HomeMy WebLinkAbout07 QUARTERLY INVESTMENT REPORTDocuSign Envelope ID: D10F3CFA-DA04-4C49-B181-OAA6143AEC8D
Agenda Item 7
Reviewed:
AGENDA REPORT City Manager�W
Finance Director _
G c�T
MEETING DATE: MAY 19, 2020
TO: MATTHEW S. WEST, CITY MANAGER
FROM: JASON AL -IMAM, FINANCE DIRECTOR/CITY TREASURER
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 March 31, 2020 is rendered.
The City's total cash and investments as of March 31, 2020 were $148.4 million, a decrease of $12.1
million from December 31, 2019 total cash and investments of $160.5 million. The decrease
76
DocuSign Envelope ID: D10F3CFA-DA04-4C49-B181-OAA6143AEC8D
QUARTERLY INVESTMENT REPORT FOR THE CITY OF TUSTIN AND THE SUCCESSOR AGENCY FOR THE
TUSTIN COMMUNITY REDEVELOPMENT AGENCY
Page 2of3
in cash and investments of $12.1 million is primarily due to the following major transactions plus
some significant outflows for various budgeted construction projects:
• $2.6 million payment to Orange County Water District for water basin replenishment for July -
December 2019
• $2.2 million payment to the Orange County Fire Authority (OCFA) for 3r' quarter contract fire
services
• $1.3 million payment for debt service for the 2012 and 2016 water bonds
The weighted average portfolio yield as of March 31, 2020 was 1.88%, slightly lower than the
weighted average portfolio yield of 1.91% as of December 31, 2019. The slight decrease in the
weighted average portfolio yield is due to the continuing decline in both Local Agency Investment
Fund (LAIF) and California Asset Management Program (CAMP) rates during the quarter. LAIF
declined from 2.04% in December 2019 to 1.79% in March 2020. CAMP rates declined from 1.8%
in December 2019 to 1.5% in March 2020. Offsetting the decline in LAIF and CAMP rates, the
investment portfolio rates rose from 2.08% to 2.16% during the quarter. This was due to outflows of
$17.5 million in called investments and $8.2 million in maturities, with yields ranging from 1.1% to
2.15%, mostly lower than the overall portfolio average. These called/matured investments were
reinvested in LAIF.
The weighted average days to maturity were 219 days as of March 31, 2020, a decrease from 316
days as of December 31, 2019. The decrease in the weighted average days to maturity is due to
the significant number of called investments during the quarter which were reinvested in LAIF. On
an ongoing basis, we are monitoring the City's projected cash flows so that appropriate liquidity is
maintained along with fair investment returns.
In June 2018, the City made a one-time contribution of $5.6 million into a Pension Trust, which is
held by Public Agency Retirement Services (PARS). The Pension Trust provides for rate stabilization
since Pension Trust assets can be used to offset unanticipated increases in CalPERS pension costs.
The City has also made $2 million in contributions into an Other Post -Employment Benefits (OPEB)
Trust, which is set-aside for future retiree healthcare costs. Pension and OPEB Trust assets are
managed in a customized investment strategy that balances risk and return and provides for
diversification. Due to market volatility in March 2020, the Pension Trust had a short-term unrealized
loss of approximately $107,000 (2%) for the fiscal year to -date (July 1, 2019 through March 31,
2020). The OPEB Trust also had a short-term unrealized loss of approximately $68,000 (3%) for the
fiscal year to -date. However, it should be noted that those short-term unrealized losses were
recovered in April 2020. Trust assets will continue to be monitored, with quarterly reviews with our
investment advisor.
77
DocuSign Envelope ID: D10F3CFA-DA04-4C49-B181-OAA6143AEC8D
QUARTERLY INVESTMENT REPORT FOR THE CITY OF TUSTIN AND THE SUCCESSOR AGENCY FOR THE
TUSTIN COMMUNITY REDEVELOPMENT AGENCY
Page 3 of 3
The investment portfolio is currently laddered to reflect the projected cash flow needs of the City for
the completion of various capital projects primarily within the Legacy.
JtMy Lk9z Jason AI -Imam
Deputy Director - Financial Services Finance Director/City Treasurer
Attachment: March 31, 2020 Quarterly Investment Report
PARS Trust Statement as of March 31, 2020
PARS Moderate Fact Sheet Q4 2019
78
900
800
700
600
500
400
300
200
100
1 1 1 1 A 0 0 A O O 0 O O
O O O O O O O O O O O O O
v v v v v v v v v v v v v
2.70%
260% ... ......__. ._................. _... _..... .. ..... _..__..
2.50%
2.40% -
2.30%
2.20%
2.10%
2.00%
1.90%
1.80%
1.70%
1.60%
1.50%
1.40%
1.30%
1.20%
1.10%
1.00%
0.90%
0.80%
0.70%
0.60%
0.50%
0.40%
0.30%
0.20%
0.10% _... _.._..._.
0.00%
01'1 01'1 01'1 011 010 010 010 014 O1oi O1�i O1�i 019 OHO
3\�1\'L d\gyp\vA\gyp\'L1v\�1\v 3\�1\v d\3p\v A\gyp\'L1ti\�1\1.3\�1\1. 6\gyp\'L A\3p\vyti\�1\'L 3\3y\v
R City of Tustin —0—LAIF Yield (%) SUS Treasury / 2 yr
DocuSign Envelope ID: D10F3CFA-DA04-4C49-B181-OAA6143AEC8D
CITY OF TUSTIN
Monthly Investment Report
March 31, 2020 0
DIVERSIFICATION DIVERSIFICATION
Investment Portfolio / Cost Value $148,402,127 Investment Portfolio / Cost Value $193,697,512
porate Bonds
21,598,838 Liquid (Daily)
14.55% $86,740,586
Ilia— 58.45%
Negotiable Certificate
of Deposit
$22,811,591 ,t
15.37
US Treasury
$0
0.00%
Fed6ral Agencies
Municipal Bonds $9849,957
$7,401,154 6.64%
4.99%
Negotiable Corporate
Certificate of Bonds
Deposit $26,590,742
$37,938,115 13.73%
19.59%
Page 2 of 20
81
DocuSign Envelope ID: D10F3CFA-DA04-4C49-B181-OAA6143AEC8D
CITY OF TUSTIN
Monthly Investment Report
March 31, 2020
Maturity Distribution
US Treasury
- -
-
-
-
- -
-
0.000%
Federal Agencies
- -
-
1,003,957
1,850,000
6,996,000 -
9,849,957
6.64%
Municipal Bonds
2,009,380 -
-
1,023,400
3,363,229
1,005,145 -
7,401,154
4.99%
Commercial Paper
- -
-
-
-
- -
-
0.00%
Certificate of Deposit
- -
-
-
-
- -
-
0.00%
Negotiable Certificate of Deposit
3,473,000 1,736,000
1,738,000
2,234,000
9,172,591
3,719,000
739,000
22,811,591
15.37%
Corporate Bonds
- 2,993,006
3,002,402
3,015,753
5,041,277
6,512,259
1,034,142
21,598,838
14.55%
Liquid (Daily)
86,740,586
-
-
-
-
86,740,586
58.45%
Total
92,222,966 4,729,006
4,740,402
I 7,277,110
19,427,097
18,232,404
1,773,142
148,402,127 1 100.000%
Liquidity Distribution
Page 3 of 20
82
DocuSign Envelope ID: D10F3CFA-DA04-4C49-B181-OAA6143AEC8D
CITY OF TUSTIN
Monthly Investment Report
March 31, 2020
Investment Type
Municipal Bonds*
Maximum
Maturity
5 year
Maximum %
Holdings
30%
Maximum %
5%
Minimum
N/A
%
4.99%r
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
5 year
100%
50%
N/A
6.64%
$9,849,957
Yes
enterprise
Banker's Acceptance*
180 days
30%
5%
N/A
0.00%
$0
Yes
Commercial Paper*
270 days
25%
5%
A -1/P-1 plusA
0.00%
$0
Yes
long term
Negotiable Certificates of Deposit
5 year
30%
5%
N/A
15.37%
$22,811,591
Yes
Repurchase Agreements (102%
1 year
30%
5%
N/A
0.00%
$0
Yes
Collateralized)*
Medium -Term (Corporate) Notes*
5 year
20%
5%
A
14.55%
$21,598,838
Yes
Money Market Mutual Funds
N/A/2 (A)7
20%
30%
AAA/AAA
0.00%
$0
Yes
Eligible
Shares of beneficial interest by a JPA
5 year
100%
50%
N/A
20.85%
$30,940,916
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
0.76%
$1,132,396
Yes
County Tresurer
County Treasurer
Local Agency Investment Fund
N/A
Maxpemitted by
Max permitted by State
N/A
36.67%
$54,423,074
Yes
State Tresurer
Treasurer
Bank of America (General Checking Account)
N/A
N/A
N/A
N/A
0.16%
$244,200
Yes
Total Invested
$148,402,127
Combined total limitation (total classes with *)
30%
19.54%
$28,999,992
Page 4 of 20
83
DocuSign Envelope ID: D10F3CFA-DA04-4C49-B181-OAA6143AEC8D
CITY OF TUSTIN
Monthly Investment Report Fy/q
March 31, 2020
COMPLIANCE
Investment Policy/ Corporate Bonds
Corporate Bonds are required, at Settlement Date, to have an "A" rating from one of the three rating agencies.
