CITY OF LAGUNA NIGUEL
CITY COUNCIL AGENDA ITEM
1989
To: Honorable Mayor and Council Members
FROM: Tamara S. Letourneau, City Manager
DATE: September 6, 2022
SUBJECT: Investment Report as of July 31, 2022
RECOMMENDATION
Staff recommends that the City Council receive and file the City of Laguna Niguel Investment Report as of July 31, 2022.
BACKGROUND
The City Investment Policy requires the City Manager to submit an Investment Report monthly to the City Council that contains a summary of investment transactions, including investment types, percent of portfolio, yield, purchase date, maturity date, issuer or institution, par and dollar amount invested, market value, source of market valuation, the portfolio's average weighted yield and maturity, and a description of any local agency funds or investments under the management of contracted parties.
Submission of, and the City Council's action of receiving and filing this Report, addresses the City Council's goal of fiscal sustainability.
ANALYSIS
The following table compares the portfolio balance as of July 2022 to July 2021.
Portfolio Balance July 2022 July 2021 Difference
Balance $67,302,491.72 $57,706,834.15 $9,595,657.57
• From June 2022 to July 2022, the City's total cash and investments had a net decrease of $1,219,643.70 going from $68,522,135.42 to $67,302,491.72.
Disbursements were higher than receipts for the month. The main reasons for this decrease are two common, recurring annual payments. At the beginning of each fiscal year, the City pays California JPIA for insurance coverage and pays CalPERS for the Unfunded Accrued Liability pension cost. • The percentage of pooled investments decreased from 58.54% to 58.01%.
Pooled investments include the Local Agency Investment Fund (LAIF) and the Orange County Investment Pool (OCIP).
• The average weighted maturity of City investments, including investment pools, decreased from 507 days to 503 days. The average weighted maturity of City investments, including investment pools, is calculated as follows: Sum of days left until maturity of each individual investment multiplied by the cost of each individual investment divided by the total portfolio at cost, excluding cash in bank.
• The net yield of LAIF increased from 0.861% to 1.090%. The net yield of OCIP increased from 0.742% to 0.793%.
• The average weighted yield of City investments, including investment pools, increased from 1.025% to 1.138%. The City's average weighted yield of City investments, including investment pools, is calculated by taking the total investment earnings divided by the total portfolio at cost, excluding cash in bank. A comparison of the City's average weighted yield to short-term and long- term benchmarks is presented below.
City Portfolio Benchmark Comparisons
Average 5-Year 1-Year 6-Month OCIP LAIF
Weighted Treasury Treasury Treasury
Yield
1.138% 2.700% 2.980% 2.910% 0.793% 1.090%
The monthly Investment Report as of July 31, 2022, is attached.
ALTERNATIVES CONSIDERED
1. The City Council can choose not to receive and file the City of Laguna Niguel Investment Report as of July 31, 2022.
FISCAL REVIEW
There is no fiscal impact as a result of this action.
CONCLUSION
The City Investment Policy requires the submittal of a monthly Investment Report. Staff recommends that the City Council receive and file this Report.
Jamar Setousnau Erie Pendaber
Tamara S. Letourneau Eric Hendrickson
City Manager Finance Director
Attachments:
A. Monthly Investment Report as of July 31, 2022
ATTACHMENT A
Investment Report as of July 31, 2022
CITY OF LAGUNA NIGUEL
INVESTMENT REPORT
as of
July 31, 2022
amara S. Letournea
'ITY MANAGR
Eric Hendrickson
FINANCE DIRECTOR
September 6, 2022
CITY OF LAGUNA NIGUEL
INVESTMENT REPORT
TABLE OF CONTENTS
Statement of Compliance/Non-Compliance 1
Report of Cash and Investments 2
LAIF Investment Reports 3-5
OCIP Investment Reports 6-8
US Bank Statement 9-17
PARS Statement 18
City of Laguna Niguel
Statement of Compliance/Non-Compliance with the City's Investment Policy The undersigned officers of the City of Laguna Niguel hereby certify that:
As of July 31, 2022, the City was in compliance with the Investment Policy adopted at the July 19, 2022 Regular City Council Meeting.
Sufficient investment liquidity from cash and cash equivalents and anticipated revenues are available to meet the City's budgeted expenditure requirements for the next six months.
