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Home My WebLink About04 QUARTERLY INVESTMENT REPORT FOR THE CITY OF TUSTIN & THE SUCCESSOR AGENCY FOR THE TUSTIN COMMUNITY REDEVELOPMENT AGENCYAgenda Item 4 Re vie wed: AGENDA REPORT City Manager Finance Director LA MEETING DATE: MAY 21, 2019 TO: MATTHEW S. WEST, CITY MANAGER FROM: 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 uu_: 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 March 31, 2019 is rendered. QUARTERLY INVESTMENT REPORT FOR THE CITY OF TUSTIN AND THE SUCCESSOR AGENCY FOR THE TUSTIN COMMUNITY REDEVELOPMENT AGENCY Page 2 of 3 The City's total cash and investments as of March 31, 2019 were $193.7 million, a decrease of $25.2 million from December 31, 2018 total cash and investments of $218.9 million. The decrease in cash and investments of $25.2 million is primarily due to the following major transactions plus some significant outflows for various budgeted construction projects: • $15 million payment to Tustin Unified School District (TUSD) for additional funding for the Legacy Magnet Academy 6-12 School project at Tustin Legacy • $3.3 million discretionary payment to CalPERS to pay down unfunded actuarial liabilities $2 million payment to the Orange County Fire Authority (OCFA) for 3rd quarter contract fire services • $0.5 million contribution to Public Agency Retirement Services (PARS) Trust Other Post - Employment Benefits (OPER) account The weighted average portfolio yield as of March 31, 2019 was 2.19%, slightly higher than the weighted average portfolio yield of 2.15% as of December 31, 2018. The .slight increase in the weighted average portfolio yield is due to the continuing rise in California Asset Management Program (CAMP) rates from 2.46% in December 2018 to 2.61 % in March 2019. Also contributing to the increase in overall earnings, were $1.2 million in maturities of investments earning 1.5% or less, which were reinvested in new higher -earning investments in corporate bonds, negotiable certificates of deposit, and US agencies with yields from 2.75% to 3%. The weighted average days to maturity were 584 days as of March 31, 2019, an increase from 554 days as of December 31, 2018. The increase in the weighted average days to maturity is due to the significant outflows during the quarter which reduced the balances in demand deposits. 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 March 31, 2019 and the performance of the trust for the 4t" quarter of calendar year 2018. The trust increased from a balance of $6.3 million at December 31, 2018, to $7.3 million at March 31, 2019, an increase of $1 million. In March 2019, the City contributed $0.5 million to the OPEB account, which comprises about half of the total increase in the trust. The remainder of the increase represents investment return for the last quarter of 7.86% for the OPEB account and 8.25% for the pension account. The portfolio is invested in approximately half equities and half fixed income, with the objective of long-term earnings. QUARTERLY INVESTMENT REPORT FOR THE CITY OF TUSTIN AND THE SUCCESSOR AGENCY FOR THE TUSTIN COMMUNITY REDEVELOPMENT AGENCY Page 3 of 3 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. J ny Leiszohn . Buchanan Deputy Director - Financial Services Finance Director Attachments: March 31, 2019 Quarterly Investment Report PARS Trust Statement as of March 31, 2019 PARS Moderate Fact Sheet Q4 2018 CITY OF TUSTIN Treasurer's Quarterly Investment Report MARCH 31, 2019 8 Rio, i s + 900.0000 800.0000 700.0000 600.0000 500.0000 400.0000 300.0000 200.0000 100.0000 0 O O 0 A 1 A A Ib 4 4 4 O 01 Oti Oy Oti Oti Oy Oti Oy Oy O~ O~ 01 Oti ti ti ti ti ti ti ti ti ti ti ti ti ti 3 � a titi 3 � 0 yti 3 e e yti 3 2.70% 2.60% 2.50% 2.40% 2.30% 2.20% 2.10% 2.00% ' 1.90% 1.80% 1.70% 1.60% _ �., . • . 1.50% 1.40% 1.30% . . 1.20% 1.10% 1.00% .•...... 0.90% ` 0.80%� 0.70% 0.60% 0.50% 0.40% 0.30% 0.20% 0.10% 0.00% oyo Oy0 Oy; oyo Oy1 61' Oy1 6N 6N 6N oyw OyW oyw Oyoi 4,11 O\�o\tiy�\�y\ti 4,11 41, �\,o\tiy�\�y\ti \3y\ti O\�o\ti \�o\tiy�\yti\ti \�y\ti -City ofTustin --@—LAIF Yield (%) —0—US Treasury / 2 yr CITY OF TUSTIN Monthly Investment Report March 31, 2019 Municipal Bonds $8,758,989 4.52% A DIVERSIFICATION Investment Portfolio / Cost Value $193,697,512 Negotiable Certificate of Deposit $37,938,115 19.59% Federal Agencies $64,588,987 March 2019 DIVERSIFICATION Investment Portfolio / Cost Value $205,518,740 Corporate Bonds Negotiable $26,590,742 Certificate of Corporate Bonds 13.73% Deposit $20,664,847 $35,709,115 10.05% 17.38% Liquid (Daily) $55,820,678 28.82% US Treasury $0 0.00% Municip $8,50 4.1 US Treasury $9,504,102 4.62% Page 2 of 18 CITY OF TUSTIN monthly Investment Report March 31, 2019 Maturity Distribution US Treasury - 096 Federal Agencies 1,00o,0D0 5,000,000 4,002,200 10;057,496 13,842,981 29,986.,311 700,000 64,588,987 33.35%, Municipal Bonds 1,357,835 2,009,380 1,023,400 3,363,229 1,005,145 8,758,989 452% Commercial Paper O% Certificate of Deposit - 00096 Negotiable Certificate of Deposit 1,488,000 3,968.,000 1,985,000 4,464,000 9,429,000 9,668,591 5,453,524 1,482,000 37,938,115 2096 Corporate Bonds 1,000,000 1,991,904 9,011,161 5,041,277 8,512,259 1,034,142 26,590,742 13.7316 Liquid (Daily) 55,820,678 55,820,678 28.82%, Total 59,308,678 10,325,835 3,976,904 10,475,580 29,521,056 31,916,078 44,957,239 3,216,142 193,697,512 10016 Liquidity Distribution Page 3 of 18 CITY OF TUSTIN Monthly Investment Report March 31, 2019 Investment Type Maximum Maturity Maximum % Holdings Maximum % Minimum % Municipal Bonds* 5 year 30% 5% N/A 4.52% $8,758,989 Yes U.S. Treasuries and General Obligations 5 year 100% 100% N/A 0.00% $0 Yes Federal Agency or US government sponsored enterprise 5 year 100% 50% N/A 33.35% $64,588,987 Yes Banker's Acceptance* 180 days 30% 5% N/A 0.00% $0 Yes Commercial Paper* 270 days 25% 5% A-1/13-1 plus 0.00% $0 Yes A long term Negotiable Certificates of Deposit 5 year 30% 5% N/A 19.59% $37,938,115 Yes Repurchase Agreements (102% Collateralized)* 1 year 30% 5% N/A 0.00% $0 Yes Medium -Term (Corporate) Notes* 5 year 20% 5% A 13.73% $26,590,742 Yes Money Market Mutual Funds N/A/2 (A)7 20% 10% AAA/AAA 0.00% $0 Yes Eligible Shares of beneficial interest by a JPA 5 year 100% 50% N/A 26.28% $50,910,097 Yes Supranationals (IBRD, IFD, and IADB)* 5 year 15% 5% AA 0.00% $0 Yes Collateralized Bank Deposits 5 year 100% 30% N/A 0.00% $0 Yes Orange County Investment Pool N/A Max pemitted by Max permitted by N/A 0.57% $1,104,986 Yes County Tresurer County Treasurer Local Agency Investment Fund g cY N A / Max pemitted by Max permitted by State N A / 1.36% $2,632,789 Yes State Tresurer Treasurer Bank of America (General Checking Account) N/A N/A N/A N/A 