LEGISLATIVE BODY
LAURA BETTENCOURT, MAYOR PRO TEM
AUSTIN BISHOP, COUNCILMEMBER
RICHARD J. LOA, COUNCILMEMBER
ERIC OHLSEN, COUNCILMEMBER
ANDREA ALARCÓN, COUNCILMEMBER
1. CALL MEETING TO ORDER
Note: All City Council memberships are reflected in their City Council titles.
2. ROLL CALL
MAYOR PRO TEM BETTENCOURT, COUNCILMEMBERS BISHOP, LOA, OHLSEN, ALARC
Ó
N
3. PLEDGE OF ALLEGIANCE AND MOMENT OF SILENCE
4. PRESENTATIONS
4.1 Recognition of Lockheed Martin’s 70th Anniversary of the U-2 program.
4.2 Public Safety Department Update.
CITY COUNCIL
SUCCESSOR AGENCY
CITY COUNCIL CHAMBER
38300 SIERRA HIGHWAY
SUITE B
PALMDALE, CA 93550
TUESDAY, AUGUST
5, 2025
5:00 PM
www.cityofpalmdaleca.gov
WELCOME
City Council
Tuesday, August
5, 2025
5. PUBLIC COMMENTS
The public is allotted to speak a total of three (3) minutes on each section of the agenda i.e. Consent Calendar, Appointment-New Business, and Closed Session. As specified in the Brown Act, a speaker utilizing a translator will receive twice the amount of time specified. Any person who would like to address the Legislative Body on any agendized item may complete a speaker card for the City Clerk and identify the agenda item you would like to discuss.
6. CONSENT CALENDAR
All matters listed under the Consent Calendar will be enacted by one motion unless an item(s) is pulled by Council, in which case the item(s) will be removed from the Consent Calendar and will be considered separately following this portion of the Agenda.
6.1 Waive full reading of the Resolution(s) and/or Ordinance(s) to be considered and voted on at this meeting. (This allows for reading the title only in lieu of reciting the entire text).
6.2 Receive and File the Monthly and Quarterly Investment Activity Reports for June 2025.
SR Monthly Investment Report June 2025.docx
Rpt. Monthly and Quarterly Investment Reports June 2025.pdf
6.3 Approve Agreement with Datalink Networks, Inc. for a total not to exceed amount of $992,224, including a 15% contingency, for continued Microsoft 365 licensing.
SR Agrmt No. A-9393 with Datalink Networks, Inc.docx
Agrmt No. A-9393.pdf
Cooperative Agrmt No. R200803 (Omnia).pdf
6.4 Adopt Resolution No. CC 2025-058, a Resolution of the City Council of the City of Palmdale authorizing the City Manager's signature authority of up to $300,000 per transaction for the purchase of performers or entertainment services and repealing Resolution No. CC 2023-058.
SR Signature Authority.docx
Reso. No. CC 2025-058 Signature Authority.docx
6.5 Adopt Resolution No. CC 2025-060, a Resolution of the City Council of the City of Palmdale appointing Ken Pulskamp as Interim Director of Public Safety for the City under Government Code Section 21221 (h).
SR Reso. No. CC 2025-060 Retired Annuitant Appointment.docx
Reso. No. CC 2025-060.docx
6.6 Adopt Resolution No. CC 2025-056, a Resolution of the City Council of the City of Palmdale approving the application for Land and Water Conservation Fund for the City Council
Tuesday, August
5, 2025
Arnie Quinones Park Project.
SR Reso. No. CC 2025-056.docx
Reso. No. CC 2025-056.docx
6.7 Approve Requisitions with SiteOne Landscape Supply LLC and Wilber-Ellis Company for fertilizer supplies in a combined total amount not to exceed $474,000 for Fiscal Year 2025-26.
SR Req. Nos. 260069 and 260060 SiteOne and Wilbur-Ellis.docx
Req. No. 260069 with SiteOne Landscape Supply.pdf
Req. No. 260060 with Wilbur-Ellis Company.pdf
6.8 Approve Requisition with SiteOne Landscape Supply LLC for irrigation and water conservation supplies in an amount not to exceed $380,000 for Fiscal Year 2025-
26. SR Req. No. 260058 with SiteOne Landscape Supply.docx
Req. No. 260058 with SiteOne Landscape Supply.pdf
6.9 Accept Notice of Completion (NOC) for PN 867/868, Traffic Signal Modification at Avenue M and 20th/30th St. East Project.
SR NOC PN 867/868 Traffic Signal Mod.docx
NOC PN 867/868 Traffic Signal Mod.docx
Project Photos PN 867/868 Traffic Signal Mod.pptx
6.10 Accept Notice of Completion (NOC) for PN 902 ESCO Energy Project.
SR NOC PN 902 ESCO Energy Project.docx
NOC PN 902 ESCO Energy Project.docx
6.11 Approve Requisition with Boething Treeland Farms, Inc., for wholesale plant materials in an amount not to exceed $137,500 for Fiscal Year 2025-26.
SR Req. No. 260059 with Boething Treeland Farms, Inc.docx
Req. No. 260059 with Boething Treeland Farms, Inc.pdf
6.12 Approve Energy for Palmdale's Independent Choice (EPIC) Residential Peak Demand Response Incentive Program.
SR EPIC Peak Demand Response Program.docx
EPIC FlexWise Terms and Conditions Draft.docx
6.13 Approve the minutes from the previous meeting.
Min CC 07 15 2025.pdf
7. PUBLIC HEARING
7.1 Adopt Resolution No. CC 2025-055, a Resolution of the City Council of the City of Palmdale approving the issuance of California Municipal Financing Authority (CMFA) exempt facility bonds in an aggregate amount not to exceed $95,000,000 City Council
Tuesday, August
5, 2025
for the purpose of financing or refinancing the acquisition, construction, improvement, and equipping of Palmdale family housing and certain other matters relating.
SR TEFRA Palmdale Family Housing.docx
Reso. No. CC 2025-055 TEFRA Palmdale Family Housing.docx
8. CITY MANAGER’S REPORT
9. NON-AGENDA PUBLIC COMMENTS
:
Now is the time for public participation on items not listed on the agenda. Each speaker is allotted three (3) minutes total.
10. COUNCIL REPORTS, ANNOUNCEMENTS AND REQUESTS FOR FUTURE AGENDA ITEMS
10.1 Council Reports.
Monthly Informational Report 080525 Bettencourt.docx
Monthly Informational Report 080525 Bishop.docx
Monthly Informational Report 080525 Ohlsen.docx
11. ADJOURN
meeting to August 19, 2025, at 5:00 p.m. in the City Hall Council Chamber located at 38300 Sierra Highway, Suite B, Palmdale, California.
Americans with Disabilities Act (ADA) Accommodations
In accordance with the Americans with Disabilities Act of 1990, if you require a disability- related modification or accommodation to participate in this meeting, please contact the City Clerk’s Office at (661) 267-5151 at least 48 hours prior to the meeting.
If you require oral translation, please contact the City Clerk’s Office at (661) 267-5151 at least 48 hours prior to the meeting.
City Council
Tuesday, August
5, 2025
City Council Staff Report
DATE: AUGUST 5, 2025
TO: HONORABLE MAYOR PRO TEM AND CITY COUNCIL
FROM: OPERATIONS DEPARTMENT
FINANCE DIVISION
DISTRICT: ALL
SUBJECT: RECEIVE AND FILE THE MONTHLY AND QUARTERLY
INVESTMENT ACTIVITY REPORTS FOR JUNE 2025
RECOMMENDATION
Staff recommend that the City Council:
Receive and file the June 2025 monthly and quarterly investment activity reports for the City of Palmdale and Successor Agency.
BACKGROUND
Pursuant to Section 16 of the City and Successor Agency Investment Policy, the City Treasurer shall prepare and present monthly reports on investments to the City Manager/Executive Director and the City Council/Directors. The reports shall detail the type of investment, issuer’s name, purchase date, maturity date, amount of deposit, and interest rate. This information shall be provided for all City and Successor Agency pooled investments and for Certificates of Participation, Revenue Bonds, Tax Allocation Bonds, Assessment Districts, and Community Facilities District accounts managed by outside Fiscal Agents.
The monthly and quarterly investment report s provide a synopsis of the City and Successor Agency’s investment activity. They provide information on assets, allocations, average maturities, yields, and book valuations. The interest rates presented are the most current rates available as of the date of this report.
The market values prese nted for pooled City and Successor Agency investments are based on closing prices for the related investment as of the date of this report. This information was obtained from the Wall Street Journal, Bloomberg Financial Markets, Capital Market Finances, or other reliable sources of market prices.
Report to Mayor Pro Tem and City Council
Re: Monthly and Quarterly Investment Reports
August 5, 2025
DISCUSSION
Compliance with Investment Policy
For June, the City’s invested portfolio totaled $375,670,790, an increase of $55,810,397 from the previous month and $26,047,845 compared to the prior year. The monthly increase was due to earned interest and new investment purchases.
The par value of Successor Agency’s portfolio as of May was $12,065,597. The balance increased by $ 2,363,053 from the prior month due to the Recognized Obligation Payment Schedule (ROPS) received from Los Angeles County during the month.
All investments meet criteria appropriate to Section 8 of the Investment Policy. The portfolios are based on a combination of various investments, including CDs, Corporate Notes, US Treasury Securities, and Government Agency Paper, each adhering to portfolio percentage limitations.
The Finance Division is the custodian for the City and Successor Agency’s investment portfolio and follows the three main principles of both entities’ investment policies: 1) Investment in financial instruments that mitigate the risk of monetary losses stemming from market fluctuations; 2) Establish and maintain a portfolio that has sufficient liquidity to allow the City and Successor Agency to meet all anticipated cash requirements; and, 3) Seek out investment instruments that provide a competitive market rate of return.
Liquidity
One core approach the Finance Division focuses on is providing liquidity to meet the City and Successor Agency’s operational requirements. Thus, the City invests in two pooled funds, the Local Agency Investment Fund ( LAIF) and the California Asset Management Program (CAMP). These are intended for daily operational activities and can b e used during economic uncertaintie s for ongoing operating and maintenance needs. The pooled funds provide a higher liquidity ratio to ensure the City and Successor Agency meet cash flow requirements.
The City’s LAIF balance at the end of June was $110,405,218, a decrease of $813,000 due to ARPA withdrawal in the current month.
The Successor Agency’s LAIF balance at the end of June was $3,899,819, unchanged from the prior month.
The City’s CAMP balance at the end of June was $ 105,713,151 compared to $52,756,073 in May. The increase is due to interest earned during the month.
Report to Mayor Pro Tem and City Council
Re: Monthly and Quarterly Investment Reports
August 5, 2025
The interest rates presented are the most current rates available as of the date of this report. As of June 30, 2025, the interest rates for LAIF and CAMP investments were
4.269 percent and 4.40 percent, respectively. By comparison, the LAIF and CAMP interest rates at the end of May were 4.272 percent and 4.45 percent. This time last year, LAIF and CAMP rates were at 4.480 percent and 5.43, respectively.
The chart above shows the LAIF and CAMP average monthly yields from September 2024 through June 2025. The difference between the two funds’ performance is primarily due to their varying pool characteristics. CAMP’s portfolio composition is more prone to market volatility, resulting in performance variations.
Diversity
The Finance Division aims to diversify the investment portfolios to avoid incurring unreasonable and avoidable risks regarding specific security types or individual financial institutions.
The City and Successor Agency’s investment portfolios remain strongly diversified. The monthly and quarterly reports include all investments held by both entities and current book values as of June 30, 2025.
The City and Successor Agency are expected to have sufficient funds to meet their expenditure requirements for the next six months. The Finance Division will continue to monitor current economic conditions and the impact on interest rates.
Attached are summaries of the investments in the City and Successor Agency’s books as of June 30, 2025.
4.58% 4.52% 4.48% 4.43% 4.37% 4.33% 4.31% 4.28% 4.27% 4.27%
5.29%
5.03% 4.87% 4.73% 4.55% 4.51% 4.47% 4.45% 4.42% 4.40%
0.00%
1.00%
2.00%
3.00%
4.00%
5.00%
6.00%
Q1 Sep Oct Nov Q2 Dec Jan Feb Q3 Mar Apr May Q4 Jun
Pooled Investments Monthly Yields
LAIF CAMP
Report to Mayor Pro Tem and City Council
Re: Monthly and Quarterly Investment Reports
August 5, 2025
FISCAL IMPACT
$0; There is no fiscal impact associated with the recommended actions for this report.
STRATEGIC PLAN
Goal II: Ensure long-term fiscal health of the City and maintain funding for services.
B. Manage resources, costs, and liabilities to ensure the City’s long-term fiscal health.
C. Involve and expand engagement to enhance public oversight and transparency.
Prepared by: Janelle Samson, Director of Operations
Certified as to availability of Funds: Janelle Samson, Director of Operations Approved by: Salvador Mendez, City Manager Pro Tem
Approved as to form: Alexandra Halfman, City Attorney
ATTACHMENTS
Rpt. Monthly and Quarterly Investment Reports June 2025
CITY OF PALMDALE
TREASURER'S REPORT OF INVESTMENTS
JUNE 30, 2025
PURCHASE MATURITY ACCOUNT/ INTEREST PAR PURCHASE INVESTED
DATE DATE FUND INSTITUTION RATE AMOUNT AMOUNT AMOUNT
U.S. TREASURY SECURITIES Yield
03-19-21 12-31-25 CITY 9128285T3 U.S. Treasury Note 2.63 3,000,000.00 3,260,634.36 2,902,140.00 05-11-21 02-28-26 CITY 9128286F2 U.S. Treasury Note 0.66 3,000,000.00 3,261,331.50 2,888,310.00 07-12-21 12-31-25 CITY 9128285T3 U.S. Treasury Note 2.63 5,000,000.00 5,451,958.35 4,836,900.00 03-08-23 03-31-26 CITY 9128286L9 U.S. Treasury Note 2.25 3,200,000.00 3,029,330.80 3,064,000.00 01-03-24 12-31-26 CITY 912828YX2 U.S. Treasury Note 0.04 5,000,000.00 4,696,880.23 4,666,600.00 01-03-24 06-30-27 CITY 91282CEW7 U.S. Treasury Note 0.04 5,000,000.00 4,897,630.28 4,825,200.00 01-03-24 09-30-27 CITY 91282CFM8 U.S. Treasury Note 0.04 2,500,000.00 2,523,771.66 2,472,450.00 01-08-24 02-15-26 CITY 91282CGL9 U.S. Treasury Note 0.04 5,000,000.00 4,987,205.23 4,932,250.00 01-08-24 06-15-26 CITY 91282CHH7 U.S. Treasury Note 0.04 5,000,000.00 5,001,760.94 4,942,800.00 12-18-24 09-30-29 CITY 91282CFL0 U.S. Treasury Note 0.39 5,000,000.00 4,977,094.45 4,977,094.45 12-18-24 10-31-29 CITY 91282CFT3 U.S. Treasury Note 0.40 5,000,000.00 4,988,321.47 4,988,321.47 12-18-24 11-30-29 CITY 91282CFY2 U.S. Treasury Note 0.39 5,000,000.00 4,942,086.29 4,942,086.29 01-02-25 12-31-29 CITY 91282CGB1 U.S. Treasury Note 0.39 3,000,000.00 2,949,835.02 2,949,192.75 TOTAL U.S. TREASURY SECURITIES 54,700,000.00$ 54,967,840.58$ 53,387,344.96$
GOVERNMENT AGENCY PAPER
05-11-21 09-04-25 CITY 3133EJYM5 Federal Farm Credit 0.59 1,000,000.00 1,103,275.25 976,880.00 05-11-21 09-04-25 CITY 3133EJYM5 Federal Farm Credit 0.57 2,000,000.00 2,208,460.00 1,953,760.00 06-04-21 11-07-25 CITY 3135G06G3 Fannie Mae 0.55 3,000,000.00 2,993,675.25 2,826,750.00 06-30-21 12-30-25 CITY 3130AMRQ7 Federal Home Loan Note 0.88 3,000,000.00 3,000,000.00 2,821,947.30 07-29-21 04-29-26 CITY 3130AN5C0 Federal Home Loan Note 1.05 4,000,000.00 4,010,455.13 3,734,320.00 12-17-21 11-12-25 CITY 3134GXBM5 Federal Home Loan Note 1.15 1,150,000.00 1,125,785.50 1,082,265.00 12-20-21 07-30-25 CITY 3136G4ZP1 Fannie Mae 0.65 3,500,000.00 3,444,175.00 3,339,331.94 12-20-21 09-24-25 CITY 3134GWUG9 Freddie Mac 0.57 10,000,000.00 9,806,600.00 9,459,892.40 12-21-21 12-22-26 CITY 3133ENJC5 Federal Farm Credit 1.29 5,000,000.00 5,000,000.00 4,589,481.35 06-29-22 08-12-25 CITY 3133EL3P7 Federal Farm Credit 3.34 1,810,000.00 1,660,349.20 1,722,111.58 06-24-22 02-26-27 CITY 3130AL5A8 Federal Home Loan Note 3.33 5,000,000.00 4,479,000.00 4,533,218.00 08-17-22 10-27-26 CITY 3134GW4C7 Freddie Mac 0.80 5,000,000.00 4,539,500.00 4,562,202.10 01-06-23 02-25-27 CITY 3130AQRH8 Federal Home Loan Note 4.38 5,000,000.00 4,590,638.89 4,670,265.65 01-06-23 04-19-27 CITY 3130ARHJ3 Federal Home Loan Note 4.38 5,000,000.00 4,801,354.86 4,801,570.80 05-18-23 05-18-27 CITY 3133EPKC8 Federal Farm Credit 5.39 5,000,000.00 5,000,000.00 4,991,602.80 06-05-23 05-30-28 CITY 3133EPLE3 Federal Farm Credit 4.67 2,815,000.00 2,822,746.50 2,790,565.80 05-03-24 05-01-28 CITY 3133ERCX7 Federal Farm Credit 5.17 5,000,000.00 5,000,000.00 5,000,777.50 08-08-24 08-14-29 CITY 3134HADY6 Freddie Mac Domestic 4.00 4,000,000.00 3,946,000.00 3,946,000.00 12-03-24 12-04-29 CITY 3130B3XP3 Federal Home Loan 4.50 1,000,000.00 1,000,000.00 1,000,000.00 12-04-24 12-02-27 CITY 3133ERE23 Federal Farm Credit 4.32 1,000,000.00 1,000,000.00 1,000,000.00 01-27-25 07-27-27 CITY 3130B4RC7 Federal Home Loan Bank 4.50 3,000,000.00 3,000,000.00 3,000,000.00 01-28-25 07-21-27 CITY 3130B4QA27 Federal Home Loan Bank 4.55 3,000,000.00 3,000,000.00 3,000,000.00 06-13-25 04-30-29 CITY 3133ETFB8 Federal Farm Credit Bank 4.75 5,000,000.00 5,000,000.00 5,000,000.00 06-13-25 10-30-28 CITY 3130B62E5 Federal Home Loan Bank 4.25 3,000,000.00 3,000,000.00 3,000,000.00 06-27-25 04-30-29 CITY 3136GAGW3 Fannie Mae 4.75 5,000,000.00 5,000,000.00 5,000,000.00 06-27-25 05-14-29 CITY 3133ETGK7 Federal Farm Credit Bank 4.73 5,000,000.00 5,000,000.00 5,000,000.00 TOTAL GOVERNMENT AGENCY PAPER 97,275,000.00$ 95,532,015.58$ 93,802,942.22$
CITY OF PALMDALE INVESTMENTS
CITY OF PALMDALE
TREASURER'S REPORT OF INVESTMENTS
JUNE 30, 2025
PURCHASE MATURITY ACCOUNT/ INTEREST PAR PURCHASE INVESTED
DATE DATE FUND INSTITUTION RATE AMOUNT AMOUNT AMOUNT
CERTIFICATES OF DEPOSIT
01-04-24 06-15-26 CITY 05580A4Y7 BMW Bank of NA 4.03 240,000.00 243,434.40 238,848.00 01-04-24 11-30-27 CITY 46656MVH1 JPMorgan Chase Bank 4.76 240,000.00 242,022.91 240,415.20 01-04-24 12-28-28 CITY 09582YAV4 Blue Ridge Bank 4.09 240,000.00 240,948.00 234,677.60 06-11-24 06-12-28 CITY 59541KCV7 Mid-Missouri Bank 5.15 245,000.00 245,034.57 243,510.50 06-11-24 06-11-26 CITY 38150VUZ0 Goldman Sachs Bank 5.05 245,000.00 245,033.90 245,615.57 06-13-24 06-13-29 CITY 89235MPP0 Toyota Financial SGS 4.65 245,000.00 245,000.00 246,281.17 06-14-24 06-15-26 CITY 34520LBC6 Forbright Bank 5.05 245,000.00 245,000.00 245,699.42 06-14-24 06-14-28 CITY 307811KA6 Farmers & Merchs Bank 5.00 245,000.00 245,000.00 242,169.22 06-14-24 06-14-29 CITY 69503PAB7 Pacific Valley Bank 5.20 245,000.00 245,000.00 243,313.18 06-17-24 06-17-26 CITY 8562855V9 State Bank of India 5.10 245,000.00 245,000.00 245,875.30 06-18-24 06-18-29 CITY 229083AA8 Evangeline Bank & Trust 5.30 245,000.00 245,000.00 245,000.16 06-20-24 06-22-26 CITY 06051XER9 Bank of America NA 5.05 245,000.00 245,000.00 245,737.44 06-21-24 06-22-26 CITY 35634MAE1 Freedom Bank/Maywood NJ 5.05 245,000.00 245,000.00 245,737.72 TOTAL CERTIFICATES OF DEPOSIT 3,170,000.00$ 3,176,473.78$ 3,162,880.48$ 05-17-23 03-01-26 CITY 30231GAT9 Exxon Mobile Corporation 3.04 1,000,000.00 982,084.11 967,125.82 05-17-23 03-02-26 CITY 194162AQ6 Colgate-Palmolive 4.80 1,000,000.00 1,035,553.33 997,703.43 05-17-23 01-26-26 CITY 742718FY0 Procter & Gamble 4.10 1,000,000.00 1,018,471.67 987,387.46 01-04-24 07-27-26 CITY 61761J3R8 Morgan Stanley 4.70 500,000.00 481,185.25 478,020.00 01-04-24 06-15-26 CITY 46625HRS1 JPMorgan Chase & CO 4.52 500,000.00 484,840.25 481,325.00 01-04-24 03-02-28 CITY 718172CE7 Philip Morris Intl Inc 4.49 500,000.00 474,395.25 466,815.00 01-04-24 04-01-27 CITY 808513BW4 Charles Schaw Corp 4.68 500,000.00 479,390.25 477,190.00 01-09-24 06-02-26 CITY 11271LAA0 Brookfield Fin Inc 5.13 500,000.00 490,115.25 489,610.00 01-09-24 11-28-28 CITY 05565QDH8 BP Capital Markets PLC 4.48 500,000.00 483,460.25 475,490.00 01-09-24 01-28-26 CITY 06406RAQ0 Bank OF NY Mellon Corp 4.52 500,000.00 463,355.25 466,490.00 01-09-24 07-09-27 CITY 22550L2K6 Crdit Suisse New York 4.92 500,000.00 500,910.25 495,950.00 01-09-24 08-15-28 CITY 797440CE2 San Diego G & E 4.49 500,000.00 509,340.25 497,940.00 01-09-24 07-01-27 CITY 75973QAA5 Reneissance Financial 5.01 500,000.00 475,470.25 473,980.00 01-09-24 01-27-26 CITY 780082AD5 Royal Bank of Canada 4.97 500,000.00 496,930.25 492,915.00 08-27-24 02-01-29 CITY 06406RBN6 Bank of NY Mellon Corp 4.20 656,000.00 663,116.29 663,116.29 TOTAL CORPORATE BONDS $9,156,000 $9,038,618 8,911,058.00$
STATE OF CALIFORNIA LOCAL AGENCY INVESTMENT FUND
09-01-84 n/a CITY 98-19-620 0.78 57,004,603.30 57,004,603.30 57,004,603.30 9-19-2024 n/a PFA 40-19-078 36,500,000.00 36,500,000.00 39,313,382.47 9-28-2021 n/a ARPA 19-19-004 0.78 14,087,232.58 14,087,232.58 14,087,232.58 TOTAL LAIF ACCOUNTS 107,591,835.88$ 107,591,835.88$ 110,405,218.35$
CAMP- CALIFORNIA ASSET MANAGEMENT PROGRAM
6080-01 n/a CITY 6080-01 0.30 105,713,151.12 105,713,151.12 105,713,151.12 TOTAL CAMP ACCOUNTS 105,713,151.12$ 105,713,151.12$ 105,713,151.12$
UBS FINANCIAL SERVICES
n/a n/a CITY 0.00 288,195.29 288,195.29 288,195.29
TOTAL UBS FINANCIAL SERVICES ACCOUNTS 288,195.29$ 288,195.29$ 288,195.29$ TOTAL CITY INVESTMENTS 377,894,182.29$ 376,308,130.38$ 375,670,790.42$
CITY OF PALMDALE
TREASURER'S REPORT OF INVESTMENTS
JUNE 30, 2025
PURCHASE MATURITY ACCOUNT/ INTEREST PAR PURCHASE INVESTED
DATE DATE FUND INSTITUTION RATE AMOUNT AMOUNT AMOUNT
STATE OF CALIFORNIA LOCAL AGENCY INVESTMENT FUND
11-20-84 n/a LIBRARY 16-19-012 0.78 13,926.84
TOTAL LIBRARY INVESTMENTS 13,926.84$
SIERRA GATEWAY COMMUNITY FACILITIES DISTRICT 91-1
Fiscal Agent: U.S. Bank National Association (fka First Trust) 05-10-95 n/a BOND 95421220 0.35 120.61
05-10-95 n/a IMPROVEMENT 95421222 0.10 175,283.00
TOTAL SIERRA GATEWAY COMMUNITY FACILITIES DISTRICT 91-1 175,403.61$
BOND PROCEEDS
RITTER RANCH COMMUNITY FACILITIES DISTRICT 93-1
Fiscal Agent: U.S. Bank National Association (fka First Trust) 04-06-95 n/a RESERVE-SEN 95420880 n/a 13.91
04-06-95 n/a IMPV-ACQUI 95420884 0.01 2,917,593.30
04-06-95 n/a BOND 95420887 0.15 0.15
TOTAL RITTER RANCH COMMUNITY FACILITIES DISTRICT 93-1 2,917,607.36$
BOND PROCEEDS
ANAVERDE COMMUNITY FACILITIES DISTRICT 2003-1
Fiscal Agent: U.S. Bank National Association (fka First Trust) 08-01-19 n/a SP TAX - B BOND 242969000 0.00 74.41
08-01-19 n/a RESERVE 242969003 0.00 722,959.79
08-01-19 n/a SP TAX - REFNDING BOND 242969004 0.01 15,151.61 TOTAL ANAVERDE COMMUNITY FACILITIES DISTRICT 2003-1 738,185.81$
BOND PROCEEDS
2005 $7.2M COMMUNITY FACILITIES DISTRICT 05-1 (TRADE AND COMMERCE CENTER) REFUNDED 2021 Fiscal Agent: U.S. Bank National Association (fka First Trust) n/a SPEC TRB SER A/B 251009000 0.01 344,758.74
n/a RESERVE FUND 251009001 0.01 647,108.59
TOTAL 2005 $7.2M COMMUNITY FACILITIES DISTRICT 05-1 (TRADE AND COMMERCE CENTER) REFUNDED 2021991,867.33$
LIBRARY INVESTMENTS
FISCAL AGENT CASH
CITY OF PALMDALE
TREASURER'S REPORT OF INVESTMENTS
JUNE 30, 2025
PURCHASE MATURITY ACCOUNT/ INTEREST PAR PURCHASE INVESTED
DATE DATE FUND INSTITUTION RATE AMOUNT AMOUNT AMOUNT
BOND PROCEEDS
2006-1 GODDE HILL ESTATE SEWER IMPROVEMENTS LOIB
Fiscal Agent: U.S. Bank National Association (fka First Trust) 11-08-06 n/a REDEMPTION FUND 106844000 0.01 103,157.77
11-08-06 n/a ADM EXP 106844002 0.01 1,803.68
11-08-06 n/a RESERVE FUND 106844003 0.01 87,141.62
TOTAL 2006-1 GODDE HILL ESTATE SEWER IMPROVEMENTS LOIB 192,103.07$ 2015 HA DEBT SERVICE RESERVE
Fiscal Agent: Bank of America
11-19-15 n/a DEBT SVC RESERVE 1257964992 0.08 40,822.11 TOTAL 2015 HA DEBT SERVICE RESERVE 40,822.11$
PARS RESTRICTED CASH FOR PENSION STABILIZATION TRUST FUND 05-23-18 n/a CITY 104790895775 Public Agency Retirement Services2.60 11,564,969.00 TOTAL PARS PENSION TRUST FUND 11,564,969.00$
BOND PROCEEDS
2015 HA $4.3M MULTIFAMILY HOUSING REVENUE BONDS
Fiscal Agent: U.S. Bank National Association (fka First Trust) 09-03-15 n/a BOND FUND 277067000 0.00 95,478.05
09-03-15 n/a INTEREST ACCT 277067001 0.01 6.95
09-03-15 n/a BOND RESERVE 277067003 0.00 281,016.19
09-03-15 n/a REPAIR & REPLACE FUND 277067004 0.00 1,325,914.08 TOTAL 2015 HA $4.3M MULTIFAMILY HOUSING REVENUE BONDS 1,702,415.27$
CITY OF PALMDALE
TREASURER'S REPORT OF INVESTMENTS
JUNE 30, 2025
PURCHASE MATURITY ACCOUNT/ INTEREST PAR PURCHASE INVESTED
DATE DATE FUND INSTITUTION RATE AMOUNT AMOUNT AMOUNT
BOND PROCEEDS
2017 PFA $17.4M LEASE REVENUE BONDS
Fiscal Agent: U.S. Bank National Association (fka First Trust) 04-05-17 n/a REVENUE FUND 271128000 0.00 1.17
04-05-17 n/a REVENUE REFUNDING BOND 271128001 n/a 0.05
$42,830 n/a REVENUE REFUNDING BOND 271128002 0.10
TOTAL 2017 PFA $17.4M LEASE REVENUE BONDS 1.32$
BOND PROCEEDS
2023 A&B SERIES ACQUISITION & CONSTRUCTION REVENUE BOND Fiscal Agent: U.S. Bank National Association (fka First Trust) 248041000 9.21
11-30-23 n/a INTEREST 248041001 504,998.26
11-30-23 n/a PRINCIPAL 248041002 0.34
11-30-23 n/a REVENUE FUND 248041004 13.54
11-30-23 n/a INTEREST 248041007 0.51
11-30-23 n/a REVENUE FUND 248041008 4,800,300.73
TOTAL 2023 A&B SERIES B ACQUISITION & CONSTRUCTION REV BOND 5,305,322.59$ GRAND TOTAL - FISCAL AGENT CASH 23,628,697.47$
Cash on Hand 15,007,118$
Pooled Cash Investments
City: 376,190,837$
Insur Fund: (520,047)$ 375,670,790$ Library Investments 13,927$
Subtotal 390,691,835$
City/AD/CFD/PCA/PFA/HA
Fiscal Agent Cash 23,628,697$
Grand total 414,320,532$
The interest rate quoted on LAIF, AIM, and Fiscal Agent/Trustee accounts is the most current rate available.
LAIF & AIM interest Rates are as of June, 2025
SUMMARY OF CASH AND INVESTMENTS
CITY OF PALMDALE
TREASURER'S REPORT OF INVESTMENTS
JUNE 30, 2025
CITY OF PALMDALE
POOLED CASH - LOCAL AGENCY INVESTMENT FUND (LAIF), CALIFORNIA ASSET MANAGEMENT PROGRAM (CAMP), & UBS FINANCIAL SERVICES
TRANSACTION INTEREST
DATE DEPOSIT WITHDRAWAL RECEIVED BALANCE
LAIF - CITY ACCOUNT 98-19-620
Beginning Balance 57,004,603.30$
Subtotal -$ -$ -$ 57,004,603.30$ LAIF - PFA ACCOUNT 40-19-078
Beginning Balance 39,313,382.47$
Subtotal -$ -$ -$ 39,313,382.47$ LAIF - LIBRARY ACCOUNT 16-19-012
Beginning Balance 13,776.68$
04-15-25 150.16$
Subtotal -$ -$ 150.16$ 13,926.84$ LAIF - ARPA ACCOUNT 19-19-004
Beginning Balance 14,900,232.58$
06-25-25 (813,000.00)$
Subtotal -$ (813,000.00)$ -$ 14,087,232.58$ CAMP
Beginning Balance 52,756,073.10$
06-30-25 52,957,078.02 $
Subtotal -$ -$ 52,957,078.02$ 105,713,151.12$ UBS Financial Services
Beginning Balance 66.08$
06-30-25 589,058.92 $
06-30-25 (300,929.71)$
Subtotal -$ (300,929.71)$ 589,058.92$ 288,195.29$ Total -$ (1,113,929.71)$ 53,546,287.10$ 216,420,491.60$
CITY OF PALMDALE
TREASURER'S REPORT OF INVESTMENTS
JUNE 30, 2025
TN= US Treasury C = Call
FP= Federal Paper M= Maturity
CD= Certificate of Deposit CB= Corporate Bond
FACE
PURCHASE MATURITY VALUE INTEREST NET INVESTED GAIN/
ISSUER DATE DATE REDEEMED RECEIVED FUNDS AMOUNT (LOSS)
-
3133ELK37 Federal Farm Credit 06-10-20 06-16-25 FP 5,000,000.00$ 19,500.00$ 5,019,500.00$ 4,781,500.00 218,500.00 3133ENHW3 Federal Farm Credit 12-17-21 06-23-25 FP 10,000,000.00$ 58,500.00$ 10,058,500.00$ 9,595,310.20 404,689.80 09776DAG9 BOM Bank 06-25-24 06-25-29 CD 245,000.00 1,113.24 246,113.24$ 245,000.11 (0.11) 15,245,000.00$ 79,113.24$ 15,324,113.24$ 14,621,810.31$ 623,189.69$ Total Number of Transactions:
CITY OF PALMDALE
POOLED CASH - INVESTMENTS MATURED OR CALLED
CITY OF PALMDALE
TREASURER'S REPORT OF INVESTMENTS
JUNE 30, 2025
TN = US Treasury
FP = Federal Paper
CD = Certificate of Deposit
CN = Corporate Notes ACCRUED
PURCHASE MATURITY FACE PREMIUM / PURCHASE INTEREST NET Yield
ISSUER DATE DATE VALUE (DISCOUNT) PRICE PURCHASED PURCHASE 3133ETFB8 Federal Farm Credit Bank06-13-25FP 04-30-29 5,000,000.00$ - 5,000,000.00$ 28,368.06$ 5,028,368.06 4.75 3130B62E5 Federal Home Loan Bank 06-13-25FP 10-30-28 3,000,000.00$ - 3,000,000.00$ 15,229.17$ 3,015,229.17 4.25 3136GAGW3 Fannie Mae 06-27-25FP 04-30-29 5,000,000.00$ - 5,000,000.00$ 23,916.67$ 5,023,916.67 4.75 3133ETGK7 Federal Farm Credit Bank06-27-25FP 05-14-29 5,000,000.00$ - 5,000,000.00$ 28,248.61$ 5,028,248.61 4.73 -
-
18,000,000.00$ -$ 18,000,000.00$ 95,762.51$ 18,095,762.51$ Total Number of Transactions:
POOLED CASH - INVESTMENTS PURCHASED
SUCCESSOR AGENCY TO THE COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF PALMDALE
TREASURER'S REPORT OF INVESTMENTS
June 30, 2025
PURCHASE MATURITY ACCOUNT/ INTEREST INVESTED
DATE DATE FUND INSTITUTION RATE AMOUNT TOTAL
LAIF - SA ACCOUNT 65-19-035
09-01-84 n/a SA Account 65-19-035 0.78 3,899,819.00
3,899,819.00$
FISCAL AGENT CASH
BOND PROCEEDS
CRA - 2002 Sub Lien Tax Allocation Bonds $5.3M ($5,329,748.25) Fiscal Agent: U.S. Bank National Association
08-20-02 n/a Reserve Fund 94460700 2.54 540,231.33
08-20-02 n/a Interest Acct 94460701 0.04 41,850.81
08-20-02 n/a Principal Acct 94460702 0.04 374.15
TOTAL CRA - 2002 Sub Lien Tax Allocation Bonds $5.3M ($5,329,748.25) 582,456.29$
BOND PROCEEDS
2016 SA $31.5M Tax Allocation Refunding Bonds Series A
Fiscal Agent: U.S. Bank National Association (fka First Trust) 04-26-16 n/a Debt Service 245113000 0.00 6.29
04-26-16 n/a Interest Acc 245113001 N/A 0.00
TOTAL 2016 SA $31.5M Tax Allocation Refunding Bonds Series A 6.29$ GRAND TOTAL - FISCAL AGENT CASH 582,462.58$
SUMMARY OF CASH AND INVESTMENTS
Cash on Hand 7,583,315$ 7,587,900.14$
($8,215)
Pooled Cash Investments 3,899,819$ $3,630
7,583,315.14$
Successor Agency Fiscal Agent Cash 582,463$ *
Grand total 12,065,597$
* The interest rate quoted on LAIF and Fiscal Agent/Trustee accounts is the most current rate available.
LAIF interestrates are as of June 30, 2025.
S:\Cash and Investment\Investment\Investment Reports\24-25\12 JUN 2025\[JUN 2025 Successor Investment Report.xls]JUNE 2025 Monthly
SUCCESSOR AGENCY TO THE COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF PALMDALE
TREASURER'S REPORT OF INVESTMENTS
June 30, 2025
POOLED CASH - STATE OF CALIFORNIA LOCAL AGENCY INVESTMENT FUND (LAIF)
TRANSACTION INTEREST
DATE DEPOSIT WITHDRAWAL RECEIVED BALANCE
LAIF - SA ACCOUNT 65-19-035
Beginning Balance 3,899,819.00
Subtotal -$ -$ -$ 3,899,819.00$ City of Palmdale: Flagship Lite
Palmdale, CA
As of Date: 06/30/2025
Pricing as of: 06/30/2025
Date of Analysis: 07/10/2025
Portfolio Overview
Portfolio Attributes
Curr. Face
266,648
Mkt. Value
265,234
Book Value
266,648
Est. Gain/Loss
-1,414
Ave. Mkt. Price
99.47 Ave. Bk. Price
100.00
Eff. Dur.
0.83 Eff. Conv.
-0.11
OAS
-131.1
Mkt YTP
2.80 Bk YTP
2.08 WAL
0.98 Line Items
68 City of Palmdale: Flagship Lite - Palmdale, CA
As of 6/30/2025
Portfolio ID: 7211 - 58411
Duration / Convexity
Eff. Dur.
0.83 Eff. Conv.
-0.11
City of Palmdale: Flagship Lite - Palmdale, CA
As of 6/30/2025
Portfolio ID: 7211 - 58411
Portfolio Sector Summary
Market
%
Book
Market
Est
Eff
Eff Dur
% Δ
in Price
Sector
Par Value
Value
Port
Price
Price
G/L
Conv
Bk Yld
Mkt Yld
+50
Base
-50
+50
Base
-50
Cash & Other
107,592
107,592
40.3%
100.00
100.00
0 0.00
0.78 0.78
0.08 0.08
0.08 0.0%
0 0.0%
Treasury Note
54,700
54,491
20.5%
100.00
99.62 -209
0.08 3.33
3.94 2.00
2.01 2.02
-1.0%
0 1.0%
Berm Call
38,150
37,265
14.3%
100.00
97.68 -885
-0.33
2.21 4.13
1.42 1.27
1.12 -0.7%
0 0.6%
Amer Call
25,625
25,464
9.6%
100.00
99.37 -161
-0.53
3.83 4.45
0.99 0.71
0.58 -0.4%
0 0.3%
Agency Bullet
19,500
19,352
7.3%
100.00
99.24 -148
0.00 0.95
4.44 0.22
0.22 0.22
-0.1%
0 0.1%
Euro Call
9,000
9,015
3.4%
100.00
100.17
15 -0.71
4.28 4.27
2.20 1.90
1.67 -1.0%
0 0.9%
Finance
5,156
5,119
1.9%
100.00
99.28 -37
0.00 3.63
4.39 1.59
1.58 1.56
-0.8%
0 0.8%
Industrial
3,500
3,483
1.3%
100.00
99.51 -17
-0.01
3.85 4.17
0.87 0.86
0.85 -0.4%
0 0.4%
NCD
2,925
2,942
1.1%
100.00
100.58
17 -0.07
4.98 4.43
1.19 1.11
1.09 -0.6%
0 0.6%
Utility
500
511
0.2%
100.00
102.10
11 0.09
4.95 4.22
2.78 2.78
2.79 -1.4%
0 1.4%
Portfolio Totals
266,648
265,234
100.0%
100.00
99.47 -1,414
-0.11
2.08 2.80
0.89 0.83
0.79 -0.4%
0 0.4%
City of Palmdale: Flagship Lite - Palmdale, CA
As of 6/30/2025
Portfolio ID: 7211 - 58411
Agency/Sovereign - Summary
Book
Market
G/L $
G/L %
WAL
% Px
Δ
Dur
Cvx
Sector
Par
Maturity
Price
Price
Base
Base
Base
-50
Base
Base
Subsector
%
Value
Cpn
Next Call
Value
Yield
Value
Yield
+ 100
+ 100
+ 100
+100
AFS %
2.2 yrs
100.00
99.62 -209
-0.4%
2.17 1.0
2.01 0.08
Treasury (13)
37.2%
54,700
3.33 54,700
3.33 54,491
3.94 -1,287
-2.4%
2.17 -2.0
99.6%
0.2 yrs
100.00
99.24 -148
-0.8%
0.22 0.1
0.22 0.00
Agency Bullet (5)
13.3%
19,500
0.95 19,500
0.95 19,352
4.44 -190
-1.0%
0.22 -0.2
99.2%
2.4 yrs
100.00
98.58 -1,030
-1.4%
1.57 0.5
1.15 -0.45
Callable Agency (20)
49.5%
72,775
3.04 0.4 yrs
72,775
3.03 71,745
4.26 -2,008
-2.8%
2.44 -1.4
98.6%
2.0 yrs
100.00
99.06 -1,387
-0.9%
1.61 0.7
1.35 -0.19
Total (38)
100.0%
146,975
2.87 0.4 yrs
146,975
2.87 145,588
4.17 -3,485
-2.4%
2.04 -1.4
99.1%
City of Palmdale: Flagship Lite - Palmdale, CA
As of 6/30/2025
Portfolio ID: 7211 - 58411
Corporate - Summary
Rating
Book
Market
G/L $
G/L %
WAL
% Px
Δ
Dur
Cvx
Sector
Par
Moody's
Price
Price
Base
Base
Base
-50
Base
Base
Subsector
%
Value
Cpn
Maturity
S&P
Value
Yield
Value
Yield
+ 100
+ 100
+ 100
+100
AFS %
A1
100.00
99.28 -37
-0.7%
1.62 0.8
1.58 0.00
Finance (10)
56.3%
5,156
3.63 1.8 yrs
A
5,156
3.63 5,119
4.39 -119
-2.3%
1.74 -1.6
99.3%
Aa2
100.00
99.51 -17
-0.5%
0.92 0.4
0.86 -0.01
Industrial (4)
38.2%
3,500
3.86 0.9 yrs
AA-
3,500
3.85 3,483
4.17 -48
-1.4%
0.92 -0.9
99.5%
A1
100.00
102.10
11 2.1%
3.13 1.4
2.78 0.09
Utility (1)
5.5%
500
4.95 3.1 yrs
A
500
4.95 511
4.22 -4
-0.7%
3.13 -2.8
102.1%
Aa3
100.00
99.52 -44
-0.5%
1.44 0.7
1.37 0.00
Total (15)
100.0%
9,156
3.79 1.5 yrs
A+
9,156
3.79 9,112
4.30 -170
-1.9%
1.50 -1.4
99.5%
City of Palmdale: Flagship Lite - Palmdale, CA
As of 6/30/2025
Portfolio ID: 7211 - 58411
Peer Group Comparison
As of
Book
G/L
Book
Average Life
% Price Change
Effective
UST
Fix
Fix
Flt
Agy
Sm
Prv
%
Peer
Date
Value
%
Yield
Base
-50
+100
-50
+50
+100
Dur
Cvx
Agy
MBS
ARM
CMO
CMO
CMBS
Bus.
Label
Muni
Corp
CD
Other
Fixed
1 05/25
275,624
-0.6
3.71 2.3
2.4 -2.1
2.1 0.0
43%
0%
0%
0%
0%
0%
0%
0%
22%
25%
10%
0%
100%
2 03/25
241,442
-1.1
2.87 2.3
2.3 -2.1
2.2 0.1
69%
0%
0%
0%
0%
0%
0%
0%
11%
9%
11%
0%
100%
3 05/25
230,985
-1.1
3.02 1.3
1.9 -1.4
1.3 -0.1
63%
0%
0%
0%
0%
0%
0%
0%
11%
20%
6%
0%
100%
4 07/25
184,979
-0.1
1.2 0.0
1.3 -0.8
100%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
100%
5 05/25
184,930
-1.3
3.56 1.1
2.3 -1.5
1.3 -0.4
100%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
100%
6 04/25
352,684
-1.2
3.67 2.9
2.7 3.1
1.3 -1.3
-2.6
2.6 0.0
100%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
100%
7 05/25
178,960
-1.1
1.1 0.0
1.1 -0.4
100%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
100%
8 03/25
173,185
-10.1
5.0 9.2
0.0 4.2
-0.1
16%
66%
1%
0%
0%
9%
1%
0%
6%
0%
0%
0%
99%
9 03/25
162,183
-0.2
3.68 2.5
2.7 -2.4
2.4 0.0
75%
0%
0%
0%
0%
0%
0%
0%
0%
1%
23%
0%
100%
10 03/25
160,315
-15.6
12.5 13.7
0.0 8.5
0.2 0%
0%
0%
0%
0%
0%
0%
0%
100%
0%
0%
0%
100%
11 06/25
156,167
-0.6
4.59 3.5
3.8 -2.4
2.4 -0.2
1%
9%
14%
10%
11%
13%
7%
0%
14%
22%
0%
0%
73%
12 03/25
155,302
-0.4
2.0 0.0
1.9 0.1
99%
0%
0%
0%
0%
0%
0%
0%
0%
0%
1%
0%
100%
13 03/25
155,302
-0.4
2.0 0.0
1.9 0.1
99%
0%
0%
0%
0%
0%
0%
0%
0%
0%
1%
0%
100%
14 03/25
132,410
-16.6
12.7 13.9
0.0 8.5
0.2 0%
0%
0%
0%
0%
0%
0%
0%
100%
0%
0%
0%
100%
15 03/25
105,519
-1.1
3.79 2.4
2.6 -2.2
2.2 0.0
59%
0%
0%
1%
0%
8%
0%
6%
0%
15%
11%
0%
99%
16 05/25
102,017
-0.6
3.32 2.7
2.7 -2.3
2.4 0.1
40%
0%
0%
0%
0%
36%
0%
0%
6%
2%
16%
0%
100%
17 05/25
95,909
-0.6
3.29 1.5
2.0 -1.5
1.4 -0.2
34%
0%
0%
0%
0%
3%
0%
0%
58%
1%
4%
0%
100%
18 04/25
94,760
-0.6
2.86 1.5
1.7 -1.5
1.4 0.0
65%
0%
0%
0%
0%
3%
0%
0%
0%
0%
32%
0%
100%
19 04/25
89,034
0.2 4.88
0.7 0.8
-0.7
0.7 0.0
100%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
100%
20 06/25
82,248
-1.7
3.5 5.3
0.0 2.5
-0.5
25%
12%
15%
12%
0%
0%
4%
0%
31%
1%
0%
0%
84%
21 03/25
82,000
-0.2
3.99 0.4
1.7 -0.9
0.7 -0.4
100%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
100%
22 07/25
80,000
0.1 2.0
0.0 2.0
-0.4
100%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
100%
23 06/25
69,795
-9.8
8.6 13.6
0.0 5.2
-0.3
1%
22%
0%
3%
11%
1%
10%
0%
50%
3%
0%
0%
81%
24 03/25
69,675
0.0 1.8
0.0 1.7
0.0 81%
0%
0%
0%
0%
0%
0%
0%
0%
19%
0%
0%
100%
25 06/25
67,787
-2.4
2.0 0.0
1.8 -0.2
25%
75%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
100%
Avg
147,328
-2.7
3.63 3.2
2.7 4.8
1.3 -1.3
-0.9
2.5 -0.1
60%
7%
1%
1%
1%
3%
1%
0%
16%
5%
5%
0%
97%
Port
06/25
266,648
-0.5
2.08 1.0
0.9 1.2
0.4 -0.4
-0.9
0.8 -0.1
55%
0%
0%
0%
0%
0%
0%
0%
0%
3%
1%
40%
100%
Diff
119,319
2.2 -1.55
-2.2
-1.8
-3.5
-0.9
0.9 0.1
-1.7
0.0 -5%
-7%
-1%
-1%
-1%
-3%
-1%
0%
-16%
-1%
-4%
40%
2%
* Peer group includes Public Entitys that have received portfolio analysis from Stifel in the last three months with the closest portfolio book values.
