HomeMy WebLinkAbout08 QUARTERLY INVESTMENT REPORT FOR THE CITY OF TUSTINDocusign Envelope ID: 38064E8A-4F76-44FF-82D5-F9610C41D36F
•
AGENDA REPORT
MEETING DATE:
TO:
FROM:
SUBJECT:
SUMMARY:
AUGUST 5, 2025
ALDO E. SCHINDER, CITY MANAGER
Agenda Item
8
Reviewed:
Initial
a`V�
City Manager
Finance Director
Initial
r-4L.
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 JUNE 30, 2025
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 June 30, 2025 is rendered.
The City's total cash and investments amounted to approximately $218 million as of June
30, 2025. The weighted average yield for the investment portfolio was 4.15%, which is
slightly higher than the weighted average portfolio yield for the prior quarter. Economic data
emerged during the quarter suggests slower growth ahead amid market uncertainty, even
Docusign Envelope ID: 38064E8A-4F76-44FF-82D5-F961OC41 D36F
City Council Agenda Report
Quarterly Investment Report for the Period Ended June 30, 2025
August 5, 2025
Page 2
though the labor market continues to add jobs at a pace exceeding consensus expectations.
The national unemployment rate declined to 4.1 % in June compared to 4.2% in March. The
Consumer Price Index (CPI) for June rose 2.7% year -over -year, still above the Fed's 2%
target. The Federal Funds rate remains unchanged as the Federal Open Market Committee
(FOMC) has taken a "wait and see" approach.
The 2-year Treasury yield declined to 3.72% by March 2025, compared to a yield of 3.89%
in March 2025. Similarly, the 5-year Treasury yield dropped to 3.8% by June 2025,
compared to a yield of 3.95% in March 2025.
PARS Pension Trust
As part of the City's pension pay -down plan, the City has made contributions totaling $13.6
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 $17.6 million on June 30,
2025. The five-year annualized return for the PARS Pension Trust Fund was 6.96%.
PARS OPEB Trust
The City has made $4 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 $5.25 million on June 30, 2025. The five-year annualized return for the
PARS OPEB Trust Fund was 6.95%.
Investment Compliance Certification
On July 24, 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 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: 38064E8A-4F76-44FF-82D5-F961OC41 D36F
City Council Agenda Report
Quarterly Investment Report for the Period Ended June 30, 2025
August 5, 2025
Page 3
Signed by:
4D86AFAFFF77473...
Jennifer King
Finance Director/City Treasurer
Attachments:
1. Investment Report Certification
2. Quarterly Investment Report for the Period Ended June 30, 2025
3. Restricted Deposits with Fiscal Agents as of June 30, 2025
4. PARS Trust Statement as of June 30, 2025
Docusign Envelope ID: 38064E8A-4F76-44FF-82D5-F961OC41 D36F
"ri""
July 24, 2025
FINANCE DEPARTMENT
Remembering what connects us.
Honorable Mayor and Members of the City CounciL•
Re: Investment Report Certification
In compliance with California Government Code Section 53646, the attached Investment Report
for the Quarter Ending June 30, 2025 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.
Respectfully submitted,
ULLyan Chandler, Chair Pro Tern
City of Tustin Audit Commission
J14�6
Jennifer King, Finance Director/City Treasurer
City of Tustin
300 Centennial Way, Tustin, CA 92780 . 714-573-3060 . tustinca.org
Docusign Envelope ID: 38064E8A-4F76-44FF-82D5-F961OC41 D36F
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: 38064E8A-4F76-44FF-82D5-F961OC41 D36F
TABLE OF CONTENTS ORCHANDLER
ASSET MANAGEMENT
City of Tustin I As of June 30, 2025
ECONOMIC UPDATE
ACCOUNT PROFILE
PORTFOLIO HOLDINGS
TRANSACTIONS
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CHANDLER
it% ASSET MANAGEMENT
Docusign Envelope ID: 38064E8A-4F76-44FF-82D5-F9610C41D36F
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 June meeting. Fed Chair Powell continued to emphasize the Committee's "wait and see" approach amidst economic uncertainty that
remains elevated but diminished. Federal Reserve officials continued to pencil in two rate cuts in 2025.
■ US Treasury yields declined in June. The 2-year Treasury yield fell 18 basis points to 3.72%, the 5-year Treasury dropped 17 basis points to
3.80%, and the 10-year Treasury yield also declined 17 basis points to 4.23%. The spread between the 2-year and 10-year Treasury yield
points on the curve edged up to +51 basis points at June month -end versus +50 basis points at May month -end. The spread between the 2-
year Treasury and 10-year Treasury yield one year ago was -36 basis points. The spread between the 3-month and 10-year Treasury yield
points on the curve was -7 basis points in June, versus -6 basis points in May.
ca
Docusign Envelope ID: 38064E8A-4F76-44FF-82D5-F961OC41 D36F
EMPLOYMENT
1,000
E:fiIf
0
0
600
c
3 400
0
^' ZII1;
F�
0 -200
-400
Nonfarm Payroll (000's)
3-month average (000's)
Source: US Department of Labor
25.0%
20.0%
7.15.0%
a
10.0%
5.0
0.0
CHANDLER
ASSET MANAGEMENT
Unemployment Rate
- - Underemployment Rate (U6)
Unemployment Rate (U3)
•
•
•
Source: US Department of Labor
The U.S. economy added 147,000 jobs in June, exceeding consensus expectations, and the last two months were revised up by 16,000.
Gains were primarily driven by state and local government education, while job growth in service sectors languished. The three-month
moving average and six-month moving average payrolls totaled 150,000 and 130,000 respectively. The unemployment rate declined to
4.1% in June from 4.2% in May, due to a shrinking labor force. The labor participation rate dipped to 62.3%, 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 dropped to 7.7% in June. Average hourly earnings fell slightly, marking a 3.7% year -over -year
increase.
4
Docusign Envelope ID: 38064E8A-4F76-44FF-82D5-F961OC41 D36F
JOB OPENINGS & LABOR TURNOVER SURVEY
14,000
12,000
10,000
0
0
8,000
v
c
m
c 6,000
s
H
c
4,000
2,000
Ci7
CHANDLER
ASSET MANAGEMENT
Job Openings
4.7aJ �d� �dJ �d� mod` �d� �a� mod` �a� tea` d� 117 a� �d� �a� �d� �d� �a� mod` �d�
OS06 O> O<9 09 -70 11 1� 10 1Q 1S 16 1> '49 19 -i0 �1 �� ��, �Q -S
Source: US Department of Labor
The Labor Department's Job Openings and Labor Turnover Survey (JOLTS) unexpectedly rose to 7.77 million new job openings in May from
7.40 million in April. Layoffs declined and the quits rate increased. Job openings indicate a ratio of approximately 1.1 jobs for each
unemployed individual, representing a relatively balanced labor market.
5
Docusign Envelope ID: 38064E8A-4F76-44FF-82D5-F961OC41 D36F
INFLATION
10.0%
9.0 %
8.0 %
7.0 %
v
I 6.0%
s
5.0 %
0
4.0 %
0
3.0 %
2.0 %
1.0 %
0.0 %
Consumer Price Index (CPI)
Sri YuY Po unange
-'100%-0
10.0%
9.0 %
8.0 %
7.0 %
6.0%
M
5.0 %
0
} 4.0 %
0
' 3.0 %
2.0 %
1.0 %
0.0 %
CHANDLER
ASSET MANAGEMENT
Personal Consumption Expenditures (PCE)
PCE Price Deflator YOY % Change
- - - PCE Core Deflator YOY % Change
Fed Target
7d �pG
�0
''/d �pG
`�1 �1
''/d �pG
`�� ��
`/d `
L��
�pG `/o �p`
�� y�Q ?v
�/d `
y1s
''/d �pG �/'P �p` �/d �pG
`�O `�1 �1 `
�/d �pG
`
`/d ` �pG `/a `
`�Q �Q Lis
Source: US Department of Labor
Source: US Department of Commerce
In May, the Consumer Price Index (CPI) cooled slightly more than consensus expectations. The headline CPI increased 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 0.1% month -over -month and rose 2.3% year -over -year in May. The Core PCE deflator, which
excludes food and energy and is the Fed's preferred gauge, increased 0.2% month -over -month and 2.7% year -over -year, up from April's
2.6% year -over -year increase. Inflation is hovering above the Fed's 2% target.
M
Docusign Envelope ID: 38064E8A-4F76-44FF-82D5-F9610C4lD36F
CONSUMER
60.0%
50.0%
40.0%
v
tv
30.0%
L
u
} 20.0%
0
}
10.0%
0.0%
-10.0%
Retail Sales YOY % Change
/17dG1)O �01-1)0 �dy�Z �%)? �dL
Source: US Department of Commerce
160
140
120
K911
v
80
x
60
c
r.�
01■1010011111111
Consumer Confidence
CHANDLER
ASSET MANAGEMENT
0
01,dodo�4h` h` ��,�. h` ���. �4h` ��h` �4h`
01" t, d`�Q ,- d`�S OS p) p9 lZ lS is 1) _70
Source: The Conference Board
All time high is 144.70 (1131100); All time low is 25.30 (2128109)
Advance Retail Sales were down 0.9% month -over -month in May, further slowing from a downwardly revised -0.1% in April. Declines were
led by auto sales, building materials, garden equipment and supplies, and spending at restaurants and bars fell by the most since early
2023. Control group sales, which feed into GDP, were the only bright spot in the report, with a 0.4% increase. On a year -over -year basis,
Retail Sales grew 3.3% in May following a 5.0% increase in April. The Conference Board's Consumer Confidence Index dropped to 93.0 in
June from 98.4 in May, as consumers' assessment of both the current situation and future expectations for income and labor markets
soured. While the consumer has been resilient, elevated inflation expectations, concerns about trade policies and tariffs, and general
economic and policy uncertainty could pose potential risks to future spending.