0.61% $1,172,806 Yes Total Invested $193,697,512 Combined total limitation (total classes with *) 30% 18.25% $35,349,732 Page 4 of 18 CITY OF TUSTIN Monthly Investment Report March 31, 2019 COMPLIANCE Investment Policy/ Corporate Bonds Corporate Bonds are required, at Settlement Date, to have an "A" rating from one of the three rating agencies. ADP American Express Apple Inc. Apple Inc. Barclays Bank PLC Barclays Bank PLC Berkshire Hathaway Chevron Corporation Coca-Cola Co IBM Credit LLC Microsoft Corporation Pfizer Inc Procter&Gamble Co Toyota Motor Credit Corp Toyota Motor Credit Corp Toyota Motor Credit Corp VISA Inc Walmart Store Inc Walmart Store Inc Wells Fargo Bank Prior Month Rating Current Rating Rating Moody's Face Fitch CUSIP AA Settlement Date A2 Amount A 053015AD5 1,000,000 AA 0258MODX4 2,000,000 A- 037833BS8 2,000,000 AA+ 037833CQ1 2,000,000 AA+ 06741VUW0 1,000,000 Al 06744CFN6 2,000,000 A- 084670BQO 1,000,000 AA 166764BN9 2,000,000 AA- 191216BT6 1,000,000 AA- 44932HAC7 1,000,000 A+ 594918BG8 1,000,000 AAA 717081DZ3 1,000,000 AA 742718DY2 1,000,000 AA- 89236TEC5 2,482,750 AA- 89236TDP7 1,000,000 AA- 89236TFNO 1,000,000 AA- 92826CAG7 1,000,000 A+ 931142EA7 1,000,000 AA 94988J5G8 1,000,000 AA 9498815G8 1,000,000 A+ Prior Month Rating Current Rating S&P Moody's S&P Fitch Aa3 AA NR A2 A- A Aa1 AA+ NR Aa1 AA+ NR A2 A A+ A2 A A+ Aa2 AA A+u Aa2 AA NR Al A+ Au Al A A Aaa AAA AA+u Al AA A+u Aa3 AA- NR Aa3 AA- A+u Aa3 AA- A+u Aa3 AA- A+u Al AA- NR Aa2 AA AA Aa2 AA AA Aa2 A+ AA - Prior Month Rating Moody's S&P Fitch Aa3 AA NR A2 A- A Aal AA+ NR Aa1 AA+ NR A2 A A+ A2 A A+ Aa2 AA A+u Aa2 AA NR Al A+ Au Al A A Aaa AAA AA+u Al AA A+u Aa3 AA- NR Aa3 AA- A+u Aa3 AA- A+u Aa3 AA- A+u Al AA- NR Aa2 AA AA Aa2 AA AA Aa2 A+ AA - Compliance Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Page 5 of 18 CITY OF TUSTIN Monthly Investment Report March 31, 2019 Cash and Investments / Summary [1] Description / Limits Investment Portfolio Daily - Limit: [6] Reconciled / Bank of America Account - General Checking Orange County Investment Pool LAIF / Local Agency Investment Fund California Asset Management Program (CAMP) Performance Measurement Restricted / Un -Restricted Funds UN -RESTRICTED General Fund cash balance as of 3/31/2019 (unaudited) SEMI -RESTRICTED Cash Balance as of 3/31/2019 (unaudited) Capital Projects, Proceeds from Land Sales, Backbone Infrastructure RESTRICTED Cash balances as of 3/31/2019 (un -audited) Successor Agency Community Redevelopment Agency / Cash & Investments [2] [3] [4] [5] Face Amount YTM@Cost Credit Rating Cost Value +Accrued Market Value Shares Interest 137,720,000.00 2.04 137, 876,833.95 136,774,311.56 0.25 N/A 1,172,805.87 1,172,805.87 2.11 [7] 1,104,985.99 1,104,985.99 2.44 N/A 2,632,789.20 2,632,789.20 2.61 AAAm 50,910,097.00 50,910,097.00 55,820,678.06 55,820,678.06 Investment Portfolio TOTAL 193,697,512.01 192,594,989.62 Weighted Average Days to Maturity 584 Weighted Average Yield 2.19% Benchmark/ Treasury 2 Year 2.54% 18,920,394.52 90,318,742.67 84,272,587.49 Total 193,511,724.68 Total 185,787.33 Page 6 of 18 CITY OF TUSTIN • Monthly Investment Report —1w March 31, 2019 Restricted Deposits with Fiscal Agents [1� [2) [31 [4] [5] Description / Limits Face Amount YTM@Cost Credit Rating Cost Value + Accrued Market Value Shares Interest 2016 Successor Agency Tax Allocation Bonds, Refunding 898.16 N/A 898.16 898.16 2016 Water Revenue Bonds, Refunding 0.00 N/A 0.00 0.00 2012 Water Revenue Bonds - Refunding 0.00 N/A 0.00 0.00 2013 Water Revenue Bonds 0.00 N/A 0.00 0.00 CFD 04-1 853,148.19 N/A 853,148.19 853,148.19 CFD 06-1 7,595,449.29 N/A 7,595,449.29 7,595,449.29 CFD 07-1 1,277,771.94 N/A 1,277,771.94 1,277,771.94 CFD 14-1 16,501,208.10 N/A 16,501,208.10 16,501,208.10 26,228,475.68 26,228,475.68 26,228,475.68 Restricted Deposits with Fiscal Agents TOTAL 26,228,475.68 26,228,475.68 Page 7 of 18 CITY OF TUSTIN Monthly Investment Report March 31, 2019 Footnotes (1) DESCRIPTION -LIMITS reflects the various authorized investments as documented in the most current adopted investment policy and the allowable percentage of total portfolio per investment type. (2) FACE AMOUNT/SHARES is the full value of the security before any discount or premium is paid at purchase. (3) CREDIT RATING is the highest ratings from Standards & Poor's, Moody's or IDC Publishing Inc for bank ratings. IDC ratings are 1 (lowest) to 300 (highest). (4) COST VALUE + ACCRUED INTEREST is the original amount paid, including premiums/discounts, and purchased accrued interest. Amortization of discount/premium booked annually or when investment is sold/called/or matures. (5) MARKET VALUE is the price at which similar securities are currently trading. Current market values are provided by Bank of America and the State Treasurer's Office on all securities or deposits held in safekeeping for the City and the Successor Agency for the Tustin Community Redevelopment Agency. Market value differences are only booked at year end. (6) EARNINGS ALLOWANCE on compensating bank balances to offset bank activity charges. Allowance is included in the Average Yield calculation. The cash balances include amounts "swept" from account for overnight investments. (7) ORANGE COUNTY INVESTMENT POOL rating is AAAm. Orange County Treasury Extended Fund is not rated by sponsor's choice. (8) Investments and earnings on monies held by fiscal agents generally are limited as to type and yield by the bond documents. Certifications We certify that this report reflects all City of Tustin and the Successor Agency for the Tustin Community Redevelopment Agency (SATCRA) pooled investments. The investments represented in this report are in conformity with the current adopted investment policy of the City of Tustin. The market values represented in this report are provided by the Custodian Bank and Trustees currently holding securities for the City of Tustin and SATCRA. The investment program herein shown provides sufficient cash flow liquidity to meet the next twelve (12) months estimated expenditures. This statement is prepared in conformance with Section 53646 of the Government Code. Colin Deering, Chair City of Tustin Audit Commission bx 1TY O iP -rte �ST1 Matt S. West, City Manager / Treasurer City of Tustin Page 8 of 18 CITY OF TUSTIN Monthly Investment Report March 31, 2019 Compliance / Investment Policy Description / Limits Face Amount Maximum Allowable Total Cost Value +Accrued Market Value Shares Maturity - Portion of Percentage Interest Years/days Portfolio of Portfolio US Treasury 0.00 5 years 100% 0.00% 0.00 0.00 US Agency 64,600,000.00 5 years 100% 33.35% 64,588,987.42 64,155,472.55 Municipal Bonds - 8,680,000.00 5 years 30% 4.52% 8,758,989.40 8,661,58.1.40 Commercial Paper 0.00 