HomeMy WebLinkAbout13 QUARTERLY INVESTMENT REPORT FOR THE CITY OF TUSTIN AND THE SUCCESSOR AGENCY FOR THE TUSTIN COMMUNITY REDEVELOPMENTDocuSign Envelope ID: E82E5848-CC4F-48C5-8836-73A2C882ED6C
•
AGENDA REPORT
MEETING DATE
TO:
FROM:
SUBJECT:
SUMMARY:
AUGUST 16, 2022
MATTHEW S. WEST, CITY MANAGER
Agenda Item 13
Reviewed.' -M5,W
City Manager
Finance Director ga
JASON AL -IMAM, FINANCE DIRECTOR/CITY TREASURER
QUARTERLY INVESTMENT REPORT FOR THE CITY OF TUSTIN AND THE
SUCCESSOR AGENCY FOR THE TUSTIN COMMUNITY REDEVELOPMENT
AGENCY FOR THE QUARTER ENDING JUNE 30, 2022
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 June 30, 2022 is rendered.
The City's total cash and investments amounted to approximately $215 million as of June 30, 2022.
The weighted average portfolio yield for the investment portfolio was 1.3%, which is 34 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 continuing upward movement in Treasury
yields across the board. The Federal Open Market Committee (FOMC) raised the federal funds rate
twice during the quarter, 0.50% in May and 0.75% in June. The moves are aimed at countering the
fastest pace of inflation in over 40 years. Additional federal funds rate increases are expected for the
remaining 2022 year. As a result, the 2 -year Treasury yield increased to 2.96% by June 2022,
compared to a yield of 2.34% in March 2022. The 5 -year Treasury yield increased to 3.04% by June
2022, compared to a yield of 2.46% in March 2022.
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Quarterly Investment Report for the Period Ending June 30, 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 $8.3 million at June 30, 2022. The three-year annualized return for the
PARS Pension Trust Fund was 3.64%.
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 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 $2.7 million at June 30, 2022. The three-
year annualized return for the PARS OPEB Trust Fund was 3.74%.
Investment Compliance Certification
On July 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.
DocuSigneedggby: DocuSigned by:
�i�lOsu WW?9trGcsw �It.�.1/l�
Jason AI-Imarff75CC3AFOCB4AE. Jennifer King 4A1CDD9FF1D5480...
Finance DirecfTtor/City Treasurer Deputy Finance Director — Financial Services
Attachment: Investment Report Certification
Quarterly Investment Report for the Period Ending June 30, 2022
Restricted Deposits with Fiscal Agents as of June 30, 2022
PARS Trust Statements as of June 30, 2022
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July 28, 2022
FINANCE DEPARTMENT
Remembering what connects us.
Honorable Mayor and Members of the City Council:
Re: Investment Report Certification
In compliance with California Government Code Section 53646, the attached Investment Report
for the Quarter Ending June 30, 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 submitted,
EDocuSigned by:
bLt 4,vJt,
OHA52FF464F401...
John Wende, Chair
City of Tustin Audit Commission
DocuSigned by:
SD75CC3AFOCB4AE...
Jason Al -Imam, Finance Director
City of Tustin Treasurer
300 Centennial Way, Tustin, CA 92780 • 714-573-3060 • tustinca.org
DocuSign Envelope ID: E82E5848-CC4F-48C5-8636-73A2C882ED6C
INVESTMENT REPORTit%
City of Tustin
Period Ending June 30, 2022
CHANDLER ASSET MANAGEMENT, INC. 1 800.317.4747 1 www.chandlerasset.com
CHANDLER
ASSET MANAGEMENT
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ITable of Contents
SECTION 1
SECTION 2
SECTION 3
SECTION 4
Economic Update
Account Profile
Portfolio Holdings
Transactions
As of June 30, 2021
1 Q,tj
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Section 1 1 Economic Update
c�
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Economic Update
■ Financial markets are experiencing heightened volatility and tighter conditions as central banks employ more restrictive
monetary policies to combat persistent inflation. The conflict between Russia and Ukraine has exacerbated inflationary
pressures, particularly with energy and commodities, and strict COVID lockdowns in China are intensifying distressed
supply chains. Inflation is weighing heavily on consumer sentiment and beginning to impact discretionary spending. Labor
markets remain strong, but wage gains are not keeping up with inflation. While we expect the Fed to continue to tighten
monetary policy, the FOMC has very little margin for error as it attempts to combat inflation without pushing the economy
into a recession. We continue to believe the risk of an economic slowdown later this year has increased. Over the near-
term, we expect financial market volatility to remain intensified and conditions to remain tighter with persistent inflation,
geopolitical risk, supply chain bottlenecks, and the Fed's shift to a more hawkish monetary policy.
At the June meeting, persistently high inflation led the Federal Open Market Committee (FOMC) to announce a 0.75%
federal funds rate increase to 1.50% - 1.75%. Federal Reserve Chair Powell indicated the committee may raise rates by 50 or
75 bps at the July meeting and continue to tighten as needed to dampen inflation. The Fed will continue shrinking its $9
trillion balance sheet by $47 billion per month as of June, increasing to $95 billion in September. We anticipate additional
rates hikes as the Fed remains "committed" to the 2% long-term inflation target. In the second half of the year, monetary
policy will be dependent on how the economy responds to tighter conditions.
In June, yields rose, and the curve flattened. The 2 -year Treasury yield soared 40 basis points to 2.96%, the 5 -year Treasury
yield increased 22 basis points to 3.04%, and the 10 -year Treasury yield rose 17 basis points to 3.02%. The spread between
the 2 -year and 10 -year Treasury yield fell to 6 basis points at June month-end, down from 29 basis points at May month-end,
and down significantly from 122 basis points one year ago. The spread between 3 -month and 10 -year treasuries is wider at
about 135 basis points but continues to compress with each Fed rate hike. The shape of the curve bears watching but does
not indicate a high probability of an imminent recession.
3 Q11
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Employment
Source: US Department of Labor
Unemployment Rate
Underemployment Rate (U6)
Unemployment Rate (U3)
Source: US Department of Labor
The U.S. economy added 372,000jobs in June, and job gains in May were revised down to 384,000 from 390,000. Trends in employment remain
strong, with the three-month moving average payrolls at 375,000 and the six-month moving average at 457,000. Hiring was led by education
and health services, followed by professional and business services, and leisure and hospitality. The unemployment rate remained unchanged
at 3.6% for the fourth month, and 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 a seasonally adjusted 6.7% rate. Average hourly earnings rose 5.1% year -over -year in
June, easing from a revised 5.3% year -over -year gain in May, which reflects a continuing, slow deceleration in wage growth that could help
ease broad cyclical price pressures. The labor participation rate decreased to 62.2°/% from 62.3%, suggesting a slower pace for workers returning
to the labor market despite higher wages.
4 Q11
Nonfarm Payroll (000's)
5,000
24.0%
4,000
20.0%
3,000
JA
c 2,000
16.0%
0
c 1,000
0
12.0%
C
v -1,000
8.0a 0
0 -2,000
-3,000
Non-farm Payroll (000's)
4.0%
-4,000
3 month average (000's)
-5,000
0.0%
110 ".)0 1")0 �1 �1 �1 11
Source: US Department of Labor
Unemployment Rate
Underemployment Rate (U6)
Unemployment Rate (U3)
Source: US Department of Labor
The U.S. economy added 372,000jobs in June, and job gains in May were revised down to 384,000 from 390,000. Trends in employment remain
strong, with the three-month moving average payrolls at 375,000 and the six-month moving average at 457,000. Hiring was led by education
and health services, followed by professional and business services, and leisure and hospitality. The unemployment rate remained unchanged
at 3.6% for the fourth month, and 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 a seasonally adjusted 6.7% rate. Average hourly earnings rose 5.1% year -over -year in
June, easing from a revised 5.3% year -over -year gain in May, which reflects a continuing, slow deceleration in wage growth that could help
ease broad cyclical price pressures. The labor participation rate decreased to 62.2°/% from 62.3%, suggesting a slower pace for workers returning
to the labor market despite higher wages.
4 Q11
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Inflation
10.0%
9.0%
8.0%
7.0%
v
iA 6.0%
M
L
5.0%
0
> 4.0%
0
' 3.0%
2.0%
1.0%
0.0%
Consumer Price Index (CPI)
✓4� ,)o SPp�o OPc�'�
o a��
1
Source: US Department of Labor
✓4�� SPp� pPc� �ar� ✓�,��
10.0%
9.0%
8.0%
7.0%
v
F 6.0%
M
t
5.0%
0
} 4.0%
0
3.0%
2.0%
1.0%
0.0%
Personal Consumption Expenditures (PCE)
PCE Price Deflator YOY % Change
PCE Core Deflator YOY % Change
o 0 +OG�o X16 �d��1 14g�1 �0��1 �Pb,�
Source: US Department of Commerce
The Consumer Price Index (CPI) hit a 40 -year high in June with broad-based price increases for most goods and services. Headline CPI was up
9.1% year -over -year in June, surpassing expectations, up from 8.6% year -over -year in May. Core CPI (CPI less food and energy) was up 5.9% in
June, down from 6.0% in May. Gasoline, shelter, and food were the largest contributors to the increase. The Personal Consumption
Expenditures (PCE) index was up 6.3% year -over -year in May, unchanged from April. Core PCE was up 4.7% year -over -year in May, versus up
4.9% year -over -year in April. Persistently elevated levels of inflation are likely to keep the Federal Reserve on the path of tightening monetary
policy as long as they continue to run well above the Fed's longer -run target of around 2.0%.
