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Home My WebLink AboutItem 4.4 - 3081 Q2 2020 - Investment Report (2) Page 1 of 4 STAFF REPORT CITY COUNCIL DATE: February 18, 2020 TO: Honorable Mayor and City Councilmembers FROM: Linda Smith, City Manager SUBJECT: City Treasurer's Informational Report of Investments for the Quarter Ending December 31, 2019 Prepared by: Jay Baksa, Assistant Administrative Services Director EXECUTIVE SUMMARY: The City Council will receive an informational report of the City’s investments through the quarter ending December 31, 2019 including a monthly transaction ledger. The City’s investment portfolio for this period totaled $296,625,984 (book value) with an average market yield of 1.80%. 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 revenues and expenditures, the quarterly cash balance can vary from quarter to quarter. DESCRIPTION: The total investment portfolio of $296,625,984 (book value) is comprised of $204,640,300 managed by Chandler Asset Management (Chandler), and $91,985,684 invested by the City in local government pools. The average m arket yield of the Chandler portfolio and the local pools was 1.75% and 1.91% 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 4 Economic Update Highlights The following are some highlights from the Economic Update included in the attached Investment Report prepared by Chandler (Attachment 1). Economic growth has slowed over the past year and the consensus forecast calls for GDP growth of 1.8% in 2020 versus 2.3% in 2019. Chandler does not anticipate a recession within the next six-month horizon. However, an uncertain outlook on the future path of global central bank policy, lingering uncertainty about trade policy and Brexit, and the upcoming US presidential election potentially sets the stage for a continued volatile financial market environment this year. The Federal Open Market Committee kept the target fed funds rate unchanged in December in a range of 1.50%-1.75%. The vote to keep policy unchanged was unanimous and the Fed's quarterly update on their Summary of Economic Projections was little changed from the September 2019 forecast. Notably the Fed's forecast calls for no change to the fed funds rate in 2020. Chandler believes the hur dle rate to tighten policy remains high, as market-based measures of inflation are still too low. Conversely, if market-based inflation metrics fail to improve, and/or the domestic or global economy experiences an exogenous shock, Chandler believes the Fed has left the door open for additional policy accommodation. The Treasury yield curve steepened slightly in December. The two -year Treasury yield decreased about four basis points to 1.57%, the five-year Treasury yield increased almost seven basis points to 1.69%, and the 10-year Treasury yield increased about 14 basis points to 1.92%. Chandler believes the increase in longer-term yields were driven by more favorable developments with regard to global trade and Brexit. 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. In the reporting period the City received a large portion of its property tax revenue, the largest single component of the City’s revenue, which was placed into the local government pools. While the yield of the two local governmental pools is currently outpacing the funds managed by Chandler, the difference between the yield of the funds managed by Chandler and those in the local pools has been decreasing over the past six months. As previously mentioned, Chandler is still advocating 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 earni ngs over the long term. Page 3 of 4 Chart 1: Investments by Type September 30,2019 - December 31, 2019 The market value of the City's portfolio increased by $11.92 million from the September 30, 2019 quarter, due to the receipt of property tax revenue. The City’s portfolio increased $23.53 million from the same quarter the prior year due to the excess of revenues over expenditures in Fiscal Year 2018 -19 (see Table 1 below). Overall market yield-to-maturity decreased from 1.94% to 1.80% (shown in Table 2) due t o the decrease in shorter term rates as discussed in the Economic Update Highlights. For detailed monthly transactions, see Attachment 2. Table 1: Portfolio Values and Yield to Maturity Page 4 of 4 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 near the highest measured since 2011, but have been decreasing, as shown below. 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: Q2 Reduced 2. Transaction Ledger - October-December 2019 CHANDLER ASSET MANAGEMENT, INC. | 800.317.4747 | www.chandlerasset.com INVESTMENT REPORT Period Ending December 31, 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 December 31, 2019 1 SECTION |Section 1 |Economic Update 2 Economic Update ▪ ▪ ▪ Economicgrowth has slowed overthe past yearand the consensus forecast calls for GDP growth of 1.8%in 2020 versus 2.3% in 2019.We are not anticipating arecession within our 6-month outlook horizon.We believe the impact of monetary policy on economicgrowth is somewhat lagged, and the more accommodative monetary policy stance of the Federal Reserve and otherglobal central banks throughout 2019 should provide atailwind for an ongoing slow economicgrowth environment in 2020.However,an uncertain outlook on the future path of global central bank policy, lingering uncertainty about trade policy and Brexit, and the upcoming US presidential election potentially sets the stage for a continued volatile financial market environment this year. The recent confirmation of aphase one trade deal is consistent with our view that there will be modest incremental progress on trade in front of the presidential election cycle. The Federal Open Market Committee (FOMC) kept the target fed funds rate unchanged in December in a range of 1.50%- 1.75%. The vote to keep policy unchanged was unanimous and the Fed's quarterly update on their Summary of Economic Projections was little changed from the September 2019 forecast. Notably the Fed's forecast calls for no change to the fed funds rate in 2020. We believe the hurdle rate to tighten policy remains high, as market-based measures of inflation are still too low. Conversely,if market-based inflation metrics fail to improve, and/or the domestic or global economy experiences an exogenous shock, we believe the Fed has left the door open for additional policy accommodation. The Treasury yield curve steepened slightly in December. The 2-year Treasury yield decreased about 4 basis points to 1.57%, the 5-year Treasury yield increased almost seven basis points to 1.69%, and the 10-year Treasury yield increased about fourteen basis points to 1.92%. We believe the increase in longer-term yields were driven by more favorable developments with regard to global trade and Brexit. 3 Source: US Department of Labor Source: US Department of Labor Employment U.S. nonfarm payrolls rose by 145,000 in December, below expectations of 160,000. Payrolls for Octoberand Novemberwere revised down by a total of 14,000.On a trailing 3-month and 6-month basis, payrolls increased an average of about 184,000 and 189,000 per month, respectively. The unemployment rate was unchanged at 3.5% and the participation rate held steady at 63.2%. A broader measure of unemployment called the U-6, which includes those who are marginally attached to the laborforce and employed part time for economicreasons, declined to 6.7%in December from 6.9%in November. Wages edged up 0.1%in December, below expectations of 0.3%,but the November increase in wages was revised up slightly to 0.3% from 0.2%. The average workweek was unchanged at 34.3 hours.On a year-over-year basis, wages were up 2.9%in December, versus up 3.1% in November. 0 50 100 150 200 250 300 350 MOM Change In (000'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)Rate (%)4 Source: US Department of Labor Source: US Department of Commerce Inflation The ConsumerPrice Index (CPI) was up 2.1% year-over-year in November,up from 1.8%in October. Core CPI (CPI less food and energy) was up 2.3% year-over-year in November, unchanged from October. The Personal Consumption Expenditures (PCE) index was up 1.5% year-over-year in November versus up 1.4% year-over-year in October. Core PCE, which is the Fed's primary inflation gauge, was up 1.6% year-over-year in November versus 1.7% year-over-year in October. Core PCE softened and remains below the Fed’s 2.0% inflation target. 