HomeMy WebLinkAbout04 QUARTERLY INVESTMENT REPORT-DECEMBER 2025Docusign Envelope ID: CBCD726A-4DB1-4938-A388-BCB79412E3BF 4
� Agenda Item
Reviewed: Initial
FAGENDA REPORTds
City Manager
Finance Director 4L:
MEETING DATE: FEBRUARY 3, 2026
TO: ALDO E. SCHINLDER, 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 DECEMBER 31, 2025
SUMMARY:
Government Code Section 53646 requires that the Treasurer make an Investment
Report to the City Council at least quarterly showing balances by authorized
investment and certifying its compliance with the adopted Investment Policy.
RECOMMENDATION:
Receive and file.
FISCAL IMPACT:
There is no fiscal impact associated with this item.
CORRELATION TO THE STRATEGIC PLAN:
The investment report supports the City's Strategic Plan Goal C: Item 3, Financial
Strength. Specifically, it provides evidence of the City's commitment to
ensure that investments are in compliance with the adopted investment policy.
BACKGROUND AND DISCUSSION:
In compliance with Government Code Section 53646, the attached Investment
Report for the City of Tustin and the Successor Agency for the Tustin
Community Redevelopment Agency for the quarter ended December 31, 2025 is rendered.
The City's total cash and investments amounted to approximately $251 million as
of December 31, 2025. The weighted average yield for the investment portfolio was
3.84%, which is slightly lower than the weighted average portfolio yield for the prior
quarter. After the September 2025 rate cut, the Federal Reserve lowered the Federal
Funds Rate twice
Docusign Envelope ID: CBCD726A-4DB1-4938-A388-BCB79412E3BF
City Council Agenda Report
Quarterly Investment Report for the Period Ended December 31, 2025
February 3, 2026
Page 2
more in October and December to a target range of 3.50%-3. 75%, in response to a
softened job market. The most recent national unemployment rate from December 2025
dropped slightly to 4.4% after increasing to 4.6% in November. Other economic indicators
continue to show accelerated consumer spending, and a moderate Gross Domestic
Product (GDP) growth is projected for the full year 2025. The Consumer Price Index
(CPI) for December remains elevated at 2.7% year -over -year, still above the Federal
Reserve's 2% target.
The 2-year Treasury yield declined to 3.48% by December 2025, compared to a yield of
3.57% in September 2025. Conversely, the 5-year Treasury yield increased to 3.73% by
December 2025, compared to a yield of 3.66% in September 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 $18.7 million on December 31, 2025. The
five-year annualized return for the PARS Pension Trust Fund was 5.84%.
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 $5.6 million on December 31, 2025. The five-year annualized return for
the PARS OPEB Trust Fund was 5.83%.
Investment Compliance Certification
On January 22, 2026, 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: CBCD726A-4DB1-4938-A388-BCB79412E3BF
City Council Agenda Report
Quarterly Investment Report for the Period Ended December 31, 2025
February 3, 2026
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 December 31, 2025
3. Restricted Deposits with Fiscal Agents as of December 31, 2025
4. PARS Trust Statement as of December 31, 2025
Docusign Envelope ID: CBCD726A-4DB1-4938-A388-BCB79412E3BF
/ Oee �O=
i4L�J;; "I
January 22, 2026
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 December 31, 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,
Signed by:
6590FA446D3B4C6...
Lillyan Chandler, Chair
City of Tustin Audit Commission
DSigned by:
64
7473
Jennifer King, Finance Director/City Treasurer
City of Tustin
300 Centennial Way, Tustin, CA 92780 • 714-573-3060 • tustinca.org
Docusign Envelope ID: CBCD726A-4DB1-4938-A388-BCB79412E3BF
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: CBCD726A-4DB1-4938-A388-BCB79412E3BF
TABLE OF CONTENTS Q11CHANDLER
ASSET MANAGEMENT
City of Tustin I As of December 31, 2025
ECONOMIC UPDATE
ACCOUNT PROFILE
PORTFOLIO HOLDINGS
TRANSACTIONS
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CHANDLER
it% ASSET MANAGEMENT
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ECONOMIC UPDATE Q11CHANDLER
ASSET MANAGEMENT
The near -term economic outlook continues to be distorted by the data delays from the government shutdown. Recently released
government data —reflecting conditions from two to three months ago —indicate inflation remains moderately above the Federal Reserve's
target, while labor market conditions have continued to soften. As the flow of economic data normalizes, the Chandler team expects further
yield curve steepening as the Federal Reserve moves the policy rate toward a more neutral range. U.S. trade and fiscal policy also remain
sources of elevated market uncertainty.
The Federal Reserve's December Federal Open Market Committee meeting concluded with the third consecutive 25-basis-point rate cut in
2025, lowering the target range to 3.50%-3.75%. However, policymakers remain divided on the path forward. Four Fed governors project
one additional 25-basis-point cut in 2026, another four anticipate no further easing, eight expect multiple cuts, and three call for a potential
rate hike. Chair Jerome Powell noted that the Fed is now "well placed to wait and see" how labor market conditions and inflation evolve in
the near term.
■ The US Treasury yield curve steepened in December, as the 2-year Treasury yield dropped 2 basis points to 3.48%, the 5-year Treasury was
up 13 basis points to 3.73%, and the 10-year Treasury yield was 15 basis points higher at 4.17%. The spread between the 2-year and 10-
year Treasury yield points on the curve was 17 basis points wider from November at +69 basis points at December month -end. The spread
between the 2-year Treasury and 10-year Treasury yield one year ago was +33 basis points. The spread between the 3-month and 10-year
Treasury yield points on the curve was +54 basis points in December versus +21 basis points in November.
V
Docusign Envelope ID: CBCD726A-4DB1-4938-A388-BCB79412E3BF
EMPLOYMENT
1,000
t:11,
0
600
CA
c
400
0
F_
F�
0 -200
-400
Nonfarm Payroll (000's)
15.0%
Non -farm Payroll (000's)
IIA 3-month average (000's)
11.0%
e
7.0%
-1.0%
O 1
Source: US Department of Labor
CHANDLER
ASSET ASSET MANAGEMENT
Unemployment Rate
—Underemployment Rate (U6)
Unemployment Rate (U3)
O
Source: US Department of Labor
The December Nonfarm Payrolls report showed weaker -than -expected job growth, with payrolls rising by 50,000 compared with the
consensus estimate of 70,000. This follows a downwardly revised gain of 56,000 in November. Employment declines were most
pronounced in retail trade and construction, while leisure and hospitality posted the strongest gains. Notably, the unemployment rate
edged down to 4.4% after increasing to 4.6% in November.
W
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JOB OPENINGS & LABOR TURNOVER SURVEY
14,000
12,000
10,000
0
0
8,000
C
c
�o
c 6,000
s
H
c
4,000
2,000
CHANDLER
ASSET MANAGEMENT
Job Openings
Recession
Historical Average
�o1 �o1 tio1 tio1 �o1 �o� 4'0� tio1 tio1 �o1 �o1 tio1 tio1 tio4 �o4 �o1 tio1 tio4 fob �o1 �o1,
Off. 06' O) O& 09 10 11 I� 1� 17 1s ,76, Ij 1�p 19 -.1O
Source: US Department of Labor
The Labor Department's Job Openings and Labor Turnover Survey (JOLTS) reported that job openings fell to 7.1 million in November from a
downwardly revised 7.4 million in October. The drop in vacancies, alongside slower hiring, suggests the labor market continues to soften,
though employers remain cautious about laying off workers. The number of openings now roughly matches the number of unemployed
individuals, pointing to a labor market that is approaching equilibrium.
5
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INFLATION
10.0%
9.0%
8.0%
7.0%
d
6.0%
M
s
5.0%
0
4.0%
0
3.0%
2.0%
1.0%
0.0%
Consumer Price Index (CPI)
CPI YOY % Change
CHANDLER
ASSET ASSET MANAGEMENT
Personal Consumption Expenditures (PCE)
8.0/
PCE Price Deflator
7 0% —
A YOY % Change
PCE Core Deflator
6.0%
YOY % Change
Fed Target
5.0%
M
4.0%
0
0
3.0%
2.0%
1.0%
0.0%
O0c ✓Grl. O0c ✓4'> O0c ✓4'7 O00 ✓4�J O0c ✓4'7 OOC. s96 �d,. `r96 �d,. SPb �d,. SPb �d,. sPb �d,. SPb
1-10
Source: US Department of Labor Source: US Department of Commerce
Inflation came in lower than expected in November, with the Consumer Price Index (CPI) rising 2.7% year over year and core CPI easing to
2.6%. Notably, both Owners' Equivalent Rent and Rent of Primary Residence contributed to the slowdown in services inflation. Shelter
costs typically lag broader market trends by 12 to 18 months. Services, meanwhile, have remained the dominant driver of inflation
throughout the post -pandemic period. The Personal Consumption Expenditures (PCE) Index for September, released on December 5,
showed headline inflation up 0.3% from August and 2.8% year over year. Core PCE rose 0.2% on the month and 2.8% on an annual basis.
