HomeMy WebLinkAbout06 QUARTERLY INVESTMENT REPORT FOR THE CITY OF TUSTIN AND THE SUCCESSOR AGENCY FOR THE TUSTIN COMMUNDocusign Envelope ID: 3EFE5DEg-C71E-480B-80B0-BFC4B657B312 6
� Agenda Item
Reviewed: Initial
AGENDA REPORT F
City Manager fs
Finance Director 5�:i
MEETING DATE: MAY 20, 2025
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 MARCH 31, 2025
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 March 31, 2025 is rendered.
The City's total cash and investments amounted to approximately $200 million as of March
31, 2025. The weighted average yield for the investment portfolio was 4.02%, which is
slightly lower than the weighted average portfolio yield for the prior quarter. During this
quarter, the Federal Open Market Committee (FOMC) left the Federal Funds rate
Docusign Envelope ID: 3EFE5DEg-C71E-480B-80B0-BFC4B657B312
City Council Agenda Report
Quarterly Investment Report for the Period Ended March 31, 2025
May 20, 2025
Page 2
unchanged amid an uncertainty in the overall economic outlook. Core inflation remains
elevated and labor market growth trends above expectations. The Consumer Price Index
(CPI) for March 2025 came in at 2.4% higher year -over -year with core CPI (excluding food
and energy) at 2.8% higher year -over -year.
For the past quarter, the labor market continued to fluctuate with job growth below
expectations in January and February but exceeding expectations in March. The national
unemployment rate rose by 0.1 % to 4.2%. The labor participation rate inched up to 62.5%
by March but still below the pre -pandemic level. The 2-year Treasury yield dropped to
3.89% by March 2025, compared to a yield of 4.24% in December 2024. Similarly, the 5-
year Treasury yield decreased to 4.04% by March 2025, compared to a yield of 4.38% in
December 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 $14.7 million on March
31, 2025. The five-year annualized return for the PARS Pension Trust Fund was 7.97%.
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 March 31, 2025. The five-year annualized return for the
PARS OPEB Trust Fund was 7.96%.
Investment Compliance Certification
On May 1, 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: 3EFE5DE9-C71 E-480B-80B0-BFC4B657B312
City Council Agenda Report
Quarterly Investment Report for the Period Ended March 31, 2025
May 20, 2025
Page 3
Signed by:
9F� 6"
4D86AFAFFF77473...
Jennifer King
Finance Director/City Treasurer
Attachments:
1. Investment Report Certification
2. Quarterly Investment Report for the Period Ended March 31, 2025
3. Restricted Deposits with Fiscal Agents as of March 31, 2025
4. PARS Trust Statement as of March 31, 2025
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FINANCE DEPARTMENT
V I
Remembering what connects us.
g
May 1, 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 March 31, 2025 is hereby rendered for the City of Tustin and Successor
Agency for the Tustin Community Redevetopment 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.
Respectfutly submitted,
John deeC h a i r
Cit4 of Tustin Audit Commission
l
Jennifer King, Finance Director/City Treasurer
City of Tustin
300 Centennial. Way, Tustin, CA 92780 . 714-573-3060 ■ tustinca.crg
Docusign Envelope ID: 3EFE5DE9-C71E-480B-80B0-BFC4B657B312
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: 3EFE5DEg-C71E-480B-80B0-BFC4B657B312
TABLE OF CONTENTS
City of Tustin I As of March 31, 2025
ECONOMIC UPDATE
ACCOUNT PROFILE
PORTFOLIO HOLDINGS
TRANSACTIONS
CAtCHANDLER
ASSET MANAGEMENT
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CHANDLER
it% ASSET MANAGEMENT
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ECONOMIC UPDATE
CHANDLER
ASSET MANAGEMENT
Recent economic data suggest slower growth in 2025 and greater market uncertainty as the effects of fiscal policy unfold. 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) left the Federal Funds Rate unchanged at the range of 4.25 - 4.50% at
the March meeting. Fed Chair Powell emphasized increased uncertainty around the economic outlook and the need for "greater clarity"
before making changes to interest rate policy. He also acknowledged possible transitory inflationary impacts from tariffs. The summary of
economic projections (SEP) indicated lower GDP growth, higher inflation, and higher unemployment estimates than December projections,
along with roughly two 25-basis point rate cuts this year. The FOMC also announced a slowdown in the pace of balance sheet reduction.
■ US Treasury yields declined, and the curve steepened in March. The 2-year Treasury yield declined 10 basis points to 3.89%, the 5-year
Treasury fell 7 basis points to 3.95%, and the 10-year Treasury yield was unchanged 4.21%. The spread between the 2-year and 10-year
Treasury yield points on the curve widened to +32 basis points at March month -end versus +22 basis points at February month -end. The
spread between the 2-year Treasury and 10-year Treasury yield one year ago was -42 basis points. The spread between the 3-month and 10
year Treasury yield points on the curve was -9 basis points in March, unchanged from February.
3
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EMPLOYMENT
1,000
_ :IH
0
0
600
M 400
0
t
c 200
0 -200
E11
Nonfarm Payroll (000's)
tea. Sob. 11;7dr S0'0 �01. S�°;0 �011 SPa �dr s�°;0 �ar,
1-0 1-0 �1 �� �� �S ��' �Q �Q 'S
Source: US Department of Labor
CHANDLER
ASSET MANAGEMENT
Unemployment Rate
25.0%
- - Underemployment Rate (U6)
;• Unemployment Rate (U3)
20.0%
e 15.0% ••
a •
m •
oc •
10.0%
5.0 %
0.0 %
SoAll��'r S90 �0, SoPb �dr SPz �ar Sob �dr
')0 13p �l �1 �? �� �S �S �Q �g 'S
Source: US Department of Labor
The U.S. economy added 228,000 jobs in March, exceeding consensus expectations, and the last two months were revised down by
48,000. Gains were led by healthcare, retail, social assistance, and transportation. The three-month moving average and six-month
moving average payrolls totaled 152,000 and 181,000 respectively. The unemployment rate rose to 4.2% in March, and the labor
participation rate edged up to 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 edged down to 7.9% in March from
8.0% in February. Average hourly earnings ticked down to an increase of 3.8% year -over -year in March.
4
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JOB OPENINGS & LABOR TURNOVER SURVEY
Job Openings
14,000
Recession
12,000
Historical Average
10,000
0
0
8,000
C
C
c 6,000
L
F
C
WIM
2,000
CHANDLER
ASSET MANAGEMENT
0
,6
69
69
bo
60
61
61
61
6Z
61
6Z
bZ
bz
bz
6�
6�
b�
b�
6�
6�
6
S
6
S
9
O
1
�'
V
S
6
8
9
O
1
2
�'
Q
S
Source: US Department of Labor
The Labor Department's Job Openings and Labor Turnover Survey (JOLTS) fell to 7.57 million new job openings in February from 7.76
million new job openings in January. Job openings indicate a ratio of 1.1 jobs for each unemployed individual, representing a relatively
balanced labor market.
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INFLATION
10.0%
9.0 %
8.0%
7.0 %
v
Y 6.0%
M
r
5.0%
0
> 4.0%
O
3.0%
2.0%
1.0%
0.0 %
Consumer Price Index (CPI)
2ldr SPp /J7dr Sob �dr SPz 2ldr SPz 2ldr Sob 2!0/�S
�
O
Source: US Department of Labor
10.0% -
9.0
8.0%
7.0%
6.0%
v 5.0%
0
i 4.0%
O
} 3.0%
2.0%
1.0%
0.0%
�06,>0 q�g�o.c0,6 q4>
Source: US Department of Commerce
CHANDLER
ASSET MANAGEMENT
Personal Consumption Expenditures (PCE)
PCE Price Deflator YOY % Change
- - - PCE Core Deflator YOY % Change
Fed Target
�0,6, qel
�06�.3 q�06�S! q�Q �06�S
In March, price increases measured by both the Consumer Price Index (CPI) and Core CPI, which excludes volatile food and energy
components, decelerated from last month and came in lower than consensus expectations. The headline CPI dropped 0.1% month -over -
month and rose 2.4% year -over -year, while the Core CPI rose 0.1% month -over -month and 2.8% year -over -year. The Personal Consumption
Expenditures (PCE) price index increased by 0.3% from the previous month and 2.5% year -over -year in February. The Core PCE deflator,
which excludes food and energy and is the Fed's preferred gauge, accelerated its increase to 0.4% month -over -month and 2.8% from 2.6%
year -over -year. Inflation remains above the Fed's 2%target.
