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Home My WebLink About04.a. Receive Highmark Other Post-Employment Benefits (OPEB) and Pension Prefunding Sub-Trust Reports for the Third Quarter of Calendar Year 2023Page 1 of 30 Item 4.a. F__1_448�411C_S0 November 27, 2023 TO: FINANCE COMMITTEE FROM: KEVIN MIZUNO, FINANCE MANAGER REVIEWED BY: PHILIP LEIBER, DEPUTYGENERAL MANAGER -ADMINISTRATION ROGER S. BAILEY, GENERAL MANAGER SUBJECT: RECEIVE HIGHMARK OTHER POST -EMPLOYMENT BENEFITS (OPEB) AND PENSION PREFUNDI NG SUB -TRUST REPORTS FOR THE THIRD 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 September 30, 2023 (Attachment 2). In summary, this quarter's report reflects a quarterly return of -3.44 percent and -3.04 percent for Central San's OPEB and Pension Pre -funding sub -trusts, respectively. For the past year (last 12 months), annual returns were 8.79 percent and 6.13 percent for the OPEB and Pension Pre -funding sub -trusts, respectively (or comparative purposes, the benchmarks were 9.98 percent and 6.59 percent, respectively, over that same 1-year timeframe). The long-term targeted annual returns are 5.75 percent for the OPEB trust and 5.14 percent for the Pension Pre -funding trust. I n comparison, the inception -to -date annual returns have been 7.58 percent and 2.58 percent 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 $42 thousand remained in the trust as of September 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) was claimed from the OPEB trust following the close of FY2022-23. With total FY2022-23 pay -go retiree OPEB premiums estimated to be approximately $4.6 million, Central San claimed a reimbursement of approximately $81 thousand from the OPEB trust in July 2023. November 27, 2023 Special FINANCE Committee Meeting Agenda Packet - Page 238 of 271 Page 2 of 30 To augment the plan against losses due to adverse market conditions in calendar year 2022 as well as this past quarter, in its October 27, 2023, meeting, Finance Committee and staff recently recommended the Board contribute an additional $3.2 million split evenly between the OPEB and Pension Pre -funding trusts in FY 2023-24 from favorable prior year budgetary variances. Additionally, it was recommended that $1.0 million in already budgeted trust contributions in FY 2023-24 be directed to the Pension Pre -funding sub - trust. The Board is expected to take action on these recommendations at its November 16, 2023, meeting, which had not yet transpired at the time this memo was finalized for the agenda packet. If approved, unless directed otherwise by the Board, the FY 2023-24 trust contributions would be split up and contributed monthly, utilizing a dollar cost averaging approach, with the last contribution being completed in June 2024. Strategic Plan Tie -In GOAL FOUR: Governance and Fiscal Responsibility Strategy 3 - Maintain financial stability and sustainability ATTACHMENTS: 1. Highmark Overview, Quarter ended 9/30/23 2. PARS Investment Report, Quarter ended 9/30/23 November 27, 2023 Special FINANCE Committee Meeting Agenda Packet - Page 239 of 271 Attachment 1 Economic and Market Commentary Fourth Quarter 2023 The Economy The U.S. economy continues to grow modestly despite persistent inflation and continued rate hikes. In the second quarter the Gross Domestic Product (GDP) grew at an annualized rate of 2.1 %, in line with 2023 growth estimates by the Federal Reserve (Fed) of 2.1 %. This is below global growth estimates of 3.0%, which have been buoyed by emerging markets and developing economies at 4.0% expected growth in 2023. The domestic labor market continues to cool as the unemployment rate has risen to 3.8% in August and the number of job openings to unemployed ratio to fell to 1.51, down from its high of 2.0 in 2022 but not yet closing in on the goal of 1.00. The pressures of inflation remained visible in the third quarter with headline inflation (as measured by CPI) increasing 3.7% year over year in August, up from 3.0% at the end of the second quarter, however the less volatile core reading (which excludes food and energy prices) shows continued cooling at an annualized 4.3% August: its slowest pace since September 2021. Through the strong labor market and continued growth, we have seen a relative improvement in consumer confidence. The Michigan consumer sentiment survey ended the quarter at 68.1 up 3.7 for the quarter and 8.4 year to date, though below the long-term average of 85. What We're Watching After a pause in rate hikes in June, the third quarter brought one more rate hike in July as the resiliency of economic activity in the US prompted the Fed to raise the target for the federal funds rate by 25-basis points. Looking forward, the median FOMC member expected Fed Funds rate for 2024 and 2025 were each raised to 5.125% and 3.875% with increased expectations of a `higher -for -longer' policy. The European Central Bank (ECB) diverged from Fed policy slightly with two hikes during the quarter, marking a full year of consecutive rate hikes, as they continue to work to control inflation. The U.S. saw some recovery in manufacturing during the quarter as S&P Global US Manufacturing rose to 49.8, just fractionally contractionary, as supply conditions improved and employment rose. Services have weakened over the quarter, and are at their lowest level since January, though still expansionary at 50.1. The HCOB Eurozone manufacturing PMI by comparison remains in sharply contractionary territory ending the quarter at 43.4, marking the 15th consecutive month of market deterioration. The services PMI also fell below 50 during the quarter, ending at 47.9. China's manufacturing and services sectors saw continued growth but with slowing momentum through the quarter as the S&P Global China Manufacturing and Services readings dipped to 50.9 and 50.2 respectively. Looking forward, the impact of increased domestic tourism for "golden week", with an expected 15% increase in travel from 2019, may provide a short-term boost to demand, though whether that can be sustained remains to be seen. Domestic Equity The S&P 500 Index (S&P) posted a return of -3.27% for the third quarter of 2023. As of September 30, 2023, the trailing 1-year return for the index was 21.62%. Over the quarter, extreme market concentration continued to play a factor for large cap stocks, as evidenced by the underperformance of the S&P 500 Equal Weight index versus the S&P 500 market cap -weighted index. For institution Investor or Investment