270 days 25% 0.00% 0.00 0 00 Certificate of Deposit /-Negotiable 37,940,000.00 5 years 30% 19.59% 37,938,114.83 37,612,942.11 Corporate Bonds 26 500,000.00 5 years 20% 13.73% 26 590,742.30 26,344,315.50 Cash N/A N/A N/A 0.61% 1,172,805.87 1,172,805.87 Orange County Investment Pool - N/A N/A N/A 0.57% 1,104,985.99 1,104,985.99 LAW / Local Agency Investment Fund N/A N/A N/A 1.36% 2,632,789.20 2,632,789.20 California Asset Management Program CAMP Shares of beneficial Interest by a JPA - N/A - N/A N/A - 26.28% 50,910,097.00 50,910,097.00 Banker's Acceptance 0.00 180 days 30% 0.00% 0.00 0.00 Repurchase Agreements 0.00 1 year 30% 0.00% 0.00 0.00 Money Market Mutual Funds 0.00 N/A 20% 0.00% 0.00 0.00 Supranationals (IBRD, IFC and IADB) 0.00 5 years 15% 0.00% 0.00 0.00 Collateralized Bank Deposits 0.00 5 years 100% 0.00% 0.00 0.00 100.00% 193,697,512.01 192,594,989.62 Restricted Cash with Fiscal Agents 26,228,475.68 26,228,475.68 Investment Portfolio TOTAL 219,925,987.69 218,823,465.30 * Cash with Fiscal Agents are the Reserve and Construction Funds, held by Trustees for various City and RDA Bond Issues. Investment options are limited to those specifically permitted by bond documents. Page 9 of 18 City of Tustin Portfolio Holdings Compliance Report - Investment Policy Report Format: By Transaction Group By: Asset Class Average By: Cost Value Portfolio / Report Group: All Portfolios As of 3/31/2019 Days To Maturity Settlement YTM @ Credit Credit Rating Face Cost Value +Accrued % of Description CUSIP/Ticker Maturity Date Date Cost Rating 1 2 Amount/Shares Interest Cost Price Market Value Portfolio > Liquid Assets Local Agency Investment Fund LGIP LGIP0936 1 N/A 6/30/2015 2.436 NR NR 1,550,350.73 1,550,350.73 100 1,550,350.73 0.80 California Asset Management Program LGIP CAMP6045 1 N/A 5/10/2017 2.610 NR NR 50,910,097.00 50,910,097.00 100 50,910,097.00 26.30 Bank of America -Checking MM MM0220 1 N/A 6/30/2015 0.250 NR NR 1,172,805.87 1,172,805.87 100 1,172,805.87 0.61 Orange County Investment Pool LGIP LGIP91-E 1 N/A 6/30/2015 2.111 NR NR 1,104,985.99 1,104,985.99 100 1,104,985.99 0.57 Local Agency Investment Fund LGIP LGIP0002 1 N/A 6/30/2015 2.436 NR NR 1,082,438.47 1,082,438.47 100 1,082,438.47 0.56 Sub Total/Average 1 2.542 55,820,678.06 55,820,678.06 100 55,820,678.06 28.84 Certificate of Deposit - Negotiable 30%0 Citizens National Bank of Bluffton 1.55 5/22/2019 175144DD3 52 5/22/2019 5/22/2017 1.550 NR NR 248,000.00 248,000.00 100 247,719.26 0.13 North American Savings Bank 1.6 5(24/2019 657156EL5 54 5/24/2019 5/24/2017 1.600 NR NR 248,000.00 248,000.00 100 247,731.42 0.13 First Capital Bank VA 1.5 5/28/2019 31944FBH2 58 5/28/2019 1/28/2015 1.500 NR NR 248,000.00 248,000.00 100 247,886.66 0.13 First Business Bank WI 1.45 5/28/2019 31938QL69 58 5/28/2019 5/28/2015 1.450 NR NR 248,000.00 248,000.00 100 247,643.38 0.13 Synchrony Bank UT (GE) 2 5/30/2019 3616OKL60 60 5/30/2019 5/30/2014 2.000 NR NR 248,000.00 248,000.00 100 247,866.82 0.13 Kansas State Bank of Manhattan 1.55 5/31/2019 50116CAZ2 61 5/31/2019 5/31/2017 1.550 NR NR 248,000.00 248,000.00 100 247,676.61 0.13 Discover Bank2 7/9/2019 2546712E9 100 7/9/2019 7/9/2014 2.000 NR NR 248,000.00 248,000.00 100 247,736.13 0.13 American Express 1.95 7/10/2019 02587CAC4 101 7/10/2019 7/10/2014 1.950 NR NR 248,000.00 248,000.00 100 247,733.65 0.13 SmartBank 1.4 7/19/2019 83172HDJ6 110 7/19/2019 4/19/2017 1.400 NR NR 248,000.00 248,000.00 100 247,266.91 0.13 Bridgewater Bank MN 1.55 7/26/2019 108622EE7 117 7/26/2019 1/27/2015 1.550 NR NR 248,000.00 248,000.00 100 247,339.33 0.13 Connectone Bank1.55 7/29/2019 20786ABA2 120 7/29/2019 1/28/2015 1.550 NR NR 248,000.00 248,000.00 100 247,760.43 0.13 Bank of Lexington, Inc 1.6 8/9/2019 063253BG2 131 8/9/2019 8/9/2017 1.600 NR NR 248,000.00 248,000.00 100 247,304.86 0.13 Investors Bank WI 1.7 8/1412019 46147UQR4 136 8/14/2019 8/14/2015 1.700 NR NR 248,000.00 248,000.00 100 247,722.74 0.13 Medallion Bank UT 1.2 8/19/2019 58403B4W3 141 8/19/2019 8/19/2016 1.200 NR NR 248,000.00 248,000.00 100 246,729.00 0.13 Morgan Stanley Bank 1.7 8/19/2019 61760ACZO 141 8/19/2019 8/17/2017 1.700 NR NR 248,000.00 248,000.00 100 247,335.36 0.13 Morgan Stanley Private Bank 1.7 8/19/2019 61747MYE5 141 8/19/2019 8/17/2017 1.700 NR - NR 248,000.00 248,000.00 100 247,335.36 0.13 FNB of McgregorTX 1.1 8/19/2019 32112UCD1 141 8/19/2019 8/18/2016 1.100 NR NR 248,000.00 248,000.00 100 246,763.72 0.13 Franklin Synergy Bank 1.5 8/23/2019 35471TDH2 145 8/23/2019 5/24/2017 1.500 NR NR 248,000.00 248,000.00 100 247,117.86 0.13 Evegreen Bank Group 1.5 8/28/2019 300185FJ9 150 8/28/2019 2/28/2017 1.500 NR NR 248,000.00 248,000.00 100 247,091.08 0.13 LCA Bank Corporation 1.45 9/3/2019 501798KG6 156 9/3/2019 3/2/2017 1.450 NR NR 248,000.00 248,000.00 100 246,988.90 0.13 51507LBG8 156 9/3/2019 3/3/2017 1.450 NR NR 248,000.00 248,000.00 100 247,004.53 0.13 Page 10 of 18 Days To Maturity Settlement YTM @ Credit Credit Rating Face Cost Value + Accrued % of Description CUSIP/Ticker Maturity Date Date Cost Rating 1 2 Amount/Shares Interest Cost Price Market Value Portfolio Landmark Community Bank 1.45 9/3!2019 Buckeye Community Bank 1.4 9/6/2019 11815SCW8 159 9/6/2019 3/6/2017 1.400 NR NR 248,000.00 248,000.00 100 246,929.38 0.13 Security State Bank 1.5 10/7/2019 81489TAV8 190 10/7/2019 4/7/2017 1.500 NR NR 248,000.00 248,000.00 100 246,829.19 0.13 Merrick Bank UT 1.55 10/9/2019 59013JKA6 192 10/9/2019 10/9/2015 1.550 NR NR 249,000.00 249,000.00 100 248,504.99 0.13 Capital One 2 11/5/2019 140420QN3 219 11/5/2019 11/5/2014 2.000 NR NR 248,000.00 248,000.00 100 247,510.45 0.13 City Bank UT 2.15 11/5/2019 17284C2R4 219 11/5/2019 11/5/2014 2.150 NR NR 248,000.00 248,000.00 100 247,598.98 0.13 Kearny Federal Savings Bank 1.7 11/15/2019 48714LAE9 229 11/15/2019 11/15/2017 1.700 NR NR 248,000.00 248,000.00 100 246,579.29 0.13 Washington Trust Company 1.65 11/25/2019 940637JA0 239 11/25/2019 5/24/2017 1.650 NR NR 248,000.00 248,000.00 100 246,741.90 0.13 Bank of Hope 1.7 11/26/2019 062683AJ6 240 11/26/2019 5/26/2017 1.700 NR NR 248,000.00 248,000.00 100 246,813.32 0.13 American Express2.2 11/29/2019 02587DWK0 243 11/29/2019 11/28/2014 2.200 NR NR 248,000.00 248,000.00 100 247,453.41 0.13 First Source Bank 1.75 12/30/2019 33646CFE9 274 12/30/2019 6/30/2015 1.750 NR NR 248,000.00 248,000.00 100 246,909.79 0.13 GE Capital Bank 1.8 1/16/2020 36162PFS6 291 1/16/2020 1/16/2015 1.800 NR NR 248,000.00 248,000.00 100 247,479.70 0.13 Peoples United Bank 1.85 1/21/2020 71270QLM6 296 1/21/2020 1/21/2015 1.850 NR NR 248,000.00 248,000.00 100 247,466.80 0.13 Douglas National Bank 1.65 1/21/2020 259744DS6 296 1/21/2020 7/19/2017 1.650 NR NR 248,000.00 248,000.00 100 246,391.97 0.13 Bank of Georgetown DC 1.65 1/30/2020 06424XBT8 305 1/30/2020 1/30/2015 1.650 NR NR 248,000.00 248,000.00 100 247,442.99 0.13 PrivateBank IL 1.8 1/30/2020 74267GUW5 305 1/30/2020 1/30/2015 1.800 NR NR 248,000.00 248,000.00 100 247,422.66 0.13 Machias Savings Bankl.65 2/6/2020 554479DS1 312 2/6/2020 2/6/2015 1.650 NR NR 248,000.00 248,000.00 100 247,427.86 0.13 Springs Valley Bank &Trust Company 1.75 2/12! 