HomeMy WebLinkAbout05 QUARTERLY INVESTMENT REPORT FOR THE CITY OF TUSTIN & SUCCESSOR AGENCY FOR TUSTIN COMMUNITY REDEVELOPMENT AGENCYAgenda Item 5
•
Reviewed:
AGENDA REPORT City Manager
Finance Director
MEETING DATE: NOVEMBER 19, 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
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 September 30, 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 September 30, 2019 were $162 million, a
decrease of $31 million from June 30, 2019 total cash and investments of $193 million. The
decrease in cash and investments of $31 million is primarily due to the following significant
outflows plus substantial outflows for various budgeted construction projects:
• $6.9 million — payments to CalPERS reducing the unfunded actuarial liabilities for
the Miscellaneous and Safety Plans:
o $3.6 million prepayment for annual required employer contributions.
o $3.3 million budgeted discretionary payment.
• $2.9 million — debt service payment for the Successor Agency Tax Allocation
Refunding Bonds, Series 2016.
• $2.1 million — payment to Orange County Fire Authority for 1St quarter fiscal year
2020 contract fire services.
• $1.8 million — payment to Orange County Water District for water basin
replenishment for January - June 2019.
$0.5 million — contribution to Public Agency Retirement Services (PARS) Trust Other
Post -Employment Benefits (OPEB) account.
The weighted average portfolio yield as of September 30, 2019 was 2.10%, 6 basis points
lower than the weighted average portfolio yield of 2.16% as of June 30, 2019. The primary
reason for the slight decrease in the weighted average portfolio yield is the decline in
California Asset Management Program (CAMP) rates from 2.48% in June 2019 to 2.22% in
September 2019.
The weighted average days to maturity were 502 days as of September 30, 2019, a
decrease from 523 days as of June 30, 2019. The decline in weighted average days to
maturity during the last quarter was mostly due to several called bonds and negotiable
certificates of deposit with stated maturity dates ranging from September 2020 through
March 2024.
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 September 30, 2019 and the performance of the trust for the 2"d quarter of calendar year
QUARTERLY INVESTMENT REPORT FOR THE CITY OF TUSTIN AND THE SUCCESSOR AGENCY FOR THE
TUSTIN COMMUNITY REDEVELOPMENT AGENCY
Page 3 of 3
2019. The trust increased from the June 30, 2019 balance of $7.5 million to $8.1 million at
September 30, 2019, an increase of $0.6 million. The increase was mostly due to the $0.5
million contribution in August 2019, discussed previously. Investment return for the last
quarter ending September 30, 2019, was approximately 1.5%, with the 1 -year return at just
over 7%.
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 school building project. Due to significant outflows
for ongoing construction projects, the on -demand balances of $45.3 million as of June 30,
2019 have dipped just below the benchmark of $50 million, which is approximately 6 months
operating expenses. Staff will continue to closely monitor the Public Works outflows and
cash balances and projections going forward.
J ny Leisz
Deputy Director - Financial Services
CJohn . Buchanan
Finance Director
Attachments: September 30, 2019 Quarterly Investment Report
PARS Trust Statement as of September 30, 2019
PARS Moderate Fact Sheet Q2 2019
re surer's CZuar?edy in,ve E ment ReK
1 September 3Gs2�
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600.0000
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400.0000
300.0000
100.0000
0 0 A A 1 A 0 0 0 0
O,' OS Oti O,' O~ O� 01 O,' Oti 01' Oti O~ Oti
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2.60%
2.50%
2.40%
2.30%
2.20%
• .• ..
2.10%
r:•+.+:+,
2.00%
1.90%
1.80%
1.70%
'
1.60%
1.50%
1.40%
•4_
1.30%
1.20%-
1.10%.
1.00% ... }c
0.90%
0.80%
0.70%77
—
0.60
0.50%
0.40%-
0.30%
0.20%
0.10%
0.00%
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City of Tustin 9 LAIF Yield (%) tU5 Treasury / 2 yr
CITY OF TUSTIN
Monthly Investment Report
September 30, 2019
DIVERSIFICATION
Investment Portfolio / Cost Value $161,661,513
DIVERSIFICATION
Investment Portfolio / Cost Value $222,782,717
Negotiable
Certificate of
Corporate Bonds
or
Corporate Bonds
Cor$28,611,739
Deposit
_$25,590,742
Negotiable
$30,995,115
15.83%
Certificate of
12.84%
Deposit
19.17%
$38,931,115
17.47%
kr
Municipal Bonds
"
$7,401,154
4.58%
Liquid (Daily)
Liquid (Daily)
$80,597,263
$45,288,652
36.18%
28.01%
**41
Federal Agencies
Federal Agencies
$52,385,850
$63,888,987
32.40%
28.68%
Municipal Bonds - -`
$8,758,989 US Treasury
3.93% $1,994,623
US Treasury 0.90%
$0
0.00%
CITY OF TUSTIN
Monthly Investment Report
September 30, 2019
Maturity Distribution
US Treasury
0.00096
Federal Agencies
-
4,002,200 15,404,358
29,479,292
3,500,000
- 52,385,850
32.40%
Municipal Bonds
2,009,380 2,362,025
2,779,749
250,000
7,401,154
4.5896
Commercial Paper
0.00%
Certificate of Deposit
0.00%
Negotiable Certificate of Deposit
1,985,000
4,464,000 3,225,000 2,481,000 11,162,000
5,699,115
1,733,000
246,000 30,995,115
19.17%
Corporate Bonds
1,991,904
2,993,006 6,018,155
13,553,536
1,034,142
25,590,742
15.83%
Liquid (Daily)
45,288,652
45,288,652
28.01%
Total
49,265,556
8,466,200 5,234,380 5,474,OD6 34,946,538
51,511,692
6,517,142
246,000 161,661,513
100.000
Liquidity Distribution
CITY OF TUSTIN
Monthly Investment Report
September 30, 2019
Investment Type
Municipal Bonds*
Maturity
5 year
Maximum %
Holdings
30%
Maximum %
per Issuer
5%
Minimum
Rating
N/A
%
InvestedMaximum
4.58%
Invested
$7,401,154
Compliance
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
32.40%
$52,385,850
Yes
Banker's Acceptance* _
180 days
30%
S%
N/A
0.00%
$0
Yes
Commercial Paper*
270 days
25%
5%
A -1/P-1 plus
0.00%
$0
Yes
A long term
Negotiable Certificates of Deposit
5 year
30%
5%
N/A
19.17%
$30,995,115
Yes
Repurchase Agreements (102%
Collateralized)*
1 year
30%
5%
N/A
0.001/0
$0
Yes
Medium -Term (Corporate) Notes*
5 year
20%
5%
A
15.83%
$25,590,742
Yes
Money
Mone Market Mutual Funds
N/A/2
Eligibllee
o
20%
u
10%
AAA/AAA
o
0.00/
$0
Yes
Shares of beneficial interest by a JPA
5 year
100%
50%
N/A
23.86%
$38,571,793
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 Count Investment Pool
