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Home My WebLink About06 QUARTERLY INVESTMENT REPORT ENDING 9.30.226 DocuSign Envelope ID: A79378CC-A72C-493A-BDC4-3BD95374DB16 DocuSign Envelope ID: A79378CC-A72C-493A-BDC4-3BD95374DB16 DocuSign Envelope ID: 2434B9F1-6206-44D9-BF22-8AE7B57A9F6ADocuSign Envelope ID: A79378CC-A72C-493A-BDC4-3BD95374DB16 CHANDLER ASSET MANAGEMENT, INC. | 800.317.4747 | www.chandlerasset.com INVESTMENT REPORT Period Ending September 30, 2022 City of Tustin DocuSign Envelope ID: A79378CC-A72C-493A-BDC4-3BD95374DB16 SECTION 1 Economic Update SECTION 2 Account Profile SECTION 3 Portfolio Holdings SECTION 4 Transactions Table of Contents As of September 30, 2022 1 DocuSign Envelope ID: A79378CC-A72C-493A-BDC4-3BD95374DB16 SECTION |Section 1 |Economic Update 2 DocuSign Envelope ID: A79378CC-A72C-493A-BDC4-3BD95374DB16 Economic Update    Market volatility has intensified as f inancial conditions tighten and global central banks pursue monetary policies to combat persistently high inflation and maintain financial market stability.Labor markets and consumer balance sheets remain strong;however,inflation is weighing heavily on consumer sentiment and beginning to impact discretionary spending. Corporate earnings have generally performed better than expected,but warnings are growing along with wider credit spreads.While evidence of slowereconomic conditions has begun to mount,we expect the Federal Reserve to continue to raise rates until a sustainable improvement in inflationary conditions has been achieved.Over the near-term,we expect financial market volatility to remain intensified and conditions tighter with persistent inflation, geopolitical risk,and the Fed's hawkish monetary policy. At the Septembermeeting,the Federal Open Market Committee (FOMC)delivered the third 75-basis point increase to the Fed Funds Rate, increasing the range to 3.00% to 3.25%. The FOMC acknowledged spending and production are experiencing modest growth,offset by a robust labor market and elevated inflation metrics. We expect the Fed to continue to increase the federal funds rate in the near term until inflationary pressures weaken. In September,yields rose significantly across the curve.The 2-year Treasury yield increased 79 basis points to 4.28%,the 5- year Treasury yield rose 74 basis points to 4.09%,and the 10-year Treasury yield gained 64 basis points to 3.83%.The spread between the 2-year Treasury yield and 10-year Treasury yield became more inverted at -45 basis points at September month-end versus -30 basis points at August month-end.The spread was a positive 121 basis points one year ago.The spread between 3-month and 10-year treasuries widened to 56 basis points in September compared to just 27 basis points in August.The shape of the curve does not necessarily indicate an imminent recession but bears watching as a better predictor of recession over the medium-term. 3 DocuSign Envelope ID: A79378CC-A72C-493A-BDC4-3BD95374DB16 Source: US Department of Labor Source: US Department of Labor Employment The U.S.economy added 263,000 jobs in September,surpassing market expectations of 255,000,and gains were revised upward by 11,000 for the prior two months. Trends in employment remain strong,with the three-month moving average payrolls at 372,000 and the six-month moving average at 360,000.Hiring was widespread,with solid increases in education and health services,leisure and hospitality,and professional and business services.The unemployment rate fell to 3.5%from 3.7%,as the labor participation rate edged down to 62.3%in September from 62.4%in August.The U-6 underemployment rate,which includes those who are marginally attached to the labor force and employed part time for economic reasons dropped to 6.7%from 7.0%last month.Average hourly earnings rose 5.0%year-over-year in September compared to 5.2%year-over-year in August,a constructive development for the inflation outlook.The strong September labor report bolsters the case for the Fed to continue raising the federal funds rate. -200 0 200 400 600 800 1,000 1,200 1,400 M O M C h a n g e I n ( 0 0 0 ' s ) Nonfarm Payroll (000's) Non-farm Payroll (000's) 3 month average (000's) 0.0% 4.0% 8.0% 12.0% 16.0% Unemployment Rate Underemployment Rate (U6) Unemployment Rate (U3) Ra t e ( % ) 4 DocuSign Envelope ID: A79378CC-A72C-493A-BDC4-3BD95374DB16 Source: US Department of Labor Source: US Department of Commerce Inflation The Consumer Price Index (CPI)increased more than expected in September,up 8.2%year-over-year versus consensus expectations for 8.1%, but down slightly from 8.3%in August.The Core CPI,which excludes volatile food and energy components, jumped to 6.6%year-over-year,up from 6.3%in August and the highest level since 1982.The report included widespread increases,particularly in food,shelter,and medical care services.Owners’equivalent rent,which is a major contributor to CPI and tends to lag, was up 6.7%year-over-year.The Personal Consumption Expenditures (PCE)index rose 6.2%in August, higher than consensus estimates of up 6.0%,but down from a 6.4%increase last month.Core PCE was up 4.9%year-over-year in August,versus up 4.7%year-over-year in July.Persistently elevated inflation islikely to keep the Federal Reserve on the path of tightening monetary policy as long as it continues to run well above the Fed’s longer-run target of around 2.0%. 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 8.0% 9.0% 10.0% Personal Consumption Expenditures (PCE) PCE Price Deflator YOY % Change PCE Core Deflator YOY % Change YO Y ( % ) C h a n g e 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 8.0% 9.0% 10.0% Consumer Price Index (CPI) CPI YOY % Change Core CPI YOY % Change Y O Y ( % ) C h a n g e 5 DocuSign Envelope ID: A79378CC-A72C-493A-BDC4-3BD95374DB16 Advance retail sales were flat for the month but up 8.2%year-over-year in September,slowing from August’s 9.4%year-over-year gain that surprised to the upside.Retail sales growth is starting to reflect the headwinds from higher prices as consumers dip into savings and assume more debt.The Conference Board’s Consumer Confidence Index rose for the second month in a row to 108.0 in September,with gains in both the present situation and future expectations components.The strength was tied directly to the consumer's assessment of the labor market, which continues to reflect the demand for labor outstripping supply. Source: US Department of Commerce Source: The Conference Board 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% Retail Sales YOY % Change Y O Y ( % ) C h a n g e 80 90 100 110 120 130 140 In d e x L e v e l Consumer Confidence Consumer 6 DocuSign Envelope ID: A79378CC-A72C-493A-BDC4-3BD95374DB16 Source: The Conference Board Source: Federal Reserve Bank of Chicago Economic Activity The Conference Board’s Leading Economic Index (LEI)remained in negative territory at -0.3%in August,following a decline to -0.5%in July. This is the sixth straight month-over-month decline for the index.With the year-over-year