HomeMy WebLinkAbout06 QUARTERLY INVESTMENT REPORT FOR THE CITY OF TUSTIN AND SUCCESSOR AGENCY - REVISED DocuSign Envelope ID: E7366D71-11 F8-4C82-8ED3-BF98A8985347 6
Agenda Item
• Reviewed: DS
AGENDA REPORT City Manager ��
Finance Director
MEETING DATE: FEBRUARY 16, 2021
TO: MATTHEW S. WEST, CITY MANAGER
FROM: JASON AL-IMAM, FINANCE DIRECTOR/CITY TREASURER
SUBJECT: QUARTERLY INVESTMENT REPORT FOR THE CITY OF TUSTIN AND THE
SUCCESSOR AGENCY FOR THE TUSTIN COMMUNITY REDEVELOPMENT
AGENCY
SUMMARY:
Government Code Section 53646 requires that the Treasurer make an Investment Report
to the City Council at least quarterly showing balances by authorized investment and
certifying its compliance with the adopted Investment Policy.
RECOMMENDATION:
Receive and file.
FISCAL IMPACT:
None.
CORRELATION TO THE STRATEGIC PLAN:
Correlates with the City's Strategic Plan Goal C: Financial Strength, Item 3. This investment
report provides evidence of the City's commitment to ensuring that investments are in
compliance with the adopted Investment Policy.
DISCUSSION:
In compliance with Government Code Section 53646, the attached Investment Report
reporting cash and investments for the City of Tustin and the Successor Agency for the
Tustin Community Redevelopment Agency for the quarter ending December 31, 2020 is
rendered.
QUARTERLY INVESTMENT REPORT FOR THE CITY OF TUSTIN AND THE SUCCESSOR AGENCY FOR THE
TUSTIN COMMUNITY REDEVELOPMENT AGENCY
Page 2 of 3
The City's total cash and investments as of December 31, 2020 were $132.2 million, an
increase of$2.2 million from September 30, 2020 total cash and investments of$130 million.
The increase in cash and investments of $2.2 million is primarily due to property taxes
received in December.
The weighted average portfolio yield as of December 31, 2020 was 1.06%, 17 basis points
lower than the weighted average portfolio yield of 1.23% as of September 30, 2020. The
primary reason for the decrease in the weighted average portfolio yield is the decline in Local
Agency Investment Fund (LAIF) rates from 0.69% in September 2020 to 0.54% in December
2020.
The weighted average days to maturity were 130 days as of December 31, 2020, a decrease
from 166 days as of September 30, 2020. The decline in weighted average days to maturity
during the last quarter was primarily caused by the decision to maintain highly liquid
balances for various budgeted capital projects primarily within the Legacy development over
the next one to two years. In addition, the fixed income market rates do not adequately
compensate for longer term holdings presently.
In June 2018, the City made a one-time contribution of $5.6 million into a Pension trust,
which is held by Public Agency Retirement Services (PARS). The Pension Trust provides
for rate stabilization since Pension Trust assets can be used to offset unanticipated
increases in CalPERS pension costs. The City has also made $2 million in contributions
into an Other Post-Employment Benefits (OPEB) Trust, which is set-aside for future retiree
healthcare costs. Pension and OPEB Trust assets are managed in a customized
investment strategy that balances risk and return and provides for diversification.
The Pension Trust had earnings of approximately $504,000 (8%) for the quarter-to-date
(October 1, 2020 through December 31, 2020). The OPEB Trust also had earnings of
approximately $177,000 (8%) for the quarter-to-date. Trust assets will continue to be
monitored, with quarterly reviews with our investment advisor.
The investment portfolio is currently laddered to reflect the projected cash flow needs of the
City for the completion of various capital projects primarily within the Legacy.
QUARTERLY INVESTMENT REPORT FOR THE CITY OF TUSTIN AND THE SUCCESSOR AGENCY FOR THE
TUSTIN COMMUNITY REDEVELOPMENT AGENCY
Page 3 of 3
6�a�lll�'y�
Jason AI-Imam
Finance Director/City Treasurer
Attachment: December 31, 2020 Quarterly Investment Report
December 31, 2020 Quarterly Transactions
December 31, 2020 Fiscal Agent Balances
PARS Trust Statement as of December 31, 2020
DocuSign Envelope ID:223E8458-D8BA-46CE-B9DA-B6F969F30333
City of Tustin, California TUSTIN
Finance Department
W
Of
7
L
kIIIt7 RY
KUILDLNG OUR FUTURE
HONORING OUR PAST
January 28, 2021
Honorable Mayor and Members of the City Council:
Re: Investment Report Certification
In compliance with California Government Code Section 53646, the attached Investment Report
for the Quarter Ending December 31,2020 is hereby rendered for the City of Tustin and Successor
Agency for the Tustin Community Redevelopment Agency (Successor Agency).
We certify that this report reflects all City of Tustin and Successor Agency pooled cash and
investments subject to the provisions of California Government Code and the City's Investment
Policy.It has been verified that the investment portfolio is in compliance with the City's Investment
Policy. In addition, the Treasurer's cash management program and cash flow analysis indicates
that sufficient liquidity is on hand to meet estimated future expenditures for the next twelve (12)
months.
Respectfully submitted,
IC
DocuSigned by: DocuSigned by:vAi�
A81CC329F2394DF... 8D75CC3AFOCB4AE...
Craig Shimomura, Chair Jason Al-Imam, Finance Director
City of Tustin Audit Commission City of Tustin Treasurer
300 Centennial Way, Tustin, CA 92780 www.tustinca.org
I INVESTMENT REPORT C/„CHANDLER
ASSET MANAGEMENT
City of Tustin
Period Ending December 31, 2020
CHANDLER ASSET MANAGEMENT, INC. 800.317.4747 www.chandlerasset.com
y
Table of Contents As of December 31, 2020
SECTION 1 Economic Update
SECTION 2 Consolidated Profile
SECTION 3 Portfolio Holdings
SECTION 4 Transactions
1 QfAl
Section 1 Economic Update
G1
IEconomic Update
■ Recent economic data suggests that the economy has lost momentum. We believe the near-term outlook remains
challenging as the labor market remains under pressure and many regions have ongoing business restrictions due to the
pandemic. However, the recent passage of a new$900 billion COVID-19 fiscal relief bill should help cushion the economy
overthe next few months,and the Biden Presidential administration is already laying the groundwork for another round of
fiscal stimulus. We also remain optimistic about progress on vaccines and expect more widespread distribution in the
second and third quarter of 2021. We believe the distribution of vaccines and therapeutics will help fuel the economic
recovery later this year. We also expect the Fed's highly accommodative monetary policy framework will continue to
provide supportforthe financial markets.
• The Federal Open Market Committee (FOMC) kept monetary policy unchanged at their December meeting as expected,
with the fed funds target rate in a range of 0.0%to 0.25%.The Fed intends to remain highly accommodative until their goals
of maximum employment and higher inflation are achieved. The Fed's summary of economic projections continues to
signal that the target fed funds rate will remain unchanged until at least 2023, as policymakers do not expect inflation to
exceed 2.0%during that timeframe. Until the Fed has made substantial progress toward achieving their dual mandate of
maximum employment and price stability, they have set a floor for monthly asset purchases of at least $80 billion per
month of Treasuries and $40 billion per month of agency mortgage-backed securities. Notably, the Fed's outlook for GDP
over the next few years was revised higher and the outlook for unemployment was revised lower compared with their
previous forecasts in September,which suggests increased optimism.Nevertheless,the outlook remains uncertain and Fed
Chair Powell indicated that the Fed would increase policy accommodation further if progress toward their dual mandate
slows.
In 2020, the yield on 2-year Treasuries was down 145 basis points to 0.12% and the yield on 10-year Treasuries was down
about 100 basis points to 0.91%. The yield curve steepened modestly in December and month-to-date the yield curve has
continued to steepen,likely due in part to favorable developments on the vaccine front.Month-to-date,the yield on 2-year
Treasuries is little changed but the yield on 10-year Treasuries is up nearly 20 basis points. We believe the Treasury yield
curve is poised to steepen modestly further in 2021 as the economy reopens, driven by an increase in longer-term rates as
the front end of the curve is likely to remain anchored near 0.0%.
3 �I��
I $3.6 Trillion Stimulus And Counting
Fiscal Package
CARES Act $2.23 Trillion
Paycheck Coronavirus Relief Bill $484 Billion
$284 billion Protection
Program phase 4 Stimulus $908 Billion
Business
$337 Billion(37%) Total So Far $3.6 Trillion
$40 Billion ' Small Business
$13 Billion ■ Farmers/Ranchers
Payments to Individuals,
$286 Billion Unemployment
Phase 4 Assistance
Fiscal Stimulus Individuals
$908: $286 Billion(32%)
I K-12 Schools,
$82 Billion Higher Education
Schools
$82 Billion(9%)
$68 Billion
Vaccine Purchases,
Vaccination$68 Billion(7%) Distribution,Testing
Safety Net $48 Billion(5%) $25 Billion Rental Assistance
$13 Billion Food Stamps/Nutrition
Transportation $45 Billion(5%) $10 Billion ■ Childcare Sector
$45 Billion I Airlines,Mass Transit,
Other $42 Billion(5%) Hwys,Airports,Amtrak
$35 Billion ' Clean Energy
$7 Billion . Broadband
Source:U.S.Congress 4 Q11
IEmployment
Nonfarm Payroll (000's) Unemployment Rate
10,000 28.0°ia
Underemployment Rate(U6)
6,000 24.0°/0 Unemployment Rate(U3)
200°/0 h
0 2,000 '} .
