HomeMy WebLinkAbout05.d. Review and provide input on Highmark Capital Management Government Accounting Standards Board (GASB 45) Other Post-Employment Benefits (OPEB) Sub-Trust and Pension Sub-Trust Quarterly Reports (Second Quarter 2019) Page 1 of 28
Item 5.d.
CENTRAL SAN
August 28, 2019
TO: FINANCE COMMITTEE
FROM: KEVIN MIZUNO, FINANCE MANAGER
REVIEWED BY: PHILIP LEIBER, DIRECTOR OF FINANCE AND ADMINISTRATION
ANN SASAKI, DEPUTY GENERAL MANAGER
ROGER S. BAILEY GENERAL MANAGER
SUBJECT: REVIEW AND PROVIDE INPUT ON HIGHMARK CAPITAL MANAGEMENT
GOVERNMENT ACCOUNTING STANDARDS BOARD (GASB 45) OTHER
POST-EMPLOYMENT BENEFITS (OPEB) SUB-TRUSTAND PENSION SUB-
TRUST QUARTERLY REPORTS (SECOND QUARTER 2019)
An overview slide showing the entities involved in administering the Trusts for Central San is attached.
Also attached for review are the most recent Highmark overview and GASB 45 OPEB Sub-Trust and
Pension Sub-Trust Reports.
Strategic Plan Tie-In
GOAL THREE:Be a Fiscally Sound and Effective Water Sector Utility
Strategy 1 - Conduct long-range financial planning, Strategy 2- Manage costs
ATTACHMENTS:
1. Overview of Entities Administering Trusts
2. Highmark Overview of 2nd Quarter 2019
3. PARS Investment Report 2nd Quarter 2019
August 28, 2019 Special FINANCE Committee Meeting Agenda Packet- Page 173 of 202
ATTACHMENT 1
PARS TRUST TEAM
AGFNCY
PARS bank® -AHIGHMARK°
RE7IREMFM
SERVH�S
CAPITAL MANAGEMENT
TRUSTED SOLUTIONS.LASTING RESULTS.
Trust Administrator & Consultant Trustee Investment Manager
• Record keeping/sub-trust accounting Safeguard plan assets 0 Investment sub-advisor
• Actuarial coordination 0Oversight protection to U.S. Bank
• Monitor contributions/process • Plan fiduciary • Open architecture
disbursements Custodian of assets Investment strategy and asset
• Monitor plan compliance allocation development
• Ongoing client liaison Investment policy assistance
Corporate Experience
35 years (1984- 2019) 156 years (1863 - 2019) 100 years (1919 - 2019)
Plans Under Administration
1,600+ plans, 850+ public agencies, 400,000+ participants
Dollars under Administration
Over $3.6 billion Over $5.0 trillion Over $15.8 billion
under management
I. PARS
REMEMENT
SERVICES
TRUSTED M6VRW WW Special FINANCE Committee Meeting Agenda Packet- Page 174 of 202
Page 3 of 28
ATTACHMENT 2
JHIGHMARKO
CAPITAL MANAGEMENT
July 22, 2019
Phil Leiber
Director of Finance and Administration
Central Contra Costa Sanitary District
5019 Imhoff Place
Martinez, CA 94553-4392
RE: 2Q Quarter 2019 OPEB/Pension Report
Dear Mr. Leiber,
Risk-hungry investors, buoyed by the prospect of the Fed cutting rates, drove the S&P
500 index to record highs during the quarter, and the index recorded the best first half
year since the first six months of 1997: a total return of 18.5%.
Unlike the volatility of the prior two years, the U.S. dollar, when measured against a
trade-weighted basket of foreign currencies, has been remarkably stable so far in 2019.
This is one of the most notable differences compared to 2017 when most asset classes
also performed well, but the dollar sold off from the near-term highs reached in
December of 2016.
With market return trophies in hand, investors may wonder if the risk-on party will ever
end. Equity market enthusiasm is somewhat surprising given the fact that domestic stock
valuations are rich at 17 times earnings and, having nearly recovered from the year-end
2018 sell-off,' now stand at the high end of their historic range. Expectations that
second quarter corporate earnings will fall have not deterred investor appetite for stocks
in an environment of persistent trade tensions.
Meanwhile, the global economy is fragile with most regions struggling to regain
economic momentum. Many key indicators pointing to economic growth—industrial
production, manufacturing, consumer confidence and trade—saw disappointing second-
quarter readings. The odds of a manufacturing and capital expenditure recession have
risen substantially given deteriorating global growth outlooks. The World Bank
downgraded their 2019 forecast to 2.6% from 2.9% due to weaker-than forecast trade
and investment momentum. Global GDP growth in this range might be considered "stall
speed", neither indicative of growth, nor indicative of a decline. In remarks after June's
Federal Open Market Committee meeting, Chairman Jay Powell noted concerns
regarding global trade tensions and the impact they may have on U.S. economic growth.
Shortly after Powell's comments, President Trump and Chinese Premier Xi Jinping
wrapped up their Group of 20 (G20) meeting by announcing that trade negotiations
would resume after collapsing in the prior month. This last walkout was due to the
Chinese balking at the prospect of rewriting domestic legislation to meet U.S. demands
on dismantling the government's investment in state-owned businesses. For now, the
25% tariffs on $250 billion worth of Chinese imports will continue to have a negative
impact on Chinese GDP and U.S. producers will continue to face export barriers. With
the threat of additional 25% tariffs on $300 billion of Chinese imports still on the table,
1 Source: FactSet
August 28, 2019 Special FINANCE Committee Meeting Agenda Packet- Page 175 of 202
Page 4 of 28
the trade wars with China continue, despite the Osaka G-20 cease-fire, as does the risk
of a domestic policy response that could pour oil on the fire.
As trade tariffs drive consumer prices higher and dampen demand, disrupt supply chains
and spark uncertainty regarding business investment and capital expenditures, the
administration is playing a high risk/potentially high reward endgame. A trade policy
mistake would be highly destabilizing to markets, and could easily lead to a global
recession. The Fed also faces a dilemma as it considers how far to move from its
previously hawkish stance, to an easing policy. All of this, in the face of continued
pressure from President Trump on Chair Powell and his fellow FOMC Board of
Governors.
Plan Performance
The Central Contra Costa Sanitary District OPEB Plan returned 3.45% gross of
investment fees for the second quarter. The return exceeded the District's OPEB Plan
Benchmark target of 3.16%. While not duplicating the enormous gains of the first
quarter, equities were positive across the board for the second quarter. The Plan's
equity segment generated a 3.9% return. Most equity categories saw performance in-
line with benchmark targets or slightly below. The only category that stood out was
small cap equities where both managers registered returns that ranked in the top quartile
of their respective category universes. The Victory RS Small Cap Growth Fund (+7.1%)
ranked in the 16th percentile of the US Fund Small Cap Growth Universe and the
Undiscovered Managers Behavioral Value Fund (+2.2%) ranked in the 24th percentile of
the US Fund Small Cap Value Universe. Domestic large cap equity (+4.1%), mid cap
equity (3.9%), REITs (+1.5%) and international equities (+3.3%) slightly lagged their
respective benchmark targets. Emerging market equity returns were supportive of
performance in the quarter as the Hartford Schroders EM Fund outperformed the MSCI
Emerging Market Index (2.2% vs. 0.6%).
