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Item 5.b.
CENTRAL SAN
August 25, 2020
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 HIGHMARK CAPITAL MANAGEMENT GOVERNMENT
ACCOUNTING STANDARDS BOARD (GASB)45 OTHER POST-
EMPLOYMENT BENEFITS (OPEB)AND PENSION PREFUNDING SUB-
TRUST REPORTS FOR THE SECOND QUARTER OF CALENDAR YEAR
2020
Attached for review is a trust performance overview provided by Highmark as well as OPEB and Pension
Pre-funding sub-trust investment reports for the quarter ending June 30, 2020. An overview slide showing
the entities involved in administering the OPEB and Pension Pre-funding Trusts for Central San is
also attached.
This quarter reflects significant quarterly gains of 12.19 percent and 8.70 percent for the OPEB and
Pension Pre-funding sub-trusts, respectively. This is in sharp contrast to the market losses reported in the
immediately preceding quarter following the market downturn caused by the nation's responses to curb the
spread of the COVI D-19 pandemic. Early 2020 losses have yet to be fully recovered, but this quarter's
results are promising. Staff will continue to monitor the plans for any new significant developments
requiring Board action as well as the long-term outlook of the benefit plans' funded positions.
GOAL THREE: Fiscal Responsibility
Strategy 1—Maintain financial stability and sustainability, Strategy 2—Ensure integrity and transparency in financial
management
ATTACHMENTS:
1. Overview of Entities Administering Trusts
2. Highmark Overview of 2nd Quarter 2020
3. PARS Investment Report 2nd Quarter 2020
August 25, 2020 Regular FINANCE Committee Meeting Agenda Packet- Page 86 of 118
Attachment 1
PARS 115 TRUST TEAM
Trust Administrator & Consultant
rLIBLIC
AGENCY 5 PARS Recordkeeping Processes contributions/disbursements
RETREMENE
Sub-trust accounting • Hands-on, dedicated support teams
TRUSTED SOLUTIONS.LASTING RESULTS. . Monitors plan compliance • Coordinates all agency services
36 1 ,500+ 1 ,000+ 500 K+ $4.2B
Years of Experience Plans under Public Agency Plan Participants Assets under
(1984-2020) Administration Clients Administration
Investment Manager
CVbank. AHIGHMARK-
CAPITAL MANAGEMENT
• 5th largest commercial bank and one of the • Investment sub-advisor to trustee U.S. Bank
nation's largest trustees for Section 115 trusts. • Investment policy assistance
• Safeguard plan assets, • Uses open architecture
• Oversight protection as plan fiduciary • Active and passive platform options
• Custodian of assets • Customized portfolios (with minimum asset level)
157 $5.OT 101 S17.4B
Years of Experience Assets under Years of Experience Assets under
(1863-2020) Administration (1919-2020) Management
PUD
UC
RETIREMENT
SERVICES PARS
TRUSTED S(gkU6VR!T ?_"b.Regular FINANCE Committee Meeting Agenda Packet- Page 87 of 118
Page 3 of 28
Attachment 2
HIGHMARKO
CAPITAL MANAGEMENT
July 20, 2020
Phil Leiber
Director of Finance and Administration
Central Contra Costa Sanitary District
5019 Imhoff Place
Martinez, CA 94553-4392
RE: 2Q Quarter 2020 OPEB/Pension Report
Dear Mr. Leiber,
The first half of 2020 has been one for the record books. A pandemic-induced panic
sell-off in equity and credit markets was halted and reversed by a sharp rebound on the
heels of an unprecedented globally coordinated fiscal and monetary policy response.
During the second quarter, reopening announcements and progress on vaccines and
treatments further fueled animal spirits, overcoming a slew of ugly economic data points
and forecasts.
Underpinning the five-week long purge of stocks and other risk assets that began in mid-
February was mounting uncertainty surrounding the full scope of the economic impact of
social distancing measures, both voluntary and mandatory, intended to combat the
spread of COVID-19. As businesses shut down and mass layoffs piled up, sources of
optimism became increasingly scarce and capital market volatility exploded.
Potential economic casualties of the novel coronavirus were being compared to the
Great Depression for good reason. Filings for U.S. unemployment claims tallied up to 6.9
million in the last week of March, exceeding the worst week of the Global Financial Crisis
by a factor of ten.' The U.S. experience was by no means unique. Economic shutdowns
were taking a dramatic toll worldwide. In the absence of a proportional and timely policy
response, it was anyone's guess where the downward spiral would end.
Thankfully, there was no ambiguity about the urgent need for supportive measures and
policymakers stepped up to the plate quickly armed with lessons and tools from past
financial crises. The global equity market's historic rally began on March 24 following an
announcement by the Federal Reserve that the U.S. central bank would effectively do
`whatever it takes' to stabilize the economy and financial markets. In concert with a
barrage of lending facilities and limitless Quantitative Easing it was the catalyst investors
were looking for.
While ultra-dovish monetary policy acted as the initial catalyst for the equity and credit
market pivot, the March 27 passage of an equally awe-inspiring $2 trillion fiscal aid
package that amounted to over 10% of GDP would further serve to reassure investors
that a worst-case economic outcome could be avoided. The Coronavirus Aid, Relief,
and Economic Security Act, or "CARES" Act, featured supplemental unemployment
1 Source: U.S. Department of Labor
August 25, 2020 Regular FINANCE Committee Meeting Agenda Packet- Page 88 of 118
Page 4 of 28
Attachment 2
benefits and direct payments to most American households in addition to support for
small businesses.
As state-mandated business restrictions were lifted and activity resumed, in some cases
more rapidly than expected, this reopening added wind to the sails of the `glass half full'
outlook. Market participants paid close attention to China as the first nation to confront
COVID-19 with broad- based economic lockdowns and the first to reopen once it had the
spread under control. China's rapid economic recovery was viewed as an encouraging
leading indicator of how quickly other countries might snap back after dealing with
similar circumstances.
In the U.S. and elsewhere, positive surprises in economic data were interpreted as
`green shoots' that would suggest the global economy was already on the fast track to
recovery. Headlining this promising data was the U.S. non-farm payroll reports for May
and June, which reported a claw back of 7.5 million of the more than 22 million jobs lost
in the prior two months.2 Confirming signals were observed in global manufacturing
survey data that indicated the pace of the world's economic downturn was slowing. In
May, the JP Morgan Global Manufacturing Purchasing Managers Index rose from a
record low of 39.6 in April to 42.4. The June reading showed further improvement to 47.8
(values below 50 indicates contraction).
Looking forward, close attention will be paid to how much of the economic damage will
be long-lasting versus merely short-term in nature. The initial stages of the rebound
could be more pronounced because of the sharpness of the decline — a phenomenon
called the low-base effect. The markets appear to be extrapolating the green shoots in a
linear manner. However, it is important to keep in mind that economic data points can be
unusually difficult to explicate under such extreme conditions. In a period of forced
economic shutdowns, even classifying workers employment status has become a
challenge with survey respondents deemed employed but not working according to the
Bureau of Labor Statistics categorization of methodology, which counts workers as
employed but absent from work due to vacations, illness or"other reasons."
