HomeMy WebLinkAbout08 QUARTERLY INVESTMENT REPORT FOR QUARTER ENDED DECEMBER 31, 2024Docusign Envelope ID: ECC776D0-50E5-49AD-B095-50BB8D28F930
•
AGENDA REPORT
MEETING DATE: FEBRUARY 4, 2025
TO
FROM
SUBJECT
SUMMARY:
ALDO E. SCHINDER, CITY MANAGER
Agenda Item 8
g-Fn+tfai—
Reviewed: a`f s
City Manager _
Initial -
Finance Director
JENNIFER KING, FINANCE DIRECTOR/CITY TREASURER
QUARTERLY INVESTMENT REPORT FOR THE CITY OF TUSTIN AND THE
SUCCESSOR AGENCY FOR THE TUSTIN COMMUNITY REDEVELOPMENT
AGENCY FOR THE QUARTER ENDED DECEMBER 31, 2024
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:
There is no fiscal impact associated with this item.
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 December 31, 2024 is rendered.
The City's total cash and investments amounted to approximately $204 million as of
December 31, 2024. The weighted average yield for the investment portfolio was 4.07%,
which is slightly lower than the weighted average portfolio yield for the prior quarter. During
this quarter, the Federal Open Market Committee (FOMC) delivered two more 25 basis
Docusign Envelope ID: ECC776D0-50E5-49AD-B095-50BB8D28F930
City Council Agenda Report
Quarterly Investment Report for the Period Ended December 31, 2024
February 4, 2025
Page 2
points reductions to the Federal Funds rate in its continuing effort toward the two percent
inflation target. However, core inflation remains elevated and labor market growth trends
above expectations. The Consumer Price Index (CPI) for December 2024 came in at 2.8%
higher year -over -year with core CPI (excluding food and energy) at 3.3% higher year -over -
year.
For the past three months, the labor market added jobs at a pace exceeding expectations,
especially during the December holiday month. The national unemployment rate remains
at 4.1 %. As a result of the rate cuts, the 2-year Treasury yield inched up to 4.24% by
December 2024, compared to a yield of 3.64% in September 2024. Similarly, the 5-year
Treasury yield rose to 4.38% by December 2024, compared to a yield of 3.56% in
September 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 CaIPERS 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 $14.7 million on
December 31, 2024. The five-year annualized return for the PARS Pension Trust Fund was
5.54%.
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 December 31, 2024. The five-year annualized return
for the PARS OPEB Trust Fund was 5.53%.
Investment Compliance Certification
On January 23, 2025, 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.
Docusign Envelope ID: ECC776D0-50E5-49AD-B095-50BB8D28F930
City Council Agenda Report
Quarterly Investment Report for the Period Ended December 31, 2024
February 4, 2025
Page 3
��Sii1gAAn'eAAd Iby:
4DS6AFAFFF77473...
Jennifer King
Finance Director/City Treasurer
Attachments:
1. Investment Report Certification
2. Quarterly Investment Report for the Period Ended December 31, 2024
3. Restricted Deposits with Fiscal Agents as of December 31, 2024
4. PARS Trust Statement as of December 31, 2024
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FINANCE DEPARTMENT
Remembering what connects us.
January 23, 2025
Honorable Mayor and Members of the City Council:
Re: Investment Report Certification
In compliance with California Government Code Section 53646, the attached Investment Report
for the Quarter Ending December 31, 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 anticipated expenditures for the next six (6) months.
Respectfulty submitted,
J44f-11�
John \Wide, Chair Jennifer King, Finance Director/City Treasurer
City of Tustin Audit Commission City of Tustin
300 Centennial Way, Tustin, CA 92780 ■ 714-573-3060 ■ tustinca.org
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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.
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TABLE OF CONTENTS
City of Tustin I As of December 31, 2024
ECONOMIC UPDATE
ACCOUNT PROFILE
PORTFOLIO HOLDINGS
TRANSACTIONS
CHANDLER
ASSET ASSET MANAGEMENT
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CHANDLER
it% ASSET MANAGEMENT
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ECONOMIC UPDATE
CHANDLER
ASSET ASSET MANAGEMENT
Recent economic data suggests continued growth fueled by a resilient consumer. Inflationary trends have subsided, but some components
remain sticky, and core levels remain above the Fed's target. The labor market reflects improved balance between supply and demand for
workers. While job creation has been robust, continuing jobless claims remain elevated. Given the economic outlook, we expect gradual
normalization of monetary policy and a steepening yield curve.
As broadly anticipated, the Federal Open Market Committee (FOMC) reduced the Fed Funds Rate by 25 basis points to the range of 4.25-
4.50% at the December meeting. Although the cut was widely anticipated, market participants viewed the trajectory of rates in the SEP as
'hawkish.' Chair Jerome Powell reiterated previous statements indicating the economy is in a good place and that monetary policy is well
positioned. The Fed released the quarterly Summary of Economic Projections (SEP), which now forecasts a higher central tendency of core
inflation and a higher longer run Fed Funds forecast. In the Chandler team's view, the updated SEP reflects the continued resiliency of the
US economy and the corresponding risk of inflation taking longer to reach the FOMC's two percent objective in 2025.
■ US Treasury yields shifted higher in December and the curve steepened. The 2-year Treasury yield increased 9 basis points to 4.24%, the 5-
year Treasury rose 33 basis points to 4.38%, and the 10-year Treasury yield surged 40 basis points to 4.57%. The spread between the 2-year
and 10-year Treasury yield points on the curve increased to +33 basis points at December month -end versus +2 basis points at November
month -end. The spread between the 2-year Treasury and 10-year Treasury yield one year ago was -37 basis points. The spread between the
3-month and 10-year Treasury yield points on the curve increased to +25 basis points in December from -32 basis points in November.
91
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EMPLOYMENT
1,000
,: T
0
0
600
>3
c
400
0
s
MWel
0 -200
-400
Nonfarm Payroll (000's)
Non -farm Payroll (000's)
(ICI I9 O O
Source: US Department of Labor
25.0%
20.0%
e 15.0%
a
10.0%
5.0 %
0.0 %
Unemployment Rate
(ICI 1
I? �O (10
1>O `
Source: US Department of Labor
CHANDLER
ASSET ASSET MANAGEMENT
—Underemployment Rate (U6
Unemployment Rate (U3)
O001 ✓�,9) OPc ✓�,� OPc ✓�,� OPc
�.I
The U.S. economy added 256,000 jobs in December, far exceeding consensus expectations. Gains were led by health care, retail, and
leisure sectors, while manufacturing shed jobs. The three-month moving average and six-month moving average payrolls totaled 170,000
and 16S,000 respectively. The unemployment rate declined to 4.1% in December, and the labor participation rate was unchanged at
62.5%, 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 fell to 7.5%. Average hourly earnings moderated to an increase
of 3.9% year -over -year in December.
4
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JOB OPENINGS & LABOR TURNOVER SURVEY
14,000
12,000
10,000
0
0
0 8,000
4A
c
c 6,000
t
C
4,000
2,000
0
OQ Off.
06'
CHANDLER
ASSET MANAGEMENT
Job Openings
tio1 tiob tio1 tio1 tio1 �o1 �'o1 �o1 �o1 �o1 tio� tio1 tio1 tio� �'o4 �o1 �o4 fob,
O1 O6 Oy 10 11 1� 1� 1Q 1s 16 1> 1& 19 101
Source: US Department of Labor
The Labor Department's Job Openings and Labor Turnover Survey (JOLTS) rose to 8.098 million new job openings in November, which
represented an increase from the upwardly revised 7.839 million job openings in October. Job openings indicate a ratio of 1.1 jobs for
each unemployed individual, representing a relatively balanced labor market.
6�
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INFLATION
10.0%
9.0 %
8.0 %
7.0 %
v
b 6.0 %
M
r
" 5.0%
0
4.0%
0
r
3.0 %
2.0 %
1.0 %
0.0 %
Consumer Price Index (CPI)
CPI YOY % Change
CHANDLER
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%
Y 6.0%
M
5.0%
0
r 4.0%
0
} 3.0 %
2.0 %
1.0%
0.0 %
do �o �o
d`�Z
d`�O
�o �o �o
d`2�
d`��
dy��
�o �o �0 2/ �o
d`2�
d`�1
d`�O
do do
d`
d`2�
/.�Z
`l.9 GAO
1.�� `�� G�4
L
`'l.9 `20 G�1
/.
