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Home My WebLink AboutItem 15 - Quarterly Report of Investment as of December 31, 2020 Finance and Management Services https://www.santa-ana.org/finance Item # 15 City of Santa Ana 20 Civic Center Plaza, Santa Ana, CA 92701 Staff Report March 2, 2021 TOPIC: Quarterly Report of Investment as of December 31, 2020 AGENDA TITLE: Receive and File Quarterly Report of Investments as of December 31, 2020 RECOMMENDED ACTION Receive and file. DISCUSSION California Code Section 53646 (b) states that if a quarterly report is rendered to the legislative body, the quarterly investment report shall be submitted within 30 days following the end of the quarter covered by the report. In an effort to meet the statutory requirement, Finance & Management Services Agency submits the Report via email for review and distribution to the City Council in advance. The report was emailed for distribution on January 27, 2021. The legislation specifies that this quarterly report contain the seven major elements listed below: 1. Type of investments, 2. Date of maturity, 3. Par and dollar amounts invested in each security, 4. Weighted average maturity of the investments, 5. Market value as of the date of the report, 6. Source of the market value information, and 7. Any funds, investments or programs, including loans, under the management of contracted parties. These specifications include a statement outlining the ability of the City to meet the budgeted expenditures for the subsequent six months be submitted to the City Council on a quarterly basis. Staff performs an end-of-month expenditure analysis to comply with the expenditure requirement and a statement confirming the ability to meet this requirement in the monthly and quarter-ending Treasurer’s Report. The information is in compliance with State law and the City’s Investment Policy. Quarterly Report of Investment as of December 31, 2020 March 2, 2021 Page 2 4 7 1 The attached Treasurer’s Report (Exhibit 1) accurately reflects all pooled investments held on behalf of the City as of December 31, 2020. The following two tables represent: (1) percentage limits set by the City’s Investment Policy and State Law and shows respective City investment portfolio investment types, amounts, and percentages; and (2) the restricted cash balance as of December 31, 2020. Type of Investment Amounts