Samass 8 Detouseau Erie Pendicten
Tamara S. Letourneau Eric Hendrickson
City Manager Finance Director
City of Laguna Niguel
Summary of Cash and Investments
7/31/22
Settlement Maturity Coupon Percent of Market
Description Date Date Rate Yield Cost Portfolio Value
Petty Cash/Change Drawers 2,600.00 0.00% 2,600.00
2,096,797.85 3.12% 5 2.096,790.85
US Bank Checking Account
US Bank Money Market Variable $ 40,816.15 0.06% 40,816.15 Local Agency Investment Fund 1.090% $ 31,030,597.32 46.11% $ 30,631,091.23 Orange County Investment Pool 0.793% $ 8,010,180.04 11.90% $ 8,010,180.04 Federal Home Loan Mortgage Corporation: 7.71%
3134GV5R5 7/15/2020 7/15/2024 0.570% 0.600% 1,000,000.00 952,010.00 3137EAEPO 1/29/2021 2/12/2025 1.500% 1.550% 4,188,112.71 3,865,800.00 Federal National Mortgage Association: 12.85%
3135G05X7 1/29/2021 8/25/2025 0.375% 0.400% 8,645,922.29 8,062,986.00 Federal Farm Credit Banks: 5.94%
3133ENVD9 4/26/2022 4/26/2027 2.875% 2.860% 3,995,360.00 4,017,200.00 Federal Home Loan Banks: 12.32%
3130AJTF6 7/14/2020 7/14/2025 0.740% 0.790% 1,000,000.00 939,800.00 3130AJTX7 7/21/2020 7/21/2025 0.720% 0.760% 625,000.00 589,706.25 3130AMFS6 8/12/2021 6/12/2026 0.750% 0.810% 2,001,415.36 1,848,300.00 3130A8XY4 10/18/2021 9/11/2026 1.875% 1.950% 4,665,690.00 4,333,905.00 Total City Investments Including Investment Pools $ 67,302,491.72 100.00% $ 65.391,192.52 Restricted for Specific Use
PARS 115 Pension Trust 3.650% $ 1,000,000.00 $ 949,938.83 Average weighted maturity of Investments, excluding Investment Pools: 1,256 days Average weighted maturity of Investments, including Investment Pools: 503 days Average weighted yield of Investments, excluding Investment Pools 1.300% Average weighted yield of Investments, including Investment Pools 1.138% * Market value of City investments is provided by US Bank NOTE: Market value disclosure is for informational purposes only. City policy is to hold all investments to maturity; therefore, any unrealized gain or loss reflected between the cost and market value of an investment will not be realized. 2 PMIA/LAIF Performance Report
as of 08/10/22 WHAT IOUGHTY HID
PMIA Average Monthly Quarterly Performance
Effective Yields(1) Quarter Ended 06/30/22
July 1.090
June 0.861 0.00002057622201151
May 0.684 0.987125414
0.69%
311
Pooled Money Investment Account
Monthly Portfolio Composition (1)
07/31/22
$229.9 billion
Corporate
Commercial Bonds
Time Paper 0.21%
Deposits 4,40%. Loans
2.01% .0.36%
Certificates of
Deposit/Bank Notes.
5.59%
Agencies.
18.86%
Treasuries
68.57%
Chart does not include $4,432,000.00 in mortgages, which equates to 0.002%. Percentages may not total 100% due to rounding.
Daily rates are now available here. View PMIA Daily Rates Notes: The apportionment rate includes interest earned on the CaPERS Supplemental Pension Payment pursuant to Government Code 20825 (c)(1) and interest earned on the Wildfire Fund loan pursuant to Public Utility Code 3288 (a).
