HomeMy WebLinkAbout05 QUARTERLY INVESTMENT REPORTDocuSign Envelope ID: 6EA22186-1 F25-4BFA-9167-587106976A9F
Agenda Item 5—
Reviewed: Ds
'' ` - AGENDA REPORT City Manager
Finance Director
MEETING DATE: NOVEMBER 7, 2023
TO: NICOLE BERNARD, ACTING 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 SEPTEMBER 30, 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 September 30, 2023 is rendered.
The City's total cash and investments amounted to approximately $213 million as of September 30,
2023. The weighted average yield for the investment portfolio was 4.3%, which is 30 basis points
higher than the weighted average portfolio yield for the prior quarter. The primary reason for the
increase in the average portfolio yield is due to continuing upward movement in shorter -term
Treasury bonds. The Federal Open Market Committee (FOMC) maintained the target Federal Funds
rate in the current range of 5.25%-5.50% at its September meeting. However, the labor market
remains robust and the national unemployment rate low at 3.8%. The FOMC continues to focus on
bringing down the inflation growth toward their 2% target, which leaves the option open for more rate
hikes in the future. As a result, the 2-year Treasury yield increased to 5.05% by September 2023,
compared to a yield of 4.9% in June 2023. The 5-year Treasury yield increased to 4.61% by
September 2023, compared to a yield of 4.16% in June 2023.
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Quarterly Investment Report for the Period Ending September 30, 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 $10.6 million on
September 30, 2023. The five-year annualized return for the PARS Pension Trust Fund was 3.73%.
PARS OPEB Trust
The City has also made $3 million in contributions into an Other Post -Employment Benefits (OPEB)
Trust since the trust's inception. 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 on September 30, 2023. The five-year annualized return for the PARS
OPEB Trust Fund was 3.71 %.
Investment Compliance Certification
On October 26, 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 six (6) 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.
Jennifer King
Finance Director/City Treasurer
Attachments: Investment Report Certification
Quarterly Investment Report for the Period Ending September 30, 2023
Restricted Deposits with Fiscal Agents as of September 30, 2023
PARS Trust Statement as of September 30, 2023
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FINANCE DEPARTMENT
Remembering what connects us.
October 26, 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 September 30, 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 • tustinca.org
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INVESTMENT REPORT
City of Tustin
Period Ending September 30, 2023
CHANDLER
it% ASSET MANAGEMENT
CHANDLER ASSET MANAGEMENT, INC. 1 800.317.4747 1 www.chandlerasset.com
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ITable of Contents
SECTION 1
SECTION 2
SECTION 3
SECTION 4
SECTION 5
Economic Update
Account Profile
Consolidated Information
Portfolio Holdings
Transactions
As of September 30, 2023
1 Q,tj
V 111111
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Section 1 1 Economic Update
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Economic Update
Recent economic data continues to suggest positive but below trend growth this year. Labor markets remain solid, and the U.S. consumer
has demonstrated resiliency. Inflationary trends are subsiding, but core levels remain well above the Fed's target. Given the cumulative
effects of restrictive monetary policy and tighter financial conditions, we believe the economy will gradually soften and the Fed will remain
data dependent as they tread cautiously going forward.
■ As anticipated at the September meeting, the Federal Open Market Committee voted unanimously to maintain the target Federal Funds at
the range of 5.25 - 5.50%. The Fed's Summary of Economic Projections (SEP) also revealed expectations of higher economic growth, reduced
unemployment, and a gradual easing of inflation compared to earlier forecasts. The Fed is continuing to focus on achieving price stability
and bringing inflation down toward their 2% policy objective, while leaving the option open for the possibility of additional rate hikes in the
future if needed.
■ The yield curve remained inverted in September. The 2-year Treasury yield increased 18 basis points to 5.05%, the 5-year Treasury yield
rose 36 basis points to 4.61%, and the 10-year Treasury yield increased 46 basis points to 4.57%. The inversion between the 2-year
Treasury yield and 10-year Treasury yield narrowed to -48 basis points at September month -end versus -76 basis points at August month -
end. The spread between the 2-year Treasury and 10-year Treasury yield one year ago was -45 basis points. The inversion between 3-month
and 10-year Treasuries narrowed to -88 basis points in September from -134 basis points in August. The shape of the yield curve indicates
that the probability of recession persists.
3 QtJ
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Employment
1,000
0
0
600
M
o 400
0
s
H
lkIII
av
ho
c
s 0
U
0 -200
-400
Nonfarm Payroll (000's)
sip �dr sPb �dr sip
1�p 19 1'9 �0 ��
Source: US Department of Labor
a
c�
25.0%
20.0%
15.0%
10.0%
5.0 %
Unemployment Rate
0.0 %
Sip` SOb 2ldr, SP;0 �dr, Spa`
l,9 _,,9 �p _O
Source: US Department of Labor
Underemployment Rate (U6)
Unemployment Rate (U3)
2ldr SPA` 2ldr Sip` �dr, S�,�`
The U.S. economy added 336,000 jobs in September, exceeding consensus expectations of 170,000, and the last two months were revised
upward by 119,000 jobs. The largest gains came from leisure and hospitality, bringing restaurant and bar employment back in -line with
pre -pandemic levels. The pace of job growth has picked up recently, with the three-month moving average payrolls at 266,000 and the six-
month moving average at 234,000. The unemployment rate was unchanged at 3.8%, and the labor participation rate was consistent with
last month's report at 62.8%. The U-6 underemployment rate, which includes those who are marginally attached to the labor force and
employed part time for economic reasons declined slightly to 7.0% from the prior month at 7.1%. Average hourly earnings declined to
4.2% year -over -year in September from 4.3% in August. Employment remains strong by historical standards.
AM 4 %rIT& k,
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IJob Openings & Labor Turnover Survey
14,000
Recession
12,000
Historical Average
10,000
JA
0
0
8,000
c
M
c 6,000
s
F
c
4,000
2,000
Job Openings
0
a°'O 6°'O 6°'O 6°'O a°'O a°'O 6°'O a°'.l e° Z e° l e° 1 e° 1 ",-Is a° 1 6° 1 6° I6Q 6° Z 6°� 6°�
.�' V S 6 � cQ 9 O .l � .>' A 6 9 O .l
Source: US Department of Labor
The Labor Department's Job Openings and Labor Turnover Survey (JOLTS) unexpectedly increased to 9.61 million in August from a revised
8.92 million in July. The level significantly surpassed the survey of Bloomberg economists' expectations of 8.82 million and reflects
approximately 1.5 job openings per available worker. Although JOLTS was an upside surprise, the quits rate remained at a benign 2.3%
for August, well below its 3.0% peak in April 2022. Fewer quits can imply that workers are less confident in their ability to find another
job in the current market. The current level of job openings remains elevated from a historical perspective.
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Inflation
10.0%
9.0 %
8.0 %
7.0 %
a
6.0%
5.0 %
0
>- 4.0 %
0
3.0 %
2.0 %
1.0 %
0.0 %
Consumer Price Index (CPI)
10.0%
9.0 %
8.0 %
7.0 %
r 6.0%
M
5.0 %
0
} 4.0 %
0
' 3.0 %
2.0 %
1.0 %
0.0 %
Personal Consumption Expenditures (PCE)
q�,g �0,6 q�,� x1,6 9`� �06 q�,g �0,6 q�,� �06��°b �G� ��°b 9`� ��°b q�,� ��°b q�,g ��°6 q�,g
jcP _,9 l9 �O �O �1 �1 �� �� �a' �.3' jcP j9 j9 �O �O
Source: US Department of Labor Source: US Department of Commerce
The Consumer Price Index (CPI) increased in August by 0.6% month -over -month and 3.7% year -over -year, accelerating from 3.2% year -over -
year in July due to surging energy prices. The Core CPI, which excludes volatile food and energy components, was up 0.3% month -over -
month and 4.3%year-over-year, decelerating from 4.7% last month. Shelter remained the largest contributor to the Core CPI increase. The
Personal Consumption Expenditures (PCE) index rose 0.4% month -over -month and 3.5% year -over -year in August, up from a 3.4% year -
over -year gain in July. Core PCE, the Federal Reserve's preferred inflation gauge, increased just 0.1% month -over -month and 3.9% year -
over -year in August, down from a 4.3% increase in July. Personal income and spending remained relatively healthy, but the personal
savings rate continued its declining trend to 3.9% in August from 4.1% in July. Inflation remains above the Fed's 2%target.
