The URL can be used to link to this page

Home My WebLink AboutItem 4.7 - 2613 Q3 Investment Report Page 1 of 5 STAFF REPORT CITY COUNCIL DATE: May 21, 2019 TO: Honorable Mayor and City Councilmembers FROM: Christopher L. Foss, City Manager SUBJECT: City Treasurer's Informational Report of Investments for the Quarter Ending March 31, 2019 Prepared by: Jay Baksa, Financial Analyst EXECUTIVE SUMMARY: The City Council will receive an informational report of the City’s investments through the quarter ending March 31, 2019 including a monthly transaction ledger. The City’s investment portfolio for this period totaled $283,909,277 (book value) with an average market yield of 2.46%. 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 receipt of revenues and payment of expenditures, the quarterly cash balance can vary from quarter to quarter. DESCRIPTION: The total investment portfolio of $283,909,277 (book value) is comprised of $186,670,732 managed by Chandler Asset Management (Chandler), and $97,238,545 invested by the City in local government pools. The average market yield of the Chandler portfolio and the local pools was 2.44% and 2.52% respectively. The total investment portfolio balance fluctuates throughout the year due to normal cash flow needs and includes both discretionary and restricted funds. Page 2 of 5 Economic Update Highlights The following are some highlights from the Economic Update included in the attached Investment Report prepared by Chandler (Attachment 1). The Federal Open Market Committee kept the target fed funds rate unchanged in March at a range of 2.25%-2.50%. The Fed’s median forecast now calls for a target fed funds rate of 2.4% at year-end, which implies that there will be no further rate hikes this year. The Fed is projecting one rate hike in 2020 (to and effective rate of 2.6%) and then expects to keep policy on hold in 2021. The Fed’s longer-run fed funds rate target is still 2.8%. Domestic and global economic growth has slowed and inflation pressures remain muted. However, the labor market remains a bright spot in the US economy. Overall, the economy is expected to grow 2.0%-2.5% this year versus 2.9% in 2018. The yield curve inverted in March with the 10-year Treasury yield temporarily falling below the 3-month T-bill yield. At month-end, the 3-month T-bill yield was down 5 basis points to 2.38%, the 2-year Treasury yield was down about 25 basis points to 2.26%, and the 10-year Treasury yield was down 31 basis points to 2.41%. The spread between 2- and 10-year Treasury yields was less than 15 basis points at March month - end. An inversion of the yield curve in which the 10-year Treasury yield is lower than the 3-month T-bill is generally viewed as a powerful predictive signal of an upcoming recession. However, Chandler’s six-month economic forecast does not call for a recession. City of Dublin Portfolio The City's portfolio managed by Chandler has maintained a healthy balance of investment types. In the current quarter the timing of the City’s revenues and expenditures resulted in a $7.8 million increase for the prior quarter, which was placed in the local pools. In addition, Chandler shifted money from the City’s money market account into higher yielding investments. Page 3 of 5 Chart 1: Investments by Type December 31, 2018 – March 31, 2019 The market value of the City's portfolio increased by $7.81 million from the December 31, 2018 quarter (see Table 1 below) and increased $46.10 million from the same quarter the prior year. The quarterly increase was due to routine differences in funds in and out from January through March. The year-over-year increase reflects the budget surplus of Fiscal Year 2017-18. Overall market yield-to-maturity (YTM) decreased from 2.59% to 2.46% as shown in Table 2 below. For detailed monthly transactions, see Attachment 2. Page 4 of 5 Table 1: Portfolio Values and Yield to Maturity Table 2: Quarterly Holdings (Market Value) by Type, and YTM, 5 Quarters Funds Managed by the City The City participates in two local agency investment pools managed by government finance professionals and treasurers: the Local Agency Investment Fund (LAIF) and the California Asset Management Program (CAMP). The City has typically carried close to the $50 million maximum allowable in LAIF with any excesses deposited into CAMP. LAIF quarterly rates are currently the highest measured since 2011, as sho wn below. Page 5 of 5 Table 3: Quarterly LAIF Yields, Recent Eight Years and 1 Quarter STRATEGIC PLAN INITIATIVE: Strategy 1: Assure the City's long-term financial sustainability. NOTICING REQUIREMENTS/PUBLIC OUTREACH: None. ATTACHMENTS: 1. City of Dublin Investment Report for Period Ending March 2019 2. Transaction Ledger - January - March 2019 CHANDLER ASSET MANAGEMENT, INC. | 800.317.4747 | www.chandlerasset.com INVESTMENT REPORT Period Ending March 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 March 31, 2019 1 SECTION |Section 1 |Economic Update 2 Domestic and global economic growth has slowed and inflation pressures remain muted. However, the labor market remains a bright spot in the US economy.We believe some of the factors hindering current economic growth (trade disputes, recent government shutdown, Brexit uncertainty) may be somewhat transitory. While economic growth is likely to remain under pressure over the near-term,we believe a strong labor market coupled with an increasingly dovish Fed may lead to betterthan expected economicgrowth laterthis year. Overall, the economy is expected to grow 2.0%-2.5% this year versus 2.9% in 2018. Economic Update ▪ ▪ ▪ The Federal Open Market Committee kept the target fed funds rate unchanged in March at a range of 2.25%-2.50%. However, the Fed’s economic projections, along with the tone of the policy statement and the Fed Chair’s press conference, were more dovish than expected. The Fed’s median forecast now calls for a target fed funds rate of 2.4%at year-end, which implies thatthere will be no furtherrate hikes this year. The Fed is projecting one rate hike in 2020 (to and effective rate of 2.6%) and then expects to keep policy on hold in 2021.The Fed’s longer-run fed funds rate target is still 2.8%. This implies that the Fed intends to keep the target fed funds rate below the neutral rate forthe foreseeable future. Furthermore, the Fed announced thatthey will begin slowing down the reduction of theirbalance sheet and conclude their balance sheet reduction program at the end of September 2019.This will leave the Fed with a largerbalance sheet (slightly higher than $3.5 trillion) than they originally expected. The yield curve inverted in March with the 10-year Treasury yield temporarily falling below the 3-month T-bill yield.At month-end, the 3-month T-bill yield was down 5 basis points to 2.38%, the 2-year Treasury yield was down about 25 basis points to 2.26%, and the 10-year Treasury yield was down 31 basis points to 2.41%. The spread between 2-and 10-year Treasury yields was less than 15 basis points at March month-end.An inversion of the yield curve in which the 10-year Treasury yield is lower than the 3-month T-bill is generally viewed as a powerful predictive signal of an upcoming recession. However, our 6-month economic forecast does not call for a recession. 3 U.S. payrolls rose by 196,000 in March, exceeding the consensus forecast of 177,000. February payrolls were revised up modestly to 33,000from 20,000.On a trailing 3-month and 6-month basis payrolls increased an average of 180,000 and 207,000 per month, respectively. The unemployment rate was unchanged at 3.8%in March,as expected. A broadermeasure of unemployment called the U-6, which includes those who are marginally attached to the labor force and employed part time for economic reasons, was also unchanged at 7.3%. The labor participation rate edged down to 63.0% from 63.2%. The weakest aspect of the employment report was wages which rose just 0.1%in March (slightly below expectations of 0.2%), following a0.4% increase in February.On ayear-over-yearbasis, wages were up 3.2%in March, versus up 3.4% in February. Source: US Department of Labor Source: US Department of Labor 0 50 100 150 200 250 300 350 MOM Change In (000's)Nonfarm Payroll (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 (%)Employment 4 Inflationary pressures remain muted. The Consumer Price Index (CPI) was up just 1.5% year-over-year in February, versus up 1.6% year-over- year in January. Core CPI (CPI less food and energy) was up 2.1% year-over-year in February, versus up 2.2% year-over-year in January. The Personal Consumption Expenditures (PCE) index was up just 1.4% year-over-year in January, versus up 1.8% year-over-year in December. Core PCE eased to 1.8% year-over-year in January from 2.0% in December, falling below the Fed’s 2.0% inflation target. Source: US Department of Labor Source: US Department of Commerce 0.0% 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( %) Change0.0% 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( %) ChangeInflation 5 Retail sales were disappointing in February,but the results forJanuary were revised higher.On ayear-over-yearbasis, retail sales were up 2.2% in February, versus up 2.8% year-over-year in January.On amonth-over-month basis, retail sales fell 0.2%in February, below expectations for 0.3% growth, following an upwardly revised 0.7% increased in January. Excluding autos and gas, retail sales fell 0.6%in February, month-over- month, well below the 0.4% growth expectation. However, this decline followed upwardly revised growth of 1.7%in January. The Consumer Confidence Index eased to 124.1 in March from a very strong level of 131.4 in February, missing expectations. Consumers were less upbeat about the labor market in the latest survey, potentially because of the weak headline non-farm payrolls report in February. 