HomeMy WebLinkAbout16 QUARTERLY INVESTMENT REPORT FOR THE CITY OF TUSTIN AND THE SUCCESSOR AGENCY FOR THE TUSTIN COMMUNDocusign Envelope ID: 894C1 C3C-2C3E-4BFD-9DB8-1 D23481 F1 D1 5 16
Agenda Item
Reviewed:
RE AGENDA PORT City Manager a5
Finance Director
MEETING DATE: AUGUST 20, 2024
TO: ALDO E. SCHINDER, 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 ENDED JUNE 30, 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.
FISCAL IMPACT:
No fiscal impact to receive and file the report.
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.
BACKGROUND AND 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 June 30, 2024 is rendered.
The City's total cash and investments amounted to approximately $202 million as of June 30, 2024.
The weighted average yield for the investment portfolio was 4.36%, 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 June 2024
came in at 3% higher year -over -year. Although the latest CPI is still above the Fed's inflation target
of 2%, it is worth noting that the CPI has been trending downward for the past three months.
Docusign Envelope ID: 894C1 C3C-2C3E-4BFD-9DB8-1 D23481 F1 D1 5
City Council Agenda Report
Quarterly Investment Report for the Period Ended June 30, 2024
August 20, 2024
Page 2
For the past three months, the labor market added jobs at a moderate pace and the national
unemployment rate inched up slightly to 4.1 % from the 3.8% at the end of last quarter. The 2-year
Treasury yield edged to 4.76% by June 2024, compared to a yield of 4.62% in March 2024. Similarly,
the 5-year Treasury yield rose to 4.38% by June 2024, compared to a yield of 4.21 % in March 2024.
PARS Pension Trust
As part of the City's pension pay -down plan, the City has made contributions totaling $11.6 million to
a Pension Trust, including a $2 million contribution in June 2024. The Pension Trust is held by Public
Agency Retirement Services (PARS). A Pension Trust provides rate stabilization since its 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. The City's Pension Trust Fund assets amounted to $14 million on June 30, 2024. The
five-year annualized return for the PARS Pension Trust Fund was 5.59%.
PARS OPEB Trust
The City has made $3.5 million in contributions into an Other Post -Employment Benefits (OPEB)
Trust, including a $500,000 contribution in June 2024. The OPEB Trust is also held by PARS and
contains 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 $4.3 million on June 30, 2024. The five-year annualized return for
the PARS OPEB Trust Fund was 5.64%.
Investment Compliance Certification
On July 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.
, ISL�'a fzv,�,�
Jennifer King
Finance Director/City Treasurer
Attachments:
1. Investment Report Certification
2. Quarterly Investment Report for the Period Ended June 30, 2024
3. Restricted Deposits with Fiscal Agents as of June 30, 2024
4. PARS Trust Statement as of June 30, 2024
Docusign Envelope ID: 894C1C3C-2C3E-4BFD-9DB8-1D23481F1D15
FINANCE DEPARTMENT
USI Remembering h nn what connects us.
July 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 June 30, 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,
DocuSigned by:
�t Vt-� ftmb 't.
E3741 B0184FB464...
Jered Elmore, Chair
City of Tustin Audit Commission
Ej
DocuSig ned by:
74,; K;.4-s
86AFAFFF77473...
Jennifer King, Finance Director/City Treasurer
City of Tustin
300 Centennial Way, Tustin, CA 92780 • 714-573-3060 • tustinca.org
Docusign Envelope ID: 894C1C3C-2C3E-4BFD-9DB8-1D23481F1D15
CHANDLER
it% ASSET MANAGEMENT
CHANDLER ASSET MANAGEMENT I chandlerasset.com
Chandler Team:
For questions about your account, please call (800) 317-4747,
or contact clientservice@chandlerasset.com
Information contained herein is confidential. We urge you to compare this statement to the one you receive from your qualified custodian. Please see Important Disclosures at the end of the statement.
Docusign Envelope ID: 894C1C3C-2C3E-4BFD-9DB8-1D23481F1D15
TABLE OF CONTENTS
City of Tustin I As of June 30, 2024
SECTION 1 I ECONOMIC UPDATE
SECTION 2 1 ACCOUNT PROFILE
SECTION 31 PORTFOLIO HOLDINGS
SECTION 4 1 TRANSACTIONS
CHANDLER
ASSET MANAGEMENT
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CHANDLER
,it ASSET MANAGEMENT
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Economic Update
CHANDLER
ASSET MANAGEMENT
Recent economic data suggests positive but slower growth this year fueled by consumer spending. While the consumer has been resilient,
growing credit card debt, higher delinquencies, and a moderating labor market pose potential headwinds to future economic growth.
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 June meeting, the Federal Open Market Committee voted unanimously to leave the federal funds rate unchanged at a
target range of 5.25-5.50%, emphasizing the need to see sustained evidence of easing inflation before considering any rate cuts. The
FOMC's latest projections now suggest only one interest rate cut in 2024, with four more cuts expected in 2025 and a slightly higher long-
term neutral rate. Additionally, the Fed continues to reduce its holdings of U.S. Treasury securities and agency mortgage -backed securities
as per its predefined schedule of $25 billion and $35 billion per month.
■ The US Treasury yield curve shifted lower in June as economic data moderated. The 2-year Treasury yield fell 12 basis points to 4.76%, the
5-year Treasury dropped 13 basis points to 4.38%, and the 10-year Treasury yield declined 10 basis points to 4.40%. The inversion between
the 2-year Treasury yield and 10-year Treasury yield remained relatively stable at -36 basis points at June month -end versus -37 basis
points at May month -end. The spread between the 2-year Treasury and 10-year Treasury yield one year ago was -106 basis points. The
inversion between 3-month and 10-year Treasuries widened to -96 basis points in June from -91 basis points in May.
V
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Employment
1,000
0
0
600
C
400
0
L
H
11�4i19
0 -200
-400
Nonfarm Payroll (000's)
J-1I IVI ILII QVCI QrC 1VVV Z.1
-70 OC 10 _p 10 11 11 _�>
Source: US Department of Labor
CHANDLER
ASSET MANAGEMENT
Unemployment Rate
25.0%
Underemployment Rate (U6)
20.0% Unemployment Rate (U3)
7.15.0%
10.0°%
5.0%
0.0%
Source: US Department of Labor
The U.S. economy added 206,000 jobs in June, remaining ahead of consensus expectations of 190,000 jobs. The gains were broad based,
with government, health care, and social assistance posting the largest gains. The three-month moving average and six-month moving
average payrolls have weakened from the first quarter to 177,000 and 222,000 respectively. The unemployment rate edged up to 4.1% in
June, and the labor participation rate inched up to 62.6%, remaining 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 held steady at
7.4%. Average hourly earnings rose 3.9% year -over -year in June, down from 4.1% year -over -year in May. The labor markets continue to
show signs of cooling in line with the Federal Reserve's view that there has been "substantial" progress towards better balance in the
labor market between demand and supply for workers.
W
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Job Openings & Labor Turnover Survey
14,000
12,000
10,000
_N
O
O
8,000
C
c
m
0 6,000
0
C
4,000
2,000
0
oi-O)
oil
pV
OS 06
-OS
09
Source: US Department of Labor
Job Openings
CHANDLER
ASSET MANAGEMENT
117a �a 4d 117 �a 117 �a 147 �a �a �d 4d �a �a 47
`1 `1 `1 `1 `1 `1 `1 `1 `7 Oil-, Oil- `" `� `� `� `�
O l a rt S 6 8 9 0
The Labor Department's Job Openings and Labor Turnover Survey (JOLTS) increased to 8.140 million job openings in May from a
downwardly revised 7.919 million in April. Job openings still represent a healthy ratio of around 1.2 jobs for each unemployed individual.
While the current level of job openings remains elevated from a historical perspective, the trend is decelerating.
6�
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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)
10.0%
9.0%
8.0%
7.0%
c 6.0%
M
u 5.0%
0
>. 4.0%
0
3.0%
2.0%
1.0%
0.0%
CHANDLER
ASSET ASSET MANAGEMENT
Personal Consumption Expenditures (PCE)
PCE Price Deflator YOY % Change
PCE Core Deflator YOY % Change
Fed Target
4�10
`19
�oL 2!0 �oL
19 y b ��
2!O , �oL
y21 21
7d �oL
`
2!o
`
�oL v/0 ,
y�Q
�d �oL �0 , �oL 2!d �oL
y-7 'I9 `1O �0 `�1 �1
2!0 , �oL
�
2!0 , �oL
�
�d
y�Q
Source: US Department of Labor
Source: US Department of Commerce
In May, the Consumer Price Index (CPI) remained unchanged month -over -month and rose 3.3%year-over-year, reflecting broad -based cost
reductions. The Core CPI, which excludes volatile food and energy components, was up 0.2% month -over -month and 3.4%year-over-year
in May, down from 3.6% in April and lower than expected. The Personal Consumption Expenditures (PCE) Index decelerated in May as
expected. The headline PCE deflator was unchanged in May from April versus up 0.3% in the prior month. Year -over -year, the PCE
deflator rose 2.6%. The Core PCE deflator (the Fed's preferred gauge) increased 0.1% in May from the prior month versus up 0.3% in April.