City of Palmdale: Flagship Lite - Palmdale, CA
As of 6/30/2025
Portfolio ID: 7211 - 58411
Monthly Cashflow Profile - Next 30 Months
City of Palmdale: Flagship Lite - Palmdale, CA
As of 6/30/2025
Portfolio ID: 7211 - 58411
Monthly Cashflow Rate Shock - Next 30 Months
City of Palmdale: Flagship Lite - Palmdale, CA
As of 6/30/2025
Portfolio ID: 7211 - 58411
Annual Cashflow Profile
City of Palmdale: Flagship Lite - Palmdale, CA
As of 6/30/2025
Portfolio ID: 7211 - 58411
Annual Cashflow Rate Shock
City of Palmdale: Flagship Lite - Palmdale, CA
As of 6/30/2025
Portfolio ID: 7211 - 58411
5-Year Quarterly Principal Cash Flow Projections
5-Year Quarterly Principal Cash Flow Projections
Percentage of Total Cash Flow Projections
Period
+100
+50
+25
Base
-25
-50
+100
+50
+25
Base
-25
-50
3Q25
125.9
125.9
126.4
131.6
139.4
139.4
47%
47%
47%
49%
52%
52%
4Q25
15.2 15.2
15.4 15.2
15.2 15.2
53%
53%
53%
55%
58%
58%
1Q26
15.2 15.2
15.2 15.2
15.2 15.2
59%
59%
59%
61%
64%
64%
2Q26
11.5 11.5
16.5 16.5
16.7 16.7
63%
63%
65%
67%
70%
70%
3Q26
0.5 0.5
3.5 8.5
8.5 8.5
63%
63%
66%
70%
73%
73%
4Q26
15.0 16.0
16.0 16.0
16.0 16.0
69%
69%
72%
76%
79%
79%
1Q27
10.0 10.0
10.0 12.8
10.0 10.0
72%
73%
76%
81%
83%
83%
2Q27
10.5 10.5
10.5 10.5
10.5 10.5
76%
77%
80%
85%
87%
87%
3Q27
3.5 6.5
6.5 6.5
6.5 6.5
78%
79%
82%
87%
89%
89%
4Q27
1.5 1.5
1.2 1.2
1.2 1.2
78%
80%
83%
88%
90%
90%
1Q28
0.5 1.2
1.2 1.4
1.2 1.2
78%
80%
83%
88%
90%
90%
2Q28
8.3 8.3
3.1 5.0
0.0 0.0
82%
83%
85%
90%
90%
90%
3Q28
8.5 8.5
5.5 0.5
0.5 0.5
85%
87%
87%
90%
90%
90%
4Q28
3.5 3.5
3.5 3.5
3.5 3.5
86%
88%
88%
92%
92%
92%
1Q29
0.7 0.2
0.0 0.0
0.0 0.0
86%
88%
88%
92%
92%
92%
2Q29
10.5 10.2
10.2 0.2
0.2 0.2
90%
92%
92%
92%
92%
92%
3Q29
12.0 9.0
9.0 9.0
9.0 9.0
95%
95%
95%
95%
95%
95%
4Q29
14.0 13.0
13.0 13.0
13.0 13.0
100%
100%
100%
100%
100%
100%
In Millions
12-Month Principal Cash Flow Projections
Percentage of Total Cash Flow Projections
Period
+100
+50
+25
Base
-25
-50
+100
+50
+25
Base
-25
-50
Jul 25
111.1
111.1
111.1
111.1
113.9
113.9
42%
42%
42%
42%
43%
43%
Aug 25
1.8 1.8
2.1 2.3
7.3 7.3
42%
42%
42%
43%
45%
45%
Sep 25
13.0 13.0
13.2 18.2
18.2 18.2
47%
47%
47%
49%
52%
52%
Oct 25
0.0 0.0
0.0 0.0
0.0 0.0
47%
47%
47%
49%
52%
52%
Nov 25
4.2 4.2
4.4 4.2
4.2 4.2
49%
49%
49%
51%
54%
54%
Dec 25
11.0 11.0
11.0 11.0
11.0 11.0
53%
53%
53%
55%
58%
58%
Jan 26
2.0 2.0
2.0 2.0
2.0 2.0
54%
54%
54%
56%
59%
59%
Feb 26
8.0 8.0
8.0 8.0
8.0 8.0
57%
57%
57%
59%
62%
62%
Mar 26
5.2 5.2
5.2 5.2
5.2 5.2
59%
59%
59%
61%
64%
64%
Apr 26
4.0 4.0
4.0 4.0
4.0 4.0
60%
60%
60%
62%
65%
65%
May 26
0.0 0.0
5.0 5.0
5.0 5.0
60%
60%
62%
64%
67%
67%
Jun 26
7.5 7.5
7.5 7.5
7.7 7.7
63%
63%
65%
67%
70%
70%
City of Palmdale: Flagship Lite - Palmdale, CA
As of 6/30/2025
Portfolio ID: 7211 - 58411
Cash Flow and Rolloff Yield - Next 12 Months
Yield Rolloff
Month
Begin BY
Principal CF
Rolloff Yld
Ending BY
Jul 2025
2.08 111,092
0.78 3.01
Aug 2025
3.01 2,295
1.53 3.03
Sep 2025
3.03 18,245
2.18 3.15
Oct 2025
3.15 0
3.15 Nov 2025
3.15 4,150
0.53 3.23
Dec 2025
3.23 11,000
2.15 3.33
Jan 2026
3.33 2,000
3.40 3.33
Feb 2026
3.33 8,000
3.45 3.32
Mar 2026
3.32 5,200
2.89 3.34
Apr 2026
3.34 4,000
1.05 3.43
May 2026
3.43 5,000
5.16 3.34
Jun 2026
3.34 7,465
4.24 3.27
Shocked Principal and Interest Cash Flow Analysis
Year
Mod Up Stp
+100
+50
+25
-25
-50
Mod Dn Flt
Jul 2025
111,372
111,372
111,372
111,372
114,201
114,201
114,201
Aug 2025
2,184
2,184
2,184
2,429
7,731
7,731
7,731
Sep 2025
13,308
13,308
13,308
13,553
18,651
18,651
18,651
Oct 2025
294
294
294
294
294
294
294
Nov 2025
4,582
4,582
4,582
4,582
4,398
4,398
4,398
Dec 2025
11,549
11,549
11,549
11,549
11,549
11,549
11,549
Jan 2026
2,200
2,200
2,200
2,200
2,200
2,200
2,200
Feb 2026
8,422
8,422
8,422
8,422
8,422
8,422
8,422
Mar 2026
5,432
5,432
5,432
5,432
5,432
5,432
5,432
Apr 2026
4,293
4,293
4,293
4,293
4,293
4,293
4,293
May 2026
420
420
420
5,420
5,236
5,236
5,236
Jun 2026
7,893
7,893
7,893
7,893
8,138
8,138
8,138
City of Palmdale: Flagship Lite - Palmdale, CA
As of 6/30/2025
Portfolio ID: 7211 - 58411
Sector Cash Flow - Next 12 Months
Jul 25
Aug 25
Sep 25
Oct 25
Nov 25
Dec 25
Jan 26
Feb 26
Mar 26
Apr 26
May 26
Jun 26
Bk Yld Chg
Treasury/Agency
Cash Flow
3,644
2,154
18,357
285
4,571
11,482
136
8,393
3,384
4,283
5,410
5,361
End BY
2.92 2.95
3.07 3.07
3.16 3.26
3.26 3.25
3.28 3.38
3.27 3.22
0.30 Corporate
Cash Flow
63 27
47 8
9 19
2,063
27 2,047
8 9
1,019
End BY
3.79 3.79
3.79 3.79
3.79 3.79
3.89 3.89
3.89 3.89
3.89 3.92
0.14 CD
Cash Flow
3 491
247
1 1
48 1
1 1
1 1
1,513
End BY
4.98 4.92
4.88 4.88
4.88 4.88
4.88 4.88
4.88 4.88
4.88 4.64
-0.34
Other
Cash Flow
107,662
End BY
Total
Cash Flow
111,372
2,672
18,651
294
4,582
11,549
2,200
8,422
5,432
4,293
5,420
7,893
End BY
3.01 3.03
3.15 3.15
3.23 3.33
3.33 3.32
3.34 3.43
3.34 3.27
0.26 City of Palmdale: Flagship Lite - Palmdale, CA
As of 6/30/2025
Portfolio ID: 7211 - 58411
Cash Flow and Rolloff Yield - Next 3 Years
Yield Rolloff
Quarter
Begin BY
Principal CF
Rolloff Yld
Ending BY
3Q25
2.08 131,632
0.98 3.15
4Q25
3.15 15,150
1.70 3.33
1Q26
3.33 15,200
3.25 3.34
2Q26
3.34 16,465
3.75 3.27
3Q26
3.27 8,500
4.20 3.17
4Q26
3.17 16,000
1.48 3.59
1Q27
3.59 12,815
2.16 3.95
2Q27
3.95 10,500
3.22 4.15
3Q27
4.15 6,500
4.31 4.11
4Q27
4.11 1,240
4.30 4.11
1Q28
4.11 1,401
4.13 4.11
2Q28
4.11 5,000
4.73 3.99
Shocked Principal and Interest Cash Flow Analysis
Quarter
Mod Up Stp
+100
+50
+25
-25
-50
Mod Dn Flt
3Q25
126,864
126,864
126,864
127,354
140,583
140,583
140,583
4Q25
16,425
16,425
16,425
16,425
16,241
16,241
16,241
1Q26
16,053
16,053
16,053
16,053
16,053
16,053
16,053
2Q26
12,606
12,606
12,606
17,606
17,667
17,667
17,667
3Q26
1,107
1,107
1,107
4,107
9,104
9,104
9,104
4Q26
16,837
15,837
16,837
16,837
16,650
16,650
16,650
1Q27
10,427
10,427
10,427
10,427
10,424
10,424
10,424
2Q27
11,148
11,148
11,148
11,148
11,027
11,027
11,027
3Q27
6,856
3,856
6,856
6,856
6,853
6,853
6,853
4Q27
1,723
1,723
1,723
1,723
1,602
1,602
1,602
1Q28
1,369
713
1,369
1,369
1,368
1,368
1,368
2Q28
333
333
333
333
333
333
333
City of Palmdale: Flagship Lite - Palmdale, CA
As of 6/30/2025
Portfolio ID: 7211 - 58411
Sector Cash Flow - Next 3 Years
3Q25
4Q25
1Q26
2Q26
3Q26
4Q26
1Q27
2Q27
3Q27
4Q27
1Q28
2Q28
Bk Yld Chg
Treasury/Agency
Cash Flow
24,155
16,338
11,913
15,054
8,540
16,806
13,205
10,617
5,796
1,460
177
5,416
End BY
3.07 3.26
3.28 3.22
3.11 3.55
3.94 4.13
4.10 4.09
4.09 3.97
0.89 Corporate
Cash Flow
137
36 4,137
1,036
564
18 56
518
1,056
9 1,191
9 End BY
3.79 3.79
3.89 3.92
4.03 4.03
4.03 4.15
4.12 4.12
4.34 4.34
0.55 CD
Cash Flow
741
50 3
1,515
3 14
3 14
3 254
246
6 End BY
4.88 4.88
4.88 4.64
4.64 4.64
4.64 4.64
4.64 4.86
4.65 4.65
-0.22
Other
Cash Flow
107,662
End BY
Total
Cash Flow
132,696
16,425
16,053
17,606
9,107
16,837
13,264
11,148
6,856
1,723
1,614
5,431
End BY
3.15 3.33
3.34 3.27
3.17 3.59
3.95 4.15
4.11 4.11
4.11 3.99
0.84 City of Palmdale: Flagship Lite - Palmdale, CA
As of 6/30/2025
Portfolio ID: 7211 - 58411
Cash Flow and Rolloff Yield - Next 10 Years
Yield Rolloff
Year
Begin BY
Principal CF
Rolloff Yld
Ending BY
2025
2.08 146,782
1.06 3.33
2026
3.33 56,165
3.04 3.59
2027
3.59 31,055
3.05 4.11
2028
4.11 10,401
4.47 3.94
2029
3.94 22,245
3.94 2030
2031
2032
2033
2034
Shocked Principal and Interest Cash Flow Analysis
Year
Mod Up Stp
+100
+50
+25
-25
-50
Mod Dn Flt
2025
143,667
143,422
143,422
144,144
156,824
156,824
156,824
2026
52,356
46,007
47,007
54,840
59,474
59,474
59,474
2027
33,865
28,446
31,401
30,729
29,906
29,906
29,906
2028
15,036
23,108
23,545
15,036
6,225
6,223
6,223
2029
33,330
38,454
33,597
33,330
23,114
23,114
23,114
City of Palmdale: Flagship Lite - Palmdale, CA
As of 6/30/2025
Portfolio ID: 7211 - 58411
Sector Cash Flow - Next 10 Years
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
Bk Yld Chg
Treasury/Agency
Cash Flow
40,493
52,313
31,078
9,089
22,863
End BY
3.26 3.55
4.09 3.93
Corporate
Cash Flow
173
5,755
1,639
2,222
End BY
3.79 4.03
4.12 CD
Cash Flow
792
1,535
274
257
251
End BY
4.88 4.64
4.86 4.65
Other
Cash Flow
107,662
End BY
Total
Cash Flow
149,121
59,603
32,991
11,569
23,114
End BY
3.33 3.59
4.11 3.94
City of Palmdale: Flagship Lite - Palmdale, CA
As of 6/30/2025
Portfolio ID: 7211 - 58411
Gap Analysis - Potential Income Impact of Principal Reinvestment Assumed
Estimated
Income
Resulting
Reinvestment
Annualized
Difference from
Book
Yield
Income
Current Book
Yield
0.25 446
-2,219
1.25 0.50
892
-1,773
1.42 0.75
1,338
-1,327
1.58 1.00
1,784
-880
1.75 1.25
2,231
-434
1.92 1.50
2,677
12 2.08
1.75 3,123
458
2.25 2.00
3,569
904
2.42 2.25
4,015
1,350
2.59 2.50
4,461
1,796
2.75 2.75
4,907
2,242
2.92 3.00
5,353
2,688
3.09 3.25
5,800
3,135
3.26 3.50
6,246
3,581
3.42 3.75
6,692
4,027
3.59 4.00
7,138
4,473
3.76 4.25
7,584
4,919
3.93 4.50
8,030
5,365
4.09 4.75
8,476
5,811
4.26 5.00
8,922
6,257
4.43 5.25
9,368
6,704
4.59 5.50
9,815
7,150
4.76 5.75
10,261
7,596
4.93 6.00
10,707
8,042
5.10 6.25
11,153
8,488
5.26 6.50
11,599
8,934
5.43 6.75
12,045
9,380
5.60 7.00
12,491
9,826
5.77 7.25
12,937
10,272
5.93 7.50
13,384
10,719
6.10 7.75
13,830
11,165
6.27 8.00
14,276
11,611
6.43 Principal Maturing(12 Mo.Horizon): $178,447
Current Book Yield of Principal Maturing: 1.49%
Est. Annual Income at Current Book Yield: $2,665
City of Palmdale: Flagship Lite - Palmdale, CA
As of 6/30/2025
Portfolio ID: 7211 - 58411
Effective Duration - Instantaneous Rate Shock
City of Palmdale: Flagship Lite - Palmdale, CA
As of 6/30/2025
Portfolio ID: 7211 - 58411
% Px Chng - Instantaneous Rate Shock
City of Palmdale: Flagship Lite - Palmdale, CA
As of 6/30/2025
Portfolio ID: 7211 - 58411
Total Returns - 12mo Horizon
City of Palmdale: Flagship Lite - Palmdale, CA
As of 6/30/2025
Portfolio ID: 7211 - 58411
Book Yield / Duration
*Only securities >=$1mm shown
City of Palmdale: Flagship Lite - Palmdale, CA
As of 6/30/2025
Portfolio ID: 7211 - 58411
Market Yield / Duration
*Only securities >=$1mm shown
City of Palmdale: Flagship Lite - Palmdale, CA
As of 6/30/2025
Portfolio ID: 7211 - 58411
Total Return / Duration
*Only securities >=$1mm shown
City of Palmdale: Flagship Lite - Palmdale, CA
As of 6/30/2025
Portfolio ID: 7211 - 58411
OAS / Duration
*Only securities >=$1mm shown
City of Palmdale: Flagship Lite - Palmdale, CA
As of 6/30/2025
Portfolio ID: 7211 - 58411
Agency/Sovereign Option - Adjusted Analysis
Bond
Security
Original
Current
Next
Proj.
Par
Book
Mkt
Est.
at Book Price
at Market
Price
Eff
Eff
ID #
CUSIP
Description
Structure
Structure
Call Date
Redemp
Value
Price
Price
G/L
YTPC
YTM
YTPC
YTM
OAS
Dur
Conv
1 3136G4ZP1
FNMA 0.65 07/30/25
5Yr Bullet
Bullet
07/30/25
3,500
100.00
99.69 -11
0.65 0.65
4.41 4.41
4.2 0.08
0.00 5
3133EL3P7
FFCB 0.53 08/12/25
5YrNC2Yr Amer
NC1mo Amer
07/17/25
08/12/25
1,810
100.00
99.55 -8
0.53 0.53
4.40 4.40
-5.9
0.12 0.00
6 3133EJYM5
FFCB 3.02 09/04/25
7Yr Bullet
0.25Yr Bullet
09/04/25
2,000
100.00
99.74 -5
3.01 3.01
4.49 4.49
0.2 0.18
0.00 7
3133EJYM5
FFCB 3.02 09/04/25
7Yr Bullet
0.25Yr Bullet
09/04/25
1,000
100.00
99.74 -3
3.01 3.01
4.49 4.49
0.2 0.18
0.00 9
3134GWUG9
FHLMC 0.57 09/24/25
5YrNC1Yr Berm
0.25Yr Bullet
09/24/25
10,000
100.00
99.11 -89
0.57 0.57
4.46 4.46
2.7 0.24
0.00 12
3133ETFB8
FFCB 4 3/4 04/30/29
4YrNC3mo Amer
3.75YrNC1mo Amer
07/30/25
09/29/25
5,000
100.00
99.98 -1
4.74 4.75
4.84 4.75
-6.4
0.33 -1.01
13 3135G06G3
FNMA 0 1/2 11/07/25
5Yr Bullet
0.25Yr Bullet
11/07/25
3,000
100.00
98.67 -40
0.50 0.50
4.34 4.34
-0.5
0.36 0.00
14 3134GXBM5
FHLMC 0.6 11/12/25
5YrNC1Yr Berm
0.25YrNC1mo Berm
08/12/25
11/12/25
1,150
100.00
98.64 -16
0.60 0.60
4.39 4.39
4.9 0.37
0.00 15
3133ETGK7
FFCB 4.73 05/14/29
4YrNC3mo Amer
3.75YrNC1mo Amer
08/14/25
04/13/28
5,000
100.00
99.97 -2
4.73 4.73
4.74 4.74
1.4 0.42
-1.05
16 3133EPLE3
FFCB 4.67 05/30/28
5YrNC2Yr Amer
3YrNC1mo Amer
07/17/25
01/29/27
2,815
100.00
99.93 -2
4.67 4.67
4.72 4.70
9.3 0.43
-0.86
17 3130AMRQ7
FHLB 0 7/8 12/30/25
4.5YrNC3mo Berm
0.5YrNC3mo Berm
09/30/25
12/30/25
3,000
100.00
98.30 -51
0.87 0.87
4.34 4.34
12.7 0.50
0.00 18
9128285T3
T 2 5/8 12/31/25
7Yr Bullet
0.5Yr Bullet
12/31/25
3,000
100.00
99.21 -24
2.62 2.62
4.24 4.24
0.2 0.50
0.01 19
9128285T3
T 2 5/8 12/31/25
7Yr Bullet
0.5Yr Bullet
12/31/25
5,000
100.00
99.21 -39
2.62 2.62
4.24 4.24
0.2 0.50
0.01 23
91282CGL9
T 4 02/15/26
3Yr Bullet
0.5Yr Bullet
02/15/26
5,000
100.00
99.86 -7
4.03 4.03
4.25 4.25
10.0 0.61
0.01 26
9128286F2
T 2 1/2 02/28/26
7Yr Bullet
0.75Yr Bullet
02/28/26
3,000
100.00
98.89 -33
2.50 2.50
4.20 4.20
12.0 0.65
0.01 27
9128286L9
T 2 1/4 03/31/26
7Yr Bullet
0.75Yr Bullet
03/31/26
3,200
100.00
98.64 -44
2.25 2.25
4.11 4.11
6.7 0.73
0.01 29
3130AN5C0
FHLB 1.05 04/29/26
4.75YrNC3mo Berm
0.75YrNC1mo Berm
07/29/25
04/29/26
4,000
100.00
97.44 -102
1.05 1.05
4.22 4.22
22.9 0.81
0.01 30
3133ERCX7
FFCB 5.17 05/01/28
4YrNC2Yr Amer
2.75YrNC10mo Amer
05/01/26
05/01/26
5,000
100.00
100.83
42 5.16
5.17 4.14
4.85 12.4
0.88 -0.12
35 91282CHH7
T 4 1/8 06/15/26
3Yr Bullet
1Yr Bullet
06/15/26
5,000
100.00
100.11
6 4.13
4.13 4.00
4.00 9.0
0.93 0.02
41 3130B4QA2
FHLB 4.55 07/21/28
3.5YrNC1.5Yr
3YrNC1Yr
07/21/26
07/21/26
3,000
100.00
100.30
9 4.55
4.55 4.26
4.44 27.2
1.28 -0.44
42 3134GW4C7
FHLMC 0.8 10/27/26
6YrNC3mo Berm
1.25YrNC1mo Berm
07/27/25
10/27/26
5,000
100.00
95.85 -208
0.80 0.80
4.05 4.05
33.4 1.29
0.03 43
3130ARHJ3
FHLB 3.175 04/19/27
5YrNC1mo
1.75YrNC1mo
07/19/25
04/19/27
5,000
100.00
98.61 -69
3.17 3.17
3.98 3.98
25.6 1.32
-0.48
44 3133ENJC5
FFCB 1.29 12/22/26
5YrNC2Yr Amer
1.5YrNC1mo Amer
07/17/25
12/22/26
5,000
100.00
96.14 -193
1.29 1.29
4.00 4.00
34.3 1.43
0.02 45
912828YX2
T 1 3/4 12/31/26
7Yr Bullet
1.5Yr Bullet
12/31/26
5,000
100.00
96.98 -151
1.75 1.75
3.84 3.84
18.7 1.46
0.04 46
3130B62E5
FHLB 4 1/4 10/30/28
3.5YrNC1Yr Berm
3.25YrNC10mo Berm
04/30/26
10/30/28
3,000
100.00
99.47 -16
4.25 4.25
4.42 4.42
38.1 1.51
-0.94
47 3130AQRH8
FHLB 2 02/25/27
5YrNC3mo Berm
1.75YrNC2mo Berm
08/25/25
02/25/27
5,000
100.00
96.91 -154
2.00 2.00
3.95 3.95
32.2 1.55
-0.02
48 3134HADY6
FHLMC 4 08/14/29
5YrNC6mo Berm
4YrNC1mo Berm
08/14/25
08/14/29
4,000
100.00
99.14 -34
4.00 4.00
4.23 4.23
14.8 1.57
-1.54
50 3133ERE23
FFCB 4.32 12/02/27
3YrNC2Yr Amer
2.5YrNC1.4Yr Amer
12/02/26
12/02/27
1,000
100.00
100.35
3 4.32
4.32 4.17
4.17 27.2
1.59 -0.31
51 3136GAGW3
FNMA 4.1 08/10/28
3.25YrNC1.3Yr 1x
3YrNC1.1Yr 1x
08/10/26
08/10/26
5,000
100.00
99.62 -19
4.10 4.10
4.46 4.23
33.8 1.60
-0.91
52 3130AL5A8
FHLB 0.9 02/26/27
6YrNC3mo Berm
1.75YrNC2mo Berm
08/26/25
02/26/27
5,000
100.00
95.14 -243
0.90 0.90
3.96 3.96
34.9 1.61
0.03 55
91282CEW7
T 3 1/4 06/30/27
5Yr Bullet
2Yr Bullet
06/30/27
5,000
100.00
99.09 -45
3.25 3.25
3.72 3.72
19.7 1.91
0.06 56
3130B3XP3
FHLB 4 1/2 12/04/29
5YrNC2Yr 1x
4.5YrNC1.4Yr 1x
12/04/26
12/04/26
1,000
100.00
100.44
4 4.50
4.50 4.18
4.39 25.2
1.92 -0.90
57 91282CFM8
T 4 1/8 09/30/27
5Yr Bullet
2.25Yr Bullet
09/30/27
2,500
100.00
100.90
23 4.13
4.13 3.70
3.70 20.3
2.11 0.07
59 3130B4RC7
FHLB 4 1/2 07/27/29
4.5YrNC2.5Yr 1x
4YrNC2.1Yr 1x
07/27/27
07/27/27
3,000
100.00
101.01
30 4.50
4.50 3.99
4.23 28.0
2.37 -0.31
65 91282CFL0
T 3 7/8 09/30/29
7Yr Bullet
4.25Yr Bullet
09/30/29
5,000
100.00
100.47
23 3.88
3.88 3.76
3.76 30.9
3.85 0.19
66 91282CFT3
T 4 10/31/29
7Yr Bullet
4.25Yr Bullet
10/31/29
5,000
100.00
100.95
47 4.00
4.00 3.76
3.76 31.4
3.92 0.20
67 91282CFY2
T 3 7/8 11/30/29
7Yr Bullet
4.5Yr Bullet
11/30/29
5,000
100.00
100.44
22 3.88
3.88 3.77
3.77 31.7
4.01 0.21
68 91282CGB1
T 3 7/8 12/31/29
7Yr Bullet
4.5Yr Bullet
12/31/29
3,000
100.00
100.43
13 3.88
3.88 3.77
3.77 31.9
4.10 0.22
146,975
100.00
99.06 -1,387
2.87 2.87
4.17 4.19
17.3 1.35
-0.19
City of Palmdale: Flagship Lite - Palmdale, CA
As of 6/30/2025
Portfolio ID: 7211 - 58411
Corporate Bond Option - Adjusted Analysis
Bond
Security
Maturity
Opt
Cpn
Industry
Par
Book
Mkt
Book
Market
Eff
Eff
ID #
CUSIP
Description
Ticker
Cpn
Date
Call
Type
Sector
Mdy
S&P
Value
Price
Price
Yield
Yield
WAL
OAS
Dur
Conv
20 742718FY0
PG 4.1 01/26/26
PG
4.10 01/26/26
N
Fixed
Industrial
Aa3
AA-
1,000
100.00
100.03
4.10 4.05
0.57 -11.7
0.56 0.01
21 780082AD5
RY 4.65 01/27/26
RY
4.65 01/27/26
N
Fixed
Finance
A3
A-
500
100.00
99.85 4.64
4.92 0.58
72.0 0.56
0.01 22
06406RAQ0
BK 0 3/4 01/28/26
BK
0.75 01/28/26
Y
Fixed
Finance
Aa3
A
500
100.00
97.89 0.75
4.48 0.58
30.1 0.57
0.01 24
30231GAT9
XOM 3.043 03/01/26
XOM
3.04 03/01/26
Y
Fixed
Industrial
Aa2
AA-
1,000
100.00
99.24 3.04
4.19 0.67
8.3 0.61
-0.07
25 194162AQ6
CL 4.8 03/02/26
CL
4.80 03/02/26
N
Fixed
Industrial
Aa3
A+
1,000
100.00
100.35
4.79 4.26
0.67 17.5
0.65 0.01
28 11271LAA0
BNCN 4 1/4 06/02/26
BNCN
4.25 06/02/26
Y
Fixed
Finance
A3
A-
500
100.00
99.74 4.25
4.54 0.92
47.2 0.75
-0.10
31 46625HRS1
JPM 3.2 06/15/26
JPM
3.20 06/15/26
Y
Fixed
Finance
A1
A
500
100.00
98.96 3.20
4.32 0.96
36.8 0.88
-0.03
39 61761J3R8
MS 3 1/8 07/27/26
MS
3.13 07/27/26
N
Fixed
Finance
A1
A-
500
100.00
98.64 3.12
4.43 1.08
57.7 1.03
0.02 49
808513BW4
SCHW 3.3 04/01/27
SCHW
3.30 04/01/27
Y
Fixed
Finance
A2
A-
500
100.00
98.66 3.30
4.10 1.75
46.2 1.58
-0.04
53 75973QAA5
RNR 3.45 07/01/27
RNR
3.45 07/01/27
Y
Fixed
Finance
A3
A-
500
100.00
98.54 3.45
4.22 2.00
63.4 1.79
-0.06
54 22550L2K6
UBS 5 07/09/27
UBS
5.00 07/09/27
N
Fixed
Finance
Aa2
A+
500
100.00
101.08
5.00 4.44
2.03 88.8
1.87 0.05
60 718172CE7
PM 3 1/8 03/02/28
PM
3.13 03/02/28
Y
Fixed
Industrial
A2
A-
500
100.00
97.35 3.12
4.18 2.67
68.1 2.44
0.02 61
797440CE2
SRE 4.95 08/15/28
SRE
4.95 08/15/28
Y
Fixed
Utility
A1
A
500
100.00
102.10
4.95 4.22
3.13 73.6
2.78 0.09
62 05565QDH8
BPLN 3.723 11/28/28
BPLN
3.72 11/28/28
Y
Fixed
Finance
A1
A-
500
100.00
98.29 3.72
4.27 3.41
77.8 3.08
0.09 63
06406RBN6
BK 4.543 02/01/29
BK
4.54 02/01/29
Y
Variable
Finance
Aa3
A
656
100.00
100.71
4.54 4.25
2.59 -1.8
3.16 0.02
3.79 9,156
100.00
99.52 3.79
4.30 1.44
37.5 1.37
0.00 City of Palmdale: Flagship Lite - Palmdale, CA
As of 6/30/2025
Portfolio ID: 7211 - 58411
CD Option - Adjusted Analysis
Bond
Security
Maturity
Opt
Cpn
Industry
Par
Book
Mkt
Book
Market
Eff
Eff
ID #
CUSIP
Description
Ticker
Cpn
Date
Call
Type
Sector
Value
Price
Price
Yield
Yield
WAL
OAS
Dur
Conv
8 229083AA8
EVANBT 5.35 06/18/29
EVANBT
5.35 06/18/29
Y
Fixed
NCD
245
100.00
100.09
5.45 4.74
0.13 22.7
0.19 -0.20
10 46656MVH1
JPM 5 11/30/27
JPM
5.00 11/30/27
Y
Fixed
NCD
240
100.00
100.05
5.12 4.78
0.17 14.5
0.27 -0.26
11 59541KCV7
MIDMIB 5.15 06/12/28
MIDMIB
5.15 06/12/28
Y
Fixed
NCD
245
100.00
100.10
5.28 4.78
0.20 25.5
0.28 -0.42
32 38150VUZ0
GS 5.05 06/11/26
GS
5.05 06/11/26
N
Fixed
NCD
245
100.00
100.71
5.05 4.28
0.95 34.8
0.91 0.02
33 34520LBC6
FORBBK 5.05 06/15/26
FORBBK
5.05 06/15/26
N
Fixed
NCD
245
100.00
100.72
5.05 4.28
0.96 35.3
0.92 0.02
34 05580A4Y7
BMW 4.65 06/15/26
BMW
4.65 06/15/26
N
Fixed
NCD
240
100.00
100.21
4.65 4.43
0.96 49.8
0.93 0.02
36 8562855V9
SBIIN 5.1 06/17/26
SBIIN
5.10 06/17/26
N
Fixed
NCD
245
100.00
100.77
5.10 4.28
0.96 35.5
0.93 0.02
37 06051XER9
BAC 5.05 06/22/26
BAC
5.05 06/22/26
N
Fixed
NCD
245
100.00
100.74
5.05 4.27
0.98 35.8
0.94 0.02
38 35634MAE1
FREBNJ 5.05 06/22/26
FREBNJ
5.05 06/22/26
N
Fixed
NCD
245
100.00
100.74
5.05 4.27
0.98 35.8
0.94 0.02
40 307811KA6
FMBKWI 5 06/14/28
FMBKWI
5.00 06/14/28
Y
Fixed
NCD
245
100.00
100.63
5.06 4.79
2.54 36.8
1.07 -0.38
58 09582YAV4
RICBVA 4.2 12/28/27
RICBVA
4.20 12/28/27
N
Fixed
NCD
240
100.00
100.20
4.20 4.12
2.49 62.7
2.35 0.08
64 89235MPP0
TOYFBN 4.65 06/13/29
TOYFBN
4.65 06/13/29
N
Fixed
NCD
245
100.00
101.99
4.65 4.10
3.95 65.3
3.58 0.17
4.94 2,925
100.00
100.58
4.98 4.43
1.28 37.9
1.11 -0.07
City of Palmdale: Flagship Lite - Palmdale, CA
As of 6/30/2025
Portfolio ID: 7211 - 58411
Book Yield Table - Instantaneous Rate Shock
Projected Call Date - Instantaneous Rate Shock
Book Yield Table - Instantaneous Rate Shock
Bond
Security
Original
Par
Book
ID #
CUSIP
Description
Structure
Value
Price
+100
+50
+25
Base
-25
-50
+100
+50
+25
Base
-25
-50
1 3136G4ZP1
FNMA 0.65 07/30/25
5Yr Bullet
3,500
100.00
7/30/25
7/30/25
7/30/25
7/30/25
7/30/25
7/30/25
0.65 0.65
0.65 0.65
0.65 0.65
2 PLMDLLA1F
STATE OF
CALIFORNIA LOCAL
57,005
100.00
7/30/25
7/30/25
7/30/25
7/30/25
7/30/25
7/30/25
0.78 0.78
0.78 0.78
0.78 0.78
3 PLMDLLA1F
STATE OF
CALIFORNIA LOCAL
36,500
100.00
7/30/25
7/30/25
7/30/25
7/30/25
7/30/25
7/30/25
0.78 0.78
0.78 0.78
0.78 0.78
4 PLMDLLA1F
STATE OF
CALIFORNIA LOCAL
14,087
100.00
7/30/25
7/30/25
7/30/25
7/30/25
7/30/25
7/30/25
0.78 0.78
0.78 0.78
0.78 0.78
5 3133EL3P7
FFCB 0.53 08/12/25
5YrNC2Yr Amer
1,810
100.00
8/12/25
8/12/25
8/12/25
8/12/25
8/12/25
8/12/25
0.53 0.53
0.53 0.53
0.53 0.53
6 3133EJYM5
FFCB 3.02 09/04/25
7Yr Bullet
2,000
100.00
9/4/25
9/4/25
9/4/25
9/4/25
9/4/25
9/4/25
3.01 3.01
3.01 3.01
3.01 3.01
7 3133EJYM5
FFCB 3.02 09/04/25
7Yr Bullet
1,000
100.00
9/4/25
9/4/25
9/4/25
9/4/25
9/4/25
9/4/25
3.01 3.01
3.01 3.01
3.01 3.01
8 229083AA8
EVANBT 5.35
06/18/29
5YrNC6mo
245
100.00
6/18/29
1/18/29
8/18/25
8/18/25
8/18/25
8/18/25
5.41 5.42
5.45 5.45
5.45 5.45
9 3134GWUG9
FHLMC 0.57 09/24/25
5YrNC1Yr Berm
10,000
100.00
9/24/25
9/24/25
9/24/25
9/24/25
9/24/25
9/24/25
0.57 0.57
0.57 0.57
0.57 0.57
10 46656MVH1
JPM 5 11/30/27
4YrNC1Yr Berm
240
100.00
11/30/27
11/30/27
11/30/25
8/31/25
8/31/25
8/31/25
5.00 5.00
5.02 5.12
5.12 5.12
11 59541KCV7
MIDMIB 5.15 06/12/28
4YrNC1Yr Berm
245
100.00
6/12/28
6/12/28
9/11/25
9/11/25
9/11/25
9/11/25
5.21 5.21
5.28 5.28
5.28 5.28
12 3133ETFB8
FFCB 4 3/4 04/30/29
4YrNC3mo Amer
5,000
100.00
4/30/29
4/30/29
4/29/29
9/29/25
9/29/25
9/29/25
4.75 4.75
4.75 4.74
4.74 4.74
13 3135G06G3
FNMA 0 1/2 11/07/25
5Yr Bullet
3,000
100.00
11/7/25
11/7/25
11/7/25
11/7/25
11/7/25
11/7/25
0.50 0.50
0.50 0.50
0.50 0.50
14 3134GXBM5
FHLMC 0.6 11/12/25
5YrNC1Yr Berm
1,150
100.00
11/12/25
11/12/25
11/12/25
11/12/25
11/12/25
11/12/25
0.60 0.60
0.60 0.60
0.60 0.60
15 3133ETGK7
FFCB 4.73 05/14/29
4YrNC3mo Amer
5,000
100.00
5/14/29
5/14/29
4/13/29
4/13/28
8/14/25
8/14/25
4.73 4.73
4.73 4.73
4.74 4.74
16 3133EPLE3
FFCB 4.67 05/30/28
5YrNC2Yr Amer
2,815
100.00
5/30/28
5/30/28
5/30/28
1/29/27
7/7/25
7/7/25
4.67 4.67
4.67 4.67
4.70 4.70
17 3130AMRQ7
FHLB 0 7/8 12/30/25
4.5YrNC3mo Berm
3,000
100.00
12/30/25
12/30/25
12/30/25
12/30/25
12/30/25
12/30/25
0.87 0.87
0.87 0.87
0.87 0.87
18 9128285T3
T 2 5/8 12/31/25
7Yr Bullet
3,000
100.00
12/31/25
12/31/25
12/31/25
12/31/25
12/31/25
12/31/25
2.62 2.62
2.62 2.62
2.62 2.62
19 9128285T3
T 2 5/8 12/31/25
7Yr Bullet
5,000
100.00
12/31/25
12/31/25
12/31/25
12/31/25
12/31/25
12/31/25
2.62 2.62
2.62 2.62
2.62 2.62
20 742718FY0
PG 4.1 01/26/26
3YrNC1mo
1,000
100.00
1/26/26
1/26/26
1/26/26
1/26/26
1/26/26
1/26/26
4.10 4.10
4.10 4.10
4.10 4.10
21 780082AD5
RY 4.65 01/27/26
10Yr Bullet
500
100.00
1/27/26
1/27/26
1/27/26
1/27/26
1/27/26
1/27/26
4.64 4.64
4.64 4.64
4.64 4.64
22 06406RAQ0
BK 0 3/4 01/28/26
5YrNC4.9Yr Amer
500
100.00
1/28/26
1/28/26
1/28/26
1/28/26
1/28/26
1/28/26
0.75 0.75
0.75 0.75
0.75 0.75
23 91282CGL9
T 4 02/15/26
3Yr Bullet
5,000
100.00
2/15/26
2/15/26
2/15/26
2/15/26
2/15/26
2/15/26
4.03 4.03
4.03 4.03
4.03 4.03
24 30231GAT9
XOM 3.043 03/01/26
10YrNC9.8Yr Amer
1,000
100.00
3/1/26
3/1/26
3/1/26
3/1/26
3/1/26
3/1/26
3.04 3.04
3.04 3.04
3.04 3.04
25 194162AQ6
CL 4.8 03/02/26
3YrNC1mo
1,000
100.00
3/2/26
3/2/26
3/2/26
3/2/26
3/2/26
3/2/26
4.79 4.79
4.79 4.79
4.79 4.79
26 9128286F2
T 2 1/2 02/28/26
7Yr Bullet
3,000
100.00
2/28/26
2/28/26
2/28/26
2/28/26
2/28/26
2/28/26
2.50 2.50
2.50 2.50
2.50 2.50
27 9128286L9
T 2 1/4 03/31/26
7Yr Bullet
3,200
100.00
3/31/26
3/31/26
3/31/26
3/31/26
3/31/26
3/31/26
2.25 2.25
2.25 2.25
2.25 2.25
28 11271LAA0
BNCN 4 1/4 06/02/26
10YrNC9.8Yr Amer
500
100.00
6/2/26
6/2/26
6/2/26
6/2/26
6/2/26
6/2/26
4.25 4.25
4.25 4.25
4.25 4.25
29 3130AN5C0
FHLB 1.05 04/29/26
4.75YrNC3mo Berm
4,000
100.00
4/29/26
4/29/26
4/29/26
4/29/26
4/29/26
4/29/26
1.05 1.05
1.05 1.05
1.05 1.05
30 3133ERCX7
FFCB 5.17 05/01/28
4YrNC2Yr Amer
5,000
100.00
5/1/28
4/1/28
5/1/26
5/1/26
5/1/26
5/1/26
5.17 5.17
5.16 5.16
5.16 5.16
31 46625HRS1
JPM 3.2 06/15/26
10YrNC9.8Yr Amer
500
100.00
6/15/26
6/15/26
6/15/26
6/15/26
6/15/26
6/15/26
3.20 3.20
3.20 3.20
3.20 3.20
32 38150VUZ0
GS 5.05 06/11/26
2Yr Bullet
245
100.00
6/11/26
6/11/26
6/11/26
6/11/26
6/11/26
6/11/26
5.05 5.05
5.05 5.05
5.05 5.05
33 34520LBC6
FORBBK 5.05
06/15/26
2Yr Bullet
245
100.00
6/15/26
6/15/26
6/15/26
6/15/26
6/15/26
6/15/26
5.05 5.05
5.05 5.05
5.05 5.05
City of Palmdale: Flagship Lite - Palmdale, CA
As of 6/30/2025
Portfolio ID: 7211 - 58411
Book Yield Table - Instantaneous Rate Shock
Projected Call Date - Instantaneous Rate Shock
Book Yield Table - Instantaneous Rate Shock
Bond
Security
Original
Par
Book
ID #
CUSIP
Description
Structure
Value
Price
+100
+50
+25
Base
-25
-50
+100
+50
+25
Base
-25
-50
34 05580A4Y7
BMW 4.65 06/15/26
2.5Yr Bullet
240
100.00
6/15/26
6/15/26
6/15/26
6/15/26
6/15/26
6/15/26
4.65 4.65
4.65 4.65
4.65 4.65
35 91282CHH7
T 4 1/8 06/15/26
3Yr Bullet
5,000
100.00
6/15/26
6/15/26
6/15/26
6/15/26
6/15/26
6/15/26
4.13 4.13
4.13 4.13
4.13 4.13
36 8562855V9
SBIIN 5.1 06/17/26
2Yr Bullet
245
100.00
6/17/26
6/17/26
6/17/26
6/17/26
6/17/26
6/17/26
5.10 5.10
5.10 5.10
5.10 5.10
37 06051XER9
BAC 5.05 06/22/26
2Yr Bullet
245
100.00
6/22/26
6/22/26
6/22/26
6/22/26
6/22/26
6/22/26
5.05 5.05
5.05 5.05
5.05 5.05
38 35634MAE1
FREBNJ 5.05
06/22/26
2Yr Bullet
245
100.00
6/22/26
6/22/26
6/22/26
6/22/26
6/22/26
6/22/26
5.05 5.05
5.05 5.05
5.05 5.05
39 61761J3R8
MS 3 1/8 07/27/26
10YrNC6mo
500
100.00
7/27/26
7/27/26
7/27/26
7/27/26
7/27/26
7/27/26
3.12 3.12
3.12 3.12
3.12 3.12
40 307811KA6
FMBKWI 5 06/14/28
4YrNC2Yr
245
100.00
6/14/28
6/14/28
6/14/28
1/14/28
6/14/26
6/14/26
5.06 5.06
5.06 5.06
5.06 5.06
41 3130B4QA2
FHLB 4.55 07/21/28
3.5YrNC1.5Yr
3,000
100.00
7/21/28
7/21/28
7/21/26
7/21/26
7/21/26
7/21/26
4.55 4.55
4.55 4.55
4.55 4.55
42 3134GW4C7
FHLMC 0.8 10/27/26
6YrNC3mo Berm
5,000
100.00
10/27/26
10/27/26
10/27/26
10/27/26
10/27/26
10/27/26
0.80 0.80
0.80 0.80
0.80 0.80
43 3130ARHJ3
FHLB 3.175 04/19/27
5YrNC1mo
5,000
100.00
4/19/27
4/19/27
4/19/27
4/19/27
4/19/27
4/19/27
3.17 3.17
3.17 3.17
3.17 3.17
44 3133ENJC5
FFCB 1.29 12/22/26
5YrNC2Yr Amer
5,000
100.00
12/22/26
12/22/26
12/22/26
12/22/26
12/22/26
12/22/26
1.29 1.29
1.29 1.29
1.29 1.29
45 912828YX2
T 1 3/4 12/31/26
7Yr Bullet
5,000
100.00
12/31/26
12/31/26
12/31/26
12/31/26
12/31/26
12/31/26
1.75 1.75
1.75 1.75
1.75 1.75
46 3130B62E5
FHLB 4 1/4 10/30/28
3.5YrNC1Yr Berm
3,000
100.00
10/30/28
10/30/28
10/30/28
10/30/28
10/30/28
10/30/28
4.25 4.25
4.25 4.25
4.25 4.25
47 3130AQRH8
FHLB 2 02/25/27
5YrNC3mo Berm
5,000
100.00
2/25/27
2/25/27
2/25/27
2/25/27
2/25/27
2/25/27
2.00 2.00
2.00 2.00
2.00 2.00
48 3134HADY6
FHLMC 4 08/14/29
5YrNC6mo Berm
4,000
100.00
8/14/29
8/14/29
8/14/29
8/14/29
8/14/29
8/14/29
4.00 4.00
4.00 4.00
4.00 4.00
49 808513BW4
SCHW 3.3 04/01/27
5.5YrNC5.3Yr Amer
500
100.00
4/1/27
4/1/27
4/1/27
4/1/27
4/1/27
4/1/27
3.30 3.30
3.30 3.30
3.30 3.30
50 3133ERE23
FFCB 4.32 12/02/27
3YrNC2Yr Amer
1,000
100.00
12/2/27
12/2/27
12/2/27
12/2/27
12/2/27
12/2/27
4.32 4.32
4.32 4.32
4.32 4.32
51 3136GAGW3
FNMA 4.1 08/10/28
3.25YrNC1.3Yr 1x
5,000
100.00
8/10/28
8/10/28
8/10/28
8/10/26
8/10/26
8/10/26
4.10 4.10
4.10 4.10
4.10 4.10
52 3130AL5A8
FHLB 0.9 02/26/27
6YrNC3mo Berm
5,000
100.00
2/26/27
2/26/27
2/26/27
2/26/27
2/26/27
2/26/27
0.90 0.90
0.90 0.90
0.90 0.90
53 75973QAA5
RNR 3.45 07/01/27
10YrNC9.8Yr Amer
500
100.00
7/1/27
7/1/27
7/1/27
7/1/27
7/1/27
7/1/27
3.45 3.45
3.45 3.45
3.45 3.45
54 22550L2K6
UBS 5 07/09/27
5Yr Bullet
500
100.00
7/9/27
7/9/27
7/9/27
7/9/27
7/9/27
7/9/27
5.00 5.00
5.00 5.00
5.00 5.00
55 91282CEW7
T 3 1/4 06/30/27
5Yr Bullet
5,000
100.00
6/30/27
6/30/27
6/30/27
6/30/27
6/30/27
6/30/27
3.25 3.25
3.25 3.25
3.25 3.25
56 3130B3XP3
FHLB 4 1/2 12/04/29
5YrNC2Yr 1x
1,000
100.00
12/4/29
12/4/26
12/4/26
12/4/26
12/4/26
12/4/26
4.50 4.50
4.50 4.50
4.50 4.50
57 91282CFM8
T 4 1/8 09/30/27
5Yr Bullet
2,500
100.00
9/30/27
9/30/27
9/30/27
9/30/27
9/30/27
9/30/27
4.13 4.13
4.13 4.13
4.13 4.13
58 09582YAV4
RICBVA 4.2 12/28/27
4Yr Bullet
240
100.00
12/28/27
12/28/27
12/28/27
12/28/27
12/28/27
12/28/27
4.20 4.20
4.20 4.20
4.20 4.20
59 3130B4RC7
FHLB 4 1/2 07/27/29
4.5YrNC2.5Yr 1x
3,000
100.00
7/27/29
7/27/27
7/27/27
7/27/27
7/27/27
7/27/27
4.50 4.50
4.50 4.50
4.50 4.50
60 718172CE7
PM 3 1/8 03/02/28
10.25YrNC10.1Yr
Amer
500
100.00
3/2/28
3/2/28
3/2/28
3/2/28
3/2/28
3/2/28
3.12 3.12
3.12 3.12
3.12 3.12
61 797440CE2
SRE 4.95 08/15/28
5YrNC4.9Yr Amer
500
100.00
8/15/28
8/15/28
8/15/28
8/15/28
8/15/28
7/15/28
4.95 4.95
4.95 4.95
4.95 4.95
62 05565QDH8
BPLN 3.723 11/28/28
12YrNC11.8Yr Amer
500
100.00
11/28/28
11/28/28
11/28/28
11/28/28
11/28/28
11/28/28
3.72 3.72
3.72 3.72
3.72 3.72
63 06406RBN6
BK 4.543 02/01/29
6YrNC5Yr 1x
656
100.00
1/1/29
2/1/28
2/1/28
2/1/28
2/1/28
2/1/28
4.81 4.54
4.54 4.54
4.54 4.54
64 89235MPP0
TOYFBN 4.65
06/13/29
5Yr Bullet
245
100.00
6/13/29
6/13/29
6/13/29
6/13/29
6/13/29
6/13/29
4.65 4.65
4.65 4.65
4.65 4.65
65 91282CFL0
T 3 7/8 09/30/29
7Yr Bullet
5,000
100.00
9/30/29
9/30/29
9/30/29
9/30/29
9/30/29
9/30/29
3.88 3.88
3.88 3.88
3.88 3.88
66 91282CFT3
T 4 10/31/29
7Yr Bullet
5,000
100.00
10/31/29
10/31/29
10/31/29
10/31/29
10/31/29
10/31/29
4.00 4.00
4.00 4.00
4.00 4.00
City of Palmdale: Flagship Lite - Palmdale, CA
As of 6/30/2025
Portfolio ID: 7211 - 58411
Book Yield Table - Instantaneous Rate Shock
Projected Call Date - Instantaneous Rate Shock
Book Yield Table - Instantaneous Rate Shock
Bond
Security
Original
Par
Book
ID #
CUSIP
Description
Structure
Value
Price
+100
+50
+25
Base
-25
-50
+100
+50
+25
Base
-25
-50
67 91282CFY2
T 3 7/8 11/30/29
7Yr Bullet
5,000
100.00
11/30/29
11/30/29
11/30/29
11/30/29
11/30/29
11/30/29
3.88 3.88
3.88 3.88
3.88 3.88
68 91282CGB1
T 3 7/8 12/31/29
7Yr Bullet
3,000
100.00
12/31/29
12/31/29
12/31/29
12/31/29
12/31/29
12/31/29
3.88 3.88
3.88 3.88
3.88 3.88
266,648
100.00
2.08 2.08
2.08 2.09
2.09 2.09
City of Palmdale: Flagship Lite - Palmdale, CA
As of 6/30/2025
Portfolio ID: 7211 - 58411
Market Yield Table - Instantaneous Rate Shock
Projected Call Date - Instantaneous Rate Shock
Market Yield Table - Instantaneous Rate Shock
Bond
Security
Original
Par
Mkt
ID #
CUSIP
Description
Structure
Value
Price
+100
+50
+25
Base
-25
-50
+100
+50
+25
Base
-25
-50
1 3136G4ZP1
FNMA 0.65 07/30/25
5Yr Bullet
3,500
99.69 7/30/25
7/30/25
7/30/25
7/30/25
7/30/25
7/30/25
4.41 4.41
4.41 4.41
4.41 4.41
2 PLMDLLA1F
STATE OF
CALIFORNIA LOCAL
57,005
100.00
7/30/25
7/30/25
7/30/25
7/30/25
7/30/25
7/30/25
0.78 0.78
0.78 0.78
0.78 0.78
3 PLMDLLA1F
STATE OF
CALIFORNIA LOCAL
36,500
100.00
7/30/25
7/30/25
7/30/25
7/30/25
7/30/25
7/30/25
0.78 0.78
0.78 0.78
0.78 0.78
4 PLMDLLA1F
STATE OF
CALIFORNIA LOCAL
14,087
100.00
7/30/25
7/30/25
7/30/25
7/30/25
7/30/25
7/30/25
0.78 0.78
0.78 0.78
0.78 0.78
5 3133EL3P7
FFCB 0.53 08/12/25
5YrNC2Yr Amer
1,810
99.55 8/12/25
8/12/25
8/12/25
8/12/25
8/12/25
8/12/25
4.40 4.40
4.40 4.40
4.40 4.40
6 3133EJYM5
FFCB 3.02 09/04/25
7Yr Bullet
2,000
99.74 9/4/25
9/4/25
9/4/25
9/4/25
9/4/25
9/4/25
4.49 4.49
4.49 4.49
4.49 4.49
7 3133EJYM5
FFCB 3.02 09/04/25
7Yr Bullet
1,000
99.74 9/4/25
9/4/25
9/4/25
9/4/25
9/4/25
9/4/25
4.49 4.49
4.49 4.49
4.49 4.49
8 229083AA8
EVANBT 5.35
06/18/29
5YrNC6mo
245
100.09
6/18/29
1/18/29
8/18/25
8/18/25
8/18/25
8/18/25
5.39 5.39
4.74 4.74
4.74 4.74
9 3134GWUG9
FHLMC 0.57 09/24/25
5YrNC1Yr Berm
10,000
99.11 9/24/25
9/24/25
9/24/25
9/24/25
9/24/25
9/24/25
4.46 4.46
4.46 4.46
4.46 4.46
10 46656MVH1
JPM 5 11/30/27
4YrNC1Yr Berm
240
100.05
11/30/27
11/30/27
11/30/25