5 Q11
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Consumer
60.0%
50.0%
40.0%
r
30.0%
OR
a
0 20.0%
=(11101
0.0%
Retail Sales YOY % Change
✓4� SPb, O00 �dr ✓47,
Source: US Department of Commerce
140
130
120
a�
J 110
X
a,
c 100
90
80
Consumer Confidence
SPp� O�c� �dr� ✓�,�� �t,,� SPa O
1 1 �O �
Source: The Conference Board
SPb 0�°c
'O
Retail sales rose 1.0% in June from an upwardly revised -0.1% in May, led by a significant dollar value increase in gasoline sales. The higher-
than-expected results indicate consumer demand is holding up more than expected despite inflation. Retail sales growth is at risk as
consumers dip into savings and assume more debt. On a year -over -year basis, retail sales were up 8.4% in June versus up 8.2% revised in May.
The Consumer Confidence index fell to 98.7 in June from a downwardly revised 103.2 in May. U.S. consumer savings rates are declining, and the
wealth effect is waning from recent financial market declines. While the average consumer still has capacity to spend from accumulated
savings, higher wages, and credit lines, consumer balance sheets and discretionary spending decisions are increasingly pressured by elevated
gas, food, and shelter costs.
6 c`„
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Economic Activity
2.5%
2.0%
Leading Economic Indicators (LEI)
0
-0.5%
-1.0%
�p I)p I)p �1
Source: The Conference Board
WE
jV0111
r et
v
tkoM
> 0.00
a
s
c -2.00
0
-4.00
.01
Chicago Fed National Activity Index (CFNAI)
-8.00
X06, �a`
30 p k
Source: Federal Reserve Bank of Chicago
.cP6,1 47d`�g4g�1.c16�� �d`�
1 �
The Conference Board's Leading Economic Index (LEI) decreased 0.4% month -over -month in May, following a 0.4% decline in April. On a year -
over -year basis, the LEI was up 3.0% in May versus up 4.4% in April. The May monthly decline was fueled by tumbling stock prices, a slowdown
in housing construction, and gloomier expectations. The index remains near historical highs, but the decline suggests weaker economic activity
is likely in near term. Likewise, the Chicago Fed National Activity Index (CFNAI) fell to+0.01 in May after downwardly revised 0.40 in April. On
a 3 -month moving average basis, the CFNAI decreased to 0.20 in May from 0.40 in April.
7 x`11
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Housing
2000
7 1800
Y
1600
w
0
1400
c
N 1200
3
1000
800
W
r_ 600
U 400
5
0 200
0
Housing Starts
�p �p 1)p
X,Pb`
�`�`
�4�°�
X,
06
��
Source: US Department of Commerce
S&P/Case-Shiller 20 City Composite Home Price Index
24.0%
21.0%
18.0%
o°1c 15.0%
c
M
12.0%
0
3�_ 9.0%
0
}
6.0%
3.0%
0.0%
Source: S&P
Oct ✓ate fpr ��'� Oct ✓ate 9'br,
1)0�O �p 1l
Total housing starts declined 14.4% to an annual rate of 1,549,000 in May, from a revised 1,810,000 in units in April. Single-family home starts
fell by 9.2% and multi -family fell 23.7% month -over -month. On a year -over -year basis, total housing starts decreased 3.5%, driven by multi-
family. According to the Case-Shiller 20 -City home price index, home prices were up 21.2% in April versus 21.1% year -over -year in March,
setting another new record. While tight supply has continued to support prices, rising mortgage rates and affordability could be headwinds to
further price growth.
8 Q11
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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
EXPANDING
✓4� �6
(Io �0/1
✓412
SPp O00
�0'1
✓4�
')O ")o )o
Source: Institute for Supply Management
20.0%
15.0%
10.0%
v
T 5.0%
s
v
0.0%
o -5.0%
-10.0%
-15.0%
-20.0%
Industrial Production
✓4� -,--,)o
pPc ��'r ✓�,�
>O �O "')O
Source: Federal Reserve
The Institute for Supply Management (ISM) manufacturing index dropped sharply to a two-year low of 53.0 in June from 56.1 in May. Readings
above 50.0 are indicative of expansion in the manufacturing sector. The decline was primarily driven by weakness in new orders due to
softening consumer demand, supply constraints, and labor shortages. On a month -over -month basis, the Industrial Production index declined
0.2% in June, following a revised 0.0% change in May. Capacity utilization declined to 80.0% in June, from an upwardly revised 80.3% in May
bringing it in line with its longer run average.
9 Q11
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IGross Domestic Product (GDP)
Personal Consumption Expenditures
Gross Private Domestic Investment
Net Exports and Imports
Federal Government Expenditures
State and Local (Consumption and Gross
Investment)
Total 6.7% 2.3% 6.9% -1.6%
Source: US Department of Commerce
Gross Domestic Product (GDP)
GDP QOQ % Change
-GDP YOY % Change
�ar SPa �ar Som far Som /1,- SPa ��'r SPa /I,-
'9 _'9
Source: US Department of Commerce
According to the third estimate, first quarter 2022 GDP contracted at an annualized rate of 1.6%, revised down from the second estimate of a
1.5% decline, and following fourth quarter 2021 growth of 6.9%. The most significant contributors to the decline were a widening of the trade
deficit and slower inventory build. Personal consumption expenditures increased at a healthy pace with strong positive revisions to the
previous reading, reflecting a shift in consumer demand from goods to services. The consensus estimate calls for 1.0% growth in the second
quarter, 1.8% growth in the current quarter and 2.1% growth for 2022.
10 C`„
35.0%
30.0%
25.0%
7.9%
1.4%
1.8%
1.2%
20.0%
15.0%
-0.7%
2.1%
5.8%
0.9%
10.0%
5.0%
0.0%
-0.2%
-1.3%
-0.2%
-3.2%
-5.0%
-10.0%
-15.0%
-0.4%
-0.4%
-0.3%
-0.5%
-20.0%
-25.0%
0.0%
0.5%
-0.2%
-0.1%
-30.0%
-35.0%
Total 6.7% 2.3% 6.9% -1.6%
Source: US Department of Commerce
Gross Domestic Product (GDP)
GDP QOQ % Change
-GDP YOY % Change
�ar SPa �ar Som far Som /1,- SPa ��'r SPa /I,-
'9 _'9
Source: US Department of Commerce
According to the third estimate, first quarter 2022 GDP contracted at an annualized rate of 1.6%, revised down from the second estimate of a
1.5% decline, and following fourth quarter 2021 growth of 6.9%. The most significant contributors to the decline were a widening of the trade
deficit and slower inventory build. Personal consumption expenditures increased at a healthy pace with strong positive revisions to the
previous reading, reflecting a shift in consumer demand from goods to services. The consensus estimate calls for 1.0% growth in the second
quarter, 1.8% growth in the current quarter and 2.1% growth for 2022.
10 C`„
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c
0
E
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
6 O� 6 6 6 6 O� O� Oe 6 Oe 6 6
00,09
0 c1 c1 c1 c1 c1 c1 c1 c1 c1 c100,1`10
c,� c,�
9 O 1 � .i' Q S 6 � 8 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
7<,
1) a° '49
O 1 v' Q S P 9
-70
1 16 cO 1
Source: Bloomberg
At the June meeting, persistently high inflation led the Federal Open Market Committee (FOMC) to announce a 0.75% federal funds rate
increase to 1.50% - 1.75%. Federal Reserve Chair Powell indicated the committee may raise rates by 50 or 75 bps at the July meeting and
continue to tighten as needed to dampen inflation. Dot plot projections rose significantly from March, with the median fed funds target rate at
3.4% by the end of this year and 3.8% in 2023. The Fed will continue shrinking its $9 trillion balance sheet by $47 billion per month beginning
this month, increasing to $95 billion in September. We anticipate additional rates hikes as the Fed remains "committed" to the 2% long-term
inflation target. Although the FOMC views the economy as strong, the committee downgraded their economic outlook as trends cool later this
year from tightening conditions.
