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Home My WebLink About4.4 - 2938 Q1 2020 - Investment Report Page 1 of 5 STAFF REPORT CITY COUNCIL DATE: November 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 September 30, 2019 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 September 30, 2019 including a monthly transaction ledger. The City’s investment portfolio for this period totaled $284,664,049 (book value) with an average market yield of 1.94%. 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 $284,664,049 (book value) is comprised of $203,617,336 managed by Chandler Asset Management (Chandler), and $81,046,713 invested by the City in local government pools. The average market yield of the Chandler portfolio and the local pools was 1.81% and 2.25% 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). The US economy continues to face head winds from trade disputes, slowing global economic growth, and an uncertain outlook for Brexit. However, Chandler believes accommodative US monetary policy and a collective dovish stance by all of the major global central banks should help to combat head winds. The Federal Open Market Committee (FOMC) lowered the target fed funds rate by 25 basis points in September (for the second time this year) to a range of 1.75%-2.00%. Fed Chair Powell indicated more rate cuts may be appropriate if the economy slows further, but the Fed is not on a preset course. Chandler continues to believe the Federal Reserve is likely to cut the fed funds target rate again before year -end, in the absence of a trade resolution or meaningful improvement in market-based measures of inflation. The next FOMC meeting is scheduled for October 29-30. The Treasury yield curve steepened modestly in September, although the curve remains partially inverted. The 3-month T-bill yield declined nearly 17 basis points to 1.81%, the 2-year Treasury yield increased nearly twelve basis points to 1.62%, and the 10-year Treasury yield increased about 17 basis points to 1.67%. 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. However, Chandler believes increased short-term Treasury issuance to fund the deficit, and negative sovereign bond yields in other countries may be distorting the US Treasury yield curve. German sovereign bond yields (from 1-month out to 30-years) remained negative at September 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. During the quarter the City transferred additional funds from the local government pools to Chandler. While the LAIF yield is currently hovering at its nine-year 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. Page 3 of 5 Chart 1: Investments by Type June 30, 2019 - September 30,2019 The market value of the City's portfolio decreased by $1.28 million from the June 30, 2019 quarter, due to the City’s prepayment of PERs cost and expenditures on two capital improvement projects. The City’s portfolio increased $36.34 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 decreased from 2.13% to 1.94% (shown in Table 2) due to steadily decreasing rates as discussed in the Economic Update Highlights. For detailed monthly transactions, se e 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 3 Quarters 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 September 30, 2019 2. Transaction Ledger - July - September 2019 CHANDLER ASSET MANAGEMENT, INC. | 800.317.4747 | www.chandlerasset.com INVESTMENT REPORT Period Ending September 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 September 30, 2019 1 SECTION |Section 1 |Economic Update 2 Economic Update    Labor market and consumer fundamentals remain favorable, but manufacturing data continues to disappoint. We believe economic growth has slowed from earlier this year and downside risks to the outlook remain elevated. The US economy continues to face headwinds from trade disputes, slowing global economic growth, and an uncertain outlook for Brexit. However, we believe accommodat ive US monetary policy and a collective dovish stance by all of the major global central banks should help to combat headwinds. We also believe the Trump administration faces significant political pressure to make progress toward a trade agreement with China as we head into an election year. The Federal Open Mar ket Committee (FOMC) lowered the target fed funds rate by 25 basis points in September (for the second time this year) to a range of 1.75 %-2.00 %. There were three dissenting votes; one policymaker favored a 50-bas is point rate cut, and two policymakers favored leaving the fed funds rate unchanged. Accord ing to the F ed's dot plot, only seven out of 17 policymakers are anticipating another rate cut before year-end. Although there is a growing disparity among policymakers about the appropriate path of monetary policy, Fed Chair Powell’s press conf erence suggested the Fed will be flexible and data dependent. Powell indicated more rate cuts may be appropriate if the economy slows further, but the Fed is not on a preset cours e. We continue to believe the Federal Reserve is likely to cut the fed funds target rate again before year-end, in the absence of a trade resolution or meaningful improvement in market-based measures of inflation. The next Federal Open Market Committee (FOMC) meeting is scheduled for October 29-30. The Treasury yield curve steepened modestly in September, although the curve remains partially inverted. The 3-month T- bill yield declined nearly 17 basis points to 1.81 %, the 2-y ear Treasury yield increased nearly twelve basis points to 1.62 %, and the 10-y ear Treasury yield increased about 17 basis points to 1.67 %. An inversion of the yield curve in which the 10-y ear Treasury yield is lower than the 3-month T-bill yield is generally viewed as a powerful predictive signal of an upcoming recession. However, we believe increased short-term Treasury issuance to fund the deficit, and negative sovereign bond yields in other countries may be distorting the US Treasury yield curv e. German sovereign bond yields (from 1-month out to 30-years) remained negative at September month-end. Source: Bloomberg 3 U.S.nonfarm payrolls rose by 136,000 in September,slightly below expectations of 145,000.However,August payrolls were revised higherby 38,000.On a trailing 3-month and 6-month average basis,payrolls increased anaverage of about 157,000 and 154,000 permonth,respectively. The unemployment rate declined to 3.5%(the lowest rate since December 1969)from 3.7%in August,and the participation rate held steadyat 63.2%.A broader measure of unemployment called the U-6,which includes those who are marginally attached tothe labor force and employed part time foreconomic reasons,dropped to 6.9%in September from 7.2%in August.Wages were flat in September,missing expectations for a 0.3%increase,and the average workweek was unchanged.On a year-over-year basis,wages were up 2.9%in September,versus up 3.2%in August. Source: US Department of Labor Source: US Department of Labor 0 50 100 150 200 250 300 350 MO M C h a n g e I n ( 0 0 0 ' s ) Nonfarm Payroll (000's) Non-farm Payroll (000's) 3 month average (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) R a t e ( % ) Employment 4 The Consumer Price Index (CPI)was up 1.7%year-over-year in September,unchanged from August.Core CPI(CPI less food and energy)was up 2.4%year-over-year in September,also unchanged from August.The Personal ConsumptionExpenditures (PCE)index was up 1.4%year-over- year in August,unchanged from July.Core PCE,which is the Fed's primary inflation gauge,was up 1.8%year-over-year in August versus 1.7% year-over-year in July. Core PCE remains 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 % Change YO Y ( % ) C h a n g e 0.0% 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 % Change Y O Y ( % ) C h a n g e Inflation 5 Retailsales in August were moderately above consensus expectations,coming in at 0.4%compared tothe 0.2%estimate.Excluding autoand gas,retail sales were up 0.1%compared toexpectations for a 0.2%increase.On a year-over-year basis,retail sales increased by 4.1%,a modest increase from the prior year-over-year number of 3.6%.The ConsumerConfidenceIndexunexpectedlydeclined to 125.1 in September from 134.2 in August. Nevertheless, the index remains at a strong level. 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 YO Y ( % ) C h a n g e 110 115 120 125 130 135 140 145 In d e x L e v e l Consumer Confidence Consumer 6 The Leading Economic Index (LEI)wasflat in August,inline withexpectations,following a 0.4%increase in July.While the LEI remains higher on a year-over-year basis (up 1.1%in August)the pace of year-over-year improvement continues to decline,and the index suggests broad economic growth will continue to slow.The Chicago Fed National Activity Index (CFNAI)increased to 0.10 in August from -0.41 in July.On a 3- month moving average basis,the index improved to -0.06 in August versus -0.14 in July.Negativevalues are generally consistent with below- average growth.However,periods ofeconomic 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) MO M ( % ) C h a n g e -0.70 -0.50 -0.30 -0.10 0.10 0.30 0.50 0.70 Chicago Fed National Activity Index (CFNAI) 3 M o n t h A v e r a g e Source: The Conference Board Source: Federal Reserve Bank of Chicago Economic Activity 7 Housing starts were much stronger than expected in August,up 12.3%month-over-month to a 1.364 million annualized rate.Multi-family starts jumped 32.8%month-over-month to an annualized rate of 445,000,whilesingle-family starts rose 4.4%to an annualized rate of 919,000.On a year-over-year basis,total housing starts were up 6.6%in August.Permitswere also stronger than expected in the month.Althoughhousing data tends to be volatile on a month-over-month basis,the August report and three-month moving averages suggest that housing activity is accelerating.According tothe Case-Shiller 20-City home price index,home prices were upjust 2.0%year-over-year in July,versus up 2.2%in June. The year-over-year pace of price appreciation is at a 7-year low. Source: US Department of Commerce Source: S&P 0 200 400 600 800 1000 1200 1400 1600 1800 MO M C h a n g e ( I n T h o u s a n d s o f U n i t s ) Housing Starts Multi Family Housing Starts Single Family Housing Starts 1.5% 2.5% 3.5% 4.5% 5.5% 6.5% 7.5% S&P/Case -Shiller 20 City Composite Home Price Index Y O Y ( % ) C h a n g e Housing 8 The Institute for Supply Management (ISM) manufacturing index declined to 47.8 in September from 49.1 in August. The reading was worse than expected and