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06. DECEMBER 31, 2016CITY OF EASTVALE CITY COUNCIL STAFF REPORT Return to Agenda ITEM 7.8 DATE: FEBRUARY 22, 2017 TO: HONORABLE MAYOR AND COUNCIL MEMBERS FROM: JAMES R. RILEY, INTERIM FINANCE DIRECTOR SUBJECT: TREASURER’S REPORT – QUARTER ENDED DECEMBER 31, 2016 RECOMMENDATION: RECEIVE AND FILE THE CITY TREASURER’S REPORT BACKGROUND In accordance with the City of Eastvale’s Investment Policy, adopted May 11, 2016, the City Treasurer is required to submit a quarterly treasurer’s report to the City Council. The report shall include types of investments, credit ratings, institutions involved, dates of purchases, dates of maturity, amount of deposits or cost of the security, current market value of the securities, interest rates, investment fund balances and a statement as to whether investments are in compliance with the Investment Policy and whether there are sufficient funds to meet the City’s cash obligations for the next six months. DISCUSSION The Schedule of Investments, includes a breakdown of the City’s investments by “Active” or “Inactive” Deposits. “Active Deposits” are those accounts which receive revenues, whereas “Inactive Deposits” are available for use but are not earning revenues. Detail reports for the Morgan Stanley Investment Portfolio and the PFM Managed Investment Portfolio, with all supplemental information required by the City’s investment policy, are included in the report. The Dash Board Report Card, consists of two sections: I. Portfolio Diversification – This section reflects the diversification of the City of Eastvale’s portfolio by both type of instrument and length of maturity. II. Portfolio Performance Measures – This section compares budget to actuals in the area of interest earned. The City of Eastvale’s Schedule of Investments is in compliance with the City’s Investment Policy. The City has sufficient funds to meet its expenditure requirements for the next six months. Total cash and investments at December 31, 2016 is $57,618,514 (book value). Net investment income received through December 31, 2016 is $160,032, which is 178.408% of the 2016-17 budgeted amount for interest of $89,700. CITY OF EASTVALE CITY COUNCIL STAFF REPORT Return to Agenda ITEM 7.8 FISCAL IMPACT Not Applicable. STRATEGIC PLAN IMPACT Goal 1: Establish a solid fiscal foundation for the City ATTACHMENT(S) 1. Schedule of Investments – December 31, 2016 2. Dash Board Report Card – December 31, 2016 3. PFM Managed Investment Portfolio – December 31, 2016 Prepared by: James R. Riley, Interim Finance Director Reviewed by: Michele Nissen, City Manager Reviewed by: John Cavanaugh, City Attorney Book Value (Fair Value) Par Price @ Market Institution Value Cost Value Yield ACTIVE DEPOSITS Money Market Accounts: Citizens Business Bank - Money Market 1,177,644.23$ 1,177,644.23$ 1,177,644.23$ 0.350% First American Govt Oblig Fund CI Y 37,103.00 37,103.00 37,103.00 0.090% Total Money Market 1,214,747.23$ 1,214,747.23$ 1,214,747.23$ 0.342% Pooled Investment Accounts: Local Agency Investment Fund 12,858,825.77$ 12,858,825.77$ 12,851,416.81$ 0.719% Total Pooled Investment 12,858,825.77$ 12,858,825.77$ 12,851,416.81$ 0.719% PFM Managed Investment Portfolio: U.S. Treasury Bond/ Note 10,780,000.00$ 10,962,295.12$ 10,829,837.98$ 1.330% Asset-Back Security/ Collateralized 145,000.00$ 144,980.48$ 143,831.65$ 1.300% Certificate of Deposit-FDIC Insured 2,233,000.00$ 2,233,000.00$ 2,236,899.91$ 1.160% Certificate of Deposit 560,000.00$ 559,563.20$ 564,519.20$ 1.780% Federal Agency Bond/ Note 16,175,000.00$ 16,186,583.20$ 16,053,743.41$ 1.010% Corporate Note 4,530,000.00$ 4,674,976.40$ 4,589,912.36$ 1.900% Total PFM Managed Investments 34,423,000.00$ 34,761,398.40$ 34,418,744.51$ 1.080% ACTIVE DEPOSITS TOTAL 48,496,573.00$ 48,834,971.40$ 48,484,908.55$ 1.090% INACTIVE DEPOSITS Checking Account: Citizens Business Bank - Checking 8,783,542.13$ 8,783,542.13$ 0.000% Total 8,783,542.13$ 8,783,542.13$ 0.000% INACTIVE DEPOSITS TOTAL 8,783,542.13$ 8,783,542.13$ GRAND TOTAL CASH 57,618,513.53$ 57,268,450.68$ James R. Riley Interim Finance Director 2/1/2017 City of Eastvale Schedule of Investments As of December 31, 2016 Per Government Code requirements, the Investment Report is in compliance with the City of Eastvale's Investment Policy, and there are adequate funds available to meet budgeted and actual expenditures for the next six months. Attachment 1 I. PORTFOLIO DIVERSIFICATION DIVERSIFICATION BY INSTRUMENT Money Market 2.49% LAIF 26.33% Certificates of Deposit-FDIC Insured 4.57% Certificates of Deposit 1.15% U.S. Treasury Bond/ Note 22.45% Asset-Backed Security/ Collateralized 0.30% Federal Agency Bond/ Note 33.15% Corporate Note 9.57% 100.00% DIVERSIFICATION BY MATURITY Less Than 90 Days 30.34% Six Months (26 Weeks)1.02% One Year (52 Weeks)0.51% Two Years (104 Weeks)20.29% Three Years (156 Weeks)22.30% Four Years (208 Weeks)13.33% Five Years +12.22% 