Source:
(1) State of California, Office of the Treasurer
(2) State of Calfiornia, Office of the Controller
3 State of California
Pooled Money Investment Account
Market Valuation
7/31/2022
Carrying Cost Plus
Description Accrued Interest Purch. Fair Value Accrued Interest United States Treasury:
Bills $ 52,098,128,291.11 €A EA 52,057.747,000.00 NA
Notes 104,818.985,610.97 102,520,395,000.00 $ 273,587,614.00 Federal Agency:
SBA $ 300,318,315.91 $ 300,555,022.11 $ 189,527.40
MBS-REMICS $ 4,432,359.73 $ 4,497,025.55 $ 20,034.96
Debentures 8,895.418,676.26 8,738,846,550.00 $ 14,157,686.50 Debentures FR $
Debentures CL €A ED 6A 67 2,439,724,500.00 9,836,029.50 2,450,000,000.00 $
Discount Notes 29,458,450,347.10 29,441,160,000.00 NA
Supranational Debentures $ 2,231,820,920.27 2,165,702,700.00 6,556,084.60 Supranational Debentures FR - $ -
CDs and YCDs FR $ $ -
Bank Notes $ 100,000,000.00 99,792,447.60 $ 266,666.67
CDs and YCDs $ 12,760,000,000.00 12,735,555,691.17 $ 41.454,066.65 Commercial Paper 10,111.738,076.32 10,123,658,513.84 NA Corporate:
Bonds FR $ $
Bonds $ 492,556,729.32 $ 473,132,560.00 $ 2,271,300.58
Repurchase Agreements $
Reverse Repurchase : :
$
Time Deposits 4,614,000,000.00 $ 4,614,000,000.00 NA
PMIA & GF Loans 829,187,000.00 $ 829,187,000.00 NA
TOTAL $ 229,165.036.326.99 226,543.954,010.27 $ 348,339,010.86 Fair Value Including Accrued Interest $ 226,892,293,021.13 Repurchase Agreements, Time Deposits, PMIA & General Fund loans, and Reverse Repurchase agreements are carried at portfolio book value (carrying cost). 4 8/1/22, 11:40 AM LAIF Regular Monthly Statement
California State Treasurer
Fiona Ma, cPA
Local Agency Investment Fund August 01, 2022
P.O. Box 942809
Sacramento, CA 94209-0001 LAIF Home
(916) 653-3001 PMIA Average Monthly Yields
CITY OF LAGUNA NIGUEL
TREASURER
30111 CROWN VALLEY PARK WAY
LAGUNA NIGUEL, CA 92677
Tran Type Definitions
Account Number:
July 2022 Statement
Web
Effective Transaction Type Tran Confirm Confirm
Date Date Number Number Authorized Caller Amount
7/15/2022 7/15/2022 QRD 1709825 N/A SYSTEM 17,493.12
Account Summary
Total Deposit: 17,493.12 Beginning Balance: 31,013,104.20 Total Withdrawal: 0.00 Ending Balance: 31,030,597.32
5 COUNTY OF ORANGE
OFFICE OF THE TREASURER-TAX COLLECTOR OICE COWAR
Shari L. Freidenrich, CPA, CCT, CPFA, ACPFIM
P. O. BOX 4515
SANTA ANA, CA 92702-4515 WAREA CONTEN
octreasurer.com/publicfunds
July 31, 2022
CITY OF LAGUNA NIGUEL
Attn: Eric Hendrickson, Finance Director
30111 Crown Valley Parkway
Laguna Niguel, CA 92677
Fund Number
JULY 2022 STATEMENT
INVESTMENT BALANCE IN OCIP
Transactions
Transaction Transaction Description Authorized Signer Amount Date
07/01/2022 June 2022 Investment Admin Fee (304.55)
07/19/2022 Withdrawal Eric Hendrickson (1,100,000.00)
07/27/2022 April 2022 Interest Paid $ 13,528.23
Summary
Total Deposit: $ 13,528.23 Beginning Balance: $ 9,096,956.36 Total Withdrawal: $ (1,100,304.55) Ending Balance: $ 8,010,180.04 6 OF
UNTY ORAN OFFICE OF THE TREASURER-TAX COLLECTOR
SHARI L. FREIDENRICH, CPA, CCMT, CPFA, ACPFIM
P.O. Box 4515
ALIFORNE SANTA ANA, CA 92702-4515
octreasurer.com/publicfunds
ORANGE COUNTY INVESTMENT POOL
APPORTIONMENT YIELDS & BASIS POINT FEES
Monthly Apportionment Monthly Apportionment Charged Basis Actual Basis FY 22/23 Date Year Point Fees Point Fees
Gross Yield Net Yield
July 2022 0.848% 0.793% 5.5
YTD August 2022
GROSS September 2022
YIELD October 2022
0.848% November 2022
December 2022 Not Yet
January 2023 Available
February 2023
YTD NET March 2023
YIELD April 2023
