HomeMy WebLinkAbout06 QUARTLERY INVESTMENT REPORT FOR THE TUSTIN REDEVELOPMENT AGENCYr,
AGENDA REPORT
MEETING DATE
TO
FROM
FEBRUARY 19, 2019
MATTHEW S. WEST, ACTING CITY MANAGER
Agenda Item 6
Reviewed:
City Manager AQ
Finance Director
JOHN A. BUCHANAN, FINANCE DIRECTOR
JENNY LEISZ, DEPUTY DIRECTOR - FINANCIAL SERVICES
SUBJECT: QUARTERLY INVESTMENT REPORT FOR THE CITY OF TUSTIN AND THE
SUCCESSOR AGENCY FOR THE TUSTIN COMMUNITY REDEVELOPMENT
AGENCY
SUMMARY:
Government Code Section 53646 requires that the Treasurer make an Investment Report to the
City Council at least quarterly showing balances by authorized investment and certifying its
compliance with the adopted Investment Policy.
RECOMMENDATION:
Receive and file.
FISCAL IMPACT:
None.
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 ensuring that investments are in compliance with the
adopted Investment Policy.
DISCUSSION:
In compliance with Government Code Section 53646, the attached Investment Report reporting cash
and investments for the City of Tustin and the Successor Agency for the Tustin Community
Redevelopment Agency for the quarter ending December 31, 2018 is rendered.
The City's total cash and investments as of December 31, 2018 were $218.9 million, a decrease of
$3.9 million from September 30, 2018 total cash and investments of $222.8 million. The decrease
QUARTERLY INVESTMENT REPORT FOR THE CITY OF TUSTIN AND THE SUCCESSOR AGENCY FOR THE
TUSTIN COMMUNITY REDEVELOPMENT AGENCY
Page 2 of 3
in cash and investments of $3.9 million is primarily due to the significant outflows for various budgeted
construction projects which were offset by property taxes received in December. Also contributing
to the decrease in cash was the purchase of the two properties adjacent to the Simon Ranch
reservoir ($3.7 million) to facilitate water operations.
The weighted average portfolio yield as of December 31, 2018 was 2.15%, 13 basis points higher
than the weighted average portfolio yield of 2.02% as of September 30, 2018. The primary reason
for the slight increase in the weighted average portfolio yield is due to the continuing rise in California
Asset Management Program (CAMP) rates from 2.14% in September 2018 to 2.46% in December
2018. Also contributing to the increase in overall earnings, were $5.5 million in maturities of
investments which were earning between 0.875% and 1.65%, which were reinvested at higher rates
in CAMP.
The weighted average days to maturity were 554 days as of September 30, 2018, a decrease from
602 days as of September 30, 2018. The decrease in the weighted average days to maturity is due
to the decision to invest in highly liquid (overnight availability) funds in order to allow for possible
additional outflows within the next year related to unfunded liabilities for pension and other post -
employment benefits. On an ongoing basis, we are monitoring the City's projected cash flows so
that appropriate liquidity is maintained along with fair investment returns.
In June 2018, $6.6 million was contributed to the Public Agency Retirement Services (PARS) trust
to fund outstanding pension and other post -employment benefits (OPEB) liabilities. The PARS
statement and quarterly report are attached showing the balances as of December 31, 2018 and the
performance of the trust for the 3rd quarter of calendar year 2018. The trust decreased from a
balance of $6.8 million as of September 30, 2018, to $6.3 million at December 31, 2018, a decrease
of $0.5 million. Investment return for the last quarter ending December 31, 2018, was -6.5%. The
portfolio is invested in approximately half equities and half fixed income, with the objective of long-
term earnings. With this type of asset mix, the volatility in earnings is to be expected. The balances
as of January 23rd were $6.5 million, with some recovery of the short-term losses. Per our quarterly
review with the investment advisor at PARS, the portfolio was rebalanced twice during the last
quarter to restructure the sectors in which our portfolio is invested. Given that this is a long-term
investment (3-4 years until planned withdrawal), we have sufficient liquidity and budget for the
required CalPERS and OPEB payments. Our recommendation, which was reviewed with the
investment sub -committee, is to stay with the existing investment strategy (50% equities and 50%
fixed income). We will continue to monitor the PARS trust, with planned quarterly reviews with our
investment advisor.
QUARTERLY INVESTMENT REPORT FOR THE CITY OF TUSTIN AND THE SUCCESSOR AGENCY FOR THE
TUSTIN COMMUNITY REDEVELOPMENT AGENCY
Page 3of3
The investment portfolio is currently laddered to reflect the projected cash flow needs of the City for
the completion of various capital projects primarily within the Legacy and for funding of the new Tustin
Unified School District (TUSD) school building project. In January 2019, the City paid TUSD $15
million for additional funding for the new school. In addition, the portfolio is more liquid than would
normally be managed to allow for possible additional outflows within the next year related to
unfunded liabilities for pension and other post -employment benefits.
J
n4 Leis'
eputy Director - Financial Services
John .Buchanan
ance Director
Attachment: December 31, 2018 Quarterly Investment Report
PARS Trust Statement as of December 31, 2018
PARS Moderate Fact Sheet Q3 2018
0000000000000000000000000000
0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 o
Il tD u'1 d' m" ci O Cl 00 I*� lD ul tt M N .-1 O Ot W n tD i71 V M N .--i C
NNNNNNN N. .--I. . . .--i.-i.-I c -i r7 OOOOOOOOOC
0
0
0
0
co
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
a o 0 0 0 0 0
c o 0 0 0 0 0
0 0 0 0 0 0 0
P 10 u1 �r m N N
- 8r
02/
r
F/
8I �t N
o2/ \
- sr of/e
OC. '0" v
8 / H
9
oe
r/r ?1
c'I. F/F 1
/r T
ct F/rr
oro o
cr F/6, v
OC.
v
ro }
LL
' �r0 /9
,yrOC.-
19z
� F/F
/
19`%1 c
Oe N
9 Oei6, F-
ro1- o
/10 Y
9r /9 u
o K
�/r
sr F/F
OC.
/
rF/
er
�r
or
/t
8toc'/F/�l
O
8to2 F/6`
/O
8t0� F/9
/r
�t02, F/F
/r
`tot/F/fit
0
�t0 F'6,
/o
`tOr F/9
/l
9I. F/F
/r
9toe/F/fit
O
/O
St02, F/9
/t
st02, 6/F
/tF
r
iE�
N
D
F -
LL
O
r
0
CL
w
K
r
W
E O N
E
N
41
C M
> w
_ L
t
C 4!
w N
N o�
C Lr N
o �
w
CL
m O
~
f0 00 el
V
co
K
0000
O M 0
w 0 0
3 Oi N
17 LMJ
w
v o Ln
w ,4
C Lr N
u
O w N
m Cama
v
coo
Z w M
Vto
w 0 0
Q Oal �
� 00
LAM
'6 K
w
LL
N
r
C 01
0 00
m 0, e
CL 0 0000
u c M
C 00
3 K
w
N O LO
f0 m'^v�0
o w a n
W 0 00 .1
Z V 4A
v
c a,
m 00
.71 e
Q co O
C00
O K
2
ii
F-
in
`D
r
LL
O
a
r
a
z
c �
E ~
•. N
C M
T QJ
_ L
VI
aJ
V1
Cl)
Vf
J
(1)N
VI VI
N
N V1
a1 (1)
1A
m
V1
aJ
VI
a)
a1 m
Vf
0) a1 ai aJ aJ
r
r
r
r r
r r
r
r
r r
r r >
v
o
��
n
o
r,ro
Dc
o
r
ut
cr
>
Ln
m
--
Ul
w
c c
000`�
c
O
V 1-1
N
LO N
1 %61'91
�
a„
r
o
worse
r -I h
d
T
as
%co'Z1H
�
w
a+
O
OY
O U
O N
O
Y
y 0
y LL T N
o
m
f
o
f rn
o '°
o
m
E
a o
E
E— VI v
E
o
w
o
VI
•-
N
O a
~ w
fl- c
—F °
o_
°°
�? a
°° O@
v �I E o
c
76
m
- v
O\O o\° o\'
\
m
OR oz \ o\°
v
O
C
O
c
O O o O
O O O O
O
yl O
C
C al O
N (D O'
ui o
N N
fo
vi
w
d ,�
ra
ra z .�
T =p U O
O
E
Ln
Y
o
v
v O
VI
z
QCL
a N
VI } a1 =
m
y ci
i aJ
N
T O
Ln
`'I
LnL1
n h
i
i a M
U W i O
Q
C VI
a
VI
m O_
v
VI
'O VI
m
a
to w VI
>. o
'^ 'O Q
LL
a °
z
m
Ta
^
F
o^ o
m
c
m
�n
i n c
y
o C o
.�
vi
N
�-
m
T
U
VI
VI w
N
o -° v-
O
a`�
d
VI
o
a
y
$
Ln O`
I� m cu o
E
ELO
!tnI
E
Q
F
U
V
n
3
2
>
> U
V
<
w
%00'0 !,!
