HomeMy WebLinkAboutItem 4.7 - 3227 Q3 2020 - Investment Report
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STAFF REPORT
CITY COUNCIL
DATE: May 19, 2020
TO: Honorable Mayor and City Councilmembers
FROM:
Linda Smith, City Manager
SUBJECT:
City Treasurer's Informational Report of Investments for the Quarter
Ending March 31, 2020
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 March 31, 2020 including a monthly transaction ledger. The City’s
investment portfolio for this period totaled $292,649,465 (book value) with an average
market yield of 1.11%. 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 (book value) is comprised of $206,023,579 managed by
Chandler Asset Management (Chandler), and $86,625,886 invested by the City in local
government pools. The average market yield of the Chandler portfolio and the local
pools was 0.89% and 1.64% respectively. The total investment portfolio balance
fluctuates throughout the year due to normal cash flow needs and includes both
discretionary and restricted funds.
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Economic Update Highlights
The following are some highlights from the Economic Update included in the attached
Investment Report prepared by Chandler (Attachment 1).
Financial markets have experienced significant turbulence, driven by a high level of
uncertainty about the impact of the COV ID-19 pandemic on the global economy. US
Treasury yields have declined, amid a global flight to quality. At the end of the first
quarter, the yield on two-year Treasuries was down 132 basis points year-to-date, and
the yield on 10-year Treasuries was down nearly 125 basis points. The S&P 500 index
declined 20.0% in the first quarter. There are still many unknowns about the coronavirus
including how widespread it will become, how long it will take to contain the virus, and
the actual impact on economic activity. Chandler believes containment efforts and
supply chain disruptions will cause a sharp increase in unemployment and a swift and
deep contraction in economic activity. Financial markets will likely remain volatile over
the near term, but Chandler believes that large-scale global monetary and fiscal
stimulus programs will help mitigate the longer-term impact of the pandemic.
The Fed has taken a wide range of aggressive actions to help stabilize and provide
liquidity to the financial markets. The Fed has lowered the fed funds target rate to a
range of 0.0%-0.25% and said it will purchase Treasury and agency mortgage -backed
securities in any amount needed to support smooth market functioning. The Fed has
also provided short-term funding through large-scale repurchase agreement (repo)
operations and lowered the reserve requirement for depository institutions. Fed Chair
Powell has indicated that the Fed will continue to act “forcefully, proactively, and
aggressively” until the economy is solidly on a road to recovery.
The slope of the Treasury yield curve steepened in March, though rates across the
curve declined meaningfully. At March month-end, the yield on 10-year Treasuries was
down 48 basis points to 0.67% while the yield on two-year Treasuries was down 67
basis points to 0.25%. The yield on three-month T-bills declined 121 basis points in
March. The movement in yields has been driven by fears about the coronavirus and its
potential impact on global economic growth and inflation expectations, as well as the
cumulative 150 basis point cut to the fed funds target rate in March.
COVID UPDATE:
The result of the steep decline in the yield curve as discussed in the Economic Update
Highlights, is the dramatic capital appreciation in the value of the bonds held by the City
and managed by Chandler. The market value of these assets as of the end of March,
was $6.67 million higher than the book value. This occurred when interest rates fell,
causing the market value of the City's portfolio to increase, as the City’s portfolio now
contained bonds with interest yields much higher than the current market rates. The
result of a portfolio’s market value increasing is a decrease in the market yield.
Therefore, it appears that the assets managed by Chandler are under perfor ming the
local pools. The more important point to highlight in this current situation is the book
yield of the funds managed by Chandler, or the yield to maturity at which the investment
was purchased, is yielding 2.12% as compared to 1.64% from the local pools.
As a result of COVID-19 and the current shelter in place, in consultation with Chandler,
the City is anticipating receiving $250,000 less in interest revenue in Fiscal Year 2019-
20, $1.09 million in Fiscal Year 2020-21 and $1.49 million in Fiscal Year 2021-22, than
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was originally projected for the upcoming two-year budget cycle. These figures were
included in the report on the financial impacts of COVID-19, provided to the City Council
at the May 5, 2020, meeting.
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.
Chart 1: Investments by Type
December 31, 2019 - March 31, 2020
The market value of the City's portfolio decreased by $60,000 from the December 31,
2019, quarter. In the quarter, the City had multiple large expenditures made on Capital
Projects, as well as payments to Alameda County for Police and Fire services. These
costs were offset by the receipt of property tax revenue. The City’s portfolio increased
$15.67 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 1.80% to 1.11% (shown in Table 2) due to the dramatic
decrease in rates as discussed in the Economic Update Highlights. For detailed monthly
transactions, see Attachment 2. It should noted that the City is no longer required to
differentiate between foreign and United States (US) based corporations for reporting
purposes. Starting in the current reporting period the City will report on holdings in both
US and foreign corporations under the Corporate category.
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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.
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Table 3: Quarterly LAIF Yields, Recent Eight Years and 1 Quarter
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 March 31, 2020
2. Transaction Ledger - January - March 2020
CHANDLER ASSET MANAGEMENT, INC. | 800.317.4747 | www.chandlerasset.com
INVESTMENT REPORT
Period Ending March 31, 2020
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 March 31, 2020
1
SECTION |Section 1 |Economic Update
2
Economic Update
▪
▪
▪
Financial markets have experienced significant turbulence, driven by a high level of uncertainty about the impact of the
COVID-19 pandemic on the global economy.US Treasury yields have declined, amid a global flight to quality.At the end of
the first quarter, the yield on 2-yearTreasuries was down 132 basis points year-to-date, and the yield on 10-yearTreasuries
was down nearly 125 basis points. The S&P 500 index declined 20.0%in the first quarter. There are still many unknowns
about the coronavirus including how widespread it will become, how long it will take to contain the virus, and the actual
impact on economic activity.We believe containment efforts and supply chain disruptions will cause a sharp increase in
unemployment and aswift and deep contraction in economicactivity. Financial markets will likely remain volatile overthe
near term but we believe that large-scale global monetary and fiscal stimulus programs will help mitigate the longer-term
impact of the pandemic. Notably, President Trump approved a $2 trillion economicrelief package on March 27,the largest
fiscal stimulus package in US history.
The Fed has taken a wide range of aggressive actions to help stabilize and provide liquidity to the financial markets. The Fed
has lowered the fed funds target rate to a range of 0.0%-0.25% and said it will purchase Treasury and agency mortgage-
backed securities in any amount needed to support smooth market functioning. Policymakers have established several
facilities to help support the flow of credit to businesses and state and local governments including the Commercial Paper
Funding Facility, Main Street Lending Facility, Money Market Mutual Fund Liquidity Facility, Municipal Liquidity Facility,
Paycheck Protection Program Liquidity Facility, Primary Market Corporate Credit Facility, Secondary Market Corporate Credit
Facility, and Term Asset-Backed Securities Loan Facility. The Fed has also provided short-term funding through large-scale
repo operations and lowered the reserve requirement for depository institutions. Fed Chair Powell has indicated that the
Fed will continue to act “forcefully, proactively, and aggressively” until the economy is solidly on a road to recovery.
The slope of the Treasury yield curve steepened in March, though rates across the curve declined meaningfully.At March
month-end, the yield on 10-year Treasuries was down 48 basis points to 0.67% while the yield on 2-year Treasuries was
down 67 basis points to 0.25%. The yield on 3-month T-bills declined 121 basis points in March. The movement in yields has
been driven by fears about the coronavirus and its potential impact on global economic growth and inflation expectations,
as well as the cumulative 150 basis point cut to the fed funds target rate in March.
3
Employment
U.S. nonfarm payrolls declined by 701,000 in March. Employment in leisure and hospitality was particularly weak with payrolls down 459,000.
The U-3 unemployment rate increased to 4.4%in March from 3.5%in February, and the participation rate declined to 62.7% from 63.4%. A
broader measure of unemployment called the U-6, which includes those who are marginally attached to the labor force and employed part
time for economic reasons, increased to 8.7% from 7.0%. Wages rose 0.4%in March and were up 3.1%on year-over-year basis. The average
workweek declined to 34.2 hours from 34.4hours. Notably, the establishment survey of payrolls and the household survey of unemployment
were collected in the first half of March, which predates many of the business and school closures related to the pandemic.
Source: US Department of Labor
0%
1%
2%
3%
4%
5%
6%
-800
-600
-400
-200
0
200
400
600
Nonfarm Payrolls
Unemployment RateThousandsChange in Nonfarm Payrolls and Unemployment Rate
March 2015 -March 2020
Unemployment Rate4
More than 6.6million people filed an initial claim forunemployment in the April 4 week, following nearly 6.9 million claims in the priorweek,
and 3.3 million claims two weeks prior.
Initial Claims for Unemployment
Source: US Department of Labor
6,606 6,867
3,307
282 211 217 220 215 204 201 212 220
7,455
3,059
1,784 1,702 1,699 1,719 1,692 1,729 1,678 1,753 1,704
-
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
In thousandsInitial Jobless Claims
Continuing Claims
Intitial Claims For Unemployment January 17, 2020 -April 03, 2020
5
Source: US Department of Labor Source: US Department of Commerce
Inflation
The ConsumerPrice Index (CPI) was up 1.5% year-over-year in March, down from 2.3%in February. Core CPI (CPI less food and energy) was up
2.1% year-over-year in March, down from 2.4%in February. The CPI data for March indicates that the initial net effect of the pandemic has
been deflationary. The Personal Consumption Expenditures (PCE) index was up 1.8% year-over-year in February, unchanged from 1.8% year-
over-year in January. Core PCE, which is the Fed's primary inflation gauge, was up 1.8% year-over-year in February versus 1.7% year-over-year
in January. Core PCE was trending below the Fed’s 2.0% inflation target before the COVID-19 pandemic.
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( %) Change6
On a year-over-year basis, retail sales were up 4.3%in February versus 5.0%in January.On a month-over-month basis, retail sales excluding
autos and gas fell 0.2%in February, well below expectations fora0.4% increase. Control group sales were flat in February, below expectations
of a 0.4% gain. Several retail categories showed weakness in February including auto sales and gasoline, building materials, clothing stores,
electronics &appliances. The impact of the coronavirus was only beginning to emerge in February but the outlook forretail sales in the coming
months is under significant pressure. The Consumer Confidence Index remained fairly strong in March but declined to 120.0 from 132.6 in
February. The cut-off date for the survey was March 19.Confidence was high going into the pandemic,but we expect to see a meaningful
decline in the coming months.
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
7
Source: The Conference Board Source: Federal Reserve Bank of Chicago
Economic Activity
The Leading EconomicIndicators index (LEI) rose amodest 0.1%in February, following a0.7% increase in January. The LEI was up 0.7%on ayear-
over-year basis in February versus up 0.8% year-over-over in January. However, the Conference Board cautioned that the February index
didn't reflect the impact of the COVID-19 pandemic and that the economy may have now entered a contraction. The Chicago Fed National
Activity Index (CFNAI) improved to 0.16 in February from -0.33 in January.On a 3-month moving average basis, the CFNAI declined to -0.21 in
February from -0.11 in January. The 3-month moving average is consistent with sub-par economic growth.
-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 ( %) Change8
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 remained strong in February at an annual rate of 1,599,000, exceeding the consensus forecast.On a month-over-month basis,
single family starts rose 6.7%to an annualized rate of 1,072,000, while multi-family starts declined 14.9%to an annualized rate of 527,000. Low
mortgage rates and a strong labor market were fueling housing activity heading into the COVID-19 crisis. According to the Case-Shiller20-City
home price index, home prices were up 3.1% year-over-year in January, versus up 2.9% year-over-year in December, which suggests that
pricing in the sector was gaining momentum prior to the pandemic.
