HomeMy WebLinkAbout05 QUARTERLY INVESTMENT REPORTDocuSign Envelope ID: 1B402188-3A73-46F1-87CC-E2B36D2F262E 5� Agenda Item
Reviewed: Ds
AGENDAREPORT City Manager
Finance Director
MEETING DATE: JUNE 6, 2023
TO: MATTHEW S. WEST, CITY MANAGER
FROM: JENNIFER KING, FINANCE DIRECTOR/CITY TREASURER
SUBJECT: QUARTERLY INVESTMENT REPORT FOR THE CITY OF TUSTIN AND THE
SUCCESSOR AGENCY FOR THE TUSTIN COMMUNITY REDEVELOPMENT
AGENCY FOR THE QUARTER ENDING MARCH 31, 2023
SUMMARY:
Government Code Section 53646 requires that the Treasurer make an Investment Report to the
City Council at least quarterly showing balances by authorized investment and certifying its
compliance with the adopted Investment Policy.
RECOMMENDATION:
Receive and file.
CORRELATION TO THE STRATEGIC PLAN:
Correlates with the City's Strategic Plan Goal C: Financial Strength, Item 3. This investment report
provides evidence of the City's commitment to ensure that investments are in compliance with the
adopted investment policy.
DISCUSSION:
In compliance with Government Code Section 53646, the attached Investment Report for the City of
Tustin and the Successor Agency for the Tustin Community Redevelopment Agency for the quarter
ending March 31, 2023 is rendered.
The City's total cash and investments amounted to approximately $201 million as of March 31, 2023.
The weighted average portfolio yield for the investment portfolio was 3.49%, which is 63 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 shorter -
term Treasury yields. After seven rate hikes in 2022, the Federal Open Market Committee (FOMC)
raised the federal funds rate by another 0.25% in March 2023 with a continued focus to bring down
inflation to their 2% target. At the same time, FOMC also acknowledged the tightening of financial
conditions and decelerating growth. As a result, the 2-year Treasury yield decreased to 4.03% by
March 2023, compared to a yield of 4.43% in December 2022. The 5-year Treasury yield decreased
to 3.58% by March 2023, compared to a yield of 4.01 % in December 2022.
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Quarterly Investment Report for the Period Ending March 31, 2023 Page 2 of 2
PARS Pension Trust
Since 2018, the City has made contributions totaling $9.6 million into a Pension Trust, which is held
by Public Agency Retirement Services (PARS). A Pension Trust provides 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 $10.7 million at March
31, 2023. The three-year annualized return for the PARS Pension Trust Fund was 7.19%.
PARS OPEB Trust
The City has also made $3 million in contributions into an Other Post -Employment Benefits (OPEB)
Trust, including a contribution of $500,000 in March 2023. The OPEB Trust is held by PARS and
includes funds that are set -aside for future retiree healthcare costs. Trust assets are managed in a
customized investment strategy that balances risk and return and provides for diversification. OPEB
Trust Fund assets amounted to $3.3 million at March 31, 2023. The three-year annualized return for
the PARS OPEB Trust Fund was 7.19%.
Investment Compliance Certification
On April 27, 2023, 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.
I,L� -
Jennifer King
Finance Director/City Treasurer
Attachments: Investment Report Certification
Quarterly Investment Report for the Period Ending March 31, 2023
Restricted Deposits with Fiscal Agents as of March 31, 2023
PARS Trust Statements as of March 31, 2023
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FINANCE DEPARTMENT
Remembering what connects us.
April 27, 2023
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 March 31, 2023 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,
Jered Elmore, Chair
City of Tustin Audit Commission
Jennifer King, Finance Director
City of Tustin
300 Centennial Way, Tustin, CA 92780 • 714-573-3060 9 tustinca.org
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IINVESTMENT REPORT
City of Tustin
Period Ending March 31, 2023
CHANDLER ASSET MANAGEMENT, INC. 1 800.317.4747
C'CHANDLER
ASSET MANAGEMENT
www.chandlerasset.com
i
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Table of Contents
SECTION 1 Economic Update
SECTION 2 Account Profile
SECTION 3 Portfolio Holdings
SECTION 4 Transactions
As of March 31, 2023
1 Q11
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T
Section 1 1 Economic Update
K40
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I Economic Update
■ Economic trends have been decelerating along with tighter fin anciaIcon ditions and restrictive monetary policy. Recent data
suggests positive but below trend growth this year. Although the pace of job growth is moderating, labor markets remain
solid, and the U.S. consumer has demonstrated resiliency. Market participants and the Federal Reserve are maintaining very
divergent views regarding the future trajectory of monetary policy. Given the cumulative effects of tighter monetary policy
and stress in the banking sector, we believe the Federal Reserve is likely near a pause in their rate hiking campaign. If
moderate growth continues, we believe the Fed will likely maintain the Federal Funds rate in restrictive territory until
inflationary pressures subside.
At the March meeting, the Federal Open Market Committee voted unanimously to raise the target federal funds rate by
0.25% to a range of 4.75 — 5.00%. Fed Chair Powell reiterated the committee's focus on bringing down inflation to their 2%
target; however, the committee softened language about "ongoing increases" in rates in the prior statement to "some
additional policy firming may be appropriate". The statement also emphasized that the U.S. banking system is "sound and
resilient" and acknowledged the tightening of financial conditions. The Chandler team believes the FOMC is likely near a
pause in their rate hiking cycle.
In March, the yield curve inversion narrowed. The 2-year Treasury yield plummeted 79 basis points to 4.03%, the 5-year
Treasury yield plunged 61 basis points to 3.58%, and the 10-year Treasury yield fell 45 basis points to 3.47%. The inversion
between the 2-year Treasury yield and 10-year Treasury yield declined to -56 basis points at March month -end versus -90
basis points at February month -end. There was no spread between the 2-year Treasury and 10-year Treasury yield one year
ago — the yields were approximately equal. The inversion between 3-month and 10-year Treasuries widened to -128 in
March from -89 basis points in February. The shape of the yield curve indicates that the probability of recession is
increasing.
3 CJJJ
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Employment
Nonfarm Payroll (000's)
F-01ft
0 700
0
c 600
500
u 400
0 300
Coll'
100 Non -farm Payroll (000's)
3 month average (000's)
0
✓ S 047 ✓ S O
Pe�1 dre��� PPc�� �ar��
Source: US Department of Labor
12.0%
10.0%
8.0%
' 6.0%
4.0%
2.0%
0.0%
Unemployment Rate
-Underemployment Rate(U6)
-Unemployment Rate (U3)
✓ S O
0
10
�1 Pc�1
Source: US Department of Labor
✓ S O
The U.S. economy added 236,000 jobs in March, and the prior two months were revised downward by 17,000. Although the pace of job growth
is moderating, employment remains strong, with the three-month moving average payrolls at 345,000 and the six-month moving average at
315,000. The private sector reported broad gains, led by leisure and hospitality. The unemployment rate fell to 3.5% due to a sharp rise in the
number of people employed, and the participation rate increased to 62.6% from 62.5% in February. 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 6.7%from the prior
month at 6.8%. Average hourly earnings rose 4.2%year-over-year in March, down from a 4.6% increase in February. Job Openings dipped to 9.9
million, the first drop below 10 million since May of 2021. While the overall pace of hiring is slowing, levels remain consistent with a solid labor
market.
4 C11%
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Inflation
10.0%
9.0 %
8.0 %
7.0 %
v
6.0 %
r
5.0%
0
4.0%
0
' 3.0%
2.0 %
1.0 %
0.0 %
Consumer Price Index (CPI)
CPI YOY % Change
Core CPI YOY % Change
�06 �a` �4g �oil. �66 �d` �4� �91, �06
Source: US Department of Labor
10.0%
9.0 %
8.0 %
7.0 %
v
20 6.0 %
M
s
5.0%
0
} 4.0%
0
} 3.0%
2.0%
1.0%
0.0%
Personal Consumption Expenditures (PCE)
.c('6
Source: US Department of Commerce
r"l.L r"1 11,C: UICI IQIVI I V I /U I H.. IrC
PCE Core Deflator YOY % Change
�06��
The Consumer Price Index (CPI) increased in February 0.4% month -over -month and 6.0% year -over -year, down from 6.4% in January. The Core
CPI, which excludes volatile food and energy components, rose 0.5% month -over -month and 5.5% year -over -year, decelerating from 5.6% in
January. Shelter costs were the primary factor in the headline CPI representing 70% of the increase. Of note, used car prices experienced a
significant drop of 13.6% when compared to a year ago, the largest decline since 1960. The Personal Consumption Expenditures (PCE) index
rose 5.0% year -over -year in February, improving from a 5.3°% year -over -year gain in January. Core PCE, the Federal Reserve's preferred
inflation gauge, increased 4.6% year -over -year in February, the smallest increase since October 2021. Inflationary trends are declining but
remain above the Fed's 2%target.