Professional Use Only I See Important Disclosures November 27, 2023 Special FINANCE Committee Meeting Agenda Packet - Page 240 of 271 Attachment 1 Within the S&P 500, only two of eleven GICS sectors posted positive gains for the quarter, energy (12.22%) and communication services (3.07%). The worst performing sectors over the quarter were utilities (-9.25%), real estate (-8.90%), and consumer staples (-5.97%). Small -caps, as represented by the Russell 2000 Index, returned -5.13% during the quarter, lagged mid- and large -caps. The Russell Midcap Index returned -4.68% for the quarter, while the Russell 1000 Index returned-3.16%. According to FactSet Earnings Insight (as of September 29, 2023), the expected year -over -year earnings growth rate for S&P 500 for Q3 is -0.1 %. If expectations become reality, it will be the fourth consecutive quarterly decline for the index. As of the end of the quarter, the S&P 500 P/E ratio was 20.96, below its 5-year average of 21.74. By comparison, the S&P 600, which represents small cap stocks, had a P/E ratio of 14.52, well below its 5-year average of 17.22. Non-U.S. Equity Markets outside of the United States, as measured by the MSCI ACWI ex-U.S. Index slightly underperformed their U.S. counterparts, returning -3.77% for the quarter. Ten of the eleven sectors posted negative returns for the quarter with Information Technology (-8.71%), Utilities (-7.89%), and Consumer Staples (-6.38%) being the worst performing sectors. Energy (+8.96%) was the best and only sector with a positive return for the quarter. The sector benefited from oil prices soaring on tighter supplies. Emerging Markets (EM), as represented by the MSCI Emerging Market Index, outperformed Developed ex-U.S. Markets, represented by the MSCI EAFE Index, returning -2.93% versus -4.11 % for the quarter. MSCI Japan (-1.55%) outperformed the MSCI EAFE Index. Japanese equities continue to benefit from positive investor sentiment as better corporate governance practices and attractive valuation brighten earnings outlook. Of the five largest - weighted countries in the index, Germany (-7.62%) was the worst performer due to gloomy economic data and unfavorable demographics. Within Emerging Markets, MSCI India (1.84%) was a strong performer. The country's economic growth remains strong despite higher rates. MSCI China (-2.41 %) outperformed the Index, as the government reaffirmed stimulative policies, which fueled a sharp rebound in Chinese equities during the month of July. Small caps, as represented by MSCI ACWI ex-U.S. Small Cap Index, outperformed within the international equity markets, returning -1.70% for the quarter. Non -US equities remain undervalued relative to their long-term average across international equity markets. As of September 30th, 2023, MSCI EAFE ended the quarter with a P/E ratio of 13.39 much lower than its 5-year average of 15.98. Similarly, MSCI EM's P/E stood at 12.99 versus a 5-year average of 13.12. Fixed Income The U.S. bond market represented by the Bloomberg U.S. Aggregate (Aggregate) Index fell sharply,-3.23%, for the quarter as interest rates continued rising. The trailing one-year period return is 0.64%. The Bloomberg US Treasury Index closed the quarter with a loss of-3.06%. During the period, the FOMC raised interest rates by a quarter point in July and paused at the September meeting. Long maturity interest rates rose due to several factors including higher overall treasury issuance, less foreign demand, stickier energy related inflation and the increasing size of Federal debt and deficits. The latter, combined with continued political discord led to Fitch downgrading the US Government rating. The interest rate curve remains inverted as the Fed Funds rate is now targeted at 5.5% on the upper bound. The 10-year climbed 78bps in the quarter, ending at 4.59%. Corporate credit had mixed results for the quarter. The investment grade Bloomberg U.S. Corporate (IG Corp) Index declined 3.09% for the quarter while high yield bonds, For institution Investor or Investment Professional Use Only I See Important Disclosures November 27, 2023 Special FINANCE Committee Meeting Agenda Packet - Page 241 of 271 Attachment 1 as represented by the Bloomberg U.S. Corporate High Yield (HY) Index, posted a gain of 0.46%. Although spreads didn't widen on the quarter, investment grade corporate bond prices declined due to increasing interest rates in general. High yield experienced mild spread widening combined with higher treasury rates; however quarterly returns were cushioned by double-digit yields and less interest rate sensitivity in general. The fixed-rate mortgage market, as measured by the Bloomberg U.S. Mortgage - Backed Securities (MBS) Index, lost 4.05% during the quarter, hurt by elevated interest rate volatility, credit spread widening, and modest duration extension on higher rates. On the commercial side, the Bloomberg U.S. Agency CMBS Index declined 1.91 %. Emerging market USD sovereign bonds, as represented by the JP Morgan EMBI Global Diversified index, lost 2.23%. Alternatives Real Estate Investment Trusts (REITs) REITs, as measured by the FTSE NAREIT Equity REITs Index, fell 7.13% in the third quarter of 2023, compared to a 2.62% increase in the prior quarter. All major sectors posted losses during the quarter as higher interest rates and broader economic concerns have spooked investors. The best performers were the Office and Data Center sectors, which posted returns of -1.47% and-2.50%, respectively. The worst performers during the quarter were the Diversified and Self -Storage sectors, which posted returns of-13.92% and-12.19%, respectively. Commodities Commodity futures, represented by the Bloomberg Commodity Total Return Index, gained 4.71 % in the third quarter of 2023, compared to a 2.56% decline in the prior quarter. The U.S. Dollar Index (DXY) gained 3.17% during the same period. The price of gold fell 3.69% in Q3, marking the second consecutive quarter of declines for the precious metal. Gold finished the quarter at $1,848.63 per ounce, down from $1,919.35 at the end of the previous quarter. The West Texas Intermediate (WTI) Crude Oil spot price gained 28.53% from $70.64 to $90.79 per barrel as news of OPEC cuts and tighter supplies outweighed headwinds posed by a strengthening US Dollar and softening economic data. For institution Investor or Investment Professional Use Only I See Important Disclosures November 27, 2023 Special FINANCE Committee Meeting Agenda Packet - Page 242 