11 C11%
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Bond Yields
US Treasury Note Yields
3.5%
3.0% 2 -Year
5 -Year
2.5% 10 -Year
2.0%
v
} 1.5%
1.0%
0.5%
0.0%
OC OC
')O -,.)O ")O
Source: Bloomberg
3.5% i
3.0%
2.5%
2.0%
1.5%
1.0%
0.5%
0.0%
a' 6 S 1
�o /110 y` yr yr 0
Source: Bloomberg
US Treasury Yield Curve
At the end of June, the 2 -year Treasury yield was 271 basis points higher, and the 10 -Year Treasury yield was about 155 basis points higher, year
over -year. The spread between the 2 -year Treasury yield and 10 -year Treasury yield fell to 6 basis points at June month-end, down from 29
basis points at May month-end, which is narrow compared to the average historical spread (since 2003) of about 130 basis points. The spread
between 3 -month and 10 -year treasuries is wider at about 135 basis points but continues to compress with each Fed rate hike. The shape of
the curve bears watching but does not indicate a high probability of an imminent recession.
12 C`„
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a,. %
Section 2 1 Account Profile
13 Cit
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Objectives
Investment Objectives
As of June 30, 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 Q
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compliance As of June 30, 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
U.S. Treasuries
No limitations; U.S. government obligations issued by the U.S. Treasury and backed by the full faith and credit of the Federal government
Complies
Federal Agencies
50% max per issuer; Federal agencies or U.S. government-sponsored enterprise obligations, participations, or other instruments, including
Complies
those issued by or fully guaranteed as to principal and interest by federal agencies or U.S. government-sponsored enterprises
"AA" rated or better by a NRSRO; 5% max; 5% max per issuer; USD denominated senior unsecured unsubordinated obligations; Issued or
Supranational Obligations
unconditionally guaranteed by one of the three supranational banking groups: IBRD, IFC, and IADB; Supranational securities will not be
Complies
purchased until further notice from staff at the City of Tustin.
Municipal Securities (CA, Local
30% max; 5% max per issuer; Bonds issued by the local agency (City of Tustin bonds); State of California and any local agency within the
Agency)
State of California, including bonds payable solely out of the revenues from a revenue-producing property owned, controlled, or operated
Complies
by a local agency, or by a department, board, agency, or authority of the local agency
Municipal Securities (CA, Other
30% max; 5% max per issuer; Bonds of any of the other 49 states in addition to California, including bonds payable solely out of the
States)
revenues from a revenue-producing property owned, controlled, or operated by a state, or by a department, board, agency, or authority of
Complies
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
Corporate Medium Term Notes
agency's investments in commercial paper and medium-term notes); Obligations of a domestic corporation or depository institution; If
Complies
the credit rating of a security is downgraded below the 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
Negotiable Certificates of Deposit
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" long -
(NCD)
term rating category or higher by a NRSRO; 30% max; 5% max per issuer; Certificates of deposit issued by a nationally or state -chartered
Complies
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
30% max; FDIC insured; The City may utilize these at the discretion of the Treasurer
Complies
Service (CDARS)
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 must be
Complies
Certificates of Deposit
collateralized pursuant to Government Code
Bankers' Acceptances
"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
Complies
instruments issued by a company that is guaranteed by a commercial bank
Commercial Paper
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
Complies
(combined issuer limitation of a 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. 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 credit or surety bond; and 3. "A-1" rated or higher by a NRSRO
15 cry►
DocuSign Envelope ID: E82E5848-CC4F-48C5-8B36-73A2C882ED6C
compliance As of June 30, 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
Money Market Mutual Funds AAA or highest ranking of two of the three highest ranking NRSRO; Retained an investment adviser registered with SEC with > 5 years Complies
Max amount limited to the amount as specified by LAIF; Principal amount withdrawal of $10 million or> needs 24-hour notice, and less
Local Agency Investment Fund (LAIF) Complies
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 used by
(LG IP)/ Complies
Orange County Investment Pool 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
Complies
Investment Pools securities and obligations authorized in subdivisions (a) to (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 Agreements; Complies
Supranational securities will 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
The City of Tustin maintains adequate liquidity to cover at least six months of expected disbursements.
16 Q1
DocuSign Envelope ID: E82E5848-CC4F-48C5-8B36-73A2C882ED6C
Portfolio Characteristics As of June 30, 2022
City of Tustin Consolidated Account
Average Maturity (yrs)
2.61
0.73
0.80
Average Modified Duration
2.51
0.70
0.77
Average Purchase Yield
n/a
1.30%
0.97%
Average Market Yield
2.98%
1.80%
1.07%
Average Quality"
AAA
AA/Aa2
AA/Aa2
Total Market Value
215,059,046
194,561,191
*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.
DocuSign Envelope ID: E82E5848-CC4F-48C5-8B36-73A2C882ED6C
Sector Distribution
US Treast
23.0%
Negotiable CD
2.6%
Municipal Bonds
0.5%
Money Market
Fund
0.4%
Local Gov
Investment Pool
6.9%
June 30, 2022
Commercial
CMO Paper Agency
0.5% 4.6% 2.4%
ra,h
/
City of Tustin Consolidated Account
Corporate
14.8%
US Treasury
23.1%
Negotiable CD
2.2%
Municipal Bonds
1.0%
Money Market
Fund
0.7%
Local Gov
Investment Pool
3.6%
March 31, 2022
Agency
5.2%
As of June 30, 2022
Cash
5.1%
Corporate
15.7%
-AIF
3.4%
$5,116,176.33
$7,454,206.20
$31,891,591.27 $87,981,994.44
® $10,190,878.13 $9,869,613.02 - $30,505,715.21 $84,504,948.22
- $14,752,255.19
$922,570.75
$1,009,629.17 - $5,612,376.31
- $6,998,700.08 $1,258,364.45 $2,023,785.42 - $4,237,565.04
$49,363,367.46
- $1,001,457.50
$9,953,421.12
$44,971,621.50
18 Q1",
DocuSign Envelope ID: E82E5848-CC4F-48C5-8B36-73A2C882ED6C
Portfolio Allocation
City of Tustin Consolidated Account
LAIF
US Treasury
23.0%
23.1%
Corporate
14.8%
15.7%
Local Gov Investment Pool
6.9%
3.6%
Commercial Paper
o
� 4.6/0
0.0%
Cash
- 3.5%
5.1%
Negotiable CD
2.6%
2.2%
Agency
2.4%
- 5.2%
Municipal Bonds
1 0.5%
V 1.0%
CMO
1 0.5%
0.0%
Money Market Fund
1 0.4%
■ 0.7%
40.9%
i 43.4%
■ 06/30/22
■ 03/31/22
As of June 30, 2022
19 Q11
DocuSign Envelope ID: E82E5848-CC4F-48C5-8B36-73A2C882ED6C
IIssuers
City of Tustin Consolidated Account - Account #10795
As of June 30, 2022
Local Agency Investment Fund
LAIF
40.91%
Government of United States
US Treasury
22.95%
CAMP
Local Gov Investment Pool
6.86%
Bank Cash Account
Cash
3.47%
MUFG Bank Ltd/NY
Commercial Paper
1.86%
Royal Bank of Canada NY
Commercial Paper
1.85%
Toyota Motor Corp
Corporate
1.64%
Toronto Dominion Holdings
Negotiable CD
1.12%
Federal Home Loan Mortgage Corp
Agency
0.94%
1P Morgan Securities LLC
Commercial Paper
0.92%
JP Morgan Chase & Co
Corporate
0.87%
Federal National Mortgage Association
Agency
0.86%
US Bancorp
Corporate
0.61%
Federal Home Loan Bank
Agency
0.58%
Visa Inc
Corporate
0.47%
Duke Energy Field Services
Corporate
0.47%
Federal Home Loan Mortgage Corp
CMO
0.47%
Qualcomm Inc
Corporate
0.46%
Mass Mutual Insurance
Corporate
0.46%
Morgan Stanley
Corporate
0.46%
Home Depot
Corporate
0.46%
Paccar Financial
Corporate
0.46%
Chubb Corporation
Corporate
0.46%
Target Corp
Corporate
0.45%
National Rural Utilities
Corporate
0.45%
Deere & Company
Corporate
0.44%
Bank of Montreal Chicago
Corporate
0.44%
State Street Bank
Corporate
0.44%
New York Life Global Funding
Corporate
0.44%
Salesforce.com Inc
Corporate
0.44%
Bank of America Corp
Corporate
0.44%
Bank of New York
Corporate
0.44%
Metlife Inc
Corporate
0.44%
Pfizer Inc.