suggests the manufacturing sector remains in contraction.New orders and backlog orders also remained below 50.0 in September.Overall,the ISM Manufacturing report suggests the outlookfor the manufacturing sector is weak.The Industrial Production index was up 0.4%year-over-year in August versus up 0.5%year-over-year in July.On a month-over-month basis,the index rose 0.6%in August, above the consensus forecast of 0.2%.The manufacturingcomponent of the index rose 0.5%in August,above the 0.1%consensus,following a 0.4%decline in July.Capacity Utilization increased to 77.9%in August from 77.5%in July,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 46 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 YO Y ( % ) C h a n g e Manufacturing 9 Second quarter GDP grew atan annualized rate of 2.0%following growth of 3.1%in the firstquarter.Although the overall pace of GDP growth slowed in the second quarter (as expected), personal consumption expenditures accelerated and were up 4.6% in Q2, following sluggish growth of just 1.1%in Q1.Personal consumptionexpenditurescontributed 3.00 percentagepoints to Q2 GDP,federal governmentspending contributed 0.53 percentagepoints,and state &local governmentspendingcontributed 0.29 percentagepoints.Meanwhile,grossprivate domestic investment and net exportswere a drag on Q2 GDP growth.The consensus forecast calls for GDP growth of 1.9%in the third quarter and 1.7% in the fourth quarter, for full year growth of about 2.0-2.5% versus 2.9% growth in 2018. Source: US Department of Commerce Source: US Department of Commerce 9/1812/183/196/19 2.3%1.0%0.8%3.0% 2.3%0.5%1.1%-1.2% -2.1%-0.4%0.7%-0.7% 0.2%0.1%0.1%0.5% 0.2%-0.1%0.4%0.3% 2.9%1.1%3.1%2.0%Total Components of GDP Net Exports and Imports Personal Consumption Expenditures Gross Private Domestic Investment Federal Government Expenditures State and Local (Consumption and Gross Investment)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 a year-over-year basis.As of September month-end,the 3-month T-billyield was down 39 basis points,the 2-Year Treasury yield was down nearly 120 basis points,and the 10-Year Treasury yield was down nearly 140 basis points,year-over-year.The current shape of the yield curve implies that market participants are pricing-in additional rate cuts.We believe the year-over-year decline in long-termTreasury yields reflects a high level of market participants'nervousnessabout the outlookfor global economic growth and a decline 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-Year Y i e l d ( % ) 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% 4.0% US Treasury Yield Curve Sep-19 Jun-19 Sep-18 Y i e l d ( % ) Bond Yields 11 Section 2|SECTION |Section 2 |Account Profile 12 Objectives Chandler Asset Management Performance Objective Theperformanceobjective of the City of Dublin is to earn a return thatequals or exceeds thereturn onof theICE BAML 1-5 Year Treasury andAgencyIndex. Investment Objectives The investment objectives of the City of Dublin arefirst,to provide safety of principal;second,to provide adequate liquidity to meet all requirements whichmightbereasonablyanticipated;third,to attain a market average rate of return on itsinvestments throughouteconomic cycles;andfourth,to be diversified to avoid incurringunreasonableand avoidable risks regarding specificsecurity types or individualfinancial institutions. Strategy In order to achievethis objective,the portfolio invests in highquality fixed incomeinstrumentsconsistent with the City's investment policyand California GovernmentCode. As of September 30, 2019 13 Compliance As of September 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 9/30/2019 6/30/2019 Benchmark*Portfolio Portfolio Average Maturity (yrs)2.66 2.66 2.67 Average Modified Duration 2.54 2.39 2.42 Average Purchase Yield n/a 2.19%2.22% Average Market Yield 1.65%1.81%1.98% Average Quality**AAA AA/Aa1 AA/Aa1 Total Market Value 207,220,561 190,536,677 *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 September 30, 2019 15 City of Dublin Sector Distribution ABS 7.1% Agency 32.8% Commercial Paper 2.0% Foreign Corporate 3.1% Money Market Fund FI 1.3% Supranational 2.2% US Corporate 22.4% US Treasury 29.1% September 30, 2019 June 30, 2019 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% As of September 30, 2019 16 Issue Name Investment Type % Portfolio Government of United States US Treasury 29.06% Federal Home Loan Bank Agency 14.18% Federal National Mortgage Association Agency 10.61% Federal Home Loan Mortgage Corp Agency 4.83% Federal Farm Credit Bank Agency 3.16% Honda ABS ABS 2.38% John Deere ABS ABS 2.17% MUFG Bank Ltd/NY Commercial Paper 1.99% JP Morgan Chase & Co US Corporate 1.53% Apple Inc US Corporate 1.52% Toyota ABS ABS 1.51% Deere & Company US Corporate 1.35% First American Govt Oblig Fund Money Market Fund FI 1.27% Honda Motor Corporation US Corporate 1.25% Royal Bank of Canada Foreign Corporate 1.23% Inter-American Dev Bank Supranational 1.21% Bank of America Corp US Corporate 1.21% Toronto Dominion Holdings Foreign Corporate 1.16% Boeing Company US Corporate 1.15% PNC Financial Services Group US Corporate 1.13% Oracle Corp US Corporate 1.09% IBM Corp US Corporate 1.00% ChevronTexaco Corp US Corporate 1.00% Charles Schwab Corp/The US Corporate 0.99% US Bancorp US Corporate 0.98% Chubb Corporation US Corporate 0.98% Intl Bank Recon and Development Supranational 0.98% Qualcomm Inc US Corporate 0.97% Berkshire Hathaway US Corporate 0.92% Microsoft US Corporate 0.89% State Street Bank US Corporate 0.87% Exxon Mobil Corp US Corporate 0.87% HSBC Holdings PLC Foreign Corporate 0.73% Wal-Mart Stores US Corporate 0.71% Bank of New York US Corporate 0.61% Nissan ABS ABS 0.60% General Dynamics Corp US Corporate 0.56% HSBC Holdings PLC US Corporate 0.49% Issuers City of Dublin –Account #10198 As of September 30, 2019 17 Issue Name Investment Type % Portfolio American Express ABS ABS 0.48% Merck & Company US Corporate 0.37% TOTAL 100.00% Issuers City of Dublin –Account #10198 As of September 30, 2019 18 AAA AA A <A NR 09/30/19 7.7%69.2%19.3%0.0%3.8% 06/30/19 4.5%72.5%18.0%0.0%5.0% Source: S&P Ratings September 30, 2019 vs. June 30, 2019 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0% 80.0% AAA AA A <A NR 9/30/2019 6/30/2019 Quality Distribution City of Dublin As of September 30, 2019 19 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 September 30, 2019 0 -0.25 0.25 -0.50 0.50 -1 1 -2 2 -3 3 -4 4 -5 5+ Portfolio 5.7% 3.4% 8.2% 25.3% 17.9% 25.9% 13.7% 0.0% Benchmark*0.3% 0.1% 1.8% 34.4% 27.2% 22.4% 13.9% 0.0% *ICE BAML 1-5 Yr US Treasury/Agency Index Duration Distribution City of Dublin As of September 30, 2019 20 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 0.87%5.50%2.63%1.89%1.83%N/A 1.63% ICE BAML 1-5 Yr US Treasury/Agency Index 0.75%5.59%2.48%1.63%1.64%N/A 1.46% *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;itincludes interest earnings,realized and unrealized gains and losses in the portfolio. Investment Performance City of Dublin As of September 30, 2019 21 Portfolio Characteristics City of Dublin Reporting Account 9/30/2019 Portfolio 6/30/2019 Portfolio Average Maturity (yrs)0.00 0.00 Modified Duration 0.00 0.00 Average Purchase Yield 2.25%2.43% Average Market Yield 2.25%2.43% Average Quality*AAA/NR AAA/NR Total Market Value 81,335,761 99,297,122 *Portfolio is S&P and Moody’s, respectively. As of September 30, 2019 22 City of Dublin Reporting Account Sector Distribution LAIF 61.1% Local Gov Investment Pool 38.9% September 30, 2019 June 30, 2019 LAIF 49.4% Local Gov Investment Pool 50.6% As of September 30, 2019 23 Issue Name Investment Type % Portfolio Local Agency Investment Fund LAIF 61.05% CAMP Local Gov Investment Pool 38.95% TOTAL 100.00% Issuers City of Dublin Reporting Account –Account #10219 As of September 30, 2019 24 SECTION |Section 3 |Consolidated Information 25 Portfolio Characteristics City of Dublin Consolidated 9/30/2019 6/30/2019 Portfolio Portfolio Average Maturity (yrs)1.91 1.76 Modified Duration 1.72 1.59 Average Purchase Yield 2.21%2.29% Average Market Yield 1.94%2.13% Average Quality*AA+/Aa1 AA+/Aa1 Total Market Value 288,556,322 289,833,799 * Portfolio is S&P and Moody’s respectively. As of September 30, 2019 26 City of Dublin Consolidated Sector Distribution ABS 5.1% Agency 23.5% Commercial Paper 1.4% Foreign Corporate 2.2% LAIF 17.2%Local Gov Investment Pool 11.0% Money Market Fund FI 0.9% Supranational 1.6% US Corporate 16.1% US Treasury 20.9% September 30, 2019 June 30, 2019 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% As of September 30, 2019 27 SECTION |Section 4 |Portfolio Holdings 28 Holdings Report City of Dublin -Account #10198 CUSIP SecurityDescription 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 89238BAB8 Toyota Auto Receivables Trust 2018-A A2A 2.100% Due 10/15/2020 261,158.20 01/23/2018 1.51% 261,131.50 261,147.93 100.00 2.14% 261,151.62 243.75 0.13% 3.69 Aaa / AAA NR 1.04 0.07 43814WAB1 Honda Auto Receivables Trust 2019-1 A2 2.750% Due 09/20/2021 1,625,000.00 02/19/2019 2.77% 1,624,895.35 1,624,919.50 100.42 2.11% 1,631,795.75 1,613.72 0.79% 6,876.25 NR / AAA AAA 1.98 0.63 47788BAD6 John Deere Owner Trust 2017-B A3 1.820% Due 10/15/2021 209,253.35 07/11/2017 1.65% 209,238.03 209,245.99 99.84 2.16% 208,928.87 169.26 0.10% (317.12) Aaa / NR AAA 2.04 0.46 89239AAB9 Toyota Auto Receivables Trust 2019-A A2A 2.830% Due 10/15/2021 1,335,000.00 02/05/2019 2.85% 1,334,878.78 1,334,907.38 100.35 2.13% 1,339,669.83 1,679.13 0.65% 4,762.45 Aaa / AAA NR 2.04 0.49 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 1,204,956.06 100.46 2.09% 1,210,552.64 1,526.33 0.58% 5,596.58 Aaa / NR AAA 2.21 0.59 43815NAB0 Honda Auto Receivables Trust 2019-3 A2 1.900% Due 04/15/2022 1,300,000.00 08/20/2019 1.92% 1,299,909.00 1,299,914.34 99.90 1.99% 1,298,728.60 1,097.78 0.63% (1,185.74) Aaa / AAA NR 2.54 1.14 47788CAC6 John Deere Owner Trust 2018-A A3 2.660% Due 04/18/2022 515,000.00 02/21/2018 2.68% 514,962.97 514,977.19 100.41 2.12% 517,104.81 608.84 0.25% 2,127.62 Aaa / NR AAA 2.55 0.73 477870AB5 John Deere Owner Trust 2019-B A2 2.280% Due 05/16/2022 955,000.00 07/16/2019 2.29% 954,996.37 954,996.61 100.23 2.06% 957,198.41 967.73 0.46% 2,201.80 Aaa / NR AAA 2.63 0.99 43814UAG4 Honda Auto Receivables Trust 2018-2 A3 3.010% Due 05/18/2022 610,000.00 05/22/2018 2.20% 609,986.70 609,991.19 101.00 2.10% 616,096.34 663.04 0.30% 6,105.15 NR / AAA AAA 2.63 1.07 43815HAC1 Honda Auto Receivables Trust 2018-3 A3 2.950% Due 08/22/2022 1,360,000.00 08/21/2018 2.45% 1,359,813.41 1,359,864.58 