HomeMy WebLinkAbout04 QUARTERLY INVESTMENT REPORT FOR QUARTER ENDED SEPTEMBER 30, 2025Docusign Envelope ID: 57D6COCO-360E-445D-BE3A-A5077108520D 4
Agenda Item
Reviewed Mit ia'
1W AGENDA REPORT City Manager rats
Finance Director
4�—
MEETINGDATE: NOVEMBER 4, 2025
TO: ALDO E. SCHINDLER, CITY MANAGER
FROM: JENNIFER KING, FINANCE DIRECTOR/CITY TREASURER
SUBJECT: QUARTERLY INVESTMENT REPORT FOR THE CITY OF TUSTIN AND THE
SUCCESSOR AGENCY FOR THE TUSTIN COMMUNITY REDEVELOPMENT
AGENCY FOR THE QUARTER ENDED SEPTEMBER 30, 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:
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 September 30, 2025 is rendered.
The City's total cash and investments amounted to approximately $195 million as of
September 30, 2025. The weighted average yield for the investment portfolio was 3.94%,
which is slightly lower than the weighted average portfolio yield for the prior quarter. In
September, the Federal Reserve lowered the Federal Funds Rate by .25% in response to
Docusign Envelope ID: 57D6COCO-360E-445D-BE3A-A5077108520D
City Council Agenda Report
Quarterly Investment Report for the Period Ended September 30, 2025
November 4, 2025
Page 2
concerns over a cooling job market, evidenced by downward revisions of employment data
during the quarter. The most recent national unemployment rate from August 2025 inched
up to 4.3% from 4.2% in July. However, other economic indicators continue to show
stronger than expected consumer spending and moderate economic growth. The Consumer
Price Index (CPI) for August rose 2.9% year -over -year, still above the Federal Reserve's
2% target.
The 2-year Treasury yield declined to 3.57% by September 2025, compared to a yield of
3.72% in June 2025. Similarly, the 5-year Treasury yield dropped to 3.66% by September
2025, compared to a yield of 3.8% in June 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 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 assets amounted to $18.4 million on September 30, 2025. The five-year
annualized return for the PARS Pension Trust Fund was 7.09%.
PARS OPEB Trust
The City has made $4 million in contributions into an Other Post -Employment Benefits
(OPEB) Trust, also held by PARS. The OPEB Trust 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. Assets in the OPEB
Trust amounted to $5.5 million on September 30, 2025. The five-year annualized return for
the PARS OPEB Trust Fund was 7.08%.
Investment Compliance Certification
On October 23, 2025, the Audit Commission reviewed the investment report and certified
that the portfolio is in compliance with the City's Investment Policy and the California
Government Code. In addition, the Treasurer's cash management program and cash flow
analysis indicates that sufficient liquidity is on hand to meet estimated operating
expenditures for the next six 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: 57D6COCO-360E-445D-BE3A-A5077108520D
City Council Agenda Report
Quarterly Investment Report for the Period Ended September 30, 2025
November 4, 2025
Page 3
Signed by-
9 6"
4D86AFAFFF77473...
Jennifer King
Finance Director/City Treasurer
Attachments:
1. Investment Report Certification
2. Quarterly Investment Report for the Period Ended September 30, 2025
3. Restricted Deposits with Fiscal Agents as of September 30, 2025
4. PARS Trust Statement as of September 30, 2025
Docusign Envelope ID: 57D6COCO-360E-445D-BE3A-A5077108520D
FINANCE DEPARTMENT
Remembering what connects us.
October 23, 2025
Honorable Mayor and Members of the City Council:
Re: Investment Report Certification
In compliance with California Government Code Section 53646, the attached Investment Report
for the Quarter Ending September 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 portfotio 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,
JohnAdfnde, Chair
of Tustin Audit Commission
v
4 f;D
Jennifer King, Finance Director/City Treasurer
City of Tustin
300 Centennial Way, Tustin, CA 92780 . 714-573-3060 ■ tustinca.org
Docusign Envelope ID: 57D6COCO-360E-445D-BE3A-A5077108520D
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: 57D6COCO-360E-445D-BE3A-A5077108520D
TABLE OF CONTENTS
ECONOMIC UPDATE
ACCOUNT PROFILE
PORTFOLIO HOLDINGS
TRANSACTIONS
CHANDLER
ASSET MANAGEMENT
Docusign Envelope ID: 57D6COCO-360E-445D-BE3A-A5077108520D
CHANDLER
it% ASSET MANAGEMENT
Docusign Envelope ID: 57D6COCO-360E-445D-BE3A-A5077108520D
ECONOMIC UPDATE Q11CHANDLER
ASSET MANAGEMENT
Recent economic data suggest slower growth in 2025 and greater market uncertainty as the effects of fiscal policy unfold. Inflation
pressures have eased, though core levels remain above the Federal Reserve's target, while tariffs continue to cloud forecasts. Signs of a
softer labor market are emerging, prompting expectations that the Fed will move cautiously toward policy normalization. Given the
economic outlook, we expect gradual normalization of monetary policy and a steeper yield curve.
The Federal Reserve lowered the Federal Funds Rate a quarter percentage point to the range of 4.00 — 4.25% upon conclusion of the
September Federal Open Market Committee meeting. The move was telegraphed by the Fed and in line with market expectations. Stephen
Miran was the only opposing vote in the 11-1 decision as Governor Miran called for a larger 50 basis point rate cut. Chair Powell said
concerns over signs of a softening labor market prompted the policy shift. Policymakers also updated their economic forecasts penciling in
two additional quarter -point cuts through year-end.
■ The US Treasury yield curve flattened in September, as the 2-year Treasury yield declined 13 basis points to 3.57%, the 5-year Treasury also
down 13 basis points to 3.66%, and the 10-year Treasury yield declined 14 basis points to 4.12%. The spread between the 2-year and 10-
year Treasury yield points on the curve decreased to +54 basis points at September month -end versus +61 basis points at August month -
end. The spread between the 2-year Treasury and 10-year Treasury yield one year ago was 14 basis points. The spread between the 3-
month and 10-year Treasury yield points on the curve was +21 basis points in September versus +8 basis points in August.
tl
Docusign Envelope ID: 57D6COCO-360E-445D-BE3A-A5077108520D
EMPLOYMENT Q11CHANDLER
ASSET MANAGEMENT
1,000
FITIrt
0
0
c 600
c
3 400
0
s
H
v
00
s 0
U
5
0 -200
-400
Nonfarm Payroll (000's)
3-month average (000's)
Unemployment Rate
25.0%
Underemployment Rate (U6)
20.0% Unemployment Rate (U3)
e 15.0%
a
cv
10.0%
5.0
0.0
Fob, ��g, FPb, ��g F�'b, 9�� Fib, ��g, FP6, ��g, q�'� F0 9el F06 del F0,6 9�� F06. del F0,6
")p � �1 �� �� �� �� �g �Q �s �s �p �I �I �� �� �,�' �,�' Est Est
Source: US Department of Labor Source: US Department of Labor
The U.S. economy added just 22,000 jobs in August, falling short of consensus expectations and punctuating the softening trend in the
labor market. The three-month moving average and six-month moving average payrolls totaled 29,000 and 64,000 respectively. The
unemployment rate rose to 4.3% in August from 4.2% in July. The labor participation rate inched up 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 jumped to 8.1% in August from 7.9% in July. Average hourly earnings fell to 3.7% year -over -year
from 3.9% last month.
4
Docusign Envelope ID: 57D6COCO-360E-445D-BE3A-A5077108520D
JOB OPENINGS & LABOR TURNOVER SURVEY
Job Openings
14,000
Recession
12,000
Historical Average
10,000
0
0
8,000
c
�o
c 6,000
s
H
c
4,000
2,000
CHANDLER
ASSET MANAGEMENT
0
y4 "9<, q� 94 q4 q� q� q� q4 y4 ,9t,9�• q4 q4 y4 "9<, ,9�.
�O "O �O �O "'O ""? �1 �1 "'1 ""? ""? �1 �,Ij "'1 ""? "'� �� �� ""; "'� ��
S 6 � cQ 9 O 1 � .�' St S 6 d' 9 O .l � a' Sl S
Source: US Department of Labor
The Labor Department's Job Openings and Labor Turnover Survey (JOLTS) showed a modest increase to 7.227 million new job openings in
August from 7.2 million in July. The quits rate and layoffs remained relatively stable. Job openings indicate a ratio of approximately 1 job
for each unemployed individual, representing a relatively balanced labor market.
