HomeMy WebLinkAbout04.a. Highmark Other Post Employment Benefits (OPEB) and Pension Prefunding Sub-Trust Reports for the Second QuarterPage 1 of 31
Item 4.a.
F__1_448�411C_S0
August 22, 2023
TO: FINANCE COMMITTEE
FROM: KEVIN MIZUNO, FINANCE MANAGER
REVIEWED BY: PHI LI P LEI BER, DEPUTY GENERAL MANAGER, ADMINISTRATION
ROGER S. BAILEY, GENERAL MANAGER
SUBJECT: RECEIVE HIGHMARK OTHER POST -EMPLOYMENT BENEFITS (OPEB)
AND PENSION PREFUNDING SUB -TRUST REPORTS FOR THE SECOND
QUARTER OF CALENDAR YEAR 2023
Attached is the Investment Outlook Overview for provided by Highmark (Attachment 1) providing a
current and prospective outlook on the economy and the markets, as well as Highmark's OPEB and
Pension Prefunding sub -trust investment reports for the quarter ending June 30, 2023 (Attachment 2).
In summary, this quarter's report reflects a return of 2.77% and 1.68% for Central San's OPEB
and Pension Pre -funding sub -trusts, respectively. For the full fiscal year, the returns for OPEB were 7.55%
and for Pension Pre -funding trusts were 5.53%. For comparative purposes, the benchmarks were 7.49%
and 5.26% respectively.
The long-term targeted annual returns are 5.75% for the OPEB trust and 5.14% for the Pension Pre -
funding trust. In comparison, the inception -to -date annual returns have been 7.99% and 3.24% for the
OPEB and Pension Pre -funding sub -trusts respectively. As approved by the Board, nearly the entire
balance of the Pension Pre -funding trust was liquidated to help finance the payoff of Central San's
unfunded actuarial accrued liability (UAAL) totaling approximately $70.8 million. Following the payoff of the
UAAL in June 2021, a residual amount of $43,662 remained in the trust as of June 30, 2023.
While not a new issue, staff emphasizes that a Public Agency Retirement Services (PARS)
system limitation results in "Contributions" and "Withdrawals" for the OPEB Trust appearing
significantly overstated on page 2 of 24 in Attachment 2. This is caused by two issues: (1) a change in
account number related to the establishment of the Pension Pre -funding trust in 2017, and (2) several
changes to mutual fund investment share classes where movements of funds were reflected as
withdrawals and contributions.
Consistent with the Board -approved Fiscal Year (FY) 2022-23 budget plan (and the year prior), the
excess of OPEB costs above and beyond the actuarially determined contribution (ADC) will be claimed
from the OPEB trust following the close of FY 2022-23. With total FY 2022-23 pay -go retiree OPEB
premiums estimated to be approximately $4.6 million, Central San claimed a reimbursement of $80,641
from the OPEB trust in July 2023. Additionally, to augment the plan against losses due to adverse market
conditions in calendar year 2022, the Finance Committee and staff recommended the Board contribute an
additional $1.0 million to the OPEB trust in FY 2022-23 from favorable prior year budgetary variances at
last month's Finance Committee meeting. The $1.0 million in additional FY 2022-23 contributions was split
August 22, 2023 Regular FINANCE Committee Meeting Agenda Packet - Page 114 of 151
Page 2 of 31
up and contributed monthly, utilizing a dollar cost averaging approach, with the last contribution being
completed in June 2023.
Strategic Plan Tie -In
GOAL FOUR: Governance and Fiscal Responsibility
Strategy 3 - Maintain financial stability and sustainability
ATTACHMENTS:
1. Highmark Overview, Quarter ended 6/30/23
2. PARS Investment Report 2nd Quarter 2023
August 22, 2023 Regular FINANCE Committee Meeting Agenda Packet - Page 115 of 151
As of: June 30, 2023
Economic and Market Commentary
Third Quarter 2023
The Economy
HIGHMARK°
CAPITAL MANAGEMENT
Attachment 1
In the first quarter US Gross Domestic Product (GDP) grew at an annualized rate of The U.S. economy continued to expand in June, though unequally with strength in
2%, this marked a slowdown from the 3.2% and 2.9% growth in the third and fourth services offsetting manufacturing contraction. While the S&P Global US Composite
quarters of 2022, but a sharp revision upwards from the previous estimate and market PMI remained expansionary at 53.0 the Manufacturing PMI Index fell to a six-month
expectation or 1.3%. Globally, the World Bank's June forecast for global growth in low of 46.3 while services rose to 54.1. Consumer demand remains key for a
2023 was revised up to 2.1 %, from a 1.7% forecast issued in January, but well below continued expansion, and we are closely monitoring personal balance sheets.
the 2022 growth rate of 3.1%.
The labor market has cooled slightly during the quarter but remains resilient overall.
Unemployment ticked up slightly over the quarter ending at 3.6%, up from 3.5% at the
end of the first quarter, but still at historical lows. Total nonfarm employment
increased by 732K in the second quarter, down from last quarter's 1.03M.
Inflation has continued to cool in the second quarter with headline US Consumer
Price Inflation falling to its lowest rate in more than two years at 4% year over year in
May. Core price inflation (excluding volatile food and energy prices), rose 5.3%,
moderating from the 5.6% pace at the end of the first quarter. Sticky shelter costs
continue to lead prices higher, while falling gasoline and energy services have been
deflationary.
What We're Watching
The second quarter saw rate hikes domestically and abroad, with the Federal
Reserve ("Fed") raising rates 25 basis points (bps) in May and the European Central
Bank (ECB) raising rates by 25 bps both in May and June. Despite the Fed's pause in
June, messaging remains strong on the likelihood of additional future fed funds rate
hikes this year. The Fed's latest projections suggest two additional rate hikes with the
median expectation for the target rate to peak at 5.6% this year, significantly higher
than the March projection of 5.1 %. In Europe, more hikes are also expected with ECB
president Lagarde stating that the ECB has more ground to cover and will likely
continue raising rates in July.
Globally, purchasing manager surveys show slowing activity in the major economies
during the second quarter, though only the Eurozone composite dipped into
contractionary territory. The HCOB Eurozone Composite PMI saw a reading of 49.9 in
June while the au Jibun Bank Japan Composite PMI fell to 52.1 and the Caixin China
General Manufacturing PMI fell to 52.5. Manufacturing output continues to lead the
slowdown across markets, with services businesses still modestly expanding.
Domestic Equity
The S&P 500 Index (S&P) posted a positive return of 8.74% for the second quarter of
2023. As of June 30, 2023, the trailing 1-year return for the index is 19.56%.
Over the quarter, markets saw a continued rally in Mega -Cap stocks, where index
returns were driven by a handful of stocks. At the end of the quarter, that narrow
leadership started to broaden out, as Small -Cap and Mid -Cap stocks as represented
by the S&P 600 (8.23%) and S&P 400 (9.16%) indices, outperformed Large -Cap
stocks, represented by the S&P 500 Index (6.61 %) for the month of June. Small -caps,
as represented by the Russell 2000 Index, returned 3.16% during the quarter, lagged
mid- and large -caps. The Russell Midcap and Russell 1000 indices returned 4.76%
and 8.58%, respectively.
Within the S&P 500, two of the eleven GICS sectors ended with negative quarterly
returns. Utilities (-2.53%), Energy (-0.89%), and Consumer Staples (0.45%) were the
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August 22, 2023 Regular FINANCE Committee Meeting Agenda Packet - Page 116 of 151
As of: June 30, 2023
worst performers. While the best performing sectors were: Information Technology
(17.20%), Consumer Discretionary (14.58%), and Communication Services (13.07%).
According to FactSet Earnings Insight (as of June 30, 2023), the expected earnings
growth rate for S&P 500 for the quarter is -6.8%. If this is the actual decline for the
quarter, it will be the largest earnings decline in a quarter since Q2 2020 (-31.6%).
As of the end of the quarter, the S&P 500 P/E ratio was 21.82, slightly above its 5-
year average of 21.59. By comparison, the S&P 600, which represents small cap
stocks, had a P/E ratio of 15.26, which is below its 5-year average of 17.42.
Non-U.S. Equity
Markets outside of the United States, as measured by the MSCI ACWI ex-U.S. Index
significantly underperformed their U.S. counterparts, returning 2.44% for the quarter.
Seven of the 11 sectors posted strong positive returns for the quarter with Information
Technology (6.13%), Industrials (5.44%), and Financials (4.85%) being the best
performing sectors. The worst performing sectors were: Communication Services (-
4.57%), Materials (-2.73%), and Real Estate (-2.50%).
Emerging Markets (EM), as represented by MSCI Emerging Market Index,
underperformed Developed ex-U.S. Markets, represented by the MSCI EAFE Index,
returning 0.90% versus 2.95% for the quarter.
MSCI Japan (6.42%) outperformed the MSCI EAFE Index aided by positive investor
sentiment around the country's growth and shift in corporate culture. Of the five
largest -weighted major countries within the index, the United Kingdom (2.19%) was
the worst performer due to stubbornly high inflation numbers.
Within Emerging Markets, MSCI China (-9.71%) was the largest headwind as the
highly anticipated economic recovery remains underwhelming. EM Latin America
(14.04%) on the other hand was the top performing region during the quarter,
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benefitting from Brazil's receding inflation which raises the prospect of rate cuts in the
second half of the year.
Value stocks outperformed growth stocks across the International Equity Markets.
MSCI AC World ex -USA Value returned 2.95% while MSCI AC World ex -USA Growth
returned 1.94% for the quarter.
Small caps, as represented by MSCI ACWI ex-U.S. Small Cap Index, slightly
underperformed within the international equity markets, returning 2.05% for the
quarter.
Non -US equities remain undervalued relative to their long-term average across
international equity markets. As of June 30th, 2023, MSCI EM's P/E stood at 12.80
versus a 5-year average of 13.05. Similarly, MSCI EAFE ended the quarter with a P/E
ratio of 13.91 much lower than its 5-year average of 16.03.
Fixed Income
The U.S. bond market represented by the Bloomberg U.S. Aggregate (Aggregate)
Index sold off during the quarter,-0.84%, as rates continued rising. The trailing one-
year period has a loss of-0.94%.
