HomeMy WebLinkAbout4.4 - 3081 Q2 2020 - Investment Report
Page 1 of 4
STAFF REPORT
CITY COUNCIL
DATE: February 18, 2020
TO: Honorable Mayor and City Councilmembers
FROM:
Linda Smith, City Manager
SUBJECT:
City Treasurer's Informational Report of Investments for the Quarter
Ending December 31, 2019
Prepared by: Jay Baksa, Assistant Administrative Services Director
EXECUTIVE SUMMARY:
The City Council will receive an informational report of the City’s investments through
the quarter ending December 31, 2019 including a monthly transaction ledger. The
City’s investment portfolio for this period totaled $296,625,984 (book value) with an
average market yield of 1.80%. As required by the Policy, the City Treasurer
(Administrative Services Director) affirms that the City is able to meet its expenditure
requirements for the next six months.
STAFF RECOMMENDATION:
Receive the report.
FINANCIAL IMPACT:
There is no financial impact resulting from this report. Investments are made in
accordance with the City Investment Policy and State Law. Interest earned is
apportioned between funds (i.e. General Fund, Gas Tax Fund, etc.) based upon their
proportionate share of the total cash balance. Based on the financial needs of the City
including the timing of revenues and expenditures, the quarterly cash balance can vary
from quarter to quarter.
DESCRIPTION:
The total investment portfolio of $296,625,984 (book value) is comprised of
$204,640,300 managed by Chandler Asset Management (Chandler), and $91,985,684
invested by the City in local government pools. The average m arket yield of the
Chandler portfolio and the local pools was 1.75% and 1.91% respectively. The total
investment portfolio balance fluctuates throughout the year due to normal cash flow
needs and includes both discretionary and restricted funds.
Page 2 of 4
Economic Update Highlights
The following are some highlights from the Economic Update included in the attached
Investment Report prepared by Chandler (Attachment 1).
Economic growth has slowed over the past year and the consensus forecast calls for
GDP growth of 1.8% in 2020 versus 2.3% in 2019. Chandler does not anticipate a
recession within the next six-month horizon. However, an uncertain outlook on the
future path of global central bank policy, lingering uncertainty about trade policy and
Brexit, and the upcoming US presidential election potentially sets the stage for a
continued volatile financial market environment this year.
The Federal Open Market Committee kept the target fed funds rate unchanged in
December in a range of 1.50%-1.75%. The vote to keep policy unchanged was
unanimous and the Fed's quarterly update on their Summary of Economic Projections
was little changed from the September 2019 forecast. Notably the Fed's forecast calls
for no change to the fed funds rate in 2020. Chandler believes the hur dle rate to tighten
policy remains high, as market-based measures of inflation are still too low. Conversely,
if market-based inflation metrics fail to improve, and/or the domestic or global economy
experiences an exogenous shock, Chandler believes the Fed has left the door open for
additional policy accommodation.
The Treasury yield curve steepened slightly in December. The two -year Treasury yield
decreased about four basis points to 1.57%, the five-year Treasury yield increased
almost seven basis points to 1.69%, and the 10-year Treasury yield increased about 14
basis points to 1.92%. Chandler believes the increase in longer-term yields were driven
by more favorable developments with regard to global trade and Brexit.
City of Dublin Portfolio
The City's portfolio managed by Chandler has maintained a healthy balance of
investment types with minimal change from the prior quarter as shown below in Chart 1.
In the reporting period the City received a large portion of its property tax revenue, the
largest single component of the City’s revenue, which was placed into the local
government pools.
While the yield of the two local governmental pools is currently outpacing the funds
managed by Chandler, the difference between the yield of the funds managed by
Chandler and those in the local pools has been decreasing over the past six months. As
previously mentioned, Chandler is still advocating investing monies not needed for the
next 18 months in a longer maturity strategy, as historically, over an investment cycle,
the total return of a longer maturity investment strategy will be superior to a shorter
maturity mandate. Accordingly, Staff will continue to look to the locally invested funds
for short term needs while positioning the bulk of City funds for higher earni ngs over the
long term.
Page 3 of 4
Chart 1: Investments by Type
September 30,2019 - December 31, 2019
The market value of the City's portfolio increased by $11.92 million from the September
30, 2019 quarter, due to the receipt of property tax revenue. The City’s portfolio
increased $23.53 million from the same quarter the prior year due to the excess of
revenues over expenditures in Fiscal Year 2018 -19 (see Table 1 below). Overall market
yield-to-maturity decreased from 1.94% to 1.80% (shown in Table 2) due t o the
decrease in shorter term rates as discussed in the Economic Update Highlights. For
detailed monthly transactions, see Attachment 2.
Table 1: Portfolio Values and Yield to Maturity
Page 4 of 4
Table 2: Quarterly Holdings (Market Value) by Type, and YTM, 5 Quarters
Funds Managed by the City
The City participates in two local agency investment pools managed by government
finance professionals and treasurers: the Local Agency Investment Fund (LAIF) and the
California Asset Management Program (CAMP). The City has typically carried close to
the $50 million maximum allowable in LAIF with any excesses deposited into CAMP.
LAIF quarterly rates are currently near the highest measured since 2011, but have been
decreasing, as shown below.
Table 3: Quarterly LAIF Yields, Recent Eight Years and 3 Quarters
STRATEGIC PLAN INITIATIVE:
Strategy 1: Assure the City's long-term financial sustainability.
NOTICING REQUIREMENTS/PUBLIC OUTREACH:
None.
ATTACHMENTS:
Q2 Reduced
2. Transaction Ledger - October-December 2019
CHANDLER ASSET MANAGEMENT, INC. | 800.317.4747 | www.chandlerasset.com
INVESTMENT REPORT
Period Ending December 31, 2019
City of Dublin
SECTION 1 Economic Update
SECTION 2 Account Profile
SECTION 3 Consolidated Information
SECTION 4 Portfolio Holdings
SECTION 5 Transactions
Table of Contents As of December 31, 2019
1
SECTION |Section 1 |Economic Update
2
Economic Update
▪
▪
▪
Economicgrowth has slowed overthe past yearand the consensus forecast calls for GDP growth of 1.8%in 2020 versus 2.3%
in 2019.We are not anticipating arecession within our 6-month outlook horizon.We believe the impact of monetary policy
on economicgrowth is somewhat lagged, and the more accommodative monetary policy stance of the Federal Reserve and
otherglobal central banks throughout 2019 should provide atailwind for an ongoing slow economicgrowth environment in
2020.However,an uncertain outlook on the future path of global central bank policy, lingering uncertainty about trade
policy and Brexit, and the upcoming US presidential election potentially sets the stage for a continued volatile financial
market environment this year. The recent confirmation of aphase one trade deal is consistent with our view that there will
be modest incremental progress on trade in front of the presidential election cycle.
The Federal Open Market Committee (FOMC) kept the target fed funds rate unchanged in December in a range of 1.50%-
1.75%. The vote to keep policy unchanged was unanimous and the Fed's quarterly update on their Summary of Economic
Projections was little changed from the September 2019 forecast. Notably the Fed's forecast calls for no change to the fed
funds rate in 2020. We believe the hurdle rate to tighten policy remains high, as market-based measures of inflation are still
too low. Conversely,if market-based inflation metrics fail to improve, and/or the domestic or global economy experiences
an exogenous shock, we believe the Fed has left the door open for additional policy accommodation.
The Treasury yield curve steepened slightly in December. The 2-year Treasury yield decreased about 4 basis points to 1.57%,
the 5-year Treasury yield increased almost seven basis points to 1.69%, and the 10-year Treasury yield increased about
fourteen basis points to 1.92%. We believe the increase in longer-term yields were driven by more favorable developments
with regard to global trade and Brexit.
3
Source: US Department of Labor Source: US Department of Labor
Employment
U.S. nonfarm payrolls rose by 145,000 in December, below expectations of 160,000. Payrolls for Octoberand Novemberwere revised down by a
total of 14,000.On a trailing 3-month and 6-month basis, payrolls increased an average of about 184,000 and 189,000 per month, respectively.
The unemployment rate was unchanged at 3.5% and the participation rate held steady at 63.2%. A broader measure of unemployment called
the U-6, which includes those who are marginally attached to the laborforce and employed part time for economicreasons, declined to 6.7%in
December from 6.9%in November. Wages edged up 0.1%in December, below expectations of 0.3%,but the November increase in wages was
revised up slightly to 0.3% from 0.2%. The average workweek was unchanged at 34.3 hours.On a year-over-year basis, wages were up 2.9%in
December, versus up 3.1% in November.
0
50
100
150
200
250
300
350
MOM Change In (000's)Nonfarm Payroll (000's)
Non-farm Payroll (000's)
3 month average (000's)
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
9.0%
10.0%
11.0%
Unemployment Rate
Underemployment Rate (U6)
Unemployment Rate (U3)Rate (%)4
Source: US Department of Labor Source: US Department of Commerce
Inflation
The ConsumerPrice Index (CPI) was up 2.1% year-over-year in November,up from 1.8%in October. Core CPI (CPI less food and energy) was up
2.3% year-over-year in November, unchanged from October. The Personal Consumption Expenditures (PCE) index was up 1.5% year-over-year
in November versus up 1.4% year-over-year in October. Core PCE, which is the Fed's primary inflation gauge, was up 1.6% year-over-year in
November versus 1.7% year-over-year in October. Core PCE softened and remains below the Fed’s 2.0% inflation target.
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
3.5%
Personal Consumption Expenditures (PCE)
PCE Price Deflator YOY % Change
PCE Core Deflator YOY % ChangeYOY( %) Change0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
3.5%
Consumer Price Index (CPI)
CPI YOY % Change
Core CPI YOY % ChangeYOY( %) Change5
Retail sales increased 0.2%in November, following growth of 0.4%in October. Excluding auto and gas, retail sales were flat in November,
below expectations of 0.4%.On a year-over-year basis, retail sales increased 3.3%in November, versus 3.2%in October. The Consumer
Confidence Index was nearly unchanged at 126.5 in December versus 126.8 in November. Overall, the index remains at a strong level.
Source: US Department of Commerce Source: The Conference Board
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
Retail Sales YOY % Change
YOY (%) Change110
115
120
125
130
135
140
145
Index LevelConsumer Confidence
Consumer
6
Source: The Conference Board Source: Federal Reserve Bank of Chicago
Economic Activity
The Leading Economic Index (LEI) was flat in November, following adownwardly-revised 0.2% decline in October. Although the index remains
slightly positive on a year-over-year basis,up 0.1%, the year-over-year rate of change has decelerated. The Conference Board believes the
index points to roughly 2.0% GDP growth in 2020.The Chicago Fed National Activity Index (CFNAI) jumped to +0.56 in Novemberfrom -0.76 in
October. Weakness in vehicle production related to the GM strike (which ended on October 25)contributed to the October decline.On a 3-
month moving average basis, the index improved to -0.25 in November versus -0.35 in October. Negative values are generally consistent with
below-average growth,but the index suggests that trends are improving. Periods of economic contraction have historically been associated
with values below -0.70 on a 3-month moving average basis.
-0.70
-0.50
-0.30
-0.10
0.10
0.30
0.50
0.70
Chicago Fed National Activity Index (CFNAI)3 Month Average-0.4%
-0.2%
0.0%
0.2%
0.4%
0.6%
0.8%
Leading Economic Indicators (LEI)MOM ( %) Change7
Source: US Department of Commerce Source: S&P
Housing
0
200
400
600
800
1000
1200
1400
1600
1800
MOM Change (In Thousands of Units)Housing Starts
Multi Family Housing Starts
Single Family Housing Starts
1.5%
2.5%
3.5%
4.5%
5.5%
6.5%
7.5%
S&P/Case -Shiller 20 City Composite Home Price Index YOY( %) ChangeHousing starts increased 3.2%in November to a 1.365 million annualized rate and starts in the prior month were revised higher. Permits were
also stronger than expected in November,up 1.4%. Multi-family starts rose 4.9% month-over-month in November to an annualized rate of
427,000. Single-family starts rose 2.4%in November to an annualized rate of 938,000. The trends suggest that low mortgage rates and astrong
labor market continue to drive housing activity. According to the Case-Shiller 20-City home price index, home prices were up 2.2% year-over-
year in October, versus up 2.1% year-over-year in September. The year-over-year pace of price appreciation remains low but suggests that
pricing in the sector may be gaining momentum.
8
Source: Institute for Supply Management Source: Federal Reserve
Manufacturing
The Institute forSupply Management (ISM) manufacturing index decreased to 47.2 in Decemberfrom 48.1 in November. The reading was below
expectations and suggests the manufacturing sector remains in contraction. The Industrial Production index declined 0.8% year-over-year in
November versus down 1.3% year-over-year in October.On a month-over-month basis, the index rose 1.1%in November, greater than the
consensus forecast of 0.9%, following a 0.9% decline in October. The manufacturing component of the index also rose 1.1%in November,
following a 0.7% decline in October. The GM strike negatively impacted manufacturing volumes in October. Capacity Utilization increased to
77.3% in November from 76.6% in October, but remains below the long-run average of 79.8% indicating there is still excess capacity for growth.
46
48
50
52
54
56
58
60
62
64
Institute of Supply Management Purchasing Manager
Index
EXPANDING
CONTRACTING
-2.0%
-1.0%
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
Industrial Production
YOY( %) Change9
Source: US Department of Commerce Source: US Department of Commerce
12/18 3/19 6/19 9/19
1.0% 0.8% 3.0% 2.1%
0.5% 1.1% -1.2% -0.2%
-0.4% 0.7% -0.7% -0.1%
0.1% 0.1% 0.5% 0.2%
-0.1% 0.4% 0.3% 0.1%
1.1% 3.1% 2.0% 2.1%
Net Exports and Imports
Personal Consumption
Expenditures
Gross Private Domestic
Investment
Federal Government
Expenditures
State and Local (Consumption and
Gross Investment)
Components of GDP
Total
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
Gross Domestic Product (GDP)
GDP QOQ % Change
GDP YOY % Change
Gross Domestic Product (GDP)
According to the third estimate, third quarter 2019 GDP grew at a2.1% annualized rate. This follows growth of 3.1%in the first quarter, and 2.0%
in the second quarter on 2019.Third quarter growth was fueled by consumer spending which contributed 2.1%to GDP in the quarter, while
business investment and exports were a drag on the economy. The consensus estimate for the fourth quarter signals a slowdown to 1.9%
growth. The consensus forecast calls for GDP growth of 1.6% in the current quarter and 1.8% for the full year 2020.