g Y
N A
/
Max pemitted by
Max permitted by
N/A
o
0.69/0
$1,117,040
Yes
County Tresurer
County Treasurer
Local Agency Investment Fund
N/A
Max pemitted by
Max permitted by State
N/A
1.65%
$2,666,234
Yes
State Tresurer
Treasurer
Bank of America (General Checking Account)
N/A
N/A
N/A
N/A
1.81%
$2,933,585
Yes
Total Invested
$161,661,513
Combined total limitation (total classes with *)
30%
20.41%
$32,991,897
CITY OF TUSTIN
Monthly Investment Report
September 30, 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
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
Current Rating
Moody's
Rating
S&P
Face
Aa3
CUSIP
NR
Settlement Date
A-
Amount
Aa1
053015AD5
1,000,000
AA
0258MODX4
2,000,000
A-
037833BS8
2,000,000
AA+
037833CQ1
2,000,000
AA+
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
94988J5G8
1,000,000
A+
Current Rating
Moody's
Moody's
S&P
Fitch
Aa3
AA
NR
A2
A-
A
Aa1
AA+
NR
Aal
AA+
NR
A2
A
A+
Aa2
AA
A+u
Aa2
AA
NR
Al
A+
Au
A2
A
WD
Aaa
AAA
AA+u
Al
AA-
Au
Aa3
AA-
NR
Aa3
AA-
A+u
Aa3
AA-
A+u
Aa3
AA-
A+u
Aa3
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
Aa1
AA+
NR
Aa1
AA+
NR
A2
A
A+
Aa2
AA
A+u
Aa2
AA
NR
Al
A+
Au
A2
A
WD
Aaa
AAA
AA+u
Al
AA-
Au
Aa3
AA-
NR
Aa3
AA-
A+u
Aa3
AA-
A+u
Aa3
AA-
A+u
Aa3
AA-
NR
Aa2
AA
AA
Aa2
AA
AA
Aa2
A+
AA-
XAIY
Compliance
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
CITY OF TUSTIN
Monthly Investment Report
September 30, 2019 -
Cash and Investments / Summary
[11
Description / Limits
[21 [31
Face Amount YTM@Cost Credit Rating
Shares
[41
Cost Value+Accrued
Interest
[5]
Market Value
Investment Portfolio
116,227,000.00 2.09
116,372,861.11
116,654,198.18
Daily - Limit:
Total 161,457,749.11
Successor Agency
[6] Reconciled / Bank of America Account - General Checking
1.00 N/A
2,933,584.69
2,933,584.69
Orange County Investment Pool
2.24 [7]
1,117,040.49
1,117,040.49
LAIF / Local Agency Investment Fund
2.28 N/A
2,666,233.51
2,666,233.51
California Asset Management Program (CAMP)
2.22 AAAm
38,571,793.14
38,571,793.14
45,288,651.83
45,288,651.83
Investment Portfolio TOTAL
161,661,512.94
161,942,850.01
Performance Measurement
Weighted Average Days to Maturity
502
Weighted Average Yield
2.10%
Benchmark / Treasury 2 Year
2.16%
Restricted/ Un -Restricted Funds
UN -RESTRICTED General Fund cash balance as of 7/31/2019 (unaudited)
14,784,162.14
SEMI -RESTRICTED Cash Balance as of 7/31/2019 (unaudited)
73,214,481.76
Capital Projects, Proceeds from Land Sales, Backbone Infrastructure
RESTRICTED Cash balances as of 7/31/2019 (un -audited)
73,459,105.21
Total 161,457,749.11
Successor Agency
Community Redevelopment Agency / Cash & Investments
Total 203,763.83
CITY OF TUSTIN
Monthly Investment Report
September 30, 2019
Restricted Deposits with Fiscal Agents
Ill [21 [31 [41 151
Description / Limits Face Amount YTM@Cost Credit Rating Cost Value+Accrued Market Value
Shares Interest
2016 Successor Agency Tax Allocation Bonds, Refunding
903.37
N/A
903.37
903.37
2016 Water Revenue Bonds, Refunding
343,279.00
N/A
343,279.00
343,279.00
2012 Water Revenue Bonds - Refunding
69,250.00
N/A
69,250.00
69,250.00
2013 Water Revenue Bonds
324,161.00
N/A
324,161.00
324,161.00
CFD 04-1
611,870.18
N/A
611,870.18
611,870.18
CFD 06-1
6,803,227.12
N/A
6,803,227.12
6,803,227.12
CFD 07-1
1,173,047.74
N/A
1,173,047.74
1,173,047.74
CFD 14-1
14,241,806.97
N/A
14,241,806.97
14,241,806.97
23,567,545.38
23,567,545.38
23,567,545.38
Restricted Deposits with Fiscal Agents TOTAL 23,567,545.38 23,567,545.38
CITY OF TUSTIN R
Monthly Investment Report
September 30, 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.
V�
S. West, City Manager Treasurer
City of Tustin
CITY OF TUSTIN
Monthly Investment Report
September 30, 2019
Compliance / Investment Policy
Description / Limits
Face Amount
Shares
Maximum Allowable Total Cost Value + Accrued Market Value
Maturity - Portion of Percentage Interest
Years/days Portfolio of Portfolio
__ ----- LIS Treasury
0.00
5 years
100%
0.00%
0.00
0.00
LISAgency
Municipal Bonds
Commercial Paper
Certificate of Deposit / Negotiable
Corporate Bonds
52,400,000.00
7,330,000.00
0.00
30,997,000.00
25,500,000.00
5years
5 years
270 days
5 years
5 years
100%
30%
25%
30%
20%
32.40%
4.58%
0.00%
19.17%
15.83%
52,385,849.64
7,401,154.34
0.00
30,995,114.83
25,590,742.30
52,444,022.39
_7,397,257.70
0.00
31,123,585.81
25,689,332.28
Cash
N/A
N/A
N/A
1.81%
2,933,584.69
2,933,584.69
Orange County Investment Pool
N/A
N/A
N/A
0.69%
1,117,040.49
1,117,040.49
LAIF / Local Agency Investment Fund
N/A
N/A
N/A
1.65%
2,666,233.51
2,666,233.51
a i orm{—"a Asset Management Program MP
Shares of beneficial Interest by a JPA
N/A
N/A
N/A
23.86%
38,571,793.14
38,571,793.14
Banker's Acceptance
0.00
180 days
30%
0.00%
0.00
0.00
Repurchase Agreements
0.00
1year
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)
Collateralized Bank Deposits
0.00
0.00
5 years
5 years
15%
100%
0.00%
0.00%
0.00
0.00
_
0.00
0.00
100.00%
161,661,512.94
161,942,850.01
Restricted Cash with Fiscal Aeents *
23,567,545.38 23,567,545.38
Investment Portfolio TOTAL 185,229,058.32 185,510,395.39
* 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.
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 9/30/2019
Days To
Maturity
Settlement
YTM @ Credit
Credit
Face
Cost Value +
% of
Description
CUSIP/Ticker
Maturity
Date
Date
Cost Rating 1
Rating 2
Amount/Shares
Accrued Interest
Cost Price
Market Value
Portfolio
> Liquid Assets
Bank ofAmerica - Checking MM
MM0220
1
N/A
6/30/2015
1.000 NR
NR
2,933,584.69
2,933,584.69
100
2,933,584.69
1.82
California Asset Management
Program LGIP
CAMP6045
1
N/A
5/10/2017
2.220 NR
NR
38,571,793.14
38,571,793.14
100
38,571,793.14
23.88
Local Agency Investment Fund
LGIP
LGIP0936
1
N/A
6/30/2015
2.280 NR
NR
1,570,044.83
1,570,044.83
100
1,570,044.83
0.97
Local Agency Investment Fund
LGIP
LGIP0002
1
N/A
6/30/2015
2.280 NR
NR
1,096,188.68
1,096,188.68
100
1,096,188.68
0.68
Orange County Investment Pool
LGIP
LGIP91-E
1
N/A
6/30/2015
2.236 NR
NR
1,117,040.49
1,117,040.49
100
1,117,040.49
0.69
Sub Total /Average > Liquid
Assets
1
2,145
45,288,651.83
45,288,651.83
100
45,288,651.83
28.04
b_._....__.._-____,..____..-._-----.___.._.._..__._______._.___.____.._____...._._______._._
Certificate of Deposit -Negotiable 30%