5 C11%
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IConsumer
Retail Sales YOY % Change
60.0%
50.0%
40.0%
0
30.0%
0 20.0%
10.0%
0.0 %
APb�1
1
Source: US Department of Commerce
Consumer Confidence
140
130
120
a,
J 110
x
a�
= 100
90
80
ti °,c ✓ S G� 06 ark 4/2, e,,1
Source: The Conference Board
00
11 ,3 ',�?
Advance Retail Sales fell -0.4% in February, but prior months were revised higher. Retail sales rose 5.4% year -over -year in February, versus
January's upwardly revised 7.7% year -over -year gain. The overall report exceeded expectations and points toward the resilience of the U.S.
consumer. The Conference Board's Consumer Confidence Index unexpectedly increased to 104.2 in March from 103.4 in February. While high
inflation and recession concerns remain top of mind for many consumers, the strong labor market and low unemployment continue to support
the strength in Consumer Confidence.
6 c1"
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IEconomic Activity
Leading Economic Indicators (LEI)
1.5
1.0
v
ao
r 0.5%
U
-0.5%
-1.0%
,cPb�Z �d`� g4g�1
1
Source: The Conference Board
Chicago Fed National Activity Index (CFNAI)
1.00
0.75
0.50
�o
a 0.25
s
c
0.00
M
-0.25
-0.50
Source: Federal Reserve Bank of Chicago
The Conference Board's Leading Economic Index (LEI) remained in negative territoryfor the eleventh consecutive month at-0.3% in February,
unchanged from -0.3% in January. The LEI was down 6.5% year -over -year in February versus down 5.9% year -over -year in January. The
consistent decline month -over -month continues to signal future contraction in the economy. The Chicago Fed National Activity Index (CFNAI)
declined to -0.19 in February from +0.23 in January. On a 3-month moving average basis, the CFNAI increased to -0.13 in February from -0.27 in
January, indicating a rate of growth below the historical average trend.
7 C11%
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IHousing
2000
7 1800
w
1600
0
1400
c
N 1200
3
1000
800
v
600
u 400
5
0 200
0
Housing Starts
—= M_0
qm—
Multi Family Housing Starts
■ Single Family Housing Starts
APb �aG �4� �o� �Pb ��` 14� �% �Pb
Source: US Department of Commerce
S&P/Case-Shiller 20 City Composite Home Price Index
24.0%
21.0%
18.0%
15.0%
c
f0
12.0%
; 9.0%
0
}
6.0%
3.0%
0.0%
Source: S&P
Total housing starts rose 9.8% month -over -month in February to 1,450,000 units and were down 18.4% compared to February 2022. Starts for
both single-family and multi -family homes increased as mortgage rates declined from recent peaks. The 30-year fixed rate mortgage fell to an
average of 6.24% according to Freddie Mac, down from a peak of 7.08°% in October, but up from 4.67% a year ago. According to the Case-Shiller
20-City Home Price Index, the year -over -year increase continued its declining rate of gain to +2.55% in January from +4.62% in December,
clearly displaying the impact of higher mortgage rates year -over -year, which have reduced demand for homebuying as affordability has
declined. This is the lowest rate of annual appreciation since December 2019.
8 C11%
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IManufacturing
66
64
62
60
58
56
54
52
50
48
46
44
42
40
Institute of Supply Management Purchasing Manager Index
✓ S O ✓ S O
Source: Institute for Supply Management
20.0%
15.0%
10.0%
u
5.0 %
0
} 0.0%
-5.0%
-10.0%
Source: Federal Reserve
Industrial Production
�oG�1 xPb�d`�� 9���� �oA
06
The Institute for Supply Management (ISM) manufacturing index fell to 46.3 in March from 47.7 in February. This is the fifth consecutive month
of readings below 50.0, which is indicative of contraction in the manufacturing sector. All components weakened, including the headline, new
orders, employment, and prices. Industrial production was flat in February after an upward revision to +0.3% in January. This equates to a -
0.25% decline from the prior year. Capacity utilization remained at 78.0% in February versus a downwardly revised 78.0% in January and has
fallen below the 1972-2021 average of 79.6%.
9 C11%
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Gross Domestic Product (GDP)
ComponentsDP
Personal Consumption Expenditures 0.9% 1.4%
Gross Private Domestic Investment 1.0% -2.8%
Net Exports and Imports -3.1% 1.2%
Federal Government Expenditures -0.4% -0.2%
State and Local (Consumption and Gross
0.0% -0.1%
Investment)
Total
Source: US Department of Commerce
is IM 40.0%
35.0%
30.0%
1.5%
0.7%
25.0%
20.0%
15.0%
-1.8%
0.8%
10.0%
5.0
0.0
2.9%
0.4%
-5.0%
-10.0%
0.2%
0.4%
-15.0%
-20.0%
-25.0%
0.4%
4-35.0%
-30.0%
-1.6% -0.6% 3.3% 2.6%
Gross Domestic Product (GDP)
175 4 4 ,79 19 1-110 "�?
Source: US Department of Commerce
According to the third estimate, fourth quarter 2022 GDP growth was revised downward to 2.6% from 2.7%. The revision lower was primarily
due to weaker growth in personal consumption expenditures and a wider trade gap in net exports. The consensus estimate calls for 1.6%
growth in the first quarter and 1.0% growth for the full year 2023.
10 C11%
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Federal Reserve
10,000,000
111 111
J-1911111M
7,000,000
0
E 6,000,000
S 5,000,000
4,000,000
3,000,000
2,000,000
Federal Reserve Balance Sheet Assets
Oe O� 6 6 Oe 6 6 Oe O� 6 O� Oe 6
c1 c1 c1 c1 "? c1 c1 c1 c1 c1 c� c,1 c�
O 1 � .�' st S 6 � � 9 O 1 �
Source: Federal Reserve
5.00%
4.50%
4.00%
3.50%
3.00%
2.50%
} 2.00%
1.50%
1.00%
0.50%
0.00%
Effective Federal Funds Rate
O� O� 0 6 6 6 O� O� 6 6 6 O� O�
c1 c1 c1 c1 c1 c1 c1 c? c1 c1 01 " c� c�
O 1 �' ,V S 6 8 9 O 1 �
Source: Bloomberg
At the March meeting, the Federal Open Market Committee voted unanimously to raise the target federal funds rate by 0.25% to a range of
4.75 — 5.00%. Fed Chair Powell reiterated the committee's focus on bringing down inflation to their 2% target; however, the committee
softened language about "ongoing increases" in rates in the prior statement to "some additional policy firming may be appropriate". The
statement also emphasized that the U.S. banking system is "sound and resilient" and acknowledged the tightening in financial conditions.
Powell indicated that the extent of these effects is uncertain but speculated that tighter credit conditions could be equivalent to a rate hike or
more. The Summary of Economic Projections was little changed, with the consensus target federal funds rate rising to 5.1% by the end of 2023
(implying one more quarter point hike), falling to 4.3% in 2024 (up from 4.1% previously), and declining to 3.1% by the end of 2025. No rate
cuts were in the Fed's base case for this year, contrary to the market consensus. Although projections imply policymakers are winding down
interest rate hikes, the statement clearly reflected optionality for the Fed to remain data dependent. The Chandlerteam believes the Fed is
likely near a pause in their rate hiking cycle.