8/31/25
8/31/25
8/31/25
4.98 4.98
4.89 4.78
4.78 4.78
11 59541KCV7
MIDMIB 5.15 06/12/28
4YrNC1Yr Berm
245
100.10
6/12/28
6/12/28
9/11/25
9/11/25
9/11/25
9/11/25
5.18 5.18
4.78 4.78
4.78 4.78
12 3133ETFB8
FFCB 4 3/4 04/30/29
4YrNC3mo Amer
5,000
99.98 4/30/29
4/30/29
4/29/29
9/29/25
9/29/25
9/29/25
4.75 4.75
4.75 4.84
4.84 4.84
13 3135G06G3
FNMA 0 1/2 11/07/25
5Yr Bullet
3,000
98.67 11/7/25
11/7/25
11/7/25
11/7/25
11/7/25
11/7/25
4.34 4.34
4.34 4.34
4.34 4.34
14 3134GXBM5
FHLMC 0.6 11/12/25
5YrNC1Yr Berm
1,150
98.64 11/12/25
11/12/25
11/12/25
11/12/25
11/12/25
11/12/25
4.39 4.39
4.39 4.39
4.39 4.39
15 3133ETGK7
FFCB 4.73 05/14/29
4YrNC3mo Amer
5,000
99.97 5/14/29
5/14/29
4/13/29
4/13/28
8/14/25
8/14/25
4.74 4.74
4.74 4.74
5.03 5.03
16 3133EPLE3
FFCB 4.67 05/30/28
5YrNC2Yr Amer
2,815
99.93 5/30/28
5/30/28
5/30/28
1/29/27
7/7/25
7/7/25
4.70 4.70
4.70 4.72
8.48 8.48
17 3130AMRQ7
FHLB 0 7/8 12/30/25
4.5YrNC3mo Berm
3,000
98.30 12/30/25
12/30/25
12/30/25
12/30/25
12/30/25
12/30/25
4.34 4.34
4.34 4.34
4.34 4.34
18 9128285T3
T 2 5/8 12/31/25
7Yr Bullet
3,000
99.21 12/31/25
12/31/25
12/31/25
12/31/25
12/31/25
12/31/25
4.24 4.24
4.24 4.24
4.24 4.24
19 9128285T3
T 2 5/8 12/31/25
7Yr Bullet
5,000
99.21 12/31/25
12/31/25
12/31/25
12/31/25
12/31/25
12/31/25
4.24 4.24
4.24 4.24
4.24 4.24
20 742718FY0
PG 4.1 01/26/26
3YrNC1mo
1,000
100.03
1/26/26
1/26/26
1/26/26
1/26/26
1/26/26
1/26/26
4.05 4.05
4.05 4.05
4.05 4.05
21 780082AD5
RY 4.65 01/27/26
10Yr Bullet
500
99.85 1/27/26
1/27/26
1/27/26
1/27/26
1/27/26
1/27/26
4.92 4.92
4.92 4.92
4.92 4.92
22 06406RAQ0
BK 0 3/4 01/28/26
5YrNC4.9Yr Amer
500
97.89 1/28/26
1/28/26
1/28/26
1/28/26
1/28/26
1/28/26
4.48 4.48
4.48 4.48
4.48 4.48
23 91282CGL9
T 4 02/15/26
3Yr Bullet
5,000
99.86 2/15/26
2/15/26
2/15/26
2/15/26
2/15/26
2/15/26
4.25 4.25
4.25 4.25
4.25 4.25
24 30231GAT9
XOM 3.043 03/01/26
10YrNC9.8Yr Amer
1,000
99.24 3/1/26
3/1/26
3/1/26
3/1/26
3/1/26
3/1/26
4.19 4.19
4.19 4.19
4.19 4.19
25 194162AQ6
CL 4.8 03/02/26
3YrNC1mo
1,000
100.35
3/2/26
3/2/26
3/2/26
3/2/26
3/2/26
3/2/26
4.26 4.26
4.26 4.26
4.26 4.26
26 9128286F2
T 2 1/2 02/28/26
7Yr Bullet
3,000
98.89 2/28/26
2/28/26
2/28/26
2/28/26
2/28/26
2/28/26
4.20 4.20
4.20 4.20
4.20 4.20
27 9128286L9
T 2 1/4 03/31/26
7Yr Bullet
3,200
98.64 3/31/26
3/31/26
3/31/26
3/31/26
3/31/26
3/31/26
4.11 4.11
4.11 4.11
4.11 4.11
28 11271LAA0
BNCN 4 1/4 06/02/26
10YrNC9.8Yr Amer
500
99.74 6/2/26
6/2/26
6/2/26
6/2/26
6/2/26
6/2/26
4.54 4.54
4.54 4.54
4.54 4.54
29 3130AN5C0
FHLB 1.05 04/29/26
4.75YrNC3mo Berm
4,000
97.44 4/29/26
4/29/26
4/29/26
4/29/26
4/29/26
4/29/26
4.22 4.22
4.22 4.22
4.22 4.22
30 3133ERCX7
FFCB 5.17 05/01/28
4YrNC2Yr Amer
5,000
100.83
5/1/28
4/1/28
5/1/26
5/1/26
5/1/26
5/1/26
4.85 4.84
4.14 4.14
4.14 4.14
31 46625HRS1
JPM 3.2 06/15/26
10YrNC9.8Yr Amer
500
98.96 6/15/26
6/15/26
6/15/26
6/15/26
6/15/26
6/15/26
4.32 4.32
4.32 4.32
4.32 4.32
32 38150VUZ0
GS 5.05 06/11/26
2Yr Bullet
245
100.71
6/11/26
6/11/26
6/11/26
6/11/26
6/11/26
6/11/26
4.28 4.28
4.28 4.28
4.28 4.28
33 34520LBC6
FORBBK 5.05
06/15/26
2Yr Bullet
245
100.72
6/15/26
6/15/26
6/15/26
6/15/26
6/15/26
6/15/26
4.28 4.28
4.28 4.28
4.28 4.28
City of Palmdale: Flagship Lite - Palmdale, CA
As of 6/30/2025
Portfolio ID: 7211 - 58411
Market Yield Table - Instantaneous Rate Shock
Projected Call Date - Instantaneous Rate Shock
Market Yield Table - Instantaneous Rate Shock
Bond
Security
Original
Par
Mkt
ID #
CUSIP
Description
Structure
Value
Price
+100
+50
+25
Base
-25
-50
+100
+50
+25
Base
-25
-50
34 05580A4Y7
BMW 4.65 06/15/26
2.5Yr Bullet
240
100.21
6/15/26
6/15/26
6/15/26
6/15/26
6/15/26
6/15/26
4.43 4.43
4.43 4.43
4.43 4.43
35 91282CHH7
T 4 1/8 06/15/26
3Yr Bullet
5,000
100.11
6/15/26
6/15/26
6/15/26
6/15/26
6/15/26
6/15/26
4.00 4.00
4.00 4.00
4.00 4.00
36 8562855V9
SBIIN 5.1 06/17/26
2Yr Bullet
245
100.77
6/17/26
6/17/26
6/17/26
6/17/26
6/17/26
6/17/26
4.28 4.28
4.28 4.28
4.28 4.28
37 06051XER9
BAC 5.05 06/22/26
2Yr Bullet
245
100.74
6/22/26
6/22/26
6/22/26
6/22/26
6/22/26
6/22/26
4.27 4.27
4.27 4.27
4.27 4.27
38 35634MAE1
FREBNJ 5.05
06/22/26
2Yr Bullet
245
100.74
6/22/26
6/22/26
6/22/26
6/22/26
6/22/26
6/22/26
4.27 4.27
4.27 4.27
4.27 4.27
39 61761J3R8
MS 3 1/8 07/27/26
10YrNC6mo
500
98.64 7/27/26
7/27/26
7/27/26
7/27/26
7/27/26
7/27/26
4.43 4.43
4.43 4.43
4.43 4.43
40 307811KA6
FMBKWI 5 06/14/28
4YrNC2Yr
245
100.63
6/14/28
6/14/28
6/14/28
1/14/28
6/14/26
6/14/26
4.82 4.82
4.82 4.79
4.37 4.37
41 3130B4QA2
FHLB 4.55 07/21/28
3.5YrNC1.5Yr
3,000
100.30
7/21/28
7/21/28
7/21/26
7/21/26
7/21/26
7/21/26
4.44 4.44
4.26 4.26
4.26 4.26
42 3134GW4C7
FHLMC 0.8 10/27/26
6YrNC3mo Berm
5,000
95.85 10/27/26
10/27/26
10/27/26
10/27/26
10/27/26
10/27/26
4.05 4.05
4.05 4.05
4.05 4.05
43 3130ARHJ3
FHLB 3.175 04/19/27
5YrNC1mo
5,000
98.61 4/19/27
4/19/27
4/19/27
4/19/27
4/19/27
4/19/27
3.98 3.98
3.98 3.98
3.98 3.98
44 3133ENJC5
FFCB 1.29 12/22/26
5YrNC2Yr Amer
5,000
96.14 12/22/26
12/22/26
12/22/26
12/22/26
12/22/26
12/22/26
4.00 4.00
4.00 4.00
4.00 4.00
45 912828YX2
T 1 3/4 12/31/26
7Yr Bullet
5,000
96.98 12/31/26
12/31/26
12/31/26
12/31/26
12/31/26
12/31/26
3.84 3.84
3.84 3.84
3.84 3.84
46 3130B62E5
FHLB 4 1/4 10/30/28
3.5YrNC1Yr Berm
3,000
99.47 10/30/28
10/30/28
10/30/28
10/30/28
10/30/28
10/30/28
4.42 4.42
4.42 4.42
4.42 4.42
47 3130AQRH8
FHLB 2 02/25/27
5YrNC3mo Berm
5,000
96.91 2/25/27
2/25/27
2/25/27
2/25/27
2/25/27
2/25/27
3.95 3.95
3.95 3.95
3.95 3.95
48 3134HADY6
FHLMC 4 08/14/29
5YrNC6mo Berm
4,000
99.14 8/14/29
8/14/29
8/14/29
8/14/29
8/14/29
8/14/29
4.23 4.23
4.23 4.23
4.23 4.23
49 808513BW4
SCHW 3.3 04/01/27
5.5YrNC5.3Yr Amer
500
98.66 4/1/27
4/1/27
4/1/27
4/1/27
4/1/27
4/1/27
4.10 4.10
4.10 4.10
4.10 4.10
50 3133ERE23
FFCB 4.32 12/02/27
3YrNC2Yr Amer
1,000
100.35
12/2/27
12/2/27
12/2/27
12/2/27
12/2/27
12/2/27
4.17 4.17
4.17 4.17
4.17 4.17
51 3136GAGW3
FNMA 4.1 08/10/28
3.25YrNC1.3Yr 1x
5,000
99.62 8/10/28
8/10/28
8/10/28
8/10/26
8/10/26
8/10/26
4.23 4.23
4.23 4.46
4.46 4.46
52 3130AL5A8
FHLB 0.9 02/26/27
6YrNC3mo Berm
5,000
95.14 2/26/27
2/26/27
2/26/27
2/26/27
2/26/27
2/26/27
3.96 3.96
3.96 3.96
3.96 3.96
53 75973QAA5
RNR 3.45 07/01/27
10YrNC9.8Yr Amer
500
98.54 7/1/27
7/1/27
7/1/27
7/1/27
7/1/27
7/1/27
4.22 4.22
4.22 4.22
4.22 4.22
54 22550L2K6
UBS 5 07/09/27
5Yr Bullet
500
101.08
7/9/27
7/9/27
7/9/27
7/9/27
7/9/27
7/9/27
4.44 4.44
4.44 4.44
4.44 4.44
55 91282CEW7
T 3 1/4 06/30/27
5Yr Bullet
5,000
99.09 6/30/27
6/30/27
6/30/27
6/30/27
6/30/27
6/30/27
3.72 3.72
3.72 3.72
3.72 3.72
56 3130B3XP3
FHLB 4 1/2 12/04/29
5YrNC2Yr 1x
1,000
100.44
12/4/29
12/4/26
12/4/26
12/4/26
12/4/26
12/4/26
4.39 4.18
4.18 4.18
4.18 4.18
57 91282CFM8
T 4 1/8 09/30/27
5Yr Bullet
2,500
100.90
9/30/27
9/30/27
9/30/27
9/30/27
9/30/27
9/30/27
3.70 3.70
3.70 3.70
3.70 3.70
58 09582YAV4
RICBVA 4.2 12/28/27
4Yr Bullet
240
100.20
12/28/27
12/28/27
12/28/27
12/28/27
12/28/27
12/28/27
4.12 4.12
4.12 4.12
4.12 4.12
59 3130B4RC7
FHLB 4 1/2 07/27/29
4.5YrNC2.5Yr 1x
3,000
101.01
7/27/29
7/27/27
7/27/27
7/27/27
7/27/27
7/27/27
4.23 3.99
3.99 3.99
3.99 3.99
60 718172CE7
PM 3 1/8 03/02/28
10.25YrNC10.1Yr
Amer
500
97.35 3/2/28
3/2/28
3/2/28
3/2/28
3/2/28
3/2/28
4.18 4.18
4.18 4.18
4.18 4.18
61 797440CE2
SRE 4.95 08/15/28
5YrNC4.9Yr Amer
500
102.10
8/15/28
8/15/28
8/15/28
8/15/28
8/15/28
7/15/28
4.22 4.22
4.22 4.22
4.22 4.21
62 05565QDH8
BPLN 3.723 11/28/28
12YrNC11.8Yr Amer
500
98.29 11/28/28
11/28/28
11/28/28
11/28/28
11/28/28
11/28/28
4.27 4.27
4.27 4.27
4.27 4.27
63 06406RBN6
BK 4.543 02/01/29
6YrNC5Yr 1x
656
100.71
1/1/29
2/1/28
2/1/28
2/1/28
2/1/28
2/1/28
4.59 4.25
4.25 4.25
4.25 4.25
64 89235MPP0
TOYFBN 4.65
06/13/29
5Yr Bullet
245
101.99
6/13/29
6/13/29
6/13/29
6/13/29
6/13/29
6/13/29
4.10 4.10
4.10 4.10
4.10 4.10
65 91282CFL0
T 3 7/8 09/30/29
7Yr Bullet
5,000
100.47
9/30/29
9/30/29
9/30/29
9/30/29
9/30/29
9/30/29
3.76 3.76
3.76 3.76
3.76 3.76
66 91282CFT3
T 4 10/31/29
7Yr Bullet
5,000
100.95
10/31/29
10/31/29
10/31/29
10/31/29
10/31/29
10/31/29
3.76 3.76
3.76 3.76
3.76 3.76
City of Palmdale: Flagship Lite - Palmdale, CA
As of 6/30/2025
Portfolio ID: 7211 - 58411
Market Yield Table - Instantaneous Rate Shock
Projected Call Date - Instantaneous Rate Shock
Market Yield Table - Instantaneous Rate Shock
Bond
Security
Original
Par
Mkt
ID #
CUSIP
Description
Structure
Value
Price
+100
+50
+25
Base
-25
-50
+100
+50
+25
Base
-25
-50
67 91282CFY2
T 3 7/8 11/30/29
7Yr Bullet
5,000
100.44
11/30/29
11/30/29
11/30/29
11/30/29
11/30/29
11/30/29
3.77 3.77
3.77 3.77
3.77 3.77
68 91282CGB1
T 3 7/8 12/31/29
7Yr Bullet
3,000
100.43
12/31/29
12/31/29
12/31/29
12/31/29
12/31/29
12/31/29
3.77 3.77
3.77 3.77
3.77 3.77
266,648
99.47 2.81
2.81 2.79
2.80 2.85
2.85 City of Palmdale: Flagship Lite - Palmdale, CA
As of 6/30/2025
Portfolio ID: 7211 - 58411
Percentage Price Change / 12 Month Total Return
Price Change - Instantaneous Rate Shock
Projected TRR - 12mo. Horizon
Bond
Security
Original
Par
Mkt
ID #
CUSIP
Description
Structure
Value
Price
+100
+50
+25
Base
-25
-50
+100
+50
+25
Base
-25
-50
1 3136G4ZP1
FNMA 0.65 07/30/25
5Yr Bullet
3,500
99.69 -0.08
-0.04
-0.02
0.00 0.02
0.04 4.90
4.66 4.54
4.43 4.31
4.19 2
PLMDLLA1F
STATE OF CALIFOR
57,005
100.00
-0.08
-0.04
-0.02
0.00 0.02
0.04 4.59
4.36 4.24
4.12 4.00
3.88 3
PLMDLLA1F
STATE OF CALIFOR
36,500
100.00
-0.08
-0.04
-0.02
0.00 0.02
0.04 4.59
4.36 4.24
4.12 4.00
3.88 4
PLMDLLA1F
STATE OF CALIFOR
14,087
100.00
-0.08
-0.04
-0.02
0.00 0.02
0.04 4.59
4.36 4.24
4.12 4.00
3.88 5
3133EL3P7
FFCB 0.53 08/12/25
5YrNC2Yr Amer
1,810
99.55 -0.12
-0.06
-0.03
0.00 0.03
0.06 4.87
4.64 4.53
4.42 4.31
4.20 6
3133EJYM5
FFCB 3.02 09/04/25
7Yr Bullet
2,000
99.74 -0.18
-0.09
-0.05
0.00 0.05
0.09 4.89
4.67 4.55
4.44 4.32
4.21 7
3133EJYM5
FFCB 3.02 09/04/25
7Yr Bullet
1,000
99.74 -0.18
-0.09
-0.05
0.00 0.05
0.09 4.89
4.67 4.55
4.44 4.32
4.21 8
229083AA8
EVANBT 5.35 06/18/2
5YrNC6mo
245
100.09
-0.50
-0.13
-0.05
0.00 0.04
0.08 5.04
5.29 4.58
4.47 4.36
4.26 9
3134GWUG9
FHLMC 0.57 09/24/25
5YrNC1Yr Berm
10,000
99.11 -0.24
-0.12
-0.06
0.00 0.06
0.12 4.84
4.64 4.53
4.43 4.33
4.23 10
46656MVH1
JPM 5 11/30/27
4YrNC1Yr Berm
240
100.05
-0.53
-0.17
-0.07
0.00 0.06
0.11 4.61
4.87 4.72
4.49 4.37
4.25 11
59541KCV7
MIDMIB 5.15 06/12/28
4YrNC1Yr Berm
245
100.10
-0.55
-0.18
-0.09
0.00 0.06
0.11 4.79
5.04 4.60
4.50 4.39
4.28 12
3133ETFB8
FFCB 4 3/4 04/30/29
4YrNC3mo Amer
5,000
99.98 -0.85
-0.29
-0.11
0.00 0.05
0.09 4.17
4.57 4.69
4.53 4.43
4.33 13
3135G06G3
FNMA 0 1/2 11/07/25
5Yr Bullet
3,000
98.67 -0.35
-0.18
-0.09
0.00 0.09
0.18 4.81
4.60 4.50
4.40 4.30
4.19 14
3134GXBM5
FHLMC 0.6 11/12/25
5YrNC1Yr Berm
1,150
98.64 -0.37
-0.18
-0.09
0.00 0.09
0.19 4.81
4.61 4.51
4.41 4.31
4.21 15
3133ETGK7
FFCB 4.73 05/14/29
4YrNC3mo Amer
5,000
99.97 -0.98
-0.34
-0.14
0.00 0.07
0.12 4.07
4.51 4.66
4.75 4.39
4.28 16
3133EPLE3
FFCB 4.67 05/30/28
5YrNC2Yr Amer
2,815
99.93 -0.86
-0.31
-0.13
0.00 0.08
0.12 4.10
4.48 4.61
4.70 4.39
4.28 17
3130AMRQ7
FHLB 0 7/8 12/30/25
4.5YrNC3mo Berm
3,000
98.30 -0.50
-0.25
-0.12
0.00 0.12
0.25 4.75
4.57 4.48
4.39 4.29
4.20 18
9128285T3
T 2 5/8 12/31/25
7Yr Bullet
3,000
99.21 -0.50
-0.25
-0.13
0.00 0.13
0.25 4.70
4.51 4.42
4.33 4.24
4.15 19
9128285T3
T 2 5/8 12/31/25
7Yr Bullet
5,000
99.21 -0.50
-0.25
-0.13
0.00 0.13
0.25 4.70
4.51 4.42
4.33 4.24
4.15 20
742718FY0
PG 4.1 01/26/26
3YrNC1mo
1,000
100.03
-0.57
-0.28
-0.14
0.00 0.14
0.29 4.51
4.36 4.29
4.22 4.14
4.07 21
780082AD5
RY 4.65 01/27/26
10Yr Bullet
500
99.85 -0.57
-0.29
-0.14
0.00 0.14
0.29 5.00
4.85 4.78
4.70 4.63
4.56 22
06406RAQ0
BK 0 3/4 01/28/26
5YrNC4.9Yr Amer
500
97.89 -0.57
-0.29
-0.14
0.00 0.14
0.29 4.75
4.60 4.53
4.46 4.38
4.31 23
91282CGL9
T 4 02/15/26
3Yr Bullet
5,000
99.86 -0.62
-0.31
-0.16
0.00 0.16
0.31 4.60
4.46 4.39
4.32 4.25
4.18 24
30231GAT9
XOM 3.043 03/01/26
10YrNC9.8Yr Amer
1,000
99.24 -0.64
-0.32
-0.16
0.00 0.15
0.30 4.55
4.41 4.34
4.27 4.20
4.14 25
194162AQ6
CL 4.8 03/02/26
3YrNC1mo
1,000
100.35
-0.66
-0.33
-0.16
0.00 0.17
0.33 4.59
4.45 4.38
4.32 4.25
4.18 26
9128286F2
T 2 1/2 02/28/26
7Yr Bullet
3,000
98.89 -0.65
-0.33
-0.16
0.00 0.16
0.33 4.55
4.41 4.34
4.27 4.21
4.14 27
9128286L9
T 2 1/4 03/31/26
7Yr Bullet
3,200
98.64 -0.73
-0.37
-0.18
0.00 0.18
0.37 4.41
4.30 4.24
4.19 4.13
4.08 28
11271LAA0
BNCN 4 1/4 06/02/26
10YrNC9.8Yr Amer
500
99.74 -0.80
-0.39
-0.19
0.00 0.19
0.37 4.61
4.57 4.55
4.53 4.51
4.49 29
3130AN5C0
FHLB 1.05 04/29/26
4.75YrNC3mo Berm
4,000
97.44 -0.81
-0.41
-0.20
0.00 0.20
0.41 4.39
4.32 4.29
4.25 4.22
4.18 30
3133ERCX7
FFCB 5.17 05/01/28
4YrNC2Yr Amer
5,000
100.83
-1.01
-0.47
-0.23
0.00 0.22
0.43 4.04
4.26 4.23
4.19 4.15
4.11 31
46625HRS1
JPM 3.2 06/15/26
10YrNC9.8Yr Amer
500
98.96 -0.90
-0.45
-0.22
0.00 0.22
0.43 4.37
4.34 4.33
4.32 4.31
4.30 32
38150VUZ0
GS 5.05 06/11/26
2Yr Bullet
245
100.71
-0.91
-0.46
-0.23
0.00 0.23
0.46 4.35
4.32 4.30
4.29 4.27
4.26 33
34520LBC6
FORBBK 5.05 06/15/2
2Yr Bullet
245
100.72
-0.92
-0.46
-0.23
0.00 0.23
0.47 4.33
4.31 4.30
4.29 4.27
4.26 34
05580A4Y7
BMW 4.65 06/15/26
2.5Yr Bullet
240
100.21
-0.92
-0.46
-0.23
0.00 0.23
0.47 4.47
4.45 4.44
4.43 4.42
4.40 35
91282CHH7
T 4 1/8 06/15/26
3Yr Bullet
5,000
100.11
-0.92
-0.46
-0.23
0.00 0.23
0.47 4.07
4.05 4.04
4.03 4.01
4.00 36
8562855V9
SBIIN 5.1 06/17/26
2Yr Bullet
245
100.77
-0.92
-0.46
-0.23
0.00 0.23
0.47 4.33
4.30 4.29
4.28 4.27
4.26 City of Palmdale: Flagship Lite - Palmdale, CA
As of 6/30/2025
Portfolio ID: 7211 - 58411
Percentage Price Change / 12 Month Total Return
Price Change - Instantaneous Rate Shock
Projected TRR - 12mo. Horizon
Bond
Security
Original
Par
Mkt
ID #
CUSIP
Description
Structure
Value
Price
+100
+50
+25
Base
-25
-50
+100
+50
+25
Base
-25
-50
37 06051XER9
BAC 5.05 06/22/26
2Yr Bullet
245
100.74
-0.94
-0.47
-0.24
0.00 0.24
0.47 4.31
4.29 4.28
4.28 4.27
4.26 38
35634MAE1
FREBNJ 5.05 06/22/2
2Yr Bullet
245
100.74
-0.93
-0.47
-0.24
0.00 0.24
0.47 4.31
4.29 4.28
4.28 4.27
4.26 39
61761J3R8
MS 3 1/8 07/27/26
10YrNC6mo
500
98.64 -1.03
-0.52
-0.26
0.00 0.26
0.52 4.33
4.36 4.37
4.39 4.41
4.42 40
307811KA6
FMBKWI 5 06/14/28
4YrNC2Yr
245
100.63
-1.25
-0.57
-0.28
0.00 0.26
0.51 3.87
4.21 4.32
4.40 4.36
4.34 41
3130B4QA2
FHLB 4.55 07/21/28
3.5YrNC1.5Yr
3,000
100.30
-1.56
-0.71
-0.34
0.00 0.31
0.61 3.43
4.06 4.23
4.24 4.25
4.26 42
3134GW4C7
FHLMC 0.8 10/27/26
6YrNC3mo Berm
5,000
95.85 -1.28
-0.64
-0.32
0.00 0.32
0.65 3.52
3.68 3.76
3.84 3.93
4.01 43
3130ARHJ3
FHLB 3.175 04/19/27
5YrNC1mo
5,000
98.61 -1.49
-0.71
-0.35
0.00 0.32
0.60 3.00
3.38 3.56
3.74 3.91
4.07 44
3133ENJC5
FFCB 1.29 12/22/26
5YrNC2Yr Amer
5,000
96.14 -1.42
-0.71
-0.36
0.00 0.36
0.72 3.26
3.49 3.61
3.73 3.85
3.97 45
912828YX2
T 1 3/4 12/31/26
7Yr Bullet
5,000
96.98 -1.44
-0.72
-0.36
0.00 0.37
0.73 3.06
3.31 3.43
3.55 3.68
3.80 46
3130B62E5
FHLB 4 1/4 10/30/28
3.5YrNC1Yr Berm
3,000
99.47 -1.88
-0.85
-0.41
0.00 0.35
0.67 3.09
3.81 4.10
4.34 4.53
4.68 47
3130AQRH8
FHLB 2 02/25/27
5YrNC3mo Berm
5,000
96.91 -1.57
-0.79
-0.39
0.00 0.39
0.77 3.00
3.31 3.47
3.63 3.79
3.95 48
3134HADY6
FHLMC 4 08/14/29
5YrNC6mo Berm
4,000
99.14 -2.20
-0.96
-0.44
0.00 0.35
0.62 2.67
3.60 3.97
4.29 4.53
4.72 49
808513BW4
SCHW 3.3 04/01/27
5.5YrNC5.3Yr Amer
500
98.66 -1.60
-0.80
-0.40
0.00 0.40
0.79 3.09
3.44 3.61
3.78 3.95
4.11 50
3133ERE23
FFCB 4.32 12/02/27
3YrNC2Yr Amer
1,000
100.35
-1.70
-0.82
-0.41
0.00 0.39
0.77 2.94
3.40 3.59
3.76 3.90
4.03 51
3136GAGW3
FNMA 4.1 08/10/28
3.25YrNC1.3Yr 1x
5,000
99.62 -1.92
-0.87
-0.43
0.00 0.37
0.73 3.03
3.90 4.25
4.35 4.45
4.47 52
3130AL5A8
FHLB 0.9 02/26/27
6YrNC3mo Berm
5,000
95.14 -1.59
-0.80
-0.40
0.00 0.40
0.81 2.98
3.30 3.46
3.63 3.79
3.95 53
75973QAA5
RNR 3.45 07/01/27
10YrNC9.8Yr Amer
500
98.54 -1.83
-0.91
-0.46
0.00 0.45
0.91 3.00
3.45 3.67
3.89 4.11
4.32 54
22550L2K6
UBS 5 07/09/27
5Yr Bullet
500
101.08
-1.88
-0.95
-0.48
0.00 0.48
0.96 3.20
3.65 3.88
4.11 4.34
4.57 55
91282CEW7
T 3 1/4 06/30/27
5Yr Bullet
5,000
99.09 -1.88
-0.95
-0.48
0.00 0.48
0.96 2.44
2.91 3.14
3.38 3.62
3.85 56
3130B3XP3
FHLB 4 1/2 12/04/29
5YrNC2Yr 1x
1,000
100.44
-2.28
-1.04
-0.51
0.00 0.45
0.89 2.92
3.62 3.82
4.00 4.12
4.24 57
91282CFM8
T 4 1/8 09/30/27
5Yr Bullet
2,500
100.90
-2.10
-1.06
-0.53
0.00 0.53
1.07 2.28
2.85 3.14
3.43 3.72
4.00 58
09582YAV4
RICBVA 4.2 12/28/27
4Yr Bullet
240
100.20
-2.31
-1.16
-0.59
0.00 0.59
1.18 2.49
3.18 3.52
3.87 4.22
4.57 59
3130B4RC7
FHLB 4 1/2 07/27/29
4.5YrNC2.5Yr 1x
3,000
101.01
-2.60
-1.25
-0.61
0.00 0.59
1.17 2.28
3.09 3.42
3.75 4.04
4.32 60
718172CE7
PM 3 1/8 03/02/28
10.25YrNC10.1Yr A
500
97.35 -2.45
-1.23
-0.62
0.00 0.62
1.24 2.45
3.21 3.59
3.96 4.34
4.71 61
797440CE2
SRE 4.95 08/15/28
5YrNC4.9Yr Amer
500
102.10
-2.79
-1.41
-0.71
0.00 0.71
1.43 2.22
3.13 3.59
4.05 4.52
4.98 62
05565QDH8
BPLN 3.723 11/28/28
12YrNC11.8Yr Amer
500
98.29 -3.05
-1.54
-0.77
0.00 0.78
1.55 1.99
3.07 3.60
4.14 4.67
5.21 63
06406RBN6
BK 4.543 02/01/29
6YrNC5Yr 1x
656
100.71
-3.18
-1.60
-0.80
0.00 0.81
1.61 1.14
2.27 2.83
3.39 3.96
4.52 64
89235MPP0
TOYFBN 4.65 06/13/2
5Yr Bullet
245
101.99
-3.51
-1.77
-0.89
0.00 0.90
1.82 1.45
2.75 3.41
4.08 4.74
5.41 65
91282CFL0
T 3 7/8 09/30/29
7Yr Bullet
5,000
100.47
-3.79
-1.92
-0.97
0.00 0.98
1.97 0.88
2.32 3.04
3.77 4.51
5.25 66
91282CFT3
T 4 10/31/29
7Yr Bullet
5,000
100.95
-3.85
-1.95
-0.98
0.00 0.99
2.00 0.82
2.30 3.04
3.79 4.54
5.30 67
91282CFY2
T 3 7/8 11/30/29
7Yr Bullet
5,000
100.44
-3.92
-1.99
-1.00
0.00 1.01
2.04 0.75
2.27 3.03
3.80 4.58
5.36 68
91282CGB1
T 3 7/8 12/31/29
7Yr Bullet
3,000
100.43
-3.99
-2.02
-1.02
0.00 1.03
2.08 0.68
2.24 3.02
3.81 4.61
5.41 266,648
99.47 -0.89
-0.43
-0.21
0.00 0.21
0.41 3.94
4.04 4.08
4.11 4.12
4.14 City of Palmdale: Flagship Lite - Palmdale, CA
As of 6/30/2025
Portfolio ID: 7211 - 58411
Redemption at Next Call Date - Instantaneous Rate Shock Probability of Redemption at NEXT Call Date
BPs CURRENTLY Away From Par
Bond
Security
Original
Par
Next
ID #
CUSIP
Description
Structure
Value
Call Date
+100
+50
+25
Base
-25
-50
+100
+50
+25
Base
-25
-50
5 3133EL3P7
FFCB 0.53 08/12/25
5YrNC2Yr Amer
1,810
07/17/25
0%
0%
0%
0%
0%
0%
497
444
417
391
364
338
8 229083AA8
EVANBT 5.35 06/18/2
5YrNC6mo
245
08/18/25
0%
17%
83%
83%
100%
100%
59 10
-15
-40
-65
-90
10 46656MVH1
JPM 5 11/30/27
4YrNC1Yr Berm
240
08/31/25
25%
25%
75%
75%
97%
97%
83 32
7 -19
-44
-69
11 59541KCV7
MIDMIB 5.15 06/12/28
4YrNC1Yr Berm
245
09/11/25
25%
75%
75%
75%
97%
97%
71 21
-4
-29
-54
-79
12 3133ETFB8
FFCB 4 3/4 04/30/29
4YrNC3mo Amer
5,000
07/30/25
0%
17%
17%
17%
83%
83%
112
61 35
10 -16
-42
14 3134GXBM5
FHLMC 0.6 11/12/25
5YrNC1Yr Berm
1,150
08/12/25
0%
0%
0%
0%
0%
0%
507
455
430
404
378
352
15 3133ETGK7
FFCB 4.73 05/14/29
4YrNC3mo Amer
5,000
08/14/25
0%
0%
17%
17%
83%
83%
111
60 34
9 -17
-42
16 3133EPLE3
FFCB 4.67 05/30/28
5YrNC2Yr Amer
2,815
07/17/25
0%
0%
17%
17%
83%
83%
122
71 46
20 -5
-30
17 3130AMRQ7
FHLB 0 7/8 12/30/25
4.5YrNC3mo Berm
3,000
09/30/25
0%
0%
0%
0%
0%
0%
475
424
399
373
348
322
22 06406RAQ0
BK 0 3/4 01/28/26
5YrNC4.9Yr Amer
500
12/29/25
0%
0%
0%
0%
0%
0%
483
432
406
381
355
330
24 30231GAT9
XOM 3.043 03/01/26
10YrNC9.8Yr Amer
1,000
12/01/25
0%
2%
2%
12%
12%
12%
242
190
165
139
114
88 28
11271LAA0
BNCN 4 1/4 06/02/26
10YrNC9.8Yr Amer
500
03/02/26
17%
38%
38%
38%
62%
62%
137
86 61
36 11
-14
29 3130AN5C0
FHLB 1.05 04/29/26
4.75YrNC3mo Berm
4,000
07/29/25
0%
0%
0%
0%
0%
0%
465
413
388
362
337
311
30 3133ERCX7
FFCB 5.17 05/01/28
4YrNC2Yr Amer
5,000
05/01/26
61%
80%
80%
92%
92%
97%
16 -34
-59
-84
-109
-134
31 46625HRS1
JPM 3.2 06/15/26
10YrNC9.8Yr Amer
500
03/15/26
1%
6%
6%
17%
17%
38%
227
177
152
127
102
77 40
307811KA6
FMBKWI 5 06/14/28
4YrNC2Yr
245
06/14/26
40%
60%
79%
79%
91%
91%
45 -4
-28
-53
-77
-102
41 3130B4QA2
FHLB 4.55 07/21/28
3.5YrNC1.5Yr
3,000
07/21/26
40%
60%
78%
78%
90%
90%
78 28
3 -22
-47
-72
42 3134GW4C7
FHLMC 0.8 10/27/26
6YrNC3mo Berm
5,000
07/27/25
0%
0%
0%
0%
0%
0%
504
453
427
401
376
350
43 3130ARHJ3
FHLB 3.175 04/19/27
5YrNC1mo
5,000
07/19/25
0%
0%
0%
0%
0%
0%
278
226
201
175
149
124
44 3133ENJC5
FFCB 1.29 12/22/26
5YrNC2Yr Amer
5,000
07/17/25
0%
0%
0%
0%
0%
0%
469
418
393
367
342
316
46 3130B62E5
FHLB 4 1/4 10/30/28
3.5YrNC1Yr Berm
3,000
04/30/26
8%
20%
39%
39%
61%
61%
139
89 64
39 14
-11
47 3130AQRH8
FHLB 2 02/25/27
5YrNC3mo Berm
5,000
08/25/25
0%
0%
0%
0%
0%
0%
400
348
322
296
270
244
48 3134HADY6
FHLMC 4 08/14/29
5YrNC6mo Berm
4,000
08/14/25
0%
0%
0%
0%
17%
17%
200
148
123
97 71
46 49
808513BW4
SCHW 3.3 04/01/27
5.5YrNC5.3Yr Amer
500
01/01/27
7%
15%
27%
27%
42%
58%
187
137
112
87 62
36 50
3133ERE23
FFCB 4.32 12/02/27
3YrNC2Yr Amer
1,000
12/02/26
26%
42%
58%
58%
74%
86%
78 29
4 -21
-46
-71
51 3136GAGW3
FNMA 4.1 08/10/28
3.25YrNC1.3Yr 1x
5,000
08/10/26
23%
60%
60%
77%
77%
89%
125
76 51
26 1
-24
52 3130AL5A8
FHLB 0.9 02/26/27
6YrNC3mo Berm
5,000
08/26/25
0%
0%
0%
0%
0%
0%
512
460
434
408
382
356
53 75973QAA5
RNR 3.45 07/01/27
10YrNC9.8Yr Amer
500
04/01/27
9%
17%
28%
28%
42%
58%
182
132
107
82 57
32 56
3130B3XP3
FHLB 4 1/2 12/04/29
5YrNC2Yr 1x
1,000
12/04/26
42%
58%
74%
74%
86%
86%
78 29
4 -21
-46
-71
59 3130B4RC7
FHLB 4 1/2 07/27/29
4.5YrNC2.5Yr 1x
3,000
07/27/27
43%
57%
71%
71%
82%
82%
59 9
-16
-40
-65
-90
60 718172CE7
PM 3 1/8 03/02/28
10.25YrNC10.1Yr A
500
12/02/27
7%
13%
21%
21%
31%
31%
211
161
135
110
85 60
61 797440CE2
SRE 4.95 08/15/28
5YrNC4.9Yr Amer
500
07/15/28
44%
56%
56%
67%
67%
77%
26 -24
-49
-74
-99
-124
62 05565QDH8
BPLN 3.723 11/28/28
12YrNC11.8Yr Amer
500
08/28/28
15%
23%
33%
33%
44%
44%
156
106
81 56
31 6
63 06406RBN6
BK 4.543 02/01/29
6YrNC5Yr 1x
656
02/01/28
1%
2%
4%
4%
8%
8%
8 -41
-66
-91
-116
-141
79,406
City of Palmdale: Flagship Lite - Palmdale, CA
As of 6/30/2025
Portfolio ID: 7211 - 58411
Portfolio Changes
New Securities 6/2022-6/2025
CUSIP
Sector
Security Description
Maturity
Coupon
Original Face
Book Price
Intent
05565QDH8
Corporate
BPLN 3.723 11/28/28
11/28/2028
3.72 500,000
100.00
AFS
05580A4Y7
CD
BMW 4.65 06/15/26
06/15/2026
4.65 240,000
100.00
AFS
06051XER9
CD
BAC 5.05 06/22/26
06/22/2026
5.05 245,000
100.00
AFS
06406RAQ0
Corporate
BK 0 3/4 01/28/26
01/28/2026
0.75 500,000
100.00
AFS
06406RBN6
Corporate
BK 4.543 02/01/29
02/01/2029
4.54 656,000
100.00
AFS
09582YAV4
CD
RICBVA 4.2 12/28/27
12/28/2027
4.20 240,000
100.00
AFS
11271LAA0
Corporate
BNCN 4 1/4 06/02/26
06/02/2026
4.25 500,000
100.00
AFS
194162AQ6
Corporate
CL 4.8 03/02/26
03/02/2026
4.80 1,000,000
100.00
AFS
22550L2K6
Corporate
UBS 5 07/09/27
07/09/2027
5.00 500,000
100.00
AFS
229083AA8
CD
EVANBT 5.35 06/18/29
06/18/2029
5.35 245,000
100.00
AFS
30231GAT9
Corporate
XOM 3.043 03/01/26
03/01/2026
3.04 1,000,000
100.00
AFS
307811KA6
CD
FMBKWI 5 06/14/28
06/14/2028
5.00 245,000
100.00
AFS
3130AQRH8
Treasury/Agency
FHLB 2 02/25/27
02/25/2027
2.00 5,000,000
100.00
AFS
3130ARHJ3
Treasury/Agency
FHLB 3.175 04/19/27
04/19/2027
3.18 5,000,000
100.00
AFS
3130B3XP3
Treasury/Agency
FHLB 4 1/2 12/04/29
12/04/2029
4.50 1,000,000
100.00
AFS
3130B4QA2
Treasury/Agency
FHLB 4.55 07/21/28
07/21/2028
4.55 3,000,000
100.00
AFS
3130B4RC7
Treasury/Agency
FHLB 4 1/2 07/27/29
07/27/2029
4.50 3,000,000
100.00
AFS
3130B62E5
Treasury/Agency
FHLB 4 1/4 10/30/28
10/30/2028
4.25 3,000,000
100.00
AFS
3133EPKC8
Treasury/Agency
FFCB 5.39 05/18/27
05/18/2027
5.39 5,000,000
100.00
AFS
3133EPLE3
Treasury/Agency
FFCB 4.67 05/30/28
05/30/2028
4.67 2,815,000
100.00
AFS
3133ERCX7
Treasury/Agency
FFCB 5.17 05/01/28
05/01/2028
5.17 5,000,000
100.00
AFS
3133ERE23
Treasury/Agency
FFCB 4.32 12/02/27
12/02/2027
4.32 1,000,000
100.00
AFS
3133ETFB8
Treasury/Agency
FFCB 4 3/4 04/30/29
04/30/2029
4.75 5,000,000
100.00
AFS
3133ETGK7
Treasury/Agency
FFCB 4.73 05/14/29
05/14/2029
4.73 5,000,000
100.00
AFS
3134GW4C7
Treasury/Agency
FHLMC 0.8 10/27/26
10/27/2026
0.80 5,000,000
100.00
AFS
3134HADY6
Treasury/Agency
FHLMC 4 08/14/29
08/14/2029
4.00 4,000,000
100.00
AFS
3136GAGW3
Treasury/Agency
FNMA 4.1 08/10/28
08/10/2028
4.10 5,000,000
100.00
AFS
34520LBC6
CD
FORBBK 5.05 06/15/26
06/15/2026
5.05 245,000
100.00
AFS
35634MAE1
CD
FREBNJ 5.05 06/22/26
06/22/2026
5.05 245,000
100.00
AFS
38150VUZ0
CD
GS 5.05 06/11/26
06/11/2026
5.05 245,000
100.00
AFS
46625HRS1
Corporate
JPM 3.2 06/15/26
06/15/2026
3.20 500,000
100.00
AFS
46656MVH1
CD
JPM 5 11/30/27
11/30/2027
5.00 240,000
100.00
AFS
59541KCV7
CD
MIDMIB 5.15 06/12/28
06/12/2028
5.15 245,000
100.00
AFS
61761J3R8
Corporate
MS 3 1/8 07/27/26
07/27/2026
3.13 500,000
100.00
AFS
69503PAB7
CD
PACVYB 5.2 06/14/29
06/14/2029
5.20 245,000
100.00
AFS
718172CE7
Corporate
PM 3 1/8 03/02/28
03/02/2028
3.13 500,000
100.00
AFS
742718FY0
Corporate
PG 4.1 01/26/26
01/26/2026
4.10 1,000,000
100.00
AFS
75973QAA5
Corporate
RNR 3.45 07/01/27
07/01/2027
3.45 500,000
100.00
AFS
780082AD5
Corporate
RY 4.65 01/27/26
01/27/2026
4.65 500,000
100.00
AFS
797440CE2
Corporate
SRE 4.95 08/15/28
08/15/2028
4.95 500,000
100.00
AFS
808513BW4
Corporate
SCHW 3.3 04/01/27
04/01/2027
3.30 500,000
100.00
AFS
8562855V9
CD
SBIIN 5.1 06/17/26
06/17/2026
5.10 245,000
100.00
AFS
City of Palmdale: Flagship Lite - Palmdale, CA
As of 6/30/2025
Portfolio ID: 7211 - 58411
Portfolio Changes
New Securities 6/2022-6/2025
CUSIP
Sector
Security Description
Maturity
Coupon
Original Face
Book Price
Intent
89235MPP0
CD
TOYFBN 4.65 06/13/29
06/13/2029
4.65 245,000
100.00
AFS
9128286L9
Treasury/Agency
T 2 1/4 03/31/26
03/31/2026
2.25 3,200,000
100.00
AFS
912828YX2
Treasury/Agency
T 1 3/4 12/31/26
12/31/2026
1.75 5,000,000
100.00
AFS
91282CEW7
Treasury/Agency
T 3 1/4 06/30/27
06/30/2027
3.25 5,000,000
100.00
AFS
91282CFL0
Treasury/Agency
T 3 7/8 09/30/29
09/30/2029
3.88 5,000,000
100.00
AFS
91282CFM8
Treasury/Agency
T 4 1/8 09/30/27
09/30/2027
4.13 2,500,000
100.00
AFS
91282CFT3
Treasury/Agency
T 4 10/31/29
10/31/2029
4.00 5,000,000
100.00
AFS
91282CFY2
Treasury/Agency
T 3 7/8 11/30/29
11/30/2029
3.88 5,000,000
100.00
AFS
91282CGB1
Treasury/Agency
T 3 7/8 12/31/29
12/31/2029
3.88 3,000,000
100.00
AFS
91282CGL9
Treasury/Agency
T 4 02/15/26
02/15/2026
4.00 5,000,000
100.00
AFS
91282CHH7
Treasury/Agency
T 4 1/8 06/15/26
06/15/2026
4.13 5,000,000
100.00
AFS
PLMDLLA1F
Other
STATE OF CALIFORNIA LOCAL AGENCY INV
07/30/2025
0.78 107,591,836
100.00
AFS
Partial Buy6/2022-6/2025
CUSIP
Sector
Security Description
Maturity
Coupon
Original Face
Book Price
Intent
Redemption Type
PLMDLCAMP
Other
CAMP- CALIFORNIA ASSET MANAGEMENT P
07/30/2025
0.30 105,713,151
100.00
AFS
Same CUSIP buys
Securities Sold/Redeemed 6/2022-6/2025
CUSIP
Sector
Security Description
Maturity
Coupon
Original Face
Book Price
Intent
Redemption Type
594918BH6
CORP
MSFT 2.650 11/03/22 CALd
11/03/2022
2.65 1,000,000
100.00
AFS
Called
3133ENHW3
Treasury/Agency
FFCB 1.17 06/23/25
06/23/2025
1.17 10,000,000
100.00
AFS
Expired/Matured
3133EMUP5
Treasury/Agency
FFCB 0.71 04/01/25
04/01/2025
0.71 5,000,000
100.00
AFS
Expired/Matured
3133ELK37
Treasury/Agency
FFCB 0.78 06/16/25
06/16/2025
0.78 5,000,000
100.00
AFS
Expired/Matured
3133EL2X1
AGY
FFCB 0.420 05/06/24 MATd
05/06/2024
0.42 2,000,000
100.00
AFS
Expired/Matured
3133EKPT7
AGY
FFCB 2.125 06/05/23 MATd
06/05/2023
2.13 5,000,000
100.00
AFS
Expired/Matured
166764BV1
CORP
CVX 1.141 05/11/23 MATd
05/11/2023
1.14 2,075,000
100.00
AFS
Expired/Matured
037833DE7
CORP
AAPL 2.400 01/13/23 MATd
01/13/2023
2.40 1,000,000
100.00
AFS
Expired/Matured
PLMDLLAIF
Other
LAIF
04/30/2025
0.78 100,077,206
100.00
AFS
Expired/Matured
92826CAC6
CORP
V 2.800 12/14/22 MATd
12/14/2022
2.80 1,500,000
100.00
AFS
Expired/Matured
3134GWNG7
Treasury/Agency
FHLMC 0 1/2 11/27/24
11/27/2024
0.50 2,000,000
100.00
AFS
Expired/Matured
3130AQEA7
Treasury/Agency
FHLB 1.05 01/14/25
01/14/2025
1.05 7,000,000
100.00
AFS
Expired/Matured
3130AQDY6
Treasury/Agency
FHLB 1 12/30/24
12/30/2024
1.00 6,750,000
100.00
AFS
Expired/Matured
3130AMQR6
AGY
FHLB 0.350 06/07/24 MATd
06/07/2024
0.35 3,000,000
100.00
AFS
Expired/Matured
3130AMHH8
Treasury/Agency
FHLB 0.41 08/01/24
08/01/2024
0.41 4,000,000
100.00
AFS
Expired/Matured
30231GBL5
CORP
XOM 1.571 04/15/23 MATd
04/15/2023
1.57 5,000,000
100.00
AFS
Expired/Matured
30231GAR3
CORP
XOM 2.726 03/01/23 MATd
03/01/2023
2.73 1,000,000
100.00
AFS
Expired/Matured
17312QL23
CORP
C 3.150 05/11/23 MATd
05/11/2023
3.15 245,000
100.00
AFS
Expired/Matured
20033AYE0
CORP
ADS 3.100 05/15/23 MATd
05/15/2023
3.10 245,000
100.00
AFS
Expired/Matured
91282CBA8
AGY
UST 0.125 12/15/23 MATd
12/15/2023
0.13 15,000,000
100.00
AFS
Expired/Matured
91282CDN8
Treasury/Agency
T 1 12/15/24
12/15/2024
1.00 20,000,000
100.00
AFS
Expired/Matured
912828V23
AGY
UST 2.250 12/31/23 MATd
12/31/2023
2.25 9,000,000
100.00
AFS
Expired/Matured
912828N30
AGY
UST 2.125 12/31/22 MATd
12/31/2022
2.13 3,000,000
100.00
AFS
Expired/Matured
City of Palmdale: Flagship Lite - Palmdale, CA
As of 6/30/2025
Portfolio ID: 7211 - 58411
Portfolio Changes
Securities Sold/Redeemed 6/2022-6/2025
CUSIP
Sector
Security Description
Maturity
Coupon
Original Face
Book Price
Intent
Redemption Type
9128286R6
AGY
UST 2.250 04/30/24 MATd
04/30/2024
2.25 5,000,000
100.00
AFS
Expired/Matured
9128285U0
AGY
UST 2.625 12/31/23 MATd
12/31/2023
2.63 5,000,000
100.00
AFS
Expired/Matured
9128284S6
AGY
UST 2.750 05/31/23 MATd
05/31/2023
2.75 2,815,000
100.00
AFS
Expired/Matured
9128283P3
Treasury/Agency
T 2 1/4 12/31/24
12/31/2024
2.25 3,000,000
100.00
AFS
Expired/Matured
87164WWF1
CORP
SYF 3.150 05/11/23 MATd
05/11/2023
3.15 245,000
100.00
AFS
Expired/Matured
61747MX30
CORP
MS 3.150 05/10/23 MATd
05/10/2023
3.15 245,000
100.00
AFS
Expired/Matured
City of Palmdale: Flagship Lite - Palmdale, CA
As of 6/30/2025
Portfolio ID: 7211 - 58411
Shocked Assumptions
Scenarios
Mod
Slight
Mod
Slight
Mod
Slight
Mod
Up Stp
Up Stp
Up Flt
Up Flt
+100
+50
+25
Base
-25
-50
Dn Stp
Dn Flt
Dn Flt
Shift Amount
3mo
75 38
75 38
100
50 25
0 -25
-50
-75
-38
-75
6mo
75 38
75 38
100
50 25
0 -25
-50
-75
-38
-75
12mo
75 38
75 38
100
50 25
0 -25
-50
-75
-38
-75
2yr
75 38
75 38
100
50 25
0 -25
-50
-75
-38
-75
3yr
75 38
75 38
100
50 25
0 -25
-50
-75
-38
-75
5yr
75 38
75 38
100
50 25
0 -25
-50
-75
-38
-75
10yr
75 38
75 38
100
50 25
0 -25
-50
-75
-38
-75
30yr
75 38
75 38
100
50 25
0 -25
-50
-75
-38
-75
Shock Horizon
0 Months
0 Months
0 Months
0 Months
0 Months
0 Months
0 Months
0 Months
0 Months
0 Months
0 Months
0 Months
0 Months
Total Return Horizon
12 Months
12 Months
12 Months
12 Months
12 Months
12 Months
12 Months
12 Months
12 Months
12 Months
12 Months
12 Months
12 Months
Shift Timing to Horizon
Ramped
Ramped
Ramped
Ramped
Ramped
Ramped
Ramped
Ramped
Ramped
Ramped
Ramped
Ramped
Ramped
Curve Type
Static
Static
Static
Static
Static
Static
Static
Static
Static
Static
Static
Static
Static
City of Palmdale: Flagship Lite - Palmdale, CA
As of 6/30/2025
Portfolio ID: 7211 - 58411
Assumptions
·
Calculation Engine
The Yield Book © and ZM Financial
·
Prepayment Model
The Yield Book ©
·
Data Sources
The Yield Book ©, Reuters, Intex, KDS and Stifel
·
Curve Date
Same as Portfolio As Of Date
·
Curve Type Used
SOFRSwap Curve
·
Market Prices
Market prices are indications only, provided by Reuters unless otherwise specified ·
Horizon Price Methodology
Constant OAS where possible; constant nominal spread change as a secondary method ·
Horizon Period
0 month horizon for immediate rate shock scenarios; 12 month horizon for total return scenarios ·
Reinvestment Rate
SOFR
·
Cost of Funds
0.00%
·
Tax Rate
00.0%
·
Subtotal Weightings
Overall totals and subtotals are weighted by market value Additional Information
Adjustable Rate Securities
- YTM for ARMs and floaters assumes the coupon resets based on index levels implied by the static curve.