►A
Docusign Envelope ID: 38064E8A-4F76-44FF-82D5-F961OC41 D36F
LEADING INDICATORS OF ECONOMIC ACTIVITY
15.0%
10.0%
5.0%
0.0%
M
L
-5.0%
o -10.0%
-15.0%
-20.0%
-25.0%
Leading Economic Indicators (LEI)
117OG
SS
117
Oil
�g
�dy �dy
9S 9)
�d`
01
�d`
OS
It,
0
It, �OP
1S
�OP
1]
�dy
�1
�OG
�S
Source: The Conference
Board
1.00
0.75
0.50
v
0.25
a 0.00
s
c
0 -0.25
M
-0.50
-0.75
-1.00
CHANDLER
ASSET MANAGEMENT
Chicago Fed National Activity Index (CFNAI)
Oil Oil Ok- Oil- �S 6 'S9? 9) 07 OS 00 1l ? 17j �I IS
Source: Federal Reserve Bank of Chicago
The Conference Board's Leading Economic Index (LEI) fell by 0.1% in May, following a downwardly revised 1.4% decline in April. The LEI
decreased by 4.0% year -over -year. The rebound in the stock market was the primary positive contributor, offset by consumer pessimism,
weak new orders in manufacturing, the second consecutive month of rising initial unemployment claims, and a drop in housing permits.
The Chicago Fed National Activity Index (CFNAI) improved to -0.28 in May from a downwardly revised -0.36 in April. The three-month
moving average dropped to -0.16 in May from 0.06 in April, indicating slightly below trend growth.
F:
Docusign Envelope ID: 38064E8A-4F76-44FF-82D5-F9610C41D36F
_
HOUSING
2,400
2,200
2,000
1,800
1,600
1,400
1,200
1,000
800
600
400
200
0
Annualized Housing Starts
24.0%
20.0%
16.0%
12.0%
8.0%
_
s 4.0%
U
0.0%
o -4.0%
r -8.0%
-12.0%
-16.0%
-20.0%
OS 0) 09 11 1S 1S 1> 19 �1 ��, -S
Source: US Department of Commerce
CHANDLER
ASSET MANAGEMENT
S&P/Case-Shiller 20 City Composite Home Price Index
I- 9br, lbr, 9br, �br, lbr, -I- lbr, -lbr,
OS O) 09 11 1S 1S 45 19 11 �� �S
Source: S&P
Housing starts declined 9.8% month -over -month in May to a seasonally adjusted annual rate of 1.256 million units. Single family starts
increased 0.4% above the revised April figures, whereas multi -family starts fell-30.4%. Total starts dropped 4.6% compared to May 2024.
Homebuilder confidence is shaky due to elevated mortgage rates, affordability constraints, and a weakening economic outlook. The
Freddie Mac 30-year fixed rate mortgage averaged approximately 6.8% in June. According to the Case-Shiller 20-City Home Price Index,
housing prices rose 3.4% year -over -year in April, compared to 4.1% in March. Limited inventory, elevated mortgage rates, and lack of
affordability continue to weigh on the housing market.
Docusign Envelope ID: 38064E8A-4F76-44FF-82D5-F961OC41 D36F
SURVEY BASED MEASURES ORCHANDLER
ASSET MANAGEMENT
Institute of Supply Management (ISM) Surveys
70
65
60
55
50
45
40
ISM Manufacturing - - - - - ISM Services
✓C� `rP �P "'�/ '�Gi `sP �P
�.O 1)0 11- O 1�1 1 1 1
"'�/
�
'�Ci
�
`rP �P
� �
� '�Ci
,,� �'
`rP �P
•�' •s'
"`/ '�C�
st �
`rP �P
t� t�
.'�/ '��i
S
Source: Institute for Supply Management
The Institute for Supply Management (ISM) Manufacturing index edged up to 49.0 in June from 48.5 in May, indicating a continuation of
modest contraction in the sector. Inventories and production improved as companies worked through backlogs, while employment and
new orders contracted. The ISM Services index increased to 50.8 in June from 49.9 in May, as new orders improved. However, ongoing
concerns about the impact of tariffs remain. A reading over 50 indicates expansion, while a reading under 50 indicates contraction.
iti]
Docusign Envelope ID: 38064E8A-4F76-44FF-82D5-F961OC41 D36F
GROSS DOMESTIC PRODUCT (GDP)
Personal Consumption Expenditures
Gross Private Domestic Investment
Net Exports and Imports
Federal Government Expenditures
State and Local (Consumption and Gross
Investment)
Total
Source: US Department of Commerce
CHANDLER
ASSET MANAGEMENT
Gross Domestic Product (GDP)
•
40.0%
30.0%
1.9%
2.5%
2.7%
0.3%
20.0%
1.5%
0.2%
-1.0%
3.9%
10.0%
-0.9%
-0.4%
0.3%
-4.6%
-10.0%
0.3%
0.6%
0.3%
-0.3%
-20.0%
� GDP QOQ%Change
0.3%
0.3%
0.3%
0.2%
-30.0%
GDP YOY % Change
-40.0%
3.0%
3.1%
2.5%
-0.5%
It,4'r, SPp` ,dr, SP'o, 4dr, sib, 7dr, SPp` ,dr, Sob, 701;
1>0 10 11 �7 �,�� �� ��' �Q �9 �S
Source: US Department of Commerce
Real GDP decreased at an annualized rate of 0.5% in the first quarter of 2025, according to the third and final estimate from the Bureau of
Economic Analysis, a downward revision from the previously estimated 0.2% decline. This marks the first negative quarter since 2022.
The primary driver of the downward revision was weaker personal consumption expenditures. Net exports remained the primary drag on
growth, as imports rose sharply in anticipation of higher tariffs. Gross investment contributed positively, powered by business decisions
to get ahead of possible cost increases. The consensus projection calls for 2.1% growth for the second quarter and 1.5% for the full year
2025.
11
Docusign Envelope ID: 38064E8A-4F76-44FF-82D5-F961OC41 D36F
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
✓4 ✓4 ✓0 ✓4 ✓4 ✓4 ✓4 ✓O ✓4 ✓� ✓4
�'O 72'0 )'0 �1 �1 �1 V1 )1 �� �� � )
S > 9 1 ,�' S > 9 1 ,�' S
Source: Federal Reserve
Effective Federal Funds Rate
6.00%
5.00%
4.00%
0
v
3.00%
0111
1.00%
0.00%
OS 0> 09
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 June meeting. In the Summary of Economic Projections (SEP), Federal Reserve officials continued to pencil in two rate cuts in 2025,
while downgrading estimates for economic growth and raising forecasts for both unemployment and inflation this year. The statement
indicated that uncertainty about the economic outlook remained elevated but had diminished. The monthly redemption cap on Treasuries
will remain at $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 about $2.2 trillion to approximately $6.7
trillion.
12
Docusign Envelope ID: 38064E8A-4F76-44FF-82D5-F961OC41 D36F
BOND YIELDS ORCHANDLER
ASSET MANAGEMENT
US Treasury Note Yields
6.0%
• • • • 2-Year
5.0 % - - - 5-Year .
10-Year
O
:2 3.0%
v
2.0%
1.0 % %•
0.0% ' '
✓4h` pPc` ✓4�` pPc` ✓4�` p0c` ✓4�` p0c` ✓4h` pPc ✓4�`
")O 1)p �1 11 �� 1� �,�' 1� �4 ")g �S
Source: Bloomberg
US Treasury Yield Curve
6.0 %
5.0 %
.......
4.0%
2.0 %
1.0%
0.0%
,' 6 S � .l
�o �o y� yr yr 6yr
Source: Bloomberg
Jun-25
- - - Mar-25
• • • • Jun-24
At the end of June, the 2-year Treasury yield was 103 basis points lower, and the 10-Year Treasury yield was 17 basis points lower, year -
over -year. The spread between the 2-year and 10-year Treasury yield points on the curve edged up to +51 basis points at June month -end
versus +50 basis points at May 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 -7 basis points in June, versus -6 basis points in May.
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
Docusign Envelope ID: 38064E8A-4F76-44FF-82D5-F961OC41 D36F
STATEMENT OF COMPLIANCE ,,,CHANDLER
ASSET MANAGEMENT
City of Tustin Cons Account I Account #10795 1 As of June 30, 2025
Rules Name Limit Actual Compliance Notes
Status
AGENCY MORTGAGE SECURITIES (CMOS)
Max % (MV) 20.0 4.1 Compliant
Max % Issuer (MV) 10.0 4.1 Compliant
Max Maturity (Years) 5.0 4.2 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
0.5
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
16.4
Compliant
16
Docusign Envelope ID: 38064E8A-4F76-44FF-82D5-F961OC41 D36F
STATEMENT OF COMPLIANCE 011CHANDLER
ASSET MANAGEMENT
City of Tustin Cons Account I Account #10795 1 As of June 30, 2025
Max % Issuer (Corporate & Commercial Paper; MV)
10.0
0.5
Compliant
Max % Issuer (MV)
5.0
0.5
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
6.4
Compliant
Max % Issuer (MV)
50.0
3.4
Compliant
Max Maturity (Years)
5
4
Compliant
JPA INVESTMENT POOLS
Max % (MV)
100.0
42.6
Compliant
Max % Issuer (MV)
50.0
42.5
Compliant
Max Maturity (Years)
5.0
0.0
Compliant
LOCAL AGENCY INVESTMENT FUND (LAIF)
Max Concentration (MV)
75.0
12.7
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: 38064E8A-4F76-44FF-82D5-F961OC41 D36F
STATEMENT OF COMPLIANCE
City of Tustin Cons Account I Account #10795 1 As of June 30, 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)
Min Rating (A-1 by 1 or A- by 1 if> FDIC Limit)
REPURCHASE AGREEMENTS
Max % (MV)
Max % Issuer (MV)
5 1 Compliant
0.0 0.0 Compliant
30.0 0.0 Compliant
5.0 0.0 Compliant
Max Maturity (Years) 1.0 0.0 Compliant
U.S. TREASURIES
Max % (MV) 100.0 20.7 Compliant
Max % Issuer (MV) 100.0 20.8 Compliant
Max Maturity (Years) 5 4 Compliant
The City of Tustin maintains adequate liquidity to cover at leost six months of expected disbursemen ts.