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 % ChangeYOY( %) Change0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% Consumer Price Index (CPI) CPI YOY % Change Core CPI YOY % ChangeYOY( %) Change5 Retail sales increased 0.2%in November, following growth of 0.4%in October. Excluding auto and gas, retail sales were flat in November, below expectations of 0.4%.On a year-over-year basis, retail sales increased 3.3%in November, versus 3.2%in October. The Consumer Confidence Index was nearly unchanged at 126.5 in December versus 126.8 in November. Overall, 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 YOY (%) Change110 115 120 125 130 135 140 145 Index LevelConsumer Confidence Consumer 6 Source: The Conference Board Source: Federal Reserve Bank of Chicago Economic Activity The Leading Economic Index (LEI) was flat in November, following adownwardly-revised 0.2% decline in October. Although the index remains slightly positive on a year-over-year basis,up 0.1%, the year-over-year rate of change has decelerated. The Conference Board believes the index points to roughly 2.0% GDP growth in 2020.The Chicago Fed National Activity Index (CFNAI) jumped to +0.56 in Novemberfrom -0.76 in October. Weakness in vehicle production related to the GM strike (which ended on October 25)contributed to the October decline.On a 3- month moving average basis, the index improved to -0.25 in November versus -0.35 in October. Negative values are generally consistent with below-average growth,but the index suggests that trends are improving. Periods of economic contraction have historically been associated with values below -0.70 on a 3-month moving average basis. -0.70 -0.50 -0.30 -0.10 0.10 0.30 0.50 0.70 Chicago Fed National Activity Index (CFNAI)3 Month Average-0.4% -0.2% 0.0% 0.2% 0.4% 0.6% 0.8% Leading Economic Indicators (LEI)MOM ( %) Change7 Source: US Department of Commerce Source: S&P Housing 0 200 400 600 800 1000 1200 1400 1600 1800 MOM Change (In Thousands of Units)Housing Starts Multi Family Housing Starts Single Family Housing Starts 1.5% 2.5% 3.5% 4.5% 5.5% 6.5% 7.5% S&P/Case -Shiller 20 City Composite Home Price Index YOY( %) ChangeHousing starts increased 3.2%in November to a 1.365 million annualized rate and starts in the prior month were revised higher. Permits were also stronger than expected in November,up 1.4%. Multi-family starts rose 4.9% month-over-month in November to an annualized rate of 427,000. Single-family starts rose 2.4%in November to an annualized rate of 938,000. The trends suggest that low mortgage rates and astrong labor market continue to drive housing activity. According to the Case-Shiller 20-City home price index, home prices were up 2.2% year-over- year in October, versus up 2.1% year-over-year in September. The year-over-year pace of price appreciation remains low but suggests that pricing in the sector may be gaining momentum. 8 Source: Institute for Supply Management Source: Federal Reserve Manufacturing The Institute forSupply Management (ISM) manufacturing index decreased to 47.2 in Decemberfrom 48.1 in November. The reading was below expectations and suggests the manufacturing sector remains in contraction. The Industrial Production index declined 0.8% year-over-year in November versus down 1.3% year-over-year in October.On a month-over-month basis, the index rose 1.1%in November, greater than the consensus forecast of 0.9%, following a 0.9% decline in October. The manufacturing component of the index also rose 1.1%in November, following a 0.7% decline in October. The GM strike negatively impacted manufacturing volumes in October. Capacity Utilization increased to 77.3% in November from 76.6% in October, but remains below the long-run average of 79.8% indicating there is still excess capacity for growth. 46 48 50 52 54 56 58 60 62 64 Institute of Supply Management Purchasing Manager Index EXPANDING CONTRACTING -2.0% -1.0% 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% Industrial Production YOY( %) Change9 Source: US Department of Commerce Source: US Department of Commerce 12/18 3/19 6/19 9/19 1.0% 0.8% 3.0% 2.1% 0.5% 1.1% -1.2% -0.2% -0.4% 0.7% -0.7% -0.1% 0.1% 0.1% 0.5% 0.2% -0.1% 0.4% 0.3% 0.1% 1.1% 3.1% 2.0% 2.1% Net Exports and Imports Personal Consumption Expenditures Gross Private Domestic Investment Federal Government Expenditures State and Local (Consumption and Gross Investment) Components of GDP Total 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) According to the third estimate, third quarter 2019 GDP grew at a2.1% annualized rate. This follows growth of 3.1%in the first quarter, and 2.0% in the second quarter on 2019.Third quarter growth was fueled by consumer spending which contributed 2.1%to GDP in the quarter, while business investment and exports were a drag on the economy. The consensus estimate for the fourth quarter signals a slowdown to 1.9% growth. The consensus forecast calls for GDP growth of 1.6% in the current quarter and 1.8% for the full year 2020. 10 Source: Bloomberg Source: Bloomberg 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% 4.0% US Treasury Note Yields 2-Year 5-Year 10-YearYield (%)0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% 4.0% US Treasury Yield Curve Dec-19 Sep-19 Dec-18Yield (%)Bond Yields Treasury yields declined meaningfully in 2019.At year-end, the 3-month T-bill yield was down 81 basis points, the 2-Year Treasury yield was down 92 basis points, and the 10-Year Treasury yield was down 77 basis points.We believe the year-over-year decline in long-term Treasury yields largely reflects adecline in global economicgrowth and inflation expectations, while the decline in shorter-term rates is in line with the Fed's three 25 basis point rate cuts in 2019. 11 Section 2|SECTION |Section 2 |Account Profile 12 Objectives Chandler Asset Management Performance Objective The performance objective of the City of Dublin is to earn a return that equals or exceeds the return on of the ICE BAML 1-5 Year Treasury and Agency Index. Investment Objectives The investment objectives of the City of Dublin are first,to provide safety of principal;second,to provide adequate liquidity to meet all requirements which might be reasonably anticipated;third,to attain a market average rate of return on its investments throughout economic cycles;and fourth,to be diversified to avoid incurring unreasonable and avoidable risks regarding specific security types or individual financial institutions. Strategy In order to achieve this objective,the portfolio invests in high quality fixed income instruments consistent with the City's investment policy and California Government Code. As of December 31, 2019 13 Compliance As of December 31, 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 12/31/2019 9/30/2019 Benchmark*Portfolio Portfolio Average Maturity (yrs)2.65 2.69 2.66 Average Modified Duration 2.53 2.42 2.39 Average Purchase Yield n/a 2.18%2.19% Average Market Yield 1.62%1.75%1.81% Average Quality**AAA AA/Aa1 AA/Aa1 Total Market Value 208,229,491 207,220,561 *ICE BAML 1-5 Yr US Treasury/Agency Index **Benchmark is a blended rating of S&P, Moody’s, and Fitch. Portfolio is S&P and Moody’s respectively. As of December 31, 2019 15 City of Dublin Sector Distribution ABS 7.3% Agency 32.4% Commercial Paper 2.0% Foreign Corporate 3.1% Money Market Fund FI 0.2% Supranational 2.2% US Corporate 21.3% US Treasury 31.6% December 31, 2019 September 30, 2019 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% As of December 31, 2019 16 Issue Name Investment Type % Portfolio Government of United States US Treasury 31.57% Federal Home Loan Bank Agency 15.08% Federal National Mortgage Association Agency 10.57% Federal Home Loan Mortgage Corp Agency 3.59% Federal Farm Credit Bank Agency 3.15% Honda ABS ABS 2.26% John Deere ABS ABS 2.00% MUFG Bank Ltd/NY Commercial Paper 1.98% JP Morgan Chase & Co US Corporate 1.53% Apple Inc US Corporate 1.50% Nissan ABS ABS 1.35% Deere & Company US Corporate 1.35% Honda Motor Corporation US Corporate 1.24% Royal Bank of Canada Foreign Corporate 1.23% Toyota ABS ABS 1.22% Inter-American Dev Bank Supranational 1.21% Bank of America Corp US Corporate 1.21% Toronto Dominion Holdings Foreign Corporate 1.17% Boeing Company US Corporate 1.15% PNC Financial Services Group US Corporate 1.12% IBM Corp US Corporate 1.00% Charles Schwab Corp/The US Corporate 0.99% US Bancorp US Corporate 0.99% ChevronTexaco Corp US Corporate 0.98% Intl Bank Recon and Development Supranational 0.98% Chubb Corporation US Corporate 0.97% Qualcomm Inc US Corporate 0.96% Berkshire Hathaway US Corporate 0.93% Microsoft US Corporate 0.89% Exxon Mobil Corp US Corporate 0.88% State Street Bank US Corporate 0.87% HSBC Holdings PLC Foreign Corporate 0.74% Wal-Mart Stores US Corporate 0.70% Bank of New York US Corporate 0.61% General Dynamics Corp US Corporate 0.55% Oracle Corp US Corporate 0.48% American Express ABS ABS 0.48% Merck & Company US Corporate 0.37% Issuers City of Dublin –Account #10198 As of December 31, 2019 17 Issue Name Investment Type % Portfolio First American Govt Oblig Fund Money Market Fund FI 0.16% TOTAL 100.00% Issuers City of Dublin –Account #10198 As of December 31, 2019 18 AAA AA A <A NR 12/31/19 6.9%71.3%18.2%0.0%3.6% 09/30/19 7.7%69.2%19.3%0.0%3.8% Source: S&P Ratings December 31, 2019 vs. September 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 12/31/2019 9/30/2019 Quality Distribution City of Dublin As of December 31, 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 December 31, 2019 0 -0.25 0.25 -0.50 0.50 - 1 1 - 2 2 - 3 3 - 4 4 - 5 5+ Portfolio 1.4% 7.6% 10.3% 21.9% 19.8% 25.2% 13.9% 0.0% Benchmark*0.3% 0.1% 1.8% 34.9% 28.0% 20.4% 14.4% 0.0% *ICE BAML 1-5 Yr US Treasury/Agency Index Duration Distribution City of Dublin As of December 31, 2019 20 0.00% 0.50% 1.00% 1.50% 2.00% 2.50% 3.00% 3.50% 4.00% 4.50% 5.00% 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 0.49%4.61%3.03%2.35%1.87%N/A 1.64% ICE BAML 1-5 Yr US Treasury/Agency Index 0.35%4.18%2.85%2.11%1.68%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;it includes interest earnings,realized and unrealized gains and losses in the portfolio. Investment Performance City of Dublin As of December 31, 2019 21 Portfolio Characteristics City of Dublin Reporting Account 12/31/2019 Portfolio 9/30/2019 Portfolio Average Maturity (yrs)0.00 0.00 Modified Duration 0.00 0.00 Average Purchase Yield 1.91%2.25% Average Market Yield 1.91%2.25% Average Quality*AAA/NR AAA/NR Total Market Value 92,248,998 81,335,761 *Portfolio is S&P and Moody’s, respectively. As of December 31, 2019 22 City of Dublin Reporting Account Sector Distribution LAIF 53.8% Local Gov Investment Pool 46.2% December 31, 2019 September 30, 2019 LAIF 61.1% Local Gov Investment Pool 39.0% As of December 31, 2019 23 Issue Name Investment Type % Portfolio Local Agency Investment Fund LAIF 53.80% CAMP Local Gov Investment Pool 46.20% TOTAL 100.00% Issuers City of Dublin Reporting Account –Account #10219 As of December 31, 2019 24 SECTION |Section 3 |Consolidated Information 25 Portfolio Characteristics City of Dublin Consolidated 12/31/2019 9/30/2019 Portfolio Portfolio Average Maturity (yrs)1.86 1.91 Modified Duration 1.67 1.72 Average Purchase Yield 2.10%2.21% Average Market Yield 1.80%1.94% Average Quality*AA+/Aa1 AA+/Aa1 Total Market Value 300,478,490 288,556,322 * Portfolio is S&P and Moody’s respectively. As of December 31, 2019 26 City of Dublin Consolidated Sector Distribution ABS 5.1% Agency 22.4% Commercial Paper 1.4% Foreign Corporate 2.2% LAIF 16.5%Local Gov Investment Pool 14.2% Money Market Fund FI 0.1% Supranational 1.5% US Corporate 14.7% US Treasury 21.9% December 31, 2019 September 30, 2019 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% As of December 31, 2019 27 SECTION |Section 4 |Portfolio Holdings 28 Holdings Report City of Dublin -Account #10198 CUSIP Security Description Par Value/Units Purchase Date Book Yield Cost Value Book Value Mkt Price Mkt YTM Market Value Accrued Int. % of Port. Gain/Loss Moody/S&P Fitch Maturity Duration ABS 43814WAB1 Honda Auto Receivables Trust 2019-1 A2 2.750% Due 09/20/2021 1,400,888.67 02/19/2019 2.77% 1,400,798.45 1,400,828.14 100.39 1.91% 1,406,329.58 1,391.16 0.68% 5,501.44 NR / AAA AAA 1.72 0.45 47788BAD6 John Deere Owner Trust 2017-B A3 1.820% Due 10/15/2021 153,617.17 07/11/2017 1.65% 153,605.92 153,612.43 99.91 2.11% 153,480.21 124.26 0.07% (132.22) Aaa / NR AAA 1.79 0.31 89239AAB9 Toyota Auto Receivables Trust 2019-A A2A 2.830% Due 10/15/2021 1,017,643.89 02/05/2019 2.85% 1,017,551.48 1,017,582.00 100.35 1.94% 1,021,205.62 1,279.97 0.49% 3,623.62 Aaa / AAA NR 1.79 0.39 47789JAB2 John Deere Owner Trust 2019-A A2 2.850% Due 12/15/2021 1,020,708.69 03/05/2019 2.87% 1,020,662.14 1,020,675.72 100.33 2.03% 1,024,028.87 1,292.90 0.49% 3,353.15 Aaa / NR AAA 1.96 0.39 43815NAB0 Honda Auto Receivables Trust 2019-3 A2 1.900% Due 04/15/2022 1,300,000.00 08/20/2019 1.91% 1,299,909.00 1,299,928.36 99.98 1.93% 1,299,742.60 1,097.78 0.62% (185.76) Aaa / AAA NR 2.29 0.92 47788CAC6 John Deere Owner Trust 2018-A A3 2.660% Due 04/18/2022 427,831.59 02/21/2018 2.68% 427,800.83 427,814.52 100.38 1.95% 429,443.54 505.79 0.21% 1,629.02 Aaa / NR AAA 2.30 0.52 477870AB5 John Deere Owner Trust 2019-B A2 2.280% Due 05/16/2022 955,000.00 07/16/2019 2.29% 954,996.37 954,996.94 100.22 2.03% 957,065.65 967.73 0.46% 2,068.71 Aaa / NR AAA 2.38 0.83 43814UAG4 Honda Auto Receivables Trust 2018-2 A3 3.010% Due 05/18/2022 610,000.00 05/22/2018 2.24% 609,986.70 609,992.03 100.92 1.90% 615,627.25 663.04 0.30% 5,635.22 NR / AAA AAA 2.38 0.82 43815HAC1 Honda Auto Receivables Trust 2018-3 A3 2.950% Due 08/22/2022 1,360,000.00 08/21/2018 2.49% 1,359,813.41 1,359,876.38 101.01 1.91% 1,373,706.08 1,114.44 0.66% 13,829.70 Aaa / NR AAA 2.64 0.95 02582JHE3 American Express Credit Trust 2017-3 A 1.770% Due 11/15/2022 1,000,000.00 06/28/2018 2.25% 980,625.00 987,297.27 99.96 1.91% 999,631.00 786.67 0.48% 12,333.73 NR / AAA AAA 2.88 0.27 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 1,584,919.93 101.03 2.00% 1,601,277.95 2,169.69 0.77% 16,358.02 Aaa / NR AAA 2.88 0.93 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 1,219,972.72 101.35 1.92% 1,236,513.92 1,659.20 0.59% 16,541.20 Aaa / AAA NR 3.21 1.16 89231PAD0 Toyota Auto Receivables Trust 2018-D A3 3.180% Due 03/15/2023 1,500,000.00 08/29/2019 2.08% 1,532,050.78 1,528,977.08 101.72 1.92% 1,525,774.50 2,120.00 0.73% (3,202.58) Aaa / AAA NR 3.21 1.33 65479JAD5 Nissan Auto Receivables Owner 2019-C A3 1.930% Due 07/15/2024 1,580,000.00 10/16/2019 1.94% 1,579,916.58 1,579,919.96 100.04 1.92% 1,580,627.26 1,355.29 0.76% 707.30 Aaa / AAA NR 4.54 2.45 TOTAL ABS 15,130,690.01 2.49% 15,142,556.99 15,146,393.48 1.95% 15,224,454.03 16,527.92 7.32% 78,060.55 Aaa / AAA Aaa 2.72 0.96 Agency 313383HU8 FHLB Note 1.750% Due 06/12/2020 2,000,000.00 10/08/2015 1.46% 2,026,040.00 2,002,485.08 100.03 1.69% 2,000,562.00 1,847.22 0.96% (1,923.08) Aaa / AA+ NR 0.45 0.44 As of December 31, 2019 29 Holdings Report City of Dublin -Account #10198 CUSIP Security Description Par Value/Units Purchase Date Book Yield Cost Value Book Value Mkt Price Mkt YTM Market Value Accrued Int. % of Port. Gain/Loss Moody/S&P Fitch Maturity Duration 3137EAEK1 FHLMC Note 1.875% Due 11/17/2020 2,400,000.00 11/28/2017 1.91% 2,397,336.00 2,399,211.12 100.20 1.65% 2,404,711.20 5,500.00 1.16% 5,500.08 Aaa / AA+ AAA 0.88 0.87 3135G0F73 FNMA Note 1.500% Due 11/30/2020 2,500,000.00 12/04/2015 1.87% 2,455,750.00 2,491,879.40 99.97 1.54% 2,499,130.00 3,229.17 1.20% 7,250.60 Aaa / AA+ AAA 0.92 0.91 3130A7CV5 FHLB Note 1.375% Due 02/18/2021 3,470,000.00 Various 1.45% 3,457,221.20 3,467,089.38 99.75 1.60% 3,461,449.92 17,627.12 1.67% (5,639.46) Aaa / AA+ AAA 1.14 1.11 3135G0J20 FNMA Note 1.375% Due 02/26/2021 5,000,000.00 Various 1.29% 5,018,675.00 5,004,690.23 99.75 1.60% 4,987,425.00 23,871.52 2.41% (17,265.23) Aaa / AA+ AAA 1.16 1.13 313379RB7 FHLB Note 1.875% Due 06/11/2021 3,000,000.00 08/30/2017 1.67% 3,022,620.00 3,008,638.22 100.32 1.65% 3,009,636.00 3,125.00 1.45% 997.78 Aaa / AA+ AAA 1.45 1.42 3130A8QS5 FHLB Note 1.125% Due 07/14/2021 2,500,000.00 07/25/2016 1.28% 2,481,475.00 2,494,281.15 99.25 1.62% 2,481,322.50 13,046.88 1.20% (12,958.65) Aaa / AA+ AAA 1.54 1.51 3137EAEC9 FHLMC Note 1.125% Due 08/12/2021 3,000,000.00 Various 1.33% 2,971,215.00 2,990,580.77 99.26 1.59% 2,977,869.00 13,031.26 1.44% (12,711.77) Aaa / AA+ AAA 1.62 1.58 3135G0Q89 FNMA Note 1.375% Due 10/07/2021 2,000,000.00 10/06/2016 1.45% 1,992,924.00 1,997,500.54 99.62 1.59% 1,992,402.00 6,416.67 0.96% (5,098.54) Aaa / AA+ AAA 1.77 1.73 3135G0S38 FNMA Note 2.000% Due 01/05/2022 2,500,000.00 01/30/2017 2.04% 2,495,475.00 2,498,152.29 100.77 1.61% 2,519,267.50 24,444.44 1.22% 21,115.21 Aaa / AA+ AAA 2.02 1.95 313378CR0 FHLB Note 2.250% Due 03/11/2022 2,000,000.00 06/19/2017 1.86% 2,035,280.00 2,016,361.74 101.30 1.64% 2,026,042.00 13,750.00 0.98% 9,680.26 Aaa / AA+ NR 2.19 2.12 3135G0T45 FNMA Note 1.875% Due 04/05/2022 3,250,000.00 05/05/2017 1.99% 3,232,125.00 3,241,775.31 100.64 1.58% 3,270,939.75 14,557.29 1.58% 29,164.44 Aaa / AA+ AAA 2.26 2.20 3135G0T94 FNMA Note 2.375% Due 01/19/2023 2,500,000.00 03/28/2018 2.70% 2,463,675.00 2,476,968.67 102.26 1.61% 2,556,450.00 26,718.75 1.24% 79,481.33 Aaa / AA+ AAA 3.05 2.91 313383QR5 FHLB Note 3.250% Due 06/09/2023 1,500,000.00 08/28/2018 2.87% 1,525,005.00 1,517,983.54 105.36 1.64% 1,580,454.00 2,979.17 0.76% 62,470.46 Aaa / AA+ NR 3.44 3.25 3137EAEN5 FHLMC Note 2.750% Due 06/19/2023 2,000,000.00 07/16/2018 2.88% 1,988,360.00 1,991,810.57 103.86 1.60% 2,077,196.00 1,833.33 1.00% 85,385.43 Aaa / AA+ AAA 3.47 3.30 3133EKZK5 FFCB Note 1.600% Due 08/14/2023 4,000,000.00 08/26/2019 1.54% 4,009,000.00 4,008,210.64 99.88 1.64% 3,995,004.00 24,355.56 1.93% (13,206.64) Aaa / AA+ AAA 3.62 3.48 313383YJ4 FHLB Note 3.375% Due 09/08/2023 5,000,000.00 Various 2.90% 5,102,615.00 5,080,493.79 106.09 1.66% 5,304,545.00 52,968.76 2.57% 224,051.21 Aaa / AA+ NR 3.69 3.44 3130A0F70 FHLB Note 3.375% Due 12/08/2023 5,000,000.00 Various 2.73% 5,147,870.00 5,118,296.02 106.23 1.73% 5,311,380.00 10,781.25 2.56% 193,083.98 Aaa / AA+ AAA 3.94 3.69 3135G0V34 FNMA Note 2.500% Due 02/05/2024 2,000,000.00 02/27/2019 2.58% 1,992,340.00 1,993,644.28 103.09 1.71% 2,061,874.00 20,277.78 1.00% 68,229.72 Aaa / AA+ AAA 4.10 3.85 As of December 31, 2019 30 Holdings Report City of Dublin -Account #10198 CUSIP Security Description Par Value/Units Purchase Date Book Yield Cost Value Book Value Mkt Price Mkt YTM Market Value Accrued Int. % of Port. Gain/Loss Moody/S&P Fitch Maturity Duration 3130A1XJ2 FHLB Note 2.875% Due 06/14/2024 3,795,000.00 Various 1.96% 3,958,639.85 3,940,956.48 105.00 1.71% 3,984,575.43 5,152.24 1.92% 43,618.95 Aaa / AA+ NR 4.46 4.18 3133EKWV4 FFCB Note 1.850% Due 07/26/2024 2,500,000.00 08/13/2019 1.65% 2,524,140.00 2,522,270.75 100.41 1.76% 2,510,297.50 19,913.19 1.22% (11,973.25) Aaa / AA+ AAA 4.57 4.33 3130A2UW4 FHLB Note 2.875% Due 09/13/2024 2,000,000.00 10/10/2019 1.58% 2,122,020.00 2,116,458.22 105.23 1.71% 2,104,660.00 17,250.00 1.02% (11,798.22) Aaa / AA+ AAA 4.71 4.37 3135G0W66 FNMA Note 1.625% Due 10/15/2024 2,000,000.00 11/08/2019 1.80% 1,983,400.00 1,983,861.37 99.54 1.72% 1,990,882.00 6,590.28 0.96% 7,020.63 Aaa / AA+ AAA 4.79 4.57 TOTAL Agency 65,915,000.00 1.96% 66,403,201.05 66,363,599.56 1.65% 67,108,074.80 329,266.88 32.39% 744,475.24 Aaa / AA+ Aaa 2.70 2.57 Commercial Paper 62479LDQ5 MUFG Bank Ltd Discount CP 1.900% Due 04/24/2020 4,140,000.00 11/19/2019 1.94% 4,105,695.50 4,115,091.00 99.40 1.94% 4,115,091.00 0.00 1.98% 0.00 P-1 / A-1 NR 0.32 0.31 TOTAL Commercial Paper 4,140,000.00 1.94% 4,105,695.50 4,115,091.00 1.94% 4,115,091.00 0.00 1.98% 0.00 P-1 / A-1 NR 0.32 0.31 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 1,493,060.87 101.10 2.09% 1,516,549.50 19,433.33 0.74% 23,488.63 A2 / A A+ 2.02 1.93 89114QCB2 Toronto Dominion Bank Note 3.250% Due 03/11/2024 2,300,000.00 03/26/2019 2.95% 2,331,234.00 2,326,419.48 104.72 2.07% 2,408,461.10 22,840.28 1.17% 82,041.62 Aa3 / A AA- 4.20 3.89 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 2,529,359.44 101.54 2.19% 2,538,472.50 29,218.75 1.23% 9,113.06 A2 / A AA 4.55 4.22 TOTAL Foreign Corporate 6,300,000.00 2.67% 6,348,879.00 6,348,839.79 2.12% 6,463,483.10 71,492.36 3.14% 114,643.31 A1 / A AA- 3.82 3.56 Money Market Fund FI 31846V203 First American Govt Obligation Fund Class Y 337,866.59 Various 1.20% 337,866.59 337,866.59 1.00 1.20% 