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HomeMy WebLinkAbout04 QUARTERLY INVESTMENT REPORTMEETING DATE TO: FROM AGENDA REPORT FEBRUARY 18, 2020 MATTHEW S. WEST, CITY MANAGER Agenda Item 4 Reviewed: City Manager i Finance Director JOHN A. BUCHANAN, FINANCE DIRECTOR JENNY LEISZ, DEPUTY DIRECTOR - FINANCIAL SERVICES SUBJECT: QUARTERLY INVESTMENT REPORT FOR THE CITY OF TUSTIN AND THE SUCCESSOR AGENCY FOR THE TUSTIN COMMUNITY REDEVELOPMENT AGENCY SUMMARY: Government Code Section 53646 requires that the Treasurer make an Investment Report to the City Council at least quarterly showing balances by authorized investment and certifying its compliance with the adopted Investment Policy. RECOMMENDATION: Receive and file. FISCAL IMPACT: None. CORRELATION TO THE STRATEGIC PLAN: Correlates with the City's Strategic Plan Goal C: Financial Strength, Item 3. This investment report provides evidence of the City's commitment to ensuring that investments are in compliance with the adopted Investment Policy. DISCUSSION: In compliance with Government Code Section 53646, the attached Investment Report reporting cash and investments for the City of Tustin and the Successor Agency for the Tustin Community Redevelopment Agency for the quarter ending December 31, 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 December 31, 2019 were $160.5 million, a decrease of $1.2 million from September 30, 2019 total cash and investments of $161.7 million. The decrease in cash and investments of $1.2 million is primarily due to the significant outflows for various budgeted construction projects which were offset by property taxes received in December. The weighted average portfolio yield as of December 31, 2019 was 1.91%, 19 basis points lower than the weighted average portfolio yield of 2.10% as of September 30, 2019. The primary reason for the decrease in the weighted average portfolio yield is the decline in California Asset Management Program (CAMP) rates from 2.22% in September 2019 to 1.80% in December 2019. Beginning in November, daily surplus on demand cash balances are invested in Local Agency Investment Fund (LAIF), as the rate (2.04%) is slightly higher than CAMP. The weighted average days to maturity were 316 days as of December 31, 2019, a decrease from 502 days as of September 30, 2019. The decline in weighted average days to maturity during the last quarter was mostly due to $24.8 million in called bonds and negotiable certificates of deposit with stated maturity dates ranging from March 2021 through October 2022. In June 2018, $6.6 million was contributed to the Public Agency Retirement Services (PARS) trust to fund outstanding pension and other post -employment benefits (OPEB) liabilities. The PARS statement and quarterly report are attached showing the balances as of December 31, 2019 and the performance of the trust for the 3rd quarter of calendar year 2019. The trust increased from the September 30, 2019 balance of $8.1 million to $8.5 million at December 31, 2019, an increase of $0.4 million. The increase was entirely comprised of net earnings, with investment return for the last quarter ending December 31, 2019, of approximately 4.25%, with the 1 -year return at 17.5%. 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. Staff will continue to closely monitor the Public Works outflows and cash balances and projections going forward. QUARTERLY INVESTMENT REPORT FOR THE CITY OF TUSTIN AND THE SUCCESSOR AGENCY FOR THE TUSTIN COMMUNITY REDEVELOPMENT AGENCY Page 3 of 3 y �nL' eputy Director - Financial Services PA. Buchanan e Director Attachment: December 31, 2019 Quarterly Investment Report PARS Trust Statement as of December 31, 2019 PARS Moderate Fact Sheet Q3 2019 City of Tustin Treasurer's Quarterly Investment Report December 31, 2019 900.0000 800.0000 700.0000 600.0000 500.0000 400.0000 300.0000 200.0000 100.0000 (0 1 1 1 1 ob 4 00 O 9 0i 0i 0i Oy Oy Off' Off' Oy Oy O~ Off' Oy Off' O~ Off' Oy ti ti ti ti ti ti ti ti ti ti ti ti ti y\ y\ o\ o\ y\ y\ o\ o\ y\ y\ o\ o\ y\ N. 3 0 1 3 6 0 tiL 5 0 0 L 2.70% 2.60% 2.50% 2.40% 2.30% 2.20% P 2.10% 2.00% 1.90% 1.80% - 1.70% 1.60% o . 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% i oy(0 oyA oyA oyA oy1 oy� oyw oyw oy� oy�, oya oy� oy� --n City of Tustin —0—LAIF Yield (%) —*—US Treasury/ 2 yr CITY OF TUSTIN Monthly Investment Report December 31, 2019 DIVERSIFICATION Investment Portfolio / Cost Value $160,483,424 Corporate Bonds $23,598,838 14.70% NegotiableAi. of Deposit $28,018,115 17.46% Municipal Bonds $7,401,154 4.61% US Treasury $0 0.00% DIVERSIFICATION Investment Portfolio / Cost Value $218,907,135 Negotiable Certificate of Deposit $38,434,11S 17.56% Municipal Bands $8,758,989 4.00% December 2018 Corporate Bonds $2S,SS6,601 11.67% Y $O 0.00% Page 2 of 19 CITY OF TUSTIN Monthly Investment Report December 31, 2019 Maturity Distribution U5 Treasury - 0.000% Federal Agencies 4,002,200 - 2,000,000 7,353,957 14,986,147 - 28,342,304 17.66% Municipal Bonds - 2,009,380 - 3,376,629 2,015,145 - - 7,401,154 4.61% Commerclal Paper - 0,00% Certificate of Deposit - 0.00% Negotiable Certificate of Deposit 4,216,000 3,225,000 1,984,000 1,986,000 10,910,591 4,957,524 493,000 246,000 28,018,115 17.46% Corporate Bonds - - 2,993,006 3.002.402 3,993,647 12,575,641 1,034.142 - 23,598,838 14.70% Liquid (Daily) 73,123,013 73,123,013 45.56% Total 81,341,213 5,234,380 4,977,006 6,988,402 25,634,824 34,534,458 1,527,142 246,000 160,483,424 100.000% Liquidity Distribution Page 3 of 19 CITY OF TUSTIN Monthly Investment Report December 31, 2019 Investment Type Municipal Bonds* Maturity 5 year Maximum % Holdings 30% Maximum % per Issuer 5% Minimum Rating N/A % InvestedMaximum 4.61% 