0.793% May 2023
June 2022
FY 21/22 Monthly Apportionment Monthly Apportionment Charged Basis Actual Basis Date Year Net Yield
Gross Yield Point Fees Point Fees
July 2021 0.593% 0.535% 5.8
YTD August 2021 0.575% 0.517% 5.8
GROSS September 2021 0.562% 0.504% 5.8
YIELD October 2021 0.514% 0.456% 5.8
0.523% November 2021 0.515% 0.457% 5.8
December 2021 0.396% 0.338% 5.8 Not Yet
January 2022 0.402% 0.344% 5.8 Available
February 2022 0.439% 0.381% 5.8
YTD NET March 2022 0.462% 0.404% 5.8
YIELD April 2022 0.513% (2) 0.455% (2) 5.8
0.471% May 2022 0.614% (2) 0.594% (2) 2.0
June 2022 0.722% (2) 0.702% (2) 2.0
FY 20/21 Monthly Apportionment Monthly Apportionment Charged Basis Actual Basis Date Year Gross Yield Net Yield Point Fees Point Fees
July 2020 1.223% 1.164% 5.9 5.0
YTD August 2020 1.144% 1.085% 5.9 5.0
GROSS September 2020 1.060% 1.001% 5.9 5.0
YIELD October 2020 0.956% 0.897% 5.9 5.0
0.802% November 2020 0.899% 0.840% 5.9
December 2020 0.767% 0.708% 5.9 5.0
January 2021 0.694% 0.635% 5.9 5.0
February 2021 0.803% 0.744% 5.9 5.0
YTD NET March 2021 0.624% 0.565% 5.9 5.0
YIELD April 2021 0.539% 0.480% 5.9 5.0
0.752% May 2021 0.562% 0.503% 5.9 5.0
June 2021 0.598% 0.588% 1.0 5.0
(2) Revised Gross and net yields based on adjustment to interest income Mission: Ensure safe and timely receipt, deposit, collection and investment of public funds.
ORANGE COUNTY TREASURER - TAX COLLECTOR
BY INVESTMENT TYPE AT MARKET VALUE - By Percentage Holdings July 31, 2022
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
Orange County Investment Pool Orange County Educational Investment Pool John Wayne Airport Investment Fund Orange County Investment Pool Orange County Educational Investment Pool John Wayne Airport Investment Fund In Thousands In Thousands In Thousands
U.S. TREASURIES 2,834,627 53.08% U.S. TREASURIES 3,173,747 50.05% [U.S. TREASURIES 18.965 35.46% U.S. GOVERNMENT AGENCIES 1.442,175 27.01% LU. S. GOVERNMENT AGENCIES 1,898,676 29.94% •U.S. GOVERNMENT AGENCIES 29.456 55.07% MONEY MARKET MUTUAL FUNDS 854,695 16.01% MONEY MARKET MUTUAL FUNDS 1,016,598 16.03% MONEY MARKET MUTUAL FUNDS 5,068 9.47% MUNICIPAL DEBT 174,855 3.27% MUNICIPAL DEBT 212.032 3.34% •LOCAL AGENCY INVESTMENT FUND 33,714 0.63% LOCAL AGENCY INVESTMENT FUND 40,882 0.64% $5,340,066 100.00% 6,341,935 100.00% 53,489 100.00%
19142
00--M -UC-UU -211-04
0220657-00-04007-04
usbank
CITY OF LAGUNA NIGUEL
ACCOUNT NUMBER: July 1, 2022 to July 31, 2022
MARKET VALUE SUMMARY
Current Period
07/01/22 to 07/31/22
Change: 276,911.23
Beginning Market Value $24,373,612.17 $30,000,000
Taxable Interest 8,822.98 $25,000,000
Change in Investment Value 268,088.25
$20,000,000
Ending Market Value $24,650,523.40 $15,000,000
$10,000,000
$5,000,000
9 $0
Beginning Ending
MV MV
$24,373,612.17 $24,650,523.40
10 $325,345.34 100.00 $24,650,523.40 Total Market Value 324,600.00 99.80 24,609,707.25 Taxable Bonds
745.34 0.20 40,816.15 Cash & Equivalents
Annual Income Total Market Value Assets
Estimated % of Current Period
ASSET SUMMARY
July 1, 2022 to July 31, 2022 ACCOUNT NUMBER:
CITY OF LAGUNA NIGUEL
usbank
2022057-00-04207-04
19142
11 $8,822.98 Total Current Period Income
8,822.98 Taxable Interest
Current Period
Income Received
INCOME SUMMARY
July 1, 2022 to July 31, 2022 ACCOUNT NUMBER:
CITY OF LAGUNA NIGUEL
usbank
00.20-57-.0-04207-04
19142
12 $0.00 Ending Cash 07/31/2022
-8,822.98 Net Money Market Activity
8,822.98 Taxable Interest
$0.00 Beginning Cash 07/01/2022
Cash
CASH SUMMARY
July 1, 2022 to July 31, 2022 ACCOUNT NUMBER:
CITY OF LAGUNA NIGUEL
usbank.