2,000 4_�
0 16.0°/0 `�%
c -6,000 ,1O z 12.0%-10,000
2 -14,000 8.0% .�---- ----�I—Non-farm Payroll(00-18,000 ---3 month average(000 ) — 4.0%
-22,000 0.0%
Q 4% ✓4 SP 60 4L, ��/ SP 6 6 "� ✓4 SP �P /� ��/ SP 6
Pcd�19 ,79 p19 c�9 d��O ,�O p�O On
c�� aiZ9 7,_9 '_7 cZ9 di�O �J,O p_)O c�O
Source:US Department of Labor Source:US Department of Labor
U.S.nonfarm payrolls declined by 140,000 in December. It was the first monthly decline in nonfarm payrolls since April of last year and came in
well below expectations for a 50,000gain.The monthly decline was led by the leisure and hospitality sector which experienced a 498,000 net
decline in payrolls in December, along with modest declines in government jobs and education and health services.The unemployment rate
was unchanged in December at 6.7%and has improved significantly from the peak of 14.8% last April. Nevertheless, more than 10.7 million
people remain unemployed.Workers who classified themselves as employed but absent from work in December continued to understate the
unemployment rate by about 0.6%.The U-6 underemployment rate, which includes those who are marginally attached to the labor force and
employed part time for economic reasons, remained high but declined to 11.7%in December from 12.09/o in November.The labor participation
rate was unchanged at 61.5%in December and remains well below pre-pandemic levels.
5 CJ"
IInitial Claims for Unemployment
Initial Claims For Unemployment October 16,2020-January 15,2021
25,000 Initial Jobless Claims
(Continuing Claims
20,000
w
15,000
v
c
R
7,823
7,222
6,370 6,089
10,000 5,181 5,517 5,781 5,507 5,322 5,198 5,072 5,054
� I 6'798
c I I I I
5,000 �.
797 758 757 711 748 787 716 862 892 806 790 784 926 900
Z0� ZOO ZOO Zl� Zl� ZIP Zl� Z�� Z�� 72� Z�� OZ, 0? 0?
"6' ��', a'O, 06' Z�j �O, �j, a Zl, 4 �S, OZ, 06, ZS,
"O �O "O '0 "O �D "0 ,,O "O "O ,O
Source:US Department of Labor
In the most recent week, the number of initial jobless claims decreased to 900,000 compared to 926,000 in the prior week. The level of
continuing unemployment claims(where the data is lagged by one week) also declined slightly to about 5.1 million from roughly 5.2 million in
the prior week.Although continuing jobless claims are much lower than the peak of nearly 25 million last May,they remained well above the
2019 average of 1.7 million.
6 Q11
I Inflation
Consumer Price Index(CPI) Personal Consumption Expenditures (PCE)
3.0% 3.0%
PCE Price DeflatorYOY%Change
2.5% ^—\-- — 2.5°% --- PCE Core Deflator YOY%Change
%
2.0% \\ /\ /// ` 2.0%
avn `% /\
C _ C —/ v— /
1.5% ; \ 1.5% ; J.
1.0% 1.0%
0.5% CPI YOY%Change 0.5%
-- Core CPI YOY%Change
0.0% 0.0%
�Pc, far ✓��, sPb �Pc. �a, ✓4�, sP,o, SPI, �0L X06, may 9�g x'02 X06, day 94�: �
1�p :I9 1q 19 19 �� 1)0 �p �p 4 19 19 19 79 -)0 �� �0 -10
Source:US Department of Labor Source:US Department of Commerce
The Consumer Price Index (CPI)was up 1.49/o year-over-year in December,versus up 1.2°%year-over-year in November.Core CPI(CPI less food
and energy) was up 1.6°%year-over-year in December, unchanged from November.The Personal Consumption Expenditures (PCE) index was
up 1.1°%year-over-year in November, versus up 1.2°%year-over-year in October. Core PCE, which is the Fed's primary inflation gauge, was up
1.49/o year-over-year in November,unchanged from October.Inflation remains below the Fed's target.
7 Q11
IConsumer
Retail Sales YOY%Change Consumer Confidence
10.0°/0 150
0 140
0.0% ���,1. ,,111 ��, 1,, 130
v 11-5.0% v 120
u >
v
y 10.0% v 110
o
c
-15.0% — 100
-20.0% 90
-25.0% ,7_ 80 n-
6 "% '�4 `rP 6 � ��/ sP 6,P �004
� �� `fP �P 4 i �4 `SP 6P
Pc 78 d~�9 h1g p19 c'79 111110 ��O p,10 c,10 0 4 a~'1.9 r,19 61.9 01?9 0_'10 r��0 p,10 1,10
Source:US Department of Commerce Source:The Conference Board
Retail sales momentum slowed during the holiday shopping season. On a year-over-year basis, retail sales were up 2.9%in December versus
3.7% in November. On a month-over-month basis, retail sales declined 0.7% in December, following a 1.4%decline in November.The month-
over-month declines were broad-based in December on a seasonally adjusted basis,with outsized declines for non-store (e-commerce) sales,
electronic& appliance stores, food service & drinking places, and department stores.Sales at clothing and accessories stores were positive in
December, but this followed a sharp decline in November. Sales of motor vehicles and parts and gasoline also showed relative strength in
December. According to the Energy Information Administration, average US regular retail gas prices increased nearly 6% in the month.
Excluding vehicles and gas, retail sales fell 2.1%in December,following a 1.3%decline in November.The Consumer Confidence index declined
to 88.6 in Decemberfrom 92.9 in November.The index is well below pre-pandemic levels at the start of this year.
8 CIJJ
IEconomic Activity
Leading Economic Indicators (LEI) Chicago Fed National Activity Index(CFNAI)
6.0% 6.00
4.0% 4.00
2.0% 2.00
d d
c m
0.0% a, 0.00
V Q
a L
-2.0% c -2.00
O
-4.0% -4.00
-6.0% -6.00
-8.0% -8.00
�oG18 �P619 4�,dL19 ?9 tioG19 )O )O 94�+ ,,O �Pc18 �a~19 d9 SP�'l9 �Pc19 2jar11O ✓���0 O OPc1)O
Source:The Conference Board Source:Federal Reserve Bank of Chicago
The Conference Board's Leading Economic Index (LEI) rose 0.6%in November(following a 0.8%increase in October) but remained down 2.2°%
year-over-year. According to the Conference Board, a decelerating pace of improvement in the LEI in recent months suggests that economic
growth has moderated heading into 2021. Furthermore, the Conference Board warns of potential downside risks to economic growth from a
second wave of the virus and high unemployment. Meanwhile, the Chicago Fed National Activity Index (CFNAI) increased to 0.52 in December
from 0.31 in November. On a 3-month moving average basis, the CFNAI edged up to 0.61 in December from 0.59 in November. The index
improved on both a one month and 3-month basis,and a positive index reading corresponds to above trend growth.
9 Q11
IHousing
Housing Starts 5&P/Case-Shiller 20 City Composite Home Price Index
2000
1800
■Multi Family Housing Starts 10.00/0
■Single Family Housing Starts 9.0% —
w 1600 8.0%
0
M 1400 7.0%
c
.o
1200
c 6.0%
o r
F 1000 v 5.0% – –
800 4.0% —
m }
m 600 5. 3.0%
t
400 2.0%
0 200 1.0%
0 0.0%
'L! ✓4 se OP �Lj ✓q SP OP O ✓�, 9 ✓t, O ✓a 9 ✓ O
eeZ� dr�9 r7,19 bZcdr � br !i,2o9 OO O0�9 �o c� 0
Source:US Department of Commerce Source:S&P
Total housing starts increased 5.8% in December to an annual pace of 1,669,000(the strongest rate since 2006). Single family starts jumped
12.09/o to an annualized rate of 1,338,000, while multi-family starts declined 13.6%to an annualized rate of 331,000. On a year-over-year basis,
total housing starts were up 5.2% in December, driven by growth in single-family starts. Meanwhile, permits were up 4.5%on a month-over-
month basis in December, to an annualized rate of 1,709,000(also the strongest rate since 2006). According to the Case-Shiller 20-City home
price index, home prices were up 7.9%year-over-year in October versus up 6.6%year-over-year in September.The housing market has been
an area of strength during the pandemic. Very low mortgage rates, solid stock market performance, and a meaningful shift toward working
from home are providing strong tailwinds for the housing sector.
10 Q11
IManufacturing
Institute of Supply Management Purchasing Manager Industrial Production
Index
62 8.0%
60
58 EXPANDING 4.0%
56 0.0%
v
54
52 u -4.0%
50 } -8.0%
48
46 -12.0%
44 Abdo
42 -16.0%
409 40W -20.0%
SPC, 4�,d�. ✓4r1, sPb, OPC, �dr ✓47. SPb On OPC, �dr, ✓4'O, sPb. SPC, �di; ✓47. SPb, OPC,
1? 19 19 19 19 10 �O -110 _)p 1�p 1y 79 19 19 110 �O O �O
Source:Institutefor Supply Management Source:Federal Reserve
The Institute for Supply Management (ISM) manufacturing index increased to 60.7 in December from 57.5 in November. Readings above 50.0
are indicative of expansion in the manufacturing sector.We believe a weakening US dollar has been supportive of the US manufacturing sector
throughout the pandemic. The Industrial Production index was down 3.6%year-over-year in December,versus down 5.49/o in November. On a
month-over-month basis, the Industrial Production index increased 1.6% in December, following a 0.5% increase in November. Capacity
Utilization increased to 74.5% in December from 73.49/o in November, but remains well below the long-run average of 79.8%. Overall
manufacturing conditions have improved since the deep contraction in activity earlier this year,but industrial production remains lower on a
year-over-year basis.