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 5ear 5year 100% 50% N A 17.66% $28,342,304 Yes Banker's Acceptance* 180 days 30% 5% 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 17.46% $28,018,115 Yes Repurchase Agreements (102% Collateralized 1 year 30% 5% N/A 0.00% $0 Yes Medium -Term (Corporate) Notes* 5 year 20% 5% A 14.70% $23,598,838 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 28.78% $46,191,870 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 / 0.70% $1,126,651 Yes County Tresurer County Treasurer Local Agency Investment Fund N/A Max pemitted by Max permitted by State N/A / 9.59% $15,382,657 Yes State Tresurer Treasurer Bank of America (General Checking Account) N/A N/A N/A N/A 6.49% $10,421,835 Yes Total Invested $160,483,424 Combined total limitation (total classes with *) 30% 19.32% $30,999,992 Page 4 of 19 CITY OF TUSTIN Monthly Investment Report +S: December 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. Page 5 of 19 Rating Current Rating Prior Month Rating CUSIP Settlement Date Moody's S&P Fitch Moody's S&P Fitch Compliance Face Amount ADP 053015AD5 1,000,000 AA Aa3 AA NR Aa3 AA NR Yes American Express 0258MDDX4 2,000,000 A- A2 A- A A2 A- A Yes Apple Inc. 037833BS8 2,000,000 AA+ Aa1 AA+ NR Aa1 AA+ NR Yes Apple Inc. 037833CQ1 2,000,000 AA+ Aa1 AA+ NR Aa1 AA+ NR Yes Barclays Bank PLC 06744CFN6 2,000,000 A- A2 A A+ A2 A A+ Yes Berkshire Hathaway 084670BQO 1,000,000 AA Aa2 AA A+u Aa2 AA A+u Yes Chevron Corporation 166764BN9 2,000,000 AA- Aa2 AA NR Aa2 AA NR Yes Coca-Cola Co 191216BT6 1,000,000 AA- Al A+ Au Al A+ Au Yes IBM Credit LLC 44932HAC7 1,000,000 A+ A2 A WD A2 A WD Yes Microsoft Corporation 594918BG8 1,000,000 AAA Aaa AAA AA+u Aaa AAA AA+u Yes Pfizer Inc 717081DZ3 1,000,000 AA Al AA- Au Al AA- Au Yes Procter&Gamble Co 742718DY2 1,000,000 AA- Aa3 AA- NR Aa3 AA- NR Yes Toyota Motor Credit Corp 89236TEC5 2,482,750 AA- Aa3 AA- A+u Aa3 AA- A+u Yes Toyota Motor Credit Corp 89236TDP7 1,000,000 AA- Aa3 AA- A+u Aa3 AA- A+u Yes Toyota Motor Credit Corp 89236TFNO 1,000,000 AA- Aa3 AA- A+u Aa3 AA- A+u Yes VISA Inc 92826CAG7 1,000,000 A+ Aa3 AA- NR Aa3 AA- NR Yes Walmart Store Inc 931142EA7 1,000,000 AA Aa2 AA AA Aa2 AA AA Yes Page 5 of 19 CITY OF TUSTIN Monthly Investment Report December 31, 2019 Cash and Investments / Summary [1] [2] [3) [4] [5] Description / Limits Face Amount YTM@Cost Credit Rating Cost Value+Accrued Market Value Shares Interest Investment Portfolio 87,200,000.00 2.08 87,360,411.46 87,676,424.94 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 7/31/2019 (unaudited) SEMI -RESTRICTED Cash Balance as of 7/31/2019 (unaudited) Capital Projects, Proceeds from Land Sales, Backbone Infrastructure RESTRICTED Cash balances as of 7/31/2019 (un -audited) 0.75 N/A 10,421,835.11 10,421,835.11 1.88 [7) 1,126,651.33 1,126,651.33 2.04 N/A 15,382,656.72 15,382,656.72 1.80 AAAm 46,191,869.61 46,191,869.61 73,123,012.77 73,123,012.77 Investment Portfolio TOTAL 160,483,424.23 160,799,437.71 Weighted Average Days to Maturity 316 Weighted Average Yield 1.91% Benchmark / Treasury 2Year 1.91% 13,485,089.22 65,286,414.93 81,508,156.25 Total 160,279,660.40 Successor Agency Community Redevelopment Agency/ Cash & Investments Total 203,763.83 Page 6 of 19 CITY OF TUSTIN Monthly Investment Report December 31, 2019 Restricted Deposits with Fiscal Agents [1] Description / Limits [2] [3] [4] [5] Face Amount YTM@Cost Credit Rating Cost Value+Accrued Market Value Shares Interest 2016 Successor Agency Tax Allocation Bonds, Refunding 1,555.24 N/A 1,555.24 1,555.24 2016 Water Revenue Bonds, Refunding 282.29 N/A 282.29 282.29 2012 Water Revenue Bonds - Refunding 39.07 N/A 39.07 39.07 2013 Water Revenue Bonds 266.70 N/A 266.70 266.70 CFD 04-1 612,578.93 N/A 612,578.93 612,578.93 CFD 06-1 6,832,021.58 N/A 6,832,021.58 6,832,021.58 CFD 07-1 1,610,628.46 N/A 1,610,628.46 1,610,628.46 CFD 14-1 14,299,969.85 N/A 14,299,969.85 14,299,969.85 23,357,342.12 23,357,342.12 23,357,342.12 Restricted Deposits with Fiscal Agents TOTAL 23,357,342.12 23,357,342.12 Page 7 of 19 CITY OF TUSTIN ' Monthly Investment Report December 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 inconformity 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. o 44'�L 6.4 Larry Friely, Chair M ttS. West, City Manager/ Treasurer City of Tustin Audit Commission City of Tustin Page 8 of 19 CITY OF TUSTIN Monthly Investment Report December 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 USAgency 28,350,000.00 5years 100% 17.66% 28,342,304.16 28,415,298.17 Municipal Bonds 7,330,000.00 5 years 30% 4.61% 7,401,154.34 7,393,810.40 Commercial Paper 0.00 270 days 25% 0.00% 0.00 0.00 Certificate of Deposit / Negotiable 28,020,000.00 5 years 309A 17.469A 28,018,114.83 28,161,272.40 Corporate Bonds 23,500,000.00 5 years 20% 14.705A 23,598,838.13 23,706,043.97 Cash N/A N/A N/A 6.49% 10,421,835.11 10,421,835.11 Orange County Investment Pool N/A N/A N/A 0.70% 1,126,651.33 1,126,651.33 LAW / Local Agency Investment Fund N/A N/A N/A 9.59% 15,382,656.72 15,382,656.72 a l orma set Management rogram Shares of beneficial Interest by a IPA N/A N/A N/A 28.789% 46,191,869.61 46,191,869.61 Banker's Acceptance 0.00 180 days 30•9A 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 1000A 0.00% 0.00 0.00 100.00•/ 160,483,424.23 160,799,437.71 Restricted Cash with Fiscal Agents 23,357,342.12 23,357,342.12 Investment Portfolio TOTAL 183,840,766.35 184,156,779.83 * 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 19 City of Tustin Transactions Summary Monthly Investment Transactions Group By: Action Portfolio / Report Group: All Portfolios Begin Date: 10/01/2019, End Date: 12/31/2019 Page 10 of 19 YTM @ Settlement Maturity Face Description CUSIP/Ticker Portfolio