HomeMy WebLinkAbout05 QUARTERLY INVESTMENT REPORT FOR THE CITY OF TUSTIN AND THE SUCCESSOR AGENCY FOR THE TUSTIN COMMUNDocusign Envelope ID: 04F7BOA2-4F90-8132-81B2-354BF8C45917
MEETING DATE
TO:
FROM:
SUBJECT:
SUMMARY:
Agenda Item 5
Reviewed:
AGENDA REPORT
City Manager QfS
Finance Director
MAY 5, 2026
ALDO E. SCHINDER, CITY MANAGER
JENNIFER KING, FINANCE DIRECTOR/CITY TREASURER
QUARTERLY INVESTMENT REPORT FOR THE CITY OF TUSTIN AND THE
SUCCESSOR AGENCY FOR THE TUSTIN COMMUNITY REDEVELOPMENT
AGENCY FOR THE QUARTER ENDED MARCH 31, 2026
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:
Recommend the City Council receive and file the report.
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 March 31, 2026 is rendered.
The City's total cash and investments amounted to approximately $247 million as of March
31, 2026. The weighted average yield for the investment portfolio was 3.83%, which is
slightly less than the weighted average portfolio yield for the prior quarter. In response to
potential inflationary pressures, the Federal Reserve voted for no change to the Federal
Docusign Envelope ID: 04F7BOA2-4F90-8132-81 B2-354BF8C45917
City Council Agenda Report
Quarterly Investment Report for the Period Ended March 31, 2026
May 5, 2026
Page 2
Funds Rate at its March 2026 meeting, The most recent national unemployment rate from
March 2026 dipped slightly to 4.3%, compared to 4.4% in February. However, the
Consumer Price Index (CPI) for March 2026 rose to 3.3% year -over -year, driven by volatile
energy prices.
The 2-year Treasury yield increased to 3.79% by March 2026, compared to a yield of 3.48%
in December 2025. The 5-year Treasury yield also increased to 3.94% by March 2026,
compared to a yield of 3.73% in December 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 $18.6 million on March 31, 2026. The five-year
annualized return for the PARS Pension Trust Fund was 5.24%.
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 March 31, 2026. The five-year annualized return for the
PARS OPEB Trust Fund was 5.23%.
Investment Compliance Certification
On April 23, 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.
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City Council Agenda Report
Quarterly Investment Report for the Period Ended March 31, 2026
May 5, 2026
Page 3
Y�4r 64
Jennifer King
Finance Director/City Treasurer
Attachments:
1. Investment Report Certification
2. Quarterly Investment Report for the Period Ended March 31, 2026
3. Restricted Deposits with Fiscal Agents as of March 31, 2026
4. PARS Trust Statement as of March 31, 2026
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FINANCE DEPARTMENT
USrin h nn Remembering what co ects us
April 23, 2026
Honorable Mayor and Members of the City Council:
Re: Investment Report Certification
In compliance with California Government Code Section 53646, the attached Investment Report
for the Quarter Ending March 31, 2026 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,
1Lyan andler, Chair
City of Tustin Audit Commission
Jennifer King, Finance Director/City Treasurer
City of Tustin
300 Centennial Way, Tustin, CA 92780 ■ 714-573-3060 . tustinca.org
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CHANDLER
it% ASSET MANAGEMENT
CHANDLER ASSET MANAGEMENT I chandlerasset.com
Chandler Team:
For questions about your account, please call (800) 317-4747,
or contact clientservice(@chandlerasset.com
Information contained herein is confidential. We urge you to compare this statement to the one you receive from your qualified custodian. Please see Important Disclosures at the end of the statement.
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TABLE OF CONTENTS
ECONOMIC UPDATE
ACCOUNT PROFILE
PORTFOLIO HOLDINGS
TRANSACTIONS
CHANDLER
ASSET MANAGEMENT
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CHANDLER
it% ASSET MANAGEMENT
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ECONOMIC UPDATE
CHANDLER
ASSET MANAGEMENT
March payrolls rebounded by 178,000 after February's revised 133,000 decline, but the war in Iran and its disruption of the Strait of Hormuz
have pushed crude oil above $112, injecting a potential inflationary shock into an economy contending with sticky core prices above 3%.
The Federal Reserve has held the funds rate at 3.50-3.75% and is signaling a cautionary stance, keeping open the option of delaying cuts if
oil related inflation proves persistent rather than transitory. As the data flow normalizes, the Chandler team anticipates additional yield
curve steepening as the Federal Reserve gradually guides the policy rate toward a more neutral range. The Federal Reserve's March dot
plot still projects one cut this year, yet the Iran -driven energy shock has narrowed the path toward easing.
The Federal Reserve's March 2026 FOMC meeting ended with policymakers again holding the target range at 3.50%-3.75%, as the
Committee maintained its pause following three late 2025 rate cuts. Governor Stephen Miran dissented in favor of an additional
quarter point reduction, while Christopher Waller joined the majority, tipping the vote 11-1 to leave the benchmark rate unchanged.
Meanwhile, President Trump's nomination of Kevin Warsh to succeed Jerome Powell as chair has hit a roadblock after a Republican senator
vowed to block Warsh's confirmation amid the Justice Department's ongoing probe of the central bank.
■ Treasury yields exhibited considerable first-quarter volatility as the Iran conflict injected energy -driven inflation fears into a market
grappling with sticky core prices. At March month -end, the 2-year yield stood at 3.79%, up 32 basis points year-to-date, the 10-year at
4.32%, and the 30-year at 4.86%. The 2-year to 10-year spread narrowed to 52 basis points, reflecting pronounced flattening as short rates
rose faster than longer maturities. One year ago, that spread stood near 32 basis points, providing context on normalization since the 2022
through 2024 yield curve inversion. The 3-month to 10-year spread was approximately 64 basis points at March month -end.
E1
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EMPLOYMENT
1,000
JA
0
0
600
M
400
0
s
H
11�1111f
v
00
s 0
u
5
0 -200
-400
Nonfarm Payroll (000's)
12.0%
10.0%
8.0%
e
:' 6.0%
cv
4.0%
2.0%
0.0%
CHANDLER
ASSET MANAGEMENT
Unemployment Rate
Underemployment Rate (U6
Unemployment Rate (U3)
27 SO 47 SP 47 SO 27 SO 47 SP 27 2Jgr `SO /17 Spa` 117 `SO 4-7 SO �4'r, SPp` 4-7
Source: US Department of Labor Source: US Department of Labor
March nonfarm payrolls rose by 178,000, a decisive reversal from February's revised 133,000 decline that had been distorted by a Kaiser
Permanente strike affecting over 30,000 healthcare workers and severe winter weather. Healthcare contributed 76,000 positions as
striking nurses returned, while construction and leisure rebounded from weather -induced troughs. The unemployment rate edged lower to
4.3%, though partly from a labor force reduction rather than a hiring acceleration. Meanwhile, the underemployment rate edged up to
8.0% from 7.9% in February. Average hourly earnings rose 0.2% over the month and 3.5%year overyear—the slowest annual pace since
May 2021.
4
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INFLATION
10.0%
9.0%
8.0 %
7.0%
a
c 6.0%
s
5.0%
> 4.0%
0
3.0%
2.0%
1.0%
0.0%
Consumer Price Index (CPI)
CPI YOY % Change
CHANDLER
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
to 5.0 %
-
M
4.0 %
0
0 3.0%
0
2.0%
1.0%
0.0%
Source: US Department of Labor Source: US Department of Commerce
Inflation firmed slightly in February on a headline basis, with the Consumer Price Index (CPI) rising 0.3% for the month, following a 0.2%
increase in January. On an annual basis, headline CPI rose 2.4%, unchanged from January. Core CPI, which excludes volatile food and
energy prices, increased 0.2% in February, down from January's 0.3% pace, while the annual rate held steady at 2.5%. The Personal
Consumption Expenditures (PCE) Index rose 0.3% in January, easing from a 0.4% gain in December. On a year -over -year basis, headline
PCE also edged down to 2.8% from 2.9% the prior month. Core PCE held steady at 0.4% on the month but ticked up to 3.1% annually from
3.0% in December, driven largely by higher healthcare services costs.