Current Rating
s
Rating
5&P
CUSIP
Settlement Date
Moody'
Fitch
Compliance
Face Amount
NR
ADP
053015AD5
1,000,000
AA
Aa3
American Express
0258MODX4
2,000,000
A-
A2
Apple Inc.
037833BS8
2,000,000
AA+
Aal
Apple Inc.
037833CQ1
2,000,000
AA+
Aal
Barclays Bank PLC
06744CFN6
2,000,000
A-
Al
Berkshire Hathaway
084670BQO
1,000,000
AA
Aa2
Chevron Corporation
166764BN9
2,000,000
AA-
Aa2
Coca-Cola Co
191216BT6
1,000,000
AA-
Al
IBM Credit LLC
44932HAC7
1,000,000
A+
A2
Microsoft Corporation
594918BG8
1,000,000
AAA
Aaa
Pfizer Inc
717081DZ3
1,000,000
AA
Al
Procter&Gamble Co
742718DY2
1,000,000
AA-
Aa3
Toyota Motor Credit Corp
89236TEC5
2,482,750
AA-
Al
Toyota Motor Credit Corp
89236TDP7
1,000,000
AA-
Al
Toyota Motor Credit Corp
89236TFNO
1,000,000
AA-
Al
VISA Inc
92826CAG7
1,000,000
A+
Aa3
Walmart Store Inc
931142EA7
1,000,000
AA
Aa2
Current Rating
s
Prior Month Rating
5&P
Fitch
Moody's
5&P
Fitch
Compliance
AA
NR
Aa3
AA
NR
Yes
A-
A
A2
A-
A
Yes
AA+
NR
Aal
AA+
NR
Yes
AA+
NR
Aal
AA+
NR
Yes
A
A+
Al
A
A+
Yes
AA
A+u
Aa2
AA
A+u
Yes
AA
NR
Aa2
AA
NR
Yes
A+
Au
Al
A+
Au
Yes
A
WD
A2
A
WD
Yes
AAA
AA+u
Aaa
AAA
AA+u
Yes
AA-
Au
Al
AA-
Au
Yes
AA-
NR
Aa3
AA-
NR
Yes
AA-
A+u
Al
AA-
A+u
Yes
AA-
A+u
Al
AA-
A+u
Yes
AA-
A+u
Al
AA-
A+u
Yes
AA-
NR
Aa3
AA-
NR
Yes
AA
AA
Aa2
AA
AA
Yes
Page 5 of 20
84
DocuSign Envelope ID: D10F3CFA-DA04-4C49-B181-OAA6143AEC8D
CITY OF TUSTIN _
Monthly Investment Report
March 31, 2020
Cash and Investments / Summary
[1] [2] [3] [4] [5]
Description/Limits Face Amount Shares YTM@Cost Credit Rating Cost Value+Accrued Market Value
Interest
Investment Portfolio
Daily - Limit:
[6] Reconciled / Bank of America Account - General Checking
Orange County Investment Pool
LAIF / Local Agency Investment Fund
California Asset Management Program (CAMP)
Performance Measurement
Restricted / Un -Restricted Funds
UN -RESTRICTED General Fund cash balance as of 3/31/2020 (unaudited)
SEMI -RESTRICTED Cash Balance as of 3/31/2020 (unaudited)
Capital Projects, Proceeds from Land Sales, Backbone Infrastructure
RESTRICTED Cash balances as of 3/31/2020 (un -audited)
Successor Agency
Community Redevelopment Agency / Cash & Investments
61,492,000.00 2.16 61,661,540.35 62,297,550.39
0.75
N/A
244,200.21
244,200.21
1.74
[7]
1,132,395.94
1,132,395.94
1.79
N/A
54,423,074.43
54,423,074.43
1.50
AAAm
30,940,915.85
30,940,915.85
86,740,586.43
86,740,586.43
Investment Portfolio TOTAL
148,402,126.78
149,038,136.82
Weighted Average Days to Maturity
219
Weighted Average Yield
1.88%
Benchmark/Treasury 2 Year
1.51%
16,509,025.41
57,764,573.41
73,924,906.96
Total
148,198,505.78
Total
203,621.00
Page 6 of 20
85
DocuSign Envelope ID: D10F3CFA-DA04-4C49-B181-OAA6143AEC8D
CITY OF TUSTIN
•
Monthly Investment Report
_
March 31, 2020
Restricted Deposits with Fiscal Agents
[1]
[2]
[3]
[4]
[5]
Description Limits
Face Amount Shares
YTM@Cost Credit Rating
Cost Value+Accrued
Market Value
Interest
2016 Successor
Agency Tax Allocation Bonds, Refunding
794.61
N/A
794.61
794.61
2016 Water Revenue Bonds, Refunding
343,650.00
N/A
343,650.00
343,650.00
2012 Water Revenue Bonds - Refunding
929,250.00
N/A
929,250.00
929,250.00
2020 Water Revenue Bonds
18,822.61
N/A
18,822.61
18,822.61
CFD 04-1
824,581.10
N/A
824,581.10
824,581.10
CFD 06-1
7,606,268.62
N/A
7,606,268.62
7,606,268.62
CFD 07-1
1,307,306.83
N/A
1,307,306.83
1,307,306.83
CFD 14-1
13,080,898.70
N/A
13,080,898.70
13,080,898.70
24,111,572.47
24,111,572.47
24,111,572.47
Restricted Deposits
with Fiscal Agents TOTAL
24,111,572.47
24,111,572.47
*The City of Tustin refunded the 2013 water bonds with the 2020 water bonds in February 2020.
Page 7 of 20
86
DocuSign Envelope ID: D10F3CFA-DA04-4C49-B181-OAA6143AEC8D
CITY OF TUSTIN
Monthly Investment Report
March 31, 2020
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.