9
Source: Institute for Supply Management Source: Federal Reserve
Manufacturing
The Institute for Supply Management (ISM) manufacturing index decreased to 49.1 in March from 50.1 in February. The sub-50.0 reading
suggests that the manufacturing sector is in contraction but it was stronger than the consensus estimate of 44.0. The Industrial Production
index was up 0.04% year-over-year in February.In January, the index was down 1.02% year-over-year.On amonth-over-month basis, the index
was up 0.6%in February following a 0.5% decline in January. The Boeing 737 Max shutdown weighed on production in both months but there
was alarge gain in auto production in February. Capacity Utilization increased to 77.0%in February from 76.6%in January,but remained below
the long-run average of 79.8% indicating there was 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( %) Change10
Source: US Department of Commerce Source: US Department of Commerce
3/19 6/19 9/19 12/19
0.8% 3.0% 2.1% 1.2%
1.1% -1.2% -0.2% -1.1%
0.7% -0.7% -0.1% 1.5%
0.1% 0.5% 0.2% 0.2%
0.4% 0.3% 0.1% 0.2%
3.1% 2.0% 2.1% 2.1%
Gross Private Domestic
Investment
Personal Consumption
Expenditures
Components of GDP
Federal Government
Expenditures
State and Local (Consumption and
Gross Investment)
Net Exports and Imports
Total
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
3.5%
4.0%
4.5%
Gross Domestic Product (GDP)
GDP QOQ % Change
GDP YOY % Change
Gross Domestic Product (GDP)
Fourth quarter 2019 GDP grew at a2.1% annualized rate,in line with expectations. This follows growth of 2.1%in the third quarter, 2.0%in the
second quarter, and 3.1%in the first quarter. Overall, GDP grew 2.3%in 2019,down from 2.9%in 2018.Fourth quartergrowth was fueled by net
exports and consumerspending which contributed 1.5% and 1.2%to GDP in the quarter, respectively, while gross private domesticinvestment
was adrag on the economy.We believe the economy was expanding at amoderate pace at the beginning of this year but containment efforts
related to the COVID-19 pandemic have almost certainly resulted in a steep contraction in US economic activity beginning in early March.
11
Federal Reserve
Source: Federal Reserve Source: Bloomberg
The Fed has taken a wide range of aggressive actions this month to help stabilize and provide liquidity to the financial markets. The Fed has
lowered the fed funds target rate to a range of 0.0%-0.25% and said it will purchase Treasury and agency mortgage-backed securities in any
amount needed to support smooth market functioning. Policymakers reinstated the Commercial Paper Funding Facility and Money Market
Mutual Fund Liquidity Facility in order to provide liquidity to the commercial paper, money markets, and the municipal bond markets. The Fed
has established the Primary Market Corporate Credit Facility and Secondary Market Corporate Credit Facility to support the corporate bond
market. The Term Asset-Backed Securities Loan Facility has been established to enable the issuance of asset-backed securities backed by
student loans, auto loans, credit card loans, and loans guaranteed by the Small Business Administration. The Fed has established the Paycheck
Protection Program Liquidity Facility and Fed’s Main Street Lending Facility which will support the flow of credit to businesses. The Fed
established the Municipal Liquidity Facility to purchase short-term debt directly from US states, counties, and cities. The Fed has also provided
short-term funding through large-scale repo operations and lowered the reserve requirement for depository institutions.
3,700,000
4,200,000
4,700,000
5,200,000
5,700,000
6,200,000
6,700,000
Federal Reserve Balance Sheet Assets
In$ millions0.00%
0.50%
1.00%
1.50%
2.00%
2.50%
3.00%
3.50%
4.00%
4.50%
Effective Federal Funds Rate
Yield (%)12
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-Year
Yield (%)0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
3.5%
4.0%
US Treasury Yield Curve
Mar-20
Dec-19
Mar-19
Yield (%)Bond Yields
At March month-end, Treasury yields were much lower on a year-over-year basis. The 3-month T-bill yield was down 232 basis points, the 2-
year Treasury yield was down 202 basis points, and the 10-Year Treasury yield was down 174 basis points, year-over-year. Much of the spread
movement was in the month of March, with the Fed cutting rates by a total of 150 basis points and concerns about a global recession and a
flight to safe-haven assets driving down yields across the curve.
13
Section 2|SECTION |Section 2 |Account Profile
14
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 March 31, 2020
15
Compliance As of March 31, 2020
Category Standard Comment
U.S. Treasury Issues No limitations; Full faith and credit of the U.S. are pledged for payment of principal and interest.Complies
Federal Agencies 35% max per agency issuer; 25% max callables for agency securities; Federal Agencies or U.S. Government Sponsored Enterprises (GSE),
participations, or other instruments, including those issued by or fully guaranteed as to principal and interest by federal agencies or U.S. GSEs.Complies
Municipal Securities "A" rated or higher by a NRSRO; 5% max per issuer; Obligations of the State of California, any of the other 49 states, or any local agency within the
state of California; Complies
Supranational Securities
"AA" rating category or better by a Nationally Recognized Statistical Rating Organization ("NRSRO"); 30% maximum; 10% max per issuer; U.S. dollar
denominated senior unsecured unsubordinated obligations issued or unconditionally guaranteed by the International Bank for Reconstruction and
Development ("IBRD"), the International Finance Corporation ("IFC") or the Inter-American Development Bank ("IADB")
Complies
Asset-Backed Securities/Mortgage-Backed
Securities/ Collateralized Mortgage
Obligations
"AA" rated or higher by a NRSRO; 20% maximum (combined); 5% max per issuer Complies
Corporate 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
Negotiable Certificates of Deposit
"A" long-term debt rated and/or "A-1" short-term rated or higher 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; Issued by a nationally or state-chartered
bank, a savings association or a federal association, a state or federal credit union, or by a state-licensed branch of a foreign bank.
Complies
Time Deposits/ Certificates of Deposit 10% maximum; Collateralized/FDIC Insured; 1 year max maturity Complies
Commercial Paper
"A-1" rated or higher by a NRSRO; 25% maximum; 5% max per issuer; 10% max of the outstanding commercial paper of an issuing corporation; 20%
max amount invested in CP of any one issuer in combination with any other debt from that issuer; 270 days max maturity; Issuer of the commercial
paper shall meet all conditions in either A) (1) Organized and operating in the U.S. as a general corp, (2) Has AUM > $500 million, (3) "A" rated issuer
debt (if any) or higher by a NRSRO; or B) (1) Organized in the U.S. as a special purpose corp, trust, LLC, (2) Has program wide credit enhancements
including, but not limited to, over collateralization, LOC, or surety bond, (3) "A-1" rated or higher by a NRSRO
Complies
Banker’s Acceptances "A-1" short-term 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
Money Market Mutual Funds and Mutual
Funds
Highest rating or "AAA" rated by two NRSROs; SEC registered adviser with AUM >$500 million and experience > 5 years; 20% maximum in Mutual
Funds and Money Market Mutual Funds; 20% max in Money Market Mutual Fund; 10% max per one Mutual Fund Complies
Local Agency Investment Fund (LAIF) Maximum permitted by LAIF; Not used by investment adviser Complies
California Asset Management Program
(CAMP)Issued by joint powers authority organized pursuant to California Government Code; Not used by investment adviser Complies
Prohibited Securities Inverse floaters; Ranges notes, Mortgage-derived, Interest-only strips; Any investment in a security not specifically listed as an Authorized and
Suitable Investment in the policy.Complies
Max Per Issuer 5% max per issuer, except US Government, its Agencies and instrumentalities (including agency backed-mortgage pools), Supranational securities, or
Money Market Mutual Funds Complies
Maximum Maturity 5 years, unless otherwise stated in the policy Complies
City of Dublin
Assets managed by Chandler Asset Management are in full compliance with state law and with the City's investment policy.
16
Portfolio Characteristics
City of Dublin
3/31/2020 12/31/2019
Benchmark*Portfolio Portfolio
Average Maturity (yrs)2.64 2.70 2.69
Average Modified Duration 2.55 2.46 2.42
Average Purchase Yield n/a 2.11%2.18%
Average Market Yield 0.26%0.89%1.75%
Average Quality**AAA AA/Aa1 AA/Aa1
Total Market Value 213,559,184 208,229,491
*ICE BAML 1-5 Year 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 March 31, 2020
17
City of Dublin
Sector Distribution
ABS
6.5%
Agency
34.5%
Commercial
Paper
1.9%
Corporate
23.3%
Money Market
Fund FI
0.7%
Supranational
2.2%
US Treasury
30.9%
March 31, 2020 December 31, 2019
ABS
7.3%
Agency
32.4%
Commercial
Paper
2.0%
Corporate
24.4%
Money Market
Fund FI
0.2%
Supranational
2.2%
US Treasury
31.6%
As of March 31, 2020
18
Issue Name Investment Type % Portfolio
Government of United States US Treasury 30.85%
Federal Home Loan Bank Agency 14.23%
Federal National Mortgage Association Agency 12.61%
Federal Home Loan Mortgage Corp Agency 4.49%
Federal Farm Credit Bank Agency 3.18%
Honda ABS ABS 1.99%
MUFG Bank Ltd/NY Commercial Paper 1.94%
John Deere ABS ABS 1.71%
US Bancorp Corporate 1.70%
Apple Inc Corporate 1.51%
JP Morgan Chase & Co Corporate 1.48%
Nissan ABS ABS 1.33%
Deere & Company Corporate 1.29%
Inter-American Dev Bank Supranational 1.21%
Royal Bank of Canada Corporate 1.20%
Honda Motor Corporation Corporate 1.17%
Bank of America Corp Corporate 1.17%
Toronto Dominion Holdings Corporate 1.14%
PNC Financial Services Group Corporate 1.08%
Toyota ABS ABS 1.05%
IBM Corp Corporate 0.97%
ChevronTexaco Corp Corporate 0.97%
Intl Bank Recon and Development Supranational 0.96%
Charles Schwab Corp/The Corporate 0.95%
Chubb Corporation Corporate 0.95%
Qualcomm Inc Corporate 0.94%
Berkshire Hathaway Corporate 0.90%
Microsoft Corporate 0.87%
Exxon Mobil Corp Corporate 0.85%
State Street Bank Corporate 0.85%
HSBC Holdings PLC Corporate 0.71%
Wal-Mart Stores Corporate 0.69%
First American Govt Oblig Fund Money Market Fund FI 0.66%
Bank of New York Corporate 0.59%
General Dynamics Corp Corporate 0.54%
Oracle Corp Corporate 0.47%
American Express ABS ABS 0.47%
Merck & Company Corporate 0.35%
TOTAL 100.00%
Issuers
City of Dublin –Account #10198
As of March 31, 2020
19
AAA AA A <A NR
03/31/20 6.9%73.8%16.0%0.0%3.3%
12/31/19 6.9%71.3%18.2%0.0%3.6%
Source: S&P Ratings
March 31, 2020 vs. December 31, 2019
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
70.0%
80.0%
AAA AA A <A NR
3/31/2020 12/31/2019
Quality Distribution
City of Dublin
As of March 31, 2020
20
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
35.0%
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 Year US Treasury/Agency Index
Portfolio Compared to the Benchmark as of March 31, 2020
0 -0.25 0.25 -0.50 0.50 - 1 1 - 2 2 - 3 3 - 4 4 - 5 5+
Portfolio 5.5% 3.9% 12.6% 18.9% 18.7% 24.7% 15.8% 0.0%
Benchmark*0.7% 0.3% 4.1% 33.2% 26.6% 21.6% 13.5% 0.0%
*ICE BAML 1-5 Year US Treasury/Agency Index
Duration Distribution
City of Dublin
As of March 31, 2020
21
0.00%
1.00%
2.00%
3.00%
4.00%
5.00%
6.00%
7.00%
8.00%
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 2.56%5.80%4.54%3.07%2.23%N/A 1.98%
ICE BAML 1-5 Year US Treasury/Agency Index 3.76%6.81%4.96%3.25%2.25%N/A 1.98%
*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 March 31, 2020
22
Portfolio Characteristics
City of Dublin Reporting Account
3/31/2020
Portfolio
12/31/2019
Portfolio
Average Maturity (yrs)0.00 0.00
Modified Duration 0.00 0.00
Average Purchase Yield 1.64%1.91%
Average Market Yield 1.64%1.91%
Average Quality*AAA/NR AAA/NR
Total Market Value 86,859,438 92,248,998
*Portfolio is S&P and Moody’s, respectively.
