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Home My WebLink About4.10 City Treasurer's Informational Report of Investments for the Quarter Ending March 31, 2021STAFF REPORT CITY COUNCIL Page 1 of 4 Agenda Item 4.10 DATE:May 18, 2021 TO:Honorable Mayor and City Councilmembers FROM:Linda Smith, City Manager SUBJECT:City Treasurer's Informational Report of Investments for the Quarter Ending March 31, 2021 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 March 31, 2021 including a monthly transaction ledger. The City’s investment portfolio for this period totaled $321,860,767 (market value) with an average market yield of 0.39%. 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 City Treasurer's Informational Report of Investments for the Quarter Ending March 31, 2021. 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 (market value) consists of $226,023,415 managed by Chandler Asset Management (Chandler), and $95,837,352 invested by the City in local government pools, the Local Agency Investment Fund (LAIF) and the California Asset Management Program (CAMP). The average market yield of the Chandler portfolio and the local pools was 0.46% and 0.22% respectively. This quarter, the City moved $10 million from CAMP to the Chandler portfolio. The total investment portfolio balance fluctuates throughout the year due to normal cash flow needs and includes both discretionary and restricted funds. 683 Page 2 of 4 Economic Update Highlights The following are some highlights from the Economic Update included in the Investment Report prepared by Chandler (Attachment 1). Economic growth is poised to accelerate meaningfully in the current quarter as vaccine distribution becomes more widespread in the US amid an ongoing backdrop of robust fiscal support, low interest rates, and accommodative monetary policy. Robust fiscal spending along with the Federal Reserve’s highly accommodative monetary policy continues to provide support for the economy and financial markets. In March, President Biden signed a $1.9 trillion fiscal relief plan (bringing the total amount of pandemic-related fiscal relief legislation in the last year to about $5.5 trillion) and at the end of the month he unveiled a $2.3 trillion infrastructure spending proposal. Chandler expects some version of an infrastructure spending bill to come to fruition later this year. Estimates for US gross domestic product (GDP) growth this year continue to migrate higher. The current Bloomberg consensus estimate for 2021 US GDP growth is now 6.2%. City of Dublin Portfolio The City's aggregate portfolio has maintained a healthy balance of investment types with minimal change from the prior quarter as shown below in Chart 1. Chart 1: Investments by Type December 31, 2020 and March 31, 2021 The market value of the City's portfolio decreased by $5,263,094 from the December 31, 2020 quarter. The quarterly decrease results from the normal fluctuations in the timing of incoming revenue, predominantly the receipt of property tax allocations and sales tax revenue; and expenditures on Capital Projects; as well as payments to Alameda County for Police and Fire Services. The City’s portfolio increased $21.4 million from the same quarter the prior year due to the excess of revenues over expenditures trending on an annual basis (see Table 1 below). Overall 684 Page 3 of 4 market yield-to-maturity increased from 0.28% to 0.39% (shown in Table 2) due to the factors 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 US- based corporations for reporting purposes. Table 1: Portfolio Values and Yield to Maturity Table 2: Quarterly Holdings (Market Value) by Type and YTM Portfolio Yields for all Funds The following (Table 3) is a summary of historical portfolio yields for LAIF, CAMP, and the funds managed by Chandler, for the most recent eight quarters: March 31, 2020 December 31, 2020 Holdings Market Value Market Value Par Value Book Value Market Value % of Subtotal % of Total Portfolio Book Yield Market Yield Managed by City LAIF 49,651,088 50,189,403 50,268,759 50,268,759 50,268,759 52.5%15.9%0.35%0.35% CAMP 36,974,798 59,605,094 45,517,393 45,517,393 45,517,393 47.5%14.4%0.07%0.07% SUBTOTAL 86,625,886 109,794,497 95,786,151 95,786,151 95,786,151 100.00%30.38%0.22%0.22% Accrued Interest 73,594 51,201 109,868,091 95,837,352 Managed by Chandler ABS 13,963,788 8,651,697 7,729,509 7,739,906 7,785,198 3.5%2.5%1.47%0.33% Agency 73,363,097 88,099,396 76,570,000 76,955,343 78,831,782 35.0%24.3%1.64%0.38% Money Market 1,416,205 1,494,033 7,546,801 7,546,801 7,546,801 3.4%2.4%0.01%0.01% Supranational 4,626,095 9,291,429 14,445,000 14,415,450 14,391,293 6.4%4.6%1.08%0.66% Corporate 49,536,671 49,090,006 46,735,000 47,261,486 48,771,479 21.7%14.8%2.33%0.67% US Treasury 65,660,509 59,632,976 66,500,000 66,418,546 67,900,673 30.1%21.1%1.63%0.42% SUBTOTAL 212,701,340 216,259,536 219,526,310 220,337,532 225,227,225 100.00%69.62%1.67%0.46% Accrued Interest 1,091,397 996,234 796,190 213,792,736 217,255,770 226,023,415 TOTAL PORTFOLIO 300,418,622 327,123,861 315,312,462 316,123,683 321,860,767 100.00%0.39% 21,442,145 (5,263,094) Change from Prior Quarter Change from Prior Year March 31, 2021 Holdings (Market Value)3/31/20 6/30/20 9/30/20 12/31/20 3/31/21 LAIF/CAMP 86,625,886 102,457,734 87,959,776 109,794,497 95,786,151 ABS 13,963,788 10,752,557 10,967,071 8,651,697 7,785,198 Agency 73,363,097 78,621,769 86,962,937 88,099,396 78,831,782 Money Market 1,416,205 2,018,086 287,330 1,494,033 7,546,801 Supranational 4,626,095 6,913,320 6,901,940 9,291,429 14,391,293 Corporate 49,536,671 51,557,374 48,948,015 49,090,006 48,771,479 US Treasury 65,660,509 65,288,940 61,909,753 59,632,976 67,900,673 Accrued Interest 1,091,397 1,203,899 923,702 1,069,828 847,391 TOTAL 300,418,622 318,813,679 304,860,526 327,123,861 321,860,767 YIELD TO MATURITY 1.11%0.50%0.34%0.28%0.39% 685 Page 4 of 4 Table 3: Historical Quarterly Portfolio Yields Market Yield LAIF CAMP Chandler03/31/21 0.35%0.07%0.46%12/31/20 0.52%0.12%0.27%09/30/20 0.66%0.25%0.30%06/30/20 1.15%0.48%0.36%03/31/20 1.74%1.50%0.89%12/31/19 2.03%1.77%1.75%09/30/19 2.25%2.25%1.81%06/30/19 2.41%2.45%1.98%03/31/19 2.44%2.59%2.44% STRATEGIC PLAN INITIATIVE: Strategy 2: Explore new City revenue streams for long term financial stability. Objective D: Continue to maintain strong fiscal policies. NOTICING REQUIREMENTS/PUBLIC OUTREACH: The City Council Agenda was posted. ATTACHMENTS: 1) City of Dublin Investment Report for Period Ending March 31, 2021 2) Transaction Ledger – January through March 2021 686 CHANDLER ASSET MANAGEMENT, INC. | 800.317.4747 | www.chandlerasset.com INVESTMENT REPORT Period Ending March 31, 2021 City of Dublin Attachment 1 687 SECTION 1 Economic Update SECTION 2 Account Profile SECTION 3 Consolidated Information SECTION 4 Portfolio Holdings SECTION 5 Transactions Table of Contents As of March 31, 2021 1 688 SECTION |Section 1 |Economic Update 2 689 Economic Update    Economic growth is poised to accelerate meaningfully in the current quarter as vaccine distribution becomes more widespread in the US amid an ongoing backdrop of robust fiscal support,low interest rates,and accommodative monetary policy.The vaccine rollout has been faster than expected and more than 25%of the US population is now fully vaccinated, and about 40%have received at least one dose.Meanwhile, robust fiscal spending along with the Federal Reserve’s highly accommodative monetary policy continues to provide support for the economy and financial markets.In March,President Biden signed a $1.9 trillion fiscal relief plan (bringing the total amount of pandemic-related fiscal relief legislation in the last year to about $5.5 trillion)and at the end of the month he unveiled a $2.3 trillion infrastructure spending proposal.We expect some version of an infrastructure spending bill to come to fruition later this year.Estimates for US gross domestic product (GDP)growth this year continue to migrate higher.The current Bloomberg consensus estimate for 2021 US GDP growth is now 6.2%. The Federal Open Market Committee kept monetary policy unchanged at their March meeting as expected,with the fed funds target rate in a range of 0.0%to 0.25%.The Fed also continues to purchase $80 billion of Treasuries per month,and $40 billion of agency mortgage-backed securities per month.The Fed intends to remain highly accommodative until the labor market has made a strong recovery and inflation is sustainably on track to achieve their 2.0%longer-run target.The majority of Fed policymakers expect to keep the fed funds rate unchanged through 2023.Though inflation rates are likely to increase in the coming months (due to low inflation last year and near-term supply constraints), the Fed believes the increase will be transitory and the Fed intends to remain on the sidelines.Fed Chair Powell emphasized that policymakers will clearly telegraph their outlook for monetary policy well in advance of any future policy changes. The yield curve has steepened.As of March month-end,the yield on 2-year Treasuries was about four basis points higher while the yield on 10-year Treasuries was nearly 83 basis points higher,on a year-to-date basis.In April,we have seen a modest retreat in longer-term Treasury yields.Nevertheless,we believe the Treasury yield curve is poised to modestly steepen further as the year progresses,which would be consistent with an improving economicoutlook,more widespread vaccine distribution, the anticipation of ongoing fiscal spending, and a moderate pick-up in inflation. 3 690 Will $5.5 Trillion Stimulus Propel Growth and Inflation? Source: US Congress Fiscal Package Amount CARES Act $2.23 Trillion Coronavirus Relief Bill $484 Billion Phase 4 Stimulus $908 Billion American Rescue Plan $1.9 Trillion Total So Far $5.5 Trillion Individuals $799 Billion (42%) 176 Stimulus Checks Unemployment Assistance Tax Credits Local Governments $360 Billion (19%) Transportation/Education/Housing $280 Billion (15%) Health $228 Billion (12%) Business $75 Billion (4%) Other $146 Billion (15%) States Municipalities Infrastructure Public Transit, Airlines/Airports, Amtrak K-12/Higher Education Housing Assistance COVID Testing/Contact Tracing, FEMA Vaccine Distribution Defense Production Transportation $56 Billion Education $176 Billion Housing $48 Billion COVID Policy $123 Billion Healthcare $105 Billion Small Business $59 Billion Agriculture $16 Billion PPP Restaurants,Small Business Loans Farm Relief Pension Bailouts, Cybersecurity 2021 American Rescue Plan $1.9 Trillion 4 691 Source: US Department of Labor Source: US Department of Labor Employment U.S.nonfarm payrolls w ere much stronger than expected in March,up 916,000,versus the Bloomberg consensus forecast of 660,000.February payrolls were also revised higher reflecting a 468,000 gain.Payrolls in the leisure and hospitality sector showed the strongest gains adding another 280,000 jobs.As expected,the unemployment rate declined to 6.0%in March from 6.2%in February.The participation rate increased in March to 61.5%from 61.4%last month but remains below pre-pandemic levels.Although the employment picture continues to improve, payrolls are approximately 8.4 million below the 152.5 million level prior to the pandemic.The U-6 underemployment rate,which includes those who are marginally attached to the labor force and employed part time for economic reasons,declined to 10.7%in March from 11.1%in February. -22,000 -18,000 -14,000 -10,000 -6,000 -2,000 2,000 6,000 MOM Change In (000's)Nonfarm Payroll (000's) Non-farm Payroll (000's) 3 month average (000's) 0.0% 4.0% 8.0% 12.0% 16.0% 20.0% 24.0% Unemployment Rate Underemployment Rate (U6) Unemployment Rate (U3)Rate (%)5 692 Initial Claims for Unemployment 576 769 729 658 765 734 761 747 847 863 837 836 886 904 3,731 3,727 3,753 3,841 4,123 4,157 4,383 4,469 4,592 4,655 4,791 4,878 5,061 - 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 In thousandsInitial Jobless Claims Continuing Claims Initial Claims For Unemployment January 08, 2021 -April 09, 2021 In the most recent week,the number of initial jobless claims declined to 576,000 versus 769,000 in the prior week.The level of continuing unemployment claims (where the data is lagged by one week)was little changed at 3.731 million versus 3.727 million in the prior week. Although continuing jobless claims are much lower than the peak of nearly 25 million last May,they remained above the 2019 (pre-pandemic) average of 1.7 million. Source: US Department of Labor 6 693 Source: US Department of Labor Source: US Department of Commerce Inflation The Consumer Price Index (CPI)was up 2.6%year-over-year in March,versus up 1.7%year-over-year in February.The increase in March was driven by higher energy prices and the base effects of deflationary pressures in the initial stage of the pandemic last year. Core CPI (CPI less food and energy)was up just 1.6%year-over-year in March,versus up 1.3%in February.The Personal Consumption Expenditures (PCE)index was up 1.6%year-over-year in February, versus up 1.4%year-over-year in January.Core PCE,which is the Fed's primary inflation gauge,was up 1.4%year-over-year in February, versus up 1.5%year-over-year in January.Inflation rates are likely to increase as we begin to cycle through the deflationary impact of the pandemic last year, but for now inflation remains below the Fed's longer-run 2.0% target. 