On the agenda: Tustin Investment Sub-Committee Meeting - Jan 08, 2026 — data center (Jan 8)

AGENDA
INVESTMENT SUB-COMMITTEE
CITY OF TUSTIN
300 CENTENNIAL WAY
JANUARY 8, 2026
To view the complete Agenda Packet for this meeting, access our website here
https://www.tustinca.org/282/Meetings-Agendas
NOTICE REGARDING PUBLIC PARTICIPATION
To watch the meeting, the public may observe the meeting in person in the Council Chamber
or via the City’s Granicus service at: https://www.tustinca.org/282/Meetings-Agendas or on the
local Cox Channel 851.
To participate and/or comment on one or more items, do the following:
1. PARTICIPATING DURING A MEETING
Community members who wish to address the Sub-Committee during a public
meeting may attend the meeting in person or join through Zoom. By joining the
meeting through Zoom, you will be able to speak but your video will not be enabled.
Please see further instructions below.
HOW TO CONNECT TO THE ZOOM WEB CONFERENCE BY COMPUTER OR
SMART DEVICE
Community members may provide live public comments via Zoom during SubCommittee meetings. To join the meeting, click here and use the passcode below.
You can also join via the Zoom app on your smartphone or tablet, or in a web
browser at https://zoom.us/join, by entering the Meeting ID and Passcode below.
Meeting ID: 987 4844 4935
Passcode: 484421
Please provide your name in the Zoom application to allow the Sub-Committee
Meeting Representative to identify you when it is your time to speak. We suggest
installing and testing the Zoom software on your device prior to the commencement
of the meeting.
HOW TO CONNECT TO THE ZOOM WEB CONFERENCE BY TELEPHONE
To join in to the Zoom web conference from any phone (landline or wireless), dial
669-900-9128.
When prompted use the below Meeting ID and Passcode.

Meeting ID: 987 4844 4935
Passcode: 484421
The Sub-Committee Meeting Representative will identify you by the last 4 digits of
your phone when it is your time to speak.
When requested by the Sub-Committee Meeting Representative, call-in users can
unmute and mute their phones by pressing *6.
Call-in users can raise their hand by pressing *9 but may not lower their hand once
raised.
2. PROVIDE WRITTEN COMMENTS THROUGH THE E-COMMENT SYSTEM
1. Proceed to the SpeakUp comment system:
A. To submit an e-comment on an upcoming meeting agenda prior to
commencement
of
the
meeting,
go
to
https://tustin.granicusideas.com/meetings?scope=upcoming and select the
agenda item.
B. To submit an e-comment on an upcoming meeting agenda during the
meeting, go to https://tustin.granicusideas.com/meetings?scope=past and
select the agenda item.
C. Follow the links to type and submit your comment(s) on one or more items:
a. The items may be on the agenda or not on the agenda.
b. Your comments will be forwarded electronically and immediately to the
members of the Commission.
c. Comments related to a particular agenda item will only be considered
prior to the close of public comments on that item.
d. Comments on matters that are not on the agenda may be submitted only
until the “Public Input” portion of the agenda is concluded.
For Individuals with Disabilities: The City is dedicated to ensuring accessibility to the meetings
for those individuals with disabilities, so the City has established a process to request a
reasonable modification or accommodation consistent with the Americans with Disabilities Act
(ADA). If you would like to request a modification or accommodation due to a disability, please
call (714) 573-3025 as soon as is feasible and identify the need and the requested modification
or accommodation. The City’s ADA Coordinator or her designee will receive the request and
communicate in response to the request.
Items Distributed to the Sub-Committee Less Than 72 Hours Prior To Meeting: Pursuant to
Government Code section 54957.5, non-exempt public records that relate to one or more open
session agenda items and that are distributed to a majority of the Sub-Committee less than
seventy-two (72) hours prior to the meeting will be available for public inspection on the
electronic posting board located at 300 Centennial Way, Tustin, CA 92780.

CALL TO ORDER 5 PM
ROLL CALL

Adrian Henson and Michael Zwissler

PLEDGE OF
ALLEGIANCE

Led by Adrian Henson

PRESENTATION

None

PUBLIC INPUT

At this time, members of the public may address the Investment SubCommittee on items on the agenda and matters which are not on this
evening's agenda, provided the matter is within the subject matter
jurisdiction of the Investment Sub-Committee. Members of the public may
provide comments in writing, in person, or in real time via Zoom.

REGULAR BUSINESS
1. APPROVAL OF MINUTES – DECEMBER 11, 2025 MEETING
Motion to approve, second, Sub-Committee vote.
2. REVIEW OF THE NOVEMBER 2025 INVESTMENT REPORT
Chandler Asset Management to present.
Motion to approve, second, Sub-Committee vote to receive and file.
COMMITTEE / STAFF COMMENTS
ADJOURNMENT - The next meeting of the Investment Sub-Committee will be scheduled for 5 PM
on a February date TBD.

MINUTES
AUDIT COMMISSION INVESTMENT SUB-COMMITTEE
MEETING
CITY OF TUSTIN
DECEMBER 11, 2025

5:00 PM

CALL TO ORDER

Sub-Committee Present:

John Wende and Adrian Henson

Staff Present:

Jennifer King, Finance Director; Elsa Chow, Deputy Director – Financial Services; David
Faraone, Finance Manager; Linda Anicich, Executive Assistant

Pledge of Allegiance

John Wende

Presentation

None

Public Input

None
REGULAR BUSINESS

Approved

1.

APPROVAL OF MINUTES - OCTOBER 2, 2025
A motion was made and seconded; passed 2-0.

Received

2. REVIEW OF THE OCTOBER 2025 INVESTMENT REPORT
Karl Meng with Chandler Asset Management gave an overview of the major activity,
providing updates regarding the economy, our account, and the City’s holdings &
transactions.
-

There is currently a significant amount of antiquated data due to the recent
government shutdown.
The Fed lowered the interest rate yesterday.

The City is achieving its investment objectives of safety of principal for preservation of
capital and is maintaining a market rate of return. We are in full compliance with our
Investment Policy and the California Government Code. We have adequate liquidity to
cover six months of expected disbursements.

Minutes - Audit Commission Investment Sub-Committee Meeting December 11, 2025 - Page 1

A motion was made and seconded to receive and file the Report; passed 2-0.
None

SUB-COMMITTEE/STAFF COMMENTS
ADJOURNMENT
The meeting was adjourned at 5:11 PM. The next meeting of the Audit Commission
Investment Sub-Committee is scheduled for 5:00 PM on Thursday, January 8, 2026.

___________________________________
Adrian Henson, Sub-Committee Member

_______________________________
Linda Anicich, Executive Assistant

Minutes - Audit Commission Investment Sub-Committee Meeting December 11, 2025 - Page 2

INVESTMENT REPORT
City of Tustin | As of November 30, 2025

CHANDLER ASSET MANAGEMENT | chandlerasset.com

Chandler Team:
For questions about your account, please call (800) 317-4747,
or contact [email protected]
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.

TABLE OF CONTENTS
City of Tustin | As of November 30, 2025

ECONOMIC UPDATE
ACCOUNT PROFILE
PORTFOLIO HOLDINGS
TRANSACTIONS

1

ECONOMIC UPDATE

2

ECONOMIC UPDATE



After 43 days, Congress voted to end the longest shutdown in US government history. The end provided a short-lived rally in equity markets;
while fixed income market participants, seeking economic clarity, continue to be frustrated by both the lingering effects of the shutdown
and this week’s hawkish comments from Fed policy makers. At the same time, heightened trade policy uncertainty has added to market
volatility. Core levels of inflation remain above the Federal Reserve’s target, while tariffs continue to cloud forecasts. Signs of a softer labor
market are emerging, prompting expectations that the Fed will move cautiously toward policy normalization. Given the economic outlook,
we expect gradual normalization of monetary policy and a steepening yield curve.