101.16 1.99% 1,375,725.67 1,114.44 0.66% 15,861.09 Aaa / NR AAA 2.90 1.18 02582JHE3 American Express Credit Trust 2017-3 A 1.770% Due 11/15/2022 1,000,000.00 06/28/2018 2.27% 980,625.00 986,183.20 99.86 2.04% 998,603.00 786.67 0.48% 12,419.80 NR / AAA AAA 3.13 0.53 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 1,584,912.91 101.31 1.99% 1,605,806.30 2,169.69 0.78% 20,893.39 Aaa / NR AAA 3.13 1.18 65479GAD1 Nissan Auto Receivables Trust 2018-B A3 3.060% Due 03/15/2023 1,220,000.00 07/17/2018 3.08% 1,219,960.47 1,219,970.57 101.45 2.08% 1,237,639.98 1,659.20 0.60% 17,669.41 Aaa / AAA NR 3.46 1.44 89231PAD0 Toyota Auto Receivables Trust 2018-D A3 3.180% Due 03/15/2023 1,500,000.00 08/29/2019 2.01% 1,532,050.78 1,531,257.57 101.85 2.00% 1,527,751.50 2,120.00 0.74% (3,506.07) Aaa / AAA NR 3.46 1.53 TOTAL ABS 14,680,411.55 2.53% 14,692,273.27 14,697,245.02 2.05% 14,786,753.32 16,419.58 7.14% 89,508.30 Aaa / AAA Aaa 2.69 0.96 Agency 3137EADM8 FHLMC Note 1.250% Due 10/02/2019 2,500,000.00 12/18/2015 1.64% 2,464,700.00 2,499,974.44 100.00 1.78% 2,499,925.00 15,538.19 1.21% (49.44) Aaa / AA+ AAA 0.01 0.01 As of September 30, 2019 29 Holdings Report City of Dublin -Account #10198 CUSIP SecurityDescription 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 3135G0A78 FNMA Note 1.625% Due 01/21/2020 2,000,000.00 04/07/2015 1.44% 2,016,580.00 2,001,061.73 99.91 1.90% 1,998,252.00 6,319.44 0.97% (2,809.73) Aaa / AA+ AAA 0.31 0.31 313383HU8 FHLB Note 1.750% Due 06/12/2020 2,000,000.00 10/08/2015 1.46% 2,026,040.00 2,003,887.70 99.93 1.85% 1,998,570.00 10,597.22 0.97% (5,317.70) Aaa / AA+ NR 0.70 0.69 3137EAEK1 FHLMC Note 1.875% Due 11/17/2020 2,400,000.00 11/28/2017 1.91% 2,397,336.00 2,398,985.03 100.10 1.78% 2,402,476.80 16,750.00 1.17% 3,491.77 Aaa / AA+ AAA 1.13 1.11 3135G0F73 FNMA Note 1.500% Due 11/30/2020 2,500,000.00 12/04/2015 1.87% 2,455,750.00 2,489,642.58 99.65 1.81% 2,491,160.00 12,604.17 1.21% 1,517.42 Aaa / AA+ AAA 1.17 1.15 3130A7CV5 FHLB Note 1.375% Due 02/18/2021 3,470,000.00 Various 1.45% 3,457,221.20 3,466,442.57 99.48 1.76% 3,451,848.43 5,698.99 1.67% (14,594.14) Aaa / AA+ AAA 1.39 1.36 3135G0J20 FNMA Note 1.375% Due 02/26/2021 5,000,000.00 Various 1.29% 5,018,675.00 5,005,712.74 99.46 1.76% 4,973,035.00 6,684.02 2.40% (32,677.74) Aaa / AA+ AAA 1.41 1.38 313379RB7 FHLB Note 1.875% Due 06/11/2021 3,000,000.00 08/30/2017 1.67% 3,022,620.00 3,010,146.22 100.22 1.74% 3,006,672.00 17,187.50 1.46% (3,474.22) Aaa / AA+ AAA 1.70 1.66 3130A8QS5 FHLB Note 1.125% Due 07/14/2021 2,500,000.00 07/25/2016 1.28% 2,481,475.00 2,493,341.62 99.03 1.68% 2,475,767.50 6,015.63 1.20% (17,574.12) Aaa / AA+ AAA 1.79 1.76 3137EAEC9 FHLMC Note 1.125% Due 08/12/2021 3,000,000.00 Various 1.33% 2,971,215.00 2,989,109.52 98.97 1.69% 2,968,971.00 4,593.76 1.43% (20,138.52) Aaa / AA+ AAA 1.87 1.83 3135G0Q89 FNMA Note 1.375% Due 10/07/2021 2,000,000.00 10/06/2016 1.45% 1,992,924.00 1,997,144.02 99.43 1.66% 1,988,668.00 13,291.67 0.97% (8,476.02) Aaa / AA+ AAA 2.02 1.97 3135G0S38 FNMA Note 2.000% Due 01/05/2022 2,500,000.00 01/30/2017 2.04% 2,495,475.00 2,497,921.01 100.72 1.68% 2,517,887.50 11,944.44 1.22% 19,966.49 Aaa / AA+ AAA 2.27 2.20 313378CR0 FHLB Note 2.250% Due 03/11/2022 2,000,000.00 06/19/2017 1.86% 2,035,280.00 2,018,243.34 101.43 1.65% 2,028,636.00 2,500.00 0.98% 10,392.66 Aaa / AA+ NR 2.45 2.37 3135G0T45 FNMA Note 1.875% Due 04/05/2022 3,250,000.00 05/05/2017 1.99% 3,232,125.00 3,240,858.13 100.68 1.60% 3,272,132.50 29,791.67 1.59% 31,274.37 Aaa / AA+ AAA 2.52 2.43 3135G0T94 FNMA Note 2.375% Due 01/19/2023 2,500,000.00 03/28/2018 2.70% 2,463,675.00 2,475,066.62 102.49 1.60% 2,562,135.00 11,875.00 1.24% 87,068.38 Aaa / AA+ AAA 3.31 3.16 313383QR5 FHLB Note 3.250% Due 06/09/2023 1,500,000.00 08/28/2018 2.87% 1,525,005.00 1,519,301.85 105.60 1.68% 1,584,073.50 15,166.67 0.77% 64,771.65 Aaa / AA+ NR 3.69 3.45 3137EAEN5 FHLMC Note 2.750% Due 06/19/2023 2,000,000.00 07/16/2018 2.88% 1,988,360.00 1,991,214.97 104.04 1.63% 2,080,856.00 15,583.33 1.01% 89,641.03 Aaa / AA+ AAA 3.72 3.51 3133EKZK5 FFCB Note 1.600% Due 08/14/2023 4,000,000.00 08/26/2019 1.54% 4,009,000.00 4,008,782.46 99.98 1.61% 3,999,156.00 8,355.56 1.93% (9,626.46) Aaa / AA+ AAA 3.87 3.73 313383YJ4 FHLB Note 3.375% Due 09/08/2023 5,000,000.00 Various 2.90% 5,102,615.00 5,085,995.60 106.59 1.64% 5,329,330.00 10,781.25 2.58% 243,334.40 Aaa / AA+ NR 3.94 3.69 As of September 30, 2019 30 Holdings Report City of Dublin -Account #10198 CUSIP SecurityDescription 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 3130A0F70 FHLB Note 3.375% Due 12/08/2023 5,000,000.00 Various 2.73% 5,147,870.00 5,125,869.59 106.99 1.64% 5,349,615.00 52,968.75 2.61% 223,745.41 Aaa / AA+ AAA 4.19 3.88 3135G0V34 FNMA Note 2.500% Due 02/05/2024 2,000,000.00 02/27/2019 2.58% 1,992,340.00 1,993,253.42 103.77 1.60% 2,075,404.00 7,777.78 1.01% 82,150.58 Aaa / AA+ AAA 4.35 4.10 3130A1XJ2 FHLB Note 2.875% Due 06/14/2024 3,795,000.00 Various 1.96% 3,958,639.85 3,949,214.78 105.58 1.64% 4,006,836.90 32,428.80 1.95% 57,622.12 Aaa / AA+ NR 4.71 4.37 3133EKWV4 FFCB Note 1.850% Due 07/26/2024 2,500,000.00 08/13/2019 1.65% 2,524,140.00 2,523,499.12 101.07 1.62% 2,526,792.50 8,350.69 1.22% 3,293.38 Aaa / AA+ AAA 4.82 4.59 TOTAL Agency 66,415,000.00 1.96% 66,779,061.05 66,784,669.06 1.69% 67,588,200.63 322,804.53 32.77% 803,531.57 Aaa / AA+ Aaa 2.64 2.52 Commercial Paper 62479MYK3 MUFG Bank Ltd/NY Discount CP 2.120% Due 11/19/2019 4,140,000.00 08/20/2019 2.16% 4,117,814.20 4,128,053.80 99.71 2.16% 4,128,053.80 0.00 1.99% 0.00 P-1 / A-1 NR 0.14 0.14 TOTAL Commercial Paper 4,140,000.00 2.16% 4,117,814.20 4,128,053.80 2.16% 4,128,053.80 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 1,492,192.30 100.71 2.32% 1,510,719.00 9,495.83 0.73% 18,526.70 A2 / A AA- 2.27 2.17 89114QCB2 Toronto Dominion Bank Note 3.250% Due 03/11/2024 2,300,000.00 03/26/2019 2.95% 2,331,234.00 2,328,007.06 104.51 2.18% 2,403,693.20 4,152.78 1.16% 75,686.14 Aa3 / A AA- 4.45 4.13 78013XZU5 Royal Bank of Canada Note 2.550% Due 07/16/2024 2,500,000.00 09/10/2019 2.28% 2,531,325.00 2,530,988.55 101.35 2.25% 2,533,860.00 13,281.25 1.23% 2,871.45 A2 / A AA 4.80 4.47 TOTAL Foreign Corporate 6,300,000.00 2.67% 6,348,879.00 6,351,187.91 2.24% 6,448,272.20 26,929.86 3.12% 97,084.29 A1 / A AA- 4.07 3.81 Money Market Fund FI 31846V203 First American Govt Obligation Fund Class Y 2,638,644.76 Various 1.57% 2,638,644.76 2,638,644.76 1.00 1.57% 2,638,644.76 0.00 1.27% 0.00 Aaa / AAA AAA 0.00 0.00 TOTAL Money Market Fund FI 2,638,644.76 1.57% 2,638,644.76 2,638,644.76 1.57% 2,638,644.76 0.00 1.27% 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 1,994,700.68 100.79 1.65% 2,015,786.00 7,222.22 0.98% 21,085.32 Aaa / NR AAA 2.33 2.25 As of September 30, 2019 31 Holdings Report City of Dublin -Account #10198 CUSIP SecurityDescription 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 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 2,470,187.15 100.30 1.65% 2,507,380.00 2,065.97 1.21% 37,192.85 Aaa / AAA AAA 2.96 2.87 TOTAL Supranational 4,500,000.00 2.15% 4,441,995.00 4,464,887.83 1.65% 4,523,166.00 9,288.19 2.19% 58,278.17 Aaa / AAA Aaa 2.68 2.59 US Corporate 68389XAX3 Oracle Corp Note 2.250% Due 10/08/2019 1,250,000.00 Various 1.73% 1,272,172.50 1,250,120.29 100.00 2.15% 1,250,022.50 13,515.63 0.61% (97.79) A1 / A+ A 0.02 0.02 40428HPN6 HSBC USA Inc Note 2.375% Due 11/13/2019 1,000,000.00 11/07/2014 2.32% 1,002,440.00 1,000,057.46 100.02 2.17% 1,000,223.00 9,104.17 0.49% 165.54 A2 / A AA- 0.12 0.12 747525AD5 Qualcomm Inc Note 2.250% Due 05/20/2020 2,000,000.00 Various 2.22% 2,001,128.80 2,000,363.52 100.04 2.18% 2,000,834.01 16,375.01 0.97% 470.49 A2 / A- NR 0.64 0.63 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 1,005,182.38 100.30 1.99% 1,002,957.00 5,079.86 0.49% (2,225.38) A2 / A A 0.79 0.78 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 2,000,987.37 100.32 1.97% 2,006,460.00 18,911.11 0.98% 5,472.63 A3 / A A 1.10 0.98 24422ETF6 John Deere Capital Corp Note 2.550% Due 01/08/2021 750,000.00 Various 2.42% 753,733.15 751,174.08 100.70 1.99% 755,235.00 4,409.38 0.37% 4,060.92 A2 / A A 1.28 1.24 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 1,803,869.77 100.52 1.85% 1,809,428.40 3,333.00 0.87% 5,558.63 Aaa / AA+ NR 1.42 1.39 369550BE7 General Dynamics Corp Note 3.000% Due 05/11/2021 1,130,000.00 05/08/2018 3.24% 1,122,146.50 1,125,786.63 101.75 1.89% 1,149,787.43 13,183.33 0.56% 24,000.80 A2 / A+ NR 1.61 1.56 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 1,000,076.03 100.39 1.84% 1,003,861.00 7,875.00 0.49% 3,784.97 Aa2 / AA NR 1.63 1.50 857477AV5 State Street Bank Note 1.950% Due 05/19/2021 1,800,000.00 Various 1.91% 1,802,989.00 1,801,087.35 100.01 1.94% 1,800,199.81 12,870.00 0.87% (887.54) A1 / A AA- 1.64 1.59 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 1,848,674.34 99.58 1.78% 1,842,250.36 4,221.60 0.89% (6,423.98) Aaa / AAA AA+ 1.86 1.82 68389XBK0 Oracle Corp Callable Note Cont 8/15/2021 1.900% Due 09/15/2021 1,000,000.00 06/28/2018 3.08% 964,080.00 978,123.68 99.88 1.96% 998,821.00 844.44 0.48% 20,697.32 A1 / A+ A 1.96 1.91 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 2,011,333.68 101.23 2.06% 2,024,530.00 9,770.83 0.98% 13,196.32 A1 / A+ AA- 2.32 2.15 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 1,994,513.06 101.80 2.07% 2,036,030.00 9,716.67 0.99% 41,516.94 A2 / A A 3.32 3.08 As of September 30, 2019 32 Holdings Report City of Dublin -Account #10198 CUSIP SecurityDescription 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 1,994,124.26 102.87 2.11% 2,057,380.00 9,166.67 1.00% 63,255.74 A2 / A NR 3.36 3.17 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 1,829,673.70 102.51 1.96% 1,911,867.45 2,279.44 0.92% 82,193.75 Aa2 / AA A+ 3.46 3.14 58933YAF2 Merck & Co Note 2.800% Due 05/18/2023 740,000.00 10/26/2018 3.41% 720,996.80 724,840.92 102.96 1.95% 761,888.46 7,654.89 0.37% 37,047.54 A1 / AA A+ 3.63 3.42 46625HRL6 JP Morgan Chase Callable Note Cont 3/18/2023 2.700% Due 05/18/2023 500,000.00 12/20/2018 3.74% 479,055.00 482,719.72 101.68 2.19% 508,406.00 4,987.50 0.25% 25,686.28 A2 / A- AA- 3.63 3.27 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 2,207,752.01 105.00 2.06% 2,320,416.02 24,279.30 1.13% 112,664.01 A2 / A NR 3.69 3.36 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 2,308,745.67 99.14 2.12% 2,379,304.80 13,250.00 1.15% 70,559.13 A2 / A A 3.71 3.54 166764AH3 Chevron Corp Callable Note Cont 3/24/2023 3.191% Due 06/24/2023 1,000,000.00 11/08/2018 3.59% 983,170.00 986,388.09 104.26 1.92% 1,042,562.00 8,597.97 0.51% 