The Core PCE deflator also rose 2.6% year -over -year, still above the Fed's 2% inflation target. Much of the lingering inflation has been
driven by shelter costs and demand for services.
Docusign Envelope ID: 894C1C3C-2C3E-4BFD-9DB8-1D23481F1D15
Consumer
60.0%
50.0%
40.0%
v 30.0%
;a 20.0%
10.0%
0 0.0%
-10.0%
-20.0%
-30.0%
Retail Sales YOY % Change
NINE
47aL �04
19 1y
�0j, �o�
�O �O
�°'`
°� �aL �01
�°'` 047,
�'
�aL
Source: US Department of Commerce
160
tan I Recession
120
100
a�
80
x
60
c
40
20
0
CHANDLER
ASSET MANAGEMENT
Consumer Confidence
h.0 7.0 �,O 71 �Z 71 �-7 �1 V)
4 6 d' O � 4 6 8 O � S!
Source: The Conference Board
All time high is 144.70 (1131100); All time low is 25.30 (2128109)
May Retail Sales increased below expectations to +0.1% after a downwardly revised -0.2%, pointing to a fatigued consumer. On a year -
over -year basis, Retail Sales growth further slowed to +2.3% in May. Nonstore retailers were a bright spot in May, up 0.8% following a
1.8% decline in April. The Conference Board's Consumer Confidence Index fell to 100.4 in June from 101.3 in May. While the present
situation component rose marginally, consumers are less optimistic about future expectations for business conditions and potential
income increases. While the consumer has been resilient, consumption has begun to moderate in the face of higher interest rates, rising
credit card balances, and growing delinquencies.
IA
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Leading Indicators of Economic Activity
Leading Economic Indicators (LEI)
15.0%
10.0%
5.0%
0.0%
M
s
-5.0%
0
o -10.0%
-15.0%
-20.0%
-25.0%
ArA�`913`9600 �d`(9V •�d`08'�d`1�
Source: The Conference Board
CHANDLER
ASSET ASSET MANAGEMENT
Chicago Fed National Activity Index (CFNAI)
1.00
0.75
0.50
v
° 0.25
a
a 0.00
c
0 -0.25
M
-0.50
-0.75
-1.00
�a` �d` �a` �d` �d` �d` �a` �a`
�:9 9� 96 00 � O� 'I?
Source: Federal Reserve Bank of Chicago
�a` I6O ��V
The Conference Board's Leading Economic Index (LEI) declined for the third consecutive month to -0.5% in May following a -0.6% decline
in April. The index declined 5.3% year -over -year. The primary drivers for the negative print were a decline in new orders, weak consumer
sentiment about future business conditions, and lower building permits. The Chicago Fed National Activity Index (CFNAI) increased to 0.18
in May from -0.26 in April, surpassing consensus expectations. However, the three-month moving average fell to -0.09 in May from -0.05
in April, indicating below -trend growth expectations for the economy.
F:
Docusign Envelope ID: 894C1C3C-2C3E-4BFD-9DB8-1D23481F1D15
Housing
2,400
2,200
2,000
1,800
c
1,600
4-
1,400
1,200
c 1,000
F- 800
600
400
0
Annualized Housing Starts
■ Multi Family Housing Starts
■Single Family Housing Starts
iil�iili IIIIIIIIIII
117O �O �O �d` �OL �OL �O day a` �a` �&
OQ 06 Oe 1O 1) 1Q 16 1 �O ,�) 2Q
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%
CHANDLER
ASSET MANAGEMENT
S&P/Case-Shiller 20 City Composite Home Price Index
OV 06 06> 'lO 17,1 1ST 176 176 10
Source: S&P
May Housing Starts declined 5.5% month -over -month from April to 1.352 million units. This equates to -19.3% less starts compared to
May 2023. Single family starts were 5.2% lower month -over -month due to higher mortgage interest rates, lack of existing unit supply and
home affordability. Multi -family home starts declined 10.3% month -over -month. The Freddie Mac average rate for a 30-year fixed
mortgage edged down to 6.92% in June from 7.06% in May. According to the Case-Shiller 20-City Home Price Index, housing prices rose a
higher -than -expected 7.2% year -over -year in April versus March's upwardly revised 7.5% increase. Tight inventories and higher mortgage
rates continue to impact affordability.
9
Docusign Envelope ID: 894C1C3C-2C3E-4BFD-9DB8-1D23481F1D15
Survey Based Measures
70
ISM Manufacturing
65
\
55
50 \
Institute of Supply Management (ISM) Surveys
ISM Services
I
CHANDLER
ASSET MANAGEMENT
\
EXPANDING ` , ,
\, A_ I
\
45 �
40
7 Z9 ,bZ9 cZ9 dr�o �0 b�O c,�o d��1 r7 �Z b�Z c�Z dr7 .6�2 c,d, �� �.s' p'� c��' d~�Q �St
Source: Institute for Supply Management
The Institute for Supply Management (ISM) Manufacturing index edged down to 48.5 in June from 48.7 in May. While new orders picked
up, prices paid for materials fell the most in over a year. The ISM Services Index returned to contraction declining to 48.8 in June, from
53.8 in the previous month. Although the level of the decline was a surprise, the trend in the Services PMI, which applies to a larger share
of US economic output, has been steadily decreasing.
10
Docusign Envelope ID: 894C1C3C-2C3E-4BFD-9DB8-1D23481F1D15
Gross Domestic Product (GDP)
11
Personal Consumption Expenditures
0.6%
2.1%
2.2%
Gross Private Domestic Investment
0.9%
1.7%
0.2%
Net Exports and Imports
0.0%
0.0%
0.3%
Federal Government Expenditures
0.1%
0.5%
0.2%
State and Local (Consumption and Gross
0.5%
0.5%
0.6%
Investment)
Total
Source: US Department of Commerce
2.1% 4.9% 3.4%
CHANDLER
ASSET MANAGEMENT
Gross Domestic Product (GDP)
M 40.0%
30.0%
1.0%
20.0%
0.8%
10.0%
-0.7%
0.0%
_
-10.0%
0.0%
-20.0%
GDP QOQ % Change
0.3%
-30.0%
GDP YOY %Change
-40.0%
1.494osP
dr1 •b1 dry b� dry �_
9 9 O O ,7 1
dry b� d/� ;0
& )' Q
Source: US Department of Commerce
The third and final estimate of first quarter GDP came in as expected with growth up 1.4%, a small upward revision from 1.3% in the
second estimate. Notably, the personal consumption expenditures component was revised down substantially to +1.5% in the final
estimate from +2.0% in the second estimate. Weaker growth in consumer spending was offset by upward revisions in other major
categories, particularly gross fixed investment. The consensus projection calls for 2.0% growth in the second quarter and 2.3% growth for
the full year 2024.
11
Docusign Envelope ID: 894C1C3C-2C3E-4BFD-9DB8-1D23481F1D15
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
6.00%
5.00%
4.00%
01
3.00%
2.00%
1.00%
0.00%
st 6 T O V 6 40 sr 07 06' OT
CHANDLER
ASSET MANAGEMENT
Effective Federal Funds Rate
Source: Federal Reserve
Source: Bloomberg
Recession
10 1%� 1Q 16 1�p _)0
As expected at the June meeting, the Federal Open Market Committee voted unanimously to leave the federal funds rate unchanged at a
target range of 5.25-5.50%, emphasizing the need to see sustained evidence of easing inflation before considering any rate cuts. The
FOMC's latest projections now suggest only one interest rate cut in 2024, with four more cuts expected in 2025 and a slightly higher long-
term neutral rate. The Fed's inflation projections ticked up marginally, while unemployment and GDP growth forecasts remained steady.
Additionally, the Fed continues to reduce its holdings of U.S. Treasury securities and agency mortgage -backed securities as per its
predefined schedule of $25 billion and $35 billion per month. Since the Fed began its Quantitative Tightening campaign in June 2022,
securities holdings have declined by approximately $1.7T to approximately $7.3T.
12
Docusign Envelope ID: 894C1C3C-2C3E-4BFD-9DB8-1D23481F1D15
Bond Yields
US Treasury Note Yields
6.0
• 2-Year
5.0
4.0
2.0
1.0
0.0
US Treasury Yield Curve
6.0
5.0
4.0
2.0
1.0
✓ O ✓ O ✓ O ✓ O ✓ O ✓ 0.0%
4V), 001 �'72 `CI1 4h� 0(11 �''� � (10' �'� � 00' �'72 � .3 6 �y� Sys � )r 10 y
9 9 O O 1 1 �' �o /o r
Source: Bloomberg Source: Bloomberg
CHANDLER
ASSET ASSET MANAGEMENT
Jun-24
Mar-24
• Jun-23
At the end of June, the 2-year Treasury yield was 15 basis points lower, and the 10-Year Treasury yield was 56 basis points higher, year -
over -year. The inversion between the 2-year Treasury yield and 10-year Treasury yield remained relatively stable at -36 basis points at
June month -end versus -37 basis points at May month -end. The inversion has occurred since July 2022 and remains historically long. The
average historical spread (since 2003) is about +130 basis points. The inversion between 3-month and 10-year Treasuries widened to -96
basis points in June from -91 basis points in May.