of 271 Attachment 1 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 November 27, 2023 Special FINANCE Committee Meeting Agenda Packet - Page 243 of 271 PARS: Central Contra Costa Sanitary District OPEB and Pension Plan Third Quarter 2023 Presented by Andrew Brown, CFA JHIGHMARKO CAPITAL MANAGEMENT CCCSD — OPEB Asset Allocation Total Assets: $78,178,178 Period Ending: 9-30-2023 3Q23 Return: -3.44% 1 Year Return: 8.79% Inception -to -Date Return: 7.58% Inception Date: 4-1-2009 Plan target rate of return: 5.75% Fixed Income $37,937,383 48.53% Cash $2,123,496 2.72% Beginning Value 566,683.26 Contributions 109,122,774.14 Withdrawals -65,972,345.05 Gain (Loss) 10,662,048.95 Interest and Dividends 23,796,919.98 Net Accrued Income 311,285.10 Ending Market Value $78,487,366.38* Equity $38,117,299 48.76% * 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 Aeo beFL:7, 2028 PARS: Central Contra Costa Sanitary District 2 Asset Allocation — Central Contra Costa Sanitary District OPEB As of Third Quarter 2023 Equity 48. 76% Range: 40%-60 % 38,117, 299 Large Cap Core 8.77% IVV iShares Core S&P 500 ETF 6,859,715 7.32% VGIAX Vanguard Growth & Income Adm 5,719,132 Large Cap Value 5.25% IVE iShares S&P 500 Value ETF 4,102,913 Large Cap Growth 4.78% IVW iShares S&P 500 Growth ETF 3,734,295 Mid Cap Core 5.29% IWR iShares Russell Mid -Cap ETF 4,139,003 Small Cap Value 3.30% UBVFX Undiscovered Managers Behavioral Val R6 2,581,853 Small Cap Growth 3.32% FGROX Emerald Growth Institutional 2,593,257 International Core 4.48% VEA Vanguard FTSE Developed Markets ETF 3,498,649 International Value 1.04% DODFX Dodge & Cox International Stock 1 811,066 International Growth 1.03% MGRDX MFS International Growth R6 801,554 Emerging Markets 3.00% HHHFX Hartford Schroders Emerging Mkts Eq F 2,348,346 Real Estate 1.19% VNQ Vanguard Real Estate ETF 927,516 Fixed Income 48.53% Range: 40%-60% 37,937,383 30.46% Core Fixed Income Portfolio 23,816,568 Intermediate -Term 9.03% DODIX Dodge & Cox Income 1 7,058,684 9.03% PTRQX PGIM Total Return Bond R6 7,062,131 Cash 2.72% Range: 0%-20% 2,123,496 2.72% FGXXX First Am Govt Ob Fd Cl X 2,123,496 TOTAL 100.00% $78,178,178 JHIGHMARK PARS: Central Contra Costa Sanitary District CAPITAL MANAGEMENT Meeting 3 Selected Period Performance CCCSD -OPEB Period Ending: 9/30/2023 Year Inception to Date to Date 3 Months (9 Months) 1 Year 3 Years 5 Years 10 Years 04/01/2009 Cash Equivalents 1.30 3.61 4.50 1.69 1.61 1.03 .75 Lipper Money Market Funds Index 1.30 3.63 4.53 1.70 1.60 .99 .69 Fixed Income ex Funds -3.66 -1.05 .59 -4.63 .46 Total Fixed Income -3.20 -.53 1.28 -4.37 .56 1.35 2.91 Bloomberg US Aggregate Bd Index -3.23 -1.21 .64 -5.21 .10 1.13 2.30 Total Equities -3.94 8.29 18.00 8.23 7.05 8.75 12.16 Large Cap Funds -3.22 12.48 21.16 10.34 9.69 11.25 13.72 S&P 500 Composite Index -3.27 13.07 21.62 10.15 9.92 11.91 14.53 Mid Cap Funds -4.73 3.68 13.22 7.92 6.24 7.84 Russell Midcap Index -4.68 3.91 13.45 8.09 6.38 8.98 13.87 Small Cap Funds -4.78 1.64 9.98 8.02 3.54 8.04 13.70 Russell 2000 Index -5.13 2.54 8.93 7.16 2.40 6.65 11.95 International Equities -5.14 4.46 19.25 2.86 2.85 3.60 7.10 MSCI EAFE Index -4.11 7.08 25.65 5.75 3.24 3.82 7.55 MSCI EMFree Index -2.93 1.82 11.70 -1.73 .55 2.07 6.16 RR: REITS -8.60 -5.45 -1.16 2.33 2.05 Wilshire REIT Index -6.41 -.10 3.94 5.74 2.87 6.01 13.05 Total Managed Portfolio -3.44 3.61 8.79 2.08 4.02 5.13 7.58 CCCSD OPEB Benchmark -2.83 4.45 9.98 2.53 4.12 5.38 7.66 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 HIGHMARK® PARS: Central Contra Costa Sanitary District CAPITAL MANAGEMENT 4 Fixed Income Portfolio: Statistics As of Third Quarter 2023 CCCSD BC Aggregate Bond OPEB Index Weighted Average Maturity 9.32 years 6.24 years 4.22% 5.72% Aa2 8.39 years 5.98 years 3.46% 5.40% Aa2 Effective Duration Average Coupon Yield to Maturity Average Quality HIGHMARK® PARS: Central Contra Costa Sanitary District CAPITAL MANAGEMENT Source: BondEdge Meeting 5 Fixed Income Portfolio: Sectors As of Third Quarter 2023 45.0% 40.0% 35.0% 30.0% 25.0% 20.0% 15.0% 10.0% 5.0% 0.0% ■ CCCSD OPEB ■ Barclays U.S. Aggregate Bond Index JHIGHMARKO CAPITAL MANAGEMENT e ,efberZ`:7, 22028 Cash Treasury Agency Corp Non -Corp MBS CMO ABS 0.5% 24.1 % 0.0% 25.4% 1.8% 37.0% 0.0% 11.1 % 0.0% 41.3% 1.0% 23.6% 3.9% 27.9% 0.0% 0.5% PARS: Central Contra Costa Sanitary District CMBS 0.0% 1.8% Source: BondEdge Fixed Income Portfolio: Effective Duration and Effective Maturity As of Third Quarter 2023 Effective Duration 30% 25% 20% 15% 10% 5% 0% 0-1 Yrs. 1-3 Yrs. 3-5 Yrs. 5-7 Yrs. 7-10 10+ Yrs. Yrs. ■ CCCSD OPEB 6.48% 12.78% 16.68% 25.51 % 26.07% 12.49% BC Aggregate Bond Index 0.30% 24.13% 23.57% 26.67% 10.54% 14.79% JHIGHMARKO CAPITAL MANAGEMENT 60% 50% 40% 30% 20% 10% 0% 0-1 Yr. ■ CCCSD OPEB 5.89% BC Aggregate Bond Index 0.00% PARS: Central Contra Costa Sanitary District Effective Maturity 1-3 Yrs. 3-5 Yrs. 5-7 Yrs. 7-10 Yrs. 10+ Yrs. 10.14% 9.72% 3.68% 54.96% 15.61 % 22.26% 16.40% 14.04% 30.66% 16.64% Source: BondEdge 7 CCCSD — Pension Asset Allocation Total Assets: $42,253 Period Ending: 9-30-2023 3Q23 Return: -3.04% 1 Year Return: 6.13% Inception -to -Date Return: 2.58% 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 $1,551 ''� F70I Fi) $28,555% 67.58% Equity $12,147 2R 75% 3,359,081.81 7,245,356.11 -12,944,563.03 1,446,689.67 935,688.76 72.13 $42,325.45* * Ending Market Value differs from total market value on page 9 due to differences in reporting methodology. The above ending market value includes cruals. a HIGHMARK® PARS: Central Contra Costa Sanitary District CAPITAL MANAGEMENT 8 Asset Allocation — Central Contra Costa Sanitary District Pension As of Third Quarter 2023 Equity 28.75% Range: 20%-40% 12,147 Large Cap Core 4.07% IVV iShares Core S&P 500 ETF 1,718 4.26% VGIAX Vanguard Growth & Income Adm 1,802 Large Cap Value 3.28% IVE iShares S&P 500 Value ETF 1,385 1.00% DODFX Dodge & Cox International Stock 1 422 Large Cap Growth 3.08% IVW iShares S&P 500 Growth ETF 1,300 Mid Cap Core 3.11% IWR iShares Russell Mid -Cap ETF 1,316 Small Cap Value 2.02% UBVFX Undiscovered Managers Behavioral Val R6 854 Small Cap Growth 2.03% FGROX Emerald Growth Institutional 858 International Core 2.48% VEA Vanguard FTSE Developed Markets ETF 1,049 International Growth 0.96% MGRDX MFS International Growth R6 406 Emerging Markets 1.74% HHHFX Hartford Schroders Emerging Mkts Eq F 736 Real Estate 0.72% VNQ Vanguard Real Estate ETF 303 Fixed Income 67.58% Range: 50%-80% 28,555 Intermediate -Term 19.81% AGG iShares