Abacus Federal Savings Bank
1.95 7/21/2021
00257TAY2
660
7/21/2021
7/21/2017
1.950 NR
NR
248,000.00
248,000.00
100
248,661.42
0.15
Allegiance Bank 2.211/3/2022
01748DAY2
1,130
11/3/2022
11/3/2017
2.200 NR
NR
248,000.00
248,000.00
100
250,864.40
0.15
Alliance Credit Union 2.25
10/13/2022
01859BAA3
1,109
10/13/2022
10/13/2017
2.250 NR
NR
248,000.00
248,000.00
100
251,184.07
0.15
Alma Bank 1.7 12/9/2020
020080BE6
436
12/9/2020
12/9/2016
1.700 NR
NR
248,000.00
248,000.00
100
247,707.86
0.15
American Eagle Bank 2
12/30/2021
02554BGRO
822
12/30/2021
7/13/2017
2.000 NR
NR
247,000.00
247,175.95
100
248,066.55
0.15
American Express22
11/29/2019
02587DWKO
60
11/29/2019
11/28/2014
2.200 NR
NR
248,000.00
248,000.00
100
248,071.92
0.15
American National Bank -Fox
Cities 1.75 11/23/2020
02771PNQ6
420
11/23/2020
5/23/2017
1.750 NR
NR
248,000.00
248,000.00
100
247,859.14
0.15
Apex Bank 1.25 2/17/2021
03753XAEO
506
2/17/2021
8/17/2016
1.250 NR
NR
248,000.00
248,000.00
100
246,141.49
0.15
Bank of Deerfield 1.15
7/27/2020
061785DP3
301
7/27/2020
8/26/2016
1.150 NR
NR
248,000.00
248,000.00
100
246,678.16
0.15
Bank of Georgetown DC 1.65
113012020
06424XBT8
122
1/30/2020
1/30/2015
1.650 NR
NR
248,000.00
248,000.00
100
248,261.89
0.15
Bank of Hope 1.7 11/26/2019
062683A.16
57
11/26/2019
5/26/2017
1.700 NR
NR
248,000.00
248,000.00
100
247,917.17
0.15
Bank of the Pacific 1.25
5/24/2021
06425BCK3
602
5/24/2021
8/24/2016
1.250 NR
NR
248,000.00
248,000.00
100
245,784.12
0.15
Bankers Bank Madison W 1.9
7/14/2021
06610RAQ2
653
7/14/2021
7/14/2017
1.900 NR
NR
248,000.00
248,000.00
100
248,436.23
0.15
Description
CUSIP/Ticker
Days To
Maturity
Maturity
Date
Settlement
Date
YTM @ Credit
Cost Rating 1
Credit
Rating 2
Face
Amount/Shares
Barclays Bank Delaware 2.2
06740KKDB
1,016
7/12/2022
7/12/2017
2.200 NR
NR
247,000.00
7/12/2022
100
248,010.42
0.15
248,000.00
100
247,681.32
0.15
Belmont Savings Bank 1.55
100
248,077.13
0.15
248,000.00
100
249,098.14
0.15
2/24/2020
080515BT5
147
2/24/2020
2/24/2017
1.550 NR
NR
248,000.00
Beneficial Bank 1.3 3/9/2020
08173QBN5
161
3/9/2020
3/9/2016
1.300 NR
NR
248,000.00
Berkshire Bank 1.55 2/28/2020
084601GY3
151
2/28/2020
2/28/2017
1.550 NR
NR
248,000.00
BMO Harris Bank Step
100
250,948.04
0.15
248,000.00
100
248,213.53
0.15
4/13/2022-17
05581 WNM3
926
4/13/2022
4/13/2017
2.143 NR
NR
248,000.00
BMW Bank UT 2.25 8/21/2020
05580ACS1
326
8/21/2020
8/21/2015
2.250 NR
NR
248,000.00
Capital One 2 11/5/2019
140420QN3
36
11/5/2019
11/512014
2.000 NR
NR
248,000.00
Capital One 2.3 8/12/2020
14042E5M8
317
8/12/2020
8/12/2015
2.300 NR
NR
248,000.00
Celtic Bank 2.14121/2022
15118RMF1
934
4/21/2022
4/21/2017
2.100 NR
NR
248,000.00
Central FederalAssoc of
100
253,648.58
0.15
248,000.00
100
247,824.66
0.15
Chicago 2.85 61288
15347EAH2
637
6/28/2021
6/28/2018
2.850 NR
NR
249,000.00
Central State Bank Iowa 1.85
7/14/2021
15523RBJ4
653
7/14/2021
7/14/2017
1.850 NR
NR
248,000.00
Chippewa Valley Bank 1.7
6/30/2020
169894AN2
274
6/30/2020
6130/2017
1.700 NR
NR
248,000.00
Citibank Sioux Falls SD 3
6/15/2021
17312QN47
624
6/15/2021
6/15/2018
3.000 NR
NR
246,000.00
Citizens State Bank 1.85
6/30/2021
17670DAD6
639
6/30/2021
6/30/2017
1.850 NR
NR
248,000.00
City Bank UT 2.15 11/5/2019
17284C2R4
36
11/5/2019
11/5/2014
2.150 NR
NR
248,000.00
C020 y Cap Bank UT 2.15
6/29/229/20
20033ALD6
273
6/29/2020
6/29/2015
2.150 NR
NR
248,000.00
Commerce Bank Geneva MN 2
11/26/2021-18
20056QQQ9
788
11/26/2021
8/25/2017
2.000 NR
NR
248,000.00
Commerce State Bank 1.65
5/22/2020
20070PJD0
235
5/22/2020
5/22/2017
1.650 NR
NR
248,000.00
Commercial Bank Alma Mi 1.4
8/16/2021
201282H D5
686
8/16/2021
8/16/2016
1.400 NR
NR
248,000.00
Country Bank NY 2.9 6/18/2021
22230PBS8
627
6/18/2021
6/20/2018
2.900 NR
NR
249,000.00
CrossFirst Bank 1.6 2/28/2020
22766AAX3
151
2/28/2020
2/28/2017
1.600 NR
NR
248,000.00
Delaware State Police Federal
Credit Union 3 3/29/
246399AB5
1,642
3/29/2024
3/29/2019
3.000 NR
NR
246,000.00
DNB First, National Association
26/23/2022
25590AAH3
997
6/23/2022
6/23/2017
2.000 NR
NR
248,000.00
Douglas National Bank 1.65
1/21/2020
259744DS6
113
1/21/2020
7/19/2017
1.650 NR
NR
248,000.00
Eagle Bank Bethesda MD 2.9
6/15/2021
27002YDS2
624
6/15/2021
6/15/2018
2.900 NR
NR
249,000.00
East Boston Savings Bank 1.7
4/13/2020
27113PBN0
196
4/13/2020
4/11/2017
1.700 NR
NR
248,000.00
Enerbank USA 1.45 8/26/2021
29266N3H8
696
8/26/2021
8/26/2016
1.450 NR
NR
248,000.00
Farmers 82 Mechanics FS & LA
2 6/16/2022-17
307764AA8
990
6/16/2022
6/26/2017
2.053 NR
NR
248,000.00
Cost Value +
% of
Accrued Interest
Cost Price
Market Value
Portfolio
247,000.00
100
249,609.31
0.15
248,000.00
100
247,695.46
0.15
248,000.00
100
248,010.42
0.15
248,000.00
100
247,681.32
0.15
248,000.00
100
248,077.13
0.15
248,000.00
100
249,098.14
0.15
248,000.00
100
248,042.41
0.15
248,000.00
100
249,066.65
0.15
248,000.00
100
249,817.34
0.15
249,000.00
100
253,486.73
0.15
248,000.00
100
248,217.99
0.15
248,000.00
100
247,811.77
0.15
246,000.00
100
250,948.04
0.15
248,000.00
100
248,213.53
0.15
248,000.00
100
248,056.79
0.15
248,000.00
100
248,548.08
0.15
248,000.00
100
248,027.53
0.15
248,000.00
100
247,735.38
0.15
248,000.00
100
246,169.76
0.15
249,000.00
100
253,633.89
0.15
248,000.00
100
247,740.10
0.15
246,000.00
100
257,630.63
0.15
248,000.00
100
249,262.57
0.15
248,000.00
100
247,825.90
0.15
249,000.00
100
253,648.58
0.15
248,000.00
100
247,824.66
0.15
248,000.00
100
246,375.10
0.15
247,515.89
99.75
248,008.18
0.15
Days To
Maturity
Settlement
YTM @ Credit
Credit
Face
Cost Value +
% of
Description
CUSIP/Ticker
Maturity
Date
Date
Cost Rating 1
Rating 2
Amount/Shares
Accrued Interest
Cost Price
Market Value
Portfolio
Fidelity Co-op Bank Leominster
316077CV6
1,044
8/9/2022
8/9/2017
2.116 NR
NR
248,000.00
247,008.00
99.6
248,018.35
0.15
Step 8/9/2022-17
Financial Federal Bank 1.7
9/30/2020
31749TAX5
366
9/30/2020
5/30/2017
1.700 NR
NR
248,000.00
248,000.00
100
247,753.74
0.15
First Bank of Highland Park 2.2
11/8/2022
319141JF5
1,135
11/8/2022
11/8/2017
2.200 NR
NR
248,000.00
248,000.00
100
250,862.91
0.15
First Bank of Owasso 1.8
5/14/2020
31927LAM0
227
5/14/2020
11/14/2017
1.800 NR
NR
248,000.00
248,000.00
100
247,969.25
0.15
First Bank Richmond 1.8
12/28/2020
319267GE4
455
12/28/2020
6/27/2017
1.800 NR
NR
248,000.00