v
3e
n
%Sb'0
ut
cr
>
Ln
%16'bZ
--
Ul
w
O
L
1 %61'91
�
a„
r
o
worse
T
%co'Z1H
�
w
J
04
%6£'9b
N
O a
~ w
O\O o\° o\'
\
\ \
OR oz \ o\°
O
O
O o o
O O O
o
O
O O
O O
O O o O
O O O O
o
u)
V1 o N
V V m
O
m
ui o
N N
V1 o Vi O
N N
al
� u
C
-
0
v
Pni
CA
D
LL
O
F-
U U
r
0
z
E ~
u N
C M
T �
L £
0 w
0
u
a,
oa
m
to
cu
v
a,
s
Ln
C v
O
CD
W N
i+
O a
C ui
L >-
0 7
U 6
v
T
u m
O0
C:
LU a
z c mo
Q aj (u
J G +
� a n
Ou E v
Y z a z z a a+ z a a a+ z++z a a a
bn tL a a a a a a
m
r
co <aaaaa ac a a a a
0
'i
a N
0 m m m m m m m m m m m m
a a a a a a a a a a a a a a a a a a a
2
� W = + + _ :3+ D = _ _ � a a
LL z a Z z a a Q z a a Q a z++ z a a Q
m
y a a a a a a a a a a a a a a a a a a
v
3
j N
0 m N N N N m cy M M M N N N
m m m m m m m m m a a a a a a a a a a a a m < m
a a a a a a a
5
c
no
E E m aa s a a a+ a a a a a+ a a+
zr o a a a a a a a a a a a a a a a a a a a
a,
O O O O O O O O O O O O O Om O O O O O
a! O O O O O O O O O O O O O I� O O O O O
u O O O O O O O O O O O O O O N0 O O O O
Iy £ O O O O O O O O O O O O O co O O O O O
a O O O O O O O O O O O O O V O O O O O
ci N N N ci N 1-1 N I -ii li ci -1 ci N i--1 1-1 1-1 i A ei
V1 'T 00 cl O O O O O n CO M N Ln I, n n 00 00
0 xN 0 Z CI Z I- U 0 N > U n- 0 a 0 (D
a_ a s m U LL m m m a m 0 o w 0 a w m ,n
N `H 2 M M c> -I O^ m N -4-It kD 00 -4 w w m a 00 00
O 00 00 m w I- N M O O n M M N -1 00 00
M Ln n n ^ n ;Zr O 'I D) V I, N N N w r -I O m
u1 N M M m O 00 W M V M c-1 d' M m N M V
0. 0.
O o
c V U
C O a r+
> 0 ; 0
VNf J (i 3 m m c c Y
o Y - 0J a n v v y a m
CL o Eo `o
LU m m 2 O U y U m YO YO O O
c ci u m m v v m v$ V' 2 2 in V) m
0 V v o c m m c m LL
o m a Q -I& > u U ° v u o o a E E
o E 0_ 0_ m m a`� s o " w o 0 a v m m v
a a a a m m m V U 00 D_ D_ >
i�
v
t £
c
0
�o
N
C
E
z C z a
Q
LA -zr m t0
N m N ti
O N N N
0
c o c a
'i
M ea -I M O
m
a
Cv a
E
Y
0)
N
O m N n
a
Oo
klnmo
a
1l
a of 0 r;
00
a
-T m N O
w
M
M O tD N
N
a
M N N l!1
N
M
1,
00
N
n
00
m V Ln m
.i
N
M 'i M O
m
N
m
0 m n n
a
tc
c0 n'm o
a
00
v mw n
00
tD
M O tD N
N
w
M r-1 N L!1
N
M
N
n
00
N
C
E
z C z a
Q
LA -zr m t0
N m N ti
O N N N
0
c o c a
Y a 3
LL
o
N Y Y U
a
Cv a
E
Y
0)
2 N N
G
tmL
= > > 0
E c a
>
t7
L!3
v o 1.11
Ln Cm fn C
N N
? -O "M
0
H
s -O
0
v
d
to rn
o
m
emi
IR Li
N
N
M
O a
t7
L!3
00
m N
0
cn
v
a N
N
11
n N
OMi
t0
n
M
00
00
e-4
N
00
N
ei
N
I
0
H
s -O
0
v
d
II
0
� o
r
Q1
Mo
76
v
LL
3
N
i+
O
CL
4)
O1
u
H
d
f0
0
J
C
O
CL
`u
N
O
O w m w m 0 n N
w O w 171 M 17! n n
N N w N O Ll
1A 171 M fT
ei
O w M w m 111 n N
w O w M m f71 n n
i-1 O M O w n M N
N N w N O Lf1
tri 17i ui f71
n ri n
Z Z Z Z z z Z Z
O w M w m 1f1 n N N
w O w 171 to 01 n n M
N O M O w n M N 'i
1n o
ui ui ui m �c
O N N N w
N 1n .-I rt V
n 11 n w
'i N
C C
LL LL
3 3 m 0 LL L
c
vi vi v
o o c w
m m m v
C N w M
Om (LI 3 3
c c
o a'f >
fn
fu
m Y
3 3
r
QN N
L
O
VI
0)
u
U
V
7
H
10
0
N
0
v
d
0
m
L
u
..0V)
(U
V)z
2j c
ai
>
LL
c
0
W0
w
'n
a)
LJ
LU
>
ro C:
E
4)
0
O
cl
1,
CaC
oC
a
9
C:
E
CAC
u
01 <-
a Ln
o -0
> m
0 0
0 0
E C :ut
O E
U V
C>L'C)
Ri
L) c c:
C f -0
W 75
V)
CU
C:
ro
Ea
0 t m
0c
U
0. m
U,
O
a Z7
C,
cl) a)
O lu
E
V
> Q.
Q) C:
IV
0,
u
..0V)
(U
2j c
> >.
0
>
c
_0
w
CC',
Q) O
ro C:
O
'S ::,-c
CaC
oC
a
Q7
t8 W
-0
u
(u CU
u
Fu
Q)
w
0-o
c
>
ro �6
0 0
0
E
E
E
<
76
C
m
Uo
Cc:
E
76
0
uj
CL
LU
z
LAJ
0
5 m U
+
LU
:5
E
> <
<
>
ui
�14
cc
Z f6 Z
Ln
2 M
< > Ix
<
03
LLA < 0
Z
lz
9O h+
9
C:
E
CAC
u
01 <-
a Ln
o -0
> m
0 0
0 0
E C :ut
O E
U V
C>L'C)
Ri
L) c c:
C f -0
W 75
V)
CU
C:
ro
Ea
0 t m
0c
U
0. m
U,
O
a Z7
C,
cl) a)
O lu
E
V
> Q.
Q) C:
IV
0,
N
D
LL
O
U
r
0
o.
