HomeMy WebLinkAbout04 QUARTERLY INVESTMENT REPORT ENDING DECEMBER 31, 2023DocuSign Envelope ID: D991E165-F97E-49A4-82C3-64B73530AC06 4
Agenda Item
Reviewed: Ds
0 AGENDA REPORT City Manager r�
Finance Director
MEETING DATE: FEBRUARY 6, 2024
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 DECEMBER 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 December 31, 2023 is rendered.
The City's total cash and investments amounted to approximately $228 million as of December 31,
2023. The weighted average yield for the investment portfolio was 4.43%, which is slightly higher
than the weighted average portfolio yield for the prior quarter. Beginning in October 2023, short-term
U.S. Treasury rates started to decline, drawing from decelerating inflation readings. The Federal
Open Market Committee (FOMC) kept the target Federal Funds rate in the current range of 5.25%-
5.50% at its November and December meetings. The labor market continues to add jobs at a more
moderate pace and the national unemployment rate remains low at 3.7%. The FOMC signaled that
the federals funds rate is likely at its peak as inflation and economic growth stabilizes. As a result,
the 2-year Treasury yield decreased to 4.25% by December 2023, compared to a yield of 5.05% in
September 2023. The 5-year Treasury yield decreased to 3.85% by December 2023, compared to
a yield of 4.61 % in September 2023.
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Quarterly Investment Report for the Period Ending December 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 $11.5 million on
December 31, 2023. The five-year annualized return for the PARS Pension Trust Fund was 6.95%.
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 $3.6 million on December 31, 2023. The five-year annualized return for the PARS
OPEB Trust Fund was 6.94%.
Investment Compliance Certification
On January 25, 2024, the Audit Commission reviewed the investment report and certified that the
portfolio is in compliance with the City's Investment Policy and the California Government Code with
the following exception.
• The City's Investment Policy limits investment in Joint Power Authority (JPA) pools to 50%
per issuer. The City's investment in the CAMP JPA pool was 50.42% on December 31,
2023, primarily due to receiving a $10 million reimbursement from the Navy on December
28, 2023. The fund was subsequently disbursed to meet vendor obligations; hence brought
the portfolio into compliance.
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 December 31, 2023
Restricted Deposits with Fiscal Agents as of December 31, 2023
PARS Trust Statement as of December 31, 2023
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"I
January 25, 2024
FINANCE DEPARTMENT
Remembering what connects us.
Honorable Mayor and Members of the City Council:
Re: Investment Report Certification
In compliance with California Government Code Section 53646, the attached Investment Report
for the Quarter Ending December 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 except for the following:
• Investment in Joint Power Authority (JPA) pools is limited to 50% per issuer. The City's
investment in the CAMP JPA pool was 50.42% on December 31, 2023, primarily due to
a large reimbursement received close to year end. The fund was subsequently disbursed
to meet vendor obligations; hence brought the portfolio into compliance.
In addition, the Treasurer's cash management program and cash flow analysis indicates that
sufficient liquidity is on hand to meet anticipated expenditures for the next six (6) months.
Respectfully submitted,
Jered Elmore, Chair
City of Tustin Audit Commission
J
Jennifer King, Finance Director/City Treasurer
City of Tustin
300 Centennial Way, Tustin, CA 92780 • 714-573-3060 • tustinca.org
DocuSign Envelope ID: D991E165-F97E-49A4-82C3-64B73530AC06
INVESTMENT REPORT
City of Tustin
Period Ending December 31, 2023
CHANDLER
it% ASSET MANAGEMENT
CHANDLER ASSET MANAGEMENT, INC. 1 800.317.4747 1 www.chandlerasset.com
DocuSign Envelope ID: D991E165-F97E-49A4-82C3-64B73530AC06
ITable of Contents
SECTION 1
SECTION 2
SECTION 3
SECTION 4
Economic Update
Account Profile
Portfolio Holdings
Transactions
As of December 31, 2023
IS,
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VijL+k+
Section 1 1 Economic Update
2 C►1
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Economic Update
Recent economic data has shown above trend growth fueled by a rise in consumer spending and a continuing healthy US job market.
Inflationary trends are subsiding, but core levels remain 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 loosen monetary policy in 2024.
As expected at the December meeting, the Federal Open Market Committee voted unanimously to leave the Federal Funds rate unchanged
at a target range of 5.25 - 5.50%. Fed Chair Powell signaled that the federal funds rate is likely at or near its peak. The new Summary of
Economic Projections reflected Core PCE inflation reaching the target 2% level in 2026 without a significant increase in unemployment. We
believe the FOMC will loosen monetary policy in mid-2024 as inflation and economic growth continue to moderate.
■ US Treasury rates fell steeply across the yield curve in December on decelerating inflation readings and a more dovish Federal Reserve
outlook. The 2-year Treasury yield declined 43 basis points to 4.25%, the 5-year Treasury yield dropped 42 basis points to 3.85%, and the 10.
year Treasury yield decreased 45 basis points to 3.88%. The inversion between the 2-year Treasury yield and 10-year Treasury yield
widened to -37 basis points at December month -end versus -35 basis points at November month -end. The spread between the 2-year
Treasury and 10-year Treasury yield one year ago was -55 basis points. The inversion between 3-month and 10-year Treasuries widened to -
146 basis points in December from -107 basis points in November. Interest rates peaked in 2023 followed by the Fed's dovish pivot late in
the year, resulting in a decline in yields across the curve and signaling less restrictive monetary policy in 2024. 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
C
400
0
L
H
Owil1f
0 -200
-400
Nonfarm Payroll (000's)
Non -farm Payroll (000's)
3-month average (000's)
V21
72'
OCI
lcQ 72, '19 '19 1>0 1-30 _1 �1 1� 1�
Source: US Department of Labor
Unemployment Rate
25.0%
Underemployment Rate (U6)
20.0% Unemployment Rate (U3)
e 15.0%
v
f6
10.0%
5.0 %
0.0%
Source: US Department of Labor
The U.S. economy added 216,000 jobs in December, exceeding consensus expectations of 175,000, and the last two months were revised
down by 71,000 jobs. Leading sectors included government, leisure, hospitality, and healthcare. The trajectory of job creation is gradually
moderating, with the three-month moving average payrolls at 165,000 and the six-month moving average at 193,000. The unemployment
rate remained unchanged at 3.7%, and the labor participation rate decreased to 62.5% from 62.8%, falling well below the pre -pandemic
level of 63.3%. The U-6 underemployment rate, which includes those who are marginally attached to the labor force and employed part
time for economic reasons rose to 7.1% from 7.0% last month. Average hourly earnings rose 4.1% year -over -year in December, increasing
from a 4.0% gain last month. Employment remains strong by historical standards, but data are trending toward a less robust labor market
outlook.
4 CJJ
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IJob Openings & Labor Turnover Survey
14,000
� Recession
12,000
10,000
0
0
0 8,000
tA
c
c 6,000
s
c
4,000
2,000
0
tiOP SOP
tiOP
OP
OI, OQ
OS
06.
Source: US Department of Labor
Job Openings
+o, +01 ti01 tiOP tiOP moo` tio, +o, +oL+o, +01 tiOP tiOP do f moo` +o, +01,
'0 Oa, '09 IO I1 I� I.�' Ist IS l6 l> 78 79 '--'0'
The Labor Department's Job Openings and Labor Turnover Survey (JOLTS) dipped to 8.79 million in November, compared to an upwardly
revised 8.85 million for October. While on a downward trend, job openings still represent a healthy ratio of around 1.4 jobs for each
unemployed individual. The quits rate declined to 2.2%, hovering around pre -pandemic levels, down from its high of 3.0% in mid-2022
when labor demand far outstripped supply. While the current level of job openings remains elevated from a historical perspective, the
trend is decelerating.