56,173.91 Aa2 / AA NR 3.73 3.27 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 1,379,731.91 105.26 1.90% 1,452,651.48 12,381.66 0.71% 72,919.57 Aa2 / AA AA 3.74 3.41 02665WCJ8 American Honda Finance Note 3.450% Due 07/14/2023 1,000,000.00 Various 3.54% 996,275.00 996,950.48 104.88 2.10% 1,048,847.00 7,379.17 0.51% 51,896.52 A2 / A NR 3.79 3.53 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 1,201,431.04 104.85 2.14% 1,258,189.20 5,750.00 0.61% 56,758.16 A1 / A AA- 3.87 3.60 06051GHF9 Bank of America Corp Callable Note 1X 3/5/2023 3.550% Due 03/05/2024 2,400,000.00 Various 3.13% 2,434,650.00 2,431,216.92 103.93 2.35% 2,494,233.60 6,153.33 1.21% 63,016.68 A2 / A- A+ 4.43 3.22 037833CU2 Apple Inc Callable Note Cont 3/11/2024 2.850% Due 05/11/2024 3,000,000.00 Various 2.55% 3,038,334.00 3,036,762.84 103.75 1.97% 3,112,458.00 33,250.00 1.52% 75,695.16 Aa1 / AA+ NR 4.62 4.13 24422ETT6 John Deere Capital Corp Note 2.650% Due 06/24/2024 1,000,000.00 08/26/2019 2.00% 1,029,680.00 1,029,107.29 102.72 2.04% 1,027,235.00 7,140.28 0.50% (1,872.29) A2 / A A 4.74 4.41 02665WCZ2 American Honda Finance Note 2.400% Due 06/27/2024 1,500,000.00 07/10/2019 2.49% 1,493,742.00 1,494,021.75 101.08 2.16% 1,516,171.50 9,400.00 0.74% 22,149.75 A2 / A NR 4.75 4.44 46647PAU0 JP Morgan Chase & Co Callable Note Cont 7/23/2023 3.797% Due 07/23/2024 2,500,000.00 09/12/2019 2.35% 2,632,175.00 2,630,764.88 105.47 2.29% 2,636,682.50 17,930.28 1.28% 5,917.62 A2 / A- AA- 4.82 3.76 TOTAL US Corporate 45,275,000.00 2.67% 45,323,937.95 45,305,581.12 2.05% 46,208,932.52 298,810.52 22.44% 903,351.40 A1 / A+ A+ 2.92 2.62 As of September 30, 2019 33 Holdings Report City of Dublin -Account #10198 CUSIP SecurityDescription Par Value/Units Purchase Date Book Yield Cost Value Book Value Mkt Price Mkt YTM Market Value Accrued Int. % of Port. Gain/Loss Moody/S&P Fitch Maturity Duration US Treasury 912828H52 US Treasury Note 1.250% Due 01/31/2020 3,500,000.00 Various 1.53% 3,453,755.22 3,496,858.09 99.78 1.92% 3,492,205.50 7,370.92 1.69% (4,652.59) Aaa / AA+ AAA 0.34 0.33 912828XE5 US Treasury Note 1.500% Due 05/31/2020 3,000,000.00 Various 1.67% 2,976,025.68 2,996,753.15 99.75 1.87% 2,992,617.00 15,122.95 1.45% (4,136.15) Aaa / AA+ AAA 0.67 0.66 912828XM7 US Treasury Note 1.625% Due 07/31/2020 1,500,000.00 09/08/2015 1.52% 1,507,622.21 1,501,296.67 99.81 1.86% 1,497,129.00 4,106.66 0.72% (4,167.67) Aaa / AA+ AAA 0.84 0.82 912828L99 US Treasury Note 1.375% Due 10/31/2020 5,000,000.00 Various 1.69% 4,927,376.14 4,983,933.29 99.54 1.81% 4,976,955.00 28,770.38 2.42% (6,978.29) Aaa / AA+ AAA 1.09 1.06 912828N89 US Treasury Note 1.375% Due 01/31/2021 2,000,000.00 03/15/2016 1.49% 1,988,834.83 1,996,942.42 99.48 1.77% 1,989,532.00 4,633.15 0.96% (7,410.42) Aaa / AA+ AAA 1.34 1.31 912828P87 US Treasury Note 1.125% Due 02/28/2021 3,000,000.00 12/28/2018 2.54% 2,911,171.88 2,941,980.62 99.12 1.76% 2,973,633.00 2,874.31 1.44% 31,652.38 Aaa / AA+ AAA 1.42 1.40 912828T34 US Treasury Note 1.125% Due 09/30/2021 1,500,000.00 Various 1.66% 1,463,144.24 1,484,770.75 98.98 1.65% 1,484,649.00 46.11 0.72% (121.75) Aaa / AA+ AAA 2.00 1.97 912828U65 US Treasury Note 1.750% Due 11/30/2021 2,500,000.00 12/28/2016 2.06% 2,464,461.50 2,484,356.73 100.22 1.64% 2,505,567.50 14,702.87 1.22% 21,210.77 Aaa / AA+ AAA 2.17 2.11 912828V72 US Treasury Note 1.875% Due 01/31/2022 1,500,000.00 02/27/2017 1.84% 1,502,407.37 1,501,142.09 100.55 1.63% 1,508,320.50 4,738.45 0.73% 7,178.41 Aaa / AA+ AAA 2.34 2.27 912828J76 US Treasury Note 1.750% Due 03/31/2022 3,000,000.00 04/25/2017 1.85% 2,985,830.37 2,992,820.72 100.38 1.59% 3,011,484.00 143.44 1.45% 18,663.28 Aaa / AA+ AAA 2.50 2.44 912828WZ9 US Treasury Note 1.750% Due 04/30/2022 2,750,000.00 05/23/2017 1.84% 2,738,944.75 2,744,220.84 100.38 1.60% 2,760,527.00 20,249.32 1.34% 16,306.16 Aaa / AA+ AAA 2.58 2.50 912828XR6 US Treasury Note 1.750% Due 05/31/2022 1,500,000.00 06/28/2017 1.81% 1,496,020.65 1,497,845.35 100.38 1.61% 1,505,625.00 8,821.72 0.73% 7,779.65 Aaa / AA+ AAA 2.67 2.58 912828XW5 US Treasury Note 1.750% Due 06/30/2022 3,000,000.00 07/25/2017 1.86% 2,984,072.55 2,991,124.87 100.44 1.59% 3,013,125.00 13,267.66 1.46% 22,000.13 Aaa / AA+ AAA 2.75 2.66 912828L24 US Treasury Note 1.875% Due 08/31/2022 2,000,000.00 09/27/2017 1.92% 1,995,944.20 1,997,597.65 100.84 1.58% 2,016,796.00 3,193.68 0.97% 19,198.35 Aaa / AA+ AAA 2.92 2.83 912828L57 US Treasury Note 1.750% Due 09/30/2022 3,750,000.00 Various 2.02% 3,702,841.80 3,721,125.67 100.50 1.58% 3,768,603.75 179.31 1.82% 47,478.08 Aaa / AA+ AAA 3.00 2.91 912828M49 US Treasury Note 1.875% Due 10/31/2022 1,000,000.00 01/30/2018 2.47% 973,359.38 982,700.50 100.88 1.58% 1,008,789.00 7,846.47 0.49% 26,088.50 Aaa / AA+ AAA 3.09 2.97 9128284D9 US Treasury Note 2.500% Due 03/31/2023 3,750,000.00 Various 2.75% 3,706,123.05 3,718,926.43 103.14 1.57% 3,867,918.75 256.15 1.87% 148,992.32 Aaa / AA+ AAA 3.50 3.35 As of September 30, 2019 34 Holdings Report City of Dublin -Account #10198 CUSIP SecurityDescription 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 1,446,632.39 100.20 1.57% 1,502,929.50 8,191.60 0.73% 56,297.11 Aaa / AA+ AAA 3.67 3.53 912828U57 US Treasury Note 2.125% Due 11/30/2023 5,000,000.00 Various 2.53% 4,908,242.19 4,921,078.23 102.20 1.58% 5,110,155.00 35,706.97 2.48% 189,076.77 Aaa / AA+ AAA 4.17 3.95 912828V80 US Treasury Note 2.250% Due 01/31/2024 5,000,000.00 Various 2.32% 4,983,691.41 4,985,319.14 102.84 1.57% 5,141,795.00 18,953.80 2.49% 156,475.86 Aaa / AA+ AAA 4.34 4.11 912828WJ5 US Treasury Note 2.500% Due 05/15/2024 1,750,000.00 06/10/2019 1.91% 1,798,261.72 1,795,258.77 104.12 1.57% 1,822,051.00 16,525.14 0.89% 26,792.23 Aaa / AA+ AAA 4.63 4.33 9128282N9 US Treasury Note 2.125% Due 07/31/2024 2,000,000.00 08/30/2019 1.44% 2,064,531.25 2,063,382.11 102.55 1.57% 2,051,016.00 7,160.33 0.99% (12,366.11) Aaa / AA+ AAA 4.84 4.57 TOTAL US Treasury 59,500,000.00 2.01% 58,959,830.36 59,246,066.48 1.66% 60,001,423.50 222,861.39 29.06% 755,357.02 Aaa / AA+ Aaa 2.62 2.51 TOTAL PORTFOLIO 203,449,056.31 2.20% 203,302,435.59 203,616,335.98 1.81% 206,323,446.73 897,114.07 100.00% 2,707,110.75 Aa1 / AA Aaa 2.66 2.39 TOTAL MARKET VALUE PLUS ACCRUALS 207,220,560.80 As of September 30, 2019 35 Holdings Report City of Dublin Reporting Account -Account #10219 CUSIP SecurityDescription Par Value/Units Purchase Date Book Yield Cost Value Book Value Mkt Price Mkt YTM Market Value Accrued Int. % of Port. Gain/Loss Moody/S&P Fitch Maturity Duration LAIF 90LAIF$00 Local Agency Investment Fund State Pool 49,367,485.67 Various 2.25% 49,367,485.67 49,367,485.67 1.00 2.25% 49,367,485.67 289,048.43 61.05% 0.00 NR / NR NR 0.00 0.00 TOTAL LAIF 49,367,485.67 2.25% 49,367,485.67 49,367,485.67 2.25% 49,367,485.67 289,048.43 61.05% 0.00 NR / NR NR 0.00 0.00 Local Gov Investment Pool 90CAMP$00 California Asset Mgmt Program CAMP 31,679,227.03 Various 2.25% 31,679,227.03 31,679,227.03 1.00 2.25% 31,679,227.03 0.00 38.95% 0.00 NR / AAA NR 0.00 0.00 TOTAL Local Gov Investment Pool 31,679,227.03 2.25% 31,679,227.03 31,679,227.03 2.25% 31,679,227.03 0.00 38.95% 0.00 NR / AAA NR 0.00 0.00 TOTAL PORTFOLIO 81,046,712.70 2.25% 81,046,712.70 81,046,712.70 2.25% 81,046,712.70 289,048.43 100.00% 0.00 NR / AAA NR 0.00 0.00 TOTAL MARKET VALUE PLUS ACCRUALS 81,335,761.13 As of September 30, 2019 36 SECTION |Section 5 |Transactions 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 ACQUISITIONS Purchase 07/12/2019 02665WCZ2 680,000.00 American Honda Finance Note 2.4% Due: 06/27/2024 99.550 2.50%676,940.00 680.00 677,620.00 0.00 Purchase 07/12/2019 02665WCZ2 820,000.00 American Honda Finance Note 2.4% Due: 06/27/2024 99.610 2.48%816,802.00 820.00 817,622.00 0.00 Purchase 07/24/2019 477870AB5 955,000.00 John Deere Owner Trust 2019-B A2 2.28% Due: 05/16/2022 100.000 2.29%954,996.37 0.00 954,996.37 0.00 Purchase 08/14/2019 3133EKWV4 2,500,000.00 FFCB Note 1.85% Due: 07/26/2024 100.966 1.65%2,524,140.00 2,312.50 2,526,452.50 0.00 Purchase 08/20/2019 62479MYK3 4,140,000.00 MUFG Bank Ltd/NY Discount CP 2.12% Due: 11/19/2019 99.464 2.16%4,117,814.20 0.00 4,117,814.20 0.00 Purchase 08/27/2019 3133EKZK5 4,000,000.00 FFCB Note 1.6% Due: 08/14/2023 100.225 1.54%4,009,000.00 2,311.11 4,011,311.11 0.00 Purchase 08/27/2019 43815NAB0 1,300,000.00 Honda Auto Receivables Trust 2019-3 A2 1.9% Due: 04/15/2022 99.993 1.92%1,299,909.00 0.00 1,299,909.00 0.00 Purchase 08/28/2019 037833CU2 600,000.00 Apple Inc Callable Note Cont 3/11/2024 2.85% Due: 05/11/2024 104.021 1.95%624,126.00 5,082.50 629,208.50 0.00 Purchase 08/28/2019 24422ETT6 1,000,000.00 John Deere Capital Corp Note 2.65% Due: 06/24/2024 102.968 2.00%1,029,680.00 4,711.11 1,034,391.11 0.00 Purchase 08/30/2019 89231PAD0 1,500,000.00 Toyota Auto Receivables Trust 2018-D A3 3.18% Due: 03/15/2023 102.137 1.98%1,532,050.78 1,987.50 1,534,038.28 0.00 Purchase 08/30/2019 9128282N9 2,000,000.00 US Treasury Note 2.125% Due: 07/31/2024 103.227 1.44%2,064,531.25 3,464.67 2,067,995.92 0.00 Purchase 09/12/2019 78013XZU5 2,500,000.00 Royal Bank of Canada Note 2.55% Due: 07/16/2024 101.253 2.28%2,531,325.00 9,916.67 2,541,241.67 0.00 June 30, 2019 through September 30, 2019 As of September 30, 2019 38 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 Purchase 09/16/2019 46647PAU0 2,500,000.00 JP Morgan Chase & Co Callable Note Cont 7/23/2023 3.797% Due: 07/23/2024 105.287 2.47%2,632,175.00 13,975.07 2,646,150.07 0.00 Subtotal 24,495,000.00 24,813,489.60 45,261.13 24,858,750.73 0.00 TOTAL ACQUISITIONS 24,495,000.00 24,813,489.60 45,261.13 24,858,750.73 0.00 DISPOSITIONS Sale 07/12/2019 02665WAH4 1,800,000.00 American Honda Finance Note 2.25% Due: 08/15/2019 99.984 2.40%1,799,712.00 16,537.50 1,816,249.50 -564.46 Sale 07/17/2019 3135G0ZG1 500,000.00 FNMA Note 1.75% Due: 09/12/2019 99.924 2.24%499,620.00 3,038.19 502,658.19 -433.51 Sale 08/14/2019 3135G0ZG1 2,000,000.00 FNMA Note 1.75% Due: 09/12/2019 99.970 2.12%1,999,400.00 14,777.78 2,014,177.78 -708.89 Subtotal 4,300,000.00 4,298,732.00 34,353.47 4,333,085.47 -1,706.86 Redemption 08/27/2019 46625HKA7 1,400,000.00 JP Morgan Chase Callable Note Cont 12/23/2019 2.25% Due: 01/23/2020 100.055 2.08%1,400,770.00 2,975.00 1,403,745.00 0.00 Redemption 08/27/2019 46625HKA7 200,000.00 JP Morgan Chase Callable Note Cont 12/23/2019 2.25% Due: 01/23/2020 100.055 2.08%200,110.00 425.00 200,535.00 0.00 Redemption 08/27/2019 46625HKA7 200,000.00 JP Morgan Chase Callable Note Cont 12/23/2019 2.25% Due: 01/23/2020 100.055 2.08%200,110.00 425.00 200,535.00 0.00 Subtotal 1,800,000.00 1,800,990.00 3,825.00 1,804,815.00 0.00 Maturity 