HomeMy WebLinkAbout13 QUARTERLY INVESTMENT REPORT FOR THE CITY OF TUSTIN AND THE SUCCESSOR AGENCY FOR THE TUSTIN COMMUNDocuSign Envelope ID: F5AAB750-D243-4FB0-A521-EE7F836FBF11
•
AGENDA REPORT
MEETING DATE: MAY 17, 2022
TO: MATTHEW S. WEST, CITY MANAGER
13
Agenda Item
Reviewed. Ds
5W
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 MARCH 31, 2022
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 March 31, 2022 is rendered.
The City's total cash and investments amounted to approximately $195 million as of March 31, 2022.
The weighted average portfolio yield for the investment portfolio was 0.96%, which is 46 basis points
higher than the weighted average portfolio yield for the prior quarter. The primary reason for the
increase in the weighted average portfolio yield is due to a relatively swift upward movement in
Treasury yields across the board that begun in January 2022. The Federal Open Market Committee
(FOMC) raised the federal funds rate by 0.25% in March, its first increase since 2018. More federal
funds rate increases are expected for the remaining 2022 year. As a result, the 2 -year Treasury
yield increased to 2.34% by March 2022, compared to a yield of 0.73% in December 2021. The 5 -
year Treasury yield increased to 2.46% by March 2022, compared to a yield of 1.26% in December
2021.
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Quarterly Investment Report for the Period Ending March 31, 2022 Page 2 of 2
PARS Pension Trust
The City has made two contributions into a Pension Trust: $5.6 million in June 2018 and $2 million
in March 2022. The Pension Trust is held by Public Agency Retirement Services (PARS) and
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 risks and return and provides for diversification. Pension Trust
Fund assets amounted to $9.2 million at March 31, 2022. The three-year annualized return for the
PARS Pension Trust Fund was 8.09%.
PARS OPEB Trust
Over the past four years, the City has also made $2.5 million in contributions into an Other Post -
Employment Benefits (OPEB) Trust, including a recent contribution of $500,000 in March 2022. The
OPEB Trust is held by PARS and includes funds that are set-aside for future retiree healthcare costs.
Trust assets are managed in a customized investment strategy that balances risk and return and
provides for diversification. OPEB Trust Fund assets amounted to $3 million at March 31, 2022. The
three-year annualized return for the PARS OPEB Trust Fund was 8.19%.
Investment Compliance Certification
On April 28, 2022, 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, which include, but not limited to traffic and street
improvements, water system improvements, park projects, improvements to public facilities and
capital projects at the Tustin Legacy.
Aaom V
Jason AI -Imam
Finance Director/City Treasurer
Attachment: Investment Report Certification
Jennifer King
Deputy Finance Director — Financial Services
Quarterly Investment Report for the Period Ending March 31, 2022
PARS Trust Statements as of March 31, 2022
Restricted Deposits with Fiscal Agents as of March 31, 2022
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City of Tustin, California
Finance Department
April 28, 2022
Honorable Mayor and Members of the City Council:
Re: Investment Report Certification
TUSTIN
f f u ruler
BUIL. ING OUR FUTURE
HONORING OUR PAST
In compliance with California Government Code Section 53646, the attached Investment Report
for the Quarter Ending March 31, 2022 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 s
jibluitted,
Jo e e, Chair
v of Tustin Audit Commission
Jason Al -Imam, Finance Director
City of Tustin Treasurer
300 Centennial Way, Tustin, CA 92780 www.tustinca.or�
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INVESTMENT REPORTit%
City of Tustin
Period Ending March 31, 2022
CHANDLER ASSET MANAGEMENT, INC. 1 800.317.4747 1 www.chandlerasset.com
CHANDLER
ASSET MANAGEMENT
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I Table of Contents
SECTION 1
SECTION 2
SECTION 3
SECTION 4
SECTION 5
Economic Update
Account Profile
Consolidated Information
Portfolio Holdings
Transactions
As of March 31, 2022
1 Q,tj
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Section 1 1 Economic Update
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Economic Update
■ The Russian invasion into Ukraine and resulting Western sanctions on Russia have fueled volatility in financial markets. The
latest escalation has exacerbated inflationary pressures, particularly in energy and commodities, and has caused tightening
conditions in financial markets. While consumer spending and economic growth remain strong, we believe an extended
conflict in Eastern Europe along with elevated energy prices increases the risk of an economic slowdown later this year.
While we expect the Fed to tighten monetary policy, the FOMC has very little margin for error as it attempts to combat
inflation without pushingthe economy into a recession. Overthe near-term, we expectfinancial market volatility to remain
elevated and conditions to remain tighter with heightened geopolitical risk, supply chain bottlenecks and persistent
inflation, and the Fed's pivot to less accommodative monetary policy.
0 The Federal Open Market Committee (FOMC) raised the federal funds rate by 0.25% at their March 16th meeting to a target
range of 0.25% to 0.50%. The Federal Reserve also ended their bond -buying program as expected in March, which included
the purchase of treasury and agency mortgage-backed securities. Fed Chair Powell suggested that balance sheet runoff
could begin as early as their next meeting in May, soonerthan previously anticipated, and that the pace of the unwind will
likely be faster than in the previous quantitative tightening cycle. The dot plot favors six additional rate hikes in 2022, which
implies a 25 basis point rate hike at each remaining meeting this year, but the Fed hasn't ruled out incorporating one or
more 50 basis point hikes to address inflation. The FOMC's Summary of Economic Projections forecasts higher Personal
Consumption Expenditure (PCE) inflation this year at 4.3% and a lower growth rate of 2.8% real GDP. We are anticipating
additional rates hikes by the Fed this year, but we do not believe that monetary policy is on a pre-set course and expect the
Fed's policy adjustments will depend on developments in the economy.
In March, yields increased dramatically and the curve continued to flatten. The 2 -year Treasury yield increased 90 basis
points to 2.34%, the 5 -year Treasury yield increased 74 basis points to 2.46%, and the 10 -year Treasury yield increased 51
basis points to 2.34%. The spread between the 2 -year and 10 -year Treasury yield declined to zero at March month-end
versus 40 basis points at February month-end and 158 basis points one year ago. While the flat yield curve bears watching
over the longer run, the spread between 3 -month and 10 -year treasuries is still steep at about 185 basis points, which
indicates likely economic growth in the coming year.
3 CJJJ
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IEmployment
c -2,000
0
`
-6,000
0
-10,000
0 -14,000
-18,000
-22,000
Nonfarm Payroll (000's)
Non-farm Payroll (000's)
3 month average (000's)
✓ S O ✓ S O
dry�p�c
O �O � O � O 1 1 1 1
Source: US Department of Labor
Unemployment Rate
24.0%
♦♦ - - - Underemployment Rate (U6)
20.0% ♦ Unemployment Rate (U3)
16.0% ' �♦
♦
12.0% , - •
M `.
8.0% •�•••,,
4.0%
0.0%
✓ S O✓ S O
P���
4-7
o
Source: US Department of Labor
The U.S. economy added 431,000 jobs in March, with upward revisions from the prior months totaling 95,000. Trends in employment remain
strong, with the three-month moving average payrolls at 561,000 and the six-month moving average at 600,000. Job gains were broad based in
March, led by leisure and hospitality and professional and business services. The unemployment rate fell to 3.6% from 3.8%, the lowest level
since February 2020. The labor participation rate increased marginally to 62.4% in March from 62.3°/% in February but remains lowerthan the pre -
pandemic level of 63.4%. The U-6 underemployment rate, which includes those who are marginally attached to the labor force and employed
part time for economic reasons, fell to 6.9% in March from 7.2°% in February, declining below its pre -pandemic level of 7.0% in February 2020.
Wage growth accelerated in March, with average hourly earnings rising 5.6% from 5.2% year -over -year. As more participants enter the labor
force, wage inflation dynamics should start to moderate, helping to lowerthe current elevated inflation readings.
4 C11%
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Inflation
✓ f
dr')0 4h-)0 Pp )0
Source: US Department of Labor
Ooc') 2fd~� ✓47 � SPp�
O 1 1 1
Personal Consumption Expenditures (PCE)
PCE Price Deflator YOY % Change
- - - PCE Core Deflator YOY % Change
mob �a` �4g �o� X06
`)0 �0 �0 -)0
Source: US Department of Commerce
Although U.S. consumer prices rose less than expected in March, inflation remained elevated at a 40 -year high. The Consumer Price Index (CPI)
was up 8.5% year -over -year in March, versus up 7.9% year -over -year in February. Core CPI (CPI less food and energy) was up 6.5°%year-over-
year in March, versus up 6.4% year -over -year in February. Gasoline costs drove about half of the monthly increase, while food was also a
sizable contributor. Used vehicle prices declined (although remaining firm), resulting in lower than forecast core increases for the month. The
Personal Consumption Expenditures (PCE) index was up 6.4% year -over -year in February, up from 6.0% in January. Core PCE was up 5.4% year -
over -year in February, versus up 5.2% in January. Current inflation readings continue to run well above the Fed's longer -run target of around
2.0%. While gas prices have started to decline in recent weeks in part due to COVID lockdowns in China, we believe pricing pressures may
remain elevated longer than anticipated as a result of the conflict in Europe.
5 Q11►
Consumer Price Index (CPI)
9.0%
9.0%
8.0%
CPI YOY % Change
8.0%
7.0%
- - - Core CPI YOY % Change
7.0%
6.0%
•
6.0%
r 5.0%
J°
5.0%
�`-��
4.0%
��
4.0%
3.0%
°
3.0%
2.0%
2.0%
1.0%
0.0%
0.0%
✓ f
dr')0 4h-)0 Pp )0
Source: US Department of Labor
Ooc') 2fd~� ✓47 � SPp�
O 1 1 1
Personal Consumption Expenditures (PCE)
PCE Price Deflator YOY % Change
- - - PCE Core Deflator YOY % Change
mob �a` �4g �o� X06
`)0 �0 �0 -)0
Source: US Department of Commerce
Although U.S. consumer prices rose less than expected in March, inflation remained elevated at a 40 -year high. The Consumer Price Index (CPI)
was up 8.5% year -over -year in March, versus up 7.9% year -over -year in February. Core CPI (CPI less food and energy) was up 6.5°%year-over-
year in March, versus up 6.4% year -over -year in February. Gasoline costs drove about half of the monthly increase, while food was also a
sizable contributor. Used vehicle prices declined (although remaining firm), resulting in lower than forecast core increases for the month. The
Personal Consumption Expenditures (PCE) index was up 6.4% year -over -year in February, up from 6.0% in January. Core PCE was up 5.4% year -
over -year in February, versus up 5.2% in January. Current inflation readings continue to run well above the Fed's longer -run target of around
2.0%. While gas prices have started to decline in recent weeks in part due to COVID lockdowns in China, we believe pricing pressures may
remain elevated longer than anticipated as a result of the conflict in Europe.