248,000.00
100
248,000.00
0.15
First Farmers Bank &Trust
Company 1.9 1/21/20
320165HM
479
1/21/2021
7/21/2017
1.900 NR
NR
248,000.00
248,000.00
100
247,991.07
0.15
First Federal Savings Bank 1.9
1/15/2021
32021YDA8
473
1/15/2021
11/15/2017
1.900 NR
NR
248,000.00
248,000.00
100
248,316.45
0.15
First Internet Bank of Indiana
2.05 7/14/2022
32056GCQ1
1,018
7/14/2022
7/14/2017
2.050 NR
NR
248,000.00
248,000.00
100
249,621.18
0.15
First Oklahoma Bank 1.7
7/27/2020
335857BE7
301
7/27/2020
7/26/2017
1.700 NR
NR
248,000.00
248,000.00
100
247,794.16
0.15
First Premier Bank 2.05
8/22/2022
33610RQY2
1,057
8/22/2022
8/21/2017
2.050 NR
NR
248,000.00
248,000.00
100
249,668.54
0.15
First Security State Bank IA
2.85 2/22/2021
336386AX5
511
2/22/2021
6/22/2018
2.850 NR
NR
249,000.00
249,000.00
100
252,597.55
0.15
First Source Bank 1.75
12/30/2019
33646CFE9
91
12/30/2019
6/30/2015
1.750 NR
NR
248,000.00
248,000.00
100
247,975.45
0.15
First State Community Bank 2.1
6/30/2022-18
33708UCF4
1,004
6/30/2022
6/30/2017
2.100 NR
NR
248,000.00
248,000.00
100
248,097.71
0.15
First Tech Federal CU Palo Alto
CA 3.05 6/14/2021
33715LBL3
623
6/14/2021
6/14/2018
3.050 NR
NR
249,000.00
249,000.00
100
254,224.02
0.15
First Western Bank 1.55
2/28/2020
33749VAK4
151
2/28/2020
2/28/2017
1.550 NR
NR
248,000.00
248,000.00
100
247,689.26
0.15
FNB Bank, Inc/Romney 1.85
7/19/2021
30257JAC9
658
7/19/2021
7/19/2017
1.850 NR
NR
248,000.00
248,000.00
100
248,219.73
0.15
GE Capital Bank 1.8 1/16/2020
36162PFS6
108
1/16/2020
1/16/2015
1.800 NR
NR
248,000.00
248,000.00
100
248,224.44
0.15
Gold Coast Bank 1.9 5/10/2021
38058KDU7
588
5/10/2021
11/9/2017
1.900 NR
NR
248,000.00
248,000.00
100
248,393.58
0.15
Goldman Sachs Bank 1.95
3/11/2020
38148JMV0
163
3/11/2020
3/11/2015
1.950 NR
NR
248,000.00
248,000.00
100
248,110.11
0.15
Great Plains Bank 1.85
12121/2021
39115UAZ6
813
12/21/2021
4/21/2017
1.850 NR
NR
248,000.00
248,000.00
100
248,255.69
0.15
Horicon State Bank 1.65
5/26/2020
440392FL7
239
5/26/2020
5/23/2017
1.650 NR
NR
248,000.00
248,000.00
100
247,731.42
0.15
International Bank of Chicago
2.1 4/20/2022-18
45906ABR7
933
4/20/2022
10/20/2017
2.100 NR
NR
248,000.00
248,000.00
100
248,023.56
0.15
Jefferson Bank and Trust
Company 1.75 5/12/2020
472376AC6
225
5/12/2020
11/9/2017
1.750 NR
NR
248,000.00
248,000.00
100
247,891.62
0.15
JPMorgan Chase Bank NA 1.65
8/16/2021
48126XAH8
686
8/16/2021
8/16/2016
1.650 NR
NR
248,000.00
248,000.00
100
246,448.51
0.15
Kearny Federal Savings Bank
1.7 11/15/2019
48714LAE9
46
11/15/2019
11/15/2017
1.700 NR
NR
248,000.00
248,000.00
100
247,930.06
0.15
Days To
Maturity
Settlement
YTM @ Credit
Credit
Face
Cost Value +
% of
Description
CUSIP/Ticker
Maturity
Date
Date
Cost Rating 1
Rating 2
Amount/Shares
Accrued Interest
Cost Price
Market Value
Portfolio
Keesler Federal CU 3 8/30/2021
49254FAQ9
700
8/30/2021
2/28/2019
3.000 NR
NR
249,000.00
249,000.00
100
254,625.16
0.15
Kennebec Savings Bank 1.65
5/29/2020
469265AU2
242
5/29/2020
5/30/2017
1.650 NR
NR
248,000.00
248,000.00
100
247,731.17
0.15
KeyBankNational Association
1.7 3/9/2
49306SXK7
161
3/9/2020
3/8/2017
1.700 NR
NR
248,000.00
248,000.00
100
247,833.59
0.15
Lakeside Bank 1.75 11/19/2020
51210SMS3
416
11/19/2020
5/19/2017
1.750 NR
NR
248,000.00
248,000.00
100
247,860.62
0.15
Lead Bank 1.7 2/9/2021
521680AE8
498
2/9/2021
8/9/2017
1.700 NR
NR
248,000.00
248,000.00
100
247,667.43
0.15
Luana Savings Bank 1.7
2/11/2021
54910321-2
500
2/11/2021
8/11/2017
1.700 NR
NR
248,000.00
248,000.00
100
247,663.22
0.15
Machias Savings Bank1.65
2/6/2020
554479DS1
129
2/6/2020
2/6/2015
1.650 NR
NR
248,000.00
248,000.00
100
248,277.76
0.15
Marine Bank 1.85 6/29/2021
56817TAB7
638
6/29/2021
6/29/2017
1.850 NR
NR
248,000.00
248,000.00
100
248,213.03
0.15
MB Financial Bank 1.65
4/13/2020
55266CUY0
196
4/13/2020
4/13/2017
1.650 NR
NR
248,000.00
248,000.00
100
247,758.45
0.15
Mercantil Bank Coral Gables FL
36/21/2021
58733AEX3
630
6/21/2021
6/21/2018
3.000 NR
NR
246,000.00
246,000.00
100
250,995.52
0.15
Mercantile Bank of Michigan
1.65 4/13/2020
58740XYW4
196
4/13/2020
4/11/2017
1.650 NR
NR
248,000.00
248,000.00
100
247,758.94
0.15
Merrick Bank UT 1.55
10/9/2019
59013JKA6
9
10/9/2019
10/9/2015
1.550 NR
NR
249,000.00
249,000.00
100
249,007.97
0.15
Midsouth Bank Lafayette 1.85
7/13/2020-18
59805FAA7
287
7/13/2020
7/12/2017
1.850 NR
NR
248,000.00
248,000.00
100
247,988.59
0.15
Morton Community Bank 1.7
12/16/2020
619165GW7
443
12/16/2020
12/16/2016
1.700 NR
NR
248,000.00
248,000.00
100
247,703.14
0.15
Mountain America Credit Union
2.3 11/8/2022
62384RAC0
1,135
11/8/2022
11/8/2017
2.300 NR
NR
248,000.00
248,000.00
100
251,621.30
0.15
National Bank of Commerce
2.15 6/27/2022-17
633368EK7
1,001
6/27/2022
6/27/2017
2.150 NR
NR
248,000.00
248,000.00
100
248,041.17
0.15
National Cooperative Bank 1.5
3/9/2021
635573AH1
526
3/9/2021
3/9/2016
1.500 NR
NR
248,000.00
248,000.00
100
248,530.72
0.15
Nebraska State B&T Co. 1.95
2/21/2022
63969ACD4
875
2/21/2022
4/21/2017
1.950 NR
NR
248,000.00
248,000.00
100
248,842.70
0.15
al-and8/2021 National Bank
Neb1.85
6/
1.85 6/28/2021
63970QFG6
637
6/28/2021
6/28/2017
1.850 NR
NR
248,000.00
248,000.00
100
248,212.78
0.15
Northfield Bank 1.95 10/20/2021
66612ABV9
751
10/20/2021
11/1/2017
2.029 NR
NR
248,000.00
247,414.99
99.7
248,743.01
0.15
Northwest Bank(FKA Western
Capital Bank) 1,65 4/13
66736ABB4
196
4/13/2020
4/13/2017
1.650 NR
NR
248,000.00
248,000.00
100
247,758.45
0.15
Oriental Bank 1.85 5/26/2020
68621 KAY7
239
5/26/2020
5/24/2017
1.850 NR
NR
248,000.00
248,000.00
100
248,054.31
0.15
Palmetto Heritage Bank and
Trust 1.9 8/20/2021
69709QAM3
690
8/20/2021
8/21/2017
1.900 NR
NR
248,000.00
248,000.00
100
248,460.78
0.15
Partners Bank of California 1.85
8/16/2021
70212YAW2
686
8/16/2021
8/15/2017
1.850 NR
NR
248,000.00
248,000.00
100
248,226.92
0.15
Peoples United Bank 1.85
1/21/2020
71270QLM6
113
1/21/2020
1/21/2015
1.850 NR
NR
248,000.00
248,000.00
100
248,237.09
0.15
Plus International Bank 2.8
12/14/2020
72940UJF3
441
12/14/2020
6/13/2018
2.800 NR
NR
249,000.00
249,000.00
100
251,967.08
0.15
732333AG4
604
5/26/2021
5/26/2017
1.900 NR
NR
248,000.00
248,000.00
100
248,404.24
0.15
Days To
Maturity
Settlement
YTM @ Credit
Credit
Face
Cost Value +
% of
Description
CUSIP/Ticker
