1.71%1.53%1.09%1.09%0.98%N/A 0.94%
*ICE BAML 1-3 Yr US Treasury/Agency Index to 12/31/2014
Total rate of return: A measure of a portfolio’s performance over time.It is the internal rate of return,which equates the beginning value of the portfolio with the ending value;it includes interest earnings,realized and
unrealized gains and losses in the portfolio.
Investment Performance
City of Dublin
As of December 31, 2018
20
Portfolio Characteristics
City of Dublin Reporting Account
12/31/2018
Portfolio
9/30/2018
Portfolio
Average Maturity (yrs)0.00 0.00
Modified Duration 0.00 0.00
Average Purchase Yield 2.42%2.11%
Average Market Yield 2.42%2.11%
Average Quality*AAA/NR AAA/NR
Total Market Value 92,312,286 93,849,705
*Portfolio is S&P and Moody’s, respectively.
As of December 31, 2018
21
City of Dublin Reporting Account
Sector Distribution
LAIF
52.5%
Local Gov
Investment Pool
47.5%
December 31, 2018 September 30, 2018
LAIF
43.6%
Local Gov
Investment Pool
56.4%
As of December 31, 2018
22
Issue Name Investment Type % Portfolio
Local Agency Investment Fund LAIF 52.46%
CAMP Local Gov Investment Pool 47.54%
TOTAL 100.00%
Issuers
City of Dublin Reporting Account –Account #10219
As of December 31, 2018
23
SECTION |Section 3 |Consolidated Information
Portfolio Characteristics
City of Dublin Consolidated
12/31/2018 9/30/2018
Portfolio Portfolio
Average Maturity (yrs)1.55 1.64
Modified Duration 1.42 1.50
Average Purchase Yield 2.19%2.03%
Average Market Yield 2.59%2.61%
Average Quality*AA+/Aaa AA+/Aaa
Total Market Value 276,940,327 252,218,754
* Portfolio is S&P and Moody’s respectively.
As of December 31, 2018
25
City of Dublin Consolidated
Sector Distribution
ABS
3.2%
Agency
20.1%
Foreign Corporate
0.5%
LAIF
17.5%
Local Gov
Investment Pool
15.8%
Money Market
Fund FI
2.6%
Supranational
2.9%
US Corporate
14.7%
US Treasury
22.6%
December 31, 2018 September 30, 2018
ABS
3.9%
Agency
20.0%
Foreign Corporate
0.6%
LAIF
16.2%
Local Gov
Investment Pool
21.0%
Money Market
Fund FI
1.0%
Supranational
1.7%
US Corporate
14.6%
US Treasury
21.0%
As of December 31, 2018
26
SECTION |Section 4 |Portfolio Holdings
Holdings Report
City of Dublin -Account #10198
CUSIP Security Description Par Value/Units Purchase Date
Book Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody/S&P
Fitch
Maturity
Duration
ABS
654747AB0 Nissan Auto Receivables 2017-A A2A
1.470% Due 01/15/2020
36,034.33 03/21/2017
1.21%
36,034.15
36,034.26
99.95
2.98%
36,017.77
23.54
0.02%
(16.49)
Aaa / NR
AAA
1.04
0.03
43814PAB6 Honda Auto Receivables Owner T 17-3 A2
1.570% Due 01/21/2020
135,849.64 09/25/2017
0.95%
135,837.56
135,844.13
99.77
2.97%
135,533.62
77.02
0.07%
(310.51)
NR / AAA
AAA
1.06
0.17
47788MAC4 John Deere Owner Trust 2016-A A3
1.360% Due 04/15/2020
203,281.92 02/23/2016
1.02%
203,249.92
203,271.93
99.77
2.93%
202,805.59
122.87
0.11%
(466.34)
Aaa / NR
AAA
1.29
0.15
43814QAC2 Honda Auto Receivables 2016-2 A3
1.390% Due 04/15/2020
200,726.86 05/24/2016
1.15%
200,722.97
200,725.57
99.60
3.12%
199,932.48
124.00
0.11%
(793.09)
Aaa / NR
AAA
1.29
0.23
47788BAB0 John Deere Owner Trust 2017-B A2A
1.590% Due 04/15/2020
124,543.71 07/11/2017
1.28%
124,532.89
124,538.63
99.81
2.95%
124,305.74
88.01
0.07%
(232.89)
Aaa / NR
AAA
1.29
0.14
89238BAB8 Toyota Auto Receivables Owner 2018-A A2A
2.100% Due 10/15/2020
1,517,919.72 01/23/2018
1.59%
1,517,764.59
1,517,817.19
99.61
3.07%
1,512,004.28
1,416.73
0.82%
(5,812.91)
Aaa / AAA
NR
1.79
0.40
47788BAD6 John Deere Owner Trust 2017-B A3
1.820% Due 10/15/2021
320,000.00 07/11/2017
1.64%
319,976.58
319,984.62
98.87
2.99%
316,384.64
258.84
0.17%
(3,599.98)
Aaa / NR
AAA
2.79
0.97
47788CAC6 John Deere Owner Trust 2016-B A4
2.660% Due 04/18/2022
515,000.00 02/21/2018
2.68%
514,962.97
514,970.50
99.68
2.90%
513,331.90
608.84
0.28%
(1,638.60)
Aaa / NR
AAA
3.30
1.42
43814UAG4 Honda Auto Receivables 2018-2 A3
3.010% Due 05/18/2022
610,000.00 05/22/2018
3.03%
609,986.70
609,988.68
100.10
2.97%
610,606.34
663.04
0.33%
617.66
NR / AAA
AAA
3.38
1.81
43815HAC1 Honda Auto Receivables Owner 2018-3 A3
2.950% Due 08/22/2022
1,360,000.00 08/21/2018
2.45%
1,359,813.41
1,359,829.57
100.06
2.94%
1,360,855.43
1,114.44
0.74%
1,025.86
Aaa / NR
AAA
3.64
1.95
02582JHE3 American Express Credit 2017-3 A
1.770% Due 11/15/2022
1,000,000.00 06/28/2018
2.56%
980,625.00
982,877.34
98.57
2.93%
985,693.00
786.67
0.53%
2,815.66
NR / AAA
AAA
3.88
1.25
47788EAC2 John Deere Owner Trust 2018-B A3
3.080% Due 11/15/2022
1,585,000.00 07/18/2018
3.10%
1,584,879.86
1,584,892.07
100.49
2.87%
1,592,742.71
2,169.69
0.86%
7,850.64
Aaa / NR
AAA
3.88
2.15
65479GAD1 Nissan Auto Receivables Owner 2018-B A3
3.060% Due 03/15/2023
1,220,000.00 07/17/2018
3.08%
1,219,960.47
1,219,964.20
100.39
2.91%
1,224,709.20
1,659.20
0.66%
4,745.00
Aaa / AAA
NR
4.21
2.25
TOTAL ABS 8,828,356.18 2.44%
8,808,347.07
8,810,738.69 2.95%
8,814,922.70
9,112.89
4.78%
4,184.01
Aaa / AAA
Aaa
3.21
1.47
Agency
3133782M2 FHLB Note
1.500% Due 03/08/2019
2,750,000.00 04/24/2015
1.21%
2,779,892.50
2,751,398.23
99.82
2.44%
2,745,168.25
12,947.92
1.49%
(6,229.98)
Aaa / AA+
AAA
0.18
0.19
3137EADG1 FHLMC Note
1.750% Due 05/30/2019
1,000,000.00 01/29/2015
1.28%
1,019,690.00
1,001,855.67
99.68
2.52%
996,829.00
1,506.94
0.54%
(5,026.67)
Aaa / AA+
AAA
0.41
0.41
As of December 31, 2018
28
Holdings Report
City of Dublin -Account #10198
CUSIP Security Description Par Value/Units Purchase Date
Book Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody/S&P
Fitch
Maturity
Duration
3135G0ZG1 FNMA Note
1.750% Due 09/12/2019
2,500,000.00 10/28/2014
1.68%
2,508,350.00
2,501,192.19
99.39
2.64%
2,484,712.50
13,246.53
1.35%
(16,479.69)
Aaa / AA+
AAA
0.70
0.68
3137EADM8 FHLMC Note
1.250% Due 10/02/2019
2,500,000.00 12/18/2015
1.64%
2,464,700.00
2,492,996.23
98.97
2.64%
2,474,167.50
7,725.69
1.34%
(18,828.73)
Aaa / AA+
AAA
0.75
0.74
3135G0A78 FNMA Note
1.625% Due 01/21/2020
2,000,000.00 04/07/2015
1.44%
2,016,580.00
2,003,649.69
99.00
2.59%
1,980,094.00
14,444.44
1.08%
(23,555.69)
Aaa / AA+
AAA
1.06
1.03
313383HU8 FHLB Note
1.750% Due 06/12/2020
2,000,000.00 10/08/2015
1.46%
2,026,040.00
2,008,049.84
98.85
2.57%
1,976,928.00
1,847.22
1.07%
(31,121.84)
Aaa / AA+
NR
1.45
1.42
3137EAEK1 FHLMC Note
1.875% Due 11/17/2020
2,400,000.00 11/28/2017
1.91%
2,397,336.00
2,398,314.11
98.75
2.56%
2,370,115.20
5,500.00
1.29%
(28,198.91)
Aaa / AA+
AAA
1.88
1.83
3135G0F73 FNMA Note
1.500% Due 11/30/2020
2,500,000.00 12/04/2015
1.87%
2,455,750.00
2,483,005.08
98.02
2.57%
2,450,460.00
3,229.17
1.33%
(32,545.08)
Aaa / AA+
AAA
1.92
1.87
3130A7CV5 FHLB Note
1.375% Due 02/18/2021
3,470,000.00 Various
1.45%
3,457,221.20
3,464,523.26
97.68
2.50%
3,389,346.79
17,627.12
1.85%
(75,176.47)
Aaa / AA+
AAA
2.14
2.07
3135G0J20 FNMA Note
1.375% Due 02/26/2021
5,000,000.00 Various
1.29%
5,018,675.00
5,008,746.94
97.56
2.54%
4,878,170.00
23,871.52
2.66%
(130,576.94)
Aaa / AA+
AAA
2.16
2.09
313379RB7 FHLB Note
1.875% Due 06/11/2021
3,000,000.00 08/30/2017
1.67%
3,022,620.00
3,014,621.04
98.14
2.67%
2,944,197.00
3,125.00
1.60%
(70,424.04)
Aaa / AA+
AAA
2.45
2.37
3130A8QS5 FHLB Note
1.125% Due 07/14/2021
2,500,000.00 07/25/2016
1.28%
2,481,475.00
2,490,553.68
96.58
2.53%
2,414,410.00
13,046.88
1.31%
(76,143.68)
Aaa / AA+
AAA
2.54
2.46
3137EAEC9 FHLMC Note
1.125% Due 08/12/2021
3,000,000.00 Various
1.33%
2,971,215.00
2,984,743.73
96.58
2.48%
2,897,421.00
13,031.26
1.58%
(87,322.73)
Aaa / AA+
AAA
2.62
2.54
3135G0Q89 FNMA Note
1.375% Due 10/07/2021
2,000,000.00 10/06/2016
1.45%
1,992,924.00
1,996,086.11
96.99
2.51%
1,939,874.00
6,416.67
1.05%
(56,212.11)
Aaa / AA+
AAA
2.77
2.68
3135G0S38 FNMA Note
2.000% Due 01/05/2022
2,500,000.00 01/30/2017
2.04%
2,495,475.00
2,497,234.72
98.52
2.51%
2,463,007.50
24,444.44
1.35%
(34,227.22)
Aaa / AA+
AAA
3.02
2.87
313378CR0 FHLB Note
2.250% Due 03/11/2022
2,000,000.00 06/19/2017
1.86%
2,035,280.00
2,023,826.78
98.81
2.64%
1,976,120.00
13,750.00
1.08%
(47,706.78)
Aaa / AA+
NR
3.19
3.04
3135G0T45 FNMA Note
1.875% Due 04/05/2022
3,250,000.00 05/05/2017
1.99%