CHANDLER
ASSET MANAGEMENT
Docusign Envelope ID: 38064E8A-4F76-44FF-82D5-F9610C41D36F
PORTFOLIO SUMMARY ,,,CHANDLER
ASSET MANAGEMENT
City of Tustin Cons Account I Account #10795 1 As of June 30, 2025
Portfolio Characteristics
Account Summary
Top Issuers
Average Modified Duration
1.20
End Values as of
End Values as ofCalifornia
Asset Mgmt Program
42.63%
03/31/2025
0'/30/2025
Government of The United States
20.73%
Average Coupon
3.78%
Market Value
199,076,938.75
216,744,061.21
LAIF
5.86%
Average Purchase YTM
4.15%
Accrued Interest
743,371.72
846,440.68
FHLMC
4.11%
Average Market YTM
4.09%
Total Market
Value
199,820,310.47
217,590,501.89
Farm Credit System
3.43%
Citizens Business Bank
2.95%
Average Credit Quality *
AA+
Income Earned
1,956,746.91
2,021,110.54
Cont/WD
(7,351,565.87)
15,165,554.59
Federal Home Loan Banks
o
2.94%
Average Final Maturity
1.34
Toyota Motor Corporation
0.48%
Par
199,901,140.00
217,138,931.53
Average Life
1.23
Book Value
199,100,936.79
216,210,236.65
Cost Value
198,811,581.65
215,967,968.23
Sector Allocation
Maturity Distribution
Credit Quality
100%1
A499ML
LGIP
42.63%
US Treasury
20.73%
Corporate
16.36%
Agency
6.36%
LAW
5.86%
4gency CMBS
4.11%
Cash
3.02%
Neg CD
0.55%
50%
AAA 46.5% AA 32.7% A 10.7%
16 BBB 0.8% R NA 9.4%
Performance Review
Total Rate of Return" 3M 1YR 2YRS 3YRS 5Y 10YRS Since Inception
City of Tustin Cons Agg 1.24% 5.11% 4.93% 4.03% 1.81%
Benchmark Return 1.36% 6.06% 5.11% 3.24% 0.99%
Secondary Benchmark Return 1.18% 5.67% 5.10% 3.42% -- 1.48%
Realized Rate of Return" 3M 1YR 2YRS 3YRS SYRS 10YRS Since Inception
City of Tustin Cons Agg 0.96% 4.04% 4.07% 3.54% -- 2.59%
"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
Total rate of return: A measure of a portfolio's performance over time. It is the internal rate of return, which equates the beginning value of the portfolio with the ending value; it includes interest 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
Docusign Envelope ID: 38064E8A-4F76-44FF-82D5-F961OC41 D36F
MATURITY DISTRIBUTION
City of Tustin Cons Account I Account #10795 1 As of March 31, 2025
140,000,000
120,000,000
100,000,000
W
} 80,000,000
V
Y
60,000,000
FAi�1�TiIi1�iI+h7
20,000,000
E
CHANDLER
ASSET MANAGEMENT
120,445,669.97
24,079,105.53 26,677,168.19 25,993,474.43
5,413,768.61 7,817,465.42 6,317,409.07
0-.25 .25-.5 .5-1 1-2
2-3
3-4
4-5
20
Docusign Envelope ID: 38064E8A-4F76-44FF-82D5-F9610C41D36F
PORTFOLIO SUMMARY ,,,CHANDLER
ASSET MANAGEMENT
City of Tustin I Account #10783 1 As of June 30, 2025
Portfolio Characteristics
Account Summary
Top Issuers
Average Modified Duration
2.56
End
End Values as ofGovernment
of The United States
41.17%
Values as of
03/31/2025
0 '/30/2025
1
FHLMC
8.74%
Average Coupon
3.40%
Market Value
89,535,515.69
101,835,722.34
Farm Credit System
7.30%
Average Purchase YTM
3.88%
Accrued Interest
648,421.99
804,921.34
Federal Home Loan Banks
6.25%
Average Market YTM
4.01%
Total Market
Value
90,183,937.68
102,640,643.68
Toyota Motor Corporation
1.01%
Average Credit Quality*
AA
Income Earned
712,460.77
881,571.34
Cisco Systems, Inc.
1.01%
Cont/WD
8,500,000.00
11,034,375.00
Johnson & Johnson
1.01%
Average Final Maturity
2.85
BlackRock, Inc.
1.00%
Par
90,322,983.58
102,228,989.07
Average Life
2.63
Book Value
89,562,609.28
101,301,838.72
Cost Value
89,479,139.82
101,084,392.97
Sector Allocation
US Treasury
Corporate
Agency 13.54%
Agency CMBS 8.74%
Neg CI} 1.17%
Money Mkt Fd 0.53%
Cash 0.00%
Performance Review
Total Rate of Return"
City of Tustin
. 41.17%
34.83%
Maturity Distribution
75%
50%
25%
0%
O S 1, ? 19
1.47% 5.95% 5.54% 4.00%
Credit Quality
AAA 7.8% AA 66.5% A 22.7%
BBB 1.7% NA 1.2%
IS lOYRS bince inception
(12/01/20)
Benchmark Return 1.36% 6.06% 5.11% 3.24% 0.99%
Secondary Benchmark Return 1.18% 5.67% 5.10% 3.42% 1.48%
Realized Rate of Return" 3M 1YR 2YRS 3YRS 5YRS 10YRS Since InceptioF
City of Tustin 0.93% 3.31% 2.98% 2.71% 2.42%
"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
Total rate of return: A measure of a portfolio's performance over time. It is the internal rate of return, which equates the beginning value of the portfolio with the ending value; it includes interest 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
Docusign Envelope ID: 38064E8A-4F76-44FF-82D5-F961OC41 D36F
it%CHANDLER OR CHANDLER
ASSET MANAGEMENT ASSET MANAGEMENT
PaOj
Docusign Envelope ID: 38064E8A-4F76-44FF-82D5-F9610C41D36F
ISSUERS
City of Tustin Cons Account I Account #10795 1 As of June 30, 2025
California Asset Mgmt Program
Government of The United States
C
,,,CHANDLER
ASSET MANAGEMENT
�nvestment Type % Portfolio
LGI P 42.63%
US Treasury 20.73%
LAI F
LAI F
5.86 %
FHLMC
Agency CMBS
4.11%
Farm Credit System
Agency
3.43%
Citizens Business Bank
Cash
2.95%
Federal Home Loan Banks
Agency
2.94%
Toyota Motor Corporation
Corporate
0.48%
Cisco Systems, Inc.
Corporate
0.47%
Johnson & Johnson
Corporate
0.47%
BlackRock, Inc.
Corporate
0.47%
The Home Depot, Inc.
Corporate
0.47%
PepsiCo, Inc.
Corporate
0.47%
State Street Corporation
Corporate
0.47%
AbbVie Inc.
Corporate
0.47%
Deere & Company
Corporate
0.47%
PACCAR Inc
Corporate
0.47%
Bank of America Corporation
Corporate
0.47%
BNY Mellon Corp
Corporate
0.47%
Met Tower Global Funding
Corporate
0.47%
National Rural Utilities Cooperative
Corporate
0.47%
New York Life Insurance Company
Corporate
0.46%
Florida Power & Light
Corporate
0.46%
Wells Fargo & Company
Corporate
0.46%
U.S. Bancorp
Corporate
0.46%
Eli Lilly and Company
Corporate
0.46%
Northern Trust Corporation
Corporate
0.46%
Duke Energy Corporation
Corporate
0.46%
Guardian Life Global Funding
Corporate
0.46%
The Toronto -Dominion Bank
Corporate
0.46%
23
Docusign Envelope ID: 38064E8A-4F76-44FF-82D5-F9610C41 D36F
ISSUERS
City of Tustin Cons Account I Account #10795 1 As of June 30, 2025
Chubb Limited
Morgan Stanley
Caterpillar Inc.
C
,,,CHANDLER
ASSET MANAGEMENT
PortfolioInvestment Type %
Corporate 0.46%
Corporate 0.46%
Corporate 0.46%
Amazon.com, Inc.
Corporate
0.45%
The Charles Schwab Corporation
Corporate
0.45%
UnitedHealth Group Incorporated
Corporate
0.45%
Royal Bank of Canada
Corporate
0.45%
Mastercard Incorporated
Corporate
0.44%
Honeywell International Inc.
Corporate
0.44%
Apple Inc.
Corporate
0.43%
Walmart Inc.
Corporate
0.40%
First American Govt Oblig fund
Money Mkt Fd
0.39%
Northwestern Mutual Global Funding
Corporate
0.32%
Public Service Enterprise Group Inco
Corporate
0.27%
Colgate-Palmolive Company
Corporate
0.16%
Capital One Financial Corporation
Neg CD
0.11%
Ally Bank
Neg CD
0.11%
Synchrony Bank
Neg CD
0.11%
Discover Bank
Neg CD
0.11%
The Goldman Sachs Group, Inc.