100.00% II. PORTFOLIO PERFORMANCE MEASURES Yield at Cost -December 31, 2016 1.090% Annual Investment Income Budget 89,700.00$ Investment Income Received: Money Market 2,104.88$ LAIF 41,409.06 Certificate of Deposits 28,754.95 U.S. Treasury Bond/ Note (4,441.60) Federal Agency Discount Note 2,077.51 Federal Agency Bond/ Note 46,664.16 Asset-Backed Security/ Collateralized 311.76 Corporate Note 61,066.52 Total Investment Income Received-YTD 12/31/2016 177,947.24 Less Investment Fees Paid: Trust Fees-U.S. Bank (1,993.62) Mgmt Fee-PFM (15,921.99) Total Investment Fees Paid-YTD 12/31/2016 (17,915.61) Net Investment Income Received-YTD 12/31/2016 160,031.63$ Over/(Under) Annual Budget 70,331.63$ % of Annual Budget 178.408% Net Yield at Cost - December 31, 2016 1.017% City of Eastvale Dash Board Report Card As of December 31, 2016 Attachment 2 CITY OF EASTVALE ACCOUNT STATEMENT For the Month Ending December 31, 2016 Customer Service PO Box 11813 Harrisburg, PA 17108-1813 Contents Cover/Disclosures Summary Statement Individual Accounts CITY OF EASTVALE JAMES RILEY 12363 LIMONITE AVENUE, SUITE 910 EASTVALE, CA 91752 Client Management Team Accounts included in Statement 20240100 CITY OF EASTVALE - INVESTMENT PORTFOLIO www.pfm.comOnline Access 1-717-232-2723Customer Service Monique Spyke Director 50 California Street, Suite 2300 San Francisco, CA 94111 415-982-5544 spykem@pfm.com Sarah Meacham Director 601 South Figueroa, Suite 4500 Los Angeles, CA 90017 213-489-4075 meachams@pfm.com Joseph Creason Portfolio Manager One Keystone Plaza, Suite 300 Harrisburg, PA 17101 717-231-6217 creasonj@pfm.com Rachael Camacci Client Consultant One Keyston Plaza, Suite 300 N. Front & Market Streets 866-839-8376 camaccir@pfm.com Attachment 3 For the Month Ending December 31, 2016 Account Statement Important Disclosures Important Disclosures Average maturity represents the average maturity of all securities and investments of a portfolio, determined by multiplying the par or principal value of each security or investment by its maturity (days or years), summing the products, and dividing the sum by the total principal value of the portfolio. The stated maturity date of mortgage backed or callable securities are used in this statement. However the actual maturity of these securities could vary depending on the level or prepayments on the underlying mortgages or whether a callable security has or is still able to be called. Monthly distribution yield represents the net change in the value of one share (normally $1.00 per share) resulting from all dividends declared during the month by a fund expressed as a percentage of the value of one share at the beginning of the month. This resulting net change is then annualized by multiplying it by 365 and dividing it by the number of calendar days in the month. YTM at Cost The yield to maturity at cost is the expected rate of return, based on the original cost, the annual interest receipts, maturity value and the time period from purchase date to maturity, stated as a percentage, on an annualized basis. YTM at Market The yield to maturity at market is the rate of return, based on the current market value, the annual interest receipts, maturity value and the time period remaining until maturity, stated as a percentage, on an annualized basis. Managed Account A portfolio of investments managed discretely by PFM according to the client’s specific investment policy and requirements. The investments are directly owned by the client and held by the client’s custodian. Unsettled Trade A trade which has been executed however the final consummation of the security transaction and payment has not yet taken place. Please review the detail pages of this statement carefully. If you think your statement is wrong, missing account information, or if you need more information about a transaction, please contact PFM within 60 days of receipt. If you have other concerns or questions regarding your account you should contact a member of your client management team or PFM Service Operations at the address below. PFM Asset Management LLC Attn: Service Operations One Keystone Plaza, Suite 300 N. Front & Market Sts Harrisburg, PA 17101 This statement is for general information purposes only and is not intended to provide specific advice or recommendations. PFM Asset Management LLC (“PFM”) is an investment advisor registered with the Securities and Exchange Commission, and is required to maintain a written disclosure statement of our background and business experience. If you would like to receive a copy of our current disclosure statement, please contact Service Operations at the address below. Proxy Voting PFM does not normally receive proxies to vote on behalf of its clients. However, it does on occasion receive consent requests. In the event a consent request is received the portfolio manager contacts the client and then proceeds according to their instructions. PFM’s Proxy