08/19/2019 62479MVK6 3,800,000.00 MUFG Bank Ltd/NY Discount CP 2.35% Due: 08/19/2019 99.608 3,800,000.00 0.00 3,800,000.00 0.00 June 30, 2019 through September 30, 2019 As of September 30, 2019 39 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 Maturity 09/11/2019 06406HCW7 750,000.00 Bank of New York Callable Note Cont 8/11/2019 2.3% Due: 09/11/2019 100.000 750,000.00 0.00 750,000.00 0.00 Subtotal 4,550,000.00 4,550,000.00 0.00 4,550,000.00 0.00 TOTAL DISPOSITIONS 10,650,000.00 10,649,722.00 38,178.47 10,687,900.47 -1,706.86 June 30, 2019 through September 30, 2019 As of September 30, 2019 40 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 07/15/2019 90LAIF$00 311,540.43 Local Agency Investment Fund State Pool 1.000 2.41%311,540.43 0.00 311,540.43 0.00 Purchase 07/31/2019 90CAMP$00 107,831.83 California Asset Mgmt Program CAMP 1.000 2.39%107,831.83 0.00 107,831.83 0.00 Purchase 08/31/2019 90CAMP$00 69,558.17 California Asset Mgmt Program CAMP 1.000 2.25%69,558.17 0.00 69,558.17 0.00 Purchase 09/30/2019 90CAMP$00 55,433.12 California Asset Mgmt Program CAMP 1.000 2.25%55,433.12 0.00 55,433.12 0.00 Purchase 09/30/2019 90LAIF$00 302,227.54 Local Agency Investment Fund State Pool 1.000 2.25%302,227.54 0.00 302,227.54 0.00 Subtotal 846,591.09 846,591.09 0.00 846,591.09 0.00 Security Contribution 07/09/2019 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 Security Contribution 07/15/2019 90CAMP$00 1,200,000.00 California Asset Mgmt Program CAMP 1.000 1,200,000.00 0.00 1,200,000.00 0.00 Security Contribution 08/30/2019 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 Security Contribution 09/27/2019 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 Subtotal 9,700,000.00 9,700,000.00 0.00 9,700,000.00 0.00 TOTAL ACQUISITIONS 10,546,591.09 10,546,591.09 0.00 10,546,591.09 0.00 DISPOSITIONS Security Withdrawal 07/22/2019 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 07/26/2019 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 June 30, 2019 through September 30, 2019 As of September 30, 2019 41 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 07/31/2019 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 08/02/2019 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 08/09/2019 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 Security Withdrawal 08/16/2019 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 08/26/2019 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 09/06/2019 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 09/15/2019 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 Subtotal 28,500,000.00 28,500,000.00 0.00 28,500,000.00 0.00 TOTAL DISPOSITIONS 28,500,000.00 28,500,000.00 0.00 28,500,000.00 0.00 June 30, 2019 through September 30, 2019 As of September 30, 2019 42 Transaction Ledger 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 07/12/2019 02665WCZ2 680,000.00 American Honda Finance Note 2.4% Due: 06/27/2024 99.550 2.50%676,940.00 680.00 677,620.00 0.00 Purchase 07/12/2019 02665WCZ2 820,000.00 American Honda Finance Note 2.4% Due: 06/27/2024 99.610 2.48%816,802.00 820.00 817,622.00 0.00 Purchase 07/15/2019 90LAIF$00 311,540.43 Local Agency Investment Fund State Pool 1.000 2.41%311,540.43 0.00 311,540.43 0.00 Purchase 07/24/2019 477870AB5 955,000.00 John Deere Owner Trust 2019-B A2 2.28% Due: 05/16/2022 100.000 2.29%954,996.37 0.00 954,996.37 0.00 Purchase 07/31/2019 90CAMP$00 107,831.83 California Asset Mgmt Program CAMP 1.000 2.39%107,831.83 0.00 107,831.83 0.00 Purchase 08/14/2019 3133EKWV4 2,500,000.00 FFCB Note 1.85% Due: 07/26/2024 100.966 1.65%2,524,140.00 2,312.50 2,526,452.50 0.00 Purchase 08/20/2019 62479MYK3 4,140,000.00 MUFG Bank Ltd/NY Discount CP 2.12% Due: 11/19/2019 99.464 2.16%4,117,814.20 0.00 4,117,814.20 0.00 Purchase 08/27/2019 3133EKZK5 4,000,000.00 FFCB Note 1.6% Due: 08/14/2023 100.225 1.54%4,009,000.00 2,311.11 4,011,311.11 0.00 Purchase 08/27/2019 43815NAB0 1,300,000.00 Honda Auto Receivables Trust 2019-3 A2 1.9% Due: 04/15/2022 99.993 1.92%1,299,909.00 0.00 1,299,909.00 0.00 Purchase 08/28/2019 037833CU2 600,000.00 Apple Inc Callable Note Cont 3/11/2024 2.85% Due: 05/11/2024 104.021 1.95%624,126.00 5,082.50 629,208.50 0.00 Purchase 08/28/2019 24422ETT6 1,000,000.00 John Deere Capital Corp Note 2.65% Due: 06/24/2024 102.968 2.00%1,029,680.00 4,711.11 1,034,391.11 0.00 Purchase 08/30/2019 89231PAD0 1,500,000.00 Toyota Auto Receivables Trust 2018-D A3 3.18% Due: 03/15/2023 102.137 1.98%1,532,050.78 1,987.50 1,534,038.28 0.00 Purchase 08/30/2019 9128282N9 2,000,000.00 US Treasury Note 2.125% Due: 07/31/2024 103.227 1.44%2,064,531.25 3,464.67 2,067,995.92 0.00 Purchase 08/31/2019 90CAMP$00 69,558.17 California Asset Mgmt Program CAMP 1.000 2.25%69,558.17 0.00 69,558.17 0.00 Purchase 09/12/2019 78013XZU5 2,500,000.00 Royal Bank of Canada Note 2.55% Due: 07/16/2024 101.253 2.28%2,531,325.00 9,916.67 2,541,241.67 0.00 Purchase 09/16/2019 46647PAU0 2,500,000.00 JP Morgan Chase & Co Callable Note Cont 7/23/2023 3.797% Due: 07/23/2024 105.287 2.47%2,632,175.00 13,975.07 2,646,150.07 0.00 Purchase 09/30/2019 90CAMP$00 55,433.12 California Asset Mgmt Program CAMP 1.000 2.25%55,433.12 0.00 55,433.12 0.00 June 30, 2019 through September 30, 2019 As of September 30, 2019 43 Transaction Ledger 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 Purchase 09/30/2019 90LAIF$00 302,227.54 Local Agency Investment Fund State Pool 1.000 2.25%302,227.54 0.00 302,227.54 0.00 Subtotal 25,341,591.09 25,660,080.69 45,261.13 25,705,341.82 0.00 Security Contribution 07/09/2019 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 Security Contribution 07/15/2019 90CAMP$00 1,200,000.00 California Asset Mgmt Program CAMP 1.000 1,200,000.00 0.00 1,200,000.00 0.00 Security Contribution 08/30/2019 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 Security Contribution 09/27/2019 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 Subtotal 9,700,000.00 9,700,000.00 0.00 9,700,000.00 0.00 TOTAL ACQUISITIONS 35,041,591.09 35,360,080.69 45,261.13 35,405,341.82 0.00 DISPOSITIONS Sale 07/12/2019 02665WAH4 1,800,000.00 American Honda Finance Note 2.25% Due: 08/15/2019 99.984 2.40%1,799,712.00 16,537.50 1,816,249.50 -564.46 Sale 07/17/2019 3135G0ZG1 500,000.00 FNMA Note 1.75% Due: 09/12/2019 99.924 2.24%499,620.00 3,038.19 502,658.19 -433.51 Sale 08/14/2019 3135G0ZG1 2,000,000.00 FNMA Note 1.75% Due: 09/12/2019 99.970 2.12%1,999,400.00 14,777.78 2,014,177.78 -708.89 Subtotal 4,300,000.00 4,298,732.00 34,353.47 4,333,085.47 -1,706.86 Redemption 08/27/2019 46625HKA7 1,400,000.00 JP Morgan Chase Callable Note Cont 12/23/2019 2.25% Due: 01/23/2020 100.055 2.08%1,400,770.00 2,975.00 1,403,745.00 0.00 June 30, 2019 through September 30, 2019 As of September 30, 2019 44 Transaction Ledger 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 Redemption 08/27/2019 46625HKA7 200,000.00 JP Morgan Chase Callable Note Cont 12/23/2019 2.25% Due: 01/23/2020 100.055 2.08%200,110.00 425.00 200,535.00 0.00 Redemption 08/27/2019 46625HKA7 200,000.00 JP Morgan Chase Callable Note Cont 12/23/2019 2.25% Due: 01/23/2020 100.055 2.08%200,110.00 425.00 200,535.00 0.00 Subtotal 1,800,000.00 1,800,990.00 3,825.00 1,804,815.00 0.00 Maturity 08/19/2019 62479MVK6 3,800,000.00 MUFG Bank Ltd/NY Discount CP 2.35% Due: 08/19/2019 99.608 3,800,000.00 0.00 3,800,000.00 0.00 Maturity 09/11/2019 06406HCW7 750,000.00 Bank of New York Callable Note Cont 8/11/2019 2.3% Due: 09/11/2019 100.000 750,000.00 0.00 750,000.00 0.00 Subtotal 4,550,000.00 4,550,000.00 0.00 4,550,000.00 0.00 Security Withdrawal 07/22/2019 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 07/26/2019 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 07/31/2019 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 08/02/2019 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 08/09/2019 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 Security Withdrawal 08/16/2019 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 08/26/2019 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 09/06/2019 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 June 30, 2019 through September 30, 2019 As of September 30, 2019 45 Transaction Ledger 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 Security Withdrawal 09/15/2019 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 Subtotal 28,500,000.00 28,500,000.00 0.00 28,500,000.00 0.00 TOTAL DISPOSITIONS 39,150,000.00 39,149,722.00 38,178.47 39,187,900.47 -1,706.86 June 30, 2019 through September 30, 2019 As of September 30, 2019 46 Important Disclosures 2019 Chandler AssetManagement,Inc,AnIndependent RegisteredInvestment Adviser. Information containedherein is confidential.Prices are providedby IDC,an independent pricing source.In the event IDC doesnotprovide a price or if thepriceprovided is not reflective of fair market value,Chandler will obtain pricing from an alternative approvedthird party pricingsource in accordance with our written valuationpolicy andprocedures.Our valuation procedures are alsodisclosed in Item 5 of our Form ADV Part 2A. Performance results are presentedgross-of-advisory fees andrepresent the client’s Total Return.Thededuction of advisory feeslowers performance results.These results include the reinvestment of dividendsand otherearnings.Past performance may notbe indicative of future results.Therefore,clients shouldnot assume thatfuture performance of any specificinvestment or investment strategy will be profitable or equal to pastperformance levels.All investment strategies have the potential for profit or loss.Economic factors,market conditions or changes in investmentstrategies, contributions or withdrawals may materially alter theperformanceand results of your portfolio. Indexreturns assumereinvestment of all distributions.Historical performance results for investment indexes generally donot reflect thededuction of transaction and/orcustodial charges or the deduction of an investment management fee,theincurrence of whichwouldhavethe effect of decreasing historical performance results.It is notpossible to invest directlyin an index. Source ice Data Indices,LLC ("ICE"),used with permission.ICE permitsuse of the ICE indicesand related data on an "as is"basis;ICE,itsaffiliates andtheir respective third party suppliers disclaim anyand all warranties and representations,express and/or implied,including any warranties of merchantability or fitness for a particularpurpose or use,including the indices,indexdataandanydataincluded in,relatedto,or derived therefrom.Neither ICE data,itsaffiliates or their respective