index now at -1.0%in August and average workweek in manufacturing having contracted for four of the last six months,the Conference Board stated that US economic activity is expected to continue to slow more broadly and islikely to contract.The Chicago Fed National Activity Index (CFNAI)fell to zero in August from +0.29 in July indicating a moderation in economic growth over the month.On a 3-month moving average basis,the CFNAI increased to 0.01 in August from -.08 in each of the last two months. -2.00 -1.00 0.00 1.00 2.00 3.00 4.00 Chicago Fed National Activity Index (CFNAI) 3 M o n t h A v e r a g e -0.8% -0.6% -0.4% -0.2% 0.0% 0.2% 0.4% 0.6% 0.8% 1.0% 1.2% Leading Economic Indicators (LEI) M O M ( % ) C h a n g e 7 DocuSign Envelope ID: A79378CC-A72C-493A-BDC4-3BD95374DB16 Source: US Department of Commerce Source: S&P Housing 0 200 400 600 800 1000 1200 1400 1600 1800 2000 M O M C h a n g e ( I n T h o u s a n d s o f U n i t s ) Housing Starts Multi Family Housing Starts Single Family Housing Starts 0.0% 3.0% 6.0% 9.0% 12.0% 15.0% 18.0% 21.0% 24.0% S&P/Case -Shiller 20 City Composite Home Price Index YO Y ( % ) C h a n g e Total housing starts increased 12.2%to an annual rate of 1,575,000 in August,from a revised 1,404,000 units in July.Single-family home starts increased 3.4%and multi-family homes increased 28%month-over-month.On a year-over-year basis,total housing starts decreased 0.1% reflecting a shift from single-family units to more affordable multi-family units as homebuyers struggle with a combination of elevated prices and higher mortgage rates.Mortgage rates for a 30-year fixed-rate loan are higher than they have been since 2007 at 6.7%.According to the Case-Shiller 20-City Home Price Index,the year-over-year increase receded from 18.7%in June to 16.1%in July,clearly displaying the impact of higher mortgage rates which have reduced demand for homebuying as affordability has declined. 8 DocuSign Envelope ID: A79378CC-A72C-493A-BDC4-3BD95374DB16 Source: Institute for Supply Management Source: Federal Reserve Manufacturing The Institute for Suppl y Management (ISM)manufacturing index plunged nearly two points to 50.9 in September,the lowest since May 2020 and disappointing relative to consensus expectations of 52.0.Readings above 50.0 are indicative of expansion in the manufacturing sector. New orders declined significantly,reflecting lower demand for goods as consumers shift to spending on services.Total industrial production declined by -0.2%in August,following a downwardly revised increase of 0.5%in July.Capacity utilization fell to 80.0%in August from 80.2%in July, a rate that is 0.4 percentage points above its long-run (1972-2021) average. 40 42 44 46 48 50 52 54 56 58 60 62 64 66 Institute of Supply Management Purchasing Manager Index EXPANDING CONTRACTING -10.0% -5.0% 0.0% 5.0% 10.0% 15.0% 20.0% Industrial Production YO Y ( % ) C h a n g e 9 DocuSign Envelope ID: A79378CC-A72C-493A-BDC4-3BD95374DB16 Source: US Department of Commerce Source: US Department of Commerce 9/21 12/21 3/22 6/22 2.0% 2.1% 0.9% 1.4% 1.8% 5.1% 1.0% -2.8% -1.1% -0.2% -3.1% 1.2% -0.5% 0.0% -0.4% -0.2% 0.5% -0.2% 0.0% -0.1% 2.7% 7.0% -1.6% -0.6% Gross Private Domestic Investment Personal Consumption Expenditures Components of GDP Federal Government Expenditures State and Local (Consumption and Gross Investment) Net Exports and Imports Total -35.0%-30.0%-25.0%-20.0%-15.0%-10.0%-5.0%0.0%5.0%10.0%15.0%20.0%25.0%30.0%35.0%40.0% Gross Domestic Product (GDP) GDP QOQ % Change GDP YOY % Change Gross Domestic Product (GDP) According to the third estimate,U.S.GDP was unrevised at -0.6%annualized in the second quarter. Personal consumption expenditures rose, primarily due to spending on services.The largest negative contribution was from a drop in gross residential investment as the housing sector diminished sharply.The second quarter decline followed a first quarter contraction of -1.6%.Although many market participants link two quarters in a row of negative GDP growth with a recession,an official declaration by the National Bureau of Economic Research is unlikely given the mosaic of data and the strength of the labor market.The consensus estimate calls for 1.9%growth in the third quarter and 1.7% growth for the full year 2022. 10 DocuSign Envelope ID: A79378CC-A72C-493A-BDC4-3BD95374DB16 Federal Reserve Source: Federal Reserve Source: Bloomberg At the September meeting,the Federal Open Market Committee (FOMC)delivered the third 75-basis point increase to the Fed Funds Rate, increasing the range to 3.00%to 3.25%.The FOMC acknowledged spending and production are experiencing modest growth,offset by robust labor market and elevated inflation metrics.The FOMC remains data dependent to meet its long-term 2%inflation objective.The Fed also released new economic projections showing a significant slowdown in the economy later in 2022 and 2023.The Fed has reduced its $9 trillion balance sheet holdings by $87.1 billion since the start of the program and will increase the rate of decrease to $95 billion a month in September.As inflation metrics begin to moderate,we believe the Federal Reserve will decelerate their pace of tightening, but a material decline in inflation in the short-term is unlikely. 0.00% 0.50% 1.00% 1.50% 2.00% 2.50% 3.00% 3.50% Effective Federal Funds Rate Yi e l d ( % ) 2,000,000 3,000,000 4,000,000 5,000,000 6,000,000 7,000,000 8,000,000 9,000,000 10,000,000 Federal Reserve Balance Sheet Assets In $ m i l l i o n s 11 DocuSign Envelope ID: A79378CC-A72C-493A-BDC4-3BD95374DB16 Source: Bloomberg Source: Bloomberg 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% 4.0% 4.5% US Treasury Note Yields 2-Year 5-Year 10-Year Y i e l d ( % ) 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% 4.0% 4.5% US Treasury Yield Curve Sep-22 Jun-22 Sep-21 Y i e l d ( % ) Bond Yields At the end of September,the 2-year Treasury yield was 400 basis points higher,and the 10-Year Treasury yield was about 234 basis points higher,year-over-year.The spread between the 2-year Treasury yield and 10-year Treasury yield became more inverted at -45 basis points at September month-end versus -30 basis points at Augustmonth-end.The average historical spread (since 2003)is about 130 basis points.The spread between 3-month and 10-year treasuries widened to 56 basis points in September compared to just 27 basis points in August.The shape of the yield curve does not indicate an imminent recession but bears watching as a better predictor of recession over the medium-term. 12 DocuSign Envelope ID: A79378CC-A72C-493A-BDC4-3BD95374DB16 Section 2|SECTION |Section 2 |Account Profile 13 DocuSign Envelope ID: A79378CC-A72C-493A-BDC4-3BD95374DB16 Objectives 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. Investment Objectives The investment objectives of the City of Tustin are first,to provide safety of principal to ensure the preservation of capital in the overall portfolio;second,to provide adequate liquidity to meet all requirements which might be reasonably anticipated;and third,to earn a commensurate rate of return. 