Core US Aggregate Bond ETF 8,370 21.94% DODIX Dodge & Cox Income 1 9,272 21.96% PTRQX PGIM Total Return Bond R6 9,277 Government Bond Fund 1.98% GOVT iShares US Treasury Bond ETF 838 Mortgage Backed Securities 1.89% MBB iShares MBS ETF 799 Cash 3.67% Range: 0%-20% 1,551 3.67% FG)= First Am Govt Ob Fd Cl X 1,551 TOTAL 100.00% $42,253 JHIGHMARK PARS: Central Contra Costa Sanitary District CAPITAL MANAGEMENT Meeting 9 Selected Period Performance PARS/CCCSD 115P - PENSION Account ******5901 Period Ending: 9/30/2023 Year Inception to Date to Date 3 Months (9 Months) 1 Year 3 Years 5 Years 09/01/2017 Cash Equivalents 1.29 3.61 4.50 1.69 1.61 1.57 Lipper Money Market Funds Index 1.30 3.63 4.53 1.70 1.60 1.54 Total Fixed Income -2.82 -.06 1.81 -4.75 .33 .07 Bloomberg US Aggregate Bd Index -3.23 -1.21 .64 -5.21 .10 -.20 Total Equities -4.01 8.06 17.95 7.13 6.32 7.59 Large Cap Funds -3.27 12.22 20.93 9.07 8.95 10.40 S&P 500 Composite Index -3.27 13.07 21.62 10.15 9.92 11.42 Mid Cap Funds -4.63 3.90 13.32 7.08 5.76 7.34 Russell Midcap Index -4.68 3.91 13.45 8.09 6.38 7.99 Small Cap Funds -4.85 2.06 10.89 7.09 2.86 5.99 Russell 2000 Index -5.13 2.54 8.93 7.16 2.40 5.41 International Equities -5.00 4.04 18.95 2.98 2.87 2.59 MSCI EAFE Index -4.11 7.08 25.65 5.75 3.24 3.53 MSCI EMFree Index -2.93 1.82 11.70 -1.73 .55 .25 RR: REITS -8.60 -5.80 -1.19 2.24 2.05 1.91 Wilshire RENT Index -6.41 -.10 3.94 5.74 2.87 3.00 Total Managed Portfolio -3.04 2.31 6.13 -.63 2.52 2.58 CCCSD Pension Benchmark -2.54 2.58 6.59 .00 2.72 2.90 Performance Inception: 09/2017 CCCSD Pension Benchmark consists of: 15.5% of S&P 500, 3% Russell Midcap, 4.5% Russell 2000, 1% Wilshire REIT, 2% MSCI EM Free, 4% MSCI EAFE, 49.25% BC Aggregate, 14% ML 1-3 Yr US Corp/Govt, 1.75% ML US High Yield Mstr II, and 5% Citigroup 1 Month T-Bill Indexes. Returns are gross -of -fees unless otherwise noted. Returns for periods over one year are annualized. The information presented has been obtained from sources believed to be accurate and reliable. Past performance is not indicative of future returns. Securities are not FDIC insured, have no bank guarantee, and may lose value. JHIGHMARK@ PARS: Central Contra Costa Sanitary District CAPITAL MANAGEMENT 10 CENTRAL CONTRA COSTA SANITARY DISTRICT September 30, 2023 Fund Name Inception 3-Month Return Rank YTD Return Rank 1-Year Return Rank 3-Year Return Rank 5-Year Return Rank 10-Year Return Rank iShares Core S&P 500 ETF (4/17) -3.27 52 13.05 25 21.59 30 10.12 31 9.89 20 11.87 9 iShares S&P 500 Value ETF (4/17) -4.13 84 7.43 10 21.98 7 13.18 31 8.23 18 9.46 20 Vanguard Growth & Income Adm (12/16) -3.16 45 11.87 44 19.94 54 10.44 26 9.49 33 11.82 11 iShares S&P 500 Growth ETF (4/17) -2.63 24 17.94 62 19.60 77 6.61 36 10.25 35 13.26 20 S&P 500 TR USD -3.27 -- 13.07 -- 21.62 -- 10.15 -- 9.92 -- 11.91 -- � � �� i nih_� � ��u� � �� a�1 a r•�.� 7 � � iShares Russell Mid -Cap ETF (3/16) -4.72 73 3.80 50 13.30 62 7.93 73 6.23 38 8.82 26 Russell Mid Cap TR USD -4.68 -- 3.91 -- 13.45 -- 8.09 -- 6.38 -- 8.98 -- Undiscovered Managers Behavioral Val R6 (9/16) -1.04 30 -0.69 80 12.99 59 23.70 8 6.09 20 9.07 6 Russell 2000 Value TR USD -2.96 -- -0.53 -- 7.84 -- 13.32 -- 2.59 -- 6.19 -- Emerald Growth Institutional (1/22) -8.54 83 3.58 59 10.08 44 1.05 63 2.43 70 7.73 47 Russell 2000 Growth TR USD -7.32 -- 5.24 -- 9.59 -- 1.09 -- 1.55 -- 6.72 -- INTERNATIONAL EQUITY FUNDS Dodge & Cox International Stock 1 -1.32 39 9.26 38 26.74 58 12.13 19 4.43 18 4.08 16 Vanguard FTSE Developed Markets ETF (9/18) -4.68 56 5.93 55 24.06 47 5.35 36 3.20 34 4.02 28 MFS International Growth R6 -7.80 54 3.69 54 18.46 50 2.54 13 4.69 21 5.72 18 MSCI EAFE NR USD -4.11 -- 7.08 -- 25.65 -- 5.75 -- 3.24 -- 3.82 -- Hartford Schroders Emerging Mkts Eq F -6.03 90 0.69 80 11.26 66 -3.29 71 0.58 60 2.35 38 IMSCI EM NR USD -2.93 -- 1.82 -- 11.70 -- -1.73 -- 0.55 -- 2.07 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 CENTRAL CONTRA COSTA SANITARY DISTRICT September 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 Vanguard Real Estate ETF (4/17) -8.55 73 -5.40 79 -1.32 65 2.31 75 2.40 58 5.50 51 Wilshire REIT Index -6.41 -- -0.10 -- 3.94 -- 5.74 -- 2.87 -- 6.01 -- =s iShares Core US Aggregate Bond ETF (6/21) -3.22 60 -1.03 57 0.64 54 -5.21 49 0.08 41 1.09 42 Dodge & Cox Income 1 -2.77 35 0.35 18 3.11 7 -3.15 13 1.32 7 2.18 8 PGIM Total Return Bond R6 (5/16) -2.52 23 0.57 13 2.90 10 -4.66 48 0.61 26 2.03 12 Bloomberg US Agg Bond TR USD -3.23 -- -1.21 -- 0.64 -- -5.21 -- 0.10 -- 1.13 -- iShares MBS ETF (12/20) -4.03 82 -2.19 74 -0.22 37 -5.15 49 -0.80 64 0.50 33 iShares US Treasury Bond ETF -3.07 36 -1.22 29 -0.75 56 -5.90 79 -0.14 32 0.54 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@ CAPITAL MANAGEMENT nie effib2F2:7, 2028 PARS: Central Contra Costa Sanitary District 12 U.S. Bank Pivot Holdings Report - Detail, With Totals By Account,Asset Class, Asset Description Account # CUSIP # and Name Ticker Asset Description and SEDOL 6746055900 : PARS/CCCSD 115P - OPEB CASH CASH Principal Cash CASH EQUIVALENTS SHORT TERM FDS-TAXABLE (ACM) 31846V336 FIRST AM GOVT OB FD CL X FGXXX CORPORATE OBLIGATIONS CORPORATE BONDS AND NOTES 023551AM6 AMERADA HESS CORP 7.125% 3/15/33 AHC7133 031162DT4 AMGEN INC 5.650% 3/02/53 00206RMT6 AT T INC 5.400% 2/15/34 064058AL4 BANK OF NY CORP 3.750% 3/20/70 BON5070 11135EAA2 BROADSTONE NET 2.600% 9/15/31 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 126650CZ1 CVS HEALTH CORP 5.050% 3/25/48 29278NAD5 ENERGY TRANSFER 5.800% 6/15/38 29366WAD8 ENTERGY LLC 5.000% 9/01/33 29670GAE2 ESSENTIAL UTILS INC 3.351% 4115150 Page: 1 of 10 Print Date: 10/25/2023 at 12:57:56 pm Trade Dated As O£ 09/30/2023 Issue Date Moody Annual % Total Unrealized Maturity Date S&P Inc/Unit Price Units Fed Cost Market Value Market Gain / Loss -54.59 -54.59 Total For Asset Type: CASH -$54.59 -$54.59 .00% 0.052709 100.00 2,123,550.4700 2,123,550.47 2,123,550.47 .00 Total For Asset Type: SHORT TERM FDS-TAXABLE (ACM) $2,123,550.47 $29123,550.47 2.72% $0.00 03/05/2002 BAA3 0.07125 105.597 95,000.0000 .00 100,317.15 100,317.15 03/15/2033 131313- 03/02/2023 BAA1 0.0565 93.592 65,000.0000 .00 60,834.80 60,834.80 03/02/2053 BBB+ 06/02/2023 BAA2 0.054 93.59 100,000.0000 .00 93,590.00 93,590.00 02/15/2034 BBB 11/18/2021 BAAI 0.0375 81.109 105,000.0000 .00 85,164.45 85,164.45 03/20/2070 BBB 09/15/2021 BAA2 0.026 69.969 130,000.0000 .00 90,959.70 90,959.70 09/15/2031 BBB 02/01/2023 BAAI 0.05817 90.12 90,000.0000 .00 81,108.00 81,108.00 02/01/2034 BBB 05/25/2023 BAA2 0.06174 