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% Personal Consumption Expenditures (PCE) PCE Price Deflator YOY % Change PCE Core Deflator YOY % Change YOY( %) Change0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% Consumer Price Index (CPI) CPI YOY % Change Core CPI YOY % ChangeYOY( %) Change7 694 On a year-over-year basis,retail sales were up 27.7%in March versus up 6.7%in February.On a month-over-month basis,retail sales were even stronger than expected in March,surging 9.8%,following a 2.7%decline in February.The March increase was likely fueled by federal stimulus checks which were delivered early in the month. Pent-up demand,following severe winter weather in February,likely also helped drive March sales.The increase was broad-based across all major categories in March,with particular strength in sporting goods,hobby, instrument &book stores,clothing &accessories,and motor vehicle &parts.The Consumer Confidence index jumped to 109.7 in March from 90.4 in February, which likely helped drive March sales as well. Source: US Department of Commerce Source: The Conference Board -30.0% -20.0% -10.0% 0.0% 10.0% 20.0% 30.0% 40.0% Retail Sales YOY % Change YOY (%) Change80 90 100 110 120 130 140 Index LevelConsumer Confidence Consumer 8 695 Source: The Conference Board Source: Federal Reserve Bank of Chicago Economic Activity The Conference Board’s Leading Economic Index (LEI)rose 0.2%month-over-month in February (following a 0.4%increase in January)but remained down 1.3%on a year-over-year basis.According to the Conference Board,the index suggests the economy should continue to improve this year.While some components of the LEI showed signs of weakness in February,the Conference Board believes it may have been due to transitory factors such as bad weather and supply-chain disruptions.Severe winter weather likely had a negative impact on the Chicago Fed National Activity Index (CFNAI)in February as well.The CFNAI dropped to -1.09 in February from +0.75 in January.On a 3-month moving average basis,the CFNAI declined to -0.02 in February from 0.46 in January.The index turned negative on both a one month and 3-month basis in February, and a negative index reading corresponds to below trend growth. -8.00 -6.00 -4.00 -2.00 0.00 2.00 4.00 6.00 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 ( %) Change9 696 Source: US Department of Commerce Source: S&P Housing 0 200 400 600 800 1000 1200 1400 1600 1800 MOM Change (In Thousands of Units)Housing Starts Multi Family Housing Starts Single Family Housing Starts 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% S&P/Case -Shiller 20 City Composite Home Price Index YOY( %) ChangeTotal housing starts were stronger than expected in March,up 19.4%to an annual pace of 1,739,000.Single-family starts rose 15.3%in March and multi-family starts were up 30.8%.On a year-over-year basis,housing starts were up 37.0%in March.Permits were also stronger than expected in March,up 2.7%to an annualized rate of 1,766,000.According to the Case-Shiller 20-City home price index,home prices were up 11.1%year-over-year in January versus up 10.2%year-over-year in December.We believe rising mortgage rates may put pressure on home prices in the months ahead. 10 697 Source: Institute for Supply Management Source: Federal Reserve Manufacturing The Institute for Suppl y Management (ISM)manufacturing index increased to 64.7 in March from 60.8 in February.Readings above 50.0 are indicative of expansion in the manufacturing sector. We believe a weaker US dollar has been supportive of the US manufacturing sector throughout the past year.The Industrial Production index was up 1.0%year-over-year in March,versus down 4.8%in February.On a month- over-month basis,the Industrial Production index increased 1.4%in March,following a 2.6%decline in February.The March rebound was likely driven in part by weather.Capacity Utilization increased to 74.4%in March from 73.4%in February but remains well below the long-run average of 79.8%. 40 42 44 46 48 50 52 54 56 58 60 62 64 66 Institute of Supply Management Purchasing Manager Index EXPANDING CONTRACTING -18.0% -14.0% -10.0% -6.0% -2.0% 2.0% 6.0% Industrial Production YOY( %) Change11 698 Source: US Department of Commerce Source: US Department of Commerce 3/20 6/20 9/20 12/20 -4.8% -24.0% 25.4% 1.6% -1.6% -8.8% 12.0% 4.4% 1.1% 0.6% -3.2% -1.5% 0.1% 1.2% -0.4% -0.1% 0.1% -0.4% -0.4% -0.1% -5.0% -31.4% 33.4% 4.3% Gross Private Domestic Investment Personal Consumption Expenditures Components of GDP Federal Government Expenditures State and Local (Consumption and Gross Investment) Net Exports and Imports Total -35.0% -30.0% -25.0% -20.0% -15.0% -10.0% -5.0% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% Gross Domestic Product (GDP) GDP QOQ % Change GDP YOY % Change Gross Domestic Product (GDP) According to the third estimate,real US gross domestic product (GDP)grew at an annualized rate of 4.3%in the fourth quarter of 2020 (slightly higher than the second estimate of 4.1%),following 33.4%growth in the third quarter and a 31.4%annualized decline in the second quarter. Personal consumption expenditures rose at an annual rate of 2.3%in the fourth quarter.The consensus forecast for US gross domestic product growth in 2021 is 6.2%, following a 3.5% decline in 2020. 12 699 Federal Reserve Source: Federal Reserve Source: Bloomberg Last year,the Fed took a wide range of aggressive actions to help stabilize and provide liquidity to the financial markets.The Fed 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.Last year,policymakers reinstated the Commercial Paper Funding Facility and Money Market Mutual Fund Liquidity Facility.The Fed also established the Primary Market Corporate Credit Facility,Secondary Market Corporate Credit Facility,Term Asset-Backed Securities Loan Facility,Paycheck Protection Program Liquidity Facility,Main Street Lending Facility,and Municipal Liquidity Facility.The Fed has also provided short-term funding through large-scale repo operations and lowered the reserve requirement for depository institutions. Notably, many of the Fed's lending facilities expired at the end of 2020,including the Fed’s corporate credit,asset-backed securities,municipal lending, and Main Street Lending programs. 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 8,000,000 Federal Reserve Balance Sheet Assets In$ millions13 700 Source: Bloomberg Source: Bloomberg 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% US Treasury Note Yields 2-Year 5-Year 10-Year Yield (%)0.0% 0.5% 1.0% 1.5% 2.0% 2.5% US Treasury Yield Curve Mar-21 Dec-20 Mar-20 Yield (%)Bond Yields The treasury yield curve is much steeper relative to this time last year.The 3-month T-bill yieldis about four basis points lower,and the 2-year Treasury yield is about four basis points higher,while the 10-Year Treasury yield is about 83 basis points higher,year-over-year,as of March month-end.Yields declined precipitously in March 2020,with the Fed cutting rates by a total of 150 basis points and a flight to safe-haven assets driving down yields across the curve. Since late 2020,longer-term yields have been rising and the yield curve has steepened.The Fed has signaled plans to keep the front end of the Treasury yield curve anchored near zero until at least 2023. 14 701 Section 2|SECTION |Section 2 |Account Profile 15 702 Objectives Chandler Asset Management Performance Objective The performance objective of the City of Dublin is to earn a return that equals or exceeds the return on of the ICE BAML 1-5 Year Treasury and Agency Index. Investment Objectives The investment objectives of the City of Dublin are first,to provide safety of principal;second,to provide adequate liquidity to meet all requirements which might be reasonably anticipated;third,to attain a market average rate of return on its investments throughout economic cycles;and fourth,to be diversified to avoid incurring unreasonable and avoidable risks regarding specific security types or individual financial institutions. Strategy In order to achieve this objective,the portfolio invests in high quality fixed income instruments consistent with the City's investment policy and California Government Code. As of March 31, 2021 16 703 Compliance As of March 31, 2021 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. 17 704 Portfolio Characteristics City of Dublin 3/31/2021 12/31/2020 Benchmark*Portfolio Portfolio Average Maturity (yrs)2.66 2.68 2.66 Average Modified Duration 2.59 2.52 2.49 Average Purchase Yield n/a 1.67%1.82% Average Market Yield 0.36%0.46%0.27% Average Quality**AAA AA+/Aa1 AA/Aa1 Total Market Value 226,023,415 217,255,771 *ICE BAML 1-5 Year US Treasury/Agency Index **Benchmark is a blended rating of S&P, Moody’s, and Fitch. Portfolio is S&P and Moody’s respectively. As of March 31, 2021 18 705 City of Dublin Sector Distribution ABS 3.4% Agency 35.0% Corporate 21.7% Money Market Fund 3.3% Supranational 6.4% US Treasury 30.1% March 31, 2021 December 31, 2020 ABS 4.0% Agency 40.7% Corporate 22.8% Money Market Fund 0.7% Supranational 4.3% US Treasury 27.6% As of March 31, 2021 19 706 Issue Name Investment Type % Portfolio Government of United States US Treasury 30.13% Federal National Mortgage Association Agency 14.26% Federal Home Loan Bank Agency 11.65% Federal Home Loan Mortgage Corp Agency 6.11% Intl Bank Recon and Development Supranational 4.51% First American Govt Oblig Fund Money Market Fund 3.34% Federal Farm Credit Bank Agency 2.99% Inter-American Dev Bank Supranational 1.87% Bank of America Corp Corporate 1.69% US Bancorp Corporate 1.65% Royal Bank of Canada Corporate 1.62% Toronto Dominion Holdings Corporate 1.53% Apple Inc Corporate 1.43% JP Morgan Chase & Co Corporate 1.42% Chubb Corporation Corporate 1.19% Honda Motor Corporation Corporate 1.17% Honeywell Corp Corporate 1.13% PNC Financial Services Group Corporate 1.05% Nissan ABS ABS 0.97% Deere & Company Corporate 0.95% Charles Schwab Corp/The Corporate 0.92% ChevronTexaco Corp Corporate 0.92% Toyota ABS ABS 0.87% Berkshire Hathaway Corporate 0.86% Honda ABS ABS 0.83% Microsoft Corporate 0.82% State Street Bank Corporate 0.80% John Deere ABS ABS 0.77% Wal-Mart Stores Corporate 0.66% Bank of New York Corporate 0.57% General Dynamics Corp Corporate 0.51% Oracle Corp Corporate 0.45% Merck & Company Corporate 0.35% TOTAL 100.00% Issuers City of Dublin –Account #10198 As of March 31, 2021 20 707 AAA AA A <A NR 03/31/21 12.1%70.6%15.5%0.0%1.9% 12/31/20 7.9%72.8%15.4%0.0%4.0% Source: S&P Ratings March 31, 2021 vs. December 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 3/31/2021 12/31/2020 Quality Distribution City of Dublin As of March 31, 2021 21 708 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 March 31, 2021 0 -0.25 0.25 -0.50 0.50 - 1 1 - 2 2 - 3 3 - 4 4 - 5 5+ Portfolio 6.6% 4.8% 8.7% 15.9% 22.4% 23.6% 18.0% 0.0% Benchmark*0.2% 0.2% 