11 Q11
IGross Domestic Product (GDP)
Gross Domestic Product (GDP)
Components of GDP Ogg 12/19 3/20 6/20 9/20 40.0%
30.0%
Personal Consumption Expenditures 1.1% -4.8% -24.0% 25.4%
20.0%
Gross Private Domestic Investment -0.6% -1.6% -8.8% 12.0% 10.0%
0.0% - ■
Net Exports and Imports 1.5% 1.1% 0.6% jo
-10.0%
Federal Government Expenditures 0.3% 0.1% 1.2% -0.4% -20.0% GDP QCQ%Change
State and Local(Consumption and - -30.0% -GDP YCY%Change
0.2% 0.1% 0.4% 0.4%
Gross Investment) -40.0%
Total 2.4% -5.0% -31.4% 33.4% sPb, Cdr sPb` der SPb` ��i sPb` tai sPb` dS
er Pb
''S 16 �6 1j 1� 18 dcQ j9 �9 �0
Source:US Department of Commerce Source:US Department of Commerce
According to the third estimate,real US gross domestic product(GDP) grew at an annualized rate of 33.49/o in the third quarter(up slightly from
the advance and second estimates), following a 31.49/o annualized decline in the second quarter. Third quarter GDP growth was by far the
largest annualized gain on record but followed the largest annualized decline in GDP on record in the second quarter. Personal consumption
expenditures rebounded in the third quarter and was by far the biggest contributor to third quarter GDP growth.The consensus estimates for
fourth quarter 2020 and current quarter GDP growth are 4.2°%and 2.3°%, respectively. The consensus forecast for US gross domestic product
growth in 2021 is 4.1°%,following an expected 3.5°%decline in 2020.
12 Q11
Federal Reserve
Federal Reserve Balance Sheet Assets Effective Federal Funds Rate
8,000,000 3.00%
7,500,000 —
7,000,000
6,500,000 2.00% %
6,000,000 %��_���
v_ 1.50% 1
E
5,500,000 } 1
c 1
5,000,000 1.00%
4,500,000 1
1
0.50% 1
4,000,000 1
1
3,500,000
0.00%
✓d�79Z9 pct j9 ✓a��O 9pr2O �4/2O pc��O ✓a��1 ✓a�79 q�^Z9 ✓4�zq pcevq ✓ate)0 qp^�O po pce�O ✓a�2Z
Source:Federal Reserve Source:Bloomberg
Last year,the Fed took a wide range of aggressive actions to help stabilize and provide liquidity to the financial markets.The Fed lowered the
fed funds target rate to a range of 0.09/o-0.25%and continues to purchase Treasury and agency mortgage-backed securities to support smooth
market functioning. Last year, policymakers reinstated the Commercial Paper Funding Facility and Money Market Mutual Fund Liquidity
Facility.The Fed also established the Primary Market Corporate Credit Facility,Secondary Market Corporate Credit Facility,Term Asset-Backed
Securities Loan Facility, Paycheck Protection Program Liquidity Facility, Main Street Lending Facility, and Municipal Liquidity Facility. The Fed
has also provided short-term funding through large-scale repo operations and lowered the reserve requirement for depository institutions.
Notably, many of the Fed's lending facilities expired at the end of 2020,including the Fed's corporate credit,asset-backed securities, municipal
lending,and Main Street Lending programs.
13 Q11
Bond Yields
US Treasury Note Yields US Treasury Yield Curve
3.5% 3.5%
3.0% .•••.. 2-Year 3.0% .•••.• Dec-20
--- 5-Year --- Sep-20
2.5% 10-Year 2.5% Dec-19
2.0% 0 2.0%
1.5% ` 1.5% •,
1.0% 1.0%
0.5% ••'
0.0% 0.0% w w w-
✓ S O ✓ s O
c, .�' G '>y Sy I>y -70 •''0
78 79 1y 79 '79 ')0 �p �0 2p 2jp�a r r r yr yr
Source:Bloomberg Source:Bloomberg
Treasury yields were much lower on a year-over-year basis at 2020 year-end.The 3-month T-bill yield was down 149 basis points, the 2-year
Treasury yield was down 145 basis points, and the 10-Year Treasury yield was down 100 basis points, year-over-year. Yields declined
precipitously in March 2020,with the Fed cutting rates by a total of 150 basis points and a flight to safe-haven assets driving down yields across
the curve.The Fed has signaled plans to keep the front end of the Treasury yield curve anchored near zero for at least the next few years.
14 Q11
i Section 2 Consolidated Profile
15 G`
Objectives As of December 31, 2020
Investment Objectives
The investment objectives of the City of Tustin are first, to provide safety of principal to ensure the
preservation of capital in the overall portfolio; second, to provide adequate liquidity to meet all
requirements which might be reasonably anticipated; and third, to earn a commensurate rate of return.
Chandler Asset Management Performance Objective
The performance objective for the accounts is to achieve a rate of return over a market cycle that equals
or exceeds the return on a market index of similar duration and sector allocation.
Strategy
In order to achieve these objectives, the portfolio invests in high quality fixed income securities consistent
with the investment policy and California Government Code.
16 Q"
Compliance As of December 31, 2020
City of Tustin
Assets managed by Chandler Asset Management are in full compliance with state law and with the investment polity.
Category Standard Comment
U.S.Treasuries No limitations;U.S.government obligations issued by the U.S.Treasury and backed by the full faith and credit of the Federal government Complies
Federal Agencies 50%max per issuer;Federal agencies or U.S.government-sponsored enterprise obligations,participations,or other instruments,including those issued by or fully guaranteed Complies
as to principal and interest by federal agencies or U.S.government-sponsored enterprises
AA"rating category or better by a NRSRO;15%max;5%max per issuer;30%max combined(total with municipal bonds,banker's acceptance,commercial paper,repurchase
Supranational Obligations agreements,and medium term notes);USD denominated senior unsecured unsubordinated obligations;Issued or unconditionally guaranteed by International Bankfor Complies
Reconstruction(IBRD),International Finance Corporation(IFC),or Inter-American Development Bank(IADB)
30%max;5%max per issuer;30%max combined(total with banker's acceptance,commercial paper,repurchase agreements,medium term notes,and supranationals);Bonds
Municipal Securities(CA,Local Agency) issued bythe local agency(City of Tustin bonds);State of California and any local agencywithin the State of California,including bonds payable solely out of the revenues form Complies
a revenue-producing property owned,controlled,or operated by a local agency,or by a department,board,agency,or authority of the local agency
30%max;5%max per issuer;30%max combined(total with banker's acceptance,commercial paper,repurchase agreements,medium term notes,and supranationals);Bonds
Municipal Securities(CA,Other States) of any of the other 49 states in addition to California,including bonds payable solely out of the revenues from a revenue-producing property owned,controlled,or operated Complies
by a state,or by a department,board,agency,or authority of any of the other 49 states,in addition to California
"A"rating or better by a NRSRO;20%max;5%max per issuer;30%max combined(total with municipal bonds,banker's acceptance,commercial paper,repurchase
Corporate Medium Term Notes agreements,and supranationals);Obligations of a domestic corporation or depository institution;If the credit rating of a security is downgraded below the minimum rating Complies
level for a new investment of that security,the Treasurer shall evaluate the downgrade on a case-by-case basis to determine if the security should be held or sold
30%max;5%max per issuer;Certificates of deposit issued by a nationally or state-chartered bank,or a federal association,a state or federal credit union,or by a federally-
Negotiable Certificates of Deposit(NCD) Complies
licensed orstate-licensed branch of a foreign bank
Certificate of Deposit Placement Service 30%max;The City may utilize these at the discretion of the Treasurer Complies
(CDARS)
Collateralized Bank Deposits/Time or 30%max;All active(checking/savings accounts)and inactive(time or certificates of deposit)above FDIC insured limits must be collateralized pursuant to Government Code Complies
Certificates of Deposit
A"rating or better by a NRSRO;30%max;5%max per issuer;30%max combined(total with municipal bonds,commercial paper,repurchase agreements,medium term notes,
Bankers'Acceptances and supranationals);180 da s maturity;Short-term debt instruments issued b a company that is Complies
y ty; y p y guaranteed by a commercial bank
A-1/P-1 rating or equivalent by a NRSRO,plus A longterm rating by a NRSRO;25%max,5%max per issuer;30%max combined(total with municipal bonds,banker's
acceptance,repurchase agreements,medium term notes,and supranationals);270 days max maturity;10%maximum of the outstanding commercial paper of any single
issuer;
Prime"quality of the highest rating by a NRSRO;The entity that issues the commercial paper shall meet all conditions in either(1)or(2):
Commercial Paper (1)a.Organized and operating in the U.S.as a general corporation;b. Has total assets>$500 million;c.Has debt otherthan commercial paper,if any,that is"A"rating Complies
categoryor higher by a NRSRO;
(2)a.Organized within the U.S.as a special purpose corporation,trust,or LLC;b.Has program wide credit enhancements including,but not limited to,overcollateralization,
letters of credit or surety bond;or c."A-1"rated or higher by a NRSRO
AAA or highest ranking by two NRSROs;Retained an investment adviser registered with SEC with>5 years experience managing money market mutual funds with AUM>$500
Money Market Mutual Funds million;Must invest solely in investments,which the City itself could legally purchase;20%max;10%max per Money Market Mutual Fund Complies
Local Agency Investment Fund(LAIF) Max amount limited to the amount as specified by LAIF;Principal amount withdrawal of$10 million or>needs 24-hour notice,and less than$10 million may be withdrawn Complies
the same day;Fees charged by LAIF are limited by Statute; Not used by investment adviser
Local Government Investment Pool
(LGIP)/ Investment in OCIP is allowable according to guidelines in Government Code;Max amount permitted by County Treasurer;Not used by investment adviser Complies
Orange County Investment Pool(OCIP)
Joint Powers Authority(JPA)Investment 50%max per issuer Complies
Pools
Repurchase Agreements 30%max;5%max per issuer;30%max combined(total with municipal bonds,banker's acceptance,commercial paper,medium term notes,and supranationals);1 year max Complies
maturity;102%Collateralized;Not used by investment adviser
Inverse floaters,range notes,mortgage derived interest-only strips;zero interest accrual if held to maturity;Purchasing or selling securities on margin;Reverse Repurchase
Prohibited Complies
Agreements
Diversification(combined) 30%max combined total of the following:municipal bonds,banker's acceptance,commercial paper,repurchase agreements,medium term notes,and supranationals Complies
Weighted Average Maturity 36 months max Complies
Maximum Maturity 5years Complies
The information on this slide was provided by the City of Tustin.Chandler makes no representation that the data provided is accurate as of the date 17 C/"
of this report as these assets are not yet managed by Chandler.