Corporate
0.43%
First American Govt Oblig Fund
Money Market Fund
0.43%
Caterpillar Inc
Corporate
0.42%
Amazon.com Inc
Corporate
0.42%
United Health Group Inc
Corporate
0.42%
20 Q11
DocuSign Envelope ID: E82E5848-CC4F-48C5-8B36-73A2C882ED6C
IIssuers
City of Tustin Consolidated Account — Account #10795
As of June 30, 2022
Toronto Dominion Holdings
Corporate
0.42%
Charles Schwab Corp/The
Corporate
0.42%
Royal Bank of Canada
Corporate
0.42%
Wal-Mart Stores
Corporate
0.38%
Santa Rosa Regional Resources
Municipal Bonds
0.23%
MasterCard Inc
Corporate
0.23%
Murrieta Redevelopment Agency
Municipal Bonds
0.12%
California Edl Facs Auth Rev
Municipal Bonds
0.12%
First Premier Bank
Negotiable CD
0.12%
Barclays Bank
Negotiable CD
0.12%
Alliance Credit Union MO
Negotiable CD
0.12%
UBS Corp
Negotiable CD
0.12%
First Bank of Highland
Negotiable CD
0.12%
Signature Bank Chicago IL
Negotiable CD
0.12%
Mountain America FCU
Negotiable CD
0.12%
Allegiance Bank
Negotiable CD
0.12%
First Internet Bank of Indiana
Negotiable CD
0.12%
FNB Bank Inc
Negotiable CD
0.12%
Sallie Mae Bank
Negotiable CD
0.12%
Delaware State Police FCU
Negotiable CD
0.11%
Goldman Sachs Inc.
Negotiable CD
0.10%
TOTAL
100.00%
21 C11%
DocuSign Envelope ID: E82E5848-CC4F-48C5-8B36-73A2C882ED6C
IMaturity Distribution As of June 30, 2022
S140,000
S1120.000
S1100.000
$80.000
$60.000
$40,000
520.000
City of Tustin Consolidated Account
4-.25 .25-_5 .5-1 1-2 2-3 3-4 4-5 5+
IiAntUrity {Yrs}
22 C►"
DocuSign Envelope ID: E82E5848-CC4F-48C5-8B36-73A2C882ED6C
I Quality Distribution
60.0%
50.0%
40.0%
30.0%
20.0%
10.0%
0.0%
AAA
City of Tustin Consolidated Account
June 30, 2022 vs. March 31, 2022
AA
■June 30, 2022
I
I
<A
_! March 31, 2022
NR
06/30/22 10.3% 31.1% 12.3% 0.0% 46.3%
03/31/22 4.2% 33.2% 11.8% 0.0% 50.7%
Source: S&P Ratings
As of June 30, 2022
23 C`'11
DocuSign Envelope ID: E82E5848-CC4F-48C5-8B36-73A2C882ED6C
Duration Distribution
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
June 30, 2022 vs. March 31, 2022
0-0.25 0.25-0.50 0.50-1
■June 30, 2022
1-2 2-3 3-4 4-5
Vu March 31, 2022
5+
06/30/22
56.9%
17.5%
1.8%
6.0%
10.9%
6.6%
0.4%
0.0%
03/31/22
57.4%
6.7%
13.3%
4.1%
9.2%
8.3%
1.0%
0.0%
As of June 30, 2022
24 Qtj
DocuSign Envelope ID: E82E5848-CC4F-48C5-8B36-73A2C882ED6C
Investment Performance As of June 30, 2022
City of Tustin Consolidated Account
Total Rate of Return Annualized Since Inception November 30, 2020
0.00%
-0.50%
-1.00%
-1.50%
-2.00%
-2.50%
-3.00
-3.50%
-4.00%
-4.50%
-5.00%
12 months 2 years 3 years 5 years 10 years Since Inception
■ City of 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 -0.23% -0.81% N/A N/A N/A N/A -0.36%
ICE BofA 1-5 Yr US Treasury & Agency Index -0.81% -4.60% N/A N/A N/A N/A -3.14%
ICE BofA 1-3 Yr US Treasury & Agency Index -0.51% -3.30% N/A N/A N/A N/A -2.11%
REALIZED RATE OF RETURN 3 months 12 months 2 years 3 years 5 years 10 years Since
Inception
City of Tustin Consolidated Account 0.29% 0.72% N/A N/A N/A N/A 0.83%
25 C`'11
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.
DocuSign Envelope ID: E82E5848-CC4F-48C5-8B36-73A2C882ED6C
a,. %
Section 4 1 Portfolio Holdings
26 C�
DocuSign Envelope ID: E82E5848-CC4F-48C5-8B36-73A2C882ED6C
Holdings Report
City of Tustin Consolidated Account - Account #10795
As of June 30, 2022
Agency
1.00 7,454,206.20
3.47%
NR/NR
0.00
0.25% 7,454,206.20
0.25% 0.00
0.00
NR
0.00
3134GBWQ1
FHLMC Callable Note 1X 7/27/2018
2,000,000.00
07/27/2017
1,996,000.00
100.03
2,000,698.00
0.94%
Aaa / AA+
0.07
0.00
2.000% Due 07/27/2022
NR
2.04%
1,999,943.04
1.52%
17,111.11
754.96
AAA
0.07
3130ARHG9
FHLB Note
1,250,000.00
03/24/2022
1,248,575.00
98.71
1,233,875.00
0.58%
Aaa / AA+
1.67
2.125% Due 02/28/2024
2.19%
1,248,773.09
2.93%
7,083.33
(14,898.09)
NR
1.61
3135G04Z3
FNMA Note
2,000,000.00
04/12/2021
1,982,980.00
92.85
1,857,020.00
0.86%
Aaa / AA+
2.97
0.500% Due 06/17/2025
0.711/.
1,987,932.08
3.049/.
388.89
(130,912.08)
AAA
2.90
5,227,555.00
5,091,593.00
2.38%
Aaa / AA+
1.51
TOTAL Agency
5,250,000.00
1.57%
5,236,648.21
2.41%
24,583.33
(145,055.21)
Aaa
1.47
Cash
90BOFA$00 Cash BOA Cash Acct 7,454,206.20 Various 7,454,206.20
1.00 7,454,206.20
3.47%
NR/NR
0.00
0.25% 7,454,206.20
0.25% 0.00
0.00
NR
0.00
7,454,206.20
7,454,206.20
3.47%
NR/NR
0.00
TOTAL Cash 7,454,206.20 0.25% 7,454,206.20
0.25% 0.00
0.00
NR
0.00
CMO
3137BDCW4 FHLMC K039 A2 1,000,000.00 04/19/2022 1,007,968.75
99.87 998,705.00
0.47%
NR/NR
2.07
3.303% Due 07/25/2024 2.75% 1,007,263.29
3.28% 2,752.50
(8,558.29)
AAA
1.80
1,007,968.75
998,705.00
0.47%
NR/NR
2.07
TOTAL CMO 1,000,000.00 2.75% 1,007,263.29
3.28% 2,752.50
(8,558.29)
Aaa
1.80
Commercial Paper
62479MJ20 MUFG Bank Ltd/NY Discount CP
1.270% Due 09/02/2022
78015DL73 Royal Bank of Canada NY Discount CP
1.570% Due 11/07/2022
46640QM65 JP Morgan Discount CP
1.730% Due 12/06/2022
4,000,000.00 04/05/2022
1.29%
4,000,000.00 04/05/2022
1.60%
2,000,000.00 04/06/2022
1.77%
3,978,833.33
99.78
3,991,110.00
1.86%
P-1 / A-1
0.18
3,991,110.00
1.29%
0.00
0.00
NR
0.17
3,962,320.00
99.44
3,977,496.67
1.85%
P-1 / A-1+
0.36
3,977,496.67
1.60%
0.00
0.00
NR
0.35
1,976,548.89
99.24
1,984,814.45
0.92%
P-1 / A-1
0.44
1,984,814.45
1.77%
0.00
0.00
F-1+
0.43
9,917,702.22 9,953,421.12 4.63% P-1 / A-1 0.30
TOTAL Commercial Paper 10,000,000.00 1.51% 9,953,421.12 1.51% 0.00 0.00 F-1+ 0.30
Corporate
89236TEC5 Toyota Motor Credit Corp Note 2,500,000.00 11/01/2017 2,482,750.00 99.96 2,499,037.50 1.17% Al / A+ 0.19
2.150% Due 09/08/2022 2.30% 2,499,328.30 2.34% 16,871.53 (290.80) A+ 0.19
27 Q11
DocuSign Envelope ID: E82E5848-CC4F-48C5-8836-73A2C882ED6C
Holdings Report
City of Tustin Consolidated Account - Account #10795
As of June 30, 2022
92826CAG7
Visa Inc Callable Note Cont 8/15/2022
1,000,000.00
10/03/2017
1,002,301.43
99.96
999,619.00
0.47%
Aa3 / AA-
0.21
2.150% Due 09/15/2022
2.10%
1,000,096.74
2.32%
6,330.56
(477.74)
NR
0.21
89236TFNO