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Consumer
60.0%
50.0%
40.0%
30.0%
ou
s 20.0%
10.0%
}
0
} 0.0%
-10.0%
-20.0%
-30.0%
Retail Sales YOY % Change
140
130
120
a
J 110
x
a�
100
90
Consumer Confidence
80
�� '_7 �4g19 �06' 9���0 A0,6 �g�1 ��b�� 94g�� �P6��' 94g��' SPp 18 2ld��9`SPb�9 �d~�psPa�O �d ~�j sPa�1 �d��� sP��� ��r�.�' SPp��'
Source: US Department of Commerce Source: The Conference Board
Retail Sales rose 0.6% in August, exceeding the consensus forecast. Sales of motor vehicles and higher gasoline prices drove greater
than expected gains. However, Control Group Sales, which are used to calculate gross domestic product and exclude food services, auto
dealers, building materials stores and gasoline stations, rose just 0.1%, the smallest advance in five months. On a year -over -year basis,
retail sales growth decelerated to a 2.5% gain in August versus a downwardly revised 2.6% gain in July. The Conference Board's
Consumer Confidence Index dropped more than expected to 103.0 in September from an upwardly revised 108.7 in August, primarily due
to significantly weaker future expectations for employment. While the consumer has been resilient, dwindling excess savings, rising
credit card balances, and the resumption of student loan payments pose potential headwinds to future economic growth.
7
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Leading Indicators of Economic Activity
20.0%
15.0%
10.0%
5.0
M
0.0
-5.0%
o -10.0%
-15.0%
-20.0%
-25.0%
Leading Economic Indicators (LEI)
1�1 14, 14 q4 10 14 10 10 14 10 q4
� & a°'& a°'9 a°9 a°'9 g0 a°'O 11" a° 1 a° 7 ��
�' � 1 S 9 .9 � .l S 9 )9
Source: The Conference Board
Chicago Fed National Activity Index (CFNAI)
1.00
0.75
0.50
a
M0 0.25
v
a 0.00
c
0 -0.25
M
-0.50
-0.75
-1.00
q4g q�g q4g qua° a° a°' q�g q4g
8�, 8j 91 s 99 O�, O) 11
Source: Federal Reserve Bank of Chicago
The Conference Board's Leading Economic Index (LEI) remained in negative territory for the seventeenth consecutive month at -0.4% in
August due to weak new orders, deteriorating consumer expectations of business conditions, high interest rates, and tight credit
conditions. The index declined 7.6% year -over -year. The consistent decline month -over -month continues to signal future contraction in the
economy. The Chicago Fed National Activity Index (CFNAI) surprised to the downside at -0.16 in August from downwardly revised 0.07 in
July. On a 3-month moving average basis, the CFNAI remained negative at -0.14 in August, indicating a rate of growth below the historical
average trend.
8 C�
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Housing
2,400
2,200
2,000
1,800
1,600
to 1,400
1,200
c 1,000
800
11
i�I�
400
200
0
Annualized Housing Starts
■ Multi Family Housing Starts
■Single Family Housing Starts
A
94 154 q4 q4 14
�0 gO "'O �'O
a' S � 9
Source: US Department of Commerce
24.0%
20.0%
16.0%
12.0%
8.0%
s 4.0 %
v
0.0 %
o -4.0%
-8.0%
-12.0%
-16.0%
-20.0%
S&P/Case-Shiller 20 City Composite Home Price Index
VS Os Oj 00 1? ,7S ds• > dy
Source: S&P
Starts of new homes slowed -11.3% to 1.283 million units at a seasonally adjusted annual rate in August after a downward revision to
1.447 million units in July. The slower starts came from both a 4.3% decline in single-family home starts and 26.3% decline in multi -family
homes, continuing the reversal of strong multi -family homebuilding in the second half of 2022 and early 2023. Total starts of new homes
are down 14.8% year -over -year. According to Freddie Mac, average 30-year fixed rate mortgage rates increased to 7.35% as of September
28th. Rising mortgage rates are prompting homebuilders to offer incentives to attract buyers and has caused homebuilder sentiment to
reach a five -month low. According to the Case-Shiller 20-City Home Price Index, housing prices rose 0.1% year -over -year in July, improving
from a 1.2% decline in June. Tight inventories and higher mortgage rates continue to impact affordability.
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Survey Based Measures
70
ISM Manufacturing
65
.1,
Institute of Supply Management (ISM) Surveys
ISM Services
55
50
/ \1
45
40
I
,
EXPANDING '
1 P 6P Zj '/l/ SP 6 'j ' '�' SP 0 � ✓& SP 6 47 ✓�/ SP QP /� ✓�/ SP
p jcQ c jcQ dv19 � 79 "79 "is d~�p �O p>O c>0 d��z �,I
Source: Institute for Supply Management
The Institute for Supply Management (ISM) Manufacturing index remained in contraction territory at 49.0 in September, up from 47.6 in
August. This is the eleventh consecutive month of readings below 50.0, which is indicative of contraction in the manufacturing sector.
However, this is the highest reading since November 2022, as both employment and new orders improved, while prices paid subsided.
The ISM Services Index eased to 53.6 in September from the six-month high of 54.5 in August. The prices paid component continued to
grow primarily due to high labor costs and an uptick in energy costs, but new orders reflected a significant slowdown.
10 C11
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IGross Domestic Product (GDP)
're= O .1
MWY#WV
M
Personal Consumption Expenditures
1.1%
0.8%
2.5%
Gross Private Domestic Investment
-1.5%
0.6%
-1.7%
Net Exports and Imports
2.6%
0.3%
0.6%
Federal Government Expenditures
0.1%
0.6%
0.3%
State and Local (Consumption and Gross
0.4% 0.3% 0.5%
Investment)
Total
Source: US Department of Commerce
2.7% 2.6% 2.3%
Gross Domestic Product (GDP)
M 40.0%
30.0%
0.6%
20.0%
0
0. 0
10.0%
0.0%
0.0%
■
_
1 I ■ _
-10.0%
0.1%
-20.0%
GDP QOQ % Change
0.5%
-30.0%
GDP YOY %Change
-40.0%
2.1%
cle
1&
1& _70 70 �p
�0 �l �1 �? 2�
Source:
US Department of Commerce
According to the third estimate, second quarter annualized GDP growth remained unchanged at 2.1%. A material decline in consumer
spending was offset by improvement in business investment. Historically low unemployment, wage growth and savings built up during the
pandemic has supported consumer spending at a level to keep economic growth intact, but there are signs the consumer is beginning to
show signs of stress. The consensus estimate calls for 3.0% growth for the third quarter and 2.1% for the full year 2023.
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Federal Reserve
10,000,000
9,000,000
8,000,000
7,000,000
c 6,000,000
5,000,000
c 4,000,000
3,000,000
2,000,000
1,000,000
0
Federal Reserve Balance Sheet Assets
SSSS
pO,p OSp Op
0> 9
Source: Federal Reserve
Sop Sop Sop Sop
11 1S 'lS 1)
Effective Federal Funds Rate
6.00%
5.00%
4.00%
v 3.00%
►�iI�Y�.!
1.00%
0.00%
S S S So So So So So So So So So So So
% op, op, p0 pO p0 p0 b1 b1 b1 61 61
1,g �l �S a' S 9 1 3' S 9
Source: Bloomberg
At the September meeting, the Federal Open Market Committee voted unanimously to leave the Federal Funds rate unchanged at a target
range of 5.25 - 5.50%. Nonetheless, the Fed conveyed a consensus view that another rate hike is possible later in the year, along with its
commitment to keeping rates at their current level until inflation subsides closer to its 2% target, endorsing a data -dependent 'higher -for -
longer' strategy. The Fed's Summary of Economic Projections (SEP) also revealed expectations of higher economic growth, reduced
unemployment, and a gradual easing of inflation compared to earlier forecasts. We believe the resiliency of future economic data will
determine if the Federal Reserve can stay on hold for or will tighten policy further to curb inflation. Since the Federal Reserve began its
Quantitative Tightening campaign in June 2022, securities holdings have declined by over $1 trillion to $8.024T.