G0
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FEDERAL RESERVE
10, 000,000
9,000,000
8,000,000
7,000,000
c 6,000,000
= 5,000,000
c 4,000,000
3,000,000
2,000,000
1,000,000
0
Federal Reserve Balance Sheet Assets
/17ai- �/01r �dr ��'r
06 019 10 1�
Source: Federal Reserve
CHANDLER
ASSET MANAGEMENT
Effective Federal Funds Rate
6.00%
5.00%
4.00%
0
:2 3.00%
v
2.00%
1.00%
0.00%
/�,0- �0/1 �dr �dr �011 �dr �dr �dr �dr �dr �dr �dr �dr �dr �dr �dr �dr 2i
dr
1st 'l6 17& �0 �� )v �6 V6 V& -70 l� 1,7 -76' jcQ '--"0 �� Est '--"6
Source: Bloomberg
The Federal Reserve left its benchmark interest rate unchanged in March, keeping the target range at 3.50% to 3.75% following three
late 2025 rate cuts that were justified by signs of softening in the labor market. However, policymakers have grown wary of potential
inflationary pressures stemming from tariffs, the war in Iran, and the ensuing spike in commodity prices. The Federal Reserve now
projects just one rate cut in 2026, even as inflation expectations rise. The Committee also reaffirmed its December decision to halt
balance sheet runoff and to reinvest principal and interest payments from its securities holdings, signaling a continued emphasis on
maintaining ample reserves and supporting orderly market functioning.
M
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BOND YIELDS
US Treasury Note Yields
6.0
• 2-Year
5.0 % 5-Yea r
4.0%
2.0%
1.0%
0.0% •
117 SPp �dr sib
Source: Bloomberg
�dr SPp �dr
US Treasury Yield Curve
5.5%
5.0% —
4.5
4.0%
3.5%
3.0%
2.5%
2.0
o70 Syr Syr ,yr 1�yr
Source: Bloomberg
CHANDLER
ASSET MANAGEMENT
Mar-26
Dec-25
• Mar-25
`b
yr
At March month -end, the 2-year Treasury yield stood at 3.79%, down approximately 9 basis points from one year ago, while the 10-year
finished at 4.32%, roughly 11 basis points higher year -over -year. The spread between the two narrowed to 52 basis points, wider by 20
basis points year -over -year. The prior 2-year to 10-year inversion from July 2022 through August 2024 was historically long. The average
spread since 2005 is approximately 95 basis points, suggesting the current slope sits well below its long -run norm. The 3-month to 10-
year spread stood near 64 basis points at March month -end.
7
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CHANDLER
it% ASSET MANAGEMENT
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OBJECTIVES
Investment Objectives
The investment objectives of the City of Tustin are first, to provide safety of principal to
ensure the preservation of capital in the overall portfolio; second, to provide adequate
liquidity to meet all requirements which might be reasonably anticipated; and third, to earn a
commensurate rate of return.
Chandler Asset Management Performance Objective
The performance objective for the accounts is to achieve a rate of return over a market cycle
that equals or exceeds the return on a market index of similar duration and sector allocation.
Strategy
In order to achieve these objectives, the portfolio invests in high quality fixed income securities
consistent with the investment policy and California Government Code.
CHANDLER
ASSET ASSET MANAGEMENT
E
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STATEMENT OF COMPLIANCE C/„CHANDLER
ASSET MANAGEMENT
City of Tustin Cons Account I Account #10795 1 As of March 31, 2026
Rules Name Limit Actual Compliance Notes
Status
AGENCY MORTGAGE SECURITIES
Max % (MV) 20.0 5.0 Compliant
Max % Issuer (MV) 10.0 5.0 Compliant
Max Maturity (Years) 5.0 4.6 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
1.0
Compliant
Max % Issuer (MV)
5.0
0.0
Compliant
Max Maturity (Days)
270
0.0
Compliant
Min Rating (A-1 by 1 or A- by 1)
0.0
0.0
Compliant
CORPORATE MEDIUM TERM NOTES
Max % (MV)
30.0
15.4
Compliant
10
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STATEMENT OF COMPLIANCE
City of Tustin Cons Account I Account #10795 1 As of March 31, 2026
Rules Name Limit Actual ..
Status
Max % Issuer (Corporate & Commercial Paper; MV) 10.0 1.0 Compliant
CHANDLER
ASSET ASSET MANAGEMENT
Max % Issuer (MV)
5.0
1.0
Compliant
Max Maturity (Years)
5
4
Compliant
Min Rating (A- by 1)
0.0
0.0
Compliant
FDIC INSURED TIME DEPOSITS (NON-NEGOTIABLE
CD/TD)
Max Maturity (Years)
5
0.0
Compliant
FEDERAL AGENCIES
Max % (MV)
100.0
5.6
Compliant
Max % Issuer (MV)
50.0
3.0
Compliant
Max Maturity (Years)
5
3
Compliant
JPA INVESTMENT POOLS
Max % (MV)
100.0
28.3
Compliant
Max % Issuer (MV)
50.0
28.3
Compliant
Max Maturity (Years)
5.0
0.0
Compliant
LOCAL AGENCY INVESTMENT FUND (LAIF)
Max Concentration (MV)
75.0
28.9
Compliant
MONEY MARKET MUTUAL FUNDS
Max % (MV)
20.0
0.2
Compliant
Max % Issuer (MV)
10.0
0.2
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
11
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STATEMENT OF COMPLIANCE C/„CHANDLER
ASSET MANAGEMENT
City of Tustin Cons Account I Account #10795 1 As of March 31, 2026
Min Rating (A- by 1)
0.0
0.0
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
31.8
Compliant
Max % Issuer (MV)
100.0
31.8
Compliant
Max Maturity (Years)
5
4
Compliant
The City of Tustin maintains adequate liquidity to cover at least six months of expected disbursements
12
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PORTFOLIO SUMMARY
C31CHANDLER
ASSET MANAGEMENT
City of Tustin Cons Account Account #10795
As of March 31, 2026
Portfolio Characteristics
Account Summary
Top Issuers
Average Modified Duration
1.48
End Values as of
End ValuesUnited
States
31.81%
California Asset Mgmt Program
28.33%
Average Coupon
3.66%
Market Value
250,307,068.08
245,456,165.32
LAIF
11.79%
Average Purchase YTM
3.83%
Accrued Interest
971,890.42
1,175,884.38
Federal Home Loan Mortgage Corp 4.96%
Total Market Value
251,278,958.50
246,632,049.69
Farm Credit System
3.03%
Average Market YTM
o
3.85/o
Income Earned
1945 847.77
'Federal
2,223,625.46
Home Loan Banks
2.58%
Average Credit Quality*
AA+
Cont/WD
54,351,178.11
(6,084,815.91)
Citizens Business Bank
1.62%
Average Final Maturity
1.63
Par
250,138,721.10
246,313,751.35
Amazon.com, Inc.
0.97%
Book Value
249,277,277.92
245,338,339.91
Average Life
1.61
Cost Value
248,961,940.88
244,982,795.26
Sector Allocation
US Treasury
31.81%
LG I P
28.33%
Corporate
15.42%
LAI F
11.79%
Agency
5.61%
Agency CMBS
4.96%
Cash
1.74%
Money Mkt Fd
0.24%
Maturity Distribution
50% 1 46 1 "/.
25%
0%
•S 1 �� �a' �s'
Credit Quality*
AAA 35.27% AA 42.63% N A-1 1.52%
A 7.17% NA 13.41%
Performance Review
City of Tustin Cons Agg 0.58% 4.13% 4.60% 4.41% 2.03%
Benchmark Return 0.20% 3.87% 4.68% 3.93% 1.49%
Secondary Benchmark Return 0.29% 3.75% 4.59% 4.05% 1.86%
aption
)1/20)
Im
1.31%
1.74%
City of Tustin Cons Agg 0.89% 3.88% 4.02% 3.93% 2.88% 2.77%
*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 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 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 i��est earnings,
realized gains and losses in the portfolio
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MATURITY DISTRIBUTION
City of Tustin Cons Account I Account #10795 1 As of March 31, 2026
100.0m.ow
80,0+4,000
L
60,,000
_ 40, ,000
LU
0
0 - -2:5
-25 - .5 .5 - 1 1-2 2-�
CHANDLER
ASSET ASSET MANAGEMENT
14
Docusign Envelope ID: 04F7BOA2-4F90-8132-81 B2-354BF8C45917
PORTFOLIO SUMMARY
City of Tustin I Account #10783 1 As of March 31, 2026
Portfolio Characteristics
Average Modified Duration
Average Coupon
Average Purchase YTM
Average Market YTM
Average Credit Quality*
Average Final Maturity
Sector Allocation
US Treasury
Corporate
26.52%
Agency
9.64%
Agency CMBS
8.53%
Money Mkt I'd
0.41%
Neg CD
0.17%
Cash
0.00%
54.72%
CHANDLER
ASSET ASSET MANAGEMENT
Account Summary
Top Issuers
2.54
End Values as of
End Values as ofUnited
States
54.72%
Federal Home Loan Mortgage Corp
8.53%
3.66%
Market Value
122,562,910.66
142,714,827.75
Farm Credit System
5.20%
3 95%
Accrued Interest
971,890.42
1,175,884.38
Federal Home Loan Banks
4.44%
Total Market Value
123,534,801.08
143,890,712.12
Amazon.com, Inc.