Neg CD
0.11%
Cash
Cash
0.06%
TOTAL
100.00%
24
Docusign Envelope ID: 38064E8A-4F76-44FF-82D5-F9610C41D36F
HOLDINGS REPORT
City of Tustin Cons Account I Account #10795 1 As of June 30, 2025
CHANDLER
ASSET MANAGEMENT
AGENCY
FEDERAL HOME LOAN BANKS
11/30/2023
1,503,345.00
100.87
1,513,100.06
0.70%
Aa1/AA+
1.38
3130AXU63
4.62511/17/2026
1,500,000.00
4.54%
1,501,558.12
3.96%
8,479.17
11,541.94
AA+
1.32
FEDERAL FARM CREDIT BANKS
12/08/2023
1,001,820.00
101.38
11013,822.81
0.47%
Aa1/AA+
2.26
3133EPH81
FUNDING CORP 4.5 10/04/2027
1,000,000.00
4.45%
1,001,077.89
3.85%
10,875.00
12,744.92
AA+
2.11
FEDERAL HOME LOAN BANKS
07/26/2023
1,255,762.50
101.84
1,272,939.26
0.59%
Aa1/AA+
2.94
3130AWMN7
4.375 06/09/2028
1,250,000.00
4.27%
1,253,486.72
3.71%
3,342.01
19,452.54
AA+
2.73
FEDERAL FARM CREDIT BANKS
08/29/2023
1,507,785.00
101.93
1,528,971.32
0.71%
Aa1/AA+
3.16
3133EPUN3
FUNDING CORP 4.5 08/28/2028
1,500,000.00
4.37%
1,504,925.38
3.84%
23,062.50
24,045.94
AA+
2.88
FEDERAL HOME LOAN BANKS 4.75
12/08/2023
1,222,020.00
102.89
11234,672.74
0.57%
Aa1/AA+
3.44
3130AXQK7
12/08/2028
1,200,000.00
4.33%
11215,162.90
3.84%
3,641.67
19,509.84
AA+
3.15
FEDERAL FARM CREDIT BANKS
01/29/2024
1,488,945.00
99.90
1,498,477.95
0.69%
Aa1/AA+
3.55
3133EPW84
FUNDING CORP 3.875 01/18/2029
1,500,000.00
4.04%
1,492,095.74
3.91%
26,317.71
6,382.21
AA+
3.23
FEDERAL HOME LOAN BANKS 4.5
04/25/2024
1,384,040.00
102.49
1,434,908.90
0.66%
Aa1/AA+
3.69
3130AVBD3
03/09/2029
1,400,000.00
4.76%
11387,908.82
3.77%
19,600.00
47,000.08
AA+
3.34
FEDERAL FARM CREDIT BANKS
04/25/2024
1,376,046.00
101.63
11422,862.83
0.66%
Aa1/AA+
3.78
3133ERAK7
FUNDING CORP 4.375 04/10/2029
1,400,000.00
4.77%
1,381,709.54
3.90%
13,781.25
41,153.28
AA+
3.42
FEDERAL FARM CREDIT BANKS
09/17/2024
2,002,440.00
98.35
1,966,912.72
0.91%
Aa1/AA+
4.20
3133ERSP7
FUNDING CORP 3.5 09/10/2029
2,000,000.00
3.47%
2,002,056.15
3.93%
21,583.33
(35,143.43)
AA+
3.82
FEDERAL HOME LOAN BANKS
09/30/2024
921,906.00
100.77
906,946.07
0.42%
Aa1/AA+
4.21
3130ATHX8
4.125 09/14/2029
900,000.00
3.58%
918,600.12
3.92%
11,034.38
(11,654.05)
AA+
3.78
13,664,109.51
101.07
13,793,614.65
6.36%
3.28
Total Agency
13,650,000.00
4.25%
13,658,581.37
3.87%
141,717.01
135,033.29
3.00
AGENCY CMBS
3137F1G44
FHMS K-065 A2 3.243 04/25/2027
750,000.00
06/08/2023
719,560.55
98.42
738,158.33
0.34%
Aa1/AA+
1.82
4.39%
735,986.45
4.10%
2,026.88
2,171.88
AAA
1.65
3137FEZU7
3137FJEH8
3137H4BY5
FHMS K-076 A2 3.9 04/25/2028
FHMS K-081 A2 3.9 08/25/2028
FHMS K-746 A2 2.03109/25/2028
750,000.00 10/30/2023 708,310.55 99.56 746,703.75 0.34% Aa1/AA+ 2.82
5.32% 724,008.75 4.00% 2,437.50 22,695.00 AAA 2.54
05/29/2025
692,125.00
99.55
696,819.41
0.32%
Aa1/AA+
3.15
700,000.00
4.23%
692,342.43
4.00%
2,275.00
4,476.98
AAA
2.89
05/15/2025
1,395,527.34
93.98
1,409,762.10
0.65%
Aa1/AA+
3.24
1,500,000.00
4.30%
1,399,183.88
4.04%
2,538.75
10,578.22
AAA
3.02
25
Docusign Envelope ID: 38064E8A-4F76-44FF-82D5-F961OC41 D36F
HOLDINGS REPORT
City of Tustin Cons Account I Account #10795 1 As of June 30, 2025
CHANDLER
ASSET MANAGEMENT
3137FJKE8 FHMS K-082 A2 3.92 09/25/2028 750,000.00 10/30/2023 705,556.64 99.65 747,396.83 0.34% Aa1/AA+ 3.24
5.31% 720,841.13 3.98% 2,450.00 26,555.70 AAA 2.92
3137FJXV6 FHMS K-083 A2 4.05 09/25/2028 300,000.00 05/29/2025 297,609.38 99.94 299,809.71 0.14% Aa1/AA+ 3.24
4.26% 297,673.67 4.02% 1,012.50 2,136.04 AAA 2.96
06/17/2025
601,858.05
94.13
605,246.06
0.28%
Aa1/AA+
3.57
3137H5YC5
FHMS K-748 A2 2.26 01/25/2029
643,000.00
4.22%
602,113.59
4.06%
1,210.98
3,132.47
AAA
3.28
3137FKZZ2
FHMS K-088 A2 3.69 01/25/2029
1,000,000.00
07/22/2024
963,789.06
98.76
987,610.60
0.46%
Aaa/AA+
3.57
4.58%
971,406.54
4.03%
3,075.00
16,204.06
AA+
3.21
03/05/2025
970,234.38
98.06
980,603.60
0.45%
Aa1/AAA
3.73
3137FLN91
FHMS K-091 A2 3.505 03/25/2029
1,000,000.00
4.31%
972,550.85
4.05%
2,920.83
8,052.75
AA+
3.34
3137FLYVO
FHMS K-092A2 3.29804/25/2029
1,000,000.00
09/17/2024
981,484.38
97.28
972,771.00
0.45%
Aa1/AA+
3.82
3.72%
984,663.60
4.05%
2,748.33
(11,892.60)
AAA
3.46
06/17/2025
716,601.56
96.04
720,282.45
0.33%
Aa1/AA+
4.24
31371-19D71
FHMS K-750 A2 3.0 09/25/2029
750,000.00
4.23%
716,776.08
4.10%
1,875.00
3,506.37
AAA
3.55
8,752,656.89
97.45
8,905,163.83
4.11%
3.34
Total Agency CMBS
9,143,000.00
4.43%
8,817,546.96
4.04%
24,570.77
87,616.87
3.01
CASH
CBGMMF$04
Citizens Business Bank
3,656,746.46
-
3,656,746.46
1.00
3,656,746.46
1.69%
NA/NA
0.00
3,656,746.46
0.00%
0.00
0.00
NA
0.00
CBGMMF$03
Citizens Business Bank
2,729,653.39
06/30/2025
2,729,653.39
1.00
2,729,653.39
1.26%
NA/NA
0.00
2,729,653.39
0.00%
0.00
0.00
NA
0.00
--
1,185.02
1.00
1,185.02
0.00%
Aaa/AAA
0.00
CCYUSD
Receivable
1,185.02
1,185.02
0.00%
0.00
0.00
AAA
0.00
3,308.34
1.00
3,308.34
0.00%
Aaa/AAA
0.00
CCYUSD
Receivable
3,308.34
3,308.34
0.00%
0.00
0.00
AAA
0.00
124,271.69
1.00
124,271.69
0.06%
Aaa/AAA
0.00
CCYUSD
Receivable
124,271.69
124,271.69
0.00%
0.00
0.00
AAA
0.00
6,515,164.90
1.00
6,515,164.90
3.01%
0.00
Total Cash
6,515,164.90
6,515,164.90
0.00%
0.00
0.00
0.00
CORPORATE
26
Docusign Envelope ID: 38064E8A-4F76-44FF-82D5-F961OC41 D36F
HOLDINGS REPORT
City of Tustin Cons Account I Account #10795 1 As of June 30, 2025
CHANDLER
ASSET MANAGEMENT
NORTHWESTERN MUTUAL 06/30/2022 703,738.00 100.00 700,000.00 0.32% Aa1/AA+ 0.00
66815L2J7 000.00 GLOBAL FUNDING 4.007/01/2025 700,3.81% ° 700,000.00 4.00% 14,000.00 0.00 AAA 0.00
194162AM5 COLGATE-PALMOLIVE CO 3.1 345,000.00 08/01/2022 344,682.60 99.81 344,340.14 0.16% Aa3/A+ 0.13
08/15/2025 3.13% 344,987.04 4.62% 4,040.33 (646.90) NA 0.12
26442UAA2 DUKE ENERGY PROGRESSLLC3.25
08/15/2025
89114QCK2 TORONTO-DOMINION BANK 0.75
09/11/2025
14913R2H9 CATERPILLAR FINANCIAL SERVICES
CORP 0.8 11/13/2025
00440EAV9
023135BX3
808513BR5
91324PEC2
78016EZT7
61746BEF9
24422EXZ7
CHUBB INA HOLDINGS LLC 3.35
05/03/2026
AMAZON.COM INC 1.0
05/12/2026