Invested ($) Portfolio (%) COSA Policy Limits (%) State Law Limits (%) Federal Farm Credit Bank (FFCB) $32,709,210.25 11.28%None None Federal Home Loan Bank (FHLB) $23,152,608.33 7.99%None None Federal Home Loan Mortgage Corp. (FHLMC) $65,286,250.00 22.52%None None Federal National Mortgage Association (FNMA) $88,201,540.00 30.43%None None Local Agency Investment Fund (LAIF) $74,766,303.09 25.79%None None CARES Local Agency Investment Fund (LAIF) $5,752,727.46 1.99% Sub- Total $289,868,639.13 100.00%None None Cash $56,918,611.74 Total $346,787,250.87 Restricted Cash In ($) Restricted Cash †,$120,621.33 Total $120,621.33 † Restricted cash is held by a Trustee, Bank of New York Mellon, and is segregated from cash used for daily operations. (exp.: Bond reserve funds) Quarterly Report of Investment as of December 31, 2020 March 2, 2021 Page 3 4 7 1 The following City investment portfolio graph represents percentages within the respective investment types as of December 31, 2020. The following two tables represent, as of December 31, 2020: (1) the aggregate Average Market Yield To Date (AMTD); and (2) the breakdown of by investment type. Aggregate Average Market Yield To Date Average Month To Date (AMTD).988% Investments Book Value of Investments YTM % of Portfolio LAIF $74,766,303.09 0.540%25.79%0.139% LAIF CARES $5,752,727.46 0.540%1.99%0.011% Federal Agency Securities $209,349,608.58 1.161%72.22%0.838% $289,868,639.13 0.988%100.00%0.988% ENVIRONMENTAL IMPACT There is no environmental impact associated with this action. FISCAL IMPACT There is no fiscal impact associated with this action. Quarterly Report of Investment as of December 31, 2020 March 2, 2021 Page 4 4 7 1 EXHIBIT(S) 1. Treasurer’s Report Submitted By: Kathryn Downs, Executive Director Finance and Management Services Approved By: Kristine Ridge, City Manager EXHIBIT 1 City of Santa Ana Portfolio Management Portfolio Summary December 31, 2020 Par Value Market Value Book Value % of Portfolio Days to Maturity YTM/CInvestmentsTerm Local Agency Investment Funds Cash in Banks 74,766,303.09 5,752,727.46 74,766,303.09 5,752,727.46 74,766,303.09 5,752,727.46 25.79 1.98 1 1 1 1 0.540 0.540 1.161Federal Agency Coupon Securities 209,600,000.00 211,805,931.75 209,349,608.58 72.22 1,757 578 290,119,030.55 292,324,962.30 289,868,639.13 100.00%1,269 418 0.988Investments Cash Passbook/Checking (not included in