Fixed income returns were strong in the quarter, with 10-year Treasury yields declining
41 basis points in the quarter, to finish at a 2.0% level. Yield curve inversion, which
some believe predicts economic recession, continued to deepen with the one-month
Treasury yielding 18 basis points more than the 10-year Treasury at the end of the
quarter. At the manager level, the Prudential Total Return Bond Fund continued to
shine, posting a 3.7% return, which outperformed the Bloomberg Barclays Aggregate
Index target return of 3.1%. The Fund ranked in the fourth percentile of the Morningstar
US Fund Intermediate Core Plus Fixed Income Universe. The Fund's longer than
benchmark positioning was rewarded with the decline in interest rates. The other
intermediate-term fixed income managers registered performance that was slightly
ahead of the benchmark: Pimco Total Return (+3.2%) and the internally manage fixed
income portfolio (+3.2%). Despite outperforming the benchmark, the total return for the
fixed income segment 3.2% was hampered somewhat by the modest allocation to the
Vanguard Short-Term Bond Fund (+1.9%).
We ended the quarter with an asset allocation target for the OPEB Plan of 51.5% stocks,
46% bonds, and 2.5% cash
August 28, 2019 Special FINANCE Committee Meeting Agenda Packet- Page 176 of 202
Page 5 of 28
The Central Contra Costa Sanitary District Pension Plan returned 3.22% for the quarter,
gross of investment fees, which outpaced the District's Plan benchmark target of 2.97%.
Performance contributions from the various asset class segments were similar to the
OPEB Plan, with small cap equity leading the returns, and international equity, REITs,
domestic large cap equity, and mid cap slightly lagging their benchmark targets. Fixed
income returns were slightly ahead of the benchmark.
The target asset allocation did not change throughout the quarter. We maintained a
neutral equity target of 30.5%, and a fixed income/cash allocation of 69.5%.
Andrew Brown
August 28, 2019 Special FINANCE Committee Meeting Agenda Packet- Page 177 of 202
ATTACHMENT 3
PARS: Central Contra Costa Sanitary District
OPEB and Pension Plan
Second Quarter 2019
Presented by
Andrew Brown, CFA
JHIGHMARKO
CAPITAL MANAGEMENT
CCCSD — OPEB Investment Summary Since Inception
Beginning Value 566,683.26
Asset Allocation Contributions 104,942,930.22
Withdrawals -63,813,818.67
Total Assets: $65,760,935 Gain (Loss) 11,249,410.86
Interest and Dividends 12,815,729.40
Period Ending: 6-30-2019 Net Accrued Income 168,512.55
2Q19 Return: 3.45% Ending Market Value $65,929,447.62-
1 Year Return: 8.12%
Inception-to-Date Return: 9.32%
Cash
Inception Date:4-1-2009 $ 1,535,696
Plan target rate of return: 6.25% 2.34%
Equity
$33,949,802
51.63%
Fixed IncorneJ'
$30,275,437
46.04%
* Ending Market Value differs from total market value on page 3 due to differences in reporting methodology. The above ending market value includes accruals.
JHIGHMARK PARS: Central Contra Costa Sanitary District
2
CAPITAL MANAGEMENT
Asset Allocation — Central Contra Costa Sanitary District OPEB
As of Second Quarter 2019
Current Asset Allocation Investment Vehicle
Equity 51.63% Range:40%-60% 33,949,802
Large Cap Core 10.95% IVV iShares Core S&P 500 ETF 7,201,332
6.96% VGIAX Vanguard Growth & Income Adm 4,574,107
Large Cap Value 5.00% IVE iShares S&P 500 Value ETF 3,286,808
Large Cap Growth 4.98% IVW iShares S&P 500 Growth ETF 3,276,328
Mid Cap Core 5.00% IWR iShares Russell Mid-Cap ETF 3,289,849
Small Cap Value 3.82% UBVFX Undiscovered Managers Behavioral Val R6 2,513,878
Small Cap Growth 3.84% RSEJX Victory RS Small Cap Growth R6 2,525,105
International Core 1.74% VEA Vanguard FTSE Developed Markets ETF 1,146,691
International Value 1.26% DODFX Dodge & Cox International Stock Fund 828,566
International Growth 1.26% MGRDX MFSO International Growth Fund Class R6 826,381
Emerging Markets 3.91% HHHYX Hartford Schroders Emerging Mkts Eq Y 2,569,404
Real Estate 2.91% VNQ Vanguard Real Estate ETF 1,911,351
Fixed Income 46.04% Range:40%-60% 30,275,437
26.94% Core Fixed Income Portfolio 17,716,355
Short-Term 4.01% VFSUX Vanguard Short-Term Investment-Grade Adm 2,635,031
Intermediate-Term 7.54% PTTRX PIMCO Total Return Instl Fund 4,957,570
7.55% PTRQX Prudential Total Return Bond Q 4,966,481
Cash 2.34% Range: 0%-20% 1,535,696
2.34% FGZXX First American Government Oblig Z 1,535,696
TOTAL 100.00% $65,760,935
JHIGHMARK PARS: Central Contra Costa Sanitary District
3
CAPITAL MANAGEMENT
Selected Period Performance
CCCSD - OPEB
Period Ending: 613012019
Year Inception
to Date to Date
3 Months (6 Months) 1 Year 3 Years 5 Years 10 Years (123 Months)
Cash Equivalents .57 1.14 2.13 1.24 .78 .43 .44
Lipper Money Market Funds Index .54 1.10 2.06 1.16 .70 .36 .35
Fixed Income ex Funds 3.17 6.67 8.38
Total Fixed Income 3.15 6.46 8.11 2.96 2.92 4.30 4.63
BBG Barclays US Aggregate Bd Index 3.08 6.11 7.87 2.31 2.95 3.90 3.98
Total Equities 3.86 18.26 7.24 13.36 7.89 12.44 13.98
Large Cap Funds 4.06 18.02 10.00 14.79 9.93 13.59 14.92
S&P 500 Composite Index 4.30 18.54 10.42 14.19 10.71 14.70 15.98
Mid Cap Funds 3.91 21.02 7.71 11.71 7.55
Russell Midcap Index 4.13 21.35 7.83 12.16 8.63 15.16 16.90
Small Cap Funds 4.50 21.17 2.74 14.62 9.43 16.03 17.65
Russell 2000 Index 2.10 16.98 -3.31 12.30 7.06 13.45 15.19
International Equities 3.30 14.47 2.06 9.76 2.73 6.48 8.88
MSCI EAFE Index 3.68 14.03 1.08 9.11 2.25 6.90 9.11
MSCI EM Free Index .61 10.58 1.21 10.66 2.49 5.81 8.78
Real Estate- ETFs / Sctr Fds 1.51 19.23 12.42
Wilshire REIT Index 1.63 17.92 10.53 4.11 7.84 15.66 18.38
Total Managed Portfolio 3.45 12.35 8.12 8.22 5.55 8.46 9.32
CCCSD OPEB 3.16 11.35 6.94 7.52 5.62 8.37 9.26
Account Inception:4/2009
CCCSD OPEB Benchmark consists of: 26.5%of S&P 500,5% Russell Midcap,7.5% Russell 2000, 1.75%Wilshire REIT,3.25%MSCI EM Free,6%MSCI EAFE,33.5%BC Aggregate, 10%ML 1-3
Yr US Corp/Govt, 1.5% ML US High Yield Mstr II, and 5%Citigroup 1 Month T-Bill Indexes. Returns are gross-of-fees unless otherwise noted. Returns for periods over one year are annualized.The
information presented has been obtained from sources believed to be accurate and reliable. Past performance is not indicative of future returns. Securities are not FDIC insured, have no bank
guarantee, and may lose value.