10
Source: Bloomberg Source: Bloomberg
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
3.5%
4.0%
US Treasury Note Yields
2-Year
5-Year
10-YearYield (%)0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
3.5%
4.0%
US Treasury Yield Curve
Dec-19
Sep-19
Dec-18Yield (%)Bond Yields
Treasury yields declined meaningfully in 2019.At year-end, the 3-month T-bill yield was down 81 basis points, the 2-Year Treasury yield was
down 92 basis points, and the 10-Year Treasury yield was down 77 basis points.We believe the year-over-year decline in long-term Treasury
yields largely reflects adecline in global economicgrowth and inflation expectations, while the decline in shorter-term rates is in line with the
Fed's three 25 basis point rate cuts in 2019.
11
Section 2|SECTION |Section 2 |Account Profile
12
Objectives
Chandler Asset Management Performance Objective
The performance objective of the City of Dublin is to earn a return that equals or exceeds the return on of
the ICE BAML 1-5 Year Treasury and Agency Index.
Investment Objectives
The investment objectives of the City of Dublin are first,to provide safety of principal;second,to provide
adequate liquidity to meet all requirements which might be reasonably anticipated;third,to attain a
market average rate of return on its investments throughout economic cycles;and fourth,to be diversified
to avoid incurring unreasonable and avoidable risks regarding specific security types or individual financial
institutions.
Strategy
In order to achieve this objective,the portfolio invests in high quality fixed income instruments consistent
with the City's investment policy and California Government Code.
As of December 31, 2019
13
Compliance As of December 31, 2019
Category Standard Comment
Treasury Issues No limitations Complies
Agency Issues 35% max per issuer; 25% max callables Complies
Supranationals "AA" rated or equivalent by a NRSRO; 30% maximum; 5% max per issuer; USD denominated senior unsecured unsubordinated
obligations issued by: IBRD, IFC, IADB Complies
Municipal Securities "A" rated or higher by a NRSRO; 5% max per issuer Complies
Medium Term Notes "A" rated or higher by a NRSRO; 30% maximum; 5% max per issuer; Issued by corporations organized and operating within the
U.S. or by depository institutions licensed by the U.S. or any state and operating within the U.S.Complies
Banker’s Acceptances "A-1" rated or higher by a NRSRO; 40% maximum; 5% max per issuer; 20% max amount invested in BA with any one financial
institution in combination with any other debt from that financial institution; 180 days max maturity Complies
Commercial Paper "A-1" rated or higher by a NRSRO; 25% maximum; 5% max per issuer; 20% max amount invested in CP of any one issuer in
combination with any other debt from that issuer; 270 days max maturity Complies
Negotiable Certificates of Deposit
"A" or better long term debt rating and/or "A-1" or higher short term rating by a NRSRO; 30% maximum; 5% max per issuer;
20% max amount invested in NCDs with any one financial institution in combination with any other debt from that financial
institution.
Complies
Time Deposits/ Certificates of Deposit 10% max; Collateralized/FDIC Insured; 1 year max maturity Complies
Asset-Backed and Mortgage-Backed
Securities (ABS/MBS)"AA" rated or higher by a NRSRO; "A" rated or higher for the issuer's debt by a NRSRO; 20% maximum; 5% max per issue Complies
Money Market Mutual Funds and
Mutual Funds
Highest rating or "AAA" rated by two NRSROs; SEC registered adviser with AUM >$500 million and experience greater than 5
years; 10% per one Mutual Fund; 20% maximum in Money Market Mutual Funds; 20% maximum combined of total portfolio
in these securities
Complies
LAIF Max program limit Complies
CAMP Not used by adviser Complies
Max Per Issuer 5% (except US Government, Agencies and its instrumentalities including agency backed-mortgage pools, Money Market
Mutual Funds)Complies
Maximum Maturity 5 years Complies
City of Dublin
Assets managed by Chandler Asset Management are in full compliance with state law and with the City's investment policy.
14
Portfolio Characteristics
City of Dublin
12/31/2019 9/30/2019
Benchmark*Portfolio Portfolio
Average Maturity (yrs)2.65 2.69 2.66
Average Modified Duration 2.53 2.42 2.39
Average Purchase Yield n/a 2.18%2.19%
Average Market Yield 1.62%1.75%1.81%
Average Quality**AAA AA/Aa1 AA/Aa1
Total Market Value 208,229,491 207,220,561
*ICE BAML 1-5 Yr US Treasury/Agency Index
**Benchmark is a blended rating of S&P, Moody’s, and Fitch. Portfolio is S&P and Moody’s respectively.
As of December 31, 2019
15
City of Dublin
Sector Distribution
ABS
7.3%
Agency
32.4%
Commercial
Paper
2.0%
Foreign
Corporate
3.1%
Money Market
Fund FI
0.2%
Supranational
2.2%
US Corporate
21.3%
US Treasury
31.6%
December 31, 2019 September 30, 2019
ABS
7.1%
Agency
32.8%
Commercial
Paper
2.0%
Foreign
Corporate
3.1%
Money Market
Fund FI
1.3%
Supranational
2.2%
US Corporate
22.4%
US Treasury
29.1%
As of December 31, 2019
16
Issue Name Investment Type % Portfolio
Government of United States US Treasury 31.57%
Federal Home Loan Bank Agency 15.08%
Federal National Mortgage Association Agency 10.57%
Federal Home Loan Mortgage Corp Agency 3.59%
Federal Farm Credit Bank Agency 3.15%
Honda ABS ABS 2.26%
John Deere ABS ABS 2.00%
MUFG Bank Ltd/NY Commercial Paper 1.98%
JP Morgan Chase & Co US Corporate 1.53%
Apple Inc US Corporate 1.50%
Nissan ABS ABS 1.35%
Deere & Company US Corporate 1.35%
Honda Motor Corporation US Corporate 1.24%
Royal Bank of Canada Foreign Corporate 1.23%
Toyota ABS ABS 1.22%
Inter-American Dev Bank Supranational 1.21%
Bank of America Corp US Corporate 1.21%
Toronto Dominion Holdings Foreign Corporate 1.17%
Boeing Company US Corporate 1.15%
PNC Financial Services Group US Corporate 1.12%
IBM Corp US Corporate 1.00%
Charles Schwab Corp/The US Corporate 0.99%
US Bancorp US Corporate 0.99%
ChevronTexaco Corp US Corporate 0.98%
Intl Bank Recon and Development Supranational 0.98%
Chubb Corporation US Corporate 0.97%
Qualcomm Inc US Corporate 0.96%
Berkshire Hathaway US Corporate 0.93%
Microsoft US Corporate 0.89%
Exxon Mobil Corp US Corporate 0.88%
State Street Bank US Corporate 0.87%
HSBC Holdings PLC Foreign Corporate 0.74%
Wal-Mart Stores US Corporate 0.70%
Bank of New York US Corporate 0.61%
General Dynamics Corp US Corporate 0.55%
Oracle Corp US Corporate 0.48%
American Express ABS ABS 0.48%
Merck & Company US Corporate 0.37%
Issuers
City of Dublin –Account #10198
As of December 31, 2019
17
Issue Name Investment Type % Portfolio
First American Govt Oblig Fund Money Market Fund FI 0.16%
TOTAL 100.00%
Issuers
City of Dublin –Account #10198
As of December 31, 2019
18
AAA AA A <A NR
12/31/19 6.9%71.3%18.2%0.0%3.6%
09/30/19 7.7%69.2%19.3%0.0%3.8%
Source: S&P Ratings
December 31, 2019 vs. September 30, 2019
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
70.0%
80.0%
AAA AA A <A NR
12/31/2019 9/30/2019
Quality Distribution
City of Dublin
As of December 31, 2019
19
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
35.0%
40.0%
0 - 0.25 0.25 - 0.50 0.50 - 1 1 - 2 2 - 3 3 - 4 4 - 5 5+
City of Dublin ICE BAML 1-5 Yr US Treasury/Agency Index
Portfolio Compared to the Benchmark as of December 31, 2019
0 -0.25 0.25 -0.50 0.50 - 1 1 - 2 2 - 3 3 - 4 4 - 5 5+
Portfolio 1.4% 7.6% 10.3% 21.9% 19.8% 25.2% 13.9% 0.0%
Benchmark*0.3% 0.1% 1.8% 34.9% 28.0% 20.4% 14.4% 0.0%
*ICE BAML 1-5 Yr US Treasury/Agency Index
Duration Distribution
City of Dublin
As of December 31, 2019
20
0.00%
0.50%
1.00%
1.50%
2.00%
2.50%
3.00%
3.50%
4.00%
4.50%
5.00%
12 months 2 years 3 years 5 years 10 years Since Inception
City of Dublin ICE BAML 1-5 Yr US Treasury/Agency Index
Total Rate of Return Annualized Since Inception 10/31/2013
Annualized
TOTAL RATE OF RETURN 3 months 12 months 2 years 3 years 5 years 10 years Since
Inception
City of Dublin 0.49%4.61%3.03%2.35%1.87%N/A 1.64%
ICE BAML 1-5 Yr US Treasury/Agency Index 0.35%4.18%2.85%2.11%1.68%N/A 1.46%
*ICE BAML 1-3 Yr US Treasury/Agency Index to 12/31/2014
Total rate of return: A measure of a portfolio’s performance over time.It is the internal rate of return,which equates the beginning value of the portfolio with the
ending value;it includes interest earnings,realized and unrealized gains and losses in the portfolio.
Investment Performance
City of Dublin
As of December 31, 2019
21
Portfolio Characteristics
City of Dublin Reporting Account
12/31/2019
Portfolio
9/30/2019
Portfolio
Average Maturity (yrs)0.00 0.00
Modified Duration 0.00 0.00
Average Purchase Yield 1.91%2.25%
Average Market Yield 1.91%2.25%
Average Quality*AAA/NR AAA/NR
Total Market Value 92,248,998 81,335,761
*Portfolio is S&P and Moody’s, respectively.
As of December 31, 2019
22
City of Dublin Reporting Account
Sector Distribution
LAIF
53.8%
Local Gov
Investment Pool
46.2%
December 31, 2019 September 30, 2019
LAIF
61.1%
Local Gov
Investment Pool
39.0%
As of December 31, 2019
23
Issue Name Investment Type % Portfolio
Local Agency Investment Fund LAIF 53.80%
CAMP Local Gov Investment Pool 46.20%
TOTAL 100.00%
Issuers
City of Dublin Reporting Account –Account #10219
As of December 31, 2019
24
SECTION |Section 3 |Consolidated Information
25
Portfolio Characteristics
City of Dublin Consolidated
12/31/2019 9/30/2019
Portfolio Portfolio
Average Maturity (yrs)1.86 1.91
Modified Duration 1.67 1.72
Average Purchase Yield 2.10%2.21%
Average Market Yield 1.80%1.94%
Average Quality*AA+/Aa1 AA+/Aa1
Total Market Value 300,478,490 288,556,322
* Portfolio is S&P and Moody’s respectively.