Portfolio Characteristics As of December 31, 2020
City of Tustin Consolidated Account
020 020
Portfolio Portfolio
Average Maturity(yrs) 0.36 0.43
Modified Duration 0.35 0.42
Average Purchase Yield 1.05% 1.17%
Average Market Yield 0.37% 0.46%
Average Quality* AA/Aa2 AA/Aa2
Total Market Value 134,377,549 131,666,071
*Portfolio is S&P and Moody's,respectively.
The information on this slide was provided by the City of Tustin.Chandler makes no representation that the data provided is accurate as of the date 18 C/"
of this report as these assets are not yet managed by Chandler.
Sector Distribution As of December 31, 2020
City of Tustin Consolidated Account
December 31,2020 October 31,2020
Negotiable CD
Negotiable CD Agency 10.9% 7.5% 12.3% Agency 7.7%
Municipal Bonds Cash
4.1% Cash Municipal Bonds o
6.2%
4.2%
1.1/0
Local Gov
Investment Pool Local Gov Corporate
6.1% Investment Pool 12.9%
6.6%
Corporate
11.9%
LAIF
LAIF
53.3%
55.2%
The information on this slide was provided by the City of Tustin.Chandler makes no representation that the data provided is accurate as of the date 19
of this report as these assets are not yet managed by Chandler.
Issuers As of December 31, 2020
City of Tustin Consolidated Account -Account#10795
InvestmentType -10 Pr- %Portfolio
Local Agency Investment Fund LAIF 53.34%
Bank Cash Account Cash 6.17%
CAMP Local Gov Investment Pool 5.21%
Federal Home Loan Bank Agency 3.81%
Toyota Motor Corp Corporate 3.52%
Apple Inc Corporate 3.04%
Federal Home Loan Mortgage Corp Agency 2.31%
ChevronTexaco Corp Corporate 1.54%
State of California Municipal Bonds 1.52%
Federal National Mortgage Association Agency 1.39%
Santa Rosa Regional Resources Municipal Bonds 1.13%
Orange County Investment Pool Local Gov Investment Pool 0.85%
IBM Corp Corporate 0.78%
Visa Inc Corporate 0.77%
City of Industry CA Municipal Bonds 0.77%
Procter&Gamble Company Corporate 0.77%
Pfizer Inc. Corporate 0.76%
Berkshire Hathaway Corporate 0.75%
Murrieta Redevelopment Agency Municipal Bonds 0.46%
Delaware State Police FCU Negotiable CD 0.20%
UBS Corp Negotiable CD 0.20%
California Edl Facs Auth Rev Municipal Bonds 0.20%
Sallie Mae Bank Negotiable CD 0.20%
Alliance Credit Union MO Negotiable CD 0.19%
Mountain America FCU Negotiable CD 0.19%
First Bank of Highland Negotiable CD 0.19%
Signature Bank Chicago IL Negotiable CD 0.19%
Allegiance Bank Negotiable CD 0.19%
First Premier Bank Negotiable CD 0.19%
FNB Bank Inc Negotiable CD 0.19%
First Internet Bank of Indiana Negotiable CD 0.19%
Traverse City State Bank Negotiable CD 0.19%
DNB First NA Negotiable CD 0.19%
First Jackson Bank Inc Negotiable CD 0.19%
Celtic Bank Negotiable CD 0.19%
Keesler Federal Credit Union Negotiable CD 0.19%
Nebraska State Bank&Trust Negotiable CD 0.19%
Ohio Valley Bank Negotiable CD 0.19%
20 C/"
Issuers As of December 31, 2020
City of Tustin Consolidated Account -Account#10795
InvestmentType Pr- %Portfolio
First Technology Federal Negotiable CD 0.19%
Northfield Bank Negotiable CD 0.19%
EagleBank Negotiable CD 0.19%
RCB Bank Negotiable CD 0.19%
Partners Bank California Negotiable CD 0.19%
Central Federal Savings Negotiable CD 0.19%
Great Plains Bank SD Negotiable CD 0.19%
Country Bank New York Negotiable CD 0.19%
Uinta Bank Negotiable CD 0.19%
Lake Bank Negotiable CD 0.19%
American Eagle Bank IL Negotiable CD 0.19%
Palmetto Heritage Bank&Trust Negotiable CD 0.19%
Abacus Federal Savings Bank Negotiable CD 0.19%
Bankers Bank Madison WI Negotiable CD 0.19%
Central State Bank Iowa Negotiable CD 0.19%
FNB Bank Inc Romney WV Negotiable CD 0.19%
CMS Energy Corp Negotiable CD 0.19%
Marine Bank Negotiable CD 0.19%
Nebraskaland National Bank Negotiable CD 0.19%
Citizens ST Bank of Somerville Negotiable CD 0.19%
Commercial Bank Alma MI Negotiable CD 0.19%
USAlliance Federal Credit Union Negotiable CD 0.19%
Winter Hill Bank FSB Negotiable CD 0.19%
Stifel Bank Negotiable CD 0.19%
First Security State Bank Negotiable CD 0.19%
Luana Savings Bank Negotiable CD 0.19%
Gold Coast Bank of Chicago Negotiable CD 0.19%
Ponce Bank/Bronx NY Negotiable CD 0.19%
NCB Savings Bank Negotiable CD 0.19%
Stockyards Bank Negotiable CD 0.19%
Barclays Bank Negotiable CD 0.19%
Triad Bank of Frontenac MO Negotiable CD 0.19%
Citigroup Inc Negotiable CD 0.19%
Mercantil Bank NA Negotiable CD 0.19%
TowneBan k/Portsmou nth VA Negotiable CD 0.19%
Bank of the Pacific Negotiable CD 0.19%
Lead Bank Negotiable CD 0.19%
Apex Bank Negotiable CD 0.18%
21 �I��
IIssuers As of December 31, 2020
City of Tustin Consolidated Account —Account#10795
Issue Name InvestmentType %Portfolio
First Federal Savings Bank Negotiable CD 0.18%
Stone bank Negotiable CD 0.18%
TOTAL 100.00%
2i C1lifi
Section 3 Portfolio Holdings
Cd
Holdings Report As of December 31, 2020
City of Tustin -Account#10783
CUSIP Security Description ParValue/Units Purchase Date
Book Yield Book Value Mkt YTIVI Accrued Int. Gain/Loss Fitch Duration
Agen
3130A7CV5 FHLB Note 1,000,000.00 04/04/2016 1,002,200.00 100.16 1,001,563.00 2.18% Aaa/AA+ 0.13
1.375% Due 02/18/2021 1.33% 1,000,059.29 0.18% 5,079.86 1,503.71 AAA 0.13
3136G3U94 FNMA Callable Note 1X 8/25/2017 1,850,000.00 08/25/2016 1,850,000.00 100.51 1,859,523.80 4.04% Aaa/AA+ 0.40
1.400% Due 05/25/2021 1.40% 1,850,000.00 0.11% 9,065.00 9,523.80 AAA 0.40
3130AB3U8 FHLB Callable Note 1X4/26/2019 4,000,000.00 04/26/2017 4,000,000.00 102.58 4,103,368.00 8.90% Aaa/AA+ 1.32
2.100% Due 04/26/2022 2.10% 4,000,000.00 0.14% 15,166.67 103,368.00 NR 1.30
3134GBMB5 FHLMC Callable Note 1X5/25/2018 1,000,000.00 05/25/2017 1,000,000.00 102.69 1,026,915.00 2.22% Aaa/AA+ 1.40
2.050% Due 05/25/2022 2.05% 1,000,000.00 0.13% 2,050.00 26,915.00 AAA 1.38
3134GBWQ1 FHLMC Callable Note 1X7/27/2018 2,000,000.00 07/27/2017 1,996,000.00 102.96 2,059,260.00 4.49% Aaa/AA+ 1.57
2.000% Due 07/27/2022 2.04% 1,998,746.99 0.11% 17,111.11 60,513.01 AAA 1.54
9,848,200.00 10,050,629.80 21.83% Aaa/AA+ 1.09
TOTALAgency 9,850,000.00 1.88% 9,848,806.28 0.13% 48,472.64 201,823.52 Aaa 1.08
Corporate
S L �
037833858 Apple Inc Callable Note Cont 1/23/2021 2,000,000.00 12/02/2016 2,010,000.00 100.12 2,002,374.00 4.36% Aal/AA+ 0.15
2.250% Due 02/23/2021 2.13% 2,000,343.26 0.29% 16,000.00 2,030.74 NR 0.06
084670BQO Berkshire Hathaway Callable Note Cont 2/15/2021 1,000,000.00 06/13/2018 988,000.00 100.22 1,002,166.00 2.18% Aa2/AA 0.20
2.200% Due 03/15/2021 2.65% 999,129.22 0.42% 6,477.78 3,036.78 A+ 0.12
717081DZ3 Pfizer Inc.Note 1,000,000.00 07/16/2018 976,000.00 101.94 1,019,425.00 2.21% A2/A+ 0.96
2.200% Due 12/15/2021 2.94% 993,307.69 0.16% 977.78 26,117.31 A 0.95