5 C11
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Inflation
10.0%
9.0%
8.0%
7.0%
v
I 6.0%
M
r
u 5.0%
0
0 4.0%
3.0%
2.0%
1.0%
0.0%
Consumer Price Index (CPI)
Personal Consumption Expenditures (PCE)
10.0%
9.0% PCE Price Deflator YOY % Change
8 0% PCE Core Deflator YOY % Change
Fed Tareet
7.0 %
6.0%
5.0%
0
} 4.0 %
0
} 3.0%
2.0 %
1.0 %
0.0 %
�OL �d` �0` �d` �oL
�dy �/0` �dy �OL dG �/0`
�OL 2j0 �OL �0 �0` �d` 1/O`
�op //O` �jd` �oL
I� 1>p
�1 21 2� 2� ��,j9
1,q
Source: US Department of Labor
Source: US Department of Commerce
The Consumer Price Index (CPI) increased 0.1% month -over -month and 3.1% year -over -year in November, edging down from 3.2% year -
over -year in October. The Core CPI, which excludes volatile food and energy components, was up 0.3% month -over -month and 4.0%year-
over-year, unchanged from October as expected. Shelter was the largest contributor to November's Core CPI monthly advance, accounting
for 70% of the increase. The Personal Consumption Expenditures (PCE) Index eased more than expected in November, as headline
inflation fell 0.1% month -over -month and rose 2.6% year -over -year, down from a 2.9% increase in October. Core PCE, the Federal
Reserve's preferred inflation gauge, increased 0.1% month -over -month and decelerated to 3.2% year -over -year in November from a 3.4%
year -over -year increase in October. The trend is moderating, but inflation remains above the Fed's 2% target.
6 Qt
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Consumer
60.0%
50.0%
40.0%
v 30.0%
t 20.0%
10.0%
O>_ 0.0%
-10.0%
-20.0%
-30.0%
Retail Sales YOY % Change
160
140 Recession
120
100
a�
80
x
60
c
21
20
0
�L01, �0J, Lot, �dL tio4, mod` Lot, �L01, id`� �01,
�O
cQ 9 9 4 �1 7
Source: US Department of Commerce
Consumer Confidence
10. 6, O0, 6, 6,, 10. 6, 10 O� 10 6,
c0 c0 c� c� cZ 0' CV c� 0V C c�
& S � 9 j a' S 9 l 3'
Source: The Conference Board
All time high is 144.70 (1131100); All time low is 25.30 (2128109)
Retail Sales rose 0.3% in November after a downwards revision to -0.2% in October, exceeding the -0.1% consensus forecast. On a year -
over -year basis, Retail Sales growth accelerated to 4.1% in November from 2.2% in October buoyed by non -store retailers up 10.6%, as
well as food services and drinking places up 11.3%. The Conference Board's Consumer Confidence Index surged to 110.7 in December
from 101.0 in November, far surpassing consensus expectations. Positive ratings of job availability and increased confidence in personal
income prospects contributed to the substantial increase. 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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Housing
2,400
2,200
2,000
1,800
c
1,600
4-
1,400
1,200
c 1,000
800
c
7eIt
0
Annualized Housing Starts
■ Multi Family Housing Starts
■Single Family Housing Starts
III
i�����ii���i�lllllllllll
III
t1- tio� t11 t11 t1 %1 t1- t1_ t1_ t11 tio
OJ, Off. O) 09 .71 . jJ, . js. .l j 19 �1 I'll)
Source: US Department of Commerce
24.0%
20.0%
16.0%
12.0%
8.0%
s 4.0%
u
0.0%
o -4.0%
} -8.0%
-12.0%
-16.0%
-20.0%
S&P/Case-Shiller 20 City Composite Home Price Index
D�D0, 0.000000.oi O,ot 000jl.' jS l� I9 �1S 59 1 poi
Source: S&P
Housing Starts increased sharply month -over -month in November by 14.8%to an annual rate of 1.560 million units. Starts were up 18%for
single-family units and up 6.9% for multi -family. Total starts of new homes are up 9.3% year -over -year. The pick-up in growth can be
partially attributed to lower costs of construction materials and homebuilders adjusting projects to accommodate the higher interest rate
environment. According to Freddie Mac, average 30-year fixed rate mortgage rates declined to 6.49% as of December 21st, paralleling
the drop in the 10-year US Treasury yield. According to the Case-Shiller 20-City Home Price Index, housing prices rose 4.9% year -over -year
in October, accelerating from a 3.9% year -over -year gain in September. Tight inventories and higher mortgage rates continue to impact
affordability.
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Survey Based Measures
70
65
60 „
55 '
50
45
40
ISM Manufacturing
N
Institute of Supply Management (ISM) Surveys
ISM Services
EXPANDING
c1� drZ9 7), bZ9 c19 dr�o 7 �O "b�O c�0 dr�z �1 6�1 c�1 dr2� 7 �� ,6�� c�2 dr�� �? p��
Source: Institute for Supply Management
The Institute for Supply Management (ISM) Manufacturing index moved higher to 47.4 in December from 46.7 in November due to
improved performance as suppliers are better able to meet lower demand levels. However, this marks the 14th consecutive month of
contraction in factory activity below a reading of 50. The ISM Services Index unexpectedly declined to 50.6 in December from 52.7 in
November, narrowly remaining in the expansion zone above 50. Notably, the employment component of the index plummeted by 7.4
points to 43.3, entering contractionary territory. This decline was primarily driven by increased layoffs and a softening in consumer
demand.
9 C11
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IGross Domestic Product (GDP)
're= O .1
W
a
0
Personal Consumption Expenditures
0.8%
2.5%
0.6%
Gross Private Domestic Investment
0.6%
-1.7%
0.9%
Net Exports and Imports
0.3%
0.6%
0.0%
Federal Government Expenditures
0.6%
0.3%
0.1%
State and Local (Consumption and Gross
0.3% 0.5% 0.5%
Investment)
Total
Source: US Department of Commerce
2.6% 2.3% 2.1%
Gross Domestic Product (GDP)
M 40.0%
2.1%
30.0%
20.0%
1.7% 10.0%
0.0%
0.0%
-10.0%
0.5%
-20.0%
GDP QOQ % Change
0.5% -30.0%
GDP YOY %Change
-40.0%
4.9%
sPp` �dr, soso soSo
sPa` �a� p �dr, ��� p �dr,
1� 19 1y �0 ��
Source: US Department of Commerce
According to the third estimate, third quarter GDP grew at an annualized rate of 4.9%, revised down from the second estimate of 5.2%,
with the downward revisions driven primarily by personal consumption expenditures. The consensus estimate calls for a marked slowing
to 1.2% in the fourth quarter and 2.4% for full year 2023.
10 C�"
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Leading Indicators of Economic Activity
20.0%
15.0%
10.0%
5.0 %
0.0%
-5.0%
o -10.0%
-15.0%
-20.0%
-25.0%
Leading Economic Indicators (LEI)
tio1 �o1 tio1 �oZ �oZ tio4 �o1 �o1 �o1 tio1 tio1,
8S �j 91 9s. 99 O�, O) 11 7S 79 �S
Source: The Conference Board
Chicago Fed National Activity Index (CFNAI)
1.00
0.75
0.50 '
d
° 0.25
a
a 0.00 -
c
50 -0.25 -
M
-0.50 -
-0.75
-1.00
trot ti01 ti01 trot ti01 �01,
1�? 8j 9Z OS
Source: Federal Reserve Bank of Chicago
The Conference Board's Leading Economic Index (LEI) fell 0.5% in November, marking the twentieth consecutive month -over -month
decline. The index dropped 7.6% year -over -year. The Conference Board expects the consistent decline month -over -month to result in a
slowdown in economic activity. The Chicago Fed National Activity Index (CFNAI) improved in November to 0.03 from a downwardly revised
-0.66 in October. On a 3-month moving average basis, the CFNAI rose slightly to -0.20 in November from -0.26 in October, indicating a
rate of growth below the historical average trend.
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Federal Reserve
Federal Reserve Balance Sheet Assets
10,000,000 6.00%
9,000,000 FE Recession
8,000,000 5.00%
7,000,000
4.00%
c 6,000,000
= 5,000,000 3.00%
4,000,000
3,000,000 2.00%
2,000,000 1.00%
1,000,000
0 0.00%
Oo Oo Oo OP OP OP OP OP OP OP Oo
c0 c0 c� c� C C' CV cz cz c� c�
Source: Federal Reserve
Effective Federal Funds Rate
O, O, O, O� Oo O� O� OP O� O� O�
c� c� co c� 01 c1 0V c1 0V c,� 0',
IY S � 9 1 .�' S 9 1 �'
Source: Bloomberg
As expected at the December meeting, the Federal Open Market Committee voted unanimously to leave the federal funds rate unchanged
at a target range of 5.25-5.50%. The Fed acknowledged inflation eased over the past year while remaining elevated. Fed Chair Powell
signaled that the federal funds rate is likely at or near its peak. The Summary of Economic Projections reflected Core PCE inflation
reaching the target 2% level in 2026 without a significant increase in unemployment. The median forecast for the federal funds rate
declined to 4.6%, implying three quarter -point cuts next year, four in 2025 and three in 2026, placing the federal funds target rate around
2.9% at the end of the forecast horizon. The market interpreted the statement as dovish, with futures contracts pricing in rate cuts sooner
and more aggressively than the Fed's forecasts next year. We believe the FOMC will loosen monetary policy in mid-2024 as inflation and
economic growth continue to moderate. Since the Fed began its Quantitative Tightening campaign in June 2022, securities holdings have
declined by over $1.2T to approximately $7.8T.