1.6% 33.7% 29.4% 18.0% 17.0% 0.0% *ICE BAML 1-5 Year US Treasury/Agency Index Duration Distribution City of Dublin As of March 31, 2021 22 709 -0.50% 0.00% 0.50% 1.00% 1.50% 2.00% 2.50% 3.00% 3.50% 4.00% 12 months 2 years 3 years 5 years 10 years Since Inception City of Dublin ICE BAML 1-5 Year US Treasury/Agency Index Total Rate of Return Annualized Since Inception 10/31/2013 Annualized TOTAL RATE OF RETURN 3 months 12 months 2 years 3 years 5 years 10 years Since Inception City of Dublin -0.54%1.18%3.46%3.41%2.12%N/A 1.87% ICE BAML 1-5 Year US Treasury/Agency Index -0.52%-0.07%3.31%3.25%1.91%N/A 1.70% *ICE BAML 1-3 Yr US Treasury/Agency Index to 12/31/2014 Total rate of return: A measure of a portfolio’s performance over time.It is the internal rate of return,which equates the beginning value of the portfolio with the ending value;it includes interest earnings,realized and unrealized gains and losses in the portfolio. Investment Performance City of Dublin As of March 31, 2021 23 710 Portfolio Characteristics City of Dublin Reporting Account 3/31/2021 Portfolio 12/31/2020 Portfolio Average Maturity (yrs)0.00 0.00 Modified Duration 0.00 0.00 Average Purchase Yield 0.22%0.30% Average Market Yield 0.22%0.30% Average Quality*AAA/NR AAA/NR Total Market Value 95,837,352 109,868,091 *Portfolio is S&P and Moody’s, respectively. As of March 31, 2021 24 711 City of Dublin Reporting Account Sector Distribution LAIF 52.5% Local Gov Investment Pool 47.5% March 31, 2021 December 31, 2020 LAIF 45.8% Local Gov Investment Pool 54.3% As of March 31, 2021 25 712 Issue Name Investment Type % Portfolio Local Agency Investment Fund LAIF 52.51% CAMP Local Gov Investment Pool 47.49% TOTAL 100.00% Issuers City of Dublin Reporting Account –Account #10219 As of March 31, 2021 26 713 SECTION |Section 3 |Consolidated Information 27 714 Portfolio Characteristics City of Dublin Consolidated 3/31/2021 12/31/2020 Portfolio Portfolio Average Maturity (yrs)1.88 1.76 Modified Duration 1.77 1.65 Average Purchase Yield 1.23%1.30% Average Market Yield 0.39%0.28% Average Quality*AA+/Aa1 AA+/Aa1 Total Market Value 321,860,767 327,123,861 * Portfolio is S&P and Moody’s respectively. As of March 31, 2021 28 715 City of Dublin Consolidated Sector Distribution ABS 2.4% Agency 24.6% Corporate 15.2% LAIF 15.6% Local Gov Investment Pool 14.1% Money Market Fund 2.3% Supranational 4.5% US Treasury 21.2% March 31, 2021 December 31, 2020 ABS 2.7% Agency 27.1% Corporate 15.1%LAIF 15.4% Local Gov Investment Pool 18.2% Money Market Fund 0.5% Supranational 2.9% US Treasury 18.3% As of March 31, 2021 29 716 SECTION |Section 4 |Portfolio Holdings 30 717 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 43815NAB0 Honda Auto Receivables Trust 2019-3 A2 1.900% Due 04/15/2022 212,878.28 08/20/2019 1.91% 212,863.38 212,877.93 100.17 0.20% 213,246.18 179.76 0.09% 368.25 Aaa / AAA NR 1.04 0.10 43814UAG4 Honda Auto Receivables Trust 2018-2 A3 3.010% Due 05/18/2022 126,378.88 05/22/2018 2.15% 126,376.12 126,378.10 100.52 0.34% 127,041.74 137.37 0.06% 663.64 NR / AAA AAA 1.13 0.20 43815HAC1 Honda Auto Receivables Trust 2018-3 A3 2.950% Due 08/22/2022 413,928.75 08/21/2018 2.55% 413,871.97 413,908.93 100.83 0.28% 417,361.05 339.19 0.18% 3,452.12 Aaa / NR AAA 1.39 0.31 47788EAC2 John Deere Owner Trust 2018-B A3 3.080% Due 11/15/2022 431,142.13 07/18/2018 3.10% 431,109.46 431,129.82 100.73 0.19% 434,301.11 590.19 0.19% 3,171.29 Aaa / NR AAA 1.63 0.26 65479GAD1 Nissan Auto Receivables Trust 2018-B A3 3.060% Due 03/15/2023 579,171.60 07/17/2018 3.08% 579,152.83 579,166.98 101.16 0.36% 585,884.20 787.67 0.26% 6,717.22 Aaa / AAA NR 1.96 0.43 89231PAD0 Toyota Auto Receivables Trust 2018-D A3 3.180% Due 03/15/2023 926,009.77 08/29/2019 2.15% 945,795.99 936,920.50 101.31 0.31% 938,116.42 1,308.76 0.42% 1,195.92 Aaa / AAA NR 1.96 0.46 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 1,579,941.99 101.81 0.30% 1,608,637.50 1,355.29 0.71% 28,695.51 Aaa / AAA NR 3.29 1.11 89237VAB5 Toyota Auto Receivables Trust 2020-C A3 0.440% Due 10/15/2024 1,025,000.00 07/21/2020 0.44% 1,024,921.08 1,024,933.78 100.22 0.29% 1,027,235.60 200.44 0.45% 2,301.82 Aaa / AAA NR 3.55 1.47 43813KAC6 Honda Auto Receivables Trust 2020-3 A3 0.370% Due 10/18/2024 1,120,000.00 09/22/2020 0.38% 1,119,835.47 1,119,861.91 100.03 0.35% 1,120,375.20 149.64 0.50% 513.29 NR / AAA AAA 3.55 1.78 47787NAC3 John Deere Owner Trust 2020-B A3 0.510% Due 11/15/2024 515,000.00 07/14/2020 0.52% 514,921.51 514,937.12 100.22 0.36% 516,142.27 116.73 0.23% 1,205.15 Aaa / NR AAA 3.63 1.46 47788UAC6 John Deere Owner Trust 2021-A A3 0.360% Due 09/15/2025 800,000.00 03/02/2021 0.37% 799,846.24 799,848.81 99.61 0.52% 796,856.81 168.00 0.35% (2,992.00) Aaa / NR AAA 4.46 2.43 TOTAL ABS 7,729,509.41 1.47% 7,748,610.63 7,739,905.87 0.33% 7,785,198.08 5,333.04 3.45% 45,292.21 Aaa / AAA Aaa 2.95 1.15 Agency 313379RB7 FHLB Note 1.875% Due 06/11/2021 3,000,000.00 08/30/2017 1.67% 3,022,620.00 3,001,163.78 100.36 0.03% 3,010,761.00 17,187.50 1.34% 9,597.22 Aaa / AA+ AAA 0.20 0.19 3130A8QS5 FHLB Note 1.125% Due 07/14/2021 2,500,000.00 07/25/2016 1.28% 2,481,475.00 2,498,937.93 100.31 0.04% 2,507,737.50 6,015.63 1.11% 8,799.57 Aaa / AA+ AAA 0.29 0.29 3137EAEC9 FHLMC Note 1.125% Due 08/12/2021 3,000,000.00 Various 1.33% 2,971,215.00 2,997,873.08 100.39 0.05% 3,011,700.00 4,593.76 1.33% 13,826.92 Aaa / AA+ AAA 0.37 0.36 3135G0Q89 FNMA Note 1.375% Due 10/07/2021 2,000,000.00 10/06/2016 1.45% 1,992,924.00 1,999,267.60 100.67 0.08% 2,013,420.00 13,291.67 0.90% 14,152.40 Aaa / AA+ AAA 0.52 0.51 As of March 31, 2021 31 718 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 3135G0S38 FNMA Note 2.000% Due 01/05/2022 2,500,000.00 01/30/2017 2.04% 2,495,475.00 2,499,298.63 101.44 0.11% 2,535,902.50 11,944.44 1.13% 36,603.87 Aaa / AA+ AAA 0.77 0.76 313378CR0 FHLB Note 2.250% Due 03/11/2022 2,000,000.00 06/19/2017 1.86% 2,035,280.00 2,007,035.55 102.02 0.11% 2,040,336.00 2,500.00 0.90% 33,300.45 Aaa / AA+ NR 0.95 0.94 3135G0T45 FNMA Note 1.875% Due 04/05/2022 3,250,000.00 05/05/2017 1.99% 3,232,125.00 3,246,321.32 101.77 0.13% 3,307,447.00 29,791.67 1.48% 61,125.68 Aaa / AA+ AAA 1.01 1.00 3135G0T94 FNMA Note 2.375% Due 01/19/2023 2,500,000.00 03/28/2018 2.70% 2,463,675.00 2,486,396.22 103.98 0.16% 2,599,475.00 11,875.00 1.16% 113,078.78 Aaa / AA+ AAA 1.81 1.76 313383QR5 FHLB Note 3.250% Due 06/09/2023 1,500,000.00 08/28/2018 2.87% 1,525,005.00 1,511,449.28 106.42 0.30% 1,596,369.00 15,166.67 0.71% 84,919.72 Aaa / AA+ NR 2.19 2.11 3137EAEN5 FHLMC Note 2.750% Due 06/19/2023 2,000,000.00 07/16/2018 2.88% 1,988,360.00 1,994,762.65 105.61 0.21% 2,112,172.00 15,583.33 0.94% 117,409.35 Aaa / AA+ AAA 2.22 2.15 3135G05G4 FNMA Note 0.250% Due 07/10/2023 2,350,000.00 07/08/2020 0.32% 2,344,947.50 2,346,170.25 100.07 0.22% 2,351,689.65 1,321.88 1.04% 5,519.40 Aaa / AA+ AAA 2.28 2.27 3133EKZK5 FFCB Note 1.600% Due 08/14/2023 4,000,000.00 08/26/2019 1.54% 4,009,000.00 4,005,376.38 103.22 0.23% 4,128,944.00 8,355.56 1.83% 123,567.62 Aaa / AA+ AAA 2.37 2.33 313383YJ4 FHLB Note 3.375% Due 09/08/2023 5,000,000.00 Various 2.90% 5,102,615.00 5,053,223.98 107.55 0.26% 5,377,655.00 10,781.25 2.38% 324,431.02 Aaa / AA+ NR 2.44 2.36 3130A0F70 FHLB Note 3.375% Due 12/08/2023 5,000,000.00 Various 2.73% 5,147,870.00 5,080,757.41 108.14 0.33% 5,407,160.00 52,968.75 2.42% 326,402.59 Aaa / AA+ AAA 2.69 2.57 3135G0V34 FNMA Note 2.500% Due 02/05/2024 2,000,000.00 02/27/2019 2.58% 1,992,340.00 1,995,581.59 106.21 0.30% 2,124,288.00 7,777.78 0.94% 128,706.41 Aaa / AA+ AAA 2.85 2.75 3130A1XJ2 FHLB Note 2.875% Due 06/14/2024 3,795,000.00 Various 1.96% 3,958,639.85 3,900,024.04 107.79 0.42% 4,090,474.91 32,428.80 1.82% 190,450.87 Aaa / AA+ NR 3.21 3.06 3133EKWV4 FFCB Note 1.850% Due 07/26/2024 2,500,000.00 08/13/2019 1.65% 2,524,140.00 2,516,182.35 104.60 0.45% 2,615,020.00 8,350.69 1.16% 98,837.65 Aaa / AA+ AAA 3.32 3.22 3130A2UW4 FHLB Note 2.875% Due 09/13/2024 2,000,000.00 10/10/2019 1.58% 2,122,020.00 2,085,529.31 108.04 0.52% 2,160,734.00 2,875.00 0.96% 75,204.69 Aaa / AA+ AAA 3.46 3.30 3135G0W66 FNMA Note 1.625% Due 10/15/2024 2,000,000.00 11/08/2019 1.80% 1,983,400.00 1,988,069.04 103.89 0.52% 2,077,718.00 14,986.11 0.93% 89,648.96 Aaa / AA+ AAA 3.55 3.42 3135G0X24 FNMA Note 1.625% Due 01/07/2025 4,200,000.00 Various 1.18% 4,287,898.80 4,268,537.75 103.84 0.59% 4,361,099.40 15,925.00 1.94% 92,561.65 Aaa / AA+ AAA 3.78 3.65 3137EAEP0 FHLMC Note 1.500% Due 02/12/2025 4,200,000.00 Various 1.23% 4,254,786.30 4,242,903.41 103.34 0.62% 4,340,204.40 8,575.00 1.92% 97,300.99 Aaa / AA+ AAA 3.87 3.75 3135G03U5 FNMA Note 0.625% Due 04/22/2025 1,825,000.00 04/22/2020 0.67% 1,821,240.50 1,821,945.41 99.71 0.70% 1,819,709.33 5,037.76 0.81% (2,236.08) Aaa / AA+ AAA 4.06 3.99 As of March 31, 2021 32 719 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 3135G04Z3 FNMA Note 0.500% Due 06/17/2025 3,435,000.00 06/17/2020 0.54% 3,427,889.55 3,429,004.46 99.00 0.74% 3,400,725.57 4,961.67 1.51% (28,278.89) Aaa / AA+ AAA 4.22 4.15 3137EAEU9 FHLMC Note 0.375% Due 07/21/2025 1,745,000.00 07/21/2020 0.48% 1,736,309.90 1,737,510.51 98.38 0.76% 1,716,706.57 1,272.40 0.76% (20,803.94) Aaa / AA+ AAA 4.31 4.26 3135G05X7 FNMA Note 0.375% Due 08/25/2025 2,755,000.00 08/25/2020 0.47% 2,742,106.60 2,743,640.52 98.16 0.80% 2,704,261.17 1,033.13 1.20% (39,379.35) Aaa / AA+ AAA 4.41 4.35 3137EAEX3 FHLMC Note 0.375% Due 09/23/2025 2,655,000.00 09/23/2020 0.44% 2,647,008.45 2,647,832.14 98.11 0.81% 2,604,828.47 221.25 1.15% (43,003.67) Aaa / AA+ AAA 4.48 4.43 3135G06G3 FNMA Note 0.500% Due 11/07/2025 2,860,000.00 11/09/2020 0.57% 2,849,761.20 2,850,548.37 98.44 0.85% 2,815,243.86 5,521.39 1.25% (35,304.51) Aaa / AA+ AAA 4.61 4.52 TOTAL Agency 76,570,000.00 1.64% 77,160,127.65 76,955,342.96 0.38% 78,831,782.33 310,343.09 35.02% 1,876,439.37 Aaa / AA+ Aaa 2.64 2.57 Corporate 369550BE7 General Dynamics Corp Note 3.000% Due 05/11/2021 1,130,000.00 05/08/2018 3.24% 1,122,146.50 1,129,713.38 100.28 0.50% 1,133,130.10 13,183.33 0.51% 3,416.72 A2 / A NR 0.11 0.11 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 1,000,005.77 100.14 0.25% 1,001,440.00 7,875.00 0.45% 1,434.23 Aa2 / AA- NR 0.13 0.04 857477AV5 State Street Bank Note 1.950% Due 05/19/2021 1,800,000.00 Various 1.91% 1,802,989.00 1,800,087.58 100.21 0.37% 1,803,774.61 12,870.00 0.80% 3,687.03 A1 / A AA- 0.13 0.13 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 1,849,747.41 100.36 0.20% 1,856,734.00 4,221.60 0.82% 6,986.59 Aaa / AAA AA+ 0.36 0.27 68389XBK0 Oracle Corp Callable Note Cont 8/15/2021 1.900% Due 09/15/2021 1,000,000.00 06/28/2018 3.08% 964,080.00 994,890.43 100.59 0.32% 1,005,860.00 844.44 0.45% 10,969.57 Baa2 / A BBB+ 0.46 0.37 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 1,001,851.82 101.73 0.25% 1,017,287.00 4,885.42 0.45% 15,435.18 A1 / A+ A+ 0.82 0.72 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 1,996,993.95 103.95 0.36% 2,079,060.00 9,716.67 0.92% 82,066.05 A2 / A A 1.82 1.70 084670BR8 Berkshire Hathaway Callable Note Cont 1/15/2023 2.750% Due 03/15/2023 1,865,000.00 Various 3.35% 1,818,500.75 1,845,025.66 104.48 0.24% 1,948,566.92 2,279.44 0.86% 103,541.26 Aa2 / AA A+ 1.96 1.76 58933YAF2 Merck & Co Note 2.800% Due 05/18/2023 740,000.00 10/26/2018 3.41% 720,996.80 731,110.48 105.26 0.32% 778,935.84 7,654.89 0.35% 47,825.36 A1 / AA- A+ 2.13 2.06 46625HRL6 JP Morgan Chase Callable Note Cont 3/18/2023 2.700% Due 05/18/2023 500,000.00 12/20/2018 3.74% 479,055.00 489,866.58 104.32 0.49% 521,601.50 4,987.50 0.23% 31,734.92 A2 / A- AA- 2.13 1.91 As of March 31, 2021 33 720 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 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 2,208,667.24 106.25 0.51% 2,348,211.19 24,279.30 1.05% 139,543.95 A2 / A A+ 2.19 2.03 166764AH3 Chevron Corp Callable Note Cont 3/24/2023 3.191% Due 06/24/2023 1,000,000.00 11/08/2018 3.59% 983,170.00 991,864.83 105.40 0.45% 1,054,016.00 8,597.97 0.47% 62,151.17 Aa2 / AA- NR 2.23 1.92 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 1,379,839.61 106.65 0.30% 1,471,821.07 12,381.66 0.66% 91,981.46 Aa2 / AA AA 2.24 2.08 02665WCJ8 American Honda Finance Note 3.450% Due 07/14/2023 1,000,000.00 