As of March 31, 2020
23
City of Dublin Reporting Account
Sector Distribution
LAIF
57.4%
Local Gov
Investment Pool
42.6%
March 31, 2020 December 31, 2019
LAIF
53.8%
Local Gov
Investment Pool
46.2%
As of March 31, 2020
24
Issue Name Investment Type % Portfolio
Local Agency Investment Fund LAIF 57.43%
CAMP Local Gov Investment Pool 42.57%
TOTAL 100.00%
Issuers
City of Dublin Reporting Account –Account #10219
As of March 31, 2020
25
SECTION |Section 3 |Consolidated Information
26
Portfolio Characteristics
City of Dublin Consolidated
3/31/2020 12/31/2019
Portfolio Portfolio
Average Maturity (yrs)1.92 1.86
Modified Duration 1.75 1.67
Average Purchase Yield 1.97%2.10%
Average Market Yield 1.10%1.80%
Average Quality*AA+/Aa1 AA+/Aa1
Total Market Value 300,418,622 300,478,490
* Portfolio is S&P and Moody’s respectively.
As of March 31, 2020
27
City of Dublin Consolidated
Sector Distribution
ABS
4.7%
Agency
24.5%
Commercial
Paper
1.4%
Corporate
16.6%
LAIF
16.6%
Local Gov
Investment Pool
12.3%
Money Market
Fund FI
0.5%
Supranational
1.5%
US Treasury
21.9%
March 31, 2020 December 31, 2019
ABS
5.1%
Agency
22.4%
Commercial
Paper
1.4%
Corporate
16.9%LAIF
16.5%
Local Gov
Investment Pool
14.2%
Money Market
Fund FI
0.1%
Supranational
1.5%
US Treasury
21.9%
As of March 31, 2020
28
SECTION |Section 4 |Portfolio Holdings
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
ABS
43814WAB1 Honda Auto Receivables Trust 2019-1 A2
2.750% Due 09/20/2021
1,010,339.88 02/19/2019
2.77%
1,010,274.81
1,010,302.55
99.76
3.47%
1,007,904.55
1,003.32
0.47%
(2,398.00)
NR / AAA
AAA
1.47
0.34
47788BAD6 John Deere Owner Trust 2017-B A3
1.820% Due 10/15/2021
87,171.14 07/11/2017
1.64%
87,164.76
87,168.83
99.63
3.56%
86,852.10
70.51
0.04%
(316.73)
Aaa / NR
AAA
1.54
0.21
89239AAB9 Toyota Auto Receivables Trust 2019-A A2A
2.830% Due 10/15/2021
715,934.94 02/05/2019
2.85%
715,869.92
715,897.46
100.13
2.41%
716,839.12
900.49
0.34%
941.66
Aaa / AAA
NR
1.54
0.29
47789JAB2 John Deere Owner Trust 2019-A A2
2.850% Due 12/15/2021
693,792.04 03/05/2019
2.87%
693,760.40
693,772.48
100.26
1.93%
695,630.47
878.80
0.33%
1,857.99
Aaa / NR
AAA
1.71
0.28
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
1,299,942.23
99.81
2.20%
1,297,543.00
1,097.78
0.61%
(2,399.23)
Aaa / AAA
NR
2.04
0.64
47788CAC6 John Deere Owner Trust 2018-A A3
2.660% Due 04/18/2022
319,666.76 02/21/2018
2.68%
319,643.77
319,655.39
99.27
0.41%
317,331.75
377.92
0.15%
(2,323.64)
Aaa / NR
AAA
2.05
0.43
477870AB5 John Deere Owner Trust 2019-B A2
2.280% Due 05/16/2022
949,178.27 07/16/2019
2.29%
949,174.66
949,175.55
100.14
1.99%
950,503.81
961.83
0.45%
1,328.26
Aaa / NR
AAA
2.13
0.46
43814UAG4 Honda Auto Receivables Trust 2018-2 A3
3.010% Due 05/18/2022
578,237.36 05/22/2018
2.25%
578,224.75
578,230.60
100.59
2.11%
581,623.47
628.51
0.27%
3,392.87
NR / AAA
AAA
2.13
0.64
43815HAC1 Honda Auto Receivables Trust 2018-3 A3
2.950% Due 08/22/2022
1,342,269.64 08/21/2018
2.52%
1,342,085.48
1,342,159.14
100.92
1.70%
1,354,618.44
1,099.92
0.63%
12,459.30
Aaa / NR
AAA
2.39
0.72
02582JHE3 American Express Credit Trust 2017-3 A
1.770% Due 11/15/2022
1,000,000.00 06/28/2018
2.23%
980,625.00
988,399.22
99.96
3.08%
999,579.00
786.67
0.47%
11,179.78
NR / AAA
AAA
2.63
0.03
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
1,584,926.88
100.62
2.16%
1,594,880.89
2,169.69
0.75%
9,954.01
Aaa / NR
AAA
2.63
0.66
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
1,219,974.84
101.57
1.41%
1,239,177.18
1,659.20
0.58%
19,202.34
Aaa / AAA
NR
2.96
0.94
89231PAD0 Toyota Auto Receivables Trust 2018-D A3
3.180% Due 03/15/2023
1,500,000.00 08/29/2019
2.14%
1,532,050.78
1,526,721.38
101.72
1.65%
1,525,725.00
2,120.00
0.72%
(996.38)
Aaa / AAA
NR
2.96
1.10
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
1,579,924.36
100.99
1.49%
1,595,578.80
1,355.29
0.75%
15,654.44
Aaa / AAA
NR
4.29
2.18
TOTAL ABS 13,881,590.03 2.48%
13,893,540.24
13,896,250.91 2.04%
13,963,787.58
15,109.93
6.55%
67,536.67
Aaa / AAA
Aaa
2.55
0.78
Agency
3135G0F73 FNMA Note
1.500% Due 11/30/2020
2,500,000.00 12/04/2015
1.87%
2,455,750.00
2,494,091.90
100.67
0.49%
2,516,845.00
12,604.17
1.18%
22,753.10
Aaa / AA+
AAA
0.67
0.66
As of March 31, 2020
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
3130A7CV5 FHLB Note
1.375% Due 02/18/2021
3,470,000.00 Various
1.45%
3,457,221.20
3,467,729.15
100.90
0.35%
3,501,375.74
5,698.99
1.64%
33,646.59
Aaa / AA+
AAA
0.89
0.88
3135G0J20 FNMA Note
1.375% Due 02/26/2021
5,000,000.00 Various
1.29%
5,018,675.00
5,003,678.82
100.95
0.32%
5,047,510.00
6,684.02
2.37%
43,831.18
Aaa / AA+
AAA
0.91
0.90
313379RB7 FHLB Note
1.875% Due 06/11/2021
3,000,000.00 08/30/2017
1.67%
3,022,620.00
3,007,146.61
101.81
0.35%
3,054,375.00
17,187.50
1.44%
47,228.39
Aaa / AA+
AAA
1.20
1.18
3130A8QS5 FHLB Note
1.125% Due 07/14/2021
2,500,000.00 07/25/2016
1.28%
2,481,475.00
2,495,210.46
101.01
0.34%
2,525,297.50
6,015.63
1.19%
30,087.04
Aaa / AA+
AAA
1.29
1.28
3137EAEC9 FHLMC Note
1.125% Due 08/12/2021
3,000,000.00 Various
1.33%
2,971,215.00
2,992,036.03
101.03
0.37%
3,030,822.00
4,593.76
1.42%
38,785.97
Aaa / AA+
AAA
1.37
1.35
3135G0Q89 FNMA Note
1.375% Due 10/07/2021
2,000,000.00 10/06/2016
1.45%
1,992,924.00
1,997,853.17
101.45
0.41%
2,029,092.00
13,291.67
0.96%
31,238.83
Aaa / AA+
AAA
1.52
1.49
3135G0S38 FNMA Note
2.000% Due 01/05/2022
2,500,000.00 01/30/2017
2.04%
2,495,475.00
2,498,381.06
102.87
0.37%
2,571,632.50
11,944.44
1.21%
73,251.44
Aaa / AA+
AAA
1.77
1.73
313378CR0 FHLB Note
2.250% Due 03/11/2022
2,000,000.00 06/19/2017
1.86%
2,035,280.00
2,014,500.59
103.64
0.37%
2,072,736.00
2,500.00
0.97%
58,235.41
Aaa / AA+
NR
1.95
1.91
3135G0T45 FNMA Note
1.875% Due 04/05/2022
3,250,000.00 05/05/2017
1.99%
3,232,125.00
3,242,682.52
102.98
0.39%
3,346,846.75
29,791.67
1.58%
104,164.23
Aaa / AA+
AAA
2.01
1.96
3135G0T94 FNMA Note
2.375% Due 01/19/2023
2,500,000.00 03/28/2018
2.70%
2,463,675.00
2,478,850.04
105.39
0.44%
2,634,745.00
11,875.00
1.24%
155,894.96
Aaa / AA+
AAA
2.81
2.71
313383QR5 FHLB Note
3.250% Due 06/09/2023
1,500,000.00 08/28/2018
2.87%
1,525,005.00
1,516,679.55
108.66
0.51%
1,629,943.50
15,166.67
0.77%
113,263.95
Aaa / AA+
NR
3.19
3.03
3137EAEN5 FHLMC Note
2.750% Due 06/19/2023
2,000,000.00 07/16/2018
2.88%
1,988,360.00
1,992,399.69
107.13
0.51%
2,142,636.00
15,583.33
1.01%
150,236.31
Aaa / AA+
AAA
3.22
3.08
3133EKZK5 FFCB Note
1.600% Due 08/14/2023
4,000,000.00 08/26/2019
1.54%
4,009,000.00
4,007,645.03
103.49
0.55%
4,139,484.00
8,355.56
1.94%
131,838.97
Aaa / AA+
AAA
3.37
3.28
313383YJ4 FHLB Note
3.375% Due 09/08/2023
5,000,000.00 Various
2.90%
5,102,615.00
5,075,051.79
110.11
0.41%
5,505,275.00
10,781.25
2.58%
430,223.21
Aaa / AA+
NR
3.44
3.27
3130A0F70 FHLB Note
3.375% Due 12/08/2023
5,000,000.00 Various
2.73%
5,147,870.00
5,110,804.76
111.14
0.33%
5,557,170.00
52,968.75
2.63%
446,365.24
Aaa / AA+
AAA
3.69
3.47
3135G0V34 FNMA Note
2.500% Due 02/05/2024
2,000,000.00 02/27/2019
2.58%
1,992,340.00
1,994,030.89
107.57
0.51%
2,151,342.00
7,777.78
1.01%
157,311.11
Aaa / AA+
AAA
3.85
3.67
3130A1XJ2 FHLB Note
2.875% Due 06/14/2024
3,795,000.00 Various
1.96%
3,958,639.85
3,932,787.94
110.47
0.36%
4,192,218.86
32,428.80
1.98%
259,430.92
Aaa / AA+
NR
4.21
3.96
3133EKWV4 FFCB Note
1.850% Due 07/26/2024
2,500,000.00 08/13/2019
1.65%
2,524,140.00
2,521,055.74
105.22
0.62%
2,630,545.00
8,350.69
1.24%
109,489.26
Aaa / AA+
AAA
4.32
4.15
As of March 31, 2020
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
3130A2UW4 FHLB Note
2.875% Due 09/13/2024
2,000,000.00 10/10/2019
1.58%
2,122,020.00
2,110,286.00
109.91
0.61%
2,198,176.00
2,875.00
1.03%
87,890.00
Aaa / AA+
AAA
4.46
4.20
3135G0W66 FNMA Note
1.625% Due 10/15/2024
2,000,000.00 11/08/2019
1.80%
1,983,400.00
1,984,701.06
104.68
0.58%
2,093,682.00
14,715.28
0.99%
108,980.94
Aaa / AA+
AAA
4.55
4.35
3135G0X24 FNMA Note
1.625% Due 01/07/2025
4,200,000.00 Various
1.18%
4,287,898.80
4,286,704.98
104.97
0.57%
4,408,706.40
15,356.25
2.07%
122,001.42
Aaa / AA+
AAA
4.78
4.58
3137EAEP0 FHLMC Note
1.500% Due 02/12/2025
4,200,000.00 Various
1.22%
4,254,786.30
4,253,986.03
104.35
0.59%