s
c
v �
O
i N
� M
> a
t E
c 0
0
� o
o0oowoMavlcl N
0000'iori iMo O
O N 00 O O N o Ln to N q
O a N N lc n 0^1 O N
m m C) aq mi 4 0 14
O to rl O M O t0 N tl
M 00 1, V1 M N N Ln l0
W M N P N
N
O N O O M M M d' M 01 m
o v a 0 0o tO M Ci 0 vi
O 1, 01 O V o 0 In In N In
001 001 N lrl 00 l°0 n (n O -1
00 00 C' l0 q 01 t0 1% n
00 In M to V 01 N O O
00 1l a Ln M 0 l0 N O
M 00 00 Ln M N N V1 00
tD M N i� r•I
N
O cn O O ID r, M O O M
O O O V1 In N
O N ^
v O ,4 � 'i O ci m
opIn to llO LA
n 4 ei .-I M .•-I Z Z z Z
z
Ln m Ln Ln in
Z Z z Z Z
000000<<<<
0 0 0 0 0 0--------
0 0 0 0 0 o Z Z Z Z
00 O O
O O O O
O O LO O
O 00 m O
01 t0 V V1
m 00 00 Ln
to m N
c c a° a" o a a
o c m ° 3
m o a ;: o v° LL Q
Q CO O Co c U
m ca rA a a
v~i P Z m £ E £
E\ a v C, m
£ = °
N o > o
0 O V c at
u aai « > c
O c E
o 0U oa
ar 0) Qto
m
40 m 1°
u u c
c
w � J (4
V QLL vOi
7 Q
°
0
w
V
O
O
O
O
0
N
m
M
In
Ln
M
N
O
M
tt
N
N
lD
N
N
m
01
M
ll1
N
as
a
v
U
w w fr K K
z z z z z
K af K K a'
z z z z z
N
0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
m
m
o_
fp N N N W t0 O O M W M h O M v M m N N O m n n. V M
d' O 01 m O 4 M 4 N W m mW h M N m m m h O m M v
OJ O V O V I� 7 m � W r � 0 (V IN 'C O O q 'C o V' N h h
M
m n W M h
� � V O� 'V N N d' � N � N
t0 N O N (O (O (0 N r m
r (O O O m
N N N N N N N N N N N N N N N N N N N N N N N N N N N
0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 n o 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 a o 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 o a o O o
0 0 0 0 0 0 0 o O O O O O O o 0 0 0 0 0 O o 0 o O o 0
0 0 0 0 0 0 0 O a o 0 0 0 0 0 0 0 0 0 0 0 00 0 0 0 a
0 0 0ro m 0 0 0 C 06 0ro 0 0� 0 0 0 0 0 0 C 0 0 0 0 C C 0 0 0
co ro cro
N N N N N N N N N N N N N N N N N N N N N N N N N N N
0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 a 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
O O 0 0 O o O o 0 0 0 O o O O 0 O O O O OO O 0 O o 0
0 0 0 0 0 O o 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 C 0 0 0 Cl 0 0 0 Cl 0 0 0 0 0 0 0 0 0 0 0 0
W W W 00 W w o w OJ W W W W W M o W 0 tD W M N 0 OJ OJ W OJ
x K(If m fr K K x K K Of Of m m x0� R K of K K d' K 0' iy x 0'
z z z z z z z z z z z z z z z z z z z z z z z z z z z
0� m K K K x Of K I K K K K K x K x x w af x K Of K K Of K
z z z z z z z z z z z z z z z z z z z z z z z z z z z
a o rn 0 } a 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
o N N M o N 0 O 0 0 N m 0 a t0 O (O 0 . 0 N O 0 0 0 0 O 0 0 N N 0
N d; N m N M O O O L V N O � v O t0 O m V Lq N O h N I� n �O Lq v v }
oN N o r (V (V r r c- r r r r r r N r (V r r r r r r r r r r r r r r r
�U
u� n to � to m co (o to to n n to to v h v v n 0 to n� m n n 0 h n h h h
0 0 0 o O O o 0 o O o O o 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
N N N NN N N N N N N N N N N N N N N N N N N N N N N N N N N N
O O O o O h r2 O W N v N 00 O m
w (` N r M M M r M N N N N N M M r N N r r N N M M
Q O � (O S (O W OD (D a0 tO r t(J to h n' V r r W to N M
d
N
m Q d Q Q Q m m m m m m m m m m m m m m m m m m m m m m m m m m m
m z z z z z 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
D N N N N N N N N N N N N N N N N N N N N N N N N N N
w h m m W W (� v W M O m O m (O m OJ 4c, m W m M W M M (0
rr r N Nr r r r r r N N
r
N
'G'
O O m m N d' 00 CO O O o
O h O (p t0 O O m
�O an N (O c c r r iO m m O O N N N M M M M <{ <} v
r N N N N N N N N N N N N N N
~ 'C
`a
Y
OcNv
r0i o o W o Q Y Q Q w m m m Q (Wy Q m w m m d U r
m U p m
m o v d v (o lL
a_ o a a_
v 2 (00 (O m
r v to m h M v n n o to m
O o
J U � J J t0 M M M M r O M th M t0 N O m r N O V' tO o N M M M N to r
ie m
O m O m
n to m to m N
M NO co N N m N m m a o o m O
II EL O m m m m N O N N M « o (O m ` m m N ^ 0 N N N m
C cG O C G o O Y W t0 N N O m o O �- N N CO
O N m LL L=L d
O C Y d Z n W m N 0 m l0 S W N m fzz m
N a N C C Q> w0 N m N z L(o
y m U d rn O Q r a U m '> > Y F- .- rn
N j C m a-
> m O C
y C m C y y m N c. Y N C mT O J
d N O T ? C 0] m C m
m O O E
y c Q E o '., d m (° m� m M lll m c O m
z m E W .n C C V1 m m (Cp (0 ,,0, J y mC (n (n m (% mC C � U
Q E O O Q O -: u U O) m m O O Q O m 3 O N c m 3 U p C G o C ry m m T
O p C O) Fru
EL a w l7 (� m (/7 N .0 N Ci m L (Q N .0 N O) — m m N _ m E N
N E v N N O N .y.. C C M N N m ;O G C d 'm0 OI mm m m a Y
A J 0 J m 0 3 co 0 2 E U- E LL U tO z t0 IL lL Y to ❑ Q w m U m C 20 20 rG ILL LL W U J m
0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
vo
IL �
a
M d' 0 0 0 LLi N m 0 N co It M N O (O w O W �O O CO O O M. (O N O O N (p O
M M N 1� O O W I- O (O O O V O M r (O O] O O M I- O M d
(O N ' (O W R (O W T N N
f� a) O O OJ N m O o N •d' 'Q O O] N o M M (O (V C> (O (fi N V' o N w
(O o
N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N
0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 o 0 o a o 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0 O 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
r r r r r r r r r r r r r r r r r r .- r r r r r r r r r r r r r r r r .- r
0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 o O o 0 0
0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
0 0 0 0 O 0 0 o O o O o 0 0 0 0 0 0 0 0 o O o 0 0 o 0 o o O O o O O o O O
0 0 0 0 0 o O o 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 ao 0 0 0 0 0
0 C 0 0 0 C 0 0 C 0 C 0 0 0 0 0 0 c c c C o 0 0 0 C C C C 0 0 0 0 0 0 0 0
V V V W
N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N
w 0 0 0 0 0 0 0 0 0 0 o O o 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
m 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 o O o 0 0 0 0 o O 0 0 0 0 0 0 0 0 0 0 0
m 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0. 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
•c a o 0 0 0 0 0 0 0 0 0 0 0 0 0 o O o 0 0 0 0 0 0 0 0 0 0 0 00 0 0 0 0 0 0 0 0 0 0 0
y 0 0 0 0 C 0 C 0 0 C 0 C 0 C 0 0 0 0 0 0 0 0 0 0 0 0 C C C 0 0 0 0 0 0 0 0 0 o 0 0 0
co ai ao ro 0 of co 0 0 m 0 05 ro 0 m m ro m m m ro 0o w w m m m m w m o5 ro 0 (0 0 ro of cd co (ti
v v v v v v v v v v v v v v v v v v v v v v v v v v v v v v v v v v v v v v v v v v
N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N
O
Q
d
u
LL
C
.p
� N
a
d
Z Z Z Z Z Z Z Z Z Z Z Z Z Z Z Z Z Z Z Z Z Z Z Z Z Z Z Z Z Z Z Z Z Z Z Z Z Z Z Z Z Z
Ol
ao
C
A
a
i D� m CK m D� D� Of fE ir W W X D� 0� O! Of Ir Ir W W W O� W 0� C� X O� W W X X m W m IY fl� C Z X W
U Z Z Z Z Z Z Z Z Z Z Z Z Z Z Z Z Z Z Z Z Z z z Z Z Z z Z Z Z Z Z Z Z Z Z Z Z Z Z Z z
0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 a 0 0 0 0 0 0 0 0 0 0 0 0 o a o 0 0 0 0 0 0 0 0 0 0 0
C� (q q rn o (q w (q (n (q o cn 0 0
(n O r N I� N — W — — (O — (O I� N — - (O - — r M O (O — (O (O n O O M N — (O (O CO f� n
w0 r N N r r r (V �-- r r r r r r r r r .-- r r r r r r r r r r r r r r r r r r r hl N r .-
�U r
� �n v v � � � v� (o � � �n (n (n � (o � n � � r t� n• m �n r � � � � n n � r� r i. r� m �n n n
0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N
N N
m
d r
y
y rn rn rn 0 rn rn rn rn rn o 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 o 0 o o
N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N
m 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Q N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N
�
O r r r r r r r r r •\- r r (� (� N N (� (� N (h d' V V 'V' (� � �O LL'J �O to � (O (O (D (O
R
F •C
b R
d
O (O `�O O -W
O O (O W (n K x F ^ } M Y O Y Z i m Z
LL F O U Q Q 5 LL LL❑ m Q C7 m Fa- m m } U❑} IL
J I- z Q Q
(`�') OMO (UO N O V V r r(UO r O
0 N 0 M N - 0 ONi
(O V (O i� r N O r O N OD N V f� O v M V' (O N M O N O M M (O
N O O O O O O V d' p m O d'
v
W t0 r c{ O O O M
(O O
O r N N N (O O
O O O N N O O. O N O M pN N O N OJ N N
N N t0 N N O N 10 N r O O 0
N O Y O N Q N N r �O O (� U (� N N dD N C r E �_ N E 4 O (O t0 C N O M M
O O O m N N N (� t0 O O (D .O. r N N N (V N R ON Y N `- U (n O C t0 d O r (p
•6 �O Or O N w N W O a U N m 0O CC,
'7
•C r �O O � C E N r r r r C ❑ M C oC C Y O (� N � M
CI C (O W U r N W m C LY m N Y Q M N Y a w m (O Y m m w N C O N
❑ N F- r WO I� C Y m w N Q w O r `- N C N r m lL .) O C N O W N C O 2 N (0 m U
❑ N (V tQ d m N N O O> J C mT O C r C C m m O G L C r N C m Y N `- m S v7' p
,] Y A E-6 0 .- U N UJ (p C Y N NiL
NN C N O O O O W m ❑ Z O C y N m V) N m m N W Z m (n m �O O O U m .Oi' N N .0. O y
3 m U m TN mN C =p a U m N> 3 C m N C U N N� O —N pN0 N N R C UNO d m0 -U5
3 C
C N _ MnN w C U (0
C 6 O U w N t6 O a; m L � N c o
m c� :cQ Y '� , U a rn Y 0— c'. iv o f m N E. Ly m N �N m E c v EN c '2 `m m a m
Ute. T N N C O O 3 C C U .0 N C E l6 Y w T C a C C .. ` (") LL N (�` N E N E O N > O.
