HomeMy WebLinkAbout04 QUARTERLY INVESTMENT REPORT FOR THE QUARTER ENDED SEPTEMBER 30, 2024Docusign Envelope ID: 986AA054-0725-4395-8229-B3E25F62944C
Agenda Item 4
Reviewed: Initial
AGENDA REPORT City Manager to +✓S
Finance Director
MEETING DATE: NOVEMBER 19, 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 SEPTEMBER 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 September 30, 2024 is rendered.
The City's total cash and investments amounted to approximately $178 million as of September 30,
2024. The weighted average yield for the investment portfolio was 4.09%, which is slightly lower
than the weighted average portfolio yield for the prior quarter. The Federal Open Market Committee
(FOMC) delivered a widely anticipated 50 basis points reduction to the Federal Funds rate in mid -
September, responding to lower inflation expectations and moderation in the labor market. The
Consumer Price Index (CPI) for September 2024 came in at 2.4% 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 six months.
Docusign Envelope ID: 986AA054-0725-4395-8229-B3E25F62944C
City Council Agenda Report
Quarterly Investment Report for the Period Ended September 30, 2024
November 19, 2024
Page 2
For the past three months, the labor market added jobs at a moderate pace and the national
unemployment rate remains at a flat 4.1 %. As a result of the Fed rate cut, the 2-year Treasury yield
fell to 3.64% by September 2024, compared to a yield of 4.76% in June 2024. Similarly, the 5-year
Treasury yield declined to 3.56% by September 2024, compared to a yield of 4.38% in June 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. 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 $15 million on September 30, 2024. The five-year annualized return
for the PARS Pension Trust Fund was 6.65%.
PARS OPEB Trust
The City has made $3.5 million in contributions into an Other Post -Employment Benefits (OPEB)
Trust. 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 $4.5 million on
September 30, 2024. The five-year annualized return for the PARS OPEB Trust Fund was 6.64%.
Investment Compliance Certification
On October 24, 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.
Signed by:
4D86AFAFFF77473...
Jennifer King
Finance Director/City Treasurer
Attachments:
1. Investment Report Certification
2. Quarterly Investment Report for the Period Ended September 30, 2024
3. Restricted Deposits with Fiscal Agents as of September 30, 2024
4. PARS Trust Statement as of September 30, 2024
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H i i HurliviENT 1
FINANCE DEPARTMENT
Remembering what connects us.
October 24, 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 September 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,
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 ■ tustinca.org
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ATTACHMENT 2
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: 986AA054-0725-4395-8229-B3E25F62944C
TABLE OF CONTENTS
City of Tustin Cons Account I Account #10795 1 As of September 30, 2024
ECONOMIC UPDATE
ACCOUNT PROFILE
PORTFOLIO HOLDINGS
TRANSACTIONS
CHANDLER
ASSET ASSET MANAGEMENT
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it%CHANDLER
ASSET MANAGEMENT
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ECONOMIC UPDATE Q11CHANDLER
ASSET MANAGEMENT
Recent economic data suggests positive but slower growth this year fueled by consumer spending. While the consumer has been resilient,
declining savings rates, 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. The labor market is showing signs of
cooling, reflecting an improved balance between supply and demand for workers. Given the cumulative effects of restrictive monetary
policy and tighter financial conditions, we believe the economy will gradually soften and the Fed will continue to lower rates at a measured
pace through this year with the ability to move more aggressively should the employment data warrant.
The Federal Open Market Committee (FOMC) delivered the first rate cut of the easing cycle at the September meeting. Although a reduction
in the Fed Funds Rate was widely anticipated, the magnitude was somewhat of a surprise, as market participants were split between
whether the FOMC would cut by 25 basis points or 50 basis points. Chair Jerome Powell reiterated previous statements acknowledging that
monetary policy has shifted into a more balanced approach addressing price stability and full employment in tandem. The Fed released the
quarterly Summary of Economic Projections (SEP) which now forecasts a substantially lower median Fed Funds Rate expectation among Fed
Governors in 2025 due to lower inflation expectations and a higher projected unemployment rate. We believe the Fed will continue to lower
rates at a measured pace through this year with the ability to move more aggressively should the employment data warrant.
■ The US Treasury yield curve shifted lower in September following the 50 basis points rate cut by the FOMC mid -month. The 2-year Treasury
yield fell 28 basis points to 3.64%, the 5-year Treasury dropped 15 basis points to 3.56%, and the 10-year Treasury yield declined 12 basis
points to 3.78%. The 2-year and 10-year Treasury yield points on the curve began to normalize to +14 basis points at September month -end
versus -2 basis points at August month -end. The spread between the 2-year Treasury and 10-year Treasury yield one year ago was -47 basis
points. The inversion between 3-month and 10-year Treasuries ended the month of September at -85 basis points.
9
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EMPLOYMENT Q11CHANDLER
ASSET MANAGEMENT
1,000
:11,
0
0
600
>3
c
400
0
s
�ZIII',
0 -200
-400
Nonfarm Payroll (000's)
J-I IIUI ILII QVCI drl= 1VVV 'I'll
SPa /1-/dr,�dr, SPa �dr, SPp , SPa �dr, SPA
l9 1-01>O 11 �1 �� 9
Source: US Department of Labor
Unemployment Rate
25.0%
Underemployment Rate (U6)
20.0% Unemployment Rate (U3)
7.15.0%
a
c�
10.0%
5.0 %
0.0 %
SPp` �arSPp�drSPA�drSob 0/,SP;0 drSob
70 11>0 `1>0 ,�l '1�1 11�> lz�S 11>Q �Q
Source: US Department of Labor
The U.S. economy added 254,000 jobs in September, well above expectations of 150,000. The three-month moving average and six-month
moving average payrolls continued to trend weaker to 186,000 and 167,000 respectively. The unemployment rate declined to 4.1% in
September, and the labor participation rate remained at 62.7%, 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 declined to 7.7% from 7.9%. Average hourly earnings rose 4.0% year -over -year in September. U.S. labor market data from
September surprised to the upside, with strong job growth and a sharper -than -expected drop in unemployment, suggesting the economy
may be more resilient than anticipated. The Federal Reserve's view is that there has been "substantial" progress towards better balance
in the labor market between demand and supply for workers.
N
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JOB OPENINGS & LABOR TURNOVER SURVEY
Job Openings
14,000
Recession
12,000
Historical Average
10,000
0
0
0 8,000
4A
c
c 6,000
t
C
4,000
2,000
CHANDLER
ASSET MANAGEMENT
0
"'O " O "O "'O "'O "'O "'1 `1'1 "'1 �1 ""? �1 "'1 "'1> 1 � 1 �� �� �� "";
St S 6 � cQ 9 O 1 � S A S 6 cQ 9 O .l � .7' St
Source: US Department of Labor
The Labor Department's Job Openings and Labor Turnover Survey (JOLTS) increased to 8.04 million job openings in August from an
upwardly revised 7.71 million in July. Job openings have increased to a ratio of 1.13 jobs for each unemployed individual. The quits rate,
an indicator of job availability, declined to 1.9% from downwardly revised 2.0% in July. That is the lowest level since 2020. 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 %
a
6.0%
s
5.0%
0
a 4.0 %
0
3.0 %
2.0 %
1.0 %
0.0 %
Consumer Price Index (CPI)
CHANDLER
ASSET ASSET MANAGEMENT
Personal Consumption Expenditures (PCE)
10.0%
PCE Price Deflator YOY % Change
9 0%
PCE Core Deflator YOY % Change
8.0%
Fed Target
7.0 %
a
6.0%
r
%
5.0
0
}
%
4.0
0
'
3.0 %
2.0 %
1.0 %
0.0 %
qG� A06 gel '�06 4� '�06 4g 'c0,6 q4' '�06 94� q�,g 'cob 0 'c06 0 A06 q4g '�06 q'�06
Source: US Department of Labor Source: US Department of commerce
In August, the Consumer Price Index (CPI) rose 0.2% month -over -month and 2.5% year -over -year, down from 2.9% in July, largely due to a
drop in gasoline prices. The Core CPI, which excludes volatile food and energy components, rose more than expected in August by 0.3%
month -over -month and 3.2% year -over -year. The Personal Consumption Expenditures (PCE) Index rose 0.1%from the previous month and
2.2% year -over -year in August. The Core PCE deflator (the Fed's preferred gauge) increased 0.1% month -over -month and 2.7% over the
past year, still above the Fed's 2% inflation target. Much of the lingering inflation has been driven by shelter costs and demand for
services, but recent data provide confirmation that inflation is moderating.