JHIGHMARK° PARS: Central Contra Costa Sanitary District
4
CAPITAL MANAGEMENT
Fixed Income Portfolio: Statistics
As of Second Quarter 2019
CCCSD BC Aggregate Bond
OPEB Index
Weighted Average Maturity 6.81 years 7.91 years
Effective Duration 5.29 years 5.92 years
Average Coupon 3.07% 3.23%
Yield to Maturity 2.53% 2.51%
Average Quality Aa3 Aa2
JHIGHMARK PARS: Central Contra Costa Sanitary District
5
CAPITAL MANAGEMENT
Fixed Income Portfolio: Sectors
As of Second Quarter 2019
45.0%
40.0%
35.0%
30.0%
25.0%
20.0%
15.0%
10.0%
5.0%
Cash Treasury Agency Corp Non-Corp MBS CM❑ ABS CMBS
■CCCS❑OPEB 0.0% 27.0% 0.0% 40.5% 0.9% 21.4% 0.0% 10.1% 0.0%
■Barclays U.S.Aggregate Bond Index 0.0% 39.9% 1.2% 24.5% 4.4% 27.6% 0.0% 0.5% 2.1%
JHIGHMARK PARS: Central Contra Costa Sanitary District
6
CAPITAL MANAGEMENT
Fixed Income Portfolio: Effective Duration and Effective Maturity
As of Second Quarter 2019
Effective Duration Effective Maturity
30%
35%
3096 25%
25%
2D°/°
20%
15%
15%
10%
1D%
5% 5%10-1 Yrs. 1-3 Yrs. 3-5 Yrs. 5-7 Yrs. 7 10 10+ 0%
Yrs. Yrs. 0-1 Yr. 1-3 Yrs. 3-5 Yrs. 5-7 Yrs. 7-10 Yrs. 10+Yrs.
■CCCSD OP EB 7.52% 23.33% 24.45% 24.48% 9.07% 11.16% ■CCCSD OPEB 7.52% 17.01% 23.78% 23.96% 14.37% 13.36%
BC Aggregate Bond Index 0.33°/4 29.44°/4 32.56°/4 15.06°/4 6.79°/4 15.81°/4 BC Aggregate Bond Index 0.15% 21.26% 27.17% 25.20% 9.37% 16.83%
JHIGHMARK PARS: Central Contra Costa Sanitary District
7
CAPITAL MANAGEMENT
Holdings-Reporting as of Trade Date
Account:6746055900-PARS/CCCSD 115P-OPEB
As of:30-Jun-2019
Asset Type Asset Name Ticker Shares/Units Price Market Value
Cash&Cash Equivalents CASH (34,532.6700) $1.0000 ($34,532.67)
Cash&Cash Equivalents FIRST AMERN GOVT OBLIG FID CLZ#3676 FGZXX 1,570,228.8100 $1.0000 $1,570,228.81
Equities DODGE&COX INTL STOCK FD(CLSD)#1048 DODFX 19,888.7760 $41.6600 $828,566.41
Equities HARTFORDSCHRODR MKTS EQCLY#1842 HHHYX 163,865.0790 $15.6800 $2,569,404.44
Equities ISHARES RUSSELL MIDCAP ETF IWR 58,884.0000 $55.8700 $3,289,849.08
Equities ISHARES S&P 500 GROWTH ETF IVW 18,279.0000 $179.2400 $3,276,327.96
Equities ISHARES S&P 500 VALUE ETF IVE 28,196.0000 $116.5700 $3,286,807.72
Equities ISHARES TR CORE S&P500 ETF IVV 24,432.0000 $294.7500 $7,201,332.00
Equities MFS INTERNATIONAL GROWTH R6#4805 MGRDX 23,637.9100 $34.9600 $826,381.33
Equities UNDISCOVERED MGRS BEHAVL R6#3467 UBVFX 40,312.3530 $62.3600 $2,513,878.33
Equities VANGUARD FTSE DEVELOPED MARKETS ETF VEA 27,492.0000 $41.7100 $1,146,691.32
Equities VANGUARD GRO&INC ADMIRAL SHRS#593 VGIAX 57,514.2390 $79.5300 $4,574,107.43
Equities VANGUARD REAL ESTATE ETF VNQ 21,869.0000 $87.4000 $1,911,350.60
Equities VICTORY RS SM CAP GROW#279 RSEJX 30,071.5170 $83.9700 $2,525,105.28
Fixed Income PIMCO TOTAL RETURN INSTL #35 PTTRX 478,992.2920 $10.3500 $4,957,570.22
Fixed Income PRUDENTIAL TOTAL RTRN BD CL Q PTRQX 336,482.4280 $14.7600 $4,966,480.64
Fixed Income VNGRDSTTERMINVMTGRADEADM #539 VFSUX 246,034.6640 $10.7100 $2,635,031.25
Fixed Income VERIZON COMMUNICATIO 5.250% 3/16/37 120,000.0000 119.613% $143,535.60
Fixed Income FORD MTR CO NTS 7.450% 7/16/31 F31 130,000.0000 118.270% $153,751.00
Fixed Income EL PASO ENERGY CORP 7.800% 8/01/31 EP31 115,000.0000 134.487% $154,660.05
Fixed Income PETRO-CDA NT 6.800% 5/15/38 SU/38 120,000.0000 136.734% $164,080.80
Fixed Income BOSTON PPTYS LTD PAR 2.750%10/01/26 BXP26A 180,000.0000 98.442% $177,195.60
Fixed Income JPMORGA N CHASE&CO 3.200% 6/15/26 JPM26B 255,000.0000 102.913% $262,428.15
Fixed Income ROYAL BK SCOTLAND GR 3.875% 9/12/23 RBS23B 80,000.0000 102.605% $82,084.00
Fixed Income ABBOTT LABS SR NT 3.750%11/30/26 ALS3726 152,000.0000 108.120% $164,342.40
Fixed Income AMERICAN EXPRESS CO 3.000%10/30/24 AEC3024 185,000.0000 102.507% $189,637.95
Fixed Income AMERICAN INTLGRP 3.300% 3/01/21 AIG3321 175,000.0000 101.350% $177,362.50
Fixed Income AMXCA 2017-3 A 1.770%11/15/22 A2A1122 200,000.0000 99.656% $199,312.00
Fixed Income AMXCA 2017-6A 2.040% 5/15/23 \2A2023 100,000.0000 99.944% $99,944.00
Fixed Income ANHEUSER-BUSCH INBEV 4.900% 1/23/31 A144919 65,000.0000 115.407% $75,014.55
Fixed Income AT&T INC NTS 4.125% 2/17/26 AIN4126 220,000.0000 106.374% $234,022.80
JHIGHMARK PARS: Central Contra Costa Sanitary District
9
CAPITAL MANAGEMENT
Holdings-Reporting as of Trade Date
Account:6746055900-PARS/CCCSD 115P-OPEB
As of:30-Jun-2019
Asset Type Asset Name Ticker Shares/Units Price Market Value
Fixed Income AVALONBAY CMNTYS INC 3.450% 6/01/25 AC13425 155,000.0000 104.844% $162,508.20
Fixed Income BB&T CORP SR MTN 2.850%10/26/24 BCS2824 210,000.0000 102.499% $215,247.90
Fixed Income BERKSHIRE HATHAWAY 4.250% 1/15/49 BH44249 175,000.0000 112.560% $196,980.00
Fixed Income BK OF AMERICA CORP 4.000% 4/01/24 BOA4024 220,000.0000 106.562% $234,436.40
Fixed Income BK OF MONTREAL MTN 2.350% 9/11/22 BOM2322 205,000.0000 99.970% $204,938.50
Fixed Income BK OF NOVA SCOTIA 2.700% 3/07/22 BON2722 70,000.0000 101.343% $70,940.10
Fixed Income BK OF NY MELLON MTN 2.050% 5/03/21 BON2021 180,000.0000 99.798% $179,636.40