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. As of September 30, 2022 14 DocuSign Envelope ID: A79378CC-A72C-493A-BDC4-3BD95374DB16 Compliance As of September 30, 2022 Category Standard Comment U.S. Treasuries No limitations; U.S. government obligations issued by the U.S. Treasury and backed by the full faith and credit of the Federal government Complies Federal Agencies 50% max per issuer; Federal agencies or U.S. government-sponsored enterprise obligations, participations, or other instruments, including those issued by or fully guaranteed as to principal and interest by federal agencies or U.S. government-sponsored enterprises Complies Supranational Obligations "AA" rated or better by a NRSRO; 5% max; 5% max per issuer; USD denominated senior unsecured unsubordinated obligations; Issued or unconditionally guaranteed by one of the three supranational banking groups: IBRD, IFC, and IADB; Supranational securities will not be purchased until further notice from staff at the City of Tustin. Complies Municipal Securities (CA, Local Agency) 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 State of California, including bonds payable solely out of the revenues from a revenue-producing property owned, controlled, or operated by a local agency, or by a department, board, agency, or authority of the local agency Complies Municipal Securities (CA, Other States) 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 revenues from a revenue-producing property owned, controlled, or operated by a state, or by a department, board, agency, or authority of any of the other 49 states, in addition to California Complies Corporate Medium Term Notes "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 institution; If 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. Complies Mortgage Pass-Through Securities "AA" rated or better by a NRSRO; 20% max; 10% max per issuer Complies Negotiable Certificates of Deposit (NCD) 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-term rating category or higher by a NRSRO; 30% max; 5% max per issuer; Certificates of deposit issued by a nationally or state-chartered bank, or a federal association, a state or Federal credit union, or by a federally-licensed or state-licensed branch of a foreign bank. Complies 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 Certificates of Deposit 30% max per issuer; All active (checking/savings accounts) and inactive (time or certificates of deposit) above FDIC insured limits must be collateralized pursuant to Government Code Complies 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 instruments issued by a company that is guaranteed by a commercial bank Complies 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 (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 Complies 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. 15 DocuSign Envelope ID: A79378CC-A72C-493A-BDC4-3BD95374DB16 Compliance As of September 30, 2022 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 experience investing assets of at least $500 million; Must invest solely in investments, which the City itself could legally purchase; 20% max; 10% max per Money Market Mutual Fund Complies Local Agency Investment Fund (LAIF)Max amount limited to the amount as specified by LAIF; Principal amount withdrawal of $10 million or > needs 24-hour notice, and less than $10 million may be withdrawn the same day; Not used by investment adviser Complies Local Government Investment Pool (LGIP)/ Orange County Investment Pool (OCIP) Investment in OCIP is allowable according to guidelines in Government Code; Max amount permitted by County Treasurer; Not used by investment adviser Complies Joint Powers Authority (JPA) Investment Pools 50% max per issuer; Shares of beneficial interest issued by a joint powers' authority organized pursuant to Section 6509.7 that invests in securities and obligations authorized in subdivisions (a) to (q), inclusive per policy Complies Repurchase Agreements 30% max; 5% max per issuer; 1 year max maturity; 102% Collateralized; Not used by investment adviser Complies Prohibited Inverse floaters, range notes, mortgage derived interest-only strips; zero interest accrual if held to maturity; Purchasing or selling securities on margin, credit, or for other than full cash payment, and shall not be pledged as collateral; Reverse Repurchase Agreements; Supranational securities will not be purchased until further notice from staff at the City of Tustin. Complies 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. 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. 16 DocuSign Envelope ID: A79378CC-A72C-493A-BDC4-3BD95374DB16 Portfolio Characteristics City of Tustin Consolidated Account 09/30/22 06/30/22 Benchmark*Portfolio Portfolio Average Maturity (yrs)2.60 0.74 0.73 Average Modified Duration 2.48 0.71 0.70 Average Purchase Yield n/a 1.80%1.31% Average Market Yield 4.26%2.79%1.80% Average Quality**AAA AA+/Aa1 AA/Aa2 Total Market Value 193,343,478 215,059,046 *ICE BofA 1-5 Yr US Treasury & Agency Index **Benchmark is a blended rating of S&P, Moody’s, and Fitch. Portfolio is S&P and Moody’s respectively. As of September 30, 2022 17 DocuSign Envelope ID: A79378CC-A72C-493A-BDC4-3BD95374DB16 City of Tustin Consolidated Account Sector Distribution September 30, 2022 Agency 4.7%Cash 3.5% CMO 0.5% Commercial Paper 3.1% Corporate 14.8% LAIF 35.8% Local Gov Investment Pool 8.7% Money Market Fund 3.4% Municipal Bonds 0.1% Negotiable CD 2.9% US Treasury 22.4% June 30, 2022 Agency 2.4%Cash 3.5% CMO 0.5% Commercial Paper 4.6% Corporate 14.8% LAIF 40.9% Local Gov Investment Pool 6.9% Money Market Fund 0.4% Municipal Bonds 0.5% Negotiable CD 2.6% US Treasury 23.0% $9,112,789.26 $6,785,767.80 $982,410.50 $5,987,202.23 $5,116,176.33 $7,454,206.20 $1,001,457.50 $9,953,421.12 $28,708,664.97 $69,172,664.05 $16,836,652.43 $6,600,775.60 $253,113.75 $5,557,306.60 $43,346,130.78 $31,891,591.27 $87,981,994.44 $14,752,255.19 $922,570.75 $1,009,629.17 $5,612,376.31 $49,363,367.46 As of September 30, 2022 18 DocuSign Envelope ID: A79378CC-A72C-493A-BDC4-3BD95374DB16 Portfolio Allocation City of Tustin Consolidated Account As of September 30, 2022 0.5% 0.5% 2.6% 4.6% 0.4% 3.5% 2.4% 6.9% 14.8% 23.0% 40.9% 0.1% 0.5% 2.9% 3.1% 3.4% 3.5% 4.7% 8.7% 14.9% 22.4% 35.8% Municipal Bonds CMO Negotiable CD Commercial Paper Money Market Fund Cash Agency Local Gov Investment Pool Corporate US Treasury LAIF 09/30/22 06/30/22 19 DocuSign Envelope ID: A79378CC-A72C-493A-BDC4-3BD95374DB16 Issue Name Investment Type % Portfolio Local Agency Investment Fund LAIF 35.78% Government of United States US Treasury 22.42% CAMP Local Gov Investment Pool 8.71% Bank Cash Account Cash 3.51% Federal Home Loan Bank Agency 3.27% First American Govt Oblig Fund Money Market Fund 3.13% Royal Bank of Canada NY Commercial Paper 2.07% Toronto Dominion Holdings Negotiable CD 1.25% JP Morgan Securities LLC Commercial Paper 1.03% JP Morgan Chase & Co