The Federal Reserve lowered the Federal Funds Rate by a quarter percentage point to the range of 3.75-4.00% at the October Federal Open
Market Committee meeting. While the move was in line with market expectations there were 2 dissenters, with Federal Reserve Governor
Stephen Miran calling for a larger 50 basis point cut and Kansas City Federal Reserve President Jeffrey Schmid calling for no cut. Chair
Jerome Powell referenced the weakening labor market despite some inflationary pressures and moderate economic growth.



The US Treasury yield curve steepened slightly in November, as the 2-year Treasury yield dropped 9 basis points to 3.49%, the 5-year
Treasury was down 9 basis points to 3.60%, and the 10-year Treasury yield was 6 basis points lower at 4.02%. The spread between the 2year and 10-year Treasury yield points on the curve was 2 basis points wider from October at +52 basis points at November month-end. The
spread between the 2-year Treasury and 10-year Treasury yield one year ago was 2 basis points. The spread between the 3-month and 10year Treasury yield points on the curve was +21 basis points in November versus +26 basis points in October.

3

EMPLOYMENT

800

Unemployment Rate
20.0%

Underemployment Rate (U6)
Unemployment Rate (U3)

16.0%

600

12.0%

400

Rate (%)

MOM Change In Thousands (000's)

1,000

Nonfarm Payroll (000's)

200
0
Non-farm Payroll (000's)

-200

8.0%
4.0%

3-month average (000's)

0.0%

-400

Source: US Department of Labor

Source: US Department of Labor

The September Nonfarm Payrolls (NFP) report, released on November 20 after a significant delay, came in stronger than expected with a
gain of 119,000 jobs, well above the consensus estimate of 53,000. Job growth was led by healthcare and social assistance, as well as
the leisure and hospitality sector. The nonresidential specialized construction industry also saw a notable uptick, likely driven by the
expanding AI-related data center construction boom. Despite the solid job gains, the unemployment rate rose to 4.4% in September, the
highest level since October 2021. The release of October NFP data has been delayed indefinitely.

4

INFLATION
Consumer Price Index (CPI)
10.0%

10.0%

CPI YOY % Change
Core CPI YOY % Change

9.0%
8.0%

9.0%
8.0%

7.0%

7.0%

6.0%

6.0%

YOY (%) Change

YOY (%) Change

Personal Consumption Expenditures (PCE)

5.0%
4.0%
3.0%

5.0%
4.0%
3.0%

2.0%

2.0%

1.0%

1.0%

0.0%

0.0%

Source: US Department of Labor

PCE Price Deflator YOY % Change
PCE Core Deflator YOY % Change
Fed Target

Source: US Department of Commerce

Despite the federal government shutdown, the Bureau of Labor Statistics released September Consumer Price Index (CPI) data on October
24. Both headline and core readings came in below expectations. Headline CPI rose 0.3% from August and 3.0% year over year, while core
CPI increased 0.2% on the month and 3.0% on an annual basis. The release was particularly significant, as third-quarter CPI figures
determine the Social Security Administration’s annual cost-of-living adjustment (COLA). 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. The delayed yet relatively benign inflation readings are not expected to influence the
Federal Open Market Committee’s December policy decision.

5

FEDERAL RESERVE

Federal Reserve Balance Sheet Assets
9,000,000
8,000,000

Recession

Recession

5.00%

7,000,000

4.00%

6,000,000

Yield (%)

In $ millions

Effective Federal Funds Rate

6.00%

10,000,000

5,000,000
4,000,000

3.00%
2.00%

3,000,000
2,000,000

1.00%

1,000,000
0

0.00%

Source: Federal Reserve

Source: Bloomberg

The Federal Reserve lowered its benchmark interest rate by a quarter point to a range of 3.75% to 4.00% at its October meeting. There
were two dissents to the rate decision, one from Federal Reserve Governor Stephen Miran in favor of a 50-basis point cut and the second
from Kansas City Federal Reserve President Jeffrey Schmid who preferred to leave rates unchanged. Chair Jerome Powell referenced the
weakening labor market despite some inflationary pressures and moderate economic growth. The Fed also announced the balance-sheet
runoff program begun in June 2022 would conclude as of December 1, 2025. The Fed plans to replace Mortgage Backed securities
paydowns with purchases of US Treasury Bills. Since the campaign launched, the Fed has reduced its securities holdings by about $2.35
trillion, bringing the total down to roughly $6.6 trillion.

6

BOND YIELDS

US Treasury Note Yields
6.0%

Yield (%)

4.0%

2-Year
5-Year
10-Year

5.0%
4.0%
Yield (%)

5.0%

3.0%
2.0%

US Treasury Yield Curve

6.0%

3.0%
2.0%

1.0%

Nov-25
Aug-25
Nov-24

1.0%

0.0%

0.0%

Source: Bloomberg

Source: Bloomberg

At the end of November, the 2-year yield was 66 basis points lower, and the 10-year yield was 16 basis points lower, year-over-year. The
spread between the 2-year and 10-year Treasury yield points on the curve increased to +52 basis points at November month-end versus
+50 basis points at October month-end. The prior 2-year/10-year yield curve inversion, which spanned from July 2022 to August 2024, was
historically long. The average historical spread (since 2005) is about +99 basis points. The spread between the 3-month and 10-year
Treasury yield points on the curve was +21 basis points in November versus +26 basis points in October.

7

ACCOUNT PROFILE

8

OBJECTIVES
City of Tustin | As of November 30, 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.

9

STATEMENT OF COMPLIANCE
City of Tustin Cons Account | Account #10795 | As of November 30, 2025
Limit

Actual

Compliance
Status

Max % (MV)

20.0

5.2

Compliant

Max % Issuer (MV)

10.0

5.2

Compliant

Rules Name

Notes

AGENCY MORTGAGE SECURITIES (CMOS)

Max Maturity (Years)

5.0

4.7

Compliant

Min Rating (AA- by 1)

0.0

0.0

Compliant

30.0

0.0

Compliant

BANKERS' ACCEPTANCES
Max % (MV)
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

30.0

0.0

Compliant

Max % (MV)

100.0

0.0

Compliant

Max % Issuer (MV)

30.0

0.0

Compliant

CERTIFICATE OF DEPOSIT PLACEMENT SERVICE
(CDARS)
Max % (MV)
COLLATERALIZED BANK DEPOSITS

Max Maturity (Years)

5.0

0.0

Compliant

Min Rating (A- by 1)

0.0

0.0

Compliant

Max Maturity (Years)

5.0

0.0

Compliant

Min Rating (A- by 1)

0.0

0.0

Compliant

Max % (MV)

30.0

0.0

Compliant

Max % Issuer (Corporate & Commercial Paper; MV)

10.0

0.5

Compliant

Max % Issuer (MV)

5.0

0.0

Compliant

Max Maturity (Days)

270

0.0

Compliant

Min Rating (A-1 by 1 or A- by 1)

0.0

0.0

Compliant

30.0

19.1

Compliant

COLLATERALIZED TIME DEPOSITS (NONNEGOTIABLE CD/TD)

COMMERCIAL PAPER

CORPORATE MEDIUM TERM NOTES
Max % (MV)

10

STATEMENT OF COMPLIANCE
City of Tustin Cons Account | Account #10795 | As of November 30, 2025
Rules Name

Limit

Actual

Compliance
Status

Max % Issuer (Corporate & Commercial Paper; MV)

10.0

0.5

Compliant

Max % Issuer (MV)

5.0

0.5

Compliant

Max Maturity (Years)

5

4

Compliant

Min Rating (A- by 1)

0.0

0.0

Compliant

5

0.0

Compliant

Max % (MV)

100.0

7.2

Compliant

Max % Issuer (MV)

50.0

3.9

Compliant

Max Maturity (Years)

5

3

Compliant

Max % (MV)

100.0

34.7

Compliant

Max % Issuer (MV)

50.0

34.7

Compliant

Max Maturity (Years)

5.0

0.0

Compliant

75.0

13.0

Compliant

20.0

0.1

Compliant

Notes

FDIC INSURED TIME DEPOSITS (NON-NEGOTIABLE
CD/TD)
Max Maturity (Years)
FEDERAL AGENCIES

JPA INVESTMENT POOLS

LOCAL AGENCY INVESTMENT FUND (LAIF)
Max Concentration (MV)
MONEY MARKET MUTUAL FUNDS
Max % (MV)
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