Fixed Income BP CAPITAL MARKETS 3.796% 9/21/25 BCM3725 170,000.0000 106.717% $181,418.90
Fixed Income CAPITAL ONE BK USA 3.375% 2/15/23 COB3323 220,000.0000 102.005% $224,411.00
Fixed Income CDN IMPERIAL BK 2.550% 6/16/22 CIB2522 170,000.0000 101.090% $171,853.00
Fixed Income CELGENE CORP NT 3.250% 2/20/23 CC33223 175,000.0000 102.508% $179,389.00
Fixed Income CITIGROUP INC 3.200%10/21/26 CI33226 220,000.0000 101.984% $224,364.80
Fixed Income COMCAST CORP NEW SR 4.150%10/15/28 CCN4128 200,000.0000 110.215% $220,430.00
Fixed Income CONCHO RES INC 4.300% 8/15/28 CR14328 105,000.0000 107.677% $113,060.85
Fixed Income CVS HEALTH CORP 5.050% 3/25/48 CHC5048 155,000.0000 106.512% $165,093.60
Fixed Income DOWDUPONT INC 5.319%11/15/38 DI55338 160,000.0000 117.417% $187,867.20
Fixed Income ECOLAB INC SR NT 2.375% 8/10/22 EIS2322 80,000.0000 100.431% $80,344.80
Fixed Income ENBRIDGE INC 2.900% 7/15/22 E122922 150,000.0000 101.473% $152,209.50
Fixed Income FGLMC#E03097 2.500% 3/01/27 E03097F 172,547.9600 100.942% $174,173.36
Fixed Income FGLMC#G60453 3.000% 1/01/46 G60453F 207,720.5000 102.094% $212,070.17
Fixed Income FGLMC#J30401 3.000% 1/01/30 J30401F 169,538.8200 102.553% $173,867.15
Fixed Income FGLMC#Q13204 3.000%11/01/42 Q13204F 139,294.4700 102.155% $142,296.27
Fixed Income FHLMC G08823 3.500% 7/01/48 G08823F 494,996.0500 102.605% $507,890.70
Fixed Income FHLMC G14702 2.5000%3/1/2023 G14702F 124,565.8600 101.055% $125,880.03
Fixed Income FHLMC G15252 3.0000%12/1/2029 G15252F 139,544.4300 102.553% $143,107.00
Fixed Income FHLMC V60586 3.0000%8/1/2029 V60586F 170,907.1400 102.419% $175,041.38
Fixed Income FIFTH THIRD BANCORP 2.600% 6/15/22 FTB2622 175,000.0000 100.688% $176,204.00
Fixed Income F N MA A L8174 3.5000%2/1/2046 AL8174A 317,099.2000 103.632% $328,616.24
Fixed Income F N MA A L8924 3.0000%12/1/2030 AL8924A 253,489.3800 102.280% $259,268.94
Fixed Income FNMAAL93763.0000%8/1/2031 AL9376A 138,168.2700 102.218% $141,232.84
Fixed Income FNMA AS7729 3.0000%8/1/2046 AS7729A 231,676.7800 101.661% $235,524.93
JHIGHMARK PARS: Central Contra Costa Sanitary District
9
CAPITAL MANAGEMENT
Holdings-Reporting as of Trade Date
Account:6746055900-PARS/CCCSD 115P-OPEB
As of:30-Jun-2019
Asset Type Asset Name Ticker Shares/Units Price Market Value
Fixed Income FNMA AT0293 3.0000%3/1/2043 AT0293A 137,497.9900 102.077% $140,353.82
Fixed Income FNMA BC1486 3.0000%8/1/2046 BC1486A 203,084.0200 101.661% $206,457.25
Fixed Income FNMA BM4913 3.000% 5/01/46 BM4913A 132,298.8500 101.719% $134,573.07
Fixed Income FNMA MA27792.0000%10/1/2026 MA2779A 140,394.6300 100.004% $140,400.25
Fixed Income FNMA MA2895 3.000% 2/01/47 MA2895A 168,072.5800 101.296% $170,250.80
Fixed Income FNMA MA3313 3.500% 3/01/33 MA3313A 116,757.2000 103.356% $120,675.57
Fixed Income FNMA MA3489 3.500%10/01/33 MA3489A 166,471.8300 103.340% $172,031.99
Fixed Income FNMA MA3536 4.000%12/01/48 MA3536A 106,986.6200 103.419% $110,644.49
Fixed Income GENERAL MTRS FINLCO 4.000%10/06/26 GMF4026 160,000.0000 100.836% $161,337.60
Fixed Income HEWLETT PACKARD CO NT4.375% 9/15/21 HPC4321 150,000.0000 104.299% $156,448.50
Fixed Income HSBC HLDGS 2.950% 5/25/21 HSBC21C 180,000.0000 100.879% $181,582.20
Fixed Income KEY BANK NA 2.250% 3/16/20 KBN2220 100,000.0000 99.936% $99,936.00
Fixed Income LOS ANGELES REV BIDS 6.574% 7/01/45 LAR6545 100,000.0000 151.976% $151,976.00
Fixed Income MACY'S RETAIL HLDGS 4.375% 9/01/23 MRH4323 150,000.0000 102.222% $153,333.00
Fixed Income NAR 2016-C A4 1.380% 1/17/23 NAR1323 150,000.0000 99.251% $148,876.50
Fixed Income NAROT2016-C A3 1.180% 1/15/21 N2A1121 8,532.5500 99.648% $8,502.52
Fixed Income NAROT 2017-B A3 1.750%10/15/21 N2AO121 350,000.0000 99.693% $348,925.50
Fixed Income NORFOLK SOUTHERN COR 4.150% 2/28/48 NSC4148 100,000.0000 107.449% $107,449.00
Fixed Income PNC FINL SVCS GROUP 3.150% 5/19/27 PFS3127 175,000.0000 103.277% $180,734.75
Fixed Income QUEST DIAGNOSTICS BD 3.500% 3/30/25 QDB3525 150,000.0000 103.185% $154,777.50
Fixed Income SHIRE ACQINV IRELAND2.875% 9/23/23 SA12823 155,000.0000 100.978% $156,515.90
Fixed Income TAOT 2017-D A3 1.930% 1/18/22 T2A2222 150,000.0000 99.775% $149,662.50
Fixed Income TIME WARNER CABLE NT 7.300% 7/01/38 TWC7338 125,000.0000 121.364% $151,705.00
Fixed Income TOYOTA AUTO RECV OWN 2.520% 5/15/23 TAR2523 95,000.0000 101.102% $96,046.90
Fixed Income UNTD AIR 2013-1 4.300% 8/15/25 UA24325 77,756.7800 106.319% $82,670.23
Fixed Income US TREAS BIDS 3.625% 8/15/43 UTB3643 575,000.0000 120.707% $694,065.25
Fixed Income US TREAS NTS 1.500% 5/31/20 UTN1520 60,000.0000 99.539% $59,723.40
Fixed Income US TREAS NTS 1.625% 4/30/23 UTN1623 145,000.0000 99.606% $144,428.70
Fixed Income US TREAS NTS 1.750% 2/15/26 UTN1726 385,000.0000 98.539% $379,375.15
Fixed Income US TREAS NTS 2.000% 2/15/25 UTN2025 560,000.0000 101.016% $565,689.60
Fixed Income US TREAS NTS 2.375% 5/15/27 UTN2327 500,000.0000 103.387% $516,935.00
JHIGHMARK PARS: Central Contra Costa Sanitary District
