HomeMy WebLinkAbout04 QUARTERLY INVESTMENT REPORT ENDING MARCH 31, 2024DocuSign Envelope ID: 009D57E6-9ACB-4264-ADDC-CAF3F57A8588
Agenda Item 4
Reviewed: Ds
AGENDA REPORT
1' City Manager
Finance Director
MEETING DATE: MAY 7, 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 MARCH 31, 2024
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
ended March 31, 2024 is rendered.
The City's total cash and investments amounted to approximately $204 million as of March 31, 2024.
The weighted average yield for the investment portfolio was 4.41 %, which is slightly lower than the
weighted average portfolio yield for the prior quarter. The Federal Open Market Committee (FOMC)
has kept the target Federal Funds rate in the current range of 5.25%-5.50% since July 2023,
continuing its effort to stabilize economic growth. The Consumer Price Index (CPI) for March 2024
came in at 3.5% higher year -over -year, above the Fed's inflation target of 2%. For the first three
months in 2024, the labor market added jobs at a better-than-expected pace and the national
unemployment rate remains low at 3.8%. As a result, the 2-year Treasury yield inched back to 4.62%
by March 2024, compared to a yield of 4.25% in December 2023. Similarly, the 5-year Treasury yield
rose to 4.21 % by March 2024, compared to a yield of 3.85% in December 2023.
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Quarterly Investment Report for the Period Ending March 31, 2024 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 $12 million on March
31, 2024. The five-year annualized return for the PARS Pension Trust Fund was 6.01 %.
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 $3.7 million on March 31, 2024. The five-year annualized return for the PARS OPEB
Trust Fund was 6.07%.
Investment Compliance Certification
On April 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. 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.
IV
v
Jennifer King
Finance Director/City Treasurer
Attachments: Investment Report Certification
Quarterly Investment Report for the Period Ending March 31, 2024
Restricted Deposits with Fiscal Agents as of March 31, 2024
PARS Trust Statement as of March 31, 2024
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INVESTMENT REPORT
City of Tustin
Period Ending March 31, 2024
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
Economic Update
Account Profile
Portfolio Holdings
Transactions
As of March 31, 2024
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Section 1 1 Economic Update
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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 March 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 March Summary of Economic Projections (SEP) showed stronger real GDP growth outlook and higher core
inflation projections for 2024 on resilient labor market and consumer data. The median projection for Federal Funds rate by year-end
remained the same at 4.625%, implying three 0.25% cuts. We continue to believe the FOMC will loosen monetary policy in mid-2024 as
inflation and economic growth continue to moderate.
■ The US Treasury yield curve stabilized in March as the FOMC left the Federal Funds rate unchanged. The 2-year Treasury yield was
unchanged at 4.62%, the 5-year Treasury fell 4 basis points to 4.21%, and the 10-year Treasury yield dropped 5 basis points to 4.20%. The
inversion between the 2-year Treasury yield and 10-year Treasury yield widened to -42 basis points at March month -end versus -37 basis
points at February month -end. The spread between the 2-year Treasury and 10-year Treasury yield one year ago was -56 basis points. The
inversion between 3-month and 10-year Treasuries widened to -117 basis points in March from -113 basis points in February.
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Employment
1,000
_1111111111111POW,
0
0
600
C
400
0
L
H
�Irxl1f
0 -200
-400
Nonfarm Payroll (000's)
25.0%
20.0%
e 15.0%
v
f6
J-1I IVI ILII QVCI QrC 1VVV Z.1
10.0°%
5.0
0.0%
Unemployment Rate
Underemployment Rate (U6)
Unemployment Rate (U3)
�dr SPp �dr SPp �dr SPp �dr 5�,� �dr Sip 117 117 SPA �dr Spa /J7dr SPA �dr Spa /J�jdr SPA 117
1,g �9 �O �p �1 �1 �� �� �.�' �,�' �9 j9 19 �O �p �1 �1 �� �� �.�' �,�' fit!
Source: US Department of Labor Source: US Department of Labor
The U.S. economy added a better-than-expected 303,000 jobs in March, and the prior two months were revised up by 22,000. Leading
sectors included healthcare and government. Job creation remains healthy, with the three-month moving average payrolls at 276,000 and
the six-month moving average at 244,000. The unemployment rate edged down to 3.8% in March. The labor participation rate ticked up to
62.7% but remained 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 was unchanged at 7.3%. Average hourly earnings rose 4.1% year -
over -year in March, down from 4.3% last month. Employment remains strong by historical standards.
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IJob Openings & Labor Turnover Survey
Job Openings
14,000
Recession
12,000
Historical Average
10,000
_N
O
O
8,000
C
c
m
0 6,000
0
C
4,000
2,000
0
6O
bO
6�
60
b0
b0
6?
b1
6z
61
6z
6z
bz
bz
b1
61
b�
b2
b-
b�
b�
Q
S
6
�
�
9
O
.l
�
a'
S!
S
6
�
�
9
O
1
�
�'
Q
Source: US Department of Labor
The Labor Department's Job Openings and Labor Turnover Survey (JOLTS) edged up to 8.756 million in February compared to a
downwardly revised 8.748 million in January. Job openings still represent a healthy ratio of around 1.4 jobs for each unemployed
individual. While the current level of job openings remains elevated from a historical perspective, the trend is decelerating.
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Inflation
10.0%
9.0%
8.0%
7.0%
v
r 6.0%
M
r
" 5.0%
0
> 4.0%
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
PCE Core Deflator YOY % Change
8.0% Fed Target
7.0 %
r 6.0%
M
5.0 %
0
>. 4.0 %
0
} 3.0%
2.0 %
1.0 %
0.0 %
lid" SPz �0, sOb �0/. SP;6 �0, � sO;0 �0, SOb �0/1 �06 ��g1.9 �06�0 ��g�O �Pb�1 �G��1 �Pb�� 9`��� �Pb�.� 94��.� �Pb�St
Source: US Department of Labor Source: US Department of Commerce
The Consumer Price Index (CPI) came in higher than expected in March, increasing 0.4% month -over -month and 3.5% year -over -year. The
Core CPI, which excludes volatile food and energy components, was up 0.4% month -over -month and 3.8% year -over -year in March,
unchanged from 3.8% in February. Energy costs accelerated during the month, and shelter costs remain elevated. The Personal
Consumption Expenditures (PCE) Index headline inflation increased 0.3% month -over -month and rose 2.5% year -over -year in February, in
line with expectations. Core PCE, the Federal Reserve's preferred inflation gauge, increased 0.3% month -over -month and rose 2.8%year-
over-year. While the trend is moderating, the path to the Fed's 2% inflation target remains uneven.