Corporate 0.95% Federal National Mortgage Association Agency 0.94% US Bancorp Corporate 0.67% Toyota Motor Corp Corporate 0.51% Morgan Stanley Corporate 0.51% Federal Farm Credit Bank Agency 0.51% Federal Home Loan Mortgage Corp CMO 0.51% Qualcomm Inc Corporate 0.51% Paccar Financial Corporate 0.50% Home Depot Corporate 0.50% Mass Mutual Insurance Corporate 0.50% Duke Energy Field Services Corporate 0.50% Chubb Corporation Corporate 0.50% Target Corp Corporate 0.49% National Rural Utilities Corporate 0.49% State Street Bank Corporate 0.48% Salesforce.com Inc Corporate 0.48% Bank of New York Corporate 0.48% Deere & Company Corporate 0.48% New York Life Global Funding Corporate 0.48% Bank of Montreal Chicago Corporate 0.48% Bank of America Corp Corporate 0.48% Metlife Inc Corporate 0.48% Pfizer Inc.Corporate 0.47% United Health Group Inc Corporate 0.46% Caterpillar Inc Corporate 0.46% Amazon.com Inc Corporate 0.46% Toronto Dominion Holdings Corporate 0.46% Charles Schwab Corp/The Corporate 0.45% Issuers City of Tustin Consolidated Account –Account #10795 As of September 30, 2022 20 DocuSign Envelope ID: A79378CC-A72C-493A-BDC4-3BD95374DB16 Issue Name Investment Type % Portfolio Royal Bank of Canada Corporate 0.45% Wal-Mart Stores Corporate 0.41% Northwestern Mutual Glbl Corporate 0.36% Citizens Bank Government Money Market Fund 0.28% MasterCard Inc Corporate 0.24% Colgate-Palmolive Co.Corporate 0.17% California Edl Facs Auth Rev Municipal Bonds 0.13% Alliance Credit Union MO Negotiable CD 0.13% First Bank of Highland Negotiable CD 0.13% Signature Bank Chicago IL Negotiable CD 0.13% Allegiance Bank Negotiable CD 0.13% Mountain America FCU Negotiable CD 0.13% UBS Corp Negotiable CD 0.13% Sallie Mae Bank Negotiable CD 0.13% Delaware State Police FCU Negotiable CD 0.13% Capital One Negotiable CD 0.12% Ally Bank Negotiable CD 0.12% Synchrony Financial Negotiable CD 0.12% Discover Financial Services Negotiable CD 0.12% Goldman Sachs Inc.Negotiable CD 0.11% TOTAL 100.00% Issuers City of Tustin Consolidated Account –Account #10795 As of September 30, 2022 21 DocuSign Envelope ID: A79378CC-A72C-493A-BDC4-3BD95374DB16 Issuers City of Tustin Consolidated Account As of September 30, 2022 22 DocuSign Envelope ID: A79378CC-A72C-493A-BDC4-3BD95374DB16 AAA AA A <A NR 09/30/22 15.2%31.1%12.0%0.0%41.7% 06/30/22 10.3%31.1%12.3%0.0%46.3% Source: S&P Ratings September 30, 2022 vs. June 30, 2022 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% AAA AA A <A NR September 30, 2022 June 30, 2022 Quality Distribution City of Tustin Consolidated Account As of September 30, 2022 23 DocuSign Envelope ID: A79378CC-A72C-493A-BDC4-3BD95374DB16 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0% 80.0% 0 - 0.25 0.25 - 0.50 0.50 - 1 1 - 2 2 - 3 3 - 4 4 - 5 5+ September 30, 2022 June 30, 2022 September 30, 2022 vs. June 30, 2022 0 -0.25 0.25 -0.50 0.50 - 1 1 - 2 2 - 3 3 - 4 4 - 5 5+ 09/30/22 67.9%1.1%2.7%8.6%12.5%7.0%0.0%0.0% 06/30/22 56.9%17.5%1.8%6.0%10.9%6.6%0.4%0.0% City of Tustin Consolidated Account Duration Distribution As of September 30, 2022 24 DocuSign Envelope ID: A79378CC-A72C-493A-BDC4-3BD95374DB16 Total Rate of Return Annualized Since Inception November 30, 2020 Total rate of return: A measure of a portfolio’s performance over time. It is the internal rate of return,which equates the beginning value of the portfolio with the ending value;it includes interest earnings,realized and unrealized gains and losses in the portfolio. Investment Performance City of Tustin Consolidated Account -8.00% -7.00% -6.00% -5.00% -4.00% -3.00% -2.00% -1.00% 0.00% 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 -0.45%-1.26%N/A N/A N/A N/A -0.55% ICE BofA 1-5 Yr US Treasury & Agency Index -2.28%-6.78%N/A N/A N/A N/A -3.93% ICE BofA 1-3 Yr US Treasury & Agency Index -1.56%-4.86%N/A N/A N/A N/A -2.67% REALIZED RATE OF RETURN 3 months 12 months 2 years 3 years 5 years 10 years Since Inception City of Tustin Consolidated Account 0.38%0.94%N/A N/A N/A N/A 0.93% As of September 30, 2022 25 DocuSign Envelope ID: A79378CC-A72C-493A-BDC4-3BD95374DB16 SECTION |Section 3 |Portfolio Holdings 26 DocuSign Envelope ID: A79378CC-A72C-493A-BDC4-3BD95374DB16 Holdings Report City of Tustin Consolidated Account -Account #10795 CUSIP Security Description Par Value/Units Purchase Date Book Yield Cost Value Book Value Mkt Price Mkt YTM Market Value Accrued Int. % of Port. Gain/Loss Moody/S&P Fitch Maturity Duration Agency 3130ATBL0 FHLB Note 3.625% Due 12/08/2023 2,250,000.00 09/08/2022 3.70% 2,248,110.00 2,248,201.38 99.05 4.46% 2,228,604.75 5,210.94 1.16% (19,596.63) Aaa / AA+ NR 1.19 1.15 3130ARHG9 FHLB Note 2.125% Due 02/28/2024 1,250,000.00 03/24/2022 2.19% 1,248,575.00 1,248,959.04 97.08 4.28% 1,213,472.50 2,434.90 0.63% (35,486.54) Aaa / AA+ NR 1.41 1.37 3133ENL40 FFCB Note 3.500% Due 09/13/2024 1,000,000.00 09/08/2022 3.63% 997,520.00 997,581.07 98.43 4.34% 984,341.00 1,750.00 0.51% (13,240.07) Aaa / AA+ NR 1.96 1.86 3133XVDG3 FHLB Note 4.375% Due 09/13/2024 1,000,000.00 09/26/2022 4.48% 998,060.00 998,070.82 100.02 4.36% 1,000,210.00 2,187.50 0.52% 2,139.18 Aaa / AA+ NR 1.96 1.85 3130APQ81 FHLB Callable Note Mnthly 12/8/2021 1.000% Due 11/08/2024 1,000,000.00 08/01/2022 3.11% 954,220.00 957,533.39 92.73 4.67% 927,265.00 3,972.22 0.48% (30,268.39) Aaa / AA+ NR 2.11 2.03 3130AQF40 FHLB Note 1.000% Due 12/20/2024 1,000,000.00 08/01/2022 2.95% 955,420.00 958,490.95 92.98 4.35% 929,760.00 2,805.56 0.48% (28,730.95) Aaa / AA+ AAA 2.22 2.15 3135G04Z3 FNMA Note 0.500% Due 06/17/2025 2,000,000.00 04/12/2021 0.71% 1,982,980.00 1,988,958.19 90.39 4.29% 1,807,886.00 2,888.89 0.94% (181,072.19) Aaa / AA+ AAA 2.72 2.64 TOTAL Agency 9,500,000.00 2.80% 9,384,885.00 9,397,794.84 4.39% 9,091,539.25 21,250.01 4.71% (306,255.59) Aaa / AA+ Aaa 1.89 1.82 Cash 90BOFA$00 Cash BOA Cash Acct 6,785,767.80 Various 0.25% 6,785,767.80 6,785,767.80 1.00 0.25% 6,785,767.80 0.00 3.51% 0.00 NR / NR NR 0.00 0.00 TOTAL Cash 6,785,767.80 0.25% 6,785,767.80 6,785,767.80 0.25% 6,785,767.80 0.00 3.51% 0.00 NR / NR NR 0.00 0.00 CMO 3137BDCW4 FHLMC K039 A2 3.303% Due 07/25/2024 1,000,000.00 04/19/2022 2.75% 1,007,968.75 1,006,349.17 97.97 4.50% 979,658.00 2,752.50 0.51% (26,691.17) NR / NR AAA 1.82 1.56 TOTAL CMO 1,000,000.00 2.75% 1,007,968.75 1,006,349.17 4.50% 979,658.00 2,752.50 0.51% (26,691.17) NR / NR Aaa 1.82 1.56 Commercial Paper 78015DL73 Royal Bank of Canada NY Discount CP 1.570% Due 11/07/2022 4,000,000.00 04/05/2022 1.60% 3,962,320.00 3,993,545.56 99.84 1.60% 3,993,545.56 0.00 2.07% 0.00 P-1 / A-1+ NR 0.10 0.10 As of September 30, 2022 27 DocuSign Envelope ID: A79378CC-A72C-493A-BDC4-3BD95374DB16 Holdings Report City of Tustin Consolidated Account -Account #10795 CUSIP Security Description Par Value/Units Purchase Date Book Yield Cost Value Book Value Mkt Price Mkt YTM Market Value Accrued Int. % of Port. Gain/Loss Moody/S&P Fitch Maturity Duration 46640QM65 JP Morgan Discount CP 1.730% Due 12/06/2022 2,000,000.00 04/06/2022 1.77% 1,976,548.89 1,993,656.67 99.68 1.77% 1,993,656.67 0.00 1.03% 