yield calculations) 56,918,611.74 56,918,611.74 56,918,611.74 1 1 0.000 Total Cash and Investments 347,037,642.29 349,243,574.04 346,787,250.87 1,269 418 0.988 Total Earnings December 31 Month Ending Fiscal Year To Date Current Year 241,053.11 1,648,033.28 Average Daily Balance Effective Rate of Return 359,720,199.08 0.79% 339,821,783.72 0.96% This report contains all the required information in SB 866 and SB 564 and accurately reflects all pooled investments held during this reporting period on behalf of the City and the City of Santa Ana acting on behalf of the Community Redevelopment Agency. The information reported herein is in compliance with State law and the City's Investment Policy. Based on liquidity of investments, the City of Santa Ana is able to meet budgeted expenditure requirements for the next six months, barring any catastrophic natural disasters. Market pricings are obtained through the City's third party trust services at BNY Mellon Trust. __________________________________________________ ____________________ Finance & Mgmt Services Agency, Reporting period 12/01/2020-12/31/2020 Portfolio COSA CP Run Date: 01/12/2021 - 06:36 PM (PRF_PM1) 7.3.0 Report Ver. 7.3.5 City of Santa Ana Portfolio Management Portfolio Details - Investments December 31, 2020 Page 1 Average Balance Purchase Stated Rate YTM/C YTM/C Days to Maturity CUSIP Investment #Issuer Date Par Value Market Value Book Value 360 365 Maturity Date Local Agency Investment Funds LAIFCITY LAIFCITY Local Agency Investment Fund 74,766,303.09 74,766,303.09 74,766,303.09 0.540 0.540 0.533 0.540 1 Subtotal and Average 74,766,303.09 74,766,303.09 74,766,303.09 74,766,303.09 0.533 0.540 1 Cash in Banks LAIF CARES CARES EMERGENCY CARES FUND 08/06/2020 5,752,727.46 5,752,727.46 5,752,727.46 0.533 0.540 1 Subtotal and Average 80,442,997.08 5,752,727.46 5,752,727.46 5,752,727.46 0.533 0.540 1 Federal Agency Coupon Securities 3133EJ5W5 3133EKBW5 3133ECPM0 3133EKPG5 3133EKY91 3133EK3M6 3133ELTC8 3133ELX33 3133EMBH4 3133EMFR8 3130AAKW7 3130AB5A0 3130ABBNS1 3130ADMX7 3130AFQR1 3130AFWF0 3130AFW94 3130AFZ91 3130AB3H7 3134GBVA7 3134GSMF9 3134GS4L6 3134GTLS0 3134GUS92 3134GVQT8 3134GVQX9 3134GVVX3 3134GVR26 3134GVT99 3134GV5R5 13868 13876 13884 13897 13932 13934 13951 13974 13988 13991 13825 13834 13845 13854 13866 13872 13873 13875 13889 13839 13853 13874 13890 13938 13961 13962 13964 13967 13968 