As of December 31, 2019
26
City of Dublin Consolidated
Sector Distribution
ABS
5.1%
Agency
22.4%
Commercial
Paper
1.4%
Foreign
Corporate
2.2%
LAIF
16.5%Local Gov
Investment Pool
14.2%
Money Market
Fund FI
0.1%
Supranational
1.5%
US Corporate
14.7%
US Treasury
21.9%
December 31, 2019 September 30, 2019
ABS
5.1%
Agency
23.5%
Commercial
Paper
1.4%
Foreign
Corporate
2.2%
LAIF
17.2%Local Gov
Investment Pool
11.0%
Money Market
Fund FI
0.9%
Supranational
1.6%
US Corporate
16.1%
US Treasury
20.9%
As of December 31, 2019
27
SECTION |Section 4 |Portfolio Holdings
28
Holdings Report
City of Dublin -Account #10198
CUSIP Security Description Par Value/Units Purchase Date
Book Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody/S&P
Fitch
Maturity
Duration
ABS
43814WAB1 Honda Auto Receivables Trust 2019-1 A2
2.750% Due 09/20/2021
1,400,888.67 02/19/2019
2.77%
1,400,798.45
1,400,828.14
100.39
1.91%
1,406,329.58
1,391.16
0.68%
5,501.44
NR / AAA
AAA
1.72
0.45
47788BAD6 John Deere Owner Trust 2017-B A3
1.820% Due 10/15/2021
153,617.17 07/11/2017
1.65%
153,605.92
153,612.43
99.91
2.11%
153,480.21
124.26
0.07%
(132.22)
Aaa / NR
AAA
1.79
0.31
89239AAB9 Toyota Auto Receivables Trust 2019-A A2A
2.830% Due 10/15/2021
1,017,643.89 02/05/2019
2.85%
1,017,551.48
1,017,582.00
100.35
1.94%
1,021,205.62
1,279.97
0.49%
3,623.62
Aaa / AAA
NR
1.79
0.39
47789JAB2 John Deere Owner Trust 2019-A A2
2.850% Due 12/15/2021
1,020,708.69 03/05/2019
2.87%
1,020,662.14
1,020,675.72
100.33
2.03%
1,024,028.87
1,292.90
0.49%
3,353.15
Aaa / NR
AAA
1.96
0.39
43815NAB0 Honda Auto Receivables Trust 2019-3 A2
1.900% Due 04/15/2022
1,300,000.00 08/20/2019
1.91%
1,299,909.00
1,299,928.36
99.98
1.93%
1,299,742.60
1,097.78
0.62%
(185.76)
Aaa / AAA
NR
2.29
0.92
47788CAC6 John Deere Owner Trust 2018-A A3
2.660% Due 04/18/2022
427,831.59 02/21/2018
2.68%
427,800.83
427,814.52
100.38
1.95%
429,443.54
505.79
0.21%
1,629.02
Aaa / NR
AAA
2.30
0.52
477870AB5 John Deere Owner Trust 2019-B A2
2.280% Due 05/16/2022
955,000.00 07/16/2019
2.29%
954,996.37
954,996.94
100.22
2.03%
957,065.65
967.73
0.46%
2,068.71
Aaa / NR
AAA
2.38
0.83
43814UAG4 Honda Auto Receivables Trust 2018-2 A3
3.010% Due 05/18/2022
610,000.00 05/22/2018
2.24%
609,986.70
609,992.03
100.92
1.90%
615,627.25
663.04
0.30%
5,635.22
NR / AAA
AAA
2.38
0.82
43815HAC1 Honda Auto Receivables Trust 2018-3 A3
2.950% Due 08/22/2022
1,360,000.00 08/21/2018
2.49%
1,359,813.41
1,359,876.38
101.01
1.91%
1,373,706.08
1,114.44
0.66%
13,829.70
Aaa / NR
AAA
2.64
0.95
02582JHE3 American Express Credit Trust 2017-3 A
1.770% Due 11/15/2022
1,000,000.00 06/28/2018
2.25%
980,625.00
987,297.27
99.96
1.91%
999,631.00
786.67
0.48%
12,333.73
NR / AAA
AAA
2.88
0.27
47788EAC2 John Deere Owner Trust 2018-B A3
3.080% Due 11/15/2022
1,585,000.00 07/18/2018
3.10%
1,584,879.86
1,584,919.93
101.03
2.00%
1,601,277.95
2,169.69
0.77%
16,358.02
Aaa / NR
AAA
2.88
0.93
65479GAD1 Nissan Auto Receivables Trust 2018-B A3
3.060% Due 03/15/2023
1,220,000.00 07/17/2018
3.08%
1,219,960.47
1,219,972.72
101.35
1.92%
1,236,513.92
1,659.20
0.59%
16,541.20
Aaa / AAA
NR
3.21
1.16
89231PAD0 Toyota Auto Receivables Trust 2018-D A3
3.180% Due 03/15/2023
1,500,000.00 08/29/2019
2.08%
1,532,050.78
1,528,977.08
101.72
1.92%
1,525,774.50
2,120.00
0.73%
(3,202.58)
Aaa / AAA
NR
3.21
1.33
65479JAD5 Nissan Auto Receivables Owner 2019-C A3
1.930% Due 07/15/2024
1,580,000.00 10/16/2019
1.94%
1,579,916.58
1,579,919.96
100.04
1.92%
1,580,627.26
1,355.29
0.76%
707.30
Aaa / AAA
NR
4.54
2.45
TOTAL ABS 15,130,690.01 2.49%
15,142,556.99
15,146,393.48 1.95%
15,224,454.03
16,527.92
7.32%
78,060.55
Aaa / AAA
Aaa
2.72
0.96
Agency
313383HU8 FHLB Note
1.750% Due 06/12/2020
2,000,000.00 10/08/2015
1.46%
2,026,040.00
2,002,485.08
100.03
1.69%
2,000,562.00
1,847.22
0.96%
(1,923.08)
Aaa / AA+
NR
0.45
0.44
As of December 31, 2019
29
Holdings Report
City of Dublin -Account #10198
CUSIP Security Description Par Value/Units Purchase Date
Book Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody/S&P
Fitch
Maturity
Duration
3137EAEK1 FHLMC Note
1.875% Due 11/17/2020
2,400,000.00 11/28/2017
1.91%
2,397,336.00
2,399,211.12
100.20
1.65%
2,404,711.20
5,500.00
1.16%
5,500.08
Aaa / AA+
AAA
0.88
0.87
3135G0F73 FNMA Note
1.500% Due 11/30/2020
2,500,000.00 12/04/2015
1.87%
2,455,750.00
2,491,879.40
99.97
1.54%
2,499,130.00
3,229.17
1.20%
7,250.60
Aaa / AA+
AAA
0.92
0.91
3130A7CV5 FHLB Note
1.375% Due 02/18/2021
3,470,000.00 Various
1.45%
3,457,221.20
3,467,089.38
99.75
1.60%
3,461,449.92
17,627.12
1.67%
(5,639.46)
Aaa / AA+
AAA
1.14
1.11
3135G0J20 FNMA Note
1.375% Due 02/26/2021
5,000,000.00 Various
1.29%
5,018,675.00
5,004,690.23
99.75
1.60%
4,987,425.00
23,871.52
2.41%
(17,265.23)
Aaa / AA+
AAA
1.16
1.13
313379RB7 FHLB Note
1.875% Due 06/11/2021
3,000,000.00 08/30/2017
1.67%
3,022,620.00
3,008,638.22
100.32
1.65%
3,009,636.00
3,125.00
1.45%
997.78
Aaa / AA+
AAA
1.45
1.42
3130A8QS5 FHLB Note
1.125% Due 07/14/2021
2,500,000.00 07/25/2016
1.28%
2,481,475.00
2,494,281.15
99.25
1.62%
2,481,322.50
13,046.88
1.20%
(12,958.65)
Aaa / AA+
AAA
1.54
1.51
3137EAEC9 FHLMC Note
1.125% Due 08/12/2021
3,000,000.00 Various
1.33%
2,971,215.00
2,990,580.77
99.26
1.59%
2,977,869.00
13,031.26
1.44%
(12,711.77)
Aaa / AA+
AAA
1.62
1.58
3135G0Q89 FNMA Note
1.375% Due 10/07/2021
2,000,000.00 10/06/2016
1.45%
1,992,924.00
1,997,500.54
99.62
1.59%
1,992,402.00
6,416.67
0.96%
(5,098.54)
Aaa / AA+
AAA
1.77
1.73
3135G0S38 FNMA Note
2.000% Due 01/05/2022
2,500,000.00 01/30/2017
2.04%
2,495,475.00
2,498,152.29
100.77
1.61%
2,519,267.50
24,444.44
1.22%
21,115.21
Aaa / AA+
AAA
2.02
1.95
313378CR0 FHLB Note
2.250% Due 03/11/2022
2,000,000.00 06/19/2017
1.86%
2,035,280.00
2,016,361.74
101.30
1.64%
2,026,042.00
13,750.00
0.98%
9,680.26
Aaa / AA+
NR
2.19
2.12
3135G0T45 FNMA Note
1.875% Due 04/05/2022
3,250,000.00 05/05/2017
1.99%
3,232,125.00
3,241,775.31
100.64
1.58%
3,270,939.75
14,557.29
1.58%
29,164.44
Aaa / AA+
AAA
2.26
2.20
3135G0T94 FNMA Note
2.375% Due 01/19/2023
2,500,000.00 03/28/2018
2.70%
2,463,675.00
2,476,968.67
102.26
1.61%
2,556,450.00
26,718.75
1.24%
79,481.33
Aaa / AA+
AAA
3.05
2.91
313383QR5 FHLB Note
3.250% Due 06/09/2023
1,500,000.00 08/28/2018
2.87%
1,525,005.00
1,517,983.54
105.36
1.64%
1,580,454.00
2,979.17
0.76%
62,470.46
Aaa / AA+
NR
3.44
3.25
3137EAEN5 FHLMC Note
2.750% Due 06/19/2023
2,000,000.00 07/16/2018
2.88%
1,988,360.00
1,991,810.57
103.86
1.60%
2,077,196.00
1,833.33
1.00%
85,385.43
Aaa / AA+
AAA
3.47
3.30
3133EKZK5 FFCB Note
1.600% Due 08/14/2023
4,000,000.00 08/26/2019
1.54%
4,009,000.00
4,008,210.64
99.88
1.64%
3,995,004.00
24,355.56
1.93%
(13,206.64)
Aaa / AA+
AAA
3.62
3.48
313383YJ4 FHLB Note
3.375% Due 09/08/2023
5,000,000.00 Various
2.90%
5,102,615.00
5,080,493.79
106.09
1.66%
5,304,545.00
52,968.76
2.57%
224,051.21
Aaa / AA+
NR
3.69
3.44
3130A0F70 FHLB Note
3.375% Due 12/08/2023
5,000,000.00 Various
2.73%
5,147,870.00
5,118,296.02
106.23
1.73%
5,311,380.00
10,781.25
2.56%
193,083.98
Aaa / AA+
AAA
3.94
3.69
3135G0V34 FNMA Note
2.500% Due 02/05/2024
2,000,000.00 02/27/2019
2.58%
1,992,340.00
1,993,644.28
103.09
1.71%
2,061,874.00
20,277.78
1.00%
68,229.72
Aaa / AA+
AAA
4.10
3.85
As of December 31, 2019
30
Holdings Report
City of Dublin -Account #10198
CUSIP Security Description Par Value/Units Purchase Date
Book Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody/S&P
Fitch
Maturity
Duration
3130A1XJ2 FHLB Note
2.875% Due 06/14/2024
3,795,000.00 Various
1.96%
3,958,639.85
3,940,956.48
105.00
1.71%
3,984,575.43
5,152.24
1.92%
43,618.95
Aaa / AA+
NR
4.46
4.18
3133EKWV4 FFCB Note
1.850% Due 07/26/2024
2,500,000.00 08/13/2019
1.65%
2,524,140.00
2,522,270.75
100.41
1.76%
2,510,297.50
19,913.19
1.22%
(11,973.25)
Aaa / AA+
AAA
4.57
4.33
3130A2UW4 FHLB Note
2.875% Due 09/13/2024
2,000,000.00 10/10/2019
1.58%
2,122,020.00
2,116,458.22
105.23
1.71%
2,104,660.00
17,250.00
1.02%
(11,798.22)
Aaa / AA+
AAA
4.71
4.37
3135G0W66 FNMA Note
1.625% Due 10/15/2024
2,000,000.00 11/08/2019
1.80%
1,983,400.00
1,983,861.37
99.54
1.72%
1,990,882.00
6,590.28
0.96%
7,020.63
Aaa / AA+
AAA
4.79
4.57
TOTAL Agency 65,915,000.00 1.96%
66,403,201.05
66,363,599.56 1.65%
67,108,074.80
329,266.88
32.39%
744,475.24
Aaa / AA+
Aaa
2.70
2.57
Commercial Paper
62479LDQ5 MUFG Bank Ltd Discount CP
1.900% Due 04/24/2020
4,140,000.00 11/19/2019
1.94%
4,105,695.50
4,115,091.00
99.40
1.94%
4,115,091.00
0.00
1.98%
0.00
P-1 / A-1
NR
0.32
0.31
TOTAL Commercial Paper 4,140,000.00 1.94%
4,105,695.50
4,115,091.00 1.94%
4,115,091.00
0.00
1.98%
0.00
P-1 / A-1
NR
0.32
0.31
Foreign Corporate
404280BF5 HSBC Holdings PLC Note
2.650% Due 01/05/2022
1,500,000.00 01/12/2018
2.89%
1,486,320.00
1,493,060.87
101.10
2.09%
1,516,549.50
19,433.33
0.74%
23,488.63
A2 / A
A+
2.02
1.93
89114QCB2 Toronto Dominion Bank Note
3.250% Due 03/11/2024
2,300,000.00 03/26/2019
2.95%
2,331,234.00
2,326,419.48
104.72
2.07%
2,408,461.10
22,840.28
1.17%
82,041.62
Aa3 / A
AA-
4.20
3.89
78013XZU5 Royal Bank of Canada Note
2.550% Due 07/16/2024
2,500,000.00 09/10/2019
2.28%
2,531,325.00
2,529,359.44
101.54
2.19%
2,538,472.50
29,218.75
1.23%
9,113.06
A2 / A
AA
4.55
4.22