M
Docusign Envelope ID: CBCD726A-4DB1-4938-A388-BCB79412E3BF
CONSUMER
60.0%
50.0%
40.0%
M
s
30.0%
0
0 20.0%
10.0%
0.0%
Retail Sales YOY % Change
■111■1.■1111111111111
oc, 9pr, ��1 9pr, �c 9'dr, 0c 9'dr, Oct �'dr, 0
�� �Q �Q �s I)s
Source: US Department of Commerce
160
140
120
100
80
60
40
20
0
Consumer Confidence
Recession
CHANDLER
ASSET MANAGEMENT
6, o, 6, 6. oP 6 6, 6, o, 6, 6.
cO c0c0 c� c1 0V c1 0V c0', c�
S > 9 1 �' S > 9 .l ,�' S
Source: The Conference Board
All time high is 144.70 (1131100); All time low is 25.30 (2128109)
October Retail Sales, released with a one -month delay, were flat from the prior month but up 3.5%year over year. Eight of thirteen major
categories posted gains, while motor vehicle sales declined following the expiration of federal tax incentives for electric vehicles, and gas
station sales weakened amid lower fuel prices. The government shutdown may have weighed on consumer confidence regarding jobs,
incomes, and overall financial conditions, both current and in the future. The Conference Board's Consumer Confidence Index declined to
89.1 in December from an upwardly revised 92.9 in November, marking its fifth consecutive monthly drop. Consumers were pessimistic
about both business conditions and the labor market.
IA
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LEADING INDICATORS OF ECONOMIC ACTIVITY
15.0%
10.0%
5.0 %
-15.0%
-20.0%
-25.0%
Leading Economic Indicators (LEI)
SP .SP S� S� S� S� S� S� SP SP SP
b0 615, a9 69 60 bO b0 ,61 b1 ,6� b�
S 9 .� 5 1 S 9 .�' � 1 S
Source: The Conference Board
CHANDLER
ASSET MANAGEMENT
Chicago Fed National Activity Index (CFNAI)
1.00
0.75
0.50
v
0.25
v
a 0.00
t
c
:0 -0.25
M
-0.50
-0.75
-1.00
SPp WS SPA WS SPA SPa
Source: Federal Reserve Bank of Chicago
S, S, SPp SPA Spa S, �S,
01 OS 00 j? .lj 7 "`)S.
The Conference Board's Leading Economic Index (LEI) declined 0.3% in September, marking its second consecutive monthly decrease after
a revised 0.3% drop in August. On a year -over -year basis, the index fell 3.3%. According to the Conference Board, weakening expectations
among consumers and businesses contributed most to the LEI's overall decline. The index continues to signal slower economic growth
through the end of 2025 and into 2026. The Chicago Fed National Activity Index (CFNAI) came in at -0.21 in September, following a
downwardly revised -0.31 in August, signaling that U.S. economic activity remained below its historical trend for the sixth consecutive
month. The three-month moving average ticked down to -0.21 in September from -0.18 in August, reinforcing signs of ongoing below -trend
national growth. Employment -related indicators turned slightly positive, contributing +0.01 in September after a -0.11 result in August.
F:
Docusign Envelope ID: CBCD726A-4DB1-4938-A388-BCB79412E3BF
HOUSING Q11CHANDLER
ASSET MANAGEMENT
Annualized Housing Starts
2,400
2,200 ■ Multi Family Housing Starts
2,000 L ■ Single Family Housing Starts
1,800
1,600
w
to 1,400
1,200
1A
'0 1,000
800
600
�FoIe
0
Ootx, Oo� Oo� O��
OS 05 00 11
Source: US Department of Commerce
OOre O�� Ore O�� O��
1S 1S Vs �1 �S
24.0%
20.0%
16.0%
12.0%
8.0 %
u
4.0%
0.0%
o -4.0%
} -8.0%
-12.0%
-16.0%
-20.0%
S&P/Case-Shiller 20 City Composite Home Price Index
�Q1�Q11
cCc
�Q1O�
Ccl
C
ClK 0cl
O�1O
�
OS0)00
1S
1S
1) 19
�1 �,�'
l
'S
Source: S&P
The S&P Cotality Case-Shiller 20-City Composite Home Price Index rose 1.3% year over year in October, slightly down from a 1.4% gain in
September and marking the slowest annual increase since mid 2023. Short-term momentum also weakened, with 80 percent of the 20
tracked markets recording month -over -month price declines on a non -seasonally adjusted basis. Housing starts declined in October to an
annualized rate of 1.25 million units, down from 1.29 million in September. Existing home sales inched higher in November to a 4.13
million -unit pace, indicating only modest improvement despite some relief in mortgage rates. The Freddie Mac 30 year fixed mortgage
rate fell throughout 2025 and averaged 6.18% at the end of December.
9
Docusign Envelope ID: CBCD726A-4DB1-4938-A388-BCB79412E3BF
SURVEY BASED MEASURES C/"CHANDLER
ASSET MANAGEMENT
Institute of Supply Management (ISM) Surveys
70
ISM Manufacturing ISM Services
65 '
60
55
50
45
40
O 2f ✓�, SP OP 2� ✓�, S" 6 27 ✓�, SP O� 2� ✓4, SP 6 4-7✓�, SP '0
Pc1>0 d,�z �1 ��1 c�1 dr��� c�� ar�S dr�Q �4 pest cyst d��S �S ��S c�S
Source: Institute for Supply Management
The Institute for Supply Management's (ISM) manufacturing index slipped to 47.9 in December, down from 48.2 in November, marking
continued weakness across the sector. Manufacturing activity has now been in contraction for 36 of the past 38 months, as readings
below 50 indicate contraction and those above 50 signal expansion. The latest decline was driven primarily by pullbacks in the Production
and Inventories components. In contrast, the ISM services index remained in expansion territory, rising to 54.4 in December from 52.6 in
November. Respondents attributed the improvement to seasonal strength, though many remained cautious about the potential impact of
tariffs.
Docusign Envelope ID: CBCD726A-4DB1-4938-A388-BCB79412E3BF
GROSS DOMESTIC PRODUCT (GDP)
• • • '
�
1
40.0%
Personal Consumption Expenditures
2.6%
0.4%
1.7%
2.4%
30.0%
Gross Private Domestic Investment
-1.3%
3.8%
-2.7%
0.0%
20.0%
Net Exports and Imports
-0.1%
-4.7%
4.8%
1.6%
10.0%
Federal Government Expenditures
0.3%
-0.4%
-0.4%
0.2%
0.0 %
State and Local (Consumption and Gross
0.3%
0.2%
0.3%
0.2%
Investment)
Total 1.9% -0.6% 3.8% 4.3%
Source: US Department of Commerce
CHANDLER
ASSET MANAGEMENT
Gross Domestic Product (GDP)
GDP QOQ % Change
GDP YOY % Change
= M M M -
-10.0%
SP.a, /1-/�. sO,a, far SP��. sfar SP,a, �0, spa,
-o �Q �Q �s �s
Source: US Department of Commerce
The U.S. inflation adjusted gross domestic product (GDP) report demonstrated continued strength in the third quarter, with the first
estimate showing a 4.3% annualized quarter -over -quarter increase, up from 3.8% in the second quarter. Consumer spending accelerated,
while exports contributed 1.6 percentage points to growth -both key drivers of the quarter's performance. The stronger -than -expected
result represented the fastest pace of U.S. economic expansion in two years. The consensus projection calls for 1.1% growth in the fourth
quarter and 2.0% growth for the full year 2025.
11
Docusign Envelope ID: CBCD726A-4DB1-4938-A388-BCB79412E3BF
FEDERAL RESERVE Q11CHANDLER
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
6�°c, 6�°c, 6�°c,
OS 0) 09
Source: Federal Reserve
Effective Federal Funds Rate
6.00%
5.00%
4.00%
e
d
3.00%
2.00%
1.00%
0.00%
c1 c1 01 c1 c1 c,� c,� c,� c0 c0 c0 c1 c1 c1 c1 c1
1 .r' S > 9 1 .r' S S > 9 .l ,�' S � 9
Source: Bloomberg
The Federal Reserve lowered its benchmark interest rate by a quarter point to a target range of 3.50% to 3.75% at its December meeting,
citing concerns about emerging weakness in the labor market. A few policymakers dissented, arguing that tighter monetary policy may
still be warranted to ensure progress on price stability. Beginning December 1, the Fed also halted its balance sheet runoff, announcing
that principal and interest payments from its holdings will be reinvested in Treasury securities to maintain ample reserves and support
market stability.
12
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BOND YIELDS
US Treasury Note Yields
6.0 %
5.0 %
4.0 %
2.0 %
1.0 %
0.0
0(1
')p �1
Source: Bloomberg
6.0%
5.0 %
4.0%
2.0 %
1.0 %
0.0 %
CHANDLER
ASSET ASSET MANAGEMENT
US Treasury Yield Curve
Dec-25
Sep-25
• Dec-24
S Syr ,yr 140 1-90
o 70
Source: Bloomberg
At the end of December, the 2-year yield was 77 basis points lower, and the 10-year yield was 40 basis points lower, year -over -year. The
spread between the 2-year and 10-year Treasury yield points on the curve increased to +69 basis points at December month -end versus
+52 basis points at November 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 +95 basis points. The spread between the 3-month and 10-year
Treasury yield points on the curve was +54 basis points in December versus +21 basis points in November.
13
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CHANDLER
it% ASSET MANAGEMENT
14
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OBJECTIVES
City of Tustin I As of December 31, 2025
Investment Objectives
The investment objectives of the City of Tustin are first, to provide safety of principal to
ensure the preservation of capital in the overall portfolio; second, to provide adequate
liquidity to meet all requirements which might be reasonably anticipated; and third, to earn a
commensurate rate of return.