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CONSUMER
60.0%
50.0%
40.0%
„ 30.0%
t 20.0%
10.0%
0 0.0 %
-10.0%
-20.0%
-30.0%
Retail Sales YOY % Change
160
140
120
100
a�
80
x
60
c
40
20
0
Source: US Department of Commerce
CHANDLER
ASSET ASSET MANAGEMENT
Consumer Confidence
SP .SP SP 1 P S, SP 1 P SP SP SP SP
'O ,a0 p0 ,o7,b� a1 a? a1 a� .off ,ate
St 6 S O � St 6 8 O ? Q
Source: The Conference Board
All time high is 144.70 (1131100), All time low is 25.30 (2128109)
Retail Sales grew more than expected month -over -month in August at 0.1% after growth of 1.1% in July. On a year -over -year basis, Retail
Sales grew 2.1°% in August versus 2.9% in July. Control -group sales, which are used to calculate gross domestic product, rose 0.3°% month -
over -month in August after last month's data was revised higher to an increase of 0.4%. E-commerce contributed the most to the
increase. The Conference Board's Consumer Confidence Index for September came in below expectations, contracting to 98.7 after an
upward revision to 105.6 in August. The decline reflects recent softening in labor market conditions, and less optimism about the job
market and income growth. While the consumer has been resilient, consumption has begun to moderate in the face of declining savings
rates, growing credit card debt, higher delinquencies, and a moderating labor market.
7
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LEADING INDICATORS OF ECONOMIC ACTIVITY
Leading Economic Indicators (LEI)
15.0%
10.0%
S.0%
-20.0%
-25.0%
q4g 14, 14g 94g 14, 14g 14, 14,
cPQ ' QP 9� 96. 00 OQ O& 1)
Source: The Conference Board
CHANDLER
ASSET MANAGEMENT
Chicago Fed National Activity Index (CFNAI)
1.00
0.75
0.50
v
0.25
v
a 0.00
s
c
:0 -0.25
rn
-0.50
-0.75
-1.00
q�g �4�. 94�. 94' q�g q�g q�g q�g
�Q �� 9� 96 00 OQ 0& l�
Source: Federal Reserve Bank of Chicago
The Conference Board's Leading Economic Index (LEI) remained in negative territory at -0.2% in August, improving from -0.6% in July. The
index dropped 5.0% year -over -year. The improvement can be attributed to a decrease in the yield curve inversion, an increase in building
permits, and stock market performance. The Chicago Fed National Activity Index (CFNAI) increased to 0.12 in August from a downwardly
revised -0.42 in July, which was above consensus expectations. The three-month moving average fell to -0.17 in August from -0.13 in July,
indicating below -trend growth expectations for the economy.
i
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HOUSING
2,400
2,200
2,000
1,800
c
1,600
w
1,400
1,200
c 1,000
800
c
600
400
0
Annualized Housing Starts
■ Multi Family Housing Starts
■ Single Family Housing Starts
94 94 1�1 'k -10 10 110 10 10 14 qo
el a°: el a°: b° el el a° a° a°
O 06' 0� 170 1� '44 'l6' 4 �O �� �Q
Source: US Department of Commerce
24.0%
20.0%
16.0%
12.0%
8.0%
u
4.0 %
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
OQ 06 0-51 10 1? 1Q 16 1�? -0 '�> ->V
Source: S&P
Housing starts surprised to the upside on a month -over -month basis in August, increasing 9.6% to 1.356 million units versus the previous
decline of 6.9% the prior month. Starts were led by the single-family home sector. Total starts were up 3.9% year -over -year. The Freddie
Mac average rate for a 30-year fixed mortgage edged down to 6.35% in August from 6.85% in July. According to the Case-Shiller 20-City
Home Price Index, housing prices rose 5.9% year -over -year in July, decelerating from 6.5% reported in the previous month. Although the
trend is gradually improving, tight inventories and higher mortgage rates continue to impact affordability.
Docusign Envelope ID: 986AA054-0725-4395-8229-B3E25F62944C
SURVEY BASED MEASURES Q11CHANDLER
ASSET MANAGEMENT
Institute of Supply Management (ISM) Surveys
70
65
60
55
50
45
ISM Manufacturing ISM Services
40 V
SP OP ✓4 sP O�, �i ✓� se OP ✓4 sP O�, �i ✓� Sc,' 0P ✓4 sP
619 cZ9 d,< ')0 r7')0 ,6')0 c')0 d,�� j �J �Z b�Z c�Z dr�2 ,6�� dr6��' c�.i' d��g �St ,6�4
Source: Institute for Supply Management
The Institute for Supply Management (ISM) Manufacturing index contracted at a slower rate of 47.2 in September compared to 47.5 in
August. Demand remains subdued and companies are continuing to reduce head counts through layoffs, attrition and hiring freezes. The
ISM Services Index increased to 54.9 in September, increasing from 51.7 in August, due stronger production and new orders. A reading
over 50 indicates expansion, while a reading under 50 indicates contraction.
10
Docusign Envelope ID: 986AA054-0725-4395-8229-B3E25F62944C
GROSS DOMESTIC PRODUCT (GDP)
Personal Consumption Expenditures
1.7%
2.3%
Gross Private Domestic Investment
1.8%
0.2%
Net Exports and Imports
-0.1%
0.1%
Federal Government Expenditures
0.3%
0.0%
State and Local (Consumption and Gross
0.6%
0.6%
Investment)
Total 4.4% 3.2%
Source: US Department of Commerce
CHANDLER
ASSET MANAGEMENT
Gross Domestic Product (GDP)
' fM40. 0%
30.0%
1.3%
1.9%
20.0%
0.6%
1.5%
10.0%
-0.6%
-0.9%
0.0%
1 ' �
- -
-10.0
0.0%
0.3%
-20.0%
� GDP QOQ%Change
0.3%
0.3%
-30.0%
GDP YOY %Change
-40.0%
1.6%
3.0%
✓
O ✓ O ✓
�e
O ✓ O ✓ O ✓
e� 4,� e�
719
119 �O �p �I
�I �� �� �,�' ��, �g
Source:
US Department of Commerce
According to the third estimate, second quarter GDP increased at an annualized rate of 3.0%, unchanged from the prior estimate. Growth
continues to be powered by personal consumption expenditures. Gross fixed investment, government consumption expenditures, and
inventories also had positive contributions, with a negative offset by net exports. The consensus projection calls for 2.0% growth in the
third quarter and 2.6% growth for the full year 2024.
Docusign Envelope ID: 986AA054-0725-4395-8229-B3E25F62944C
FEDERAL RESERVE C31CHANDLER
ASSET MANAGEMENT
10,000,000
9,000,000
8,000,000
7,000,000
c 6,000,000
= 5,000,000
44- 4,000,000
3,000,000
2,000,000
1,000,000
0
Federal Reserve Balance Sheet Assets
S, S, S, S, S, S, SP SP S� S� S,
'O p0 p0 ,61 .61 .b� b� b� b� b� ,b�
st 6 8 O � st 6' S O � st
Source: Federal Reserve
Effective Federal Funds Rate
6.00%
5.00%
4.00%
01
v 3.00%
2.00%
1.00%
0.00%
Spa Spa Spa
OQ 06' OS
Source: Bloomberg
s% s% spa spa sip sip spa spa
l0 1p 1st 16 'l8 10
The Federal Open Market Committee (FOMC) delivered the first rate cut of the easing cycle at the September meeting. Although a
reduction in the Fed Funds Rate was widely anticipated, the magnitude was somewhat of a surprise, as market participants were split
between whether the FOMC would cut by 25 basis points or 50 basis points. Chair Jerome Powell reiterated previous statements
acknowledging that monetary policy has shifted into a more balanced approach addressing price stability and full employment in tandem.
The Fed released the quarterly Summary of Economic Projections (SEP) which now forecasts a substantially lower median Fed Funds Rate
expectation among Fed Governors in 2025 to 3.1— 3.6%. 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 $1.8T to approximately $7.1T.
12
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BOND YIELDS Q11CHANDLER
ASSET MANAGEMENT
6.0
5.0
4.0
0
3.0
v
2.0
1.0
0.0
US Treasury Note Yields
• 2-Year
SPp` �dr, SPA` �ar So XP /J ar, Sob /j ar, SPX ` �ar, Sob
70 1>O -)O
Source: Bloomberg
6.0
S.0
4.0
2.0
1.0
0.0
US Treasury Yield Curve
a'�o6�0 Syr Syr Syr 40yr
Source: Bloomberg
Sep-24
Jun-24
• Sep-23
At the end of September, the 2-year Treasury yield was 140 basis points lower, and the 10-Year Treasury yield was 79 basis points lower,
year -over -year. The 2-year and 10-year Treasury yield points on the curve began to normalize to +14 basis points at September month -end
versus -2 basis points at August month -end. The yield curve inversion which began in July 2022 was historically long. The average
historical spread (since 2003) is about +110 basis points. The inversion between 3-month and 10-year Treasuries tightened to -85 basis
points in September from -121 basis points in August.
13
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CHANDLER
it% ASSET MANAGEMENT
14
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OBJECTIVES
City of Tustin I As of September 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.
Chandler Asset Management Performance Objective
The performance objective for the accounts is to achieve a rate of return over a market cycle that equals or exceeds the
return on a market index of similar duration and sector allocation.
Strategy
In order to achieve these objectives, the portfolio invests in high quality fixed income securities consistent with the
investment policy and California Government Code.