0.00 P-1 / A-1 F-1+ 0.18 0.18 TOTAL Commercial Paper 6,000,000.00 1.66% 5,938,868.89 5,987,202.23 1.66% 5,987,202.23 0.00 3.10% 0.00 P-1 / A-1 F-1+ 0.13 0.13 Corporate 89236TFN0 Toyota Motor Credit Corp Note 3.450% Due 09/20/2023 1,000,000.00 02/28/2019 3.00% 1,019,000.00 1,004,039.64 98.85 4.67% 988,485.00 1,054.17 0.51% (15,554.64) A1 / A+ A+ 0.97 0.94 79466LAG9 Salesforce.com Inc Callable Note Cont 7/15/2022 0.625% Due 07/15/2024 1,000,000.00 04/25/2022 2.88% 951,860.00 961,190.84 93.24 4.60% 932,352.00 1,319.44 0.48% (28,838.84) A2 / A+ NR 1.79 1.74 59217GEP0 Metlife Note 0.700% Due 09/27/2024 1,000,000.00 01/18/2022 1.49% 979,170.00 984,563.29 91.85 5.05% 918,520.00 77.78 0.48% (66,043.29) Aa3 / AA- AA- 1.99 1.93 24422EVY2 John Deere Capital Corp Note 1.250% Due 01/10/2025 1,000,000.00 02/04/2022 1.78% 985,080.00 988,366.04 92.69 4.67% 926,936.00 2,812.50 0.48% (61,430.04) A2 / A A 2.28 2.19 57629WCG3 Mass Mutual Global funding Note 2.950% Due 01/11/2025 1,000,000.00 03/23/2022 2.79% 1,004,360.00 1,003,550.22 95.62 5.00% 956,239.00 6,555.56 0.50% (47,311.22) Aa3 / AA+ AA+ 2.28 2.15 64952WEK5 New York Life Global Note 1.450% Due 01/14/2025 1,000,000.00 01/18/2022 1.56% 996,780.00 997,530.35 92.51 4.95% 925,085.00 3,101.39 0.48% (72,445.35) Aaa / AA+ AAA 2.29 2.20 63743HFC1 National Rural Utilities Note 1.875% Due 02/07/2025 1,000,000.00 03/23/2022 2.87% 972,740.00 977,672.76 93.61 4.78% 936,065.00 2,812.50 0.49% (41,607.76) A2 / A- A 2.36 2.25 57636QAN4 MasterCard Inc Callable Note 1x 02/03/2025 2.000% Due 03/03/2025 500,000.00 11/01/2021 1.06% 515,365.00 511,169.95 94.15 4.57% 470,760.00 777.78 0.24% (40,409.95) A1 / A+ NR 2.42 2.32 69371RR73 Paccar Financial Corp Note 2.850% Due 04/07/2025 1,000,000.00 03/31/2022 2.86% 999,740.00 999,781.99 95.62 4.72% 956,160.00 13,775.00 0.50% (43,621.99) A1 / A+ NR 2.52 2.36 87612EBL9 Target Corp Callable Note Cont 4/15/25 2.250% Due 04/15/2025 1,000,000.00 02/04/2022 1.91% 1,010,340.00 1,008,248.86 94.35 4.63% 943,480.00 10,375.00 0.49% (64,768.86) A2 / A A 2.54 2.40 437076CM2 Home Depot Callable Note Cont 3/15/2025 2.700% Due 04/15/2025 1,000,000.00 03/28/2022 2.85% 995,620.00 996,348.69 95.40 4.64% 954,004.00 13,725.00 0.50% (42,344.69) A2 / A A 2.54 2.38 61747YEQ4 Morgan Stanley Callable Note S/A 4/17/2024 3.620% Due 04/17/2025 1,000,000.00 06/01/2022 3.79% 1,000,910.00 1,000,805.90 97.06 5.09% 970,632.00 16,189.44 0.51% (30,173.90) A1 / A- A 2.55 2.35 06406RAN7 Bank of NY Mellon Corp Callable Note Cont 3/24/2025 1.600% Due 04/24/2025 1,000,000.00 02/04/2022 1.95% 989,120.00 991,303.43 92.38 4.79% 923,764.00 6,977.78 0.48% (67,539.43) A1 / A AA- 2.57 2.45 06367WB85 Bank of Montreal Note 1.850% Due 05/01/2025 1,000,000.00 08/17/2021 0.90% 1,034,530.00 1,024,101.99 92.02 5.19% 920,151.00 7,708.33 0.48% (103,950.99) A2 / A- AA- 2.59 2.45 As of September 30, 2022 28 DocuSign Envelope ID: A79378CC-A72C-493A-BDC4-3BD95374DB16 Holdings Report City of Tustin Consolidated Account -Account #10795 CUSIP Security Description Par Value/Units Purchase Date Book Yield Cost Value Book Value Mkt Price Mkt YTM Market Value Accrued Int. % of Port. Gain/Loss Moody/S&P Fitch Maturity Duration 91159HHZ6 US Bancorp Callable Note Cont 4/11/2025 1.450% Due 05/12/2025 1,400,000.00 12/23/2021 1.30% 1,406,818.00 1,405,283.81 91.81 4.82% 1,285,321.80 7,838.06 0.67% (119,962.01) A2 / A+ A+ 2.62 2.50 747525AF0 Qualcomm Inc Callable Note Cont 2/20/2025 3.450% Due 05/20/2025 1,000,000.00 03/23/2022 2.82% 1,018,960.00 1,015,832.92 96.81 4.75% 968,089.00 12,554.17 0.51% (47,743.92) A2 / A NR 2.64 2.45 717081EX7 Pfizer Inc. Callable Note Cont 4/28/2025 0.800% Due 05/28/2025 1,000,000.00 03/23/2022 2.62% 945,010.00 954,016.98 90.82 4.50% 908,172.00 2,733.33 0.47% (45,844.98) A2 / A+ A 2.66 2.57 66815L2J7 Northwestern Mutual Glbl Note 4.000% Due 07/01/2025 700,000.00 06/30/2022 3.81% 703,738.00 703,436.77 97.42 5.01% 681,914.10 7,000.00 0.36% (21,522.67) Aaa / AA+ AAA 2.75 2.54 26442UAA2 Duke Energy Progress LLC Callable Note Cont 5/15/25 3.250% Due 08/15/2025 1,000,000.00 04/25/2022 3.24% 1,000,280.00 1,000,243.55 95.82 4.82% 958,168.00 4,152.78 0.50% (42,075.55) Aa3 / A NR 2.88 2.69 194162AM5 Colgate Palmolive Co. Note 3.100% Due 08/15/2025 345,000.00 08/01/2022 3.13% 344,682.60 344,697.87 96.60 4.37% 333,286.56 1,544.83 0.17% (11,411.31) Aa3 / AA- NR 2.88 2.70 89114QCK2 Toronto Dominion Bank Note 0.750% Due 09/11/2025 1,000,000.00 08/17/2021 0.93% 993,000.00 994,924.53 88.18 5.12% 881,825.00 416.67 0.46% (113,099.53) A1 / A AA- 2.95 2.84 14913R2H9 Caterpillar Financial Service Note 0.800% Due 11/13/2025 1,000,000.00 04/21/2021 0.98% 991,780.00 994,376.83 88.62 4.77% 886,205.00 3,066.67 0.46% (108,171.83) A2 / A A 3.12 3.00 857477BR3 State Street Bank Callable Note Cont 2/6/2025 1.746% Due 02/06/2026 1,000,000.00 Various 3.10% 978,258.70 981,180.09 93.15 4.85% 931,540.00 2,667.50 0.48% (49,640.09) A1 / A AA- 3.36 3.17 06051GHY8 Bank of America Corp Callable Note Cont 2/13/2025 2.015% Due 02/13/2026 1,000,000.00 04/20/2021 1.83% 1,030,470.00 1,021,335.93 91.68 5.41% 916,804.00 2,686.67 0.48% (104,531.93) A2 / A- AA- 3.38 3.17 46647PBK1 JP Morgan Chase & Co Callable Note Cont 4/22/2025 2.083% Due 04/22/2026 2,000,000.00 Various 1.86% 2,072,110.00 2,054,372.45 91.12 5.61% 1,822,432.00 18,399.84 0.95% (231,940.45) A1 / A- AA- 3.56 3.31 00440EAV9 Chubb INA Holdings Inc Callable Note Cont 2/3/2026 3.350% Due 05/03/2026 1,000,000.00 07/23/2021 1.13% 1,102,780.00 1,077,335.90 94.54 5.03% 945,429.00 13,772.22 0.50% (131,906.90) A3 / A A 3.59 3.28 023135BX3 Amazon.com Inc Callable Note Cont 4/12/2026 1.000% Due 05/12/2026 1,000,000.00 05/12/2021 1.10% 995,200.00 996,528.95 87.88 4.68% 878,783.00 3,861.11 0.46% (117,745.95) A1 / AA AA- 3.62 3.46 808513BR5 Charles Schwab Corp Callable Note Cont 4/13/2026 1.150% Due 05/13/2026 1,000,000.00 07/23/2021 0.98% 1,007,990.00 1,006,023.30 87.51 4.96% 875,114.00 4,408.33 0.45% (130,909.30) A2 / A A 3.62 3.45 91324PEC2 United Health Group Inc Callable Note Cont 4/15/2026 1.150% Due 05/15/2026 1,000,000.00 07/28/2021 1.00% 1,007,110.00 1,005,371.10 88.53 4.62% 885,314.00 4,344.44 0.46% (120,057.10) A3 / A+ A 3.62 3.46 As of September 30, 2022 29 DocuSign Envelope ID: A79378CC-A72C-493A-BDC4-3BD95374DB16 Holdings Report City of Tustin Consolidated Account -Account #10795 CUSIP Security Description Par Value/Units Purchase Date Book Yield Cost Value Book Value Mkt Price Mkt YTM Market Value Accrued Int. % of Port. Gain/Loss Moody/S&P Fitch Maturity Duration 78016EZT7 Royal Bank of Canada Note 1.150% Due 07/14/2026 1,000,000.00 07/28/2021 1.17% 999,090.00 999,305.18 86.25 5.19% 862,480.00 2,459.72 0.45% (136,825.18) A1 / A AA- 3.79 3.61 931142ER0 Wal-Mart Stores Callable Note Cont 08/17/2026 1.050% Due 09/17/2026 900,000.00 09/22/2021 1.00% 902,277.00 901,811.34 87.29 4.59% 785,619.00 367.50 0.41% (116,192.34) Aa2 / AA AA 3.97 3.80 TOTAL Corporate 30,845,000.00 2.01% 30,954,169.30 30,904,751.45 4.89% 28,529,129.46 179,535.51 14.85% (2,375,621.99) A1 / A+ AA- 2.81 2.65 LAIF 90LAIF$00 