10
CAPITAL MANAGEMENT
Holdings-Reporting as of Trade Date
Account:6746055900-PARS/CCCSD 115P-OPEB
As of:30-Jun-2019
Asset Type Asset Name Ticker Shares/Units Price Market Value
Fixed Income US TREAS NTS 2.375%12/31/20 UTN2320 730,000.0000 100.789% $735,759.70
Fixed Income US TREAS NTS 3.125% 5/15/21 UTN3221 230,000.0000 102.461% $235,660.30
Fixed Income CC COT 2014-A1 2.880% 1/23/23 CC22823A 275,000.0000 101.206% $278,316.50
Fixed Income HA ROT 2017-3 A3 1.790% 9/20/21 H2A1721B 130,684.9600 99.732% $130,334.72
Fixed Income HAROT 2017-4 A3 2.050%11/22/21 H2A2121A 313,379.6000 99.868% $312,965.94
Fixed Income TAOT 2016-D A3 1.230%10/15/20 T2A1220A 30,415.2900 99.779% $30,348.07
Fixed Income UNITED STATES TREAS 2.875% 8/15/28 UST2828A 340,000.0000 107.461% $365,367.40
Fixed Income US TREAS NTS 1.875% 1/31/22 UTNO022B 175,000.0000 100.352% $175,616.00
Fixed Income US TREAS NTS 2.000% 5/31/24 UTN2024A 905,000.0000 101.176% $915,642.80
Fixed Income WELLS FARGO&CO NEW 3.000%10/23/26 WFC3026A 250,000.0000 101.034% $252,585.00
SUBTOTALS
Cash&Cash Equivalents $1,535,696.14
Equities $33,949,801.90
Fixed Income $30,275,437.04
TOTALS $65,760,935.08
JHIGHMARK PARS: Central Contra Costa Sanitary District
11
CAPITAL MANAGEMENT
Investment Summary Since Inception
CCCSD — Pension Beginning Value $3,359,081.81
Asset Allocation Contributions 4,497,231.15
Withdrawals -22,532.98
Total Assets: $8,390,553 Gain (Loss) 284,344.82
Interest and Dividends 272,428.51
Period Ending: 6-30-2019 Net Accrued Income 29,343.87
2Q19 Return: 3.22% Ending Market Value $8,419,897.18-
1 Year Return: 7.84%
Inception-to-Date Return: 4.94%
Inception Date:9-1-2017 Cash Equity
$560,564 $2,581,511
°
° 30.77%
Fixed Income
$5,248,478
62.55%
* Ending Market Value differs from total market value on page 13 due to differences in reporting methodology. The above ending market value includes
a cruals.
HIGHMARK° PARS: Central Contra Costa Sanitary District
12
CAPITAL MANAGEMENT
Asset Allocation — Central Contra Costa Sanitary District Pension
As of Second Quarter 2019
Current Asset Allocation Investment Vehicle
Equity 30.77% Range: 20%-40% 2,581,511
Large Cap Core 6.07% IVV iShares Core S&P 500 509,033
3.85% VGIAX Vanguard Growth & Income Adm 322,774
Large Cap Value 2.95% IVE iShares S&P 500 Value 247,128
Large Cap Growth 2.89% IVW iShares S&P 500 Growth 242,691
Mid Cap Core 2.68% IWR iShares Russell Mid-Cap ETF 224,486
Small Cap Value 2.20% UBVFX Undiscovered Managers Behavioral Val R6 184,660
Small Cap Growth 2.20% RSEJX Victory RS Small Cap Growth R6 184,252
International Core 1.20% VEA Vanguard FTSE Developed Markets ETF 100,813
International Value 1.22% DODFX Dodge & Cox International Stock Fund 102,036
International Growth 1.22% MGRDX MFS® International Growth Fund Class R6 102,088
Emerging Markets 2.46% HHHYX Hartford Schroders Emerging Mkts Eq Y 206,764
Real Estate 1.84% VNQ Vanguard Real Estate ETF 154,785
Fixed Income 62.55% Range: 50%-80% 5,248,478
43.80% Core Fixed Income Portfolio 3,674,647
Short-Term 2.88% VFSUX Vanguard Short-Term Investment-Grade Adm 241,451
Intermediate-Term 7.94% PTTRX PIMCO Total Return Instl Fund 665,900
7.94% PTRQX Prudential Total Return Bond Q 666,481
Cash 6.68% Range:0%-20% 560,564
6.68% FGZXX First American Government Oblig Z 560,564
TOTAL 100.00% $8,390,553
JHIGHMARK PARS: Central Contra Costa Sanitary District
13
CAPITAL MANAGEMENT
Selected Period Performance
PARS/CCCSD 115P - PENSION
Account 6746055901
Period Ending: 6/30/2019
Year Inception
to Date to Date
3 Months (6 Months) 1 Year (22 Months)
Cash Equivalents .57 1.14 2.14 1.73
Lipper Money Market Funds Index .54 1.10 2.06 1.64
Fixed Income ex Funds 3.06 6.48 8.28 3.58
Total Fixed Income 3.10 6.41 8.13 3.49
BBG Barclays US Aggregate Bd Index 6.11 7.87 3.25
Total Equities 3.78 17.97 7.08 8.85
Large Cap Funds 4.04 17.93 10.15 11.43
S&P 500 Composite Index 4.30 18.54 10.42 12.14
Mid Cap Funds 3.90 20.97 7.83 10.20
Russell Midcap Index 4.13 21.35 7.83 10.60
Small Cap Funds 4.46 20.84 2.27 10.81
Russell 2000 Index 2.10 16.98 -3.31 7.56
International Equities 3.29 14.49 2.05 1.71
MSCI EAFE Index 3.68 14.03 1.08 2.70
MSCI EM Free Index .61 10.58 1.21 .59
Real Estate- ETFs I Sctr Fds 1.51 19.21 12.89 7.36
Wilshire REIT Index 1.63 17.92 10.53 7.42
Total Managed Portfolio 3.22 9.65 7.84 4.94
CCCSD Pension 2.97 8.91 6.98 5.05
Performance Inception: 09/2017
CCCSD Pension Benchmark consists of: 15.5%of S&P 500,3% Russell Midcap,4.5% Russell 2000, 1%Wilshire REIT,2%MSCI EM Free,4% MSCI EAFE,49.25% BC Aggregate, 14% ML 1-3 Yr
US Corp/Govt, 1.75% ML US High Yield Mstr II, and 5% Citigroup 1 Month T-Bill Indexes. Returns are gross-of-fees unless otherwise noted. Returns for periods over one year are annualized.The
information presented has been obtained from sources believed to be accurate and reliable. Past performance is not indicative of future returns. Securities are not FDIC insured, have no bank
guarantee, and may lose value.