`�Q
Source: US Department of Labor
Source: US Department of Commerce
In November, the Consumer Price Index (CPI) rose 0.3% month -over -month and 2.7% year -over -year, rising from 2.6% in October as
expected. The Core CPI, which excludes volatile food and energy components, rose 0.3% month -over -month and 3.3% year -over -year, also
meeting consensus forecasts. The Personal Consumption Expenditures (PCE) Index rose 0.1% from the previous month and 2.4% year -over -
year in November versus a 2.3% increase in October. The Core PCE deflator (the Fed's preferred gauge) increased 0.1% month -over -
month, below recent small month -over -month rises and 2.8% over the past year. Core prices are exhibiting what Fed Chair Powell
describes as "sideways" movement. Although inflation has moderated, price increases remain above the Fed's 2% target.
Docusign Envelope ID: ECC776D0-50E5-49AD-B095-50BB8D28F930
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
v
80
x
v
■I■N■I■■■1
60
40
20
0
�°L �d` �oL �d` �°L dL �°L dG �°L �0 �°L
Source: US Department of Commerce
CHANDLER
ASSET MANAGEMENT
Consumer Confidence
OOOOO0 O0 6 0 O PcOS,c06 Pco8 .c�O Pc1� c�S0c16 c8 c�O C'� Pc�S
Source: The Conference Board
All time high is 144.70 (1131100); All time low is 25.30 (2128109)
Retail Sales grew marginally above expectations at 0.7% in November versus 0.5% in October driven by strong motor vehicle sales. On a
year -over -year basis, Retail Sales grew 3.8% in November versus 2.9% in October. Retail Sales Control Group, which are used to calculate
gross domestic product, was also solid at 0.4% for the month. The Conference Board's Consumer Confidence Index declined to 104.7 in
December from an upwardly revised 112.8 in November. Consumers' assessment about future business conditions and outcomes were
substantially less optimistic and there was increased pessimism about future employment prospects. While the consumer has been
resilient, low savings rates, growing credit card debt, higher delinquencies, and a moderating labor market pose potential risks to future
spending.
II
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LEADING INDICATORS OF ECONOMIC ACTIVITY
Leading Economic Indicators (LEI)
15.0%
10.0%
5.0 %
a
P 0.0%
s
-5.0%
0
0 -10.0%
-15.0%
-20.0%
-2 , no/-
01, tioz ti01 �01 ti01 �01, 01,
8V 1P9 91.) 06 00 OV 0&
Source: The Conference Board
+1 +1 +1 +1
�sr
CHANDLER
ASSET ASSET MANAGEMENT
Chicago Fed National Activity Index (CFNAI)
1.00
0.75
0.50
d
0.25
a
a 0.00
s
c
0 -0.25
M
-0.50
-0.75
-1.00
ti01 ti01 ti01 ti01 ti01 trot fob �01
'&Q 8.C9 91-1 06 00 OQ 0& 1�
Source: Federal Reserve Bank of Chicago
The Conference Board's Leading Economic Index (LEI) increased 0.3% in November reversing its -0.4% decline in October due to a
rebound in building permits, continued support from equities, improvement in average hours worked in manufacturing, and fewer initial
unemployment claims. The LEI decreased year -over -year by -3.5%. According to the Conference Board, the rise in LEI is a positive sign for
future activity in the US and is consistent with an expectation for moderate growth at the end of 2024 and into early 2025. The Chicago
Fed National Activity Index (CFNAI) improved to -0.12 in November from -0.50 in October. The three-month moving average fell to -0.31 in
November from -0.27 in October, indicating below -trend growth expectations for the economy.
F:
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HOUSING
2,400
2,200
2,000
1,800
c
1,600
1,400
1,200
c 1,000
800
c
;jilt
tf�I�
0
Annualized Housing Starts
■ Multi Family Housing Starts
■ Single Family Housing Starts
tio� �o� �o� �o1 tio1 �o1 dot dot dot poi trot,
OQ 06 01:9 10 1) 1Q 16 4 '1-10 "�? ',-IQ
Source: US Department of Commerce
24.0%
20.0%
16.0%
12.0%
8.0 %
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
mQQ6ht 8 Q� 0 �� �� 4 ��� 0, �� � oolClo1C1o1oCetO� 6
Source: S&P
Housing starts in November declined 1.8% to 1.29 million units from 1.31 million units in October. Total starts are down 14.6% compared
to November 2023. Starts remain soft as mortgage rates remain relatively high. The supply of existing homes is becoming more abundant
after the period of scarcity as homeowners held onto their low mortgage rates. The Freddie Mac average rate for a 30-year fixed rate
mortgage increased to 6.9% from 6.8% in December. According to the Case-Shiller 20-City Home Price Index, housing prices rose 4.2%
year -over -year in October, decelerating from 4.6% reported in the previous month. With more inventory entering the market the trend is
gradually improving, however higher mortgage rates continue to impact affordability.
w,
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SURVEY BASED MEASURES Q11CHANDLER
ASSET MANAGEMENT
70
65
60
55
50
45
40
O�c19 2fdr�p✓�� �O SPp�O OPc�O
Source: Institute for Supply Management
Institute of Supply Management (ISM) Surveys
ISM Manufacturing ISM Services
'� ✓G sP Oo '� ✓�, spO(1✓G sP O0 ✓�, sepO.9
ds�Z 7 �1 ,b�Z c�1 dr� cds7 ,bc�r�Q � �Q �A c�Q
The Institute for Supply Management (ISM) Manufacturing index rose more than forecast to 49.3 in December from 48.4 in November.
While the index has posted contractionary readings for the past nine months, New Orders and Prices indices continued in expansion
territory and the Production Index returned to expansion this month. The Backlog of Orders Index and Employment Index remained in
contraction. The ISM Services Index rose to 54.1 in December from 52.1 in November while marking the sixth straight month of expansion.
Robust business activity ahead of the new year and mitigating risks of potential tariffs were the key drivers. A reading over 50 indicates
expansion, while a reading under 50 indicates contraction.
Docusign Envelope ID: ECC776D0-50E5-49AD-B095-50BB8D28F930
GROSS DOMESTIC PRODUCT (GDP)
WNRU C
Personal Consumption Expenditures 2.3% 1.3% 1.9%
Gross Private Domestic Investment
Net Exports and Imports
Federal Government Expenditures
State and Local (Consumption and Gross
Investment)
Total
Source: US Department of Commerce
0.2% 0.6% 1.5%
0.1% -0.6% -0.9%
0.0% 0.0% 0.3%
0.6% 0.3% 0.3%
3.2% 1.6% 3.0%
M 40.0%
2.5% 30.0%
20.0%
0.2% 10.0%
-0.4% 0.0%
-10.0%
0.6%
-20.0%
0.3% -30.0%
-40.0%
3.1%
CHANDLER
ASSET MANAGEMENT
Gross Domestic Product (GDP)
GDP QOQ % Change
GDP YOY % Change
soa mar�dr sow mar sPp` 2�d. sip` mar sip`
19 1>0 � �1
Source: US Department of Commerce
According to the third estimate, third quarter GDP increased at an annualized rate of 3.1% compared to 2.8% from the second estimate.
Growth continues to be powered by personal consumption expenditures. Government consumption expenditures and nonresidential fixed
investment also had positive contributions, with negative offsets by net exports, residential investment, and change in private
inventories. The consensus projection calls for 2.4% growth in the fourth quarter and 2.7% growth for the full year 2024.
11
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c
0
E
FEDERAL RESERVE C31CHANDLER
ASSET MANAGEMENT
Federal Reserve Balance Sheet Assets
10, 000,000 6.00%
9,000,000-to—
Recession
8,000,000 5.00%
7,000,000
4.00%
6,000,000
5,000,000 3.00%
v
4,000,000
3,000,000 2.00%
2,000,000
1.00%
1,000,000
0 0.00%
00 OP OP OP OP OP OP O� Oo OP OPc o c0 co c� c� cz c� c1 c� c� �
St 6 cQ O � St 6 � O � St
Effective Federal Funds Rate
O� O� O� O� OP O� O� O, O, O0 O0
c0 c0 cO c1 c1 c? c? c1 c,� c� c�
St 6 cQ O 2 Q 6 8 O � S!
Source: Federal Reserve Source: Bloomberg
As broadly anticipated, the Federal Open Market Committee (FOMC) reduced the Fed Funds Rate by 25 basis points to the range of 4.25-
4.50% at the December meeting. There was one dissenting vote by Cleveland Fed President Beth Hammack who would have preferred no
change in rates. Although a reduction in rates was widely anticipated, market participants viewed the trajectory of rates in the SEP as
'hawkish.' Chair Jerome Powell reiterated previous statements that monetary policy is "well positioned" and the outlook remains roughly
balanced between the dual mandate of maximum employment and price stability. Economic activity is expanding at a solid pace, labor
market conditions have "generally eased", and the unemployment rate "remains low." The Fed released the quarterly Summary of
Economic Projections (SEP) which now forecasts a higher, longer run median Fed Funds rate expectation among Fed Governors at 2.8 -
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 $1.9T to approximately $7.OT.