Voting Policy is available upon request by contacting Service Operations at the address below. Questions About an Account PFM’s monthly statement is intended to detail our investment advisory activity as well as the activity of any accounts held by clients in pools that are managed by PFM. The custodian bank maintains the control of assets and executes (i.e., settles) all investment transactions. The custodian statement is the official record of security and cash holdings and transactions. PFM recognizes that clients may use these reports to facilitate record keeping and that the custodian bank statement and the PFM statement should be reconciled and differences resolved. Many custodians use a settlement date basis which may result in the need to reconcile due to a timing difference. Account Control PFM does not have the authority to withdraw funds from or deposit funds to the custodian. Our clients retain responsibility for their internal accounting policies; implementing and enforcing internal controls and generating ledger entries or otherwise recording transactions. Market Value Generally, PFM’s market prices are derived from closing bid prices as of the last business day of the month as supplied by Interactive Data, Bloomberg or Telerate. Where prices are not available from generally recognized sources the securities are priced using a yield-based matrix system to arrive at an estimated market value. Prices that fall between data points are interpolated. Non-negotiable FDIC-insured bank certificates of deposit are priced at par. Although PFM believes the prices to be reliable, the values of the securities do not always represent the prices at which the securities could have been bought or sold. Explanation of the valuation methods for money market and TERM funds is contained in the appropriate fund information statement. Amortized Cost The original cost of the principal of the security is adjusted for the amount of the periodic reduction of any discount or premium from the purchase date until the date of the report. Discount or premium with respect to short term securities (those with less than one year to maturity at time of issuance) is amortized on a straightline basis. Such discount or premium with respect to longer term securities is amortized using the constant yield basis. Tax Reporting Cost data and realized gains / losses are provided for informational purposes only. Please review for accuracy and consult your tax advisor to determine the tax consequences of your security transactions. PFM does not report such information to the IRS or other taxing authorities and is not responsible for the accuracy of such information that may be required to be reported to federal, state or other taxing authorities. Financial Situation In order to better serve you, PFM should be promptly notified of any material change in your investment objective or financial situation. Callable Securities Securities subject to redemption prior to maturity may be redeemed in whole or in part before maturity, which could affect the yield represented. Portfolio The securities in this portfolio, including shares of mutual funds, are not guaranteed or otherwise protected by PFM, the FDIC (except for certain non-negotiable certificates of deposit) or any government agency. Investment in securities involves risks, including the possible loss of the amount invested. Rating Information provided for ratings is based upon a good faith inquiry of selected sources, but its accuracy and completeness cannot be guaranteed. Shares of some money market and TERM funds are marketed through representatives of PFM's wholly owned subsidiary, PFM Fund Distributors, Inc. PFM Fund Distributors, Inc. is registered with the SEC as a broker/dealer and is a member of the Financial Industry Regulatory Authority (“FINRA”) and the Municipal Securities Rulemaking Board (“MSRB”). You may reach the FINRA by calling the FINRA Regulator Public Disclosure Hotline at 1-888-289-9999 or at the FINRA Regulation Internet website address www.nasd.com. A brochure describing the FINRA Regulation Public Disclosure Program is also available from the FINRA upon request. Key Terms and Definitions Dividends on money market funds consist of interest earned, plus any discount ratably amortized to the date of maturity, plus all realized gains and losses on the sale of securities prior to maturity, less ratable amortization of any premium and all accrued expenses to the fund. Dividends are accrued daily and may be paid either monthly or quarterly. The monthly earnings on this statement represent the estimated dividend accrued for the month for any program that distributes earnings on a quarterly basis. There is no guarantee that the estimated amount will be paid on the actual distribution date. Current Yield is the net change, exclusive of capital changes and income other than investment income, in the value of a hypothetical fund account