Maturity
Date
Date
Cost Rating 1
Rating 2
Amount/Shares
Accrued Interest
Cost Price
Market Value
Portfolio
Ponce De Leon Federal Bank
1.9 5/26/2021
PrivateBank IL 1.8 1/30/2020
74267GUW5
122
1/30/2020
1/30/2015
1.800 NR
NR
248,000.00
248,000.00
100
248,252.71
0.15
RCB Bank Claremore OK 2.9
6/21/2021
74934YAJO
630
6/21/2021
6/20/2018
2.900 NR
NR
249,000.00
249,000.00
100
253,648.58
0.15
Sallie Mae Bank 3 4/18/2023
79545OM93
1,296
4/18/2023
4/18/2018
3.000 NR
NR
245,000.00
245,000.00
100
254,783.34
- 0.15
Security State Bank 1.5
10/7/2019
81489TAV8
7
10/7/2019
4/7/2017
1.500 NR
NR
248,000.00
248,000.00
100
247,980.66
0.15
Signature Bank Chicago 2.15
11/8/2022
82669VBY6
1,135
11/8/2022
11/8/2017
2.150 NR
NR
248,000.00
248,000.00
100
250,489.67
0.15
Signature BK of Arkansas 1.15
2/18/2020
82669LGHO
141
2/18/2020
8/18/2016
1.150 NR
NR
248,000.00
248,000.00
100
247,345.03
0.15
Southern State Bank AL 2.8
9/28/2020
843879BT3
364
9/28/2020
6/27/2018
2.800 NR
NR
249,000.00
249,000.00
100
251,452.15
0.15
ank Bristow OK 1.9
81111 021
8/11 /2021-18
848608DB8
681
8/11/2021
8/11/2017
1.900 NR
NR
248,000.00
248,000.00
100
247,993.30
0.15
Springs Valley Bank & Trust
Company 1.75 2/121
851791AR4
135
2/12/2020
10/12/2017
1.750 NR
NR
248,000.00
248,000.00
100
247,895.34
0.15
State Bank of Chilton 2
10/13/2021-118
85641 PDQO
744
10/13/2021
10/13/2017
2.000 NR
NR
248,000.00
248,000.00
100
248,021.82
0.15
Stearns Bank 1.6 2/26/2020
857894TA7
149
2/26/2020
2/24/2017
1.600 NR
NR
248,000.00
248,000.00
100
247,742.33
0.15
Stock Yards Bank & Trust Co
KY 2.9 6/14/2021
861026AAO
623
6/14/2021
6/14/2018
2.900 NR
NR
246,000.00
246,000.00
100
250,528.12
0.15
Stone Bank 1.85 1/11/2021
86158RAM1
469
1/11/2021
10/11/2017
1.850 NR
NR
248,000.00
248,000.00
100
248,156.74
0.15
Sturgis Bank & Trust Company
1.8 6/9/2020
864088DM8
253
6/9/2020
11/9/2017
1.800 NR
NR
248,000.00
248,000.00
100
247,984.13
0.15
Summit Community Bank Inc
1.65 5/29/2020
86604XLT1
242
5/29/2020
5/31/2017
1.650 NR
NR
248,000.00
248,000.00
100
247,731.17
0.15
The Bank of Princeton 1.7
6/30/2020
064520AD1
274
6/30/2020
6/30/2017
1.700 NR
NR
248,000.00
248,000.00
100
247,811.77
0.15
The Business Bank of Saint
Louis 1.8 6/23/2021
12325EHU9
632
6/23/2021
6/23/2017
1.800 NR
NR
248,000.00
248,000.00
100
248,000.00
0.15
The First National Bank of
Mayfield 2 8/18/2022
330459BUl
1,053
8/18/2022
8/18/2017
2.000 NR
NR
248,000.00
248,000.00
100
249,318.62
0.15
The Lake Bank MN 2.9
5/17/2021
507515BE3
595
5/17/2021
6/22/2018
2.900 NR
NR
249,000.00
249,000.00
100
253,397.84
0.15
The North Jackson Bank 2.05
5/9/2022
32063KAS1
952
5/9/2022
11/8/2017
2.050 NR
NR
248,000.00
248,000.00
100
249,532.64
0.15
The Ohio Valley Bank Company
1.9 1/19/2022
677721CNO
842
1/19/2022
7/19/2017
1.900 NR
NR
248,000.00
248,000.00
100
248,538.41
0.15
Towne Bank Portsmouth VA 3
6/28/2021
89214PBR9
637
6/28/2021
6/28/2018
3.000 NR
NR
246,000.00
246,000.00
100
251,050.87
0.15
Traverse City State Bank
6/28/2022
894333FF5
1,002
6/28/2022
6/28/2017
2.000 NR
NR
248,000.00
248,000.00
100
249,261.58
0.15
Triad Bank 1.85 4/12/2021
89579NBU6
560
4/12/2021
10/12/2017
1.850 NR
NR
248,000.00
248,000.00
100
248,187.24
0.15
UBS Bank USA Salt Lake City
UT 3.25 6/13/2023
90348JCW8
1,352
6/13/2023
6/13/2018
3.250 NR
NR
248,000.00
248,000.00
100
260,519.54
0.15
Days To
Maturity
Settlement
YTM @ Credit
Credit
Face
Cost Value +
% of
Description
CUSIP/Ticker
Maturity
Date
Date
Cost Rating 1
Rating 2
Amount/Shares
Accrued Interest
Cost Price
Market Value
Portfolio
Uinta County State Bank 2.05
903572CC7
744
10/13/2021
10/13/2017
2.050 NR
NR
247,000.00
247,000.00
100
248,226.11
0.15
10/13/2021
United Community Bank 2.05
4/12/2022-18
90983WBNO
925
4/12/2022
10/12/2017
2.050 NR
NR
248,000.00
248,000.00
100
248,035.46
0.15
University of Iowa 2.85
6/19/2020
91435LAN7
263
6/19/2020
6/20/2018
2.850 NR
NR
249,000.00
249,000.00
100
250,858.29
0.15
US Alliance FCU NY 3
2122/202190352RAB1
511
2/22/2021
6/22/2018
3.000 NR
NR
249,000.00
249,000.00
100
253,111.49
0.15
Washington Trust Company
1.65 11/2512019
940637JAO
56
11/25/2019
5/24/2017
1.650 NR
NR
248,000.00
248,000.00
100
247,896.34
0.15
Wells Fargo Bank 1.8 3/2/2020
949763FA9
154
3/2/2020
3/1/2017
1.800 NR
NR
248,000.00
248,000.00
100
247,943.21
0.15
Winter Hill Bank, FSB 1.8
6/28/2021
975875AK1
637
6/28/2021
6/26/2017
1.800 NR
NR
248,000.00
248,000.00
100
248,000.00
0.15
Sub Total / Average
Certificate of Deposit -
530
1.994
30,997,000.00
30,995,114.83
99.992424
31,123,585.81
19.19
Negotiable 30%
-- - - - _.._ - --
Corporate Bonds 15%
---
-------------
American Express Credit Corp
2.6 9/14/2020-20
0258MODX4
350
9/14/2020
6/13/2018
3.000 Moodys-
S&P A-
2,000,000.00
1,995,505.58
99.132501
2,010,292.10
1.23
Apple Inc 2.25 2/2312021-21
037833BS8
512
2/23/2021
12/2/2016
dys-
2.125 Moodys-
S&P -AA+
2,000,000.00
2,022,375.00
100.5
2,009,093.14
1.24
a1
Apple Inc 2.3 5/11/2022
037833CQ1
954
5/11/2022
6/26/2017
2.133 Aa1 dys
S&P -AA+
2,000,000.00
2,021,152.54
100.770127
2,023,673.90
1.25
Automatic Data Processing2.25
9/15/2020
053015AD5
351
9/15/2020
6/13/2018
2.617 MooAa3
S&P -AA
1,000,000.00
997,500.00
99.2
1,002,763.21
0.61
Barclays Bank PLC Step
8/25/2022-18
06744CFN6
1,060
8/25/2022
8/25/2017
2.440 Moodys-
S&P -A-
2,000,000.00
2,000,000.00
100
1,980,904.38
1.24
Berkshire Hathaway Inc 2.2
3/15/2021
084670BQO
532
3/15/2021
6/13/2018
2.654 Aa2dys
S&P -AA
1,000,000.00
993,377.78
98.8
1,005,192.41
0.61
Chevron Corp 2.4983/3/2022
166764BN9
885
3/3/2022
8/10/2017
2.101 Moodys-
S&P -AA-
2,000,000.00
2,056,188.11
101.72
2,029,883.56
1.26
COCO-COLAC01.875
10127/2020
191216BT6
393
10/27/2020
7/13/2017
1.875 Moodys-
S&P -AA-
1,000,000.00
1,003,958.33
100
1,000,451.08
0.62
IBM Credit LLC 2.2 9/8/2022
44932HAC7
1,074
9/8/2022
10/3/2017
2.301 Al Moodys-
S&P -A+
1,000,000.00
996,827.78
99.53
1,004,600.52
0.62
Microsoft 211/3/2020-20
594918BG8
400
11/3/2020
11/6/2015
1.929 Moodys-
S&P-AAA
1,000,000.00
1,003,546.67
100.338
1,001,659.59
0.62
Pfizer Inc 2.212/1512021
717081DZ3
807
12/15/2021
7/16/2018
2,944 Al Moodys-
S&P -AA
1,000,000.00
977,894.44
97.6
1,005,507.16
0.60
Procter & Gamble Co 2.3
2/6/2022
742718DY2
860
2/6/2022
7/16/2018
2.902 Moodys-
S&P -AA-
1,000,000.00
990,022.22
97.98
1,014,442.25
0.61
Aa3
Toyota Motor Credit Corp 2.15