337,866.59 0.00 0.16% 0.00 Aaa / AAA AAA 0.00 0.00 TOTAL Money Market Fund FI 337,866.59 1.20% 337,866.59 337,866.59 1.20% 337,866.59 0.00 0.16% 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 1,995,275.61 100.72 1.65% 2,014,326.00 17,222.22 0.98% 19,050.39 Aaa / NR AAA 2.07 2.00 As of December 31, 2019 31 Holdings Report City of Dublin -Account #10198 CUSIP Security Description Par Value/Units Purchase Date Book Yield Cost Value Book Value Mkt Price Mkt YTM Market Value Accrued Int. % of Port. Gain/Loss Moody/S&P Fitch Maturity Duration 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 2,472,729.12 100.23 1.66% 2,505,850.00 13,003.47 1.21% 33,120.88 Aaa / AAA AAA 2.71 2.62 TOTAL Supranational 4,500,000.00 2.15% 4,441,995.00 4,468,004.73 1.65% 4,520,176.00 30,225.69 2.19% 52,171.27 Aaa / AAA Aaa 2.42 2.34 US Corporate 747525AD5 Qualcomm Inc Note 2.250% Due 05/20/2020 2,000,000.00 Various 2.22% 2,001,128.80 2,000,219.36 100.11 1.96% 2,002,198.01 5,125.00 0.96% 1,978.65 A2 / A- NR 0.39 0.38 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 1,003,521.13 100.27 1.87% 1,002,660.00 11,017.36 0.49% (861.13) A2 / A A 0.54 0.53 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 2,000,740.53 100.35 1.82% 2,007,084.00 7,411.11 0.97% 6,343.47 A3 / A A 0.84 0.75 24422ETF6 John Deere Capital Corp Note 2.550% Due 01/08/2021 750,000.00 Various 2.42% 753,733.15 750,941.78 100.71 1.84% 755,337.00 9,190.62 0.37% 4,395.22 A2 / A A 1.02 0.99 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 1,803,181.15 100.59 1.71% 1,810,625.40 13,332.00 0.88% 7,444.25 Aaa / AA+ NR 1.17 1.14 369550BE7 General Dynamics Corp Note 3.000% Due 05/11/2021 1,130,000.00 05/08/2018 3.24% 1,122,146.50 1,126,445.86 101.68 1.74% 1,149,016.77 4,708.33 0.55% 22,570.91 A2 / A+ NR 1.36 1.33 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 1,000,064.23 100.63 1.60% 1,006,315.00 2,625.00 0.48% 6,250.77 Aa2 / AA NR 1.38 1.27 857477AV5 State Street Bank Note 1.950% Due 05/19/2021 1,800,000.00 Various 1.91% 1,802,989.00 1,800,919.50 100.21 1.80% 1,803,731.41 4,095.01 0.87% 2,811.91 A1 / A AA- 1.38 1.36 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 1,848,854.48 99.87 1.63% 1,847,552.46 11,390.35 0.89% (1,302.02) Aaa / AAA AA+ 1.61 1.57 68389XBK0 Oracle Corp Callable Note Cont 8/15/2021 1.900% Due 09/15/2021 1,000,000.00 06/28/2018 3.08% 964,080.00 980,938.53 100.21 1.77% 1,002,095.00 5,594.44 0.48% 21,156.47 A1 / A+ A 1.71 1.59 91159HHP8 US Bancorp Callable Cont 12/23/2021 2.625% Due 01/24/2022 2,000,000.00 05/23/2017 2.35% 2,023,280.00 2,010,052.73 101.59 1.80% 2,031,720.00 22,895.83 0.99% 21,667.27 A1 / A+ AA- 2.07 1.90 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 1,994,929.56 101.96 1.97% 2,039,184.00 22,966.67 0.99% 44,254.44 A2 / A A 3.07 2.83 44932HAH6 IBM Credit Corp Note 3.000% Due 02/06/2023 2,000,000.00 02/26/2018 3.09% 1,991,340.00 1,994,565.90 102.94 2.02% 2,058,734.00 24,166.67 1.00% 64,168.10 A2 / A NR 3.10 2.92 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 1,832,251.03 102.54 1.88% 1,912,415.76 15,101.32 0.93% 80,164.73 Aa2 / AA A+ 3.21 2.89 As of December 31, 2019 32 Holdings Report City of Dublin -Account #10198 CUSIP Security Description Par Value/Units Purchase Date Book Yield Cost Value Book Value Mkt Price Mkt YTM Market Value Accrued Int. % of Port. Gain/Loss Moody/S&P Fitch Maturity Duration 58933YAF2 Merck & Co Note 2.800% Due 05/18/2023 740,000.00 10/26/2018 3.41% 720,996.80 725,893.47 103.04 1.87% 762,478.98 2,474.89 0.37% 36,585.51 A1 / AA A+ 3.38 3.21 46625HRL6 JP Morgan Chase Callable Note Cont 3/18/2023 2.700% Due 05/18/2023 500,000.00 12/20/2018 3.74% 479,055.00 483,919.56 101.82 2.11% 509,097.50 1,612.50 0.25% 25,177.94 A2 / A- AA- 3.38 3.06 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 2,207,905.66 104.91 1.98% 2,318,440.28 4,941.80 1.12% 110,534.62 A2 / A NR 3.44 3.16 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 2,314,950.69 99.38 2.06% 2,385,002.40 2,000.00 1.15% 70,051.71 A3 / A- A 3.46 3.32 166764AH3 Chevron Corp Callable Note Cont 3/24/2023 3.191% Due 06/24/2023 1,000,000.00 11/08/2018 3.59% 983,170.00 987,307.54 104.11 1.87% 1,041,063.00 620.47 0.50% 53,755.46 Aa2 / AA NR 3.48 3.07 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 1,379,749.99 105.15 1.83% 1,451,068.63 651.66 0.70% 71,318.64 Aa2 / AA AA 3.49 3.22 02665WCJ8 American Honda Finance Note 3.450% Due 07/14/2023 1,000,000.00 Various 3.54% 996,275.00 997,153.48 104.69 2.07% 1,046,927.00 16,004.17 0.51% 49,773.52 A2 / A NR 3.54 3.28 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 1,201,337.67 105.13 1.97% 1,261,525.20 16,100.00 0.61% 60,187.53 A1 / A AA- 3.61 3.36 06051GHF9 Bank of America Corp Callable Note 1X 3/5/2023 3.550% Due 03/05/2024 2,400,000.00 Various 3.10% 2,434,650.00 2,429,440.82 103.79 2.30% 2,490,852.00 27,453.33 1.21% 61,411.18 A2 / A- A+ 4.18 2.97 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 3,034,678.93 103.44 1.99% 3,103,317.00 11,875.00 1.50% 68,638.07 Aa1 / AA+ NR 4.36 3.94 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 1,027,557.59 102.84 1.98% 1,028,423.00 515.28 0.49% 865.41 A2 / A A 4.48 4.21 02665WCZ2 American Honda Finance Note 2.400% Due 06/27/2024 1,500,000.00 07/10/2019 2.49% 1,493,742.00 1,494,339.48 101.12 2.14% 1,516,788.00 400.00 0.73% 22,448.52 A2 / A NR 4.49 4.24 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 2,622,116.16 105.41 2.33% 2,635,125.00 41,661.53 1.29% 13,008.84 A2 / A- AA- 4.56 4.13 TOTAL US Corporate 43,025,000.00 2.70% 43,049,325.45 43,053,976.81 1.95% 43,978,776.80 285,930.34 21.26% 924,799.99 A1 / A+ A+ 2.82 2.56 US Treasury 912828H52 US Treasury Note 1.250% Due 01/31/2020 2,500,000.00 Various 1.53% 2,466,968.02 2,499,448.13 99.97 1.62% 2,499,195.00 13,077.45 1.21% (253.13) Aaa / AA+ AAA 0.08 0.08 912828XE5 US Treasury Note 1.500% Due 05/31/2020 3,000,000.00 Various 1.67% 2,976,025.68 2,997,982.41 99.94 1.63% 2,998,344.00 3,934.43 1.44% 361.59 Aaa / AA+ AAA 0.42 0.41 As of December 31, 2019 33 Holdings Report City of Dublin -Account #10198 CUSIP Security Description Par Value/Units Purchase Date Book Yield Cost Value Book Value Mkt Price Mkt YTM Market Value Accrued Int. % of Port. Gain/Loss Moody/S&P Fitch Maturity Duration 912828XM7 US Treasury Note 1.625% Due 07/31/2020 1,500,000.00 09/08/2015 1.52% 1,507,622.21 1,500,904.26 100.00 1.63% 1,499,941.50 10,200.41 0.73% (962.76) Aaa / AA+ AAA 0.58 0.58 912828L99 US Treasury Note 1.375% Due 10/31/2020 5,000,000.00 Various 1.69% 4,927,376.14 4,987,665.97 99.77 1.65% 4,988,475.00 11,710.17 2.40% 809.03 Aaa / AA+ AAA 0.84 0.82 912828N89 US Treasury Note 1.375% Due 01/31/2021 2,000,000.00 03/15/2016 1.49% 1,988,834.83 1,997,518.85 99.72 1.63% 1,994,454.00 11,508.15 0.96% (3,064.85) Aaa / AA+ AAA 1.09 1.07 912828P87 US Treasury Note 1.125% Due 02/28/2021 3,000,000.00 12/28/2018 2.54% 2,911,171.88 2,952,325.16 99.41 1.63% 2,982,423.00 11,404.53 1.44% 30,097.84 Aaa / AA+ AAA 1.16 1.15 912828T34 US Treasury Note 1.125% Due 09/30/2021 1,500,000.00 Various 1.66% 1,463,144.24 1,486,690.05 99.20 1.59% 1,487,929.50 4,287.91 0.72% 1,239.45 Aaa / AA+ AAA 1.75 1.72 912828U65 US Treasury Note 1.750% Due 11/30/2021 2,500,000.00 12/28/2016 2.06% 2,464,461.50 2,486,176.18 100.31 1.59% 2,507,715.00 3,825.14 1.21% 21,538.82 Aaa / AA+ AAA 1.92 1.87 912828V72 US Treasury Note 1.875% Due 01/31/2022 1,500,000.00 02/27/2017 1.84% 1,502,407.37 1,501,018.91 100.59 1.59% 1,508,788.50 11,769.70 0.73% 7,769.59 Aaa / AA+ AAA 2.09 2.02 912828J76 US Treasury Note 1.750% Due 03/31/2022 3,000,000.00 04/25/2017 1.85% 2,985,830.37 2,993,544.95 100.38 1.58% 3,011,250.00 13,340.16 1.45% 17,705.05 Aaa / AA+ AAA 2.25 2.19 912828WZ9 US Treasury Note 1.750% Due 04/30/2022 2,750,000.00 05/23/2017 1.84% 2,738,944.75 2,744,785.26 100.38 1.59% 2,760,312.50 8,283.81 1.33% 15,527.24 Aaa / AA+ AAA 2.33 2.27 912828XR6 US Treasury Note 1.750% Due 05/31/2022 1,500,000.00 06/28/2017 1.81% 1,496,020.65 1,498,049.08 100.39 1.58% 1,505,859.00 2,295.08 0.72% 7,809.92 Aaa / AA+ AAA 2.42 2.35 912828XW5 US Treasury Note 1.750% Due 06/30/2022 3,000,000.00 07/25/2017 1.86% 2,984,072.55 2,991,938.94 100.41 1.58% 3,012,423.00 144.23 1.45% 20,484.06 Aaa / AA+ AAA 2.50 2.44 912828L24 US Treasury Note 1.875% Due 08/31/2022 2,000,000.00 09/27/2017 1.92% 1,995,944.20 1,997,805.18 100.73 1.59% 2,014,688.00 12,671.70 0.97% 16,882.82 Aaa / AA+ AAA 2.67 2.58 912828L57 US Treasury Note 1.750% Due 09/30/2022 3,750,000.00 Various 2.02% 3,702,841.80 3,723,551.64 100.40 1.60% 3,765,086.25 16,675.20 1.82% 41,534.61 Aaa / AA+ AAA 2.75 2.66 912828M49 US Treasury Note 1.875% Due 10/31/2022 1,000,000.00 01/30/2018 2.47% 973,359.38 984,113.96 100.75 1.60% 1,007,461.00 3,193.68 0.49% 23,347.04 Aaa / AA+ AAA 2.84 2.74 9128284D9 US Treasury Note 2.500% Due 03/31/2023 3,750,000.00 Various 2.75% 3,706,123.05 3,721,165.09 102.77 1.62% 3,854,002.50 23,821.72 1.86% 132,837.41 Aaa / AA+ AAA 3.25 3.10 912828R69 US Treasury Note 1.625% Due 05/31/2023 1,500,000.00 05/30/2018 2.67% 1,427,167.97 1,450,301.91 100.00 1.62% 1,500,058.50 2,131.15 0.72% 49,756.59 Aaa / AA+ AAA 3.42 3.30 912828U57 US Treasury Note 2.125% Due 11/30/2023 5,000,000.00 Various 2.53% 4,908,242.19 4,925,851.93 101.78 1.65% 5,089,060.00 9,289.62 2.45% 163,208.07 Aaa / AA+ AAA 3.92 3.74 912828V80 US Treasury Note 2.250% Due 01/31/2024 5,000,000.00 Various 2.32% 4,983,691.41 4,986,172.35 102.32 1.66% 5,115,820.00 47,078.80 2.48% 129,647.65 Aaa / AA+ AAA 4.09 3.86 As of December 31, 2019 34 Holdings Report City of Dublin -Account #10198 CUSIP Security Description Par Value/Units Purchase Date Book Yield Cost Value Book Value Mkt Price Mkt YTM Market Value Accrued Int. % of Port. Gain/Loss