HomeMy WebLinkAbout06 QUARTERLY INVESTMENT REPORT FOR SEPTEMBER 30, 2021DocuSign Envelope ID: 89AB5F7E-7024-41 E5-8A70-595E64F5D32A
AGENDA REPORT
MEETING DATE: NOVEMBER 16, 2021
TO: MATTHEW S. WEST, CITY MANAGER
Agenda Item o
Reviewed:
City Manager
Finance Director
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 FOR THE QUARTER ENDING SEPTEMBER 30, 2021
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.
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 for the City of
Tustin and the Successor Agency for the Tustin Community Redevelopment Agency for the quarter
ending September 30, 2021 is rendered.
The City's total cash and investments amounted to approximately $200 million as of September 30,
2021. The weighted average yield for the investment portfolio was 0.57%, which is 11 basis points
lower than the weighted average yield for the prior quarter. The primary reason for the decrease in
the weighted average portfolio yield is due to the decline in interest rates, which are currently at
historical lows. For example, the 12 -month average for a 2 -Year Treasury was 0.17% for October
2020 through September 2021. In contrast, the 12 -month average for a 2 -Year Treasury a year ago
was 0.67%.
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Quarterly Investment Report for Period Ending September 30, 2021 Page 2 of 2
PARS Pension Trust
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.
Pension Trust assets are managed in a customized investment strategy that balances risk and return
and provides for diversification. Pension Trust Fund assets amounted to $7.3 million at September
30, 2021, which is approximately $49,000 (0.66%) lower than the previous quarter.
PARS OPEB Trust
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. OPEB Trust assets are managed in a
customized investment strategy that balances risk and return and provides for diversification. OPEB
Trust Fund assets amounted to $2.6 million at September 30, 2021, which is approximately $17,000
(0.66%) lower than the previous quarter.
Investment Compliance Certification
On October 28, 2021, the Audit Commission verified that the investment portfolio is in compliance
with the City's Investment Policy and the California Government Code. In addition, the Treasurer's
cash management program and cash flow analysis indicates that sufficient liquidity is on hand to
meet estimated operating expenditures for the next twelve (12) months and the projected cash flow
needs for the completion of various capital projects largely within the Legacy.
F
DocuSign�e}d�by:
Jasdh'Af-W9 'E..
Finance Director/City Treasurer
Attachments: Quarterly Investment Report for the Period Ending September 30, 2021
PARS Trust Statement as of September 30, 2021
Restricted Deposits with Fiscal Agents as of September 30, 2021
DocuSign Envelope ID: 89AB5F7E-7024-41 E5-8A70-595E64F5D32A
City of Tustin, California
Finance Department
October 28, 2021
Honorable Mayor and Members of the City Council:
Re: Investment Report Certification
TUSTIN
k
IhvoRN
BUILDING OUR FUTURE
HONORING OUR PAST
In compliance with California Government Code Section 53646, the attached Investment Report
for the Quarter Ending September 30, 2021 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,
DocuSigned by:
A81CC329F2394DF...
Craig Shimomura, Chair
City of Tustin Audit Commission
//DocuSign�e{d�by,
Y'Gy�Of9. NSG—?�t+G�te
!/ 7"CC3AF0CB4AE...
Jason Al -Imam, Finance Director
City of Tustin Treasurer
300 Centennial Way, Tustin, CA 92780 www.tustinea.org
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INVESTMENT REPORT
City of Tustin
Period Ending September 30, 2021
CAtCHANDLER
ASSET MANAGEMENT
CHANDLER ASSET MANAGEMENT, INC. 1 800.317.4747 1 www.chandlerasset.com
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Table of Contents
SECTION 1
SECTION 2
SECTION 3
SECTION 4
Economic Update
Account Profile
Portfolio Holdings
Transactions
As of September 30, 2021
1 Ci\
I
1�i \
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Section 1 I Economic Update
2 C®1
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IEconomic Update
■ The ongoing health crisis and related supply chain bottlenecks continue to have a meaningful impact on economic data, but
we believe the underlying momentum of the economy remains strong. Economic growth is expected to continue at an
above -trend pace, fueled in part by ongoing tailwinds from fiscal support, accommodative monetary policy, and continued
progress on vaccinations. Covid infection rates in the US and on a global basis are now declining, but supply chains remain
dislocated and inflation readings continue to run hot. We expect supply chain bottlenecks will continue to put upward
pressure on prices overthe near- to intermediate-term but should improve next year.
0 Monetary policy remains highly accommodative, but the Fed is inching toward a path of policy normalization. The Federal
Open Market Committee (FOMC) kept monetary policy unchanged at its September meeting but indicated that they are
preparing to reduce the magnitude of their asset purchases. The fed funds target rate remains in the range of 0.0% to 0.25%.
For now, the Fed continues to purchase $80 billion of Treasuries per month, and $40 billion of agency mortgage-backed
securities per month. However, the Fed is widely expected to make the official announcement about tapering asset
purchases at the next FOMC meeting in early November. Nevertheless, the Fed remains patient with their outlook for rate
hikes, and Fed Chair Powell has indicated that policymakers would not consider a rate hike until sometime after the
tapering process is complete in mid -2022. The median estimate among Fed policymakers calls for one 25 basis point rate
hike in 2022. We believe the Fed's slow and steady withdrawal of monetary policy accommodation will remain supportive
of an improving labor market and growing economy.
0 The Treasury yield curve steepened in September. The 10 -year Treasury yield rose nearly 18 basis points in September to
1.49%, while the 2 -year Treasury yield rose about seven basis points to 0.2851o. We believe some of the factors that put
downward pressure on longer-term rates over the summer including concerns about the Delta COVID-19 variant, market
technicals, and uneven global vaccination rates, have started to ease. We expect the front-end of the curve to remain
anchored near zero over the near-term and believe the yield curve may be poised for further steepening. At the end of
September, the 10 -year Treasury yield was down about 25 basis points from its high this year in March.
3 C11%
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IEmployment
Nonfarm Payroll (000's)
6,000
2,000
c -2,000
0 1
1
-6,000 of
� r
c
-10,000
0 -14,000
-18,000
-22,000
Non-farm Payroll (000's)
-3 month average (000's)
1y 19 'I)0
Source: US Department of Labor
0.0%
SPp` SPC` �di ✓4�\ SPO OPc\
79 79 �p �O _10
Source: US Department of Labor
Job growth was weaker than expected in September, but the unemployment rate fell below 5% for the first time since March 2020. U.S.
nonfarm payrolls increased by 194,000 in September, versus the consensus forecast of 500,000. However, July and August payrolls were revised
up a total of 169,000. On a trailing 3 -month and 6 -month basis, payrolls increased at a solid pace, up an average of 550,000 and 582,000 per
month, respectively. The U-3 unemployment rate declined to 4.8% in September from 5.2% in August, a bigger decline than expected. The
labor participation rate declined slightly to 61.6% in September but the employment -population ratio increased modestly to 58.7%. The U-6
underemployment rate, which includes those who are marginally attached to the labor force and employed part time for economic reasons,
declined to 8.5% in September from 8.8% in August. Annualized average hourly earnings were up by 4.6% in September versus 4.09/o in August,
reflecting strong wage growth driven in part by the ongoing imbalance in the supply and demand for labor. Although labor force participation
has been slow to recover and more than 7.6 million people remain unemployed, the labor market has made significant progress over the past
year.
4 C11%
Unemployment Rate
24.0%
j%% --- Underemployment Rate (U6)
20.0°/0
%` Unemployment Rate (U3)
1 �
`%
16.0%
1
1
1
``������+
12.0%
M
1
1
8.0%
4.0%
0.0%
SPp` SPC` �di ✓4�\ SPO OPc\
79 79 �p �O _10
Source: US Department of Labor
Job growth was weaker than expected in September, but the unemployment rate fell below 5% for the first time since March 2020. U.S.
nonfarm payrolls increased by 194,000 in September, versus the consensus forecast of 500,000. However, July and August payrolls were revised
up a total of 169,000. On a trailing 3 -month and 6 -month basis, payrolls increased at a solid pace, up an average of 550,000 and 582,000 per
month, respectively. The U-3 unemployment rate declined to 4.8% in September from 5.2% in August, a bigger decline than expected. The
labor participation rate declined slightly to 61.6% in September but the employment -population ratio increased modestly to 58.7%. The U-6
underemployment rate, which includes those who are marginally attached to the labor force and employed part time for economic reasons,
declined to 8.5% in September from 8.8% in August. Annualized average hourly earnings were up by 4.6% in September versus 4.09/o in August,
reflecting strong wage growth driven in part by the ongoing imbalance in the supply and demand for labor. Although labor force participation
has been slow to recover and more than 7.6 million people remain unemployed, the labor market has made significant progress over the past
year.