3,232,125.00
3,238,136.50
97.99
2.52%
3,184,593.75
14,557.29
1.73%
(53,542.75)
Aaa / AA+
AAA
3.26
3.12
3135G0T94 FNMA Note
2.375% Due 01/19/2023
2,500,000.00 03/28/2018
2.70%
2,463,675.00
2,469,422.50
99.25
2.57%
2,481,290.00
26,718.75
1.36%
11,867.50
Aaa / AA+
AAA
4.05
3.79
313383QR5 FHLB Note
3.250% Due 06/09/2023
1,500,000.00 08/28/2018
2.87%
1,525,005.00
1,523,213.81
102.53
2.64%
1,538,013.00
2,979.17
0.83%
14,799.19
Aaa / AA+
NR
4.44
4.11
3137EAEN5 FHLMC Note
2.750% Due 06/19/2023
2,000,000.00 07/16/2018
2.88%
1,988,360.00
1,989,447.61
100.58
2.61%
2,011,686.00
1,833.33
1.09%
22,238.39
Aaa / AA+
AAA
4.47
4.18
As of December 31, 2018
29
Holdings Report
City of Dublin -Account #10198
CUSIP Security Description Par Value/Units Purchase Date
Book Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody/S&P
Fitch
Maturity
Duration
313383YJ4 FHLB Note
3.375% Due 09/08/2023
2,750,000.00 Various
3.05%
2,790,177.50
2,789,108.26
103.00
2.69%
2,832,541.25
29,132.82
1.55%
43,432.99
Aaa / AA+
NR
4.69
4.28
3130A0F70 FHLB Note
3.375% Due 12/08/2023
3,000,000.00 12/31/2018
2.72%
3,089,490.00
3,089,440.37
103.05
2.71%
3,091,647.00
6,468.75
1.68%
2,206.63
Aaa / AA+
AAA
4.94
4.52
TOTAL Agency 56,120,000.00 1.85%
56,232,056.20
56,219,566.35 2.57%
55,520,791.74
257,450.91
30.21%
(698,774.61)
Aaa / AA+
Aaa
2.55
2.42
Foreign Corporate
404280BF5 HSBC Holdings PLC Note
2.650% Due 01/05/2022
1,500,000.00 01/12/2018
2.89%
1,486,320.00
1,489,614.91
97.01
3.71%
1,455,192.00
19,433.33
0.80%
(34,422.91)
A2 / A
AA-
3.02
2.82
TOTAL Foreign Corporate 1,500,000.00 2.89%
1,486,320.00
1,489,614.91 3.71%
1,455,192.00
19,433.33
0.80%
(34,422.91)
A2 / A
AA-
3.02
2.82
Money Market Fund FI
31846V203 First American Govt Obligation Fund Class Y 7,277,184.85 Various
2.05%
7,277,184.85
7,277,184.85
1.00
2.05%
7,277,184.85
0.00
3.94%
0.00
Aaa / AAA
AAA
0.00
0.00
TOTAL Money Market Fund FI 7,277,184.85 2.05%
7,277,184.85
7,277,184.85 2.05%
7,277,184.85
0.00
3.94%
0.00
Aaa / AAA
Aaa
0.00
0.00
Supranational
459052AP1 IBRD Discount Note
2.440% Due 01/14/2019
3,500,000.00 12/24/2018
2.48%
3,495,018.33
3,496,916.11
99.91
2.48%
3,496,916.11
0.00
1.89%
0.00
P-1 / A-1+
F-1+
0.04
0.04
459058FY4 Intl. Bank Recon & Development Note
2.000% Due 01/26/2022
2,000,000.00 10/26/2017
2.12%
1,990,320.00
1,992,994.65
98.24
2.60%
1,964,868.00
17,222.22
1.07%
(28,126.65)
Aaa / NR
AAA
3.07
2.93
4581X0CZ9 Inter-American Dev Bank Note
1.750% Due 09/14/2022
2,500,000.00 11/28/2017
2.18%
2,451,675.00
2,462,644.14
96.81
2.66%
2,420,335.00
13,003.47
1.32%
(42,309.14)
NR / NR
AAA
3.71
3.53
TOTAL Supranational 8,000,000.00 2.30%
7,937,013.33
7,952,554.90 2.56%
7,882,119.11
30,225.69
4.29%
(70,435.79)
Aaa / AAA
Aaa
1.93
1.84
US Corporate
17275RAR3 Cisco Systems Note
2.125% Due 03/01/2019
1,350,000.00 11/14/2014
2.05%
1,354,063.50
1,350,153.39
99.86
2.95%
1,348,100.55
9,562.50
0.74%
(2,052.84)
A1 / AA-
NR
0.16
0.17
532457BF4 Eli Lilly & Co Note
1.950% Due 03/15/2019
1,575,000.00 Various
1.91%
1,577,796.75
1,575,130.13
99.77
3.04%
1,571,421.60
9,043.13
0.86%
(3,708.53)
A2 / AA-
A
0.20
0.20
94974BFU9 Wells Fargo Corp Note
2.125% Due 04/22/2019
1,900,000.00 Various
2.07%
1,904,120.50
1,900,318.70
99.70
3.08%
1,894,391.20
7,738.54
1.03%
(5,927.50)
A2 / A-
A+
0.31
0.31
As of December 31, 2018
30
Holdings Report
City of Dublin -Account #10198
CUSIP Security Description Par Value/Units Purchase Date
Book Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody/S&P
Fitch
Maturity
Duration
02665WAH4 American Honda Finance Note
2.250% Due 08/15/2019
1,800,000.00 Various
2.08%
1,812,627.00
1,801,837.68
99.53
3.02%
1,791,541.80
15,300.00
0.98%
(10,295.88)
A2 / A+
NR
0.62
0.61
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
752,085.77
99.48
3.06%
746,101.50
5,270.83
0.41%
(5,984.27)
A1 / A
AA-
0.70
0.68
68389XAX3 Oracle Corp Note
2.250% Due 10/08/2019
1,250,000.00 Various
1.73%
1,272,172.50
1,254,811.46
99.53
2.87%
1,244,097.50
6,484.38
0.68%
(10,713.96)
A1 / AA-
A
0.77
0.75
40428HPN6 HSBC USA Inc Note
2.375% Due 11/13/2019
1,000,000.00 11/07/2014
2.32%
1,002,440.00
1,000,422.26
99.36
3.12%
993,634.00
3,166.67
0.54%
(6,788.26)
A2 / A
AA-
0.87
0.85
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
1,797,797.27
99.00
3.21%
1,782,072.00
17,775.00
0.97%
(15,725.27)
A2 / A-
AA-
1.06
1.03
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
1,329,798.75
98.55
2.96%
1,310,742.93
4,169.18
0.71%
(19,055.82)
A1 / A+
A
1.33
1.30
747525AD5 Qualcomm Inc Note
2.250% Due 05/20/2020
2,000,000.00 Various
2.22%
2,001,128.80
2,000,791.28
98.61
3.28%
1,972,200.00
5,125.00
1.07%
(28,591.28)
A2 / A-
NR
1.39
1.35
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
1,010,111.96
99.08
2.99%
990,773.00
11,017.36
0.54%
(19,338.96)
A2 / A
A
1.54
1.48
00440EAT4 Chubb INA Holdings Inc Callable Note Cont 10/3/2020
2.300% Due 11/03/2020
2,000,000.00 Various
2.25%
2,003,489.00
2,001,719.86
98.57
3.10%
1,971,398.00
7,411.11
1.07%
(30,321.86)
A3 / A
A
1.84
1.78
24422ETF6 John Deere Capital Corp Note
2.550% Due 01/08/2021
750,000.00 Various
2.42%
753,733.15
751,863.37
99.10
3.01%
743,223.00
9,190.62
0.41%
(8,640.37)
A2 / A
A
2.02
1.93
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
1,805,913.20
98.56
2.91%
1,774,083.60
13,332.00
0.97%
(31,829.60)
Aaa / AA+
NR
2.17
2.08
369550BE7 General Dynamics Corp Note
3.000% Due 05/11/2021
1,130,000.00 05/08/2018
3.24%
1,122,146.50
1,123,830.42
100.08
2.96%
1,130,914.17
4,708.33
0.62%
7,083.75
A2 / A+
NR
2.36
2.26
166764BG4 Chevron Corp Callable Note Cont 4/15/2021
2.100% Due 05/16/2021
1,000,000.00 04/20/2017
2.09%
1,000,190.00
1,000,111.03
98.07
2.94%
980,696.00
2,625.00
0.53%
(19,415.03)
Aa2 / AA
NR
2.38
2.29
857477AV5 State Street Bank Note
1.950% Due 05/19/2021
1,800,000.00 Various
1.91%
1,802,989.00
1,801,585.42
97.19
3.18%
1,749,463.20
4,095.01
0.95%
(52,122.22)
A1 / A
AA-
2.38
2.30
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
1,848,139.76
97.15
2.69%
1,797,213.96
11,390.35
0.98%
(50,925.80)
Aaa / AAA
AA+
2.61
2.51
68389XBK0 Oracle Corp Callable Note Cont 8/01/21
1.900% Due 09/15/2021
1,000,000.00 06/28/2018
3.08%
964,080.00
969,770.90
97.02
3.05%
970,207.00
5,594.44
0.53%
436.10
A1 / AA-
A
2.71
2.59
91159HHP8 US Bancorp Callable Cont 12/23/2021
2.625% Due 01/24/2022
2,000,000.00 05/23/2017
2.35%
2,023,280.00
2,015,134.78
98.48
3.15%
1,969,610.00
22,895.83
1.08%
(45,524.78)
A1 / A+
AA-
3.07
2.88
As of December 31, 2018
31
Holdings Report
City of Dublin -Account #10198
CUSIP Security Description Par Value/Units Purchase Date
Book Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody/S&P
Fitch
Maturity
Duration
44932HAH6 IBM Credit Corp Note
3.000% Due 02/06/2023
2,000,000.00 02/26/2018
3.09%
1,991,340.00
1,992,813.74
98.08
3.51%
1,961,674.00
24,166.67
1.08%
(31,139.74)
A1 / A
A
4.10
3.77
084670BR8 Berkshire Hathaway Callable Note Cont 1/15/2023
2.750% Due 03/15/2023
1,865,000.00 Various
3.34%
1,818,500.75
1,822,025.73
98.17
3.22%
1,830,823.88
15,101.32
1.00%
8,798.15
Aa2 / AA
A+
4.21
3.90
58933YAF2 Merck & Co Note
2.800% Due 05/18/2023
740,000.00 10/26/2018
3.41%
720,996.80
721,717.57
98.65
3.13%
730,035.90
2,474.89
0.40%
8,318.33
A1 / AA
A+
4.38
4.07
46625HRL6 JP Morgan Chase Callable Note Cont 3/18/2023
2.700% Due 05/18/2023
500,000.00 12/20/2018
3.74%
479,055.00
479,159.33
96.05
3.68%
480,265.00
1,612.50
0.26%
1,105.67
A2 / A-
AA-
4.38
4.07
69353RFL7 PNC Bank Callable Note Cont 5/9/2023
3.500% Due 06/08/2023
2,210,000.00 Various
3.53%
2,206,955.80
2,207,296.07
100.20
3.45%
2,214,375.80
4,941.80
1.20%
7,079.73
A2 / A
NR
4.44
4.00
166764AH3 Chevron Corp Callable Note Cont 3/24/2023
3.191% Due 06/24/2023
1,000,000.00 11/08/2018
3.59%
983,170.00
983,659.71
99.84
3.23%
998,433.00
620.47
0.54%
14,773.29
Aa2 / AA
NR
4.48
4.14
931142EK5 Wal-Mart Stores Callable Note Cont 5/26/2023
3.400% Due 06/26/2023
1,380,000.00 Various
3.41%
1,379,641.30
1,379,678.25
101.03
3.15%
1,394,220.91
651.66
0.76%
14,542.66
Aa2 / AA
AA
4.49
4.06
02665WCJ8 American Honda Finance Note
3.450% Due 07/14/2023