5 Q11►
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IConsumer
60.0%
50.0%
40.0%
30.0%
J° 20.0%
10.0%
0 0.0%
-10.0%
-20.0%
-30.0%
Retail Sales YOY % Change
✓ S
dry O �a�
p O
Source: US Department of Commerce
140
130
120
a,
110
X
a�
= 100
90
Consumer Confidence
80
✓ S
OPc,)O �dr ✓4h � SPp� O�c� � d�";0,
�1 1 1 1 �O
Source: The Conference Board
OPc� 2fd~� ✓4� � SPp�
Retail sales edged higher in March, but there are signs that higher gas prices are impacting discretionary spending. On a year -over -year basis,
retail sales were up 6.9% in March versus up 18.2% in February. On a month -over -month basis, retail sales moderated, rising 0.5% in March
versus an upwardly revised increase of 0.8% in February. Excluding vehicles and gas, retail sales were up just 0.2% month -over -month. Gains in
March were driven primarily by gasoline purchases, while e-commerce and vehicle sales declined. Although inflation threatens to put a dent in
expected growth, we believe high levels of consumer savings along with improvement in the health situation and continued improvement in
the labor market should provide a healthy tailwind for consumer spending. The Consumer Confidence index rebounded to 107.2 in March
following declines in January and February, primarily driven by positive assessments of employment. However, while consumers'
evaluations of the present situation was strong, future expectations have been deteriorating.
6 c1'%
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Economic Activity
4.0%
2.0%
0 0.0%
c
s
u
-2.0%
5
0 -4.0%
-6.0%
Leading Economic Indicators (LEI)
-8.0%
�Pb,,-)o �p �o X01, �%
Source: The Conference Board
M- oll]
SIM
will,
Chicago Fed National Activity Index (CFNAI)
t
c -2.00
0
-4.00
1:11161
-8.00
2id`�1 1 Ot, Pb,� Pb2o a`�O g4gc
Source: Federal Reserve Bank of Chicago
/1i01,X06 /dam 14g �oL X06
�O �1
The Conference Board's Leading Economic Index (LEI) increased 0.3% month -over -month in February, following a 0.5% downwardly revised
decline in January. On a year -over -year basis, the LEI was up 7.6% in February versus up 7.3% in January. The Conference Board acknowledged
that the data do not fully reflect the impact of the Russian invasion of Ukraine on global supply chain issues, shortages, and the resulting
soaring prices, which could result in slower than expected growth in the first half of the year. Meanwhile, the Chicago Fed National Activity
Index (CFNAI) fell to 0.51 in February from a downwardly revised 0.59 in January. On a 3 -month moving average basis, the CFNAI declined to
0.35 in February, while January was revised downward to 0.37.
7 c1,%
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Housing
1800
1600
0
a
1400
c
1200
3
1000
800
a
600
400
0 200
0
Housing Starts
41 ILDI
i. Multi Family Housing Starts
■ Single Family Housing Starts
.0016 Oil 94g�0 �oG�O
O
�06�1
Oil
1
94g�I
�oG�1 �061)0 ��
Source: US Department of Commerce
24.0%
21.0%
18.0%
0 15.0%
c
f0
12.0%
0
} 9.0%
0
6.0%
3.0%
0.0%
S&P/Case-Shiller 20 City Composite Home Price Index
1/ .1
��~� ✓4/ O Oc�� ✓d�� qpr� ✓4/ 1 Oce ✓a��
O O 1 1 1
Source: S&P
Total housing starts rebounded 6.8% to an annual rate of 1,769,000 in February. Single-family starts increased 5.7%, and multi -family starts
increased 9.3%, month -over -month. On a year -over -year basis, total housing starts were up 22.3% in February driven by multi -family starts.
According to the Case-Shiller 20 -City home price index, home prices were up 19.1% year -over -year in January versus up 18.6°/% year -over -year
in December, suggesting tight supply may be continuing to support prices. Rising mortgage rates and affordability could be headwinds to
further price growth.
8 C11%
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66
64
62
60
58
56
54
52
50
48
46
44
42
40
Manufacturing
Institute of Supply Management Purchasing Manager Index
✓ S 0
10 1)0 I)p 20
Source: Institute for Supply Management
✓ S 0
Pct �dr�
20.0%
15.0%
10.0%
a
Y 5.0%
s
u
0.0%
}
o -5.0%
-10.0%
-15.0%
-20.0%
d' -O
O
Source: Federal Reserve
Industrial Production
SPp� O0c� 2!d~� ✓4� SPp� 600 �dr�
O O I 1 l 1
The Institute for Supply Management (ISM) manufacturing index fell to an 18 -month low of 57.1 in March from 58.6 in February due to surging
energy and commodities prices triggered by Russia's invasion of Ukraine. Readings above 50.0 are indicative of expansion in the manufacturing
sector. On a month -over -month basis, the Industrial Production index rose 0.9% in March, following an upwardly revised 0.9% increase in
February. Capacity utilization rose to 78.3% in March, up from 77.7% in February. Although capacity utilization remains below its longer -run
average of 79.6%, it is running above the pre -pandemic level of 76.3%.
9 C11%
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Gross Domestic Product (GDP)
Personal Consumption Expenditures
Gross Private Domestic Investment
Net Exports and Imports
Federal Government Expenditures
State and Local (Consumption and Gross
Investment)
Gross Domestic Product (GDP)
GDP QOQ % Change
GDP YOY % Change
Total 6.3% 6.7% 2.3% 6.9% �Oc, ✓�'1), SOC, ✓�'V), �0c, ✓�''�. Dov ✓�''�.101Dov ✓x'72 hoc,
16 1> 1> 1�p 1� l9 l9 ,)O
Source: US Department of Commerce
Source: US Department of Commerce
According to the third estimate, fourth quarter GDP grew at an annualized rate of 6.9%, revised slightly downward from the second estimate of
7.0%. Economic growth reaccelerated in the fourth quarter after slowing to a pace of 2.3% growth in the third quarter, bringing overall GDP
growth for 2021 to 5.7%. The most significant contributor to fourth quarter growth was inventory build, potentially reflecting some easing in
supply chain disruptions. The fourth -quarter's build will make for a tough comparison in the first quarter. The consensus estimate calls for 1.0%
GDP growth in the first quarter, 3.0°% growth in the current quarter, and 3.2°% growth for 2022.
10 C11%
35.0%
30.0%
25.0%
7.4%
7.9%
1.4%
1.8%
20.0%
15.0%
-0.4%
-0.7%
2.1%
5.8%
10.0%
5.0%
0.0%
-1.6%
-0.2%
-1.3%
-0.2%
-5.0%
-10.0%
-15.0%
0.8%
-0.4%
-0.4%
-0.3%
-20.0%
-25.0%
0.0%
0.0%
0.5%
-0.2%
-30.0%
-35.0%
Gross Domestic Product (GDP)
GDP QOQ % Change
GDP YOY % Change
Total 6.3% 6.7% 2.3% 6.9% �Oc, ✓�'1), SOC, ✓�'V), �0c, ✓�''�. Dov ✓�''�.101Dov ✓x'72 hoc,
16 1> 1> 1�p 1� l9 l9 ,)O
Source: US Department of Commerce
Source: US Department of Commerce
According to the third estimate, fourth quarter GDP grew at an annualized rate of 6.9%, revised slightly downward from the second estimate of
7.0%. Economic growth reaccelerated in the fourth quarter after slowing to a pace of 2.3% growth in the third quarter, bringing overall GDP
growth for 2021 to 5.7%. The most significant contributor to fourth quarter growth was inventory build, potentially reflecting some easing in
supply chain disruptions. The fourth -quarter's build will make for a tough comparison in the first quarter. The consensus estimate calls for 1.0%
GDP growth in the first quarter, 3.0°% growth in the current quarter, and 3.2°% growth for 2022.
10 C11%
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_
0
E
c
Federal Reserve
10,000,000
9,000,000
8,000,000
7,000,000
6,000,000
5,000,000
4,000,000
3,000,000
2,000,000
Federal Reserve Balance Sheet Assets
c0 c1 c1 c1 c1 c1 c1 c1 c1 c1 c1 c� c1
9 O 1 � �' st S 6 � cQ 9 O 1
Source: Federal Reserve
2.75%
2.50%
2.25%
2.00%
1.75%
1.50%
} 1.25%
1.00%
0.75%
0.50%
0.25%
0.00%
Effective Federal Funds Rate
.k Oil
10 11 1� 1S 1Q 1S, 16' 1j4 19 -b -1
Source: Bloomberg
As expected the Federal Open Market Committee (FOMC) raised the federal funds rate by 0.25% at their March meeting to a target range of
0.25% to 0.50%., This was the first increase since 2018, after two years of holding the federal funds rates near zero to insulate the economy
from the impacts of the pandemic. The Federal Reserve (Fed) also ended their bond -buying program as expected in March, which grew the
balance sheet to about $8.9 trillion. Fed Chair Powell suggested that balance sheet runoff could begin as early as their next meeting in May,
sooner than previously anticipated, and that the pace of the unwind will likely be faster than in the previous quantitative tightening cycle. The
dot plot favors six additional rate hikes in 2022, which implies a 25 basis point rate hike at each remaining meeting this year, but the Fed hasn't
ruled out incorporating one or more 50 basis point hikes to address inflation. The FOMC's Summary of Economic Projections forecasts higher
Personal Consumption Expenditure (PCE) inflation this year at 4.3% and a lower growth rate of 2.8% real GDP.