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I Bond Yields
5.0% —
4.5%
4.0%
3.5%
3.0%
v
2.5%
} 2.0%
1.5%
1.0%
0.5%
0.0%
1
Source: Bloomberg
US Treasury Note Yields
2-Year
6.0 %
5.0 %
4.0 %
3.0%
v
2.0 %
1.0 %
Source: Bloomberg
US Treasury Yield Curve
Mar-23
Dec-22
• Mar-22
`b
yr
At the end of March, the 2-year Treasury yield was 169 basis points higher, and the 10-Year Treasury yield was about 113 basis points higher,
year -over -year. The inversion between the 2-year Treasury yield and 10-year Treasury yield narrowed to -56 basis points at March month -end
versus -90 basis points at February month -end. The average historical spread (since 2003) is about +130 basis points. The inversion between 3-
month and 10-year Treasuries widened to -128 in March from -89 basis points in February. The shape of the yield curve indicates that the
probability of recession is increasing.
12 C,"
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Section 2 I Account Profile
13 c►►
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Objectives
Investment Objectives
As of March 31, 2023
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 cJ"
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compliance As of March 31, 2023
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 limit; 5 years max maturity Complies
Federal Agencies 50% max per issuer; 5 years max maturity Complies
Supranational Obligations
Municipal Securities (CA, Other States)
Corporate Medium Term Notes
Agency Mortgage Pass -Through Securities
Negotiable Certificates of Deposit (NCD)
Certificate of Deposit Placement Service
(CDARS)
Collateralized Bank Deposits/ Time or
Certificates of Deposit
Bankers' Acceptances
Commercial Paper
Money Market Mutual Funds
Local Agency Investment Fund (LAIF)
"AA" rated or better by a NRSRO; 5% max; 5% max per issuer; 5 years max maturity; USD denominated senior unsecured
unsubordinated obligations issued or unconditionally guaranteed by one of the three supranational banking groups: IBRD, IFC, and Complies
IADB; Supranational securities will not be purchased until further notice from staff at the City of Tustin.
30% max; 5% max per issuer; 5 years max maturity
"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
Complies
agency's investments in commercial paper and medium -term notes); 5 years max maturity; 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 Complies
security, the Treasurer shall evaluate the downgrade on a case -by -case basis to determine if the security should be held or sold.
"AA" rated or better by a NRSRO; 20% max; 10% max per issuer; 5 years max maturity; Only invest in mortgage pass -through
Complies
securities that are guaranteed by U.S. government or a government -sponsored enterprise
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"
Complies
long-term rating category or higher by a NRSRO; 30% max; 5% max per issuer; 5 years max maturity
30% max; FDIC insured; The City may utilize these at the discretion of the Treasurer Complies
30% max per issuer; 5 years max maturity; All active (checking/savings accounts) and inactive (time or certificates of deposit) above
Complies
FDIC insured limits must be collateralized pursuant to California Government Code (CGC)
"A" rating or better by Moody's or equivalent rating by a NRSRO; 30% max; 5% max per issuer; 180 days maturity Complies
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 net assets >$500 million; 3. Has debt other than commercial paper, if any, that is "A" rating Complies
category or higher by a NRSRO; or (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
AAA or highest ranking of two of the three highest ranking NRSRO; Retain 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; Complies
20% max; 10% max per Money Market Mutual Fund
Max amount limited to the amount as specified by LAIF; Principal amount withdrawal of $10 million or > needs 24-hour notice, and
Complies
less than $10 million may be withdrawn the same day; Not used by investment adviser
15 Q
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compliance As of March 31, 2023
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
Local Government Investment Pool (LGIP)/ Max amount permitted by County Treasurer; Investment in OCIP is allowable according to guidelines in Government Code; Not used
Orange County Investment Pool (OCIP) by investment adviser Complies
50% max per issuer; 5 years max maturity; Shares of beneficial interest issued by a joint powers' authority organized pursuant to
Joint Powers Authority (JPA) Investment Section 6509.7 that invests in securities and obligations authorized in subdivisions (a) to (q), inclusive; The JPA must retain an Complies
Pools investment advisor that is SEC registered or exempt from registration with Assets > $500 million, and >5 years experience investing
in instruments authorized by CGC
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; Reverse Repurchase
Agreements; Securities on margin, credit, or for other than full cash payment, and shall not be pledged as collateral; Purchase of
Prohibited Complies
security with a forward settlement date >45 days from the time of investment; 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 from the date of settlement, unless authorized by City Council Complies
The City of Tustin maintains adequate liquidity to cover at least six months of expected disbursements.
16Q
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Portfolio Characteristics
City of Tustin Consolidated Account
Average Maturity (yrs)
2.62
0.70
0.66
Average Modified Duration
2.50
0.65
0.61
Average Purchase Yield
n/a
3.49%
2.86%
Average Market Yield
4.02%
4.24%
3.65%
Average Quality"
AAA
AAA/Aa2
AA+/Aa2
Total Market Value
200,771,679
203,244,523
*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 March 31, 2023
17 C,"
DocuSign Envelope ID: 1B402188-3A73-46F1-87CC-E2B36D2F262E
Sector Distribution
US Treasury
13.2 %
Negotiable CD
0.9 %
Money Market
4k
Fund
1.9%
Local Gov
Investment Pool
35.8%
March 31, 2023
Commercial
Paper Age
1.0% 9
&.(A
City of Tustin Consolidated Account
ncy
9%
Cash
4.1%
CMO
0.S%
Corporate
15.0%
LAI F
17.7%
December 31, 2022
US Treasury
11.4%
Negotiable CD
0.9 %
Money Market
Fund
0.1%
Local Gov
Investment Pool
31.8%
Agency
4.5 %
As of March 31, 2023
Cash
3.7 %
CMO
0.5 %
Corporate
14.2 %
LAIF
32.9%
$19,846,996.66 $8,244,230.32 - $982,950.50 $30,200,947.75 $9,138,069.32 $7,544,324.69 $978,521.60 $28,950,120.79
$35,579,362.27 $71,784,897.98 - $3,776,472.39 - $1,885,422.95 - $66,763,462.36 $64,685,943.61 $152,180.50 - $1,899,130.71
$26,532,691.70 M $1,937,706.66 $23,132,769.78
18 Q
DocuSign Envelope ID: 1B402188-3A73-46F1-87CC-E2B36D2F262E
Portfolio Allocation As of March 31, 2023
City of Tustin Consolidated Account
Local Gov 35.8%
Investment Pool 31.8%
LAI F
Corporate -
US Treasury -
Agency
�011 4.5%
Cash 4.1%
3.7%
Money Market 1.9%
Fund 1 0.1%
Commercial M 1.0%
Paper 0.0%
Negotiable CD M 0.9%
0.9%
CIVIC) 0 0.5%
0.5%
17.7%
1S.0%
14.2%
- 13.2%
11.4%
9.9 %
32.9%
■ 03/31/23
■ 12/31/22
19 C11%
DocuSign Envelope ID: 1B402188-3A73-46F1-87CC-E2B36D2F262E
IIssuers
City of Tustin Consolidated Account - Account #10795
As of March 31, 2023
CAMP
Local Gov Investment Pool
35.75%
Local Agency Investment Fund
LAIF
17.72%
Government of United States
US Treasury
13.22%
Federal Home Loan Bank
Agency
8.47%
Bank Cash Account
Cash
4.11%
First American Govt Oblig Fund
Money Market Fund
1.88%
MUFG Bank Ltd/NY
Commercial Paper
0.97%
1P Morgan Chase & Co
Corporate
0.94%
Federal National Mortgage Association
Agency
0.92%
US Bancorp
Corporate
0.65%
Morgan Stanley
Corporate
0.50%
Northern Trust Corp
Corporate
0.50%
Qualcomm Inc
Corporate
0.50%
Toyota Motor Corp
Corporate
0.49%
Federal Farm Credit Bank
Agency
0.49%
Federal Home Loan Mortgage Corp
CMO
0.49%
Chubb Corporation
Corporate
0.49%
Home Depot
Corporate
0.49%
Paccar Financial
Corporate
0.49%
Duke Energy Field Services
Corporate
0.48%
Mass Mutual Insurance
Corporate
0.48%
Target Corp
Corporate
0.48%
Salesforce.com Inc
Corporate
0.47%
National Rural Utilities
Corporate
0.47%
Deere & Company
Corporate
0.47%
New York Life Global Funding
Corporate
0.47%
Bank of Montreal Chicago
Corporate
0.47%
State Street Bank
Corporate
0.47%
Bank of America Corp
Corporate
0.47%
Metlife Inc
Corporate
0.47%
Bank of New York
Corporate
0.47%
Pfizer Inc.