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 (%) Change100 105 110 115 120 125 130 135 140 145 Index LevelConsumer Confidence Consumer 6 The Leading Economic Index (LEI) rose 0.2%in February,on a month-over-month basis, following no change in January. The Conference Board believes thatthe economy will continue to expand in the near-term but growth may decelerate by year-end. The Chicago Fed National Activity Index (CFNAI) decreased to -0.29 in February from an upwardly-revised -0.25 in January.On a3-month movingaverage basis, the index declined to -0.18 from zero. The CFNAI suggests that the economy is slowing down but is not indicative of arecession. Periods of economiccontraction have historically been associated with values below -0.70 on a 3-month moving average basis. -0.4% -0.2% 0.0% 0.2% 0.4% 0.6% 0.8% 1.0% 1.2% Leading Economic Indicators (LEI)MOM ( %) Change-0.40 -0.20 0.00 0.20 0.40 0.60 0.80 Chicago Fed National Activity Index (CFNAI)3 Month AverageSource: The Conference Board Source: Federal Reserve Bank of Chicago Economic Activity 7 In February, total housing starts were weaker than expected, down 8.7%to a 1.162 million annualized rate. However, this follows growth of 11.7%in the prior month. Multi-family starts rose 17.8%in February to 357,000, following a 7.1% decline in January. Single-family starts fell 17.0%in February to 805,000, following a 19.2% increase in January. According to the Case-Shiller20-City home price index, home prices were up just 3.6% year-over-year in January, versus up 4.1% in December. Home price appreciation has slowed over the past year. Source: US Department of Commerce Source: S&P 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 3.0% 3.5% 4.0% 4.5% 5.0% 5.5% 6.0% 6.5% 7.0% 7.5% S&P/Case -Shiller 20 City Composite Home Price Index YOY( %) ChangeHousing 8 The Institute forSupply Management (ISM) manufacturing index increased to 55.3 in March from 54.2 in February. A reading above 50.0suggests the manufacturing sector is expanding. The Industrial Production index was up 3.5% year-over-year in February versus up 3.9% year-over-year in January.On a month-over-month basis, the manufacturing component of the index fell 0.4%in February, following a 0.5% decrease in January. Capacity Utilization declined to 78.2%in February from 78.3%in January, and remains below the long-run average of 79.8% indicating there is still excess capacity for growth. Source: Institute for Supply Management Source: Federal Reserve 48 50 52 54 56 58 60 62 64 Institute of Supply Management Purchasing Manager Index Expanding Contracting 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% Industrial Production YOY( %) ChangeManufacturing 9 Fourth quarter GDP growth was revised down as expected to an annualized rate of 2.2%, from the advance estimate of 2.6%. This follows GDP growth of 3.4%in the third quarter and 4.2%in the second quarter. Although consumer spending was less robust than the previous two quarters,it continued to fuel overall economic growth. The consensus forecast calls for a more pronounced slowdown in economic growth in the first quarter of 2019 to 1.5%. Overall, GDP growth is expected to slow this year to 2.0%-2.5% from 2.9% last year, according to the consensus. Source: US Department of Commerce Source: US Department of Commerce 3/18 6/18 9/18 12/18 0.4% 2.6% 2.4% 1.7% 1.6% -0.1% 2.5% 0.7% 0.0% 1.2% -2.0% -0.1% 0.2% 0.2% 0.2% 0.1% 0.1% 0.2% 0.2% -0.1% 2.2% 4.2% 3.4% 2.2% 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 -2.0% -1.0% 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) 10 Source: Bloomberg On a year-over-year basis at the end of March, the Treasury yield curve flattened with short-term rates higher and long-term rates lower on a year-over-year basis. The yield on 3-month T-bills rose nearly 70 basis points year-over-year, 2-Year Treasury yields were essentially flat, and the yield on 10-Year Treasuries declined more than 33 basis points. The spread between 2-Year and 10-year Treasury yields narrowed from 47 basis points to less than 15 basis points, year-over-year. Rate hikes by the Federal Reserve have put upward pressure on shorter-term rates, while slower global economic growth, subdued inflation expectations, and a flight to quality have put downward pressure on longer-term rates. 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 Mar-19 Dec-18 Mar-18Yield (%)Bond Yields 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 March 31, 2019 13 Compliance As of March 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 3/31/2019 12/31/2018 Benchmark*Portfolio Portfolio Average Maturity (yrs)2.65 2.58 2.32 Average Modified Duration 2.53 2.34 2.13 Average Purchase Yield n/a 2.17%2.08% Average Market Yield 2.29%2.44%2.68% Average Quality**AAA AA/Aa1 AA+/Aa1 Total Market Value 187,225,366 184,628,041 *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 March 31, 2019 15 City of Dublin Sector Distribution ABS 6.5% Agency 32.0% Foreign Corporate 2.0% Money Market Fund FI 0.2% Supranational 2.4% US Corporate 22.5% US Treasury 32.4% Commercial Paper 2.0% March 31, 2019 December 31, 2018 ABS 4.8% Agency 30.2% Foreign Corporate 0.8% Money Market Fund FI 3.9% Supranational 4.3% US Corporate 22.1% US Treasury 33.9% As of March 31, 2019 16 Issue Name Investment Type % Portfolio Government of United States US Treasury 32.43% Federal Home Loan Bank Agency 13.31% Federal National Mortgage Association Agency 12.89% Federal Home Loan Mortgage Corp Agency 5.81% Honda ABS ABS 2.00% John Deere ABS ABS 1.98% MUFG Bank Ltd/NY Commercial Paper 1.97% Honda Motor Corporation US Corporate 1.52% Inter-American Dev Bank Supranational 1.31% Toyota ABS ABS 1.29% Toronto Dominion Holdings Foreign Corporate 1.25% Boeing Company US Corporate 1.24% JP Morgan Chase & Co US Corporate 1.23% PNC Financial Services Group US Corporate 1.23% Oracle Corp US Corporate 1.20% ChevronTexaco Corp US Corporate 1.09% IBM Corp US Corporate 1.08% US Bancorp US Corporate 1.07% Chubb Corporation US Corporate 1.07% Qualcomm Inc US Corporate 1.07% Intl Bank Recon and Development Supranational 1.06% Bank of New York US Corporate 1.06% Wells Fargo Corp US Corporate 1.02% Berkshire Hathaway US Corporate 1.00% Microsoft US Corporate 0.97% Exxon Mobil Corp US Corporate 0.96% State Street Bank US Corporate 0.96% Deere & Company US Corporate 0.94% HSBC Holdings PLC Foreign Corporate 0.80% Wal-Mart Stores US Corporate 0.77% Bank of America Corp US Corporate 0.76% Pepsico Inc US Corporate 0.71% Nissan ABS ABS 0.66% General Dynamics Corp US Corporate 0.62% HSBC Holdings PLC US Corporate 0.54% American Express ABS ABS 0.53% Merck & Company US Corporate 0.40% First American Govt Oblig Fund Money Market Fund FI 0.20% TOTAL 100.00% Issuers City of Dublin –Account #10198 As of March 31, 2019 17 AAA AA A <A NR 03/31/19 4.9%71.8%18.2%0.0%5.1% 12/31/18 12.5%67.8%14.9%0.0%4.7% Source: S&P Ratings March 31, 2019 vs. December 31, 2018 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0% 80.0% AAA AA A <A NR 3/31/2019 12/31/2018 Quality Distribution City of Dublin As of March 31, 2019 18 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 March 31, 2019 0 -0.25 0.25 -0.50 0.50 - 1 1 - 2 2 - 3 3 - 4 4 - 5 5+ Portfolio 3.8% 4.6% 9.2% 26.4% 23.5% 21.2% 11.3% 0.0% Benchmark*0.2% 0.0% 1.7% 33.5% 29.2% 21.7% 13.7% 0.0% *ICE BAML 1-5 Yr US Treasury/Agency Index Duration Distribution City of Dublin As of March 31, 2019 19 0.00% 0.50% 1.00% 1.50% 2.00% 2.50% 3.00% 3.50% 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 1.41%3.29%1.73%1.23%1.37%N/A 1.29% ICE BAML 1-5 Yr US Treasury/Agency Index 1.21%3.14%1.52%0.98%1.19%N/A 1.12% *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, 2019 20 Portfolio Characteristics City of Dublin Reporting Account 3/31/2019 Portfolio 12/31/2018 Portfolio Average Maturity (yrs)0.00 0.00 Modified Duration 0.00 0.00 Average Purchase Yield 2.52%2.42% Average Market Yield 2.52%2.42% Average Quality*AAA/NR AAA/NR Total Market Value 97,524,685 92,312,286 *Portfolio is S&P and Moody’s, respectively. As of March 31, 2019 21 City of Dublin Reporting Account Sector Distribution LAIF 50.0% Local Gov Investment Pool 50.0% March 31, 2019 December 31, 2018 LAIF 52.5% Local Gov Investment Pool 47.5% As of March 31, 2019 22 Issue Name Investment Type % Portfolio CAMP Local Gov Investment Pool 50.03% Local Agency Investment