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HomeMy WebLinkAbout4.13 - 2788 Q4 Investment Report Page 1 of 5 STAFF REPORT CITY COUNCIL DATE: August 20, 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 June 30, 2019 Prepared by: Jay Baksa, Financial Analyst EXECUTIVE SUMMARY: The City Council will receive an informational report of the City’s investments thr ough the quarter ending June 30, 2019 including a monthly transaction ledger. The City’s investment portfolio for this period totaled $286,533,795 (book value) with an average market yield of 2.13%. As required by the Policy, the City Treasurer (Administrative Services Director) affirms that the City is able to meet its expenditure requirements for the next six months. STAFF RECOMMENDATION: Receive the report. FINANCIAL IMPACT: There is no financial impact resulting from this report. Investments are made in accordance with the City Investment Policy and State Law. Interest earned is apportioned between funds (i.e. General Fund, Gas Tax Fund, etc.) based upon their proportionate share of the total cash balance. Based on the financial needs of the City 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 $286,533,795 (book value) is comprised of $187,533,673 managed by Chandler Asset Management (Chandler), and $99,000,122 invested by the City in local government pools. The average marke t yield of the Chandler portfolio and the local pools was 2.13% and 2.43% respectively. The total investment portfolio balance fluctuates throughout the year due to normal cash flow needs and includes both discretionary and restricted funds. Page 2 of 5 Economic Update Highlights The following are some highlights from the Economic Update included in the attached Investment Report prepared by Chandler (Attachment 1). US domestic economic data remains consistent with a slow growth environment; the US labor market is strong, wages are growing modestly, and inflation remains contained. However, headwinds to the economy have increased. Ongoing global trade disputes, slowing global economic growth, an uncertain outlook for Brexit, and geopolitical tensions have made the outlook uncertain. The trajectory of economic growth is likely to hinge on the outcome of ongoing trade negotiations as well as policy action by the major global central banks. Chandler believes there is a high level of political pressure to make progress toward a trade agreement with China before the election cycle heats up this fall. The Federal Open Market Committee (FOMC) kept the target fed funds rate unchanged in June at a range of 2.25%-2.50% but did cut the target fed funds rate by 25 basis points the last week of July to a range of 2.00%-2.25%. Treasury yields declined further in June. At month-end, the 3-month T-bill yield was down 25 basis points to 2.09%, the 2-year Treasury yield was down 17 basis point to 1.76%, and the 10-year Treasury yield was down 12 basis points to 2.01%. An inversion of the yield curve in which the 10-year Treasury yield is lower than the 3-month T-bill yield is generally viewed as a powerful predictive signal of an upcoming recession. Although Chandlers’ six-month forecast does not call for a recession, they believe downside risks to the economy are building. Notably, sovereign 10 -year bond yields around the world were under pressure in June and the yields on both the 10 -year German Bund and 10-year Japanese Government Bond remained negative at month- end. City of Dublin Portfolio The City's portfolio managed by Chandler has maintained a healthy balance of investment types with minimal change from the prior quarter as shown below in Chart 1. Page 3 of 5 Chart 1: Investments by Type March 31, 2019 - June 30, 2019 The market value of the City's portfolio increased by $5.08 million from the March 31, 2019 quarter, due to the receipt of property tax payments, which is the City’s largest revenue source, partially offset by expenditures on two large-scale Capital Improvement Projects (Dublin Boulevard Widening and the Police Services Building). The City’s portfolio also increased $35.53 million from the same quarter the prior year due to the excess of revenues over expenditures in Fiscal Year 2019-20 and the timing of payments on capital improvement projects (see Table 1 below). Overall market yield-to- maturity (YTM) decreased from 2.46% to 2.13% as shown in Table 2 below, as rates have been in steady decreasing as discussed in the Economic Update Highlights. For detailed monthly transactions, see Attachment 2. Page 4 of 5 Table 1: Portfolio Values and Yield to Maturity Table 2: Quarterly Holdings (Market 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. Page 5 of 5 Table 3: Quarterly LAIF Yields, Recent Eight Years and 2 Quarters While the LAIF yield is currently at a high point, Chandler still advocates investing monies not needed for the next 18 months in a longer maturity strategy, as historically, over an investment cycle, the total return of a longer maturity investment strategy will be superior to a shorter maturity mandate. Accordingly, Staff will continue to look to the locally invested funds for short term needs while positioning the bulk of City funds for higher earnings over the long term. 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 June 30, 2019 2. Transaction Ledger - April - June 2019 CHANDLER ASSET MANAGEMENT, INC. | 800.317.4747 | www.chandlerasset.com INVESTMENT REPORT Period Ending June 30, 2019 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 June 30, 2019 1 SECTION |Section 1 |Economic Update 2 The Federal Open Market Committee (FOMC) kept the target fed funds rate unchanged in June at a range of 2.25%-2.50%.In the policy statement, the Fed noted that market-based measures of inflation have declined and uncertainties about the economic outlook have increased. With regard to future policy adjustments, the Fed removed the word “patient”from the policy statement, and indicated they are prepared to act as appropriate to incoming data in order to sustain the economic expansion. The Fed did not make any changes to their balance sheet normalization program, and the runoff remains on track to end in September. There was one dissenting vote amongst the FOMC members, James Bullard, who was in favor of lowering the fed funds rate by 25 basis points. Economic Update ▪ ▪ ▪ In ourview,US domesticeconomicdataremains consistent with aslow growth environment; the US labormarket is strong, wages are growing modestly, and inflation remains contained. However, headwinds to the economy have increased. Ongoing global trade disputes, slowing global economic growth,an uncertain outlook for Brexit, and geopolitical tensions have made the outlook uncertain. The trajectory of economic growth is likely to hinge on the outcome of ongoing trade negotiations as well as policy action by the majorglobal central banks.We believe there is ahigh level of political pressure to make progress toward atrade agreement with Chinabefore the election cycle heats up this fall.We also believe adovish collective stance by major global central banks should help to combat the headwinds to global economic growth. Treasury yields declined further in June.At month-end, the 3-month T-bill yield was down 25 basis points to 2.09%, the 2- yearTreasury yield was down 17 basis point to 1.76%, and the 10-year Treasury yield was down 12 basis points to 2.01%.An inversion of the yield curve in which the 10-yearTreasury yield is lowerthan the 3-month T-bill yield is generally viewed as a powerful predictive signal of an upcoming recession. Although our 6-month forecast does not call for a recession,we believe downside risks to the economy are building. Notably, sovereign 10-yearbond yields around the world were under pressure in June and the yields on both the 10-year German Bund and 10-year Japanese Government Bond remained negative at month-end. Source: Bloomberg 3 U.S. nonfarm payrolls rose by 224,000 in June, well above the consensus forecast of 165,000. April and May payrolls were revised down by a total of just 11,000.On a trailing 3-month basis payrolls increased an average of 171,000, more than enough to absorb new entrants into the labor market. The unemployment rate ticked up to 3.7%in June from 3.6%in May as the participation rate also increased to 62.9% from 62.8%. A broader measure of unemployment called the U-6, which includes those who are marginally attached to the labor force and employed part time for economic reasons, also edged up to 7.2%in June from 7.1%in May. Wages rose 0.2%in June (slightly below expectations), following and upwardly revised 0.3% increase in May. On a year-over-year basis, wages were up 3.1% in June, versus up 3.2% in May. 