15
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STATEMENT OF COMPLIANCE C/„CHANDLER
ASSET MANAGEMENT
City of Tustin Cons Account I Account #10795 1 As of September 30, 2024
Rules Name Limit Actual Compliance Notes
Status
AGENCY MORTGAGE SECURITIES (CMOS)
Max % (MV) 20.0 2.4 Compliant
Max % Issuer (MV) 10.0 2.4 Compliant
Max Maturity (Years) 5.0 4.6 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
1.7
Compliant
Max % Issuer (Corporate & Commercial Paper; MV)
10.0
1.1
Compliant
Max % Issuer (MV)
5.0
1.1
Compliant
Max Maturity (Days)
270
157
Compliant
Min Rating (A-1 by 1 or A- by 1)
0.0
0.0
Compliant
CORPORATE MEDIUM TERM NOTES
Max % (MV)
30.0
19.7
Compliant
16
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STATEMENT OF COMPLIANCE
City of Tustin Cons Account I Account #10795 1 As of September 30, 2024
Rules Name Limit Actual ..
Status
Max % Issuer (Corporate & Commercial Paper; MV) 10.0 1.1 Compliant
CHANDLER
ASSET ASSET MANAGEMENT
Max % Issuer (MV)
5.0
1.1
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
10.1
Compliant
Max % Issuer (MV)
50.0
4.8
Compliant
Max Maturity (Years)
5
4
Compliant
JPA INVESTMENT POOLS
Max % (MV)
100.0
37.3
Compliant
Max % Issuer (MV)
50.0
37.1
Compliant
Max Maturity (Years)
5.0
0.0
Compliant
LOCAL AGENCY INVESTMENT FUND (LAIF)
Max Concentration (MV)
75.0
4.8
Compliant
MONEY MARKET MUTUAL FUNDS
Max % (MV)
20.0
0.7
Compliant
Max % Issuer (MV)
10.0
0.7
Compliant
Min Rating (AAA by 2)
0.0
0.0
Compliant
MUNICIPAL SECURITIES (CA, LOCAL AGENCY)
Max % (MV)
30.0
0.0
Compliant
Max % Issuer (MV)
5.0
0.0
Compliant
Max Maturity (Years)
5
0.0
Compliant
Min Rating (A- by 1)
0.0
0.0
Compliant
MUNICIPAL SECURITIES (CA, OTHER STATES)
Max % (MV)
30.0
0.0
Compliant
Max % Issuer (MV)
5.0
0.0
Compliant
Max Maturity (Years)
5
0.0
Compliant
17
Docusign Envelope ID: 986AA054-0725-4395-8229-B3E25F62944C
STATEMENT OF COMPLIANCE
C/„CHANDLER
ASSET MANAGEMENT
City of Tustin Cons Account I Account #10795 1 As of September 30, 2024
ComplianceRules
Name
Min Rating (A- by 1)
Limit
0.0
Actual
0.0
Notes
Status
Compliant
NEGOTIABLE CERTIFICATES OF DEPOSIT (NCD)
Max % (MV)
30.0
0.7
Compliant
Max % Issuer (MV)
5.0
0.1
Compliant
Max Maturity (Years)
5
1
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
22.9
Compliant
Max % Issuer (MV)
100.0
22.9
Compliant
Max Maturity (Years)
5
4
Compliant
18
Docusign Envelope ID: 986AA054-0725-4395-8229-B3E25F62944C
PORTFOLIO CHARACTERISTICS
City of Tustin Cons Account I Account #10795 1 As of September 30, 2024
Average Maturity (yrs)
2.76
1.12
0.70
Average Modified Duration
2.58
1.00
0.63
Average Purchase Yield
Average Market Yield
Average Quality"
Total Market Value
3.65%
4.09%
4.49%
AA+ AA
177,812,183
*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.
4.36%
5.13%
AA+
202,152,078
CHANDLER
ASSET ASSET MANAGEMENT
19
Docusign Envelope ID: 986AA054-0725-4395-8229-B3E25F62944C
SECTOR DISTRIBUTION
City of Tustin Cons Account I Account #10795 1 As of September 30, 2024
50%
25%
� j - 11
070 LGIP US Treasury Corporate Agency
LAW Agency CMBS Cash
09/30/2024 06/30/2024
CHANDLER
ASSET ASSET MANAGEMENT
Comm Paper Money Mkt I'd Neg CD
Sector as a Percentage of Market Value
Sector
LGIP
0•
37.25%
06/30/2024
44.40%
US Treasury
22.85%
23.00%
Corporate
19.74%
15.57%
Agency
10.09%
8.23%
LAIF
2.69%
3.50%
Agency CMBS
2.37%
1.19%
Cash
1.95%
2.62%
Comm Paper
1.66%
0.50%
Money Mkt Fd
0.72%
0.40%
Neg CD
0.67%
0.58%
20
Docusign Envelope ID: 986AA054-0725-4395-8229-B3E25F62944C
ISSUERS
City of Tustin Cons Account I Account #10795 1 As of September 30, 2024
California Asset Mgmt Program
United States
C/„CHANDLER
ASSET MANAGEMENT
Portfolio
LGIP 37.25%
US Treasury 22.85%
Federal Home Loan Banks
Agency
4.75%
Farm Credit System
Agency
4.24%
LAI F
LAI F
2.69
Citizens Business Bank
Cash
2.43%
FHLMC
Agency CMBS
2.37%
JPMorgan Chase & Co.
Corporate
1.11%
Mitsubishi UFJ Financial Group, Inc.
Comm Paper
1.11%
FNMA
Agency
1.10%
U.S. Bancorp
Corporate
0.78%
First American Govt Oblig fund
Money Mkt Fd
0.72%
Toyota Motor Corporation
Corporate
0.59%
Cisco Systems, Inc.
Corporate
0.58%
PepsiCo, Inc.
Corporate
0.58%
BlackRock, Inc.
Corporate
0.58%
NextEra Energy, Inc.
Corporate
0.57%
Eli Lilly and Company
Corporate
0.57%
Northern Trust Corporation
Corporate
0.57%
QUALCOMM Incorporated
Corporate
0.56%
Massachusetts Mutual Life Insurance
Corporate
0.56%
Duke Energy Corporation
Corporate
0.56%
PACCAR Inc
Corporate
0.56%
Deere & Company
Corporate
0.56%
New York Life Insurance Company
Corporate
0.56%
National Rural Utilities Cooperative
Corporate
0.56%
The Home Depot, Inc.
Corporate
0.56%
Bank of America Corporation
Corporate
0.56%
Chubb Limited
Corporate
0.56%
State Street Corporation
Corporate
0.56%
21
Docusign Envelope ID: 986AA054-0725-4395-8229-B3E25F62944C
ISSUERS
City of Tustin Cons Account I Account #10795 1 As of September 30, 2024
Target Corporation
Bank of Montreal
BNY Mellon Corp
C/„CHANDLER
ASSET MANAGEMENT
PortfolioInvestment Type %
Corporate 0.56%
Corporate 0.56%
Corporate 0.55%
Toyota Motor Corporation
Comm Paper
0.55%
Pfizer Inc.
Corporate
0.55%
The Toronto -Dominion Bank
Corporate
0.55%
Caterpillar Inc.
Corporate
0.54%
Amazon.com, Inc.
Corporate
0.54%
UnitedHealth Group Incorporated
Corporate
0.54%
The Charles Schwab Corporation
Corporate
0.54%
Royal Bank of Canada
Corporate
0.54%
Honeywell International Inc.
Corporate
0.53%
Walmart Inc.
Corporate
0.48%
Northwestern Mutual Global Funding
Corporate
0.39%
Public Service Enterprise Group Inco
Corporate
0.33%
Mastercard Incorporated
Corporate
0.28%
Colgate-Palmolive Company
Corporate
0.19%
Capital One Financial Corporation
Neg CD
0.13%
Discover Bank
Neg CD
0.13%
Synchrony Bank
Neg CD
0.13%
Ally Bank
Neg CD
0.13%
The Goldman Sachs Group, Inc.