Projected Call Methodology
- The method used to determine the call assumes a small internal margin to account for the "cost to call." Municipals
- For taxable institutions, the above tax rate detailed - along with TEFRA adjustments for BQs - is used to calculate TEY unless otherwise noted.
Original Face
- If original face was not supplied, original face was estimated by dividing current face by current factor.
Dollar Amounts
- Unless otherwise specified, dollar amounts are displayed in thousands (000s).
City of Palmdale: Flagship Lite - Palmdale, CA
As of 6/30/2025
Portfolio ID: 7211 - 58411
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Securities identified herein are subject to availability and changes in price.
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City of Palmdale: Flagship Lite - Palmdale, CA
As of 6/30/2025
Portfolio ID: 7211 - 58411
City of Palmdale Successor - Flagship
Palmdale, CA
As of Date: 06/30/2025
Pricing as of: 06/30/2025
Date of Analysis: 07/10/2025
Portfolio Overview
Portfolio Attributes
Curr. Face
3,900
Mkt. Value
3,900
Book Value
3,900
Est. Gain/Loss
0 Ave. Mkt. Price
100.00
Ave. Bk. Price
100.00
Eff. Dur.
0.08 Eff. Conv.
0.00 OAS
-350.8
Mkt YTP
0.78 Bk YTP
0.78 WAL
0.08 Line Items
1 City of Palmdale Successor - Flagship - Palmdale, CA
As of 6/30/2025
Portfolio ID: 6922 - 58411
Duration / Convexity
Eff. Dur.
0.08 Eff. Conv.
0.00 City of Palmdale Successor - Flagship - Palmdale, CA
As of 6/30/2025
Portfolio ID: 6922 - 58411
Portfolio Sector Summary
Market
%
Book
Market
Est
Eff
Eff Dur
% Δ
in Price
Sector
Par Value
Value
Port
Price
Price
G/L
Conv
Bk Yld
Mkt Yld
+50
Base
-50
+50
Base
-50
Cash & Other
3,900
3,900
100.0%
100.00
100.00
0 0.00
0.78 0.78
0.08 0.08
0.08 0.0%
0 0.0%
Portfolio Totals
3,900
3,900
100.0%
100.00
100.00
0 0.00
0.78 0.78
0.08 0.08
0.08 0.0%
0 0.0%
City of Palmdale Successor - Flagship - Palmdale, CA
As of 6/30/2025
Portfolio ID: 6922 - 58411
Peer Group Comparison
As of
Book
G/L
Book
Average Life
% Price Change
Effective
UST
Fix
Fix
Flt
Agy
Sm
Prv
%
Peer
Date
Value
%
Yield
Base
-50
+100
-50
+50
+100
Dur
Cvx
Agy
MBS
ARM
CMO
CMO
CMBS
Bus.
Label
Muni
Corp
CD
Other
Fixed
1 06/25
3,692
-2.6
1.39 0.9
0.9 -0.8
0.8 0.0
93%
0%
0%
0%
0%
0%
0%
0%
0%
0%
7%
0%
100%
2 06/25
3,000
-0.1
0.9 0.0
1.0 -0.8
100%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
100%
3 03/25
2,557
-7.1
4.6 0.0
4.0 -0.1
0%
100%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
100%
4 04/25
1,471
-0.2
4.28 0.8
1.1 -0.9
0.9 -0.1
27%
0%
0%
0%
0%
0%
0%
0%
47%
0%
25%
0%
100%
5 06/25
1,468
-0.6
2.3 0.0
0.4 -0.1
71%
0%
0%
0%
29%
0%
0%
0%
0%
0%
0%
0%
71%
6 04/25
1,000
0.1 1.7
0.0 1.7
-0.2
100%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
100%
7 06/25
7,000
-3.6
0.94 1.2
1.2 -1.1
1.1 0.0
100%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
100%
8 06/25
740
-2.7
1.9 0.0
1.9 -0.6
100%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
100%
9 06/25
99 -2.7
4.1 0.0
1.0 -0.1
0%
16%
84%
0%
0%
0%
0%
0%
0%
0%
0%
0%
16%
10 06/25
7,709
-3.4
3.65 3.2
3.7 -2.7
2.6 -0.3
0%
11%
0%
30%
0%
0%
0%
0%
0%
0%
59%
0%
100%
11 06/25
17 -1.3
2.9 0.0
0.8 -0.4
0%
0%
100%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
12 04/25
10,395
-9.3
3.47 7.4
8.2 -4.4
4.2 -0.3
4%
0%
0%
5%
17%
0%
0%
0%
68%
3%
5%
0%
83%
13 06/25
10,471
-1.5
1.4 0.0
1.1 -0.5
0%
0%
0%
0%
0%
0%
0%
0%
0%
100%
0%
0%
86%
14 03/25
13,075
-1.5
1.57 1.6
1.6 -1.4
1.5 0.0
0%
0%
0%
0%
0%
0%
0%
0%
42%
30%
29%
0%
100%
15 06/25
14,623
-3.0
1.0 0.0
0.9 0.0
100%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
100%
16 04/25
15,000
-0.2
0.7 0.0
0.8 -0.4
100%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
100%
17 04/25
17,386
0.4 4.39
1.2 1.6
-1.3
1.2 -0.1
42%
0%
0%
0%
0%
0%
0%
0%
0%
0%
58%
0%
100%
18 06/25
17,458
-7.0
4.2 0.0
3.7 0.0
13%
41%
0%
0%
0%
0%
41%
0%
0%
0%
6%
0%
100%
19 03/25
17,884
0.4 4.47
1.4 1.8
-1.4
1.3 -0.1
34%
0%
0%
0%
0%
0%
0%
0%
0%
0%
66%
0%
100%
20 04/25
19,268
-0.3
3.72 1.6
1.8 -1.6
1.6 -0.1
51%
0%
0%
0%
0%
0%
0%
0%
19%
30%
0%
0%
100%
21 03/25
20,012
-1.7
2.40 1.7
2.0 -1.4
1.3 -0.2
75%
0%
0%
0%
0%
0%
0%
0%
0%
0%
25%
0%
100%
22 05/25
23,192
-2.3
1.84 1.5
1.5 -1.4
1.4 0.0
47%
0%
0%
0%
0%
14%
0%
0%
0%
0%
38%
0%
100%
23 03/25
24,570
-1.6
3.08 2.0
2.1 -1.8
1.8 0.0
26%
0%
0%
0%
0%
12%
0%
0%
16%
6%
39%
0%
100%
24 03/25
25,000
0.0 4.40
0.6 1.6
-1.0
0.8 -0.4
100%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
100%
25 06/25
27,049
-9.6
4.8 14.1
0.0 3.9
-0.1
23%
34%
5%
5%
0%
16%
2%
0%
15%
0%
0%
0%
95%
Avg
11,365
-2.5
3.05 2.2
3.1 -0.9
1.7 -0.2
48%
8%
8%
2%
2%
2%
2%
0%
8%
7%
14%
0%
90%
Port
06/25
3,900
0.0 0.78
0.1 0.1
0.1 0.0
0.0 -0.1
0.1 0.0
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
100%
100%
Diff
-7,466
2.5 -2.26
-2.1
-3.0
0.8 -1.6
0.2 -48%
-8%
-8%
-2%
-2%
-2%
-2%
0%
-8%
-7%
-14%
100%
10%
* Peer group includes Public Entitys that have received portfolio analysis from Stifel in the last three months with the closest portfolio book values.
City of Palmdale Successor - Flagship - Palmdale, CA
As of 6/30/2025
Portfolio ID: 6922 - 58411
Monthly Cashflow Profile - Next 30 Months
City of Palmdale Successor - Flagship - Palmdale, CA
As of 6/30/2025
Portfolio ID: 6922 - 58411
Monthly Cashflow Rate Shock - Next 30 Months
City of Palmdale Successor - Flagship - Palmdale, CA
As of 6/30/2025
Portfolio ID: 6922 - 58411
Annual Cashflow Profile
City of Palmdale Successor - Flagship - Palmdale, CA
As of 6/30/2025
Portfolio ID: 6922 - 58411
Annual Cashflow Rate Shock
City of Palmdale Successor - Flagship - Palmdale, CA
As of 6/30/2025
Portfolio ID: 6922 - 58411
5-Year Quarterly Principal Cash Flow Projections
5-Year Quarterly Principal Cash Flow Projections
Percentage of Total Cash Flow Projections
Period
+100
+50
+25
Base
-25
-50
+100
+50
+25
Base
-25
-50
3Q25
3.9 3.9
3.9 3.9
3.9 3.9
100%
100%
100%
100%
100%
100%
In Millions
12-Month Principal Cash Flow Projections
Percentage of Total Cash Flow Projections
Period
+100
+50
+25
Base
-25
-50
+100
+50
+25
Base
-25
-50
Jul 25
3.9 3.9
3.9 3.9
3.9 3.9
100%
100%
100%
100%
100%
100%
City of Palmdale Successor - Flagship - Palmdale, CA
As of 6/30/2025
Portfolio ID: 6922 - 58411
Cash Flow and Rolloff Yield - Next 12 Months
Yield Rolloff
Month
Begin BY
Principal CF
Rolloff Yld
Ending BY
Jul 2025
0.78 3,900
0.78 Shocked Principal and Interest Cash Flow Analysis
Year
Mod Up Stp
+100
+50
+25
-25
-50
Mod Dn Flt
Jul 2025
3,902
3,902
3,902
3,902
3,902
3,902
3,902
City of Palmdale Successor - Flagship - Palmdale, CA
As of 6/30/2025
Portfolio ID: 6922 - 58411
Sector Cash Flow - Next 12 Months
Jul 25
Aug 25
Sep 25
Oct 25
Nov 25
Dec 25
Jan 26
Feb 26
Mar 26
Apr 26
May 26
Jun 26
Bk Yld Chg
Other
Cash Flow
3,902
End BY
Total
Cash Flow
3,902
End BY
City of Palmdale Successor - Flagship - Palmdale, CA
As of 6/30/2025
Portfolio ID: 6922 - 58411
Cash Flow and Rolloff Yield - Next 3 Years
Yield Rolloff
Quarter
Begin BY
Principal CF
Rolloff Yld
Ending BY
3Q25
0.78 3,900
0.78 Shocked Principal and Interest Cash Flow Analysis
Quarter
Mod Up Stp
+100
+50
+25
-25
-50
Mod Dn Flt
3Q25
3,902
3,902
3,902
3,902
3,902
3,902
3,902
City of Palmdale Successor - Flagship - Palmdale, CA
As of 6/30/2025
Portfolio ID: 6922 - 58411
Sector Cash Flow - Next 3 Years
3Q25
4Q25
1Q26
2Q26
3Q26
4Q26
1Q27
2Q27
3Q27
4Q27
1Q28
2Q28
Bk Yld Chg
Other
Cash Flow
3,902
End BY
Total
Cash Flow
3,902
End BY
City of Palmdale Successor - Flagship - Palmdale, CA
As of 6/30/2025
Portfolio ID: 6922 - 58411
Cash Flow and Rolloff Yield - Next 10 Years
Yield Rolloff
Year
Begin BY
Principal CF
Rolloff Yld
Ending BY
2025
0.78 3,900
0.78 2026
2027
2028
2029
2030
2031
2032
2033
2034
Shocked Principal and Interest Cash Flow Analysis
Year
Mod Up Stp
+100
+50
+25
-25
-50
Mod Dn Flt
2025
3,902
3,902
3,902
3,902
3,902
3,902
3,902
City of Palmdale Successor - Flagship - Palmdale, CA
As of 6/30/2025
Portfolio ID: 6922 - 58411
Sector Cash Flow - Next 10 Years
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
Bk Yld Chg
Other
Cash Flow
3,902
End BY
Total
Cash Flow
3,902
End BY
City of Palmdale Successor - Flagship - Palmdale, CA
As of 6/30/2025
Portfolio ID: 6922 - 58411
Gap Analysis - Potential Income Impact of Principal Reinvestment Assumed
Estimated
Income
Resulting
Reinvestment
Annualized
Difference from
Book
Yield
Income
Current Book
Yield
0.25 10
-21
0.25 0.50
19 -11
0.50 0.75
29 -1
0.75 1.00
39 9
1.00 1.25
49 18
1.25 1.50
58 28
1.50 1.75
68 38
1.75 2.00
78 48
2.00 2.25
88 57
2.25 2.50
97 67
2.50 2.75
107
77 2.75
3.00 117
87 3.00
3.25 127
96 3.25
3.50 136
106
3.50 3.75
146
116
3.75 4.00
156
126
4.00 4.25
166
135
4.25 4.50
175
145
4.50 4.75
185
155
4.75 5.00
195
165
5.00 5.25
205
174
5.25 5.50
214
184
5.50 5.75
224
194
5.75 6.00
234
204
6.00 6.25
244
213
6.25 6.50
253
223
6.50 6.75
263
233
6.75 7.00
273
243
7.00 7.25
283
252
7.25 7.50
292
262
7.50 7.75
302
272
7.75 8.00
312
282
8.00 Principal Maturing(12 Mo.Horizon): $3,900
Current Book Yield of Principal Maturing: 0.78%
Est. Annual Income at Current Book Yield: $30
City of Palmdale Successor - Flagship - Palmdale, CA
As of 6/30/2025
Portfolio ID: 6922 - 58411
Effective Duration - Instantaneous Rate Shock
City of Palmdale Successor - Flagship - Palmdale, CA
As of 6/30/2025
Portfolio ID: 6922 - 58411
% Px Chng - Instantaneous Rate Shock
City of Palmdale Successor - Flagship - Palmdale, CA
As of 6/30/2025
Portfolio ID: 6922 - 58411
Total Returns - 12mo Horizon
City of Palmdale Successor - Flagship - Palmdale, CA
As of 6/30/2025
Portfolio ID: 6922 - 58411
Book Yield / Duration
*Only securities >=$1mm shown
City of Palmdale Successor - Flagship - Palmdale, CA
As of 6/30/2025
Portfolio ID: 6922 - 58411
Market Yield / Duration
*Only securities >=$1mm shown
City of Palmdale Successor - Flagship - Palmdale, CA
As of 6/30/2025
Portfolio ID: 6922 - 58411
Total Return / Duration
*Only securities >=$1mm shown
City of Palmdale Successor - Flagship - Palmdale, CA
As of 6/30/2025
Portfolio ID: 6922 - 58411
OAS / Duration
*Only securities >=$1mm shown
City of Palmdale Successor - Flagship - Palmdale, CA
As of 6/30/2025
Portfolio ID: 6922 - 58411
CD Option - Adjusted Analysis
Bond
Security
Maturity
Opt
Cpn
Industry
Par
Book
Mkt
Book
Market
Eff
Eff
ID #
CUSIP
Description
Ticker
Cpn
Date
Call
Type
Sector
Value
Price
Price
Yield
Yield
WAL
Dur
Conv
City of Palmdale Successor - Flagship - Palmdale, CA
As of 6/30/2025
Portfolio ID: 6922 - 58411
Book Yield Table - Instantaneous Rate Shock
Projected Call Date - Instantaneous Rate Shock
Book Yield Table - Instantaneous Rate Shock
Bond
Security
Original
Par
Book
ID #
CUSIP
Description
Structure
Value
Price
+100
+50
+25
Base
-25
-50
+100
+50
+25
Base
-25
-50
1 PLMDLLA1F
STATE OF
CALIFORNIA LOCAL
3,900
100.00
7/30/25
7/30/25
7/30/25
7/30/25
7/30/25
7/30/25
0.78 0.78
0.78 0.78
0.78 0.78
3,900
100.00
0.78 0.78
0.78 0.78
0.78 0.78
City of Palmdale Successor - Flagship - Palmdale, CA
As of 6/30/2025
Portfolio ID: 6922 - 58411
Market Yield Table - Instantaneous Rate Shock
Projected Call Date - Instantaneous Rate Shock
Market Yield Table - Instantaneous Rate Shock
Bond
Security
Original
Par
Mkt
ID #
CUSIP
Description
Structure
Value
Price
+100
+50
+25
Base
-25
-50
+100
+50
+25
Base
-25
-50
1 PLMDLLA1F
STATE OF
CALIFORNIA LOCAL
3,900
100.00
7/30/25
7/30/25
7/30/25
7/30/25
7/30/25
7/30/25
0.78 0.78
0.78 0.78
0.78 0.78
3,900
100.00
0.78 0.78
0.78 0.78
0.78 0.78
City of Palmdale Successor - Flagship - Palmdale, CA
As of 6/30/2025
Portfolio ID: 6922 - 58411
Percentage Price Change / 12 Month Total Return
Price Change - Instantaneous Rate Shock
Projected TRR - 12mo. Horizon
Bond
Security
Original
Par
Mkt
ID #
CUSIP
Description
Structure
Value
Price
+100
+50
+25
Base
-25
-50
+100
+50
+25
Base
-25
-50
1 PLMDLLA1F
STATE OF CALIFOR
3,900
100.00
-0.08
-0.04
-0.02
0.00 0.02
0.04 4.59
4.36 4.24
4.12 4.00
3.88 3,900
100.00
-0.08
-0.04
-0.02
0.00 0.02
0.04 4.59
4.36 4.24
4.12 4.00
3.88 City of Palmdale Successor - Flagship - Palmdale, CA
As of 6/30/2025
Portfolio ID: 6922 - 58411
Portfolio Changes
New Securities 6/2022-6/2025
CUSIP
Sector
Security Description
Maturity
Coupon
Original Face
Book Price
Intent
PLMDLLA1F
Other
STATE OF CALIFORNIA LOCAL AGENCY INV
07/30/2025
0.78 3,899,819
100.00
AFS
Securities Sold/Redeemed 6/2022-6/2025
CUSIP
Sector
Security Description
Maturity
Coupon
Original Face
Book Price
Intent
Redemption Type
PLMDLLAIF
Other
LAIF
04/30/2025
0.78 8,700,688
100.00
AFS
Expired/Matured
City of Palmdale Successor - Flagship - Palmdale, CA
As of 6/30/2025
Portfolio ID: 6922 - 58411
Shocked Assumptions
Scenarios
Mod
Slight
Mod
Slight
Mod
Slight
Mod
Up Stp
Up Stp
Up Flt
Up Flt
+100
+50
+25
Base
-25
-50
Dn Stp
Dn Flt
Dn Flt
Shift Amount
3mo
75 38
75 38
100
50 25
0 -25
-50
-75
-38
-75
6mo
75 38
75 38
100
50 25
0 -25
-50
-75
-38
-75
12mo
75 38
75 38
100
50 25
0 -25
-50
-75
-38
-75
2yr
75 38
75 38
100
50 25
0 -25
-50
-75
-38
-75
3yr
75 38
75 38
100
50 25
0 -25
-50
-75
-38
-75
5yr
75 38
75 38
100
50 25
0 -25
-50
-75
-38
-75
10yr
75 38
75 38
100
50 25
0 -25
-50
-75
-38
-75
30yr
75 38
75 38
100
50 25
0 -25
-50
-75
-38
-75
Shock Horizon
0 Months
0 Months
0 Months
0 Months
0 Months
0 Months
0 Months
0 Months
0 Months
0 Months
0 Months
0 Months
0 Months
Total Return Horizon
12 Months
12 Months
12 Months
12 Months
12 Months
12 Months
12 Months
12 Months
12 Months
12 Months
12 Months
12 Months
12 Months
Shift Timing to Horizon
Ramped
Ramped
Ramped
Ramped
Ramped
Ramped
Ramped
Ramped
Ramped
Ramped
Ramped
Ramped
Ramped
Curve Type
Static
Static
Static
Static
Static
Static
Static
Static
Static
Static
Static
Static
Static
City of Palmdale Successor - Flagship - Palmdale, CA
As of 6/30/2025
Portfolio ID: 6922 - 58411
Assumptions
·
Calculation Engine
The Yield Book © and ZM Financial
·
Prepayment Model
The Yield Book ©
·
Data Sources
The Yield Book ©, Reuters, Intex, KDS and Stifel
·
Curve Date
Same as Portfolio As Of Date
·
Curve Type Used
SOFRSwap Curve
·
Market Prices
Market prices are indications only, provided by Reuters unless otherwise specified ·
Horizon Price Methodology
Constant OAS where possible; constant nominal spread change as a secondary method ·
Horizon Period
0 month horizon for immediate rate shock scenarios; 12 month horizon for total return scenarios ·
Reinvestment Rate
SOFR
·
Cost of Funds
0.00%
·
Tax Rate
00.0%
·
Subtotal Weightings
Overall totals and subtotals are weighted by market value Additional Information
Adjustable Rate Securities
- YTM for ARMs and floaters assumes the coupon resets based on index levels implied by the static curve.
Projected Call Methodology
- The method used to determine the call assumes a small internal margin to account for the "cost to call." Municipals
- For taxable institutions, the above tax rate detailed - along with TEFRA adjustments for BQs - is used to calculate TEY unless otherwise noted.
Original Face
- If original face was not supplied, original face was estimated by dividing current face by current factor.
Dollar Amounts
- Unless otherwise specified, dollar amounts are displayed in thousands (000s).
City of Palmdale Successor - Flagship - Palmdale, CA
As of 6/30/2025
Portfolio ID: 6922 - 58411
The information contained herein has been prepared from sources believed reliable but is not guaranteed by Stifel and is not a complete summary or statement of all available data, nor is it to be construed as an offer to buy or sell any securities referred to herein. Opinions expressed are subject to change without notice and do not take into account the particular investment objectives, financial situation, or needs of investors. Employees of Stifel or its affiliates may, at times, release written or oral commentary, technical analysis, or trading strategies that differ from the opinions expressed within. No investments or services mentioned are available to "private customers" in the European Economic Area or to anyone in Canada other than a "Designated Institution." Stifel and/or its employees involved in the preparation or the issuance of this communication may have positions in the securities or options of the issuer/s discussed or recommended herein.
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Disclaimer
City of Palmdale Successor - Flagship - Palmdale, CA
As of 6/30/2025
Portfolio ID: 6922 - 58411
City Council Staff Report
DATE: AUGUST 5, 2025
TO: HONORABLE MAYOR PRO TEM AND CITY COUNCIL
FROM: OPERATIONS DEPARTMENT
INFORMATION TECHNOLOGY DIVISION
DISTRICT: ALL
SUBJECT: APPROVE AGREEMENT WITH DATALINK NETWORKS, INC. FOR A TOTAL NOT TO EXCEED AMOUNT OF $992,224, INCLUDING A
15% CONTINGENCY, FOR CONTINUED MICROSOFT 365
LICENSING FOR A TERM OF THREE (3) YEARS
RECOMMENDATION
Staff recommend that the City Council:
1. Approve Agreement No . A-9393 with Datalink Networks, Inc. for a total not to exceed amount of $992,224, including a 15% contingency, for continued Microsoft 365 licensing for a term of three (3) years.
BACKGROUND
Since November 2022, the City has contracted with Datalink Networks to provide Microsoft 365 (M365) licensing. The current agreement extends through October 4, 2025. The M365 suite is essential to the City’s operations, supporting all City email communications and productivity tools such as Microsoft Word, Excel, PowerPoint, and Windows. In addition to these applications, the M365 suite includes critical identity services and other cloud-based solutions integrated into the City’s IT infrastructure.
DISCUSSION
The proposed agreement, totaling $992,22 4, will ensure the continued availability and support of these vital services for an additional three years. This amount includes a 15% contingency to accommodate potential organizational growth and associated licensing needs.
The Microsoft Corporation does not sell government licenses directly and requires all such purchases to be made through authorized resellers. To fulfill this requirement, the City has procured Microsoft 365 licensing through Datalink Networks, Inc. , under a Report to Mayor Pro Tem and City Council
Re: Approve Agrmt. No. A-9393 with Datalink Networks, Inc.
August 5, 2025
cooperative purchasing agreement facilitated by OMNIA Partners via Synnex (Contract No. R200803). Under Palmdale Municipal Code §3.08.090, the city can participate in cooperative purchasing programs with other public agencies to promote efficiency and cost savings.
FISCAL IMPACT
$992,224; Funds are budgeted and available in FY 2025-26. Subsequent years will be budgeted in the IT Software account.
Description Cost
Year 1 $287,601.00
Year 2 $287,601.00
Year 3 $287,601.00
15% Contingency (additional licensing if necessary) $129,421.00 Total $992,224.00
STRATEGIC PLAN
Goal III: Ensure long-term fiscal health of the city and maintain funding for services.
A. Manage resources, costs, and liabilities to ensure the City’s long-term fiscal health.
Prepared by: Janelle Samson, Director of Operations
Certified as to availability of Funds: Janelle Samson, Director of Operations Approved by: Salvador Mendez, City Manager Pro Tem
Approved as to form: Alexandra Halfman, City Attorney
ATTACHMENTS
Agrmt No. A-9393
Cooperative Agrmt No. R200803 (Omnia)
R200803
OMNIA PARTNERS COOPERATIVE AGREEMENT R200803 AND A-
9393BETWEEN
THE CITY OF PALMDALE AND DATALINK NETWORKS
The City of Palmdale has agreed to the terms and conditions of the above-stated contract with DATALINK NETWORKS (herinafter called "CONTRACTOR).
The parties agree to the use of Cooperative Contract #R200803.
The city shall pay the CONTRACTOR an amount not to exceed Nine Hundred Ninety- Two Thousand Two Hundred Twenty-Four dollars ($992224) for the completion of all the work and services, which sum shall include all costs or expenses incurred by CONTRACTOR, payable as follows:
Description Cost
25-26 Year 1 $287,601.00
26-27 Year 2 $287,601.00
27-28 Year 3 $287,601.00
15% Contingency (additional licensing if necessary) $129,421.00 Total $992,224.00
The term of this Contract is three (3) years, commencing on the effective date.
Specify what services will be provided:
This contract provides the M365 suite, which is essential to the City’s operations by supporting all City email communications and productivity tools such as Microsoft Word, Excel, PowerPoint, Windows, and cloud-based identity services.
OMNIA cooperative purchasing contract #R200803, awarded by Region 4 ESC to SYNNEX Corporation, with fulfillment through Datalink Networks.
CITY OF PALMDALE: DATALINK NETWORKS
1-2Concord - Document ID: 030VEhQQsbaRaqEC80cmGv
Salvador Mendez
City Manager Pro Tem
38300 Sierra Highway
CITY OF PALMDALE
Palmdale, CA 93550
ADDRESS FOR NOTICE:
Brian Wisdom
Vice President of Sales
28110 Avenue Stanford Unit A
Santa Clarita, CA 91355
APPROVE AS TO FORM:
Alexandra Halfman
Acting City Attorney
ATTEST:
Roxanne Faber
City Clerk
2-2Concord - Document ID: 030VEhQQsbaRaqEC80cmGv
Record of Signing
Signed with https://www.concord.app/
For
Name
Title
Signed on 2025-07-17 22:26:59 GMT
Secured by Concord™
DocumentID: 030VEhQQsbaRaqEC80cmGv
SigningID: 030VEhQQmYsB9mtZvmNtvg
Signing date: 7/17/2025
IP Address: 206.171.111.149
Email: [email protected]
For
Name
Title
Signed on 2025-07-17 22:54:43 GMT
Secured by Concord™
DocumentID: 030VEhQQsbaRaqEC80cmGv
SigningID: 030VFNeKueod7VRGcazAaK
Signing date: 7/17/2025
IP Address: 12.153.217.107
Email: [email protected]
Cyber Security Solutions and Associated Products & Services Executive Summary
Lead Agency: Region 4 ESC Solicitation: 20-08
RFP Issued: February 19, 2020 Pre-Proposal Date: March 10, 2020 Response Due Date: November 19, 2019 Proposals Received: 13 Awarded to: Contract # R200803
The Board of Directors of Region 4 Education Service Center (ESC) issued RFP 20-08 on February 19, 2020, to establish a national cooperative contract for Cyber Security Solutions and Associated Products & Services.
The solicitation included cooperative purchasing language in Section I. Scope of Work:
NATIONAL CONTRACT
Region 4 ESC, as the Principal Procurement Agency, defined in Appendix D, has partnered with OMNIA Partners to make the resultant contract (also known as the “Master Agreement” in materials distributed by OMNIA Partners) from this solicitation available to other public agencies nationally, including state and local governmental entities, public and private primary, secondary and higher education entities, non-profit entities, and agencies for the public benefit (“Public Agencies”), through OMNIA Partners’ cooperative purchasing program. The Region 4 is acting as the contracting agency for any other Public Agency that elects to utilize the resulting Master Agreement. Use of the Master Agreement by any Public Agency is preceded by their registration with OMNIA Partners (a “Participating Public Agency”). Appendix D contains additional information about OMNIA Partners and the cooperative purchasing agreement.
Notice of the solicitation was sent to potential offerors, as well as advertised in the following:
• Region 4 ESC website
• OMNIA Partners, Public Sector website
• USA Today, nationwide
• Arizona Business Gazette, AZ
• San Bernardino Sun, CA
• Honolulu Star-Advertiser, HI
• The Advocate – New Orleans, LA
• New Jersey Herald, IL
• Times Union, NY
• Daily Journal of Commerce, OR
• The State, SC
• Houston Community Newspapers, Cy Creek
Mirror, TX
• Deseret News, UT
• Richmond Times, VA
• Seattle Daily Journal of Commerce, WA
• Helena Independent Record, MT
• Las Vegas Review Journal, NV
• The Herald-News, IL
On July 14, 2020 proposals were received from the following offerors:
• Carahsoft Technology Corporation
• CenturyLink
• DLT Solutions, LLC
• EC America, Inc.
• Iron Bow Technologies, LLC
• MGT of America Consulting, LLC
• CTG Inc. of IL dba/Novanis
• SYNNEX Corporation
• ThunderCat Technology, LLC
• Trace3, LLC
• vCloud Tech Inc.
• Virescit Tactical Solutions
• White Rock Cybersecurity
The proposals were evaluated by an evaluation committee. Us ing the evaluation criteria established in the RFP, the committee determined that SYNNEX Corporation demonstrated the ability to provide the products and services outlined in the solicitation while offering competitive pricing to members.
Region 4 ESC executed agreements with a contract effective date of October 1, 2020.
Contract Highlights:
SYNNEX has an experienced team of subject matter experts to provide the support needed to deliver and help ramp up agencies’ IT security practice with the specialization, solutions, services, and support needed to attack opportunities with confidence. Has a Diversity Alliance Program in place which is made up of top Public Sector customers that hold a diversity status and represent a significant amount of SYNNEX’ government business. The program was designed to promote collaboration amongst partners, enabling them to win more business through Diversity Status and collaboration.
Contract includes:
Entire line of Palo Alto (PANW) products as primary offering. Refer to Value Add for additional offerings
Term:
Initial three-year agreement from October 1, 2020 through September 30, 2023 with the option to renew for two (2) additional one-year periods through September 30, 2025.
Pricing/Discount:
Discount off list price
OMNIA Partners, Public Sector Web Landing Page:
https://public.omniapartners.com/suppliers/synnex-corporation/contract-documentation#c38631
Region 4 Education Service Center (ESC)
Contract # R200803
for
Cyber Security Solutions and Associated
Products & Services
SYNNEX Corporation
Effective: October 1, 2020
The following documents comprise the executed contract between Region 4 Education Service Center and SYNNEX Corporation, effective October 1, 2020:
I. Appendix A: Vendor Contract
II. Offer and Contract Signature Form
III. Supplier’s Response to the RFP, incorporated by reference
CONTRACT
1 APPENDIX A
CONTRACT
This Contract (“Contract”) is made as of __________, 2020 by and between Contractor”) and Region 4 Education Service Center
(“Region 4 ESC ”) for the purchase of Cyber Security Solutions and Associated Products & Services (“the products and services”).
RECITALS
WHEREAS, Region 4 ESC issued Request for Proposals Number 20-08 (“RFP”), to which Contractor provided a response (“Proposal”); and
WHEREAS, Region 4 ESC selected Contractor’s Proposal and wishes to engage Contractor in providing the services/materials described in the RFP and Proposal; WHEREAS, both parties agree and understand the following pages will constitute the Contract between the Contractor and Region 4 ESC, having its principal place of business at 7145 West Tidwell Road, Houston, TX 77092.
WHEREAS, Contractor included, in writing, any required exceptions or deviations from these terms, conditions, and specifications; and it is further understood that, if agreed to by Region 4 ESC, said exceptions or deviations are incorporated into the Contract.
WHEREAS, this Contract consists of the provisions set forth below, including provisions of all attachments referenced herein. In the event of a conflict between the provisions set forth below and those contained in any attachment, the provisions set forth below shall control.
WHEREAS, the Contract will provide that any state and local governmental entities, public and private primary, secondary and higher education entities, non-profit entities, and agencies for the public benefit (“Public Agencies”) may purchase products and services at prices indicated in the Contract upon the Public Agency’s registration with OMNIA Partners. 1) Term of agreement . The term of the Contract is for a period of three (3) years unless terminated, canceled or extended as otherwise provided herein. Region 4 ESC shall have the right to renew the Contract for two (2) additional one-year periods or portions thereof. Region 4 ESC shall review the Contract prior to the renewal date and notify the Contractor of Region 4 ESC’s intent renew the Contract. Contra ctor may elect not to renew by providing three hundred sixty-five days’ (365) notice to Region 4 ESC. Notwithstanding the expiration of the initial term or any subsequent term or all renewal options, Region 4 ESC and Contractor may mutually agree to extend the term of this Agreement. Contractor acknowledges and understands Region 4 ESC is under no obligation whatsoever to extend the term of this Agreement.
2) Scope: Contractor shall perform all duties, responsibilities and obligations, set forth in this agreement, and described in the RFP, incorporated herein by reference as though fully set forth herein.
3) Form of Contract. The form of Contract shall be the RFP, the Offeror’s proposal and Best and Final Offer(s).
August 25 SYNNEX Corporation
CONTRACT
2 4) Order of Precedence. In the event of a conflict in the provisions of the Contract as accepted by Region 4 ESC, the following order of precedence shall prevail:
i. This Contract
ii. Offeror’s Best and Final Offer
iii. Offeror’s proposal
iv. RFP and any addenda
5) Commencement of Work. The Contractor is cautioned not to commence any billable work or provide any material or service under this Contract until Contractor receives a purchase order for such work or is otherwise directed to do so in writing by Region 4 ESC. 6) Entire Agreement (Parol evidence). The Contract, as specified above, represents the final written expression of agreement. All agreements are contained herein and no other agreements or representations that materially alter it are acceptable. 7) Assignment of Contract . No assignment of Contract may be made without the prior written approval of Region 4 ESC. Contractor is required to notify Region 4 ESC when any material change in operations is made (i.e. bankruptcy, change of ownership, merger, etc.). 8) Novation. If Contractor sells or transfers all assets or the entire portion of the assets used to perform this Contract, a successor in interest must guarantee to perform all obligations under this Contract. Region 4 ESC reserves the right to accept or reject any new pa rty. A change of name agreement will not change the contractual obligations of Contractor. 9) Contract Alterations. No alterations to the terms of this Contract shall be valid or binding unless authorized and signed by Region 4 ESC.
10) Adding Authorized Distributors/Dealers. Contractor is prohibited from authorizing additional distributors or dealers, other than those identified at the time of submitting their proposal, to sell under the Contract without notification and prior written approval f rom Region 4 ESC .
Contractor must notify Region 4 ESC each time it wishes to add an authorized distributor or dealer. Purchase orders and payment can only be made to the Contractor unless otherwise approved by Region 4 ESC . Pricing provided to members by a dded distributors or dealers must also be less than or equal to the Contractor’s pricing. 11) TERMINATION OF CONTRACT
a) Cancellation for Non-Performance or Contractor Deficiency. Region 4 ESC may terminate the Contract if purchase volume is determined to be low volume in any 12-month period.
Region 4 ESC reserves the right to cancel the whole or any part of this Contract due to failure by Contractor to carry out any obligation, term or condition of the contract. Region 4 ESC may issue a written deficiency notice to Contractor for acting or failing to act in any of the following:
i. Providing material that does not meet the specifications of the Contract; ii. Providing work or material was not awarded under the Contract; iii. Failing to adequately perform the ser vices set forth in the scope of work and specifications;
iv. Failing to complete required work or furnish required materials within a reasonable amount of time;
CONTRACT
3 v. Failing to make progress in performance of the Contract or giving Region 4 ESC reason to believe Contractor will not or cannot perform the requirements of the Contract; or
vi. Performing work or providing services under the Contract prior to receiving an authorized purchase order.
Upon receipt of a written deficiency notice, Contractor shall have ten (10) days to provide a satisfactory response to Region 4 ESC . Failure to adequately address all issues of concern may result in Contract cancellation. Upon cancellation under this paragraph, all goods, materials, work, documents, data and reports prepared by Contractor under the Contract shall immediately become the property of Region 4 ESC. b) Termination for Cause. If, for any reason, Contractor fails to fulfill its obligation in a timely manner, or Contractor violates any of the covenants, agreements, or stipulations of this Contract Region 4 ESC reserves the right to terminate the Contract immediately and pursue all other applicable remedies afforded by law. Such termination shall be effective by delivery of notice, to the Contractor, specifying the effective date of termination. In such event, all documents, data, studies, surveys, drawings, maps, models and reports prepared by Contractor will become the property of the Region 4 ESC. If such event does occur, Contractor will be entitled to receive just and equitable compensation for the satisfactory work completed on such documents.
c) Delivery/Service Failures. Failure to deliver goods or services within the time specified, or within a reasonable time period as interpreted by the purchasing agent or failure to make replacements or corrections of rejected articles/services when so requested shall constitute grounds for the Contract to be terminated. In the event Region 4 ESC must purchase in an open market, Contractor agrees to reimburse Region 4 ESC , within a reasonable time period, for all expenses incurred.
d) Force Majeure. If by reason of Force Majeure, either party hereto shall be rendered unable wholly or in part to carry out its obligations under this Agreement then such party shall give notice and full particulars of Force Majeure in writing to the other party within a reasonable time after occurrence of the event or cause relied upon, and the obligation of the party giving such notice, so far as it is affected by such Force Majeure, shall be suspended during the continuance of the inability then claimed, except as herei nafter provided, but for no longer period, and such party shall endeavor to remove or overcome such inability with all reasonable dispatch.
The term Force Majeure as employed herein, shall mean acts of God, strikes, lockouts, or other industrial disturbances, act of public enemy, orders of any kind of government of the United States or the State of Texas or any civil or military authority; insurrections; riots; epidemics; landslides; lighting; earthquake; fires; hurricanes; storms; floods; washouts; droughts; arrests; restraint of government and people; civil disturbances; explosions, breakage or accidents to machinery, pipelines or canals, or other causes not reasonably within the control of the party claiming such inability. It is understood and agreed that the settlement of strikes and lockouts shall be entirely within the discretion of the party having the difficulty, and that the above requirement that any Force Majeure shall be remedied with all reasonable dispatch shall not require the settlement of s trikes and lockouts by acceding to the demands of the opposing party or parties when such settlement is unfavorable in the judgment of the party having the difficulty. e) Standard Cancellation. Region 4 ESC may cancel this Contract in whole or in part by providing written notice. The cancellation will take effect 30 business days after the other party receives the notice of cancellation. After the 30th business day all work will cease following completion of final purchase order.
12) Licenses. Contractor shall maintain in current status all federal, state and local licenses, bonds and permits required for the operation of the business conducted by Contractor. Contractor
CONTRACT
4 shall remain fully informed of and in compliance with all ordinances and regulations pertaining to the lawful provision of services under the Contract. Region 4 ESC reserves the right to stop work and/or cancel the Contract if Contractor’s license(s) expire, lapse, are suspended or terminated.
13) Survival Clause . All applicable software licens e agreements, warranties or service agreements that are entered into between Contractor and Region 4 ESC under the terms and conditions of the Contract shall survive the expiration or termination of the Contract. All Purchase Orders issued and accepted by Contractor shall survive expiration or termination of the Contract.
14) Delivery. Conforming product shall be shipped within 7 days of receipt of Purchase Order. If delivery is not or cannot be made within this time period , the Contractor must receive authorization for the delayed delivery. The order may be canceled if the estimated shipping time is not acceptable. All deliveries shall be freight prepaid, F.O.B. Destination and shall be included in all pricing offered unless otherwise clearly stated in writing. 15) Inspection & Acceptance. If defective or incorrect material is delivered, Region 4 ESC may make the determination to return the material to the Contractor at no cost to Region 4 ESC.
The Contractor agrees to pay all shipping costs for the return s hipment. Contractor shall be responsible for arranging the return of the defective or incorrect material. 16) Payments. Payment shall be made after satisfactory performance, in accordance with all provisions thereof, and upon receipt of a properly completed invoice. 17) Price Adjustments. Should it become necessary or proper during the term of this Contract to make any change in design or any alterations that will increase price, Region 4 ESC must be notified immediately. Price increases must be approved by Region 4 ESC and no payment for additional materials or services, beyond the amount stipulated in the Contract shall be paid without prior approval. All price increases must be supported by manufacturer documentation, or a formal cost justification letter. Contractor must honor previous prices for thirty (30) days after approval and written notification from Region 4 ESC. It is the Contractor’s responsibility to keep all pricing up to date and on file with Region 4 ESC . All price changes must be provided to Region 4 ESC , using the same format as was provided and accepted in the Contractor’s proposal.
Price reductions may be offered at any time during Contract. Special, time-limited reductions are permissible under the following conditions: 1) reduction is available to all users equally; 2) reduction is for a specific period, normally not less than thirty (30) days; and 3) original price is not exceeded after the time-limit. Contractor shall offer Region 4 ESC any published price reduction during the Contract term.
18) Audit Rights. Contractor shall, at its sole expense, maintain appropriate due diligence of all purchases made by Region 4 ESC and any entity that utilizes this Contract. Region 4 ESC reserves the right to audit the accounting for a period of three (3) years from the time such purchases are made. This audit right shall survive termination of this Agreement for a period of one (1) year from the effective date of termination. Region 4 ESC shall have the authority to conduct random audits of Contractor’s pricing at Region 4 ESC's sole cost and expense.
Notwithstanding the foregoing, in the event that Region 4 ESC is made aware of any pricing being offered that is materially inconsistent with the pricing un der this agreement, Region 4 ESC shall have the ability to conduct an extensive audit of Contractor’s pricing at Contractor’s
CONTRACT
5 sole cost and expense. Region 4 ESC may conduct the audit internally or may engage a third- party auditing firm. In the event of an audit, the requested materials shall be provided in the format and at the location designated by Region 4 ESC.
19) Discontinued Products. If a product or model is discontinued by the manufacturer, Contractor may substitute a new product or model if the replacement product meets or exceeds the specifications and performance of the discontinued model and if the discount is the same or greater than the discontinued model.
20) New Products/Services. New products and/or services that meet the scope of work may be added to the Contract. Pricing shall be equivalent to the percentage discount for other products. Contractor may replace or add product lines if the line is replacing or supplementing products, is equal or superior to the original products, is discounted similarly or greater than the original discount, and if the products meet the requirements of the Contract. No products and/or services may be added to avoid competitive procurement requirements. Region 4 ESC may require additions to be submitted with documentation from Members demonstrating an interest in, or a potential requirement for, the new product or service. Region 4 ESC may reject any additions without cause.
21) Options. Optional equipment for products u nder Contract may be added to the Contract at the time they become available under the following conditions: 1) the option is priced at a discount similar to other options; 2) the option is an enhancement to the unit that improves performance or reliability.
22) Warranty Conditions. All supplies, equipment and services shall include manufacturer's minimum standard warranty and one (1) year labor warranty unless otherwise agreed to in writing.
23) Site Cleanup. Contractor shall clean up and remove all debris and rubbish resulting from their work as required or directed. Upon completion of the work, the premises shall be left in good repair and an orderly, neat, clean, safe and unobstructed condition. 24) Site Preparation. Contractor shall not begin a project for which the site has not been prepared, unless Contractor does the preparation work at no cost, or until Region 4 ESC includes the cost of site preparation in a purchase order. Site preparation includes, but is not limited to:
moving furniture, installing wiring for networks or power, and similar pre -installation requirements.
25) Registered Sex Offender Restrictions. For work to be performed at schools, Contractor agrees no employee or employee of a subcont ractor who has been adjudicated to be a registered sex offender will perform work at any time when students are or are reasonably expected to be present. Contractor agrees a violation of this condition shall be considered a material breach and may result in the cancellation of the purchase order at Region 4 ESC’s discretion. Contractor must identify any additional costs associated with compliance of this term. If no costs are specified, compliance with this term will be provided at no additional charge.
26) Safety measures. Contractor shall take all reasonable precautions for the safety of employees on the worksite and shall erect and properly maintain all necessary safeguards for protection of workers and the public. Contractor shall post warning signs against all hazards created by its operation and work in progress. Proper precautions shall be taken pursuant to state law
CONTRACT
6 and standard practices to protect workers, general public and existing structures from injury or damage.
27) Smoking. Persons working under the Contract shall adhere to local smoking policies.
Smoking will only be permitted in posted areas or off premises. 28) Stored materials. Upon prior written agreement between the Contractor and Region 4 ESC, payment may be made for materials not incorporated in the work but delivered and suitably stored at the site or some other location, for installation at a later date. An inventory of the stored materials must be provided to Region 4 ESC prior to payment. Such materials must be stored and protected in a secure location and be insured for their full value by the Contractor against loss and damage. Contractor agrees to provide proof of coverage and additional ly insured upon request. Additionally, if stored offsite, the materials must also be clearly identified as property of Region 4 ESC and be separated from other materials. Region 4 ESC must be allowed reasonable opportunity to inspect and take inventory of stored materials, on or offsite, as necessary. Until final acceptance by Region 4 ESC , it shall be the Contractor's responsibility to protect all materials and equipment. Contractor warrants and guarantees that title for all work, materials and equipment shall pass to Region 4 ESC upon final acceptance. 29) Funding Out C lause. A Contract for the acquisition, including lease, of real or personal property is a commitment of Region 4 ESC’s current revenue only. Region 4 ESC retains the right to terminate the Contract at the expiration of each budget period during the term of the Contract and is conditioned on a best effort attempt by Region 4 ESC to obtain appropriate funds for payment of the contract.
30) Indemnity. Contractor shall protect, indemnify, and hold harmless both Region 4 ESC and its administrators, employees and agents against all claims, damages, losses and expenses arising out of or resulting from the actions of the Contractor, Contractor employees or subcontractors in the preparation of the solicitation and the later execut ion of the Contract.
Any litigation involving either Region 4 ESC, its administrators and employees and agents will be in Harris County, Texas.
31) Marketing. Contractor agrees to allow Region 4 ESC to use their name and logo within website, marketing materials and advertisement. Any use of Region 4 ESC name and logo or any form of publicity, inclusive of press releases, regarding this Contract by Contractor must have prior approval from Region 4 ESC.
32) Certificates of Insurance . Certificates of insurance shall be delivered to the Region 4 ESC prior to commencement of work. The Contractor shall give Region 4 ESC a minimum of ten (10) days’ notice prior to any modifications or cancellation of policies. The Contractor shall require all subcontractors performing any work to maintain coverage as specified. 33) Legal Obligations. It is Contractor’s responsibility to be aware of and comply with all local, state, and federal laws governing the sale of products/services and shall comply with all laws while fulfilling the Contract. Applicable laws and regulation must be followed even if not specifically identified herein.
5
2FWREHU6HSWHPEHU
8/25/2020
8/25/2020
Margaret S. Bass
Linda Tinnerman
Appendix B
TERMS & CONDITIONS ACCEPTANCE FORM
Signature on the Offer and Contract Signature form certifies complete acceptance of the terms and conditions in this solicitation and draft Contract except as noted below with proposed substitute language (additional pages may be attached, if necessary). The provisions of the RFP cannot be modified without the express written approval of Region 4 ESC. If a proposal is returned with modifications to the draft Contract provisions that are not expressly approved in writing by Region 4 ESC, the Contract provisions contained in the RFP shall prevail.
Check one of the following responses:
☐ Offeror takes no exceptions to the terms and conditions of the RFP and draft Contract. (Note: If none are listed below, it is understood that no exceptions/deviations are taken.) ☒ Offeror takes the following exceptions to the RFP and draft Contract. All exceptions must be clearly explained, reference the corresponding term to which Offeror is taking exception and clearly state any proposed modified language, proposed additional terms to the RFP and draft Contract must be included:
(Note: Unacceptable exceptions may remove Offeror’s proposal from consideration for award.