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% Unemployment Rate Underemployment Rate (U6) Unemployment Rate (U3)Rate (%)Employment 4 The Consumer Price Index (CPI) was up just 1.6% year-over-year in June, versus up 1.8% year-over-year in May. Core CPI (CPI less food and energy) was up 2.1% year-over-year in June, versus up 2.0% year-over-year in May. The Personal Consumption Expenditures (PCE) index was up 1.5% year-over-year in May, versus up 1.6% year-over-year in April. Core PCE, which is the Fed's primary inflation gauge, was up 1.6% year-over- year in May, unchanged from April, remaining below the Fed’s 2.0% inflation 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 Retail sales in June were stronger than expected,up 0.4%in the month versus expectations of 0.1%, following an increase of 0.4%in May. Excluding autos and gas, retail sales were even stronger in June, up 0.7% (outpacing expectations of 0.4%). On a year-over-year basis, total retail sales were up 3.4% year-over-year in June, versus 2.9% year-over-year in May. The Consumer Confidence Index declined to 121.5 in June from 131.3 in May, falling below expectations, largely driven by concerns regarding the escalation in trade and tariff tensions. Despite the sharp decline in confidence in June, the index remains strong relative to longer-term historical levels. 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 Leading Economic Index (LEI) declined 0.3%in June,on a month-over-month basis, following a 0.1% increase in May.It was the first monthly contraction since December 2018.On a year-over-year basis, the index was up just 1.6%in June (the slowest pace since December 2016)versus up 2.5%in May. The Conference Board believes that economicgrowth will remain slow in the second half of the year. The Chicago Fed National Activity Index (CFNAI) remained negative in June at -0.02versus -0.03 in May.On a3-month movingaverage basis, the index was little changed at -0.26 in June versus -0.27 in May. The CFNAI suggests that the economy is slowing but is not indicative of a recession. Negative values are generally consistent with below-average growth. Periods of economic contraction have historically been associated with values below -0.70 on a 3-month moving average basis. -0.4% -0.2% 0.0% 0.2% 0.4% 0.6% 0.8% 1.0% 1.2% Leading Economic Indicators (LEI)MOM ( %) Change-0.70 -0.50 -0.30 -0.10 0.10 0.30 0.50 0.70 Chicago Fed National Activity Index (CFNAI)3 Month AverageSource: The Conference Board Source: Federal Reserve Bank of Chicago Economic Activity 7 Housing starts were nearly in line with expectations in June, down 0.9%to a 1.253 million annualized rate. Multi-family starts fell 9.2%to an annualized rate of 406,000, while single-family starts rose 3.5%to an annualized rate of 847,000. Total housing starts were up 6.2% year-over- year in June, driven by growth in multi-family starts. According to the Case-Shiller20-City home price index, home prices were up just 2.5% year- over-year in April, versus up 2.6% in March. The year-over-year pace of growth is at a 7-year low. 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 1.5% 2.5% 3.5% 4.5% 5.5% 6.5% 7.5% S&P/Case -Shiller 20 City Composite Home Price Index YOY( %) ChangeHousing 8 The Institute for Supply Management (ISM) manufacturing index decreased to 51.7 in June from 52.1 in May. The June reading was slightly better than expected but still came in at the lowest level since October 2016.Nevertheless, a reading above 50.0 suggests the manufacturing sector is expanding. The Industrial Production index was up 1.3% year-over-year in June versus up 2.1% year-over-year in May.On amonth-over- month basis, production was flat, just below the consensus forecast of 0.1%. However, the manufacturing component of the index increased 0.4%in June, exceeding expectations of 0.2%, following a 0.2% increase in May. Capacity Utilization decreased to 77.9%in June from 78.1%in May, and 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 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% Industrial Production YOY( %) ChangeManufacturing 9 According to the third estimate, first quarterGDP grew at an annualized pace of 3.1%, unchanged from the second estimate and in line with the consensus. Despite the government shutdown and ongoing global trade disputes, GDP growth accelerated in the first quarter from 2.2%in the fourth quarter. Net exports and state and local government spending advanced in the first quarter, while consumer spending and business investment moderated. Residential investment contracted in the quarter. The consensus estimate for second quarter GDP growth is 1.8%. Overall, the consensus view calls for GDP growth of 2.5% this year versus 2.9% last year, which is consistent with moderate economic growth. Source: US Department of Commerce Source: US Department of Commerce 6/18 9/18 12/18 3/19 2.6% 2.4% 1.7% 0.6% -0.1% 2.5% 0.7% 1.1% 1.2% -2.0% -0.1% 0.9% 0.2% 0.2% 0.1% 0.0% 0.2% 0.2% -0.1% 0.5% 4.2% 3.4% 2.2% 3.1% 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 The shape of the Treasury yield curve has changed significantly on ayear-over-yearbasis.As of month-end in June, the 3-month T-bill yield was up nearly 18 basis points, the 2-Year Treasury yield was down 77 basis points, and the 10-Year Treasury yield was down nearly 86 basis points, year-over-year. The current shape of the yield curve implies thatmarket participants are pricing-in multiple rate cuts.We believe the decline in long-term Treasury yields reflects a high level of market participants'nervousness about the outlook for global economic growth and adecline in global inflation expectations. 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 Jun-19 Mar-19 Jun-18Yield (%)Bond Yields 11 Section 2|SECTION |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 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 June 30, 2019 13 Compliance As of June 30, 2019 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 6/30/2019 3/31/2019 Benchmark*Portfolio Portfolio Average Maturity (yrs)2.65 2.67 2.58 Average Modified Duration 2.53 2.42 2.34 Average Purchase Yield n/a 2.22%2.17% Average Market Yield 1.78%1.98%2.44% Average Quality**AAA AA/Aa1 AA/Aa1 Total Market Value 190,536,677 187,225,366 *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 June 30, 2019 15 City of Dublin Sector Distribution ABS 6.0% Agency 33.4% Commercial Paper 2.0% Foreign Corporate 2.1% Money Market Fund FI 0.2% Supranational 2.4% US Corporate 23.6% US Treasury 30.4% June 30, 2019 March 31, 2019 ABS 6.5% Agency 32.0% Commercial Paper 2.0% Foreign Corporate 2.0% Money Market Fund FI 0.2% Supranational 2.4% US Corporate 22.5% US Treasury 32.4% As of June 30, 2019 16 Issue Name Investment Type % Portfolio Government of United States US Treasury 30.43% Federal Home Loan Bank Agency 15.35% Federal National Mortgage Association Agency 12.83% Federal Home Loan Mortgage Corp Agency 5.22% MUFG Bank Ltd/NY Commercial Paper 1.99% Honda ABS ABS 1.91% John Deere ABS ABS 1.89% Honda Motor Corporation US Corporate 1.51% Bank of America Corp US Corporate 1.32% Inter-American Dev Bank Supranational 1.32% Apple Inc US Corporate 1.30% Toronto Dominion Holdings Foreign Corporate 1.26% Boeing Company US Corporate 1.24% JP Morgan Chase & Co US Corporate 1.22% PNC Financial Services Group US Corporate 1.22% Oracle Corp US Corporate 1.18% IBM Corp US Corporate 1.09% Charles Schwab Corp/The US Corporate 1.07% US Bancorp US Corporate 1.07% ChevronTexaco Corp US Corporate 1.07% Intl Bank Recon and Development Supranational 1.06% Bank of New York US Corporate 1.06% Chubb Corporation US Corporate 1.05% Qualcomm Inc US Corporate 1.05% Toyota ABS ABS 1.05% Berkshire Hathaway US Corporate 1.00% Microsoft US Corporate 0.97% Exxon Mobil Corp US Corporate 0.95% State Street Bank US Corporate 0.94% Deere & Company US