Fund LAIF 49.97% TOTAL 100.00% Issuers City of Dublin Reporting Account –Account #10219 As of March 31, 2019 23 SECTION |Section 3 |Consolidated Information 24 Portfolio Characteristics City of Dublin Consolidated 3/31/2019 12/31/2018 Portfolio Portfolio Average Maturity (yrs)1.70 1.55 Modified Duration 1.54 1.42 Average Purchase Yield 2.29%2.19% Average Market Yield 2.47%2.59% Average Quality*AA+/Aaa AA+/Aaa Total Market Value 284,750,051 276,940,327 * Portfolio is S&P and Moody’s respectively. As of March 31, 2019 25 City of Dublin Consolidated Sector Distribution ABS 4.3% Agency 21.0% Foreign Corporate 1.3% LAIF 17.1%Local Gov Investment Pool 17.1% Money Market Fund FI 0.1% Supranational 1.6% US Corporate 14.8% US Treasury 21.3% Commercial Paper 1.3% March 31, 2019 December 31, 2018 ABS 3.2% Agency 20.1% Foreign Corporate 0.5% LAIF 17.5% Local Gov Investment Pool 15.9% Money Market Fund FI 2.6% Supranational 2.9% US Corporate 14.7% US Treasury 22.6% As of March 31, 2019 26 SECTION |Section 4 |Portfolio Holdings 27 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 43814PAB6 Honda Auto Receivables Owner T 17-3 A2 1.570% Due 01/21/2020 36,515.04 09/25/2017 0.87% 36,511.79 36,513.90 99.95 2.49% 36,497.56 20.70 0.02% (16.34) NR / AAA AAA 0.81 0.05 47788MAC4 John Deere Owner Trust 2016-A A3 1.360% Due 04/15/2020 46,507.68 02/23/2016 1.01% 46,500.35 46,505.83 99.93 3.54% 46,476.83 28.11 0.02% (29.00) Aaa / NR AAA 1.04 0.04 43814QAC2 Honda Auto Receivables 2016-2 A3 1.390% Due 04/15/2020 98,299.42 05/24/2016 1.10% 98,297.51 98,298.91 99.82 2.76% 98,126.34 60.73 0.05% (172.57) Aaa / NR AAA 1.04 0.13 47788BAB0 John Deere Owner Trust 2017-B A2A 1.590% Due 04/15/2020 23,432.79 07/11/2017 1.26% 23,430.76 23,432.02 99.95 3.25% 23,420.05 16.56 0.01% (11.97) Aaa / NR AAA 1.04 0.03 89238BAB8 Toyota Auto Receivables Owner 2018-A A2A 2.100% Due 10/15/2020 1,086,272.06 01/23/2018 1.57% 1,086,161.04 1,086,208.80 99.82 2.78% 1,084,271.07 1,013.85 0.58% (1,937.73) Aaa / AAA NR 1.55 0.30 43814WAB1 HAROT 2019-1 A2 2.750% Due 09/20/2021 1,625,000.00 02/19/2019 2.77% 1,624,895.35 1,624,899.04 100.09 2.69% 1,626,525.88 1,613.72 0.87% 1,626.84 NR / AAA AAA 2.48 1.18 47788BAD6 John Deere Owner Trust 2017-B A3 1.820% Due 10/15/2021 320,000.00 07/11/2017 1.65% 319,976.58 319,985.98 99.36 2.72% 317,967.34 258.84 0.17% (2,018.64) Aaa / NR AAA 2.55 0.71 89239AAB9 Toyota Auto Receivables 2019-A A2A 2.830% Due 10/15/2021 1,335,000.00 02/05/2019 2.85% 1,334,878.78 1,334,884.62 100.18 2.65% 1,337,427.03 1,679.13 0.72% 2,542.41 Aaa / AAA NR 2.55 0.95 47789JAB2 John Deere Owner Trust 2019-A A2 2.850% Due 12/15/2021 1,205,000.00 03/05/2019 2.87% 1,204,945.05 1,204,946.09 100.17 2.73% 1,207,065.37 1,717.13 0.65% 2,119.28 Aaa / NR AAA 2.71 1.34 47788CAC6 John Deere Owner Trust 2016-B A4 2.660% Due 04/18/2022 515,000.00 02/21/2018 2.68% 514,962.97 514,972.71 100.04 2.64% 515,227.63 608.84 0.28% 254.92 Aaa / NR AAA 3.05 1.19 43814UAG4 Honda Auto Receivables 2018-2 A3 3.010% Due 05/18/2022 610,000.00 05/22/2018 2.22% 609,986.70 609,989.51 100.61 2.64% 613,749.67 663.04 0.33% 3,760.16 NR / AAA AAA 3.13 1.59 43815HAC1 Honda Auto Receivables Owner 2018-3 A3 2.950% Due 08/22/2022 1,360,000.00 08/21/2018 2.34% 1,359,813.41 1,359,841.11 100.69 2.56% 1,369,373.12 1,114.44 0.73% 9,532.01 Aaa / NR AAA 3.40 1.70 02582JHE3 American Express Credit 2017-3 A 1.770% Due 11/15/2022 1,000,000.00 06/28/2018 2.32% 980,625.00 983,967.19 99.14 2.63% 991,391.00 786.67 0.53% 7,423.81 NR / AAA AAA 3.63 1.01 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 1,584,898.94 100.73 2.68% 1,596,499.18 2,169.69 0.85% 11,600.24 Aaa / NR AAA 3.63 1.72 65479GAD1 Nissan Auto Receivables Owner 2018-B A3 3.060% Due 03/15/2023 1,220,000.00 07/17/2018 3.08% 1,219,960.47 1,219,966.30 100.86 2.65% 1,230,481.02 1,659.20 0.66% 10,514.72 Aaa / AAA NR 3.96 1.97 TOTAL ABS 12,066,026.99 2.58% 12,045,825.62 12,049,310.95 2.67% 12,094,499.09 13,410.65 6.47% 45,188.14 Aaa / AAA Aaa 2.96 1.28 As of March 31, 2019 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 Agency 3137EADG1 FHLMC Note 1.750% Due 05/30/2019 1,000,000.00 01/29/2015 1.28% 1,019,690.00 1,000,734.79 99.89 2.40% 998,893.00 5,881.94 0.54% (1,841.79) Aaa / AA+ AAA 0.16 0.17 3135G0ZG1 FNMA Note 1.750% Due 09/12/2019 2,500,000.00 10/28/2014 1.68% 2,508,350.00 2,500,769.76 99.68 2.47% 2,491,975.00 2,309.03 1.33% (8,794.76) Aaa / AA+ AAA 0.45 0.44 3137EADM8 FHLMC Note 1.250% Due 10/02/2019 2,500,000.00 12/18/2015 1.64% 2,464,700.00 2,495,296.74 99.39 2.47% 2,484,825.00 15,538.19 1.34% (10,471.74) Aaa / AA+ AAA 0.51 0.49 3135G0A78 FNMA Note 1.625% Due 01/21/2020 2,000,000.00 04/07/2015 1.44% 2,016,580.00 2,002,796.51 99.36 2.44% 1,987,104.00 6,319.44 1.06% (15,692.51) Aaa / AA+ AAA 0.81 0.79 313383HU8 FHLB Note 1.750% Due 06/12/2020 2,000,000.00 10/08/2015 1.46% 2,026,040.00 2,006,677.70 99.19 2.44% 1,983,770.00 10,597.22 1.07% (22,907.70) Aaa / AA+ NR 1.20 1.17 3137EAEK1 FHLMC Note 1.875% Due 11/17/2020 2,400,000.00 11/28/2017 1.91% 2,397,336.00 2,398,535.29 99.24 2.35% 2,381,716.80 16,750.00 1.28% (16,818.49) Aaa / AA+ AAA 1.64 1.58 3135G0F73 FNMA Note 1.500% Due 11/30/2020 2,500,000.00 12/04/2015 1.87% 2,455,750.00 2,485,193.27 98.57 2.38% 2,464,372.50 12,604.17 1.32% (20,820.77) Aaa / AA+ AAA 1.67 1.62 3130A7CV5 FHLB Note 1.375% Due 02/18/2021 3,470,000.00 Various 1.45% 3,457,221.20 3,465,156.01 98.25 2.33% 3,409,160.49 5,698.99 1.82% (55,995.52) Aaa / AA+ AAA 1.89 1.84 3135G0J20 FNMA Note 1.375% Due 02/26/2021 5,000,000.00 Various 1.29% 5,018,675.00 5,007,746.64 98.24 2.33% 4,911,770.00 6,684.02 2.63% (95,976.64) Aaa / AA+ AAA 1.91 1.86 313379RB7 FHLB Note 1.875% Due 06/11/2021 3,000,000.00 08/30/2017 1.67% 3,022,620.00 3,013,145.83 98.96 2.36% 2,968,875.00 17,187.50 1.59% (44,270.83) Aaa / AA+ AAA 2.20 2.12 3130A8QS5 FHLB Note 1.125% Due 07/14/2021 2,500,000.00 07/25/2016 1.28% 2,481,475.00 2,491,472.78 97.37 2.31% 2,434,155.00 6,015.63 1.30% (57,317.78) Aaa / AA+ AAA 2.29 2.23 3137EAEC9 FHLMC Note 1.125% Due 08/12/2021 3,000,000.00 Various 1.33% 2,971,215.00 2,986,183.00 97.28 2.31% 2,918,475.00 4,593.76 1.56% (67,708.00) Aaa / AA+ AAA 2.37 2.31 3135G0Q89 FNMA Note 1.375% Due 10/07/2021 2,000,000.00 10/06/2016 1.45% 1,992,924.00 1,996,434.87 97.79 2.28% 1,955,806.00 13,291.67 1.05% (40,628.87) Aaa / AA+ AAA 2.52 2.44 3135G0S38 FNMA Note 2.000% Due 01/05/2022 2,500,000.00 01/30/2017 2.04% 2,495,475.00 2,497,460.97 99.22 2.29% 2,480,607.50 11,944.44 1.33% (16,853.47) Aaa / AA+ AAA 2.77 2.66 313378CR0 FHLB Note 2.250% Due 03/11/2022 2,000,000.00 06/19/2017 1.86% 2,035,280.00 2,021,986.09 99.81 2.32% 1,996,154.00 2,500.00 1.07% (25,832.09) Aaa / AA+ NR 2.95 2.83 3135G0T45 FNMA Note 1.875% Due 04/05/2022 3,250,000.00 05/05/2017 1.99% 3,232,125.00 3,239,033.74 98.90 2.25% 3,214,302.00 29,791.67 1.73% (24,731.74) Aaa / AA+ AAA 3.02 2.88 3135G0T94 FNMA Note 2.375% Due 01/19/2023 2,500,000.00 03/28/2018 2.70% 2,463,675.00 2,471,283.20 100.27 2.30% 2,506,732.50 11,875.00 1.35% 35,449.30 Aaa / AA+ AAA 3.81 3.60 As of March 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 313383QR5 FHLB Note 3.250% Due 06/09/2023 1,500,000.00 08/28/2018 2.87% 1,525,005.00 1,521,924.15 103.75 2.31% 1,556,250.00 15,166.67 0.84% 34,325.85 Aaa / AA+ NR 4.19 3.87 3137EAEN5 FHLMC Note 2.750% Due 06/19/2023 2,000,000.00 07/16/2018 2.88% 1,988,360.00 1,990,030.26 101.74 2.31% 2,034,886.00 15,583.33 1.10% 44,855.74 Aaa / AA+ AAA 4.22 3.94 313383YJ4 FHLB Note 3.375% Due 09/08/2023 5,000,000.00 Various 2.90% 5,102,615.00 5,096,939.41 104.61 2.28% 5,230,255.00 10,781.25 2.80% 133,315.59 Aaa / AA+ NR 4.44 4.11 3130A0F70 FHLB Note 3.375% Due 12/08/2023 5,000,000.00 Various 2.73% 5,147,870.00 5,140,934.43 104.55 2.34% 5,227,415.00 52,968.75 2.82% 86,480.57 Aaa / AA+ AAA 4.69 4.29 3135G0V34 FNMA Note 2.500% Due 02/05/2024 2,000,000.00 02/27/2019 2.58% 1,992,340.00 1,992,475.95 100.94 2.29% 2,018,780.00 7,361.11 1.08% 26,304.05 Aaa / AA+ AAA 4.85 4.53 TOTAL Agency 59,620,000.00 1.97% 59,815,321.20 59,822,211.39 2.34% 59,656,279.79 281,443.78 32.01% (165,931.60) Aaa / AA+ Aaa 2.67 2.52 Commercial Paper 62479MTL7 MUFG Bank Ltd/NY Discount CP 2.600% Due 06/20/2019 3,705,000.00 02/19/2019 2.66% 3,672,890.00 3,683,593.33 99.42 2.66% 3,683,593.33 0.00 1.97% 0.00 P-1 / A-1 NR 0.22 0.22 TOTAL Commercial Paper 3,705,000.00 2.66% 3,672,890.00 3,683,593.33 2.66% 3,683,593.33 0.00 1.97% 0.00 P-1 / A-1 NR 0.22 0.22 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 1,490,464.60 99.10 2.99% 1,486,531.50 9,495.83 0.80% (3,933.10) A2 / A AA- 2.77 2.63 89114QCB2 Toronto Dominion Bank Note 3.250% Due 03/11/2024 2,300,000.00 03/26/2019 2.95% 2,331,234.00 2,331,164.97 101.19 2.99% 2,327,284.90 4,152.78 1.25% (3,880.07) Aa3 / A AA- 4.95 4.53 TOTAL Foreign Corporate 3,800,000.00 2.93% 3,817,554.00 3,821,629.57 2.99% 3,813,816.40 13,648.61 2.04% (7,813.17) A1 / A AA- 4.10 3.79 Money Market Fund FI 31846V203 First American Govt Obligation Fund Class Y 380,177.20 Various 2.05% 380,177.20 380,177.20 1.00 2.05% 380,177.20 0.00 0.20% 0.00 Aaa / AAA AAA 0.00 0.00 TOTAL Money Market Fund FI 380,177.20 2.05% 380,177.20 380,177.20 2.05% 380,177.20 