Name Cost Trade Date Date Date Amount/Shares Principal Price Interest/Dividends Total Called FFCB 1.93 4/20/2021-18 3133EHGG2 Fixed // Noto Notes e -USAgency B Bonds 0.000 11/22/2019 11/22/2019 4/20/2021 1,500,000.00 1,500,000.00 0 2,573.33 1,502,573.33 FFCB 2 4/5/2021-18 3133EHEG4 Fixed otes e-USAgency B Bonds /Not 0.000 11/8/2019 11/8/2019 4/5/2021 3,500,000.00 3,500,000-00 0 6,416.67 3,506,416.67 FHLB 2.084/27/2022-18 3130A66Q4 Bonds I Notes e-USAgency B Bond 0.000 11/15/2019 11/15/2019 4/27/2022 1,500,000.00 1,500,000.00 0 1,560.00 1,501,560.00 FHLB 2.1 5/18/2022-18 3130ABCS3 Fixed Income - USAgency Bonds /Notes 0.000 10/18/2019 10/18/2019 5/18/2022 2,000,000.00 2,000,000.00 0 17,500.00 2,017,500.00 FHLB Step 10/18/2022-18 3130ACGWB Fixed Income - US Agency Bonds / Notes 0.000 10/18/2019 10/18/2019 10/18/2022 1,500,000.00 1,500,000.00 0 0.00 1,500,000.00 FHLB Step 8/24/2022-17 3130ABZW9 Fixed Income - USAgency Bonds /Notes 0.000 11/25/2019 11/25/2019 8/24/2022 1,000,000.00 1,000,000.00 0 5,000.00 1,005,000.00 FHLMC 2.05 12/30/2021-17 3134GAZR8 Fixed Income - USAgency Bonds /Notes 0.000 12/30/2019 12/30/2019 12/30/2021 2,000,000.00 2,000,000.00 0 20,500.00 2,020,500.00 FHLMC 2.05 9/29/2022-17 3134GBH39 Fixed Income - USAgency Bonds /Notes 0.000 12/30/2019 12/30/2019 9/29/2022 2,000,000.00 2,000,000.00 0 10,250.00 2,010,250.00 FHLMC 2.16/29/2022-17 3134GBTL6 Fixed Income e-USAgency BondsI Bonds Not 0.000 12/30/2019 12/30/2019 6/29/2022 2,000,000.00 2,000,000.00 0 0-00 2,000,000-00 FHLMC 2.25 7/26/2022-18 3134GBYP1 Fixed Income - US Agency Bonds / Notes 0.000 10/26/2019 10/26/2019 7/26/2022 2,000,000.00 2,000,000.00 0 11,250.00 2,011,250.00 FHLMC Step 3/23/2021-16 3134G8NQ8 Fixed Income- US Agency Bonds / Notes 0.000 12/23/2019 12/23/2019 3/23/2021 1,050,000.00 1,050,000.00 0 5,250.00 1,055,250.00 FHLMC Step 8/22/2022-17 3134GBB27 Fixed Income - US Agency Bonds / Notes 0.000 11/22/2019 11/22/2019 8/22/2022 2,000,000.00 2,000,000.00 0 10,000.00 2,010,000.00 First State Community Bank 2.1 6/30/2022-18 33708UCF4 Fixed Income - Certificate of Deposit Negotiable 0.000 12/30/2019 12/30/2019 6/30/2022 248,000.00 248,000.00 0 0.00 248,000.00 FN MA 2.2510/27/2022-18 3136G4PV9 ed Bondsnco-USAgency Bonds /Nottees 0.000 10/27/2019 .10/27/2019 10/27/2022 2,000,000.00 2,000,000.00 0 0.00 2,000,000.00 International Bank of Chicago 2.14/20/2022-18 45906ABR7 Fixed Income - Certificate of Deposit Negotiable 0.000 10/20/2019 10/20/2019 4/20/2022 248,000.00 248,000.00 0 0.00 248,000.00 State Bank of Chilton 2 10/13/2021-118 85641 PDQO Fixed Income -Certificate of Deposit Negotiable 0.000 10/13/2019 10/13/2019 10/13/2021 248,000.00 248,000.00 0 0-00 248,000.00 Sub Total / Average Called 24,794,000.00 24,794,000.00 90,300.00 24,884,300.00 Matured --------------_--_--- -- American Express2.2 11/29/2019 02587DWKO Fixed Income- Certificate of Deposit Negotiable 0.000 11/29/2019 11/29/2019 11/29/2019 248,000.00 248,000.00 0 0.00 248,000.00 Bank of Hope 1.7 11/26/2019 062683AJ6 Fixed Income - Certificate of Deposit Negotiable 0-000 11/26/2019 11/26/2019 11/26/2019 248,000-00 248,000.00 0 0.00 248,000.00 Page 10 of 19 Page 11 of 19 YTM @ Settlement Maturity Face Description CUSIP/Ticker Portfolio Name Cost Trade Date Date Date Amount/Shares Principal Price Interest/Dividends Total Capital One 211/5/2019 140420QN3 FixedIncome- Certificate of Deposit Negotiable 0.000 11/5/2019 11/5/2019 11/5/2019 248,000.00 248,000.00 0 0.00 248,000.00 City Bank UT 2.15 11/5/2019 17284C2R4 Fixed Income - Certificate of Deposit Negotiable 0.000 11/5/2019 11/5/2019 11/5/2019 248,000.00 248,000.00 0 0.00 248,000.00 First Source Bank 1.75 12/30/2019 33646CFE9 Fixed Income -Certificate of Deposit Negotiable 0.000 12/30/2019 12/30/2019 12/30/2019 248,000.00 248,000.00 0 0.00 248,000.00 Kearny Federal Savings Bank 1.7 11/15/2019 48714LAE9 Fixed Income -Certificate of Deposit Negotiable 0.000 11/15/2019 11/15/2019 11/15/2019 248,000.00 248,000.00 0 0.00 248,000.00 Merrick Bank UT 1.55 10/9/2019 59013JKA6 Fixed Income -Certificate of Deposit Negotiable 0.000 10/9/2019 10/9/2019 10/9/2019 249,000.00 249,000.00 0 0.00 249,000.00 Security State Bank 1.5 10/7/2019 81489TAV8 Fixed Income - Certificate of Deposit Negotiable 0.000 10/7/2019 10/7/2019 10/7/2019 248,000.00 248,000.00 0 0.00 248,000.00 Walmart Inc 1.75 10/9/2019 931142DY6 FixedIncome- Corporate Bonds 0.000 10/9/2019 10/9/2019 10/9/2019 1,000,000.00 1,000,000.00 0 0.00 1,000,000.00 Washington Trust Company 1.65 11/25/2019 940637JAO Fixed Income -Certificate of Deposit Negotiable 0.000 11/25/2019 11/25/2019 11/25/2019 248,000.00 248,000.00 0 0.00 248,000.00 Wells Fargo Bank 2.15 12/6/2019 94988J5G8 Bonds Fixed Income - Corporate 0.000 12/6/2019 12/6/2019 12/6/2019 1,000,000.00 1,000,000.00 0 0.00 1,000,000.00 Sub Total /Average Matured 4,233,000.00 4,233,000.00 0.00 4,233,000.00 Page 11 of 19 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 12/31/2019 Days To Maturity Settlement YTM @ Credit Credit Face Cost Value + % of Description CUSIPmcker 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 0.750 NR NR 10,421;835.11 10,421,835.11 100 10,421,835.11 6.50 California Asset Management Program LGIP CAMP6045 1 N/A 5/10/2017 1.800 NR NR 46,191,869.61 46,191,869.61 100 46,191,869.61 28.81 Local Agency Investment Fund LGIP LGIP0936 1 WA 6/30/2015 2.043 NR NR 14,279,715.84 14,279,715.84 100 14,279,715.84 8.91 Local Agency Investment Fund LGIP LGIP0002 1 N/A 6/30/2015 2.043 NR NR 1,102,940.88 1,102,940.88 100 1,102,940.88 0.69 Orange County Investment Pool LGIP LGIP9LE 1 N/A 6/30/2015 1.881 NR NR 1,126,651.33 1,126,651.33 100 1,126,651.33 0.70 Sub Total /Average > Liquid Assets 1 1.703 73,123,012.77 73,123,012.77 100 