Federal Reserve (Fed) Chairman Jerome Powell, in testimony before Congress,
stressed the point that the U.S. economy is not out of the woods yet by saying "the
levels of output and employment remain far below their pre-pandemic levels, and
significant uncertainty remains about the timing and strength of the recovery." Of course,
overhanging the positive economic momentum remains the ongoing threat of the
continued spread of the virus in many parts of the world, including a resurgence of
infections in the U.S. A point the Fed Chair emphasized to Congress when he said,
"Much of that economic uncertainty comes from uncertainty about the path of the
disease and the effects of measures to contain it. Until the public is confident that the
disease is contained, a full recovery is unlikely."
With a policy lifeline thrown out to carry businesses and consumers through these
unprecedented times on the way to a vaccine, market sentiment has justifiably shifted in
a positive direction. However, unanticipated setbacks could prove the consensus outlook
for a full recovery next year to be Pollyannaish. If the early pace of the rebound cannot
Z U.S Bureau of Labor Statistics
August 25, 2020 Regular FINANCE Committee Meeting Agenda Packet- Page 89 of 118
Page 5 of 28
Attachment 2
be sustained, it could call into question the justification for the strong equity market
snapback. Current elevated valuations in global equity markets raise the risk of falling
victim to the curse of high expectations. For this reason, we are hesitant towards adding
significant equity and credit risk in pursuit of higher returns.
Plan Performance
The Central Contra Costa Sanitary District OPEB Plan gained 12.19% gross of
investment fees for the second quarter. The return outperformed the District's OPEB
Plan Benchmark target return of 11.28%. All equity segments posted double digit
returns with small cap equity at 28.7%, large cap equity (20.4%) and mid-cap equity
(24.7%) the strongest category segments. For the two equity areas where the Plan
engages in active management, both small cap (28.7% vs. the Russell 2000 Index
25.4%) and international equity (17.8% vs. MSCI-EAFE Index 14.9%) outperformed their
respective benchmarks. Additionally, the emerging market manager, Hartford
Schroders Emerging Market Fund (19.4°/x), also exceeded the MSCI Emerging Market
Index target return of 18.1% in the quarter.
While the performance of the equity segment was encouraging, our fixed income
managers posted gains well in excess of the benchmark in the quarter returning 4.7%,
versus the Bloomberg Barclays US Aggregate Bond Index return 2.9%. In March the
corporate bond market seized up, due to fears of a global shutdown of economic activity.
With intervention by the Federal Reserve in the bond market, corporate issues rallied
strongly in the quarter. Our three managers all posted returns exceeding the
benchmark.
We ended the quarter with a target asset allocation of 48.5% stocks, 48.5% bonds and
3% cash. This represents a 1% increase in stocks versus the previous quarter-end
target position. While this is still an `underweight' allocation relative to a neutral Plan
policy target of 60% equities, the massive amounts of global stimulus, coupled with
encouraging signs from the medical front regarding a vaccine/therapy motivated us to
slightly increase our equity allocation.
The Central Contra Costa Sanitary District Pension Plan returned 8.7% in the quarter,
gross of investment fees, which outgained the District's Plan benchmark target of 7.73%.
The target asset allocation for the pension plan also maintained an underweight
allocation to stocks as of the end of the quarter; targeting an allocation of 28.5% stocks,
and a fixed income/cash allocation of 71.5%.
Andrew Brown
August 25, 2020 Regular FINANCE Committee Meeting Agenda Packet- Page 90 of 118
Attachment 3
PARS: Central Contra Costa Sanitary District
OPEB and Pension Plan
Second Quarter 2020
Presented by
Andrew Brown, CFA
JHIGHMARKO
CAPITAL MANAGEMENT
Attachment 3
CCCSD — OPEB Investment Summary Since Inception
Beginning Value 566,683.26
Asset Allocation Contributions 106,493,554.82
Withdrawals -64,437,644.69
Total Assets: $69,713,016 Gain(Loss) 11,948,355.04
Interest and Dividends 15,142,067.11
Period Ending: 6-30-2020 Net Accrued Income 132.576.52
2Q20 Return: 12.19% Ending Market Value $69,845,592.06*
1 Year Return: 4.48%
Inception-to-Date Return: 8.88% Cash
Inception Date:4-1-2009 $2,070,139
2.97T,
Plan target rate of return: 6.25%
�1 Equity
1' $33,867,327
48.58%
1
1
i
Fixed Income
$33,775,550
48.450]0
* Ending Market Value differs from total market value on page 3 due to differences in reporting methodology. The above ending market value includes accruals.
JHIGHMARKO
CAPITAL MANAGEMENT
Attachment 3
Asset Allocation - Central Contra Costa Sanitary District OPEB
As of Second Quarter202O
Current Asset Allocation Investment Vehicle
Equity 48.58% Range:40%-60% 33,867,327
Large Cap Core 11.23% IVV iShares Core S&P 500 ETF 7,831,131
7.61% VGIAX Vanguard Growth & Income Adm 5,304,298
Large Cap Value 5.05% IVE iShares S&P 500 Value ETF 3,518,881
Large Cap Growth 5.11% IVW iShares S&P 500 Growth ETF 3,562,396
Mid Cap Core 4.49% IWR iShares Russell Mid-Cap ETF 3,130,722
Small Cap Value 2.84% UBVFX Undiscovered Managers Behavioral Val R6 1,976,569
Small Cap Growth 2.79% RSEJX Victory RS Small Cap Growth R6 1,942,803
International Core 2.52% VEA Vanguard FTSE Developed Markets ETF 1,757,303
International Value 1.61% DODFX Dodge & Cox International Stock Fund 1,119,871
International Growth 1.65% MGRDX MFS® International Growth Fund Class R6 1,147,074
Emerging Markets 2.64% HHHFX Hartford Schroders Emerging Mkts Eq F 1,838,566
Real Estate 1.06% VNQ Vanguard Real Estate ETF 737,711
Fixed Income 48.45% Range:40%-60% 33,775,550
28.45% Core Fixed Income Portfolio 19,836,330
Short-Term 2.87% VFSUX Vanguard Short-Term Investment-Grade Adm 2,003,082
Intermediate-Term 8.56% PTTRX PIMCO Total Return Instl Fund 5,967,770
8.56% PTRQX Prudential Total Return Bond Q 5,968,369
Cash 2.97% Range: 0%-20% 2,070,139
2.97% FGZXX First American Government Oblig Z 2,070,139
TOTAL 100.00% $69,713,016
JHIGHMARKO
CAPITAL MANAGEMENT
Attachment 3
Selected Period Performance
CCCSD - OPEB
Period Ending: 6/30/2020
Year Inception
to Date to Date
3 Months (6 Months) 1 Year 3 Years 5 Years 10 Years 04/01/2009
Cash Equivalents .03 .33 1.26 1.52 1.03 .53 .51
Lipper Money Market Funds Index .07 .39 1.27 1.47 .96 .48 .43
Fixed Income ex Funds 4.32 5.66 8.41
Total Fixed Income 4.70 5.30 7.92 5.17 4.28 3.96 4.92
BBG Barclays US Aggregate Bd Index 2.90 6.14 8.74 5.32 4.30 - 4.39
Total Equities 21.23 -7.33 1.12 6.74 7.17 11.09 12.77
Large Cap Funds 20.36 -4.02 6.34 9.78 9.53 13.03 14.13
S&P 500 Composite Index 20.54 -3.08 7.51 10.73 10.73 13.99 15.20
Mid Cap Funds 24.72 -9.13 -2.23 5.37 5.84 10.93
Russell Midcap Index 24.61 -9.13 -2.24 5.79 6.76 12.35 15.05
Small Cap Funds 28.72 -13.12 -8.17 3.84 6.08 12.77 15.08
Russell 2000 Index 25.42 -12.98 -6.63 2.01 4.29 10.50 13.06
International Equities 17.77 -10.31 -3.20 1.59 2.81 4.77 7.75
MSCI EAFE Index 14.88 -11.34 -5.13 .81 2.05 5.73 7.76
MSCI EM Free Index 18.08 -9.78 -3.39 1.90 2.86 3.27 7.64
Real Estate - ETFs / Sctr Fds 13.29 -13.90 -6.92
Wilshire REIT Index 10.56 -17.77 -12.30 .23 3.98 9.22 15.27
Total Managed Portfolio 12.19 -1.07 4.48 6.18 5.89 7.62 8.88
CCCSD OPEB 11.28 -.85 4.77 6.04 5.92 7.56 8.86
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%Cltigroup 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.