12
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BOND YIELDS
6.0 %
5.0 %
4.0 %
2.0 %
1.0 %
tiZiY�
US Treasury Note Yields
• 2-Year
r v ---
Source: Bloomberg
6.0% -
5.0% -
•
4.0%
0
3.0%
v
r
2.0 %
1.0 % —
0.0 %
US Treasury Yield Curve
o70 Syr Syr ,yr Z0
Source: Bloomberg
CHANDLER
ASSET ASSET MANAGEMENT
Dec-24
Sep-24
• Dec-23
At the end of December, the 2-year Treasury yield was 1 basis point lower, and the 10-Year Treasury yield was 69 basis points higher,
year -over -year. The spread between the 2-year and 10-year Treasury yield points on the curve increased to +33 basis points at December
month -end versus +2 basis points at November month -end. The yield curve inversion which began in July 2022 was historically long. The
average historical spread (since 2004) is about +99 basis points. The 3-month and 10-year Treasury yield curve normalized to +25 basis
points in December from-32 basis points in November.
`90
yr
13
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CHANDLER
it% ASSET MANAGEMENT
14
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OBJECTIVES
City of Tustin I As of December 31, 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 December 31, 2024
Rules Name Limit Actual Compliance Notes
Status
AGENCY MORTGAGE SECURITIES (CMOS)
Max % (MV) 20.0 2.0 Compliant
Max % Issuer (MV) 10.0 2.0 Compliant
Max Maturity (Years) 5.0 4.3 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
1.5
Compliant
Max % Issuer (Corporate & Commercial Paper; MV)
10.0
1.0
Compliant
Max % Issuer (MV)
5.0
1.0
Compliant
Max Maturity (Days)
270
65
Compliant
Min Rating (A-1 by 1 or A- by 1)
0.0
0.0
Compliant
CORPORATE MEDIUM TERM NOTES
Max % (MV)
30.0
17.6
Compliant
16
Docusign Envelope ID: ECC776D0-50E5-49AD-B095-50BB8D28F930
STATEMENT OF COMPLIANCE
City of Tustin Cons Account I Account #10795 1 As of December 31, 2024
Rules Name Limit Actual ..
Status
Max % Issuer (Corporate & Commercial Paper; MV) 10.0 1.0 Compliant
CHANDLER
ASSET ASSET MANAGEMENT
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
7.6
Compliant
Max % Issuer (MV)
50.0
3.6
Compliant
Max Maturity (Years)
5
4
Compliant
JPA INVESTMENT POOLS
Max % (MV)
100.0
44.4
Compliant
Max % Issuer (MV)
50.0
44.3
Max Maturity (Years)
5.0
0.0
LOCAL AGENCY INVESTMENT FUND (LAIF)
Max Concentration (MV)
75.0
4.8
MONEY MARKET MUTUAL FUNDS
Max % (MV)
20.0
0.4
Max % Issuer (MV)
10.0
0.4
Min Rating (AAA by 2)
0.0
0.0
MUNICIPAL SECURITIES (CA, LOCAL AGENCY)
Max % (MV)
30.0
0.0
Max % Issuer (MV)
5.0
0.0
Max Maturity (Years)
5
0.0
MUNICIPAL SECURITIES (CA, OTHER STATES)
Max % (MV) 30.0 0.0
Max % Issuer (MV) 5.0 0.0
Compliant
Compliant
Compliant
Compliant The City of Tustin maintains adequate liquidity to cover at least six months of
expected disbursements
Compliant
Compliant
Compliant
Compliant
Compliant
Compliant
Compliant
Compliant
17
Docusign Envelope ID: ECC776D0-50E5-49AD-B095-50BB8D28F930
STATEMENT OF COMPLIANCE C/„CHANDLER
ASSET MANAGEMENT
City of Tustin Cons Account I Account #10795 1 As of December 31, 2024
NotesRules Name Limit Actual Compliance
Status
Max Maturity (Years) 5 0.0 Compliant
Min Rating (A- by 1) 0.0 0.0 Compliant
NEGOTIABLE CERTIFICATES OF DEPOSIT (NCD)
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)
REPURCHASE AGREEMENTS
Max % (MV)
0.0
30.0
0.0
0.0
Compliant
Compliant
Max % Issuer (MV)
5.0
0.0
Compliant
Max Maturity (Years)
U.S. TREASURIES
Max %(MV)
1.0
100.0
0.0
20.4
Compliant
Compliant
Max % Issuer (MV)
100.0
20.4
Compliant
Max Maturity (Years)
5
5
Compliant
18
Docusign Envelope ID: ECC776D0-50E5-49AD-B095-50BB8D28F930
PORTFOLIO CHARACTERISTICS
City of Tustin Cons Account I Account #10795 1 As of December 31, 2024
Average Maturity (yrs)
2.66
1.05
1.12
Average Modified Duration
2.48
0.94
1.67
Average Purchase Yield
4.07
4.19%
Average Market Yield 4.29% 4.42% 4.60%
Average Quality" AA+ AA+ AA
Total Market Value 204,220,840 177,812,183
*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.
CHANDLER
ASSET ASSET MANAGEMENT
19
Docusign Envelope ID: ECC776D0-50E5-49AD-B095-50BB8D28F930
SECTOR DISTRIBUTION
C/„CHANDLER
ASSET MANAGEMENT
City of Tustin Cons Account I Account #10795 1 As of December 31, 2024
5016
25%
0%
LGIP US Treasury Corporate Agency Cash
LAIF Agency CMBS
Comm Paper Neg CD Money Mkt Fd
12/31/2024
09/30/2024
Sector as a Percentage of Market Value
Sector
12/31/2024
09/30/2024
LGIP
44.45%
37.25%
US Treasury
20.39%
22.85%
Corporate
17.58%
19.74%
Agency
7.63%
10.09%
Cash
3.13%
1.95%
LAIF
2.37%
2.69%
Agency CMBS
2.01%
2.37%
Comm Paper
1.46%
1.66%
Neg CD
0.58%
0.67%
Money Mkt Fd
0.39%
0.72%
20
Docusign Envelope ID: ECC776D0-50E5-49AD-B095-50BB8D28F930
ISSUERS
City of Tustin Cons Account I Account #10795 1 As of December 31, 2024
California Asset Mgmt Program
Government of The United States
C/„CHANDLER
ASSET MANAGEMENT
Portfolio
LGIP 44.45%
US Treasury 20.39%
Farm Credit System
Agency
3.59%
Citizens Business Bank
Cash
3.10%
Federal Home Loan Banks
Agency
3.08%
LAIF
LAIF
2.37%
FHLMC
Agency CMBS
2.01%
Mitsubishi UFJ Financial Group, Inc.
Comm Paper
0.97%
JPMorgan Chase & Co.
Corporate
0.97%
FNMA
Agency
0.97%
U.S. Bancorp
Corporate
0.68%
Toyota Motor Corporation
Corporate
0.50%
Cisco Systems, Inc.
Corporate
0.49%
BlackRock, Inc.
Corporate
0.49%
Massachusetts Mutual Life Insurance
Corporate
0.49%
Deere & Company
Corporate
0.49%
New York Life Insurance Company
Corporate
0.49%
PepsiCo, Inc.
Corporate
0.49%
National Rural Utilities Cooperative
Corporate
0.49%
Bank of America Corporation
Corporate
0.49%
State Street Corporation
Corporate
0.49%
QUALCOMM Incorporated
Corporate
0.49%
PACCAR Inc
Corporate
0.49%
The Home Depot, Inc.
Corporate
0.49%
Target Corporation
Corporate
0.49%
Toyota Motor Corporation
Comm Paper
0.49%
Duke Energy Corporation
Corporate
0.49%
Bank of Montreal
Corporate
0.49%
BNY Mellon Corp
Corporate
0.49%
NextEra Energy, Inc.
Corporate
0.49%
21
Docusign Envelope ID: ECC776D0-50E5-49AD-B095-50BB8D28F930
ISSUERS
City of Tustin Cons Account I Account #10795 1 As of December 31, 2024
Northern Trust Corporation
Pfizer Inc.
Chubb Limited
C/„CHANDLER
ASSET MANAGEMENT
PortfolioInvestment Type %
Corporate 0.48%
Corporate 0.48%
Corporate 0.48%
Eli Lilly and Company
Corporate
0.48%
The Toronto -Dominion Bank
Corporate
0.48%
Caterpillar Inc.
Corporate
0.48%
Amazon.com, Inc.