N d t6 d r t0 E W N O (p t0 Qr 0) Ul Ul O` E2 O N Cc O O (0 (p N r m r O O J N d O O •C O S L
U) U v Yr �� m¢ u c7 a❑ m a nN m m y m v L Y m t7 zm w �v n u U O x y Y n o m U 0
N
s o 0 0 0 0 o a o 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 o a o 0 o a o 0 0 0 0 0 0 0
IL m
E
ro N M
O� M0p VO' M q W (O hM� Oh h NN Mm hO� Vm hN T to Mh m ON hW OJ mM m hM m V' -R d' O VO O M O tNo N oO (RM O 0 V 10 VM o O 0 O fV dO N o
0
b sO� M N V N (00 N cc (�O O N N O O (cp �( W cl P- N m tMD N (MO (MO N N M O M M M
V
N N N N N N N N N
Y N N N N N N N N N N N N N N N N N N N N N
R
0 O a 0 0 o a 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 o 0 0 0 0 0 0 0 o 0 o 0 o 0 0 0 0 0 0
a`
N
O
U
O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O
O 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
'a o 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
v o 0 0 C 0 0 0 0 C 0 0 C 0 C C C 0 C 0 0 0 0 0 0 0 0 0 C C C 0 0 0 0 0 0 0 0 C 0 0
� 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Cl 0 0 0 Cl 0
v of od ro 0 0 of ro 0 ro 0 of tti ro ro ro 0 ro 0 0 m of of a6 of of 0 g m 0 0 m ai ai cd co (o m g of 0
N N N N N N N N N N N N N N N N
} d
N N
A —
0
O
U
m o 0 0 0 0 0 0 0 0 o o o o o a o 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 o 0 0 0 0 0 0
y 0 0 0 0 0 0 0 0 0 0 0 o a o 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 o 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 o 0 0 0 0 0 0
L O 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 C 0 0 0 0 0 0 0 0 0 0 0 0 0 0 C 0 0 C 0 O o 0 C 0 C 0 0 0 0
� 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
ao co co co m of c0o 0 m 0 0 0 a6 ro 0 0 ro m m m ao ro ro of co ro 0 to m (o m of of g g ro 0 r m g of
N N N N N N N v N N N N N N N N N v v N N v N v v v N v v v v v N v v N v N v v v
� N N N N N N N N N N N N N N N N N N N N N N N N N 6V N N N N N N N N N N N N N N N
O
E
Q
d
V
R
LL
Ol
C
� N
a
a
U z z z z z z z z z z z z z z z z z z z z z z z z z z z z z z z z z z z z [ifz z z z z
Z Z Z z Z Z Z Z Z Z z z Z z Z z Z z z z z z z z z z Z Z Z z z z z Z Z z z Z z z z
c
�r
a
K K of D� m ly af af0: m K af af w w wC� w w w w w a� w w w Q� K x w K w w x
U z Z Z Z Z Z Z z z z z z z z z z z z z z z z z Z z z z z z z z z z z z z z z z z z
0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 o O o o -0 0
OR
I� M N W h h h h OJ I-: W M m m r N O W (11 W m m N m O O m m m O ro O M W W M 00
M N M M cV N N M .-- M r r N r r
�U
h h co �n �n M h n h (o M co h h h h h h <o co m co h h m co h co w ro m ro ro o h m h h ro h h
0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 o o 0 o o 0 0 0 0 0 o o
E w a N N a N N M O N M N r N r c N N a N N N N ON N N N N N N N M
N h 00 t0 LL� 4f? N (0 CD O r W W W (O f0 M O r (5M to (O (O N (5 N (A (O t0 O O O m (D t0
�-
a
N
y o o o o o 0 0 0 o o o o o
N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N
A O O o O O O O O O o o O O a O O O O O O O O O O O O O O O O O O O O O O O O O O O
D N N N N N N N N N N N N N N N N N NQ N N N N N N N N N N N N N N N N N N N N N N
M h h (V cp O m M m V t0 of r W W CO m O
C r N N N N M N N N
CO m m r r a N V E Q. O to to (o N co co O N co co to m co io
Nw N vo N M m V V m M wo N h (0 (O h h O M M O O O O N
(O h h m m M M 00 m O N V' V' � h h h CO OJ m M (O (O h h m m m m O O a O
O >
H
N N
❑ �2
d
V hQ h M W M (O M O O M V 00 p� N O x� c0 h M M V OO M h N W cn (nO SMC m m O N h (O
t Q m ❑ U m ¢ ZU m " (7 C7 ¢ ❑ WWQ m ¢ ¢ m ❑ m U ¢ Q m z ❑ m ¢ W x m lUt ¢ a ¢ ¢
LL LL h w¢ m r in a o (n h LL' >- (n o M X m M z Y m M (o J C'1 > a> ¢ w a Ci (n w ❑
N �f1 LL] W N O h m O W O (O (O OJ (p OD O M N M h m W LL'1 M N N N O h h O
O W h V O wm V I� O V N O N (O N M N h �fl to N
7 M to O N M h N h O m m m O O m h M (O
N N d' M O M M m W O f0 M (p M h h N d' N m M h (D
O M O O OJ M O O h (O M M M M O m M o M M �O O h Op M r N N h M O m N
O 0 o N N O N
N N O N N O OJ N OI
O N r ON C N 15 N r N
aM- N N N d N O0 d N a N U O r M h N W o U N
W N N N m733
O X ? I� N U N N N .�- O N
N W ^ N O W r (� y N ¢ Y N r N R V O (O N N (V d ¢ C M
N O fV C N N ro C N t0 U N (p
O N J ^ Y N N C M N N ch- O (� C N O Or m d M U N m « m W N
N r N o ¢ C .! N N C I m F O N M l6 m N N O? N �i I2 � N d U C r ¢ m W
y N C N (O C t0 m W N m C m °6 N y �_ } m > N m N r '00 F- U u) m m N O O O m J N r
m m ..T+ O Y C _ c j O Y E rn (p Y
N w .\N- O r C t0 Z d Z O N Y N N E O C N LL o!j C
W N m C w 'C E N N m a m N N N V Y Gc k LL C w �- N U l0 'C Z fn
tV 'OO C r CO ti rM' N m h O� r lUL >. O W m C a p m LL N y N C m d 'O C N W m
m L N y (n LL m Y Y> Y Y '� m N m C N
O d C N m Z O N C d C d .0 O J U LL O C N Y m N C J m 'OO C N
.y.. N ❑ U W E N O N O N d U C N '00 C N In O C U U O Y '� ❑ N (0 N U N U N m C N C N m y N = IL N m (n
O �p m L 'U :O U N m C C m m 11 LCL \ m 0 m C m U t0 O O N F- N C m m ti N m N C N N N m C d
.� W .N.. N N O N E r E 3 O N O i N j - UJ N C O L N O N O N O U N C N 03 N N C N W (U w
r IL m U m w LL J ¢ r ¢ T 2 x U lL lL .\- J J ¢ D E Z I- U �- m d �O [n (O ll. tp U W U d' � (O F- � z
4
<
0
r <
0 0
<
0
<
0
< <
0 0
< <
0 0
<
0
< < r r
0 0 0 0
r
0
r r
0 0
r
0
< < <
0 0 0
<
0
<
0
<
0
r
0
r
0
<
0
r
0
r
0
r
0
<
0
r
0
r
0
<
0
r
0
r < <
0 0 0
0 0
o
a
O
M
(O O
O
O m
CO
O
01 Cm M (0
V
N O
M
't V aJ
M
M
O
O
V
N
CO
M
m
O
r
O V
M
O O
CO
7
(0
M
CO t0
N •d'
t0 o
m r
CA
r
d' 'd' (V o
N M (O
0
m
O N
-h
0N
r
N
N
o
d'
V
I�
O
Cn
h
10
N
W
o
O
(�
m
(O
O
l[1
N
(O
W O)
>(O
O
O O
O
r
O
N O
O h
ro V
m r
r
O
N ( (O N m
r
I�
a m
V
V �O
CO
W
r
O
M
N
V
N
W
O
r
M
M
V
M W r
Y
N
N N
N
N
N N
N N
N
N N N N
N
N N
N
N N N N
N
N
N
N
N
N
N
N
N
N
N
N
N
N
N N N
b
�2
o
o o
o
0
0 0
0 0
0
0 o O r
O
o 0
o
o o o
o
o
0
o
m
o
o
o
o
o
o
o
m
0
0 0 0
�
o
0 0
0
0
0 0
0 0
o
O o o m
o
0 0
0
0 0 0
0
0
0
o
r
o
0
0
o
O
o
0
of
o
0 0 0
IL
r
r
r rn
r
0
U
o
o o
o
o
o o
o o
o
o o o m
o
o (O
o
0 0 0
0
0
0
o
m
o
0
0
0
0
0
0
0
0
0 0 0
0
O
0 0
o o
0
o
0
o
0 0
o o
0q
o o
0
o
0 0 0 01
o o o d'
0
o
0 C1
o (0
O
o
o 0 0
O O.