Various 3.54% 996,275.00 998,159.69 106.66 0.52% 1,066,559.00 7,379.17 0.48% 68,399.31 A3 / A- NR 2.29 2.20 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 1,200,874.87 106.98 0.47% 1,283,721.60 5,750.00 0.57% 82,846.73 A1 / A AA- 2.36 2.28 06051GHF9 Bank of America Corp Callable Note 1X 3/5/2023 3.550% Due 03/05/2024 2,400,000.00 Various 2.76% 2,434,650.00 2,420,637.53 105.51 0.67% 2,532,228.00 6,153.33 1.12% 111,590.47 A2 / A- A+ 2.93 1.87 89114QCB2 Toronto Dominion Bank Note 3.250% Due 03/11/2024 2,300,000.00 03/26/2019 2.95% 2,331,234.00 2,318,550.58 107.56 0.65% 2,473,861.60 4,152.78 1.10% 155,311.02 Aa3 / A AA- 2.95 2.82 037833CU2 Apple Inc Callable Note Cont 3/11/2024 2.850% Due 05/11/2024 3,000,000.00 Various 2.56% 3,038,334.00 3,024,350.00 106.66 0.57% 3,199,689.00 33,250.00 1.43% 175,339.00 Aa1 / AA+ NR 3.12 2.81 24422ETT6 John Deere Capital Corp Note 2.650% Due 06/24/2024 2,000,000.00 Various 1.31% 2,093,680.00 2,083,552.72 106.25 0.69% 2,125,042.00 14,280.56 0.95% 41,489.28 A2 / A A 3.24 3.09 02665WCZ2 American Honda Finance Note 2.400% Due 06/27/2024 1,500,000.00 07/10/2019 2.49% 1,493,742.00 1,495,914.34 104.81 0.89% 1,572,160.50 9,400.00 0.70% 76,246.16 A3 / A- NR 3.24 3.11 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 2,521,284.71 105.45 0.87% 2,636,337.50 13,281.25 1.17% 115,052.79 A2 / A AA 3.30 3.15 46647PAU0 JP Morgan Chase & Co Callable Note 1X 7/23/2023 3.797% Due 07/23/2024 2,500,000.00 09/12/2019 2.11% 2,632,175.00 2,590,180.35 107.03 0.83% 2,675,675.00 17,930.28 1.19% 85,494.65 A2 / A- AA- 3.32 3.12 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 2,605,767.39 103.68 1.04% 2,705,925.33 10,403.75 1.20% 100,157.94 A1 / AA- AA- 3.81 3.58 00440EAS6 Chubb INA Holdings Inc Note 3.150% Due 03/15/2025 2,500,000.00 Various 0.76% 2,753,600.00 2,732,028.09 107.58 1.18% 2,689,527.50 3,500.00 1.19% (42,500.59) A3 / A A 3.96 3.73 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 2,550,092.89 101.36 1.01% 2,533,875.00 11,250.00 1.13% (16,217.89) A2 / A A 4.17 3.95 78015K7H1 Royal Bank of Canada Note 1.150% Due 06/10/2025 1,000,000.00 02/22/2021 0.86% 1,012,240.00 1,011,958.80 99.74 1.21% 997,352.00 3,545.83 0.44% (14,606.80) A2 / A AA 4.20 4.07 89114QCK2 Toronto Dominion Bank Note 0.750% Due 09/11/2025 1,000,000.00 02/16/2021 0.81% 997,230.00 997,299.83 97.92 1.23% 979,235.00 416.67 0.43% (18,064.83) Aa3 / A AA- 4.45 4.35 As of March 31, 2021 34 721 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 06051GHY8 Bank of America Corp Callable Note Cont 2/13/2025 2.015% Due 02/13/2026 1,250,000.00 03/04/2021 1.09% 1,291,725.00 1,291,169.59 102.39 1.27% 1,279,851.25 3,358.33 0.57% (11,318.34) A2 / A- A+ 4.88 4.63 TOTAL Corporate 46,735,000.00 2.33% 47,301,743.70 47,261,486.12 0.67% 48,771,478.51 257,829.17 21.69% 1,509,992.39 A1 / A+ A+ 2.66 2.45 Money Market Fund 31846V203 First American Govt Obligation Fund Class Y 7,546,800.68 Various 0.01% 7,546,800.68 7,546,800.68 1.00 0.01% 7,546,800.68 0.00 3.34% 0.00 Aaa / AAA AAA 0.00 0.00 TOTAL Money Market Fund 7,546,800.68 0.01% 7,546,800.68 7,546,800.68 0.01% 7,546,800.68 0.00 3.34% 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 1,998,125.24 101.48 0.19% 2,029,618.00 7,222.22 0.90% 31,492.76 Aaa / NR AAA 0.82 0.81 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 2,485,328.43 102.20 0.23% 2,554,950.00 2,065.97 1.13% 69,621.57 Aaa / AAA AAA 1.46 1.44 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 2,252,901.50 99.58 0.73% 2,250,476.36 6,238.54 1.00% (2,425.14) Aaa / AAA NR 4.06 3.99 4581X0DN5 Inter-American Dev Bank Note 0.625% Due 07/15/2025 1,685,000.00 01/13/2021 0.53% 1,692,329.75 1,691,990.49 99.01 0.86% 1,668,394.33 2,223.26 0.74% (23,596.16) Aaa / AAA NR 4.29 4.21 459058JL8 Intl. Bank Recon & Development Note 0.500% Due 10/28/2025 6,000,000.00 Various 0.55% 5,986,632.00 5,987,104.73 98.13 0.92% 5,887,854.00 12,750.00 2.61% (99,250.73) Aaa / AAA AAA 4.58 4.50 TOTAL Supranational 14,445,000.00 1.08% 14,372,210.55 14,415,450.39 0.66% 14,391,292.69 30,499.99 6.38% (24,157.70) Aaa / AAA Aaa 3.38 3.32 US Treasury 912828U65 US Treasury Note 1.750% Due 11/30/2021 2,000,000.00 12/28/2016 2.06% 1,971,569.20 1,996,155.43 101.13 0.06% 2,022,500.00 11,730.77 0.90% 26,344.57 Aaa / AA+ AAA 0.67 0.66 912828V72 US Treasury Note 1.875% Due 01/31/2022 1,500,000.00 02/27/2017 1.84% 1,502,407.37 1,500,408.37 101.50 0.08% 1,522,500.00 4,661.60 0.68% 22,091.63 Aaa / AA+ AAA 0.84 0.83 912828J76 US Treasury Note 1.750% Due 03/31/2022 3,000,000.00 04/25/2017 1.85% 2,985,830.37 2,997,134.59 101.66 0.09% 3,049,686.00 143.44 1.35% 52,551.41 Aaa / AA+ AAA 1.00 1.00 912828WZ9 US Treasury Note 1.750% Due 04/30/2022 2,750,000.00 05/23/2017 1.84% 2,738,944.75 2,747,582.81 101.77 0.11% 2,798,661.25 20,228.37 1.25% 51,078.44 Aaa / AA+ AAA 1.08 1.07 As of March 31, 2021 35 722 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 912828XR6 US Treasury Note 1.750% Due 05/31/2022 1,500,000.00 06/28/2017 1.81% 1,496,020.65 1,499,058.86 101.91 0.12% 1,528,593.00 8,798.08 0.68% 29,534.14 Aaa / AA+ AAA 1.17 1.15 912828XW5 US Treasury Note 1.750% Due 06/30/2022 3,000,000.00 07/25/2017 1.86% 2,984,072.55 2,995,973.89 102.04 0.12% 3,061,056.00 13,197.51 1.36% 65,082.11 Aaa / AA+ AAA 1.25 1.24 912828L24 US Treasury Note 1.875% Due 08/31/2022 2,000,000.00 09/27/2017 1.92% 1,995,944.20 1,998,833.79 102.46 0.13% 2,049,218.00 3,260.87 0.91% 50,384.21 Aaa / AA+ AAA 1.42 1.40 912828L57 US Treasury Note 1.750% Due 09/30/2022 3,750,000.00 Various 2.02% 3,702,841.80 3,735,576.02 102.42 0.14% 3,840,675.00 179.31 1.70% 105,098.98 Aaa / AA+ AAA 1.50 1.49 912828M49 US Treasury Note 1.875% Due 10/31/2022 1,000,000.00 01/30/2018 2.47% 973,359.38 991,119.79 102.73 0.14% 1,027,344.00 7,872.93 0.46% 36,224.21 Aaa / AA+ AAA 1.59 1.55 9128284D9 US Treasury Note 2.500% Due 03/31/2023 3,750,000.00 Various 2.75% 3,706,123.05 3,732,261.05 104.65 0.17% 3,924,461.25 256.15 1.74% 192,200.20 Aaa / AA+ AAA 2.00 1.96 912828R69 US Treasury Note 1.625% Due 05/31/2023 1,500,000.00 05/30/2018 2.67% 1,427,167.97 1,468,489.98 103.07 0.20% 1,546,054.50 8,169.64 0.69% 77,564.52 Aaa / AA+ AAA 2.17 2.13 912828U57 US Treasury Note 2.125% Due 11/30/2023 5,000,000.00 Various 2.53% 4,908,242.19 4,949,512.89 104.92 0.27% 5,245,900.00 35,611.27 2.34% 296,387.11 Aaa / AA+ AAA 2.67 2.59 912828V80 US Treasury Note 2.250% Due 01/31/2024 5,000,000.00 Various 2.32% 4,983,691.41 4,990,401.33 105.44 0.32% 5,272,070.00 18,646.40 2.34% 281,668.67 Aaa / AA+ AAA 2.84 2.75 912828WJ5 US Treasury Note 2.500% Due 05/15/2024 1,750,000.00 06/10/2019 1.91% 1,798,261.72 1,780,565.76 106.55 0.39% 1,864,707.25 16,557.32 0.83% 84,141.49 Aaa / AA+ AAA 3.13 3.00 9128282N9 US Treasury Note 2.125% Due 07/31/2024 2,000,000.00 08/30/2019 1.44% 2,064,531.25 2,043,703.13 105.52 0.46% 2,110,468.00 7,044.20 0.94% 66,764.87 Aaa / AA+ AAA 3.34 3.22 912828YH7 US Treasury Note 1.500% Due 09/30/2024 3,500,000.00 Various 1.65% 3,474,941.41 3,481,913.28 103.41 0.51% 3,619,493.50 143.45 1.60% 137,580.22 Aaa / AA+ AAA 3.50 3.42 9128283J7 US Treasury Note 2.125% Due 11/30/2024 3,000,000.00 Various 1.76% 3,051,650.40 3,038,183.68 105.67 0.56% 3,170,040.00 21,366.76 1.41% 131,856.32 Aaa / AA+ AAA 3.67 3.52 912828ZC7 US Treasury Note 1.125% Due 02/28/2025 3,500,000.00 03/24/2020 0.52% 3,603,222.66 3,581,901.82 101.84 0.65% 3,564,393.00 3,423.91 1.58% (17,508.82) Aaa / AA+ AAA 3.92 3.83 912828ZL7 US Treasury Note 0.375% Due 04/30/2025 4,000,000.00 Various 0.38% 3,998,593.75 3,998,822.85 98.71 0.70% 3,948,280.00 6,298.34 1.75% (50,542.85) Aaa / AA+ AAA 4.08 4.03 91282CAM3 US Treasury Note 0.250% Due 09/30/2025 2,500,000.00 10/16/2020 0.32% 2,491,406.25 2,492,186.20 97.49 0.82% 2,437,305.00 17.08 1.08% (54,881.20) Aaa / AA+ AAA 4.50 4.46 91282CBC4 US Treasury Note 0.375% Due 12/31/2025 1,000,000.00 12/29/2020 0.38% 999,921.88 999,925.77 97.61 0.89% 976,133.00 942.68 0.43% (23,792.77) Aaa / AA+ AAA 4.76 4.69 91282CBH3 US Treasury Note 0.375% Due 01/31/2026 4,000,000.00 02/23/2021 0.58% 3,960,625.00 3,961,411.63 97.47 0.91% 3,898,752.00 2,486.19 1.73% (62,659.63) Aaa / AA+ AAA 4.84 4.77 As of March 31, 2021 36 723 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 91282CBQ3 US Treasury Note 0.500% Due 02/28/2026 2,500,000.00 03/26/2021 0.83% 2,459,960.94 2,460,027.78 97.99 0.92% 2,449,805.00 1,086.96 1.08% (10,222.78) Aaa / AA+ AAA 4.92 4.84 91282CBT7 US Treasury Note 0.750% Due 03/31/2026 3,000,000.00 03/30/2021 0.90% 2,977,382.81 2,977,395.20 99.09 0.94% 2,972,577.00 61.48 1.32% (4,818.20) Aaa / AA+ AAA 5.00 4.89 TOTAL US Treasury 66,500,000.00 1.63% 66,256,712.96 66,418,545.90 0.42% 67,900,672.75 192,184.71 30.13% 1,482,126.85 Aaa / AA+ Aaa 2.85 2.79 TOTAL PORTFOLIO 219,526,310.09 1.67% 220,386,206.17 220,337,531.92 0.46% 225,227,225.04 796,190.00 100.00% 4,889,693.12 Aa1 / AA+ Aaa 2.68 2.52 TOTAL MARKET VALUE PLUS ACCRUALS 226,023,415.04 As of March 31, 2021 37 724 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 50,268,758.51 Various 0.35% 50,268,758.51 50,268,758.51 1.00 0.35% 50,268,758.51 51,200.70 52.51% 0.00 NR / NR NR 0.00 0.00 TOTAL LAIF 50,268,758.51 0.35% 50,268,758.51 50,268,758.51 0.35% 50,268,758.51 51,200.70 52.51% 0.00 NR / NR NR 0.00 0.00 Local Gov Investment Pool 90CAMP$00 California Asset Mgmt Program CAMP 45,517,392.93 Various 0.07% 45,517,392.93 45,517,392.93 1.00 0.07% 45,517,392.93 0.00 47.49% 0.00 NR / AAA NR 0.00 0.00 TOTAL Local Gov Investment Pool 45,517,392.93 0.07% 45,517,392.93 45,517,392.93 0.07% 45,517,392.93 0.00 47.49% 0.00 NR / AAA NR 0.00 0.00 TOTAL PORTFOLIO 95,786,151.44 0.22% 95,786,151.44 95,786,151.44 0.22% 95,786,151.44 51,200.70 100.00% 0.00 NR / AAA NR 0.00 0.00 TOTAL MARKET VALUE PLUS ACCRUALS 95,837,352.14 As of March 31, 2021 38 725 SECTION |Section 5 |Transactions 39 726 Transaction Ledger City of Dublin -Account #10198 Transaction Type Settlement Date CUSIP Quantity Security Description Price Acq/Disp Yield Amount Interest Pur/Sold Total Amount Gain/Loss ACQUISITIONS Purchase 01/15/2021 4581X0DN5 1,685,000.00 Inter-American Dev Bank Note 0.625% Due: 07/15/2025 100.435 0.53%1,692,329.75 0.00 1,692,329.75 0.00 Purchase 01/28/2021 459058JL8 1,600,000.00 Intl. Bank Recon & Development Note 0.5% Due: 10/28/2025 100.064 0.49%1,601,024.00 2,000.00 1,603,024.00 0.00 Purchase 01/29/2021 00440EAS6 500,000.00 Chubb INA Holdings Inc Note 3.15% Due: 03/15/2025 109.972 0.70%549,860.00 5,862.50 555,722.50 0.00 Purchase 02/18/2021 89114QCK2 1,000,000.00 Toronto Dominion Bank Note 0.75% Due: 09/11/2025 99.723 0.81%997,230.00 3,270.83 1,000,500.83 0.00 Purchase 02/19/2021 459058JL8 2,000,000.00 Intl. Bank Recon & Development Note 0.5% Due: 10/28/2025 99.416 0.63%1,988,320.00 3,083.33 1,991,403.33 0.00 Purchase 02/24/2021 78015K7H1 1,000,000.00 Royal Bank of Canada Note 1.15% Due: 06/10/2025 101.224 0.86%1,012,240.00 2,363.89 1,014,603.89 0.00 Purchase 02/24/2021 91282CBH3 4,000,000.00 US Treasury Note 0.375% Due: 01/31/2026 99.016 0.58%3,960,625.00 994.48 3,961,619.48 0.00 Purchase 03/08/2021 06051GHY8 1,250,000.00 Bank of America Corp Callable Note Cont 2/13/2025 2.015% Due: 02/13/2026 103.338 1.09%1,291,725.00 1,749.13 1,293,474.13 0.00 Purchase 03/10/2021 47788UAC6 800,000.00 John Deere Owner Trust 2021-A A3 0.36% Due: 09/15/2025 99.981 0.37%799,846.24 0.00 799,846.24 0.00 Purchase 03/26/2021 24422ETT6 1,000,000.00 John Deere Capital Corp Note 2.65% Due: 06/24/2024 106.400 0.65%1,064,000.00 6,772.22 1,070,772.22 0.00 Purchase 03/29/2021 91282CBQ3 2,500,000.00 US Treasury Note 0.5% Due: 02/28/2026 98.398 0.83%2,459,960.94 985.05 2,460,945.99 0.00 Purchase 03/31/2021 91282CBT7 3,000,000.00 US Treasury Note 0.75% Due: 03/31/2026 99.246 0.90%2,977,382.81 0.00 2,977,382.81 0.00 Subtotal 20,335,000.00 20,394,543.74 27,081.43 20,421,625.17 0.00 TOTAL ACQUISITIONS 20,335,000.00 20,394,543.74 27,081.43 20,421,625.17 0.00 December 31, 2020 through March 31, 2021 As of March 31, 2021 40 727 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 DISPOSITIONS Sale 01/27/2021 912828U65 500,000.00 US Treasury Note 1.75% Due: 11/30/2021 101.402 2.06%507,011.72 1,394.23 508,405.95 8,226.00 Sale 01/29/2021 3130A7CV5 470,000.00 FHLB Note 1.375% Due: 02/18/2021 