11 C,,J
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Bond Yields
US Treasury Note Yields
2.5
.... 2 -Year
2.0% - - - 5 -Year
10 -Year
1.5% I ;
6 I
a, ♦ - .0 .
1.0%
0.5
•
• ■ ■ • . • ■ . ■ ■ ■ . ■ . ■ . ■ ■ • • . . ■
0.0%
✓ S CO ✓ S 0 47
dr"e 4,y�0 Pp )0 echo �d~�1 4Pp�1 ee�1 dr��
Source: Bloomberg
2.5%
2.0%
US Treasury Yield Curve
Source: Bloomberg
At the end of March, the 2 -year Treasury yield was 217 basis points higher, and the 10 -Year Treasury yield was about 60 basis points higher, year -
over -year. The spread between the 2 -year Treasury yield and 10 -year Treasury yield declined to zero at March month-end compared to the
average historical spread (since 2003) of about 130 basis points. While the flat yield curve bears watching over the longer run, the spread
between 3 -month and 10 -year treasuries is still steep at about 185 basis points, which indicates likely economic growth in the coming year.
12 C,'%
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N
ilk
Section 2 1 Account Profile
13 C�
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Objectives
Investment Objectives
As of March 31, 2022
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.
14 CJli
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Compliance As of March 31, 2022
City of Tustin Consolidated
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
No limitations; U.S. government obligations issued by the U.S. Treasury and backed by the full faith and credit of the Federal
U.S. Treasuries Complies
government
50% max per issuer; Federal agencies or U.S. government-sponsored enterprise obligations, participations, or other instruments,
Federal Agencies includingthose issued byorfullyguaranteed as to principal and interest byfederal agencies or U.S. govern ment-spons ored Complies
enterprises
"AA" rated or better by a NRSRO; 5% max; 5% max per issuer; USD denominated senior unsecured unsubordinated obligations;
Supranational Obligations Issued or unconditionally guaranteed byoneof the three supranational bankinggroups: IBRD, IFC, and IADB; Supranational Complies
securities will not be purchased until further notice from staff at the City of Tustin.
30% max; 5% max per issuer; Bonds issued by the local agency (City of Tustin bonds); State of California and any local agency
Municipal Securities (CA, Local Agency) within theStateof California, including bonds payable solely out of therevenues froma revenue-producing propertyowned, Complies
control led, or operated by a local agency, or by a department, board, agency, or authority of the local agency
30% max; 5% max per issuer; Bonds of any of the other 49 states in addition to California, including bonds payable solely out of
Municipal Securities (CA, Other States) the revenues from a revenue-producing property owned, controlled, or operated by a state, or by a department, board, agency, or Complies
authority of any of the 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 investments in commercial paper and medium-term notes); Obligations of a domestic corporation or depository
Corporate Medium Term Notes Complies
institution; If the credit rating of a security is downgraded belowthe minimum rating 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.
Mortgage Pass -Through Securities "AA" rated or better by a NRSRO; 20% max; 10% max per issuer Complies
Any amount above FDIC insured limit must be issued by institutions with "A-1" short-term debt rating or higher by a NRSRO; or "A"
Negotiable Certificates of Deposit long-term rating category or higher by a NRSRO; 30% max; 5% max per issuer; Certificates of deposit issued by a nationally or state- Complies
(NCD) chartered bank, or a federal association, a state or Federal credit union, or by a federally -licensed or state -licensed branch of a
foreign bank.
Certificate of Deposit Placement
Service(CDARS) 30% max; FDIC insured; The City may utilize these at the discretion of the Treasurer Complies
Collateralized Bank Deposits/Time or 30% max per issuer; All active (checking/savings accounts) and inactive (time or certificates of deposit) above FDIC insured limits
Certificates of Deposit must be collateralized pursuantto 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
15 C11%
DocuSign Envelope ID: F5AAB750-D243-4FB0-A521-EE7F836FBF11
Compliance As of March 31, 2022
City of Tustin Consolidated
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 A long term rating by a NRSRO; 30% max, 5% max per issuer; 10% max of any single
issuer (combined issuer limitation of 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 shall meet all conditions in either (A) or (B): (A) 1. Organized and operating in the U.S.
Commercial Paper Complies
as a general corporation; 2. Has total assets >$500 million; 3. Has debt other than commercial paper, if any, that is "A" rating
category or higher by a NRSRO; (B) 1. Organized within the U.S. as a special purpose corporation, trust, or LLC; 2. Has program wide
credit enhancements including, but not limited to, overcollateralization, letters of creditor surety bond; and 3. "A-1" rated or higher
by a NRSRO
AAA or highest ranking of two of the three highest ranking NRSRO; Retained an investment adviser registered with SEC with > 5 years
Money Market Mutual Funds experience investing assets of at least $500 million; Must invest solely in investments, which the City itself could legally purchase; Complies
20% max; 10% max per Money Market Mutual Fund
Max amount limited to the amount as specified by LAIF; Principal amount withdrawal of $10 million or > needs 24-hour notice, and
Local Agency Investment Fund (LAI F) Complies
less than $10 million may be withdrawn the same day; Not used by investment adviser
Local Government Investment Pool Investment in OCIP is allowable according to guidelines in Government Code; Max amount permitted by County Treasurer; Not
(LGIP)/ Orange County Investment Pool Complies
(OCIP) used by investment adviser
Joint Powers Authority (JPA) Investment 50% max per issuer; Shares of beneficial interest issued by a joint powers' authority organized pursuantto Section 6509.7 that
Pools invests in securities and obligations authorized in subdivisions a to Complies
g () (q), inclusive per policy
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
Prohibited securities on margin, credit, or for other than full cash payment, and shall not be pledged as collateral; Reverse Repurchase Complies
Agreements; Supranational securities wi I I not be purchased unti I 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
16 Q&
DocuSign Envelope ID: F5AAB750-D243-4FB0-A521-EE7F836FBF11
Portfolio Characteristics As of March 31, 2022
City of Tustin Consolidated Account
Average Maturity (yrs)
2.62
0.80
0.46
Average Modified Duration
2.53
0.77
0.43
Average Purchase Yield
n/a
0.96%
0.50%
Average Market Yield
2.30%
1.07%
0.32%
Average Quality"
AAA
AA/Aa2
AA+/Aa3
Total Market Value
194,561,191
204,464,182
*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.
17 C,1`
DocuSign Envelope ID: F5AAB750-D243-4FB0-A521-EE7F836FBF11
Sector Distribution
Negotiable CD
2.2%
Municipal Bonds
1.0%
Money Market
Fund
0.6%
Local Gov
Investment Pool
3.6%
March 31, 2022
US Treasury Agency
23.1% 5.2%
$10,190,878.13
M $6,998,700.08
$44,971,621.50
LAI F
43.4%
City of Tustin Consolidated Account
Cash
5.1%
$9,869,613.02 - $30,505,715.21
$1,258,364.45 $2,023,785.42
Corporate
15.7%
$84,504,948.22
$4,237,565.04
December 31, 2021
Negotiable CD US Treasury
Municipal Bonds 2.3% 1.9%
1.5%
Money Market
Fund
0.1%
Local Gov
Investment Pool
27.3%
As of March 31, 2022
Agency
4.4%
LAIF
41.3%
$9,046,129.67 $18,660,678.64 $24,565,620.34
$55,721,683.23 $293,043.72 - $3,047,656.67
$3,905,799.01
Cash
9.1%
Corporate
12.0%
$84,439,776.97
$4,783,793.44
18 C`1%
DocuSign Envelope ID: F5AAB750-D243-4FB0-A521-EE7F836FBF11
Portfolio Allocation
City of Tustin Consolidated Account
LAIF _
US Treasury
® 1.9%
Corporate
Agency 5.2%
- 4.4%
Cash 5.1%
9.1%
Local Gov 3.6%
Investment Pool
Negotiable CD 2.2%
_ 2.3%
Municipal Bonds 1.0%
M 1.5%
Money Market 0.7%
Fund 0.1%
12.0%
15.7%
23.1%
27.3%
As of March 31, 2022
43.4%
41.3%
■ 03/31/22
■ 12/31/21
19 C`1%
DocuSign Envelope ID: F5AAB750-D243-4FB0-A521-EE7F836FBF11
Issuers
City of Tustin Consolidated Account - Account #10795
As of March 31, 2022
Local Agency Investment Fund
LAIF
43.43%
Government of United States
US Treasury
23.11%
Bank Cash Account
Cash
5.07%
CAMP
Local Gov Investment Pool
3.60%
Federal Home Loan Bank
Agency
2.72%
Toyota Motor Corp
Corporate
1.81%
Federal Home Loan Mortgage Corp
Agency
1.55%
Apple Inc
Corporate
1.04%
JP Morgan Chase & Co
Corporate
1.00%
Federal National Mortgage Association
Agency
0.97%
US Bancorp
Corporate
0.69%
First American Govt Oblig Fund
Money Market Fund
0.65%
Qualcomm Inc
Corporate
0.53%
Chubb Corporation
Corporate
0.53%
State of California
Municipal Bonds
0.52%
Mass Mutual Insurance
Corporate
0.52%
Visa Inc
Corporate
0.52%
Home Depot
Corporate
0.51%
Target Corp
Corporate
0.51%
National Rural Utilities
Corporate
0.50%
Bank of New York
Corporate
0.50%
Bank of Montreal Chicago
Corporate
0.50%
State Street Bank
Corporate
0.50%
Deere & Company
Corporate
0.50%
Bank of America Corp
Corporate
0.50%
New York Life Global Funding
Corporate
0.50%
Pfizer Inc.