Toyota Motor Credit Corp Note
1,000,000.00
02/28/2019
1,019,000.00
100.24
1,002,412.00
0.47%
Al / A+
1.22
3.450% Due 09/20/2023
3.00%
1,005,089.49
3.24%
9,679.17
(2,677.49)
A+
1.18
79466LAG9
Salesforce.com Inc Callable Note Cont 7/15/2022
1,000,000.00
04/25/2022
951,860.00
94.71
947,114.00
0.44%
A2/A+
2.04
0.625% Due 07/15/2024
2.88%
955,723.09
3.33%
2,881.94
(8,609.09)
NR
1.99
59217GEPO
Metlife Note
1,000,000.00
01/18/2022
979,170.00
93.46
934,585.00
0.44%
Aa3/AA-
2.25
0.700% Due 09/27/2024
1.49%
982,609.82
3.77%
1,827.78
(48,024.82)
AA-
2.18
24422EVY2
John Deere Capital Corp Note
1,000,000.00
02/04/2022
985,080.00
94.90
949,040.00
0.44%
A2 / A
2.53
1.250% Due 01/10/2025
1.78%
987,079.59
3.37%
5,937.50
(38,039.59)
A
2.44
57629WCG3
Mass Mutual Global funding Note
1,000,000.00
03/23/2022
1,004,360.00
98.33
983,304.00
0.46%
Aa3 / AA+
2.54
2.950% Due 01/11/2025
2.79%
1,003,942.33
3.65%
13,930.56
(20,638.33)
AA+
2.38
64952WEK5
New York Life Global Note
1,000,000.00
01/18/2022
996,780.00
94.49
944,887.00
0.44%
Aaa / AA+
2.55
1.450% Due 01/14/2025
1.56%
997,258.57
3.75%
6,726.39
(52,371.57)
AAA
2.44
63743HFC1
National Rural Utilities Note
1,000,000.00
03/23/2022
972,740.00
95.63
956,261.00
0.45%
A2/A-
2.61
1.875% Due 02/07/2025
2.87%
975,284.27
3.65%
7,500.00
(19,023.27)
A
2.49
57636QAN4
MasterCard Inc Callable Note 1x 02/03/2025
500,000.00
11/01/2021
515,365.00
96.51
482,570.00
0.23%
Al / A+
2.68
2.000% Due 03/03/2025
1.06%
512,332.43
3.37%
3,277.78
(29,762.43)
NR
2.56
69371RR73
Paccar Financial Corp Note
1,000,000.00
03/31/2022
999,740.00
98.11
981,070.00
0.46%
Al / A+
2.77
2.850% Due 04/07/2025
2.86%
999,760.16
3.57%
6,650.00
(18,690.16)
NR
2.62
87612EBL9
Target Corp Callable Note Cont 4/15/25
1,000,000.00
02/04/2022
1,010,340.00
96.62
966,156.00
0.45%
A2 / A
2.79
2.250% Due 04/15/2025
1.91%
1,009,067.52
3.53%
4,750.00
(42,911.52)
A
2.66
437076CM2
Home Depot Callable Note Cont 3/15/2025
1,000,000.00
03/28/2022
995,620.00
98.20
982,032.00
0.46%
A2 / A
2.79
2.700% Due 04/15/2025
2.85%
995,986.31
3.38%
6,975.00
(13,954.31)
A
2.64
61747YEQ4
Morgan Stanley Callable Note S/A 4/17/2024
1,000,000.00
06/01/2022
1,000,910.00
98.79
987,949.00
0.46%
Al / A-
2.80
3.620% Due 04/17/2025
3.28%
1,000,885.71
3.77%
7,139.44
(12,936.71)
A
2.62
06406RAN7
Bank of NY Mellon Corp Callable Note Cont 3/24/2025
1,000,000.00
02/04/2022
989,120.00
94.00
939,967.00
0.44%
Al / A
2.82
1.600% Due 04/24/2025
1.95%
990,448.64
3.87%
2,977.78
(50,481.64)
AA-
2.70
06367WB85
Bank of Montreal Note
1,000,000.00
08/17/2021
1,034,530.00
94.88
948,837.00
0.44%
A2 / A-
2.84
1.850% Due 05/01/2025
0.90%
1,026,453.40
3.77%
3,083.33
(77,616.40)
AA-
2.71
91159HHZ6
US Bancorp Callable Note Cont 4/11/2025
1,400,000.00
12/23/2021
1,406,818.00
93.80
1,313,169.20
0.61%
A2/A+
2.87
1.450% Due 05/12/2025
1.30%
1,405,793.36
3.75%
2,763.06
(92,624.16)
A+
2.76
747525AFO
Qualcomm Inc Callable Note Cont 2/20/2025
1,000,000.00
03/23/2022
1,018,960.00
99.58
995,793.00
0.46%
A2 / A
2.89
3.450% Due 05/20/2025
2.82%
1,017,347.08
3.60%
3,929.17
(21,554.08)
NR
2.72
28 Qj
DocuSign Envelope ID: E82E5848-CC4F-48C5-8836-73A2C882ED6C
Holdings Report
City of Tustin Consolidated Account - Account #10795
As of June 30, 2022
717081EX7
Pfizer Inc. Callable Note Cont 4/28/2025
1,000,000.00
03/23/2022
945,010.00
93.19
931,949.00
0.43%
A2/A+
2.91
0.800% Due 05/28/2025
2.62%
949,655.71
3.27%
733.33
(17,706.71)
A
2.83
26442UAA2
Duke Energy Progress LLC Callable Note Cont 5/15/25
1,000,000.00
04/25/2022
1,000,280.00
99.33
993,275.00
0.47%
Aa3 / A
3.13
3.250% Due 08/15/2025
3.24%
1,000,264.91
3.48%
12,277.78
(6,989.91)
NR
2.91
89114QCK2
Toronto Dominion Bank Note
1,000,000.00
08/17/2021
993,000.00
90.37
903,730.00
0.42%
Al / A
3.20
0.750% Due 09/11/2025
0.93%
994,490.57
3.99%
2,291.67
(90,760.57)
AA-
3.09
14913R2H9
Caterpillar Financial Service Note
1,000,000.00
04/21/2021
991,780.00
91.07
910,744.00
0.42%
A2 / A
3.38
0.800% Due 11/13/2025
0.98%
993,922.63
3.64%
1,066.67
(83,178.63)
A
3.27
857477BR3
State Street Bank Callable Note Cont 2/6/2025
1,000,000.00
Various
978,258.70
94.48
944,830.00
0.44%
Al / A
3.61
1.746% Due 02/06/2026
2.73%
979,765.52
3.82%
6,984.00
(34,935.52)
AA-
3.40
06051GHY8
Bank of America Corp Callable Note Cont 2/13/2025
1,000,000.00
04/20/2021
1,030,470.00
93.81
938,068.00
0.44%
A2/A-
3.63
2.015% Due 02/13/2026
1.55%
1,022,930.49
4.12%
7,724.17
(84,862.49)
AA-
3.40
46647PBK1
JP Morgan Chase & Co Callable Note Cont 4/22/2025
2,000,000.00
Various
2,072,110.00
93.59
1,871,816.00
0.87%
A2/A-
3.81
2.083% Due 04/22/2026
1.56%
2,058,223.31
4.25%
7,984.84
(186,407.31)
AA-
3.58
00440EAV9
Chubb INA Holdings Inc Callable Note Cont 2/3/2026
1,000,000.00
07/23/2021
1,102,780.00
97.91
979,110.00
0.46%
A3 / A
3.84
3.350% Due 05/03/2026
1.13%
1,082,767.12
3.94%
5,397.22
(103,657.12)
A
3.55
023135BX3
Amazon.com Inc Callable Note Cont 4/12/2026
1,000,000.00
05/12/2021
995,200.00
91.02
910,218.00
0.42%
Al / AA
3.87
1.000% Due 05/12/2026
1.10%
996,286.84
3.50%
1,361.11
(86,068.84)
AA-
3.73
808513BR5
Charles Schwab Corp Callable Note Cont 4/13/2026
1,000,000.00
07/23/2021
1,007,990.00
90.32
903,213.00
0.42%
A2 / A
3.87
1.150% Due 05/13/2026
0.98%
1,006,443.11
3.87%
1,533.33
(103,230.11)
A
3.71
91324PEC2
United Health Group Inc Callable Note Cont 4/15/2026
1,000,000.00
07/28/2021
1,007,110.00
90.77
907,652.00
0.42%
A3/A+
3.88
1.150% Due 05/15/2026
1.00%
1,005,744.88
3.73%
1,469.44
(98,092.88)
A
3.72
78016EZT7
Royal Bank of Canada Note
1,000,000.00
07/28/2021
999,090.00
89.36
893,572.00
0.42%
Al / A
4.04
1.150% Due 07/14/2026
1.17%
999,258.93
4.03%
5,334.72
(105,686.93)
AA-
3.85
931142ERO
Wal-Mart Stores Callable Note Cont 08/17/2026
900,000.00
09/22/2021
902,277.00
91.05
819,492.30
0.38%
Aa2 / AA
4.22
1.050% Due 09/17/2026
1.00%
901,926.50
3.34%
2,730.00
(82,434.20)
AA
4.05
33,390,800.13
31,721,472.00
14.83%
Al / A+
2.74