73,123,012.77 45.60 Certificate of Deposit - Negotiable 30% Abacus Federal Savings Bank 1.95 7/21/2021 00257TAY2 568 7/21/2021 7/21/2017 1.950 NR NR 248,000.00 248,000.00 100 248,995.97 0.15 Allegiance Bank 2.211/3/2022 01748DAY2 1,038 11/3/2022 11/3/2017 2.200 NR NR 248,000.00 248,000.00 100 250,686.83 0.15 Alliance Credit Union 2.25 10/13/2022 01859BAA3 1,017 10/13/2022 10/13/2017 2.250 NR NR 248,000.00 248,000.00 100 251,006.26 0.15 Alma Bank 1.7 12/9/2020 02008013E6 344 12/9/2020 12/9/2016 1.700 NR NR 248,000.00 248,000.00 100 248,097.71 0.15 American Eagle Bank 2 12/30/2021 02554BCRO 730 12/30/2021 7/13/2017 2.000 NR NR 247,000.00 247,175.95 100 248,401.97 0.15 American National Bank -Fox Cities 1.75 11/23/2020 02771PNQ6 328 11/23/2020 5/23/2017 1.750 NR NR 248,000.00 248,000.00 100 248,208.82 0.15 Apex Bank 1.25 2/17/2021 03753XAEO 414 2/17/2021 8/17/2016 1.250 NR NR 248,000.00 248,000.00 100 246,841.10 0.15 Bank of Deerfield 1.15 7/27/2020 061785DP3 209 7/27/2020 8/26/2016 1.150 NR NR 248,000.00 248,000.00 100 247,283.53 0.15 Bank of Georgetown DC 1.65 1/30/2020 06424XBT8 30 1/30/2020 1/30/2015 1.650 NR NR 248,000.00 248,000.00 100 248,115.82 0.15 Bank of the Pacific 1.25 5/24/2021 06425BCK3 510 5/24/2021 8/24/2016 1.250 NR NR 248,000.00 248,000.00 100 246,522.91 0.15 Bankers Bank Madison WI 1.9 7/14/2021 06610RAQ2 561 7/14/2021 7/14/2017 1.900 NR NR 248,000.00 248,000.00 100 248,799.06 0.15 Barclays Bank Delaware 2.2 7/12/2022 06740KKD8 924 7/12/2022 7/12/2017 2.200 NR NR 247,000.00 247,000.00 100 249,604.86 0.15 Belmont Savings Bank 1.55 2/24/2020 080515BT5 55 2/24/2020 2/24/2017 1.550 NR NR 248,000.00 248,000.00 100 247,971.23 0.15 Page 12 of 19 Description CUSIPlricker Days To Maturity Maturity Date Settlement Date YTM @ Credit Cost Rating 1 Credit Rating 2 Face Amount/Shares Cost Value + Accrued Interest Beneficial Bank 1.3 3/9/2020 08173QBN5 69 3/9/2020 3/9/2016 1.300 NR NR 248,000.00 248,000.00 Berkshire Bank 1.55 2/28/2020 084601GY3 59 2/28/2020 2/28/2017 1.550 NR NR 248,000.00 248,000.00 BMO Harris Bank Step 248,610.82 0.15 100 248,050.84 0.15 100 250,661.21 0.15 4/13/2022-17 05581 WNM3 834 4/13/2022 4/13/2017 2.143 NR NR 248,000.00 248,000.00 BMW Bank UT 2.25 8/21/2020 05580ACS1 234 8/21/2020 8/21/2015 2.250 NR NR 248,000.00 248,000.00 Capital One 2.3 8/12/2020 14042E5M8 225 8/12/2020 8/12/2015 2.300 NR NR 248,000.00 248,000.00 Celtic Bank 2.14121/2022 15118RMF1 842 4/21/2022 4/21/2017 2.100 NR NR 248,000.00 248,000.00 Central FederalAssoc of 247,014.45 0.15 99.75 248,036.95 0.15 99.6 248,106.14 0.15 Chicago 2.85 6/288 15347EAH2 545 6/28/2021 6/28/2018 2.850 NR NR 249,000.00 249,000.00 Central State Bank Iowa 1.85 Page 13 of 19 7/14/2021 15523RBJ4 561 7/14/2021 7/14/2017 1.850 NR NR 248,000.00 248,000.00 Chippewa Valley Bank 1.7 6/30/2020 169894AN2 182 6/30/2020 6/30/2017 1.700 NR NR 248,000.00 _248,000.00 Citibank Sioux Falls SD 3 6/15/2021 17312QN47 532 6/15/2021 6/15/2018 3.000 NR NR 246,000.00 246,000.00 Citizens State Bank 1.85 6/30/2021 17670DAD6 547 6/30/2021 6/30/2017 1.850 NR NR 248,000.00 248,000.00 C020 y Cap Bank UT 2.15 6/29/229/20 20033ALD6 181 6/29/2020 6/29/2015 2.150 NR NR 248,000.00 248,000.00 Commerce Bank Geneva MN 2 11/26/2021-18 200560009 696 11/26/2021 8/25/2017 2.000 NR NR 248,000.00 248,000.00 Commerce State Bank 1.65 5/22/2020 20070PJDO 143 5/22/2020 5/22/2017 1.650 NR NR 248,000.00 248,000.00 Commercial Bank Alma Mi 1.4 8/16/2021 201282HD5 594 8/16/2021 8/16/2016 1.400 NR NR 248,000.00 248,000.00 Country Bank NY 2.9 6/18/2021 22230PBS8 535 6/18/2021 6/20/2018 2.900 NR NR 249,000.00 249,000.00 CrossFirst Bank 1.6 2/28/2020 22766AAX3 59 2/28/2020 2/28/2017 1.600 NR NR 248,000.00 248,000.00 Delaware State Police Federal Credit Union 3 3/29/ 246399AB5 1,550 3/29/2024 3/29/2019 3.000 NR NR 246,000.00 246,000.00 DNB First, National Association 26/23/2022 25590AAH3 905 6/23/2022 6/23/2017 2.000 NR NR 248,000.00 248,000.00 Douglas National Bank 1.65 1/21/2020 259744DS6 21 1/21/2020 7/19/2017 1.650 NR NR 248,000.00 248,000.00 Eagle Bank Bethesda MD 2.9 6/15/2021 27002YDS2 532 6/15/2021 6/15/2018 2.900 NR NR 249,000.00 249,000.00 East Boston Savings Bank 1.7 27113PBNO 104 4/13/2020 4/11/2017 1.700 NR NR 248,000.00 248,000.00 4/13/2020 Enerbank USA 1.45 8/26/2021 29266N31-18 604 8/26/2021 8/26/2016 1.450 NR NR 248,000.00 248,000.00 Farmers &Mechanics FS 8 LA 2 6/16/2022-17 307764AA8 898 6/16/2022 6/26/2017 2.053 NR NR 248,000.00 247,515.89 Fidelity Co-op Bank Leominster Step 8/9/2022-17 316077CV6 952 8/9/2022 8/9/2017 2.116 NR NR 248,000.00 247,008.00 Financial Federal Bank 1.7 9/30/2020 31749TAX5 274 9/30/2020 5/30/2017 1.700 NR NR 248,000.00 248,000.00 First Bank of Highland Park 2.2 111812022 319141JF5 1,043 11/8/2022 11/8/2017 2.200 NR NR 248,000.00 248,000.00 31927LAMO 135 5/14/2020 11/14/2017 1.800 NR NR 248,000.00 248,000.00 % of Cost Price Market Value Portfolio 100 248,105.65 0.15 100 247,964.54 0.15 100 248,232.13 0.15 100 249,023.99 0.15 100 248,982.33 0.15 100 249,983.26 0.15 100 253,276.08 0.16 100 248,610.82 0.15 100 248,050.84 0.15 100 250,661.21 0.15 100 248,602.64 0.15 100 248,541.14 0.15 100 248,148.80 0.15 100 247,992.06 0.15 100 246, 837.13 0.15 100 253,390.87 0.16 100 247,988.59 0.15 100 257,335.68 0.15 100 249,405.66 0.15 100 248,004.22 0.15 100 253,405.81 0.16 100 248,030.26 0.15 100 247,014.45 0.15 99.75 248,036.95 0.15 99.6 248,106.14 0.15 100 248,097.46 0.15 100 250,678.65 0.15 100 248,130.45 0.15 Page 13 of 19 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 First Bank of Owasso 1.8 5/14/2020 First Bank Richmond 1.8 12/28/2020 319267GE4 363 12/28/2020 6/27/2017 1.800 NR NR 248,000.00 248,000.00 100 248,340.75 0.15 First Farmers Bank & Trust Company 1.9 