Corporate
0.47%
UnitedHealth Group Incorporated
Corporate
0.47%
The Charles Schwab Corporation
Corporate
0.47%
Royal Bank of Canada
Corporate
0.47%
Honeywell International Inc.
Corporate
0.45%
Apple Inc.
Corporate
0.44%
Walmart Inc.
Corporate
0.42%
First American Govt Oblig fund
Money Mkt Fd
0.39%
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
0.03%
TOTAL
100.00%
22
Docusign Envelope ID: ECC776D0-50E5-49AD-B095-50BB8D28F930
MATURITY DISTRIBUTION
01
City of Tustin Cons Account I Account #10795 1 As of December 31, 2024
140,000,000
1 0.000,000—115-J01-W&I
100,000,000
80,000,000
�iI�I�TiI�I�Ti7
40.000,000
20,000,000
1❑
CHANDLER
ASSET ASSET MANAGEMENT
27.408,401, 69
U - .ZO .Zo - .n .D - 7 I -Z Z-15 .5-4 4-:0
23
Docusign Envelope ID: ECC776D0-50E5-49AD-B095-50BB8D28F930
QUALITY DISTRIBUTION
City of Tustin Cons Account I Account #10795 1 As of December 31, 2024
S&P Rating
60% I
40%
/INN
0% AAA AA A BBB NR
12/31/2024 0 09/30/2024
Moody's Rating
60%1
40%
20%
07011 it
AAA AA A NR
2/31/2024 0 09/30/2024
CHANDLER
ASSET ASSET MANAGEMENT
Fitch Rating
60%
40%
20%
070 AAA AA A BBB NR
12/31/2024 0 09/30/2024
Rating
12/31/2024
0•
0•
09/30/2024
AAA
47.9%
45.4%
AAA
33.3%
38.2%
AAA
49.8%
47.7%
AA
31.1%
31.6%
AA
3.8%
3.2%
AA
31.8%
32.8%
A
15.1%
17.3%
A
12.9%
16.0%
A
6.7%
7.7%
BBB
0.5%
0.5%
NR
50.0%
42.5%
BBB
0.1%
0.1%
NR
5.4%
5.1%
NR
11.6%
11.7%
24
Docusign Envelope ID: ECC776D0-50E5-49AD-B095-50BB8D28F930
DURATION DISTRIBUTION
City of Tustin Cons Account I Account #10795 1 As of December 31, 2024
80ro 1
60%
40%
20%
0% 0-.25 .25-.5
.5-1 1-2 2-3 3-4
012/31/2024 0 09/30/2024
4-5
CHANDLER
ASSET ASSET MANAGEMENT
5-7 7+
Date 1
12/31/2024 57.4% 11.7% 3.6% 5.5% 3.9% 8.9% 9.0% 0.0% 0.0%
09/30/2024 51.9% 8.8% 11.6% 6.9% 2.6% 8.9% 9.3% 0.0% 0.0%
25
Docusign Envelope ID: ECC776D0-50E5-49AD-B095-50BB8D28F930
INVESTMENT PERFORMANCE Q11CHANDLER
ASSET MANAGEMENT
City of Tustin Cons Account I Account #10795 1 As of December 31, 2024
Total and Realized Rate of Return : Inception 1 12/01/2020
5.00 %
4.50%
4.00%
3.50%
3.00%
2.50%
2.00%
1.50%
1.00%
0.50%
0.00%
12 months 2 years
■ City of Tustin Consolidated Account
3 years 5 years
■ ICE BofA 1-5 Yr US Treasury & Agency Index
13
10 years Since Inception
■ ICE BofA 1-3 Yr US Treasury & Agency Index
TOTAL RATE OF RETURN
City of Tustin Cons Agg Gross of Fees
0.47%
4.66%
4.61%
1.94%
1.36%
Benchmark
(0.76%)
3.42%
3.86%
0.74%
0.29%
Secondary Benchmark
(0.05%)
4.09%
4.18%
1.50%
0.98%
REALIZED RATE OF RETURN
E
0
City of Tustin Cons Agg
1.00%
4.02%
3.86%
3.03%
2.43%
*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: ECC776D0-50E5-49AD-B095-50BB8D28F930
CHANDLER
it% ASSET MANAGEMENT
27
Docusign Envelope ID: ECC776D0-50E5-49AD-B095-50BB8D28F930
HOLDINGS REPORT
City of Tustin Cons Account I Account #10795 1 As of December 31, 2024
CHANDLER
ASSET ASSET MANAGEMENT
AGENCY
FEDERAL NATIONAL MORTGAGE
04/12/2021
1,982,980.00
98.32
1,966,385.64
0.97%
Aaa/AA+
0.46
3135G04Z3
ASSOCIATION 0.5 06/17/2025
2,000,000.00 0.71%
1,998,137.39
4.24%
388.89
(31,751.75)
AA+
0.45
FEDERAL HOME LOAN BANKS
11/30/2023
1,503,345.00
100.64
11509,621.72
0.74%
Aaa/AA+
1.88
3130AXU63
4.62511/17/2026
1,500,000.00 4.54%
1,502,117.68
4.26%
8,479.17
7,504.04
AA+
1.77
FEDERAL FARM CREDIT BANKS
12/08/2023
1,001,820.00
100.42
11004,197.85
0.49%
Aaa/AA+
2.76
3133EPH81
FUNDING CORP 4.5 10/04/2027
1,000,000.00 4.45%
1,001,314.37
4.33%
10,875.00
2,883.48
AA+
2.54
FEDERAL HOME LOAN BANKS
07/26/2023
1,255,762.50
99.77
1,247,143.75
0.61%
Aaa/AA+
3.44
3130AWMN7
4.375 06/09/2028
1,250,000.00
4.27%
1,254,074.33
4.45%
3,342.01
(6,930.58)
AA+
3.15
FEDERAL FARM CREDIT BANKS
08/29/2023
1,507,785.00
100.62
11509,291.66
0.74%
Aaa/AA+
3.66
3133EPUN3
FUNDING CORP 4.5 08/28/2028
1,500,000.00
4.37%
1,505,697.90
4.31%
23,062.50
3,593.76
AA+
3.29
FEDERAL HOME LOANBANKS4.75
12/08/2023
1,222,020.00
101.53
11218,405.24
0.60%
Aaa/AA+
3.94
3130AXQK7
12/08/2028
1,200,000.00
4.33%
1,217,348.00
4.32%
3,641.67
1,057.24
AA+
3.55
FEDERAL FARM CREDIT BANKS
01/29/2024
1,488,945.00
98.02
1,470,348.27
0.72%
Aaa/AA+
4.05
3133EPW84
FUNDING CORP 3.875 01/18/2029
1,500,000.00
4.04%
1,490,992.67
4.41%
26,317.71
(20,644.40)
AA+
3.63
FEDERAL HOME LOAN BANKS4.5
04/25/2024
1,384,040.00
100.01
11400,093.80
0.69%
Aaa/AA+
4.19
3130AVBD3
03/09/2029
1,400,000.00
4.76%
11386,284.09
4.50%
19,600.00
13,809.71
AA+
3.73
FEDERAL FARM CREDIT BANKS
04/25/2024
1,376,046.00
99.92
1,398,846.72
0.69%
Aaa/AA+
4.27
3133ERAK7
FUNDING CORP 4.375 04/10/2029
1,400,000.00
4.77%
1,379,308.84
4.39%
13,781.25
19,537.88
AA+
3.82
FEDERAL FARM CREDIT BANKS
09/17/2024
2,002,440.00
96.19
1,923,874.60
0.95%
Aaa/AA+
4.69
3133ERSP7
FUNDING CORP 3.5 09/10/2029
2,000,000.00
3.47%
2,002,299.08
4.41%
21,583.33
(78,424.48)
AA+
4.22
FEDERAL HOME LOAN BANKS
09/30/2024
921,906.00
98.64
887,721.24
0.44%
Aaa/AA+
4.70
3130ATHX8
4.125 09/14/2029
900,000.00
3.58%
920,791.93
4.45%
11,034.38
(33,070.69)
AA+
4.17
15,647,089.51
99.30
15,535,930.49
7.63%
Aaa/AA+
3.35
Total Agency
15,650,000.00
3.80%
15,658,366.29
4.36%
142,105.90
(122,435.80)
AA+
3.03
AGENCY CMBS
3137F1G44
FHMS K-065 A2 3.243 04/25/2027
750,000.00 06/08/2023
719,560.55
97.09
728,167.28
0.36%
Aaa/AA+
2.31
4.39%
732,017.04
4.56%
2,026.88
(3,849.76)
AAA
2.10
3137FEZU7
FHMS K-076 A2 3.9 04/25/2028
750,000.00 10/30/2023
708,310.55
97.70
732,779.10
0.36%
Aaa/AA+
3.32
5.32%