CHARLES SCHWAB CORP 1.15
05/13/2026
UNITEDHEALTH GROUP INC 1.15
05/15/2026
ROYAL BANK OF CANADA 1.15
07/14/2026
WALMART INC 1.05 09/17/2026
MORGAN STANLEY 3.625
01/20/2027
NORTHERN TRUST CORP 4.0
05/10/2027
JOHN DEERE CAPITAL CORP 4.65
01/07/2028
1,000,000.00 04/25/2022
3.24%
1,000,280.00
1,000,000.00
99.84
4.54%
998,360.57
12,277.78
0.46%
(1,639.43)
Aa3/A
NA
0.13
0.12
08/17/2021
993,000.00
99.23
992,322.51
0.46%
A2/A-
0.20
1,000,000.00
0.92%
999,660.38
4.72%
2,291.67
(7,337.87)
AA-
0.19
04/21/2021
991,780.00
98.73
987,319.99
0.46%
A2/A
0.37
1,000,000.00
0.98%
999,333.51
4.31%
1,066.67
(12,013.52)
A+
0.36
07/23/2021
1,102,780.00
99.23
1,000,000.00
1.13%
11013,820.47
4.29%
05/12/2021
995,200.00
97.38
1,000,000.00
1.10%
999,171.05
4.11%
07/23/2021
1,007,990.00
97.27
1,000,000.00
0.98%
1,001,337.73
4.40%
07/28/2021
1,007,110.00
97.21
1,000,000.00
1.00%
11001,199.35
4.45%
1,000,000.00 07/28/2021
1.17%
900,000.00 09/22/2021
1.00%
1,000,000.00 01/14/2025
4.70%
999,090.00 96.93
999,809.96 4.21%
902,277.00
96.64
900,527.81
3.91%
979,620.00
99.14
984,250.56
4.20%
01/30/2023
986,540.00
99.88
1,000,000.00
4.35%
994,146.32
4.07%
01/10/2025
997,270.00
101.51
1,000,000.00
4.75%
997,693.66
4.01%
992,309.61
5,397.22
973,824.24
1,361.11
972,654.00
1,533.33
972,056.47
1,469.44
969,332.16
5,334.72
869,802.19
2,730.00
991,387.81
16,211.81
998,777.01
5,666.67
1,015,101.32
22,216.67
58989V2K9 METTOWER GLOBAL FUNDING 1,000,000.00 01/10/2025 996,910.00 101.38 11013,796.11
4.8 01/14/2028 4.91% 997,384.08 4.22% 22,266.67
95000U3R2 WELLS FARGO & CO 4.9
01/24/2028
1,000,000.00 01/30/2025 1,000,770.00 100.72 1,007,240.95
4.86% 1,000,609.18 4.71% 21,369.44
0.46%
A2/A
0.84
(21,510.86)
A
0.81
0.45%
Al/AA
0.87
(25,346.81)
AA-
0.84
0.45%
A2/A-
0.87
(28,683.73)
A
0.85
0.45%
A2/A+
0.87
(29,142.88)
A
0.85
0.45%
Al/A
1.04
(30,477.80)
AA-
1.01
0.40%
Aa2/AA
(30,725.62)
AA
0.46%
Al/A-
7,137.25
A+
0.46%
A2/A+
4,630.69
A+
0.47%
Al/A
17,407.66
A+
0.47%
Aa3/AA
16,412.03
AA-
0.46% Al/BBB+
6,631.77 A+
1.22
1.18
1.56
1.47
1.86
1.76
2.52
2.31
2.54
2.32
2.57
1.46
PAN
Docusign Envelope ID: 38064E8A-4F76-44FF-82D5-F9610C41D36F
HOLDINGS REPORT
City of Tustin Cons Account I Account #10795 1 As of June 30, 2025
CHANDLER
ASSET MANAGEMENT
NATIONAL RURAL UTILITIES
02/07/2025
999,330.00
101.29
1,012,902.47
0.47%
A2/NA
2.61
63743HFW7
COOPERATIVE FINANCE CORP 4.75
1,000,000.00
4.77%
999,416.51
4.22%
19,000.00
13,485.96
A
2.31
02/07/2028
PACCAR FINANCIAL CORP 4.55
05/02/2025
1,009,000.00
101.43
1,014,297.09
0.47%
Al/A+
2.68
69371RT63
03/03/2028
1,000,000.00
4.21%
1,008,503.39
3.98%
14,913.89
5,793.70
NA
2.46
00287YDY2
ABBVI E INC 4.65 03/15/2028
1,000,000.00
03/05/2025
1,006,680.00
101.51
1,015,118.04
0.47%
A3/A-
2.71
4.40%
1,005,953.64
4.05%
16,145.83
9,164.40
NA
2.41
NEW YORK LIFE GLOBAL FUNDING
04/24/2025
1,002,060.00
100.76
1,007,631.39
0.46%
Aa1/AA+
2.82
6495366W7
4.404/25/2028
1,000,000.00
4.33%
1,001,934.07
4.11%
8,066.67
5,697.32
AAA
2.61
PUBLICSERVICE ELECTRICAND
06/29/2023
570,144.00
99.12
594,727.10
0.27%
Al/A
2.84
74456QBU9
GAS CO 3.7 05/01/2028
600,000.00
4.87%
582,512.19
4.03%
3,700.00
12,214.91
NA
2.65
FLORIDA POWER & LIGHT CO 4.4
06/07/2023
987,550.00
100.75
1,007,469.00
0.46%
Aa2/A+
2.88
341081GN1
05/15/2028
1,000,000.00
4.69%
992,752.47
4.12%
5,622.22
14,716.53
AA-
2.51
90331HPS6
US BANK NA 4.73 05/15/2028
1,000,000.00
05/13/2025
1,000,600.00
100.50
1,005,023.43
0.46%
A2/A+
2.88
4.86%
1,000,573.55
4.74%
6,043.89
4,449.88
A+
1.76
TOYOTA MOTOR CREDIT CORP
09/26/2023
996,180.00
103.18
1,031,792.60
0.48%
Al/A+
3.20
89236TLB9
5.25 09/11/2028
1,000,000.00
5.34%
997,534.94
4.17%
16,041.67
34,257.66
A+
2.88
BANK OF AMERICA CORP 4.979
02/14/2025
1,003,780.00
101.43
1,014,263.89
0.47%
Al/A-
3.57
06051GMK2
01/24/2029
1,000,000.00
4.84%
1,003,310.15
4.61%
21,713.97
10,953.74
AA-
2.34
CISCO SYSTEMS INC 4.85
09/27/2024
1,037,530.00
102.48
1,024,774.56
0.47%
Al/AA-
3.66
17275RBR2
02/26/2029
1,000,000.00
3.90%
1,031,017.51
4.11%
16,840.28
(6,242.95)
NA
3.21
09290DAA9
BLACKROCK INC 4.7 03/14/2029
1,000,000.00
07/22/2024
1,002,010.00
102.12
1,021,159.30
0.47%
Aa3/AA-
3.70
4.65%
1,001,596.42
4.08%
13,969.44
19,562.88
NA
3.26
BANK OF NEW YORK MELLON
04/24/2025
1,008,810.00
101.41
1,014,128.00
0.47%
Aa2/AA-
3.80
06405LAH4
4.729 04/20/2029
1,000,000.00
4.41%
1,008,268.96
4.52%
9,063.92
5,859.04
AA
2.58
MASTERCARD INC 2.95
04/17/2025
950,210.00
96.07
960,747.94
0.44%
Aa3/A+
3.92
57636QAM6
06/01/2029
1,000,000.00
4.28%
952,563.59
4.04%
2,458.33
8,184.35
NA
3.64
HOME DEPOTINC4.75
04/17/2025
1,013,630.00
102.07
1,020,732.62
0.47%
A2/A
3.99
437076DC3
06/25/2029
1,000,000.00
4.38%
1,012,982.69
4.18%
791.67
7,749.93
A
3.53
713448FX1
PEPSICO INC4.5 07/17/2029
1,000,000.00
07/22/2024
997,560.00
101.59
1,015,941.56
0.47%
Al/A+
4.05
4.56%
998,019.85
4.07%
20,500.00
17,921.71
NA
3.53
532457CQ9
ELI LILLYAND CO 4.2 08/14/2029
1,000,000.00
08/15/2024
1,000,130.00
100.35
1,003,549.40
0.46%
Aa3/A+
4.12
4.20%
1,000,106.87
4.10%
15,983.33
3,442.53
NA
3.62
28
Docusign Envelope ID: 38064E8A-4F76-44FF-82D5-F961OC41 D36F
HOLDINGS REPORT ,,,CHANDLER
ASSET MANAGEMENT
City of Tustin Cons Account I Account #10795 1 As of June 30, 2025
438516BU9
037833DP2
40139LBJ1
HONEYWELL INTERNATIONAL INC
08/15/2024
930,020.00
94.34
2.7 08/15/2029
1,000,000.00
4.27%
942,252.12
4.21%
APPLE INC 2.2 09/11/2029
1,000,000.00 10/30/2024
908,490.00
92.84
4.31%
921,010.79
4.07%
GUARDIAN LIFE GLOBAL FUNDING
03/05/2025
985,840.00
99.55
4.179 09/26/2029
1,000,000.00
4.53%
986,835.03
4.29%
943,358.87 0.44% A2/A 4.13
10,200.00 1,106.75 A 3.80
928,407.24
0.43%
Aaa/AA+ 4.20
6,722.22
7,396.45
NA 3.91
995,522.93
0.46%
Aa1/AA+ 4.24
11,027.92
8,687.90
NA 3.80
STATE STREET CORP 4.729
03/05/2025
1,003,660.00
101.52
1,015,166.91
0.47%
Aaa/A
4.67
857477CW1
02/28/2030
1,000,000.00
4.62%
11003,420.64
4.36%
16,157.42
11,746.27
AA-
4.02