100.069 1.45%470,324.30 2,890.17 473,214.47 343.35 Subtotal 970,000.00 977,336.02 4,284.40 981,620.42 8,569.35 Call 03/26/2021 44932HAH6 2,000,000.00 IBM Credit Corp Note 3% Due: 02/06/2023 105.103 3.09%2,102,063.48 8,333.33 2,110,396.81 0.00 Subtotal 2,000,000.00 2,102,063.48 8,333.33 2,110,396.81 0.00 Maturity 01/08/2021 24422ETF6 750,000.00 John Deere Capital Corp Note 2.55% Due: 01/08/2021 100.000 750,000.00 0.00 750,000.00 0.00 Maturity 02/18/2021 3130A7CV5 3,000,000.00 FHLB Note 1.375% Due: 02/18/2021 100.000 3,000,000.00 0.00 3,000,000.00 0.00 Maturity 02/26/2021 3135G0J20 5,000,000.00 FNMA Note 1.375% Due: 02/26/2021 100.000 5,000,000.00 0.00 5,000,000.00 0.00 Maturity 03/01/2021 30231GAV4 1,800,000.00 Exxon Mobil Corp Callable Note Cont 2/1/2021 2.222% Due: 03/01/2021 100.000 1,800,000.00 0.00 1,800,000.00 0.00 Subtotal 10,550,000.00 10,550,000.00 0.00 10,550,000.00 0.00 TOTAL DISPOSITIONS 13,520,000.00 13,629,399.50 12,617.73 13,642,017.23 8,569.35 December 31, 2020 through March 31, 2021 As of March 31, 2021 41 728 Transaction Ledger City of Dublin Reporting Account -Account #10219 Transaction Type Settlement Date CUSIP Quantity Security Description Price Acq/Disp Yield Amount Interest Pur/Sold Total Amount Gain/Loss ACQUISITIONS Purchase 01/15/2021 90LAIF$00 79,355.81 Local Agency Investment Fund State Pool 1.000 0.52%79,355.81 0.00 79,355.81 0.00 Purchase 01/31/2021 90CAMP$00 6,007.80 California Asset Mgmt Program CAMP 1.000 0.11%6,007.80 0.00 6,007.80 0.00 Purchase 02/28/2021 90CAMP$00 3,355.74 California Asset Mgmt Program CAMP 1.000 0.09%3,355.74 0.00 3,355.74 0.00 Subtotal 88,719.35 88,719.35 0.00 88,719.35 0.00 Security Contribution 01/08/2021 90CAMP$00 1,700,000.00 California Asset Mgmt Program CAMP 1.000 1,700,000.00 0.00 1,700,000.00 0.00 Security Contribution 02/26/2021 90CAMP$00 2,800,000.00 California Asset Mgmt Program CAMP 1.000 2,800,000.00 0.00 2,800,000.00 0.00 Security Contribution 03/31/2021 90CAMP$00 802,935.30 California Asset Mgmt Program CAMP 1.000 802,935.30 0.00 802,935.30 0.00 Subtotal 5,302,935.30 5,302,935.30 0.00 5,302,935.30 0.00 TOTAL ACQUISITIONS 5,391,654.65 5,391,654.65 0.00 5,391,654.65 0.00 DISPOSITIONS Security Withdrawal 01/15/2021 90CAMP$00 1,500,000.00 California Asset Mgmt Program CAMP 1.000 1,500,000.00 0.00 1,500,000.00 0.00 Security Withdrawal 01/22/2021 90CAMP$00 3,200,000.00 California Asset Mgmt Program CAMP 1.000 3,200,000.00 0.00 3,200,000.00 0.00 Security Withdrawal 02/05/2021 90CAMP$00 11,300,000.00 California Asset Mgmt Program CAMP 1.000 11,300,000.00 0.00 11,300,000.00 0.00 Security Withdrawal 02/08/2021 90CAMP$00 1,000,000.00 California Asset Mgmt Program CAMP 1.000 1,000,000.00 0.00 1,000,000.00 0.00 Security Withdrawal 02/12/2021 90CAMP$00 600,000.00 California Asset Mgmt Program CAMP 1.000 600,000.00 0.00 600,000.00 0.00 December 31, 2020 through March 31, 2021 As of March 31, 2021 42 729 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 02/19/2021 90CAMP$00 1,800,000.00 California Asset Mgmt Program CAMP 1.000 1,800,000.00 0.00 1,800,000.00 0.00 Subtotal 19,400,000.00 19,400,000.00 0.00 19,400,000.00 0.00 TOTAL DISPOSITIONS 19,400,000.00 19,400,000.00 0.00 19,400,000.00 0.00 December 31, 2020 through March 31, 2021 As of March 31, 2021 43 730 Transaction Ledger City of Dublin Consolidated -Account #10221 Transaction Type Settlement Date CUSIP Quantity Security Description Price Acq/Disp Yield Amount Interest Pur/Sold Total Amount Gain/Loss ACQUISITIONS Purchase 01/15/2021 4581X0DN5 1,685,000.00 Inter-American Dev Bank Note 0.625% Due: 07/15/2025 100.435 0.53%1,692,329.75 0.00 1,692,329.75 0.00 Purchase 01/15/2021 90LAIF$00 79,355.81 Local Agency Investment Fund State Pool 1.000 0.52%79,355.81 0.00 79,355.81 0.00 Purchase 01/28/2021 459058JL8 1,600,000.00 Intl. Bank Recon & Development Note 0.5% Due: 10/28/2025 100.064 0.49%1,601,024.00 2,000.00 1,603,024.00 0.00 Purchase 01/29/2021 00440EAS6 500,000.00 Chubb INA Holdings Inc Note 3.15% Due: 03/15/2025 109.972 0.70%549,860.00 5,862.50 555,722.50 0.00 Purchase 01/31/2021 90CAMP$00 6,007.80 California Asset Mgmt Program CAMP 1.000 0.11%6,007.80 0.00 6,007.80 0.00 Purchase 02/18/2021 89114QCK2 1,000,000.00 Toronto Dominion Bank Note 0.75% Due: 09/11/2025 99.723 0.81%997,230.00 3,270.83 1,000,500.83 0.00 Purchase 02/19/2021 459058JL8 2,000,000.00 Intl. Bank Recon & Development Note 0.5% Due: 10/28/2025 99.416 0.63%1,988,320.00 3,083.33 1,991,403.33 0.00 Purchase 02/24/2021 78015K7H1 1,000,000.00 Royal Bank of Canada Note 1.15% Due: 06/10/2025 101.224 0.86%1,012,240.00 2,363.89 1,014,603.89 0.00 Purchase 02/24/2021 91282CBH3 4,000,000.00 US Treasury Note 0.375% Due: 01/31/2026 99.016 0.58%3,960,625.00 994.48 3,961,619.48 0.00 Purchase 02/28/2021 90CAMP$00 3,355.74 California Asset Mgmt Program CAMP 1.000 0.09%3,355.74 0.00 3,355.74 0.00 Purchase 03/08/2021 06051GHY8 1,250,000.00 Bank of America Corp Callable Note Cont 2/13/2025 2.015% Due: 02/13/2026 103.338 1.09%1,291,725.00 1,749.13 1,293,474.13 0.00 Purchase 03/10/2021 47788UAC6 800,000.00 John Deere Owner Trust 2021-A A3 0.36% Due: 09/15/2025 99.981 0.37%799,846.24 0.00 799,846.24 0.00 Purchase 03/26/2021 24422ETT6 1,000,000.00 John Deere Capital Corp Note 2.65% Due: 06/24/2024 106.400 0.65%1,064,000.00 6,772.22 1,070,772.22 0.00 Purchase 03/29/2021 91282CBQ3 2,500,000.00 US Treasury Note 0.5% Due: 02/28/2026 98.398 0.83%2,459,960.94 985.05 2,460,945.99 0.00 Purchase 03/31/2021 91282CBT7 3,000,000.00 US Treasury Note 0.75% Due: 03/31/2026 99.246 0.90%2,977,382.81 0.00 2,977,382.81 0.00 Subtotal 20,423,719.35 20,483,263.09 27,081.43 20,510,344.52 0.00 Security Contribution 01/08/2021 90CAMP$00 1,700,000.00 California Asset Mgmt Program CAMP 1.000 1,700,000.00 0.00 1,700,000.00 0.00 December 31, 2020 through March 31, 2021 As of March 31, 2021 44 731 Transaction Ledger City of Dublin Consolidated -Account #10221 Transaction Type Settlement Date CUSIP Quantity Security Description Price Acq/Disp Yield Amount Interest Pur/Sold Total Amount Gain/Loss Security Contribution 02/26/2021 90CAMP$00 2,800,000.00 California Asset Mgmt Program CAMP 1.000 2,800,000.00 0.00 2,800,000.00 0.00 Security Contribution 03/31/2021 90CAMP$00 802,935.30 California Asset Mgmt Program CAMP 1.000 802,935.30 0.00 802,935.30 0.00 Subtotal 5,302,935.30 5,302,935.30 0.00 5,302,935.30 0.00 TOTAL ACQUISITIONS 25,726,654.65 25,786,198.39 27,081.43 25,813,279.82 0.00 DISPOSITIONS Sale 01/27/2021 912828U65 500,000.00 US Treasury Note 1.75% Due: 11/30/2021 101.402 2.06%507,011.72 1,394.23 508,405.95 8,226.00 Sale 01/29/2021 3130A7CV5 470,000.00 FHLB Note 1.375% Due: 02/18/2021 100.069 1.45%470,324.30 2,890.17 473,214.47 343.35 Subtotal 970,000.00 977,336.02 4,284.40 981,620.42 8,569.35 Call 03/26/2021 44932HAH6 2,000,000.00 IBM Credit Corp Note 3% Due: 02/06/2023 105.103 3.09%2,102,063.48 8,333.33 2,110,396.81 0.00 Subtotal 2,000,000.00 2,102,063.48 8,333.33 2,110,396.81 0.00 Maturity 01/08/2021 24422ETF6 750,000.00 John Deere Capital Corp Note 2.55% Due: 01/08/2021 100.000 750,000.00 0.00 750,000.00 0.00 Maturity 02/18/2021 3130A7CV5 3,000,000.00 FHLB Note 1.375% Due: 02/18/2021 100.000 3,000,000.00 0.00 3,000,000.00 0.00 Maturity 02/26/2021 3135G0J20 5,000,000.00 FNMA Note 1.375% Due: 02/26/2021 100.000 5,000,000.00 0.00 5,000,000.00 0.00 December 31, 2020 through March 31, 2021 As of March 31, 2021 45 732 Transaction Ledger City of Dublin Consolidated -Account #10221 Transaction Type Settlement Date CUSIP Quantity Security Description Price Acq/Disp Yield Amount Interest Pur/Sold Total Amount Gain/Loss Maturity 03/01/2021 30231GAV4 1,800,000.00 Exxon Mobil Corp Callable Note Cont 2/1/2021 2.222% Due: 03/01/2021 100.000 1,800,000.00 0.00 1,800,000.00 0.00 Subtotal 10,550,000.00 10,550,000.00 0.00 10,550,000.00 0.00 Security Withdrawal 01/15/2021 90CAMP$00 1,500,000.00 California Asset Mgmt Program CAMP 1.000 1,500,000.00 0.00 1,500,000.00 0.00 Security Withdrawal 01/22/2021 90CAMP$00 3,200,000.00 California Asset Mgmt Program CAMP 1.000 3,200,000.00 0.00 3,200,000.00 0.00 Security Withdrawal 02/05/2021 90CAMP$00 11,300,000.00 California Asset Mgmt Program CAMP 1.000 11,300,000.00 0.00 11,300,000.00 0.00 Security Withdrawal 02/08/2021 90CAMP$00 1,000,000.00 California Asset Mgmt Program CAMP 1.000 1,000,000.00 0.00 1,000,000.00 0.00 Security Withdrawal 02/12/2021 90CAMP$00 600,000.00 California Asset Mgmt Program CAMP 1.000 600,000.00 0.00 600,000.00 0.00 Security Withdrawal 02/19/2021 90CAMP$00 1,800,000.00 California Asset Mgmt Program CAMP 1.000 1,800,000.00 0.00 1,800,000.00 0.00 Subtotal 19,400,000.00 19,400,000.00 0.00 19,400,000.00 0.00 TOTAL DISPOSITIONS 32,920,000.00 33,029,399.50 12,617.73 33,042,017.23 8,569.35 December 31, 2020 through March 31, 2021 As of March 31, 2021 46 733 Important Disclosures 2021 Chandler Asset Management,Inc, An Independent Registered Investment Adviser. Information contained herein is confidential.Prices are provided by IDC,an independent pricing source.In the event IDC does not provide a price or if the price provided is not reflective of fair market value,Chandler will obtain pricing from an alternative approved third party pricing source in accordance with our written valuation policy and procedures.Our valuation procedures are also disclosed in Item 5 of our Form ADV Part 2A. Performance results are presented gross-of-advisory fees and represent the client’s Total Return.The deduction of advisory fees lowers performance results.These results include the reinvestment of dividends and other earnings.Past performance may not be indicative of future results.Therefore,clients should not assume that future performance of any specific investment or investment strategy will be profitable or equal to past performance levels.All investment strategies have the potential for profit or loss.Economic factors,market conditions or changes in investment strategies, contributions or withdrawals may materially alter the performance and results of your portfolio. Index returns assume reinvestment of all distributions.Historical performance results for investment indexes generally do not reflect the deduction of transaction and/or custodial charges or the deduction of an investment management fee,the incurrence of which would have the effect of decreasing historical performance results.It is not possible to invest directly in an index. Source ice Data Indices,LLC ("ICE"),used with permission. ICE permits use of the ICE indices and related data on an "as is"basis; ICE,its affiliates and their respective third party suppliers disclaim any and all warranties and representations, express and/or implied,including any warranties of merchantability or fitness for a particular purpose or use,including the indices,index data and any data included in,related to,or derived therefrom.Neither ICE data,its affiliates or their respective third party providers guarantee the quality,adequacy,accuracy,timeliness or completeness of the indices or the index data or any component thereof,and the indices and index data and all components thereof are provided on an "as is"basis and licensee's use it at licensee's own risk. ICE data,its affiliates and their respective third party do not sponsor,endorse,or recommend chandler asset management,or any of its products or services. This report is provided for informational purposes only and should not be construed as a specific investment or legal advice.The information contained herein was obtained from sources believed to be reliable as of the date of publication,but may become outdated or superseded at any time without notice.Any opinions or views expressed are based on current market conditions and are subject to change.This report may contain forecasts and forward-looking statements which are inherently limited and should not be relied upon as indicator of future results.Past performance is not indicative of future results.This report is not intended to constitute an offer,solicitation,recommendation or advice regarding any securities or investment strategy and should not be regarded by recipients as a substitute for the exercise of their own judgment. Fixed income investments are subject to interest, credit and market risk.Interest rate risk:the value of fixed income investments will decline as interest rates rise.Credit risk:the possibility that the borrower may not be able to repay interest and principal.Low rated bonds generally have to pay higher interest rates to attract investors willing to take on greater risk.Market risk:the bond market in general could decline due to economic conditions,especially during periods of rising interest rates. Ratings information have been provided by Moody’s,S&P and Fitch through data feeds we believe to be reliable as of the date of this statement, however we cannot guarantee its accuracy. Security level ratings for U.S.Agency issued mortgage-backed securities (“MBS”)reflect the issuer rating because the securities themselves are not rated.The issuing U.S.Agency guarantees the full and timely payment of both principal and interest and carries a AA+/Aaa/AAA by S&P,Moody’s and Fitch respectively. As of March 31, 2021 47 734 Benchmark Disclosures ICE BAML 1-5 Yr US Treasury/Agency Index The ICE BAML 1-5 Year US Treasury &Agency Index tracks the performance of US dollar denominated US Treasury and nonsubordinated US agency debt issued in the US domestic market.Qualifying securities must have an investment grade rating (based on an average of Moody’s,S&P and Fitch).Qualifying securities must have at least one year remaining term to final maturity and less than five years remaining term to final maturity,at least 18 months to maturity at time of issuance,a fixed coupon schedule and a minimum amount outstanding of $1 billion for sovereigns and $250 million for agencies.