Docusign Envelope ID: 3EFE5DEg-C71E-480B-80B0-BFC4B657B312
CONSUMER
60.0%
50.0%
40.0%
30.0%
o�
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
117 SPp` 2ldi S_ 2!o'r SPA 2lar SPa �ar & �/ar
:O �p �1 �1 �� �� ��' ��' �Q �Q 'S
Source: US Department of Commerce
CHANDLER
ASSET MANAGEMENT
Consumer Confidence
117d 47 �d �d �d �d �d 4d 47 4d /-
, - , -,1 r,1 ,- r,1 r,1 r,� /,� /;�
S ,9 1 a' S .9 1 a' S
Source: The Conference Board
All time high is 144.70 (1131100), All time low is 25.30 (2128109)
Advance Retail Sales increased 1.4% month -over -month in March following a 0.2% gain in February. Auto sales jumped, and spending
ramped up broadly ahead of tariffs. Building materials, garden equipment, and restaurants also soared with the transition to spring
weather. However, control group sales, which feeds into gross domestic product, increased a disappointing 0.4% in March. On a year -
over -year basis, Retail Sales grew 4.6% in March versus 3.5% in February. The Conference Board's Consumer Confidence Index tumbled
7.2 points in March to 92.9, a notable decrease from February. Consumers' assessment of the present situation fell, and expectations for
income, business, and labor market conditions dropped, with pessimism about future employment prospects falling to a 12-year low.
While the consumer has been resilient, rising inflation expectations, concerns about trade policies and tariffs, and general economic and
policy uncertainty could pose potential risks to future spending.
7
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LEADING INDICATORS OF ECONOMIC ACTIVITY
15.0%
10.0%
5.0%
a
IT 0.0%
M
s
-5.0%
0
0 -10.0%
-15.0%
-20.0%
-25.0%
Leading Economic Indicators (LEI)
�01- �0/1 �di �01- �dr,
WS WS 9a' 05 01
Source: The Conference Board
2Jdr �dr �0 �dr �dr �dr
OS. OS 1? 1j �1 �S
CHANDLER
ASSET MANAGEMENT
Chicago Fed National Activity Index (CFNAI)
1.00
0.75
0.50
a
0.25
a
a 0.00
s
c
0 -0.25
M
-0.50
-0.75
-1.00
`pS cPS SS `9�
Source: Federal Reserve Bank of Chicago
�Pb, �Pb, �Pb, �Pb, �Pb, �Pb, �Pb,
01 OS OS 1& 1j �1 -)S
The Conference Board's Leading Economic Index (LEI) fell by 0.7% in March, following a 0.2% decline in February. The LEI decreased by
3.5% year -over -year. The Conference Board forecasted slower growth ahead, as trade policy uncertainty took a toll on consumer
sentiment, stock prices, and new orders for manufacturing. The Chicago Fed National Activity Index (CFNAI) increased to +0.18 in
February from a revised -0.08 in January, reflecting stronger readings across production -related indicators and sales, orders, and
inventories. The three-month moving average rose to +0.15 in February from +0.07 in January, indicating expectations of continued above -
trend economic growth.
i
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HOUSING _ ORCHANDLER
ASSET MANAGEMENT
2,400
2,200
2,000
1,800
1,600
to 1,400
E 1,200
'0 1,000
800
11
11I17
tL�Z�7
0
I
Annualized Housing Starts
■ Multi Family Housing Starts
■ Single Family Housing Starts
11 . 11111
2l01- �01- �0- �01- �dr; �dr, 2/dr, 2ldr, �dr, �ot �di
OS O) 00 1? 1S 1S ,Ij 19 �1 �S 'S
Source: US Department of Commerce
24.0%
20.0%
16.0%
12.0%
8.0%
c
s 4.0%
U
0.0%
o -4.0%
r -8.0%
-12.0%
-16.0%
-20.0%
S&P/Case-Shiller 20 City Composite Home Price Index
/2,O �0 120 �1 �1 h1 �1 �-7��
S � 9 .j .z' S � 9 .l ,�' S
Source: S&P
Housing starts plunged 11.4% to 1.3 million units in March as builders anticipated higher mortgage rates and slower demand, as well as
uncertainty about building costs for materials and labor. Single family starts plummeted 14.2%, and multi -family starts fell 3.5%. Total
starts increased 1.9% compared to March 2024. The Freddie Mac 30-year fixed rate mortgage averaged approximately 6.7% in March.
According to the Case-Shiller 20-City Home Price Index, housing prices rose 4.7% year -over -year in January, compared to 4.5% in
December. While inventory constraints remain a challenge, the slight improvement in annual gains suggests gradual stabilization in the
market. However, higher mortgage rates continue to weigh on affordability, limiting buyer demand and market activity.
Docusign Envelope ID: 3EFE5DE9-C71 E-480B-80B0-BFC4B657B312
SURVEY BASED MEASURES
70
65
60
55
50
45
40
C3% CHANDLER
ASSET MANAGEMENT
Institute of Supply Management (ISM) Surveys
ISM Manufacturing - - - - - ISM Services
J
oP
dr�0 '>0 a'>0 -'0 d, �Z ��1 ,0�1 c�1 dr�� ��� a�� c�� dr�S ��S p�S c�S dr�Q ��Q a�Q c�Q dr�S
Source: Institute for Supply Management
The Institute for Supply Management (ISM) Manufacturing index dipped back into contraction at 49.0 in March from 50.3 in February. The
survey reflected a decline in business activity, upward price pressures, and notably weaker employment. The ISM Services index declined
to 50.8 in March from 53.5 in February as new orders, employment, and supplier deliveries all weakened. A reading over 50 indicates
expansion, while a reading under 50 indicates contraction.
10
Docusign Envelope ID: 3EFE5DE9-C71 E-480B-80B0-BFC4B657B312
GROSS DOMESTIC PRODUCT (GDP)
Personal Consumption Expenditures
1.3%
1.9%
2.5%
Gross Private Domestic Investment
0.6%
1.5%
0.2%
Net Exports and Imports
-0.6%
-0.9%
-0.4%
Federal Government Expenditures
0.0%
0.3%
0.6%
State and Local (Consumption and Gross
0.3%
0.3%
0.3%
Investment)
Total
1.6%
3.0%
3.1%
Source: US Department of Commerce
CHANDLER
ASSET MANAGEMENT
Gross Domestic Product (GDP)
1Z/Z4 M.
30.0%
2.7%
20.0%
°
-1. °
10.0%
0.3
0.0 %
' -
-10.0%
0.3%
-20.0%
GDP QOQ % Change
0.3%
-30.0%
GDP YOY %Change
-40.0%
2.4%
O ✓ O ✓ O ✓
O ✓ O ✓ O
l9 �O -3O
Source: US Department of Commerce
According to the third estimate, fourth quarter GDP increased at an annualized rate of 2.4 percent, revised up 0.1 percentage point from
the second estimate. Growth continues to be powered by consumer spending and government spending, partly offset by a decrease in
investment. Imports also decreased. Real GDP increased 2.8 percent in 2024. The consensus projection calls for 1.2% growth for the first
quarter and 2.0% for the full year 2025.
Docusign Envelope ID: 3EFE5DE9-C71 E-480B-80B0-BFC4B657B312
FEDERAL RESERVE ORCHANDLER
ASSET MANAGEMENT
10,000,000
9,000,000
8,000,000
7,000,000
c 6,000,000
= 5,000,000
4,000,000
3,000,000
2,000,000
1,000,000
0
Federal Reserve Balance Sheet Assets
■ Recession
2l01- �0/1 2ldr, 2ldi_ �df; �df; �01- �dr �dr �dr; 270
r
OS 0) 00 .l1 .1�, 'lS .jj 19 �? 2& �S
Source: Federal Reserve
6.00%
5.00%
4.00%
0
:2 3.00%
a
r
"1i11Y
1.00%
0.00%
Effective Federal Funds Rate
/1�1d �d �d �d��d �d �d �d �d �d �d
�'O �'0 �'0 '1 1 �'1 �'1 �'1 �'� r'S
S > 9 1 S � 9 1 S
Source: Bloomberg
As broadly anticipated, the Federal Open Market Committee (FOMC) left the Federal Funds Rate unchanged at the range of 4.25 - 4.50%
at the March meeting. Fed Chair Powell emphasized increased uncertainty around the economic outlook and the need for "greater clarity"
before making changes to interest rate policy. He also acknowledged possible transitory inflationary impacts from tariffs. The summary
of economic projections (SEP) indicated lower GDP growth, higher inflation, and higher unemployment estimates than December
projections, along with roughly two 25-basis point rate cuts this year. The FOMC also announced a slowdown in the pace of balance
sheet reduction. The monthly redemption cap on Treasuries will be reduced from $25 billion to $5 billion, while the cap on agencies and
mortgage -backed securities will be maintained at $35 billion. Since the Fed began its Quantitative Tightening campaign in June 2022,
securities holdings have declined by approximately $2.2 trillion to approximately $6.8 trillion.