Max % (MV)

30.0

0.0

Compliant

Max % Issuer (MV)

5.0

0.0

Compliant

Max Maturity (Years)

5

0.0

Compliant

MUNICIPAL SECURITIES (CA, OTHER STATES)

11

STATEMENT OF COMPLIANCE
City of Tustin Cons Account | Account #10795 | As of November 30, 2025
Rules Name

Limit

Actual

Compliance
Status

Min Rating (A- by 1)

0.0

0.0

Compliant

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

Max % (MV)

30.0

0.0

Compliant

Max % Issuer (MV)

5.0

0.0

Compliant

Max Maturity (Years)

1.0

0.0

Compliant

Max % (MV)

100.0

24.2

Compliant

Max % Issuer (MV)

100.0

24.2

Compliant

Max Maturity (Years)

5

4

Compliant

Notes

NEGOTIABLE CERTIFICATES OF DEPOSIT (NCD)

REPURCHASE AGREEMENTS

U.S. TREASURIES

12

PORTFOLIO SUMMARY
City of Tustin Cons Account | Account #10795 | As of November 30, 2025
Portfolio Characteristics
Average Modified Duration

Account Summary
1.40

Top Issuers
End Values as
of 10/31/2025

End Values as
of 11/30/2025

190,476,431.46

191,866,650.08

864,726.70

786,391.81

191,341,158.16

192,653,041.89

734,011.84

406,152.59

Average Coupon

3.72%

Market Value

Average Purchase YTM

4.01%

Accrued Interest

Average Market YTM

3.80%

Average Credit Quality*

AA+

Cont/WD

(4,217,568.30)

465,127.03

Average Final Maturity

1.56

Par

190,432,346.94

191,545,551.95

Average Life

1.52

Book Value

189,528,417.37

190,676,784.50

Cost Value

189,191,808.39

190,352,648.70

Sector Allocation

Total Market Value
Income Earned

Maturity Distribution

California Asset Mgmt Program

34.66%

United States

24.21%

LAIF

6.76%

FHLMC

5.15%

Farm Credit System

3.91%

Federal Home Loan Banks

3.33%

Citizens Business Bank

2.48%

Toyota Motor Corporation

0.54%

Credit Quality*

Performance Review
Total Rate of Return**

3M

1YR

2YRS

3YRS

5YRS

10YRS

Since Inception
(12/01/20)

City of Tustin Cons Agg

1.11%

5.00%

5.06%

4.73%

2.06%

--

2.06%

Benchmark Return

1.16%

5.46%

5.23%

4.44%

1.32%

--

1.32%

Secondary Benchmark Return

1.10%

5.01%

5.00%

4.44%

1.74%

--

1.74%

3M

1YR

2YRS

3YRS

5YRS

10YRS

0.92%

3.93%

3.98%

3.84%

2.70%

--

Realized Rate of Return**
City of Tustin Cons Agg

Since Inception
(12/01/20)
2.70%

*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
13
Total rate of return: A measure of a portfolio’s performance over time. It is the internal rate of return, which equates the beginning value of the portfolio with the ending value; it includes interest earnings, realized and
unrealized gains and losses in the portfolio. Realized Rate of Return: A measure of a portfolio’s return over time. It is the internal rate which equates the beginning book value of the portfolio with the ending book value; it
includes interest earnings, realized gains and losses in the portfolio

MATURITY DISTRIBUTION
City of Tustin Cons Account | Account #10795 | As of November 30, 2025

14

PORTFOLIO SUMMARY
City of Tustin | Account #10783 | As of November 30, 2025
Portfolio Characteristics
Average Modified Duration

Account Summary
2.50

Top Issuers
End Values as
of 10/31/2025

End Values as
of 11/30/2025

106,884,292.30

107,542,458.21

864,726.70

786,391.81

107,749,019.00

108,328,850.02

349,062.15

182,931.44

0.00

0.00

Average Coupon

3.60%

Market Value

Average Purchase YTM

3.94%

Accrued Interest

Average Market YTM

3.74%

Average Credit Quality*

AA

Cont/WD

Average Final Maturity

2.78

Par

106,840,207.78

107,221,360.08

Average Life

2.72

Book Value

105,936,278.21

106,352,592.64

Cost Value

105,599,669.24

106,028,456.84

Sector Allocation

Total Market Value
Income Earned

Maturity Distribution

United States

43.19%

FHLMC

9.19%

Farm Credit System

6.97%

Federal Home Loan Banks

5.94%

Toyota Motor Corporation

0.96%

Johnson & Johnson

0.96%

Cisco Systems, Inc.

0.96%

The Home Depot, Inc.

0.95%

Credit Quality*

Performance Review
Total Rate of Return**

3M

1YR

2YRS

3YRS

5YRS

10YRS

Since Inception
(12/01/20)

City of Tustin

1.21%

5.73%

5.55%

5.00%

2.07%

--

2.07%

Benchmark Return

1.16%

5.46%

5.23%

4.44%

1.32%

--

1.32%

Secondary Benchmark Return

1.10%

5.01%

5.00%

4.44%

1.74%

--

1.74%

3M

1YR

2YRS

3YRS

5YRS

10YRS

0.86%

3.56%

3.21%

2.92%

2.52%

--

Realized Rate of Return**
City of Tustin

Since Inception
(12/01/20)
2.52%

*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
15
Total rate of return: A measure of a portfolio’s performance over time. It is the internal rate of return, which equates the beginning value of the portfolio with the ending value; it includes interest earnings, realized and
unrealized gains and losses in the portfolio. Realized Rate of Return: A measure of a portfolio’s return over time. It is the internal rate which equates the beginning book value of the portfolio with the ending book value; it
includes interest earnings, realized gains and losses in the portfolio

PORTFOLIO HOLDINGS

16

ISSUERS
City of Tustin Cons Account | Account #10795 | As of November 30, 2025
Issuer

Investment Type

California Asset Mgmt Program

LGIP

% Portfolio
34.66%

United States

US Treasury

24.21%

LAIF

LAIF

6.76%

FHLMC

Agency CMBS

5.15%

Farm Credit System

Agency

3.91%

Federal Home Loan Banks

Agency

3.33%

Citizens Business Bank

Cash

2.48%

Toyota Motor Corporation

Corporate

0.54%

Johnson & Johnson

Corporate

0.54%

Cisco Systems, Inc.

Corporate

0.54%

The Home Depot, Inc.

Corporate

0.53%

State Street Corporation

Corporate

0.53%

Blackrock, Inc.

Corporate

0.53%

PepsiCo, Inc.

Corporate

0.53%

Bank of America Corporation

Corporate

0.53%

Northwestern Mutual Global Funding

Corporate

0.53%

BNY Mellon Corp

Corporate

0.53%

Deere & Company

Corporate

0.53%

PACCAR Inc

Corporate

0.53%

Abbvie Inc.

Corporate

0.53%

Met Tower Global Funding

Corporate

0.53%

National Rural Utilities Cooperative

Corporate

0.53%

CME Group Inc.

Corporate

0.53%

Florida Power & Light

Corporate

0.53%

Eli Lilly and Company

Corporate

0.53%

New York Life Insurance Company

Corporate

0.53%

U.S. Bancorp

Corporate

0.53%

Wells Fargo & Company

Corporate

0.53%

American Express Company

Corporate

0.53%

Merck & Co., Inc.

Corporate

0.52%

17

ISSUERS
City of Tustin Cons Account | Account #10795 | As of November 30, 2025
Issuer

Investment Type

% Portfolio

Northern Trust Corporation

Corporate

0.52%

Guardian Life Global Funding

Corporate

0.52%

Chubb Limited

Corporate

0.52%

Morgan Stanley

Corporate

0.52%

The Charles Schwab Corporation

Corporate

0.51%

Amazon.com, Inc.