with a balance of one share over the seven-day base period including the statement date, expressed as a percentage of the value of one share (normally $1.00 per share) at the beginning of the seven-day period. This resulting net change in account value is then annualized by multiplying it by 365 and dividing the result by 7. The yields quoted should not be considered a representation of the yield of the fund in the future, since the yield is not fixed. For the Month Ending December 31, 2016Managed Account Summary Statement CITY OF EASTVALE - INVESTMENT PORTFOLIO - 20240100 Total Cash Basis Earnings Plus Net Realized Gains/Losses Less Purchased Interest Related to Interest/Coupons Interest/Dividends/Coupons Received Earnings Reconciliation (Cash Basis) - Managed Account Less Beginning Accrued Interest Less Beginning Amortized Value of Securities Less Cost of New Purchases Plus Coupons/Dividends Received Plus Proceeds of Maturities/Calls/Principal Payments Plus Proceeds from Sales Ending Accrued Interest Ending Amortized Value of Securities Earnings Reconciliation (Accrual Basis) $34,408,277.70 (248,000.00) (4,189,541.50) 4,474,874.35 0.00 (26,866.04) $34,418,744.51 73,436.51 (12,481.97) (11,178.10) $49,776.44 Total 34,717,871.56 108,100.98 4,206,034.54 248,000.00 56,943.47 (4,487,356.32) (34,696,197.71) (125,043.85) Total Accrual Basis Earnings $28,352.67 Closing Market Value Change in Current Value Unsettled Trades Principal Acquisitions Principal Dispositions Maturities/Calls Opening Market Value Transaction Summary - Managed Account _________________ _________________ ______________________________________________________________________________________________Reconciling Transactions Net Cash Contribution Security Purchases Principal Payments Coupon/Interest/Dividend Income Sale Proceeds Maturities/Calls Cash Transactions Summary - Managed Account 248,000.00 4,206,034.54 56,943.47 0.00 (4,487,356.32) (328.97) 0.00 Cash Balance $51,103.30 Closing Cash Balance Account 20240100 Page 1 For the Month Ending December 31, 2016Portfolio Summary and Statistics CITY OF EASTVALE - INVESTMENT PORTFOLIO - 20240100 Account Summary Percent Par Value Market ValueDescription U.S. Treasury Bond / Note 10,780,000.00 10,829,837.98 31.46 Federal Agency Bond / Note 16,175,000.00 16,053,743.41 46.64 Corporate Note 4,530,000.00 4,589,912.36 13.34 Certificate of Deposit - FDIC Insured 2,233,000.00 2,236,899.91 6.50 Certificate of Deposit 560,000.00 564,519.20 1.64 Asset-Backed Security / Collateralized Mortgage Obligation 145,000.00 143,831.65 0.42 Managed Account Sub-Total 34,423,000.00 34,418,744.51 100.00% Accrued Interest 108,100.98 Total Portfolio 34,423,000.00 34,526,845.49 Unsettled Trades 0.00 0.00 Sector Allocation 0.42% ABS / CMO 1.64% Cert of Deposit 6.50% Cert of Deposit - FDIC 13.34% Corporate Note 46.64% Fed Agy Bond / Note 31.46% US TSY Bond / Note 0 - 6 Months 6 - 12 Months 1 - 2 Years 2 - 3 Years 3 - 4 Years 4 - 5 Years Over 5 Years 3.61% 0.72% 28.68% 31.33% 13.85% 21.81% 0.00% Maturity Distribution Characteristics Yield to Maturity at Cost Yield to Maturity at Market Duration to Worst Weighted Average Days to Maturity 2.65 1005 1.25% 1.53% Account 20240100 Page 2 For the Month Ending December 31, 2016Managed Account Issuer Summary CITY OF EASTVALE - INVESTMENT PORTFOLIO - 20240100 Credit Quality (S&P Ratings) 7.59% A 1.64% A+ 5.27% A- 1.19% AA 78.10% AA+ 0.73% AA- 0.42% AAA 0.72% BBB+ 4.34% NR Issuer Summary Percentof HoldingsIssuer Market Value 248,524.02 0.72 ALLY BANK 1,038,672.54 3.02 AMERICAN EXPRESS CO 248,045.38 0.72 BANK OF BARODA 780,642.78 2.27 BANK OF NEW YORK CO INC 248,373.74 0.72 BARCLAYS PLC 133,360.56 0.39 BERKSHIRE HATHAWAY INC 564,519.20 1.64 CANADIAN IMPERIAL BANK OF COMMERCE 249,767.74 0.73 CAPTIAL ONE FINANCIAL CORP 3,875,202.13 11.26 FANNIE MAE 9,742,146.83 28.30 FEDERAL HOME LOAN BANKS 2,436,394.45 7.08 FREDDIE MAC 248,229.15 0.72 GOLDMAN SACHS GROUP INC 249,277.14 0.72 HOMEBANK 797,047.13 2.32 HSBC HOLDINGS PLC 143,831.65 0.42 HYUNDAI AUTO RECEIVABLES 775,843.27 2.25 JP MORGAN CHASE & CO 274,740.68 0.80 PFIZER INC 248,333.06 0.72 PRIVATEBANK & TRUST CO 248,144.34 0.72 SYNCHRONY BANK 251,913.48 0.73 TOYOTA MOTOR CORP 10,829,837.98 31.47 UNITED STATES TREASURY 785,897.26 2.28 WELLS FARGO & COMPANY $34,418,744.51 Total 100.00% Account 20240100 Page 3 For the Month Ending December 31, 2016Managed Account Detail of Securities Held CITY OF EASTVALE - INVESTMENT PORTFOLIO - 20240100 Dated Date/Coupon/Maturity CUSIP Rating Rating Date Date Cost at Cost Interest Cost Value Security Type/Description S&P Moody's Original YTM Accrued Amortized MarketTradeSettle Par U.S. Treasury Bond / Note US TREASURY NOTES DTD 09/30/2011 1.375% 09/30/2018 2,022,556.25 2,033,106.45 7,078.79 2,035,228.71 10/18/1610/17/16AaaAA+ 2,015,000.00 912828RH5 0.85 US TREASURY NOTES DTD 02/02/2015 1.250% 01/31/2020 436,768.64 443,969.04 2,301.63 444,657.81 06/15/1606/14/16AaaAA+ 440,000.00 