The Bloomberg US Treasury Index closed the quarter with a loss of-1.38%. During
the period, the FOMC raised interest rates by a quarter point but paused at the June
meeting. Despite the pause, hawkish rhetoric of more tightening to come kept interest
rates across the curve rising off the low experienced after the banking issues of
March. Across the curve rates rose with the 3-month bill reaching 5.30% while the 10-
year treasury ended the quarter at 3.84%, continuing a deeper inversion.
Corporate credit had better relative performance in comparison to treasuries. The
investment grade Bloomberg U.S. Corporate (IG Corp) Index returned -0.29% while
high yield bonds, represented by the Bloomberg U.S. Corporate High Yield Index,
posted a solid gain of 1.75%. High Yield was again led by lowest quality Caa/CCC-
rated as spreads tightened.
For institution Investor or Investment Professional Use Only I See Important Disclosures
August 22, 2023 Regular FINANCE Committee Meeting Agenda Packet - Page 117 of 151
As of: June 30, 2023
The fixed-rate mortgage market, as measured by the Bloomberg U.S. Mortgage -
Backed Securities (MBS) Index, lost-0.64%.
Emerging market USD sovereign bonds, as represented by the JP Morgan EMBI
Global Diversified index, gained 2.19% in the quarter. By region, the Africa sub -index
led returns with a 4.3% return while the Middle East group lagged at 0.5%.
Alternatives
REITs, as measured by the FTSE NAREIT Equity REITs Index, gained 2.62% in the
second quarter of 2023, compared to a 2.68% increase in the prior quarter. Sector
performance was mixed during the second quarter. The best performers were the
Data Centers and Apartments sectors, which posted returns of 11.61 % and 8.59%,
respectively. The worst performers during the quarter were the Diversified and Self -
Storage sectors, which posted returns of -10.01 % and -3.51 %, respectively. The
Office sector, which has been plagued by concerns surrounding the future of in -
person work, fell only 0.38% during quarter; however, the sector has returned -
27.93% over the twelve-month period ending June 2023.
Commodity futures, represented by the Bloomberg Commodity Total Return Index,
fell 2.56% in the second quarter of 2023. The U.S. Dollar Index (DXY) gained 0.40%
during the same period. The price of gold fell 2.54% in Q2, following strong gains in
the two previous quarters. The precious metal finished the quarter at $1,919.35 per
ounce, down from $1,969.28 at the end of the previous quarter. The West Texas
Intermediate (WTI) Crude Oil spot price fell 6.65% from $75.67 to $70.64 per barrel
as macroeconomic headwinds outweighed tailwinds from potential supply shortages.
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Hedge fund returns were relatively flat quarter -to -date through May 2023 with the
HFRI Fund Weighted Composite Index returning 0.04%. During the same period, the
HFRI Macro (Total) Index returned 0.55%. The HFRI Equity Hedge (Total) Index and
the HFRI Fund of Funds Index returned 0.03% and 0.29%, respectively.
Our Outlook & Positioning
Fixed Income
We expect the Fed's rate hike campaign to end in the coming months as inflation
continues to decelerate and the Fed steps back to let its already contractionary policy
work through the economy. Given the long and variable lags of monetary policy,
combined with the effects of higher interest rates over the past twelve months and
tighter lending standards, we also expect economic growth to slow and
unemployment to modestly increase as the year progresses, and into 2024. As such,
we believe a mild recession is likely to occur late in 2023 or sometime during 2024.
As the effects of slowing economic growth and decelerating yet still elevated inflation
become apparent, we believe interest rate pressure should abate resulting in
modestly lower interest rates in the latter part of 2023. Slowing economic growth,
decelerating revenue and EBITDA growth, higher corporate borrowing costs, and
margin pressure should weigh on credit fundamentals going forward, despite
generally healthy corporate credit fundamentals. As a result, we expect corporate
credit spreads to modestly widen as current valuations do not reflect our forward
outlook.
Our outlook for agency mortgage -backed securities is favorable as valuations remain
Private real estate, as measured by the NCREIF Property Index, fell -1.81 % in the compelling, new issue supply remains minimal, and fundamentals are strong due to a
first quarter of 2023, resulting in a -1.60% return over the twelve-month period ended lack of credit risk and because much of the mortgage universe is not economically re -
March 2023. This was the second consecutive quarter of negative returns for the financeable. As interest rate volatility declines, and market concerns shift from
index. Hotel properties were again the top performers, with a total return of 2.30% in interest rate risk to credit risk, agency mortgages should perform well.
the first quarter, comprised of 0.82% in income return and 1.47% in appreciation
return. Office properties were again the worst performers with total return of-4.06%, Despite an anticipated softening in credit spreads, investment grade fixed income has
comprised of 1.14% in income return and -5.20% in appreciation return. become a much more attractive asset class as yields for most investment grade fixed
For institution Investor or Investment Professional Use Only I See Important Disclosures
August 22, 2023 Regular FINANCE Committee Meeting Agenda Packet - Page 118 of 151
As of: June 30, 2023
income assets remain near their highest level since the Great Financial Crisis. As a
result, we maintain a favorable view on high credit quality fixed income assets in a
balanced portfolio, with a bias toward higher credit quality sectors, industries, and
issuers, and are more comfortable with a modestly longer duration (more interest rate
sensitivity) given our favorable interest rate view.
To conclude, after almost a decade of less favorable yields within fixed income, the
income has finally returned to fixed income. Further, we believe within fixed income
the baton will pass from interest rate risk to credit risk due to the anticipated end to
the Fed's tightening cycle, decelerating economic growth, and inflation declining from
multi -decade highs.
Equity
Recently, the path of least resistance has been higher for risk assets, on the backs of
disinflation traction and the continued pickup in soft -landing expectations. Equities
appear priced for perfection, based on the premise of the Fed engineering a soft -
landing. And the economy avoiding a recession this cycle. We believe risk assets
provide little margin of safety at these current high valuation levels. Consequently, the
risk/reward calculation currently skews negative.
There has been a notable deceleration in economic activity. A variety of leading
indicators and a broad -based tightening of financial conditions suggest that the
business cycle is resetting itself following massive amounts of fiscal and monetary
stimulus. In the event the economy tips into recession we expect a mild downturn in
equity markets and a continuation of the rolling sector and industry slowdowns that
we have seen.
Regarding global equities, we remain cautious and defensively positioned given
economic cycle challenges, tightening financial conditions, high valuations, and
optimistic corporate earnings expectations. We believe that the current risk/reward
profile warrants caution and thus we remain underweight in global equities. We favor
international EAFE and Emerging Markets relative to the U.S. Within domestic large
cap equities, we favor large cap value over growth, because of extremely wide
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CAPITAL MANAGEMENT
valuation discounts on a relative basis. Additionally, we prefer international EAFE and
Emerging Markets compared to the U.S. and value relative to growth. These valuation
spreads are extremely wide today and we expect the valuation gap to narrow over
time back to historical levels.
For institution Investor or Investment Professional Use Only I See Important Disclosures
August 22, 2023 Regular FINANCE Committee Meeting Agenda Packet - Page 119 of 151
As of: June 30, 2023
Important Disclosures
The views expressed constitute the perspective of HighMark Capital Management,
Inc. (HighMark) at the time of distribution and are subject to change. The content is
based on sources generally believed to be reliable and available to the public;
however, HighMark cannot guarantee its accuracy, completeness or suitability. This
material is for general information purposes only and is not intended to provide
specific advice or a specific recommendation.