Corporate

0.51%

UnitedHealth Group Incorporated

Corporate

0.51%

The PNC Financial Services Group, In

Corporate

0.51%

Royal Bank of Canada

Corporate

0.51%

Mastercard Incorporated

Corporate

0.51%

Honeywell International Inc.

Corporate

0.50%

Apple Inc.

Corporate

0.49%

Walmart Inc.

Corporate

0.46%

Public Service Enterprise Group Inco

Corporate

0.31%

Cash

Cash

0.13%

The Goldman Sachs Group, Inc.

Neg CD

0.13%

First American Govt Oblig Fund

Money Mkt Fd

0.12%

TOTAL

100.00%

18

HOLDINGS REPORT
City of Tustin Cons Account | Account #10795 | As of November 30, 2025
Cusip

Security Description

Par Value/
Units

Purchase
Date
Purchase
Yield

Cost Value
Book Value

Mkt
Price
Mkt
YTM

Market Value
Accrued Int.

% of Port.
Gain/Loss

Moody's/
S&P/
Fitch

Maturity
Duration

AGENCY
3130AXU63

FEDERAL HOME LOAN BANKS
4.625 11/17/2026

1,500,000.00

11/30/2023
4.54%

1,503,345.00
1,501,085.12

100.89
3.67%

1,513,368.00
2,697.92

0.79%
12,282.88

Aa1/AA+
AA+

0.96
0.93

3133EPH81

FEDERAL FARM CREDIT BANKS
FUNDING CORP 4.5 10/04/2027

1,000,000.00

12/08/2023
4.45%

1,001,820.00
1,000,877.99

101.70
3.54%

1,016,955.00
7,125.00

0.53%
16,077.01

Aa1/AA+
AA+

1.84
1.75

3130AWMN7

FEDERAL HOME LOAN BANKS
4.375 06/09/2028

1,250,000.00

07/26/2023
4.27%

1,255,762.50
1,252,990.01

102.13
3.48%

1,276,640.00
26,128.47

0.67%
23,649.99

Aa1/AA+
AA+

2.53
2.33

3133EPUN3

FEDERAL FARM CREDIT BANKS
FUNDING CORP 4.5 08/28/2028

1,500,000.00

08/29/2023
4.37%

1,507,785.00
1,504,272.36

102.33
3.60%

1,534,995.00
17,437.50

0.80%
30,722.64

Aa1/AA+
AA+

2.74
2.54

3130AXQK7

FEDERAL HOME LOAN BANKS 4.75
12/08/2028

1,200,000.00

12/08/2023
4.33%

1,222,020.00
1,213,315.83

103.26
3.60%

1,239,088.80
27,391.67

0.65%
25,772.97

Aa1/AA+
AA+

3.02
2.74

3133EPW84

FEDERAL FARM CREDIT BANKS
FUNDING CORP 3.875 01/18/2029

1,500,000.00

01/29/2024
4.04%

1,488,945.00
1,493,028.16

101.16
3.48%

1,517,428.50
21,473.96

0.79%
24,400.34

Aa1/AA+
AA+

3.13
2.89

3130AVBD3

FEDERAL HOME LOAN BANKS 4.5
03/09/2029

1,400,000.00

04/25/2024
4.76%

1,384,040.00
1,389,282.20

103.00
3.52%

1,441,949.60
14,350.00

0.75%
52,667.40

Aa1/AA+
AA+

3.27
3.00

3133ERAK7

FEDERAL FARM CREDIT BANKS
FUNDING CORP 4.375 04/10/2029

1,400,000.00

04/25/2024
4.77%

1,376,046.00
1,383,738.87

102.64
3.53%

1,436,971.20
8,677.08

0.75%
53,232.33

Aa1/AA+
AA+

3.36
3.09

3133ERSP7

FEDERAL FARM CREDIT BANKS
FUNDING CORP 3.5 09/10/2029

2,000,000.00

09/17/2024
3.47%

2,002,440.00
2,001,850.80

99.57
3.62%

1,991,460.00
15,750.00

1.04%
(10,390.80)

Aa1/AA+
AA+

3.78
3.48

3130ATHX8

FEDERAL HOME LOAN BANKS
4.125 09/14/2029

900,000.00

09/30/2024
3.58%

921,906.00
916,747.37

101.96
3.56%

917,672.40
7,940.63

0.48%
925.03

Aa1/AA+
AA+

3.79
3.46

13,650,000.00

4.25%

13,664,109.51
13,657,188.71

101.75
3.56%

13,886,528.50
148,972.22

7.24%
229,339.79

Total Agency

2.87
2.64

AGENCY CMBS
3137F1G44

FHMS K-065 A2 3.243 04/25/2027

750,000.00

06/08/2023
4.39%

719,560.55
739,341.81

99.15
3.77%

743,647.50
2,026.88

0.39%
4,305.69

Aa1/AA+
AAA

1.40
1.26

3137FEZU7

FHMS K-076 A2 3.9 04/25/2028

750,000.00

10/30/2023
5.32%

708,310.55
727,965.63

100.13
3.75%

750,972.00
2,437.50

0.39%
23,006.37

Aa1/AA+
AAA

2.40
2.17

3137FJEH8

FHMS K-081 A2 3.9 08/25/2028

700,000.00

05/29/2025
4.23%

692,125.00
693,382.01

100.22
3.74%

701,542.80
2,275.00

0.37%
8,160.79

Aa1/AA+
AAA

2.74
2.52

3137FJKE8

FHMS K-082 A2 3.92 09/25/2028

750,000.00

10/30/2023
5.31%

705,556.64
724,693.72

100.23
3.76%

751,702.50
2,450.00

0.39%
27,008.78

Aa1/AA+
AAA

2.82
2.56

19

HOLDINGS REPORT
City of Tustin Cons Account | Account #10795 | As of November 30, 2025
Par Value/
Units

Purchase
Date
Purchase
Yield

Cost Value
Book Value

Mkt
Price
Mkt
YTM

Market Value
Accrued Int.

% of Port.
Gain/Loss

Moody's/
S&P/
Fitch

Maturity
Duration

Cusip

Security Description

3137H4BY5

FHMS K-746 A2 2.031 09/25/2028

1,500,000.00

05/15/2025
4.30%

1,395,527.34
1,412,504.15

95.36
3.78%

1,430,403.00
2,538.75

0.75%
17,898.85

Aa1/AA+
AAA

2.82
2.64

3137FJXV6

FHMS K-083 A2 4.05 09/25/2028

300,000.00

05/29/2025
4.26%

297,609.38
297,981.03

100.63
3.74%

301,877.40
1,012.50

0.16%
3,896.37

Aa1/AA+
AAA

2.82
2.60

3137FKZZ2

FHMS K-088 A2 3.69 01/25/2029

1,000,000.00

07/22/2024
4.58%

963,789.06
974,824.35

99.62
3.77%

996,206.00
3,075.00

0.52%
21,381.65

Aaa/AA+
AA+

3.15
2.86

3137H5YC5

FHMS K-748 A2 2.26 01/25/2029

643,000.00

06/17/2025
4.22%

601,858.05
607,000.79

95.38
3.84%

613,313.98
1,210.98

0.32%
6,313.18

Aa1/AA+
AAA

3.15
2.90

3137FLN91

FHMS K-091 A2 3.505 03/25/2029

1,000,000.00

03/05/2025
4.31%

970,234.38
975,687.31

99.02
3.78%

990,182.00
2,920.83

0.52%
14,494.69

Aa1/AAA
AA+

3.31
2.98

3137FLYV0

FHMS K-092 A2 3.298 04/25/2029

1,000,000.00

09/17/2024
3.72%

981,484.38
986,376.35

98.34
3.79%

983,351.00
2,748.33

0.51%
(3,025.35)

Aa1/AA+
AAA

3.40
3.10

3137H9D71

FHMS K-750 A2 3.0 09/25/2029

750,000.00

06/17/2025
4.23%

716,601.56
720,113.74

97.10
3.88%

728,278.50
1,875.00

0.38%
8,164.76

Aa1/AA+
AAA

3.82
3.19

3137FX3Q9

FHMS K-117 A2 1.406 08/25/2030

1,000,000.00

09/11/2025
3.87%

891,757.81
896,379.39

89.62
3.85%

896,203.00
1,171.67

0.47%
(176.39)