JOHNSON & JOHNSON 4.7
04/17/2025
1,021,100.00
102.35
1,023,544.16
0.47%
Aaa/AAA
4.67
478160D10
03/01/2030
1,000,000.00
4 21%
11020,242.47
4.14/
17,102.78
3,301.69
NA
4.03
35,443,351.60
99.84
35,468,883.58
16.36%
2.58
Total Corporate
35,545,000.00
3.71%
35,404,738.97
4.24%
391,298.97
64,144.60
2.24
LAIF
90LAIF$00
Local Agency Investment Fund
12,702,192.38
--
12,702,192.38
1.00
12,702,192.38
5.86%
NA/NA
0.00
State Pool
4.27%
12,702,192.38
4.27%
0.00
0.00
NA
0.00
12,702,192.38
1.00
12,702,192.38
5.86%
0.00
Total LAIF
12,702,192.38
4.27%
12,702,192.38
4.27%
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
-- 92,390,926.48
1.00
92,390,926.49
92,390,926.49
4.43% 92,390,926.48
4.43%
0.00
92,390,926.48
1.00
92,390,926.49
92,390,926.49 4.43% 92,390,926.48
4.43%
0.00
42.63% NA/AAAm
0.00
0.01 NA
0.00
42.63%
0.00
0.01
0.00
-- 304,967.03
1.00
304,967.03
0.14%
Aaa/AAAm
0.00
304,967.03
3.96% 304,967.03
3.96%
0.00
0.00
AAA
0.00
-- 542,680.73
1.00
542,680.73
0.25%
Aaa/AAAm
0.00
542,680.73
3.96% 542,680.73
3.96%
0.00
0.00
AAA
0.00
L7
Docusign Envelope ID: 38064E8A-4F76-44FF-82D5-F961OC41 D36F
HOLDINGS REPORT
City of Tustin Cons Account I Account #10795 1 As of June 30, 2025
CHANDLER
ASSET MANAGEMENT
Total Money Market 847,647.76 1.00 847,647.76 0.39% 0.00
Fund 847,647.76 3.96% 847,647.76 3.96% 0.00 0.00 0.00
NEGOTIABLE CD
14042TJB4 Capital One, National Association
3.45 08/04/2025
02007GXF5 Ally Bank 3.4 08/04/2025
87165EXE2 Synchrony Bank 3.4 08/05/2025
2546731326 Discover Bank 3.4 08/08/2025
38149MYS6 Goldman Sachs Bank USA 1.05
08/25/2026
240,000.00 08/01/2022 239,640.00 99.91 239,778.55 0.11% A1/BBB+ 0.10
3.50% 239,988.84 4.39% 3,357.37 (210.29) A+ 0.09
240,000.00 08/02/2022 239,280.00 99.89 239,744.66 0.11% A3/BBB- 0.10
3.50% 239,977.66 4.49% 3,286.36 (233.00) NA 0.09
08/01/2022
239,640.00
99.89
240,000.00
3.45%
239,988.50
4.48%
08/01/2022
239,280.00
99.88
240,000.00
3.50%
239,975.04
4.47%
08/17/2021
243,775.00
96.67
245,000.00
1.15%
244,718.24
4.03%
239,738.09
0.11%
NA/BBB
0.10
3,309.33
(250.42)
BBB+
0.10
239,718.48
0.11%
NA/NA
0.11
3,196.93
(256.56)
A-
0.10
236,851.52
0.11%
Al/A+
1.15
888.04
(7,866.72)
AA-
1.12
1,201,615.00 99.26 1,195,831.30 0.55% 0.31
Total Negotiable CD 1,205,000.00 3.03% 1,204,648.28 4.37% 14,038.03 (8,816.98) 0.30
US TREASURY
91282CEY3
912797PF8
912797MS3
912797QR1
912797QZ3
91282CBH3
UNITED STATES TREASURY3.0 3,000,000.00 11/15/2024 2,973,632.81 99.95 2,998,396.41 1.38% Aa1/AA+ 0.04
07/15/2025 4.36% 2,998,455.48 4.33% 41,519.34 (59.07) AA+ 0.04
UNITED STATES TREASURY
07/24/2025
UNITED STATES TREASURY
10/02/2025
UNITED STATES TREASURY
11/20/2025
UNITED STATES TREASURY '
12/18/2025
UNITED STATES TREASURY 0.375
01/31/2026
04/24/2025
989,493.75
99.73
997,339.03
1,000,000.00
4.31%
997,315.07
4.23%
0.00
05/15/2025
983,937.78
98.91
989,077.34
1,000,000.00
4.29%
989,253.33
4.33%
0.00
05/20/2025
1,713,416.74
98.37
1,721,428.84
1,750,000.00
4.28%
1,721,457.02
4.27%
0.00
0.46%
P-1/A-1+
0.07
23.96
F1+
0.06
0.46%
P-1/A-1+
0.26
(175.99)
F1+
0.25
0.79% P-1/A-1+ 0.39
(28.18) F1+ 0.38
06/17/2025
1,713,507.76
98.05
1,715,942.45
0.79%
P-1/A-1+
0.47
1,750,000.00
4.29%
11715,725.52
4.26%
0.00
216.92
F1+
0.46
04/27/2021
1,957,500.00
97.80
1,955,957.04
0.90%
Aa1/AA+
0.59
2,000,000.00
0.83%
1,994,769.98
4.24%
3,128.45
(38,812.94)
AA+
0.57
UNITED STATES TREASURY0.75 04/27/2021 1,989,531.25 97.53 1,950,664.06 0.90% Aa1/AA+ 0.75
91282CBT7 03/31/2026 2,000,000.00 0.86% 1,998,410.47 4.13% 3,770.49 (47,746.41) AA+ 0.73
30
Docusign Envelope ID: 38064E8A-4F76-44FF-82D5-F9610C41D36F
HOLDINGS REPORT
City of Tustin Cons Account I Account #10795 1 As of June 30, 2025
CHANDLER
ASSET MANAGEMENT
UNITED STATES TREASURY4.125
--
3,719,978.91
100.91
31774,039.83
1.74%
Aa1/AA+
2.25
91282CFM8
09/30/2027
3,740,000.00
4.27%
3,728,867.89
3.70%
38,779.51
45,171.94
AA+
2.11
UNITED STATES TREASURY4.125
02/18/2025
2,487,792.97
100.93
2,523,144.53
1.16%
Aa1/AA+
2.38
91282CLX7
11/15/2027
2,500,000.00
4.31%
2,489,395.30
3.71%
13,170.86
33,749.23
AA+
2.23
UNITED STATES TREASURY3.5
02/23/2023
1,458,281.25
99.49
1,492,382.82
0.69%
Aa1/AA+
2.59
91282CGH8
01/31/2028
1,500,000.00
4.13%
1,478,096.50
3.71%
21,899.17
14,286.32
AA+
2.41
UNITED STATES TREASURY2.75
11/08/2024
1,338,039.06
97.62
1,366,695.32
0.63%
Aa1/AA+
2.63
9128283W8
02/15/2028
1,400,000.00
4.22%
1,350,066.77
3.71%
14,464.09
16,628.54
AA+
2.48
UNITED STATES TREASURY3.75
04/15/2025
1,196,953.13
100.13
1,201,500.00
0.55%
Aa1/AA+
2.79
91282CMW8
04/15/2028
1,200,000.00
3.84%
1,197,164.60
3.70%
9,467.21
4,335.40
AA+
2.61
UNITED STATES TREASURY3.5
02/07/2025
975,898.44
99.46
994,570.31
0.46%
Aa1/AA+
2.84
91282CHA2
04/30/2028
1,000,000.00
4.31%
978,790.63
3.70%
5,896.74
15,779.68
AA+
2.66
UNITED STATES TREASURY3.125
02/29/2024
1,425,351.56
98.13
1,471,992.18
0.68%
Aa1/AA+
3.38
9128285M8
11/15/2028
1,500,000.00
4.30%
1,446,487.48
3.72%
5,986.75
25,504.70
AA+
3.15
UNITED STATES TREASURY2.375
05/16/2024
1,228,130.86
95.13
1,284,187.50
0.59%
Aa1/AA+
3.87
9128286T2
05/15/2029
1,350,000.00
4.41%
1,255,524.69
3.74%
4,094.94
28,662.81
AA+
3.64
UNITED STATES TREASURY4.5
06/02/2025
1,528,710.94
102.73
1,540,898.43
0.71%
Aa1/AA+
3.92
91282CKT7
05/31/2029
1,500,000.00
3.98%
1,528,159.56
3.74%
5,717.21
12,738.87
AA+
3.56
UNITED STATES TREASURY3.25
08/15/2024
1,462,089.84
98.17
1,472,578.13
0.68%
Aa1/AA+
4.00
91282CEV9
06/30/2029
1,500,000.00
3.82%
1,468,887.67
3.75%
132.47
3,690.45
AA+
3.71
UNITED STATES TREASURY4.0
04/15/2025
1,202,812.50
100.93
1,211,203.13
0.56%
Aa1/AA+
4.08
91282CLC3
07/31/2029
1,200,000.00
3.94%
1,202,676.09
3.75%
20,022.10
8,527.04
AA+
3.68
UNITED STATES TREASURY2.625
08/15/2024
1,420,078.13
95.79
1,436,777.34
0.66%
Aa1/AA+
4.08
91282CFCO
07/31/2029
1,500,000.00
3.81%
1,434,163.81
3.75%
16,424.38
2,613.53
AA+
3.78
UNITED STATES TREASURY3.125
09/11/2024
2,455,664.06
97.59
2,439,648.45
1.13%