851791AR4 318 2/12/2020 10/12/2017 1.750 NR NR 248,000.00 248,000.00 100 246,472.32 0.13 Signature BK of Arkansas 1.15 2/18/2020 82669LGH0 324 2/18/2020 8/18/2016 1.150 NR NR 248,000.00 248,000.00 100 245,174.54 0.13 Belmont Savings Bank 1.55 2/24/2020 080515BT5 330 2/24/2020 2/24/2017 1.550 NR NR 248,000.00 248,000.00 100 245,959.95 0.13 Steams Bank 1.6 2/26/2020 857894TA7 332 2/26/2020 2/24/2017 1.600 NR NR 248,000.00 248,000.00 100 246,057.42 0.13 Berkshire Bank 1.55 2/28/2020 084601GY3 334 2/28/2020 2/28/2017 1.550 NR NR 248,000.00 248,000.00 100 245,928.21 0.13 CrossFirst Bank 1.6 2/28/2020 22766AAX3 334 2/28/2020 2/28/2017 1.600 NR NR 248,000.00 248,000.00 100 246,044.02 0.13 First Western Bank 1.55 2/28/2020 33749VAK4 334 2/28/2020 2/2812017 1.550 NR NR 248,000.00 248,000.00 100 245,931.68 0.13 Wells Fargo Bank 1.8 3/2/2020 949763FA9 337 3/2!2020 3/1/2017 1.800 NR NR 248,000.00 248,000.00 100 246,473.06 0.13 KNational Association 1.7 3/9/20209/2020 49306SXK7 344 3/9/2020 3/8/2017 1.700 NR NR 248,000.00 248,000.00 100 246,194.81 0.13 Beneficial Bank 1.3 3/9/2020 08173QBN5 344 3/9/2020 3/9/2016 1.300 NR NR 248,000.00 248,000.00 100 246,569.78 0.13 Goldman Sachs Bank 7.95 3/11!2020 38148JMV0 346 3/11/2020 3/11/2015 1.950 NR NR 248,000.00 248,000.00 100 246,767.69 0.13 Western Northwest65 Capital Bank)k) 1.1.6/ 41 413 66736ABB4 379 4/13/2020 4/13/2017 1.650 NR NR 248,000.00 248,000.00 100 245,881.09 0.13 East Boston Savings Bank 1.7 4/13/2020 27113PBN0 379 4/13/2020 4/11/2017 1.700 NR NR 248,000.00 248,000.00 100 246,008.56 0.13 Mercantile Bank of Michigan 1.65 4/13/2020 58740XYW4 379 4/13/2020 4/11/2017 1.650 NR NR 248,000.00 248,000.00 100 245,891.26 0.13 MB Financial Bank 1.65 4/1312020 55266CUY0 379 4/13/2020 4/13/2017 1.650 NR NR 248,000.00 248,000.00 100 245,881.09 0.13 Jefferson Bank and Trust Company 1.75 5/12/2020 472376AC6 408 5112/2020 11/9/2017 1.750 NR NR 248,000.00 248,000.00 100 246,004.34 0.13 First Bank of Owasso 1.8 5/14/2020 31927LAM0 410 5/14/2020 11/14/2017 1.800 NR NR 248,000.00 248,000.00 100 246,129.34 0.13 Page 11 of 18 Settlement Date YTM @ Credit Cost Rating 1 Days To Maturity Description CUSIP/Ticker Maturity Date Commerce State Bank 1.65 20070PJD0 418 5/22/2020 5/22/2020 1.650 NR NR 248,000.00 Oriental Bank 1.85 5/26/2020 68621 KAY7 422 5/26/2020 Horicon State Bank 1.65 5/26/2020 440392FL7 422 5/26/2020 Summit Community Bank Inc 1.65 1.800 NR NR 248,000.00 5/29/2020 86604XLT1 425 5/29/2020 Kennebec Savings Bank 1.65 2.150 NR NR 248,000.00 5/29/2020 489265AU2 425 5/29/2020 Sturgis Bank & Trust Company 1.8 1.700 NR NR 248,000.00 6/9/2020 864088DM8 436 6/9/2020 University of Iowa 2.85 6/19/2020 91435LAN7 446 6/19/2020 Comenity Cap Bank UT 2.15 1.150 NR NR 248,000.00 6/29/2020 20033ALD6 456 6/29/2020 Chippewa Valley Bank 1.7 6/30/2020 169894AN2 457 6/30/2020 The Bank of Princeton 1.7 6/30/2020 064520AD1 457 6/30/2020 Midsouth Bank Lafayette 1.85 1.700 NR NR 248,000.00 7113/2020-18 59805FAA7 470 7/13/2020 First Oklahoma Bank 1.7 7/27/2020 335857BE7 484 7/27/2020 Bank of Deerfield 1.15 7/27/2020 061785DP3 484 7/27/2020 Capital One 2.3 8/12/2020 14042E5M8 500 8/12/2020 BMW Bank UT 2.258/21/2020 05580ACS1 509 8/21/2020 Southern State Bank AL 2.8 1.800 NR NR 248,000.00 9/28/2020 843879BT3 547 9/28/2020 Financial Federal Bank 1.7 1.900 NR NR 248,000.00 9/30/2020 31749TAX5 549 9/30/2020 Lakeside Bank 1.75 11/19/2020 51210SMS3 599 11/19/2020 American National Bank -Fox Cities 1.700 NR NR 248,000.00 1.75 11/23/2020 02771 PNQ6 603 11/23/2020 Alma Bank 1.7 12/9/2020 020080BE6 619 12/9/2020 Plus International Bank 2.8 2.850 NR NR 249,000.00 12/14/2020 72940UJF3 624 12/14/2020 Morton Community Bank 1.7 1.850 NR NR 248,000.00 12/16/2020 619165GW7 626 12/16/2020 First Bank Richmond 1.8 12/28/2020 319267GE4 638 12/28/2020 Stone Bank 1.85 1/11/2021 86158RAM1 652 1/11/2021 First Federal Savings Bank 1.9 1/15/2021 32021YDA8 656 1/1512021 First Farmers Bank & Trust Company 1.9 1/21120 320165HW6 662 1/21/2021 Lead Bank 1.7 2/9/2021 521680AE8 681 2/9/2021 Luana Savings Bank 1.7 2/11/2021 54910321-2 683 2/11/2021 Apex Bank 1.25 2/17/2021 03753XAE0 689 2/17/2021 US Alliance FCU NY 3 2/22/2021 90352RAB1 694 2/22/2021 First Security State Bank IA 2.85 2/22/2021 336386AX5 694 2/22/2021 National Cooperative Bank 1.5 3/9/2021 635573AH1 709 3/9/2021 Triad Bank 1.85 4/12/2021 89579NBU6 743 4/12/2021 Gold Coast Bank 1.9 5/10/2021 38058KDU7 771 5/10/2021 Settlement Date YTM @ Credit Cost Rating 1 Credit Rating 2 Face Amount/Shares 5/22/2017 1.650 NR NR 248,000.00 5/24/2017 1.850 NR NR 248,000.00 5/23/2017 1.650 NR NR 248,000.00 5/31/2017 1.650 NR NR 248,000.00 5/30/2017 1.650 NR NR 248,000.00 11/9/2017 1.800 NR NR 248,000.00 6/20/2018 2.850 NR NR 249,000.00 6/29/2015 2.150 NR NR 248,000.00 6/30/2017 1.700 NR NR 248,000.00 6/30/2017 1.700 NR NR 248,000.00 7/12/2017 1.850 NR NR 248,000.00 7/26/2017 1.700 NR NR 248,000.00 8/26/2016 1.150 NR NR 248,000.00 8/12/2015 2.300 NR NR 248,000.00 8/21/2015 2.250 NR NR 248,000.00 6/27/2018 2.800 NR NR 249,000.00 5/30/2017 1.700 NR NR 248,000.00 5/19/2017 1.750 NR NR 248,000.00 5/23/2017 1.750 NR NR 248,000.00 12/9/2016 1.700 NR NR 248,000.00 6/13/2018 2.800 NR NR 249,000.00 12/16/2016 1.700 NR NR 248,000.00 6/27/2017 1.800 NR NR 248,000.00 10/11/2017 1.850 NR NR 248,000.00 11/15/2017 1.900 NR NR 248,000.00 7/21/2017 1.900 NR NR 248,000.00 8/9/2017 1.700 NR NR 248,000.00 8/11/2017 1.700 NR NR 248,000.00 8/17/2016 1.250 NR NR 248,000.00 6/22/2018 3.000 NR NR 249,000.00 6/22/2018 2.850 NR NR 249,000.00 3/9/2016 1.500 NR NR 248,000.00 10/12/2017 1.850 NR NR 248,000.00 11/9/2017 1.900 NR NR 248,000.00 Cost Value + Accrued Interest Cost Price Market Value % of Portfolio 248,000.00 100 245,673.76 0.13 248,000.00 100 246,225.81 0.13 248,000.00 100 245,662.10 0.13 248,000.00 100 245,636.81 0.13 248,000.00 100 245,636.81 0.13 248,000.00 100 246,022.70 0.13 249,000.00 100 250,123.74 0.13 248,000.00 100 246,855.23 0.13 248,000.00 100 245,633.09 0.13 248,000.00 100 245,633.09 0.13 248,000.00 100 246,036.83 0.13 248,000.00 100 245,495.94 0.13 248,000.00 100 243,712.33 0.13 248,000.00 100 247,426.62 0.13 248,000.00 100 247,419.43 0.13 249,000.00 100 250,221.59 0.13 248,000.00 100 245,194.13 0.13 248,000.00 100 245,162.63 0.13 248,000.00 100 245,145.27 0.13 248,000.00 100 244,869.99 0.13 249,000.00 100 250,418.80 0.13 248,000.00 100 