6 %rIT& k,
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Consumer
60.0%
50.0%
40.0%
v 30.0%
t 20.0%
10.0%
0 0.0%
-10.0%
-20.0%
-30.0%
Retail Sales YOY % Change
160
140 j 0 Recession
120
100
N
80
x
60
40
20
0
sip �dr sib �dr SPb �dr Sib �dr
Source: US Department of Commerce
Consumer Confidence
11�70/1 �01- dr, �01 �4'r �4'f 47 dr �4'f �4'f �ldr, �4'r,
OQ 06' O6, .70 7 .7Q '76. .7& -O
Source: The Conference Board
All time high is 144.70 (1131100); All time low is 25.30 (2128109)
March Retail Sales rose above expectations at +0.7% after a sizeable upward revision to +0.9% in February. On a year -over -year basis,
Retail Sales growth increased 4.0% for March. Sales were supported by higher gas prices and higher volume sales in a busy travel period
for spring break at schools, as well as strength from non -store retailers. The Conference Board's Consumer Confidence Index edged down
to 104.7 in March after a sizeable downward revision to 104.8 in February. The lower reading was largely due to a deteriorating view of
the labor market and future business conditions, along with concerns about the highly polarized political environment. 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.
d•
7
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ILeading Indicators of Economic Activity
Leading Economic Indicators (LEI)
15.0%
10.0%
5.0 %
a
= 0.0%
s
-5.0%
0
o -10.0%
-15.0%
-20.0%
-2 I no/
b� b� b9 b9 bo bo bo bz b1 b� b�
St 8 6 O Sl cQ 6 O V
Source: The Conference Board
Chicago Fed National Activity Index (CFNAI)
1.00
0.75
0.50
v
0.25
a
a 0.00
s
0 -0.25
M
-0.50
-0.75
-1.00
�%,mob, �Pb, �Pb, �Pb, �Pb, mob,
�'V d'cQ '9� 96 00 OQ 06> l�
Source: Federal Reserve Bank of Chicago
mob, , mobmob,
76, �O Est
The Conference Board's Leading Economic Index (LEI) rose to 0.1% month -over -month in February ending its 2-year uninterrupted
contraction since February 2022. The index declined 6.3% year -over -year. The Conference Board is no longer calling for recession but
expects GDP growth to slow to near zero this year. The Chicago Fed National Activity Index (CFNAI) increased +0.05 in February from a
downwardly revised -0.54 in January. On a 3-month moving average basis, the CFNAI decreased to -0.18 in February from -0.11 in January,
indicating moderating economic growth.
8 Q
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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
IIIIIIIIIIIIII010
0
Annualized Housing Starts
■ Multi Family Housing Starts
■Single Family Housing Starts
A A A X, /I A A Fd Fd X1 AP
b0 b0 b0 b1 b1 b1 bV b� b� b"b�
s! 6 � O � 4 6 cQ O � St
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
'O 'O 'O �1 �1 �1 �1 �d 7�
st 6 cQ O � st 6 8 O � A
Source: S&P
Housing Starts increased 10.7% month -over -month in February to 1.521 million units, due to milder weather than seen in January and
some rising confidence among homebuilders as mortgage rates fell below 7%. Starts for multi -family homes increased 8.6%, while single
family homes increased 11.6% for the month. Total starts of new single-family homes are up 35.2% year -over -year. According to Freddie
Mac, 30-year fixed mortgage rates averaged 6.79% as of March 31st. According to the Case-Shiller 20-City Home Price Index, housing
prices rose 6.59% year -over -year in January, accelerating from a 6.15% year -over -year gain in December. Tight inventories and higher
mortgage rates continue to impact affordability.
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Survey Based Measures
70
ISM Manufacturing
65
.1
55
Institute of Supply Management (ISM) Surveys
ISM Services
I
EXPANDING .
50RACT
,
, 4
•
45
40
d ~'70 -0 -0 c-70 d ~1>O h -0 a-0 c-0 d ~�I �7 a�I c�7 �~�� h p�� c�� d~,.>' ��' b��'
Source: Institute for Supply Management
The Institute for Supply Management (ISM) Manufacturing index unexpectedly expanded to 50.3 in March from 47.8 in February, marking
the first month of expansion in factory activity above a reading of 50 since 2022. Production and new orders surged, while employment
improved and prices paid increased. The ISM Services Index fell to 51.4 in March from 52.6 in February but remained in expansion
territory for the 15th consecutive month. The survey reflected slower growth in new orders, a contraction in employment, faster supplier
deliveries, and declining price pressures.
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IGross Domestic Product (GDP)
Personal Consumption Expenditures 2.5% 0.6% 2.1%
Gross Private Domestic Investment -1.7% 0.9% 1.7%
Net Exports and Imports
0.6%
0.0%
0.0%
Federal Government Expenditures
0.3%
0.1%
0.5%
State and Local (Consumption and Gross
0.5% 0.5% 0.5
Investment)
0.5%
Total
Source: US Department of Commerce
2.3% 2.1% 4.9%
Gross Domestic Product (GDP)
30.0%
2 2%
20.0%
0.2%
10.0%
0.3%
0.0%
-
■ -
-10.0
0.2%
-20.0%
� GDP QOQ %Change
0.6%
-30.0%
GDP YOY %Change
-40.0%
3.4%
O ✓ O ✓ O ✓
O ✓ O ✓ O
4 l9 19 �O
Source: US Department of Commerce
According to the third estimate, fourth quarter GDP increased at an annualized rate of 3.4%, revised up from the second estimate of 3.2%.
The upward revision was due mainly to stronger personal consumption expenditures and nonresidential investment. GDP growth for the
full year 2023 is estimated at 2.5%. The consensus projection calls for 2.0% growth in the first quarter and 2.2% growth for the full year
2024.
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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
4,000,000
3,000,000
2,000,000
1,000,000
0
Federal Reserve Balance Sheet Assets
117d
r,0 ~O ~O ~ 7 r1 r1 r1 r1 r� r� r�
Q 6 cP 0 Sl 6 O Q
Source: Federal Reserve
6.00%
5.00%
4.00%
IR
3.00%
v
2.00%
1.00%
0.00%
Effective Federal Funds Rate
�'0 r,0 r,0 r,1 r1 r1 r1 r1 '--)0
Q 6 cQ O � St 6 cP � S!
Source: Bloomberg
As expected at the March 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 FOMC Statement and Summary of Economic Projections (SEP) was minimally changed from January. The
Fed assesses the progress to achieving its employment and inflation goals are moving into better balance, yet changes to monetary policy
remain data dependent. For 2024, the March SEP showed stronger real GDP growth outlook of 2.1% from 1.4% in December as labor
market and consumer data have been resilient. Core inflation projections nudged up from 2.4% to 2.6%. The median projection for the
Federal Funds rate by the end of the year remained the same at 4.625%, implying three 0.25% cuts in 2024, three cuts in 2025 and three
cuts in 2026. 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 $1.5T to approximately $7.5T.
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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
V
US Treasury Yield Curve
6.0%
5.0%
4.0
2.0%
Mar-24
1.0% Dec-23
• Mar-23
0.0
1g 1s �p ?0 �1 �1 �� �� �� �,� �Q 470- 470 ll . yr 1i1 Syr Syr
Source: Bloomberg Source: Bloomberg
At the end of March, the 2-year Treasury yield was 59 basis point higher, and the 10-Year Treasury yield was 73 basis points higher, year -
over -year. The inversion between the 2-year Treasury yield and 10-year Treasury yield widened to -42 basis points at March month -end
versus -37 basis points at February month -end. The average historical spread (since 2003) is about +130 basis points. The inversion
between 3-month and 10-year Treasuries widened to -117 basis points in March from -113 basis points in February.