0q
o
o
0
o
o
o
()Ro
t0
o
0
o
0
o
0q
o
o
o
o
O
o
o
W
0
o
0 0 0
0 o o
2
o
0
o o
0 0
o
0
o
0
o o
0 0
o o
0 0
o
o
o o o
O o o v
0
o
o�
0
o
c
o o o
0 c C
o
c
o
0
o
c
o
o
w
o
o
O
0
o
0
o
0
0
0
o
0
0
c
0
0
o
C
o o o
0 0 0
U
CO
N t0
W
of
W m
CO W
W
CO I� CO r
CO
CO 1�
N
W m aD
[O
W
00
m
h
W
a0
N
W
M
r
W
r
0
W ro CO
N
t
o
O d
� C
A
N
O
U
m
L
o
0
0 0
0 0
0
0
0
0
0 0
0 0
0 0
0 0
0
0
0 0 0 0
0 0 o O
0
o
0 0
0 0
0
0
o o o
0 0 0
o
0
o
0
o
0
o
o
o
O
o
o
o
o
o
O
o
O
o
o
o
0
0
o
0
O
0
o
0 0 0
0 0 0
o
o o o
o
0
o
o
O
O
o
o
o
o
0
o
o
.
o o o
y
o
0
0 0
0 0
0
0
0
O
0 0
o C
0 0
0 c
0
C
0 0 0 0
0 C 0 0
0
C
0 0
c c
o
0
o o o
0 0 o
o
O
0
o
0
0
0
c
0
0
0
0
o
0
a
o
o
0
0
C
0
c
o
0C
O
-
o
0
o o o
0 c 0
3
of
m m
co
of
a6 m
m
ai r m of
ro
cd
ro
ro m
ro
ro
m
m
cd
ro
of
of
m
h
of
of
cd of c6
O
E
m
v
u.
rn
c
� N
a
v
U
z
z
z
z
z
z
W z z z
z
z
z
z
z
z
z
z
z
z
z
z
z
z
z z
z
z
z
z
z z
z
z z
z
z z z z
z
z z
z
z
Z
z z z
Z Z Z
Z
Z
z
z
Z
z
Z
z
z
z
z
z
z
z
Z
z
z
z
z
z z
Z Z z
m
c
a
+o-
K
K K
KK
K K
K K
K
K K af of
of
K K
w
K K KG:
2
K
K
of
K
K
K
K
K
K
x
K
K
a:wa�
U
z
z z
z
z
z z
z z
z
z z z z
z
Z z
z
z z z
z
z
z
z
z
Z
Z
z
z
z
z
z
z
z
z z z
0
0 0
0
0
0 0
0 0
0
0 0 o rn
O
o 0
0
0 o M
o
0
o
r
m
o
o
o
o
o
o
o
^
0
o o o
�
N
l0 O
�
(O
-Rm
q
O O
O V
(0 «1
W (0
O
O
(O O N
q V O O O
O
O
4R O
of O
O
O
aO c
m q O
O
.
lC?
O
r
O
N
O
O
O
(O
O
O
O
O
O
N
O q
�
fO.
O
O N N
r
N
N
N
N
N
N
(V
N
N
N
N
N
N
r
N
(V N N
U
o
o o
o
o
o o
o o
o
o o o o
o
o o
o
o o o
O
O
o
O
o
o
o
o
o
O
o
o
o
o
o o o
N
p
N N
N
m
N
N N
M
N N
N
N
N N N N
M
N
LL)
N N
M
N
N N N
N
O
N
N
N
N
N
N
N
M
N
N
N
N
N
N
N N N
N N
M
r
N
<
r
(O
r
N
N c c
<
01
r
M
N r
N
N
M
(p
(O
m
N
Izz
ap
C,
M
r
N <
�
M M
m M
w
M a o r
N
ro
N
v
r
r
N
N
N
N
(o
(o
(o
r
ti
ro
ao o<
w
N
y
N
N N N
N
N
N
N
N
N
N
N
N
N
N
N
N
N
N N N
i0
N
O
N N
O O
N
O
N
O
N N
O O
N N
O O
N
O
N N N N
O O O O
N
O
N N
O O
N
O
N N N
O O O
N
O
N
O
N
O
N
O
N
O
N
O
(V
O
N
O
N
O
N
O
N
O
N
O
N
O
N
O
N N N
O O O
N
N N
N
N
N N
N N
N
N N N N
N
N N
N
N N N
N
N
N
N
N
N
N
N
N
N
N
N
N
N
N N N
O
d' d'
m
M
O M
O
M M M O
(p
O
O
N M
O
O
(O
l0
M
r
W
W
O
a
V
M
a M M
r
< < r
<
m
N N
Q) m
M
m
m
m
(O (O
m O)
N t0
O a7
(O
W
(O N
m o O O
(O
O
W W
O O
V W m
O
N
O
N
N
N
V
N
c0
N
h
N
r
N
r
N
r
N
r
N
C\
N
01
N
M m O
m m
O�
a
(>
d
-moi Ci
O
N
CO �O
a0
m
W r O 01
O
M O
K
O
Z
V O M
U
r
K
LL
!n
M
C7
M
M
r
N
W
V
OD
(p
N M N
a
2 a
FQ
W N
} ¢
X
Q
U
M U U m
Z 0- Q
Ci
U
Q U
m
U
�zp
U }
Q
m
Q
a'
¢
1'
U
Q
W
W
U
U
Y
(7
n
O
N
r
M O
r
h
O M
N (O
m
N
N r N
V
w
m
.7
V
N
>
O m
o
t0
m
M
O
(O
V
(0
O
(O
(p
M
M
N
V'
M
O
o
(p
r
Om
(0
m
m
O m m
h
r
. W
O
m
V
M
l0
m
m
M
V'
M
O
r
V'
r
O
O
ID
V
V'
dD
w
r O
M
O
m N
V
m W
N
M O
O
V
M
m
M
M
w
m
M
O
O
r
8
(OO
N (m0
tr0
(MO 001
+��
N
(D
(+N1
(7
(M'l
M o O
�
N
O O
N
N
<
� N �r-
N
-
O
r
M
N
N
O
T
a)
O
M M
""
<
p O
O O
<
N a N
N
N
N
fV
(O
a
p
U
N
N N
M
I_ h
n
N M
H N
(0
.�.
N N
N
N N
C
a 'V NO
(V
i(1
U
N
G
c
m
y
r
N
O .M --
(0
m
(O
y
C
`- V'
r
W
~'
N N O
Z
O
N M
N
�0 t0 N
O
(O
O
(V
N
M
O
N
r
N
N N
C
Vl
W
N
M <
B
.M-
O O N
O.
Qi p
Ol
O�
N
U
y
N
C
C
p
cM-
(�
C
y
O
m
l9
Y E-
O y
N N O
y� N
W
U
Y
U Q
l9
V
O
C
l0
O
d
IL
to
E
c
N
U
y
C
(0
O N
C
>
U Q
N
m
l0
m
W m C
t0 O �O
C
N
y
r C
C
N
�- m
N
m
U
=
Q
E
O
m
O
3
p
O
m
r
N C
m
C N
O
(n
3 y
U
d
.0. —
tU
y m
m
m y
y
N
O
tQ
C
U
O
C
N
y
C
C
f0
t0
y C N
C
01
m
i`
O N
m
O N
N
m
N
m
y
U
O
U
(0
m
C
(0 y
m
L
C
C
'UO
m`
N U
N
C¢ .�.•• O N
= m
m
N
N
E m
M
N'
m
Z
C h
a
(� h
r
U
N
m
4 r
N
d m
U
N m
Y
O r
y
m C
=
C y
U1 r
O
C W
W
>
N
(7 E
o
C<
N
Y
N
N
N
N
m N
U
C
N
m
`
N
O r
Z
N
U U
W
m
Y U t0
m
N
�0
N
U N
N
Y
m
tiN
d E
C O
O N
E
�
E M
N N
U N
R S
U
E�
Z
UN
N N
E f0
LLN
m M
CO
N
Z\
"..