912828H52 0.95 UNITED STATES TREASURY NOTES DTD 03/02/2015 1.375% 02/29/2020 298,570.20 298,742.42 1,401.59 298,722.66 12/14/1612/13/16AaaAA+ 300,000.00 912828J50 1.51 US TREASURY NOTES DTD 07/31/2015 1.625% 07/31/2020 1,454,033.88 1,484,636.43 9,894.40 1,489,044.73 06/15/1606/14/16AaaAA+ 1,455,000.00 912828XM7 1.04 US TREASURY NOTE DTD 12/02/2013 2.000% 11/30/2020 1,010,352.00 1,034,646.54 1,758.24 1,037,695.31 08/25/1608/24/16AaaAA+ 1,000,000.00 912828A42 1.09 US TREASURY N/B DTD 12/31/2015 1.750% 12/31/2020 1,599,500.80 1,633,549.33 77.35 1,638,187.50 06/06/1606/03/16AaaAA+ 1,600,000.00 912828N48 1.21 US TREASURY NOTES DTD 01/31/2016 1.375% 01/31/2021 295,206.90 297,246.82 1,726.22 297,164.06 11/16/1611/15/16AaaAA+ 300,000.00 912828N89 1.61 US TREASURY NOTES DTD 04/30/2014 2.250% 04/30/2021 1,500,870.03 1,502,846.55 5,684.05 1,503,290.04 12/06/1612/05/16AaaAA+ 1,475,000.00 912828WG1 1.79 US TREASURY N/B DTD 07/31/2014 2.250% 07/31/2021 716,043.12 719,660.31 6,638.11 719,981.25 11/23/1611/22/16AaaAA+ 705,000.00 912828WY2 1.78 US TREASURY NOTES DTD 09/02/2014 2.000% 08/31/2021 1,495,936.16 1,498,207.07 10,125.41 1,498,323.05 12/06/1612/05/16AaaAA+ 1,490,000.00 912828D72 1.88 46,685.79 10,829,837.98 10,946,610.96 1.33 10,962,295.12 10,780,000.00 Security Type Sub-Total Federal Agency Bond / Note FHLB NOTES DTD 02/18/2016 0.875% 03/19/2018 309,499.97 310,178.23 768.54 310,260.40 06/06/1606/03/16AaaAA+ 310,000.00 3130A7CX1 0.83 FEDERAL HOME LOAN BANKS AGCY DTD 05/27/2016 0.875% 06/29/2018 2,989,569.00 2,999,736.63 145.83 2,999,640.00 06/06/1606/03/16AaaAA+ 3,000,000.00 3130A8BD4 0.88 FHLMC REFERENCE NOTE DTD 09/16/2016 0.875% 10/12/2018 745,923.75 749,103.04 1,914.06 748,965.00 09/22/1609/21/16AaaAA+ 750,000.00 3137EAED7 0.94 Account 20240100 Page 4 For the Month Ending December 31, 2016Managed Account Detail of Securities Held CITY OF EASTVALE - INVESTMENT PORTFOLIO - 20240100 Dated Date/Coupon/Maturity CUSIP Rating Rating Date Date Cost at Cost Interest Cost Value Security Type/Description S&P Moody's Original YTM Accrued Amortized MarketTradeSettle Par Federal Agency Bond / Note FHLMC REFERENCE NOTE DTD 09/16/2016 0.875% 10/12/2018 994,565.00 1,000,351.36 2,552.08 1,000,400.00 09/30/1609/30/16AaaAA+ 1,000,000.00 3137EAED7 0.86 FNMA BENCHMARK NOTE DTD 09/01/2015 1.125% 10/19/2018 1,498,155.00 1,506,262.11 3,375.00 1,508,220.00 06/06/1606/03/16AaaAA+ 1,500,000.00 3135G0E58 0.89 FHLB NOTES DTD 12/08/2016 1.250% 01/16/2019 614,785.37 614,975.40 491.15 614,975.40 12/08/1612/07/16AaaAA+ 615,000.00 3130AAE46 1.25 FNMA BENCHMARK NOTE DTD 02/23/2016 1.000% 02/26/2019 695,648.10 700,473.42 2,430.56 700,595.00 06/06/1606/03/16AaaAA+ 700,000.00 3135G0J53 0.97 FHLB GLOBAL NOTE DTD 06/03/2016 1.125% 06/21/2019 2,848,692.42 2,872,190.26 895.31 2,873,824.20 06/06/1606/03/16AaaAA+ 2,865,000.00 3130A8DB6 1.02 FNMA BENCHMARK NOTE DTD 08/02/2016 0.875% 08/02/2019 714,929.03 723,156.28 2,625.61 722,977.25 09/30/1609/30/16AaaAA+ 725,000.00 3135G0N33 0.97 FHLB GLOBAL NOTE DTD 08/04/2016 0.875% 08/05/2019 1,207,662.58 1,222,964.15 4,376.82 1,222,648.00 08/04/1608/03/16AaaAA+ 1,225,000.00 3130A8Y72 0.94 FHLB GLOBAL NOTES DTD 09/09/2016 1.000% 09/26/2019 741,063.00 748,143.60 1,979.17 747,960.00 09/22/1609/21/16AaaAA+ 750,000.00 3130A9EP2 1.09 FREDDIE MAC GLOBAL NOTES DTD 10/02/2012 1.250% 10/02/2019 695,905.70 703,306.35 2,163.19 703,976.00 06/06/1606/03/16AaaAA+ 700,000.00 3137EADM8 1.08 FHLB NOTES DTD 11/17/2016 1.375% 11/15/2019 1,030,874.49 1,034,771.44 1,739.38 1,034,761.95 11/17/1611/16/16AaaAA+ 1,035,000.00 3130AA3R7 1.38 FNMA NOTES DTD 08/19/2016 1.250% 08/17/2021 966,470.00 997,559.16 4,583.33 997,380.00 08/25/1608/24/16AaaAA+ 1,000,000.00 3135G0N82 1.30 30,040.03 16,053,743.41 16,183,171.43 1.01 16,186,583.20 16,175,000.00 Security Type Sub-Total Corporate Note JP MORGAN SECURITIES DTD 04/23/2009 6.300% 04/23/2019 775,843.27 781,397.88 8,449.00 798,366.60 06/08/1606/03/16A3A- 710,000.00 46625HHL7 1.84 Account 20240100 Page 5 For the Month Ending December 31, 2016Managed Account Detail of Securities Held CITY OF EASTVALE - INVESTMENT PORTFOLIO - 20240100 Dated Date/Coupon/Maturity CUSIP Rating Rating Date Date Cost at Cost Interest Cost Value Security Type/Description S&P Moody's Original YTM Accrued Amortized MarketTradeSettle Par Corporate Note BERKSHIRE HATHAWAY INC CORPORATE NOTES DTD 08/15/2016 1.300% 08/15/2019 133,360.56 134,885.27 663.00 134,869.05 08/15/1608/08/16Aa2AA 135,000.00 084664CK5 1.33 TOYOTA MOTOR CORP NOTES DTD 10/18/2016 1.550% 10/18/2019 251,913.48 254,880.95 801.48 254,872.50 10/18/1610/13/16Aa3AA- 255,000.00 89236TDH5 1.57 HSBC USA INC CORPORATE NOTES DTD 11/13/2014 2.375% 11/13/2019 797,047.13 803,573.69 2,517.50 805,199.85 06/08/1606/03/16A2A 795,000.00 40428HPN6 1.99 PFIZER INC CORP NOTE DTD 11/21/2016 1.700% 12/15/2019 274,740.68 274,809.26 519.44 274,802.00 11/21/1611/14/16A1AA 275,000.00 717081EB5 1.72 BNY MELLON CORP NOTE (CALLABLE) DTD 08/17/2015 