TOTAL Foreign Corporate 6,300,000.00 2.67%
6,348,879.00
6,348,839.79 2.12%
6,463,483.10
71,492.36
3.14%
114,643.31
A1 / A
AA-
3.82
3.56
Money Market Fund FI
31846V203 First American Govt Obligation Fund Class Y 337,866.59 Various
1.20%
337,866.59
337,866.59
1.00
1.20%
337,866.59
0.00
0.16%
0.00
Aaa / AAA
AAA
0.00
0.00
TOTAL Money Market Fund FI 337,866.59 1.20%
337,866.59
337,866.59 1.20%
337,866.59
0.00
0.16%
0.00
Aaa / AAA
Aaa
0.00
0.00
Supranational
459058FY4 Intl. Bank Recon & Development Note
2.000% Due 01/26/2022
2,000,000.00 10/26/2017
2.12%
1,990,320.00
1,995,275.61
100.72
1.65%
2,014,326.00
17,222.22
0.98%
19,050.39
Aaa / NR
AAA
2.07
2.00
As of December 31, 2019
31
Holdings Report
City of Dublin -Account #10198
CUSIP Security Description Par Value/Units Purchase Date
Book Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody/S&P
Fitch
Maturity
Duration
4581X0CZ9 Inter-American Dev Bank Note
1.750% Due 09/14/2022
2,500,000.00 11/28/2017
2.18%
2,451,675.00
2,472,729.12
100.23
1.66%
2,505,850.00
13,003.47
1.21%
33,120.88
Aaa / AAA
AAA
2.71
2.62
TOTAL Supranational 4,500,000.00 2.15%
4,441,995.00
4,468,004.73 1.65%
4,520,176.00
30,225.69
2.19%
52,171.27
Aaa / AAA
Aaa
2.42
2.34
US Corporate
747525AD5 Qualcomm Inc Note
2.250% Due 05/20/2020
2,000,000.00 Various
2.22%
2,001,128.80
2,000,219.36
100.11
1.96%
2,002,198.01
5,125.00
0.96%
1,978.65
A2 / A-
NR
0.39
0.38
24422ESY6 John Deere Capital Corp Note
2.375% Due 07/14/2020
1,000,000.00 09/15/2016
1.69%
1,025,153.50
1,003,521.13
100.27
1.87%
1,002,660.00
11,017.36
0.49%
(861.13)
A2 / A
A
0.54
0.53
00440EAT4 Chubb INA Holdings Inc Callable Note Cont 10/3/2020
2.300% Due 11/03/2020
2,000,000.00 Various
2.25%
2,003,489.00
2,000,740.53
100.35
1.82%
2,007,084.00
7,411.11
0.97%
6,343.47
A3 / A
A
0.84
0.75
24422ETF6 John Deere Capital Corp Note
2.550% Due 01/08/2021
750,000.00 Various
2.42%
753,733.15
750,941.78
100.71
1.84%
755,337.00
9,190.62
0.37%
4,395.22
A2 / A
A
1.02
0.99
30231GAV4 Exxon Mobil Corp Callable Note Cont 2/1/2021
2.222% Due 03/01/2021
1,800,000.00 Various
2.06%
1,813,024.00
1,803,181.15
100.59
1.71%
1,810,625.40
13,332.00
0.88%
7,444.25
Aaa / AA+
NR
1.17
1.14
369550BE7 General Dynamics Corp Note
3.000% Due 05/11/2021
1,130,000.00 05/08/2018
3.24%
1,122,146.50
1,126,445.86
101.68
1.74%
1,149,016.77
4,708.33
0.55%
22,570.91
A2 / A+
NR
1.36
1.33
166764BG4 Chevron Corp Callable Note Cont 4/15/2021
2.100% Due 05/16/2021
1,000,000.00 04/20/2017
2.09%
1,000,190.00
1,000,064.23
100.63
1.60%
1,006,315.00
2,625.00
0.48%
6,250.77
Aa2 / AA
NR
1.38
1.27
857477AV5 State Street Bank Note
1.950% Due 05/19/2021
1,800,000.00 Various
1.91%
1,802,989.00
1,800,919.50
100.21
1.80%
1,803,731.41
4,095.01
0.87%
2,811.91
A1 / A
AA-
1.38
1.36
594918BP8 Microsoft Callable Note Cont 7/8/2021
1.550% Due 08/08/2021
1,850,000.00 Various
1.59%
1,846,471.85
1,848,854.48
99.87
1.63%
1,847,552.46
11,390.35
0.89%
(1,302.02)
Aaa / AAA
AA+
1.61
1.57
68389XBK0 Oracle Corp Callable Note Cont 8/15/2021
1.900% Due 09/15/2021
1,000,000.00 06/28/2018
3.08%
964,080.00
980,938.53
100.21
1.77%
1,002,095.00
5,594.44
0.48%
21,156.47
A1 / A+
A
1.71
1.59
91159HHP8 US Bancorp Callable Cont 12/23/2021
2.625% Due 01/24/2022
2,000,000.00 05/23/2017
2.35%
2,023,280.00
2,010,052.73
101.59
1.80%
2,031,720.00
22,895.83
0.99%
21,667.27
A1 / A+
AA-
2.07
1.90
808513AT2 Charles Schwab Corp Callable Note Cont 12/25/2022
2.650% Due 01/25/2023
2,000,000.00 05/21/2019
2.74%
1,993,920.00
1,994,929.56
101.96
1.97%
2,039,184.00
22,966.67
0.99%
44,254.44
A2 / A
A
3.07
2.83
44932HAH6 IBM Credit Corp Note
3.000% Due 02/06/2023
2,000,000.00 02/26/2018
3.09%
1,991,340.00
1,994,565.90
102.94
2.02%
2,058,734.00
24,166.67
1.00%
64,168.10
A2 / A
NR
3.10
2.92
084670BR8 Berkshire Hathaway Callable Note Cont 1/15/2023
2.750% Due 03/15/2023
1,865,000.00 Various
3.34%
1,818,500.75
1,832,251.03
102.54
1.88%
1,912,415.76
15,101.32
0.93%
80,164.73
Aa2 / AA
A+
3.21
2.89
As of December 31, 2019
32
Holdings Report
City of Dublin -Account #10198
CUSIP Security Description Par Value/Units Purchase Date
Book Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody/S&P
Fitch
Maturity
Duration
58933YAF2 Merck & Co Note
2.800% Due 05/18/2023
740,000.00 10/26/2018
3.41%
720,996.80
725,893.47
103.04
1.87%
762,478.98
2,474.89
0.37%
36,585.51
A1 / AA
A+
3.38
3.21
46625HRL6 JP Morgan Chase Callable Note Cont 3/18/2023
2.700% Due 05/18/2023
500,000.00 12/20/2018
3.74%
479,055.00
483,919.56
101.82
2.11%
509,097.50
1,612.50
0.25%
25,177.94
A2 / A-
AA-
3.38
3.06
69353RFL7 PNC Bank Callable Note Cont 5/9/2023
3.500% Due 06/08/2023
2,210,000.00 Various
3.53%
2,206,955.80
2,207,905.66
104.91
1.98%
2,318,440.28
4,941.80
1.12%
110,534.62
A2 / A
NR
3.44
3.16
097023BQ7 Boeing Co Callable Note Cont 4/15/2023
1.875% Due 06/15/2023
2,400,000.00 02/13/2019
2.98%
2,293,368.00
2,314,950.69
99.38
2.06%
2,385,002.40
2,000.00
1.15%
70,051.71
A3 / A-
A
3.46
3.32
166764AH3 Chevron Corp Callable Note Cont 3/24/2023
3.191% Due 06/24/2023
1,000,000.00 11/08/2018
3.59%
983,170.00
987,307.54
104.11
1.87%
1,041,063.00
620.47
0.50%
53,755.46
Aa2 / AA
NR
3.48
3.07
931142EK5 Wal-Mart Stores Callable Note Cont 5/26/2023
3.400% Due 06/26/2023
1,380,000.00 Various
3.41%
1,379,641.30
1,379,749.99
105.15
1.83%
1,451,068.63
651.66
0.70%
71,318.64
Aa2 / AA
AA
3.49
3.22
02665WCJ8 American Honda Finance Note
3.450% Due 07/14/2023
1,000,000.00 Various
3.54%
996,275.00
997,153.48
104.69
2.07%
1,046,927.00
16,004.17
0.51%
49,773.52
A2 / A
NR
3.54
3.28
06406RAJ6 Bank of NY Mellon Corp Note
3.450% Due 08/11/2023
1,200,000.00 08/24/2018
3.42%
1,201,836.00
1,201,337.67
105.13
1.97%
1,261,525.20
16,100.00
0.61%
60,187.53
A1 / A
AA-
3.61
3.36
06051GHF9 Bank of America Corp Callable Note 1X 3/5/2023
3.550% Due 03/05/2024
2,400,000.00 Various
3.10%
2,434,650.00
2,429,440.82
103.79
2.30%
2,490,852.00
27,453.33
1.21%
61,411.18
A2 / A-
A+
4.18
2.97
037833CU2 Apple Inc Callable Note Cont 3/11/2024
2.850% Due 05/11/2024
3,000,000.00 Various
2.55%
3,038,334.00
3,034,678.93
103.44
1.99%
3,103,317.00
11,875.00
1.50%
68,638.07
Aa1 / AA+
NR
4.36
3.94
24422ETT6 John Deere Capital Corp Note
2.650% Due 06/24/2024
1,000,000.00 08/26/2019
2.00%
1,029,680.00
1,027,557.59
102.84
1.98%
1,028,423.00
515.28
0.49%
865.41
A2 / A
A
4.48
4.21
02665WCZ2 American Honda Finance Note
2.400% Due 06/27/2024
1,500,000.00 07/10/2019
2.49%
1,493,742.00
1,494,339.48
101.12
2.14%
1,516,788.00
400.00
0.73%
22,448.52
A2 / A
NR
4.49
4.24
46647PAU0 JP Morgan Chase & Co Callable Note Cont 7/23/2023
3.797% Due 07/23/2024
2,500,000.00 09/12/2019
2.35%
2,632,175.00
2,622,116.16
105.41
2.33%
2,635,125.00
41,661.53
1.29%
13,008.84
A2 / A-
AA-
4.56
4.13
TOTAL US Corporate 43,025,000.00 2.70%
43,049,325.45
43,053,976.81 1.95%
43,978,776.80
285,930.34
21.26%
924,799.99
A1 / A+
A+
2.82
2.56
US Treasury
912828H52 US Treasury Note
1.250% Due 01/31/2020
2,500,000.00 Various
1.53%
2,466,968.02
2,499,448.13
99.97
1.62%
2,499,195.00
13,077.45
1.21%
(253.13)
Aaa / AA+
AAA
0.08
0.08
912828XE5 US Treasury Note
1.500% Due 05/31/2020
3,000,000.00 Various
1.67%
2,976,025.68
2,997,982.41
99.94
1.63%
2,998,344.00
3,934.43
1.44%
361.59
Aaa / AA+
AAA
0.42
0.41
As of December 31, 2019
33
Holdings Report
City of Dublin -Account #10198
CUSIP Security Description Par Value/Units Purchase Date
Book Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody/S&P
Fitch
Maturity
Duration
912828XM7 US Treasury Note
1.625% Due 07/31/2020
1,500,000.00 09/08/2015
1.52%
1,507,622.21
1,500,904.26
100.00
1.63%
1,499,941.50
10,200.41
0.73%
(962.76)
Aaa / AA+
AAA
0.58
0.58
912828L99 US Treasury Note
1.375% Due 10/31/2020
5,000,000.00 Various
1.69%
4,927,376.14
4,987,665.97
99.77
1.65%
4,988,475.00
11,710.17
2.40%
809.03
Aaa / AA+
AAA
0.84
0.82
912828N89 US Treasury Note
1.375% Due 01/31/2021
2,000,000.00 03/15/2016
1.49%
1,988,834.83
1,997,518.85
99.72
1.63%
1,994,454.00
11,508.15
0.96%
(3,064.85)
Aaa / AA+
AAA
1.09
1.07
912828P87 US Treasury Note
1.125% Due 02/28/2021
3,000,000.00 12/28/2018
2.54%
2,911,171.88
2,952,325.16
99.41
1.63%
2,982,423.00
11,404.53
1.44%
30,097.84
Aaa / AA+
AAA
1.16
1.15
912828T34 US Treasury Note
1.125% Due 09/30/2021
1,500,000.00 Various
1.66%
1,463,144.24
1,486,690.05
99.20
1.59%
1,487,929.50
4,287.91
0.72%
1,239.45
Aaa / AA+
AAA
1.75
1.72
912828U65 US Treasury Note
1.750% Due 11/30/2021
2,500,000.00 12/28/2016
2.06%
2,464,461.50
2,486,176.18
100.31
1.59%
2,507,715.00
3,825.14
1.21%
21,538.82
Aaa / AA+
AAA
1.92
1.87
912828V72 US Treasury Note
1.875% Due 01/31/2022
1,500,000.00 02/27/2017
1.84%
1,502,407.37
1,501,018.91
100.59
1.59%
1,508,788.50
11,769.70
0.73%
7,769.59
Aaa / AA+
AAA
2.09
2.02
912828J76 US Treasury Note
1.750% Due 03/31/2022
3,000,000.00 04/25/2017
1.85%
2,985,830.37
2,993,544.95
100.38
1.58%
3,011,250.00
13,340.16
1.45%
17,705.05
Aaa / AA+
AAA
2.25
2.19
912828WZ9 US Treasury Note
1.750% Due 04/30/2022
2,750,000.00 05/23/2017
1.84%
2,738,944.75
2,744,785.26
100.38
1.59%
2,760,312.50
8,283.81
1.33%
15,527.24
Aaa / AA+
AAA
2.33
2.27
912828XR6 US Treasury Note
1.750% Due 05/31/2022
1,500,000.00 06/28/2017
1.81%
1,496,020.65
1,498,049.08
100.39