12 C,,
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Bond Yields
6.0 %
5.0 %
4.0 %
0
v
3.0%
2.0 %
1.0 %
0.0%
US Treasury Note Yields
• 2-Year —]
US Treasury Yield Curve
6.0 %
5.0% \
4.0 %
2.0 %
Dec-23
1.0% Sep-23
• Dec-22
0c1 19 Pc19 ')�O �°c,�O �°c,1�� 6 �y� Syr yr 10 y .7'O y
� 1 1 � � �' �' �o 1170 r r
Source: Bloomberg Source: Bloomberg
At the end of December, the 2-year Treasury yield was 18 basis points lower, and the 10-Year Treasury yield was flat, year -over -year. The
inversion between the 2-year Treasury yield and 10-year Treasury yield widened to -37 basis points at December month -end versus -35
basis points at November month -end. The average historical spread (since 2003) is about +130 basis points. The inversion between 3-
month and 10-year Treasuries widened to -146 basis points in December from -107 basis points in November. The shape of the yield
curve indicates that the probability of recession persists.
13 C>♦,
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Section 2 I Account Profile
14 c►®
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Objectives As of December 31, 2023
Investment Objectives
The investment objectives of the City of Tustin are first, to provide safety of principal to ensure the
preservation of capital in the overall portfolio; second, to provide adequate liquidity to meet all
requirements which might be reasonably anticipated; and third, to earn a commensurate rate of return.
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.
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Compliance
As of December 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
U.S. Treasuries
Standard
No limit; 5 years max maturity
Comment
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: Complies
I BRD, I FC, and IADB; Supra nati ona I securities will not be purchased until further notice from staff at the City of Tustin.
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 a
Corporate Medium Term Notes domestic corporation or depository institution; If the credit rating of a security is downgraded belowthe minimum rating Complies
level for a new investment of that security, the Treasurer shall evaluate the downgrade on a case -by -case basis to
determine if the security should be held or sold.
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 -
Complies
Securities through 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
Complies
(NCD) NRSRO; or "A" long-term rating category or higher by a NRSRO; 30% max; 5% max per issuer; 5 years max maturity
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
Certificates of Deposit deposit) above FDIC insured limits must be collateralized pursuant to 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 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.
Commercial Paper Complies
Organized and operating in the U.S. as a general corporation; 2. Has total netassets >$500 million; 3. Has debtother 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
16 Q
DocuSign Envelope ID: D991E165-F97E-49A4-82C3-64B73530AC06
Icompliance
As of December 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
AAA or highest ranking of two of the three highest ranking NRSRO; Retain an investment adviser registered with SEC with >
Money Market Mutual Funds
5 years experience investing assets of at least $500 million; Must invest solely in investments, which the City itself could
Complies
legally purchase; 20% max; 10% max per Money Market Mutual Fund
Local Agency Investment Fund (LAIF)
Max amount limited to the amount as specified byLAIF; Principal amount withdrawal of $10 million or > needs 24-hour
Complies
notice, and 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 according to guidelines in Government Code;
(LGI P)/
Not used by investment adviser
Complies
Orange County Investment Pool (OCI P)
50% max per issuer; 5 years max maturity; Shares of beneficial interest issued by a joint powers' authority organized
Joint Powers Authority (JPA) Investment pursuantto Section 6509.7 that invests in securities and obligations authorized in subdivisions (a) to (q), inclusive; The
Pools
JPA must retain an investment advisor that is SEC registered or exemptfrom registration with Assets > $500 million, and >5
Does not comply
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
I nverse floaters, range notes, mortgage derived interest -only strips; zero interest accrual if held to maturity; Reverse
Prohibited
Repurchase Agreements; Securities on margin, credit, or for other than full cash payment, and shall not be pledged as
Complies
collateral; Purchase of security with a forward settlement date >45days from the ti me of i nvestment; 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 cover at least six months of expected disbursements.
*CAMP balance was 50.42% due to a large cash inflow close to year-end
17 Q
DocuSign Envelope ID: D991E165-F97E-49A4-82C3-64B73530AC06
Portfolio Characteristics As of December 31, 2023
City of Tustin Consolidated Account
Average Maturity (yrs)
2.68
0.64
0.66
Average Modified Duration
2.52
0.58
0.60
Average Purchase Yield
n/a
4.43%
4.30%
Average Market Yield
4.20%
5.04%
5.23%
Average Quality"
AA+
AAA/Aa2
AAA/Aa2
Total Market Value
227,917,911
212,892,918
*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 Qtj
DocuSign Envelope ID: D991E165-F97E-49A4-82C3-64B73530AC06
I Sector Distribution
December 31, 2023
US Treasury Agency
18.2% 8.2
Money Market
Fund
0.1%
Negotiable CD
0.6
Local Gov
Investment Pool
50.4
City of Tustin Consolidated Account
Cash
3.1%
CIVIC)
1.4%
Commercial
Paper
0.4
Corporate
14.2
LAI F
3.3
$18,704,136.26 $7,147,946.96 - $3,105,502.13 $970,810.00
$32,372,900.91 $7,455,511.02 - $114,909,706.30 - $320,991.07
$1,420,239.66 M $41,510,166.22
September 30, 2023
US Treasury
16.6
Money Market
Fund
0.1%
Negotiable CD
0.7
Local Gov
Investment Pooi
47.7%
As of December 31, 2023
Agency
10.7
Cash
2.5
CMO
0.8
Commercial
Paper
1.4%
Corporate
14.9
LAIF
4.7
$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
DocuSign Envelope ID: D991E165-F97E-49A4-82C3-64B73530AC06
Portfolio Allocation & Duration Changes
City of Tustin Consolidated Account
Local Gov
Investment Pool
US Treasury
Corporate -
Agency 8.2%
- 10.7%
LAIF 3.3%
EEEL� 4.7%
Cash 3.1%
2.5%
CMO 1.4%
0.8%
Negotiable CD 0.6%
0.7%
Commercial 1 0.4%
Paper ` 1.4%
Money Market 0.1%
Fund 0.1%
Portfolio Allocation
■ 18.2%
16.6%
14.2%
14.9 %
As of December 31, 2023
50.4%
47.7%
■ 12/31/23
■ 09/30/23
20 C►"
DocuSign Envelope ID: D991E165-F97E-49A4-82C3-64B73530AC06
Issuers
City of Tustin Consolidated Account - Account #10795
As of December 31, 2023
CAMP
Local Gov Investment Pool
50.42%
Government of United States
US Treasury
18.21%
Federal Home Loan Bank
Agency
5.81%
Local Agency Investment Fund
LAIF
3.27%
Bank Cash Account
Cash
3.14%
Federal Farm Credit Bank
Agency
1.57%
Federal Home Loan Mortgage Corp
CMO
1.36%
JP Morgan Chase & Co
Corporate
0.84%
Federal National Mortgage Association
Agency
0.83%
US Bancorp
Corporate
0.59%
Toyota Motor Corp
Corporate
0.46%
Florida Power and Light
Corporate
0.44%
Morgan Stanley
Corporate
0.44%
Northern Trust Corp
Corporate
0.44%
Mass Mutual Insurance
Corporate
0.44%
Duke Energy Field Services
Corporate
0.43%
Qualcomm Inc
Corporate
0.43%
Paccar Financial
Corporate
0.43%
Home Depot
Corporate
0.43%
Chubb Corporation
Corporate
0.43%
Salesforce.com Inc
Corporate
0.43%
Target Corp
Corporate
0.43%
National Rural Utilities
Corporate
0.43%
Toyota Motor Corp
Commercial Paper
0.43%
Deere & Company
Corporate
0.43%
New York Life Global Funding
Corporate
0.43%
Bank of America Corp
Corporate
0.42%
State Street Bank
Corporate
0.42%
Metlife Inc
Corporate
0.42%
Bank of New York
Corporate
0.42%
Bank of Montreal Chicago
Corporate
0.42%
Pfizer Inc.