(Index:GVA0.Please visit www.mlindex.ml.com for more information) The ICE BAML 1-3 Year US Treasury &Agency Index tracks the performance of US dollar denominated US Treasury and nonsubordinated US agency debt issued in the US domestic market.Qualifying securities must have an investment grade rating (based on an average of Moody’s,S&P and Fitch).Qualifying securities must have at least one year remaining term to final maturity and less than three years remaining term to final maturity,at least 18 months to maturity at time of issuance,a fixed coupon schedule and a minimum amount outstanding of $1 billion for sovereigns and $250 million for agencies.(Index:G1A0.Please visit www.mlindex.ml.com for more information) As of March 31, 2021 48 735 Transaction Ledger As of January 31, 2021 City of Dublin Consolidated Account #10221 Transaction Type Settlement Date CUSIP Quantity Security Description Price Acq/Disp Yield Amount Interest Pur/Sold Total Amount Gain/Loss ACQUISITIONS Purchase 01/04/2021 31846V203 10.30 First American Govt Obligation Fund Class Y 1.000 0.01%10.30 0.00 10.30 0.00 Purchase 01/05/2021 31846V203 25,000.00 First American Govt Obligation Fund Class Y 1.000 0.01%25,000.00 0.00 25,000.00 0.00 Purchase 01/07/2021 31846V203 34,125.00 First American Govt Obligation Fund Class Y 1.000 0.01%34,125.00 0.00 34,125.00 0.00 Purchase 01/08/2021 31846V203 750,000.00 First American Govt Obligation Fund Class Y 1.000 0.01%750,000.00 0.00 750,000.00 0.00 Purchase 01/08/2021 31846V203 9,562.50 First American Govt Obligation Fund Class Y 1.000 0.01%9,562.50 0.00 9,562.50 0.00 Purchase 01/10/2021 31846V203 2,937.50 First American Govt Obligation Fund Class Y 1.000 0.01%2,937.50 0.00 2,937.50 0.00 Purchase 01/14/2021 31846V203 31,312.50 First American Govt Obligation Fund Class Y 1.000 0.01%31,312.50 0.00 31,312.50 0.00 Purchase 01/15/2021 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 01/15/2021 31846V203 375.83 First American Govt Obligation Fund Class Y 1.000 0.01%375.83 0.00 375.83 0.00 Purchase 01/15/2021 31846V203 218.88 First American Govt Obligation Fund Class Y 1.000 0.01%218.88 0.00 218.88 0.00 Purchase 01/15/2021 31846V203 97,880.89 First American Govt Obligation Fund Class Y 1.000 0.01%97,880.89 0.00 97,880.89 0.00 Purchase 01/15/2021 31846V203 77,654.38 First American Govt Obligation Fund Class Y 1.000 0.01%77,654.38 0.00 77,654.38 0.00 Purchase 01/15/2021 31846V203 25,014.87 First American Govt Obligation Fund Class Y 1.000 0.01%25,014.87 0.00 25,014.87 0.00 Purchase 01/15/2021 31846V203 91,167.37 First American Govt Obligation Fund Class Y 1.000 0.01%91,167.37 0.00 91,167.37 0.00 Purchase 01/15/2021 31846V203 67,575.42 First American Govt Obligation Fund Class Y 1.000 0.01%67,575.42 0.00 67,575.42 0.00 Purchase 01/15/2021 31846V203 104,729.68 First American Govt Obligation Fund Class Y 1.000 0.01%104,729.68 0.00 104,729.68 0.00 Execution Time: 2/3/2021 11:52:56 AMChandler Asset Management - CONFIDENTIAL Page 10 Attachment 2 736 Transaction Ledger As of January 31, 2021 City of Dublin Consolidated Account #10221 Transaction Type Settlement Date CUSIP Quantity Security Description Price Acq/Disp Yield Amount Interest Pur/Sold Total Amount Gain/Loss ACQUISITIONS Purchase 01/15/2021 4581X0DN5 1,685,000.00 Inter-American Dev Bank Note 0.625% Due 7/15/2025 100.435 0.53%1,692,329.75 0.00 1,692,329.75 0.00 Purchase 01/15/2021 90LAIF$00 79,355.81 Local Agency Investment Fund State Pool 1.000 0.52%79,355.81 0.00 79,355.81 0.00 Purchase 01/16/2021 31846V203 31,875.00 First American Govt Obligation Fund Class Y 1.000 0.01%31,875.00 0.00 31,875.00 0.00 Purchase 01/19/2021 31846V203 29,687.50 First American Govt Obligation Fund Class Y 1.000 0.01%29,687.50 0.00 29,687.50 0.00 Purchase 01/19/2021 31846V203 345.33 First American Govt Obligation Fund Class Y 1.000 0.01%345.33 0.00 345.33 0.00 Purchase 01/19/2021 31846V203 35,312.97 First American Govt Obligation Fund Class Y 1.000 0.01%35,312.97 0.00 35,312.97 0.00 Purchase 01/21/2021 31846V203 29,988.02 First American Govt Obligation Fund Class Y 1.000 0.01%29,988.02 0.00 29,988.02 0.00 Purchase 01/21/2021 31846V203 71,373.93 First American Govt Obligation Fund Class Y 1.000 0.01%71,373.93 0.00 71,373.93 0.00 Purchase 01/23/2021 31846V203 47,462.50 First American Govt Obligation Fund Class Y 1.000 0.01%47,462.50 0.00 47,462.50 0.00 Purchase 01/24/2021 31846V203 13,125.00 First American Govt Obligation Fund Class Y 1.000 0.01%13,125.00 0.00 13,125.00 0.00 Purchase 01/25/2021 31846V203 26,500.00 First American Govt Obligation Fund Class Y 1.000 0.01%26,500.00 0.00 26,500.00 0.00 Purchase 01/26/2021 31846V203 43,125.00 First American Govt Obligation Fund Class Y 1.000 0.01%43,125.00 0.00 43,125.00 0.00 Purchase 01/27/2021 31846V203 508,405.95 First American Govt Obligation Fund Class Y 1.000 0.01%508,405.95 0.00 508,405.95 0.00 Purchase 01/28/2021 459058JL8 1,600,000.00 Intl. Bank Recon & Development Note 0.5% Due 10/28/2025 100.064 0.49%1,601,024.00 2,000.00 1,603,024.00 0.00 Purchase 01/29/2021 00440EAS6 500,000.00 Chubb INA Holdings Inc Note 3.15% Due 3/15/2025 109.972 0.70%549,860.00 5,862.50 555,722.50 0.00 Purchase 01/29/2021 31846V203 473,214.47 First American Govt Obligation Fund Class Y 1.000 0.01%473,214.47 0.00 473,214.47 0.00 Execution Time: 2/3/2021 11:52:56 AMChandler Asset Management - CONFIDENTIAL Page 11 737 Transaction Ledger As of January 31, 2021 City of Dublin Consolidated Account #10221 Transaction Type Settlement Date CUSIP Quantity Security Description Price Acq/Disp Yield Amount Interest Pur/Sold Total Amount Gain/Loss ACQUISITIONS Purchase 01/31/2021 31846V203 91,562.50 First American Govt Obligation Fund Class Y 1.000 0.01%91,562.50 0.00 91,562.50 0.00 Purchase 01/31/2021 90CAMP$00 6,007.80 California Asset Mgmt Program CAMP 1.000 0.11%6,007.80 0.00 6,007.80 0.00 Subtotal 6,592,448.07 6,650,661.82 7,862.50 6,658,524.32 0.00 Security Contribution 01/08/2021 90CAMP$00 1,700,000.00 California Asset Mgmt Program CAMP 1.000 1,700,000.00 0.00 1,700,000.00 0.00 Subtotal 1,700,000.00 1,700,000.00 0.00 1,700,000.00 0.00 Short Sale 01/29/2021 31846V203 -555,722.50 First American Govt Obligation Fund Class Y 1.000 -555,722.50 0.00 -555,722.50 0.00 Subtotal -555,722.50 -555,722.50 0.00 -555,722.50 0.00 TOTAL ACQUISITIONS 7,736,725.57 7,794,939.32 7,862.50 7,802,801.82 0.00 DISPOSITIONS Closing Purchase 01/29/2021 31846V203 -555,722.50 First American Govt Obligation Fund Class Y 1.000 -555,722.50 0.00 -555,722.50 0.00 Subtotal -555,722.50 -555,722.50 0.00 -555,722.50 0.00 Sale 01/15/2021 31846V203 1,692,329.75 First American Govt Obligation Fund Class Y 1.000 0.01%1,692,329.75 0.00 1,692,329.75 0.00 Sale 01/27/2021 912828U65 500,000.00 US Treasury Note 1.75% Due 11/30/2021 101.402 2.06%507,011.72 1,394.23 508,405.95 8,226.00 Sale 01/28/2021 31846V203 1,603,024.00 First American Govt Obligation Fund Class Y 1.000 0.01%1,603,024.00 0.00 1,603,024.00 0.00 Sale 01/29/2021 3130A7CV5 470,000.00 FHLB Note 1.375% Due 2/18/2021 100.069 1.45%470,324.30 2,890.17 473,214.47 343.35 Sale 01/29/2021 31846V203 555,722.50 First American Govt Obligation Fund Class Y 1.000 0.01%555,722.50 0.00 555,722.50 0.00 Subtotal 4,821,076.25 4,828,412.27 4,284.40 4,832,696.67 8,569.35 Paydown 01/15/2021 43815NAB0 97,095.25 Honda Auto Receivables Trust 2019-3 A2 1.9% Due 4/15/2022 100.000 97,095.25 785.64 97,880.89 0.00 Execution Time: 2/3/2021 11:52:56 AMChandler Asset Management - CONFIDENTIAL Page 12 738 Transaction Ledger As of January 31, 2021 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 01/15/2021 477870AB5 77,235.41 John Deere Owner Trust 2019-B A2 2.28% Due 5/16/2022 100.000 77,235.41 418.97 77,654.38 0.00 Paydown 01/15/2021 47787NAC3 0.00 John Deere Owner Trust 2020-B A3 0.51% Due 11/15/2024 100.000 0.00 218.88 218.88 0.00 Paydown 01/15/2021 47788CAC6 24,873.62 John Deere Owner Trust 2018-A A3 2.66% Due 4/18/2022 100.000 24,873.62 141.25 25,014.87 0.00 Paydown 01/15/2021 47788EAC2 89,281.89 John Deere Owner Trust 2018-B A3 3.08% Due 11/15/2022 100.000 89,281.89 1,885.48 91,167.37 0.00 Paydown 01/15/2021 65479GAD1 65,632.99 Nissan Auto Receivables Trust 2018-B A3 3.06% Due 3/15/2023 100.000 65,632.99 1,942.43 67,575.42 0.00 Paydown 01/15/2021 65479JAD5 0.00 Nissan Auto Receivables Owner 2019-C A3 1.93% Due 7/15/2024 100.000 0.00 2,541.17 2,541.17 0.00 Paydown 01/15/2021 89231PAD0 101,529.60 Toyota Auto Receivables Trust 2018-D A3 3.18% Due 3/15/2023 100.000 101,529.60 3,200.08 104,729.68 0.00 Paydown 01/15/2021 89237VAB5 0.00 Toyota Auto Receivables Trust 2020-C A3 0.44% Due 10/15/2024 100.000 0.00 375.83 375.83 0.00 Paydown 01/19/2021 43813KAC6 0.00 Honda Auto Receivables Trust 2020-3 A3 0.37% Due 10/18/2024 100.000 0.00 345.33 345.33 0.00 Paydown 01/19/2021 43814UAG4 34,748.36 Honda Auto Receivables Trust 2018-2 A3 3.01% Due 5/18/2022 100.000 34,748.36 564.61 35,312.97 0.00 Paydown 01/21/2021 43815HAC1 69,865.09 Honda Auto Receivables Trust 2018-3 A3 2.95% Due 8/22/2022 100.000 69,865.09 1,508.84 71,373.93 0.00 Subtotal 560,262.21 560,262.21 13,928.51 574,190.72 0.00 Maturity 01/08/2021 24422ETF6 750,000.00 John Deere Capital Corp Note 2.55% Due 1/8/2021 100.000 750,000.00 0.00 750,000.00 0.00 Subtotal 750,000.00 750,000.00 0.00 750,000.00 0.00 Execution Time: 2/3/2021 11:52:56 AMChandler Asset Management - CONFIDENTIAL Page 13 739 Transaction Ledger As of January 31, 2021 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 01/15/2021 90CAMP$00 1,500,000.00 California Asset Mgmt Program CAMP 1.000 1,500,000.00 0.00 1,500,000.00 0.00 Security Withdrawal 01/22/2021 90CAMP$00 3,200,000.00 California Asset Mgmt Program CAMP 1.000 3,200,000.00 0.00 3,200,000.00 0.00 Security Withdrawal 01/26/2021 31846V203 104.17 First American Govt Obligation Fund Class Y 1.000 104.17 0.00 104.17 0.00 Subtotal 4,700,104.17 4,700,104.17 0.00 4,700,104.17 0.00 TOTAL DISPOSITIONS 10,275,720.13 10,283,056.15 18,212.91 10,301,269.06 8,569.35 OTHER TRANSACTIONS Interest 01/05/2021 3135G0S38 2,500,000.00 FNMA Note 2% Due 1/5/2022 0.000 25,000.00 0.00 25,000.00 0.00 Interest 01/07/2021 3135G0X24 4,200,000.00 FNMA Note 1.625% Due 1/7/2025 0.000 34,125.00 0.00 34,125.00 0.00 Interest 01/08/2021 24422ETF6 750,000.00 John Deere Capital Corp Note 2.55% Due 1/8/2021 0.000 9,562.50 0.00 9,562.50 0.00 Interest 01/10/2021 3135G05G4 2,350,000.00 FNMA Note 0.25% Due 7/10/2023 0.000 2,937.50 0.00 2,937.50 0.00 Interest 01/14/2021 02665WCJ8 1,000,000.00 American Honda Finance Note 3.45% Due 