89236TDP7 Toyota Motor Credit Corp Note 1,000,000.00 07/13/2017 1,017,027.84 102.36 1,023,587.00 2.24% Al/A+ 1.03
2.600% Due 01/11/2022 2.20% 1,003,886.45 0.30% 12,277.78 19,700.55 A+ 1.01
742718DY2 Procter&Gamble Cc Note 1,000,000.00 07/16/2018 979,800.00 102.32 1,023,150.00 2.23% Aa3/AA- 1.10
2.300% Due 02/06/2022 2.90% 993,773.87 0.19% 9,263.89 29,376.13 NR 1.08
166764BN9 Chevron Corp Callable Note Cont 2/3/2022 2,000,000.00 08/10/2017 2,034,400.00 102.45 2,048,980.00 4.46% Aa2/AA 1.17
2.498% Due 03/03/2022 2.10% 2,008,796.16 0.24% 16,375.78 40,183.84 NR 1.07
037833CQ1 Apple Inc Callable Note Cont 4/11/2022 2,000,000.00 06/26/2017 2,015,402.54 102.78 2,055,518.00 4.46% Aal/AA+ 1.36
2.300% Due 05/11/2022 2.13% 2,004,283.29 0.12% 6,388.89 51,234.71 NR 1.26
44932HAC7 IBM Credit Corp Note 1,000,000.00 10/03/2017 995,300.00 103.49 1,034,873.00 2.25% A2/A 1.69
2.200% Due 09/08/2022 2.30% 998,395.06 0.13% 6,905.56 36,477.94 NR 1.65
89236TEC5 Toyota Motor Credit Corp Note 2,500,000.00 11/01/2017 2,482,750.00 103.12 2,577,882.50 5.61% Al/A+ 1.69
2.150% Due 09/08/2022 2.30% 2,494,013.12 0.30% 16,871.53 83,869.38 A+ 1.65
92826CAG7 Visa Inc Callable Note Cont 8/15/2022 1,000,000.00 10/03/2017 1,002,301.43 103.10 1,031,041.00 2.24% Aa3/AA- 1.71
2.150% Due 09/15/2022 2.10% 1,000,791.75 0.23% 6,330.56 30,249.25 NR 1.59
24 Q11
Holdings Report As of December 31, 2020
City of Tustin -Account#10783
CUSIP Security Description ParValue/Units Purchase Date
Book Yield Book Value Mkt YTIVI Accrued Int. Gain/Loss Fitch Duration
89236TFNO Toyota Motor Credit Corp Note 1,000,000.00 02/28/2019 1,019,000.00 108.35 1,083,491.00 2.36% Al/A+ 2.72
3.450% Due 09/20/2023 3.00% 1,011,320.12 0.36% 9,679.17 72,170.88 A+ 2.60
15,519,981.81 15,902,487.50 34.61% Aa3/AA- 1.24
TOTAL Corporate 15,500,000.00 2.36% 15,508,039.99 0.25% 107,548.72 394,447.51 A+ 1.17
Municipal Bonds
13063DAC2 California State STE-GO 1,000,000.00 04/27/2017 1,023,400.00 100.58 1,005,790.00 2.19% Aa2/AA- 0.25
2.625% Due 04/01/2021 2.00% 1,001,467.60 0.31% 6,562.50 4,322.40 AA 0.25
802629AW5 Santa Rosa Regional Resources STE-REV 980,000.00 10/03/2017 987,154.00 101.11 990,848.60 2.16% NR/AA+ 0.58
2.200% Due 08/01/2021 2.00% 981,084.87 0.30% 8,983.33 9,763.73 AA 0.58
62719PAX4 Murrieta Redevelopment Agency STE-TA 350,000.00 10/18/2017 349,135.50 100.68 352,383.50 0.77% NR/A 0.58
2.250% Due 08/01/2021 2.32% 349,867.48 1.08% 3,281.25 2,516.02 NR 0.57
45656RDV1 City of Industry CA STE-REV 1,000,000.00 05/17/2017 1,013,000.00 102.12 1,021,150.00 2.24% AI/NR 1.00
2.750% Due 01/01/2022 2.45% 1,002,807.69 0.63% 13,750.00 18,342.31 NR 0.98
13063DADO California State TE-GO 1,000,000.00 04/27/2017 1,010,000.00 102.52 1,025,180.00 2.23% Aa2/AA- 1.25
2.367% Due 04/01/2022 2.15% 1,002,527.78 0.35% 5,917.50 22,652.22 AA 1.23
802629AX3 Santa Rosa Regional Resources STE-REV 500,000.00 10/03/2017 504,500.00 103.32 516,590.00 1.13% NR/AA+ 1.58
2.400% Due 08/01/2022 2.20% 501,472.77 0.30% 5,000.00 15,117.23 AA 1.55
62719PAY2 Murrieta Redevelopment Agency STE-TA 250,000.00 10/18/2017 249,345.00 102.27 255,665.00 0.56% NR/A 1.58
2.500% Due 08/01/2022 2.56% 249,783.79 1.05% 2,604.17 5,881.21 NR 1.54
13077DFD9 California State University TE-REV 250,000.00 08/02/2018 250,000.00 105.12 262,802.50 0.57% Aa2/AA- 1.84
3.054% Due 11/01/2022 3.05% 250,000.00 0.25% 1,272.50 12,802.50 NR 1.79
5,386,534.50 5,430,409.60 11.84% Aa3/AA- 0.93
TOTAL Municipal Bonds 5,330,000.00 2.23% 5,339,011.98 0.45% 47,371.25 91,397.62 AA 0.91
Negotiable CID
86158RAM1 Stone Bank Negotiable CD 248,000.00 10/11/2017 248,000.00 100.05 248,136.15 0.54% NR/NR 0.03
1.850% Due 01/11/2021 1.85% 248,000.00 0.03% 263.97 136.15 NR 0.03
32021YDA8 First Federal Savings Bank Negotiable CD 248,000.00 11/15/2017 248,000.00 100.08 248,190.96 0.54% NR/NR 0.04
1.900% Due 01/15/2021 1.90% 248,000.00 0.03% 219.46 190.96 NR 0.04
521680AE8 Lead Bank Negotiable CD 248,000.00 08/09/2017 248,000.00 100.18 248,442.68 0.54% NR/NR 0.11
1.700% Due 02/09/2021 1.70% 248,000.00 0.07% 265.67 442.68 NR 0.11
54910321-2 Luana Savings Bank Negotiable CD 248,000.00 08/11/2017 248,000.00 100.19 248,476.66 0.54% NR/NR 0.12
1.700% Due 02/11/2021 1.70% 248,000.00 0.03% 1,651.75 476.66 NR 0.12
03753XAEO Apex Bank Negotiable CD 248,000.00 08/17/2016 248,000.00 100.16 248,388.12 0.54% NR/NR 0.13
1.250% Due 02/17/2021 1.25% 248,000.00 0.06% 127.40 388.12 NR 0.13
25 cj"
Holdings Report As of December 31, 2020
City of Tustin -Account#10783
CUSIP Security Description ParValue/Units Purchase Date Cost Value Mkt Price Market Value %of Port. Moody/S&P Maturity
Book Yield Book Value Mkt YTM Accrued Int. Gain/Loss Fitch Duration
336386AX5 First Security Bank Negotiable CD 249,000.00 06/22/2018 249,000.00 100.40 250,006.71 0.54% NR/NR 0.15
2.850% Due 02/22/2021 2.85% 249,000.00 0.07% 194.42 1,006.71 NR 0.14
90352RAB1 USAlliance Fed Credit Union Negotiable CD 249,000.00 06/22/2018 249,000.00 100.43 250,060.74 0.54% NR/NR 0.15
3.000% Due 02/22/2021 3.00% 249,000.00 0.07% 204.66 1,060.74 NR 0.14
635573AH1 National Cooperative Bank Negotiable CD 248,000.00 03/09/2016 248,000.00 100.23 248,572.88 0.54% NR/NR 0.19
1.500% Due 03/09/2021 1.50% 248,000.00 0.26% 1,161.86 572.88 NR 0.19
89579NBU6 Triad Bank of Frontenac MO Negotiable CD 248,000.00 10/12/2017 248,000.00 100.51 249,267.53 0.54% NR/NR 0.28
1.850% Due 04/12/2021 1.85% 248,000.00 0.02% 251.40 1,267.53 NR 0.28
38058KDU7 Gold Coast Bank of Chicago Negotiable CD 248,000.00 11/09/2017 248,000.00 100.67 249,662.84 0.54% NR/NR 0.36
1.900% Due 05/10/2021 1.91% 248,000.00 0.02% 296.92 1,662.84 NR 0.35
507515BE3 Lake Bank Negotiable CD 249,000.00 06/22/2018 249,000.00 101.09 251,707.63 0.54% NR/NR 0.38
2.900% Due 05/17/2021 2.92% 249,000.00 0.00% 197.84 2,707.63 NR 0.37
06425BCK3 Bank of the Pacific Negotiable CD 248,000.00 08/24/2016 248,000.00 100.48 249,198.58 0.54% NR/NR 0.39
1.250% Due 05/24/2021 1.25% 248,000.00 0.02% 67.95 1,198.58 NR 0.39
732333AG4 Ponce De Leon Federal Bank Negotiable CD 248,000.00 05/26/2017 248,000.00 100.75 249,869.18 0.54% NR/NR 0.40
1.900% Due 05/26/2021 1.90% 248,000.00 0.02% 77.46 1,869.18 NR 0.40
33715LBL3 First Technology Federal Negotiable CD 249,000.00 06/14/2018 249,000.00 101.37 252,414.54 0.55% NR/NR 0.45
3.050% Due 06/14/2021 3.05% 249,000.00 0.02% 374.52 3,414.54 NR 0.45
861026AAO Stock Yards Bank Negotiable CD 246,000.00 06/14/2018 246,000.00 101.31 249,224.57 0.54% NR/NR 0.45
2.900% Due 06/14/2021 2.90% 246,000.00 0.00% 351.81 3,224.57 NR 0.45
17312QN47 Citibank NA Negotiable CD 246,000.00 06/15/2018 246,000.00 101.25 249,075.00 0.54% NR/NR 0.45