244,837.50 0.13 248,000.00 100 245,206.28 0.13 248,000.00 100 245,371.70 0.13 248,000.00 100 245,575.06 0.13 248,000.00 100 245,558.94 0.13 248,000.00 100 244,594.71 0.13 248,000.00 100 244,590.25 0.13 248,000.00 100 242,503.33 0.13 249,000.00 100 251,524.61 0.13 249,000.00 100 250,831.89 0.13 248,000.00 100 245,623.91 0.13 248,000.00 100 244,987.05 0.13 248,000.00 100 245,013.83 0.13 Page 12 of 18 Description CUSIP/Ticker Days To Maturity The Lake Bank MN 2.9 5/17/2021 507515BE3 778 Bank of the Pacific 1.25 5/24/2021 06425BCK3 785 Ponce De Leon Federal Bank 1.9 Date Cost Rating 1 5/26/2021 732333AG4 787 Stock Yards Bank & Trust Co KY 2.9 Market Value Portfolio 6/1412021 861026AA0 806 First Tech Federal CU Palo Alto CA 249,000.00 249,000.00 3.05 6/14/2021 33715LBL3 806 Citibank Sioux Falls SD 3 6/15/2021 17312ON47 807 Eagle Bank Bethesda MD 2.9 248,000.00 248,000.00 6/15/2021 27002YD52 807 Country Bank NY 2.9 6/18/2021 22230PBS8 810 RCB Bank Claremore OK 2.9 248,000.00 248,000.00 6/21/2021 74934YAJ0 813 Mercantil Bank Coral Gables FL 3 6/14/2018 2.900 NR 6/21/2021 58733AEX3 813 The Business Bank of Saint Louis 248,030.48 0.13 1.8 6/23/2021 12325EHU9 815 Towne Bank Portsmouth VA 3 249,000.00 249,000.00 6/28/2021 89214PBR9 820 NebraskaLand National Bank 1.85 6/15/2018 3.000 NR 6/28/2021 63970QFG6 820 Winter Hill Bank, FSB 1.8 6/28/2021 975875AK1 820 Central Federal S&L Assoc of 6/15/2018 2.900 NR Chicago 2.85 6/28 15347EAH2 820 Marine Bank 1.85 6/29/2021 56817TAB7 821 Citizens State Bank 1.85 6/30/2021 17670DAD6 822 Texas Exchange Bank 1.95 249,000.00 249,000.00 6/30/2021-18 88241TBP4 822 Central State Bank Iowa 1.85 6/20/2018 2.900 NR 7/14/2021 15523RBJ4 836 Bankers Bank Madison WI 1.9 251,055.25 0.13 7/14/2021 06610RAQ2 836 FNB Bank, Inc/Romney 1.85 246,000.00 246,000.00 7/19/2021 30257JAC9 841 Abacus Federal Savings Bank 1.95 00257TAY2 843 7/21/2021 248,000.00 248,000.00 Spiritbank Bristow OK 1.9 8/1112021- 848608DB8 864 18 6/28/2018 3.000 NR Commercial Bank Alma Mi 1.4 246,000.00 246,000.00 8/16/2021 201282HD5 869 Partners Bank of California 1.85 70212YAW2 869 8/16/2021 248,000.00 248,000.00 JPMorgan Chase Bank NA 1.65 244,343.24 0.13 8/16/2021 48126XAH8 869 Palmetto Heritage Bank and Trust 69709QAM3 873 1.9 8/20/2021 244,072.42 0.13 Enerbank USA 1.45 8/26/2021 292661\131-18 879 Keesler Federal CU 3 8/30/2021 49254FAQ9 883 Uinta County State Bank 2.05 250,769.39 0.13 10/13/2021 903572CC7 927 NR 85641PDQ0 927 Maturity Settlement YTM @ Credit Credit Rating Face Cost Value + Accrued % of Date Date Cost Rating 1 2 Amount/Shares Interest Cost Price Market Value Portfolio 5/17/2021 6/22/2018 2.900 NR NR 249,000.00 249,000.00 100 251,120.24 0.13 5/24/2021 8/24/2016 1.250 NR NR 248,000.00 248,000.00 100 241,521.50 0.13 5/26/2021 5/26/2017 1.900 NR NR 248,000.00 248,000.00 100 244,884.87 0.13 6/14/2021 6/14/2018 2.900 NR NR 246,000.00 246,000.00 100 248,030.48 0.13 6/14/2021 6/14/2018 3.050 NR NR 249,000.00 249,000.00 100 251,871.22 0.13 6/15/2021 6/15/2018 3.000 NR NR 246,000.00 246,000.00 100 248,555.69 0.13 6/15/2021 6/15/2018 2.900 NR NR 249,000.00 249,000.00 100 251,055.25 0.13 6/18/2021 6/20/2018 2.900 NR NR 249,000.00 249,000.00 100 251,063.71 0.13 6/21/2021 6/20/2018 2.900 NR NR 249,000.00 249,000.00 100 251,055.25 0.13 6/21/2021 6/21/2018 3.000 NR NR 246,000.00 246,000.00 100 248,547.82 0.13 6/23/2021 6/23/2017 1.800 NR NR 248,000.00 248,000.00 100 244,117.81 0.13 6/28/2021 6/28/2018 3.000 NR NR 246,000.00 246,000.00 100 248,538.47 0.13 6/28/2021 6/28/2017 1.850 NR NR 248,000.00 248,000.00 100 244,343.24 0.13 6/28/2021 6/26/2017 1.800 NR NR 248,000.00 248,000.00 100 244,072.42 0.13 6/28/2021 6/28/2018 2.850 NR NR 249,000.00 249,000.00 100 250,769.39 0.13 6/29/2021 6/29/2017 1.850 NR NR 248,000.00 248,000.00 100 244,334.56 0.13 6/30/2021 6/30/2017 1.850 NR NR 248,000.00 248,000.00 100 244,330.34 0.13 6/30/2021 6/30/2017 1.950 NR NR 248,000.00 248,000.00 100 244,878.18 0.13 7/14/2021 7/14/2017 1.850 NR NR 248,000.00 248,000.00 100 244,201.14 0.13 7/14/2021 7/14/2017 1.900 NR NR 248,000.00 248,000.00 100 244,477.16 0.13 7/19/2021 7/19/2017 1.850 NR NR 248,000.00 248,000.00 100 244,156.00 0.13 7/21/2021 7/21/2017 1.950 NR NR 248,000.00 f 248,000.00 100 244,694.66 0.13 8/11/2021 8/11/2017 1.900 NR NR 248,000.00 248,000.00 100 244,241.06 0.13 8/16/2021 8/16/2016 1.400 NR NR 248,000.00 248,000.00 100 241,326.82 0.13 8/16/2021 8/15/2017 1.850 NR NR 248,000.00 248,000.00 100 243,913.46 0.13 8/16/2021 8/16/2016 1.650 NR NR 248,000.00 248,000.00 100 241,703.03 0.13 8/20/2021 8/21/2017 1.900 NR NR 248,000.00 248,000.00 100 244,150.30 0.13 8/26/2021 8/26/2016 1.450 NR NR 248,000.00 248,000.00 100 241,493.97 0.13 8/30/2021 2/28/2019 3.000 None None 249,000.00 249,000.00 100 251,473.07 0.13 10/13/2021 10/13/2017 2.050 NR NR 247,000.00 247,000.00 100 243,602.02 0.13 10/13/2021 10/13/2017 2.000 NR NR 248,000.00 248,000.00 100 244,274.05 0.13 Page 13 of 18 Description CUSIP/Ticker Days To Maturity Maturity Date Settlement Date YTM @ Credit Cost Rating 1 Credit Rating 2 Face Amount/Shares Cost Value + Accrued Interest Cost Price Market Value % of Portfolio State Bank of Chilton 2 10/13/2021- 18 Northfield Bank 1.95 10/20/2021 66612ABV9 934 10/20/2021 11/1/2017 2.029 NR NR 248,000.00 247,414.99 99.7 243,917.42 0.13 Commerce Bank Geneva MN 2 11/26/2021-18 20056QQQ9 971 11/26/2021 8/25/2017 2.000 NR NR 248,000.00 248,000.00 100 243,872,29 0.13 Great Plains Bank 1.85 12/21/2021 39115UAZ6 996 12/21/2021 4/21/2017 1.850 NR NR 248,000.00 248,000.00 100 242,653.86 0.13 American Eagle Bank 12/30/2021 02554BCRO 1,005 12/30/2021 7/13/2017 2.000 NR NR 247,000.00 247,175.95 100 242,578.95 0.13 The Ohio Valley Bank Company 1.9 1/19/2022 677721 CNO 1,025 1/19/2022 7/19/2017 1.900 NR NR 248,000.00 248,000.00 100 242,684.37 0.13 Nebraska State B&T Co. 1.95 2/21/2022 63969ACD4 1,058 2/21/2022 4/21/2017 1.950 NR NR 248,000.00 248,000.00 100 242,682.63 0.13 United Community Bank 2.05 4/12/2022-18 90983WBNO 1,108 4/12/2022 10/12/2017 2.050 NR NR 248,000.00 248,000.00 100 242,919.97 0.13 BMO Harris Bank Step 4/13/2022-17 05581 WNM3 1,109 4/13/2022 4/13/2017 2.143 NR NR 248,000.00 248,000.00 100 246,649.14 0.13 International Bank of Chicago 2.1 4/20/2022-18 45906ABR7 1,116 4/20/2022 10/20/2017 2.100 NR NR 248,000.00 248,000.00 100 243,227.74 0.13 Celtic Bank 2.14/21/2022 1511BRMF1 1,117 4/21/2022 4/21/2017 2.100 NR NR 248,000.00 248,000.00 100 243,209.38 0.13 The North Jackson Bank 2.05 5/9/2022 32063KAS1 1,135 5/9/2022 11/8/2017 2.050 NR NR 248,000.00 248,000.00 100 242,718.10 0.13 First State Bank of DeQueen Step 5126/2022-18 336460CG3 1,152 5/26/2022 5/26/2017 2.077 NR NR 248,000.00 248,000.00 100 235,330.00 0.13 Farmers & Mechanics FS & LA 2 6116/2022-17 