Chandler Asset Management Performance Objective
The performance objective for the accounts is to achieve a rate of return over a market cycle
that equals or exceeds the return on a market index of similar duration and sector allocation.
Strategy
In order to achieve these objectives, the portfolio invests in high quality fixed income securities
consistent with the investment policy and California Government Code.
CHANDLER
ASSET MANAGEMENT
15
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STATEMENT OF COMPLIANCE C/„CHANDLER
ASSET MANAGEMENT
City of Tustin Cons Account I Account #10795 1 As of December 31, 2025
Rules Name Limit Actual Compliance Notes
Status
AGENCY MORTGAGE SECURITIES
Max % (MV) 20.0 4.4 Compliant
Max % Issuer (MV) 10.0 4.4 Compliant
Max Maturity (Years) 5.0 4.7 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
0.4
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
14.7
Compliant
16
Docusign Envelope ID: CBCD726A-4DB1-4938-A388-BCB79412E3BF
STATEMENT OF COMPLIANCE
City of Tustin Cons Account I Account #10795 1 As of December 31, 2025
Rules Name Limit Actual ..
Status
Max % Issuer (Corporate & Commercial Paper; MV) 10.0 0.4 Compliant
CHANDLER
ASSET ASSET MANAGEMENT
Max % Issuer (MV)
5.0
0.4
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
5.5
Compliant
Max % Issuer (MV)
50.0
3.0
Compliant
Max Maturity (Years)
5
3
Compliant
JPA INVESTMENT POOLS
Max % (MV)
100.0
37.5
Compliant
Max % Issuer (MV)
50.0
37.5
Compliant
Max Maturity (Years)
5.0
0.0
Compliant
LOCAL AGENCY INVESTMENT FUND (LAIF)
Max Concentration (MV)
75.0
30.0
Compliant
MONEY MARKET MUTUAL FUNDS
Max % (MV)
20.0
0.1
Compliant
Max % Issuer (MV)
10.0
0.1
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: CBCD726A-4DB1-4938-A388-BCB79412E3BF
STATEMENT OF COMPLIANCE
Ci11CHANDLER
ASSET MANAGEMENT
City of Tustin Cons Account I Account #10795 1 As of December 31, 2025
Compliance
Rules 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
24.1
Compliant
Max % Issuer (MV)
100.0
24.1
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: CBCD726A-4DB1-4938-A388-BCB79412E3BF
PORTFOLIO SUMMARY
C31CHANDLER
ASSET MANAGEMENT
City of Tustin Cons Account Account #10795 As of December 31, 2025
Portfolio Characteristics
Account Summary
Top Issuers
Average Modified Duration
1.24
End Values as
End Values asCalifornia
Asset Mgmt Program
37.47%
of 09/30/2025
of 12/31/2025
United States
24.13%
Average Coupon
3.70%
Market Value
194,070,618.15
250,307,068.08
LAIF
11.97%
Average Purchase YTM
3.84%
Accrued Interest
790,293.04
971,890.42
FHLMC
4.42%
Total Market Value
194,860,912.20
251,278,958.50
Farm Credit System
2.99%
Average Market YTM
°
3.76/°
Income Earned
2,008,737.73
1 945 857.68
Federal Home Loan Banks
2.55%
Average Credit Quality*
AA+
Cont/WD
(25,080,149.55)
54,350,345.43
Citizens Business Bank
1.54%
Average Final Maturity
1.38
Par
194,120,044.15
250,138,721.10
Toyota Motor Corporation
0.41%
Book Value
193,184,818.62
249,277,277.92
Average Life
1.35
Cost Value
192,868,130.88
248,961,940.88
Sector Allocation
LGIP
37.47%
US Treasury
-1M 24.13%
Corporate
14.65%
LA F
11.97%
Agency
5.54%
Agency CMBS
4.42%
Cash
1.60%
Money Mkt Fd
0.13%
Performance Review
Total Rate of Return"
City of Tustin Cons Agg
Benchmark Return
Maturity Distribution
100%
50%
Credit Quality*
1.06% 5.06% 4.86% 4.76% 2.10%
1.11% 5.73% 4.57% 4.48% 1.34%
Since Inception
(12/01/20)
2.08%
Secondary Benchmark Return 1.12% 5.09% 4.58% 4.48% 1.79% 1.77%
Realized Rate of Return" 3M 1YR 2YRS 3YRS 5YRS 10YRS Since Inception
City of Tustin Cons Agg 0.96% 3.94% 3.98% 3.89% 2.76% 2.73%
*The average credit quality is a weighted average calculation of the highest of S&P, Moody's and Fitch. **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 I o
Total rate of return: A measure of a portfolio's performance overtime. 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: CBCD726A-4DB1-4938-A388-BCB79412E3BF
MATURITY DISTRIBUTION
City of Tustin Cons Account I Account #10795 1 As of December 31, 2025
150,000,000
133.012.6-1 B. 10
125.000,000
100,000,000
0
75.000,000
co
50,000,000 !
25.000,000
CHANDLER
ASSET ASSET MANAGEMENT
41944450-
0 - .25 .25 - .6 .6 - 1 1-2 2-3 3-4 4-5
20
Docusign Envelope ID: CBCD726A-4DB1-4938-A388-BCB79412E3BF
PORTFOLIO SUMMARY
City of Tustin I Account #10783 1 As of December 31, 2025
Portfolio Characteristics
Average Modified Duration
Average Coupon
Average Purchase YTM
Average Market YTM
Average Credit Quality*
Average Final Maturity
Average Life
Sector Allocation
US Treasury
49.27%
Corporate
29.92%
Agency
11.31%
Agency CMBS
7 9.03%
Money Mkt Fd
0.26%
Neg CD
0.20%
Cash
0.00%
CHANDLER
ASSET ASSET MANAGEMENT
Account Summary
Top Issuers
2.54
End Values as
End Values asUnited
States
49.27%
FHLMC
9.03%
3.60%
Market Value
106,554,359.58
122,562,910.66
Farm Credit System
6.11%
3.89%
Accrued Interest
790,293.04
971,890.42
Federal Home Loan Banks
5.20%
Total Market Value
107,344,652.63
123,534,801.08
Toyota Motor Corporation
0.84%
o
3.72/o
Income Earned
1,022,633.49
1,065,890.92
Johnson &Johnson
0.84%
AA
Cont/WD
3,351,152.09
15,000,830.43
Cisco Systems, Inc.
0.84%
2.81
Par
106,603,785.58
122,394,563.68
The Home Depot, Inc.
0.84%
Book Value
105,668,560.06
121,533,120.50
2.76
Cost Value
105,351,872.32
121,217,783.47
Maturity Distribution
75°%
50%
25%
0%
O
Credit Quality*
AAA 12.55% N AA 71.40% 0 A-1 1.61%
A 14.43%
Performance Review
Total Rate of Return" 3M 1YR 2YRS 3YRS 5YRS 10YRS Since Inception
City of Tustin 1.11% 6.04% 5.01% 5.01% 2.10% 2.07%
Benchmark Return 1.11% 5.73% 4.57% 4.48% 1.34% 1.34%
Secondary Benchmark Return 1.12% 5.09% 4.58% 4.48% 1.79% 1.77%
Realized Rate of Return" 3M 1YR 2YRS 3YRS 5YRS 10YRS Since Inception
City of Tustin 0.97% 3.76% 3.34% 3.02% 2.58% 2.57%
*The average credit quality is a weighted average calculation of the highest of S&P, Moody's and Fitch. **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, real - WA and
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: CBCD726A-4DB1-4938-A388-BCB79412E3BF
CHANDLER
it% ASSET MANAGEMENT
Papi
Docusign Envelope ID: CBCD726A-4DB1-4938-A388-BCB79412E3BF
ISSUERS
City of Tustin Cons Account I Account #10795 1 As of December 31, 2025
California Asset Mgmt Program
United States
C/„CHANDLER
ASSET MANAGEMENT
Portfolio
LGIP 37.47%
US Treasury 24.13%
LAI F
LAI F
11.97
FHLMC
Agency CMBS
4.42%
Farm Credit System
Agency
2.99%
Federal Home Loan Banks
Agency
2.55%
Citizens Business Bank
Cash
1.54%
Toyota Motor Corporation
Corporate
0.41%
Johnson & Johnson
Corporate
0.41%
Cisco Systems, Inc.
Corporate
0.41%
The Home Depot, Inc.
Corporate
0.41%
State Street Corporation
Corporate
0.41%
Blackrock, Inc.
Corporate
0.41%
PepsiCo, Inc.
Corporate
0.41%
Bank of America Corporation
Corporate
0.41%
Deere & Company
Corporate
0.41%
Abbvie Inc.
Corporate
0.41%
BNY Mellon Corp
Corporate
0.41%
PACCAR Inc
Corporate
0.41%
Met Tower Global Funding
Corporate
0.41%
National Rural Utilities Cooperative
Corporate
0.41%
Northwestern Mutual Global Funding
Corporate
0.41%
CME Group Inc.
Corporate
0.41%
Florida Power & Light
Corporate
0.40%
U.S. Bancorp
Corporate
0.40%
New York Life Insurance Company
Corporate
0.40%
Eli Lilly and Company
Corporate
0.40%
Wells Fargo & Company
Corporate
0.40%
American Express Company
Corporate
0.40%
Merck & Co., Inc.