Neg CD
0.13%
Cash
Cash
-0.48%
TOTAL
100.00%
22
Docusign Envelope ID: 986AA054-0725-4395-8229-B3E25F62944C
MATURITY DISTRIBUTION
City of Tustin Cons Account I Account #10795 1 As of September 30, 2024
100,000,000
80,000,000
60.000.000
7
m
40,000,000
20,000,000
x
90,969,386.79
U - .zo .ZO - .n .�) - 'I
14.623.407.90
9,49S,3o�.�4
5,036,152.s�
1-2 - 3-4
CHANDLER
ASSET ASSET MANAGEMENT
23, 6 9 d,73 5.74
23
Docusign Envelope ID: 986AA054-0725-4395-8229-B3E25F62944C
QUALITY DISTRIBUTION
City of Tustin Cons Account I Account #10795 1 As of September 30, 2024
CHANDLER
ASSET ASSET MANAGEMENT
S&P Rating Moody's Rating Fitch Rating
60% 60% 60%
40% 40% 40%
20 % 20 % 20%
0% AAA AA A BBB NR 0% AAA AA A NR 0% AAA AA A BBB NR
09/30/2024 0 06/30/2024 0 09/30/2024 0 06/30/2024 0 09/30/2024 0 06/30/2024
Rating
09/30/2024
06/30/2024
Rating
09/30/2024
06/30/2024
Rating
09/30/2024
06/30/2024
AAA
45.4%
55.1%
AAA
38.2%
34.3%
AAA
47.7%
56.7%
AA
31.6%
25.3%
AA
3.2%
2.8%
AA
32.8%
27.7%
A
17.3%
13.0%
A
16.0%
12.3%
A
7.7%
6.2%
BBB
0.5%
0.5%
NR
42.5%
50.6%
BBB
0.1%
0.1%
NR
5.1%
6.1%
NR
11.7%
9.3%
24
Docusign Envelope ID: 986AA054-0725-4395-8229-B3E25F62944C
DURATION DISTRIBUTION
City of Tustin Cons Account I Account #10795 1 As of September 30, 2024
80%1
60%
40%
20%
0% 0-.25 .25-.5 .5-1 1-2 2-3 3-4 4-5 5-7 7+
09/30/2024 0 06/30/2024
CHANDLER
ASSET ASSET MANAGEMENT
Date
09/30/2024
1
53.6%
7.1% 11.6% 6.9%
2.6%
9.8%
8.5%
0.0% 0.0%
06/30/2024
72.1%
7.4% 13.9% 7.1%
3.9%
5.3%
3.9%
0.0% 0.0%
25
Docusign Envelope ID: 986AA054-0725-4395-8229-B3E25F62944C
INVESTMENT PERFORMANCE C/„CHANDLER
ASSET MANAGEMENT
City of Tustin Cons Account I Account #10795 1 As of September 30, 2024
Total and Realized Rate of Return : Inception 1 12/01/2020
8.00 %
7.00 %
6.00 %
5.00 %
4.00 %
3.00 %
2.00 %
1.00%
0.00%
■
12 months 2 years
■ City of Tustin Consolidated Account
1A
3 years 5 years
ICE BofA 1-5 Yr US Treasury & Agency Index
1A
10 years Since Inception
■ ICE BofA 1-3 Yr US Treasury & Agency Index
TOTAL RATE OF RETURN
City of Tustin Cons Agg 1.85% 6.02% 4.86% 1.65% 1.33%
Benchmark 3.37016 7.44% 4.75% 0.76% 0.51%
Secondary Benchmark 2.86% 6.74% 4.85% 1.34% 1.05%
REALIZED RATE OF RETURN mT
City of Tustin Cons Agg 1.06% 4.10% 3.63% 2.73% 2.33%
*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. 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: 986AA054-0725-4395-8229-B3E25F62944C
it%CHANDLER
ASSET MANAGEMENT
27
Docusign Envelope ID: 986AA054-0725-4395-8229-B3E25F62944C
HOLDINGS REPORT
City of Tustin Cons Account I Account #10795 1 As of September 30, 2024
CHANDLER
ASSET ASSET MANAGEMENT
AGENCY
FEDERAL HOME LOAN BANKS 1.0
08/01/2022
954,220.00
99.60
996,029.74
0.56%
Aaa/AA+
0.11
3130APQ81
11/08/2024
1,000,000.00
3.09%
997,901.52
4.86%
3,972.22
(1,871.78)
AA+
0.10
FEDERAL HOME LOAN BANKS 1.0
08/01/2022
955,420.00
99.20
991,990.98
0.56%
Aaa/AA+
0.22
3130AQF40
12/20/2024
1,000,000.00
2.94%
995,905.40
4.67%
2,805.56
(3,914.42)
AA+
0.22
FEDERAL NATIONAL MORTGAGE
04/12/2021
1,982,980.00
97.43
1,948,661.56
1.10%
Aaa/AA+
0.71
3135G04Z3
ASSOCIATION 0.5 06/17/2025
2,000,000.00
0.71%
1,997,111.28
4.20%
2,888.89
(48,449.72)
AA+
0.70
FEDERAL HOME LOAN BANKS
11/30/2023
1,503,345.00
102.01
1,530,208.55
0.86%
Aaa/AA+
2.13
3130AXU63
4.62511/17/2026
1,500,000.00
4.54%
1,502,402.10
3.63%
25,822.92
27,806.45
AA+
1.98
FEDERAL FARM CREDIT BANKS
12/08/2023
1,001,820.00
102.41
1,024,097.88
0.58%
Aaa/AA+
3.01
3133EPH81
FUNDING CORP 4.5 10/04/2027
1,000,000.00
4.45%
1,001,434.57
3.65%
22,125.00
22,663.31
AA+
2.74
FEDERAL HOME LOAN BANKS
07/26/2023
1,255,762.50
102.57
1,282,101.84
0.72%
Aaa/AA+
3.69
3130AWMN7
4.375 06/09/2028
1,250,000.00
4.27%
1,254,373.01
3.62%
17,013.89
27,728.83
AA+
3.35
FEDERAL FARM CREDIT BANKS
08/29/2023
1,507,785.00
103.26
1,548,935.30
0.87%
Aaa/AA+
3.91
3133EPUN3
FUNDING CORP 4.5 08/28/2028
1,500,000.00
4.37%
1,506,090.57
3.60%
6,187.50
42,844.73
AA+
3.56
FEDERAL HOME LOAN BANKS4.75
12/08/2023
1,222,020.00
104.35
1,252,151.70
0.71%
Aaa/AA+
4.19
3130AXQK7
12/08/2028
1,200,000.00
4.33%
1,218,458.65
3.62%
17,891.67
33,693.05
AA+
3.73
FEDERAL FARM CREDIT BANKS
01/29/2024
1,488,945.00
100.97
1,514,505.27
0.85%
Aaa/AA+
4.30
3133EPW84 FUNDING CORP 3.875 01/18/2029
1,500,000.00 4.04%
11490,432.00
3.63%
11,786.46
24,073.27
AA+
3.90
FEDERAL HOME LOAN BANKS4.5
04/25/2024
1,384,040.00
103.58
1,450,084.12
0.82%
Aaa/AA+
4.44
3130AVBD3 03/09/2029
1,400,000.00 4.76%
1,385,458.27
3.62%
3,850.00
64,625.85
AA+
4.00
FEDERAL FARM CREDIT BANKS
04/25/2024
1,376,046.00
103.20
1,444,740.15
0.82%
Aaa/AA+
4.53
3133ERAK7 FUNDING CORP 4.375 04/10/2029
1,400,000.00 4.77%
11378,088.59
3.60%
29,093.75
66,651.56
AA+
4.01
FEDERAL FARM CREDIT BANKS
09/17/2024
2,002,440.00
99.43
1,988,696.70
1.12%
Aaa/AA+
4.94
3133ERSP7 FUNDING CORP 3.5 09/10/2029
2,000,000.00 3.47%
2,002,422.55
3.63%
4,083.33
(13,725.85)
AA+
4.49
FEDERAL HOME LOAN BANKS
09/30/2024
921,906.00
102.33
920,954.43
0.52%
Aaa/AA+
4.96
3130ATHX8 4.125 09/14/2029
900,000.00 3.58%
921,906.00
3.61%
1,753.13
(951.57)
AA+
4.45
Total Agency
AGENCY CMBS
3137F1G44
17,556,729.51 101.42 17,893,158.21 10.09% Aaa/AA+ 3.24
17,650,000.00 3.73% 17,651,984.51 3.81% 149,274.31 241,173.70 AA+ 2.93
FHMS K-065 A2 3.243 04/25/2027 750,000.00 06/08/2023 719,560.55 98.18
4.39% 729,999.44 3.95%
736,382.18
0.42%
Aaa/AA+
2.57
2,026.88
6,382.74
AAA
2.34
Docusign Envelope ID: 986AA054-0725-4395-8229-B3E25F62944C
HOLDINGS REPORT