1.67%
3.99%
Income Earned
1,065,890.92
1,292,478.57
Toyota Motor Corporation
0.72%
AA+
Cont/WD
15,000,830.43
20,000,000.00
Johnson & Johnson
0.72%
2.80
Par
122,394,563.68
143,572,413.78
Cisco Systems, Inc.
0.71%
Book Value
121,533,120.50
142,597,002.35
121, 217, 783.47 142, 241,457.70
Maturity Distribution
75%
50.6 %
50%
25 %
21.5 %
16.2 %
7.3% 4.4%
0%
O
Credit Quality*
AAA 11.73% 0 AA 73.33% 0 A-1 2.62%
A 12.33%
Performance Review
Total Rate of Return" 3M 1YR 2YRS 3YRS 5YRS 10YRS Since Inception
City of Tustin 0.29% 4.22% 4.87% 4.62% 2.15% 2.03%
Benchmark Return 0.20% 3.87% 4.68% 3.93% 1.49% 1.31%
Secondary Benchmark Return 0.29% 3.75% 4.59% 4.05% 1.86% 1.74%
F Realized Rate of Return" 3M 1YR 2YRS 3YRS 5YRS 10YRS Since Inception
City of Tustin 0.97% 3.89% 3.50% 3.16% 2.65% 2.63%
*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 overf.sie. 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: 04F7BOA2-4F90-8132-81 B2-354BF8C45917
it%CHANDLER
ASSET MANAGEMENT
16
Docusign Envelope ID: 04F7BOA2-4F90-8132-81B2-354BF8C45917
ISSUERS
City of Tustin Cons Account I Account #10795 1 As of March 31, 2026
United States
California Asset Mgmt Program
LAIF
C/„CHANDLER
ASSET MANAGEMENT
Portfolio
US Treasury 31.81%
LGIP 28.33%
LAI F 11.79
Federal Home Loan Mortgage Corp
Agency CMBS
4.96%
Farm Credit System
Agency
3.03%
Federal Home Loan Banks
Agency
2.58%
Citizens Business Bank
Cash
1.62%
Amazon.com, Inc.
Corporate
0.97%
Toyota Motor Corporation
Corporate
0.42%
Johnson & Johnson
Corporate
0.42%
Cisco Systems, Inc.
Corporate
0.41%
Blackrock, Inc.
Corporate
0.41%
The Home Depot, Inc.
Corporate
0.41%
State Street Corporation
Corporate
0.41%
PepsiCo, Inc.
Corporate
0.41%
Deere & Company
Corporate
0.41%
Abbvie Inc.
Corporate
0.41%
Bank of America Corporation
Corporate
0.41%
PACCAR Inc
Corporate
0.41%
National Rural Utilities Cooperative
Corporate
0.41%
Met Tower Global Funding
Corporate
0.41%
BNY Mellon Corp
Corporate
0.41%
Florida Power & Light
Corporate
0.41%
U.S. Bancorp
Corporate
0.41%
Wells Fargo & Company
Corporate
0.41%
CME Group Inc.
Corporate
0.41%
New York Life Insurance Company
Corporate
0.41%
Northwestern Mutual Global Funding
Corporate
0.41%
Eli Lilly and Company
Corporate
0.41%
American Express Company
Corporate
0.41%
17
Docusign Envelope ID: 04F7BOA2-4F90-8132-81B2-354BF8C45917
ISSUERS
City of Tustin Cons Account I Account #10795 1 As of March 31, 2026
Chubb Limited
Northern Trust Corporation
UnitedHealth Group Incorporated
C/„CHANDLER
ASSET MANAGEMENT
PortfolioInvestment Type %
Corporate 0.41%
Corporate 0.41%
Corporate 0.41%
The Charles Schwab Corporation
Corporate
0.41%
Morgan Stanley
Corporate
0.41%
Merck & Co., Inc.
Corporate
0.41%
Royal Bank of Canada
Corporate
0.40%
Guardian Life Global Funding
Corporate
0.40%
PNC Financial Services
Corporate
0.40%
Mastercard Incorporated
Corporate
0.39%
Honeywell International Inc.
Corporate
0.39%
Apple Inc.
Corporate
0.38%
Walmart Inc.
Corporate
0.36%
Public Service Enterprise Group
Corporate
0.24%
First American Govt Oblig Fund
Money Mkt Fd
0.24%
Cash
Cash
0.12%
The Goldman Sachs Group, Inc.
Neg CD
0.10%
TOTAL
100.00%
18
Docusign Envelope ID: 04F7BOA2-4F90-8132-81B2-354BF8C45917
HOLDINGS REPORT
City of Tustin Cons Account I Account #10795 1 As of March 31, 2026
CHANDLER
ASSET ASSET MANAGEMENT
AGENCY
FEDERAL HOME LOAN BANKS
11/30/2023
1,503,345.00
100.54
1,508,128.50
0.61%
Aa1/AA+
0.63
3130AXU63
4.62511/17/2026
1,500,000.00
4.54%
1,500,711.05
3.74%
25,822.92
7,417.45
AA+
0.61
FEDERAL FARM CREDIT BANKS
12/08/2023
1,001,820.00
101.05
1,010,537.00
0.41%
Aa1/AA+
1.51
3133EPH81
FUNDING CORP 4.5 10/04/2027
1,000,000.00
4.45%
1,000,719.90
3.77%
22,125.00
9,817.10
AA+
1.42
FEDERAL HOME LOAN BANKS
07/26/2023
1,255,762.50
101.10
1,263,780.00
0.51%
Aa1/AA+
2.19
3130AWMN7
4.375 06/09/2028
1,250,000.00
4.27%
1,252,597.18
3.84%
17,013.89
11,182.82
AA+
2.05
FEDERAL FARM CREDIT BANKS
08/29/2023
1,507,785.00
101.34
1,520,094.00
0.62%
Aa1/AA+
2.41
3133EPUN3
FUNDING CORP 4.5 08/28/2028
1,500,000.00
4.37%
1,503,755.92
3.91%
6,187.50
16,338.08
AA+
2.26
FEDERAL HOME LOAN BANKS 4.75
12/08/2023
1,222,020.00
102.29
11227,450.00
0.50%
Aa1/AA+
2.69
3130AXQK7
12/08/2028
1,200,000.00
4.33%
11211,855.07
3.84%
17,891.67
15,594.93
AA+
2.47
FEDERAL FARM CREDIT BANKS
01/29/2024
1,488,945.00
100.06
1,500,927.00
0.61%
Aa1/AA+
2.80
3133EPW84
FUNDING CORP 3.875 01/18/2029
1,500,000.00
4.04%
1,493,765.57
3.85%
11,786.46
7,161.44
AA+
2.61
FEDERAL HOME LOAN BANKS 4.5
04/25/2024
1,384,040.00
101.83
1,425,677.40
0.58%
Aa1/AA+
2.94
3130AVBD3
03/09/2029
1,400,000.00
4.76%
11390,368.35
3.83%
3,850.00
35,309.05
AA+
2.73
FEDERAL FARM CREDIT BANKS
04/25/2024
1,376,046.00
101.50
1,421,011.20
0.58%
Aa1/AA+
3.03
3133ERAK7
FUNDING CORP 4.375 04/10/2029
1,400,000.00
4.77%
1,385,343.76
3.84%
29,093.75
35,667.44
AA+
2.76
FEDERAL FARM CREDIT BANKS
09/17/2024
2,002,440.00
98.73
1,974,520.00
0.80%
Aa1/AA+
3.45
3133ERSP7
FUNDING CORP 3.5 09/10/2029
2,000,000.00
3.47%
2,001,688.40
3.90%
4,083.33
(27,168.40)
AA+
3.20
FEDERAL HOME LOAN BANKS
09/30/2024
921,906.00
100.77
906,908.40
0.37%
Aa1/AA+
3.46
3130ATHX8
4.125 09/14/2029
900,000.00
3.58%
915,282.13
3.88%
1,753.13
(8,373.73)
AA+
3.19
13,664,109.51
100.81
13,759,033.50
5.61%
2.53
Total Agency
13,650,000.00