12 cIT&k,
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Bond Yields
US Treasury Note Yields
6.0% 6.0%
• 2-Year
5.0% 5-Year 5.0%
4.0%
0
-a 3.0%
v
r
2.0%
1.0%
0.0%
4.0%
US Treasury Yield Curve
2.0%
Sep-23
1.0% Jun-23
• Sep-22
0.0%
sib. ��'r, SPA �dr, S�� �dr, S0,0 �0/, SPb, �dr, .S�a .�' 6n_ S l .7'
1� 1g s �p �O 11 �1 �� �� �3 �.y' 270 470 yr Syr Syr
Source: Bloomberg Source: Bloomberg
At the end of September, the 2-year Treasury yield was 77 basis points higher, and the 10-Year Treasury yield was about 74 basis points
higher, year -over -year. The inversion between the 2-year Treasury yield and 10-year Treasury yield narrowed to -48 basis points at
September month -end versus -76 basis points at August month -end. The average historical spread (since 2003) is about +130 basis
points. The inversion between 3-month and 10-year Treasuries narrowed to -88 basis points in September from -134 basis points in
August. The shape of the yield curve indicates that the probability of recession persists.
13 C>♦,
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�ft�
Section 2 I Account Profile
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Objectives
Investment Objectives
As of September 30, 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.
15 c►"
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Icompliance As of September 30, 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
"AA" rated or better by a NRSRO; 5% max; 5% max per issuer; 5 years max maturity; USD denominated senior unsecured
Supranational Obligations unsubordinated obligations issued or unconditionally guaranteed byoneof the three supranational bankinggroups: IBIRD, IFC, and Complies
IADB; Supranational securities will not bepurchased until further noticefromstaffattheCityofTustin.
Municipal Securities (CA, Other States) 30% max; 5% max per issuer; 5 years max maturity Complies
"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); 5 years max maturity; Obligations of domestic corporation
Corporate Medium Term Notes or depository institution; If the credit rating of a security is downgraded below the minimum rating level for a new investment of Complies
thatsecurity, the Treasurer shall evaluatethe downgrade on a case -by -case basis to determine if the security should be held or
sold.
Agency Mortgage Pass -Through "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 securities that are guaranteed by U.S. government or a government -sponsored enterprise
Negotiable Certificates of Deposit Any amount above FDIC insured limit must be issued by institutions with "A-1" short-term debt rating or higher by a NRSRO; or "A"
NCD long-term rating category or higher a NRSRO; 30% max; 5% max per issuer; 5 ears max maturityComplies
( ) g- g g Y g Y ° ° p Y
Certificate of Deposit Placement °
30%max; FDIC insured; The City may utilize these at the discretion of the Treasurer Complies
Service (CDARS)
Collateralized Bank Deposits/Time or 30% max per issuer; 5 years max maturity; All active (checking/savings accounts) and inactive (time or certificates of deposit)
Certificates of Deposit above FDIC insured limits must be collateralized pursuantto California Government Code (CGC) 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 Complies
A-1/P-1 rating or equivalent by a NRSRO, plus A longterm 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
outstandingfrom 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) I.Organized and operating in the U.S.
Commercial Paper Complies
as a general corporation; 2. Has total net assets >$500 million; 3. Has debt other than commercial paper, if any, that is "A" rating
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 creditor surety bond; and 3. "A-1" rated or
higher by a NRSRO
16Q
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Icompliance As of September 30, 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
AAA or highest ranking of two of the three highest ranking NRSRO; Retain an investment adviser registered with SEC with > 5 years
Money Market Mutual Funds experience investing assets of at least $500 million; Must invest solely in investments, which the City itself could legally purchase; Complies
20% max; 10% max per Money Market Mutual Fund
Max amount limited to the amount as specified by LAIF; Principal amountwithdrawaI of $10 million or > needs 24-hour notice, and
Local Agency Investment Fund (LAIF) Complies
less than $10 million may be withdrawn the same day; Not used by investment adviser
Local Government Investment Pool Max amount permitted by County Treasurer; Investment in OCIP is allowable accordingto guidelines in Government Code; Not used
(LGI P)/ Complies
by i nvestment a dvi ser
Orange County Investment Pool (OCIP)
50% max per issuer; 5 years max maturity; Shares of beneficial interest issued by a joint powers' authority organized pursuantto
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
Pools investment advisor that is SEC registered or exemptfrom registration with Assets >$500 million, and >5 years experience investing Complies
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
I nverse floaters, range notes, mortgage derived interest -only strips; zero interest accrual if held to maturity; Reverse Repurchase
Prohibited Agreements; Securities on margin, credit, or for other than full cash payment, and shall not be pledged as collateral; Purchase of Complies
security with a forward settlement date>45 days from the time of investment; Supra national 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 coveratleastsix months of expected disbursements.
17 Q
DocuSign Envelope ID: 6EA22186-1 F25-4BFA-9167-587106976A9F
Portfolio Characteristics As of September 30, 2023
City of Tustin Consolidated Account
Average Maturity (yrs)
2.65
0.66
0.61
Average Modified Duration
2.49
0.60
0.55
Average Purchase Yield
n/a
4.30%
3.99%
Average Market Yield
4.98%
5.23%
4.83%
Average Quality"
AA+
AAA/Aa2
AAA/Aa2
Total Market Value
212,892,918
225,870,050
*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.
18 C1,
DocuSign Envelope ID: 6EA22186-1 F25-4BFA-9167-587106976A9F
I Sector Distribution
September 30, 2023
US Treasury
16.6 %
Money Market
Fund
0.1%
Negotiable CD
0.7%
Local Gov
Investment Poo,
47.7%
City of Tustin Consolidated Account
Agency
10.7% Cash
2.5
0/-
CIVIC)
0.8%
Commercial
Paper
1.4%
LAI F
4.6%
Corporate
14.9 %
7— $22,852,863.85 $5,294,166.46 - $1,689,208.16 - $2,989,191.11
- $31,689,697.62 $9,897,983.70 - $101,472,898.50 - $292,341.70
$1,388,396.03 M $35,326,170.97
June 30, 2023
US Treasury Agency
14.4% 8 8%
Money Market
Fund
0.1%
Negotiable CD
0.6 %
Local Gov
Investment Pool
47.8 %
As of September 30, 2023
Cash
4.0%
CMO
0.8%
Commercial
Paper
1.3 %
Corporate
14.0%
LAIF
8.2 %
$19,934,713.88 $8,925,503.29 $1,695,227.38 $2,949,937.77
- $31,620,405.58 $18,491,959.31 $108,021,594.70 - $267,960.90
$1,394,412.67 $32,568,334.35
DocuSign Envelope ID: 6EA22186-1 F25-4BFA-9167-587106976A9F
Portfolio Allocation & Duration Changes
City of Tustin Consolidated Account
Portfolio Allocation
Local Gov 47.7%
Investment Pool 47.8%
US Treasury
Corporate
.
10.7%
Agency
8.8%
4.7%
LAIF
8.2%
2.5%
Cash
4.0%
Commercial
1.4%
Paper
A 1.3%
0.8%
CMO
0.8%
0.7%
Negotiable CD
0.6%
Money Market
10.1%
Fund
0.1%
16.6%
14.4%
1 14.9%
14.0%
As of September 30, 2023
■ 09/30/23
■ 06/30/23
20 C►"
DocuSign Envelope ID: 6EA22186-1 F25-4BFA-9167-587106976A9F
Issuers
City of Tustin Consolidated Account - Account #10795
As of September 30, 2023
CAMP
Local Gov Investment Pool
47.66%
Government of United States
US Treasury
16.59%
Federal Home Loan Bank
Agency
8.70%
Local Agency Investment Fund
LAIF
4.65%
Bank Cash Account
Cash
2.49%
Federal Farm Credit Bank
Agency
1.16%
MUFG Bank Ltd/NY
Commercial Paper
0.93%
1P Morgan Chase & Co
Corporate
0.89%
Federal National Mortgage Association
Agency
0.87%
Federal Home Loan Mortgage Corp
CMO
0.79%
US Bancorp
Corporate
0.62%
Morgan Stanley
Corporate
0.47%
Toyota Motor Corp
Commercial Paper
0.47%
Toyota Motor Corp
Corporate
0.47%
Florida Power and Light
Corporate
0.46%
Qualcomm Inc
Corporate
0.46%
Paccar Financial
Corporate
0.46%
Home Depot
Corporate
0.46%
Mass Mutual Insurance
Corporate
0.46%
Duke Energy Field Services
Corporate
0.45%
Target Corp
Corporate
0.45%
Salesforce.com Inc
Corporate
0.45%
Chubb Corporation
Corporate
0.45%
Northern Trust Corp
Corporate
0.45%
National Rural Utilities
Corporate
0.45%
New York Life Global Funding
Corporate
0.45%
Deere & Company
Corporate
0.45%
Metlife Inc
Corporate
0.45%
State Street Bank
Corporate
0.44%
Bank of Montreal Chicago
Corporate
0.44%
Bank of New York
Corporate
0.44%
Bank of America Corp
Corporate
0.44%
Pfizer Inc.