�QY Vit JA.A'. ' AAIA, lit—IMAVM
Larry Friend, Char _ 1 Jason AI -Imam, mance Director/ City Treasurer
City of Tustin Audit Commission City of Tustin
Page 8 of 20
87
DocuSign Envelope ID: D10F3CFA-DA04-4C49-B181-OAA6143AEC8D
CITY OF TUSTIN
Monthly Investment Report
March 31, 2020
Compliance / Investment Policy
Description / Limits Face Amount Maximum Maturity Allowable Total Cost Value + Accrued Market Value
Shares Years/days Portion of Percentage Interest
Portfolio of Portfolio
USTreasury
0.00
5years
100%
0.00%
0.00
0.00
US Agency
9,850,000.00
5 years
100%
6.64%
9,849,956.94
10,126,694.13
Municipal Bonds
7,330,000.00
5years
30%
4.99%
7,401,154.34
7,428,899.40
Commercial Paper
0.00
270 days
25%
0.00%
0.00
0.00
Certificate of Deposit / Negotiable
22,812,000.00
5 years
30%
15.37%
22,811,590.94
23,041,145.13
Corporate Bonds
21,500,000.00
5 years
20%
14.55%
21,598,838.13
21,700,811.73
Cash
N/A
N/A
N/A
0.16%
244,200.21
244,200.21
Orange County Investment Pool
N/A
N/A
N/A
0.76%
1,132,395.94
1,132,395.94
LAIF / Local Agency Investment Fund
N/A
N/A
N/A
36.67%
54,423,074.43
54,423,074.43
California Asset Management Program CAMP
Shares of beneficial Interest by a JPA
N/A
N/A
N/A
20.85%
30,940,915.85
30,940,915.85
Banker's Acceptance
0.00
180 days
30%
0.00%
0.00
0.00
Repurchase Agreements
0.00
1 year
30%
0.00%
0.00
0.00
Money Market Mutual Funds
0.00
N/A
20%
0.00%
0.00
0.00
Supranationals (IBRD, IFC and IADB)
0.00
5 years
15%
0.00%
0.00
0.00
Collateralized Bank Deposits
0.00
5 vears
100%
0.00%
0.00
0.00
Restricted Cash with Fiscal Agents *
100.00% 148,402,126.78 149,038,136.82
24,111,572.47 24,111,572.47
Investment Portfolio TOTAL 172,513,699.25 173,149,709.29
* 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 20
88
DocuSign Envelope ID: D10F3CFA-DA04-4C49-B181-OAA6143AEC8D
City of Tustin
Portfolio Holdings
Compliance Report - Investment Policy
Report Format: By Transaction
Group By: Asset Class
Average By: Cost Value
Portfolio / Report Group: All Portfolios
As of 3/31/2020
YTM
Days To
Maturity
Settlement
@ 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 of America - MM0220
1
N/A
6/30/2015
0.750 NR
NR
244,200.21
244,200.21
100
244,200.21
0.16
Checking MM
California Asset
Management Program CAMP6045
1
N/A
5/10/2017
1.500 NR
NR
30,940,915.85
30,940,915.85
100
30,940,915.85
20.87
LGIP
Local Agency LGIP0936
1
N/A
6/30/2015
1.787 NR
NR
53,313,797.46
53,313,797.46
100
53,313,797.46
35.96
Investment Fund LGIP
Local Agency LGIP0002
1
N/A
6/30/2015
1.787 NR
NR
1,109,276.97
1,109,276.97
100
1,109,276.97
0.75
Investment Fund LGIP
Orange County LGIP9LE
1
N/A
6/30/2015
1.741 NR
NR
1,132,395.94
1,132,395.94
100
1,132,395.94
0.76
Investment Pool LGIP
Sub Total/ Average >
1
1.681
86,740,586.43
86,740,586.43
100
86,740,586.43
58.50
Liquid Assets
Certificate of Deposit - Negotiable 30
Abacus Federal
Savings Bank 1.95 00257TAY2
477
7/21/2021
7/21/2017
1.950 NR
NR
248,000.00
248,000.00
100
250,152.39
0.17
7/21/2021
Allegiance Bank 2.2 01748DAY2
947
11/3/2022
11/3/2017
2.200 NR
NR
248,000.00
248,000.00
100
252,986.54
0.17
11/3/2022
Alliance Credit Union
01859BAA3
926
10/13/2022
10/13/2017
2.250 NR
NR
248,000.00
248,000.00
100
253,210.73
0.17
2.25 10/13/2022
Alma Bank 1.7 020080BE6
253
12/9/2020
12/9/2016
1.700 NR
NR
248,000.00
248,000.00
100
249,041.60
0.17
12/9/2020
American Eagle Bank 2 02554BCR0
639
12/30/2021
7/13/2017
2.000 NR
NR
247,000.00
247,175.95
100
249,876.81
0.17
12/30/2021
American National
Bank -Fox Cities 1.75 02771PNQ6
237
11/23/2020
5/23/2017
1.750 NR
NR
248,000.00
248,000.00
100
249,069.13
0.17
11/23/2020
03753XAE0
323
2/17/2021
8/17/2016
1.250 NR
NR
248,000.00
248,000.00
100
248,147.06
0.17
Page
10 of 20
89
DocuSign Envelope ID: D10F3CFA-DA04-4C49-B181-OAA6143AEC8D
YTM
Days To
Maturity
Settlement
@ 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
Apex Bank 1.25
2/17/2021
Bank of Deerfield 1.15 061785DP3
118
7/27/2020
8/26/2016
1.150 NR
NR
248,000.00
248,000.00
100
248,108.38
0.17
7/27/2020
Bank of the Pacific 1.25 06425BCK3
419
5/24/2021
8/24/2016
1.250 NR
NR
248,000.00
248,000.00
100
247,958.09
0.17
5/24/2021
Bankers Bank Madison
06610RAQ2
470
7/14/2021
7/14/2017
1.900 NR
NR
248,000.00
248,000.00
100
249,968.38
0.17
WI 1.9 7/14/2021
Barclays Bank
Delaware 2.2 06740KKD8
833
7/12/2022
7/12/2017
2.200 NR
NR
247,000.00
247,000.00
100
251,550.23
0.17
7/12/2022
BMO Harris Bank Step 05581 WNM3
743
4/13/2022
4/13/2017
2.143 NR
NR
248,000.00
248,000.00
100
248,831.54
0.17
4/13/2022-17
BMW Bank UT 2.25
05580ACS1
143
8/21/2020
8/21/2015
2.250 NR
NR
248,000.00
248,000.00
100
249,244.71
0.17
8/21/2020
Capital One 2.3 14042E5M8
134
8/12/2020
8/12/2015
2.300 NR
NR
248,000.00
248,000.00
100
249,170.31
0.17
8/12/2020
Celtic Bank 2.1 15118RMF1
751
4/21/2022
4/21/2017
2.100 NR
NR
248,000.00
248,000.00
100
251,744.55
0.17
4/21/2022
Central Federal S&L
Assoc of Chicago 2.85 15347EAH2
454
6/28/2021
6/28/2018
2.850 NR
NR
249,000.00
249,000.00
100
253,841.31
0.17
6/28
Central State Bank 15523RBJ4
470
7/14/2021
7/14/2017
1.850 NR
NR
248,000.00
248,000.00
100
249,809.90
0.17
Iowa 1.85 7/14/2021
Chippewa Valley Bank 169894AN2
91
6/30/2020
6/30/2017
1.700 NR
NR
248,000.00
248,000.00
100
248,433.01
0.17
1.7 6/30/2020
Citibank Sioux Falls SD 17312QN47
441
6/15/2021
6/15/2018
3.000 NR
NR
246,000.00
246,000.00
100
251,093.18
0.17
36/15/2021
Citizens State Bank
17670DAD6
456
6/30/2021
6/30/2017
1.850 NR
NR
248,000.00
248,000.00
100
249,767.74
0.17
1.85 6/30/2021
Cap Bank UT 20033ALD6
Come2.15
90
6/29/2020
6/29/2015
2.150 NR
NR
248,000.00
248,000.00
100
248,673.57
0.17
6/ 9
2.15 6/29/2020
Commerce Bank
Geneva MN 2 200560009
605
11/26/2021
8/25/2017
2.000 NR
NR
248,000.00
248,000.00
100
248,417.63
0.17
11/26/2021-18
Commerce State Bank
20070PJD0
52
5/22/2020
5/22/2017
1.650 NR
NR
248,000.00
248,000.00
100
248,250.48
0.17
1.65 5/22/2020
Commercial Bank Alma 201282HD5
503
8/16/2021
8/16/2016
1.400 NR
NR
248,000.00
248,000.00
100
248,379.69
0.17
Mi 1.4 8/16/2021
Country Bank NY 2.9 22230PBS8
444
6/18/2021
6/20/2018
2.900 NR
NR
249,000.00
249,000.00
100
253,903.56
0.17
6/18/2021
246399AB5
1,459
3/29/2024
3/29/2019
3.000 NR
NR
246,000.00
246,000.00
100
260,295.55
0.17
Page
11 of 20
90
DocuSign Envelope ID: D10F3CFA-DA04-4C49-B181-OAA6143AEC8D