Region 4 ESC shall be the sole judge on the acceptance of exceptions and modifications and the decision shall be final.
If an offer is made with modifications to the contract provisions that are not expressly approved in writing, the contract provisions contained in the RFP shall prevail.) Section/Page Term, Condition, or
Specification
Exception/Proposed Modification Accepted
(For Region 4
ESC’s use)
No exceptions taken in Region 4 contract
Exceptions indicated pertained to OMNIA Partners and were addressed SYNNEX
Financial Solutions
Letter of Credit
• Letter of credit from financial
institution specifically designated to
secure SYNNEX terms line
Flooring
• IBM, , GE, Castle Pines, DLL
Joint Purchase Orders
• Purchase Order is issued jointly to
SYNNEX and Reseller
• Payment is made from End User to
SYNNEX in name of SYNNEX and
Reseller; profits disbursed per
agreement
Purchase Order Assignments
• Payment made from end User to
SYNNEX in name of Reseller; profit
disbursed from SYNNEX to Reseller
SYNNEX Financial Services
• We offer a variety of Leasing products
and services to meet any end-user
need.
SYNNEX RISE
• SYNNEX contracts with Reseller to
perform certain credit functions
including credit review underwriting
along with invoice billing and
collection.
• SYNNEX acts as agent for Reseller in
dealings with specific End Users
• P ayments route through a dual
controlled bank account; amounts
disbursed from account to both
SYNNEX to Reseller
Escrow Accounts
• Payment from End User made to
third party Escrow Agent
• Funds disbursed by Escrow Agent to
Reseller and SYNNEX
Third Party Accounts Receivable
Financing
• SYNNEX has a third party financing
program through Global Technology
Finance and A c t i o n C a p i t o l .
Please contact an alternative
financing representative for additional
information.
Sled Advantage Plus
(Blind Lockbox)
• SYNNEX and Reseller have back end
(invisible to End User) agreement
stating Reseller will invoice the End
User with remittance information for a
lockbox that is controlled by
SYNNEX.
Utility Financing
• SYNNEX is able to offer utility type
financing and invoicing for certain
solutions.
SYNNEX Corporation is leading the
IT
industry in business process services.
We not only provide design- to-
distribution-services for our customers,
but we also provide the tools and
services all businesses need for front
and back-office support functions.
We understand that sometimes the
biggest challenge to remaining
competitive and profitable is
investment capital. At SYNNEX, we
believe in supporting our business
partners with financial tools and
support that will enable your
business to grow. Our complete line
of financial solutions are aimed at
helping you take advantage of new
business opportunities when they
arise.
For More
Information
Bob Frey
Senior Leasing Specialist
1-800-456-4822 , Ext. 494346
Ryan Howard
Senior Credit Analyst
1-800-456-4822 , Ext. 494679
Copyright 2011 SYNNEX Corporation. All rights reserved. SYNNEX, the SYNNEX Logo and all other SYNNEX company, product and services names and slogans are trademarks or registered trademarks of SYNNEX Corporation. SYNNEX and the SYNNEX Logo Reg. U.S. Pat. & Tm. Off. Other names and marks are the property of their respective owners.
PID6253 | 072611
SYNNEX
Traditional Solutions
Wire Transfer
Credit Card
• Mastercard, Visa, American Express,
& Discover
COD
• Check approval obtained (per order)
from third party check guarantor
(Certegy)
BSCC Program
• Terms are Net 30; the line is secured
with a credit card
• Establish net terms pay history for
companies with little credit
experience
EFT (Electronic Funds Transfer)
• Payments automatically drafted from
bank account on day 5 or day 30
depending on program
EZ Credit Program (Five Steps)
• This program is tailored for SMB
resellers and allows those partners to
transition from using a credit card to
building a SYNNEX net terms credit
line instead.
Net Terms (30 Days)
• Line requests greater than $25K
require financial statements for
review
• Possible additional security
requirements
• Personal Guarantee with
accompanying Personal Financial
Statements
• UCC filing or PMSI filing
(Purchase Money Security
Instrument)
• Offer Net 45 terms seasonally for
Government or Education orders
Online Payment Option
• Make one time payment online
through SYNNEX EC Express;
payments post overnight
For More
Information
Bob Frey
Senior Leasing Specialist
1-800-456-4822 , Ext. 494346
Ryan Howard
Senior Credit Analyst
1-800-456-4822 , Ext. 494679
Copyright 2011 SYNNEX Corporation. All rights reserved. SYNNEX, the SYNNEX Logo and all other SYNNEX company, product and services names and slogans are trademarks or registered trademarks of SYNNEX Corporation. SYNNEX and the SYNNEX Logo Reg. U.S. Pat. & Tm. Off. Other names and marks are the property of their respective owners.
PID6253 | 0726
OPTIMAL
USER EXPERIENCE
Copyright 2018 SYNNEX Corporation. All rights reserved. SYNNEX, the SYNNEX Logo, and all other SYNNEX company, product and services names and slogans are trademarks or registered trademarks of SYNNEX Corporation. SYNNEX, and the SYNNEX Logo Reg. U.S. Pat. & Tm.
Off. Other names and marks are the property of their respective owners. 270424-18 Flexible T echnology Procurement
SYNNEX’ Device-as-a-Subscription (DaaS) program enables you and your customers to simply and inexpensively bundle their hardware/ software/service needs into a subscription-based agreement.
Available in the US and Canada, the SYNNEX DaaS program encompasses many types of client devices including desktops, notebooks, tablets, 2-in-1s, handhelds, and more. Here’s how DaaS can help you and your customers make technology easy to buy and drive more business.
Reseller Benefits:
• Easy to sell, easy to execute
• “Build your own DaaS” solution via our
technology platform
• Modern subscription offering with suite
of services and devices spanning the
breadth of the SYNNEX line card
• Full revenue on the initial transaction and
built in refresh cycles
• Ability to offer monthly payments to your
end customers vs. up-front capital outlays
• Customized solutions unique to your
vertical market
• Enhance your margins and protect your
client base in a competitive market
End Customer Benefits:
• Easy-to-buy technology on an easy-to-execute subscription agreement
• Flexibility and scalability to match changing business needs • Freedom to scale up, scale down, make changes, refresh or return early
• Low minimum and no maximum subscription plans from 24-60 months to meet your budgetary needs
• Up-to-date security via new devices, systems updates, and bundled services
ENGAGE NOW
for quotes or more information
Email Financial Services Team at
[email protected]
Call SYNNEX Financial Services
Hotline: 833-238-8503
The SYNNEX Difference
Leverage the resources of a Fortune 200 company to extend alternate procurement models to complement your technology proposal. Available in an easy-to-execute 2-5 year subscription, DaaS is billed monthly with a budget- friendly payment. During the subscription period, your customer can scale and flex as needed. At the end of their subscription period, your customer can continue paying on a month-to-month schedule or refresh their equipment with new technology to better support their growing business needs.
FREEDOM
TO SCALE UP OR DOWN
ELIMINATE
UNEXPECTED COSTS
Device-As-A-Subscription (DaaS)
Copyright 2013 SYNNEX Corporation. All rights reserved. SYNNEX, the SYNNEX Logo and all other SYNNEX company, product and services names and slogans are trademarks or registered trademarks of SYNNEX Corporation. SYNNEX and the SYNNEX Logo Reg. U.S. Pat. & Tm. Off. Other names and marks are the property of their respective owners.
SYNNEX LEASE PROGRAM
Program Overview
o SYNNEX Lease Program
End User or Reseller will lease the product
Approved leasing company becomes engaged and
approves the reseller and end-user.
PO from leasing company is issued to either the
reseller with an Assignment of Proceeds or Synnex
(Direct Lease).
Assignment of Proceeds Lease
o If the PO from the leasing company is made out to the reseller, it must be accompanied by an Assignment of
Proceeds document. This form allows Synnex to
receive funds from a third party.
Reseller’s terms account is cloned and issued
terms of L (leasing). It is linked into the Master
account.
Reseller invoices the leasing company for the
entire project amount (including the Synnex cost).
Once the project is complete, the leasing
company reaches out to the end-user (lessee) for
Acceptance. Upon receipt of Acceptance, the
leasing company will disburse the total amount of
the lease in two portions. Both the reseller
receives his share along with Synnex. The amount
Synnex receives should equal the amount of the
reseller’s PO issued to Synnex at the beginning of
the project.
All leases contingent upon underwriting approval
Direct Lease
The PO is made out directly to Synnex. The new lease account number is set up under the name of the leasing company.
Synnex invoices the leasing company and the tax liability falls under the leasing company.
The account is linked into the reseller’s master
account. This type of lease mostly occurs when
the reseller is also the lessee, but not always.
Either type of lease does not affect the resellers
terms line. Receivable is tied into the financial
strength of the leasing company.
Types of Leasing
o Fair Market Value (FMV)
Product is returned to leasing company at the end
of the lease term. Refreshes the old product for
the latest at fair market value and negotiates
terms for a new lease.
Lower monthly payment
o $1 Buyout Lease
At the end of the lease term, lessee purchases the
product for $1.00.
Title changes ownership from leasing company to
lessee.
Higher payment than FMV
Owner of the product may begin to depreciate it
for tax purposes.
All leases contingent upon underwriting approval
Cost
o No cost to reseller or end user
For more information, please contact:
Bob Frey Senior Lease Specialist 864-349-4346 [email protected] Braden Pratt Credit Analyst 864-349-4940 [email protected] Copyright 2013 SYNNEX Corporation. All rights reserved. SYNNEX, the SYNNEX Logo and all other SYNNEX company, product and services names and slogans are trademarks or registered trademarks of SYNNEX Corporation. SYNNEX and the SYNNEX Logo Reg. U.S. Pat. & Tm. Off. Other names and marks are the property of their respective owners.
Lease Document Checklist
Documents for AOP Lease Received (Y/N) Date Received
Purchase Order to reseller from Leasing Company
Fully executed Assignment of Proceeds (AOP) form
PO from reseller to Synnex (amount must match AOP)
Acceptance certificate to Leasing Company from Lessee
Payment remitted from leasing company to reseller and
Synnex
Documents for Direct Lease
PO from Leasing Company issued to Synnex
Synnex invoices leasing company
Leasing company remits payment upon acceptance
Underwriting Approval required on reseller and leasing company Lease Program Invoice and Payment Flow
SYNNEX Ships
Product to Lessee and
invoices reseller or
leasing company
Product Shipped
Reseller invoices Lessor,
Synnex invoices reseller
(AOP) or Synnex
invoices lessor (Direct)
Lease) depends on type
of lease
Lessor Processes
Invoices upon
acceptance and Remits
Payment to Parties
Lessor remits resellers amount due
as stated on AOP directly to them
and Synnex’ portion to Synnex.
1 Security Operating Platform Executive Summary
As cybercrime and new types of security threats continue to evolve, organizations are challenged to keep up, especially as network boundaries and attack surfaces expand. Security breaches and intellectual property loss can have a huge impact with an estimated annual global cost of over $600 billion and expected to be in the trillions by 2021. Because they focus mainly on detection and remediation, current approaches to security are inadequate to sufficiently address the rise in volume and sophistication of attacks. Cybercriminals invest in the latest technologies that leverage auto- mation and big data analytics. They often share data and techniques with their peers to keep their approach ahead of point-focused security products. However, cybercriminals are not the only threat as employees may often unknowingly violate corporate compliance and expose critical data in locations such as public cloud.
To understand how security breaches occur we use the cyber-attack lifecycle, which is a sequence of events that a cybercriminal goes through to successfully exploit a network and exfiltrate data from it.
PREVENTIVE CONTROLS REACTIVE CONTROLS
Command
and Control
Actions on
the ObjectiveReconnaisance Weaponization
and Delivery Exploitatio n Installation
Cyber-attack lifecycle
Because many current threats have proven to be too sophisticated for legacy security solutions, the Palo Alto Networks® approach to security focuses on prevention rather than detection. This approach is paramount for complete visibility into each piece of the cyber-attack lifecycle and gives the Palo Alto Networks Security Operating Platform® the ability to turn unknown threats into known threats by responding to and turning around security updates in min- utes rather than days or months.
The Palo Alto Networks interpretation of “defense-in-depth” is dramatically different. Rather than layer products and technologies inline, the depth refers to multiple techniques that each increase the opportunities to prevent successful cyberattacks. The intelligence derived from one technique benefits the others across the enterprise.
EXECUTIVE SUMMARY
Security Operating Platform
October 2019
2 Security Operating Platform Executive Summary
The key elements of the Palo Alto Networks approach to cybersecurity are to provide visibility, reduce the attack sur- face area, prevent all known threats, and detects and prevent new threats.
Complete Visibility Reduce Attack
Surface Area
Prevent All
Known Threats
Detect and Prevent New
Threats
Key elements of the Palo Alto Networks approach
• P
rovide visibility—An organization is unable to protect against what it cannot see. This element requires full visibility of users, applications, and content traversing corporate networks, cloud, and endpoints. Only then is it possible to implement security policies and take actions, such as block unknown traffic, identify advanced attacks, or permit only the applications that have a valid business purpose. •
R
educe the attack surface—It is more difficult for an attacker to compromise an organization when the attack surface is reduced. A variety of actions and tactics are available to reduce the attack surface. Implement an application whitelist, enable only critical business applications and deny all others by default. Inspect and judge unknown traffic and activity against previously determined information-security and acceptable-use policies to determine whether to allow it to execute. Implement two-factor authentication and enforce role-based access to applications and data content where possible to ensure that compromised credentials cannot be used to access applications and data.
•
P
revent known threats—Preventing known threats is a foundational capability of any security program, but to do so effectively, organizations must be able to consume and process threat intelligence and must have well-or- ganized defenses that can be reconfigured rapidly and automatically, based upon new intelligence. • P
revent unknown threats—Although preventing known threats is vitally important, signature-based prevention can block only what it knows to block. Unfortunately, given the rapid pace of change in attacks, relying on pre- venting known threats alone consigns organizations to a reactive security posture in which they are always one step behind adversaries. Therefore, preventing unknown threats is a crucial capability that consists of making unknown threats known, developing controls to stop them, and automatically reprogramming security technolo- gies to enforce the new controls.
A different approach to security is needed. Defenders need to replace siloed point products with security innovations that are tightly integrated. Security requires simplicity. Palo Alto Networks Security Operating Platform consists of a tightly integrated system of components and services, including a partner ecosystem, that delivers consistent security across the network, endpoints, and cloud. By working as an integrated system, the Security Operating Platform simpli- fies security by leveraging consolidated threat intelligence information, automation, machine learning, and data analytics.
The Security Operating Platform was designed so your teams can operate simply and efficiently to protect your orga- nization. The platform prevents successful attacks and stops attacks in progress to provide consistent protection and secure the enterprise, the cloud, and the future.
3 Security Operating Platform Executive Summary
Secure the Enterprise
Tightly integrated innovations allow consistent protection for the enterprise with next-generation firewalls, Threat Prevention services, security subscription services such as DNS Security and URL Filtering, and Panorama™ for firewall management. The next-generation firewalls are provided as physical and virtual form factors and provide application, content, and user-aware security classification and policy enforcement. Traps™ endpoint protection stops threats and coordinates enforcement with network and cloud security in order to prevent successful cyber-attacks.
Secure the Cloud
Prisma™ provides complete cloud security through protection for branches, mobile users, software as a service (SaaS), and apps in private and public clouds. Prisma consists of:
•
P
risma Access—(Formerly GlobalProtect™ cloud service) Delivers consistent security for remote sites and mobile users. All users regardless of location can use Prisma Access to securely connect to and use applications over the internet.
• P
risma SaaS—(Formerly Aperture™) Secures SaaS applications by offering advanced data protection and data loss prevention. Together with Prisma Access, it provides multi-mode cloud access security broker features, com- pliance assurance, data governance, and advanced threat-protection. •
P
risma Cloud—(Formerly RedLock®) Secures the public cloud through threat protection, governance, and compli- ance. Prisma Cloud dynamically discovers cloud resources and risky configurations, while detecting threats, data leaks, and suspicious behavior.
Secure the Future
For security teams, getting anything done is complex, consists of manual tasks, and requires working across multiple teams and tools. The Palo Alto Networks approach is to reduce risk by lowering the mean-time-to-response and mean- time-to-detection to increase efficiency for your teams. We deliver this through Cortex™, which consists of:
•
C
ortex Data Lake—(Formerly Logging Service) A cloud-based logging repository that collects, integrates, and normalizes data that Cortex XDR and other applications can leverage • C
ortex XDR—(Formerly Magnifier™) Cloud-based detection and response that integrates network, endpoint and cloud data and leverages machine learning and artificial intelligence (AI) in order to identify unknown threats by speeding up alert triage and incident response
• A
utoFocus®—Provides a contextual threat intelligence service which helps an organization respond to threats by speeding up their ability to analyze threats
• D
emisto®— A security orchestration, automation and response application that coordinates security product actions through automatable workflows with human control Headquarters
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In summary, Palo Alto Networks has adopted a three-pillar strategy to tackle cyber security by building a platform that uses threat intelligence, automation, analytics, machine learning, and AI to offer comprehensive coverage across the enterprise environment and in the cloud. Key attributes are the ability to protect consistently everywhere, automating tasks for efficiency, and offering visibility into network data regardless of location. For more detail, see the Security Operating Platform Overview.
You can access the latest version of all reference architecture guides at this location:
https:/ /www.paloaltonetworks.com/referencearchitectures OCTOBER 2019
Palo Alto Networks
Security Operating Platform
Platform Overview
Palo Alto Networks
Table of Contents
Preface ...................................................................................................................................................................................1 Introduction.......................................................................................................................................................................... 3 Secure the Enterprise .........................................................................................................................................................................................3 Secure the Cloud ................................................................................................................................................................................................. 4 Secure the Future ................................................................................................................................................................................................ 4 Why Palo Alto Networks ...................................................................................................................................................5 Securing the Enterprise .....................................................................................................................................................7 Next-Generation Firewall and VM-Series ......................................................................................................................................................7 Traps Endpoint Protection and Response .....................................................................................................................................................27 Securing the Cloud with Prisma ....................................................................................................................................31 Prisma Access ..................................................................................................................................................................................................... 31 Prisma SaaS .........................................................................................................................................................................................................37 Prisma Cloud ....................................................................................................................................................................................................... 38 Securing the Future with Cortex ...................................................................................................................................43 Cortex Data Lake ...............................................................................................................................................................................................44 Traps .....................................................................................................................................................................................................................46 Cortex XDR Protection Framework ...............................................................................................................................................................47 Demisto ................................................................................................................................................................................................................48 AutoFocus and MineMeld ................................................................................................................................................................................49 Summary .............................................................................................................................................................................51
GUIDE TYPES
Overview guides provide high-level introductions to technologies or concepts.
Reference architecture guides provide an architectural overview for using Palo Alto Networks® technologies to provide visibility, control, and protection to applications built in a specific environment. These guides are required reading prior to using their companion deployment guides.
Deployment guides provide decision criteria for deployment scenarios, as well as procedures for combining Palo Alto Networks technologies with third-party technologies in an integrated design.
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• User-interface elements.
In the Interface Type list, choose Layer 3.
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Enter the password admin.
Palo Alto Networks
1 Preface
Preface
Italic text denotes the introduction of important terminology.
An external dynamic list is a file hosted on an external server so that the firewall can import objects.
Highlighted text denotes emphasis.
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ABOUT PROCEDURES
These guides sometimes describe other companies' products. Although steps and screen-shots were up-to-date at the time of publication, those companies might have since changed their user interface, processes, or requirements.
GETTING THE LATEST VERSION OF GUIDES
We continually update reference architecture and deployment guides. You can access the latest version of this and all guides at this location:
https:/ /www.paloaltonetworks.com/referencearchitectures Palo Alto Networks
2 Preface
WHAT'S NEW IN THIS RELEASE
Palo Alto Networks made the following change since the last version of this guide:
• Updated introduction section
• Added 5G section with K2 Series
• Refreshed and updated Traps™ section
• Rebranded “Securing the Cloud” section with Prisma™ details • Updated Cortex™ section to include Demisto®
Comprehensive revision history for this guide
3 Palo Alto Networks
Introduction
Introduction
Cybercrime and the types of security threats continue to evolve, challenging organizations to keep up as network boundaries and attack surfaces expand. Security breaches and intellectual property loss can have a huge impact on organizations. Current approaches to security, which focus mainly on detection and remediation, are inadequate to sufficiently address the rise in volume and sophistication of attacks. Cybercriminals invest in the latest technologies that leverage automation and big-data analytics. They often share data and techniques with their peers to keep their approach ahead of point-focused security products. Cybercriminals are not the only threat; employees may often unknowingly violate corporate compliance and expose critical data in locations such as the public cloud.
With the rapid evolution of applications moving to the cloud, decentralization of IT infrastructure, and the increased threat landscape, the result has been a loss of visibility and control for organizations. Devices are proliferating and the network perimeter has all but disappeared, leaving enterprise security teams struggling to safely enable and protect their businesses, customers, and users. With new threats growing in number and sophistication, organizations are finding that traditional security products and approaches are less and less capable of protecting their networks against today’s advanced cyber-attacks.
At the same time, application development and IT operations teams are accelerating the delivery of new applications to drive business growth by adopting DevOps tools and methodologies, cloud and container technologies, big data analytics, and automation and orchestration. Meanwhile, applications are increasingly accessible. The result is an incredibly complex network that introduces significant business risk. Organizations must minimize this risk without slowing down the business.
A different approach to security is needed. Defenders need to replace siloed point products with security innovations that are tightly integrated. Security requires simplicity. The Palo Alto Networks Security Operating Platform consists of a tightly integrated system of components and services, including a partner ecosystem, that delivers consistent security across the network, endpoints and cloud. By working as an integrated system, the Security Operating Platform® simplifies security by leveraging consolidated threat intelligence information, automation, machine learning, and data analytics.
The Security Operating Platform was designed so your teams can operate simply and efficiently to protect your organization. The platform prevents successful attacks and stops attacks in progress to provide consistent protection to secure the enterprise, the cloud, and the future.
SECURE THE ENTERPRISE
Tightly integrated innovations allow consistent protection for the enterprise with next-generation firewalls, Threat Prevention services, security subscriptions services such as DNS Security and URL Filtering, and Panorama™ for firewall management. The next-generation firewalls serve as physical and virtual form-factors and provide application-, content-, and user-aware security classification and policy enforcement. Traps endpoint protection stops threats and coordinates enforcement with network and cloud security in order to prevent successful cyber-attacks. 4 Palo Alto Networks
Introduction
SECURE THE CLOUD
Prisma provides complete cloud security through protection for branches, mobile users, software as a service (SaaS), and apps in private and public clouds. Prisma consists of:
• Prisma Access—(Formerly GlobalProtect™ cloud service) Delivers consistent security for remote sites and mobile users. All users regardless of location can use Prisma Access to securely connect to and use applications over the internet.
• Prisma SaaS—(Formerly Aperture™) Secures SaaS applications by offering advanced data protection and data loss prevention. Together with Prisma Access, it provides multi-mode cloud access security broker features, compliance assurance, data governance, and advanced threat-protection. • Prisma Cloud—(Formerly RedLock®) Secures the public cloud through threat protection, governance, and compli- ance. Prisma Cloud dynamically discovers cloud resources and risky configurations, while detecting threats, data leaks, and suspicious behavior.
SECURE THE FUTURE
For security teams, getting anything done is complex, consists of manual tasks, and requires working across multiple teams and tools. The Palo Alto Networks approach is to reduce risk by lowering the mean-time-to-response and mean-time-to-detection to increase efficiency for your teams. We deliver this through Cortex, an open and integrated, AI-based, continuous-security platform that leverages rich data from multiple sensors on endpoints, firewalls and the cloud to provide analytics, machine learning and automation. Cortex consists of:
• Cortex Data Lake—(Formerly Logging Service) A cloud-based logging repository that collects, integrates, and normalizes data that Cortex XDR and other applications can leverage. • Traps—Endpoint protection and response that provides behavior-based protection to detect and respond to sophisticated attacks.
• Cortex XDR—(Formerly Magnifier™) Provides cloud-based detection and response by integrating network, endpoint, and cloud data and leverages machine learning and AI in order to identify unknown threats by speed- ing up alert triage and incident response.
• AutoFocus™—Provides a contextual threat intelligence service, which helps an organization respond to threats by speeding up their ability to analyze threats.
• Demisto—A security orchestration, automation, and response (SOAR) application that coordinates security product actions through automatable workflows with human control.
The next few sections go into more detail, explaining how all of the components of the Palo Alto Networks Security Operating Platform work together to secure the enterprise, secure the cloud, and secure the future in order to prevent and protect critical data and prevent successful cyberattacks. 5 Palo Alto Networks
Why Palo Alto Networks
Why Palo Alto Networks
Palo Alto Networks is a global cybersecurity leader, with the mission of protecting our digital way of life by preventing successful cyberattacks. In several distinct ways, the Palo Alto Networks approach differs from that of other security vendors who might make similar claims.
By architecting for prevention, organizations have an advantage in cybersecurity over using a detection-based approach. That is important not only from a technology perspective but also based on the availability of skilled cyberse- curity workers. It is estimated that there will be a shortfall of 3.5 million cybersecurity professionals by 2021.
Many current threats have proven to be too sophisticated for legacy security solutions. Taking a preventative approach means that security products can identify both known and unknown threats and stop them in real time. Our platform can differentiate between activity that is malicious and activity that is benign, and then prevent the malicious activity.
In contrast, security products taking a detection-based approach generate alerts that a malicious activity is currently happening. Alerts require management. The security team must rate the alert severity and determine the appropriate response. This manual decision-making process is far from trivial and requires experience and talent. Having a skilled team of security analysts is a prerequisite for a detection-based security to work properly. This approach yields a dif- ferent load distribution between what the security product itself can do and what is manually required of the security team—putting much heavier burden on the team.
Figure 1 Key elements of the Palo Alto Networks approach Complete Visibility Reduce Attack
Surface Area
Prevent All
Known Threats
Detect and Prevent New
Threats
The key elements of the Palo Alto Networks approach to cybersecurity:
• Provide visibility—An organization is unable to protect against what it cannot see. This ability requires the full visibility of users, applications, and content traversing corporate networks, the cloud, and endpoints. Only then is it possible to implement security policies and take actions, such as blocking unknown traffic, identifying advanced attacks, or permitting only the applications that have a valid business purpose. • Reduce the attack surface—It is more difficult for an attacker to compromise an organization when the attack surface is reduced. A variety of actions and tactics are available to reduce the attack surface:
◦ Implementing an application whitelist, enabling only critical business applications, and denying all others by default.
◦ Inspecting and judging unknown traffic and activity against previously determined information-security and acceptable-use policies in order to determine whether to allow it to execute. ◦ Implementing two-factor authentication and enforcing role-based access to applications and data content where possible to ensure that compromised credentials cannot be used to access applications and data. 6 Palo Alto Networks
Why Palo Alto Networks
• Prevent known threats—Preventing known threats is a foundational capability of any security program, but to do so effectively, organizations must be able to consume and process threat intelligence and must have well-or- ganized defenses that can be reconfigured rapidly and automatically, based upon new intelligence. • Prevent unknown threats—Although preventing known threats is vitally important, signature-based prevention is limited, by definition, to blocking only what it knows to block. Unfortunately, given the rapid pace of change in attacks, relying on preventing known threats alone consigns organizations to a reactive security posture in which they are always one step behind adversaries. Therefore, preventing unknown threats is a crucial capability that consists of making unknown threats known, developing controls to stop them, and automatically reprogramming security technologies to incorporate the new controls. Successful prevention is not possible 100% of the time.
Our technologies use data analytics and machine learning on the collected data sets to detect behavioral anom- alies indicative of a breach or attack and provide detailed actionable alerts. Organizations can use automated processes and event correlation around events to make it easier to identify and address the critical threats. 7 Palo Alto Networks
Securing the Enterprise
Securing the Enterprise
The networking infrastructure of an enterprise can be extraordinarily complex. The Palo Alto Networks Security Operating Platform secures enterprise networks’ perimeter, data center, and branch with a fully integrated and auto- mated platform that simplifies security. Simplifying your security posture allows you to reduce operational costs and supporting infrastructure while increasing your ability to prevent threats to your organization and quickly adjust to your dynamic environment. The key Palo Alto Networks Security Operating Platform elements for securing the enterprise are:
• NGFW and VM-Series—The foundation of the Palo Alto Networks Security Operating Platform • Subscription services—Provides enhanced threat services and NGFW capabilities • Panorama—Centralized NGFW management and logging
• Traps—Endpoint protection across all servers, workstations, and remote devices • GlobalProtect—Extends the enterprise perimeter to remote sites and mobile users
NEXT-GENERATION FIREWALL AND VM-SERIES
Organizations deploy the next-generation firewall at the network perimeter and inside the network at logical trust boundaries. All traffic crossing the next-generation firewall undergoes a full-stack, single-pass inspection, providing complete context of the application, associated content, and user identity. With this level of context, you can align security with your key business initiatives.
Figure 2 Next-generation firewall locations in the network Remote Sites
Headquarters Data Center
(Private Cloud)
Mobile Devices
WANIoT Devices Servers
Internal Users
Public Cloud
Internet
8 Palo Alto Networks
Securing the Enterprise
The next-generation firewall includes several key features that enable complete visibility of the application traffic flows, associated content, and user identity and protect them from known, unknown, and advanced persistent threats. These features include App-ID™, User-ID™, and dynamic address groups (DAGs).
App-ID
Many organizations are not fully aware of the number of applications in use, how heavily they are used, or by whom.
This lack of visibility forces organizations to implement negative (blacklist) enforcement approaches where they selectively block traffic and destinations known to be a risk to the organization. The next-generation firewall also allows you to implement a positive (whitelist) enforcement policy where you selectively allow the applications required to run your organization. This significantly reduces the number of ways cybercriminals can attack your organization. A key to positive enforcement is App-ID. App-ID identifies the applications traversing the firewall—regardless of port or proto- col—even if the traffic is tunneled in GRE, uses evasive tactics, or is encrypted. App-ID can determine the difference between base applications and application functions. This level of visibility brings a complete understanding of the applications on your network and their value and risk to your organization.
Figure 3 App-ID classification techniques
Check Application
Sign atures
IdentifiedCheck
IP / Po rt
Report and Enforce Policy
Data Traffic
Policy Check Unkn ow n
Encod ed in
kn own pro toco l
Encrypte d
(SS L or S SH)
De cry pt io n
Poli cy
Unknown Protocol Decoder
Apply Heuristics Policy Check
Known Protocol Decoder
Policy CheckDe co de Check Signatures
Policy Check
9 Palo Alto Networks
Securing the Enterprise
App-ID uses multiple techniques to identify traffic, including:
• Application signatures—To identify an application, App-ID first uses signatures to look for unique application properties and related transaction characteristics. The signature also determines whether the application is using its default port or a non-standard port. If security policy allows the identified application, App-ID further analyzes the traffic in order to identify more granular applications and scan for threats. • TLS/SSL and SSH decryption—If App-ID determines that TLS/SSL encryption is in use, it can decrypt and reevaluate the traffic. App-ID uses a similar approach with SSH in order to determine whether port forwarding is being used to tunnel traffic over SSH.
• Application and protocol decoding—For known protocols, decoders apply additional context-based signatures to detect applications tunneling inside the protocols. Decoders validate that traffic conforms to the protocol specification, and they support NAT traversal and opening dynamic pinholes for applications such as VoIP or FTP. Decoders for popular applications also identify the individual functions within the application. In addition to identifying applications, decoders identify files and other content to be scanned for threats or sensitive data. • Heuristics—In certain cases, evasive applications cannot be detected by using advanced signature and pro- tocol decoding. In those cases, App-ID uses heuristic or behavioral analysis to identify applications that use proprietary encryption, such as peer-to-peer file sharing. Heuristic analysis, with the other App-ID techniques, provides visibility into applications that might otherwise elude identification. The heuristics are specific to each application and include checks based on information such as the packet length, session rate, and packet source.
Using the Application Command Center (ACC), you can see the applications in use across your organization. After you’ve determined the value of an application to your organization, App-ID controls the security policy for that applica- tion. The security policy can include a number of different actions, such as:
• Allowing or denying.
• Allowing but scanning the content for exploits, viruses, and other threats. • Allowing based on schedule, users, or groups.
• Controlling file or sensitive data transfer.
• Allowing or denying a subset of application functions.
While you are compiling the list of the applications you want to support, tolerate, or block, App-ID can restrict appli- cations that behave in undesirable ways. You can use application categories, technologies, and risk ratings to define a security policy to block any applications that match those characteristics.
Often, safe application enablement means striking an appropriate security policy balance between allowing some application functions and denying others. Examples include:
• Allowing Facebook but denying Facebook mail, chat, posting, and apps, effectively only allowing users to browse Facebook.
• Allowing the use of SaaS applications such as Dropbox but denying file uploads. This technique grants internal users access to personal file shares but prevents intentional or unintended corporate information leaks. 10 Palo Alto Networks
Securing the Enterprise
The list of App-IDs is updated monthly with new applications added based on input from the Palo Alto Networks community (customers, partners) and market trends. All App-IDs are classified by category, subcategory, technology, and risk rating. The security policy can use these classifications to automatically support new applications as the App-ID list expands. Alternatively, you can specify that you want to review new applications and determine how they are treated before the new list is installed.
User-ID and Dynamic Address Groups
As you define security policies based on application use, a key component of that policy is who should be able to use those applications. IP addresses are ineffective identifiers of the user or role of the server within the network. With the User-ID and DAG features, you can dynamically associate an IP address with a user or the role of a server in the data center. Afterward, you can define security policies that adapt dynamically to changing environments.
In environments that support multiple types of end users (for example, marketing or human resources) across a variety of locations and access technologies, it is unrealistic to guarantee physical segmentation of each type of user. Visibility into the application activity at a user level, not just an IP address level, allows you to more effectively enable the applications traversing the network. You can define both in- and out-bound policies to safely enable applications based on users or groups of users. Examples of user-based policies include:
• Enabling the IT department to use SSH, Telnet, and FTP on standard ports. • Allowing the Help Desk Services group to use Slack.
• Allowing all users to read Facebook but blocking the use of Facebook apps and restricting posting to only employees in marketing.
11 Palo Alto Networks
Securing the Enterprise
User-ID integrates next-generation firewall functionality with a wide range of user repositories and terminal service environments.
Figure 4 User-ID integrations
Joe’s Devices
11.11.11.11 12.12.12.12
Report and Enforce Policy
User Authentication
Server Monitoring
Client Probing
Joe’s Roles/Groups
IT Admins
HQ Employees
XML API
Syslog Listening
(Third Party Devices) Port Mapping
XFF Headers
Win dows C lients
Termin al
Se rv ice s Ag ent
Proxy
Captive PortalGlobalProtect
Microsoft Active
Directory, LDAP
Network Access
Control U se r/ G r ou p
Map pin g
VPNProxyWLAN Controller
Microsoft Active
Directory
Microsof t
E xch ange
12 Palo Alto Networks
Securing the Enterprise
Depending on your environment, you can configure multiple techniques for user and group mapping:
• User authentication—User-ID can get usernames when users authenticate themselves on a GlobalProtect client or on a captive portal in the browser.
The GlobalProtect client provides user and host information to the next-generation firewall that, in turn, you can use for policy control. GlobalProtect applies to both mobile and on-premises devices.
User-ID uses captive portal when the user cannot be identified through other mechanisms. In addition to an explicit username and password prompt, you can integrate captive portal into your organization’s identify federation system via SAML 2.0.
• Server monitoring—You can configure User-ID to monitor authentication events to Microsoft Active Directory, Microsoft Exchange, and other LDAP directories. Monitoring of the authentication events allows User-ID to associate a user with the IP address of the device from which the user logs in.
For Active Directory, you can configure User-ID to monitor domain logon events (from either an agent on a Windows server or the firewall). For Exchange Server, you can configure User-ID to constantly monitor the Exchange logon events produced by clients accessing their email. Using this technique, you can discover and identify even OSX, Apple iOS, Android, and Linux/UNIX client systems that don’t directly authenticate to Microsoft Active Directory.
• XML API—The XML API provides a programmatic way to map users to IP addresses through integrations with partner technologies, such as Aruba ClearPass and Aruba Mobility Controllers. • Syslog listening—In environments with existing network services that authenticate users, (for example, wireless controllers, 802.1X, or NAC products), User-ID can monitor syslog messages for user mapping. Extensible syslog filters control the parsing of syslog messages. Syslog filters can be user-defined, but there are several pre-de- fined filters, including those for Blue Coat proxy, WLANs, and Pulse Policy Secure.
After User-ID gathers the user information, the NGFW uses LDAP to obtain group information for that user. Also, as in the case of user mapping, the XML API can serve as a programmatic interface for a flexible group mapping ability. With group mapping, User-ID can express security policies in terms of groups, allowing existing policies to update dynamical- ly as User-ID adds or removes users from groups.
User-ID gives you only half the picture when tying IP addresses to specific users. Servers and many other devices cannot use a user to identify their security access requirements. Dynamic address groups allow you to create policy that automatically adapts to server additions, moves, or deletions. They also enable the flexibility to apply security policy to the device based on its role on the network.
A dynamic address group uses tags as a filtering criterion in order to determine its members. You can define tags statically or registered dynamically. You can dynamically register the IP address and associated tags for a device on the firewall by using the XML API or the VM Monitoring agent on the firewall; each registered IP address can have multiple tags. Within 60 seconds of the API call, the firewall registers the IP address and associated tags and automatically updates the membership information for the dynamic address groups. 13 Palo Alto Networks
Securing the Enterprise
Because the members of a dynamic address group are automatically updated, you can use address groups to adapt to changes in your environment without relying on a system administrator to make policy changes and committing them.
Figure 5 Dynamic address groups
Security Policy
Source Destination Application
Public Web Servers
Admin Servers
Sharepoint Servers
DB Servers
Sharepoint Servers
DB Servers
MSSQL-DB
MS-RDP
MSSQL-DB
10.1.1.2 10.3.7.610.1.6.4
10.4.2.2 10.4.9.110.4.3.8
10.6.3.2 10.8.7.310.8.5.7
Sharepoint Servers
Dynamic Address
Group Definition
DB Servers
Admin Servers
10.4.2.2 10.1.1.2
10.8.7.3 Public Web Servers
Learned Group
Membership
VM-Monitoring / XML API
Policy Optimizer
Policy Optimizer can help organizations migrate from legacy firewall rule configurations to application-based rules through App-ID. This strengthens the security posture by using App-ID to close any security gaps and minimizes configuration errors—a leading cause of breaches. Policy Optimizer analyzes application use and recommends policy rules that reduce exposure and risk.
Policy Optimizer identifies port-based rules so that they can be converted to application-based rules. Converting from port-based to application-based rules improves the overall security posture because you are able to whitelist the applications you want to permit, then deny all other applications. Policy Optimizer makes it simple for you to prioritize which of the port-based rules to migrate first, identify application-based rules that allow applications you don’t use, and analyze each of the rules usage characteristics, such as hit count.
Threat Intelligence Cloud
The Palo Alto Networks Threat Intelligence Cloud collects high-quality data and intelligence gathered across many locations globally. These data artifacts are analyzed to detect unknown threats and create protections that are shared with subscribers and enforced automatically to align with the goal of prevention instead of detection. The Threat Intelligence Cloud makes prevention automatic and detection of security events much simpler to identify and remedi- ate, in part because most potential security events have already been prevented. 14 Palo Alto Networks
Securing the Enterprise
The Palo Alto Networks Threat Intelligence Cloud is composed of several distinct subscription-based product compo- nents that are all purpose-built to work closely with each other and tightly integrate with the prevention offerings in the network, on the endpoint, and in the cloud:
• Threat prevention incorporates intrusion prevention, network anti-malware, and anti-C2 features, which scan all traffic for known threats hiding within incoming and outgoing traffic and provide a layered defense against known attacks, when combined with URL filtering.
• URL filtering categorizes websites by content type, including malicious activity, and prevents harmful web pages from administering malware by blocking them. It stops users from inadvertently navigating to malicious URLs, exploited web pages, and watering holes where legitimate sites become compromised. In combination with App-ID functionality, URL filtering is an invaluable tool for securing web traffic. • WildFire® provides protection against advanced malware and threats. WildFire analyzes files, URLs, and DNS requests from thousands of customers in every industry across the globe and then generates content-based protections, which are delivered back to the Threat Prevention and URL Filtering profiles deployed by every device within the global customer base.
Leveraging innovations in machine learning, artificial intelligence, and big-data analytics is the only way to stay ahead of a fast-moving adversary. However, all such analytics solutions depend on massive amounts of data from many sources, in order to identify new threats and exploit techniques and to generate and share threat intelligence. These threat intelligence capabilities are strengthened when information is combined across a large base of contributors. In a nutshell, sharing data acquired from multiple organizations to identify malicious behavior and their sources benefits the entire community. This sharing model enables rapid response across a broad base in order to prevent successful cyberattacks.
15 Palo Alto Networks
Securing the Enterprise
WildFire, a core element of the Palo Alto Networks Threat Intelligence Cloud, is the world’s largest distributed sensor system focused on identifying and preventing unknown threats. There are tens of thousands of subscribers constantly contributing to the collective immunity. WildFire extends the capabilities of Palo Alto Networks next-generation firewalls to identify and block targeted and unknown malware.
Figure 6 WildFire sensor system
Network Endpoint Cloud
WildFire
WildFire analyzes the
unknown, renders a verdict,
and shares threat intelligence
2 Automatically reprogram
network, endpoint, a nd cloud
to protect against new threats
3 Unknown or suspicious files
and links sent to WildFire
1 16
Palo Alto Networks
Securing the Enterprise
WildFire provides detection and prevention of zero-day malware by using a combination of dynamic and static analysis to detect threats and create protections to block malware. When it detects a novel malware or exploit, WildFire automatically creates and shares a new prevention control in about 5 minutes, without human intervention.
Subscription Services
In order for your Firewall to gain complete visibility and apply full threat prevention on your network, you must activate the licenses for each of the subscription services:
• Threat Prevention
• URL Filtering
• WildFire
• DNS Security Service
• GlobalProtect Portal and GlobalProtect Gateway
Threat Prevention (Antivirus, Anti-spyware and Vulnerability Protection) Threat Prevention blocks known malware, exploits, and command-and-control activity on the network. Adding the Threat Prevention subscription brings additional capabilities to your next-generation firewall that identify and prevent known threats hidden within allowed applications.
The Threat Prevention subscription includes malware/antivirus, command-and-control, and vulnerability protection.
Figure 7 Threat Prevention service
Report and Enforce Policy
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Malware/Antivirus Protection
Using content-based signatures, inline malware protection blocks malware before it ever reaches the target host.
Signatures based on content detect patterns in the body of the file that identify future variations of the files, even when the content is modified slightly. This ability allows the next-generation firewall to identify and block polymorphic malware that otherwise would be treated as a new unknown file.
The stream-based scanning engine protects the network without introducing significant latency, which is a serious drawback of network antivirus offerings that rely on proxy-based scanning engines. The stream-based malware scan- ning inspects traffic when the first packets of the file are received, eliminating threats as well as performance issues typical of traditional, stand-alone solutions. Key anti-malware capabilities include:
• In-line, stream-based detection and prevention of malware hidden in compressed files and web content. • Protection against payloads hidden in common file types, such as Microsoft Office documents and PDFs.
Command-and-Control (Spyware) Protection
There are no silver bullets when it comes to preventing all threats from entering the network. After the initial infection, attackers communicate with the compromised device through a C2 channel, using it to pull down additional malware, issue further instructions, and steal data. C2 protections focus on those unauthorized communication channels and cut them off by blocking outbound requests to malicious domains and from known C2 toolkits installed on infected devices.
The C2 protection provides sinkhole capabilities for outbound requests to malicious domains, accurately identifying the compromised device and preventing data exfiltration. You can configure the sinkhole so that any outbound request to a malicious domain or IP address is redirected to one of your network’s internal IP addresses. This policy effectively blocks C2 communication, preventing those requests from ever leaving the network. A report of the hosts on your network making such requests is compiled even though those hosts sit behind the DNS server. You have a daily list of potentially compromised devices on which to act, without the added stress of remediation crunch time because communications with the attacker have already been severed.
Vulnerability Protection
The next-generation firewall’s vulnerability protection and intrusion prevention capabilities detect and block exploit attempts and evasive techniques at both the network and application layers. These exploits can include port scans, buffer overflows, remote code execution, protocol fragmentation and obfuscation. Vulnerability protections are based on signature matching and anomaly detection, which decode and analyze protocols and use the information learned to block malicious traffic patterns and provide visibility through alerts. Stateful pattern matching detects attacks across multiple packets, considering arrival order and sequence—ensuring that all allowed traffic is well-intentioned and devoid of evasion techniques.
• Protocol decoder-based analysis decodes the protocol and then intelligently applies signatures to detect net- work and application exploits.
• Because there are many ways to exploit a single vulnerability, the intrusion prevention signatures are based on the vulnerability itself, providing more thorough protection against a wide variety of exploits. A single signature can stop multiple exploits of a known system or application vulnerability. • Protocol anomaly-based protection detects non-RFC compliant protocol use, such as an overlong URI or FTP login.
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Easy-to-configure, custom vulnerability signatures allow you to tailor intrusion prevention capabilities to your network’s unique needs.
URL Filtering
URL Filtering complements App-ID by enabling you to configure the next-generation firewall to identify and control access to websites and protect your organization from websites hosting malware and phishing pages. You can use URL category as a match criterion in policies, which permits exception-based behavior and granular policy enforcement. For example, you can deny access to malware and hacking sites for all users but allow access to users who belong to the IT security group.
When you enable URL Filtering, all web traffic is compared against the URL Filtering database, PAN-DB, which contains millions of URLs that have been grouped into approximately 65 categories. The malware and phishing URL categories in PAN-DB are updated in real-time, which can enforce subsequent attempts to access the site based on the URL category, instead of treating it as unknown. For fast and easy access to frequently visited URLs, PAN-DB provides high-performance local caching.
Figure 8 URL Filtering service
PAN-DB
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User-credential detection, a part of URL Filtering, allows you to alert on or block users from submitting credentials to untrusted sites. If corporate credentials are compromised, user-credential detection allows you to identify who submit- ted credentials so that you can remediate.
WildFire
Although basic WildFire support is included as part of the Threat Prevention license, the WildFire subscription service provides enhanced services for organizations that require immediate coverage for threats, frequent WildFire signature updates, advanced file type forwarding (APK, PDF, Microsoft Office, and Java Applet), as well as the ability to upload files using the WildFire API.
As part of the next-generation firewall’s in-line threat prevention capability, the firewall performs a hash calculation for each unknown file, and the hash is submitted to WildFire. If any WildFire subscriber has seen the file before, then the existing verdict for that file is immediately returned. Links from inspected emails are also submitted for WildFire for analysis. Possible verdicts include:
• Benign—Safe and does not exhibit malicious behavior.
• Grayware—No security risk but might display obtrusive behavior (for example, adware, spyware, and browser helper objects).
• Malware—Malicious in nature and intent and can pose security threat (for example, viruses, worms, trojans, rootkits, botnets, and remote-access toolkits).
• Phishing—Malicious attempt to trick the recipient into revealing sensitive data. 19 Palo Alto Networks
Securing the Enterprise
If WildFire has never seen the file, the firewall is instructed to submit the file for analysis. If the file size is under the configured size limit, the firewall securely transmits the file to WildFire.
Firewalls with an active WildFire license perform scheduled auto-updates to their WildFire signatures, with update checks configured as often as every minute.
WildFire visits email links submitted to the service to determine if the corresponding web page hosts any exploits, malware, or phishing capabilities. The behaviors and properties of the website are taken into consideration when making a verdict on the link.
To find unknown malware and exploits in submitted files, WildFire executes suspicious content in Windows, Android, and Mac operating systems, with full visibility into common file types, including EXE, DLL, ZIP, PDF, Microsoft Office documents, Java files, Android APKs, Adobe Flash applets, and web pages.
To uncover the true nature of malicious files, WildFire identifies hundreds of potentially malicious behaviors, including:
• Changes made to host—WildFire monitors all processes for modifications to the host, including file and registry activity, code injection, memory heap spraying (exploits), mutexes, Windows service activity, the addition of auto-run programs, and other potentially suspicious activities. • Suspicious network traffic—WildFire performs analysis of all network activity produced by the suspicious file, including backdoor creation, downloading of next-stage malware, visiting low-reputation domains, network reconnaissance, and more.
• Anti-analysis detection—WildFire monitors techniques used by advanced malware that is designed to avoid VM-based analysis, such as debugger detection, hypervisor detection, code injection into trusted processes, disabling of host-based security features, and more.
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WildFire applies the following analysis methods to submitted files:
• Machine learning/static analysis—Identification of variants of known threats by comparing malware feature sets against a dynamically updated classification system. Detection of known threats by analyzing the characteristics of samples prior to execution.
• Dynamic analysis—A custom built, evasion-resistant virtual environment in which previously unknown submis- sions are executed within a virtualized test environment to determine real-world effects and behavior. • Bare-metal dynamic analysis—Fully hardware-based analysis environment specifically designed for advanced virtual-machine-aware (VM-aware) threats. Samples that display the characteristics of an advanced VM-aware threat are steered towards the bare metal appliance by the heuristic engine.
Figure 9 WildFire analysis
STATIC ANALYSIS
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The dynamic updates from the Threat Intelligence Cloud coordinate threat prevention across the platform and are key to the prevention capabilities it provides. The unknown-threat handling methodology essentially turns unknown threats into known threats.
In addition to protecting you from malicious and exploitive files and links, WildFire looks deeply into malicious outbound communication, disrupting command-and-control (C2) activity with anti-C2 signatures and DNS-based callback signatures. WildFire also feeds this information into URL filtering with PAN-DB, which automatically blocks newly discovered malicious URLs. This correlation of threat data and automated protections are key to identifying and blocking ongoing intrusion attempts and future attacks on your organization, without requiring policy updates and configuration commits.
Furthermore, Palo Alto Networks promotes information sharing and industry advocacy by contributing structured intelligence derived from its Threat Intelligence Cloud to the CyberThreat Alliance (CTA). Co-founded by Palo Alto Networks and other industry leaders, the CTA is an organization working to improve the cybersecurity of our global 21 Palo Alto Networks
Securing the Enterprise
digital ecosystem by enabling near real-time, high-quality cyber-threat information-sharing within the cybersecurity community. CTA and its members all share timely, actionable, contextualized, and campaign-based intelligence that they can use to improve their products and services in order to better protect their customers, more systematically thwart adversaries, and improve the security of the digital ecosystem.
DNS Security Service
Palo Alto Networks DNS Security service applies predictive analytics in order to disrupt attacks that use DNS for C2 or data theft. Tight integration with Palo Alto Networks next-generation firewalls gives you automated protection and eliminates the need for independent tools. Shared threat intelligence and machine learning rapidly identify threats hidden in DNS traffic. Cloud-based protections scale infinitely and are always up to date, giving your organization a critical new control point to stop attacks that use DNS.
The benefits of the DNS Security service include the ability to predict and block new malicious domains with machine learning, neutralize DNS-based tunneling, and simplify security with automation.
Figure 10 DNS Security service
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In order to use the Palo Alto Networks DNS Security service, you need to run PAN-OS® 9.0 or later and have a Threat Prevention license.