1,000,000.00 Various
3.54%
996,275.00
996,348.08
100.03
3.44%
1,000,285.00
15,812.50
0.55%
3,936.92
A2 / A+
NR
4.54
4.10
06406RAJ6 Bank of NY Mellon Corp Note
3.450% Due 08/11/2023
1,200,000.00 08/24/2018
3.42%
1,201,836.00
1,201,708.12
100.33
3.37%
1,203,920.40
15,870.00
0.66%
2,212.28
A1 / A
AA-
4.61
4.18
TOTAL US Corporate 40,980,000.00 2.51%
40,940,813.10
40,875,733.99 3.13%
40,545,918.90
257,147.09
22.10%
(329,815.09)
A1 / A+
A+
2.36
2.21
US Treasury
912796UK3 US Treasury Bill
2.250% Due 01/22/2019
6,000,000.00 12/31/2018
2.28%
5,991,750.00
5,992,125.00
99.87
2.28%
5,992,125.00
0.00
3.25%
0.00
P-1 / A-1+
F-1+
0.06
0.06
912828D80 US Treasury Note
1.625% Due 08/31/2019
1,250,000.00 Various
1.78%
1,240,759.40
1,248,765.14
99.34
2.63%
1,241,747.50
6,901.76
0.68%
(7,017.64)
Aaa / AA+
AAA
0.67
0.65
912828G61 US Treasury Note
1.500% Due 11/30/2019
2,000,000.00 Various
1.45%
2,003,378.10
2,000,804.04
98.97
2.65%
1,979,376.01
2,637.36
1.07%
(21,428.03)
Aaa / AA+
AAA
0.92
0.90
912828G95 US Treasury Note
1.625% Due 12/31/2019
3,000,000.00 01/08/2015
1.50%
3,017,470.99
3,003,507.69
99.00
2.64%
2,970,117.00
134.67
1.61%
(33,390.69)
Aaa / AA+
AAA
1.00
0.98
912828H52 US Treasury Note
1.250% Due 01/31/2020
4,500,000.00 Various
1.53%
4,440,542.42
4,486,920.96
98.55
2.61%
4,434,961.50
23,539.41
2.41%
(51,959.46)
Aaa / AA+
AAA
1.08
1.06
912828K58 US Treasury Note
1.375% Due 04/30/2020
1,750,000.00 05/06/2015
1.55%
1,735,171.88
1,746,048.55
98.46
2.56%
1,723,065.75
4,121.20
0.94%
(22,982.80)
Aaa / AA+
AAA
1.33
1.30
912828XE5 US Treasury Note
1.500% Due 05/31/2020
3,000,000.00 Various
1.67%
2,976,025.68
2,993,105.46
98.53
2.56%
2,955,936.00
3,956.04
1.60%
(37,169.46)
Aaa / AA+
AAA
1.42
1.39
As of December 31, 2018
32
Holdings Report
City of Dublin -Account #10198
CUSIP Security Description Par Value/Units Purchase Date
Book Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody/S&P
Fitch
Maturity
Duration
912828XM7 US Treasury Note
1.625% Due 07/31/2020
1,500,000.00 09/08/2015
1.52%
1,507,622.21
1,502,461.12
98.58
2.54%
1,478,730.00
10,200.41
0.81%
(23,731.12)
Aaa / AA+
AAA
1.58
1.54
912828L99 US Treasury Note
1.375% Due 10/31/2020
5,000,000.00 Various
1.69%
4,927,376.14
4,972,857.01
97.97
2.52%
4,898,440.00
11,774.86
2.66%
(74,417.01)
Aaa / AA+
AAA
1.84
1.79
912828N89 US Treasury Note
1.375% Due 01/31/2021
2,000,000.00 03/15/2016
1.49%
1,988,834.83
1,995,231.93
97.71
2.51%
1,954,140.00
11,508.15
1.06%
(41,091.93)
Aaa / AA+
AAA
2.09
2.02
912828P87 US Treasury Note
1.125% Due 02/28/2021
3,000,000.00 12/28/2018
2.54%
2,911,171.88
2,911,284.32
97.11
2.50%
2,913,399.00
11,467.54
1.58%
2,114.68
Aaa / AA+
AAA
2.16
2.11
912828S76 US Treasury Note
1.125% Due 07/31/2021
1,500,000.00 12/12/2016
1.89%
1,449,262.83
1,471,736.01
96.62
2.48%
1,449,316.50
7,061.82
0.79%
(22,419.51)
Aaa / AA+
AAA
2.58
2.51
912828T34 US Treasury Note
1.125% Due 09/30/2021
2,750,000.00 Various
1.66%
2,682,431.10
2,711,638.27
96.45
2.47%
2,652,353.00
7,904.36
1.44%
(59,285.27)
Aaa / AA+
AAA
2.75
2.67
912828U65 US Treasury Note
1.750% Due 11/30/2021
2,500,000.00 12/28/2016
2.06%
2,464,461.50
2,478,957.73
97.98
2.47%
2,449,610.00
3,846.15
1.33%
(29,347.73)
Aaa / AA+
AAA
2.92
2.81
912828V72 US Treasury Note
1.875% Due 01/31/2022
1,500,000.00 02/27/2017
1.84%
1,502,407.37
1,501,507.62
98.22
2.48%
1,473,282.00
11,769.70
0.80%
(28,225.62)
Aaa / AA+
AAA
3.09
2.95
912828J76 US Treasury Note
1.750% Due 03/31/2022
3,000,000.00 04/25/2017
1.85%
2,985,830.37
2,990,671.66
97.76
2.47%
2,932,734.00
13,413.46
1.60%
(57,937.66)
Aaa / AA+
AAA
3.25
3.12
912828WZ9 US Treasury Note
1.750% Due 04/30/2022
2,750,000.00 05/23/2017
1.84%
2,738,944.75
2,742,545.99
97.68
2.48%
2,686,299.00
8,329.33
1.46%
(56,246.99)
Aaa / AA+
AAA
3.33
3.20
912828XR6 US Treasury Note
1.750% Due 05/31/2022
1,500,000.00 06/28/2017
1.81%
1,496,020.65
1,497,240.81
97.63
2.48%
1,464,375.00
2,307.69
0.79%
(32,865.81)
Aaa / AA+
AAA
3.42
3.28
912828XW5 US Treasury Note
1.750% Due 06/30/2022
3,000,000.00 07/25/2017
1.86%
2,984,072.55
2,988,709.21
97.58
2.48%
2,927,343.00
145.03
1.59%
(61,366.21)
Aaa / AA+
AAA
3.50
3.37
912828L24 US Treasury Note
1.875% Due 08/31/2022
2,000,000.00 09/27/2017
1.92%
1,995,944.20
1,996,981.84
97.86
2.49%
1,957,188.00
12,741.71
1.07%
(39,793.84)
Aaa / AA+
AAA
3.67
3.49
912828L57 US Treasury Note
1.750% Due 09/30/2022
3,750,000.00 Various
2.02%
3,702,841.80
3,713,926.86
97.36
2.49%
3,650,977.50
16,766.83
1.99%
(62,949.36)
Aaa / AA+
AAA
3.75
3.58
912828M49 US Treasury Note
1.875% Due 10/31/2022
1,000,000.00 01/30/2018
2.47%
973,359.38
978,506.21
97.77
2.49%
977,656.00
3,211.33
0.53%
(850.21)
Aaa / AA+
AAA
3.84
3.66
9128284D9 US Treasury Note
2.500% Due 03/31/2023
3,750,000.00 Various
2.75%
3,706,123.05
3,712,283.46
100.01
2.50%
3,750,438.75
23,952.61
2.04%
38,155.29
Aaa / AA+
AAA
4.25
3.98
As of December 31, 2018
33
Holdings Report
City of Dublin -Account #10198
CUSIP Security Description Par Value/Units Purchase Date
Book Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody/S&P
Fitch
Maturity
Duration
912828R69 US Treasury Note
1.625% Due 05/31/2023
1,500,000.00 05/30/2018
2.67%
1,427,167.97
1,435,743.48
96.34
2.51%
1,445,097.00
2,142.86
0.78%
9,353.52
Aaa / AA+
AAA
4.42
4.22
TOTAL US Treasury 63,500,000.00 1.92%
62,848,971.05
63,073,560.37 2.50%
62,358,707.51
199,834.28
33.88%
(714,852.86)
Aaa / AA+
Aaa
2.28
2.20
TOTAL PORTFOLIO 186,205,541.03 2.08%
185,530,705.60
185,698,954.06 2.68%
183,854,836.81
773,204.19
100.00%
(1,844,117.25)
Aa1 / AA+
Aaa
2.32
2.13
TOTAL MARKET VALUE PLUS ACCRUALS 184,628,041.00
As of December 31, 2018
34
Holdings Report
City of Dublin Reporting Account -Account #10219
CUSIP Security Description Par Value/Units Purchase Date
Book Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody/S&P
Fitch
Maturity
Duration
LAIF
90LAIF$00 Local Agency Investment Fund State Pool 48,166,153.93 Various
2.31%
48,166,153.93
48,166,153.93
1.00
2.31%
48,166,153.93
263,137.63
52.46%
0.00
NR / NR
NR
0.00
0.00
TOTAL LAIF 48,166,153.93 2.31%
48,166,153.93
48,166,153.93 2.31%
48,166,153.93
263,137.63
52.46%
0.00
NR / NR
NR
0.00
0.00
Local Gov Investment Pool
90CAMP$00 California Asset Mgmt Program CAMP 43,882,994.05 Various
2.55%
43,882,994.05
43,882,994.05
1.00
2.55%
43,882,994.05
0.00
47.54%
0.00
NR / AAA
NR
0.00
0.00
TOTAL Local Gov Investment Pool 43,882,994.05 2.55%
43,882,994.05
43,882,994.05 2.55%
43,882,994.05
0.00
47.54%
0.00
NR / AAA
NR
0.00
0.00
TOTAL PORTFOLIO 92,049,147.98 2.42%
92,049,147.98
92,049,147.98 2.42%
92,049,147.98
263,137.63
100.00%
0.00
NR / AAA
NR
0.00
0.00
TOTAL MARKET VALUE PLUS ACCRUALS 92,312,285.61
As of December 31, 2018
35
SECTION |Section 5 |Transactions
Transaction Ledger
City of Dublin -Account #10198
Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp
Yield Amount Interest
Pur/Sold Total Amount Gain/Loss
ACQUISITIONS
Purchase 10/30/2018 58933YAF2 740,000.00 Merck & Co Note
2.8% Due: 05/18/2023
97.432 3.41%720,996.80 9,324.00 730,320.80 0.00
Purchase 10/31/2018 313383YJ4 1,500,000.00 FHLB Note
3.375% Due: 09/08/2023
101.331 3.08%1,519,965.00 7,453.13 1,527,418.13 0.00
Purchase 11/13/2018 166764AH3 1,000,000.00 Chevron Corp Callable Note Cont 3/24/2023
3.191% Due: 06/24/2023
98.317 3.59%983,170.00 12,320.81 995,490.81 0.00
Purchase 11/30/2018 313383YJ4 1,250,000.00 FHLB Note
3.375% Due: 09/08/2023
101.617 3.01%1,270,212.50 9,609.38 1,279,821.88 0.00
Purchase 12/19/2018 02665WCJ8 700,000.00 American Honda Finance Note
3.45% Due: 07/14/2023
99.542 3.56%696,794.00 10,263.75 707,057.75 0.00
Purchase 12/19/2018 084670BR8 865,000.00 Berkshire Hathaway Callable Note Cont 1/15/2023
2.75% Due: 03/15/2023
97.355 3.42%842,120.75 6,211.18 848,331.93 0.00
Purchase 12/24/2018 459052AP1 3,500,000.00 IBRD Discount Note
2.44% Due: 01/14/2019
99.858 2.48%3,495,018.33 0.00 3,495,018.33 0.00
Purchase 12/24/2018 46625HRL6 500,000.00 JP Morgan Chase Callable Note Cont 3/18/2023
2.7% Due: 05/18/2023
95.811 3.74%479,055.00 1,350.00 480,405.00 0.00
Purchase 12/31/2018 3130A0F70 3,000,000.00 FHLB Note