6�
Docusign Envelope ID: 57D6COCO-360E-445D-BE3A-A5077108520D
INFLATION
10.0%
9.0 %
8.0 %
7.0 %
a
I 6.0%
M
s
u 5.0 %
0
4.0 %
0
r
3.0 %
2.0 %
1.0 %
0.0 %
Consumer Price Index (CPI)
CPI YOY % Change
CHANDLER
ASSET MANAGEMENT
Personal Consumption Expenditures (PCE)
10.0%
PCE Price Deflator YOY% Change
9'0% PCE Core Deflator YOY % Change
8.0% Fed Target
7.0 %
6.0%
5.0%
0
r 4.0 %
0
} 3.0%
2.0 %
1.0 70
0.0 %
�O �1 �1 �� �� �•�' �a' �Q �Q �S �S �O
Source: US Department of Labor Source: US Department of Commerce
In August, the Consumer Price Index (CPI) increased more than expected at 0.4% month -over -month and 2.9% year -over -year, while the
Core CPI rose 0.3% month -over -month and 3.1% year -over -year, in line with expectations. The Personal Consumption Expenditures (PCE)
price index rose 0.3% month -over -month and 2.7% year -over -year in August. The Core PCE deflator, which excludes food and energy and
is the Fed's preferred gauge, was up 0.2% from July leaving it unchanged at 2.9% on an annual basis in August.
M
Docusign Envelope ID: 57D6COCO-360E-445D-BE3A-A5077108520D
CONSUMER
60.0%
50.0%
40.0%
M
s
0
30.0%
r
0 20.0%
10.0%
0.0%
Retail Sales YOY % Change
Foq� Fib q�� Fib
b 0
�p �1 ,1
Source: US Department of Commerce
160
140 Recession
120
100
v
80
x
60
c
40
20
.1��■�..�1111�11111 0
FPb q�� F06
Est �Q "-)S �S
CHANDLER
ASSET MANAGEMENT
Consumer Confidence
S, S� SP S� SP S, S, S, S, S, S,
p0 % p0 a1 b� a1 a1 a1
S 5 0
Source: The Conference Board
All time high is 144.70 (1131100); All time low is 25.30 (2128109)
Advance Retail Sales showed continued strength jumping 0.6% in August as July data was also revised up to 0.6% month -over -month. The
increase elevated retail sales to 5.0% on an annual basis after jumping 4.1% year -over -year in July. Back -to -school shopping was a likely
catalyst as online shopping, clothing, and sporting goods saw some of the largest increases. Control group sales, which feed into GDP,
also jumped 0.74% in August from the prior month. The Conference Board's Consumer Confidence Index fell to 94.2 in September from a
revised 97.8 in August, marking the lowest level since April 2025. Measures of current conditions and future expectations fell, signaling
weaker sentiment toward employment and income. Consumers have remained resilient, but rising debt burdens, higher delinquency rates,
lingering inflation worries, and emerging signs of labor market cooling could weigh on future spending.
II
Docusign Envelope ID: 57D6COCO-360E-445D-BE3A-A5077108520D
LEADING INDICATORS OF ECONOMIC ACTIVITY
15.0%
10.0%
5.0 %
-15.0%
-20.0%
-25.0%
Leading Economic Indicators (LEI)
94
a°�,
S
94
a°d,
9
10 10
a°9 a°9
,s' �
10
a°0
1
10
a°0
S
10
a°0
9
10
g1
.>'
10
6,175
1
�
10
a°1
1
10
a°�
S
Source: The Conference
Board
1.00
0.75
0.50
v
0.25
v
a 0.00
s
c
:0 -0.25
rn
-0.50
-0.75
-1.00
CHANDLER
ASSET ASSET MANAGEMENT
Chicago Fed National Activity Index (CFNAI)
1�1 1�1 le, 10 10 1�1 10 1 �1 1 �1 10 110
a°:S a?� a°:9 a° 9 a° O g 0 `10 � 1 a°:1 11>1 a°:�
S 9 ,�' � 1 S 9 .3' � 1 S
Source: Federal Reserve Bank of Chicago
The Conference Board's Leading Economic Index (LEI) fell by 0.5% in August, following a 0.1% increase in July. The LEI decreased by 3.6%
year -over -year. The Conference Board is expecting economic growth to slow in the second half of 2025 due to consumer pessimism, soft
manufacturing new orders, and negative impacts from tariffs. The Chicago Fed National Activity Index (CFNAI) came in at -0.12% in
August after a downwardly revised -0.28 in July, indicating that economic momentum remained below its historical trend for the fifth
consecutive month. The three-month moving average shows a similar trend at -0.18 in August from -0.20 in the prior month signaling
ongoing below -trend growth in national economic activity.
F:
Docusign Envelope ID: 57D6COCO-360E-445D-BE3A-A5077108520D
HOUSING Q11CHANDLER
ASSET MANAGEMENT
2,400
2,200
2,000
1,800
1,600
to 1,400
Annualized Housing Starts
■ Multi Family Housing Starts
■ Single Family Housing Starts
800
600
400
III
200
Illllll�i��ll�lllllll
a
'4
SOS
1�1
'�''O)
1G
N
94 10
g11 g1S
.10
�1S
10
g1�
94
g I9
14
g�1
10
g�3
q�
��S
Source: US Department
of Commerce
24.0%
20.0%
16.0%
12.0%
8.0%
4.0 %
0.0 %
61
o -4.0%
} -8.0%
-12.0%
-16.0%
-20.0%
S&P/Case-Shiller 20 City Composite Home Price Index
✓4/, ✓0/
OS 0)
✓0/,
00
✓0/
. 7
✓0/
4:.,
✓0/,
1s
1/0/,
>
✓0/,
s
✓4/,
✓0/,
1/0/,
Source: S&P
Housing starts dropped 8.5% in August to 1.307 million units, marking a pullback amid elevated inventory levels and a softening labor
market. Single-family starts fell 7.0% in August to 890,000 units, hitting their lowest level since July 2024. The S&P Cotality Case Shiller 20-
City Home Price Index recorded a 0.07% month -over -month decline in July, marking the fifth consecutive month of losses, while still
posting a modest year -over -year gain of 1.8%. Persistently high asking prices and elevated mortgage rates have continued to challenge
affordability, contributing to the recent cooling across the housing market. However, the Freddie Mac 30-year fixed mortgage rate
continued recent declines to 6.3% as of September.
9
Docusign Envelope ID: 57D6COCO-360E-445D-BE3A-A5077108520D
SURVEY BASED MEASURES
70
65
60
55
50
45
40
CHANDLER
ASSET MANAGEMENT
Institute of Supply Management (ISM) Surveys
ISM Manufacturing ISM Services
EXPANDING • '
CONTRACTING
bc� d�� �� �� c� d�� �� �� c� a~� �� O j 7 I 1 .�' �'
�O
Source: Institute for Supply Management
Manufacturing activity contracted at a slightly slower rate as the Institute for Supply Management (ISM) Manufacturing Index edged up to
49.1 in September, from 48.7 in August yet remaining below the expansion threshold, signaling the seventh consecutive month of
contraction in the manufacturing sector. Production growth factored into the gain, although drops in new orders and inventories offset the
increase. The ISM Services Index fell to 50.0 in September from 52.0 in August, which is the breakeven point between expansion and
contraction. The 2.0-point decline generally indicated moderate to weak growth, with only isolated reports of supplier delivery delays.
Employment remained in contraction territory, reflecting delayed hiring plans and ongoing challenges in finding qualified workers.
10
Docusign Envelope ID: 57D6COCO-360E-445D-BE3A-A5077108520D
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 ASSET MANAGEMENT
Gross Domestic Product (GDP)
'
40.0%
30.0%
2.7%
2.6%
0.4%
1.7%
20.0%
0.2%
-1.3%
3.8%
-2.7%
10.0%
0.0%
- -
-0.4%
-0.1%
-4.7%
4.8%
-10.0
0.5%
0.3%
-0.4%
-0.4%
-20 0%
I -GDP QOQ %Change
0.4%
0.3%
0.2%
0.3%
-30.0a o
GDP YOY% Change
-40.0%
3.4%
1.9%
-0.6%
3.8%
✓�, OP ✓�, Oo ✓�, On ✓�, 0, ✓� O� ✓�,
�� c� c� 7�� 7�,1 c,1 7�
O O j j .�' 4 st S
Source: US Department of Commerce
In a sharp rebound from the first quarter, real GDP increased at an annualized rate of 3.8% in the second quarter of 2025 according to the
final data revision from the Bureau of Economic Analysis. The increase in real GDP in the second quarter was driven by the drop in
imports following the significant rise in the first quarter in anticipation of higher tariffs and an increase in consumer spending. The
consensus projection calls for 1.7% growth for the third quarter and 1.8% for the full year 2025.