12
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BOND YIELDS ORCHANDLER
ASSET MANAGEMENT
6.0%
5.0%
4.0%
2.0%
1.0%
US Treasury Note Yields
-Year
0.0%
117ar sob �dr sob �dr SPb �dr SPb �dr sob �dr
1)0 �0 �1 �1 �� �� �.3' �,�' Est �Q ")S
Source: Bloomberg
6.0 %
5.0 %
4.0%
2.0 %
1.0%
0.0%
US Treasury Yield Curve
,' 6 S � -7
�0 �0 y� yr yr 6yr
Source: Bloomberg
Mar-25
- - - Dec-24
•••• Mar-24
At the end of March, the 2-year Treasury yield was 74 basis points lower, and the 10-Year Treasury yield was 6 basis points higher, year -
over -year. The spread between the 2-year and 10-year Treasury yield points on the curve widened to +32 basis points at March month -
end versus +22 basis points at February month -end. The recent yield curve inversion which began in July 2022 was historically long. The
average historical spread (since 2005) is about +99 basis points. The spread between the 3-month and 10-year Treasury yield points on
the curve was -9 basis points in March, unchanged from February.
13
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CHANDLER
it% ASSET MANAGEMENT
14
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OBJECTIVES
Investment Objectives
The investment objectives of the City of Tustin are first, to provide safety of principal to
ensure the preservation of capital in the overall portfolio; second, to provide adequate
liquidity to meet all requirements which might be reasonably anticipated; and third, to earn a
commensurate rate of return.
Chandler Asset Management Performance Objective
The performance objective for the accounts is to achieve a rate of return over a market cycle
that equals or exceeds the return on a market index of similar duration and sector allocation.
Strategy
In order to achieve these objectives, the portfolio invests in high quality fixed income securities
consistent with the investment policy and California Government Code.
CHANDLER
ASSET MANAGEMENT
15
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STATEMENT OF COMPLIANCE ,,,CHANDLER
ASSET MANAGEMENT
City of Tustin Cons Account I Account #10795 1 As of March 31, 2025
Rules Name Limit Actual Compliance Notes
Status
AGENCY MORTGAGE SECURITIES (CMOS)
Max % (MV) 20.0 2.6 Compliant
Max % Issuer (MV) 10.0 2.6 Compliant
Max Maturity (Years) 5.0 4.1 Compliant
Min Rating (AA- by 1)
BANKERS' ACCEPTANCES
Max % (MV)
0.0 0.0 Compliant
30.0 0.0 Compliant
Max % Issuer (MV)
5.0
0.0
Compliant
Max Maturity (Days)
180
0.0
Compliant
Min Rating (A- by 1)
0.0
0.0
Compliant
CERTIFICATE OF DEPOSIT PLACEMENT SERVICE
(CDARS)
Max % (MV)
30.0
0.0
Compliant
COLLATERALIZED BANK DEPOSITS
Max % (MV)
100.0
0.0
Compliant
Max % Issuer (MV)
30.0
0.0
Compliant
Max Maturity (Years)
5.0
0.0
Compliant
Min Rating (A- by 1)
0.0
0.0
Compliant
COLLATERALIZED TIME DEPOSITS (NON-
NEGOTIABLE CD/TD)
Max Maturity (Years)
5.0
0.0
Compliant
Min Rating (A- by 1)
0.0
0.0
Compliant
COMMERCIAL PAPER
Max % (MV)
30.0
0.0
Compliant
Max % Issuer (Corporate & Commercial Paper; MV)
10.0
1.0
Compliant
Max % Issuer (MV)
5.0
0.0
Compliant
Max Maturity (Days)
270
0.0
Compliant
Min Rating (A-1 by 1 or A- by 1)
0.0
0.0
Compliant
CORPORATE MEDIUM TERM NOTES
Max % (MV)
30.0
19.4
Compliant
16
Docusign Envelope ID: 3EFE5DE9-C71 E-480B-80BO-BFC4B657B312
STATEMENT OF COMPLIANCE 011CHANDLER
ASSET MANAGEMENT
City of Tustin Cons Account I Account #10795 1 As of March 31, 2025
Max % Issuer (Corporate & Commercial Paper; MV)
10.0
1.0
Compliant
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
7.9
Compliant
Max % Issuer (MV)
50.0
3.7
Compliant
Max Maturity (Years)
5
4
Compliant
JPA INVESTMENT POOLS
Max % (MV)
100.0
41.2
Compliant
Max % Issuer (MV)
50.0
41.0
Compliant
Max Maturity (Years)
5.0
0.0
Compliant
LOCAL AGENCY INVESTMENT FUND (LAIF)
Max Concentration (MV)
75.0
7.1
Compliant
MONEY MARKET MUTUAL FUNDS
Max % (MV)
20.0
0.4
Compliant
Max % Issuer (MV)
10.0
0.4
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: 3EFE5DE9-C71 E-480B-80B0-BFC4B657B312
STATEMENT OF COMPLIANCE ,,,CHANDLER
ASSET MANAGEMENT
City of Tustin Cons Account I Account #10795 1 As of March 31, 2025
Min Rating (A- by 1)
0.0
0.0
Compliant
NEGOTIABLE CERTIFICATES OF DEPOSIT (NCD)
Max % (MV)
30.0
0.6
Compliant
Max % Issuer (MV)
5.0
0.1
Compliant
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
21.2
Compliant
Max % Issuer (MV)
100.0
21.3
Compliant
Max Maturity (Years)
5
4
Compliant
18
Docusign Envelope ID: 3EFE5DE9-C71E-480B-80B0-BFC4B657B312
PORTFOLIO SUMMARY
,,,CHANDLER
ASSET MANAGEMENT
City of Tustin Cons Account Account #10795 As of March 31, 2025
Portfolio Characteristics
Account Summary
Top Issuers
Average Modified Duration
1.08
End Values as of
End Values as ofCalifornia
Asset Mgmt Program 41.16%
Government of The United States 21.24%
Average Coupon
3.63%
Market Value
206,819,067.64
199,076,938.75
Farm Credit System 3.72%
Average Purchase YTM
4.02%
Accrued Interest
820,136.96
743,371.72
LAIF 3.57%
Average Market YTM
4.20%
Total Market
Value
207,639,204.61
199,820,310.47
Federal Home Loan Banks 3.19%
Citizens Business Bank 3.12%
Average Credit Quality *
AA+
Income Earned
684,245.75
921,116.33
Cont/WD
1,827,968.73
(9,123,403.39)
FHLMC 2.58%
Average Final Maturity
1.20
JPMorgan Chase & Co. 1.00%
Par
207,984,597.24
199,901,140.00
Average Life
1.11
Book Value
207,170,482.09
199,100,936.79
Cost Value