4 C11%
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IInitial Claims for Unemployment
Initial Claims For Unemployment July 09,2021 -
October 08, 2021
5,000
�InitialJobless Claims
4,500
Continuing Claims
4,000
3,262 3,296
3,500
I 2,980 2,899 2,865 2,908
2,805 2,852
2,820 2,811
I
I I I
2,715
I �
L I
2,727 2,593
3,000
I
—4��
2, 500
R
N
0 2,000
t
1,500
1,000
368 424
500
Source: US Department of Labor
399 387 377 349 354 345 312 335 351 364 329 293
�0,�
Z Z Z Z Z Z Z Z Z Z Z Z
In the most recent week, the number of initial jobless claims was 293,000 versus 329,000 in the prior week. The level of continuing
unemployment claims (where the data is lagged by one week) declined to 2.593 million from 2.727 million in the prior week. Continuing
jobless claims have declined significantly from the peak of nearly 25 million in May 2020, but they remain above the 2019 (pre -pandemic)
average of 1.7 million.
5 C11%
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I Inflation
Consumer Price Index (CPI)
6.0%
5.5% CPI YOY % Change
5.0%
4.5°/o --- Core CPI YOY % Change
4.0%
3.5%M
3.0%
a 2.5%
Oy 2.0% /
1.5% -
1.0%
0.5%
0 0°/
sPb O�,c �a,. ✓�,� sPp OPc rya,. ✓4� sea
1y 19 ,)0 ,0 ',)0 ,)0
Source: US Department of Labor
6.0%
5.5%
5.0%
4.5%
4.0%
M
3.5%
U 3.0%
2.5%
0 2.0%
1.5%
1.0%
0.5%
0.0%
Personal Consumption Expenditures (PCE)
PCE Price DeflatorYOY%Change
--- PCE Core Deflator YOY % Change
4
9Al
��19 o -"g P6�O a`'PO 94g�O oG,,O eb�z ay�1 qg��
Source: US Department of Commerce
The Consumer Price Index (CPI) was up 5.49/o year -over -year in September, versus up 5.3°% year -over -year in August. Core CPI (CPI less food and
energy) was up 4.09/o year -over -year in September (in line with expectations), unchanged from August. The Personal Consumption
Expenditures (PCE) index was up 4.3°% year -over -year in August, versus up 4.2°% in July. Core PCE was up 3.6°% year -over -year in August,
unchanged from July. Current inflation readings are running well above the Fed's longer -run target of around 2.0%. While the Fed believes
many of the factors fueling higher inflation will be temporary, the upward pressure on inflation from supply chain bottlenecks and pandemic -
related disruptions is likely to remain elevated over the near-term.
6 C11%
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Consumer
60.0%
50.0%
40.0%
30.0%
t 20.0%
10.0%
r
>- 0.0%
-10.0°/0
20.0%
30.0%
Retail Sales YOY % Change
140
130
120
Consumer Confidence
90
80
✓ S SPb,1y 4PC,1y �dr 47, PbO c, �dr h, PbO C, d,. 7. P.DOP
I)o 1)0 ,110 Vs -)p'-'10
.-0C, d,. ✓4 7. SP.
0
Source: US Department of Commerce Source: The Conference Board
On a year -over -year basis, retail sales were up 13.9% in September versus up 15.4% in August. On a month -over -month basis, retail sales were
stronger than expected in September, up 0.7% versus expectations of a 0.2% decline. Overall, retail sales trends remain healthy which bodes
well forthe holiday shopping season. The Consumer Confidence index declined to 109.3 in September from 115.2 in August. While we believe
consumers continue to have the propensity to spend, concerns about the Delta variant, uncertain government policies, supply chain
disruptions, and higher energy prices are weighing on consumers' moods.
7 C1\%
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IEconomic Activity
4.0%
2.0%
o"c 0.0%
c
u
7 -2.0%
0 -4.0%
Leading Economic Indicators (LEI)
. a
9419 20`19
0
�dl�
O
tiaG�
"-,o
O O
Source: The Conference Board
�aL�O
g4�2o
x,01, •c06
01,
6.00
4.00
2.00
iw
2
0.00
r
c -2.00
a
Chicago Fed National Activity Index (CFNAI)
The Conference Board's Leading Economic Index (LEI) increased 0.9% month -over -month in August (slightly above expectations), following a
0.8% increase in July. On a year -over -year basis, the LEI was up 10.09/o in August. According to the Conference Board, the LEI's sharp increase in
August suggests the economy is on a rapidly rising trajectory. The Conference Board is forecasting 6.09/o GDP growth for 2021 and 4.09/o GDP
growth in 2022. Meanwhile, the Chicago Fed National Activity Index (CFNAI) declined to 0.29 in August from 0.75 in July, pulled down by
production and employment. However, on a 3 -month moving average basis, the CFNAI improved to 0.43 in August from 0.36 in July. A reading
above zero signals above -trend economic growth.
8 C11%
g4�19
01, 06',?
�aL�O
g4�2o
x,01, •c06
01,
�0j,
q4��d
',7
,d
Source: Federal Reserve Bank of Chicago
The Conference Board's Leading Economic Index (LEI) increased 0.9% month -over -month in August (slightly above expectations), following a
0.8% increase in July. On a year -over -year basis, the LEI was up 10.09/o in August. According to the Conference Board, the LEI's sharp increase in
August suggests the economy is on a rapidly rising trajectory. The Conference Board is forecasting 6.09/o GDP growth for 2021 and 4.09/o GDP
growth in 2022. Meanwhile, the Chicago Fed National Activity Index (CFNAI) declined to 0.29 in August from 0.75 in July, pulled down by
production and employment. However, on a 3 -month moving average basis, the CFNAI improved to 0.43 in August from 0.36 in July. A reading
above zero signals above -trend economic growth.
8 C11%
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IHousing
2000
7 1800
1600
0
a
1400
c
1200
F 1000
—`� 800
a
c 600
400
�
200
0
Housing Starts
9419 �oG19 �P6�0
�dy�
O
q4��p
tiaG� aP6�
O 1
2fdy�
1
q4�
1
Source: US Department of Commerce
24.09/0
21.09/0
18.09/0
iw 15.09/0
c
M
v 12.09/0
0
r 9.0%
0
a
6.0%
3.0%
0.0%
S&P/Case-Shiller 20 City Composite Home Price Index
✓�� oc ✓ate yor ✓4� oc� ��� qpm ✓��
dg 19 _)0 �� �0 20
Source: S&P
Total housing starts increased 3.9% in August to an annual pace of 1,615,000, led by multi -family starts. Single-family starts declined 2.8% in
August while multi -family starts rose 20.6°/%. On a year -over -year basis, housing starts were up 17.49/0 in August. According to the Case-Shiller 20 -
City home price index, home prices were up 20.09/o year -over -year in July versus up 19.1% year -over -year in June. Low mortgage rates and tight
supply continue to support prices.
9 C11%
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IManufacturing
66
64
62
60
58
56
54
52
50
48
46
44
42
40
Institute of Supply Management Purchasing Manager
Index
D(PANDING
LV7
S. OOn �dI ✓49I, sPb OPC, �d� ✓��. SPb.
19 1g �0 �0 _)o ,)o
Source: Institute for Supply Management
20.0%
15.0%
10.00/0
v
c 5.0%
M
U
0.0%
r'
-5.0%
-10.00/0
-15.0%
-') 0 Oa/
Industrial Production
o
SPa`
on"? I9
Source: Federal Reserve
✓ s ✓ S
Pa,
1)0 -)p
The Institute for Supply Management (ISM) manufacturing index increased to 61.1 in September from 59.9 in August. The index points to
continued strength in manufacturing, as readings above 50.0 are indicative of expansion in the manufacturing sector. New orders were
particularly strong, increasing to 66.7 in August from 64.9 in July, which The Industrial Production index was up 4.6% year -over -year in
September, versus up 5.7% in August. On a month -over -month basis, the Industrial Production index fell 1.3% in September (well below
expectations), following a 0.1% decline in August. Capacity Utilization declined to 75.2°/%in Septemberfrom 76.2°/% in August and remainswell
below the long -run average of 79.8°/%. Chip shortages, supply chain bottlenecks, weather-related outages, and cooler temperatures weighed on
activity in the manufacturing sector in September.