Aa1/AA+
4.17
91282CF15
08/31/2029
2,500,000.00
3.52%
2,462,800.83
3.76%
26,112.43
(23,152.38)
AA+
3.82
UNITED STATESTREASURY4.0
12/16/2024
2,717,666.02
100.95
2,776,210.94
1.28%
Aa1/AA+
4.34
91282CFT3
10/31/2029
2,750,000.00
4.27%
2,721,228.39
3.76%
18,532.61
54,982.55
AA+
3.92
UNITED STATES TREASURY4.125
12/04/2024
1,503,339.84
101.47
1,522,032.00
0.70%
Aa1/AA+
4.42
91282CMA6
11/30/2029
1,500,000.00
4.08%
1,502,958.35
3.76%
5,240.78
19,073.65
AA+
4.00
UNITED STATES TREASURY4.375
12/30/2024
1,998,984.38
102.48
2,049,609.38
0.95%
Aa1/AA+
4.50
91282CMDO
12/31/2029
2,000,000.00
4.39%
1,999,085.61
3.77%
237.77
50,523.77
AA+
4.06
UNITED STATES TREASURY4.0
04/07/2025
1,010,390.63
100.93
1,009,296.88
0.47%
Aa1/AA+
4.75
91282CMU2
03/31/2030
1,000,000.00
3.77%
1,009,910.53
3.78%
10,054.64
(613.65)
AA+
4.25
31
Docusign Envelope ID: 38064E8A-4F76-44FF-82D5-F9610C41 D36F
HOLDINGS REPORT
City of Tustin Cons Account I Account #10795 1 As of June 30, 2025
91282CNG2
CHANDLER
ASSET MANAGEMENT
UNITED STATES TREASURY4.0 3,000,000.00 2,999,121.10 100.97 3,029,064.00 1.40% Aa1/AA+ 4.92
05/31/2030 4.01% 2,999,137.95 3.78% 10,163.93 29,926.05 AA+ 4.42
Total US Treasury
44,450,303.71
45,140,000.00 3.85% 44,668,789.54
99.56
3.88%
44,924,636.32
274,815.88
20.73%
255,846.78
2.74
2.52
Total Portfolio
215,967,968.23
217,138,931.53 4.15% 216,210,236.65
48.48
4.09%
216,744,061.21
846,440.68
100.00%
533,824.57
1.34
1.20
Total Market Value +
Accrued
217,590,501.89
32
Docusign Envelope ID: 38064E8A-4F76-44FF-82D5-F961OC41 D36F
it%CHANDLER OR CHANDLER
ASSET MANAGEMENT ASSET MANAGEMENT
33
Docusign Envelope ID: 38064E8A-4F76-44FF-82D5-F961OC41 D36F
TRANSACTION LEDGER
City of Tustin Cons Account I Account #10795 1 04/01/2025 Through 06/30/2025 1
ACQUISITIONS
Purchase 04/08/2025 91282CM U2
Purchase 04/16/2025 91282CLC3
Purchase 04/16/2025 91282CMW8
n. ..-L.....,., nA /9 O / ln' C nnl A ICdnn
Purchase
Purchase
Purchase
Purchase
Purchase
Purchase
Purchase
Purchase
Purchase
Purchase
04/21/2025 57636QAM6
04/21/2025 437076DC3
04/21/2025 478160DJO
04/25/2025 06405LAH4
1,000,000.00
UNITED STATES TREASURY
101.039
3.77%
(1,010,390.63)
(874.32)
4.0 03/31/2030
1,200,000.00
UNITED STATES TREASURY
100.234
3.94%
(1,202,812.50)
(9,944.75)
4.0 07/31/2029
1,200,000.00
UNITED STATES TREASURY
99.746
3.84%
(1,196,953.13)
(122.95)
3.75 04/15/2028
5,500,000.00
Local Agency Investment
1.000
4.28%
(5,500,000.00)
0.00
Fund State Pool
1,000,000.00
MASTERCARD INC 2.95
95.021
4.28%
(950,210.00)
(11,472.22)
06/01/2029
1,000,000.00
HOME DEPOT INC4.75
101.363
4.38%
(1,013,630.00)
(15,305.56)
06/25/2029
1,000,000.00
JOHNSON &JOHNSON 4.7
102.110
4.21%
(1,021,100.00)
(7,963.89)
03/01/2030
1,000,000.00
BANK OF NEW YORK
100.881
4.41%
(1,008,810.00)
(394.08)
MELLON 4.729 04/20/2029
CHANDLER
ASSET MANAGEMENT
(1,011,264.95)
0.00
(1,212,757.25)
0.00
(1,197,076.08)
0.00
(5,500,000.00)
0.00
(961,682.22)
0.00
(1,028,935.56)
(1,029,063.89)
0.00
0.00
(1,009,204.08) 0.00
04/25/2025 64953BBW7
1,000,000.00 NEW YORK LIFE GLOBAL 100.206
4.33% (1,002,060.00) 0.00
(1,002,060.00) 0.00
FUNDING 4.404/25/2028
04/25/2025 912797PF8
1,000,000.00 UNITED STATES TREASURY 98.949
4.31% (989,493.75) 0.00
(989,493.75) 0.00
07/24/2025
05/05/2025 69371RT63
1,000,000.00 PACCAR FINANCIAL CORP 100.900
4.21% (1,009,000.00) (7,836.11)
(1,016,836.11) 0.00
4.55 03/03/2028
05/15/2025 90331HPS6 1,000,000.00 US BANK NA 4.73 100.060 4.86% (1,000,600.00) 0.00 (1,000,600.00) 0.00
05/15/2028
05/16/2025 912797MS3 1,000,000.00 UNITED STATES TREASURY 98.394 4.29% (983,937.78) 0.00 (983,937.78) 0.00
10/02/2025
05/20/2025 31371-14BY5 1,500,000.00 FHMS K-746 A2 2.031 93.035 4.30% (1,395,527.34) (1,607.88) (1,397,135.22) 0.00
09/25/2028
34
Docusign Envelope ID: 38064E8A-4F76-44FF-82D5-F961OC41 D36F
TRANSACTION LEDGER
City of Tustin Cons Account I Account #10795 1 04/01/2025 Through 06/30/2025 1
CHANDLER
ASSET MANAGEMENT
Purchase
05/22/2025
912797QR1
1,750,000.00
UNITED STATES TREASURY
97.910
4.28%
(1,713,416.74)
0.00
(1,713,416.74)
0.00
11/20/2025
Purchase
05/30/2025
3137FJEH8
700,000.00
FHMS K-081 A2 3.9
98.875
4.23%
(692,125.00)
(2,199.17)
(694,324.17)
0.00
08/25/2028
Purchase
05/31/2025
90CAMP$00
7,000,000.00
CAMP
1.000
(7,000,000.00)
0.00
(7,000,000.00)
0.00
Purchase
06/03/2025
91282CKT7
1,500,000.00
UNITED STATES TREASURY
101.914
3.98%
(1,528,710.94)
(553.28)
(1,529,264.22)
0.00
4.5 05/31/2029
Purchase
06/03/2025
91282CNG2
1,500,000.00
UNITED STATES TREASURY
99.914
4.02%
(1,498,710.94)
(491.80)
(1,499,202.74)
0.00
4.0 05/31/2030
Purchase
06/18/2025
91282CNG2
1,500,000.00
UNITED STATES TREASURY
100.027
3.99%
(1,500,410.16)
(2,950.82)
(1,503,360.98)
0.00
4.0 05/31/2030
Purchase
06/20/2025
912797QZ3
1,750,000.00
UNITED STATES TREASURY
97.915
4.29%
(1,713,507.76)
0.00
(1,713,507.76)
0.00
12/18/2025
Purchase
06/23/2025
3137H5YC5
643,000.00
FHMS K-748 A2 2.26
93.602
4.22%
(601,858.05)
(888.05)
(602,746.10)
0.00
01/25/2029
Purchase
06/23/2025
3137H9D71
750,000.00
FHMS K-750 A2 3.0
95.547
4.23%
(716,601.56)
(1,375.00)
(717,976.56)
0.00
09/25/2029
Purchase
06/30/2025
90CAMP$00
2,500,000.00
CAMP
1.000
(2,500,000.00)
0.00
(2,500,000.00)
0.00
Total Purchase
38,993,000.00
(38,749,866.28)
(63,979.88)
(38,813,846.16)
0.00
TOTAL
ACQUISITIONS
38,993,000.00
(38,749,866.28)
(63,979.88)
(38,813,846.16)
0.00
DISPOSITIONS
Call Redemption
04/22/2025
46647PBK1
(2,000,000.00)
JPMORGAN CHASE & CO
100.000
2.33%
2,000,000.00
0.00
2,000,000.00
0.00
2.083 04/22/2026
Total Call
Redemption
(2,000,000.00)
2,000,000.00
0.00
2,000,000.00
0.00
Maturity
04/07/2025
69371RR73
(1,000,000.00)
PACCAR FINANCIAL CORP
100.000
2.86%
1,000,000.00
0.00
1,000,000.00
0.00
2.85 04/07/2025
35
Docusign Envelope ID: 38064E8A-4F76-44FF-82D5-F961OC41 D36F
TRANSACTION LEDGER ORCHANDLER
ASSET MANAGEMENT
City of Tustin Cons Account I Account #10795 1 04/01/2025 Through 06/30/2025 1
..