Corporate 0.93% HSBC Holdings PLC Foreign Corporate 0.80% Wal-Mart Stores US Corporate 0.76% Nissan ABS ABS 0.65% General Dynamics Corp US Corporate 0.61% HSBC Holdings PLC US Corporate 0.53% American Express ABS ABS 0.52% Merck & Company US Corporate 0.40% First American Govt Oblig Fund Money Market Fund FI 0.17% TOTAL 100.00% Issuers City of Dublin –Account #10198 As of June 30, 2019 17 AAA AA A <A NR 06/30/19 4.5%72.5%18.0%0.0%5.0% 03/31/19 4.9%71.8%18.2%0.0%5.1% Source: S&P Ratings June 30, 2019 vs. March 31, 2019 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0% 80.0% AAA AA A <A NR 6/30/2019 3/31/2019 Quality Distribution City of Dublin As of June 30, 2019 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 June 30, 2019 0 -0.25 0.25 -0.50 0.50 - 1 1 - 2 2 - 3 3 - 4 4 - 5 5+ Portfolio 5.2% 2.5% 10.6% 23.5% 19.4% 23.9% 14.9% 0.0% Benchmark*0.3% 0.1% 1.8% 33.6% 27.8% 22.1% 14.3% 0.0% *ICE BAML 1-5 Yr US Treasury/Agency Index Duration Distribution City of Dublin As of June 30, 2019 19 0.00% 1.00% 2.00% 3.00% 4.00% 5.00% 6.00% 12 months 2 years 3 years 5 years 10 years Since Inception City of Dublin ICE BAML 1-5 Yr US Treasury/Agency 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 1.77%4.86%2.38%1.59%1.64%N/A 1.54% ICE BAML 1-5 Yr US Treasury/Agency Index 1.82%4.87%2.24%1.32%1.50%N/A 1.39% *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 June 30, 2019 20 Portfolio Characteristics City of Dublin Reporting Account 6/30/2019 Portfolio 3/31/2019 Portfolio Average Maturity (yrs)0.00 0.00 Modified Duration 0.00 0.00 Average Purchase Yield 2.43%2.52% Average Market Yield 2.43%2.52% Average Quality*AAA/NR AAA/NR Total Market Value 99,297,122 97,524,685 *Portfolio is S&P and Moody’s, respectively. As of June 30, 2019 21 City of Dublin Reporting Account Sector Distribution LAIF 49.4% Local Gov Investment Pool 50.6% June 30, 2019 March 31, 2019 LAIF 50.0% Local Gov Investment Pool 50.0% As of June 30, 2019 22 Issue Name Investment Type % Portfolio CAMP Local Gov Investment Pool 50.60% Local Agency Investment Fund LAIF 49.40% TOTAL 100.00% Issuers City of Dublin Reporting Account –Account #10219 As of June 30, 2019 23 SECTION |Section 3 |Consolidated Information 24 Portfolio Characteristics City of Dublin Consolidated 6/30/2019 3/31/2019 Portfolio Portfolio Average Maturity (yrs)1.76 1.70 Modified Duration 1.59 1.54 Average Purchase Yield 2.29%2.29% Average Market Yield 2.13%2.47% Average Quality*AA+/Aa1 AA+/Aa1 Total Market Value 289,833,799 284,750,051 * Portfolio is S&P and Moody’s respectively. As of June 30, 2019 25 City of Dublin Consolidated Sector Distribution ABS 4.0% Agency 22.0% Commercial Paper 1.3% Foreign Corporate 1.4% LAIF 16.9% Local Gov Investment Pool 17.3% Money Market Fund FI 0.1% Supranational 1.6% US Corporate 15.5% US Treasury 20.0% June 30, 2019 March 31, 2019 ABS 4.3% Agency 21.1% Commercial Paper 1.3% Foreign Corporate 1.3% LAIF 17.1% Local Gov Investment Pool 17.1% Money Market Fund FI 0.1% Supranational 1.6% US Corporate 14.8% US Treasury 21.3% As of June 30, 2019 26 SECTION |Section 4 |Portfolio Holdings 27 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 43814QAC2 Honda Auto Receivables 2016-2 A3 1.390% Due 04/15/2020 3,028.16 05/24/2016 1.09% 3,028.10 3,028.15 99.93 3.41% 3,026.15 1.87 0.00% (2.00) Aaa / NR AAA 0.79 0.03 89238BAB8 Toyota Auto Receivables Owner 2018-A A2A 2.100% Due 10/15/2020 658,655.63 01/23/2018 1.54% 658,588.31 658,623.47 99.93 2.49% 658,187.24 614.75 0.35% (436.23) Aaa / AAA NR 1.30 0.19 43814WAB1 HAROT 2019-1 A2 2.750% Due 09/20/2021 1,625,000.00 02/19/2019 2.77% 1,624,895.35 1,624,909.21 100.36 2.35% 1,630,863.00 1,613.72 0.86% 5,953.79 NR / AAA AAA 2.23 0.87 47788BAD6 John Deere Owner Trust 2017-B A3 1.820% Due 10/15/2021 259,367.81 07/11/2017 1.65% 259,348.83 259,357.56 99.74 2.27% 258,700.93 209.80 0.14% (656.63) Aaa / NR AAA 2.30 0.58 89239AAB9 Toyota Auto Receivables 2019-A A2A 2.830% Due 10/15/2021 1,335,000.00 02/05/2019 2.85% 1,334,878.78 1,334,895.94 100.43 2.26% 1,340,709.80 1,679.13 0.70% 5,813.86 Aaa / AAA NR 2.30 0.72 47789JAB2 John Deere Owner Trust 2019-A A2 2.850% Due 12/15/2021 1,205,000.00 03/05/2019 2.87% 1,204,945.05 1,204,951.05 100.59 2.20% 1,212,092.63 1,526.33 0.64% 7,141.58 Aaa / NR AAA 2.46 0.88 47788CAC6 John Deere Owner Trust 2016-B A4 2.660% Due 04/18/2022 515,000.00 02/21/2018 2.68% 514,962.97 514,974.94 100.46 2.21% 517,358.70 608.84 0.27% 2,383.76 Aaa / NR AAA 2.80 0.97 43814UAG4 Honda Auto Receivables 2018-2 A3 3.010% Due 05/18/2022 610,000.00 05/22/2018 2.25% 609,986.70 609,990.34 101.25 2.11% 617,594.50 663.04 0.32% 7,604.16 NR / AAA AAA 2.88 1.34 43815HAC1 Honda Auto Receivables Owner 2018-3 A3 2.950% Due 08/22/2022 1,360,000.00 08/21/2018 2.40% 1,359,813.41 1,359,852.78 101.25 2.10% 1,377,005.44 1,114.44 0.72% 17,152.66 Aaa / NR AAA 3.15 1.44 02582JHE3 American Express Credit 2017-3 A 1.770% Due 11/15/2022 1,000,000.00 06/28/2018 2.29% 980,625.00 985,069.14 99.66 2.22% 996,563.00 786.67 0.52% 11,493.86 NR / AAA AAA 3.38 0.77 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 1,584,905.89 101.35 2.13% 1,606,364.18 2,169.69 0.84% 21,458.29 Aaa / NR AAA 3.38 1.38 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 1,219,968.43 101.62 2.13% 1,239,728.60 1,659.20 0.65% 19,760.17 Aaa / AAA NR 3.71 1.70 TOTAL ABS 11,376,051.60 2.66% 11,355,912.83 11,360,526.90 2.21% 11,458,194.17 12,647.48 6.02% 97,667.27 Aaa / AAA Aaa 2.80 1.06 Agency 3135G0ZG1 FNMA Note 1.750% Due 09/12/2019 2,500,000.00 10/28/2014 1.68% 2,508,350.00 2,500,342.64 99.90 2.26% 2,497,425.00 13,246.53 1.32% (2,917.64) Aaa / AA+ AAA 0.20 0.20 3137EADM8 FHLMC Note 1.250% Due 10/02/2019 2,500,000.00 12/18/2015 1.64% 2,464,700.00 2,497,622.81 99.76 2.20% 2,493,937.50 7,725.69 1.31% (3,685.31) Aaa / AA+ AAA 0.26 0.25 3135G0A78 FNMA Note 1.625% Due 01/21/2020 2,000,000.00 04/07/2015 1.44% 2,016,580.00 2,001,933.86 99.74 2.09% 1,994,828.00 14,444.44 1.05% (7,105.86) Aaa / AA+ AAA 0.56 0.55 As of June 30, 2019 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 313383HU8 FHLB Note 1.750% Due 06/12/2020 2,000,000.00 10/08/2015 1.46% 2,026,040.00 2,005,290.33 99.75 2.02% 1,994,960.00 1,847.22 1.05% (10,330.33) Aaa / AA+ NR 0.95 0.94 3137EAEK1 FHLMC Note 1.875% Due 11/17/2020 2,400,000.00 11/28/2017 1.91% 2,397,336.00 2,398,758.93 99.97 1.90% 2,399,244.00 5,500.00 1.26% 485.07 Aaa / AA+ AAA 1.39 1.35 3135G0F73 FNMA Note 1.500% Due 11/30/2020 2,500,000.00 12/04/2015 1.87% 2,455,750.00 2,487,405.77 99.51 1.85% 2,487,737.50 3,229.17 1.31% 331.73 Aaa / AA+ AAA 1.42 1.39 3130A7CV5 FHLB Note 1.375% Due 02/18/2021 3,470,000.00 Various 1.45% 3,457,221.20 3,465,795.77 99.27 1.83% 3,444,523.26 17,627.12 1.82% (21,272.51) Aaa / AA+ AAA 1.64 1.60 3135G0J20 FNMA Note 1.375% Due 02/26/2021 5,000,000.00 Various 1.29% 5,018,675.00 5,006,735.25 99.23 1.85% 4,961,550.00 23,871.52 2.62% (45,185.25) Aaa / AA+ AAA 1.66 1.62 313379RB7 FHLB Note 1.875% Due 06/11/2021 3,000,000.00 08/30/2017 1.67% 3,022,620.00 3,011,654.22 100.03 1.86% 3,000,795.00 3,125.00 1.58% (10,859.22) Aaa / AA+ AAA 1.95 1.90 3130A8QS5 FHLB Note 1.125% Due 07/14/2021 2,500,000.00 07/25/2016 1.28% 2,481,475.00 2,492,402.09 98.75 1.75% 2,468,845.00 13,046.88 1.30% (23,557.09) Aaa / AA+ AAA 2.04 1.99 3137EAEC9 FHLMC Note 1.125% Due 08/12/2021 3,000,000.00 Various 1.33% 2,971,215.00 2,987,638.26 98.58 1.81% 2,957,352.00 13,031.26 1.56% (30,286.26) Aaa / AA+ AAA 2.12 2.07 3135G0Q89 FNMA Note 1.375% Due 10/07/2021 2,000,000.00 10/06/2016 1.45% 1,992,924.00 1,996,787.51 99.00 1.82% 1,980,098.00 6,416.67 1.04% (16,689.51) Aaa / AA+ AAA 2.27 2.22 3135G0S38 FNMA Note 2.000% Due 01/05/2022 2,500,000.00 01/30/2017 2.04% 2,495,475.00 2,497,689.74 100.52 1.79% 2,513,115.00 24,444.44 1.33% 15,425.26 Aaa / AA+ AAA 2.52 2.42 313378CR0 FHLB Note 2.250% Due 03/11/2022 2,000,000.00 06/19/2017 1.86% 2,035,280.00 2,020,124.94 101.23 1.78% 2,024,650.00 13,750.00 1.07% 4,525.06 Aaa / AA+ NR 2.70 2.59 3135G0T45 FNMA Note 1.875% Due 04/05/2022 3,250,000.00 05/05/2017 1.99% 3,232,125.00 3,239,940.95 100.18 1.81% 3,255,824.00 14,557.29 1.72% 15,883.05 Aaa / AA+ AAA 2.77 2.67 3135G0T94 FNMA Note 2.375% Due 01/19/2023 2,500,000.00 03/28/2018 2.70% 2,463,675.00 2,473,164.57 101.97 1.80% 2,549,137.50 26,718.75 1.35% 75,972.93 Aaa / AA+ AAA 3.56 3.36 313383QR5 FHLB Note 3.250% Due 06/09/2023 