13
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CHANDLER
,it ASSET MANAGEMENT
14
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OBJECTIVES
City of Tustin I As of June 30, 2024
Investment Objectives
CHANDLER
ASSET MANAGEMENT
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.
ChandlerAsset Management Performance Objective
The performance objective for the accounts is to achieve a rate of return over a market cycle that equals or exceeds the
return on a market index of similar duration and sector allocation.
Strategy
In order to achieve these objectives, the portfolio invests in high quality fixed income securities consistent with the
investment policy and California Government Code.
15
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PORTFOLIO CHARACTERISTICS
City of Tustin Cons Account I Account #10795 1 As of June 30, 2024
Average Maturity (yrs) 2.76 0.70 0.69
Average Modified Duration 2.56 0.63 0.62
Average Purchase Yield 4.36% 4.40%
Average Market Yield
Average Quality"
Total Market Value
4.65% 5.13%
AA+ AA+
202,152,078
5.51%
AA+
203,497,715
CHANDLER
ASSET ASSET MANAGEMENT
*Benchmark: ICE BofA 1-5 Year Unsubordinated US Treasury & Agency Index
**The credit quality is a weighted average calculation of the highest of S&P, Moody's and Fitch. 16
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STATEMENT OF COMPLIANCE
CHANDLER
ASSET ASSET MANAGEMENT
City of Tustin Cons Account I Account #10795 As of June 30, 2024
Compliance
Rules Name
AGENCY MORTGAGE SECURITIES (CMOS)
Limit
Actual
Notes
Status
Max % (MV)
20.0
1.2
Compliant
Max % Issuer (MV)
10.0
1.2
Compliant
Max Maturity (Years)
5.0
4.2
Compliant
Min Rating (AA- by 1)
0.0
0.0
Compliant
BANKERS' ACCEPTANCES
Max % (MV)
30.0
0.0
Compliant
Max % Issuer (MV)
5.0
0.0
Compliant
Max Maturity (Days)
180
0.0
Compliant
Min Rating (A- by 1)
0.0
0.0
Compliant
CERTIFICATE OF DEPOSIT PLACEMENT SERVICE (CDARS)
Max % (MV)
30.0
0.0
Compliant
COLLATERALIZED BANK DEPOSITS
Max % (MV)
100.0
0.0
Compliant
Max % Issuer (MV)
30.0
0.0
Compliant
Max Maturity (Years)
5.0
0.0
Compliant
Min Rating (A- by 1)
0.0
0.0
Compliant
COLLATERALIZED TIME DEPOSITS (NON-NEGOTIABLE
CD/TD)
Max Maturity (Years)
5.0
0.0
Compliant
Min Rating (A- by 1)
0.0
0.0
Compliant
COMMERCIAL PAPER
Max % (MV)
30.0
0.5
Compliant
Max % Issuer (Corporate & Commercial Paper; MV)
10.0
1.0
Compliant
Max % Issuer (MV)
5.0
0.5
Compliant
Max Maturity (Days)
270
8
Compliant
Min Rating (A-1 by 1 or A- by 1)
0.0
0.0
Compliant
CORPORATE MEDIUM TERM NOTES
Max % (MV)
30.0
15.6
Compliant
Max % Issuer (Corporate & Commercial Paper; MV)
10.0
1.0
Compliant
17
Docusign Envelope ID: 894C1C3C-2C3E-4BFD-9DB8-1D23481F1D15
STATEMENT OF COMPLIANCE
City of Tustin Cons Account I Account #10795 1 As of June 30, 2024
Rules Name Limit Actual Complianci.
Status
Max % Issuer (MV) 5.0 1.0 Compliant
Max Maturity (Years)
5
4
Compliant
Min Rating (A- by 1)
0.0
0.0
Compliant
FDIC INSURED TIME DEPOSITS (NON-NEGOTIABLE CD/
TD)
Max Maturity (Years)
5
0.0
Compliant
FEDERAL AGENCIES
Max % (MV)
100.0
8.3
Compliant
Max % Issuer (MV)
50.0
4.1
Compliant
Max Maturity (Years)
5
4
Compliant
JPA INVESTMENT POOLS
Max % (MV)
100.0
44.3
Compliant
Max % Issuer (MV)
50.0
44.3
Compliant
Max Maturity (Years)
LOCAL AGENCY INVESTMENT FUND (LAIF)
Max Concentration (MV)
MONEY MARKET MUTUAL FUNDS
Max % (MV)
Max % Issuer (MV)
Min Rating (AAA by 2)
MUNICIPAL SECURITIES (CA, LOCAL AGENCY)
Max % (MV)
Max % Issuer (MV)
Max Maturity (Years)
Min Rating (A- by 1)
MUNICIPAL SECURITIES (CA, OTHER STATES)
Max % (MV)
Max % Issuer (MV)
Max Maturity (Years)
CHANDLER
ASSET ASSET MANAGEMENT
5.0 0.0 Compliant
75.0 7.1 Compliant
20.0 0.4 Compliant The City of Tustin maintains adequate liquidity to cover at least six months of expected
10.0 0.4 Compliant
0.0 0.0 Compliant
30.0 0.0 Compliant
5.0 0.0 Compliant
5 0.0 Compliant
0.0 0.0 Compliant
30.0 0.0 Compliant
5.0 0.0 Compliant
5 0.0 Compliant
18
Docusign Envelope ID: 894C1C3C-2C3E-4BFD-9DB8-1D23481F1D15
STATEMENT OF COMPLIANCE
City of Tustin Cons Account I Account #10795 1 As of June 30, 2024
Rules Name Limit Actual ..
Status
Min Rating (A- by 1) 0.0 0.0 Compliant
NEGOTIABLE CERTIFICATES OF DEPOSIT (NCD)
Max % (MV) 30.0 0.6 Compliant
Max % Issuer (MV) 5.0 0.1 Compliant
CHANDLER
ASSET ASSET MANAGEMENT
Max Maturity (Years)
5
2
Compliant
Min Rating (A-1 by 1 or A- by 1 if> FDIC Limit)
0.0
0.0
Compliant
REPURCHASE AGREEMENTS
Max % (MV)
30.0
0.0
Compliant
Max % Issuer (MV)
5.0
0.0
Compliant
Max Maturity (Years)
1.0
0.0
Compliant
U.S. TREASURIES
Max % (MV)
100.0
23.0
Compliant
Max % Issuer (MV)
100.0
23.0
Compliant
Max Maturity (Years)
5
4
Compliant
19
Docusign Envelope ID: 894C1C3C-2C3E-4BFD-9DB8-1D23481F1D15
SECTOR DISTRIBUTION
City of Tustin Cons Account I Account #10795 1 As of June 30, 2024
50%
25%
0%
CHANDLER
ASSET ASSET MANAGEMENT
LGIP US Treasury Corporate
Agency LAW Cash Agency CMBS
06/30/2024 03/31/2024
Neg CD Comm Paper Money Mkt M
Sector as a Percentage of Market Value
Sector
LGIP
0.
44.4%
46.4%
US Treasury
23.0%
23.2%
Corporate
15.6%
15.9%
Agency
8.2%
6.8%
LAIF
3.5%
3.4%
Cash
2.6%
1.7%
Agency CMBS
1.2%
1.5%
Neg CD
0.6%
0.6%
Comm Paper
0.5%
0.5%
Money Mkt Fd
0.4%
0.1%
20
Docusign Envelope ID: 894C1C3C-2C3E-4BFD-9DB8-1D23481F1D15
ISSUERS C/„CHANDLER
ASSET MANAGEMENT
City of Tustin Cons Account I Account #10795 1 As of June 30, 2024
California Asset Mgmt Program
LGIP
44.40%
United States
US Treasury
23.00%
Federal Home Loan Banks
Agency
4.13%
LAIF
LAIF
3.50%
Farm Credit System
Agency
3.16%
Citizens Business Bank
Cash
2.58%
FHLMC
Agency CMBS
1.19%
Toyota Motor Corporation
Multiple
1.00%
JPMorgan Chase & Co.
Corporate
0.96%
FNMA
Agency
0.95%
U.S. Bancorp
Corporate
0.67%
Salesforce, Inc.
Corporate
0.49%
Metropolitan Life Global Funding I
Corporate
0.49%
Massachusetts Mutual Life Insurance
Corporate
0.49%
QUALCOMM Incorporated
Corporate
0.49%
NextEra Energy, Inc.
Corporate
0.49%
PACCAR Inc
Corporate
0.49%
The Home Depot, Inc.
Corporate
0.49%
Duke Energy Corporation
Corporate
0.49%
Deere & Company
Corporate
0.49%
National Rural Utilities Cooperative
Corporate
0.48%
New York Life Insurance Company
Corporate
0.48%
Bank of America Corporation
Corporate
0.48%
Northern Trust Corporation
Corporate
0.48%
State Street Corporation
Corporate
0.48%
Target Corporation
Corporate
0.48%
Bank of Montreal
Corporate
0.48%
BNY Mellon Corp
Corporate
0.48%
21
Docusign Envelope ID: 894C1C3C-2C3E-4BFD-9DB8-1D23481F1D15
ISSUERS
City of Tustin Cons Account I Account #10795 1 As of June 30, 2024
Chubb Limited
C3% CHANDLER
ASSET MANAGEMENT
PortfolioInvestment Type %
Corporate 0.48%
Pfizer Inc.
