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Home My WebLink AboutItem 4.3 - 3339 Q4 2020 - Investment Report (2) Page 1 of 5 STAFF REPORT CITY COUNCIL DATE: August 18, 2020 TO: Honorable Mayor and City Councilmembers FROM: Linda Smith, City Manager SUBJECT: City Treasurer's Informational Report of Investments for the Quarter Ending June 30, 2020 Prepared by: Chris Rhoades, Financial Analyst EXECUTIVE SUMMARY: The City Council will receive an informational report of the City’s investments through the quarter ending June 30, 2020 including a monthly transaction ledger. The City’s investment portfolio for this period totaled $309,401,694 (book value) with an average market yield of 0.50%. 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 (book value) consists of $206,943,961 managed by Chandler Asset Management (Chandler), and $102,457,733 invested by the City in local government pools. The average market yield of the Chandler portfolio and the local pools was 0.81% and 0.36% respectively. The total investment portfolio balance fluctuates throughout the year due to normal cash flow needs and includes both discretionary and restricted funds. Page 2 of 5 Economic Update Highlights The following are some highlights from the Economic Update included in the attached Investment Report prepared by Chandler (Attachment 1). Economic data remains weak but is showing signs of improvement. Chandler believes financial market participants are looking through the data and expec t conditions to recover further in the second half of the year, supported by robust fiscal and monetary relief. First quarter GDP declined 5.0% and the decline in second quarter GDP is expected to be more severe, but economic output is expected to grow in the third quarter. More than 40 million people have filed for unemployment since mid -March, though many of those jobs have already started to return. Chandler believes additional fiscal stimulus, beyond the $2.7 trillion that has already been announced, ma y be necessary to foster a strong recovery. The Federal Open Market Committee kept monetary policy unchanged at its June 9 -10 meeting, as expected, with the Fed funds target rate in the range of 0%-0.25%. According to the Fed's economic projections, policymakers expect to keep that range unchanged through 2022. The Fed will continue to purchase Treasury and agency mortgage-backed securities as needed to support smooth market functioning and will continue to support the flow of credit to households, businesses, and municipalities through the various lending programs that have already been announced. Although some economic data has recently surprised to the upside, Fed Chair Powell maintained a dovish tone during his press conference and cautioned that unempl oyment is likely to remain elevated even as the economy recovers. The Fed Chair noted the outlook for the economy remains highly uncertain and depends largely on the path of the pandemic and also hinted that the Fed is considering the option of yield curve control (i.e. structuring their bond purchases to target a cap on yields across the Treasury yield curve). Overall, the Fed remains highly accommodative. Treasury yields were nearly unchanged in June. The yield on 2 -year Treasuries declined about one basis point to 0.15% and the yield on 10-year Treasuries was essentially unchanged at 0.66%. Global economic weakness continues to put downward pressure on inflation expectations. An ongoing global demand for safe -haven assets has also kept a lid on Treasury rates. 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. A noteworthy change from the prior quarter is the maturity of commercial paper in April, removing it from the portfolio composition. The City did receive property tax revenue in the current quarter, the City’s largest revenue source, which w as placed in the local government pools, resulting in a jump in these investment types over the prior quarter. Page 3 of 5 Chart 1: Investments by Type March 31, 2020 - June 30, 2020 The market value of the City's portfolio increased by $18.4 million from the March 31, 2020 quarter. The primary driver of this increase is the property tax revenue placed in the local government pools, coupled with routine movements in funds. The City’s portfolio increased $28.98 million from the same quarter the prior year due to two large capital improvement project payments made in the prior year June quarter (see Table 1 below). Overall market yield-to-maturity decreased from 1.11% to 0.50% (shown in Table 2) due to the global economic challenges discussed in the Economic Update Highlights. For detailed monthly transactions, see Attachment 2. It should be noted that the City is no longer required to differentiate between foreign and United States (US) based corporations for reporting purposes. Starting in the first quarter of 2020, the City will report on holdings in both US and foreign corporations under the Corporate category. Page 4 of 5 Table 1: Portfolio Values and Yield to Maturity Table 2: Quarterly Holdings (Market Value) by Type, and YTM, 5 Quarters Holdings (Market Value)6/30/19 9/30/19 12/31/19 3/31/20 6/30/20 LAIF/CAMP 99,000,122 81,046,713 91,985,684 86,625,886 102,457,734 ABS 11,458,194 14,786,753 15,224,454 13,963,788 10,752,557 Agency 63,344,507 67,588,201 67,108,075 73,363,097 78,621,769 Commercial Paper 3,787,845 4,128,054 4,115,091 4,134,975 - Foreign Corporate 3,886,814 6,448,272 6,463,483 - - Money Market 317,900 2,638,645 337,867 1,416,205 2,018,086 Negotiable CD - - - - - Supranational 4,506,935 4,523,166 4,520,176 4,626,095 6,913,320 Corporate 44,592,551 46,208,933 43,978,777 49,536,671 51,557,374 US Treasury 57,742,361 60,001,424 65,485,135 65,660,509 65,288,940 Accrued Interest 1,196,570 1,186,163 1,259,749 1,091,397 1,203,899 TOTAL 289,833,799 288,556,322 300,478,490 300,418,622 318,813,679 YIELD TO MATURITY 2.13%1.94%1.80%1.11%0.50% 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. Page 5 of 5 Table 3: Quarterly LAIF Yields, Recent Eight Years and Quarters March June Sept Dec 2012 0.38 0.36 0.35 0.32 2013 0.28 0.24 0.26 0.26 2014 0.23 0.22 0.24 0.25 2015 0.26 0.28 0.32 0.37 2016 0.46 0.55 0.60 0.68 2017 0.78 0.92 1.07 1.20 2018 1.51 1.90 2.16 2.40 2019 2.55 2.57 2.45 2.29 2020 2.03 1.47 STRATEGIC PLAN INITIATIVE: None. NOTICING REQUIREMENTS/PUBLIC OUTREACH: None. ATTACHMENTS: 1. City of Dublin Investment Report for Period Ending June 30, 2020 2. Transaction Ledger - April - June 2020 CHANDLER ASSET MANAGEMENT, INC. | 800.317.4747 | www.chandlerasset.com INVESTMENT REPORT Period Ending June 30, 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 June 30, 2020 1 SECTION |Section 1 |Economic Update 2 Economic Update ▪ ▪ ▪ Economic data remains weak but is showing signs of improvement.We believe financial market participants are looking through the data and expect conditions to recover further in the second half of the year, supported by robust fiscal and monetary relief. First quarterGDP declined 5.0% and the decline in second quarter GDP is expected to be more severe,but economic output is expected to grow in the third quarter. More than 40 million people have filed for unemployment since mid-March, though many of those jobs have already started to return.We believe additional fiscal stimulus, beyond the $2.7 trillion that has already been announced, may be necessary to foster a strong recovery. The Federal Open Market Committee (FOMC) kept monetary policy unchanged at its June 9-10 meeting,as expected, with the fed funds targetrate in the range of 0%-0.25%. According the Fed's economicprojections, policymakers expect to keep that range unchanged through 2022.The Fed will continue to purchase Treasury and agency mortgage-backed securities as needed to support smooth market functioning and will continue to support the flow of credit to households, businesses, and municipalities through the various lending programs thathave already been announced. Although some economicdata has recently surprised to the upside, Fed ChairPowell maintained a dovish tone during his press conference and cautioned that unemployment is likely to remain elevated even as the economy recovers.He noted the outlook for the economy remains highly uncertain and depends largely on the path of the pandemic.He also hinted that the Fed is considering the option of yield curve control (i.e. structuring theirbond purchases to targeta cap on yields across the Treasury yield curve). Overall, the Fed remains highly accommodative. Treasury yields were nearly unchanged in June. The yield on 2-yearTreasuries declined about one basis point to 0.15% and the yield on 10-yearTreasuries was essentially unchanged at 0.66%. Global economicweakness continues to put downward pressure on inflation expectations. An ongoing global demand for safe-haven assets has also kept a lid on Treasury rates. 