Moody/S&P Fitch Maturity Duration 912828WJ5 US Treasury Note 2.500% Due 05/15/2024 1,750,000.00 06/10/2019 1.91% 1,798,261.72 1,792,792.06 103.47 1.67% 1,810,772.25 5,649.04 0.87% 17,980.19 Aaa / AA+ AAA 4.38 4.13 9128282N9 US Treasury Note 2.125% Due 07/31/2024 2,000,000.00 08/30/2019 1.44% 2,064,531.25 2,060,078.34 101.95 1.68% 2,038,906.00 17,785.33 0.99% (21,172.34) Aaa / AA+ AAA 4.59 4.32 912828YH7 US Treasury Note 1.500% Due 09/30/2024 3,500,000.00 Various 1.65% 3,474,941.41 3,475,459.80 99.17 1.68% 3,470,880.00 13,340.16 1.67% (4,579.80) Aaa / AA+ AAA 4.75 4.55 9128283J7 US Treasury Note 2.125% Due 11/30/2024 3,000,000.00 Various 1.76% 3,051,650.40 3,051,187.23 102.04 1.69% 3,061,290.00 5,573.77 1.47% 10,102.77 Aaa / AA+ AAA 4.92 4.65 TOTAL US Treasury 65,000,000.00 1.99% 64,499,634.97 64,806,527.64 1.63% 65,485,134.50 262,991.34 31.57% 678,606.86 Aaa / AA+ Aaa 2.64 2.54 TOTAL PORTFOLIO 204,348,556.60 2.19% 204,329,154.55 204,640,299.60 1.75% 207,233,056.82 996,434.53 100.00% 2,592,757.22 Aa1 / AA Aaa 2.69 2.42 TOTAL MARKET VALUE PLUS ACCRUALS 208,229,491.35 As of December 31, 2019 35 Holdings Report City of Dublin Reporting Account -Account #10219 CUSIP Security Description Par Value/Units Purchase Date Book Yield Cost Value Book Value Mkt Price Mkt YTM Market Value Accrued Int. % of Port. Gain/Loss Moody/S&P Fitch Maturity Duration LAIF 90LAIF$00 Local Agency Investment Fund State Pool 49,367,485.67 Various 2.03% 49,367,485.67 49,367,485.67 1.00 2.03% 49,367,485.67 263,314.31 53.80% 0.00 NR / NR NR 0.00 0.00 TOTAL LAIF 49,367,485.67 2.03% 49,367,485.67 49,367,485.67 2.03% 49,367,485.67 263,314.31 53.80% 0.00 NR / NR NR 0.00 0.00 Local Gov Investment Pool 90CAMP$00 California Asset Mgmt Program CAMP 42,618,198.31 Various 1.77% 42,618,198.31 42,618,198.31 1.00 1.77% 42,618,198.31 0.00 46.20% 0.00 NR / AAA NR 0.00 0.00 TOTAL Local Gov Investment Pool 42,618,198.31 1.77% 42,618,198.31 42,618,198.31 1.77% 42,618,198.31 0.00 46.20% 0.00 NR / AAA NR 0.00 0.00 TOTAL PORTFOLIO 91,985,683.98 1.91% 91,985,683.98 91,985,683.98 1.91% 91,985,683.98 263,314.31 100.00% 0.00 NR / AAA NR 0.00 0.00 TOTAL MARKET VALUE PLUS ACCRUALS 92,248,998.29 As of December 31, 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 10/11/2019 3130A2UW4 2,000,000.00 FHLB Note 2.875% Due: 09/13/2024 106.101 1.58%2,122,020.00 4,472.22 2,126,492.22 0.00 Purchase 10/23/2019 65479JAD5 1,580,000.00 Nissan Auto Receivables Owner 2019-C A3 1.93% Due: 07/15/2024 99.995 1.94%1,579,916.58 0.00 1,579,916.58 0.00 Purchase 10/28/2019 912828YH7 1,500,000.00 US Treasury Note 1.5% Due: 09/30/2024 99.449 1.62%1,491,738.28 1,721.31 1,493,459.59 0.00 Purchase 11/12/2019 3135G0W66 2,000,000.00 FNMA Note 1.625% Due: 10/15/2024 99.170 1.80%1,983,400.00 2,166.67 1,985,566.67 0.00 Purchase 11/19/2019 62479LDQ5 4,140,000.00 MUFG Bank Ltd Discount CP 1.9% Due: 04/24/2020 99.171 1.94%4,105,695.50 0.00 4,105,695.50 0.00 Purchase 12/09/2019 912828YH7 2,000,000.00 US Treasury Note 1.5% Due: 09/30/2024 99.160 1.68%1,983,203.13 5,737.70 1,988,940.83 0.00 Purchase 12/13/2019 9128283J7 2,250,000.00 US Treasury Note 2.125% Due: 11/30/2024 101.723 1.76%2,288,759.77 1,698.26 2,290,458.03 0.00 Purchase 12/24/2019 9128283J7 750,000.00 US Treasury Note 2.125% Due: 11/30/2024 101.719 1.76%762,890.63 1,045.08 763,935.71 0.00 Subtotal 16,220,000.00 16,317,623.89 16,841.24 16,334,465.13 0.00 TOTAL ACQUISITIONS 16,220,000.00 16,317,623.89 16,841.24 16,334,465.13 0.00 DISPOSITIONS Sale 11/12/2019 3135G0A78 2,000,000.00 FNMA Note 1.625% Due: 01/21/2020 100.006 1.59%2,000,120.00 10,020.83 2,010,140.83 -543.58 Sale 12/13/2019 912828H52 1,000,000.00 US Treasury Note 1.25% Due: 01/31/2020 99.957 1.57%999,570.31 4,585.60 1,004,155.91 -69.15 Subtotal 3,000,000.00 2,999,690.31 14,606.43 3,014,296.74 -612.73 Maturity 10/02/2019 3137EADM8 2,500,000.00 FHLMC Note 1.25% Due: 10/02/2019 100.000 2,500,000.00 0.00 2,500,000.00 0.00 September 30, 2019 through December 31, 2019 As of December 31, 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 Maturity 10/08/2019 68389XAX3 1,250,000.00 Oracle Corp Note 2.25% Due: 10/08/2019 100.000 1,250,000.00 0.00 1,250,000.00 0.00 Maturity 11/13/2019 40428HPN6 1,000,000.00 HSBC USA Inc Note 2.375% Due: 11/13/2019 100.000 1,000,000.00 0.00 1,000,000.00 0.00 Maturity 11/19/2019 62479MYK3 4,140,000.00 MUFG Bank Ltd/NY Discount CP 2.12% Due: 11/19/2019 99.464 4,140,000.00 0.00 4,140,000.00 0.00 Subtotal 8,890,000.00 8,890,000.00 0.00 8,890,000.00 0.00 TOTAL DISPOSITIONS 11,890,000.00 11,889,690.31 14,606.43 11,904,296.74 -612.73 September 30, 2019 through December 31, 2019 As of December 31, 2019 39 Transaction Ledger City of Dublin Reporting Account -Account #10219 Transaction Type Settlement Date CUSIP Quantity Security Description Price Acq/Disp Yield Amount Interest Pur/Sold Total Amount Gain/Loss ACQUISITIONS Purchase 10/31/2019 90CAMP$00 54,824.84 California Asset Mgmt Program CAMP 1.000 2.00%54,824.84 0.00 54,824.84 0.00 Purchase 11/30/2019 90CAMP$00 39,139.04 California Asset Mgmt Program CAMP 1.000 1.84%39,139.04 0.00 39,139.04 0.00 Purchase 12/31/2019 90CAMP$00 45,007.40 California Asset Mgmt Program CAMP 1.000 1.77%45,007.40 0.00 45,007.40 0.00 Subtotal 138,971.28 138,971.28 0.00 138,971.28 0.00 Security Contribution 12/19/2019 90CAMP$00 22,500,000.00 California Asset Mgmt Program CAMP 1.000 22,500,000.00 0.00 22,500,000.00 0.00 Subtotal 22,500,000.00 22,500,000.00 0.00 22,500,000.00 0.00 TOTAL ACQUISITIONS 22,638,971.28 22,638,971.28 0.00 22,638,971.28 0.00 DISPOSITIONS Security Withdrawal 10/25/2019 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 11/05/2019 90CAMP$00 2,700,000.00 California Asset Mgmt Program CAMP 1.000 2,700,000.00 0.00 2,700,000.00 0.00 Security Withdrawal 11/15/2019 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 11/19/2019 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 September 30, 2019 through December 31, 2019 As of December 31, 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 Security Withdrawal 11/22/2019 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 11,700,000.00 11,700,000.00 0.00 11,700,000.00 0.00 TOTAL DISPOSITIONS 11,700,000.00 11,700,000.00 0.00 11,700,000.00 0.00 September 30, 2019 through December 31, 2019 As of December 31, 2019 41 Important Disclosures 2019 Chandler Asset Management,Inc, An Independent Registered Investment Adviser. Information contained herein is confidential.Prices are provided by IDC,an independent pricing source.In the event IDC does not provide a price or if the price provided is not reflective of fair market value,Chandler will obtain pricing from an alternative approved third party pricing source in accordance with our written valuation policy and procedures.Our valuation procedures are also disclosed in Item 5 of our Form ADV Part 2A. 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This report is provided for informational purposes only and should not be construed as a specific investment or legal advice.The information contained herein was obtained from sources believed to be reliable as of the date of publication,but may become outdated or superseded at any time without notice.Any opinions or views expressed are based on current market conditions and are subject to change.This report may contain forecasts and forward-looking statements which are inherently limited and should not be relied upon as indicator of future results.Past performance is not indicative of future results.This report is not intended to constitute an offer,solicitation,recommendation or advice regarding any securities or investment strategy and should not be regarded by recipients as a substitute for the exercise of their own judgment. Fixed income investments are subject to interest, credit and market risk.Interest rate risk:the value of fixed income investments will decline as interest rates rise.Credit risk:the possibility that the borrower may not be able to repay interest and principal.Low rated bonds generally have to pay higher interest rates to attract investors willing to take on greater risk.Market risk:the bond market in general could decline due to economic conditions,especially during periods of rising interest rates. Ratings information have been provided by Moody’s,S&P and Fitch through data feeds we believe to be reliable as of the date of this statement, however we cannot guarantee its accuracy. Security level ratings for U.S.Agency issued mortgage-backed securities (“MBS”)reflect the issuer rating because the securities themselves are not rated.The issuing U.S.Agency guarantees the full and timely payment of both principal and interest and carries a AA+/Aaa/AAA by S&P,Moody’s and Fitch respectively. As of December 31, 2019 42 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 agency debt issued in the US domestic market.Qualifying securities must have an investment grade rating (based on an average of Moody’s,S&P and Fitch).Qualifying securities must have at least one year remaining term to final maturity and less than five years remaining term to final maturity,at least 18 months to maturity at time of issuance,a fixed coupon schedule and a minimum amount outstanding of $1 billion for sovereigns and $250 million for agencies.(Index:GVA0.Please visit www.mlindex.ml.com for more information) The ICE BAML 1-3 Year US Treasury &Agency Index tracks the performance of US dollar denominated US Treasury and nonsubordinated US agency debt issued in the US domestic market.Qualifying securities must have an investment grade rating (based on an average of Moody’s,S&P and Fitch).Qualifying securities must have at least one year remaining term to final maturity and less than three years remaining term to final maturity,at least 18 months to maturity at time of issuance,a fixed coupon schedule and a minimum amount outstanding of $1 billion for sovereigns and $250 million for agencies.