9/8/2022
89236TEC5
1,074
9/8/2022
11/1/2017
2.301 Moodys-
Aa3
S&P -AA-
2,500,000.00
2,490,663.19
99.31
2,515,036.70
1.54
Toyota Motor Credit Corp 3.45
9/20/2023
89236TFNO
1,451
9/20/2023
2/28/2019
3.001 Aa3dys-
S&P -AA-
1,000,000.00
1,034,141.67
101.9
1,057,711.55
0.63
Toyota Motor Credit Crop 2.6
1/11/2022
89236TDP7
834
1/11/2022
7/13/2017
2.200 Moodys-
Aa3
S&P -AA-
1,000,000.00
1,017,172.28
101.702784
1,015,825.12
0.63
VISA Inc 2.15 9/15/2022
92826CAG7
1,081
9/15/2022
10/3/2017
2.101
S&P -A+
1,000,000.00
1,003,615.32
100.230143
1,010,241.38
0.62
Sub Total /Average
Days To
Maturity
Settlement
YTM @ Credit
Credit
Face
Cost Value +
% of
Description
CUSIP/Ticker
Maturity
Date
Date
Cost Rating 1
Rating 2
Amount/Shares
Accrued Interest
Cost Price
Market Value
Portfolio
Municipal Securities 15%15%
Moodys-
California ST 1.84/1/2020
13063CSQ4
184
4/1/2020
4/29/2015
A1
S&P -AA-
2,000,000.00
2,009,380.00
100.469
1,999,860.00
1.24
Walmart Inc 1.75 10/9/2019
931142DY6
9
10/9/2019
7/16/2018
2.371 a2dys-
S&P -AA
1,000,000.00
997,215.28
99.25
999,900.00
0.61
Walmart Inc 1.9 12/15/2020
931142EA7
442
12/15/2020
6/13/2018
2.622 Aa2dys-
S&P -AA
1,000,000.00
994,897.22
98.26
1,002,221.03
0.61
Wells Fargo Bank 2.15
12/6/2019
94988,15G8
67
12/6/2019
7/16/2018
2.718 A2dys-
S&P --A+
1,000,000.00
994,688.89
99.23
999,933.20
0.61
Sub Total /Average
Corporate Bonds 15%
747
2.413
25,500,000.00
25,590,742.30
99.877252
25,689,332.28
15.77
Municipal Securities 15%15%
California ST 1.84/1/2020
13063CSQ4
184
4/1/2020
4/29/2015
1.700 Aa3dys
S&P -AA-
2,000,000.00
2,009,380.00
100.469
1,999,860.00
1.24
California ST 2.3674/1/2022
13063DADO
914
4/1/2022
4/27/2017
2.152 Aa3dys
S&P -AA-
1,000,000.00
1,010,000.00
101
1,012,630.00
0.63
California ST 2.625 4/1/2021
13063DAC2
549
4/1/2021
4/27/2017
2.003 M�2dys-
S&P -AA-
1,000,000.00
1,023,400.00
102.34
1,011,980.00
0.63
California State University 3.054
11/1/2022
13077DFD9
1,128
11/1/2022
8/2/2018
3.054 Aa2dys
S&P -AA-
250,000.00
250,000.00
100
258,297.50
0.15
Industry Calif Sales Tax Rev
2.75 1/1/2022
45656RDV1
824
1/1/2022
5/17/2017
2.451 Aldys-
S&P -AA-
1,000,000.00
1,014,604.17
101.3
1,017,180.00
0.63
Murrieta Redevelopment
Agency 2.25 8/1/2021
62719PAX4
671
8/1/2021
10/18/2017
2.319 NR
S&P -A
350,000.00
349,135.50
99.753
352,051.00
0.22
Murrieta Redevelopment
Agency 2.5 8/1/2022
62719PAY2
1,036
8/1/2022
10/18/2017
2.559 NR
S&P -A
250,000.00
249,345.00
99.738
253,840.00
0.15
Santa Rosa REGL
Resource Revv 2.2 8/1/2021
802629AW5
671
8/1/2021
10/3/2017
2.001 Fitch -AA
S&P -AA+
980,000.00
989,489.67
100.73
984,694.20
0.61
Santa Rosa CA REGL
Resources Rev 2.4 8/1/2022
802629AX3
1,036
8/1/2022
10/3/2017
2.202 Fitch -AA
S&P -AA+
500,000.00
505,800.00
100.9
506,725.00
0.31
Sub Total /Average Municipal
Securities 15% / 5%
629
2.085
7,330,000.00
7,401,154.34
100.90417
7,397,257.70
4.58
US Agency Bonds / Notes 75%
FFCB 1.38 3/2/2020-17
3133EFH59
154
3/2/2020
3/2/2016
1.380 AMaoodys-
S&P -AA+
2,000,000.00
2,000,000.00
100
1,996,362.30
1.24
FFCB 1.77 12/7/2020-17
3133EGR49
434
12/7/2020
12/7/2016
1.770 MMoodys-
Aaa
S&P -AA+
2,000,000.00
2,000,000.00
100
1,999,552.46
1.24
FFCB 1.91 1/20/2021-17
3133EHGHO
478
1/20/2021
4/20/2017
1.910 MMoodys-
Aaa
S&P -AA+
1,500,000.00
1,500,000.00
100
1,494,811.55
0.93
FFCB 1.934/20/2021-18
3133EHGG2
568
4/20/2021
4/20/2017
1.930 AMaoodys-
S&P -AA+
1,500,000.00
1,500,000.00
100
1,494,522.39
0.93
FFCB 1.95 3/14/2022-17
3133EHYQO
896
3/14/2022
11/1/2017
2.082 MMoodys-
Aaa
S&P -AA+
2,000,000.00
1,994,091.67
99.45
2,000,060.06
1.23
FFCB 23/14/2022-17
3133EHMH3
896
3/14/2022
6/22/2017
2.023 Aaadys
S&P -AA+
2,000,000.00
1,998,888.89
99.9
1,983,644.92
1.24
FFCB 2 4/5/2021-18
3133EHEG4
553
4/5/2021
4/5/2017
2.000 MMoodys-
Aaa
S&P -AA+
3,500,000.00
3,500,000.00
100
3,500,082.15
2.17
FFCB 24/5/2022-17
3133EHQG1
918
4/5/2022
7/11/2017
2.078
S&P -AA+
1,000,000.00
996,833.33
99.65
1,000,033.61
0.62
Total/Average 502 2.103 161,515,651.83 161,661,512.94 100.002853 161,942,850.01 100
Days To
Maturity
Settlement
YTM @ Credit
Credit
Face
Cost Value +
% of
Description
CUSIP/Ticker
Maturity
Date
Date
Cost Rating 1
Rating 2
Amount/Shares
Accrued Interest
Cost Price
Market Value
Portfolio
Moodys-
Aaa
FHLB 1.3752/18/2021
313OA7CV5
507
2/18/2021
4/4/2016
1.328 Aaadys
S&P-AA+
1,000,000.00
1,003,956.94
100.22
994,769.24
0.62
FHLB 2.08 4/27/2022-18
3130AB6Q4
940
4/27/2022
4/27/2017
2.080 Aaadys
S&P-AA+
1,500,000.00
1,500,000.00
100
1,500,057.00
0.93
FHLB 2.1 4126/2022719
3130AB3U8
939
4/26/2022
4/26/2017
2.100 NR
S&P-AA+
4,000,000.00
4,000,000.00
100
4,048,378.08
2.48
FHLB 2.15/18/2022-18
3130ABCS3
961
5/18/2022
5/18/2017
2.100 Aaadys
S&P-AA+
2,000,000.00
2,000,000.00
100
2,000,081.02
1.24
FHLB Step 10/18/2022-18
3130ACGW8
1,114
10/18/2022
10/18/2017
2.144
S&P-AA+
1,500,000.00
1,500,000.00
100
1,500,192.38
0.93
Aaadys
FHLB Step 8/2412022-17
3130ABZW9
1,059
8/24/2022
8/24/2017
2.071
S&P-AA+
1,000,000.00
1,000,000.00
100
1,000,237.01
0.62
Aaadys
FHLMC 2 7/19/2022-17
3134GBVF6
1,023
7/19/2022
7/19/2017
2.000 Aaadys
S&P-AA+
2,000,000.00
2,000,000.00
100
2,000,259.34
1.24
FHLMC 27/27/2021-17
3134GBXA5
666
7/27/2021
7/27/2017
2.000 Aaadys
S&P-AA+
1,000,000.00
1,000,000.00
100
1,000,129.06
0.62
FHLMC 2 7/2712022-18
3134GBWQ1
1,031
7/27/2022
7/27/2017
2.042 Aaadys
S&P-AA+
2,000,000.00
1,996,000.00
99.8
2,016,750.30
1.24
FHLMC 2.05 12/30/2021-17
3134GAZR8
822
12/30/2021
12/30/2016
2.050 Aaadys
S&P-AA+
2,000,000.00
2,000,000.00
100
2,000,731.42
1.24
FHLMC 2.05 5/25/2022-18
3134GBMB5
968
5/25/2022
5/25/2017
2.050 Aaadys
S&P-AA+
1,000,000.00
1,000,000.00
100
1,009,773.43
0.62
FHLMC 2.05 9/29/2022-17
3134GBH39
1,095
9/29/2022
10/31/2017
2.163 Aaadys
S&P-AA+
2,000,000.00
1,993,144.44
99.475
2,001,710.00
123
FHLMC 2.1 6/29/2022-17
3134GBTL6
1,003
6/29/2022
6/29/2017
2.100 AMaoaodys-
S&P-AA+
2,000,000.00
2,000,000.00
100
2,001,765.38
1.24
FHLMC 2.25 7/26/2022-18
3134GBYP1
1,030
7/26/2022
7/26/2017
2.250
S&P-AA+
2,000,000.00
2,000,000.00
100
2,000,231.60
1.24
AMaoaodys-
FHLMC Step 3/23/2021-16
3134G8NQ8
540
3/23/2021
4/4/2016
2.169 Aaadys
S&P-AA+
1,050,000.00
1,050,401.04
100
1,050,487.85
0.65
FHLMC Step 7/5/2022-17
3134GBYK2
1,009
7/5/2022
7/11/2017
2.048 AMaoaodys-
S&P-AA+
1,000,000.00
1,000,333.33
100
1,000,032.61
0.62