Corporate
0.46%
Caterpillar Inc
Corporate
0.46%
United Health Group Inc
Corporate
0.46%
Amazon.com Inc
Corporate
0.45%
Toronto Dominion Holdings
Corporate
0.45%
Royal Bank of Canada
Corporate
0.45%
Charles Schwab Corp/The
Corporate
0.44%
20 C1"
DocuSign Envelope ID: 1B402188-3A73-46F1-87CC-E2B36D2F262E
IIssuers
City of Tustin Consolidated Account — Account #10795
As of March 31, 2023
Wal-Mart Stores
Corporate
0.40%
Northwestern Mutual Glbl
Corporate
0.35%
MasterCard Inc
Corporate
0.24%
Colgate-Palmolive Co.
Corporate
0.17%
Sallie Mae Bank
Negotiable CD
0.12%
UBS Corp
Negotiable CD
0.12%
Delaware State Police FCU
Negotiable CD
0.12%
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%
21 c1"
DocuSign Envelope ID: 1B402188-3A73-46F1-87CC-E2B36D2F262E
IMaturity Distribution As of March 31,2023
$140,000,000.00
$120,000,000.00
$100,000,000.00
$80,000,000.00
$60,000,000.00
$40,000,000.00
$20,000,000.00
$0.00
City of Tustin Consolidated Account
0-.25 .25-.5 .5-1 1-2 2-3 3-4 4-5 5+
Maturity (Yrs)
22 Q1
DocuSign Envelope ID: 1B402188-3A73-46F1-87CC-E2B36D2F262E
Quality Distribution
50.0%
45.0%
40.0 %
35.0%
30.0%
25.0%
20.0%
15.0%
10.0 %
5.0%
0.0%
AAA
City of Tustin Consolidated Account
March 31, 2023 vs. December 31, 2022
AA A <A
■ March 31, 2023 December 31, 2022
NR
As of March 31, 2023
03/31/23
12/31/22
44.9% 19.6%
31.9% 18.6%
12.2%
11.5%
0.0% 23.3 %
0.0% 38.0%
Source: S&P Ratings
23 c1"
DocuSign Envelope ID: 1B402188-3A73-46F1-87CC-E2B36D2F262E
I Duration Distribution
80.0 %
70.0 %
60.0%
50.0%
40.0 %
30.0 %
20.0%
10.0 %
0.0%
0 - 0.25
City of Tustin Consolidated Account
March 31, 2023 vs. December 31, 2022
=— 0 1 ■ � �
0.25-0.50 0.50-1 1-2 2-3 3-4 4-5
■ March 31, 2023 December 31, 2022
5+
As of March 31, 2023
03/31/23
60.3%
3.7%
10.4%
13.9%
8.5%
1.5%
1.6%
0.0%
12/31/22
69.6%
0.9%
4.0%
10.1%
10.2%
4.5%
0.9%
0.0%
24 c1"
DocuSign Envelope ID: 1B402188-3A73-46F1-87CC-E2B36D2F262E
IInvestment Performance
1.50%
1.00%
0.50%
0.00 %
-0.50 %
-1.00%
-1.50 %
-2.00 %
City of Tustin Consolidated Account
Total Rate of Return Annualized Since Inception November 30, 2020
■
As of March 31, 2023
0 1
-2.50 %
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
0.92%
1.08%
0.29%
N/A
N/A
N/A
0.31%
ICE BofA 1-5 Yr US Treasury & Agency Index
1.81%
-0.38%
-2.06%
N/A
N/A
N/A
-1.96%
ICE BofA 1-3 Yr US Treasury & Agency Index
1.55%
0.19%
-1.33%
N/A
N/A
N/A
-1.14%
REALIZED RATE OF RETURN
3 months
12 months
2 years
3 years
5 years
10 years
Since
Inception
City of Tustin Consolidated Account
0.77%
2.02%
1.32%
N/A
N/A
N/A
1.30%
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 thE25 C,"
ending market value; it includes interest earnings, realized and unrealized gains and losses in the portfolio.
Realized rate of return: A measure of a portfolio's return overtime. It is the internal rate which equates the beginning book value of the portfolio with the ending
book value; it includes interest earnings, realized gains and losses in the portfolio.
DocuSign Envelope ID: 1B402188-3A73-46F1-87CC-E2B36D2F262E
Section 3 1 Portfolio Holdings
26 C♦'
DocuSign Envelope ID: 1B402188-3A73-46F1-87CC-E2B36D2F262E
Holdings Report
City of Tustin Consolidated Account - Account #10795
As of March 31, 2023
agency
313384NH8
FHLB Discount Note
3,000,000.00
03/29/2023
2,918,801.67
97.31
2,919,195.84
1.45%
P-1 / A-1+
0.56
4.730% Due 10/23/2023
4.92%
2,919,195.84
4.92%
0.00
0.00
F-1+
0.55
3130ATBLO
FHLB Note
2,250,000.00
09/08/2022
2,248,110.00
99.22
2,232,495.00
1.12%
Aaa / AA+
0.69
3.625% Due 12/08/2023
3.70%
2,248,957.38
4.78%
25,601.56
(16,462.38)
NR
0.66
313384RB7
FHLB Discount Note
3,000,000.00
03/28/2023
2,894,053.33
96.51
2,895,213.33
1.44%
P-1/A-1+
0.75
4.640% Due 12/28/2023
4.84%
2,895,213.33
4.84%
0.00
0.00
F-1+
0.73
313384RR2
FHLB Discount Note
3,000,000.00
03/30/2023
2,890,366.67
96.36
2,890,750.00
1.44%
P-1 / A-1+
0.78
4.600% Due 01/11/2024
4.80%
2,890,750.00
4.80%
0.00
0.00
F-1+
0.77
3133845V2
FHLB Discount Note
2,000,000.00
03/28/2023
1,919,244.44
96.00
1,920,011.11
0.96%
P-1/A-1+
0.86
4.600% Due 02/08/2024
4.81%
1,920,011.11
4.81%
0.00
0.00
F-1+
0.84
3130ARHG9
FHLB Note
1,250,000.00
03/24/2022
1,248,575.00
97.72
1,221,453.75
0.61%
Aaa / AA+
0.92
2.125% Due 02/28/2024
2.19%
1,249,326.91
4.71%
2,434.90
(27,873.16)
NR
0.88
3133ENL40
FFCB Note
1,000,000.00
09/08/2022
997,520.00
98.64
986,442.00
0.49%
Aaa / AA+
1.46
3.500% Due 09/13/2024
3.63%
998,198.52
4.47%
1,750.00
(11,756.52)
AAA
1.39
3133XVDG3
FHLB Note
1,000,000.00
09/26/2022
998,060.00
99.78
997,848.00
0.50%
Aaa / AA+
1.46
4.375% Due 09/13/2024
4.48%
998,563.26
4.53%
2,187.50
(715.26)
NR
1.39
3130APQ81
FHLB Callable Note Mnthly 12/8/2021
1,000,000.00
08/01/2022
954,220.00
94.76
947,629.00
0.47%
Aaa / AA+
1.61
1.000% Due 11/08/2024
3.11%
967,584.00
4.42%
3,972.22
(19,955.00)
NR
1.55
313OAQF40
FHLB Note
1,000,000.00
08/01/2022
955,420.00
94.61
946,096.00
0.47%
Aaa / AA+
1.73
1.000% Due 12/20/2024
2.95%
967,806.18
4.28%
2,805.56
(21,710.18)
AAA
1.67
3135G04Z3
FNMA Note
2,000,000.00
04/12/2021
1,982,980.00
92.41
1,848,222.00
0.92%
Aaa / AA+
2.22
0.500% Due 06/17/2025
0.71%
1,990,988.10
4.13%
2,888.89
(142,766.10)
AAA
2.15
20,007,351.11
19,805,356.03
9.89%
Aaa / AAA
1.04
TOTAL Agency
20,500,000.00
3.88%
20,046,594.63
4.68%
41,640.63
(241,238.60)
AAA
1.00
Cash
CBGMMF$04 Citizens Business Bank Citizens Business Bank Cash
223,529.36 12/31/2022
223,529.36
1.00
223,529.36
0.11%
NR/NR
0.00
0.00%
223,529.36
0.00%
0.00
0.00
NR
0.00
90BOFA$00 Cash BOA Cash Acct
334,924.56 Various
334,924.56
1.00
334,924.56
0.17%
NR/NR
0.00
0.25%
334,924.56
0.25%
0.00
0.00
NR
0.00