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Section 2 I Account Profile
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Objectives
Investment Objectives
As of March 31, 2024
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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ICompliance As of March 31, 2024
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 supra national bankinggroups: IBRD, Complies
IFC, and IADB; Supranational securities will notbepurchased until further noticefromstaff 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 domestic
Corporate Medium Term Notes
corporation or depository institution; If the credit rating of a security is downgraded belowthe minimum rating level for a
Complies
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 -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;
Complies
(NCD)
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
Complies
Certificates of Deposit
deposit) above FDIC insured limits must be collateralized pursuantto California Government Code (CGC)
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-1/13-1 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
Commercial Paper
NRSRO; The entity that issues thecommercial papershall meetall conditions in either (A) or (B): (A) 1. Organized and
Complies
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, overcol lateral ization,
letters of credit or surety bond; and 3. "A-1" rated or higher by a NRSRO
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ICompliance As of March 31, 2024
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
Money Market Mutual Funds
years experience investing assets of at least $500 million; Must invest solely in investments, which the City itself could
Complies
legal ly purchase; 20% max; 10% max per Money Market Mutual Fund
Max amount limited to the amount as specified by LAIF; Principal a mount withdrawa I of $10 million or> needs 24-hour
Local Agency Investment Fund (LAIF)
notice, and less than $10 million may be withdrawn the same day; Not used by investment adviser
Complies
Local Government Investment Pool
Max amount permitted by County Treasurer; Investment in OCIP is allowable accordingto guidelines in Government Code;
(LGI P)/
Not used by investment adviser
Complies
Orange County Investment Pool (OCIP)
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 JPA
Pools
must retain an investment advisor that is SEC registered or exempt from registration with Assets > $500 million, and >5 years
Complies
experi ence i nvesti ng i n i nstruments a uthori zed by CGC
Repurchase Agreements
30%max; 5%max per issuer; 1 year max maturity; 102%Collateralized; Not used by investment adviser
Complies
Inverse floaters, range notes, mortgage derived interest -only strips; zero interest accrual if held to maturity; Reverse
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>45 days from the time of investment; Supranational
securities wi I I not be purchased until further notice from staff at the City of Tusti n.
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: 009D57E6-9ACB-4264-ADDC-CAF3F57A8588
Portfolio Characteristics As of March 31,2024
City of Tustin Consolidated Account
Average Maturity (yrs)
2.68
0.70
0.64
Average Modified Duration
2.52
0.63
0.58
Average Purchase Yield
n/a
4.41%
4.43%
Average Market Yield
4.57%
5.17%
5.04%
Average Quality"
AA+
AA+
AAA/Aa2
Total Market Value
203,582,629
227,917,911
*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: 009D57E6-9ACB-4264-ADDC-CAF3F57A8588
Sector Distribution
City of Tustin Consolidated Account
March 31, 2024
Agency CMBS
1.5 % Agency
6.8/ Cash
US Treasury 1•7% Commercial
23.2% Paper Negotiable CD
0.5 % 0.6
Money Market
Negotiable CD Corporate Fund
0.6% 15.9 % 0.1
Money Market
Fund
0.1%
LAI F
3.4%
Local Gov
Investment Pool
46.4%
$13,906,117.72 $3,413,468.46 - $984,943.00
- $6,979,240.63 ' $94,304,199.14 $173,541.85
$47,185,869.05 $3,006,632.20
US Treasury
18.2
December 31, 2023
CIVIC)
1.4%
Local Gov
Investment Pool
50.4%
As of March 31, 2024
Agency
8.2
Cash
3.1%
)mmercial
Paper
0.4
$32,458,778.40 $18,704,136.26 - $7,147,946.96 - $970,810.00
$1,169,838.19 - $7,455,511.02 $114,909,706.30 $320,991.07
$41,510,166.22 $3,105,502.13
Corporate
14.2
LAIF
3.3
$32,372,900.91
$1,420,239.66
19
DocuSign Envelope ID: 009D57E6-9ACB-4264-ADDC-CAF3F57A8588
Portfolio Allocation & Duration Changes
City of Tustin Consolidated Account
Local Gov
Investment Pool
US Treasury
Corporate
Cash M 1.7%
3.1%
Agency 6.8%
8.2%
3.4%
LAIF
3.3 %
1.5%
Agency CMBS
_
1.4%
0.6%
Negotiable CD
0.6%
Commercial
0.5%
Paper
0.4%
Money Market
0.1%
Fund
0.1%
Benchmark: ICE BofA 1-5 Yr US Treasury & Agency Index
Portfolio Allocation
18.2%
■ 15.9%
14.2%
23.2%
46.4 %
50.4%
■ 03/31/24
■ 12/31/23
As of March 31, 2024
20 C►"
DocuSign Envelope ID: 009D57E6-9ACB-4264-ADDC-CAF3F57A8588
Issuers
City of Tustin Consolidated Account - Account #10795
As of March 31, 2024
CAMP
Local Gov Investment Pool
46.44%
US Treasury
US Treasury
23.16%
Local Agency Investment Fund
LAIF
3.44%
Federal Home Loan Bank
Agency
3.26%
Federal Farm Credit Bank
Agency
2.34%
Account Receivable Payable
Cash
1.68%
Federal Home Loan Mortgage Corp
Agency CMBS
1.40%
JP Morgan Chase & Co
Corporate
0.91%
Federal National Mortgage Association
Agency
0.89%
US Bancorp
Corporate
0.63%
Toyota Motor Corp
Corporate
0.48%
Morgan Stanley
Corporate
0.47%
Nextera Energy Capital
Corporate
0.47%
Qualcomm Inc
Corporate
0.46%
Paccar Financial
Corporate
0.46%
Northern Trust Corp
Corporate
0.46%
Home Depot
Corporate
0.46%
Salesforce.com Inc
Corporate
0.46%
Mass Mutual Insurance
Corporate
0.46%
Toyota Motor Corp
Commercial Paper
0.46%
Target Corp
Corporate
0.46%
Chubb Corporation
Corporate
0.46%
Duke Energy Field Services
Corporate
0.46%
Metlife Inc
Corporate
0.46%
National Rural Utilities
Corporate
0.45%
New York Life Global Funding
Corporate
0.45%
Deere & Company
Corporate
0.45%
Bank of America Corp
Corporate
0.45%
Bank of Montreal Chicago
Corporate
0.45%
State Street Bank
Corporate
0.45%
Bank of New York
Corporate
0.45%
Pfizer Inc.
Corporate
0.45%
Toronto Dominion Holdings
Corporate
0.44%
Caterpillar Inc
Corporate
0.44%
United Health Group Inc
Corporate
0.43%
Amazon.com Inc
Corporate
0.43%
21 c►"
DocuSign Envelope ID: 009D57E6-9ACB-4264-ADDC-CAF3F57A8588
Issuers
City of Tustin Consolidated Account — Account #10795
As of March 31, 2024
Charles Schwab Corp/The
Corporate
0.43%
Royal Bank of Canada
Corporate
0.43%
Wal-Mart Stores
Corporate
0.38%
Northwestern Mutual Glbl
Corporate
0.33%
Public Service El & Gas
Corporate
0.27%
MasterCard Inc
Corporate
0.23%
Colgate-Palmolive Co.
Corporate
0.16%
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%
First American Govt Oblig Fund
Money Market Fund
0.08%
TOTAL
100.00%
22 C►"
DocuSign Envelope ID: 009D57E6-9ACB-4264-ADDC-CAF3F57A8588
IMaturity Distribution As of March 31, 2024
$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 Cjj-'
DocuSign Envelope ID: 009D57E6-9ACB-4264-ADDC-CAF3F57A8588
Quality Distribution
70.0%
60.0%
50.0%
40.0%
30.0%
20.0%
10.0%
0.0%
AAA
City of Tustin Consolidated Account
March 31, 2024 vs. December 31, 2023
AA
■ 03/31/24
<A
12/31/23
0
NR
03/31/24
54.2%
25.5%
24.5%
13.2%
7.1%
12/31/23
58.7%
21.2%
11.7%
0.0%
8.4%
Source: S&P Ratings
As of March 31, 2024
24 c►"
DocuSign Envelope ID: 009D57E6-9ACB-4264-ADDC-CAF3F57A8588
I Duration Distribution
City of Tustin Consolidated Account
March 31, 2024 vs. December 31, 2023
As of March 31, 2024
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%
5.0% . -
0.0
0-0.25 0.25-0.50 0.50-1 1-2 2-3 3-4 4-5 5+
■ March 31, 2024 December 31, 2023
03/31/24 59.3% 11.6% 9.6% 8.7% 3.7% 5.2% 1.9% 0.0%
12/31/23 62.8% 5.0% 12.3% 8.9% 5.1% 3.9% 2.0% 0.0%
25 c►"
DocuSign Envelope ID: 009D57E6-9ACB-4264-ADDC-CAF3F57A8588
Investment Performance
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%
As of March 31, 2024
0.00% ■■ ■■ ■- 0-
-1.00%
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
1.06%
4.17%
2.43%
0.64%
N/A
N/A 0.60%
ICE BofA 1-5 Yr US Treasury & Agency Index
-0.01%
2.45%
1.02%
-0.58%
N/A
N/A -0.66%
ICE BofA 1-3 Yr US Treasury & Agency Index
0.30%
2.99%
1.58%
0.09%
N/A
N/A 0.08%
REALIZED RATE OF RETURN
3 months
12 months
2 years
3 years
5 years
10 years Since
Inception
City of Tustin Consolidated Account
1.03%
3.96%
2.99%
2.20%
N/A
N/A 2.09%
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 earnings26
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.