3 Source: US Department of Labor Source: US Department of Labor Employment U.S. nonfarm payrolls were better than expected in June increasing by 4,800,000 versus expectations of 3,230,000. The unemployment rate declined to 11.1%in June (versus expectations of 12.5%) from 13.3%in May.If the workers who classified themselves as employed but absent from work in the June survey had instead been classified as unemployed on temporary layoff, the total unemployment rate would have been about 1%higher. Job growth was broad-based in June, with particularly strong gains in leisure and hospitality and retail trade,but the improvement was still a long way from recovering the number of jobs lost in those sectors in April. The U-6 underemployment rate, which includes those who are marginally attached to the labor force and employed part time for economicreasons, remained very high but eased to 18.0% in June from 21.2% in May. The labor participation rate increased to 61.5% in June from 60.8% in May. -22,000 -18,000 -14,000 -10,000 -6,000 -2,000 2,000 6,000 10,000 MOM Change In (000's)Nonfarm Payroll (000's) Non-farm Payroll (000's) 3 month average (000's) 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 16.0% 18.0% 20.0% 22.0% 24.0% Unemployment Rate Underemployment Rate (U6) Unemployment Rate (U3)Rate (%)4 Initial Claims for Unemployment 1,314 1,413 1,482 1,540 1,566 1,897 2,123 2,446 2,687 3,176 3,867 4,442 5,237 6,615 18,062 18,760 19,231 20,289 20,606 21,268 20,841 24,912 22,548 22,377 18,011 15,819 11,914 - 5,000 10,000 15,000 20,000 25,000 In thousandsInitial Jobless Claims Continuing Claims Initial Claims For Unemployment April 03, 2020 -July 03, 2020 In the most recent week of July 4th, more than 1.3 million people filed an initial claim for unemployment. The level of continuing unemployment claims (where the data is lagged by one week) remained very high in the week of June 26th but declined to nearly 18.1million from the prior week level of about 18.8 million. Source: US Department of Labor 5 Source: US Department of Labor Source: US Department of Commerce Inflation The Consumer Price Index (CPI) was up 0.1% year-over-year in May, down from 0.3%in April. Core CPI (CPI less food and energy) was up just 1.2% year-over-year in May, down from 1.4%in April. The Personal Consumption Expenditures (PCE) index was up just0.5% year-over-year in May, versus up 0.6% year-over-year in April and 1.3%in March. Core PCE, which is the Fed's primary inflation gauge, was up 1.0% year-over- year in May, versus up 1.0% year-over-year in April and 1.7%in March. Consumerpricing dataindicate thatthe effect of the pandemic has been deflationary. 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 down 6.1% in May versus down of 19.9% in April. On a month-over-month basis, retail sales jumped 17.7%in May (a much stronger rebound than expected), following a 14.7% decline in April.In May, month-over-month increases were particularly strongforclothing, furniture, sporting goods, electronics, appliances, and auto sales. Consumerconfidence continued to recover in June. The Consumer Confidence index rose to 98.1 in June from 85.9 in May. Both the Present Situation index the Expectations index improved. Source: US Department of Commerce Source: The Conference Board -25.0% -20.0% -15.0% -10.0% -5.0% 0.0% 5.0% 10.0% Retail Sales YOY % Change YOY (%) Change80 90 100 110 120 130 140 150 Index LevelConsumer Confidence Consumer 7 Source: The Conference Board Source: Federal Reserve Bank of Chicago Economic Activity The Conference Board’s Leading EconomicIndex (LEI) rose 2.8%in May, following a6.1% decline in April.On ayear-over-year basis, the LEI was down 10.6%in May versus down 13.0%in April. According to the Conference Board, the path toward economic recovery remains highly uncertain. The Chicago Fed National Activity Index (CFNAI) increased to 2.61 in May from -17.89 in April.On a 3-month moving average basis, the CFNAI improved to -6.65 in May from -7.50 in April, which remains deeply below the -0.7 recessionary level. -8.00 -7.00 -6.00 -5.00 -4.00 -3.00 -2.00 -1.00 0.00 1.00 2.00 Chicago Fed National Activity Index (CFNAI)3 Month Average-8.0% -6.0% -4.0% -2.0% 0.0% 2.0% 4.0% 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 2000 MOM Change (In Thousands of Units)Housing Starts Multi Family Housing Starts Single Family Housing Starts 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 8.0% S&P/Case-Shiller 20 City Composite Home Price Index YOY( %) ChangeHousing starts rose 4.3%in May to an annual pace of 974,000. Single family starts were roughly flat at an annualized rate of 675,000, while multi- family starts increased 15.0%to an annualized rate of 299,000. Permits increased 14.4%in May to an annualized rate of 1,220,000. According to the Case-Shiller 20-City home price index, home prices were up 4.0% year-over-year in April versus up 3.9% year-over-year in March.We believe low inventory and low mortgage rates continue to support prices. 9 Source: Institute for Supply Management Source: Federal Reserve Manufacturing The Institute for Supply Management (ISM) manufacturing index improved meaningfully to 52.6 in June from 43.1 in May. The reading above 50.0 suggests that the manufacturing sector is no longer contracting. The Industrial Production index was down 15.3% year-over-year in May, versus down 16.3%in April.On amonth-over-month basis, the Industrial Production index increased 1.4%in May, following a12.5% decline in April. Capacity Utilization improved to 64.8%in May from 64.0%in April,but remains well below the long-run average of 79.8%. Overall manufacturing conditions remain under pressure but the sector is showing modest improvement from April. 40 42 44 46 48 50 52 54 56 58 60 62 Institute of Supply Management Purchasing Manager Index EXPANDING CONTRACTING -20.0% -16.0% -12.0% -8.0% -4.0% 0.0% 4.0% 8.0% Industrial Production YOY( %) Change10 Source: US Department of Commerce Source: US Department of Commerce 6/19 9/19 12/19 3/20 3.0% 2.1% 1.2% -4.7% -1.2% -0.2% -1.1% -1.8% -0.7% -0.1% 1.5% 1.3% 0.5% 0.2% 0.2% 0.1% 0.3% 0.1% 0.2% 0.1% 2.0% 2.1% 2.1% -5.0% Components of GDP Federal Government Expenditures State and Local (Consumption and Gross Investment) Net Exports and Imports Total Gross Private Domestic Investment Personal Consumption Expenditures -6.0% -5.0% -4.0% -3.0% -2.0% -1.0% 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% Gross Domestic Product (GDP) GDP QOQ % Change GDP YOY % Change Gross Domestic Product (GDP) First quarter US gross domestic product (GDP) declined 5.0%, a slightly larger decline than the initial estimate of -4.8%. Consumer spending declined 6.8%in the quarter. Notably, the decline in second quarter 2020 GDP is expected to be much more severe. The Bloomberg median estimate for second quarter GDP is -34.7%, and consumer spending is expected to decline 39.7%. The consensus forecast calls for a return to positive GDP growth in the third quarter. According to the National Bureau of Economic Research, the US economy officially entered a recession in February 2020,following a 128-month economic expansion. Economic data remains weak but is showing early signs of improvement, which suggests that the recession (which is the period between the peak of economic activity and the trough) may technically already be over. 11 Federal Reserve Source: Federal Reserve Source: Bloomberg 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 continues to purchase Treasury and agency mortgage-backed securities to support smooth market functioning. Policymakers reinstated the Commercial PaperFunding 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 to 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. 0.00% 0.50% 1.00% 1.50% 2.00% 2.50% 3.00% Effective Federal Funds Rate Yield (%)3,500,000 4,000,000 4,500,000 5,000,000 5,500,000 6,000,000 6,500,000 7,000,000 7,500,000 Federal Reserve Balance Sheet Assets In$ millions12 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 Jun-20 Mar-20 Jun-19 Yield (%)Bond Yields At June month-end, Treasury yields were much lower on ayear-over-yearbasis. The 3-month T-bill yield was down 196 basis points, the 2-year Treasury yield was down 161 basis points, and the 10-Year Treasury yield was down 135 basis points, year-over-year. Much of the spread movement was in the month of March 2020,with the Fed cutting rates by atotal 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 June 30, 2020 15 Compliance As of June 30, 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 6/30/2020 3/31/2020 Benchmark*Portfolio Portfolio Average Maturity (yrs)2.66 2.75 2.70 Average Modified Duration 2.55 2.55 2.46 Average Purchase Yield n/a 1.99%2.11% Average Market Yield 0.20%0.36%0.89% Average Quality**AAA AA/Aa1 AA/Aa1 Total Market Value 216,182,298 213,559,184 *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 June 30, 2020 17 City of Dublin Sector Distribution ABS 5.0% Agency 36.5% Corporate 24.0% Money Market Fund FI 0.9% Supranational 3.2% US Treasury 30.3% June 30, 2020 March 31, 2020 ABS 6.6% Agency 34.5% Corporate 23.3% Money Market Fund FI 0.7% Supranational 2.2% US Treasury 30.9% Commercial Paper 1.9% As of June 30, 2020 18 Issue Name Investment Type % Portfolio Government of United States US Treasury 30.31% Federal National Mortgage Association Agency 14.92% Federal Home Loan Bank Agency 14.00% Federal Home Loan Mortgage Corp Agency 4.45% Federal Farm Credit Bank Agency 3.17% Intl Bank Recon and Development Supranational 2.01% US