Corporate
0.44%
Caterpillar Inc
Corporate
0.43%
Toronto Dominion Holdings
Corporate
0.43%
United Health Group Inc
Corporate
0.42%
Amazon.com Inc
Corporate
0.42%
Charles Schwab Corp/The
Corporate
0.42%
21 c►"
DocuSign Envelope ID: 6EA22186-1 F25-4BFA-9167-587106976A9F
Issuers
City of Tustin Consolidated Account — Account #10795
As of September 30, 2023
Royal Bank of Canada
Corporate
0.42%
Wal-Mart Stores
Corporate
0.38%
Northwestern Mutual Glbl
Corporate
0.32%
Public Service El & Gas
Corporate
0.27%
MasterCard Inc
Corporate
0.22%
Colgate-Palmolive Co.
Corporate
0.16%
First American Govt Oblig Fund
Money Market Fund
0.14%
Delaware State Police FCU
Negotiable CD
0.11%
Capital One
Negotiable CD
0.11%
Ally Bank
Negotiable CD
0.11%
Synchrony Financial
Negotiable CD
0.11%
Discover Financial Services
Negotiable CD
0.11%
Goldman Sachs Inc.
Negotiable CD
0.10%
TOTAL
100.00%
22 C►"
DocuSign Envelope ID: 6EA22186-1 F25-4BFA-9167-587106976A9F
IMaturity Distribution As of September30, 2023
$140, 000, 000. ^^
$120, 000, 000,
$100, 000, 000.
$80, 000, 000,
$60,000, 000.
$40,000, 000.
$20, 000, 000.
$0.
City of Tustin Consolidated Account
0-.25 25-.5 .5-1 1-2 2-3 3-4 4-5 5+
Maturity (Yrs)
23 Cjj-'
DocuSign Envelope ID: 6EA22186-1 F25-4BFA-9167-587106976A9F
Quality Distribution
60.0%
50.0%
40.0%
30.0%
20.0%
10.0%
0.0%
MA
1
City of Tustin Consolidated Account
September 30, 2023 vs. June 30, 2023
AA A
■ 09/30/23
<A
06/30/23
NR
As of September 30, 2023
09/30/23 56.5% 22.6% 12.3% 0.0% 8.6%
06/30/23 54.9% 20.1% 11.5% 0.0% 13.5%
Source: S&P Ratings
24 c►"
DocuSign Envelope ID: 6EA22186-1 F25-4BFA-9167-587106976A9F
I Duration Distribution
City of Tustin Consolidated Account
September 30, 2023 vs. June 30, 2023
As of September 30, 2023
70.0%
65.0%
60.0%
55.0%
50.0%
45.0%
40.0%
35.0%
30.0%
25.0%
20.0%
15.0%
10.0%
0.0%
0-0.25 0.25-0.50 0.50-1 1-2 2-3 3-4 4-5 5+
■ September 30, 2023 June 30, 2023
09/30/23 61.4% 4.8% 11.5% 12.8% 4.7% 2.3% 2.5% 0.0%
06/30/23 63.4% 6.0% 8.5% 14.4% 4.4% 2.0% 1.3% 0.0%
25 c►"
DocuSign Envelope ID: 6EA22186-1 F25-4BFA-9167-587106976A9F
Investment Performance
City of Tustin Consolidated Account
Total Rate of Return Annualized Since Inception November 30, 2020
4.00%
3.00%
2.00%
1.00%
0.00%
-1.00%
-2.00%
■
As of September 30, 2023
■
-3.00%
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
Inception
City of Tustin Consolidated Account
0.80%
3.32%
1.00%
N/A
N/A
N/A
0.80%
ICE BofA 1-5 Yr US Treasury & Agency Index
0.24%
2.14%
-2.42%
N/A
N/A
N/A
-1.83%
ICE BofA 1-3 Yr US Treasury & Agency Index
0.74%
2.49%
-1.26%
N/A
N/A
N/A
-0.88%
REALIZED RATE OF RETURN
3 months
12 months
2 years
3 years
5 years
10 years
Since
Inception
City of Tustin Consolidated Account
1.06%
3.17%
2.05%
N/A
N/A
N/A
1.71%
Zb GIR
Total rate of return: A measure of a portfolio's performance overtime. 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.
Realized Rate of Return: A measure of a portfolio's return over time.
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.
V 14
DocuSign Envelope ID: 6EA22186-1F25-4BFA-9167-587106976A9F
Section 3 1 Portfolio Holdings
27 C►1
DocuSign Envelope ID: 6EA22186-1F25-4BFA-9167-587106976A9F
Holdings Report
City of Tustin Consolidated Account - Account #10795
As of September 30, 2023
313384NH8
FHLB Discount Note
3,000,000.00
03/29/2023
2,918,801.67
99.71
2,991,328.33
1.41%
P-1/A-1+
0.06
4.730% Due 10/23/2023
4.92%
2,991,328.33
4.92%
0.00
0.00
NR
0.06
3130ATBLO
FHLB Note
2,250,000.00
09/08/2022
2,248,110.00
99.66
2,242,410.75
1.07%
Aaa /AA+
0.19
3.625% Due 12/08/2023
3.70%
2,249,717.54
5.37%
25,601.56
(7,306.79)
NR
0.19
313384RB7
FHLB Discount Note
3,000,000.00
03/28/2023
2,894,053.33
98.87
2,965,973.33
1.39%
P-1/A-1+
0.24
4.640% Due 12/28/2023
4.84%
2,965,973.33
4.84%
0.00
0.00
NR
0.24
313384RR2
FHLB Discount Note
3,000,000.00
03/30/2023
2,890,366.67
98.70
2,960,900.00
1.39%
P-1/A-1+
0.28
4.600% Due 01/11/2024 4.80% 2,960,900.00 4.80% 0.00 0.00 NR 0.28
313384SV2 FHLB Discount Note 2,000,000.00 03/28/2023 1,919,244.44 98.34 1,966,777.78 0.92% P-1/A-1+ 0.36
4.600% Due 02/08/2024 4.81% 1,966,777.78 4.81% 0.00 0.00 NR 0.35
3130ARHG9 FHLB Note 1,250,000.00 03/24/2022 1,248,575.00 98.63 1,232,921.25 0.58% Aaa /AA+ 0.41
2.125% Due 02/28/2024 2.19% 1,249,696.81 5.51% 2,434.90 (16,775.56) NR 0.40
3133ENL40
FFCB Note
1,000,000.00
09/08/2022
997,520.00
98.15
981,485.00
0.46%
Aaa /AA+
0.96
3.500% Due 09/13/2024
3.63%
998,819.37
5.52%
1,750.00
(17,334.37)
AA+
0.92
3133XVDG3
FHLB Note
1,000,000.00
09/26/2022
998,060.00
98.97
989,700.00
0.47%
Aaa /AA+
0.96
4.375% Due 09/13/2024
4.48%
999,058.41
5.50%
2,187.50
(9,358.41)
NR
0.92
3130APQ81
FHLB Callable Note Mnthly 12/8/2021
1,000,000.00
08/01/2022
954,220.00
95.13
951,322.00
0.45%
Aaa /AA+
1.11
1.000% Due 11/08/2024
3.11%
977,689.84
5.60%
3,972.22
(26,367.84)
NR
1.07
313OAQF40
FHLB Note
1,000,000.00
08/01/2022
955,420.00
94.82
948,192.00
0.45%
Aaa /AA+
1.22
1.000% Due 12/20/2024
2.95%
977,172.58
5.44%
2,805.56
(28,980.58)
NR
1.18
3135G04Z3
FNMA Note
2,000,000.00
04/12/2021
1,982,980.00
92.46
1,849,196.00
0.87%
Aaa /AA+
1.72
0.500% Due 06/17/2025
0.71%
1,993,029.16
5.15%
2,888.89
(143,833.16)
AA+
1.66
3130AWMN7
FHLB Note
1,250,000.00
07/26/2023
1,255,762.50
98.60
1,232,445.00
0.58%
Aaa /AA+
4.70
4.375% Due 06/09/2028
4.27%
1,255,561.22
4.71%
12,152.78