1,500,000.00 08/28/2018 2.87% 1,525,005.00 1,520,620.17 105.25 1.86% 1,578,772.50 2,979.17 0.83% 58,152.33 Aaa / AA+ NR 3.95 3.70 3137EAEN5 FHLMC Note 2.750% Due 06/19/2023 2,000,000.00 07/16/2018 2.88% 1,988,360.00 1,990,619.38 103.54 1.82% 2,070,790.00 1,833.33 1.09% 80,170.62 Aaa / AA+ AAA 3.97 3.75 313383YJ4 FHLB Note 3.375% Due 09/08/2023 5,000,000.00 Various 2.90% 5,102,615.00 5,091,497.41 106.35 1.79% 5,317,600.00 52,968.76 2.82% 226,102.59 Aaa / AA+ NR 4.19 3.88 3130A0F70 FHLB Note 3.375% Due 12/08/2023 5,000,000.00 Various 2.73% 5,147,870.00 5,133,443.17 106.39 1.87% 5,319,355.00 10,781.25 2.80% 185,911.83 Aaa / AA+ AAA 4.44 4.12 3135G0V34 FNMA Note 2.500% Due 02/05/2024 2,000,000.00 02/27/2019 2.58% 1,992,340.00 1,992,862.56 103.00 1.82% 2,060,098.00 19,861.11 1.09% 67,235.44 Aaa / AA+ AAA 4.61 4.30 As of June 30, 2019 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 3130A1XJ2 FHLB Note 2.875% Due 06/14/2024 3,795,000.00 Various 1.96% 3,958,639.85 3,957,473.08 104.71 1.87% 3,973,869.74 5,152.24 2.09% 16,396.66 Aaa / AA+ NR 4.96 4.61 TOTAL Agency 62,415,000.00 1.98% 62,754,271.05 62,769,803.41 1.88% 63,344,507.00 296,157.84 33.40% 574,703.59 Aaa / AA+ Aaa 2.62 2.49 Commercial Paper 62479MVK6 MUFG Bank Ltd/NY Discount CP 2.350% Due 08/19/2019 3,800,000.00 06/20/2019 2.39% 3,785,116.67 3,787,845.28 99.68 2.39% 3,787,845.28 0.00 1.99% 0.00 P-1 / A-1 NR 0.14 0.14 TOTAL Commercial Paper 3,800,000.00 2.39% 3,785,116.67 3,787,845.28 2.39% 3,787,845.28 0.00 1.99% 0.00 P-1 / A-1 NR 0.14 0.14 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 1,491,323.73 100.39 2.49% 1,505,824.50 19,433.33 0.80% 14,500.77 A2 / A AA- 2.52 2.39 89114QCB2 Toronto Dominion Bank Note 3.250% Due 03/11/2024 2,300,000.00 03/26/2019 2.95% 2,331,234.00 2,329,594.65 103.52 2.45% 2,380,989.90 22,840.28 1.26% 51,395.25 Aa3 / A AA- 4.70 4.31 TOTAL Foreign Corporate 3,800,000.00 2.93% 3,817,554.00 3,820,918.38 2.47% 3,886,814.40 42,273.61 2.06% 65,896.02 A1 / A AA- 3.85 3.56 Money Market Fund FI 31846V203 First American Govt Obligation Fund Class Y 317,900.01 Various 1.99% 317,900.01 317,900.01 1.00 1.99% 317,900.01 0.00 0.17% 0.00 Aaa / AAA AAA 0.00 0.00 TOTAL Money Market Fund FI 317,900.01 1.99% 317,900.01 317,900.01 1.99% 317,900.01 0.00 0.17% 0.00 Aaa / AAA Aaa 0.00 0.00 Supranational 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 1,994,125.76 100.53 1.79% 2,010,630.00 17,222.22 1.06% 16,504.24 Aaa / NR AAA 2.58 2.48 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 2,467,645.18 99.85 1.80% 2,496,305.00 13,003.47 1.32% 28,659.82 NR / NR AAA 3.21 3.09 TOTAL Supranational 4,500,000.00 2.15% 4,441,995.00 4,461,770.94 1.79% 4,506,935.00 30,225.69 2.38% 45,164.06 Aaa / NR Aaa 2.93 2.81 US Corporate 02665WAH4 American Honda Finance Note 2.250% Due 08/15/2019 1,800,000.00 Various 2.08% 1,812,627.00 1,800,365.91 99.93 2.78% 1,798,749.00 15,300.00 0.95% (1,616.91) A2 / A NR 0.13 0.12 As of June 30, 2019 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 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% 764,722.50 750,385.21 100.00 2.27% 750,020.25 5,270.83 0.40% (364.96) A1 / A AA- 0.20 0.11 68389XAX3 Oracle Corp Note 2.250% Due 10/08/2019 1,250,000.00 Various 1.73% 1,272,172.50 1,251,701.19 100.01 2.21% 1,250,086.25 6,484.38 0.66% (1,614.94) A1 / AA- A 0.27 0.27 40428HPN6 HSBC USA Inc Note 2.375% Due 11/13/2019 1,000,000.00 11/07/2014 2.32% 1,002,440.00 1,000,180.39 99.97 2.44% 999,725.00 3,166.67 0.53% (455.39) A2 / A AA- 0.37 0.37 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 1,798,827.49 99.97 2.30% 1,799,449.20 17,775.00 0.95% 621.71 A2 / A- AA- 0.57 0.55 747525AD5 Qualcomm Inc Note 2.250% Due 05/20/2020 2,000,000.00 Various 2.22% 2,001,128.80 2,000,507.67 99.97 2.29% 1,999,348.00 5,125.00 1.05% (1,159.67) A2 / A- NR 0.89 0.87 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 1,006,843.63 100.14 2.24% 1,001,390.00 11,017.36 0.53% (5,453.63) A2 / A A 1.04 1.01 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 2,001,234.22 100.04 2.26% 2,000,856.00 7,411.11 1.05% (378.22) A3 / A A 1.35 1.23 24422ETF6 John Deere Capital Corp Note 2.550% Due 01/08/2021 750,000.00 Various 2.42% 753,733.15 751,406.37 100.59 2.15% 754,446.00 9,190.62 0.40% 3,039.63 A2 / A A 1.53 1.47 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 1,804,558.40 100.28 2.05% 1,804,987.80 13,332.00 0.95% 429.40 Aaa / AA+ NR 1.67 1.62 369550BE7 General Dynamics Corp Note 3.000% Due 05/11/2021 1,130,000.00 05/08/2018 3.24% 1,122,146.50 1,125,127.39 101.62 2.11% 1,148,296.96 4,708.33 0.61% 23,169.57 A2 / A+ NR 1.87 1.80 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 1,000,087.82 100.09 2.05% 1,000,876.00 2,625.00 0.53% 788.18 Aa2 / AA NR 1.88 1.75 857477AV5 State Street Bank Note 1.950% Due 05/19/2021 1,800,000.00 Various 1.91% 1,802,989.00 1,801,255.20 99.74 2.09% 1,795,309.20 4,095.01 0.94% (5,946.00) A1 / A AA- 1.89 1.84 594918BP8 Microsoft Callable Note Cont 7/8/2021 1.550% Due 08/08/2021 1,850,000.00 Various 1.59% 1,846,471.85 1,848,494.19 99.15 1.96% 1,834,249.10 11,390.35 0.97% (14,245.09) Aaa / AAA AA+ 2.11 2.05 68389XBK0 Oracle Corp Callable Note Cont 8/01/21 1.900% Due 09/15/2021 1,000,000.00 06/28/2018 3.08% 964,080.00 975,308.82 99.49 2.14% 994,938.00 5,594.44 0.53% 19,629.18 A1 / AA- A 2.21 2.14 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 2,012,614.64 101.07 2.18% 2,021,380.00 22,895.83 1.07% 8,765.36 A1 / A+ AA- 2.57 2.37 808513AT2 Charles Schwab Corp Callable Note Cont 12/25/2022 2.650% Due 01/25/2023 2,000,000.00 05/21/2019 2.74% 1,993,920.00 1,994,096.56 101.24 2.28% 2,024,878.00 22,966.67 1.07% 30,781.44 A2 / A A 3.58 3.28 44932HAH6 IBM Credit Corp Note 3.000% Due 02/06/2023 2,000,000.00 02/26/2018 3.09% 1,991,340.00 1,993,682.62 102.31 2.33% 2,046,154.00 24,166.67 1.09% 52,471.38 A1 / A A 3.61 3.36 As of June 30, 2019 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 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 1,827,096.36 101.62 2.27% 1,895,130.94 15,101.32 1.00% 68,034.58 Aa2 / AA A+ 3.71 3.34 58933YAF2 Merck & Co Note 2.800% Due 05/18/2023 740,000.00 10/26/2018 3.41% 720,996.80 723,788.36 102.41 2.15% 757,816.24 2,474.89 0.40% 34,027.88 A1 / AA A+ 3.88 3.66 46625HRL6 JP Morgan Chase Callable Note Cont 3/18/2023 2.700% Due 05/18/2023 500,000.00 12/20/2018 3.74% 479,055.00 481,519.88 101.03 2.41% 505,126.00 1,612.50 0.27% 23,606.12 A2 / A- AA- 3.88 3.51 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 2,207,598.36 104.55 2.26% 2,310,561.63 4,941.80 1.22% 102,963.27 A2 / A NR 3.94 3.60 097023BQ7 Boeing Co Callable Note Cont 4/15/2023 1.875% Due 06/15/2023 2,400,000.00 02/13/2019 2.98% 2,293,368.00 2,302,540.65 98.16 2.36% 2,355,876.00 2,000.00 1.24% 53,335.35 A2 / A A 3.96 3.78 166764AH3 Chevron Corp Callable Note Cont 3/24/2023 3.191% Due 06/24/2023 1,000,000.00 11/08/2018 3.59% 983,170.00 985,468.63 103.79 2.13% 1,037,875.00 620.47 0.55% 52,406.37 Aa2 / AA NR 3.99 3.51 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 1,379,713.83 105.10 2.03% 1,450,418.64 651.66 0.76% 70,704.81 Aa2 / AA AA 3.99 3.66 02665WCJ8 American Honda Finance Note 3.450% Due 07/14/2023 1,000,000.00 Various 3.54% 996,275.00 996,747.47 104.30 2.33% 1,042,965.00 16,004.17 0.56% 46,217.53 A2 / A NR 4.04 3.71 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 1,201,524.42 104.28 2.35% 1,251,339.60 16,100.00 0.67% 49,815.18 A1 / A AA- 4.12 3.78 06051GHF9 Bank of America Corp Callable Note 1X 3/5/2023 3.550% Due 03/05/2024 2,400,000.00 Various 3.15% 2,434,650.00 2,432,569.05 103.67 2.50% 2,488,029.60 27,453.33 1.32% 55,460.55 A2 / A- A+ 4.68 3.41 037833CU2 Apple Inc Callable Note Cont 3/11/2024 2.850% Due 05/11/2024 2,400,000.00 05/17/2019 2.72% 2,414,208.00 2,413,876.26 103.01 2.17% 2,472,273.60 9,500.00 1.30% 58,397.34 Aa1 / AA+ NR 4.87 4.37 TOTAL US Corporate 44,025,000.00 2.67% 43,911,736.45 43,869,120.99 2.25% 44,592,551.01 288,975.41 23.56% 723,430.02 A1 / A+ A+ 2.66 2.41 US Treasury 912828H52 US Treasury Note 1.250% Due 01/31/2020 3,500,000.00 Various 1.53% 3,453,755.22 3,494,488.77 99.51 2.10% 3,482,773.01 18,249.30 1.84% (11,715.76) Aaa / AA+ AAA 0.59 0.58 912828XE5 US Treasury Note 1.500% Due 05/31/2020 3,000,000.00 Various 1.67% 2,976,025.68 2,995,523.89 99.54 2.01% 2,986,173.00 3,811.47 1.57% (9,350.89) Aaa / AA+ AAA 0.92 0.91 912828XM7 US Treasury