10 CII`
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IGross Domestic Product (GDP)
Components of GDP
9/20
12/20
3/21
6/21
35.0%
30.0%
25.0%
Personal Consumption Expenditures
25.5%
2.3%
7.4916
7.9%
20.0%
15.0%
Gross Private Domestic Investment
11.7%
4.0%
-0.4%
-0.7%
10.0%
5.0%
0.0%
Net Exports and Imports
-3.3%
1. 7%
-1.6
- 0.2%
-5.0%
IL
10.0%
Federal Government Expenditures
-0.3%
-0.2%
0.89/o
-0.49/o
-15.0%-20.0%
State and Local (Consumption and Gross
2 5.09/c
0.1%
0.1%
0.0%
-30.0%
Investment)
-35.0%
Gross Domestic Product (GDP)
GDP QOQ%Change
-GDP YOY % Change
Total 33.8% 4.5% 6.3% 6.7% �. �Pc, �. �Pc, �. �Pc, �4'' ,,'
d6 16 1j 1j 18 1� dy 19
Source: US Department of Commerce
Source: US Department of Commerce
Real US gross domestic product (GDP) grew at an annualized rate of 6.7°% in the second quarter, following 6.3°% growth in the first quarter. As of
the second quarter, real US GDP had exceeded its pre -pandemic level. The consensus forecast for full year 2021 US gross domestic product
growth has moderated but remains well above the long -run trend growth rate of about 1.8°%. The current Bloomberg consensus estimates for
2021 and 2022 US GDP growth are 5.8°% and 4.09/o, respectively, following a 3.49/o decline in 2020.
11 C1"
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Federal Reserve
Federal Reserve Balance Sheet Assets
7,000,000
c
6,000,000
c
5,000,000
4,000,000
3,000,000
Oct ✓ate 9A� ✓�/ O✓ate 9b� ✓�� Oct
1y �O 'O �O '-,,o
Source: Federal Reserve
2.00%
1.50%
Effective Federal Funds Rate
0.50%
0.00%
% ✓a�� 9pr� ✓4� 02 ✓a�� 9p�2 ✓4� 1 0��2
9 O O �O O 1 7 1
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 started purchasing Treasury and agency mortgage-backed securities (MBS) 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. In June 2021, the Fed announced plans to unwind its corporate credit
facility. The Fed is now widely expected to start tapering their Treasury and agency MBS purchases before this year-end, and stop making asset
purchases around the middle of next year.
12 C1"
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Bond Yields
US Treasury Note Yields
3.0%
2.5%
2.0%
US Treasury Yield Curve
3.0%
•••••• 2 -Year Sep -21
--- 5 -Year 2.5% --- Jun -21
10 -Year .•••.. Sep -20
1.0%
0.5%
0.0%
• 1\I.. • .•• •••••.•. •.••• ••••
SPb,
1y 19 �0 �0 _)O'_'10
OPC. �d� ✓�'. SPb, �d� ✓�'h, SPb
Source: Bloomberg
2.0%
1.0% —
0.5%
0.0% _ { •••
1
O`r
Source: Bloomberg
The treasury yield curve is steeper on a year -over -year basis. At the end of September, the 2 -year Treasury yield was about 15 basis points
higher and the 10 -Year Treasury yield was about 80 basis points higher, year -over -year. However, the yield curve was less steep than the
historical average. The spread between the 2 -year Treasury yield and 10 -year Treasury yield was 121 basis points at September month-end
compared to the average historical spread (since 2002) of about 135 basis points. We believe the curve remains poised for further steepening,
amid a growing economy and improving labor market, while the Fed is expected to slowly normalize monetary policy.
13 C1"
I
1�i \
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.w
Section 2 1 Account Profile
14 Cj
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IObjectives
Investment Objectives
As of September 30, 2021
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.
15 cJ"
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Compliance
City of Tustin Consolidated
As of September 30, 2021
This portfolio is a consolidation of assets managed by Chandler Asset Management and assets managed internally by Client. Chandler relies on Client to provide accurate information for reporting assets
and producing this compliance statement.
Category
Standard
Comment
U.S. Trea s u ri es
No Ii mita ti ons; U.S. government ob I i gati ons i ss u ed by the U.S. Trea s u ry a nd ba c ked by the fu I I fa i th a nd cred i t of the Federa I govern ment
Complies
50% max per issuer; Fed era I a genc i es or U.S. govern ment-s po nso red enterp ri se ob I i gati ons, pa rti ci pati ons, o r other i nstru ments, i ncl ud i ng
Federal Agencies
those issued by or fully guaranteed as to principal and interest by federal agencies or U.S. government-sponsored enterprises
Complies
AA' rating category or better by a NRSRO; 5% max; 5% max per issuer; USD denominated senior unsecured unsubordinated obligations;
Supranational Obligations
Issued or unconditionally guaranteed by one of the three supranational banking groups: International Bank for Reconstruction and
Complies
Development (IBRD), International Finance Corporation (IFC), or Inter -American Development Bank (IADB); Supranational securities will not be
purchased until further notice from staff at the City of Tustin.
30% max; 5%max per issuer; Bonds issued bythe local agency (CityofTustin bonds); State of California and any local agency within the State
Municipal Securities(CA,Local
of California,includin bonds payablesolel out oftherevenues form arevenue-producing property owned, controlled, oroperated b alocal
Complies
Agency)
agency, or by a department, board, agency, or authority of the local agency
30% max; 5%max per issuer; Bonds ofany ofthe other 49 states in additionto California, including bonds payable solely out ofthe revenues
Municipal Securities(CA,Other
from arevenue-producing property Nowned, controlled, oroperated b astate,orb ade artment,board,a encY,orauthoritV of any ofthe
Complies
States)
other 49 states, in addition to California
"A" rating or better by a NRSRO; 30% max; 5% max per issuer; 10% max of any single issuer (combined issuer limitation of a local agency's
Corporate Medium Term Notes
investments in commercial paperand medium-term notes); Obligations ofa domestic corporation ordepository institution; Ifthecredit
Complies
rati ng of a security is downgraded bel ow the minimum rating level for a new investment of that security, the Treasurer shall eva I uate the
downgrade on a case-by-case basis to determine ifthe security should be held or sold.
Mortgage Pass -Through Securities
"AA" rated or better by a NRSRO; 20% max; 10% max per issuer
Complies
Negotiable Certificates of Deposit
30% max; 5% max per issuer; Certificates of deposit issued by a nationally or state -chartered bank, or a federal association, a state or
(NCD)
federal credit union, or by a federally -licensed or state -licensed branch ofa foreign bank
Complies
Certificate of Deposit Placement
Service(CDARS)
30%max; The City may utilize these at the discretion of the Treasurer
Complies
Collateralized Bank Deposits/Timeor 30% max per issuer; All active (checking/savings accounts) and inactive (time or certificates of deposit) above FDIC insured limits must be
Certificates of Deposit
collateralized pursuant to Government Code
Complies
"A" rating or better by Moody's or equivalent rating by a NRSRO; 30% max; 5% max per issuer; 180 days maturity; Short-term debt
Bankers' Acceptances
instruments issued by a company that is guaranteed by a commercial bank
Complies
16 c11
DocuSign Envelope ID: 89AB5F7E-7024-41 E5-8A70-595E64F5D32A
Compliance
City of Tustin Consolidated
As of September 30, 2021
This portfolio is a consolidation of assets managed by Chandler Asset Management and assets managed internally by Client. Chandler relies on Client to provide accurate information for reporting assets
and producing this compliance statement.
Category
Standard
Comment
A -1/P-1 rating or equivalent by a NRSRO, plus Along term rating by a NRSRO; 30% max, 5% max per issuer; 10% max of any single issuer
(combined issuer limitation ofa local agency's investments in commercial paper and medium-term notes); 10% max outstanding from a
single issuer; 270 days max maturity; "'Prime" quality commercial paper with the highest rating by a NRSRO; The entity that issues the
Commercial Paper
commercial paper shall meet all conditions in either (1) or( 2): (1) a. Organized and operating in the U.S. as a general corporation; b. Has
Complies
total assets >$500 million; c. Has debt other than commercial paper, if any, that is "A" rating category or 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 creditor surety bond; and c. "A-1" rated or higher by a NRSRO
AAA or highest ranking oftwo ofthe three highest ranking NRSRO; Retained an investment adviser registered with SEC with>5years
Money Market Mutual Funds
experience investing assets ofat least $500 million; Must invest solely in investments, which the City itself could legally purchase; 20% max;
Complies
10% max per Money Market Mutual Fund
Max amount limited to the amount as specified byLAIF; Principal amount withdrawal of$10 million or> needs 24-hour notice, and less than
Local Agency Investment Fund (LAIF)
$10 million maybe withdrawn the same day; Fees charged by LAIF are limited by Statute; Not used by investment adviser
Complies
Local Government Investment Pool
(LGI P)/Orange County Investment
Investment in OCIP is allowable according to guidelines in Government Code; Max amount permitted by County Treasurer; Notusedby
Complies
Pool (OCIP)
investment adviser
Joint Powers Authority (JPA)
50% max per issuer; Shares of beneficial interest issued by a joint powers' authority organized pursuant to Section 6509.7 that invests in
Investment Pools
securities and obligations authorized in subdivisions (a)to
g () (q), inclusive per policy
Complies
Repurchase Agreements
30% max; 5% max per issuer; 1 year max maturity; 102% Collateralized; Not used by investment adviser
Complies
Inverse floaters, range notes, mortgage derived interest -only strips; zero interest accrual if held to maturity; Purchasing or selling securities
Prohibited
on margin,credit, or for other than full cash payment, and shall not be pledged as collateral; Reverse Repurchase Agreements; Supranational
Complies
securities wi I I not be purchased until further notice from staff at the City of Tustin.