1/21/20 320165HW6 387 1/21/2021 7/21/2017 1.900 NR NR 248,000.00 248,000.00 100 248,035.46 0.15 First Federal Savings Bank 1.9 1/15/2021 32021YDA8 381 1/15/2021 11/15/2017 1.900 NR NR 248,000.00 248,000.00 100 248,606.36 0.15 First Internet Bank of Indiana 2.05 7/14/2022 32056GCQ1 926 7/14/2022 7/14/2017 2.050 NR NR 248,000.00 248,000.00 100 249,704.26 0.15 First Oklahoma Bank 1.7 7/27/2020 335857BE7 209 7/27/2020 7/26/2017 1.700 NR NR 248,000.00 248,000.00 100 248,063.49 0.15 First Premier Bank 2.05 8/22/2022 33610RQY2 965 8/22/2022 8/21/2017 2.050 NR NR 248,000.00 248,000.00 100 249,687.14 0.15 First Security State Bank IA 285 2/22/2021 336386AX5 419 2/22/2021 6/22/2018 2.850 NR NR 249,000.00 249,000.00 100 252,333.36 0.16 First Tech Federal CU Palo Alto CA.3.05 6/14/2021 337151-81-3 531 6/14/2021 6/14/2018 3.050 NR NR 249,000.00 249,000.00 100 253,888.62 0.16 First Western Bank 1.55 2/28/2020 33749VAK4 59 2/28/2020 2/28/2017 1.550 NR NR 248,000.00 248,000.00 100 247,968.50 0.15 FNB Bank, Inc/Romney 1.85 7/19/2021 30257JAC9 566 7/19/2021 7/19/2017 1.850 NR NR 248,000.00 248,000.00 100 248,613.80 0.15 GE Capital Bank 1.8 1/16/2020 36162PFS6 16 1/16/2020 1/16/2015 1.800 NR NR 248,000.00 248,000.00 100 248,061.50 0.15 Gold Coast Bank 1.9 5/10/2021 38058KDU7 496 5/10/2021 11/9/2017 1.900 NR NR 248,000.00 248,000.00 100 248,737.55 0.15 Goldman Sachs Bank 1.95 3/11/2020 38148JMV0 71 3/11/2020 3/11/2015 1.950 NR NR 248,000.00 248,000.00 100 248,146.82 0.15 Great Plains Bank 1.85 12/21/2021 39115UAZ6 721 12/21/2021 4/21/2017 1.850 NR NR 248,000.00 248,000.00 100 248,675.55 0.15 Horicon State Bank 1.65 5/26/2020 440392FL7 147 5/26/2020 5/23/2017 1.650 NR NR 248,000.00 248,000.00 100 247,990.33 0.15 Jefferson Bank and Trust Company 1.75 5/12/2020 472376AC6 133 5/12/2020 11/9/2017 1.750 NR NR 248,000.00 248,000.00 100 248,083.33 0.15 JPMorgan Chase Bank NA 1.65 8/16/2021 48126XAH8 594 8/16/2021 8/16/2016 1.650 NR NR 248,000.00 248,000.00 100 247,077.94 0.15 Keesler Federal CU 3 8/30/2021 49254FAQ9 608 8/30/2021 2/28/2019 3.000 NR NR 249,000.00 249,000.00 100 254,339.81 0.16 Kennebec Savings Bank 1.65 5/29/2020 489265AU2 150 5/29/2020 5/30/2017 1.650 NR NR 248,000.00 248,000.00 100 247,991.32 0.15 KeyBank National Association 1.7 3/9/2020 49306SXK7 69 3/9/2020 3/8/2017 1.700 NR NR 248,000.00 248,000.00 100 248,027.53 0.15 Lakeside Bank 1.75 11/19/2020 51210SMS3 324 11/19/2020 5/19/2017 1.750 NR NR 248,000.00 248,000.00 100 248,207.33 0.15 Lead Bank 1.7 2/9/2021 521680AE8 406 2/9/2021 8/9/2017 1.700 NR NR 248,000.00 248,000.00 100 248,091.26 0.15 Luana Savings Bank 1.7 2/11/2021 54910321-2 408 2/11/2021 8/11/2017 1.700 NR NR 248,000.00 248,000.00 100 248,089.28 0.15 Machias Savings Bank1.65 2/6/2020 554479DS1 37 2/6/2020 2/6/2015 1.650 NR NR 248,000.00 248,000.00 100 248,140.37 0.15 Marine Bank 1.85 6/29/2021 56817TAB7 546 6/29/2021 6/29/2017 1.850 NR NR 248,000.00 248,000.00 100 248,602.14 0.15 55266CUY0 104 4/13/2020 4/13/2017 1.650 NR NR 248,000.00 248,000.00 100 247,994.79 0.15 Page 14 of 19 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 MB Financial Bank 1.65 4/13/2020 Mercantil Bank Coral Gables FL 36121/2021 58733AEX3 538 6/21/2021 6/21/2018 3.000 NR NR 246,000.00 246,000.00 100 250,711.15 0.15 Mercantile Bank of Michigan 1.65 4/13/2020 58740XYW4 104 4/13/2020 4/11/2017 1.650 NR NR 248,000.00 248,000.00 100 247,992.56 0.15 Midsouth Bank Lafayette 1.85 7/13/2020-18 59805FAA7 195 7/13/2020 7/12/2017 1.850 NR NR 248,000.00 248,000.00 100 248,137.39 0.15 Morton Community Bank 1.7 12/16/2020 619165GW7 351 12/16/2020 12/16/2016 1.700 NR NR 248,000.00 248,000.00 100 248,097.22 0.15 Mountain America Credit Union 23 11/8/2022 62384RAC0 1,043 11/8/2022 11/8/2017 2.300 NR NR 248,000.00 248,000.00 100 251,378.26 0.15 National Bank Commerce 2.15 6/27/2022-1-17 633368EK7 909 6/27/2022 6/27/2017 2.150 NR NR 248,000.00 248,000.00 100 248,090.77 0.15 National Cooperative Bank 1.5 3/9/2021 635573AH1 434 3/9/2021 3/9/2016 1.500 NR NR 248,000.00 248,000.00 100 248,816.66 0.15 Nebraska State B&T Co. 1.95 2/21/2022 63969ACD4 783 2/21/2022 4/21/2017 1.950 NR NR 248,000.00 248,000.00 100 249,159.15 0.15 Nebal-and 1.85 6/ 8/2021 National Bank 1.85 6/26/2021 63970QFG6 545 6/28/2021 6/28/2017 1.850 NR NR 248,000.00 248,000.00 100 248,601.65 0.15 Northfield Bank 1.95 10/20/2021 66612ABV9 659 10/20/2021 11/1/2017 2.029 NR NR 248,000.00 247,414.99 99.7 249,091.94 0.15 NorthwestWestern 1.64/ Capital Bank)k) 1.65 4113 66736AB64 104 4/13/2020 4/13/2017 1.650 NR NR 248,000.00 248,000.00 100 247,994.79 0.15 Oriental Bank 1.85 5/26/2020 68621KAY7 147 5/26/2020 5/24/2017 1.850 NR NR 248,000.00 248,000.00 100 248,191.21 0.15 Palmetto Heritage Bank and Trust 1.9 8/20/2021 69709QAM3 598 8/20/2021 8/21/2017 1.900 NR NR 248,000.00 248,000.00 100 248,831.30 0.15 Partners Bank of California 1.85 8/16/2021 70212YAW2 594 8/16/2021 8/15/2017 1.850 NR NR 248,000.00 248,000.00 100 248,624.71 0.15 Peoples United Bank 1.85 1/21/2020 71270QLM6 21 1/21/2020 1/21/2015 1.850 NR NR 248,000.00 248,000.00 100 248,080.60 0.15 Plus International Bank 2.8 12/14/2020 72940UJF3 349 12/14/2020 6/13/2018 2.800 NR NR 249,000.00 249,000.00 100 251,692.69 0.16 Ponce De Leon Federal Bank 1.9 5/26/2021 732333AG4 512 5/26/2021 5/26/2017 1.900 NR NR 248,000.00 248,000.00 100 248,753.92 0.15 PrivateBank IL 1.8 1/30/2020 74267GUW5 30 1/30/2020 1/30/2015 1.800 NR NR 248,000.00 248,000.00 100 248,113.34 0.15 RCB Bank Claremore OK 2.9 6/21/2021 74934YAJ0 538 6/21/2021 6/20/2018 2.900 NR NR 249,000.00 249,000.00 100 253,405.81 0.16 Sallie Mae Bank 34/18/2023 795450M93 1,204 4/18/2023 4/18/2018 3.000 NR NR 245,000.00 245,000.00 100 254,137.77 0.15 Signature Bank Chicago 2.15 11/8/2022 82669VBY6 1,043 