Corporate
0.42%
Toronto Dominion Holdings
Corporate
0.41%
Caterpillar Inc
Corporate
0.41%
United Health Group Inc
Corporate
0.41%
Amazon.com Inc
Corporate
0.41%
Royal Bank of Canada
Corporate
0.40%
Charles Schwab Corp/The
Corporate
0.40%
21 c►"
DocuSign Envelope ID: D991E165-F97E-49A4-82C3-64B73530AC06
Issuers
City of Tustin Consolidated Account — Account #10795
As of December 31, 2023
Wal-Mart Stores
Corporate
0.36%
Northwestern Mutual Glbl
Corporate
0.31%
Public Service El & Gas
Corporate
0.26%
MasterCard Inc
Corporate
0.21%
Colgate-Palmolive Co.
Corporate
0.15%
First American Govt Oblig Fund
Money Market Fund
0.14%
Delaware State Police FCU
Negotiable CD
0.11%
Capital One
Negotiable CD
0.10%
Ally Bank
Negotiable CD
0.10%
Synchrony Financial
Negotiable CD
0.10%
Discover Financial Services
Negotiable CD
0.10%
Goldman Sachs Inc.
Negotiable CD
0.10%
TOTAL
100.00%
22 C►"
DocuSign Envelope ID: D991E165-F97E-49A4-82C3-64B73530AC06
IMaturity Distribution As of December 31, 2023
$160, 000, 000. "^
$140, 000, 000.
$120, 000, 000.
$100, 000, 000.
$80, 000, 000.
$60, 000, 000.
$40, 000, 000.
$20, 000, 000.
$0.
0-.25 .25-.5 .5-1 1-2 2-3 3-4 4-5 5+
Maturity (Yrs)
23 C1®
DocuSign Envelope ID: D991E165-F97E-49A4-82C3-64B73530AC06
Quality Distribution
70.0%
60.0%
50.0%
40.0%
30.0%
20.0%
10.0%
0.0%
AAA
City of Tustin Consolidated Account
December 31, 2023 vs. September 30, 2023
AA
■ 12/31/23
<A
09/30/23
NR
As of December 31, 2023
12/31/23
58.7%
21.2%
11.7%
0.0%
8.4%
09/30/23
56.5%
22.6%
12.3%
0.0%
8.6%
Source: S&P Ratings
24 c►"
DocuSign Envelope ID: D991E165-F97E-49A4-82C3-64B73530AC06
I Duration Distribution
City of Tustin Consolidated Account
December 31, 2023 vs. September 30, 2023
As of December 31, 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+
■ December 31, 2023
September 30, 2023
12/31/23
62.8%
5.0%
12.3%
8.9%
5.1% 3.9% 2.0% 0.0%
09/30/23
61.4%
4.8%
11.5%
12.8%
4.7% 2.3% 2.5% 0.0%
25 c►"
DocuSign Envelope ID: D991E165-F97E-49A4-82C3-64B73530AC06
IInvestment Performance As of December 31, 2023
City of Tustin Consolidated Account
Total Rate of Return Annualized Since Inception November 30, 2020
5.00%
4.00%
3.00%
2.00%
1.00%
0.00%
-1.00%
-2.00%
12 months 2 years
3 years
5 years
10 years
Since Inception
■ City of Tustin Consolidated Account
ICE BofA 1-5 Yr US Treasury & Agency Index
■ ICE BofA 1-3 Yr US Treasury & Agency Index
Annualized
TOTAL RATE OF RETURN
3 months 12 months
2 years
3 years 5 years
10 years Since
Inception
City of Tustin Consolidated Account
1.80% 4.56%
2.06%
1.42% N/A
N/A 1.40%
ICE BofA 1-5 Yr US Treasury & Agency Index
3.09% 4.32%
-0.58%
-0.75% N/A
N/A -0.71%
ICE BofA 1-3 Yr US Treasury & Agency Index
2.49% 4.27%
0.23%
-0.03% N/A
N/A -0.01%
REALIZED RATE OF RETURN
3 months 12 months
2 years
3 years 5 years
10 years Since
Inception
City of Tustin Consolidated Account
1.07% 3.71%
2.53%
1.95% N/A
N/A 1.93%
Q"
Total rate of return: A measure of a portfolio's performance over time. It is the internal rate of return, which equates the beginning value of the portfolio with the ending
value; it includes interest earnings,,
realized and unrealized gains and losses in the portfolio.
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.
IS,
DocuSign Envelope ID: D991E165-F97E-49A4-82C3-64B73530AC06
VijL+k+
Section 3 1 Portfolio Holdings
27 C►1
DocuSign Envelope ID: D991 E165-F97E-49A4-82C3-64B73530AC06
Holdings Report
City of Tustin Consolidated Account - Account #10795
As of December 31, 2023
Agency
313384RR2 FHLB Discount Note
3,000,000.00 03/30/2023
2,890,366.67
99.87
2,996,166.67
1.31%
P-1/A-1+
0.03
4.600% Due 01/11/2024
4.80%
2,996,166.67
4.80%
0.00
0.00
NR
0.03
313384SV2 FHLB Discount Note
2,000,000.00 03/28/2023
1,919,244.44
99.51
1,990,288.89
0.87%
P-1/A-1+
0.11
4.600% Due 02/08/2024
4.81%
1,990,288.89
4.81%
0.00
0.00
NR
0.10
3130ARHG9
FHLB Note
1,250,000.00
03/24/2022
1,248,575.00
99.52
1,243,948.75
0.55%
Aaa /AA+
0.16
2.125% Due 02/28/2024
2.19%
1,249,882.77
5.12%
9,075.52
(5,934.02)
NR
0.16
3133ENL40
FFCB Note
1,000,000.00
09/08/2022
997,520.00
99.03
990,344.00
0.44%
Aaa /AA+
0.70
3.500% Due 09/13/2024
3.63%
999,131.49
4.91%
10,500.00
(8,787.49)
AA+
0.67
3133XVDG3
FHLB Note
1,000,000.00
09/26/2022
998,060.00
99.52
995,205.00
0.44%
Aaa /AA+
0.70
4.375% Due 09/13/2024
4.48%
999,307.34
5.07%
13,125.00
(4,102.34)
NR
0.67
3130APQ81
FHLB Callable Note Mnthly 12/8/2021
1,000,000.00
08/01/2022
954,220.00
96.85
968,472.00
0.43%
Aaa /AA+
0.86
1.000% Due 11/08/2024
3.11%
982,770.37
4.82%
1,472.22
(14,298.37)
NR
0.83
313OAQF40
FHLB Note
1,000,000.00
08/01/2022
955,420.00
96.40
963,994.00
0.42%
Aaa /AA+
0.97
1.000% Due 12/20/2024
2.95%
981,881.38
4.85%
305.56
(17,887.38)
NR
0.94
3135G04Z3
FNMA Note
2,000,000.00
04/12/2021
1,982,980.00
94.36
1,887,270.00
0.83%
Aaa /AA+
1.46
0.500% Due 06/17/2025
0.71%
1,994,055.27
4.53%
388.89
(106,785.27)
AA+
1.42
3130AXU63
Federal Home Loan Banks Note
1,500,000.00
11/30/2023
1,503,345.00
101.41
1,521,178.50
0.67%
Aaa /AA+
2.88
4.625% Due 11/17/2026
4.54%
1,503,249.16
4.10%
8,479.17
17,929.34
NR
2.66
3133EPH81
FFCB Note
1,000,000.00
12/08/2023
1,001,820.00
101.74
1,017,351.00
0.45%
Aaa /AA+
3.76
4.500% Due 10/04/2027
4.45%
1,001,792.56
4.00%
3,375.00
15,558.44
NR
3.42
3130AWMN7 FHLB Note
1,250,000.00 07/26/2023
1,255,762.50
101.83
1,272,866.25
0.56%
Aaa /AA+
4.44
4.375% Due 06/09/2028
4.27%
1,255,262.54
3.92%
3,342.01
17,603.71
NR
4.00
3133EPUN3 FFCB Note
1,500,000.00 08/29/2023
1,507,785.00
101.97
1,529,490.00
0.68%
Aaa /AA+
4.66
4.500% Due 08/28/2028
4.38%
1,507,260.02
4.03%