rDocuSign Envelope ID: 009D57E6-9ACB-4264-ADDC-CAF3F57A8588
Section 3 1 Portfolio Holdings
27 C
DocuSign Envelope ID: 009D57E6-9ACB-4264-ADDC-CAF3F57A8588
Holdings Report
City of Tustin Consolidated Account - Account #10795
As of March 31, 2024
AGENCY
3133XVDG3
FEDERAL HOME LOAN BANKS 4.375
1,000,000.00
09/26/2022
998,060.00
99.57
995,701.87
0.49%
Aaa/AA+
0.45
09/13/2024
4.48%
999,553.56
5.34%
2,187.50
(3,851.69)
AA+
0.44
3133ENL40
FEDERAL FARM CREDIT BANKS FUNDING
1,000,000.00
09/08/2022
997,520.00
99.21
992,147.99
0.49%
Aaa/AA+
0.45
CORP 3.5 09/13/2024
3.63%
999,440.22
5.28%
1,750.00
(7,292.23)
AA+
0.44
3130APQ81
FEDERAL HOME LOAN BANKS 1.0 11/08/2024
1,000,000.00
08/01/2022
954,220.00
97.47
974,685.92
0.48%
Aaa/AA+
0.61
3.09%
987,795.68
5.32%
3,972.22
(13,109.76)
AA+
0.59
3130AQF40
FEDERAL HOME LOAN BANKS 1.0 12/20/2024
1,000,000.00
08/01/2022
955,420.00
97.04
970,366.29
0.48%
Aaa/AA+
0.72
2.94%
986,538.99
5.25%
2,805.56
(16,172.70)
AA+
0.70
3135G04Z3
FEDERAL NATIONAL MORTGAGE
2,000,000.00
04/12/2021
1,982,980.00
94.84
1,896,700.80
0.93%
Aaa/AA+
1.21
ASSOCIATION 0.5 06/17/2025
0.71%
1,995,070.22
4.95%
2,888.89
(98,369.42)
AA+
1.18
3130AXU63
FEDERAL HOME LOAN BANKS 4.625
1,500,000.00
11/30/2023
1,503,345.00
100.26
1,503,857.49
0.74%
Aaa/AA+
2.63
11/17/2026
4.54%
1,502,967.84
4.52%
25,822.92
889.65
AA+
2.42
3133EPH81
3130AW M N 7
3133EPUN3
FEDERAL FARM CREDIT BANKS FUNDING
CORP 4.5 10/04/2027
FEDERAL HOME LOAN BANKS 4.375
06/09/2028
FEDERAL FARM CREDIT BANKS FUNDING
CORP 4.5 08/28/2028
1,000,000.00 12/08/2023 1,001, 820.00 100.12 1, 001, 246.33
4.45% 1,001,673.67 4.46% 14,625.00
1,250,000.00 07/26/2023
1,255,762.50 100.07
1,250,891.65
4.27%
1,254,967.11 4.35%
17,013.89
1,500,000.00 08/29/2023
1,507,785.00 100.78
1,511,702.37
4.37%
1,506,871.63 4.30%
6,187.50
0.49%
Aaa/AA+
3.51
(427.34)
AA+
3.17
0.62%
Aaa/AA+
4.19
(4,075.46)
AA+
3.75
0.74%
Aaa/AA+
4.41
4,830.74
AA+
3.95
3130AXQK7 FEDERAL HOME LOAN BANKS 4.75 1,200,000.00 12/08/2023 1,222,020.00 101.86 1,222,325.70 0.60% Aaa/AA+ 4.69
12/08/2028 4.33% 1,220,667.90 4.31% 23,433.33 1,657.80 AA+ 4.10
3133EPW84 FEDERAL FARM CREDIT BANKS FUNDING 1,500,000.00 01/29/2024 1,488,945.00 98.27 1,474,018.05 0.73% Aaa/AA+ 4.80
CORP 3.875 01/18/2029 4.04% 1,489,316.75 4.28% 11,786.46 (15,298.70) AA+ 4.30
Total Agency
13,867,877.51 98.92 13,793,644.46 6.79% Aaa/AA+ 2.66
13,950,000.00 3.61% 13,944,863.57 4.71% 112,473.26 (151,219.11) AA+ 2.41
AGENCY CMBS
3137BDCW4 FHMS K-039 A2 3.303 07/25/2024 826,849.49 04/19/2022
833,438.45
99.26
820,729.89
2.76%
827,597.12
5.20%
2,275.90
3137F1G44 FHMS K-065 A2 3.243 04/25/2027 750,000.00 06/08/2023
719,560.55
95.93
719,508.90
4.39%
725,986.17
5.04%
2,026.88
0.40%
Aaa/AA+
0.32
(6,867.22)
AAA
0.22
0.35%
Aaa/AA+
3.07
(6,477.27)
AAA
2.78
28 C►"
DocuSign Envelope ID: 009D57E6-9ACB-4264-ADDC-CAF3F57A8588
Holdings Report
City of Tustin Consolidated Account - Account #10795
As of March 31, 2024
3137FEZU7 FHMS K-076 A2 3.9 04/25/2028 750,000.00 10/30/2023 708,310.55 97.25 729,337.65 0.36% Aaa/AA+ 4.07
5.32% 712,215.70 5.04% 2,437.50 17,121.95 AAA 3.59
3137FJKE8
FHMS K-082 A2 3.92 09/25/2028
750,000.00
10/30/2023
705,556.64
97.05
727,865.48
0.36%
Aaa/AA+
4.49
5.31%
709,358.88
5.04%
2,450.00
18,506.60
AAA
3.95
2,966,866.19
97.43
2,997,441.92
1.48%
Aaa/AA+
2.90
Total Agency CMBS
3,076,849.49
4.39%
2,975,157.86
5.08%
9,190.28
22,284.06
AAA
2.56
CASH
CCYUSD
Receivable
294.95
--
294.95
1.00
294.95
0.00%
Aaa/AAA
0.00
0.00%
294.95
0.00%
0.00
0.00
AAA
0.00
CCYUSD
Cash
3,679.89
--
3,679.89
1.00
3,679.89
0.00%
Aaa/AAA
0.00
0.00%
3,679.89
0.00%
0.00
0.00
AAA
0.00
CCYUSD
Receivable
74,770.14
--
74,770.14
1.00
74,770.14
0.04%
Aaa/AAA
0.00
0.00%
74,770.14
0.00%
0.00
0.00
AAA
0.00
CBGMMF$04
Citizens Business Bank
233,768.46
01/31/2024
233,768.46
1.00
233,768.46
0.12%
NA/NA
0.00
0.00%
233,768.46
0.00%
0.00
0.00
NA
0.00
CCYUSD
Receivable
289,790.05
--
289,790.05
1.00
289,790.05
0.14%
Aaa/AAA
0.00
0.00%
289,790.05
0.00%
0.00
0.00
AAA
0.00
CBGMMF$03
Citizens Business Bank
2,811,164.97
11/30/2023
2,811,164.97
1.00
2,811,164.97
1.38%
NA/NA
0.00
0.00%
2,811,164.97
0.00%
0.00
0.00
NA
0.00
3,413,468.46
1.00
3,413,468.46
1.68%
Aaa/AAA
0.00
Total Cash
3,413,468.46
0.00%
3,413,468.46
0.00%
0.00
0.00
AAA
0.00
COMMERCIAL
PAPER
89233GG83
Toyota Motor Credit Corporation 07/08/2024
1,000,000.00
10/12/2023
958,454.44
98.49
984,943.00
0.48%
P-1/A-1+
0.27
5.76%
984,864.44
5.32%
0.00
78.56
F1
0.27