Corporate
0.40%
23
Docusign Envelope ID: CBCD726A-4DB1-4938-A388-BCB79412E3BF
ISSUERS
City of Tustin Cons Account I Account #10795 1 As of December 31, 2025
Northern Trust Corporation
Guardian Life Global Funding
Chubb Limited
C/„CHANDLER
ASSET MANAGEMENT
.Frail
Corporate
0.40%
Corporate
0.40%
Corporate
0.40%
Morgan Stanley
Corporate
0.40%
Amazon.com, Inc.
Corporate
0.40%
UnitedHealth Group Incorporated
Corporate
0.40%
The Charles Schwab Corporation
Corporate
0.40%
Royal Bank of Canada
Corporate
0.39%
The PNC Financial Services Group, In
Corporate
0.39%
Mastercard Incorporated
Corporate
0.39%
Honeywell International Inc.
Corporate
0.38%
Apple Inc.
Corporate
0.38%
Walmart Inc.
Corporate
0.35%
Public Service Enterprise Group Inco
Corporate
0.24%
First American Govt Oblig Fund
Money Mkt Fd
0.13%
The Goldman Sachs Group, Inc.
Neg CD
0.10%
Cash
Cash
0.06%
TOTAL
100.00%
24
Docusign Envelope ID: CBCD726A-4DB1-4938-A388-BCB79412E3BF
HOLDINGS REPORT
City of Tustin Cons Account I Account #10795 1 As of December 31, 2025
CHANDLER
ASSET ASSET MANAGEMENT
AGENCY
FEDERAL HOME LOAN BANKS
11/30/2023
1,503,345.00
100.85
1,512,811.50
0.60%
Aa1/AA+
0.88
3130AXU63
4.62511/17/2026
1,500,000.00
4.54%
1,500,989.28
3.62%
8,479.17
11,822.22
AA+
0.85
FEDERAL FARM CREDIT BANKS
12/08/2023
1,001,820.00
101.67
1,016,735.00
0.41%
Aa1/AA+
1.76
3133EPH81
FUNDING CORP 4.5 10/04/2027
1,000,000.00
4.45%
1,000,837.49
3.51%
10,875.00
15,897.51
AA+
1.66
FEDERAL HOME LOAN BANKS
07/26/2023
1,255,762.50
102.04
1,275,441.25
0.51%
Aa1/AA+
2.44
3130AWMN7
4.375 06/09/2028
1,250,000.00
4.27%
1,252,889.37
3.50%
3,342.01
22,551.88
AA+
2.29
FEDERAL FARM CREDIT BANKS
08/29/2023
1,507,785.00
102.20
1,533,010.50
0.61%
Aa1/AA+
2.66
3133EPUN3
FUNDING CORP 4.5 08/28/2028
1,500,000.00
4.37%
1,504,140.05
3.62%
23,062.50
28,870.45
AA+
2.45
FEDERAL HOME LOAN BANKS 4.75
12/08/2023
1,222,020.00
103.05
11236,608.40
0.49%
Aa1/AA+
2.94
3130AXQK7
12/08/2028
1,200,000.00
4.33%
11212,941.58
3.64%
3,641.67
23,666.82
AA+
2.72
FEDERAL FARM CREDIT BANKS
01/29/2024
1,488,945.00
101.00
1,515,073.50
0.61%
Aa1/AA+
3.05
3133EPW84
FUNDING CORP 3.875 01/18/2029
1,500,000.00
4.04%
1,493,217.08
3.52%
26,317.71
21,856.42
AA+
2.80
FEDERAL HOME LOAN BANKS 4.5
04/25/2024
1,384,040.00
102.77
1,438,813.60
0.57%
Aa1/AA+
3.19
3130AVBD3
03/09/2029
1,400,000.00
4.76%
11389,560.47
3.57%
19,600.00
49,253.13
AA+
2.92
FEDERAL FARM CREDIT BANKS
04/25/2024
1,376,046.00
102.41
1,433,758.20
0.57%
Aa1/AA+
3.27
3133ERAK7
FUNDING CORP 4.375 04/10/2029
1,400,000.00
4.77%
1,384,150.04
3.59%
13,781.25
49,608.16
AA+
3.00
FEDERAL FARM CREDIT BANKS
09/17/2024
2,002,440.00
99.51
1,990,104.00
0.80%
Aa1/AA+
3.69
3133ERSP7
FUNDING CORP 3.5 09/10/2029
2,000,000.00
3.47%
2,001,809.20
3.64%
21,583.33
(11,705.20)
AA+
3.39
FEDERAL HOME LOAN BANKS
09/30/2024
921,906.00
101.68
915,114.60
0.37%
Aa1/AA+
3.70
3130ATHX8
4.125 09/14/2029
900,000.00
3.58%
916,371.98
3.63%
11,034.38
(1,257.38)
AA+
3.37
13,664,109.51
101.60
13,867,470.55
5.54%
2.78
Total Agency
13,650,000.00
4.25%
13,656,906.54
3.59%
141,717.01
210,564.01
2.57
AGENCY CMBS
3137F1G44
FHMS K-065 A2 3.243 04/25/2027
750,000.00
06/08/2023
719,560.55
99.26
744,462.75
0.30%
Aa1/AA+
1.31
4.39%
740,021.65
3.71%
2,026.88
4,441.10
AAA
1.18
3137FEZU7
FHMS K-076 A2 3.9 04/25/2028
750,000.00
10/30/2023
708,310.55
100.11
750,803.25
0.30%
Aa1/AA+
2.32
5.32%
728,767.35
3.76%
2,437.50
22,035.90
AAA
2.09
3137FJEH8
FHMS K-081 A2 3.9 08/25/2028
700,000.00
05/29/2025
692,125.00
100.08
700,588.00
0.28%
Aa1/AA+
2.65
4.23%
693,592.64
3.79%
2,275.00
6,995.36
AAA
2.45
3137FJKE8
FHMS K-082 A2 3.92 09/25/2028
750,000.00
10/30/2023
705,556.64
100.21
751,548.75
0.30%
Aa1/AA+
2.74
5.31%
725,474.32
3.76%
2,450.00
26,074.43
AAA
2.48
25
Docusign Envelope ID: CBCD726A-4DB1-4938-A388-BCB79412E3BF
HOLDINGS REPORT
City of Tustin Cons Account I Account #10795 1 As of December 31, 2025
CHANDLER
ASSET ASSET MANAGEMENT
3137H4BYS FHMS K-746A2 2.03109/25/2028 1,500,000.00 05/15/2025 1,395,527.34 95.42 1,431,279.00 0.57% Aa1/AA+ 2.74
4.30% 1,415,203.02 3.81% 2,538.75 16,075.98 AAA 2.56
3137FJXV6 FHMS K-083 A2 4.05 09/25/2028 300,000.00 05/29/2025 297,609.38 100.46 301,368.90 0.12% Aa1/AA+ 2.74
4.26% 298,043.31 3.80% 1,012.50 3,325.59 AAA 2.53
3137FKZZ2
FHMS K-088 A2 3.69 01/25/2029
1,000,000.00
07/22/2024
963,789.06
99.49
994,878.00
0.40%
Aaa/AA+
3.07
4.58%
975,516.85
3.81%
3,075.00
19,361.15
AA+
2.78
3137H5YC5
FHMS K-748 A2 2.26 01/25/2029
643,000.00
06/17/2025
601,858.05
95.51
614,138.95
0.25%
Aa1/AA+
3.07
4.22%
607,991.01
3.84%
1,210.98
6,147.93
AAA
2.83
3137FLN91
FHMS K-091 A2 3.505 03/25/2029
1,000,000.00
03/05/2025
970,234.38
98.88
988,835.00
0.40%
Aa1/AAA
3.23
4.31%
976,322.80
3.84%
2,920.83
12,512.20
AA+
2.90
3137FLYVO
FHMS K-092 A2 3.298 04/25/2029
1,000,000.00
09/17/2024
981,484.38
98.20
981,978.00
0.39%
Aa1/AA+
3.31
3.72%
986,723.38
3.85%
2,748.33
(4,745.38)
AAA
3.02
3137FNX54
FHMS K-097 A2 2.508 07/25/2029
1,250,000.00
12/18/2025
1,196,679.69
95.40
1,192,472.50
0.48%
Aaa/AA+
3.56
3.77%
1,197,052.85
3.89%
2,612.50
(4,580.35)
AA+
3.32
3137H9D71
FHMS K-750 A2 3.0 09/25/2029
750,000.00
06/17/2025
716,601.56
97.17
728,742.75
0.29%
Aa1/AA+
3.73
4.23%
720,790.00
3.88%
1,875.00
7,952.75
AAA
3.11
3137FX3Q9
FHMS K-117 A2 1.406 08/25/2030
1,000,000.00
09/11/2025
891,757.81
89.14
891,432.00
0.36%
Aa1/AA+
4.65
3.87%
898,264.50
4.02%
1,171.67
(6,832.50)
AAA
4.34
10,841,094.39
97.29
11,072,527.85
4.42%
3.06
Total Agency CMBS
11,393,000.00
4.31%
10,963,763.68
3.83%
28,354.94
108,764.16
2.79
CASH
CBGMMF$04
Citizens Business Bank
463,925.77
05/31/2025
463,925.77
1.00
463,925.77
0.19%
NA/NA
0.00
0.00%
463,925.77
0.00%
0.00
0.00
NA
0.00
CBGMMF$03
Citizens Business Bank
3,392,672.21
12/31/2025
3,392,672.21
1.00
3,392,672.21
1.36%
NA/NA
0.00
0.00%
3,392,672.21
0.00%
0.00
0.00
NA
0.00
CCYUSD
Receivable
135,412.50
--
135,412.50
1.00
135,412.50
0.05%
Aaa/AAA
0.00
135,412.50
0.00
0.00
AAA
0.00
CCYUSD
Receivable
3,663.60
--
3,663.60
1.00
3,663.60
0.00%
Aaa/AAA
0.00
3,663.60
0.00
0.00
AAA
0.00
3,995,674.08
1.00
3,995,674.08
1.60%
0.00
Total Cash
3,995,674.08
0.00%
3,995,674.08
0.00%
0.00
0.00
0.00
26
Docusign Envelope ID: CBCD726A-4DB1-4938-A388-BCB79412E3BF
HOLDINGS REPORT
City of Tustin Cons Account I Account #10795 1 As of December 31, 2025
CORPORATE
00440EAV9
023135BX3
808513BR5