0.00 0.20% 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 1,993,557.08 99.19 2.30% 1,983,878.00 7,222.22 1.06% (9,679.08) Aaa / NR AAA 2.83 2.71 As of March 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 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 2,465,130.85 98.10 2.33% 2,452,395.00 2,065.97 1.31% (12,735.85) NR / NR AAA 3.46 3.32 TOTAL Supranational 4,500,000.00 2.15% 4,441,995.00 4,458,687.93 2.31% 4,436,273.00 9,288.19 2.37% (22,414.93) Aaa / NR Aaa 3.18 3.05 US Corporate 94974BFU9 Wells Fargo Corp Note 2.125% Due 04/22/2019 1,900,000.00 Various 2.07% 1,904,120.50 1,900,060.29 99.97 2.62% 1,899,428.10 17,832.28 1.02% (632.19) A2 / A- A+ 0.06 0.06 02665WAH4 American Honda Finance Note 2.250% Due 08/15/2019 1,800,000.00 Various 2.08% 1,812,627.00 1,801,105.86 99.85 2.66% 1,797,247.80 5,175.00 0.96% (3,858.06) A2 / A NR 0.38 0.37 06406HCW7 Bank of New York Callable Note Cont 8/11/2019 2.300% Due 09/11/2019 750,000.00 04/22/2015 1.82% 764,722.50 751,240.19 99.85 2.64% 748,876.50 958.33 0.40% (2,363.69) A1 / A AA- 0.45 0.44 68389XAX3 Oracle Corp Note 2.250% Due 10/08/2019 1,250,000.00 Various 1.73% 1,272,172.50 1,253,264.92 99.79 2.67% 1,247,333.75 13,515.63 0.67% (5,931.17) A1 / AA- A 0.52 0.51 40428HPN6 HSBC USA Inc Note 2.375% Due 11/13/2019 1,000,000.00 11/07/2014 2.32% 1,002,440.00 1,000,301.99 99.75 2.79% 997,468.00 9,104.17 0.54% (2,833.99) A2 / A AA- 0.62 0.60 46625HKA7 JP Morgan Chase Callable Note Cont 12/23/2019 2.250% Due 01/23/2020 1,800,000.00 Various 2.37% 1,790,172.00 1,798,309.54 99.64 2.71% 1,793,433.60 7,650.00 0.96% (4,875.94) A2 / A- AA- 0.82 0.79 713448CS5 PepsiCo Inc Callable Note Cont 3/30/2020 1.850% Due 04/30/2020 1,330,000.00 04/27/2015 1.86% 1,329,241.90 1,329,836.10 99.37 2.44% 1,321,679.52 10,320.43 0.71% (8,156.58) A1 / A+ A 1.08 1.06 747525AD5 Qualcomm Inc Note 2.250% Due 05/20/2020 2,000,000.00 Various 2.22% 2,001,128.80 2,000,650.25 99.58 2.63% 1,991,568.00 16,375.01 1.07% (9,082.25) A2 / A- NR 1.14 1.10 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 1,008,486.83 99.70 2.61% 996,974.00 5,079.86 0.54% (11,512.83) A2 / A A 1.29 1.25 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 2,001,478.38 99.50 2.62% 1,990,072.00 18,911.11 1.07% (11,406.38) A3 / A A 1.60 1.53 24422ETF6 John Deere Capital Corp Note 2.550% Due 01/08/2021 750,000.00 Various 2.42% 753,733.15 751,636.14 99.90 2.61% 749,212.50 4,409.38 0.40% (2,423.64) A2 / A A 1.78 1.71 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 1,805,239.54 99.55 2.47% 1,791,828.00 3,333.00 0.96% (13,411.54) Aaa / AA+ NR 1.92 1.86 369550BE7 General Dynamics Corp Note 3.000% Due 05/11/2021 1,130,000.00 05/08/2018 3.24% 1,122,146.50 1,124,475.32 100.90 2.56% 1,140,206.16 13,183.33 0.62% 15,730.84 A2 / A+ NR 2.12 2.01 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 1,000,099.49 99.28 2.45% 992,826.00 7,875.00 0.53% (7,273.49) Aa2 / AA NR 2.13 2.05 As of March 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 857477AV5 State Street Bank Note 1.950% Due 05/19/2021 1,800,000.00 Various 1.91% 1,802,989.00 1,801,421.22 98.68 2.59% 1,776,162.61 12,870.00 0.96% (25,258.61) A1 / A AA- 2.14 2.06 594918BP8 Microsoft Callable Note Cont 7/8/21 1.550% Due 08/08/2021 1,850,000.00 Various 1.59% 1,846,471.85 1,848,315.99 97.61 2.60% 1,805,809.06 4,221.60 0.97% (42,506.93) Aaa / AAA AA+ 2.36 2.28 68389XBK0 Oracle Corp Callable Note Cont 8/01/21 1.900% Due 09/15/2021 1,000,000.00 06/28/2018 3.08% 964,080.00 972,524.57 98.36 2.59% 983,555.00 844.44 0.53% 11,030.43 A1 / AA- A 2.46 2.38 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 2,013,881.67 100.11 2.58% 2,002,196.00 9,770.83 1.07% (11,685.67) A1 / A+ AA- 2.82 2.61 44932HAH6 IBM Credit Corp Note 3.000% Due 02/06/2023 2,000,000.00 02/26/2018 3.09% 1,991,340.00 1,993,245.78 100.75 2.79% 2,015,012.00 9,166.67 1.08% 21,766.22 A1 / A A 3.86 3.60 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 1,824,547.04 100.60 2.58% 1,876,130.32 2,279.44 1.00% 51,583.28 Aa2 / AA A+ 3.96 3.58 58933YAF2 Merck & Co Note 2.800% Due 05/18/2023 740,000.00 10/26/2018 3.41% 720,996.80 722,747.25 101.01 2.54% 747,493.24 7,654.89 0.40% 24,745.99 A1 / AA A+ 4.13 3.84 46625HRL6 JP Morgan Chase Callable Note Cont 3/18/2023 2.700% Due 05/18/2023 500,000.00 12/20/2018 3.74% 479,055.00 480,333.09 99.02 2.95% 495,112.50 4,987.50 0.27% 14,779.41 A2 / A- AA- 4.13 3.84 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 2,207,446.38 102.84 2.76% 2,272,788.31 24,279.30 1.23% 65,341.93 A2 / A NR 4.19 3.77 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 2,296,403.07 96.11 2.86% 2,306,656.80 13,250.00 1.24% 10,253.73 A2 / A A 4.21 3.98 166764AH3 Chevron Corp Callable Note Cont 3/24/2023 3.191% Due 06/24/2023 1,000,000.00 11/08/2018 3.59% 983,170.00 984,559.17 102.31 2.57% 1,023,116.00 8,597.97 0.55% 38,556.83 Aa2 / AA NR 4.24 3.70 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 1,379,695.94 102.96 2.64% 1,420,889.40 12,381.66 0.77% 41,193.46 Aa2 / AA AA 4.24 3.83 02665WCJ8 American Honda Finance Note 3.450% Due 07/14/2023 1,000,000.00 Various 3.54% 996,275.00 996,546.67 102.76 2.76% 1,027,582.00 7,379.17 0.55% 31,035.33 A2 / A NR 4.29 3.94 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 1,201,616.78 102.64 2.80% 1,231,678.80 5,750.00 0.66% 30,062.02 A1 / A AA- 4.37 4.02 06051GHF9 Bank of America Corp Callable Note 1X 3/5/2023 3.550% Due 03/05/2024 1,400,000.00 03/28/2019 3.09% 1,423,870.00 1,423,820.17 101.55 3.12% 1,421,719.60 3,589.44 0.76% (2,100.57) A2 / A- A+ 4.93 3.64 TOTAL US Corporate 41,855,000.00 2.60% 41,726,190.85 41,673,289.63 2.66% 41,864,055.57 260,745.44 22.50% 190,765.94 A1 / A+ A+ 2.49 2.29 US Treasury 912828G61 US Treasury Note 1.500% Due 11/30/2019 2,000,000.00 Various 1.45% 2,003,378.10 2,000,586.74 99.37 2.45% 1,987,499.99 10,054.94 1.07% (13,086.75) Aaa / AA+ AAA 0.67 0.66 As of March 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 912828G95 US Treasury Note 1.625% Due 12/31/2019 3,000,000.00 01/08/2015 1.50% 3,017,470.99 3,002,640.40 99.38 2.46% 2,981,484.00 12,254.83 1.60% (21,156.40) Aaa / AA+ AAA 0.75 0.74 912828H52 US Treasury Note 1.250% Due 01/31/2020 4,500,000.00 Various 1.53% 4,440,542.42 4,489,900.98 99.03 2.43% 4,456,228.50 9,323.20 2.39% (33,672.48) Aaa / AA+ AAA 0.84 0.82 912828K58 US Treasury Note 1.375% Due 04/30/2020 1,750,000.00 05/06/2015 1.55% 1,735,171.88 1,746,781.81 98.90 2.41% 1,730,790.25 10,103.59 0.93% (15,991.56) Aaa / AA+ AAA 1.08 1.06 912828XE5 US Treasury Note 1.500% Due 05/31/2020 3,000,000.00 Various 1.67% 2,976,025.68 2,994,307.99 98.96 2.41% 2,968,827.00 15,082.42 1.59% (25,480.99) Aaa / AA+ AAA 1.17 1.14 912828XM7 US Treasury Note 1.625% Due 07/31/2020 1,500,000.00 09/08/2015 1.52% 1,507,622.21 1,502,077.23 99.00 2.39% 1,484,941.50 4,040.06 0.80% (17,135.73) Aaa / AA+ AAA 1.34 1.31 912828L99 US Treasury Note 1.375% Due 10/31/2020 5,000,000.00 Various 1.69% 4,927,376.14 4,976,508.53 98.49 2.35% 4,924,415.00 28,867.40 2.65% (52,093.53) Aaa / AA+ AAA 1.59 1.54 912828N89 US Treasury Note 1.375% Due 01/31/2021 2,000,000.00 03/15/2016 1.49% 1,988,834.83 1,995,795.83 98.31 2.32% 1,966,250.00 4,558.01 1.05% (29,545.83) Aaa / AA+ AAA 1.84 1.80 912828P87 US Treasury Note 1.125% Due 02/28/2021 3,000,000.00 12/28/2018 2.54% 2,911,171.88 2,921,403.98 97.80 2.30% 2,934,024.00 2,934.78 1.57% 12,620.02 Aaa / AA+ AAA 1.92 1.88 912828S76 US Treasury Note 1.125% Due 07/31/2021 1,500,000.00 12/12/2016 1.89% 1,449,262.83 1,474,436.39 97.42 2.27% 1,461,270.00 2,796.96 0.78% (13,166.39) Aaa / AA+ AAA 2.34 2.28 912828T34 US Treasury Note 1.125% Due 09/30/2021 2,750,000.00 Various 1.66% 2,682,431.10 2,715,080.50 97.32 2.23% 2,676,308.25 84.53 1.43% (38,772.25) Aaa / AA+ AAA 2.50 2.44 912828U65 US Treasury Note 1.750% Due 11/30/2021 2,500,000.00 12/28/2016 2.06% 2,464,461.50 2,480,737.62 98.71 2.25% 2,467,675.00 14,663.46 1.33% (13,062.62) Aaa / AA+ AAA 2.67 2.57 912828V72 US Treasury Note 1.875% Due 01/31/2022 1,500,000.00 02/27/2017 1.84% 1,502,407.37 1,501,387.12 98.99 2.24% 1,484,824.50 4,661.60 0.80% (16,562.62) Aaa / AA+ AAA 2.84 2.74 912828J76 US Treasury Note 1.750% Due 03/31/2022 3,000,000.00 04/25/2017 1.85% 2,985,830.37 2,991,380.14 98.59 2.24% 2,957,577.00 143.44 1.58% (33,803.14) Aaa / AA+ AAA 3.00 2.90 912828WZ9 US Treasury Note 1.750% Due 04/30/2022 2,750,000.00 05/23/2017 1.84% 2,738,944.75 2,743,098.14 98.54 2.24% 2,709,718.00 20,228.37 1.46% (33,380.14) Aaa / AA+ AAA 3.08 2.96 912828XR6 US Treasury Note 1.750% Due 05/31/2022 1,500,000.00 06/28/2017 1.81% 1,496,020.65 1,497,440.11 98.52 2.24% 1,477,792.50 8,798.08 0.79% (19,647.61) Aaa / AA+ AAA 3.17 3.04 912828XW5 US Treasury Note 1.750% Due 06/30/2022 3,000,000.00 07/25/2017 1.86% 2,984,072.55 2,989,505.58 98.49 2.23% 2,954,766.00 13,197.51 1.59% (34,739.58) Aaa / AA+ AAA 3.25 3.13 912828L24 US Treasury Note 1.875% Due 08/31/2022 2,000,000.00 09/27/2017 1.92% 1,995,944.20 1,997,184.85 98.81 2.24% 1,976,250.00 3,260.87 1.06% (20,934.85) Aaa / AA+ AAA 3.42 3.28 912828L57 US Treasury Note 1.750% Due 09/30/2022 3,750,000.00 Various 2.02% 3,702,841.80 3,716,300.09 98.37 2.24% 3,688,770.00 179.31 1.97% (27,530.09) Aaa / AA+ AAA 3.50 3.37 As of March 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 912828M49 US Treasury Note 1.875% Due 10/31/2022 1,000,000.00 01/30/2018 2.47% 973,359.38 979,888.94 98.76 2.24% 987,617.00 7,872.93 0.53% 7,728.06 Aaa / AA+ AAA 3.59 3.42 9128284D9 US Treasury Note 2.500% Due 03/31/2023 3,750,000.00 Various 2.75% 3,706,123.05 3,714,473.44 101.01 2.24% 3,787,792.50 256.15 2.02% 73,319.06 Aaa / AA+ AAA 4.00 3.79 912828R69 US Treasury Note 1.625% Due 05/31/2023 1,500,000.00 05/30/2018 2.67% 1,427,167.97 1,439,333.23 97.55 2.24% 1,463,320.50 8,169.64 0.79% 23,987.27 Aaa / AA+ AAA 4.17 3.98 912828U57 US Treasury Note 2.125% Due 11/30/2023 5,000,000.00 Various 2.53% 4,908,242.19 4,911,582.71 99.46 2.25% 4,972,850.00 35,611.27 2.68% 61,267.29 Aaa / AA+ AAA 4.67 4.39 TOTAL US Treasury 61,250,000.00 1.93% 60,524,703.84 60,781,832.35 2.30% 60,500,991.49 217,143.35 32.43% (280,840.86) Aaa / AA+ Aaa 2.51 2.41 TOTAL PORTFOLIO 187,176,204.19 2.18% 186,424,657.71 186,670,732.35 2.44% 186,429,685.87 795,680.02 100.00% (241,046.48) Aa1 / AA Aaa 2.58 2.34 TOTAL MARKET VALUE PLUS ACCRUALS 187,225,365.89 As of March 31, 2019 34 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 48,449,793.49 Various 2.44% 48,449,793.49 48,449,793.49 1.00 2.44% 48,449,793.49 286,140.29 49.97% 0.00 NR / NR NR 0.00 0.00 TOTAL LAIF 48,449,793.49 2.44% 48,449,793.49 48,449,793.49 2.44% 48,449,793.49 286,140.29 49.97% 0.00 NR / NR NR 0.00 0.00 Local Gov Investment Pool 90CAMP$00 California Asset Mgmt Program CAMP 48,788,751.46 Various 2.59% 48,788,751.46 48,788,751.46 1.00 2.59% 48,788,751.46 0.00 50.03% 0.00 NR / AAA NR 0.00 0.00 TOTAL Local Gov Investment Pool 48,788,751.46 2.59% 48,788,751.46 48,788,751.46 2.59% 48,788,751.46 0.00 50.03% 0.00 NR / AAA NR 0.00 0.00 TOTAL PORTFOLIO 97,238,544.95 2.52% 97,238,544.95 97,238,544.95 2.52% 97,238,544.95 286,140.29 100.00% 0.00 NR / AAA NR 0.00 0.00 TOTAL MARKET VALUE PLUS ACCRUALS 97,524,685.24 As of March 31, 2019 35 SECTION |Section 5 |Transactions 36 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 01/17/2019 3130A0F70 2,000,000.00 FHLB Note 3.375% Due: 12/08/2023 102.919 2.73%2,058,380.00 7,312.50 2,065,692.50 0.00 Purchase 01/22/2019 313383YJ4 2,250,000.00 FHLB Note 3.375% Due: 09/08/2023 102.775 2.73%2,312,437.50 28,265.63 2,340,703.13 0.00 Purchase 01/22/2019 912828U57 2,000,000.00 US Treasury Note 2.125% Due: 11/30/2023 97.762 2.62%1,955,234.38 6,188.19 1,961,422.57 0.00 Purchase 01/31/2019 912828U57 3,000,000.00 US Treasury Note 2.125% Due: 11/30/2023 98.434 2.47%2,953,007.81 10,858.52 2,963,866.33 0.00 Purchase 02/13/2019 89239AAB9 1,335,000.00 Toyota Auto Receivables 2019-A A2A 2.83% Due: 10/15/2021 99.991 2.85%1,334,878.78 0.00 1,334,878.78 0.00 Purchase 02/15/2019 097023BQ7 2,400,000.00 Boeing Co Callable Note Cont 4/15/2023 1.875% Due: 06/15/2023 95.557 2.98%2,293,368.00 7,500.00 2,300,868.00 0.00 Purchase 02/20/2019 62479MTL7 3,705,000.00 MUFG Bank Ltd/NY Discount CP 2.6% Due: 06/20/2019 99.133 2.66%3,672,890.00 0.00 3,672,890.00 0.00 Purchase 02/27/2019 43814WAB1 1,625,000.00 HAROT 2019-1 A2 2.75% Due: 09/20/2021 99.994 2.77%1,624,895.35 0.00 1,624,895.35 0.00 Purchase 02/28/2019 3135G0V34 2,000,000.00 FNMA Note 2.5% Due: 02/05/2024 99.617 2.58%1,992,340.00 2,777.78 1,995,117.78 0.00 Purchase 03/13/2019 47789JAB2 1,205,000.00 John Deere Owner Trust 2019-A A2 2.85% Due: 12/15/2021 99.995 2.87%1,204,945.05 0.00 1,204,945.05 0.00 Purchase 03/28/2019 89114QCB2 2,300,000.00 Toronto Dominion Bank Note 3.25% Due: 03/11/2024 101.358 2.95%2,331,234.00 3,529.86 2,334,763.86 0.00 Purchase 03/29/2019 06051GHF9 1,400,000.00 Bank of America Corp Callable Note 1X 3/5/2023 3.55% Due: 03/05/2024 101.705 3.18%1,423,870.00 3,313.33 1,427,183.33 0.00 Subtotal 25,220,000.00 25,157,480.87 69,745.81 25,227,226.68 0.00 TOTAL ACQUISITIONS 25,220,000.00 25,157,480.87 69,745.81 25,227,226.68 0.00 December 31, 2018 through March 31, 2019 As of March 31, 2019 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 DISPOSITIONS Sale 02/21/2019 3133782M2 2,750,000.00 FHLB Note 1.5% Due: 03/08/2019 99.969 2.14%2,749,147.50 18,677.08 2,767,824.58 -1,170.28 Sale 03/29/2019 912828D80 1,250,000.00 US Treasury Note 1.625% Due: 08/31/2019 99.641 2.48%1,245,507.81 1,600.71 1,247,108.52 -3,701.27 Subtotal 4,000,000.00 3,994,655.31 20,277.79 4,014,933.10 -4,871.55 Maturity 01/14/2019 459052AP1 3,500,000.00 IBRD Discount Note 2.44% Due: 01/14/2019 100.000 3,500,000.00 0.00 3,500,000.00 0.00 Maturity 01/22/2019 912796UK3 6,000,000.00 US Treasury Bill 2.25% Due: 01/22/2019 100.000 6,000,000.00 0.00 6,000,000.00 0.00 Maturity 03/01/2019 17275RAR3 1,350,000.00 Cisco Systems Note 2.125% Due: 03/01/2019 100.000 1,350,000.00 0.00 1,350,000.00 0.00 Maturity 03/15/2019 532457BF4 1,575,000.00 Eli Lilly & Co Note 1.95% Due: 03/15/2019 100.000 1,575,000.00 0.00 1,575,000.00 0.00 Subtotal 12,425,000.00 12,425,000.00 0.00 12,425,000.00 0.00 TOTAL DISPOSITIONS 16,425,000.00 16,419,655.31 20,277.79 16,439,933.10 -4,871.55 December 31, 2018 through March 31, 2019 As of March 31, 2019 38 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 01/15/2019 90LAIF$00 283,639.56 Local Agency Investment Fund State Pool 1.000 2.31%283,639.56 0.00 283,639.56 0.00 Purchase 01/31/2019 90CAMP$00 109,334.42 California Asset Mgmt Program CAMP 1.000 2.62%109,334.42 0.00 109,334.42 0.00 Purchase 02/28/2019 90CAMP$00 93,792.53 California Asset Mgmt Program CAMP 1.000 2.64%93,792.53 0.00 93,792.53 0.00 Purchase 03/31/2019 90CAMP$00 102,630.46 California Asset Mgmt Program CAMP 1.000 2.59%102,630.46 0.00 102,630.46 0.00 Subtotal 589,396.97 589,396.97 0.00 589,396.97 0.00 Security Contribution 01/04/2019 90CAMP$00 8,500,000.00 California Asset Mgmt Program CAMP 1.000 8,500,000.00 0.00 8,500,000.00 0.00 Security Contribution 03/01/2019 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 Contribution 03/29/2019 90CAMP$00 6,000,000.00 California Asset Mgmt Program CAMP 1.000 6,000,000.00 0.00 6,000,000.00 0.00 Subtotal 17,500,000.00 17,500,000.00 0.00 17,500,000.00 0.00 TOTAL ACQUISITIONS 18,089,396.97 18,089,396.97 0.00 18,089,396.97 0.00 DISPOSITIONS Security Withdrawal 01/11/2019 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 01/25/2019 90CAMP$00 1,300,000.00 California Asset Mgmt Program CAMP 1.000 1,300,000.00 0.00 1,300,000.00 0.00 Security Withdrawal 02/08/2019 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 Withdrawal 02/22/2019 90CAMP$00 1,400,000.00 California Asset Mgmt Program CAMP 1.000 1,400,000.00 0.00 1,400,000.00 0.00 December 31, 2018 through March 31, 2019 As of March 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 Security Withdrawal 03/11/2019 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 03/22/2019 90CAMP$00 3,800,000.00 California Asset Mgmt Program CAMP 1.000 3,800,000.00 0.00 3,800,000.00 0.00 Subtotal 12,900,000.00 12,900,000.00 0.00 12,900,000.00 0.00 TOTAL DISPOSITIONS 12,900,000.00 12,900,000.00 0.00 12,900,000.00 0.00 December 31, 2018 through March 31, 2019 As of March 31, 2019 40 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 March 31, 2019 41 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, 2019 42 Transaction Ledger As of January 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 01/02/2019 31846V203 20,248.29 First American Govt Obligation Fund Class Y 1.000 2.05%20,248.29 0.00 20,248.29 0.00 Purchase 01/05/2019 31846V203 44,875.00 First American Govt Obligation Fund Class Y 1.000 2.05%44,875.00 0.00 44,875.00 0.00 Purchase 01/08/2019 31846V203 9,562.50 First American Govt Obligation Fund Class Y 1.000 2.05%9,562.50 0.00 9,562.50 0.00 Purchase 01/14/2019 31846V203 42,995.83 First American Govt Obligation Fund Class Y 1.000 2.05%42,995.83 0.00 42,995.83 0.00 Purchase 01/14/2019 31846V203 3,500,000.00 First American Govt Obligation Fund Class Y 1.000 2.05%3,500,000.00 0.00 3,500,000.00 0.00 Purchase 01/15/2019 31846V203 1,475.00 First American Govt Obligation Fund Class Y 1.000 2.05%1,475.00 0.00 1,475.00 0.00 Purchase 01/15/2019 31846V203 35,210.36 First American Govt Obligation Fund Class Y 1.000 2.05%35,210.36 0.00 35,210.36 0.00 Purchase 01/15/2019 31846V203 28,673.18 First American Govt Obligation Fund Class Y 1.000 2.05%28,673.18 0.00 28,673.18 0.00 Purchase 01/15/2019 31846V203 485.33 First American Govt Obligation Fund Class Y 1.000 2.05%485.33 0.00 485.33 0.00 Purchase 01/15/2019 31846V203 1,141.58 First American Govt Obligation Fund Class Y 1.000 2.05%1,141.58 0.00 1,141.58 0.00 Purchase 01/15/2019 31846V203 4,068.17 First American Govt Obligation Fund Class Y 1.000 2.05%4,068.17 0.00 4,068.17 0.00 Purchase 01/15/2019 31846V203 59,210.30 First American Govt Obligation Fund Class Y 1.000 2.05%59,210.30 0.00 59,210.30 0.00 Purchase 01/15/2019 31846V203 36,078.47 First American Govt Obligation Fund Class Y 1.000 2.05%36,078.47 0.00 36,078.47 0.00 Purchase 01/15/2019 31846V203 3,111.00 First American Govt Obligation Fund Class Y 1.000 2.05%3,111.00 0.00 3,111.00 0.00 Purchase 01/15/2019 31846V203 148,488.82 First American Govt Obligation Fund Class Y 1.000 2.05%148,488.82 0.00 148,488.82 0.00 Purchase 01/15/2019 90LAIF$00 