719,327.74
4.63%
2,437.50
13,451.36
AAA
2.96
3137FJKE8
FHMS K-082 A2 3.92 09/25/2028
750,000.00 10/30/2023
705,556.64
97.44
730,818.08
0.36%
Aaa/AA+
3.74
5.31%
716,283.48
4.65%
2,450.00
14,534.60
AAA
3.33
28
Docusign Envelope ID: ECC776D0-50E5-49AD-B095-50BB8D28F930
HOLDINGS REPORT
City of Tustin Cons Account I Account #10795 1 As of December 31, 2024
CHANDLER
ASSET ASSET MANAGEMENT
3137FKZZ2
FH MS K-088 A2 3.69 01/25/2029
1,000,000.00
07/22/2024
963,789.06
96.34
963,391.70
0.47%
Aaa/AA+
4.07
4.58%
967,363.24
4.68%
3,075.00
(3,971.54)
AA+
3.62
3137FLYVO
FH MS K-092 A2 3.298 04/25/2029
1,000,000.00
09/17/2024
981,484.38
94.57
945,703.70
0.46%
Aaa/AA+
4.31
3.72%
982,637.41
4.70%
2,748.33
(36,933.71)
AAA
3.87
4,078,701.18
96.50
4,100,859.85
2.01%
Aaa/AA+
3.62
Total Agency CMBS
4,250,000.00
4.61%
4,117,628.91
4.65%
12,737.71
(16,769.06)
AAA
3.24
CASH
CBGMMF$04
Citizens Business Bank
451,671.63
-
451,671.63
1.00
451,671.63
0.22%
NA/NA
0.00
451,671.63
0.00%
0.00
0.00
NA
0.00
CBGMMF$03
Citizens Business Bank
5,849,740.50
12/31/2024
5,849,740.50
1.00
5,849,740.50
2.87%
NA/NA
0.00
5,849,740.50
0.00%
0.00
0.00
NA
0.00
CCYUSD
Receivable
54,553.59
--
54,553.59
1.00
54,553.59
0.03%
Aaa/AAA
0.00
0.00%
54,553.59
0.00%
0.00
0.00
AAA
0.00
CCYUSD
CCYUSD
Total Cash
COMMERCIAL
PAPER
62479LQ40
Receivable 2,673.02 -- 2,673.02
1.00
2,673.02
0.00% 2,673.02
0.00%
0.00
Receivable 2,450.91 -- 2,450.91
1.00
2,450.91
0.00% 2,450.91
0.00%
0.00
6,361,089.65 1.00 6,361,089.65
6,361,089.65 0.00% 6,361,089.65 0.00% 0.00
0.00% Aaa/AAA 0.00
0.00 AAA 0.00
0.00%
Aaa/AAA
0.00
0.00
AAA
0.00
3.13%
Aaa/AAA
0.00
0.00
AAA
0.00
MUFG Bank, Ltd. - New York 2,000,000.00 07/31/2024 1,938,919.99 99.22 1,984,458.00 0.97% P-1/A-1 0.17
Branch 03/04/2025 5.24% 1,982,467.77 4.62% 0.00 1,990.23 NA 0.17
Toyota Motor Credit Corporation 07/09/2024 965,600.00 99.20 992,001.00 0.49% P-1/A-1+ 0.18
89233GQ66 03/06/2025 1,000,000.00 5.32% 990,826.67 4.61% 0.00 1,174.33 F1 0.17
Total Commercial
Paper
CORPORATE
24422EVY2 JOHN DEERE CAPITAL CORP 1.25
01/10/2025
2,904,519.99
99.22
2,976,459.00
1.46%
P-1/AA-
0.17
3,000,000.00 5.26% 2,973,294.44
4.62%
0.00
3,164.56
A+
0.17
02/04/2022 985,080.00
99.93
999,267.47
0.49%
Al/A
0.03
1,000,000.00
1.77% 999,874.15
4.52%
5,937.50
(606.68)
A+
0.02
29
Docusign Envelope ID: ECC776D0-50E5-49AD-B095-50BB8D28F930
HOLDINGS REPORT
City of Tustin Cons Account I Account #10795 1 As of December 31, 2024
CHANDLER
ASSET ASSET MANAGEMENT
57629WCG3
MASSMUTUAL GLOBAL FUNDING
II 2.95 01/11/2025
1,000,000.00
03/23/2022
2.79%
1,004,360.00
1,000,042.62
99.95
4.85%
999,509.08
13,930.56
0.49%
(533.54)
Aa3/AA+
AA+
0.03
0.03
NEW YORK LIFE GLOBAL FUNDING
01/18/2022
996,780.00
99.90
998,951.94
0.49%
Aaa/AA+
0.04
64952WEK5
1.45 01/14/2025
1,000,000.00
1.56%
999,961.60
4.57%
6,726.39
(1,009.66)
AAA
0.03
NATIONAL RURAL UTILITIES
03/23/2022
972,740.00
99.70
996,985.49
0.49%
A2/A-
0.10
63743HFC1
COOPERATIVE FINANCE CORP
1,000,000.00
2 86%
999,039.41
4.95%
7,500.00
(2,053.92)
A
0.10
1.875 02/07/2025
57636QAN4
MASTERCARD INC 2.0 03/03/2025
500,000.00
11/01/2021
515,365.00
99.56
497,801.92
0.24%
Aa3/A+
0.17
1.03%
500,432.26
4.58%
3,277.78
(2,630.34)
NA
0.17
PACCAR FINANCIAL CORP 2.85
03/31/2022
999,740.00
99.54
995,403.87
0.49%
Al/A+
0.27
69371RR73 04/07/2025
1,000,000.00 2 86%
999,977.23
4.58%
6,650.00
(4,573.36)
NA
0.26
437076CM2 HOME DEPOT INC 2.7 04/15/2025
1,000,000.00 03/28/2022
995,620.00
99.49
994,942.83
0.49%
A2/A
0.29
2.85%
999,590.36
4.46%
5,700.00
(4,647.53)
A
0.28
87612EBL9 TARGET CORP 2.25 04/15/2025
1,000,000.00 02/04/2022
1,010,340.00
99.26
992,589.44
0.49%
A2/A
0.29
1.90%
1,000,674.63
4.85%
4,750.00
(8,085.19)
A
0.28
BANK OF NEW YORK MELLON
02/04/2022
989,120.00
99.03
990,309.99
0.49%
Aa3/A
0.31
06406RAN7
CORP 1.6 04/24/2025
1,000,000.00
1.95%
998,950.09
4.75%
2,977.78
(8,640.10)
AA-
0.31
BANK OF MONTREAL 1.85
08/17/2021
1,034,530.00
99.07
990,672.94
0.49%
A2/A-
0.33
06367W685
05/01/2025
1,000,000.00
0.91%
1,003,067.06
4.70%
3,083.33
(12,394.12)
AA-
0.33
91159HHZ6
US BANCORP 1.45 05/12/2025
1,400,000.00
12/23/2021
1,406,818.00
98.86
1,383,986.25
0.68%
A3/A
0.36
1.30%
1,400,574.52
4.66%
2,763.06
(16,588.27)
A
0.36
747525AFO
QUALCOMM INC 3.45 05/20/2025
1,000,000.00
03/23/2022
1,018,960.00
99.59
995,884.44
0.49%
A2/A
0.38
2.76%
1,000,916.69
4.52%
3,929.17
(5,032.25)
NA
0.38
717081EX7
PFIZER INC 0.8 05/28/2025
1,000,000.00
03/23/2022
945,010.00
98.46
984,622.02
0.48%
A2/A
0.41
2.59%
993,031.44
4.66%
733.33
(8,409.42)
WR
0.40
NORTHWESTERN MUTUAL
06/30/2022
703,738.00
99.70
697,924.88
0.34%
Aaa/AA+
0.50
66815L2J7
GLOBAL FUNDING 4.0 07/01/2025
700,000.00
3.81%
700,619.58
4.61%
14,000.00
(2,694.70)
AAA
0.49
DUKE ENERGY PROGRESS LLC 3.25
04/25/2022
1,000,280.00
99.17
991,726.81
0.49%
Aa3/A
0.62
26442UAA2
08/15/2025
1,000,000.00
3.24%
1,000,034.42
4.61%
12,277.78
(8,307.61)
WR
0.60
COLGATE-PALMOLIVE CO 3.1
08/01/2022
344,682.60
99.17
342,139.75
0.17%
Aa3/A+
0.62
194162AM5
08/15/2025
345,000.00
3.13%
344,934.91
4.47%
4,040.33
(2,795.16)
NA
0.60
TORONTO-DOMINION BANK 0.75
08/17/2021
993,000.00
97.34
973,402.01
0.48%
A2/A-
0.70
89114QCK2
09/11/2025
1,000,000.00
0.92%
998,806.60
4.70%
2,291.67
(25,404.59)
AA-
0.67
30
Docusign Envelope ID: ECC776D0-50E5-49AD-B095-50BB8D28F930
HOLDINGS REPORT
City of Tustin Cons Account I Account #10795 1 As of December 31, 2024
CHANDLER