CHUBB INA HOLDINGS LLC 3.35 1,000,000.00 07/23/2021 1,102,780.00 99.81
05/03/2026 1.13% 1,002,101.73 3.90%
AMAZON.COM INC 1.0
05/12/2026
CHARLES SCHWAB CORP 1.15
05/13/2026
CHANDLER
ASSET ASSET MANAGEMENT
998,121.00 0.40% A2/A 0.34
5,397.22 (3,980.73) A 0.33
1,000,000.00 05/12/2021 995,200.00 99.02 990,221.00 0.40% Al/AA 0.36
1.10% 999,655.26 3.74% 1,361.11 (9,434.26) AA- 0.36
1,000,000.00 07/23/2021 1,007,990.00 99.01 990,128.00 0.40% A2/A- 0.36
0.98% 1,000,477.09 3.90% 1,533.33 (10,349.09) A 0.36
UNITEDHEALTH GROUP INC 1.15
07/28/2021
1,007,110.00
99.02
990,171.00
0.40%
A2/A+
0.37
91324PEC2
05/15/2026
1,000,000.00
1.00%
11000,433.10
3.84%
1,469.44
(10,262.10)
A
0.36
ROYAL BANK OF CANADA 1.15
07/28/2021
999,090.00
98.59
985,861.00
0.39%
Al/A
0.53
78016EZT7
07/14/2026
1,000,000.00
1.17%
999,902.46
3.85%
5,334.72
(14,041.46)
AA-
0.52
931142ERO
WALMART INC 1.05 09/17/2026
900,000.00
09/22/2021
902,277.00
98.21
883,899.00
0.35%
Aa2/AA
0.71
1.00%
900,292.09
3.63%
2,730.00
(16,393.09)
AA
0.69
MORGAN STANLEY 3.625
01/14/2025
979,620.00
99.74
997,396.00
0.40%
Al/A-
1.05
61746BEF9
01/20/2027
1,000,000.00
4 70%
989,352.49
3.88/
16,211.81
8,043.51
A+
1.00
NORTHERN TRUST CORP 4.0
01/30/2023
986,540.00
100.33
1,003,262.00
0.40%
A2/A+
1.36
665859AW4
05/10/2027
1,000,000.00
4.35%
995,734.93
3.75%
5,666.67
7,527.07
A+
1.22
JOHN DEERE CAPITAL CORP 4.65
01/10/2025
997,270.00
101.72
1,017,202.00
0.41%
Al/A
2.02
24422EXZ7
01/07/2028
1,000,000.00
4.75%
998,154.93
3.75%
22,475.00
19,047.07
A+
1.87
MET TOWER GLOBAL FUNDING
01/10/2025
996,910.00
101.64
1,016,354.00
0.41%
Aa3/AA-
2.04
58989V2K9
4.8 01/14/2028
1,000,000.00
4.91%
997,903.32
3.95%
22,266.67
18,450.68
AA-
1.88
WELLS FARGO & CO 4.9
01/30/2025
1,000,770.00
100.84
1,008,418.00
0.40%
Al/BBB+
2.07
95000U3R2
01/24/2028
1,000,000.00
4.86%
1,000,413.22
4.29%
21,369.44
8,004.78
A+
1.01
NATIONAL RURAL UTILITIES
02/07/2025
999,330.00
101.52
1,015,163.00
0.41%
A2/NA
2.10
63743HFW7
COOPERATIVE FINANCE CORP 4.75
1,000,000.00
4.77%
999,529.40
3.99%
19,000.00
15,633.60
A
1.87
02/07/2028
PACCAR FINANCIAL CORP 4.55
05/02/2025
1,009,000.00
101.64
1,016,405.00
0.41%
Al/A+
2.17
69371RT63
03/03/2028
1,000,000.00
4.21%
1,006,900.29
3.75%
14,913.89
9,504.71
NA
2.02
00287YDY2
ABBVI E INC 4.65 03/15/2028
1,000,000.00
03/05/2025
1,006,680.00
101.68
1,016,768.00
0.41%
A3/A-
2.21
4.40%
1,004,811.34
3.85%
13,691.67
11,956.66
NA
1.98
NEW YORK LIFE GLOBAL FUNDING
04/24/2025
1,002,060.00
101.00
1,010,029.00
0.40%
Aa1/AA+
2.32
64953BBW7
4.4 04/25/2028
1,000,000.00
4.33%
1,001,588.23
3.94%
8,066.67
8,440.77
AAA
2.17
PUBLIC SERVICE ELECTRICAND
06/29/2023
570,144.00
99.60
597,591.60
0.24%
Al/A
2.33
74456QBU9
GAS CO 3.7 05/01/2028
600,000.00
4.87%
585,621.13
3.88%
3,700.00
11,970.47
NA
2.20
27
Docusign Envelope ID: CBCD726A-4DB1-4938-A388-BCB79412E3BF
HOLDINGS REPORT
City of Tustin Cons Account I Account #10795 1 As of December 31, 2025
CHANDLER
ASSET ASSET MANAGEMENT
FLORIDA POWER & LIGHT CO 4.4
06/07/2023
987,550.00
101.25
1,012,454.00
0.40%
Aa2/A+
2.37
341081GN1
05/15/2028
1,000,000.00
4.69%
994,023.72
3.84%
5,622.22
18,430.28
AA-
2.07
90331HPS6
US BANK NA 4.73 05/15/2028
1,000,000.00
05/13/2025
1,000,600.00
101.01
1,010,097.00
0.40%
A2/A+
2.37
4.86%
1,000,469.98
4.24%
6,043.89
9,627.02
A+
1.31
TOYOTA MOTOR CREDIT CORP
09/26/2023
996,180.00
103.51
1,035,100.00
0.41%
Al/A+
2.70
89236TL69
5.25 09/11/2028
1,000,000.00
5.34%
997,923.27
3.86%
16,041.67
37,176.73
A+
2.46
BANK OF AMERICA CORP 4.979
02/14/2025
1,003,780.00
101.87
1,018,714.00
0.41%
Al/A-
3.07
06051GMK2
01/24/2029
1,000,000.00
4.84%
1,002,660.13
4.19%
21,713.97
16,053.87
AA-
1.91
CISCO SYSTEMS INC 4.85
09/27/2024
1,037,530.00
102.64
1,026,412.00
0.41%
Al/AA-
3.16
17275RBR2
02/26/2029
1,000,000.00
3.90%
1,026,644.16
3.95%
16,840.28
(232.16)
NA
2.79
09290DAA9
BLACKROCK INC 4.7 03/14/2029
1,000,000.00
07/22/2024
1,002,010.00
102.22
1,022,222.00
0.41%
Aa3/AA-
3.20
4.65%
1,001,374.57
3.95%
13,969.44
20,847.43
NA
2.84
BANK OF NEW YORK MELLON
04/24/2025
1,008,810.00
101.65
1,016,470.00
0.41%
Aa2/AA-
3.30
06405LAH4
4.729 04/20/2029
1,000,000.00
4.41%
1,006,783.13
4.23%
9,326.64
9,686.87
AA
2.15
PNC FINANCIAL SERVICES GROUP
07/16/2025
969,260.00
98.35
983,539.00
0.39%
A3/A-
3.31
693475AW5
INC 3.45 04/23/2029
1,000,000.00
4.34%
973,013.14
3.98%
6,516.67
10,525.86
A
3.07
MASTERCARD INC 2.95
04/17/2025
950,210.00
96.86
968,644.00
0.39%
Aa3/A+
3.42
57636ClAM6
06/01/2029
000.00
1,000,4.28%
958,663.03
3.94%
2,458.33
9,980.97
NA
3.20
HOME DEPOT INC4.75
04/17/2025
1,013,630.00
102.52
1,025,244.00
0.41%
A2/A
3.48
437076DC3 06/25/2029
1,000,000.00 4.38%
1,011,305.15
3.97%
791.67
13,938.85
A
3.12
713448FX1 PEPSICO INC 4.5 07/17/2029
1,000,000.00 07/22/2024
997,560.00
101.96
1,019,576.00
0.41%
Al/A+
3.54
4.56%
998,266.53
3.90%
20,500.00
21,309.47
NA
3.12
AMERICANEXPRESS CO4.351
08/11/2025
1,001,850.00
100.73
1,007,296.00
0.40%
A2/A-
3.55
025816EJ4 07/20/2029
1,000,000.00 4.28%
1,001,605.17
4.18%
18,854.33
5,690.83
A
2.35
532457CQ9 ELI LILLY AND CO 4.2 08/14/2029
1,000,000.00 08/15/2024
1,000,130.00
100.97
1,009,692.00
0.40%
Aa3/A+
3.62
4.20%
1,000,093.53
3.91%
15,983.33
9,598.47
NA
3.21
HONEYWELL INTERNATIONAL INC
08/15/2024
930,020.00
95.43
954,270.00
0.38%
A2/A
3.62
438516BU9
2.7 08/15/2029
1,000,000.00
4.27%
949,307.64
4.07%
10,200.00
4,962.36
A
3.36
037833DP2 APPLE INC 2.2 09/11/2029 1,000,000.00 10/30/2024 908,490.00 94.32 943,236.00 0.38% Aaa/AA+ 3.70
4.31% 930,491.56 3.86% 6,722.22 12,744.44 NA 3.47
GUARDIAN LIFE GLOBAL FUNDING
03/05/2025
985,840.00
99.93
999,338.00
401391-13J1
4.179 09/26/2029
1,000,000.00
4.53%
988,399.86
4.20%
11,027.92
STATE STIR EET CORP 4.729
03/05/2025
1,003,660.00
102.33
1,023,333.00
857477CW1 02/28/2030
00
1,000,000.4.62%
1,003,044.20
4.11%
16,157.42
0.40%
Aa1/AA+
3.74
10,938.14
NA
3.39
0.41%
Aa3/A
4.16
20,288.80
AA-
3.62
28
Docusign Envelope ID: CBCD726A-4DB1-4938-A388-BCB79412E3BF
HOLDINGS REPORT
City of Tustin Cons Account I Account #10795 1 As of December 31, 2025
CHANDLER
ASSET ASSET MANAGEMENT
JOHNSON & JOHNSON 4.7 000.00 04/17/2025 1,021,100.00 103.04 1,030,448.00 0.41% Aaa/AAA 4.16
478160DJ0 03/01/2030 1,000,4.21% 1,018,020.15 3.90% 15,666.67 12,427.85 NA 3.64
12572QAL9 CME GROUP INC 4.4 03/15/2030 1,000,000.00 07/16/2025 1,000,190.00 101.44 1,014,384.00 0.41% Aa3/AA- 4.20
4.39% 1,000,170.93 4.02% 12,955.56 14,213.07 AA- 3.69
66815L2W8