HighMark Capital Management, Inc. (HighMark) is an investment adviser registered
with the U.S. Securities and Exchange Commission and a subsidiary of U.S. Bank
National Association ("U.S. Bank"). U.S. Bank is a separate entity and subsidiary of
U.S. Bancorp. U.S. Bank is not responsible for and does not guarantee the products,
services or performance of HighMark. HighMark manages institutional separate
account portfolios for a wide variety of for -profit and nonprofit organizations, public
agencies, and public and private retirement plans. Individual account management
and construction will vary depending on each client's investment needs and
objectives. U.S. Bank provides certain services to HighMark and is compensated for
these services. NOT FDIC: INSURED NO BANK GUARANTEE: MAY LOSE
VALUE
For institution Investor or Investment Professional Use Only I See Important Disclosures
JHIGHMARK@
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August 22, 2023 Regular FINANCE Committee Meeting Agenda Packet - Page 120 of 151
PARS: Central Contra Costa Sanitary District
OPEB and Pension Plan
Second Quarter 2023
Presented by
Andrew Brown, CFA
JHIGHMARKO
CAPITAL MANAGEMENT
Attachment 2
CCCSD — OPEB
Asset Allocation
Total Assets: $81,122,038
Period Ending: 6-30-2023
2Q23 Return: 2.77%
1 Year Return: 7.55%
Inception -to -Date Return: 7.99%
Inception Date: 4-1-2009
Plan target rate of return: 5.75%
Fixed Income
$39,014,801
48.090/,
Cash
$2, 769,081
3.410/,
Beginning Value
566,683.26
Contributions
109,122,774.14
Withdrawals
-65,918,125.64
Gain (Loss)
14,117,905.44
Interest and Dividends
23,232,674.09
Net Accrued Income
215,396.92
Ending Market Value
$81,337,308.21*
Equity
$39,338,156
48.49aJo
* 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
PARS: Central Contra Costa Sanitary District
2
Asset Allocation — Central Contra Costa Sanitary District OPEB
As of Second Quarter 2023
Equity
48.49%
Range: 40%-60 %
39, 338,156
Large Cap Core
8.89%
IVV
iShares Core S&P 500 ETF
7,212,925
7.12%
VGIAX
Vanguard Growth & Income Adm
5,775,480
Large Cap Value
5.60%
IVE
iShares S&P 500 Value ETF
4,543,785
Large Cap Growth
4.60%
IVW
iShares S&P 500 Growth ETF
3,733,467
Mid Cap Core
4.11%
IWR
iShares Russell Mid -Cap ETF
3,333,162
Small Cap Value
3.38%
UBVFX
Undiscovered Managers Behavioral Val R6
2,741,735
Small Cap Growth
3.39%
FGROX
Emerald Growth Institutional
2,749,382
International Core
4.56%
VEA
Vanguard FTSE Developed Markets ETF
3,695,508
International Value
1.01%
DODFX
Dodge & Cox International Stock
821,915
International Growth
1.07%
MGRDX
MFS International Growth R6
869,370
Emerging Markets
3.50%
HHHFX
Hartford Schroders Emerging Mkts Eq F
2,837,065
Real Estate
1.26%
VNQ
Vanguard Real Estate ETF
1,024,362
Fixed Income
48.09%
Range: 40%-60%
39,014,801
29.32%
Core Fixed Income Portfolio
23,786,069
Short -Term
2.91%
VFSUX
Vanguard Short -Term Investment -Grade Adm
2,361,998
Intermediate -Term
7.94%
DODIX
Dodge & Cox Income
6,438,776
7.92%
PTRQX
PGIM Total Return Bond R6
6,427,958
Cash
3.41 %
Range: 0%-20%
2,769,081
3.41%
FG)=
First Am Govt Ob I'd Cl X
2,769,081
TOTAL 100.00% $81,122, 038
JHIGHMARKO
CAPITAL MANAGEMENT
PARS: Central Contra Costa Sanitary District
Selected Period Performance
CCCSD -OPEB
Period Ending: 6/30/2023
Year
Inception
to Date
to Date
3 Months
(6 Months)
1 Year
3 Years
5 Years
10 Years
04/01/2009
Cash Equivalents
1.21
2.28
3.64
1.26
1.44
.90
.67
Lipper Money Market Funds Index
2.30
3.70
1.27
1.43
.86
.61
Fixed Income ex Funds
-.75
2.71
-.17
-3.21
1.27
Total Fixed Income
-.44
2.77
.32
-3.00
1.27
1.75
3.20
Bloomberg US Aggregate Bd Index
-.C,If
2.09
-.94
-3.96
.77
1.52
2.58
Total Equities
6.39
12.73
16.25
12.47
9.06
10.08
12.71
Large Cap Funds
8.59
16.23
19.16
14.66
12.01
12.44
14.24
S&P 500 Composite Index
8.74
16.89
19.59
14.60
12.31
12.86
15.07
Mid Cap Funds
4.72
8.83
14.71
12.30
8.32
9.21
Russell Midcap Index
4.76
9.01
14.92
12.50
8.46
10.32
14.51
Small Cap Funds
4.24
6.75
11.74
11.66
5.60
9.83
14.35
Russell 2000 Index
5.21
8.09
12.31
10.82
4.21
8.26
12.59
International Equities
2.88
10.12
12.18
7.16
3.98
5.02
7.62
MSCI EAFE Index
2.95
11.67
18.77
8.93
4.39
5.41
8.01
MSCI EMFree Index
.90
4.89
1.75
2.32
.93
2.95
6.50
RR: REITS
1.74
3.44
-3.75
5.94
4.00
Wilshire REIT Index
3.31
6.73
-.31
8.55
4.40
6.39
13.82
Total Managed Portfolio
2.77
7.30
7.55
4.71
5.34
5.94
7.99
CCCSD OPEB Benchmark
2.98
7.49
8.23
4.90
5.28
6.06
8.01
Account Inception: 4/2009
From April 1, 2009 to July 31, 2017, the portfolio was invested in account 6746030600, PARS/Central
Contra Costa
Sant PRHCP.
The portfolio then moved
to account
6746055900, PARS/CCCSD
115 - OPEB. 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.
J
HIGHIIIIARK®
PARS:
Central Contra Costa Sanitary District
CAPITAL MANAGEMENT
4
Fixed Income Portfolio: Statistics
As of Second Quarter 2023
Weighted Average Maturity
Effective Duration
Average Coupon
Yield to Maturity
Average Quality
HIGHMARK®
CAPITAL MANAGEMENT
CCCSD BC Aggregate Bond
OPEB Index
9.74 years
8.62 years
6.43 years
6.16 years
3.990//0
3.21 %
5.10%
44.81 %
Aa2
Aa2
PARS: Central Contra Costa Sanitary District
Source: BondEdge
5
Fixed Income Portfolio: Sectors
As of Second Quarter 2023
45.0%
40.0%
35.0%
30.0%
25.0%
20.0%
15.0%
10.0%
5.0%
0.0%
■ CCCS❑ OPEB
■ Barclays U.S. Aggregate Bond Index
JHIGHMARKO
CAPITAL MANAGEMENT
Cash Treasury Agency Corp Non -Corp MBS CM❑ ABS CMBS
1.9% 25.0% 0.0% 25.2% 1.9% 35.9% 0.0% 10.2% 0.0%
0.0% 40.9% 1.1 % 23.8% 3.9% 28.2% 0.0% 0.4% 1.8%
PARS: Central Contra Costa Sanitary District
Source: BondEdge
Fixed Income Portfolio: Effective Duration and Effective Maturity
As of Second Quarter 2023
Effective Duration
35%
30%
25%
20%
15%
10%
5%
n01-
0-1 Yrs. 1-3 Yrs. 3-5 Yrs. 5-7 Yrs. 7-10 10+
Yrs. Yrs.
■CCCSD DPEB 7.90% 11.89% 22.01% 22.20% 20.56% 15.44%
BC Aggregate Bond Index 0.23% 23.95% 23.73% 28 61% 7 58% 15 90%
JHIGHMARKO
CAPITAL MANAGEMENT
Effective Maturity
60%
50%
40%
30%
20%
10%
no/-
0-1 Yr. 1-3 Yrs. 3-5 Yrs. 5-7 Yrs. 7-10 Yrs. 10+ Yrs.
■ CCCSD OPEB 6.94% 10.26% 8.98% 5.42% 49.10% 19.32%
BC Aggregate Bond Index 0.00% 21.40% 16.34% 14.30% 30.32% 17.64%
PARS: Central Contra Costa Sanitary District
Source: BondEdge
U.S. Bank Pivot
Holdings Report - Detail, With Totals
By Account, Asset Class, Ticker Symbol
Account # CUSIP #
and Name Ticker Asset Description and SEDOL
6746055900 : PARS/CCCSD 115P - OPEB
CASH EQUIVALENTS
SHORT TERM FDS-TAXABLE (ACM)
31846V336 FIRST AM GOVT OB FD CL X
FGXXX
CORPORATE OBLIGATIONS
CORPORATE BONDS AND NOTES
00206RMT6
AT T INC 5.400% 2/15/34
031162DT4
AMGEN INC 5.650% 3/02/53
045487ABI