7/14/2023 0.000 17,250.00 0.00 17,250.00 0.00 Interest 01/14/2021 3130A8QS5 2,500,000.00 FHLB Note 1.125% Due 7/14/2021 0.000 14,062.50 0.00 14,062.50 0.00 Interest 01/16/2021 78013XZU5 2,500,000.00 Royal Bank of Canada Note 2.55% Due 7/16/2024 0.000 31,875.00 0.00 31,875.00 0.00 Interest 01/19/2021 3135G0T94 2,500,000.00 FNMA Note 2.375% Due 1/19/2023 0.000 29,687.50 0.00 29,687.50 0.00 Interest 01/21/2021 3137EAEU9 1,745,000.00 FHLMC Note 0.375% Due 7/21/2025 0.000 3,235.52 0.00 3,235.52 0.00 Interest 01/21/2021 90331HPL1 2,610,000.00 US Bank NA Callable Note Cont 12/21/2024 2.05% Due 1/21/2025 0.000 26,752.50 0.00 26,752.50 0.00 Execution Time: 2/3/2021 11:52:56 AMChandler Asset Management - CONFIDENTIAL Page 14 740 Transaction Ledger As of January 31, 2021 City of Dublin Consolidated Account #10221 Transaction Type Settlement Date CUSIP Quantity Security Description Price Acq/Disp Yield Amount Interest Pur/Sold Total Amount Gain/Loss OTHER TRANSACTIONS Interest 01/23/2021 46647PAU0 2,500,000.00 JP Morgan Chase & Co Callable Note 1X 7/23/2023 3.797% Due 7/23/2024 0.000 47,462.50 0.00 47,462.50 0.00 Interest 01/24/2021 91159HHP8 1,000,000.00 US Bancorp Callable Note Cont 12/23/2021 2.625% Due 1/24/2022 0.000 13,125.00 0.00 13,125.00 0.00 Interest 01/25/2021 808513AT2 2,000,000.00 Charles Schwab Corp Callable Note Cont 12/25/2022 2.65% Due 1/25/2023 0.000 26,500.00 0.00 26,500.00 0.00 Interest 01/26/2021 3133EKWV4 2,500,000.00 FFCB Note 1.85% Due 7/26/2024 0.000 23,125.00 0.00 23,125.00 0.00 Interest 01/26/2021 459058FY4 2,000,000.00 Intl. Bank Recon & Development Note 2% Due 1/26/2022 0.000 20,000.00 0.00 20,000.00 0.00 Interest 01/31/2021 9128282N9 2,000,000.00 US Treasury Note 2.125% Due 7/31/2024 0.000 21,250.00 0.00 21,250.00 0.00 Interest 01/31/2021 912828V72 1,500,000.00 US Treasury Note 1.875% Due 1/31/2022 0.000 14,062.50 0.00 14,062.50 0.00 Interest 01/31/2021 912828V80 5,000,000.00 US Treasury Note 2.25% Due 1/31/2024 0.000 56,250.00 0.00 56,250.00 0.00 Subtotal 41,155,000.00 416,263.02 0.00 416,263.02 0.00 Dividend 01/04/2021 31846V203 1,494,033.37 First American Govt Obligation Fund Class Y 0.000 10.30 0.00 10.30 0.00 Dividend 01/15/2021 90LAIF$00 4,615,744,236.26 Local Agency Investment Fund State Pool 0.000 79,355.81 0.00 79,355.81 0.00 Dividend 01/31/2021 90CAMP$00 56,605,094.09 California Asset Mgmt Program CAMP 0.000 6,007.80 0.00 6,007.80 0.00 Subtotal 4,673,843,363.72 85,373.91 0.00 85,373.91 0.00 TOTAL OTHER TRANSACTIONS 4,714,998,363.72 501,636.93 0.00 501,636.93 0.00 Execution Time: 2/3/2021 11:52:56 AMChandler Asset Management - CONFIDENTIAL Page 15 741 Transaction Ledger As of February 28, 2021 City of Dublin Consolidated Account #10221 Transaction Type Settlement Date CUSIP Quantity Security Description Price Acq/Disp Yield Amount Interest Pur/Sold Total Amount Gain/Loss ACQUISITIONS Purchase 02/01/2021 31846V203 7.38 First American Govt Obligation Fund Class Y 1.000 0.01%7.38 0.00 7.38 0.00 Purchase 02/05/2021 31846V203 25,000.00 First American Govt Obligation Fund Class Y 1.000 0.01%25,000.00 0.00 25,000.00 0.00 Purchase 02/06/2021 31846V203 30,000.00 First American Govt Obligation Fund Class Y 1.000 0.01%30,000.00 0.00 30,000.00 0.00 Purchase 02/08/2021 31846V203 14,337.50 First American Govt Obligation Fund Class Y 1.000 0.01%14,337.50 0.00 14,337.50 0.00 Purchase 02/11/2021 31846V203 20,700.00 First American Govt Obligation Fund Class Y 1.000 0.01%20,700.00 0.00 20,700.00 0.00 Purchase 02/12/2021 31846V203 48,375.00 First American Govt Obligation Fund Class Y 1.000 0.01%48,375.00 0.00 48,375.00 0.00 Purchase 02/14/2021 31846V203 32,000.00 First American Govt Obligation Fund Class Y 1.000 0.01%32,000.00 0.00 32,000.00 0.00 Purchase 02/16/2021 31846V203 218.88 First American Govt Obligation Fund Class Y 1.000 0.01%218.88 0.00 218.88 0.00 Purchase 02/16/2021 31846V203 375.83 First American Govt Obligation Fund Class Y 1.000 0.01%375.83 0.00 375.83 0.00 Purchase 02/16/2021 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 02/16/2021 31846V203 98,774.20 First American Govt Obligation Fund Class Y 1.000 0.01%98,774.20 0.00 98,774.20 0.00 Purchase 02/16/2021 31846V203 130,500.62 First American Govt Obligation Fund Class Y 1.000 0.01%130,500.62 0.00 130,500.62 0.00 Purchase 02/16/2021 31846V203 26,023.81 First American Govt Obligation Fund Class Y 1.000 0.01%26,023.81 0.00 26,023.81 0.00 Purchase 02/16/2021 31846V203 138,692.99 First American Govt Obligation Fund Class Y 1.000 0.01%138,692.99 0.00 138,692.99 0.00 Purchase 02/16/2021 31846V203 64,894.73 First American Govt Obligation Fund Class Y 1.000 0.01%64,894.73 0.00 64,894.73 0.00 Purchase 02/16/2021 31846V203 97,845.14 First American Govt Obligation Fund Class Y 1.000 0.01%97,845.14 0.00 97,845.14 0.00 Execution Time: 3/16/2021 1:20:54 PMChandler Asset Management - CONFIDENTIAL Page 10 742 Transaction Ledger As of February 28, 2021 City of Dublin Consolidated Account #10221 Transaction Type Settlement Date CUSIP Quantity Security Description Price Acq/Disp Yield Amount Interest Pur/Sold Total Amount Gain/Loss ACQUISITIONS Purchase 02/18/2021 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 02/18/2021 31846V203 20,625.00 First American Govt Obligation Fund Class Y 1.000 0.01%20,625.00 0.00 20,625.00 0.00 Purchase 02/18/2021 31846V203 345.33 First American Govt Obligation Fund Class Y 1.000 0.01%345.33 0.00 345.33 0.00 Purchase 02/18/2021 31846V203 33,649.88 First American Govt Obligation Fund Class Y 1.000 0.01%33,649.88 0.00 33,649.88 0.00 Purchase 02/18/2021 89114QCK2 1,000,000.00 Toronto Dominion Bank Note 0.75% Due 9/11/2025 99.723 0.81%997,230.00 3,270.83 1,000,500.83 0.00 Purchase 02/19/2021 459058JL8 2,000,000.00 Intl. Bank Recon & Development Note 0.5% Due 10/28/2025 99.416 0.63%1,988,320.00 3,083.33 1,991,403.33 0.00 Purchase 02/22/2021 31846V203 71,278.57 First American Govt Obligation Fund Class Y 1.000 0.01%71,278.57 0.00 71,278.57 0.00 Purchase 02/24/2021 78015K7H1 1,000,000.00 Royal Bank of Canada Note 1.15% Due 6/10/2025 101.224 0.86%1,012,240.00 2,363.89 1,014,603.89 0.00 Purchase 02/24/2021 91282CBH3 4,000,000.00 US Treasury Note 0.375% Due 1/31/2026 99.016 0.58%3,960,625.00 994.48 3,961,619.48 0.00 Purchase 02/25/2021 31846V203 5,108.23 First American Govt Obligation Fund Class Y 1.000 0.01%5,108.23 0.00 5,108.23 0.00 Purchase 02/26/2021 31846V203 5,000,000.00 First American Govt Obligation Fund Class Y 1.000 0.01%5,000,000.00 0.00 5,000,000.00 0.00 Purchase 02/26/2021 31846V203 34,375.00 First American Govt Obligation Fund Class Y 1.000 0.01%34,375.00 0.00 34,375.00 0.00 Purchase 02/28/2021 31846V203 38,437.50 First American Govt Obligation Fund Class Y 1.000 0.01%38,437.50 0.00 38,437.50 0.00 Purchase 02/28/2021 90CAMP$00 3,355.74 California Asset Mgmt Program CAMP 1.000 0.09%3,355.74 0.00 3,355.74 0.00 Subtotal 16,937,462.50 16,895,877.50 9,712.53 16,905,590.03 0.00 Security Contribution 02/09/2021 31846V203 10,000,000.00 First American Govt Obligation Fund Class Y 1.000 10,000,000.00 0.00 10,000,000.00 0.00 Execution Time: 3/16/2021 1:20:54 PMChandler Asset Management - CONFIDENTIAL Page 11 743 Transaction Ledger As of February 28, 2021 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 02/26/2021 90CAMP$00 2,800,000.00 California Asset Mgmt Program CAMP 1.000 2,800,000.00 0.00 2,800,000.00 0.00 Subtotal 12,800,000.00 12,800,000.00 0.00 12,800,000.00 0.00 TOTAL ACQUISITIONS 29,737,462.50 29,695,877.50 9,712.53 29,705,590.03 0.00 DISPOSITIONS Sale 02/18/2021 31846V203 1,000,500.83 First American Govt Obligation Fund Class Y 1.000 0.01%1,000,500.83 0.00 1,000,500.83 0.00 Sale 02/19/2021 31846V203 1,991,403.33 First American Govt Obligation Fund Class Y 1.000 0.01%1,991,403.33 0.00 1,991,403.33 0.00 Sale 02/24/2021 31846V203 1,014,603.89 First American Govt Obligation Fund Class Y 1.000 0.01%1,014,603.89 0.00 1,014,603.89 0.00 Sale 02/24/2021 31846V203 3,961,619.48 First American Govt Obligation Fund Class Y 1.000 0.01%3,961,619.48 0.00 3,961,619.48 0.00 Subtotal 7,968,127.53 7,968,127.53 0.00 7,968,127.53 0.00 Paydown 02/16/2021 43815NAB0 98,142.30 Honda Auto Receivables Trust 2019-3 A2 1.9% Due 4/15/2022 100.000 98,142.30 631.90 98,774.20 0.00 Paydown 02/16/2021 477870AB5 130,228.40 John Deere Owner Trust 2019-B A2 2.28% Due 5/16/2022 100.000 130,228.40 272.22 130,500.62 0.00 Paydown 02/16/2021 47787NAC3 0.00 John Deere Owner Trust 2020-B A3 0.51% Due 11/15/2024 100.000 0.00 218.88 218.88 0.00 Paydown 02/16/2021 47788CAC6 25,937.70 John Deere Owner Trust 2018-A A3 2.66% Due 4/18/2022 100.000 25,937.70 86.11 26,023.81 0.00 Paydown 02/16/2021 47788EAC2 137,036.67 John Deere Owner Trust 2018-B A3 3.08% Due 11/15/2022 100.000 137,036.67 1,656.32 138,692.99 0.00 Execution Time: 3/16/2021 1:20:54 PMChandler Asset Management - CONFIDENTIAL Page 12 744 Transaction Ledger As of February 28, 2021 City of Dublin Consolidated Account #10221 Transaction Type Settlement Date CUSIP Quantity Security Description Price Acq/Disp Yield Amount Interest Pur/Sold Total Amount Gain/Loss DISPOSITIONS Paydown 02/16/2021 65479GAD1 63,119.66 Nissan Auto Receivables Trust 2018-B A3 3.06% Due 3/15/2023 100.000 63,119.66 1,775.07 64,894.73 0.00 Paydown 02/16/2021 65479JAD5 0.00 Nissan Auto Receivables Owner 2019-C A3 1.93% Due 7/15/2024 100.000 0.00 2,541.17 2,541.17 0.00 Paydown 02/16/2021 89231PAD0 94,914.11 Toyota Auto Receivables Trust 2018-D A3 3.18% Due 3/15/2023 100.000 94,914.11 2,931.03 97,845.14 0.00 Paydown 02/16/2021 89237VAB5 0.00 Toyota Auto Receivables Trust 2020-C A3 0.44% Due 10/15/2024 100.000 0.00 375.83 375.83 0.00 Paydown 02/18/2021 43813KAC6 0.00 Honda Auto Receivables Trust 2020-3 A3 0.37% Due 10/18/2024 100.000 0.00 345.33 345.33 0.00 Paydown 02/18/2021 43814UAG4 33,172.43 Honda Auto Receivables Trust 2018-2 A3 3.01% Due 5/18/2022 100.000 33,172.43 477.45 33,649.88 0.00 Paydown 02/22/2021 43815HAC1 69,941.48 Honda Auto Receivables Trust 2018-3 A3 2.95% Due 8/22/2022 100.000 69,941.48 1,337.09 71,278.57 0.00 Subtotal 652,492.75 652,492.75 12,648.40 665,141.15 0.00 Maturity 02/18/2021 3130A7CV5 3,000,000.00 FHLB Note 1.375% Due 2/18/2021 100.000 3,000,000.00 0.00 3,000,000.00 0.00 Maturity 02/26/2021 3135G0J20 5,000,000.00 FNMA Note 1.375% Due 2/26/2021 100.000 5,000,000.00 0.00 5,000,000.00 0.00 Subtotal 8,000,000.00 8,000,000.00 0.00 8,000,000.00 0.00 Security Withdrawal 02/05/2021 90CAMP$00 11,300,000.00 California Asset Mgmt Program CAMP 1.000 11,300,000.00 0.00 11,300,000.00 0.00 Security Withdrawal 02/08/2021 90CAMP$00 1,000,000.00 California Asset Mgmt Program CAMP 1.000 1,000,000.00 0.00 1,000,000.00 0.00 Security Withdrawal 02/12/2021 90CAMP$00 600,000.00 California Asset Mgmt Program CAMP 1.000 600,000.00 0.00 600,000.00 0.00 Execution Time: 3/16/2021 1:20:54 PMChandler Asset Management - CONFIDENTIAL Page 13 745 Transaction Ledger As of February 28, 2021 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 02/19/2021 90CAMP$00 1,800,000.00 California Asset Mgmt Program CAMP 1.000 1,800,000.00 0.00 1,800,000.00 0.00 Security Withdrawal 02/22/2021 31846V203 104.17 First American Govt Obligation Fund Class Y 1.000 104.17 0.00 104.17 0.00 Subtotal 14,700,104.17 14,700,104.17 0.00 14,700,104.17 0.00 TOTAL DISPOSITIONS 31,320,724.45 31,320,724.45 12,648.40 31,333,372.85 0.00 OTHER TRANSACTIONS Interest 02/05/2021 3135G0V34 2,000,000.00 FNMA Note 2.5% Due 2/5/2024 0.000 25,000.00 0.00 25,000.00 0.00 Interest 02/06/2021 44932HAH6 2,000,000.00 IBM Credit Corp Note 3% Due 2/6/2023 0.000 30,000.00 0.00 30,000.00 0.00 Interest 02/08/2021 594918BP8 1,850,000.00 Microsoft Callable Note Cont 7/8/2021 1.55% Due 8/8/2021 0.000 14,337.50 0.00 14,337.50 0.00 Interest 02/11/2021 06406RAJ6 1,200,000.00 Bank of NY Mellon Corp Note 3.45% Due 8/11/2023 0.000 20,700.00 0.00 20,700.00 0.00 Interest 02/12/2021 3137EAEC9 3,000,000.00 FHLMC Note 1.125% Due 8/12/2021 0.000 16,875.00 0.00 16,875.00 0.00 Interest 02/12/2021 3137EAEP0 4,200,000.00 FHLMC Note 1.5% Due 2/12/2025 0.000 31,500.00 0.00 31,500.00 0.00 Interest 02/14/2021 3133EKZK5 4,000,000.00 FFCB Note 1.6% Due 8/14/2023 0.000 32,000.00 0.00 32,000.00 0.00 Interest 02/18/2021 3130A7CV5 3,000,000.00 FHLB