NORTHWESTERN MUTUAL
GLOBAL FUNDING 4.6 06/03/2030
1,000,000.00
07/02/2025
4.41%
1,008,110.00
1,007,288.16
101.47
4.23%
1,014,740.00
3,577.78
0.41%
7,451.84
Aa1/AA+
AAA
4.42
3.96
58933YBQ7
MERCK & CO INC 4.15 09/15/2030
1,000,000.00
09/11/2025
1,007,940.00
100.36
1,003,558.00
0.40%
Aa3/A+
4.71
3.97%
1,007,462.27
4.06%
12,911.11
(3,904.27)
NA
4.11
36,397,221.00
100.52
36,675,756.60
14.65%
2.61
Total Corporate
36,500,000.00
3.95%
36,359,881.32
3.96%
409,068.75
315,875.28
2.24
LAIF
90LAIF$00
Local Agency Investment Fund
29,970,337.02
--
29,970,337.02
1.00
29,970,337.02
11.97%
NA/NA
0.00
State Pool
3.98%
29,970,337.02
3.98%
0.00
0.00
NA
0.00
29,970,337.02
1.00
29,970,337.02
11.97%
0.00
Total LAIF
29,970,337.02
3.98%
29,970,337.02
3.98%
0.00
0.00
0.00
LOCAL GOV
INVESTMENT POOL
90CAMP$00 CAMP
Total Local Gov
Investment Pool
MONEY MARKET
FUND
31846V203 FIRSTAMER:GVT OBLG Y
Total Money Market
Fund
NEGOTIABLE CD
93,781,809.92 -- 93,781,809.91 1.00 93,781,809.92
3.90% 93,781,809.91 3.90% 0.00
93,781,809.91 1.00 93,781,809.92
93,781,809.92 3.90% 93,781,809.91 3.90% 0.00
312,900.08 -- 312,900.08 1.00 312,900.08
3.38% 312,900.08 3.38% 0.00
312,900.08 1.00 312,900.08
312,900.08 3.38% 312,900.08 3.38% 0.00
37.47% NA/AAAm
0.00
0.01 NA
0.00
37.47%
0.00
0.01
0.00
0.13% Aaa/AAAm
0.00
0.00 AAA
0.00
0.13%
0.00
0.00
0.00
29
Docusign Envelope ID: CBCD726A-4DB1-4938-A388-BCB79412E3BF
HOLDINGS REPORT
City of Tustin Cons Account I Account #10795 1 As of December 31, 2025
CHANDLER
ASSET ASSET MANAGEMENT
Goldman Sachs Bank USA 1.05
08/17/2021
243,775.00
98.35
240,969.26
0.10%
Al/A+
0.65
38149MYS6
08/25/2026
245,000.00
1.15%
244,841.68
3.65%
909.18
(3,872.42)
AA-
0.63
243,775.00
98.35
240,969.26
0.10%
0.65
Total Negotiable CD
245,000.00
1.15%
244,841.68
3.65%
909.18
(3,872.42)
0.63
US TREASURY
UNITED STATES TREASURY0.375
04/27/2021
1,957,500.00
99.74
1,994,804.00
0.80%
Aa1/AA+
0.08
91282CBH3
01/31/2026
2,000,000.00
0.83%
1,999,266.82
3.68%
3,138.59
(4,462.82)
AA+
0.08
UNITED STATES TREASURY4.0
07/24/2025
998,710.94
100.03
1,000,291.00
0.40%
Aa1/AA+
0.13
91282CGL9
02/15/2026
1,000,000.00
4.23%
999,717.04
3.70%
15,108.70
573.96
AA+
0.12
UNITED STATES TREASURY0.75
04/27/2021
1,989,531.25
99.34
1,986,832.00
0.79%
Aa1/AA+
0.25
91282CBT7
03/31/2026
2,000,000.00
0.86%
1,999,481.80
3.49%
3,832.42
(12,649.80)
AA+
0.24
UNITED STATES TREASURY
12/19/2025
1,976,613.19
98.93
1,978,618.00
0.79%
P-1/A-1+
0.30
912797TJ6
04/21/2026
2,000,000.00
3.63%
1,978,381.94
3.62%
0.00
236.06
F1+
0.30
UNITED STATES TREASURY3.875
11/20/2025
2,008,046.88
100.51
2,010,234.00
0.80%
Aa1/AA+
1.41
91282CNE7
O5/31/2027
2,000,000.00
3.60%
2,007,453.50
3.50%
6,813.19
2,780.51
AA+
1.36
UNITED STATES TREASURY3.75
07/16/2025
1,396,554.69
100.39
1,405,413.80
0.56%
Aa1/AA+
1.50
91282CNL1
06/30/2027
1,400,000.00
3.88%
1,397,366.49
3.48%
145.03
8,047.31
AA+
1.44
UNITED STATES TREASURY4.125
--
3,719,978.91
101.07
3,780,029.22
1.51%
Aa1/AA+
1.75
91282CFM8
09/30/2027
3,740,000.00
4.27%
3,731,362.78
3.48%
39,416.41
48,666.44
AA+
1.65
UNITED STATES TREASURY4.125
02/18/2025
2,487,792.97
101.14
2,528,515.00
1.01%
Aa1/AA+
1.87
91282CLX7
11/15/2027
2,500,000.00
4.31%
2,491,645.89
3.49%
13,389.16
36,869.11
AA+
1.78
UNITED STATES TREASURY4.0
12/18/2025
1,768,525.39
100.97
1,766,954.00
0.71%
Aa1/AA+
1.96
91282CMB4
12/15/2027
1,750,000.00
3.44%
1,768,193.67
3.48%
3,269.23
(1,239.67)
AA+
1.86
UNITED STATES TREASURY3.5
02/23/2023
1,458,281.25
100.02
1,500,292.50
0.60%
Aa1/AA+
2.08
91282CGH8
01/31/2028
1,500,000.00
4.13%
1,482,365.82
3.49%
21,970.11
17,926.68
AA+
1.96
UNITED STATES TREASURY2.75
11/08/2024
1,338,039.06
98.49
1,378,890.80
0.55%
Aa1/AA+
2.13
9128283W8
02/15/2028
1,400,000.00
4.22%
1,359,647.29
3.49%
14,542.12
19,243.51
AA+
2.02
UNITED STATES TREASURY 3.75
04/15/2025
1,196,953.13
100.52
1,206,234.00
0.48%
Aa1/AA+
2.29
91282CMW8
04/15/2028
1,200,000.00
3.84%
1,197,676.59
3.51%
9,642.86
8,557.41
AA+
2.16
UNITED STATES TREASURY 3.5
02/07/2025
975,898.44
99.98
999,844.00
0.40%
Aa1/AA+
2.33
91282CHA2
04/30/2028
1,000,000.00
4.31%
982,564.83
3.51%
5,994.48
17,279.17
AA+
2.20
30
Docusign Envelope ID: CBCD726A-4DB1-4938-A388-BCB79412E3BF
HOLDINGS REPORT
City of Tustin Cons Account I Account #10795 1 As of December 31, 2025
CHANDLER
ASSET ASSET MANAGEMENT
UNITED STATES TREASURY3.875
12/18/2025
2,019,609.38
100.84
2,016,876.00
0.81%
Aa1/AA+
2.54
91282CNM9
07/15/2028
2,000,000.00
3.47%
2,019,337.90
3.52%
35,801.63
(2,461.90)
AA+
2.36
UNITED STATES TREASURY3.5
12/18/2025
2,000,703.13
99.90
1,997,968.00
0.80%
Aa1/AA+
2.79
91282CPC9
10/15/2028
2,000,000.00
3.49%
2,000,694.26
3.54%
15,000.00
(2,726.26)
AA+
2.61
UNITED STATES TREASURY3.125
02/29/2024
1,425,351.56
98.88
1,483,242.00
0.59%
Aa1/AA+
2.88
9128285M8
11/15/2028
1,500,000.00
4.30%
1,454,473.13
3.54%
6,085.98
28,768.87
AA+
2.71
UNITED STATES TREASURY 2.375
05/16/2024
1,228,130.86
96.15
1,298,003.40
0.52%
Aa1/AA+
3.37
9128286T2
05/15/2029
1,350,000.00
4.41%
1,267,818.51
3.60%
4,162.81
30,184.89
AA+
3.19
UNITED STATES TREASURY4.5
06/02/2025
1,528,710.94
102.88
1,543,125.00
0.62%
Aa1/AA+
3.41
91282CKT7
05/31/2029
1,500,000.00
3.98%
1,524,536.24
3.60%
5,934.07
18,588.76
AA+
3.13
UNITED STATES TREASURY 3.25
08/15/2024
1,462,089.84
98.86
1,482,891.00
0.59%
Aa1/AA+
3.50
91282CEV9
06/30/2029
1,500,000.00
3.82%
1,472,808.68
3.60%
134.67
10,082.32
AA+
3.27
UNITED STATES TREASURY2.625
08/15/2024
1,420,078.13
96.71
1,450,663.50
0.58%
Aa1/AA+
3.58
91282CFCO
07/31/2029
1,500,000.00
3.81%
1,442,288.46
3.61%
16,477.58
8,375.04
AA+
3.34
UNITED STATES TREASURY4.0
04/15/2025
1,202,812.50
101.29
1,215,516.00
0.49%
Aa1/AA+
3.58
91282CLC3
07/31/2029
1,200,000.00
3.94%
1,202,345.84
3.61%
20,086.96
13,170.16
AA+
3.26
UNITED STATES TREASURY3.125
09/11/2024
2,455,664.06
98.31
2,457,812.50
0.98%
Aa1/AA+
3.67
91282CFJ5
08/31/2029
2,500,000.00
3.52%
2,467,297.97
3.62%
26,545.23
(9,485.47)
AA+
3.38
UNITED STATES TREASURY4.0
12/16/2024
2,717,666.02
101.31
2,785,986.50
1.11%
Aa1/AA+
3.83
91282CFT3
10/31/2029
2,750,000.00
4.27%
2,724,572.66
3.63%
18,839.78
61,413.84
AA+
3.50
UNITED STATES TREASURY4.125
12/04/2024
1,503,339.84
101.73
1,525,899.00
0.61%
Aa1/AA+
3.91
91282CMA6
11/30/2029
1,500,000.00
4.08%
1,502,620.88
3.65%
5,439.56
23,278.12
AA+
3.58
UNITED STATES TREASURY4.375
12/30/2024
1,998,984.38
102.67
2,053,438.00
0.82%
Aa1/AA+
4.00
91282CMD0
12/31/2029