ASSOC BANC CORP 4.250% 1/15/25
060505GB4
BANK OF AMERICA CORP 4.375% 12/01/99
11135EAA2
BROADSTONE NET 2.600% 9/15/31
126650CZ1
CVS HEALTH CORP 5.050% 3/25/48
14040HCY9
CAPITAL ONE FINL 5.817% 2/01/34
17327CAR4
CITIGROUP INC SUB 6.174% 5/25/34
202795HG8
COMMONWEALTH EDISON 5.875% 2/01/33
209111EQ2
CONSOLIDATED EDISON 5.700% 12/01/36
24703DBJ9
DELL INTL LLC EMC 5.250% 2/01/28
29278NAD5
ENERGY TRANSFER 5.800% 6/15/38
29366WAD8
ENTERGY LLC 5.000% 9/01/33
29670GAE2
ESSENTIAL UTILS INC 3.351% 4115150
30225VAJ6
EXTRA SPACE STORAGE 5.700% 4/01/28
303211,2C5
F G GLOBAL MTN 2.000% 9/20/28
Issue Date Moody Annual
Maturity Date S&P Inc/Unit
Page: 1 of 10
Print Date: 08/03/2023 at 12:24:17 pm
Trade Dated As O£ 06/30/2023
% Total Unrealized
Price Units Fed Cost Market Value Market Gain / Loss
0.052252
100.00
2,769,080.5100
2,769,080.51
2,769,080.51
.00
Total For Asset Type:
SHORT
TERM FDS-TAXABLE
(ACM)
$2,769,080.51
$2,769,080.51 3.41 %
$0.00
06/02/2023
BAA2
0.054
100.172
165,000.0000
.00
165,283.80
165,283.80
02/15/2034
BBB
03/02/2023
BAAI
0.0565
101.271
65,000.0000
.00
65,826.15
65,826.15
03/02/2053
BBB+
11/13/2014
BAA2
0.0425
93.428
60,000.0000
.00
56,056.80
56,056.80
01/15/2025
BBB-
01/20/2022
BAA2
0.04375
85.275
65,000.0000
.00
55,428.75
55,428.75
12/01/2099
BBB-
09/15/2021
BAA2
0.026
71.653
130,000.0000
.00
93,148.90
93,148.90
09/15/2031
BBB
03/09/2018
BAA2
0.0505
92.174
57,000.0000
.00
52,539.18
52,539.18
03/25/2048
BBB
02/01/2023
BAAI
0.05817
95.408
90,000.0000
.00
85,867.20
85,867.20
02/01/2034
BBB
05/25/2023
BAA2
0.06174
100.871
70,000.0000
.00
70,609.70
70,609.70
05/25/2034
BBB
01/22/2003
Al
0.05875
103.054
115,000.0000
.00
118,512.10
118,512.10
02/01/2033
A
12/01/2006
BAAI
0.057
99.752
80,000.0000
.00
79,801.60
79,801.60
12/01/2036
A-
01/24/2023
BAA2
0.0525
99.793
80,000.0000
.00
79,834.40
79,834.40
02/01/2028
BBB
06/08/2018
BAA3
0.058
95.81
125,000.0000
.00
119,762.50
119,762.50
06/15/2038
BBB-
05/12/2023
A2
0.05
98.07
105,000.0000
.00
102,973.50
102,973.50
09/01/2033
A
04/15/2020
BAA2
0.03351
69.501
85,000.0000
.00
59,075.85
59,075.85
04/15/2050
A-
03/28/2023
BAA2
0.057
99.902
100,000.0000
.00
99,902.00
99,902.00
04/01/2028
BBB+
09/22/2021
N/A
0.02
82.478
130,000.0000
.00
107,221.40
107,221.40
09/20/2028
A -
August 22, 2023 Regular FINANCE Committee Meeting Agenda Packet - Page 128 of 151
8
U.S. Bank Pivot
Holdings Report - Detail, With Totals
By Account, Asset Class, Ticker Symbol
Page: 2 of 10
Print Date: 08/03/2023 at 12:24:17 pm
Trade Dated As O£ 06/30/2023
Account # CUSIP #
Issue Date
Moody
Annual
% Total
Unrealized
and Name Ticker
Asset Description and SEDOL
Maturity Date
S&P
Inc/Unit
Price
Units
Fed Cost
Market Value Market
Gain / Loss
304071AAI
FAIRFAXUSINC 4.875% 8/13/24
08/13/2014
BAA3
0.04875
98.032
115,000.0000
.00
112,736.80
112,736.80
08/13/2024
BBB
320517AD7
FIRST HORIZON NATL 4.000% 5/26/25
05/26/2020
BAA3
0.04
93.402
145,000.0000
.00
135,432.90
135,432.90
05/26/2025
N/A
37045XDP8
GENERAL MOTORS FINL 2.400% 10/15/28
10/15/2021
BAA2
0.024
84.67
140,000.0000
.00
118,538.00
118,538.00
10/15/2028
BBB
38141GYMO
GOLDMAN SACHS 1.948% 10/21/27
10/21/2021
A2
0.01948
88.953
95,000.0000
.00
84,505.35
84,505.35
10/21/2027
BBB+
40139LBE2
GUARDIAN LIFE MTN 1.625% 9/16/28
09/16/2021
AAl
0.01625
83.866
110,000.0000
.00
92,252.60
92,252.60
09/16/2028
AA+
41284VAC6
HARLEY DAVIDSON FINL 6.500% 3/10/28
03/10/2023
BAA3
0.065
100.031
120,000.0000
.00
120,037.20
120,037.20
03/10/2028
131313-
458140CH1
INTEL CORP 5.625% 2/10/43
02/10/2023
A2
0.05625
101.55
60,000.0000
.00
60,930.00
60,930.00
02/10/2043
A
48128BANI
JPMORGAN CHASE CO 3.650% 9/01/69
05/12/2021
BAA2
0.0365
88.015
65,000.0000
.00
57,209.75
57,209.75
09/01/2069
131313-
55903VBE2
WARNERMEDIAHLDGS 5.141% 3/15/52
03/15/2023
BAA3
0.05141
81.425
165,000.0000
.00
134,351.25
134,351.25
03/15/2052
131313-
604074AA2
MINNESOTA LIFE INS 8.250% 9/15/25
09/15/1995
A2
0.0825
102.598
100,000.0000
.00
102,598.00
102,598.00
09/15/2025
A
620076BU2
MOTOROLA SOLUTIONS 2.750% 5/24/31
05/24/2021
BAA2
0.0275
81.926
150,000.0000
.00
122,889.00
122,889.00
05/24/2031
131313-
64952WEZ2
NEW YORK LIFE MTN 4.550% 1/28/33
01/31/2023
AAA
0.0455
96.327
110,000.0000
.00
105,959.70
105,959.70
01/28/2033
AA+
665859AX2
NORTHERN TR CORP 6.125% 11/02/32
11/02/2022
A2
0.06125
103.674
100,000.0000
.00
103,674.00
103,674.00
11/02/2032
A
68235PAL2
ONE GAS INC 1.100% 3/11/24
03/11/2021
A3
0.011
96.747
121,000.0000
.00
117,063.87
117,063.87
03/11/2024
A-
69047QAC6
OVINTIV INC 6.250% 7/15/33
05/31/2023
BAA3
0.0625
98.633
40,000.0000
.00
39,453.20
39,453.20
07/15/2033
131313-
693475BC8
PNC FINL SVCS GROUP 3.400% 12/15/69
09/13/2021
BAA2
0.034
73.75
110,000.0000
.00
81,125.00
81,125.00
12/15/2069
131313-
694476AF9
PACIFIC LIFECORP 5.400% 9/15/52
09/15/2022
A3
0.054
96.611
65,000.0000
.00
62,797.15
62,797.15
09/15/2052
A-
718172DB2
PHILIP MORRIS INTL 5.375% 2/15/33
02/15/2023
A2
0.05375
99.78
100,000.0000
.00
99,780.00
99,780.00
02/15/2033
A-
71951QAB8
PHYSICIANS REALTY LP 3.950% 1/15/28
12/01/2017
BAA2
0.0395
91.257
55,000.0000
.00
50,191.35
50,191.35
01/15/2028
BBB
72650RBC5
PLAINS ALL AMER PIPE 4.300% 1/31/43
12/10/2012
BAA3
0.043
74.726
155,000.0000
.00
115,825.30
115,825.30
01/31/2043
BBB -
August 22, 2023 Regular FINANCE Committee Meeting Agenda Packet - Page 129 of 151
9
U.S. Bank Pivot
Holdings Report - Detail, With Totals
By Account, Asset Class, Ticker Symbol
Page: 3 of 10
Print Date: 08/03/2023 at 12:24:17 pm
Trade Dated As O£ 06/30/2023
Account # CUSIP #
Issue Date
Moody
Annual
% Total
Unrealized
and Name Ticker
Asset Description and SEDOL
Maturity Date
S&P
Inc/Unit
Price
Units
Fed Cost
Market Value Market
Gain / Loss
744448CY5
PUBLIC SERVICE CO 5.250% 4/01/53
04/03/2023
Al
0.0525
96.039
70,000.0000
.00
67,227.30
67,227.30
04/01/2053
A
756109BR4
REALTY INCOME CORP 4.850% 3/15/30
01/13/2023
A3
0.0485
96.67
55,000.0000
.00
53,168.50
53,168.50
03/15/2030
A-
784710AC9
SSM HEALTH CARE CORP 4.894% 6/01/28
04/26/2023
N/A
0.04894
98.115
245,000.0000
.00
240,381.75
240,381.75
06/01/2028
A+
842400HX4
SOUTHERN CALIF 5.875% 12/01/53
05/22/2023
A2
0.05875
101.987
70,000.0000
.00
71,390.90
71,390.90
12/01/2053
A-
842434CX8
SOUTHERN CAGAS CO 6.350% 11/15/52
11/14/2022
AA3
0.0635
110.767
100,000.0000
.00
110,767.00
110,767.00
11/15/2052
A+
852060AT9
SPRINT CAPITAL CORP 8.750% 3/15/32
03/14/2002
BAA2
0.0875
120.861
50,000.0000
.00
60,430.50
60,430.50
03/15/2032
BBB-
860630AD4
STIFEL FINANCIAL 4.250% 7/18/24
07/18/2014
N/A
0.0425
97.889
85,000.0000
.00
83,205.65
83,205.65
07/18/2024
BBB-
862121AA8
STORE CAPITAL CORP 4.500% 3/15/28
03/15/2018
BAA3
0.045