(n
R=
.,�+O
LLN
d R
m
ry
C C
N tQ
m
Z
R
d N
i E
'fl. O
N d
O
N N
N
C C O
E N
O
E
O
L
D
N C
O
N
U1
L
(0
N
N
Z N
r,
N N
>
m
h
y
N N
N W
F-
U m
LL
Q h
(n U
d
a M
W f0 Z
U r
C7 Q
I- r
z D m
C
U
F-
LL N
IL tp
0 O
Z m
F�
IL (D
lL mr
m
LL I�
ll M
FL- M
lL Q Q
_ _ _ 0 1 N V 0 o N N O M N o�
0 0 0 0 0 _ Vm m N p M b O N n (O t0 (D (D N
0 0 o 0 0 0 0 0 0 0 0 0 0 0 0 o
r o o 0 0 0 0 0 0 0 0 0 0 0
m
N
o d
a w
a
V (O N M V t0 N O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O
d N V N O (O OJ V O O O O O O O O O O O O OO O O O O O o N O O O uO O O O O O
O V' N O W m N N (o V' (V w V' V' V' m fV O N O m O O O O N O O 0
(V (V > c (O (O m pl M ` (O M O V V' V' n m M N •- O n N M n �- N V' m m m t0 M N M o M f0 t7 O O 'V V M M N n m (O rn o M N N M M
(V n f0
O m t N OJ 7 (O V V V n M' Ih n M � V � V
YM M M N N N N o m m o c m m m m n m m m m G o co m m o v rn o m m m o co v rn
N N N N N N N n m m m m rn m m m m m m rn m m rn m M m m O M m m m M m rn
Nn' r r r r r (V N r
O O O O O O O N O t0 M N O m (O t0 M (O V M N n O M M �A n N m V' M M M M m
O O O O O O O M O N N m O M N o W ^ W m n N o M LL� V' G m n V M m n o m o
r m m N m W O m m N n r m m o N O o O
a r m m ! OO m m O ^ m m N m O 00 O m O r
q 001 m r O O N r r r
o m o 0 o m
U r r
o O O O o O O M O M n N O w V' W N r V' O rn m N M O o O o O n O O O
O O O O O O O w O N N LO O M (O N O n V' N N LLJ O O M o (q O O O
o o o o o O O O4 O W O W o n n d' (V N (O N O co O
O O OO' O O O O N O O cO V' rn n n m ` N M O N O OJ V' OJ O M O O V O
O O O o O O O O N (O N (O m 0 M lM M d0 O _ O m (O U (O O m 00 M V' V' (p O M [O
U OJ O] OO M N m- V O n V' t0 r M M V (V M n r O m o O o (7 (O' m n m M m m V O m to
O � o O
m cO N O m rn O N V' O c
y N N N N N N N V m m rn O O m O m m O m O O O V rn O N M O O
+
d d
� C
oO
U
y o 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 o O o 0 0 0 0 0 0 0 0 0 0 0 0 o o
0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 o O 0 o p o O 0 0 0 0 0 0 0 0 0
R o 0 0 0 0 0 o c o 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
t O O O O O p O c O O O O O O O O O O O c o c o O O O O c O O O O O c c O O O
y o 0 0 0 0 0 0 0 0 o O o o o o 0 0 0 o o O o O o o o o o o o o O o 0 0 0 0 0
of ad o ui v ui m m o 0 0 0 o o 0 o 0 o o o o o o O o o o o o a o o 0 0 0 0 0 0
N N v v N N N M c 0 0 0 C 0 o p o 0 0 o c o p p p o 0 o o c 0 0 m m c p N o
N N N N N N N 'V' O O O O O O O O O O O O O O O O LriN O O W M O O O M m O O N �O
O CD' �-- r r (V r .- �- r (V r r r r N (V (V (V r N r (V r r r
Q r N
d
U
R
LL
O)
C
d
U O O US ci$ ciS c2S clS US wl' e6 W c8 a25 al' M MY otl of MS W W 0.i ot$ 0.i W 4i M Uf
Z Z Z Z Z Z Z !n (n (n (n (n (n (n m (n (n U) (n U VJ N y (n N N N UJ (b (n N W U U) U) (n
O
G N N N M M R N N M M N M M M M
R R R
d C C O O O O O O o O O O o o O o O O O O o O O O O o O o O O s O o O L
z z O O O O O O O O O O O O O O O O O O O nQ' 0_' O O ..U. O O
U Z Z Z Z Z Z Z rL rL cL � rL Sc � �c n n n n m n M � n n Z 'Z Sc Sc Z lL � � Z lL
O O O O O O O r j O N O n t0 m N (O V' V' O N M O M N m O M m N m N
O O O (O O C'
O N V' m O M n O (O OJ m (O (O m N o V M M M W N h O M O V i0 N
N N N N N N (V Ni (V N r N r N N N N N (V N
�U
o o o o o O o o o O o o o o o o o 0 o o o o o o o o o o o o o o o o 0 0
C N N N N N N N N N N V N ClN N ` N N N
E ad ro M m m M N M p m M_ c D N O O N N M OJ W` N W M ` W M
(o IZ .- m a m r= r h m (`O N r O m V' O �O V O ro
d r
N
y N N N M M M M m m m O O O O O N N N N N N N N m m O N N N N
N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N
A O O O O O O O o O o O O O O O O o O O O O O O O O O O o O O O O O O O O
D N N ` N N N 0" N Q4N N 14 Q N N N N Q
a dD W W M V' iO m (O V �O n M �f) M to t0 (p M M W t0
N
o r r v m n nN m
rn m
m r
M M o m N (O o M N O M N o M (O (O o O n M 00 n M n n V aD M n n V' V' n n m m
O O O (O N (O (O O of m N- N o n M O GO O M l0 N M V' V' Il M N v N m V rn m O O
o V V V �O (O (O (O n N M (O (O (O (O n n W O N M M l+J M Oi N N V N m rn O M M
b R
0
`d
V' N x�x t0 p N
C Q m U U U ❑ Un ❑ ❑Q m m W m m ❑ ❑ ❑ m d W W Q Q Q UU � ¢ Q Q ❑ Q Q xaM
O• K i O cc Q N o N O W N M O I- 07 V� M U 1- = U d (O Ulo
❑ d rn K ❑ d p�
y V V m C V V V M n W p O M V O N O m O M M m N O M m N
N (O d' N N O N_ o M (O O M f� n W V M M N N M o N o o (O
7 o M (O N M N M n m N M V' n V' n N N (O n n N Vm OO f� W O O h N (O O 1� N
U M (NO W r W W N O m W O O m m O O n W r O O W V' m (NO fm �2 No W V �2 No w
N O N N N V
N N N N N N W N O' c>,
N
NM CN;W N
ww N N H N rn m O N N N N m r N h N
o
N
G w (V O m Z m N V C N N N N a N m N pe Q 7 O O Q d O ¢
N U N O M
N NN
E
O" EL N N i.. C (V N N '2
•N U U J c N O N U O W N N T N U V
y L W U U ` y U r O (� M R 'O m U 'p N LO
r U M N c -'O J (O Y N d O N 3 d d V J d tm
N r E - O
c > i o y m R U o? N P U E N m y U U °' > �.0 �, N> Q m N Q
`o � R m j c rn u. Q f0 m v o '( (ov O 5 � ° (v, iV Nc'I o R e- M c o 4 y a c �-
Y ¢ N d N C M C (6 'C M R 'r m C m c 0 U O N C U d U O O U U m O :0 (V R K O u) coy c) N
R O 3 R O LL O 0 0 O i T C LL R O(0 U r C C aU C T d _ O - Q R O' U .` R r r R N ° N
m J m M ° d' E �O .O O. U E N d V ° o E N y N O U d U O U ¢ F ,.0 \ C O O E N
O Ol IO m r p N O\ O O R R d E `""' 3 O U R Q d O L d R O g U) 3 r `1 76 (6 .-- N a t0 r
nr in m :3E F-� Un w U m 3 ¢m Q U Y 3¢ m a U¢ m m> y �m W U U �m nM _= U �m noo
v N rnm v rn (mD v w v cmD coo cmo m v rn rn rn v ro cmo rn v rn v rn rn rn rn v rn (mo rn M r
a N a a a a O a a a O < O O a o o o o r o o O O O o O o a oO a O 0;
r N
O(O OOOOOOOOOO0MooOooOOOOOOOOOOO N (0 L0 O (00 O O o
0 N 0 W W M V V O r,: (D 6 w m 'T
O N (O W N w N N (0 (V N
M t0 N I� O c O r(1 M O 1� W fl V cl d' O 0i 0 M
N V N I� O W I- LQ O O (O fl I� W M O) O W W V (O M_ [O O m O� O
N o M r O m m N f0 o W N N t") I� m V w V N I� o IV m (+l M (V m h
m W 1� m m O t` m V M N r O. M (O r V h 1� M N m I� O M r W (D W n V M
m m m m m m V m m O V V V a0 m m m m m m V m m m m m O m m m m V m m O
O
O O O O O O N O O O O O O O O m M O O o O O O O O N O o to O o O M
VO) M O O O O O O O O m O O O O O
m (O
m
Oi
m
O O O O m O O V O V O O O O O O 1 m M O O O O O m O O O O O d' O O O
O O O O I-, O O m O O O o o O O O (0 c0 M O O O O O m O O O O O V O O O
0 0 0 0 a 0 0 0 O O a 0 a 0 N M 0 0 0 a a N> 0 O a a O V a 0 a
0 0 0 0 ro 0 0 � O o 0 0 0 0 0 o m w m 0 0 0 0 o M O 0 0 0 o V O o 0
O O N O O O m O V O O O O O O O co W O O O O O M O O O O O O O O
O O N a M a O m a O a a a a a O w 0 a O O O O a a 0 a a) O O O
oOO OO0LQNWocmWO00C00comoc0O p
O O O (O O O (0 O (0 O
(-
00 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0q 0 0 0 0 0 0q 0 0 00 0 0 00 0