Note 1.375% Due 2/18/2021 0.000 20,625.00 0.00 20,625.00 0.00 Interest 02/25/2021 3135G05X7 2,755,000.00 FNMA Note 0.375% Due 8/25/2025 0.000 5,108.23 0.00 5,108.23 0.00 Interest 02/26/2021 3135G0J20 5,000,000.00 FNMA Note 1.375% Due 2/26/2021 0.000 34,375.00 0.00 34,375.00 0.00 Interest 02/28/2021 912828L24 2,000,000.00 US Treasury Note 1.875% Due 8/31/2022 0.000 18,750.00 0.00 18,750.00 0.00 Execution Time: 3/16/2021 1:20:54 PMChandler Asset Management - CONFIDENTIAL Page 14 746 Transaction Ledger As of February 28, 2021 City of Dublin Consolidated Account #10221 Transaction Type Settlement Date CUSIP Quantity Security Description Price Acq/Disp Yield Amount Interest Pur/Sold Total Amount Gain/Loss OTHER TRANSACTIONS Interest 02/28/2021 912828ZC7 3,500,000.00 US Treasury Note 1.125% Due 2/28/2025 0.000 19,687.50 0.00 19,687.50 0.00 Subtotal 34,505,000.00 268,958.23 0.00 268,958.23 0.00 Dividend 02/01/2021 31846V203 364,937.41 First American Govt Obligation Fund Class Y 0.000 7.38 0.00 7.38 0.00 Dividend 02/28/2021 90CAMP$00 44,711,101.89 California Asset Mgmt Program CAMP 0.000 3,355.74 0.00 3,355.74 0.00 Subtotal 45,076,039.30 3,363.12 0.00 3,363.12 0.00 TOTAL OTHER TRANSACTIONS 79,581,039.30 272,321.35 0.00 272,321.35 0.00 Execution Time: 3/16/2021 1:20:54 PMChandler Asset Management - CONFIDENTIAL Page 15 747 Transaction Ledger As of March 31, 2021 City of Dublin Consolidated Account #10221 Transaction Type Settlement Date CUSIP Quantity Security Description Price Acq/Disp Yield Amount Interest Pur/Sold Total Amount Gain/Loss ACQUISITIONS Purchase 03/01/2021 31846V203 19,998.00 First American Govt Obligation Fund Class Y 1.000 0.01%19,998.00 0.00 19,998.00 0.00 Purchase 03/01/2021 31846V203 1,800,000.00 First American Govt Obligation Fund Class Y 1.000 0.01%1,800,000.00 0.00 1,800,000.00 0.00 Purchase 03/01/2021 31846V203 35.41 First American Govt Obligation Fund Class Y 1.000 0.01%35.41 0.00 35.41 0.00 Purchase 03/05/2021 31846V203 42,600.00 First American Govt Obligation Fund Class Y 1.000 0.01%42,600.00 0.00 42,600.00 0.00 Purchase 03/08/2021 06051GHY8 1,250,000.00 Bank of America Corp Callable Note Cont 2/13/2025 2.015% Due 2/13/2026 103.338 1.09%1,291,725.00 1,749.13 1,293,474.13 0.00 Purchase 03/08/2021 31846V203 84,375.00 First American Govt Obligation Fund Class Y 1.000 0.01%84,375.00 0.00 84,375.00 0.00 Purchase 03/10/2021 47788UAC6 800,000.00 John Deere Owner Trust 2021-A A3 0.36% Due 9/15/2025 99.981 0.37%799,846.24 0.00 799,846.24 0.00 Purchase 03/11/2021 31846V203 63,625.00 First American Govt Obligation Fund Class Y 1.000 0.01%63,625.00 0.00 63,625.00 0.00 Purchase 03/13/2021 31846V203 28,750.00 First American Govt Obligation Fund Class Y 1.000 0.01%28,750.00 0.00 28,750.00 0.00 Purchase 03/14/2021 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 03/15/2021 31846V203 74,518.75 First American Govt Obligation Fund Class Y 1.000 0.01%74,518.75 0.00 74,518.75 0.00 Purchase 03/15/2021 31846V203 375.83 First American Govt Obligation Fund Class Y 1.000 0.01%375.83 0.00 375.83 0.00 Purchase 03/15/2021 31846V203 218.88 First American Govt Obligation Fund Class Y 1.000 0.01%218.88 0.00 218.88 0.00 Purchase 03/15/2021 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 03/15/2021 31846V203 88,551.28 First American Govt Obligation Fund Class Y 1.000 0.01%88,551.28 0.00 88,551.28 0.00 Purchase 03/15/2021 31846V203 13,071.28 First American Govt Obligation Fund Class Y 1.000 0.01%13,071.28 0.00 13,071.28 0.00 Execution Time: 4/20/2021 1:39:57 PMChandler Asset Management - CONFIDENTIAL Page 10 748 Transaction Ledger As of March 31, 2021 City of Dublin Consolidated Account #10221 Transaction Type Settlement Date CUSIP Quantity Security Description Price Acq/Disp Yield Amount Interest Pur/Sold Total Amount Gain/Loss ACQUISITIONS Purchase 03/15/2021 31846V203 12,938.79 First American Govt Obligation Fund Class Y 1.000 0.01%12,938.79 0.00 12,938.79 0.00 Purchase 03/15/2021 31846V203 78,445.11 First American Govt Obligation Fund Class Y 1.000 0.01%78,445.11 0.00 78,445.11 0.00 Purchase 03/15/2021 31846V203 55,428.05 First American Govt Obligation Fund Class Y 1.000 0.01%55,428.05 0.00 55,428.05 0.00 Purchase 03/15/2021 31846V203 87,805.25 First American Govt Obligation Fund Class Y 1.000 0.01%87,805.25 0.00 87,805.25 0.00 Purchase 03/18/2021 31846V203 345.33 First American Govt Obligation Fund Class Y 1.000 0.01%345.33 0.00 345.33 0.00 Purchase 03/18/2021 31846V203 31,188.98 First American Govt Obligation Fund Class Y 1.000 0.01%31,188.98 0.00 31,188.98 0.00 Purchase 03/22/2021 31846V203 61,194.54 First American Govt Obligation Fund Class Y 1.000 0.01%61,194.54 0.00 61,194.54 0.00 Purchase 03/23/2021 31846V203 4,922.81 First American Govt Obligation Fund Class Y 1.000 0.01%4,922.81 0.00 4,922.81 0.00 Purchase 03/26/2021 24422ETT6 1,000,000.00 John Deere Capital Corp Note 2.65% Due 6/24/2024 106.400 0.65%1,064,000.00 6,772.22 1,070,772.22 0.00 Purchase 03/26/2021 31846V203 2,110,396.81 First American Govt Obligation Fund Class Y 1.000 0.01%2,110,396.81 0.00 2,110,396.81 0.00 Purchase 03/29/2021 91282CBQ3 2,500,000.00 US Treasury Note 0.5% Due 2/28/2026 98.398 0.83%2,459,960.94 985.05 2,460,945.99 0.00 Purchase 03/31/2021 31846V203 135,312.50 First American Govt Obligation Fund Class Y 1.000 0.01%135,312.50 0.00 135,312.50 0.00 Purchase 03/31/2021 91282CBT7 3,000,000.00 US Treasury Note 0.75% Due 3/31/2026 99.246 0.90%2,977,382.81 0.00 2,977,382.81 0.00 Subtotal 13,368,513.77 13,411,428.76 9,506.40 13,420,935.16 0.00 Execution Time: 4/20/2021 1:39:57 PMChandler Asset Management - CONFIDENTIAL Page 11 749 Transaction Ledger As of March 31, 2021 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 03/31/2021 90CAMP$00 802,935.30 California Asset Mgmt Program CAMP 1.000 802,935.30 0.00 802,935.30 0.00 Subtotal 802,935.30 802,935.30 0.00 802,935.30 0.00 TOTAL ACQUISITIONS 14,171,449.07 14,214,364.06 9,506.40 14,223,870.46 0.00 DISPOSITIONS Sale 03/08/2021 31846V203 1,293,474.13 First American Govt Obligation Fund Class Y 1.000 0.01%1,293,474.13 0.00 1,293,474.13 0.00 Sale 03/10/2021 31846V203 799,846.24 First American Govt Obligation Fund Class Y 1.000 0.01%799,846.24 0.00 799,846.24 0.00 Sale 03/26/2021 31846V203 1,070,772.22 First American Govt Obligation Fund Class Y 1.000 0.01%1,070,772.22 0.00 1,070,772.22 0.00 Sale 03/29/2021 31846V203 2,460,945.99 First American Govt Obligation Fund Class Y 1.000 0.01%2,460,945.99 0.00 2,460,945.99 0.00 Sale 03/31/2021 31846V203 2,977,382.81 First American Govt Obligation Fund Class Y 1.000 0.01%2,977,382.81 0.00 2,977,382.81 0.00 Subtotal 8,602,421.39 8,602,421.39 0.00 8,602,421.39 0.00 Call 03/26/2021 44932HAH6 2,000,000.00 IBM Credit Corp Note 3% Due 2/6/2023 105.103 3.09%2,102,063.48 8,333.33 2,110,396.81 0.00 Subtotal 2,000,000.00 2,102,063.48 8,333.33 2,110,396.81 0.00 Paydown 03/15/2021 43815NAB0 88,074.77 Honda Auto Receivables Trust 2019-3 A2 1.9% Due 4/15/2022 100.000 88,074.77 476.51 88,551.28 0.00 Paydown 03/15/2021 477870AB5 13,046.49 John Deere Owner Trust 2019-B A2 2.28% Due 5/16/2022 100.000 13,046.49 24.79 13,071.28 0.00 Paydown 03/15/2021 47787NAC3 0.00 John Deere Owner Trust 2020-B A3 0.51% Due 11/15/2024 100.000 0.00 218.88 218.88 0.00 Execution Time: 4/20/2021 1:39:57 PMChandler Asset Management - CONFIDENTIAL Page 12 750 Transaction Ledger As of March 31, 2021 City of Dublin Consolidated Account #10221 Transaction Type Settlement Date CUSIP Quantity Security Description Price Acq/Disp Yield Amount Interest Pur/Sold Total Amount Gain/Loss DISPOSITIONS Paydown 03/15/2021 47788CAC6 12,910.17 John Deere Owner Trust 2018-A A3 2.66% Due 4/18/2022 100.000 12,910.17 28.62 12,938.79 0.00 Paydown 03/15/2021 47788EAC2 77,140.52 John Deere Owner Trust 2018-B A3 3.08% Due 11/15/2022 100.000 77,140.52 1,304.59 78,445.11 0.00 Paydown 03/15/2021 65479GAD1 53,813.94 Nissan Auto Receivables Trust 2018-B A3 3.06% Due 3/15/2023 100.000 53,813.94 1,614.11 55,428.05 0.00 Paydown 03/15/2021 65479JAD5 0.00 Nissan Auto Receivables Owner 2019-C A3 1.93% Due 7/15/2024 100.000 0.00 2,541.17 2,541.17 0.00 Paydown 03/15/2021 89231PAD0 85,125.74 Toyota Auto Receivables Trust 2018-D A3 3.18% Due 3/15/2023 100.000 85,125.74 2,679.51 87,805.25 0.00 Paydown 03/15/2021 89237VAB5 0.00 Toyota Auto Receivables Trust 2020-C A3 0.44% Due 10/15/2024 100.000 0.00 375.83 375.83 0.00 Paydown 03/18/2021 43813KAC6 0.00 Honda Auto Receivables Trust 2020-3 A3 0.37% Due 10/18/2024 100.000 0.00 345.33 345.33 0.00 Paydown 03/18/2021 43814UAG4 30,794.74 Honda Auto Receivables Trust 2018-2 A3 3.01% Due 5/18/2022 100.000 30,794.74 394.24 31,188.98 0.00 Paydown 03/22/2021 43815HAC1 60,029.39 Honda Auto Receivables Trust 2018-3 A3 2.95% Due 8/22/2022 100.000 60,029.39 1,165.15 61,194.54 0.00 Subtotal 420,935.76 420,935.76 11,168.73 432,104.49 0.00 Maturity 03/01/2021 30231GAV4 1,800,000.00 Exxon Mobil Corp Callable Note Cont 2/1/2021 2.222% Due 3/1/2021 100.000 1,800,000.00 0.00 1,800,000.00 0.00 Subtotal 1,800,000.00 1,800,000.00 0.00 1,800,000.00 0.00 Execution Time: 4/20/2021 1:39:57 PMChandler Asset Management - CONFIDENTIAL Page 13 751 Transaction Ledger As of March 31, 2021 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 03/25/2021 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 12,823,461.32 12,925,524.80 19,502.06 12,945,026.86 0.00 OTHER TRANSACTIONS Interest 03/01/2021 30231GAV4 1,800,000.00 Exxon Mobil Corp Callable Note Cont 2/1/2021 2.222% Due 3/1/2021 0.000 19,998.00 0.00 19,998.00 0.00 Interest 03/05/2021 06051GHF9 2,400,000.00 Bank of America Corp Callable Note 1X 3/5/2023 3.55% Due 3/5/2024 0.000 42,600.00 0.00 42,600.00 0.00 Interest 03/08/2021 313383YJ4 5,000,000.00 FHLB Note 3.375% Due 9/8/2023 0.000 84,375.00 0.00 84,375.00 0.00 Interest 03/11/2021 313378CR0 2,000,000.00 FHLB Note 2.25% Due 3/11/2022 0.000 22,500.00 0.00 22,500.00 0.00 Interest 03/11/2021 89114QCB2 2,300,000.00 Toronto Dominion Bank Note 3.25% Due 3/11/2024 0.000 37,375.00 0.00 37,375.00 0.00 Interest 03/11/2021 89114QCK2 1,000,000.00 Toronto Dominion Bank Note 0.75% Due 9/11/2025 0.000 3,750.00 0.00 3,750.00 0.00 Interest 03/13/2021 3130A2UW4 2,000,000.00 FHLB Note 2.875% Due 9/13/2024 0.000 28,750.00 0.00 28,750.00 0.00 Interest 03/14/2021 4581X0CZ9 2,500,000.00 Inter-American Dev Bank Note 1.75% Due 9/14/2022 0.000 21,875.00 0.00 21,875.00 0.00 Interest 03/15/2021 00440EAS6 2,500,000.00 Chubb INA Holdings Inc Note 3.15% Due 3/15/2025 0.000 39,375.00 0.00 39,375.00 0.00 Execution Time: 4/20/2021 1:39:57 PMChandler Asset Management - CONFIDENTIAL Page 14 752 Transaction Ledger As of March 31, 2021 City of Dublin Consolidated Account #10221 Transaction Type Settlement Date CUSIP Quantity Security Description Price Acq/Disp Yield Amount Interest Pur/Sold Total Amount Gain/Loss OTHER TRANSACTIONS Interest 03/15/2021 084670BR8 1,865,000.00 Berkshire Hathaway Callable Note Cont 1/15/2023 2.75% Due 3/15/2023 0.000 25,643.75 0.00 25,643.75 0.00 Interest 03/15/2021 68389XBK0 1,000,000.00 Oracle Corp Callable Note Cont 8/15/2021 1.9% Due 9/15/2021 0.000 9,500.00 0.00 9,500.00 0.00 Interest 03/23/2021 3137EAEX3 2,655,000.00 FHLMC Note 0.375% Due 9/23/2025 0.000 4,922.81 0.00 4,922.81 0.00 Interest 03/31/2021 9128284D9 3,750,000.00 US Treasury Note 2.5% Due 3/31/2023 0.000 46,875.00 0.00 46,875.00 0.00 Interest 03/31/2021 912828J76 3,000,000.00 US Treasury Note 1.75% Due 3/31/2022 0.000 26,250.00 0.00 26,250.00 0.00 Interest 03/31/2021 912828L57 3,750,000.00 US Treasury Note 1.75% Due 9/30/2022 0.000 32,812.50 0.00 32,812.50 0.00 Interest 03/31/2021 912828YH7 3,500,000.00 US Treasury Note 1.5% Due 9/30/2024 0.000 26,250.00 0.00 26,250.00 0.00 Interest 03/31/2021 91282CAM3 2,500,000.00 US Treasury Note 0.25% Due 9/30/2025 0.000 3,125.00 0.00 3,125.00 0.00 Subtotal 43,520,000.00 475,977.06 0.00 475,977.06 0.00 Dividend 03/01/2021 31846V203 13,150,810.47 First American Govt Obligation Fund Class Y 0.000 35.41 0.00 35.41 0.00 Subtotal 13,150,810.47 35.41 0.00 35.41 0.00 TOTAL OTHER TRANSACTIONS 56,670,810.47 476,012.47 0.00 476,012.47 0.00 Execution Time: 4/20/2021 1:39:57 PMChandler Asset Management - 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