87.331
115,000.0000
.00
100,430.65
100,430.65
03/15/2028
BBB-
88732JAN8
TIMEWARNER CABL 7.300% 7/01/38
06/19/2008
BAl
0.073
101.907
105,000.0000
.00
107,002.35
107,002.35
07/01/2038
BBB-
89566EAD0
TRISTATE GENERAT 6.000% 6/15/40
06/08/2010
A3
0.06
94.66
115,000.0000
.00
108,859.00
108,859.00
06/15/2040
BBB
89832QAC3
TRUIST FINL CORP 5.125% 12/31/99
12/16/2019
BAA2
0.05125
76.525
64,000.0000
.00
48,976.00
48,976.00
12/31/2099
BBB-
92343VCQ5
VERIZON COMM INC 4.400% 11/01/34
10/29/2014
BAAI
0.044
92.297
145,000.0000
.00
133,830.65
133,830.65
11/01/2034
BBB+
95000U2S1
WELLS FARGO CO MTN 2.393% 6/02/28
06/02/2020
Al
0.02393
89.113
110,000.0000
.00
98,024.30
98,024.30
06/02/2028
BBB+
962166BR4
WEYERHAEUSERCO 7.375% 3/15/32
09/15/2002
BAA2
0.07375
111.593
105,000.0000
.00
117,172.65
117,172.65
03/15/2032
BBB
976826BR7
WISCONSIN PAIR LT CO 4.950% 4/01/33
03/30/2023
A3
0.0495
98.902
90,000.0000
.00
89,011.80
89,011.80
04/01/2033
A
023551AM6
AMERADA HESS CORP 7.125% 3/15/33
03/05/2002
BAA3
0.07125
109.08
95,000.0000
.00
103,626.00
103,626.00
AHC7133
03/15/2033
BBB-
064058AL4
BANK OF NY CORP 3.750% 3/20/70
11/18/2021
BAAI
0.0375
82.125
105,000.0000
.00
86,231.25
86,231.25
BON5070
03/20/2070
BBB
Total For Asset Type: CORPORATE BONDS AND NOTES
$0.00
$5,008,930.50 6.17%
$5,008,930.50
CORPORATE PAYDOWN
SECURITIES
009090AA9
AIR CANADA 2015 IA 3.600% 3/15/27
03/25/2015
N/A
0.036
92.805
116,392.4700
.00
108,018.03
108,018.03
03/15/2027
A
01166VAA7
ALASKAAIRLINES 4.800% 2/15/29
07/02/2020
N/A
0.048
96.035
104,523.8000
.00
100,379.43
100,379.43
02/15/2029
A+
August 22, 2023 Regular FINANCE Committee Meeting Agenda Packet - Page 130 of 151
10
U.S. Bank Pivot
Holdings Report - Detail, With Totals
By Account, Asset Class, Ticker Symbol
Page: 4 of 10
Print Date: 08/03/2023 at 12:24:17 pm
Trade Dated As O£ 06/30/2023
Account # CUSIP #
Issue Date
Moody
Annual
% Total
Unrealized
and Name Ticker
Asset Description and SEDOL
Maturity Date
S&P
Inc/Unit
Price
Units
Fed Cost
Market Value Market
Gain / Loss
11043XAAI
BRITISH AIR 19 1 AA 3.300% 6/15/34
07/25/2019
A2
0.033
86.697
95,045.9500
.00
82,401.99
82,401.99
06/15/2034
A+
14687GAC9
CARVANAAUTO RECS TR 0.660% 6/12/28
09/09/2021
N/A
0.0066
91.259
49,666.6400
.00
45,325.28
45,325.28
06/12/2028
AA+
17331KAB5
CTZNS AUTO RECV TR 6.130% 7/15/26
06/29/2023
AAA
0.0613
99.8925
150,000.0000
.00
149,838.75
149,838.75
07/15/2026
AAA
22822RBDI
CROWN CASTLE TOWERS 3.663% 5115145
05/15/2015
A2
0.03663
95.261
175,000.0000
.00
166,706.75
166,706.75
05/15/2045
N/A
233046AF8
DB MASTER 4.030% 11/20/47
10/23/2017
N/A
0.0403
91.391
175,287.5000
.00
160,197.00
160,197.00
11/20/2047
BBB
247361ZWI
DELTA AIR LINES 5.000%12/10/29
03/12/2020
A3
0.05
86.192
87,470.8200
.00
75,392.85
75,392.85
12/10/2029
BBB
26208QAG2
DRIVE AUTO 2.700% 5/17/27
01/22/2020
AAA
0.027
98.357
156,659.0200
.00
154,085.11
154,085.11
05/17/2027
AAA
30167LAG4
EXETER AUTOMOBILE 3.710% 3/17/25
04/24/2019
AAA
0.0371
99.407
47,677.9700
.00
47,395.24
47,395.24
03/17/2025
AAA
314353AAl
FEDEX 2020 1 CLASS 1.875% 2/20/34
08/13/2020
AA3
0.01875
81.576
125,616.2000
.00
102,472.67
102,472.67
02/20/2034
AA-
43284BAA0
HILTON GRAND 3.540% 2/25/32
09/19/2018
N/A
0.0354
96.242
143,589.7200
.00
138,193.62
138,193.62
02/25/2032
AAA
55400EAA7
MVW 2020 1 LLC 1.740% 10/20/37
07/22/2020
N/A
0.0174
91.213
90,041.1200
.00
82,129.21
82,129.21
10/20/2037
AAA
78403DAT7
SBA TOWER TRUST 1.631% 5115151
05/14/2021
A2
0.01631
86.255
140,000.0000
.00
120,757.00
120,757.00
05/15/2051
N/A
84858XAA2
SPIRITAIR20171 3.650% 8/15/31
11/13/2017
N/A
0.0365
82.662
79,793.0200
.00
65,958.51
65,958.51
08/15/2031
BBB
909319AA3
UNITED AIR 2013 1 A 4.300% 2/15/27
08/15/2013
N/A
0.043
96.178
72,272.5300
.00
69,510.27
69,510.27
02/15/2027
A-
90932QAA4
UNITED AIR 2014 2 3.750% 3/03/28
08/11/2014
N/A
0.0375
93.876
87,088.5500
.00
81,755.25
81,755.25
03/03/2028
A
11042AAA2
BRITISH AIRWAYS PL3.95694% 6/20/24
07/03/2013
A3
0.039569
98.737
58,939.2500
.00
58,194.85
58,194.85
BAP3924
06/20/2024
A+
22534GAC7
CREDIT ACCEPTANCE 2.390% 4/16/29
02/20/2020
AAA
0.0239
0.00
.0100
.00
.00
.00
CA22329
04/16/2029
N/R
14043QAB8
CAPITALONEPRIME 2.710% 6/16/25
05/04/2022
N/A
0.0271
98.983
59,713.9700
.00
59,106.68
59,106.68
COP2725
06/16/2025
AAA
262104AD4
DRIVE AUTO REC TR 0.580% 12/15/25
08/25/2021
AAA
0.0058
99.796
14,999.4500
.00
14,968.85
14,968.85
DAR0325
12/15/2025
AAA
30165JAD8
EXETER AUTOMOBILE 1.050% 5/15/26
11/17/2021
AAA
0.0105
98.812
50,200.0600
.00
49,603.68
49,603.68
EA00926
05/15/2026
AAA
August 22, 2023 Regular FINANCE Committee Meeting Agenda Packet - Page 131 of 151
11
U.S. Bank Pivot
Holdings Report - Detail, With Totals
By Account, Asset Class, Ticker Symbol
Account # CUSIP #
and Name Ticker
Asset Description and SEDOL
30166AAD6
EXETER AUTO RECV TR 0.690% 1/15/26
EAR0626
32113CBV 1
FIRST NATL MSTR 8.24026% 4/16/29
FNM8229
380881FB3
GOLDEN CREDIT CARD 1.140% 8/15/28
GCC1628
362590AC5
GM FIN CONS ATMB 0.450% 4/16/25
GFC0425
361886CD4
GENERAL MOTORS 2.900% 4/15/26
GM22926
44933FAF3
HYUNDAI AUTO RECV 1.600% 12/15/26
HAR1626
41284YA132
HARLEY DAVIDSON MTR 2.450% 5/15/25
HDM2425
80286JABI
SANTANDER REVOLVING 2.800% 1/26/32
SR22832
85208NAD2
SPRINT SPECTRUM 4.79064% 3/20/25
SS44725
90945CAAO
UTD AUTO CR SEC TR 5.570% 7/10/25
UAC 1825
98163CAG5
WORLD OMNI AUTO 0.870% 10/15/26
WOA0726
FOREIGN OBLIGATIONS
OTHER FOREIGN CORPORATE BONDS
064159VJ2 BANK OF NOVA SCOTIA 4.900% 9/04/68
716973AG7 PFIZER INVESTMENT 5.300% 5/19/53
MUNICIPAL OBLIGATIONS
MUNI BDS - SINKING FUNDS
6789084178 OKLAHOMA DEV FIN 4.135% 12/01/33
MUNI BDS-FIXED NON TAXABLE
913366KVI UNIVCAREGTS 4.132% 5/15/32
Page: 5 of 10
Print Date: 08/03/2023 at 12:24:17 pm
Trade Dated As O£ 06/30/2023
Issue Date
Moody
Annual
% Total
Unrealized
Maturity Date
S&P
Inc/Unit
Price
Units
Fed Cost
Market Value
Market
Gain / Loss
08/25/2021
AAA
0.0069
99.347
81,145.2400
.00
80,615.36
80,615.36
01/15/2026
AAA
04/26/2023
AAA
0.082403
98.616
190,000.0000
.00
187,370.40
187,370.40
04/16/2029
N/A
09/01/2021
AAA
0.0114
88.317
250,000.0000
.00
220,792.50
220,792.50
08/15/2028
N/A
08/19/2020
AAA
0.0045
98.524
40,240.1900
.00
39,646.24
39,646.24
04/16/2025
N/A
05/22/2019
AAA
0.029
97.762
330,000.0000
.00
322,614.60
322,614.60
04/15/2026
AAA
07/22/2020
N/A
0.016
95.443
145,000.0000
.00
138,392.35
138,392.35
12/15/2026
AAA
04/20/2022
AAA
0.0245
99.532
24,768.5800
.00
24,652.66
24,652.66
05/15/2025
AAA
11/26/2019
AAA
0.028
94.755
230,000.0000
.00
217,936.50
217,936.50
01/26/2032
AA
03/21/2018
Al
0.047906
98.695
87,500.0000
.00
86,358.13
86,358.13
03/20/2025
N/A
01/31/2023
N/A
0.0557
99.796
80,782.5900
.00
80,617.79