283,639.56 Local Agency Investment Fund State Pool 1.000 2.31%283,639.56 0.00 283,639.56 0.00 Execution Time: 2/11/2019 9:11:49 AMChandler Asset Management - CONFIDENTIAL Page 10 Transaction Ledger As of January 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 01/17/2019 3130A0F70 2,000,000.00 FHLB Note 3.375% Due 12/8/2023 102.919 2.73%2,058,380.00 7,312.50 2,065,692.50 0.00 Purchase 01/18/2019 31846V203 33,169.42 First American Govt Obligation Fund Class Y 1.000 2.05%33,169.42 0.00 33,169.42 0.00 Purchase 01/18/2019 31846V203 1,530.08 First American Govt Obligation Fund Class Y 1.000 2.05%1,530.08 0.00 1,530.08 0.00 Purchase 01/19/2019 31846V203 29,687.50 First American Govt Obligation Fund Class Y 1.000 2.05%29,687.50 0.00 29,687.50 0.00 Purchase 01/21/2019 31846V203 16,250.00 First American Govt Obligation Fund Class Y 1.000 2.05%16,250.00 0.00 16,250.00 0.00 Purchase 01/22/2019 313383YJ4 2,250,000.00 FHLB Note 3.375% Due 9/8/2023 102.775 2.73%2,312,437.50 28,265.63 2,340,703.13 0.00 Purchase 01/22/2019 31846V203 6,000,000.00 First American Govt Obligation Fund Class Y 1.000 2.05%6,000,000.00 0.00 6,000,000.00 0.00 Purchase 01/22/2019 31846V203 3,343.33 First American Govt Obligation Fund Class Y 1.000 2.05%3,343.33 0.00 3,343.33 0.00 Purchase 01/22/2019 912828U57 2,000,000.00 US Treasury Note 2.125% Due 11/30/2023 97.762 2.62%1,955,234.38 6,188.19 1,961,422.57 0.00 Purchase 01/23/2019 31846V203 20,250.00 First American Govt Obligation Fund Class Y 1.000 2.05%20,250.00 0.00 20,250.00 0.00 Purchase 01/24/2019 31846V203 26,250.00 First American Govt Obligation Fund Class Y 1.000 2.05%26,250.00 0.00 26,250.00 0.00 Purchase 01/26/2019 31846V203 20,000.00 First American Govt Obligation Fund Class Y 1.000 2.05%20,000.00 0.00 20,000.00 0.00 Purchase 01/31/2019 31846V203 76,562.50 First American Govt Obligation Fund Class Y 1.000 2.01%76,562.50 0.00 76,562.50 0.00 Purchase 01/31/2019 90CAMP$00 109,334.42 California Asset Mgmt Program CAMP 1.000 2.62%109,334.42 0.00 109,334.42 0.00 Purchase 01/31/2019 912828U57 3,000,000.00 US Treasury Note 2.125% Due 11/30/2023 98.434 2.47%2,953,007.81 10,858.52 2,963,866.33 0.00 Subtotal 19,805,640.64 19,834,700.33 52,624.84 19,887,325.17 0.00 Execution Time: 2/11/2019 9:11:49 AMChandler Asset Management - CONFIDENTIAL Page 11 Transaction Ledger As of January 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 01/04/2019 90CAMP$00 8,500,000.00 California Asset Mgmt Program CAMP 1.000 8,500,000.00 0.00 8,500,000.00 0.00 Subtotal 8,500,000.00 8,500,000.00 0.00 8,500,000.00 0.00 TOTAL ACQUISITIONS 28,305,640.64 28,334,700.33 52,624.84 28,387,325.17 0.00 DISPOSITIONS Sale 01/17/2019 31846V203 2,065,692.50 First American Govt Obligation Fund Class Y 1.000 2.05%2,065,692.50 0.00 2,065,692.50 0.00 Sale 01/22/2019 31846V203 4,302,125.70 First American Govt Obligation Fund Class Y 1.000 2.05%4,302,125.70 0.00 4,302,125.70 0.00 Sale 01/31/2019 31846V203 2,963,866.33 First American Govt Obligation Fund Class Y 1.000 2.01%2,963,866.33 0.00 2,963,866.33 0.00 Subtotal 9,331,684.53 9,331,684.53 0.00 9,331,684.53 0.00 Paydown 01/15/2019 02582JHE3 0.00 American Express Credit 2017-3 A 1.77% Due 11/15/2022 100.000 0.00 1,475.00 1,475.00 0.00 Paydown 01/15/2019 43814QAC2 34,977.85 Honda Auto Receivables 2016-2 A3 1.39% Due 4/15/2020 100.000 34,977.85 232.51 35,210.36 0.00 Paydown 01/15/2019 47788BAB0 28,508.16 John Deere Owner Trust 2017-B A2A 1.59% Due 4/15/2020 100.000 28,508.16 165.02 28,673.18 0.00 Paydown 01/15/2019 47788BAD6 0.00 John Deere Owner Trust 2017-B A3 1.82% Due 10/15/2021 100.000 0.00 485.33 485.33 0.00 Paydown 01/15/2019 47788CAC6 0.00 John Deere Owner Trust 2016-B A4 2.66% Due 4/18/2022 100.000 0.00 1,141.58 1,141.58 0.00 Paydown 01/15/2019 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 01/15/2019 47788MAC4 58,979.91 John Deere Owner Trust 2016-A A3 1.36% Due 4/15/2020 100.000 58,979.91 230.39 59,210.30 0.00 Execution Time: 2/11/2019 9:11:49 AMChandler Asset Management - CONFIDENTIAL Page 12 Transaction Ledger As of January 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 01/15/2019 654747AB0 36,034.33 Nissan Auto Receivables 2017-A A2A 1.47% Due 1/15/2020 100.000 36,034.33 44.14 36,078.47 0.00 Paydown 01/15/2019 65479GAD1 0.00 Nissan Auto Receivables Owner 2018-B A3 3.06% Due 3/15/2023 100.000 0.00 3,111.00 3,111.00 0.00 Paydown 01/15/2019 89238BAB8 145,832.46 Toyota Auto Receivables Owner 2018-A A2A 2.1% Due 10/15/2020 100.000 145,832.46 2,656.36 148,488.82 0.00 Paydown 01/18/2019 43814PAB6 32,991.68 Honda Auto Receivables Owner T 17-3 A2 1.57% Due 1/21/2020 100.000 32,991.68 177.74 33,169.42 0.00 Paydown 01/18/2019 43814UAG4 0.00 Honda Auto Receivables 2018-2 A3 3.01% Due 5/18/2022 100.000 0.00 1,530.08 1,530.08 0.00 Paydown 01/22/2019 43815HAC1 0.00 Honda Auto Receivables Owner 2018-3 A3 2.95% Due 8/22/2022 100.000 0.00 3,343.33 3,343.33 0.00 Subtotal 337,324.39 337,324.39 18,660.65 355,985.04 0.00 Maturity 01/14/2019 459052AP1 3,500,000.00 IBRD Discount Note 2.44% Due 1/14/2019 100.000 3,500,000.00 0.00 3,500,000.00 0.00 Maturity 01/22/2019 912796UK3 6,000,000.00 US Treasury Bill 2.25% Due 1/22/2019 100.000 6,000,000.00 0.00 6,000,000.00 0.00 Subtotal 9,500,000.00 9,500,000.00 0.00 9,500,000.00 0.00 Security Withdrawal 01/11/2019 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 01/25/2019 90CAMP$00 1,300,000.00 California Asset Mgmt Program CAMP 1.000 1,300,000.00 0.00 1,300,000.00 0.00 Security Withdrawal 01/28/2019 31846V203 104.17 First American Govt Obligation Fund Class Y 1.000 104.17 0.00 104.17 0.00 Subtotal 4,500,104.17 4,500,104.17 0.00 4,500,104.17 0.00 TOTAL DISPOSITIONS 23,669,113.09 23,669,113.09 18,660.65 23,687,773.74 0.00 Execution Time: 2/11/2019 9:11:49 AMChandler Asset Management - CONFIDENTIAL Page 13 Transaction Ledger As of January 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 01/05/2019 3135G0S38 2,500,000.00 FNMA Note 2% Due 1/5/2022 0.000 25,000.00 0.00 25,000.00 0.00 Interest 01/05/2019 404280BF5 1,500,000.00 HSBC Holdings PLC Note 2.65% Due 1/5/2022 0.000 19,875.00 0.00 19,875.00 0.00 Interest 01/08/2019 24422ETF6 750,000.00 John Deere Capital Corp Note 2.55% Due 1/8/2021 0.000 9,562.50 0.00 9,562.50 0.00 Interest 01/14/2019 02665WCJ8 1,000,000.00 American Honda Finance Note 3.45% Due 7/14/2023 0.000 17,058.33 0.00 17,058.33 0.00 Interest 01/14/2019 24422ESY6 1,000,000.00 John Deere Capital Corp Note 2.375% Due 7/14/2020 0.000 11,875.00 0.00 11,875.00 0.00 Interest 01/14/2019 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 01/19/2019 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 01/21/2019 3135G0A78 2,000,000.00 FNMA Note 1.625% Due 1/21/2020 0.000 16,250.00 0.00 16,250.00 0.00 Interest 01/23/2019 46625HKA7 1,800,000.00 JP Morgan Chase Callable Note Cont 12/23/2019 2.25% Due 1/23/2020 0.000 20,250.00 0.00 20,250.00 0.00 Interest 01/24/2019 91159HHP8 2,000,000.00 US Bancorp Callable Cont 12/23/2021 2.625% Due 1/24/2022 0.000 26,250.00 0.00 26,250.00 0.00 Interest 01/26/2019 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 01/31/2019 912828H52 4,500,000.00 US Treasury Note 1.25% Due 1/31/2020 0.000 28,125.00 0.00 28,125.00 0.00 Interest 01/31/2019 912828N89 2,000,000.00 US Treasury Note 1.375% Due 1/31/2021 0.000 13,750.00 0.00 13,750.00 0.00 Interest 01/31/2019 912828S76 1,500,000.00 US Treasury Note 1.125% Due 7/31/2021 0.000 8,437.50 0.00 8,437.50 0.00 Interest 01/31/2019 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 Execution Time: 2/11/2019 9:11:49 AMChandler Asset Management - CONFIDENTIAL Page 14 Transaction Ledger As of January 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 01/31/2019 912828XM7 1,500,000.00 US Treasury Note 1.625% Due 7/31/2020 0.000 12,187.50 0.00 12,187.50 0.00 Subtotal 30,550,000.00 286,433.33 0.00 286,433.33 0.00 Dividend 01/02/2019 31846V203 7,277,184.85 First American Govt Obligation Fund Class Y 0.000 20,248.29 0.00 20,248.29 0.00 Dividend 01/15/2019 90LAIF$00 4,322,886,830.08 Local Agency Investment Fund State Pool 0.000 283,639.56 0.00 283,639.56 0.00 Dividend 01/31/2019 90CAMP$00 47,882,994.05 California Asset Mgmt Program CAMP 0.000 109,334.42 0.00 109,334.42 0.00 Subtotal 4,378,047,008.98 413,222.27 0.00 413,222.27 0.00 TOTAL OTHER TRANSACTIONS 4,408,597,008.98 699,655.60 0.00 699,655.60 0.00 Execution Time: 2/11/2019 9:11:49 AMChandler Asset Management - CONFIDENTIAL Page 15 Transaction Ledger As of February 28, 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 02/01/2019 31846V203 15,573.87 First American Govt Obligation Fund Class Y 1.000 2.01%15,573.87 0.00 15,573.87 0.00 Purchase 02/06/2019 31846V203 30,000.00 First American Govt Obligation Fund Class Y 1.000 2.01%30,000.00 0.00 30,000.00 0.00 Purchase 02/08/2019 31846V203 14,337.50 First American Govt Obligation Fund Class Y 1.000 2.01%14,337.50 0.00 14,337.50 0.00 Purchase 02/11/2019 31846V203 20,470.00 First American Govt Obligation Fund Class Y 1.000 2.01%20,470.00 0.00 20,470.00 0.00 Purchase 02/12/2019 31846V203 16,875.00 First American Govt Obligation Fund Class Y 1.000 2.01%16,875.00 0.00 16,875.00 0.00 Purchase 02/13/2019 89239AAB9 