11/8/2022 11/8/2017 2.150 NR NR 248,000.00 248,000.00 100 250,334.92 0.15 Signature BK of Arkansas 1.15 2/18/2020 82669LGH0 49 2/18/2020 8/18/2016 1.150 NR NR 248,000.00 248,000.00 100 247,849.46 0.15 Southern State Bank AL 2.8 9/28/2020 843879BT3 272 9/28/2020 6/27/2018 2.800 NR NR 249,000.00 249,000.00 100 251,122.48 0.16 Spiritbank Bristow OK 1.9 8/11/2021-18 848608DB8 589 8/11/2021 8/11/2017 1.900 NR NR 248,000.00 248,000.00 100 248,086.06 0.15 Springs Valley Bank &Trust Company 1.75 2/12/ 851791AR4 43 2/12/2020 10/12/2017 1.750 NR NR 248,000.00 248,000.00 100 248,036.21 0.15 Page 15 of 19 Corporate Bonds 15% Days To Maturity Settlement YTM @ Credit Credit Face Cost Value + Apple Inc 2.3 5/11/2022 037833CQ1 .862 5/11/2022 6/26/2017 2.133 S&P -AA+ % of Description CUSIP/Ticker Maturity Date Date Cost Rating 1 Rating 2 Amount/Shares Accrued Interest Cost Price Market Value Portfolio Stearns Bank 1.6 2/26/2020 857894TA7 57 2/26/2020 2/24/2017 1.600 NR NR 248,000.00 248,000.00 100 247,989.09 0.15 Stock Yards Bank & Trust Co KY 2.9 6/14/2021 861026AAO 531 6/14/2021 6/14/2018 2.900 NR NR 246,000.00 246,000.00 100 250,299.34 0.15 Stone Bank 1.85 1/11/2021 86158RAM1 377 1/11/2021 10/11/2017 1.850 NR NR 248,000.00 248,000.00 100 248,474.67 0.15 Sturgis Bank &Trust Company 1.8 6/9/2020 864088DM8 161 6/9/2020 11/9/2017 1.800 NR NR 248,000.00 248,000.00 100 248,154.26 0.15 Summit Community Bank Inc 1.65 5/29/2020 86604XLT1 150 5/29/2020 5/31/2017 1.650 NR NR 248,000.00 248,000.00 100 247,991.32 0.15 The Bank of Princeton 1.7 6/30/2020 064520AD1 182 6/30/2020 6/30/2017 1.700 NR NR 248,000.00 248,000.00 100 248,050.84 0.15 The Business Bank of Saint Louis 1.8 6/23/2021 12325EHU9 540 6/23/2021 6/23/2017 1.800 NR NR 248,000.00 248,000.00 100 248,417.38 0.15 The First National Bank of Mayfield 2 8/18/2022 330459BUl 961 8/18/2022 8/18/2017 2.000 NR NR 248,000.00 248,000.00 100 249,376.40 0.15 The Lake Bank MN 2.9 5/17/2021 507515BE3 503 5/17/2021 6/22/2018 2.900 NR NR 249,000.00 249,000.00 100 253,143.36 0.16 The North Jackson Bank 2.05 5/9/2022 32063KAS1 860 5/9/2022 11/8/2017 2.050 NR NR 248,000.00 248,000.00 100 249,706.24 0.15 The Ohio Valley Bank Company 1.9 1/19/2022 677721 CNO 750 1/19/2022 7/19/2017 1.900 NR NR 248,000.00 248,000.00 100 248,914.38 0.15 Towne Bank Portsmouth VA 3 6/28/2021 89214PBR9 545 6/28/2021 6/28/2018 3.000 NR NR 246,000.00 246,000.00 100 250,769.20 0.15 Traverse City State Bank 2 6/28/2022 894333FF5 910 6/28/2022 6/28/2017 2.000 NR NR 248,000.00 248,000.00 100 249,401.45 0.15 Triad Bank 1.85 4/12/2021 89579NBU6 468 4/12/2021 10/12/2017 1.850 NR NR 248,000.00 248,000.00 100 248,550.56 0.15 UBS Bank USA Salt Lake City UT 3.25 6/13/2023 90348JCW8 1,260 6/13/2023 6/13/2018 3.250 NR NR 248,000.00 248,000.00 100 259,753.96 0.15 Uinta County State Bank 2.05 10/13/2021 903572CC7 652 10/13/2021 10/13/2017 2.050 NR NR 247,000.00 247,000.00 100 248,513.37 0.15 United Community Bank 2.05 4/12/2022-18 90983WBNO 833 4/12/2022 10/12/2017 2.050 NR NR 248,000.00 248,000.00 100 248,128.71 0.15 University of Iowa 2.85 6/19/2020 91435LAN7 171 6/19/2020 6/20/2018 2.850 NR NR 249,000.00 249,000.00 100 250,386.18 0.16 US Alliance FCU NY 3 2/22/2021 90352RAB1 419 2/22/2021 6/22/2018 3.000 NR NR 249,000.00 249,000.00 100 252,756.41 0.16 Wells Fargo Bank 1.8 3/2/2020 949763FA9 62 3/2/2020 3/1/2017 1.800 NR NR 248,000.00 248,000.00 100 248,072.17 0.15 Winter Hill Bank, FSB 1.8 6/28/2021 975875AK1 545 6/28/2021 6/26/2017 1.800 NR NR 248,000.00 248,000.00 100 248,418.62 0.15 Sub Total / Average Certificate of Deposit - 467 2.008 28,020,000.00 28,018,114.83 99.991619 28,161,272.40 17.47 Negotiable 30% Corporate Bonds 15% American Express Credit Corp 0258MODX4 2.6 9/14/2020-20 258 9/14/2020 6/13/2018 3.000 Moodys- S&P -A- Aa2 2,000,000.00 1,995,505.58 99.132501 2,007,363.50 1.24 Apple Inc 2.25 2/23/2021-21 037833BS8 420 2/23/2021 12/2/2016 2.125 Aao dys S&P -AA+ 2,000,000.00 2,022,375.00 100.5 2,011,903.04 1.25 Apple Inc 2.3 5/11/2022 037833CQ1 .862 5/11/2022 6/26/2017 2.133 S&P -AA+ 2,000,000.00 2,021,152.54 100.770127 2,024,012.72 1.26 Page 16 of 19 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- Aal Automatic Data Processing2.25 9/15/2020 053015AD5 259 9/15/2020 6/13/2018 2.617 Aa3dys S&P-AA 1,000,000.00 997,500.00 99.2 1,002,643.69 0.62 Barclays Bank PLC Step 8/25/2022-18 06744CFN6 968 8/25/2022 8/25/2017 2.440 Aldys- S&P-A- 2,000,000.00 2,000,000.00 100 1,989,338.46 1.25 Berkshire Hathaway Inc 2.2 3/15/2021 084670BQ0 440 3/15/2021 6/13/2018 2.654 Aa2dys- S&P-AA 1,000,000.00 993,377.78 98.8 1,003,868.74 0.62 Chevron Corp 2.4983/3/2022 166764BN9 793 3/3/2022 8/10/2017 2.101 a2dys- S&P-AA- 2,000,000.00 2,056,188.11 101.72 2,033,505.26 1.27 COCO-COLA CO 1.875 10/27/2020 191216BT6 301 10/27/2020 7/13/2017 1.875 Aa3dys S&P-AA- 1,000,000.00 1,003,958.33 100 1,000,350.35 0.62 IBM Credit LLC 2.2 9/8/2022 44932HAC7 982 9/8/2022 10/3/2017 2.301 Alodys- S&P A+ 1,000,000.00 996,827.78 99.53 1,007,863.08 0.62 Microsoft 211/3/2020-20 594918BG8 308 11/3/2020 11/6/2015 1.929 A adys- S&P-AAA 1,000,000.00 1,003,546.67 100.338 1,002,116-50 0.63 Pfizer Inc 2.212/15/2021 717081DZ3 715 12/15/2021 7/16/2018 2.844 Alodys- S&P-AA 1,000,000.00 977,894.44 97.6 1,009,800.17 0.61 Procter & Gamble Co 2-3 2/6/2022 742718DY2 768 2/6/2022 7/16/2018 2.902 Aa3Moodys S&P-AA- 1,000,000.00 990,022.22 97.98 1,013,545.41 0.61 Toyota Motor Credit Corp 2.15 9/8/2022 89236TEC5 982 9/8/2022 11/1/2017 2.301 Aa3dys- S&P-AA- 2,500,000.00 2,490,663.19 99.31 2,519,465.78 1.55 Toyota Motor Credit Corp 3.45 9/20/2023 89236TFN0 1,359 9/20/2023 2/28/2019 3.001 Aa3dys- S&P-AA- 1,000,000.00 1,034,141.67 101.9 1,052,394.92 0.64 Toyota Motor Credit Crop 2.6 1/11/2022 89236TDP7 