Note 1.625% Due 07/31/2020 1,500,000.00 09/08/2015 1.52% 1,507,622.21 1,501,689.09 99.67 1.93% 1,495,020.00 10,167.47 0.79% (6,669.09) Aaa / AA+ AAA 1.09 1.06 912828L99 US Treasury Note 1.375% Due 10/31/2020 5,000,000.00 Various 1.69% 4,927,376.14 4,980,200.63 99.35 1.87% 4,967,580.00 11,582.88 2.61% (12,620.63) Aaa / AA+ AAA 1.34 1.31 912828N89 US Treasury Note 1.375% Due 01/31/2021 2,000,000.00 03/15/2016 1.49% 1,988,834.83 1,996,365.99 99.30 1.83% 1,985,938.00 11,470.99 1.05% (10,427.99) Aaa / AA+ AAA 1.59 1.55 As of June 30, 2019 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 912828P87 US Treasury Note 1.125% Due 02/28/2021 3,000,000.00 12/28/2018 2.54% 2,911,171.88 2,931,636.08 98.87 1.81% 2,966,133.00 11,280.57 1.56% 34,496.92 Aaa / AA+ AAA 1.67 1.64 912828T34 US Treasury Note 1.125% Due 09/30/2021 1,500,000.00 Various 1.66% 1,463,144.24 1,482,851.44 98.68 1.73% 1,480,195.50 4,241.80 0.78% (2,655.94) Aaa / AA+ AAA 2.25 2.20 912828U65 US Treasury Note 1.750% Due 11/30/2021 2,500,000.00 12/28/2016 2.06% 2,464,461.50 2,482,537.29 100.03 1.74% 2,500,780.00 3,705.60 1.31% 18,242.71 Aaa / AA+ AAA 2.42 2.35 912828V72 US Treasury Note 1.875% Due 01/31/2022 1,500,000.00 02/27/2017 1.84% 1,502,407.37 1,501,265.28 100.35 1.74% 1,505,274.00 11,731.70 0.80% 4,008.72 Aaa / AA+ AAA 2.59 2.50 912828J76 US Treasury Note 1.750% Due 03/31/2022 3,000,000.00 04/25/2017 1.85% 2,985,830.37 2,992,096.50 100.06 1.73% 3,001,875.00 13,196.72 1.58% 9,778.50 Aaa / AA+ AAA 2.75 2.66 912828WZ9 US Treasury Note 1.750% Due 04/30/2022 2,750,000.00 05/23/2017 1.84% 2,738,944.75 2,743,656.42 100.09 1.72% 2,752,362.25 8,152.32 1.45% 8,705.83 Aaa / AA+ AAA 2.84 2.75 912828XR6 US Treasury Note 1.750% Due 05/31/2022 1,500,000.00 06/28/2017 1.81% 1,496,020.65 1,497,641.62 100.07 1.73% 1,500,996.00 2,223.36 0.79% 3,354.38 Aaa / AA+ AAA 2.92 2.83 912828XW5 US Treasury Note 1.750% Due 06/30/2022 3,000,000.00 07/25/2017 1.86% 2,984,072.55 2,990,310.80 100.13 1.71% 3,003,750.00 142.66 1.58% 13,439.20 Aaa / AA+ AAA 3.00 2.91 912828L24 US Treasury Note 1.875% Due 08/31/2022 2,000,000.00 09/27/2017 1.92% 1,995,944.20 1,997,390.12 100.45 1.73% 2,008,984.00 12,533.97 1.06% 11,593.88 Aaa / AA+ AAA 3.17 3.05 912828L57 US Treasury Note 1.750% Due 09/30/2022 3,750,000.00 Various 2.02% 3,702,841.80 3,718,699.70 100.07 1.73% 3,752,636.25 16,495.90 1.98% 33,936.55 Aaa / AA+ AAA 3.25 3.13 912828M49 US Treasury Note 1.875% Due 10/31/2022 1,000,000.00 01/30/2018 2.47% 973,359.38 981,287.04 100.48 1.72% 1,004,844.00 3,158.97 0.53% 23,556.96 Aaa / AA+ AAA 3.34 3.21 9128284D9 US Treasury Note 2.500% Due 03/31/2023 3,750,000.00 Various 2.75% 3,706,123.05 3,716,687.77 102.79 1.73% 3,854,591.25 23,565.58 2.04% 137,903.48 Aaa / AA+ AAA 3.75 3.55 912828R69 US Treasury Note 1.625% Due 05/31/2023 1,500,000.00 05/30/2018 2.67% 1,427,167.97 1,442,962.87 99.61 1.73% 1,494,082.50 2,064.55 0.79% 51,119.63 Aaa / AA+ AAA 3.92 3.77 912828U57 US Treasury Note 2.125% Due 11/30/2023 5,000,000.00 Various 2.53% 4,908,242.19 4,916,304.52 101.60 1.75% 5,079,885.00 8,999.32 2.67% 163,580.48 Aaa / AA+ AAA 4.42 4.20 912828V80 US Treasury Note 2.250% Due 01/31/2024 5,000,000.00 Various 2.32% 4,983,691.41 4,984,465.92 102.17 1.76% 5,108,400.00 46,926.80 2.71% 123,934.08 Aaa / AA+ AAA 4.59 4.31 912828WJ5 US Treasury Note 2.500% Due 05/15/2024 1,750,000.00 06/10/2019 1.91% 1,798,261.72 1,797,725.48 103.43 1.76% 1,810,088.00 5,587.64 0.95% 12,362.52 Aaa / AA+ AAA 4.88 4.57 TOTAL US Treasury 57,500,000.00 2.03% 56,895,299.11 57,145,787.22 1.79% 57,742,360.76 229,289.57 30.43% 596,573.54 Aaa / AA+ Aaa 2.79 2.67 TOTAL PORTFOLIO 187,733,951.61 2.23% 187,279,785.12 187,533,673.13 1.98% 189,637,107.63 899,569.60 100.00% 2,103,434.50 Aa1 / AA Aaa 2.67 2.42 TOTAL MARKET VALUE PLUS ACCRUALS 190,536,677.23 As of June 30, 2019 33 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 48,753,717.70 Various 2.41% 48,753,717.70 48,753,717.70 1.00 2.41% 48,753,717.70 297,000.14 49.40% 0.00 NR / NR NR 0.00 0.00 TOTAL LAIF 48,753,717.70 2.41% 48,753,717.70 48,753,717.70 2.41% 48,753,717.70 297,000.14 49.40% 0.00 NR / NR NR 0.00 0.00 Local Gov Investment Pool 90CAMP$00 California Asset Mgmt Program CAMP 50,246,403.91 Various 2.45% 50,246,403.91 50,246,403.91 1.00 2.45% 50,246,403.91 0.00 50.60% 0.00 NR / AAA NR 0.00 0.00 TOTAL Local Gov Investment Pool 50,246,403.91 2.45% 50,246,403.91 50,246,403.91 2.45% 50,246,403.91 0.00 50.60% 0.00 NR / AAA NR 0.00 0.00 TOTAL PORTFOLIO 99,000,121.61 2.43% 99,000,121.61 99,000,121.61 2.43% 99,000,121.61 297,000.14 100.00% 0.00 NR / AAA NR 0.00 0.00 TOTAL MARKET VALUE PLUS ACCRUALS 99,297,121.75 As of June 30, 2019 34 Transaction Ledger As of April 30, 2019 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 04/01/2019 31846V203 3,439.83 First American Govt Obligation Fund Class Y 1.000 2.05%3,439.83 0.00 3,439.83 0.00 Purchase 04/02/2019 31846V203 15,625.00 First American Govt Obligation Fund Class Y 1.000 2.05%15,625.00 0.00 15,625.00 0.00 Purchase 04/05/2019 31846V203 211,214.42 First American Govt Obligation Fund Class Y 1.000 2.05%211,214.42 0.00 211,214.42 0.00 Purchase 04/05/2019 31846V203 30,468.75 First American Govt Obligation Fund Class Y 1.000 2.05%30,468.75 0.00 30,468.75 0.00 Purchase 04/05/2019 912828V80 2,500,000.00 US Treasury Note 2.25% Due 1/31/2024 99.672 2.32%2,491,796.88 9,944.75 2,501,741.63 0.00 Purchase 04/07/2019 31846V203 13,750.00 First American Govt Obligation Fund Class Y 1.000 2.05%13,750.00 0.00 13,750.00 0.00 Purchase 04/08/2019 31846V203 14,062.50 First American Govt Obligation Fund Class Y 1.000 2.05%14,062.50 0.00 14,062.50 0.00 Purchase 04/12/2019 912828V80 2,500,000.00 US Treasury Note 2.25% Due 1/31/2024 99.676 2.32%2,491,894.53 11,032.46 2,502,926.99 0.00 Purchase 04/15/2019 31846V203 1,475.00 First American Govt Obligation Fund Class Y 1.000 2.05%1,475.00 0.00 1,475.00 0.00 Purchase 04/15/2019 31846V203 33,976.68 First American Govt Obligation Fund Class Y 1.000 2.05%33,976.68 0.00 33,976.68 0.00 Purchase 04/15/2019 31846V203 23,463.84 First American Govt Obligation Fund Class Y 1.000 2.05%23,463.84 0.00 23,463.84 0.00 Purchase 04/15/2019 31846V203 8,557.22 First American Govt Obligation Fund Class Y 1.000 2.05%8,557.22 0.00 8,557.22 0.00 Purchase 04/15/2019 31846V203 1,141.59 First American Govt Obligation Fund Class Y 1.000 2.05%1,141.59 0.00 1,141.59 0.00 Purchase 04/15/2019 31846V203 4,068.17 First American Govt Obligation Fund Class Y 1.000 2.05%4,068.17 0.00 4,068.17 0.00 Purchase 04/15/2019 31846V203 42,401.36 First American Govt Obligation Fund Class Y 1.000 2.05%42,401.36 0.00 42,401.36 0.00 Purchase 04/15/2019 31846V203 3,052.66 First American Govt Obligation Fund Class Y 1.000 2.05%3,052.66 0.00 3,052.66 0.00 Execution Time: 5/2/2019 11:37:02 AMChandler Asset Management - CONFIDENTIAL Page 11 Transaction Ledger As of April 30, 2019 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 04/15/2019 31846V203 3,111.00 First American Govt Obligation Fund Class Y 1.000 2.05%3,111.00 0.00 3,111.00 0.00 Purchase 04/15/2019 31846V203 145,618.75 First American Govt Obligation Fund Class Y 1.000 2.05%145,618.75 0.00 145,618.75 0.00 Purchase 04/15/2019 31846V203 3,148.37 First American Govt Obligation Fund Class Y 1.000 2.05%3,148.37 0.00 3,148.37 0.00 Purchase 04/15/2019 90LAIF$00 303,924.21 Local Agency Investment Fund State Pool 1.000 2.44%303,924.21 0.00 303,924.21 0.00 Purchase 04/18/2019 31846V203 33,410.37 First American Govt Obligation Fund Class Y 1.000 2.05%33,410.37 0.00 33,410.37 0.00 Purchase 04/18/2019 31846V203 1,530.08 First American Govt Obligation Fund Class Y 1.000 2.05%1,530.08 0.00 1,530.08 0.00 Purchase 04/18/2019 31846V203 3,723.96 First American Govt Obligation Fund Class Y 1.000 2.05%3,723.96 0.00 3,723.96 0.00 Purchase 04/22/2019 31846V203 20,187.50 First American Govt Obligation Fund Class Y 1.000 2.05%20,187.50 0.00 20,187.50 0.00 Purchase 04/22/2019 31846V203 1,900,000.00 First American Govt Obligation Fund Class Y 1.000 2.05%1,900,000.00 0.00 1,900,000.00 0.00 Purchase 04/22/2019 31846V203 3,343.33 First American Govt Obligation Fund Class Y 1.000 2.05%3,343.33 0.00 3,343.33 0.00 Purchase 04/24/2019 06051GHF9 1,000,000.00 Bank of America Corp Callable Note 1X 3/5/2023 3.55% Due 3/5/2024 101.078 3.25%1,010,780.00 4,831.94 1,015,611.94 0.00 Purchase 04/30/2019 