13979 Federal Farm Credit Bank Federal Farm Credit Bank Federal Farm Credit Bank Federal Farm Credit Bank Federal Farm Credit Bank Federal Farm Credit Bank Federal Farm Credit Bank Federal Farm Credit Bank Federal Farm Credit Bank Federal Farm Credit Bank Federal Home Loan Bank Federal Home Loan Bank Federal Home Loan Bank Federal Home Loan Bank Federal Home Loan Bank Federal Home Loan Bank Federal Home Loan Bank Federal Home Loan Bank Federal Home Loan Bank 01/29/2019 03/04/2019 03/15/2019 06/10/2019 10/11/2019 10/23/2019 03/17/2020 07/22/2020 09/29/2020 11/03/2020 01/11/2017 04/07/2017 06/27/2017 05/31/2018 01/22/2019 02/22/2019 02/27/2019 03/08/2019 04/29/2019 06/29/2017 05/30/2018 03/15/2019 05/14/2019 01/16/2020 05/05/2020 05/05/2020 05/28/2020 06/25/2020 06/30/2020 07/15/2020 925,000.00 3,000,000.00 2,000,000.00 1,500,000.00 2,500,000.00 5,000,000.00 1,800,000.00 6,000,000.00 5,000,000.00 5,000,000.00 3,175,000.00 3,000,000.00 5,000,000.00 1,500,000.00 2,000,000.00 1,500,000.00 2,000,000.00 2,000,000.00 3,000,000.00 5,000,000.00 2,800,000.00 1,500,000.00 3,000,000.00 3,000,000.00 5,000,000.00 5,000,000.00 5,000,000.00 6,000,000.00 6,000,000.00 6,000,000.00 987,400.50 3,222,210.00 2,090,720.00 1,575,630.00 2,554,275.00 5,193,700.00 1,802,484.00 6,002,940.00 5,000,900.00 5,002,150.00 3,234,404.25 3,012,840.00 5,124,100.00 1,577,325.00 2,002,540.00 1,504,845.00 2,143,840.00 2,008,480.00 3,203,580.00 5,131,650.00 2,831,304.00 1,506,720.00 3,022,860.00 3,021,570.00 5,000,500.00 5,001,250.00 5,002,550.00 5,979,480.00 5,997,540.00 6,003,060.00 924,195.25 2,998,740.00 1,975,960.00 1,512,465.00 2,496,700.00 5,003,650.00 1,800,000.00 6,000,000.00 5,000,000.00 4,997,500.00 3,170,488.33 3,000,000.00 5,000,000.00 1,486,650.00 2,000,000.00 1,500,000.00 1,996,220.00 2,000,000.00 2,999,250.00 4,997,500.00 2,800,000.00 1,500,000.00 3,000,000.00 3,000,000.00 4,995,000.00 4,995,000.00 4,998,750.00 6,000,000.00 6,000,000.00 6,000,000.00 2.650 2.610 2.125 2.125 1.375 1.625 1.125 0.690 0.530 0.540 1.950 1.750 1.815 2.500 2.830 2.800 2.500 2.780 2.375 1.925 3.000 2.700 2.560 1.800 0.700 0.700 0.750 0.700 0.650 0.570 2.634 2.583 2.396 1.894 1.401 1.584 1.110 0.681 0.523 0.543 1.953 1.726 1.790 2.662 2.791 2.762 2.506 2.742 2.348 1.909 2.959 2.663 2.525 1.775 0.711 0.809 0.745 0.690 0.641 0.562 2.670 2.619 2.430 1.920 1.420 1.606 1.125 0.690 0.530 0.550 1.980 1.750 1.815 