307764AA8 1,173 6/16/2022 6/26/2017 2.053 NR NR 248,000.00 247,515.89 99.75 242,080.49 0.13 DNB First, National Association 2 6/23/2022 25590AAH3 1,180 6/23/2022 6/23/2017 2.000 NR NR 248,000.00 248,000.00 100 242,015.26 0.13 National Bank of Commerce 2.15 6/27/2022-17 633368EK7 1,184 6/27/2022 6/27/2017 2.150 NR NR 248,000.00 248,000.00 100 243,151.60 0.13 Traverse City State Bank 2 6/28/2022 894333FF5 1,185 6/28/2022 6/28/2017 2.000 NR NR 248,000.00 248,000.00 100 242,000.88 0.13 First National Bank of Syracuse 2.1 6128/2022-17 334342CA8 1,185 6/28/2022 6/28/2017 2.100 NR NR 248,000.00 248,000.00 100 242,751.82 0.13 First State Community Bank 2.1 6/30/2022-18 33708UCF4 1,187 6/30/2022 6/30/2017 2.100 NR NR 248,000.00 248,000.00 100 242,757.28 0.13 Barclays Bank Delaware 2.2 7/12/2022 06740KKD8 1,199 7/12/2022 7/12/2017 2.200 NR NR 247,000.00 247,000.00 100 242,462.12 0.13 First Internet Bank of Indiana 2.05 7/14/2022 32056GCQ1 1,201 7/14/2022 7/14/2017 2.050 NR NR 248,000.00 248,000.00 100 242,244.42 0.13 Fidelity Co-op Bank Leominster Step 8!9/2022-17 316077CV6 1,227 8/9/2022 8/9/2017 1.977 NR NR 248,000.00 247,008.00 99.6 244,634.39 0.13 The First National Bank of Mayfield 2 8/18/2022 330459BUl 1,236 8/18/2022 8/18/2017 2.000 NR NR 248,000.00 248,000.00 100 241,587.96 0.13 First Premier Bank 2.05 8/22/2022 3361ORQY2 1,240 8/22/2022 8/21/2017 2.050 NR NR 248,000.00 248,000.00 100 241,979.55 0.13 Alliance Credit Union 2.25 1'0113/2022 01859BAA3 1,292 10/13/2022 10/13/2017 2.250 NR NR 248,000.00 248,000.00 100 243,261.22 0.13 Allegiance Bank 2.211/3/2022 01748DAY2 1,313 11/3/2022 11/3/2017 2.200 NR NR 248,000.00 248,000.00 100 242,678.91 0.13 First Bank of Highland Park 2.2 11/8/2022 319141JF5 1,318 11/8/2022 11/8/2017 2.200 NR NR 248,000.00 248,000.00 100 242,670.98 0.13 Mountain America Credit Union 2.3 11/8/2022 62384RACO 1,318 11/8/2022 11/8/2017 2.300 NR NR 248,000.00 248,000.00 100 243,494.83 0.13 Signature Bank Chicago 2.15 11/8/2022 82669VBY6 1,318 11/8/2022 11/8/2017 2.150 NR NR 248,000.00 248,000.00 100 242,248.14 0.13 Sallie Mae Bank 3 4/18/2023 795450M93 1,479 4/18/2023 4/18/2018 3.000 NR NR 245,000.00 245,000.00 100 246,079.23 0.13 Page 14 of 18 Days To Maturity Settlement YTM @ Credit Credit Rating Face Cost Value + Accrued % of Description CUSIP/Ticker Maturity Date Date Cost Rating 1 2 AmountlShares Interest Cost Price Market Value Portfolio UBS Bank USA Salt Lake City UT 90348JCW8 1,535 6/13/2023 6/13/2018 3.250 NR NR 248,000.00 248,000.00 100 251,488.12 0.13 3.25 6/13/2023 Toyota Financial Savings Bank 3.4 7124/2023-19 89235MJAO 1,576 7/24/2023 7/23/2018 3.400 None None 245,000.00 245,000.00 100 245,197.23 0.13 Community Financial Services Bank 3.25 7/25/2023-1 20364ACFO 1,577 7/25/2023 7/25/2018 3.250 None None 249,000.00 249,000.00 100 249,725.59 0.13 CresCom Bank 2.8 3/28/2024-19 225862EA5 1,824 3/28/2024 3/29/2019 2.800 None None 249,000.00 249,000.00 100 247,270.94 0.13 Delaware State Police Federal Credit Union 3 3/29/ 246399AB5 1,825 3/29/2024 3/29/2019 3.000 None None 246,000.00 246,000.00 100 246,568.51 0.13 Sub Total/Average 652 1.955 37,940,000.00 37,938,114.83 99.99381 37,612,942.11 19.60 Corporate Bonds 15% - . Barclays Bank PLC 2 5/31/2019-18 06741VUWO 61 5/31/2019 5/31/2017 2.000 Moodys-A7 S&P -A- 1,000,000.00 1,000,000.00 100 998,417.00 0.52 Walmart Inc 1.75 10/9/2019 931142DY6 192 10/9/2019 7/16/2018 2.371 Moodys-Aa2 S&P -AA 1,000,000.00 997,215.28 99.25 995,071.00 0.51 Wells Fargo Bank 2.15 12/6/2019 94988J5G8 250 12/6/2019 7/16/2018 2.718 Moodys-Aa2 S&P -A+ 1,000,000.00 994,688.89 99.23 996,536.00 0.51 American Express Credit Corp 2.6 9/14/2020-20 0258MODX4 533 9/14/2020 6/13/2018 3.000 Mood s Aa2 Y - S&P -A- 2,000,000.00 1,995,505.58 99.132501 1,996,540.00 1.02 AutomaticData Processing2.25 020 053015AD5 534 9/15/2020 6/13/2018 2.617 Moodys-Aa3 S&P -AA 1,000,000.00 997,500.00 99.2 994,303.00 0.51 COCO-COLA CO 1.87510/27/2020 191216BT6 576 10/27/2020 7/13/2017 1.875 Moodys-Aa3 S&P -AA- 1,000,000.00 1,003,958.33 100 991,020.00 0.52 Microsoft 2 11/3/2020-20 594918BG8 583 11/312020 11/6/2015 1.929 Moodys-Aaa S&P -AAA 1,000,000.00 1,003,546.67 100.338 993,348.00 0.52 Walmart Inc 1.9 12/15/2020 931142EA7 625 12/15/2020 6/13/2018 2.622 Moodys-Aa2 S&P -AA 1,000,000.00 994,897.22 98.26 991,356.00 0.51 Apple Inc 2.25 2/23/2021-21 037833BSB 695 2/23/2021 12/2/2016 2.125 Moodys-Aal S&P -AA+ 2,000,000.00 2,022,375.00 100.5 1,992,806.00 1.04 Berkshire Hathaway Inc 2.2 084670BQD 715 3/15/2021 6/13/2018 2.654 Moodys-Aa2 S&P -AA 1,000,000.00 993,377.78 98.8 995,429.00 0.51 Pfizer Inc 2.2 12/15/2021 717081 DZ3 990 12/15/2021 7/16/2018 2.944 Moodys-A1 S&P -AA 1,000,000.00 977,894.44 97.6 991,888.00 0.50 Toyota Motor Credit Crop 2.6 1/11!2022 89236TDP7 1,017 1/11/2022 7/13/2017 2.200 Mood s-Aa3 Y S&P -AA- 1,000,000.00 1,017,172.28 101.702784 1,000,498.00 0.53 Procter & Gamble Co 2.3 2/6/2022 742718DY2 1,043 2/6/2022 7/16/2018 2.902 Moodys-Aa3 S&P -AA- 1,000,000.00 990,022.22 97.98 998,495.00 0.51 Chevron Corp 2.498 3/3/2022 166764BN9 1,068 3/3/2022 8/10/2017 2.101 Moodys-Aa2 S&P -AA- 2,000,000.00 2,056,188.11 101.72 2,000,346.00 1.05 Apple Inc 2.35111/2022 037833CQ1 1,137 5/11/2022 6/26/2017 2.133 Moodys-Aal S&P -AA+ 2,000,000.00 2,021,152.54 100.770127 1,986,984.00 1.04 Bsrclays Bank PLC Step 8/25/2022- 06744CFN6 1,243 8/25/2022 8/25/2017 2.440 Moodys-A1 S&P -A- 2,000,000.00 2,000,000.00 100 1,955,076.00 1.03 Toyota Credit Corp 2.15 22 otor 89236TEC5 1,257 9/8/2022 11/1/2017 2.301 Moodys-Aa3 S&P -AA- 2,500,000.00 2,490,663.19 99.31 2,465,302.50 1.28 IBM Credit LLC 2.2 9/8/2022 44932HAC7 1,257 9/8/2022 10/3/2017 2.301 Moodys-A1 S&P -A+ 1,000,000.00 996,827.78 99.53 980,604.00 0.51 VISA Inc 2.159/15/2022 92826CAG7 1,264 9/15/2022 10/3/2017 2.101 Moodys-A1 S&P -A+ 1,000,000AO 1,003,615.32 100.230143 989,425.00 0.52 Toyota Motor Credit Corp 3.45 9/20/2023 89236TFNO 1,634 9/20/2023 2/28/2019 3.001 Moodys-Aa3 S&P -AA- 1,000,000.00 1,034,141.67 101.9 1,030,871.00 0.53 Sub Total /Average 878 2.397 26,500,000.00 26,590,742.30 99.88189 26,344,315.50 13.67 Municipal Securities 16%16% Murrieta Redevelopment Agency 1.8 8/1/2019 62719PAV8 123 8/1/2019 10/18/2017 1.802 NR S&P -A 350,000.00 349,989.50 99.997 348,740.00 0.18 Fresno County Pension2.488 8/15/2019 358266CQ5 137 8/15/2019 9/8/2015 2.288 NR S&P -AA- 1,000,000.00 1,007,845.56 100.75 999,250.00 0.52 California ST 1.8 4/1/2020 13063CSQ4 367 4/1/2020 4/29/2015 1.700 Moodys-Aa3 S&P -AA- 2,000,000.00 2,009,380.00 100.469 1,988,020.00 1.04 California ST 2.6254/1/2021 13063DAC2 732 4/1/2021 4/27/2017 2.003 Moodys-Aa3 S&P -AA- 1,000,000.00 1,023,400.00 102.34 1,005,630.00 0.53 Murrieta Redevelopment Agency 2.25 8/1/2021 62719PAX4 854 8/1/2021 10/18/2017 2.319 NR S&P -A 