J HIGHMARKO
CAPITAL MANAGEMENT
Attachment 3
Fixed Income Portfolio: Statistics
As of Second Quarter 2020
CCCSD BC Aggregate Bond
OPEB Index
Weighted Arerage Maturity 7.56 years 8.21 years
Effective Duration 5.81 years 6.10 years
Average Coupon 3.04% 3.06%
Yield to Maturity 1.36% 1.28%
Average Quality Aa2 Aa2
JHIGHMARKO
CAPITAL MANAGEMENT Source: BondEdge
Attachment 3
Fixed Income Portfolio: Sectors
As of Second Quarter 2020
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 CM❑ ABS CMBS
■CCCS❑❑PEB 0.0% 22.5°x° 0.0% 39.6% 0.9% 25.4°x° 0.0% 11.6% 0.0%
■Barclays U.S.Aggregate Bond Index 0.0% 37.2% 1.4% 27.4% 4.6% 26.8% 0.0% 0.4% 2.3%
JHIGHMARKO
CAPITAL MANAGEMENT Source: BondEdge
Attachment 3
Fixed Income Portfolio: Effective Duration and Effective Maturity
As of Second Quarter 2020
Effective Duration Effective Maturity
30%
40°1a
35°/a 25
30%
2'0'
2596
2096 15%
1596
10%
1096
5°/a 5%
0°/a
0-1 Yrs. 1-3 Yrs. 3-5 Yrs. 5-7 Yrs. 7-10 10+ 001
Yrs. Yrs. 0-1 Yr. 1-3 Yrs. 3-5 Yrs. 5-7 Yrs. 7-10 Yrs. 10+Yrs.
■CCCSD OP EB 12.28% 29.24% 13.73% 18.29% 9.77% 16.69% ■CCCSD OPEB 8.10% 22.43% 12.33% 26.62% 12.07% 18.45%
BC Aggregate Bond Index 5,12°14 35.23°/4 22.99°/4 10.7511/o 7.52% 18.39% BC Aggregate Bond Index 0.41% 24.93% 27.24% 18.23% 9.79% 19.40%
JHIGHMARKO
CAPITAL MANAGEMENT Source: BondEdge
Attachment 3
Holdings-Reporting as of Trade Date
Account:6746055900-PARS/CCCSD 115P-OPEB
As of:30-Jun-2020
Asset Type Asset Name Ticker Shares/Units Price Market Value
Equities DODGE&COX INTL STOCK FD(CLSD)#1048 DODFX 31,492.4470 $35.5600 $1,119,871.42
Equities HARTFORD SCHRODERS EMRG MKT FD#3150 HHHFX 120,958.2890 $15.2000 $1,838,565.99
Equities ISHARES RUSSELL MIDCAP ETF IWR 58,409.0000 $53.6000 $3,130,722.40
Equities ISHARES S&P 500 GROWTH ETF IVW 17,169.0000 $207.4900 $3,562,395.81
Equities ISHARES S&P 500 VALUE ETF IVE 32,519.0000 $108.2100 $3,518,880.99
Equities ISHARES TR CORE S&P500 ETF IVV 25,287.0000 $309.6900 $7,831,131.03
Equities MFS INTERNATIONAL GROWTH R6#4805 MGRDX 32,476.6170 $35.3200 $1,147,074.11
Equities UNDISCOVERED MGRS BEHAVL R6#3467 UBVFX 43,962.8380 $44.9600 $1,976,569.20
Equities VANGUARD FTSE DEVELOPED MARKETS ETF VEA 45,303.0000 $38.7900 $1,757,303.37
Equities VANGUARD GRO&INC ADMIRAL SHRS#593 VGIAX 65,139.3620 $81.4300 $5,304,298.25
Equities VANGUARD REAL ESTATE ETF VNQ 9,394.0000 $78.5300 $737,710.82
Equities VICTORY RS SM CAP GROW#279 RSEJX 23,205.9620 $83.7200 $1,942,803.14
Fixed Income PIMCO TOTAL RETURN INSTIL #35 PTTRX 551,040.5950 $10.8300 $5,967,769.64
Fixed Income PRUDENTIAL TOTAL RTRN BD CL Q PTRQX 405,459.8340 $14.7200 $5,968,368.76
Fixed Income VNGRDSTTERMINVMTGRADEADM #539 VFSUX 183,097.0410 $10.9400 $2,003,081.63
Fixed Income HAROT 2017-3 A3 1.790% 9/20/21 H2A1721B 35,158.3700 100.368% $35,287.75
Fixed Income HAROT2017-4 A3 2.050% 11/22/21 H2A2121A 96,017.6400 100.459% $96,458.36
Fixed Income WELLS FARGO&CO NEW 3.000% 10/23/26 WFC3026A 300,000.0000 108.977% $326,931.00
Fixed Income AMERICAN EXPRESS CO 3.000% 10/30/24 AEC3024 185,000.0000 108.149% $200,075.65
Fixed Income AMXCA2017-6A 2.040% 5/15/23 \2A2023 100,000.0000 100.481% $100,481.00
Fixed Income ANHEUSER-BUSCH INBEV 4.900% 1/23/31 AI44919 150,000.0000 125.304% $187,956.00
Fixed Income AT&T INC GLBL NT 3.500% 6/01/41 AIG3541 260,000.0000 104.827% $272,550.20
Fixed Income BANK OF AMERICA CORP 3.194% 7/23/30 BOA3130 280,000.0000 110.391% $309,094.80
Fixed Income BB&T CORP SR MTN 2.850% 10/26/24 BCS2824 210,000.0000 107.794% $226,367.40
Fixed Income BERKSHIRE HATHAWAY 4.250% 1/15/49 BH44249 175,000.0000 128.168% $224,294.00
Fixed Income BK OF MONTREAL MTN 2.350% 9/11/22 BOM2322 205,000.0000 104.472% $214,167.60
Fixed Income BK OF NOVA SCOTIA 2.700% 3/07/22 BON2722 70,000.0000 103.621% $72,534.70
Fixed Income BK OF NY MELLON MTN 2.050% 5/03/21 BON2021 180,000.0000 101.280% $182,304.00
Fixed Income BP CAPITAL MARKETS 3.796% 9/21/25 BCM3725 170,000.0000 112.925% $191,972.50
Fixed Income CAPITALONECCTR 0.0001% 8/15/24 C000024 250,000.0000 102.781% $256,952.50
JHIGHMARK@
CAPITAL MANAGEMENT
Attachment 3
Holdings-Reporting as of Trade Date
Account:6746055900-PARS/CCCSD 115P-OPEB
As of:30-Jun-2020
Asset Type Asset Name Ticker Shares/Units Price Market Value
Fixed Income CAPITALONE NTS 3.800% 1/31/28 CON3828 250,000.0000 111.332% $278,330.00
Fixed Income CDN IMPERIAL BK 2.550% 6/16/22 CIB2522 170,000.0000 104.186% $177,116.20
Fixed Income CITIGROUP INC 3.200% 10/21/26 C133226 220,000.0000 109.613% $241,148.60
Fixed Income COMCAST CORP NEW SR 4.150% 10/15/28 CCN4128 250,000.0000 119.878% $299,695.00
Fixed Income CVS HEALTH CORP 5.050% 3/25/48 CHC5048 155,000.0000 130.989% $203,032.95
Fixed Income DISCOVERYCOMM 3.950% 3/20/28 DC33928 200,000.0000 111.745% $223,490.00