11
Docusign Envelope ID: 57D6COCO-360E-445D-BE3A-A5077108520D
FEDERAL RESERVE C31CHANDLER
ASSET MANAGEMENT
10,000,000
9,000,000
8,000,000
7,000,000
0 6,000,000
= 5,000,000
= 4,000,000
3,000,000
2,000,000
1,000,000
0
Federal Reserve Balance Sheet Assets
SP S� S� S� SP SP S�, SP S� SP SP
aO �O aO ,aZ a1 01 �� a1 ,�� a" a�
S 5 9 1 .�' S > 9 1 .�' S
Source: Federal Reserve
6.00%
5.00%
4.00%
e
:2 3.00%
v
r
2.00%
1.00%
0.00%
Effective Federal Funds Rate
S% S� S� S� S� S, S, S, S, S, S,
'O pO pO p1 p1 b1 �1 p 7 b� �"��
S � 9 .l ,�' S � 9 1 �' S
Source: Bloomberg
The Federal Reserve lowered its benchmark interest rate by a quarter point to a range of 4.00% to 4.25% at its September meeting, as
officials responded to mounting signs of labor market weakness. Chair Jerome Powell said the move was aimed at cushioning the
slowdown while keeping policy restrictive enough to fight lingering inflation. The Fed kept its balance -sheet runoff unchanged,
maintaining a $5 billion monthly cap on Treasuries and $35 billion on agency and mortgage -backed securities. Since launching its
Quantitative Tightening campaign in June 2022, the Fed has reduced its securities holdings by about $2.35 trillion, bringing the total down
to roughly $6.6 trillion.
12
Docusign Envelope ID: 57D6COCO-360E-445D-BE3A-A5077108520D
BOND YIELDS
US Treasury Note Yields
6.0 %
5.0 %
4.0 %
2.0 %
1.0 %
0.0% •
SPp �dr SPp �d/. SPp
Source: Bloomberg
S 4�1S S
�°,b,
6.0%
5.0 %
4.0%
2.0 %
1.0 %
0.0 %
CHANDLER
ASSET ASSET MANAGEMENT
US Treasury Yield Curve
Sep-25
Jun-25
• Sep-24
1_3 Syr ,y~ 10 1-90
o �o
Source: Bloomberg
At the end of September, the 2-year Treasury yield was 5 basis points lower, and the 10-Year Treasury yield was 40 basis points higher,
year -over -year. The spread between the 2-year and 10-year Treasury yield points on the curve decreased to +54 basis points at September
month -end versus +61 basis points at August month -end. The prior 2-year/10-year yield curve inversion, which spanned from July 2022 to
August 2024, 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 +21 basis points in September versus +8 basis points in August.
13
Docusign Envelope ID: 57D6COCO-360E-445D-BE3A-A5077108520D
it%CHANDLER
ASSET MANAGEMENT
14
Docusign Envelope ID: 57D6COCO-360E-445D-BE3A-A5077108520D
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 ASSET MANAGEMENT
15
Docusign Envelope ID: 57D6COCO-360E-445D-BE3A-A5077108520D
STATEMENT OF COMPLIANCE C/„CHANDLER
ASSET MANAGEMENT
City of Tustin Cons Account I Account #10795 1 As of September 30, 2025
Rules Name Limit Actual Compliance Notes
Status
AGENCY MORTGAGE SECURITIES (CMOS)
Max % (MV) 20.0 5.1 Compliant
Max % Issuer (MV) 10.0 5.1 Compliant
Max Maturity (Years) 5.0 4.9 Compliant
Min Rating (AA- by 1) 0.0 0.0 Compliant
BANKERS' ACCEPTANCES
Max % (MV) 30.0 0.0 Compliant
Max % Issuer (MV)
5.0 0.0 Compliant
Max Maturity (Days)
180
0.0
Compliant
Min Rating (A- by 1)
0.0
0.0
Compliant
CERTIFICATE OF DEPOSIT PLACEMENT SERVICE
(CDARS)
Max % (MV)
30.0
0.0
Compliant
COLLATERALIZED BANK DEPOSITS
Max % (MV)
100.0
0.0
Compliant
Max % Issuer (MV)
30.0
0.0
Compliant
Max Maturity (Years)
5.0
0.0
Compliant
Min Rating (A- by 1)
0.0
0.0
Compliant
COLLATERALIZED TIME DEPOSITS (NON-
NEGOTIABLE CD/TD)
Max Maturity (Years)
5.0
0.0
Compliant
Min Rating (A- by 1)
0.0
0.0
Compliant
COMMERCIAL PAPER
Max % (MV)
30.0
0.0
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
19.4
Compliant
16
Docusign Envelope ID: 57D6COCO-360E-445D-BE3A-A5077108520D
STATEMENT OF COMPLIANCE
City of Tustin Cons Account I Account #10795 1 As of September 30, 2025
Rules Name Limit Actual ..
Status
Max % Issuer (Corporate & Commercial Paper; MV) 10.0 0.5 Compliant
CHANDLER
ASSET ASSET MANAGEMENT
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
7.1
Compliant
Max % Issuer (MV)
50.0
3.9
Compliant
Max Maturity (Years)
5
3
Compliant
JPA INVESTMENT POOLS
Max % (MV)
100.0
35.2
Compliant
Max % Issuer (MV)
50.0
35.2
Compliant
Max Maturity (Years)
5.0
0.0
Compliant
LOCAL AGENCY INVESTMENT FUND (LAIF)
Max Concentration (MV)
75.0
12.8
Compliant
MONEY MARKET MUTUAL FUNDS
Max % (MV)
20.0
0.3
Compliant
Max % Issuer (MV)
10.0
0.3
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: 57D6COCO-360E-445D-BE3A-A5077108520D
STATEMENT OF COMPLIANCE
C/„CHANDLER
ASSET MANAGEMENT
City of Tustin Cons Account I Account #10795 1 As of September 30, 2025
ComplianceRules
Name
Min Rating (A- by 1)
Limit
0.0
Actual
0.0
Notes
Status
Compliant
NEGOTIABLE CERTIFICATES OF DEPOSIT (NCD)
Max % (MV)
30.0
0.1
Compliant
Max % Issuer (MV)
5.0
0.1
Compliant
Max Maturity (Years)
5
0.0
Compliant
Min Rating (A-1 by 1 or A- by 1 if> FDIC Limit)
0.0
0.0
Compliant
REPURCHASE AGREEMENTS
Max % (MV)
30.0
0.0
Compliant
Max % Issuer (MV)
5.0
0.0
Compliant
Max Maturity (Years)
1.0
0.0
Compliant
U.S. TREASURIES
Max %(MV)
100.0
22.9
Compliant
Max % Issuer (MV)
100.0
22.9
Compliant
Max Maturity (Years)
5
4
Compliant
The City of Tustin maintains odequate liquidity to cover at least six months of expected disbursements.
18
Docusign Envelope ID: 57D6COCO-360E-445D-BE3A-A5077108520D
PORTFOLIO SUMMARY
City of Tustin Cons Account I Account #10795 1 As of September 30, 2025
CHANDLER
ASSET ASSET MANAGEMENT
Portfolio Characteristics
Account Summary
Top Issuers
Average Modified Duration
1.39
End Values as
End Values asCalifornia
Asset Mgmt Program
35.16%
of 07/31/2025
of 09/30/2025
United States
22.93%
Average Coupon
3.69%
Market Value
197,685,444.81
194,070,618.15
LAIF
6.61%
Average Purchase YTM
3.94%
Accrued Interest
862,997.57
790,293.04
FHLMC
5.07%
Total Market Value
198,548,442.38
194,860,911.20
Farm Credit System
3.86%
Average Market YTM
°
3.90%
Income Earned
1,524,731.29
1,217,277.02
Federal Home Loan Banks
3.29%
Average Credit Quality*
AA+
Cont/WD
(22,607,930.73)
(5,716,019.48)
Citizens Business Bank
3.25%
Average Final Maturity
1.55
Par
198,448,186.27
194,120,044.15
Toyota Motor Corporation
0.53%
Book Value
197,533,919.22
193,184,818.62
Average Life
1.42
Cost Value
197,283,184.04
192,868,130.88
Sector Allocation
LGIP 35.16%
US Treasury 22.93%
Corporate 19.37%
Agency 7.14%
LAIF 6.61%
Agency CMBS 5.07%
Cash 3.32%
Money Mkt Fd 0.27%
Performance Review
Total Rate of Return"
City of Tustin Cons Agg
Benchmark Return
Maturity Distribution
75%
50.7%
50%
25%
0%
O
1.20% 4.45% 5.22% 4.72%
1.14% 3.77% 5.58% 4.42%
Credit Quality*
AAA 42.63% NAA35.59% A-1 2.31%
A 9.61% 0 NA 9.86%
IS Since Inception
(12/01120)