23,062.50
22,229.98
AA+
4.11
3130AXQK7 Federal Home Loan Banks Note 1,200,000.00 12/08/2023 1,222,020.00
103.77 1,245,252.00
0.55%
Aaa /AA+
4.94
4.750% Due 12/08/2028 4.33% 1,221,766.48
3.90% 9,183.33
23,485.52
NR
4.35
18,437,118.61
18,621,827.06
8.21%
Aaa / AAA
1.81
TOTAL Agency 18,700,000.00 3.78% 18,682,814.94
4.53% 82,309.20
(60,987.88)
AA+
1.64
Cash
CBGMMF$04 Citizens Business Bank Citizens Business Bank Cash 226,759.31 Various 226,759.31 1.00 226,759.31 0.10% NR/NR 0.00
0.00% 226,759.31 0.00% 0.00 0.00 NR 0.00
2s Qtj
DocuSign Envelope ID: D991E165-F97E-49A4-82C3-64B73530AC06
Holdings Report
City of Tustin Consolidated Account - Account #10795
As of December 31, 2023
CBGMMF$03
Citizens Business Bank Citizens Business Bank Cash
6,921,187.65
Various
6,921,187.65
1.00
6,921,187.65
3.04%
NR/NR
0.00
0.00%
6,921,187.65
0.00%
0.00
0.00
NR
0.00
7,147,946.96
7,147,946.96
3.14%
NR/NR
0.00
TOTAL Cash
7,147,946.96
0.00%
7,147,946.96
0.00%
0.00
0.00
NR
0.00
CMO
3137BDCW4
FHLMCK039A2
912,186.16
04/19/2022
919,455.14
98.82
901,418.71
0.40%
NR/NR
0.57
3.303% Due 07/25/2024
2.75%
913,835.73
5.55%
2,510.79
(12,417.02)
AAA
0.43
3137FiG44
FHLMCK065A2
750,000.00
06/08/2023
719,560.55
96.45
723,359.25
0.32%
NR/NR
3.32
3.243% Due 04/25/2027
4.42%
723,915.20
4.40%
2,026.88
(555.95)
AAA
3.00
3137FEZU7
FHLMCK076A2
750,000.00
10/30/2023
708,310.55
98.13
735,955.50
0.32%
NR/NR
4.32
3.900% Due 04/25/2028
5.31%
709,839.50
4.36%
2,437.50
26,116.00
AAA
3.81
3137FJKE8
FHLMCK082A2
750,000.00
10/30/2023
705,556.64
98.05
735,343.50
0.32%
NR/NR
4.74
3.920% Due 09/25/2028
5.33%
707,047.19
4.36%
2,450.00
28,296.31
AAA
4.17
3,052,882.88
3,096,076.96
1.36%
NR/NR
3.09
TOTAL CMO
3,162,186.16
4.34%
31054,637.62
4.72%
9,425.17
41,439.34
AAA
2.72
Commercial Paper
89233GG83
Toyota Motor Credit Discount CP
1,000,000.00
10/12/2023
958,454.44
97.08
970,810.00
0.43%
P-1 / A-1+
0.52
5.560% Due 07/08/2024
5.83%
970,810.00
5.83%
0.00
0.00
F-1
0.51
958,454.44
970,810.00
0.43%
P-1 / A-1+
0.52
TOTAL Commercial
Paper
1,000,000.00
5.83%
970,810.00
5.83%
0.00
0.00
F-1
0.51
Corporate
79466LAG9
5alesforce.com Inc Callable Note Cont 7/15/2022
1,000,000.00
04/25/2022
951,860.00
97.48
974,792.00
0.43%
A2 / A+
0.54
0.625% Due 07/15/2024
2.88%
988,351.31
5.43%
2,881.94
(13,559.31)
NR
0.52
59217GEPO
Metlife Note
1,000,000.00
01/18/2022
979,170.00
96.58
965,794.00
0.42%
Aa3/AA-
0.74
0.700% Due 09/27/2024
1.49%
994,266.97
5.49%
1,827.78
(28,472.97)
AA-
0.72
24422EVY2
John Deere Capital Corp Note
1,000,000.00
02/04/2022
985,080.00
96.45
964,529.00
0.43%
A2 / A
1.03
1.250% Due 01/10/2025
1.78%
994,756.33
4.84%
5,937.50
(30,227.33)
A+
0.99
57629WCG3
Mass Mutual Global funding Note
1,000,000.00
03/23/2022
1,004,360.00
97.76
977,550.00
0.44%
Aa3 / AA+
1.03
2.950% Due 01/11/2025
2.79%
1,001,602.50
5.22%
13,930.56
(24,052.50)
AA+
0.98
64952WEK5
New York Life Global Note
1,000,000.00
01/18/2022
996,780.00
96.30
963,039.00
0.43%
Aaa /AA+
1.04
1.450% Due 01/14/2025
1.56%
998,880.39
5.16%
6,726.39
(35,841.39)
AAA
1.00
29 Qtj
DocuSign Envelope ID: D991 E165-F97E-49A4-82C3-64B73530AC06
Holdings Report
City of Tustin Consolidated Account - Account #10795
As of December 31, 2023
63743HFC1
National Rural Utilities Note
1,000,000.00
03/23/2022
972,740.00
96.53
965,325.00
0.43%
A2/A-
1.11
1.875% Due 02/07/2025
2.87%
989,537.35
5.16%
7,500.00
(24,212.35)
A
1.06
57636QAN4
MasterCard Inc Callable Note lx 02/03/2025
500,000.00
11/01/2021
515,365.00
96.88
484,394.50
0.21%
Aa3 /A+
1.17
2.000% Due 03/03/2025
1.06%
505,395.44
4.77%
3,277.78
(21,000.94)
NR
1.13
69371RR73
Paccar Financial Corp Note
1,000,000.00
03/31/2022
999,740.00
97.72
977,202.00
0.43%
Al / A+
1.27
2.850% Due 04/07/2025
2.86%
999,890.40
4.72%
6,650.00
(22,688.40)
NR
1.22
87612EBL9
Target Corp Callable Note Cont 4/15/25
1,000,000.00
02/04/2022
1,010,340.00
96.96
969,615.00
0.43%
A2 / A
1.29
2.250% Due 04/15/2025
1.91%
1,004,182.27
4.70%
4,750.00
(34,567.27)
A
1.24
437076CM2
Home Depot Callable Note Cont 3/15/2025
1,000,000.00
03/28/2022
995,620.00
97.53
975,320.00
0.43%
A2 / A
1.29
2.700% Due 04/15/2025
2.85%
998,148.74
4.69%
5,700.00
(22,828.74)
A
1.24
61747YEQ4
Morgan Stanley Callable Note S/A 4/17/2024
1,000,000.00
06/01/2022
1,000,910.00
99.40
993,955.00
0.44%
Al/A-
1.30
3.620% Due 04/17/2025
4.60%
1,000,409.46
5.64%
7,441.11
(6,454.46)
A+
0.29
06406RAN7
Bank of NY Mellon Corp Callable Note Cont 3/24/2025
1,000,000.00
02/04/2022
989,120.00
95.97
959,732.00
0.42%
Al / A
1.32
1.600% Due 04/24/2025
1.95%
995,549.51
4.80%
2,977.78
(35,817.51)
AA-
1.27
06367WB85
Bank of Montreal Note
1,000,000.00
08/17/2021
1,034,530.00
95.88
958,755.00
0.42%
A2/A-
1.33
1.850% Due 05/01/2025
0.90%
1,012,421.60
5.09%
3,083.33
(53,666.60)
AA-
1.29
91159HHZ6
US Bancorp Callable Note Cont 4/11/2025
1,400,000.00
12/23/2021
1,406,818.00
95.17
1,332,389.80
0.59%
A3 / A
1.36
1.450% Due 05/12/2025
1.30%
1,402,752.68
5.16%
2,763.06
(70,362.88)
A
1.32
747525AFO
Qualcomm Inc Callable Note Cont 2/20/2025
1,000,000.00
03/23/2022
1,018,960.00
98.18
981,811.00
0.43%
A2 / A
1.39
3.450% Due 05/20/2025
2.82%
1,008,311.46
4.82%
3,929.17
(26,500.46)
NR
1.33
717081EX7
Pfizer Inc. Callable Note Cont 4/28/2025
1,000,000.00
03/23/2022
945,010.00
94.62
946,169.00
0.42%
A2 / A
1.41
0.800% Due 05/28/2025
2.62%
975,681.15
4.80%
733.33
(29,512.15)
A
1.37
668151-2J7
Northwestern Mutual Glbl Note
700,000.00
06/30/2022
703,738.00
99.09
693,604.80
0.31%
Aaa /AA+
1.50
4.000% Due 07/01/2025
3.81%
701,872.42
4.64%
14,000.00
(8,267.62)
AAA
1.41
26442UAA2
Duke Energy Progress LLC Callable Note Cont 5/15/25