3.375% Due: 12/08/2023
102.983 2.72%3,089,490.00 6,468.75 3,095,958.75 0.00
Purchase 12/31/2018 912796UK3 6,000,000.00 US Treasury Bill
2.25% Due: 01/22/2019
99.863 2.28%5,991,750.00 0.00 5,991,750.00 0.00
Purchase 12/31/2018 912828P87 3,000,000.00 US Treasury Note
1.125% Due: 02/28/2021
97.039 2.54%2,911,171.88 11,374.31 2,922,546.19 0.00
Subtotal 22,055,000.00 21,999,744.26 74,375.31 22,074,119.57 0.00
TOTAL ACQUISITIONS 22,055,000.00 21,999,744.26 74,375.31 22,074,119.57 0.00
September 30, 2018 through December 31, 2018
As of December 31, 2018
37
Transaction Ledger
City of Dublin -Account #10198
Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp
Yield Amount Interest
Pur/Sold Total Amount Gain/Loss
DISPOSITIONS
Sale 11/09/2018 3135G0G72 1,000,000.00 FNMA Note
1.125% Due: 12/14/2018
99.886 2.29%998,860.00 4,531.25 1,003,391.25 -908.27
Subtotal 1,000,000.00 998,860.00 4,531.25 1,003,391.25 -908.27
TOTAL DISPOSITIONS 1,000,000.00 998,860.00 4,531.25 1,003,391.25 -908.27
September 30, 2018 through December 31, 2018
As of December 31, 2018
38
Transaction Ledger
City of Dublin Reporting Account -Account #10219
Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp
Yield Amount Interest
Pur/Sold Total Amount Gain/Loss
ACQUISITIONS
Purchase 10/15/2018 90LAIF$00 221,380.82 Local Agency Investment Fund State Pool 1.000 2.09%221,380.82 0.00 221,380.82 0.00
Purchase 10/31/2018 90CAMP$00 99,602.68 California Asset Mgmt Program CAMP 1.000 2.30%99,602.68 0.00 99,602.68 0.00
Purchase 11/30/2018 90CAMP$00 89,391.75 California Asset Mgmt Program CAMP 1.000 2.37%89,391.75 0.00 89,391.75 0.00
Purchase 12/31/2018 90CAMP$00 94,814.65 California Asset Mgmt Program CAMP 1.000 2.55%94,814.65 0.00 94,814.65 0.00
Subtotal 505,189.90 505,189.90 0.00 505,189.90 0.00
Security
Contribution
10/01/2018 90LAIF$00 1,800,000.00 Local Agency Investment Fund State Pool 1.000 1,800,000.00 0.00 1,800,000.00 0.00
Security
Contribution
10/12/2018 90LAIF$00 2,700,000.00 Local Agency Investment Fund State Pool 1.000 2,700,000.00 0.00 2,700,000.00 0.00
Security
Contribution
10/29/2018 90LAIF$00 2,700,000.00 Local Agency Investment Fund State Pool 1.000 2,700,000.00 0.00 2,700,000.00 0.00
Security
Contribution
12/04/2018 90CAMP$00 3,000,000.00 California Asset Mgmt Program CAMP 1.000 3,000,000.00 0.00 3,000,000.00 0.00
Subtotal 10,200,000.00 10,200,000.00 0.00 10,200,000.00 0.00
TOTAL ACQUISITIONS 10,705,189.90 10,705,189.90 0.00 10,705,189.90 0.00
DISPOSITIONS
Security
Withdrawal
10/05/2018 90CAMP$00 1,500,000.00 California Asset Mgmt Program CAMP 1.000 1,500,000.00 0.00 1,500,000.00 0.00
Security
Withdrawal
11/05/2018 90CAMP$00 800,000.00 California Asset Mgmt Program CAMP 1.000 800,000.00 0.00 800,000.00 0.00
September 30, 2018 through December 31, 2018
As of December 31, 2018
39
Transaction Ledger
City of Dublin Reporting Account -Account #10219
Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp
Yield Amount Interest
Pur/Sold Total Amount Gain/Loss
Security
Withdrawal
11/09/2018 90CAMP$00 5,000,000.00 California Asset Mgmt Program CAMP 1.000 5,000,000.00 0.00 5,000,000.00 0.00
Security
Withdrawal
11/16/2018 90CAMP$00 2,000,000.00 California Asset Mgmt Program CAMP 1.000 2,000,000.00 0.00 2,000,000.00 0.00
Security
Withdrawal
12/20/2018 90CAMP$00 3,000,000.00 California Asset Mgmt Program CAMP 1.000 3,000,000.00 0.00 3,000,000.00 0.00
Subtotal 12,300,000.00 12,300,000.00 0.00 12,300,000.00 0.00
TOTAL DISPOSITIONS 12,300,000.00 12,300,000.00 0.00 12,300,000.00 0.00
September 30, 2018 through December 31, 2018
As of December 31, 2018
40
Important Disclosures
2018 Chandler Asset Management,Inc, An Independent Registered Investment Adviser.
Information contained herein is confidential.Prices are provided by IDC,an independent pricing source.In the event IDC does not provide a price or if the price provided is not reflective of fair market
value,Chandler will obtain pricing from an alternative approved third party pricing source in accordance with our written valuation policy and procedures.Our valuation procedures are also disclosed in
Item 5 of our Form ADV Part 2A.
Performance results are presented gross-of-advisory fees and represent the client’s Total Return.The deduction of advisory fees lowers performance results.These results include the reinvestment of
dividends and other earnings.Past performance may not be indicative of future results.Therefore,clients should not assume that future performance of any specific investment or investment strategy
will be profitable or equal to past performance levels.All investment strategies have the potential for profit or loss.Economic factors,market conditions or changes in investment strategies,
contributions or withdrawals may materially alter the performance and results of your portfolio.
Index returns assume reinvestment of all distributions.Historical performance results for investment indexes generally do not reflect the deduction of transaction and/or custodial charges or the
deduction of an investment management fee,the incurrence of which would have the effect of decreasing historical performance results.It is not possible to invest directly in an index.
Source ice Data Indices,LLC ("ICE"),used with permission. ICE permits use of the ICE indices and related data on an "as is"basis; ICE,its affiliates and their respective third party suppliers disclaim any and
all warranties and representations, express and/or implied,including any warranties of merchantability or fitness for a particular purpose or use,including the indices,index data and any data included
in,related to,or derived therefrom.Neither ICE data,its affiliates or their respective third party providers guarantee the quality,adequacy,accuracy,timeliness or completeness of the indices or the
index data or any component thereof,and the indices and index data and all components thereof are provided on an "as is"basis and licensee's use it at licensee's own risk. ICE data,its affiliates and their
respective third party do not sponsor,endorse,or recommend chandler asset management,or any of its products or services.
This report is provided for informational purposes only and should not be construed as a specific investment or legal advice.The information contained herein was obtained from sources believed to be
reliable as of the date of publication,but may become outdated or superseded at any time without notice.Any opinions or views expressed are based on current market conditions and are subject to
change.This report may contain forecasts and forward-looking statements which are inherently limited and should not be relied upon as indicator of future results.Past performance is not indicative of
future results.This report is not intended to constitute an offer,solicitation,recommendation or advice regarding any securities or investment strategy and should not be regarded by recipients as a
substitute for the exercise of their own judgment.
Fixed income investments are subject to interest, credit and market risk.Interest rate risk:the value of fixed income investments will decline as interest rates rise.Credit risk:the possibility that the
borrower may not be able to repay interest and principal.Low rated bonds generally have to pay higher interest rates to attract investors willing to take on greater risk.Market risk:the bond market in
general could decline due to economic conditions,especially during periods of rising interest rates.
Ratings information have been provided by Moody’s,S&P and Fitch through data feeds we believe to be reliable as of the date of this statement, however we cannot guarantee its accuracy.
Security level ratings for U.S.Agency issued mortgage-backed securities (“MBS”)reflect the issuer rating because the securities themselves are not rated.The issuing U.S.Agency guarantees the full and
timely payment of both principal and interest and carries a AA+/Aaa/AAA by S&P,Moody’s and Fitch respectively.