JHIGHMARK@ PARS: Central Contra Costa Sanitary District
14
CAPITAL MANAGEMENT
Fixed Income Portfolio: Statistics
As of Second Quarter 2019
CCCSD BC Aggregate Bond
Pension Index
Weighted Average Maturity 6.80 years 7.91 years
Effective Duration 5.21 years 5.92 years
Average Coupon 3.14% 3.23%
Yield to Maturity 2.59% 2.51%
Average Quality Aa3 Aa2
JHIGHMARK PARS: Central Contra Costa Sanitary District
15
CAPITAL MANAGEMENT
Fixed Income Portfolio: Sectors
As of Second Quarter 2019
45.0%
40.0%
35.0%
30.0%
25.0%
20.0%
15.0% —
10.0%
5.0%
0.0% •
Cash Treasury Agency Corp Non-Corp MBS CMO ABS CMBS
■CCCS❑ Pension 0.0% 24.7% 0.0% 40.8% 0.0% 22.8% 0.0% 11.7% 0.0%
■Barclays U.S.Aggregate Bond Index 0,0% 39.9% 1.2% 24.5% 4.4% 27.6% 0.0% 0.5% 2.1%
JHIGHMARK PARS: Central Contra Costa Sanitary District
16
CAPITAL MANAGEMENT
Fixed Income Portfolio: Effective Duration and Effective Maturity
As of Second Quarter 2019
Effective Duration Effective Maturity
30%
35%
30% 25%
25%
20%
20%
15%
15%
10%
10%
5% 5%
0%
0-1 Yrs. 1-3 Yrs. 3-5 Yrs. 5-7 Yrs. Yrs.Yrrs.10+ 010 0-1 Yr. 1-3 Yrs. 3-5 Yrs. 5-7 Yrs. 7-10 Yrs. 10+Yrs.
■CCCSD Pension 9.04% 25.52% 24.42% 20.13% 9.29% 11.60% •CCCSD Pension 9.04% 16.22% 23.35% 23.93% 13.92% 13.55%
BC Aggregate Bond Index 0.33% 29.44% 32.56% 15.06% 6.79% 15.81% BC Aggregate Bond Index 0.15% 21.26% 27.17% 25.20% 9.37% 16.83%
JHIGHMARK PARS: Central Contra Costa Sanitary District
17
CAPITAL MANAGEMENT
Holdings-Reporting as of Trade Date
Account:6746055901-PARS/CCCSD 115P-PENSION
As of:30-Jun-2019
Asset Type Asset Name Ticker Shares/Units Price Market Value
Equities DODGE&COX INTL STOCK FD(CLSD)#1048 DODFX 2,449.2490 $41.6600 $102,035.71
Equities HARTFORD SCHRODR MKTS EQCLY#1842 HHHYX 13,186.4910 $15.6800 $206,764.18
Equities ISHARES RUSSELL MIDCAP ETF IWR 4,018.0000 $55.8700 $224,485.66
Equities ISHARES S&P 500 GROWTH ETF IVW 1,354.0000 $179.2400 $242,690.96
Equities ISHARES S&P 500 VALUE ETF IVE 2,120.0000 $116.5700 $247,128.40
Equities ISHARES TR CORE S&P500 ETF IVV 1,727.0000 $294.7500 $509,033.25
Equities MFS INTERNATIONAL GROWTH R6#4805 MGRDX 2,920.1400 $34.9600 $102,088.09
Equities UNDISCOVERED MGRS BEHAVL R6#3467 UBVFX 2,961.1960 $62.3600 $184,660.18
Equities VANGUARD FTSE DEVELOPED MARKETS ETF VEA 2,417.0000 $41.7100 $100,813.07
Equities VANGUARD GRO&INC ADMIRAL SHRS#593 VGIAX 4,058.5250 $79.5300 $322,774.49
Equities VANGUARD REAL ESTATE ETF VNQ 1,771.0000 $87.4000 $154,785.40
Equities VICTORY RS SM CAP GROW#279 RSEJX 2,194.2600 $83.9700 $184,252.01
Fixed Income PIMCOTOTAL RETURN INSTL #35 PTTRX 64,338.1410 $10.3500 $665,899.76
Fixed Income PRUDENTIAL TOTAL RTRN BD CLQ PTRQX 45,154.5320 $14.7600 $666,480.89
Fixed Income VNGRD STTERM INVMTGRADEADM #539 VFSUX 22,544.4090 $10.7100 $241,450.62
Fixed Income VERIZON COMMUNICATIO 5.250% 3/16/37 20,000.0000 119.613% $23,922.60
Fixed Income FORD MTR CO NTS 7.450% 7/16/31 F31 25,000.0000 118.270% $29,567.50
Fixed Income EL PASO ENERGY CORP 7.800% 8/01/31 EP31 30,000.0000 134.487% $40,346.10
Fixed Income PETRO-CDA NT 6.800% 5/15/38 SU/38 25,000.0000 136.734% $34,183.50
Fixed Income BOSTON PPTYS LTD PAR 2.750%10/01/26 BXP26A 40,000.0000 98.442% $39,376.80
Fixed Income JPMORGAN CHASE&CO 3.200% 6/15/26 JPM26B 40,000.0000 102.913% $41,165.20
Fixed Income ROYAL BK SCOTLAND GR 3.875% 9/12/23 RBS23B 20,000.0000 102.605% $20,521.00
Fixed Income ABBOTT LABS SR NT 3.750%11/30/26 ALS3726 27,000.0000 108.120% $29,192.40
Fixed Income ABBVIE INC 3.200%11/06/22 A133222 40,000.0000 101.480% $40,592.00
Fixed Income AMERICAN EXPRESS CO 3.000%10/30/24 AEC3024 40,000.0000 102.507% $41,002.80
Fixed Income AMERICAN INTLGRP 3.300% 3/01/21 AIG3321 40,000.0000 101.350% $40,540.00
Fixed Income AMXCA 2017-3 A 1.770%11/15/22 A2A1122 25,000.0000 99.656% $24,914.00
Fixed Income AT&T INC NTS 4.125% 2/17/26 AIN4126 40,000.0000 106.374% $42,549.60
Fixed Income AVALONBAY CMNTYS INC 3.450% 6/01/25 ACI3425 30,000.0000 104.844% $31,453.20
Fixed Income BB&T CORP SR MTN 2.850%10/26/24 BCS2824 35,000.0000 102.499% $35,874.65
Fixed Income BERKSHIRE HATHAWAY 4.250% 1/15/49 BH44249 30,000.0000 112.560% $33,768.00
JHIGHMARK PARS: Central Contra Costa Sanitary District
18
CAPITAL MANAGEMENT
Holdings-Reporting as of Trade Date
Account:6746055901-PARS/CCCSD 115P-PENSION
As of:30-Jun-2019
Asset Type Asset Name Ticker Shares/Units Price Market Value
Fixed Income BK OF AMERICA CORP 4.000% 4/01/24 BOA4024 35,000.0000 106.562% $37,296.70
Fixed Income BK OF MONTREAL MTN 2.350% 9/11/22 BOM2322 30,000.0000 99.970% $29,991.00
Fixed Income BK OF NOVA SCOTIA 2.700% 3/07/22 BON2722 10,000.0000 101.343% $10,134.30
Fixed Income BK OF NY MELLON MTN 2.050% 5/03/21 BON2021 20,000.0000 99.798% $19,959.60
Fixed Income BP CAPITAL MARKETS 3.796% 9/21/25 BCM3725 30,000.0000 106.717% $32,015.10