4.25%
13,656,087.33
3.84%
139,607.64
102,946.17
2.35
AGENCY CMBS
3137F1G44
FHMS K-065 A2 3.243 04/25/2027
750,000.00
06/08/2023
719,560.55
99.19
743,928.75
0.30%
Aa1/AA+
1.07
4.39%
741,995.39
3.89%
2,026.88
1,933.36
AAA
0.95
3137FEZU7
FHMS K-076 A2 3.9 04/25/2028
750,000.00
10/30/2023
708,310.55
99.49
746,182.50
0.30%
Aa1/AA+
2.07
5.32%
731,094.92
4.07%
2,437.50
15,087.58
AAA
1.85
3137FJEH8
FHMS K-081 A2 3.9 08/25/2028
700,000.00
05/29/2025
692,125.00
99.41
695,886.10
0.28%
Aa1/AA+
2.40
4.23%
694,204.16
4.08%
2,275.00
1,681.94
AAA
2.22
3137FJKE8
FHMS K-082 A2 3.92 09/25/2028
750,000.00
10/30/2023
705,556.64
99.45
745,878.75
0.30%
Aa1/AA+
2.49
5.31%
727,740.55
4.08%
2,450.00
18,138.20
AAA
2.25
19
Docusign Envelope ID: 04F7BOA2-4F90-8132-81B2-354BF8C45917
HOLDINGS REPORT C/„CHANDLER
ASSET MANAGEMENT
City of Tustin Cons Account I Account #10795 1 As of March 31, 2026
3137H4BY5
3137FJXV6
3137FKZZ2
FHMS K-746A2 2.03109/25/2028 1,500,000.00 05/15/2025
1,395,527.34
95.13
1,427,001.00
4.30%
1,423,038.47
4.11%
2,538.75
FHMS K-083 A2 4.05 09/25/2028 300,000.00 05/29/2025
297,609.38
99.74
299,207.10
4.26%
298,224.11
4.08%
1,012.50
FHMS K-088 A2 3.69 01/25/2029 1,000,000.00 07/22/2024
963,789.06
98.82
988,173.00
4.58%
977,527.33
4.09%
3,075.00
0.58% Aa1/AA+ 2.49
3,962.53 AAA 2.33
0.12%
Aa1/AA+
2.49
982.99
AAA
2.30
0.40%
Aaa/AA+
2.82
10,645.67
AA+
2.56
3137H5YC5
FH MS K-748 A2 2.26 01/25/2029
643,000.00
06/17/2025
601,858.05
95.16
611,851.15
0.25%
Aa1/AA+
2.82
4.22%
610,865.84
4.12%
1,210.98
985.31
AAA
2.59
3137FLN91
FHMS K-091 A2 3.505 03/25/2029
1,000,000.00
03/05/2025
970,234.38
98.28
982,805.00
0.40%
Aa1/AAA
2.98
4.31%
978,167.78
4.09%
2,920.83
4,637.22
AA+
2.68
3137FLYVO
FHMS K-092 A2 3.298 04/25/2029
1,000,000.00
09/17/2024
981,484.38
97.64
976,431.00
0.40%
Aa1/AA+
3.07
3.72%
987,730.88
4.09%
2,748.33
(11,299.88)
AAA
2.80
3137FNX54
FHMS K-097 A2 2.508 07/25/2029
1,250,000.00
12/18/2025
1,196,679.69
95.03
1,187,867.50
0.48%
Aaa/AA+
3.32
3.77%
1,200,784.44
4.11%
2,612.50
(12,916.94)
AA+
3.09
3137H9D71
FHMS K-750 A2 3.0 09/25/2029
750,000.00
06/17/2025
716,601.56
96.62
724,657.50
0.30%
Aa1/AA+
3.49
4.23%
722,753.33
4.14%
1,875.00
1,904.17
AAA
2.88
3137FX3Q9
FHMS K-117 A2 1.406 08/25/2030
1,000,000.00
09/11/2025
891,757.81
89.01
890,097.00
0.36%
Aa1/AA+
4.40
3.87%
903,737.42
4.20%
1,171.67
(13,640.42)
AAA
4.11
3137F83Q4
FHMS K-121 A2 1.547 10/25/2030
1,300,000.00
01/14/2026
1,163,500.00
89.04
1,157,514.80
0.47%
Aa1/AA+
4.57
3.99%
1,169,151.02
4.21%
1,675.92
(11,636.22)
AAA
4.29
12,004,594.39
96.08
12,177,481.15
4.96%
2.98
Total Agency CMBS
12,693,000.00
4.28%
12,167,015.65
4.10%
30,030.86
10,465.50
2.73
CASH
CBGMMF$04
Citizens Business Bank
478,213.77
01/31/2026
478,213.77
1.00
478,213.77
0.19%
NA/NA
0.00
0.00%
478,213.77
0.00%
0.00
0.00
NA
0.00
CBGMMF$03
Citizens Business Bank
3,505,568.30
03/31/2026
3,505,568.30
1.00
3,505,568.30
1.43%
NA/NA
0.00
0.00%
3,505,568.30
0.00%
0.00
0.00
NA
0.00
CCYUSD
Receivable
286,261.67
--
286,261.67
1.00
286,261.67
0.12%
Aaa/AAA
0.00
286,261.67
0.00
0.00
AAA
0.00
--
2,317.84
1.00
2,317.84
0.00%
Aaa/AAA
0.00
CCYUSD
Receivable
2,317.84
2,317.84
0.00
0.00
AAA
0.00
20
Docusign Envelope ID: 04F7BOA2-4F90-8132-81 B2-354BF8C45917
HOLDINGS REPORT Ci11 CHANDLER
ASSET MANAGEMENT
City of Tustin Cons Account I Account #10795 1 As of March 31, 2026
4,272,361.58 1.00 4,272,361.58 1.74% 0.00
Total Cash 4,272,361.58 0.00% 4,272,361.58 0.00% 0.00 0.00 0.00
CORPORATE
CHUBB INA HOLDINGS LLC3.35
00440EAV9
05/03/2026
AMAZON.COM INC 1.0
023135BX3
05/12/2026
CHARLES SCHWAB CORP 1.15
808513BR5
05/13/2026
UNITEDHEALTH GROUP INC 1.15
91324PEC2
05/15/2026
ROYAL BANK OF CANADA 1.15
78016EZT7
07/14/2026
1,000,000.00 07/23/2021 1,102,780.00 99.90 999,035.00 0.41% A2/A 0.09
1.13% 1,000,000.00 4.38% 13,772.22 (965.00) A 0.09
1,000,000.00 05/12/2021 995,200.00 99.65
1.10% 999,892.11 4.11%
07/23/2021
1,007,990.00
99.60
1,000,000.00
0.98%
1,000,056.13
4.59%
07/28/2021
1,007,110.00
99.62
1,000,000.00
1.00%
11000,058.30
4.24%
1,000,000.00 07/28/2021 999,090.00 99.16
1.17% 999,947.71 4.11%
931142ERO WALMART INC 1.05 09/17/2026 900,000.00 09/22/2021 902,277.00 98.68
1.00% 900,176.79 3.96%
61746BEF9 MORGAN STANLEY 3.625 1,000,000.00 01/14/2025 979,620.00 99.58
01/20/2027 4.70% 991,848.00 4.15%
665859AW4 NORTHERN TRUST CORP 4.0
05/10/2027
24422EXZ7 JOHN DEERE CAPITAL CORP 4.65
01/07/2028
58989V2K9 MET TOWER GLOBAL FUNDING
4.8 01/14/2028
95000U3R2 WELLS FARGO & CO 4.9
01/24/2028
996,453.00
0.41%
Al/AA
0.11
3,861.11
(3,439.11)
AA-
0.11
995,983.00
0.41%
A2/A-
0.12
4,408.33
(4,073.13)
A
0.12
996,221.00
0.41%
A2/A+
0.12
4,344.44
(3,837.30)
A
0.12
991,597.00
0.40%
Al/A
0.29
2,459.72
(8,350.71)
AA-
0.28
888,114.60 0.36% Aa2/AA 0.47
367.50 (12,062.19) AA 0.45
995,821.00 0.41% Al/A- 0.81
7,149.31 3,973.00 A+ 0.78
01/30/2023
986,540.00
99.88
998,806.00
0.41%
A2/A+
1.11
1,000,000.00
4.35%
996,511.97
4.11%
15,666.67
2,294.03
A+
1.06
01/10/2025
997,270.00
100.91
1,009,141.00
0.41%
Al/A
1.77
1,000,000.00
4.75%
998,380.55
4.10%
10,850.00
10,760.45
A+
1.67
01/10/2025
996,910.00
100.74
1,007,364.00
0.41%
Aa3/AA-
1.79
1,000,000.00
4.91%
998,157.29
4.36%
10,266.67
9,206.71
AA-
1.68
1,000,000.00 01/30/2025 1,000,770.00 100.36 1,003,627.00 0.41% A1/BBB+ 1.82