As of December 31, 2018
41
Benchmark Disclosures
City of Dublin Custom Index*
The ICE BAML 1-5 Year US Treasury &Agency Index tracks the performance of US dollar denominated US Treasury and nonsubordinated US agency debt issued in the US domestic market.Qualifying
securities must have an investment grade rating (based on an average of Moody’s,S&P and Fitch).Qualifying securities must have at least one year remaining term to final maturity and less than five
years remaining term to final maturity,at least 18 months to maturity at time of issuance,a fixed coupon schedule and a minimum amount outstanding of $1 billion for sovereigns and $250 million for
agencies.(Index:GVA0.Please visit www.mlindex.ml.com for more information)
The ICE BAML 1-3 Year US Treasury &Agency Index tracks the performance of US dollar denominated US Treasury and nonsubordinated US agency debt issued in the US domestic market.Qualifying
securities must have an investment grade rating (based on an average of Moody’s,S&P and Fitch).Qualifying securities must have at least one year remaining term to final maturity and less than three
years remaining term to final maturity,at least 18 months to maturity at time of issuance,a fixed coupon schedule and a minimum amount outstanding of $1 billion for sovereigns and $250 million for
agencies.(Index:G1A0.Please visit www.mlindex.ml.com for more information)
As of December 31, 2018
42
Transaction Ledger
As of October 31, 2018
City of Dublin Consolidated
Account #10221
Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp
Yield Amount Interest
Pur/Sold Total Amount Gain/Loss
ACQUISITIONS
Purchase 10/01/2018 31846V203 2,722.46 First American Govt Obligation Fund 1.000 1.67%2,722.46 0.00 2,722.46 0.00
Purchase 10/02/2018 31846V203 15,625.00 First American Govt Obligation Fund 1.000 1.67%15,625.00 0.00 15,625.00 0.00
Purchase 10/05/2018 31846V203 30,468.75 First American Govt Obligation Fund 1.000 1.67%30,468.75 0.00 30,468.75 0.00
Purchase 10/07/2018 31846V203 13,750.00 First American Govt Obligation Fund 1.000 1.67%13,750.00 0.00 13,750.00 0.00
Purchase 10/08/2018 31846V203 14,062.50 First American Govt Obligation Fund 1.000 1.67%14,062.50 0.00 14,062.50 0.00
Purchase 10/15/2018 31846V203 1,475.00 First American Govt Obligation Fund 1.000 1.67%1,475.00 0.00 1,475.00 0.00
Purchase 10/15/2018 31846V203 40,508.45 First American Govt Obligation Fund 1.000 1.67%40,508.45 0.00 40,508.45 0.00
Purchase 10/15/2018 31846V203 50,899.18 First American Govt Obligation Fund 1.000 1.67%50,899.18 0.00 50,899.18 0.00
Purchase 10/15/2018 31846V203 26,224.00 First American Govt Obligation Fund 1.000 1.67%26,224.00 0.00 26,224.00 0.00
Purchase 10/15/2018 31846V203 485.33 First American Govt Obligation Fund 1.000 1.67%485.33 0.00 485.33 0.00
Purchase 10/15/2018 31846V203 1,141.58 First American Govt Obligation Fund 1.000 1.67%1,141.58 0.00 1,141.58 0.00
Purchase 10/15/2018 31846V203 4,068.17 First American Govt Obligation Fund 1.000 1.67%4,068.17 0.00 4,068.17 0.00
Purchase 10/15/2018 31846V203 51,831.86 First American Govt Obligation Fund 1.000 1.67%51,831.86 0.00 51,831.86 0.00
Purchase 10/15/2018 31846V203 37,851.93 First American Govt Obligation Fund 1.000 1.67%37,851.93 0.00 37,851.93 0.00
Purchase 10/15/2018 31846V203 3,111.00 First American Govt Obligation Fund 1.000 1.67%3,111.00 0.00 3,111.00 0.00
Purchase 10/15/2018 31846V203 146,148.56 First American Govt Obligation Fund 1.000 1.67%146,148.56 0.00 146,148.56 0.00
Purchase 10/15/2018 90LAIF$00 221,380.82 Local Agency Investment Fund State
Pool
1.000 2.09%221,380.82 0.00 221,380.82 0.00
Purchase 10/18/2018 31846V203 35,529.70 First American Govt Obligation Fund 1.000 1.67%35,529.70 0.00 35,529.70 0.00
Purchase 10/18/2018 31846V203 1,530.08 First American Govt Obligation Fund 1.000 1.67%1,530.08 0.00 1,530.08 0.00
Purchase 10/22/2018 31846V203 20,187.50 First American Govt Obligation Fund 1.000 1.67%20,187.50 0.00 20,187.50 0.00
Purchase 10/22/2018 31846V203 3,343.33 First American Govt Obligation Fund 1.000 1.67%3,343.33 0.00 3,343.33 0.00
Purchase 10/30/2018 31846V203 36,365.00 First American Govt Obligation Fund 1.000 1.67%36,365.00 0.00 36,365.00 0.00
Purchase 10/30/2018 58933YAF2 740,000.00 Merck & Co Note
2.8% Due 5/18/2023
97.432 3.41%720,996.80 9,324.00 730,320.80 0.00
Purchase 10/31/2018 313383YJ4 1,500,000.00 FHLB Note
3.375% Due 9/8/2023
101.331 3.08%1,519,965.00 7,453.13 1,527,418.13 0.00
Purchase 10/31/2018 31846V203 55,781.25 First American Govt Obligation Fund 1.000 1.77%55,781.25 0.00 55,781.25 0.00
Execution Time: 11/9/2018 9:51:01 AMChandler Asset Management - CONFIDENTIAL Page 10
Transaction Ledger
As of October 31, 2018
City of Dublin Consolidated
Account #10221
Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp
Yield Amount Interest
Pur/Sold Total Amount Gain/Loss
ACQUISITIONS
Purchase 10/31/2018 90CAMP$00 99,602.68 California Asset Mgmt Program CAMP 1.000 2.30%99,602.68 0.00 99,602.68 0.00
Subtotal 3,154,094.13 3,155,055.93 16,777.13 3,171,833.06 0.00
Security
Contribution
10/01/2018 90LAIF$00 1,800,000.00 Local Agency Investment Fund State
Pool
1.000 1,800,000.00 0.00 1,800,000.00 0.00
Security
Contribution
10/12/2018 90LAIF$00 2,700,000.00 Local Agency Investment Fund State
Pool
1.000 2,700,000.00 0.00 2,700,000.00 0.00
Security
Contribution
10/29/2018 90LAIF$00 2,700,000.00 Local Agency Investment Fund State
Pool
1.000 2,700,000.00 0.00 2,700,000.00 0.00
Subtotal 7,200,000.00 7,200,000.00 0.00 7,200,000.00 0.00
TOTAL ACQUISITIONS 10,354,094.13 10,355,055.93 16,777.13 10,371,833.06 0.00
DISPOSITIONS
Sale 10/30/2018 31846V203 730,320.80 First American Govt Obligation Fund 1.000 1.67%730,320.80 0.00 730,320.80 0.00
Sale 10/31/2018 31846V203 1,527,418.13 First American Govt Obligation Fund 1.000 1.77%1,527,418.13 0.00 1,527,418.13 0.00
Subtotal 2,257,738.93 2,257,738.93 0.00 2,257,738.93 0.00
Paydown 10/15/2018 02582JHE3 0.00 American Express Credit 2017-3 A
1.77% Due 11/15/2022
100.000 0.00 1,475.00 1,475.00 0.00
Paydown 10/15/2018 43814QAC2 40,140.33 Honda Auto Receivables 2016-2 A3
1.39% Due 4/15/2020
100.000 40,140.33 368.12 40,508.45 0.00
Paydown 10/15/2018 47787XAB3 50,787.19 John Deere Owner Trust 2017-A A2
1.5% Due 10/15/2019
100.000 50,787.19 111.99 50,899.18 0.00
Paydown 10/15/2018 47788BAB0 25,949.00 John Deere Owner Trust 2017-B A2A
1.59% Due 4/15/2020
100.000 25,949.00 275.00 26,224.00 0.00
Paydown 10/15/2018 47788BAD6 0.00 John Deere Owner Trust 2017-B A3
1.82% Due 10/15/2021
100.000 0.00 485.33 485.33 0.00
Paydown 10/15/2018 47788CAC6 0.00 John Deere Owner Trust 2016-B A4
2.66% Due 4/18/2022
100.000 0.00 1,141.58 1,141.58 0.00
Execution Time: 11/9/2018 9:51:01 AMChandler Asset Management - CONFIDENTIAL Page 11
Transaction Ledger
As of October 31, 2018
City of Dublin Consolidated
Account #10221
Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp
Yield Amount Interest
Pur/Sold Total Amount Gain/Loss
DISPOSITIONS
Paydown 10/15/2018 47788EAC2 0.00 John Deere Owner Trust 2018-B A3
3.08% Due 11/15/2022
100.000 0.00 4,068.17 4,068.17 0.00
Paydown 10/15/2018 47788MAC4 51,409.54 John Deere Owner Trust 2016-A A3
1.36% Due 4/15/2020
100.000 51,409.54 422.32 51,831.86 0.00
Paydown 10/15/2018 654747AB0 37,659.35 Nissan Auto Receivables 2017-A A2A
1.47% Due 1/15/2020
100.000 37,659.35 192.58 37,851.93 0.00
Paydown 10/15/2018 65479GAD1 0.00 Nissan Auto Receivables Owner 2018-B
A3
3.06% Due 3/15/2023
100.000 0.00 3,111.00 3,111.00 0.00
Paydown 10/15/2018 89238BAB8 142,692.31 Toyota Auto Receivables Owner 2018-A
A2A
2.1% Due 10/15/2020
100.000 142,692.31 3,456.25 146,148.56 0.00
Paydown 10/18/2018 43814PAB6 35,214.80 Honda Auto Receivables Owner T 17-3
A2
1.57% Due 1/21/2020
100.000 35,214.80 314.90 35,529.70 0.00
Paydown 10/18/2018 43814UAG4 0.00 Honda Auto Receivables 2018-2 A3
3.01% Due 5/18/2022
100.000 0.00 1,530.08 1,530.08 0.00
Paydown 10/22/2018 43815HAC1 0.00 Honda Auto Receivables Owner 2018-3
A3
2.95% Due 8/22/2022
100.000 0.00 3,343.33 3,343.33 0.00
Subtotal 383,852.52 383,852.52 20,295.65 404,148.17 0.00
Security
Withdrawal
10/05/2018 90CAMP$00 1,500,000.00 California Asset Mgmt Program CAMP 1.000 1,500,000.00 0.00 1,500,000.00 0.00
Security
Withdrawal