Aa1/AA+
AAA

4.73
4.43

10,143,000.00

4.38%

9,644,414.70
9,756,250.28

97.58
3.79%

9,887,679.68
25,742.44

5.15%
131,429.40

05/31/2025

463,925.77
463,925.77

1.00
0.00%

463,925.77
0.00

0.24%
0.00

NA/NA
NA

0.00
0.00

--

4,289,883.26
4,289,883.26

1.00
0.00%

4,289,883.26
0.00

2.24%
0.00

NA/NA
NA

0.00
0.00

--

89,196.70
89,196.70

1.00

89,196.70
0.00

0.05%
0.00

Aaa/AAA
AAA

0.00
0.00

--

165,221.90
165,221.90

1.00

165,221.90
0.00

0.09%
0.00

Aaa/AAA
AAA

0.00
0.00

--

2.44
2.44

1.00

2.44
0.00

0.00%
0.00

Aaa/AAA
AAA

0.00
0.00

5,008,230.07
5,008,230.07

1.00
0.00%

5,008,230.07
0.00

2.61%
0.00

Total Agency CMBS

3.08
2.81

CASH
CBGMMF$04

Citizens Business Bank

463,925.77

CBGMMF$03

Citizens Business Bank

4,289,883.26

CCYUSD

Receivable

89,196.70

CCYUSD

Receivable

165,221.90

CCYUSD

Receivable

2.44

Total Cash

5,008,230.07

0.00
0.00

20

HOLDINGS REPORT
City of Tustin Cons Account | Account #10795 | As of November 30, 2025
Cusip

Security Description

Par Value/
Units

Purchase
Date
Purchase
Yield

Cost Value
Book Value

Mkt
Price
Mkt
YTM

Market Value
Accrued Int.

% of Port.
Gain/Loss

Moody's/
S&P/
Fitch

Maturity
Duration

CORPORATE
00440EAV9

CHUBB INA HOLDINGS LLC 3.35
05/03/2026

1,000,000.00

07/23/2021
1.13%

1,102,780.00
1,004,076.08

99.72
4.01%

997,199.00
2,605.56

0.52%
(6,877.08)

A2/A
A

0.42
0.42

023135BX3

AMAZON.COM INC 1.0
05/12/2026

1,000,000.00

05/12/2021
1.10%

995,200.00
999,573.68

98.73
3.89%

987,268.00
527.78

0.51%
(12,305.68)

A1/AA
AA-

0.45
0.44

808513BR5

CHARLES SCHWAB CORP 1.15
05/13/2026

1,000,000.00

07/23/2021
0.98%

1,007,990.00
1,000,622.09

98.74
4.00%

987,386.00
575.00

0.51%
(13,236.09)

A2/AA

0.45
0.44

91324PEC2

UNITEDHEALTH GROUP INC 1.15
05/15/2026

1,000,000.00

07/28/2021
1.00%

1,007,110.00
1,000,562.20

98.70
4.06%

986,964.00
511.11

0.51%
(13,598.20)

A2/A+
A

0.45
0.45

78016EZT7

ROYAL BANK OF CANADA 1.15
07/14/2026

1,000,000.00

07/28/2021
1.17%

999,090.00
999,886.88

98.26
4.02%

982,590.00
4,376.39

0.51%
(17,296.88)

A1/A
AA-

0.62
0.60

931142ER0

WALMART INC 1.05 09/17/2026

900,000.00

09/22/2021
1.00%

902,277.00
900,331.80

97.94
3.71%

881,426.70
1,942.50

0.46%
(18,905.10)

Aa2/AA
AA

0.80
0.78

61746BEF9

MORGAN STANLEY 3.625
01/20/2027

1,000,000.00

01/14/2025
4.70%

979,620.00
988,492.93

99.68
3.91%

996,784.00
13,190.97

0.52%
8,291.07

A1/AA+

1.14
1.09

665859AW4

NORTHERN TRUST CORP 4.0
05/10/2027

1,000,000.00

01/30/2023
4.35%

986,540.00
995,467.29

100.15
3.89%

1,001,453.00
2,333.33

0.52%
5,985.71

A2/A+
A+

1.44
1.31

24422EXZ7

JOHN DEERE CAPITAL CORP 4.65
01/07/2028

1,000,000.00

01/10/2025
4.75%

997,270.00
998,077.22

101.72
3.79%

1,017,163.00
18,600.00

0.53%
19,085.78

A1/A
A+

2.10
1.95

58989V2K9

MET TOWER GLOBAL FUNDING
4.8 01/14/2028

1,000,000.00

01/10/2025
4.91%

996,910.00
997,815.84

101.67
3.97%

1,016,658.00
18,266.67

0.53%
18,842.16

Aa3/AAAA-

2.12
1.97

95000U3R2

WELLS FARGO & CO 4.9
01/24/2028

1,000,000.00

01/30/2025
4.86%

1,000,770.00
1,000,446.24

100.86
4.46%

1,008,558.00
17,286.11

0.53%
8,111.76

A1/BBB+
A+

2.15
1.09

63743HFW7

NATIONAL RURAL UTILITIES
COOPERATIVE FINANCE CORP 4.75
02/07/2028

1,000,000.00

02/07/2025
4.77%

999,330.00
999,510.38

101.49
4.03%

1,014,939.00
15,041.67

0.53%
15,428.62

A2/NA
A

2.19
1.96

69371RT63

PACCAR FINANCIAL CORP 4.55
03/03/2028

1,000,000.00

05/02/2025
4.21%

1,009,000.00
1,007,170.38

101.68
3.76%

1,016,800.00
11,122.22

0.53%
9,629.62

A1/A+
NA

2.26
2.11

00287YDY2

ABBVIE INC 4.65 03/15/2028

1,000,000.00

03/05/2025
4.40%

1,006,680.00
1,005,003.79

101.67
3.88%

1,016,714.00
9,816.67

0.53%
11,710.21

A3/ANA

2.29
2.06

64953BBW7

NEW YORK LIFE GLOBAL FUNDING
4.4 04/25/2028

1,000,000.00

04/24/2025
4.33%

1,002,060.00
1,001,646.50

101.16
3.89%

1,011,636.00
4,400.00

0.53%
9,989.50

Aa1/AA+
AAA

2.40
2.25

74456QBU9

PUBLIC SERVICE ELECTRIC AND
GAS CO 3.7 05/01/2028

600,000.00

06/29/2023
4.87%

570,144.00
585,097.34

99.71
3.82%

598,289.40
1,850.00

0.31%
13,192.06

A1/A
NA

2.42
2.28

21

HOLDINGS REPORT
City of Tustin Cons Account | Account #10795 | As of November 30, 2025
Par Value/
Units

Purchase
Date
Purchase
Yield

Cost Value
Book Value

Mkt
Price
Mkt
YTM

Market Value
Accrued Int.