4.86% 1,000,317.37 4.43% 9,119.44 3,309.63 A+ 0.78
NATIONAL RURAL UTILITIES 02/07/2025 999,330.00 100.74 1,007,403.00 0.41% A2/NA 1.86
63743HFW7 COOPERATIVE FINANCE CORP 4.75 1,000,000.00 4.77% 999,584.62 4.33% 7,125.00 7,818.38 A 1.67
02/07/2028
69371RT63 PACCAR FINANCIAL CORP 4.55
03/03/2028
00287YDY2 ABBVIE INC 4.6503/15/2028
1,000,000.00 05/02/2025 1,009,000.00 100.75 1,007,467.00
4.21% 1,006,116.17 4.14% 3,538.89
03/05/2025 1,006,680.00 100.91 1,009,103.00
1,000,000.00^11
0.41% Al/A+ 1.93
1,350.83 NA 1.82
0.41% A2/A- 1.96
4,850.40 NA 1.77
21
Docusign Envelope ID: 04F7BOA2-4F90-8132-81B2-354BF8C45917
HOLDINGS REPORT
City of Tustin Cons Account I Account #10795 1 As of March 31, 2026
CHANDLER
ASSET ASSET MANAGEMENT
NEW YORK LIFE GLOBAL FUNDING
04/24/2025
1,002,060.00
100.24
1,002,431.00
0.41%
Aa1/AA+
2.07
64953BBW7 4.4 04/25/2028
1,000,000.00 4.33%
1,001,419.07
4.27%
19,066.67
1,011.93
AAA
1.92
PUBLIC SERVICE ELECTRICAND
06/29/2023
570,144.00
98.82
592,909.20
0.24%
Al/A
2.08
74456QBU9 GAS CO 3.7 05/01/2028
600,000.00 4.87%
587,141.81
4.30%
9,250.00
5,767.39
NA
1.95
FLORIDA POWER & LIGHT CO4.4
06/07/2023
987,550.00
100.40
1,004,007.00
0.41%
Aa2/A+
2.12
341081GN1 05/15/2028
1,000,000.00 4.69%
994,645.53
4.20%
16,622.22
9,361.47
AA-
1.83
90331HPS6
US BANK NA 4.73 05/15/2028
1,000,000.00
05/13/2025
1,000,600.00
100.36
1,003,636.00
0.41%
A2/A+
2.12
4.86%
1,000,419.32
4.47%
17,868.89
3,216.68
A+
1.06
TOYOTA MOTOR CREDIT CORP
09/26/2023
996,180.00
102.40
1,023,964.00
0.42%
Al/A+
2.45
89236TL69
5.25 09/11/2028
1,000,000.00
5.34%
998,113.22
4.21%
2,916.67
25,850.78
A+
2.27
BANK OF AMERICA CORP 4.979
02/14/2025
1,003,780.00
100.78
1,007,791.00
0.41%
Al/A-
2.82
06051GMK2
01/24/2029
1,000,000.00
4.84%
1,002,342.19
4.51%
9,266.47
5,448.81
AA-
1.70
CISCO SYSTEMS INC 4.85
09/27/2024
1,037,530.00
101.83
1,018,313.00
0.41%
Al/AA-
2.91
17275RBR2
02/26/2029
1,000,000.00
3.90%
1,024,505.02
4.17%
4,715.28
(6,192.02)
NA
2.60
09290DAA9
BLACKROCK INC 4.7 03/14/2029
1,000,000.00
07/22/2024
1,002,010.00
101.55
1,015,544.00
0.41%
Aa3/AA-
2.95
4.65%
1,001,266.05
4.13%
2,219.44
14,277.95
NA
2.66
BANK OF NEW YORK MELLON
04/24/2025
1,008,810.00
100.71
1,007,113.00
0.41%
Aa2/AA-
3.05
06405LAH4
4.729 04/20/2029
1,000,000.00
4.41%
1,006,056.37
4.50%
21,149.14
1,056.63
AA
1.90
PNC FINANCIAL SERVICES GROUP
07/16/2025
969,260.00
97.78
977,810.00
0.40%
A3/A-
3.06
693475AW5
INC 3.45 04/23/2029
1,000,000.00
4.34%
975,023.75
4.23%
15,141.67
2,786.25
A
2.83
MASTERCARD INC 2.95
04/17/2025
950,210.00
96.38
963,803.00
0.39%
Aa3/A+
3.17
57636QAM6
06/01/2029
1,000,000.00
4.28%
961,646.45
4.18%
9,833.33
2,156.55
NA
2.95
HOME DEPOT INC4.75
04/17/2025
1,013,630.00
101.54
1,015,369.00
0.41%
A2/A
3.24
437076DC3
06/25/2029
1,000,000.00
4.38%
1,010,484.62
4.23%
12,666.67
4,884.38
A
2.87
713448FX1
PEPSICO INC 4.5 07/17/2029
1,000,000.00
07/22/2024
997,560.00
100.96
1,009,611.00
0.41%
Al/A+
3.30
4.56%
998,387.19
4.18%
9,250.00
11,223.81
NA
2.94
AMERICAN EXPRESS CO4.351
08/11/2025
1,001,850.00
99.93
999,286.00
0.41%
A2/A-
3.30
025816EJ4
07/20/2029
1,000,000.00
4.28%
1,001,450.00
4.41%
8,581.14
(2,164.00)
A
2.15
532457CQ9
ELI LILLY AND CO 4.2 08/14/2029
1,000,000.00
08/15/2024
1,000,130.00
100.09
1,000,947.00
0.41%
Aa3/A+
3.37
4.20%
1,000,087.01
4.17%
5,483.33
860.00
NA
3.10
438516BU9
037833DP2
HONEYWELL INTERNATIONAL INC
2.7 08/15/2029
APPLE INC 2.2 09/11/2029
1,000,000.00 08/15/2024 930,020.00 94.97 949,746.00 0.39% A2/A 3.38
4.27% 952,758.71 4.32% 3,450.00 (3,012.71) A 3.16
1,000,000.00 10/30/2024 908,490.00 94.28
4.31% 935,128.89 3.99%
942,837.00 0.38% Aaa/AA+ 3.45
1,222.22 7,708.11 NA 3.26
22
Docusign Envelope ID: 04F7BOA2-4F90-8132-81 B2-354BF8C45917
HOLDINGS REPORT
City of Tustin Cons Account I Account #10795 1 As of March 31, 2026
CHANDLER
ASSET ASSET MANAGEMENT
GUARDIAN LIFE GLOBAL FUNDING
03/05/2025
985,840.00
99.08
990,763.00
0.40%
Aa1/AA+
3.49
40139LBJ1
4.179 09/26/2029
1,000,000.00
4.53%
989,165.26
4.47%
580.42
1,597.74
NA
3.21
STATE STREET CORP 4.729
03/05/2025
1,003,660.00
101.22
1,012,186.00
0.41%
Aa3/A
3.91
857477CW1
02/28/2030
1,000,000.00
4.62%
1,002,860.08
4.39%
4,334.92
9,325.92
AA-
3.46
JOHNSON & JOHNSON 4.7
04/17/2025
1,021,100.00
102.21
1,022,050.00
0.42%
Aaa/AAA
3.92
478160DJ0
03/01/2030
1,000,000.00
4.21%
1,016,933.14
4.08%
3,916.67
5,116.86
NA
3.47
125720AL9
CME GROUP INC 4.4 03/15/2030
1,000,000.00
07/16/2025
1,000,190.00
100.30
1,003,024.00
0.41%
Aa3/AA-
3.96
4.39%
1,000,160.72
4.32%
1,955.56
2,863.28
AA-
3.52
NORTHWESTERN MUTUAL
07/02/2025
1,008,110.00
100.11
1,001,115.00
0.41%
Aa1/AA+
4.18
66815L2W8
GLOBAL FUNDING 4.6 06/03/2030
1,000,000.00
4.41%
1,006,881.76
4.57%
15,077.78
(5,766.76)
AAA
3.70
58933YBQ7
MERCK & CO INC 4.15 09/15/2030
1,000,000.00
09/11/2025
1,007,940.00
99.43
994,259.00
0.41%
Aa3/A+
4.46
3.97%
1,007,064.17
4.29%
1,844.44
(12,805.17)
NA
4.02
AMAZON.COM INC4.25
03/12/2026
1,390,228.00
99.26
1,389,682.00
0.57%
Al/AA
4.95
023135DD5
03/13/2031
1,400,000.00
4.41%
1,390,329.68
4.42%
2,975.00
(647.68)
AA-
4.41
37,787,449.00
99.91
37,854,331.80
15.42%
2.45
Total Corporate
37,900,000.00
3.96%
37,759,569.61
4.27%
294,383.89
94,762.19
2.12
LAIF
90LAIF$00
Local Agency Investment Fund
28,928,750.31
--
28,928,750.31
1.00
28,928,750.31
11.79%
NA/NA
0.00
State Pool
3.82%