31846V203 92,146.25 First American Govt Obligation Fund Class Y 1.000 2.04%92,146.25 0.00 92,146.25 0.00 Purchase 04/30/2019 90CAMP$00 110,342.65 California Asset Mgmt Program CAMP 1.000 2.59%110,342.65 0.00 110,342.65 0.00 Subtotal 9,027,183.49 9,021,654.90 25,809.15 9,047,464.05 0.00 Execution Time: 5/2/2019 11:37:02 AMChandler Asset Management - CONFIDENTIAL Page 12 Transaction Ledger As of April 30, 2019 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 04/19/2019 90CAMP$00 17,000,000.00 California Asset Mgmt Program CAMP 1.000 17,000,000.00 0.00 17,000,000.00 0.00 Subtotal 17,000,000.00 17,000,000.00 0.00 17,000,000.00 0.00 TOTAL ACQUISITIONS 26,027,183.49 26,021,654.90 25,809.15 26,047,464.05 0.00 DISPOSITIONS Sale 04/05/2019 912828G95 1,500,000.00 US Treasury Note 1.625% Due 12/31/2019 99.422 2.42%1,491,328.13 6,396.75 1,497,724.88 -9,972.80 Sale 04/05/2019 912828T34 1,250,000.00 US Treasury Note 1.125% Due 9/30/2021 97.203 2.29%1,215,039.06 192.11 1,215,231.17 -19,157.98 Sale 04/12/2019 3137EADG1 1,000,000.00 FHLMC Note 1.75% Due 5/30/2019 99.906 2.44%999,060.00 6,416.67 1,005,476.67 -1,537.80 Sale 04/12/2019 31846V203 504,451.78 First American Govt Obligation Fund Class Y 1.000 2.05%504,451.78 0.00 504,451.78 0.00 Sale 04/12/2019 912828H52 1,000,000.00 US Treasury Note 1.25% Due 1/31/2020 99.055 2.44%990,546.88 2,451.66 992,998.54 -7,289.83 Sale 04/24/2019 31846V203 1,015,611.94 First American Govt Obligation Fund Class Y 1.000 2.05%1,015,611.94 0.00 1,015,611.94 0.00 Subtotal 6,270,063.72 6,216,037.79 15,457.19 6,231,494.98 -37,958.41 Paydown 04/15/2019 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 04/15/2019 43814QAC2 33,862.82 Honda Auto Receivables 2016-2 A3 1.39% Due 4/15/2020 100.000 33,862.82 113.86 33,976.68 0.00 Paydown 04/15/2019 47788BAB0 23,432.79 John Deere Owner Trust 2017-B A2A 1.59% Due 4/15/2020 100.000 23,432.79 31.05 23,463.84 0.00 Paydown 04/15/2019 47788BAD6 8,071.89 John Deere Owner Trust 2017-B A3 1.82% Due 10/15/2021 100.000 8,071.89 485.33 8,557.22 0.00 Execution Time: 5/2/2019 11:37:02 AMChandler Asset Management - CONFIDENTIAL Page 13 Transaction Ledger As of April 30, 2019 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 04/15/2019 47788CAC6 0.00 John Deere Owner Trust 2016-B A4 2.66% Due 4/18/2022 100.000 0.00 1,141.59 1,141.59 0.00 Paydown 04/15/2019 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 04/15/2019 47788MAC4 42,348.65 John Deere Owner Trust 2016-A A3 1.36% Due 4/15/2020 100.000 42,348.65 52.71 42,401.36 0.00 Paydown 04/15/2019 47789JAB2 0.00 John Deere Owner Trust 2019-A A2 2.85% Due 12/15/2021 100.000 0.00 3,052.66 3,052.66 0.00 Paydown 04/15/2019 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 04/15/2019 89238BAB8 143,717.77 Toyota Auto Receivables Owner 2018-A A2A 2.1% Due 10/15/2020 100.000 143,717.77 1,900.98 145,618.75 0.00 Paydown 04/15/2019 89239AAB9 0.00 Toyota Auto Receivables 2019-A A2A 2.83% Due 10/15/2021 100.000 0.00 3,148.37 3,148.37 0.00 Paydown 04/18/2019 43814PAB6 33,362.60 Honda Auto Receivables Owner T 17-3 A2 1.57% Due 1/21/2020 100.000 33,362.60 47.77 33,410.37 0.00 Paydown 04/18/2019 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 04/18/2019 43814WAB1 0.00 HAROT 2019-1 A2 2.75% Due 9/20/2021 100.000 0.00 3,723.96 3,723.96 0.00 Paydown 04/22/2019 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 284,796.52 284,796.52 27,225.86 312,022.38 0.00 Maturity 04/22/2019 94974BFU9 1,900,000.00 Wells Fargo Corp Note 2.125% Due 4/22/2019 100.000 1,900,000.00 0.00 1,900,000.00 0.00 Subtotal 1,900,000.00 1,900,000.00 0.00 1,900,000.00 0.00 Security Withdrawal 04/12/2019 90CAMP$00 880,000.00 California Asset Mgmt Program CAMP 1.000 880,000.00 0.00 880,000.00 0.00 Execution Time: 5/2/2019 11:37:02 AMChandler Asset Management - CONFIDENTIAL Page 14 Transaction Ledger As of April 30, 2019 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 Security Withdrawal 04/25/2019 31846V203 104.17 First American Govt Obligation Fund Class Y 1.000 104.17 0.00 104.17 0.00 Security Withdrawal 04/26/2019 90CAMP$00 4,000,000.00 California Asset Mgmt Program CAMP 1.000 4,000,000.00 0.00 4,000,000.00 0.00 Subtotal 4,880,104.17 4,880,104.17 0.00 4,880,104.17 0.00 TOTAL DISPOSITIONS 13,334,964.41 13,280,938.48 42,683.05 13,323,621.53 -37,958.41 OTHER TRANSACTIONS Interest 04/02/2019 3137EADM8 2,500,000.00 FHLMC Note 1.25% Due 10/2/2019 0.000 15,625.00 0.00 15,625.00 0.00 Interest 04/05/2019 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 04/07/2019 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 04/08/2019 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 04/22/2019 94974BFU9 1,900,000.00 Wells Fargo Corp Note 2.125% Due 4/22/2019 0.000 20,187.50 0.00 20,187.50 0.00 Interest 04/30/2019 713448CS5 1,330,000.00 PepsiCo Inc Callable Note Cont 3/30/2020 1.85% Due 4/30/2020 0.000 12,302.50 0.00 12,302.50 0.00 Interest 04/30/2019 912828K58 1,750,000.00 US Treasury Note 1.375% Due 4/30/2020 0.000 12,031.25 0.00 12,031.25 0.00 Interest 04/30/2019 912828L99 5,000,000.00 US Treasury Note 1.375% Due 10/31/2020 0.000 34,375.00 0.00 34,375.00 0.00 Interest 04/30/2019 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 Interest 04/30/2019 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 Subtotal 22,730,000.00 186,240.00 0.00 186,240.00 0.00 Execution Time: 5/2/2019 11:37:02 AMChandler Asset Management - CONFIDENTIAL Page 15 Transaction Ledger As of April 30, 2019 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 Dividend 04/01/2019 31846V203 380,177.20 First American Govt Obligation Fund Class Y 0.000 3,439.83 0.00 3,439.83 0.00 Dividend 04/15/2019 90LAIF$00 4,356,510,460.26 Local Agency Investment Fund State Pool 0.000 303,924.21 0.00 303,924.21 0.00 Dividend 04/30/2019 90CAMP$00 60,908,751.46 California Asset Mgmt Program CAMP 0.000 110,342.65 0.00 110,342.65 0.00 Subtotal 4,417,799,388.92 417,706.69 0.00 417,706.69 0.00 TOTAL OTHER TRANSACTIONS 4,440,529,388.92 603,946.69 0.00 603,946.69 0.00 Execution Time: 5/2/2019 11:37:02 AMChandler Asset Management - CONFIDENTIAL Page 16 Transaction Ledger As of May 31, 2019 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 05/01/2019 31846V203 1,364.78 First American Govt Obligation Fund Class Y 1.000 2.04%1,364.78 0.00 1,364.78 0.00 Purchase 05/03/2019 31846V203 23,000.00 First American Govt Obligation Fund Class Y 1.000 2.04%23,000.00 0.00 23,000.00 0.00 Purchase 05/11/2019 31846V203 16,950.00 First American Govt Obligation Fund Class Y 1.000 2.04%16,950.00 0.00 16,950.00 0.00 Purchase 05/13/2019 31846V203 11,875.00 First American Govt Obligation Fund Class Y 1.000 2.04%11,875.00 0.00 11,875.00 0.00 Purchase 05/15/2019 31846V203 1,475.00 First American Govt Obligation Fund Class Y 1.000 2.04%1,475.00 0.00 1,475.00 0.00 Purchase 05/15/2019 31846V203 31,507.09 First American Govt Obligation Fund Class Y 1.000 2.04%31,507.09 0.00 31,507.09 0.00 Purchase 05/15/2019 31846V203 31,888.63 First American Govt Obligation Fund Class Y 1.000 2.04%31,888.63 0.00 31,888.63 0.00 Purchase 05/15/2019 31846V203 1,141.59 First American Govt Obligation Fund Class Y 1.000 2.04%1,141.59 0.00 1,141.59 0.00 Purchase 05/15/2019 31846V203 4,068.17 First American Govt Obligation Fund Class Y 1.000 2.04%4,068.17 0.00 4,068.17 0.00 Purchase 05/15/2019 31846V203 4,163.74 First American Govt Obligation Fund Class Y 1.000 2.04%4,163.74 0.00 4,163.74 0.00 Purchase 05/15/2019 31846V203 2,861.88 First American Govt Obligation Fund Class Y 1.000 2.04%2,861.88 0.00 2,861.88 0.00 Purchase 05/15/2019 31846V203 3,111.00 First American Govt Obligation Fund Class Y 1.000 2.04%3,111.00 0.00 3,111.00 0.00 Purchase 05/15/2019 31846V203 144,506.49 First American Govt Obligation Fund Class Y 1.000 2.04%144,506.49 0.00 144,506.49 0.00 Purchase 05/15/2019 31846V203 3,148.37 First American Govt Obligation Fund Class Y 1.000 2.04%3,148.37 0.00 3,148.37 0.00 Purchase 05/16/2019 31846V203 10,500.00 First American Govt Obligation Fund Class Y 1.000 2.04%10,500.00 0.00 10,500.00 0.00 Purchase 05/17/2019 31846V203 22,500.00 First American Govt Obligation Fund Class Y 1.000 2.04%22,500.00 0.00 22,500.00 0.00 Execution Time: 6/12/2019 10:17:46 AMChandler Asset Management - CONFIDENTIAL Page 10 Transaction Ledger As of May 31, 2019 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 