95.562 70,000.0000 .00 66,893.40 66,893.40 05/25/2034 BBB 01/22/2003 Al 0.05875 99.044 125,000.0000 .00 123,805.00 123,805.00 02/01/2033 A 12/01/2006 BAAI 0.057 94.792 80,000.0000 .00 75,833.60 75,833.60 12/01/2036 A- 03/09/2018 BAA2 0.0505 83.085 57,000.0000 .00 47,358.45 47,358.45 03/25/2048 BBB 06/08/2018 BAA3 0.058 91.278 125,000.0000 .00 114,097.50 114,097.50 06/15/2038 BBB 05/12/2023 A2 0.05 93.977 105,000.0000 .00 98,675.85 98,675.85 09/01/2033 A 04/15/2020 BAA2 0.03351 62.312 175,000.0000 .00 109,046.00 109,046.00 04/15/2050 A - November 27, 2023 Special FINANCE Committee Meeting Agenda Packet - Page 256 of 271 13 U.S. Bank Pivot Holdings Report - Detail, With Totals By Account,Asset Class, Asset Description Page: 2 of 10 Print Date: 10/25/2023 at 12:57:56 pm Trade Dated As O£ 09/30/2023 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 30225VAJ6 EXTRA SPACE STORAGE 5.700% 4/01/28 03/28/2023 BAA2 0.057 98.822 100,000.0000 .00 98,822.00 98,822.00 04/01/2028 BBB+ 303211,2C5 F G GLOBAL MTN 2.000% 9/20/28 09/22/2021 N/A 0.02 81.521 130,000.0000 .00 105,977.30 105,977.30 09/20/2028 A- 304071AA1 FAIRFAX US INC 4.875% 8/13/24 08/13/2014 BAA2 0.04875 98.493 115,000.0000 .00 113,266.95 113,266.95 08/13/2024 BBB 320517AD7 FIRST HORIZON NATL 4.000% 5/26/25 05/26/2020 BAA3 0.04 94.418 145,000.0000 .00 136,906.10 136,906.10 05/26/2025 N/A 38141GYMO GOLDMAN SACHS 1.948% 10/21/27 10/21/2021 A2 0.01948 88.295 80,000.0000 .00 70,636.00 70,636.00 10/21/2027 BBB+ 40139LBE2 GUARDIAN LIFE MTN 1.625% 9/16/28 09/16/2021 AAl 0.01625 83.463 110,000.0000 .00 91,809.30 91,809.30 09/16/2028 AA+ 41284VAC6 HARLEY DAVIDSON FINL 6.500% 3/10/28 03/10/2023 BAA3 0.065 98.859 120,000.0000 .00 118,630.80 118,630.80 03/10/2028 BBB- 45138LBJ1 IDAHO PWR CO 5.800% 4/01/54 09/11/2023 A2 0.058 95.873 135,000.0000 .00 129,428.55 129,428.55 04/01/2054 A- 46124HAH9 INTUIT SRNT 5.500% 9/15/53 09/15/2023 A3 0.055 95.943 70,000.0000 .00 67,160.10 67,160.10 09/15/2053 A- 48128BAN1 JPMORGAN CHASE CO 3.650% 9/01/69 05/12/2021 BAA2 0.0365 87.284 65,000.0000 .00 56,734.60 56,734.60 09/01/2069 BBB- 571748BV3 MARSH MCLENNAN COS 5.700% 9/15/53 09/11/2023 A3 0.057 96.559 95,000.0000 .00 91,731.05 91,731.05 09/15/2053 A- 577081AW2 MATTELINC 5.450%11/01/41 11/08/2011 BAA3 0.0545 82.483 80,000.0000 .00 65,986.40 65,986.40 11/01/2041 BBB- 604074AA2 MINNESOTA LIFE INS 8.250% 9/15/25 09/15/1995 A2 0.0825 102.429 100,000.0000 .00 102,429.00 102,429.00 09/15/2025 A 620076BU2 MOTOROLA SOLUTIONS 2.750% 5/24/31 05/24/2021 BAA2 0.0275 78.985 150,000.0000 .00 118,477.50 118,477.50 05/24/2031 BBB- 641423CG1 NEVADA POWER CO 6.000% 3/15/54 09/13/2023 A2 0.06 97.65 65,000.0000 .00 63,472.50 63,472.50 03/15/2054 A+ 64952WEZ2 NEW YORK LIFE MTN 4.550% 1/28/33 01/31/2023 AAA 0.0455 91.676 110,000.0000 .00 100,843.60 100,843.60 01/28/2033 AA+ 665859AX2 NORTHERN TR CORP 6.125% 11/02/32 11/02/2022 A2 0.06125 98.74 115,000.0000 .00 113,551.00 113,551.00 11/02/2032 A 68235PAL2 ONE GAS INC 1.100% 3/11/24 03/11/2021 A3 0.011 97.908 121,000.0000 .00 118,468.68 118,468.68 03/11/2024 A- 69047QAC6 OVINTIV INC 6.250% 7/15/33 05/31/2023 BAA3 0.0625 96.692 40,000.0000 .00 38,676.80 38,676.80 07/15/2033 BBB- 694476AF9 PACIFIC LIFECORP 5.400% 9/15/52 09/15/2022 A3 0.054 89.20 65,000.0000 .00 57,980.00 57,980.00 09/15/2052 A - November 27, 2023 Special FINANCE Committee Meeting Agenda Packet - Page 257 of 271 14 U.S. Bank Pivot Holdings Report - Detail, With Totals By Account,Asset Class, Asset Description Page: 3 of 10 Print Date: 10/25/2023 at 12:57:56 pm Trade Dated As O£ 09/30/2023 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 718172DB2 PHILIP MORRIS INTL 5.375% 2/15/33 02/15/2023 A2 0.05375 94.784 100,000.0000 .00 94,784.00 94,784.00 02/15/2033 A- 71951QAB8 PHYSICIANS REALTY LP 3.950% 1/15/28 12/01/2017 BAA2 0.0395 90.316 110,000.0000 .00 99,347.60 99,347.60 01/15/2028 BBB 72650RBC5 PLAINS ALL AMER PIPE 4.300°/ 1/31/43 12/10/2012 BAA3 0.043 71.054 155,000.0000 .00 110,133.70 110,133.70 01/31/2043 BBB- 693475BC8 PNC FINL SVCS GROUP 3.400% 12/15/69 09/13/2021 BAA2 0.034 73.977 110,000.0000 .00 81,374.70 81,374.70 12/15/2069 BBB- 744448CY5 PUBLIC SERVICE CO 5.250% 4/01/53 04/03/2023 Al 0.0525 87.053 70,000.0000 .00 60,937.10 60,937.10 04/01/2053 A 74460WAHO PUBLIC STORAGE 5.350% 8/01/53 07/26/2023 A2 0.0535 91.308 75,000.0000 .00 68,481.00 68,481.00 08/01/2053 A 756109BR4 REALTY INCOME CORP 4.850% 3/15/30 01/13/2023 A3 0.0485 94.245 55,000.0000 .00 51,834.75 51,834.75 03/15/2030 A- 842434CX8 SOUTHERN CAGAS CO 6.350% 11/15/52 11/14/2022 AA3 0.0635 102.218 100,000.0000 .00 102,218.00 102,218.00 11/15/2052 A+ 842400HX4 SOUTHERN CALIF 5.875% 12/01/53 05/22/2023 A2 0.05875 93.978 70,000.0000 .00 65,784.60 65,784.60 12/01/2053 A- 852060AT9 SPRINT CAPITAL CORP 8.750% 3/15/32 03/14/2002 BAA2 0.0875 115.685 95,000.0000 .00 109,900.75 109,900.75 03/15/2032 BBB- 784710AC9 SSM HEALTH CARE CORP 4.894% 6/01/28 04/26/2023 N/A 0.04894 97.766 245,000.0000 .00 239,526.70 239,526.70 06/01/2028 A+ 860630AD4 STIFEL FINANCIAL 4.250% 7/18/24 07/18/2014 N/A 0.0425 98.378 125,000.0000 .00 122,972.50 122,972.50 07/18/2024 BBB- 862121AA8 STORE CAPITAL CORP 4.500% 3/15/28 03/15/2018 BAA3 0.045 87.967 115,000.0000 .00 101,162.05 101,162.05 03/15/2028 BBB- 88732JAN8 TIMEWARNER CABL 7.300% 7/01/38 06/19/2008 BAl 0.073 96.332 105,000.0000 .00 101,148.60 101,148.60 07/01/2038 BBB- 89566EAD0 TRISTATEGENERAT 6.000% 6/15/40 06/08/2010 A3 0.06 87.934 115,000.0000 .00 101,124.10 101,124.10 06/15/2040 BBB 89832QAC3 TRUIST FINL CORP 5.125% 12/31/99 12/16/2019 BAA2 0.05125 76.82 64,000.0000 .00 49,164.80 49,164.80 12/31/2099 BBB- 92343VCQ5 VERIZON COMM INC 4.400% 11/01/34 10/29/2014 BAAI 0.044 86.712 80,000.0000 .00 69,369.60 69,369.60 11/01/2034 BBB+ 55903VBE2 WARNERMEDIAHLDGS 5.141% 3/15/52 03/15/2023 BAA3 0.05141 74.304 165,000.0000 .00 122,601.60 122,601.60 03/15/2052 BBB- 95000U2S1 WELLS FARGO CO MTN 2.393% 6/02/28 06/02/2020 Al 0.02393 87.697 110,000.0000 .00 96,466.70 96,466.70 06/02/2028 BBB+ 962166BR4 WEYERHAEUSER CO 7.375% 3/15/32 09/15/2002 BAA2 0.07375 108.652 105,000.0000 .00 114,084.60 114,084.60 03/15/2032 BBB November 27, 2023 Special FINANCE Committee Meeting Agenda Packet - Page 258 of 271 15 U.S. Bank Pivot Page: 4 of 10 Holdings Report - Detail, With Totals Print Date: 10/25/2023 at 12:57:56 pm By Account,Asset Class, Asset Description Trade Dated As Of: 09/30/2023 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 Total For Asset Type: CORPORATE BONDS AND NOTES $0.00 $4,971,089.58 