0220657-00-04007-04
00--M -UC-UU -211-04
19142
19142
00. 57004207-04
usbank
CITY OF LAGUNA NIGUEL
ACCOUNT NUMBER: July 1, 2022 to July 31, 2022
ASSET DETAIL
Security Description Percent
Unrealized of Total Estimated Estimated
Shares/Face Amt Price Market Value Tax Cost Gain/Loss Portfolio Annual Income Current Yield Cash & Equivalents
Cash/Money Market
First American Government - 31846V567
Oblig Fd CIZ
#3676
40,816.150 1.0000 40,816.15 40,816.15 0.00 0.2 745.34 1.83 Total Cash/Money Market $40,816.15 $40,816.15 $0.00 0.2 $745.34 Total Cash & Equivalents $40,816.15 $40,816.15 $0.00 0.2 $745.34 Taxable Bonds
US Government Issues
FHLMC - 3137EAEPO
1.500 02/12/2025
4,000,000.000 96.6450 3,865,800.00 4,188,112.71 -322,312.71 15.7 60,000.00 1.55 FHLMC MTN - 3134GV5R5
0.570 07/15/2024
1,000,000.000 95.2010 952,010.00 1,000,000.00 -47,990.00 3.9 5,700.00 0.60 FNMA - 3135G05X7
0.375 08/25/2025
8,700,000.000 92.6780 8,062,986.00 8,645,922.29 -582,936.29 32.7 32,625.00 0.40 Federal Farm Credit Bks - 3133ENVD9
2.875 04/26/2027
4,000,000.000 100.4300 4,017,200.00 3,995,360.00 21,840.00 16.3 115,000.00 2.86 Federal Home Loan Bks - 3130AJTX7
0.720 07/21/2025
625,000.000 94.3530 589,706.25 625,000.00 -35,293.75 2.4 4,500.00 0.76 19142
00- -M -UC-UU -211-04
0220657-00-04007-04
usbank
CITY OF LAGUNA NIGUEL
ACCOUNT NUMBER: July 1, 2022 to July 31, 2022
ASSET DETAIL (continued)
Security Description Percent
Unrealized of Total Estimated Estimated
Shares/Face Amt Price Market Value Tax Cost Gain/Loss Portfolio Annual Income Current Yield Federal Home Loan Bks - 3130AJTF6
0.740 07/14/2025
1,000,000.000 93.9800 939,800.00 1,000,000.00 -60,200.00 3.8 7,400.00 0.79 Federal Home Loan Bks - 3130AMFS6
0.750 06/12/2026
2,000,000.000 92.4150 1,848,300.00 2,001,415.36 -153,115.36 7.5 15,000.00 0.81 Federal Home Loan Bks - 3130A8XY4
1.875 09/11/2026
4,500,000.000 96.3090 4,333,905.00 4,665,690.00 -331,785.00 17.6 84,375.00 1.95 5 Total US Government Issues $24,609,707.25 $26,121,500.36 -$1,511,793.11 99.8 $324,600.00 Total Taxable Bonds $24,609,707.25 $26,121,500.36 -$1,511,793.11 99.8 $324,600.00 Total Assets $24,650,523.40 $26,162,316.51 $1,511,793.11 100.0 $325,345.34 Estimated Current Yield 1.31
ASSET DETAIL MESSAGES
Time of trade execution and trading party (if not disclosed) will be provided upon request. may noire resent Ye actual ale eared by your mesments and they prode no guarante or what your investments may am in the fur making investment, trading, or a decions. The estimates 19142
00--M -UC-UU -211-04
0220657-00-04007-04
usbank
CITY OF LAGUNA NIGUEL
ACCOUNT NUMBER: July 1, 2022 to July 31, 2022
TRANSACTION DETAIL
Date
Posted Activity Description Cash Tax Cost
Beginning Balance 07/01/2022 $0.00 $26,153,493.53
07/01/22 Asset Income Interest Earned On 22.98
First Am Govt Ob Fd CIZ
Interest From 6/1/22 To 6/30/22
07/14/22 Asset Income Interest Earned On 3,700.00
F HL B Deb 0.740% 7/14/25
0.0037 USD/$1 Pv On 1,000,000 Par Value Due 7/14/22
07/15/22 Asset Income 2,850.00