Fixed Income DOWDUPONT INC 5.319% 11/15/38 D155338 160,000.0000 126.787% $202,859.20
Fixed Income ENBRIDGE INC SR GLBL 3.125% 11/15/29 EIS3129 220,000.0000 104.815% $230,593.00
Fixed Income ENTERPRISE PROD OPER 4.900% 5/15/46 EPO4946 150,000.0000 116.980% $175,470.00
Fixed Income FGLMC#E03097 2.500% 3/01/27 E03097F 135,387.7800 106.102% $143,649.14
Fixed Income FGLMC#G60453 3.000% 1/01/46 G60453F 183,987.8300 108.555% $199,727.99
Fixed Income FGLMC#J30401 3.000% 1/01/30 J30401F 133,584.1400 107.013% $142,952.40
Fixed Income FGLMC#Q13204 3.000% 11/01/42 Q13204F 120,072.2400 108.783% $130,618.18
Fixed Income FHLMC G08823 3.500% 7/01/48 G08823F 282,396.6900 105.142% $296,917.53
Fixed Income FHLMC G14702 2.5000%3/1/2023 G14702F 69,711.6500 104.793% $73,052.93
Fixed Income FHLMC G15252 3.000% 12/01/29 G15252F 111,240.2800 106.776% $118,777.92
Fixed Income FHLMC Q38373 3.500% 1/01/46 Q38373F 117,891.2600 107.517% $126,753.15
Fixed Income FHLMCSB8006 3.000% 9/01/34 SB8006A 230,059.6700 105.150% $241,907.74
Fixed Income FHLMC V60586 3.0000%8/1/2029 V60586F 132,171.4900 106.591% $140,882.91
Fixed Income FIFTH THIRD BANCORP 2.600% 6/15/22 FTB2622 175,000.0000 103.677% $181,434.75
Fixed Income FNMA#MA3238 3.500% 11/01/47 MA3238A 134,351.7400 105.478% $141,711.53
Fixed Income FNMA AL8174 3.5000%2/1/2046 AL8174A 262,952.2500 108.711% $285,858.02
Fixed Income F N MA A L8924 3.0000% 12/1/2030 AL8924A 201,889.3100 106.117% $214,238.88
Fixed Income FNMAAL93763.0000%8/1/2031 AL9376A 107,608.3700 106.984% $115,123.74
Fixed Income FN MAAL9861 3.000% 8/01/30 AL9861A 304,763.3000 105.301% $320,918.80
Fixed Income FN MAAS4916 3.000% 5/01/30 AS4916A 227,198.6900 105.344% $239,340.19
Fixed Income FNMA AS7729 3.0000%8/1/2046 AS7729A 199,614.9600 106.892% $213,372.42
Fixed Income FNMAAT02933.0000%3/1/2043 AT0293A 119,176.7700 108.757% $129,613.08
Fixed Income FNMA BC 1486 3.0000%8/1/2046 BC1486A 177,024.1800 106.892% $189,224.69
Fixed Income FNMA BM4913 3.000% 5/01/46 BM4913A 113,825.3600 107.082% $121,886.47
JHIGHMARK@
CAPITAL MANAGEMENT
Attachment 3
Holdings-Reporting as of Trade Date
Account:6746055900-PARS/CCCSD 115P-OPEB
As of:30-Jun-2020
Asset Type Asset Name Ticker Shares/Units Price Market Value
Fixed Income FNMA MA 2730 2.500% 8/01/46 MA2730A 586,788.8800 105.277% $617,753.73
Fixed Income FNMA MA2779 2.0000% 10/1/2026 MA2779A 106,821.7900 103.457% $110,514.62
Fixed Income FNMA MA 2895 3.000% 2/01/47 MA2895A 143,483.7900 105.789% $151,790.07
Fixed Income FNMA MA3210 3.500% 11/01/47 MA3210A 129,649.8000 105.597% $136,906.30
Fixed Income FNMA MA 3313 3.500% 3/01/33 MA3313A 84,153.5300 105.369% $88,671.73
Fixed Income FNMA MA3332 3.500% 3/01/48 MA3332A 183,528.0700 105.494% $193,611.10
Fixed Income FNMA MA3489 3.500% 10/01/33 MA3489A 99,317.3200 105.097% $104,379.52
Fixed Income FNMA MA3536 4.000% 12/01/48 MA3536A 57,397.0700 105.854% $60,757.09
Fixed Income FORD CR AUTO OWN TR 0.000% 3/15/24 FCA0024 150,000.0000 102.547% $153,820.50
Fixed Income GENERALMTRS FINLCO 4.000% 10/06/26 GMF4026 160,000.0000 103.806% $166,089.60
Fixed Income GMALT 2018-3 A4 3.300% 7/20/22 G2A3322 200,000.0000 101.232% $202,464.00
Fixed Income GOLDMAN SACHS BIDS 3.691% 6/05/28 GSB3628 200,000.0000 112.021% $224,042.00
Fixed Income HONDA AUTO RECV 20183.160% 8/19/24 HAR3124 150,000.0000 103.424% $155,136.00
Fixed Income HP INC SR GLBL NT 3.000% 6/17/27 HIS3027 200,000.0000 104.842% $209,684.00
Fixed Income HYUNDAI AUTO LEASE 1.900% 5/15/22 HAL1922 400,000.0000 100.995% $403,980.00
Fixed Income LOS ANGELES REV BIDS 6.574% 7/01/45 LAR6545 100,000.0000 172.128% $172,128.00
Fixed Income NAR 2016-C A4 1.380% 1/17/23 NAR1323 67,104.1100 100.128% $67,190.00
Fixed Income NAROT 2017-B A3 1.750% 10/15/21 N2A0121 92,651.6100 100.245% $92,878.61
Fixed Income NORFOLK SOUTHERN COR 4.150% 2/28/48 NSC4148 100,000.0000 122.110% $122,110.00
Fixed Income ROYAL BK CDA 1.950% 1/17/23 RBC1923 200,000.0000 103.124% $206,248.00
Fixed Income TACT 2017-D A3 1.930% 1/18/22 T2A2222 64,684.0300 100.592% $65,066.96
Fixed Income TAOT 2019-C A3 MTGE 1.910% 9/15/23 T2A1923 205,000.0000 102.108% $209,321.40
Fixed Income TIME WARNER CABLE NT7.300% 7/01/38 TWC7338 125,000.0000 137.644% $172,055.00
Fixed Income TOYOTA AUTO RECV OWN 2.520% 5/15/23 TAR2523 95,000.0000 102.647% $97,514.65
Fixed Income UNITEDAIR 14-2A 3.750% 9/03/26 UA13726 111,872.9000 91.222% $102,052.70
Fixed Income UNTD AIR 2013-1 4.300% 8/15/25 UA24325 181,931.7400 93.788% $170,630.14
Fixed Income US TREAS BIDS 3.625% 8/15/43 UTB3643 750,000.0000 146.063% $1,095,472.50
Fixed Income US TREAS NTS 1.625% 4/30/23 UTN1623 970,000.0000 104.078% $1,009,556.60
Fixed Income US TREAS NTS 2.375% 5/15/27 UTN2327 1,170,000.0000 112.867% $1,320,543.90