80,617.79
07/10/2025
AAA
08/19/2020
N/A
0.0087
93.854
115,000.0000
.00
107,932.10
107,932.10
10/15/2026
AA+
Total For Asset Type:
CORPORATE PAYDOWN SECURITIES
$0.00
$3,439,319.65
4.24%
$3,439,319.65
06/04/2020
BAA3
0.049
94.407
90,000.0000
.00
84,966.30
84,966.30
09/04/2068
BBB-
05/19/2023
Al
0.053
103.968
60,000.0000
.00
62,380.80
62,380.80
05/19/2053
A+
Total For Asset Type: OTHER FOREIGN CORPORATE
BONDS
$0.00
$147,347.10
.18%
$147,347.10
09/07/2022
N/A
0.04135
98.412
68,672.1000
.00
67,581.59
67,581.59
12/01/2033
AAA
Total For Asset Type: MUNI
BDS - SINKING
FUNDS
$0.00
$67,581.59
.08%
$67,581.59
05/11/2022
AA3
0.04132
95.027
140,000.0000
.00
133,037.80
133,037.80
05/15/2032
AA -
Total For Asset Type: MUNI BDS-FIXED NON TAXABLE
$0.00
$133,037.80
.16%
$133,037.80
August 22, 2023 Regular FINANCE Committee Meeting Agenda Packet - Page 132 of 151
12
U.S. Bank Pivot
Holdings Report - Detail, With Totals
By Account, Asset Class, Ticker Symbol
Account # CUSIP #
and Name Ticker Asset Description and SEDOL
MUNI BDS-FIXED TAXABLE
13032UD96 CALIFORNIA HEALTH 4.353% 6/01/41
23503CAN7 DALLAS FT WORTH TX 4.507% 11/01/51
MUTUAL FUNDS
CLOSED END MUTUAL FUND EQUITY
464287408
ISHARES S P 500 VALUE ETF
IVE
464287200
ISHARES CORE S P 500 ETF
IVV
464287309
ISHARES S P 500 GROWTH ETF
IVW
464287499
ISHARES RUSSELL MID CAP ETF
IWR
921943858
VANGUARD FTSE DEVELOPED ETF
VEA
922908553
VANGUARD REAL ESTATE ETF
VNQ
Page: 6 of 10
Print Date: 08/03/2023 at 12:24:17 pm
Trade Dated As O£ 06/30/2023
Issue Date
Moody
Annual
% Total
Unrealized
Maturity Date
S&P
Inc/Unit
Price
Units
Fed Cost
Market Value
Market
Gain / Loss
04/07/2022
AA3
0.04353
92.057
135,000.0000
.00
124,276.95
124,276.95
06/01/2041
AA-
04/01/2022
Al
0.04507
93.066
150,000.0000
.00
139,599.00
139,599.00
11/01/2051
A+
Total For Asset Type: MUNI BDS-FIXED
TAXABLE
$0.00
$263,875.95
.33%
$263,875.95
2.995
161.19
28,189.0000
.00
4,543,784.91
4,543,784.91
N/A
6.616
445.71
16,183.0000
.00
7,212,924.93
7,212,924.93
N/A
0.626
70.48
52,972.0000
.00
3,733,466.56
3,733,466.56
N/A
1.096
73.03
45,641.0000
.00
3,333,162.23
3,333,162.23
N/A
1.201
46.18
80,024.0000
.00
3,695,508.32
3,695,508.32
N/A
3.778
83.56
12,259.0000
.00
1,024,362.04
1,024,362.04
N/A
Total For Asset Type: CLOSED END MUTUAL FUND EQUITY
$0.00
$23,543,208.99
29.02%
$23,543,208.99
MUTUAL FUNDS -EQUITY
256206103
DODGE COX INTERNATIONAL STOCK FD I
DODFX
317609253
EMERALD GROWTH INSTITUTIONAL
FGROX
41665X859
HARTFORD SCHRODERS EMERGING MARKETS
HHHFX
552746356
MFS INTERNATIONAL GROWTH R6
MGRDX
904504479
UNDISCOVERED MGRS BEHAVIORAL VALUE
UBVFX
921913208
VANGUARD GROWTH & INCOME ADM SHS#593
VGIAX
0.96
47.73
17,220.0890
.00
821,914.85
821,914.85
N/A
0.00
24.77
110,996.4560
.00
2,749,382.22
2,749,382.22
N/A
0.30
15.58
182,096.5960
.00
2,837,064.97
2,837,064.97
N/A
0.448
40.51
21,460.6240
.00
869,369.88
869,369.88
N/A
0.933
76.05
36,051.7370
.00
2,741,734.60
2,741,734.60
N/A
N/A
1.353
90.26
63,987.1510
.00
5,775,480.25
5,775,480.25
N/A
Total For Asset Type: MUTUAL
FUNDS - EQUITY
$0.00
$15,794,946.76 19.47%
$15,794,946.76
MUTUAL FUNDS -FIXED TAXABLE
256210105 DODGE COX INCOME 0.429 12.35 521,358.4090
DODFX N/A
August 22, 2023 Regular FINANCE Committee Meeting Agenda Packet - Page 133 of 151
.00 6,438,776.35 6,438,776.35
13
U.S. Bank Pivot
Holdings Report - Detail, With Totals
By Account, Asset Class, Ticker Symbol
Account # CUSIP #
and Name Ticker Asset Description and SEDOL
74440B884 PGIM TOTAL RETURN BOND CL R6
PTRQX
922031836 VANGUARD SHORT TERM INVT GRADE #539
VFSUX
US TREAS & AGENCY OBLIGATIONS
GNMA/FNMA/FHLMC
POOLS
3138ETCL8
F N M A #AL8174
3.500% 2/01/46
AL8174A
3138ET4J2
FNMA #AL8924
3.000% 12/01/30
AL8924A
3138ERM23
FNMA #AL9376
3.000% 8/01/31
AL9376A
3138ER5X4
F N M A #AL9861
3.000% 8/01/30
AL9861A
3138WEPAI
FNMA#AS4916
3.000% 5/01/30
AS4916A
3138WHSTO
F N M A #AS7729
3.000% 8/01/46
AS7729A
3138WMKF7
F N M A #AT0293
3.000% 3/01/43
AT0293A
3140EVUL9
FNMA #BC 1486
3.000% 8/01/46
BC1486A
3140J9N72
F N M A #BM4913
3.000% 5/01 /46
BM4913A
3140QEBSO
F N M A #CA6348
2.500% 7/01/50
CA6348A
3140QELU4
FNMA #CA6638
2.500% 8/01/50
CA6638A
3140QERX2
FNMA #CA6801
2.500% 8/01/50
CA6801 A
3140QFA90
F N M A #CA7231
2.500% 10/01/50
CA7231A
3140QLTCO
FNMA #CB1446
2.000% 8/01/36
CB1446A
3140QPA80
FNMA #CB3630
4.000% 5/01/52
CB3630A
31294MNN7
F H L M C GD E03097 2.500% 3/01/27
E03097F
Page: 7 of 10
Print Date: 08/03/2023 at 12:24:17 pm
Trade Dated As O£ 06/30/2023
Issue Date
Moody
Annual
% Total
Unrealized
Maturity Date
S&P
Inc/Unit
Price
Units
Fed Cost
Market Value Market
Gain / Loss
0.537
11.84
542,901.8600
.00
6,427,958.02
6,427,958.02
N/A
N/A
0.268
9.98
236,673.1000
.00
2,361,997.54
2,361,997.54
N/A
Total For Asset Type: MUTUAL
FUNDS -FIXED
TAXABLE
$0.00
$15,228,731.91 18.77%
$15,228,731.91
02/01/2016
N/A
0.035
93.005
116,598.0800
.00
108,442.04
108,442.04
02/01/2046
N/A
07/01/2016
N/A
0.03
95.29
81,741.8300
.00
77,891.79
77,891.79
12/01/2030
N/A
11/01/2016
N/A
0.03
95.029
46,730.9900
.00
44,407.99
44,407.99
08/01/2031
N/A
02/01/2017
N/A
0.03
95.30
110,698.4100
.00
105,495.58
105,495.58
08/01/2030
N/A
04/01/2015
N/A
0.03
95.269
77,864.7700
.00
74,180.99
74,180.99
05/01/2030
N/A
07/01/2016
N/A
0.03
89.712
94,294.7900
.00
84,593.74
84,593.74
08/01/2046
N/A
03/01/2013
N/A
0.03
90.276
63,179.3700
.00
57,035.81
57,035.81
03/01/2043
N/A
08/01/2016
N/A
0.03
89.649
86,180.6100
.00
77,260.06
77,260.06
08/01/2046
N/A
11/01/2018
N/A
0.03
90.279
51,583.9800
.00
46,569.50
46,569.50
05/01/2046
N/A
06/01/2020
N/A
0.025
85.328
177,988.4500
.00
151,873.98
151,873.98
07/01/2050
N/A
07/01/2020
N/A
0.025
85.389
217,923.4000
.00
186,082.61
186,082.61
08/01/2050
N/A
08/01/2020
N/A
0.025
85.25
239,918.7600
.00
204,530.74
204,530.74
08/01/2050
N/A
09/01/2020
N/A
0.025
85.388
221,202.7100
.00
188,880.57
188,880.57
10/01/2050
N/A
08/01/2021
N/A
0.02
88.702
173,132.7600
.00
153,572.22
153,572.22
08/01/2036
N/A
04/01/2022
N/A
0.04
93.868
622,164.4600
.00
584,013.34
584,013.34
05/01/2052
N/A
03/01/2012
N/A
0.025
95.663
43,966.6300
.00
42,059.80
42,059.80
03/01/2027
N/A
August 22, 2023 Regular FINANCE Committee Meeting Agenda Packet - Page 134 of 151
14
U.S. Bank Pivot
Holdings Report - Detail, With Totals
By Account, Asset Class, Ticker Symbol
Page: 8 of 10
Print Date: 08/03/2023 at 12:24:17 pm
Trade Dated As O£ 06/30/2023
Account # CUSIP #
Issue Date
Moody
Annual
% Total
Unrealized
and Name Ticker
Asset Description and SEDOL
Maturity Date
S&P
Inc/Unit
Price
Units
Fed Cost
Market Value Market
Gain / Loss
3140X63C3
F N M A #FM3494 2.500 % 4/01/48
06/01/2020
N/A
0.025
86.017
97,290.7700
.00
83,686.60
83,686.60