(23,116.22)
NR
4.15
3133EPUN3
FFCB Note
1,500,000.00
08/29/2023
1,507,785.00
98.68
1,480,231.50
0.70%
Aaa /AA+
4.92
4.500% Due 08/28/2028
4.38%
1,507,652.69
4.80%
6,187.50
(27,421.19)
NR
4.34
22,770,898.61
22,792,882.94
10.73%
Aaa / AAA
1.04
TOTAL Agency
23,250,000.00
3.95%
23,093,377.06
5.06%
59,980.91
(300,494.12)
AA+
0.96
Cash
CBGMMF$04 Citizens Business Bank Citizens Business Bank Cash 226,759.31 Various 226,759.31 1.00 226,759.31 0.11% NR/NR 0.00
0.00% 226,759.31 0.00% 0.00 0.00 NR 0.00
28 Qtj
DocuSign Envelope ID: 6EA22186-1F25-4BFA-9167-587106976A9F
Holdings Report
City of Tustin Consolidated Account - Account #10795
As of September 30, 2023
CBGMMF$03
Citizens Business Bank Citizens Business Bank Cash
5,067,407.15
Various
5,067,407.15
1.00
5,067,407.15
2.38%
NR/NR
0.00
0.00%
5,067,407.15
0.00%
0.00
0.00
NR
0.00
5,294,166.46
5,294,166.46
2.49%
NR/NR
0.00
TOTAL Cash
5,294,166.46
0.00%
5,294,166.46
0.00%
0.00
0.00
NR
0.00
CMO
3137BDCW4
FHLMC K039 A2
998,389.82
04/19/2022
1,006,345.74
98.23
980,723.96
0.46%
NR/NR
0.82
3.303% Due 07/25/2024
2.75%
1,001,107.93
5.82%
2,748.07
(20,383.97)
AAA
0.62
3137FiG44
FHLMCK065A2
750,000.00
06/08/2023
719,560.55
93.83
703,709.25
0.33%
NR/NR
3.57
3.243% Due 04/25/2027
4.42%
721,931.90
5.18%
2,026.88
(18,222.65)
AAA
3.20
1,725,906.29
1,684,433.21
0.79%
NR/NR
1.97
TOTAL CMO
1,748,389.82
3.45%
1,723,039.83
5.55%
4,774.95
(38,606.62)
AAA
1.70
Commercial Paper
89233HX58
Toyota Motor Credit Discount CP
1,000,000.00
04/04/2023
973,973.33
99.94
999,431.11
0.47%
P-1 / A-1+
0.01
5.120% Due 10/05/2023
5.33%
999,431.11
5.33%
0.00
0.00
F-1
0.01
62479MY64
MUFG Bank Ltd/NY Discount CP
2,000,000.00
03/28/2023
1,936,853.33
99.49
1,989,760.00
0.93%
P-1 / A-1
0.10
5.120% Due 11/06/2023
5.34%
1,989,760.00
5.34%
0.00
0.00
NR
0.10
2,910,826.66
2,989,191.11
1.40%
P-1 / A-1
0.07
TOTAL Commercial
Paper
3,000,000.00
5.33%
2,989,191.11
5.33%
0.00
0.00
F-1
0.07
Corporate
79466LAG9
Salesforce.com Inc Callable Note Cont 7/15/2022
1,000,000.00
04/25/2022
951,860.00
96.11
961,113.00
0.45%
A2 / A+
0.79
0.625% Due 07/15/2024
2.88%
982,883.56
5.72%
1,319.44
(21,770.56)
NR
0.77
59217GEPO
Metlife Note
1,000,000.00
01/18/2022
979,170.00
95.03
950,285.00
0.45%
Aa3/AA-
0.99
0.700% Due 09/27/2024
1.49%
992,313.50
5.94%
77.78
(42,028.50)
AA-
0.96
24422EVY2
John Deere Capital Corp Note
1,000,000.00
02/04/2022
985,080.00
94.76
947,600.00
0.45%
A2 / A
1.28
1.250% Due 01/10/2025
1.78%
993,469.88
5.55%
2,812.50
(45,869.88)
A+
1.23
57629WCG3
Mass Mutual Global funding Note
1,000,000.00
03/23/2022
1,004,360.00
96.46
964,600.00
0.46%
Aa3 / AA+
1.28
2.950% Due 01/11/2025
2.79%
1,001,994.60
5.86%
6,555.56
(37,394.60)
AA+
1.22
64952WEK5
New York Life Global Note
1,000,000.00
01/18/2022
996,780.00
94.76
947,587.00
0.45%
Aaa /AA+
1.29
1.450% Due 01/14/2025
1.56%
998,608.61
5.72%
3,101.39
(51,021.61)
AAA
1.24
63743HFC1
National Rural Utilities Note
1,000,000.00
03/23/2022
972,740.00
94.99
949,866.00
0.45%
A2/A-
1.36
1.875% Due 02/07/2025
2.87%
987,148.86
5.78%
2,812.50
(37,282.86)
A
1.30
29 Qtj
DocuSign Envelope ID: 6EA22186-1F25-4BFA-9167-587106976A9F
Holdings Report
City of Tustin Consolidated Account - Account #10795
As of September 30, 2023
57636QAN4
MasterCard Inc Callable Note lx 02/03/2025
500,000.00
11/01/2021
515,365.00
95.30
476,513.00
0.22%
Aa3 / A+
1.42
2.000% Due 03/03/2025
1.06%
506,557.92
5.47%
777.78
(30,044.92)
NR
1.37
69371RR73
Paccar Financial Corp Note
1,000,000.00
03/31/2022
999,740.00
96.01
960,144.00
0.46%
Al / A+
1.52
2.850% Due 04/07/2025
2.86%
999,868.58
5.62%
13,775.00
(39,724.58)
NR
1.44
87612EBL9
Target Corp Callable Note Cont 4/15/25
1,000,000.00
02/04/2022
1,010,340.00
95.29
952,907.00
0.45%
A2 / A
1.54
2.250% Due 04/15/2025
1.91%
1,005,000.93
5.48%
10,375.00
(52,093.93)
A
1.47
437076CM2
Home Depot Callable Note Cont 3/15/2025
1,000,000.00
03/28/2022
995,620.00
96.04
960,436.00
0.46%
A2 / A
1.54
2.700% Due 04/15/2025
2.85%
997,786.37
5.41%
12,450.00
(37,350.37)
A
1.46
61747YEQ4
Morgan Stanley Callable Note S/A 4/17/2024
1,000,000.00
06/01/2022
1,000,910.00
98.43
984,256.00
0.47%
Al/A-
1.55
3.620% Due 04/17/2025
4.58%
1,000,489.27
6.59%
16,491.11
(16,233.27)
A+
0.52
06406RAN7
Bank of NY Mellon Corp Callable Note Cont 3/24/2025
1,000,000.00
02/04/2022
989,120.00
93.72
937,199.00
0.44%
Al / A
1.57
1.600% Due 04/24/2025
1.95%
994,694.72
5.85%
6,977.78
(57,495.72)
AA-
1.50
06367WB85
Bank of Montreal Note
1,000,000.00
08/17/2021
1,034,530.00
93.85
938,499.00
0.44%
A2/A-
1.59
1.850% Due 05/01/2025
0.90%
1,014,773.01
5.97%
7,708.33
(76,274.01)
AA-
1.51
91159HHZ6
US Bancorp Callable Note Cont 4/11/2025
1,400,000.00
12/23/2021
1,406,818.00
93.28
1,305,935.40
0.62%
A3 / A
1.62
1.450% Due 05/12/2025
1.30%
1,403,262.23
5.87%
7,838.06
(97,326.83)
A
1.55
747525AFO
Qualcomm Inc Callable Note Cont 2/20/2025
1,000,000.00
03/23/2022
1,018,960.00
96.78
967,812.00
0.46%
A2 / A
1.64
3.450% Due 05/20/2025
2.82%
1,009,825.63
5.53%
12,554.17
(42,013.63)
NR
1.54
717081EX7
Pfizer Inc. Callable Note Cont 4/28/2025
1,000,000.00
03/23/2022
945,010.00
92.64
926,441.00
0.44%
Al / A+
1.66
0.800% Due 05/28/2025
2.62%
971,319.87
5.49%
2,733.33
(44,878.87)
A
1.60
66815L2J7
Northwestern Mutual Glbl Note
700,000.00
06/30/2022
703,738.00
97.09
679,648.90
0.32%
Aaa /AA+
1.75
4.000% Due 07/01/2025
3.81%
702,187.35