28,928,750.31
3.82%
0.00
0.00
NA
0.00
28,928,750.31
1.00
28,928,750.31
11.79%
0.00
Total LAIF
28,928,750.31
3.82%
28,928,750.31
3.82%
0.00
0.00
0.00
LOCAL GOV
INVESTMENT POOL
90CAMP$00
CAMP
69,542,543.52
--
69,542,543.51
1.00
69,542,543.52
28.33%
NA/AAAm
0.00
3.80%
69,542,543.51
3.80%
0.00
0.01
NA
0.00
Total Local Gov
69,542,543.51
1.00
69,542,543.52
28.33%
0.00
Investment Pool
69,542,543.52
3.80%
69,542,543.51
3.80%
0.00
0.01
0.00
MONEY MARKET
FUND
23
Docusign Envelope ID: 04F7BOA2-4F90-8132-81 B2-354BF8C45917
HOLDINGS REPORT
City of Tustin Cons Account I Account #10795 1 As of March 31, 2026
31846V203 FIRST AM ER:GVT OBLG Y
Total Money Market
Fund
NEGOTIABLE CD
38149MYS6 Goldman Sachs Bank USA 1.05
08/25/2026
592,095.94 592,095.94 1.00 592,095.94
3.28% 592,095.94 3.28% 0.00
592,095.94 1.00 592,095.94
592,095.94 3.28% 592,095.94 3.28% 0.00
CHANDLER
ASSET ASSET MANAGEMENT
0.24% Aaa/AAAm
0.00
0.00 AAA
0.00
0.24%
0.00
0.00
0.00
245,000.00 08/17/2021 243,775.00 98.86 242,215.09 0.10% Al/A+ 0.40
1.15% 244,902.05 3.93% 246.68 (2,686,97) AA- 0.39
243,775.00
98.86
242,215.09
0.10%
0.40
Total Negotiable CD
245,000.00
1.15%
244,902.05
3.93%
246.68
(2,686.97)
0.39
US TREASURY
UNITED STATES TREASURY
12/19/2025
1,976,613.19
99.80
1,995,968.00
0.81%
P-1/A-1+
0.06
912797TJ6
04/21/2026
2,000,000.00
3.63%
1,996,069.44
3.69%
0.00
(101.44)
F1+
0.05
UNITED STATES TREASURY
02/13/2026
1,729,279.70
99.24
1,736,687.75
0.71%
P-1/A-1+
0.21
912797UA3
06/16/2026
1,750,000.00
3.68%
1,736,766.87
3.68%
0.00
(79.12)
F1+
0.21
UNITED STATES TREASURY4.625
02/13/2026
1,761,757.81
100.45
1,757,913.50
0.72%
Aa1/AA+
0.54
91282CJC6
10/15/2026
1,750,000.00
3.57%
1,759,651.20
3.77%
37,355.77
(1,737.70)
AA+
0.52
UNITED STATES TREASURY4.375
03/12/2026
2,010,234.38
100.43
2,008,574.00
0.82%
Aa1/AA+
0.71
91282CJP7
12/15/2026
2,000,000.00
3.68%
2,009,532.38
3.75%
25,721.15
(958.38)
AA+
0.68
UNITED STATES TREASURY3.875
11/20/2025
2,008,046.88
100.07
2,001,328.00
0.82%
Aa1/AA+
1.17
91282CNE7
05/31/2027
2,000,000.00
3.60%
2,006,150.94
3.81%
25,975.27
(4,822.94)
AA+
1.12
UNITEDSTATES TREASURY 3.75
07/16/2025
1,396,554.69
99.92
1,398,906.60
0.57%
Aa1/AA+
1.25
91282CNL1
06/30/2027
1,400,000.00
3.88%
1,397,801.38
3.81%
13,197.51
1,105.22
AA+
1.20
UNITED STATES TREASURY4.125
--
3,719,978.91
100.41
3,755,341.48
1.53%
Aa1/AA+
1.50
91282CFM8
09/30/2027
3,740,000.00
4.27%
3,732,583.11
3.84%
421.52
22,758.37
AA+
1.44
UNITEDSTATESTREASURY4.125
02/18/2025
2,487,792.97
100.43
2,510,742.50
1.02%
Aa1/AA+
1.63
91282CLX7
11/15/2027
2,500,000.00
4.31%
2,492,746.72
3.85%
39,027.97
17,995.78
AA+
1.53
UNITED STATESTREASURY4.0
12/18/2025
1,768,525.39
100.27
1,754,716.25
0.71%
Aa1/AA+
1.71
91282CMB4
12/15/2027
1,750,000.00
3.44%
1,765,897.13
3.83%
20,576.92
(11,180.88)
AA+
1.62
UNITED STATES TREASURY3.5
02/23/2023
1,458,281.25
99.43
1,491,445.50
0.61%
Aa1/AA+
1.84
91282CGH8
01/31/2028
1,500,000.00
4.13%
1,484,454.08
3.82%
8,701.66
6,991.42
AA+
1.75
24
Docusign Envelope ID: 04F7BOA2-4F90-8132-81B2-354BF8C45917
HOLDINGS REPORT
City of Tustin Cons Account I Account #10795 1 As of March 31, 2026
CHANDLER
ASSET ASSET MANAGEMENT
UNITED STATES TREASURY2.75
11/08/2024
1,338,039.06
98.08
1,373,148.00
0.56%
Aa1/AA+
1.88
9128283W8
02/15/2028
1,400,000.00
4.22%
1,364,333.41
3.82%
4,785.91
8,814.59
AA+
1.80
UNITED STATES TREASURY 3.75
04/15/2025
1,196,953.13
99.86
1,198,359.60
0.49%
Aa1/AA+
2.04
91282CMW8
04/15/2028
1,200,000.00
3.84%
1,197,927.02
3.82%
20,769.23
432.58
AA+
1.91
UNITED STATES TREASURY3.5
02/07/2025
975,898.44
99.37
993,672.00
0.40%
Aa1/AA+
2.08
91282CHA2
04/30/2028
1,000,000.00
4.31%
984,410.91
3.82%
14,696.13
9,261.09
AA+
1.96
UNITED STATES TREASURY 3.75
03/30/2026
1,996,406.25
99.86
1,997,266.00
0.81%
Aa1/AA+
2.12
91282CND9
05/15/2028
2,000,000.00
3.84%
1,996,410.88
3.82%
28,383.98
855.12
AA+
1.99
UNITED STATES TREASURY 3.875
12/18/2025
2,019,609.38
100.12
2,002,344.00
0.82%
Aa1/AA+
2.29
91282CNM9
07/15/2028
2,000,000.00
3.47%
2,017,458.40
3.82%
16,270.72
(15,114.40)
AA+
2.16
UNITED STATES TREASURY 3.5
12/18/2025
2,000,703.13
99.22
1,984,454.00
0.81%
Aa1/AA+
2.54
91282CPC9
10/15/2028
2,000,000.00
3.49%
2,000,632.89
3.82%
32,307.69
(16,178.89)
AA+
2.37
UNITED STATES TREASURY3.125
02/29/2024
1,425,351.56
98.26
1,473,867.00
0.60%
Aa1/AA+
2.63
9128285M8
11/15/2028
1,500,000.00
4.30%
1,458,379.15
3.83%
17,739.99
15,487.85
AA+
2.46
UNITED STATES TREASURY2.375
05/16/2024
1,228,130.86
95.74
1,292,519.70
0.53%
Aa1/AA+
3.12
9128286T2
05/15/2029
1,350,000.00
4.41%
1,273,831.79
3.83%
12,134.15
18,687.91
AA+
2.94
UNITED STATES TREASURY4.5
06/02/2025
1,528,710.94
101.94
1,529,062.50
0.62%
Aa1/AA+
3.17
91282CKT7
05/31/2029
1,500,000.00
3.98%
1,522,763.96
3.84%
22,623.63
6,298.54
AA+
2.89
UNITED STATES TREASURY 3.25
08/15/2024
1,462,089.84
98.18
1,472,754.00
0.60%
Aa1/AA+
3.25
91282CEV9
06/30/2029
1,500,000.00
3.82%
1,474,726.56
3.85%
12,254.83
(1,972.56)
AA+
3.03
UNITED STATES TREASURY 2.625
08/15/2024
1,420,078.13
96.18
1,442,695.50
0.59%
Aa1/AA+
3.33
91282CFCO
07/31/2029
1,500,000.00
3.81%
1,446,262.48
3.86%
6,526.24
(3,566.98)
AA+
3.14
UNITED STATES TREASURY4.0
04/15/2025
1,202,812.50
100.45
1,205,343.60
0.49%
Aa1/AA+
3.33
91282CLC3
07/31/2029
1,200,000.00
3.94%
1,202,184.31
3.86%
7,955.80
3,159.29
AA+
3.08