FM3494A
04/01/2048
N/A
3140XJT94
FNMA#FS3275 3.000% 4/01/52
11/01/2022
N/A
0.03
88.038
441,866.6900
.00
389,010.60
389,010.60
FS3275A
04/01/2052
N/A
3128MJ4H0
F H L M C GD G08823 3.500% 6/01/48
06/01/2018
N/A
0.035
92.394
52,984.7700
.00
48,954.75
48,954.75
G08823F
06/01/2048
N/A
3128MEBV2
F H L M C GD G15252 3.000% 12/01/29
12/01/2014
N/A
0.03
95.398
47,883.5800
.00
45,679.98
45,679.98
G15252F
12/01/2029
N/A
31335AQE1
F H L M C GD G60453 3.000% 1/01/46
02/01/2016
N/A
0.03
90.373
95,290.6800
.00
86,117.05
86,117.05
G60453F
01/01/2046
N/A
31307LNS3
F H L M C GD J30401 3.000% 1/01/30
01/01/2015
N/A
0.03
95.397
54,149.9300
.00
51,657.41
51,657.41
J30401F
01/01/2030
N/A
31418CA87
FNMA #MA2730 2.500% 7/01/46
07/01/2016
N/A
0.025
85.87
206,627.9800
.00
177,431.45
177,431.45
MA2730A
07/01/2046
N/A
31418CCR3
F N M A #MA2779 2.000% 9/01/26
09/01/2016
N/A
0.02
95.099
27,220.5300
.00
25,886.45
25,886.45
MA2779A
09/01/2026
N/A
31418CGDO
FNMA#MA2895 3.000% 2/01/47
01/01/2017
N/A
0.03
89.485
56,809.8900
.00
50,836.33
50,836.33
MA2895A
02/01/2047
N/A
31418CR89
FNMA #MA3210 3.500% 12/01/47
11/01/2017
N/A
0.035
92.446
34,238.7700
.00
31,652.37
31,652.37
MA3210A
12/01/2047
N/A
31418CS47
FNMA#MA3238 3.500% 1/01/48
12/01/2017
N/A
0.035
92.464
36,412.0700
.00
33,668.06
33,668.06
MA3238A
01/01/2048
N/A
31418CVF8
FNMA#MA3313 3.500% 3/01/33
02/01/2018
N/A
0.035
95.825
24,511.0800
.00
23,487.74
23,487.74
MA3313A
03/01/2033
N/A
31418CV27
FNMA#MA3332 3.500% 4/01/48
03/01/2018
N/A
0.035
92.291
45,925.7400
.00
42,385.32
42,385.32
MA3332A
04/01/2048
N/A
31418C2X1
FNMA#MA3489 3.500%10/01/33
09/01/2018
N/A
0.035
95.812
22,689.8600
.00
21,739.61
21,739.61
MA3489A
10/01/2033
N/A
31418C4W1
FNMA#MA3536 4.000%11/01/48
11/01/2018
N/A
0.04
95.341
11,595.5400
.00
11,055.30
11,055.30
MA3536A
11/01/2048
N/A
31418DSM5
FNMA#MA4123 2.000% 8/01/35
08/01/2020
N/A
0.02
89.168
158,922.1600
.00
141,707.71
141,707.71
MA4123A
08/01/2035
N/A
31418D7E6
F N M A #MA4492 2.000% 11/01/51
11/01/2021
N/A
0.02
81.619
980,649.8500
.00
800,396.60
800,396.60
MA4492A
11/01/2051
N/A
31418ED80
F N M A #MA4626 4.000% 5/01/52
05/01/2022
N/A
0.04
93.898
445,917.5300
.00
418,707.64
418,707.64
MA4626A
05/01/2052
N/A
31418ESB7
FNMA #MA5013 4.500% 4/01/38
04/01/2023
N/A
0.045
98.082
233,847.9200
.00
229,362.72
229,362.72
MA5013A
04/01/2038
N/A
3132HPRZ9
F H L M C GD Q13204 3.000% 11/01/42
11/01/2012
N/A
0.03
90.384
70,245.4700
.00
63,490.67
63,490.67
Q13204F
11/01/2042
N/A
August 22, 2023 Regular FINANCE Committee Meeting Agenda Packet - Page 135 of 151
15
U.S. Bank Pivot
Holdings Report - Detail, With Totals
By Account, Asset Class, Ticker Symbol
Account # CUSIP #
and Name Ticker
Asset Description and SEDOL
3132QVJT9
F H L M C GD Q38373 3.500% 1/01/46
Q38373F
3133KYUQO
F H L M C #RB5091
2.500% 11/01/40
RB5091F
3132CWM50
F H L M C #S130380
3.500% 2/01/34
SB038OF
3132D53P5
F H L M C #SB8006
3.000% 9/01/34
SB8006F
3132DPJZ2
F H L M C #SD2080
4.000% 12/01/52
SD208OF
3132DWD26
F H L M C #SD8221
3.500% 5/01/52
SD8221F
3132DWD34
F H L M C #SD8222
4.000% 5/01/52
SD8222F
3132DWEB5
F H L M C #SD8230
4.500% 5/01/52
SD8230F
3132DWEJ8
F H L M C #SD8237
4.000% 7/01/52
SD8237F
3132DWE74
F H L M C #SD8258
5.000% 9/01/52
SD8258F
3132DWF57
F H L M C #SD8288
5.000% 12/01/52
SD8288F
3132KEUK9
F H L M C GD V60586 3.000% 8/01/29
V60586F
US TREASURY BONDS & NOTES
912810TL2 U S TREASURY BD 4.000% 11/15/52
912810TN8
U S TREASURY BD 3.500% 2/15/53
912810TQI
UNITED STATES TREAS 3.875% 2/15/43
91282CGM7
US TREASURY NT 3.500% 2/15/33
91282CHC8
U S TREASURY NT 3.375% 5/15/33
Page: 9 of 10
Print Date: 08/03/2023 at 12:24:17 pm
Trade Dated As O£ 06/30/2023
Issue Date
Moody
Annual
% Total
Unrealized
Maturity Date
S&P
Inc/Unit
Price
Units
Fed Cost
Market Value
Market
Gain / Loss
01/01/2016
N/A
0.035
93.109
50,833.0000
.00
47,330.10
47,330.10
01/01/2046
N/A
11/01/2020
N/A
0.025
88.07
262,094.4700
.00
230,826.60
230,826.60
11/01/2040
N/A
06/01/2020
N/A
0.035
95.825
67,338.9400
.00
64,527.54
64,527.54
02/01/2034
N/A
08/01/2019
N/A
0.03
93.647
58,336.2300
.00
54,630.13
54,630.13
09/01/2034
N/A
12/01/2022
N/A
0.04
93.857
754,233.7400
.00
707,901.16
707,901.16
12/01/2052
N/A
05/01/2022
N/A
0.035
91.158
575,704.4900
.00
524,800.70
524,800.70
05/01/2052
N/A
05/01/2022
N/A
0.04
93.898
464,807.2200
.00
436,444.68
436,444.68
05/01/2052
N/A
05/01/2022
N/A
0.045
96.164
386,006.7900
.00
371,199.57
371,199.57
05/01/2052
N/A
07/01/2022
N/A
0.04
93.888
205,785.0900
.00
193,207.51
193,207.51
07/01/2052
N/A
09/01/2022
N/A
0.05
98.001
336,587.6200
.00
329,859.23
329,859.23
09/01/2052
N/A
12/01/2022
N/A
0.05
97.998
776,731.8000
.00
761,181.63
761,181.63
12/01/2052
N/A
07/01/2014
N/A
0.03
95.407
51,375.2100
.00
49,015.55
49,015.55
08/01/2029
N/A
Total For Asset Type: GNMA/FNMA/FHLMC
POOLS
$0.00
$8,734,729.52
10.77%
$8,734,729.52
11/15/2022
AAA
0.04
102.719
667,000.0000
.00
685,135.73
685,135.73
11/15/2052
N/A
02/15/2023
AAA
0.035
95.969
581,000.0000
.00
557,579.89
557,579.89
02/15/2053
N/A
02/15/2023
AAA
0.03875
97.50
1,430,000.0000
.00
1,394,250.00
1,394,250.00
02/15/2043
N/A
02/15/2023
AAA
0.035
97.406
1,711,000.0000
.00
1,666,616.66
1,666,616.66
02/15/2033
N/A
05/03/2023
AAA
0.03375
96.438
1,750,000.0000
.00
1,687,665.00
1,687,665.00
05/15/2033
N/A
Total For Asset Type: US
TREASURY BONDS &
NOTES
$0.00
$5,991,247.28
7.39%
$5,991,247.28
August 22, 2023 Regular FINANCE Committee Meeting Agenda Packet - Page 136 of 151
16
U.S. Bank Pivot
Holdings Report - Detail, With Totals
By Account, Asset Class, Ticker Symbol
Account # CUSIP #
and Name Ticker Asset Description and SEDOL
Page: 10 of 10
Print Date: 08/03/2023 at 12:24:17 pm
Trade Dated As O£ 06/30/2023
Issue Date Moody Annual % Total Unrealized
Maturity Date S&P Inc/Unit Price Units Fed Cost Market Value Market Gain / Loss
Total Account Value for: $2,769,080.51 $81,122,037.55 100.00% $78,352,957.04
***** End Of Report *****
August 22, 2023 Regular FINANCE Committee Meeting Agenda Packet - Page 137 of 151
17
CCCSD — Pension
Asset Allocation
Total Assets: $43,610
Period Ending: 6-30-2023
2Q23 Return: 1.68%
1 Year Return: 4.48%
Inception -to -Date Return: 3.24%
Inception Date: 9-1-2017
Plan target rate of return: 5.14%
Beginning Value
Contributions
Withdrawals
Gain (Loss)
Interest and Dividends
Net Accrued Income
Ending Market Value
Cash
$2,997
ti Q70f
$27,9460/,
64.080/,
Equity
$12,666
?g na y,
3,359,081.81
7,245,356.11
-12,944,534.34
1,448,380.85
935,325.77
72.26
$43,682.46*
* Ending Market Value differs from total market value on page 15 due to differences in reporting methodology. The above ending market value includes
cruals.