10/25/2018 31846V203 104.17 First American Govt Obligation Fund 1.000 104.17 0.00 104.17 0.00
Subtotal 1,500,104.17 1,500,104.17 0.00 1,500,104.17 0.00
TOTAL DISPOSITIONS 4,141,695.62 4,141,695.62 20,295.65 4,161,991.27 0.00
OTHER TRANSACTIONS
Interest 10/02/2018 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
Execution Time: 11/9/2018 9:51:01 AMChandler Asset Management - CONFIDENTIAL Page 12
Transaction Ledger
As of October 31, 2018
City of Dublin Consolidated
Account #10221
Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp
Yield Amount Interest
Pur/Sold Total Amount Gain/Loss
OTHER TRANSACTIONS
Interest 10/05/2018 3135G0T45 3,250,000.00 FNMA Note
1.875% Due 4/5/2022
0.000 30,468.75 0.00 30,468.75 0.00
Interest 10/07/2018 3135G0Q89 2,000,000.00 FNMA Note
1.375% Due 10/7/2021
0.000 13,750.00 0.00 13,750.00 0.00
Interest 10/08/2018 68389XAX3 1,250,000.00 Oracle Corp Note
2.25% Due 10/8/2019
0.000 14,062.50 0.00 14,062.50 0.00
Interest 10/22/2018 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 10/30/2018 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 10/30/2018 912828WZ9 2,750,000.00 US Treasury Note
1.75% Due 4/30/2022
0.000 24,062.50 0.00 24,062.50 0.00
Interest 10/31/2018 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 10/31/2018 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 10/31/2018 912828M49 1,000,000.00 US Treasury Note
1.875% Due 10/31/2022
0.000 9,375.00 0.00 9,375.00 0.00
Subtotal 22,730,000.00 186,240.00 0.00 186,240.00 0.00
Dividend 10/01/2018 31846V203 2,477,480.99 First American Govt Obligation Fund 0.000 2,722.46 0.00 2,722.46 0.00
Dividend 10/15/2018 90LAIF$00 3,745,825,190.54 Local Agency Investment Fund State
Pool
0.000 221,380.82 0.00 221,380.82 0.00
Dividend 10/31/2018 90CAMP$00 51,399,184.97 California Asset Mgmt Program CAMP 0.000 99,602.68 0.00 99,602.68 0.00
Subtotal 3,799,701,856.50 323,705.96 0.00 323,705.96 0.00
TOTAL OTHER TRANSACTIONS 3,822,431,856.50 509,945.96 0.00 509,945.96 0.00
Execution Time: 11/9/2018 9:51:01 AMChandler Asset Management - CONFIDENTIAL Page 13
Transaction Ledger
As of November 30, 2018
City of Dublin Consolidated
Account #10221
Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp
Yield Amount Interest
Pur/Sold Total Amount Gain/Loss
ACQUISITIONS
Purchase 11/01/2018 31846V203 3,998.89 First American Govt Obligation Fund
Class Y
1.000 1.77%3,998.89 0.00 3,998.89 0.00
Purchase 11/03/2018 31846V203 23,000.00 First American Govt Obligation Fund
Class Y
1.000 1.77%23,000.00 0.00 23,000.00 0.00
Purchase 11/09/2018 31846V203 1,003,391.25 First American Govt Obligation Fund
Class Y
1.000 1.77%1,003,391.25 0.00 1,003,391.25 0.00
Purchase 11/11/2018 31846V203 16,950.00 First American Govt Obligation Fund
Class Y
1.000 1.77%16,950.00 0.00 16,950.00 0.00
Purchase 11/13/2018 166764AH3 1,000,000.00 Chevron Corp Callable Note Cont
3/24/2023
3.191% Due 6/24/2023
98.317 3.59%983,170.00 12,320.81 995,490.81 0.00
Purchase 11/13/2018 31846V203 11,809.03 First American Govt Obligation Fund
Class Y
1.000 1.77%11,809.03 0.00 11,809.03 0.00
Purchase 11/15/2018 31846V203 1,475.00 First American Govt Obligation Fund
Class Y
1.000 1.77%1,475.00 0.00 1,475.00 0.00
Purchase 11/15/2018 31846V203 40,056.70 First American Govt Obligation Fund
Class Y
1.000 1.77%40,056.70 0.00 40,056.70 0.00
Purchase 11/15/2018 31846V203 38,855.56 First American Govt Obligation Fund
Class Y
1.000 1.77%38,855.56 0.00 38,855.56 0.00
Purchase 11/15/2018 31846V203 36,285.84 First American Govt Obligation Fund
Class Y
1.000 1.77%36,285.84 0.00 36,285.84 0.00
Purchase 11/15/2018 31846V203 485.33 First American Govt Obligation Fund
Class Y
1.000 1.77%485.33 0.00 485.33 0.00
Purchase 11/15/2018 31846V203 1,141.58 First American Govt Obligation Fund
Class Y
1.000 1.77%1,141.58 0.00 1,141.58 0.00
Purchase 11/15/2018 31846V203 4,068.17 First American Govt Obligation Fund
Class Y
1.000 1.77%4,068.17 0.00 4,068.17 0.00
Purchase 11/15/2018 31846V203 69,936.60 First American Govt Obligation Fund
Class Y
1.000 1.77%69,936.60 0.00 69,936.60 0.00
Purchase 11/15/2018 31846V203 44,491.98 First American Govt Obligation Fund
Class Y
1.000 1.77%44,491.98 0.00 44,491.98 0.00
Purchase 11/15/2018 31846V203 3,111.00 First American Govt Obligation Fund
Class Y
1.000 1.77%3,111.00 0.00 3,111.00 0.00
Execution Time: 12/4/2018 11:45:46 AMChandler Asset Management - CONFIDENTIAL Page 10
Transaction Ledger
As of November 30, 2018
City of Dublin Consolidated
Account #10221
Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp
Yield Amount Interest
Pur/Sold Total Amount Gain/Loss
ACQUISITIONS
Purchase 11/15/2018 31846V203 166,467.90 First American Govt Obligation Fund
Class Y
1.000 1.77%166,467.90 0.00 166,467.90 0.00
Purchase 11/16/2018 31846V203 10,500.00 First American Govt Obligation Fund
Class Y
1.000 1.77%10,500.00 0.00 10,500.00 0.00
Purchase 11/17/2018 31846V203 22,500.00 First American Govt Obligation Fund
Class Y
1.000 1.77%22,500.00 0.00 22,500.00 0.00
Purchase 11/18/2018 31846V203 10,360.00 First American Govt Obligation Fund
Class Y
1.000 1.77%10,360.00 0.00 10,360.00 0.00
Purchase 11/19/2018 31846V203 17,550.00 First American Govt Obligation Fund
Class Y
1.000 1.77%17,550.00 0.00 17,550.00 0.00
Purchase 11/19/2018 31846V203 36,024.46 First American Govt Obligation Fund
Class Y
1.000 1.77%36,024.46 0.00 36,024.46 0.00
Purchase 11/19/2018 31846V203 1,530.08 First American Govt Obligation Fund
Class Y
1.000 1.77%1,530.08 0.00 1,530.08 0.00
Purchase 11/20/2018 31846V203 22,500.00 First American Govt Obligation Fund
Class Y
1.000 1.77%22,500.00 0.00 22,500.00 0.00
Purchase 11/21/2018 31846V203 3,343.33 First American Govt Obligation Fund
Class Y
1.000 1.77%3,343.33 0.00 3,343.33 0.00
Purchase 11/30/2018 313383YJ4 1,250,000.00 FHLB Note
3.375% Due 9/8/2023
101.617 3.01%1,270,212.50 9,609.38 1,279,821.88 0.00
Purchase 11/30/2018 31846V203 112,187.50 First American Govt Obligation Fund
Class Y
1.000 1.81%112,187.50 0.00 112,187.50 0.00
Purchase 11/30/2018 90CAMP$00 89,391.75 California Asset Mgmt Program CAMP 1.000 2.37%89,391.75 0.00 89,391.75 0.00
Subtotal 4,041,411.95 4,044,794.45 21,930.19 4,066,724.64 0.00
TOTAL ACQUISITIONS 4,041,411.95 4,044,794.45 21,930.19 4,066,724.64 0.00
Execution Time: 12/4/2018 11:45:46 AMChandler Asset Management - CONFIDENTIAL Page 11
Transaction Ledger
As of November 30, 2018
City of Dublin Consolidated
Account #10221
Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp
Yield Amount Interest
Pur/Sold Total Amount Gain/Loss
DISPOSITIONS
Sale 11/09/2018 3135G0G72 1,000,000.00 FNMA Note
1.125% Due 12/14/2018
99.886 2.29%998,860.00 4,531.25 1,003,391.25 -908.27
Sale 11/13/2018 31846V203 995,490.81 First American Govt Obligation Fund
Class Y
1.000 1.77%995,490.81 0.00 995,490.81 0.00
Sale 11/30/2018 31846V203 1,279,821.88 First American Govt Obligation Fund
Class Y
1.000 1.81%1,279,821.88 0.00 1,279,821.88 0.00
Subtotal 3,275,312.69 3,274,172.69 4,531.25 3,278,703.94 -908.27
Paydown 11/15/2018 02582JHE3 0.00 American Express Credit 2017-3 A
1.77% Due 11/15/2022
100.000 0.00 1,475.00 1,475.00 0.00
Paydown 11/15/2018 43814QAC2 39,735.08 Honda Auto Receivables 2016-2 A3
1.39% Due 4/15/2020
100.000 39,735.08 321.62 40,056.70 0.00
Paydown 11/15/2018 47787XAB3 38,807.05 John Deere Owner Trust 2017-A A2
1.5% Due 10/15/2019
100.000 38,807.05 48.51 38,855.56 0.00
Paydown 11/15/2018 47788BAB0 36,045.22 John Deere Owner Trust 2017-B A2A
1.59% Due 4/15/2020
100.000 36,045.22 240.62 36,285.84 0.00
Paydown 11/15/2018 47788BAD6 0.00 John Deere Owner Trust 2017-B A3
1.82% Due 10/15/2021
100.000 0.00 485.33 485.33 0.00
Paydown 11/15/2018 47788CAC6 0.00 John Deere Owner Trust 2016-B A4
2.66% Due 4/18/2022
100.000 0.00 1,141.58 1,141.58 0.00
Paydown 11/15/2018 47788EAC2 0.00 John Deere Owner Trust 2018-B A3
3.08% Due 11/15/2022
100.000 0.00 4,068.17 4,068.17 0.00
Paydown 11/15/2018 47788MAC4 69,572.54 John Deere Owner Trust 2016-A A3
1.36% Due 4/15/2020
100.000 69,572.54 364.06 69,936.60 0.00
Paydown 11/15/2018 654747AB0 44,345.54 Nissan Auto Receivables 2017-A A2A
1.47% Due 1/15/2020
100.000 44,345.54 146.44 44,491.98 0.00
Paydown 11/15/2018 65479GAD1 0.00 Nissan Auto Receivables Owner 2018-B
A3
3.06% Due 3/15/2023
100.000 0.00 3,111.00 3,111.00 0.00