5.76%
7,000.00
(22,538.45)
AAA
1.65
26442UAA2
Duke Energy Progress LLC Callable Note Cont 5/15/25
1,000,000.00
04/25/2022
1,000,280.00
96.04
960,388.00
0.45%
Aa3 / A
1.88
3.250% Due 08/15/2025
3.24%
1,000,158.81
5.50%
4,152.78
(39,770.81)
NR
1.78
194162AM5
Colgate Palmolive Co. Note
345,000.00
08/01/2022
344,682.60
96.23
331,993.16
0.16%
Aa3 / AA-
1.88
3.100% Due 08/15/2025
3.13%
344,802.99
5.24%
1,366.58
(12,809.83)
NR
1.78
89114QCK2
Toronto Dominion Bank Note
1,000,000.00
08/17/2021
993,000.00
91.01
910,115.00
0.43%
Al/A
1.95
0.750% Due 09/11/2025
0.93%
996,646.23
5.69%
416.67
(86,531.23)
AA-
1.88
14913R2H9
Caterpillar Financial Service Note
1,000,000.00
04/21/2021
991,780.00
90.80
907,991.00
0.43%
A2 / A
2.12
0.800% Due 11/13/2025
0.98%
996,178.81
5.46%
3,066.67
(88,187.81)
A+
2.04
857477BR3
State Street Bank Callable Note Cont 2/6/2025
1,000,000.00
Various
978,258.70
94.37
943,652.00
0.44%
Al / A
2.36
1.746% Due 02/06/2026
3.68%
986,792.24
6.16%
2,667.50
(43,140.24)
AA-
1.30
30 QVI
DocuSign Envelope ID: 6EA22186-1F25-4BFA-9167-587106976A9F
Holdings Report
City of Tustin Consolidated Account - Account #10795
As of September 30, 2023
06051GHY8
Bank of America Corp Callable Note Cont 2/13/2025
1,000,000.00
04/20/2021
1,030,470.00
94.09
940,933.00
0.44%
Al / A-
2.38
2.015% Due 02/13/2026
2.22%
1,015,009.68
6.59%
2,686.67
(74,076.68)
AA-
1.31
46647PBK3
JP Morgan Chase & Co Callable Note Cont 4/22/2025
2,000,000.00
Various
2,072,110.00
93.86
1,877,210.00
0.89%
Al / A-
2.56
2.083% Due 04/22/2026
2.33%
2,039,094.59
6.27%
18,399.84
(161,884.59)
AA-
1.48
00440EAV9
Chubb INA Holdings Inc Callable Note Cont 2/3/2026
1,000,000.00
07/23/2021
1,102,780.00
94.85
948,506.00
0.45%
A3 / A
2.59
3.350% Due 05/03/2026
1.13%
1,055,788.11
5.51%
13,772.22
(107,282.11)
A
2.40
023135BX3
Amazon.com Inc Callable Note Cont 4/12/2026
1,000,000.00
05/12/2021
995,200.00
89.91
899,088.00
0.42%
Al/AA
2.62
1.000% Due 05/12/2026
1.10%
997,489.47
5.17%
3,861.11
(98,401.47)
AA-
2.51
808513BR5
Charles Schwab Corp Callable Note Cont 4/13/2026
1,000,000.00
07/23/2021
1,007,990.00
88.57
885,735.00
0.42%
A2 / A-
2.62
1.150% Due 05/13/2026
0.98%
1,004,357.77
5.92%
4,408.33
(118,622.77)
A
2.50
91324PEC2
United Health Group Inc Callable Note Cont 4/15/2026
1,000,000.00
07/28/2021
1,007,110.00
89.96
899,562.00
0.42%
A2 / A+
2.62
1.150% Due 05/15/2026
1.00%
1,003,888.15
5.30%
4,344.44
(104,326.15)
A
2.51
78016EZT7
Royal Bank of Canada Note
1,000,000.00
07/28/2021
999,090.00
88.36
883,636.00
0.42%
Al / A
2.79
1.150% Due 07/14/2026
1.17%
999,488.69
5.72%
2,459.72
(115,852.69)
AA-
2.67
931142ERO
Wal-Mart Stores Callable Note Cont 08/17/2026
900,000.00
09/22/2021
902,277.00
89.16
802,469.70
0.38%
Aa2 / AA
2.97
1.050% Due 09/17/2026
1.00%
901,354.43
5.03%
367.50
(98,884.73)
AA
2.85
665859AW4
Northern Trust Company Callable Note Cont 4/10/2027
1,000,000.00
01/30/2023
986,540.00
94.59
945,929.00
0.45%
A2 / A+
3.61
4.000% Due 05/10/2027
4.35%
988,629.36
5.68%
15,666.67
(42,700.36)
A+
3.24
74456QBU9
Public Service El & Gas Callable Note Cont 02/01/28
600,000.00
06/29/2023
570,144.00
93.60
561,622.80
0.27%
Al / A
4.59
3.700% Due 05/O1/2028
4.87%
571,715.37
5.29%
9,250.00
(10,092.57)
NR
4.07
341081GN3
Florida Power and Light Callable Note Cont 3/15/2028
1,000,000.00
06/07/2023
987,550.00
96.42
964,249.00
0.46%
Aa2 / A+
4.63
4.400% Due 05/15/2028
4.69%
988,337.62
5.28%
16,255.56
(24,088.62)
AA-
4.05
89236TLB9
Toyota Motor Credit Corp Note
1,000,000.00
09/26/2023
996,180.00
99.44
994,357.00
0.47%
Al / A+
4.95
5.250% Due 09/11/2028
5.34%
996,186.33
5.38%
2,916.67
(1,829.33)
A+
4.29
33,475,583.30
31,468,278.96
14.89%
Al / A+
2.16
TOTAL Corporate
33,445,000.00
2.36%
33,448,103.54
5.71%
221,418.66
(1,979,824.58)
AA-
1.88
31 Q1
DocuSign Envelope ID: 6EA22186-1F25-4BFA-9167-587106976A9F
Holdings Report
City of Tustin Consolidated Account - Account #10795
As of September 30, 2023
90LAIF$00 Local Agency Investment Fund State Pool 9,767,938.51 Various 9,767,938.51 1.00 9,767,938.51 4.65% NR/NR 0.00
3.61% 9,767,938.51 3.61% 130,045.19 0.00 NR 0.00
9,767,938.51
9,767,938.51
4.65%
NR/NR
0.00
TOTAL LAIF
9,767,938.51
3.61%
9,767,938.51
3.61%
130,045.19
0.00
NR
0.00
Local Gov Investment Pool
90CAMP$00 California Asset Mgmt Program CAMP
101,472,898.49
Various
101,472,898.49
1.00
101,472,898.49
47.66%
NR / AAA
0.00
5.52%
101,472,898.49
5.52%
0.00
0.00
NR
0.00
101,472,898.49
101,472,898.49
47.66%
NR/AAA
0.00
TOTAL Local Gov Investment Pool
101,472,898.49
5.52%
101,472,898.49
5.52%
0.00
0.00
NR
0.00
Money Market Fund
31846V203 First American Govt Obligation Fund Class Y
133,570.22
Various
133,570.22
1.00
133,570.22
0.06%
Aaa / AAA
0.00
4.94%
133,570.22
4.94%
0.00
0.00
AAA
0.00
31846V203 First American Govt Obligation Fund Class Y
158,771.48
Various
158,771.48
1.00
158,771.48
0.07%
Aaa / AAA
0.00
4.94%
158,771.48
4.94%
0.00
0.00
AAA
0.00
292,341.70
292,341.70
0.14%
Aaa / AAA
0.00
TOTAL Money Market Fund
292,341.70
4.94%
292,341.70
4.94%
0.00
0.00
AAA
0.00
Negotiable CD
246399AB5
Delaware State Police FCU Negotiable CD
246,000.00
03/29/2019
246,000.00
98.79
243,031.76
0.11%
NR/NR
0.50
3.000% Due 03/29/2024
3.00%
246,000.00
5.50%
40.44
(2,968.24)
NR
0.48
14042TJB4
Capital One Bank USA NA Negotiable CD
240,000.00
08/01/2022
239,640.00
96.26
231,017.76
0.11%
NR/NR