Weighted Average Maturity
36 months max
Complies
Maximum Maturity
5 years, unless authorized by City Council
Complies
DocuSign Envelope I D: 89AB5F7E-7024-41 E5-8A70-595E64F5D32A
Portfolio Characteristics
City of Tustin Consolidated Account
Average Maturity (yrs)
2.65
0.50
Average Modified Duration
2.58
0.46
Average Purchase Yield
n/a
0.57%
Average Market Yield
0.46%
0.30%
Average Quality"
AAA
AA-/Aa3
Total Market Value
199,876,513
*ICE BofA 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 September 30, 2021
0.45
0.44
0.68%
0.26%
AA+/Aa2
148,051,766
18 CII`
DocuSign Envelope I D: 89AB5F7E-7024-41 E5-8A70-595E64F5D32A
Sector Distribution
September 30, 2021
Municipal Bonds Negotiable CD US Treasury
1.5% �2.9% 2.0% Agency
Monev Market \ 4.6%
F
Local Go
Investment
0.4%
LAIF
42.2%
$9,128,515.67
$719,777.08
$3,942,788.80
11.9%
City of Tustin Consolidated Account
Municipal
3.0%
Money Market
Fund
6.7%
Cash Local Gov
34.5% Investment Poe
0.5%
$68,929,114.27 $23,854,553.81 $84,391,774.30
$31,181.02 $3,061,422.92 $5,817,384.85
As of September 30, 2021
June 30, 2021
Negotiable CD USTreasury
Agency
LAIF
56.4%
$9,144,772.67
$721,637.59
$3,959,556.94
ash
3%
Corporate
10.0%
$13,711,479.65 - $14,849,546.33 $83,544,250.12
$9,859,461.31 $4,425,969.45 $7,835,091.52
19 c11
DocuSign Envelope I D: 89AB5F7E-7024-41 E5-8A70-595E64F5D32A
Portfolio Allocation
City of Tustin Consolidated Account
Portfolio Allocation
LAIF
Cash
9.3
Corporate
11.9%
10.0
-
4.6%
Agency
- 6.2%
_ 2.9%
Negotiable CD
- 5.3%
2.0%
US Treasury
_ 2.7%
1.5
Municipal Bonds
_ 3.0%
Local Gov 0.4%
Investment Pool 0.5%
Money Market 10.0%
Fund 6.7%
E 34.5%
42.2%
As of September 30, 2021
■ 9/30/2021
■ 6/30/2021
56.4%
20 C/"
DocuSign Envelope I D: 89AB5F7E-7024-41 E5-8A70-595E64F5D32A
Issuers
Local Agency Investment Fund
Bank Cash Account
Toyota Motor Corp
Federal Home Loan Bank
Government of United States
Federal Home Loan Mortgage Corp
JP Morgan Chase & Co
Apple Inc
ChevronTexaco Corp
Federal National Mortgage Association
Chubb Corporation
Bank of Montreal Chicago
Bank of America Corp
State of California
Visa Inc
City of Industry CA
Procter & Gamble Company
Pfizer Inc.
Charles Schwab Corp/The
United Health Group Inc
Amazon.com Inc
Caterpillar Inc
Royal Bank of Canada
Toronto Dominion Holdings
Wal-Mart Stores
CAMP
Santa Rosa Regional Resources
Delaware State Police FCU
UBS Corp
California Edl FacsAuth Rev
Sallie Mae Bank
Alliance Credit Union MO
First Bank of Highland
Signature Bank Chicago IL
Murrieta Redevelopment Agency
Mountain America FCU
Allegiance Bank
First Premier Bank
City of Tustin Consolidated Account -Account #10795
Investment Type
LAIF
Cash
Corporate
Agency
US Treasury
Agency
Corporate
Corporate
Corporate
Agency
Corporate
Corporate
Corporate
Municipal Bonds
Corporate
Municipal Bonds
Corporate
Corporate
Corporate
Corporate
Corporate
Corporate
Corporate
Corporate
Corporate
Local Gov Investment Pool
Municipal Bonds
Negotiable CD
Negotiable CD
Municipal Bonds
Negotiable CD
Negotiable CD
Negotiable CD
Negotiable CD
Municipal Bonds
Negotiable CD
Negotiable CD
Negotiable CD
As of September 30, 2021
42.22%
34.49%
2.31%
2.04%
1.97%
1.53%
1.04%
1.02%
1.01%
0.99%
0.55%
0.52%
0.51%
0.51%
0.51%
0.51%
0.51%
0.51%
0.50%
0.50%
0.50%
0.50%
0.50%
0.49%
0.45%
0.36%
0.26%
0.13%
0.13%
0.13%
0.13%
0.13%
0.13%
0.13%
0.13%
0.13%
0.13%
0.13%
2 CI`
DocuSign Envelope I D: 89AB5F7E-7024-41 E5-8A70-595E64F5D32A
Issuers
Traverse City State Bank
FNB Bank Inc
Barclays Bank
First Internet Bank of Indiana
DNB First NA
First Jackson Bank Inc
Celtic Bank
Northfield Bank
Nebraska State Bank & Trust
Uinta Bank
Ohio Valley Bank
American Eagle Bank IL
Great Plains Bank SD
Goldman Sachs Inc.
First American Govt Oblig Fund
City of Tustin Consolidated Account —Account #10795
Investment Type
Negotiable CD
Negotiable CD
Negotiable CD
Negotiable CD
Negotiable CD
Negotiable CD
Negotiable CD
Negotiable CD
Negotiable CD
Negotiable CD
Negotiable CD
Negotiable CD
Negotiable CD
Negotiable CD
Money Market Fund
As of September 30, 2021
0.13%
0.13%
0.13%
0.13%
0.13%
0.13%
0.13%
0.13%
0.13%
0.12%
0.12%
0.12%
0.12%
0.12%
0.02%
TOTAL 100.00%
22 C1"
DocuSign Envelope I D: 89AB5F7E-7024-41 E5-8A70-595E64F5D32A
Maturity Distribution
$200,940.000.04
5156,450,.072.51
$150,000.04.00
$100.000.000.00
$50,040.000.44
55.553.995-72
$9.cc
4..25 .25--s
City of Tustin Consolidated Account
S16,553,928-62
33.117.454.83 $261.286.04 $4.911).946.89
� �
.5-1 1.2 2.3 3.4
As of September 30, 2021
$14,298,049.79
_ $040
4.5 S+
Maturity (Yrsj
23 c1"
DocuSign Envelope I D: 89AB5F7E-7024-41 E5-8A70-595E64F5D32A
Quality Distribution
City of Tustin Consolidated Account
September 30, 2021 vs. June 30, 2021
90.0%
80.0%
70.0%
60.0%
50.0%
40.0%
30.0%
20.0%
10.0%
0.0%
AAA
AA
A <A
■ 9/30/2021
■ 6/30/2021
09/30/21 0.4% 11.4% 8.1% 0.0%
06/30/21 7.1% 15.6% 5.6% 0.0%
Source: S&P Ratings
NR
As of September 30, 2021
24 ci"
DocuSign Envelope I D: 89AB5F7E-7024-41 E5-8A70-595E64F5D32A
Duration Distribution
80.0%
70.0%
60.0%
50.0%
40.0%
30.0%
20.0%
10.0%
0.0%
09/30/21
06/30/21
0-0.25
As of September 30, 2021
City of Tustin Consolidated Account
September 30, 2021 vs. June 30, 2021
IM..M I ME.. �
0.25-0.50 0.50-1 1-2 2-3 3-4 4-5 5+
■ September 30, 2021 ■ June 30, 2021
78.1% 3.3% 7.8% 1.6% 0.1% 3.6% 5.6% 0.0%
75.3% 2.0% 9.3% 6.4% 0.9% 2.0% 4.0% 0.0%
25 ci"
DocuSign Envelope ID: 89AB5F7E-7024-41 E5-8A70-595E64F5D32A
IInvestment Performance
City of Tustin Consolidated Account
Total Rate of Return Since Inception 11/30/2020
0.30%
0.20%
0.10%
0.00% -
-0.10%
-0.20%
-0.30%
-0.40%
3 months
Since Inception
As of September 30, 2021
■ City of Tustin Consolidated Account ICE BofA 1-5 Yr US Treasury & Agency Index ■ ICE BofA 1-3 Yr US Treasury & Agency Index
TOTAL RATE OF RETURN
Latest 3 months
Since Inception
City of Tustin Consolidated Account
0.01%
0.25%
ICE BofA 1-5 Yr US Treasury & Agency Index
0.00%
-0.33%
ICE BofA 1-3 Yr US Treasury & Agency Index
0.06%
0.03%
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.