1,000,000.00
04/25/2022
1,000,280.00
97.72
977,173.00
0.43%
Aa3 / A
1.62
3.250% Due 08/15/2025
3.24%
1,000,137.45
4.73%
12,277.78
(22,964.45)
NR
1.54
194162AM5
Colgate Palmolive Co. Note
345,000.00
08/01/2022
344,682.60
97.81
337,427.94
0.15%
Aa3 / AA-
1.62
3.100% Due 08/15/2025
3.13%
344,829.49
4.52%
4,040.33
(7,401.55)
NR
1.54
89114QCK2
Toronto Dominion Bank Note
1,000,000.00
08/17/2021
993,000.00
93.31
933,063.00
0.41%
Al/A
1.70
0.750% Due 09/11/2025
0.93%
997,080.19
4.91%
2,291.67
(64,017.19)
AA-
1.64
14913R2H9
Caterpillar Financial Service Note
1,000,000.00
04/21/2021
991,780.00
93.34
933,399.00
0.41%
A2 / A
1.87
0.800% Due 11/13/2025
0.98%
996,633.01
4.56%
1,066.67
(63,234.01)
A+
1.81
85747713113
State Street Bank Callable Note Cont 2/6/2025
1,000,000.00
Various
978,258.70
96.09
960,912.00
0.42%
Al / A
2.10
1.746% Due 02/06/2026
3.69%
988,206.81
5.45%
7,032.50
(27,294.81)
AA-
1.06
30 Qj
DocuSign Envelope ID: D991 E165-F97E-49A4-82C3-64B73530AC06
Holdings Report
City of Tustin Consolidated Account - Account #10795
As of December 31, 2023
06051GHY8
Bank of America Corp Callable Note Cont 2/13/2025
1,000,000.00
04/20/2021
1,030,470.00
96.09
960,916.00
0.42%
Al / A-
2.12
2.015% Due 02/13/2026
2.20%
1,013,415.12
5.66%
7,724.17
(52,499.12)
AA-
1.07
46647PBK3
JP Morgan Chase & Co Callable Note Cont 4/22/2025
2,000,000.00
Various
2,072,110.00
95.78
1,915,698.00
0.84%
Al / A-
2.31
2.083% Due 04/22/2026
2.34%
2,035,243.73
5.45%
7,984.84
(119,545.73)
AA-
1.26
00440EAV9
Chubb INA Holdings Inc Callable Note Cont 2/3/2026
1,000,000.00
07/23/2021
1,102,780.00
97.29
972,850.00
0.43%
A3 / A
2.34
3.350% Due 05/03/2026
1.13%
1,050,356.89
4.58%
5,397.22
(77,506.89)
A
2.21
023135BX3
Amazon.com Inc Callable Note Cont 4/12/2026
1,000,000.00
05/12/2021
995,200.00
92.38
923,760.00
0.41%
Al/AA
2.36
1.000% Due 05/12/2026
1.10%
997,731.58
4.43%
1,361.11
(73,971.58)
AA-
2.29
808513BR5
Charles Schwab Corp Callable Note Cont 4/13/2026
1,000,000.00
07/23/2021
1,007,990.00
91.64
916,443.00
0.40%
A2 / A-
2.37
1.150% Due 05/13/2026
0.98%
1,003,937.96
4.93%
1,533.33
(87,494.96)
A
2.28
91324PEC2
United Health Group Inc Callable Note Cont 4/15/2026
1,000,000.00
07/28/2021
1,007,110.00
92.57
925,722.00
0.41%
A2 / A+
2.37
1.150% Due 05/15/2026
1.00%
1,003,514.37
4.49%
1,469.44
(77,792.37)
A
2.29
78016EZT7
Royal Bank of Canada Note
1,000,000.00
07/28/2021
999,090.00
91.48
914,795.00
0.40%
Al / A
2.54
1.150% Due 07/14/2026
1.17%
999,534.94
4.76%
5,334.72
(84,739.94)
AA-
2.43
931142ERO
Wal-Mart Stores Callable Note Cont 08/17/2026
900,000.00
09/22/2021
902,277.00
91.88
826,925.40
0.36%
Aa2 / AA
2.72
1.050% Due 09/17/2026
1.00%
901,239.27
4.25%
2,730.00
(74,313.87)
AA
2.61
665859AW4
Northern Trust Company Callable Note Cont 4/10/2027
1,000,000.00
01/30/2023
986,540.00
98.65
986,468.00
0.44%
A2 / A+
3.36
4.000% Due 05/10/2027
4.35%
989,423.67
4.44%
5,666.67
(2,955.67)
A+
3.09
74456QBU9
Public Service El & Gas Callable Note Cont 02/01/28
600,000.00
06/29/2023
570,144.00
96.82
580,931.40
0.26%
Al / A
4.34
3.700% Due 05/O1/2028
4.87%
573,269.84
4.51%
3,700.00
7,661.56
NR
3.93
341081GN3
Florida Power and Light Callable Note Cont 3/15/2028
1,000,000.00
06/07/2023
987,550.00
100.16
1,001,599.00
0.44%
Aa2 / A+
4.38
4.400% Due 05/15/2028
4.69%
988,973.25
4.35%
5,622.22
12,625.75
AA-
3.78
89236TLB9
Toyota Motor Credit Corp Note
1,000,000.00
09/26/2023
996,180.00
103.55
1,035,457.00
0.46%
Al / A+
4.70
5.250% Due 09/11/2028
5.34%
996,380.50
4.40%
16,041.67
39,076.50
A+
4.08
33,475,583.30
32,187,516.84
14.20%
Al / A+
1.91
TOTAL Corporate
33,445,000.00
2.36%
33,451,918.05
4.91%
185,384.07
(1,264,401.21)
AA-
1.65
31 QJ1
DocuSign Envelope ID: D991 E165-F97E-49A4-82C3-64B73530AC06
Holdings Report
City of Tustin Consolidated Account - Account #10795
As of December 31, 2023
90LAIF$00 Local Agency Investment Fund State Pool 7,380,889.05 Various 7,380,889.05 1.00 7,380,889.05 3.27% NR/NR 0.00
3.95% 7,380,889.05 3.95% 74,621.97 0.00 NR 0.00
7,380,889.05
7,380,889.05
3.27%
NR/NR
0.00
TOTAL LAIF
7,380,889.05
3.95%
7,380,889.05
3.95%
74,621.97
0.00
NR
0.00
Local Gov Investment Pool
90CAMP$00 California Asset Mgmt Program CAMP
114,909,706.27
Various
114,909,706.27
1.00
114,909,706.27
50.42%
NR / AAA
0.00
5.56%
114,909,706.27
5.56%
0.00
0.00
NR
0.00
114,909,706.27
114,909,706.27
50.42%
NR/AAA
0.00
TOTAL Local Gov Investment Pool
114,909,706.27
5.56%
114,909,706.27
5.56%
0.00
0.00
NR
0.00
Money Market Fund
31846V203 First American Govt Obligation Fund Class Y
148,351.04
Various
148,351.04
1.00
148,351.04
0.07%
Aaa / AAA
0.00
4.98%
148,351.04
4.98%
0.00
0.00
AAA
0.00
31846V203 First American Govt Obligation Fund Class Y
172,640.03
Various
172,640.03
1.00
172,640.03
0.08%
Aaa / AAA
0.00
4.98%
172,640.03
4.98%
0.00
0.00
AAA
0.00
320,991.07
320,991.07
0.14%
Aaa / AAA
0.00
TOTAL Money Market Fund
320,991.07
4.98%
320,991.07
4.98%
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
99.42
244,578.61
0.11%
NR/NR
0.24
3.000% Due 03/29/2024
3.00%
246,000.00
5.36%
1,900.60
(1,421.39)
NR
0.24
14042TJB4
Capital One Bank USA NA Negotiable CD
240,000.00
08/01/2022
239,640.00
97.73
234,540.24
0.10%
NR/NR
1.59
3.450% Due 08/04/2025
3.50%
239,809.33
4.95%
3,425.42
(5,269.09)
NR
1.51
02007GXF5
Ally Bank Negotiable CD
240,000.00
08/02/2022
239,280.00
97.64
234,337.20
0.10%
NR/NR
1.59
3.400% Due 08/04/2025
3.51%
239,618.32
4.95%
3,353.42
(5,281.12)
NR
1.51
87165EXE2
Synchrony Bank Negotiable CD
240,000.00
08/01/2022
239,640.00
97.64
234,331.44
0.10%
NR/NR
1.60
3.400% Due 08/05/2025
3.45%
239,808.83