4,382,641.20
8,225.00
2.06%
128,655.17
Aaa / AA+
AAA
4.87
4.69
TOTAL Agency 69,915,000.00 1.89%
70,522,510.15
70,478,293.81 0.44%
73,363,097.45
314,771.21
34.50%
2,884,803.64
Aaa / AA+
Aaa
2.87
2.76
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
4,134,974.50
99.88
1.94%
4,134,974.50
0.00
1.94%
0.00
P-1 / A-1
NR
0.07
0.07
TOTAL Commercial Paper 4,140,000.00 1.94%
4,105,695.50
4,134,974.50 1.94%
4,134,974.50
0.00
1.94%
0.00
P-1 / A-1
NR
0.07
0.07
Corporate
747525AD5 Qualcomm Inc Note
2.250% Due 05/20/2020
2,000,000.00 Various
2.22%
2,001,128.80
2,000,076.78
99.99
2.33%
1,999,740.00
16,375.01
0.94%
(336.78)
A2 / A-
NR
0.14
0.14
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
1,001,877.93
99.96
2.51%
999,572.00
5,079.86
0.47%
(2,305.93)
A2 / A
A
0.29
0.28
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
2,000,496.37
100.11
2.07%
2,002,136.00
18,911.11
0.95%
1,639.63
A3 / A
A
0.59
0.50
24422ETF6 John Deere Capital Corp Note
2.550% Due 01/08/2021
750,000.00 Various
2.42%
753,733.15
750,712.02
100.33
2.11%
752,499.76
4,409.38
0.35%
1,787.74
A2 / A
A
0.78
0.76
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
1,802,500.01
100.65
1.50%
1,811,705.40
3,333.00
0.85%
9,205.39
Aaa / AA
NR
0.92
0.90
369550BE7 General Dynamics Corp Note
3.000% Due 05/11/2021
1,130,000.00 05/08/2018
3.24%
1,122,146.50
1,127,097.93
100.77
2.29%
1,138,694.22
13,183.33
0.54%
11,596.29
A2 / A
NR
1.11
1.08
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
1,000,052.56
100.03
2.06%
1,000,330.00
7,875.00
0.47%
277.44
Aa2 / AA
NR
1.13
1.02
857477AV5 State Street Bank Note
1.950% Due 05/19/2021
1,800,000.00 Various
1.91%
1,802,989.00
1,800,753.48
99.56
2.34%
1,792,092.61
12,870.00
0.85%
(8,660.87)
A1 / A
AA-
1.13
1.11
As of March 31, 2020
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
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
1,849,032.68
100.70
0.99%
1,862,866.76
4,221.60
0.87%
13,834.08
Aaa / AAA
AA+
1.36
1.26
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
983,722.79
100.29
1.68%
1,002,947.00
844.44
0.47%
19,224.21
A3 / A+
A-
1.46
1.35
404280BF5 HSBC Holdings PLC Note
2.650% Due 01/05/2022
1,500,000.00 01/12/2018
2.89%
1,486,320.00
1,493,920.00
99.86
2.73%
1,497,924.00
9,495.83
0.71%
4,004.00
A2 / A
A+
1.77
1.70
91159HHP8 US Bancorp Callable Note Cont 12/23/2021
2.625% Due 01/24/2022
1,000,000.00 05/23/2017
2.35%
1,011,640.00
1,004,392.85
101.38
1.81%
1,013,780.00
4,885.42
0.48%
9,387.15
A1 / A+
AA-
1.82
1.68
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
1,995,341.53
101.45
2.10%
2,028,950.00
9,716.67
0.95%
33,608.47
A2 / A
A
2.82
2.62
44932HAH6 IBM Credit Corp Note
3.000% Due 02/06/2023
2,000,000.00 02/26/2018
3.09%
1,991,340.00
1,995,002.74
103.48
1.74%
2,069,502.00
9,166.67
0.97%
74,499.26
A2 / A
NR
2.85
2.72
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
1,834,800.35
103.47
1.47%
1,929,721.10
2,279.44
0.90%
94,920.75
Aa2 / AA
A+
2.96
2.68
58933YAF2 Merck & Co Note
2.800% Due 05/18/2023
740,000.00 10/26/2018
3.41%
720,996.80
726,934.58
100.69
2.57%
745,117.10
7,654.89
0.35%
18,182.52
A1 / AA-
A+
3.13
2.95
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
485,106.36
102.63
1.78%
513,152.00
4,987.50
0.24%
28,045.64
A2 / A-
AA-
3.13
2.82
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
2,208,057.65
103.47
2.33%
2,286,768.77
24,279.30
1.08%
78,711.12
A2 / A
NR
3.19
2.91
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
988,217.00
104.54
1.62%
1,045,353.00
8,597.97
0.49%
57,136.00
Aa2 / AA
NR
3.23
2.83
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
1,379,767.87
106.06
1.43%
1,463,561.76
12,381.66
0.69%
83,793.89
Aa2 / AA
AA
3.24
2.98
02665WCJ8 American Honda Finance Note
3.450% Due 07/14/2023
1,000,000.00 Various
3.54%
996,275.00
997,354.29
101.27
3.04%
1,012,696.00
7,379.17
0.48%
15,341.71
A3 / A
NR
3.29
3.07
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
1,201,245.31
103.98
2.22%
1,247,715.60
5,750.00
0.59%
46,470.29
A1 / A
AA-
3.36
3.16
06051GHF9 Bank of America Corp Callable Note 1X 3/5/2023
3.550% Due 03/05/2024
2,400,000.00 Various
3.01%
2,434,650.00
2,427,684.01
104.01
2.13%
2,496,261.60
6,153.33
1.17%
68,577.59
A2 / A-
A+
3.93
2.78
89114QCB2 Toronto Dominion Bank Note
3.250% Due 03/11/2024
2,300,000.00 03/26/2019
2.95%
2,331,234.00
2,324,849.15
105.37
1.83%
2,423,445.60
4,152.78
1.14%
98,596.45
Aa3 / A
AA-
3.95
3.70
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
3,032,617.68
106.26
1.22%
3,187,752.00
33,250.00
1.51%
155,134.32
Aa1 / AA+
NR
4.12
3.71
As of March 31, 2020
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
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
1,026,024.74
98.44
3.05%
984,370.00
7,140.28
0.46%
(41,654.74)
A2 / A
A
4.24
3.94
02665WCZ2 American Honda Finance Note
2.400% Due 06/27/2024
1,500,000.00 07/10/2019
2.49%
1,493,742.00
1,494,653.76
98.56
2.76%
1,478,352.00
9,400.00
0.70%
(16,301.76)
A3 / A
NR
4.24
3.97
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
2,527,748.04
101.69
2.14%
2,542,160.00
13,281.25
1.20%
14,411.96
A2 / A
AA
4.30
4.03
46647PAU0 JP Morgan Chase & Co Callable Note 1X 7/23/2023
3.797% Due 07/23/2024
2,500,000.00 09/12/2019
2.35%
2,632,175.00
2,617,406.01
104.67
2.32%
2,616,725.00
17,930.28
1.23%
(681.01)
A2 / A-
AA-
4.32
3.96
90331HPL1 US Bank NA Callable Note Cont 12/21/2024
2.050% Due 01/21/2025
2,610,000.00 01/16/2020
2.10%
2,604,440.70
2,604,656.74
99.26
2.21%
2,590,779.96
10,403.75
1.22%
(13,876.78)
A1 / AA-
AA-
4.81
4.53
TOTAL Corporate 48,535,000.00 2.66%
48,697,637.15
48,682,103.21 2.03%
49,536,671.24
295,388.92
23.33%
854,568.03
A1 / A+
AA-
2.80
2.55
Money Market Fund FI
31846V203 First American Govt Obligation Fund Class Y 1,416,205.49 Various
0.12%
1,416,205.49
1,416,205.49
1.00
0.12%
1,416,205.49
0.00
0.66%
0.00
Aaa / AAA
AAA
0.00
0.00
TOTAL Money Market Fund FI 1,416,205.49 0.12%
1,416,205.49
1,416,205.49 0.12%
1,416,205.49
0.00
0.66%
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
1,995,844.29
102.56
0.58%
2,051,260.00
7,222.22
0.96%
55,415.71
Aaa / NR
AAA
1.82
1.79
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
2,475,243.45
102.99
0.52%
2,574,835.00
2,065.97
1.21%
99,591.55
Aaa / AAA
AAA
2.46
2.40
TOTAL Supranational 4,500,000.00 2.15%
4,441,995.00
4,471,087.74 0.55%
4,626,095.00
9,288.19
2.17%
155,007.26
Aaa / AAA
Aaa
2.18
2.13
US Treasury
912828XE5 US Treasury Note
1.500% Due 05/31/2020
3,000,000.00 Various
1.67%
2,976,025.68
2,999,198.31
100.23
0.11%
3,006,930.00
15,122.95
1.42%
7,731.69
Aaa / AA+
AAA
0.17
0.17
912828XM7 US Treasury Note
1.625% Due 07/31/2020
1,500,000.00 09/08/2015
1.52%
1,507,622.21
1,500,516.11
100.50
0.13%
1,507,500.00
4,084.82
0.71%
6,983.89
Aaa / AA+
AAA
0.33
0.34
912828L99 US Treasury Note
1.375% Due 10/31/2020
2,000,000.00 Various
1.69%
1,970,950.45
1,996,543.22
100.72
0.14%
2,014,376.00
11,559.07
0.95%
17,832.78
Aaa / AA+
AAA
0.59
0.58
912828N89 US Treasury Note
1.375% Due 01/31/2021
2,000,000.00 03/15/2016
1.49%
1,988,834.83
1,998,089.01
101.09
0.06%
2,021,876.00
4,608.52
0.95%
23,786.99
Aaa / AA+
AAA
0.84
0.83
As of March 31, 2020
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
912828P87 US Treasury Note
1.125% Due 02/28/2021
3,000,000.00 12/28/2018
2.54%
2,911,171.88
2,962,557.26
100.94
0.10%
3,028,125.00
2,934.78
1.42%
65,567.74
Aaa / AA+
AAA
0.92
0.91
912828T34 US Treasury Note
1.125% Due 09/30/2021
1,500,000.00 Various
1.66%
1,463,144.24
1,488,588.49
101.38
0.21%
1,520,625.00
46.11
0.71%
32,036.51
Aaa / AA+
AAA
1.50
1.49
912828U65 US Treasury Note
1.750% Due 11/30/2021
2,500,000.00 12/28/2016
2.06%
2,464,461.50
2,487,975.84
102.57
0.20%
2,564,355.00
14,702.87
1.21%
76,379.16
Aaa / AA+
AAA
1.67
1.64
912828V72 US Treasury Note
1.875% Due 01/31/2022
1,500,000.00 02/27/2017
1.84%
1,502,407.37
1,500,897.07
103.04
0.22%
1,545,528.00
4,713.26
0.73%
44,630.93
Aaa / AA+
AAA
1.84
1.81
912828J76 US Treasury Note
1.750% Due 03/31/2022
3,000,000.00 04/25/2017
1.85%
2,985,830.37
2,994,261.30
103.06
0.21%
3,091,875.00
143.44
1.45%
97,613.70
Aaa / AA+
AAA
2.00
1.97
912828WZ9 US Treasury Note
1.750% Due 04/30/2022
2,750,000.00 05/23/2017