Total Commercial
10/12/2023
958,454.44
98.49
984,943.00
0.48%
P-1/A-1+
0.27
Paper
1,000,000.00
5.76%
984,864.44
5.32%
0.00
78.56
F1
0.27
CORPORATE
29 c►"
DocuSign Envelope ID: 009D57E6-9ACB-4264-ADDC-CAF3F57A8588
Holdings Report
City of Tustin Consolidated Account - Account #10795
As of March 31, 2024
79466LAG9 SALESFORCE INC 0.625 07/15/2024 1,000,000.00 04/25/2022 951,860.00 98.61 986,122.52 0.49% Al/A+ 0.29
2.85% 993,759.63 5.50% 1,319.44 (7,637.11) NA 0.29
59217GEP0
24422EVY2
57629WCG3
64952 W E K5
METROPOLITAN LIFE GLOBAL FUNDING 10.7 1,000,000.00 01/18/2022
979,170.00
97.65
976,532.97
0.48%
Aa3/AA-
0.49
09/27/2024 1.49%
996,199.22
5.63%
77.78
(19,666.25)
AA-
0.48
JOHN DEERE CAPITAL CORP 1.25 01/10/2025 1,000,000.00 02/04/2022
985,080.00
96.94
969,422.50
0.48%
Al/A
0.78
1.77%
996,028.79
5.33%
2,812.50
(26,606.29)
A+
0.76
MASSMUTUAL GLOBAL FUNDING II 2.95
01/11/2025
NEW YORK LIFE GLOBAL FUNDING 1.45
01/14/2025
1,000,000.00 03/23/2022
1,004,360.00
98.05
980,451.49
0.48%
Aa3/AA+
0.78
2.79%
1,001,214.66
5.55%
6,555.56
(20,763.17)
AA+
0.75
1,000,000.00 01/18/2022
996,780.00
97.06
970,641.79
0.48%
Aaa/AA+
0.79
1.56%
999,149.21
5.29%
3,101.39
(28,507.42)
AAA
0.77
63743HFC1
NATIONAL RURAL UTILITIES COOPERATIVE
1,000,000.00
03/23/2022
972,740.00
97.09
970,939.23
0.48%
A2/A-
0.86
FINANCE CORP 1.875 02/07/2025
2.86%
991,899.89
5.42%
2,812.50
(20,960.66)
A
0.83
57636QAN4
MASTERCARD INC 2.0 03/03/2025
500,000.00
11/01/2021
515,365.00
97.11
485,543.02
0.24%
Aa3/A+
0.92
1.03%
504,034.43
5.25%
777.78
(18,491.41)
NA
0.90
69371RR73
PACCAR FINANCIAL CORP 2.85 04/07/2025
1,000,000.00
03/31/2022
999,740.00
97.71
977,119.55
0.48%
Al/A+
1.02
2.86%
999,911.99
5.19%
13,775.00
(22,792.44)
NA
0.98
437076CM2
HOME DEPOT INC 2.7 04/15/2025
1,000,000.00
03/28/2022
995,620.00
97.50
975,019.35
0.48%
A2/A
1.04
2.85%
998,507.18
5.20%
12,450.00
(23,487.83)
A
1.00
87612EBL9
TARGET CORP 2.25 04/15/2025
1,000,000.00
02/04/2022
1,010,340.00
97.13
971,271.49
0.48%
A2/A
1.04
1.90%
1,003,216.06
5.12%
10,375.00
(31,944.57)
A
1.00
61747YEQ4
MORGAN STANLEY 3.62 04/17/2025
1,000,000.00
06/01/2022
1,000,910.00
99.89
998,883.10
0.49%
Al/A-
1.05
3.56%
1,000,024.61
6.04%
16,491.11
(1,141.51)
A+
0.05
06406RAN7
BANK OF NEW YORK MELLON CORP 1.6
1,000,000.00
02/04/2022
989,120.00
96.18
961,803.01
0.47%
Al/A
1.07
04/24/2025
1.95%
996,395.01
5.34%
6,977.78
(34,592.00)
AA-
1.03
06367WB85
BANK OF MONTREAL 1.85 05/01/2025
1,000,000.00
08/17/2021
1,034,530.00
96.30
963,013.26
0.47%
A2/A-
1.08
0.91%
1,010,095.75
5.41%
7,708.33
(47,082.49)
AA-
1.05
91159HHZ6
US BANCORP 1.45 05/12/2025
1,400,000.00
12/23/2021
1,406,818.00
95.87
1,342,176.81
0.66%
A3/A
1.11
1.30%
1,402,154.45
5.32%
7,838.06
(59,977.64)
A
1.08
747525AFO
QUALCOMM INC 3.45 05/20/2025
1,000,000.00
03/23/2022
1,018,960.00
98.13
981,348.80
0.48%
A2/A
1.14
2.76%
1,005,958.51
5.16%
12,554.17
(24,609.71)
NA
1.09
717081EX7
PFIZER INC 0.8 05/28/2025
1,000,000.00
03/23/2022
945,010.00
95.28
952,847.57
0.47%
A2/A
1.16
2.59%
979,995.02
5.04%
2,733.33
(27,147.45)
A
1.13
30 Qj
DocuSign Envelope ID: 009D57E6-9ACB-4264-ADDC-CAF3F57A8588
I Holdings Report
City of Tustin Consolidated Account - Account #10795
As of March 31, 2024
66815L2J7 NORTHWESTERN MUTUAL GLOBAL FUNDING 700,000.00 06/30/2022 703,738.00 98.65 690,578.36 0.34% Aaa/AA+ 1.25
4.0 07/01/2025 3.81% 701,560.92 5.12% 7,000.00 (10,982.57) AAA 1.20
194162AM5
CO LGATE-PALM OLIVE CO 3.108/15/2025
345,000.00
08/01/2022
344,682.60
97.63
336,824.30
0.17%
Aa3/AA-
1.38
3.13%
344,855.70
4.90%
1,366.58
(8,031.40)
NA
1.32
26442UAA2
DUKE ENERGY PROGRESS LLC 3.25
1,000,000.00
04/25/2022
1,000,280.00
97.51
975,087.43
0.48%
Aa3/A
1.38
O8/15/2025
3.24%
1,000,105.06
5.15%
4,152.78
(25,017.63)
WR
1.32
89114QCK2
TORONTO-DOMINION BANK 0.75
1,000,000.00
08/17/2021
993,000.00
93.92
939,171.10
0.46%
Al/A
1.45
09/11/2025
0.92%
997,509.43
5.17%
416.67
(58,338.33)
AA-
1.41
14913R2H9
CATERPILLAR FINANCIAL SERVICES CORP 0.8
1,000,000.00
04/21/2021
991,780.00
93.58
935,763.00
0.46%
A2/A
1.62
11/13/2025
0.98%
997,082.27
4.98%
3,066.67
(61,319.27)
A+
1.57
857477BR3
STATE STREET CORP 1.746 02/06/2026
1,000,000.00
-
978,258.70
96.66
966,578.44
0.48%
Al/A
1.85
2.61%
992,942.55
5.84%
2,667.50
(26,364.11)
AA-
0.82
06051GHY8
BANK OF AMERICA CORP 2.015 02/13/2026
1,000,000.00
04/20/2021
1,030,470.00
96.88
968,772.76
0.48%
Al/A-
1.87
1.07%
1,008,110.80
5.76%
2,686.67
(39,338.04)
AA-
0.84
46647PBK1
JPMORGAN CHASE & CO 2.083 04/22/2026