Corporate
0.48%
The Toronto -Dominion Bank
Corporate
0.47%
Caterpillar Inc.
Corporate
0.47%
Amazon.com, Inc.
Corporate
0.46%
UnitedHealth Group Incorporated
Corporate
0.46%
The Charles Schwab Corporation
Corporate
0.46%
Royal Bank of Canada
Corporate
0.46%
Walmart Inc.
Corporate
0.41%
First American Govt Oblig fund
Money Mkt Fd
0.40%
Northwestern Mutual Global Funding
Corporate
0.34%
Public Service Enterprise Group Inco
Corporate
0.28%
Mastercard Incorporated
Corporate
0.24%
Colgate-Palmolive Company
Corporate
0.17%
Capital One Financial Corporation
Neg CD
0.12%
Ally Bank
Neg CD
0.12%
Synchrony Bank
Neg CD
0.12%
Discover Bank
Neg CD
0.12%
The Goldman Sachs Group, Inc.
Neg CD
0.11%
Cash
Cash
0.04%
TOTAL
100.00%
%ai
Docusign Envelope ID: 894C1C3C-2C3E-4BFD-9DB8-1D23481F1D15
MATURITY DISTRIBUTION
City of Tustin Cons Account I Account #10795 1 As of June 30, 2024
15Q,000,000
125, 00 0, 000
100,000,000 -
75,000,000 —
50,000,000
25.000,000
r11L
125,074,154.47
CHANDLER
ASSET MANAGEMENT
404,55
. 10.214,077,63
It �nlk 11,383,8n.al
U - _zD ZO - .� _:J - 1 1-Z Z-6 k1-4 4-1)
23
Docusign Envelope ID: 894C1C3C-2C3E-4BFD-9DB8-1D23481F1D15
QUALITY DISTRIBUTION
City of Tustin Cons Account I Account #10795 1 As of June 30, 2024
S&P Rating
60%
40%
20%
070 AAA AA A BBB NR
03/31/2024 0 06/30/2024
Moody's Rating
60%
40%
20%
070 AAA AA A NR
03/31/2024 0 06/30/2024
CHANDLER
ASSET ASSET MANAGEMENT
Fitch Rating
60%1
40%
20%
070 AAA AA A BBB NR
03/31/2024 0 06/30/2024
Rating 03/31/2024
0.
0.
06/30/2024
AAA
54.4%
55.1%
AAA
33.1%
34.3%
AAA
56.2%
56.7%
AA
27.0%
25.3%
AA
2.8%
2.8%
AA
28.9%
27.7%
A
13.2%
13.0%
A
12.7%
12.3%
A
7.1%
6.2%
BBB
0.5%
0.5%
NR
51.5%
50.6%
BBB
0.1%
0.1%
NR
4.9%
6.1%
NR
7.7%
9.3%
24
Docusign Envelope ID: 894C1C3C-2C3E-4BFD-9DB8-1D23481F1D15
DURATION DISTRIBUTION
City of Tustin Cons Account I Account #10795 1 As of June 30, 2024
80%I
60%
40 %
20 %
0% 0-.25
r
.25-.5 .5-1
1-2 2-3 3-4
06/30/2024 0 04/01/2024
CHANDLER
ASSET ASSET MANAGEMENT
4-5 5-7 7+
D. ,
06/30/2024 61.9% 7.0% 13.3% 6.2% 3.5% 4.7% 3.5% 0.0% 0.0%
03/31/2024 57.5% 12.3% 10.2% 9.2% 3.9% 5.5% 2.1% 0.0% 0.0%
25
Docusign Envelope ID: 894C1C3C-2C3E-4BFD-9DB8-1D23481F1D15
INVESTMENT PERFORMANCE
City of Tustin Cons Account I Account #10795 1 As of June 30, 2024
Total and Realized Rate of Return: Inception 1 11/01/2020
6.00%
5.00%
4.00%
3.00%
2.00%
1.00%
0.00% km
-1.00%
CHANDLER
ASSET ASSET MANAGEMENT
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
TOTAL RATE OF RETURN
City of Tustin Cons Agg
1.22%
4.76%
3.49%
1.01%
0.90%
Benchmark
0.82%
4.18%
1.85%
(0.34Y.)
(0.35%)
Secondary Benchmark
0.94%
4.54%
2.31%
0.41%
0.34%
REALIZED RATE OF RETURN
r
City of Tustin Cons Agg
1.08%
4.10%
3.29%
2.42%
2.19%
*Periods over 1 year are annualized.
Benchmark: ICE BofA 1-5 Year Unsubordinated US Treasury & Agency Index
Secondary Benchmark: ICE BofA 1-3 Year US Treasury & Agency Index
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 market value; it includes interest earnings, realized
and unrealized gains and losses in the portfolio. Realized rate of return: A measure of a portfolio's return 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. 26
Docusign Envelope ID: 894C1C3C-2C3E-4BFD-9DB8-1D23481F1D15
CHANDLER
,it ASSET MANAGEMENT
MA
Docusign Envelope ID: 894C1C3C-2C3E-4BFD-9DB8-1D23481F1D15
HOLDINGS REPORT
City of Tustin Cons Account I Account #10795 1 As of June 30, 2024
CHANDLER
ASSET ASSET MANAGEMENT
AGENCY
3133XVDG3 FEDERAL HOME LOAN BANKS4.375 1,000,000.00 09/26/2022 998,060.00 99.77 997,694.01 0.49% Aaa/AA+ 0.21
09/13/2024 4.48% 999,799.78 5.45% 13,125.00 (2,105.77) AA+ 0.20
3133ENL40
3130APQ81
313OAQF40
FEDERAL FARM CREDIT BANKS
FUNDING CORP 3.5 09/13/2024
FEDERAL HOME LOAN BANKS 1.0
11/08/2024
FEDERAL HOME LOAN BANKS 1.0
12/20/2024
1,000,000.00 09/08/2022 997,520.00 99.57 995,682.69 0.49% Aaa/AA+ 0.21
3.63% 999,748.95 5.60% 10,500.00 (4,066.26) AA+ 0.20
1,000,000.00 08/01/2022 954,220.00 98.35 983,479.14 0.49% Aaa/AA+ 0.36
3.09% 992,820.99 5.73% 1,472.22 (9,341.85) AA+ 0.35
1,000,000.00 08/01/2022 955,420.00 97.97 979,716.40 0.49% Aaa/AA+ 0.47
2.94% 991,196.60 5.40% 305.56 (11,480.20) AA+ 0.46
3135G04Z3
FEDERAL NATIONAL MORTGAGE
2,000,000.00
04/12/2021
1,982,980.00
95.66
1,913,280.00
0.95%
Aaa/AA+
0.96
ASSOCIATION 0.5 06/17/2025
0.71%
11996,085.18
5.17%
388.89
(82,805.18)
AA+
0.94
3130AXU63
FEDERAL HOME LOAN BANKS 4.625
1,500,000.00
11/30/2023
1,503,345.00
99.90
1,498,492.31
0.74%
Aaa/AA+
2.38
11/17/2026
4.54%
1,502,686.51
4.67%
8,479.17
(4,194.21)
AA+
2.22
3133EPH81
FEDERAL FARM CREDIT BANKS
1,000,000.00
12/08/2023
1,001,820.00
99.78
997,805.36
0.49%
Aaa/AA+
3.26
FUNDING CORP 4.5 10/04/2027
4.45%
1,001,554.77
4.57%
10,875.00
(3,749.41)
AA+
2.97
3130AWMN7
FEDERAL HOME LOAN BANKS4.375
1,250,000.00
07/26/2023
1,255,762.50
99.58
1,244,776.38
0.62%
Aaa/AA+
3.94
06/09/2028
4.27%
1,254,671.68
4.49%
3,342.01
(9,895.31)
AA+
3.57
3133EPUN3
FEDERAL FARM CREDIT BANKS
1,500,000.00
08/29/2023
1,507,785.00
100.05
1,500,718.80
0.74%
Aaa/AA+
4.16
FUNDING CORP 4.5 08/28/2028
4.37%
1,506,483.23
4.49%
23,062.50
(5,764.43)
AA+
3.70
3130AXQK7
FEDERAL HOME LOAN BANKS4.75
1,200,000.00
12/08/2023
1,222,020.00
101.38
1,216,601.52
0.60%
Aaa/AA+
4.44
12/08/2028
4.33%
1,219,569.31
4.40%
3,641.67
(2,967.79)
AA+
3.96
3133EPW84
FEDERAL FARM CREDIT BANKS
1,500,000.00