TOTAL Corporate
33,300,000.00
1.93%
33,356,167.33
3.54%
170,119.27 (1,634,695.33)
A+
2.61
29 Qj
DocuSign Envelope ID: E82E5848-CC4F-48C5-8B36-73A2C882ED6C
Holdings Report
LAW
90LAIF$00 Local Agency Investment Fund State Pool
City of Tustin Consolidated Account - Account #10795
87,833,956.35 Various 87,833,956.35 1.00 87,833,956.35
0.94% 87,833,956.35 0.94% 148,038.09
As of June 30, 2022
40.91% NR/NR 0.00
0.00 NR 0.00
87,833,956.35 87,833,956.35 40.91% NR/NR 0.00
TOTAL LAIF 87,833,956.35 0.94% 87,833,956.35 0.94% 148,038.09 0.00 NR 0.00
Local Gov Investment Pool
250,000.00 10/18/2017
I
-
250,040.00
90CAMP$00 California Asset Mgmt Program CAMP 14,752,255.19 Various 14,752,255.19
1.00 14,752,255.19
6.86%
NR / AAA
0.00
1.40% 14,752,255.19
1.40% 0.00
0.00
NR
0.00
14,752,255.19
14,752,255.19
6.86%
NR / AAA
0.00
TOTAL Local Gov Investment Pool 14,752,255.19 1.40% 14,752,255.19
1.40% 0.00
0.00
NR
0.00
Money Market Fund
250,000.00 10/18/2017
249,345.00
100.02
250,040.00
0.12%
NR/A+
0.09
31846V203 First American Govt Obligation Fund Class Y
190,523.75 Various
190,523.75
1.00
190,523.75
0.09%
Aaa / AAA
0.00
13077DFD9 California State University TE -REV
0.97%
190,523.75
0.97%
0.00
0.00
AAA
0.00
31846V203 First American Govt Obligation Fund Class Y
732,047.00 Various
732,047.00
1.00
732,047.00
0.34%
Aaa / AAA
0.00
2.050% Due 07/14/2022
0.97%
732,047.00
0.97%
0.00
0.00
AAA
0.00
TOTAL Municipal Bonds
1,000,000.00 2.50%
922,570.75
2.14%
922,570.75
0.43%
Aaa / AAA
0.00
TOTAL Money Market Fund
922,570.75 0.97%
922,570.75
0.97%
0.00
0.00
Aaa
0.00
Municipal Bonds
802629AX3 Santa Rosa Regional Resources STE-REV 500,000.00 10/03/2017 504,500.00 100.04 500,195.00 0.23% NR /AA+ 0.09
2.400% Due 08/01/2022 2.20% 500,079.13 1.93% 5,000.00 115.87 AA 0.09
62719PAY2 Murrieta Redevelopment Agency STE-TA
250,000.00 10/18/2017
249,345.00
100.02
250,040.00
0.12%
NR/A+
0.09
2.500% Due 08/01/2022
2.56%
249,988.38
2.29%
2,604.17
51.62
NR
0.09
13077DFD9 California State University TE -REV
250,000.00 08/02/2018
250,000.00
100.21
250,517.50
0.12%
Aa2 / AA-
0.34
3.054% Due 11/01/2022
3.05%
250,000.00
2.42%
1,272.50
517.50
NR
0.33
2.050% Due 07/14/2022
2.05%
1,003,845.00
1.70%
1,000,752.50
0.47%
Aa2 / AA
0.15
TOTAL Municipal Bonds
1,000,000.00 2.50%
1,000,067.51
2.14%
8,876.67
684.99
AA
0.15
Negotiable CD
06740KKD8 Barclays Bank Delaware Negotiable CD
247,000.00 07/12/2017
247,000.00
100.02
247,039.77
0.12%
NR/NR
0.03
2.200% Due 07/12/2022
2.20%
247,000.00
1.69%
2,530.90
39.77
NR
0.03
32056GCQ1 First Internet Bank of IN Negotiable CD
248,000.00 07/14/2017
248,000.00
100.01
248,033.48
0.12%
NR/NR
0.04
2.050% Due 07/14/2022
2.05%
248,000.00
1.70%
236.79
33.48
NR
0.04
30 Qj
DocuSign Envelope ID: E82E5848-CC4F-48C5-8836-73A2C882ED6C
Holdings Report
330459BU1 FNB Bank Inc Negotiable CD
2.000% Due 08/18/2022
City of Tustin Consolidated Account - Account #10795
248,000.00 08/18/2017 248,000.00 100.03 248,078.12
2.00% 248,000.00 1.76% 176.66
As of June 30, 2022
0.12% NR/NR 0.13
78.12 NR 0.13
33610RQY2 First Premier Bank Negotiable CD
248,000.00 08/21/2017
248,000.00
100.04
248,096.97
0.12%
NR/NR
0.15
2.050% Due 08/22/2022
2.05%
248,000.00
1.77%
1,810.74
96.97
NR
0.14
89114WU86 Toronto Dominion Yankee CD
2,400,000.00 04/06/2022
2,400,000.00
99.80
2,395,111.20
1.12%
P-1 / A-1+
0.27
1.450% Due 10/06/2022
1.45%
2,400,000.00
2.20%
8,313.33
(4,888.80)
F-1+
0.27
01859BAA3 Alliance Credit Union MO Negotiable CD
248,000.00 10/13/2017
248,000.00
100.11
248,282.72
0.12%
NR/NR
0.29
2.250% Due 10/13/2022
2.25%
248,000.00
1.84%
1,207.73
282.72
NR
0.29
01748DAY2 Allegiance Bank Negotiable CD
248,000.00 11/03/2017
248,000.00
100.10
248,240.06
0.12%
NR/NR
0.35
2.200% Due 11/03/2022
2.20%
248,000.00
1.92%
418.54
240.06
NR
0.34
319141JF5 First Bank of Highland Negotiable CD
248,000.00 11/08/2017
248,000.00
100.09
248,234.86
0.12%
NR/NR
0.36
2.200% Due 11/08/2022
2.20%
248,000.00
1.93%
807.19
234.86
NR
0.36
62384RACO MOUNTAIN AMERICA FD CRIED Negotiable CD
248,000.00 11/08/2017
248,000.00
100.13
248,323.39
0.12%
NR/NR
0.36
2.300% Due 11/08/2022
2.30%
248,000.00
1.93%
359.43
323.39
NR
0.36
82669VBY6
Signature Bank Chicago IL Negotiable CD
248,000.00
11/08/2017
248,000.00
1.050% Due 08/25/2026 1.15% 243,982.97
100,08
248,190.22
0.12%
NR/NR
0.36
5,591,049.90
2.150% Due 11/08/2022
Aaa / AAA
2.15%
248,000.00
2.18% 21,326.41
1.93%
788.84
190.22
NR
0.36
79545OM93
Sallie Mae Bank Negotiable CD
245,000.00
04/18/2018
245,000.00
99.96
100.38
245,930.51
0.12%
NR/NR
0.80
1.07%
3.000% Due 04/18/2023
2.12%
3.00%
245,000.00
AAA
2.51%
1,490.14
930.51
NR
0.78
90348JCW8
UBS Bank USA Negotiable CD
248,000.00
06/13/2018
248,000.00
100.44
249,085.00
0.12%
NR/NR
0.95
3.250% Due 06/13/2023
3.25%
248,000.00
2.78%
397.48
1,085.00
NR
0.94
246399AB5
Delaware State Police FCU Negotiable CD
246,000.00
03/29/2019
246,000.00
99.68
245,203.70
0.11%
NR/NR
1.75
3.000% Due 03/29/2024
3.00%
246,000.00
3.19%
1,900.60
(796.30)
NR
1.68
38149MYS6 Goldman Sachs Bank USA Negotiable CD 245,000.00 08/17/2021 243,775.00
91.10 223,199.90
0.10%
NR/NR
4.16
1.050% Due 08/25/2026 1.15% 243,982.97
3.36% 888.04
(20,783.07)
NR
3.99
5,613,775.00
5,591,049.90
2.61%
Aaa / AAA
0.53
TOTAL Negotiable CD 5,615,000.00 1.93% 5,613,982.97
2.18% 21,326.41
(22,933.07)
Aaa
0.51
US Treasury
5,000,000.00 03/23/2022
5,014,843.75
99.75 4,987,500.00
2.32%
Aaa /AA+
0.38
9128281-57 US Treasury Note
5,750,000.00 03/23/2022
5,774,482.42
99.98
5,749,091.50
2.69%
Aaa / AA+
0.25
1.750% Due 09/30/2022
0.93%
5,761,725.79
1.81%
25,293.72
(12,634.29)
AAA
0.25
9128283C2 US Treasury Note
6,000,000.00 03/23/2022
6,033,281.25
99.96
5,997,372.00
2.80%
Aaa /AA+
0.34
2.000% Due 10/31/2022
1.07%
6,018,372.45
2.12%
20,217.39
(21,000.45)
AAA
0.33
912828TY6 US Treasury Note
5,000,000.00 03/23/2022
5,014,843.75
99.75 4,987,500.00
2.32%
Aaa /AA+
0.38
1.625% Due 11/15/2022
1.16%
5,008,616.92