Enerbank USA 1.45 29266N31-18 513 8/26/2021 8/26/2016 1.450 NR NR 248,000.00 248,000.00 100 248,550.56 0.17
8/26/2021
Financial Federal Bank
1.7 9/30/2020 31749TAX5 183 9/30/2020 5/30/2017 1.700 NR NR 248,000.00 248,000.00 100 248,801.78 0.17
First Bankof Highland
Park 2.2 11//8/2022 319141JF5 952 11/8/2022 11/8/2017 2.200 NR NR 248,000.00 248,000.00 100 252,988.02 0.17
First Bank of Owasso
1.8 5/14/2020 31927LAM0 44 5/14/2020 11/14/2017 1.800 NR NR 248,000.00 248,000.00 100 248,257.42 0.17
First Bank Richmond
1.8 12/28/2020 319267GE4 272 12/28/2020 6/27/2017 1.800 NR NR 248,000.00 248,000.00 100 249,282.90 0.17
First Federal Savings 32021YDA8 290 1/15/2021 11/15/2017 1.900 NR NR 248,000.00 248,000.00 100 249,503.62 0.17
Bank 1.9 1/15/2021
First Internet Bank of
32056GCQ1 835 7/14/2022 7/14/2017 2.050 NR NR 248,000.00 248,000.00 100 251,748.52 0.17
Indiana 2.05 7/14/20022
First Oklahoma Bank
335857BE7
118
7/27/2020
7/26/2017
1.700 NR
YTM
248,000.00
248,000.00
100
248,550.56
0.17
1.7 7/27/2020
Days To
Maturity
Settlement
@ Credit
Credit
Face
Cost Value +
First Premier Bank 2.05 33610RQY2
% of
Description
CUSIP/Ticker
Maturity
Date
Date
Cost Rating 1
Rating 2
Amount/Shares
Accrued Interest
Cost Price
Market Value
Portfolio
Delaware State Police
First Security State
336386AX5
328
2/22/2021
6/22/2018
Federal Credit Union 3
NR
249,000.00
249,000.00
100
252,675.24
0.17
Bank IA 2.85 2/22/2021
3/29/
First Tech Federal CU
DNB First, National
Palo Alto CA 3.05 33715LBL3
440
6/14/2021
6/14/2018
3.050 NR
NR
249,000.00
Association 2
25590AAH3
814
6/23/2022
6/23/2017
2.000 NR
NR
248,000.00
248,000.00
100
251,413.72
0.17
6/23/2022
FNB Bank, Inc/Romney 30257JAC9
1.85 7/19/2021
475
7/19/2021
7/19/2017
1.850 NR
NR
248,000.00
248,000.00
100
Eagle Bank Bethesda
27002YDS2
441
6/15/2021
6/15/2018
2.900 NR
NR
249,000.00
249,000.00
100
253,923.23
0.17
MD 2.9 6/15/2021
East Boston Savings
Bank 1.74/13/2020
27113PBN0
13
4/13/2020
4/11/2017
1.700 NR
NR
248,000.00
248,000.00
100
248,067.21
0.17
Enerbank USA 1.45 29266N31-18 513 8/26/2021 8/26/2016 1.450 NR NR 248,000.00 248,000.00 100 248,550.56 0.17
8/26/2021
Financial Federal Bank
1.7 9/30/2020 31749TAX5 183 9/30/2020 5/30/2017 1.700 NR NR 248,000.00 248,000.00 100 248,801.78 0.17
First Bankof Highland
Park 2.2 11//8/2022 319141JF5 952 11/8/2022 11/8/2017 2.200 NR NR 248,000.00 248,000.00 100 252,988.02 0.17
First Bank of Owasso
1.8 5/14/2020 31927LAM0 44 5/14/2020 11/14/2017 1.800 NR NR 248,000.00 248,000.00 100 248,257.42 0.17
First Bank Richmond
1.8 12/28/2020 319267GE4 272 12/28/2020 6/27/2017 1.800 NR NR 248,000.00 248,000.00 100 249,282.90 0.17
First Federal Savings 32021YDA8 290 1/15/2021 11/15/2017 1.900 NR NR 248,000.00 248,000.00 100 249,503.62 0.17
Bank 1.9 1/15/2021
First Internet Bank of
32056GCQ1 835 7/14/2022 7/14/2017 2.050 NR NR 248,000.00 248,000.00 100 251,748.52 0.17
Indiana 2.05 7/14/20022
First Oklahoma Bank
335857BE7
118
7/27/2020
7/26/2017
1.700 NR
NR
248,000.00
248,000.00
100
248,550.56
0.17
1.7 7/27/2020
First Premier Bank 2.05 33610RQY2
874
8/22/2022
8/21/2017
2.050 NR
NR
248,000.00
248,000.00
100
251,851.94
0.17
8/22/2022
First Security State
336386AX5
328
2/22/2021
6/22/2018
2.850 NR
NR
249,000.00
249,000.00
100
252,675.24
0.17
Bank IA 2.85 2/22/2021
First Tech Federal CU
Palo Alto CA 3.05 33715LBL3
440
6/14/2021
6/14/2018
3.050 NR
NR
249,000.00
249,000.00
100
254,297.97
0.17
6/14/2021
FNB Bank, Inc/Romney 30257JAC9
1.85 7/19/2021
475
7/19/2021
7/19/2017
1.850 NR
NR
248,000.00
248,000.00
100
249,824.78
0.17
Gold Coast Bank 1.9 38058KDU7 405 5/10/2021 11/9/2017 1.900 NR NR 248,000.00 248,000.00 100 249,747.66 0.17
5/10/2021
Great Plains Bank 1.85 39115UAZ6 630 12/21/2021 4/21/2017 1.850 NR NR 248,000.00 248,000.00 100 250,229.27 0.17
12/21/2021
5 5/26/2020 n State Bank
1.6440392FL7 56 5/26/2020 5/23/2017 1.650 NR NR 248,000.00 248,000.00 100 248,268.34 0.17
1.65 5
472376AC6 42 5/12/2020 11/9/2017 1.750 NR NR 248,000.00 248,000.00 100 248,230.89 0.17
Page 12 of 20
91
DocuSign Envelope ID: D10F3CFA-DA04-4C49-B181-OAA6143AEC8D
Keesler Federal CU 3 49254FAQ9 517 8/30/2021 2/28/2019 3.000 NR NR 249,000.00 249,000.00 100 254,968.28 0.17
8/30/2021
Kennebec Savings 489265AU2 59 5/29/2020 5/30/2017 1.650 NR NR 248,000.00 248,000.00 100 248,284.21 0.17
Bank 1.65 5/29/2020
Lakeside Bank 1.75 51210SMS3 233 11/19/2020 5/19/2017 1.750 NR NR 248,000.00 248,000.00 100 249,054.25 0.17
11/19/2020
Lead Bank 1.7 521680AE8 315 2/9/2021 8/9/2017 1.700 NR NR 248,000.00 248,000.00 100 249,122.70 0.17
2/9/2021
Savings Bank
1.7 2/11/2021 549103212 317 2/11/2021 8/11/2017 1.700 NR NR 248,000.00 248,000.00 100 249,126.42 0.17
1.7 2/
Marine Bank 1.85 56817TAB7 455 6/29/2021 6/29/2017 1.850 NR NR 248,000.00 248,000.00 100 249,764.52 0.17
6/29/2021
MB Financial Bank 1.65 55266CUYO 13 4/13/2020 4/13/2017 1.650 NR NR 248,000.00 248,000.00 100 248,062.50 0.17
4/13/2020
Mercantil Bank Coral 58733AEX3 447 6/21/2021 6/21/2018 3.000 NR NR 246,000.00 246,000.00 100 251,157.88 0.17
Gables FL 3 6/21/2021
Mercantile Bank of
Michigan 1.65 58740XYW4 13 4/13/2020 4/11/2017 1.650 NR NR 248,000.00 248,000.00 100 248,062.25 0.17
4/13/2020
Midsouth Bank
Lafayette 1.85 59805FAA7 104 7/13/2020 7/12/2017 1.850 NR NR 248,000.00 248,000.00 100 248,596.69 0.17
7/13/2020-18
Morton Community 619165GW7 260 12/16/2020 12/16/2016 1.700 NR NR 248,000.00 248,000.00 100 249,063.92 0.17
Bank 1.7 12/16/2020
Mountain America
Credit Union 2.3 62384RACO 952 11/8/2022 11/8/2017 2.300 NR NR 248,000.00 248,000.00 100 253,638.03 0.17
11/8/2022
National Cooperative 635573AH1 343 3/9/2021 3/9/2016 1.500 NR NR 248,000.00 248,000.00 100 249,721.12 0.17
Bank 1.5 3/9/2021
Nebraska State B&T 63969ACD4 692 2/21/2022 4/21/2017 1.950 NR NR 248,000.00 248,000.00 100 250,825.96 0.17
Co. 1.95 2/21/2022
Nebraskal-and National 63970QFG6 454 6/28/2021 6/28/2017 1.850 NR NR 248,000.00 248,000.00 100 249,761.54 0.17
Bank 1.85 6/28/2021
Northfield Bank 1.95 66612ABV9 568 10/20/2021 11/1/2017 2.029 NR NR 248,000.00 247,414.99 99.7 250,451.98 0.17
10/20/2021
Northwest Bank(FKA
Western Capital Bank) 66736ABB4 13 4/13/2020 4/13/2017 1.650 NR NR 248,000.00 248,000.00 100 248,062.50 0.17
1.654/13
Page 13 of 20
92
YTM
Days To
Maturity