a O a a 0 a a a 0 0 0 0 0 0 0 a a a a a a a O 0 a 0 a 0 a 0 0 a a a O
0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
O O O o 0 0 0 o 0 0 0 0 0 C 0 0 0 0 0 0 0 0 0 0 0 0 0 C 0 0 CL 0 0 0 0
a O O O a a a O a O a O a O O O O a O O O a a a a a a a a a a a a a O'
0
C C 0 0 0 0 0 0 0 0 0 C o o O oc m o 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
0 0 0 0 �n o 0 (n (n �n o 0 0 0 0 o ui 0 0 0 0 0 0 0 0 0 0 (D o o m
d
Qt QQt QQt Qt QQt QQ ¢tt QQt QQt QQ Q+t Q+ QQt tQ QQt QQt aat a# ¢¢t aat aat ¢t QQt isa QQt QQt Qt QQt QF Qt tQ QQt Q+
Q Q ¢ ¢ Q Q Q Q Q Q Q Q Q ¢ Q Q Q Q Q Q Q ¢ Q Q Q Q Q Q Q Q Q Q
a a a a d a a a a a a ri. d. n. a a a a a a a a a a a o- a a a a a a c a
.S <a o6 c6 03 US -6 -6 ca od c6 M a6 c6 W o6 .6 W o3 -6 <6 -6 06 W .6 a6 06 .6 W W W W o c6
w U U U U m U U U U m N U U U m m (n m (n U (n (n m U U U U (n (n U v) z (n
d (R W W d N (O tQ d l0 (O t0 [Q (6 (O I6 t6 d lR m m m m m m m m m m m m m
Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q d¢ Q Q Q Q Q Q Q Q
T
0 0 'o 0 0 'o 0 0 0 'o 0 'o 'o -0 0 o 'o 0 0 'o 0 o D o o D
00 0 0 0 o 0 0 0 o 0 00 o 0 00 O 0 0 0 0 a' 0 0 0 0 0 0 0 0 V o 0 0 0 0
O O O O N O O M V m m O O O O O N M m O O O O O W O O N V M V(
(V
N cV
O O b
0. M M O M
N - < < r < m V O O O O O r O < O O O N N O O < N N m
< < < < < tV N cV N N (V N N (V N N (V (V (V (V (V (V (V
(V NV N r
O O O O O O O O O O O O O O O
O O O O O NO O O O ON 10
N� (VON NVO N NDJ ONr WNO
h 1 (0
IN << N Nn N M < NN
43
m m O o O O N N N N N N N N N N N N N N N N N N
N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N
O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O
N N N N N N N N N N N N N
N nN N N v N N N N N 6-5N N(� wN N N� N v N Nm N� mN
[0 O N N N 0 O t0 M O M M m � m m < r < r M � O � � O Ili
M m N N O M M O N M V n m m O O M M (0 ro m N m
N M V (0 n ti r M m W W M m O N N N N N N N M M M C) (h (7 M V m
j y CS > (9 0 m (aD of a= C7 j d U m- (2 0 a O' N m M� j (Mo
X >} m MM 2 C7 a m
m M o LL U 2 r M m co 2 S M m Q 2 2 2 m m m m m m m m m m D] m U V m
V cU0 M M M M O cU0 V V M m 00 V V M M M O O O V V V V UV V V O V O (UD (D
M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M
M M m M M M M M M M m M M M M M M m M m m M M m m M M M M M M M M m
N r N N N
N O m O O N N N O O N N N N N N N N O N N N O N O N O p O O d
D N O N O N N N N
O N N \ N N N N V N N N
-. m (0 N `-. M � < N M O. 6 N V N N � f•J � N N d. <� O d< (0 N O. � (O � r � Q
N
(n N (V N U d cV d N (V r
� U r r •- N < r r U U U N < r U U •- N N N (V N U U U U U U U U U U N U O
m m m m m n
fA 2 Z Z LL LL LL LL S Z 2 2 LL LL Z 2 2 LL LL LL 2 2 2 2 S S 2 2 2 2 2 2 2 Z 2
:� LL LL LL LL LL LL LL LL LL LL LL LL LL LL LL LL LL LL LL LL LL LL LL LL LL LL LL LL LL LL LL LL LL LL N
m
n
W
N
N
O
d
m
a
v
N
a
0
0
0
0
0
0
0
0
0
0
0
0
0
0
'm
0
~
N
o
C
0
c
O
0
0
m
N
o
0 C
m
N
O
0o 0
O
o
0
0
0
O
o
0
0
o
O
O
C
0 n"
eF
O
a
c
m
a
0
a
N
d
d
C
o
0
0
0
0
0
0
al
u
5
0
0
C
o
o
0
0
0
co
v
0
0
0
of
v
0
0
0
o
o
0
0
0
0
0
D
0
0
0
0
0
o
l
0
0
C
n"
m
a
y
b
S
c
0
o
O
O
o0
o
o
N
O
O
V
N
N
O
O
0
V
N
o
O
O
0
o
o
D
O
O
0
0
0
o
O
O
0
0
o
v
O
O
C
m
It
p
E
a
d
u
m
LL
y
m
❑
m
o
N
m
C.
N
c2
0
N
m
0
N
m
0
N
m
0
N
A
y
0
W
N
O
N
N
O
[O
N
O
W
N N
O2
O2
N
N
d
d
W
N
W
W
W
O
N
0
N
N
N
N
N
N
N
a
i
F-
o
0
o
cu
0
0
0
0
0
0
0
0
0
0
0
0
�V
0
O
O
❑
O
0
0
❑
N
c
A
c
y
Cy
y
O
d
O
N
m
O
in
d
y
i°
Z
p
aL40i
~
U
C
U
r
&
N
E
d
~
0
U
U
U
U
C
O
IL
N
E
d
E
d
E
d
E
N
E
N
E
U
s
U _p
5
O
U ,Q U
C 12
G
C
U
C
U
C
a
X
a
K N
H 0
X
X
X
iz
iL Z
LL Z
LL
LL
LL
m
O
y
Y
0 r
p
?
N
W
N
0
O
d
p
co
O
W
N
N
N
N
Q ❑
U
N
m
n
rn
U _ a
dca
a0
c
N ¢ W
C
N
N
1
N_
'3
w O O
E N
C
N
U
Z
p
Z
W
O
E � Q M
C
O
CO
tNO.
4]
N
C N N U N O
W
O^
N
L
pa
e.
>
K
], ,O C T
i U T 0] ❑
D
W
a O
H
❑
G
V
L N
O O
C O
U
N
m
N N
NO
0
yO
p C O L D)
E2 0
7 O
m
Y O
C
z
0< 0
H
a
co o
- cN-
H
V)
v
N
a
PUBLIC
AGENCY
RETIREMENT
SERVICES PARS
CITY OF TUSTIN
PARS Post Employment Benefits Trust
Jeffrey Parker
City Manager
City of Tustin
300 Centennial Way
Tustin, CA 92780
Account Report for the Period
12/1/2018 to 12/31/2018
Account Summary
Beginning Balance as Ending
of Balance as of
Source 12/1/2018 Contributions Earnings Expenses Distributions Transfers 12/31/2018
OPER
$996,550.66
$0.00
-$36,868.54
$472.19
$0.00
$0.00
$959,209.93
PENSION
$5,559,165.35
$0.00
-$204,244.83
$2,634.27
$0.00
$0.00
$5,352,286.25
Totals
$6,555,716.01
$0.00
-$241,113.37
$3,106.46
$0.00
$0.00
$6,311,496.18
Investment Selection
Source
OPEB City of Tustin.- OPEB
PENSION City of Tustin - Pension
Investment Objective
Source
Individual account based on Moderate Index PLUS. The dual goals of the Moderate Strategy are growth of principal and income. It is expected
OPEB that dividend and 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 PLUS. The dual goals of the Moderate Strategy are growth of principal and income. It is expected
PENSION that dividend and 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 -3.70% -6.51% 6/26/2018
PENSION -3.67% -6.47% - 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 maybe subject to change.
Investment Return: Annualized rate of retum 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 Fac 949.250.1250 www.pars.org
HIGH
MA.RK
CAPITAL MANAGEMENT
WHY THE PARS DIVERSIFIED
MODERATE PORTFOLIO?
Comprehensive Investment Solution
HighMark® Capital Management, Inc.'s (HighMark)
diversified investment portfolios are designed to
balance return expectations with risk tolerance.
Key features include: sophisticated asset allocation
and optimization techniques, four layers of
diversification (asset class, style, manager, and
security), access to rigorously screened, top tier
money managers, flexible investment options, and
experienced investment management.
Rigorous Manager Due Diligence
Our manager review committee utilizes a rigorous
screening process that searches for investment
managers and styles that have not only produced
above-average returns within acceptable risk
parameters, but have the resources and commitment
to continue to deliver these results. We have set high
standards for our investment managers and funds.
This is a highly specialized, time consuming
approach dedicated to one goal: competitive and
consistent performance.
Flexible Investment Options
In order to meet the unique needs of our clients,
we offer access to flexible implementation strategies:
HighMark Plus utilizes actively managed mutual
funds while Index Plus utilizes index -based
securities, including exchange -traded funds. Both
investment options leverage HighMark's active asset
allocation approach.