City of Tustin Cons Account I Account #10795 1 As of September 30, 2024
CHANDLER
ASSET ASSET MANAGEMENT
3137FEZU7 FH MS K-076 A2 3.9 04/25/2028
750,000.00 10/30/2023
708,310.55
99.84
748,834.28
0.42%
Aaa/AA+
3.57
5.32%
716,948.44
3.90%
2,437.50
31,885.84
AAA
3.20
3137FJKE8 FH MS K-082 A2 3.92 09/25/2028
750,000.00 10/30/2023
705,556.64
99.81
748,608.53
0.42%
Aaa/AA+
3.99
5.31%
713,966.88
3.93%
2,450.00
34,641.64
AAA
3.57
3137FKZZ2 FHMS K-088 A2 3.69 01/25/2029
1,000,000.00 07/22/2024
963,789.06
98.93
989,340.20
0.56%
Aaa/AA+
4.32
4.58%
965,308.09
3.93%
3,075.00
24,032.11
AA+
3.86
09/17/2024
981,484.38
97.26
972,564.10
0.55%
Aaa/AA+
4.57
3137FLYVO
FH MS K-092 A2 3.298 04/25/2029
1,000,000.00
3.72%
981,607.52
3.94%
2,748.33
(9,043.42)
AAA
4.10
4,078,701.18
98.73
4,195,729.28
2.37%
Aaa/AA+
3.88
Total Agency CMBS
4,250,000.00
4.61%
4,107,830.37
3.93%
12,737.71
87,898.91
AAA
3.48
CASH
(923,659.13)
1.00
(923,659.13)
(0.52%)
Aaa/AAA
0.00
CCYUSD
Payable
(923,659.13)
0.00%
(923,659.13)
0.00%
0.00
0.00
AAA
0.00
--
5,048.14
1.00
5,048.14
0.00%
Aaa/AAA
0.00
CCYUSD
Receivable
5,048.14
0.00%
5,048.14
0.00%
0.00
0.00
AAA
0.00
--
8,435.89
1.00
8,435.89
0.00%
Aaa/AAA
0.00
CCYUSD
Receivable
8,435.89
0.00%
8,435.89
0.00%
0.00
0.00
AAA
0.00
--
63,529.72
1.00
63,529.72
0.04%
Aaa/AAA
0.00
CCYUSD
Receivable
63 529.72
0.00%
63,529.72
0.00%
0.00
0.00
AAA
0.00
CBGMMF$04
Citizens Business Bank
239,578.43
05/31/2024
239,578.43
1.00
239,578.43
0.14%
NA/NA
0.00
0.00%
239,578.43
0.00%
0.00
0.00
NA
0.00
CBGMMF$03
Citizens Business Bank
4,060,174.48
09/30/2024
4,060,174.48
1.00
4,060,174.48
2.29%
NA/NA
0.00
0.00%
4,060,174.48
0.00%
0.00
0.00
NA
0.00
3,453,107.53
1.00
3,453,107.53
1.95%
Aaa/AAA
0.00
Total Cash
3,453,107.53
0.00%
3,453,107.53
0.00%
0.00
0.00
AAA
0.00
COMMERCIAL
PAPER
MUFG Bank, Ltd. - New York
07/31/2024
1,938,919.99
98.07
1,961,376.00
1.11%
P-1/A-1
0.42
62479LQ40
Branch 03/04/2025
2,000,000.00
5.24%
1,956,452.22
5.31%
0.00
4,923.78
NA
0.24
Toyota Motor Credit Corporation
07/09/2024
965,600.00
98.06
980,553.00
0.55%
P-1/A-1+
0.43
89233GQ66
03/06/2025
1,000,000.00
5.32%
977,640.00
4.57%
0.00
2,913.00
F1
0.25
29
Docusign Envelope ID: 986AA054-0725-4395-8229-B3E25F62944C
HOLDINGS REPORT
City of Tustin Cons Account I Account #10795 1 As of September 30, 2024
CHANDLER
ASSET ASSET MANAGEMENT
Total Commercial 2,904,519.99 98.06 2,941,929.00 1.66% P-1/AA- 0.43
Paper 3,000,000.00 5.26% 2,934,092.22 5.06% 0.00 7,836.78 A+ 0.25
CORPORATE
24422EVY2
JOHN DEERE CAPITAL CORP 1.25 000.00 02/04/2022 985,080.00 99.02 990,170.80 0.56% Al/A 0.28
01/10/2025 1,000,1.77% 998,587.70 4.86% 2,812.50 (8,416.90) A+ 0.27
MASSMUTUAL GLOBAL FUNDING
03/23/2022
1,004,360.00
99.42
994,226.83
0.56%
Aa3/AA+
0.28
57629WCG3
II 2.95 01/11/2025
1,000,000.00
2.79%
1,000,434.72
5.02%
6,555.56
(6,207.89)
AA+
0.27
NEW YORK LIFE GLOBAL FUNDING
01/18/2022
996,780.00
99.00
989,953.97
0.56%
Aaa/AA+
0.29
64952WEK5
1.4501/14/2025
1,000,000.00
1.56%
999,689.82
5.00%
3,101.39
(9,735.85)
AAA
0.28
NATIONAL RURAL UTILITIES
03/23/2022
972,740.00
98.94
989,438.10
0.56%
A2/A-
0.36
63743HFC1
COOPERATIVE FINANCE CORP
1,000,000.00
2 86%
996,650.91
4.93%
2,812.50
(7,212.81)
A
0.34
1.875 02/07/2025
57636QAN4
MASTERCARD INC 2.0 03/03/2025
500,000.00
11/01/2021
515,365.00
98.94
494,717.99
0.28%
Aa3/A+
0.42
1.03%
501,637.35
4.54%
777.78
(6,919.36)
NA
0.41
PACCAR FINANCIAL CORP 2.85
03/31/2022
999,740.00
99.11
991,137.66
0.56%
Al/A+
0.52
69371RR73
04/07/2025
1,000,000.00
2 86%
999,955.40
4.60%
13,775.00
(8,817.74)
NA
0.50
437076CM2
HOME DEPOT INC 2.7 04/15/2025
1,000,000.00
03/28/2022
995,620.00
98.94
989,426.33
0.56%
A2/A
0.54
2.85%
999,227.99
4.71%
12,450.00
(9,801.66)
A
0.52
87612EBL9
06406RAN7
06367W B85
TARGET CORP 2.25 04/15/2025 1,000,000.00 02/04/2022 1,010,340.00 98.73 987,327.29 0.56% A2/A 0.54
1.90% 1,001,524.86 4.66% 10,375.00 (14,197.57) A 0.52
BANK OF NEW YORK MELLON
CORP 1.6 04/24/2025
BANK OF MONTREAL 1.85
05/01/2025
1,000,000.00 02/04/2022 989,120.00 98.29 982,891.27 0.55% Al/A 0.56
1.95% 998,095.30 4.71% 6,977.78 (15,204.03) AA- 0.55
1,000,000.00 08/17/2021 1,034,530.00 98.41 984,117.31 0.56% A2/A- 0.58
0.91% 1,005,418.48 4.64% 7,708.33 (21,301.17) AA- 0.57
91159HHZ6
US BANCORP 1.45 05/12/2025
1,400,000.00
12/23/2021
1,406,818.00
98.17
1,374,330.24
0.78%
A3/A
0.61
1.30%
1,401,103.08
4.51%
7,838.06
(26,772.83)
A
0.60
747525AFO
QUALCOMM INC 3.45 05/20/2025
1,000,000.00
03/23/2022
1,018,960.00
99.43
994,313.01
0.56%
A2/A
0.64
2.76%
1,002,603.41
4.36%
12,554.17
(8,290.40)
NA
0.61
717081EX7
PFIZER INC 0.8 05/28/2025
1,000,000.00
03/23/2022
945,010.00
97.69
976,890.89
0.55%
A2/A
0.66
2.59%
988,670.16
4.40%
2,733.33
(11,779.27)
WR
0.64
NORTHWESTERN MUTUAL
06/30/2022
703,738.00
99.65
697,547.59
0.39%
Aaa/AA+
0.75
66815L2J7
GLOBAL FUNDING 4.007/01/2025
700,000.00
3.81%
700,934.50
4.47%
7,000.00
(3,386.91)
AAA
0.72
30
Docusign Envelope ID: 986AA054-0725-4395-8229-B3E25F62944C
HOLDINGS REPORT
City of Tustin Cons Account I Account #10795 1 As of September 30, 2024
194162AM5
26442UAA2
89114QCK2
COLGATE-PALMOLIVE CO 3.1
08/01/2022
344,682.60
99.13
08/15/2025
345,000.00
3.13%
344,908.41
4.12%
DUKE ENERGY PROGRESS LLC 3.25
04/25/2022
1,000,280.00
99.14
08/15/2025
1,000,000.00
3.24%
1,000,058.05
4.26%
TORONTO-DOMINION BANK 0.75
08/17/2021
993,000.00
96.77
09/11/2025
1,000,000.00
0.92%
998,372.64
4.28%
CHANDLER
ASSET ASSET MANAGEMENT
342,013.84 0.19% Aa3/A+ 0.87
1,366.58 (2,894.57) NA 0.85