2,000,000.00
-
2,072,110.00
96.36
1,927,124.48
0.95%
Al/A-
2.06
0.97%
2,023,160.73
5.68%
18,399.83
(96,036.25)
AA-
1.02
00440EAV9
CHUBB INA HOLDINGS INC 3.35 05/03/2026
1,000,000.00
07/23/2021
1,102,780.00
96.60
965,982.58
0.48%
A3/A
2.09
0.98%
1,042,862.58
5.09%
13,772.22
(76,880.00)
A
1.96
023135BX3
AMAZON.COM INC 1.0 05/12/2026
1,000,000.00
05/12/2021
995,200.00
92.34
923,432.89
0.45%
Al/AA
2.11
1.10%
997,971.05
4.85%
3,861.11
(74,538.16)
AA-
2.04
808513BR5
CHARLES SCHWAB CORP 1.15 05/13/2026
1,000,000.00
07/23/2021
1,007,990.00
92.19
921,892.37
0.45%
A2/A-
2.12
0.98%
1,003,470.62
5.09%
4,408.33
(81,578.25)
A
2.04
91324PEC2
UNITEDHEALTH GROUP INC 1.15 05/15/2026
1,000,000.00
07/28/2021
1,007,110.00
92.49
924,948.84
0.46%
A2/A+
2.12
1.00%
1,003,098.33
4.92%
4,344.44
(78,149.49)
A
2.05
78016EZT7
ROYAL BANK OF CANADA 1.15 07/14/2026
1,000,000.00
07/28/2021
999,090.00
91.58
915,826.07
0.45%
Al/A
2.29
1.17%
999,580.70
5.10%
2,459.72
(83,754.63)
AA-
2.20
931142ERO
WALMART INC 1.05 09/17/2026
900,000.00
09/22/2021
902,277.00
91.68
825,076.40
0.41%
Aa2/AA
2.47
1.00%
901,111.99
4.67%
367.50
(76,035.60)
AA
2.38
665859AW4
NORTHERN TRUST CORP 4.0 05/10/2027
1,000,000.00
01/30/2023
986,540.00
97.42
974,238.40
0.48%
A2/A+
3.11
4.35%
990,209.34
4.90%
15,666.67
(15,970.94)
A+
2.84
74456QBU9
PUBLIC SERVICE ELECTRIC AND GAS CO 3.7
600,000.00
06/29/2023
570,144.00
96.02
576,114.46
0.28%
Al/A
4.08
05/01/2028
4.87%
574,807.42
4.78%
9,250.00
1,307.04
WR
3.68
31 Qj
DocuSign Envelope ID: 009D57E6-9ACB-4264-ADDC-CAF3F57A8588
I Holdings Report
City of Tustin Consolidated Account - Account #10795
As of March 31, 2024
341081GN1 FLORIDA POWER & LIGHT CO 4.4 05/15/2028 1,000,000.00 06/07/2023 987,550.00 98.92 989,198.72 0.49% Aa2/A+ 4.12
4.69% 989,601.97 4.69% 16,622.22 (403.25) AA- 3.67
89236TL69 TOYOTA MOTOR CREDIT CORP 5.25 1,000,000.00 09/26/2023 996,180.00 101.72 1,017,246.05 0.50% Al/A+ 4.45
09/11/2028 5.34% 996,572.55 4.81% 2,916.67 20,673.50 A+ 3.92
33,475,583.30
96.44
32,236,993.09
15.87%
Al/A
1.65
Total Corporate
33,445,000.00
2.20%
33,443,158.40
5.24%
221,785.31
(1,206,165.31)
A+
1.42
LAIF
90LAIF$00
State Pool
6,979,240.63
--
6,979,240.63
1.00
6,979,240.63
3.44%
NA/NA
0.00
4.27%
6,979,240.63
4.27%
0.00
0.00
NA
0.00
6,979,240.63
1.00
6,979,240.63
3.44%
NA/NA
0.00
Total LAIF
6,979,240.63
4.27%
6,979,240.63
4.27%
0.00
0.00
NA
0.00
LOCAL GOV
INVESTMENT POOL
90CAMP$00
CAMP
94,304,199.14
--
94,304,199.13
1.00
94,304,199.14
46.44%
NA/AAAm
0.00
5.48%
94,304,199.13
5.48%
0.00
0.01
AAA
0.00
NA/
Total Local Gov
94,304,199.13
1.00
94,304,199.14
46.44%
AAAm
0.00
Investment Pool
94,304,199.14
5.48%
94,304,199.13
5.48%
0.00
0.01
AAA
0.00
MONEY MARKET
FUND
31846V203
FIRST AMER:GVT OBLG Y
31,764.13
--
31,764.13
1.00
31,764.13
0.02%
Aaa/
0.00
4.91%
31,764.13
4.91%
0.00
0.00
AAAm
0.00
AAA
31846V203
FIRSTAMER:GVT OBLG Y
141,777.72
--
141,777.72
1.00
141,777.72
0.07%
Aaa/
0.00
4.91%
141,777.72
4.91%
0.00
0.00
AAAm
0.00
AAA
Aaa/
Total Money Market 173,541.85 1.00 173,541.85 0.09% AAAm 0.00
Fund 173,541.85 4.91% 173,541.85 4.91% 0.00 0.00 AAA 0.00
32 c►"
DocuSign Envelope ID: 009D57E6-9ACB-4264-ADDC-CAF3F57A8588
Holdings Report
City of Tustin Consolidated Account - Account #10795
As of March 31, 2024
NEGOTIABLE CD
14042TJB4
Capital One Bank (USA), National Association
240,000.00
08/01/2022
239,640.00
97.98
235,153.10
0.12%
WR/BBB+
1.34
3.45 08/04/2025
3.50%
239,839.20
5.01%
1,315.73
(4,686.09)
A
1.30
02007GXF5
Ally Bank 3.4 08/04/2025
240,000.00
08/02/2022
239,280.00
97.91
234,976.40
0.12%
A3/BBB-
1.34
3.50%
239,678.10
5.02%
1,274.30
(4,701.70)
NA
1.30
87165EXE2
Synchrony Bank 3.4 08/05/2025
240,000.00
08/01/2022
239,640.00
97.90
234,968.72
0.12%
NA/BBB
1.35
3.45%
239,838.72
5.02%
1,269.33
(4,870.00)
BBB
1.30
2546731326
Discover Bank 3.4 08/08/2025
240,000.00
08/01/2022
239,280.00
97.89
234,945.77
0.12%
A2/BBB
1.36
3.50%
239,675.47
5.02%
1,184.88
(4,729.70)
A-
1.31
38149MYS6
Goldman Sachs Bank USA 1.05 08/25/2026
245,000.00
08/17/2021
243,775.00
91.63
224,496.23
0.11%
Al/A+
2.40
1.15%
244,412.32
4.78%
253.73
(19,916.10)
AA-
2.33
1,201,615.00
96.71
1,164,540.22
0.57%
A2/BBB
1.55
Total Negotiable CD
1,205,000.00
3.04%
1,203,443.82
4.97%
5,297.96
(38,903.59)
A-
1.50
US TREASURY
91282CBV2
UNITED STATES TREASURY 0.375 04/15/2024
2,500,000.00
06/27/2023
2,403,125.00
99.81
2,495,237.35
1.23%
Aaa/AA+
0.04
5.40%
2,495,355.31
5.02%
4,328.89
(117.96)
AA+
0.05
912828X70