01/29/2024
1,488,945.00
97.94
1,469,028.63
0.73%
Aaa/AA+
4.55
FUNDING CORP 3.875 01/18/2029
4.04%
11489,871.33
4.38%
26,317.71
(20,842.70)
AA+
4.05
3130AVBD3
FEDERAL HOME LOAN BANKS 4.5
1,400,000.00
04/25/2024
1,384,040.00
100.42
1,405,882.48
0.70%
Aaa/AA+
4.69
03/09/2029
4.76%
1,384,632.44
4.40%
19,600.00
21,250.04
AA+
4.13
3133ERAK7
FEDERAL FARM CREDIT BANKS
1,400,000.00
04/25/2024
1,376,046.00
99.92
1,398,925.63
0.69%
Aaa/AA+
4.78
FUNDING CORP 4.375 04/10/2029
4.77%
11376,868.34
4.39%
13,781.25
22,057.28
AA+
4.23
16,627,963.51
99.14
16,602,083.33
8.23%
Aaa/AA+
2.80
Total Agency
16,750,000.00
3.80%
16,715,989.12
4.81%
134,890.97
(113,905.79)
AA+
2.52
AGENCY CMBS
Docusign Envelope ID: 894C1C3C-2C3E-4BFD-9DB8-1D23481F1D15
HOLDINGS REPORT
City of Tustin Cons Account I Account #10795 1 As of June 30, 2024
CHANDLER
ASSET ASSET MANAGEMENT
3137BDCW4 FHMS K-039 A2 3.303 07/25/2024 243,895.35 04/19/2022 245,838.89 99.62 242,961.21 0.12% Aaa/AA+ 0.07
2.76% 243,895.35 5.70% 671.32 (934.14) AAA 0.07
3137F1G44 FHMS K-065 A2 3.243 04/25/2027 750,000.00 06/08/2023 719,560.55 95.59 716,954.78 0.36% Aaa/AA+ 2.82
4.39% 727,981.84 4.94% 2,026.88 (11,027.06) AAA 2.55
3137FEZU7
FHMS K-076 A2 3.9 04/25/2028
750,000.00
10/30/2023
708,310.55
96.65
724,896.00
0.36%
Aaa/AA+
3.82
5.32%
714,569.14
4.86%
2,437.50
10,326.86
AAA
3.38
3137FJKE8
FHMS K-082 A2 3.92 09/25/2028
750,000.00
10/30/2023
705,556.64
96.54
724,045.65
0.36%
Aaa/AA+
4.24
5.31%
711,650.29
4.82%
2,450.00
12,395.36
AAA
3.74
2,379,266.63
96.60
2,408,857.63
1.19%
Aaa/AA+
3.27
Total Agency CMBS
2,493,895.35
4.78%
2,398,096.62
4.95%
7,585.70
10,761.01
AAA
2.91
CASH
CCYUSD
Receivable
789.01
--
789.01
1.00
789.01
0.00%
Aaa/AAA
0.00
0.00%
789.01
0.00%
0.00
0.00
AAA
0.00
CCYUSD
Receivable
13,274.01
--
13,274.01
1.00
13,274.01
0.01%
Aaa/AAA
0.00
0.00%
13,274.01
0.00%
0.00
0.00
AAA
0.00
CCYUSD
Receivable
76,436.57
--
76,436.57
1.00
76,436.57
0.04%
Aaa/AAA
0.00
0.00%
76,436.57
0.00%
0.00
0.00
AAA
0.00
CBGMMF$03
Citizens Business Bank
1,812,290.03
06/28/2024
0.00%
1,812,290.03
1,812,290.03
1.00
0.00%
1,812,290.03
0.00
0.90%
0.00
NA/NA
NA
0.00
0.00
CBGMMF$04
Citizens Business Bank
3,387,979.46
--
3,387,979.46
1.00
3,387,979.46
1.68%
NA/NA
0.00
0.00%
3,387,979.46
0.00%
0.00
0.00
NA
0.00
5,290,769.08
1.00
5,290,769.08
2.62%
Aaa/AAA
0.00
Total Cash
5,290,769.08
0.00%
5,290,769.08
0.00%
0.00
0.00
AAA
0.00
COMMERCIAL
PAPER
89233GG83
Toyota Motor Credit Corporation
1,000,000.00
10/12/2023
958,454.44
99.85
998,529.00
0.50%
P-1/A-1+
0.02
07/08/2024
5.76%
998,918.89
5.41%
0.00
(389.89)
F1
0.02
Total Commercial
958,454.44
99.85
998,529.00
0.50%
P-1/A-1+
0.02
Paper
1,000,000.00
5.76%
998,918.89
5.41%
0.00
(389.89)
F1
0.02
29
Docusign Envelope ID: 894C1C3C-2C3E-4BFD-9DB8-1D23481F1D15
HOLDINGS REPORT
City of Tustin Cons Account I Account #10795 1 As of June 30, 2024
CHANDLER
ASSET ASSET MANAGEMENT
CORPORATE
79466LAG9
SALESFORCE INC 0.625 07/15/2024
1,000,000.00
04/25/2022
951,860.00
99.81
998,078.73
0.49%
Al/A+
0.04
2.85%
999,167.95
5.23%
2,881.94
(1,089.22)
NA
0.04
59217GEPO
METROPOLITAN LIFE GLOBAL
1,000,000.00
01/18/2022
979,170.00
98.82
988,229.55
0.49%
Aa3/AA-
0.24
FUNDING 1 0.709/27/2024
1.49%
998,131.46
5.63%
1,827.78
(9,901.91)
AA-
0.24
24422EVY2
JOHN DEERE CAPITAL CORP 1.25
1,000,000.00
02/04/2022
985,080.00
97.80
978,021.52
0.49%
Al/A
0.53
01/10/2025
1.77%
997,301.25
5.53%
5,937.50
(19,279.73)
A+
0.51
57629WCG3
MASSMUTUAL GLOBAL FUNDING 11
1,000,000.00
03/23/2022
1,004,360.00
98.64
986,433.03
0.49%
Aa3/AA+
0.53
2.95 01/11/2025
2.79%
1,000,826.82
5.58%
13,930.56
(14,393.79)
AA+
0.51
64952WEK5
NEW YORK LIFE GLOBAL FUNDING
1,000,000.00
01/18/2022
996,780.00
97.74
977,417.41
0.48%
Aaa/AA+
0.54
1.45 01/14/2025
1.56%
999,418.04
5.76%
6,726.39
(22,000.63)
AAA
0.52
63743HFC1
NATIONAL RURAL UTILITIES
1,000,000.00
03/23/2022
972,740.00
97.80
977,970.53
0.48%
A2/A-
0.61
COOPERATIVE FINANCE CORP 1.875
2.86%
994,262.42
5.64%
7,500.00
(16,291.89)
A
0.58
02/07/2025
57636QAN4
MASTERCARD INC 2.0 03/03/2025
500,000.00
11/01/2021
515,365.00
97.81
489,026.81
0.24%
Aa3/A+
0.67
1.03%
502,842.44
5.35%
3,277.78
(13,815.63)
NA
0.65
69371RR73
PACCAR FINANCIAL CORP 2.85
1,000,000.00
03/31/2022
999,740.00
98.01
980,093.16
0.49%
Al/A+
0.77
04/07/2025
2.86%
999,933.58
5.52%
6,650.00
(19,840.42)
NA
0.74
437076CM2
HOME DEPOT INC 2.7 04/15/2025
1,000,000.00
03/28/2022
995,620.00
97.97
979,711.89
0.49%
A2/A
0.79
2.85%
998,865.61
5.35%
5,700.00
(19,153.72)
A
0.76
87612EBL9
TARGET CORP 2.25 04/15/2025
1,000,000.00
02/04/2022
1,010,340.00
97.57
975,672.11
0.48%
A2/A
0.79
1.90%
1,002,375.08
5.43%
4,750.00
(26,702.97)
A
0.77
06406RAN7
BANK OF NEW YORK MELLON CORP
1,000,000.00
02/04/2022
989,120.00
96.93
969,321.80
0.48%
Al/A
0.82
1.6 04/24/2025
1.95%
997,240.51
5.49%
2,977.78
(27,918.71)
AA-
0.79
06367WB85
BANK OF MONTREAL 1.85
1,000,000.00
08/17/2021
1,034,530.00
97.00
970,003.15
0.48%
A2/A-
0.84
05/01/2025
0.91%
1,007,769.89
5.57%
3,083.33
(37,766.74)
AA-
0.81
91159HHZ6
US BANCORP 1.45 05/12/2025
1,400,000.00
12/23/2021
1,406,818.00
96.58
1,352,111.17
0.67%
A3/A
0.87
1.30%
1,401,631.64
5.54%
2,763.06
(49,520.47)
A
0.84
747525AFO
QUALCOMM INC 3.45 05/20/2025
11000,000.00
03/23/2022
1,018,960.00
98.36
983,588.03
0.49%
A2/A
0.89
2.76%
1,004,290.12
5.36%
3,929.17
(20,702.09)
NA
0.86
30