1.84%
2,738,944.75
2,745,343.54
103.18
0.22%
2,837,441.75
20,249.32
1.34%
92,098.21
Aaa / AA+
AAA
2.08
2.04
912828XR6 US Treasury Note
1.750% Due 05/31/2022
1,500,000.00 06/28/2017
1.81%
1,496,020.65
1,498,250.59
103.27
0.24%
1,549,042.50
8,821.72
0.73%
50,791.91
Aaa / AA+
AAA
2.17
2.12
912828XW5 US Treasury Note
1.750% Due 06/30/2022
3,000,000.00 07/25/2017
1.86%
2,984,072.55
2,992,744.16
103.44
0.22%
3,103,125.00
13,269.23
1.46%
110,380.84
Aaa / AA+
AAA
2.25
2.21
912828L24 US Treasury Note
1.875% Due 08/31/2022
2,000,000.00 09/27/2017
1.92%
1,995,944.20
1,998,010.45
103.92
0.25%
2,078,360.00
3,260.87
0.97%
80,349.55
Aaa / AA+
AAA
2.42
2.37
912828L57 US Treasury Note
1.750% Due 09/30/2022
3,750,000.00 Various
2.02%
3,702,841.80
3,725,951.24
103.72
0.26%
3,889,601.25
179.31
1.82%
163,650.01
Aaa / AA+
AAA
2.50
2.45
912828M49 US Treasury Note
1.875% Due 10/31/2022
1,000,000.00 01/30/2018
2.47%
973,359.38
985,512.05
104.14
0.26%
1,041,445.00
7,881.18
0.49%
55,932.95
Aaa / AA+
AAA
2.59
2.51
9128284D9 US Treasury Note
2.500% Due 03/31/2023
3,750,000.00 Various
2.75%
3,706,123.05
3,723,379.42
106.60
0.29%
3,997,413.75
256.15
1.87%
274,034.33
Aaa / AA+
AAA
3.00
2.91
912828R69 US Treasury Note
1.625% Due 05/31/2023
1,500,000.00 05/30/2018
2.67%
1,427,167.97
1,453,931.55
104.16
0.30%
1,562,461.50
8,191.60
0.74%
108,529.95
Aaa / AA+
AAA
3.17
3.08
912828U57 US Treasury Note
2.125% Due 11/30/2023
5,000,000.00 Various
2.53%
4,908,242.19
4,930,573.74
106.59
0.32%
5,329,490.00
35,706.97
2.51%
398,916.26
Aaa / AA+
AAA
3.67
3.52
912828V80 US Treasury Note
2.250% Due 01/31/2024
5,000,000.00 Various
2.32%
4,983,691.41
4,987,016.30
107.33
0.32%
5,366,600.00
18,853.02
2.52%
379,583.70
Aaa / AA+
AAA
3.84
3.68
912828WJ5 US Treasury Note
2.500% Due 05/15/2024
1,750,000.00 06/10/2019
1.91%
1,798,261.72
1,790,352.16
108.80
0.35%
1,904,082.25
16,586.54
0.90%
113,730.09
Aaa / AA+
AAA
4.13
3.91
9128282N9 US Treasury Note
2.125% Due 07/31/2024
2,000,000.00 08/30/2019
1.44%
2,064,531.25
2,056,810.48
107.55
0.37%
2,151,094.00
7,122.25
1.01%
94,283.52
Aaa / AA+
AAA
4.34
4.15
912828YH7 US Treasury Note
1.500% Due 09/30/2024
3,500,000.00 Various
1.65%
3,474,941.41
3,476,747.66
105.08
0.36%
3,677,733.50
143.45
1.72%
200,985.84
Aaa / AA+
AAA
4.50
4.36
As of March 31, 2020
35
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
9128283J7 US Treasury Note
2.125% Due 11/30/2024
3,000,000.00 Various
1.76%
3,051,650.40
3,048,592.23
108.10
0.37%
3,243,048.00
21,424.19
1.53%
194,455.77
Aaa / AA+
AAA
4.67
4.44
912828ZC7 US Treasury Note
1.125% Due 02/28/2025
3,500,000.00 03/24/2020
0.52%
3,603,222.66
3,602,821.46
103.67
0.37%
3,628,380.00
3,423.91
1.70%
25,558.54
Aaa / AA+
AAA
4.92
4.79
TOTAL US Treasury 63,000,000.00 1.94%
62,679,463.92
62,944,663.64 0.26%
65,660,508.50
223,285.53
30.85%
2,715,844.86
Aaa / AA+
Aaa
2.74
2.65
TOTAL PORTFOLIO 205,387,795.52 2.12%
205,757,047.45
206,023,579.30 0.89%
212,701,339.76
857,843.78
100.00%
6,677,760.46
Aa1 / AA
Aaa
2.70
2.46
TOTAL MARKET VALUE PLUS ACCRUALS 213,559,183.54
As of March 31, 2020
36
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 49,651,088.16 Various
1.74%
49,651,088.16
49,651,088.16
1.00
1.74%
49,651,088.16
233,552.80
57.43%
0.00
NR / NR
NR
0.00
0.00
TOTAL LAIF 49,651,088.16 1.74%
49,651,088.16
49,651,088.16 1.74%
49,651,088.16
233,552.80
57.43%
0.00
NR / NR
NR
0.00
0.00
Local Gov Investment Pool
90CAMP$00 California Asset Mgmt Program CAMP 36,974,797.50 Various
1.50%
36,974,797.50
36,974,797.50
1.00
1.50%
36,974,797.50
0.00
42.57%
0.00
NR / AAA
NR
0.00
0.00
TOTAL Local Gov Investment Pool 36,974,797.50 1.50%
36,974,797.50
36,974,797.50 1.50%
36,974,797.50
0.00
42.57%
0.00
NR / AAA
NR
0.00
0.00
TOTAL PORTFOLIO 86,625,885.66 1.64%
86,625,885.66
86,625,885.66 1.64%
86,625,885.66
233,552.80
100.00%
0.00
NR / AAA
NR
0.00
0.00
TOTAL MARKET VALUE PLUS ACCRUALS 86,859,438.46
As of March 31, 2020
37
SECTION |Section 5 |Transactions
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
ACQUISITIONS
Purchase 01/10/2020 3135G0X24 1,560,000.00 FNMA Note
1.625% Due: 01/07/2025
99.681 1.69%1,555,023.60 0.00 1,555,023.60 0.00
Purchase 01/21/2020 90331HPL1 2,610,000.00 US Bank NA Callable Note Cont 12/21/2024
2.05% Due: 01/21/2025
99.787 2.10%2,604,440.70 0.00 2,604,440.70 0.00
Purchase 02/14/2020 3137EAEP0 2,315,000.00 FHLMC Note
1.5% Due: 02/12/2025
99.923 1.52%2,313,217.45 0.00 2,313,217.45 0.00
Purchase 03/05/2020 3135G0X24 2,640,000.00 FNMA Note
1.625% Due: 01/07/2025
103.518 0.88%2,732,875.20 6,554.17 2,739,429.37 0.00
Purchase 03/05/2020 3137EAEP0 1,885,000.00 FHLMC Note
1.5% Due: 02/12/2025
103.001 0.88%1,941,568.85 1,649.38 1,943,218.23 0.00
Purchase 03/25/2020 912828ZC7 3,500,000.00 US Treasury Note
1.125% Due: 02/28/2025
102.949 0.52%3,603,222.66 2,674.93 3,605,897.59 0.00
Subtotal 14,510,000.00 14,750,348.46 10,878.48 14,761,226.94 0.00
TOTAL ACQUISITIONS 14,510,000.00 14,750,348.46 10,878.48 14,761,226.94 0.00
DISPOSITIONS
Sale 01/09/2020 912828H52 2,500,000.00 US Treasury Note
1.25% Due: 01/31/2020
99.984 1.52%2,499,609.38 13,756.79 2,513,366.17 14.07
Sale 01/21/2020 91159HHP8 1,000,000.00 US Bancorp Callable Note Cont 12/23/2021
2.625% Due: 01/24/2022
101.556 2.35%1,015,560.00 12,906.25 1,028,466.25 10,672.87
Sale 02/03/2020 097023BQ7 1,200,000.00 Boeing Co Callable Note Cont 4/15/2023
1.875% Due: 06/15/2023
99.601 2.98%1,195,212.00 3,000.00 1,198,212.00 36,623.80
Sale 02/07/2020 097023BQ7 610,000.00 Boeing Co Callable Note Cont 4/15/2023
1.875% Due: 06/15/2023
99.277 2.98%605,589.70 1,652.08 607,241.78 16,572.13
Sale 02/14/2020 097023BQ7 590,000.00 Boeing Co Callable Note Cont 4/15/2023
1.875% Due: 06/15/2023
99.316 2.98%585,964.40 1,813.02 587,777.42 16,142.81
December 31, 2019 through March 31, 2020
As of March 31, 2020
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
Sale 03/05/2020 313383HU8 2,000,000.00 FHLB Note
1.75% Due: 06/12/2020
100.236 1.46%2,004,720.00 8,069.44 2,012,789.44 3,210.66
Sale 03/05/2020 3137EAEK1 2,400,000.00 FHLMC Note
1.875% Due: 11/17/2020
100.727 1.91%2,417,448.00 13,500.00 2,430,948.00 18,079.59
Sale 03/25/2020 912828L99 3,000,000.00 US Treasury Note
1.375% Due: 10/31/2020
100.734 1.71%3,022,031.25 16,545.33 3,038,576.58 27,386.82
Subtotal 13,300,000.00 13,346,134.73 71,242.91 13,417,377.64 128,702.75
TOTAL DISPOSITIONS 13,300,000.00 13,346,134.73 71,242.91 13,417,377.64 128,702.75
December 31, 2019 through March 31, 2020
As of March 31, 2020
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 01/15/2020 90LAIF$00 283,602.49 Local Agency Investment Fund State Pool 1.000 2.03%283,602.49 0.00 283,602.49 0.00
Purchase 01/31/2020 90CAMP$00 62,905.42 California Asset Mgmt Program CAMP 1.000 1.75%62,905.42 0.00 62,905.42 0.00
Purchase 02/29/2020 90CAMP$00 53,032.85 California Asset Mgmt Program CAMP 1.000 1.73%53,032.85 0.00 53,032.85 0.00
Purchase 03/31/2020 90CAMP$00 40,660.92 California Asset Mgmt Program CAMP 1.000 1.50%40,660.92 0.00 40,660.92 0.00
Subtotal 440,201.68 440,201.68 0.00 440,201.68 0.00
Security
Contribution
03/27/2020 90CAMP$00 9,500,000.00 California Asset Mgmt Program CAMP 1.000 9,500,000.00 0.00 9,500,000.00 0.00
Subtotal 9,500,000.00 9,500,000.00 0.00 9,500,000.00 0.00
TOTAL ACQUISITIONS 9,940,201.68 9,940,201.68 0.00 9,940,201.68 0.00
DISPOSITIONS
Security
Withdrawal
01/17/2020 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
02/07/2020 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
02/14/2020 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
02/24/2020 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
02/28/2020 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
Security
Withdrawal
03/13/2020 90CAMP$00 1,300,000.00 California Asset Mgmt Program CAMP 1.000 1,300,000.00 0.00 1,300,000.00 0.00
Security
Withdrawal
03/17/2020 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
December 31, 2019 through March 31, 2020
As of March 31, 2020
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
03/23/2020 90CAMP$00 4,000,000.00 California Asset Mgmt Program CAMP 1.000 4,000,000.00 0.00 4,000,000.00 0.00