GlobalProtect Portal and GlobalProtect Gateway
GlobalProtect provides organizations with mobility solutions and/or large-scale virtual private network (VPN) capa- bilities extending the enterprise network perimeter. GlobalProtect is offered as a SaaS service (Prisma Access), the preferred method for deploying this globally, or you can deploy and manage it yourself. GlobalProtect enables you to enforce security policies consistently for all users, regardless of their location. While running GlobalProtect, endpoint devices can establish either an on-demand or always-on secure SSL/IPsec VPN connection to the next-generation firewall.
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The GlobalProtect portal provides the management functions for your GlobalProtect infrastructure. Every client system that participates in the GlobalProtect network receives configuration information from the portal, including information about available gateways as well as any client certificates that may be required in order to connect to GlobalProtect gateways. In addition, the portal controls the behavior and distribution of the GlobalProtect agent software to the supported endpoints. (On mobile devices, the GlobalProtect app is distributed through the Apple App Store for iOS devices or through Google Play for Android devices.) If you are using the Host Information Profile (HIP) feature, the portal also defines what information to collect from the host, including any custom information you require.
GlobalProtect gateways provide security enforcement for traffic from GlobalProtect agents/apps. Additionally, if the HIP feature is enabled, the gateway generates a HIP report from the raw host data the clients submit and can use this information in policy enforcement. You can configure different types of gateways to provide security enforcement and/ or VPN access for your remote users or to apply security policy for access to internal resources.
You configure a GlobalProtect gateway on an interface on any Palo Alto Networks next-generation firewall. You can run both a gateway and a portal on the same firewall, or you can have multiple, distributed gateways throughout your enterprise and in the public cloud.
In conjunction with the GlobalProtect Portal and GlobalProtect Gateway functions running on the next-generation fire- wall, GlobalProtect enables you to enforce security policies consistently for all users, regardless of their location. While running GlobalProtect, Windows, OS X, iOS, and Android devices can establish either an on-demand or always-on secure SSL/IPsec VPN connection to the next-generation firewall. GlobalProtect allows mobile users to access internal resources such as traditional VPN connections. More importantly, it provides the same level of visibility and control for mobile users as you have for users inside your network.
Before connecting, GlobalProtect inventories the endpoint to determine how it’s configured and builds a HIP that’s shared with the next-generation firewall during connection and continuously every hour while connected. The next-generation firewall uses the host profile to enforce application policies that only permit access to your infrastruc- ture when the endpoint is properly configured and secured. These policies enforce compliance regarding the extent of access based on user and device. HIP policies are based on a number of attributes, including:
• Operating system and application patch level.
• Host anti-malware/firewall version and state.
• Customized host conditions (for example: registry entries, running software). 23 Palo Alto Networks
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The GlobalProtect app connects to next-generation firewalls that are deployed at network perimeters, whether at the Internet edge, in the DMZ, in the cloud, or with the Prisma Access offering. When multiple Internet gateways are deployed globally, the GlobalProtect agent connects to the next-generation firewall with the best performance relative to the mobile user’s location. You can configure explicit priorities to enforce a deterministic selection of the gateway, or the end user can manually select the gateway.
Figure 11 Extending the perimeter with GlobalProtect
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Organizations can also use GlobalProtect internally to control who has access to sensitive resources and applications within your network. GlobalProtect running on next-generation firewalls in the data center allows you to explicitly define who can access internal applications. This security stance minimizes access to resources and reduces the pathways available for malware and attackers to gain unauthorized access. Subsequently, it prevents lateral spread and exfiltration of sensitive data.
Scaling the Next-Generation Firewall Deployment with Panorama Panorama enables you to manage all key features of the Palo Alto Networks next-generation firewalls by using a model that provides central oversight and local control. You can deploy Panorama as either a hardware appliance or virtual appliance on-premises, and you can also deploy it as a virtual appliance in the public cloud. 24 Palo Alto Networks
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Three deployment mode options are available for Panorama, which (if necessary) allows for the separation of manage- ment and log collection:
• Panorama mode—Panorama controls both policy and log management functions for all the managed devices. • Management-only mode—Panorama manages configurations for the managed devices but does not collect or manage logs.
• Log Collector mode—One or more Log Collectors collects and manages logs from the managed devices. This assumes that another deployment of Panorama is operating in management-only mode.
The separation of management and log collection enables the Panorama deployment to meet scalability, organizational, and geographical requirements. The choice of form factor and deployment mode gives you the maximum flexibility for managing Palo Alto Networks next-generation firewalls in a distributed network.
Figure 12 Panorama deployment modes
Panorama
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The time it takes to deploy changes across 10s or 100s of firewalls can be costly in the number of employees required and the delay that projects experience, while they wait for the process to be completed. In addition to time, errors can increase when network and security engineers program changes firewall-by-firewall. Panorama provides a number of tools for centralized administration which can reduce time and errors for your firewall management operation:
T emplates/T emplate Stacks
Panorama manages common device and network configuration through templates. You can use templates to manage configuration centrally and then push the changes to all managed firewalls. This approach avoids making the same individual firewall change repeatedly across many devices. Templates are grouped together within a template stack, and the stack is applied to selected firewalls.
You can define common building blocks for device and network configuration within a template. These building blocks are logically combined by adding them to a template stack. If there are no overlapping parameters, then the stack reflects the combination of all the individual templates. If there is overlap, then the settings from the highest priority template take precedence. You can override the template settings at the stack level. A local administrator can also perform overrides directly on an individual device if necessary. 25 Palo Alto Networks
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Firewall-specific settings such as IP addresses must be unique per-device. Instead of using overrides, you can manage these settings by using variables within templates. Panorama manages the variable assignments at deployment time, either on a per-device basis through manual assignment or in bulk by importing a spreadsheet with the settings for multiple devices.
Figure 13 Panorama template stack and templates
Hierarchical Device Groups
Panorama manages common policies and objects through hierarchical device groups. It uses multi-level device groups to centrally manage the policies across all deployment locations with common requirements. For example, device groups may be determined geographically, such as Europe and North America. Also, each device group can have a functional sub-device group (for example, perimeter or data center).
Figure 14 Panorama device groups and policy evaluation
Shared Policies (All Devices)
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You can define shared policies for central control while granting your local firewall administrator the autonomy to make specific local adjustments. At the device group level, you can create common policies that are defined as the first set of rules (pre-rules) and the last set of rules (post-rules) to be evaluated against match criteria. You can view pre- and post-rules on a managed firewall, but you can edit them in Panorama only in the context of the defined administrative roles. Local device rules (those between pre- and post-rules) can be edited by either your local firewall administrator or by a Panorama administrator who has switched to a local firewall context. In addition, you can reference shared objects defined by a Panorama administrator in locally managed device rules.
Role-based administration delegates feature-level access, including availability of data (enabled, read-only, or disabled and hidden from view), to different members of your staff. You can give specific individuals access to tasks that are pertinent to their job while making other tasks either hidden or read-only.
As your deployment grows in size, you can make sure updates are sent to downstream boxes in an organized manner.
For instance, you may prefer to centrally qualify a software update before it is delivered via Panorama to all production firewalls at once. Using Panorama, you can centrally manage the update process for software updates, content applica- tion updates, antivirus signatures, threat signatures, URL-filtering database, and licenses.
Panorama can also integrate with your IT workflow applications. When a log is generated on the next-generation firewall, Panorama can trigger actions and initiate workflows through HTTP-based APIs. Selective log forwarding allows you to define the criteria to automate a workflow or an action. Although you can integrate with any HTTP-based service that exposes an API, predefined formatting for ServiceNow and VMware NSX Manager allow you to create incident reports and tag virtual machines.
5G
5G creates disruptive business opportunities for mobile network operators because it can move beyond delivering connectivity and use security as a business enabler and competitive advantage. The evolution to 5G opens the door to exciting new services, but it also increases the number of potential intrusion points, amplifying the security impact. To tap into the 5G business opportunities with minimal risk of being exploited by bad actors, you need complete visibility and automated security across all network locations.
Palo Alto Networks has developed, as part of the next-generation firewall platform, a 5G-ready platform called K2- Series, to prevent successful cyberattacks targeting mobile network services. The K2 series are designed to handle growing throughput needs due to the increase of application, user and device generated data. The K2-Series offers amazing performance and threat prevention capabilities to stop advanced cyberattacks and secure mobile network infrastructure, subscribers, and services.
Figure 15 Securing 4G and 5G NR networks
Radio Access
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You can deploy K2 series on all 5G network interfaces in order to achieve scalable, complete protection with consistent management and full application visibility. The fundamental shift in 5G network architectures further intensifies the impact on the security landscape, with growth in the number of intrusion points, including attacks inside mobile tunnels and threats within apps traversing over cellular traffic. Mobile operators need consistent security enforcement across all network locations and all signaling traffic. This increases the need for application-aware Layer 7 security to detect known and unknown threats.
K2-Series offers two modes, secure mode and express mode. Secure mode comes with all of the NGFW features enabled, including threat prevention with the following enabled: App-ID, IPS, antivirus, antispyware, advanced malware analysis, and logging. Express mode is optimized for the highest throughput configuration but is upgradable to secure mode.
TRAPS ENDPOINT PROTECTION AND RESPONSE
Endpoint security is needed more than ever and Palo Alto Networks Traps advanced endpoint-protection replaces traditional antivirus with the most effective, purpose-built prevention methods. These methods pre-emptively block known and unknown threats (such as malware, exploits, and ransomware) by observing attack techniques and behav- iors and preventing threats from compromising an endpoint.
Figure 16 T raps endpoint protection
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Attackers must complete a certain sequence of events in order to successfully accomplish their objectives, whether stealing information or running ransomware. Nearly every attack relies on compromising an endpoint. The volume, severity, and sophistication of attacks have continued to increase and evolve. Attacks are getting more sophisticated. 28 Palo Alto Networks
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Detection now requires an understanding of threat intelligence data from the network, endpoint, and cloud.
Due to the change in the threat landscape, automated, targeted, and sophisticated attacks can bypass traditional endpoint protection. This forces organizations to deploy multiple products from different vendors for threat defense.
Traps simplifies this problem for the organization through a single endpoint protection and response product, with built in endpoint detection and response in a single agent.
The correct approach to security requires three integrated capabilities: effective prevention of known threats, leverag- ing AI and machine learning to detect more sophisticated, unknown threats, and the use of automation to accelerate response.
Traps Multi-method Approach
Traps prevents successful exploits and malicious executables from running. To do so, Traps uses a unique, multi-method prevention approach that maximizes the coverage against malware while reducing the number of attack surfaces and increasing the malware-detection accuracy. By combining local analysis via machine learning, WildFire inspection and analysis, and scheduled scans for dormant malware, this approach prevents known and unknown malware from infecting endpoints.
Traps blocks exploit techniques at each step of the exploit attack, rather than focusing on each of the individual attacks.
By blocking the exploit technique, Traps breaks the attack lifecycle, thereby rendering the threats ineffective. Traps uses pre-exploit protection to effectivity prevent attacks by blocking reconnaissance and vulnerability-profiling tech- niques before they launch exploit attacks. Traps uses a techniques-based exploitation prevention method to prevent known and zero-day exploits, without any prior knowledge of the threats, by blocking the techniques attackers use to manipulate legitimate applications.
Figure 17 T raps protection
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Traps prevents known threats and then reports unknown threats to two local systems for analysis and verdicts and to WildFire for file analysis:
• Local analysis via machine learning—The Traps agent resides on the endpoint and doesn’t require a cloud connection. It’s based on a machine-learning model of samples from WildFire and examines hundreds of characteristics of a file in a fraction of a second in order to render a verdict before the file’s allowed to execute, without relying on signatures, scanning, or behavioral analysis. You’re also able to keep false positives low, thanks to training the model on both good and bad files. This approach differs from that of many of our compet- itors, who provide your teams not with a verdict, but a threat score. Your team then needs to decide whether or not to investigate. This just adds more work to their plate. • Behavioral threat protection—Traps includes behavioral threat prevention, which identifies patterns of behavior that are indicative of an attack. Attacks have become more sophisticated and evasive by leveraging the host’s operating system capabilities and administrative tools. This make the attacks much harder to identify, because the steps involved in the attack may seem legitimate, but when you examine the whole chain of events, then the entire chain can be found to be malicious. Sophisticated attacks that use multiple legitimate applications and processes for malicious operations have become more common, are hard to detect, and require visibility to correlate malicious behavior. For behavior-based protection to be effective, including identification of malicious activity occurring within legitimate processes, it’s critical to understand everything happening on the endpoint.
Traps detects and stops attack activity by monitoring for malicious sequences of events across processes and terminating attacks when they’re detected.
• WildFire—Files are sent to WildFire for analysis to detect unknown malware. WildFire has multiple compli- mentary techniques, including:
◦ Static analysis with machine learning, a complimentary model in addition to what’s being used at the local level, detects known threats by analyzing the characteristics of samples prior to execution. ◦ Machine learning identifies variants of known threats by comparing malware feature sets against a dynami- cally updated classification system.
◦ Dynamic analysis is a custom-built, evasion-resistant virtualization environment in which previously unknown submissions are detonated to determine real-world effects and behavior. This new engine can defeat whole classes of anti-VM detections at once.
◦ WildFire’s Bare Metal Analysis environment dynamically steers evasive malware to real hardware for detona- tion, taking away the ability to profile and fail to detonate in a virtual environment. This is the final frontier for anti-VM detection.
Threat Detection, Investigation, and Response
Traps uses Cortex Data Lake to store all captured event and incident data, allowing a clean handoff to Cortex XDR.
Cortex XDR is a detection and response app that natively integrates network, endpoint, and cloud data to stop sophis- ticated attacks.
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XDR empowers organizations to quickly find and stop the stealthiest threats across all their environments. By analyzing rich network, endpoint, and cloud data with machine learning, XDR accurately identifies targeted attacks, malicious insiders, risky behavior, and endpoints compromised by malware. Because XDR is a cloud-delivered security service, organizations gain scalability, agility, and ease of deployment. Security analysts can accelerate investigations by automatically stitching endpoint, network, and cloud data together to provide a complete picture of an attack and determine root cause.
Traps Management with TMS
Traps management service (TMS) is a cloud-based endpoint security service. We provide customers their own custom- er-specific, cloud-based management interface, which allows them to set up, manage, and protect their endpoints. The TMS web interface is used by customers to manage their endpoint deployments by creating specific host or device agent installation packages, defining exploit and malware policies and handling of security events.
TMS requires Cortex Data Lake, and all licenses include Data Lake storage. You can view the logs by using the Traps management service and can also continue to use reporting capabilities directly from Panorama. The integration with WildFire for identifying malware continues to operate in the same manner as with on-premises versions of Traps Endpoint Security Manager.
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Securing the Cloud with Prisma
Securing the Cloud with Prisma
Prisma provides the most comprehensive cloud security in the industry, protecting users, applications, and data, regardless of where they are. There are three main categories of cloud computing services:
• Infrastructure as a service (IaaS)—Such as Amazon Web Services (AWS), DigitalOcean, Microsoft Azure • Software as a service—Such as Salesforce, G Suite, Workday, Adobe, Slack, Box, Office 365 • Platform as a service—Such as AWS, Google Cloud Platform (GCP), Microsoft Azure Many hardware vendors provide virtualized options to complement their on-premises offerings, making private-cloud and public-cloud deployments somewhat ubiquitous. In the public cloud, IaaS providers supply basic compute, storage, and networking infrastructure and a virtualization layer to support individual VMs. IaaS customers must create these VMs, install operating systems and applications, and control all configuration and management tasks.
Prisma is a complete cloud security offering that provides visibility, reduction of risk, compliance, and secure access for organizations’ applications and users. Regardless of where an organization is in their cloud integration, Prisma can secure their entire cloud posture in the following ways:
• Secure cloud access—Prisma Access provides secure access to the cloud from remote sites and for mobile users, globally and without compromising the users’ experience. • Secure SaaS applications—Prisma SaaS brings together data protection, governance, and compliance to safely enable SaaS application adoption.
• Secure custom cloud applications—Prisma Cloud provides continuous security monitoring, compliance valida- tion, and cloud storage security capabilities across multi-cloud environments with Prisma Cloud. In addition to this, you can simplify security operations through effective threat protections enhanced with comprehensive cloud context. VM-Series provides in-line security in the cloud.
PRISMA ACCESS
Powered by Palo Alto Networks next-generation Security Operating Platform, Prisma Access provides secure access to internet and business applications hosted in SaaS, a corporate data center, or public clouds. Prisma Access inspects all traffic in order to identify applications, threats, and content. It provides visibility into the use of SaaS applications and the ability to control which SaaS applications are available to your users. Prisma Access is a cloud service, allowing you to avoid the challenges of sizing firewalls and compute resource allocation, minimizing coverage gaps or inconsistencies associated with your distributed organization. The elasticity of the cloud scales as demand shifts and traffic patterns change. The cloud service operationalizes security deployment to remote networks and mobile users by leveraging a cloud-based security infrastructure delivered by Palo Alto Networks.
Prisma Access provides both visibility into the use of applications on the network and the ability to control users’ access to those applications. There are two options available as part of Prisma Access: Prisma Access for users and Prisma Access for networks.
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Prisma Access Components
Prisma Access automatically deploys security processing nodes in the locations where you need them. Additionally, Prisma Access stores all logs in Cortex Data Lake. You configure Prisma Access through the cloud-service plugin for Panorama. Much of the configuration is automated using templates and device groups that Panorama automatically creates after registering with the cloud service.
One design decision is how you provide access to internal and on-premises resources from your remote networks and mobile users. This access is provided using service connections that pair to an IPSec-capable device, such as a Palo Alto Networks next-generation firewall at your data center or headquarters. You can configure service connections to as many as one hundred sites. The Prisma Access base offering includes licenses for the first three service connections, and you can add additional service connections as necessary.
Panorama and the Cloud Services Plugin
You manage Prisma Access through Panorama by using the Cloud Services plugin. By having Prisma Access managed through the same Panorama that manages your next-generation and VM-Series firewalls, you not only have a single interface for the configuration and monitoring of all your PAN-OS firewalls and services, but you also have a single source for security policy across your organization.
Although Prisma Access provides PAN-OS security capabilities, Panorama does not interact with Prisma Access in the same way it does next-generation and VM-Series firewalls in your organization. The Cloud Services plugin provides an abstraction layer between Prisma Access and Panorama, decoupling Panorama from the specifics and versions of the service. When updates to Prisma Access occur, the plugin must be updated, but Panorama itself doesn’t require software updates.
Portal
GlobalProtect portal is a secure web service that provides for the distribution and management of GlobalProtect apps.
The portal provides an authenticated SSL web service for the download of the GlobalProtect app to end users for self-service deployment. Once connected, the GlobalProtect app receives configuration information from the portal, including a list of Prisma Access locations, external and internal GlobalProtect gateways, required certificates, con- nection methods, and app behavior. In addition to app configuration, the portal can also distribute the GlobalProtect app to both macOS and Windows endpoints. For mobile endpoints, you distribute the GlobalProtect app through the mobile platform’s app store or the organization’s mobile device management system. Prisma Access provides the GlobalProtect portal functionality through resilient security processing nodes deployed globally. The service uses global DNS load-balancing to direct clients to the nearest portal.
Prisma Access Locations
GlobalProtect gateways provide security enforcement for traffic from GlobalProtect apps. The endpoint app establishes a secure tunnel, using IPSec or SSL, to the gateway.
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Two types of GlobalProtect gateways exist:
• Internal gateway—An internal gateway is a next-generation or VM-Series firewall reachable from within the organization’s network. This gateway can be a dedicated device or collocated on a device serving other security functions within the organization. When you use an internal gateway in conjunction with User-ID and/or HIP checks, you can use the gateway to provide a secure, accurate method of identifying user-to-IP mappings and the associated device state. You can share this information with other next-generation and VM-Series firewalls in the organization so that they can enforce policy based on user and group information. Internal gateways are most often configured in non-tunnel mode, meaning they don’t terminate traffic but instead authenticate the user and capture the user-to-IP mapping and HIP information. • External gateway—An external gateway is reachable from outside of the organization’s network and provides security enforcement for mobile users. External gateways provide security for traffic from mobile users to the internet as well as remote access from mobile users to the organization’s internal services and applications. The GlobalProtect app tunnels traffic to the external gateways across IPSec or SSL.
Prisma Access provides the GlobalProtect external gateway functionality and distributes the functionality throughout the world. You can choose the locations in which to enable the functionality, allowing you to distribute security close to your mobile users. The configuration complexity of Prisma Access doesn’t increase as you increase the number of locations because you manage all Prisma Access locations through a single policy.
In some instances, such as when you have pre-existing GlobalProtect gateways at your data center, you might want mobile users to connect to external gateways in addition to Prisma Access. You can configure the app with these external gateways in Prisma Access, but you have to deploy and manage the additional gateways separately.
Although you cannot use Prisma Access as an internal gateway, within Prisma Access you can configure the app to use internal host detection and connect to internal gateways deployed outside Prisma Access. This way, when mobile users are on-site, they can bypass the connection to Prisma Access while still providing the organization with their user-to-IP mappings.
GlobalProtect App
The GlobalProtect app runs on Windows, macOS, Linux, iOS, Android, and Chrome. The GlobalProtect app is responsi- ble for connecting to Prisma Access to obtain configuration information and then choosing a Prisma Access location to which it authenticates and tunnels traffic. Also, if required, the GlobalProtect app inventories the endpoint to deter- mine how it is configured and builds a host information profile (HIP) to share with Prisma Access or internal gateway.
You can use this information to build HIP-based policies based on several attributes, including:
• Operating system and application patch level.
• Host anti-malware/firewall version and state.
• Customized host conditions (for example, registry entries, running software).
Service Connections
Most organizations need to connect their mobile users to internal applications or data. Service connections provide secure connectivity for mobile or remote network users in Prisma Access to access internal applications and data in on-premises or cloud-based data centers.
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Unlike Prisma Access-connected mobile users and remote networks, service connections do not support inter- net-bound traffic. A Prisma Access subscription includes licensing for three service connections, and you can provision up to 100 service connections in a Prisma Access network. Provisioning service connections four through 100 requires 300Mbs of license bandwidth for each service connection. However, the bandwidth used on a service connection is not rate limited to a configured rate like remote network locations are limited.
Service connections in Prisma Access provide multiple functions. These functions include:
• Connecting Prisma Access to your organization’s internal services and applications. • Connecting the mobile users or remote locations using Prisma Access to applications, networks, and users inside of your organization behind an HQ or data center link.
• Interconnecting mobile user to mobile user and mobile user to remote locations over the Prisma Access infrastructure.
Cortex Data Lake
Prisma Access uses Cortex Data Lake to store logs. In addition to Prisma Access, Cortex Data Lake can provide cloud- based, centralized log storage and aggregation to Traps management service, and on-premises and virtual (private cloud and public cloud) firewalls. Cortex Data Lake is secure, resilient, and fault-tolerant, and because Palo Alto Networks delivers it as a cloud service, you can easily add additional capacity and integrate it with Cortex, which provides addi- tional threat detection and response tools.
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Prisma Access for Users
Prisma Access for users provides security services, including App-ID and threat prevention for mobile users, as a service in the cloud, providing an alternative to the traditional on-premises deployment of GlobalProtect. This deploy- ment model is well suited for both new deployments across one or more global regions or as a hybrid deployment with security provided by a combination of Prisma Access and on-premises firewalls.
Figure 18 Prisma Access for users
Data Center
(Private Cloud)
Service
Connection
Global Region 1 Global Region 2 Global Region 3
Mobile Endpoints
Cortex Data Lake
Prisma Access
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Prisma Access for Networks
Prisma Access for networks provides security services, such as App-ID and threat prevention, for your remote branch offices and retail locations, safely enabling commonly used applications and web access. You connect remote networks to Prisma Access via an industry-standard IPSec VPN-capable device. Panorama continues to manage Prisma Access for consistency and takes advantage of our full suite of PAN-OS features. This deployment model is ideally suited for remote sites with a single WAN link and provides direct internet access through Prisma Access without the requirement to backhaul traffic to the central site.
Figure 19 Prisma Access for networks
Data Center
(Private Cloud)
Service
Connection
Global Region 1 Global Region 2 Global Region 3
Remote Sites
Cortex Data Lake
Prisma Access
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PRISMA SAAS
Prisma SaaS ensures the appropriateness of data stored in sanctioned and managed SaaS applications, and it secures data that is critical to the organization, sensitive, or subject to compliance issues.
Prisma SaaS also provides governance for SaaS application data and usage regardless of whether the owner is an internal or an external user or whether they use an organization’s managed endpoints, a personal device, or an end- point managed by another organization. Because it connects directly to your sanctioned SaaS applications through the application’s API, Prisma SaaS even provides governance to data stored in the application before the deployment of the service. Prisma SaaS therefore isn’t deployed in-line with application traffic, supporting users who access data from outside of your network and managed endpoints.
Figure 20 Prisma SaaS
Sanctioned SaaS Applications
Prisma SaaS
Data Governance
and Threat Prevention
Content and
Activity Scanning
Through API
Malware
Identification
WildFire
Threat Intelligence Cloud
Personal
Endpoints
Remote Networks
Remote and Mobile Users
Prisma Access
Because Prisma SaaS provides visibility into stored data and historical activities, you can explore and investigate them on-demand. And because visibility also extends into the access logs, you can see who accessed your data and when, even if the users were external. Beyond on-demand visibility, Prisma SaaS automatically assesses risk through content, activity, and security control policies. Content policies scan the content of data for information that is critical, sensitive, or subject to compliance and assign a risk value based on how the data is shared. You can mitigate the risk automatically or manually by quarantining, changing share access, or alerting the owner or an administrator. To highlight the abnormal movement of data out of the SaaS application, you can use activity policies to identify abnormal activity, such as large amounts of downloading or exporting data. Finally, security control policies allow you to monitor the configuration of SaaS applications for misconfigurations that would reduce your security.
Prisma SaaS generates robust reports about SaaS application data activities. These reports:
• Summarize policy violations.
• Capture how sensitive content is exposed.
• List the top domains to which users are sharing files. • Identify users who present the most significant risk. • List the most popular file types and risks per file type across managed cloud applications. 38 Palo Alto Networks
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PRISMA CLOUD
There are three core elements of cloud security that are required in order to secure applications delivered from the cloud. The first element is to provide inline protection with a virtualized next-generation firewall in a similar manner to that used for on-premises and private cloud. The second element is to secure the operating systems and applications by using advanced endpoint protection. This requirement does not differ from on-premises deployments. The third element is to provide visibility, detection, response, and compliance through a combination of cloud application protec- tion and cloud infrastructure services protection.
In-Line Protection with VM-Series
The Palo Alto Networks VM-Series firewall protects your public cloud deployments by segmenting applications and preventing threats. The VM-Series is supported on AWS, Azure, and GCP, which enables you to securely implement a cloud-first methodology while transforming your data center into a hybrid architecture that combines the security and agility of public cloud with your on-premises resources. This allows you to move your applications to the public cloud while maintaining a security posture that is consistent with the one that you may have established on your physical network. The VM-Series natively analyzes all traffic in a single pass to determine application-, content-, and user-iden- tity. The firewall uses the application, content, and user as core elements of your security policy and for visibility, reporting, and incident investigation.
The following figure demonstrates an example of VM-Series deployed in the public cloud for in-line protection. This deployment uses a single Azure VNET deployment to demonstrate one of the deployment options in Azure. The figure illustrates that traffic is separated into 3 zones: Public, Private, and Management.
Figure 21 VM-Series deployed in Azure
VNET
Private subnetPublic subnet
Management
Availability Set
Fault domain: 0
Update domain: 0
Availability Set
Fault domain: 1
Update domain: 1
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The following figure shows an example of an AWS single VPC deployment, with two VM-Series firewalls in two sepa- rate availability zones for resiliency. Traffic from each of the subnets is directed to the firewalls.
Figure 22 VM-Series deployed in AWS
AZ-a
AZ-b
Management
Management
Public subnet
Public subnet
Private subnet
Private subnet
VPC
The following figure shows a GCP deployment example. Separate VPCs are used for Public, Private, and management networks so that traffic can be directed through the VM-Series firewalls.
Figure 23 VM-Series deployed in GCP
eth 1
eth 1
M an ag ement V PC
Mgmt Subnet – 192.168.1.0/24
Ho st Pr ojec t
Web ProjectContainer ProjectDB Project
eth 0
eth 0
Public VP C
Public Subnet 10.5.0.0/24
eth 2
Web VPC & Subnet - 10.5.1.0/24
Container VPC & Subnet
10.5.2.0/24
DB VPC & Subnet - 10.5.3.0/24
eth 2
eth 3
eth 3
eth 4
eth 4
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Panorama can manage the VM-Series whether deployed in the cloud or from an on-site deployment. When you have an existing Panorama deployment on-site for firewalls in your data center and internet perimeter, you can use it to manage the VM-Series firewalls in the public cloud. However, sending logging data back to the on-site Panorama can be inefficient and costly, and it can pose data privacy and residency issues in some regions. An alternative to sending the logging data back to your on-site Panorama is to deploy Panorama dedicated log collectors in the public cloud and use the on-site Panorama for management. Deploying a dedicated log collector in the public cloud reduces the amount of logging data that leaves the cloud, but it still allows your on-site Panorama to manage the VM-Series firewalls in the public cloud and have full visibility to the logs as needed. Panorama is available as a virtual appliance for deployment in the public cloud and supports Log Collector mode, Management Only mode, and Panorama mode. You can use the Cortex Data Lake to simplify log management and provide scalability; for visibility, it is a single pane of glass.
Prisma Cloud Security and Compliance
Security and compliance risks in cloud computing threaten an organization’s ability to drive digital business. The dynamic nature of the cloud, coupled with the potential complexity of having multiple cloud service providers in the environment and massive volume of cloud workloads, makes security and compliance cumbersome. Public cloud envi- ronments use a decentralized administration framework that often suffers from a corresponding lack of any centralized visibility. Additionally, compliance within these environments is complex to manage. Incident response requires the ability to rapidly detect and respond to threats; however, public cloud capabilities are limited in these areas.
Prisma Cloud addresses the cloud risks by enabling customers to have continuous visibility, detection and response of what is occurring in their public cloud environments. Prisma Cloud combines cloud-native security analytics, compli- ance monitoring, reporting, and advanced threat detection with one-click remediation, enabling granular visibility and control of cloud resources. The Prisma Cloud approach is to tell you what “is going wrong” as opposed to “what could go wrong,” providing deep insight and visibility in what resources are exposed in the cloud, as well as what specific traffic is going to an individual resource. Prisma Cloud connects to your public cloud deployments via APIs and aggre- gates raw configuration data, user activities, and network traffic to analyze and produce concise actionable insights.
Prisma Cloud offers comprehensive and consistent cloud infrastructure protection that enables organizations to effectively transition to the public cloud by managing security and compliance risks within their public cloud infrastruc- ture. Through proactive security assessment and configuration management by using industry best practices, Prisma Cloud makes cloud-computing assets harder to exploit. Prisma Cloud enables organizations to implement continuous monitoring of the public cloud infrastructure and provides an essential, automated, up-to-date status of the security posture that they can use to make cost effective, risk-based decisions about service configuration and vulnerabilities inherent in cloud deployments.
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Prisma Cloud provides cloud infrastructure protection across the following areas:
• Multi-cloud security—Provides a consistent implementation of security best practices across your public cloud environments. Prisma Cloud requires no agents, proxies, software, or hardware for deployment and integrates with a variety of threat intelligence feeds. Prisma Cloud includes pre-packaged polices to secure multiple public cloud environments.
• Continuous compliance—Maintain continuous compliance across CIS, NIST, PCI, FedRAMP, GDPR, ISO, and SOC 2 by monitoring API-connected cloud resources across multiple cloud environments in real time. Generate compliance documentation with one-click exportable, fully prepared reports. • Cloud forensics—Go back in time to the moment a resource was first created and see chronologically every change and by whom. Prisma Cloud provides forensic investigation and auditing capabilities of potentially compromised resources across your public cloud environments. Historical information extends back to initial creation of each resource and the detailed change records includes who made each change. • DevOps and automation—Enable secure DevOps without adding friction by setting architecture standards that provide prescribed policy guardrails. This methodology permits agile development teams to maintain their focus on developing and deploying apps to support business requirements.
IaaS vendors such as AWS, Microsoft Azure, GCP provide basic infrastructure components with a responsibility to ensure that the customer’s workloads are appropriately isolated from other workloads and that the underlying infra- structure and physical environment is secure. However, the customer has the responsibility for securely configuring the instances, operating systems, and any necessary applications, as well as maintaining the integrity of the data processed and stored by each virtual machine. This shared responsibility model is often a point of confusion for consumers of cloud services.
Figure 24 Prisma Cloud multi-cloud security and compliance Prisma Cloud
IaaS Provider
Customer
Responsible for:
Security in the Cloud
Responsible for:
Security of the Cloud
Cu st omer Da ta
Operating System, Network an d
Firewall Configuration
Platform, Applications, Identity and
Access Management
Global Infrastructure
Compute, Storag e, Database, Networking
API integration
Public Cloud
Shared Responsibility Demarcation
Continuous visibility, detection and Response.
Validation of best practice service configuration.
Identification of any known or exposed resources.
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Understanding the shared responsibility model for each of the cloud providers used can go a long way in helping organizations protect their data. Vulnerabilities in cloud services do happen, but they are few and far between. Cloud providers go to great lengths to ensure that the services they provide meet many of the compliance requirements and are certified against them. That is part of their responsibility. The infrastructure that is built using those cloud services is ultimately the customer’s responsibility.
Services have default configurations that may be secure upon implementation, but it is up to the customer to make the assessment and lock those service configurations down to ensure the integrity of the data itself.
Prisma Cloud also prevents the cloud infrastructure from falling out of compliance and provides visibility into the actual security posture of the cloud to avoid failed audits and subsequent fines associated with data breaches and non-compliance.
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Securing the Future with Cortex
Securing the Future with Cortex
Cortex is an AI-based, continuous security platform. Cortex allows organizations to create, deliver, and consume innovative new security products from any provider, without additional complexity or infrastructure.
Security teams are constantly challenged to prevent data breaches. The issues originate from too many alerts, too few security analysts, narrowly focused tools, lack of integration, and time. The more they react, the further behind they get. Palo Alto Networks has developed a breakthrough approach to SOC visibility, investigation and speedy resolution called Cortex XDR. XDR stands for detection and response, where the “X” represents across any data source, be it network, endpoint, or cloud. XDR brings visibility to the security team across all aspects of the infrastructure, breaking down silos and presenting a holistic picture of the organization’s activity in order to improve security operations and posture.
From a business perspective, XDR enables organizations to prevent successful cyberattacks as well as simplify and strengthen security processes. This, in turn, enables them to better serve users and accelerate digital transformation initiatives—because when users, data, and applications are protected, companies can focus on strategic priorities.
With XDR, you can uncover stealthy threats with behavior analytics, investigate events, and hunt down threats with powerful search tools.
Security Operations (SecOps) is a joint effort between IT teams such as security and operations working to prevent threats and detect and respond to security incidents. The goal of any security team is to defend an organization’s infrastructure and data from damage, unauthorized access, and misuse. Larger organizations operate a Security Operation Center (SOC), where a team of dedicated security staff detect, investigate and respond to threats with tools to determine the extent of the threat through analysis and threat hunting techniques.
For organizations threats continue to escalate in sophistication and numbers putting SecOps under increased pressure with the large number of alerts they receive, making it impossible to effectively deal with. Another challenge SecOps face when dealing with all the alerts they receive, is the lack of overall context for their investigations, when dealing with multiple separate platforms that are generating alerts. This causes the SecOps teams to have to manually integrate multiple data sources and tools to understand the attack, causing investigations to take too long and potential threats being missed.
Achieving 100% prevention is extremely difficult for any organization. Security Operation Centers go out and purchase many niche security products today, with the disadvantage of trying to track and manage so many alerts coming in from different platforms and tools. It can take days to weeks for one SOC engineer to investigate a single suspicious activity or alert, which may lead to nothing in the end. 44 Palo Alto Networks
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Figure 25 Struggles of a security analyst
Event overload with thousands
of alerts per week
Overlooked and
ignored threats
Huge Cybersecurity
skills shortage
Security analayst
Ineffective incident
response times
Alerts Siloed Security Tools
Manual data
collection from
network, endpoint
and cloud
Narowly focused and
large volume of tools
used by SOC
Palo Alto Networks has a different approach for SecOps teams:
1. First, you prevent all of the threats you can with Traps endpoint protection and our next-generation firewalls.
2. Everything you can’t prevent, you need to detect and investigate rapidly. You achieve this with Cortex XDR and AutoFocus.
3. Then you continuously automate responses with Demisto security orchestration. Demisto orchestration allows security teams to ingest alerts across multiple sources and then execute automatable playbooks for accelerated incident response.
Cortex is the platform for SecOps. Think of Cortex as your one-stop shop for SecOps, solving all key challenges in a more efficient way with higher security outcomes. With Cortex you can speed up investigations by having the right data, integrated across network, endpoint, and cloud, with all the context needed for security analysts. The platform has two primary SecOps elements:
• Cortex XDR for detection and response—Cortex XDR was the first-to-market and defining product in the “XDR” market category, which leapfrogs endpoint protection and response (EDR) with its narrow focus on just the endpoint.
• Demisto for security orchestration, automation, and response—Demisto provides playbooks with 300+ multi-vendor integrations that help solve any security use-case.
CORTEX DATA LAKE
Cortex Data Lake enables AI-based innovations for cybersecurity and provides cloud-based, centralized log storage and aggregation for your enterprise security data. This allows you to apply advanced AI and machine learning with the benefit of cloud scale data and compute so that you can constantly learn from new data sources and evolve your defenses.
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Cortex Data Lake is secure, resilient, and fault-tolerant, and because it is delivered as a cloud service, you can easily add additional capacity without the delay typically associated with the deployment of new storage and logging infra- structure. Palo Alto Networks takes care of the ongoing maintenance and monitoring of the storage infrastructure so that you can focus on your business.
Cortex Data Lake uses the cloud service plugin for Panorama. Panorama provides the interface for the logs stored in the Data Lake Service. From Panorama, you can see an aggregated view of all logs stored in the Data Lake Service, and you can generate reports and perform log analysis and forensics on the log data.
You can deploy any combination of Cortex Data Lake and on-premises Panorama Log Collectors, providing complete flexibility to align logging capacity purchase to your economic model of choice. Use your current on-premises collectors where they exist or where regulations mandate their use. Augment those collectors with cloud-based Cortex Data Lake to address capacity needs for new locations or rapidly changing business needs, per the economic model that aligns better with your business. Adoption of Cortex Data Lake capabilities also prepares your organization to take advantage of the Cortex platform.
Panorama is able to analyze all of your log data and provide actionable insights into whether the logs are stored on the Panorama Log Collectors or in the cloud-based Cortex Data Lake. Regardless of where the data is accessed from, Panorama continues to provide unparalleled network and threat visibility.
The benefit of using Cortex Data Lake goes well beyond scale and convenience when tied into the Palo Alto Networks Cortex platform. Cortex Data Lake acts as the exclusive customer-specific data store for use by the Cortex platform and the associated apps. Within the Cortex platform, Cortex Data Lake collects enhanced log data generated by security sensors already deployed in the network. This methodology enables app developers to focus on driving new security capabilities instead of generating, ingesting, and storing high-volume data.
Figure 26 Cortex Data Lake
Cortex XDR
Cortex Data Lake
Mobil e
Users
Remote
NetworksEndpoints and ServersHeadquarters Private and Public Cloud NGFW Traps NGFWTraps Prisma Acces s
Log and activity
data
Log and activity
data
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TRAPS
Traps offers an integrated best-in-class endpoint prevention, which fulfills the most rigorous endpoint security require- ments, including EDR, next-generation antivirus, and legacy antivirus replacement. Traps prevents all malware by using local, host-based detection assisted by WildFire to obtain a definitive verdict on unknown files. Exploits are prevented by stopping the techniques themselves, requiring no prior knowledge, and allowing Traps top stop entire classes of attacks.
Traps is included with Cortex XDR and prevents all malware, blocks exploits and analyzes suspicious patterns through behavioral threat protection. Behavioral threat protection analyzes multiple behaviors together to identify and stop the most sophisticated threats.
Combining multiple methods of prevention, Traps stands apart in its ability to protect endpoints. Traps thwarts malware infections by blocking the exploits used by attackers to compromise endpoints and install malware. Traps protects hosts by identifying exploit techniques—not just exploit signatures—so it can stop zero-day threats. In addition, it identifies sequences of behavior unique to malware and ransomware with its powerful behavioral threat protection engine. Traps integrates with Palo Alto Networks WildFire, our malware prevention service, to analyze suspicious files in the cloud and coordinate protection across all Palo Alto Networks security products.
Figure 27 T raps preventing attacks
WildFire feeds known threat information back to Traps
Local analysis to
stop known
malware
Machine learning to
prevent new malware
Behavioral threat
protection for
advanced malware
WildFire to detect
unknown malware
Attack blocked,
endpoint safe
User attempts to
open executable file
Multiple methods of prevention improve accuracy and coverage 47 Palo Alto Networks
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CORTEX XDR PROTECTION FRAMEWORK
As attackers continually advance and innovate, so must the organization’s ability to defend. Cortex XDR protects and defends the organization at every stage of security operation through the following steps:
• Prevention and detection—Cortex XDR subscriptions include Traps endpoint protection and response in order to automatically block malware, exploits, and fileless attacks while collecting data for Cortex XDR. In addition, Palo Alto Networks offers a complete portfolio of security offerings that prevent attacks through the latest breakthroughs in security, automation, and analytics.
Cortex XDR uncovers stealthy attacks by using analytics and machine learning, allowing your team to focus on the threats that matter. XDR starts by analyzing rich data gathered across the Palo Alto Networks platform, providing you complete visibility and eliminating blind spots. It stitches together data collected from your network, endpoints, and cloud assets to accurately detect attacks and simplify investigations. • Rapid investigations—To expedite triage and analysis of any threat, your analysts need full investigative context at their fingertips. Cortex XDR delivers several key features that accelerate alert triage and incident response. An alert dashboard lets your team sort, filter, export, or even investigate alerts from any source with a single click.
Your team can instantly understand the root cause, reputation, and sequence of events associated with each alert, lowering the experience needed to verify threats while ensuring fast and accurate decisions. • Response and adaption—After you identify threats, you need to contain them quickly. Cortex XDR lets your security team instantly eliminate network, endpoint, and cloud threats from one console. Your team can quickly stop the spread of malware, restrict network activity to and from devices, and update threat prevention lists, such as bad domains, through tight integration with enforcement points. With Remote Terminal, response and remediation can go beyond initial containment. Your analysts can remotely view alerts, upload tools, and interac- tively run commands or scripts using Python or PowerShell for in-depth forensic investigations.
Prevention and Detection: Analytics
Behavioral analytics are essential for stopping attacks. Machine learning enables you to detect low and slow behaviors accurately and automatically, which is not possible with static rules that look for known patterns and are not accurate for behavioral detection. XDR obtains data from multiple sources (network, endpoint, and cloud) and stitches them together to create a picture of what is happening.
XDR behavioral analytics enable security teams to detect and stop advanced attacks. XDR analyzes endpoint, network, and cloud data with machine learning. XDR accurately identifies behavior anomalies that indicate an attack.
XDR focuses on network-based attack behaviors and, using XDR Pathfinder endpoint analysis, can determine which endpoint processes are responsible for attacks. This integrated endpoint analysis helps security analysts identify which apps or tools, such as PowerShell or WMI, were used for attacks.
XDR analyzes data stored in the Cortex Data Lake Service (data from Palo Alto Networks endpoints, the cloud, and the next-generation firewalls), including information on users, devices and applications. XDR examines multiple logs, including Enhanced Application Logs, which provide data specifically designed for analytics, allowing XDR to track attributes that are nearly impossible to ascertain from traditional threat logs or high-level network flow data. 48 Palo Alto Networks
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The analysis that XDR performs is based on a combination of unsupervised and supervised machine-learning tech- niques. XDR uses unsupervised machine learning to model user and device behavior, perform peer-group analysis, and cluster devices into relevant groups of behavior. Based on these profiles, XDR detects anomalies compared to past behavior and peer behavior. XDR also monitors multiple characteristics of network traffic to classify each device by type, such as a desktop computer, mobile device or mail server. XDR also learns which users are IT administrators or normal users. With supervised machine learning, XDR recognizes deviations from expected behavior based on the type of user or device, reducing false positives.
Rapid Investigations: Detection and Response
With Cortex XDR, you can use your existing Palo Alto Networks network, endpoint, and cloud security as sensors and enforcement points, eliminating the need to deploy new software or hardware. XDR investigation and response provides deep root-cause analysis to show the chain of events all tied together in one place. Traps sends security event data and EDR logs, and the firewall sends firewall and threat logs to the Cortex Data Lake, where XDR can use the data. By stitching the data together, you have one coherent story on what happened, including the entire chain of events that occurred. From this we can obtain a causality (taken from the term cause and effect), which is basically the chain of execution related to the alert, including all involved processes. Causality continuously and automatically analyzes data to identify the chains of events associated with any process, host, user, connection, or file to reveal the attack-chain behind every threat. It visualizes the causality of events, automating the dot-connection process that an investigator would otherwise have to do manually. The result will be a full root-cause analysis of why an alert was raised (both detection and prevention alerts), what the potential damage might be, and many notable items that require attention. After you understand the cause, you can then respond and adapt to the alert.
Response and Adaptation: Threat Hunting
With XDR, you can uncover hidden malware, targeted attacks, and insider threats, because your security team can search, schedule, and even save queries to identify hard-to-find threats across your network, endpoints, and cloud data. Flexible searching capabilities allow your analysts to hunt for threats and search for indicators of compromise without needing to learn a new query language. By incorporating threat intelligence from Palo Alto Networks with network, process, application and other activity, your team can catch malware and external and internal attacks wheth- er they are in progress or happened in the past.
DEMISTO
Demisto is a SOAR platform that enables security teams to accelerate response across people, process, and technolo- gy. SOAR consists of the following:
• Orchestration—Involves controlling and activating the security product stack from a central location. SOAR products do this through playbooks, which are task-based workflows that coordinate across people, process, and technology.
• Automation—Is a logical subset of orchestration. Within SOAR, automation involves finding repeatable tasks and executing them at machine speed. SOAR products have automation scripts and extensible product integra- tions to accomplish this.
• Response—Involves maintaining incident oversight as it goes through the lifecycle. Within SOAR products, this includes case management, collaboration during investigation, and analysis and reporting after incident closure. 49 Palo Alto Networks
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With Demisto, an organization can accelerate responses by responding to incidents with speed and scale, which Demisto achieves through hundreds of integrations across the security field. Thousands of automations power the integrations, helping organizations execute repetitive actions at machine speed. This reduces business and security risks.
To standardize the processes, Demisto creates product playbooks with the automated actions. These are visual, task-based workflows. Playbooks can be fully automated, manual, or a combination of both, allowing an organization to respond to incidents in a standard way and easing enforcement of processes across use-cases and staff. When you need playbooks to be complemented with real-time investigation, you can accomplish it in the Demisto War Room.
Each Demisto incident has a War Room view, where analysts can chat with each other, execute actions across products remotely, and also leverage Demisto’s machine learning suggestions to enhance performance.
Figure 28 Respond, automate, and manage with Demisto
Respond and automate Manage incidents Collaborate and learn Alert
sources
Demisto combats security challenges with three main areas of focus:
• Workflow automation—Demisto makes workflow automation possible through an extensible integration network with hundreds of security and non-security products. These integrations are powered by thousands of actions that can be remotely executed within Demisto, either as automated playbook tasks or in real-time.
Workflow automation helps you respond to incidents with speed and scale. • Case management and ticketing—Demisto can ingest alert data across a range of sources, including SIEMs, network security tools, email inboxes, vulnerability management tools, and cloud security solutions. Demisto case management helps you standardize processes across products, teams, and use cases, while also providing the flexibility needed to adapt to emerging threats.
• Collaboration and investigation—Each Demisto incident has a War Room view, which is a shared workspace where security analysts can chat with one another and conduct joint investigations.
Before Demisto, an organization would have disparate alert sources, lack of defined processes, and repetitive and manual actions with a lack of product interconnectivity. With Demisto, an organization has all of the alerts flowing into a single console, standardized and enforceable processes, automated actions, and cross-product coordination without the need to work with multiple consoles.
AUTOFOCUS AND MINEMELD
AutoFocus is a contextual threat intelligence service that accelerates analysis, correlation, and prevention workflows. A powerful search engine driven by a highly flexible, web-based dashboard allows subscribers to index through billions of threat artifacts collected by WildFire. Unique, targeted attacks are automatically prioritized with full context, allowing 50 Palo Alto Networks
Securing the Future with Cortex
security teams to respond to critical attacks faster, without additional IT security resources. AutoFocus enables you to distinguish the most important threats from everyday commodity attacks by matching events on your network to tags.
Now, instead of seeing that a malicious event has occurred, you immediately know the context around an attack, such as the malware family, campaign, or malicious actor targeting your organization. When identified, AutoFocus alerts your security team about high-priority events, enabling you to take swift action to mitigate impact.
AutoFocus helps your team become advanced threat hunters instead of relying on a small group of highly specialized security operations professionals. Threat intelligence from the service is directly accessible in the Palo Alto Networks platform, including PAN-OS and Panorama. AutoFocus speeds the security team’s existing workflows—allowing for in-depth investigation into suspicious activity, without additional specialized resources.
When further analysis is required, users can switch between AutoFocus and PAN-OS or Panorama, with pre-populated searches for both systems. With AutoFocus and the platform, users can answer questions regarding:
• How targeted or unique a threat seen on their network is. • Related malicious samples for further investigation.
• Domain resolution history for identifying suspicious DNS queries.
AutoFocus enables you to create new protections for the Palo Alto Networks Security Operating Platform by exporting high-value indicators of compromise from the service into PAN-OS external block lists, blocking malicious URLs, domains, or IP addresses instantly. AutoFocus can also export indicators to third-party security devices via a standard CSV format. You can use AutoFocus to identify unique, targeted attacks facing your organization and take direct action to mitigate and prevent them.
Threat analysis, forensics, and incident response teams often rely on a broad range of scripts, open-source tools, securi- ty devices, and services in order to investigate potential incidents. AutoFocus can dramatically cut the time required to investigate by enriching third-party services through the AutoFocus API, remote sweeping capability, and support for the Structured Threat Information eXpression (STIX) data format. AutoFocus provides out-of-the-box integration with STIX infrastructure and makes data available for export in the STIX data format.
The AutoFocus API is built on a RESTful framework that provides for flexible integrations, such as feeding intelligence into existing Security Information and Event Management (SIEM) tools, making data available for additional threat analysis or custom threat-blocking automations.
Users can export from indicators in the service to both internal and third-party external systems directly from AutoFocus. To enable seamless analysis across their entire infrastructure, teams can define up to 10 external systems, such as correlating logs from next-generation firewalls or triggering searches in SIEM tools.
AutoFocus is offered as a hosted security service that neither requires configuration changes to your next-generation firewall nor results in performance impacts to the device. It integrates seamlessly into Panorama or ACC, requiring no additional user interfaces.
MineMeld™ complements AutoFocus. Organizations typically rely on multiple sources of threat intelligence to ensure the widest possible visibility into emerging threats, but they struggle to aggregate, correlate, validate, and share indica- tors across different feeds. As part of AutoFocus, the MineMeld application provides a single, unified, threat feed and indicator management system. MineMeld is an extensible threat intelligence processing framework and blends together multiple threat indicator feeds. Based on an extremely flexible engine, you can use MineMeld to collect, aggregate, and filter indicators from a variety of sources and make them available for consumption to peers or to the Palo Alto Networks Security Operating Platform.