05/18/2019 31846V203 17,110.00 First American Govt Obligation Fund Class Y 1.000 2.04%17,110.00 0.00 17,110.00 0.00 Purchase 05/19/2019 31846V203 17,550.00 First American Govt Obligation Fund Class Y 1.000 2.04%17,550.00 0.00 17,550.00 0.00 Purchase 05/20/2019 31846V203 1,502,336.96 First American Govt Obligation Fund Class Y 1.000 2.04%1,502,336.96 0.00 1,502,336.96 0.00 Purchase 05/20/2019 31846V203 22,500.00 First American Govt Obligation Fund Class Y 1.000 2.04%22,500.00 0.00 22,500.00 0.00 Purchase 05/20/2019 31846V203 3,156.56 First American Govt Obligation Fund Class Y 1.000 2.04%3,156.56 0.00 3,156.56 0.00 Purchase 05/20/2019 31846V203 1,530.08 First American Govt Obligation Fund Class Y 1.000 2.04%1,530.08 0.00 1,530.08 0.00 Purchase 05/20/2019 31846V203 3,723.96 First American Govt Obligation Fund Class Y 1.000 2.04%3,723.96 0.00 3,723.96 0.00 Purchase 05/21/2019 037833CU2 2,400,000.00 Apple Inc Callable Note Cont 3/11/2024 2.85% Due 5/11/2024 100.592 2.72%2,414,208.00 1,900.00 2,416,108.00 0.00 Purchase 05/21/2019 31846V203 3,343.33 First American Govt Obligation Fund Class Y 1.000 2.04%3,343.33 0.00 3,343.33 0.00 Purchase 05/23/2019 808513AT2 2,000,000.00 Charles Schwab Corp Callable Note Cont 12/25/2022 2.65% Due 1/25/2023 99.696 2.74%1,993,920.00 17,372.22 2,011,292.22 0.00 Purchase 05/30/2019 31846V203 18,750.00 First American Govt Obligation Fund Class Y 1.000 2.04%18,750.00 0.00 18,750.00 0.00 Purchase 05/31/2019 31846V203 137,812.50 First American Govt Obligation Fund Class Y 1.000 2.01%137,812.50 0.00 137,812.50 0.00 Purchase 05/31/2019 90CAMP$00 118,319.68 California Asset Mgmt Program CAMP 1.000 2.59%118,319.68 0.00 118,319.68 0.00 Subtotal 6,560,194.81 6,568,322.81 19,272.22 6,587,595.03 0.00 Execution Time: 6/12/2019 10:17:46 AMChandler Asset Management - CONFIDENTIAL Page 11 Transaction Ledger As of May 31, 2019 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 05/31/2019 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 3,000,000.00 3,000,000.00 0.00 3,000,000.00 0.00 TOTAL ACQUISITIONS 9,560,194.81 9,568,322.81 19,272.22 9,587,595.03 0.00 DISPOSITIONS Sale 05/20/2019 912828G95 1,500,000.00 US Treasury Note 1.625% Due 12/31/2019 99.527 2.40%1,492,910.16 9,426.80 1,502,336.96 -8,173.95 Sale 05/21/2019 31846V203 2,416,108.00 First American Govt Obligation Fund Class Y 1.000 2.04%2,416,108.00 0.00 2,416,108.00 0.00 Sale 05/23/2019 31846V203 688,644.53 First American Govt Obligation Fund Class Y 1.000 2.04%688,644.53 0.00 688,644.53 0.00 Sale 05/23/2019 713448CS5 1,330,000.00 PepsiCo Inc Callable Note Cont 3/30/2020 1.85% Due 4/30/2020 99.329 2.58%1,321,075.70 1,571.99 1,322,647.69 -8,781.97 Subtotal 5,934,752.53 5,918,738.39 10,998.79 5,929,737.18 -16,955.92 Paydown 05/15/2019 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 05/15/2019 43814QAC2 31,432.45 Honda Auto Receivables 2016-2 A3 1.39% Due 4/15/2020 100.000 31,432.45 74.64 31,507.09 0.00 Paydown 05/15/2019 47788BAD6 31,415.54 John Deere Owner Trust 2017-B A3 1.82% Due 10/15/2021 100.000 31,415.54 473.09 31,888.63 0.00 Paydown 05/15/2019 47788CAC6 0.00 John Deere Owner Trust 2016-B A4 2.66% Due 4/18/2022 100.000 0.00 1,141.59 1,141.59 0.00 Paydown 05/15/2019 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 Execution Time: 6/12/2019 10:17:46 AMChandler Asset Management - CONFIDENTIAL Page 12 Transaction Ledger As of May 31, 2019 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 05/15/2019 47788MAC4 4,159.03 John Deere Owner Trust 2016-A A3 1.36% Due 4/15/2020 100.000 4,159.03 4.71 4,163.74 0.00 Paydown 05/15/2019 47789JAB2 0.00 John Deere Owner Trust 2019-A A2 2.85% Due 12/15/2021 100.000 0.00 2,861.88 2,861.88 0.00 Paydown 05/15/2019 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 05/15/2019 89238BAB8 142,857.02 Toyota Auto Receivables Owner 2018-A A2A 2.1% Due 10/15/2020 100.000 142,857.02 1,649.47 144,506.49 0.00 Paydown 05/15/2019 89239AAB9 0.00 Toyota Auto Receivables 2019-A A2A 2.83% Due 10/15/2021 100.000 0.00 3,148.37 3,148.37 0.00 Paydown 05/20/2019 43814PAB6 3,152.44 Honda Auto Receivables Owner T 17-3 A2 1.57% Due 1/21/2020 100.000 3,152.44 4.12 3,156.56 0.00 Paydown 05/20/2019 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 05/20/2019 43814WAB1 0.00 HAROT 2019-1 A2 2.75% Due 9/20/2021 100.000 0.00 3,723.96 3,723.96 0.00 Paydown 05/21/2019 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 213,016.48 213,016.48 26,609.41 239,625.89 0.00 Security Withdrawal 05/03/2019 90CAMP$00 4,000,000.00 California Asset Mgmt Program CAMP 1.000 4,000,000.00 0.00 4,000,000.00 0.00 Security Withdrawal 05/13/2019 90CAMP$00 1,000,000.00 California Asset Mgmt Program CAMP 1.000 1,000,000.00 0.00 1,000,000.00 0.00 Security Withdrawal 05/17/2019 90CAMP$00 1,400,000.00 California Asset Mgmt Program CAMP 1.000 1,400,000.00 0.00 1,400,000.00 0.00 Security Withdrawal 05/23/2019 90CAMP$00 2,500,000.00 California Asset Mgmt Program CAMP 1.000 2,500,000.00 0.00 2,500,000.00 0.00 Execution Time: 6/12/2019 10:17:46 AMChandler Asset Management - CONFIDENTIAL Page 13 Transaction Ledger As of May 31, 2019 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 Security Withdrawal 05/24/2019 31846V203 104.17 First American Govt Obligation Fund Class Y 1.000 104.17 0.00 104.17 0.00 Subtotal 8,900,104.17 8,900,104.17 0.00 8,900,104.17 0.00 TOTAL DISPOSITIONS 15,047,873.18 15,031,859.04 37,608.20 15,069,467.24 -16,955.92 OTHER TRANSACTIONS Interest 05/03/2019 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 05/11/2019 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 05/13/2019 40428HPN6 1,000,000.00 HSBC USA Inc Note 2.375% Due 11/13/2019 0.000 11,875.00 0.00 11,875.00 0.00 Interest 05/16/2019 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 Interest 05/17/2019 3137EAEK1 2,400,000.00 FHLMC Note 1.875% Due 11/17/2020 0.000 22,500.00 0.00 22,500.00 0.00 Interest 05/18/2019 46625HRL6 500,000.00 JP Morgan Chase Callable Note Cont 3/18/2023 2.7% Due 5/18/2023 0.000 6,750.00 0.00 6,750.00 0.00 Interest 05/18/2019 58933YAF2 740,000.00 Merck & Co Note 2.8% Due 5/18/2023 0.000 10,360.00 0.00 10,360.00 0.00 Interest 05/19/2019 857477AV5 1,800,000.00 State Street Bank Note 1.95% Due 5/19/2021 0.000 17,550.00 0.00 17,550.00 0.00 Interest 05/20/2019 747525AD5 2,000,000.00 Qualcomm Inc Note 2.25% Due 5/20/2020 0.000 22,500.00 0.00 22,500.00 0.00 Execution Time: 6/12/2019 10:17:46 AMChandler Asset Management - CONFIDENTIAL Page 14 Transaction Ledger As of May 31, 2019 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 05/30/2019 3135G0F73 2,500,000.00 FNMA Note 1.5% Due 11/30/2020 0.000 18,750.00 0.00 18,750.00 0.00 Interest 05/31/2019 912828G61 2,000,000.00 US Treasury Note 1.5% Due 11/30/2019 0.000 15,000.00 0.00 15,000.00 0.00 Interest 05/31/2019 912828R69 1,500,000.00 US Treasury Note 1.625% Due 5/31/2023 0.000 12,187.50 0.00 12,187.50 0.00 Interest 05/31/2019 912828U57 5,000,000.00 US Treasury Note 2.125% Due 11/30/2023 0.000 53,125.00 0.00 53,125.00 0.00 Interest 05/31/2019 912828U65 2,500,000.00 US Treasury Note 1.75% Due 11/30/2021 0.000 21,875.00 0.00 21,875.00 0.00 Interest 05/31/2019 912828XE5 3,000,000.00 US Treasury Note 1.5% Due 5/31/2020 0.000 22,500.00 0.00 22,500.00 0.00 Interest 05/31/2019 912828XR6 1,500,000.00 US Treasury Note 1.75% Due 5/31/2022 0.000 13,125.00 0.00 13,125.00 0.00 Subtotal 30,570,000.00 298,547.50 0.00 298,547.50 0.00 Dividend 05/01/2019 31846V203 1,472,925.94 First American Govt Obligation Fund Class Y 0.000 1,364.78 0.00 1,364.78 0.00 Dividend 05/31/2019 90CAMP$00 52,119,094.11 California Asset Mgmt Program CAMP 0.000 118,319.68 0.00 118,319.68 0.00 Subtotal 53,592,020.05 119,684.46 0.00 119,684.46 0.00 TOTAL OTHER TRANSACTIONS 84,162,020.05 418,231.96 0.00 418,231.96 0.00 Execution Time: 6/12/2019 10:17:46 AMChandler Asset Management - CONFIDENTIAL Page 15 Transaction Ledger As of June 30, 2019 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 06/03/2019 31846V203 2,074.74 First American Govt Obligation Fund Class Y 1.000 2.01%2,074.74 0.00 2,074.74 0.00 Purchase 06/08/2019 31846V203 123,050.00 First American Govt Obligation Fund Class Y 1.000 2.01%123,050.00 0.00 123,050.00 0.00 Purchase 06/09/2019 31846V203 24,375.00 First American Govt Obligation Fund Class Y 1.000 2.01%24,375.00 0.00 24,375.00 0.00 Purchase 06/11/2019 31846V203 