2.600% 08/17/2020 780,642.78 796,014.02 7,500.28 799,226.50 06/08/1606/03/16A1A 775,000.00 06406HDD8 1.82 WELLS FARGO & COMPANY NOTES DTD 12/07/2015 2.550% 12/07/2020 785,897.26 800,837.05 1,334.50 803,007.90 06/08/1606/03/16A2A 785,000.00 94974BGR5 2.01 AMERICAN EXPRESS CREDIT CORP NOTES DTD 05/05/2016 2.250% 05/05/2021 790,467.20 804,129.78 2,800.00 804,632.00 06/08/1606/03/16A2A- 800,000.00 0258M0EB1 2.13 24,585.20 4,589,912.36 4,650,527.90 1.90 4,674,976.40 4,530,000.00 Security Type Sub-Total Certificate of Deposit - FDIC Insured BANK OF BARODA DTD 01/17/2014 1.000% 01/17/2017 248,045.38 248,000.00 1,141.48 248,000.00 01/17/1401/14/14NRNR 248,000.00 06062AFB0 0.99 SYNCHRONY BANK DTD 02/14/2014 1.050% 02/14/2017 248,144.34 248,000.00 998.79 248,000.00 02/14/1402/10/14NRNR 248,000.00 36157QVR5 1.03 GOLDMAN SACHS BANK USA DTD 03/19/2014 1.050% 03/20/2017 248,229.15 248,000.00 734.83 248,000.00 03/19/1403/11/14A3A- 248,000.00 38147JVW9 1.04 PRIVATEBANK & TRUST CO DTD 04/16/2014 1.000% 04/17/2017 248,333.06 248,000.00 516.38 248,000.00 04/16/1404/02/14NRNR 248,000.00 74267GUJ4 0.99 BARCLAYS BANK/DELAWARE DTD 05/13/2014 1.100% 05/15/2017 248,373.74 248,000.00 351.28 248,000.00 05/13/1405/06/14Baa3A 248,000.00 06740KGW1 1.09 Account 20240100 Page 6 For the Month Ending December 31, 2016Managed Account Detail of Securities Held CITY OF EASTVALE - INVESTMENT PORTFOLIO - 20240100 Dated Date/Coupon/Maturity CUSIP Rating Rating Date Date Cost at Cost Interest Cost Value Security Type/Description S&P Moody's Original YTM Accrued Amortized MarketTradeSettle Par Certificate of Deposit - FDIC Insured ALLY BANK DTD 03/26/2015 1.050% 09/26/2017 248,524.02 248,000.00 692.02 248,000.00 03/26/1503/17/15NRNR 248,000.00 02006LPR8 1.04 HOMEBANC NA DTD 03/30/2015 1.200% 03/29/2018 249,277.14 249,000.00 253.78 249,000.00 03/30/1503/10/15NRNR 249,000.00 43738AFT8 1.15 AMERICAN EXPR CENTURION DTD 06/17/2015 1.550% 06/18/2018 248,205.34 248,000.00 157.97 248,000.00 06/17/1506/06/15A2BBB+ 248,000.00 02587DYT9 1.52 CAPITAL ONE NA DTD 09/23/2015 1.650% 09/24/2018 249,767.74 248,000.00 1,121.10 248,000.00 09/23/1509/16/15NRNR 248,000.00 14042RAA9 1.62 5,967.63 2,236,899.91 2,233,000.00 1.16 2,233,000.00 2,233,000.00 Security Type Sub-Total Certificate of Deposit CANADIAN IMPERIAL BANK NY CD DTD 12/05/2016 1.760% 11/30/2018 564,519.20 559,579.47 739.20 559,563.20 12/05/1612/01/16Aa3A+ 560,000.00 13606A5Z7 1.78 739.20 564,519.20 559,579.47 1.78 559,563.20 560,000.00 Security Type Sub-Total Asset-Backed Security / Collateralized Mortgage Obligation HYUNDAI AUTO RECEIVABLES TRUST DTD 09/21/2016 1.290% 04/15/2021 143,831.65 144,981.80 83.13 144,980.48 09/21/1609/14/16AaaAAA 145,000.00 44891EAC3 1.30 83.13 143,831.65 144,981.80 1.30 144,980.48 145,000.00 Security Type Sub-Total 34,423,000.00 34,761,398.40 1.25 108,100.98 34,717,871.56 34,418,744.51 Managed Account Sub-Total $34,423,000.00 $34,761,398.40 $108,100.98 $34,717,871.56 $34,418,744.51 1.25% $34,526,845.49 $108,100.98 Total Investments Accrued Interest Securities Sub-Total Account 20240100 Page 7 For the Month Ending December 31, 2016Managed Account Fair Market Value & Analytics CITY OF EASTVALE - INVESTMENT PORTFOLIO - 20240100 Value On Cost Amort Cost to WorstCUSIPBrokerDatePriceDated Date/Coupon/Maturity Par at Mkt Market Unreal G/L Unreal G/L DurationNext Call MarketSecurity Type/Description YTMEffective Duration U.S. Treasury Bond / Note 1.72 (10,550.20)(12,672.46) 2,022,556.25 100.38 WELLSFAR 2,015,000.00 912828RH5US TREASURY NOTES DTD 09/30/2011 1.375% 09/30/2018 1.16 1.72 3.00 (7,200.40)(7,889.17) 436,768.64 99.27 MORGANST 440,000.00 912828H52US TREASURY NOTES DTD 02/02/2015 1.250% 01/31/2020 1.49 3.00 3.07 (172.22)(152.46) 298,570.20 99.52 MS 300,000.00 912828J50UNITED STATES TREASURY NOTES DTD 03/02/2015 1.375% 02/29/2020 1.53 3.07 3.44 (30,602.55)(35,010.85) 1,454,033.88 99.93 HSBC 1,455,000.00 912828XM7US TREASURY NOTES DTD 07/31/2015 1.625% 07/31/2020 1.64 3.44 3.75 (24,294.54)(27,343.31) 1,010,352.00 101.04 MORGANST 1,000,000.00 912828A42US TREASURY NOTE DTD 12/02/2013 2.000% 11/30/2020 1.73 3.75 3.85 (34,048.53)(38,686.70) 1,599,500.80 99.97 HSBC 1,600,000.00 912828N48US TREASURY N/B DTD 12/31/2015 1.750% 12/31/2020 1.76 3.85 3.93 (2,039.92)(1,957.16) 295,206.90 98.40 HSBC 300,000.00 912828N89US TREASURY NOTES DTD 01/31/2016 1.375% 01/31/2021 1.78 3.93 4.10 (1,976.52)(2,420.01) 1,500,870.03 101.75 BNP PARI 1,475,000.00 912828WG1US TREASURY NOTES DTD 04/30/2014 2.250% 04/30/2021 1.83 4.10 4.30 (3,617.19)(3,938.13) 716,043.12 101.57 BNP PARI 705,000.00 912828WY2US TREASURY N/B DTD 07/31/2014 2.250% 07/31/2021 1.89 4.30 4.40 (2,270.91)(2,386.89) 1,495,936.16 100.40 MERRILL 1,490,000.00 912828D72US TREASURY NOTES DTD 09/02/2014 2.000% 08/31/2021 1.91 4.40 (132,457.14) 1.65 3.47 (116,772.98) 10,829,837.98 10,780,000.00 Security Type Sub-Total 3.47 Federal Agency Bond / Note 1.20 (678.26)(760.43) 309,499.97 99.84 MORGANST 310,000.00 