4.95%
3,331.07
(5,477.39)
NR
1.51
254673P26
Discover Bank Negotiable CD
240,000.00
08/01/2022
239,280.00
97.63
234,314.40
0.10%
NR/NR
1.61
3.400% Due 08/08/2025
3.51%
239,615.69
4.95%
3,264.00
(5,301.29)
NR
1.52
38149MYS6
Goldman Sachs Bank USA Negotiable CD
245,000.00
08/17/2021
243,775.00
90.59
221,954.08
0.10%
NR/NR
2.65
1.050% Due 08/25/2026
1.15%
244,351.27
4.87%
909.18
(22,397.19)
NR
2.55
1,447,615.00
1,404,055.97
0.62%
NR/NR
1.53
TOTAL Negotiable CD
1,451,000.00
3.01%
1,449,203.44
5.01%
16,183.69
(45,147.47)
NR
1.45
32 Qtj
DocuSign Envelope ID: D991 E165-F97E-49A4-82C3-64B73530AC06
Holdings Report
City of Tustin Consolidated Account - Account #10795
As of December 31, 2023
wa „-aul Y
1 1
M
912828V80 US Treasury Note
1,250,000.00 03/23/2022
1,252,832.03
99.75
1,246,890.00
0.55%
Aaa/AA+
0.08
2.250% Due 01/31/2024
2.12%
1,250,125.31
5.17%
11,769.70
(3,235.31)
AA+
0.08
912797JE8 US Treasury Bill
3,000,000.00 12/27/2023
2,976,300.75
99.27
2,978,056.25
1.31%
P-1/A-1+
0.14
5.266% Due 02/20/2024
5.38%
2,978,056.25
5.38%
0.00
0.00
F-1+
0.14
91282CBR3
US Treasury Note
2,600,000.00
04/03/2023
2,495,187.50
99.00
2,574,101.40
1.13%
Aaa/AA+
0.21
0.250% Due 03/15/2024
4.66%
2,577,583.45
5.13%
1,928.57
(3,482.05)
AA+
0.20
91282CBV2
US Treasury Note
2,500,000.00
06/27/2023
2,403,125.00
98.63
2,465,625.00
1.08%
Aaa/AA+
0.29
0.375% Due 04/15/2024
5.40%
2,465,164.81
5.19%
1,997.95
460.19
AA+
0.29
912828X70
US Treasury Note
1,250,000.00
03/23/2022
1,245,019.53
98.95
1,236,913.75
0.54%
Aaa/AA+
0.33
2.000% Due 04/30/2024
2.19%
1,249,221.80
5.19%
4,258.24
(12,308.05)
AA+
0.33
912828WJ5
US Treasury Note
1,000,000.00
04/25/2022
998,593.75
99.02
990,234.00
0.44%
Aaa/AA+
0.37
2.500% Due 05/15/2024
2.57%
999,746.88
5.15%
3,228.02
(9,512.88)
AA+
0.37
912828XT2
US Treasury Note
2,500,000.00
06/27/2023
2,424,804.69
98.67
2,466,700.00
1.08%
Aaa/AA+
0.42
2.000% Due 05/31/2024
5.38%
2,466,406.83
5.27%
4,371.58
293.17
AA+
0.41
91282CCG4
US Treasury Note
2,300,000.00
11/07/2023
2,230,281.25
97.82
2,249,777.20
0.99%
Aaa/AA+
0.46
0.250% Due 06/15/2024
5.44%
2,247,394.03
5.15%
267.08
2,383.17
AA+
0.45
91282CCL3
US Treasury Note
1,250,000.00
03/23/2022
1,197,802.73
97.52
1,219,042.50
0.54%
Aaa/AA+
0.54
0.375% Due 07/15/2024
2.24%
1,237,878.36
5.08%
2,165.42
(18,835.86)
AA+
0.53
91282CFA4
US Treasury Note
2,500,000.00
08/18/2023
2,446,484.38
98.82
2,470,507.50
1.10%
Aaa/AA+
0.58
3.000% Due 07/31/2024
5.36%
2,467,115.04
5.07%
31,385.87
3,392.46
AA+
0.56
912797GK7
US Treasury Bill
2,500,000.00
08/18/2023
2,375,898.44
96.91
2,422,656.25
1.06%
P-1 / A-1+
0.61
5.063% Due 08/08/2024
5.33%
2,422,656.25
5.33%
0.00
0.00
F-1+
0.59
9128282U3
US Treasury Note
1,250,000.00
03/23/2022
1,238,085.94
97.95
1,224,413.75
0.54%
Aaa/AA+
0.67
1.875% Due 08/31/2024
2.28%
1,246,750.71
5.04%
7,919.81
(22,336.96)
AA+
0.64
912797GL5
US Treasury Bill
4,500,000.00
09/14/2023
4,271,826.25
96.47
4,341,047.50
1.90%
P-1/A-1+
0.68
5.128% Due 09/05/2024
5.41%
4,341,047.50
5.41%
0.00
0.00
F-1+
0.66
912797GW1
US Treasury Bill
3,000,000.00
10/23/2023
2,852,512.50
96.07
2,882,010.00
1.26%
P-1/A-1+
0.76
5.130% Due 10/03/2024
5.40%
2,882,010.00
5.40%
0.00
0.00
F-1+
0.74
912828YM6
US Treasury Note
1,250,000.00
03/23/2022
1,224,902.34
97.29
1,216,113.75
0.53%
Aaa/AA+
0.84
1.500% Due 10/31/2024
2.30%
1,241,985.62
4.86%
3,193.68
(25,871.87)
AA+
0.81
912828YV6
US Treasury Note
1,250,000.00
03/23/2022
1,223,486.33
96.99
1,212,402.50
0.53%
Aaa/AA+
0.92
1.500% Due 11/30/2024
2.32%
1,240,982.11
4.90%
1,639.34
(28,579.61)
AA+
0.89
912828YYO
US Treasury Note
1,300,000.00
05/18/2022
1,263,335.94
97.05
1,261,631.80
0.55%
Aaa/AA+
1.00
1.750% Due 12/31/2024
2.88%
1,286,016.32
4.81%
62.50
(24,384.52)
AA+
0.97
33 QVI
DocuSign Envelope ID: D991E165-F97E-49A4-82C3-64B73530AC06
Holdings Report
City of Tustin Consolidated Account - Account #10795
As of December 31, 2023
91282CBH3 US Treasury Note
2,000,000.00
04/27/2021
1,957,500.00
92.39
1,847,812.00
0.81%
Aaa/AA+
2.09
0.375% Due 01/31/2026
0.83%
1,981,401.67
4.23%
3,138.59
(133,589.67)
AA+
2.03
91282CBT7 US Treasury Note
2,000,000.00
04/27/2021
1,989,531.25
92.78
1,855,546.00
0.82%
Aaa/AA+
2.25
0.750% Due 03/31/2026
0.86%
1,995,225.60
4.15%
3,811.48
(139,679.60)
AA+
2.18
91282CFM8 US Treasury Note
1,740,000.00
11/09/2022
1,724,978.91
100.63
1,751,010.72
0.78%
Aaa/AA+
3.75
4.125% Due 09/30/2027
4.32%
1,728,488.04
3.94%
18,237.91
22,522.68
AA+
3.41
91282CGH8 US Treasury Note
1,500,000.00
02/23/2023
1,458,281.25
98.42
1,476,328.50
0.66%
Aaa/AA+
4.09
3.500% Due 01/31/2028
4.13%
1,465,404.53
3.92%
21,970.11
10,923.97
AA+
3.71
41,250,770.76
41,388,820.37
18.21%
Aaa / AAA
0.92
TOTAL US Treasury
42,440,000.00
4.12%
41,770,661.11
5.01%
121,345.85
(381,840.74)
AAA
0.88
228,381,958.34
227,428,640.55
100.00%
Aa2 / AAA
0.64
TOTAL PORTFOLIO
229,957,719.51
4.43%
229,139,578.51
5.04%
489,269.95 (1,710,937.96)
AA+
0.58
TOTAL MARKET VALUE PLUS ACCRUALS
227,917,910.50
34 Qtj
IS,
DocuSign Envelope ID: D991E165-F97E-49A4-82C3-64B73530AC06
VijL+k+
Section 4 1 Transactions
35 C
DocuSign Envelope ID: D991E165-F97E-49A4-82C3-64B73530AC06
Transaction Ledger
September 30, 2023 through December 31, 2023
ACQUISITIONS
Purchase
10/13/2023
89233GG83
Purchase
10/15/2023
90LAIF$00
Purchase
10/24/2023
912797GW1
Purchase
10/31/2023
90CAM P$00
Purchase
11/02/2023
3137FEZU7
Purchase
11/02/2023
3137FJKE8
Purchase
11/08/2023
91282CCG4
Purchase
11/30/2023
90CAM P$00
Purchase
12/01/2023
3130AXU63
Purchase
12/11/2023
3130AXQK7
Purchase
12/11/2023
3133EPH81
Purchase
12/28/2023
9127971E8
Purchase
12/29/2023