26 c�1%
I
1�i \
DocuSign Envelope I D. 89AB5F7E-7024-41 E5-8A70-595E64F5D32A
.w
Section 3 1 Portfolio Holdings
27 Cj
DocuSign Envelope I D: 89AB5F7E-7024-41 E5-8A70-595E64F5D32A
Holdings Report
City of Tustin Consolidated Account - Account #10795
CUSIP Security Description IR
3130AB3U8 FHLB Callable Note lX4/26/2019
2.100% Due 04/26/2022
As of September 30, 2021
4,000,000.00 04/26/2017 4,000,000.00 101.15 4,046,056.00 2.04% Aaa /AA+ 0.57
2.10% 4,000,000.00 0.09% 36,166.67 46,056.00 NR 0.57
3134GBMB5
FHLMCCallable Note IX 5/25/2018
1,000,000.00
05/25/2017
1,000,000.00
101.28
1,012,810.00
0.51%
Aaa /AA+
0.65
976,000.00
2.050% Due 05/25/2022
1,004,028.00
2.05%
1,000,000.00
0.09%
7,175.00
12,810.00
AAA
0.65
3134GBWQ1
FHLMC Callable Note IX 7/27/2018
2,000,000.00
07/27/2017
1,996,000.00
101.59
2,031,814.00
1.02%
Aaa /AA+
0.82
Al/A+
2.000% Due 07/27/2022
2.600% Due 01/11/2022
2.04%
1,999,345.02
0.07%
7,111.11
32,468.98
AAA
0.82
3135G04Z3
FNMA Note
2,000,000.00
04/12/2021
1,982,980.00
99.22
1,984,494.00
0.99%
Aaa / AA+
3.72
0.500% Due 06/17/2025
0.71%
1,984,887.22
0.71%
2,888.89
(393.22)
AAA
3.67
89236TEC5
Toyota Motor Credit Corp Note
2,500,000.00
11/01/2017
8,978,980.00
101.84
9,075,174.00
4.57%
Aaa / AA+
1.32
TOTAL Agency
2.150% Due 09/08/2022
9,000,000.00
1.77%
8,984,232.24
0.22%
53,341.67
90,941.76
Aaa
1.31
92826CAG7
Visa Inc Callable Note Cont 8/15/2022
1,000,000.00
10/03/2017
1,002,301.43
101.75
1,017,490.00
0.51%
Aa3 / AA-
0.96
Cash
2.150% Due 09/15/2022
2.10%
1,000,444.25
0.15%
955.56
17,045.75
NR
0.87
90BOFA$00
Cash BOA Cash Acct
68,929,114.27
Various
68,929,114.27
1.00
68,929,114.27
34.49%
NR/ NR
0.00
0.25%
68,929,114.27
0.25%
0.00
0.00
NR
0.00
68,929,114.27
68,929,114.27
34.49%
NR/NR
0.00
TOTAL Cash
68,929,114.27
0.25%
68,929,114.27
0.25%
0.00
0.00
NR
0.00
Corporate
Procter & Gamble Co Note
1,000,000.00
07/16/2018
979,800.00
100.73
1,007,268.00
0.51%
717081DZ3 Pfizer Inc. Note
1,000,000.00 07/16/2018
976,000.00
100.40
1,004,028.00
0.51%
A2/A+
0.21
2.200% Due 12/15/2021
2.94%
998,557.69
0.26%
6,477.78
5,470.31
A
0.21
89236TDP7 Toyota Motor Credit Corp Note
1,000,000.00 07/13/2017
1,017,027.84
100.65
1,006,470.00
0.51%
Al/A+
0.28
2.600% Due 01/11/2022
2.20%
1,001,057.11
0.29%
5,777.78
5,412.89
A+
0.28
742718DY2
Procter & Gamble Co Note
1,000,000.00
07/16/2018
979,800.00
100.73
1,007,268.00
0.51%
Aa3 / AA-
0.35
2.300% Due 02/06/2022
2.90%
998,012.61
0.22%
3,513.89
9,255.39
NR
0.35
166764BN9
Chevron Corp Callable Note Cont 2/3/2022
2,000,000.00
08/10/2017
2,034,400.00
100.77
2,015,420.00
1.01%
Aa2 / AA-
0.42
2.498% Due 03/03/2022
2.10%
2,003,159.18
0.24%
3,885.78
12,260.82
NR
0.34
037833CQ1
Apple Inc Cal la ble Note Cont 4/11/2022
2,000,000.00
06/26/2017
2,015,402.54
101.11
2,022,278.00
1.02%
Aa1/AA+
0.61
2.300% Due 05/11/2022
2.13%
2,001,920.99
0.20%
17,888.89
20,357.01
NR
0.53
89236TEC5
Toyota Motor Credit Corp Note
2,500,000.00
11/01/2017
2,482,750.00
101.84
2,546,002.50
1.28%
Al/A+
0.94
2.150% Due 09/08/2022
2.30%
2,496,670.71
0.19%
3,434.03
49,331.79
A+
0.93
92826CAG7
Visa Inc Callable Note Cont 8/15/2022
1,000,000.00
10/03/2017
1,002,301.43
101.75
1,017,490.00
0.51%
Aa3 / AA-
0.96
2.150% Due 09/15/2022
2.10%
1,000,444.25
0.15%
955.56
17,045.75
NR
0.87
89236TFNO Toyota Motor Credit Corp Note 1,000,000.00 02/28/2019 1,019,000.00 106.00 1,059,962.00 0.53% Al/A+ 1.97
3.450% Due 09/20/2023 3.00% 1,008,204.80 0.39% 1,054.17 51,757.20 A+ 1.92
28 C1"
DocuSign Envelope I D: 89AB5F7E-7024-41 E5-8A70-595E64F5D32A
Holdings Report As of September 30, 2021
City of Tustin Consolidated Account - Account #10795
7.
LAIF
90LAIF$00 Local Agency Investment Fund State Pool 84,348,110.19 Various 84,348,110.19 1.00 84,348,110.19 42.22% NR/ NR 0.00
0.21% 84,348,110.19 0.21% 43,664.11 0.00 NR 0.00
84,348,110.19 84,348,110.19 42.22% NR/NR 0.00
TOTAL LAIF 84,348,110.19 0.21% 84,348,110.19 0.21% 43,664.11 0.00 NR 0.00
29 ci"
r-?ar,zame/inits
Book Yield
Book Value
Mkt YTM
Accrued Int.