2.29% 10,377.04
(21,116.92)
AAA
0.37
91282CAX9 US Treasury Note
5,000,000.00 03/23/2022
4,963,281.25
99.09 4,954,490.00
2.30%
Aaa /AA+
0.42
0.125% Due 11/30/2022
1.20%
4,977,763.94
2.32% 529.37
(23,273.94)
AAA
0.41
31 Qtj
DocuSign Envelope ID: E82E5848-CC4F-48C5-8636-73A2C882ED6C
Holdings Report
City of Tustin Consolidated Account - Account #10795
As of June 30, 2022
912828YW4
US Treasury Note
6,000,000.00
03/23/2022
6,017,343.75
99.64
5,978,670.00
2.78%
Aaa /AA+
0.46
1.625% Due 12/15/2022
1.22%
6,010,888.75
2.41%
4,262.30
(32,218.75)
AAA
0.45
91282CBG5
US Treasury Note
1,000,000.00
03/23/2022
989,101.56
98.58
985,781.00
0.46%
Aaa /AA+
0.59
0.125% Due 01/31/2023
1.41%
992,548.67
2.59%
521.41
(6,767.67)
AAA
0.58
91282CBNO
US Treasury Note
1,250,000.00
03/23/2022
1,234,375.00
98.32
1,228,955.00
0.57%
Aaa /AA+
0.67
0.125% Due 02/28/2023
1.48%
1,238,911.29
2.68%
522.25
(9,956.29)
AAA
0.66
912828869
US Treasury Note
1,250,000.00
03/23/2022
1,248,828.13
98.85
1,235,596.25
0.58%
Aaa / AA+
0.92
1.625% Due 05/31/2023
1.70%
1,249,096.06
2.91%
1,720.46
(13,499.81)
AAA
0.90
912828592
US Treasury Note
1,250,000.00
03/23/2022
1,239,697.27
98.24
1,227,978.75
0.57%
Aaa /AA+
1.08
1.250% Due 07/31/2023
1.87%
1,241,761.99
2.91%
6,517.61
(13,783.24)
AAA
1.06
9128282D3
US Treasury Note
1,300,000.00
05/18/2022
1,283,191.41
98.20
1,276,640.30
0.60%
Aaa /AA+
1.17
1.375% Due 08/31/2023
2.40%
1,284,732.50
2.95%
5,974.52
(8,092.20)
AAA
1.14
912828791
US Treasury Note
1,200,000.00
04/25/2022
1,187,296.88
98.32
1,179,843.60
0.55%
Aaa /AA+
1.34
1.625% Due 10/31/2023
2.34%
1,188,812.98
2.92%
3,285.33
(8,969.38)
AAA
1.30
912828U57
US Treasury Note
1,250,000.00
03/23/2022
1,251,416.02
98.91
1,236,426.25
0.58%
Aaa /AA+
1.42
2.125% Due 11/30/2023
2.06%
1,251,188.45
2.91%
2,249.83
(14,762.20)
AAA
1.38
912828V80
US Treasury Note
1,250,000.00
03/23/2022
1,252,832.03
98.94
1,236,718.75
0.58%
Aaa /AA+
1.59
2.250% Due 01/31/2024
2.12%
1,252,418.50
2.94%
11,731.70
(15,699.75)
AAA
1.53
912828X70
US Treasury Note
1,250,000.00
03/23/2022
1,245,019.53
98.33
1,229,150.00
0.57%
Aaa /AA+
1.84
2.000% Due 04/30/2024
2.19%
1,245,661.54
2.94%
4,211.96
(16,511.54)
AAA
1.78
912828WJ5
US Treasury Note
1,000,000.00
04/25/2022
998,593.75
99.18
991,836.00
0.46%
Aaa / AA+
1.88
2.500% Due 05/15/2024
2.57%
998,717.50
2.95%
3,192.93
(6,881.50)
AAA
1.81
91282CCL3
US Treasury Note
1,250,000.00
03/23/2022
1,197,802.73
94.94
1,186,718.75
0.55%
Aaa /AA+
2.04
0.375% Due 07/15/2024
2.24%
1,203,925.40
2.95%
2,162.47
(17,206.65)
AAA
2.00
9128282U3
US Treasury Note
1,250,000.00
03/23/2022
1,238,085.94
97.73
1,221,582.50
0.57%
Aaa /AA+
2.17
1.875% Due 08/31/2024
2.28%
1,239,409.72
2.96%
7,833.73
(17,827.22)
AAA
2.09
912828YM6
US Treasury Note
1,250,000.00
03/23/2022
1,224,902.34
96.70
1,208,691.25
0.56%
Aaa /AA+
2.34
1.500% Due 10/31/2024
2.30%
1,227,512.29
2.98%
3,158.97
(18,821.04)
AAA
2.26
912828YV6
US Treasury Note
1,250,000.00
03/23/2022
1,223,486.33
96.55
1,206,885.00
0.56%
Aaa /AA+
2.42
1.500% Due 11/30/2024
2.32%
1,226,159.30
2.99%
1,588.11
(19,274.30)
AAA
2.35
912828YYO
US Treasury Note
1,300,000.00
05/18/2022
1,263,335.94
97.00
1,261,050.70
0.59%
Aaa / AA+
2.51
1.750% Due 12/31/2024
2.88%
1,264,983.33
3.00%
61.82
(3,932.63)
AAA
2.42
91282CBH3
US Treasury Note
2,000,000.00
04/27/2021
1,957,500.00
91.04
1,820,782.00
0.85%
Aaa /AA+
3.59
0.375% Due 01/31/2026
0.83%
1,967,984.47
3.03%
3,128.45
(147,202.47)
AAA
3.50
32 Qj
DocuSign Envelope ID: E82E5848-CC4F-48C5-8B36-73A2C882ED6C
Holdings Report
City of Tustin Consolidated Account - Account #10795
As of June 30, 2022
91282CBT7 US Treasury Note 2,000,000.00 04/27/2021 1,989,531.25
91.96 1,839,296.00
0.86%
Aaa / AA+
3.75
0.750% Due 03/31/2026 0.86% 1,992,029.08
3.03% 3,770.49
(152,733.08)
AAA
3.64
49,828,228.53
49,241,055.60
22.95%
Aaa / AA+
1.06
TOTAL US Treasury 50,050,000.00 1.47% 49,843,220.92
2.51% 122,311.86
(602,165.32)
Aaa
1.04
216,952,863.12 214,561,037.61 100.00% Aa2 / AA 0.73
TOTAL PORTFOLIO 217,177,988.49 1.30% 216,973,759.84 1.80% 498,008.13 (2,412,722.23) Aaa 0.70
TOTAL MARKET VALUE PLUS ACCRUALS 215,059,045.74
33 C`„
DocuSign Envelope ID: E82E5848-CC4F-48C5-8B36-73A2C882ED6C
Section 5 1 Transactions
34 C�
DocuSign Envelope ID: E82E5848-CC4F-48C5-8B36-73A2C882ED6C
Transaction Ledger
City of Tustin Consolidated Account - Account #10795
March 31, 2022 through June 30, 2022
ACQUISITIONS
As of June 30, 2022
Purchase
04/05/2022
62479MJ20
4,000,000.00
MUFG Bank Ltd/NY Discount CP
99.471
1.29%
3,978,833.33
0.00
3,978,833.33
0.00
1.27% Due: 09/02/2022
Purchase
04/05/2022
780ISDL73
4,000,000.00
Royal Bank of Canada NY Discount CP
99.058
1.60%
3,962,320.00
0.00
3,962,320.00
0.00
1.57% Due: 11/07/2022
Purchase
04/06/2022
46640QM65
2,000,000.00
JP Morgan Discount CP
98.827
1.77%
1,976,548.89
0.00
1,976,548.89
0.00
1.73% Due: 12/06/2022
Purchase
04/06/2022
89114WU86
2,400,000.00
Toronto Dominion Yankee CD
100.000
1.45%
2,400,000.00
0.00
2,400,000.00
0.00
1.45% Due: 10/06/2022
Purchase
04/07/2022
69371RR73
1,000,000.00
Paccar Financial Corp Note
99.974
2.86%
999,740.00
0.00
999,740.00
0.00
2.85% Due: 04/07/2025
Purchase
04/15/2022
90LAIF$00
66,544.39
Local Agency Investment Fund State Pool
1.000
0.42%
66,544.39
0.00
66,544.39
0.00
Purchase
04/21/2022
3137BDCW4
1,000,000.00
FHLMC K039 A2
100.797
2.75%
1,007,968.75
1,835.00
1,009,803.75
0.00
3.303% Due: 07/25/2024
Purchase
04/26/2022
912828T91
1,200,000.00
US Treasury Note
98.941
2.34%
1,187,296.88
9,534.53
1,196,831.41
0.00
1.625% Due: 10/31/2023
Purchase
04/26/2022
912828W15
1,000,000.00
US Treasury Note
99.859
2.57%
998,593.75
11,187.85
1,009,781.60
0.00
2.5% Due: 05/15/2024
Purchase
04/27/2022
26442UAA2
1,000,000.00
Duke Energy Progress LLC Callable Note Cont
100.028
3.24%
1,000,280.00
6,500.00
1,006,780.00
0.00
5/15/25
3.25% Due: 08/15/2025
Purchase
04/27/2022
79466LAG9
1,000,000.00