Risk Management
The portfolio is constructed to control risk through
four layers of diversification - asset classes (cash,
fixed income, equity), investment styles (large cap,
small cap, international, value, growth), managers
and securities. Disciplined mutual fund selection and
monitoring process helps to drive return potential
while reducing portfolio risk.
INVESTMENT OBJECTIVE
Efficient Frontier
To provide growth of principal
Index Plus Composite (Passive)
E
and income. It is expected that 2
�Capl,,.p..iahon
dividend and interest income willo
Balanced
comprise a significant portion of
Moderate
total return, although growth '2
Moderately Conservative
through capital appreciation is 3
2.87%
equally important. WConservahve
2.59%e
--
---- ----- - - _- __ __ __ -- Risk (Standard (Standard Deviation)
ASSET ALLOCATION - MODERATE PORTFOLIO
Strategic Range
Policy Tactical
Equity 40-60%
50% 51%
Fixed Income 40-60%
45% 46%
Cash 0-20%
5% 3%d
ANNUALIZED TOTAL RETURNS (Gross of Investment Management Fees, but
Net of Embedded Fund Feesl
HighMark Plus Composite (Active)
Index Plus Composite (Passive)
Current Quarter*
2.59%
Current Quarter*
2.50%
Blended Benchmark*,**
2.70%
Blended Benchmark*,**
2.70%
Year To Date*
2.87%
Year To Date*
2.59%e
Blended Benchmark*
3.32%
Blended Benchmark`
3.32%
1 Year
5.93%
1 Year
5.53%
Blended Benchmark
6.37%
Blended Benchmark
6.37%
3 Year
8.21%
3 Year
7.82%
Blended Benchmark
8.30%
Blended Benchmark
8.30%
5 Year
6.30%
5 Year
6.16%
Blended Benchmark
6.64%
Blended Benchmark
6.64%
10 Year
7.15%
10 Year
6.81%
Blended Benchmark
6.99%
Blended Benchmark
6.99%
` Returns less than 1 -year are not annualized.
"Breakdown for Blended Benchmark, 26.5%S&P500. 5% Russell Mid Cap, 7.5%
Russell 2000.3.25% MSCI EM (net).
6% MSCI EAFE (net), 33.50%
BBG Barclays US Agg. 10% ICE BofAML 1-3 Yr
US
Corp/Gov't, 1.50% ICE BofAML US
High Yield Master II. 1.75% Wilshire REIT, and 5% FTSE 1 Mth-r-Bill, Prior to October 2012,
the blended benchmarks were 43%
S&P 500:2% Russell 2000, 5% MSCI EAFE (net), 15% ICE BofAML 1-3 Year Corp./Govt,
30%
BBG Barclays US Agg, 5% FTSE 1
Mth T -Bill. Prior to April 2007, the blended benchmarks were 50% S&P 500.15% ICE BofAML
1-3Yr Corp/Gov, 30% BBG Barclays US Agg, and 5% FTSE 1
Mth T -Bill,
ANNUAL RETURNS
HighMark Plus Composite (Active)
Index Plus Composite (Passive)
2008
-22.88%
2008
-18.14%
2009
21.47%
2009
16.05%
2010
12.42%
2010
11.77%
2011
0.55%
2011
2.29%
2012
12.25%
2012
10.91%
2013
13.06%
2013
12.79%
2014
4.84%
2014
5.72%
2015
0.14%
2015
-0.52%
2016
6.45%
2016
7.23%
2017
13.19%
2017
11.59%
PORTFOLIO FACTS
HighMark Plus (Active)
Index Plus (Passive)
Composite Inception Date
10/2004
Composite Inception Date
05/2006
No of Holdings in Portfolio
18
No of Holdings in Portfolio
12
HOLDINGS
HighMark Plus (Active)
Columbia Contrarian Core 13
Vanguard Growth & Income Adm
Dodge & Cox Stock Fund
Harbor Capital Appreciation - Retirement
T. Rowe Price Growth Stock - I
iShares Russell Mid -Cap ETF
Vanguard Real Estate ETF
Undiscovered Managers Behavioral Value
T. Rowe Price New Horizons - I
Nationwide Bailard International Equities
Dodge & Cox International Stock
MFS International Growth — R6
Hartford Schroders Emerging Markets Eq
Vanguard Short -Term Invest -Grade Adm
PIMCO Total Return Fund - Inst
PGIM Total Return Bond — R6
Doublet-ine Core Fixed Income - I
First American Government Obligations Z
STYLE
Intl St
10.0
Mid
4.(
Large Cap Grov
5.1
Large C
15.
Index Plus (Passive)
iShares Core S&P 500 ETF
iShares S&P 500 Value
iShares S&P 500 Growth
iShares Russell Mid -Cap ETF
Vanguard Real Estate ETF
iShares Russell 2000 Value
iShares Russell 2000 Growth
iShares MSCI EAFE ETF
Vanguard FTSE Emerging Markets ETF
Vanguard Short -Term Invest -Grade Adm
iShares Core U.S. Aggregate
First American Government Obligations Z
Holdings are subject to change at the
discretion of the investment manager.
Real Estate
I — r:an VaII 1 d:/
Short -Term Bond
7.8
Interm-Term Bond
38.3
The performance records shown represent size -weighted composites of tax exempt accounts that meet the following criteria:
Composites are managed by HighMark's HighMark Capital Advisors (HCA) with full investment authority according to the
PARS Moderate active and passive objectives and do not have equity concentration of 25% or more in one common stock
security.
The adviser to the PARS portfolios is US Bank, and HighMark serves as sub -adviser to US Bank to manage these portfolios.
US Bank may charge clients as much as 0.60% annual management fee based on a sliding scale. As of September 30, 2018
the blended rate is 0.58%. US Bank pays HighMark 60% of the annual management fee for assets sub -advised by HighMark
under its sub -advisory agreement with US Bank. The 36 basis points paid to HighMark, as well as other expenses that may
be incurred in the management of the portfolio, will reduce the portfolio returns. Assuming an investment for five years, a 5
annual total return, and an annual sub -advisory fee rate of 0.36% deducted from the assets at market at the end of each year.
a 10 million initial value would grow to $12.54 million after fees (Net -of -Fees) and $12.76 million before fees (Gross -of -Fees).
Gross returns are presented before management and custodial fees but after all trading expenses and reflect the
reinvestment of dividends and other income. Client's return will be reduced by the advisory fees and other expenses it may
incur as a client. Additional information regarding the firm's policies and procedures for calculating and reporting performance
results is available upon request. In Q1 2010, the PARS Composite definition was changed from $750,000 minimum to no
minimum. Performance results are calculated and presented in U.S. dollars and do not reflect the deduction of investment
advisory fees, custody fees, or taxes but do reflect the deduction of trading expenses. Returns are calculated based on trade -
date accounting.
Blended benchmarks represent HighMark's strategic allocations between equity, fixed income, and cash and are rebalanced
monthly. Benchmark returns do not reflect the deduction of advisory fees or other expenses of investing but assumes the
reinvestment of dividends and other earnings. An investor cannot invest directly in an index. The unmanaged S&P 500 Index
is representative of the performance of large companies in the U.S. stock market. The MSCI EAFE Index is a free float -
adjusted market capitalization index designed to measure developed market equity performance, excluding the U.S. and
Canada. The MSCI Emerging Markets Free Index is a free float -adjusted market capitalization index that is designed to
measure equity market performance in the global emerging markets. The Russell Midcap Index measures the performance of
the mid -cap segment of the U.S. equity universe. The Russell 2000 Index measures the performance of the small -cap
segment of the U.S. equity universe. The US High Yield Master II Index tracks the performance of below investment grade
U.S. dollar-denominated corporate bonds publicly issued in the U.S. domestic market. Wilshire REIT index measures U.S.
publicly traded Real Estate Investment Trusts. The unmanaged Bloomberg Barclays Capital (BC) U.S. Aggregate Bond Index
is generally representative of the U.S. taxable bond market as a whole. The Merrill Lynch (ML) 1-3 Year U.S. Corporate &
Government Index tracks the bond performance of The ML U.S. Corporate & Government Index, with a remaining term to
final maturity less than 3 years. The unmanaged FTSE 1 -Month Treasury Bill Index tracks the yield of the 1 -month U.S.
Treasury Bill.
HighMark Capital Management, Inc. (HighMark), an SEC -registered investment adviser, is a wholly owned subsidiary of
MUFG Union Bank, N.A. (MUB). HighMark manages institutional separate account portfolios for a wide variety of for-profit
and nonprofit organizations, public agencies, and public and private retirement plans. MUB, a subsidiary of MUFG Americas
Holdings Corporation, provides certain services to HighMark and is compensated for these services. Past performance does
not guarantee future results. Individual account management and construction will vary depending on each client's
investment needs and objectives. Investments employing HighMark strategies are NOT insured by the FDIC or by any
other Federal Government Agency, are NOT Bank deposits, are NOT guaranteed by the Bank or any Bank affiliate,
and MAY lose value, including possible loss of principal.