a
HIGHMARK® PARS: Central Contra Costa Sanitary District
CAPITAL MANAGEMENT
A..-..-4I)n nnnn 0.......I--CI AI A AIl1C ...........:44- RA--+:..- A.....-J- r1--I,-. P7..-- 4n0 —r 4 C 4
18
Asset Allocation — Central Contra Costa Sanitary District Pension
As of Second Quarter 2023
Equity
29.04%
Range: 20%-40%
12,666
Large Cap Core
4.09%
IVV
iShares Core S&P 500 ETF
1,783
4.08%
VGIAX
Vanguard Growth & Income Adm
1,779
Large Cap Value
3.70%
IVE
iShares S&P 500 Value ETF
1,612
1.07%
DODFX
Dodge & Cox International Stock
465
Large Cap Growth
3.07%
IVW
iShares S&P 500 Growth ETF
1,339
Mid Cap Core
2.68%
IWR
iShares Russell Mid -Cap ETF
1,168
Small Cap Value
2.04%
UBVFX
Undiscovered Managers Behavioral Val R6
890
Small Cap Growth
2.06%
FGROX
Emerald Growth Institutional
899
International Core
2.54%
VEA
Vanguard FTSE Developed Markets ETF
1,108
International Growth
1.01%
MGRDX
MFS International Growth R6
440
Emerging Markets
1.95%
HHHFX
Hartford Schroders Emerging Mkts Eq F
849
Real Estate
0.77%
VNQ
Vanguard Real Estate ETF
334
Fixed Income
64.08%
Range: 50%-80%
27,946
Short -Term
3.92%
VFSUX
Vanguard Short -Term Investment -Grade Adm
1,708
15.72%
AGG
iShares Core US Aggregate Bond ETF
6,857
Intermediate -Term
20.89%
DODIX
Dodge & Cox Income
9,109
20.85%
PTRQX
PGIM Total Return Bond R6
9,095
Government Bond Fund
1.42%
GOVT
iShares US Treasury Bond ETF
618
Mortgage Backed Securities
1.28%
MBB
iShares MBS ETF
560
Cash
6.87% Range: 0%-20%
6.87% FG)= First Am Govt Ob I'd Cl X
2,997
2,997
TOTAL 100.00% $43,610
JHIGHMARKO
CAPITAL MANAGEMENT
PARS: Central Contra Costa Sanitary District
a
Selected Period Performance
PARS/CCCSD 115P -PENSION
Account ******5901
Period Ending: 6/30/2023
Year
Inception
to Date
to Date
3 Months
(6 Months)
1 Year
3 Years
5 Years
09/01/2017
Cash Equivalents
1.22
2.28
3.64
1.26
1.44
1.41
Lipper Money Market Funds Index
1.21
2.30
3.70
1.27
1.39
Total Fixed Income
-.22
2.84
.22
-3.52
.96
.56
Bloomberg US Aggregate Bd Index
-.84
2.09
-.94
-3.96
.77
.36
Total Equities
6.22
12.57
16.12
11.33
8.30
8.69
Large Cap Funds
8.42
16.01
18.93
13.36
11.26
11.51
S&P 500 Composite Index
8.74
16.89
19.59
14.60
12.31
12.58
Mid Cap Funds
4.72
8.95
14.80
11.40
7.80
8.54
Russell Midcap Index
4.76
9.01
14.92
12.50
8.46
9.24
Small Cap Funds
4.16
7.26
12.57
10.72
4.87
7.16
Russell 2000 Index
5.21
8.09
12.31
10.82
4.21
6.61
International Equities
2.93
9.52
12.16
7.17
4.00
3.61
MSCI EAFE Index
2.95
11.67
18.77
8.93
4.39
4.43
MSCI EMFree Index
.90
4.89
1.75
2.32
.93
.78
RR: REITS
1.74
3.07
-3.78
5.76
4.00
3.58
Wilshire REITlndex
3.31
6.73
-.31
8.55
4.40
4.31
Total Managed Portfolio
1.68
5.53
4.48
1.35
3.52
3.24
CCCSD Pension Benchmark
1.53
5.26
4.86
1.75
3.59
3.48
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 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
CAPITAL MANAGEMENT
20
U.S. Bank Pivot
Holdings Report - Detail, With Totals
By Account, Asset Class, Ticker Symbol
Account # CUSIP #
Issue Date Moody
Annual
and Name Ticker
Asset Description and SEDOL
Maturity Date S&P
Inc/Unit
Price
6746055901 : PARS/CCCSD
115P - PENSION
CASH EQUIVALENTS
SHORT TERM FDS-TAXABLE (ACM)
31846V336
FIRST AM GOVT OB FD CL X
0.052252
100.00
FGXXX
Total For Asset Type: SHORT TERM FDS-TAXABLE (ACM)
MUTUAL FUNDS
CLOSED END MUTUAL FUND EQUITY
464287408
ISHARES S P 500 VALUE ETF
2.995
161.19
IVE
N/A
464287200
ISHARES CORE S P 500 ETF
6.616
445.71
IV V
N/A
464287309
ISHARES S P 500 GROWTH ETF
0.626
70.48
IV W
N/A
464287499
ISHARES RUSSELL MID CAP ETF
1.096
73.03
IWR
N/A
921943858
VANGUARD FTSE DEVELOPED ETF
1.201
46.18
VEA
N/A
922908553
VANGUARD REAL ESTATE ETF
3.778
83.56
VNQ
N/A
Total For Asset Type: CLOSED END MUTUAL FUND EQUITY
CLOSED END MUTUAL FUND FIXED
464287226
ISHARES CORE U.S. AGGREGATE BOND ETF
2.84
97.95
AGG
N/A
4642913267
ISHARES US TREASURY BOND ETF
0.546
22.90
GOVT
N/A
464288588
ISHARES MBS ETF
2.874
93.265
MBB
N/A
Total For Asset Type: CLOSED END MUTUAL FUND FIXED
MUTUAL FUNDS -EQUITY
256206103
DODGE COX INTERNATIONAL STOCK FD I
0.96
47.73
DODFX
N/A
317609253
EMERALD GROWTH INSTITUTIONAL
0.00
24.77
FGROX
N/A
41665X859
HARTFORD SCHRODERS EMERGING MARKETS
0.30
15.58
HHHFX
N/A
552746356
MFS INTERNATIONAL GROWTH R6
0.448
40.51
MGRDX
N/A
Page: 1 of 2
Print Date: 08/03/2023 at 12:30:35 pm
Trade Dated As O£ 06/30/2023
% Total Unrealized
Units Fed Cost Market Value Market Gain / Loss
2,997.4200
2,997.42
2,997.42
.00
$2,997.42
$2,997.42 6.87%
$0.00
10.0000
.00
1,611.90
1,611.90
4.0000
.00
1,782.84
1,782.84
19.0000
.00
1,339.12
1,339.12
16.0000
.00
1,168.48
1,168.48
24.0000
.00
1,108.32
1,108.32
4.0000
.00
334.24
334.24
$0.00
$7,344.90 16.84%
$7,344.90
70.0000
.00
6,856.50
6,856.50
27.0000
.00
618.30
618.30
6.0000
.00
559.59
559.59
$0.00
$8,034.39 18.42%
$8,034.39
9.7480
.00
465.27
465.27
36.2760
.00
898.56
898.56
54.4620
.00
848.52
848.52
10.8570
.00
439.82
439.82
August 22, 2023 Regular FINANCE Committee Meeting Agenda Packet - Page 141 of 151
21
U.S. Bank Pivot
Holdings Report - Detail, With Totals
By Account, Asset Class, Ticker Symbol
Page: 2 of 2
Print Date: 08/03/2023 at 12:30:35 pm
Trade Dated As O£ 06/30/2023
Account # CUSIP #
Issue Date Moody Annual
% Total
Unrealized
and Name Ticker
Asset Description and SEDOL
Maturity Date S&P Inc/Unit Price
Units
Fed Cost
Market Value
Market
Gain / Loss
904504479
UNDISCOVERED MGRS BEHAVIORAL VALUE
0.933 76.05
11.7060
.00
890.24
890.24
UBVFX
N/A
921913208
VANGUARD GROWTH & INCOME ADM SHS#593
N/A 1.353 90.26
19.7100
.00
1,779.02
1,779.02
VGIAX
N/A
Total For Asset Type: MUTUAL FUNDS -EQUITY
$0.00
$5,321.43
12.20%
$5,321.43
MUTUAL FUNDS -FIXED TAXABLE
256210105
DODGE COX INCOME
0.429 12.35
737.6090
.00
9,109.47
9,109.47
DODIX
N/A
74440B884
PGIM TOTAL RETURN BOND CL R6
0.537 11.84
768.1450
.00
9,094.84
9,094.84
PTRQX
N/A
922031836
VANGUARD SHORT TERM INVT GRADE #539
N/A 0.268 9.98
171.1170
.00
1,707.75
1,707.75
VFSUX
N/A
Total For Asset Type: MUTUAL FUNDS -FIXED TAXABLE
$0.00
$19,912.06
45.66%
$19,912.06
Total Account Value for:
$2,997.42
$43,610.20
100.00%
$40,612.78
****k End Of Report ****k
August 22, 2023 Regular FINANCE Committee Meeting Agenda Packet - Page 142 of 151
22
CENTRAL CONTRA COSTA SANITARY DISTRICT
June 30, 2023
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)
8.73
23
16.88
21
19.56
25
14.56
27
12.27
19
12.82
10
iShares S&P 500 Value ETF
(4/17)
6.60
8
12.06
6
19.78
5
16.58
23
10.39
13
10.33
18
Vanguard Growth & Income Adm
(12/16)
8.50
34
15.52
42
18.31
48
14.72
23
11.92
30
12.74
13
iShares S&P 500 Growth ETF
(4/17)
10.54
61
21.13
64
18.04
81
11.60
38
12.81
32
14.28
26
S&P 500 TR USD
8.74
--
16.89
--
19.59
--
14.60
--
12.31
--
12.86
Iff
MID CAP
EQUITY--
iShares Russell Mid -Cap ETF
(3/16)
4.73
49
8.94
37
14.79
52
12.32
69
8.31
32
10.15
24
Russell Mid Cap TR USD
4.76
--
9.01
--
14.92
--
12.50
--
8.46
--
10.32
--
Undiscovered Managers Behavioral Val R6
(9/16) -0.17
96 0.36
92 7.78
73 24.50 15
6.90
20 9.90 6
Russell 2000 Value TR USD
3.18
-- 2.50
-- 6.01
-- 15.43 --
3.54
7.29
Emerald Growth Institutional
(6/23) 8.78
8 13.26
34 20.32
13 7.22 54
5.66
64 10.41 29
Russell 2000 Growth TR USD
7.05
-- 13.55
-- 18.53
- 6.10 -
4.22
-- 8.83 -
-
�ICllaa�/_\I1�7�111�4�1U1\'�7U21
1111t-I■-2
EEL,
AbiJ
Dodge & Cox International Stock 1
4.31
10
10.72
41
14.70
60
12.78
24
4.88
20
5.33
17
Vanguard FTSE Developed Markets ETF
(9/18) 3.13
40
11.14
51
16.53
48
9.03
32
4.42
34
5.68
22
MFS International Growth R6
2.97
42
12.47
54
18.55
31
8.43
8
6.86
19
7.56
19
MSCI EAFE NR USD
2.95
--
11.67
--
18.77
--
8.93
--
4.39
--
5.41
--
Hartford Schroders Emerging Mkts Eq F
1.90
50
7.15
47
4.00
57
2.31
58
1.59
47
3.70
30
IMSCI EM NR USD
0.90
--
4.89
--
1.75
--
2.32
--
0.93
--
2.95
--
Vanguard Real Estate ETF (4/17) 1.64 54 3.44 69 -3.95 62 5.86 72 4.36 49 6.12 49
Wilshire REIT Index 3.31 -- 6.73 -- -0.31 -- 8.55 -- 4.40 -- 6.39
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
PARS: Central Contra Costa Sanitary District
23
CENTRAL CONTRA COSTA SANITARY DISTRICT
June 30, 2023
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 US Aggregate Bond ETF
(6/21)
-0.85
57
2.26
47
-0.93
50
-3.97
52
0.74
41
1.48
39
Dodge & Cox Income 1
(6/23)
0.08
8
3.21
8
1.83
7
-1.76
12
2.02
8
2.55
8
PGIM Total Return Bond R6
(5/16)
0.00
10
3.17
11
0.71
22
-3.28
56
1.10
38
2.42
12
Vanguard Short -Term Investment -Grade Adm
-0.12
62
1.76
46
1.58
48
-0.87
65
1.52
31
1.68
19
Bloomberg US Agg Bond TR USD
-0.84
--
2.09
--
-0.94
--
-3.96
--
0.77
--
1.52
--
iShares US Treasury Bond ETF
(5/23)
-1.34
70
1.92
20
-2.08
54
-4.85
83
0.35
35
0.87
44
iShares MBS ETF
(5/23)
-0.69
19
1.92
18
-1.58
30
-3.76
39
-0.01
59
1.00
29
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
CAPITAL MANAGEMENT
24