Subtotal 15,300,000.00 15,300,000.00 0.00 15,300,000.00 0.00
TOTAL DISPOSITIONS 15,300,000.00 15,300,000.00 0.00 15,300,000.00 0.00
December 31, 2019 through March 31, 2020
As of March 31, 2020
42
Important Disclosures
2020 Chandler Asset Management,Inc, An Independent Registered Investment Adviser.
Information contained herein is confidential.Prices are provided by IDC,an independent pricing source.In the event IDC does not provide a price or if the price provided is not reflective of fair market
value,Chandler will obtain pricing from an alternative approved third party pricing source in accordance with our written valuation policy and procedures.Our valuation procedures are also disclosed in
Item 5 of our Form ADV Part 2A.
Performance results are presented gross-of-advisory fees and represent the client’s Total Return.The deduction of advisory fees lowers performance results.These results include the reinvestment of
dividends and other earnings.Past performance may not be indicative of future results.Therefore,clients should not assume that future performance of any specific investment or investment strategy
will be profitable or equal to past performance levels.All investment strategies have the potential for profit or loss.Economic factors,market conditions or changes in investment strategies,
contributions or withdrawals may materially alter the performance and results of your portfolio.
Index returns assume reinvestment of all distributions.Historical performance results for investment indexes generally do not reflect the deduction of transaction and/or custodial charges or the
deduction of an investment management fee,the incurrence of which would have the effect of decreasing historical performance results.It is not possible to invest directly in an index.
Source ice Data Indices,LLC ("ICE"),used with permission. ICE permits use of the ICE indices and related data on an "as is"basis; ICE,its affiliates and their respective third party suppliers disclaim any and
all warranties and representations, express and/or implied,including any warranties of merchantability or fitness for a particular purpose or use,including the indices,index data and any data included
in,related to,or derived therefrom.Neither ICE data,its affiliates or their respective third party providers guarantee the quality,adequacy,accuracy,timeliness or completeness of the indices or the
index data or any component thereof,and the indices and index data and all components thereof are provided on an "as is"basis and licensee's use it at licensee's own risk. ICE data,its affiliates and their
respective third party do not sponsor,endorse,or recommend chandler asset management,or any of its products or services.
This report is provided for informational purposes only and should not be construed as a specific investment or legal advice.The information contained herein was obtained from sources believed to be
reliable as of the date of publication,but may become outdated or superseded at any time without notice.Any opinions or views expressed are based on current market conditions and are subject to
change.This report may contain forecasts and forward-looking statements which are inherently limited and should not be relied upon as indicator of future results.Past performance is not indicative of
future results.This report is not intended to constitute an offer,solicitation,recommendation or advice regarding any securities or investment strategy and should not be regarded by recipients as a
substitute for the exercise of their own judgment.
Fixed income investments are subject to interest, credit and market risk.Interest rate risk:the value of fixed income investments will decline as interest rates rise.Credit risk:the possibility that the
borrower may not be able to repay interest and principal.Low rated bonds generally have to pay higher interest rates to attract investors willing to take on greater risk.Market risk:the bond market in
general could decline due to economic conditions,especially during periods of rising interest rates.
Ratings information have been provided by Moody’s,S&P and Fitch through data feeds we believe to be reliable as of the date of this statement, however we cannot guarantee its accuracy.
Security level ratings for U.S.Agency issued mortgage-backed securities (“MBS”)reflect the issuer rating because the securities themselves are not rated.The issuing U.S.Agency guarantees the full and
timely payment of both principal and interest and carries a AA+/Aaa/AAA by S&P,Moody’s and Fitch respectively.
As of March 31, 2020
43
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 March 31, 2020
44
Transaction Ledger
As of January 31, 2020
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 01/02/2020 31846V203 1,578.55 First American Govt Obligation Fund
Class Y
1.000 1.20%1,578.55 0.00 1,578.55 0.00
Purchase 01/05/2020 31846V203 44,875.00 First American Govt Obligation Fund
Class Y
1.000 1.20%44,875.00 0.00 44,875.00 0.00
Purchase 01/08/2020 31846V203 9,562.50 First American Govt Obligation Fund
Class Y
1.000 1.20%9,562.50 0.00 9,562.50 0.00
Purchase 01/09/2020 31846V203 2,513,366.17 First American Govt Obligation Fund
Class Y
1.000 1.20%2,513,366.17 0.00 2,513,366.17 0.00
Purchase 01/10/2020 3135G0X24 1,560,000.00 FNMA Note
1.625% Due 1/7/2025
99.681 1.69%1,555,023.60 0.00 1,555,023.60 0.00
Purchase 01/14/2020 31846V203 43,187.50 First American Govt Obligation Fund
Class Y
1.000 1.20%43,187.50 0.00 43,187.50 0.00
Purchase 01/15/2020 31846V203 3,975.00 First American Govt Obligation Fund
Class Y
1.000 1.20%3,975.00 0.00 3,975.00 0.00
Purchase 01/15/2020 31846V203 2,541.17 First American Govt Obligation Fund
Class Y
1.000 1.20%2,541.17 0.00 2,541.17 0.00
Purchase 01/15/2020 31846V203 3,111.00 First American Govt Obligation Fund
Class Y
1.000 1.20%3,111.00 0.00 3,111.00 0.00
Purchase 01/15/2020 31846V203 1,475.00 First American Govt Obligation Fund
Class Y
1.000 1.20%1,475.00 0.00 1,475.00 0.00
Purchase 01/15/2020 31846V203 2,058.33 First American Govt Obligation Fund
Class Y
1.000 1.20%2,058.33 0.00 2,058.33 0.00
Purchase 01/15/2020 31846V203 1,814.50 First American Govt Obligation Fund
Class Y
1.000 1.20%1,814.50 0.00 1,814.50 0.00
Purchase 01/15/2020 31846V203 4,068.17 First American Govt Obligation Fund
Class Y
1.000 1.20%4,068.17 0.00 4,068.17 0.00
Purchase 01/15/2020 31846V203 21,299.61 First American Govt Obligation Fund
Class Y
1.000 1.20%21,299.61 0.00 21,299.61 0.00
Purchase 01/15/2020 31846V203 38,266.64 First American Govt Obligation Fund
Class Y
1.000 1.20%38,266.64 0.00 38,266.64 0.00
Purchase 01/15/2020 31846V203 107,897.49 First American Govt Obligation Fund
Class Y
1.000 1.20%107,897.49 0.00 107,897.49 0.00
Execution Time: 2/10/2020 11:46:15 AMChandler Asset Management - CONFIDENTIAL Page 11
Transaction Ledger
As of January 31, 2020
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 01/15/2020 31846V203 106,505.28 First American Govt Obligation Fund
Class Y
1.000 1.20%106,505.28 0.00 106,505.28 0.00
Purchase 01/15/2020 90LAIF$00 283,602.49 Local Agency Investment Fund State
Pool
1.000 2.03%283,602.49 0.00 283,602.49 0.00
Purchase 01/16/2020 31846V203 31,875.00 First American Govt Obligation Fund
Class Y
1.000 1.20%31,875.00 0.00 31,875.00 0.00
Purchase 01/19/2020 31846V203 29,687.50 First American Govt Obligation Fund
Class Y
1.000 1.20%29,687.50 0.00 29,687.50 0.00
Purchase 01/21/2020 31846V203 1,530.08 First American Govt Obligation Fund
Class Y
1.000 1.20%1,530.08 0.00 1,530.08 0.00
Purchase 01/21/2020 31846V203 3,343.33 First American Govt Obligation Fund
Class Y
1.000 1.20%3,343.33 0.00 3,343.33 0.00
Purchase 01/21/2020 31846V203 132,598.18 First American Govt Obligation Fund
Class Y
1.000 1.20%132,598.18 0.00 132,598.18 0.00
Purchase 01/21/2020 90331HPL1 2,610,000.00 US Bank NA Callable Note Cont
12/21/2024
2.05% Due 1/21/2025
99.787 2.10%2,604,440.70 0.00 2,604,440.70 0.00
Purchase 01/23/2020 31846V203 47,462.50 First American Govt Obligation Fund
Class Y
1.000 1.20%47,462.50 0.00 47,462.50 0.00
Purchase 01/24/2020 31846V203 13,125.00 First American Govt Obligation Fund
Class Y
1.000 1.20%13,125.00 0.00 13,125.00 0.00
Purchase 01/25/2020 31846V203 26,500.00 First American Govt Obligation Fund
Class Y
1.000 1.20%26,500.00 0.00 26,500.00 0.00
Purchase 01/26/2020 31846V203 43,125.00 First American Govt Obligation Fund
Class Y
1.000 1.20%43,125.00 0.00 43,125.00 0.00
Purchase 01/31/2020 31846V203 117,500.00 First American Govt Obligation Fund
Class Y
1.000 1.17%117,500.00 0.00 117,500.00 0.00
Purchase 01/31/2020 90CAMP$00 62,905.42 California Asset Mgmt Program CAMP 1.000 1.75%62,905.42 0.00 62,905.42 0.00
Subtotal 7,868,836.41 7,858,300.71 0.00 7,858,300.71 0.00
TOTAL ACQUISITIONS 7,868,836.41 7,858,300.71 0.00 7,858,300.71 0.00
Execution Time: 2/10/2020 11:46:15 AMChandler Asset Management - CONFIDENTIAL Page 12
DISPOSITIONS
Sale 01/09/2020 912828H52 2,500,000.00 US Treasury Note
1.25% Due 1/31/2020
99.984 1.50%2,499,609.38 13,756.79 2,513,366.17 14.07
Sale 01/10/2020 31846V203 1,555,023.60 First American Govt Obligation Fund
Class Y
1.000 1.20%1,555,023.60 0.00 1,555,023.60 0.00
Sale 01/21/2020 31846V203 1,575,974.45 First American Govt Obligation Fund
Class Y
1.000 1.20%1,575,974.45 0.00 1,575,974.45 0.00
Sale 01/21/2020 91159HHP8 1,000,000.00 US Bancorp Callable Cont 12/23/2021
2.625% Due 1/24/2022
101.556 1.83%1,015,560.00 12,906.25 1,028,466.25 10,672.87
Subtotal 6,630,998.05 6,646,167.43 26,663.04 6,672,830.47 10,686.94
Paydown 01/15/2020 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 01/15/2020 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 01/15/2020 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 01/15/2020 47788BAD6 21,066.62 John Deere Owner Trust 2017-B A3