27 Q11
DocuSign Envelope ID: 1B402188-3A73-46F1-87CC-E2B36D2F262E
Holdings Report
City of Tustin Consolidated Account - Account #10795
As of March 31, 2023
CBGMMF$03
Citizens Business Bank Citizens Business Bank Cash
7,685,776.40
Various
7,685,776.40
1.00
7,685,776.40
3.83%
NR/NR
0.00
0.00%
7,685,776.40
0.00%
0.00
0.00
NR
0.00
8,244,230.32
8,244,230.32
4.11%
NR/NR
0.00
TOTAL Cash
8,244,230.32
0.01%
8,244,230.32
0.01%
0.00
0.00
NR
0.00
CMO
3137BDCW4
FHLMC K039 A2
1,000,000.00
04/19/2022
1,007,968.75
98.02
980,198.00
0.49%
NR/NR
1.32
3.303% Due 07/25/2024
2.75%
1,004,540.80
4.95%
2,752.50
(24,342.80)
AAA
1.09
1,007,968.75
980,198.00
0.49%
NR / NR
1.32
TOTAL CMO
1,000,000.00
2.75%
1,004,540.80
4.95%
2,752.50
(24,342.80)
AAA
1.09
Commercial Paper
62479MY64
MUFG Bank Ltd/NY Discount CP
2,000,000.00
03/28/2023
1,936,853.33
96.89
1,937,706.66
0.97%
P-1 / A-1
0.60
5.120% Due 11/06/2023
5.34%
1,937,706.66
5.34%
0.00
0.00
NR
0.59
1,936,853.33
1,937,706.66
0.97%
P-1 / A-1
0.60
TOTAL Commercial
Paper
2,000,000.00
5.34%
1,937,706.66
5.34%
0.00
0.00
NR
0.59
Corporate
89236TFNO
Toyota Motor Credit Corp Note
1,000,000.00
02/28/2019
1,019,000.00
99.10
991,007.00
0.49%
Al / A+
0.47
3.450% Due 09/20/2023
3.00%
1,001,962.76
5.41%
1,054.17
(10,955.76)
A+
0.46
79466LAG9
Salesforce.com Inc Callable Note Cont 7/15/2022
1,000,000.00
04/25/2022
951,860.00
94.98
949,788.00
0.47%
A2 / A+
1.29
0.625% Due 07/15/2024
2.88%
972,007.48
4.68%
1,319.44
(22,219.48)
NR
1.25
59217GEPO
Metlife Note
1,000,000.00
01/18/2022
979,170.00
93.88
938,811.00
0.47%
Aa3 / AA-
1.50
0.700% Due 09/27/2024
1.49%
988,427.78
5.02%
77.78
(49,616.78)
AA-
1.45
24422EVY2
John Deere Capital Corp Note
1,000,000.00
02/04/2022
985,080.00
94.67
946,698.00
0.47%
A2 / A
1.78
1.250% Due 01/10/2025
1.78%
990,910.97
4.40%
2,812.50
(44,212.97)
A+
1.72
57629WCG3
Mass Mutual Global funding Note
1,000,000.00
03/23/2022
1,004,360.00
96.55
965,538.00
0.48%
Aa3 / AA+
1.79
2.950% Due 01/11/2025
2.79%
1,002,774.55
5.00%
6,555.56
(37,236.55)
AA+
1.69
64952WEK5
New York Life Global Note
1,000,000.00
01/18/2022
996,780.00
94.47
944,711.00
0.47%
Aaa / AA+
1.79
1.450% Due 01/14/2025
1.56%
998,068.00
4.71%
3,101.39
(53,357.00)
AAA
1.72
63743HFC1
National Rural Utilities Note
1,000,000.00
03/23/2022
972,740.00
94.82
948,196.00
0.47%
A2 / A-
1.86
1.875% Due 02/07/2025
2.87%
982,397.83
4.83%
2,812.50
(34,201.83)
A
1.78
57636QAN4
MasterCard Inc Callable Note 1x 02/03/2025
500,000.00
11/01/2021
515,365.00
95.66
478,312.50
0.24%
Aa3 / A+
1.93
2.000% Due 03/03/2025
1.06%
508,870.25
4.38%
777.78
(30,557.75)
NR
1.85
28 Q11
DocuSign Envelope ID: 1B402188-3A73-46F1-87CC-E2B36D2F262E
Holdings Report
City of Tustin Consolidated Account - Account #10795
As of March 31, 2023
69371RR73
Paccar Financial Corp Note
1,000,000.00
03/31/2022
999,740.00
96.54
965,412.00
0.49%
Al / A+
2.02
2.850% Due 04/07/2025
2.86%
999,825.16
4.67%
13,775.00
(34,413.16)
NR
1.90
87612EBL9
Target Corp Callable Note Cont 4/15/25
1,000,000.00
02/04/2022
1,010,340.00
96.08
960,754.00
0.48%
A2 / A
2.04
2.250% Due 04/15/2025
1.91%
1,006,629.35
4.28%
10,375.00
(45,875.35)
A
1.94
437076CM2
Home Depot Callable Note Cont 3/15/2025
1,000,000.00
03/28/2022
995,620.00
96.69
966,927.00
0.49%
A2 / A
2.04
2.700% Due 04/15/2025
2.85%
997,065.56
4.41%
12,450.00
(30,138.56)
A
1.93
61747YEQ4
Morgan Stanley Callable Note S/A 4/17/2024
1,000,000.00
06/01/2022
1,000,910.00
98.17
981,677.00
0.50%
Al / A-
2.05
3.620% Due 04/17/2025
4.43%
1,000,648.02
5.43%
16,491.11
(18,971.02)
A+
0.99
06406RAN7
Bank of NY Mellon Corp Callable Note Cont 3/24/2025
1,000,000.00
02/04/2022
989,120.00
92.95
929,472.00
0.47%
Al / A
2.07
1.600% Due 04/24/2025
1.95%
992,994.43
5.25%
6,977.78
(63,522.43)
AA-
1.97
06367WB85
Bank of Montreal Note
1,000,000.00
08/17/2021
1,034,530.00
93.66
936,588.00
0.47%
A2 / A-
2.09
1.850% Due 05/01/2025
0.90%
1,019,450.28
5.10%
7,708.33
(82,862.28)
AA-
1.99
91159HHZ6
US Bancorp Callable Note Cont 4/11/2025
1,400,000.00
12/23/2021
1,406,818.00
92.08
1,289,145.20
0.65%
A2 / A+
2.12
1.450% Due 05/12/2025
1.30%
1,404,275.79
5.47%
7,838.06
(115,130.59)
A+
2.02
747525AFO
Qualcomm Inc Callable Note Cont 2/20/2025
1,000,000.00
03/23/2022
1,018,960.00
98.15
981,547.00
0.50%
A2 / A
2.14
3.450% Due 05/20/2025
2.82%
1,012,837.50
4.36%
12,554.17
(31,290.50)
NR
2.01
717081EX7
Pfizer Inc. Callable Note Cont 4/28/2025
1,000,000.00
03/23/2022
945,010.00
92.75
927,530.00
0.46%
Al / A+
2.16
0.800% Due 05/28/2025
2.62%
962,644.72
4.35%
2,733.33
(35,114.72)
A
2.09
66815L2J7
Northwestern Mutual Glbl Note
700,000.00
06/30/2022
703,738.00
98.53
689,742.90
0.35%
Aaa / AA+
2.25
4.000% Due 07/01/2025
3.81%
702,813.77
4.69%
7,000.00
(13,070.87)
AAA
2.10
26442UAA2
Duke Energy Progress LLC Callable Note Cont 5/15/25
1,000,000.00
04/25/2022
1,000,280.00
96.91
969,056.00
0.48%
Aaa / A
2.38
3.250% Due 08/15/2025
3.24%
1,000,201.29
4.64%
4,152.78
(31,145.29)
NR
2.24
194162AM5
Colgate Palmolive Co. Note
345,000.00
08/01/2022
344,682.60
97.45
336,195.95
0.17%
Aaa / AA-
2.38
3.100% Due 08/15/2025
3.13%
344,750.29
4.24%
1,366.58
(8,554.34)
NR
2.25
89114QCK2
Toronto Dominion Bank Note
1,000,000.00
08/17/2021
993,000.00
90.15
901,517.00
0.45%
Al / A
2.45
0.750% Due 09/11/2025
0.93%
995,783.02
5.09%
416.67
(94,266.02)
AA-
2.36
14913R2H9
Caterpillar Financial Service Note
1,000,000.00
04/21/2021
991,780.00
91.24
912,442.00
0.46%
A2 / A
2.62
0.800% Due 11/13/2025
0.98%
995,275.35
4.38%
3,066.67
(82,833.35)
A
2.53
857477BR3
State Street Bank Callable Note Cont 2/6/2025
1,000,000.00
Various
978,258.70
93.89
938,856.00
0.47%
Al / A
2.86