742 1/11/2022 7/13/2017 2.200 Aa3dys- S&P-AA- 1,000,000.00 1,017,172.28 101.702784 1,015,124.74 0.63 VISA Inc 2.15 9/15/2022 92826CAG7 989 9/15/2022 10/3/2017 2.101 Alodys- S&P-A+ 1,000,000.00 1,003,615.32 100.230143 1,011,382.67 0.63 Walmart Inc 1.9 12/15/2020 931142EA7 350 12/15/2020 6/13/2018 2-622 Aa2dys S&P-AA 1,000,000.00 994,897.22 98.26 1,001,364.94 0.61 Sub Total / Average Corporate Bonds 15% 694 2.402 23,500,000.00 23,598,838.13 99.931119 23,706,043.97 14.64 Municipal Securities 15% 15% California ST 1.8 4/1/2020 13063CSQ4 92 4/1/2020 4/29/2015 1.700 Aa3dys- S&P-AA- 2,000,000.00 2,009,380.00 100.469 2,000,540.00 1.25 California ST 2.3674/1/2022 13063DAD0 822 4/1/2022 4/27/2017 2.152 Aa3dys- S&P-AA- 1,000,000.00 1,010,000.00 101 1,014,010.00 0.63 California ST 2.6254/1/2021 13063DAC2 457 4/1/2021 4/27/2017 2.003 A adys- S&P-AA 1,000,000.00 1,023,400.00 102.34 1,010,820.00 0.64 California State University 3.054 11/1/2022 13077DFD9 1,036 11/1/2022 8/2/2018 3.054 Moodys- S&P-AA- 250,000.00 250,000.00 100 257,437.50 0.16 Aa2 Industry Calif Sales Tax Rev 2.75 111/2022 45656RDV1 732 1/1/2022 5/17/2017 2.451 Moodys- Al S&P-AA- 1,000,000.00 1,014,604.17 101.3 1,016,140.00 0.63 Murrieta Redevelopment Agency 2.25 8/1/2021 62719PAX4 579 8/1/2021 10/18/2017 2.319 NR S&P-A 350,000.00 349,135.50 99-753 352,240.00 0.22 Murrieta Redevelopment Agency 2.5 8/1/2022 62719PAY2 944 8/1/2022 10/18/2017 2.559 NR S&P-A 250,000.00 249,345.00 99.738 253,452.50 0.16 802629AW5 579 8/1/2021 10/3/2017 2.001 Fitch-AA S&P-AA+ 980,000.00 989,489.67 100.73 984,145.40 0.62 Page 17 of 19 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 Santa Rosa CA REGL Resource Rev 2.2 8/1/2021 Santa Rosa CA REGL 802629AX3 944 8/1/2022 10/3/2017 2.202 Fitch -AA S&P -AA+ Resources Rev 2.4 8/1/2022 500,000.00 505,800.00 100.9 505,025.00 0.31 Sub Total / Average Municipal Securities 15% / 5% 537 2.085 7,330,000.00 7,401,154.34 100.90417 7,393,810.40 4.61 us Agency tronas i notes 75-A FFCB 1.383/2/2020-17 3133EFH59 62 3/2/2020 3/2/2016 1.380 Aaadys S&P -AA+ 2,000,000.00 2,000,000.00 100 1,998,807.44 1.25 FFCB 1.77 12/7/2020-17 3133EGR49 342 12/7/2020 12/7/2016 1.770 S&P -AA+ 2,000,000.00 2,000,000.00 100 1,999,352.66 1.25 Aaadys FFCB 1.91 1/20/2021-17 3133EHGHO 386 1/20/2021 4/20/2017 1.910 AMaoaodys- S&P -AA+ 1,500,000.00 1,500,000.00 100 1,496,282.52 0.94 FFCB 1.953114/2022-17 3133EHYQO 804 3/14/2022 11/1/2017 2.082 Aaadys S&P -AA+ 2,000,000.00 1,994,091.67 99.45 2,000,037.44 1.24 FFCB 2 3/14/2022-17 3133EHMH3 804 3/14/2022 6/22/2017 2.023 Aaadys S&P -AA+ 2,000,000.00 1,998,888.89 99.9 1,999,547.04 1.25 FFCB 24/5/2022-17 3133EHQG1 826 4/5/2022 7/11/2017 2.078 Aaadys S&P -AA+ 1,000,000.00 996,833.33 99.65 1,000,022.67 0.62 FHLB 1.3752/18/2021 313OA7CV5 415 2/18/2021 4/4/2016 1.328 Aaadys S&P -AA+ 1,000,000.00 1,003,956.94 100.22 997,535.60 0.63 FHLB 2.1 4/26/2022-19 3130AB3U8 847 4/26/2022 4/26/2017 2.100 NR S&P -AA+ 4,000,000.00 4,000,000.00 100 4,044,749.00 2.49 FHLMC 2 7/19/2022-17 3134GBVF6 931 7/19/2022 7/19/2017 2.000 S&P -AA+ 2,000,000.00 2,0001-000.00 100 2,000,213.64 1.25 Aaadys FHLMC 2 7/27/2021-17 3134GBXA5 574 7/27/2021 7/27/2017 2.000 S&P -AA+ 1,000,000.00 1,000,000.00 100 999,991.01 0.62 Aaadys FHLMC 2 7/27/2022-18 3134GBWQ1 939 7/27/2022 7/27/2017 2.042 MMoaodys- Aa S&P -AA+ 2,000,000.00 1,996,000.00 99.8 2,018,747.28 1.24 FHLMC 2.05 5/25/2022-18 3134GBMB5 876 5/25/2022 5/25/2017 2.050 AMaoaodys- S&P -AA+ 1,000,000.00 1,000,000.00 100 1,010,462.99 0.62 FHLMC Step 7/5/2022-17 3134GBYK2 917 7/5/2022 7/11/2017 2.048 AMaoodys- S&P -AA+ 1,000,000.00 1,000,333.33 100 1,000,022.06 0.62 FNMA 1.4 5/25/2021-17 3136G3U94 511 5/25/2021 8/25/2016 1.400 MMoodys- Asa S&P -AA+ 1,850,000.00 1,850,000.00 100 1,844,587.70 1.15 FNMA 1.65 1/27/2020-17 3135GOS46 27 1/27/2020 2/21/2017 1.650 AMaoaodys- S&P -AA+ 2,000,000.00 2,002,200.00 100 2,000,046.52 1.25 FNMA Step 3/15/2021-17 3136G3AY1 440 3/15/2021 3/15/2016 2.004 MMoodys- Aaa S&P -AA+ 2,000,000.00 2,000,000.00 100 2,004,892.60 1.25 Sub Total / Average US Agency Bonds / Notes 75% 607 1.879 28,350,000.00 28,342,304.16 99.935717 28,415,298.17 17.67 Total/Average 316 1.907 160,323,012.77 160,483,424.23 100.018795 160,799,437.71 100 Page 18 of 19 PUBLIC AGENCY RETIREMENT SERVICES PARS CITY OF TUSTIN Account Report for the Period PARS Post -Employment Benefits Trust 12/1/2019 to 12/31/2019 Matthew West City Manager City of Tustin 300 Centennial Way Tustin, CA 92780 Account Summary Beginning Balance as Ending of Balance as of Source 12/1/2019 Contributions Earnings Expenses Distributions Transfers 12/31/2019 OPEB $2,161,444.38 $0.00 $32,632.53 $991.03 $0.00 $0.00 $2,193,085.88 PENSION $6,167,281.93 $0.00 $93,106.06 $2,827.65 $0.00 $0.00 $6,257,560.34 Totals $8,328,726.31 $0.00 $125,738.59 $3,818.68 $0.00 $0.00 $8,450,646.22 Investment Selection Source OPEB City of Tustin - OPEB PENSION City of Tustin - Pension Investment Objective Source Individual account based on Moderate Index PLUS. The dual goals of the Moderate Strategy are growth of principal and income. It is expected OPEB that dividend and interest income will comprise a significant portion of total return, although growth through capital appreciation is equally important. The portfolio will be allocated between equity and fixed income investments. Individual account based on Moderate Index PLUS. The dual goals of the Moderate Strategy are growth of principal and income. It is expected PENSION that dividend and interest income will comprise a significant portion of total return, although growth through capital appreciation is equally important. The portfolio will be allocated between equity and fixed income investments. Investment Return Annualized Return Source 