51 Palo Alto Networks
Summary
Summary
This guide provides an overview of all of the components that comprise the Security Operating Platform and how the Palo Alto Networks preventative approach is different from other companies. Now that you have an understanding of the Palo Alto Networks Security Operating Platform, you can go deeper into specific areas or relevant architectures by reading the reference architecture guides at this location:
https:/ /www.paloaltonetworks.com/referencearchitectures © 2019 Palo Alto Networks, Inc. Palo Alto Networks is a registered trademark of Palo Alto Networks. A list of our trade- marks can be found at http:/ /www.paloaltonetworks.com/company/trademarks.html. All other marks mentioned herein may be trademarks of their respective companies. Palo Alto Networks reserves the right to change, modify, transfer, or otherwise revise this publication without notice.
HEADQUARTERS
Palo Alto Networks
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Santa Clara, CA 95054, USA
http:/ /www.paloaltonetworks.com
Phone: +1 (408) 753-4000
Sales: +1 (866) 320-4788
Fax: +1 (408) 753-4001
[email protected]
B-000185P-1 10/19
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about this guide.
SYNNEX Corporation Distribution Return Policy
PRODUCT RETURNS Return requests may be submitted through the following channels:
CUSTOMER SERVICE Hotline: 800-756-1888 Monday through Friday 8AM-8PM EST EMAIL: [email protected]
WEBCHAT:
http://apps2.link2support.com/WEBCHAT%20SYNNEX/Main.php?do=_WEBCHAT&submit=_Login
REQUIRMENTS
Defective or damaged Products or those subject to customer remorse may be returned to SYNNEX by adhering to the Requirements below.
1. Reseller must obtain a valid RMA number for all returns.
2. As the distributor of manufacturer branded products, SYNNEX must adhere to the manufacturer’s return policies. These policies include adhering to final dates of return or re- stocking fees for returns. At a minimum, SYNNEX agrees to a 30 day return policy for unopened product.
3. Not all product lines are eligible for this return policy. Check with your SYNNEX salesperson to verify specific eligibility.
PROCDEURES
The procedures provided below for replacement or credits are the exclusive remedies to Reseller for any claim related to any defective or damaged Products or customer remorse.
1. RMAs will be issued for items eligible for return. If any item is ineligible for return, Reseller will be informed and the RMA will be denied.
2. SYNNEX will not be obligated to replace or provide credit for Products returned as defective and damaged from abuse, misuse (including improper storage) or other product warranty exclusion, from attempted repair, or during repossession or shipment to SYNNEX.
3. Ineligible returns and returns not on approved RMAs will be disposed of at SYNNEX’s discretion with no credit, and a charge back will be issued for any ineligible deductions taken.
4. RMAs expire within twenty (30) days of issuance. SYNNEX has the right to refuse returns after such date.
5. SYNNEX will respond to RMA requests within forty-eight (48) hours of receiving from the customer. Requests must include the following information:
6. Sales Order Number
7. Description of merchandise
8. Manufacturer part number
9. Quantity
10. Specific reason for return and condition of product: Factory Sealed or Open
11. Serial Number
12. Notification of approved RMA requests will be made via fax or e-mail. Authorized returns must be shipped freight prepaid.
13. Returns must be received at the return location designated by SYNNEX on or before the last date of return to be eligible for credit. Credit for returns will be issued within one (1) week of receipt of merchandise at the Net Reseller Price in effect on the date SYNNEX receives the eligible product
14. All returns must be in the original manufacturer box. A packing slip must be included in each box or pallet identifying the product numbers, quantities, number of boxes. A copy of the RMA must be attached to all boxes for UPS shipments and at least two cartons for common carrier shipments. Boxes should be marked 1 of XX, 2 of XX, etc.
Products and Pricing Proposal
Product Offering
SYNNEX Corporation offers the following Palo Alto Networks products and services at a fixed discount percentage off the commercial published pricelist (MSRP). A full listing of current products is provided on the included Excel file “SYNNEX-OMNIA Partners Price List July 2020”.
Category Subcategory Discount %
Hardware and On-Premise Software Cloud Security 20%
Hard Disk Drives 20%
Input Device Accessories 20%
Network Accessories 20%
Network Adapters / Cables 20%
Network Devices 20%
Network Storages 20%
Power Accessories, Adapters, & Supplies 20%
Rack System & Accessories 20%
RAM Modules 20%
Repeaters / Transceivers 20%
Security Hardware & Software 20%
Solid State Drives (SSD) 20%
Storage Controllers 20%
Cloud Services Cloud Security 15% Internet / Communication Applications 15%
Security Service / Support 15%
Security Software 15%
Service Packages 4-Hour Premium & Platinum Renewal 10%
4-Hour Premium & Platinum Support 10%
On-Site Spares 10%
Premium & Platinum Support 10%
Premium & Platinum Support Renewal 10%
Standard Support 10%
Standard Support Renewal 10%
Demisto and Prisma Public Cloud Demisto and Prisma Cloud 5% All Others All Others 5%
Non-Discounted Products Non-Discounted Products 0%
Additional Services:
In addition to the Palo Alto Networks branded services priced in the categories above, additional Professional Services may be provided by SYNNEX Authorized Service Providers at 4% off MSRP. Services are often opportunity specific and MSRP pricing will be provided to the requesting Agency within a Statement of Work.
Additional Product Offering:
SYNNEX is providing a specific percentage discount off MSRP for all Palo Alto Networks products and services.
Additionally, SYNNEX is offering OMNIA Partners Contract pricing for the more than 1400 IT manufacturers and Authorized Service Providers that SYNNEX carries on our linecard. This offering is fully described and priced under the SYNNEX Value Add portion in Tab Five (5).
Describe any shipping charges.
All deliveries under this contract shall be FOB Destination. Additional freight costs may apply for white glove, special and expedited delivery requirements when requested by the ordering agency.
Provide pricing for warranties on all products and services.
Warranties will be priced according to the categories listed above.
Describe any return and restocking fees.
Product Return Guidelines
DOA/Defective Credit
• Product must be returned in the original packaging.
• Please ensure that all original components are shipped with the defective item (includes manuals, software, cables, etc.).
• Please remove all add-ins (not originally sold with the product), as these items will not be returned to you (i.e., memory, sound cards, modems, etc.).
• Please follow the return shipping instruction provided with your RMA.
Advance Swap
• SYNNEX cross-ships a replacement product to you before it receives the product you are returning. • Advance Swaps are subject to SYNNEX credit department approval. • Replacement shipment will be billed when shipped and credit issued once the return is received for credit. • Please follow the return shipping instruction provided with your RMA.
Damaged Shipments
• Shipment should be refused and SYNNEX Customer Service contacted within 48 hours of the refusal. • All damages must be reported within 48 hours of receipt of product for all courier shipments.
• Shipment damages must be refused, or damage noted on the POD for credit. • Please follow the return shipping instruction provided with your RMA.
Kit Returns
• For all kits, parts, and assemblies, all components must be returned complete to be eligible for credit. • Please follow the return-shipping instruction provided with your RMA.
Stock Balance
• Product must be in its original manufacturer box and factory sealed. • Product must be in resalable condition.
• Products must be shipped pre-paid for credit.
• Please follow the return-shipping instruction provided with your RMA.
SYNNEX Errors
• Ensure that the product is in the original manufacturer’s box and that all components are present, unless otherwise authorized.
• Please follow the return-shipping instruction provided with your RMA.
Manufacturer Exception Returns
• SYNNEX will make exceptions for returns that are out of policy, provided that the manufacturer has authorized return of the product.
• Once the customer has an authorized case number or manufacturer RMA number from the manufacturer, the customer then contacts SYNNEX Customer Service for an RMA. Customer • Service will then issue an RMA and the customer will receive credit in the amount we receive from the manufacturer for credit.
• Please follow the return-shipping instruction provided with your RMA.
Describe any additional discounts or rebates available. Additional discounts or rebates may be offered for large quantity orders, single ship to location, growth, annual spend, guaranteed quantity, etc.
SYNNEX Corporation is pleased to offer an additional volume-based discount of 1% discount off MSRP for purchase quantities over one hundred.
SYNNEX will continue to strive to offer additional quantity or volume discounts on various manufacturers. We will work with procurement officers as well on specific large projects based on the details, customization and potential for discounted pricing based on large volume.
SYNNEX will ensure all available vendor programs are utilized to get the best pricing available.
Describe how customers verify they are receiving Contract pricing.
All contract orders will be placed through Authorized Dealer partners utilizing the SYNNEX Dealer model for resellers. The resellers will request contract quotes through their SYNNEX sales reps, including the OMNIA Partners contract bid desk on all correspondence. The OMNIA Partners contract bid desk will provide the reseller with the applicable contract information including the contract ceiling prices. When the end user agency
places a contract order with the Authorized Dealer, the contract bid desk will review the agency’s purchase order for compliance. At any point in this process, the end user agency or OMNIA Partners can reach out to the SYNNEX contracts team to verify pricing. For any pricing that is not verifiable using a published manufacturer price file, the contracts team will communicate directly with the manufacturer and provide official MSRP to the agency or OMNIA Partners as directed by the manufacturer.
Describe payment methods offered.
SYNNEX and its authorized resellers will adhere to a standard of net 30 for purchases made under this contract.
Additionally, SYNNEX offers third party leasing services to our authorized reseller partners and their end user customers.
SYNNEX is also pleased to work with customers to offer a customized or specific leasing or financing program that works best for them. Additional service options for this include:
• Consumption Based Billing
• Subscription Based Billing
• Variable Billing
• Agent Programs
In addition, SYNNEX has a Device-as-a-Subscription (DaaS) program designed to enable resellers and their end user customers to simply and inexpensively bundle their hardware/software/service needs into a subscription- based agreement. End Customer Benefits:
• Easy-to-buy technology on an easy-to-execute subscription agreement • Flexibility and scalability to match changing business needs • Freedom to scale up, scale down, make changes, refresh or return early • Low minimum and no maximum subscription plans from 24-60 months to meet your budgetary needs • Up-to-date security via new devices, systems updates, and bundled services
Propose the frequency of updates to the Offeror’s pricing structure. Describe any proposed indices to guide price adjustments. If offering a catalog contract with discounts by category, while changes in individual pricing may change, the category discounts should not change over the term of the Contract.
SYNNEX is offering broad category discounts and therefore the discount structure will not change for new products within those categories. For the additional product lines offered as part of the SYNNEX Value Add, SYNNEX would like to reserve the right to request exceptions from time to time on an as needed basis. Due to the depth and breadth of our catalog offering, it is not possible to fully analyze each individual OEM to ensure that the proposed discounts are reasonable on all products for all parties. SYNNEX will make every attempt to work with each OEM to ensure the Omnia Partners contract pricing discounts can be achieved. However, if, at any time during the life of the contract, SYNNEX determines that an exception must be requested, SYNNEX will provide Omnia Partners with written notification and provide justification for any requests for revisions/adjustments to this list.
Describe how future product introductions will be priced and align with Contract pricing proposed.
If new product categories are created that are not in the current category pricing structure, SYNNEX proposes to work with OMNIA Partners and the manufacturer to determine a category discount that follows the current price structure and will continue to be the same or better than pricing offered to other Public Agencies.
Appendix D
Exhibit A
3.0 SUPPLIER RESPONSE
Supplier must supply the following information in order for the Principal Procurement Agency to determine Supplier’s qualifications to extend the resulting Master Agreement to Participating Public Agencies through OMNIA Partners, Public Sector.
3.1 Company
A. Brief history and description of Supplier to include experience providing similar products and services.
SYNNEX Corporation was founded in 1980 and offers a comprehensive range of industry leading IT products and business services to our reseller customers. We’ve built a solid reputation for delivering customized, fully integrated solutions, services, and support, including distribution, contract assembly, business process outsourcing, and logistics. SYNNEX is listed on the New York Stock Exchange (NYSE: SNX) and is currently ranked 130 on the 2020 Fortune 500.
SYNNEX brings the most relevant technology solutions to the IT and consumer el ectronics markets to help our partners sustainably grow their business. We distribute more than 3,000,000 technology products from more than a thousand of the world’s leading and emerging manufacturers and provide complete solutions to more than 25,000 resellers and retail customers in the U.S., Canada, and Japan. As part of our value -added services, SYNNEX provides a variety of professional and marketing services, including demand generation, education and training, pre- and post-sales support, end-user enablement, server assessment, design and integration, product lifecycle support, contract design and assembly, and IT resource planning. In addition, SYNNEX provides a wide range of financial options to ensure that our partners can provide the best solutions to their end-user customers.
Our Westcon -Comstor Americas division operates in North and Latin America and focuses in security, collaboration, networking, and data center. Our expert technical knowledge and industry -leading partner programs are designed to keep our partners at the forefront of their markets to drive business and growth.
Westcon-Comstor Americas goes to market under the Westcon and Comstor brands.
Our Hyve Solutions division designs, manufactures, and deploys cost -effective, energy -efficient data center servers and storage solutions worldwide to some of the largest data center users.
B. Total number and location of sales persons employed by Supplier.
SYNNEX SALES FORCE:
• 200+ inside sales reps; 20 outside sales managers – all full-time SYNNEX employees with nationwide coverage;
• Strategic and small accounts covered;
• Education team comprised of ten former K-12 teachers, principals, and education technologists to drive education business with our reseller partners;
• Public Safety Team comprised of the former City of Greenville Chief of Police and a former City of Columbia police detective to drive public safety business with our reseller partners ;
• Healthcare Team comprised of former nurses and other team members with years of experi ence in the medical field;
• State and Local dedicated Contracts Team comprised of tenured experts who understand cooperatives, state statutes and regulations, that manage a portfolio of numerous contracts; • Dedicated GSA Team comprised of managers who oversee the 250+ vendor partner lines, current buying trends, government initiatives, and create demand & interest, evangelizing for our technology partners ; • Diversity Alliance Team comprised of managers who support and collaborate with an ecosystem of 100+ diversity resellers including HUB and minority owned businesses ; • Marketing / Demand Generation Team – a team dedicated to driving public sector sales with end-user customers, resellers, and manufacturers.
Our Dealer Network is comprised of over 25,000 ind ependent dealers, resellers, and solutions providers nationwide. We have over 7,000 partners selling into Public Sector with 3,500 actively selling into State and Local Government and 1700 partners focused on K-20 Education, and 900 Healthcare.
C. Number and location of support centers (if applicable) and location of corporate office.
SYNNEX Corporate Headquarters Fremont, CA East Coast Sales/Product Marketing Greenville, SC 44201 Nobel Drive 39 Pelham Ridge Drive
Fremont, CA 94538 Greenville, SC 29615
Tracy, California Grove City, Ohio
6551 W. Schulte Rd. Suite 100 4001 Gantz Road, Suite A
Tracy, CA 95377 Grove City, OH 43123
Richardson, Texas Miami, Florida
660 N Dorothy Drive, Suite 100 12650 NW 25th Street, Suite#108 Richardson, TX 75081 Miami, FL 33182
Romeoville, Illinois Plainfield, Indiana
1180 Remington Blvd. 595 Perry Road Suite 101
Romeoville, IL 60446 Plainfield, IN, 46168
Southaven, Mississippi Miramar, Florida
455 Research Drive Suite 100 3350 SW 148TH Avenue
Southaven MS, 38672 Miramar, Fl 33027
Monroe, New Jersey Tarrytown, New York
201 Middlesex Ctr. Boulevard 520 White Plains Road
Monroe, NJ 08831 Tarrytown, NY 10591
Chantilly, Virginia Downers Grove, Illinois
3900 Stonecroft Blvd. Suite M 3020 Woodcreek Drive,
Chantilly, VA 20151 Downers Grove, IL 60515
Chino, California Louisville, Colorado
15065 Flight Ave 363 Centennial Parkway – 3rd Floor
Chino, CA 91710 Louisville, CO 80027
New Age Electronics
21950 Arnold Center Road
Carson, CA
D. Annual sales for the three previous fiscal years.
2017 – $16.8 Billion
2018 – $19.8 Billion
2019 – $23.8 Billion
a. Submit FEIN and Dun & Bradstreet report.
94-2703333
DUNS #112375758
The SYNNEX 2019 Annual Report is located here:
https://s22.q4cdn.com/848111767/files/doc_financials/quarterly_reports/2019/Q4/02/SYNNEX -2019- Combo-eproof-final-annual-report.proxy.pdf
The complete SYNNEX history of SEC filings can be found here:
https://ir.synnex.com/financials/default.aspx
E. Describe any green or environmental initiatives or policies.
SYNNEX Environmental Policy
• SYNNEX recognizes and accepts its responsibility to be a good steward of the environment and to help achieve a state of sustainable development. In support of these responsibilities SYNNEX has established the following commitments:
• Compliance to all applicable state, federal, and local legal requirements with a goal of going beyond compliance wherever practical and possible.
• Prevention of pollution in all its forms.
• Conservation of natural resources, including energy, through source reduction, reuse, and recycling wherever practical.
• Continual environmental performance improvement through the involvement of all SYNNEX employees, subcontractors, suppliers, and partnership with the local community. • Integrate environmental considerations into our business activities. • Ensure that our employees have the awareness, skills, and knowledge to carry out this policy and encourage respect for the environment.
At SYNNEX, we are committed to leading by example because we understand that small actions can create big changes. We strive to make our planet a better place for future generations by making our facilities greener, supporting our business partners’ green initiatives, and nurturing green innova tion. Our associates are also encouraged to take the lead by proposing and participating in a range of local conservation initiatives —from used battery drop-off centers to waste recycling and beyond. Here are just some ways we’re leading:
Corporate Environmental Beliefs
SYNNEX recognizes and accepts its responsibility to be a good steward of the environment and help achieve a state of sustainable development. In support of these responsibilities, we are committed to compliance with all applicable legal requirements, with a goal of going beyond compliance whenever practical and possible; conservation of natural resources, including energy, through source reduction, reuse, and recycling; and continual environmental performance improvement through the involvement of all our associates, subcontractors, suppliers, and local partners. We also take steps to integrate environmental considerations into our business activities and provide our associates with the awareness, skills, and knowledge nec essary to encourage respect for our environment.
ISO 14001 Certifications
• Waste Management
• Energy Consumption
• Water Consumption (Fremont, CA, United States)
Energy Consumption and Efficiency
Our facilities are constantly searching for new ways to reduce carbon emissions, cut down on energy usage, and improve energy efficiency. Beyond meeting all applicable environmental regulatory and statutory requirements, we take steps to reduce the greenhouse gas emissions at our facilities, and promote a range of waste reduction, recycling, and pollution reduction efforts. Our Fremont, California facility, for example, installed solar panels that have helped to reduce our carbon footprint by close to one million pounds of CO2 each year. The same facility has al so installed electric car stations and implemented a Commuter Benefit Program to encourage associates to reduce their carbon footprint. We also installed electric car stations at our Greenville campus.
SYNNEX’ Hyve Solutions business evolved from the need to produce large scale energy -and cost-efficient data centers. Hyve Solutions is a Platinum OCP (Open Compute Project) provider and the original OCP solution provider. OCP servers are capable of being up to 38% more power efficient than traditional server hardware.
Supply Chain
To achieve our environmental mandate, green thinking must permeate all aspects of our company, including supply chain management. That’s why we continue to take steps to make our supply chain greener and meet our customers and sta keholders’ environmental expectations. ISO certifications are one way to encourage organizations and their supply chains to produce less waste, reduce energy consumption, and increase distribution efficiency. For this reason, a growing number of our facilities are ISO certified. We also provide our North American resellers with access to a wide variety of green-designated products and services —which not only gives them a unique selling proposition, but also benefits their end users by enabling them to realize annual energy savings.
Water Reduction and Recycling
Our planet benefits when we reduce our water usage and waste. And that’s why we’re always searching for new, innovative ways to eradicate wasteful practices and find new life for our business’s by-products. While the extent of a facility’s recycling efforts depends on its jurisdiction’s recycling capabilities, all of our offices are committed to doing what they can to reduce waste and give it new life, whenever possible.
In North America, for example, many of our facilities recycle cardboard, plastics, cans, bottles, and paper —and some even compost. Others are exploring innovative new ways to reduce waste. Our Fremont, California facility uses a technology solution comprised of thermal densifie rs to turn foam by -products into bricks that are then sold to plastic recyclers. This technique has allowed the Fremont facility to recapture 100% of its foam, reducing its garbage by 40,000 lbs. per month. Similarly, our Go Green program encourages associates to initiate ongoing local environmentally friendly initiatives. The program has seen some great results, such as a battery and electronic equipment recycling program in Fremont, California, Greenville, South Carolina, United States and Guelph, Ontario, Canada.
SYNNEX Japan and its associates are taking the lead in environmental sustainability by participating in the Tokyo 2020 Medal Project. The organizers of the Olympic and Paralympic Games 2020 are calling on citizens of Japan to donate old and obsolete consumer electronic devices including smartphones and small electronic appliances.
Metal collected from these devices will be used to produce the gold, silver, and bronze medals for the games.
The Tokyo 2020 Medal Project is targeting to make the medals completely from recycled materials.
Other leading programs around the world include:
• Electronic waste disposal program (Concentrix, Latin America); • Plastic recycling efforts to raise money for charity (Concentrix, Uruguay) ;
• Environmental and recycling education program that teaches associates how to recycle and reuse materials (Concentrix, India);
• Water reduction and training program that saved approximately 54,677 liters of water (Concentrix, India) • Cleanathon drives (Concentrix, Mumbai and Alandi, India); • GoGreen Associate Awareness (Global)
In addition to our Environmental Policy, SYNNEX’ SERVICESolv segment provides the following Environmental Services:
SERVICESolv specializes in the environmental recycling of retired IT equipment and print consumables. With expertise in risk mitigation, logistics, asset management, re -marketing, recycling, and data destruction, our recycle and disposal services help you responsibly handle your customers’ outdated hardware.
SERVICESolv has experience processing the obsolete assets of companies in the financial services, healthcare, insurance, and legal industries, as well as for government and education. Our processing plants are equipped with state-of-the-art data-erasure and destruction technology to provide your customers with the peace of mind that all data and drive destruction is performed to the most-stringent international data-security standards.
To ensure that hardware is safe for reuse, SERVICESolv’s standard data overwrite process includes a three-pass data wipe compliant with the U.S. Department of Defense 5220.22 -M. Additionally, a certification of data erasure and destruction is furnished for each onsite service performed or shipment received.
What is the value of the SERVICESolv Recycle, Disposal, and Asset Buy-Back Services for you?
• Safe and compliant removal of assets and destruction of data • Competitive offers for all hardware recycling, often including buy -back estimates • Single point of contact for the entire project, from initiation through completion • Tailored services to meet each client’s individual needs • Options for on-site data destruction
Get started with recycling IT equipment by downloading and completing the recycling worksheet from http://www.SYNNEX.com/servicesolv/whatis/recycle.html. Once completed, return the recycling worksheet to [email protected].
Green Solutions
IT equipment can be up to 25% of total enterprise energy use, and datacenter energy use doubles every 5 to 8 years. As energy costs continue to rise, pressure builds on the bottom line. SYNNEX Green Solutions provides a set of tools and services focused on helping you tap into the sales potential and customer value for Green IT, delivering IT solutions that reduce energy and save your customers energy and money.
One of our most successful services is the SYNNEX Utility Incentive Program for resellers. This nationwide program is a list of identified electric utilities offering incentives to companies for IT projects that save mon ey.
SYNNEX handles the calculations, applications, and other elements for utilities to approve a project for incentives.
What is the value of Green IT?
• Ability to identify IT projects that are eligible for electric utility rebates and to manage the paperwork process seamlessly.
• Allows you to offer a Green IT solution in your services portfolio, showcasing your business as socially conscious.
• Manage customers’ EOL assets through our E -waste recovery and recycling service that pays you for supporting a greener planet.
What are some of the features of SYNNEX Green solutions?
• Seamless management of the application process to obtain eligible rebates from participating electronic utilities
• All products meeting ENERGY STAR or EPEAT ratings are identified i n ECExpress and on our specific Green IT linecard
• PO level and custom energy-saving calculators help you define cost savings to support ROI conversations • Development of custom Green IT Roadmap for complex or larger opportunities • Repository for third-party research and white papers you can leverage to develop a foundation for customer discussions
F. Describe any diversity programs or partners supplier does business with and how Participating Agencies may use diverse partners through the Master Agreement. Indicate how, if at all, pricing changes when using the diversity program. If there are any diversity programs, provide a list of diversity alliances and a copy of their certifications.
SYNNEX has developed a program for engagement of our small business partne rs entitled “Diversity Alliance Program (DAP)”. The purpose of this program is to make tools, solutions and discounts available to this small business 8(a) community to help put them on a level playing field to compete with the larger and more established solution providers. Our DAP community has members with a variety of certifications including Small Businesses, Woman -Owned, Minority -Owned, HUBZone, and Se rvice-Disabled Veteran Owned. Government agencies can reach their small business goals with their ability to source from small, local resellers.
The DAP program was designed to promote collaboration amongst partners, enabling them to win more business through diversity status and collaboration. This program has grown double -digits year over year both in revenue and participating members. Additional ly, the program is a valued resource for our manufacturer partners to help find net -new resellers and meet the requirements for certain state statutes for small 8(a) businesses. Furthermore, reseller members can take advantage of an extensive list of exclu sive program benefits. As a result, the Members in the program continue to see YoY growth.
Diversity Alliance Program members have access to the following tools and benefits:
• Exclusive rebates from participating manufacturers;
• Discounted SYNNEX integration discounts;
• Discounted financing tools such as escrow agreements, blind lock box, and extended terms ; • Inclusion in the GOVSolv Strategic Partner Database, a tool designed to help our reseller partners, both large and small, develop strategic relationships with each other. The tool encourages collaboration amongst DAP members, allowing them to expand their resources;
• Frequent networking opportunities with other small-business partners and diversity-focused manufacturer partners at SYNNEX-sponsored events;
• Member Reporting Tools: Access to a variety of sales and SPIFF reporting tools to keep track of multiple vendor promotions;
• Discounted fees for contract orders that are classified as new business opportunities ; • Priority access to the SYNNEX Public Sector Business Development Team that can help you drive business ; • Priority access to RFI/RFQ/RFP Proposal Support – technical, contractual, and logistical.
G. Indicate if supplier holds any of the below certifications in any classified areas and include proof of such certification in the response:
a. Minority Women Business Enterprise Yes No
If yes, list certifying agency:
b. Small Business Enterprise (SBE) or Disadvantaged Business Enterprise (DBE)
Yes No
If yes, list certifying agency:
c. Historically Underutilized Business (HUB) Yes No
If yes, list certifying agency:
d. Historically Underutilized Business Zone Enterprise (HUBZone) Yes No If yes, list certifying agency:
e. Other recognized diversity certificate holder Yes No If yes, list certifying agency:
H. List any relationships with subcontractors or affiliates intended to be used when providing services and identify if subcontractors meet minority-owned standards. If any, list which certifications subcontractors hold and certifying agency.
We have a broad spectrum of reseller partners across the US; from large business to small businesses.
Our Public Sector Program allows for the resellers to utilize our vast array of resources; contracts, bid support, vetted solutions, grants, business intelligence tools, integration, financing options and marketing support.
SYNNEX will actively recruit SLED focused resellers across the US to become authorized dealers on the OMNIA Group contract. SYNNEX only authorizes resellers with active SYNNEX accounts in good standing.
These resellers are then fully trained on the contract Terms and Conditions and must sign a contract Dealer Agreement with SYNNEX confirming that they will adhere to t he Ts & Cs (example agreement included with this submission). SYNNEX GOVSolv team will continue working with the authorized resellers throughout the life of the contract through ongoing training, business development, compliance audits, etc.
Resellers included in this map noted below have the following notations:
• Service-Disabled Veteran Owned
• Minority Owned
• Woman Owned
• Hub-Zone
• Veteran Owned
Locations of diversity partners actively selling in our contracts program can be seen in the following graphic:
SYNNEX continuously recruits diversity partners into our SLED contracts program and makes every effort to ensure each region utilized by our contracts has diversity reseller coverage.
I. Describe how supplier differentiates itself from its competitors.
SYNNEX has a team of dedicated, tenured government experts that understand the public sector market and works with a broad spectrum of partners to help grow their business.
• Through Collaboration – with extensive resources from product manag ement that understands emerging market trends, to an eco-system of thousands of resellers, to partnerships with thousands of manufacturer partners;
• Through Coalition – with programs to support the government market, from grants resources, to a dedicated bid desk, to business intelligence tools;
• Through Connections – with a dedicated team of numerous Subject Matter experts for Public Sector solutions, to a community of diverse, 8(a) resellers that we support and mentor, to a dynamic reach mechanism through numerous marketing programs, and understanding of key initiatives in government; i.e. secure supply chain.
• All of this to deliver:
• Customized go-to-market plan for Public Sector Partners; • Engagement and scalability for procurement options, specific to meet customer needs & requirements; • Ability to make connections with manufacturer partners with broad spectrum of an eco -system of resellers, and with specific targets for Public Sector; • Leverage knowledge of tenured expertise to help with strategy implantation; • Compose custom & detailed reporting for analyzation for trends & new customer reach ; • Overall pro-active programs to grow business – Grants, E-Rate, & others; • GOVSolv Solutions with ability to scale and expand --customized offerings for Public Sector; • Business Intelligence Tools to better understand market trends.
J. Describe any present or past litigation, bankruptcy or reorganization involving supplier.
As a Fortune 130 worldwide distributor, we are always involved in some type of litigation and employ a team of lawyers to protect our interests as a full -service distributor. Unfortunately, it’s the nature of business in general and society as a whole to be litigious. Our SEC filings include details on our litigation efforts.
K. Felony Conviction Notice: Indicate if the supplier
a. is a publicly held corporation and this reporting requirement is not applicable; b. is not owned or operated by anyone who has been convicted of a felony; or c. is owned or operated by and individual(s) who has been convicted of a felony and provide the names and convictions.
As a publicly held corporation, this reporting requirement is not applicable
L. Describe any debarment or suspension actions taken against supplier
Not applicable.
3.2 Distribution, Logistics
A. Each offeror awarded an item under this solicitation may offer their complete product and service offering/a balance of line. Describe the full line of products and services offered by supplier.
SYNNEX Corporation is pleased to offer OMNIA Partner member agencies access to the entire line of Palo Alto Networks (PANW) products. Palo Alto Networks, the global cybersecurity leader, is shaping the cloud -centric future with technology that is transforming the way people and organizations operate . Their mission is “to be the cybersecurity partner of choice, protecting our digital way of life.”
PANW has pioneered the next generation of security through its innovative platform that empowers enterprises, service providers, and government entities to secure their organizations by safely enabling applications and data running in their networks, on their endpoints, and in the cloud, and by preventing breaches that stem from targeted cyberattacks. PANW’s platform uses an innovative traffic classification engine
that identifies network traffic by application, user, and content and provides consistent security across the network, endpoint, and cloud. Accordingly, the platform enables end-customers to pursue transformative digital initiatives, like public cloud and mobility, that grow their business, while maintaining the visibility and control needed to protect their valued data and critical control systems. PANW believes the architecture of its platform offers superior performance compared to legacy approaches and reduces the total cost of ownership for organizations by simplifying their security operations and infrastructure and eliminating the need for multiple, stand-alone hardware and so ftware security products, and consists of three primary areas of security capabilities.
Secure the Enterprise:
• Secure the network through PANW’s Next-Generation Firewalls, available as physical appliances, virtual appliances called VM-Series, or a cloud-delivered service called Prisma Access (formerly GlobalProtect cloud service), and Panorama management delivered as an appliance or as a virtual m achine for the public or private cloud. This also includes security services such as WildFire, Threat Prevention, URL Filtering, GlobalProtect, and DNS Security that are delivered as SaaS subscriptions to our Next -Generation Firewalls. • Secure the endpoints through PANW’s Traps advanced endpoint protection software, delivered as a light - weight software agent with cloud or on-premise management capabilities.
Secure the Cloud:
• Secure the cloud through Prisma cloud security offerings, such as Prisma Publi c Cloud (formerly RedLock) for security and compliance in public clouds, Prisma Access (formerly GlobalProtect cloud service) for securing user access, Prisma SaaS (formerly Aperture) for protecting SaaS applications, VM-Series for in-line network security in public and private clouds, Traps for host -based public cloud infrastructure protection, and Twistlock for protecting containers in public and private clouds, as well as PureSec for protecting serverless functions in public clouds.
Secure the Future:
• Secure the future of security operations through the Cortex platform, which includes Cortex XDR (formerly Magnifier) for detection and response, Cortex Data Lake (formerly Logging Service) to collect and integrate security data for ana lytics, Demisto for security orchestration, automation, and response (“SOAR”), and AutoFocus for threat intelligence. These products are delivered as software or SaaS subscriptions.
An Executive Summary of the PANW Security Operating Platform, as well as a full overview of the offering is included in our response.
In addition to the Palo Alto Networks offering, SYNNEX Corporation proposes the entire catalog of SYNNEX and all SYNNEX divisions, including, but not limited to:
3D Printers and Accessories, Access Control, Accessories, All In One PCs, Android Phones, Antennas, Audio-Visual Products, AV Furniture, Barcode Readers, Batteries and Battery Chargers, Bridges / Routers, Business Machine Supplies, Cable Accessories, Calculators / Business Machines, Cam corders, Cases and Protective Covers, Chromebooks, Cloud Security, Cloud Software and Solutions, Combined AV Devices, Computer Accessories, Computer Based Training, Computer Mice / Pointing Devices, Consumer Electronics, CPUs / Processors, Creativity Appli cations, Data center products, Data Management Applications, Desktop Computers, Desktop Supplies, Digital AV Players / Recorders, Digital Cameras, Display Accessories, Display Cables, Dot Matrix Printers, Drones, DVD Players / Recorders, DVRs / Security St orage, Education Applications, Fax Machine Supplies, Fax Machines, Financing Options, Flash USB Drive and Cards, Gaming Accessories, Gaming Console Applications, Gaming Systems, GPS Receivers / GPS Kits, Handheld Devices / PDAs, Hard Disk Drives, Headphones and Microphones, Home / Lifestyle Applications, Home Audio, Hosted Software, Hubs / Switches, Ink Jet Printers, Input Device Accessories, Integration, Internet / Communication Applications, IOT Solutions,
Keyboards / Keypads, KVM Switches and AV Splitters, Laser Printers, Last Mile Services / Solutions, LED Printers, Managed Print, Memory Boards and Card Readers, Modems, Monitors, Motherboards, Multifunction Machines, Netbooks, Network Accessories, Network Adapters, Network Cables, Network Devices, Networ k Management Tools, Network Service / Support, Network Storage, Notebook / PDA Carrying Cases, Notebook / Tablet PCs, Notebook Computers, Office Furniture, Office Productivity Applications, Office Tools, Operating Systems, Optical / Floppy / Zip Drives, Op tical System and Accessories, Other Communication Devices, Output Accessories, Output Device Service / Support, Paper / Labels / Transparencies / Plastic Cards, PC and Network Cameras, PC Carrying Cases, PC Gaming Applications, Photocopier Supplies, Photoc opiers, Port Replicators / Docks, Portable Audio, Power Accessories, Power Adapter, Power Cables, Power Distribution Units, Power Supplies, Presentation Supplies, Printer Accessories, Printer Cables, Printer Consumables, Printer Servers, Professional Services, Programming Tools, Projectors, Rack Systems and Accessories, RAM Modules, Read-Only Memory, Reference / Data Sources, Reference Materials and User Manuals, Remote Controls, Removable Media, Scanners, Security Software and Applications, Servers, Smart Appliances, Software Services / Support, Software Suites, Solid Ink Printers, Solid State Drives (SSD), Sound Cards, Speakers, Storage Accessories, Storage Cables, Storage Controller, Storage Enclosure and RAID Array, Storage Services / Supp ort, Surge Suppressors, System Cabinets, System Cables, System Services / Support, Tablet PCs, Tape Drives, Tape Libraries / Autoloaders, Telephones, Televisions, Terminals / Network Computers, Thermal Printers, Toner Cartridge Drums, Training Courses, Uni fied Communication Hardware, Unified Communication Services, Unified Communication Software / Licensing, UPS, Utilities, Video Cards, Video Conferencing, Wireless Solutions / Services, and Workstations.
B. Describe how supplier proposes to distribute the pro ducts/service nationwide. Include any states where products and services will not be offered under the Master Agreement, including U.S. Territories and Outlying Areas.
As a broadline IT distributor with seventeen office and warehouse locations throughout North America, we are able to deliver product within 1-3 days nationwide. Shipment to US Territories and Outlying Areas will be dependent on OEM restrictions.
Our distribution processes are highly automated to reduce errors, ensure timely order fulfillment, and enhance the efficiency of our warehouse operations and back office administration. Our distribution facilities are geographically located near reseller customers and their end user agencies. This decentralized, regional strategy enables us to benefit from lower shipping costs and shorter delivery lead times to our customers. Furthermore, we track several performance measurements to continuously improve the efficiency and accuracy of our distribution operations.
Our regional locations also enable us to make local deliveries and provide will-call fulfillment to more customers than if our distribution operations were more centralized, resulting in better service to our customers. Our workforce is comprised of permanent and temporary employees, enabling us to respond to short-term changes in order activity and emergency orders . Our extensive network of dealer partners allows SYNNEX to respond quickly to any such emergency orders by ensuring the right partners are available to Omnia Partners’ agency members.
SYNNEX’ proprietary IT systems and processes enable us to automate many of our distribution operations. For example:
• SYNNEX uses radio frequency and bar code scanning technologies in all of our warehouse operations to maintain real-time inventory records;
• We facilitate frequent cycle counts and improve the accuracy of order fulfillment; • SYNNEX uses palm readers to capture real-time labor cost data, enabling efficient management of our daily labor costs.
To increase the accuracy of our order fulfillment and protect our inventor y from shrinkage, our systems also incorporate numerous controls such as counterfeit and tamper prevention, traceability, and tracking .
Additionally, t hese controls also include order weight checks, bar code scanning, and serial number profile verification to verify that the product shipped matches the customer order. We also use digital video imaging to record our small package shipping activities by order. These images a nd other warehouse and shipping data are available online to our customer service representatives, enabling us to quickly respond to order inquiries by our customers.
SYNNEX operates its principal contract assembly facilities in the United States and the United Kingdom. We assemble IT systems that include workstations, servers and high -end storage array solutions by incorporating system components from our distribution inventory and other sources. Additionally, we perform production value-added services, including kitting, asset tagging, hard drive imaging and reconfiguration. Our contract assembly facilities are ISO 9001:2000 and ISO 14001 certified.
C. Describe how Participating Agencies are ensure they will receive the Master Agreement pricing; include all distribution channels such as direct ordering, retail or in-store locations, through distributors, etc. Describe how Participating Agencies verify and audit pricing to ensure its compliance with the Master Agreement.
All contract orders will be placed through Authorized Dealer partners utilizing the SYNNEX Dealer model for resellers. The resellers will request contract quotes through their SYNNEX sales reps, including the OMNIA Partners contract bid desk on all correspondence. The OMNIA Partners contract bid desk will provide the reseller with the applicable contract information including the contract ceiling prices. When the end user agency places a contract order with the Authorized Dealer, the contract bid desk will review the agency’s purchase order for compliance. At any point in this process, the end user agency can reach out to the SYNNEX contracts team to verify pricing. For any pricing that is not verifiable using a published manufacturer price file, the contracts team will communicate directly with the manufacturer and provide official MSRP to the agency as directed by the manufacturer.
D. Identify all other companies that will be involved in processing, handling or shipping the products/service to the end user.
SYNNEX currently contracts with FedEx, Old Dominion, Landstar, CH Robinson, AIT Worldwide, Radiant, XPO Global Forwarding, JIT, T-Force, and Nekkei transportation companies.
SYNNEX Corporation has a fully incorporated Supply Chain Risk Management Plan which sets for the guidelines and processes that SYNNEX follows to ensure measurable and satisfactory performance against contractual obligations. This SCRM Plan defines and documents the supply chain risk management of subcontractor and vendor efforts, ensuring security, performance and on time delivery at the best cost value to the government.
SYNNEX Corporation uses NIST, ISO, SYNNEX plans, policies, procedures, and commercial best practices Supply Chain Risk Management processes, beginning with validating procurement source selection strategy an d supplier qualification and ending with proper disposition of equipment and completion of services provided to the government.
Approved (certified) suppliers have the appropriate quality control measures to prevent counterfeit items from being introduced into the supply chain including:
• Approved / validated shipping methods;
• Shipping in tamper-resistant packaging;
• Control in all phases using electronic bar coding and optical character recognition which tracks movement, provides lifecycle, recurring inventory;
• Security storage (with controlled access);
• Equipment handled by authorized and certified personnel; • Replacement equipment to be purchased from approved suppliers ;
• SYNNEX’ Supply Chain Risk Management Plan is aligned with the requirements set forth in NIST Special Publications, ISO, and Best Practices (to include counterfeit prevention, tamper prevention, traceability, and tracking).
Additionally, SYNNEX Corporation is a member of the Transported Asset Protection Association (TAPA), the international leader in setting standards to prevent cargo crime. We currently hold Customs-Trade Partnership Against Terrorism (C -TPAT) Certification. C-TPAT sets standards for cargo security in the supply chain and is partnered with US Customs and Border Protection. SYNNEX is ISO 9001:2008 Certified – this certification documents physical security practices.
E. Provide the number, size and location of Supplier’s distribution facilities, warehouses and retail network as applicable.
SYNNEX Corporate Headquarters Fremont, CA East Coast Sales/Product Marketing Greenville, SC 44201 Nobel Drive 39 Pelham Ridge Drive
Fremont, CA 94538 Greenville, SC 29615
Tracy, California Grove City, Ohio
6551 W. Schulte Rd. Suite 100 4001 Gantz Road, Suite A
Tracy, CA 95377 Grove City, OH 43123
Richardson, Texas Miami, Florida
660 N Dorothy Drive, Suite 100 12650 NW 25th Street, Suite#108 Richardson, TX 75081 Miami, FL 33182
Romeoville, Illinois Plainfield, Indiana
1180 Remington Blvd. 595 Perry Road Suite 101
Romeoville, IL 60446 Plainfield, IN, 46168
Southaven, Mississippi Miramar, Florida
455 Research Drive Suite 100 3350 SW 148TH Avenue
Southaven MS, 38672 Miramar, Fl 33027
Monroe, New Jersey Tarrytown, New York
201 Middlesex Ctr. Boulevard 520 White Plains Road
Monroe, NJ 08831 Tarrytown, NY 10591
Chantilly, Virginia Downers Grove, Illinois
3900 Stonecroft Blvd. Suite M 3020 Woodcreek Drive,
Chantilly, VA 20151 Downers Grove, IL 60515
Chino, California Louisville, Colorado
15065 Flight Ave 363 Centennial Parkway – 3rd Floor
Chino, CA 91710 Louisville, CO 80027
New Age Electronics
21950 Arnold Center Road
Carson, CA
SYNNEX distributes technology through our network of more than 25,000 Value Added Resellers (VARs) throughout the North America. With over one million square feet of warehouse space located strategically throughout the country, SYNNEX can deliver these sol utions quickly and because of our regional strategy and shipping volume, our reseller partners enjoy lower shipping costs and shorter delivery times that result in lower prices for government agencies.
3.3 Marketing and Sales
A. Provide a detailed ninety-day plan beginning from award date of the Master Agreement describing the strategy to immediately implement the Master Agreement as supplier’s primary go to market strategy for Public Agencies to supplier’s teams nationwide, to include, but not limited to:
i. Executive leadership endorsement and sponsorship of the award as the public sector go-to-market strategy within first 10 days
ii. Training and education of Supplier’s national sales force with participation from the Supplier’s executive leadership, along with the OMNIA Partners, Public Sector team within first 90 days
Contract Management Summary
Award
• Create Terms and Conditions summary; develop pricing calculator; • Communicate contract requirements internally and with each manufacturer line; • Determine rules of engagement, assign responsibility roles Recruitment; • Identify Resellers: Vendor lists, SYNNEX Point of Sale reports, Sales Managers and Outside Sales reps;
• Social Media announcement and collaborative efforts with OMNIA Partners on award ; • Training: onsite, online, webinars;
• Establish eligibility requirements;
• Sign participation agreement ensuring contract compliance Contract Management; • Monthly contract review by SYNNEX contracts team - the good, the bad and the ugly • Monthly status calls with each participating reseller; • Quarterly cadence calls with the contractor community; • Ongoing calls with participating manufacturers to update/revise strategy.
First 90 Days
• Upon award, communicate to vendor and internal Product Management/Business Development teams;
• Develop contract terms and conditions statement, pricing calculator, and published contract price file;
• Review administrative requirements;
• Set e-mail aliases ([email protected]);
• Develop OMNIA Partners contract dedicated contract webpage with required contract details, pricing calculator, and additional relevant contract information for ease of navigation; • Social Media awareness campaign to direct customers to our website; • Determine manufacturer’s strategy and reseller engagement; • Establish reseller qualifiers, sales minimums, agreement; • Review contract requirements with authorized resellers; • Review required business plan/marketing plan from authorized resellers; • Conduct training via webinars of resellers, sales representatives, Business Development Representatives, Product Managers and manufacturers;
• Where applicable, conduct joint road shows to promote/train; • Publish SYNNEX Corporation press release;
• Provide marketing collateral for resellers;
• Reseller call campaign to reach out to partners to inform them of the contract; • Dealer visits from our Account Managers to evangelize the contract ;
• Dealer Partner live webinar series;
• “Educate and Inform” stage to ensure reseller customers are aware of the contract ; • Conference calls and webinars to inform reseller customers of OMNIA Partners ; • Trade shows, events, and virtual events;
• Government Navigator business intelligence tool to help Dealer partners uncover opportunities ; • Email campaign at the Account Manager level.
SYNNEX has identified our training processes in the preceding sections for both inside/outside sales teams, our business development teams and authorized resellers/solution providers.
Essentially, it will entail training, marketing collateral, PowerPoint presentations and onsite visits to conduct Q&A. Training is an ongoing process scheduled throughout the year via webinars, onsite training and industry events. Resellers will be given access to the SYNNEX contract website, marketing collateral, and instruction on the processes of obtaining quote/orders and contract pricing. All aspects of the contract, from end-user marketing to customer service to tech support, must be fully explained and expectations identified. A bid-desk, dedicated to providing quote assistance to SYNNEX OMNIA Partners-authorized resellers will be employed to assist our partners to ensure OMNIA Partners’ agencies receive timely, accurate, and contract complaint quotes.
B. Provide a detailed ninety-day plan beginning from award date of the Master Agreement describing the strategy to market the Master Agreement to current Participating Public Agencies, existing Public Agency customers of Supplier, as well as to prospective Public Agencies nationwide immediately upon award, to include, but not limited to:
i. Creation and distribution of a co-branded press release to trade publications ii. Announcement, Master Agreement details and contact information published on the Supplier’s website within first 90 days
iii. Design, publication and distribution of co-branded marketing materials within first 90 days
iv. Commitment to attendance and participation with OMNIA Partners, Public Sector at national (i.e. NIGP Annual Forum, NPI Conference, etc.), regional (i.e. Regional NIGP Chapter Meetings, Regional Cooperative Summits, etc.) and supplier-specific trade shows, conferences and meetings throughout the term of the Master Agreement v. Commitment to attend, exhibit and participate at the NIGP Annual Forum in an area reserved by OMNIA Partners, Public Sector for partner suppliers. Booth space will be purchased and staffed by Supplier. In addition, Supplier commits to provide reasonable assistance to the overall promotion and marketing efforts for the NIGP Annual Forum, as directed by OMNIA Partners, Public Sector. vi. Design and publication of national and regional advertising in trade publications throughout the term of the Master Agreement
vii. Ongoing marketing and promotion of the Master Agreement throughout its term (case studies, collateral pieces, presentations, promotions, etc.) viii. Dedicated OMNIA Partners, Public Sector internet web -based homepage on Supplier’s website with:
• OMNIA Partners, Public Sector standard logo;
• Copy of original Request for Proposal;
• Copy of Master Agreement and amendments between Principal Procurement Agency and Supplier;
• Summary of Products and pricing;
• Marketing Materials
• Electronic link to OMNIA Partners, Public Sector’s website including the online registration page;
• A dedicated toll-free number and email address for OMNIA Partners, Public Sector
Immediate Marketing activities within the first 90 days include:
• Press releases coordinated with OMNIA Partners across strategic publications; • Identifying resellers to authorize to promote & sell off of this contract; • Reseller recruitment and training;
• Multiple training webinars for both internal and external sales teams; • Dedicated OMNIA Partners web page development;
• Social Media awareness campaign and collaboration;
• Development of customized OMNIA Partners marketing materials; • Attendance at industry events and table top shows, virtual trade shows and events; • Attendance at NIGP events with OMNIA Partners information on display; • Ongoing reseller recruitment efforts and internal sales training; • End-user demand generation team to drive awareness with end-users on behalf of our resellers;
• Customized events to create awareness for the contract; • Specific plan developed & collaborated with our partners; • Reseller call campaign to reach out to resellers to inform of the contract; • Customer visits from our Account Managers to evangelize the contract ; • Reseller Partner Live Webinar Series;
• “Educate and Inform” stage to ensure reseller customers are aware of the contract; • Conference calls and webinars to inform customers of OMNIA Partners; • Email campaign at the Account Manager level.
C. Describe how Supplier will transition any existing Public Agency customers’ accounts to the Master Agreement available nationally through OMNIA Partners, Public Sector.
Include a list of current cooperative contracts (regional and national) Supplier holds and describe how the Master Agreement will be positioned among th e other cooperative agreements.
SYNNEX has a significant amount of experience owning/managing Public Sector contracts. These vehicles do not sell themselves and require a significant amount of investment in sales and demand generation to make them successful. Our plan will include several facets addressing both resellers and end-users. Although we don't sell direct to end-users, we do have a team that provides end-user demand generation through call out campaigns, print/mailers, e-mail, website contract landing page and an electronic storefront offering. For our resellers, we will pull our historical procurement data per awarded vendor line to identify the most responsive/responsible resellers selling into State and Local Government, K-12 and higher education nationwide. Likewise, we will do this globally and include higher education institutions and state/local government sales. In this way we can ensure we have the correct "feet on the street" in all areas covered by OMNIA Partners. With this select group of resellers, we will implement regular training to ensure they understand the OMNIA Partners
contract and the target audience. Ongoing efforts will include establishing regular sales meetings in which we will make every effort to ensure this contract receives top priority – during these meetings we review sales efforts, pending opportunities and identify any issues. Manufacturers and their local sales teams will likewise be engaged to assist in the identification of opportunities and special pricing. We will provide support for table-top shows, collateral and web landing pages for our participating resellers. Ultimately, we see our role as an IT distributor to provide all the tools a reseller will need to increase their sales on this contract and to help develop the partnership with the vendor and their field sales teams. SYNNEX will also make available our extensive technical support team and 24/7 customer service call center to ensure exceptional customer support.
D. Acknowledge Supplier agrees to provide its logo(s) to OMNIA Partners, Public Sector and agrees to provide permission for reproduction of such logo in marketing communications and promotions. Acknowledge that use of OMNIA Partners, Public Sector logo will require permission for reproduction, as well.
SYNNEX Corporation acknowledges and agrees.