206,848,509.50
198,811,581.65
Sector Allocation
LGIP
US Treasury
21.24%
Corporate
19.40%
Agency
7.90%
LAIF
3.57%
Cash
3.17%
Agency CMBS
2.58%
Neg CD
0.50%
41.16%
Maturity Distribution
100%
50%
a�
� •S d� ? d
s J, s
Credit Quality
AAA 43.6% 0 AA 33.5% 0 A 14.3%
Performance Review
Total Rate of Return" IM 3M YTD 1YR 2YRS 3YRS SYRS 10YRS Since Inception
City of Tustin Cons Agg 0.42% 1.46% 1.46% 5.08% 4.62% 3.31% -- 1.62%
Benchmark Return 0.52% 2.00% 2.00% 5.50% 3.96% 2.49% -- -- 0.73%
Secondary Benchmark Return 0.47% 1.59% 1.59% 5.43% 4.19% 2.84% -- 1.29%
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
19
Docusign Envelope ID: 3EFE5DE9-C71 E-480B-80B0-BFC4B657B312
MATURITY DISTRIBUTION
City of Tustin Cons Account I Account #10795 1 As of January 31, 2025
140,000,000
120,000,000 11.7,4.5.0,531.93
100,000,000
a)
80,000,000
as
60,000,000
75
40,000,000
20,000,000
0-.25
6,967,189.32
25-.5
4,854,500.04
5-1
10,445,627.01
1-2
6,906,492,
2-3
3-4
CHANDLER
ASSET MANAGEMENT
23,965,708.43
4-5
20
Docusign Envelope ID: 3EFE5DE9-C71 E-480B-80BO-BFC4B657B312
PORTFOLIO SUMMARY
,,,CHANDLER
ASSET MANAGEMENT
City of Tustin I Account #10783 As of March 31, 2025
Portfolio Characteristics
Account Summary
Top Issuers
Average Modified Duration
2.38
End
Values as of
End Values as ofGovernment
of The United States 31.63%
Farm Credit System 8.27%
Average Coupon
3.27%
Market Value
85,860,890.77
89,535,515.69
Federal Home Loan Banks 7.09%
Average Purchase YTM
3.50%
Accrued Interest
719,711.90
648,421.99
FHLMC 5.73%
Average Market YTM
4.23%
Total Market
Value
86,580,602.67
90,183,937.68
JPMorgan Chase & Co. 2.23%
Average Credit Quality *
AA
Income Earned
238,432.98
277,232.27
FNMA 2.22%
Cont/WD
5,500,000.00
3,000,000.00
o
U.S. Bancorp 1.56%
Average Final Maturity
2.65
Toyota Motor Corporation 1.15%
Par
86,962,245.70
90,322,983.58
Average Life
2.44
Book Value
86,218,658.43
89,562,609.28
Cost Value
86,167,352.56
89,479,139.82
Sector Allocation
Corporate
43.14%
US Treasury
31.53%
Agency
17.57%
AgencyCMBS
5.73%
Neg CI]
' 1.33%
Money Mkt I'd
I 0.59%
Cash
0.00%
Maturity Distribution
50%
25%
Credit Quality
AAA 1.7% 0 AA 62.2% 0 A 32.3%
Performance Review
Total Rate of Return" IM 3M YTD 1YR 2YRS 3YRS SYRS 10YRS Since Inception
City of Tustin 0.50% 2.05% 2.05% 5.52% 4.82% 3.19% -- 1.54%
Benchmark Return 0.52% 2.00% 2.00% 5.50% 3.96% 2.49% -- -- 0.73%
Secondary Benchmark Return 0.47% 1.59% 1.59% 5.43% 4.19% 2.84% -- 1.29%
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
21
Docusign Envelope ID: 3EFE5DE9-C71 E-480B-80B0-BFC4B657B312
it%CHANDLER OR CHANDLER
ASSET MANAGEMENT ASSET MANAGEMENT
22
Docusign Envelope ID: 3EFE5DEg-C71E-480B-80B0-BFC4B657B312
ISSUERS
City of Tustin Cons Account I Account #10795 1 As of March 31, 2025
California Asset Mgmt Program
Government of The United States
C
,,,CHANDLER
ASSET MANAGEMENT
�nvestment Type % Portfolio
LGI P 41.16%
US Treasury 21.24%
Farm Credit System
Agency
3.72%
LAI F
LAI F
3.57 %
Federal Home Loan Banks
Agency
3.19%
Citizens Business Bank
Cash
3.12%
FHLMC
Agency CMBS
2.58%
JPMorgan Chase & Co.
Corporate
1.00%
FNMA
Agency
1.00%
U.S. Bancorp
Corporate
0.70%
Toyota Motor Corporation
Corporate
0.52%
Cisco Systems, Inc.
Corporate
0.51%
BlackRock, Inc.
Corporate
0.51%
Deere & Company
Corporate
0.51%
Bank of America Corporation
Corporate
0.51%
National Rural Utilities Cooperative
Corporate
0.51%
PepsiCo, Inc.
Corporate
0.51%
Met Tower Global Funding
Corporate
0.51%
AbbVie Inc.
Corporate
0.51%
Wells Fargo & Company
Corporate
0.51%
State Street Corporation
Corporate
0.51%
Florida Power & Light
Corporate
0.50%
PACCAR Inc
Corporate
0.50%
The Home Depot, Inc.
Corporate
0.50%
Target Corporation
Corporate
0.50%
QUALCOMM Incorporated
Corporate
0.50%
BNY Mellon Corp
Corporate
0.50%
Bank of Montreal
Corporate
0.50%
Duke Energy Corporation
Corporate
0.50%
Northern Trust Corporation
Corporate
0.50%
23
Docusign Envelope ID: 3EFE5DE9-C71E-480B-80BO-BFC4B657B312
ISSUERS
City of Tustin Cons Account I Account #10795 1 As of March 31, 2025
Eli Lilly and Company
Pfizer Inc.
Chubb Limited
C
,,,CHANDLER
ASSET MANAGEMENT
PortfolioInvestment Type %
Corporate 0.50%
Corporate 0.50%
Corporate 0.50%
Morgan Stanley
Corporate
0.50%
Guardian Life Global Funding
Corporate
0.49%
The Toronto -Dominion Bank
Corporate
0.49%
Caterpillar Inc.
Corporate
0.49%
Amazon.com, Inc.
Corporate
0.49%
UnitedHealth Group Incorporated
Corporate
0.49%
The Charles Schwab Corporation
Corporate
0.48%
Royal Bank of Canada
Corporate
0.48%
Honeywell International Inc.
Corporate
0.47%
Apple Inc.
Corporate
0.46%
Walmart Inc.
Corporate
0.43%
First American Govt Oblig fund
Money Mkt Fd
0.38%
Northwestern Mutual Global Funding
Corporate
0.35%
Public Service Enterprise Group Inco
Corporate
0.30%
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
The Goldman Sachs Group, Inc.
Cash
Neg CD
Neg CD
Cash
0.12%
0.12%
0.04%
TOTAL
100.00%
24
Docusign Envelope ID: 3EFE5DE9-C71E-480B-80B0-BFC4B657B312
HOLDINGS REPORT
City of Tustin Cons Account I Account #10795 1 As of March 31, 2025
CHANDLER
ASSET MANAGEMENT
AGENCY
FEDERAL NATIONAL MORTGAGE 04/12/2021 1,982,980.00 99.18 1,983,614.28 1.00% AAA/AA 0.21
3135G04Z3 ASSOCIATION 0.5 06/17/2025 2,000,000.00 0.71% 1,999,141.19 4.41% 2,888.89 (15,526.91) AA 0.21
FEDERAL HOME LOAN BANKS
11/30/2023
1,503,345.00
100.98
11514,715.32
0.76%