Bancorp Corporate 1.77% Honda ABS ABS 1.56% JP Morgan Chase & Co Corporate 1.52% Apple Inc Corporate 1.50% Nissan ABS ABS 1.32% Deere & Company Corporate 1.32% Royal Bank of Canada Corporate 1.24% Honda Motor Corporation Corporate 1.23% Inter-American Dev Bank Supranational 1.20% Bank of America Corp Corporate 1.20% Honeywell Corp Corporate 1.19% John Deere ABS ABS 1.18% Toronto Dominion Holdings Corporate 1.17% PNC Financial Services Group Corporate 1.11% IBM Corp Corporate 1.00% Charles Schwab Corp/The Corporate 0.98% ChevronTexaco Corp Corporate 0.97% First American Govt Oblig Fund Money Market Fund FI 0.93% Chubb Corporation Corporate 0.93% Berkshire Hathaway Corporate 0.92% Toyota ABS ABS 0.92% Microsoft Corporate 0.87% Exxon Mobil Corp Corporate 0.85% State Street Bank Corporate 0.85% HSBC Holdings PLC Corporate 0.72% Wal-Mart Stores Corporate 0.70% Bank of New York Corporate 0.61% General Dynamics Corp Corporate 0.54% Oracle Corp Corporate 0.47% Merck & Company Corporate 0.37% TOTAL 100.00% Issuers City of Dublin –Account #10198 As of June 30, 2020 19 AAA AA A <A NR 06/30/20 8.4%70.4%16.6%0.0%4.7% 03/31/20 6.9%73.8%16.0%0.0%3.3% Source: S&P Ratings June 30, 2020 vs. March 31, 2020 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0% 80.0% AAA AA A <A NR 6/30/2020 3/31/2020 Quality Distribution City of Dublin As of June 30, 2020 20 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% 40.0% 0 - 0.25 0.25 - 0.50 0.50 - 1 1 - 2 2 - 3 3 - 4 4 - 5 5+ City of Dublin ICE BAML 1-5 Year US Treasury/Agency Index Portfolio Compared to the Benchmark as of June 30, 2020 0 -0.25 0.25 -0.50 0.50 - 1 1 - 2 2 - 3 3 - 4 4 - 5 5+ Portfolio 3.1% 3.0% 13.4% 19.0% 18.1% 25.5% 17.8% 0.0% Benchmark*0.5% 0.3% 1.8% 34.2% 28.1% 19.3% 15.8% 0.0% *ICE BAML 1-5 Year US Treasury/Agency Index Duration Distribution City of Dublin As of June 30, 2020 21 0.00% 1.00% 2.00% 3.00% 4.00% 5.00% 6.00% 12 months 2 years 3 years 5 years 10 years Since Inception City of Dublin ICE BAML 1-5 Yr US Treasury/Agency Index Total Rate of Return Annualized Since Inception 10/31/2013 Annualized TOTAL RATE OF RETURN 3 months 12 months 2 years 3 years 5 years 10 years Since Inception 1.23%5.24%5.05%3.32%2.49%N/A 2.09%City of Dublin ICE BAML 1-5 Year US Treasury/Agency Index*0.29%5.21%5.04%3.22%2.30%N/A 1.95% *ICE BAML 1-3 Yr US Treasury/Agency Index to 12/31/2014 Total rate of return: A measure of a portfolio’s performance over time.It is the internal rate of return,which equates the beginning value of the portfolio with the ending value;it includes interest earnings,realized and unrealized gains and losses in the portfolio. Investment Performance City of Dublin As of June 30, 2020 22 Portfolio Characteristics City of Dublin Reporting Account 6/30/2020 Portfolio 3/31/2020 Portfolio Average Maturity (yrs)0.00 0.00 Modified Duration 0.00 0.00 Average Purchase Yield 0.81%1.64% Average Market Yield 0.81%1.64% Average Quality*AAA/NR AAA/NR Total Market Value 102,631,381 86,859,438 *Portfolio is S&P and Moody’s, respectively. As of June 30, 2020 23 City of Dublin Reporting Account Sector Distribution LAIF 48.8% Local Gov Investment Pool 51.2% June 30, 2020 March 31, 2020 LAIF 57.4% Local Gov Investment Pool 42.6% As of June 30, 2020 24 Issue Name Investment Type % Portfolio CAMP Local Gov Investment Pool 51.21% Local Agency Investment Fund LAIF 48.79% TOTAL 100.00% Issuers City of Dublin Reporting Account –Account #10219 As of June 30, 2020 25 SECTION |Section 3 |Consolidated Information 26 Portfolio Characteristics City of Dublin Consolidated 6/30/2020 3/31/2020 Portfolio Portfolio Average Maturity (yrs)1.86 1.92 Modified Duration 1.73 1.75 Average Purchase Yield 1.60%1.97% Average Market Yield 0.50%1.10% Average Quality*AA+/Aa1 AA+/Aa1 Total Market Value 318,813,679 300,418,622 * Portfolio is S&P and Moody’s respectively. As of June 30, 2020 27 City of Dublin Consolidated Sector Distribution ABS 3.4% Agency 24.8% Corporate 16.3%LAIF 15.7% Local Gov Investment Pool 16.5% Money Market Fund FI 0.6% Supranational 2.2% US Treasury 20.6% June 30, 2020 March 31, 2020 ABS 4.7% Agency 24.5% 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% Commercial Paper 1.4% As of June 30, 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 644,690.02 02/19/2019 2.77% 644,648.50 644,670.24 100.52 0.48% 648,033.98 640.21 0.30% 3,363.74 NR / AAA AAA 1.22 0.23 47788BAD6 John Deere Owner Trust 2017-B A3 1.820% Due 10/15/2021 38,647.82 07/11/2017 1.64% 38,644.99 38,646.96 100.19 0.54% 38,721.10 31.26 0.02% 74.14 Aaa / NR AAA 1.29 0.15 89239AAB9 Toyota Auto Receivables Trust 2019-A A2A 2.830% Due 10/15/2021 441,407.70 02/05/2019 2.85% 441,367.61 441,388.33 100.48 0.17% 443,513.21 555.19 0.21% 2,124.88 Aaa / AAA NR 1.29 0.18 47789JAB2 John Deere Owner Trust 2019-A A2 2.850% Due 12/15/2021 415,483.39 03/05/2019 2.87% 415,464.44 415,473.39 100.46 0.39% 417,374.25 526.28 0.19% 1,900.86 Aaa / NR AAA 1.46 0.18 43815NAB0 Honda Auto Receivables Trust 2019-3 A2 1.900% Due 04/15/2022 1,130,132.67 08/20/2019 1.91% 1,130,053.56 1,130,094.51 100.70 0.45% 1,138,017.53 954.33 0.53% 7,923.02 Aaa / AAA NR 1.79 0.48 47788CAC6 John Deere Owner Trust 2018-A A3 2.660% Due 04/18/2022 229,561.07 02/21/2018 2.68% 229,544.56 229,553.90 100.68 0.74% 231,114.93 271.39 0.11% 1,561.03 Aaa / NR AAA 1.80 0.35 477870AB5 John Deere Owner Trust 2019-B A2 2.280% Due 05/16/2022 617,530.81 07/16/2019 2.29% 617,528.47 617,529.25 100.61 0.45% 621,310.06 625.76 0.29% 3,780.81 Aaa / NR AAA 1.88 0.33 43814UAG4 Honda Auto Receivables Trust 2018-2 A3 3.010% Due 05/18/2022 457,140.19 05/22/2018 2.23% 457,130.23 457,135.47 101.39 0.41% 463,499.44 496.89 0.21% 6,363.97 NR / AAA AAA 1.88 0.53 43815HAC1 Honda Auto Receivables Trust 2018-3 A3 2.950% Due 08/22/2022 1,090,919.76 08/21/2018 2.53% 1,090,770.09 1,090,839.32 101.75 0.22% 1,110,050.06 893.95 0.51% 19,210.74 Aaa / NR AAA 2.15 0.64 47788EAC2 John Deere Owner Trust 2018-B A3 3.080% Due 11/15/2022 1,227,524.82 07/18/2018 3.10% 1,227,431.78 1,227,473.57 101.60 0.33% 1,247,173.75 1,680.35 0.58% 19,700.18 Aaa / NR AAA 2.38 0.58 65479GAD1 Nissan Auto Receivables Trust 2018-B A3 3.060% Due 03/15/2023 1,206,264.34 07/17/2018 3.08% 1,206,225.26 1,206,241.57 102.06 0.40% 1,231,096.23 1,640.52 0.57% 24,854.66 Aaa / AAA NR 2.71 0.77 89231PAD0 Toyota Auto Receivables Trust 2018-D A3 3.180% Due 03/15/2023 1,500,000.00 08/29/2019 2.20% 1,532,050.78 1,524,465.68 102.58 0.40% 1,538,700.00 2,120.00 0.71% 14,234.32 Aaa / AAA NR 2.71 0.92 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 1,579,928.75 102.78 0.48% 1,623,952.44 1,355.29 0.75% 44,023.69 Aaa / AAA NR 4.04 1.89 TOTAL ABS 10,579,302.59 2.47% 10,610,776.85 10,603,440.94 0.39% 10,752,556.98 11,791.42 4.98% 149,116.04 Aaa / AAA Aaa 2.41 0.77 Agency 3135G0F73 FNMA Note 1.500% Due 11/30/2020 2,500,000.00 12/04/2015 1.87% 2,455,750.00 2,496,304.40 100.54 0.21% 2,513,452.50 3,229.17 1.16% 17,148.10 Aaa / AA+ AAA 0.42 0.42 3130A7CV5 FHLB Note 1.375% Due 02/18/2021 3,470,000.00 Various 1.45% 3,457,221.20 3,468,368.93 100.73 0.22% 3,495,455.92 17,627.12 1.63% 27,086.99 Aaa / AA+ AAA 0.64 0.63 As of June 30, 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 3135G0J20 FNMA Note 1.375% Due 02/26/2021 5,000,000.00 Various 1.29% 5,018,675.00 5,002,667.42 100.74 0.25% 5,036,750.00 23,871.52 2.34% 34,082.58 Aaa / AA+ AAA 0.66 0.65 313379RB7 FHLB Note 1.875% Due 06/11/2021 3,000,000.00 08/30/2017 1.67% 3,022,620.00 3,005,655.00 101.51 0.28% 3,045,150.00 3,125.00 1.41% 39,495.00 Aaa / AA+ AAA 0.95 0.94 3130A8QS5 FHLB Note 1.125% Due 07/14/2021 2,500,000.00 07/25/2016 1.28% 2,481,475.00 2,496,139.77 100.98 0.18% 2,524,382.50 13,046.88 1.17% 28,242.73 Aaa / AA+ AAA 1.04 1.03 3137EAEC9 FHLMC Note 1.125% Due 08/12/2021 3,000,000.00 Various 1.33% 2,971,215.00 2,993,491.30 101.06 0.17% 3,031,908.00 13,031.26 1.41% 38,416.70 Aaa / AA+ AAA 1.12 1.11 3135G0Q89 FNMA Note 1.375% Due 10/07/2021 2,000,000.00 10/06/2016 1.45% 1,992,924.00 1,998,205.81 101.50 0.19% 2,029,962.00 6,416.67 0.94% 31,756.19 Aaa / AA+ AAA 1.27 1.26 3135G0S38 FNMA Note 2.000% Due 01/05/2022 2,500,000.00 01/30/2017 2.04% 2,495,475.00 2,498,609.82 102.74 0.19% 2,568,507.50 24,444.44 1.20% 69,897.68 Aaa / AA+ AAA 1.52 1.48 313378CR0 FHLB Note 2.250% Due 03/11/2022 2,000,000.00 06/19/2017 1.86% 2,035,280.00 2,012,639.44 103.31 0.30% 2,066,120.00 13,750.00 0.96% 53,480.56 Aaa / AA+ NR 1.70 1.66 3135G0T45 FNMA Note 1.875% Due 04/05/2022 3,250,000.00 05/05/2017 1.99% 3,232,125.00 3,243,589.72 102.95 0.20% 3,345,920.50 14,557.29 1.55% 102,330.78 Aaa / AA+ AAA 1.76 1.73 3135G0T94 FNMA Note 2.375% Due 01/19/2023 2,500,000.00 03/28/2018 2.70% 2,463,675.00 2,480,731.42 105.64 0.16% 2,641,062.50 26,718.75 1.23% 160,331.08 Aaa / AA+ AAA 2.56 2.47 313383QR5 FHLB Note 3.250% Due 06/09/2023 1,500,000.00 08/28/2018 2.87% 1,525,005.00 1,515,375.57 108.51 0.34% 1,627,662.00 2,979.17 0.75% 112,286.43 Aaa / AA+ NR 2.94 2.83 3137EAEN5 FHLMC Note 2.750% Due 06/19/2023 2,000,000.00 07/16/2018 2.88% 1,988,360.00 1,992,988.81 107.49 0.22% 2,149,730.00 1,833.33 1.00% 156,741.19 Aaa / AA+ AAA 2.97 2.87 3133EKZK5 FFCB Note 1.600% Due 08/14/2023 4,000,000.00 08/26/2019 1.54% 4,009,000.00 4,007,079.42 103.97 0.32% 4,158,920.00 24,355.56 1.94% 151,840.58 