Local Agency Investment Fund State Pool 68,926,720.77 Various 1.60% 68,926,720.77 68,926,720.77 1.00 1.60% 68,926,720.77 245,943.28 35.78% 0.00 NR / NR NR 0.00 0.00 TOTAL LAIF 68,926,720.77 1.60% 68,926,720.77 68,926,720.77 1.60% 68,926,720.77 245,943.28 35.78% 0.00 NR / NR NR 0.00 0.00 Local Gov Investment Pool 90CAMP$00 California Asset Mgmt Program CAMP 16,836,652.43 Various 2.61% 16,836,652.43 16,836,652.43 1.00 2.61% 16,836,652.43 0.00 8.71% 0.00 NR / AAA NR 0.00 0.00 TOTAL Local Gov Investment Pool 16,836,652.43 2.61% 16,836,652.43 16,836,652.43 2.61% 16,836,652.43 0.00 8.71% 0.00 NR / AAA NR 0.00 0.00 Money Market Fund CBGMMF$03 Citizens Bank Money Market Account 544,944.84 09/30/2022 0.00% 544,944.84 544,944.84 1.00 0.00% 544,944.84 0.00 0.28% 0.00 NR / NR NR 0.00 0.00 31846V203 First American Govt Obligation Fund Class Y 74,250.91 Various 2.45% 74,250.91 74,250.91 1.00 2.45% 74,250.91 0.00 0.04% 0.00 Aaa / AAA AAA 0.00 0.00 31846V203 First American Govt Obligation Fund Class Y 5,981,579.85 Various 2.45% 5,981,579.85 5,981,579.85 1.00 2.45% 5,981,579.85 0.00 3.09% 0.00 Aaa / AAA AAA 0.00 0.00 TOTAL Money Market Fund 6,600,775.60 2.24% 6,600,775.60 6,600,775.60 2.24% 6,600,775.60 0.00 3.41% 0.00 Aaa / AAA Aaa 0.00 0.00 Municipal Bonds 13077DFD9 California State University TE-REV 3.054% Due 11/01/2022 250,000.00 08/02/2018 3.05% 250,000.00 250,000.00 99.97 3.33% 249,932.50 3,181.25 0.13% (67.50) Aa2 / AA- NR 0.09 0.09 TOTAL Municipal Bonds 250,000.00 3.05% 250,000.00 250,000.00 3.33% 249,932.50 3,181.25 0.13% (67.50) Aa2 / AA- NR 0.09 0.09 As of September 30, 2022 30 DocuSign Envelope ID: A79378CC-A72C-493A-BDC4-3BD95374DB16 Holdings Report City of Tustin Consolidated Account -Account #10795 CUSIP Security Description Par Value/Units Purchase Date Book Yield Cost Value Book Value Mkt Price Mkt YTM Market Value Accrued Int. % of Port. Gain/Loss Moody/S&P Fitch Maturity Duration Negotiable CD 89114WU86 Toronto Dominion Yankee CD 1.450% Due 10/06/2022 2,400,000.00 04/06/2022 1.45% 2,400,000.00 2,400,000.00 99.97 3.06% 2,399,347.20 17,206.67 1.25% (652.80) P-1 / A-1+ F-1+ 0.02 0.02 01859BAA3 Alliance Credit Union MO Negotiable CD 2.250% Due 10/13/2022 248,000.00 10/13/2017 2.25% 248,000.00 248,000.00 99.97 2.93% 247,937.50 2,614.19 0.13% (62.50) NR / NR NR 0.04 0.04 01748DAY2 Allegiance Bank Negotiable CD 2.200% Due 11/03/2022 248,000.00 11/03/2017 2.20% 248,000.00 248,000.00 99.93 2.93% 247,832.10 418.54 0.13% (167.90) NR / NR NR 0.09 0.09 319141JF5 First Bank of Highland Negotiable CD 2.200% Due 11/08/2022 248,000.00 11/08/2017 2.20% 248,000.00 248,000.00 99.91 2.98% 247,787.22 2,182.40 0.13% (212.78) NR / NR NR 0.11 0.11 62384RAC0 MOUNTAIN AMERICA FD CRED Negotiable CD 2.300% Due 11/08/2022 248,000.00 11/08/2017 2.30% 248,000.00 248,000.00 99.93 2.96% 247,825.41 359.43 0.13% (174.59) NR / NR NR 0.11 0.11 82669VBY6 Signature Bank Chicago IL Negotiable CD 2.150% Due 11/08/2022 248,000.00 11/08/2017 2.15% 248,000.00 248,000.00 99.91 2.98% 247,773.82 2,132.80 0.13% (226.18) NR / NR NR 0.11 0.11 795450M93 Sallie Mae Bank Negotiable CD 3.000% Due 04/18/2023 245,000.00 04/18/2018 3.00% 245,000.00 245,000.00 99.51 3.91% 243,799.26 3,342.74 0.13% (1,200.74) NR / NR NR 0.55 0.53 90348JCW8 UBS Bank USA Negotiable CD 3.250% Due 06/13/2023 248,000.00 06/13/2018 3.25% 248,000.00 248,000.00 99.53 3.93% 246,839.11 397.48 0.13% (1,160.89) NR / NR NR 0.70 0.69 246399AB5 Delaware State Police FCU Negotiable CD 3.000% Due 03/29/2024 246,000.00 03/29/2019 3.00% 246,000.00 246,000.00 98.24 4.23% 241,666.71 40.44 0.13% (4,333.29) NR / NR NR 1.50 1.44 14042TJB4 Capital One Bank USA NA Negotiable CD 3.450% Due 08/04/2025 240,000.00 08/01/2022 3.50% 239,640.00 239,659.36 97.63 4.34% 234,301.92 1,338.41 0.12% (5,357.44) NR / NR NR 2.85 2.66 02007GXF5 Ally Bank Negotiable CD 3.400% Due 08/04/2025 240,000.00 08/02/2022 3.51% 239,280.00 239,318.10 97.49 4.34% 233,983.20 1,296.66 0.12% (5,334.90) NR / NR NR 2.85 2.67 87165EXE2 Synchrony Bank Negotiable CD 3.400% Due 08/05/2025 240,000.00 08/01/2022 3.45% 239,640.00 239,658.72 97.49 4.34% 233,976.96 1,274.30 0.12% (5,681.76) NR / NR NR 2.85 2.67 254673P26 Discover Bank Negotiable CD 3.400% Due 08/08/2025 240,000.00 08/01/2022 3.51% 239,280.00 239,315.47 97.48 4.34% 233,958.24 1,207.23 0.12% (5,357.23) NR / NR NR 2.86 2.68 38149MYS6 Goldman Sachs Bank USA Negotiable CD 1.050% Due 08/25/2026 245,000.00 08/17/2021 1.15% 243,775.00 244,044.69 88.25 4.35% 216,205.89 260.77 0.11% (27,838.80) NR / NR NR 3.90 3.75 TOTAL Negotiable CD 5,584,000.00 2.17% 5,580,615.00 5,580,996.34 3.43% 5,523,234.54 34,072.06 2.87% (57,761.80) Aaa / AAA Aaa 0.78 0.74 US Treasury 9128283C2 US Treasury Note 2.000% Due 10/31/2022 6,000,000.00 03/23/2022 1.07% 6,033,281.25 6,004,517.82 99.94 2.70% 5,996,364.00 50,217.39 3.13% (8,153.82) Aaa / AA+ AAA 0.08 0.08 As of September 30, 2022 31 DocuSign Envelope ID: A79378CC-A72C-493A-BDC4-3BD95374DB16 Holdings Report City of Tustin Consolidated Account -Account #10795 CUSIP Security Description Par Value/Units Purchase Date Book Yield Cost Value Book Value Mkt Price Mkt YTM Market Value Accrued Int. % of Port. Gain/Loss Moody/S&P Fitch Maturity Duration 912828TY6 US Treasury Note 1.625% Due 11/15/2022 5,000,000.00 03/23/2022 1.16% 5,014,843.75 5,002,830.38 99.82 3.04% 4,991,090.00 30,689.54 2.60% (11,740.38) Aaa / AA+ AAA 0.13 0.12 91282CAX9 US Treasury Note 0.125% Due 11/30/2022 5,000,000.00 03/23/2022 1.20% 4,963,281.25 4,991,222.61 99.52 3.04% 4,975,820.00 2,100.41 2.57% (15,402.61) Aaa / AA+ AAA 0.17 0.17 912828YW4 US Treasury Note 1.625% Due 12/15/2022 6,000,000.00 03/23/2022 1.22% 6,017,343.75 6,004,890.16 99.70 3.07% 5,981,958.00 28,770.49 3.11% (22,932.16) Aaa / AA+ AAA 0.21 0.21 91282CBG5 US Treasury Note 0.125% Due 01/31/2023 1,000,000.00 03/23/2022 1.41% 989,101.56 995,752.05 98.84 3.63% 988,421.00 210.60 0.51% (7,331.05) Aaa / AA+ AAA 0.34 0.33 91282CBN0 US Treasury Note 0.125% Due 02/28/2023 1,250,000.00 03/23/2022 1.48% 1,234,375.00 1,243,126.83 98.53 3.71% 1,231,591.25 133.81 0.64% (11,535.58) Aaa / AA+ AAA 0.41 0.41 912828R69 US Treasury Note 1.625% Due 05/31/2023 1,250,000.00 03/23/2022 1.70% 1,248,828.13 1,249,345.05 98.39 4.09% 1,229,882.50 6,826.33 0.64% (19,462.55) Aaa / AA+ AAA 0.67 0.65 912828S92 US Treasury Note 1.250% Due 07/31/2023 1,250,000.00 03/23/2022 1.87% 1,239,697.27 1,243,680.71 97.58 4.23% 1,219,775.00 2,632.47 0.63% (23,905.71) Aaa / AA+ AAA 0.83 0.81 9128282D1 US Treasury Note 1.375% Due 08/31/2023 1,300,000.00 05/18/2022 2.40% 1,283,191.41 1,288,029.70 97.42 4.27% 1,266,434.00 1,530.73 0.66% (21,595.70) Aaa / AA+ AAA 0.92 0.89 912828T91 US Treasury Note 1.625% Due 10/31/2023 1,200,000.00 04/25/2022 2.34% 1,187,296.88 1,190,926.34 97.18 4.31% 1,166,156.40 8,160.33 0.61% (24,769.94) Aaa / AA+ AAA 1.08 1.05 912828U57 US Treasury Note 2.125% Due 11/30/2023 1,250,000.00 03/23/2022 2.06% 1,251,416.02 1,250,976.96 97.57 4.28% 1,219,580.00 8,926.74 0.64% (31,396.96) Aaa / AA+ AAA 1.17 1.13 912828V80 US Treasury Note 2.250% Due 01/31/2024 1,250,000.00 