1.17%
Secondary Benchmark Return 1.12% 3.88% 5.29% 4.35% -- 1.63%
Realized Rate of Return" 3M 1YR 2YRS 3YRS 5YRS 10YRS Since Inception
i i
City of Tustin Cons Agg 1.00% 3.98% 4.04% 3.75% 2.67%
**Periods over 1 year are annualized.
Benchmark: ICE BofA 1-5 Year Unsubordinated US Treasury & Agency Index Secondary Benchmark: ICE BofA 1-3 Year US Treasury & Agency Index
Total rate of return: A measure of a portfolio's performance over time. It is the internal rate of return, which equates the beginning value of the portfolio with the ending value; it includes interest earnings, realized 4!)unrealized
gains and losses in the portfolio. Realized Rate of Return: A measure of a portfolio's return overtime. 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: 57D6COCO-360E-445D-BE3A-A5077108520D
MATURITY DISTRIBUTION
City of Tustin Cons Account I Account #10795 1 As of September 30, 2025
(D
zi 60,000,000
co
(D
L
40,000,000
20,000,000
C
93,513,314.49
0 - .25 .25 - .5 .5 - 1 1-2 2-3 3-4
CHANDLER
ASSET MANAGEMENT
17-,373;260.59
Pill
Docusign Envelope ID: 57D6COCO-360E-445D-BE3A-A5077108520D
PORTFOLIO SUMMARY
City of Tustin I Account #10783 1 As of September 30, 2025
CHANDLER
ASSET ASSET MANAGEMENT
Portfolio Characteristics
Account Summary
Top Issuers
Average Modified Duration
2.53
End Values as
End ValuesUnited
States
41.76%
of 07/31/2025
of 09/30/2025
FHLMC
9.23%
Average Coupon
3.48%
Market Value
105,075,788.29
106,554,359.58
Farm Credit System
7.02%
Average Purchase YTM
3.94%
Accrued Interest
862,997.57
790,293.04
Federal Home Loan Banks
5.98%
Total Market Value
105,938,785.86
107,344,652.63
Toyota Motor Corporation
0.97%
Average Market YTM
o
3.86/o
Income Earned
686 122.57
'
684 619.10
Johnson &Johnson
0.97%
Average Credit Quality*
AA
Cont/WD
8,851,152.09
0.00
Cisco Systems, Inc.
0.96%
Average Final Maturity
2.81
Par
105,838,529.75
106,603,785.58
The Home Depot, Inc.
0.96%
Book Value
104,924,262.71
105,668,560.06
Average Life
2.59
Cost Value
104,673,527.53
105,351,872.32
Sector Allocation
Maturity Distribution
Credit Quality*
75%
US Treasury
41.76%
Corporate
35.28%
50.7%
50%
Agency 13.01%
Agency CMBS hL 9.23%
24.5
Money Mkt I'd 0.49%
25%
10.3%
8.9.7%
Neg CD 0.22%
5-
0%
O
1
J,
AAA 13.48% AA 64.83%
A-14.20%
Cash 0.00%
S
S
1
S
A 17.50%
Performance
Total Rate of Return** 3M 1YR 2YRS 3YRS SYRS 10YRS Since Inception
(12/01/20)
00'
Benchmark Return 1.14% 3.77% 5.58% 4.42% 1.17%
Secondary Benchmark Return 1.12% 3.88% 5.29% 4.35% 1.63%
Realized Rate of Return" 3M 1YR 2YRS 3YRS 5YRS 10YRS Since Inception
City of Tustin 0.97% 3.56% 3.17% 2.87% 2.50%
**Periods over 1 year are annualized.
Benchmark: ICE BofA 1-5 Year Unsubordinated US Treasury & Agency Index Secondary Benchmark: ICE BofA 1-3 Year US Treasury & Agency Index
Total rate of return: A measure of a portfolio's performance over time. It is the internal rate of return, which equates the beginning value of the portfolio with the ending value; it includes interest earnings, realiand 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 rn&des interest
earnings, realized gains and losses in the portfolio
Docusign Envelope ID: 57D6COCO-360E-445D-BE3A-A5077108520D
it%CHANDLER Q11 CHANDLER
ASSET MANAGEMENT ASSET MANAGEMENT
PaOj
Docusign Envelope ID: 57D6COCO-360E-445D-BE3A-A5077108520D
ISSUERS
City of Tustin Cons Account I Account #10795 1 As of September 30, 2025
California Asset Mgmt Program
United States
C/„CHANDLER
ASSET MANAGEMENT
Portfolio
LGIP 35.16%
US Treasury 22.93%
LAI F
LAI F
6.61
FHLMC
Agency CMBS
5.07%
Farm Credit System
Agency
3.86%
Federal Home Loan Banks
Agency
3.29%
Citizens Business Bank
Cash
3.25%
Toyota Motor Corporation
Corporate
0.53%
Johnson & Johnson
Corporate
0.53%
Cisco Systems, Inc.
Corporate
0.53%
The Home Depot, Inc.
Corporate
0.53%
Blackrock, Inc.
Corporate
0.53%
State Street Corporation
Corporate
0.53%
Bank of America Corporation
Corporate
0.52%
PepsiCo, Inc.
Corporate
0.52%
Abbvie Inc.
Corporate
0.52%
BNY Mellon Corp
Corporate
0.52%
Deere & Company
Corporate
0.52%
Northwestern Mutual Global Funding
Corporate
0.52%
Met Tower Global Funding
Corporate
0.52%
National Rural Utilities Cooperative
Corporate
0.52%
PACCAR Inc
Corporate
0.52%
Florida Power & Light
Corporate
0.52%
CME Group Inc.
Corporate
0.52%
New York Life Insurance Company
Corporate
0.52%
Wells Fargo & Company
Corporate
0.52%
U.S. Bancorp
Corporate
0.52%
Eli Lilly and Company
Corporate
0.52%
American Express Company
Corporate
0.52%
Northern Trust Corporation
Corporate
0.52%
23
Docusign Envelope ID: 57D6COCO-360E-445D-BE3A-A5077108520D
ISSUERS
City of Tustin Cons Account I Account #10795 1 As of September 30, 2025
Merck & Co., Inc.
Guardian Life Global Funding
Morgan Stanley
C/„CHANDLER
ASSET MANAGEMENT
PortfolioInvestment Type %
Corporate 0.52%
Corporate 0.52%
Corporate 0.51%
Chubb Limited
Corporate
0.51%
Caterpillar Inc.
Corporate
0.51%
The Charles Schwab Corporation
Corporate
0.51%
Amazon.com, Inc.
Corporate
0.51%
UnitedHealth Group Incorporated
Corporate
0.51%
The PNC Financial Services Group, In
Corporate
0.50%
Royal Bank of Canada
Corporate
0.50%
Mastercard Incorporated
Corporate
0.50%
Honeywell International Inc.
Corporate
0.49%
Apple Inc.
Corporate
0.48%
Walmart Inc.
Corporate
0.45%
Public Service Enterprise Group Inco
Corporate
0.31%
First American Govt Oblig fund
Money Mkt I'd
0.27%
The Goldman Sachs Group, Inc.