Aaa / AA+ AAA 3.12 3.04 313383YJ4 FHLB Note 3.375% Due 09/08/2023 5,000,000.00 Various 2.90% 5,102,615.00 5,069,609.79 109.77 0.29% 5,488,460.00 52,968.76 2.56% 418,850.21 Aaa / AA+ NR 3.19 3.02 3130A0F70 FHLB Note 3.375% Due 12/08/2023 5,000,000.00 Various 2.73% 5,147,870.00 5,103,313.50 110.37 0.34% 5,518,645.00 10,781.25 2.56% 415,331.50 Aaa / AA+ AAA 3.44 3.27 3135G0V34 FNMA Note 2.500% Due 02/05/2024 2,000,000.00 02/27/2019 2.58% 1,992,340.00 1,994,417.50 107.85 0.30% 2,157,096.00 20,277.78 1.01% 162,678.50 Aaa / AA+ AAA 3.60 3.43 3130A1XJ2 FHLB Note 2.875% Due 06/14/2024 3,795,000.00 Various 1.96% 3,958,639.85 3,924,619.41 109.71 0.40% 4,163,589.38 5,152.24 1.93% 238,969.97 Aaa / AA+ NR 3.96 3.77 3133EKWV4 FFCB Note 1.850% Due 07/26/2024 2,500,000.00 08/13/2019 1.65% 2,524,140.00 2,519,840.73 105.90 0.39% 2,647,452.50 19,913.19 1.23% 127,611.77 Aaa / AA+ AAA 4.07 3.91 3130A2UW4 FHLB Note 2.875% Due 09/13/2024 2,000,000.00 10/10/2019 1.58% 2,122,020.00 2,104,113.79 110.42 0.37% 2,208,310.00 17,250.00 1.03% 104,196.21 Aaa / AA+ AAA 4.21 3.96 As of June 30, 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 3135G0W66 FNMA Note 1.625% Due 10/15/2024 2,000,000.00 11/08/2019 1.80% 1,983,400.00 1,985,540.74 105.08 0.43% 2,101,502.00 6,861.11 0.98% 115,961.26 Aaa / AA+ AAA 4.30 4.14 3135G0X24 FNMA Note 1.625% Due 01/07/2025 4,200,000.00 Various 1.18% 4,287,898.80 4,282,175.61 105.35 0.43% 4,424,838.60 32,418.75 2.06% 142,662.99 Aaa / AA+ AAA 4.53 4.34 3137EAEP0 FHLMC Note 1.500% Due 02/12/2025 4,200,000.00 Various 1.22% 4,254,786.30 4,251,222.96 104.78 0.45% 4,400,797.81 23,975.00 2.05% 149,574.85 Aaa / NR AAA 4.62 4.45 3135G03U5 FNMA Note 0.625% Due 04/22/2025 1,825,000.00 04/22/2020 0.67% 1,821,240.50 1,821,380.66 100.81 0.45% 1,839,782.50 2,122.83 0.85% 18,401.84 NR / AA+ AAA 4.81 4.73 3135G04Z3 FNMA Note 0.500% Due 06/17/2025 3,435,000.00 06/17/2020 0.54% 3,427,889.55 3,427,936.33 100.04 0.49% 3,436,312.17 572.50 1.59% 8,375.84 NR / AA+ AAA 4.97 4.90 TOTAL Agency 75,175,000.00 1.80% 75,771,640.20 75,696,017.85 0.31% 78,621,769.38 381,279.57 36.54% 2,925,751.53 Aaa / AA+ Aaa 2.78 2.68 Corporate 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 1,000,234.75 100.07 0.53% 1,000,714.00 11,017.36 0.47% 479.25 A2 / A A 0.04 0.04 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 2,000,252.21 100.48 0.43% 2,009,662.00 7,411.11 0.93% 9,409.79 A3 / A A 0.35 0.26 24422ETF6 John Deere Capital Corp Note 2.550% Due 01/08/2021 750,000.00 Various 2.42% 753,733.15 750,482.25 101.12 0.40% 758,418.00 9,190.62 0.36% 7,935.75 A2 / A A 0.53 0.51 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 1,801,818.87 101.15 0.50% 1,820,689.20 13,332.00 0.85% 18,870.33 Aa1 / AA NR 0.67 0.66 369550BE7 General Dynamics Corp Note 3.000% Due 05/11/2021 1,130,000.00 05/08/2018 3.24% 1,122,146.50 1,127,750.00 102.31 0.32% 1,156,089.44 4,708.33 0.54% 28,339.44 A2 / A NR 0.86 0.86 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 1,000,040.90 101.37 0.36% 1,013,743.00 2,625.00 0.47% 13,702.10 Aa2 / AA NR 0.88 0.79 857477AV5 State Street Bank Note 1.950% Due 05/19/2021 1,800,000.00 Various 1.91% 1,802,989.00 1,800,587.46 101.44 0.33% 1,825,837.20 4,095.01 0.85% 25,249.74 A1 / A AA- 0.88 0.88 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 1,849,210.88 101.37 0.21% 1,875,326.50 11,390.35 0.87% 26,115.62 Aaa / AAA AA+ 1.11 1.01 68389XBK0 Oracle Corp Callable Note Cont 8/15/2021 1.900% Due 09/15/2021 1,000,000.00 06/28/2018 3.08% 964,080.00 986,507.05 101.71 0.38% 1,017,090.00 5,594.44 0.47% 30,582.95 A3 / A A- 1.21 1.11 404280BF5 HSBC Holdings PLC Note 2.650% Due 01/05/2022 1,500,000.00 01/12/2018 2.89% 1,486,320.00 1,494,779.13 103.06 0.62% 1,545,855.00 19,433.33 0.72% 51,075.87 A2 / A- A+ 1.52 1.47 As of June 30, 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 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 1,003,759.33 103.29 0.39% 1,032,924.00 11,447.92 0.48% 29,164.67 A1 / A+ AA- 1.57 1.44 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 1,995,753.51 105.16 0.56% 2,103,280.00 22,966.67 0.98% 107,526.49 A2 / A A 2.57 2.39 44932HAH6 IBM Credit Corp Note 3.000% Due 02/06/2023 2,000,000.00 02/26/2018 3.09% 1,991,340.00 1,995,439.58 106.39 0.52% 2,127,766.00 24,166.67 1.00% 132,326.42 A2 / A NR 2.61 2.49 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 1,837,349.67 105.90 0.41% 1,975,107.74 15,101.32 0.92% 137,758.07 Aa2 / AA A+ 2.71 2.45 58933YAF2 Merck & Co Note 2.800% Due 05/18/2023 740,000.00 10/26/2018 3.41% 720,996.80 727,975.70 106.55 0.51% 788,499.60 2,474.89 0.37% 60,523.90 A1 / AA- A+ 2.88 2.78 46625HRL6 JP Morgan Chase Callable Note Cont 3/18/2023 2.700% Due 05/18/2023 500,000.00 12/20/2018 3.74% 479,055.00 486,293.15 105.40 0.69% 527,008.00 1,612.50 0.24% 40,714.85 A2 / A- AA- 2.88 2.62 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 2,208,209.62 108.08 0.64% 2,388,656.40 4,941.80 1.11% 180,446.78 A2 / A NR 2.94 2.74 166764AH3 Chevron Corp Callable Note Cont 3/24/2023 3.191% Due 06/24/2023 1,000,000.00 11/08/2018 3.59% 983,170.00 989,126.46 107.15 0.55% 1,071,495.00 620.47 0.50% 82,368.54 Aa2 / AA NR 2.98 2.63 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 1,379,785.77 108.94 0.31% 1,503,326.47 651.66 0.70% 123,540.70 Aa2 / AA AA 2.99 2.79 02665WCJ8 American Honda Finance Note 3.450% Due 07/14/2023 1,000,000.00 Various 3.54% 996,275.00 997,555.08 107.60 0.91% 1,075,954.00 16,004.17 0.51% 78,398.92 A3 / A- NR 3.04 2.86 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 1,201,152.96 108.58 0.66% 1,302,996.00 16,100.00 0.61% 101,843.04 A1 / A AA- 3.12 2.94 06051GHF9 Bank of America Corp Callable Note 1X 3/5/2023 3.550% Due 03/05/2024 2,400,000.00 Various 2.78% 2,434,650.00 2,425,927.22 106.90 0.94% 2,565,508.80 27,453.33 1.20% 139,581.58 A2 / A- A+ 3.68 2.55 89114QCB2 Toronto Dominion Bank Note 3.250% Due 03/11/2024 2,300,000.00 03/26/2019 2.95% 2,331,234.00 2,323,278.82 108.90 0.80% 2,504,589.60 22,840.28 1.17% 181,310.78 Aa3 / A AA- 3.70 3.48 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 3,030,556.43 107.69 0.74% 3,230,766.00 11,875.00 1.50% 200,209.57 Aa1 / AA+ NR 3.87 3.52 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 1,024,491.90 107.51 0.73% 1,075,089.00 515.28 0.50% 50,597.10 A2 / A A 3.99 3.80 02665WCZ2 American Honda Finance Note 2.400% Due 06/27/2024 1,500,000.00 07/10/2019 2.49% 1,493,742.00 1,494,968.04 105.11 1.09% 1,576,704.00 400.00 0.73% 81,735.96 A3 / A- NR 3.99 3.81 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 2,526,136.63 106.19 0.98% 2,654,867.50 29,218.75 1.24% 128,730.87 A2 / A AA 4.05 3.81 As of June 30, 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 46647PAU0 JP Morgan Chase & Co Callable Note 1X 7/23/2023 3.797% Due 07/23/2024 2,500,000.00 09/12/2019 2.13% 2,632,175.00 2,610,618.24 108.48 1.03% 2,711,947.50 41,661.53 1.27% 101,329.26 A2 / A- AA- 4.07 3.74 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 2,604,933.64 105.64 0.77% 2,757,096.99 23,780.00 1.29% 152,163.35 A1 / AA- AA- 4.56 4.25 438516CB0 Honeywell Intl Callable Note Cont 5/1/2025 1.350% Due 06/01/2025 2,500,000.00 06/23/2020 0.85% 2,559,500.00 2,559,298.42 102.41 0.84% 2,560,367.50 4,031.25 1.19% 1,069.08 A2 / A A 4.92 4.67 TOTAL Corporate 49,035,000.00 2.56% 49,256,008.35 49,234,273.67 0.65% 51,557,374.44 366,661.04 24.02% 2,323,100.77 A1 / A+ A+ 2.79 2.56 Money Market Fund FI 31846V203 First American Govt Obligation Fund Class Y 2,018,086.07 Various 0.01% 2,018,086.07 2,018,086.07 1.00 0.01% 2,018,086.07 0.00 0.93% 0.00 Aaa / AAA AAA 0.00 0.00 TOTAL Money Market Fund FI 2,018,086.07 0.01% 2,018,086.07 2,018,086.07 0.01% 2,018,086.07 0.00 0.93% 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 1,996,412.96 102.70 0.28% 2,054,056.00 17,222.22 0.96% 57,643.04 Aaa / NR AAA 1.58 1.54 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 2,477,757.79 103.24 0.28% 2,580,985.00 13,003.47 1.20% 103,227.21 Aaa / AAA AAA 2.21 2.16 459058JB0 Intl. Bank Recon & Development Note 0.625% Due 04/22/2025 2,260,000.00 04/15/2020 0.70% 2,251,253.80 2,251,589.09 100.81 0.45% 2,278,278.88 2,707.29 1.06% 26,689.79 Aaa / AAA NR 4.81 4.73 TOTAL Supranational 6,760,000.00 1.68% 6,693,248.80 6,725,759.84 0.33% 6,913,319.88 32,932.98 3.21% 187,560.04 Aaa / AAA Aaa 2.88 2.82 US Treasury 9127963Q0 US Treasury Bill 0.141% Due 08/25/2020 2,200,000.00 06/29/2020 0.14% 2,199,519.18 2,199,527.77 99.98 0.14% 2,199,527.77 0.00 1.02% 0.00 P-1 / A-1+ F-1+ 0.15 0.15 912828N89 US Treasury Note 1.375% Due 01/31/2021 2,000,000.00 03/15/2016 1.49% 1,988,834.83 1,998,659.18 100.69 0.20% 2,013,750.00 11,483.52 0.94% 15,090.82 Aaa / AA+ AAA 0.59 0.58 912828P87 US Treasury Note 1.125% Due 02/28/2021 3,000,000.00 12/28/2018 2.54% 2,911,171.88 2,972,789.36 100.61 0.21% 3,018,399.00 11,280.57 1.40% 45,609.64 Aaa / AA+ AAA 0.67 0.66 912828T34 US Treasury Note 1.125% Due 09/30/2021 1,500,000.00 Various 1.66% 1,463,144.24 1,490,486.92 101.19 0.17% 1,517,812.50 4,241.80 0.70% 27,325.58 Aaa / AA+ AAA 1.25 1.24 As of June 30, 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 912828U65 US Treasury Note 1.750% Due 11/30/2021 2,500,000.00 12/28/2016 2.06% 2,464,461.50 2,489,775.51 102.23 0.17% 2,555,762.50 3,705.60 1.18% 65,986.99 Aaa / AA+ AAA 