% of Port.
Gain/Loss

Moody's/
S&P/
Fitch

Maturity
Duration

Cusip

Security Description

341081GN1

FLORIDA POWER & LIGHT CO 4.4
05/15/2028

1,000,000.00

06/07/2023
4.69%

987,550.00
993,809.55

101.26
3.86%

1,012,617.00
1,955.56

0.53%
18,807.46

Aa2/A+
AA-

2.46
2.16

90331HPS6

US BANK NA 4.73 05/15/2028

1,000,000.00

05/13/2025
4.86%

1,000,600.00
1,000,487.43

100.91
4.44%

1,009,052.00
2,102.22

0.53%
8,564.57

A2/A+
A+

2.46
1.39

89236TLB9

TOYOTA MOTOR CREDIT CORP
5.25 09/11/2028

1,000,000.00

09/26/2023
5.34%

996,180.00
997,857.85

103.66
3.84%

1,036,637.00
11,666.67

0.54%
38,779.15

A1/A+
A+

2.78
2.55

06051GMK2

BANK OF AMERICA CORP 4.979
01/24/2029

1,000,000.00

02/14/2025
4.84%

1,003,780.00
1,002,769.64

101.87
4.32%

1,018,694.00
17,564.81

0.53%
15,924.36

A1/AAA-

3.15
1.99

17275RBR2

CISCO SYSTEMS INC 4.85
02/26/2029

1,000,000.00

09/27/2024
3.90%

1,037,530.00
1,027,380.98

102.77
3.93%

1,027,694.00
12,798.61

0.54%
313.02

A1/AANA

3.24
2.87

09290DAA9

BLACKROCK INC 4.7 03/14/2029

1,000,000.00

07/22/2024
4.65%

1,002,010.00
1,001,411.94

102.44
3.90%

1,024,431.00
10,052.78

0.53%
23,019.06

Aa3/AANA

3.28
2.93

06405LAH4

BANK OF NEW YORK MELLON
4.729 04/20/2029

1,000,000.00

04/24/2025
4.41%

1,008,810.00
1,007,033.46

101.77
4.30%

1,017,726.00
5,385.81

0.53%
10,692.54

Aa2/AAAA

3.39
2.23

693475AW5

PNC FINANCIAL SERVICES GROUP
INC 3.45 04/23/2029

1,000,000.00

07/16/2025
4.34%

969,260.00
972,320.60

98.55
3.91%

985,460.00
3,641.67

0.51%
13,139.40

A3/AA

3.39
3.16

57636QAM6

MASTERCARD INC 2.95
06/01/2029

1,000,000.00

04/17/2025
4.28%

950,210.00
957,635.41

97.02
3.87%

970,234.00
14,750.00

0.51%
12,598.59

Aa3/A+
NA

3.50
3.28

437076DC3

HOME DEPOT INC 4.75
06/25/2029

1,000,000.00

04/17/2025
4.38%

1,013,630.00
1,011,587.78

102.58
3.97%

1,025,838.00
20,583.33

0.53%
14,250.22

A2/A
A

3.57
3.13

713448FX1

PEPSICO INC 4.5 07/17/2029

1,000,000.00

07/22/2024
4.56%

997,560.00
998,224.97

102.26
3.82%

1,022,645.00
16,750.00

0.53%
24,420.03

A1/A+
NA

3.63
3.20

025816EJ4

AMERICAN EXPRESS CO 4.351
07/20/2029

1,000,000.00

08/11/2025
4.28%

1,001,850.00
1,001,658.62

100.82
4.25%

1,008,177.00
15,228.50

0.53%
6,518.38

A2/AA

3.64
2.43

532457CQ9

ELI LILLY AND CO 4.2 08/14/2029

1,000,000.00

08/15/2024
4.20%

1,000,130.00
1,000,095.78

101.17
3.86%

1,011,724.00
12,483.33

0.53%
11,628.22

Aa3/A+
NA

3.70
3.29

438516BU9

HONEYWELL INTERNATIONAL INC
2.7 08/15/2029

1,000,000.00

08/15/2024
4.27%

930,020.00
948,118.94

95.61
3.99%

956,070.00
7,950.00

0.50%
7,951.06

A2/A
A

3.71
3.45

037833DP2

APPLE INC 2.2 09/11/2029

1,000,000.00

10/30/2024
4.31%

908,490.00
928,894.26

94.48
3.78%

944,800.00
4,888.89

0.49%
15,905.74

Aaa/AA+
NA

3.78
3.56

40139LBJ1

GUARDIAN LIFE GLOBAL FUNDING
4.179 09/26/2029

1,000,000.00

03/05/2025
4.53%

985,840.00
988,136.22

100.08
4.15%

1,000,825.00
7,545.42

0.52%
12,688.78

Aa1/AA+
NA

3.82
3.47

857477CW1

STATE STREET CORP 4.729
02/28/2030

1,000,000.00

03/05/2025
4.62%

1,003,660.00
1,003,107.62

102.57
4.06%

1,025,671.00
12,216.58

0.53%
22,563.38

Aa3/A
AA-

4.25
3.71

22

HOLDINGS REPORT
City of Tustin Cons Account | Account #10795 | As of November 30, 2025
Par Value/
Units

Purchase
Date
Purchase
Yield

Cost Value
Book Value

Mkt
Price
Mkt
YTM

Market Value
Accrued Int.

% of Port.
Gain/Loss

Moody's/
S&P/
Fitch

Maturity
Duration

Cusip

Security Description

478160DJ0

JOHNSON & JOHNSON 4.7
03/01/2030

1,000,000.00

04/17/2025
4.21%

1,021,100.00
1,018,394.56

103.27
3.86%

1,032,650.00
11,750.00

0.54%
14,255.44

Aaa/AAA
NA

4.25
3.73

12572QAL9

CME GROUP INC 4.4 03/15/2030

1,000,000.00

07/16/2025
4.39%

1,000,190.00
1,000,174.45

101.36
4.05%

1,013,636.00
9,288.89

0.53%
13,461.55

Aa3/AAAA-

4.29
3.78

66815L2W8

NORTHWESTERN MUTUAL
GLOBAL FUNDING 4.6 06/03/2030

1,000,000.00

07/02/2025
4.41%

1,008,110.00
1,007,428.15

101.83
4.15%

1,018,284.00
22,744.44

0.53%
10,855.85

Aa1/AA+
AAA

4.51
3.95

58933YBQ7

MERCK & CO INC 4.15 09/15/2030

1,000,000.00

09/11/2025
3.97%

1,007,940.00
1,007,599.40

100.68
3.99%

1,006,831.00
9,452.78

0.52%
(768.40)

Aa3/A+
NA

4.79
4.20

36,500,000.00

3.95%

36,397,221.00
36,357,908.22

100.57
3.99%

36,691,524.10
353,246.25

19.12%
333,615.88

12,970,337.02

-4.09%

12,970,337.02
12,970,337.02

1.00
4.09%

12,970,337.02
0.00

6.76%
0.00

12,970,337.02

4.09%

12,970,337.02
12,970,337.02

1.00
4.09%

12,970,337.02
0.00

6.76%
0.00

66,510,018.69

-4.11%

66,510,018.68
66,510,018.68

1.00
4.11%

66,510,018.69
0.00

34.66%
0.01

66,510,018.69

4.11%

66,510,018.68
66,510,018.68

1.00
4.11%

66,510,018.69
0.00

34.66%
0.01

Total Corporate

2.70
2.32

LAIF
90LAIF$00

Local Agency Investment Fund
State Pool

Total LAIF

NA/NA
NA

0.00
0.00
0.00
0.00

LOCAL GOV
INVESTMENT POOL
90CAMP$00

CAMP

Total Local Gov
Investment Pool

NA/AAAm
NA

0.00
0.00
0.00
0.00

MONEY MARKET
FUND
31846V203

FIRST AMER:GVT OBLG Y

228,138.18

-3.62%

228,138.18
228,138.18

1.00
3.62%

228,138.18
0.00

0.12%
0.00

Aaa/AAAm
AAA

0.00
0.00

31846V203

FIRST AMER:GVT OBLG Y

827.99

-3.62%

827.99
827.99

1.00
3.62%

827.99
0.00

0.00%
0.00

Aaa/AAAm
AAA

0.00
0.00

228,966.17

3.62%

228,966.17
228,966.17

1.00
3.62%

228,966.17
0.00

0.12%
0.00

Total Money Market
Fund

0.00
0.00

23

HOLDINGS REPORT
City of Tustin Cons Account | Account #10795 | As of November 30, 2025
Cusip

Security Description

Par Value/
Units

Purchase
Date
Purchase
Yield

Cost Value
Book Value

Mkt
Price
Mkt
YTM

Market Value
Accrued Int.