Gain/Loss
Fitch
Duration
06367WB85
Bank of Montreal Note
1,000,000.00
08/17/2021
1,034,530.00
102.86
1,028,647.00
0.52%
A2/A-
3.59
1.850% Due 05/01/2025
0.90%
1,033,430.97
1.03%
7,708.33
(4,783.97)
AA-
3.44
89114QCK2
Toronto Dominion Bank Note
1,000,000.00
08/17/2021
993,000.00
98.68
986,792.00
0.49%
Al/A
3.95
0.750% Due 09/11/2025
0.93%
993,202.83
1.09%
416.67
(6,410.83)
AA-
3.87
14913112H9
Caterpillar Financial Service Note
1,000,000.00
04/21/2021
991,780.00
99.35
993,492.00
0.50%
A2/A
4.12
0.800% Due 11/13/2025
0.98%
992,574.85
0.96%
3,066.67
917.15
A
4.03
06051GHY8
Bank of America Corp Callable Note Cont 2/13/2025
1,000,000.00
04/20/2021
1,030,470.00
102.51
1,025,135.00
0.51%
A2/A-
4.38
2.015% Due 02/13/2026
1.11%
1,027,662.18
1.25%
2,686.67
(2,527.18)
AA-
3.25
46647PBK1
1P Morgan Chase & Co Callable Note Cont 4/22/2025
2,000,000.00
Various
2,072,110.00
102.79
2,055,798.00
1.04%
A2/A-
4.56
2.083% Due 04/22/2026
1.26%
2,069,650.32
1.28%
18,399.84
(13,852.32)
AA-
3.40
00440EAV9
Chubb INA Holdings Inc Callable Note Cont 2/3/2026
1,000,000.00
07/23/2021
1,102,780.00
109.03
1,090,335.00
0.55%
A3 / A
4.59
3.350% Due 05/03/2026
1.13%
1,098,883.69
1.21%
13,772.22
(8,548.69)
A
4.02
023135BX3
Amazon.com Inc Callable Note Cont 4/12/2026
1,000,000.00
05/12/2021
995,200.00
99.89
998,917.00
0.50%
Al/AA
4.62
1.000% Due 05/12/2026
1.10%
995,568.42
1.02%
3,861.11
3,348.58
AA-
4.40
808513BR5
Charles Schwab Corp Callable Note Cont 4/13/2026
1,000,000.00
07/23/2021
1,007,990.00
100.13
1,001,343.00
0.50%
A2/A
4.62
1.150% Due 05/13/2026
0.98%
1,007,688.83
1.12%
4,408.33
(6,345.83)
A
4.39
91324PEC2
United Health Group Inc Callable Note Cont 4/15/2026
1,000,000.00
07/28/2021
1,007,110.00
100.03
1,000,284.00
0.50%
A3/A+
4.62
1.150% Due 05/15/2026
1.00%
1,006,854.04
1.14%
4,216.67
(6,570.04)
A
4.39
78016EZT7
Royal Bank of Canada Note
1,000,000.00
07/28/2021
999,090.00
99.22
992,167.00
0.50%
A2/A
4.79
1.150% Due 07/14/2026
1.17%
999,121.67
1.32%
2,459.72
(6,954.67)
AA-
4.63
931142ERO
Wal-Mart Stores Callable Note Cont 08/17/2026
900,000.00
09/22/2021
902,277.00
99.82
898,373.70
0.45%
Aa2 / AA
4.97
1.050% Due 09/17/2026
1.00%
902,268.24
1.09%
367.50
(3,894.54)
AA
4.74
23,663,018.81
23,750,202.20
11.93%
Al / A+
2.61
TOTAL Corporate
23,400,000.00
1.71%
23,634,933.38
0.70%
104,351.61
115,268.82
A+
2.36
LAIF
90LAIF$00 Local Agency Investment Fund State Pool 84,348,110.19 Various 84,348,110.19 1.00 84,348,110.19 42.22% NR/ NR 0.00
0.21% 84,348,110.19 0.21% 43,664.11 0.00 NR 0.00
84,348,110.19 84,348,110.19 42.22% NR/NR 0.00
TOTAL LAIF 84,348,110.19 0.21% 84,348,110.19 0.21% 43,664.11 0.00 NR 0.00
29 ci"
DocuSign Envelope I D: 89AB5F7E-7024-41 E5-8A70-595E64F5D32A
Holdings Report As of September 30, 2021
City of Tustin Consolidated Account - Account #10795
7.
r - i:escription
'MR
tar,z. - r nits
Book Yield
Book Value
Mkt YTM
Accrued Int.
Gain/Loss
Fitch
Duration
Local Gov Investment Pool
90CAMP$00 California Asset Mgmt Program CAMP
719,777.08
Various
719,777.08
1.00
719,777.08
0.36%
NR/AAA
0.00
0.05%
719,777.08
0.05%
0.00
0.00
NR
0.00
719,777.08
719,777.08
0.36%
NR / AAA
0.00
TOTAL Local Gov Investment Pool
719,777.08
0.05%
719,777.08
0.05%
0.00
0.00
NR
0.00
Money Market Fund
31846V203 First American Govt Obligation Fund Class Y
31,181.02
Various
31,181.02
1.00
31,181.02
0.02%
Aaa/AAA
0.00
0.01%
31,181.02
0.01%
0.00
0.00
AAA
0.00
31,181.02
31,181.02
0.02%
Aaa/AAA
0.00
TOTAL Money Market Fund
31,181.02
0.01%
31,181.02
0.01%
0.00
0.00
Aaa
0.00
Municipal Bonds
45656RDV1 City of Industry CA STE-REV
1,000,000.00
05/17/2017
1,013,000.00
100.54
1,005,350.00
0.51%
Al/NR
0.25
2.750% Due 01/01/2022
2.45%
1,000,707.69
0.63%
6,875.00
4,642.31
NR
0.25
13063DADO California State TE -GO
1,000,000.00
04/27/2017
1,010,000.00
101.07
1,010,710.00
0.51%
Aa2/AA-
0.50
2.367% Due 04/01/2022
2.15%
1,001,011.11
0.23%
11,835.00
9,698.89
AA
0.50
802629AX3 Santa Rosa Regional Resources STE-REV
500,000.00
10/03/2017
504,500.00
101.79
508,925.00
0.26%
NR/AA+
0.84
2.400% Due 08/01/2022
2.20%
500,775.95
0.26%
2,000.00
8,149.05
AA
0.83
62719PAY2 Murrieta Redevelopment Agency STE-TA
250,000.00
10/18/2017
249,345.00
101.53
253,812.50
0.13%
NR/A
0.84
2.500% Due 08/01/2022
2.56%
249,886.09
0.67%
1,041.67
3,926.41
NR
0.83
13077DFD9 California State University TE -REV
250,000.00
08/02/2018
250,000.00
103.08
257,692.50
0.13%
Aa2/AA-
1.09
3.054% Due 11/01/2022
3.05%
250,000.00
0.22%
3,181.25
7,692.50
NR
1.06
3,026,845.00
3,036,490.00
1.53%
Aa3 / AA-
0.55
TOTAL Municipal Bonds
3,000,000.00
2.37%
3,002,380.84
0.40%
24,932.92
34,109.16
AA
0.55
Negotiable CD
903572CC7 Uinta Bank Negotiable CD
247,000.00
10/13/2017
247,000.00
100.07
247,173.89
0.12%
NR/ NR
0.04
2.050% Due 10/13/2021
2.05%
247,000.00
0.07%
2,372.22
173.89
NR
0.04
66612ABV9 Northfield Bank Negotiable CD
248,000.00
11/01/2017
247,256.00
100.10
248,254.70
0.13%
NR/NR
0.05
1.950% Due 10/20/2021
2.03%
247,990.24
0.07%
2,172.89
264.46
NR
0.05
39115UAZ6 Great Plains Bank SD Negotiable CD
248,000.00
04/21/2017
248,000.00
100.39
248,976.38
0.12%
NR/NR
0.22
1.850% Due 12/21/2021
1.85%
248,000.00
0.10%
125.70
976.38
NR
0.22
02554BCRO American Eagle Bank IL Negotiable CD
247,000.00
07/13/2017
247,000.00
100.48
248,185.60
0.12%
NR/ NR
0.25
2.000% Due 12/30/2021
2.00%
247,000.00
0.07%
1,258.68
1,185.60
NR
0.25
30 c1"
DocuSign Envelope I D: 89AB5F7E-7024-41 E5-8A70-595E64F5D32A
Holdings Report
As of September 30, 2021
City of Tustin Consolidated Account - Account #10795
CUSIP
677721CNO
Security Description
Ohio Valley Bank Negotiable CD
Par Value/Units
248,000.00
Purchase Date
Book Yield
07/19/2017
Cost Value
Book Value
248,000.00
Mkt Price
Mkt YTM
100.54
Market Value
Accrued Int.
249,351.35
% of Port.