Salesforce.com Inc Callable Note Cont 7/15/2022
95.186
2.88%
951,860.00
1,770.83
953,630.83
0.00
0.625% Due: 07/15/2024
Purchase
04/30/2022
90CAMP$00
745.46
California Asset Mgmt Program CAMP
1.000
0.52%
745.46
0.00
745.46
0.00
Purchase
05/19/2022
9128282D1
1,300,000.00
US Treasury Note
98.707
2.40%
1,283,191.41
3,885.87
1,287,077.28
0.00
1.375% Due: 08/31/2023
Purchase
05/19/2022
912828YY0
1,300,000.00
US Treasury Note
97.180
2.88%
1,263,335.94
8,735.50
1,272,071.44
0.00
1.75% Due: 12/31/2024
Purchase
05/31/2022
90CAMP$00
4,788.66
California Asset Mgmt Program CAMP
1.000
0.91%
4,788.66
0.00
4,788.66
0.00
Purchase
06/03/2022
61747YEQ4
1,000,000.00
Morgan Stanley Callable Note S/A 4/17/2024
100.091
3.28%
1,000,910.00
4,323.89
1,005,233.89
0.00
3.62% Due: 04/17/2025
35 C`„
DocuSign Envelope ID: E82E5848-CC4F-48C5-8B36-73A2C882ED6C
Transaction Ledger
City of Tustin Consolidated Account - Account #10795
March 31, 2022 through June 30, 2022
As of June 30, 2022
Type
Date
X4&d11L1Lf
aCL.LFRf ZCM.11,tLIA11
rFILC
Yield AMI&FIL
Pur/Sold
I &Ldl AFTI&MIL &,dIF11
Llbb
Purchase
06/30/2022
90CAMP$00
13,020.99
California Asset Mgmt Program CAMP
1.000
1.40% 13,020.99
0.00
13,020.99
0.00
Subtotal
22,285,099.50
22,095,978.45
47,773.47
22,143,751.92
0.00
Security
04/04/2022
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
Security
05/24/2022
90CAMP$00
4,000,000.00
California Asset Mgmt Program CAMP
1.000
4,000,000.00
0.00
4,000,000.00
0.00
Contribution
Security
06/07/2022
90LAIF$00
3,323,000.00
Local Agency Investment Fund State Pool
1.000
3,323,000.00
0.00
3,323,000.00
0.00
Contribution
Security
06/30/2022
90CAMP$00
5,000,000.00
California Asset Mgmt Program CAMP
1.000
5,000,000.00
0.00
5,000,000.00
0.00
Contribution
Subtotal
18,323,000.00
18,323,000.00
0.00
18,323,000.00
0.00
TOTAL ACQUISITIONS
40,608,099.50
40,418,978.45
47,773.47
40,466,751.92
0.00
DISPOSITIONS
Maturity
04/01/2022
13063DADO
1,000,000.00
California State TE -GO
100.000
1,000,000.00
0.00
1,000,000.00
0.00
2.367% Due: 04/01/2022
Maturity
04/21/2022
15118RMF1
248,000.00
Celtic Bank Negotiable CD
100.000
248,000.00
0.00
248,000.00
0.00
2.1% Due: 04/21/2022
Maturity
04/26/2022
3130AB3U8
4,000,000.00
FHLB Callable Note 1X 4/26/2019
100.000
4,000,000.00
0.00
4,000,000.00
0.00
2.1% Due: 04/26/2022
Maturity
05/09/2022
32063KAS1
248,000.00
First Jackson Bank Inc Negotiable CD
100.000
248,000.00
0.00
248,000.00
0.00
2.05% Due: 05/09/2022
Maturity
05/11/2022
037833CQ1
2,000,000.00
Apple Inc Callable Note Cont 4/11/2022
100.000
2,000,000.00
0.00
2,000,000.00
0.00
2.3% Due: 05/11/2022
36 Q11
DocuSign Envelope ID: E82E5848-CC4F-48C5-8B36-73A2C882ED6C
Transaction Ledger As of June 30, 2022
City of Tustin Consolidated Account - Account #10795
March 31, 2022 through June 30, 2022
Maturity
05/25/2022
3134GBMB5
1,000,000.00
FHLMC Callable Note 1X 5/25/2018
100.000
1,000,000.00
0.00
1,000,000.00
0.00
2.05% Due: 05/25/2022
Maturity
06/23/2022
25590AAH3
248,000.00
DNB First NA Negotiable CD
100.000
248,000.00
0.00
248,000.00
0.00
2% Due: 06/23/2022
Maturity
06/28/2022
894333FF5
248,000.00
Traverse City State Bank Negotiable CD
100.000
248,000.00
0.00
248,000.00
0.00
2% Due: 06/28/2022
Subtotal
8,992,000.00
8,992,000.00
0.00
8,992,000.00
0.00
Security
04/21/2022
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
Withdrawal
Security
04/30/2022
90CAMP$00
1,265,000.00
California Asset Mgmt Program CAMP
1.000
1,265,000.00
0.00
1,265,000.00
0.00
Withdrawal
Subtotal
7,265,000.00
7,265,000.00
0.00
7,265,000.00
0.00
TOTAL DISPOSITIONS
16,257,000.00
16,257,000.00
0.00
16,257,000.00
0.00
37 Q11
DocuSign Envelope ID: E82E5848-CC4F-48C5-8B36-73A2C882ED6C
IImportant Disclosures As of June 30, 2022
2022 Chandler Asset Management, Inc, An Independent Registered Investment Adviser
Information contained herein is confidential. Prices are provided by ICE Data Services Inc ("IDS"), an independent pricing source. In the event IDS 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.
38 C`'11
DocuSign Envelope ID: E82E5848-CC4F-48C5-8B36-73A2C882ED6C
Benchmark Disclosures As of June 30, 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.
39 c�►:
DocuSign Envelope ID: E82E5848-CC4F-48C5-8B36-73A2C882ED6C
CITY OF TUSTIN
Monthly Investment Report
June 30, 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
19.45
N/A
19.45
19.45
2012 Water Revenue Bonds - Refunding
51.53
N/A
51.53
51.53
2020 Water Revenue Bonds
8.30
N/A
8.30
8.30
CFD 04-1
1,138,696.59
N/A
1,138,696.59
1,138,696.59
CFD 06-1
6,583,609.72
N/A
6,583,609.72
6,583,609.72
CFD 07-1
1,864,560.08
N/A
1,864,560.08
1,864,560.08
CFD 14-1
5,027,257.64
N/A
5,027,257.64
5,027,257.64
14,614,205.80
14,614,205.80
14,614,205.80
Restricted Deposits
with Fiscal Agents TOTAL
14,614,205.80
14,614,205.80
DocuSign Envelope ID: E82E5848-CC4F-48C5-8836-73A2C882ED6C
PUBLIC
AGENCY
RETIREMENT
SERVICES PARS
CITY OF TUSTIN Account Report for the Period
PARS Post -Employment Benefits Trust 6/1/2022 to 6/30/2022
Matthew West
City Manager
City of Tustin
300 Centennial Way
Tustin, CA 92780
Account Summary
Investment Return
Annualized Return
Source 1-1month 3 -Months 1 -Year 3 -Years 5 -Years 10 -Years Plan's Inception Date
OPEB -4.35% -9.23% -11.23% 3.74% 6/26/2018
PENSION -4.35% -9.23% -11.22% 3.64% 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
6/1/2022 Contributions Earnings Expenses Distributions Transfers 6/30/2022
OPEB
$2,861,767.59 $0.00 -$124,395.22 $1,239.99 $0.00 $0.00 $2,736,132.38
PENSION
$8,709,765.26 $0.00 -$378,752.28 $3,772.83 $0.00 $0.00 $8,327,240.15
Totals
$11,571,532.85 $0.00 -$503,147.50 $5,012.82 $0.00 $0.00 $11,063,372.53
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 1-1month 3 -Months 1 -Year 3 -Years 5 -Years 10 -Years Plan's Inception Date
OPEB -4.35% -9.23% -11.23% 3.74% 6/26/2018
PENSION -4.35% -9.23% -11.22% 3.64% 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