UNITED STATES TREASURY 3.125
09/11/2024
2,455,664.06
97.64
2,441,112.50
0.99%
Aa1/AA+
3.42
91282CFJ5
08/31/2029
2,500,000.00
3.52%
2,469,497.66
3.87%
6,793.48
(28,385.16)
AA+
3.19
UNITED STATES TREASURY4.0
12/16/2024
2,717,666.02
100.40
2,760,956.00
1.12%
Aa1/AA+
3.59
91282CFT3
10/31/2029
2,750,000.00
4.27%
2,726,208.44
3.88%
46,187.85
34,747.56
AA+
3.25
UNITED STATES TREASURY4.125
12/04/2024
1,503,339.84
100.83
1,512,421.50
0.62%
Aa1/AA+
3.67
91282CMA6
11/30/2029
1,500,000.00
4.08%
1,502,455.82
3.88%
20,738.32
9,965.68
AA+
3.33
UNITED STATES TREASURY4.375
12/30/2024
1,998,984.38
101.69
2,033,828.00
0.83%
Aa1/AA+
3.75
91282CMD0
12/31/2029
2,000,000.00
4.39%
1,999,238.01
3.88%
21,995.86
34,589.99
AA+
3.40
UNITED STATES TREASURY3.875
01/14/2026
2,217,015.63
99.93
2,198,539.20
0.90%
Aa1/AA+
3.75
91282CG61
12/31/2029
2,200,000.00
3.66%
2,216,121.31
3.89%
21,430.25
(17,582.11)
AA+
3.43
25
Docusign Envelope ID: 04F7BOA2-4F90-8132-81B2-354BF8C45917
HOLDINGS REPORT
City of Tustin Cons Account I Account #10795 1 As of March 31, 2026
CHANDLER
ASSET ASSET MANAGEMENT
UNITED STATES TREASURY3.5 01/14/2026 2,235,673.83 98.61 2,218,711.50 0.90% Aa1/AA+ 3.84
91282CGJ4 01/31/2030 2,250,000.00 3.67% 2,236,410.99 3.89% 13,052.49 (17,699.49) AA+ 3.53
UNITED STATES TREASURY4.0 01/14/2026 2,277,509.77 100.38 2,258,525.25 0.92% Aa1/AA+ 3.91
91282CGQ8 02/28/2030 2,250,000.00 3.68% 2,276,120.57 3.89% 7,826.09 (17,595.32) AA+ 3.58
UNITED STATES TREASURY4.0
04/07/2025
1,010,390.63
100.36
1,003,594.00
0.41%
Aa1/AA+
4.00
91282CMU2 03/31/2030
1,000,000.00 3.77%
1,008,344.51
3.90%
109.29
(4,750.51)
AA+
3.66
UNITED STATES TREASURY3.875
12/18/2025
2,021,406.25
99.89
1,997,812.00
0.81%
Aa1/AA+
4.08
91282CMZ1
04/30/2030
2,000,000.00
3.61%
2,020,022.17
3.90%
32,541.44
(22,210.17)
AA+
3.68
UNITED STATES TREASURY4.0
--
2,999,121.10
100.34
3,010,194.00
1.23%
Aa1/AA+
4.17
91282CNG2 05/31/2030
3,000,000.00 4.01%
2,999,269.54
3.91%
40,219.78
10,924.46
AA+
3.75
UNITED STATES TREASURY 3.75
12/18/2025
2,010,937.50
99.35
1,987,032.00
0.81%
Aa1/AA+
4.25
91282CHJ3
06/30/2030
2,000,000.00
3.62%
2,010,256.39
3.92%
18,853.59
(23,224.39)
AA+
3.85
UNITED STATES TREASURY3.875
--
2,003,398.44
99.83
1,996,640.00
0.81%
Aa1/AA+
4.33
91282CNN7
07/31/2030
2,000,000.00
3.84%
2,003,092.95
3.92%
12,845.30
(6,452.95)
AA+
3.93
UNITED STATES TREASURY 3.625
12/18/2025
1,998,828.13
98.77
1,975,468.00
0.80%
Aa1/AA+
4.42
91282CNX5
08/31/2030
2,000,000.00
3.64%
1,998,898.47
3.93%
6,304.35
(23,430.47)
AA+
4.02
UNITED STATES TREASURY 3.625
10/06/2025
995,312.50
98.75
987,539.00
0.40%
Aa1/AA+
4.50
91282CPA3
09/30/2030
1,000,000.00
3.73%
995,766.05
3.93%
99.04
(8,227.05)
AA+
4.11
UNITED STATES TREASURY 3.625
11/13/2025
1,494,785.16
98.71
1,480,605.00
0.60%
Aa1/AA+
4.59
91282CPD7
10/31/2030
1,500,000.00
3.70%
1,495,182.32
3.94%
22,831.49
(14,577.32)
AA+
4.11
UNITED STATES TREASURY3.5
12/18/2025
1,986,328.13
98.16
1,963,204.00
0.80%
Aa1/AA+
4.67
91282CPN5 11/30/2030
2,000,000.00 3.65%
1,987,107.43
3.93%
23,461.54
(23,903.43)
AA+
4.21
UNITED STATES TREASURY 3.625
03/12/2026
2,967,890.63
98.64
2,959,218.00
1.21%
Aa1/AA+
4.75
91282CPR6
12/31/2030
3,000,000.00
3.87%
2,968,238.45
3.94%
27,337.71
(9,020.45)
AA+
4.28
91282CPW5
91282CQD6
Total US Treasury
UNITED STATES TREASURY 3.75
01/31/2031
UNITED STATES TREASURY 3.5
02/28/2031
02/03/2026
1,991,406.25
99.15
1,982,968.00
0.81%
Aa1/AA+
4.84
2,000,000.00
3.85%
1,991,670.38
3.94%
12,430.94
(8,702.38)
AA+
4.35
03/12/2026
2,949,609.38
98.06
2,941,875.00
1.20%
Aa1/AA+
4.91
3,000,000.00
3.87%
2,950,137.47
3.94%
9,130.43
(8,262.47)
AA+
4.45
77,947,116.02 99.50 78,087,352.43 31.81%
78,490,000.00 3.86% 78,175,013.94 3.86% 711,615.31 (87,661.51)
244,982,795.26 58.00 245,456,165.32 100.00%
Total Portfolio 246,313,751.35 3.83% 245,338,339.91 3.85% 1,175,884.38 117,825.40
3.02
2.77
1.63
1.48
26
Docusign Envelope ID: 04F7BOA2-4F90-8132-81 B2-354BF8C45917
HOLDINGS REPORT
City of Tustin Cons Account I Account #10795 1 As of March 31, 2026
Total Market Value +
Accrued
246,632,049.69
CHANDLER
ASSET ASSET MANAGEMENT
27
Docusign Envelope ID: 04F7BOA2-4F90-8132-81 B2-354BF8C45917
it%CHANDLER
ASSET MANAGEMENT
m
Docusign Envelope ID: 04F7BOA2-4F90-8132-81B2-354BF8C45917
TRANSACTION LEDGER
City of Tustin Cons Account I Account #10795 1 01/01/2026 Through 03/31/2026 1
CHANDLER
ASSET ASSET MANAGEMENT
ACQUISITIONS
UNITED STATES
Purchase
01/15/2026
91282CGB1
2,200,000.00
TREASURY3.875
100.773
3.66%
(2,217,015.63)
(3,532.46)
(2,220,548.09)
0.00
12/31/2029
U N ITE D STATES
Purchase
01/15/2026
91282CGJ4
2,250,000.00
TREASURY3.5
99.363
3.67%
(2,235,673.83)
(35,951.09)
(2,271,624.92)
0.00
01/31/2030
UNITED STATES
Purchase
01/15/2026
91282CGQ8
2,250,000.00
TREASURY4.0
101.223
3.68%
(2,277,509.77)
(34,060.77)
(2,311,570.54)
0.00
02/28/2030
Purchase
01/15/2026
912797SR9
2,000,000.00
UNITED STATES
99.674
3.62%
(1,993,477.92)
0.00
(1,993,477.92)
0.00
TREASURY 02/17/2026
Purchase
01/20/2026
3137F83Q4
1,300,000.00
FHMSK-121A21.547
89.500
3.99%
(1,163,500.00)
(1,061.41)
(1,164,561.41)
0.00
10/25/2030
Purchase 02/04/2026 91282CPW5
Purchase 02/17/2026 91282CJC6
Purchase 02/17/2026 912797UA3
Purchase 03/13/2026 023135DD5
Purchase 03/13/2026 91282CJP7
Purchase
Purchase
Purchase
3/13/2026 91282CNN7
3/13/2026 91282CPR6