Maturity
04/15/2025
87612EBL9
(1,000,000.00)
TARGET CORP 2.25
100.000
1.90%
1,000,000.00
0.00
1,000,000.00
0.00
04/15/2025
Maturity
04/15/2025
437076CM2
(1,000,000.00)
HOME DEPOT INC 2.7
100.000
2.85%
1,000,000.00
0.00
1,000,000.00
0.00
04/15/2025
Maturity
04/17/2025
9127971<55
(3,000,000.00)
UNITED STATES TREASURY
100.000
5.07%
3,000,000.00
0.00
3,000,000.00
(0.00)
04/17/2025
BANK OF NEW YORK
Maturity
04/24/2025
06406RAN7
(1,000,000.00)
MELLON CORP 1.6
100.000
1.95%
1,000,000.00
0.00
1,000,000.00
0.00
04/24/2025
Maturity
05/01/2025
06367WB85
(1,000,000.00)
BANK OF MONTREAL 1.85
100.000
0.91%
1,000,000.00
0.00
1,000,000.00
0.00
05/01/2025
Maturity
05/12/2025
91159HHZ6
(1,400,000.00)
US BANCORP 1.45
100.000
1.30%
1,400,000.00
0.00
1,400,000.00
0.00
05/12/2025
Maturity
05/15/2025
91282CEQO
(2,500,000.00)
UNITED STATES TREASURY
100.000
5.22%
2,500,000.00
0.00
2,500,000.00
0.00
2.75 05/15/2025
Maturity
05/20/2025
747525AFO
(1,000,000.00)
QUALCOMM INC 3.45
100.000
2.82%
1,000,000.00
0.00
1,000,000.00
0.00
05/20/2025
Maturity
05/28/2025
717081EX7
(1,000,000.00)
PFIZER INC 0.8 05/28/2025
100.000
2.59%
1,000,000.00
0.00
1,000,000.00
0.00
Maturity
05/31/2025
9128284R8
(3,000,000.00)
UNITED STATES TREASURY
100.000
4.39%
3,000,000.00
0.00
3,000,000.00
0.00
2.875 05/31/2025
Maturity
06/15/2025
91282CEU1
(2,500,000.00)
UNITED STATES TREASURY
100.000
4.32%
2,500,000.00
0.00
2,500,000.00
0.00
2.875 06/15/2025
FEDERAL NATIONAL
Maturity
06/17/2025
3135G04Z3
(2,000,000.00)
MORTGAGE ASSOCIATION
100.000
0.71%
2,000,000.00
0.00
2,000,000.00
0.00
0.5 06/17/2025
Total Maturity
(21,400,000.00)
21,400,000.00
0.00
21,400,000.00
(0.00)
TOTAL
DISPOSITIONS
(23,400,000.00)
23,400,000.00
0.00
23,400,000.00
(0.00)
36
Docusign Envelope ID: 38064E8A-4F76-44FF-82D5-F961OC41 D36F
IMPORTANT DISCLOSURES ORCHANDLER
ASSET MANAGEMENT
2025 Chandler Asset Management, Inc, An Independent Registered Investment Adviser.
Information contained herein is confidential. Prices are provided by ICE Data Services Inc ("IDS"), an independent pricing source. In the event IDS does not provide a price or if the
price provided is not reflective of fair market value, Chandler will obtain pricing from an alternative approved third party pricing source in accordance with our written valuation
policy and procedures. Our valuation procedures are also disclosed in Item 5 of our Form ADV Part 2A.
Performance results are presented gross -of -advisory fees and represent the client's Total Return. The deduction of advisory fees lowers performance results. These results include
the reinvestment of dividends and other earnings. Past performance may not be indicative of future results. Therefore, clients should not assume that future performance of any
specific investment or investment strategy will be profitable or equal to past performance levels. All investment strategies have the potential for profit or loss. Economic factors,
market conditions or changes in investment strategies, contributions or withdrawals may materially alter the performance and results of your portfolio.
Index returns assume reinvestment of all distributions. Historical performance results for investment indexes generally do not reflect the deduction of transaction and/or
custodial charges or the deduction of an investment management fee, the incurrence of which would have the effect of decreasing historical performance results. It is not
possible to invest directly in an index.
Source ICE Data Indices, LLC ("ICE"), used with permission. ICE permits use of the ICE indices and related data on an "as is" basis; ICE, its affiliates and their respective third party
suppliers disclaim any and all warranties and representations, express and or implied, including any warranties of merchantability or fitness for a particular purpose or use,
including the indices, index data and any data included in, related to, or derived therefrom. Neither ICE data, its affiliates or their respective third party providers guarantee the
quality, adequacy, accuracy, timeliness or completeness of the indices or the index data or any component thereof, and the indices and index data and all components thereof
are provided on an "as is" basis and licensee's use it at licensee's own risk. ICE data, its affiliates and their respective third party do not sponsor, endorse, or recommend chandler
asset management, or any of its products or services.
This report is provided for informational purposes only and should not be construed as a specific investment or legal advice. The information contained herein was obtained from
sources believed to be reliable as of the date of publication, but may become outdated or superseded at any time without notice. Any opinions or views expressed are based on
current market conditions and are subject to change. This report may contain forecasts and forward -looking statements which are inherently limited and should not be relied
upon as indicator of future results. Past performance is not indicative of future results. This report is not intended to constitute an offer, solicitation, recommendation or advice
regarding any securities or investment strategy and should not be regarded by recipients as a substitute for the exercise of their own judgment.
Fixed income investments are subject to interest, credit and market risk. Interest rate risk: the value of fixed income investments will decline as interest rates rise. Credit risk: the
possibility that the borrower may not be able to repay interest and principal. Low rated bonds generally have to pay higher interest rates to attract investors willing to take on
greater risk. Market risk: the bond market in general could decline due to economic conditions, especially during periods of rising interest rates.
Ratings information have been provided by Moody's, s&P and Fitch through data feeds we believe to be reliable as of the date of this statement, however we cannot guarantee
its accuracy.
Security level ratings for U.S. Agency issued mortgage -backed securities "MBS" reflect the issuer rating because the securities themselves are not rated. The issuing U.S. Agency
guarantees the full and timely payment of both principal and interest.
37
Docusign Envelope ID: 38064E8A-4F76-44FF-82D5-F9610C41 D36F
BENCHMARK DISCLOSURES
City of Tustin I Account #10783 1 As of June 30, 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.
Docusign Envelope ID: 38064E8A-4F76-44FF-82D5-F961OC41 D36F
CITY OF TUSTIN
Monthly Investment Report
June 30, 2025
Restricted Deposits with Fiscal Agents
[1)
Description / Limits
[21 [31 [4]
Face Amount Shares YTM@Cost Credit Rating Cost Value +Accrued
Interest
i 4U- �Ik
F--bering what connect= us.
[51
Market Value
2016 Successor Agency Tax Allocation Bonds, Refunding
3,485.47
N/A
3,485.47
3,485.47
2016 Water Revenue Bonds, Refunding
5,861.29
N/A
5,861.29
5,861.29
2020 Water Revenue Bonds
2,257.14
N/A
2,257.14
2,257.14
2024 Water Revenue Bonds
1,500,792.84
N/A
1,500,792.84
1,500,792.84
CFD 04-1
1,256,018.99
N/A
1,256,018.99
1,256,018.99
CFD 06-1
425,711.47
N/A
425,711.47
425,711.47
CFD 07-1
2,133,239.42
N/A
2,133,239.42
2,133,239.42
CFD 14-1
263,245.82
N/A
263,245.82
263,245.82
CFD 25-1
70,668,333.62
N/A
70,668,333.62
70,668,333.62
76,258,946.06
76,258,946.06
76,258,946.06
Restricted Deposits
with Fiscal Agents TOTAL
76,258,946.06
76,258,946.06
* Proceeds from CFD Special Tax Refunding Bonds 2025-1 issued on June 25, 2025. $67,772,515.99 of this total were deposits to escrow accounts for the purpose of redeeming all of the
outstanding prior CFD 06-1 and CFD 14-1 bonds on September 1, 2025.
Docusign Envelope ID: 38064E8A-4F76-44FF-82D5-F961OC41 D36F
��� ■ C AGENCY
RETIREMENT SERVICES
CITY OFTUSTIN Account Report for the Period
PARS Post- Employment Benefits Trust 6/1/2025 to 6/30/2025
Aldo Schindler
City Manager
City of Tustin
300 Centennial Way
Tustin, CA 92780
Account Summary
Balance as of
Balance as of
Source
6/1/2025
Contributions Earnings Expenses Distributions Transfers 6/30/2025
OPEB
$4,605,700.76
$500,000.00 $147,600.39 $1,719.21 $0.00 $0.00 $5,251,581.94
PENSION
$15,130,636.03
$2,000,000.00 $493,021.90 $5,649.50 $0.00 $0.00 $17,618,008.43
Totals
$19,736,336.79
$2,500,000.00 $640,622.29 $7,368.71 $0.00 $0.00 $22,869,590.37
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 2.92% 5.87°% 11.50% 9.54% 6.95% 6/26/2018
PENSION 2.919/6 5.87°% 11.51% 9.55% 6.96% 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