1.82% Due 10/15/2021
100.000 21,066.62 232.99 21,299.61 0.00
Paydown 01/15/2020 47788CAC6 37,318.28 John Deere Owner Trust 2018-A A3
2.66% Due 4/18/2022
100.000 37,318.28 948.36 38,266.64 0.00
Paydown 01/15/2020 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 01/15/2020 47789JAB2 105,473.31 John Deere Owner Trust 2019-A A2
2.85% Due 12/15/2021
100.000 105,473.31 2,424.18 107,897.49 0.00
Paydown 01/15/2020 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 01/15/2020 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 01/15/2020 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 01/15/2020 89239AAB9 104,105.34 Toyota Auto Receivables Trust 2019-A
A2A
2.83% Due 10/15/2021
100.000 104,105.34 2,399.94 106,505.28 0.00
Paydown 01/21/2020 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
Execution Time: 2/10/2020 11:46:15 AMChandler Asset Management - CONFIDENTIAL Page 13
Transaction Ledger
As of January 31, 2020
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
Paydown 01/21/2020 43814WAB1 129,387.81 Honda Auto Receivables Trust 2019-1
A2
2.75% Due 9/20/2021
100.000 129,387.81 3,210.37 132,598.18 0.00
Paydown 01/21/2020 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 397,351.36 397,351.36 33,132.42 430,483.78 0.00
Security
Withdrawal
01/17/2020 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
01/27/2020 31846V203 104.17 First American Govt Obligation Fund
Class Y
1.000 104.17 0.00 104.17 0.00
Subtotal 2,000,104.17 2,000,104.17 0.00 2,000,104.17 0.00
TOTAL DISPOSITIONS 9,028,453.58 9,043,622.96 59,795.46 9,103,418.42 10,686.94
OTHER TRANSACTIONS
Interest 01/05/2020 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 01/05/2020 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 01/08/2020 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 01/14/2020 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 01/14/2020 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 01/14/2020 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 01/16/2020 78013XZU5 2,500,000.00 Royal Bank of Canada Note
2.55% Due 7/16/2024
0.000 31,875.00 0.00 31,875.00 0.00
Interest 01/19/2020 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
Execution Time: 2/10/2020 11:46:15 AMChandler Asset Management - CONFIDENTIAL Page 14
Transaction Ledger
As of January 31, 2020
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 01/23/2020 46647PAU0 2,500,000.00 JP Morgan Chase & Co Callable Note
Cont 7/23/2023
3.797% Due 7/23/2024
0.000 47,462.50 0.00 47,462.50 0.00
Interest 01/24/2020 91159HHP8 1,000,000.00 US Bancorp Callable Cont 12/23/2021
2.625% Due 1/24/2022
0.000 13,125.00 0.00 13,125.00 0.00
Interest 01/25/2020 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 01/26/2020 3133EKWV4 2,500,000.00 FFCB Note
1.85% Due 7/26/2024
0.000 23,125.00 0.00 23,125.00 0.00
Interest 01/26/2020 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 01/31/2020 9128282N9 2,000,000.00 US Treasury Note
2.125% Due 7/31/2024
0.000 21,250.00 0.00 21,250.00 0.00
Interest 01/31/2020 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 01/31/2020 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 01/31/2020 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 01/31/2020 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 36,250,000.00 406,900.00 0.00 406,900.00 0.00
Dividend 01/02/2020 31846V203 337,866.59 First American Govt Obligation Fund
Class Y
0.000 1,578.55 0.00 1,578.55 0.00
Dividend 01/15/2020 90LAIF$00 4,541,808,681.64 Local Agency Investment Fund State
Pool
0.000 283,602.49 0.00 283,602.49 0.00
Dividend 01/31/2020 90CAMP$00 40,618,198.31 California Asset Mgmt Program CAMP 0.000 62,905.42 0.00 62,905.42 0.00
Subtotal 4,582,764,746.54 348,086.46 0.00 348,086.46 0.00
TOTAL OTHER TRANSACTIONS 4,619,014,746.54 754,986.46 0.00 754,986.46 0.00
Execution Time: 2/10/2020 11:46:15 AMChandler Asset Management - CONFIDENTIAL Page 15
Transaction Ledger
As of February 29, 2020
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 02/03/2020 31846V203 1,198,212.00 First American Govt Obligation Fund
Class Y
1.000 1.17%1,198,212.00 0.00 1,198,212.00 0.00
Purchase 02/03/2020 31846V203 890.33 First American Govt Obligation Fund
Class Y
1.000 1.17%890.33 0.00 890.33 0.00
Purchase 02/05/2020 31846V203 25,000.00 First American Govt Obligation Fund
Class Y
1.000 1.17%25,000.00 0.00 25,000.00 0.00
Purchase 02/06/2020 31846V203 30,000.00 First American Govt Obligation Fund
Class Y
1.000 1.17%30,000.00 0.00 30,000.00 0.00
Purchase 02/07/2020 31846V203 607,241.78 First American Govt Obligation Fund
Class Y
1.000 1.17%607,241.78 0.00 607,241.78 0.00
Purchase 02/08/2020 31846V203 14,337.50 First American Govt Obligation Fund
Class Y
1.000 1.17%14,337.50 0.00 14,337.50 0.00
Purchase 02/11/2020 31846V203 20,700.00 First American Govt Obligation Fund
Class Y
1.000 1.17%20,700.00 0.00 20,700.00 0.00
Purchase 02/12/2020 31846V203 16,875.00 First American Govt Obligation Fund
Class Y
1.000 1.17%16,875.00 0.00 16,875.00 0.00
Purchase 02/14/2020 3137EAEP0 2,315,000.00 FHLMC Note
1.5% Due 2/12/2025
99.923 1.52%2,313,217.45 0.00 2,313,217.45 0.00
Purchase 02/14/2020 31846V203 587,777.42 First American Govt Obligation Fund
Class Y
1.000 1.17%587,777.42 0.00 587,777.42 0.00
Purchase 02/14/2020 31846V203 32,000.00 First American Govt Obligation Fund
Class Y
1.000 1.17%32,000.00 0.00 32,000.00 0.00
Purchase 02/18/2020 31846V203 23,856.25 First American Govt Obligation Fund
Class Y
1.000 1.17%23,856.25 0.00 23,856.25 0.00
Purchase 02/18/2020 31846V203 4,068.17 First American Govt Obligation Fund
Class Y
1.000 1.17%4,068.17 0.00 4,068.17 0.00
Purchase 02/18/2020 31846V203 3,111.00 First American Govt Obligation Fund
Class Y
1.000 1.17%3,111.00 0.00 3,111.00 0.00
Purchase 02/18/2020 31846V203 2,541.17 First American Govt Obligation Fund
Class Y
1.000 1.17%2,541.17 0.00 2,541.17 0.00
Purchase 02/18/2020 31846V203 3,975.00 First American Govt Obligation Fund
Class Y
1.000 1.17%3,975.00 0.00 3,975.00 0.00
Execution Time: 3/4/2020 11:16:49 AMChandler Asset Management - CONFIDENTIAL Page 11
Transaction Ledger
As of February 29, 2020
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 02/18/2020 31846V203 1,814.50 First American Govt Obligation Fund
Class Y
1.000 1.17%1,814.50 0.00 1,814.50 0.00
Purchase 02/18/2020 31846V203 2,058.33 First American Govt Obligation Fund
Class Y
1.000 1.17%2,058.33 0.00 2,058.33 0.00
Purchase 02/18/2020 31846V203 1,530.08 First American Govt Obligation Fund
Class Y
1.000 1.17%1,530.08 0.00 1,530.08 0.00
Purchase 02/18/2020 31846V203 1,475.00 First American Govt Obligation Fund
Class Y
1.000 1.17%1,475.00 0.00 1,475.00 0.00
Purchase 02/18/2020 31846V203 137,795.21 First American Govt Obligation Fund
Class Y
1.000 1.17%137,795.21 0.00 137,795.21 0.00
Purchase 02/18/2020 31846V203 25,965.86 First American Govt Obligation Fund
Class Y
1.000 1.17%25,965.86 0.00 25,965.86 0.00
Purchase 02/18/2020 31846V203 43,285.09 First American Govt Obligation Fund
Class Y
1.000 1.17%43,285.09 0.00 43,285.09 0.00
Purchase 02/18/2020 31846V203 131,038.07 First American Govt Obligation Fund
Class Y
1.000 1.17%131,038.07 0.00 131,038.07 0.00
Purchase 02/18/2020 31846V203 104,019.28 First American Govt Obligation Fund
Class Y
1.000 1.17%104,019.28 0.00 104,019.28 0.00
Purchase 02/21/2020 31846V203 3,343.33 First American Govt Obligation Fund
Class Y
1.000 1.17%3,343.33 0.00 3,343.33 0.00
Purchase 02/26/2020 31846V203 34,375.00 First American Govt Obligation Fund
Class Y
1.000 1.17%34,375.00 0.00 34,375.00 0.00
Purchase 02/29/2020 31846V203 35,625.00 First American Govt Obligation Fund
Class Y
1.000 1.17%35,625.00 0.00 35,625.00 0.00
Purchase 02/29/2020 90CAMP$00 53,032.85 California Asset Mgmt Program CAMP 1.000 1.73%53,032.85 0.00 53,032.85 0.00
Subtotal 5,460,943.22 5,459,160.67 0.00 5,459,160.67 0.00
TOTAL ACQUISITIONS 5,460,943.22 5,459,160.67 0.00 5,459,160.67 0.00
Execution Time: 3/4/2020 11:16:49 AMChandler Asset Management - CONFIDENTIAL Page 12
Transaction Ledger
As of February 29, 2020
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 02/03/2020 097023BQ7 1,200,000.00 Boeing Co Callable Note Cont
4/15/2023
1.875% Due 6/15/2023
99.601 2.98%1,195,212.00 3,000.00 1,198,212.00 36,623.80
Sale 02/07/2020 097023BQ7 610,000.00 Boeing Co Callable Note Cont
4/15/2023
1.875% Due 6/15/2023
99.277 2.98%605,589.70 1,652.08 607,241.78 16,572.13
Sale 02/14/2020 097023BQ7 590,000.00 Boeing Co Callable Note Cont
4/15/2023
1.875% Due 6/15/2023
99.316 2.98%585,964.40 1,813.02 587,777.42 16,142.81
Sale 02/14/2020 31846V203 2,313,217.45 First American Govt Obligation Fund
Class Y
1.000 1.17%2,313,217.45 0.00 2,313,217.45 0.00
Subtotal 4,713,217.45 4,699,983.55 6,465.10 4,706,448.65 69,338.74
Paydown 02/18/2020 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 02/18/2020 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 02/18/2020 43814WAB1 134,881.35 Honda Auto Receivables Trust 2019-1
A2
2.75% Due 9/20/2021
100.000 134,881.35 2,913.86 137,795.21 0.00
Paydown 02/18/2020 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 02/18/2020 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 02/18/2020 47788BAD6 25,764.83 John Deere Owner Trust 2017-B A3
1.82% Due 10/15/2021
100.000 25,764.83 201.03 25,965.86 0.00
Paydown 02/18/2020 47788CAC6 42,419.45 John Deere Owner Trust 2018-A A3
2.66% Due 4/18/2022
100.000 42,419.45 865.64 43,285.09 0.00
Paydown 02/18/2020 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 02/18/2020 47789JAB2 128,864.39 John Deere Owner Trust 2019-A A2
2.85% Due 12/15/2021
100.000 128,864.39 2,173.68 131,038.07 0.00