AAA/AA
1.63
3130AXU63
4.62511/17/2026
1,500,000.00
4.54%
1,501,839.44
3.99%
25,822.92
12,875.87
AA
1.53
FEDERAL FARM CREDIT BANKS
12/08/2023
1,001,820.00
101.28
11012,840.82
0.51%
AAA/AA
2.51
3133EPH81
FUNDING CORP 4.5 10/04/2027
1,000,000.00
4.45%
1,001,196.78
3.96%
22,125.00
11,644.04
AA
2.30
FEDERAL HOME LOAN BANKS
07/26/2023
1,255,762.50
101.34
1,266,702.09
0.64%
AAA/AA
3.19
3130AWMN7
4.375 06/09/2028
1,250,000.00
4.27%
1,253,782.15
3.92%
17,013.89
12,919.94
AA
2.92
FEDERAL FARM CREDIT BANKS
08/29/2023
1,507,785.00
101.61
11524,173.46
0.77%
AAA/AA
3.41
3133EPUN3
FUNDING CORP 4.5 08/28/2028
1,500,000.00
4.37%
1,505,313.77
3.99%
6,187.50
18,859.69
AA
3.13
FEDERAL HOME LOAN BANKS 4.75
12/08/2023
1,222,020.00
102.75
11233,058.46
0.62%
AAA/AA
3.69
3130AXQK7
12/08/2028
1,200,000.00
4.33%
1,216,261.48
3.94%
17,891.67
16,796.98
AA
3.32
FEDERAL FARM CREDIT BANKS
01/29/2024
1,488,945.00
99.50
1,492,442.55
0.75%
AAA/AA
3.80
3133EPW84
FUNDING CORP 3.875 01/18/2029
1,500,000.00
4.04%
1,491,541.16
4.02%
11,786.46
901.39
AA
3.47
FEDERAL HOME LOAN BANKS 4.5
04/25/2024
1,384,040.00
101.94
1,427,172.85
0.72%
AAA/AA
3.94
3130AVBD3
03/09/2029
1,400,000.00
4.76%
1,387,091.97
3.96%
3,850.00
40,080.88
AA
3.58
FEDERAL FARM CREDIT BANKS
04/25/2024
1,376,046.00
101.55
1,421,703.77
0.71%
AAA/AA
4.03
3133ERAK7
FUNDING CORP 4.375 04/10/2029
1,400,000.00
4.77%
1,380,502.56
3.95%
29,093.75
41,201.21
AA
3.59
FEDERAL FARM CREDIT BANKS
09/17/2024
2,002,440.00
97.77
1,955,456.14
0.98%
AAA/AA
4.45
3133ERSP7
FUNDING CORP 3.5 09/10/2029
2,000,000.00
3.47%
2,002,178.28
4.05%
4,083.33
(46,722.14)
AA
4.06
FEDERAL HOME LOAN BANKS
09/30/2024
921,906.00
100.43
903,830.75
0.45%
AAA/AA
4.46
3130ATHX8
4.125 09/14/2029
900,000.00
3.58%
919,702.08
4.02%
1,753.13
(15,871.33)
AA
4.03
15,647,089.51
100.57
15,735,710.49
7.90%
3.11
Total Agency
15,650,000.00
3.80%
15,658,550.87
4.04%
142,496.53
77,159.61
2.83
AGENCY CMBS
3137F1G44
FHMS K-065 A2 3.243 04/25/2027
750,000.00
06/08/2023
719,560.55
98.05
735,396.00
0.37%
AAA/AA
2.07
4.39%
733,990.78
4.19%
2,026.88
1,405.22
AAA
1.88
3137FEZU7
FHMS K-076 A2 3.9 04/25/2028
750,000.00
10/30/2023
708,310.55
98.94
742,030.80
0.37%
AAA/AA
3.07
5.32%
721,655.31
4.22%
2,437.50
20,375.49
AAA
2.76
3137FJKE8
FHMS K-082 A2 3.92 09/25/2028
750,000.00
10/30/2023
705,556.64
98.85
741,341.93
0.37%
AAA/AA
3.49
5.31%
718,549.71
4.24%
2,450.00
22,792.21
AAA
3.13
25
Docusign Envelope ID: 3EFE5DE9-C71 E-480B-80BO-BFC4B657B312
HOLDINGS REPORT
City of Tustin Cons Account I Account #10795 1 As of March 31, 2025
3137FKZZ2
3137FLN91
CHANDLER
ASSET MANAGEMENT
FHMS K-088 A2 3.69 01/25/2029 1,000,000.00 07/22/2024 963,789.06 97.95 979,481.20 0.49% AAA/AA 3.82
4.58% 969,373.72 4.25% 3,075.00 10,107.48 AA 3.42
FHMS K-091 A2 3.505 03/25/2029 1,000,000.00 03/05/2025 970,234.38 97.23 972,262.70 0.49% AAA/AAA 3.98
4.31% 970,685.37 4.26% 2,920.83 1,577.33 AA 3.55
3137FLYVO FHMS K-092 A2 3.298 04/25/2029 1,000,000.00 09/17/2024 981,484.38
96.39
963,876.40
0.48% AAA/AA
4.07
3.72% 983,644.91
4.26%
2,748.33
(19,768.51) AAA
3.67
5,048,935.56
97.81
5,134,389.03
2.58%
3.49
Total Agency CMBS 5,250,000.00 4.55% 5,097,899.81
4.24%
15,658.54
36,489.22
3.13
CASH
CBGMMF$04 Citizens Business Bank
CBGMMF$03 Citizens Business Bank
CCYUSD Receivable
CCYUSD Receivable
CCYUSD Receivable
457,974.46 01/31/2025 457,974.46 1.00 457,974.46
457,974.46 0.00% 0.00
5,762,870.80 03/31/2025 5,762,870.80 1.00 5,762,870.80
5,762,870.80 0.00% 0.00
859.73
0.00%
2,421.25
0.00%
78,675.74
0.00%
859.73
1.00
859.73
0.00%
2,421.25
1.00
2,421.25
0.00%
859.73
0.00
2,421.25
0.00
0.23%
NA/NA
0.00
0.00
NA
0.00
2.89%
NA/NA
0.00
0.00
NA
0.00
0.00%
AAA/AAA
0.00
0.00
AAA
0.00
0.00%
AAA/AAA
0.00
0.00
AAA
0.00
78,675.74 1.00 78,675.74 0.04% AAA/AAA 0.00
78,675.74 0.00% 0.00 0.00 AAA 0.00
6,302,801.98 1.00 6,302,801.98
Total Cash 6,302,801.98 0.00% 6,302,801.98 0.00% 0.00
CORPORATE
69371RR73 PACCAR FINANCIAL CORP 2.85
04/07/2025
437076CM2
87612EBL9
06406RAN7
3.17% 0.00
0.00 0.00
1,000,000.00 03/31/2022 999,740.00 99.97 999,716.27 0.50% A/A
2.86% 999,998.58 4.49% 13,775.00 (282.31) NA
HOME DEPOT INC 2.7 04/15/2025
1,000,000.00 03/28/2022
995,620.00
99.92
999,244.41
0.50%
A/A
2.85%
999,944.86
4.59%
12,450.00
(700.45)
A
TARGET CORP 2.25 04/15/2025
1,000,000.00 02/04/2022
1,010,340.00
99.90
998,982.61
0.50%
A/A
1.90%
1,000,000.00
4.82%
10,375.00
(1,017.39)
A
BANK OF NEW YORK MELLON
1,000,000.00 02/04/2022
989,120.00
99.81
998,111.09
0.50%
AA/A
CORP 1.6 04/24/2025
1.95%
999,786.30
4.53%
6,977.78
(1,675.21)
AA
0.02
0.02
0.04
0.04
0.04
0.04
0.07
0.06
26
Docusign Envelope ID: 3EFE5DE9-C71E-480B-80B0-BFC4B657B312
HOLDINGS REPORT
City of Tustin Cons Account I Account #10795 1 As of March 31, 2025
CHANDLER
ASSET MANAGEMENT
BANK OF MONTREAL 1.85
08/17/2021
1,034,530.00
99.77
997,701.13
0.50%
A/A
0.08
06367W685 05/01/2025
1,000,000.00 0.91%
1,000,766.77
4.58%
7,708.33
(3,065.64)
AA
0.08
91159HHZ6 US BANCORP 1.45 05/12/2025
1,400,000.00 12/23/2021
1,406,818.00
99.62
1,394,707.02
0.70%
A/A
0.11
1.30%
1,400,057.45
4.76%
7,838.06
(5,350.43)
A
0.11
747525AFO QUALCOMM INC 3.45 05/20/2025
1,000,000.00 03/23/2022
1,018,960.00
99.86
998,571.18
0.50%
A/A
0.14
2.76%
1,000,000.00
4.45%
12,554.17
(1,428.82)
NA
0.14
717081EX7 PFIZER INC 0.8 05/28/2025
1,000,000.00 03/23/2022
945,010.00
99.41
994,149.18
0.50%
A/A
0.16
2.59%