Settlement @ 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
Jefferson Bank and
Trust Company 1.75
5/12/2020
Chase Bank
5 8 /16/2021 48126XAH8
NA 1.6 8
NA 1.6
503
8/16/2021
8/16/2016 1.650 NR
NR 248,000.00 248,000.00 100 248,189.22 0.17
Keesler Federal CU 3 49254FAQ9 517 8/30/2021 2/28/2019 3.000 NR NR 249,000.00 249,000.00 100 254,968.28 0.17
8/30/2021
Kennebec Savings 489265AU2 59 5/29/2020 5/30/2017 1.650 NR NR 248,000.00 248,000.00 100 248,284.21 0.17
Bank 1.65 5/29/2020
Lakeside Bank 1.75 51210SMS3 233 11/19/2020 5/19/2017 1.750 NR NR 248,000.00 248,000.00 100 249,054.25 0.17
11/19/2020
Lead Bank 1.7 521680AE8 315 2/9/2021 8/9/2017 1.700 NR NR 248,000.00 248,000.00 100 249,122.70 0.17
2/9/2021
Savings Bank
1.7 2/11/2021 549103212 317 2/11/2021 8/11/2017 1.700 NR NR 248,000.00 248,000.00 100 249,126.42 0.17
1.7 2/
Marine Bank 1.85 56817TAB7 455 6/29/2021 6/29/2017 1.850 NR NR 248,000.00 248,000.00 100 249,764.52 0.17
6/29/2021
MB Financial Bank 1.65 55266CUYO 13 4/13/2020 4/13/2017 1.650 NR NR 248,000.00 248,000.00 100 248,062.50 0.17
4/13/2020
Mercantil Bank Coral 58733AEX3 447 6/21/2021 6/21/2018 3.000 NR NR 246,000.00 246,000.00 100 251,157.88 0.17
Gables FL 3 6/21/2021
Mercantile Bank of
Michigan 1.65 58740XYW4 13 4/13/2020 4/11/2017 1.650 NR NR 248,000.00 248,000.00 100 248,062.25 0.17
4/13/2020
Midsouth Bank
Lafayette 1.85 59805FAA7 104 7/13/2020 7/12/2017 1.850 NR NR 248,000.00 248,000.00 100 248,596.69 0.17
7/13/2020-18
Morton Community 619165GW7 260 12/16/2020 12/16/2016 1.700 NR NR 248,000.00 248,000.00 100 249,063.92 0.17
Bank 1.7 12/16/2020
Mountain America
Credit Union 2.3 62384RACO 952 11/8/2022 11/8/2017 2.300 NR NR 248,000.00 248,000.00 100 253,638.03 0.17
11/8/2022
National Cooperative 635573AH1 343 3/9/2021 3/9/2016 1.500 NR NR 248,000.00 248,000.00 100 249,721.12 0.17
Bank 1.5 3/9/2021
Nebraska State B&T 63969ACD4 692 2/21/2022 4/21/2017 1.950 NR NR 248,000.00 248,000.00 100 250,825.96 0.17
Co. 1.95 2/21/2022
Nebraskal-and National 63970QFG6 454 6/28/2021 6/28/2017 1.850 NR NR 248,000.00 248,000.00 100 249,761.54 0.17
Bank 1.85 6/28/2021
Northfield Bank 1.95 66612ABV9 568 10/20/2021 11/1/2017 2.029 NR NR 248,000.00 247,414.99 99.7 250,451.98 0.17
10/20/2021
Northwest Bank(FKA
Western Capital Bank) 66736ABB4 13 4/13/2020 4/13/2017 1.650 NR NR 248,000.00 248,000.00 100 248,062.50 0.17
1.654/13
Page 13 of 20
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DocuSign Envelope ID: D10F3CFA-DA04-4C49-B181-OAA6143AEC8D
Partners Bank of
248,000.00
248,000.00
100 249,398.47 0.17
YTM
248,000.00
248,000.00
100 249,904.14 0.17
8/16/2021
248,000.00
248,000.00
Days To
Maturity
Settlement
@ Credit
Credit
Face
Cost Value +
1.800
% of
Description CUSIP/Ticker
Maturity
Date
Date
Cost Rating 1
Rating 2
Amount/Shares
Accrued Interest Cost Price
Market Value
Portfolio
Oriental Bank 1.85 68621 KAY7
56
5/26/2020
5/24/2017
1.850 NR
NR
248,000.00
248,000.00 100
248,344.97
0.17
5/26/2020
870
8/18/2022
8/18/2017
2.000
NR
NR
248,000.00
248,000.00
100
Palmetto Heritage Bank
0.17
of Mayfield 2 8/18/2022
and Trust 1.9 69709QAM3
507
8/20/2021
8/21/2017
1.900 NR
NR
248,000.00
248,000.00 100
250,089.15
0.17
8/20/2021
NR
NR
249,000.00
249,000.00
100
253,573.38
0.17
5/17/2021
Partners Bank of
248,000.00
248,000.00
100 249,398.47 0.17
California 1.85 70212YAW2 503 8/16/2021 8/15/2017 1.850 NR NR
248,000.00
248,000.00
100 249,904.14 0.17
8/16/2021
248,000.00
248,000.00
100 248,395.81 0.17
Plus Bank 72940UJF3 258 12/14/2020 6/13/2018 2.800 NR NR
249,000.00
249,000.00
100 251,986.01 0.17
2.812/14/2020
2.8 12/14/2020
6/23/2017
1.800
NR
Ponce De Leon Federal 732333AG4 421 5/26/2021 5/26/2017 1.900 NR NR
Bank 1.9 5/26/2021
248,000.00
248,000.00
100 249,804.70 0.17
RCB Bank Claremore 74934YAJ0 447 6/21/2021 6/20/2018 2.900 NR NR 249,000.00 249,000.00 100 253,923.23 0.17
OK 2.9 6/21/2021
Sallie Mae Bank 3 795450M93 1,113 4/18/2023 4/18/2018 3.000 NR NR 245,000.00 245,000.00 100 256,270.25 0.17
4/18/2023
Signature Bank
Chicago 2.15 82669VBY6 952 11/8/2022 11/8/2017 2.150 NR NR 248,000.00 248,000.00 100 252,671.82 0.17
11/8/2022
Southern State Bank 843879BT3 181 9/28/2020 6/27/2018 2.800 NR NR 249,000.00 249,000.00 100 251,147.63 0.17
AL 2.8 9/28/2020
9 8/11/2021-18 bank Bristow OK
1.848608DBS 498 8/11/2021 8/11/2017 1.900 NR NR 248,000.00 248,000.00 100 248,290.90 0.17
1.9 8
Stock Yards Bank &
Trust Co KY 2.9 861026AA0 440 6/14/2021 6/14/2018 2.900 NR NR 246,000.00 246,000.00 100 250,788.64 0.17
6/14/2021
Stone Bank 1.85 86158RAM1 286 1/11/2021 10/11/2017 1.850 NR NR
248,000.00
248,000.00
100 249,398.47 0.17
1/11/2021
Sturgis Bank & Trust 864088DMS 70 6/9/2020 11/9/2017 1.800 NR NR
248,000.00
248,000.00
100 248,395.81 0.17
Company 1.8 6/9/2020
Saint Louis 1.8
12325EHU9
449
Summit Community
6/23/2017
1.800
NR
Bank Inc 1.65 86604XLT1 59 5/29/2020 5/31/2017 1.650 NR NR
248,000.00
248,000.00
100 248,284.21 0.17
5/29/2020
0.17
6/23/2021
The Bank of Princeton
1.7 6/30/2020 064520AD1 91 6/30/2020 6/30/2017 1.700 NR NR 248,000.00 248,000.00 100 248,433.01 0.17
The Business Bank of
Saint Louis 1.8
12325EHU9
449
6/23/2021
6/23/2017
1.800
NR
NR
248,000.00
248,000.00
100
249,594.89
0.17
6/23/2021
The First National Bank
330459BUl
870
8/18/2022
8/18/2017
2.000
NR
NR
248,000.00
248,000.00
100
251,554.09
0.17
of Mayfield 2 8/18/2022
The Lake Bank MN 2.9
507515BE3
412
5/17/2021
6/22/2018
2.900
NR
NR
249,000.00
249,000.00
100
253,573.38
0.17
5/17/2021
32063KAS1
769
5/9/2022
11/8/2017
2.050
NR
NR
248,000.00
248,000.00
100
251,550.86
0.17
Page 14 of 20
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DocuSign Envelope ID: D10F3CFA-DA04-4C49-B181-OAA6143AEC8D
Towne Bank
Portsmouth VA 3 89214PBR9 454 6/28/2021 6/28/2018 3.000 NR NR 246,000.00 246,000.00 100 251,232.91 0.17
6/28/2021
Traverse City State
Bank 2 6/28/2022 894333FF5 819 6/28/2022 6/28/2017 2.000 NR NR 248,000.00 248,000.00 100 251,419.42 0.17
Triad Bank 1.85 89579NBU6 377 4/12/2021 10/12/2017 1.850 NR NR 248,000.00 248,000.00 100 249,518.50 0.17
4/12/2021
UBS Bank USA Salt
328
2/22/2021
YTM
3.000 NR
NR
Days To
Maturity
Settlement @ 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
The North Jackson
6/13/2018
3.250 NR
NR
248,000.00
Bank 2.05 5/9/2022
100
261,881.06
0.17
6/13/2023