1.746% Due 02/06/2026
3.57%
983,978.48
5.25%
2,667.50
(45,122.48)
AA-
1.78
06051GHY8
Bank of America Corp Callable Note Cont 2/13/2025
1,000,000.00
04/20/2021
1,030,470.00
93.69
936,901.00
0.47%
A2 / A-
2.88
2.015% Due 02/13/2026
2.13%
1,018,181.47
5.61%
2,686.67
(81,280.47)
AA-
1.79
29 Q1
DocuSign Envelope ID: 1B402188-3A73-46F1-87CC-E2B36D2F262E
Holdings Report
City of Tustin Consolidated Account - Account #10795
As of March 31, 2023
46647PBK1
JP Morgan Chase & Co Callable Note Cont 4/22/2025
2,000,000.00
Various
2,072,110.00
93.57
1,871,464.00
0.94%
Al / A-
3.06
2.083% Due 04/22/2026
2.24%
2,046,754.44
5.42%
18,399.84
(175,290.44)
AA-
1.95
00440EAV9
Chubb INA Holdings Inc Callable Note Cont 2/3/2026
1,000,000.00
07/23/2021
1,102,780.00
96.72
967,153.00
0.49%
A3 / A
3.09
3.350% Due 05/03/2026
1.13%
1,066,591.52
4.50%
13,772.22
(99,438.52)
A
2.85
023135BX3
Amazon.com Inc Callable Note Cont 4/12/2026
1,000,000.00
05/12/2021
995,200.00
90.66
906,641.00
0.45%
Al / AA
3.12
1.000% Due 05/12/2026
1.10%
997,007.89
4.23%
3,861.11
(90,366.89)
AA-
3.00
808513BR5
Charles Schwab Corp Callable Note Cont 4/13/2026
1,000,000.00
07/23/2021
1,007,990.00
87.79
877,887.00
0.44%
A2 / A
3.12
1.150% Due 05/13/2026
0.98%
1,005,192.82
5.46%
4,408.33
(127,305.82)
A
2.97
91324PEC2
United Health Group Inc Callable Note Cont 4/15/2026
1,000,000.00
07/28/2021
1,007,110.00
90.93
909,250.00
0.46%
A3 / A+
3.13
1.150% Due 05/15/2026
1.00%
1,004,631.66
4.29%
4,344.44
(95,381.66)
A
2.99
78016EZT7
Royal Bank of Canada Note
1,000,000.00
07/28/2021
999,090.00
89.67
896,706.00
0.45%
Al / A
3.29
1.150% Due 07/14/2026
1.17%
999,396.69
4.57%
2,459.72
(102,690.69)
AA-
3.15
931142ERO
Wal-Mart Stores Callable Note Cont 08/17/2026
900,000.00
09/22/2021
902,277.00
90.15
811,317.60
0.40%
Aa2 / AA
3.47
1.050% Due 09/17/2026
1.00%
901,583.51
4.13%
367.50
(90,265.91)
AA
3.33
665859AW4
Northern Trust Company Callable Note Cont 4/10/2027
1,000,000.00
01/30/2023
986,540.00
97.97
979,654.00
0.50%
A2 / A+
4.11
4.000% Due 05/10/2027
4.35%
987,049.39
4.55%
15,666.67
(7,395.39)
A+
3.68
31,940,709.30
30,006,897.15
15.04%
Al / A+
2.37
TOTAL Corporate
31,845,000.00
2.15%
31,890,982.02
4.82%
194,050.60
(1,884,084.87)
AA-
2.10
LAW
or
90LAIF$00
Local Agency Investment Fund State Pool
35,215,729.34
Various
35,215,729.34
1.00
35,215,729.34
17.72%
NR/NR
0.00
2.88%
35,215,729.34
2.88%
363,632.93
0.00
NR
0.00
35,215,729.34
35,215,729.34
17.72%
NR/NR
0.00
TOTAL LAIF
35,215,729.34
2.88%
35,215,729.34
2.88%
363,632.93
0.00
NR
0.00
30 Q11
DocuSign Envelope ID: 1B402188-3A73-46F1-87CC-E2B36D2F262E
Holdings Report
City of Tustin Consolidated Account - Account #10795
Local Gov Investment Pool
90CAMP$00 California Asset Mgmt Program CAMP 71,784,897.98 Various 71,784,897.98 1.00 71,784,897.98
4.92% 71,784,897.98 4.92% 0.00
As of March 31, 2023
35.75% NR/AAA 0.00
0.00 NR 0.00
71,784,897.98 71,784,897.98 35.75% NR / AAA 0.00
TOTAL Local Gov Investment Pool 71,784,897.98 4.92% 71,784,897.98 4.92% 0.00 0.00 NR 0.00
Money Market Fund
31846V203 First American Govt Obligation Fund Class Y
3,534,965.41 Various
3,534,965.41
1.00
3,534,965.41
1.76%
Aaa / AAA
0.00
4.32%
3,534,965.41
4.32%
0.00
0.00
AAA
0.00
31846V203 First American Govt Obligation Fund Class Y
241,506.98 Various
241,506.98
1.00
241,506.98
0.12%
Aaa / AAA
0.00
4.32%
241,506.98
4.32%
0.00
0.00
AAA
0.00
3,776,472.39
3,776,472.39
1.88%
Aaa / AAA
0.00
TOTAL Money Market Fund
3,776,472.39 4.32%
3,776,472.39
4.32%
0.00
0.00
AAA
0.00
Negotiable CD
795450M93
Sallie Mae Bank Negotiable CD
245,000.00
04/18/2018
245,000.00
99.90
244,759.66
0.12%
NR/NR
0.05
3.000% Due 04/18/2023
3.00%
245,000.00
4.93%
3,322.60
(240.34)
NR
0.05
903481CW8
UBS Bank USA Negotiable CD
248,000.00
06/13/2018
248,000.00
99.65
247,130.51
0.12%
NR/NR
0.20
3.250% Due 06/13/2023
3.25%
248,000.00
4.99%
419.56
(869.49)
NR
0.20
246399AB5
Delaware State Police FCU Negotiable CD
246,000.00
03/29/2019
246,000.00
97.96
240,973.48
0.12%
NR/NR
1.00
3.000% Due 03/29/2024
3.00%
246,000.00
5.13%
60.66
(5,026.52)
NR
0.97
14042TJB4
Capital One Bank USA NA Negotiable CD
240,000.00
08/01/2022
239,640.00
96.74
232,183.44
0.12%
NR/NR
2.35
3.450% Due 08/04/2025
3.50%
239,719.09
4.93%
1,293.04
(7,535.65)
NR
2.21
02007GXF5
Ally Bank Negotiable CD
240,000.00
08/02/2022
239,280.00
96.63
231,920.16
0.12%
NR/NR
2.35
3.400% Due 08/04/2025
3.51%
239,437.66
4.93%
1,251.95
(7,517.50)
NR
2.21
87165EXE2
Synchrony Bank Negotiable CD
240,000.00
08/01/2022
239,640.00
96.63
231,912.00
0.12%
NR/NR
2.35
3.400% Due 08/05/2025
3.45%
239,718.50
4.93%
1,229.59
(7,806.50)
NR
2.21
254673P26
Discover Bank Negotiable CD
240,000.00
08/01/2022
239,280.00
96.62
231,887.52
0.12%
NR/NR
2.36
3.400% Due 08/08/2025
3.51%
239,435.04
4.93%
1,162.52
(7,547.52)
NR
2.22
38149MYS6
Goldman Sachs Bank USA Negotiable CD
245,000.00
08/17/2021
243,775.00
88.03
215,669.58
0.11%
NR/NR
3.41
1.050% Due 08/25/2026
1.15%
244,166.79
4.91%
246.68
(28,497.21)
NR
3.27
_
1,940,615.00
1,876,436.35
0.94%
NR/NR
1.71
TOTAL Negotiable CD
1,944,000.00
3.04%
1,941,477.08
4.96%
8,986.60
(65,040.73)
NR
1.63
31 Q11
DocuSign Envelope ID: 1B402188-3A73-46F1-87CC-E2B36D2F262E
Holdings Report As of March 31, 2023
City of Tustin Consolidated Account - Account #10795
US Treasury
9128281369
US Treasury Note
1,250,000.00
03/23/2022
1,248,828.13
99.50
1,243,800.00
0.62%
Aaa / AA+
0.17
1.625% Due 05/31/2023
1.70%
1,249,837.62
4.58%
6,808.04
(6,037.62)
AAA
0.17
912828S92
US Treasury Note
1,250,000.00
03/23/2022
1,239,697.27
98.84
1,235,547.50
0.62%
Aaa / AA+
0.33
1.250% Due 07/31/2023
1.87%
1,247,476.46
4.73%
2,589.78
(11,928.96)