350,000.00 349,135.50 99.753 346,570.00 0.18 Page 15 of 18 Page 16 of 18 Days To Maturity Settlement YTM @. Credit Credit Rating Face Cost Value +Accrued % of Description CUSIP/Ticker Maturity Date Date Cost Rating 1 2 AmountlShares Interest Cost Price Market Value Portfolio Santa Rosa CA REGL Resource Rev 2.2 811/2021 802629AW5 854 8/1/2021 10/3/2017 2.001 Fitch-AA S&P-AA+ 980,000.00 989,489.67 100.73 972,581.40 0.51 Industry Calif Sales Tax Rev 2.75 1/1!2022 45656RDV1 1,007 1/1/2022 5/17/2017 2.451 Moodys-A1 S&P-AA- 1,000,000.00 1,014,604.17 101.3 1,000,530.00 0.52 California ST 2.3674/1/2022 13063DADO 1,097 4/1/2022 4/27/2017 2.152 Moodys-Aa3 S&P-AA- 1,000,000.00 1,010,000.00 101 1,000,250.00 0.52 Murrieta Redevelopment Agency 2.5 811/2022 62719PAY2 1,219 8/1/2022 10/18/2017 2.559 NR S&P-A 250,000.00 249,345.00 99.738 248,260.00 0.13 Santa Rosa CA REGL Resources Rev 2.4 8/1/2022 802629AX3 1,219 8/1/2022 10/3/2017 2.202 Fitch-AA S&P-AA+ 500,000.00 505,800.00 100.9 497,780.00 0,26 California State University 3.054 11/1/2022 13077DFD9 1,311 11/1/2022 8/2/2018 3.054 Mood s Aa2 Y - S&P-AA- 250,000.00 250,000.00 100 253,970.00 0.13 Sub Total / Average 706 2.097 8,680,000.00 8,758,989.40 100.850154 8,661,681.40 4.52 US Agency Bonds /Notes 75% FHLMC 1.2 5/16/2019-17 3134G9DKO 46 5/16/2019 5/16/2016 1.200 Moodys-Aaa S&P-AA+ 1,000,000.00 1,000,000.00 100 998,461.00 0.52 FNMA 1.1 8/23/2019-17 3136G32A2 145 8/23/2019 8/30/2016 1.100 Moodys-Aaa S&P-AA+ 5,000,000.00 5,000,000.00 100 4,973,165.00 2.58 FNMA 1.65 1/27/2020-17 3135GOS46 302 1/27/2020 2/21/2017 1.650 Moodys-Aaa S&P-AA+ 2,000,000.00 2,002,200.00 100 1,987,102.00 1.03 FFCB 1.38 3/212020-17 3133EFH59 337 3/2/2020 3/2/2016 1.380 Moodys-Aaa S&P-AA+ 2,000,000.00 2,000,000.00 100 1,981,618.00 1.03 FFCB 2.47 9115/2020-18 3133EJGJ2 534 9/15/2020 6/13/2018 2.602 Moodys-Aaa S&P-AA+ 1,000,000.00 1,003,137.78 99.71 1,000,002.00 0.52 FFCB 1.771217/2020-17 3133EGR49 617 12/7/2020 12/7/2016 1.770 Moodys-Aaa S&P-AA+ 2,000,000.00 2,000,000.00 100 1,981,346.00 1.03 FFCB 1.91 1/20/2021-17 3133EHGHO 661 1/20/2021 4/20/2017 1.910 Moodys-Aaa S&P-AA+ 1,500,000.00 1,500,000.00 100 1,488,684.00 0.78 FHLB 1.3752/18/2021 313OA7CV5 690 2/18/2021 414/2016 1.328 Moodys-Aaa S&P-AA+ 1,000,000.00 1,003,956.94 100.22 982,467.00 0.52 FNMA Step 3/15/2021-17 3136G3AY1 715 3/15/2021 3/15/2016 2.004 Moodys-Aaa 5&P-AA+ 2,000,000.00 2,000,000.00 100 2,011,656.00 1.03 FHLMC Step 3/23/2021-16 3134G8NQ8 723 3/23/2021 4/4/2016 2.169 Moodys-Aaa S&P-AA+ 1,050,000.00 1,050,401.04 100 1,046,615.85 0.54 FHLMC Step 3130/2021-16 3134G8NV7 730 3/30/2021 3/30/2016 2.118 Moodys-Aaa S&P-AA+ 1,500,000.00 1,500,000.00 100 1,493,455.50 0.78 FFCB 2 4/5/2021-1-8 3133EHEG4 736 4/5/2021 4/5/2017 2.000 Moodys-Aaa S&P-AA+ 3,500,000.00 3,500,000.00 100 3,475,052.00 1.81 FFCB 1.93 4/20/2021-18 3133EHGG2 751 4/20/2021 4/20/2017 1.930 Moodys-Aaa S&P-AA+ 1,500,000.00 1,500,000.00 100 1,487,290.50 0.78 FNMA 1.4 5/25/2021-17 3136G3U94 786 5/25/2021 8/25/2016 1.400 Moodys-Aaa S&P-AA+ 1,850,000.00 1,850,000.00 100 1,814,065,60 0.96 FHLMC 2 7/27/2021-17 3134GBXA5 849 7/27/2021 7/27/2017 2.000 Moodys-Aaa S&P-AA+ 1,000,000.00 1,000,000.00 100 991,680.00 0.52 FHLMC 2.05 12/30/2021-17 3134GAZR8 1,005 12/30/2021 12/30/2016 2.050 Moodys-Aaa S&P-AA+ 2,000,000.00 2,000,000.00 100 1,978,694.00 1.03 FFCB 1.953/14/2022-17 3133EHYQO 1,079 3/14/2022 11/1/2017 2.082 Moodys-Aaa, S&P-AA+ 2,000,000.00 1,994,091.67 99.45 1,979,400.00 1.03 FFCB 2 3/14/2022-17 3133EHMH3 1,079 3/14/2022 6/22/2017 2.023 Moodys-Aaa S&P-AA+ 2,000,000.00 - 1,998,888.89 99.9 1,982,238,00 1.03 FFCB 2 4/5/2022-17 3133EHQG1 1,101 4/5/2022 7/11/2017 2.078 Moodys-Aaa S&P-AA+ 1,000,000.00 996,833.33 99.65 990,991.00 0.51 FHLB 2.14/26/2022-19 3130AB3U8 1,122 4/26/2022 4126/2017 2.100 NR S&P-AA+ 4,000,000.00 4,000,000.00 100 3,977,508.00 2.07 FHLB 2.084/27/2022-18 3130AB6Q4 1,123 4/27/2022 4/27/2017 2.080 Moodys-Aaa S&P-AA+ 1,500,000.00 1,500,000.00 100 1,487,388.00 0.78 FHLB 2.1 5/18/2022-18 3130ABCS3 1,144 5/18/2022 5/18/2017 2.100 Moodys-Aaa S&P-AA+ 2,000,000.00 2,000,000.00 100 1,983,646.00 1.03 FHLMC 2.05 5/25/2022-18 3134GBMB5 1,151 5/2512022 5/2512017 2.050 Moodys-Aaa S&P-AA+ 1,000,000.00 1,000,000.00 100 993,265.00 0.52 FHLMC 2.1 6/29/2022-17 3134GBTL6 1,186 6/29/2022 6/29/2017 2.100 Moodys-Aaa S&P-AA+ 2,000,000.00 2,000,000.00 100 1,985,392.00 1.03 FHLMC Step 7/5/2022-17 3134GBYK2 1,192 7/5/2022 7/11/2017 2.048 Moodys-Aaa S&P-AA+ 1,000,000.00 1,000,333.33 100 994,930.00 0.52 FHLMC 2 7/19/2022-17 3134GBVF6 1,206 7/19/2022 7/19/2017 2.000 Moodys-Aaa S&P-AA+ 2,000,000.00 2,000,000.00 100 1,989,152.00 1.03 FHLMC 2.25 7/26/2022-18 3134GBYP1 1,213 7/26/2022 7/26/2017 2.250 Moodys-Aaa S&P-AA+ 2,000,000.00 2,000,000.00 100 2,001,482.00 1.03 FHLMC 2 7/27/2022-18 3134GBWQ1 1,214 7/27/2022 7/27/2017 2.042 Moodys-Aaa S&P-AA+ 2,000,000.00 1,996,000.00 99.8 1,982,582.00 1.03 FHLMC Step 8/22/2022-17 3134GBB27 1,240 8/22/2022 8122/2017 2.144 Fitch-AAA S&P-AA+ 2,000,000.00 2,000,000.00 100 1,987,986.00 1.03 FHLB Step 8/24/2022-17 3130ABZW9 1,242 8/24/2022 8/24/2017 2.071 Moodys-Aaa S&P-AA+ 1,000,000.00 1,000,000.00 100 991,194.00 0.52 FHLMC 2.05 9129/2022-17 3134GBH39 1,278 9/29/2022 10/31/2017 2.163 Moodys-Aaa S&P-AA+ 2,000,000.00 1,993,144.44 99.475 1,982,150.00 1.03 FHLB Step 10/18/2022-18 3130ACGW8 1,297 10/18/2022 10/18/2017 2.144 Moodys-Aaa S&P-AA+ 1,500,000.00 1,500,000.00 100 1,492,171.50 0.78 Page 16 of 18 Page 17 of 18 Days To Maturity Settlement YTM @ Credit Credit Rating Face Cost Value +Accrued % of Description CUSIP/Ticker Maturity Date Date Cost Rating 1 2 Amount/Shares Interest Cost Price Market Value Portfolio FNMA 2.2510/27/2022-18 3136G4PV9 1,306 10/27/2022 10/27/2017 2.250 Moodys-Aaa None 2,000,000.00 2,000,000.00 100 1,988,594.00 1.03 FHLMC 2.4 11/28/2022-18 3134GBY63 1,338 11/28/2022 11/28/2017 2.400 Moodys-Aaa S&P -AA+ 3,000,000.00 3,000,000.00 100 2,975,394.00 1.55 FHLMC 2.75 3/27/2024-19 3134GTAZ6 1,823 3/27/2024 3/27/2019 2.750 S&P -AA+ Moodys-Aaa 700,000.00 700,000.00 100 698,654.60 0.36 Sub Total I Average 910 1.944 64,600,000.00 64,588,987.42 99.951139 64,155,472.55 33.36 Total /Average 584 2.187 193,540,678.06 193,697,512.01 100.004785 192,594,989.62 100 Page 17 of 18 City of Tustin Transactions Summary Monthly Investment Transactions Group By: Action Portfolio / Report Group: All Portfolios Begin Date: 12/31/2018, End Date: 03/31/2019 Page 18 of 18 `!TM @ Settlement Description CUSIP/Ticker Portfolio Name Cost Trade Date Date Maturity Date Face Amount/Shares Principal Price Interest/Dividends Total Buy Kessler Federal CU 3 8/30/2021 49254FAQ9 Fixed Income Certificate of Deposit Negotiable 3.000 2/21/2019 2/28/2019 8/30/2021 249,000.00 249,000.00 100 0.00 249,000.00 Toyota for Credit Corp 3.45 9/ 0/2023 89236TFNO Fixed Income - Corporate Bonds 3.001 2/22/2019 2/28/2019 9/20/2023 1,000,000.00 1,019,000.00 101.9 15,141.67 1,034,141.67 FHLMC 2.75 3/27/2024-19 3134GTAZ6 Fixed Income - US Agency Bonds ! Notes 2,750 3/25/2019 3/27/2019 3/27/2024 700,000.00 700,000.00 100 0.00 700,000.00 Delaware State Police Federal Credit 246399AB5 Fixed Income Certificate of Union 3 3/29! Deposit Negotiable 3.000 3/4/2019 3/29/2019 3/29/2024 246,000.00 246,000.00 100 0.00 000. 