ASSET ASSET MANAGEMENT
CATERPILLAR FINANCIAL SERVICES
04/21/2021
991,780.00
96.79
967,852.67
0.48%
A2/A
0.87
14913R2H9
CORP 0.8 11/13/2025
1,000,000.00
0.98%
998,439.93
4.64%
1,066.67
(30,587.26)
A+
0.84
STATE ST R E ET CO R P 1. 746
--
978,258.70
99.61
996,139.00
0.49%
Aa3/A
1.10
8574776R3
02/06/2026
1,000,000.00
2.61%
999,183.06
5.82%
7,032.50
(3,044.06)
AA-
0.09
BANK OF AMERICA CORP 2.015
04/20/2021
1,030,470.00
99.67
996,656.75
0.49%
Al/A-
1.12
06051GHY8
02/13/2026
1,000,000.00
1.07%
1,001,096.74
5.21%
7,724.17
(4,439.99)
AA-
0.11
JPMORGAN CHASE & CO 2.083
--
2,072,110.00
99.14
1,982,820.70
0.97%
Al/A
1.31
46647PBK1
04/22/2026
2,000,000.00
0.97%
2,006,660.21
5.95%
7,984.83
(23,839.51)
AA-
0.30
CHUBB INA HOLDINGS LLC 3.35
07/23/2021
1,102,780.00
98.45
984,454.20
0.48%
A2/A
1.34
00440EAV9
05/03/2026
1,000,000.00
0.98%
1,025,348.15
4.56%
5,397.22
(40,893.95)
A
1.28
AMAZON.COM INC 1.0
05/12/2021
995,200.00
95.68
956,794.76
0.47%
Al/AA
1.36
023135BX3
05/12/2026
1,000,000.00
1.10%
998,694.74
4.30%
1,361.11
(41,899.98)
AA-
1.33
CHARLES SCHWAB CORP 1.15
07/23/2021
1,007,990.00
95.48
954,802.38
0.47%
A2/A-
1.36
8085136R5
05/13/2026
1,000,000.00
0.98%
1,002,184.34
4.61%
1,533.33
(47,381.96)
A
1.32
UNITEDHEALTH GROUP INC 1.15
07/28/2021
1,007,110.00
95.56
955,643.05
0.47%
A2/A+
1.37
91324PEC2
05/15/2026
1,000,000.00
1.00%
11001,953.12
4.53%
1,469.44
(46,310.07)
A
1.33
ROYAL BANK OF CANADA 1.15
07/28/2021
999,090.00
94.98
949,815.89
0.47%
Al/A
1.53
78016EZT7
07/14/2026
1,000,000.00
1.17%
999,718.96
4.58%
5,334.72
(49,903.07)
AA-
1.48
931142ERO
WALMART INC 1.05 09/17/2026
900,000.00
09/22/2021
902,277.00
94.60
851,417.36
0.42%
Aa2/AA
1.71
1.00%
900,759.69
4.36%
2,730.00
(49,342.33)
AA
1.66
NORTHERN TRUST CORP 4.0
01/30/2023
986,540.00
98.68
986,842.31
0.48%
A2/A+
2.36
665859AW4
05/10/2027
1,000,000.00
4.35%
992,583.62
4.59%
5,666.67
(5,741.31)
A+
2.21
PUBLICSERVICE ELECTRICAND
06/29/2023
570,144.00
96.66
579,954.11
0.28%
Al/A
3.33
74456QBU9 GAS CO 3.7 05/01/2028
600,000.00 4.87%
579,453.94
4.80%
3,700.00
500.17
WR
3.07
FLORIDA POWER & LIGHT CO 4.4
06/07/2023
987,550.00
99.00
990,029.35
0.49%
Aa2/A+
3.37
341081GN1 05/15/2028
1,000,000.00 4.69%
991,501.94
4.72%
5,622.22
(1,472.59)
AA-
3.08
TOYOTA MOTOR CREDIT CORP
09/26/2023
996,180.00
101.40
1,014,016.76
0.50%
Al/A+
3.70
89236TL69 5.25 09/11/2028
1,000,000.00 5.34%
997,152.94
4.83%
16,041.67
16,863.82
A+
3.28
17275RBR2 CISCO SYSTEMS INC4.85 1,000,000.00 09/27/2024 1,037,530.00 100.50 1,005,041.00 0.49% Al/AA- 4.16
02/26/2029 3.90% 1,035,319.56 4.71% 16,840.28 (30,278.56) NA 3.59
09290DAA9
713448FX1
BLACKROCK INC 4.7 03/14/2029
PEPSICO INC 4.5 07/17/2029
1,000,000.00 07/22/2024 1,002,010.00 100.07 1,000,735.83 0.49% Aa3/AA- 4.20
4.65% 1,001,814.67 4.68% 13,969.44 (1,078.84) NA 3.72
1,000,000.00 07/22/2024 997,560.00 99.81
4.56% 997,777.19 4.55%
998,095.03 0.49% Al/A+ 4.54
20,500.00 317.84 NA 3.98
31
Docusign Envelope ID: ECC776D0-50E5-49AD-B095-50BB8D28F930
HOLDINGS REPORT
City of Tustin Cons Account I Account #10795 1 As of December 31, 2024
532457CQ9 ELI LILLY AND CO 4.2 08/14/2029
438516BU9 HONEYWELL INTERNATIONAL INC
2.7 08/15/2029
037833DP2 APPLE INC 2.2 09/11/2029
Total Corporate
1,000,000.00 08/15/2024 1,000,130.00 97.91
4.20% 1,000,119.99 4.71%
CHANDLER
ASSET ASSET MANAGEMENT
979,060.73 0.48% Al/A+ 4.62
15,983.33 (21,059.26) NA 4.08
1,000,000.00 08/15/2024 930,020.00 91.65 916,522.88 0.45% A2/A 4.62
4.27% 935,311.64 4.73% 10,200.00 (18,788.76) A 4.21
10/30/2024 908,490.00
89.80
897,976.68
0.44%
Aaa/AA+
4.70
1,000,000.00
4.31% 911,684.61
4.64%
6,722.22
(13,707.93)
NA
4.34
36,419,383.30
98.26
35,790,792.57
17.58%
Al/A
1.56
36,445,000.00 2.50% 36,317,286.58
4.76%
257,448.50
(526,494.02)
A+
1.33
LAIF
Local Agency Investment Fund
--
4,827,164.34
1.00
4,827,164.34
2.37%
NA/NA
0.00
90LAIF$00
4,827,164.34
State Pool
4.43%
4,827,164.34
4.43%
0.00
0.00
NA
0.00
4,827,164.34
1.00
4,827,164.34
2.37%
NA/NA
0.00
Total LAIF
4,827,164.34
4.43%
4,827,164.34
4.43%
0.00
0.00
NA
0.00
LOCAL GOV
INVESTMENT POOL
90CAMP$00
CAMP
90,472,853.42
--
90,472,853.41
1.00
90,472,853.42
44.45%
NA/AAAm
0.00
4.65%
90,472,853.41
4.65%
0.00
0.01
AAA
0.00
Total Local Gov
90,472,853.41
1.00
90,472,853.42
44.45%
NA/AAAm
0.00
Investment Pool
90,472,853.42
4.65%
90,472,853.41
4.65%
0.00
0.01
AAA
0.00
MONEY MARKET
FUND
--
367,582.39
1.00
367,582.39
0.18%
Aaa/AAAm
0.00
31846V203
FIRST AMER:GVT OBLG Y
367,582.39
4.09%
367,582.39
4.09%
0.00
0.00
AAA
0.00
--
418,258.41
1.00
418,258.41
0.21%
Aaa/AAAm
0.00
31846V203
FIRST AMER:GVT OBLG Y
418,258.41
4.09%
418,258.41
4.09%
0.00
0.00
AAA
0.00
Total Money Market
785,840.80
1.00
785,840.80
0.39%
Aaa/AAAm
0.00
Fund
785,840.80
4.09%
785,840.80
4.09%
0.00
0.00
AAA
0.00
NEGOTIABLE CD
32
Docusign Envelope ID: ECC776D0-50E5-49AD-B095-50BB8D28F930
HOLDINGS REPORT
City of Tustin Cons Account I Account #10795 1 As of December 31, 2024
CHANDLER
ASSET ASSET MANAGEMENT
Capital One Bank (USA), National 08/01/2022 239,640.00 99.56 238,937.70 0.12% WR/BBB+ 0.59
14042TJB4 000.00 Association 3.45 08/04/2025 240,3.50% 239,929.44 4.21% 3,425.42 (991.74) A 0.57
02007GXF5 Ally Bank 3.4 08/04/2025 240,000.00 08/02/2022 239,280.00 99.52 238,846.11 0.12% A3/BBB- 0.59
3.50% 239,858.76 4.23% 3,353.42 (1,012.65) NA 0.57
87165EXE2
Synchrony Bank 3.4 08/05/2025
240,000.00
08/01/2022
239,640.00