3130A7CX1FHLB NOTES DTD 02/18/2016 0.875% 03/19/2018 1.01 1.20 1.48 (10,167.63)(10,071.00) 2,989,569.00 99.65 MORGANST 3,000,000.00 3130A8BD4FEDERAL HOME LOAN BANKS AGCY DTD 05/27/2016 0.875% 06/29/2018 1.11 1.48 1.76 (3,179.29)(3,041.25) 745,923.75 99.46 BARCLAYS 750,000.00 3137EAED7FHLMC REFERENCE NOTE DTD 09/16/2016 0.875% 10/12/2018 1.18 1.76 1.76 (5,786.36)(5,835.00) 994,565.00 99.46 JEFFERIE 1,000,000.00 3137EAED7FHLMC REFERENCE NOTE DTD 09/16/2016 0.875% 10/12/2018 1.18 1.76 1.77 (8,107.11)(10,065.00) 1,498,155.00 99.88 KEYBAN 1,500,000.00 3135G0E58FNMA BENCHMARK NOTE DTD 09/01/2015 1.125% 10/19/2018 1.19 1.77 Account 20240100 Page 8 For the Month Ending December 31, 2016Managed Account Fair Market Value & Analytics CITY OF EASTVALE - INVESTMENT PORTFOLIO - 20240100 Value On Cost Amort Cost to WorstCUSIPBrokerDatePriceDated Date/Coupon/Maturity Par at Mkt Market Unreal G/L Unreal G/L DurationNext Call MarketSecurity Type/Description YTMEffective Duration Federal Agency Bond / Note 2.01 (190.03)(190.03) 614,785.37 99.97 BAML 615,000.00 3130AAE46FHLB NOTES DTD 12/08/2016 1.250% 01/16/2019 1.27 2.01 2.11 (4,825.32)(4,946.90) 695,648.10 99.38 MORGANST 700,000.00 3135G0J53FNMA BENCHMARK NOTE DTD 02/23/2016 1.000% 02/26/2019 1.29 2.11 2.43 (23,497.84)(25,131.78) 2,848,692.42 99.43 KEYBAN 2,865,000.00 3130A8DB6FHLB GLOBAL NOTE DTD 06/03/2016 1.125% 06/21/2019 1.36 2.43 2.54 (8,227.25)(8,048.22) 714,929.03 98.61 BMO 725,000.00 3135G0N33FNMA BENCHMARK NOTE DTD 08/02/2016 0.875% 08/02/2019 1.42 2.54 2.54 (15,301.57)(14,985.42) 1,207,662.58 98.58 WELLSFAR 1,225,000.00 3130A8Y72FHLB GLOBAL NOTE DTD 08/04/2016 0.875% 08/05/2019 1.43 2.54 2.68 (7,080.60)(6,897.00) 741,063.00 98.81 MORGANST 750,000.00 3130A9EP2FHLB GLOBAL NOTES DTD 09/09/2016 1.000% 09/26/2019 1.45 2.68 2.69 (7,400.65)(8,070.30) 695,905.70 99.42 WELLSFAR 700,000.00 3137EADM8FREDDIE MAC GLOBAL NOTES DTD 10/02/2012 1.250% 10/02/2019 1.47 2.69 2.80 (3,896.95)(3,887.46) 1,030,874.49 99.60 MERRILL 1,035,000.00 3130AA3R7FHLB NOTES DTD 11/17/2016 1.375% 11/15/2019 1.52 2.80 4.44 (31,089.16)(30,910.00) 966,470.00 96.65 BMO 1,000,000.00 3135G0N82FNMA NOTES DTD 08/19/2016 1.250% 08/17/2021 2.01 4.44 (132,839.79) 1.33 2.25 (129,428.02) 16,053,743.41 16,175,000.00 Security Type Sub-Total 2.25 Corporate Note 2.15 (5,554.61)(22,523.33) 775,843.27 109.27 BARCLAYS 710,000.00 46625HHL7JP MORGAN SECURITIES DTD 04/23/2009 6.300% 04/23/2019 2.16 2.15 2.55 (1,524.71)(1,508.49) 133,360.56 98.79 MERRILL 135,000.00 084664CK5BERKSHIRE HATHAWAY INC CORPORATE NOTES DTD 08/15/2016 1.300% 08/15/2019 1.78 2.55 2.71 (2,967.47)(2,959.02) 251,913.48 98.79 MERRILL 255,000.00 89236TDH5TOYOTA MOTOR CORP NOTES DTD 10/18/2016 1.550% 10/18/2019 2.00 2.71 2.75 (6,526.56)(8,152.72) 797,047.13 100.26 WELLSFAR 795,000.00 40428HPN6HSBC USA INC CORPORATE NOTES DTD 11/13/2014 2.375% 11/13/2019 2.28 2.75 2.87 (68.58)(61.32) 274,740.68 99.91 MERRILL 275,000.00 717081EB5PFIZER INC CORP NOTE DTD 11/21/2016 1.700% 12/15/2019 1.73 2.87 Account 20240100 Page 9 For the Month Ending December 31, 2016Managed Account Fair Market Value & Analytics CITY OF EASTVALE - INVESTMENT PORTFOLIO - 20240100 Value On Cost Amort Cost to WorstCUSIPBrokerDatePriceDated Date/Coupon/Maturity Par at Mkt Market Unreal G/L Unreal G/L DurationNext Call MarketSecurity Type/Description YTMEffective Duration Corporate Note 3.34 (15,371.24)(18,583.72) 780,642.78 100.73 07/17/20BARCLAYS 775,000.00 06406HDD8BNY MELLON CORP NOTE (CALLABLE) DTD 08/17/2015 2.600% 08/17/2020 2.39 3.40 3.71 (14,939.79)(17,110.64) 785,897.26 100.11 WELLSFAR 785,000.00 94974BGR5WELLS FARGO & COMPANY NOTES DTD 12/07/2015 2.550% 12/07/2020 2.52 3.71 4.10 (13,662.58)(14,164.80) 790,467.20 98.81 CSFB 800,000.00 0258M0EB1AMERICAN EXPRESS CREDIT CORP NOTES DTD 05/05/2016 2.250% 05/05/2021 2.54 4.10 (85,064.04) 2.30 3.14 (60,615.54) 4,589,912.36 4,530,000.00 Security Type Sub-Total 3.15 Certificate of Deposit - FDIC Insured 0.05 45.38 45.38 248,045.38 100.02 NEW ACCT 248,000.00 06062AFB0BANK OF BARODA DTD 01/17/2014 1.000% 01/17/2017 0.76 0.05 0.12 144.34 144.34 248,144.34 100.06 NEW ACCT 248,000.00 36157QVR5SYNCHRONY BANK DTD 02/14/2014 1.050% 02/14/2017 0.77 0.12 0.22 229.15 229.15 248,229.15 100.09 NEW ACCT 248,000.00 38147JVW9GOLDMAN SACHS BANK USA DTD 03/19/2014 1.050% 03/20/2017 0.79 0.22 0.29 333.06 333.06 248,333.06 100.13 NEW ACCT 248,000.00 74267GUJ4PRIVATEBANK & TRUST CO DTD 04/16/2014 1.000% 04/17/2017 0.73 0.29 0.37 373.74 373.74 248,373.74 100.15 NEW ACCT 248,000.00 06740KGW1BARCLAYS BANK/DELAWARE DTD 05/13/2014 1.100% 05/15/2017 0.85 0.37 0.73 524.02 524.02 248,524.02 100.21 NEW ACCT 248,000.00 02006LPR8ALLY BANK DTD 03/26/2015 1.050% 09/26/2017 0.75 0.73 1.23 277.14 277.14 249,277.14 100.11 NEW ACCT 249,000.00 43738AFT8HOMEBANC NA DTD 03/30/2015 1.200% 03/29/2018 1.08 1.23 1.45 205.34 205.34 248,205.34 100.08 NEW ACCT 248,000.00 02587DYT9AMERICAN EXPR CENTURION DTD 06/17/2015 1.550% 06/18/2018 1.45 1.45 1.72 