991,372.81
0.56%
Aa3/A
0.87
4,152.78
(8,685.24)
WR
0.85
967,696.71
0.55%
Al/A
0.95
416.67
(30,675.93)
AA-
0.92
CATERPILLAR FINANCIAL SERVICES
14913R2H9
104/21/2021
991,780.00
96.44
964,352.07
0.54%
A2/A
1.12
CORP 0.8 11/13/2025
,000,000.00 0.98%
997,985.73
4.10%
3,066.67
(33,633.66)
A+
1.09
STATE STREET CORP 1.746
978,258.70
98.82
988,213.17
0.56%
Al/A
1.35
8574776R3 02/06/2026
1,000,000.00 2.61%
997,095.33
5.27%
2,667.50
(8,882.16)
AA-
0.34
06051GHY8 BANK OF AMERICA CORP 2.015
1,000,000.00 04/20/2021
1,030,470.00
98.86
988,636.77
0.56%
Al/A-
1.37
02/13/2026
1.07%
1,003,443.26
5.43%
2,686.67
(14,806.49)
AA-
0.36
46647PBK1
00440EAV9
023135BX3
808513BR5
91324PEC2
78016EZT7
931142ERO
665859AW4
JPMORGAN CHASE & CO 2.083
-- 2,072,110.00
98.40
1,968,087.38
1.11%
Al/A-
04/22/2026
2,000,000.00
0.97% 2,012,180.38
6.11%
18,399.83
(44,093.00)
AA-
CHUBB INA HOLDINGS LLC 3.35
1,000,000.00 07/23/2021 1,102,780.00
98.82
988,230.59
0.56%
A3/A
05/03/2026
0.98% 1,031,207.52
4.12%
13,772.22
(42,976.93)
A
AMAZON.COM INC 1.0
05/12/2021
995,200.00
95.61
05/12/2026
1,000,000.00
1.10%
998,452.63
3.83%
CHARLES SCHWAB CORP 1.15
07/23/2021
1,007,990.00
95.32
05/13/2026
1,000,000.00
0.98%
1,002,614.65
4.17%
UNITEDHEALTH GROUP INC 1.15
07/28/2021
1,007,110.00
95.60
05/15/2026
1,000,000.00
1.00%
1,002,336.24
3.97%
ROYAL BANK OF CANADA 1.15
07/14/2026
WALMART INC 1.05 09/17/2026
NORTHERN TRUST CORP 4.0
05/10/2027
1.56
0.54
1.59
1.51
956,115.12 0.54% Al/AA 1.61
3,861.11 (42,337.51) AA- 1.57
953,208.41
0.54%
A2/A- 1.62
4,408.33
(49,406.24)
A 1.57
956,042.93
0.54%
A2/A+ 1.62
4,344.44
(46,293.31)
A 1.57
07/28/2021
999,090.00
94.92
949,168.81
0.54%
Al/A
1,000,000.00
1.17%
999,672.70
4.13%
2,459.72
(50,503.89)
AA-
09/22/2021
902,277.00
94.97
854,691.88
0.48%
Aa2/AA
900,000.00
1.00%
900,877.55
3.74%
367.50
(46,185.67)
AA
01/30/2023
986,540.00
100.16
1,001,627.03
0.57%
A2/A+
1,000,000.00
4.35%
991,789.31
3.93%
15,666.67
9,837.72
A+
1.79
1.73
2.61
2.34
PUBLICSERVICE ELECTRICAND
74456QBU9 GAS CO 3.7 05/01/2028
06/29/2023
600,000.00 4.87%
570,144.00
577,899.46
98.71
4.09%
592,264.59
9,250.00
0.33%
14,365.13
Al/A
WR
3.59
3.27
FLORIDA POWER & LIGHTCO 4.4
06/07/2023
987,550.00
101.19
1,011,927.13
0.57%
Aa2/A+
3.62
341081GN1 05/15/2028
1,000,000.00 4.69%
990,866.32
4.04%
16,622.22
21,060.81
AA-
3.13
TOYOTA MOTOR CREDIT CORP
09/26/2023
996,180.00
104.19
1,041,937.14
0.59%
Al/A+
3.95
89236TLB9 5.25 09/11/2028
1,000,000.00 5.34%
996,958.77
4.09%
2,916.67
44,978.37
A+
3.54
31
Docusign Envelope ID: 986AA054-0725-4395-8229-B3E25F62944C
HOLDINGS REPORT
City of Tustin Cons Account I Account #10795 1 As of September 30, 2024
CHANDLER
ASSET ASSET MANAGEMENT
CISCO SYSTEMS INC 4.85
09/27/2024
1,037,530.00
103.42
1,034,183.22
0.58%
Al/AA-
4.41
17275RBR2
02/26/2029
1,000,000.00
3.90%
1,037,506.23
3.99%
4,715.28
(3,323.01)
NA
3.86
BLACKROCK FUNDING INC 4.7
07/22/2024
1,002,010.00
102.86
1,028,550.69
0.58%
Aaa/AA-
4.45
09290DAA9
03/14/2029
1,000,000.00
4.65%
1,001,925.60
3.99%
2,219.44
26,625.09
NA
3.92
713448FX1
PEPSICO INC 4.5 07/17/2029
1,000,000.00
07/22/2024
997,560.00
103.07
1,030,658.12
0.58%
Al/A+
4.79
4.56%
997,653.85
3.79%
9,250.00
33,004.27
NA
4.19
08/15/2024
1,000,130.00
100.96
1,009,578.43
0.57%
Al/A+
4.87
532457CQ9
ELI LILLYAND CO 4.2 08/14/2029
1,000,000.00
4.20%
1,000,126.66
3.98%
5,483.33
9,451.77
NA
4.28
HONEYWELL INTERNATIONAL INC
08/15/2024
930,020.00
94.48
944,755.96
0.53%
A2/A
4.87
4385166U9
2.7 08/15/2029
1,000,000.00
4.27%
931,783.88
3.96%
3,450.00
12,972.08
A
4.48
35,510,893.30
98.80
34,999,802.08
19.74%
Al/A
1.75
Total Corporate
35,445,000.00
2.47%
35,410,248.87
4.47%
229,015.03
(410,446.79)
A+
1.50
LAIF
90LAIF$00
Local Agency Investment Fund
4,765,496.13
--
4,765,496.13
1.00
4,765,496.13
2.69%
NA/NA
0.00
State Pool
4.57%
4,765,496.13
°
4.57/°
0.00
0.00
NA
0.00
4,765,496.13
1.00
4,765,496.13
2.69%
NA/NA
0.00
Total LAIF
4,765,496.13
4.57%
4,765,496.13
4.57%
0.00
0.00
NA
0.00
LOCAL GOV
INVESTMENT POOL
90CAMP$00
CAMP
66,037,968.53
--
66,037,968.52
1.00
66,037,968.53
37.25%
NA/AAAm
0.00
5.08%
66,037,968.52
5.08%
0.00
0.01
AAA
0.00
Total Local Gov
66,037,968.52
1.00
66,037,968.53
37.25%
NA/AAAm
0.00
Investment Pool
66,037,968.53
5.08%
66,037,968.52
5.08%
0.00
0.01
AAA
0.00
MONEY MARKET
FUND
--
204,367.43
1.00
204,367.43
0.12%
Aaa/AAAm
0.00
31846V203
FIRST AMER:GVT OBLG Y
204,367.43
4.54%
204,367.43
4.54%
0.00
0.00
AAA
0.00
--
1,074,705.95
1.00
1,074,705.95
0.61%
Aaa/AAAm
0.00
31846V203
FIRST AMER:GVT OBLG Y
1,074,705.95
4.54%
1,074,705.95
4.54%
0.00
0.00
AAA
0.00
32
Docusign Envelope ID: 986AA054-0725-4395-8229-B3E25F62944C
HOLDINGS REPORT
City of Tustin Cons Account I Account #10795 1 As of September 30, 2024
CHANDLER
ASSET ASSET MANAGEMENT
Total Money Market
1,279,073.38
1.00
1,279,073.38
0.72%
Aaa/AAAm
0.00
Fund
1,279,073.38
4.54%
1,279,073.38
4.54%
0.00
0.00
AAA
0.00
NEGOTIABLE CD
Capital One Bank (USA), National
08/01/2022
239,640.00
99.40
238,567.87
0.13%
WR/BBB+
0.84
14042TJB4
Association 3.45 08/04/2025
240,000.00
3.50%
239,899.25
4.17%
1,338.41
(1,331.38)
A
0.82
02007GXF5
Ally Bank 3.4 08/04/2025
240,000.00
08/02/2022
239,280.00
99.35
238,447.31
0.13%
A3/BBB-
0.84
3.50%
239,798.32
4.18%
1,296.66
(1,351.01)
NA
0.82
87165EXE2
Synchrony Bank 3.4 08/05/2025
240,000.00
08/01/2022
239,640.00
99.35
238,449.04
0.13%
NA/BBB
0.85
3.45%
239,898.83
4.18%
1,292.00
(1,449.79)
BBB
0.82
2546731326
Discover Bank 3.4 08/08/2025
240,000.00