99.52
238,841.74
0.12%
NA/BBB
0.59
3.45%
239,929.05
4.23%
3,377.33
(1,087.31)
BBB
0.57
2546731326
Discover Bank 3.4 08/08/2025
240,000.00
08/01/2022
239,280.00
99.51
238,828.80
0.12%
A2/BBB
0.60
3.50%
239,856.13
4.22%
3,264.00
(1,027.33)
A-
0.58
Goldman Sachs Bank USA 1.05
08/17/2021
243,775.00
95.23
233,313.68
0.11%
Al/A+
1.65
38149MYS6
08/25/2026
245,000.00
1.15%
244,596.81
4.08%
909.18
(11,283.13)
AA-
1.60
1,201,615.00
98.68
1,188,768.04
0.58%
A2/BBB
0.80
Total Negotiable CD
1,205,000.00
3.03%
1,204,170.19
4.19%
14,329.37
(15,402.15)
A-
0.77
US TREASURY
UNITED STATESTREASURY4.125
03/14/2024
2,676,480.47
99.98
2,699,364.85
1.33%
Aaa/AA+
0.08
91282CGG0
01/31/2025
2,700,000.00
5.15%
2,697,808.74
4.35%
46,608.02
1,556.11
AA+
0.08
UNITED STATES TREASURY
04/18/2024
2,394,087.13
99.43
2,485,788.25
1.22%
P-1/A-1+
0.14
912797KA4
02/20/2025
2,500,000.00
5.22%
2,482,750.35
4.27%
0.00
3,037.90
F1+
0.13
UNITED STATES TREASURY
07/10/2024
2,886,629.17
98.79
2,963,595.60
1.46%
P-1/A-1+
0.29
912797K55
04/17/2025
3,000,000.00
5.07%
21957,081.04
4.27%
0.00
6,514.56
F1+
0.28
UNITED STATES TREASURY 2.75
05/30/2024
2,443,164.06
99.45
2,486,252.48
1.22%
Aaa/AA+
0.37
91282CEQ0
05/15/2025
2,500,000.00
5.22%
2,478,177.60
4.25%
8,926.11
8,074.87
AA+
0.36
UNITED STATES TREASURY2.875
10/15/2024
2,972,343.75
99.42
2,982,635.01
1.47%
Aaa/AA+
0.41
9128284R8
05/31/2025
3,000,000.00
4.39%
2,981,724.94
4.30%
7,582.42
910.07
AA+
0.40
UNITED STATES TREASURY2.875
11/05/2024
2,478,515.63
99.40
2,484,904.30
1.22%
Aaa/AA+
0.45
91282CEU1
06/15/2025
2,500,000.00
4.32%
2,483,959.63
4.23%
3,356.80
944.67
AA+
0.44
UNITED STATES TREASURY3.0
11/15/2024
2,973,632.81
99.35
2,980,641.00
1.46%
Aaa/AA+
0.54
91282CEY3
07/15/2025
3,000,000.00
4.36%
2,978,487.02
4.23%
41,576.09
2,153.98
AA+
0.52
UNITED STATES TREASURY0.375
04/27/2021
1,957,500.00
95.95
1,919,021.74
0.94%
Aaa/AA+
1.08
91282CBH3
01/31/2026
2,000,000.00
0.83%
1,990,346.46
4.25%
3,138.59
(71,324.72)
AA+
1.05
UNITED STATES TREASURY0.75
04/27/2021
1,989,531.25
95.78
1,915,678.08
0.94%
Aaa/AA+
1.25
91282CBT7
03/31/2026
2,000,000.00
0.86%
1,997,356.61
4.27%
3,832.42
(81,678.53)
AA+
1.21
33
Docusign Envelope ID: ECC776D0-50E5-49AD-B095-50BB8D28F930
HOLDINGS REPORT
City of Tustin Cons Account I Account #10795 1 As of December 31, 2024
CHANDLER
ASSET ASSET MANAGEMENT
91282CFM8 UNITED STATES TREASURY4.125 1,740,000.00 11/09/2022 1,724,978.91 99.61 1,733,128.60 0.85% Aaa/AA+ 2.75
09/30/2027 4.32% 1,731,567.99 4.28% 18,338.12 1,560.61 AA+ 2.54
UNITED STATES TREASURY3.5 02/23/2023 1,458,281.25 97.71 1,465,615.43 0.72% Aaa/AA+ 3.08
91282CGH8 01/31/2028 1,500,000.00 4.13% 1,473,896.78 4.30% 21,970.11 (8,281.35) AA+ 2.84
9128283W8
UNITED STATES TREASURY2.75
02/15/2028
1,400,000.00
11/08/2024
4.22%
1,338,039.06
1,340,642.46
95.27
4.39%
1,333,718.40
14,542.12
0.66%
(6,924.06)
Aaa/AA+
AA+
3.13
2.91
UNITED STATES TREASURY 3.125
02/29/2024
1,425,351.56
95.69
1,435,328.61
0.71%
Aaa/AA+
3.88
9128285M8
11/15/2028
1,500,000.00
4.30%
1,438,632.04
4.35%
6,085.98
(3,303.43)
AA+
3.57
UNITED STATES TREASURY2.375
05/16/2024
1,228,130.86
92.18
1,244,382.24
0.61%
Aaa/AA+
4.37
9128286T2
05/15/2029
1,350,000.00
4.41%
1,243,431.32
4.36%
4,162.81
950.92
AA+
4.06
UNITED STATES TREASURY3.25
08/15/2024
1,462,089.84
95.42
1,431,340.58
0.70%
Aaa/AA+
4.50
91282CEV9
06/30/2029
1,500,000.00
3.82%
1,465,030.59
4.38%
134.67
(33,690.02)
AA+
4.12
UNITED STATES TREASURY 2.625
08/15/2024
1,420,078.13
92.77
1,391,609.90
0.68%
Aaa/AA+
4.58
91282CFCO
07/31/2029
1,500,000.00
3.81%
1,426,171.62
4.38%
16,477.58
(34,561.73)
AA+
4.19
UNITED STATES TREASURY3.125
09/11/2024
2,455,664.06
94.72
2,367,983.75
1.16%
Aaa/AA+
4.67
91282CFJ5
08/31/2029
2,500,000.00
3.52%
2,458,377.01
4.39%
26,545.23
(90,393.26)
AA+
4.22
UNITED STATES TREASURY4.0
12/16/2024
2,717,666.02
98.32
2,703,719.59
1.33%
Aaa/AA+
4.83
91282CFT3
10/31/2029
2,750,000.00
4.33%
2,717,938.65
4.39%
18,839.78
(14,219.06)
AA+
4.31
UNITED STATES TREASURY4.125
12/04/2024
1,503,339.84
98.86
1,482,958.19
0.73%
Aaa/AA+
4.91
91282CMA6
11/30/2029
1,500,000.00
4.08%
1,503,290.32
4.38%
5,439.56
(20,332.14)
AA+
4.38
UNITED STATES TREASURY4.375
12/30/2024
1,998,984.38
99.95
1,998,995.28
0.98%
Aaa/AA+
5.00
91282CMD0
12/31/2029
2,000,000.00
4.39%
11998,984.94
4.39%
241.71
10.34
AA+
4.44
41,504,488.18
97.85
41,506,661.85
20.39%
Aaa/AA+
2.16
Total US Treasury
42,440,000.00
4.13%
41,845,656.13
4.31%
247,798.10
(338,994.27)
AA+
1.97
204,202,745.36
49.29
203,546,420.01
100.00%
Aa2/AA
1.05
Total Portfolio
205,436,948.21
4.07%
204,563,350.74
4.42%
674,419.58
(1,016,930.73)
AA+
0.94
Total Market Value +
Accrued
204,220,839.60
34
Docusign Envelope ID: ECC776D0-50E5-49AD-B095-50BB8D28F930
CHANDLER
it% ASSET MANAGEMENT
35
Docusign Envelope ID: ECC776D0-50E5-49AD-B095-50BB8D28F930
TRANSACTION LEDGER
City of Tustin Cons Account I Account #10795 1 10/01/2024 Through 12/31/2024 1
CHANDLER
ASSET ASSET MANAGEMENT
ACQUISITIONS
Purchase 10/16/2024 9128284R8 3,000,000.00 UNITED STATES TREASURY 99.078 4.39% (2,972,343.75) (32,520.49) (3,004,864.24) 0.00
2.875 05/31/2025
Purchase 10/31/2024 037833DP2 1,000,000.00 APPLE INC 2.2 09/11/2029 90.849 4.31% (908,490.00) (3,055.56) (911,545.56) 0.00
Purchase 11/06/2024 91282CEU1 2,500,000.00 UNITED STATES TREASURY 99.141 4.32% (2,478,515.63) (28,278.69) (2,506,794.32) 0.00
2.875 06/15/2025
Purchase