Fixed Income WILLIAMS PRTNRS NTS 3.600% 3/15/22 WPN3622 180,000.0000 103.921% $187,057.80
JHIGHMARK@
CAPITAL MANAGEMENT
Attachment 3
Holdings-Reporting as of Trade Date
Account:6746055900-PARS/CCCSD 115P-OPEB
As of:30-Jun-2020
Asset Type Asset Name Ticker Shares/Units Price Market Value
Fixed Income WORLD OMNI AUTO 2.500% 4/17/23 WOA2523 345,344.1800 101.439% $350,313.68
Fixed Income WORLD OMNI AUTO RECV 3.020% 4/15/22 WOA3022 17,625.6300 100.401% $17,696.31
Fixed Income JPMORGAN CHASE&CO 3.200% 6/15/26 JPM26B 305,000.0000 110.996% $338,537.80
Fixed Income ROYAL BK SCOTLAND GR 3.875% 9/12/23 RBS23B 80,000.0000 107.814% $86,251.20
Fixed Income AMERICAN INTLGROUP 3.900% 4/01/26 AIG26 205,000.0000 112.982% $231,613.10
Fixed Income PETRO-CDA NT 6.800% 5/15/38 SU/38 120,000.0000 129.155% $154,986.00
Fixed Income EL PASO ENERGY CORP 7.800% 8/01/31 EP31 115,000.0000 135.721% $156,079.15
Fixed Income BRISTOL MYERS SQUIBB 3.250% 2/20/23 175,000.0000 106.416% $186,228.00
Fixed Income UNITEDHEALTH GROUP 12.750% 5/15/40 230,000.0000 107.054% $246,224.20
Fixed Income US TREAS NTS 1.625% 8/15/29 960,000.0000 109.113% $1,047,484.80
Fixed Income VERIZON COMMUNICATIO 5.250% 3/16/37 190,000.0000 133.876% $254,364.40
Cash &Cash CASH (31,686.5100) $1.0000 ($31,686.51)
Cash &Cash FIRST AMERN GOVT OBLIG FD CLZ#3676 FGZXX 2,101,825.4600 $1.0000 $2,101,825.46
SUBTOTALS
Cash&Cash Equivalents $2,070,138.95
Equities $33,867,326.53
Fixed Income $33,775,550.06
TOTALS $69,713,015.54
JHIGHMARK@
CAPITAL MANAGEMENT
Attachment 3
CCCSD — Pension Investment Summary Since Inception
Beginning Value $3,359,081.81
Asset Allocation Contributions 5,919,176.91
Withdrawals -80,372.43
Total Assets: $10,291,651 Gain(Loss) 514,784.29
Interest and Dividends 578,980.88
Period Ending: 6-30-2020 Net Accrued Income 30,996.52
2Q20 Return: 8.70% Ending Market Value $10,322,647.98*
1 Year Return: 5.88%
Inception-to-Date Return: 5.27% cash Equity
Inception Date:9-1-2017 $413,908 $2,948,835
4.02% 28.65%
Plan target rate of return: 5.82%
Fixed Income
$6,928,909
67.33%
* 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®
CAPITAL MANAGEMENT
Attachment 3
Asset Allocation - Central Contra Costa Sanitary District Pension
As of Second Quarter 2020
Current Asset Allocation Investment Vehicle
Equity 28.65% Range: 20%-40% 2,948,835
Large Cap Core 6.56% IVV iShares Core S&P 500 675,434
4.38% VGIAX Vanguard Growth & Income Adm 450,630
Large Cap Value 3.04% IVE iShares S&P 500 Value 313,052
Large Cap Growth 3.01% IVW iShares S&P 500 Growth 309,783
Mid Cap Core 2.45% IWR iShares Russell Mid-Cap ETF 252,134
Small Cap Value 1.71% UBVFX Undiscovered Managers Behavioral Val R6 175,614
Small Cap Growth 1.53% RSEJX Victory RS Small Cap Growth R6 156,966
International Core 1.05% VEA Vanguard FTSE Developed Markets ETF 108,302
International Value 1.24% DODFX Dodge & Cox International Stock Fund 127,675
International Growth 1.24% MGRDX MFS® International Growth Fund Class R6 127,969
Emerging Markets 1.76% HHHFX Hartford Schroders Emerging Mkts Eq F 181,542
Real Estate 0.68% VNQ Vanguard Real Estate ETF 69,735
Fixed Income 67.33% Range: 50%-80% 6,928,909
45.96% Core Fixed Income Portfolio 4,729,889
Short-Term 3.00% VFSUX Vanguard Short-Term Investment-Grade Adm 308,251
Intermediate-Term 9.19% PTTRX PIMCO Total Return Instl Fund 945,642
9.18% PTRQX Prudential Total Return Bond Q 945,126
Cash 4.02% Range: 0%-20% 413,908
4.02% FGZXX First American Government Oblig Z 413,908
TOTAL 100.00% $10,291,651
JHIGHMARKO
CAPITAL MANAGEMENT
Attachment 3
Selected Period Performance
PARS/CCCSD 115P - PENSION
Account 6746055901
Period Ending: 6/30/2020
Year Inception
to Date to Date
3 Months (6 Months) 1 Year 09/01/2017
Cash Equivalents .03 .34 1.27 1.56
Lipper Money Market Funds Index .07 1.27 1.51
Fixed Income ex Funds 3.94 5.61 8.37 5.24
Total Fixed Income 4.35 5.37 8.05 5.08
BBG Barclays US Aggregate Bd Index 2.90 6.14 8.74 5.15
Total Equities 21.13 -7.53 .85 5.96
Large Cap Funds 20.33 -4.10 6.28 9.58
S&P 500 Composite Index 20.54 -3.08 7.51 10.48
Mid Cap Funds 24.48 -9.23 -2.33 5.60
Russell Midcap Index 24.61 -9.13 -2.24 5.89
Small Cap Funds 28.64 -13.61 -8.62 3.52
Russell 2000 Index 25.42 -12.98 -6.63 2.32
International Equities 17.84 -10.52 -3.13 -.03
MSCI EAFE Index 14.88 -11.34 -5.13 -.13
MSCI EM Free Index 18.08 -9.78 -3.39 -.83
Real Estate - ETFs / Sctr Fds 10.74 -16.22 -9.41 1.70
Wilshire REIT Index 10.56 -17.77 -12.30 .00
Total Managed Portfolio 8.70 1.52 5.88 5.27
CCCSD Pension 7.73 1.54 5.87 5.34
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%MIL 1-3 Yr
US Corp/Govt, 1.75% ML US High Yield Mstr ll, and 5%Ofigroup 1 Month T-Bill Indexes. Returns are gross-of-fees unless otherwise noted. Returnsfor 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.