2.699 2.830 2.800 2.541 2.780 2.380 1.936 3.000 2.700 2.560 1.800 0.720 0.821 0.755 0.700 0.650 0.570 1,025 10/23/2023 1,152 02/27/2024 864 05/15/2023 977 09/05/2023 648 10/11/2022 1,025 10/23/2023 75 03/17/2025 202 07/22/2025 271 09/29/2025 671 11/03/2025 374 01/10/2022 96 04/07/2021 542 06/27/2022 798 03/10/2023 21 01/22/2024 52 02/22/2024 1,138 02/13/2024 66 03/08/2024 1,162 03/08/2024 544 06/29/2022 145 05/26/2023 73 03/15/2024 133 05/14/2024 196 01/16/2025 1,585 05/05/2025 124 05/05/2025 147 05/28/2025 175 06/25/2025 545 06/30/2025 195 07/15/2024 Federal Home Loan Mortgage Co. Federal Home Loan Mortgage Co. Federal Home Loan Mortgage Co. Federal Home Loan Mortgage Co. Federal Home Loan Mortgage Co. Federal Home Loan Mortgage Co. Federal Home Loan Mortgage Co. Federal Home Loan Mortgage Co. Federal Home Loan Mortgage Co. Federal Home Loan Mortgage Co. Federal Home Loan Mortgage Co. Portfolio COSA CP Run Date: 01/12/2021 - 06:36 PM (PRF_PM2) 7.3.0 Report Ver. 7.3.5 City of Santa Ana Portfolio Management Portfolio Details - Investments December 31, 2020 Page 2 Average Balance Purchase Stated Rate YTM/C YTM/C Days to Maturity CUSIP Investment #Issuer Date Par Value Market Value Book Value 360 365 Maturity Date Federal Agency Coupon Securities 3134GWUE4 3134GW4Z6 3134GXJL9 3135G0N82 3135G0T94 3135G0T45 3135G0T78 3135G0X24 3135G0W66 3136G4UH4 3136G4WV1 3136G4WQ2 3136G4XU2 3136G4YW7 3136G4D42 3136G4C43 3136G4G98 3136G45Q2 3135GA4V0 3135GAAN1 3135G06J7 13987 13989 13995 13820 13850 13856 13857 13940 13941 13948 13965 13966 13970 13971 13976 13977 13978 13990 13992 13993 13994 Federal Home Loan Mortgage Co. Federal Home Loan Mortgage Co. Federal Home Loan Mortgage Co. Federal Nat'l Mtg. Assoc. Federal Nat'l Mtg. Assoc. Federal Nat'l Mtg. Assoc. Federal Nat'l Mtg. Assoc. Federal Nat'l Mtg. Assoc. Federal Nat'l Mtg. Assoc. Federal Nat'l Mtg. Assoc. Federal Nat'l Mtg. Assoc. Federal Nat'l Mtg. Assoc. Federal Nat'l Mtg. Assoc. Federal Nat'l Mtg. Assoc. Federal Nat'l Mtg. Assoc. Federal Nat'l Mtg. Assoc. Federal Nat'l Mtg. Assoc. Federal Nat'l Mtg. Assoc. Federal Nat'l Mtg. Assoc. Federal Nat'l Mtg. Assoc. Federal Nat'l Mtg. Assoc. 