997,297.91
4.51%
2,733.33
(3,148.73)
NA
0.16
NORTHWESTERN MUTUAL
06/30/2022
703,738.00
99.86
699,034.04
0.35%
AAA/AA
0.25
66815L2J7
GLOBAL FUNDING 4.0 07/01/2025
000.00
700,3.81%
700,311.50
4.51%
7,000.00
(1,277.47)
AAA
0.25
COLGATE-PALMOLIVE CO 3.1
08/01/2022
344,682.60
99.48
343,189.47
0.17%
AA/A
0.38
194162AM5
08/15/2025
345,000.00
3.13%
344,960.83
4.52%
1,366.58
(1,771.36)
NA
0.37
DUKE ENERGY PROGRESS LLC3.25
04/25/2022
1,000,280.00
99.57
995,732.58
0.50%
AA/A
0.38
26442UAA2
08/15/2025
1,000,000.00
3.24%
1,000,011.30
4.40%
4,152.78
(4,278.72)
NA
0.37
TORONTO-DOMINION BANK 0.75
08/17/2021
993,000.00
98.35
983,524.99
0.49%
A/A
0.45
89114QCK2
09/11/2025
1,000,000.00
0.92%
999,231.13
4.53%
416.67
(15,706.14)
AA
0.44
CATERPILLAR FINANCIAL SERVICES
04/21/2021
991,780.00
97.94
979,359.42
0.49%
A/A
0.62
14913R2H9
CORP 0.8 11/13/2025
1,000,000.00
0.98%
998,884.25
4.22%
3,066.67
(19,524.83)
A
0.60
JPMORGAN CHASE & CO 2.083
2,072,110.00
99.84
1,996,734.28
1.00%
A/A
1.06
46647PBK1
04/22/2026
2,000,000.00
0.97%
2,001,260.04
6.16%
18,399.83
(4,525.76)
AA
0.06
CHUBB INA HOLDINGS LLC 3.35
07/23/2021
1,102,780.00
98.92
989,216.68
0.50%
A/A
1.09
00440EAV9
05/03/2026
1,000,000.00
0.98%
11019,616.16
4.37%
13,772.22
(30,399.48)
A
1.04
AMAZON.COM INC 1.0
05/12/2021
995,200.00
96.66
966,578.00
0.49%
A/AA
1.11
0231356X3
05/12/2026
1,000,000.00
1.10%
998,931.58
4.10%
3,861.11
(32,353.58)
AA
1.08
CHARLES SCHWAB CORP 1.15
07/23/2021
1,007,990.00
96.55
965,467.95
0.48%
A/A
1.12
808513BR5
05/13/2026
1,000,000.00
0.98%
1,001,763.37
4.35%
4,408.33
(36,295.42)
A
1.08
UNITEDHEALTH GROUP INC 1.15
07/28/2021
1,007,110.00
96.56
965,640.14
0.49%
A/A
1.12
91324PEC2
05/15/2026
1,000,000.00
1.00%
11001,578.32
4.32%
4,344.44
(35,938.18)
A
1.09
ROYAL BANK OF CANADA 1.15
07/28/2021
999,090.00
96.15
961,532.35
0.48%
A/A
1.29
78016EZT7
07/14/2026
1,000,000.00
1.17%
999,764.21
4.25%
2,459.72
(38,231.86)
AA
1.25
931142ERO
WALMART INC 1.05 09/17/2026
900,000.00
09/22/2021
902,277.00
95.76
861,879.67
0.43%
AA/AA
1.47
1.00%
900,644.39
4.06%
367.50
(38,764.72)
AA
1.42
MORGAN STANLEY 3.625
01/14/2025
979,620.00
98.89
988,932.42
0.50%
A/A
1.81
617466EF9
01/20/2027
1,000,000.00
4.70%
981,727.32
4.27%
7,149.31
7,205.10
A
1.71
27
Docusign Envelope ID: 3EFE5DE9-C71E-48OB-80BO-BFC4B657B312
HOLDINGS REPORT ,,,CHANDLER
ASSET MANAGEMENT
City of Tustin Cons Account I Account #10795 1 As of March 31, 2025
NORTHERN TRUST CORP 4.0
01/30/2023
986,540.00
99.55
995,461.89
0.50%
A/A
2.11
665859AW4
05/10/2027
1,000,000.00
4.35%
993,360.65
4.23%
15,666.67
2,101.24
A
1.97
JOHN DEERE CAPITAL CORP 4.65
01/10/2025
997,270.00
101.24
1,012,404.30
0.51%
A/A
2.77
24422EXZ7
01/07/2028
1,000,000.00
4.75%
997,465.54
4.17%
10,591.67
14,938.76
A
2.55
METTOWER GLOBAL FUNDING
01/10/2025
996,910.00
100.92
1,009,195.65
0.51%
AA/AA
2.79
58989V2K9
4.8 01/14/2028
1,000,000.00
4.91%
997,127.29
4.44%
10,266.67
12,068.36
AA
2.56
WELLS FARGO & CO 4.9
01/30/2025
1,000,770.00
100.56
1,005,638.44
0.51%
A/BBB
2.82
95000U3R2
01/24/2028
1,000,000.00
4.86%
1,000,706.10
4.77%
9,119.44
4,932.34
A
1.70
NATIONAL RURAL UTILITIES
02/07/2025
999,330.00
100.99
1,009,900.04
0.51%
A/NA
2.86
63743HFW7
COOPERATIVE FINANCE CORP 4.75
1,000,000.00
4.77%
999,360.68
4.37%
7,125.00
10,539.36
A
2.55
02/07/2028
00287YDY2
ABBVIE INC 4.65 03/15/2028
1,000,000.00
03/05/2025
1,006,680.00
100.81
1,008,109.61
0.51%
A/A
2.96
4.40%
1,006,518.59
4.35%
4,520.83
1,591.02
NA
2.65
PUBLIC SERVICE ELECTRICAND
06/29/2023
570,144.00
98.11
588,680.82
0.30%
A/A
3.08
74456QBU9
GAS CO 3.7 05/01/2028
600,000.00
4 87%
580,974.61
4.36/0
9,250.00
7,706.21
NA
2.83
FLORIDA POWER & LIGHT CO 4.4
06/07/2023
987,550.00
100.11
1,001,134.10
0.50%
AA/A
3.12
341081GN1
05/15/2028
1,000,000.00
4.69%
992,123.75
4.36%
16,622.22
9,010.35
AA
2.70
TOYOTA MOTOR CREDIT CORP
09/26/2023
996,180.00
102.63
1,026,277.47
0.52%
A/A
3.45
89236TLB9
5.25 09/11/2028
1,000,000.00
5.34%
997,342.88
4.42%
2,916.67
28,934.59
A
3.12
BANK OF AMERICA CORP 4.979
02/14/2025
1,003,780.00
101.01
1,010,136.35
0.51%
A/A
3.82
06051GMK2
01/24/2029
1,000,000.00
4.84%
1,003,631.63
4.74%
9,266.47
6,504.72
AA
2.58
CISCO SYSTEMS INC 4.85
09/27/2024
1,037,530.00
101.78
1,017,844.91
0.51%
A/AA
3.91
17275RBR2
02/26/2029
1,000,000.00
3.90%
1,033,180.42
4.35%
4,715.28
(15,335.51)
NA
3.44
09290DAA9
BLACKROCK INC 4.7 03/14/2029
1,000,000.00
07/22/2024
1,002,010.00
101.53
1,015,283.09
0.51%
AA/AA
3.95
4.65%
1,001,706.15
4.28%
2,219.44
13,576.94
NA
3.50
713448FX1
PEPSICO INC 4.5 07/17/2029
1,000,000.00
07/22/2024
997,560.00
100.94
1,009,382.14
0.51%
A/A
4.30
4.56%
997,897.85
4.26%
9,250.00
11,484.29
NA
3.77
532457CQ9
ELI LILLY AND CO 4.2 08/14/2029
1,000,000.00
08/15/2024
1,000,130.00
99.42
994,171.45
0.50%
AA/A
4.37
4.20%
1,000,113.47
4.35%
5,483.33
(5,942.02)
NA
3.93
HONEYWELL INTERNATIONAL INC
08/15/2024
930,020.00
93.23
932,287.08
0.47%
A/A
4.38
438516BU9
2.7 08/15/2029
1,000,000.00
4.27%
938,762.71
4.42%
3,450.00
(6,475.63)
A
4.04
037833DP2
APPLE INC 2.2 09/11/2029
1,000,000.00
10/30/2024
908,490.00
91.90
918,972.76
0.46%
AAA/AA
4.45
4.31%
916,321.94
4.22%
1,222.22
2,650.82
NA
4.16
28
Docusign Envelope ID: 3EFE5DE9-C71 E-480B-80B0-BFC4B657B312
HOLDINGS REPORT ,,,CHANDLER
ASSET MANAGEMENT
City of Tustin Cons Account I Account #10795 1 As of March 31, 2025
iase
')ate
Units Purchase
Book Value
Mkt
Accrued Int.