HIGHMARK®
CAPITAL MANAGEMENT
Attachment 3
Fixed Income Portfolio: Statistics
As of Second Quarter 2020
CCCSD BC Aggregate Bond
Pension Index
Weighted Arerage Maturity 7.83 years 8.21 years
Effective Duration 5.92 years 6.10 years
Average Coupon 3.16% 3.06%
Yield to Maturity 1.44% 1.28%
Average Quality Aa2 Aa2
JHIGHMARKO
CAPITAL MANAGEMENT Source: BondEdge
Attachment 3
Fixed Income Portfolio: Sectors
As of Second Quarter 2020
40.0%
35.0%
30.0%
25.0%
20.0%
15.0%
10.0%
4q
5.0%
0.0% Cash Treasury Agency Corp Non-Corp MBS CM❑ ABS CMBS
■CCCSD Pension 0.0% 21.9% 0.0% 39.5% 0.0% 26.3% 0.0% 12.3% 0.0%
■Barclays U.S.Aggregate Bond Index 0.0% 37.2% 1.4% 27.4% 4.6% 26.8% 0.0% 0.4% 2.3%
JHIGHMARKO
CAPITAL MANAGEMENT Source: BondEdge
Attachment 3
Fixed Income Portfolio: Effective Duration and Effective Maturity
As of Second Quarter 2020
Effective Duration Effective Maturity
30%
40°1a
35°14 25%
30°1/a
20%
25°1/a
20% 15%
15°/a
10%
10°/a
5°/a 5%
00/0
0-1 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.
■
CCC SD Pension 13.02% 28.07% 12.89% 18.07% 10.13% 17 82°1/° •CCCSD Pension 6.68% 24.05% 9.72% 27.01% 12.65% 19.89%
BC Aggregate Bond Index 5.12°14 35.23% 22.99% 10.75% 7.5211/o 18.3911/o BC Aggregate Bond Index 0.41% 24.93% 27.24% 18.23% 9.79% 19.40%
JHIGHMARKO
CAPITAL MANAGEMENT Source: BondEdge
Attachment 3
Holdings- Reporting as of Trade Date
Account:6746055901- PARS/CCCSD 115P-PENSION
As of:30-Jun-2020
Asset Type Asset Name Ticker Shares/Units Price Market Value
Cash&Cash FIRST AMERN GOVT OBLIG FD CL Z#3676 FGZXX 413,907.9600 $1.0000 $413,907.96
Equities DODGE&COX INTL STOCK FD(CLSD)#1048 DODFX 3,590.3980 $35.5600 $127,674.55
Equities HARTFORD SCHRODERS EMRG MKT FD#3150 HHHFX 11,943.5820 $15.2000 $181,542.45
Equities ISHARES RUSSELL MIDCAP ETF IWR 4,704.0000 $53.6000 $252,134.40
Equities ISHARES S&P 500 GROWTH ETF IVW 1,493.0000 $207.4900 $309,782.57
Equities ISHARES S&P 500 VALUE ETF IVE 2,893.0000 $108.2100 $313,051.53
Equities ISHARES TR CORE S&P500 ETF IVV 2,181.0000 $309.6900 $675,433.89
Equities MFS INTERNATIONAL GROWTH R6#4805 MGRDX 3,623.1430 $35.3200 $127,969.41
Equities UNDISCOVERED MGRS BEHAVL R6#3467 UBVFX 3,906.0010 $44.9600 $175,613.80
Equities VANGUARD FTSE DEVELOPED MARKETS ETF VEA 2,792.0000 $38.7900 $108,301.68
Equities VANGUARD GRO&INC ADMIRALSHRS#593 VGIAX 5,533.9530 $81.4300 $450,629.79
Equities VANGUARD REAL ESTATE ETF VNQ 888.0000 $78.5300 $69,734.64
Equities VICTORY RS SM CAP GROW#279 RSEJX 1,874.8900 $83.7200 $156,965.79
Fixed Income PIMCO TOTAL RETURN INSTL #35 PTTRX 87,316.9080 $10.8300 $945,642.11
Fixed Income PRUDENTIAL TOTAL RTRN BD CLQ PTRQX 64,206.9560 $14.7200 $945,126.39
Fixed Income VNGRDSTTERMINVMTGRADEADM #539 VFSUX 28,176.5120 $10.9400 $308,251.04
Fixed Income CCCCIT2014-A1 2.880% 1/23/23 CC22823A 77,000.0000 101.440% $78,108.80
Fixed Income HA ROT 2017-4 A3 2.050% 11/22/21 H2A2121A 30,176.9900 100.459% $30,315.50
Fixed Income UNITED STATES TREAS 2.750% 6/30/23 UST0023B 5,000.0000 107.305% $5,365.25
Fixed Income WELLS FARGO&CO NEW 3.000%10/23/26 WFC3026A 80,000.0000 108.977% $87,181.60
Fixed Income ABBVIE INC 3.200%11/06/22 AI33222 40,000.0000 105.077% $42,030.80
Fixed Income AMERICAN EXPRESS CO 3.000%10/30/24 AEC3024 40,000.0000 108.149% $43,259.60
Fixed Income ANHEUSER-BUSCH INBEV 4.900% 1/23/31 A144919 45,000.0000 125.304% $56,386.80
Fixed Income AT&T INC GLBL NT 3.500% 6/01/41 AIG3541 60,000.0000 104.827% $62,896.20
Fixed Income BANK OF AMERICA CORP 3.194% 7/23/30 BOA3130 60,000.0000 110.391% $66,234.60
Fixed Income BB&T CORP SR MTN 2.850% 10/26/24 BCS2824 35,000.0000 107.794% $37,727.90
Fixed Income BERKSHIRE HATHAWAY 4.250% 1/15/49 BH44249 30,000.0000 128.168% $38,450.40
Fixed Income BK OF MONTREAL MTN 2.350% 9/11/22 BOM2322 30,000.0000 104.472% $31,341.60
Fixed Income BK OF NOVA SCOTIA 2.700% 3/07/22 BON2722 40,000.0000 103.621% $41,448.40
Fixed Income BK OF NY MELLON MTN 2.050% 5/03/21 BON2021 20,000.0000 101.280% $20,256.00
JHIGHMARK@
CAPITAL MANAGEMENT
Attachment 3
Holdings- Reporting as of Trade Date
Account:6746055901- PARS/CCCSD 115P-PENSION
As of:30-Jun-2020
Asset Type Asset Name Ticker Shares/Units Price Market Value
Fixed Income BP CAPITAL MARKETS 3.796% 9/21/25 BCM3725 30,000.0000 112.925% $33,877.50
Fixed Income CAPITAL ONE NTS 3.800% 1/31/28 CON3828 70,000.0000 111.332% $77,932.40
Fixed Income CDN IMPERIAL BK 2.550% 6/16/22 CIB2522 30,000.0000 104.186% $31,255.80