Gain/Loss
0.12%
Moody/S&P
Fitch
NR/ NR
Maturity
Duration
0.30
1.900% Due 01/19/2022
1.90%
248,000.00
0.11%
154.92
1,351.35
NR
0.30
63969ACD4
Nebraska State Bank & Trust Negotiable CD
248,000.00
04/21/2017
248,000.00
100.72
249,796.51
0.13%
NR/ NR
0.39
1.950% Due 02/21/2022
1.95%
248,000.00
0.11%
132.49
1,796.51
NR
0.39
15118RMF1
Celtic Bank Negotiable CD
248,000.00
04/21/2017
248,000.00
101.12
250,779.09
0.13%
NR/ NR
0.56
2.100% Due 04/21/2022
2.10%
248,000.00
0.08%
142.68
2,779.09
NR
0.55
32063KAS1
First Jackson Bank Inc Negotiable CD
248,000.00
11/08/2017
248,000.00
101.19
250,961.62
0.13%
NR/ NR
0.61
2.050% Due 05/09/2022
2.06%
248,000.00
0.08%
320.36
2,961.62
NR
0.60
25590AAH3
DNB First NA Negotiable CD
248,000.00
06/23/2017
248,000.00
101.41
251,493.33
0.13%
NR/ NR
0.73
2.000% Due 06/23/2022
2.00%
248,000.00
0.07%
108.71
3,493.33
NR
0.72
894333FF5
Traverse City State Bank Negotiable CD
248,000.00
06/28/2017
248,000.00
101.44
251,574.18
0.13%
NR/NR
0.74
2.000% Due 06/28/2022
2.00%
248,000.00
0.06%
1,290.96
3,574.18
NR
0.74
06740KKD8
Barclays Bank Delaware Negotiable CD
247,000.00
07/12/2017
247,000.00
101.67
251,136.76
0.13%
NR/ NR
0.78
2.200% Due 07/12/2022
2.20%
247,000.00
0.05%
1,205.90
4,136.76
NR
0.78
32056GCQ1
First Internet Bank of IN Negotiable CD
248,000.00
07/14/2017
248,000.00
101.56
251,859.62
0.13%
NR/ NR
0.79
2.050% Due 07/14/2022
2.05%
248,000.00
0.07%
236.79
3,859.62
NR
0.78
330459BU1
FNB Bank Inc Negotiable CD
248,000.00
08/18/2017
248,000.00
101.69
252,181.78
0.13%
NR/NR
0.88
2.000% Due 08/18/2022
2.00%
248,000.00
0.09%
176.66
4,181.78
NR
0.87
33610RQY2
First Premier Bank Negotiable CD
248,000.00
08/21/2017
248,000.00
101.77
252,381.17
0.13%
NR/ NR
0.89
2.050% Due 08/22/2022
2.05%
248,000.00
0.07%
571.08
4,381.17
NR
0.89
018596AA3
Alliance Credit Union MO Negotiable CD
248,000.00
10/13/2017
248,000.00
102.21
253,478.07
0.13%
NR/ NR
1.04
2.250% Due 10/13/2022
2.25%
248,000.00
0.12%
2,614.19
5,478.07
NR
1.02
01748DAY2
Allegiance Bank Negotiable CD
248,000.00
11/03/2017
248,000.00
102.26
253,597.36
0.13%
NR/ NR
1.09
2.200% Due 11/03/2022
2.20%
248,000.00
0.13%
418.54
5,597.36
NR
1.08
3191411F5
First Bank of Highland Negotiable CD
248,000.00
11/08/2017
248,000.00
102.29
253,671.26
0.13%
NR/ NR
1.11
2.200% Due 11/08/2022
2.20%
248,000.00
0.13%
2,182.40
5,671.26
NR
1.09
62384RACO
MOUNTAIN AMERICA FD CRED Negotiable CD
248,000.00
11/08/2017
248,000.00
102.39
253,932.66
0.13%
NR/NR
1.11
2.300% Due 11/08/2022
2.30%
248,000.00
0.14%
359.43
5,932.66
NR
1.09
82669VBY6
Signature Bank Chicago IL Negotiable CD
248,000.00
11/08/2017
248,000.00
102.23
253,533.87
0.13%
NR/ NR
1.11
2.150% Due 11/08/2022
2.15%
248,000.00
0.13%
2,132.80
5,533.87
NR
1.09
795450M93
Sallie Mae Bank Negotiable CD
245,000.00
04/18/2018
245,000.00
104.26
255,424.75
0.13%
NR/NR
1.55
3.000% Due 04/18/2023
3.00%
245,000.00
0.24%
3,342.74
10,424.75
NR
1.50
903481CW8
UBS Bank USA Negotiable CD
248,000.00
06/13/2018
248,000.00
105.03
260,479.36
0.13%
NR/ NR
1.70
3.250% Due 06/13/2023
3.25%
248,000.00
0.28%
397.48
12,479.36
NR
1.66
246399A85
Delaware State Police FCU Negotiable CD
246,000.00
03/29/2019
246,000.00
106.19
261,225.92
0.13%
NR/ NR
2.50
3.000% Due 03/29/2024
3.00%
246,000.00
0.50%
40.44
15,225.92
NR
2.42
31 c1"
DocuSign Envelope ID: 89AB5F7E-7024-41 E5-8A70-595E64F5D32A
Holdings Report
City of Tustin Consolidated Account - Account #10795
As of September 30, 2021
38149MYS6 Goldman Sachs Bank USA Negotiable CD 245,000.00 08/17/2021 243,775.00 100.37 245,916.79 0.12% NR/NR 4.90
1.050% Due 08/25/2026 1.15% 243,799.82 0.97% 260.77 2,116.97 NR 4.77
5,691,031.00 5,795,366.02 2.91% NR/NR 1.02
TOTAL Negotiable CD 5,693,000.00 2.16% 5,691,790.06 0.16% 22,018.83 103,575.96 NR 1.00
US Treasury
i
91282CBH3 US Treasury Note
2,000,000.00 04/27/2021
1,957,500.00
97.82
1,956,328.00
0.98%
Aaa / AA+
4.34
0.375% Due 01/31/2026
0.83%
1,961,312.54
0.89%
1,263.59
(4,984.54)
AAA
4.28
91282CBT7 US Treasury Note
2,000,000.00 04/27/2021
1,989,531.25
99.26
1,985,156.00
0.99%
Aaa /AA+
4.50
0.750% Due 03/31/2026
0.86%
1,990,439.55
0.92%
41.21
(5,283.55)
AAA
4.41
3,947,031.25
3,941,484.00
1.97%
Aaa / AA+
4.42
TOTAL US Treasury
4,000,000.00 0.85%
3,951,752.09
0.90%
1,304.80
(10,268.09)
Aaa
4.35
199,335,088.62 199,626,898.78 100.00% Aa3 / AA- 0.50
TOTAL PORTFOLIO 199,121,182.56 0.57% 199,293,271.17 0.30% 249,613.94 333,627.61 AA 0.46
TOTAL MARKET VALUE PLUS ACCRUALS 199,876,512.72
32 c1"
I
1�i \
DocuSign Envelope I D. 89AB5F7E-7024-41 E5-8A70-595E64F5D32A
.w
Section 4 1 Transactions
33 Q11
DocuSign Envelope I D: 89AB5F7E-7024-41 E5-8A70-595E64F5D32A
1 Transaction Ledger
City of Tustin Consolidated Account - Account #10795
June 30, 2021 through September 30, 2021
As of September 30, 2021
ACQUISITIONS
001"M
-
Purchase
07/15/2021
90LAIF$00
59,777.58
Local Agency Investment Fund State Pool
1.000
0.25%
59,777.58
0.00
59,777.58
0.00
Purchase
07/27/2021
00440EAV9
1,000,000.00
Chubb INA Holdings Inc Callable Note Cont
110.278
1.13%
1,102,780.00
7,816.67
1,110,596.67
0.00
2/3/2026
3.35% Due: 05/03/2026
Purchase
07/27/2021
46647PBK1
1,000,000.00
JP Morgan Chase & Co Callable Note Cont
103.748
1.06%
1,037,480.00
5,496.81
1,042,976.81
0.00
4/22/2025
2.083% Due: 04/22/2026
Purchase
07/27/2021
808513BR5
1,000,000.00
Charles Schwab Corp Callable Note Cont
100.799
0.98%
1,007,990.00
2,363.89
1,010,353.89
0.00
4/13/2026
1.15% Due: 05/13/2026
Purchase
07/30/2021
78016EZT7
1,000,000.00
Royal Bank of Canada Note
99.909
1.17%
999,090.00
511.11
999,601.11
0.00
1.15% Due: 07/14/2026
Purchase
07/30/2021
91324PEC2
1,000,000.00
United Health Group Inc Callable Note Cont
100.711
1.00%
1,007,110.00
2,268.06
1,009,378.06
0.00
4/15/2026
1.15% Due: 05/15/2026
Purchase
07/31/2021
900CIP$01
356.74
Orange County Investment Pool
1.000
0.40%
356.74
0.00
356.74
0.00
Purchase
07/31/2021
90CAMP$00
30.94
California Asset Mgmt Program CAMP
1.000
0.05%
30.94
0.00
30.94
0.00
Purchase
08/11/2021
46647PBK1
1,000,000.00
JP Morgan Chase & Co Callable Note Cont
103.463
1.29%
1,034,630.00
6,306.86
1,040,936.86
0.00
4/22/2025
2.083% Due: 04/22/2026
Purchase
08/19/2021
06367WB85
1,000,000.00
Bank of Montreal Note
103.453
0.90%
1,034,530.00
5,550.00
1,040,080.00
0.00