AAA
0.33
9128282D1
US Treasury Note
1,300,000.00
05/18/2022
1,283,191.41
98.63
1,282,175.70
0.64%
Aaa / AA+
0.42
1.375% Due 08/31/2023
2.40%
1,294,552.44
4.73%
1,554.35
(12,376.74)
AAA
0.41
912796CQO
US Treasury Bill
4,000,000.00
03/29/2023
3,913,218.67
97.86
3,914,251.78
1.95%
P-1 / A-1+
0.46
4.649% Due 09/14/2023
4.82%
3,914,251.78
4.82%
0.00
0.00
F-1+
0.45
912828T91
US Treasury Note
1,200,000.00
04/25/2022
1,187,296.88
98.23
1,178,812.80
0.59%
Aaa / AA+
0.59
1.625% Due 10/31/2023
2.34%
1,195,107.12
4.73%
8,187.85
(16,294.32)
AAA
0.57
912828U57
US Treasury Note
1,250,000.00
03/23/2022
1,251,416.02
98.32
1,229,003.75
0.62%
Aaa / AA+
0.67
2.125% Due 11/30/2023
2.06%
1,250,558.59
4.71%
8,902.82
(21,554.84)
AAA
0.65
912828V80
US Treasury Note
1,250,000.00
03/23/2022
1,252,832.03
97.96
1,224,462.50
0.61%
Aaa / AA+
0.84
2.250% Due 01/31/2024
2.12%
1,251,274.00
4.77%
4,661.60
(26,811.50)
AAA
0.81
912828X70
US Treasury Note
1,250,000.00
03/23/2022
1,245,019.53
97.25
1,215,673.75
0.61%
Aaa / AA+
1.08
2.000% Due 04/30/2024
2.19%
1,247,438.43
4.63%
10,497.24
(31,764.68)
AAA
1.04
912828WJ5
US Treasury Note
1,000,000.00
04/25/2022
998,593.75
97.80
977,969.00
0.49%
Aaa / AA+
1.13
2.500% Due 05/15/2024
2.57%
999,231.25
4.53%
9,461.33
(21,262.25)
AAA
1.08
91282CCL3
US Treasury Note
1,250,000.00
03/23/2022
1,197,802.73
94.98
1,187,305.00
0.59%
Aaa / AA+
1.29
0.375% Due 07/15/2024
2.24%
1,220,870.95
4.41%
984.12
(33,565.95)
AAA
1.26
9128282U3
US Treasury Note
1,250,000.00
03/23/2022
1,238,085.94
96.61
1,207,568.75
0.60%
Aaa / AA+
1.42
1.875% Due 08/31/2024
2.28%
1,243,073.53
4.37%
2,038.04
(35,504.78)
AAA
1.37
912828YM6
US Treasury Note
1,250,000.00
03/23/2022
1,224,902.34
95.80
1,197,461.25
0.60%
Aaa / AA+
1.59
1.500% Due 10/31/2024
2.30%
1,234,735.77
4.27%
7,872.93
(37,274.52)
AAA
1.53
912828YV6
US Treasury Note
1,250,000.00
03/23/2022
1,223,486.33
95.64
1,195,507.50
0.60%
Aaa / AA+
1.67
1.500% Due 11/30/2024
2.32%
1,233,557.20
4.23%
6,284.34
(38,049.70)
AAA
1.61
912828YYO
US Treasury Note
1,300,000.00
05/18/2022
1,263,335.94
95.94
1,247,187.50
0.62%
Aaa / AA+
1.76
1.750% Due 12/31/2024
2.88%
1,275,480.67
4.18%
5,718.92
(28,293.17)
AAA
1.69
91282CBH3
US Treasury Note
2,000,000.00
04/27/2021
1,957,500.00
90.78
1,815,546.00
0.90%
Aaa / AA+
2.84
0.375% Due 01/31/2026
0.83%
1,974,680.85
3.84%
1,243.09
(159,134.85)
AAA
2.77
91282CBT7
US Treasury Note
2,000,000.00
04/27/2021
1,989,531.25
91.49
1,829,766.00
0.91%
Aaa / AA+
3.00
0.750% Due 03/31/2026
0.86%
1,993,624.43
3.78%
40.98
(163,858.43)
AAA
2.92
91282CFM8
US Treasury Note
1,740,000.00
11/09/2022
1,724,978.91
101.88
1,772,760.72
0.88%
Aaa / AA+
4.50
4.125% Due 09/30/2027
4.32%
1,726,173.87
3.67%
196.11
46,586.85
AAA
4.08
32 Q1
DocuSign Envelope ID: 1B402188-3A73-46F1-87CC-E2B36D2F262E
I Holdings Report
City of Tustin Consolidated Account - Account #10795
As of March 31, 2023
91282CGH8 US Treasury Note 1,500,000.00 02/23/2023 1,458,281.25
99.48 1,492,149.00
0.75%
Aaa / AA+
4.84
3.500% Due 01/31/2028 4.13% 1,459,023.74
3.62% 8,701.66
33,125.26
AAA
4.39
26,897,998.38
26,446,948.50
13.22%
Aaa / AA+
1.63
TOTAL US Treasury 27,290,000.00 2.65% 27,010,948.70
4.36% 85,743.20
(564,000.20)
AAA
1.54
202,752,825.90 200,074,872.72 100.00% Aa2 / AAA 0.70
TOTAL PORTFOLIO 203,600,330.03 3.49% 202,853,579.92 4.24% 696,806.46 (2,778,707.20) AA+ 0.65
TOTAL MARKET VALUE PLUS ACCRUALS 200,771,679.18
33 C1"
,CDocuSign Envelope ID: 1B402188-3A73-46F1-87CC-E2B36D2F262E
T
Section 4 1 Transactions
W40
DocuSign Envelope ID: 1B402188-3A73-46F1-87CC-E2B36D2F262E
ITransaction Ledger
City of Tustin Consolidated Account - Account #10795
December 31, 2022 through March 31, 2023
As of March 31, 2023
ACQUISITIONS
Purchase
01/13/2023
90LAIF$00
350,183.47
Local Agency Investment Fund State Pool
1.000
2.23%
350,183.47
0.00
350,183.47
0.00
Purchase
01/31/2023
90CAMP$00
263,970.84
California Asset Mgmt Program CAMP
1.000
4.56%
263,970.84
0.00
263,970.84
0.00
Purchase
02/01/2023
665859AW4
1,000,000.00
Northern Trust Company Callable Note Cont
98.654
4.35%
986,540.00
9,000.00
995,540.00
0.00
4/10/2027
4% Due:05/10/2027
Purchase
02/28/2023
90CAMP$00
258,672.61
California Asset Mgmt Program CAMP
1.000
4.75%
258,672.61
0.00
258,672.61
0.00
Purchase
02/28/2023
91282CGH8
1,500,000.00
US Treasury Note
97.219
4.13%
1,458,281.25
4,060.77
1,462,342.02
0.00
3.5% Due: 01/31/2028
Purchase
03/29/2023
313384RB7
3,000,000.00
FHLB Discount Note
96.468
4.84%
2,894,053.33
0.00
2,894,053.33
0.00
4.64% Due: 12/28/2023
Purchase
03/29/2023
313384SV2
2,000,000.00
FHLB Discount Note
95.962
4.81%
1,919,244.44
0.00
1,919,244.44
0.00
4.6% Due: 02/08/2024
Purchase
03/29/2023
62479MY64
2,000,000.00
MUFG Bank Ltd/NY Discount CP
96.843
5.34%
1,936,853.33
0.00
1,936,853.33
0.00
5.12% Due: 11/06/2023
Purchase
03/30/2023
912796CQO
4,000,000.00
US Treasury Bill
97.830
4.82%
3,913,218.67
0.00
3,913,218.67
0.00
4.649% Due: 09/14/2023
Purchase
03/31/2023
313384NH8
3,000,000.00
FHLB Discount Note
97.293
4.92%
2,918,801.67
0.00
2,918,801.67
0.00
4.73% Due: 10/23/2023
Purchase
03/31/2023
313384RR2
3,000,000.00
FHLB Discount Note
96.346
4.80%
2,890,366.67
0.00
2,890,366.67
0.00
4.6% Due: 01/11/2024
Purchase
03/31/2023
90CAMP$00
291,310.92
California Asset Mgmt Program CAMP
1.000
4.92%
291,310.92
0.00
291,310.92
0.00
Subtotal
20,664,137.84
20,081,497.20
13,060.77
20,094,557.97
0.00
Security
01/31/2023
90CAMP$00
6,285,000.00
California Asset Mgmt Program CAMP
1.000
6,285,000.00
0.00
6,285,000.00
0.00
Contribution
Subtotal
6,285,000.00
6,285,000.00
0.00
6,285,000.00
0.00
TOTAL ACQUISITIONS
26,949,137.84