Fixed Income CHAIT 2016-A4 A 1.490% 7/15/22 C2A1422 25,000.0000 100.054% $25,013.50
Fixed Income CITIGROUP INC 3.200% 10/21/26 C133226 45,000.0000 109.613% $49,325.85
Fixed Income COMCAST CORP NEW SR 4.150%10/15/28 CCN4128 50,000.0000 119.878% $59,939.00
Fixed Income CVS HEALTH CORP 5.050% 3/25/48 CHC5048 30,000.0000 130.989% $39,296.70
Fixed Income DOWDUPONT INC 5.319% 11/15/38 D155338 25,000.0000 126.787% $31,696.75
Fixed Income ENBRIDGE INC SR GLBL 3.125%11/15/29 EIS3129 45,000.0000 104.815% $47,166.75
Fixed Income ENTERPRISE PROD OPER 4.900% 5/15/46 EPO4946 40,000.0000 116.980% $46,792.00
Fixed Income FGLMC#E03097 2.500% 3/01/27 E03097F 22,564.6300 106.102% $23,941.52
Fixed Income FGLMC#G60453 3.000% 1/01/46 G60453F 31,722.0300 108.555% $34,435.85
Fixed Income FGLMC#J 30401 3.000% 1/01/30 J30401F 58,777.0300 107.013% $62,899.06
Fixed Income FGLMC G08701 3.000% 4/01/46 G08701F 22,779.2700 105.949% $24,134.41
Fixed Income FHLMC G08741 3.000% 12/01/46 G08741F 103,885.2300 105.699% $109,805.65
Fixed Income FHLMC G08823 3.500% 7/01/48 G08823F 67,187.3000 105.142% $70,642.07
Fixed Income FHLMC G15252 3.000% 12/01/29 G15252F 25,370.6000 106.776% $27,089.71
Fixed Income FHLMC Q38373 3.500% 1/01/46 Q38373F 29,472.8200 107.517% $31,688.29
Fixed Income FHLMC SB8006 3.000% 9/01/34 SB8006A 38,343.2700 105.150% $40,317.95
Fixed Income FIFTH THIRD BANCORP 2.600% 6/15/22 FTB2622 30,000.0000 103.677% $31,103.10
Fixed Income FNMA#A B3678 3.500% 10/01/41 AB3678A 35,669.3500 110.365% $39,366.48
Fixed Income FN MA#MA3238 3.500%11/01/47 MA3238A 100,763.7900 105.478% $106,283.63
Fixed Income FNMA#MA3276 3.500% 1/01/48 MA3276A 20,032.3400 105.499% $21,133.92
Fixed Income F N MA A L9376 3.0000%8/1/2031 AL9376A 24,456.4500 106.984% $26,164.49
Fixed Income FN MAAS4916 3.000% 5/01/30 AS4916A 34,079.8000 105.344% $35,901.02
Fixed Income FN MA AS 7729 3.0000%8/1/2046 AS7729A 34,416.3700 106.892% $36,788.35
Fixed Income FN MAAS7817 2.500% 8/01/46 AS7817A 112,313.9600 105.298% $118,264.35
Fixed Income FNMA BC1486 3.0000%8/1/2046 BC1486A 34,043.1000 106.892% $36,389.35
Fixed Income FNMA BM4913 3.000% 5/01/46 BM4913A 32,521.5200 107.082% $34,824.69
Fixed Income FNMA MA 2730 2.500% 8/01/46 MA2730A 73,348.6100 105.277% $77,219.22
JHIGHMARK@
CAPITAL MANAGEMENT
Attachment 3
Holdings- Reporting as of Trade Date
Account:6746055901- PARS/CCCSD 115P-PENSION
As of:30-Jun-2020
Asset Type Asset Name Ticker Shares/Units Price Market Value
Fixed Income FNMA MA 2779 2.0000% 10/1/2026 MA2779A 22,728.0500 103.457% $23,513.76
Fixed Income FNMA MA2895 3.000% 2/01/47 MA2895A 21,522.5700 105.789% $22,768.51
Fixed Income FNMA MA 3120 3.500% 9/01/47 MA3120A 79,680.6300 105.354% $83,946.73
Fixed Income FNMA MA3210 3.500% 11/01/47 MA3210A 32,412.4300 105.597% $34,226.55
Fixed Income FNMA MA 3313 3.500% 3/01/33 MA3313A 36,065.8000 105.369% $38,002.17
Fixed Income FNMA MA3332 3.500% 3/01/48 MA3332A 27,189.3500 105.494% $28,683.13
Fixed Income FNMA MA 3489 3.500% 10/01/33 MA3489A 18,295.2900 105.097% $19,227.80
Fixed Income FNMA MA3536 4.000% 12/01/48 MA3536A 37,432.8500 105.854% $39,624.17
Fixed Income FORD CR AUTO OWN TR 0.000% 3/15/24 FCA0024 50,000.0000 102.547% $51,273.50
Fixed Income FORDO 2019-B A3 2.230% 10/15/23 F2A2223 50,000.0000 102.249% $51,124.50
Fixed Income GENERAL MTRS FINL CO 4.000% 10/06/26 GMF4026 25,000.0000 103.806% $25,951.50
Fixed Income GMALT 2018-3 A4 3.300% 7/20/22 G2A3322 50,000.0000 101.232% $50,616.00
Fixed Income GMCAR 2019-1 A3 2.970% 11/16/23 G2A2923 50,000.0000 102.201% $51,100.50
Fixed Income GOLDMAN SACHS BIDS 3.691% 6/05/28 GSB3628 60,000.0000 112.021% $67,212.60
Fixed Income HAR 2017-4A-4 2.210% 3/21/24 H222224 25,000.0000 101.508% $25,377.00
Fixed Income HAROT 2019-1 A3 2.830% 3/20/23 H2A2823 50,000.0000 102.740% $51,370.00
Fixed Income HP INC SR GLBL NT 3.000% 6/17/27 HIS3027 50,000.0000 104.842% $52,421.00
Fixed Income HYUNDAI AUTO LEASE 1.900% 5/15/22 HAL1922 50,000.0000 100.995% $50,497.50
Fixed Income KIMCO REALTY CORP 3.800% 4/01/27 KRC3827 50,000.0000 106.802% $53,401.00
Fixed Income MAGELLAN MIDSTREAM 5.000% 3/01/26 MM55026 25,000.0000 115.103% $28,775.75
Fixed Income NAR 2016-C A4 1.380% 1/17/23 NAR1323 29,078.4600 100.128% $29,115.68
Fixed Income NORFOLK SOUTHERN COR 4.150% 2/28/48 NSC4148 40,000.0000 122.110% $48,844.00
Fixed Income REPUBLIC SVCS NTS 3.375% 11/15/27 RSN3327 40,000.0000 112.156% $44,862.40
