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Page 4 of 7 <br /> <br />Purchases, Maturities, and Sells <br /> <br />During the quarter, the City's investment manager, Chandler Asset Management, purchased a <br />number of securities on behalf of the City. Several securities were also sold/matured as <br />presented in the tables below. Certain securities were sold at a loss with the intent of <br />reinvesting the funds with higher yields, as these securities were purchased before COVID <br />with much lower yields. Staff will continue to monitor cash inflows and outflows, taking into <br />consideration anticipated construction costs for large capital projects and unexpected events. <br />Below is a list of all the trades that occurred during the quarter ending December 31, 2025. <br /> <br /> <br /> <br /> <br />Section 115 Trust Fund <br /> <br />In December 2018, the City Council approved the investment of $28.0 million of various <br />reserves into a Section 115 Trust Fund to help smooth the pension liabilities, which are <br />expected to grow in the long run. The investment is made in two separate portfolios: the first <br />for $6.7 million in a Conservative portfolio which is available to pay the annual unfunded <br />liabilities if necessary, and the second for $21.3 million in a long-term Capital Growth portfolio. <br /> <br /> <br />Page 11 of 144