1.42 1.40 912828V72 US Treasury Note 1.875% Due 01/31/2022 1,500,000.00 02/27/2017 1.84% 1,502,407.37 1,500,775.23 102.68 0.18% 1,540,137.00 11,744.51 0.72% 39,361.77 Aaa / AA+ AAA 1.59 1.56 912828J76 US Treasury Note 1.750% Due 03/31/2022 3,000,000.00 04/25/2017 1.85% 2,985,830.37 2,994,977.65 102.75 0.18% 3,082,500.00 13,196.72 1.43% 87,522.35 Aaa / AA+ AAA 1.75 1.72 912828WZ9 US Treasury Note 1.750% Due 04/30/2022 2,750,000.00 05/23/2017 1.84% 2,738,944.75 2,745,901.83 102.89 0.17% 2,829,598.75 8,152.32 1.31% 83,696.92 Aaa / AA+ AAA 1.83 1.81 912828XR6 US Treasury Note 1.750% Due 05/31/2022 1,500,000.00 06/28/2017 1.81% 1,496,020.65 1,498,452.11 103.01 0.18% 1,545,175.50 2,223.36 0.72% 46,723.39 Aaa / AA+ AAA 1.92 1.89 912828XW5 US Treasury Note 1.750% Due 06/30/2022 3,000,000.00 07/25/2017 1.86% 2,984,072.55 2,993,549.38 103.15 0.17% 3,094,452.00 142.66 1.43% 100,902.62 Aaa / AA+ AAA 2.00 1.97 912828L24 US Treasury Note 1.875% Due 08/31/2022 2,000,000.00 09/27/2017 1.92% 1,995,944.20 1,998,215.72 103.68 0.17% 2,073,672.00 12,533.97 0.97% 75,456.28 Aaa / AA+ AAA 2.17 2.12 912828L57 US Treasury Note 1.750% Due 09/30/2022 3,750,000.00 Various 2.02% 3,702,841.80 3,728,350.84 103.54 0.17% 3,882,862.50 16,495.90 1.80% 154,511.66 Aaa / AA+ AAA 2.25 2.21 912828M49 US Treasury Note 1.875% Due 10/31/2022 1,000,000.00 01/30/2018 2.47% 973,359.38 986,910.15 103.96 0.17% 1,039,648.00 3,158.97 0.48% 52,737.85 Aaa / AA+ AAA 2.34 2.29 9128284D9 US Treasury Note 2.500% Due 03/31/2023 3,750,000.00 Various 2.75% 3,706,123.05 3,725,593.74 106.36 0.18% 3,988,623.75 23,565.58 1.86% 263,030.01 Aaa / AA+ AAA 2.75 2.66 912828R69 US Treasury Note 1.625% Due 05/31/2023 1,500,000.00 05/30/2018 2.67% 1,427,167.97 1,457,561.18 104.21 0.18% 1,563,163.50 2,064.55 0.72% 105,602.32 Aaa / AA+ AAA 2.92 2.86 912828U57 US Treasury Note 2.125% Due 11/30/2023 5,000,000.00 Various 2.53% 4,908,242.19 4,935,295.56 106.56 0.20% 5,328,125.00 8,999.32 2.47% 392,829.44 Aaa / AA+ AAA 3.42 3.31 912828V80 US Treasury Note 2.250% Due 01/31/2024 5,000,000.00 Various 2.32% 4,983,691.41 4,987,860.23 107.31 0.20% 5,365,625.00 46,978.02 2.50% 377,764.77 Aaa / AA+ AAA 3.59 3.44 912828WJ5 US Treasury Note 2.500% Due 05/15/2024 1,750,000.00 06/10/2019 1.91% 1,798,261.72 1,787,912.26 108.80 0.22% 1,904,014.00 5,587.64 0.88% 116,101.74 Aaa / AA+ AAA 3.88 3.71 9128282N9 US Treasury Note 2.125% Due 07/31/2024 2,000,000.00 08/30/2019 1.44% 2,064,531.25 2,053,542.62 107.69 0.23% 2,153,828.00 17,747.25 1.00% 100,285.38 Aaa / AA+ AAA 4.09 3.90 912828YH7 US Treasury Note 1.500% Due 09/30/2024 3,500,000.00 Various 1.65% 3,474,941.41 3,478,035.52 105.33 0.24% 3,686,483.50 13,196.72 1.71% 208,447.98 Aaa / AA+ AAA 4.25 4.12 9128283J7 US Treasury Note 2.125% Due 11/30/2024 3,000,000.00 Various 1.76% 3,051,650.40 3,045,997.22 108.25 0.25% 3,247,383.00 5,399.59 1.50% 201,385.78 Aaa / AA+ AAA 4.42 4.24 912828ZC7 US Treasury Note 1.125% Due 02/28/2025 3,500,000.00 03/24/2020 0.52% 3,603,222.66 3,597,605.88 104.01 0.26% 3,640,273.00 13,160.67 1.69% 42,667.12 Aaa / AA+ AAA 4.67 4.54 As of June 30, 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 912828ZL7 US Treasury Note 0.375% Due 04/30/2025 4,000,000.00 Various 0.38% 3,998,593.75 3,998,606.38 100.45 0.28% 4,018,124.00 2,527.18 1.86% 19,517.62 Aaa / AA+ AAA 4.84 4.79 TOTAL US Treasury 62,700,000.00 1.82% 62,422,978.51 62,666,382.24 0.20% 65,288,940.27 237,586.42 30.31% 2,622,558.03 Aaa / AA+ Aaa 2.80 2.72 TOTAL PORTFOLIO 206,267,388.66 2.00% 206,772,738.78 206,943,960.61 0.36% 215,152,047.02 1,030,251.43 100.00% 8,208,086.41 Aa1 / AA Aaa 2.75 2.55 TOTAL MARKET VALUE PLUS ACCRUALS 216,182,298.45 As of June 30, 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 49,900,973.48 Various 1.15% 49,900,973.48 49,900,973.48 1.00 1.15% 49,900,973.48 173,647.26 48.79% 0.00 NR / NR NR 0.00 0.00 TOTAL LAIF 49,900,973.48 1.15% 49,900,973.48 49,900,973.48 1.15% 49,900,973.48 173,647.26 48.79% 0.00 NR / NR NR 0.00 0.00 Local Gov Investment Pool 90CAMP$00 California Asset Mgmt Program CAMP 52,556,760.26 Various 0.48% 52,556,760.26 52,556,760.26 1.00 0.48% 52,556,760.26 0.00 51.21% 0.00 NR / AAA NR 0.00 0.00 TOTAL Local Gov Investment Pool 52,556,760.26 0.48% 52,556,760.26 52,556,760.26 0.48% 52,556,760.26 0.00 51.21% 0.00 NR / AAA NR 0.00 0.00 TOTAL PORTFOLIO 102,457,733.74 0.81% 102,457,733.74 102,457,733.74 0.81% 102,457,733.74 173,647.26 100.00% 0.00 NR / AAA NR 0.00 0.00 TOTAL MARKET VALUE PLUS ACCRUALS 102,631,381.00 As of June 30, 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 04/22/2020 459058JB0 2,260,000.00 Intl. Bank Recon & Development Note 0.625% Due: 04/22/2025 99.613 0.70%2,251,253.80 0.00 2,251,253.80 0.00 Purchase 04/24/2020 3135G03U5 1,825,000.00 FNMA Note 0.625% Due: 04/22/2025 99.794 0.67%1,821,240.50 0.00 1,821,240.50 0.00 Purchase 04/28/2020 89233GFS0 4,000,000.00 Toyota Motor Credit Discount CP 1.13% Due: 06/26/2020 99.815 1.15%3,992,592.22 0.00 3,992,592.22 0.00 Purchase 05/29/2020 912828ZL7 2,000,000.00 US Treasury Note 0.375% Due: 04/30/2025 100.102 0.35%2,002,031.25 591.03 2,002,622.28 0.00 Purchase 06/05/2020 912828ZL7 2,000,000.00 US Treasury Note 0.375% Due: 04/30/2025 99.828 0.41%1,996,562.50 733.70 1,997,296.20 0.00 Purchase 06/19/2020 3135G04Z3 3,435,000.00 FNMA Note 0.5% Due: 06/17/2025 99.793 0.54%3,427,889.55 0.00 3,427,889.55 0.00 Purchase 06/25/2020 438516CB0 2,500,000.00 Honeywell Intl Callable Note Cont 5/1/2025 1.35% Due: 06/01/2025 102.380 0.86%2,559,500.00 3,468.75 2,562,968.75 0.00 Purchase 06/30/2020 9127963Q0 2,200,000.00 US Treasury Bill 0.141% Due: 08/25/2020 99.978 0.14%2,199,519.18 0.00 2,199,519.18 0.00 Subtotal 20,220,000.00 20,250,589.00 4,793.48 20,255,382.48 0.00 TOTAL ACQUISITIONS 20,220,000.00 20,250,589.00 4,793.48 20,255,382.48 0.00 DISPOSITIONS Sale 04/16/2020 912828XM7 1,500,000.00 US Treasury Note 1.625% Due: 07/31/2020 100.449 1.52%1,506,738.28 5,089.29 1,511,827.57 6,286.15 Sale 06/24/2020 912828L99 2,000,000.00 US Treasury Note 1.375% Due: 10/31/2020 100.426 1.71%2,008,515.63 4,110.05 2,012,625.68 10,609.17 Subtotal 3,500,000.00 3,515,253.91 9,199.34 3,524,453.25 16,895.32 Maturity 04/24/2020 62479LDQ5 4,140,000.00 MUFG Bank Ltd Discount CP 1.9% Due: 04/24/2020 99.171 4,140,000.00 0.00 4,140,000.00 0.00 March 31, 2020 through June 30, 2020 As of June 30, 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 Maturity 05/20/2020 747525AD5 2,000,000.00 Qualcomm Inc Note 2.25% Due: 05/20/2020 100.000 2,000,000.00 0.00 2,000,000.00 0.00 Maturity 05/31/2020 912828XE5 3,000,000.00 US Treasury Note 1.5% Due: 05/31/2020 100.000 3,000,000.00 0.00 3,000,000.00 0.00 Maturity 06/26/2020 89233GFS0 4,000,000.00 Toyota Motor Credit Discount CP 1.13% Due: 06/26/2020 99.815 4,000,000.00 0.00 4,000,000.00 0.00 Subtotal 13,140,000.00 13,140,000.00 0.00 13,140,000.00 0.00 TOTAL DISPOSITIONS 16,640,000.00 16,655,253.91 9,199.34 16,664,453.25 16,895.32 March 31, 2020 through June 30, 2020 As of June 30, 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 04/15/2020 90LAIF$00 249,885.32 Local Agency Investment Fund State Pool 1.000 1.74%249,885.32 0.00 249,885.32 0.00 Purchase 04/30/2020 90CAMP$00 32,695.50 California Asset Mgmt Program CAMP 1.000 1.50%32,695.50 0.00 32,695.50 0.00 Purchase 05/31/2020 90CAMP$00 29,168.73 California Asset Mgmt Program CAMP 1.000 0.57%29,168.73 0.00 29,168.73 0.00 Purchase 06/30/2020 90CAMP$00 20,098.53 California Asset Mgmt Program CAMP 1.000 0.48%20,098.53 0.00 20,098.53 0.00 Subtotal 331,848.08 331,848.08 0.00 331,848.08 0.00 Security Contribution 04/21/2020 90CAMP$00 10,000,000.00 California Asset Mgmt Program CAMP 1.000 10,000,000.00 0.00 10,000,000.00 0.00 Security Contribution 04/27/2020 90CAMP$00 7,000,000.00 California Asset Mgmt Program CAMP 1.000 7,000,000.00 0.00 7,000,000.00 0.00 Security Contribution 06/26/2020 90CAMP$00 7,000,000.00 California Asset Mgmt Program CAMP 1.000 7,000,000.00 0.00 7,000,000.00 0.00 Subtotal 24,000,000.00 24,000,000.00 0.00 24,000,000.00 0.00 TOTAL ACQUISITIONS 24,331,848.08 24,331,848.08 0.00 24,331,848.08 0.00 DISPOSITIONS Security Withdrawal 05/11/2020 90CAMP$00 3,000,000.00 California Asset Mgmt Program CAMP 1.000 3,000,000.00 0.00 3,000,000.00 0.00 Security Withdrawal 05/15/2020 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 05/26/2020 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 March 31, 2020 through June 30, 2020 As of June 30, 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 06/12/2020 90CAMP$00 3,000,000.00 California Asset Mgmt Program CAMP 1.000 3,000,000.00 0.00 3,000,000.00 0.00 Subtotal 8,500,000.00 8,500,000.00 0.00 8,500,000.00 0.00 TOTAL DISPOSITIONS 8,500,000.00 8,500,000.00 0.00 8,500,000.00 0.00 March 31, 2020 through June 30, 2020 As of June 30, 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 June 30, 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 June 30, 2020 44 Transaction Ledger As of April 30, 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 04/01/2020 31846V203 672.08 First American Govt Obligation Fund Class Y 1.000 0.12%672.08 0.00 672.08 0.00 Purchase 04/05/2020 31846V203 30,468.75 First American Govt Obligation Fund Class Y 1.000 0.12%30,468.75 0.00 30,468.75 0.00 Purchase 04/07/2020 31846V203 