90CAM P$00
As of December 31, 2023
City of Tustin Consolidated Account - Account #10795
1,000,000.00
Toyota Motor Credit Discount CP
95.845
5.83%
958,454.44
0.00
958,454.44
0.00
5.56% Due: 07/08/2024
123,950.54
Local Agency Investment Fund State Pool
1.000
3.61%
123,950.54
0.00
123,950.54
0.00
3,000,000.00
US Treasury Bill
95.084
5.40%
2,852,512.50
0.00
2,852,512.50
0.00
5.13% Due: 10/03/2024
478,901.64
California Asset Mgmt Program CAMP
1.000
5.56%
478,901.64
0.00
478,901.64
0.00
750,000.00
FHLMC K076 A2
94.441
5.31%
708,310.55
81.25
708,391.80
0.00
3.9% Due: 04/25/2028
750,000.00
FHLMC K082 A2
94.074
5.33%
705,556.64
81.67
705,638.31
0.00
3.92% Due: 09/25/2028
2,300,000.00
US Treasury Note
96.969
5.44%
2,230,281.25
2,293.72
2,232,574.97
0.00
0.25% Due: 06/15/2024
467,626.78
California Asset Mgmt Program CAMP
1.000
5.57%
467,626.78
0.00
467,626.78
0.00
1,500,000.00
Federal Home Loan Banks Note
100.223
4.54%
1,503,345.00
2,697.92
1,506,042.92
0.00
4.625% Due: 11/17/2026
1,200,000.00
Federal Home Loan Banks Note
101.835
4.33%
1,222,020.00
6,016.67
1,228,036.67
0.00
4.75% Due: 12/08/2028
1,000,000.00
FFCB Note
100.182
4.45%
1,001,820.00
875.00
1,002,695.00
0.00
4.5% Due: 10/04/2027
3,000,000.00
US Treasury Bill
99.210
5.38%
2,976,300.75
0.00
2,976,300.75
0.00
5.266% Due: 02/20/2024
490,279.36
California Asset Mgmt Program CAMP
1.000
5.57%
490,279.36
0.00
490,279.36
0.00
Subtotal 16,060,758.32 15,719,359.45 12,046.23 15,731,405.68 0.00
36 Qtj
DocuSign Envelope ID: D991E165-F97E-49A4-82C3-64B73530AC06
ITransaction Ledger
City of Tustin Consolidated Account - Account #10795
September 30, 2023 through December 31, 2023
As of December 31, 2023
Security 12/28/2023 90CAMP$00 12,000,000.00 California Asset Mgmt Program CAMP 1.000 12,000,000.00 0.00 12,000,000.00 0.00
Contribution
Subtotal 12,000,000.00 12,000,000.00 0.00 12,000,000.00 0.00
TOTAL ACQUISITIONS
28,060,758.32
27,719,359.45
12,046.23
27,731,405.68
0.00
DISPOSITIONS
Maturity
10/05/2023
89233HX58
1,000,000.00
Toyota Motor Credit Discount CP
97.397
1,000,000.00
0.00
1,000,000.00
0.00
5.12% Due: 10/05/2023
Maturity
10/23/2023
313384NH8
3,000,000.00
FHLB Discount Note
100.000
3,000,000.00
0.00
3,000,000.00
0.00
4.73% Due: 10/23/2023
Maturity
10/31/2023
912828T91
1,200,000.00
US Treasury Note
100.000
1,200,000.00
0.00
1,200,000.00
0.00
1.625% Due: 10/31/2023
Maturity
11/06/2023
62479MY64
2,000,000.00
MUFG Bank Ltd/NY Discount CP
96.843
2,000,000.00
0.00
2,000,000.00
0.00
5.12% Due: 11/06/2023
Maturity
11/30/2023
9128281.157
1,250,000.00
US Treasury Note
100.000
1,250,000.00
0.00
1,250,000.00
0.00
2.125% Due: 11/30/2023
Maturity
12/08/2023
3130ATBLO
2,250,000.00
FHLB Note
100.000
2,250,000.00
0.00
2,250,000.00
0.00
3.625% Due: 12/08/2023
Maturity
12/28/2023
313384RB7
3,000,000.00
FHLB Discount Note
100.000
3,000,000.00
0.00
3,000,000.00
0.00
4.64% Due: 12/28/2023
Subtotal 13,700,000.00 13,700,000.00 0.00 13,700,000.00 0.00
Security 10/13/2023 90LAIF$00
Withdrawal
Security 10/19/2023 90LAIF$00
Withdrawal
1,011,000.00 Local Agency Investment Fund State Pool
1,000,000.00 Local Agency Investment Fund State Pool
1.000 1,011,000.00
1.000 1,000,000.00
0.00 1,011,000.00 0.00
0.00 1,000,000.00 0.00
37 c►"
DocuSign Envelope ID: D991E165-F97E-49A4-82C3-64B73530AC06
ITransaction Ledger
City of Tustin Consolidated Account - Account #10795
September 30, 2023 through December 31, 2023
Transaction Settlement CUSIP Quantity Security Description Price Acq/Disp
Type Date Yield
Security 10/19/2023 90LAIF$00 500,000.00 Local Agency Investment Fund State Pool 1.000
Withdrawal
Subtotal
TOTAL DISPOSITIONS
2,511,000.00
16,211,000.00
As of December 31, 2023
500,000.00 0.00 500,000.00 0.00
2,511,000.00 0.00 2,511,000.00 0.00
16,211,000.00 0.00 16,211,000.00 0.00
38 c►"
DocuSign Envelope ID: D991E165-F97E-49A4-82C3-64B73530AC06
IImportant Disclosures As of December 31, 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.
39 QtJ
DocuSign Envelope ID: D991E165-F97E-49A4-82C3-64B73530AC06
Benchmark Disclosures As of December 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.
DocuSign Envelope ID: D991E165-F97E-49A4-82C3-64B73530AC06
CITY OF TUSTIN
Monthly Investment Report
December 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
8,770.81
N/A
8,770.81
8,770.81
2016 Water Revenue Bonds, Refunding
1,190.20
N/A
1,190.20
1,190.20
2020 Water Revenue Bonds
664.40
N/A
664.40
664.40
CFD 04-1
633,981.26
N/A
633,981.26
633,981.26
CFD 06-1
4,269,780.29
N/A
4,269,780.29
4,269,780.29
CFD 07-1
1,221,059.89
N/A
1,221,059.89
1,221,059.89
CFD 14-1
2,687,000.80
N/A
2,687,000.80
2,687,000.80
8,822,447.65
8,822,447.65
8,822,447.65
Restricted Deposits
with Fiscal Agents TOTAL
8,822,447.65
8,822,447.65
DocuSign Envelope ID: D991 El65-F97E-49A4-82C3-64B73530AC06
PUBLIC
AGENCY
RETIREMENT
SERVICES PARS
CITY OF TUSTIN Account Report for the Period
PARS Post -Employment Benefits Trust 12/1/2023 to 12/31/2023
Nicole Bernard
Acting City Manager
City of Tustin
300 Centennial Way
Tustin, CA 92780
Account Summary
Balance as of Balance as of
Source
12/1/2023 Contributions Earnings Expenses Distributions Transfers 12/31/2023
OPEB
$3,447,666.17 $0.00 $164,492.65 $1,424.91 $0.00 $0.00 $3,610,733.91
PENSION
$10,995,283.01 $0.00 $524,670.26 $4,544.48 $0.00 $0.00 $11,515,408.79
Totals
$14,442,949.18 $0.00 $689,162.91 $5,969.39 $0.00 $0.00 $15,126,142.70
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 4.77% 8.97% 12.97% 2.24% 6.94% 6/26/2018
PENSION 4.77% 8.97% 13.00% 2.25% 6.95% 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