UNITED STATES TREASURY 2.0 04/30/2024
1,250,000.00
03/23/2022
1,245,019.53
99.73
1,246,626.74
0.61%
Aaa/AA+
0.08
2.19%
1,249,811.94
5.24%
10,508.24
(3,185.20)
AA+
0.09
912828WJ5
UNITED STATES TREASURY 2.5 05/15/2024
1,000,000.00
04/25/2022
998,593.75
99.65
996,530.47
0.49%
Aaa/AA+
0.12
2.57%
999,917.50
5.28%
9,478.02
(3,387.03)
AA+
0.13
912828XT2
UNITED STATES TREASURY 2.0 05/31/2024
2,500,000.00
06/27/2023
2,424,804.69
99.46
2,486,505.00
1.22%
Aaa/AA+
0.17
5.38%
2,486,651.72
5.23%
16,803.28
(146.72)
AA+
0.17
91282CCG4
UNITED STATES TREASURY 0.25 06/15/2024
2,300,000.00
11/07/2023
2,230,281.25
98.95
2,275,876.96
1.12%
Aaa/AA+
0.21
5.44%
2,276,232.24
5.35%
1,696.72
(355.29)
AA+
0.21
912797GB7
UNITED STATES TREASURY 07/11/2024
3,000,000.00
01/11/2024
2,924,266.58
98.56
2,956,696.26
1.46%
P-1/A-1+
0.28
5.24%
2,957,739.91
5.45%
0.00
(1,043.65)
F1+
0.28
91282CCL3
UNITED STATES TREASURY 0.375 07/15/2024
1,250,000.00
03/23/2022
1,197,802.73
98.58
1,232,312.01
0.61%
Aaa/AA+
0.29
2.22%
1,243,506.26
5.31%
991.59
(11,194.25)
AA+
0.29
33 Qj
DocuSign Envelope ID: 009D57E6-9ACB-4264-ADDC-CAF3F57A8588
Holdings Report
City of Tustin Consolidated Account - Account #10795
As of March 31, 2024
91282CFA4 UNITED STATES TREASURY 3.0 07/31/2024 2,500,000.00 08/18/2023 2,446,484.38 99.22 2,480,517.58 1.22% Aaa/AA+ 0.33
5.36% 2,481,230.75 5.34% 12,568.68 (713.18) AA+ 0.33
912797GK7
UNITED STATES TREASURY 08/08/2024
4,750,000.00
--
4,569,728.60
98.16
4,662,789.52
2.30%
P-1/A-1+
0.36
5.32%
4,663,711.10
5.42%
0.00
(921.57)
F1+
0.35
9128282U3
UNITED STATES TREASURY 1.875 08/31/2024
1,250,000.00
03/23/2022
1,238,085.94
98.58
1,232,299.80
0.61%
Aaa/AA+
0.42
2.28%
1,247,967.52
5.35%
2,038.04
(15,667.72)
AA+
0.41
912797GI-5
UNITED STATES TREASURY 09/05/2024
4,500,000.00
09/14/2023
4,271,826.25
97.77
4,399,539.62
2.17%
P-1/A-1+
0.43
5.42%
4,399,372.81
5.40%
0.00
166.80
F1+
0.43
912797GW1
UNITED STATES TREASURY 10/03/2024
3,000,000.00
10/23/2023
2,852,512.50
97.42
2,922,469.59
1.44%
P-1/A-1+
0.51
5.42%
2,920,912.50
5.42%
0.00
1,557.09
F1+
0.50
912828YM6
UNITED STATES TREASURY 1.5 10/31/2024
1,250,000.00
03/23/2022
1,224,902.34
97.86
1,223,242.19
0.60%
Aaa/AA+
0.59
2.29%
1,244,384.66
5.28%
7,881.18
(21,142.47)
AA+
0.57
912828G38
UNITED STATES TREASURY 2.25 11/15/2024
3,000,000.00
02/20/2024
2,938,359.38
98.19
2,945,625.00
1.45%
Aaa/AA+
0.63
5.15%
2,947,559.47
5.24%
25,590.66
(1,934.47)
AA+
0.61
912828YV6
UNITED STATES TREASURY 1.5 11/30/2024
1,250,000.00
03/23/2022
1,223,486.33
97.58
1,219,763.19
0.60%
Aaa/AA+
0.67
2.31%
1,243,439.08
5.24%
6,301.23
(23,675.89)
AA+
0.65
912828YYO
UNITED STATES TREASURY 1.75 12/31/2024
1,300,000.00
05/18/2022
1,263,335.94
97.51
1,267,601.56
0.62%
Aaa/AA+
0.75
2.87%
1,289,502.66
5.18%
5,750.00
(21,901.11)
AA+
0.73
91282CGGO
UNITED STATES TREASURY 4.125 01/31/2025
2,700,000.00
03/14/2024
2,676,480.47
99.19
2,678,027.35
1.32%
Aaa/AA+
0.84
5.15%
2,677,722.18
5.13%
18,664.49
305.16
AA+
0.81
91282CBH3
UNITED STATES TREASURY 0.375 01/31/2026
2,000,000.00
04/27/2021
1,957,500.00
92.46
1,849,140.62
0.91%
Aaa/AA+
1.84
0.83%
1,983,625.65
4.71%
1,256.87
(134,485.03)
AA+
1.79
91282CBT7
UNITED STATES TREASURY 0.75 03/31/2026
2,000,000.00
04/27/2021
1,989,531.25
92.66
1,853,125.00
0.91%
Aaa/AA+
2.00
0.86%
1,995,755.44
4.64%
40.98
(142,630.44)
AA+
1.94
91282CFM8
UNITED STATES TREASURY 4.125 09/30/2027
1,740,000.00
11/09/2022
1,724,978.91
99.22
1,726,474.21
0.85%
Aaa/AA+
3.50
4.32%
1,729,253.82
4.37%
196.11
(2,779.61)
AA+
3.16
91282CGH8
UNITED STATES TREASURY 3.5 01/31/2028
1,500,000.00
02/23/2023
1,458,281.25
97.07
1,456,113.28
0.72%
Aaa/AA+
3.84
4.13%
1,467,515.99
4.34%
8,798.08
(11,402.70)
AA+
3.53
9128285M8
UNITED STATES TREASURY 3.125 11/15/2028
1,500,000.00
02/29/2024
1,425,351.56
95.25
1,428,691.41
0.70%
Aaa/AA+
4.63
4.30%
1,426,696.97
4.27%
17,771.29
1,994.44
AA+
4.19
46,684,738.63
97.94
47,035,204.70
23.16%
Aaa/AA+
0.87
Total US Treasury
48,040,000.00
4.34%
47,427,865.50
5.16%
150,664.36
(392,660.80)
AA+
0.82
34 1QQ
DocuSign Envelope ID: 009D57E6-9ACB-4264-ADDC-CAF3F57A8588
Holdings Report
City of Tustin Consolidated Account - Account #10795
As of March 31, 2024
204,025,585.13 47.70 203,083,217.47 100.00% Aa2/AA 0.70
Total Portfolio 205,587,299.57 4.41% 204,849,803.66 5.17% 499,411.17 (1,766,586.19) AA+ 0.63
Total Market Value +
Accrued 203,582,628.64
35 Qtj
rDocuSign Envelope ID: 009D57E6-9ACB-4264-ADDC-CAF3F57A8588
Section 5 I Transactions
01.