Docusign Envelope ID: 894C1C3C-2C3E-4BFD-9DB8-1D23481F1D15
HOLDINGS REPORT
City of Tustin Cons Account I Account #10795 1 As of June 30, 2024
CHANDLER
ASSET ASSET MANAGEMENT
717081EX7 PFIZER INC 0.8 05/28/2025 1,000,000.00 03/23/2022 945,010.00 95.99 959,905.30 0.48% A2/A 0.91
2.59% 984,308.89 5.37% 733.33 (24,403.59) WR 0.89
66815L2J7 NORTHWESTERN MUTUAL GLOBAL
FUNDING 4.007/01/2025
194162AM5 COLGATE-PALMOLIVE CO 3.1
08/15/2025
700,000.00 06/30/2022
703,738.00
98.74
3.81%
701,249.42
5.31%
345,000.00 08/01/2022
344,682.60
97.84
3.13%
344,881.91
5.10%
691,185.43
0.34%
Aaa/AA+ 1.00
14,000.00
(10,063.99)
AAA 0.95
337,536.28
0.17%
Aa3/A+ 1.13
4,040.33
(7,345.63)
NA 1.07
26442UAA2 DUKE ENERGY PROGRESS LLC 3.25 1,000,000.00 04/25/2022 1,000,280.00 97.80 978,025.53 0.49% Aa3/A 1.13
08/15/2025 3.24% 1,000,081.68 5.28% 12,277.78 (22,056.15) WR 1.07
89114QCK2
14913R2H9
857477BR3
06051GHY8
TORONTO-DOMINION BANK 0.75
09/11/2025
CATERPILLAR FINANCIAL SERVICES
CORP 0.8 11/13/2025
STATE STREET CORP 1.746
02/06/2026
BANK OF AMERICA CORP 2.015
02/13/2026
1,000,000.00 08/17/2021 993,000.00 94.62
0.92% 997,938.68 5.45%
1,000,000.00 04/21/2021 991,780.00 94.27
0.98% 997,531.53 5.18%
1,000,000.00 978,258.70 97.57
2.61% 995,007.59 5.84%
1,000,000.00 04/20/2021 1,030,470.00 97.71
1.07% 1,005,789.78 6.10%
946,242.16
0.47%
Al/A 1.20
2,291.67
(51,696.52)
AA- 1.16
942,748.90
0.47%
A2/A 1.37
1,066.67
(54,782.63)
A+ 1.33
975,733.57
0.48%
Al/A 1.61
7,032.50
(19,274.02)
AA- 0.58
977,112.70
0.48%
Al/A- 1.62
7,724.17
(28,677.08)
AA- 0.60
46647PBK1
JPMORGAN CHASE & CO 2.083
2,000,000.00
2,072,110.00
97.11
1,942,121.04
0.96%
Al/A-
1.81
04/22/2026
0.97%
2,017,700.56
6.58%
7,984.83
(75,579.52)
AA-
0.78
00440EAV9
CHUBB INA HOLDINGS LLC 3.35
1,000,000.00
07/23/2021
1,102,780.00
96.76
967,643.77
0.48%
A3/A
1.84
05/03/2026
0.98%
1,037,066.89
5.21%
5,397.22
(69,423.12)
A
1.75
023135BX3
AMAZON.COM INC 1.0 05/12/2026
1,000,000.00
05/12/2021
995,200.00
93.03
930,324.26
0.46%
Al/AA
1.87
1.10%
998,210.52
4.95%
1,361.11
(67,886.26)
AA-
1.81
808513BR5
CHARLES SCHWAB CORP 1.15
1,000,000.00
07/23/2021
1,007,990.00
92.48
924,764.86
0.46%
A2/A-
1.87
05/13/2026
0.98%
1,003,044.97
5.44%
1,533.33
(78,280.11)
A
1.80
91324PEC2
UNITEDHEALTH GROUP INC 1.15
1,000,000.00
07/28/2021
1,007,110.00
92.96
929,569.57
0.46%
A2/A+
1.87
05/15/2026
1.00%
1,002,719.37
5.14%
1,469.44
(73,149.80)
A
1.81
78016EZT7
ROYAL BANK OF CANADA 1.15
1,000,000.00
07/28/2021
999,090.00
92.17
921,712.99
0.46%
Al/A
2.04
07/14/2026
1.17%
999,626.45
5.25%
5,334.72
(77,913.46)
AA-
1.96
931142ERO
WALMART INC 1.05 09/17/2026
900,000.00
09/22/2021
902,277.00
92.18
829,653.40
0.41%
Aa2/AA
2.22
1.00%
900,995.41
4.81%
2,730.00
(71,342.01)
AA
2.14
665859AW4
NORTHERN TRUST CORP 4.0
1,000,000.00
01/30/2023
986,540.00
97.61
976,140.17
0.48%
A2/A+
2.86
05/10/2027
4.35%
990,995.01
4.90%
5,666.67
(14,854.84)
A+
2.65
31
Docusign Envelope ID: 894C1C3C-2C3E-4BFD-9DB8-1D23481F1D15
HOLDINGS REPORT
City of Tustin Cons Account I Account #10795 1 As of June 30, 2024
CHANDLER
ASSET ASSET MANAGEMENT
74456QBU9
PUBLICSERVICE ELECTRICAND GAS
600,000.00
06/29/2023
570,144.00
95.75
574,512.52
0.28%
Al/A
3.84
CO 3.7 05/01/2028
4.87%
576,344.99
4.93%
3,700.00
(1,832.48)
WR
3.50
341081GN1
FLORIDA POWER & LIGHTCO 4.4
1,000,000.00
06/07/2023
987,550.00
98.22
982,166.46
0.49%
Aa2/A+
3.88
05/15/2028
4.69%
990,230.69
4.91%
5,622.22
(8,064.23)
AA-
3.50
89236TLB9
TOYOTA MOTOR CREDIT CORP 5.25
1,000,000.00
09/26/2023
996,180.00
101.14
1,011,444.43
0.50%
Al/A+
4.20
09/11/2028
5.34%
996,764.61
4.94%
16,041.67
14,679.82
A+
3.68
32,474,673.30
96.84
31,404,222.22
15.57%
Al/A
1.42
Total Corporate
32,445,000.00
2.16%
32,444,545.78
5.44%
177,942.94
(1,040,323.56)
A+
1.22
LAIF
90LAIF$00
Local Agency Investment Fund State
7,055,888.33
--
7,055,888.33
1.00
7,055,888.33
3.50%
NA/NA
0.00
Pool
4.56%
7,055,888.33
4.56%
0.00
0.00
NA
0.00
7,055,888.33
1.00
7,055,888.33
3.50%
NA/NA
0.00
Total LAIF
7,055,888.33
4.56%
7,055,888.33
4.56%
0.00
0.00
NA
0.00
LOCAL GOV
INVESTMENT POOL
90CAMP$00 CAMP
Total Local Gov
Investment Pool
MONEY MARKET
FUND
31846V203
31846V203
FIRST AMER:GVT OBLG Y
FIRST AMER:GVT OBLG Y
89,532,930.31 -- 89,532,930.30 1.00 89,532,930.31
5.44% 89,532,930.30 5.44% 0.00
89,532,930.30 1.00 89,532,930.31
89,532,930.31 5.44% 89,532,930.30 5.44% 0.00
123,972.33 -- 123,972.33 1.00 123,972.33
4.92% 123,972.33 4.92% 0.00
688,052.53 -- 688,052.53 1.00 688,052.53
4.92% 688,052.53 4.92% 0.00
44.40%
NA/AAAm
0.00
0.01
AAA
0.00
NA/
44.40%
AAAm
0.00
0.01
AAA
0.00
0.06%
Aaa/
0.00
0.00
AAAm
0.00
AAA
0.34%
Aaa/
0.00
0.00
AAAm
0.00
AAA
32
Docusign Envelope ID: 894C1C3C-2C3E-4BFD-9DB8-1D23481F1D15
HOLDINGS REPORT
City of Tustin Cons Account I Account #10795 1 As of June 30, 2024
CHANDLER
ASSET ASSET MANAGEMENT
Aaa/
Total Money Market 812,024.86 1.00 812,024.86 0.40% AAAm 0.00
Fund 812,024.86 4.92% 812,024.86 4.92% 0.00 0.00 AAA 0.00
NEGOTIABLE CD
14042T1B4
Capital One Bank (USA), National
240,000.00
08/01/2022
239,640.00
98.17
235,604.82
0.12%
WR/BBB+
1.10
Association 3.45 08/04/2025
3.50%
239,869.06
5.24%
3,380.05
(4,264.24)
A
1.04
02007GXF5
Ally Bank 3.4 08/04/2025
240,000.00
08/02/2022
239,280.00
98.11
235,456.22
0.12%
A3/BBB-
1.10
3.50%
239,737.88
5.25%
3,308.71
(4,281.67)
NA
1.04
87165EXE2
Synchrony Bank 3.408/05/2025
240,000.00
08/01/2022