The Ohio Valley Bank
1.800 NR
NR
248,000.00
248,000.00
Company 1.9
677721CN0 659
1/19/2022
7/19/2017 1.900 NR
NR 248,000.00 248,000.00 100 250,514.22 0.17
1/19/2022
Uinta County State
903572CC7
561
10/13/2021
Towne Bank
Portsmouth VA 3 89214PBR9 454 6/28/2021 6/28/2018 3.000 NR NR 246,000.00 246,000.00 100 251,232.91 0.17
6/28/2021
Traverse City State
Bank 2 6/28/2022 894333FF5 819 6/28/2022 6/28/2017 2.000 NR NR 248,000.00 248,000.00 100 251,419.42 0.17
Triad Bank 1.85 89579NBU6 377 4/12/2021 10/12/2017 1.850 NR NR 248,000.00 248,000.00 100 249,518.50 0.17
4/12/2021
UBS Bank USA Salt
328
2/22/2021
6/22/2018
3.000 NR
NR
249,000.00
249,000.00
100
253,007.41
0.17
2/22/2021
Lake City UT 3.25
90348JCWS
1,169
6/13/2023
6/13/2018
3.250 NR
NR
248,000.00
248,000.00
100
261,881.06
0.17
6/13/2023
6/26/2017
1.800 NR
NR
248,000.00
248,000.00
100
249,608.53
0.17
1.8 6/28/2021
Uinta County State
903572CC7
561
10/13/2021
10/13/2017
2.050 NR
NR
247,000.00
247,000.00
100
249,793.82
0.17
Bank 2.05 10/13/2021
Certificate of Deposit
440
2.074
United Community
22,812,000.00
22,811,590.94
99.996748
23,041,145.13
15.38
- Negotiable 30
Bank 2.054/12/2022-
90983WBN0
742
4/12/2022
10/12/2017
2.050 NR
NR
248,000.00
248,000.00
100
248,090.77
0.17
18
American Express
Moodys-
University of Iowa 2.85
6/19/2020
91435LAN7
80
6/19/2020
6/20/2018
2.850 NR
NR
249,000.00
249,000.00
100
250,018.66
0.17
US Alliance FCU NY 3 90352RAB1
328
2/22/2021
6/22/2018
3.000 NR
NR
249,000.00
249,000.00
100
253,007.41
0.17
2/22/2021
Winter Hill Bank, FSB 975875AK1
454
6/28/2021
6/26/2017
1.800 NR
NR
248,000.00
248,000.00
100
249,608.53
0.17
1.8 6/28/2021
Sub Total / Average
Certificate of Deposit
440
2.074
22,812,000.00
22,811,590.94
99.996748
23,041,145.13
15.38
- Negotiable 30
Corporate Bonds 15
American Express
Moodys-
Credit Corp 2.6 0258MODX4
167
9/14/2020
6/13/2018
3.000 Aa2
S&P -A-
2,000,000.00
1,995,505.58
99.132501
1,998,901.32
1.34
9/14/2020-20
Apple Inc 2.25 037833BS8
329
2/23/2021
12/2/2016
2.125 Moodys-
S&P -AA.
2,000,000.00
2,022,375.00
100.5
2,020,155.92
1.36
2/23/2021-21
Aa1
Apple Inc 2.3 5/11/2022 037833CQ1
771
5/11/2022
6/26/2017
2.133 Aa1 dys
S&P -AA+
2,000,000.00
2,021,152.54
100.770127
2,050,120.00
1.36
Automatic Data
Moodys-
Processing2.25 053015AD5
168
9/15/2020
6/13/2018
2.617
S&P -AA
1,000,000.00
997,500.00
99.2
1,001,644.73
0.67
9/15/2020
Berkshire Hathaway Inc 084670BQ0
349
3/15/2021
6/13/2018
2.654 Moodys-
S&P -AA
1,000,000.00
993,377.78
98.8
1,004,782.42
0.67
2.2 3/15/2021
Aa2
Page 15 of 20
94
DocuSign Envelope ID: D10F3CFA-DA04-4C49-B181-OAA6143AEC8D
Page 16 of 20
95
YTM
Days To
Maturity
Settlement
@ 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
Chevron Corp 2.498
166764BN9
702
3/3/2022
8/10/2017
2.101 Moodys-
S&P -AA-
2,000,000.00
2,056,188.11
101.72
2,029,846.72
1.37
3/3/2022
Aa2
COCO-COLA CO
191216BT6
210
10/27/2020
7/13/2017
1.875 Moodys-
S&P -AA-
1,000,000.00
1,003,958.33
100
1,000,505.90
0.67
1.875 10/27/2020
Aa3
IBM Credit LLC 2.2
44932HAC7
891
9/8/2022
10/3/2017
2.301 Moodys-
S&P -A+
1,000,000.00
996,827.78
99.53
1,017,530.98
0.67
9/8/2022
Al
Microsoft 2 11/3/2020-
594918BG8
217
11/3/2020
11/6/2015
1.929 Moodys-
S&P -AAA
1,000,000.00
1,003,546.67
100.338
1,002,197.52
0.68
20
Aaa
Pfizer Inc717081
DZ3
624
12/15/2021
7/16/2018
2.944 Moodys-
S&P -AA
1,000,000.00
977,894.44
97.6
1,002,955.94
0.66
12/15/200211
Al
Procter & Gamble Co
742718DY2
677
2/6/2022
7/16/2018
2.902 Moodys-
S&P -AA-
1,000,000.00
990,022.22
97.98
1,022,864.65
0.66
2.3 2/6/2022
Aa3
Toyota Motor Credit
89236TEC5
891
9/8/2022
11/1/2017
2.301 Moodys-
S&P -AA-
2,500,000.00
2,490,663.19
99.31
2,486,795.35
1.67
Corp 2.15 9/8/2022
Aa3
Toyota Motor Credit
89236TFN0
1,268
9/20/2023
2/28/2019
3.001 Moodys-
S&P -AA-
1,000,000.00
1,034,141.67
101.9
1,037,814.30
0.69
Corp 3.45 9/20/2023
Aa3
Toyota Motor Credit
89236TDP7
651
1/11/2022
7/13/2017
2.200 Moodys-
S&P -AA-
1,000,000.00
1,017,172.28
101.702784
1,005,151.89
0.69
Crop 2.6 1/11/2022
Aa3
VISA Inc 2.15
92826CAG7
898
9/15/2022
10/3/2017
2.101 Moodys-
S&P -A+
1,000,000.00
1,003,615.32
100.230143
1,016,840.34
0.68
9/15/2022
Al
Walmart Inc 1.9
931142EA7
259
12/15/2020
6/13/2018
2.622 Moodys-
S&P -AA
1,000,000.00
994,897.22
98.26
1,002,703.75
0.66
12/15/2/15/2020
Aa2
Sub Total/ Average
577
2.398
21,500,000.00
21,598,838.13
99.924705
21,700,811.73
14.49
Corporate Bonds 15
Municipal Securities 15% 15%
California ST 1.8
13063CSQ4
1
4/1/2020
4/29/2015
1.700 Moodys-
S&P -AA-
2,000,000.00
2,009,380.00
100.469
2,000,000.00
1.36
4/1/2020
Aa3
California ST 2.367
13063DAD0
731
4/1/2022
4/27/2017
2.152 Moodys-
S&P -AA-
1,000,000.00
1,010,000.00
101
1,018,350.00
0.68
4/1/2022
Aa3
California ST 2.625
13063DAC2
366
4/1/2021
4/27/2017
2.003 Moodys-
S&P -AA-
1,000,000.00
1,023,400.00
102.34
1,012,610.00
0.69
4/1/2021
Aa3
California State
Moodys-
University 3.054
13077DFD9
945
11/1/2022
8/2/2018
3.054 Aa2
S&P -AA-
250,000.00
250,000.00
100
261,075.00
0.17
11/1/2022
Industry Calif Sales Tax
45656RDV1
641
1/1/2022
5/17/2017
2.451 Moodys-
S&P -AA-
1,000,000.00
1,014,604.17
101.3
1,023,810.00
0.68
Rev 2.75 1/1/2022
Al
Murrieta
Redevelopment
62719PAX4
488
8/1/2021
10/18/2017
2.319 NR
S&P -A
350,000.00
349,135.50
99.753
354,473.00
0.24
Agency 2.25 8/1/2021
62719PAY2
853
8/1/2022
10/18/2017
2.559 NR
S&P -A
250,000.00
249,345.00
99.738
256,570.00
0.17
Page 16 of 20
95
DocuSign Envelope ID: D10F3CFA-DA04-4C49-B181-OAA6143AEC8D
Santa Rosa CA REGL
Resources Rev 2.4 802629AX3 853 8/1/2022 10/3/2017 2.202 Fitch -AA S&P -AA+ 500,000.00 505,800.00 100.9 511,300.00 0.34
8/1/2022
Sub Total / Average
Municipal Securities 446 2.085 7,330,000.00 7,401,154.34 100.90417 7,428,899.40 4.99
15%/5%
US Agency Bonds I Notes 75
FHLB 1.3752/18/2021 313OA7CV5
324
2/18/2021
YTM
1.328
S&P -AA,
Days To
Maturity
Settlement @ 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
Murrieta
Redevelopment
FHLB 2.1 4/26/2022-19 3130AB3U8
756
4/26/2022
Agency 2.5 8/1/2022
2.100 NR
S&P -AA+
4,000,000.00
4,000,000.00
Santa Rosa CA REGL
4,140,131.68
2.70
FHLMC 2 7/27/2022-18 3134GBWQ1
848
Resource Rev 2.2
802629AW5 488
8/1/2021
10/3/2017 2.001 Fitch -AA
S&P -AA+ 980,000.00 989,489.67 100.73 990,711.40 0.67
8/1/2021
99.8
2,072,531.42
1.35
Santa Rosa CA REGL