third party providersguarantee the quality,adequacy,accuracy,timeliness or completeness of the indices or the indexdata or anycomponent thereof,andtheindicesandindex data and all components thereof are provided on an "as is"basisand licensee's use it at licensee's own risk.ICE data,itsaffiliates and their respective thirdparty donotsponsor,endorse,or recommend chandler asset management,or any of its products or services. This report is provided for informational purposesonlyandshouldnotbe construed as a specific investment or legal advice.The information contained herein was obtained from sourcesbelieved to be reliable as of thedate of publication,but may becomeoutdated or superseded at any time withoutnotice.Any opinions or viewsexpressed are based on current market conditions and are subject to change.Thisreport may contain forecasts and forward-looking statements which are inherently limited and shouldnotbe relied upon as indicator of future results.Past performance is not indicative of future results.This report is notintended toconstitute an offer,solicitation,recommendation or advice regarding any securities or investment strategy andshouldnotbe regarded by recipients as a substitute for the exercise of their own judgment. Fixed incomeinvestments 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 thatthe borrower may notbeable to repay interest andprincipal.Low rated bonds generally have to pay higher interest ratestoattract investors willing to take on greaterrisk.Market risk:thebond market in general coulddeclinedue to economic conditions,especially duringperiods of rising interest rates. Ratings information have been providedby Moody’s,S&P and Fitch throughdata feeds we believe to be reliable as of thedate of this statement,however we cannotguarantee its accuracy. Security level ratings for U.S.Agency issued mortgage-backed securities (“MBS”)reflect the issuer rating becausethe securities themselves are not rated.The issuing U.S.Agencyguarantees the full and timely payment of bothprincipaland interest and carries a AA+/Aaa/AAAby S&P,Moody’s and Fitch respectively. As of September 30, 2019 47 Benchmark Disclosures ICE BAML 1-5 Yr US Treasury/Agency Index The ICE BAML 1-5 Year US Treasury &Agency Index tracks the performance of US dollar denominated US Treasury and nonsubordinated US agencydebt issued in the USdomestic market.Qualifying securities must havean investment graderating (based on an average ofMoody’s,S&P and Fitch).Qualifying securities must have at least one year remaining term to final maturity and less than five yearsremaining termto final maturity,at least 18 months to maturityat time of issuance,a fixedcoupon schedule and a minimum amountoutstanding of $1 billion forsovereigns and $250 million for agencies.(Index:GVA0.Please visit www.mlindex.ml.comformore information) The ICE BAML 1-3 Year US Treasury &Agency Index tracks the performance of US dollar denominated US Treasury and nonsubordinated US agencydebt issued in the USdomestic market.Qualifying securities must have an investment grade rating (based on anaverage ofMoody’s,S&P and Fitch).Qualifyingsecurities must have at least oneyear remaining term to finalmaturity and less than three yearsremaining termto final maturity,at least 18 months to maturityat time of issuance,a fixedcoupon schedule and a minimum amountoutstanding of $1 billion forsovereigns and $250 million for agencies.(Index:G1A0.Please visit www.mlindex.ml.comformore information) As of September 30, 2019 48 Transaction Ledger As of July 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 07/01/2019 31846V203 563.30 First American Govt Obligation Fund Class Y 1.000 1.99%563.30 0.00 563.30 0.00 Purchase 07/05/2019 31846V203 44,875.00 First American Govt Obligation Fund Class Y 1.000 1.99%44,875.00 0.00 44,875.00 0.00 Purchase 07/08/2019 31846V203 9,562.50 First American Govt Obligation Fund Class Y 1.000 1.99%9,562.50 0.00 9,562.50 0.00 Purchase 07/12/2019 02665WCZ2 680,000.00 American Honda Finance Note 2.4% Due 6/27/2024 99.550 2.50%676,940.00 680.00 677,620.00 0.00 Purchase 07/12/2019 02665WCZ2 820,000.00 American Honda Finance Note 2.4% Due 6/27/2024 99.610 2.48%816,802.00 820.00 817,622.00 0.00 Purchase 07/12/2019 31846V203 321,007.50 First American Govt Obligation Fund Class Y 1.000 1.99%321,007.50 0.00 321,007.50 0.00 Purchase 07/14/2019 31846V203 43,187.50 First American Govt Obligation Fund Class Y 1.000 1.99%43,187.50 0.00 43,187.50 0.00 Purchase 07/15/2019 31846V203 1,475.00 First American Govt Obligation Fund Class Y 1.000 1.99%1,475.00 0.00 1,475.00 0.00 Purchase 07/15/2019 31846V203 3,031.67 First American Govt Obligation Fund Class Y 1.000 1.99%3,031.67 0.00 3,031.67 0.00 Purchase 07/15/2019 31846V203 15,288.88 First American Govt Obligation Fund Class Y 1.000 1.99%15,288.88 0.00 15,288.88 0.00 Purchase 07/15/2019 31846V203 1,141.58 First American Govt Obligation Fund Class Y 1.000 1.99%1,141.58 0.00 1,141.58 0.00 Purchase 07/15/2019 31846V203 4,068.17 First American Govt Obligation Fund Class Y 1.000 1.99%4,068.17 0.00 4,068.17 0.00 Purchase 07/15/2019 31846V203 2,861.88 First American Govt Obligation Fund Class Y 1.000 1.99%2,861.88 0.00 2,861.88 0.00 Purchase 07/15/2019 31846V203 3,111.00 First American Govt Obligation Fund Class Y 1.000 1.99%3,111.00 0.00 3,111.00 0.00 Purchase 07/15/2019 31846V203 128,389.40 First American Govt Obligation Fund Class Y 1.000 1.99%128,389.40 0.00 128,389.40 0.00 Purchase 07/15/2019 31846V203 3,148.37 First American Govt Obligation Fund Class Y 1.000 1.99%3,148.37 0.00 3,148.37 0.00 Execution Time: 8/5/2019 6:49:51 AMChandler Asset Management - CONFIDENTIAL Page 10 Transaction Ledger As of July 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 07/15/2019 90LAIF$00 311,540.43 Local Agency Investment Fund State Pool 1.000 2.41%311,540.43 0.00 311,540.43 0.00 Purchase 07/17/2019 31846V203 502,658.19 First American Govt Obligation Fund Class Y 1.000 1.99%502,658.19 0.00 502,658.19 0.00 Purchase 07/18/2019 31846V203 1,530.08 First American Govt Obligation Fund Class Y 1.000 1.99%1,530.08 0.00 1,530.08 0.00 Purchase 07/18/2019 31846V203 3,723.96 First American Govt Obligation Fund Class Y 1.000 1.99%3,723.96 0.00 3,723.96 0.00 Purchase 07/19/2019 31846V203 29,687.50 First American Govt Obligation Fund Class Y 1.000 1.99%29,687.50 0.00 29,687.50 0.00 Purchase 07/21/2019 31846V203 16,250.00 First American Govt Obligation Fund Class Y 1.000 1.99%16,250.00 0.00 16,250.00 0.00 Purchase 07/22/2019 31846V203 3,343.33 First American Govt Obligation Fund Class Y 1.000 1.99%3,343.33 0.00 3,343.33 0.00 Purchase 07/23/2019 31846V203 20,250.00 First American Govt Obligation Fund Class Y 1.000 1.99%20,250.00 0.00 20,250.00 0.00 Purchase 07/24/2019 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 07/24/2019 477870AB5 955,000.00 JDOT 2019-B A2 2.28% Due 5/16/2022 100.000 2.29%954,996.37 0.00 954,996.37 0.00 Purchase 07/25/2019 31846V203 26,500.00 First American Govt Obligation Fund Class Y 1.000 1.99%26,500.00 0.00 26,500.00 0.00 Purchase 07/26/2019 31846V203 20,000.00 First American Govt Obligation Fund Class Y 1.000 1.99%20,000.00 0.00 20,000.00 0.00 Purchase 07/31/2019 31846V203 118,125.00 First American Govt Obligation Fund Class Y 1.000 1.93%118,125.00 0.00 118,125.00 0.00 Subtotal 4,116,570.24 4,110,308.61 1,500.00 4,111,808.61 0.00 TOTAL ACQUISITIONS 4,116,570.24 4,110,308.61 1,500.00 4,111,808.61 0.00 Execution Time: 8/5/2019 6:49:51 AMChandler Asset Management - CONFIDENTIAL Page 11 Transaction Ledger As of July 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 Sale 07/12/2019 02665WAH4 1,800,000.00 American Honda Finance Note 2.25% Due 8/15/2019 99.984 2.40%1,799,712.00 16,537.50 1,816,249.50 -564.46 Sale 07/17/2019 3135G0ZG1 500,000.00 FNMA Note 1.75% Due 9/12/2019 99.924 2.24%499,620.00 3,038.19 502,658.19 -433.51 Sale 07/24/2019 31846V203 954,996.37 First American Govt Obligation Fund Class Y 1.000 1.99%954,996.37 0.00 954,996.37 0.00 Subtotal 3,254,996.37 3,254,328.37 19,575.69 3,273,904.06 -997.97 Paydown 07/15/2019 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 07/15/2019 43814QAC2 3,028.16 Honda Auto Receivables 2016-2 A3 1.39% Due 4/15/2020 100.000 3,028.16 3.51 3,031.67 0.00 Paydown 07/15/2019 47788BAD6 14,895.51 John Deere Owner Trust 2017-B A3 1.82% Due 10/15/2021 100.000 14,895.51 393.37 15,288.88 0.00 Paydown 07/15/2019 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 07/15/2019 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 07/15/2019 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 07/15/2019 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 07/15/2019 89238BAB8 127,236.75 Toyota Auto Receivables Owner 2018-A A2A 2.1% Due 10/15/2020 100.000 127,236.75 1,152.65 128,389.40 0.00 Paydown 07/15/2019 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 07/18/2019 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 07/18/2019 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 Execution Time: 8/5/2019 6:49:51 AMChandler Asset Management - CONFIDENTIAL Page 12 Transaction Ledger As of July 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 07/22/2019 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 145,160.42 145,160.42 25,952.90 171,113.32 0.00 Security Withdrawal 07/25/2019 31846V203 104.17 First American Govt Obligation Fund Class Y 1.000 104.17 0.00 104.17 0.00 Subtotal 104.17 104.17 0.00 104.17 0.00 TOTAL DISPOSITIONS 3,400,260.96 3,399,592.96 45,528.59 3,445,121.55 -997.97 OTHER TRANSACTIONS Interest 07/05/2019 3135G0S38 2,500,000.00 FNMA Note 2% Due 1/5/2022 0.000 25,000.00 0.00 25,000.00 0.00 Interest 07/05/2019 404280BF5 1,500,000.00 HSBC Holdings PLC Note 2.65% Due 1/5/2022 0.000 19,875.00 0.00 19,875.00 0.00 Interest 07/08/2019 24422ETF6 750,000.00 John Deere Capital Corp Note 2.55% Due 1/8/2021 0.000 9,562.50 0.00 9,562.50 0.00 Interest 07/14/2019 02665WCJ8 1,000,000.00 American Honda Finance Note 3.45% Due 7/14/2023 0.000 17,250.00 0.00 17,250.00 0.00 Interest 07/14/2019 24422ESY6 1,000,000.00 John Deere Capital Corp Note 2.375% Due 7/14/2020 0.000 11,875.00 0.00 11,875.00 0.00 Interest 07/14/2019 3130A8QS5 2,500,000.00 FHLB Note 1.125% Due 7/14/2021 0.000 14,062.50 0.00 14,062.50 0.00 Interest 07/19/2019 3135G0T94 2,500,000.00 FNMA Note 2.375% Due 1/19/2023 0.000 29,687.50 0.00 29,687.50 0.00 Interest 07/21/2019 3135G0A78 2,000,000.00 FNMA Note 1.625% Due 1/21/2020 0.000 16,250.00 0.00 16,250.00 0.00 Interest 07/23/2019 46625HKA7 1,800,000.00 JP Morgan Chase Callable Note Cont 12/23/2019 2.25% Due 1/23/2020 0.000 20,250.00 0.00 