1.58%
1,505,859.00
2,295.08
0.72%
7,809.92
Aaa / AA+
AAA
2.42
2.35
912828XW5 US Treasury Note
1.750% Due 06/30/2022
3,000,000.00 07/25/2017
1.86%
2,984,072.55
2,991,938.94
100.41
1.58%
3,012,423.00
144.23
1.45%
20,484.06
Aaa / AA+
AAA
2.50
2.44
912828L24 US Treasury Note
1.875% Due 08/31/2022
2,000,000.00 09/27/2017
1.92%
1,995,944.20
1,997,805.18
100.73
1.59%
2,014,688.00
12,671.70
0.97%
16,882.82
Aaa / AA+
AAA
2.67
2.58
912828L57 US Treasury Note
1.750% Due 09/30/2022
3,750,000.00 Various
2.02%
3,702,841.80
3,723,551.64
100.40
1.60%
3,765,086.25
16,675.20
1.82%
41,534.61
Aaa / AA+
AAA
2.75
2.66
912828M49 US Treasury Note
1.875% Due 10/31/2022
1,000,000.00 01/30/2018
2.47%
973,359.38
984,113.96
100.75
1.60%
1,007,461.00
3,193.68
0.49%
23,347.04
Aaa / AA+
AAA
2.84
2.74
9128284D9 US Treasury Note
2.500% Due 03/31/2023
3,750,000.00 Various
2.75%
3,706,123.05
3,721,165.09
102.77
1.62%
3,854,002.50
23,821.72
1.86%
132,837.41
Aaa / AA+
AAA
3.25
3.10
912828R69 US Treasury Note
1.625% Due 05/31/2023
1,500,000.00 05/30/2018
2.67%
1,427,167.97
1,450,301.91
100.00
1.62%
1,500,058.50
2,131.15
0.72%
49,756.59
Aaa / AA+
AAA
3.42
3.30
912828U57 US Treasury Note
2.125% Due 11/30/2023
5,000,000.00 Various
2.53%
4,908,242.19
4,925,851.93
101.78
1.65%
5,089,060.00
9,289.62
2.45%
163,208.07
Aaa / AA+
AAA
3.92
3.74
912828V80 US Treasury Note
2.250% Due 01/31/2024
5,000,000.00 Various
2.32%
4,983,691.41
4,986,172.35
102.32
1.66%
5,115,820.00
47,078.80
2.48%
129,647.65
Aaa / AA+
AAA
4.09
3.86
As of December 31, 2019
34
Holdings Report
City of Dublin -Account #10198
CUSIP Security Description Par Value/Units Purchase Date
Book Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody/S&P
Fitch
Maturity
Duration
912828WJ5 US Treasury Note
2.500% Due 05/15/2024
1,750,000.00 06/10/2019
1.91%
1,798,261.72
1,792,792.06
103.47
1.67%
1,810,772.25
5,649.04
0.87%
17,980.19
Aaa / AA+
AAA
4.38
4.13
9128282N9 US Treasury Note
2.125% Due 07/31/2024
2,000,000.00 08/30/2019
1.44%
2,064,531.25
2,060,078.34
101.95
1.68%
2,038,906.00
17,785.33
0.99%
(21,172.34)
Aaa / AA+
AAA
4.59
4.32
912828YH7 US Treasury Note
1.500% Due 09/30/2024
3,500,000.00 Various
1.65%
3,474,941.41
3,475,459.80
99.17
1.68%
3,470,880.00
13,340.16
1.67%
(4,579.80)
Aaa / AA+
AAA
4.75
4.55
9128283J7 US Treasury Note
2.125% Due 11/30/2024
3,000,000.00 Various
1.76%
3,051,650.40
3,051,187.23
102.04
1.69%
3,061,290.00
5,573.77
1.47%
10,102.77
Aaa / AA+
AAA
4.92
4.65
TOTAL US Treasury 65,000,000.00 1.99%
64,499,634.97
64,806,527.64 1.63%
65,485,134.50
262,991.34
31.57%
678,606.86
Aaa / AA+
Aaa
2.64
2.54
TOTAL PORTFOLIO 204,348,556.60 2.19%
204,329,154.55
204,640,299.60 1.75%
207,233,056.82
996,434.53
100.00%
2,592,757.22
Aa1 / AA
Aaa
2.69
2.42
TOTAL MARKET VALUE PLUS ACCRUALS 208,229,491.35
As of December 31, 2019
35
Holdings Report
City of Dublin Reporting Account -Account #10219
CUSIP Security Description Par Value/Units Purchase Date
Book Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody/S&P
Fitch
Maturity
Duration
LAIF
90LAIF$00 Local Agency Investment Fund State Pool 49,367,485.67 Various
2.03%
49,367,485.67
49,367,485.67
1.00
2.03%
49,367,485.67
263,314.31
53.80%
0.00
NR / NR
NR
0.00
0.00
TOTAL LAIF 49,367,485.67 2.03%
49,367,485.67
49,367,485.67 2.03%
49,367,485.67
263,314.31
53.80%
0.00
NR / NR
NR
0.00
0.00
Local Gov Investment Pool
90CAMP$00 California Asset Mgmt Program CAMP 42,618,198.31 Various
1.77%
42,618,198.31
42,618,198.31
1.00
1.77%
42,618,198.31
0.00
46.20%
0.00
NR / AAA
NR
0.00
0.00
TOTAL Local Gov Investment Pool 42,618,198.31 1.77%
42,618,198.31
42,618,198.31 1.77%
42,618,198.31
0.00
46.20%
0.00
NR / AAA
NR
0.00
0.00
TOTAL PORTFOLIO 91,985,683.98 1.91%
91,985,683.98
91,985,683.98 1.91%
91,985,683.98
263,314.31
100.00%
0.00
NR / AAA
NR
0.00
0.00
TOTAL MARKET VALUE PLUS ACCRUALS 92,248,998.29
As of December 31, 2019
36
SECTION |Section 5 |Transactions
37
Transaction Ledger
City of Dublin -Account #10198
Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp
Yield Amount Interest
Pur/Sold Total Amount Gain/Loss
ACQUISITIONS
Purchase 10/11/2019 3130A2UW4 2,000,000.00 FHLB Note
2.875% Due: 09/13/2024
106.101 1.58%2,122,020.00 4,472.22 2,126,492.22 0.00
Purchase 10/23/2019 65479JAD5 1,580,000.00 Nissan Auto Receivables Owner 2019-C A3
1.93% Due: 07/15/2024
99.995 1.94%1,579,916.58 0.00 1,579,916.58 0.00
Purchase 10/28/2019 912828YH7 1,500,000.00 US Treasury Note
1.5% Due: 09/30/2024
99.449 1.62%1,491,738.28 1,721.31 1,493,459.59 0.00
Purchase 11/12/2019 3135G0W66 2,000,000.00 FNMA Note
1.625% Due: 10/15/2024
99.170 1.80%1,983,400.00 2,166.67 1,985,566.67 0.00
Purchase 11/19/2019 62479LDQ5 4,140,000.00 MUFG Bank Ltd Discount CP
1.9% Due: 04/24/2020
99.171 1.94%4,105,695.50 0.00 4,105,695.50 0.00
Purchase 12/09/2019 912828YH7 2,000,000.00 US Treasury Note
1.5% Due: 09/30/2024
99.160 1.68%1,983,203.13 5,737.70 1,988,940.83 0.00
Purchase 12/13/2019 9128283J7 2,250,000.00 US Treasury Note
2.125% Due: 11/30/2024
101.723 1.76%2,288,759.77 1,698.26 2,290,458.03 0.00
Purchase 12/24/2019 9128283J7 750,000.00 US Treasury Note
2.125% Due: 11/30/2024
101.719 1.76%762,890.63 1,045.08 763,935.71 0.00
Subtotal 16,220,000.00 16,317,623.89 16,841.24 16,334,465.13 0.00
TOTAL ACQUISITIONS 16,220,000.00 16,317,623.89 16,841.24 16,334,465.13 0.00
DISPOSITIONS
Sale 11/12/2019 3135G0A78 2,000,000.00 FNMA Note
1.625% Due: 01/21/2020
100.006 1.59%2,000,120.00 10,020.83 2,010,140.83 -543.58
Sale 12/13/2019 912828H52 1,000,000.00 US Treasury Note
1.25% Due: 01/31/2020
99.957 1.57%999,570.31 4,585.60 1,004,155.91 -69.15
Subtotal 3,000,000.00 2,999,690.31 14,606.43 3,014,296.74 -612.73
Maturity 10/02/2019 3137EADM8 2,500,000.00 FHLMC Note
1.25% Due: 10/02/2019
100.000 2,500,000.00 0.00 2,500,000.00 0.00
September 30, 2019 through December 31, 2019
As of December 31, 2019
38
Transaction Ledger
City of Dublin -Account #10198
Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp
Yield Amount Interest
Pur/Sold Total Amount Gain/Loss
Maturity 10/08/2019 68389XAX3 1,250,000.00 Oracle Corp Note
2.25% Due: 10/08/2019
100.000 1,250,000.00 0.00 1,250,000.00 0.00
Maturity 11/13/2019 40428HPN6 1,000,000.00 HSBC USA Inc Note
2.375% Due: 11/13/2019
100.000 1,000,000.00 0.00 1,000,000.00 0.00
Maturity 11/19/2019 62479MYK3 4,140,000.00 MUFG Bank Ltd/NY Discount CP
2.12% Due: 11/19/2019
99.464 4,140,000.00 0.00 4,140,000.00 0.00
Subtotal 8,890,000.00 8,890,000.00 0.00 8,890,000.00 0.00
TOTAL DISPOSITIONS 11,890,000.00 11,889,690.31 14,606.43 11,904,296.74 -612.73
September 30, 2019 through December 31, 2019
As of December 31, 2019
39
Transaction Ledger
City of Dublin Reporting Account -Account #10219
Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp
Yield Amount Interest
Pur/Sold Total Amount Gain/Loss
ACQUISITIONS
Purchase 10/31/2019 90CAMP$00 54,824.84 California Asset Mgmt Program CAMP 1.000 2.00%54,824.84 0.00 54,824.84 0.00
Purchase 11/30/2019 90CAMP$00 39,139.04 California Asset Mgmt Program CAMP 1.000 1.84%39,139.04 0.00 39,139.04 0.00
Purchase 12/31/2019 90CAMP$00 45,007.40 California Asset Mgmt Program CAMP 1.000 1.77%45,007.40 0.00 45,007.40 0.00
Subtotal 138,971.28 138,971.28 0.00 138,971.28 0.00
Security
Contribution
12/19/2019 90CAMP$00 22,500,000.00 California Asset Mgmt Program CAMP 1.000 22,500,000.00 0.00 22,500,000.00 0.00
Subtotal 22,500,000.00 22,500,000.00 0.00 22,500,000.00 0.00
TOTAL ACQUISITIONS 22,638,971.28 22,638,971.28 0.00 22,638,971.28 0.00
DISPOSITIONS
Security
Withdrawal
10/25/2019 90CAMP$00 1,000,000.00 California Asset Mgmt Program CAMP 1.000 1,000,000.00 0.00 1,000,000.00 0.00
Security
Withdrawal
11/05/2019 90CAMP$00 2,700,000.00 California Asset Mgmt Program CAMP 1.000 2,700,000.00 0.00 2,700,000.00 0.00
Security
Withdrawal
11/15/2019 90CAMP$00 2,000,000.00 California Asset Mgmt Program CAMP 1.000 2,000,000.00 0.00 2,000,000.00 0.00
Security
Withdrawal
11/19/2019 90CAMP$00 3,000,000.00 California Asset Mgmt Program CAMP 1.000 3,000,000.00 0.00 3,000,000.00 0.00
September 30, 2019 through December 31, 2019
As of December 31, 2019
40
Transaction Ledger
City of Dublin Reporting Account -Account #10219
Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp
Yield Amount Interest
Pur/Sold Total Amount Gain/Loss
Security
Withdrawal
11/22/2019 90CAMP$00 3,000,000.00 California Asset Mgmt Program CAMP 1.000 3,000,000.00 0.00 3,000,000.00 0.00
Subtotal 11,700,000.00 11,700,000.00 0.00 11,700,000.00 0.00
TOTAL DISPOSITIONS 11,700,000.00 11,700,000.00 0.00 11,700,000.00 0.00
September 30, 2019 through December 31, 2019
As of December 31, 2019
41
Important Disclosures
2019 Chandler Asset Management,Inc, An Independent Registered Investment Adviser.
Information contained herein is confidential.Prices are provided by IDC,an independent pricing source.In the event IDC does not provide a price or if the price provided is not reflective of fair market
value,Chandler will obtain pricing from an alternative approved third party pricing source in accordance with our written valuation policy and procedures.Our valuation procedures are also disclosed in
Item 5 of our Form ADV Part 2A.