1.85
3.450% Due 08/04/2025
3.50%
239,779.14
5.61%
1,338.41
(8,761.38)
NR
1.75
02007GXF5
Ally Bank Negotiable CD
240,000.00
08/02/2022
239,280.00
96.17
230,809.20
0.11%
NR/NR
1.85
3.400% Due 08/04/2025
3.51%
239,557.88
5.60%
1,296.66
(8,748.68)
NR
1.75
87165EXE2
Synchrony Bank Negotiable CD
240,000.00
08/01/2022
239,640.00
96.17
230,797.44
0.11%
NR/NR
1.85
3.400% Due 08/05/2025
3.45%
239,778.61
5.60%
1,274.30
(8,981.17)
NR
1.75
254673P26
Discover Bank Negotiable CD
240,000.00
08/01/2022
239,280.00
96.15
230,762.88
0.11%
NR/NR
1.86
3.400% Due 08/08/2025
3.51%
239,555.26
5.60%
1,207.23
(8,792.38)
NR
1.76
38149MYS6
Goldman Sachs Bank USA Negotiable CD
245,000.00
08/17/2021
243,775.00
88.39
216,559.18
0.10%
NR/NR
2.90
1.050% Due 08/25/2026
1.15%
244,289.55
5.42%
260.77
(27,730.37)
NR
2.79
1,447,615.00
1,382,978.22
0.65%
NR/NR
1.78
TOTAL Negotiable CD
1,451,000.00
3.01%
1,448,960.44
5.56%
5,417.81
(65,982.22)
NR
1.69
32 Qtj
DocuSign Envelope ID: 6EA22186-1F25-4BFA-9167-587106976A9F
Holdings Report
City of Tustin Consolidated Account - Account #10795
As of September 30, 2023
912828T91
US Treasury Note
1,200,000.00
04/25/2022
1,187,296.88
99.70
1,196,440.80
0.57%
Aaa/AA+
0.08
1.625% Due 10/31/2023
2.34%
1,199,310.86
5.13%
8,160.33
(2,870.06)
AA+
0.08
912828U57
US Treasury Note
1,250,000.00
03/23/2022
1,251,416.02
99.45
1,243,176.25
0.59%
Aaa/AA+
0.17
2.125% Due 11/30/2023
2.06%
1,250,137.92
5.39%
8,926.74
(6,961.67)
AA+
0.17
912828V80
US Treasury Note
1,250,000.00
03/23/2022
1,252,832.03
98.96
1,236,962.50
0.58%
Aaa/AA+
0.34
2.250% Due 01/31/2024
2.12%
1,250,509.60
5.41%
4,738.45
(13,547.10)
AA+
0.33
91282CBR3
US Treasury Note
2,600,000.00
04/03/2023
2,495,187.50
97.72
2,540,688.80
1.19%
Aaa/AA+
0.46
0.250% Due 03/15/2024
4.66%
2,549,714.23
5.34%
285.71
(9,025.43)
AA+
0.45
91282CBV2
US Treasury Note
2,500,000.00
06/27/2023
2,403,125.00
97.32
2,432,910.00
1.14%
Aaa/AA+
0.54
0.375% Due 04/15/2024
5.40%
2,434,642.55
5.48%
4,328.89
(1,732.55)
AA+
0.53
912828X70
US Treasury Note
1,250,000.00
03/23/2022
1,245,019.53
98.03
1,225,391.25
0.58%
Aaa/AA+
0.58
2.000% Due 04/30/2024
2.19%
1,248,625.18
5.47%
10,461.96
(23,233.93)
AA+
0.56
912828WJ5
US Treasury Note
1,000,000.00
04/25/2022
998,593.75
98.21
982,070.00
0.47%
Aaa/AA+
0.62
2.500% Due 05/15/2024
2.57%
999,574.38
5.45%
9,442.93
(17,504.38)
AA+
0.60
912828XT2
US Treasury Note
2,500,000.00
06/27/2023
2,424,804.69
97.75
2,443,847.50
1.16%
Aaa/AA+
0.67
2.000% Due 05/31/2024
5.38%
2,445,939.47
5.47%
16,803.28
(2,091.97)
AA+
0.64
91282CCL3
US Treasury Note
1,250,000.00
03/23/2022
1,197,802.73
96.10
1,201,270.00
0.56%
Aaa/AA+
0.79
0.375% Due 07/15/2024
2.24%
1,232,188.61
5.48%
993.55
(30,918.61)
AA+
0.77
91282CFA4
US Treasury Note
2,500,000.00
08/18/2023
2,446,484.38
97.96
2,449,120.00
1.16%
Aaa/AA+
0.84
3.000% Due 07/31/2024
5.36%
2,452,844.21
5.52%
12,635.87
(3,724.21)
AA+
0.80
912797GK7
US Treasury Bill
2,500,000.00
08/18/2023
2,375,898.44
95.61
2,390,312.50
1.12%
P-1/A-1+
0.86
5.063% Due 08/08/2024
5.33%
2,390,312.50
5.33%
0.00
0.00
F-1+
0.84
9128282U3
US Treasury Note
1,250,000.00
03/23/2022
1,238,085.94
96.80
1,210,010.00
0.57%
Aaa/AA+
0.92
1.875% Due 08/31/2024
2.28%
1,245,520.53
5.50%
1,996.05
(35,510.53)
AA+
0.89
912797GL5
US Treasury Bill
4,500,000.00
09/14/2023
4,271,826.25
95.16
4,282,081.25
2.01%
P-1/A-1+
0.93
5.128% Due 09/05/2024
5.41%
4,282,081.25
5.41%
0.00
0.00
F-1+
0.91
912828YM6
US Treasury Note
1,250,000.00
03/23/2022
1,224,902.34
95.91
1,198,828.75
0.57%
Aaa/AA+
1.09
1.500% Due 10/31/2024
2.30%
1,239,560.22
5.44%
7,846.47
(40,731.47)
AA+
1.04
912828YV6
US Treasury Note
1,250,000.00
03/23/2022
1,223,486.33
95.68
1,195,947.50
0.56%
Aaa/AA+
1.17
1.500% Due 11/30/2024
2.32%
1,238,498.14
5.37%
6,301.23
(42,550.64)
AA+
1.12
912828YYO
US Treasury Note
1,300,000.00
05/18/2022
1,263,335.94
95.68
1,243,836.10
0.59%
Aaa/AA+
1.25
1.750% Due 12/31/2024
2.88%
1,282,491.67
5.37%
5,749.32
(38,655.57)
AA+
1.20
91282CBH3
US Treasury Note
2,000,000.00
04/27/2021
1,957,500.00
90.02
1,800,390.00
0.85%
Aaa/AA+
2.34
0.375% Due 01/31/2026
0.83%
1,979,153.25
4.96%
1,263.59
(178,763.25)
AA+
2.27
33 QVI
DocuSign Envelope ID: 6EA22186-1 F25-4BFA-9167-587106976A9F
Holdings Report
91282CBT7 US Treasury Note
0.750% Due 03/31/2026
As of September 30, 2023
City of Tustin Consolidated Account - Account #10795
2,000,000.00 04/27/2021 1,989,531.25 90.43 1,808,594.00 0.85% Aaa/AA+ 2.50
0.86% 1,994,689.93 4.86% 40.98 (186,095.93) AA+ 2.42
91282CFM8 US Treasury Note
1,740,000.00
11/09/2022
1,724,978.91
97.92
1,703,773.20
0.80%
Aaa/AA+
4.00
4.125% Due 09/30/2027
4.32%
1,727,713.84
4.70%
196.11
(23,940.64)
AA+
3.64
91282CGH8 US Treasury Note
1,500,000.00
02/23/2023
1,458,281.25
95.43
1,431,504.00
0.68%
Aaa/AA+
4.34
3.500% Due 01/31/2028
4.13%
1,463,269.87
4.67%
8,845.11
(31,765.87)
AA+
3.94
35,630,389.16
35,217,154.40
16.59%
Aaa / AA+
1.20
TOTAL US Treasury
36,590,000.00
3.69%
35,906,778.21
5.30%
109,016.57
(689,623.81)
AA+
1.14
214,788,564.18
212,362,264.00
100.00%
Aa2 / AAA
0.66
TOTAL PORTFOLIO
216,311,734.98
4.30%
215,436,795.35
5.23%
530,654.09 (3,074,531.35)
AA
0.60
TOTAL MARKET VALUE PLUS ACCRUALS
212,892,918.09
34 Qtj
V 14
DocuSign Envelope ID: 6EA22186-1F25-4BFA-9167-587106976A9F
Section 5 1 Transactions
35 C
DocuSign Envelope ID: 6EA22186-1 F25-4BFA-9167-587106976A9F