% of Port.
Gain/Loss

Moody's/
S&P/
Fitch

Goldman Sachs Bank USA 1.05
08/25/2026

245,000.00

08/17/2021
1.15%

243,775.00
244,820.88

97.98
3.87%

240,050.76
690.70

0.13%
(4,770.12)

A1/A+
AA-

245,000.00

1.15%

243,775.00
244,820.88

97.98
3.87%

240,050.76
690.70

0.13%
(4,770.12)

Maturity
Duration

NEGOTIABLE CD
38149MYS6
Total Negotiable CD

0.73
0.72
0.73
0.72

US TREASURY
912797QZ3

UNITED STATES TREASURY
12/18/2025

1,750,000.00

06/17/2025
4.29%

1,713,507.76
1,746,572.55

99.82
3.97%

1,746,769.50
0.00

0.91%
196.95

P-1/A-1+
F1+

0.05
0.05

91282CBH3

UNITED STATES TREASURY 0.375
01/31/2026

2,000,000.00

04/27/2021
0.83%

1,957,500.00
1,998,509.20

99.40
3.99%

1,988,088.00
2,506.79

1.04%
(10,421.20)

Aa1/AA+
AA+

0.17
0.16

91282CGL9

UNITED STATES TREASURY 4.0
02/15/2026

1,000,000.00

07/24/2025
4.23%

998,710.94
999,522.10

100.04
3.77%

1,000,371.00
11,739.13

0.52%
848.90

Aa1/AA+
AA+

0.21
0.20

91282CBT7

UNITED STATES TREASURY 0.75
03/31/2026

2,000,000.00

04/27/2021
0.86%

1,989,531.25
1,999,301.31

99.01
3.78%

1,980,218.00
2,554.95

1.03%
(19,083.31)

Aa1/AA+
AA+

0.33
0.33

91282CNE7

UNITED STATES TREASURY 3.875
05/31/2027

2,000,000.00

11/20/2025
3.60%

2,008,046.88
2,007,902.15

100.46
3.56%

2,009,218.00
212.91

1.05%
1,315.85

Aa1/AA+
AA+

1.50
1.44

91282CNL1

UNITED STATES TREASURY 3.75
06/30/2027

1,400,000.00

07/16/2025
3.88%

1,396,554.69
1,397,216.69

100.30
3.55%

1,404,265.80
21,970.11

0.73%
7,049.11

Aa1/AA+
AA+

1.58
1.50

91282CFM8

UNITED STATES TREASURY 4.125
09/30/2027

3,740,000.00

-4.27%

3,719,978.91
3,730,942.45

101.06
3.52%

3,779,737.50
26,277.61

1.97%
48,795.05

Aa1/AA+
AA+

1.83
1.74

91282CLX7

UNITED STATES TREASURY 4.125
11/15/2027

2,500,000.00

02/18/2025
4.31%

2,487,792.97
2,491,266.71

101.14
3.51%

2,528,612.50
4,558.01

1.32%
37,345.79

Aa1/AA+
AA+

1.96
1.86

91282CGH8

UNITED STATES TREASURY 3.5
01/31/2028

1,500,000.00

02/23/2023
4.13%

1,458,281.25
1,481,646.53

100.00
3.50%

1,500,000.00
17,547.55

0.78%
18,353.47

Aa1/AA+
AA+

2.17
2.05

9128283W8

UNITED STATES TREASURY 2.75
02/15/2028

1,400,000.00

11/08/2024
4.22%

1,338,039.06
1,358,033.18

98.44
3.49%

1,378,125.00
11,298.91

0.72%
20,091.82

Aa1/AA+
AA+

2.21
2.10

91282CMW8

UNITED STATES TREASURY 3.75
04/15/2028

1,200,000.00

04/15/2025
3.84%

1,196,953.13
1,197,590.33

100.57
3.49%

1,206,890.40
5,810.44

0.63%
9,300.07

Aa1/AA+
AA+

2.38
2.24

91282CHA2

UNITED STATES TREASURY 3.5
04/30/2028

1,000,000.00

02/07/2025
4.31%

975,898.44
981,928.96

100.02
3.49%

1,000,156.00
2,997.24

0.52%
18,227.04

Aa1/AA+
AA+

2.42
2.29

9128285M8

UNITED STATES TREASURY 3.125
11/15/2028

1,500,000.00

02/29/2024
4.30%

1,425,351.56
1,453,127.72

98.96
3.50%

1,484,472.00
2,071.82

0.77%
31,344.28

Aa1/AA+
AA+

2.96
2.79

24

HOLDINGS REPORT
City of Tustin Cons Account | Account #10795 | As of November 30, 2025
Par Value/
Units

Purchase
Date
Purchase
Yield

Cost Value
Book Value

Mkt
Price
Mkt
YTM

Market Value
Accrued Int.

% of Port.
Gain/Loss

Moody's/
S&P/
Fitch

Maturity
Duration

Cusip

Security Description

9128286T2

UNITED STATES TREASURY 2.375
05/15/2029

1,350,000.00

05/16/2024
4.41%

1,228,130.86
1,265,747.27

96.27
3.53%

1,299,638.25
1,417.13

0.68%
33,890.98

Aa1/AA+
AA+

3.45
3.27

91282CKT7

UNITED STATES TREASURY 4.5
05/31/2029

1,500,000.00

06/02/2025
3.98%

1,528,710.94
1,525,146.69

103.17
3.53%

1,547,520.00
185.44

0.81%
22,373.31

Aa1/AA+
AA+

3.50
3.22

91282CEV9

UNITED STATES TREASURY 3.25
06/30/2029

1,500,000.00

08/15/2024
3.82%

1,462,089.84
1,472,148.07

99.03
3.54%

1,485,409.50
20,400.82

0.77%
13,261.43

Aa1/AA+
AA+

3.58
3.30

91282CFC0

UNITED STATES TREASURY 2.625
07/31/2029

1,500,000.00

08/15/2024
3.81%

1,420,078.13
1,440,919.63

96.87
3.54%

1,453,066.50
13,160.67

0.76%
12,146.87

Aa1/AA+
AA+

3.67
3.42

91282CLC3

UNITED STATES TREASURY 4.0
07/31/2029

1,200,000.00

04/15/2025
3.94%

1,202,812.50
1,202,401.48

101.55
3.54%

1,218,656.40
16,043.48

0.64%
16,254.92

Aa1/AA+
AA+

3.67
3.35

91282CFJ5

UNITED STATES TREASURY 3.125
08/31/2029

2,500,000.00

09/11/2024
3.52%

2,455,664.06
2,466,540.30

98.52
3.55%

2,462,987.50
19,854.97

1.28%
(3,552.80)