26,366,497.20
13,060.77
26,379,557.97
0.00
35 C1"
DocuSign Envelope ID: 1B402188-3A73-46F1-87CC-E2B36D2F262E
ITransaction Ledger
City of Tustin Consolidated Account - Account #10795
December 31, 2022 through March 31, 2023
As of March 31, 2023
DISPOSITIONS
Maturity 01/31/2023 91282CBG5 1,000,000.00 US Treasury Note 100.000 1,000,000.00 0.00 1,000,000.00 0.00
0.125% Due:01/31/2023
Maturity 02/28/2023 91282CBNO 1,250,000.00 US Treasury Note 100.000 1,250,000.00 0.00 1,250,000.00 0.00
0.125% Due:02/28/2023
Subtotal
2,250,000.00
2,250,000.00
0.00
2,250,000.00
0.00
Security
01/11/2023
90LAIF$00
1,565,000.00
Local Agency Investment Fund State Pool
1.000
1,565,000.00
0.00
1,565,000.00
0.00
Withdrawal
Security
01/19/2023
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
Withdrawal
Security
01/20/2023
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
03/03/2023
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
Withdrawal
Security
03/24/2023
90LAIF$00
9,000,000.00
Local Agency Investment Fund State Pool
1.000
9,000,000.00
0.00
9,000,000.00
0.00
Withdrawal
Security
03/27/2023
90LAIF$00
11,000,000.00
Local Agency Investment Fund State Pool
1.000
11,000,000.00
0.00
11,000,000.00
0.00
Withdrawal
Subtotal 31,565,000.00 31,565,000.00 0.00 31,565,000.00 0.00
TOTAL DISPOSITIONS 33,815,000.00 33,815,000.00 0.00 33,815,000.00 0.00
36 C11%
DocuSign Envelope ID: 1B402188-3A73-46F1-87CC-E2B36D2F262E
IImportant Disclosures As of March 31,2O23
2023 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.
37 cJ"
DocuSign Envelope ID: lB402188-3A73-46F1-87CC-E2B36D2F262E
Benchmark Disclosures As of March 31,2023
ICE BofA 1-5 Yr US Treasury & Agency Index
The ICE BofA 1-5 Year US Treasury & Agency Index tracks the performance of US dollar denominated US Treasury and nonsubordinated US agency debt issued in the US domestic market. Qualifying
securities must have an investment grade rating (based on an average of Moody's, S&P and Fitch). Qualifying securities must have at least one year remaining term to final maturity and less than five
years remaining term to final maturity, at least 18 months to maturity at time of issuance, a fixed coupon schedule, and a minimum amount outstanding of $1 billion for sovereigns and $250 million for
agencies.
ICE BofA 1-3 Yr US Treasury & Agency Index
The ICE BofA 1-3 Year US Treasury & Agency Index tracks the performance of US dollar denominated US Treasury and nonsubordinated US agency debt issued in the US domestic market. Qualifying
securities must have an investment grade rating (based on an average of Moody's, S&P and Fitch). Qualifying securities must have at least one year remaining term to final maturity and less than three
years remaining term to final maturity, at least 18 months to maturity at time of issuance, a fixed coupon schedule, and a minimum amount outstanding of $1 billion for sovereigns and $250 million for
agencies.
38 cJT&: ,
DocuSign Envelope ID: 1B402188-3A73-46F1-87CC-E2B36D2F262E
CITY OF TUSTIN
Monthly Investment Report
March 31, 2023
Restricted Deposits with Fiscal Agents
Ill
Description / Limits
[21 [31 [4]
Face Amount Shares YTM@Cost Credit Rating Cost Value+Accrued
Interest
151
Market Value
2016 Successor Agency Tax Allocation Bonds, Refunding
1,194.16
N/A
1,194.16
1,194.16
2016 Water Revenue Bonds, Refunding
343,858.73
N/A
343,858.73
343,858.73
2012 Water Revenue Bonds - Refunding
979,790.32
N/A
979,790.32
979,790.32
2020 Water Revenue Bonds
405,680.28
N/A
405,680.28
405,680.28
CFD 04-1
839,976.05
N/A
839,976.05
839,976.05
CFD 06-1
5,087,177.00
N/A
5,087,177.00
5,087,177.00
CFD 07-1
1,399,037.75
N/A
1,399,037.75
1,399,037.75
CFD 14-1
3,117,417.87
N/A
3,117,417.87
3,117,417.87
12,174,132.16
12,174,132.16
12,174,132.16
Restricted Deposits
with Fiscal Agents TOTAL
12,174,132.16
12,174,132.16
DocuSign Envelope ID: lB402188-3A73-46F1-87CC-E2B36D2F262E
PUBLIC
AGENCY
RETIREMENT
SERVICES PARS
CITY OF TUSTIN Account Report for the Period
PARS Post -Employment Benefits Trust 3/1/2023 to 3/31/2023
Matthew West
City Manager
City of Tustin
300 Centennial Way
Tustin, CA 92780
Account Summary
Balance as of Balance as of
Source
3/1/2023 Contributions Earnings Expenses Distributions Transfers 3/31/2023
OPEB
$2,785,243.97 $500,000.00 $64,598.88 $1,215.34 $0.00 $0.00 $3,348,627.51
PENSION
$8,476,576.25 $2,000,000.00 $206,446.01 $3,698.09 $0.00 $0.00 $10,679,324.17
Totals
$11,261,820.22 $2,500,000.00 $271,044.89 $4,913.43 $0.00 $0.00 $14,027,951.68
Investment Selection
Source
OPEB
City of Tustin - OPEB
PENSION
City of Tustin - Pension
Investment
Objective
Source
Individual account based on Moderate Index PLUS. The dual goals of the Moderate Strategy are growth of principal and income. It is expected that
OPEB
dividend and interest income will comprise a significant portion of total return, although growth through capital appreciation is equally important. The
portfolio will be allocated between equity and fixed income investments.
Individual account based on Moderate Index PLUS. The dual goals of the Moderate Strategy are growth of principal and income. It is expected that
PENSION
dividend and interest income will comprise a significant portion of total return, although growth through capital appreciation is equally important. The
portfolio will be allocated between equity and fixed income investments.
Investment Return
Annualized Return
Source 1-Month 3-Months 1-Year 3-Years 5-Years 10-Years Plan's Inception Date
OPEB 2.02% 4.39% -5.42% 7.19% 6/26/2018
PENSION 2.04% 4.41% -5.40% 7.19% 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