Neg CD
0.12%
Cash
Cash
0.07%
TOTAL
100.00%
24
Docusign Envelope ID: 57D6COCO-360E-445D-BE3A-A5077108520D
HOLDINGS REPORT
City of Tustin Cons Account I Account #10795 1 As of September 30, 2025
CHANDLER
ASSET ASSET MANAGEMENT
AGENCY
FEDERAL HOME LOAN BANKS
11/30/2023
1,503,345.00
101.01
1,515,162.14
0.78%
Aa1/AA+
1.13
3130AXU63
4.62511/17/2026
1,500,000.00
4.54%
1,501,273.70
3.70%
25,822.92
13,888.43
AA+
1.07
FEDERAL FARM CREDIT BANKS
12/08/2023
1,001,820.00
101.69
1,016,921.79
0.52%
Aa1/AA+
2.01
3133EPH81
FUNDING CORP 4.5 10/04/2027
1,000,000.00
4.45%
1,000,957.69
3.62%
22,125.00
15,964.10
AA+
1.87
FEDERAL HOME LOAN BANKS
07/26/2023
1,255,762.50
101.93
1,274,103.34
0.66%
Aa1/AA+
2.69
3130AWMN7
4.375 06/09/2028
1,250,000.00
4.27%
1,253,188.04
3.61%
17,013.89
20,915.30
AA+
2.49
FEDERAL FARM CREDIT BANKS
08/29/2023
1,507,785.00
102.18
1,532,678.09
0.79%
Aa1/AA+
2.91
3133EPUN3
FUNDING CORP 4.5 08/28/2028
1,500,000.00
4.37%
1,504,532.71
3.70%
6,187.50
28,145.37
AA+
2.70
FEDERAL HOME LOAN BANKS 4.75
12/08/2023
1,222,020.00
103.24
11238,874.84
0.64%
Aa1/AA+
3.19
3130AXQK7
12/08/2028
1,200,000.00
4.33%
11214,052.24
3.66%
17,891.67
24,822.60
AA+
2.90
FEDERAL FARM CREDIT BANKS
01/29/2024
1,488,945.00
100.79
1,511,780.82
0.78%
Aa1/AA+
3.30
3133EPW84
FUNDING CORP 3.875 01/18/2029
1,500,000.00
4.04%
1,492,656.41
3.62%
11,786.46
19,124.41
AA+
3.05
FEDERAL HOME LOAN BANKS 4.5
04/25/2024
1,384,040.00
102.40
1,433,558.91
0.74%
Aa1/AA+
3.44
3130AVBD3
03/09/2029
1,400,000.00
4.76%
11388,734.65
3.75%
3,850.00
44,824.26
AA+
3.16
FEDERAL FARM CREDIT BANKS
04/25/2024
1,376,046.00
102.65
11437,165.31
0.74%
Aa1/AA+
3.53
3133ERAK7
FUNDING CORP 4.375 04/10/2029
1,400,000.00
4.77%
1,382,929.79
3.57%
29,093.75
54,235.52
AA+
3.19
FEDERAL FARM CREDIT BANKS
09/17/2024
2,002,440.00
99.26
1,985,192.54
1.02%
Aa1/AA+
3.94
3133ERSP7
FUNDING CORP 3.5 09/10/2029
2,000,000.00
3.47%
2,001,932.67
3.70%
4,083.33
(16,740.13)
AA+
3.64
FEDERAL HOME LOAN BANKS
09/30/2024
921,906.00
101.51
913,553.85
0.47%
Aa1/AA+
3.96
3130ATHX8
4.125 09/14/2029
900,000.00
3.58%
917,486.05
3.71%
1,753.13
(3,932.20)
AA+
3.62
13,664,109.51
101.54
13,858,991.61
7.14%
3.03
Total Agency
13,650,000.00
4.25%
13,657,743.95
3.67%
139,607.64
201,247.66
2.79
AGENCY CMBS
3137F1G44
FHMS K-065 A2 3.243 04/25/2027
750,000.00
06/08/2023
719,560.55
98.94
742,051.35
0.38%
Aa1/AA+
1.57
4.39%
738,004.05
3.86%
2,026.88
4,047.30
AAA
1.42
3137FEZU7
FHMS K-076 A2 3.9 04/25/2028
750,000.00
10/30/2023
708,310.55
99.99
749,896.43
0.39%
Aa1/AA+
2.57
5.32%
726,388.05
3.83%
2,437.50
23,508.38
AAA
2.32
3137FJEH8
FHMS K-081 A2 3.9 08/25/2028
700,000.00
05/29/2025
692,125.00
99.91
699,366.71
0.36%
Aa1/AA+
2.90
4.23%
692,967.54
3.87%
2,275.00
6,399.17
AAA
2.67
3137FJKE8
FHMS K-082 A2 3.92 09/25/2028
750,000.00
10/30/2023
705,556.64
99.96
749,735.18
0.39%
Aa1/AA+
2.99
5.31%
723,157.72
3.87%
2,450.00
26,577.45
AAA
2.70
25
Docusign Envelope ID: 57D6COCO-360E-445D-BE3A-A5077108520D
HOLDINGS REPORT
City of Tustin Cons Account I Account #10795 1 As of September 30, 2025
CHANDLER
ASSET ASSET MANAGEMENT
3137H4BY5 FHMS K-746A2 2.03109/25/2028 1,500,000.00 05/15/2025 1,395,527.34 94.72 1,420,828.80 0.73% Aa1/AA+ 2.99
4.30% 1,407,193.45 3.92% 2,538.75 13,635.35 AAA 2.80
3137FJXV6 FHMS K-083 A2 4.05 09/25/2028 300,000.00 05/29/2025 297,609.38 100.32 300,967.53 0.16% Aa1/AA+ 2.99
4.26% 297,858.49 3.87% 1,012.50 3,109.04 AAA 2.75
3137FKZZ2 FHMS K-088 A2 3.69 01/25/2029
1,000,000.00 07/22/2024
963,789.06
99.29
992,920.10
0.51%
Aaa/AA+
3.32
4.58%
973,461.69
3.87%
3,075.00
19,458.41
AA+
3.00
3137H5YC5 FHMS K-748 A2 2.26 01/25/2029
643,000.00 06/17/2025
601,858.05
94.85
609,883.25
0.31%
Aa1/AA+
3.32
4.22%
605,052.30
3.94%
1,210.98
4,830.95
AAA
3.06
3137FLN91 FHMS K-091 A2 3.505 03/25/2029
1,000,000.00 03/05/2025
970,234.38
98.62
986,174.50
0.51%
Aa1/AAA
3.48
4.31%
974,436.83
3.90%
2,920.83
11,737.67
AA+
3.12
3137FLYV0
3137H9D71
3137FX3Q9
Total Agency CMBS
FHMS K-092 A2 3.298 04/25/2029 1,000,000.00 09/17/2024
981,484.38
97.89
978,913.00
0.50%
Aa1/AA+
3.57
3.72%
985,693.49
3.91%
2,748.33
(6,780.49)
AAA
3.24
FHMS K-750 A2 3.0 09/25/2029 750,000.00 06/17/2025
716,601.56
96.63
724,747.20
0.37%
Aa1/AA+
3.99
4.23%
718,783.04
3.98%
1,875.00
5,964.16
AAA
3.33
FHMS K-117 A2 1.406 08/25/2030 1,000,000.00 09/11/2025 891,757.81
88.47
884,673.20
0.46% Aa1/AA+
4.90
3.87% 892,669.96
4.05%
1,171.67
(7,996.76) AAA
4.57
9,644,414.70
97.13
9,840,157.24
5.07%
3.25
10,143,000.00 4.38% 9,735,666.61
3.91%
25,742.44
104,490.63
2.95
CASH
CBGMMF$04 Citizens Business Bank
CBGMMF$03 Citizens Business Bank
CCYUSD Receivable
05/31/2025
463,925.77
1.00
463,925.77
463,925.77
0.00%
463,925.77
0.00%
0.00
09/30/2025
5,842,324.53
1.00
5,842,324.53
5,842,324.53
0.00%
5,842,324.53
0.00%
0.00
0.24%
NA/NA
0.00
0.00
NA
0.00
3.01%
NA/NA
0.00
0.00
NA
0.00
2,842.44 2,842.44 1.00 2,842.44 0.00% Aaa/AAA 0.00
2,842.44 0.00% 0.00 0.00 AAA 0.00
136,992.81
1.00
136,992.81
0.07%
Aaa/AAA
0.00
CCYUSD Receivable 136,992.81
136,992.81
0.00%
0.00
0.00
AAA
0.00
2.60
1.00
2.60
0.00%
Aaa/AAA
0.00
CCYUSD Receivable 2.60
2.60
0.00%
0.00
0.00
AAA
0.00
6,446,088.15
1.00
6,446,088.15
3.32%
0.00
Total Cash 6,446,088.15 0.00% 6,446,088.15
0.00%
0.00
0.00
0.00
26
Docusign Envelope ID: 57D6COCO-360E-445D-BE3A-A5077108520D
HOLDINGS REPORT
City of Tustin Cons Account I Account #10795 1 As of September 30, 2025
CORPORATE
14913R2H9
00440EAV9
023135BX3
808513BR5
91324PEC2
CATERPILLAR FINANCIAL SERVICES 1,000,000.00 04/21/2021 991,780.00 99.57
CORP 0.8 11/13/2025 0.98% 999,787.71 4.50%
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
1,000,000.00 07/23/2021 1,102,780.00 99.58
1.13% 1,007,961.10 4.07%
1,000,000.00 05/12/2021 995,200.00 98.24
1.10% 999,413.16 3.93%
07/23/2021
1,007,990.00
98.26