3.000% Due 06/15/2021 3.00% 246,000.00 0.25% 343.73 3,075.00 NR 0.45
22230PBS8 Country Bank New York Negotiable CD 249,000.00 06/20/2018 249,000.00 101.23 252,050.25 0.55% NR/NR 0.46
2.900% Due 06/18/2021 2.92% 249,000.00 0.25% 237.40 3,050.25 NR 0.46
27002YDS2 EagleBank Negotiable CD 249,000.00 06/15/2018 249,000.00 101.36 252,383.66 0.55% NR/NR 0.47
2.900% Due 06/21/2021 2.92% 249,000.00 0.02% 336.32 3,383.66 NR 0.47
74934YAJO RCB Bank Negotiable CD 249,000.00 06/20/2018 249,000.00 101.36 252,383.66 0.55% NR/NR 0.47
2.900% Due 06/21/2021 2.92% 249,000.00 0.02% 237.40 3,383.66 NR 0.47
58733AEX3 Mercantile Bank NA Negotiable CD 246,000.00 06/21/2018 246,000.00 101.27 249,124.20 0.54% NR/NR 0.47
3.000% Due 06/21/2021 3.00% 246,000.00 0.30% 222.41 3,124.20 NR 0.47
12325EHU9 Stifel Bank Negotiable CD 248,000.00 06/23/2017 248,000.00 100.85 250,099.07 0.54% NR/NR 0.48
1.800% Due 06/23/2021 1.80% 248,000.00 0.02% 110.07 2,099.07 NR 0.47
975875AK1 Winter Hill Bank FSB Negotiable CD 248,000.00 06/26/2017 248,000.00 100.87 250,160.33 0.54% NR/NR 0.49
1.800% Due 06/28/2021 1.81% 248,000.00 0.02% 73.38 2,160.33 NR 0.49
63970QFG6 Nebraskaland National Bank Negotiable CD 248,000.00 06/28/2017 248,000.00 100.90 250,221.58 0.54% NR/NR 0.49
1.850% Due 06/28/2021 1.85% 248,000.00 0.02% 50.28 2,221.58 NR 0.49
26 Q1
Holdings Report As of December 31, 2020
City of Tustin -Account#10783
CUSIP Security Description ParValue/Units Purchase Date Cost Value Mkt Price Market Value %of Port. Moody/S&P Maturity
Book Yield Book Value Mkt YTIVI Accrued Int. Gain/Loss Fitch Duration
89214PBR9 TowneBank/Portsmouth VA Negotiable CD 246,000.00 06/28/2018 246,000.00 101.32 249,247.20 0.54% NR/NR 0.49
3.000% Due 06/28/2021 3.00% 246,000.00 0.30% 80.88 3,247.20 NR 0.49
15347EAH2 Central Federal Savings Negotiable CD 249,000.00 06/28/2018 249,000.00 101.39 252,461.60 0.55% NR/NR 0.49
2.850% Due 06/28/2021 2.85% 249,000.00 0.02% 77.77 3,461.60 NR 0.49
56817TAB7 Marine Bank Negotiable CD 248,000.00 06/29/2017 248,000.00 100.90 250,234.23 0.54% NR/NR 0.49
1.850% Due 06/29/2021 1.85% 248,000.00 0.02% 37.71 2,234.23 NR 0.49
17670DAD6 Citizens ST Bank of Somerville Negotiable CD 248,000.00 06/30/2017 248,000.00 100.91 250,246.63 0.54% NR/NR 0.50
1.850% Due 06/30/2021 1.85% 248,000.00 0.02% 25.14 2,246.63 NR 0.49
06610RAQ2 Bankers Bank Madison WI Negotiable CD 248,000.00 07/14/2017 248,000.00 101.00 250,487.19 0.54% NR/NR 0.53
1.900% Due 07/14/2021 1.90% 248,000.00 0.02% 232.37 2,487.19 NR 0.53
15523RB14 Central State Bank Iowa Negotiable CD 248,000.00 07/14/2017 248,000.00 100.98 250,420.48 0.54% NR/NR 0.53
1.850% Due 07/14/2021 1.85% 248,000.00 0.02% 226.26 2,420.48 NR 0.53
30257JAC9 FNB Bank Inc Romney WV Negotiable CD 248,000.00 07/19/2017 248,000.00 101.00 250,482.48 0.54% NR/NR 0.55
1.850% Due 07/19/2021 1.85% 248,000.00 0.02% 163.41 2,482.48 NR 0.55
00257TAY2 Abacus Federal Savings Bank Negotiable CD 248,000.00 07/21/2017 248,000.00 101.07 250,645.91 0.54% NR/NR 0.55
1.950% Due 07/21/2021 1.95% 248,000.00 0.02% 145.74 2,645.91 NR 0.55
201282HD5 Commercial Bank Alma MI Negotiable CD 248,000.00 08/16/2016 248,000.00 100.85 250,116.93 0.54% NR/NR 0.62
1.400% Due 08/16/2021 1.40% 248,000.00 0.03% 152.20 2,116.93 NR 0.62
70212YAW2 Partners Bank California Negotiable CD 248,000.00 08/15/2017 248,000.00 101.14 250,829.43 0.55% NR/NR 0.62
1.850% Due 08/16/2021 1.85% 248,000.00 0.02% 1,747.21 2,829.43 NR 0.62
69709QAM3 Palmetto Heritage Bank&Trust Negotiable CD 248,000.00 08/21/2017 248,000.00 101.19 250,958.89 0.54% NR/NR 0.64
1.900% Due 08/20/2021 1.91% 248,000.00 0.02% 142.01 2,958.89 NR 0.63
29266N3H8 Enerbank USA Negotiable CD 248,000.00 08/26/2016 248,000.00 100.92 250,291.02 0.54% NR/NR 0.65
1.450% Due 08/26/2021 1.45% 248,000.00 0.03% 59.11 2,291.02 NR 0.65
49254FAQ9 Keesler Federal Credit Union Negotiable CD 249,000.00 02/28/2019 249,000.00 101.97 253,911.53 0.55% NR/NR 0.66
3.000% Due 08/30/2021 3.02% 249,000.00 0.02% 81.86 4,911.53 NR 0.66
903572CC7 Uinta Bank Negotiable CD 247,000.00 10/13/2017 247,000.00 101.58 250,892.72 0.54% NR/NR 0.78
2.050% Due 10/13/2021 2.05% 247,000.00 0.04% 1,109.81 3,892.72 NR 0.78
66612ABV9 Northfield Bank Negotiable CD 248,000.00 11/01/2017 247,256.00 101.53 251,803.33 0.55% NR/NR 0.80
1.950% Due 10/20/2021 2.03% 247,850.07 0.04% 967.20 3,953.26 NR 0.80
39115UAZ6 Great Plains Bank SD Negotiable CD 248,000.00 04/21/2017 248,000.00 101.75 252,338.02 0.55% NR/NR 0.97
1.850% Due 12/21/2021 1.85% 248,000.00 0.05% 138.27 4,338.02 NR 0.96
02554BCRO American Eagle Bank IL Negotiable CD 247,000.00 07/13/2017 247,000.00 101.95 251,810.82 0.54% NR/NR 1.00
2.000% Due 12/30/2021 2.00% 247,000.00 0.05% 27.07 4,810.82 NR 0.99
677721CNO Ohio Valley Bank Negotiable CD 248,000.00 07/19/2017 248,000.00 101.94 252,804.01 0.55% NR/NR 1.05
1.900% Due 01/19/2022 1.90% 248,000.00 0.06% 167.82 4,804.01 NR 1.04
27 Q1
Holdings Report As of December 31, 2020
City of Tustin -Account#10783
CUSIP Security Description ParValue/Units Purchase Date Cost Value Mkt Price Market Value %of Port. Moody/S&P Maturity
Book Yield Book Value Mkt YTM Accrued Int. Gain/Loss Fitch Duration
63969ACD4 Nebraska State Bank 8,Trust Negotiable CD 248,000.00 04/21/2017 248,000.00 102.15 253,339.44 0.55% NR/NR 1.14
1.950% Due 02/21/2022 1.95% 248,000.00 0.06% 145.74 5,339.44 NR 1.13
15118RMF1 Celtic Bank Negotiable CD 248,000.00 04/21/2017 248,000.00 102.65 254,581.18 0.55% NR/NR 1.30
2.100% Due 04/21/2022 2.10% 248,000.00 0.06% 156.95 6,581.18 NR 1.29
32063KAS1 First Jackson Bank Inc Negotiable CD 248,000.00 11/08/2017 248,000.00 102.68 254,656.57 0.55% NR/NR 1.35
2.050% Due 05/09/2022 2.06% 248,000.00 0.07% 334.29 6,656.57 NR 1.33
25590AAH3 DNB First NA Negotiable CD 248,000.00 06/23/2017 248,000.00 102.84 255,051.14 0.55% NR/NR 1.48
2.000% Due 06/23/2022 2.00% 248,000.00 0.07% 122.30 7,051.14 NR 1.46
894333FF5 Traverse City State Bank Negotiable CD 248,000.00 06/28/2017 248,000.00 102.87 255,127.02 0.55% NR/NR 1.49
2.000% Due 06/28/2022 2.00% 248,000.00 0.07% 54.36 7,127.02 NR 1.48
06740KKD8 Barclays Bank Delaware Negotiable CD 247,000.00 07/12/2017 247,000.00 103.25 255,019.60 0.56% NR/NR 1.53
2.200% Due 07/12/2022 2.20% 247,000.00 0.07% 2,575.57 8,019.60 NR 1.50
32056GCQ1 First Internet Bank of IN Negotiable CD 248,000.00 07/14/2017 248,000.00 103.03 255,509.44 0.55% NR/NR 1.53
2.050% Due 07/14/2022 2.05% 248,000.00 0.08% 250.72 7,509.44 NR 1.51
330459BUl FNB Bank Inc Negotiable CD 248,000.00 08/18/2017 248,000.00 103.13 255,750.00 0.55% NR/NR 1.63