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 December 31, 2019
42
Benchmark Disclosures
ICE BAML 1-5 Yr US Treasury/Agency Index
The ICE BAML 1-5 Year US Treasury &Agency Index tracks the performance of US dollar denominated US Treasury and nonsubordinated US agency debt issued in the US domestic market.Qualifying
securities must have an investment grade rating (based on an average of Moody’s,S&P and Fitch).Qualifying securities must have at least one year remaining term to final maturity and less than five
years remaining term to final maturity,at least 18 months to maturity at time of issuance,a fixed coupon schedule and a minimum amount outstanding of $1 billion for sovereigns and $250 million for
agencies.(Index:GVA0.Please visit www.mlindex.ml.com for more information)
The ICE BAML 1-3 Year US Treasury &Agency Index tracks the performance of US dollar denominated US Treasury and nonsubordinated US agency debt issued in the US domestic market.Qualifying
securities must have an investment grade rating (based on an average of Moody’s,S&P and Fitch).Qualifying securities must have at least one year remaining term to final maturity and less than three
years remaining term to final maturity,at least 18 months to maturity at time of issuance,a fixed coupon schedule and a minimum amount outstanding of $1 billion for sovereigns and $250 million for
agencies.(Index:G1A0.Please visit www.mlindex.ml.com for more information)
As of December 31, 2019
43
Transaction Ledger
As of October 31, 2019
City of Dublin Consolidated
Account #10221
Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp
Yield Amount Interest
Pur/Sold Total Amount Gain/Loss
ACQUISITIONS
Purchase 10/01/2019 31846V203 6,131.35 First American Govt Obligation Fund
Class Y
1.000 1.57%6,131.35 0.00 6,131.35 0.00
Purchase 10/02/2019 31846V203 2,500,000.00 First American Govt Obligation Fund
Class Y
1.000 1.57%2,500,000.00 0.00 2,500,000.00 0.00
Purchase 10/02/2019 31846V203 15,625.00 First American Govt Obligation Fund
Class Y
1.000 1.57%15,625.00 0.00 15,625.00 0.00
Purchase 10/05/2019 31846V203 30,468.75 First American Govt Obligation Fund
Class Y
1.000 1.57%30,468.75 0.00 30,468.75 0.00
Purchase 10/07/2019 31846V203 13,750.00 First American Govt Obligation Fund
Class Y
1.000 1.57%13,750.00 0.00 13,750.00 0.00
Purchase 10/08/2019 31846V203 1,250,000.00 First American Govt Obligation Fund
Class Y
1.000 1.57%1,250,000.00 0.00 1,250,000.00 0.00
Purchase 10/08/2019 31846V203 14,062.50 First American Govt Obligation Fund
Class Y
1.000 1.57%14,062.50 0.00 14,062.50 0.00
Purchase 10/11/2019 3130A2UW4 2,000,000.00 FHLB Note
2.875% Due 9/13/2024
106.101 1.58%2,122,020.00 4,472.22 2,126,492.22 0.00
Purchase 10/15/2019 31846V203 1,141.59 First American Govt Obligation Fund
Class Y
1.000 1.57%1,141.59 0.00 1,141.59 0.00
Purchase 10/15/2019 31846V203 4,068.17 First American Govt Obligation Fund
Class Y
1.000 1.57%4,068.17 0.00 4,068.17 0.00
Purchase 10/15/2019 31846V203 2,861.88 First American Govt Obligation Fund
Class Y
1.000 1.57%2,861.88 0.00 2,861.88 0.00
Purchase 10/15/2019 31846V203 3,111.00 First American Govt Obligation Fund
Class Y
1.000 1.57%3,111.00 0.00 3,111.00 0.00
Purchase 10/15/2019 31846V203 3,975.00 First American Govt Obligation Fund
Class Y
1.000 1.57%3,975.00 0.00 3,975.00 0.00
Purchase 10/15/2019 31846V203 1,814.50 First American Govt Obligation Fund
Class Y
1.000 1.57%1,814.50 0.00 1,814.50 0.00
Purchase 10/15/2019 31846V203 2,058.33 First American Govt Obligation Fund
Class Y
1.000 1.57%2,058.33 0.00 2,058.33 0.00
Purchase 10/15/2019 31846V203 1,475.00 First American Govt Obligation Fund
Class Y
1.000 1.57%1,475.00 0.00 1,475.00 0.00
Execution Time: 11/8/2019 11:00:53 AMChandler Asset Management - CONFIDENTIAL Page 11
Transaction Ledger
As of October 31, 2019
City of Dublin Consolidated
Account #10221
Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp
Yield Amount Interest
Pur/Sold Total Amount Gain/Loss
ACQUISITIONS
Purchase 10/15/2019 31846V203 20,321.49 First American Govt Obligation Fund
Class Y
1.000 1.57%20,321.49 0.00 20,321.49 0.00
Purchase 10/15/2019 31846V203 124,916.16 First American Govt Obligation Fund
Class Y
1.000 1.57%124,916.16 0.00 124,916.16 0.00
Purchase 10/15/2019 31846V203 109,917.01 First American Govt Obligation Fund
Class Y
1.000 1.57%109,917.01 0.00 109,917.01 0.00
Purchase 10/18/2019 31846V203 1,530.08 First American Govt Obligation Fund
Class Y
1.000 1.57%1,530.08 0.00 1,530.08 0.00
Purchase 10/18/2019 31846V203 3,723.96 First American Govt Obligation Fund
Class Y
1.000 1.57%3,723.96 0.00 3,723.96 0.00
Purchase 10/21/2019 31846V203 3,343.33 First American Govt Obligation Fund
Class Y
1.000 1.57%3,343.33 0.00 3,343.33 0.00
Purchase 10/23/2019 65479JAD5 1,580,000.00 Nissan Auto Receivables Owner 2019-C
A3
1.93% Due 7/15/2024
99.995 1.94%1,579,916.58 0.00 1,579,916.58 0.00
Purchase 10/28/2019 912828YH7 1,500,000.00 US Treasury Note
1.5% Due 9/30/2024
99.449 1.62%1,491,738.28 1,721.31 1,493,459.59 0.00
Purchase 10/30/2019 31846V203 24,062.50 First American Govt Obligation Fund
Class Y
1.000 1.57%24,062.50 0.00 24,062.50 0.00
Purchase 10/31/2019 31846V203 43,750.00 First American Govt Obligation Fund
Class Y
1.000 1.44%43,750.00 0.00 43,750.00 0.00
Purchase 10/31/2019 90CAMP$00 54,824.84 California Asset Mgmt Program CAMP 1.000 2.00%54,824.84 0.00 54,824.84 0.00
Subtotal 9,316,932.44 9,430,607.30 6,193.53 9,436,800.83 0.00
TOTAL ACQUISITIONS 9,316,932.44 9,430,607.30 6,193.53 9,436,800.83 0.00
DISPOSITIONS
Sale 10/11/2019 31846V203 2,126,492.22 First American Govt Obligation Fund
Class Y
1.000 1.57%2,126,492.22 0.00 2,126,492.22 0.00
Execution Time: 11/8/2019 11:00:53 AMChandler Asset Management - CONFIDENTIAL Page 12
Transaction Ledger
As of October 31, 2019
City of Dublin Consolidated
Account #10221
Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp
Yield Amount Interest
Pur/Sold Total Amount Gain/Loss
DISPOSITIONS
Sale 10/23/2019 31846V203 1,579,916.58 First American Govt Obligation Fund
Class Y
1.000 1.57%1,579,916.58 0.00 1,579,916.58 0.00
Sale 10/28/2019 31846V203 1,493,459.59 First American Govt Obligation Fund
Class Y
1.000 1.57%1,493,459.59 0.00 1,493,459.59 0.00
Subtotal 5,199,868.39 5,199,868.39 0.00 5,199,868.39 0.00
Paydown 10/15/2019 02582JHE3 0.00 American Express Credit Trust 2017-3 A
1.77% Due 11/15/2022
100.000 0.00 1,475.00 1,475.00 0.00
Paydown 10/15/2019 43815NAB0 0.00 Honda Auto Receivables Trust 2019-3
A2
1.9% Due 4/15/2022
100.000 0.00 2,058.33 2,058.33 0.00
Paydown 10/15/2019 477870AB5 0.00 John Deere Owner Trust 2019-B A2
2.28% Due 5/16/2022
100.000 0.00 1,814.50 1,814.50 0.00
Paydown 10/15/2019 47788BAD6 20,004.12 John Deere Owner Trust 2017-B A3
1.82% Due 10/15/2021
100.000 20,004.12 317.37 20,321.49 0.00
Paydown 10/15/2019 47788CAC6 0.00 John Deere Owner Trust 2018-A A3
2.66% Due 4/18/2022
100.000 0.00 1,141.59 1,141.59 0.00
Paydown 10/15/2019 47788EAC2 0.00 John Deere Owner Trust 2018-B A3
3.08% Due 11/15/2022
100.000 0.00 4,068.17 4,068.17 0.00
Paydown 10/15/2019 47789JAB2 0.00 John Deere Owner Trust 2019-A A2
2.85% Due 12/15/2021
100.000 0.00 2,861.88 2,861.88 0.00
Paydown 10/15/2019 65479GAD1 0.00 Nissan Auto Receivables Trust 2018-B
A3
3.06% Due 3/15/2023
100.000 0.00 3,111.00 3,111.00 0.00
Paydown 10/15/2019 89231PAD0 0.00 Toyota Auto Receivables Trust 2018-D
A3
3.18% Due 3/15/2023
100.000 0.00 3,975.00 3,975.00 0.00
Paydown 10/15/2019 89238BAB8 124,459.13 Toyota Auto Receivables Trust 2018-A
A2A
2.1% Due 10/15/2020
100.000 124,459.13 457.03 124,916.16 0.00
Paydown 10/15/2019 89239AAB9 106,768.64 Toyota Auto Receivables Trust 2019-A
A2A
2.83% Due 10/15/2021
100.000 106,768.64 3,148.37 109,917.01 0.00
Execution Time: 11/8/2019 11:00:53 AMChandler Asset Management - CONFIDENTIAL Page 13
Transaction Ledger
As of October 31, 2019
City of Dublin Consolidated
Account #10221
Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp
Yield Amount Interest
Pur/Sold Total Amount Gain/Loss
DISPOSITIONS
Paydown 10/18/2019 43814UAG4 0.00 Honda Auto Receivables Trust 2018-2
A3
3.01% Due 5/18/2022
100.000 0.00 1,530.08 1,530.08 0.00
Paydown 10/18/2019 43814WAB1 0.00 Honda Auto Receivables Trust 2019-1
A2
2.75% Due 9/20/2021
100.000 0.00 3,723.96 3,723.96 0.00
Paydown 10/21/2019 43815HAC1 0.00 Honda Auto Receivables Trust 2018-3
A3
2.95% Due 8/22/2022
100.000 0.00 3,343.33 3,343.33 0.00
Subtotal 251,231.89 251,231.89 33,025.61 284,257.50 0.00
Maturity 10/02/2019 3137EADM8 2,500,000.00 FHLMC Note
1.25% Due 10/2/2019
100.000 2,500,000.00 0.00 2,500,000.00 0.00
Maturity 10/08/2019 68389XAX3 1,250,000.00 Oracle Corp Note
2.25% Due 10/8/2019
100.000 1,250,000.00 0.00 1,250,000.00 0.00
Subtotal 3,750,000.00 3,750,000.00 0.00 3,750,000.00 0.00
Security
Withdrawal
10/24/2019 31846V203 104.17 First American Govt Obligation Fund
Class Y
1.000 104.17 0.00 104.17 0.00
Security
Withdrawal
10/25/2019 90CAMP$00 1,000,000.00 California Asset Mgmt Program CAMP 1.000 1,000,000.00 0.00 1,000,000.00 0.00
Subtotal 1,000,104.17 1,000,104.17 0.00 1,000,104.17 0.00
TOTAL DISPOSITIONS 10,201,204.45 10,201,204.45 33,025.61 10,234,230.06 0.00
OTHER TRANSACTIONS
Interest 10/02/2019 3137EADM8 2,500,000.00 FHLMC Note
1.25% Due 10/2/2019
0.000 15,625.00 0.00 15,625.00 0.00
Interest 10/05/2019 3135G0T45 3,250,000.00 FNMA Note
1.875% Due 4/5/2022
0.000 30,468.75 0.00 30,468.75 0.00
Interest 10/07/2019 3135G0Q89 2,000,000.00 FNMA Note
1.375% Due 10/7/2021
0.000 13,750.00 0.00 13,750.00 0.00
Interest 10/08/2019 68389XAX3 1,250,000.00 Oracle Corp Note
2.25% Due 10/8/2019
0.000 14,062.50 0.00 14,062.50 0.00
Execution Time: 11/8/2019 11:00:53 AMChandler Asset Management - CONFIDENTIAL Page 14
Transaction Ledger
As of October 31, 2019
City of Dublin Consolidated
Account #10221
Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp
Yield Amount Interest
Pur/Sold Total Amount Gain/Loss
OTHER TRANSACTIONS
Interest 10/30/2019 912828WZ9 2,750,000.00 US Treasury Note
1.75% Due 4/30/2022
0.000 24,062.50 0.00 24,062.50 0.00
Interest 10/31/2019 912828L99 5,000,000.00 US Treasury Note
1.375% Due 10/31/2020
0.000 34,375.00 0.00 34,375.00 0.00
Interest 10/31/2019 912828M49 1,000,000.00 US Treasury Note
1.875% Due 10/31/2022
0.000 9,375.00 0.00 9,375.00 0.00
Subtotal 17,750,000.00 141,718.75 0.00 141,718.75 0.00
Dividend 10/01/2019 31846V203 2,638,644.76 First American Govt Obligation Fund
Class Y
0.000 6,131.35 0.00 6,131.35 0.00
Dividend 10/15/2019 90LAIF$00 4,509,642,181.94 Local Agency Investment Fund State
Pool
0.000 302,227.54 0.00 302,227.54 0.00
Dividend 10/31/2019 90CAMP$00 30,679,227.03 California Asset Mgmt Program CAMP 0.000 54,824.84 0.00 54,824.84 0.00
Subtotal 4,542,960,053.73 363,183.73 0.00 363,183.73 0.00
TOTAL OTHER TRANSACTIONS 4,560,710,053.73 504,902.48 0.00 504,902.48 0.00
Execution Time: 11/8/2019 11:00:53 AMChandler Asset Management - CONFIDENTIAL Page 15
Transaction Ledger
As of November 30, 2019
City of Dublin Consolidated
Account #10221
Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp
Yield Amount Interest
Pur/Sold Total Amount Gain/Loss
ACQUISITIONS
Purchase 11/01/2019 31846V203 5,262.90 First American Govt Obligation Fund
Class Y
1.000 1.44%5,262.90 0.00 5,262.90 0.00