Corporate
0.49%
Metlife Inc
Corporate
0.49%
Amazon.com Inc
Corporate
0.48%
Charles Schwab Corp/The
Corporate
0.48%
United Health Group Inc
Corporate
0.48%
Caterpillar Inc
Corporate
0.48%
Toronto Dominion Holdings
Corporate
0.47%
Royal Bank of Canada
Corporate
0.47%
Wal-Mart Stores
Corporate
0.43%
Santa Rosa Regional Resources
Municipal Bonds
0.26%
MasterCard Inc
Corporate
0.25%
California Edl Facs Auth Rev
Municipal Bonds
0.13%
20 C11%
DocuSign Envelope ID: F5AAB750-D243-4FB0-A521-EE7F836FBF11
Issuers
City of Tustin Consolidated Account — Account #10795
As of March 31, 2022
UBS Corp
Negotiable CD
0.13%
Sallie Mae Bank
Negotiable CD
0.13%
Alliance Credit Union MO
Negotiable CD
0.13%
First Bank of Highland
Negotiable CD
0.13%
Murrieta Redevelopment Agency
Municipal Bonds
0.13%
Signature Bank Chicago IL
Negotiable CD
0.13%
Mountain America FCU
Negotiable CD
0.13%
Allegiance Bank
Negotiable CD
0.13%
Delaware State Police FCU
Negotiable CD
0.13%
Traverse City State Bank
Negotiable CD
0.13%
First Premier Bank
Negotiable CD
0.13%
FNB Bank Inc
Negotiable CD
0.13%
Barclays Bank
Negotiable CD
0.13%
First Internet Bank of Indiana
Negotiable CD
0.13%
DNB First NA
Negotiable CD
0.13%
First Jackson Bank Inc
Negotiable CD
0.13%
Celtic Bank
Negotiable CD
0.13%
Goldman Sachs Inc.
Negotiable CD
0.12%
TOTAL
100.00%
21 C11%
DocuSign Envelope ID: F5AAB750-D243-4FB0-A521-EE7F836FBF11
Maturity Distribution As of March 31, 2022
$120,000.000. DO
$100,000.000.00
$80.000,000.00
$60,000.000.00
$40,000,000.00
$20.000,000.01D
$0.00
City of Tustin Consolidated Account
0-.25 .25-.5 .5-1 1=2 2-3 3-4 4-5 5+
Maturity ;Yrs
22 C1'%
DocuSign Envelope ID: F5AAB750-D243-4FB0-A521-EE7F836FBF11
Quality Distribution
60.0%
50.0%
40.0%
30.0%
20.0%
10.0
0.0% N -
AAA
City of Tustin Consolidated Account
March 31, 2022 vs. December 31, 2021
AA
■ 03/31/22
<A
_ 12/31/21
NR
03/31/22 4.2% 33.2% 11.8% 0.0% 50.7%
12/31/21 27.4% 11.1% 8.3% 0.0% 53.3%
Source: S&P Ratings
As of March 31, 2022
23 c1,%
DocuSign Envelope ID: F5AAB750-D243-4FB0-A521-EE7F836FBF11
I Duration Distribution
90.0%
85.0%
80.0%
75.0%
70.0%
65.0%
60.0%
55.0%
50.0%
45.0%
40.0%
35.0%
30.0%
25.0%
20.0%
15.0%
10.0%
5.0%
0.0%
City of Tustin Consolidated Account
March 31, 2022 vs. December 31, 2021
01�-
0-0.25 0.25-0.50 0.50-1
■ March 31, 2022
1-2
0-
N N �.
2-3
3-4 4-5
-!
December 31, 2021
5+
As of March 31, 2022
03/31/22
57.4%
6.7%
13.3%
4.1%
9.2%
8.3%
1.0%
0.0%
12/31/21
81.0%
3.9%
4.3%
0.8%
0.4%
5.1%
4.4%
0.0%
24 C`1%
DocuSign Envelope ID: F5AAB750-D243-4FB0-A521-EE7F836FBF11
Investment Performance
City of Tustin Consolidated Account
Total Rate of Return Annualized Since Inception November 30, 2020
0.00%
-0.50%
-1.00%
-1.50%
3 years
-2.00%
-2.50%
Since Inception
-3.00%
ICE BofA 1-5 Yr US Treasury & Agency Index
-3.50%
1-3 Yr US Treasury & Agency Index
As of March 31, 2022
-4.00%
12 months 2 years
3 years
5 years
10 years
Since Inception
■ City of Tustin Consolidated Account
ICE BofA 1-5 Yr US Treasury & Agency Index
■ ICE BofA
1-3 Yr US Treasury & Agency Index
Annualized
TOTAL RATE OF RETURN
3 months 12 months
2 years
3 years
5 years
10 years Since
Inception
City of Tustin Consolidated Account
-0.53% -0.47%
N/A
N/A
N/A
N/A -0.24%
ICE BofA 1-5 Yr US Treasury & Agency Index
-3.16% -3.71%
N/A
N/A
N/A
N/A -3.12%
ICE BofA 1-3 Yr US Treasury & Agency Index
-2.34% -2.84%
N/A
N/A
N/A
N/A -2.13%
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.
25 C11%
DocuSign Envelope ID: F5AAB750-D243-4FB0-A521-EE7F836FBF11
N
ilk
Section 3 1 Portfolio Holdings
26 C�
DocuSign Envelope ID: F5AAB750-D243-4FB0-A521-EE7F836FBF11
Holdings Report As of March 31, 2022
City of Tustin Consolidated Account - Account #10795
Agency
3130AB3U8 FHLB Callable Note 1X 4/26/2019
4,000,000.00 04/26/2017
4,000,000.00
100.10
4,004,152.00
2.08%
Aaa / AA+
0.07
2.100% Due 04/26/2022
2.10%
4,000,000.00
0.60%
36,166.67
4,152.00
NR
0.07
3134GBMB5 FHLMC Callable Note 1X 5/25/2018
1,000,000.00 05/25/2017
1,000,000.00
100.18
1,001,763.00
0.52%
Aaa / AA+
0.15
2.050% Due 05/25/2022
2.05%
1,000,000.00
0.87%
7,175.00
1,763.00
AAA
0.15
3134GBWQ1
FHLMC Callable Note 1X 7/27/2018
2,000,000.00
07/27/2017
1,996,000.00
100.38
2,007,672.00
1.04%
Aaa / AA+
0.32
90BOFA$00
2.000% Due 07/27/2022
9,869,613.02
2.04%
1,999,743.70
0.80%
7,111.11
7,928.30
AAA
0.32
3130ARHG9
FHLB Note
1,250,000.00
03/24/2022
1,248,575.00
99.74
1,246,778.75
0.64%
Aaa /AA+
1.92
2.125% Due 02/28/2024
2.19%
1,248,589.15
2.26%
442.71
(1,810.40)
NR
1.86
3135G04Z3
FNMA Note
2,000,000.00
04/12/2021
1,982,980.00
93.84
1,876,728.00
0.97%
Aaa / AA+
3.22
0.500% Due 06/17/2025
0.71%
1,986,917.13
2.51%
2,888.89
(110,189.13)
AAA
3.14
Corporate
John Deere Capital Corp Note
1,000,000.00
02/04/2022
10,227,555.00
96.36
10,137,093.75
5.24%
Aaa / AA+
0.93
TOTAL Agency
Apple Inc Callable Note Cont 4/11/2022
10,250,000.00
1.82%
10,235,249.98
1.22%
53,784.38
(98,156.23)
Aaa
0.91
Cash
Visa Inc Callable Note Cont 8/15/2022
1,000,000.00
10/03/2017
1,002,301.43
100.31
1,003,071.00
0.52%
Aaa / AA-
0.46
90BOFA$00
Cash BOA Cash Acct
9,869,613.02
Various
9,869,613.02
1.00
-
9,869,613.02
5.07%
NR/NR
0.00
89236TFNO
Toyota Motor Credit Corp Note
1,000,000.00
0.25%
9,869,613.02
0.25%
0.00
0.00
NR
0.00
3.450% Due 09/20/2023
3.00%
9,869,613.02
2.48%
9,869,613.02
5.07%
NR/NR
0.00
TOTAL Cash
Metlife Note
9,869,613.02
0.25%
9,869,613.02
0.25%
0.00
0.00
NR
0.00
0.700% Due 09/27/2024
1.49%
980,677.57
3.03%
77.78
(36,111.57)
AA-
2.43
Corporate
John Deere Capital Corp Note
1,000,000.00
02/04/2022
985,080.00
96.36
963,569.00
0.50%
A2 / A
2.78
037833CQ1
Apple Inc Callable Note Cont 4/11/2022
2,000,000.00
06/26/2017
2,015,402.54
100.06
2,001,160.00
1.04%
Aaa / AA+
0.11
57629WCG3
2.300% Due 05/11/2022
1,000,000.00
2.13%
2,000,346.12
0.19%
17,888.89
813.88
NR
0.03
89236TEC5
Toyota Motor Credit Corp Note
2,500,000.00
11/01/2017
2,482,750.00
100.25
2,506,185.00
1.29%
Al/A+
0.44
2.150% Due 09/08/2022
2.30%
2,498,442.44
1.58%
3,434.03
7,742.56
A+
0.43
92826CAG7
Visa Inc Callable Note Cont 8/15/2022
1,000,000.00
10/03/2017
1,002,301.43
100.31
1,003,071.00
0.52%
Aaa / AA-
0.46
2.150% Due 09/15/2022
2.10%
1,000,212.58
1.31%
955.56
2,858.42
NR
0.37
89236TFNO
Toyota Motor Credit Corp Note
1,000,000.00
02/28/2019
1,019,000.00
101.38
1,013,839.00
0.52%
Al/A+
1.47
3.450% Due 09/20/2023
3.00%
1,006,127.93
2.48%
1,054.17
7,711.07
A+
1.43
59217GEPO
Metlife Note
1,000,000.00
01/18/2022
979,170.00
94.46
944,566.00
0.49%
Aa3 / AA-
2.50
0.700% Due 09/27/2024
1.49%
980,677.57
3.03%
77.78
(36,111.57)
AA-
2.43
24422EVY2
John Deere Capital Corp Note
1,000,000.00
02/04/2022
985,080.00
96.36
963,569.00
0.50%
A2 / A
2.78
1.250% Due 01/10/2025
1.78%
985,807.12
2.62%
2,812.50
(22,238.12)
A
2.69
57629WCG3
Mass Mutual Global funding Note
1,000,000.00
03/23/2022
1,004,360.00
100.10
1,001,030.00
0.52%
Aa3 /AA+
2.79
2.950% Due 01/11/2025
2.79%
1,004,330.17
2.91%
6,555.56
(3,300.17)
AA+
2.63
27 C11%
DocuSign Envelope ID: F5AAB750-D243-4FB0-A521-EE7F836FBF11
Holdings Report
City of Tustin Consolidated Account - Account #10795
As of March 31, 2022
64952WEK5
New York Life Global Note
1,000,000.00
01/18/2022
996,780.00
96.20