2,000,000.00
4.39%
1,999,187.95
3.65%
241.71
54,250.05
AA+
3.65
UNITED STATES TREASURY4.0
04/07/2025
1,010,390.63
101.27
1,012,734.00
0.40%
Aa1/AA+
4.25
91282CMU2
03/31/2030
1,000,000.00
3.77%
1,008,858.90
3.67%
10,219.78
3,875.10
AA+
3.84
UNITED STATES TREASURY 3.875
12/18/2025
2,021,406.25
100.78
2,015,626.00
0.81%
Aa1/AA+
4.33
91282CMZ1
04/30/2030
2,000,000.00
3.61%
2,021,231.56
3.68%
13,273.48
(5,605.56)
AA+
3.93
UNITED STATES TREASURY4.0
--
2,999,121.10
101.27
3,038,202.00
1.21%
Aa1/AA+
4.41
91282CNG2
05/31/2030
3,000,000.00
4.01%
2,999,226.32
3.68%
10,549.45
38,975.68
AA+
4.00
UNITED STATES TREASURY 3.75
12/18/2025
2,010,937.50
100.24
2,004,766.00
0.80%
Aa1/AA+
4.50
91282CHJ3
06/30/2030
2,000,000.00
3.62%
2,010,851.53
3.69%
207.18
(6,085.53)
AA+
4.10
UNITED STATES TREASURY3.875
08/15/2025
1,002,343.75
100.74
1,007,383.00
0.40%
Aa1/AA+
4.58
91282CNN7
07/31/2030
1,000,000.00
3.82%
1,002,167.45
3.70%
16,216.03
5,215.55
AA+
4.10
31
Docusign Envelope ID: CBCD726A-4DB1-4938-A388-BCB79412E3BF
HOLDINGS REPORT
City of Tustin Cons Account I Account #10795 1 As of December 31, 2025
CHANDLER
ASSET ASSET MANAGEMENT
UNITED STATES TREASURY 3.625
12/18/2025
1,998,828.13
99.64
1,992,890.00
0.80%
Aa1/AA+
4.67
91282CNX5
08/31/2030
2,000,000.00
3.64%
1,998,837.01
3.71%
24,633.98
(5,947.01)
AA+
4.20
UNITED STATES TREASURY 3.625
10/06/2025
995,312.50
99.61
996,133.00
0.40%
Aa1/AA+
4.75
91282CPA3
09/30/2030
1,000,000.00
3.73%
995,534.12
°
3.71/°
9,261.68
598.88
AA+
4.28
UNITED STATES TREASURY 3.625
11/13/2025
1,494,785.16
99.58
1,493,671.50
0.60%
Aa1/AA+
4.83
91282CPD7
10/31/2030
1,500,000.00
3.70%
1,494,923.30
3.72%
9,312.85
(1,251.80)
AA+
4.36
UNITED STATES TREASURY3.5
12/18/2025
1,986,328.13
98.99
1,979,844.00
0.79%
Aa1/AA+
4.91
91282CPN5
11/30/2030
2,000,000.00
3.65%
1,986,426.49
3.73%
6,153.85
(6,582.49)
AA+
4.45
59,755,019.89
100.18
60,389,622.72
24.13%
2.92
Total US Treasury
60,290,000.00
3.70%
59,991,163.61
3.60%
391,840.53
398,459.11
2.69
248,961,940.88
49.44
250,307,068.08
100.00%
1.38
Total Portfolio
250,138,721.10
3.84%
249,277,277.92
3.76%
971,890.42
1,029,790.16
1.24
Total Market Value +
Accrued
251,278,958.50
32
Docusign Envelope ID: CBCD726A-4DB1-4938-A388-BCB79412E3BF
CHANDLER
it% ASSET MANAGEMENT
33
Docusign Envelope ID: CBCD726A-4DB1-4938-A388-BCB79412E3BF
TRANSACTION LEDGER
City of Tustin Cons Account I Account #10795 1 10/01/2025 Through 12/31/2025 1
ACQUISITIONS
CHANDLER
ASSET MANAGEMENT
UNITED STATES
Purchase
10/07/2025
91282CPA3
1,000,000.00
TREASURY3.625
99.531
3.73%
(995,312.50)
(697.12)
(996,009.62)
0.00
09/30/2030
UNITED STATES
Purchase
11/14/2025
91282CPD7
1,500,000.00
TREASURY3.625
99.652
3.70%
(1,494,785.16)
(2,102.90)
(1,496,888.06)
0.00
10/31/2030
UNITED STATES
Purchase
11/21/2025
91282CNE7
2,000,000.00
TREASURY3.875
100.402
3.60%
(2,008,046.88)
(36,844.26)
(2,044,891.14)
0.00
05/31/2027
UNITED STATES
Purchase
12/19/2025
91282CH13
2,000,000.00
TREASURY 3.75
100.547
3.62%
(2,010,937.50)
(35,054.35)
(2,045,991.85)
0.00
06/30/2030
UNITED STATES
Purchase
12/19/2025
91282CMB4
1,750,000.00
TREASURY4.0
101.059
3.44%
(1,768,525.39)
(769.23)
(1,769,294.62)
0.00
12/15/2027
UNITED STATES
Purchase
12/19/2025
91282CMZ1
2,000,000.00
TREASURY3.875
101.070
3.61%
(2,021,406.25)
(10,490.33)
(2,031,896.58)
0.00
04/30/2030
UNITED STATES
Purchase
12/19/2025
91282CNM9
2,000,000.00
TREASURY3.875
100.980
3.47%
(2,019,609.38)
(33,063.86)
(2,052,673.24)
0.00
07/15/2028
UNITED STATES
Purchase
12/19/2025
91282CNX5
2,000,000.00
TREASURY3.625
99.941
3.64%
(1,998,828.13)
(22,030.39)
(2,020,858.52)
0.00
08/31/2030
UNITED STATES
Purchase
12/19/2025
91282CPC9
2,000,000.00
TREASURY3.5
100.035
3.49%
(2,000,703.13)
(12,500.00)
(2,013,203.13)
0.00
10/15/2028
UNITED STATES
Purchase
12/19/2025
91282CPN5
2,000,000.00
TREASURY3.5
99.316
3.65%
(1,986,328.13)
(3,653.85)
(1,989,981.98)
0.00
11/30/2030
34
Docusign Envelope ID: CBCD726A-4DB1-4938-A388-BCB79412E3BF
TRANSACTION LEDGER Ci11CHANDLER
ASSET MANAGEMENT
City of Tustin Cons Account I Account #10795 1 10/01/2025 Through 12/31/2025 1
Transaction Settlement CUSIP Quantity Security Description Price . . Amount Interest Pur/ Total Amount Gain/Loss
Type Date Yield Sold
Purchase 12/23/2025 3137FNX54 1,250,000.00 FHMS K-097 A2 2.508 95.734 3.77% (1,196,679.69) (1,915.83) (1,198,595.52) 0.00
07/25/2029
Purchase 12/23/2025 912797TJ6
2,000,000.00
UNITED STATES 98.831
3.63% (1,976,613.19)
0.00
(1,976,613.19)
0.00
TREASURY04/21/2026
Local Agency
Purchase 12/31/2025 90LAIF$00
32,000,000.00
Investment Fund State 1.000
3.98% (32,000,000.00)
0.00
(32,000,000.00)
0.00
Pool
Purchase 12/31/2025 90CAMP$00
27,000,000.00
CAMP 1.000
(27,000,000.00)
0.00
(27,000,000.00)
0.00
Total Purchase
80,500,000.00
(80,477,775.33)
(159,122.12)
(80,636,897.45)
0.00
TOTAL
ACQUISITIONS
DISPOSITIONS
Maturity
10/02/2025
912797MS3
Maturity
11/13/2025
14913R2H9
Maturity
11/20/2025
912797QR1
Maturity
12/18/2025
912797QZ3
Total Maturity
80,500,000.00
(80,477,775.33)
(159,122.12)
(80,636,897.45)
(1,000,000.00)
UNITED STATES
100.000
4.29%
1,000,000.00
0.00
1,000,000.00
TREASURY 10/02/2025
CATERPILLAR
(1,000,000.00)
FINANCIAL SERVICES
100.000
0.98%
1,000,000.00
0.00
1,000,000.00
CORP 0.8 11/13/2025
(1,750,000.00)
UNITED STATES
100.000
4.28%
1,750,000.00
0.00
1,750,000.00
TREASURY 11/20/2025
(1,750,000.00)
UNITED STATES
100.000
4.29%
1,750,000.00
0.00
1,750,000.00
TREASURY 12/18/2025
(5,500,000.00)
5,500,000.00
0.00
5,500,000.00
Sale 10/16/2025 90CAMP$00 (1,000,000.00) CAMP 1.000 1,000,000.00 0.00 1,000,000.00
Sale 10/30/2025 90CAMP$00 (1,200,000.00) CAMP 1.000 1,200,000.00 0.00 1,200,000.00
Sale 12/31/2025 90LAIF$00
Total Sale
TOTAL
DISPOSITIONS
Local Agency
(15,000,000.00) Investment Fund State 1.000 3.98% 15,000,000.00 0.00 15,000,000.00
Pool
(17,200,000.00) 17,200,000.00 0.00 17,200,000.00
(22,700,000.00)
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
22,700,000.00 0.00 22,700,000.00 0.00
35
Docusign Envelope ID: CBCD726A-4DB1-4938-A388-BCB79412E3BF
IMPORTANT DISCLOSURES
City of Tustin I As of December 31, 2025
2025 Chandler Asset Management, Inc, An Independent Registered Investment Adviser.
CHANDLER
ASSET MANAGEMENT
Information contained herein is confidential. Prices are provided by ICE Data Services Inc ("IDS"), an independent pricing source. In the event IDS does not provide a price or if the