08/01/2022
239,280.00
99.36
238,454.49
0.13%
A2/BBB
0.85
3.50%
239,795.69
4.17%
1,207.23
(1,341.21)
A-
0.83
Goldman Sachs Bank USA 1.05
08/17/2021
243,775.00
94.94
232,598.27
0.13%
Al/A+
1.90
38149MY56
08/25/2026
245,000.00
1.15%
244,535.09
3.84%
260.77
(11,936.82)
AA-
1.85
1,201,615.00
98.50
1,186,516.98
0.67%
A2/BBB
1.05
Total Negotiable CD
1,205,000.00
3.03%
1,203,927.19
4.11%
5,395.08
(17,410.21)
A-
1.02
US TREASURY
UNITED STATES TREASURY
10/23/2023
2,852,512.50
99.97
2,999,217.51
1.69%
P-1/A-1+
0.01
912797GW1
10/03/2024
3,000,000.00
5.42%
2,999,145.00
4.77%
0.00
72.51
F1+
0.01
UNITED STATES TREASURY1.5
03/23/2022
1,224,902.34
99.72
1,246,530.01
0.70%
Aaa/AA+
0.08
912828YM6
10/31/2024
1,250,000.00
2.29%
1,249,209.11
4.89%
7,846.47
(2,679.09)
AA+
0.08
UNITED STATES TREASURY
09/11/2024
2,481,367.19
99.55
2,488,708.05
1.40%
P-1/A-1+
0.10
912797MA2
11/05/2024
2,500,000.00
5.08%
2,487,923.18
4.73%
0.00
784.87
F1+
0.10
UNITED STATES TREASURY 2.25
02/20/2024
2,938,359.38
99.68
2,990,389.83
1.69%
Aaa/AA+
0.13
912828G38
11/15/2024
3,000,000.00
5.15%
2,989,649.90
4.84%
25,495.92
739.93
AA+
0.12
UNITED STATES TREASURY 1.5
03/23/2022
1,223,486.33
99.46
1,243,225.10
0.70%
Aaa/AA+
0.17
912828YV6
11/30/2024
1,250,000.00
2.31%
1,248,380.02
4.81%
6,301.23
(5,154.92)
AA+
0.16
UNITED STATES TREASURY
06/13/2024
2,436,SO4.68
99.11
2,477,650.00
1.40%
P-1/A-1+
0.20
912797LPO
12/12/2024
2,500,000.00
5.34%
2,474,316.50
4.57%
0.00
3,333.50
F1+
0.20
UNITED STATES TREASURY1.75
05/18/2022
1,263,335.94
99.28
1,290,656.25
0.73%
Aaa/AA+
0.25
912828YY0
12/31/2024
1,300,000.00
2 87%
1,296,513.66
4.67%
5,749.32
(5,857.41)
AA+
0.24
33
Docusign Envelope ID: 986AA054-0725-4395-8229-B3E25F62944C
HOLDINGS REPORT
City of Tustin Cons Account I Account #10795 1 As of September 30, 2024
CHANDLER
ASSET ASSET MANAGEMENT
UNITED STATESTREASURY4.125 03/14/2024 2,676,480.47 99.83 2,695,317.17 1.52% Aaa/AA+ 0.34
91282CGG0 01/31/2025 2,700,000.00 5.15% 2,691,088.87 4.62% 18,764.27 4,228.30 AA+ 0.33
912797KA4 UNITED STATES TREASURY 2,500,000.00 04/18/2024 2,394,087.13 98.28 2,457,091.85 1.39% P-1/A-1+ 0.39
02/20/2025 5.22% 2,451,010.99 4.50% 0.00 6,080.86 F1+ 0.38
UNITED STATES TREASURY
07/10/2024
2,886,629.17
97.83
2,934,907.50
1.66%
P-1/A-1+
0.54
912797KS5
04/17/2025
3,000,000.00
5.07%
2,919,830.63
4.08%
0.00
15,076.87
F1+
0.53
UNITED STATES TREASURY2.75
05/30/2024
2,443,164.06
99.07
2,476,782.23
1.40%
Aaa/AA+
0.62
91282CEQO
05/15/2025
2,500,000.00
5.22%
2,463,195.06
4.27%
25,968.07
13,587.16
AA+
0.60
UNITED STATES TREASURY0.375
04/27/2021
1,957,500.00
95.57
1,911,328.12
1.08%
Aaa/AA+
1.34
91282CBH3
01/31/2026
2,000,000.00
0.83%
1,988,098.04
3.82%
1,263.59
(76,769.92)
AA+
1.30
UNITED STATES TREASURY0.75
04/27/2021
1,989,531.25
95.64
1,912,734.38
1.08%
Aaa/AA+
1.50
91282CBT7
03/31/2026
2,000,000.00
0.86%
1,996,820.95
3.77%
41.21
(84,086.57)
AA+
1.46
UNITED STATES TREASURY4.125
11/09/2022
1,724,978.91
101.61
1,767,935.16
1.00%
Aaa/AA+
3.00
91282CFM8
09/30/2027
1,740,000.00
4.32%
1,730,793.80
3.56%
197.18
37,141.36
AA+
2.80
UNITED STATES TREASURY 3.5
02/23/2023
1,458,281.25
99.77
1,496,601.57
0.84%
Aaa/AA+
3.34
91282CGH8
01/31/2028
1,500,000.00
4.13%
1,471,762.11
3.57%
8,845.11
24,839.46
AA+
3.10
UNITED STATES TREASURY 3.125
02/29/2024
1,425,351.56
98.26
1,473,867.18
0.83%
Aaa/AA+
4.13
9128285M8
11/15/2028
1,500,000.00
4.30%
1,434,639.21
3.58%
17,705.50
39,227.97
AA+
3.78
UNITED STATES TREASURY2.375
05/16/2024
1,228,130.86
94.91
1,281,234.38
0.72%
Aaa/AA+
4.62
9128286T2
05/15/2029
1,350,000.00
4.41%
1,237,284.41
3.58%
12,110.56
43,949.97
AA+
4.28
UNITED STATES TREASURY3.25
08/15/2024
1,462,089.84
98.56
1,478,378.91
0.83%
Aaa/AA+
4.75
91282CEV9
06/30/2029
1,500,000.00
3.82%
1,463,070.09
3.58%
12,319.97
15,308.82
AA+
4.32
UNITED STATES TREASURY 2.625
08/15/2024
1,420,078.13
95.77
1,436,542.97
0.81%
Aaa/AA+
4.83
91282CFCO
07/31/2029
1,500,000.00
3.81%
1,422,109.29
3.59%
6,633.83
14,433.67
AA+
4.46
UNITED STATES TREASURY 3.125
09/11/2024
2,455,664.06
97.92
2,447,949.23
1.38%
Aaa/AA+
4.92
91282CFJ5
08/31/2029
2,500,000.00
3.52%
2,456,128.44
3.59%
6,690.26
(8,179.21)
AA+
4.50
39,942,435.05
98.61
40,507,047.39
22.85%
Aaa/AA+
1.49
Total US Treasury
41,090,000.00
4.20%
40,470,969.26
4.23%
155,932.50
36,078.13
AA+
1.39
176,730,539.59
57.33
177,259,828.50
100.00%
Aa3/AA
1.12
Total Portfolio
178,175,645.57
4.09%
177,314,697.98
4.49%
552,354.62
(54,869.48)
AA
1.00
Total Market Value +
Accrued
177,812,183.12
34
Docusign Envelope ID: 986AA054-0725-4395-8229-B3E25F62944C
CHANDLER
it% ASSET MANAGEMENT
35
Docusign Envelope ID: 986AA054-0725-4395-8229-B3E25F62944C
TRANSACTION LEDGER
City of Tustin Cons Account I Account #10795 1 07/01/2024 Through 09/30/2024 1
CHANDLER
ASSET ASSET MANAGEMENT
ACQUISITIONS
Toyota Motor
Purchase
07/09/2024
89233GQ66
1,000,000.00
Credit Corporation
96.560
5.32%
(965,600.00)
0.00
(965,600.00)
0.00
03/06/2025
Purchase
07/11/2024
912797KS5
3,000,000.00
UNITED STATES
TREASURY 04/17/2025
96.221
5.07%
(2,886,629.17)
0.00
(2,886,629.17)
0.00
Purchase
07/23/2024
713448FX1
1,000,000.00
PEPSICOINC4.5
07/17/2029
99.756
4.56%
(997,560.00)
(750.00)
(998,310.00)
0.00
Purchase
07/23/2024
09290DAA9
1,000,000.00
BLACKROCK FUNDING
4.65%
(1,002,010.00)
(16,841.67)
(1,018,851.67)
0.00
INC 4.7 03/14/2029
Purchase
07/25/2024
3137FKZZ2
1,000,000.00
FHMS K-088 A2 3.69
96.379
4.58%
(963,789.06)
(2,460.00)
(966,249.06)
0.00
01/25/2029
MUFG Bank, Ltd.