962,033.00
0.50%
Aaa / AA+
2.79
1,024,507.72
1.450% Due 01/14/2025
2,686.67
1.56%
996,989.74
2.88%
3,101.39
(34,956.74)
AAA
2.69
63743HFC1
National Rural Utilities Note
1,000,000.00
03/23/2022
972,740.00
96.98
969,836.00
0.50%
A2/A-
2.86
AA-
1.875% Due 02/07/2025
00440EAV9 Chubb INA Holdings Inc Callable Note Cont 2/3/2026
2.87%
972,921.73
2.99%
2,812.50
(3,085.73)
A
2.74
57636QAN4
MasterCard Inc Callable Note 1x 02/03/2025
500,000.00
11/01/2021
515,365.00
98.53
492,641.50
0.25%
Al/A+
2.93
2.000% Due 03/03/2025
1.06%
513,482.28
2.53%
777.78
(20,840.78)
NR
2.81
87612EBL9
Target Corp Callable Note Cont 4/15/25
1,000,000.00
02/04/2022
1,010,340.00
98.61
986,078.00
0.51%
A2 / A
3.04
2.250% Due 04/15/2025
1.91%
1,009,877.28
2.73%
10,375.00
(23,799.28)
A
2.88
437076CM2
Home Depot Callable Note Cont 3/15/2025
1,000,000.00
03/28/2022
995,620.00
99.92
999,209.00
0.51%
A2 / A
3.04
2.700% Due 04/15/2025
2.85%
995,627.88
2.73%
225.00
3,581.12
A
2.82
06406RAN7
Bank of NY Mellon Corp Callable Note Cont 3/24/2025
1,000,000.00
02/04/2022
989,120.00
96.51
965,051.00
0.50%
Al / A
3.07
1.600% Due 04/24/2025
1.95%
989,603.14
2.80%
6,977.78
(24,552.14)
AA-
2.94
06367WB85
Bank of Montreal Note
1,000,000.00
08/17/2021
1,034,530.00
96.21
962,118.00
0.50%
A2/A-
3.09
1.850% Due 05/01/2025
0.90%
1,028,779.26
3.15%
7,708.33
(66,661.26)
AA-
2.94
91159HHZ6
US Bancorp Callable Note Cont 4/11/2025
1,400,000.00
12/23/2021
1,406,818.00
95.70
1,339,800.00
0.69%
A2/A+
3.12
1.450% Due 05/12/2025
1.30%
1,406,297.37
2.90%
7,838.06
(66,497.37)
A+
2.99
747525AFO
Qualcomm Inc Callable Note Cont 2/20/2025
1,000,000.00
03/23/2022
1,018,960.00
101.99
1,019,877.00
0.53%
A2 / A
3.14
3.450% Due 05/20/2025
2.82%
1,018,844.79
2.78%
12,554.17
1,032.21
NR
2.92
717081EX7
Pfizer Inc. Callable Note Cont 4/28/2025
1,000,000.00
03/23/2022
945,010.00
94.57
945,662.00
0.49%
A2/A+
3.16
1,024,507.72
0.800% Due 05/28/2025
2,686.67
2.62%
945,341.84
2.60%
2,733.33
320.16
A
3.08
89114QCK2
Toronto Dominion Bank Note
1,000,000.00
08/17/2021
993,000.00
92.30
923,029.00
0.47%
Al/A
3.45
AA-
0.750% Due 09/11/2025
00440EAV9 Chubb INA Holdings Inc Callable Note Cont 2/3/2026
0.93%
994,061.32
3.12%
416.67
(71,032.32)
AA-
3.35
14913R2H9
Caterpillar Financial Service Note
1,000,000.00
04/21/2021
991,780.00
93.05
930,470.00
0.48%
A2 / A
3.62
0.800% Due 11/13/2025
0.98%
993,473.37
2.84%
3,066.67
(63,003.37)
A
3.51
857477BR3
State Street Bank Callable Note Cont 2/6/2025
1,000,000.00
Various
978,258.70
96.44
964,358.00
0.50%
Al / A
3.86
1.746% Due 02/06/2026
2.41%
978,366.33
2.80%
2,619.01
(14,008.33)
AA-
3.67
06051GHY8 Bank of America Corp Callable Note Cont 2/13/2025
1,000,000.00 04/20/2021
1,030,470.00
96.36
963,592.00
0.50%
A2 / A-
3.88
2.015% Due 02/13/2026
1.28%
1,024,507.72
2.92%
2,686.67
(60,915.72)
AA-
3.67
46647PBK1 JP Morgan Chase & Co Callable Note Cont 4/22/2025
2,000,000.00 Various
2,072,110.00
96.61
1,932,218.00
1.00%
A2/A-
4.06
2.083% Due 04/22/2026
1.31%
2,062,032.31
2.99%
18,399.84
(129,814.31)
AA-
3.82
00440EAV9 Chubb INA Holdings Inc Callable Note Cont 2/3/2026
1,000,000.00 07/23/2021
1,102,780.00
101.49
1,014,856.00
0.53%
A3 / A
4.09
3.350% Due 05/03/2026
1.13%
1,088,139.31
2.94%
13,772.22
(73,283.31)
A
3.54
28 C11%
DocuSign Envelope ID: F5AAB750-D243-4FB0-A521-EE7F836FBF11
Holdings Report
City of Tustin Consolidated Account - Account #10795
As of March 31, 2022
023135BX3 Amazon.com Inc Callable Note Cont 4/12/2026
1,000,000.00
05/12/2021
995,200.00
93.86
938,572.00
0.48%
Al / AA
4.12
1.000% Due 05/12/2026
1.10%
996,047.37
2.58%
3,861.11
(57,475.37)
AA-
3.97
808513BR5 Charles Schwab Corp Callable Note Cont 4/13/2026
1,000,000.00
07/23/2021
1,007,990.00
93.24
932,385.00
0.48%
A2 / A
4.12
1.150% Due 05/13/2026
0.98%
1,006,858.35
2.90%
4,408.33
(74,473.35)
A
3.95
91324PEC2 United Health Group Inc Callable Note Cont 4/15/2026
1,000,000.00
07/28/2021
1,007,110.00
93.05
930,451.00
0.48%
A3/A+
4.13
1.150% Due 05/15/2026
1.00%
1,006,114.60
2.95%
4,344.44
(75,663.60)
A
3.96
78016EZT7 Royal Bank of Canada Note
1,000,000.00
07/28/2021
999,090.00
91.79
917,890.00
0.47%
Al / A
4.29
1.150% Due 07/14/2026
1.17%
999,213.18
3.22%
2,459.72
(81,323.18)
AA-
4.11
931142ERO Wal-Mart Stores Callable Note Cont 08/17/2026
900,000.00
09/22/2021
902,277.00
93.10
837,884.70
0.43%
Aa2 / AA
4.47
1.050% Due 09/17/2026
1.00%
902,040.41
2.70%
367.50
(64,155.71)
AA
4.31
31,453,412.67
30,361,431.20
15.68%
Al / A+
2.82
TOTAL Corporate
31,300,000.00
1.77%
31,404,563.51
2.52%
144,284.01 (1,043,132.31)
A+
2.68
LAIF
90LAIF$00 Local Agency Investment Fund State Pool
84,444,411.96
Various
84,444,411.96
1.00
84,444,411.96
43.43%
NR/NR
0.00
0.42%
84,444,411.96
0.42%
60,536.26
0.00
NR
0.00
84,444,411.96
84,444,411.96
43.43%
NR/NR
0.00
TOTAL LAIF
84,444,411.96
0.42%
84,444,411.96
0.42%
60,536.26
0.00
NR
0.00
Local Gov Investment Pool
90CAMP$00 California Asset Mgmt Program CAMP
6,998,700.08
Various
6,998,700.08
1.00
6,998,700.08
3.60%
NR / AAA
0.00
0.07%
6,998,700.08
0.07%
0.00
0.00
NR
0.00
6,998,700.08
6,998,700.08
3.60%
NR / AAA
0.00
TOTAL Local Gov Investment Pool
6,998,700.08
0.07%
6,998,700.08
0.07%
0.00
0.00
NR
0.00
Money Market Fund
31846V203 First American Govt Obligation Fund Class Y
93,538.86
Various
93,538.86
1.00
93,538.86
0.05%
Aaa / AAA
0.00
0.01%
93,538.86
0.01%
0.00
0.00
AAA
0.00
31846V203 First American Govt Obligation Fund Class Y
1,164,825.59
Various
1,164,825.59
1.00
1,164,825.59
0.60%
Aaa / AAA
0.00
0.01%
1,164,825.59
0.01%
0.00
0.00
AAA
0.00
1,258,364.45
1,258,364.45
0.65%
Aaa / AAA
0.00
TOTAL Money Market Fund
1,258,364.45
0.01%
1,258,364.45
0.01%
0.00
0.00
Aaa
0.00
29 C11%
DocuSign Envelope ID: F5AAB750-D243-4FB0-A521-EE7F836FBF11
Holdings Report
Municipal
As of March 31, 2022
City of Tustin Consolidated Account - Account #10795
13063DADO California State TE -GO
1,000,000.00 04/27/2017
1,010,000.00
100.00
1,000,000.00
0.52%
Aa2/AA-
0.00
2.367% Due 04/01/2022
2.15%
1,000,000.00
2.37%
11,835.00
0.00
AA
0.00
802629AX3 Santa Rosa Regional Resources STE-REV
500,000.00 10/03/2017
504,500.00
100.50
502,475.00
0.26%
NR / AA+
0.34
2.400% Due 08/01/2022
2.20%
500,311.40
0.91%
2,000.00
2,163.60
AA
0.33
62719PAY2 Murrieta Redevelopment Agency STE-TA
2.500% Due 08/01/2022
250,000.00 10/18/2017
2.56%
249,345.00
249,954.28
100.39
1.31%
250,985.00
1,041.67
0.13%
1,030.72
NR / A+
NR
0.34
0.33
13077DFD9 California State University TE -REV
250,000.00 08/02/2018
250,000.00
100.91
252,267.50
0.13%
Aa2 / AA-
0.59
3.054% Due 11/01/2022
3.05%
250,000.00
1.49%
3,181.25
2,267.50
NR
0.57
238.58
NR
2,013,845.00
32063KAS1
2,005,727.50
1.04%
Aa2 / AA-
0.20
TOTAL Municipal Bonds
2,000,000.00 2.33%
2,000,265.68
1.76%
18,057.92
5,461.82
AA
0.20
Negotiable CD
Traverse City State Bank Negotiable CD
248,000.00
06/28/2017
248,000.00
100.38
248,947.86
0.13%
-71
15118RMF1
Celtic Bank Negotiable CD
248,000.00 04/21/2017
248,000.00
100.10
248,238.58
0.13%
NR/NR
0.06
NR
2.100% Due 04/21/2022
2.10%
248,000.00
0.43%
156.95
238.58
NR
0.06
32063KAS1
First Jackson Bank Inc Negotiable CD
248,000.00 11/08/2017
248,000.00
100.17
248,429.78
0.13%
NR/NR
0.11
1,176.13
2.050% Due 05/09/2022