Resources Rev 2.4 802629AX3 853 8/1/2022 10/3/2017 2.202 Fitch -AA S&P -AA+ 500,000.00 505,800.00 100.9 511,300.00 0.34
8/1/2022
Sub Total / Average
Municipal Securities 446 2.085 7,330,000.00 7,401,154.34 100.90417 7,428,899.40 4.99
15%/5%
US Agency Bonds I Notes 75
FHLB 1.3752/18/2021 313OA7CV5
324
2/18/2021
4/4/2016
1.328
S&P -AA,
1,000,000.00
1,003,956.94
100.22
1,009,042.06
0.68
Aaadys
FHLB 2.1 4/26/2022-19 3130AB3U8
756
4/26/2022
4/26/2017
2.100 NR
S&P -AA+
4,000,000.00
4,000,000.00
100
4,140,131.68
2.70
FHLMC 2 7/27/2022-18 3134GBWQ1
848
7/27/2022
7/27/2017
2.042
S&P -AA+
2,000,000.00
1,996,000.00
99.8
2,072,531.42
1.35
Aaadys
FHLMC 2.05 3134GBMB5
785
5/25/2022
5/25/2017
2.050 Moodys-
S&P -AA+
1,000,000.00
1,000,000.00
100
1,034,739.44
0.67
5/25/2022-18
Aaa
FNMA 1.4 5/25/2021- 3136G3U94
420
5/25/2021
8/25/2016
1.400 Moodys-
S&P -AA+
1,850,000.00
1,850,000.00
100
1,870,249.53
1.25
17
Aaa
Sub Total / Average
US Agency Bonds I
671
1.873
9,850,000.00
9,849,956.94
99.981853
10,126,694.13
6.64
Notes 75%
Total / Average 219 1.878 148,232,586.43 148,402,126.78 100.032486 149,038,136.82 100
Page 17 of 20
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DocuSign Envelope ID: D10F3CFA-DA04-4C49-B181-OAA6143AEC8D
City of Tustin
Transactions Summary
Monthly Investment Transactions
Group By: Action
Portfolio / Report Group: All Portfolios
Begin Date: 12/31/2019, End Date: 03/31/2020
Matured
1/30/2020
Bank of Georgetown DC 1.65 06424XBT8
YTM @
1/30/2020
Settlement
Maturity
Face
2/24/2020
of Deposit Negotiable
Beneficial Bank 1.3 3/9/2020 08173QBN5
Fixed Income - Certificate
Description
CUSIP/ricker
Portfolio Name
Cost
Trade Date
Date
Data
Amount/Shares
Principal
Price
Interest/Dividends
Total
Called
0.00
248,000.00
Barclays Bank PLC Step
06744CFN6
Fixed Income - Corporate
0.000
3/25/2020
3/25/2020
8/25/2022
2,000,000.00
2,000,000.00
0
0.00
2,000,000.00
8252022-18
Bonds
Farmers & Mechanics FS &
307764AA8
Fixed Income - Certificate
0.000
3/16/2020
3/16/2020
6/16/2022
248,000.00
248,000.00
0
0.00
248,000.00
LA 2 6/16/2022-17
of Deposit Negotiable
FFCB 1.77 12172020-17
3133EGR49
Fixed Income - US Agency
0.000
2/3/2020
2/3/2020
12/7/2020
2,000,000.00
2,000,000.00
0
5,506.67
2,005,506.67
Bonds/ Notes
FFCB 1.911202021-17
3133EHGHO
Fixed Income - US Agency
0.000
128/2020
128/2020
1/20/2021
1,500,000.00
1,500,000.00
0
636.67
1,500,636.67
Bonds/ Notes
FFCB 1.953/14/2022-17
3133EHYQO
Fixed Income - US Agency
0.000
1/30/2020
1/30/2020
3/14/2022
2,000,000.00
2,000,000.00
0
14,733.33
2,014,733.33
Bonds/ Notes
FFCB 23/142022-17
3133EHMH3
Fixed Income - US Agency
0.000
1/16/2020
1/16/2020
3/14/2022
2,000,000.00
2,000,000.00
0
13,555.56
2,013,555.56
Bonds/ Notes
FFCB 24/52022-17
3133EHQG1
Fixed Income - US Agency
0.000
1/16/2020
1/16/2020
4/5/2022
1,000,000.00
1,000,000.00
0
5,611.11
1,005,611.11
Bonds/ Notes
FHLMC 27/192022-17
3134GBVF6
Fixed Income - US Agency
0.000
1/19/2020
1/19/2020
7/19/2022
2,000,000.00
2,000,000.00
0
0.00
2,000,000.00
Bonds/ Notes
FHLMC 27272021-17
3134GBXA5
Fixed Income - US Agency
0.000
127/2020
1/27/2020
7/27/2021
1,000,000.00
1,000,000.00
0
0.00
1,000,000.00
Bonds/ Notes
FHLMC Step 7/5/2022-17
3134GBYK2
Fixed Income - US Agency
0.000
1/5/2020
1/5/2020
7/52022
1,000,000.00
1,000,000.00
0
0.00
1,000,000.00
Bonds/ Notes
Fidelity Co-op Bank
316077CV6
Fixed Income - Certificate
0.000
3/9/2020
3/9/2020
8/92022
248,000.00
248,000.00
0
0.00
248,000.00
Leominster Step 8/92022-17
of Deposit Negotiable
First Farmers Bank &Trust
320165HW6
Fixed Income - Certificate
0.000
121/2020
1/21/2020
1/21/2021
248,000.00
248,000.00
0
0.00
248,000.00
Company 1.9 12120
of Deposit Negotiable
FNMA Step 3/15/2021-17
3136G3AY1
Fixed Income - US Agency
0.000
3/15/2020
3/15/2020
3/152021
2,000,000.00
2,000,000.00
0
0.00
2,000,000.00
Bonds/ Notes
National Bank of Commerce
633368EK7
Fixed Income - Certificate
0.000
127/2020
1/27/2020
6/272022
248,000.00
248,000.00
0
0.00
248,000.00
2.15 627/2022-17
of Deposit Negotiable
Sub Total /Average Called
17,492,000.00
17,492,000.00
40,043.34
17,532,043.34
Matured
1/30/2020
Bank of Georgetown DC 1.65 06424XBT8
Fixed Income - Certificate
1/30/2020
of Deposit Negotiable
Belmont Savings Bank 1.55
080515BT5
Fixed Income - Certificate
2/24/2020
of Deposit Negotiable
Beneficial Bank 1.3 3/9/2020 08173QBN5
Fixed Income - Certificate
2/242020
of Deposit Negotiable
0.000
1/30/2020
1/30/2020
1/302020
248,000.00
248,000.00
0
0.00
248,000.00
0.000
224/2020
2/24/2020
2/242020
248,000.00
248,000.00
0
0.00
248,000.00
0.000
3/9/2020
3/9/2020
3/92020
248,000.00
248,000.00
0
0.00
248,000.00
Page 18 of 20
97
DocuSign Envelope ID: D10F3CFA-DA04-4C49-B181-OAA6143AEC8D
Page 19 of 20
98
YTM @
Settlement
Maturity
Face
Description
CUSIP/Ticker
Portfolio Name
Cost
Trade Date
Date
Date
Amount/Shares
Principal
Price
Interest/Dividends
Total
Berkshire Bank 1.55
084601 GY3
Fixed Income - Certificate
0.000
2128/2020
2128/2020
2/28/2020
248,000.00
248,000.00
D
0.00
248,000.00
2/282020
of Deposit Negotiable
CrossFirst Bank 1.6 2/282020
22766AAX3
Fixed Income - Certificate
0.000
228/2020
228/2020
2/28/2020
248,000.00
248,000.00
D
0.00
248,000.00
of Deposit Negotiable
Douglas National Bank 1.65
259744DS6
Fixed Income - Certificate
0.000
121/2020
121/2020
1/21/2020
248,000.00
248,000.00
D
0.00
248,000.00
1/212020
of Deposit Negotiable
FFCB 1.38 32/2020-17
3133EFH59
Fixed Income - US Agency
0.000
3/2/2020
3/2/2020
3/2/2020
2,000,000.00
2,000,000.00
D
0.00
2,000,000.00
Bonds / Notes
First Western Bank 1.55
33749VAK4
Fixed Income - Certificate
0.000
228/2020
228/2020
2/28/2020
248,000.00
248,000.00
D
0.00
248,000.00
2/282020
of Deposit Negotiable
FNMA 1.651/272020-17
3135GOS46
Fixed Income - US Agency
0.000
127/2020
127/2020
1/27/2020
2,000,000.00
2,000,000.00
D
0.00
2,000,000.00
Bonds/ Notes
GE Capital Bank 1.8
36162PFS6
Fixed Income - Certificate
0.000
1/16/2020
1/16/2020
1/16/2020
248,000.00
248,000.00
D
0.00
248,000.00
1/162020
of Deposit Negotiable
Goldman Sachs Bank 1.95
38148JMVO
Fixed Income - Certificate
0.000
3/11/2020
3/11/2020
3/11/2020
248,000.00
248,000.00
D
0.00
248,000.00
3/112020
of Deposit Negotiable
KeyBank National Association
49306SXK7
Fixed Income - Certificate
0.000
3/9/2020
3/9/2020
3/9/2020
248,000.00
248,000.00
0
0.00