(Index:G1A0.Please visit www.mlindex.ml.com for more information) As of December 31, 2019 43 Transaction Ledger As of October 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 10/01/2019 31846V203 6,131.35 First American Govt Obligation Fund Class Y 1.000 1.57%6,131.35 0.00 6,131.35 0.00 Purchase 10/02/2019 31846V203 2,500,000.00 First American Govt Obligation Fund Class Y 1.000 1.57%2,500,000.00 0.00 2,500,000.00 0.00 Purchase 10/02/2019 31846V203 15,625.00 First American Govt Obligation Fund Class Y 1.000 1.57%15,625.00 0.00 15,625.00 0.00 Purchase 10/05/2019 31846V203 30,468.75 First American Govt Obligation Fund Class Y 1.000 1.57%30,468.75 0.00 30,468.75 0.00 Purchase 10/07/2019 31846V203 13,750.00 First American Govt Obligation Fund Class Y 1.000 1.57%13,750.00 0.00 13,750.00 0.00 Purchase 10/08/2019 31846V203 1,250,000.00 First American Govt Obligation Fund Class Y 1.000 1.57%1,250,000.00 0.00 1,250,000.00 0.00 Purchase 10/08/2019 31846V203 14,062.50 First American Govt Obligation Fund Class Y 1.000 1.57%14,062.50 0.00 14,062.50 0.00 Purchase 10/11/2019 3130A2UW4 2,000,000.00 FHLB Note 2.875% Due 9/13/2024 106.101 1.58%2,122,020.00 4,472.22 2,126,492.22 0.00 Purchase 10/15/2019 31846V203 1,141.59 First American Govt Obligation Fund Class Y 1.000 1.57%1,141.59 0.00 1,141.59 0.00 Purchase 10/15/2019 31846V203 4,068.17 First American Govt Obligation Fund Class Y 1.000 1.57%4,068.17 0.00 4,068.17 0.00 Purchase 10/15/2019 31846V203 2,861.88 First American Govt Obligation Fund Class Y 1.000 1.57%2,861.88 0.00 2,861.88 0.00 Purchase 10/15/2019 31846V203 3,111.00 First American Govt Obligation Fund Class Y 1.000 1.57%3,111.00 0.00 3,111.00 0.00 Purchase 10/15/2019 31846V203 3,975.00 First American Govt Obligation Fund Class Y 1.000 1.57%3,975.00 0.00 3,975.00 0.00 Purchase 10/15/2019 31846V203 1,814.50 First American Govt Obligation Fund Class Y 1.000 1.57%1,814.50 0.00 1,814.50 0.00 Purchase 10/15/2019 31846V203 2,058.33 First American Govt Obligation Fund Class Y 1.000 1.57%2,058.33 0.00 2,058.33 0.00 Purchase 10/15/2019 31846V203 1,475.00 First American Govt Obligation Fund Class Y 1.000 1.57%1,475.00 0.00 1,475.00 0.00 Execution Time: 11/8/2019 11:00:53 AMChandler Asset Management - CONFIDENTIAL Page 11 Transaction Ledger As of October 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 10/15/2019 31846V203 20,321.49 First American Govt Obligation Fund Class Y 1.000 1.57%20,321.49 0.00 20,321.49 0.00 Purchase 10/15/2019 31846V203 124,916.16 First American Govt Obligation Fund Class Y 1.000 1.57%124,916.16 0.00 124,916.16 0.00 Purchase 10/15/2019 31846V203 109,917.01 First American Govt Obligation Fund Class Y 1.000 1.57%109,917.01 0.00 109,917.01 0.00 Purchase 10/18/2019 31846V203 1,530.08 First American Govt Obligation Fund Class Y 1.000 1.57%1,530.08 0.00 1,530.08 0.00 Purchase 10/18/2019 31846V203 3,723.96 First American Govt Obligation Fund Class Y 1.000 1.57%3,723.96 0.00 3,723.96 0.00 Purchase 10/21/2019 31846V203 3,343.33 First American Govt Obligation Fund Class Y 1.000 1.57%3,343.33 0.00 3,343.33 0.00 Purchase 10/23/2019 65479JAD5 1,580,000.00 Nissan Auto Receivables Owner 2019-C A3 1.93% Due 7/15/2024 99.995 1.94%1,579,916.58 0.00 1,579,916.58 0.00 Purchase 10/28/2019 912828YH7 1,500,000.00 US Treasury Note 1.5% Due 9/30/2024 99.449 1.62%1,491,738.28 1,721.31 1,493,459.59 0.00 Purchase 10/30/2019 31846V203 24,062.50 First American Govt Obligation Fund Class Y 1.000 1.57%24,062.50 0.00 24,062.50 0.00 Purchase 10/31/2019 31846V203 43,750.00 First American Govt Obligation Fund Class Y 1.000 1.44%43,750.00 0.00 43,750.00 0.00 Purchase 10/31/2019 90CAMP$00 54,824.84 California Asset Mgmt Program CAMP 1.000 2.00%54,824.84 0.00 54,824.84 0.00 Subtotal 9,316,932.44 9,430,607.30 6,193.53 9,436,800.83 0.00 TOTAL ACQUISITIONS 9,316,932.44 9,430,607.30 6,193.53 9,436,800.83 0.00 DISPOSITIONS Sale 10/11/2019 31846V203 2,126,492.22 First American Govt Obligation Fund Class Y 1.000 1.57%2,126,492.22 0.00 2,126,492.22 0.00 Execution Time: 11/8/2019 11:00:53 AMChandler Asset Management - CONFIDENTIAL Page 12 Transaction Ledger As of October 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 10/23/2019 31846V203 1,579,916.58 First American Govt Obligation Fund Class Y 1.000 1.57%1,579,916.58 0.00 1,579,916.58 0.00 Sale 10/28/2019 31846V203 1,493,459.59 First American Govt Obligation Fund Class Y 1.000 1.57%1,493,459.59 0.00 1,493,459.59 0.00 Subtotal 5,199,868.39 5,199,868.39 0.00 5,199,868.39 0.00 Paydown 10/15/2019 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 10/15/2019 43815NAB0 0.00 Honda Auto Receivables Trust 2019-3 A2 1.9% Due 4/15/2022 100.000 0.00 2,058.33 2,058.33 0.00 Paydown 10/15/2019 477870AB5 0.00 John Deere Owner Trust 2019-B A2 2.28% Due 5/16/2022 100.000 0.00 1,814.50 1,814.50 0.00 Paydown 10/15/2019 47788BAD6 20,004.12 John Deere Owner Trust 2017-B A3 1.82% Due 10/15/2021 100.000 20,004.12 317.37 20,321.49 0.00 Paydown 10/15/2019 47788CAC6 0.00 John Deere Owner Trust 2018-A A3 2.66% Due 4/18/2022 100.000 0.00 1,141.59 1,141.59 0.00 Paydown 10/15/2019 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 10/15/2019 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 10/15/2019 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 10/15/2019 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 10/15/2019 89238BAB8 124,459.13 Toyota Auto Receivables Trust 2018-A A2A 2.1% Due 10/15/2020 100.000 124,459.13 457.03 124,916.16 0.00 Paydown 10/15/2019 89239AAB9 106,768.64 Toyota Auto Receivables Trust 2019-A A2A 2.83% Due 10/15/2021 100.000 106,768.64 3,148.37 109,917.01 0.00 Execution Time: 11/8/2019 11:00:53 AMChandler Asset Management - CONFIDENTIAL Page 13 Transaction Ledger As of October 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 10/18/2019 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 10/18/2019 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 10/21/2019 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 251,231.89 251,231.89 33,025.61 284,257.50 0.00 Maturity 10/02/2019 3137EADM8 2,500,000.00 FHLMC Note 1.25% Due 10/2/2019 100.000 2,500,000.00 0.00 2,500,000.00 0.00 Maturity 10/08/2019 68389XAX3 1,250,000.00 Oracle Corp Note 2.25% Due 10/8/2019 100.000 1,250,000.00 0.00 1,250,000.00 0.00 Subtotal 3,750,000.00 3,750,000.00 0.00 3,750,000.00 0.00 Security Withdrawal 10/24/2019 31846V203 104.17 First American Govt Obligation Fund Class Y 1.000 104.17 0.00 104.17 0.00 Security Withdrawal 10/25/2019 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 Subtotal 1,000,104.17 1,000,104.17 0.00 1,000,104.17 0.00 TOTAL DISPOSITIONS 10,201,204.45 10,201,204.45 33,025.61 10,234,230.06 0.00 OTHER TRANSACTIONS Interest 10/02/2019 3137EADM8 2,500,000.00 FHLMC Note 1.25% Due 10/2/2019 0.000 15,625.00 0.00 15,625.00 0.00 Interest 10/05/2019 3135G0T45 3,250,000.00 FNMA Note 1.875% Due 4/5/2022 0.000 30,468.75 0.00 30,468.75 0.00 Interest 10/07/2019 3135G0Q89 2,000,000.00 FNMA Note 1.375% Due 10/7/2021 0.000 13,750.00 0.00 13,750.00 0.00 Interest 10/08/2019 68389XAX3 1,250,000.00 Oracle Corp Note 2.25% Due 10/8/2019 0.000 14,062.50 0.00 14,062.50 0.00 Execution Time: 11/8/2019 11:00:53 AMChandler Asset Management - CONFIDENTIAL Page 14 Transaction Ledger As of October 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 10/30/2019 912828WZ9 2,750,000.00 US Treasury Note 1.75% Due 4/30/2022 0.000 24,062.50 0.00 24,062.50 0.00 Interest 10/31/2019 912828L99 5,000,000.00 US Treasury Note 1.375% Due 10/31/2020 0.000 34,375.00 0.00 34,375.00 0.00 Interest 10/31/2019 912828M49 1,000,000.00 US Treasury Note 1.875% Due 10/31/2022 0.000 9,375.00 0.00 9,375.00 0.00 Subtotal 17,750,000.00 141,718.75 0.00 141,718.75 0.00 Dividend 10/01/2019 31846V203 2,638,644.76 First American Govt Obligation Fund Class Y 0.000 6,131.35 0.00 6,131.35 0.00 Dividend 10/15/2019 90LAIF$00 4,509,642,181.94 Local Agency Investment Fund State Pool 0.000 302,227.54 0.00 302,227.54 0.00 Dividend 10/31/2019 90CAMP$00 30,679,227.03 California Asset Mgmt Program CAMP 0.000 54,824.84 0.00 54,824.84 0.00 Subtotal 4,542,960,053.73 363,183.73 0.00 363,183.73 0.00 TOTAL OTHER TRANSACTIONS 4,560,710,053.73 504,902.48 0.00 504,902.48 0.00 Execution Time: 11/8/2019 11:00:53 AMChandler Asset Management - CONFIDENTIAL Page 15 Transaction Ledger As of November 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 11/01/2019 31846V203 5,262.90 First American Govt Obligation Fund Class Y 1.000 1.44%5,262.90 0.00 5,262.90 0.00 Purchase 11/03/2019 31846V203 23,000.00 First American Govt Obligation Fund Class Y 1.000 1.44%23,000.00 0.00 23,000.00 0.00 Purchase 11/11/2019 31846V203 59,700.00 First American Govt Obligation Fund Class Y 1.000 1.44%59,700.00 0.00 59,700.00 0.00 Purchase 11/12/2019 3135G0W66 2,000,000.00 FNMA Note 1.625% Due 10/15/2024 99.170 1.80%1,983,400.00 2,166.67 1,985,566.67 0.00 Purchase 11/12/2019 31846V203 24,574.16 First American Govt Obligation Fund Class Y 1.000 1.44%24,574.16 0.00 24,574.16 0.00 Purchase 11/13/2019 31846V203 1,000,000.00 First American Govt Obligation Fund Class Y 1.000 1.44%1,000,000.00 0.00 1,000,000.00 0.00 Purchase 11/13/2019 31846V203 11,875.00 First American Govt Obligation Fund Class Y 1.000 1.44%11,875.00 0.00 11,875.00 0.00 Purchase 11/15/2019 31846V203 21,875.00 First American Govt Obligation Fund Class Y 1.000 1.44%21,875.00 0.00 21,875.00 0.00 Purchase 11/15/2019 31846V203 4,068.17 First American Govt Obligation Fund Class