03/23/2022 2.12% 1,252,832.03 1,252,034.22 97.36 4.31% 1,216,943.75 4,738.45 0.63% (35,090.47) Aaa / AA+ AAA 1.34 1.29 912828X70 US Treasury Note 2.000% Due 04/30/2024 1,250,000.00 03/23/2022 2.19% 1,245,019.53 1,246,258.16 96.48 4.32% 1,206,006.25 10,461.96 0.63% (40,251.91) Aaa / AA+ AAA 1.58 1.52 912828WJ5 US Treasury Note 2.500% Due 05/15/2024 1,000,000.00 04/25/2022 2.57% 998,593.75 998,890.00 97.16 4.33% 971,562.00 9,442.93 0.51% (27,328.00) Aaa / AA+ AAA 1.62 1.55 91282CCL3 US Treasury Note 0.375% Due 07/15/2024 1,250,000.00 03/23/2022 2.24% 1,197,802.73 1,209,615.15 93.39 4.24% 1,167,431.25 993.55 0.60% (42,183.90) Aaa / AA+ AAA 1.79 1.75 9128282U3 US Treasury Note 1.875% Due 08/31/2024 1,250,000.00 03/23/2022 2.28% 1,238,085.94 1,240,639.91 95.66 4.26% 1,195,702.50 2,007.08 0.62% (44,937.41) Aaa / AA+ AAA 1.92 1.85 912828YM6 US Treasury Note 1.500% Due 10/31/2024 1,250,000.00 03/23/2022 2.30% 1,224,902.34 1,229,937.69 94.59 4.24% 1,182,372.50 7,846.47 0.62% (47,565.19) Aaa / AA+ AAA 2.09 2.00 912828YV6 US Treasury Note 1.500% Due 11/30/2024 1,250,000.00 03/23/2022 2.32% 1,223,486.33 1,228,643.27 94.37 4.25% 1,179,638.75 6,301.23 0.61% (49,004.52) Aaa / AA+ AAA 2.17 2.08 912828YY0 US Treasury Note 1.750% Due 12/31/2024 1,300,000.00 05/18/2022 2.88% 1,263,335.94 1,268,507.99 94.79 4.20% 1,232,309.00 5,749.32 0.64% (36,198.99) Aaa / AA+ AAA 2.25 2.16 As of September 30, 2022 32 DocuSign Envelope ID: A79378CC-A72C-493A-BDC4-3BD95374DB16 Holdings Report City of Tustin Consolidated Account -Account #10795 CUSIP Security Description Par Value/Units Purchase Date Book Yield Cost Value Book Value Mkt Price Mkt YTM Market Value Accrued Int. % of Port. Gain/Loss Moody/S&P Fitch Maturity Duration 91282CBH3 US Treasury Note 0.375% Due 01/31/2026 2,000,000.00 04/27/2021 0.83% 1,957,500.00 1,970,232.89 88.09 4.24% 1,761,876.00 1,263.59 0.91% (208,356.89) Aaa / AA+ AAA 3.34 3.24 91282CBT7 US Treasury Note 0.750% Due 03/31/2026 2,000,000.00 04/27/2021 0.86% 1,989,531.25 1,992,564.74 88.81 4.22% 1,776,172.00 41.21 0.92% (216,392.74) Aaa / AA+ AAA 3.50 3.39 TOTAL US Treasury 44,300,000.00 1.54% 44,053,746.11 44,102,622.63 3.56% 43,157,086.15 189,044.63 22.42% (945,536.48) Aaa / AA+ Aaa 0.91 0.88 TOTAL PORTFOLIO 196,628,916.60 1.80% 196,320,169.65 196,379,633.26 2.79% 192,667,698.73 675,779.24 100.00% (3,711,934.53) Aa1 / AA+ Aaa 0.74 0.71 TOTAL MARKET VALUE PLUS ACCRUALS 193,343,477.97 As of September 30, 2022 33 DocuSign Envelope ID: A79378CC-A72C-493A-BDC4-3BD95374DB16 SECTION |Section 4 |Transactions 34 DocuSign Envelope ID: A79378CC-A72C-493A-BDC4-3BD95374DB16 Transaction Ledger City of Tustin Consolidated Account -Account #10795 Transaction Type Settlement Date CUSIP Quantity Security Description Price Acq/Disp Yield Amount Interest Pur/Sold Total Amount Gain/Loss ACQUISITIONS Purchase 07/05/2022 66815L2J7 700,000.00 Northwestern Mutual Glbl Note 4% Due: 07/01/2025 100.534 3.81%703,738.00 311.11 704,049.11 0.00 Purchase 07/15/2022 90LAIF$00 157,764.42 Local Agency Investment Fund State Pool 1.000 0.94%157,764.42 0.00 157,764.42 0.00 Purchase 07/31/2022 90CAMP$00 20,547.47 California Asset Mgmt Program CAMP 1.000 1.78%20,547.47 0.00 20,547.47 0.00 Purchase 08/02/2022 3130APQ81 1,000,000.00 FHLB Callable Note Mnthly 12/8/2021 1% Due: 11/08/2024 95.422 3.11%954,220.00 2,333.33 956,553.33 0.00 Purchase 08/02/2022 3130AQF40 1,000,000.00 FHLB Note 1% Due: 12/20/2024 95.542 2.95%955,420.00 1,166.67 956,586.67 0.00 Purchase 08/03/2022 14042TJB4 240,000.00 Capital One Bank USA NA Negotiable CD 3.45% Due: 08/04/2025 99.850 3.50%239,640.00 0.00 239,640.00 0.00 Purchase 08/04/2022 02007GXF5 240,000.00 Ally Bank Negotiable CD 3.4% Due: 08/04/2025 99.700 3.51%239,280.00 0.00 239,280.00 0.00 Purchase 08/05/2022 87165EXE2 240,000.00 Synchrony Bank Negotiable CD 3.4% Due: 08/05/2025 99.850 3.45%239,640.00 0.00 239,640.00 0.00 Purchase 08/08/2022 254673P26 240,000.00 Discover Bank Negotiable CD 3.4% Due: 08/08/2025 99.700 3.51%239,280.00 0.00 239,280.00 0.00 Purchase 08/09/2022 194162AM5 345,000.00 Colgate Palmolive Co. Note 3.1% Due: 08/15/2025 99.908 3.13%344,682.60 0.00 344,682.60 0.00 Purchase 08/31/2022 90CAMP$00 28,822.76 California Asset Mgmt Program CAMP 1.000 2.37%28,822.76 0.00 28,822.76 0.00 Purchase 09/09/2022 3130ATBL0 2,250,000.00 FHLB Note 3.625% Due: 12/08/2023 99.916 3.70%2,248,110.00 226.56 2,248,336.56 0.00 Purchase 09/13/2022 3133ENL40 1,000,000.00 FFCB Note 3.5% Due: 09/13/2024 99.752 3.63%997,520.00 0.00 997,520.00 0.00 Purchase 09/27/2022 3133XVDG3 1,000,000.00 FHLB Note 4.375% Due: 09/13/2024 99.806 4.48%998,060.00 1,701.39 999,761.39 0.00 Purchase 09/30/2022 90CAMP$00 35,027.01 California Asset Mgmt Program CAMP 1.000 2.61%35,027.01 0.00 35,027.01 0.00 Subtotal 8,497,161.66 8,401,752.26 5,739.06 8,407,491.32 0.00 Security Contribution 08/29/2022 90LAIF$00 2,000,000.00 Local Agency Investment Fund State Pool 1.000 2,000,000.00 0.00 2,000,000.00 0.00 June 30, 2022 through September 30, 2022 As of September 30, 2022 35 DocuSign Envelope ID: A79378CC-A72C-493A-BDC4-3BD95374DB16 Transaction Ledger City of Tustin Consolidated Account -Account #10795 Transaction Type Settlement Date CUSIP Quantity Security Description Price Acq/Disp Yield Amount Interest Pur/Sold Total Amount Gain/Loss Security Contribution 09/30/2022 90CAMP$00 2,000,000.00 California Asset Mgmt Program CAMP 1.000 2,000,000.00 0.00 2,000,000.00 0.00 Subtotal 4,000,000.00 4,000,000.00 0.00 4,000,000.00 0.00 TOTAL ACQUISITIONS 12,497,161.66 12,401,752.26 5,739.06 12,407,491.32 0.00 DISPOSITIONS Maturity 07/12/2022 06740KKD8 247,000.00 Barclays Bank Delaware Negotiable CD 2.2% Due: 07/12/2022 100.000 247,000.00 0.00 247,000.00 0.00 Maturity 07/14/2022 32056GCQ1 248,000.00 First Internet Bank of IN Negotiable CD 2.05% Due: 07/14/2022 100.000 248,000.00 0.00 248,000.00 0.00 Maturity 07/27/2022 3134GBWQ1 2,000,000.00 FHLMC Callable Note 1X 7/27/2018 2% Due: 07/27/2022 100.000 2,000,000.00 0.00 2,000,000.00 0.00 Maturity 08/01/2022 62719PAY2 250,000.00 Murrieta Redevelopment Agency STE-TA 2.5% Due: 08/01/2022 100.000 250,000.00 0.00 250,000.00 0.00 Maturity 08/01/2022 802629AX3 500,000.00 Santa Rosa Regional Resources STE-REV 2.4% Due: 08/01/2022 100.000 500,000.00 0.00 500,000.00 0.00 Maturity 08/18/2022 330459BU1 248,000.00 FNB Bank Inc Negotiable CD 2% Due: 08/18/2022 100.000 248,000.00 0.00 248,000.00 0.00 Maturity 08/22/2022 33610RQY2 248,000.00 First Premier Bank Negotiable CD 2.05% Due: 08/22/2022 100.000 248,000.00 0.00 248,000.00 0.00 Maturity 09/02/2022 62479MJ20 4,000,000.00 MUFG Bank Ltd/NY Discount CP 1.27% Due: 09/02/2022 99.471 4,000,000.00 0.00 4,000,000.00 0.00 Maturity 09/08/2022 89236TEC5 2,500,000.00 Toyota Motor Credit Corp Note 2.15% Due: 09/08/2022 100.000 2,500,000.00 0.00 2,500,000.00 0.00 Maturity 09/15/2022 92826CAG7 1,000,000.00 Visa Inc Callable Note Cont 8/15/2022 2.15% Due: 09/15/2022 100.000 1,000,000.00 0.00 1,000,000.00 0.00 June 30, 2022 through September 30, 2022 As of September 30, 2022 36 DocuSign Envelope ID: A79378CC-A72C-493A-BDC4-3BD95374DB16 Transaction Ledger City of Tustin Consolidated Account -Account #10795 Transaction Type Settlement Date CUSIP Quantity Security Description Price Acq/Disp Yield Amount Interest Pur/Sold Total Amount Gain/Loss Maturity 09/30/2022 912828L57 5,750,000.00 US Treasury Note 1.75% Due: 09/30/2022 100.000 5,750,000.00 0.00 5,750,000.00 0.00 Subtotal 16,991,000.00 16,991,000.00 0.00 16,991,000.00 0.00 Security Withdrawal 07/19/2022 90LAIF$00 7,500,000.00 Local Agency Investment Fund State Pool 1.000 7,500,000.00 0.00 7,500,000.00 0.00 Security Withdrawal 07/21/2022 90LAIF$00 5,000,000.00 Local Agency Investment Fund State Pool 1.000 5,000,000.00 0.00 5,000,000.00 0.00 Security Withdrawal 08/19/2022 90LAIF$00 4,000,000.00 Local Agency Investment Fund State Pool 1.000 4,000,000.00 0.00 4,000,000.00 0.00 Security Withdrawal 08/25/2022 90LAIF$00 58,000.00 Local Agency Investment Fund State Pool 1.000 58,000.00 0.00 58,000.00 0.00 Security Withdrawal 08/25/2022 90LAIF$00 7,000.00 Local Agency Investment Fund State Pool 1.000 7,000.00 0.00 7,000.00 0.00 Security Withdrawal 09/02/2022 90LAIF$00 1,500,000.00 Local Agency Investment Fund State Pool 1.000 1,500,000.00 0.00 1,500,000.00 0.00 Security Withdrawal 09/30/2022 90LAIF$00 3,000,000.00 Local Agency Investment Fund State Pool 1.000 3,000,000.00 0.00 3,000,000.00 0.00 Subtotal 21,065,000.00 21,065,000.00 0.00 21,065,000.00 0.00 TOTAL DISPOSITIONS 38,056,000.00 38,056,000.00 0.00 38,056,000.00 0.00 June 30, 2022 through September 30, 2022 As of September 30, 2022 37 DocuSign Envelope ID: A79378CC-A72C-493A-BDC4-3BD95374DB16 Important Disclosures 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. 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This report is provided for informational purposes only and should not be construed as a specific investment or legal advice.The information contained herein was obtained from sources believed to be reliable as of the date of publication, but may become outdated or superseded at any time without notice.Any opinions or views expressed are based on current market conditions and are subject to change.This report may contain forecasts and forward-looking statements which are inherently limited and should not be relied upon as indicator of future results.Past performance is not indicative of future results.This report is not intended to constitute an offer,solicitation,recommendation or advice regarding any securities or investment strategy and should not be regarded by recipients as a substitute for the exercise of their own judgment. Fixed income investments are subject to interest,credit and market risk.Interest rate risk:the value of fixed income investments will decline as interest rates rise.Credit risk:the possibility that the borrower may not be able to repay interest and principal.Low rated bonds generally have to pay higher interest rates to attract investors willing to take on greater risk.Market risk:the bond market in general could decline due to economic conditions, especially during periods of rising interest rates. Ratings information have been provided by Moody’s,S&P and Fitch through data feeds we believe to be reliable as of the date of this statement,however we cannot guarantee its accuracy. Security level ratings for U.S.Agency issued mortgage-backed securities (“MBS”) reflect the issuer rating because the securities themselves are not rated.The issuing U.S.Agency guarantees the full and timely payment of both principal and interest and carries a AA+/Aaa/AAA by S&P,Moody’s and Fitch respectively. As of September 30, 2022 38 DocuSign Envelope ID: A79378CC-A72C-493A-BDC4-3BD95374DB16 Benchmark Disclosures 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. As of September 30, 2022 39 DocuSign Envelope ID: A79378CC-A72C-493A-BDC4-3BD95374DB16 CI T Y OF TU S T I N Mo n t h l y In v e s t m e n t Re p o r t Se p t e m b e r 30 , 20 2 2 [1 ] [2 ] [ 3 ] [ 4 ] [ 5 ] De s c r i p t i o n / Li m i t s F a c e Am o u n t Sh a r e s Y T M @ C o s t C r e d i t Ra t i n g C o s t Va l u e + Accrued In t e r e s t Market Value 20 1 6 Su c c e s s o r Ag e n c y Ta x Al l o c a t i o n Bo n d s , Re f u n d i n g 3 5 2 . 4 9 N / A 3 5 2 . 4 9 3 5 2 . 4 9 20 1 6 Wa t e r Re v e n u e Bo n d s , Re f u n d i n g 3 4 3 , 6 5 0 . 0 0 N / A 3 4 3 , 6 5 0 . 0 0 3 4 3 , 6 5 0 . 0 0 20 1 2 Wa t e r Re v e n u e Bo n d s ‐ Re f u n d i n g 1 9 , 2 0 0 . 0 4 N / A 1 9 , 2 0 0 . 0 4 1 9 , 2 0 0 . 0 4 20 2 0 Wa t e r Re v e n u e Bo n d s 2 0 0 , 3 8 5 . 7 7 N / A 2 0 0 , 3 8 5 . 7 7 2 0 0 , 3 8 5 . 7 7 CF D 04 ‐1 6 0 0 , 5 3 1 . 0 3 N / A 6 0 0 , 5 3 1 . 0 3 6 0 0 , 5 3 1 . 0 3 CF D 06 ‐1 4 , 0 9 4 , 8 5 9 . 0 5 N / A 4 , 0 9 4 , 8 5 9 . 0 5 4 , 0 9 4 , 8 5 9 . 0 5 CF D 07 ‐1 1 , 1 4 4 , 1 7 5 . 4 0 N / A 1 , 1 4 4 , 1 7 5 . 4 0 1 , 1 4 4 , 1 7 5 . 4 0 CF D 14 ‐1 4 , 0 7 4 , 7 7 0 . 1 6 N / A 4 , 0 7 4 , 7 7 0 . 1 6 4 , 0 7 4 , 7 7 0 . 1 6 10 , 4 7 7 , 9 2 3 . 9 4 1 0 , 4 7 7 , 9 2 3 . 9 4 1 0 , 4 7 7 , 9 2 3 . 9 4 Re s t r i c t e d De p o s i t s wi t h Fi s c a l Ag e n t s TO T A L 1 0 , 4 7 7 , 9 2 3 . 9 4 10,477,923.94 Re s t r i c t e d De p o s i t s wi t h Fi s c a l Ag e n t s Do c u S i g n E n v e l o p e I D : A 7 9 3 7 8 C C - A 7 2 C - 4 9 3 A - B D C 4 - 3 B D 9 5 3 7 4 D B 1 6 CITY OF TUSTIN PARS Post-Employment Benefits Trust 9/1/2022 to 9/30/2022 Matthew West City Manager City of Tustin 300 Centennial Way Tustin, CA 92780 Account Summary Source 9/1/2022 Contributions Earnings Expenses Distributions Transfers 9/30/2022 OPEB 1001 $2,776,702.47 $0.00 -$173,792.80 $1,206.95 $0.00 $0.00 $2,601,702.72 PENSION 1002 $8,450,705.61 $0.00 -$528,956.95 $3,673.34 $0.00 $0.00 $7,918,075.32 Totals $11,227,408.08 $0.00 -$702,749.75 $4,880.29 $0.00 $0.00 $10,519,778.04 Investment Selection Source OPEB PENSION Investment Objective Source OPEB PENSION Investment Return Source 1-Month 3-Months 1-Year 3-Years 5-Years 10-Years OPEB -6.26%-4.79%-15.04%1.55%--6/26/2018 PENSION -6.26%-4.79%-15.03%1.55%--6/26/2018 Information as provided by US Bank, Trustee for PARS; Not FDIC Insured; No Bank Guarantee; May Lose Value Headquarters - 4350 Von Karman Ave., Suite 100, Newport Beach, CA 92660 800.540.6369 Fax 949.250.1250 www.pars.org Account balances are inclusive of Trust Administration, Trustee and Investment Management fees Annualized Return 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. 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. Individual account based on Moderate Index PLUS. The dual goals of the Moderate Strategy are growth of principal and income. It is expected that 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. Account Report for the Period Balance as of City of Tustin - OPEB Balance as of Individual account based on Moderate Index PLUS. The dual goals of the Moderate Strategy are growth of principal and income. It is expected that 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. City of Tustin - Pension Plan's Inception Date DocuSign Envelope ID: A79378CC-A72C-493A-BDC4-3BD95374DB16