13,750.00 First American Govt Obligation Fund Class Y 1.000 0.12%13,750.00 0.00 13,750.00 0.00 Purchase 04/15/2020 31846V203 15,979.17 First American Govt Obligation Fund Class Y 1.000 0.12%15,979.17 0.00 15,979.17 0.00 Purchase 04/15/2020 31846V203 3,975.00 First American Govt Obligation Fund Class Y 1.000 0.12%3,975.00 0.00 3,975.00 0.00 Purchase 04/15/2020 31846V203 2,541.17 First American Govt Obligation Fund Class Y 1.000 0.12%2,541.17 0.00 2,541.17 0.00 Purchase 04/15/2020 31846V203 3,111.00 First American Govt Obligation Fund Class Y 1.000 0.12%3,111.00 0.00 3,111.00 0.00 Purchase 04/15/2020 31846V203 2,058.33 First American Govt Obligation Fund Class Y 1.000 0.12%2,058.33 0.00 2,058.33 0.00 Purchase 04/15/2020 31846V203 1,001,475.00 First American Govt Obligation Fund Class Y 1.000 0.12%1,001,475.00 0.00 1,001,475.00 0.00 Purchase 04/15/2020 31846V203 109,667.55 First American Govt Obligation Fund Class Y 1.000 0.12%109,667.55 0.00 109,667.55 0.00 Purchase 04/15/2020 31846V203 18,532.36 First American Govt Obligation Fund Class Y 1.000 0.12%18,532.36 0.00 18,532.36 0.00 Purchase 04/15/2020 31846V203 30,728.33 First American Govt Obligation Fund Class Y 1.000 0.12%30,728.33 0.00 30,728.33 0.00 Purchase 04/15/2020 31846V203 127,707.93 First American Govt Obligation Fund Class Y 1.000 0.12%127,707.93 0.00 127,707.93 0.00 Purchase 04/15/2020 31846V203 95,346.78 First American Govt Obligation Fund Class Y 1.000 0.12%95,346.78 0.00 95,346.78 0.00 Purchase 04/15/2020 31846V203 101,647.47 First American Govt Obligation Fund Class Y 1.000 0.12%101,647.47 0.00 101,647.47 0.00 Purchase 04/15/2020 90LAIF$00 249,885.32 Local Agency Investment Fund State Pool 1.000 1.74%249,885.32 0.00 249,885.32 0.00 Execution Time: 5/6/2020 1:47:51 PMChandler Asset Management - CONFIDENTIAL Page 11 Transaction Ledger As of April 30, 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 04/16/2020 31846V203 1,511,827.57 First American Govt Obligation Fund Class Y 1.000 0.12%1,511,827.57 0.00 1,511,827.57 0.00 Purchase 04/20/2020 31846V203 44,340.58 First American Govt Obligation Fund Class Y 1.000 0.12%44,340.58 0.00 44,340.58 0.00 Purchase 04/20/2020 31846V203 131,133.27 First American Govt Obligation Fund Class Y 1.000 0.12%131,133.27 0.00 131,133.27 0.00 Purchase 04/21/2020 31846V203 91,911.60 First American Govt Obligation Fund Class Y 1.000 0.12%91,911.60 0.00 91,911.60 0.00 Purchase 04/22/2020 459058JB0 2,260,000.00 Intl. Bank Recon & Development Note 0.625% Due 4/22/2025 99.613 0.70%2,251,253.80 0.00 2,251,253.80 0.00 Purchase 04/24/2020 3135G03U5 1,825,000.00 FNMA Note 0.625% Due 4/22/2025 99.794 0.67%1,821,240.50 0.00 1,821,240.50 0.00 Purchase 04/24/2020 31846V203 4,140,000.00 First American Govt Obligation Fund Class Y 1.000 0.12%4,140,000.00 0.00 4,140,000.00 0.00 Purchase 04/28/2020 89233GFS0 4,000,000.00 Toyota Motor Credit Discount CP 1.13% Due 6/26/2020 99.815 1.15%3,992,592.22 0.00 3,992,592.22 0.00 Purchase 04/30/2020 31846V203 47,187.50 First American Govt Obligation Fund Class Y 1.000 0.01%47,187.50 0.00 47,187.50 0.00 Purchase 04/30/2020 90CAMP$00 32,695.50 California Asset Mgmt Program CAMP 1.000 1.50%32,695.50 0.00 32,695.50 0.00 Subtotal 15,891,642.26 15,871,728.78 0.00 15,871,728.78 0.00 Security Contribution 04/21/2020 90CAMP$00 10,000,000.00 California Asset Mgmt Program CAMP 1.000 10,000,000.00 0.00 10,000,000.00 0.00 Security Contribution 04/27/2020 90CAMP$00 7,000,000.00 California Asset Mgmt Program CAMP 1.000 7,000,000.00 0.00 7,000,000.00 0.00 Subtotal 17,000,000.00 17,000,000.00 0.00 17,000,000.00 0.00 TOTAL ACQUISITIONS 32,891,642.26 32,871,728.78 0.00 32,871,728.78 0.00 DISPOSITIONS Sale 04/16/2020 912828XM7 1,500,000.00 US Treasury Note 1.625% Due 7/31/2020 100.449 1.52%1,506,738.28 5,089.29 1,511,827.57 6,286.15 Execution Time: 5/6/2020 1:47:51 PMChandler Asset Management - CONFIDENTIAL Page 12 Transaction Ledger As of April 30, 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 04/22/2020 31846V203 2,251,253.80 First American Govt Obligation Fund Class Y 1.000 0.12%2,251,253.80 0.00 2,251,253.80 0.00 Sale 04/24/2020 31846V203 1,821,240.50 First American Govt Obligation Fund Class Y 1.000 0.12%1,821,240.50 0.00 1,821,240.50 0.00 Sale 04/28/2020 31846V203 3,992,592.22 First American Govt Obligation Fund Class Y 1.000 0.12%3,992,592.22 0.00 3,992,592.22 0.00 Subtotal 9,565,086.52 9,571,824.80 5,089.29 9,576,914.09 6,286.15 Paydown 04/15/2020 02582JHE3 1,000,000.00 American Express Credit Trust 2017-3 A 1.77% Due 11/15/2022 100.000 1,000,000.00 1,475.00 1,001,475.00 0.00 Paydown 04/15/2020 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 04/15/2020 477870AB5 107,864.11 John Deere Owner Trust 2019-B A2 2.28% Due 5/16/2022 100.000 107,864.11 1,803.44 109,667.55 0.00 Paydown 04/15/2020 47788BAD6 18,400.15 John Deere Owner Trust 2017-B A3 1.82% Due 10/15/2021 100.000 18,400.15 132.21 18,532.36 0.00 Paydown 04/15/2020 47788CAC6 30,019.74 John Deere Owner Trust 2018-A A3 2.66% Due 4/18/2022 100.000 30,019.74 708.59 30,728.33 0.00 Paydown 04/15/2020 47788EAC2 123,639.76 John Deere Owner Trust 2018-B A3 3.08% Due 11/15/2022 100.000 123,639.76 4,068.17 127,707.93 0.00 Paydown 04/15/2020 47789JAB2 93,699.02 John Deere Owner Trust 2019-A A2 2.85% Due 12/15/2021 100.000 93,699.02 1,647.76 95,346.78 0.00 Paydown 04/15/2020 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 04/15/2020 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 04/15/2020 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 Execution Time: 5/6/2020 1:47:51 PMChandler Asset Management - CONFIDENTIAL Page 13 Transaction Ledger As of April 30, 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 04/15/2020 89239AAB9 99,959.06 Toyota Auto Receivables Trust 2019-A A2A 2.83% Due 10/15/2021 100.000 99,959.06 1,688.41 101,647.47 0.00 Paydown 04/20/2020 43814UAG4 42,890.17 Honda Auto Receivables Trust 2018-2 A3 3.01% Due 5/18/2022 100.000 42,890.17 1,450.41 44,340.58 0.00 Paydown 04/20/2020 43814WAB1 128,817.91 Honda Auto Receivables Trust 2019-1 A2 2.75% Due 9/20/2021 100.000 128,817.91 2,315.36 131,133.27 0.00 Paydown 04/21/2020 43815HAC1 88,611.85 Honda Auto Receivables Trust 2018-3 A3 2.95% Due 8/22/2022 100.000 88,611.85 3,299.75 91,911.60 0.00 Subtotal 1,733,901.77 1,733,901.77 30,274.60 1,764,176.37 0.00 Maturity 04/24/2020 62479LDQ5 4,140,000.00 MUFG Bank Ltd Discount CP 1.9% Due 4/24/2020 99.171 4,140,000.00 0.00 4,140,000.00 0.00 Subtotal 4,140,000.00 4,140,000.00 0.00 4,140,000.00 0.00 Security Withdrawal 04/27/2020 31846V203 104.17 First American Govt Obligation Fund Class Y 1.000 104.17 0.00 104.17 0.00 Subtotal 104.17 104.17 0.00 104.17 0.00 TOTAL DISPOSITIONS 15,439,092.46 15,445,830.74 35,363.89 15,481,194.63 6,286.15 OTHER TRANSACTIONS Interest 04/05/2020 3135G0T45 3,250,000.00 FNMA Note 1.875% Due 4/5/2022 0.000 30,468.75 0.00 30,468.75 0.00 Interest 04/07/2020 3135G0Q89 2,000,000.00 FNMA Note 1.375% Due 10/7/2021 0.000 13,750.00 0.00 13,750.00 0.00 Interest 04/15/2020 3135G0W66 2,000,000.00 FNMA Note 1.625% Due 10/15/2024 0.000 15,979.17 0.00 15,979.17 0.00 Interest 04/30/2020 912828L99 2,000,000.00 US Treasury Note 1.375% Due 10/31/2020 0.000 13,750.00 0.00 13,750.00 0.00 Execution Time: 5/6/2020 1:47:51 PMChandler Asset Management - CONFIDENTIAL Page 14 Transaction Ledger As of April 30, 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 04/30/2020 912828M49 1,000,000.00 US Treasury Note 1.875% Due 10/31/2022 0.000 9,375.00 0.00 9,375.00 0.00 Interest 04/30/2020 912828WZ9 2,750,000.00 US Treasury Note 1.75% Due 4/30/2022 0.000 24,062.50 0.00 24,062.50 0.00 Subtotal 13,000,000.00 107,385.42 0.00 107,385.42 0.00 Dividend 04/01/2020 31846V203 1,416,205.49 First American Govt Obligation Fund Class Y 0.000 672.08 0.00 672.08 0.00 Dividend 04/15/2020 90LAIF$00 4,514,278,587.70 Local Agency Investment Fund State Pool 0.000 249,885.32 0.00 249,885.32 0.00 Dividend 04/30/2020 90CAMP$00 53,974,797.50 California Asset Mgmt Program CAMP 0.000 32,695.50 0.00 32,695.50 0.00 Subtotal 4,569,669,590.69 283,252.90 0.00 283,252.90 0.00 TOTAL OTHER TRANSACTIONS 4,582,669,590.69 390,638.32 0.00 390,638.32 0.00 Execution Time: 5/6/2020 1:47:51 PMChandler Asset Management - CONFIDENTIAL Page 15 Transaction Ledger As of May 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 05/01/2020 31846V203 16.64 First American Govt Obligation Fund Class Y 1.000 0.01%16.64 0.00 16.64 0.00 Purchase 05/03/2020 31846V203 23,000.00 First American Govt Obligation Fund Class Y 1.000 0.01%23,000.00 0.00 23,000.00 0.00 Purchase 05/11/2020 31846V203 59,700.00 First American Govt Obligation Fund Class Y 1.000 0.01%59,700.00 0.00 59,700.00 0.00 Purchase 05/15/2020 31846V203 21,875.00 First American Govt Obligation Fund Class Y 1.000 0.01%21,875.00 0.00 21,875.00 0.00 Purchase 05/15/2020 31846V203 3,975.00 First American Govt Obligation Fund Class Y 1.000 0.01%3,975.00 0.00 3,975.00 0.00 Purchase 05/15/2020 31846V203 2,541.17 First American Govt Obligation Fund Class Y 1.000 0.01%2,541.17 0.00 2,541.17 0.00 Purchase 05/15/2020 31846V203 3,111.00 First American Govt Obligation Fund Class Y 1.000 0.01%3,111.00 0.00 3,111.00 0.00 Purchase 05/15/2020 31846V203 66,690.11 First American Govt Obligation