2.06%
248,000.00
0.43%
334.29
429.78
NR
0.11
25590AAH3
DNB First NA Negotiable CD
248,000.00 06/23/2017
248,000.00
100.36
248,885.61
0.13%
NR/NR
0.23
248,000.00
2.000% Due 06/23/2022
2.00%
248,000.00
0.45%
122.30
885.61
NR
0.23
894333FF5
Traverse City State Bank Negotiable CD
248,000.00
06/28/2017
248,000.00
100.38
248,947.86
0.13%
NR/NR
0.24
2.000% Due 06/28/2022
2.00%
248,000.00
0.43%
1,277.37
947.86
NR
0.24
06740KKD8
Barclays Bank Delaware Negotiable CD
247,000.00
07/12/2017
247,000.00
100.48
248,191.53
0.13%
NR/NR
0.28
2.200% Due 07/12/2022
2.20%
247,000.00
0.49%
1,176.13
1,191.53
NR
0.28
32056GCQ1
First Internet Bank of IN Negotiable CD
248,000.00
07/14/2017
248,000.00
100.44
249,096.16
0.13%
NR/NR
0.29
2.050% Due 07/14/2022
2.05%
248,000.00
0.51%
250.72
1,096.16
NR
0.29
330459BU1
FNB Bank Inc Negotiable CD
248,000.00
08/18/2017
248,000.00
100.51
249,254.88
0.13%
NR/NR
0.38
2.000% Due 08/18/2022
2.00%
248,000.00
0.68%
190.25
1,254.88
NR
0.38
33610RQY2
First Premier Bank Negotiable CD
248,000.00
08/21/2017
248,000.00
100.54
249,338.21
0.13%
NR/NR
0.39
2.050% Due 08/22/2022
2.05%
248,000.00
0.68%
543.22
1,338.21
NR
0.39
01859BAA3
Alliance Credit Union MO Negotiable CD
248,000.00
10/13/2017
248,000.00
100.73
249,818.09
0.13%
NR/NR
0.54
2.250% Due 10/13/2022
2.25%
248,000.00
0.88%
2,598.90
1,818.09
NR
0.53
01748DAY2
Allegiance Bank Negotiable CD
248,000.00
11/03/2017
248,000.00
100.77
249,906.13
0.13%
NR/NR
0.59
2.200% Due 11/03/2022
2.20%
248,000.00
0.90%
433.49
1,906.13
NR
0.59
319141JF5
First Bank of Highland Negotiable CD
248,000.00
11/08/2017
248,000.00
100.78
249,938.62
0.13%
NR/NR
0.61
2.200% Due 11/08/2022
2.20%
248,000.00
0.91%
2,152.50
1,938.62
NR
0.60
30 C11%
DocuSign Envelope ID: F5AAB750-D243-4FB0-A521-EE7F836FBF11
Holdings Report
City of Tustin Consolidated Account - Account #10795
As of March 31, 2022
62384RACO
MOUNTAIN AMERICA FD CRIED Negotiable CD
248,000.00
11/08/2017
248,000.00
100.84
250,092.87
0.13%
NR/NR
0.61
2.300% Due 11/08/2022
2.30%
248,000.00
0.91%
375.06
2,092.87
NR
0.60
82669VBY6
Signature Bank Chicago IL Negotiable CD
248,000.00
11/08/2017
248,000.00
100.75
249,863.97
0.13%
NR/NR
0.61
2.150% Due 11/08/2022
2.15%
248,000.00
0.91%
2,103.58
1,863.97
NR
0.60
795450M93
Sallie Mae Bank Negotiable CD
245,000.00
04/18/2018
245,000.00
101.72
249,223.56
0.13%
NR/NR
1.05
3.000% Due 04/18/2023
3.00%
245,000.00
1.34%
3,322.60
4,223.56
NR
1.02
90348JCW8
UBS Bank USA Negotiable CD
248,000.00
06/13/2018
248,000.00
102.12
253,267.77
0.13%
NR/NR
1.20
3.250% Due 06/13/2023
3.25%
248,000.00
1.47%
419.56
5,267.77
NR
1.18
246399AB5
Delaware State Police FCU Negotiable CD
246,000.00
03/29/2019
246,000.00
101.72
250,225.79
0.13%
NR/NR
2.00
3.000% Due 03/29/2024
3.00%
246,000.00
2.12%
60.66
4,225.79
NR
1.93
38149MYS6
Goldman Sachs Bank USA Negotiable CD
245,000.00
08/17/2021
243,775.00
93.50
229,081.37
0.12%
NR/NR
4.41
1.050% Due 08/25/2026
1.15%
243,921.92
2.62%
246.68
(14,840.55)
NR
4.25
4,205,775.00
4,221,800.78
2.18%
NR / NR
0.78
TOTAL Negotiable CD
4,207,000.00
2.23%
4,205,921.92
0.94%
15,764.26
15,878.86
NR
0.77
US Treasury
-
912828L57
US Treasury Note
5,750,000.00
03/23/2022
5,774,482.42
100.35
5,770,217.00
2.97%
Aaa / AA+
0.50
1.750% Due 09/30/2022
0.93%
5,773,451.58
1.04%
274.93
(3,234.58)
AAA
0.50
9128283C2
US Treasury Note
6,000,000.00
03/23/2022
6,033,281.25
100.46
6,027,654.00
3.12%
Aaa / AA+
0.59
2.000% Due 10/31/2022
1.07%
6,032,076.50
1.20%
50,386.74
(4,422.50)
AAA
0.57
912828TY6
US Treasury Note
5,000,000.00
03/23/2022
5,014,843.75
100.23
5,011,330.00
2.59%
Aaa / AA+
0.63
1.625% Due 11/15/2022
1.16%
5,014,340.57
1.26%
30,749.31
(3,010.57)
AAA
0.62
91282CAX9
US Treasury Note
5,000,000.00
03/23/2022
4,963,281.25
99.23
4,961,330.00
2.55%
Aaa / AA+
0.67
0.125% Due 11/30/2022
1.20%
4,964,451.57
1.29%
2,094.78
(3,121.57)
AAA
0.66
912828YW4
US Treasury Note
6,000,000.00
03/23/2022
6,017,343.75
100.20
6,011,952.00
3.10%
Aaa / AA+
0.71
1.625% Due 12/15/2022
1.22%
6,016,822.13
1.34%
28,660.71
(4,870.13)
AAA
0.70
91282CBG5
US Treasury Note
1,000,000.00
03/23/2022
989,101.56
98.83
988,281.00
0.51%
Aaa /AA+
0.84
0.125% Due 01/31/2023
1.41%
989,380.11
1.54%
207.18
(1,099.11)
AAA
0.83
91282CBNO
US Treasury Note
1,250,000.00
03/23/2022
1,234,375.00
98.67
1,233,398.75
0.63%
Aaa /AA+
0.92
0.125% Due 02/28/2023
1.48%
1,234,741.57
1.59%
135.87
(1,342.82)
AAA
0.91
912828R69
US Treasury Note
1,250,000.00
03/23/2022
1,248,828.13
99.71
1,246,386.25
0.64%
Aaa / AA+
1.17
1.625% Due 05/31/2023
1.70%
1,248,849.78
1.88%
6,808.04
(2,463.53)
AAA
1.14
912828592
US Treasury Note
1,250,000.00
03/23/2022
1,239,697.27
99.00
1,237,548.75
0.64%
Aaa / AA+
1.33
1.250% Due 07/31/2023
1.87%
1,239,864.12
2.01%
2,589.78
(2,315.37)
AAA
1.31
912828U57
US Treasury Note
1,250,000.00
03/23/2022
1,251,416.02
99.92
1,248,975.00
0.65%
Aaa /AA+
1.67
2.125% Due 11/30/2023
2.06%
1,251,397.63
2.17%
8,902.82
(2,422.63)
AAA
1.62
31 C11%
DocuSign Envelope ID: F5AAB750-D243-4FB0-A521-EE7F836FBF11
Holdings Report
912828V80 US Treasury Note
2.250% Due 01/31/2024
City of Tustin Consolidated Account - Account #10795
1,250,000.00 03/23/2022 1,252,832.03 99.96 1,249,462.50
2.12% 1,252,798.61 2.27% 4,661.60
As of March 31, 2022
0.64% Aaa / AA+ 1.84
(3,336.11) AAA 1.78
912828X70
US Treasury Note
1,250,000.00
03/23/2022
1,245,019.53
99.31
1,241,357.50
0.64%
Aaa / AA+
2.08
1,223,702.33
2.000% Due 04/30/2024
6,284.34
2.19%
1,245,071.41
2.34%
10,497.24
(3,713.91)
AAA
2.01
91282CCL3
US Treasury Note
1,250,000.00
03/23/2022
1,197,802.73
95.52
1,193,993.75
0.61%
Aaa /AA+
2.29
AAA
0.375% Due 07/15/2024
2.24%
1,198,297.49
2.39%
984.12
(4,303.74)
AAA
2.26
9128282U3
US Treasury Note
1,250,000.00
03/23/2022
1,238,085.94
98.68
1,233,496.25
0.64%
Aaa / AA+
2.42
1.875% Due 08/31/2024
2.28%
1,238,192.91
2.44%
2,038.04
(4,696.66)
AAA
2.34
912828YM6
US Treasury Note
1,250,000.00
03/23/2022
1,224,902.34
97.64
1,220,507.50
0.63%
Aaa / AA+
2.59
1.500% Due 10/31/2024
2.30%
1,225,113.24
2.45%
7,872.93
(4,605.74)
AAA
2.50
912828YV6 US Treasury Note
1,250,000.00 03/23/2022
1,223,486.33
97.50
1,218,798.75
0.63%
Aaa / AA+
2.67
1.500% Due 11/30/2024
2.32%
1,223,702.33
2.47%
6,284.34
(4,903.58)
AAA
2.58
91282CBH3 US Treasury Note
2,000,000.00 04/27/2021
1,957,500.00
92.26
1,845,234.00
0.95%
Aaa /AA+
3.84
0.375% Due 01/31/2026
0.83%
1,965,760.49
2.50%
1,243.09
(120,526.49)
AAA
3.76
91282CBT7 US Treasury Note 2,000,000.00 04/27/2021 1,989,531.25
93.36 1,867,266.00
0.96%
Aaa / AA+
4.00
0.750% Due 03/31/2026 0.86% 1,991,499.24
2.50% 40.98
(124,233.24)
AAA
3.90
45,095,810.55
44,807,189.00
23.11%
Aaa / AA+
1.25
TOTAL US Treasury 45,250,000.00 1.35% 45,105,811.28
1.61% 164,432.50
(298,622.28)
Aaa
1.22
195,567,487.73 194,104,331.74 100.00% Aa2 / AA 0.80
TOTAL PORTFOLIO 195,578,089.51 0.96% 195,522,901.88 1.07% 456,859.33 (1,418,570.14) AA+ 0.77
TOTAL MARKET VALUE PLUS ACCRUALS
194,561,191.07
32 C11%
DocuSign Envelope ID: F5AAB750-D243-4FB0-A521-EE7F836FBF11
N
ilk
Section 4 1 Transactions
33 C�
DocuSign Envelope ID: F5AAB750-D243-4FB0-A521-EE7F836FBF11
Transaction Ledger
December 31, 2021 through March 31, 2022
ACQUISITIONS
0.7% Due: 09/27/2024