Y 1.000 1.44%4,068.17 0.00 4,068.17 0.00 Purchase 11/15/2019 31846V203 1,475.00 First American Govt Obligation Fund Class Y 1.000 1.44%1,475.00 0.00 1,475.00 0.00 Purchase 11/15/2019 31846V203 2,058.33 First American Govt Obligation Fund Class Y 1.000 1.44%2,058.33 0.00 2,058.33 0.00 Purchase 11/15/2019 31846V203 1,814.50 First American Govt Obligation Fund Class Y 1.000 1.44%1,814.50 0.00 1,814.50 0.00 Purchase 11/15/2019 31846V203 3,111.00 First American Govt Obligation Fund Class Y 1.000 1.44%3,111.00 0.00 3,111.00 0.00 Purchase 11/15/2019 31846V203 1,863.52 First American Govt Obligation Fund Class Y 1.000 1.44%1,863.52 0.00 1,863.52 0.00 Purchase 11/15/2019 31846V203 3,975.00 First American Govt Obligation Fund Class Y 1.000 1.44%3,975.00 0.00 3,975.00 0.00 Purchase 11/15/2019 31846V203 22,509.75 First American Govt Obligation Fund Class Y 1.000 1.44%22,509.75 0.00 22,509.75 0.00 Execution Time: 12/17/2019 11:53:45 AMChandler Asset Management - CONFIDENTIAL Page 10 Transaction Ledger As of November 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 11/15/2019 31846V203 54,074.24 First American Govt Obligation Fund Class Y 1.000 1.44%54,074.24 0.00 54,074.24 0.00 Purchase 11/15/2019 31846V203 94,802.50 First American Govt Obligation Fund Class Y 1.000 1.44%94,802.50 0.00 94,802.50 0.00 Purchase 11/15/2019 31846V203 125,006.92 First American Govt Obligation Fund Class Y 1.000 1.44%125,006.92 0.00 125,006.92 0.00 Purchase 11/15/2019 31846V203 112,905.42 First American Govt Obligation Fund Class Y 1.000 1.44%112,905.42 0.00 112,905.42 0.00 Purchase 11/16/2019 31846V203 10,500.00 First American Govt Obligation Fund Class Y 1.000 1.44%10,500.00 0.00 10,500.00 0.00 Purchase 11/17/2019 31846V203 22,500.00 First American Govt Obligation Fund Class Y 1.000 1.44%22,500.00 0.00 22,500.00 0.00 Purchase 11/18/2019 31846V203 17,110.00 First American Govt Obligation Fund Class Y 1.000 1.44%17,110.00 0.00 17,110.00 0.00 Purchase 11/18/2019 31846V203 1,530.08 First American Govt Obligation Fund Class Y 1.000 1.44%1,530.08 0.00 1,530.08 0.00 Purchase 11/18/2019 31846V203 98,366.40 First American Govt Obligation Fund Class Y 1.000 1.44%98,366.40 0.00 98,366.40 0.00 Purchase 11/19/2019 31846V203 4,140,000.00 First American Govt Obligation Fund Class Y 1.000 1.44%4,140,000.00 0.00 4,140,000.00 0.00 Purchase 11/19/2019 31846V203 17,550.00 First American Govt Obligation Fund Class Y 1.000 1.44%17,550.00 0.00 17,550.00 0.00 Purchase 11/19/2019 62479LDQ5 4,140,000.00 MUFG Bank Ltd Discount CP 1.9% Due 4/24/2020 99.171 1.94%4,105,695.50 0.00 4,105,695.50 0.00 Purchase 11/20/2019 31846V203 22,500.00 First American Govt Obligation Fund Class Y 1.000 1.44%22,500.00 0.00 22,500.00 0.00 Purchase 11/21/2019 31846V203 3,343.33 First American Govt Obligation Fund Class Y 1.000 1.44%3,343.33 0.00 3,343.33 0.00 Purchase 11/30/2019 31846V203 141,562.50 First American Govt Obligation Fund Class Y 1.000 1.26%141,562.50 0.00 141,562.50 0.00 Execution Time: 12/17/2019 11:53:45 AMChandler Asset Management - CONFIDENTIAL Page 11 Transaction Ledger As of November 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 11/30/2019 90CAMP$00 39,139.04 California Asset Mgmt Program CAMP 1.000 1.84%39,139.04 0.00 39,139.04 0.00 Subtotal 12,228,052.76 12,177,148.26 2,166.67 12,179,314.93 0.00 TOTAL ACQUISITIONS 12,228,052.76 12,177,148.26 2,166.67 12,179,314.93 0.00 DISPOSITIONS Sale 11/12/2019 3135G0A78 2,000,000.00 FNMA Note 1.625% Due 1/21/2020 100.006 1.59%2,000,120.00 10,020.83 2,010,140.83 -543.58 Sale 11/19/2019 31846V203 4,105,695.50 First American Govt Obligation Fund Class Y 1.000 1.44%4,105,695.50 0.00 4,105,695.50 0.00 Subtotal 6,105,695.50 6,105,815.50 10,020.83 6,115,836.33 -543.58 Paydown 11/15/2019 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 11/15/2019 43815NAB0 0.00 Honda Auto Receivables Trust 2019-3 A2 1.9% Due 4/15/2022 100.000 0.00 2,058.33 2,058.33 0.00 Paydown 11/15/2019 477870AB5 0.00 John Deere Owner Trust 2019-B A2 2.28% Due 5/16/2022 100.000 0.00 1,814.50 1,814.50 0.00 Paydown 11/15/2019 47788BAD6 22,222.72 John Deere Owner Trust 2017-B A3 1.82% Due 10/15/2021 100.000 22,222.72 287.03 22,509.75 0.00 Paydown 11/15/2019 47788CAC6 52,932.65 John Deere Owner Trust 2018-A A3 2.66% Due 4/18/2022 100.000 52,932.65 1,141.59 54,074.24 0.00 Paydown 11/15/2019 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 11/15/2019 47789JAB2 91,940.62 John Deere Owner Trust 2019-A A2 2.85% Due 12/15/2021 100.000 91,940.62 2,861.88 94,802.50 0.00 Paydown 11/15/2019 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 Execution Time: 12/17/2019 11:53:45 AMChandler Asset Management - CONFIDENTIAL Page 12 Transaction Ledger As of November 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 11/15/2019 65479JAD5 0.00 Nissan Auto Receivables Owner 2019-C A3 1.93% Due 7/15/2024 100.000 0.00 1,863.52 1,863.52 0.00 Paydown 11/15/2019 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 11/15/2019 89238BAB8 124,767.70 Toyota Auto Receivables Trust 2018-A A2A 2.1% Due 10/15/2020 100.000 124,767.70 239.22 125,006.92 0.00 Paydown 11/15/2019 89239AAB9 110,008.85 Toyota Auto Receivables Trust 2019-A A2A 2.83% Due 10/15/2021 100.000 110,008.85 2,896.57 112,905.42 0.00 Paydown 11/18/2019 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 11/18/2019 43814WAB1 94,642.44 Honda Auto Receivables Trust 2019-1 A2 2.75% Due 9/20/2021 100.000 94,642.44 3,723.96 98,366.40 0.00 Paydown 11/21/2019 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 496,514.98 496,514.98 34,389.18 530,904.16 0.00 Maturity 11/13/2019 40428HPN6 1,000,000.00 HSBC USA Inc Note 2.375% Due 11/13/2019 100.000 1,000,000.00 0.00 1,000,000.00 0.00 Maturity 11/19/2019 62479MYK3 4,140,000.00 MUFG Bank Ltd/NY Discount CP 2.12% Due 11/19/2019 99.464 4,140,000.00 0.00 4,140,000.00 0.00 Subtotal 5,140,000.00 5,140,000.00 0.00 5,140,000.00 0.00 Security Withdrawal 11/05/2019 90CAMP$00 2,700,000.00 California Asset Mgmt Program CAMP 1.000 2,700,000.00 0.00 2,700,000.00 0.00 Security Withdrawal 11/15/2019 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 11/19/2019 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 Execution Time: 12/17/2019 11:53:45 AMChandler Asset Management - CONFIDENTIAL Page 13 Transaction Ledger As of November 30, 2019 City of Dublin Consolidated Account #10221 Transaction Type Settlement Date CUSIP Quantity Security Description Price Acq/Disp Yield Amount Interest Pur/Sold Total Amount Gain/Loss DISPOSITIONS Security Withdrawal 11/22/2019 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 Withdrawal 11/25/2019 31846V203 104.17 First American Govt Obligation Fund Class Y 1.000 104.17 0.00 104.17 0.00 Subtotal 10,700,104.17 10,700,104.17 0.00 10,700,104.17 0.00 TOTAL DISPOSITIONS 22,442,314.65 22,442,434.65 44,410.01 22,486,844.66 -543.58 OTHER TRANSACTIONS Interest 11/03/2019 00440EAT4 2,000,000.00 Chubb INA Holdings Inc Callable Note Cont 10/3/2020 2.3% Due 11/3/2020 0.000 23,000.00 0.00 23,000.00 0.00 Interest 11/11/2019 037833CU2 3,000,000.00 Apple Inc Callable Note Cont 3/11/2024 2.85% Due 5/11/2024 0.000 42,750.00 0.00 42,750.00 0.00 Interest 11/11/2019 369550BE7 1,130,000.00 General Dynamics Corp Note 3% Due 5/11/2021 0.000 16,950.00 0.00 16,950.00 0.00 Interest 11/13/2019 40428HPN6 1,000,000.00 HSBC USA Inc Note 2.375% Due 11/13/2019 0.000 11,875.00 0.00 11,875.00 0.00 Interest 11/15/2019 912828WJ5 1,750,000.00 US Treasury Note 2.5% Due 5/15/2024 0.000 21,875.00 0.00 21,875.00 0.00 Interest 11/16/2019 166764BG4 1,000,000.00 Chevron Corp Callable Note Cont 4/15/2021 2.1% Due 5/16/2021 0.000 10,500.00 0.00 10,500.00 0.00 Interest 11/17/2019 3137EAEK1 2,400,000.00 FHLMC Note 1.875% Due 11/17/2020 0.000 22,500.00 0.00 22,500.00 0.00 Interest 11/18/2019 46625HRL6 500,000.00 JP Morgan Chase Callable Note Cont 3/18/2023 2.7% Due 5/18/2023 0.000 6,750.00 0.00 6,750.00 0.00 Interest 11/18/2019 58933YAF2 740,000.00 Merck & Co Note 2.8% Due 5/18/2023 0.000 10,360.00 0.00 10,360.00 0.00 Interest 11/19/2019 857477AV5 1,800,000.00 State Street Bank Note 1.95% Due 5/19/2021 0.000 17,550.00 0.00 17,550.00 0.00 Execution Time: 12/17/2019 11:53:45 AMChandler Asset Management - CONFIDENTIAL Page 14 Transaction Ledger As of November 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 11/20/2019 747525AD5 2,000,000.00 Qualcomm Inc Note 2.25% Due 5/20/2020 0.000 22,500.00 0.00 22,500.00 0.00 Interest 11/30/2019 3135G0F73 2,500,000.00 FNMA Note 1.5% Due 11/30/2020 0.000 18,750.00 0.00 18,750.00 0.00 Interest 11/30/2019 912828R69 1,500,000.00 US Treasury Note 1.625% Due 5/31/2023 0.000 12,187.50 0.00 12,187.50 0.00 Interest 11/30/2019 912828U57 5,000,000.00 US Treasury Note 2.125% Due 11/30/2023 0.000 53,125.00 0.00 53,125.00 0.00 Interest 11/30/2019 912828U65 2,500,000.00 US Treasury Note 1.75% Due 11/30/2021 0.000 21,875.00 0.00 21,875.00 0.00 Interest 11/30/2019 912828XE5 3,000,000.00 US Treasury Note 1.5% Due 5/31/2020 0.000 22,500.00 0.00 22,500.00 0.00 Interest 11/30/2019 912828XR6 1,500,000.00 US Treasury Note 1.75% Due 5/31/2022 0.000 13,125.00 0.00 13,125.00 0.00 Subtotal 33,320,000.00 348,172.50 0.00 348,172.50 0.00 Dividend 11/01/2019 31846V203 1,620,779.80 First American Govt Obligation Fund Class Y 0.000 5,262.90 0.00 5,262.90 0.00 Dividend 11/22/2019 90CAMP$00 23,034,051.87 California Asset Mgmt Program CAMP 0.000 39,139.04 0.00 39,139.04 0.00 Subtotal 24,654,831.67 44,401.94 0.00 44,401.94 0.00 TOTAL OTHER TRANSACTIONS 57,974,831.67 392,574.44 0.00 392,574.44 0.00 Execution Time: 12/17/2019 11:53:45 AMChandler Asset Management - CONFIDENTIAL Page 15 Transaction Ledger As of December 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 12/02/2019 