DocuSign Envelope ID: 009D57E6-9ACB-4264-ADDC-CAF3F57A8588
Transaction Ledger
City of Tustin Consolidated Account - Account #10795
As of March 31, 2024
ACQUISITIONS
Purchase
01/12/2024
912797GB7
3,000,000.00
UNITED STATES
97.476
5.27%
2,924,266.58
0.00
(2,924,266.58)
0.00
TREASURY07/11/2024
Purchase
01/31/2024
3133EPW84
1,500,000.00
FEDERAL FARM CREDIT
99.263
4.04%
1,488,945.00
(2,098.96)
(1,491,043.96)
0.00
BANKS FUNDING CORP 3.875
01/18/2029
Purchase
02/13/2024
912797GK7
2,250,000.00
UNITEDSTATES
97.504
5.29%
2,193,830.16
0.00
(2,193,830.16)
0.00
TREASURY08/08/2024
Purchase
02/21/2024
912828G38
3,000,000.00
UNITED STATES TREASURY2.25
97.945
5.15%
2,938,359.38
(18,173.08)
(2,956,532.46)
0.00
11/15/2024
Purchase
03/01/2024
9128285M8
1,500,000.00
UNITED STATES TREASURY
95.023
4.30%
1,425,351.56
(13,779.19)
(1,439,130.75)
0.00
3.125 11/15/2028
Purchase
03/15/2024
91282CGGO
2,700,000.00
UNITED STATES TREASURY
99.129
5.15%
2,676,480.47
(13,462.91)
(2,689,943.38)
0.00
4.125 01/31/2025
Total Purchase
13,950,000.00
13,647,233.15
(47,514.14)
(13,694,747.29)
0.00
TOTAL
ACQUISITIONS 13,950,000.00 13,647,233.15 (47,514.14) (13,694,747.29) 0.00
DISPOSITIONS
Maturity 01/11/2024 313384RR2 (3,000,000.00) FEDERALHOMELOAN 100.000 0.00% (3,000,000.00) 0.00 3,000,000.00 0.00
BAN KS01/11/2024
Maturity 01/31/2024 912828V80 (1,250,000.00) UNITED STATES TREASURY2.25 100.000 0.00% (1,250,000.00) 0.00 1,250,000.00 0.00
01/31/2024
Maturity 02/08/2024 313384SV2
(2,000,000.00)
FEDERAL HOME LOAN 100.000
0.00% (2,000,000.00) 0.00 2,000,000.00 0.00
BANKS02/08/2024
Maturity 02/20/2024 912797JE8
(3,000,000.00)
UNITEDSTATES 100.000
0.00% (3,000,000.00) 0.00 3,000,000.00 0.00
TREASURY02/20/2024
Maturity 02/28/2024 3130ARHG9
(1,250,000.00)
FEDERAL HOME LOAN BANKS 100.000
0.00% (1,250,000.00) 0.00 1,250,000.00 0.00
2.125 02/28/2024
37 Qtj
DocuSign Envelope ID: 009D57E6-9ACB-4264-ADDC-CAF3F57A8588
ITransaction Ledger
City of Tustin Consolidated Account - Account #10795
As of March 31, 2024
Transaction Type
settlement
CUSIP Quantity
Security Description Price
..
Amount
Total Amount Gain Loss
Date
Yield
Pur/Sold
Maturity
03/15/2024 91282CBR1 (2,600,000.00)
UNITED STATES TREASURY0.25 100.000
0.00% (2,600,000.00)
0.00
2,600,000.00 0.00
03/15/2024
Maturity
03/29/2024 246399AB5 (246,000.00)
Delaware State Police Federal 100.000
0.00% (246,000.00)
0.00
246,000.00 0.00
Credit Union 3.003/29/2024
Total Maturity
(13,346,000.00)
(13,346,000.00)
0.00
13,346,000.00 0.00
TOTAL
DISPOSITIONS
(13,346,000.00)
(13,346,000.00)
0.00
13,346,000.00 0.00
38 c►"
DocuSign Envelope ID: 009D57E6-9ACB-4264-ADDC-CAF3F57A8588
IImportant Disclosures As of March 31,2024
2024 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: 009D57E6-9ACB-4264-ADDC-CAF3F57A8588
Benchmark Disclosures As of March 31,2024
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: 009D57E6-9ACB-4264-ADDC-CAF3F57A8588
CITY OF TUSTIN
Monthly Investment Report
March 31, 2024
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
3,308.39
N/A
3,308.39
3,308.39
2016 Water Revenue Bonds, Refunding
1,248,654.93
N/A
1,248,654.93
1,248,654.93
2020 Water Revenue Bonds
638,622.70
N/A
638,622.70
638,622.70
2024 Water Revenue Bonds
4,011,903.60
N/A
4,011,903.60
4,011,903.60
CFD 04-1
907,733.67
N/A
907,733.67
907,733.67
CFD 06-1
6,420,631.46
N/A
6,420,631.46
6,420,631.46
CFD 07-1
1,501,297.90
N/A
1,501,297.90
1,501,297.90
CFD 14-1
3,113,455.93
N/A
3,113,455.93
3,113,455.93
17,845,608.58
17,845,608.58
17,845,608.58
Restricted Deposits
with Fiscal Agents TOTAL
17,845,608.58
17,845,608.58
DocuSign Envelope ID: 009D57E6-9ACB-4264-ADDC-CAF3F57A8588
PUBLIC
AGENCY
RETIREMENT
SERVICES PARS
CITY OF TUSTIN
PARS Post -Employment Benefits Trust
Nicole Bernard
Acting City Manager
City of Tustin
300 Centennial Way
Tustin, CA 92780
Account Summary
Account Report for the Period
3/1/2024 to 3/31/2024
Source
Balance as of
3/1/2024
Contributions
Earnings
Expenses
Distributions
Transfers
Balance as of
3/31/2024
OPEB
$3,657,587.61
$0.00
$78,872.64
$1,493.50
$0.00
$0.00
$3,734,966.75
PENSION
$11,664,784.36
$0.00
$251,499.62
$4,762.88
$0.00
$0.00
$11,911,521.10
Totals
$15,322,371.97
$0.00
$330,372.26
$6,256.38
$0.00
$0.00
$15,6469487.85
Investment Selection
Source
OPEB City of Tustin - OPEB
PENSION City of Tustin - Pension
Investment Objective
Source
Individual account based on Moderate - Index. 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. The dual goals of the Moderate Strategy are growth of principal and income. It is expected that
PENSION dividend and interest income will comprise a significant portion of total return, although growth through capital appreciation is equally important. The
portfolio will be allocated between equity and fixed income investments.
Investment Return
Annualized Return
Source 1-Month 3-Months 1-Year 3-Years 5-Years 10-Years Plan's Inception Date
OPEB 2.16% 3.57% 12.09% 2.69% 6.07% 6/26/2018
PENSION 2.16% 3.57% 12.09% 2.70% 6.01% 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
DocuSign Envelope ID: 009D57E6-9ACB-4264-ADDC-CAF3F57A8588
'+ FINANCE DEPARTMENT
USI Remembering h nn what connects us.
April 25, 2024
Honorable Mayor and Members of the City Council:
Re: Investment Report Certification
In compliance with California Government Code Section 53646, the attached Investment Report
for the Quarter Ending March 31, 2024 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 six (6) months.
Respectfully submitted,
Jered Elmore, Chair
City of Tustin Audit Commission
Jennifer King, Finance Director/City Treasurer
City of Tustin
300 Centennial Way, Tustin, CA 92780 • 714-573-3060 9 tustinca.org