6.36% $4,971,089.58 CORPORATE PAYDOWN SECURITIES 009090AA9 AIR CANADA 2015 1 A 3.600% 3/15/27 03/25/2015 N/A 0.036 92.43 112,050.0600 .00 103,567.87 103,567.87 03/15/2027 A 01166VAA7 ALASKA AIRLINES 4.800% 2/15/29 07/02/2020 N/A 0.048 95.886 99,428.5600 .00 95,338.07 95,338.07 02/15/2029 A+ 11043XAAI BRITISH AIR 19 1 AA 3.300% 6/15/34 07/25/2019 Al 0.033 86.077 93,550.3700 .00 80,525.35 80,525.35 06/15/2034 AA- 11042AAA2 BRITISH AIRWAYS PL 3.95694% 6/20/24 07/03/2013 AA3 0.039569 98.77 47,256.6500 .00 46,675.39 46,675.39 BAP3924 06/20/2024 A+ 14043QAB8 CAPITAL ONE PRIME 2.710% 6/16/25 05/04/2022 N/A 0.0271 99.314 38,167.2200 .00 37,905.39 37,905.39 COP2725 06/16/2025 AAA 14161GBY5 CARDS II TR 0.602% 4/15/27 05/12/2021 AAA 0.00602 97.156 165,000.0000 .00 160,307.40 160,307.40 CIT0627 04/15/2027 N/A 14687GAC9 CARVANA AUTO RECS TR 0.660% 6/12/28 09/09/2021 N/A 0.0066 91.864 44,722.9600 .00 41,084.30 41,084.30 06/12/2028 AA+ 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 22822RBDI CROWN CASTLE TOWERS 3.663% 5/15/45 05/15/2015 A2 0.03663 95.338 175,000.0000 .00 166,841.50 166,841.50 05/15/2045 N/A 17331KAB5 CTZNS AUTO RECV TR 6.130% 7/15/26 06/29/2023 AAA 0.0613 100.075 150,000.0000 .00 150,112.50 150,112.50 07/15/2026 AAA 233046AF8 DB MASTER 4.030% 11/20/47 10/23/2017 N/A 0.0403 90.833 174,825.0000 .00 158,798.79 158,798.79 11/20/2047 BBB 247361ZW1 DELTA AIR LINES 5.000%12/10/29 03/12/2020 A3 0.05 87.728 87,470.8200 .00 76,736.40 76,736.40 12/10/2029 BBB+ 26208QAG2 DRIVE AUTO 2.700% 5/17/27 01/22/2020 AAA 0.027 98.629 126,299.0600 .00 124,567.50 124,567.50 05/17/2027 AAA 30166AAD6 EXETER AUTO RECV TR 0.690% 1/15/26 08/25/2021 AAA 0.0069 99.794 8,311.9300 .00 8,294.81 8,294.81 EAR0626 01/15/2026 AAA 30165JAD8 EXETER AUTOMOBILE 1.050% 5/15/26 11/17/2021 AAA 0.0105 99.365 24,519.4100 .00 24,363.71 24,363.71 EA00926 05/15/2026 AAA 30167LAG4 EXETER AUTOMOBILE 3.710% 3/17/25 04/24/2019 AAA 0.0371 99.616 29,676.9800 .00 29,563.02 29,563.02 03/17/2025 AAA 314353AAl FEDEX 2020 1 CLASS 1.875% 2/20/34 08/13/2020 AA3 0.01875 80.647 172,114.3700 .00 138,805.08 138,805.08 02/20/2034 AA- 32113CBY5 FIRST NATIONAL 6.030% 9/17/29 09/22/2023 AAA 0.0603 99.955 175,000.0000 .00 174,921.25 174,921.25 09/17/2029 N/A 32113CBV1 FIRST NATL MSTR 8.24026% 4/16/29 04/26/2023 AAA 0.082403 98.029 190,000.0000 .00 186,255.10 186,255.10 FNM8229 04/16/2029 N/A November 27, 2023 Special FINANCE Committee Meeting Agenda Packet - Page 259 of 271 16 U.S. Bank Pivot Holdings Report - Detail, With Totals By Account,Asset Class, Asset Description Account # CUSIP # and Name Ticker Asset Description and SEDOL 361886CD4 GENERAL MOTORS 2.900% 4/15/26 GM22926 362590AC5 GM FIN CONS ATMB 0.45001% 4/16/25 GFC0425 380881FB3 GOLDEN CREDIT CARD 1.140% 8/15/28 GCC1628 41284YAB2 HARLEY DAVIDSON MTR 2.450% 5/15/25 HDM2425 43284BAAO HILTON GRAND 3.540% 2/25/32 44933FAF3 HYUNDAI AUTO RECV 1.600% 12/15/26 HAR1626 55317WAB7 MMAF EQUIP FIN LLC 5.790% 11/13/26 55400EAA7 MVW 2020 1 LLC 1.740% 10/20/37 63938PBU2 NAVISTAR FINL DL 0.00001% 8/25/28 80286JABI SANTANDER REVOLVING 2.800% 1/26/32 SR22832 78403DAT7 SBA TOWER TRUST 1.631% 5115151 84858XAA2 SPIRIT AIR 20171 3.650% 8/15/31 85208NAD2 SPRINT SPECTRUM 4.79064% 3/20/25 SS44725 90932QAA4 UNITED AIR 20142 3.750% 3/03/28 909319AA3 UNITED AIRLINES 4.300% 2/15/27 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 00203QAF4 A P MOELLER MAERSK 5.875% 9/14/33 Page: 5 of 10 Print Date: 10/25/2023 at 12:57:56 pm Trade Dated As O£ 09/30/2023 Issue Date Moody Annual % Total Unrealized Maturity Date S&P Inc/Unit Price Units Fed Cost Market Value Market Gain / Loss 05/22/2019 AAA 0.029 98.334 330,000.0000 .00 324,502.20 324,502.20 04/15/2026 AAA 08/19/2020 AAA 0.0045 99.648 22,935.2300 .00 22,854.50 22,854.50 04/16/2025 N/A 09/01/2021 AAA 0.0114 88.504 250,000.0000 .00 221,260.00 221,260.00 08/15/2028 N/A 04/20/2022 AAA 0.0245 99.849 2,626.3200 .00 2,622.35 2,622.35 05/15/2025 AAA 09/19/2018 N/A 0.0354 96.771 129,188.4000 .00 125,016.91 125,016.91 02/25/2032 AAA 07/22/2020 N/A 0.016 96.329 145,000.0000 .00 139,677.05 139,677.05 12/15/2026 AAA 07/21/2023 AAA 0.0579 99.75 105,000.0000 .00 104,737.50 104,737.50 11/13/2026 N/A 07/22/2020 N/A 0.0174 92.054 82,435.8000 .00 75,885.45 75,885.45 10/20/2037 AAA 09/20/2023 AAA 0.00 99.9371 115,000.0000 .00 114,927.67 114,927.67 08/25/2028 N/A 11/26/2019 AAA 0.028 95.464 230,000.0000 .00 219,567.20 219,567.20 01/26/2032 AA 05/14/2021 A2 0.01631 86.487 140,000.0000 .00 121,081.80 121,081.80 05/15/2051 N/A 11/13/2017 N/A 0.0365 84.79 76,666.4800 .00 65,005.51 65,005.51 08/15/2031 BBB 03/21/2018 Al 0.047906 98.939 75,000.0000 .00 74,204.25 74,204.25 03/20/2025 N/A 08/11/2014 N/A 0.0375 93.517 83,000.2100 .00 77,619.31 77,619.31 03/03/2028 A 08/15/2013 N/A 0.043 95.678 69,156.4500 .00 66,167.51 66,167.51 02/15/2027 A- 01/31/2023 N/A 0.0557 99.849 47,827.5200 .00 47,755.30 47,755.30 07/10/2025 AAA 08/19/2020 N/A 0.0087 94.718 115,000.0000 .00 108,925.70 108,925.70 10/15/2026 AA+ Total For Asset Type: CORPORATE PAYDOWN SECURITIES $0.00 $3,716,473.63 4.75% $3,716,473.63 09/14/2023 BAA2 0.05875 97.128 70,000.0000 .00 67,989.60 67,989.60 09/14/2033 BBB+ November 27, 2023 Special FINANCE Committee Meeting Agenda Packet - Page 260 of 271 17 U.S. Bank Pivot Holdings Report - Detail, With Totals By Account,Asset Class, Asset Description Account # CUSIP # and Name Ticker Asset Description and SEDOL 064159VJ2 BANK OF NOVA SCOTIA 4.900% 9/04/68 716973AG7 PFIZER INVESTMENT 5.300% 5/19/53 MUNICIPAL OBLIGATIONS MUNI BDS - SINKING FUNDS 6789084F8 OKLAHOMA DEV FIN 4.135% 12/01/33 MUNI BDS-FIXED NON TAXABLE 913366KVI UNIVCAREGTS 4.132% 5/15/32 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 464287200 ISHARES CORE S P 500 ETF IVV 464287499 ISHARES RUSSELL MID CAP ETF IWR 464287309 ISHARES S P 500 GROWTH ETF IVW 464287408 ISHARES S P 500 VALUE ETF IVE 921943858 VANGUARD FTSE DEVELOPED ETF VEA 922908553 VANGUARD REAL ESTATE ETF VNQ Page: 6 of 10 Print Date: 10/25/2023 at 12:57:56 pm Trade Dated As O£ 09/30/2023 Issue Date Moody Annual % Total Unrealized Maturity Date S&P Inc/Unit Price Units Fed Cost Market Value Market Gain / Loss 06/04/2020 BAA3 0.049 91.462 90,000.0000 .00 82,315.80 82,315.80 09/04/2068 BBB- 05/19/2023 Al 0.053 92.915 60,000.0000 .00 55,749.00 55,749.00 05/19/2053 A+ Total For Asset Type: OTHER FOREIGN CORPORATE BONDS $0.00 $206,054.40 .26% $206,054.40 09/07/2022 N/A 0.04135 94.901 68,672.1000 .00 65,170.51 65,170.51 12/01/2033 AAA Total For Asset Type: MUNI BDS - SINKING FUNDS $0.00 $65,170.51 .08% $65,170.51 05/11/2022 AA3 0.04132 90.896 140,000.0000 .00 127,254.40 127,254.40 05/15/2032 AA - Total For Asset Type: MUNI BDS-FIXED NON TAXABLE $0.00 $127,254.40 .16% $127,254.40 04/07/2022 AA3 0.04353 83.994 135,000.0000 .00 113,391.90 113,391.90 06/01/2041 AA- 04/01/2022 Al 0.04507 84.349 150,000.0000 .00 126,523.50 126,523.50 11/01/2051 A+ Total For Asset Type: MUNI BDS-FIXED TAXABLE $0.00 $239,915.40 .31% $239,915.40 6.697 429.43 N/A 1.104 69.25 N/A 0.696 68.42 N/A 2.922 153.84 N/A 1.391 43.72 N/A 3.588 75.66 N/A Total For Asset Type: CLOSED END MUTUAL FUND EQUITY 15,974.0000 59,769.0000 54,579.0000 26,670.0000 80,024.0000 12,259.0000 MUTUAL FUNDS - EQUITY 256206103 DODGE COX INTERNATIONAL STOCK FD I 0.96 47.10 17,220.0890 DODFX NA November 27, 2023 Special FINANCE Committee Meeting Agenda Packet - Page 261 of 271 .00 6,859,714.82 6,859,714.82 .00 4,139,003.25 4,139,003.25 .00 3,734,295.18 3,734,295.18 .00 4,102,912.80 4,102,912.80 .00 3,498,649.28 3,498,649.28 .00 927,515.94 927,515.94 $0.00 $23,262,091.27 29.76% $23,262,091.27 .00 811,066.19 811,066.19 18 U.S. Bank Pivot Holdings Report - Detail, With Totals By Account,Asset Class, Asset Description Account # CUSIP # and Name Ticker Asset Description and SEDOL 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 MUTUAL FUNDS -FIXED TAXABLE 256210105 DODGE COX INCOME DODIX 74440B884 PGIM TOTAL RETURN BOND CL R6 PTRQX US TREAS & AGENCY OBLIGATIONS GNMA/FNMA/FHLMC POOLS 3133KYUQO F H L M C #RB5091 2.500% 11/01/40 RB5091F 3132CWM50 F H L M C #SB0380 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 3132DWERO F H L M C #SD8244 4.000% 9/01/52 SD8244F 3132DWE74 F H L M C #SD8258 5.000% 9/01/52 SD8258F Page: 7 of 10 Print Date: 10/25/2023 at 12:57:56 pm Trade Dated As O£ 09/30/2023 Issue Date Moody Annual % Total Unrealized Maturity Date S&P Inc/Unit Price Units Fed Cost Market Value Market Gain / Loss 0.00 21.93 118,251.5800 .00 2,593,257.15 2,593,257.15 N/A 0.30 14.64 160,406.1470 .00 2,348,345.99 2,348,345.99 N/A 0.448 37.35 21,460.6240 .00 801,554.31 801,554.31 N/A 0.933 75.26 34,305.7750 .00 2,581,852.63 2,581,852.63 N/A N/A 1.353 87.41 65,428.8020 .00 5,719,131.58 5,719,131.58 N/A Total For Asset Type: MUTUAL FUNDS - EQUITY $0.00 $14,855,207.85 19.00% $14,855,207.85 0.459 11.88 594,165.3270 .00 7,058,684.08 7,058,684.08 N/A 0.548 11.40 619,485.1990 .00 7,062,131.27 7,062,131.27 N/A Total For Asset Type: MUTUAL FUNDS -FIXED TAXABLE $0.00 $14,120,815.35 18.06% $14,120,815.35 11/01/2020 N/A 0.025 83.298 254,737.6200 .00 212,191.34 212,191.34 11/01/2040 N/A 06/01/2020 N/A 0.035 93.978 63,780.7400 .00 59,939.86 59,939.86 02/01/2034 N/A 08/01/2019 N/A 0.03 91.091 55,978.2800 .00 50,991.18 50,991.18 09/01/2034 N/A 12/01/2022 N/A 0.04 89.066 743,523.5100 .00 662,226.65 662,226.65 12/01/2052 N/A 05/01/2022 N/A 0.035 86.069 567,089.0700 .00 488,087.89 488,087.89 05/01/2052 N/A 05/01/2022 N/A 0.04 89.076 457,588.0900 .00 407,601.17 407,601.17 05/01/2052 N/A 05/01/2022 N/A 0.045 91.865 378,791.2700 .00 347,976.60 347,976.60 05/01/2052 N/A 07/01/2022 N/A 0.04 89.097 203,153.5200 .00 181,003.69 181,003.69 07/01/2052 N/A 08/01/2022 N/A 0.04 89.066 331,787.9100 .00 295,510.22 295,510.22 09/01/2052 N/A 09/01/2022 N/A 0.05 94.416 330,572.8400 .00 312,113.65 312,113.65 09/01/2052 N/A November 27, 2023 Special FINANCE Committee Meeting Agenda Packet - Page 262 of 271 19 U.S. Bank Pivot Holdings Report - Detail, With Totals By Account,Asset Class, Asset Description Page: 8 of 10 Print Date: 10/25/2023 at 12:57:56 pm Trade Dated As O£ 09/30/2023 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 3132DWF57 F H L M C #SD8288 5.000% 12/01/52 12/01/2022 N/A 0.05 94.414 764,565.0100 .00 721,856.41 721,856.41 SD8288F 12/01/2052 N/A 3132DWHT3 F H L M C #SD8342 5.500% 6/01/53 06/01/2023 N/A 0.055 96.677 389,160.0800 .00 376,228.29 376,228.29 SD8342F 06/01/2053 N/A 31294MNN7 F H L M C GD E03097 2.500% 3/01/27 03/01/2012 N/A 0.025 95.737 40,025.7300 .00 38,319.43 38,319.43 E03097F 03/01/2027 N/A 3128MJ4H0 F H L M C GD G08823 3.500% 6/01/48 06/01/2018 N/A 0.035 87.66 51,465.8300 .00 45,114.95 45,114.95 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 93.364 44,412.2900 .00 41,465.09 41,465.09 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 84.749 91,865.9500 .00 77,855.47 77,855.47 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 93.354 51,016.1500 .00 47,625.62 47,625.62 J30401F 01/01/2030 N/A 3132HPRZ9 F H L M C GD Q13204 3.000% 11/01/42 11/01/2012 N/A 0.03 85.619 67,745.8600 .00 58,003.33 58,003.33 Q13204F 11/01/2042 N/A 3132QVJT9 F H L M C GD Q38373 3.500% 1/01/46 01/01/2016 N/A 0.035 87.851 49,430.4000 .00 43,425.10 43,425.10 Q38373F 01/01/2046 N/A 3132KEUK9 F H L M C GD V60586 3.000% 8/01/29 07/01/2014 N/A 0.03 93.366 47,926.2600 .00 44,746.83 44,746.83 V60586F 08/01/2029 N/A 3138ETCL8 F N M A #AL8174 3.500% 2/01/46 02/01/2016 N/A 0.035 87.862 114,406.4900 .00 100,519.83 100,519.83 AL8174A 02/01/2046 N/A 3138ET4J2 FNMA#AL8924 3.000%12/01/30 07/01/2016 N/A 0.03 93.24 76,299.7800 .00 71,141.91 71,141.91 AL8924A 12/01/2030 N/A 3138ERM23 FNMA #AL9376 3.000% 8/01/31 11/01/2016 N/A 0.03 92.976 43,286.2700 .00 40,245.84 40,245.84 AL9376A 08/01/2031 N/A 3138ER5X4 F N M A #AL9861 3.000% 8/01/30 02/01/2017 N/A 0.03 93.244 103,829.4300 .00 96,814.71 96,814.71 AL9861A 08/01/2030 N/A 3138WEPA1 FNMA#AS4916 3.000% 5/01/30 04/01/2015 N/A 0.03 93.226 72,849.9100 .00 67,915.06 67,915.06 AS4916A 05/01/2030 N/A 3138WHSTO FNMA#AS7729 3.000% 8/01/46 07/01/2016 N/A 0.03 84.55 91,160.6300 .00 77,076.31 77,076.31 AS7729A 08/01/2046 N/A 3138WMKF7 FNMA#AT0293 3.000% 3/01/43 03/01/2013 N/A 0.03 85.49 62,133.2400 .00 53,117.71 53,117.71 AT0293A 03/01/2043 N/A 3140EVUL9 FNMA#BC1486 3.000% 8/01/46 08/01/2016 N/A 0.03 84.549 83,227.5000 .00 70,368.02 70,368.02 BC1486A 08/01/2046 N/A 3140J9N72 F N M A #BM4913 3.000% 5/01/46 11/01/2018 N/A 0.03 85.497 50,321.8400 .00 43,023.66 43,023.66 BM4913A 05/01/2046 N/A 3140QEBSO F N M A #CA6348 2.500% 7/01/50 06/01/2020 N/A 0.025 80.009 174,048.8500 .00 139,254.74 139,254.74 CA6348A 07/01/2050 N/A November 27, 2023 Special FINANCE Committee Meeting Agenda Packet - Page 263 of 271 20 U.S. Bank Pivot Holdings Report - Detail, With Totals By Account,Asset Class, Asset Description Page: 9 of 10 Print Date: 10/25/2023 at 12:57:56 pm Trade Dated As O£ 09/30/2023 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 3140QELU4 FNMA #CA6638 2.500% 8/01/50 07/01/2020 N/A 0.025 80.008 213,172.1000 .00 170,554.73 170,554.73 CA6638A 08/01/2050 N/A 