20,250.00 0.00 Execution Time: 8/5/2019 6:49:51 AMChandler Asset Management - CONFIDENTIAL Page 13 Transaction Ledger As of July 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 07/24/2019 91159HHP8 2,000,000.00 US Bancorp Callable Cont 12/23/2021 2.625% Due 1/24/2022 0.000 26,250.00 0.00 26,250.00 0.00 Interest 07/25/2019 808513AT2 2,000,000.00 Charles Schwab Corp Callable Note Cont 12/25/2022 2.65% Due 1/25/2023 0.000 26,500.00 0.00 26,500.00 0.00 Interest 07/26/2019 459058FY4 2,000,000.00 Intl. Bank Recon & Development Note 2% Due 1/26/2022 0.000 20,000.00 0.00 20,000.00 0.00 Interest 07/31/2019 912828H52 3,500,000.00 US Treasury Note 1.25% Due 1/31/2020 0.000 21,875.00 0.00 21,875.00 0.00 Interest 07/31/2019 912828N89 2,000,000.00 US Treasury Note 1.375% Due 1/31/2021 0.000 13,750.00 0.00 13,750.00 0.00 Interest 07/31/2019 912828V72 1,500,000.00 US Treasury Note 1.875% Due 1/31/2022 0.000 14,062.50 0.00 14,062.50 0.00 Interest 07/31/2019 912828V80 5,000,000.00 US Treasury Note 2.25% Due 1/31/2024 0.000 56,250.00 0.00 56,250.00 0.00 Interest 07/31/2019 912828XM7 1,500,000.00 US Treasury Note 1.625% Due 7/31/2020 0.000 12,187.50 0.00 12,187.50 0.00 Subtotal 35,050,000.00 354,687.50 0.00 354,687.50 0.00 Dividend 07/01/2019 31846V203 317,900.01 First American Govt Obligation Fund Class Y 0.000 563.30 0.00 563.30 0.00 Dividend 07/15/2019 90LAIF$00 4,432,333,371.76 Local Agency Investment Fund State Pool 0.000 311,540.43 0.00 311,540.43 0.00 Subtotal 4,432,651,271.77 312,103.73 0.00 312,103.73 0.00 TOTAL OTHER TRANSACTIONS 4,467,701,271.77 666,791.23 0.00 666,791.23 0.00 Execution Time: 8/5/2019 6:49:51 AMChandler Asset Management - CONFIDENTIAL Page 14 Transaction Ledger As of August 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 08/01/2019 31846V203 1,214.32 First American Govt Obligation Fund Class Y 1.000 1.93%1,214.32 0.00 1,214.32 0.00 Purchase 08/05/2019 31846V203 24,583.33 First American Govt Obligation Fund Class Y 1.000 1.93%24,583.33 0.00 24,583.33 0.00 Purchase 08/06/2019 31846V203 30,000.00 First American Govt Obligation Fund Class Y 1.000 1.93%30,000.00 0.00 30,000.00 0.00 Purchase 08/08/2019 31846V203 14,337.50 First American Govt Obligation Fund Class Y 1.000 1.93%14,337.50 0.00 14,337.50 0.00 Purchase 08/11/2019 31846V203 20,700.00 First American Govt Obligation Fund Class Y 1.000 1.93%20,700.00 0.00 20,700.00 0.00 Purchase 08/12/2019 31846V203 16,875.00 First American Govt Obligation Fund Class Y 1.000 1.93%16,875.00 0.00 16,875.00 0.00 Purchase 08/14/2019 3133EKWV4 2,500,000.00 FFCB Note 1.85% Due 7/26/2024 100.966 1.65%2,524,140.00 2,312.50 2,526,452.50 0.00 Purchase 08/15/2019 31846V203 1,475.00 First American Govt Obligation Fund Class Y 1.000 1.93%1,475.00 0.00 1,475.00 0.00 Purchase 08/15/2019 31846V203 19,826.58 First American Govt Obligation Fund Class Y 1.000 1.93%19,826.58 0.00 19,826.58 0.00 Purchase 08/15/2019 31846V203 1,141.58 First American Govt Obligation Fund Class Y 1.000 1.93%1,141.58 0.00 1,141.58 0.00 Purchase 08/15/2019 31846V203 4,068.17 First American Govt Obligation Fund Class Y 1.000 1.93%4,068.17 0.00 4,068.17 0.00 Purchase 08/15/2019 31846V203 2,861.88 First American Govt Obligation Fund Class Y 1.000 1.93%2,861.88 0.00 2,861.88 0.00 Purchase 08/15/2019 31846V203 3,111.00 First American Govt Obligation Fund Class Y 1.000 1.93%3,111.00 0.00 3,111.00 0.00 Purchase 08/15/2019 31846V203 141,948.26 First American Govt Obligation Fund Class Y 1.000 1.93%141,948.26 0.00 141,948.26 0.00 Purchase 08/15/2019 31846V203 3,148.37 First American Govt Obligation Fund Class Y 1.000 1.93%3,148.37 0.00 3,148.37 0.00 Purchase 08/18/2019 31846V203 23,856.25 First American Govt Obligation Fund Class Y 1.000 1.93%23,856.25 0.00 23,856.25 0.00 Execution Time: 9/10/2019 7:32:22 AMChandler Asset Management - CONFIDENTIAL Page 10 Transaction Ledger As of August 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 08/19/2019 31846V203 3,800,000.00 First American Govt Obligation Fund Class Y 1.000 1.93%3,800,000.00 0.00 3,800,000.00 0.00 Purchase 08/19/2019 31846V203 1,530.08 First American Govt Obligation Fund Class Y 1.000 1.93%1,530.08 0.00 1,530.08 0.00 Purchase 08/19/2019 31846V203 3,723.96 First American Govt Obligation Fund Class Y 1.000 1.93%3,723.96 0.00 3,723.96 0.00 Purchase 08/20/2019 62479MYK3 4,140,000.00 MUFG Bank Ltd/NY Discount CP 2.12% Due 11/19/2019 99.464 2.16%4,117,814.20 0.00 4,117,814.20 0.00 Purchase 08/21/2019 31846V203 3,343.33 First American Govt Obligation Fund Class Y 1.000 1.93%3,343.33 0.00 3,343.33 0.00 Purchase 08/26/2019 31846V203 34,375.00 First American Govt Obligation Fund Class Y 1.000 1.93%34,375.00 0.00 34,375.00 0.00 Purchase 08/27/2019 3133EKZK5 4,000,000.00 FFCB Note 1.6% Due 8/14/2023 100.225 1.54%4,009,000.00 2,311.11 4,011,311.11 0.00 Purchase 08/27/2019 31846V203 1,804,815.00 First American Govt Obligation Fund Class Y 1.000 1.93%1,804,815.00 0.00 1,804,815.00 0.00 Purchase 08/27/2019 43815NAB0 1,300,000.00 HAROT 2019-3 A2 1.9% Due 4/15/2022 99.993 1.92%1,299,909.00 0.00 1,299,909.00 0.00 Purchase 08/28/2019 037833CU2 600,000.00 Apple Inc Callable Note Cont 3/11/2024 2.85% Due 5/11/2024 104.021 1.95%624,126.00 5,082.50 629,208.50 0.00 Purchase 08/28/2019 24422ETT6 1,000,000.00 John Deere Capital Corp Note 2.65% Due 6/24/2024 102.968 2.00%1,029,680.00 4,711.11 1,034,391.11 0.00 Purchase 08/30/2019 89231PAD0 1,500,000.00 Toyota Auto Receivables 2018-D A3 3.18% Due 3/15/2023 102.137 1.98%1,532,050.78 1,987.50 1,534,038.28 0.00 Purchase 08/30/2019 9128282N9 2,000,000.00 US Treasury Note 2.125% Due 7/31/2024 103.227 1.44%2,064,531.25 3,464.67 2,067,995.92 0.00 Purchase 08/31/2019 31846V203 35,625.00 First American Govt Obligation Fund Class Y 1.000 1.71%35,625.00 0.00 35,625.00 0.00 Purchase 08/31/2019 90CAMP$00 69,558.17 California Asset Mgmt Program CAMP 1.000 2.25%69,558.17 0.00 69,558.17 0.00 Subtotal 23,102,117.78 23,263,369.01 19,869.39 23,283,238.40 0.00 Security Contribution 08/14/2019 31846V203 15,000,000.00 First American Govt Obligation Fund Class Y 1.000 15,000,000.00 0.00 15,000,000.00 0.00 Execution Time: 9/10/2019 7:32:22 AMChandler Asset Management - CONFIDENTIAL Page 11 Transaction Ledger As of August 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 08/30/2019 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 18,000,000.00 18,000,000.00 0.00 18,000,000.00 0.00 TOTAL ACQUISITIONS 41,102,117.78 41,263,369.01 19,869.39 41,283,238.40 0.00 DISPOSITIONS Sale 08/14/2019 3135G0ZG1 2,000,000.00 FNMA Note 1.75% Due 9/12/2019 99.970 2.12%1,999,400.00 14,777.78 2,014,177.78 -708.89 Sale 08/14/2019 31846V203 512,274.72 First American Govt Obligation Fund Class Y 1.000 1.93%512,274.72 0.00 512,274.72 0.00 Sale 08/20/2019 31846V203 4,117,814.20 First American Govt Obligation Fund Class Y 1.000 1.93%4,117,814.20 0.00 4,117,814.20 0.00 Sale 08/27/2019 31846V203 1,299,909.00 First American Govt Obligation Fund Class Y 1.000 1.93%1,299,909.00 0.00 1,299,909.00 0.00 Sale 08/27/2019 31846V203 4,011,311.11 First American Govt Obligation Fund Class Y 1.000 1.93%4,011,311.11 0.00 4,011,311.11 0.00 Sale 08/28/2019 31846V203 1,663,599.61 First American Govt Obligation Fund Class Y 1.000 1.93%1,663,599.61 0.00 1,663,599.61 0.00 Sale 08/30/2019 31846V203 2,067,995.92 First American Govt Obligation Fund Class Y 1.000 1.71%2,067,995.92 0.00 2,067,995.92 0.00 Sale 08/30/2019 31846V203 1,534,038.28 First American Govt Obligation Fund Class Y 1.000 1.71%1,534,038.28 0.00 1,534,038.28 0.00 Subtotal 17,206,942.84 17,206,342.84 14,777.78 17,221,120.62 -708.89 Paydown 08/15/2019 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 08/15/2019 47788BAD6 19,455.80 John Deere Owner Trust 2017-B A3 1.82% Due 10/15/2021 100.000 19,455.80 370.78 19,826.58 0.00 Execution Time: 9/10/2019 7:32:22 AMChandler Asset Management - CONFIDENTIAL Page 12 Transaction Ledger As of August 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 08/15/2019 47788CAC6 0.00 John Deere Owner Trust 2018-A A3 2.66% Due 4/18/2022 100.000 0.00 1,141.58 1,141.58 0.00 Paydown 08/15/2019 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 08/15/2019 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 08/15/2019 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 08/15/2019 89238BAB8 141,018.28 Toyota Auto Receivables Owner 2018-A A2A 2.1% Due 10/15/2020 100.000 141,018.28 929.98 141,948.26 0.00 Paydown 08/15/2019 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 08/19/2019 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 08/19/2019 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 08/21/2019 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 160,474.08 160,474.08 25,704.13 186,178.21 0.00 Redemption 08/27/2019 46625HKA7 1,400,000.00 JP Morgan Chase Callable Note Cont 12/23/2019 2.25% Due 1/23/2020 100.055 2.08%1,400,770.00 2,975.00 1,403,745.00 0.00 Redemption 08/27/2019 46625HKA7 200,000.00 JP Morgan Chase Callable Note Cont 12/23/2019 2.25% Due 1/23/2020 100.055 2.08%200,110.00 425.00 200,535.00 0.00 Redemption 08/27/2019 46625HKA7 200,000.00 JP Morgan Chase Callable Note Cont 12/23/2019 2.25% Due 1/23/2020 100.055 2.08%200,110.00 425.00 200,535.00 0.00 Subtotal 1,800,000.00 1,800,990.00 3,825.00 1,804,815.00 0.00 Execution Time: 9/10/2019 7:32:22 AMChandler Asset Management - CONFIDENTIAL Page 13 Transaction Ledger As of August 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 Maturity 08/19/2019 62479MVK6 3,800,000.00 MUFG Bank Ltd/NY Discount CP 2.35% Due 8/19/2019 99.608 3,800,000.00 0.00 3,800,000.00 0.00 Subtotal 3,800,000.00 3,800,000.00 0.00 3,800,000.00 0.00 Security Withdrawal 08/02/2019 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 08/09/2019 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 Security Withdrawal 08/16/2019 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 08/26/2019 31846V203 104.17 First American Govt Obligation Fund Class Y 1.000 104.17 0.00 104.17 0.00 Security Withdrawal 08/26/2019 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 Subtotal 23,000,104.17 23,000,104.17 0.00 23,000,104.17 0.00 TOTAL DISPOSITIONS 45,967,521.09 45,967,911.09 44,306.91 46,012,218.00 -708.89 OTHER TRANSACTIONS Interest 08/05/2019 3135G0V34 2,000,000.00 FNMA Note 2.5% Due 2/5/2024 0.000 24,583.33 0.00 24,583.33 0.00 Interest 08/06/2019 44932HAH6 2,000,000.00 IBM Credit Corp Note 3% Due 2/6/2023 0.000 30,000.00 0.00 30,000.00 0.00 Interest 08/08/2019 594918BP8 1,850,000.00 Microsoft Callable Note Cont 7/8/2021 1.55% Due 8/8/2021 0.000 14,337.50 0.00 14,337.50 0.00 Interest 08/11/2019 06406RAJ6 1,200,000.00 Bank of