09/30/2020 10/27/2020 12/30/2020 11/18/2016 03/28/2018 05/31/2018 05/31/2018 01/15/2020 01/15/2020 02/26/2020 06/16/2020 06/17/2020 06/30/2020 07/13/2020 07/28/2020 08/14/2020 08/12/2020 10/28/2020 11/25/2020 12/17/2020 12/10/2020 5,000,000.00 6,000,000.00 6,000,000.00 4,400,000.00 2,000,000.00 1,000,000.00 1,000,000.00 5,000,000.00 5,000,000.00 5,000,000.00 5,000,000.00 5,000,000.00 6,000,000.00 6,000,000.00 8,000,000.00 6,000,000.00 6,000,000.00 6,000,000.00 5,000,000.00 6,000,000.00 6,000,000.00 4,988,100.00 5,990,820.00 6,000,120.00 4,431,504.00 2,091,600.00 1,022,100.00 1,032,630.00 5,268,850.00 5,270,650.00 5,008,200.00 5,003,100.00 5,003,700.00 6,004,980.00 5,997,120.00 7,976,560.00 6,000,780.00 5,969,040.00 5,995,320.00 5,001,550.00 6,001,500.00 6,004,860.00 5,000,000.00 6,000,000.00 6,000,000.00 4,301,660.00 1,971,780.00 971,950.00 0.500 0.540 0.500 1.250 2.375 1.875 2.000 1.625 1.625 1.700 0.750 0.800 0.700 0.410 0.510 0.650 0.560 0.530 0.625 0.600 0.650 0.493 0.533 0.493 1.719 2.653 2.611 2.665 1.641 1.629 1.677 0.740 0.789 0.690 0.404 0.503 0.641 0.552 0.523 0.616 0.592 0.641 0.500 0.540 0.500 1.742 2.689 2.647 2.702 1.664 1.651 1.700 0.750 0.800 0.700 0.410 0.510 0.650 0.560 0.530 0.625 0.600 0.650 637 09/30/2025 664 10/27/2025 363 12/30/2025 228 08/17/2021 748 01/19/2023 459 04/05/2022 642 10/05/2022 1,467 01/07/2025 1,383 10/15/2024 56 02/26/2025 971,400.00 4,990,750.00 4,994,000.00 5,000,000.00 5,000,000.00 5,000,000.00 6,000,000.00 6,000,000.00 8,000,000.00 6,000,000.00 6,000,000.00 6,000,000.00 5,000,000.00 6,000,000.00 6,000,000.00 1,627 06/16/2025 167 06/17/2025 180 06/30/2025 193 07/13/2023 938 07/28/2025 1,686 08/14/2025 588 08/12/2025 665 10/28/2025 693 11/25/2025 350 12/17/2025 160 12/10/2025 Subtotal and Average Total and Average 204,510,898.90 359,720,199.08 209,600,000.00 290,119,030.55 211,805,931.75 292,324,962.30 209,349,608.58 289,868,639.13 1.145 0.975 1.161 0.988 578 418 Portfolio COSA CP Run Date: 01/12/2021 - 06:36 PM (PRF_PM2) 7.3.0 City of Santa Ana Portfolio Management Portfolio Details - Cash December 31, 2020 Page 3 Average Balance Purchase Date Stated Rate YTM/C YTM/C Days to CUSIP Investment #Issuer Par Value Market Value Book Value 360 365 Maturity Cash in Banks HOUSING 13943 JP MORGAN CHASE JP MORGAN CHASE JP MORGAN CHASE JP MORGAN CHASE JPMorgan Chase 07/01/2020 07/01/2020 4,186,179.90 1,548,521.69 5,661,800.83 48,982.50 4,186,179.90 1,548,521.69 5,661,800.83 48,982.50 4,186,179.90 1,548,521.69 5,661,800.83 48,982.50 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 1 1 1 1 1 1 1 1 WORKERS COMPENS 37983 GENERAL LIABILI 38130 PROPERTY MANAGE 