246,00 CresCom Bank 2.8 3/28/2024-19 225862EA5 Fixed Income Certificate of Deposit Negotiable 2.800 3/25/2019 3/29/2019 3/28/2024 249,000.00 249,000.00 100 0.00 249,000.00 Sub Total / Average 2,444,000.00 2,463,000.00 15,141.67 2,478,141.67 Matured Metro City Bank GA 1 1/17/2019 59161TAJ6 Fixed Income - Certificate of Deposit Negotiable 0.000 9/17/2019 1/17/2019 1/17/2019 248,000.00 248,000.00 0 0.00 248,000.00 Farm Bureau Bank 1 2/19/2019 307660KJ8 Fixed Income - Certificate of Deposit Negotiable 0.000 211912019 2/19/2019 2!19/2019 248,000.00 248,000.00 0 0.00 248,000.00 First Service Bank 1 2/19/2019 33640VBQO Fixed Income - Certificate of Deposit Negotiable 0.000 2/19/2019 2/19/2019 2/19/2019 248,000.00 248,000.00 0 0.00 248,000.00 First Bank MS 1.5 2/28/2019 319234AJ9 Fixed Income Certificate of Deposit Negotiable 0.000 2/28/2019 2/28/2019 2/28/2019 248,000.00 248,000.00 0 0.00 248,000.00 First South Bank NC 1.45 2/28/2019 33650QAH9 Fixed Income - Certificate of Deposit Negotiable 0.000 2/28/2019 2/28/2019 2/28/2019 248,000.00 248,000.00 0 0.00 248,000,00 Sub Total / Average 1,240,000.00 1,240,000.00 0.00 1,240,000.00 Page 18 of 18 PUBLIC AGENCY RETIREMENT SERVICES PAR CITY OF TUSTIN PARS Post -Employment Benefits Trust Jeffrey Parker RECEIVED City Manager City of Tustin APR 18 2010 300 Centennial Way Tustin, CA 92780 TUSTIN FINANCE DEPT, Account Sunnnary Account Report for the Period 3/1/2019 to 3/31/2019 Ittvestntent Selection Source OPEB Cite of"l'ustin - 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 PEWON 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 -Mouths 1 -Year 3- _ fears 5 -Years 10-1'cars Plan's Inception Date OPEB 1.35% 7.86% - - - 6/26/2018 PENSION 1.38% 8.25% - - 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 guurantee future results. Performance returns may not reflect the deduction of applicable fees, which could reduce returns. Information is deemed reliable but may he subiect to change. Investment Return: Annualized rete of return is the return on an investment over a period other than one .ear multiplied or divided to give a comparable one-year return. Account balances arc inclusive of Trust Administration, Trustee and investment :Management fees Headquarters -4350 Von Karman Ave., Suite 100. Newport Beach. CA 92660 800.540.6369 Fax 949.:50.1250 A�ww.pars.org Beginning Balance as Ending Source of 31112019 Contributions Earnings Expenses Distributions Transfers Balance as of 3/31/2019 OPEB $1,019,953.70 $500,000.00 $17,790,65 $480.08 $0.00 $0.00 $1,537,264,27 PENSION $5,709,291.42 $0.00 $78.916.05 $2.703,69 $0.00 $0.00 $5,785,503.78 Totals 56,729,245.12 $500,000.00 $96,706.70 53,183.77 511.041 50.00 $7,322,768.05 Ittvestntent Selection Source OPEB Cite of"l'ustin - 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 PEWON 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 -Mouths 1 -Year 3- _ fears 5 -Years 10-1'cars Plan's Inception Date OPEB 1.35% 7.86% - - - 6/26/2018 PENSION 1.38% 8.25% - - 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 guurantee future results. Performance returns may not reflect the deduction of applicable fees, which could reduce returns. Information is deemed reliable but may he subiect to change. Investment Return: Annualized rete of return is the return on an investment over a period other than one .ear multiplied or divided to give a comparable one-year return. Account balances arc inclusive of Trust Administration, Trustee and investment :Management fees Headquarters -4350 Von Karman Ave., Suite 100. Newport Beach. CA 92660 800.540.6369 Fax 949.:50.1250 A�ww.pars.org HIGHMARK® CAPITAL MANAGEMENT WHY THE PARS DIVERSIFIED MODERATE PORTFOLIO? Comprehensive Inves went 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. To provide growth of principal e and income. It is expected that dividend and interest income will o comprise a significant portion of total return, although growth through capital appreciation is 3 equally important. of Efficient Frontier Capital Appreciation Balanced Moderate Moderately Conservative Conservative ANNUALIZED TOTAL RETURNS EmrbeddedInvestment Fund Fees) anagement Fees, but Net of HighMark Plus Composite (Active) Risk (Standard Deviation) ASSET ALLOCATION - MODERATE PORTFOLIO -6.71% Strategic Range Policy Tactical Equity 40-60% 50% 51% Fixed Income 40-60% 45% 46% Cash 0-20% 5% 3% ANNUALIZED TOTAL RETURNS EmrbeddedInvestment Fund Fees) anagement Fees, but Net of HighMark Plus Composite (Active) Index Plus Composite (Passive) Current Quarter* -6.71% Current Quarter* -6.46% Blended Benchmark*, ** -6.48% Blended Benchmark*, -6.48% Year To Date -4.03% Year To Date -4.03% Blended Benchmark -3.37% Blended Benchmark -3.37% 1 Year -4.03% 1 Year -4.03% Blended Benchmark -3.37% Blended Benchmark -3.37% 3 Year 4.96% 3 Year 4.72% Blended Benchmark 5.04% Blended Benchmark 5.04% 5 Year 3.95% 5 Year 3.85% Blended Benchmark 4.36% Blended Benchmark 4.36% 10 Year 7.78% 10 Year 7.20% Blended Benchmark 7.35% Blended Benchmark 7.35% " Returns less than 1-yearare not annualized. ""Breakdown for Blended Benchmark: From 10/1/2012- Present: 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 T -Bill. From 4/1/2007- 9/30/2012: the blended benchmark was 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 benchmark was 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 (Gross of Investment Management Fees, but Net of Embedded Fund Fees) 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% 2018 -4.03% 2018 -4.03% 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 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 DFA Large Cap International Portfolio 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 DoubleLine Core Fixed Income - I First American Government Obligations Z STYLE Intl Stock 10.0% Mid Ca 4.0% Large Cap Growth 5.1% Large Cap 15.0% 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 arn< r`an vain I a i Short -Term Bond 12.2 Interm-Term Bond 33.8 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. 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 December 31, 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 $12.55 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. 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,