1,767.74 1,767.74 249,767.74 100.71 NEW ACCT 248,000.00 14042RAA9CAPITAL ONE NA DTD 09/23/2015 1.650% 09/24/2018 1.20 1.72 3,899.91 0.93 0.69 3,899.91 2,236,899.91 2,233,000.00 Security Type Sub-Total 0.69 Certificate of Deposit 1.90 4,939.73 4,956.00 564,519.20 100.81 GOLDMAN 560,000.00 13606A5Z7CANADIAN IMPERIAL BANK NY CD DTD 12/05/2016 1.760% 11/30/2018 1.25 1.90 Account 20240100 Page 10 For the Month Ending December 31, 2016Managed Account Fair Market Value & Analytics CITY OF EASTVALE - INVESTMENT PORTFOLIO - 20240100 Value On Cost Amort Cost to WorstCUSIPBrokerDatePriceDated Date/Coupon/Maturity Par at Mkt Market Unreal G/L Unreal G/L DurationNext Call MarketSecurity Type/Description YTMEffective Duration 4,956.00 1.25 1.90 4,939.73 564,519.20 560,000.00 Security Type Sub-Total 1.90 Asset-Backed Security / Collateralized Mortgage Obligation 3.67 (1,150.15)(1,148.83) 143,831.65 99.19 JPMCHASE 145,000.00 44891EAC3HYUNDAI AUTO RECEIVABLES TRUST DTD 09/21/2016 1.290% 04/15/2021 1.51 2.22 (1,148.83) 1.51 3.67 (1,150.15) 143,831.65 145,000.00 Security Type Sub-Total 2.22 34,423,000.00 34,418,744.51 (342,653.89)(299,127.05) 2.65 1.53 Managed Account Sub-Total 2.65 Total Investments $34,526,845.49 $108,100.98 $34,418,744.51 Accrued Interest Securities Sub-Total $34,423,000.00 ($342,653.89)($299,127.05) 2.65 1.53% 2.65 Account 20240100 Page 11 For the Month Ending December 31, 2016Managed Account Security Transactions & Interest CITY OF EASTVALE - INVESTMENT PORTFOLIO - 20240100 Transaction Type Trade CUSIPSecurity DescriptionSettle Par Proceeds Principal Accrued Interest Total Cost Realized G/L Realized G/L Sale Amort Cost Method BUY 12/05/16 CANADIAN IMPERIAL BANK NY CD DTD 12/05/2016 1.760% 11/30/2018 13606A5Z7 (559,563.20) 0.00 (559,563.20) 560,000.00 12/01/16 12/06/16 US TREASURY NOTES DTD 04/30/2014 2.250% 04/30/2021 912828WG1 (1,503,290.04)(3,300.41)(1,506,590.45) 1,475,000.00 12/05/16 12/06/16 US TREASURY NOTES DTD 09/02/2014 2.000% 08/31/2021 912828D72 (1,498,323.05)(7,985.08)(1,506,308.13) 1,490,000.00 12/05/16 12/08/16 FHLB NOTES DTD 12/08/2016 1.250% 01/16/2019 3130AAE46 (614,975.40) 0.00 (614,975.40) 615,000.00 12/07/16 12/14/16 UNITED STATES TREASURY NOTES DTD 03/02/2015 1.375% 02/29/2020 912828J50 (298,722.66)(1,196.48)(299,919.14) 300,000.00 12/13/16 (12,481.97)(4,487,356.32)(4,474,874.35) 4,440,000.00 Transaction Type Sub-Total INTEREST 12/01/16 HOMEBANC NA DTD 03/30/2015 1.200% 03/29/2018 43738AFT8 0.00 245.59 245.59 249,000.00 12/01/16 12/01/16 MONEY MARKET FUND MONEY0002 0.00 0.21 0.21 0.00 12/01/16 12/02/16 HSBC USA INC CORPORATE NOTES DTD 11/13/2014 2.375% 11/13/2019 40428HPN6 0.00 52.44 52.44 0.00 12/02/16 12/07/16 WELLS FARGO & COMPANY NOTES DTD 12/07/2015 2.550% 12/07/2020 94974BGR5 0.00 10,008.75 10,008.75 785,000.00 12/07/16 12/11/16 SALLIE MAE BANK/SALT LKE DTD 12/11/2013 1.050% 12/12/2016 795450RV9 0.00 1,305.57 1,305.57 248,000.00 12/11/16 12/12/16 SALLIE MAE BANK/SALT LKE DTD 12/11/2013 1.050% 12/12/2016 795450RV9 0.00 7.13 7.13 248,000.00 12/12/16 12/15/16 HYUNDAI AUTO RECEIVABLES TRUST DTD 09/21/2016 1.290% 04/15/2021 44891EAC3 0.00 155.88 155.88 145,000.00 12/15/16 12/17/16 AMERICAN EXPR CENTURION DTD 06/17/2015 1.550% 06/18/2018 02587DYT9 0.00 1,927.27 1,927.27 248,000.00 12/17/16 12/21/16 FHLB GLOBAL NOTE DTD 06/03/2016 1.125% 06/21/2019 3130A8DB6 0.00 16,115.63 16,115.63 2,865,000.00 12/21/16 12/29/16 FEDERAL HOME LOAN BANKS AGCY DTD 05/27/2016 0.875% 06/29/2018 3130A8BD4 0.00 13,125.00 13,125.00 3,000,000.00 12/29/16 12/31/16 US TREASURY N/B DTD 12/31/2015 1.750% 12/31/2020 912828N48 0.00 14,000.00 14,000.00 1,600,000.00 12/31/16 Account 20240100 Page 12 For the Month Ending December 31, 2016Managed Account Security Transactions & Interest CITY OF EASTVALE - INVESTMENT PORTFOLIO - 20240100 Transaction Type Trade CUSIPSecurity DescriptionSettle Par Proceeds Principal Accrued Interest Total Cost Realized G/L Realized G/L Sale Amort Cost Method 56,943.47 56,943.47 0.00 9,388,000.00 Transaction Type Sub-Total MATURITY 12/12/16 SALLIE MAE BANK/SALT LKE DTD 12/11/2013 1.050% 12/12/2016 795450RV9 248,000.00 0.00 248,000.00 0.00 0.00 248,000.00 12/12/16 0.00 0.00 0.00 248,000.00 248,000.00 248,000.00 Transaction Type Sub-Total SELL 12/05/16 FHLB NOTES DTD 02/18/2016 0.875% 03/19/2018 3130A7CX1 573,643.00 1,062.15 574,705.15 (1,840.00)(1,707.11)SPEC LOT 575,000.00 12/05/16 12/06/16 FHLMC NOTES DTD 12/11/2015 1.000% 12/15/2017 3137EADX4 3,002,190.00 14,250.00 3,016,440.00 (7,530.00)(4,356.57)SPEC LOT 3,000,000.00 12/05/16 12/08/16 FHLB NOTES DTD 02/18/2016 0.875% 03/19/2018 3130A7CX1 613,708.50 1,180.89 614,889.39 (1,808.10)(1,663.55)FIFO 615,000.00 12/07/16 16,493.04 (7,727.23)(11,178.10) 4,206,034.54 4,189,541.50 4,190,000.00 Transaction Type Sub-Total (37,332.85) 60,954.54 23,621.69 (11,178.10)(7,727.23)Managed Account Sub-Total Total Security Transactions ($11,178.10)$23,621.69 $60,954.54 ($37,332.85)($7,727.23) Account 20240100 Page 13