239,640.00
98.10
235,447.29
0.12%
NA/BBB
1.10
3.45%
239,868.61
5.25%
3,332.00
(4,421.32)
BBB
1.05
2546731326
Discover Bank 3.4 08/08/2025
240,000.00
08/01/2022
239,280.00
98.09
235,420.61
0.12%
A2/BBB
1.11
3.50%
239,735.25
5.24%
3,219.29
(4,314.64)
A-
1.05
38149MYS6
Goldman Sachs Bank USA 1.05
245,000.00
08/17/2021
243,775.00
92.23
225,975.33
0.11%
Al/A+
2.15
08/25/2026
1.15%
244,473.37
4.93%
895.09
(18,498.05)
AA-
2.07
1,201,615.00
96.98
1,167,904.26
0.58%
A2/BBB
1.30
Total Negotiable CD
1,205,000.00
3.04%
1,203,684.18
5.18%
14,135.14
(35,779.92)
A-
1.24
US TREASURY
912797GB7
UNITED STATES TREASURY
3,000,000.00
01/11/2024
2,924,266.58
99.85
2,995,623.60
1.49%
P-1/A-1+
0.03
07/11/2024
5.24%
2,995,815.83
4.86%
0.00
(192.23)
F1+
0.03
91282CCL3
UNITED STATES TREASURY0.375
1,250,000.00
03/23/2022
1,197,802.73
99.81
1,247,601.88
0.62%
Aaa/AA+
0.04
07/15/2024
2.22%
1,249,134.17
5.03%
2,163.46
(1,532.29)
AA+
0.04
91282CFA4
UNITED STATES TREASURY3.0
2,500,000.00
08/18/2023
2,446,484.38
99.80
2,495,068.98
1.24%
Aaa/AA+
0.08
07/31/2024
5.36%
2,495,346.47
5.26%
31,318.68
(277.49)
AA+
0.08
912797GK7
UNITED STATES TREASURY
4,750,000.00
--
4,569,728.60
99.45
4,723,714.69
2.34%
P-1/A-1+
0.11
08/08/2024
5.32%
4,724,581.56
5.22%
0.00
(866.88)
F1+
0.11
9128282U3
UNITED STATES TREASURY1.875
1,250,000.00
03/23/2022
1,238,085.94
99.39
1,242,415.36
0.62%
Aaa/AA+
0.17
08/31/2024
2.28%
1,249,184.33
5.48%
7,833.73
(6,768.97)
AA+
0.17
912797GL5
UNITED STATES TREASURY
4,500,000.00
09/14/2023
4,271,826.25
99.04
4,456,942.20
2.21%
P-1/A-1+
0.18
09/05/2024
5.42%
4,457,698.13
5.28%
0.00
(755.93)
F1+
0.18
33
Docusign Envelope ID: 894C1C3C-2C3E-4BFD-9DB8-1D23481F1D15
HOLDINGS REPORT
City of Tustin Cons Account I Account #10795 1 As of June 30, 2024
CHANDLER
ASSET ASSET MANAGEMENT
912797GW1
UNITED STATES TREASURY
3,000,000.00
10/23/2023
2,852,512.50
98.65
2,959,462.50
1.47%
P-1/A-1+
0.26
10/03/2024
5.42%
2,959,815.00
5.28%
0.00
(352.50)
F1+
0.26
912828YM6
UNITED STATES TREASURY1.5
1,250,000.00
03/23/2022
1,224,902.34
98.72
1,233,951.83
0.61%
Aaa/AA+
0.34
10/31/2024
2.29%
1,246,783.70
5.40%
3,158.97
(12,831.88)
AA+
0.33
912828G38
UNITED STATES TREASURY2.25
3,000,000.00
02/20/2024
2,938,359.38
98.84
2,965,312.50
1.47%
Aaa/AA+
0.38
11/15/2024
5.15%
2,968,489.68
5.38%
8,620.92
(3,177.18)
AA+
0.37
912828YV6
UNITED STATES TREASURY1.5
1,250,000.00
03/23/2022
1,223,486.33
98.43
1,230,395.51
0.61%
Aaa/AA+
0.42
11/30/2024
2.31%
1,245,896.05
5.33%
1,588.11
(15,500.54)
AA+
0.41
912797LPO
UNITED STATES TREASURY
2,500,000.00
06/13/2024
2,436,504.68
97.67
2,441,668.95
1.21%
P-1/A-1+
0.45
12/12/2024
5.34%
2,441,498.69
5.28%
0.00
170.26
F1+
0.44
912828YYO
UNITED STATES TREASURY1.75
1,300,000.00
05/18/2022
1,263,335.94
98.24
1,277,148.44
0.63%
Aaa/AA+
0.50
12/31/2024
2.87%
1,292,989.00
5.36%
61.82
(15,840.56)
AA+
0.49
91282CGGO
UNITED STATES TREASURY 4.125
2,700,000.00
03/14/2024
2,676,480.47
99.31
2,681,252.93
1.33%
Aaa/AA+
0.59
01/31/2025
5.15%
2,684,369.01
5.34%
46,508.24
(3,116.08)
AA+
0.56
912797KA4
UNITED STATES TREASURY
2,500,000.00
04/18/2024
2,394,087.13
96.77
2,419,156.25
1.20%
P-1/A-1+
0.64
02/20/2025
5.22%
2,419,271.62
5.18%
0.00
(115.37)
F1+
0.63
91282CEQO
UNITED STATES TREASURY2.75
2,500,000.00
05/30/2024
2,443,164.06
97.93
2,448,291.03
1.21%
Aaa/AA+
0.87
05/15/2025
5.22%
2,448,212.52
5.19%
8,780.57
78.50
AA+
0.85
91282CBH3
UNITED STATES TREASURY 0.375
2,000,000.00
04/27/2021
1,957,500.00
93.20
1,863,984.38
0.92%
Aaa/AA+
1.59
01/31/2026
0.83%
1,985,849.63
4.89%
3,131.87
(121,865.25)
AA+
1.54
91282CBT7 UNITED STATES TREASURY0.75
03/31/2026
91282CFM8 UNITED STATES TREASURY4.125
09/30/2027
91282CGH8 UNITED STATES TREASURY3.5
01/31/2028
2,000,000.00 04/27/2021
0.86%
1,989,531.25
1,996,285.28
93.26
4.81%
1,865,156.24
3,770.49
0.92%
(131,129.04)
Aaa/AA+
AA+
1.75
1.70
1,740,000.00 11/09/2022
1,724,978.91
98.87
1,720,289.07
0.85%
Aaa/AA+
3.25
4.32%
1,730,019.60
4.50%
18,041.80
(9,730.53)
AA+
2.98
1,500,000.00 02/23/2023
1,458,281.25
96.85
1,452,714.84
0.72%
Aaa/AA+
3.59
4.13%
1,469,627.45
4.46%
21,923.08
(16,912.61)
AA+
3.27
9128285M8 UNITED STATES TREASURY3.125
1,500,000.00 02/29/2024
1,425,351.56
94.96
1,424,355.47
0.71%
Aaa/AA+
4.38
11/15/2028
4.30%
1,430,646.39
4.40%
5,986.75
(6,290.93)
AA+
4.01
9128286T2 UNITED STATES TREASURY2.375
1,350,000.00 05/16/2024
1,228,130.86
91.32
1,232,824.21
0.61%
Aaa/AA+
4.87
05/15/2029
4.41%
1,231,137.50
4.37%
4,094.94
1,686.71
AA+
4.51
45,884,801.14
98.01
46,377,330.84
23.00%
Aaa/AA+
0.88
Total US Treasury
47,340,000.00 4.42%
46,722,651.64
5.11%
166,983.44
(345,320.79)
AA+
0.83
34
Docusign Envelope ID: 894C1C3C-2C3E-4BFD-9DB8-1D23481F1D15
HOLDINGS REPORT
City of Tustin Cons Account I Account #10795 1 As of June 30, 2024
CHANDLER
ASSET ASSET MANAGEMENT
202,218,386.59 48.51 201,650,539.87 100.00% Aa2/AA 0.70
Total Portfolio 203,925,507.93 4.36% 203,175,498.79 5.13% 501,538.20 (1,524,958.92) AA+ 0.63
Total Market Value +
Accrued 202,152,078.08
35
Docusign Envelope ID: 894C1C3C-2C3E-4BFD-9DB8-1D23481F1D15
CHANDLER
,it ASSET MANAGEMENT
36
Docusign Envelope ID: 894C1C3C-2C3E-4BFD-9DB8-1D23481F1D15
TRANSACTION LEDGER
CHANDLER
ASSET ASSET MANAGEMENT
City of Tustin Cons Account I Account #10795 1 04/01/2024 Through 06/30/2024 1
Transaction
Settlement
. .Interest
Pur/
Total Amount
Gain/Loss
Type
..