Purchase 11/03/2019 31846V203 23,000.00 First American Govt Obligation Fund
Class Y
1.000 1.44%23,000.00 0.00 23,000.00 0.00
Purchase 11/11/2019 31846V203 59,700.00 First American Govt Obligation Fund
Class Y
1.000 1.44%59,700.00 0.00 59,700.00 0.00
Purchase 11/12/2019 3135G0W66 2,000,000.00 FNMA Note
1.625% Due 10/15/2024
99.170 1.80%1,983,400.00 2,166.67 1,985,566.67 0.00
Purchase 11/12/2019 31846V203 24,574.16 First American Govt Obligation Fund
Class Y
1.000 1.44%24,574.16 0.00 24,574.16 0.00
Purchase 11/13/2019 31846V203 1,000,000.00 First American Govt Obligation Fund
Class Y
1.000 1.44%1,000,000.00 0.00 1,000,000.00 0.00
Purchase 11/13/2019 31846V203 11,875.00 First American Govt Obligation Fund
Class Y
1.000 1.44%11,875.00 0.00 11,875.00 0.00
Purchase 11/15/2019 31846V203 21,875.00 First American Govt Obligation Fund
Class Y
1.000 1.44%21,875.00 0.00 21,875.00 0.00
Purchase 11/15/2019 31846V203 4,068.17 First American Govt Obligation Fund
Class Y
1.000 1.44%4,068.17 0.00 4,068.17 0.00
Purchase 11/15/2019 31846V203 1,475.00 First American Govt Obligation Fund
Class Y
1.000 1.44%1,475.00 0.00 1,475.00 0.00
Purchase 11/15/2019 31846V203 2,058.33 First American Govt Obligation Fund
Class Y
1.000 1.44%2,058.33 0.00 2,058.33 0.00
Purchase 11/15/2019 31846V203 1,814.50 First American Govt Obligation Fund
Class Y
1.000 1.44%1,814.50 0.00 1,814.50 0.00
Purchase 11/15/2019 31846V203 3,111.00 First American Govt Obligation Fund
Class Y
1.000 1.44%3,111.00 0.00 3,111.00 0.00
Purchase 11/15/2019 31846V203 1,863.52 First American Govt Obligation Fund
Class Y
1.000 1.44%1,863.52 0.00 1,863.52 0.00
Purchase 11/15/2019 31846V203 3,975.00 First American Govt Obligation Fund
Class Y
1.000 1.44%3,975.00 0.00 3,975.00 0.00
Purchase 11/15/2019 31846V203 22,509.75 First American Govt Obligation Fund
Class Y
1.000 1.44%22,509.75 0.00 22,509.75 0.00
Execution Time: 12/17/2019 11:53:45 AMChandler Asset Management - CONFIDENTIAL Page 10
Transaction Ledger
As of November 30, 2019
City of Dublin Consolidated
Account #10221
Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp
Yield Amount Interest
Pur/Sold Total Amount Gain/Loss
ACQUISITIONS
Purchase 11/15/2019 31846V203 54,074.24 First American Govt Obligation Fund
Class Y
1.000 1.44%54,074.24 0.00 54,074.24 0.00
Purchase 11/15/2019 31846V203 94,802.50 First American Govt Obligation Fund
Class Y
1.000 1.44%94,802.50 0.00 94,802.50 0.00
Purchase 11/15/2019 31846V203 125,006.92 First American Govt Obligation Fund
Class Y
1.000 1.44%125,006.92 0.00 125,006.92 0.00
Purchase 11/15/2019 31846V203 112,905.42 First American Govt Obligation Fund
Class Y
1.000 1.44%112,905.42 0.00 112,905.42 0.00
Purchase 11/16/2019 31846V203 10,500.00 First American Govt Obligation Fund
Class Y
1.000 1.44%10,500.00 0.00 10,500.00 0.00
Purchase 11/17/2019 31846V203 22,500.00 First American Govt Obligation Fund
Class Y
1.000 1.44%22,500.00 0.00 22,500.00 0.00
Purchase 11/18/2019 31846V203 17,110.00 First American Govt Obligation Fund
Class Y
1.000 1.44%17,110.00 0.00 17,110.00 0.00
Purchase 11/18/2019 31846V203 1,530.08 First American Govt Obligation Fund
Class Y
1.000 1.44%1,530.08 0.00 1,530.08 0.00
Purchase 11/18/2019 31846V203 98,366.40 First American Govt Obligation Fund
Class Y
1.000 1.44%98,366.40 0.00 98,366.40 0.00
Purchase 11/19/2019 31846V203 4,140,000.00 First American Govt Obligation Fund
Class Y
1.000 1.44%4,140,000.00 0.00 4,140,000.00 0.00
Purchase 11/19/2019 31846V203 17,550.00 First American Govt Obligation Fund
Class Y
1.000 1.44%17,550.00 0.00 17,550.00 0.00
Purchase 11/19/2019 62479LDQ5 4,140,000.00 MUFG Bank Ltd Discount CP
1.9% Due 4/24/2020
99.171 1.94%4,105,695.50 0.00 4,105,695.50 0.00
Purchase 11/20/2019 31846V203 22,500.00 First American Govt Obligation Fund
Class Y
1.000 1.44%22,500.00 0.00 22,500.00 0.00
Purchase 11/21/2019 31846V203 3,343.33 First American Govt Obligation Fund
Class Y
1.000 1.44%3,343.33 0.00 3,343.33 0.00
Purchase 11/30/2019 31846V203 141,562.50 First American Govt Obligation Fund
Class Y
1.000 1.26%141,562.50 0.00 141,562.50 0.00
Execution Time: 12/17/2019 11:53:45 AMChandler Asset Management - CONFIDENTIAL Page 11
Transaction Ledger
As of November 30, 2019
City of Dublin Consolidated
Account #10221
Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp
Yield Amount Interest
Pur/Sold Total Amount Gain/Loss
ACQUISITIONS
Purchase 11/30/2019 90CAMP$00 39,139.04 California Asset Mgmt Program CAMP 1.000 1.84%39,139.04 0.00 39,139.04 0.00
Subtotal 12,228,052.76 12,177,148.26 2,166.67 12,179,314.93 0.00
TOTAL ACQUISITIONS 12,228,052.76 12,177,148.26 2,166.67 12,179,314.93 0.00
DISPOSITIONS
Sale 11/12/2019 3135G0A78 2,000,000.00 FNMA Note
1.625% Due 1/21/2020
100.006 1.59%2,000,120.00 10,020.83 2,010,140.83 -543.58
Sale 11/19/2019 31846V203 4,105,695.50 First American Govt Obligation Fund
Class Y
1.000 1.44%4,105,695.50 0.00 4,105,695.50 0.00
Subtotal 6,105,695.50 6,105,815.50 10,020.83 6,115,836.33 -543.58
Paydown 11/15/2019 02582JHE3 0.00 American Express Credit Trust 2017-3 A
1.77% Due 11/15/2022
100.000 0.00 1,475.00 1,475.00 0.00
Paydown 11/15/2019 43815NAB0 0.00 Honda Auto Receivables Trust 2019-3
A2
1.9% Due 4/15/2022
100.000 0.00 2,058.33 2,058.33 0.00
Paydown 11/15/2019 477870AB5 0.00 John Deere Owner Trust 2019-B A2
2.28% Due 5/16/2022
100.000 0.00 1,814.50 1,814.50 0.00
Paydown 11/15/2019 47788BAD6 22,222.72 John Deere Owner Trust 2017-B A3
1.82% Due 10/15/2021
100.000 22,222.72 287.03 22,509.75 0.00
Paydown 11/15/2019 47788CAC6 52,932.65 John Deere Owner Trust 2018-A A3
2.66% Due 4/18/2022
100.000 52,932.65 1,141.59 54,074.24 0.00
Paydown 11/15/2019 47788EAC2 0.00 John Deere Owner Trust 2018-B A3
3.08% Due 11/15/2022
100.000 0.00 4,068.17 4,068.17 0.00
Paydown 11/15/2019 47789JAB2 91,940.62 John Deere Owner Trust 2019-A A2
2.85% Due 12/15/2021
100.000 91,940.62 2,861.88 94,802.50 0.00
Paydown 11/15/2019 65479GAD1 0.00 Nissan Auto Receivables Trust 2018-B
A3
3.06% Due 3/15/2023
100.000 0.00 3,111.00 3,111.00 0.00
Execution Time: 12/17/2019 11:53:45 AMChandler Asset Management - CONFIDENTIAL Page 12
Transaction Ledger
As of November 30, 2019
City of Dublin Consolidated
Account #10221
Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp
Yield Amount Interest
Pur/Sold Total Amount Gain/Loss
DISPOSITIONS
Paydown 11/15/2019 65479JAD5 0.00 Nissan Auto Receivables Owner 2019-C
A3
1.93% Due 7/15/2024
100.000 0.00 1,863.52 1,863.52 0.00
Paydown 11/15/2019 89231PAD0 0.00 Toyota Auto Receivables Trust 2018-D
A3
3.18% Due 3/15/2023
100.000 0.00 3,975.00 3,975.00 0.00
Paydown 11/15/2019 89238BAB8 124,767.70 Toyota Auto Receivables Trust 2018-A
A2A
2.1% Due 10/15/2020
100.000 124,767.70 239.22 125,006.92 0.00
Paydown 11/15/2019 89239AAB9 110,008.85 Toyota Auto Receivables Trust 2019-A
A2A
2.83% Due 10/15/2021
100.000 110,008.85 2,896.57 112,905.42 0.00
Paydown 11/18/2019 43814UAG4 0.00 Honda Auto Receivables Trust 2018-2
A3
3.01% Due 5/18/2022
100.000 0.00 1,530.08 1,530.08 0.00
Paydown 11/18/2019 43814WAB1 94,642.44 Honda Auto Receivables Trust 2019-1
A2
2.75% Due 9/20/2021
100.000 94,642.44 3,723.96 98,366.40 0.00
Paydown 11/21/2019 43815HAC1 0.00 Honda Auto Receivables Trust 2018-3
A3
2.95% Due 8/22/2022
100.000 0.00 3,343.33 3,343.33 0.00
Subtotal 496,514.98 496,514.98 34,389.18 530,904.16 0.00
Maturity 11/13/2019 40428HPN6 1,000,000.00 HSBC USA Inc Note
2.375% Due 11/13/2019
100.000 1,000,000.00 0.00 1,000,000.00 0.00
Maturity 11/19/2019 62479MYK3 4,140,000.00 MUFG Bank Ltd/NY Discount CP
2.12% Due 11/19/2019
99.464 4,140,000.00 0.00 4,140,000.00 0.00
Subtotal 5,140,000.00 5,140,000.00 0.00 5,140,000.00 0.00
Security
Withdrawal
11/05/2019 90CAMP$00 2,700,000.00 California Asset Mgmt Program CAMP 1.000 2,700,000.00 0.00 2,700,000.00 0.00
Security
Withdrawal
11/15/2019 90CAMP$00 2,000,000.00 California Asset Mgmt Program CAMP 1.000 2,000,000.00 0.00 2,000,000.00 0.00
Security
Withdrawal
11/19/2019 90CAMP$00 3,000,000.00 California Asset Mgmt Program CAMP 1.000 3,000,000.00 0.00 3,000,000.00 0.00
Execution Time: 12/17/2019 11:53:45 AMChandler Asset Management - CONFIDENTIAL Page 13
Transaction Ledger
As of November 30, 2019
City of Dublin Consolidated
Account #10221
Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp
Yield Amount Interest
Pur/Sold Total Amount Gain/Loss
DISPOSITIONS
Security
Withdrawal
11/22/2019 90CAMP$00 3,000,000.00 California Asset Mgmt Program CAMP 1.000 3,000,000.00 0.00 3,000,000.00 0.00
Security
Withdrawal
11/25/2019 31846V203 104.17 First American Govt Obligation Fund
Class Y
1.000 104.17 0.00 104.17 0.00
Subtotal 10,700,104.17 10,700,104.17 0.00 10,700,104.17 0.00
TOTAL DISPOSITIONS 22,442,314.65 22,442,434.65 44,410.01 22,486,844.66 -543.58
OTHER TRANSACTIONS
Interest 11/03/2019 00440EAT4 2,000,000.00 Chubb INA Holdings Inc Callable Note
Cont 10/3/2020
2.3% Due 11/3/2020
0.000 23,000.00 0.00 23,000.00 0.00
Interest 11/11/2019 037833CU2 3,000,000.00 Apple Inc Callable Note Cont 3/11/2024
2.85% Due 5/11/2024
0.000 42,750.00 0.00 42,750.00 0.00
Interest 11/11/2019 369550BE7 1,130,000.00 General Dynamics Corp Note
3% Due 5/11/2021
0.000 16,950.00 0.00 16,950.00 0.00
Interest 11/13/2019 40428HPN6 1,000,000.00 HSBC USA Inc Note
2.375% Due 11/13/2019
0.000 11,875.00 0.00 11,875.00 0.00
Interest 11/15/2019 912828WJ5 1,750,000.00 US Treasury Note
2.5% Due 5/15/2024
0.000 21,875.00 0.00 21,875.00 0.00
Interest 11/16/2019 166764BG4 1,000,000.00 Chevron Corp Callable Note Cont
4/15/2021
2.1% Due 5/16/2021
0.000 10,500.00 0.00 10,500.00 0.00
Interest 11/17/2019 3137EAEK1 2,400,000.00 FHLMC Note
1.875% Due 11/17/2020
0.000 22,500.00 0.00 22,500.00 0.00
Interest 11/18/2019 46625HRL6 500,000.00 JP Morgan Chase Callable Note Cont
3/18/2023
2.7% Due 5/18/2023
0.000 6,750.00 0.00 6,750.00 0.00
Interest 11/18/2019 58933YAF2 740,000.00 Merck & Co Note
2.8% Due 5/18/2023
0.000 10,360.00 0.00 10,360.00 0.00
Interest 11/19/2019 857477AV5 1,800,000.00 State Street Bank Note
1.95% Due 5/19/2021
0.000 17,550.00 0.00 17,550.00 0.00
Execution Time: 12/17/2019 11:53:45 AMChandler Asset Management - CONFIDENTIAL Page 14
Transaction Ledger
As of November 30, 2019
City of Dublin Consolidated
Account #10221
Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp
Yield Amount Interest
Pur/Sold Total Amount Gain/Loss
OTHER TRANSACTIONS
Interest 11/20/2019 747525AD5 2,000,000.00 Qualcomm Inc Note
2.25% Due 5/20/2020
0.000 22,500.00 0.00 22,500.00 0.00
Interest 11/30/2019 3135G0F73 2,500,000.00 FNMA Note
1.5% Due 11/30/2020
0.000 18,750.00 0.00 18,750.00 0.00
Interest 11/30/2019 912828R69 1,500,000.00 US Treasury Note
1.625% Due 5/31/2023
0.000 12,187.50 0.00 12,187.50 0.00
Interest 11/30/2019 912828U57 5,000,000.00 US Treasury Note
2.125% Due 11/30/2023
0.000 53,125.00 0.00 53,125.00 0.00
Interest 11/30/2019 912828U65 2,500,000.00 US Treasury Note
1.75% Due 11/30/2021
0.000 21,875.00 0.00 21,875.00 0.00
Interest 11/30/2019 912828XE5 3,000,000.00 US Treasury Note
1.5% Due 5/31/2020
0.000 22,500.00 0.00 22,500.00 0.00
Interest 11/30/2019 912828XR6 1,500,000.00 US Treasury Note
1.75% Due 5/31/2022
0.000 13,125.00 0.00 13,125.00 0.00
Subtotal 33,320,000.00 348,172.50 0.00 348,172.50 0.00
Dividend 11/01/2019 31846V203 1,620,779.80 First American Govt Obligation Fund
Class Y