Paydown 11/15/2018 89238BAB8 163,261.36 Toyota Auto Receivables Owner 2018-A
A2A
2.1% Due 10/15/2020
100.000 163,261.36 3,206.54 166,467.90 0.00
Execution Time: 12/4/2018 11:45:46 AMChandler Asset Management - CONFIDENTIAL Page 12
Transaction Ledger
As of November 30, 2018
City of Dublin Consolidated
Account #10221
Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp
Yield Amount Interest
Pur/Sold Total Amount Gain/Loss
DISPOSITIONS
Paydown 11/19/2018 43814PAB6 35,755.63 Honda Auto Receivables Owner T 17-3
A2
1.57% Due 1/21/2020
100.000 35,755.63 268.83 36,024.46 0.00
Paydown 11/19/2018 43814UAG4 0.00 Honda Auto Receivables 2018-2 A3
3.01% Due 5/18/2022
100.000 0.00 1,530.08 1,530.08 0.00
Paydown 11/21/2018 43815HAC1 0.00 Honda Auto Receivables Owner 2018-3
A3
2.95% Due 8/22/2022
100.000 0.00 3,343.33 3,343.33 0.00
Subtotal 427,522.42 427,522.42 19,751.11 447,273.53 0.00
Security
Withdrawal
11/05/2018 90CAMP$00 800,000.00 California Asset Mgmt Program CAMP 1.000 800,000.00 0.00 800,000.00 0.00
Security
Withdrawal
11/09/2018 90CAMP$00 5,000,000.00 California Asset Mgmt Program CAMP 1.000 5,000,000.00 0.00 5,000,000.00 0.00
Security
Withdrawal
11/16/2018 90CAMP$00 2,000,000.00 California Asset Mgmt Program CAMP 1.000 2,000,000.00 0.00 2,000,000.00 0.00
Security
Withdrawal
11/26/2018 31846V203 104.17 First American Govt Obligation Fund
Class Y
1.000 104.17 0.00 104.17 0.00
Subtotal 7,800,104.17 7,800,104.17 0.00 7,800,104.17 0.00
TOTAL DISPOSITIONS 11,502,939.28 11,501,799.28 24,282.36 11,526,081.64 -908.27
OTHER TRANSACTIONS
Interest 11/03/2018 00440EAT4 2,000,000.00 Chubb INA Holdings Inc Callable Note
Cont 10/3/2020
2.3% Due 11/3/2020
0.000 23,000.00 0.00 23,000.00 0.00
Interest 11/11/2018 369550BE7 1,130,000.00 General Dynamics Corp Note
3% Due 5/11/2021
0.000 16,950.00 0.00 16,950.00 0.00
Interest 11/13/2018 40428HPN6 1,000,000.00 HSBC USA Inc Note
2.375% Due 11/13/2019
0.000 11,809.03 0.00 11,809.03 0.00
Interest 11/16/2018 166764BG4 1,000,000.00 Chevron Corp Callable Note Cont
4/15/2021
2.1% Due 5/16/2021
0.000 10,500.00 0.00 10,500.00 0.00
Execution Time: 12/4/2018 11:45:46 AMChandler Asset Management - CONFIDENTIAL Page 13
Transaction Ledger
As of November 30, 2018
City of Dublin Consolidated
Account #10221
Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp
Yield Amount Interest
Pur/Sold Total Amount Gain/Loss
ACQUISITIONS
Purchase 11/01/2018 31846V203 3,998.89 First American Govt Obligation Fund
Class Y
1.000 1.77%3,998.89 0.00 3,998.89 0.00
Purchase 11/03/2018 31846V203 23,000.00 First American Govt Obligation Fund
Class Y
1.000 1.77%23,000.00 0.00 23,000.00 0.00
Purchase 11/09/2018 31846V203 1,003,391.25 First American Govt Obligation Fund
Class Y
1.000 1.77%1,003,391.25 0.00 1,003,391.25 0.00
Purchase 11/11/2018 31846V203 16,950.00 First American Govt Obligation Fund
Class Y
1.000 1.77%16,950.00 0.00 16,950.00 0.00
Purchase 11/13/2018 166764AH3 1,000,000.00 Chevron Corp Callable Note Cont
3/24/2023
3.191% Due 6/24/2023
98.317 3.59%983,170.00 12,320.81 995,490.81 0.00
Purchase 11/13/2018 31846V203 11,809.03 First American Govt Obligation Fund
Class Y
1.000 1.77%11,809.03 0.00 11,809.03 0.00
Purchase 11/15/2018 31846V203 1,475.00 First American Govt Obligation Fund
Class Y
1.000 1.77%1,475.00 0.00 1,475.00 0.00
Purchase 11/15/2018 31846V203 40,056.70 First American Govt Obligation Fund
Class Y
1.000 1.77%40,056.70 0.00 40,056.70 0.00
Purchase 11/15/2018 31846V203 38,855.56 First American Govt Obligation Fund
Class Y
1.000 1.77%38,855.56 0.00 38,855.56 0.00
Purchase 11/15/2018 31846V203 36,285.84 First American Govt Obligation Fund
Class Y
1.000 1.77%36,285.84 0.00 36,285.84 0.00
Purchase 11/15/2018 31846V203 485.33 First American Govt Obligation Fund
Class Y
1.000 1.77%485.33 0.00 485.33 0.00
Purchase 11/15/2018 31846V203 1,141.58 First American Govt Obligation Fund
Class Y
1.000 1.77%1,141.58 0.00 1,141.58 0.00
Purchase 11/15/2018 31846V203 4,068.17 First American Govt Obligation Fund
Class Y
1.000 1.77%4,068.17 0.00 4,068.17 0.00
Purchase 11/15/2018 31846V203 69,936.60 First American Govt Obligation Fund
Class Y
1.000 1.77%69,936.60 0.00 69,936.60 0.00
Purchase 11/15/2018 31846V203 44,491.98 First American Govt Obligation Fund
Class Y
1.000 1.77%44,491.98 0.00 44,491.98 0.00
Purchase 11/15/2018 31846V203 3,111.00 First American Govt Obligation Fund
Class Y
1.000 1.77%3,111.00 0.00 3,111.00 0.00
Execution Time: 12/4/2018 11:45:46 AMChandler Asset Management - CONFIDENTIAL Page 10
Transaction Ledger
As of November 30, 2018
City of Dublin Consolidated
Account #10221
Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp
Yield Amount Interest
Pur/Sold Total Amount Gain/Loss
ACQUISITIONS
Purchase 11/15/2018 31846V203 166,467.90 First American Govt Obligation Fund
Class Y
1.000 1.77%166,467.90 0.00 166,467.90 0.00
Purchase 11/16/2018 31846V203 10,500.00 First American Govt Obligation Fund
Class Y
1.000 1.77%10,500.00 0.00 10,500.00 0.00
Purchase 11/17/2018 31846V203 22,500.00 First American Govt Obligation Fund
Class Y
1.000 1.77%22,500.00 0.00 22,500.00 0.00
Purchase 11/18/2018 31846V203 10,360.00 First American Govt Obligation Fund
Class Y
1.000 1.77%10,360.00 0.00 10,360.00 0.00
Purchase 11/19/2018 31846V203 17,550.00 First American Govt Obligation Fund
Class Y
1.000 1.77%17,550.00 0.00 17,550.00 0.00
Purchase 11/19/2018 31846V203 36,024.46 First American Govt Obligation Fund
Class Y
1.000 1.77%36,024.46 0.00 36,024.46 0.00
Purchase 11/19/2018 31846V203 1,530.08 First American Govt Obligation Fund
Class Y
1.000 1.77%1,530.08 0.00 1,530.08 0.00
Purchase 11/20/2018 31846V203 22,500.00 First American Govt Obligation Fund
Class Y
1.000 1.77%22,500.00 0.00 22,500.00 0.00
Purchase 11/21/2018 31846V203 3,343.33 First American Govt Obligation Fund
Class Y
1.000 1.77%3,343.33 0.00 3,343.33 0.00
Purchase 11/30/2018 313383YJ4 1,250,000.00 FHLB Note
3.375% Due 9/8/2023
101.617 3.01%1,270,212.50 9,609.38 1,279,821.88 0.00
Purchase 11/30/2018 31846V203 112,187.50 First American Govt Obligation Fund
Class Y
1.000 1.81%112,187.50 0.00 112,187.50 0.00
Purchase 11/30/2018 90CAMP$00 89,391.75 California Asset Mgmt Program CAMP 1.000 2.37%89,391.75 0.00 89,391.75 0.00
Subtotal 4,041,411.95 4,044,794.45 21,930.19 4,066,724.64 0.00
TOTAL ACQUISITIONS 4,041,411.95 4,044,794.45 21,930.19 4,066,724.64 0.00
Execution Time: 12/4/2018 11:45:46 AMChandler Asset Management - CONFIDENTIAL Page 11
Transaction Ledger
As of December 31, 2018
City of Dublin Consolidated
Account #10221
Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp
Yield Amount Interest
Pur/Sold Total Amount Gain/Loss
ACQUISITIONS
Purchase 12/03/2018 31846V203 1,813.09 First American Govt Obligation Fund
Class Y
1.000 1.81%1,813.09 0.00 1,813.09 0.00
Purchase 12/08/2018 31846V203 38,675.00 First American Govt Obligation Fund
Class Y
1.000 1.81%38,675.00 0.00 38,675.00 0.00
Purchase 12/09/2018 31846V203 24,375.00 First American Govt Obligation Fund
Class Y
1.000 1.81%24,375.00 0.00 24,375.00 0.00
Purchase 12/11/2018 31846V203 28,125.00 First American Govt Obligation Fund
Class Y
1.000 1.81%28,125.00 0.00 28,125.00 0.00
Purchase 12/12/2018 31846V203 17,500.00 First American Govt Obligation Fund
Class Y
1.000 1.81%17,500.00 0.00 17,500.00 0.00
Purchase 12/17/2018 31846V203 1,475.00 First American Govt Obligation Fund
Class Y
1.000 1.81%1,475.00 0.00 1,475.00 0.00
Purchase 12/17/2018 31846V203 37,475.24 First American Govt Obligation Fund
Class Y
1.000 1.81%37,475.24 0.00 37,475.24 0.00
Purchase 12/17/2018 31846V203 21,203.67 First American Govt Obligation Fund
Class Y
1.000 1.81%21,203.67 0.00 21,203.67 0.00
Purchase 12/17/2018 31846V203 485.33 First American Govt Obligation Fund
Class Y
1.000 1.81%485.33 0.00 485.33 0.00
Purchase 12/17/2018 31846V203 1,141.58 First American Govt Obligation Fund
Class Y
1.000 1.81%1,141.58 0.00 1,141.58 0.00
Purchase 12/17/2018 31846V203 4,068.17 First American Govt Obligation Fund
Class Y
1.000 1.81%4,068.17 0.00 4,068.17 0.00
Purchase 12/17/2018 31846V203 48,657.04 First American Govt Obligation Fund
Class Y
1.000 1.81%48,657.04 0.00 48,657.04 0.00
Purchase 12/17/2018 31846V203 39,258.73 First American Govt Obligation Fund
Class Y
1.000 1.81%39,258.73 0.00 39,258.73 0.00