28,125.00 First American Govt Obligation Fund Class Y 1.000 2.01%28,125.00 0.00 28,125.00 0.00 Purchase 06/11/2019 912828WJ5 1,750,000.00 US Treasury Note 2.5% Due 5/15/2024 102.758 1.91%1,798,261.72 3,209.92 1,801,471.64 0.00 Purchase 06/12/2019 31846V203 17,500.00 First American Govt Obligation Fund Class Y 1.000 2.01%17,500.00 0.00 17,500.00 0.00 Purchase 06/15/2019 31846V203 22,500.00 First American Govt Obligation Fund Class Y 1.000 2.01%22,500.00 0.00 22,500.00 0.00 Purchase 06/17/2019 3130A1XJ2 1,900,000.00 FHLB Note 2.875% Due 6/14/2024 104.301 1.97%1,981,719.00 455.21 1,982,174.21 0.00 Purchase 06/17/2019 31846V203 13,437.98 First American Govt Obligation Fund Class Y 1.000 2.01%13,437.98 0.00 13,437.98 0.00 Purchase 06/17/2019 31846V203 1,475.00 First American Govt Obligation Fund Class Y 1.000 2.01%1,475.00 0.00 1,475.00 0.00 Purchase 06/17/2019 31846V203 30,014.22 First American Govt Obligation Fund Class Y 1.000 2.01%30,014.22 0.00 30,014.22 0.00 Purchase 06/17/2019 31846V203 21,570.20 First American Govt Obligation Fund Class Y 1.000 2.01%21,570.20 0.00 21,570.20 0.00 Purchase 06/17/2019 31846V203 1,141.58 First American Govt Obligation Fund Class Y 1.000 2.01%1,141.58 0.00 1,141.58 0.00 Purchase 06/17/2019 31846V203 4,068.17 First American Govt Obligation Fund Class Y 1.000 2.01%4,068.17 0.00 4,068.17 0.00 Purchase 06/17/2019 31846V203 2,861.88 First American Govt Obligation Fund Class Y 1.000 2.01%2,861.88 0.00 2,861.88 0.00 Purchase 06/17/2019 31846V203 3,111.00 First American Govt Obligation Fund Class Y 1.000 2.01%3,111.00 0.00 3,111.00 0.00 Execution Time: 7/22/2019 12:47:50 PMChandler Asset Management - CONFIDENTIAL Page 10 Transaction Ledger As of June 30, 2019 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 06/17/2019 31846V203 142,441.11 First American Govt Obligation Fund Class Y 1.000 2.01%142,441.11 0.00 142,441.11 0.00 Purchase 06/17/2019 31846V203 3,148.37 First American Govt Obligation Fund Class Y 1.000 2.01%3,148.37 0.00 3,148.37 0.00 Purchase 06/18/2019 31846V203 1,530.08 First American Govt Obligation Fund Class Y 1.000 2.01%1,530.08 0.00 1,530.08 0.00 Purchase 06/18/2019 31846V203 3,723.96 First American Govt Obligation Fund Class Y 1.000 2.01%3,723.96 0.00 3,723.96 0.00 Purchase 06/19/2019 3130A1XJ2 1,895,000.00 FHLB Note 2.875% Due 6/14/2024 104.323 1.96%1,976,920.85 756.68 1,977,677.53 0.00 Purchase 06/19/2019 31846V203 27,500.00 First American Govt Obligation Fund Class Y 1.000 2.01%27,500.00 0.00 27,500.00 0.00 Purchase 06/20/2019 31846V203 3,705,000.00 First American Govt Obligation Fund Class Y 1.000 2.01%3,705,000.00 0.00 3,705,000.00 0.00 Purchase 06/20/2019 62479MVK6 3,800,000.00 MUFG Bank Ltd/NY Discount CP 2.35% Due 8/19/2019 99.608 2.39%3,785,116.67 0.00 3,785,116.67 0.00 Purchase 06/21/2019 31846V203 3,343.33 First American Govt Obligation Fund Class Y 1.000 2.01%3,343.33 0.00 3,343.33 0.00 Purchase 06/24/2019 31846V203 15,955.00 First American Govt Obligation Fund Class Y 1.000 2.01%15,955.00 0.00 15,955.00 0.00 Purchase 06/26/2019 31846V203 23,460.00 First American Govt Obligation Fund Class Y 1.000 2.01%23,460.00 0.00 23,460.00 0.00 Purchase 06/30/2019 31846V203 26,250.00 First American Govt Obligation Fund Class Y 1.000 1.99%26,250.00 0.00 26,250.00 0.00 Purchase 06/30/2019 90CAMP$00 108,990.12 California Asset Mgmt Program CAMP 1.000 2.45%108,990.12 0.00 108,990.12 0.00 Subtotal 13,701,646.74 13,898,664.98 4,421.81 13,903,086.79 0.00 TOTAL ACQUISITIONS 13,701,646.74 13,898,664.98 4,421.81 13,903,086.79 0.00 Execution Time: 7/22/2019 12:47:50 PMChandler Asset Management - CONFIDENTIAL Page 11 Transaction Ledger As of June 30, 2019 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 06/11/2019 31846V203 319,271.19 First American Govt Obligation Fund Class Y 1.000 2.01%319,271.19 0.00 319,271.19 0.00 Sale 06/11/2019 912828S76 1,500,000.00 US Treasury Note 1.125% Due 7/31/2021 98.406 1.89%1,476,093.75 6,106.70 1,482,200.45 -472.94 Sale 06/17/2019 912828G61 2,000,000.00 US Treasury Note 1.5% Due 11/30/2019 99.711 2.14%1,994,218.75 1,393.44 1,995,612.19 -6,182.06 Sale 06/19/2019 31846V203 235,208.95 First American Govt Obligation Fund Class Y 1.000 2.01%235,208.95 0.00 235,208.95 0.00 Sale 06/19/2019 912828K58 1,750,000.00 US Treasury Note 1.375% Due 4/30/2020 99.383 2.10%1,739,199.22 3,269.36 1,742,468.58 -8,226.23 Sale 06/20/2019 31846V203 3,785,116.67 First American Govt Obligation Fund Class Y 1.000 2.01%3,785,116.67 0.00 3,785,116.67 0.00 Subtotal 9,589,596.81 9,549,108.53 10,769.50 9,559,878.03 -14,881.23 Paydown 06/17/2019 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 06/17/2019 43814QAC2 29,975.99 Honda Auto Receivables 2016-2 A3 1.39% Due 4/15/2020 100.000 29,975.99 38.23 30,014.22 0.00 Paydown 06/17/2019 47788BAD6 21,144.76 John Deere Owner Trust 2017-B A3 1.82% Due 10/15/2021 100.000 21,144.76 425.44 21,570.20 0.00 Paydown 06/17/2019 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 06/17/2019 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 06/17/2019 47789JAB2 0.00 John Deere Owner Trust 2019-A A2 2.85% Due 12/15/2021 100.000 0.00 2,861.88 2,861.88 0.00 Paydown 06/17/2019 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 06/17/2019 89238BAB8 141,041.64 Toyota Auto Receivables Owner 2018-A A2A 2.1% Due 10/15/2020 100.000 141,041.64 1,399.47 142,441.11 0.00 Execution Time: 7/22/2019 12:47:50 PMChandler Asset Management - CONFIDENTIAL Page 12 Transaction Ledger As of June 30, 2019 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 06/17/2019 89239AAB9 0.00 Toyota Auto Receivables 2019-A A2A 2.83% Due 10/15/2021 100.000 0.00 3,148.37 3,148.37 0.00 Paydown 06/18/2019 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 06/18/2019 43814WAB1 0.00 HAROT 2019-1 A2 2.75% Due 9/20/2021 100.000 0.00 3,723.96 3,723.96 0.00 Paydown 06/21/2019 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 192,162.39 192,162.39 26,266.51 218,428.90 0.00 Maturity 06/20/2019 62479MTL7 3,705,000.00 MUFG Bank Ltd/NY Discount CP 2.6% Due 6/20/2019 99.133 3,705,000.00 0.00 3,705,000.00 0.00 Subtotal 3,705,000.00 3,705,000.00 0.00 3,705,000.00 0.00 Security Withdrawal 06/14/2019 90CAMP$00 600,000.00 California Asset Mgmt Program CAMP 1.000 600,000.00 0.00 600,000.00 0.00 Security Withdrawal 06/20/2019 90CAMP$00 4,500,000.00 California Asset Mgmt Program CAMP 1.000 4,500,000.00 0.00 4,500,000.00 0.00 Security Withdrawal 06/25/2019 31846V203 104.17 First American Govt Obligation Fund Class Y 1.000 104.17 0.00 104.17 0.00 Subtotal 5,100,104.17 5,100,104.17 0.00 5,100,104.17 0.00 TOTAL DISPOSITIONS 18,586,863.37 18,546,375.09 37,036.01 18,583,411.10 -14,881.23 OTHER TRANSACTIONS Interest 06/08/2019 3130A0F70 5,000,000.00 FHLB Note 3.375% Due 12/8/2023 0.000 84,375.00 0.00 84,375.00 0.00 Interest 06/08/2019 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 Interest 06/09/2019 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 06/11/2019 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 Execution Time: 7/22/2019 12:47:50 PMChandler Asset Management - CONFIDENTIAL Page 13 Transaction Ledger As of June 30, 2019 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 06/12/2019 313383HU8 2,000,000.00 FHLB Note 1.75% Due 6/12/2020 0.000 17,500.00 0.00 17,500.00 0.00 Interest 06/15/2019 097023BQ7 2,400,000.00 Boeing Co Callable Note Cont 4/15/2023 1.875% Due 6/15/2023 0.000 22,500.00 0.00 22,500.00 0.00 Interest 06/19/2019 3137EAEN5 2,000,000.00 FHLMC Note 2.75% Due 6/19/2023 0.000 27,500.00 0.00 27,500.00 0.00 Interest 06/24/2019 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 06/26/2019 931142EK5 1,380,000.00 Wal-Mart Stores Callable Note Cont 5/26/2023 3.4% Due 6/26/2023 0.000 23,460.00 0.00 23,460.00 0.00 Interest 06/30/2019 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 23,490,000.00 308,715.00 0.00 308,715.00 0.00 Dividend 06/03/2019 31846V203 409,944.37 First American Govt Obligation Fund Class Y 0.000 2,074.74 0.00 2,074.74 0.00 Dividend 06/30/2019 90CAMP$00 50,137,413.79 California Asset Mgmt Program CAMP 0.000 108,990.12 0.00 108,990.12 0.00 Subtotal 50,547,358.16 111,064.86 0.00 111,064.86 0.00 TOTAL OTHER TRANSACTIONS 74,037,358.16 419,779.86 0.00 419,779.86 0.00 Execution Time: 7/22/2019 12:47:50 PMChandler Asset Management - 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