Execution Time: 3/4/2020 11:16:49 AMChandler Asset Management - CONFIDENTIAL Page 13
Transaction Ledger
As of February 29, 2020
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 02/18/2020 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 02/18/2020 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 02/18/2020 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 02/18/2020 89239AAB9 101,864.85 Toyota Auto Receivables Trust 2019-A
A2A
2.83% Due 10/15/2021
100.000 101,864.85 2,154.43 104,019.28 0.00
Paydown 02/21/2020 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 433,794.87 433,794.87 32,225.22 466,020.09 0.00
Security
Withdrawal
02/07/2020 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
02/14/2020 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
02/24/2020 31846V203 104.17 First American Govt Obligation Fund
Class Y
1.000 104.17 0.00 104.17 0.00
Security
Withdrawal
02/24/2020 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
02/28/2020 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 7,000,104.17 7,000,104.17 0.00 7,000,104.17 0.00
TOTAL DISPOSITIONS 12,147,116.49 12,133,882.59 38,690.32 12,172,572.91 69,338.74
OTHER TRANSACTIONS
Interest 02/05/2020 3135G0V34 2,000,000.00 FNMA Note
2.5% Due 2/5/2024
0.000 25,000.00 0.00 25,000.00 0.00
Execution Time: 3/4/2020 11:16:49 AMChandler Asset Management - CONFIDENTIAL Page 14
Transaction Ledger
As of February 29, 2020
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 02/06/2020 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 02/08/2020 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 02/11/2020 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 02/12/2020 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 02/14/2020 3133EKZK5 4,000,000.00 FFCB Note
1.6% Due 8/14/2023
0.000 32,000.00 0.00 32,000.00 0.00
Interest 02/18/2020 3130A7CV5 3,470,000.00 FHLB Note
1.375% Due 2/18/2021
0.000 23,856.25 0.00 23,856.25 0.00
Interest 02/26/2020 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 02/29/2020 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 02/29/2020 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 27,520,000.00 232,768.75 0.00 232,768.75 0.00
Dividend 02/03/2020 31846V203 1,757,304.87 First American Govt Obligation Fund
Class Y
0.000 890.33 0.00 890.33 0.00
Dividend 02/29/2020 90CAMP$00 33,681,103.73 California Asset Mgmt Program CAMP 0.000 53,032.85 0.00 53,032.85 0.00
Subtotal 35,438,408.60 53,923.18 0.00 53,923.18 0.00
TOTAL OTHER TRANSACTIONS 62,958,408.60 286,691.93 0.00 286,691.93 0.00
Execution Time: 3/4/2020 11:16:49 AMChandler Asset Management - CONFIDENTIAL Page 15
Transaction Ledger
As of March 31, 2020
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 03/16/2020 31846V203 7,636.23 First American Govt Obligation Fund
Class Y
1.000 1.17%7,636.23 0.00 7,636.23 0.00
Purchase 03/16/2020 31846V203 19,776.54 First American Govt Obligation Fund
Class Y
1.000 1.17%19,776.54 0.00 19,776.54 0.00
Purchase 03/16/2020 31846V203 29,198.71 First American Govt Obligation Fund
Class Y
1.000 1.17%29,198.71 0.00 29,198.71 0.00
Purchase 03/16/2020 31846V203 94,446.58 First American Govt Obligation Fund
Class Y
1.000 1.17%94,446.58 0.00 94,446.58 0.00
Purchase 03/16/2020 31846V203 97,652.96 First American Govt Obligation Fund
Class Y
1.000 1.17%97,652.96 0.00 97,652.96 0.00
Purchase 03/18/2020 31846V203 33,292.72 First American Govt Obligation Fund
Class Y
1.000 1.17%33,292.72 0.00 33,292.72 0.00
Purchase 03/18/2020 31846V203 128,884.38 First American Govt Obligation Fund
Class Y
1.000 1.17%128,884.38 0.00 128,884.38 0.00
Purchase 03/23/2020 31846V203 21,073.69 First American Govt Obligation Fund
Class Y
1.000 1.17%21,073.69 0.00 21,073.69 0.00
Purchase 03/25/2020 912828ZC7 3,500,000.00 US Treasury Note
1.125% Due 2/28/2025
102.949 0.52%3,603,222.66 2,674.93 3,605,897.59 0.00
Purchase 03/31/2020 31846V203 140,625.00 First American Govt Obligation Fund
Class Y
1.000 0.12%140,625.00 0.00 140,625.00 0.00
Purchase 03/31/2020 90CAMP$00 40,660.92 California Asset Mgmt Program CAMP 1.000 1.50%40,660.92 0.00 40,660.92 0.00
Subtotal 8,949,520.13 9,202,186.84 10,878.48 9,213,065.32 0.00
Security
Contribution
03/27/2020 90CAMP$00 9,500,000.00 California Asset Mgmt Program CAMP 1.000 9,500,000.00 0.00 9,500,000.00 0.00
Subtotal 9,500,000.00 9,500,000.00 0.00 9,500,000.00 0.00
TOTAL ACQUISITIONS 18,449,520.13 18,702,186.84 10,878.48 18,713,065.32 0.00
DISPOSITIONS
Sale 03/05/2020 313383HU8 2,000,000.00 FHLB Note
1.75% Due 6/12/2020
100.236 1.46%2,004,720.00 8,069.44 2,012,789.44 3,210.66
Execution Time: 4/8/2020 12:47:35 PMChandler Asset Management - CONFIDENTIAL Page 11
Transaction Ledger
As of March 31, 2020
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 03/05/2020 3137EAEK1 2,400,000.00 FHLMC Note
1.875% Due 11/17/2020
100.727 1.91%2,417,448.00 13,500.00 2,430,948.00 18,079.59
Sale 03/05/2020 31846V203 238,910.16 First American Govt Obligation Fund
Class Y
1.000 1.17%238,910.16 0.00 238,910.16 0.00
Sale 03/25/2020 31846V203 567,321.01 First American Govt Obligation Fund
Class Y
1.000 1.17%567,321.01 0.00 567,321.01 0.00
Sale 03/25/2020 912828L99 3,000,000.00 US Treasury Note
1.375% Due 10/31/2020
100.734 1.71%3,022,031.25 16,545.33 3,038,576.58 27,386.82
Subtotal 8,206,231.17 8,250,430.42 38,114.77 8,288,545.19 48,677.07
Paydown 03/16/2020 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 03/16/2020 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 03/16/2020 477870AB5 5,821.73 John Deere Owner Trust 2019-B A2
2.28% Due 5/16/2022
100.000 5,821.73 1,814.50 7,636.23 0.00
Paydown 03/16/2020 47788BAD6 19,614.58 John Deere Owner Trust 2017-B A3
1.82% Due 10/15/2021
100.000 19,614.58 161.96 19,776.54 0.00
Paydown 03/16/2020 47788CAC6 28,427.10 John Deere Owner Trust 2018-A A3
2.66% Due 4/18/2022
100.000 28,427.10 771.61 29,198.71 0.00
Paydown 03/16/2020 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 03/16/2020 47789JAB2 92,578.95 John Deere Owner Trust 2019-A A2
2.85% Due 12/15/2021
100.000 92,578.95 1,867.63 94,446.58 0.00
Paydown 03/16/2020 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 03/16/2020 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 03/16/2020 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
Execution Time: 4/8/2020 12:47:35 PMChandler Asset Management - CONFIDENTIAL Page 12
Transaction Ledger
As of March 31, 2020
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 03/16/2020 89239AAB9 95,738.76 Toyota Auto Receivables Trust 2019-A
A2A
2.83% Due 10/15/2021
100.000 95,738.76 1,914.20 97,652.96 0.00
Paydown 03/18/2020 43814UAG4 31,762.64 Honda Auto Receivables Trust 2018-2
A3
3.01% Due 5/18/2022
100.000 31,762.64 1,530.08 33,292.72 0.00
Paydown 03/18/2020 43814WAB1 126,279.63 Honda Auto Receivables Trust 2019-1
A2
2.75% Due 9/20/2021
100.000 126,279.63 2,604.75 128,884.38 0.00
Paydown 03/23/2020 43815HAC1 17,730.36 Honda Auto Receivables Trust 2018-3
A3
2.95% Due 8/22/2022
100.000 17,730.36 3,343.33 21,073.69 0.00
Subtotal 417,953.75 417,953.75 31,236.73 449,190.48 0.00
Security
Withdrawal
03/13/2020 90CAMP$00 1,300,000.00 California Asset Mgmt Program CAMP 1.000 1,300,000.00 0.00 1,300,000.00 0.00
Security
Withdrawal
03/17/2020 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
03/23/2020 90CAMP$00 4,000,000.00 California Asset Mgmt Program CAMP 1.000 4,000,000.00 0.00 4,000,000.00 0.00
Security
Withdrawal
03/25/2020 31846V203 104.17 First American Govt Obligation Fund
Class Y
1.000 104.17 0.00 104.17 0.00
Subtotal 6,300,104.17 6,300,104.17 0.00 6,300,104.17 0.00
TOTAL DISPOSITIONS 14,924,289.09 14,968,488.34 69,351.50 15,037,839.84 48,677.07
OTHER TRANSACTIONS
Interest 03/01/2020 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 03/05/2020 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
Execution Time: 4/8/2020 12:47:35 PMChandler Asset Management - CONFIDENTIAL Page 13
Transaction Ledger
As of March 31, 2020
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 03/08/2020 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
Interest 03/11/2020 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 03/11/2020 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 03/13/2020 3130A2UW4 2,000,000.00 FHLB Note
2.875% Due 9/13/2024
0.000 28,750.00 0.00 28,750.00 0.00
Interest 03/14/2020 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 03/15/2020 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 03/15/2020 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 03/31/2020 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 03/31/2020 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 03/31/2020 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 03/31/2020 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
Interest 03/31/2020 912828YH7 3,500,000.00 US Treasury Note
1.5% Due 9/30/2024
0.000 26,250.00 0.00 26,250.00 0.00
Subtotal 36,365,000.00 433,241.75 0.00 433,241.75 0.00
Dividend 03/02/2020 31846V203 1,358,679.62 First American Govt Obligation Fund
Class Y
0.000 1,426.98 0.00 1,426.98 0.00
Execution Time: 4/8/2020 12:47:35 PMChandler Asset Management - CONFIDENTIAL Page 14
Transaction Ledger
As of March 31, 2020
City of Dublin Consolidated
Account #10221
Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp
Yield Amount Interest
Pur/Sold Total Amount Gain/Loss
OTHER TRANSACTIONS
Dividend 03/31/2020 90CAMP$00 17,934,136.58 California Asset Mgmt Program CAMP 0.000 40,660.92 0.00 40,660.92 0.00
Subtotal 19,292,816.20 42,087.90 0.00 42,087.90 0.00
TOTAL OTHER TRANSACTIONS 55,657,816.20 475,329.65 0.00 475,329.65 0.00
Execution Time: 4/8/2020 12:47:35 PMChandler Asset Management - CONFIDENTIAL Page 15