1,000,000.00
0.98%
1,000,907.41
4.04%
07/28/2021
1,007,110.00
98.20
1,000,000.00
1.00%
11000,816.23
4.11%
CHANDLER
ASSET ASSET MANAGEMENT
995,692.97 0.51% A2/A 0.12
3,066.67 (4,094.74) A+ 0.12
995,810.58
0.51%
A2/A
0.59
13,772.22
(12,150.52)
A
0.57
982,384.55
0.51%
Al/AA
0.61
3,861.11
(17,028.61)
AA-
0.60
982,581.39
0.51%
A2/A-
0.62
4,408.33
(18,326.02)
A
0.60
982,005.22
0.51%
A2/A+
0.62
4,344.44
(18,811.01)
A
0.61
ROYAL BANK OF CANADA 1.15
07/28/2021
999,090.00
97.82
978,150.40
0.50%
Al/A
0.79
78016EZT7
07/14/2026
1,000,000.00
1.17%
999,856.21
4.00%
2,459.72
(21,705.81)
AA-
0.77
931142ERO
WALMART INC 1.05 09/17/2026
900,000.00
09/22/2021
902,277.00
97.46
877,155.82
0.45%
Aa2/AA
0.96
1.00%
900,409.95
3.76%
367.50
(23,254.13)
AA
0.94
MORGAN STANLEY 3.625
01/14/2025
979,620.00
99.65
996,470.32
0.51%
Al/A-
1.31
61746BEF9
01/20/2027
1,000,000.00
4.70%
986,801.52
3.90%
7,149.31
9,668.80
A+
1.25
NORTHERN TRUST CORP 4.0
01/30/2023
986,540.00
100.16
1,001,557.92
0.52%
A2/A+
1.61
665859AW4
05/10/2027
1,000,000.00
4.35%
994,940.63
3.90%
15,666.67
6,617.29
A+
1.44
JOHN DEERE CAPITAL CORP 4.65
01/10/2025
997,270.00
101.63
1,016,341.60
0.52%
Al/A
2.27
24422EXZ7
01/07/2028
1,000,000.00
4.75%
997,924.30
3.89%
10,850.00
18,417.30
A+
2.12
MET TOWER GLOBAL FUNDING
01/10/2025
996,910.00
101.50
1,015,039.44
0.52%
Aa3/AA-
2.29
58989V2K9
4.8 01/14/2028
1,000,000.00
4.91%
997,643.70
4.10%
10,266.67
17,395.74
AA-
2.13
WELLS FARGO & CO 4.9
01/30/2025
1,000,770.00
100.92
1,009,195.31
0.52%
Al/BBB+
2.32
95000U3R2
01/24/2028
1,000,000.00
4.86%
1,000,511.20
4.49%
9,119.44
8,684.11
A+
1.25
NATIONAL RURAL UTILITIES
02/07/2025
999,330.00
101.47
1,014,743.74
0.52%
A2/NA
2.36
63743HFW7
COOPERATIVE FINANCE CORP 4.75
1,000,000.00
4.77%
999,472.96
4.08%
7,125.00
15,270.78
A
2.12
02/07/2028
PACCAR FINANCIAL CORP 4.55
05/02/2025
1,009,000.00
101.39
1,013,897.05
0.52%
Al/A+
2.42
69371RT63
03/03/2028
1,000,000.00
4.21%
1,007,701.84
3.94%
3,538.89
6,195.21
NA
2.27
00287YDY2
ABBVI E INC 4.65 03/15/2028
1,000,000.00
03/05/2025
1,006,680.00
101.65
1,016,472.84
0.52%
A3/A-
2.46
4.40%
1,005,382.49
3.94%
2,066.67
11,090.35
NA
2.23
NEW YORK LIFE GLOBAL FUNDING
04/24/2025
1,002,060.00
101.02
1,010,168.90
0.52%
Aa1/AA+
2.57
6495366W7
4.4 04/25/2028
1,000,000.00
4.33%
1,001,761.15
3.98%
19,066.67
8,407.75
AAA
2.36
27
Docusign Envelope ID: 57D6COCO-360E-445D-BE3A-A5077108520D
HOLDINGS REPORT
City of Tustin Cons Account I Account #10795 1 As of September 30, 2025
74456QBU9 PUBLICSERVICE ELECTRICAND
GAS CO 3.7 05/01/2028
341081GN1 FLORIDA POWER & LIGHT CO 4.4
05/15/2028
90331HPS6 US BANK NA 4.73 05/15/2028
CHANDLER
ASSET ASSET MANAGEMENT
600,000.00 06/29/2023 570,144.00 99.43 596,588.32 0.31% Al/A 2.59
4.87% 584,066.66 3.93% 9,250.00 12,521.66 NA 2.40
06/07/2023
987,550.00
101.13
1,011,270.71
0.52%
Aa2/A+
2.62
1,000,000.00
4.69%
993,388.10
3.94%
16,622.22
17,882.61
AA-
2.27
05/13/2025
1,000,600.00
100.89
1,008,856.10
0.52%
A2/A+
2.62
1,000,000.00
4.86%
1,000,521.76
4.49%
17,868.89
8,334.34
A+
1.52
TOYOTA MOTOR CREDIT CORP
09/26/2023
996,180.00
103.47
1,034,712.69
0.53%
Al/A+
2.95
89236TL69
5.25 09/11/2028
1,000,000.00
5.34%
997,729.11
3.99%
2,916.67
36,983.59
A+
2.71
BANK OF AMERICA CORP 4.979
02/14/2025
1,003,780.00
101.85
1,018,484.12
0.52%
Al/A-
3.32
06051GMK2
01/24/2029
1,000,000.00
4.84%
1,002,985.14
4.37%
9,266.47
15,498.98
AA-
2.15
CISCO SYSTEMS INC 4.85
09/27/2024
1,037,530.00
102.61
1,026,132.61
0.53%
Al/AA-
3.41
17275RBR2
02/26/2029
1,000,000.00
3.90%
1,028,830.84
4.02%
4,715.28
(2,698.23)
NA
3.03
09290DAA9
BLACKROCK INC 4.7 03/14/2029
1,000,000.00
07/22/2024
1,002,010.00
102.29
1,022,886.79
0.53%
Aa3/AA-
3.45
4.65%
1,001,485.49
3.98%
2,219.44
21,401.30
NA
3.09
BANK OF NEW YORK MELLON
04/24/2025
1,008,810.00
101.64
1,016,425.94
0.52%
Aa2/AA-
3.55
06405LAH4
4.729 04/20/2029
1,000,000.00
4.41%
1,007,526.05
4.37%
20,886.42
8,899.89
AA
2.34
PNC FINANCIAL SERVICES GROUP
07/16/2025
969,260.00
97.91
979,090.31
0.50%
A3/A-
3.56
693475AW5
INC 3.45 04/23/2029
1,000,000.00
4.34%
970,957.85
4.09%
15,141.67
8,132.46
A
3.26
MASTERCARD INC 2.95
04/17/2025
950,210.00
96.63
966,298.43
0.50%
Aa3/A+
3.67
57636QAM6
06/01/2029
1,000,000.00
4.28%
955,613.31
3.95%
9,833.33
10,685.12
NA
3.40
HOME DEPOT INC4.75
04/17/2025
1,013,630.00
102.41
1,024,063.81
0.53%
A2/A
3.73
437076DC3
06/25/2029
1,000,000.00
4.38%
1,012,143.92
4.05%
12,666.67
11,919.89
A
3.29
713448FX1
PEPSICO INC 4.5 07/17/2029
1,000,000.00
07/22/2024
997,560.00
101.78
1,017,772.86
0.52%
Al/A+
3.79
4.56%
998,143.19
3.99%
9,250.00
19,629.67
NA
3.36
AMERICAN EXPRESS CO 4.351
08/11/2025
1,001,850.00
100.59
1,005,899.91
0.52%
A2/A-
3.80
025816EJ4
07/20/2029
1,000,000.00
4.28%
1,001,763.79
4.33%
7,976.83
4,136.12
A
2.60
532457CQ9
ELI LILLY AND CO 4.2 08/14/2029
1,000,000.00
08/15/2024
1,000,130.00
100.71
1,007,078.81
0.52%
Aa3/A+
3.87
4.20%
1,000,100.20
4.00%
5,483.33
6,978.61
NA
3.45
HONEYWELL INTERNATIONAL INC
08/15/2024
930,020.00
95.26
952,553.22
0.49%
A2/A
3.87
438516BU9
2.7 08/15/2029
1,000,000.00
4.27%
945,779.88
4.04%
3,450.00
6,773.34
A
3.61
037833DP2
APPLE INC 2.2 09/11/2029
1,000,000.00
10/30/2024
908,490.00
93.82
938,183.47
0.48%
Aaa/AA+
3.95
4.31%
925,751.18
3.91%
1,222.22
12,432.29
NA
3.72
GUARDIAN LIFE GLOBAL FUNDING
03/05/2025
985,840.00
99.95
999,511.96
0.52%
Aal/AA+
3.99
40139LBJ1
4.179 09/26/2029
1,000,000.00
4.53%
987,617.44
4.19%
580.42
11,894.52
NA
3.63
28
Docusign Envelope ID: 57D6COCO-360E-445D-BE3A-A5077108520D
HOLDINGS REPORT
City of Tustin Cons Account I Account #10795 1 As of September 30, 2025
857477CW 1
CHANDLER
ASSET ASSET MANAGEMENT
STATE STREET CORP 4.729 000.00 03/05/2025 1,003,660.00 102.18 1,021,774.25 0.53% Aa3/A 4.41
02/28/2030 1,000,4.62% 1,003,232.42 4.18% 4,334.92 18,541.83 AA- 3.87