1,335,000.00 Toyota Auto Receivables 2019-A A2A 2.83% Due 10/15/2021 99.991 2.85%1,334,878.78 0.00 1,334,878.78 0.00 Purchase 02/15/2019 097023BQ7 2,400,000.00 Boeing Co Callable Note Cont 4/15/2023 1.875% Due 6/15/2023 95.557 2.98%2,293,368.00 7,500.00 2,300,868.00 0.00 Purchase 02/15/2019 31846V203 20,250.00 First American Govt Obligation Fund Class Y 1.000 2.01%20,250.00 0.00 20,250.00 0.00 Purchase 02/15/2019 31846V203 1,475.00 First American Govt Obligation Fund Class Y 1.000 2.01%1,475.00 0.00 1,475.00 0.00 Purchase 02/15/2019 31846V203 34,973.64 First American Govt Obligation Fund Class Y 1.000 2.01%34,973.64 0.00 34,973.64 0.00 Purchase 02/15/2019 31846V203 43,723.86 First American Govt Obligation Fund Class Y 1.000 2.01%43,723.86 0.00 43,723.86 0.00 Purchase 02/15/2019 31846V203 485.33 First American Govt Obligation Fund Class Y 1.000 2.01%485.33 0.00 485.33 0.00 Purchase 02/15/2019 31846V203 1,141.58 First American Govt Obligation Fund Class Y 1.000 2.01%1,141.58 0.00 1,141.58 0.00 Purchase 02/15/2019 31846V203 4,068.17 First American Govt Obligation Fund Class Y 1.000 2.01%4,068.17 0.00 4,068.17 0.00 Purchase 02/15/2019 31846V203 63,324.31 First American Govt Obligation Fund Class Y 1.000 2.01%63,324.31 0.00 63,324.31 0.00 Purchase 02/15/2019 31846V203 3,111.00 First American Govt Obligation Fund Class Y 1.000 2.01%3,111.00 0.00 3,111.00 0.00 Execution Time: 3/2/2019 1:32:43 PMChandler Asset Management - CONFIDENTIAL Page 11 Transaction Ledger As of February 28, 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 02/15/2019 31846V203 151,544.20 First American Govt Obligation Fund Class Y 1.000 2.01%151,544.20 0.00 151,544.20 0.00 Purchase 02/18/2019 31846V203 23,856.25 First American Govt Obligation Fund Class Y 1.000 2.01%23,856.25 0.00 23,856.25 0.00 Purchase 02/19/2019 31846V203 34,100.85 First American Govt Obligation Fund Class Y 1.000 2.01%34,100.85 0.00 34,100.85 0.00 Purchase 02/19/2019 31846V203 1,530.08 First American Govt Obligation Fund Class Y 1.000 2.01%1,530.08 0.00 1,530.08 0.00 Purchase 02/20/2019 62479MTL7 3,705,000.00 MUFG Bank Ltd/NY Discount CP 2.6% Due 6/20/2019 99.133 2.66%3,672,890.00 0.00 3,672,890.00 0.00 Purchase 02/21/2019 31846V203 2,767,824.58 First American Govt Obligation Fund Class Y 1.000 2.01%2,767,824.58 0.00 2,767,824.58 0.00 Purchase 02/21/2019 31846V203 3,343.33 First American Govt Obligation Fund Class Y 1.000 2.01%3,343.33 0.00 3,343.33 0.00 Purchase 02/26/2019 31846V203 34,375.00 First American Govt Obligation Fund Class Y 1.000 2.01%34,375.00 0.00 34,375.00 0.00 Purchase 02/27/2019 43814WAB1 1,625,000.00 HAROT 2019-1 A2 2.75% Due 9/20/2021 99.994 2.77%1,624,895.35 0.00 1,624,895.35 0.00 Purchase 02/28/2019 3135G0V34 2,000,000.00 FNMA Note 2.5% Due 2/5/2024 99.617 2.58%1,992,340.00 2,777.78 1,995,117.78 0.00 Purchase 02/28/2019 31846V203 45,781.25 First American Govt Obligation Fund Class Y 1.000 2.01%45,781.25 0.00 45,781.25 0.00 Purchase 02/28/2019 90CAMP$00 93,792.53 California Asset Mgmt Program CAMP 1.000 2.64%93,792.53 0.00 93,792.53 0.00 Subtotal 14,490,957.33 14,344,329.46 10,277.78 14,354,607.24 0.00 Short Sale 02/27/2019 31846V203 -1,624,895.35 First American Govt Obligation Fund Class Y 1.000 -1,624,895.35 0.00 -1,624,895.35 0.00 Subtotal -1,624,895.35 -1,624,895.35 0.00 -1,624,895.35 0.00 TOTAL ACQUISITIONS 12,866,061.98 12,719,434.11 10,277.78 12,729,711.89 0.00 Execution Time: 3/2/2019 1:32:43 PMChandler Asset Management - CONFIDENTIAL Page 12 Transaction Ledger As of February 28, 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 Closing Purchase 02/27/2019 31846V203 -1,624,895.35 First American Govt Obligation Fund Class Y 1.000 -1,624,895.35 0.00 -1,624,895.35 0.00 Subtotal -1,624,895.35 -1,624,895.35 0.00 -1,624,895.35 0.00 Sale 02/13/2019 31846V203 1,334,878.78 First American Govt Obligation Fund Class Y 1.000 2.01%1,334,878.78 0.00 1,334,878.78 0.00 Sale 02/15/2019 31846V203 2,300,868.00 First American Govt Obligation Fund Class Y 1.000 2.01%2,300,868.00 0.00 2,300,868.00 0.00 Sale 02/20/2019 31846V203 3,672,890.00 First American Govt Obligation Fund Class Y 1.000 2.01%3,672,890.00 0.00 3,672,890.00 0.00 Sale 02/21/2019 3133782M2 2,750,000.00 FHLB Note 1.5% Due 3/8/2019 99.969 2.14%2,749,147.50 18,677.08 2,767,824.58 -1,170.28 Sale 02/27/2019 31846V203 1,624,895.35 First American Govt Obligation Fund Class Y 1.000 2.01%1,624,895.35 0.00 1,624,895.35 0.00 Sale 02/28/2019 31846V203 1,995,117.78 First American Govt Obligation Fund Class Y 1.000 2.01%1,995,117.78 0.00 1,995,117.78 0.00 Subtotal 13,678,649.91 13,677,797.41 18,677.08 13,696,474.49 -1,170.28 Paydown 02/15/2019 02582JHE3 0.00 American Express Credit 2017-3 A 1.77% Due 11/15/2022 100.000 0.00 1,475.00 1,475.00 0.00 Paydown 02/15/2019 43814QAC2 34,781.65 Honda Auto Receivables 2016-2 A3 1.39% Due 4/15/2020 100.000 34,781.65 191.99 34,973.64 0.00 Paydown 02/15/2019 47788BAB0 43,596.61 John Deere Owner Trust 2017-B A2A 1.59% Due 4/15/2020 100.000 43,596.61 127.25 43,723.86 0.00 Paydown 02/15/2019 47788BAD6 0.00 John Deere Owner Trust 2017-B A3 1.82% Due 10/15/2021 100.000 0.00 485.33 485.33 0.00 Paydown 02/15/2019 47788CAC6 0.00 John Deere Owner Trust 2016-B A4 2.66% Due 4/18/2022 100.000 0.00 1,141.58 1,141.58 0.00 Paydown 02/15/2019 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 02/15/2019 47788MAC4 63,160.77 John Deere Owner Trust 2016-A A3 1.36% Due 4/15/2020 100.000 63,160.77 163.54 63,324.31 0.00 Execution Time: 3/2/2019 1:32:43 PMChandler Asset Management - CONFIDENTIAL Page 13 Transaction Ledger As of February 28, 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 02/15/2019 65479GAD1 0.00 Nissan Auto Receivables Owner 2018-B A3 3.06% Due 3/15/2023 100.000 0.00 3,111.00 3,111.00 0.00 Paydown 02/15/2019 89238BAB8 149,143.05 Toyota Auto Receivables Owner 2018-A A2A 2.1% Due 10/15/2020 100.000 149,143.05 2,401.15 151,544.20 0.00 Paydown 02/19/2019 43814PAB6 33,966.28 Honda Auto Receivables Owner T 17-3 A2 1.57% Due 1/21/2020 100.000 33,966.28 134.57 34,100.85 0.00 Paydown 02/19/2019 43814UAG4 0.00 Honda Auto Receivables 2018-2 A3 3.01% Due 5/18/2022 100.000 0.00 1,530.08 1,530.08 0.00 Paydown 02/21/2019 43815HAC1 0.00 Honda Auto Receivables Owner 2018-3 A3 2.95% Due 8/22/2022 100.000 0.00 3,343.33 3,343.33 0.00 Subtotal 324,648.36 324,648.36 18,172.99 342,821.35 0.00 Security Withdrawal 02/08/2019 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 Withdrawal 02/22/2019 90CAMP$00 1,400,000.00 California Asset Mgmt Program CAMP 1.000 1,400,000.00 0.00 1,400,000.00 0.00 Security Withdrawal 02/25/2019 31846V203 104.17 First American Govt Obligation Fund Class Y 1.000 104.17 0.00 104.17 0.00 Subtotal 3,100,104.17 3,100,104.17 0.00 3,100,104.17 0.00 TOTAL DISPOSITIONS 15,478,507.09 15,477,654.59 36,850.07 15,514,504.66 -1,170.28 OTHER TRANSACTIONS Interest 02/06/2019 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 02/08/2019 594918BP8 1,850,000.00 Microsoft Callable Note Cont 7/8/21 1.55% Due 8/8/2021 0.000 14,337.50 0.00 14,337.50 0.00 Interest 02/11/2019 06406RAJ6 1,200,000.00 Bank of NY Mellon Corp Note 3.45% Due 8/11/2023 0.000 20,470.00 0.00 20,470.00 0.00 Execution Time: 3/2/2019 1:32:43 PMChandler Asset Management - CONFIDENTIAL Page 14 Transaction Ledger As of February 28, 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 02/12/2019 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 02/15/2019 02665WAH4 1,800,000.00 American Honda Finance Note 2.25% Due 8/15/2019 0.000 20,250.00 0.00 20,250.00 0.00 Interest 02/18/2019 3130A7CV5 3,470,000.00 FHLB Note 1.375% Due 2/18/2021 0.000 23,856.25 0.00 23,856.25 0.00 Interest 02/26/2019 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 02/28/2019 912828D80 1,250,000.00 US Treasury Note 1.625% Due 8/31/2019 0.000 10,156.25 0.00 10,156.25 0.00 Interest 02/28/2019 912828L24 2,000,000.00 US Treasury Note 1.875% Due 8/31/2022 0.000 18,750.00 0.00 18,750.00 0.00 Interest 02/28/2019 912828P87 3,000,000.00 US Treasury Note 1.125% Due 2/28/2021 0.000 16,875.00 0.00 16,875.00 0.00 Subtotal 24,570,000.00 205,945.00 0.00 205,945.00 0.00 Dividend 02/01/2019 31846V203 8,108,062.81 First American Govt Obligation Fund Class Y 0.000 15,573.87 0.00 15,573.87 0.00 Dividend 02/28/2019 90CAMP$00 44,892,328.47 California Asset Mgmt Program CAMP 0.000 93,792.53 0.00 93,792.53 0.00 Subtotal 53,000,391.28 109,366.40 0.00 109,366.40 0.00 TOTAL OTHER TRANSACTIONS 77,570,391.28 315,311.40 0.00 315,311.40 0.00 Execution Time: 3/2/2019 1:32:43 PMChandler Asset Management - CONFIDENTIAL Page 15 Transaction Ledger As of March 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 03/01/2019 31846V203 1,350,000.00 First American Govt Obligation Fund Class Y 1.000 2.01%1,350,000.00 0.00 1,350,000.00 0.00 Purchase 03/01/2019 31846V203 34,341.75 First American Govt Obligation Fund Class Y 1.000 2.01%34,341.75 0.00 34,341.75 0.00 Purchase 03/01/2019 31846V203 9,074.17 First American Govt Obligation Fund Class Y 1.000 2.01%9,074.17 0.00 9,074.17 0.00 Purchase 03/08/2019 31846V203 84,375.00 First American Govt Obligation Fund Class Y 1.000 2.01%84,375.00 0.00 84,375.00 0.00 Purchase 03/11/2019 