Sold
ACQUISITIONS
Purchase
04/19/2024
912797KA4
2,500,000.00
UNITED STATES
95.763
5.22%
(2,394,087.13)
0.00
(2,394,087.13)
0.00
TREASURY 02/20/2025
Purchase
04/26/2024
3130AVBD3
1,400,000.00
FEDERAL HOME LOAN
98.860
4.76%
(1,384,040.00)
(8,225.00)
(1,392,265.00)
0.00
BANKS 4.5 03/09/2029
Purchase
04/30/2024
90CAMP$00
407,765.18
CAMP
1.000
0.00%
(407,765.18)
0.00
(407,765.18)
0.00
Purchase
04/30/2024
3133ERAK7
1,400,000.00
FEDERAL FARM CREDIT
98.289
4.77%
(1,376,046.00)
(3,402.78)
(1,379,448.78)
0.00
BANKS FUNDING CORP
4.375 04/10/2029
Purchase
04/30/2024
90CAMP$00
4,000,000.00
CAMP
1.000
0.00%
(4,000,000.00)
0.00
(4,000,000.00)
0.00
Purchase
04/30/2024
CBGMMF$03
22,833,486.00
Citizens Business Bank
1.000
0.00%
(22,833,486.00)
0.00
(22,833,486.00)
0.00
Purchase
05/17/2024
9128286T2
1,350,000.00
UNITEDSTATES
90.973
4.41%
(1,228,130.86)
(174.25)
(1,228,305.11)
0.00
TREASURY 2.375
05/15/2029
Purchase
05/31/2024
90CAMP$00
417,713.23
CAMP
1.000
0.00%
(417,713.23)
0.00
(417,713.23)
0.00
Purchase
05/31/2024
91282CEQO
2,500,000.00
UNITED STATES
97.727
5.22%
(2,443,164.06)
(2,989.13)
(2,446,153.19)
0.00
TREASURY 2.75
05/15/2025
Purchase
05/31/2024
CBGMMF$04
3,154,211.00
Citizens Business Bank
1.000
0.00%
(3,154,211.00)
0.00
(3,154,211.00)
0.00
Purchase
05/31/2024
90CAMP$00
5,000,000.00
CAMP
1.000
0.00%
(5,000,000.00)
0.00
(5,000,000.00)
0.00
Purchase
05/31/2024
CBGMMF$03
29,558,405.63
Citizens Business Bank
1.000
0.00%
(29,558,405.63)
0.00
(29,558,405.63)
0.00
37
Docusign Envelope ID: 894C1C3C-2C3E-4BFD-9DB8-1D23481F1D15
TRANSACTION LEDGER
CHANDLER
ASSET ASSET MANAGEMENT
City of Tustin Cons Account I Account #10795 1 04/01/2024 Through 06/30/2024 1
Transaction
Settlement
. .Interest
Pur/
Total Amount
Gain/Loss
Type
..
Sold
Purchase
06/17/2024 912797LPO
2,500,000.00
UNITEDSTATES 97.460
5.34% (2,436,504.68)
0.00
(2,436,504.68)
0.00
TREASURY 12/12/2024
Purchase
06/28/2024 90CAMP$00
403,252.76
CAMP 1.000
0.00% (403,252.76)
0.00
(403,252.76)
0.00
Purchase
06/28/2024 CBGMMF$03
11,852,574.88
Citizens Business Bank 1.000
0.00% (11,852,574.88)
0.00
(11,852,574.88)
0.00
Total Purchase
89,277,408.68
(88,889,381.41)
(14,791.16)
(88,904,172.57)
0.00
TOTAL
ACQUISITIONS
89,277,408.68
(88,889,381.41)
(14,791.16)
(88,904,172.57)
0.00
DISPOSITIONS
Call
04/17/2024 61747YEQ4
(1,000,000.00)
MORGAN STANLEY
100.000 0.00% 1,000,000.00
0.00
1,000,000.00
0.00
Redemption
3.62 04/17/2025
Total Call
Redemption
(1,000,000.00)
1,000,000.00
0.00
1,000,000.00
0.00
Maturity
04/15/2024 91282CBV2
(2,500,000.00)
UNITEDSTATES
100.000 0.38% 2,500,000.00
0.00
2,500,000.00
0.00
TREASURY 0.375
04/15/2024
Maturity
04/30/2024 912828X70
(1,250,000.00)
UNITED STATES
100.000 2.00% 1,250,000.00
0.00
1,250,000.00
0.00
TREASURY 2.0
04/30/2024
Maturity
05/15/2024
912828WJ5
(1,000,000.00)
UNITEDSTATES
100.000
2.50%
1,000,000.00
0.00
1,000,000.00
0.00
TREASURY 2.5
05/15/2024
Maturity
05/31/2024
912828XT2
(2,500,000.00)
UNITEDSTATES
100.000
2.00%
2,500,000.00
0.00
2,500,000.00
0.00
TREASURY 2.0
05/31/2024
Maturity
06/15/2024
91282CCG4
(2,300,000.00)
UNITED STATES
100.000
0.25%
2,300,000.00
0.00
2,300,000.00
0.00
TREASURY 0.25
06/15/2024
Total Maturity
(9,550,000.00)
9,550,000.00
0.00
9,550,000.00
0.00
Sale
04/30/2024
CBGMMF$03
(21,888,192.75)
Citizens Business Bank
1.000
0.00%
21,888,192.75
0.00
21,888,192.75
0.00
M
Docusign Envelope ID: 894C1C3C-2C3E-4BFD-9DB8-1D23481F1D15
TRANSACTION LEDGER
CHANDLER
ASSET ASSET MANAGEMENT
City of Tustin Cons Account I Account #10795 1 04/01/2024 Through 06/30/2024 1
Transaction Settlement
Type ..
Sale 04/30/2024 90CAMP$00 (5,000,000.00) CAMP 1.000
.. .Interest
0.00%
5,000,000.00
Pur/
Sold
0.00
Total Amount
5,000,000.00
Gain/Loss
0.00
Sale
05/31/2024
CBGMMF$03
(28,088,195.63)
Citizens Business Bank
1.000
0.00%
28,088,195.63
0.00
28,088,195.63
0.00
Sale
05/31/2024
90CAMP$00
(5,000,000.00)
CAMP
1.000
0.00%
5,000,000.00
0.00
5,000,000.00
0.00
Sale
06/07/2024
90CAMP$00
(4,000,000.00)
CAMP
1.000
0.00%
4,000,000.00
0.00
4,000,000.00
0.00
Sale
06/21/2024
90CAMP$00
(1,000,000.00)
CAMP
1.000
0.00%
1,000,000.00
0.00
1,000,000.00
0.00
Sale
06/28/2024
CBGMMF$03
(15,266,953.07)
Citizens Business Bank
1.000
0.00%
15,266,953.07
0.00
15,266,953.07
0.00
Total Sale
(80,243,341.45)
80,243,341.45
0.00
80,243,341.45
0.00
TOTAL
DISPOSITIONS
(90,793,341.45)
90,793,341.45
0.00
90,793,341.45
0.00
39
Docusign Envelope ID: 894C1C3C-2C3E-4BFD-9DB8-1D23481F1D15
IMPORTANT DISCLOSURES
City of Tustin Cons Account I Account #10795 1 As of June 30, 2024
2024 Chandler Asset Management, Inc, An Independent Registered Investment Adviser.
CHANDLER
ASSET MANAGEMENT
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.
40
Docusign Envelope ID: 894C1C3C-2C3E-4BFD-9DB8-1D23481F1D15
BENCHMARK DISCLOSURES
City of Tustin Cons Account I Account #10795 1 As of June 30, 2024
CHANDLER
ASSET ASSET MANAGEMENT
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.
41
Docusign Envelope ID: 894C1C3C-2C3E-4BFD-9DB8-1D23481F1D15
CITY OF TUSTIN
Monthly Investment Report
June 30, 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
3,350.27
N/A
3,350.27
3,350.27
2016 Water Revenue Bonds, Refunding
1,976.35
N/A
1,976.35
1,976.35
2020 Water Revenue Bonds
2,444.33
N/A
2,444.33
2,444.33
2024 Water Revenue Bonds
4,065,017.01
N/A
4,065,017.01
4,065,017.01
CFD 04-1
1,207,803.61
N/A
1,207,803.61
1,207,803.61
CFD 06-1
7,076,270.53
N/A
7,076,270.53
7,076,270.53
CFD 07-1
2,077,425.02
N/A
2,077,425.02
2,077,425.02
CFD 14-1
3,826,236.61
N/A
3,826,236.61
3,826,236.61
18,260,523.73
18,260,523.73
18,260,523.73
Restricted Deposits
with Fiscal Agents TOTAL
18,260,523.73
18,260,523.73
Docusign Envelope ID: 894C1C3C-2C3E-4BFD-9DB8-1D2348lF1D15
PUBLIC AGENCY
�� ■ RETIREMENT SERVICES
CITY OF TUSTIN Account Report for the Period
PARS Post -Employment Benefits Trust 6/1/2024 to 6/30/2024
Nicole Bernard
Acting City Manager
City of Tustin
300 Centennial Way
Tustin, CA 92780
Account Summary
Balance as of Balance as of
Source
6/1/2024 Contributions Earnings Expenses Distributions Transfers 6/30/2024
OPEB
$3,722,633.62 $500,000.00 $47,885.59 $1,512.22 $0.00 $0.00 $4,269,006.99
PENSION
$11,872,211.69 $2,000,000.00 $156,709.40 $4,822.85 $0.00 $0.00 $14,024,098.24
Totals
$15,594,845.31 $2,500,000.00 $204,594.99 $6,335.07 $0.00 $0.00 $18,293,105.23
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 1.18% 0.92% 10.16% 1.52% 5.64% 6/26/2018
PENSION 1.18% 0.94% 10.19% 1.54% 5.59% 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