Fund Class Y 1.000 0.01%66,690.11 0.00 66,690.11 0.00 Purchase 05/15/2020 31846V203 152,891.79 First American Govt Obligation Fund Class Y 1.000 0.01%152,891.79 0.00 152,891.79 0.00 Purchase 05/15/2020 31846V203 19,818.53 First American Govt Obligation Fund Class Y 1.000 0.01%19,818.53 0.00 19,818.53 0.00 Purchase 05/15/2020 31846V203 36,295.67 First American Govt Obligation Fund Class Y 1.000 0.01%36,295.67 0.00 36,295.67 0.00 Purchase 05/15/2020 31846V203 160,712.78 First American Govt Obligation Fund Class Y 1.000 0.01%160,712.78 0.00 160,712.78 0.00 Purchase 05/15/2020 31846V203 113,274.87 First American Govt Obligation Fund Class Y 1.000 0.01%113,274.87 0.00 113,274.87 0.00 Purchase 05/15/2020 31846V203 87,794.10 First American Govt Obligation Fund Class Y 1.000 0.01%87,794.10 0.00 87,794.10 0.00 Purchase 05/16/2020 31846V203 10,500.00 First American Govt Obligation Fund Class Y 1.000 0.01%10,500.00 0.00 10,500.00 0.00 Purchase 05/18/2020 31846V203 17,110.00 First American Govt Obligation Fund Class Y 1.000 0.01%17,110.00 0.00 17,110.00 0.00 Execution Time: 6/4/2020 10:27:25 AMChandler Asset Management - CONFIDENTIAL Page 11 Transaction Ledger As of May 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 05/18/2020 31846V203 39,318.70 First American Govt Obligation Fund Class Y 1.000 0.01%39,318.70 0.00 39,318.70 0.00 Purchase 05/18/2020 31846V203 116,205.73 First American Govt Obligation Fund Class Y 1.000 0.01%116,205.73 0.00 116,205.73 0.00 Purchase 05/19/2020 31846V203 17,550.00 First American Govt Obligation Fund Class Y 1.000 0.01%17,550.00 0.00 17,550.00 0.00 Purchase 05/20/2020 31846V203 2,000,000.00 First American Govt Obligation Fund Class Y 1.000 0.01%2,000,000.00 0.00 2,000,000.00 0.00 Purchase 05/20/2020 31846V203 22,500.00 First American Govt Obligation Fund Class Y 1.000 0.01%22,500.00 0.00 22,500.00 0.00 Purchase 05/21/2020 31846V203 82,376.38 First American Govt Obligation Fund Class Y 1.000 0.01%82,376.38 0.00 82,376.38 0.00 Purchase 05/29/2020 912828ZL7 2,000,000.00 US Treasury Note 0.375% Due 4/30/2025 100.102 0.35%2,002,031.25 591.03 2,002,622.28 0.00 Purchase 05/30/2020 31846V203 18,750.00 First American Govt Obligation Fund Class Y 1.000 0.01%18,750.00 0.00 18,750.00 0.00 Purchase 05/31/2020 31846V203 154,687.50 First American Govt Obligation Fund Class Y 1.000 0.01%154,687.50 0.00 154,687.50 0.00 Purchase 05/31/2020 31846V203 3,000,000.00 First American Govt Obligation Fund Class Y 1.000 0.01%3,000,000.00 0.00 3,000,000.00 0.00 Purchase 05/31/2020 90CAMP$00 29,168.73 California Asset Mgmt Program CAMP 1.000 0.57%29,168.73 0.00 29,168.73 0.00 Subtotal 8,259,863.70 8,261,894.95 591.03 8,262,485.98 0.00 TOTAL ACQUISITIONS 8,259,863.70 8,261,894.95 591.03 8,262,485.98 0.00 DISPOSITIONS Sale 05/29/2020 31846V203 2,002,622.28 First American Govt Obligation Fund Class Y 1.000 0.01%2,002,622.28 0.00 2,002,622.28 0.00 Subtotal 2,002,622.28 2,002,622.28 0.00 2,002,622.28 0.00 Execution Time: 6/4/2020 10:27:25 AMChandler Asset Management - CONFIDENTIAL Page 12 Transaction Ledger As of May 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 05/15/2020 43815NAB0 64,631.78 Honda Auto Receivables Trust 2019-3 A2 1.9% Due 4/15/2022 100.000 64,631.78 2,058.33 66,690.11 0.00 Paydown 05/15/2020 477870AB5 151,293.29 John Deere Owner Trust 2019-B A2 2.28% Due 5/16/2022 100.000 151,293.29 1,598.50 152,891.79 0.00 Paydown 05/15/2020 47788BAD6 19,714.23 John Deere Owner Trust 2017-B A3 1.82% Due 10/15/2021 100.000 19,714.23 104.30 19,818.53 0.00 Paydown 05/15/2020 47788CAC6 35,653.62 John Deere Owner Trust 2018-A A3 2.66% Due 4/18/2022 100.000 35,653.62 642.05 36,295.67 0.00 Paydown 05/15/2020 47788EAC2 156,961.95 John Deere Owner Trust 2018-B A3 3.08% Due 11/15/2022 100.000 156,961.95 3,750.83 160,712.78 0.00 Paydown 05/15/2020 47789JAB2 111,849.65 John Deere Owner Trust 2019-A A2 2.85% Due 12/15/2021 100.000 111,849.65 1,425.22 113,274.87 0.00 Paydown 05/15/2020 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 05/15/2020 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 05/15/2020 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 05/15/2020 89239AAB9 86,341.42 Toyota Auto Receivables Trust 2019-A A2A 2.83% Due 10/15/2021 100.000 86,341.42 1,452.68 87,794.10 0.00 Paydown 05/18/2020 43814UAG4 37,975.87 Honda Auto Receivables Trust 2018-2 A3 3.01% Due 5/18/2022 100.000 37,975.87 1,342.83 39,318.70 0.00 Paydown 05/18/2020 43814WAB1 114,185.58 Honda Auto Receivables Trust 2019-1 A2 2.75% Due 9/20/2021 100.000 114,185.58 2,020.15 116,205.73 0.00 Execution Time: 6/4/2020 10:27:25 AMChandler Asset Management - CONFIDENTIAL Page 13 Transaction Ledger As of May 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 05/21/2020 43815HAC1 79,294.47 Honda Auto Receivables Trust 2018-3 A3 2.95% Due 8/22/2022 100.000 79,294.47 3,081.91 82,376.38 0.00 Subtotal 857,901.86 857,901.86 27,103.97 885,005.83 0.00 Maturity 05/20/2020 747525AD5 2,000,000.00 Qualcomm Inc Note 2.25% Due 5/20/2020 100.000 2,000,000.00 0.00 2,000,000.00 0.00 Maturity 05/31/2020 912828XE5 3,000,000.00 US Treasury Note 1.5% Due 5/31/2020 100.000 3,000,000.00 0.00 3,000,000.00 0.00 Subtotal 5,000,000.00 5,000,000.00 0.00 5,000,000.00 0.00 Security Withdrawal 05/11/2020 90CAMP$00 3,000,000.00 California Asset Mgmt Program CAMP 1.000 3,000,000.00 0.00 3,000,000.00 0.00 Security Withdrawal 05/15/2020 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 05/26/2020 31846V203 104.17 First American Govt Obligation Fund Class Y 1.000 104.17 0.00 104.17 0.00 Security Withdrawal 05/26/2020 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 Subtotal 5,500,104.17 5,500,104.17 0.00 5,500,104.17 0.00 TOTAL DISPOSITIONS 13,360,628.31 13,360,628.31 27,103.97 13,387,732.28 0.00 OTHER TRANSACTIONS Interest 05/03/2020 00440EAT4 2,000,000.00 Chubb INA Holdings Inc Callable Note Cont 10/3/2020 2.3% Due 11/3/2020 0.000 23,000.00 0.00 23,000.00 0.00 Interest 05/11/2020 037833CU2 3,000,000.00 Apple Inc Callable Note Cont 3/11/2024 2.85% Due 5/11/2024 0.000 42,750.00 0.00 42,750.00 0.00 Interest 05/11/2020 369550BE7 1,130,000.00 General Dynamics Corp Note 3% Due 5/11/2021 0.000 16,950.00 0.00 16,950.00 0.00 Execution Time: 6/4/2020 10:27:25 AMChandler Asset Management - CONFIDENTIAL Page 14 Transaction Ledger As of May 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 05/15/2020 912828WJ5 1,750,000.00 US Treasury Note 2.5% Due 5/15/2024 0.000 21,875.00 0.00 21,875.00 0.00 Interest 05/16/2020 166764BG4 1,000,000.00 Chevron Corp Callable Note Cont 4/15/2021 2.1% Due 5/16/2021 0.000 10,500.00 0.00 10,500.00 0.00 Interest 05/18/2020 46625HRL6 500,000.00 JP Morgan Chase Callable Note Cont 3/18/2023 2.7% Due 5/18/2023 0.000 6,750.00 0.00 6,750.00 0.00 Interest 05/18/2020 58933YAF2 740,000.00 Merck & Co Note 2.8% Due 5/18/2023 0.000 10,360.00 0.00 10,360.00 0.00 Interest 05/19/2020 857477AV5 1,800,000.00 State Street Bank Note 1.95% Due 5/19/2021 0.000 17,550.00 0.00 17,550.00 0.00 Interest 05/20/2020 747525AD5 2,000,000.00 Qualcomm Inc Note 2.25% Due 5/20/2020 0.000 22,500.00 0.00 22,500.00 0.00 Interest 05/30/2020 3135G0F73 2,500,000.00 FNMA Note 1.5% Due 11/30/2020 0.000 18,750.00 0.00 18,750.00 0.00 Interest 05/31/2020 9128283J7 3,000,000.00 US Treasury Note 2.125% Due 11/30/2024 0.000 31,875.00 0.00 31,875.00 0.00 Interest 05/31/2020 912828R69 1,500,000.00 US Treasury Note 1.625% Due 5/31/2023 0.000 12,187.50 0.00 12,187.50 0.00 Interest 05/31/2020 912828U57 5,000,000.00 US Treasury Note 2.125% Due 11/30/2023 0.000 53,125.00 0.00 53,125.00 0.00 Interest 05/31/2020 912828U65 2,500,000.00 US Treasury Note 1.75% Due 11/30/2021 0.000 21,875.00 0.00 21,875.00 0.00 Interest 05/31/2020 912828XE5 3,000,000.00 US Treasury Note 1.5% Due 5/31/2020 0.000 22,500.00 0.00 22,500.00 0.00 Interest 05/31/2020 912828XR6 1,500,000.00 US Treasury Note 1.75% Due 5/31/2022 0.000 13,125.00 0.00 13,125.00 0.00 Subtotal 32,920,000.00 345,672.50 0.00 345,672.50 0.00 Dividend 05/01/2020 31846V203 875,076.24 First American Govt Obligation Fund Class Y 0.000 16.64 0.00 16.64 0.00 Execution Time: 6/4/2020 10:27:25 AMChandler Asset Management - CONFIDENTIAL Page 15 Transaction Ledger As of May 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 05/31/2020 90CAMP$00 48,507,493.00 California Asset Mgmt Program CAMP 0.000 29,168.73 0.00 29,168.73 0.00 Subtotal 49,382,569.24 29,185.37 0.00 29,185.37 0.00 TOTAL OTHER TRANSACTIONS 82,302,569.24 374,857.87 0.00 374,857.87 0.00 Execution Time: 6/4/2020 10:27:25 AMChandler Asset Management - CONFIDENTIAL Page 16 Transaction Ledger As of June 30, 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 06/01/2020 31846V203 10.29 First American Govt Obligation Fund Class Y 1.000 0.01%10.29 0.00 10.29 0.00 Purchase 06/05/2020 912828ZL7 2,000,000.00 US Treasury Note 0.375% Due 4/30/2025 99.828 0.41%1,996,562.50 733.70 1,997,296.20 0.00 Purchase 06/08/2020 31846V203 123,050.00 First American Govt Obligation Fund Class Y 1.000 0.01%123,050.00 0.00 123,050.00 0.00 Purchase 06/09/2020 31846V203 24,375.00 First American Govt Obligation Fund Class Y 1.000 0.01%24,375.00 0.00 24,375.00 0.00 Purchase 06/11/2020 31846V203 28,125.00 First American Govt Obligation Fund Class Y 1.000 0.01%28,125.00 0.00 