E. Confirm Supplier will be proactive in direct sales of Supplier’s goods and services to Public Agencies nationwide and the timely follow up to leads established by OMNIA Partners, Public Sector. All sales materials are to use the OMNIA Partners, Public Sector logo. At a minimum, the Supplier’s sales initiatives should communicate:
i. Master Agreement was competitively solicited and publicly awarded by a Principal Procurement Agency
ii. Best government pricing
iii. No cost to participate
iv. Non-exclusive
SYNNEX Corporation confirms.
F. Confirm Supplier will train its national sales force on the Master Agreement. At a minimum, sales training should include:
i. Key features of Master Agreement
ii. Working knowledge of the solicitation process
iii. Awareness of the range of Public Agencies that can utilize the Master Agreement through OMNIA Partners, Public Sector
iv. Knowledge of benefits of the use of cooperative contracts
SYNNEX Corporation confirms.
G. Provide the name, title, email and phone number for the person(s), who will be responsible for:
i. Executive Support
ii. Marketing
iii. Sales
iv. Sales Support
v. Financial Reporting
vi. Accounts Payable
vii. Contracts
Executive Support Executive Support
Ed Somers Michelle Chapin
Vice President, Public Sector & Vertical Markets Director, Business Development [email protected] [email protected]
864-349-4374 864-800-9165
Executive Support Executive Support
Randy Finley Vishu Vyravipillai
Director, Public Sector Business Development Director, Public Sector Intelligence [email protected] [email protected]
864-349-4390 864-800-9165
Marketing Sales
Stephanie Kelley David McCarter
Program Manager, GOVSolv Vice President, Sales
[email protected] [email protected]
864-349-4593 864-349-4033
Sales Sales
Cory Fortune Nick Coperine
Business Development, SLED Contracts Business Development, SLED Contracts [email protected] [email protected]
864-349-4560 914-829-7782
Sales Support Sales Support
Greg Villamarin Jennifer Feliciano
Sales Support Coordinator Sales Support Coordinator
[email protected] [email protected]
864-373-7617 864-373-7469
Financial Reporting Accounts Payable
Jennifer McEachern Jai Raj
Contracts Manager Supervisor, Accounts Payable
[email protected] [email protected]
864-349-4079 510-668-3449
Contracts Contracts
Ed Somers Jennifer McEachern
Vice President, Public Sector & Vertical Markets Contracts Manager [email protected] [email protected]
864-349-4374 864-349-4079
H. Describe in detail how Supplier’s national sales force is structured, including contact information for the highest-level executive in charge of the sales team.
SYNNEX SALES FORCE:
• 200+ inside sales reps; 20 outside sales managers – all full -time SYNNEX employees with nationwide coverage;
• Strategic and small accounts covered;
• Education team comprised of ten former K -12 teachers, principals, and education technologists to drive education business with our reseller partners;
• Public Safety Team comprised of the former City of Greenville Chief of Police and a former City of Columbia police detective to drive public safety business with our reseller partners ; • Healthcare Team comprised of former nurses and other team members with years of experience in the medical field;
• State and Local dedicated Contracts Team comprised of tenured ex perts who understand cooperatives, state statutes and regulations, that manage a portfolio of numerous contracts; • Dedicated GSA Team comprised of managers who oversee the 250+ vendor partner lines, current buying trends, government initiatives, and create demand & interest, evangelizing for our technology partners ; • Diversity Alliance Team comprised of managers who support and collaborate with an ecosystem of 100+ diversity resellers including HUB and minority owned businesses ; • Marketing / Demand Generation Team dedicated to driving public sector sales with end -user customers, resellers, and manufacturers;
• Product Management Team comprised of experienced managers who oversee manufacturer partners for strategy, pricing and relationships. The team supports partners to scale and grow their business understand market trends;
• Service Support Team comprised of experienced managers to guide and support our partners for service solutions;
• Finance Support Team comprised of experienced managers to guide and support our resellers for financing options and solutions.
Our Dealer Network is comprised of over 25,000 independent dealers, resellers, and solutions providers nationwide. We have over 7,000 partners selling into Public Sector with 3,500 actively selling int o State and Local Government and 1700 partners focused on K-20 Education, and 900 Healthcare.
I. Explain in detail how the sales teams will work with the OMNIA Partners, Public Sector team to implement, grow and service the national program.
Upon award, SYNNEX will create a contract website to be located on our public sector contracts page here:
https://www.synnexcorp.com/us/govsolv/contracts/. This site will provide a direct link back to OMNIA Partners and will be used to market, promote, and highlight OMNIA Partners. SYNNEX will actively promote the benefits of this contract and encourage its use among our public sector reseller ecosystem. SYNNEX will work with the OMNIA Partners Public Sector Team to prepare a press release and develop marketing collateral to share with our reseller and manufacturer partners. SYNNEX will provide OMNIA Partners with all marketing materials and obtain written approval before release. Marketing efforts will include attendance at industry events, ongoing reseller recruitment efforts, use of the SYNNEX GOVSolv End-user demand generation team, social media collaboration, and customized events to create awareness for the contract among other efforts
I. Explain in detail how Supplier will manage the overall national program throughout the term of the Master Agreement, including ongoing coordination of marketing and sales efforts, timely new Participating Public Agency account set - up, timely contract administration, etc.
Ongoing Contract Program Management Activities include, but are not limited to:
• Training/webinars - initial and ongoing;
• Product Refresh - marketing and communication;
• Business Development-slip/gain report for both reseller and manufacturer; • Business Development-monthly sales report to Manufacturer with email updates; • Quarterly Business Review for reseller (or as needed); • Quarterly Business Review for manufacturers;
• Identification of potential seasonal pricing (hot list) for the OMNIA Partners community; • Quarterly Business Review webinar for reseller community; • Periodic events to include OMNIA Partners contract dedicated marketing and training sessions at our GOVSolv SLED events;
• Maintenance of authorized reseller database with contact information; • Contract reporting and Administrative fee payment to OMNIA Partners; • Pricing updates as well as new product identification and submission.
SYNNEX has a fully dedicated contracts team that verifies compliance with the terms and conditions of each contract on every Purchase Order generated through this contract. At the end of each month the contracts team reviews the Point of Sale (POS) report generated from the SYNNEX purchasing system. Any issues are noted and resolved to ensure 100% compliance. Authorized resellers provide a report to SYNNEX showing their sales during the reporting period. SYNNEX compares their sales report to our POS data to ensure accuracy. References of our contract support are available upon request.
J. State the amount of Supplier’s Public Agency sales for the previous fiscal year. Provide a list of Supplier’s top 10 Public Agency customers, the total purchases for each for the previous fiscal year along with a key contact for each.
SYNNEX Reseller Network Public Sector segment breakdown - 2019 State/Local $1,515,016,338.17
Education $1,506,720,566.65
Federal $1,158,967,070.80
Healthcare $843,183,573.38
Utilities $246,026,476.79
Transportation $123,827,289.44
Construction $60,281,589.92
SYNNEX Top 10 Public Agencies - 2019
Orange County School Board
State of Florida Department of Education
Klein Independent School District
Washington State Employment Security Department
City of San Antonio
Florence County School District One
Bakersfield City School District
Miami-Dade County
Broward County Sheriff's Office
University of Washington
Because the SYNNEX Go -To-Market strategy is through our reseller ecosystem, the resellers own the relationships with the Public Sector agencies and would have the contact information. This can be provided upon request.
K. Describe Supplier’s information systems capabilities and limitations regarding order management through receipt of payment, including description of multiple platforms that may be used for any of these functions.
As a broadline IT distributor, SYNNEX’ order management system is a proprietary system developed by the SYNNEX development team. With this system, SYNNEX sales teams, business development teams, product teams, and our reseller partners are able to have ful l visibility to quotes and orders including inventory, order status and tracking, and order history.
SYNNEX does not sell direct but rather through Value Added Resellers (VARs) and Solution Providers and will utilize our network of SLED focused resellers to provide onsite sale/technical support nationwide to OMNIA Partner members. The resellers will have the ability to process OMNIA Partner’s agency m embers’ purchase orders and handle the invoicing. Resellers will submit the end -user PO along with their PO to the SYNNEX contracts team. The SYNNEX contracts team will review the order to ensure compliance with the terms and conditions of the OMNIA Partner contract. Once this is verified, the order will be entered into our system with a code that we can track from order entry through the finalization of the order and shipment thereof. A Point of Sale report will be generated at the end of the month using that tracking code. This report will be used to identify the fees that will be paid. Additionally, authorized resellers partners will provide the SYNNEX contracts team with a sales report identifying all contract orders shipped and invoiced during the reporting period. This provides the contracts management team with full accountability for continuous self -auditing.
L. Provide the Contract Sales (as defined in Section 10 of the OMNIA Partners, Public Sector Administration Agreement) that Supplier will guarantee each year under the Master Agreement for the initial three years of the Master Agreement (“Guaranteed Contract Sales”).
SYNNEX Corporation acknowledges that while OMNIA Partners’ subsidiaries and affiliates have had a long, trusted history with Public Sector agencies, the purchasing organization has been rebranded. Our anticipated sales numbers are based on both SYNNEX Corporation’s experience with similar contracts and the expectation that OMNIA Partners will be actively working to build its brand and contracts together with SYNNEX and our reseller partners. We are excited to work with OMNIA Partners to grow the contract.
M. Even though it is anticipated many Public Agencies will be able to utilize the Master Agreement without further formal solicitation, there may be circumstances where Public Agencies will issue their own solicitations. The following options are available when responding to a solicitation for Products covered under the Master Agreement. i. Respond with Master Agreement pricing (Contract Sales reported to OMNIA Partners, Public Sector).
ii. If competitive conditions require pricing lower than the standard Master Agreement not-to-exceed pricing, Supplier may respond with lower pricing through the Master Agreement. If Supplier is awarded the contract, the sales are reported as Contract Sales to OMNIA Partners, Public Sector under the Master Agreement. iii. Respond with pricing higher than Master Agreement only in the unlikely event that the Public Agency refuses to utilize Master Agreement (Contract Sales are not reported to OMNIA Partners, Public Sector).
iv. If alternative or multiple proposals are permitted, respond with pricing higher than Master Agreement, and include Master Agreement as the alternate or additional proposal.
Detail Supplier’s strategies under these options when responding to a solicitation.
SYNNEX Corporation does not respond directly to Public Agency solicitations. However, Authorized Dealers will be encouraged to respond using the OMNIA Partners contract when products available under this contract are requested. If the Public Agency is unsure whether they are eligible to use the OMNIA Partners contract, SYNNEX will provide the Authorized Dealer with contact information for their agency customer to reach out to OMNIA Partners to discuss eligibility. When alternative contracts are requested by the public agency, SYNNEX will make every attempt to offer OMNIA Partners contract as an alternative to the requested contract.
Additional Information
Describe how Offeror responds to emergency orders.
With seventeen office and warehouse locations throughout North America, SYNNEX is able to deliver product within 1-3 days nationwide. Additionally, our extensive network of dealer partners allows SYNNEX to respond quickly to any such emergency orders by ensuring the right partners are available to Omnia Partners’ agency members. Dealers have the ability to place orders online, allowing for immediate processing.
SYNNEX’ largest vertical is Public Sector – our success in this area is highly dependent on our ability to respond to emergency orders. Our contracts bid desk is very experienced in handling emergency orders, such as DPAS rated orders, disaster response orders, and other critical orders. Quotes or orders identified as “Urgent”, “Emergency” or “Critical” are handled before all other requests. When necessary, emergency orders in process can be advanced to the front of the queue by the product teams.
Describe Offeror’s ability to meet service and warranty needs beyond standard Services and warranties are offered both through OEMs and through the SYNNEX SERVICESolv ecosystem of authorized service providers. This allows Omnia Partner members to determine the best provider for their service and warranty needs.
Describe Offeror’s customer fulfillment process.
SYNNEX does not sell direct but rather through Value Added Resellers (VARs) and Solution Providers a nd will utilize our network of SLED focused resellers to provide onsite sale/technical support nationwide to OMNIA Partner members. The resellers will have the ability to process OMNIA Partner’s agency members’ purchase orders and handle the invoicing.
Resellers will submit the end-user PO along with their PO to the SYNNEX contracts team. The SYNNEX contracts team will review the order to ensure compliance with the terms and conditions of the OMNIA Partner contract. Once this is verified, the order will be entered into our system with a code that we can track from order entry through the finalization of the order and shipment thereof.
Describe Offeror’s customer service/problem resolution process. Include hours of operation, number of services, etc.
SYNNEX Customer Service and Return Policy
Product Returns - Return requests may be submitted through the following channels:
CUSTOMER SERVICE Hotline: 800-756-1888 Monday through Friday 8AM-8PM EST EMAIL: [email protected]
WEBCHAT: http://apps2.link2support.com/WEBCHAT%20SYNNEX/Main.php?do=_WEBCHAT&submit=_Login Requirements -
• Defective or damaged Products or those subject to customer rem orse may be returned to SYNNEX by adhering to the Requirements below.
• Reseller must obtain a valid RMA number for all returns. • As the distributor of manufacturer branded products, SYNNEX must adhere to the manufacturer’s return policies.
These policies include adhering to final dates of return or restocking fees for returns. At a minimum, SYNNEX agrees to a 30 day return policy for unopened product.
• Not all product lines are eligible for this return policy. Check with your SYNNEX salesperson to verify speci fic eligibility.
Product Return Guidelines -
DOA/Defective Credit
• Product must be returned in the original packaging.
• Please ensure that all original components are shipped with the defective item (includes manuals, software, cables, etc.).
• Please remove all add-ins (not originally sold with the product), as these items will not be returned to you (i.e., memory, sound cards, modems, etc.).
• Please follow the return shipping instruction provided with your RMA.
Advance Swap
• SYNNEX cross-ships a replacement product to you before it receives the product you are returning. • Advance Swaps are subject to SYNNEX credit department approval. • Replacement shipment will be billed when shipped and credit issued once the return is received for credit. • Please follow the return shipping instruction provided with your RMA.
Damaged Shipments
• Shipment should be refused and SYNNEX Customer Service contacted within 48 hours of the refusal. • All damages must be reported within 48 hours of receipt of product for all courier s hipments. • Shipment damages must be refused, or damage noted on the POD for credit. • Please follow the return shipping instruction provided with your RMA.
Kit Returns
• For all kits, parts, and assemblies, all components must be returned complete to be eligib le for credit. • Please follow the return-shipping instruction provided with your RMA.
Stock Balance
• Product must be in its original manufacturer box and factory sealed. • Product must be in resalable condition.
• Products must be shipped pre-paid for credit.
• Please follow the return-shipping instruction provided with your RMA.
SYNNEX Errors
• Ensure that the product is in the original manufacturer’s box and that all components are present, unless otherwise authorized.
• Please follow the return-shipping instruction provided with your RMA.
Manufacturer Exception Returns
• SYNNEX will make exceptions for returns that are out of policy, provided that the manufacturer has authorized return of the product.
• Once the customer has an authorized case number or manufacturer RMA number from the manufacturer, the customer then contacts SYNNEX Customer Service for an RMA. Customer • Service will then issue an RMA and the customer will receive credit in the amount we receive from the manufacturer for credit.
• Please follow the return-shipping instruction provided with your RMA.
Describe Offeror’s invoicing process. Include payment terms and acceptable methods of payments.
SYNNEX and its authorized resellers will adhere to a standard of net 30 for purchases made under this contr act. Authorized Resellers will handle all invoicing for Omnia Partners member agency orders. Resellers will not invoice their agency customers until after the product has been shipped.
SYNNEX offers third party leasing services to our authorized reseller partners and their end user customers.
SYNNEX is also pleased to work with customers to offer a customized or specific leasing or financing program that works best for them. Additional service options for this include:
• Consumption Based Billing
• Subscription Based Billing
• Variable Billing
• Agent Programs
In addition, SYNNEX has a Device-as-a-Subscription (DaaS) program designed to enable resellers and their end user customers to simply and inexpensively bundle their hardware/software/service needs into a subscription -based agreement.
End Customer Benefits:
• Easy-to-buy technology on an easy-to-execute subscription agreement • Flexibility and scalability to match changing business needs • Freedom to scale up, scale down, make changes, refresh or return early • Low minimum and no maximum subscription plans from 24-60 months to meet your budgetary needs • Up-to-date security via new devices, systems updates, and bundled services Offerors shall describe any associated fees pertaining to credit cards/p-cards.
SYNNEX accepts procurement cards and there is no additional cost to Omnia Partner member agencies for using this process.
Authorized resellers will also be required to process p-card orders at no additional cost.
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PARTICIPATING DEALER AGREEMENT
This Participating Dealer Agreement (“Agreement”) is made and entered into as of the last date of signature below (“Effective Date”) by and between _________________________________________ (“Reseller”), having its place of business at ____________________________________________________, and SYNNEX Corporation (“SYNNEX”), having its place of business at 44201 Nobel Drive, Fremont, California 94538.
BACKGROUND
This Agreement governs the appointment of Reseller as a nonexclusive authorized reseller of Products (as defined below) through the OMNIA P artners Cyber Security Solutions and Associated Products & Services Contract (“Contract”). The General Terms and Conditions comprising the body of this Agreement set forth the general terms of such appointment.
AGREEMENT DOCUMENTS
The parties agree to be bound by this Agreement, which consists of this Signature Page , the General Terms and Conditions, and any Exhibits attached hereto (if any):
The duly authorized representatives of the parties have executed and delivered this Agreement as of the Effective Date.
SYNNEX Corporation RESELLER
By: By:
Name: Name:
Title: Title:
Date: Date:
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GENERAL TERMS AND CONDITIONS
SECTION 1 DEFINITIONS.
1.1 “Confidential Information” shall mean the information of a party, which information is conspicuously marked with “Confidential,” or “Proprietary” or other similar legend. If Confidential Information is orally disclosed it shall be identified as such at the time of disclosure and a brief written non-confidential description of the information and confirmation of the confidential nature of the information shall be sent to the recipient within thirty (30) days after the disclosure. Quantities, schedules, pricing, sales reports and inventory reports shall be considered Confidential Information hereunder whether disclosed orally or in writing, or whether or not marked “Confidential” or “Proprietary.” Confidential Infor mation does not include information that: (1) was in the possession of, or was known by, the receiving party prior to its receipt from the disclosing party, without an obligation to maintain its confidentiality; (2) is or becomes generally known to the pub lic without violation of this Agreement; (3) is obtained by the receiving party from a third party, without an obligation to keep such information confidential; or (4) is independently developed by the receiving party without use of Confidential Information.
1.2 “Customer” means Endusers authorized to purchase through the Contract.
1.3 “Reseller” shall have the meaning set forth in the Signature Page.
1.4 “Contract Price List” is the negotiated contractual pricing for the Products.
1.5 “Products” means the products that are available to be sold through the Contract.
SECTION 2 APPOINTMENT AND LICENSE.
2.1 Appointment, License Grant and Sublicense . Subject to the terms and conditions of this Agreement and the qualification requirements delineated here in, SYNNEX hereby appoints Reseller, and Reseller hereby accepts the appointment, as a non -exclusive authorized Dealer of Products to Customers who can purchase through the Contract. SYNNEX grants to Reseller a nontransferable and nonexclusive license dur ing the term of this Agreement to distribute the Products and any software (only as incorporated in the Products) to Customers.
2.2 Authority. Except as expressly set forth in this Agreement, Reseller will have no authority to bind SYNNEX or its suppliers to any contract, representation, understanding, act or deed concerning SYNNEX , its suppliers or any Products covered by this Agreement without SYNNEX’s prior written consent. This Agreement will not be deemed to establish a joint venture or partnership. Reseller will make no warranties or representations, such as representations concerning prices, terms of delivery and payment, or conditions of sale, relating to the Products unless SYNNEX authorizes such warranties and representations in writing. The parties r ecognize and agree that the reseller relationship referenced herein does not establish
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privity of contract between Reseller and Customer. Reseller expressly understands that the scope of its representation is limited to the terms of this Agreement.
2.3 Sales to End Users Only. Unless otherwise authorized by SYNNEX in writing, Reseller shall only sell Products to Customers who do not intend to further remarket such Products.
2.4 Reserved Rights. This Agreement shall in no way limit SYNNEX’s ability to sell, directly or indirectly, any Products to any Customers, and Reseller shall not be entitled to any commission or other compensation with respect to such sales. SYNNEX shall be entitled to appoint other reseller(s) for any Customers without notice or liability to Reseller.
2.5 Procurement of Products . Any Products sold to Customer by Reseller under the Contract must be procured through SYNNEX.
SECTION 3 RESELLER OBLIGATIONS.
3.1 Contract Pricing. Reseller shall comply with the approved product and pricing of the Contract. The Contract Pricing will be maintained for the term of this Agreement, including any extensions.
3.2 Warranty. Contract Pricing includes the standard warranty provided by the manufacturer. Additional extensions of the warranty beyond the standard warranty will be an additional cost to the Customer.
3.3 Ordering Instructions. Reseller agrees to send orders to SYNNEX through a SYNNEX approved method. Reseller is responsible for ensuring that only authorized employees place, change or delete orders and that the orders conform to all requirements of this Agreement.
3.4 Customer Purchase Order Forms. Reseller agrees to provide a copy of the Customer’s purchase order when placing an order to SYNNEX through this Contract.
3.5 Audit. SYNNEX shall, at all reasonable times and for five (5) years after termination or expiration of this Agreement, have full access to Reseller’s books, records, files and related correspondence relating to Reseller’s performance under this Agreement.
3.6 Purchase Volume Reports. Reseller shall submit a point of sale report of sales through this Agreement on the provided template to [email protected] no later than the fifth (5th) day of the preceding month.
3.7 Contract Fee . Reseller is responsible for payment of the contract fee associated with this Agreement (the “Contract Fee”), the amount of which is based on the pricing charged to the Customer as delineated in the monthly point of sale report in Section 3.6. Unless otherwise instructed by SYNNEX, R eseller shall provide the Contract Fee to SYNNEX within 30 days following the end of the preceding month.
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3.8 Reseller Services. Reseller must request a one -off approval from SYNNEX to include their services in a contract quote and/or order.
3.9 Contract Terms and Conditions. Reseller agrees to comply with the terms and conditions of the Contract.
SECTION 4 ORDERS, PAYMENT AND DELIVERY
4.1 Ordering Information. Reseller shall ensure that Customers are eligible to purchase through the Contract.
4.2 Order Acceptance. All orders shall be subject to SYNNEX’s acceptance, and SYNNEX shall have no liability for any orders it rejects.
4.3 Shipment and Payment . The negotiated price includes delivery to the Customer, FOB Origin standard ground freight within the continental US only. Customers may be charged additional fees if shipment must be expedited, requires special handling or delivery and/or OCONUS delivery.
4.4 Timely Shipment. SYNNEX will use commercially reasonable efforts to meet the Customer’s requested delivery date at the location specified by the Customer.
4.5 Timely Processing. Reseller will use its best commercial efforts to process orders and to provide customer service and support in a timely manner.
4.6 Payment. Reseller’s standard credit terms will apply to all order s under this Agreement.
SECTION 5 ADDITIONAL DUTIES OF RESELLER
5.1 Best Efforts. Reseller shall use its best efforts to promote and sell the Products to Customers, all consistent with good business ethics and in a manner that will reflect favorably on SYNNEX.
5.2 Compliance. Reseller shall comply with all applicable federal, state and local laws, rules, regulations, ordinances and executive orders. If either party receives any notice or becomes aware of any violation of any applicable law, statute, rule, regulation or ordinance by the Products or the distribution thereof, such party shall promptl y notify the other party of such notice or violation.
5.3 Conduct of Reseller. Reseller shall at all times refrain from engaging in any illegal, unfair, or deceptive trade practices or unethica l business practices whatsoever .
Reseller shall not make any fals e or misleading representations to Customers or other persons with regard to SYNNEX or the Products. Reseller shall not make any representations with respect to the specifications, features, or capabilities of Products which are not consistent with those described in the manufacturer’s publicly-available Product documentation.
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5.4 No Contract Modification. Reseller shall not alter, change, or modify in any way, any contract or order under any contract between SYNNEX and any Customer. Reseller will indemnify and hold SYNNEX harmless from any alteration, change, or modification to a contract between SYNNEX and any Customer caused by the actions of Reseller.
5.5 Failure to comply with any of the provisions of this section will result in immediate termination of Reseller.
SECTION 6 QUALIFICATIONS OF RESELLER
6.1 Good Standing. Reseller’s business and credit accounts with SYNNEX must be current and in good standing. Reseller cannot have defaulted on any payments due to SYNNEX and must have a history of prompt and timely payments for all amounts due SYNNEX.
6.2 Reseller Financials. Reseller agrees to provide SYNNEX with updated credit information on request. Reseller understands and agrees that SYNNEX may order a credit report in connection with the Agreement.
SECTION 7 CONFIDENTIALITY.
7.1 Confidentiality Obligations . The receiving party shall protect the confidentiality and secrecy of the disclosing party’s Confidential Information and shall prevent any improper disclosure or use thereof by its employees, agents, contractors or consultants, in the same manner and with the same degree of care (but in no event less than a reasonable degree of care) as it uses in protecting its own information of a confidential nature for a period of three (3) years from the date of such disclosure. Each party must inform its employees having access to the other’s Confidential Information of restrictions required to comply with this Section 7.1. Each party agrees to provide notice to the other immediately after learning of or having reason to suspect a breach of any of the restrictions of this Section 7.1. Notwithstanding the foregoing, each party may disclose the other party’s Confidential In formation if and to the extent that such disclosure is required by applicable law, provided that the receiving party uses reasonable efforts to limit the disclosure and provides the disclosing party a reasonable opportunity to review the disclosure before it is made and to interpose its own objection to the disclosure.
Each party retains for itself all proprietary rights it possesses in and to all of its own Confidential Information. Accordingly, Confidential Information which the disclosing party may furnish to the receiving party shall be in the receiving party’s possession pursuant only to a restrictive, nontransferable, nonexclusive license under which the receiving party may use such Confidential Information under the terms of this Agreement, solely for the purposes of satisfying its obligations hereunder. Each party understands that the party receiving Confidential Information may now or in the future be developing proprietary information internally, or receiving proprietary information from third parties in confidence that may be similar to disclosed Confidential Information. Nothing in this Agreement shall be construed as a representation or inference that the receiving party will not develop products, for itself or others, that compete with the products, processes, systems or methods contemplated by disclosed Confidential Information.
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Each party acknowledges that any material violation of the rights and obligations provided in this Section 7.1 may result in immediate and irreparable injury to the other party, and hereby agrees that the aggrieved party shall be entitled to immediate temporary, preliminary, and permanent injunctive relief against any such continued violations upon adequate proof, as required by applicable law. Notwithstanding Section 13.6, each party hereby submits itself to the personal jurisdiction of the courts of competent subject matter jurisdiction for purposes of entry of such injunctive relief.
SECTION 8 STAFFING.
8.1 Staffing. Each of the parties agrees not to solicit, hire or engage any employees of the other party that are directly involved in the activities of the other party in connection with this Agreement during the period such employees are employed by the other party and for a period of one hundred eighty (180) days after the date of such employee’s termination of employment from the other party. Each party acknowledges that any material violation of the rights and obligations provided in this Section 8.1 may result in immediate and irreparable injury to the other party, and hereby agrees that the aggrieved party shall be entitled to immediate temporary, preliminary, and permanent injunctive relief against any such continued violations upon adequate proof, as required by applicable law. Notwithstanding Section 13.6, each party here by submits itself to the personal jurisdiction of the courts of competent subject matter jurisdiction for purposes of entry of such injunctive relief.
SECTION 9 LIMITATION OF LIABILITY.
9.1 EXCEPT FOR A BREACH OF SECTION 7.1 OR SECTION 8.1, IN NO
EVENT SHALL EITHER PART Y BE LIABLE TO THE OTHER PARTY FOR ANY
CONSEQUENTIAL, EXEMPLARY, PUNITIVE, INCIDENTAL, INDIRECT OR SPECIAL
DAMAGES OR COSTS HOWSOEVER ARISING OUT OF OR RELATED TO THIS
AGREEMENT, WHETHER OR NOT EITHER PARTY HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES OR COSTS. IN NO EVENT SHALL EITHER PARTY
BE LIABLE TO THE OTHER PARTY OR ANY THIRD PARTY FOR LOSS, DAMAGE, OR
INJURY OF ANY KIND OR NATURE ARISING OUT OF OR IN CONNECTION WITH
THESE TERMS AND CONDITIONS, OR ANY AGREEMENTS INTO WHICH THEY ARE
INCORPORATED, OR ANY PERFORMANCE OR NONPERFORMANCE UNDER THESE
TERMS AND CONDITIONS, IN EXCESS OF THE NET PURCHASE PRICE OF THE PRODUCTS OR SERVICES ACTUALLY DELIVERED TO AND PAID FOR HEREUNDER.
SECTION 10 INDEMNIFICATION
10.1 Reseller Indemnification. Reseller will indemnify, defe nd and hold harmless SYNNEX, its dealers, employees, successors, assigns, parent company and affiliated companies (each individually an “Indemnified Party” and collectively the “Indemnified Parties”) from and against any and all claims, demands, causes of action, expenses (including reasonable attorneys’ fees) and liabilities, arising out of Reseller’s acts or omissions relating in any way to its activities in connection with this Agreement, or actual or alleged misrepresentation relating to
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any of the Indemnified Parties, the Products or this Agreement, regardless of the form of action.
Reseller shall pay any damages and costs assessed against the Indemnified Parties in connection with such claim. Any Indemnified Party shall have the right, at its own exp ense, to participate and be represented in any such action, suit or proceeding by its own attorneys. Reseller shall not enter into any settlement that affects an Indemnified Party’s rights or interests without such Indemnified Party’s prior written approval.
10.2 SYNNEX Indemnification . SYNNEX will indemnify, defend and hold harmless Reseller from and against any and all claims, demands, causes of action, expenses (including reasonable attorneys’ fees) and liabilities, arising out of SYNNEX’s wrongful acts or omissions relating in any way to its activities in connection with this Agreement, or actual or alleged misrepresentation relating to the Products or this Agreement, regardless of the form of action. SYNNEX shall pay any damages and costs assessed against Reseller in connection with such claim. Reseller shall have the right, at its own expense, to participate and be represented in any such action, suit or proceeding by its own attorneys. SYNNEX shall not enter into any settlement that affects Reseller’s rights or interests without Reseller’s prior written approval.
SECTION 11 INTELLECTUAL PROPERTY
11.1 Nothing contained in this Agreement shall give Reseller any interest, license or right in any trademark, name, logo, or other trade designation of SYNNEX or any SYNNEX parent or affiliated company. Reseller agrees that it will not at any time during or after this Agreement assert or claim any interest in, or do anything that may adversely affect the validity or enforceability of, any trade name, trademark or logo belonging to or licensed to any SYNNEX parent or affiliated company or the rights therein.
SECTION 12 TERM AND TERMINATION.
12.1 Term. The initial term of this Agreement shall commence on the Effective Date of this Agreement and extend for one (1) year thereafter, with automatic one year renewals unless terminated according to one or more of the following provisions:
(A) At any time upon the mutual written agreement of both parties; (B) By either party with or without cause upon thirty (30) days prior written notice of termination to the other party;
(C) By either party, following a material breach of this Agreement by the other party and the breaching party’s failure to cure su ch breach within thirty (30) days of it receiving written notice of such breach;
(D) By SYNNEX, immediately upon written notice, in the event Reseller breaches Section 5; and
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(E) By either party upon the other party seeking an order for relief under the bankruptcy laws of the United States or similar laws of any other jurisdiction, a composition with or assignment for the benefit of creditors, or dissolution or liquidation.
Notwithstanding the foregoing, SYNNEX may in its sole discretion, and without any further li ability or obligation of any kind, revoke its appointment of Reseller by providing five (5) business days written notice.
12.2 Effect of Termination. The termination of this Agreement shall in no way affect the obligations of either party regarding orders accepted by SYNNEX prior to the effective date of such termination.
12.3 Return of Confidential Information. Upon termination of this Agreement by either party, each party shall return all originals and copies of Confidential Information or destroy the same with c ertification of such destruction, provided, however, that the Receiving Party may retain an archival copy of Confidential Information as required by record retention policies or law.
12.4 Survival. Provisions herein which by their nature extend beyond the termination or expiration of this Agreement will remain in effect until fulfilled.
SECTION 13 MISCELLANEOUS.
13.1 Entire Agreement and Modification. This Agreement shall constitute the entire agreement between the parties with respect to the transactions contemplated hereb y and supersedes all prior agreements and understandings between the parties relating to such transactions. The Exhibits attached hereto are considered to be a part of this Agreement. No modification of this Agreement shall be binding, unless in writing and signed by an authorized representative of each party.
13.2 Assignment. This Agreement shall be binding upon and inure to the benefit of the parties and their respective successors and permitted assigns. Neither party hereto shall in any way sell, transfer, assign, or otherwise dispose of any of the rights, privileges, duties and obligations granted or imposed upon it under this Agreement; provided, however, SYNNEX shall have the right to assign its rights, duties and responsibilities under this Agreement to an affiliate of SYNNEX. An affiliate of SYNNEX means any corporation, partnership or other business entity which controls, is controlled by, or is under common control with SYNNEX.
13.3 Severability. In case any one or more of the provisions contained in this Agreement shall for any reason be held to be invalid, illegal or unenforceable in any respect, except in those instances where removal or elimination of such invalid, illegal, or unenforceable provision or provisions would result in a failure of consideration under this Agreement, such invalidity, illegality or unenforceability shall be severed and shall not affect any other provision hereof. Furthermore, the severed provision shall be replaced by a provision which comes closest
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to such severed provision, or part thereof, in language and intent, without being invalid, illegal or unenforceable.
13.4 Force Majeure. Neither party shall be liable to the other f or any delay in performance or failure to perform, in whole or in part, due to labor dispute, strike, war or act of war (whether an actual declaration is made or not), insurrection, riot, civil commotion, act of public enemy, accident, fire, flood, earthqu ake, or other act of God, act of any governmental authority, judicial action, computer virus or worm, or similar causes beyond the reasonable control of such party. If any event of force majeure occurs, the party affected by such event shall promptly notify the other party of such event and take all reasonable actions to avoid the effect of such event.
13.5 Independent Contractor . SYNNEX and Reseller are and shall be independent contractors to one another, and nothing herein shall be deemed to cause this Agreement to create an agency, partnership, or joint venture between the parties.
13.6 Disputes. Both parties agree to negotiate in good faith the settlement of any disputes that may arise under this Agreement. If necessary, such disputes shall be escalated to appropriate senior management of each party. In the event that such good faith settleme nts fail, excluding any and all disputes and controversies arising out of or in connection with Sections
7.1 or 8.1, any and all other disputes and controversies of every kind and nature between the parties arising out of or in connection with the existence, construction, validity, interpretation, or meaning, performance, non -performance, enforcement, operation, breach, continuance, or termination of this Agreement shall be submitted to binding arbitration, pursuant to the Rules of the American Arbitration Association, before a single arbitrator in Alameda County, California.
In the event the parties cannot agree on the arbitrator, then an administrator of the American Arbitration Association shall select an appropriate arbitrator from among arbitrators of the American Arbitration Association with experience in commercial disputes related to technology products. In the event of any litigation arising out of this Agreement or its enforcement by either party, the prevailing party shall be entitled to recover as part of any judg ment, reasonable attorneys’ fees and court costs.
13.7 No Waiver. The failure of either party to require performance by the other party of any provision of this Agreement shall not affect the full right to require such performance at any later time, nor shall the waiver by a party of a breach of any provision of this Agreement be taken or held to be a waiver of the provision itself.
13.8 Jurisprudence. This Agreement shall be governed by and construed in accordance with the laws of California and the United Nations Convention on Contracts for the International Sale of Goods shall not apply.
13.9 Notice. All written notices required by this Agreement must be delivered in person or by means evidenced by a delivery receipt and will be effective upon receipt.
SLED Dealer-OMNIA Partners Agreement 10 July 1, 2020 Version
13.10 Exhibits. Each Exhibit attached hereto is incorporated herein by this reference. The parties may amend any Exhibit from time to time by entering into a separate written agreement, referencing such Exhibit and specifying the amendment thereto, signed by an authorized employee of each of the parties.
* * * * * * *
Diversity Alliance Program
The SYNNEX GOVSolv Diversity Alliance Program is made up of our top Public Sector customers that hold a diversity status and represent a significant amount of SYNNEX’ government business. The program was designed to promote collaboration amongst partners, enabling them to win more business through Diversity Status and collaboration. Furthermore, members can take advantage of an extensive list of exclusive program benefits. As a result, the Members in the program continue to see YoY growth.
Diversity Alliance Program members have access to
the following tools and benefits:
• Exclusive rebates from participating manufacturers
• Discounted SYNNEX integration discounts
• Discounted financing tools such as escrow agreements, blind lock box, and extended terms
• Inclusion in the GOVSolv Strategic Partner Database, a tool designed to help our reseller partners, both large and small, develop strategic relationships with each other. The tool encourages collaboration amongst DAP members, allowing them to expand their resources
• Frequent networking opportunities with other small-
business partners and diversity-focused manufacturer partners at SYNNEX-sponsored events
• Member Reporting Tools: Access to a variety of sales and SPIFF reporting tools to keep track of multiple vendor
promotions
• Discounted fees for GSA orders that are classified as new business opportunities
• Priority access to the SYNNEX Public Sector Business
Development Team that can help you drive business
• Priority access to RFI/RFQ/RFP Proposal Support –
technical, contractual, and logistical
Eligibility:
In order to establish and maintain
eligibility as a Member of the
Diversity Alliance Program,
resellers must:
• Hold one or more diversity
statuses
• Meet a minimum
threshold of annual and/or
Public Sector sales
• Hold a prime contract or
participate in an indirect
reseller contract program
• Participate in a SYNNEX
Credit Terms account or
other alternative credit
program
• Be in good standing
Contact the DAP Team
today at
[email protected] or
877.230.5680
The following map shows the locations of the corporate offices of the current SYNNEX SLED reseller partners. There are currently more than 3600 Resellers signed up for the SYNNEX GOVSolv program.
SYNNEX Corporation Qualification and Experience
SYNNEX HISTORY:
SYNNEX Corporation was founded in 1980 and offers a comprehensive range of industry leading IT products and business services to our reseller customers. We’ve built a solid reputation for delivering customized, fully integrated solutions, services, and support, including distribution, contract assembly, business process outsourcing, and logistics. SYNNEX is listed on the New York Stock Exchange (NYSE: SNX) and is currently ranked 130 on the 2019 Fortune 500.
SYNNEX brings the most relevant technology solutions to the IT and consumer el ectronics markets to help our partners sustainably grow their business. We distribute more than 3,000,000 technology products from more than a thousand of the world’s leading and emerging manufacturers and provide complete solutions to more than 25,000 res ellers and retail customers in the U.S., Canada, and Japan. As part of our value-added services, SYNNEX provides a variety of professional and marketing services, including demand generation, education and training, pre- and post-sales support, end-user enablement, server assessment, design and integration, product lifecycle support, contract design and assembly, and IT resource planning.
In addition, SYNNEX provides a wide range of financial options to ensure that our partners can provide the best solution s to their end-user customers.
Our Westcon -Comstor Americas division operates in North and Latin America and focuses in security, collaboration, networking, and data center. Our expert technical knowledge and industry -leading partner programs are designed to keep our partners at the forefront of their markets to drive business and growth. Westcon-Comstor Americas goes to market under the Westcon and Comstor brands.
Our Hyve Solutions division designs, manufactures, and deploys cost -effective, ener gy-efficient data center servers and storage solutions worldwide to some of the largest data center users.
SYNNEX FINANCIAL CONDITION:
FEIN 94-2703333
DUNS #112375758
The SYNNEX 2019 Annual Report is located here:
https://s22.q4cdn.com/848111767/files/doc_financials/quarterly_reports/2019/Q4/02/SYNNEX -2019-Combo-eproof-final- annual-report.proxy.pdf
The complete SYNNEX history of SEC filings can be found here:
https://ir.synnex.com/financials/default.aspx
As a Fortune 1 30 worldwide distributor, we are always involved in some type of litigation and employ a team of lawyers to protect our interests as a full-service distributor. Unfortunately, it’s the nature of business in general and society as a whole to be litigious. Our SEC filings include details on our litigation efforts.
SYNNEX EXPERIENCE:
SYNNEX Corporation was the first broad line distributor to obtain a GSA Schedule 70 for both Federal and SLED business. Ed Somers was the manager responsible for obtaining this contract in 1998 and developing it to where it is today. We have annual sales of $60 million with over 220 vendor lines and 500,000 line items. We are audited every year and have an excellent compliance program. We have also acquired two additional GSA Schedules: 58i for Pro AV and through a recent acquisition, Cisco on the Westcon GSA Schedule.
Ed Somers realized there was an opportunity to take the infrastructure developed for GSA into the SLED market where there are over 4000 contracts in state and local government, K-20, Public Safety and Emergency Management. We
currently manage a number of contracts for our tier one manufacturing partners:
NASPO ValuePoint for HP Inc.
NASPO ValuePoint for Hewlett Packard Enterprises
NASPO ValuePoint Datacom Contract for Hewlett Packard Enterprises NASPO ValuePoint for Panasonic
NASPO ValuePoint for Samsung
NASPO ValuePoint for Palo Alto Networks
NASPO ValuePoint for Cradlepoint
TX DIR for Panasonic
TX DIR for Lenovo
Ohio MMA for HPI/HPE
TIPS for Xerox
TIPS for Lexmark
NC Rugged for Getac
MHEC for both HP Inc. and Hewlett Packard Enterprises
We also are Prime on a number of SLED contracts including NCPA, PEPPM, USETPA, Ohio STS and TX DIR to name just a few.
These contracts allow us to engage resellers as authorized dealers that provide for the reseller to sell to their end -user agency customers and handle the invoicing as well. Many of these resellers are small business and welcome the opportunity to leverage this program to gain access to key contract vehicles. The dealer program was developed by Ed Somers in response to a need in the market to use resellers as an extension of our business providing onsite customer service, sales and technical support.
Public Sector is now the largest vertical at SYNNEX with over $4.5 billion in sales to both Federal and SLED focused resellers and solution providers. Our contract business exceeded $600 million in revenue in 2019. We have a team of more than thirty people including the former City of Greenville Chief of Police, a former City of Columbia police detective, former K-12 teachers, principals, nurses, and industry experts who are tasked with managing and growing this business as well as supporting both our manufacturing partners and reseller partners.
Our Dealer Network is comprised of over 25,000 independent dealers, resellers, and solutions providers nationwide. We have over 7,000 partners selling into Public Sector with 3,500 actively selling into State and Local Government and 1700 partners focused on K-20 Education, and 900 Healthcare.
Ed Somers was recently promoted to Vice President in recognition of the success of this program and his team. Ed Somers graduated from Clemson University with a BA cum laude and Emory University School of Law. He is a member of the State Bar of Georgia.
© 2020 SYNNEX Corporation
Our Success is Measured by How Much We Help Our Partners’ Businesses Grow Distributor of the Year, U.S. and Canada (2019, 2018); Andean Distributor of the Year, Westcon Colombia (2019) Global Distribution Partner of the Year (2019); Americas Distributor of the Year (2018) WW Surface Distributor of the Year, (2019); Partner of the Year, Westcon Colombia (2019); SAP on Azure Partner of the Year LATAM, Westcon Colombia; Modern Workplace U.S. Distributor of the Year, OEM Devices Partner, U.S. (2019); Surface Transformation Distribution Partner of the Year, U.S. (2019); OEM Windows Pro Devices Partner of the Year and Surface Hub Partner of the Year, U.S. (2018) North American Distributor of the Year (2019); Distribution Partner of the Year, Westcon-ComstorAmericas, U.S. (2018)North American Distributor of the Year (2019); Distributor of the Year, Westcon Brazil (2019); North American Distributor of the Year, Westcon-Comstor Americas (2018) CCG Distributor of the Year, U.S. (2018), DCG Distributor of the Year, U.S. (2018) Americas Distributor of the Year (2019); North American FireMon Ignite Distributor of the Year (2018) Partner of the Year, Personal Systems, Print Hardware and Supplies, U.S. (2019) Pinnacle Partner Canadian Distributor of the Year (2019) Distributor of the Year, Westcon Americas, North Latin America (2018) Enterprise Distributor of the Year, U.S. (2019, 2018)
Emerging Markets Global and Americas Distributor of the Year, Westcon Americas, Latin America (2018); Education Services Partner of the Year, Westcon Mexico, Latin America (2018) Distributor of the Year, Westcon Americas, Mexico (2018) Distributor of the Year, Westcon Americas, Brazil (2018) Latin America Distributor of the Year, Westcon Americas, (2019, 2018, 2017) Major Revenue Distributor of the Year, Westcon Americas, Brazil (2018) Beyond Trust, Value Added Distributor of the Year, Westcon Brazil and Westcon Mexico (2019) SecureOne Services Excellence Award, Americas, Westcon LATAM (2019) Distributor of the Year, U.S. (2019)
North American Distribution Partner of the Year, U.S. and Canada (2019) Disruptor of the Year Partner Award, Westcon-Comstor, LATAM (2019) Ruckus Networks North American and LATAM Distributor of the Year, Westcon Americas (2019); Ruckus Networks Canada Distributor of the Year (2018); Ruckus Networks Trailblazer Unleashed, U.S. (2017) Distributor of the Year, LATAM (2019); Best Distributor for the Region CANSAC (CCA, Peru and Ecuador) and for the Region MCO, Colombia (2019)
Customer Name Customer Contact Customer Title
Years with
SYNNEX City State
Crossvale Connor Brankin CEO 3 years Dallas TX
Daly Computers Jeff Di Bella Director of Sales 20+ years Clarksburg MD DHE Computer Systems, LLC Dan Hammack CTO 12 years Centennial CO ITSavvy Brian Fields Senior Director, Public Sector 15 years Addison IL Kynetic Technologies LLC Ken Candela Vice President 13 years Dunedin FL PC Connection Jeff Trent Vice President, Federal Sales 18 years Merrimack NH PC Specialists DBA Technology Integration Group John Cowie Director, Education Business Development 20 years San Diego CA Presidio Trina Dennis-Carolson Director Governmetn Contracts 21 years Fulton MD RCN Reed Perryman Director Public Sector Sales 2 years Knoxville TN SSP DATA INC Sandesh Mutha Vice President 15 years Richmond CA Synchronous Technologies Nancy Sauber Office Manager 16 years Fife WA
April 22, 2020
Omnia Partners, Public Sector
Ref: Solicitation No. 20-08, RFP for Cyber Security Solutions & Associated Products & Services Subject: Authorization of Synnex Corporation
To Whom It May Concern,
The purpose of this letter is to confirm that Synnex Corporation (Synnex) is a bona fide partner of Palo Alto Networks, Inc. and as such is directly authorized to bid on the currently published RFP (Solicitation No.20-08). Synnex is authorized to distribut e, resell, or otherwise provide Palo Alto Networks’ products and services under the terms and conditions of Solicitation No. 20-08.
Should you have any questions regarding this matter, please do not hesitate to contact me via e -mail:
[email protected].
Sincerely,
Regina Acheampong
Director, Business Operations
To whom it may concern:
Crossvale Inc., a Dallas based IT professional services company, has been working with Synnex for over three years.
During that time Crossvale has worked approximately 100 deals in the commercial and SLED space. The type of work we have done together is software product resale and IT Professional Services.
Crossvale has found all the staff at Synnex to be:
• Responsive
• Intelligent
• Agile
• Able to execute
• Flexible
Specifically, in the SLED space Crossvale has leveraged Synnex’s TX DIR and NCPA contracts successfully. We found the process to be easy, well documented and fast. The Synnex staff were there to answer any and all questions no matter how basic.
I would recommend Synnex as a valued partner to any company wishing to sell their products or services.
If you’d like to discuss further, I would be pleased to chat over any concerns or questions you might have.
Sincerely,
Conor Brankin
CEO
Crossvale Inc
[email protected]
Omnia Partners
840 Crescent Center Drive
Suite 600
Franklin, TN 37067
To Whom It May Concern,
SYNNEX is a valued added distributor that supplies both hardware and software OEM vendors. These vendors include vendors such as Acer, Capsa Solutions, Cisco, Extreme Networks, Google, Hewlett Packard Enterprises, HP Inc, Lenovo, Microsoft, and ViewSonic.
Within the last 15 years ITsavvy has made SYNNEX their preferred distribution source. With over $40M in business that we have done with SYNNEX in 2019, we rely on them for more than just shipping equipment. SYNNEX is a source for support, integration, configuration and services.
GovSolv, within SYNNEX, has provided a high level of expertise in addressing more complex and unique requirements of Federal, State, Local and Educational clients. The contract management team at SYNNEX is superior to any other group that I have worked with; and continues to be best in class.
If I can be of any additional assistance in this reference, please contact me via the information below.
Respectfully
Brian Fields
Senior Director Public Sector
ITsavvy 313 South Rohlwing Road Addison, IL 60101
Tel 630.396.6305 FAX 630.396.6322 [email protected] www.ITsavvy.com | Spiceworks | LinkedIn | Twitter | Facebook | YouTube
April 17, 2020
Omnia Partners
840 Crescent Centre Dr.
Suite 600
Franklin, TN 37067
RE: Synnex Public Sector Group
To Whom it may concern:
Our company is Kynetic Technologies LLC, we are a Nationally Certified Minority Owned business, who focuses in the SLED market. We have been a customer of Synnex Corporation for over 15 years. We have been a part of Synnex’s Public Sector Reseller group along with their Varnex group. We work with all the other distributors in the industry, but we feel Synnex is the best at addressing the Public Sector market. They have individual experts that focus on Federal, State and Local Government, Law Enforcement, Education both K12 and higher education. Synnex is the leader in innovation in the Public Sector they were the first to add an education group, the first to add a public safety group with individuals from those industries to teach us how better to serve those markets. This is much different than the other distributors in the marketplace they do not make that kind of investment in the Public Sector.
I feel adding Synnex to your approved vendor group will help broaden your contract usage. If you have any questions, feel free to contact me.
Ken Candela
Vice President
Kynetic Technologies LLC
(727) 543-6158
April 20, 2020
Subject: SYNNEX Reference for Omnia Contract
To Whom it May Concern:
Presidio and SYNNEX have enjoyed a strong business relationship for many years, and SYNNEX is a top distribution partner. Presidio is a leading IT solutions provider assisting clients in harnessing technology innovation and simplifying IT complexity to digitally transform their businesses and drive return on IT investment. SYNNEX’s line card provides us with the ability to source from a very comprehensive set of vendors.
This access allows SYNNEX to design and tailor very robust solutions addressing the unique needs of our customers. Over 20% of our business is from our public sector customers. SYNNEX offers unique support through their GovSolv team providing Presidio and our customers with practitioner resources including former educators, school administrators, and government leaders. These resources supplement our segment solution knowledge and help ensure we exceed the needs and expectations for our education, state and local government customers.
8161 Maple Lawn Blvd.
Suite 150
Fulton, MD 20759
www.presidio.com
Our ability to leverage a SYNNEX -held Omnia contract enh ances our business proposition to our public sector customers. Our customers’ ability to leverage a competed, well recognized cooperative agreement provides them with procurement process assurance, reduces the time required to implement projects, and reduces procurement costs.
Sincerely,
Trina Dennis-Carlson
Director Government Contracts
Phone: 301-623-1872
Email: [email protected]