31846V203 31,125.00 First American Govt Obligation Fund Class Y 1.000 2.01%31,125.00 0.00 31,125.00 0.00 Purchase 03/12/2019 31846V203 21,875.00 First American Govt Obligation Fund Class Y 1.000 2.01%21,875.00 0.00 21,875.00 0.00 Purchase 03/13/2019 47789JAB2 1,205,000.00 John Deere Owner Trust 2019-A A2 2.85% Due 12/15/2021 99.995 2.87%1,204,945.05 0.00 1,204,945.05 0.00 Purchase 03/14/2019 31846V203 21,875.00 First American Govt Obligation Fund Class Y 1.000 2.01%21,875.00 0.00 21,875.00 0.00 Purchase 03/15/2019 31846V203 50,500.00 First American Govt Obligation Fund Class Y 1.000 2.01%50,500.00 0.00 50,500.00 0.00 Purchase 03/15/2019 31846V203 1,575,000.00 First American Govt Obligation Fund Class Y 1.000 2.01%1,575,000.00 0.00 1,575,000.00 0.00 Purchase 03/15/2019 31846V203 1,475.00 First American Govt Obligation Fund Class Y 1.000 2.01%1,475.00 0.00 1,475.00 0.00 Purchase 03/15/2019 31846V203 32,819.64 First American Govt Obligation Fund Class Y 1.000 2.01%32,819.64 0.00 32,819.64 0.00 Purchase 03/15/2019 31846V203 29,075.63 First American Govt Obligation Fund Class Y 1.000 2.01%29,075.63 0.00 29,075.63 0.00 Purchase 03/15/2019 31846V203 485.33 First American Govt Obligation Fund Class Y 1.000 2.01%485.33 0.00 485.33 0.00 Purchase 03/15/2019 31846V203 1,141.58 First American Govt Obligation Fund Class Y 1.000 2.01%1,141.58 0.00 1,141.58 0.00 Purchase 03/15/2019 31846V203 4,068.17 First American Govt Obligation Fund Class Y 1.000 2.01%4,068.17 0.00 4,068.17 0.00 Execution Time: 4/3/2019 6:45:49 AMChandler Asset Management - CONFIDENTIAL Page 11 Transaction Ledger As of March 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 03/15/2019 31846V203 34,725.52 First American Govt Obligation Fund Class Y 1.000 2.01%34,725.52 0.00 34,725.52 0.00 Purchase 03/15/2019 31846V203 3,111.00 First American Govt Obligation Fund Class Y 1.000 2.01%3,111.00 0.00 3,111.00 0.00 Purchase 03/15/2019 31846V203 138,812.30 First American Govt Obligation Fund Class Y 1.000 2.01%138,812.30 0.00 138,812.30 0.00 Purchase 03/15/2019 31846V203 3,358.27 First American Govt Obligation Fund Class Y 1.000 2.01%3,358.27 0.00 3,358.27 0.00 Purchase 03/18/2019 31846V203 32,466.77 First American Govt Obligation Fund Class Y 1.000 2.01%32,466.77 0.00 32,466.77 0.00 Purchase 03/18/2019 31846V203 1,530.08 First American Govt Obligation Fund Class Y 1.000 2.01%1,530.08 0.00 1,530.08 0.00 Purchase 03/18/2019 31846V203 2,606.77 First American Govt Obligation Fund Class Y 1.000 2.01%2,606.77 0.00 2,606.77 0.00 Purchase 03/21/2019 31846V203 3,343.33 First American Govt Obligation Fund Class Y 1.000 2.01%3,343.33 0.00 3,343.33 0.00 Purchase 03/28/2019 89114QCB2 2,300,000.00 Toronto Dominion Bank Note 3.25% Due 3/11/2024 101.358 2.95%2,331,234.00 3,529.86 2,334,763.86 0.00 Purchase 03/29/2019 06051GHF9 1,400,000.00 Bank of America Corp Callable Note 1X 3/5/2023 3.55% Due 3/5/2024 101.705 3.18%1,423,870.00 3,313.33 1,427,183.33 0.00 Purchase 03/31/2019 31846V203 121,406.25 First American Govt Obligation Fund Class Y 1.000 2.05%121,406.25 0.00 121,406.25 0.00 Purchase 03/31/2019 90CAMP$00 102,630.46 California Asset Mgmt Program CAMP 1.000 2.59%102,630.46 0.00 102,630.46 0.00 Subtotal 8,596,222.02 8,651,271.07 6,843.19 8,658,114.26 0.00 Security Contribution 03/01/2019 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: 4/3/2019 6:45:49 AMChandler Asset Management - CONFIDENTIAL Page 12 Transaction Ledger As of March 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 03/29/2019 90CAMP$00 6,000,000.00 California Asset Mgmt Program CAMP 1.000 6,000,000.00 0.00 6,000,000.00 0.00 Subtotal 9,000,000.00 9,000,000.00 0.00 9,000,000.00 0.00 TOTAL ACQUISITIONS 17,596,222.02 17,651,271.07 6,843.19 17,658,114.26 0.00 DISPOSITIONS Sale 03/13/2019 31846V203 1,204,945.05 First American Govt Obligation Fund Class Y 1.000 2.01%1,204,945.05 0.00 1,204,945.05 0.00 Sale 03/28/2019 31846V203 2,334,763.86 First American Govt Obligation Fund Class Y 1.000 2.01%2,334,763.86 0.00 2,334,763.86 0.00 Sale 03/29/2019 31846V203 180,074.81 First American Govt Obligation Fund Class Y 1.000 2.01%180,074.81 0.00 180,074.81 0.00 Sale 03/29/2019 912828D80 1,250,000.00 US Treasury Note 1.625% Due 8/31/2019 99.641 2.48%1,245,507.81 1,600.71 1,247,108.52 -3,701.27 Subtotal 4,969,783.72 4,965,291.53 1,600.71 4,966,892.24 -3,701.27 Paydown 03/15/2019 02582JHE3 0.00 American Express Credit 2017-3 A 1.77% Due 11/15/2022 100.000 0.00 1,475.00 1,475.00 0.00 Paydown 03/15/2019 43814QAC2 32,667.94 Honda Auto Receivables 2016-2 A3 1.39% Due 4/15/2020 100.000 32,667.94 151.70 32,819.64 0.00 Paydown 03/15/2019 47788BAB0 29,006.15 John Deere Owner Trust 2017-B A2A 1.59% Due 4/15/2020 100.000 29,006.15 69.48 29,075.63 0.00 Paydown 03/15/2019 47788BAD6 0.00 John Deere Owner Trust 2017-B A3 1.82% Due 10/15/2021 100.000 0.00 485.33 485.33 0.00 Paydown 03/15/2019 47788CAC6 0.00 John Deere Owner Trust 2016-B A4 2.66% Due 4/18/2022 100.000 0.00 1,141.58 1,141.58 0.00 Paydown 03/15/2019 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 Execution Time: 4/3/2019 6:45:49 AMChandler Asset Management - CONFIDENTIAL Page 13 Transaction Ledger As of March 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 03/15/2019 47788MAC4 34,633.56 John Deere Owner Trust 2016-A A3 1.36% Due 4/15/2020 100.000 34,633.56 91.96 34,725.52 0.00 Paydown 03/15/2019 65479GAD1 0.00 Nissan Auto Receivables Owner 2018-B A3 3.06% Due 3/15/2023 100.000 0.00 3,111.00 3,111.00 0.00 Paydown 03/15/2019 89238BAB8 136,672.15 Toyota Auto Receivables Owner 2018-A A2A 2.1% Due 10/15/2020 100.000 136,672.15 2,140.15 138,812.30 0.00 Paydown 03/15/2019 89239AAB9 0.00 Toyota Auto Receivables 2019-A A2A 2.83% Due 10/15/2021 100.000 0.00 3,358.27 3,358.27 0.00 Paydown 03/18/2019 43814PAB6 32,376.64 Honda Auto Receivables Owner T 17-3 A2 1.57% Due 1/21/2020 100.000 32,376.64 90.13 32,466.77 0.00 Paydown 03/18/2019 43814UAG4 0.00 Honda Auto Receivables 2018-2 A3 3.01% Due 5/18/2022 100.000 0.00 1,530.08 1,530.08 0.00 Paydown 03/18/2019 43814WAB1 0.00 HAROT 2019-1 A2 2.75% Due 9/20/2021 100.000 0.00 2,606.77 2,606.77 0.00 Paydown 03/21/2019 43815HAC1 0.00 Honda Auto Receivables Owner 2018-3 A3 2.95% Due 8/22/2022 100.000 0.00 3,343.33 3,343.33 0.00 Subtotal 265,356.44 265,356.44 23,662.95 289,019.39 0.00 Maturity 03/01/2019 17275RAR3 1,350,000.00 Cisco Systems Note 2.125% Due 3/1/2019 100.000 1,350,000.00 0.00 1,350,000.00 0.00 Maturity 03/15/2019 532457BF4 1,575,000.00 Eli Lilly & Co Note 1.95% Due 3/15/2019 100.000 1,575,000.00 0.00 1,575,000.00 0.00 Subtotal 2,925,000.00 2,925,000.00 0.00 2,925,000.00 0.00 Security Withdrawal 03/11/2019 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 03/22/2019 90CAMP$00 3,800,000.00 California Asset Mgmt Program CAMP 1.000 3,800,000.00 0.00 3,800,000.00 0.00 Execution Time: 4/3/2019 6:45:49 AMChandler Asset Management - CONFIDENTIAL Page 14 Transaction Ledger As of March 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 03/26/2019 31846V203 104.17 First American Govt Obligation Fund Class Y 1.000 104.17 0.00 104.17 0.00 Subtotal 5,300,104.17 5,300,104.17 0.00 5,300,104.17 0.00 TOTAL DISPOSITIONS 13,460,244.33 13,455,752.14 25,263.66 13,481,015.80 -3,701.27 OTHER TRANSACTIONS Interest 03/01/2019 17275RAR3 1,350,000.00 Cisco Systems Note 2.125% Due 3/1/2019 0.000 14,343.75 0.00 14,343.75 0.00 Interest 03/01/2019 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 03/08/2019 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 03/11/2019 06406HCW7 750,000.00 Bank of New York Callable Note Cont 8/11/2019 2.3% Due 9/11/2019 0.000 8,625.00 0.00 8,625.00 0.00 Interest 03/11/2019 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 03/12/2019 3135G0ZG1 2,500,000.00 FNMA Note 1.75% Due 9/12/2019 0.000 21,875.00 0.00 21,875.00 0.00 Interest 03/14/2019 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 03/15/2019 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 03/15/2019 532457BF4 1,575,000.00 Eli Lilly & Co Note 1.95% Due 3/15/2019 0.000 15,356.25 0.00 15,356.25 0.00 Execution Time: 4/3/2019 6:45:49 AMChandler Asset Management - CONFIDENTIAL Page 15 Transaction Ledger As of March 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 03/15/2019 68389XBK0 1,000,000.00 Oracle Corp Callable Note Cont 8/01/21 1.9% Due 9/15/2021 0.000 9,500.00 0.00 9,500.00 0.00 Interest 03/31/2019 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 03/31/2019 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 03/31/2019 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 03/31/2019 912828T34 2,750,000.00 US Treasury Note 1.125% Due 9/30/2021 0.000 15,468.75 0.00 15,468.75 0.00 Subtotal 33,590,000.00 365,498.00 0.00 365,498.00 0.00 Dividend 03/01/2019 31846V203 1,895,815.28 First American Govt Obligation Fund Class Y 0.000 9,074.17 0.00 9,074.17 0.00 Dividend 03/31/2019 90CAMP$00 48,686,121.00 California Asset Mgmt Program CAMP 0.000 102,630.46 0.00 102,630.46 0.00 Subtotal 50,581,936.28 111,704.63 0.00 111,704.63 0.00 TOTAL OTHER TRANSACTIONS 84,171,936.28 477,202.63 0.00 477,202.63 0.00 Execution Time: 4/3/2019 6:45:49 AMChandler Asset Management - CONFIDENTIAL Page 16