3/13/2026 91282CQD6
UNITED STATES
2,000,000.00
TREASURY 3.75
99.570
3.85%
(1,991,406.25)
(828.73)
(1,992,234.98)
01/31/2031
UNITED STATES
1,750,000.00
TREASURY4.625
100.672
3.57%
(1,761,757.81)
(27,794.47)
(1,789,552.28)
10/15/2026
1,750,000.00
UNITED STATES
98.816
3.68%
(1,729,279.70)
0.00
(1,729,279.70)
TREASURY 06/16/2026
1,400,000.00
AMAZON.COM INC
99.302
4.41%
(1,390,228.00)
0.00
(1,390,228.00)
4.25 03/13/2031
UNITED STATES
2,000,000.00
TREASURY4.375
100.512
3.68%
(2,010,234.38)
(21,153.85)
(2,031,388.23)
12/15/2026
UNITED STATES
1,000,000.00
TREASURY 3.875
100.105
3.85%
(1,001,054.69)
(4,388.81)
(1,005,443.50)
07/31/2030
UNITED STATES
3,000,000.00
TREASURY 3.625
98.93
3.87%
(2,967,890.63)
(21,629.83)
(2,989,520.46)
12/31/2030
UNITED STATES
3,000,000.00 TREASURY 3.5
0.00
0.00
0.00
0.00
0.00
0.00
0.00
98.32 3.87% (2,949,609.38) (3,709.24) (2,953,318.62) 0.00
29
Docusign Envelope ID: 04F7BOA2-4F90-8132-81B2-354BF8C45917
TRANSACTION LEDGER
CHANDLER
ASSET ASSET MANAGEMENT
City of Tustin Cons Account I Account #10795 1 01/01/2026 Through 03/31/2026 1
Transaction Settlement CUSIP Quantity Security Description Price Acq/Disp Amount Interest Pur/ Total Amount Gain/Loss
Type Date Yield Sold
UNITED STATES
Purchase 03/31/2026 91282CND9 2,000,000.00 TREASURY 3.75 99.820 3.84% (1,996,406.25) (28,176.80) (2,024,583.05) 0.00
05/15/2028
Total Purchase
27,000,000.00
(27,685,044.24)
(182,287.46)
(27,685,044.24)
0.00
TOTAL
ACQUISITIONS
27,000,000.00
(27,685,044.24)
(182,287.46)
(27,685,044.24)
0.00
DISPOSITIONS
UNITED STATES
Maturity
01/31/2026
91282CBH3
(2,000,000.00)
TREASURY0.375
100.000
0.83%
2,000,000.00
0.00
2,000,000.00
0.00
01/31/2026
UNITED STATES
Maturity
02/15/2026
91282CGL9
(1,000,000.00)
TREASURY4.0
100.000
4.23%
1,000,000.00
0.00
1,000,000.00
0.00
02/15/2026
Maturity
02/17/2026
912797SR9
(2,000,000.00)
UNITED STATES
100.000
3.62%
2,000,000.00
0.00
2,000,000.00
0.00
TREASURY 02/17/2026
UNITED STATES
Maturity
03/31/2026
91282CBT7
(2,000,000.00)
TREASURY 0.75
100.000
0.86%
2,000,000.00
0.00
2,000,000.00
0.00
03/31/2026
Total Maturity
(7,000,000.00)
7,000,000.00
0.00
7,000,000.00
0.00
Sale
01/31/2026
90CAMP$00
(11,000,000.00)
CAMP
1.000
3.84%
11,000,000.00
0.00
11,000,000.00
0.00
Sale
02/28/2026
90CAMP$00
(3,000,000.00)
CAMP
1.000
3.83%
3,000,000.00
0.00
3,000,000.00
0.00
Local Agency
Sale
03/05/2026
90LAIF$00
(1,212,000.00)
Investment Fund State
1.000
3.84%
1,212,000.00
0.00
1,212,000.00
0.00
Pool
Sale
03/05/2026
90CAMP$00
(1,000,000.00)
CAMP
1.000
3.80%
1,000,000.00
0.00
1,000,000.00
0.00
Sale
03/12/2026
90CAMP$00
(10,000,000.00)
CAMP
1.000
3.80%
10,000,000.00
0.00
10,000,000.00
0.00
Total Sale
(26,212,000.00)
26,212,000.00
0.00
26,212,000.00
0.00
TOTAL
DISPOSITIONS
(33,212,000.00)
33,212,000.00
0.00
33,212,000.00
0.00
30
Docusign Envelope ID: 04F7BOA2-4F90-8132-81 B2-354BF8C45917
IMPORTANT DISCLOSURES
2026 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.
LGIP Yields: Reported yields for local government investment pools may be presented as either the 30-day yield or the monthly distribution yield, as applicable. For certain funds,
the 30-day yield is calculated using reported daily yield data. Yield calculations are subject to change and may not be directly comparable across funds.
LAIF Yields: Additional Disclosure for CA Clients - As a result of a reporting lag from the Local Agency Investment Fund (LAIF), reported LAIF yields represent the most recently
available Daily Effective Yield and may reflect data from approximately 7-10 days prior to month -end.
31
Docusign Envelope ID: 04F7BOA2-4F90-8132-81 B2-354BF8C45917
BENCHMARK DISCLOSURES
C/"CHANDLER
ASSET MANAGEMENT
Benchmark
Disclosure
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.
32
Docusign Envelope ID: 04F7BOA2-4F90-8132-81 B2-354BF8C45917
CITY OF TUSTIN
Monthly Investment Report
March 31, 2026
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
2,145,296.69
N/A
2,145,296.69
2,145,296.69
2016 Water Revenue Bonds, Refunding
1,964.13
N/A
1,964.13
1,964.13
2020 Water Revenue Bonds
133.42
N/A
133.42
133.42
2024 Water Revenue Bonds
1,310,486.97
N/A
1,310,486.97
1,310,486.97
CFD 04-1
979,450.69
N/A
979,450.69
979,450.69
CFD 07-1
1,651,709.64
N/A
1,651,709.64
1,651,709.64
CFD 06-1/2014-1 Refunding 2025
4,444,965.36
N/A
4,444,965.36
4,444,965.36
10,534,006.90
10,534,006.90
10,534,006.90
Restricted Deposits
with Fiscal Agents TOTAL
10,534,006.90
10,534,006.90
Docusign Envelope ID: 04F7BOA2-4F90-8132-81 B2-354BF8C45917
��� ■ PUBLIC AGENCY RETIREMENT SERVICES
CITY OFTUSTIN Account Report for the Period
PARS Post- Employment Benefits Trust 3/1/2026 to 3/31/2026
Aldo Schindler
City Manager
City of Tustin
300 Centennial Way
Tustin, CA 92780
Account Summary
Balance as of
Balance as of
Source
3/112026
Contributions Earnings Expenses Distributions Transfers 3I31/2026
OPEB
$5,767,329.03
$0.00-$221,638.53 $2,001.78 $0.00 $0.00 $5,543,688.72
PENSION
$19,347,037.60
$0.00-$743,108.46 $6,713.19 $0.00 $0.00 $18,597,215.95
Totals
$25,114,366.63
$0.00-$964,746.99 $8,714.97 $0.00 $0.00 $24,140,904.67
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 -3.84% -0.65% 12.11°% 10.12% 5.23% 6/26/2018
PENSION -3.84% -0.65% 12.11°% 10.13°% 5.24% 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