1 -Mouth 3-iVlonths 1 -Year 3 -Years 5 -Years 10 -Years Plan's Inception Date OPEB 1.51% 4.25% 17.52% - 6/26/2018 PENSION 1.51% 4.25% 17.58% 6/26/2018 Information as provided by US Bank, Trustee for PARS; Not FDIC Insured; No Bank Guarantee; May Lose Value Past performance does not guarantee future results. Performance returns may not reflect the deduction of applicable fees, which could reduce returns. Information is deemed reliable but maybe subject to change. Investment Return: Annualized rate of return is the return on an investment over a period other than one year multiplied or divided to give a comparable one-year return. Account balances are inclusive of Trust Administration, Trustee and Investment Management fees Headquarters - 4350 Von Karman Ave., Suite 100, Newport Beach, CA 92660 800.540.6369 Fax 949.250.1250 www.pars.org Page 19 of 19 ,,AHIGHMARK CAPITAL MANAGEMENT WHY THE PARS DIVERSIFIED INVESTMENT OBJECTIVE Efficient Frontier MODERATE PORTFOLIO? To provide current income and Comprehensive Investment Solution moderate capital appreciation. d �Iarpaaliation HighMark® Capital Management, Inc.'s (HighMark) It is expected that dividend and o Balanced diversified investment portfolios are designed to interest income will comprise a m Moderate balance return expectations with risk tolerance. significant portion of total return, 2 Moderately Conservative Key features include: sophisticated asset allocation although growth through capital 3 and optimization techniques, four layers of appreciation is equally important. Ir Conservative diversification (asset class, style, manager, and Risk (Standard Deviation) security), access to rigorously screened, top tier ASSET ALLOCATION - MODERATE PORTFOLIO money managers, flexible investment options, and Strategic Range Policy Tactical experienced investment management. Equity 40-60% 50% 48% Fixed Income 40-60% 45% 48% Rigorous Manager Due Diligence Cash 0-20% 5% 4% Our manager review committee utilizes a rigorous screening process that searches for investment ANNUALIZED TOTAL RETURNS (Gross of investment Management Fees, but Net of Embedded Fund Fees) managers and styles that have not only produced above-average returns within acceptable risk HighMark Plus Composite (Active) Index Plus Composite (Passive) parameters, but have the resources and commitment Current Quarter' 0.82% Current Quarter` 1.26% to continue to deliver these results. We have set high Blended Benchmark`,** 1.12% Blended Benchmark`,`" 1.12% standards for our investment managers and funds. Year To Date" 12.65% Year To Date' 12.77% This is a highly specialized, time consuming Blended Benchmark," 12.60% Blended Benchmark",*" 12.60% approach dedicated to one goal: competitive and consistent performance. 1 Year 5.09% 1 Year 5.48% Blended Benchmark- 5.30% Blended Benchmark- 5.30% Flexible Investment Options 3 Year 7.03% 3 Year 6.64% In order to meet the unique needs of our clients, Blended Benchmark'` 6.93% Blended Benchmark' 6.93% we offer access to flexible implementation strategies: 5 Year 5.81% 5 Year 5.63% HighMark Plus utilizes actively managed mutual Blended Benchmark` 6.03% Blended Benchmark* 6.03% funds while Index Plus utilizes index -based 10 Year 7.34% 10 Year 7.19% securities, including exchange -traded funds. Both Blended Benchmark- 7.34% Blended Benchmark- 7.34% investment options leverage HighMark's active asset Returns less than one year are not annualized. "Breakdown for Blended Benchmark: From 10/1/2012- Present: 26.5;0 S&P500, allocation approach. pp 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 4/1/2007-9/30/2012: the blended benchmark was 43% S&P Yield Master Il. 1.75% Wilshire REIT, and 5% FTSE 1 Mth 500;2% Russell 2000, 5% MSCI EAFE (net), 15 % ICE T -Bill, From 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 Risk Management 500,15% ICE BofAML 1-3Yr Corp/Gov, 30% BBG Barclays US Aga, and 5% FTSE 1 Mth T -Bill. The portfolio is constructed to control risk through ANNUAL RETURNS (Gross of Investment Management Fees, but Net of Embedded Fund Fees) four layers of diversification - asset classes (cash, HighMark Plus Composite (Active) Index Plus Composite (Passive) fixed income, equity), investment styles (large cap, 2008 -22.88% 2008 -18.14% small cap, international, value, growth), managers and securities. Disciplined mutual fund selection and 2009 21.47% 2009 16.05% monitoring process helps to drive return potential 2010 12.42% 2010 11.77% while reducing portfolio risk. 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 HOLDINGS HighMark Plus (Active) Columbia Contrarian Core 13 Vanguard Growth & Income Adm Dodge & Cox Stock Fund Harbor Capital Appreciation - Retirement T. Rowe Price Growth Stock - I iShares Russell Mid -Cap ETF Vanguard Real Estate ETF 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 First American Government Obligations Z 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 Holdings are subject to change at the discretion of the investment manager. Real Estate Large Cap Value 2.8% 5.8% Small Cap 1% Cash 4.0% Intl Stocks 8.2% Mid Cap 4.0% Intens -Term Bond 38.8% Large Cap Growth 5.8% Large Cap Core 14.7%,v Short -Term Bond 8.8% The performance records shown represent size -weighted composites of tax exempt accounts that meet the following criteria: Accounts are managed by HighMark'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 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 Index is a free floatadusted market capitalization index that is designed -to measure equity market performance in the global emerging markets. T�(a 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). High ark 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.