Fixed Income TA OT 2017-D A3 1.930% 1/18/22 T2A2222 10,780.6900 100.592% $10,844.51
Fixed Income TIME WARNER CABLE NT7.300% 7/01/38 TWC7338 30,000.0000 137.644% $41,293.20
Fixed Income TOYOTA AUTO RECV OWN 2.520% 5/15/23 TAR2523 55,000.0000 102.647% $56,455.85
Fixed Income UNITEDAIR 4.150% 8/25/31 UA44131 31,109.0800 98.292% $30,577.74
Fixed Income UNTD AIR 2013-1 4.300% 8/15/25 UA24325 47,302.2500 93.788% $44,363.83
Fixed Income US TREAS BIDS 3.625% 8/15/43 UTB3643 255,000.0000 146.063% $372,460.65
Fixed Income USTREAS NTS 1.625% 4/30/23 UTN1623 150,000.0000 104.078% $156,117.00
JHIGHMARK@
CAPITAL MANAGEMENT
Attachment 3
Holdings- Reporting as of Trade Date
Account:6746055901- PARS/CCCSD 115P-PENSION
As of:30-Jun-2020
Asset Type Asset Name Ticker Shares/Units Price Market Value
Fixed Income US TREAS NTS 2.375% 5/15/27 UTN2327 210,000.0000 112.867% $237,020.70
Fixed Income WALGREEN CO SR NT 3.100% 9/15/22 WCS3122 30,000.0000 104.792% $31,437.60
Fixed Income WILLIAMS PRTNRS NTS 3.600% 3/15/22 WPN3622 45,000.0000 103.921% $46,764.45
Fixed Income WORLD OMNI AUTO RECV 3.020% 4/15/22 WOA3022 21,693.0800 100.401% $21,780.07
Fixed Income JPMORGAN CHASE&CO 3.200% 6/15/26 JPM26B 60,000.0000 110.996% $66,597.60
Fixed Income ROYAL BK SCOTLAND GR 3.875% 9/12/23 RBS23B 20,000.0000 107.814% $21,562.80
Fixed Income AMERICAN INTLGROUP 3.900% 4/01/26 AIG26 40,000.0000 112.982% $45,192.80
Fixed Income PETRO-CDA NT 6.800% 5/15/38 SU/38 45,000.0000 129.155% $58,119.75
Fixed Income EL PASO ENERGY CORP 7.800% 8/01/31 EP31 30,000.0000 135.721% $40,716.30
Fixed Income BRISTOL MYERS SQUIBB 3.250% 2/20/23 35,000.0000 106.416% $37,245.60
Fixed Income UNITEDHEALTH GROUP 12.750% 5/15/40 50,000.0000 107.054% $53,527.00
Fixed Income US TREAS NTS 1.625% 8/15/29 245,000.0000 109.113% $267,326.85
Fixed Income VERIZON COMMUNICATIO 5.250% 3/16/37 35,000.0000 133.876% $46,856.60
$4,729,889.46
SUBTOTALS
Cash&Cash Equivalents $413,907.96
Equities $2,948,834.50
Fixed Income $6,928,909.00
TOTALS $10,291,651.46
JHIGHMARK@
CAPITAL MANAGEMENT
Attachment 3
CENTRAL CONTRA COSTA SANITARY DISTRICT
For Period Ending June 30, 2020
LARGE CAP 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
iShares Core S&P 500 ETF (4/17) 20.54 45 -3.09 31 7.47 23 10.70 18 10.69 11 13.92 9
iShares S&P 500 Value ETF (4/17) 13.12 79 -15.55 54 -4.62 28 3.59 33 5.83 28 10.70 27
Vanguard Growth & Income Adm (12/16) 21.42 33 -3.31 36 6.79 34 10.23 28 10.25 24 13.90 11
iShares S&P 500 Growth ETF (4/17) 26.16 55 7.81 51 17.53 50 16.54 46 14.43 36 16.41 30
S&P 500 TR USD 20.54 -- -3.08 -- 7.51 -- 10.73 -- 10.73 -- 13.99 --
MID CAP EQUITY FUNDS _W W
iShares Russell Mid-Cap ETF (3/16) 24.57 28 -9.18 22 -2.37 22 5.66 17 6.60 17 12.18 11
Russell Midcap Index 24.61 -- -9.13 -- -2.24 -- 5.79 -- 6.76 -- 12.35 EQUITY --
SMALL CAP
Undiscovered Managers Behavioral Val R6 (9/16) 21.12 50 -28.32 88 -24.11 92 -6.11 65 0.07 39 9.19 --
Russell 2000 Value TR USD 18.91 -- -23.50 -- -17.48 -- -4.35 -- 1.26 -- 7.82 --
Victory RS Small Cap Growth R6 (2/19) 35.64 28 3.05 36 8.40 34 14.94 25 9.81 32 15.70 --
Russell 2000 Growth TR USD 30.58 -- -3.06 -- 3.48 -- 7.86 -- 6.86 -- 12.92 --
LINTERNATIONAL EQUITY FUNDS
Dodge & Cox International Stock 17.36 15 -18.44 68 -11.28 53 -3.85 64 -1.22 65 4.82 23
Vanguard FTSE Developed Markets ETF (9/18) 17.45 32 -10.75 47 -4.26 43 0.90 43 2.48 27 6.10 20
MFS International Growth R6 17.03 81 -4.80 69 2.58 67 7.08 34 7.45 22 8.28 27
MSCI EAFE NR USD 14.88 -- -11.34 -- -5.13 -- 0.81 -- 2.05 -- 5.73 --
Hartford Schroders Emerging Mkts Eq F 19.40 51 -8.32 33 -0.68 31 3.53 23 4.60 20 4.28 --
IMSCI EM Free Index 18.08 -- -9.78 -- -3.39 -- 1.90 -- 2.86 -- 3.27
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@
CAPITAL MANAGEMENT
Attachment 3
CENTRAL CONTRA COSTA SANITARY DISTRICT
For Period Ending June 30, 2020
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) 13.44 34 -13.92 36 -6.98 28 2.21 38 5.35 31 9.70 33
Wilshire REIT Index 10.56 -- -17.77 -- -12.30 -- 0.23 -- 3.98 -- 9.22 BOND FUNDS
PIMCO Total Return Instl 3.88 84 6.16 16 8.34 25 5.21 27 4.42 26 4.22 45
PGIM Total Return Bond R6 (5/16) 6.78 22 3.75 67 6.90 59 5.50 12 5.08 4 5.32 --
Vanguard Short-Term Investment-Grade Adm 4.84 26 3.27 17 4.95 16 3.52 9 3.03 8 2.78 14
BBgBarc US Agg Bond TR USD 2.90 -- 6.14 -- 8.74 -- 5.32 -- 4.30 -- 3.82
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@
CAPITAL MANAGEMENT