JOHNSON & JOHNSON 4.7 04/17/2025
1,021,100.00
102.99
1,029,897.55
0.53%
Aaa/AAA
4.42
000.00
478160DJ0 03/01/2030 1,000,4.21%
1,019,131.31
3.95%
3,916.67
10,766.24
NA
3.89
12572QAL9 CME GROUP INC4.4 03/15/2030 1,000,000.00 07/16/2025
1,000,190.00
101.12
1,011,195.48
0.52%
Aa3/AA-
4.45
4.39%
1,000,181.37
4.12%
1,955.56
11,014.11
AA-
3.94
NORTHWESTERN MUTUAL 07/02/2025
1,008,110.00
101.53
1,015,312.75
0.52%
Aa1/AA+
4.67
66815L2W8 00 GLOBAL FUNDING 4.606/03/2030 1,000,000.4.41%
1,007,703.60
4.23%
15,077.78
7,609.15
AAA
4.11
58933YBQ7 MERCK & CO INC 4.15 09/15/2030 1,000,000.00 09/11/2025
1,007,940.00
100.10
1,000,993.29
0.52%
Aa3/A+
4.96
3.97%
1,007,869.23
4.13%
2,536.11
(6,875.94)
NA
4.43
37,389,001.00
100.29
37,592,651.43
19.37%
2.79
Total Corporate 37,500,000.00 3.88%
37,353,813.39
4.08%
294,300.19
238,838.04
2.41
LAIF
90LAIF$00 Local Agency Investment Fund
State Pool
Total LAIF
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
12,830,164.16 -- 12,830,164.16 1.00 12,830,164.16
4.20% 12,830,164.16 4.20% 0.00
12,830,164.16 1.00 12,830,164.16
12,830,164.16 4.20% 12,830,164.16 4.20% 0.00
6.61% NA/NA 0.00
0.00 NA 0.00
6.61% 0.00
0.00 0.00
68,242,025.93
--
4.27%
68,242,025.92
68,242,025.92
1.00
4.27%
68,242,025.93
0.00
35.16%
0.01
NA/AAAm
NA
0.00
0.00
68,242,025.92
1.00
68,242,025.93
35.16%
0.00
68,242,025.93
4.27%
68,242,025.92
4.27%
0.00
0.01
0.00
--
522,943.14
1.00
522,943.14
0.27%
Aaa/AAAm
0.00
522,943.14
3.73%
522,943.14
3.73%
0.00
0.00
AAA
0.00
--
822.77
1.00
822.77
0.00%
Aaa/AAAm
0.00
822.77
3.73%
822.77
3.73%
0.00
0.00
AAA
0.00
29
Docusign Envelope ID: 57D6COCO-360E-445D-BE3A-A5077108520D
HOLDINGS REPORT
City of Tustin Cons Account I Account #10795 1 As of September 30, 2025
CHANDLER
ASSET ASSET MANAGEMENT
Total Money Market
523,765.91
1.00
523,765.91
0.27%
0.00
Fund
523,765.91
3.73%
523,765.91
3.73%
0.00
0.00
0.00
NEGOTIABLE CD
Goldman Sachs Bank USA 1.05
08/17/2021
243,775.00
97.55
238,993.97
0.12%
Al/A+
0.90
38149MYS6
08/25/2026
245,000.00
1.15%
244,779.96
3.85%
260.77
(5,785.98)
AA-
0.88
243,775.00
97.55
238,993.97
0.12%
0.90
Total Negotiable CD
245,000.00
1.15%
244,779.96
3.85%
260.77
(5,785.98)
0.88
US TREASURY
UNITED STATES TREASURY
05/15/2025
983,937.78
99.99
999,888.30
0.52%
P-1/A-1+
0.01
912797MS3
10/02/2025
1,000,000.00
4.29%
999,884.44
4.09%
0.00
3.86
F1+
0.00
UNITED STATES TREASURY
05/20/2025
1,713,416.74
99.45
1,740,350.69
0.90%
P-1/A-1+
0.14
912797QR1
11/20/2025
1,750,000.00
4.28%
1,739,949.65
4.05%
0.00
401.04
F1+
0.14
UNITED STATES TREASURY
06/17/2025
1,713,507.76
99.16
1,735,338.38
0.89%
P-1/A-1+
0.22
912797QZ3
12/18/2025
1,750,000.00
4.29%
11734,274.06
3.95%
0.00
1,064.32
F1+
0.21
UNITED STATES TREASURY0.375
04/27/2021
1,957,500.00
98.81
1,976,195.32
1.02%
Aa1/AA+
0.34
91282CBH3
01/31/2026
2,000,000.00
0.83%
1,997,018.40
4.01%
1,263.59
(20,823.08)
AA+
0.33
UNITED STATES TREASURY4.0
07/24/2025
998,710.94
100.02
1,000,156.25
0.52%
Aa1/AA+
0.38
91282CGL9
02/15/2026
1,000,000.00
4.23%
999,138.53
3.94%
5,108.70
1,017.72
AA+
0.37
UNITED STATES TREASURY0.75
04/27/2021
1,989,531.25
98.48
1,969,640.62
1.01%
Aa1/AA+
0.50
91282CBT7
03/31/2026
2,000,000.00
0.86%
1,998,946.14
3.86%
41.21
(29,305.52)
AA+
0.49
UNITED STATES TREASURY 3.75
07/16/2025
1,396,554.69
100.18
1,402,515.63
0.72%
Aa1/AA+
1.75
91282CNL1
06/30/2027
1,400,000.00
3.88%
1,396,921.93
3.64%
13,267.66
5,593.70
AA+
1.66
UNITED STATES TREASURY4.125
--
3,719,978.91
100.96
3,776,085.17
1.95%
Aa1/AA+
2.00
91282CFM8
09/30/2027
3,740,000.00
4.27%
3,730,115.34
3.62%
423.83
45,969.83
AA+
1.90
UNITED STATES TREASURY4.125
02/18/2025
2,487,792.97
101.02
2,525,488.28
1.30%
Aa1/AA+
2.13
91282CLX7
11/15/2027
2,500,000.00
4.31%
2,490,520.59
3.62%
38,952.11
34,967.68
AA+
1.99
UNITED STATES TREASURY3.5
02/23/2023
1,458,281.25
99.73
1,496,015.63
0.77%
Aa1/AA+
2.34
91282CGH8
01/31/2028
1,500,000.00
4.13%
1,480,231.16
3.62%
8,845.11
15,784.47
AA+
2.21
UNITED STATES TREASURY2.75
11/08/2024
1,338,039.06
98.02
1,372,273.43
0.71%
Aa1/AA+
2.38
9128283W8
02/15/2028
1,400,000.00
4.22%
1,354,857.03
3.63%
4,917.12
17,416.40
AA+
2.26
30
Docusign Envelope ID: 57D6COCO-360E-445D-BE3A-A5077108520D
HOLDINGS REPORT
City of Tustin Cons Account I Account #10795 1 As of September 30, 2025
CHANDLER
ASSET ASSET MANAGEMENT
91282CMW8 UNITED STATES TREASURY 3.75 1,200,000.00 04/15/2025 1,196,953.13 100.30 1,203,656.26 0.62% Aa1/AA+ 2.54
04/15/2028 3.84% 1,197,420.60 3.62% 20,778.69 6,235.66 AA+ 2.36
UNITED STATES TREASURY3.5 02/07/2025 975,898.44 99.71 997,109.38 0.51% Aa1/AA+ 2.58
91282CHA2 04/30/2028 1,000,000.00 4.31% 980,677.73 3.62% 14,646.74 16,431.65 AA+ 2.41
UNITED STATES TREASURY3.125
02/29/2024
1,425,351.56
98.48
1,477,148.43
0.76%
Aa1/AA+
3.13
9128285M8
11/15/2028
1,500,000.00
4.30%
1,450,480.31
3.64%
17,705.50
26,668.12
AA+
2.91
UNITED STATES TREASURY 2.375
05/16/2024
1,228,130.86
95.64
1,291,148.44
0.67%
Aa1/AA+
3.62
9128286T2
05/15/2029
1,350,000.00
4.41%
1,261,671.60
3.67%
12,110.56
29,476.84
AA+
3.39
UNITED STATES TREASURY4.5
06/02/2025
1,528,710.94
102.80
1,542,070.32
0.79%
Aa1/AA+
3.67
91282CKT7
05/31/2029
1,500,000.00
3.98%
1,526,347.90
3.67%
22,684.43
15,722.42
AA+
3.31
UNITED STATES TREASURY3.25
08/15/2024
1,462,089.84
98.50
1,477,558.59
0.76%
Aa1/AA+
3.75
91282CEV9
06/30/2029
1,500,000.00
3.82%
1,470,848.17
3.68%
12,319.97
6,710.42
AA+
3.46
UNITED STATES TREASURY2.625
08/15/2024
1,420,078.13
96.24
1,443,632.82
0.74%
Aa1/AA+
3.83
91282CFCO
07/31/2029
1,500,000.00
3.81%
1,438,226.13
3.68%
6,633.83
5,406.69
AA+
3.58
UNITED STATES TREASURY4.0
04/15/2025
1,202,812.50
101.11
1,213,265.63
0.63%
Aa1/AA+
3.83
91282CLC3
07/31/2029
1,200,000.00
3.94%
1,202,510.97
3.69%
8,086.96
10,754.66
AA+
3.50
UNITED STATES TREASURY3.125
09/11/2024
2,455,664.06
97.95
2,448,828.13
1.26%
Aa1/AA+