Aa1/AA+
AA+

3.75
3.47

91282CFT3

UNITED STATES TREASURY 4.0
10/31/2029

2,750,000.00

12/16/2024
4.27%

2,717,666.02
2,724,009.22

101.61
3.56%

2,794,151.25
9,419.89

1.46%
70,142.03

Aa1/AA+
AA+

3.92
3.59

91282CMA6

UNITED STATES TREASURY 4.125
11/30/2029

1,500,000.00

12/04/2024
4.08%

1,503,339.84
1,502,677.74

102.09
3.56%

1,531,288.50
169.99

0.80%
28,610.76

Aa1/AA+
AA+

4.00
3.66

91282CMD0

UNITED STATES TREASURY 4.375
12/31/2029

2,000,000.00

12/30/2024
4.39%

1,998,984.38
1,999,170.71

103.05
3.56%

2,061,016.00
36,616.85

1.07%
61,845.29

Aa1/AA+
AA+

4.08
3.66

91282CMU2

UNITED STATES TREASURY 4.0
03/31/2030

1,000,000.00

04/07/2025
3.77%

1,010,390.63
1,009,036.08

101.68
3.58%

1,016,797.00
6,813.19

0.53%
7,760.92

Aa1/AA+
AA+

4.33
3.93

91282CNG2

UNITED STATES TREASURY 4.0
05/31/2030

3,000,000.00

-4.01%

2,999,121.10
2,999,211.43

101.72
3.58%

3,051,681.00
329.67

1.59%
52,469.57

Aa1/AA+
AA+

4.50
4.09

91282CNN7

UNITED STATES TREASURY 3.875
07/31/2030

1,000,000.00

08/15/2025
3.82%

1,002,343.75
1,002,207.64

101.20
3.59%

1,011,953.00
12,951.77

0.53%
9,745.36

Aa1/AA+
AA+

4.67
4.19

91282CPA3

UNITED STATES TREASURY 3.625
09/30/2030

1,000,000.00

10/06/2025
3.73%

995,312.50
995,454.23

100.09
3.60%

1,000,938.00
6,174.45

0.52%
5,483.77

Aa1/AA+
AA+

4.83
4.37

91282CPD7

UNITED STATES TREASURY 3.625
10/31/2030

1,500,000.00

11/13/2025
3.70%

1,494,785.16
1,494,834.09

100.09
3.61%

1,501,288.50
4,656.42

0.78%
6,454.41

Aa1/AA+
AA+

4.92
4.45

Total US Treasury

46,290,000.00

3.77%

45,685,576.55
45,943,064.47

100.36
3.59%

46,443,315.10
257,740.20

24.21%
500,250.63

2.78
2.57

Total Portfolio

191,545,551.95

4.01%

190,352,648.70
190,676,784.50

56.48
3.80%

191,866,650.08
786,391.81

100.00%
1,189,865.58

1.56
1.40

25

HOLDINGS REPORT
City of Tustin Cons Account | Account #10795 | As of November 30, 2025
Cusip
Total Market Value +
Accrued

Security Description

Par Value/
Units

Purchase
Date
Purchase
Yield

Cost Value
Book Value

Mkt
Price
Mkt
YTM

Market Value
Accrued Int.

% of Port.
Gain/Loss

Moody's/
S&P/
Fitch

Maturity
Duration

192,653,041.89

26

TRANSACTIONS

27

TRANSACTION LEDGER
City of Tustin Cons Account | Account #10795|11/01/2025 Through 11/30/2025|
Transaction
Type

Settlement
CUSIP
Date

Quantity Security Description

Price

Acq/Disp
Yield

Amount

Interest Pur/
Sold

Total Amount

Gain/Loss

ACQUISITIONS
Purchase

11/14/2025 91282CPD7

UNITED STATES
1,500,000.00 TREASURY 3.625
10/31/2030

99.652

3.70%

(1,494,785.16)

(2,102.90)

(1,496,888.06)

0.00

Purchase

11/21/2025 91282CNE7

UNITED STATES
2,000,000.00 TREASURY 3.875
05/31/2027

100.402

3.60%

(2,008,046.88)

(36,844.26)

(2,044,891.14)

0.00

Total Purchase

3,500,000.00

(3,502,832.04)

(38,947.16)

(3,541,779.20)

0.00

TOTAL
ACQUISITIONS

3,500,000.00

(3,502,832.04)

(38,947.16)

(3,541,779.20)

0.00

DISPOSITIONS
Maturity

11/13/2025 14913R2H9

CATERPILLAR
(1,000,000.00) FINANCIAL SERVICES
CORP 0.8 11/13/2025

100.000

0.98%

1,000,000.00

0.00

1,000,000.00

0.00

Maturity

11/20/2025 912797QR1

(1,750,000.00)

UNITED STATES
TREASURY 11/20/2025

100.000

4.28%

1,750,000.00

0.00

1,750,000.00

0.00

Total Maturity

(2,750,000.00)

2,750,000.00

0.00

2,750,000.00

0.00

TOTAL
DISPOSITIONS

(2,750,000.00)

2,750,000.00

0.00

2,750,000.00

0.00

28

IMPORTANT DISCLOSURES
City of Tustin | As of November 30, 2025
2025 Chandler Asset Management, Inc, An Independent Registered Investment Adviser.
Information contained herein is confidential. Prices are provided by ICE Data Services Inc (“IDS”), an independent pricing source. In the event IDS does not provide a price or if the
price provided is not reflective of fair market value, Chandler will obtain pricing from an alternative approved third party pricing source in accordance with our written valuation
policy and procedures. Our valuation procedures are also disclosed in Item 5 of our Form ADV Part 2A.
Performance results are presented gross-of-advisory fees and represent the client’s Total Return. The deduction of advisory fees lowers performance results. These results include
the reinvestment of dividends and other earnings. Past performance may not be indicative of future results. Therefore, clients should not assume that future performance of any
specific investment or investment strategy will be profitable or equal to past performance levels. All investment strategies have the potential for profit or loss. Economic factors,
market conditions or changes in investment strategies, contributions or withdrawals may materially alter the performance and results of your portfolio.
Index returns assume reinvestment of all distributions. Historical performance results for investment indexes generally do not reflect the deduction of transaction and/or
custodial charges or the deduction of an investment management fee, the incurrence of which would have the effect of decreasing historical performance results. It is not
possible to invest directly in an index.
Source ICE Data Indices, LLC (“ICE”), used with permission. ICE permits use of the ICE indices and related data on an “as is” basis; ICE, its affiliates and their respective third party
suppliers disclaim any and all warranties and representations, express and/or implied, including any warranties of merchantability or fitness for a particular purpose or use,
including the indices, index data and any data included in, related to, or derived therefrom. Neither ICE data, its affiliates or their respective third party providers guarantee the
quality, adequacy, accuracy, timeliness or completeness of the indices or the index data or any component thereof, and the indices and index data and all components thereof
are provided on an “as is” basis and licensee’s use it at licensee’s own risk. ICE data, its affiliates and their respective third party do not sponsor, endorse, or recommend chandler
asset management, or any of its products or services.
This report is provided for informational purposes only and should not be construed as a specific investment or legal advice. The information contained herein was obtained from
sources believed to be reliable as of the date of publication, but may become outdated or superseded at any time without notice. Any opinions or views expressed are based on
current market conditions and are subject to change. This report may contain forecasts and forward-looking statements which are inherently limited and should not be relied
upon as indicator of future results. Past performance is not indicative of future results. This report is not intended to constitute an offer, solicitation, recommendation or advice
regarding any securities or investment strategy and should not be regarded by recipients as a substitute for the exercise of their own judgment.
Fixed income investments are subject to interest, credit and market risk. Interest rate risk: the value of fixed income investments will decline as interest rates rise. Credit risk: the
possibility that the borrower may not be able to repay interest and principal. Low rated bonds generally have to pay higher interest rates to attract investors willing to take on
greater risk. Market risk: the bond market in general could decline due to economic conditions, especially during periods of rising interest rates.
Ratings information have been provided by Moody’s, S&P and Fitch through data feeds we believe to be reliable as of the date of this statement, however we cannot guarantee
its accuracy.
Security level ratings for U.S. Agency issued mortgage-backed securities (“MBS”) reflect the issuer rating because the securities themselves are not rated. The issuing U.S. Agency
guarantees the full and timely payment of both principal and interest.

29

BENCHMARK DISCLOSURES
City of Tustin Cons Account | Account #10795 | As of November 30, 2025
Benchmark

Disclosure

ICE BofA 1-5 Yr US Treasury & Agency
Index

The ICE BofA 1-5 Year US Treasury & Agency Index tracks the performance of US dollar denominated US Treasury and nonsubordinated
US agency debt issued in the US domestic market. Qualifying securities must have an investment grade rating (based on an average
of Moody’s, S&P and Fitch). Qualifying securities must have at least one year remaining term to final maturity and less than five years
remaining term to final maturity, at least 18 months to maturity at time of issuance, a fixed coupon schedule, and a minimum amount
outstanding of $1 billion for sovereigns and $250 million for agencies.

ICE BofA 1-3 Yr US Treasury & Agency
Index

The ICE BofA 1-3 Year US Treasury & Agency Index tracks the performance of US dollar denominated US Treasury and nonsubordinated
US agency debt issued in the US domestic market. Qualifying securities must have an investment grade rating (based on an average of
Moody’s, S&P and Fitch). Qualifying securities must have at least one year remaining term to final maturity and less than three years
remaining term to final maturity, at least 18 months to maturity at time of issuance, a fixed coupon schedule, and a minimum amount
outstanding of $1 billion for sovereigns and $250 million for agencies.

30