2.000% Due 08/18/2022 2.00% 248,000.00 0.08% 190.25 7,750.00 NR 1.60
33610RQY2 First Premier Bank Negotiable CD 248,000.00 08/21/2017 248,000.00 103.23 256,016.35 0.56% NR/NR 1.64
2.050% Due 08/22/2022 2.05% 248,000.00 0.08% 1,852.53 8,016.35 NR 1.61
01859BAA3 Alliance Credit Union MO Negotiable CD 248,000.00 10/13/2017 248,000.00 103.85 257,547.50 0.56% NR/NR 1.78
2.250% Due 10/13/2022 2.25% 248,000.00 0.09% 1,223.01 9,547.50 NR 1.75
01748DAY2 Allegiance Bank Negotiable CD 248,000.00 11/03/2017 248,000.00 103.87 257,606.03 0.56% NR/NR 1.84
2.200% Due 11/03/2022 2.20% 248,000.00 0.09% 433.49 9,606.03 NR 1.80
82669VBY6 Signature Bank Chicago IL Negotiable CD 248,000.00 11/08/2017 248,000.00 103.81 257,443.84 0.56% NR/NR 1.85
2.150% Due 11/08/2022 2.15% 248,000.00 0.09% 788.84 9,443.84 NR 1.82
62384RACO MOUNTAIN AMERICA FD CRED Negotiable CD 248,000.00 11/08/2017 248,000.00 104.09 258,135.51 0.56% NR/NR 1.85
2.300% Due 11/08/2022 2.30% 248,000.00 0.09% 375.06 10,135.51 NR 1.82
3191411F5 First Bank of Highland Negotiable CD 248,000.00 11/08/2017 248,000.00 103.90 257,673.49 0.56% NR/NR 1.85
2.200% Due 11/08/2022 2.20% 248,000.00 0.09% 807.19 9,673.49 NR 1.82
795450M93 Sallie Mae Bank Negotiable CD 245,000.00 04/18/2018 245,000.00 106.60 261,159.47 0.57% NR/NR 2.30
3.000% Due 04/18/2023 3.00% 245,000.00 0.12% 1,510.27 16,159.47 NR 2.22
903481CW8 UBS Bank USA Negotiable CD 248,000.00 06/13/2018 248,000.00 107.61 266,882.97 0.58% NR/NR 2.45
3.250% Due 06/13/2023 3.25% 248,000.00 0.14% 419.56 18,882.97 NR 2.36
28 0111
Holdings Report As of December 31, 2020
City of Tustin -Account#10783
CUSIP Security Description ParValue/Units Purchase Date Cost Value Mkt Price Market Value %of Port. Moody/S&P Maturity
Book Yield Book Value Mkt YTM Accrued Int. Gain/Loss Fitch Duration
246399AB5 Delaware State Police FCU Negotiable CD 246,000.00 03/29/2019 246,000.00 109.00 268,148.86 0.58% NR/NR 3.24
3.000% Due 03/29/2024 3.00% 246,000.00 0.21% 1,900.60 22,148.86 NR 3.10
14,376,256.00 14,646,748.35 31.72% NR/NR 0.87
TOTAL Negotiable CD 14,377,000.00 2.19% 14,376,850.07 0.07% 26,040.65 269,898.28 NR 0.85
45,130,972.31 46,030,275.25 100.00% Aa2/AA 1.05
TOTAL PORTFOLIO 45,057,000.00 2.19% 45,072,708.32 0.19% 229,433.26 957,566.93 AA 1.02
TOTAL MARKET VALUE PLUS ACCRUALS 46,259,708.51
29 QJ1
Holdings Report As of December 31, 2020
City of Tustin Reporting Account -Account#10794
CUSIP Security Description ParValue/Units Purchase Date Cost Value Mkt Price Market Value %of Port. Moody/S&P Maturity
Book Yield Book Value Mkt YTIVI Accrued Int. Gain/Loss Fitch Duration
Cash # -
90BOFA$00 Cash BOA Cash Acct 8,291,741.22 Various 8,291,741.22 1.00 8,291,741.22 9.41% NR/NR 0.00
0.25% 8,291,741.22 0.25% 0.00 0.00 NR 0.00
8,291,741.22 8,291,741.22 9.41% NR/NR 0.00
TOTAL Cash 8,291,741.22 0.25% 8,291,741.22 0.25% 0.00 0.00 NR 0.00
LAW im: IN
90LAIF$00 Local Agency Investment Fund State Pool 71,606,368.94 10/31/2020 71,606,368.94 1.00 71,606,368.94 81.34% NR/NR 0.00
0.52% 71,606,368.94 0.52% 68,967.95 0.00 NR 0.00
71,606,368.94 71,606,368.94 81.34% NR/NR 0.00
TOTAL LAIF 71,606,368.94 0.52% 71,606,368.94 0.52% 68,967.95 0.00 NR 0.00
Local Gov Investment Pool
900CIP$01 Orange County Investment Pool 1,144,550.68 Various 1,144,550.68 1.00 1,144,550.68 1.30% NR/NR 0.00
0.84% 1,144,550.68 0.84% 0.00 0.00 NR 0.00
90CAMP$00 California Asset Mgmt Program CAMP 7,006,211.27 Various 7,006,211.27 1.00 7,006,211.27 7.95% NR/AAA 0.00
0.12% 7,006,211.27 0.12% 0.00 0.00 NR 0.00
8,150,761.95 8,150,761.95 9.25% NR/AAA 0.00
TOTAL Local Gov Investment Pool 8,150,761.95 0.22% 8,150,761.95 0.22% 0.00 0.00 NR 0.00
88,048,872.11 88,048,872.11 100.00% NR/AAA 0.00
TOTAL PORTFOLIO 88,048,872.11 0.47% 88,048,872.11 0.47% 68,967.95 0.00 NR 0.00
TOTAL MARKET VALUE PLUS ACCRUALS 88,117,840.06
30 Q1
Section 4 Transactions
31 Cd
` Transaction Ledger As of December 31, 2020
City of Tustin -Account#10783
October3l,2020 through December3l,2020
Transaction Settlement CUSIP Quantity Security Description Price Acq/Disp Amount Interest Total Amount Gain/Loss
Type Date Yield Pur/Sold
DISPOSITIONS '
Maturity 11/19/2020 51210SMS3 248,000.00 Lakeside Bank Negotiable CD 100.000 1.75% 248,000.00 0.00 248,000.00 0.00
1.75%Due:11/19/2020
Maturity 11/23/2020 02771PNQ6 248,000.00 American National Bank Fox Cit Negotiable CD 100.000 1.75% 248,000.00 0.00 248,000.00 0.00
1.75%Due:11/23/2020
Maturity 12/09/2020 020080BE6 248,000.00 Alma Bank Negotiable CD 100.000 1.70% 248,000.00 0.00 248,000.00 0.00
1.7%Due:12/09/2020
Maturity 12/14/2020 72940UJF3 249,000.00 Plus International Bank FL Negotiable CD 100.000 2.82% 249,000.00 0.00 249,000.00 0.00
2.8%Due:12/14/2020
Maturity 12/15/2020 931142EA7 1,000,000.00 Wal-Mart Stores Note 100.000 1,000,000.00 0.00 1,000,000.00 0.00
1.9%Due:12/15/2020
Maturity 12/16/2020 619165GW7 248,000.00 Morton Community Bank Negotiable CD 100.000 1.70% 248,000.00 0.00 248,000.00 0.00
1.7%Due:12/16/2020
Maturity 12/28/2020 319267GE4 248,000.00 First Bank of Richmond Negotiable CD 100.000 1.81% 248,000.00 0.00 248,000.00 0.00
1.8%Due:12/28/2020
Subtotal 2,489,000.00 2,489,000.00 0.00 2,489,000.00 0.00
TOTAL DISPOSITIONS 2,489,000.00 2,489,000.00 0.00 2,489,000.00 0.00
32 ci"
` Transaction Ledger As of December 31, 2020
City of Tustin Reporting Account -Account#10794
October3l,2020 through December3l,2020
Transaction Settlement CUSIP Quantity Security Description Price Acq/Disp Amount Interest Total Amount Gain/Loss
Type Date Yield Pur/Sold
ACQUISITIONS
Purchase 11/25/2020 900CIP$01 1,109.70 Orange County Investment Pool 1.000 1.06% 1,109.70 0.00 1,109.70 0.00
Purchase 11/30/2020 90CAM5$00 385.13 California Asset Mgmt Program CAMP 1.000 0.12% 385.13 0.00 385.13 0.00
Purchase 12/30/2020 900CIP$01 996.11 Orange County Investment Pool 1.000 0.90% 996.11 0.00 996.11 0.00
Purchase 12/31/2020 90CAMP$00 439.42 California Asset Mgmt Program CAMP 1.000 0.12% 439.42 0.00 439.42 0.00
Subtotal 2,930.36 2,930.36 0.00 2,930.36 0.00
Security 11/25/2020 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
Contribution
Security 12/23/2020 90CAMP$00 6,500,000.00 California Asset Mgmt Program CAMP 1.000 6,500,000.00 0.00 6,500,000.00 0.00
Contribution
Subtotal 9,700,000.00 9,700,000.00 0.00 9,700,000.00 0.00
TOTAL ACQUISITIONS 9,702,930.36 9,702,930.36 0.00 9,702,930.36 0.00
DISPOSITIONS
Security 11/02/2020 900CIP$01 57.36 Orange County Investment Pool 1.000 57.36 0.00 57.36 0.00
Withdrawal
Security 11/06/2020 90CAMP$00 5,600,000.00 California Asset Mgmt Program CAMP 1.000 5,600,000.00 0.00 5,600,000.00 0.00