Fixed Income CAPITAL ONE BK USA 3.375% 2/15/23 COB3323 25,000.0000 102.005% $25,501.25
Fixed Income CDN IMPERIAL BK 2.550% 6/16/22 CIB2522 30,000.0000 101.090% $30,327.00
Fixed Income CELGENE CORP NT 3.250% 2/20/23 CC33223 35,000.0000 102.508% $35,877.80
Fixed Income CHAIT 2016-A4 A 1.490% 7/15/22 C2A1422 25,000.0000 99.378% $24,844.50
Fixed Income CITIGROUP INC 3.200%10/21/26 CI33226 45,000.0000 101.984% $45,892.80
Fixed Income COMCAST CORP NEW SR 4.150%10/15/28 CCN4128 40,000.0000 110.215% $44,086.00
Fixed Income CONCHO RES INC 4.300% 8/15/28 CR14328 20,000.0000 107.677% $21,535.40
Fixed Income CVS HEALTH CORP 5.050% 3/25/48 CHC5048 30,000.0000 106.512% $31,953.60
Fixed Income DOWDUPONT INC 5.319%11/15/38 DI55338 25,000.0000 117.417% $29,354.25
Fixed Income ECOLAB INC SR NT 2.375% 8/10/22 EIS2322 20,000.0000 100.431% $20,086.20
Fixed Income ENBRIDGE INC 2.900% 7/15/22 E122922 30,000.0000 101.473% $30,441.90
Fixed Income FGLMC#E03097 2.500% 3/01/27 E03097F 28,758.0000 100.942% $29,028.90
Fixed Income FGLMC#G60453 3.000% 1/01/46 G60453F 35,813.8700 102.094% $36,563.81
Fixed Income FGLMC#130401 3.000% 1/01/30 J30401F 74,597.0900 102.553% $76,501.55
Fixed Income FGLMC G08701 3.000% 4/01/46 G08701F 28,949.4700 101.404% $29,355.92
Fixed Income FHLMC G08823 3.500% 7/01/48 G08823F 117,768.5900 102.605% $120,836.46
Fixed Income FHLMC G15252 3.0000%12/1/2029 G15252F 31,825.9300 102.553% $32,638.45
Fixed Income FIFTH THIRD BANCORP 2.600% 6/15/22 FTB2622 30,000.0000 100.688% $30,206.40
Fixed Income FNMA#AB3678 3.500%10/01/41 AB3678A 40,944.6500 103.977% $42,573.02
Fixed Income FNMAAL93763.0000%8/1/2031 AL9376A 31,401.8900 102.218% $32,098.38
Fixed Income FNMA AS7729 3.0000%8/1/2046 AS7729A 39,944.2600 101.661% $40,607.73
Fixed Income FNMA BC1486 3.0000%8/1/2046 BC1486A 39,054.5900 101.661% $39,703.29
Fixed Income FNMA BM4913 3.000% 5/01/46 BM4913A 37,799.6700 101.719% $38,449.45
Fixed Income FNMA MA27792.0000%10/1/2026 MA2779A 29,871.1900 100.004% $29,872.38
Fixed Income FNMA MA2895 3.000% 2/01/47 MA2895A 25,210.8900 101.296% $25,537.62
Fixed Income FNMA MA3120 3.5000%9/1/2047 MA3120A 109,371.3200 102.952% $112,599.96
JHIGHMARK PARS: Central Contra Costa Sanitary District
19
CAPITAL MANAGEMENT
Holdings-Reporting as of Trade Date
Account:6746055901-PARS/CCCSD 115P-PENSION
As of:30-Jun-2019
Asset Type Asset Name Ticker Shares/Units Price Market Value
Fixed Income FNMA MA3313 3.500% 3/01/33 MA3313A 50,038.8100 103.356% $51,718.11
Fixed Income FNMA MA3489 3.500%10/01/33 MA3489A 30,665.8600 103.340% $31,690.10
Fixed Income FNMA MA3536 4.000%12/01/48 MA3536A 69,773.8800 103.419% $72,159.45
Fixed Income GENERAL MTRS F I N L CO 4.000%10/06/26 G M F4026 25,000.0000 100.836% $25,209.00
Fixed Income HAIR 2017-4A-4 2.210% 3/21/24 H222224 25,000.0000 100.176% $25,044.00
Fixed Income HEWLETT PACKARD CO NT4.375% 9/15/21 HPC4321 20,000.0000 104.299% $20,859.80
Fixed Income HSBC HLDGS 2.950% 5/25/21 HSBC21C 20,000.0000 100.879% $20,175.80
Fixed Income KEY BANK NA 2.250% 3/16/20 KBN2220 10,000.0000 99.936% $9,993.60
Fixed Income MACY'S RETAIL HLDGS 4.375% 9/01/23 MRH4323 20,000.0000 102.222% $20,444.40
Fixed Income MAGELLAN MIDSTREAM 5.000% 3/01/26 MM55026 25,000.0000 111.105% $27,776.25
Fixed Income METLIFE INC BIDS 3.600%11/13/25 MIB3625 30,000.0000 106.209% $31,862.70
Fixed Income NAR 2016-C A4 1.380% 1/17/23 NAR1323 65,000.0000 99.251% $64,513.15
Fixed Income NORFOLK SOUTHERN COR 4.150% 2/28/48 NSC4148 10,000.0000 107.449% $10,744.90
Fixed Income PNC FINL SVCS GROUP 3.150% 5/19/27 PFS3127 30,000.0000 103.277% $30,983.10
Fixed Income QUEST DIAGNOSTICS BD 3.500% 3/30/25 QDB3525 25,000.0000 103.185% $25,796.25
Fixed Income REPUBLIC SVCS NTS 3.375%11/15/27 RSN3327 30,000.0000 103.392% $31,017.60
Fixed Income SHIRE ACQINV IRELAND2.875% 9/23/23 SA12823 35,000.0000 100.978% $35,342.30
Fixed Income TAOT 2017-D A3 1.930% 1/18/22 T2A2222 25,000.0000 99.775% $24,943.75
Fixed Income TIME WARNER CABLE NT 7.300% 7/01/38 TWC7338 30,000.0000 121.364% $36,409.20
Fixed Income TOYOTA AUTO RECV OWN 2.520% 5/15/23 TAR2523 55,000.0000 101.102% $55,606.10
Fixed Income UNITEDAIR 4.150% 8/25/31 UA44131 35,000.0000 107.301% $37,555.35
Fixed Income UNTD AIR 2013-1 4.300% 8/15/25 UA24325 50,541.9100 106.319% $53,735.65
Fixed Income US TREAS BIDS 3.625% 8/15/43 UTB3643 185,000.0000 120.707% $223,307.95
Fixed Income US TREAS NTS 1.500% 5/31/20 UTN1520 40,000.0000 99.539% $39,815.60
Fixed Income US TREAS NTS 1.625% 4/30/23 UTN1623 25,000.0000 99.606% $24,901.50
Fixed Income US TREAS NTS 1.750% 2/15/26 UTN1726 30,000.0000 98.539% $29,561.70
Fixed Income US TREAS NTS 2.000% 2/15/25 UTN2025 50,000.0000 101.016% $50,508.00
Fixed Income US TREAS NTS 2.250%11/15/25 UTN2225 30,000.0000 102.410% $30,723.00