Purchase 12/17/2018 31846V203 3,111.00 First American Govt Obligation Fund
Class Y
1.000 1.81%3,111.00 0.00 3,111.00 0.00
Purchase 12/17/2018 31846V203 154,047.44 First American Govt Obligation Fund
Class Y
1.000 1.81%154,047.44 0.00 154,047.44 0.00
Purchase 12/18/2018 31846V203 34,088.52 First American Govt Obligation Fund
Class Y
1.000 1.81%34,088.52 0.00 34,088.52 0.00
Execution Time: 1/4/2019 10:49:37 AMChandler Asset Management - CONFIDENTIAL Page 10
Transaction Ledger
As of December 31, 2018
City of Dublin Consolidated
Account #10221
Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp
Yield Amount Interest
Pur/Sold Total Amount Gain/Loss
ACQUISITIONS
Purchase 12/18/2018 31846V203 1,530.08 First American Govt Obligation Fund
Class Y
1.000 1.81%1,530.08 0.00 1,530.08 0.00
Purchase 12/19/2018 02665WCJ8 700,000.00 American Honda Finance Note
3.45% Due 7/14/2023
99.542 3.56%696,794.00 10,263.75 707,057.75 0.00
Purchase 12/19/2018 084670BR8 865,000.00 Berkshire Hathaway Callable Note Cont
1/15/2023
2.75% Due 3/15/2023
97.355 3.42%842,120.75 6,211.18 848,331.93 0.00
Purchase 12/19/2018 31846V203 28,722.22 First American Govt Obligation Fund
Class Y
1.000 1.81%28,722.22 0.00 28,722.22 0.00
Purchase 12/21/2018 31846V203 3,343.33 First American Govt Obligation Fund
Class Y
1.000 1.81%3,343.33 0.00 3,343.33 0.00
Purchase 12/24/2018 31846V203 15,955.00 First American Govt Obligation Fund
Class Y
1.000 1.81%15,955.00 0.00 15,955.00 0.00
Purchase 12/24/2018 459052AP1 3,500,000.00 IBRD Discount Note
2.44% Due 1/14/2019
99.858 2.48%3,495,018.33 0.00 3,495,018.33 0.00
Purchase 12/24/2018 46625HRL6 500,000.00 JP Morgan Chase Callable Note Cont
3/18/2023
2.7% Due 5/18/2023
95.811 3.74%479,055.00 1,350.00 480,405.00 0.00
Purchase 12/26/2018 31846V203 23,329.67 First American Govt Obligation Fund
Class Y
1.000 1.81%23,329.67 0.00 23,329.67 0.00
Purchase 12/31/2018 3130A0F70 3,000,000.00 FHLB Note
3.375% Due 12/8/2023
102.983 2.72%3,089,490.00 6,468.75 3,095,958.75 0.00
Purchase 12/31/2018 31846V203 50,625.00 First American Govt Obligation Fund
Class Y
1.000 2.05%50,625.00 0.00 50,625.00 0.00
Purchase 12/31/2018 90CAMP$00 94,814.65 California Asset Mgmt Program CAMP 1.000 2.55%94,814.65 0.00 94,814.65 0.00
Purchase 12/31/2018 912796UK3 6,000,000.00 US Treasury Bill
2.25% Due 1/22/2019
99.863 2.28%5,991,750.00 0.00 5,991,750.00 0.00
Purchase 12/31/2018 912828P87 3,000,000.00 US Treasury Note
1.125% Due 2/28/2021
97.039 2.54%2,911,171.88 11,374.31 2,922,546.19 0.00
Subtotal 18,238,819.76 18,179,219.72 35,667.99 18,214,887.71 0.00
Security
Contribution
12/04/2018 90CAMP$00 3,000,000.00 California Asset Mgmt Program CAMP 1.000 3,000,000.00 0.00 3,000,000.00 0.00
Execution Time: 1/4/2019 10:49:37 AMChandler Asset Management - CONFIDENTIAL Page 11
Transaction Ledger
As of December 31, 2018
City of Dublin Consolidated
Account #10221
Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp
Yield Amount Interest
Pur/Sold Total Amount Gain/Loss
ACQUISITIONS
Security
Contribution
12/14/2018 31846V203 24,000,000.00 First American Govt Obligation Fund
Class Y
1.000 24,000,000.00 0.00 24,000,000.00 0.00
Subtotal 27,000,000.00 27,000,000.00 0.00 27,000,000.00 0.00
TOTAL ACQUISITIONS 45,238,819.76 45,179,219.72 35,667.99 45,214,887.71 0.00
DISPOSITIONS
Sale 12/19/2018 31846V203 1,555,389.68 First American Govt Obligation Fund
Class Y
1.000 1.81%1,555,389.68 0.00 1,555,389.68 0.00
Sale 12/24/2018 31846V203 480,405.00 First American Govt Obligation Fund
Class Y
1.000 1.81%480,405.00 0.00 480,405.00 0.00
Sale 12/24/2018 31846V203 3,495,018.33 First American Govt Obligation Fund
Class Y
1.000 1.81%3,495,018.33 0.00 3,495,018.33 0.00
Sale 12/31/2018 31846V203 2,922,546.19 First American Govt Obligation Fund
Class Y
1.000 2.05%2,922,546.19 0.00 2,922,546.19 0.00
Sale 12/31/2018 31846V203 9,087,708.75 First American Govt Obligation Fund
Class Y
1.000 2.05%9,087,708.75 0.00 9,087,708.75 0.00
Subtotal 17,541,067.95 17,541,067.95 0.00 17,541,067.95 0.00
Paydown 12/17/2018 02582JHE3 0.00 American Express Credit 2017-3 A
1.77% Due 11/15/2022
100.000 0.00 1,475.00 1,475.00 0.00
Paydown 12/17/2018 43814QAC2 37,199.64 Honda Auto Receivables 2016-2 A3
1.39% Due 4/15/2020
100.000 37,199.64 275.60 37,475.24 0.00
Paydown 12/17/2018 47788BAB0 21,010.81 John Deere Owner Trust 2017-B A2A
1.59% Due 4/15/2020
100.000 21,010.81 192.86 21,203.67 0.00
Paydown 12/17/2018 47788BAD6 0.00 John Deere Owner Trust 2017-B A3
1.82% Due 10/15/2021
100.000 0.00 485.33 485.33 0.00
Paydown 12/17/2018 47788CAC6 0.00 John Deere Owner Trust 2016-B A4
2.66% Due 4/18/2022
100.000 0.00 1,141.58 1,141.58 0.00
Execution Time: 1/4/2019 10:49:37 AMChandler Asset Management - CONFIDENTIAL Page 12
Transaction Ledger
As of December 31, 2018
City of Dublin Consolidated
Account #10221
Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp
Yield Amount Interest
Pur/Sold Total Amount Gain/Loss
DISPOSITIONS
Paydown 12/17/2018 47788EAC2 0.00 John Deere Owner Trust 2018-B A3
3.08% Due 11/15/2022
100.000 0.00 4,068.17 4,068.17 0.00
Paydown 12/17/2018 47788MAC4 48,371.83 John Deere Owner Trust 2016-A A3
1.36% Due 4/15/2020
100.000 48,371.83 285.21 48,657.04 0.00
Paydown 12/17/2018 654747AB0 39,166.61 Nissan Auto Receivables 2017-A A2A
1.47% Due 1/15/2020
100.000 39,166.61 92.12 39,258.73 0.00
Paydown 12/17/2018 65479GAD1 0.00 Nissan Auto Receivables Owner 2018-B
A3
3.06% Due 3/15/2023
100.000 0.00 3,111.00 3,111.00 0.00
Paydown 12/17/2018 89238BAB8 151,126.61 Toyota Auto Receivables Owner 2018-A
A2A
2.1% Due 10/15/2020
100.000 151,126.61 2,920.83 154,047.44 0.00
Paydown 12/18/2018 43814PAB6 33,866.47 Honda Auto Receivables Owner T 17-3
A2
1.57% Due 1/21/2020
100.000 33,866.47 222.05 34,088.52 0.00
Paydown 12/18/2018 43814UAG4 0.00 Honda Auto Receivables 2018-2 A3
3.01% Due 5/18/2022
100.000 0.00 1,530.08 1,530.08 0.00
Paydown 12/21/2018 43815HAC1 0.00 Honda Auto Receivables Owner 2018-3
A3
2.95% Due 8/22/2022
100.000 0.00 3,343.33 3,343.33 0.00
Subtotal 330,741.97 330,741.97 19,143.16 349,885.13 0.00
Security
Withdrawal
12/20/2018 90CAMP$00 3,000,000.00 California Asset Mgmt Program CAMP 1.000 3,000,000.00 0.00 3,000,000.00 0.00
Security
Withdrawal
12/24/2018 31846V203 104.17 First American Govt Obligation Fund
Class Y
1.000 104.17 0.00 104.17 0.00
Subtotal 3,000,104.17 3,000,104.17 0.00 3,000,104.17 0.00
TOTAL DISPOSITIONS 20,871,914.09 20,871,914.09 19,143.16 20,891,057.25 0.00
OTHER TRANSACTIONS
Interest 12/08/2018 69353RFL7 2,210,000.00 PNC Bank Callable Note Cont 5/9/2023
3.5% Due 6/8/2023
0.000 38,675.00 0.00 38,675.00 0.00
Execution Time: 1/4/2019 10:49:37 AMChandler Asset Management - CONFIDENTIAL Page 13
Transaction Ledger
As of December 31, 2018
City of Dublin Consolidated
Account #10221
Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp
Yield Amount Interest
Pur/Sold Total Amount Gain/Loss
OTHER TRANSACTIONS
Interest 12/09/2018 313383QR5 1,500,000.00 FHLB Note
3.25% Due 6/9/2023
0.000 24,375.00 0.00 24,375.00 0.00
Interest 12/11/2018 313379RB7 3,000,000.00 FHLB Note
1.875% Due 6/11/2021
0.000 28,125.00 0.00 28,125.00 0.00
Interest 12/12/2018 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 12/19/2018 3137EAEN5 2,000,000.00 FHLMC Note
2.75% Due 6/19/2023
0.000 28,722.22 0.00 28,722.22 0.00
Interest 12/24/2018 166764AH3 1,000,000.00 Chevron Corp Callable Note Cont
3/24/2023
3.191% Due 6/24/2023
0.000 15,955.00 0.00 15,955.00 0.00
Interest 12/26/2018 931142EK5 1,380,000.00 Wal-Mart Stores Callable Note Cont
5/26/2023
3.4% Due 6/26/2023
0.000 23,329.67 0.00 23,329.67 0.00
Interest 12/31/2018 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
Interest 12/31/2018 912828XW5 3,000,000.00 US Treasury Note
1.75% Due 6/30/2022
0.000 26,250.00 0.00 26,250.00 0.00
Subtotal 19,090,000.00 227,306.89 0.00 227,306.89 0.00
Dividend 12/03/2018 31846V203 239,351.86 First American Govt Obligation Fund
Class Y
0.000 1,813.09 0.00 1,813.09 0.00
Dividend 12/31/2018 90CAMP$00 43,788,179.40 California Asset Mgmt Program CAMP 0.000 94,814.65 0.00 94,814.65 0.00
Subtotal 44,027,531.26 96,627.74 0.00 96,627.74 0.00
TOTAL OTHER TRANSACTIONS 63,117,531.26 323,934.63 0.00 323,934.63 0.00
Execution Time: 1/4/2019 10:49:37 AMChandler Asset Management - CONFIDENTIAL Page 14