3.92
91282CFJ5
08/31/2029
2,500,000.00
3.52%
2,465,049.40
3.69%
6,690.26
(16,221.27)
AA+
3.64
UNITED STATES TREASURY4.0
12/16/2024
2,717,666.02
101.13
2,780,937.50
1.43%
Aa1/AA+
4.08
91282CFT3
10/31/2029
2,750,000.00
4.27%
2,722,900.53
3.70%
46,032.61
58,036.97
AA+
3.68
UNITED STATES TREASURY4.125
12/04/2024
1,503,339.84
101.61
1,524,140.63
0.79%
Aa1/AA+
4.17
91282CMA6
11/30/2029
1,500,000.00
4.08%
1,502,789.62
3.70%
20,794.06
21,351.01
AA+
3.75
UNITED STATES TREASURY4.375
12/30/2024
1,998,984.38
102.59
2,051,718.76
1.06%
Aa1/AA+
4.25
91282CMD0
12/31/2029
2,000,000.00
4.39%
1,999,136.78
3.71%
22,112.77
52,581.98
AA+
3.82
UNITED STATES TREASURY4.0
04/07/2025
1,010,390.63
101.14
1,011,445.31
0.52%
Aa1/AA+
4.50
91282CMU2
03/31/2030
1,000,000.00
3.77%
1,009,384.72
3.72%
109.89
2,060.59
AA+
4.09
UNITED STATES TREASURY4.0
--
2,999,121.10
101.17
3,035,156.25
1.56%
Aa1/AA+
4.67
91282CNG2
05/31/2030
3,000,000.00
4.01%
2,999,182.13
°
3.72/°
40,327.87
35,974.12
AA+
4.17
UNITED STATES TREASURY3.875
08/15/2025
1,002,343.75
100.60
1,006,015.62
0.52%
Aa1/AA+
4.83
91282CNN7
07/31/2030
1,000,000.00
3.82%
1,002,286.71
3.74%
6,528.53
3,728.91
AA+
4.35
43,884,786.53
99.93
44,497,779.74
22.93%
2.71
Total US Treasury
44,540,000.00
3.81%
44,150,770.57
3.73%
330,381.99
347,009.17
2.49
31
Docusign Envelope ID: 57D6COCO-360E-445D-BE3A-A5077108520D
HOLDINGS REPORT
City of Tustin Cons Account I Account #10795 1 As of September 30, 2025
CHANDLER
ASSET ASSET MANAGEMENT
192,868,130.88 55.09 194,070,618.15 100.00% 1.55
Total Portfolio 194,120,044.15 3.94% 193,184,818.62 3.90% 790,293.04 885,799.53 1.39
Total Market Value +
Accrued
194,860,911.20
32
Docusign Envelope ID: 57D6COCO-360E-445D-BE3A-A5077108520D
it%CHANDLER
ASSET MANAGEMENT
33
Docusign Envelope ID: 57D6COCO-360E-445D-BE3A-A5077108520D
TRANSACTION LEDGER
City of Tustin Cons• • 1 1: 1 1 • 191 1
Transaction Settlement Acq/Disp
Type Date CUSIP Quantity Security Description Price Yield
ACQUISITIONS
CHANDLER
ASSET ASSET MANAGEMENT
Purchase 08/12/2025 025816EJ4 1,000,000.00 AMERICAN EXPRESS 100.185 4.28% (1,001,850.00) (2,054.64) (1,003,904.64)
CO 4.35107/20/2029
0.00
UNITED STATES
Purchase
08/18/2025
91282CNN7
1,000,000.00
TREASURY3.875
100.234
3.82%
(1,002,343.75)
(1,895.38)
(1,004,239.13)
0.00
07/31/2030
Purchase
09/15/2025
58933YBQ7
1,000,000.00
MERCK & CO INC 4.15
100.794
3.97%
(1,007,940.00)
(691.67)
(1,008,631.67)
0.00
09/15/2030
Purchase
09/16/2025
3137FX3Q9
1,000,000.00
FHMS K-117 A2 1.406
89.176
3.87%
(891,757.81)
(585.83)
(892,343.64)
0.00
08/25/2030
Total Purchase
4,000,000.00
(3,903,891.56)
(5,227.52)
(4,189,330.34)
0.00
TOTAL
ACQUISITIONS
4,000,000.00
(3,903,891.56)
(5,227.52)
(4,189,330.34)
0.00
DISPOSITIONS
DUKEENERGY
Maturity
08/15/2025
26442UAA2
(1,000,000.00)
PROGRESS LLC 3.25
100.000
3.24%
1,000,000.00
0.00
1,000,000.00
0.00
08/15/2025
Maturity
09/11/2025
89114QCK2
(1,000,000.00)
TORONTO-DOMINION
100.000
0.92%
1,000,000.00
0.00
1,000,000.00
0.00
BANK 0.75 09/11/2025
Total Maturity
(2,000,000.00)
2,000,000.00
0.00
2,000,000.00
0.00
34
Docusign Envelope ID: 57D6COCO-360E-445D-BE3A-A5077108520D
TRANSACTION LEDGER
City of Tustin Cons Account I Account #10795 1 08/01/2025 Through 09/30/2025 1
Transaction Settlement CUSIP Quantity Security Description Price
Type Date
Sale 08/14/2025 90CAMP$00 (1,000,000.00) CAMP 1.000
C/CHANDLER
ASSET MANAGEMENT
Amount Interest Pur/ Total Amount Gain/Loss
..
1,000,000.00 0.00 1,000,000.00 0.00
Sale
08/21/2025
90CAMP$00
(2,000,000.00) CAMP
1.000 2,000,000.00
0.00
2,000,000.00
0.00
Sale
09/11/2025
90CAMP$00
(4,000,000.00) CAMP
1.000 4,000,000.00
0.00
4,000,000.00
0.00
Sale
09/18/2025
90CAMP$00
(1,500,000.00) CAMP
1.000 1,500,000.00
0.00
1,500,000.00
0.00
Total Sale
(8,500,000.00)
8,500,000.00
0.00
8,500,000.00
0.00
TOTAL
DISPOSITIONS
(11,805,000.00)
11,805,000.00
0.00
11,805,000.00
0.00
35
Docusign Envelope ID: 57D6COCO-360E-445D-BE3A-A5077108520D
IMPORTANT DISCLOSURES
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.
36
Docusign Envelope ID: 57D6COCO-360E-445D-BE3A-A5077108520D
BENCHMARK DISCLOSURES
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.
37
Docusign Envelope ID: 57D6COCO-360E-445D-BE3A-A5077108520D
CITY OF TUSTIN
Monthly Investment Report
September 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,,,,b,ri,g what connect= us.
[51
Market Value
2016 Successor Agency Tax Allocation Bonds, Refunding
13,797.83
N/A
13,797.83
13,797.83
2016 Water Revenue Bonds, Refunding
320,835.41
N/A
320,835.41
320,835.41
2020 Water Revenue Bonds
193,159.36
N/A
193,159.36
193,159.36
2024 Water Revenue Bonds
1,450,000.71
N/A
1,450,000.71
1,450,000.71
CFD 04-1
699,941.85
N/A
699,941.85
699,941.85
CFD 07-1
1,342,772.80
N/A
1,342,772.80
1,342,772.80
CFD 06-1 and 2014-1, Series 2025
2,757,101.62
N/A
2,757,101.62
2,757,101.62
6,777,609.58
6,777,609.58
6,777,609.58
Restricted Deposits
with Fiscal Agents TOTAL
6,777,609.58
6,777,609.58
Docusign Envelope ID: 57D6COCO-360E-445D-BE3A-A5077108520D
FMPUBLIC AGENCY
AkFMQ M= ■ RETIREMENT SERVICES
CITY OFTUSTIN Account Report for the Period
PARS Post- Employment Benefits Trust 9/1/2025 to 9/30/2025
Aldo Schindler
City Manager
City of Tustin
300 Centennial Way
Tustin, CA 92780
Account Summary
Balance as of Balance as of
Source 9/1/2025 Contributions Earnings Expenses Distributions Transfers 9/30/2025
OPEB $5,376,130.39 $0.00 $114,899.50 $1,904.78 $0.00 $0.00 $5,489,125.11
PENSION $18,035,991.73 $0.00 $385,350.02 $6,388.33 $0.00 $0.00 $18,414,953.42
Totals $23,412,122.12 $0.00 $500,249.52 $8,293.11 $0.00 $0.00 $23,904,078.53
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 2.14% 4.64°% 9.65% 13.04% 7.08% 6/26/2018
PENSION 2.14% 4.64% 9.65% 13.06% 7.09% 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