31846V203 2,760.01 First American Govt Obligation Fund Class Y 1.000 1.26%2,760.01 0.00 2,760.01 0.00 Purchase 12/08/2019 31846V203 123,050.00 First American Govt Obligation Fund Class Y 1.000 1.26%123,050.00 0.00 123,050.00 0.00 Purchase 12/09/2019 31846V203 24,375.00 First American Govt Obligation Fund Class Y 1.000 1.26%24,375.00 0.00 24,375.00 0.00 Purchase 12/09/2019 912828YH7 2,000,000.00 US Treasury Note 1.5% Due 9/30/2024 99.160 1.68%1,983,203.13 5,737.70 1,988,940.83 0.00 Purchase 12/11/2019 31846V203 28,125.00 First American Govt Obligation Fund Class Y 1.000 1.26%28,125.00 0.00 28,125.00 0.00 Purchase 12/12/2019 31846V203 17,500.00 First American Govt Obligation Fund Class Y 1.000 1.26%17,500.00 0.00 17,500.00 0.00 Purchase 12/13/2019 9128283J7 2,250,000.00 US Treasury Note 2.125% Due 11/30/2024 101.723 1.76%2,288,759.77 1,698.26 2,290,458.03 0.00 Purchase 12/14/2019 31846V203 54,553.13 First American Govt Obligation Fund Class Y 1.000 1.26%54,553.13 0.00 54,553.13 0.00 Purchase 12/15/2019 31846V203 22,500.00 First American Govt Obligation Fund Class Y 1.000 1.26%22,500.00 0.00 22,500.00 0.00 Purchase 12/16/2019 31846V203 3,975.00 First American Govt Obligation Fund Class Y 1.000 1.26%3,975.00 0.00 3,975.00 0.00 Purchase 12/16/2019 31846V203 2,541.17 First American Govt Obligation Fund Class Y 1.000 1.26%2,541.17 0.00 2,541.17 0.00 Purchase 12/16/2019 31846V203 3,111.00 First American Govt Obligation Fund Class Y 1.000 1.26%3,111.00 0.00 3,111.00 0.00 Purchase 12/16/2019 31846V203 4,068.17 First American Govt Obligation Fund Class Y 1.000 1.26%4,068.17 0.00 4,068.17 0.00 Purchase 12/16/2019 31846V203 1,814.50 First American Govt Obligation Fund Class Y 1.000 1.26%1,814.50 0.00 1,814.50 0.00 Purchase 12/16/2019 31846V203 2,058.33 First American Govt Obligation Fund Class Y 1.000 1.26%2,058.33 0.00 2,058.33 0.00 Purchase 12/16/2019 31846V203 1,475.00 First American Govt Obligation Fund Class Y 1.000 1.26%1,475.00 0.00 1,475.00 0.00 Execution Time: 1/16/2020 11:20:36 AMChandler Asset Management - CONFIDENTIAL Page 10 Transaction Ledger As of December 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 12/16/2019 31846V203 13,662.66 First American Govt Obligation Fund Class Y 1.000 1.26%13,662.66 0.00 13,662.66 0.00 Purchase 12/16/2019 31846V203 35,260.01 First American Govt Obligation Fund Class Y 1.000 1.26%35,260.01 0.00 35,260.01 0.00 Purchase 12/16/2019 31846V203 94,994.21 First American Govt Obligation Fund Class Y 1.000 1.26%94,994.21 0.00 94,994.21 0.00 Purchase 12/16/2019 31846V203 11,952.25 First American Govt Obligation Fund Class Y 1.000 1.26%11,952.25 0.00 11,952.25 0.00 Purchase 12/16/2019 31846V203 103,215.76 First American Govt Obligation Fund Class Y 1.000 1.26%103,215.76 0.00 103,215.76 0.00 Purchase 12/18/2019 31846V203 1,530.08 First American Govt Obligation Fund Class Y 1.000 1.26%1,530.08 0.00 1,530.08 0.00 Purchase 12/18/2019 31846V203 132,975.96 First American Govt Obligation Fund Class Y 1.000 1.26%132,975.96 0.00 132,975.96 0.00 Purchase 12/19/2019 31846V203 27,500.00 First American Govt Obligation Fund Class Y 1.000 1.26%27,500.00 0.00 27,500.00 0.00 Purchase 12/23/2019 31846V203 3,343.33 First American Govt Obligation Fund Class Y 1.000 1.26%3,343.33 0.00 3,343.33 0.00 Purchase 12/24/2019 31846V203 29,205.00 First American Govt Obligation Fund Class Y 1.000 1.26%29,205.00 0.00 29,205.00 0.00 Purchase 12/24/2019 9128283J7 750,000.00 US Treasury Note 2.125% Due 11/30/2024 101.719 1.76%762,890.63 1,045.08 763,935.71 0.00 Purchase 12/26/2019 31846V203 23,460.00 First American Govt Obligation Fund Class Y 1.000 1.26%23,460.00 0.00 23,460.00 0.00 Purchase 12/27/2019 31846V203 18,000.00 First American Govt Obligation Fund Class Y 1.000 1.26%18,000.00 0.00 18,000.00 0.00 Purchase 12/31/2019 31846V203 26,250.00 First American Govt Obligation Fund Class Y 1.000 1.20%26,250.00 0.00 26,250.00 0.00 Purchase 12/31/2019 90CAMP$00 45,007.40 California Asset Mgmt Program CAMP 1.000 1.77%45,007.40 0.00 45,007.40 0.00 Subtotal 5,858,262.97 5,893,116.50 8,481.04 5,901,597.54 0.00 Execution Time: 1/16/2020 11:20:36 AMChandler Asset Management - CONFIDENTIAL Page 11 Transaction Ledger As of December 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 12/19/2019 90CAMP$00 22,500,000.00 California Asset Mgmt Program CAMP 1.000 22,500,000.00 0.00 22,500,000.00 0.00 Subtotal 22,500,000.00 22,500,000.00 0.00 22,500,000.00 0.00 TOTAL ACQUISITIONS 28,358,262.97 28,393,116.50 8,481.04 28,401,597.54 0.00 DISPOSITIONS Sale 12/09/2019 31846V203 1,988,940.83 First American Govt Obligation Fund Class Y 1.000 1.26%1,988,940.83 0.00 1,988,940.83 0.00 Sale 12/13/2019 31846V203 1,286,302.12 First American Govt Obligation Fund Class Y 1.000 1.26%1,286,302.12 0.00 1,286,302.12 0.00 Sale 12/13/2019 912828H52 1,000,000.00 US Treasury Note 1.25% Due 1/31/2020 99.957 1.57%999,570.31 4,585.60 1,004,155.91 -69.15 Sale 12/24/2019 31846V203 763,935.71 First American Govt Obligation Fund Class Y 1.000 1.26%763,935.71 0.00 763,935.71 0.00 Subtotal 5,039,178.66 5,038,748.97 4,585.60 5,043,334.57 -69.15 Paydown 12/16/2019 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 12/16/2019 43815NAB0 0.00 Honda Auto Receivables Trust 2019-3 A2 1.9% Due 4/15/2022 100.000 0.00 2,058.33 2,058.33 0.00 Paydown 12/16/2019 477870AB5 0.00 John Deere Owner Trust 2019-B A2 2.28% Due 5/16/2022 100.000 0.00 1,814.50 1,814.50 0.00 Paydown 12/16/2019 47788BAD6 13,409.34 John Deere Owner Trust 2017-B A3 1.82% Due 10/15/2021 100.000 13,409.34 253.32 13,662.66 0.00 Paydown 12/16/2019 47788CAC6 34,235.76 John Deere Owner Trust 2018-A A3 2.66% Due 4/18/2022 100.000 34,235.76 1,024.25 35,260.01 0.00 Execution Time: 1/16/2020 11:20:36 AMChandler Asset Management - CONFIDENTIAL Page 12 Transaction Ledger As of December 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 12/16/2019 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 12/16/2019 47789JAB2 92,350.69 John Deere Owner Trust 2019-A A2 2.85% Due 12/15/2021 100.000 92,350.69 2,643.52 94,994.21 0.00 Paydown 12/16/2019 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 12/16/2019 65479JAD5 0.00 Nissan Auto Receivables Owner 2019-C A3 1.93% Due 7/15/2024 100.000 0.00 2,541.17 2,541.17 0.00 Paydown 12/16/2019 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 12/16/2019 89238BAB8 11,931.37 Toyota Auto Receivables Trust 2018-A A2A 2.1% Due 10/15/2020 100.000 11,931.37 20.88 11,952.25 0.00 Paydown 12/16/2019 89239AAB9 100,578.62 Toyota Auto Receivables Trust 2019-A A2A 2.83% Due 10/15/2021 100.000 100,578.62 2,637.14 103,215.76 0.00 Paydown 12/18/2019 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 12/18/2019 43814WAB1 129,468.89 Honda Auto Receivables Trust 2019-1 A2 2.75% Due 9/20/2021 100.000 129,468.89 3,507.07 132,975.96 0.00 Paydown 12/23/2019 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 381,974.67 381,974.67 34,002.76 415,977.43 0.00 Execution Time: 1/16/2020 11:20:36 AMChandler Asset Management - CONFIDENTIAL Page 13 Transaction Ledger As of December 31, 2019 City of Dublin Consolidated Account #10221 Transaction Type Settlement Date CUSIP Quantity Security Description Price Acq/Disp Yield Amount Interest Pur/Sold Total Amount Gain/Loss DISPOSITIONS Security Withdrawal 12/23/2019 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 5,421,257.50 5,420,827.81 38,588.36 5,459,416.17 -69.15 OTHER TRANSACTIONS Interest 12/08/2019 3130A0F70 5,000,000.00 FHLB Note 3.375% Due 12/8/2023 0.000 84,375.00 0.00 84,375.00 0.00 Interest 12/08/2019 69353RFL7 2,210,000.00 PNC Bank Callable Note Cont 5/9/2023 3.5% Due 6/8/2023 0.000 38,675.00 0.00 38,675.00 0.00 Interest 12/09/2019 313383QR5 1,500,000.00 FHLB Note 3.25% Due 6/9/2023 0.000 24,375.00 0.00 24,375.00 0.00 Interest 12/11/2019 313379RB7 3,000,000.00 FHLB Note 1.875% Due 6/11/2021 0.000 28,125.00 0.00 28,125.00 0.00 Interest 12/12/2019 313383HU8 2,000,000.00 FHLB Note 1.75% Due 6/12/2020 0.000 17,500.00 0.00 17,500.00 0.00 Interest 12/14/2019 3130A1XJ2 3,795,000.00 FHLB Note 2.875% Due 6/14/2024 0.000 54,553.13 0.00 54,553.13 0.00 Interest 12/15/2019 097023BQ7 2,400,000.00 Boeing Co Callable Note Cont 4/15/2023 1.875% Due 6/15/2023 0.000 22,500.00 0.00 22,500.00 0.00 Interest 12/19/2019 3137EAEN5 2,000,000.00 FHLMC Note 2.75% Due 6/19/2023 0.000 27,500.00 0.00 27,500.00 0.00 Interest 12/24/2019 166764AH3 1,000,000.00 Chevron Corp Callable Note Cont 3/24/2023 3.191% Due 6/24/2023 0.000 15,955.00 0.00 15,955.00 0.00 Interest 12/24/2019 24422ETT6 1,000,000.00 John Deere Capital Corp Note 2.65% Due 6/24/2024 0.000 13,250.00 0.00 13,250.00 0.00 Execution Time: 1/16/2020 11:20:36 AMChandler Asset Management - CONFIDENTIAL Page 14 Transaction Ledger As of December 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 12/26/2019 931142EK5 1,380,000.00 Wal-Mart Stores Callable Note Cont 5/26/2023 3.4% Due 6/26/2023 0.000 23,460.00 0.00 23,460.00 0.00 Interest 12/27/2019 02665WCZ2 1,500,000.00 American Honda Finance Note 2.4% Due 6/27/2024 0.000 18,000.00 0.00 18,000.00 0.00 Interest 12/31/2019 912828XW5 3,000,000.00 US Treasury Note 1.75% Due 6/30/2022 0.000 26,250.00 0.00 26,250.00 0.00 Subtotal 29,785,000.00 394,518.13 0.00 394,518.13 0.00 Dividend 12/02/2019 31846V203 3,422,331.35 First American Govt Obligation Fund Class Y 0.000 2,760.01 0.00 2,760.01 0.00 Dividend 12/31/2019 90CAMP$00 42,573,190.91 California Asset Mgmt Program CAMP 0.000 45,007.40 0.00 45,007.40 0.00 Subtotal 45,995,522.26 47,767.41 0.00 47,767.41 0.00 TOTAL OTHER TRANSACTIONS 75,780,522.26 442,285.54 0.00 442,285.54 0.00 Execution Time: 1/16/2020 11:20:36 AMChandler Asset Management - 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