28,125.00 0.00 Purchase 06/14/2020 31846V203 54,553.13 First American Govt Obligation Fund Class Y 1.000 0.01%54,553.13 0.00 54,553.13 0.00 Purchase 06/15/2020 31846V203 2,541.17 First American Govt Obligation Fund Class Y 1.000 0.01%2,541.17 0.00 2,541.17 0.00 Purchase 06/15/2020 31846V203 3,975.00 First American Govt Obligation Fund Class Y 1.000 0.01%3,975.00 0.00 3,975.00 0.00 Purchase 06/15/2020 31846V203 107,191.55 First American Govt Obligation Fund Class Y 1.000 0.01%107,191.55 0.00 107,191.55 0.00 Purchase 06/15/2020 31846V203 73,801.10 First American Govt Obligation Fund Class Y 1.000 0.01%73,801.10 0.00 73,801.10 0.00 Purchase 06/15/2020 31846V203 10,483.34 First American Govt Obligation Fund Class Y 1.000 0.01%10,483.34 0.00 10,483.34 0.00 Purchase 06/15/2020 31846V203 24,995.35 First American Govt Obligation Fund Class Y 1.000 0.01%24,995.35 0.00 24,995.35 0.00 Purchase 06/15/2020 31846V203 80,221.43 First American Govt Obligation Fund Class Y 1.000 0.01%80,221.43 0.00 80,221.43 0.00 Purchase 06/15/2020 31846V203 73,919.56 First American Govt Obligation Fund Class Y 1.000 0.01%73,919.56 0.00 73,919.56 0.00 Purchase 06/15/2020 31846V203 16,846.66 First American Govt Obligation Fund Class Y 1.000 0.01%16,846.66 0.00 16,846.66 0.00 Purchase 06/15/2020 31846V203 89,475.81 First American Govt Obligation Fund Class Y 1.000 0.01%89,475.81 0.00 89,475.81 0.00 Execution Time: 7/16/2020 1:13:41 PMChandler Asset Management - CONFIDENTIAL Page 10 Transaction Ledger As of June 30, 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 06/18/2020 31846V203 41,478.70 First American Govt Obligation Fund Class Y 1.000 0.01%41,478.70 0.00 41,478.70 0.00 Purchase 06/18/2020 31846V203 124,404.85 First American Govt Obligation Fund Class Y 1.000 0.01%124,404.85 0.00 124,404.85 0.00 Purchase 06/19/2020 3135G04Z3 3,435,000.00 FNMA Note 0.5% Due 6/17/2025 99.793 0.54%3,427,889.55 0.00 3,427,889.55 0.00 Purchase 06/19/2020 31846V203 27,500.00 First American Govt Obligation Fund Class Y 1.000 0.01%27,500.00 0.00 27,500.00 0.00 Purchase 06/22/2020 31846V203 86,330.54 First American Govt Obligation Fund Class Y 1.000 0.01%86,330.54 0.00 86,330.54 0.00 Purchase 06/24/2020 31846V203 2,012,625.68 First American Govt Obligation Fund Class Y 1.000 0.01%2,012,625.68 0.00 2,012,625.68 0.00 Purchase 06/24/2020 31846V203 29,205.00 First American Govt Obligation Fund Class Y 1.000 0.01%29,205.00 0.00 29,205.00 0.00 Purchase 06/25/2020 438516CB0 2,500,000.00 Honeywell Intl Callable Note Cont 5/1/2025 1.35% Due 6/1/2025 102.380 0.86%2,559,500.00 3,468.75 2,562,968.75 0.00 Purchase 06/26/2020 31846V203 4,000,000.00 First American Govt Obligation Fund Class Y 1.000 0.01%4,000,000.00 0.00 4,000,000.00 0.00 Purchase 06/26/2020 31846V203 23,460.00 First American Govt Obligation Fund Class Y 1.000 0.01%23,460.00 0.00 23,460.00 0.00 Purchase 06/27/2020 31846V203 18,000.00 First American Govt Obligation Fund Class Y 1.000 0.01%18,000.00 0.00 18,000.00 0.00 Purchase 06/30/2020 31846V203 26,250.00 First American Govt Obligation Fund Class Y 1.000 0.01%26,250.00 0.00 26,250.00 0.00 Purchase 06/30/2020 90CAMP$00 20,098.53 California Asset Mgmt Program CAMP 1.000 0.48%20,098.53 0.00 20,098.53 0.00 Purchase 06/30/2020 9127963Q0 2,200,000.00 US Treasury Bill 0.141% Due 8/25/2020 99.978 0.14%2,199,519.18 0.00 2,199,519.18 0.00 Subtotal 17,257,917.69 17,306,388.92 4,202.45 17,310,591.37 0.00 Execution Time: 7/16/2020 1:13:41 PMChandler Asset Management - CONFIDENTIAL Page 11 Transaction Ledger As of June 30, 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 Security Contribution 06/26/2020 90CAMP$00 7,000,000.00 California Asset Mgmt Program CAMP 1.000 7,000,000.00 0.00 7,000,000.00 0.00 Subtotal 7,000,000.00 7,000,000.00 0.00 7,000,000.00 0.00 TOTAL ACQUISITIONS 24,257,917.69 24,306,388.92 4,202.45 24,310,591.37 0.00 DISPOSITIONS Sale 06/05/2020 31846V203 1,997,296.20 First American Govt Obligation Fund Class Y 1.000 0.01%1,997,296.20 0.00 1,997,296.20 0.00 Sale 06/19/2020 31846V203 3,427,889.55 First American Govt Obligation Fund Class Y 1.000 0.01%3,427,889.55 0.00 3,427,889.55 0.00 Sale 06/24/2020 912828L99 2,000,000.00 US Treasury Note 1.375% Due 10/31/2020 100.426 1.71%2,008,515.63 4,110.05 2,012,625.68 10,609.17 Sale 06/25/2020 31846V203 2,562,968.75 First American Govt Obligation Fund Class Y 1.000 0.01%2,562,968.75 0.00 2,562,968.75 0.00 Sale 06/30/2020 31846V203 2,199,519.18 First American Govt Obligation Fund Class Y 1.000 0.01%2,199,519.18 0.00 2,199,519.18 0.00 Subtotal 12,187,673.68 12,196,189.31 4,110.05 12,200,299.36 10,609.17 Paydown 06/15/2020 43815NAB0 105,235.55 Honda Auto Receivables Trust 2019-3 A2 1.9% Due 4/15/2022 100.000 105,235.55 1,956.00 107,191.55 0.00 Paydown 06/15/2020 477870AB5 72,490.06 John Deere Owner Trust 2019-B A2 2.28% Due 5/16/2022 100.000 72,490.06 1,311.04 73,801.10 0.00 Paydown 06/15/2020 47788BAD6 10,408.94 John Deere Owner Trust 2017-B A3 1.82% Due 10/15/2021 100.000 10,408.94 74.40 10,483.34 0.00 Paydown 06/15/2020 47788CAC6 24,432.33 John Deere Owner Trust 2018-A A3 2.66% Due 4/18/2022 100.000 24,432.33 563.02 24,995.35 0.00 Execution Time: 7/16/2020 1:13:41 PMChandler Asset Management - CONFIDENTIAL Page 12 Transaction Ledger As of June 30, 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 06/15/2020 47788EAC2 76,873.47 John Deere Owner Trust 2018-B A3 3.08% Due 11/15/2022 100.000 76,873.47 3,347.96 80,221.43 0.00 Paydown 06/15/2020 47789JAB2 72,759.98 John Deere Owner Trust 2019-A A2 2.85% Due 12/15/2021 100.000 72,759.98 1,159.58 73,919.56 0.00 Paydown 06/15/2020 65479GAD1 13,735.66 Nissan Auto Receivables Trust 2018-B A3 3.06% Due 3/15/2023 100.000 13,735.66 3,111.00 16,846.66 0.00 Paydown 06/15/2020 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 06/15/2020 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 06/15/2020 89239AAB9 88,226.76 Toyota Auto Receivables Trust 2019-A A2A 2.83% Due 10/15/2021 100.000 88,226.76 1,249.05 89,475.81 0.00 Paydown 06/18/2020 43814UAG4 40,231.13 Honda Auto Receivables Trust 2018-2 A3 3.01% Due 5/18/2022 100.000 40,231.13 1,247.57 41,478.70 0.00 Paydown 06/18/2020 43814WAB1 122,646.37 Honda Auto Receivables Trust 2019-1 A2 2.75% Due 9/20/2021 100.000 122,646.37 1,758.48 124,404.85 0.00 Paydown 06/22/2020 43815HAC1 83,443.56 Honda Auto Receivables Trust 2018-3 A3 2.95% Due 8/22/2022 100.000 83,443.56 2,886.98 86,330.54 0.00 Subtotal 710,483.81 710,483.81 25,181.25 735,665.06 0.00 Maturity 06/26/2020 89233GFS0 4,000,000.00 Toyota Motor Credit Discount CP 1.13% Due 6/26/2020 99.815 4,000,000.00 0.00 4,000,000.00 0.00 Subtotal 4,000,000.00 4,000,000.00 0.00 4,000,000.00 0.00 Security Withdrawal 06/12/2020 90CAMP$00 3,000,000.00 California Asset Mgmt Program CAMP 1.000 3,000,000.00 0.00 3,000,000.00 0.00 Execution Time: 7/16/2020 1:13:41 PMChandler Asset Management - CONFIDENTIAL Page 13 Transaction Ledger As of June 30, 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 Security Withdrawal 06/25/2020 31846V203 104.17 First American Govt Obligation Fund Class Y 1.000 104.17 0.00 104.17 0.00 Subtotal 3,000,104.17 3,000,104.17 0.00 3,000,104.17 0.00 TOTAL DISPOSITIONS 19,898,261.66 19,906,777.29 29,291.30 19,936,068.59 10,609.17 OTHER TRANSACTIONS Interest 06/08/2020 3130A0F70 5,000,000.00 FHLB Note 3.375% Due 12/8/2023 0.000 84,375.00 0.00 84,375.00 0.00 Interest 06/08/2020 69353RFL7 2,210,000.00 PNC Bank Callable Note Cont 5/9/2023 3.5% Due 6/8/2023 0.000 38,675.00 0.00 38,675.00 0.00 Interest 06/09/2020 313383QR5 1,500,000.00 FHLB Note 3.25% Due 6/9/2023 0.000 24,375.00 0.00 24,375.00 0.00 Interest 06/11/2020 313379RB7 3,000,000.00 FHLB Note 1.875% Due 6/11/2021 0.000 28,125.00 0.00 28,125.00 0.00 Interest 06/14/2020 3130A1XJ2 3,795,000.00 FHLB Note 2.875% Due 6/14/2024 0.000 54,553.13 0.00 54,553.13 0.00 Interest 06/19/2020 3137EAEN5 2,000,000.00 FHLMC Note 2.75% Due 6/19/2023 0.000 27,500.00 0.00 27,500.00 0.00 Interest 06/24/2020 166764AH3 1,000,000.00 Chevron Corp Callable Note Cont 3/24/2023 3.191% Due 6/24/2023 0.000 15,955.00 0.00 15,955.00 0.00 Interest 06/24/2020 24422ETT6 1,000,000.00 John Deere Capital Corp Note 2.65% Due 6/24/2024 0.000 13,250.00 0.00 13,250.00 0.00 Interest 06/26/2020 931142EK5 1,380,000.00 Wal-Mart Stores Callable Note Cont 5/26/2023 3.4% Due 6/26/2023 0.000 23,460.00 0.00 23,460.00 0.00 Interest 06/27/2020 02665WCZ2 1,500,000.00 American Honda Finance Note 2.4% Due 6/27/2024 0.000 18,000.00 0.00 18,000.00 0.00 Execution Time: 7/16/2020 1:13:41 PMChandler Asset Management - CONFIDENTIAL Page 14 Transaction Ledger As of June 30, 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 06/30/2020 912828XW5 3,000,000.00 US Treasury Note 1.75% Due 6/30/2022 0.000 26,250.00 0.00 26,250.00 0.00 Subtotal 25,385,000.00 354,518.13 0.00 354,518.13 0.00 Dividend 06/01/2020 31846V203 5,103,044.76 First American Govt Obligation Fund Class Y 0.000 10.29 0.00 10.29 0.00 Dividend 06/30/2020 90CAMP$00 52,536,661.73 California Asset Mgmt Program CAMP 0.000 20,098.53 0.00 20,098.53 0.00 Subtotal 57,639,706.49 20,108.82 0.00 20,108.82 0.00 TOTAL OTHER TRANSACTIONS 83,024,706.49 374,626.95 0.00 374,626.95 0.00 Execution Time: 7/16/2020 1:13:41 PMChandler Asset Management - CONFIDENTIAL Page 15