1.85% Due: 05/01/2025
Purchase
08/19/2021
89114QCK2
1,000,000.00
Toronto Dominion Bank Note
99.300
0.93%
993,000.00
3,291.67
996,291.67
0.00
0.75% Due: 09/11/2025
Purchase
08/25/2021
38149MYS6
245,000.00
Goldman Sachs Bank USA Negotiable CD
99.500
1.15%
243,775.00
0.00
243,775.00
0.00
1.05% Due: 08/25/2026
Purchase
08/30/2021
900CIP$01
2.23
Orange County Investment Pool
1.000
0.40%
2.23
0.00
2.23
0.00
Purchase
08/31/2021
90CAMP$00
31.68
California Asset Mgmt Program CAMP
1.000
0.05%
31.68
0.00
31.68
0.00
Purchase
09/24/2021
931142ERO
900,000.00
Wal-Mart Stores Callable Note Cont 08/17/2026
100.253
1.00%
902,277.00
183.75
902,460.75
0.00
1.05% Due: 09/17/2026
34 Ci"
DocuSign Envelope I D: 89AB5F7E-7024-41 E5-8A70-595E64F5D32A
Transaction Ledger
As
of September 30,
2021
City
of Tustin Consolidated Account
- Account #10795
June 30, 2021 through September 30, 2021
Transaction Settlement
Acq/Disp
Interest
Type
Purchase
Date
09/30/2021
CUSIP
90CAMP$00
Quantity
29.98
Security Description Tr
California Asset Mgmt Program CAMP
Price
1.000
Amount
Yield
0.05% 29.98
Pur/Sold
0.00
Total Amount Gain/Loss
29.98
0.00
Subtotal
9,205,229.15
9,422,891.15
33,788.82
9,456,679.97
0.00
Security
09/30/2021
90LAIF$00
6,000,000.00
Local Agency Investment Fund State Pool
1.000
6,000,000.00
0.00
6,000,000.00
0.00
Contribution
Subtotal
6,000,000.00
6,000,000.00
0.00
6,000,000.00
0.00
TOTAL ACQUISITIONS
15,205,229.15
15,422,891.15
33,788.82
15,456,679.97
0.00
DISPOSITIONS
-
Maturity
07/14/2021
06610RAQ2
248,000.00
Bankers Bank Madison WI Negotiable CD
100.000
248,000.00
0.00
248,000.00
0.00
1.9% Due: 07/14/2021
Maturity
07/14/2021
15523RBJ4
248,000.00
Central State Bank Iowa Negotiable CD
100.000
248,000.00
0.00
248,000.00
0.00
1.85% Due: 07/14/2021
Maturity
07/19/2021
30257JAC9
248,000.00
FNB Bank Inc Romney WV Negotiable CD
100.000
248,000.00
0.00
248,000.00
0.00
1.85% Due: 07/19/2021
Maturity
07/21/2021
00257TAY2
248,000.00
Abacus Federal Savings Bank Negotiable CD
100.000
248,000.00
0.00
248,000.00
0.00
1.95% Due: 07/21/2021
Maturity
08/01/2021
62719PAX4
350,000.00
Murrieta Redevelopment Agency STE-TA
100.000
350,000.00
0.00
350,000.00
0.00
2.25% Due: 08/01/2021
Maturity
08/01/2021
802629AW5
980,000.00
Santa Rosa Regional Resources STE-REV
100.000
980,000.00
0.00
980,000.00
0.00
2.2% Due: 08/01/2021
Maturity
08/16/2021
201282HD5
248,000.00
Commercial Bank Alma MI Negotiable CD
100.000
248,000.00
0.00
248,000.00
0.00
1.4% Due: 08/16/2021
Maturity
08/16/2021
70212YAW2
248,000.00
Partners Bank California Negotiable CD
100.000
248,000.00
0.00
248,000.00
0.00
1.85% Due: 08/16/2021
Maturity
08/20/2021
69709QAM3
248,000.00
Palmetto Heritage Bank & Trust Negotiable CD
100.000
248,000.00
0.00
248,000.00
0.00
1.9% Due: 08/20/2021
35 Ci"
DocuSign Envelope I D: 89AB5F7E-7024-41 E5-8A70-595E64F5D32A
1 Transaction Ledger
City of Tustin Consolidated Account - Account #10795
June 30, 2021 through September 30, 2021
As of September 30, 2021
Maturity
08/26/2021
292661\131-18
248,000.00
Enerbank USA Negotiable CD
100.000
248,000.00
0.00
248,000.00
0.00
1.45% Due: 08/26/2021
Maturity
08/30/2021
49254FAQ9
249,000.00
Keesler Federal Credit Union Negotiable CD
100.000
249,000.00
0.00
249,000.00
0.00
3% Due: 08/30/2021
Subtotal
3,563,000.00
3,563,000.00
0.00
3,563,000.00
0.00
Security
07/31/2021
900CIP$01
0.02
Orange County Investment Pool
1.000
0.02
0.00
0.02
0.00
Withdrawal
Security
07/31/2021
90LAIF$00
5,200,000.00
Local Agency Investment Fund State Pool
1.000
5,200,000.00
0.00
5,200,000.00
0.00
Withdrawal
Security
08/30/2021
900CIP$01
2,312.06
Orange County Investment Pool
1.000
2,312.06
0.00
2,312.06
0.00
Withdrawal
Subtotal
5,202,312.08
5,202,312.08
0.00
5,202,312.08
0.00
TOTAL DISPOSITIONS
8,765,312.08
8,765,312.08
0.00
8,765,312.08
0.00
36 C11%
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Important Disclosures
2021 Chandler Asset Management, Inc, An Independent Registered Investment Adviser.
As of September 30, 2021
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 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.
37 cJ"
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Benchmark Disclosures
ICE BofA 1-5 Yr US Treasury & Agency Index
As of September 30, 2021
The ICE BofA 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 of $1 billion for sovereigns and $250 million for
agencies.
ICE BofA 1-3 Yr US Treasury & Agency Index
The ICE BofA 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, 5&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.
38 ci"
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PUBLIC
AGENCY
RETIREMENT
SERVICES PARS
CITY OF TUSTIN
PARS Post Employment Benefits Trust
Matthew West
City Manager
City of Tustin
300 Centennial Way
Tustin, CA 92780
Account Summary
Account Report for the Period
9/1/2021 to 9/30/2021
Source
Balance as of
9/1/2021
Contributions
Earnings
Expenses
Distributions
Transfers
Balance as of
9/30/2021
OPEB
PENSION
$2,637,419.65
$7,524,689.54
50.00
50.00
-$67,820.47
-$193,493.08
$1,197.69
$3,417.12
$0.00
$0.00
50.00
50.00
$2,568,401.49
$7,327,779.34
Totals
$10,162,109.19
$0.00
-$261,313.55
$4,614.81
$0.00
$0.00
$9,896,180.83
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-JIonth 3 -Months 1 -Year F -3 -Years 5 -Years 10 -Years Plan's Inception Date
OPEB -2.57% -0.52% 14.70% 9.11% 6/26/2018
PENSION -2.57% -0.52% 14.69% 9.14% 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 Karman Ave., Suite 100, Newport Beach, CA 92660 800.540.6369 Fax 949250.1250 www.pars.org
DocuSign Envelope I D: 89AB5F7E-7024-41 E5-8A70-595E64F5D32A
CITY OF TUSTIN
Monthly Investment Report
September 30, 2021
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
10.30
N/A
10.30
10.30
2016 Water Revenue Bonds, Refunding
343,650.00
N/A
343,650.00
343,650.00
2012 Water Revenue Bonds - Refunding
37,600.00
N/A
37,600.00
37,600.00
2020 Water Revenue Bonds
8.14
N/A
8.14
8.14
CFD 04-1
589,704.26
N/A
589,704.26
589,704.26
CFD 06-1
4,216,924.60
N/A
4,216,924.60
4,216,924.60
CFD 07-1
1,139,367.01
N/A
1,139,367.01
1,139,367.01
CFD 14-1
7,076,014.45
N/A
7,076,014.45
7,076,014.45
13,403,278.76
13,403,278.76
13,403,278.76
Restricted Deposits
with Fiscal Agents TOTAL
13,403,278.76
13,403,278.76