Purchase
Purchase
Purchase
Purchase
Purchase
Purchase
Purchase
11/12/2024
9128283W8
1,400,000.00
UNITED STATES TREASURY
95.574 4.22%
(1,338,039.06)
(9,311.14)
(1,347,350.20)
2.75 02/15/2028
11/18/2024
91282CEY3
3,000,000.00
UNITED STATES TREASURY
gg 121 4.36%
(2,973,632.81)
(30,815.22)
(3,004,448.03)
3.0 07/15/2025
11/30/2024
90CAMP$00
25,000,000.00
CAMP
1.000 4.81%
(25,000,000.00)
0.00
(25,000,000.00)
12/04/2024
90CAMP$00
4,000,000.00
CAMP
1.000 4.65%
(4,000,000.00)
0.00
(4,000,000.00)
12/05/2024 91282CMA6
12/17/2024 91282CFT3
12/20/2024 90CAMP$00
12/31/2024 91282CM D0
1,500,000.00
UNITED STATES TREASURY
100.223
4.08%
(1,503,339.84)
(849.93)
(1,504,189.77)
4.125 11/30/2029
2,750,000.00
UNITED STATES TREASURY
98824
4.27%
(2,717,666.02)
(14,281.77)
(2,731,947.79)
4.0 10/31/2029
7,000,000.00
CAMP
1.000
4.65%
(7,000,000.00)
0.00
(7,000,000.00)
2,000,000.00
UNITED STATES TREASURY
99.949
4.39%
(1,998,984.38)
0.00
(1,998,984.38)
4.375 12/31/2029
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Total Purchase 53,150,000.00 (52,891,011.49) (53,010,124.29) 0.00
TOTAL
ACQUISITIONS 53,150,000.00 (52,891,011.49) (53,010,124.29) 0.00
DISPOSITIONS
Maturity 10/03/2024 912797GW1 (3,000,000.00) UNITED STATES TREASURY 100.000 0.00% 3,000,000.00 0.00 3,000,000.00 0.00
10/03/2024
36
Docusign Envelope ID: ECC776D0-50E5-49AD-B095-50BB8D28F930
TRANSACTION LEDGER C31CHANDLER
ASSET MANAGEMENT
City of Tustin Cons Account I Account #10795 1 10/01/2024 Through 12/31/2024 1
Transaction Settlement CUSIP Quantity Security Description Price Acq/Disp Amount Interest Total Amount Gain/Loss
Type D. . .
Maturity 10/31/2024 912828YM6 (1,250,000.00) UNITED STATES TREASURY 100.000 1.50% 1,250,000.00 0.00 1,250,000.00 0.00
1.5 10/31/2024
Maturity
11/05/2024
912797MA2
(2,500,000.00)
UNITED STATES TREASURY
100.000
0.00%
2,500,000.00
0.00
2,500,000.00
0.00
11/05/2024
Maturity
11/08/2024
3130APQ81
(1,000,000.00)
FEDERALHOMELOAN
100.000
1.00%
1,000,000.00
0.00
1,000,000.00
0.00
BANKS 1.0 11/08/2024
Maturity
11/15/2024
912828G38
(3,000,000.00)
UNITED STATES TREASURY
100.000
2.25%
3,000,000.00
0.00
3,000,000.00
0.00
2.25 11/15/2024
Maturity
11/30/2024
912828YV6
(1,250,000.00)
UNITED STATES TREASURY
100.000
1.50%
1,250,000.00
0.00
1,250,000.00
0.00
1.5 11/30/2024
Maturity
12/12/2024
912797LPO
(2,500,000.00)
UNITED STATES TREASURY
100.000
0.00%
2,500,000.00
0.00
2,500,000.00
0.00
12/12/2024
Maturity
12/20/2024
313OAQF40
(1,000,000.00)
FEDERAL HOME LOAN
100.000
1.00%
1,000,000.00
0.00
1,000,000.00
0.00
BANKS 1.0 12/20/2024
Maturity
12/31/2024
912828YYO
(1,300,000.00)
UNITED STATES TREASURY
100.000
1.75%
1,300,000.00
0.00
1,300,000.00
0.00
1.75 12/31/2024
Total Maturity
(16,800,000.00)
16,800,000.00
0.00
16,800,000.00
0.00
Sale
10/31/2024
90CAMP$00
(5,500,000.00)
CAMP
1.000
5.01%
5,500,000.00
0.00
5,500,000.00
0.00
Sale
11/30/2024
90CAMP$00
(2,000,000.00)
CAMP
1.000
4.81%
2,000,000.00
0.00
2,000,000.00
0.00
Sale
12/18/2024
90CAMP$00
(5,000,000.00)
CAMP
1.000
4.65%
5,000,000.00
0.00
5,000,000.00
0.00
Total Sale
(12,500,000.00)
12,500,000.00
0.00
12,500,000.00
0.00
TOTAL
DISPOSITIONS
(29,300,000.00)
29,300,000.00
0.00
29,300,000.00
0.00
37
Docusign Envelope ID: ECC776D0-50E5-49AD-B095-50BB8D28F930
IMPORTANT DISCLOSURES
City of Tustin I As of December 31, 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.
Docusign Envelope ID: ECC776D0-50E5-49AD-B095-50BB8D28F930
BENCHMARK DISCLOSURES
City of Tustin I As of December 31, 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.
39
Docusign Envelope ID: ECC776D0-50E5-49AD-B095-50BB8D28F930
CITY OF TUSTIN
Monthly Investment Report
December 31, 2024
Restricted Deposits with Fiscal Agents
Ill
Description / Limits
[21 [31 [4]
Face Amount Shares YTM@Cost Credit Rating Cost Value +Accrued
Interest
151
Market Value
2016 Successor Agency Tax Allocation Bonds, Refunding
8,080.68
N/A
8,080.68
8,080.68
2016 Water Revenue Bonds, Refunding
1,159.96
N/A
1,159.96
1,159.96
2020 Water Revenue Bonds
652.29
N/A
652.29
652.29
2024 Water Revenue Bonds
3,672,245.11
N/A
3,672,245.11
3,672,245.11
CFD 04-1
678,950.95
N/A
678,950.95
678,950.95
CFD 06-1
4,508,179.83
N/A
4,508,179.83
4,508,179.83
CFD 07-1
1,299,085.04
N/A
1,299,085.04
1,299,085.04
CFD 14-1
2,944,223.43
N/A
2,944,223.43
2,944,223.43
13,112,577.29
13,112,577.29
13,112,577.29
Restricted Deposits
with Fiscal Agents TOTAL
13,112,577.29
13,112,577.29
Docusign Envelope ID: ECC776D0-50E5-49AD-B095-50BB8D28F930
LIC
CY
�a ■ RETIREMENT NTVSERVICES
CITY OFTUSTIN Account Report for the Period
PARS Post -Employment Benefits Trust 12/ 1/ 20 24 to 12/ 31/ 20 24
Aldo Schindler
City Manager
City of Tustin
300 Centennial Way
Tustin, CA 92780
Account Summary
Balance as of
Balance as of
Source
12/'V2024
Contributions Earnings Expenses Distributions Transfers 12/31/2024
OPEB
$4,599,911.24
$0.00-$115,105.60 $1,716.67 $0.00 $0.00 $4,483,088.97
PENSION
$15,111,120.19
$0.00-$378,126.47 $5,639.38 $0.00 $0.00 $14,727,354.34
Totals
$19,711,031.43
$0.00-$493,232.07 $7,356.05 $0.00 $0.00 $19,210,443.31
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 3-Years 5-Years 10-Years Plan's Inception Date
OPEB-2.50% -1.08% 10.01% 2.14% 5.53% 6/26/2018
PENSION-2.50% -1.08% 10.04% 2.16% 5.54% 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 maybe 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