price provided is not reflective of fair market value, Chandler will obtain pricing from an alternative approved third party pricing source in accordance with our written valuation
policy and procedures. Our valuation procedures are also disclosed in Item 5 of our Form ADV Part 2A.
Performance results are presented gross -of -advisory fees and represent the client's Total Return. The deduction of advisory fees lowers performance results. These results include
the reinvestment of dividends and other earnings. Past performance may not be indicative of future results. Therefore, clients should not assume that future performance of any
specific investment or investment strategy will be profitable or equal to past performance levels. All investment strategies have the potential for profit or loss. Economic factors,
market conditions or changes in investment strategies, contributions or withdrawals may materially alter the performance and results of your portfolio.
Index returns assume reinvestment of all distributions. Historical performance results for investment indexes generally do not reflect the deduction of transaction and/or
custodial charges or the deduction of an investment management fee, the incurrence of which would have the effect of decreasing historical performance results. It is not
possible to invest directly in an index.
Source ICE Data Indices, LLC ("ICE"), used with permission. ICE permits use of the ICE indices and related data on an "as is" basis; ICE, its affiliates and their respective third party
suppliers disclaim any and all warranties and representations, express and/or implied, including any warranties of merchantability or fitness for a particular purpose or use,
including the indices, index data and any data included in, related to, or derived therefrom. Neither ICE data, its affiliates or their respective third party providers guarantee the
quality, adequacy, accuracy, timeliness or completeness of the indices or the index data or any component thereof, and the indices and index data and all components thereof
are provided on an "as is" basis and licensee's use it at licensee's own risk. ICE data, its affiliates and their respective third party do not sponsor, endorse, or recommend chandler
asset management, or any of its products or services.
This report is provided for informational purposes only and should not be construed as a specific investment or legal advice. The information contained herein was obtained from
sources believed to be reliable as of the date of publication, but may become outdated or superseded at any time without notice. Any opinions or views expressed are based on
current market conditions and are subject to change. This report may contain forecasts and forward -looking statements which are inherently limited and should not be relied
upon as indicator of future results. Past performance is not indicative of future results. This report is not intended to constitute an offer, solicitation, recommendation or advice
regarding any securities or investment strategy and should not be regarded by recipients as a substitute for the exercise of their own judgment.
Fixed income investments are subject to interest, credit and market risk. Interest rate risk: the value of fixed income investments will decline as interest rates rise. Credit risk: the
possibility that the borrower may not be able to repay interest and principal. Low rated bonds generally have to pay higher interest rates to attract investors willing to take on
greater risk. Market risk: the bond market in general could decline due to economic conditions, especially during periods of rising interest rates.
Ratings information have been provided by Moody's, S&P and Fitch through data feeds we believe to be reliable as of the date of this statement, however we cannot guarantee
its accuracy.
Security level ratings for U.S. Agency issued mortgage -backed securities ("MBS") reflect the issuer rating because the securities themselves are not rated. The issuing U.S. Agency
guarantees the full and timely payment of both principal and interest.
36
Docusign Envelope ID: CBCD726A-4DB1-4938-A388-BCB79412E3BF
BENCHMARK DISCLOSURES
City of Tustin I As of December 31, 2025
CHANDLER
ASSET MANAGEMENT
The ICE BofA 1-5 Year US Treasury & Agency Index tracks the performance of US dollar denominated US Treasury and nonsubordinated
ICE BofA 1-5 Yr US Treasury & Agency
US agency debt issued in the US domestic market. Qualifying securities must have an investment grade rating (based on an average
Index
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
ICE BofA 1-3 Yr US Treasury &Agency
US agency debt issued in the US domestic market. Qualifying securities must have an investment grade rating (based on an average of
Index
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: CBCD726A-4DB1-4938-A388-BCB79412E3BF
CITY OF TUSTIN
Monthly Investment Report
December 31, 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
14,296.12
N/A
14,296.12
14,296.12
2016 Water Revenue Bonds, Refunding
1,946.86
N/A
1,946.86
1,946.86
2020 Water Revenue Bonds
132.41
N/A
132.41
132.41
2024 Water Revenue Bonds
1,299,311.81
N/A
1,299,311.81
1,299,311.81
CFD 04-1
704,823.48
N/A
704,823.48
704,823.48
CFD 07-1
1,354,713.64
N/A
1,354,713.64
1,354,713.64
CFD 06-1/2014-1 Refunding 2025
3,112,058.47
N/A
3,112,058.47
3,112,058.47
6,487,282.79
6,487,282.79
6,487,282.79
Restricted Deposits
with Fiscal Agents TOTAL
6,487,282.79
6,487,282.79
Docusign Envelope ID: CBCD726A-4DB1-4938-A388-BCB79412E3BF
C AGENCY
�Ak I ■ RETgIRIEM NT SERVICES
CITY OFTUSTIN Account Report for the Period
PARS Post- Employment Benefits Trust 12/1/2025 to 12/31/2025
Aldo Schindler
City Manager
City of Tustin
300 Centennial Way
Tustin, CA 92780
Account Summary
Balance as of Balance as of
Source 12/1/2025 Contributions Earnings Expenses Distributions Transfers 12/31/2025
OPEB $5,577,468.62 $0.00 $10,131.63 $1,952.19 $0.00 $0.00 $5,585,648.06
PENSION $18,711,089.99 $0.00 $34,121.59 $6,547.20 $0.00 $0.00 $18,738,664.38
Totals $24,288,558.61 $0.00 $44,253.22 $8,499.39 $0.00 $0.00 $24,324,312.44
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 0.18% 1.86% 12.91% 11.95% 5.83% 6/26/2018
PENSION 0.18% 1.86% 12.91% 11.97% 5.84% 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