FHLMC Step 8/22/2022-17
3134GBB27
1,057
8/22/2022
8/22/2017
2.144 Fitch-AAA
S&P-AA+
2,000,000.00
2,000,000.00
100
2,000,654.90
124
FNMA 1.4 5/25/2021-17
3136G3U94
603
5/25/2021
8/25/2016
1.400 AMaoaodys-
S&P-AA+
1,850,000.00
1,850,000.00
100
1,839,872.79
1.15
FNMA 1.65 1/27/2020-17
3135GOS46
119
1/27/2020
2/21/2017
1.650 AMaoaodys-
S&P-AA+
2,000,000.00
2,002,200.00
100
1,997,772.40
1.24
FNMA2.2510/2712022-18
3136G4PV9
1,123
10/27/2022
10/27/2017
2.250
None
2,000,000.00
2,000,000.00
100
2,000,684.20
1.24
AMaoaodys-
FNMA Step 3/15/2021-17
3136G3AY1
532
3/15/2021
3/15/2016
2.004 Aaadys
S&P-AA+
2,000,000.00
2,000,000.00
100
2,010,382.94
124
Sub Total / Average US
Agency Bonds / Notes 75%
792
1.984
52,400,000.00
52,385,849.64
99.94528
52,444,022.39
32.42
Total/Average 502 2.103 161,515,651.83 161,661,512.94 100.002853 161,942,850.01 100
City of Tustin
Transactions Summary
Monthly Investment Transactions
Group By: Action
Portfolio / Report Group: All Portfolios
Begin Date: 06/30/2019, End Date: 09/30/2019
YTM @
Settlement
Maturity
Face
Description
CUSIP/Ticker
Portfolio Name
Cost
Trade Date
Date
Date
Amount/Shares
Principal
Price
Interest/Dividends
Total
Called
Community Financial Services
Bank 3.25 7/25/2023-1
20364ACFO
Fixed Income -Certificate
of Deposit Negotiable
0.000
7/25/2019
7/25/2019
7/25/2023
249,000.00
249,000.00
0
0.00
249,000.00
CresCom Bank 2.8 3/28/2024
19
225862EA5
Fixed Income -Certificate
of Deposit Negotiable
0.000
8/29/2019
8/29/2019
3/28/2024
249,000.00
249,000.00
0
0.00
249,000.00
FFCB 2.47 9/15/2020-18
3133EJGJ2
Fixed Income - US
Agency Bonds / Notes
0.000
7/2/2019
7/2/2019
9/15/2020
1,000,000.00
1,000,000.00
0
7,341.39
1,007,341.39
FHLMC 2.4 11/28/2022-18
3134GBY63
Fixed Income -
Agency Bonds / Notes
otes
0.000
8/28/2019
8/28/2019
11/28/2022
3,000,000.00
3,000,000.00
0
18,000.00
3,018,000.00
FHLMC 2.75 3/27/2024-19
3134GTAZ6
Fixed Income -
Agency Bonds / Notes
otes
0.000
9/27/2019
9/27/2019
3/27/2024
700,000.00
700,000.00
0
0.00
700,000.00
FHLMC Step 3/30/2021-16
3134G8NV7
Fixed Income - US
Agency Bonds / Notes
0.000
9/30/2019
9/30/2019
3/30/2021
1,500,000.00
1,500,000.00
0
0.00
1,500,000.00
First National Bank of Syracuse
2.1 6/28/2022-17
334342CA8
Fixed Income -Certificate
of Deposit Negotiable
0.000
8/28/2019
8/28/2019
6/28/2022
248,000.00
248,000.00
0
0.00
248,000.00
First State Bank of DeQueen
Step 5/26/2022-18
336460CG3
Fixed Income -Certificate
of Deposit Negotiable
0.000
7/26/2019
7/26/2019
5/26/2022
248,000.00
248,000.00
0
0.00
248,000.00
Texas Exchange Bank 1.95
6/30/2021-18
88241TBP4
Fixed Income - Certificate
of Deposit Negotiable
0.000
9/30/2019
9/30/2019
6/30/2021
248,000.00
248,000.00
0
0.00
248,000.00
Toyota Financial Savings Bank
3.4 7/24/2023-19
89235MJAO
Fixed Income - Certificate
of Deposit Negotiable
0.000
7/23/2019
7/23/2019
7/24/2023
245,000.00
245,000.00
0
0.00
245,000.00
Sub Total / Average Called
7,687,000.00
7,687,000.00
25,341.39
7,712,341.39
Matured_,.------_..._.._
----------------
._. _.._._..—_.______----_.._._.._
_—..�._...__._.____�-....___
_---
---•-- _---------------------
American Express 1.95
7/10/2019
02587CAC4
Fixed Income -Certificate
of Deposit Negotiable
0.000
7/10/2019
7/10/2019
7/10/2019
248,000.00
248,000.00
0
0.00
248,000.00
Bank of Lexington, Inc 1.6
8/9/2019
063253BG2
Fixed Income -Certificate
of Deposit Negotiable
0.000
8/9/2019
8/9/2019
8/9/2019
248,000.00
248,000.00
0
0.00
248,000.00
Bridgewater Bank MN 1.55
7/26/2019
108622EE7
Fixed Income - Certificate
of Deposit Negotiable
0.000
7/26/2019
7/26/2019
7/26/2019
248,000.00
248,000.00
0
0.00
248,000.00
Buckeye Community Bank 1-4
9/6/2019
11815SCW8
Fixed Income - Certificate
of Deposit Negotiable
0.000
9/6/2019
9/6/2019
9/6/2019
248,000.00
248,000.00
0
0.00
248,000.00
Connectone Bank1.55
7/29/2019
20786ABA2
Fixed Income - Certificate
of Deposit Negotiable
0.000
7/29/2019
7/29/2019
7/29/2019
248,000.00
248,000.00
0
0.00
248,000-00
Discover Bank2 7/9/2019
2546712E9
Fixed Income - Certificate
of Deposit Negotiable
0.000
7/9/2019
7/9/2019
7/9/2019
248,000.00
248,000.00
0
0.00
248,000.00
Evegreen Bank Group 1.5
8/28/2019
300185FJ9
Fixed Income - Certificate
of Deposit Negotiable
0.000
8/28/2019
8/28/2019
8/28/2019
248,000.00
248,000.00
0
0.00
248,000.00
FNB of Mcgregor TX 1.1
8/19/2019
32112UCD1
Fixed Income - Certificate
of Deposit Negotiable
0.000
8/19/2019
8/19/2019
8/19/2019
248,000.00
248,000.00
0
0.00
248,000-00
YTM @
Settlement
Maturity
Face
Description CUSIP/Ticker
Portfolio Name
Cost
Trade Date
Date _
Date
Amount/Shares
Principal
Price
Interest/Dividends
Total
FNMA 1.1 8/23/2019-17 3136G32A2
Fixed Income - US
Agency Bonds / Notes
0.000
8/23/2019
8/23/2019
8/23/2019
5,000,000.00
5,000,000.00
0
0.00
5,000,000.00
Franklin Synergy Bank 1.5 35471TDH2
8/23/2019
Fixed Income - Certificate
of Deposit Negotiable
0.000
8/23/2019
8/23/2019
8/23/2019
248,000.00
248,000.00
0
0.00
248,000.00
Fresno County Pension2.488 358266CQ5
8/15/2019
Fixed Income -Municipal
Securities
0.000
8/15/2019
8/15/2019
8/15/2019
1,000,000.00
1,000,000.00
0
0.00
1,000,000.00
Investors Bank WI 1.7 8/14/2019 46147UQR4
Fixed Income - Certificate
of Deposit Negotiable
0.000
8/14/2019
8/14/2019'
8/14/2019
248,000.00
248,000.00
0
0.00
248,000.00
Landmark Community Bank 1.45 51507LBG8
Fixed Income -Certificate
9/3/2019
of Deposit Negotiable
0.000
9/3/2019
9/3/2019
9/3/2019
248,000.00
248,000.00
0
0.00
248,000.00
LCA Bank Corporation 1.45 501798KG6
9/3/2019
Fixed Income -Certificate
of Deposit Negotiable
0.000
9/3/2019
9/3/2019
9/3/2019
248,000.00
248,000.00
0
0.00
248,000.00
Medallion Bank UT 1.2 5840364W3
8/19/2019
of Deposit Negotiable Fixed Income -Certificate
0.000
8/19/2019
8/19/2019
8/19/2019
248,000.00
248,000.00
0
0.00
248,000.00
Morgan Stanley Bank 1.7 61760ACZO
8/19/2019
Fixed Income - Certificate
of Deposit Negotiable
0.000
8/19/2019
8/19/2019
8/19/2019
248,000.00
248,000.00
0
0.00
248,000.00
Morgan Stanley Private Bank 1.7 61747MYE5
Fixed Income -Certificate
8/19/2019
of Deposit Negotiable
0.000
8/19/2019
8/19/2019
8/19/2019
248,000.00
248,000.00
0
0.00
248,000.00
Murrieta Redevelopment Agency 62719PAV8
Fixed Income - Municipal
1.8 8/1/2019
Securities
0.000
8/1/2019
8/1/2019
8/1/2019
350,000.00
350,000.00
0
0.00
350,000.00
SmartBank 1.4 7/19/2019 83172HDJ6