Fixed Income US TREAS NTS 2.375% 5/15/27 UTN2327 95,000.0000 103.387% $98,217.65
Fixed Income US TREAS NTS 2.375%12/31/20 UTN2320 95,000.0000 100.789% $95,749.55
Fixed Income US TREAS NTS 3.125% 5/15/21 UTN3221 60,000.0000 102.461% $61,476.60
JHIGHMARK PARS: Central Contra Costa Sanitary District
Zo
CAPITAL MANAGEMENT
Holdings-Reporting as of Trade Date
Account:6746055901-PARS/CCCSD 115P-PENSION
As of:30-Jun-2019
Asset Type Asset Name Ticker Shares/Units Price Market Value
Fixed Income WALGREEN CO SR NT 3.100% 9/15/22 WCS3122 30,000.0000 101.725% $30,517.50
Fixed Income CC CCIT 2014-A1 2.880% 1/23/23 CC22823A 77,000.0000 101.206% $77,928.62
Fixed Income CIT 2012-4A A 1.580% 8/16/21 C2A15216 30,000.0000 99.897% $29,969.10
Fixed Income HA ROT 2017-4 A3 2.050%11/22/21 H2A2121A 98,490.7400 99.868% $98,360.73
Fixed Income TAOT 2016-D A3 1.230%10/15/20 T2A1220A 6,083.0600 99.779% $6,069.62
Fixed Income UNITED STATES TREAS 2.750% 6/30/23 UST0023B 5,000.0000 103.434% $5,171.70
Fixed Income UNITED STATES TREAS 2.875% 8/15/28 UST2828A 35,000.0000 107.461% $37,611.35
Fixed Income US TREAS NTS 1.500%11/30/19 UTN1519E 100,000.0000 99.742% $99,742.00
Fixed Income US TREAS NTS 1.875% 1/31/22 UTN0022B 20,000.0000 100.352% $20,070.40
Fixed Income US TREAS NTS 2.000% 5/31/24 UTN2024A 90,000.0000 101.176% $91,058.40
Fixed Income WELLS FARGO&CO NEW 3.000%10/23/26 WFC3026A 45,000.0000 101.034% $45,465.30
$3,674,646.90
Cash&Cash Equivalents FIRST AMERN GOVT OBLIG FD CLZ#3676 FGZXX 560,563.7400 $1.0000 $560,563.74
SUBTOTALS
Cash&Cash Equivalents $560,563.74
Equities $2,581,511.40
Fixed Income $5,248,478.17
TOTALS $8,390,553.31
JHIGHMARK PARS: Central Contra Costa Sanitary District
21
CAPITAL MANAGEMENT
CENTRAL CONTRA COSTA SANITARY DISTRICT
For Period Ending June 30, 2019
EQUITYLARGE CAP
3-Month YTD 1-Year 3-Year 5-Year 10-Year
Fund Name Inception Return Rank Return Rank Return Rank Return Rank Return Rank Return Rank
iShares Core S&P 500 ETF (4/17) 4.29 36 18.52 35 10.37 28 14.14 19 10.66 13 14.63 12
iShares S&P 500 Value ETF (4/17) 3.96 31 16.61 20 8.49 31 10.47 46 7.76 31 12.91 33
Vanguard Growth & Income Adm (12/16) 3.69 65 17.50 59 8.93 49 13.49 42 10.53 17 14.67 10
iShares S&P 500 Growth ETF (4/17) 4.50 52 20.08 65 11.85 30 17.05 47 12.90 31 15.89 26
S&P 500 TR USD 4.30 -- 18.54 -- 10.42 -- 14.19 -- 10.71 -- 14.70 EQUITY --
MID CAP
iShares Russell Mid-Cap ETF (3/16) 4.07 33 21.22 13 7.72 19 11.99 29 8.47 16 14.97 8
Russell Mid Cap TR USD 4.13 -- 21.35 -- 7.83 -- 12.16 - 8.63 -- 15.16 EQUITY --
SMALL CAP
Undiscovered Managers Behavioral Val R6 (9/16) 2.20 22 16.50 15 -4.69 23 9.19 26 7.10 6 15.41 1
Russell 2000 Value TR USD 1.38 -- 13.47 -- -6.24 -- 9.81 -- 5.39 -- 12.40 --
Victory RS Small Cap Growth R6 (2/19) 7.09 16 31.55 6 6.58 34 23.13 10 12.74 11 17.25 6
INTERNATIONAL •
Dodge& Cox International Stock 2.81 16 12.87 10 -0.31 28 9.31 10 0.42 42 7.41 12
Vanguard FTSE Developed Markets ETF (9/18) 3.29 42 13.81 44 0.05 54 8.87 33 2.54 25 7.06 27
MFS International Growth R6 4.92 47 18.15 53 6.54 17 12.85 13 6.17 16 9.40 17
MSCI EAFE NR USD 3.68 -- 14.03 -- 1.08 -- 9.11 -- 2.25 -- 6.90 --
Hartford Schroders Emerging Mkts Eq Y 2.15 34 12.89 37 1.65 44 12.20 13 3.65 13 6.29 34
IMSCI EM Free Index 0.61 -- 10.58 -- 1.21 -- 10.66 -- 2.49 -- 5.81
Data Source:Morningstar, SEI Investments
Returns less than one year are not annualized. Past performance is not indicative of future returns. The information presented has been obtained from sources believed accurate and
reliable. Securities are not FDIC insured, have no bank guarantee and may lose value.
JHIGHMARK PARS: Central Contra Costa Sanitary District
22
CAPITAL MANAGEMENT
CENTRAL CONTRA COSTA SANITARY DISTRICT
For Period Ending June 30, 2019
REIT EQUITY FUNDS
3-Month YTD 1-Year 3-Year 5-Year 10-Year
Fund Name Inception Return Rank Return Rank Return Rank Return Rank Return Rank Return Rank
Vanguard Real Estate ETF (4/17) 1.72 60 19.30 29 12.21 31 4.03 58 7.69 39 15.46 29
Wilshire REIT Index 1.63 -- 17.92 -- 10.53 -- 4.11 -- 7.84 -- 15.66 BOND FUNDS: Iq
PIMCO Total Return Instl 3.21 30 6.08 72 7.64 46 3.18 34 3.02 42 4.69 55
PGIM Total Return Bond R6 (5/16) 3.68 4 7.85 6 9.22 4 4.00 8 4.12 4 6.29 9
Vanguard Short-Term Investment-Grade Adm 1.92 11 4.14 15 5.48 11 2.31 25 2.26 12 3.15 20
BBgBarc US Agg Bond TR USD 3.08 -- 6.11 -- 7.87 -- 2.31 -- 2.95 -- 3.90
Data Source:Morningstar, SEI Investments
Returns less than one year are not annualized. Past performance is not indicative of future returns. The information presented has been obtained from sources believed accurate and
reliable. Securities are not FDIC insured, have no bank guarantee and may lose value.
JHIGHMARK PARS: Central Contra Costa Sanitary District
23
CAPITAL MANAGEMENT