248,000.00
1.7 3/9/2020
of Deposit Negotiable
Machias Savings Bank1.65
554479DS1
Fixed Income - Certificate
0.000
2/6/2020
2/6/2020
2/6/2020
248,000.00
248,000.00
0
0.00
248,000.00
2/6/2020
of Deposit Negotiable
Peoples United Bank 1.85
71270QLM6
Fixed Income - Certificate
0.000
121/2020
121/2020
1/21/2020
248,000.00
248,000.00
D
0.00
248,000.00
1/212020
of Deposit Negotiable
PrivateBank IL 1.81/30/2020
74267GUW5
Fixed Income - Certificate
0.000
1/30/2020
1/30/2020
1/30/2020
248,000.00
248,000.00
D
0.00
248,000.00
of Deposit Negotiable
Signature BK of Arkansas 1.15
82669LGHO
Fixed Income - Certificate
0.000
2/18/2020
2/18/2020
2/18/2020
248,000.00
248,000.00
D
0.00
248,000.00
2/182020
of Deposit Negotiable
Springs Valley Bank & Trust
851791AR4
Fixed Income - Certificate
0.000
2/12/2020
2/12/2020
2/12/2020
248,000.00
248,000.00
D
0.00
248,000.00
Company 1.75 2/12/
of Deposit Negotiable
Steams Bank 1.6 2/262020
857894TA7
Fixed Income - Certificate
0.000
226/2020
226/2020
2/26/2020
248,000.00
248,000.00
D
0.00
248,000.00
of Deposit Negotiable
Wells Fargo Bank 1.8
949763FA9
Fixed Income - Certificate
0.000
3/2/2020
3/2/2020
3/2/2020
248,000.00
248,000.00
D
0.00
248,000.00
3/2/2020
of Deposit Negotiable
Sub Total / Average Matured
8,216,000.00
8,216,000.00
0.00
8,216,000.00
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PUBLIC
AGENCY
RETIREMENT
SERVICES PARS
CITY OFTUSTIN Account Report for the Period
PARS Post -Employment Benefits Trust 3/1/2020 to 3/31/2020
Matthew West
City Manager
City of Tustin
300 Centennial Way
Tustin, CA 92780
Account Summary
Balance as of Balance as of
Source 3/1/2020 Contributions Earnings Expenses Distributions Transfers 3/31/2020
OPEB $2,125,312.49 $0.00 -$168,741.76 $982.21 $0.00 $0.00 $1,955,588.52
PENSION $6,064,226.36 $0.00 -$481,692.73 $2,802.54 $0.00 $0.00 $5,579,731.09
Totals $8,189,538.85 $0.00 -$650,434.49 $3,784.75 $0.00 $0.00 $7,5359319.61
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 that
OPEB 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 that
PENSION dividend and interest income will comprise a significant portion of total return, although growth through capital appreciation is equally important.
The portfolio will be allocated between equity and fixed income investments.
Investment Return
Annualized Return
Source 1 -Month 3 -Months 1 -Year 3 -Years 5 -Years 10 -Years Plan's Inception Date
OPEB -7.94% -10.70% -2.70% 6/26/2018
PENSION -7.94% -10.70% -3.00% 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 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 inchrswe 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
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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
Risk (Standard Deviation)
moderate capital appreciation.
Current Quarter*
It is expected that dividend and
Policy
interest income will comprise a
Equity 40-60%
significant portion of total return,
50%
although growth through capitalconservative
45%
appreciation is equally important.
Cash 0-20%
Efficient Frontier
Capital Appreciation
Balanced
Moderate
Moderately Conservative
ANNUALIZED TOTAL RETURNS Emross of beddednvestment Fund Fees)Management 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%
50%
Fixed Income 40-60%
45%
48%
Cash 0-20%
5%
2%
ANNUALIZED TOTAL RETURNS Emross of beddednvestment Fund Fees)Management Fees, but Net of
HighMark Plus Composite (Active)
Index Plus Composite (Passive)
Current Quarter*
4.49%
Current Quarter*
4.22%
Blended Benchmark*, **
4.49%
Blended Benchmark*, **
4.49%
Year To Date
17.71%
Year To Date
17.52%
Blended Benchmark**
17.65%
Blended Benchmark**
17.65%
1 Year
17.71%
1 Year
17.52%
Blended Benchmark**
17.65%
Blended Benchmark**
17.65%
3 Year
8.54%
3 Year
7.97%
Blended Benchmark**
8.27%
Blended Benchmark**
8.27%
5 Year
6.39%
5 Year
6.07%
Blended Benchmark**
6.37%
Blended Benchmark**
6.37%
10 Year
7.44%
10 Year
7.34%
Blended Benchmark**
7.51%
Blended Benchmark**
7.51
* 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
BofA 1-3 Yr US Corp/Gov't, 1.50% ICE BofA US High Yield Master II, 1.75% Wilshire REIT, and 5% FTSE 1 Mth T -Bill.
From
411/2007 - 9/30/2012: the blended benchmark was 43% S&P 500; 2% Russell 2000, 5% MSCI EAFE (net), 15% ICE
BofA 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 BofA 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%
2019
17.71%
2019
17.52%
PORTFOLIO FACTS
HighMark Plus (Active) Index Plus (Passive)
Composite Inception Date 10/2004 Composite Inception Date 05/2006
No of Holdings in Portfolio 19 No of Holdings in Portfolio 12
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HOLDINGS
HighMark Plus (Active)
Columbia Contrarian Core 13
Vanguard Growth & Income Adm
Dodge & Cox Stock Fund
iShares S&P 500 Value ETF
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
iShares MSCI EAFE ETF
Undiscovered Managers Behavioral Value -R6 Vanguard FTSE Emerging Markets ETF
Victory RS Small Cap Growth - R6 Vanguard Short -Term Invest -Grade Adm
DFA Large Cap International Portfolio iShares Core U.S. Aggregate
Dodge & Cox International Stock First American Government Obligations Z
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
Holdings are subject to change at the
discretion of the investment manager.
Real Estate
Large Cap Value 2.8
%6.6 % Small Cap
7.6
Cash
2.4
Intl Stocks
9.3
Mid Cap
3.9
Interm-Term Bond
Large Cap Growth 38.8%
5.0
Large Cap Core J
14.8
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 Capital Advisors (HCA) with full investment authority according to the PARS Moderate
active and passive objectives.
The adviser to the PARS portfolios is US Bank, and HighMark serves as sub -adviser to US Bank to manage these portfolios.
US Bank may charge clients as much as 0.60% annual management fee based on a sliding scale. 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 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 BofA 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 BofA 1-3 Year U.S. Corporate & Government Index
tracks the bond performance of the ICE BofA 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 offor-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.
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