1,000,000.00
Purchase
01/20/2022
59217GEPO
Purchase
01/20/2022
64952WEK5
Purchase
01/31/2022
90CAMP$00
Purchase
01/31/2022
90LAIF$00
Purchase
02/07/2022
857477BR3
Purchase
02/08/2022
06406RAN7
Purchase
02/08/2022
24422EVY2
Purchase
02/08/2022
87612EBL9
Purchase
02/28/2022
90CAMP$00
Purchase
03/24/2022
9128282U3
Purchase
03/24/2022
9128283C2
Purchase
03/24/2022
9128281-57
Purchase
03/24/2022
9128281369
Purchase
03/24/2022
912828592
Purchase
03/24/2022
912828TY6
Purchase
03/24/2022
912828U57
City of Tustin Consolidated Account - Account #10795
1,000,000.00 Metlife Note
As of March 31, 2022
97.917
0.7% Due: 09/27/2024
1,000,000.00
New York Life Global Note
981,347.78
1.45% Due: 01/14/2025
2,419.44
California Asset Mgmt Program CAMP
48,586.53
Local Agency Investment Fund State Pool
265,000.00
State Street Bank Callable Note Cont 2/6/2025
1.000
1.746% Due: 02/06/2026
1,000,000.00
Bank of NY Mellon Corp Callable Note Cont
2,419.44
3/24/2025
1.000
1.6% Due: 04/24/2025
1,000,000.00
John Deere Capital Corp Note
48,586.53
1.25% Due: 01/10/2025
1,000,000.00
Target Corp Callable Note Cont 4/15/25
265,000.00
2.25% Due: 04/15/2025
2,637.61
California Asset Mgmt Program CAMP
1,250,000.00
US Treasury Note
989,120.00
1.875% Due: 08/31/2024
6,000,000.00
US Treasury Note
98.508
2% Due: 10/31/2022
5,750,000.00
US Treasury Note
986,052.22
1.75% Due: 09/30/2022
1,250,000.00
US Treasury Note
1,010,340.00
1.625% Due: 05/31/2023
1,250,000.00
US Treasury Note
1.000
1.25% Due: 07/31/2023
5,000,000.00
US Treasury Note
2,637.61
1.625% Due: 11/15/2022
1,250,000.00
US Treasury Note
1,238,085.94
2.125% Due: 11/30/2023
As of March 31, 2022
97.917
1.49%
979,170.00
2,177.78
981,347.78
0.00
99.678
1.56%
996,780.00
241.67
997,021.67
0.00
1.000
0.05%
2,419.44
0.00
2,419.44
0.00
1.000
0.25%
48,586.53
0.00
48,586.53
0.00
100.000
1.75%
265,000.00
0.00
265,000.00
0.00
98.912
1.95%
989,120.00
4,622.22
993,742.22
0.00
98.508
1.78%
985,080.00
972.22
986,052.22
0.00
101.034
1.91%
1,010,340.00
7,062.50
1,017,402.50
0.00
1.000
0.07%
2,637.61
0.00
2,637.61
0.00
99.047
2.28%
1,238,085.94
1,528.53
1,239,614.47
0.00
100.555
1.07%
6,033,281.25
47,734.81
6,081,016.06
0.00
100.426
0.93%
5,774,482.42
48,377.40
5,822,859.82
0.00
99.906
1.70%
1,248,828.13
6,361.61
1,255,189.74
0.00
99.176
1.87%
1,239,697.27
2,244.48
1,241,941.75
0.00
100.297
1.16%
5,014,843.75
28,953.73
5,043,797.48
0.00
100.113
2.06%
1,251,416.02
8,319.02
1,259,735.04
0.00
34 C11%
DocuSign Envelope ID: F5AAB750-D243-4FB0-A521-EE7F836FBF11
Transaction Ledger As of March 31, 2022
City of Tustin Consolidated Account - Account #10795
December 31, 2021 through March 31, 2022
Purchase
03/24/2022
912828V80
1,250,000.00
US Treasury Note
100.227
2.12%
1,252,832.03
4,040.06
1,256,872.09
0.00
2.25% Due: 01/31/2024
Purchase
03/24/2022
912828X70
1,250,000.00
US Treasury Note
99.602
2.19%
1,245,019.53
9,944.75
1,254,964.28
0.00
2% Due: 04/30/2024
Purchase
03/24/2022
912828YM6
1,250,000.00
US Treasury Note
97.992
2.30%
1,224,902.34
7,458.56
1,232,360.90
0.00
1.5% Due: 10/31/2024
Purchase
03/24/2022
912828YV6
1,250,000.00
US Treasury Note
97.879
2.32%
1,223,486.33
5,872.25
1,229,358.58
0.00
1.5% Due: 11/30/2024
Purchase
03/24/2022
912828YW4
6,000,000.00
US Treasury Note
100.289
1.22%
6,017,343.75
26,517.86
6,043,861.61
0.00
1.625% Due: 12/15/2022
Purchase
03/24/2022
91282CAX9
5,000,000.00
US Treasury Note
99.266
1.20%
4,963,281.25
1,957.42
4,965,238.67
0.00
0.125% Due: 11/30/2022
Purchase
03/24/2022
91282CBG5
1,000,000.00
US Treasury Note
98.910
1.41%
989,101.56
179.56
989,281.12
0.00
0.125% Due: 01/31/2023
Purchase
03/24/2022
91282CBNO
1,250,000.00
US Treasury Note
98.750
1.48%
1,234,375.00
101.90
1,234,476.90
0.00
0.125% Due: 02/28/2023
Purchase
03/24/2022
91282CCL3
1,250,000.00
US Treasury Note
95.824
2.24%
1,197,802.73
880.52
1,198,683.25
0.00
0.375% Due: 07/15/2024
Purchase
03/25/2022
3130ARHG9
1,250,000.00
FHLB Note
99.886
2.19%
1,248,575.00
0.00
1,248,575.00
0.00
2.125% Due: 02/28/2024
Purchase
03/25/2022
57629WCG3
1,000,000.00
Mass Mutual Global funding Note
100.436
2.79%
1,004,360.00
6,063.89
1,010,423.89
0.00
2.95% Due: 01/11/2025
Purchase
03/25/2022
63743HFC1
1,000,000.00
National Rural Utilities Note
97.274
2.87%
972,740.00
2,500.00
975,240.00
0.00
1.875% Due: 02/07/2025
Purchase
03/25/2022
717081EX7
1,000,000.00
Pfizer Inc. Callable Note Cont 4/28/2025
94.501
2.62%
945,010.00
2,600.00
947,610.00
0.00
0.8% Due: 05/28/2025
Purchase
03/25/2022
747525AFO
1,000,000.00
Qualcomm Inc Callable Note Cont 2/20/2025
101.896
2.82%
1,018,960.00
11,979.17
1,030,939.17
0.00
3.45% Due: 05/20/2025
Purchase
03/25/2022
857477BR3
735,000.00
State Street Bank Callable Note Cont 2/6/2025
97.042
2.63%
713,258.70
1,711.08
714,969.78
0.00
1.746% Due: 02/06/2026
Purchase
03/30/2022
437076CM2
1,000,000.00
Home Depot Callable Note Cont 3/15/2025
99.562
2.85%
995,620.00
150.00
995,770.00
0.00
2.7% Due: 04/15/2025
35 C11%
DocuSign Envelope ID: F5AAB750-D243-4FB0-A521-EE7F836FBF11
Transaction
Ledger
As of March 31, 2022
City of Tustin Consolidated Account
- Account #10795
December 31, 2021 through March 31, 2022
Settlement
Type Date
CUSIP
Quantity
DescriptionTransaction
Security
Yield
Pur/Sold
Purchase 03/31/2022
90CAMP$00
6,959.80
California Asset Mgmt Program CAMP
1.000
0.07% 6,959.80
0.00
6,959.80
0.00
Subtotal
53,560,603.38
53,333,396.38
240,552.99
53,573,949.37
0.00
TOTAL ACQUISITIONS
53,560,603.38
53,333,396.38
240,552.99
53,573,949.37
0.00
DISPOSITIONS
Call 02/03/2022
166764BN9
2,000,000.00
Chevron Corp Callable Note Cont 2/3/2022
100.000
2.50% 2,000,000.00
20,816.00
2,020,816.00
-578.15
2.498% Due: 03/03/2022
Subtotal
2,000,000.00
2,000,000.00
20,816.00
2,020,816.00
-578.15
Maturity 01/01/2022
45656RDV1
1,000,000.00
City of Industry CA STE-REV
100.000
1,000,000.00
0.00
1,000,000.00
0.00
2.75% Due: 01/01/2022
Maturity 01/11/2022
89236TDP7
1,000,000.00
Toyota Motor Credit Corp Note
100.000
1,000,000.00
0.00
1,000,000.00
0.00
2.6% Due: 01/11/2022
Maturity 01/19/2022
677721CNO
248,000.00
Ohio Valley Bank Negotiable CD
100.000
248,000.00
0.00
248,000.00
0.00
1.9% Due: 01/19/2022
Maturity 02/06/2022
742718DY2
1,000,000.00
Procter & Gamble Co Note
100.000
1,000,000.00
0.00
1,000,000.00
0.00
2.3% Due: 02/06/2022
Maturity 02/21/2022
63969ACD4
248,000.00
Nebraska State Bank & Trust Negotiable CD
100.000
248,000.00
0.00
248,000.00
0.00
1.95% Due: 02/21/2022
Subtotal
3,496,000.00
3,496,000.00
0.00
3,496,000.00
0.00
Security 03/22/2022
90CAMP$00
48,735,000.00
California Asset Mgmt Program CAMP
1.000
48,735,000.00
0.00
48,735,000.00
0.00
Withdrawal
Subtotal
48,735,000.00
48,735,000.00
0.00
48,735,000.00
0.00
TOTAL DISPOSITIONS
54,231,000.00
54,231,000.00
20,816.00
54,251,816.00
-578.15
36 C11%
DocuSign Envelope ID: F5AAB750-D243-4FB0-A521-EE7F836FBF11
Important Disclosures As of March 31, 2022
2022 Chandler Asset Management, Inc, An Independent Registered Investment Adviser.
Information contained herein is confidential. Prices are provided by IDC, an independent pricing source. In the event IDC does not provide a price or if the price provided is not reflective of fair market