3140QERX2 FNMA #CA6801 2.500% 8/01/50 08/01/2020 N/A 0.025 79.932 235,513.9200 .00 188,250.99 188,250.99 CA6801A 08/01/2050 N/A 3140QFA90 F N M A #CA7231 2.500% 10/01/50 09/01/2020 N/A 0.025 80.009 217,835.5900 .00 174,288.08 174,288.08 CA7231A 10/01/2050 N/A 3140QLTCO FNMA#CB1446 2.000% 8/01/36 08/01/2021 N/A 0.02 86.281 167,020.1500 .00 144,106.66 144,106.66 CB1446A 08/01/2036 N/A 3140QPA80 FNMA#C133630 4.000% 5/01/52 04/01/2022 N/A 0.04 89.119 610,643.4300 .00 544,199.32 544,199.32 CB3630A 05/01/2052 N/A 3140X63C3 FNMA#FM3494 2.500% 4/01/48 06/01/2020 N/A 0.025 80.95 95,168.3200 .00 77,038.76 77,038.76 FM3494A 04/01/2048 N/A 3140XJT94 FNMA#FS3275 3.000% 4/01/52 11/01/2022 N/A 0.03 82.754 435,356.0400 .00 360,274.54 360,274.54 FS3275A 04/01/2052 N/A 31418CA87 FNMA#MA2730 2.500% 7/01/46 07/01/2016 N/A 0.025 80.776 199,549.8600 .00 161,188.39 161,188.39 MA2730A 07/01/2046 N/A 31418CCR3 F N M A #MA2779 2.000% 9/01/26 09/01/2016 N/A 0.02 95.255 23,696.8500 .00 22,572.43 22,572.43 MA2779A 09/01/2026 N/A 31418CGDO F N M A #MA2895 3.000% 2/01/47 01/01/2017 N/A 0.03 84.438 55,425.2200 .00 46,799.95 46,799.95 MA2895A 02/01/2047 N/A 31418CR89 FNMA #MA3210 3.500% 12/01/47 11/01/2017 N/A 0.035 87.548 33,374.5800 .00 29,218.78 29,218.78 MA3210A 12/01/2047 N/A 31418CS47 FNMA#MA3238 3.500% 1/01/48 12/01/2017 N/A 0.035 87.745 35,497.5100 .00 31,147.29 31,147.29 MA3238A 01/01/2048 N/A 31418CVF8 FNMA#MA3313 3.500% 3/01/33 02/01/2018 N/A 0.035 93.98 23,179.2300 .00 21,783.84 21,783.84 MA3313A 03/01/2033 N/A 31418CV27 FNMA#MA3332 3.500% 4/01/48 03/01/2018 N/A 0.035 87.548 44,789.0100 .00 39,211.88 39,211.88 MA3332A 04/01/2048 N/A 31418C2X1 FNMA#MA3489 3.500%10/01/33 09/01/2018 N/A 0.035 93.974 21,530.4800 .00 20,233.05 20,233.05 MA3489A 10/01/2033 N/A 31418C4W1 FNMA#MA3536 4.000%11/01/48 11/01/2018 N/A 0.04 90.473 11,255.8800 .00 10,183.53 10,183.53 MA3536A 11/01/2048 N/A 31418DSM5 F N M A #MA4123 2.000% 8/01/35 08/01/2020 N/A 0.02 86.328 153,520.4800 .00 132,531.16 132,531.16 MA4123A 08/01/2035 N/A 31418137E6 F N M A #MA4492 2.000% 11/01/51 11/01/2021 N/A 0.02 76.248 965,699.0800 .00 736,326.23 736,326.23 MA4492A 11/01/2051 N/A 31418ED80 F N M A #MA4626 4.000% 5/01/52 05/01/2022 N/A 0.04 89.116 438,382.8000 .00 390,669.22 390,669.22 MA4626A 05/01/2052 N/A 31418ES137 FNMA#MA5013 4.500% 4/01/38 04/01/2023 N/A 0.045 95.873 222,058.6500 .00 212,894.29 212,894.29 MA5013A 04/01/2038 N/A November 27, 2023 Special FINANCE Committee Meeting Agenda Packet - Page 264 of 271 21 U.S. Bank Pivot Page: 10 of 10 Holdings Report - Detail, With Totals Print Date: 10/25/2023 at 12:57:56 pm By Account,Asset Class, Asset Description Trade Dated As Of: 09/30/2023 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 Total For Asset Type: GNMA/FNMA/FHLMC POOLS $0.00 $8,785,233.70 11.24% $8,785,233.70 US TREASURY BONDS & NOTES 912810TN8 U S TREASURY BD 3.500% 2/15/53 02/15/2023 AAA 0.035 82.703 383,000.0000 .00 316,752.49 316,752.49 02/15/2053 N/A 912810TS7 U S TREASURY BD 3.875% 5/15/43 05/15/2023 AAA 0.03875 86.938 1,415,000.0000 .00 1,230,172.70 1,230,172.70 05/15/2043 N/A 91282CHC8 U S TREASURYNT 3.375% 5/15/33 05/15/2023 AAA 0.03375 90.688 4,165,000.0000 .00 3,777,155.20 3,777,155.20 05/15/2033 N/A 91282CHT1 U S TREASURYNT 4.000% 8/15/33 08/15/2023 AAA 0.04 94.484 300,000.0000 .00 283,452.00 283,452.00 08/15/2033 N/A 91282CHQ7 U S TREASURY NT 4.125% 7/31/28 07/31/2023 AAA 0.04125 97.844 100,000.0000 .00 97,844.00 97,844.00 UST0028A 07/31/2028 N/A Total For Asset Type: US TREASURY BONDS & NOTES $0.00 $5,705,376.39 7.30% $5,705,376.39 Total Account Value for: $2,123,495.88 $78,178,178.36 100.00% $76,054,682.48 ****k End Of Report ****k November 27, 2023 Special FINANCE Committee Meeting Agenda Packet - Page 265 of 271 22 U.S. Bank Pivot Holdings Report - Detail, With Totals By Account,Asset Class, Asset Description 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 0.052709 100.00 FGXXX Total For Asset Type: SHORT TERM FDS-TAXABLE (ACM) MUTUAL FUNDS CLOSED END MUTUAL FUND EQUITY 464287200 ISHARES CORE S P 500 ETF 6.697 429.43 IV V N/A 464287499 ISHARES RUSSELL MID CAP ETF 1.104 69.25 IWR N/A 464287309 ISHARES S P 500 GROWTH ETF 0.696 68.42 IV W N/A 464287408 ISHARES S P 500 VALUE ETF 2.922 153.84 IVE N/A 921943858 VANGUARD FTSE DEVELOPED ETF 1.391 43.72 VEA N/A 922908553 VANGUARD REAL ESTATE ETF 3.588 75.66 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 2.943 94.04 AGG N/A 464288588 ISHARES MBS ETF 3.033 88.80 MBB N/A 4642913267 ISHARES US TREASURY BOND ETF 0.573 22.04 GOVT N/A Total For Asset Type: CLOSED END MUTUAL FUND FIXED MUTUAL FUNDS -EQUITY 256206103 DODGE COX INTERNATIONAL STOCK FD I 0.96 47.10 DODFX N/A 317609253 EMERALD GROWTH INSTITUTIONAL 0.00 21.93 FGROX N/A 41665X859 HARTFORD SCHRODERS EMERGING MARKETS 0.30 14.64 HHHFX N/A 552746356 MFS INTERNATIONAL GROWTH R6 0.448 37.35 MGRDX N/A Page: 1 of 2 Print Date: 10/25/2023 at 1:05:22 pra Trade Dated As O£ 09/30/2023 % Total Unrealized Units Fed Cost Market Value Market Gain / Loss 1,551.2100 1,551.21 1,551.21 .00 $1,551.21 $1,551.21 3.67% $0.00 4.0000 .00 1,717.72 1,717.72 19.0000 .00 1,315.75 1,315.75 19.0000 .00 1,299.98 1,299.98 9.0000 .00 1,384.56 1,384.56 24.0000 .00 1,049.28 1,049.28 4.0000 .00 302.64 302.64 $0.00 $7,069.93 16.73% $7,069.93 89.0000 .00 8,369.56 8,369.56 9.0000 .00 799.20 799.20 38.0000 .00 837.52 837.52 $0.00 $10,006.28 23.68% $10,006.28 8.9630 .00 422.16 422.16 39.1080 .00 857.64 857.64 50.2830 .00 736.14 736.14 10.8570 .00 405.51 405.51 November 27, 2023 Special FINANCE Committee Meeting Agenda Packet - Page 266 of 271 23 U.S. Bank Pivot Holdings Report - Detail, With Totals By Account,Asset Class, Asset Description Page: 2 of 2 Print Date: 10/25/2023 at 1:05:22 pm Trade Dated As O£ 09/30/2023 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 75.26 11.3450 .00 853.82 853.82 UBVFX N/A 921913208 VANGUARD GROWTH & INCOME ADM SHS#593 N/A 1.353 87.41 20.6100 .00 1,801.52 1,801.52 VGIAX N/A Total For Asset Type: MUTUAL FUNDS -EQUITY $0.00 $5,076.79 12.02% $5,076.79 MUTUAL FUNDS -FIXED TAXABLE 256210105 DODGE COX INCOME 0.459 11.88 780.4960 .00 9,272.29 9,272.29 DODIX N/A 74440B884 PGIM TOTAL RETURN BOND CL R6 0.548 11.40 813.7560 .00 9,276.82 9,276.82 PTRQX N/A Total For Asset Type: MUTUAL FUNDS -FIXED TAXABLE $0.00 $18,549.11 43.90% $18,549.11 Total Account Value for: $1,551.21 $42,253.32 100.00% $40,702.11 ***** End Of Report ***** November 27, 2023 Special FINANCE Committee Meeting Agenda Packet - 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