Fixed Income- Certificate
of Deposit Negotiable
0.000
7/19/2019
7/19/2019
7/19/2019
248,000.00
248,000.00
0
0.00
248,000.00
Sub Total / Average Matured
10,318,000.00
10,318,000.00
0.00
10,318,000.00
PUBLIC
AGENCY
RETIREMENT
SERVICES
CITY OF TUSTIN
PARS Post-Enlployvrent Benefits Trust
Matthew West
City Manager
City of Tustin
300 Centennial Way
Tustin, CA 92780
RECEIVED
OCT 16 ZON
TUSTIN FINANCE DEPT.
Account Report for the Period
WiltZ919 tol 913W2#L9
Totals $8,058,100.27 50.00 $63,573.10 53,721.35 50.00 $0.00 58,117,952.02
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
r
Annualized Return
Source 1 -Month 3 -Months 1 -Year 3 -Years 5 -Years 10 -Years Plan's Inception Date
OPEB 0.78% 1.50% 7.01% 6/26/2018
PENSION 0.78% 1.20% 7.16% 6/26/2018
Information as provided by US Bank, Trustee for PARS; Not FDIC Insured; No Bank Guarantee; May Lose Value
Past performance does not guarantee future results. Performance returns may not reflect the deduction of applicable fees, which could reduce returns. Information is deemed reliable but may be subject to change.
Investment Return: Annualized rale of return is the return on an investment over a period other than one year multiplied or divided to give a compnrable one-year return.
Account balances are inclusive of Trust Administration, Trustee and Investment Management fees
Headquarters - 4350 Von Karman Ave., Suite 100, Newport Beach, CA 92660 800.540.6369 Fax 949.250.1250 eivw.pars.org
Account Summary
Beginning Balance as
Ending
of
Balance as of
Source 9/1/2019
Contributions Earnings Expenses Distributions Transfers
9/30/2019
OPEB $2,091,199.76
$0.00 $16,495.55 $965.50 $0.00 $0.00
$2,106,729.81
PENSION $5,966,900.51
$0.00 $47,077.55 $2,755.85 $0.00 $0.00
$6,011,222.21
Totals $8,058,100.27 50.00 $63,573.10 53,721.35 50.00 $0.00 58,117,952.02
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
r
Annualized Return
Source 1 -Month 3 -Months 1 -Year 3 -Years 5 -Years 10 -Years Plan's Inception Date
OPEB 0.78% 1.50% 7.01% 6/26/2018
PENSION 0.78% 1.20% 7.16% 6/26/2018
Information as provided by US Bank, Trustee for PARS; Not FDIC Insured; No Bank Guarantee; May Lose Value
Past performance does not guarantee future results. Performance returns may not reflect the deduction of applicable fees, which could reduce returns. Information is deemed reliable but may be subject to change.
Investment Return: Annualized rale of return is the return on an investment over a period other than one year multiplied or divided to give a compnrable one-year return.
Account balances are inclusive of Trust Administration, Trustee and Investment Management fees
Headquarters - 4350 Von Karman Ave., Suite 100, Newport Beach, CA 92660 800.540.6369 Fax 949.250.1250 eivw.pars.org
HIGHMARK°
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
To provide current income and
moderate capital appreciation.
It is expected that dividend and
o
interest income will comprise a E� .
significant portion of total return,
although growth through capital
appreciation is equally important.
Efficient Frontier
�Iamlaliation
Balanced
Moderate
Moderately Conservative
Conse ative
ANNUALIZED TOTAL RETURNS EmbeddednFund FeeManagement Fees, but Net of
HighMark Plus Composite (Active)
Risk (Standard Deviation)
ASSET ALLOCATION - MODERATE PORTFOLIO
Current Quarter`
Strategic Range
Policy
Tactical
Equity 40-60%
50%
51%
Fixed Income 40-60%
45%
46%
Cash 0-20%
5%
3%
ANNUALIZED TOTAL RETURNS EmbeddednFund FeeManagement Fees, but Net of
HighMark Plus Composite (Active)
Index Plus Composite (Passive)
Current Quarter`
3.23%
Current Quarter*
2.95%
Blended Benchmark`,`
3.16%
Blended Benchmark',"
3.16%
Year To Date*
11.74%
Year To Date`
11.36%
Blended Benchmark*, **
11.35%
Blended Benchmark', `-`
11.35%
1 Year
6.94%
1 Year
6.77%
Blended Benchmark*'
6.95%
Blended Benchmark-
6.95%
3 Year
7.95%
3 Year
7.14%
Blended Benchmark**
7.52%
Blended Benchmark"
7.52%
5 Year
5.43%
5 Year
5.18%
Blended Benchmark**
5.62%
Blended Benchmark"
5.62%
10 Year
8.35%
10 Year
8.09%
Blended Benchmark**
8.18%
Blended Benchmark`*
8.18%
' Returns less than one year are 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 BofANIL US High Yield Master Il, 1.75% Wilshire REIT, and 5% FTSE 1 Nlth T -Bill. From
411/2007- 9/30/2012. the blended benchmark
was 43% SBP 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 BofANIL 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
:[011111►[
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
Index Plus (Passive)
iShares Core S&P 500 ETF
iShares S&P 500 Value ETF
iShares S&P 500 Growth ETF
iShares Russell Mid -Cap ETF
Vanguard Real Estate ETF
iShares Russell 2000 Value ETF
iShares Russell 2000 Growth ETF
Undiscovered Managers Behavioral Value -R6 iShares MSCI EAFE ETF
Victory RS Small Cap Growth - R6 Vanguard FTSE Emerging Markets ETF
DFA Large Cap International Portfolio Vanguard Short -Term Invest -Grade Adm
Dodge & Cox International Stock iShares Core U.S. Aggregate
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
5.9
Large Ca,
15.0'ia
First American Government Obligations Z
Holdings are subject to change at the
discretion of the investment manager.
Real Estate
I arna C: V.1- 2.4
Short -Term Bond
9.7
Interm-Term Bond
36.4
The performance records shown represent size -weighted composites of tax exempt accounts that meet the following criteria:
Accounts are managed by High Mark's Portfolio Management Group (PMG) 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. 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 0.36% paid to HighMark, as well as other expenses that may be incurred in the management of the portfolio, will reduce
the portfolio's 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 $12.53 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. A client's return
Wil 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 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 ICE BofAML 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 U.S. Aggregate Bond Index is generally
representative of the U.S. taxable bond market as a whole. The ICE BofAML 1-3 Year U.S. Corporate & Government Index
tracks the bond performance of the ICE BofAML 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.