NY Mellon Corp Note 3.45% Due 8/11/2023 0.000 20,700.00 0.00 20,700.00 0.00 Interest 08/12/2019 3137EAEC9 3,000,000.00 FHLMC Note 1.125% Due 8/12/2021 0.000 16,875.00 0.00 16,875.00 0.00 Interest 08/18/2019 3130A7CV5 3,470,000.00 FHLB Note 1.375% Due 2/18/2021 0.000 23,856.25 0.00 23,856.25 0.00 Execution Time: 9/10/2019 7:32:22 AMChandler Asset Management - CONFIDENTIAL Page 14 Transaction Ledger As of August 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 08/26/2019 3135G0J20 5,000,000.00 FNMA Note 1.375% Due 2/26/2021 0.000 34,375.00 0.00 34,375.00 0.00 Interest 08/31/2019 912828L24 2,000,000.00 US Treasury Note 1.875% Due 8/31/2022 0.000 18,750.00 0.00 18,750.00 0.00 Interest 08/31/2019 912828P87 3,000,000.00 US Treasury Note 1.125% Due 2/28/2021 0.000 16,875.00 0.00 16,875.00 0.00 Subtotal 23,520,000.00 200,352.08 0.00 200,352.08 0.00 Dividend 08/01/2019 31846V203 712,829.28 First American Govt Obligation Fund Class Y 0.000 1,214.32 0.00 1,214.32 0.00 Dividend 08/31/2019 90CAMP$00 31,554,235.74 California Asset Mgmt Program CAMP 0.000 69,558.17 0.00 69,558.17 0.00 Subtotal 32,267,065.02 70,772.49 0.00 70,772.49 0.00 TOTAL OTHER TRANSACTIONS 55,787,065.02 271,124.57 0.00 271,124.57 0.00 Execution Time: 9/10/2019 7:32:22 AMChandler Asset Management - CONFIDENTIAL Page 15 Transaction Ledger As of September 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 09/01/2019 31846V203 19,998.00 First American Govt Obligation Fund Class Y 1.000 1.71%19,998.00 0.00 19,998.00 0.00 Purchase 09/03/2019 31846V203 12,204.00 First American Govt Obligation Fund Class Y 1.000 1.71%12,204.00 0.00 12,204.00 0.00 Purchase 09/05/2019 31846V203 42,600.00 First American Govt Obligation Fund Class Y 1.000 1.71%42,600.00 0.00 42,600.00 0.00 Purchase 09/08/2019 31846V203 84,375.00 First American Govt Obligation Fund Class Y 1.000 1.71%84,375.00 0.00 84,375.00 0.00 Purchase 09/11/2019 31846V203 68,500.00 First American Govt Obligation Fund Class Y 1.000 1.71%68,500.00 0.00 68,500.00 0.00 Purchase 09/11/2019 31846V203 750,000.00 First American Govt Obligation Fund Class Y 1.000 1.71%750,000.00 0.00 750,000.00 0.00 Purchase 09/12/2019 78013XZU5 2,500,000.00 Royal Bank of Canada Note 2.55% Due 7/16/2024 101.253 2.28%2,531,325.00 9,916.67 2,541,241.67 0.00 Purchase 09/14/2019 31846V203 21,875.00 First American Govt Obligation Fund Class Y 1.000 1.71%21,875.00 0.00 21,875.00 0.00 Purchase 09/15/2019 31846V203 35,143.75 First American Govt Obligation Fund Class Y 1.000 1.71%35,143.75 0.00 35,143.75 0.00 Purchase 09/16/2019 31846V203 3,148.37 First American Govt Obligation Fund Class Y 1.000 1.71%3,148.37 0.00 3,148.37 0.00 Purchase 09/16/2019 31846V203 3,975.00 First American Govt Obligation Fund Class Y 1.000 1.71%3,975.00 0.00 3,975.00 0.00 Purchase 09/16/2019 31846V203 3,111.00 First American Govt Obligation Fund Class Y 1.000 1.71%3,111.00 0.00 3,111.00 0.00 Purchase 09/16/2019 31846V203 2,861.88 First American Govt Obligation Fund Class Y 1.000 1.71%2,861.88 0.00 2,861.88 0.00 Purchase 09/16/2019 31846V203 4,068.17 First American Govt Obligation Fund Class Y 1.000 1.71%4,068.17 0.00 4,068.17 0.00 Purchase 09/16/2019 31846V203 1,141.58 First American Govt Obligation Fund Class Y 1.000 1.71%1,141.58 0.00 1,141.58 0.00 Purchase 09/16/2019 31846V203 3,084.65 First American Govt Obligation Fund Class Y 1.000 1.71%3,084.65 0.00 3,084.65 0.00 Execution Time: 10/17/2019 10:12:02 AMChandler Asset Management - CONFIDENTIAL Page 11 Transaction Ledger As of September 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 09/16/2019 31846V203 1,235.00 First American Govt Obligation Fund Class Y 1.000 1.71%1,235.00 0.00 1,235.00 0.00 Purchase 09/16/2019 31846V203 1,475.00 First American Govt Obligation Fund Class Y 1.000 1.71%1,475.00 0.00 1,475.00 0.00 Purchase 09/16/2019 31846V203 16,104.42 First American Govt Obligation Fund Class Y 1.000 1.71%16,104.42 0.00 16,104.42 0.00 Purchase 09/16/2019 31846V203 129,925.60 First American Govt Obligation Fund Class Y 1.000 1.71%129,925.60 0.00 129,925.60 0.00 Purchase 09/16/2019 46647PAU0 2,500,000.00 JP Morgan Chase & Co Callable Note Cont 7/23/2023 3.797% Due 7/23/2024 105.287 2.47%2,632,175.00 13,975.07 2,646,150.07 0.00 Purchase 09/18/2019 31846V203 1,530.08 First American Govt Obligation Fund Class Y 1.000 1.71%1,530.08 0.00 1,530.08 0.00 Purchase 09/18/2019 31846V203 3,723.96 First American Govt Obligation Fund Class Y 1.000 1.71%3,723.96 0.00 3,723.96 0.00 Purchase 09/23/2019 31846V203 3,343.33 First American Govt Obligation Fund Class Y 1.000 1.71%3,343.33 0.00 3,343.33 0.00 Purchase 09/30/2019 31846V203 114,375.00 First American Govt Obligation Fund Class Y 1.000 1.57%114,375.00 0.00 114,375.00 0.00 Purchase 09/30/2019 90CAMP$00 55,433.12 California Asset Mgmt Program CAMP 1.000 2.25%55,433.12 0.00 55,433.12 0.00 Purchase 09/30/2019 90LAIF$00 302,227.54 Local Agency Investment Fund State Pool 1.000 2.25%302,227.54 0.00 302,227.54 0.00 Subtotal 6,685,459.45 6,848,959.45 23,891.74 6,872,851.19 0.00 Security Contribution 09/27/2019 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 Subtotal 2,500,000.00 2,500,000.00 0.00 2,500,000.00 0.00 TOTAL ACQUISITIONS 9,185,459.45 9,348,959.45 23,891.74 9,372,851.19 0.00 DISPOSITIONS Sale 09/12/2019 31846V203 2,541,241.67 First American Govt Obligation Fund Class Y 1.000 1.71%2,541,241.67 0.00 2,541,241.67 0.00 Execution Time: 10/17/2019 10:12:02 AMChandler Asset Management - CONFIDENTIAL Page 12 Transaction Ledger As of September 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 09/16/2019 31846V203 2,646,150.07 First American Govt Obligation Fund Class Y 1.000 1.71%2,646,150.07 0.00 2,646,150.07 0.00 Subtotal 5,187,391.74 5,187,391.74 0.00 5,187,391.74 0.00 Paydown 09/16/2019 02582JHE3 0.00 American Express Credit Trust 2017-3 A 1.77% Due 11/15/2022 100.000 0.00 1,475.00 1,475.00 0.00 Paydown 09/16/2019 43815NAB0 0.00 Honda Auto Receivables Trust 2019-3 A2 1.9% Due 4/15/2022 100.000 0.00 1,235.00 1,235.00 0.00 Paydown 09/16/2019 477870AB5 0.00 John Deere Owner Trust 2019-B A2 2.28% Due 5/16/2022 100.000 0.00 3,084.65 3,084.65 0.00 Paydown 09/16/2019 47788BAD6 15,763.15 John Deere Owner Trust 2017-B A3 1.82% Due 10/15/2021 100.000 15,763.15 341.27 16,104.42 0.00 Paydown 09/16/2019 47788CAC6 0.00 John Deere Owner Trust 2018-A A3 2.66% Due 4/18/2022 100.000 0.00 1,141.58 1,141.58 0.00 Paydown 09/16/2019 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 09/16/2019 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 09/16/2019 65479GAD1 0.00 Nissan Auto Receivables Trust 2018-B A3 3.06% Due 3/15/2023 100.000 0.00 3,111.00 3,111.00 0.00 Paydown 09/16/2019 89231PAD0 0.00 Toyota Auto Receivables Trust 2018-D A3 3.18% Due 3/15/2023 100.000 0.00 3,975.00 3,975.00 0.00 Paydown 09/16/2019 89238BAB8 129,242.40 Toyota Auto Receivables Trust 2018-A A2A 2.1% Due 10/15/2020 100.000 129,242.40 683.20 129,925.60 0.00 Paydown 09/16/2019 89239AAB9 0.00 Toyota Auto Receivables Trust 2019-A A2A 2.83% Due 10/15/2021 100.000 0.00 3,148.37 3,148.37 0.00 Execution Time: 10/17/2019 10:12:02 AMChandler Asset Management - CONFIDENTIAL Page 13 Transaction Ledger As of September 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 09/18/2019 43814UAG4 0.00 Honda Auto Receivables Trust 2018-2 A3 3.01% Due 5/18/2022 100.000 0.00 1,530.08 1,530.08 0.00 Paydown 09/18/2019 43814WAB1 0.00 Honda Auto Receivables Trust 2019-1 A2 2.75% Due 9/20/2021 100.000 0.00 3,723.96 3,723.96 0.00 Paydown 09/23/2019 43815HAC1 0.00 Honda Auto Receivables Trust 2018-3 A3 2.95% Due 8/22/2022 100.000 0.00 3,343.33 3,343.33 0.00 Subtotal 145,005.55 145,005.55 33,722.49 178,728.04 0.00 Maturity 09/11/2019 06406HCW7 750,000.00 Bank of New York Callable Note Cont 8/11/2019 2.3% Due 9/11/2019 100.000 750,000.00 0.00 750,000.00 0.00 Subtotal 750,000.00 750,000.00 0.00 750,000.00 0.00 Security Withdrawal 09/06/2019 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 09/15/2019 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 09/25/2019 31846V203 104.17 First American Govt Obligation Fund Class Y 1.000 104.17 0.00 104.17 0.00 Subtotal 2,500,104.17 2,500,104.17 0.00 2,500,104.17 0.00 TOTAL DISPOSITIONS 8,582,501.46 8,582,501.46 33,722.49 8,616,223.95 0.00 OTHER TRANSACTIONS Interest 09/01/2019 30231GAV4 1,800,000.00 Exxon Mobil Corp Callable Note Cont 2/1/2021 2.222% Due 3/1/2021 0.000 19,998.00 0.00 19,998.00 0.00 Interest 09/05/2019 06051GHF9 2,400,000.00 Bank of America Corp Callable Note 1X 3/5/2023 3.55% Due 3/5/2024 0.000 42,600.00 0.00 42,600.00 0.00 Interest 09/08/2019 313383YJ4 5,000,000.00 FHLB Note 3.375% Due 9/8/2023 0.000 84,375.00 0.00 84,375.00 0.00 Execution Time: 10/17/2019 10:12:02 AMChandler Asset Management - CONFIDENTIAL Page 14 Transaction Ledger As of September 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 09/11/2019 06406HCW7 750,000.00 Bank of New York Callable Note Cont 8/11/2019 2.3% Due 9/11/2019 0.000 8,625.00 0.00 8,625.00 0.00 Interest 09/11/2019 313378CR0 2,000,000.00 FHLB Note 2.25% Due 3/11/2022 0.000 22,500.00 0.00 22,500.00 0.00 Interest 09/11/2019 89114QCB2 2,300,000.00 Toronto Dominion Bank Note 3.25% Due 3/11/2024 0.000 37,375.00 0.00 37,375.00 0.00 Interest 09/14/2019 4581X0CZ9 2,500,000.00 Inter-American Dev Bank Note 1.75% Due 9/14/2022 0.000 21,875.00 0.00 21,875.00 0.00 Interest 09/15/2019 084670BR8 1,865,000.00 Berkshire Hathaway Callable Note Cont 1/15/2023 2.75% Due 3/15/2023 0.000 25,643.75 0.00 25,643.75 0.00 Interest 09/15/2019 68389XBK0 1,000,000.00 Oracle Corp Callable Note Cont 8/15/2021 1.9% Due 9/15/2021 0.000 9,500.00 0.00 9,500.00 0.00 Interest 09/30/2019 9128284D9 3,750,000.00 US Treasury Note 2.5% Due 3/31/2023 0.000 46,875.00 0.00 46,875.00 0.00 Interest 09/30/2019 912828J76 3,000,000.00 US Treasury Note 1.75% Due 3/31/2022 0.000 26,250.00 0.00 26,250.00 0.00 Interest 09/30/2019 912828L57 3,750,000.00 US Treasury Note 1.75% Due 9/30/2022 0.000 32,812.50 0.00 32,812.50 0.00 Interest 09/30/2019 912828T34 1,500,000.00 US Treasury Note 1.125% Due 9/30/2021 0.000 8,437.50 0.00 8,437.50 0.00 Subtotal 31,615,000.00 386,866.75 0.00 386,866.75 0.00 Dividend 09/03/2019 31846V203 6,518,339.88 First American Govt Obligation Fund Class Y 0.000 12,204.00 0.00 12,204.00 0.00 Dividend 09/30/2019 90CAMP$00 31,623,793.91 California Asset Mgmt Program CAMP 0.000 55,433.12 0.00 55,433.12 0.00 Subtotal 38,142,133.79 67,637.12 0.00 67,637.12 0.00 TOTAL OTHER TRANSACTIONS 69,757,133.79 454,503.87 0.00 454,503.87 0.00 Execution Time: 10/17/2019 10:12:02 AMChandler Asset Management - 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