Withdrawal
Security 12/01/2020 900CIP$01 55.55 Orange County Investment Pool 1.000 55.55 0.00 55.55 0.00
Withdrawal
Security 12/11/2020 90CAMP$00 2,900,000.00 California Asset Mgmt Program CAMP 1.000 2,900,000.00 0.00 2,900,000.00 0.00
Withdrawal
Security 12/18/2020 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
Withdrawal
33 Q
Transaction Ledger As of December 31, 2020
City of Tustin Reporting Account -Account#10794
October3l,2020 through December3l,2020
Transaction Settlement CUSIP Quantity Security Description Vr Price Acq/Disp Amount Interest Total Amount Gain/Loss
Type Date Yield Pur/Sold
Security 12/28/2020 90LAIF$00 1,121,303.69 Local Agency Investment Fund State Pool 1.000 1,121,303.69 0.00 1,121,303.69 0.00
Withdrawal
Subtotal 11,321,416.60 11,321,416.60 0.00 11,321,416.60 0.00
TOTAL DISPOSITIONS 11,321,416.60 11,321,416.60 0.00 11,321,416.60 0.00
34 Ci"
Important Disclosures As of December 31, 2020
2020 Chandler Asset Management,Inc,An Ind ependentRegistered 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 alterthe 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 ofthe 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.
35 CJ"
Benchmark Disclosures As of December 31, 2020
ICE BAML 1-5 Year 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,5&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 cf$1 billion for sovereigns and$250 million for
agencies.(Index.GVAO.Please visit www.mlindex.ml.com for more information)
36 cjf&j
City of Tustin
Transactions Summary
Monthly Investment Transactions
Group By:Action
Portfolio/Report Group:All Portfolios
Begin Date:09/30/2020,End Date:12/31/2020
YTM @ Settlement Maturity Face
Description CUSIP/Ticker Portfolio Name Cost Trade Date Date Date Amount/Shares Principal Price Interest/Dividends Total
Called
Microsoft 211/3/2020-20 594918BG8 Fixed Income-Corporate 0.000 10/32020 10/3/2020 11/3/2020 1,000,000.00 1,000,000.00 0 8,333.33 1,008,333.33
Bonds
Sub Total IAverage Called 1,000,000.00 1,000,000.00 6,333.33 1,006,333.33
Matured
Alma Bank 1.7 12/9/2020 020080BE6 Fixed Income-Certificate 0.000 12/9/2020 12/9/2020 12/9/2020 248,000.00 248,000.00 0 0.00 248,000.00
of Deposit Negotiable
American National Bank-Fox 02771 PNQ6 Fixed Income-Certificate 0.000 11/23/2020 11/23/2020 11/23/2020 248,000.00 248,000.00 0 0.00 248,000.00
Cities 1.75 11/23/2020 of Deposit Negotiable
COCO-COLA CO 1.875 191216BT6 Fixed Income-Corporate 0.000 10/27/2020 10/27/2020 10/27/2020 1,000,000.00 1,000,000.00 0 0.00 1,000,000.00
10/27/2020 Bonds
First Bank Richmond 1.8 319267GE4 Fixed Income-Certificate 0.000 12/28/2020 1228/2020 12/28/2020 248,000.00 248,000.00 0 0.00 248,000.00
12/28/2020 of Deposit Negotiable
Lakeside Bank 1.7511/19/2020 51210SMS3 Fixed Income-Certificate 0.000 11/19/2020 11/19/2020 11/19/2020 248,000.00 248,000.00 0 0.00 248,000.00
of Deposit Negotiable
Morton Community Bank 1.7 619165GW7 Fixed Income-Certificate 0.000 12/16/2020 12/16/2020 12/16/2020 248,000.00 248,000.00 0 0.00 248,000.00
12/16/2020 of Deposit Negotiable
Plus International Bank 2.8 72940UJF3 Fixed Income-Certificate 0.000 12/14/2020 12/14/2020 12/14/2020 249,000.00 249,000.00 0 0.00 249,000.00
12/14/2020 of Deposit Negotiable
Walmart Inc 1.912/15/2020 931142EA7 Fixed Income-Corporate 0.000 12/15/2020 12/15/2020 12/15/2020 1,000,000.00 1,000,000.00 0 0.00 1,000,000.00
Bonds
Sub Total I Average Matured 3,489,000.00 3,489,000.00 0.00 3,489,000.00
CITY OF TUSTIN _
Monthly Investment Report
December 31,2020
Restricted Deposits with Fiscal Agents
[1] [2] [3] [4] [5]
Description Limits Face Amount Shares YTM@Cost Credit Rating Cost Value+Accrued Market Value
Interest
2016 Successor Agency Tax Allocation Bonds,Refunding 1.23 N/A 1.23 1.23
2016 Water Revenue Bonds,Refunding 0.55 N/A 0.55 0.55
2012 Water Revenue Bonds-Refunding 0.11 N/A 0.11 0.11
2020 Water Revenue Bonds 0.00 N/A 0.00 0.00
CFD 04-1 677,953.31 N/A 677,953.31 677,953.31
CFD 06-1 7,136,114.57 N/A 7,136,114.57 7,136,114.57
CFD 07-1 1,401,900.80 N/A 1,401,900.80 1,401,900.80
CFD 14-1 11,683,718.04 N/A 11,683,718.04 11,683,718.04
20,899,688.61 20,899,688.61 20,899,688.61
Restricted Deposits with Fiscal Agents TOTAL 20,899,688.61 20,899,688.61
PUBLIC
AGENCY
RETIREMENT
SERVICES PARS
CITY OF TUSTIN Account Report for the Period
PARS Post Employment Benefits Trust 12/1/2020 to 12/31/2020
Matthew West
City Manager
City of Tustin
300 Centennial Way
Tustin,CA 92780
Account Summary
Balance as of Balance as of
Source 12/1/2020 Contributions Earnings Expenses Distributions Transfers 12/31/2020
OPEB $2,370,983.33 $0.00 $58,305.98 $1,090.88 $0.00 $0.00 $2,428,198.43
PENSION $6,764,742.88 $0.00 $166,329.01 $3,112.59 $0.00 $0.00 $6,927,959.30
Totals $9,135,726.21 $0.00 $224,634.99 $4,203.47 $0.00 $0.00 $9,356,157.73
Investment Selection
Source
OPEB City of Tustin-OPEB
PENSION City of Tustin-Pension
Investment Objective
Source
Individual account based on Moderate Index PLUS. The dual goals of the Moderate Strategy are growth of principal and income.It is expected that
OPEB dividend and interest income will comprise a significant portion of total return,although growth through capital appreciation is equally important.The
portfolio will be allocated between equity and fixed income investments.
Individual account based on Moderate Index PLUS. The dual goals of the Moderate Strategy are growth of principal and income.It is expected that
PENSION dividend and interest income will comprise a significant portion of total return,although growth through capital appreciation is equally important.The
portfolio will be allocated between equity and fixed income investments.
Investment Return
Annualized Return
Source 1-Month 3-Months 1-Year F 3-Years 5-Years 10-Years Plan's Inception Date
OPEB 2.46% 8.00% 11.33% 6/26/2018
PENSION 2.46% 8.00% 11.33% 6/26/2018
Information as provided by US Bank,Trustee for PARS;Not FDIC Insured;No Bank Guarantee;May Lose Value
Past performance does not guarantee future results.Performance returns may not reflect the deduction of applicable fees,which could reduce returns. Information is deemed reliable but may be subject to change.
Investment Return: Annualized rate of return is the return on an investment over a period other than one year multiplied or divided to give a comparable one-year return.
Account balances are inclusive of Trust Administration,Trustee and Investment Management fees
Headquarters-4350 Von Kannan Ave.,Suite 100,Newport Beach,CA 92660 800.540.6369 Fax 949.250.1250 www.pars.org