Gain/Loss
Fitch
Duration
GUARDIAN LIFE GLOBAL FUNDING
03/05/2025
985,840.00
98.46
984,554.35
0.49%
AA/AA
4.49
40139L6J1 4.179 09/26/2029
1,000,000.00 4.53%
986,061.12
4.56%
580.42
(1,506.77)
NA
4.04
STATE STREET CORP 4.729
03/05/2025
1,003,660.00
100.54
1,005,381.05
0.51%
NA/A
4.91
857477CW1 02/28/2030
1,000,000.00 4.62%
1,003,606.81
4.60%
4,334.92
1,774.24
AA
4.26
38,910,189.60
99.22
38,622,820.38
19.40%
1.97
Total Corporate
38,945,000.00 3.10%
38,792,798.43
4.51%
271,778.08
(169,978.05)
1.70
LAW
Local Agency Investment Fund -- 7,112,296.55
90LAIF$00 7,112,296.55
1.00
7,112,296.55
3.57% NA/NA
0.00
State Pool 4.31% 7,112,296.55
4.31%
0.00
0.00 NA
0.00
7,112,296.55
1.00
7,112,296.55
3.57%
0.00
Total LAW 7,112,296.55 4.31% 7,112,296.55
4.31%
0.00
0.00
0.00
LOCAL GOV
INVESTMENT POOL
90CAMP$00 CAMP
Total Local Gov
Investment Pool
MONEY MARKET
FUND
31846V203 FIRST AMER:GVT OBLG Y
31846V203 FIRST AMER:GVT OBLG Y
Total Money Market
Fund
NEGOTIABLE CD
14042TJB4 Capital One, National Association
3.45 08/04/2025
81,941,911.74
81,941,911.74
-- 81,941,911.73 1.00 81,941,911.74 41.16% NA/AAA 0.00
4.47% 81,941,911.73 4.47% 0.00 0.01 AAA 0.00
81,941,911.73 1.00 81,941,911.74
4.47% 81,941,911.73 4.47% 0.00
41.16% 0.00
0.01 0.00
-- 223,567.40
1.00
223,567.40
0.11%
AAA/AAA
0.00
223,567.40
3.97% 223,567.40
3.97%
0.00
0.00
AAA
0.00
-- 530,562.33
1.00
530,562.33
0.27%
AAA/AAA
0.00
530,562.33
3.97% 530,562.33
3.97%
0.00
0.00
AAA
0.00
754,129.73 1.00 754,129.73 0.38% 0.00
754,129.73 3.97% 754,129.73 3.97% 0.00 0.00 0.00
240,000.00 08/01/2022
3.50%
239,640.00
99.71
239,311.97
0.12%
A/BBB
0.34
239,958.98
4.28%
1,293.04
(647.01)
A
0.34
29
Docusign Envelope ID: 3EFE5DE9-C71E-480B-80B0-BFC4B657B312
HOLDINGS REPORT
City of Tustin Cons Account I Account #10795 1 As of March 31, 2025
02007GXF5
87165EXE2
254673P26
38149MYS6
Total Negotiable CD
US TREASURY
912797KS5
91282CEQ0
9128284R8
91282CEU1
91282CEY3
Ally Bank 3.4 08/04/2025
Synchrony Bank 3.4 08/05/2025
Discover Bank 3.408/08/2025
08/02/2022
239,280.00
99.69
240,000.00
3.50%
239,917.88
4.30%
08/01/2022
239,640.00
99.69
240,000.00
3.45%
239,958.61
4.30%
08/01/2022
239,280.00
99.68
240,000.00
3.50%
239,915.26
4.30%
CHANDLER
ASSET MANAGEMENT
239,248.87 0.12% A/BBB 0.34
1,251.95 (669.01) NA 0.34
239,244.38
0.12%
NA/BBB
0.35
1,246.67
(714.23)
BBB
0.34
239,231.14
0.12%
A/BB13
0.36
1,162.52
(684.12)
A
0.35
Goldman Sachs Bank USA 1.05 000.00 08/17/2021 243,775.00 95.89 234,930.21 0.12% A/A 1.40
08/25/2026 245,1.15% 244,657.19 4.10% 246.68 (9,726.98) AA 1.37
UNITED STATES TREASURY
04/17/2025
UNITED STATES TREASURY 2.75
05/15/2025
UNITED STATES TREASURY 2.875
05/31/2025
UNITED STATES TREASURY 2.875
06/15/2025
UNITED STATES TREASURY 3.0
07/15/2025
1,201,615.00 98.94 1,191,966.57 0.60% 0.56
1,205,000.00 3.03% 1,204,407.92 4.26% 5,200.85 (12,441.35) 0.54
3,000,000.00 07/10/2024 2,886,629.17 99.81 2,994,321.33 1.50% A/AAA 0.05
5.07% 2,993,521.67 4.33% 0.00 799.66 AAA 0.04
05/30/2024
2,443,164.06
99.82
2,495,410.15
2,500,000.00
5.22%
2,492,834.44
4.22%
26,018.65
10/15/2024
2,972,343.75
99.75
2,992,421.88
3,000,000.00
4.39%
2,992,689.98
4.38%
28,907.97
1.25% AAA/AA 0.12
2,575.71 AA 0.12
1.50% AAA/AA 0.17
(268.10) AA 0.16
11/05/2024
2,478,515.63
99.70
2,492,441.40
1.25%
AAA/AA
0.21
2,500,000.00
4.32%
2,492,708.92
4.32%
21,128.09
(267.52)
AA
0.20
11/15/2024
2,973,632.81
99.62
2,988,671.88
1.50%
AAA/AA
0.29
3,000,000.00
4.36%
2,988,416.09
4.29%
18,895.03
255.79
AA
0.29
U N ITE D STATES TR EAS U RY 0.375 04/27/2021 1,957,500.00 96.96 1,939,156.24 0.97% AAA/AA 0.84
91282CBH3 01/31/2026 2,000,000.00 0.83% 1,992,546.00 4.12% 1,243.09 (53,389.76) AA 0.82
91282CBT7 U N ITE D STATES TR EAS U RY 0.75 2,000,000.00 04/27/2021 1,989,531.25 96.80 1,935,984.38 0.97% AAA/AA 1.00
03/31/2026 0.86% 1,997,880.63 4.06% 40.98 (61,896.25) AA 0.98
U N ITE D STATES TR EAS U RY 4.12 5
-- 3,719,978.91
100.58
3,761,767.96
1.89%
AAA/AA
2.50
91282CFM8
09/30/2027
3,740,000.00
4.27% 3,727,634.00
3.88%
421.52
34,133.96
AA
2.35
U N ITE D STATES TR EAS U RY 4.125
02/18/2025 2,487,792.97
100.57
2,514,355.48
1.26%
AAA/AA
2.63
91282CLX7
11/15/2027
2,500,000.00
4.31% 2,488,282.23
3.89%
39,027.97
26,073.25
AA
2.43
UNITED STATES TREASURY 3.5 02/23/2023 1,458,281.25 98.95 1,484,296.88 0.75% AAA/AA 2.84
91282CGH8 01/31/2028 1,500,000.00 4.13% 1,475,985.04 3.89% 8,701.66 8,311.84 AA 2.66
30
Docusign Envelope ID: 3EFE5DE9-C71E-480B-80BO-BFC4B657B312
HOLDINGS REPORT ,,,CHANDLER
ASSET MANAGEMENT
City of Tustin Cons Account I Account #10795 1 As of March 31, 2025
9128283W8 UNITED STATES TREASURY2.75
02/15/2028
91282CHA2 UNITED STATES TREASURY 3.5
04/30/2028
9128285M8 UNITED STATES TREASURY 3.125
11/15/2028
11/08/2024
1,338,039.06
96.94
1,357,125.00
1,400,000.00
4.22%
1,345,328.58
3.88%
4,785.91
02/07/2025
975,898.44
98.85
988,476.56
1,000,000.00
4.31%
976,924.04
3.90%
14,696.13
0.68% AAA/AA 2.88
11,796.42 AA 2.72
0.50% AAA/AA 3.08
11,552.52 AA 2.85
1,500,000.00 02/29/2024 1,425,351.56 97.36 1,460,390.63 0.73% AAA/AA 3.63
4.30% 1,442,538.06 3.91% 17,739.99 17,852.56 AA 3.34
9128286T2
91282CEV9
91282CFCO
UNITED STATES TREASURY 2.375
05/15/2029
UNITED STATES TREASURY 3.25
06/30/2029
UNITED STATES TREASURY 2.625
07/31/2029
1,350,000.00
1,500,000.00
1,500,000.00
05/16/2024
4.41%
08/15/2024
3.82%
08/15/2024
3.81%
1,228,130.86
1,249,444.60
1,462,089.84
1,466,948.48
1,420,078.13
1,430,145.64
94.15
3.93%
97.34
3.93%
94.83
3.93%
1,271,003.91
12,134.15
1,460,157.00
12,254.83
1,422,421.88
6,526.24
0.64%
21,559.32
0.73%
(6,791.48)
0.71%
(7,723.76)
AAA/AA
AA
AAA/AA
AA
AAA/AA
AA
4.12
3.83
4.25
3.89
4.33
4.02
UNITED STATES TREASURY 3.125
09/11/2024
2,455,664.06