0.000 5,262.90 0.00 5,262.90 0.00
Dividend 11/22/2019 90CAMP$00 23,034,051.87 California Asset Mgmt Program CAMP 0.000 39,139.04 0.00 39,139.04 0.00
Subtotal 24,654,831.67 44,401.94 0.00 44,401.94 0.00
TOTAL OTHER TRANSACTIONS 57,974,831.67 392,574.44 0.00 392,574.44 0.00
Execution Time: 12/17/2019 11:53:45 AMChandler Asset Management - CONFIDENTIAL Page 15
Transaction Ledger
As of December 31, 2019
City of Dublin Consolidated
Account #10221
Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp
Yield Amount Interest
Pur/Sold Total Amount Gain/Loss
ACQUISITIONS
Purchase 12/02/2019 31846V203 2,760.01 First American Govt Obligation Fund
Class Y
1.000 1.26%2,760.01 0.00 2,760.01 0.00
Purchase 12/08/2019 31846V203 123,050.00 First American Govt Obligation Fund
Class Y
1.000 1.26%123,050.00 0.00 123,050.00 0.00
Purchase 12/09/2019 31846V203 24,375.00 First American Govt Obligation Fund
Class Y
1.000 1.26%24,375.00 0.00 24,375.00 0.00
Purchase 12/09/2019 912828YH7 2,000,000.00 US Treasury Note
1.5% Due 9/30/2024
99.160 1.68%1,983,203.13 5,737.70 1,988,940.83 0.00
Purchase 12/11/2019 31846V203 28,125.00 First American Govt Obligation Fund
Class Y
1.000 1.26%28,125.00 0.00 28,125.00 0.00
Purchase 12/12/2019 31846V203 17,500.00 First American Govt Obligation Fund
Class Y
1.000 1.26%17,500.00 0.00 17,500.00 0.00
Purchase 12/13/2019 9128283J7 2,250,000.00 US Treasury Note
2.125% Due 11/30/2024
101.723 1.76%2,288,759.77 1,698.26 2,290,458.03 0.00
Purchase 12/14/2019 31846V203 54,553.13 First American Govt Obligation Fund
Class Y
1.000 1.26%54,553.13 0.00 54,553.13 0.00
Purchase 12/15/2019 31846V203 22,500.00 First American Govt Obligation Fund
Class Y
1.000 1.26%22,500.00 0.00 22,500.00 0.00
Purchase 12/16/2019 31846V203 3,975.00 First American Govt Obligation Fund
Class Y
1.000 1.26%3,975.00 0.00 3,975.00 0.00
Purchase 12/16/2019 31846V203 2,541.17 First American Govt Obligation Fund
Class Y
1.000 1.26%2,541.17 0.00 2,541.17 0.00
Purchase 12/16/2019 31846V203 3,111.00 First American Govt Obligation Fund
Class Y
1.000 1.26%3,111.00 0.00 3,111.00 0.00
Purchase 12/16/2019 31846V203 4,068.17 First American Govt Obligation Fund
Class Y
1.000 1.26%4,068.17 0.00 4,068.17 0.00
Purchase 12/16/2019 31846V203 1,814.50 First American Govt Obligation Fund
Class Y
1.000 1.26%1,814.50 0.00 1,814.50 0.00
Purchase 12/16/2019 31846V203 2,058.33 First American Govt Obligation Fund
Class Y
1.000 1.26%2,058.33 0.00 2,058.33 0.00
Purchase 12/16/2019 31846V203 1,475.00 First American Govt Obligation Fund
Class Y
1.000 1.26%1,475.00 0.00 1,475.00 0.00
Execution Time: 1/16/2020 11:20:36 AMChandler Asset Management - CONFIDENTIAL Page 10
Transaction Ledger
As of December 31, 2019
City of Dublin Consolidated
Account #10221
Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp
Yield Amount Interest
Pur/Sold Total Amount Gain/Loss
ACQUISITIONS
Purchase 12/16/2019 31846V203 13,662.66 First American Govt Obligation Fund
Class Y
1.000 1.26%13,662.66 0.00 13,662.66 0.00
Purchase 12/16/2019 31846V203 35,260.01 First American Govt Obligation Fund
Class Y
1.000 1.26%35,260.01 0.00 35,260.01 0.00
Purchase 12/16/2019 31846V203 94,994.21 First American Govt Obligation Fund
Class Y
1.000 1.26%94,994.21 0.00 94,994.21 0.00
Purchase 12/16/2019 31846V203 11,952.25 First American Govt Obligation Fund
Class Y
1.000 1.26%11,952.25 0.00 11,952.25 0.00
Purchase 12/16/2019 31846V203 103,215.76 First American Govt Obligation Fund
Class Y
1.000 1.26%103,215.76 0.00 103,215.76 0.00
Purchase 12/18/2019 31846V203 1,530.08 First American Govt Obligation Fund
Class Y
1.000 1.26%1,530.08 0.00 1,530.08 0.00
Purchase 12/18/2019 31846V203 132,975.96 First American Govt Obligation Fund
Class Y
1.000 1.26%132,975.96 0.00 132,975.96 0.00
Purchase 12/19/2019 31846V203 27,500.00 First American Govt Obligation Fund
Class Y
1.000 1.26%27,500.00 0.00 27,500.00 0.00
Purchase 12/23/2019 31846V203 3,343.33 First American Govt Obligation Fund
Class Y
1.000 1.26%3,343.33 0.00 3,343.33 0.00
Purchase 12/24/2019 31846V203 29,205.00 First American Govt Obligation Fund
Class Y
1.000 1.26%29,205.00 0.00 29,205.00 0.00
Purchase 12/24/2019 9128283J7 750,000.00 US Treasury Note
2.125% Due 11/30/2024
101.719 1.76%762,890.63 1,045.08 763,935.71 0.00
Purchase 12/26/2019 31846V203 23,460.00 First American Govt Obligation Fund
Class Y
1.000 1.26%23,460.00 0.00 23,460.00 0.00
Purchase 12/27/2019 31846V203 18,000.00 First American Govt Obligation Fund
Class Y
1.000 1.26%18,000.00 0.00 18,000.00 0.00
Purchase 12/31/2019 31846V203 26,250.00 First American Govt Obligation Fund
Class Y
1.000 1.20%26,250.00 0.00 26,250.00 0.00
Purchase 12/31/2019 90CAMP$00 45,007.40 California Asset Mgmt Program CAMP 1.000 1.77%45,007.40 0.00 45,007.40 0.00
Subtotal 5,858,262.97 5,893,116.50 8,481.04 5,901,597.54 0.00
Execution Time: 1/16/2020 11:20:36 AMChandler Asset Management - CONFIDENTIAL Page 11
Transaction Ledger
As of December 31, 2019
City of Dublin Consolidated
Account #10221
Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp
Yield Amount Interest
Pur/Sold Total Amount Gain/Loss
ACQUISITIONS
Security
Contribution
12/19/2019 90CAMP$00 22,500,000.00 California Asset Mgmt Program CAMP 1.000 22,500,000.00 0.00 22,500,000.00 0.00
Subtotal 22,500,000.00 22,500,000.00 0.00 22,500,000.00 0.00
TOTAL ACQUISITIONS 28,358,262.97 28,393,116.50 8,481.04 28,401,597.54 0.00
DISPOSITIONS
Sale 12/09/2019 31846V203 1,988,940.83 First American Govt Obligation Fund
Class Y
1.000 1.26%1,988,940.83 0.00 1,988,940.83 0.00
Sale 12/13/2019 31846V203 1,286,302.12 First American Govt Obligation Fund
Class Y
1.000 1.26%1,286,302.12 0.00 1,286,302.12 0.00
Sale 12/13/2019 912828H52 1,000,000.00 US Treasury Note
1.25% Due 1/31/2020
99.957 1.57%999,570.31 4,585.60 1,004,155.91 -69.15
Sale 12/24/2019 31846V203 763,935.71 First American Govt Obligation Fund
Class Y
1.000 1.26%763,935.71 0.00 763,935.71 0.00
Subtotal 5,039,178.66 5,038,748.97 4,585.60 5,043,334.57 -69.15
Paydown 12/16/2019 02582JHE3 0.00 American Express Credit Trust 2017-3 A
1.77% Due 11/15/2022
100.000 0.00 1,475.00 1,475.00 0.00
Paydown 12/16/2019 43815NAB0 0.00 Honda Auto Receivables Trust 2019-3
A2
1.9% Due 4/15/2022
100.000 0.00 2,058.33 2,058.33 0.00
Paydown 12/16/2019 477870AB5 0.00 John Deere Owner Trust 2019-B A2
2.28% Due 5/16/2022
100.000 0.00 1,814.50 1,814.50 0.00
Paydown 12/16/2019 47788BAD6 13,409.34 John Deere Owner Trust 2017-B A3
1.82% Due 10/15/2021
100.000 13,409.34 253.32 13,662.66 0.00
Paydown 12/16/2019 47788CAC6 34,235.76 John Deere Owner Trust 2018-A A3
2.66% Due 4/18/2022
100.000 34,235.76 1,024.25 35,260.01 0.00
Execution Time: 1/16/2020 11:20:36 AMChandler Asset Management - CONFIDENTIAL Page 12
Transaction Ledger
As of December 31, 2019
City of Dublin Consolidated
Account #10221
Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp
Yield Amount Interest
Pur/Sold Total Amount Gain/Loss
DISPOSITIONS
Paydown 12/16/2019 47788EAC2 0.00 John Deere Owner Trust 2018-B A3
3.08% Due 11/15/2022
100.000 0.00 4,068.17 4,068.17 0.00
Paydown 12/16/2019 47789JAB2 92,350.69 John Deere Owner Trust 2019-A A2
2.85% Due 12/15/2021
100.000 92,350.69 2,643.52 94,994.21 0.00
Paydown 12/16/2019 65479GAD1 0.00 Nissan Auto Receivables Trust 2018-B
A3
3.06% Due 3/15/2023
100.000 0.00 3,111.00 3,111.00 0.00
Paydown 12/16/2019 65479JAD5 0.00 Nissan Auto Receivables Owner 2019-C
A3
1.93% Due 7/15/2024
100.000 0.00 2,541.17 2,541.17 0.00
Paydown 12/16/2019 89231PAD0 0.00 Toyota Auto Receivables Trust 2018-D
A3
3.18% Due 3/15/2023
100.000 0.00 3,975.00 3,975.00 0.00
Paydown 12/16/2019 89238BAB8 11,931.37 Toyota Auto Receivables Trust 2018-A
A2A
2.1% Due 10/15/2020
100.000 11,931.37 20.88 11,952.25 0.00
Paydown 12/16/2019 89239AAB9 100,578.62 Toyota Auto Receivables Trust 2019-A
A2A
2.83% Due 10/15/2021
100.000 100,578.62 2,637.14 103,215.76 0.00
Paydown 12/18/2019 43814UAG4 0.00 Honda Auto Receivables Trust 2018-2
A3
3.01% Due 5/18/2022
100.000 0.00 1,530.08 1,530.08 0.00
Paydown 12/18/2019 43814WAB1 129,468.89 Honda Auto Receivables Trust 2019-1
A2
2.75% Due 9/20/2021
100.000 129,468.89 3,507.07 132,975.96 0.00
Paydown 12/23/2019 43815HAC1 0.00 Honda Auto Receivables Trust 2018-3
A3
2.95% Due 8/22/2022
100.000 0.00 3,343.33 3,343.33 0.00
Subtotal 381,974.67 381,974.67 34,002.76 415,977.43 0.00
Execution Time: 1/16/2020 11:20:36 AMChandler Asset Management - CONFIDENTIAL Page 13
Transaction Ledger
As of December 31, 2019
City of Dublin Consolidated
Account #10221
Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp
Yield Amount Interest
Pur/Sold Total Amount Gain/Loss
DISPOSITIONS
Security
Withdrawal
12/23/2019 31846V203 104.17 First American Govt Obligation Fund
Class Y
1.000 104.17 0.00 104.17 0.00
Subtotal 104.17 104.17 0.00 104.17 0.00
TOTAL DISPOSITIONS 5,421,257.50 5,420,827.81 38,588.36 5,459,416.17 -69.15
OTHER TRANSACTIONS
Interest 12/08/2019 3130A0F70 5,000,000.00 FHLB Note
3.375% Due 12/8/2023
0.000 84,375.00 0.00 84,375.00 0.00
Interest 12/08/2019 69353RFL7 2,210,000.00 PNC Bank Callable Note Cont 5/9/2023
3.5% Due 6/8/2023
0.000 38,675.00 0.00 38,675.00 0.00
Interest 12/09/2019 313383QR5 1,500,000.00 FHLB Note
3.25% Due 6/9/2023
0.000 24,375.00 0.00 24,375.00 0.00
Interest 12/11/2019 313379RB7 3,000,000.00 FHLB Note
1.875% Due 6/11/2021
0.000 28,125.00 0.00 28,125.00 0.00
Interest 12/12/2019 313383HU8 2,000,000.00 FHLB Note
1.75% Due 6/12/2020
0.000 17,500.00 0.00 17,500.00 0.00
Interest 12/14/2019 3130A1XJ2 3,795,000.00 FHLB Note
2.875% Due 6/14/2024
0.000 54,553.13 0.00 54,553.13 0.00
Interest 12/15/2019 097023BQ7 2,400,000.00 Boeing Co Callable Note Cont
4/15/2023
1.875% Due 6/15/2023
0.000 22,500.00 0.00 22,500.00 0.00
Interest 12/19/2019 3137EAEN5 2,000,000.00 FHLMC Note
2.75% Due 6/19/2023
0.000 27,500.00 0.00 27,500.00 0.00
Interest 12/24/2019 166764AH3 1,000,000.00 Chevron Corp Callable Note Cont
3/24/2023
3.191% Due 6/24/2023
0.000 15,955.00 0.00 15,955.00 0.00
Interest 12/24/2019 24422ETT6 1,000,000.00 John Deere Capital Corp Note
2.65% Due 6/24/2024
0.000 13,250.00 0.00 13,250.00 0.00
Execution Time: 1/16/2020 11:20:36 AMChandler Asset Management - CONFIDENTIAL Page 14
Transaction Ledger
As of December 31, 2019
City of Dublin Consolidated
Account #10221
Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp
Yield Amount Interest
Pur/Sold Total Amount Gain/Loss
OTHER TRANSACTIONS
Interest 12/26/2019 931142EK5 1,380,000.00 Wal-Mart Stores Callable Note Cont
5/26/2023
3.4% Due 6/26/2023
0.000 23,460.00 0.00 23,460.00 0.00
Interest 12/27/2019 02665WCZ2 1,500,000.00 American Honda Finance Note
2.4% Due 6/27/2024
0.000 18,000.00 0.00 18,000.00 0.00
Interest 12/31/2019 912828XW5 3,000,000.00 US Treasury Note
1.75% Due 6/30/2022
0.000 26,250.00 0.00 26,250.00 0.00
Subtotal 29,785,000.00 394,518.13 0.00 394,518.13 0.00
Dividend 12/02/2019 31846V203 3,422,331.35 First American Govt Obligation Fund
Class Y
0.000 2,760.01 0.00 2,760.01 0.00
Dividend 12/31/2019 90CAMP$00 42,573,190.91 California Asset Mgmt Program CAMP 0.000 45,007.40 0.00 45,007.40 0.00
Subtotal 45,995,522.26 47,767.41 0.00 47,767.41 0.00
TOTAL OTHER TRANSACTIONS 75,780,522.26 442,285.54 0.00 442,285.54 0.00
Execution Time: 1/16/2020 11:20:36 AMChandler Asset Management - CONFIDENTIAL Page 15