value, Chandler will obtain pricing from an alternative approved third party pricing source in accordance with our written valuation policy and procedures. Our valuation procedures are also disclosed in
Item 5 of our Form ADV Part 2A.
Performance results are presented gross -of -advisory fees and represent the client's Total Return. The deduction of advisory fees lowers performance results. These results include the reinvestment of
dividends and other earnings. Past performance may not be indicative of future results. Therefore, clients should not assume that future performance of any specific investment or investment strategy
will be profitable or equal to past performance levels. All investment strategies have the potential for profit or loss. Economic factors, market conditions or changes in investment strategies,
contributions or withdrawals may materially alter the performance and results of your portfolio.
Index returns assume reinvestment of all distributions. Historical performance results for investment indexes generally do not reflect the deduction of transaction and/or custodial charges or the
deduction of an investment management fee, the incurrence of which would have the effect of decreasing historical performance results. It is not possible to invest directly in an index.
Source ice Data Indices, LLC ("ICE"), used with permission. ICE permits use of the ICE indices and related data on an "as is" basis; ICE, its affiliates and their respective third party suppliers disclaim any and
all warranties and representations, express and/or implied, including any warranties of merchantability or fitness for a particular purpose or use, including the indices, index data and any data included
in, related to, or derived therefrom. Neither ICE data, its affiliates or their respective third party providers guarantee the quality, adequacy, accuracy, timeliness or completeness of the indices or the
index data or any component thereof, and the indices and index data and all components thereof are provided on an "as is" basis and licensee's use it at licensee's own risk. ICE data, its affiliates and their
respective third party do not sponsor, endorse, or recommend chandler asset management, or any of its products or services.
This report is provided for informational purposes only and should not be construed as a specific investment or legal advice. The information contained herein was obtained from sources believed to be
reliable as of the date of publication, but may become outdated or superseded at any time without notice. Any opinions or views expressed are based on current market conditions and are subject to
change. This report may contain forecasts and forward-looking statements which are inherently limited and should not be relied upon as indicator of future results. Past performance is not indicative of
future results. This report is not intended to constitute an offer, solicitation, recommendation or advice regarding any securities or investment strategy and should not be regarded by recipients as a
substitute for the exercise of their own judgment.
Fixed income investments are subject to interest, credit and market risk. Interest rate risk: the value of fixed income investments will decline as interest rates rise. Credit risk: the possibility that the
borrower may not be able to repay interest and principal. Low rated bonds generally have to pay higher interest rates to attract investors willing to take on greater risk. Market risk: the bond market in
general could decline due to economic conditions, especially during periods of rising interest rates.
Ratings information have been provided by Moody's, S&P and Fitch through data feeds we believe to be reliable as of the date of this statement, however we cannot guarantee its accuracy.
Security level ratings for U.S. Agency issued mortgage-backed securities ("MBS") reflect the issuer rating because the securities themselves are not rated. The issuing U.S. Agency guarantees the full and
timely payment of both principal and interest and carries a AA+/Aaa/AAA by S&P, Moody's and Fitch respectively.
3 7 C,,J
DocuSign Envelope ID: F5AAB750-D243-4FB0-A521-EE7F836FBF11
Benchmark Disclosures As of March 31, 2022
ICE BofA 1-5 Yr US Treasury & Agency Index
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, S&P and Fitch). Qualifying securities must have at least one year remaining term to final maturity and less than five
years remaining term to final maturity, at least 18 months to maturity at time of issuance, a fixed coupon schedule, and a minimum amount outstanding of $1 billion for sovereigns and $250 million for
agencies.
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, S&P and Fitch). Qualifying securities must have at least one year remaining term to final maturity and less than three
years remaining term to final maturity, at least 18 months to maturity at time of issuance, a fixed coupon schedule, and a minimum amount outstanding of $1 billion for sovereigns and $250 million for
agencies.
38 C11
DocuSign Envelope ID: F5AAB750-D243-4FBO-A521 -EE7F836FBF1 1
PUBLIC
AGENCY
RETIREMENT
SERVICES PARS
CITY OF TUSTIN Account Report for the Period
PARS Post -Employment Benefits Trust 3/1/2022 to 3/31/2022
Matthew West
City Manager
City of Tustin
300 Centennial Way
Tustin, CA 92780
Account Summary
Investment Return
Annualized Return
Source 1 -Month 3 -Months 1 -Year 3 -Years 5 -Years 10 -Years Plan's Inception Date
OPEB 0.04% -5.37% 2.16% 8.19% 6/26/2018
PENSION 0.05% -5.36% 2.17% 8.09% 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 949.250.1250 www.pars.org
Balance as of Balance as of
Source
3/1/2022 Contributions Earnings Expenses Distributions Transfers 3/31/2022
OPEB
$2,518,363.56 $500,000.00 $1,188.59 $1,140.07 $0.00 $0.00 $3,018,412.08
PENSION
$7,184,921.67 $2,000,000.00 $4,499.72 $3,252.11 $0.00 $0.00 $9,186,169.28
Totals
$9,703,285.23 $2,500,000.00 $5,688.31 $4,392.18 $0.00 $0.00 $12,204,581.36
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 3 -Years 5 -Years 10 -Years Plan's Inception Date
OPEB 0.04% -5.37% 2.16% 8.19% 6/26/2018
PENSION 0.05% -5.36% 2.17% 8.09% 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 949.250.1250 www.pars.org
DocuSign Envelope ID: F5AAB750-D243-4FB0-A521-EE7F836FBF11
CITY OF TUSTIN
Monthly Investment Report
March 31, 2022
Restricted Deposits with Fiscal Agents
[ll
Description / Limits
[2] [31 [4]
Face Amount Shares YTM@Cost Credit Rating Cost Value +Accrued
Interest
[5]
Market Value
2016 Successor Agency Tax Allocation Bonds, Refunding
2.49
N/A
2.49
2.49
2016 Water Revenue Bonds, Refunding
343,650.00
N/A
343,650.00
343,650.00
2012 Water Revenue Bonds - Refunding
957,600.00
N/A
957,600.00
957,600.00
2020 Water Revenue Bonds
406,930.85
N/A
406,930.85
406,930.85
CFD 04-1
830,313.48
N/A
830,313.48
830,313.48
CFD 06-1
4,969,760.69
N/A
4,969,760.69
4,969,760.69
CFD 07-1
1,362,828.71
N/A
1,362,828.71
1,362,828.71
CFD 14-1
4,870,964.03
N/A
4,870,964.03
4,870,964.03
13,742,050.25
13,742,050.25
13,742,050.25
Restricted Deposits
with Fiscal Agents TOTAL
13,742,050.25
13,742,050.25