Transaction Ledger
City of Tustin Consolidated Account - Account #10795
June 30, 2023 through September 30, 2023
As of September 30, 2023
ACQUISITIONS
Purchase
07/15/2023
90LAIF$00
182,081.98
Local Agency Investment Fund State Pool
1.000
3.26%
182,081.98
0.00
182,081.98
0.00
Purchase
07/31/2023
3130AWMN7
1,250,000.00
FHLB Note
100.461
4.27%
1,255,762.50
3,038.19
1,258,800.69
0.00
4.375% Due: 06/09/2028
Purchase
07/31/2023
90CAMP$00
487,555.91
California Asset Mgmt Program CAMP
1.000
5.43%
487,555.91
0.00
487,555.91
0.00
Purchase
08/21/2023
912797GK7
2,500,000.00
US Treasury Bill
95.036
5.33%
2,375,898.44
0.00
2,375,898.44
0.00
5.063% Due: 08/08/2024
Purchase
08/21/2023
91282CFA4
2,500,000.00
US Treasury Note
97.859
5.36%
2,446,484.38
4,279.89
2,450,764.27
0.00
3% Due:07/31/2024
Purchase
08/31/2023
3133EPUN3
1,500,000.00
FFCB Note
100.519
4.38%
1,507,785.00
562.50
1,508,347.50
0.00
4.5% Due: 08/28/2028
Purchase
08/31/2023
90CAMP$00
497,237.65
California Asset Mgmt Program CAMP
1.000
5.54%
497,237.65
0.00
497,237.65
0.00
Purchase
09/15/2023
912797GL5
4,500,000.00
US Treasury Bill
94.929
5.41%
4,271,826.25
0.00
4,271,826.25
0.00
5.128% Due: 09/05/2024
Purchase
09/28/2023
89236TLB9
1,000,000.00
Toyota Motor Credit Corp Note
99.618
5.34%
996,180.00
2,479.17
998,659.17
0.00
5.25% Due: 09/11/2028
Purchase
09/30/2023
90CAMP$00
466,510.24
California Asset Mgmt Program CAMP
1.000
5.52%
466,510.24
0.00
466,510.24
0.00
Subtotal
14,883,385.78
14,487,322.35
10,359.75
14,497,682.10
0.00
TOTAL ACQUISITIONS
14,883,385.78
14,487,322.35
10,359.75
14,497,682.10
0.00
DISPOSITIONS
Maturity 07/31/2023 912828S92
1,250,000.00 US Treasury Note 100.000 1,250,000.00 0.00 1,250,000.00 0.00
1.25% Due: 07/31/2023
Maturity 08/31/2023 9128282D1
1,300,000.00 US Treasury Note 100.000 1,300,000.00 0.00 1,300,000.00 0.00
1.375% Due: 08/31/2023
Maturity 09/14/2023 912796CQO
4,000,000.00 US Treasury Bill 100.000 4,000,000.00 0.00 4,000,000.00 0.00
4.649% Due: 09/14/2023
36 Qtj
DocuSign Envelope ID: 6EA22186-1 F25-4BFA-9167-587106976A9F
ITransaction Ledger
City of Tustin Consolidated Account - Account #10795
June 30, 2023 through September 30, 2023
Transaction Settlement CUSIP Quantity Security Description
Type Date
Maturity 09/20/2023 89236TFNO 1,000,000.00 Toyota Motor Credit Corp Note
3.45% Due: 09/20/2023
As of September 30, 2023
100.000 1,000,000.00 0.00 1,000,000.00 0.00
Subtotal
7,550,000.00
7,550,000.00
0.00
7,550,000.00
0.00
Security
07/31/2023
90LAIF$00
3,227,000.00
Local Agency Investment Fund State Pool
1.000
3,227,000.00
0.00
3,227,000.00
0.00
Withdrawal
Security
08/31/2023
90CAMP$00
5,000,000.00
California Asset Mgmt Program CAMP
1.000
5,000,000.00
0.00
5,000,000.00
0.00
Withdrawal
Security
08/31/2023
90LAIF$00
2,500,000.00
Local Agency Investment Fund State Pool
1.000
2,500,000.00
0.00
2,500,000.00
0.00
Withdrawal
Security
09/30/2023
90CAMP$00
3,000,000.00
California Asset Mgmt Program CAMP
1.000
3,000,000.00
0.00
3,000,000.00
0.00
Withdrawal
Security
09/30/2023
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
Withdrawal
Subtotal
16,727,000.00
16,727,000.00
0.00
16,727,000.00
0.00
TOTAL DISPOSITIONS
24,277,000.00
24,277,000.00
0.00
24,277,000.00
0.00
37 c►"
DocuSign Envelope ID: 6EA22186-1 F25-4BFA-9167-587106976A9F
IImportant Disclosures As of September30, 2023
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.
Your qualified custodian bank maintains control of all assets reflected in this statement and we urge you to compare this statement to the one you receive from your qualified custodian. Chandler does
not have any authority to withdraw or deposit funds from/to the custodian account.
38 c►"
DocuSign Envelope ID: 6EA22186-1 F25-4BFA-9167-587106976A9F
Benchmark Disclosures As of September30, 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.
39 AM :::
�k,
DocuSign Envelope ID: 6EA22186-1 F25-4BFA-9167-587106976A9F
CITY OF TUSTIN
Monthly Investment Report
September 30, 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
8,662.20
N/A
8,662.20
8,662.20
2016 Water Revenue Bonds, Refunding
343,657.13
N/A
343,657.13
343,657.13
2020 Water Revenue Bonds
198,628.46
N/A
198,628.46
198,628.46
CFD 04-1
627,810.42
N/A
627,810.42
627,810.42
CFD 06-1
4,216,492.59
N/A
4,216,492.59
4,216,492.59
CFD 07-1
1,206,862.55
N/A
1,206,862.55
1,206,862.55
CFD 14-1
2,655,552.44
N/A
2,655,552.44
2,655,552.44
9,257,665.79
9,257,665.79
9,257,665.79
Restricted Deposits
with Fiscal Agents TOTAL
9,257,665.79
9,257,665.79
DocuSign Envelope ID: 6EA22186-lF25-4BFA-9167-587106976A9F
PUBLIC
AGENCY
RETIREMENT
SERVICES PARS
CITY OF TUSTIN
PARS Post -Employment Benefits Trust
Matthew West
City Manager
City of Tustin
300 Centennial Way
Tustin, CA 92780
Account Summary
Account Report for the Period
9/1/2023 to 9/30/2023
Source
Balance as of
9/1/2023
Contributions
Earnings
Expenses
Distributions
Transfers
Balance as of
9/30/2023
OPEB
$3,436,778.59
$0.00
-$118,046.71
$1,417.67
$0.00
$0.00
$3,317,314.21
PENSION
$10,960,435.76
$0.00
-$376,378.34
$4,520.73
$0.00
$0.00
$10,579,536.69
Totals
$14,397,214.35
$0.00
-$494,425.05
$5,938.40
$0.00
$0.00
$13,8969850.90
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 -3.43% -3.28% 8.70% 1.94% 3.71% 6/26/2018
PENSION -3.43% -3.28% 8.72% 1.95% 3.73% 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