Purchase
07/31/2024
62479LQ40
2,000,000.00
- New York Branch
96.946
5.24%
(1,938,919.99)
0.00
(1,938,919.99)
0.00
03/04/2025
Purchase
08/16/2024
532457CQ9
1,000,000.00
ELI LILLY AND CO4.2
08/14/2029
4.20%
(1,00,130.00)
(233.33)
(1,000,363.33)
0.00
Purchase
Purchase
Purchase
Purchase
Purchase
HONEYWELL
08/16/2024
438516BU9
1,000,000.00
INTERNATIONAL INC
93.002
4.27%
(930,020.00)
(75.00)
(930,095.00)
2.7 08/15/2029
UNITED STATES
08/16/2024
91282CFCO
1,500,000.00
TREASURY2.625
94.672
3.81%
(1,420,078.13)
(1,711.96)
(1,421,790.09)
07/31/2029
UNITED STATES
08/16/2024
91282CEV9
1,500,000.00
TREASURY 3.25
97.473
3.82%
(1,462,089.84)
(6,226.22)
(1,468,316.06)
06/30/2029
UNITED STATES
09/12/2024
91282CFJ5
2,500,000.00
TREASURY3.125
98.227
3.52%
(2,455,664.06)
(2,589.78)
(2,458,253.84)
08/31/2029
09/12/2024
912797MA2
2,500,000.00
UNITEDSTATES
TREASURY11/05/2024
99.255
5.08%
(2,481,367.19)
0.00
(2,481,367.19)
0.00
0.00
0.00
0.00
0.00
36
Docusign Envelope ID: 986AA054-0725-4395-8229-B3E25F62944C
TRANSACTION LEDGER
City of Tustin Cons Account I Account #10795 1 07/01/2024 Through 09/30/2024 1
CHANDLER
ASSET MANAGEMENT
FEDERAL FARM CREDIT
Purchase
09/18/2024
3133ERSP7
2,000,000.00
BANKS FUNDING CORP
3.47%
(2,002,440.00)
(1,555.56)
(2,003,995.56)
0.00
3.5 09/10/2029
Purchase
09/20/2024
3137FLYVO
1,000,000.00
FHMS K-092 A2 3.298 98.148
3.72%
(981,484.38)
(1,740.61)
(983,224.99)
0.00
04/25/2029
Purchase
09/30/2024
17275RBR2
1,000,000.00
CISCO SYSTEMS INC
3.90%
(1,037,530.00)
(4,580.56)
(1,042,110.56)
0.00
4.85 02/26/2029
FEDERAL HOME
Purchase
10/01/2024
3130ATHX8
900,000.00
LOAN BANKS4.125
3.58%
(921,906.00)
(1,753.13)
(923,659.13)
0.00
09/14/2029
Total Purchase
23,900,000.00
(22,447,087.82)
(40,517.82)
(23,487,735.64)
0.00
TOTAL
ACQUISITIONS 23,900,000.00 (22,447,087.82) (40,517.82) (23,487,735.64) 0.00
DISPOSITIONS
Toyota Motor
Maturity 07/08/2024 89233GG83 (1,000,000.00) Credit Corporation 0.00% 1,000,000.00 0.00 1,000,000.00 0.00
07/08/2024
Maturity
07/11/2024
912797G67
(3,000,000.00)
UNITED STATES
0.00%
3,000,000.00
0.00
3,000,000.00
0.00
TREASURY 07/11/2024
Maturity
07/15/2024
79466LAG9
(1,000,000.00)
SALESFORCE INC 0.625
0.63%
1,000,000.00
0.00
1,000,000.00
0.00
07/15/2024
UNITED STATES
Maturity
07/15/2024
91282CCL3
(1,250,000.00)
TREASURY0.375
0.38%
1,250,000.00
0.00
1,250,000.00
0.00
07/15/2024
UNITED STATES
Maturity
07/31/2024
91282CFA4
(2,500,000.00)
TREASURY3.0
3.00%
2,500,000.00
0.00
2,500,000.00
0.00
07/31/2024
Maturity
08/08/2024
912797GK7
(4,750,000.00)
UNITED STATES
0.00%
4,750,000.00
0.00
4,750,000.00
0.00
TREASURY 08/08/2024
UNITED STATES
Maturity
08/31/2024
9128282U3
(1,250,000.00)
TREASURY 1.875
1.88%
1,250,000.00
0.00
1,250,000.00
0.00
08/31/2024
37
Docusign Envelope ID: 986AA054-0725-4395-8229-B3E25F62944C
TRANSACTION
LEDGER
C31CHANDLER
ASSET MANAGEMENT
City of Tustin Cons
Account I Account #10795 1 07/01/2024 Through 09/30/2024 1
Transaction Type
Settlement
•
Description
..
Yield
Sold
Maturity
09/05/2024
912797GL5
(4,500,000.00)
UNITED STATES
0.00%
4,500,000.00
0.00
4,500,000.00
0.00
TREASURY 09/05/2024
FEDERAL FARM CREDIT
Maturity
09/13/2024
3133ENL40
(1,000,000.00)
BANKS FUNDING CORP
3.50%
1,000,000.00
0.00
1,000,000.00
0.00
3.5 09/13/2024
FEDERAL HOME
Maturity
09/13/2024
3133XVDG3
(1,000,000.00)
LOAN BANKS 4.375
4.38%
1,000,000.00
0.00
1,000,000.00
0.00
09/13/2024
METROPOLITAN LIFE
Maturity
09/27/2024
59217GEPO
(1,000,000.00)
GLOBAL FUNDING 10.7
0.70%
1,000,000.00
0.00
1,000,000.00
0.00
09/27/2024
Total Maturity
0.00
22,250,000.00
0.00
Sale
07/03/2024
90CAMP$00
(4,000,000.00)
CAMP
1.000
0.00%
4,000,000.00
0.00
4,000,000.00
0.00
Sale
07/05/2024
90CAMP$00
(2,000,000.00)
CAMP
1.000
0.00%
2,000,000.00
0.00
2,000,000.00
0.00
Sale
07/11/2024
90CAMP$00
(2,000,000.00)
CAMP
1.000
0.00%
2,000,000.00
0.00
2,000,000.00
0.00
Local Agency
Sale
07/18/2024
90LAIF$00
(2,370,000.00)
Investment Fund State
1.000
4.53%
2,370,000.00
0.00
2,370,000.00
0.00
Pool
Sale
07/26/2024
90CAMP$00
(5,000,000.00)
CAMP
1.000
0.00%
5,000,000.00
0.00
5,000,000.00
0.00
Sale
08/31/2024
90CAMP$00
(6,000,000.00)
CAMP
1.000
0.00%
6,000,000.00
0.00
6,000,000.00
0.00
Sale
09/30/2024
90CAMP$00
(5,500,000.00)
CAMP
1.000
0.00%
5,500,000.00
0.00
5,500,000.00
0.00
Total Sale
0.00
26,870,000.00
0.00
TOTAL DISPOSITIONS
0.00
49,120,000.00
0.00
38
Docusign Envelope ID: 986AA054-0725-4395-8229-B3E25F62944C
IMPORTANT DISCLOSURES
City of Tustin Cons Account I Account #10795 1 As of September 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.
WE
Docusign Envelope ID: 986AA054-0725-4395-8229-B3E25F62944C
BENCHMARK DISCLOSURES
City of Tustin Cons Account I Account #10795 1 As of September 30, 2024
CHANDLER
ASSET MANAGEMENT
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
ICE BofA 1-5 Yr US Treasury & Agency Index (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.
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
ICE BofA 1-3 Yr US Treasury & Agency Index (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.
40
Docusign Envelope ID: 986AA054-0725-4395-8229-B3E25F62944C
ATTACHMENT 3
CITY OF TUSTIN
Monthly Investment Report
September 30, 2024
Restricted Deposits with Fiscal Agents
[1]
Description / Limits
[21 [31 [41
Face Amount Shares YTM@Cost Credit Rating Cost Value +Accrued
Interest
i �Ik
Remembering what crooned, n
[51
Market Value
2016 Successor Agency Tax Allocation Bonds, Refunding
7,093.32
N/A
7,093.32
7,093.32
2016 Water Revenue Bonds, Refunding
334,608.71
N/A
334,608.71
334,608.71
2020 Water Revenue Bonds
194,873.18
N/A
194,873.18
194,873.18
2024 Water Revenue Bonds
3,756,389.79
N/A
3,756,389.79
3,756,389.79
CFD 04-1
674,144.60
N/A
674,144.60
674,144.60
CFD 06-1
4,455,751.32
N/A
4,455,751.32
4,455,751.32
CFD 07-1
1,285,014.56
N/A
1,285,014.56
1,285,014.56
CFD 14-1
2,912,406.67
N/A
2,912,406.67
2,912,406.67
13,620,282.15
13,620,282.15
13,620,282.15
Restricted Deposits
with Fiscal Agents TOTAL
13,620,282.15
13,620,282.15
Docusign Envelope ID: 986AA054-0725-4395-8229-B3E25F62944C _,;HMENT 4
LIC AGENCY
�=)Ak 1RETIREMENT SERVICES
CITY OFTUSTIN Account Report for the Period
PARS Post- Employment Benefits Trust 9/1/2024 to 9/30/2024
Aldo Schindler
City Manager
City of Tustin
300 Centennial Way
Tustin, CA 92780
Account Summary
Balance as of
Balance as of
Source
9/1/2024
Contributions Earnings Expenses Distributions Transfers 9/30/2024
OPEB
$4,461,131.67
$0.00 $78,069.72 $1,679.91 $0.00 $0.00 $4,537,521.48
PENSION
$14,655,334.00
$0.00 $256,410.74 $5,519.03 $0.00 $0.00 $14,906,225.71
Totals
$19,116,465.67
$0.00 $334,480.46 $7,198.94 $0.00 $0.00 $19,443,747.19
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 dividend and
OPEB
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 dividend and
PENSION
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 F 3-Years 5-Years 10-Years Plan'sInception Date
OPEB 1.75% 6.41°/u 21.19% 3.83% 6.64% 6/26/2018
PENSION 1.75% 6.42% 21.23% 3.85% 6.65% 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 Karmen Ave., suite 100, Newport Beach, CA 92660 800.540.6369 Fax 949.250.1250 www.pars.org