96.74
2,418,457.03
1.21%
AAA/AA
4.42
91282CFJ5
08/31/2029
2,500,000.00
3.52%
2,460,576.70
3.94%
6,793.48
(42,119.67)
AA
4.06
UNITED STATES TREASURY4.0
12/16/2024
2,717,666.02
100.22
2,756,123.04
1.38%
AAA/AA
4.59
91282CFT3
10/31/2029
2,750,000.00
4.33%
21719,574.43
3.95%
46,187.85
36,548.61
AA
4.08
UNITED STATES TREASURY4.125
12/04/2024
1,503,339.84
100.77
1,511,601.57
0.76%
AAA/AA
4.67
91282CMA6
11/30/2029
1,500,000.00
4.08%
1,503,125.25
3.94%
20,738.32
8,476.32
AA
4.15
UNITED STATES TREASURY4.375
12/30/2024
1,998,984.38
101.82
2,036,328.12
1.02%
AAA/AA
4.75
91282CMD0
12/31/2029
2,000,000.00
4.39%
11999,034.99
3.95%
21,995.86
37,293.13
AA
4.22
41,892,611.99
98.96
42,280,912.30
21.24%
2.27
Total US Treasury
42,740,000.00
4.02%
42,236,139.77
4.06%
308,237.72
44,772.53
2.09
198,811,581.65
51.81
199,076,938.75
100.00%
1.20
Total Portfolio
199,901,140.00
4.02%
199,100,936.79
4.20%
743,371.72
(23,998.04)
1.08
Total Market Value +
Accrued
199,820,310.47
31
Docusign Envelope ID: 3EFE5DE9-C71 E-480B-80B0-BFC4B657B312
it%CHANDLER OR CHANDLER
ASSET MANAGEMENT ASSET MANAGEMENT
32
Docusign Envelope ID: 3EFE5DE9-C71 E-480B-80BO-BFC4B657B312
TRANSACTION LEDGER
City of Tustin Cons Account I Account #10795 1 02/28/2025 Through 03/31/2025 1
CHANDLER
ASSET MANAGEMENT
ACQUISITIONS
Purchase
03/06/2025
40139LBJ1
1,000,000.00
GUARDIAN LIFE GLOBAL
98.584
4.53%
(985,840.00)
(18,573.33)
(1,004,413.33)
0.00
FUNDING 4.179 09/26/2029
Purchase
03/06/2025
00287YDY2
1,000,000.00
ABBVIE INC 4.65 03/15/2028
100.668
4.40%
(1,006,680.00)
(1,291.67)
(1,007,971.67)
0.00
Purchase
03/06/2025
857477CW1
1,000,000.00
STATE STREET CORP 4.729
100.366
4.62%
(1,003,660.00)
(1,050.89)
(1,004,710.89)
0.00
02/28/2030
Purchase
03/10/2025
3137FLN91
1,000,000.00
FHMS K-091 A2 3.505
97.023
4.31%
(970,234.38)
(876.25)
(971,110.63)
0.00
03/25/2029
Total Purchase
4,000,000.00
(3,966,414.38)
(21,792.14)
(3,988,206.52)
0.00
TOTAL
ACQUISITIONS
4,000,000.00
(3,966,414.38)
(21,792.14)
(3,988,206.52)
0.00
DISPOSITIONS
Maturity
03/03/2025
57636QAN4
(500,000.00)
MASTERCARD INC 2.0
100.000
1.03%
500,000.00
0.00
500,000.00
0.00
03/03/2025
Maturity
03/04/2025
62479LQ40
(2,000,000.00)
MUFG Bank, Ltd. -New York
100.000
5.24%
2,000,000.00
0.00
2,000,000.00
0.00
Branch 03/04/2025
Maturity
03/06/2025
89233GQ66
(1,000,000.00)
Toyota Motor Credit
100.000
5.32%
1,000,000.00
0.00
1,000,000.00
0.00
Corporation 03/06/2025
Total Maturity
(3,500,000.00)
3,500,000.00
0.00
3,500,000.00
0.00
Sale
02/28/2025
90LAIF$00
(2,771,000.00)
Local Agency Investment
1.000
4.32%
2,771,000.00
0.00
2,771,000.00
0.00
Fund State Pool
Sale
03/31/2025
90CAMP$00
(5,500,000.00)
CAMP
1.000
4.47%
5,500,000.00
0.00
5,500,000.00
0.00
Total Sale
(8,271,000.00)
8,271,000.00
0.00
8,271,000.00
0.00
TOTAL
DISPOSITIONS
(11,771,000.00)
11,771,000.00
0.00
11,771,000.00
0.00
33
Docusign Envelope ID: 3EFE5DE9-C71 E-480B-80B0-BFC4B657B312
IMPORTANT DISCLOSURES
City of Tustin Cons Account I Account #10795 1 As of March 31, 2025
2025 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.
34
Docusign Envelope ID: 3EFE5DE9-C71 E-48013-80130-13FC41365713312
BENCHMARK DISCLOSURES
City of Tustin Cons Account I Account #10795 1 As of March 31, 2025
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.
35
Docusign Envelope ID: 3EFE5DE9-C71 E-480B-80B0-BFC4B657B312
CITY OF TUSTIN
Monthly Investment Report
March 31, 2025
Restricted Deposits with Fiscal Agents
Ill
Description / Limits
[21 [31 [4]
Face Amount Shares YTM@Cost Credit Rating Cost Value +Accrued
Interest
151
Market Value
2016 Successor Agency Tax Allocation Bonds, Refunding
3,270.03
N/A
3,270.03
3,270.03
2016 Water Revenue Bonds, Refunding
1,260,918.64
N/A
1,260,918.64
1,260,918.64
2020 Water Revenue Bonds
639,945.06
N/A
639,945.06
639,945.06
2024 Water Revenue Bonds
2,869,490.36
N/A
2,869,490.36
2,869,490.36
CFD 04-1
914,593.87
N/A
914,593.87
914,593.87
CFD 06-1
5,462,956.52
N/A
5,462,956.52
5,462,956.52
CFD 07-1
1,578,732.73
N/A
1,578,732.73
1,578,732.73
CFD 14-1
3,200,745.53
N/A
3,200,745.53
3,200,745.53
15,930,652.74
15,930,652.74
15,930,652.74
Restricted Deposits
with Fiscal Agents TOTAL
15,930,652.74
15,930,652.74
Docusign Envelope ID: 3EFE5DE9-C71 E-480B-80B0-BFC4B657B312
�� ■PUBLIC AGENCY
RETIREMENT SERVICES
CITY OFTUSTIN Account Report for the Period
PARS Post -Employment Benefits Trust 3/ 1/20 25 to 3/ 31120 25
Aldo Schindler
City Manager
City of Tustin
300 Centennial Way
Tustin, CA 92780
Account Summary
Balance as of Balance as of
Source 3/1/2025 Contributions Earnings Expenses Distributions Transfers 3/31/2025
OPEB $4,583,499.39 $0.00-$101,263.35 $1,709.14 $0.00 $0.00 $4,480,526.90
PENSION $15,057,230.32 $0.00-$332,615.95 $5,614.64 $0.00 $0.00 $14,718,999.73
Totals $19,640,729.71 $0.00-$433,879.30 $7,323.78 $0.00 $0.00 $19,199,526.63
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-2.21°% 0.06% 6.28% 4.06% 7.96% 6/26/2018
PENSION -2.21% 0.06% 6.32% 4.08% 7.97% 6/26/2018
Information as provided by US Bank, Trustee for PARS; Not FDIC Insured; No Bank Guarantee; May Lose Value
Past performance does not guarantee future results. Performance returns may not reflect the deduction of applicable fees, which could reduce returns. Information is deemed reliable but may be subject to change.
Investment Return: Annualized rate of return is the return on an investment over a period other than one year multiplied or divided to give a comparable one-year return.
Account balances are inclusive of Trust Administration, Trustee and Investment Management fees
Headquarters- 4350 Von Karman Ave., Suite 100, Newport Beach, CA 92660 800.540.6369 Fax 949.250.1250 www.pars.org