G07/21/22 Asset Income Interest Earned On 2,250.00
FHL B Deb 0.720% 7/21/25
0.0036 USD/$1 Pv On 625,000 Par Value Due 7/21/22
Purchase Combined Purchases For The Period 472-7312201 -8,822.98 8,822.98 Ending Balance 07/31/2022 $0.00 $26,162,316.51
19142
20.2057-0004207-04
usbank
CITY OF LAGUNA NIGUEL
ACCOUNT NUMBER: July 1, 2022 to July 31, 2022
BOND SUMMARY
70% 1
60%
40%
30%
20%
0% 2022
2023 2024 2025 2026 2027
Percentage of
Par Value Market Value Category
MATURITY
2022 0.00 0.00 0.00
2023 0.00 0.00 0.00
2024 1,000,000.00 952,010.00 3.87
2025 14,325,000.00 13,458,292.25 54.69
2026 6,500,000.00 6,182,205.00 25.12
2027 4,000,000.00 4,017,200.00 16.32
Total of Category $25,825,000.00 $24,609,707.25 100.00
MOODY'S RATING
Aaa 24,825,000.00 23,657,697.25 96.13
N/A 1,000,000.00 952,010.00 3.87
Total of Category $25,825,000.00 $24,609,707.25 100.00
19142
00--M -UC-UU-211-04
0220657-00-04007-04
usbank
CITY OF LAGUNA NIGUEL
ACCOUNT NUMBER: July 1, 2022 to July 31, 2022
BOND SUMMARY (continued)
Percentage of
Par Value Market Value Category
S&P RATING
AA+ 24,825,000.00 23,657,697.25 96.13
N/A 1,000,000.00 952,010.00 3.87
Total of Category $25,825,000.00 $24,609,707.25 100.00
BOND SUMMARY MESSAGES
Data contained within this section excluded Mutual Funds, Exchange Traded Funds, and Closed-Ended Funds.
PUBLIC
AGENCY PARS
RETIREMENT
SERVICES
CITY OF LAGUNA NIGUEL Account Report for the Period
PARS Post-Employment Benefits Trust 7/1/2022 to 7/31/2022 Tamara Letourneau
City Manager
City of Laguna Niguel
30111 Crown Valley Parkway
Laguna Niguel, CA 92677
Account Summary
Balance as of Balance as of
Source 7/1/2022 Contributions Earnings Expenses Distributions Transfers 7/31/2022 PENSION $916,958.35 $0.00 $33,441.67 S461.19 $0.00 $0.00 $949,938.83 Totals S916,958.35 $0.00 S33,441.67 $461.19 $0.00 $0.00 $949,938.83 Investment Selection
Source
PENSION Moderately Conservative HighMark PLUS
Investment Objective
Source
PENSION The dual goals of the Moderately Conservative Strategy are current income and moderate capital appreciation. The major portion of the assets is committed to income-producing securities. Market fluctuations should be expected.
Investment Return
nnualized Retu
Source 1-Month 3-Months 1-Year 3-Years Year 10-Years Plan's Inception Date PENSION 3.65% -0.02% -8.77% 5/26/2020
Information as provided by US Bank, Trustee for PARS; Not FDIC Insured: No Bank Guarantee; May Lose Value Past performance does not guarantee future results. Performance retums may not reflect the deduction of applicable fees, which could reduce returs. Information is deemed reliable but may be subject to change Investment Retum: Annualized rate of retur is the return on an investment over a period other than one year multiplied or divided to give a comparable one-year return Account balances are inclusive of Trust Administration, Trustee and Investment Management fees Headquarters - 4350 Von Karman Ave., Suite 100, Newport Beach, CA 92660 800.540.6369 Fax 949.250.1250 www.pars.org 18