8695 0.000 0.000 0.000 0.000 0.000 0.000 0.000 HEALTHCARE SPEN COMMISSARY 0112 7962 218,171.14 404,364.98 44,173,785.03 676,805.67 218,171.14 404,364.98 44,173,785.03 676,805.67 218,171.14 404,364.98 44,173,785.03 676,805.67 JPMorgan Chase GENERAL ACCOUNT 9500 JPMorgan Chase FSS FSS Santa Ana Federal Credit Union Average Balance 0.00 1 Total Cash and Investments 359,720,199.08 347,037,642.29 349,243,574.04 346,787,250.87 0.975 0.988 418 Portfolio COSA CP Run Date: 01/12/2021 - 06:36 PM (PRF_PM2) 7.3.0 Daniel Ortiz Digitally signed by Daniel Ortiz DN: cn=Daniel Ortiz, o=City of Santa Ana, ou, email=dortiz@santa-ana.org, c=US &$6+ꢀ6(&85,7,(6ꢁ+(/'ꢁ,1ꢁ75867 ,QYHVWPHQWVꢁE\ꢁ7UXVWHH 'HFHPEHUꢁꢂꢃꢄꢁꢅꢆꢅꢆ Date: 2021.01.13 13:07:19 -08'00' 6RUWHGꢁE\ꢁ,VVXH 3XUFKDVH &XUUHQW 5DWH <70 ꢀꢁꢂ <70 ꢀꢁꢃ 0DWXULW\ 'D\Vꢁ7R 'DWH 0DWXULW\'DWH %RRNꢁ9DOXH 3DUꢁ9DOXH 0DUNHWꢁ9DOXH&86,3 ,QYHVWPHQWꢁꢇ,VVXHU 7UXVWHHꢈꢁ%1<ꢁ:HVWHUQꢁ7UXVWꢁ&RPSDQ\ 0RQH\ꢁ0DUNHWꢁ$FFRXQWV ;ꢈ86'()58ꢉꢉꢉ ;ꢈ86'()58ꢉ ;ꢈ86'('58 ;ꢈ86'('58 ;ꢈ86''73& ;ꢈ86''73& ;ꢈ86'025ꢀ ;ꢈ86'025ꢀ ;ꢈ86'025ꢀꢉꢉ &$6+ꢉ ꢅꢂꢀꢆꢅ ꢅꢂꢆꢂꢌ ꢅꢂꢀꢈꢆ ꢅꢂꢀꢅꢈ ꢅꢂꢀꢁꢍ ꢅꢂꢀꢁꢃ ꢅꢂꢊꢍꢅ ꢅꢂꢊꢌꢍ ꢅꢂꢀꢂꢌ ꢅꢂꢊꢂꢀ ꢅꢂꢊꢍꢀ 'UH\IXVꢄ7UHDVXU\ꢂꢊꢋꢂꢆꢋꢊꢂꢆꢅ ꢂꢆꢋꢂꢆꢋꢊꢂꢂꢀ ꢂꢆꢋꢂꢆꢋꢊꢂꢆꢃ ꢂꢁꢋꢊꢌꢋꢊꢂꢆꢁ ꢂꢀꢋꢂꢆꢋꢊꢂꢆꢈ ꢂꢀꢋꢂꢆꢋꢊꢂꢆꢈ ꢂꢆꢋꢂꢆꢋꢊꢂꢆꢃ ꢂꢀꢋꢂꢆꢋꢊꢂꢆꢁ ꢂꢈꢋꢂꢆꢋꢊꢂꢆꢌ ꢂꢊꢋꢂꢍꢋꢊꢂꢆꢆ ꢂꢅꢋꢆꢈꢋꢊꢂꢆꢍ ꢂꢇꢂꢂ ꢊꢀꢇꢂꢌ ꢂꢇꢂꢂ ꢊꢀꢇꢂꢌ ꢂꢇꢂꢂ ꢊꢀꢇꢂꢌ,167/ꢄ5(6ꢄ75(ꢄ$1'ꢄ$*1<ꢄ&$6+ ,167/ꢄ5(6ꢄ75(ꢄ$1'ꢄ$*1<ꢄ&$6+ ,167/ꢄ5(6ꢄ75(ꢄ$1'ꢄ$*1<ꢄ&$6+ 'UH\IXVꢄ7UHDVXU\ ꢂꢇꢂꢂꢂꢇꢂꢂꢂꢇꢂꢂ ꢂꢇꢂꢂꢂꢇꢂꢂꢂꢇꢂꢂ ꢆꢂꢎꢃꢌꢆꢇꢍꢅ ꢆꢎꢆꢈꢍꢇꢆꢍ ꢊꢇꢀꢁ ꢆꢂꢎꢃꢌꢆꢇꢍꢅ ꢆꢎꢆꢈꢍꢇꢆꢍ ꢊꢇꢀꢁ ꢆꢂꢎꢃꢌꢆꢇꢍꢅ ꢆꢎꢆꢈꢍꢇꢆꢍ ꢊꢇꢀꢁ 'UH\IXVꢄ7UHDVXU\ 025*$1ꢄ67$1/(<ꢄ*297ꢄ,167/ 025*$1ꢄ67$1/(<ꢄ*297ꢄ,167/ 025*$1ꢄ67$1/(<ꢄ*297ꢄ,167/ &DVK ꢂꢇꢂꢂꢂꢇꢂꢂꢂꢇꢂꢂ ꢂꢇꢂꢂꢂꢇꢂꢂꢂꢇꢂꢂ ꢂꢇꢂꢂꢂꢇꢂꢂꢂꢇꢂꢂ ;ꢈ86'025ꢀꢉ025*$1ꢄ67$1/(<ꢄ*297ꢄ,167/ꢆꢂꢅꢎꢅꢊꢅꢇꢊꢅꢆꢂꢅꢎꢅꢊꢅꢇꢊꢅꢆꢂꢅꢎꢅꢊꢅꢇꢊꢅ 6XEWRWDOꢁDQGꢁ$YHUDJH ꢃꢅꢆꢄꢉꢃꢊꢋꢂꢂꢃꢅꢆꢄꢉꢃꢊꢋꢂꢂꢃꢅꢆꢄꢉꢃꢊꢋꢂꢂ 2WKHU 6ꢅꢁꢊꢂꢈꢌꢆꢂꢅꢂꢊꢊꢃ0%,$ꢄ,1685$1&(ꢄ32/,&<ꢆꢊꢋꢆꢃꢋꢊꢂꢆꢂꢆꢇꢂꢂꢆꢇꢂꢂꢆꢇꢂꢂ 6XEWRWDOꢁDQGꢁ$YHUDJH ꢃꢋꢆꢆꢃꢋꢆꢆꢃꢋꢆꢆ 7RWDOꢁ,QYHVWPHQWVꢁDQGꢁ$YHUDJH ꢃꢅꢆꢄꢉꢅꢆꢋꢂꢂꢃꢅꢆꢄꢉꢅꢆꢋꢂꢂꢃꢅꢆꢄꢉꢅꢆꢋꢂꢂ 7UXVWHHꢈꢁ86ꢁ%$1.ꢁ021(<ꢁ0$5.(7 0RQH\ꢁ0DUNHWꢁ$FFRXQWV ꢈ$00)ꢂꢃ%ꢊ ꢈ$00)ꢂꢃ%ꢊꢉ ꢈ$00)ꢂꢃ%ꢊꢉꢉ ꢅꢂꢍꢂꢃ ꢅꢂꢍꢂꢌ ꢅꢂꢍꢂꢁ 86ꢄ%$1.ꢄ021(<ꢄ0$5.(7 ꢂꢆꢋꢂꢀꢋꢊꢂꢊꢂ ꢂꢆꢋꢂꢀꢋꢊꢂꢊꢂ ꢂꢆꢋꢂꢀꢋꢊꢂꢊꢂ ꢂꢇꢂꢂ ꢂꢇꢂꢂ ꢂꢇꢂꢂ ꢂꢇꢂꢂ ꢂꢇꢂꢂ ꢂꢇꢂꢂ ꢂꢇꢂꢂ ꢂꢇꢂꢂ ꢂꢇꢂꢂ 86ꢄ%$1.ꢄ021(<ꢄ0$5.(7 86ꢄ%$1.ꢄ021(<ꢄ0$5.(7 6XEWRWDOꢁDQGꢁ$YHUDJH ꢆꢋꢆꢆꢆꢋꢆꢆꢆꢋꢆꢆ 3RUWIROLRꢄ7567 $& ''ꢄꢐ35)B''ꢑꢄꢌꢇꢆꢇꢆ 5HSRUWꢄ9HUꢇꢄꢌꢇꢀꢇꢃ 5XQꢄ'DWHꢏꢄꢂꢆꢋꢆꢆꢋꢊꢂꢊꢆꢄꢉꢄꢆꢂꢏꢀꢊ &$6+ꢀ6(&85,7,(6ꢁ+(/'ꢁ,1ꢁ75867 ,QYHVWPHQWVꢁE\ꢁ7UXVWHH 3DJHꢁꢅ 'HFHPEHUꢁꢂꢃꢄꢁꢅꢆꢅꢆ 3XUFKDVH &XUUHQW 5DWH <70 ꢀꢁꢂ <70 ꢀꢁꢃ 0DWXULW\ 'D\Vꢁ7R 'DWH 0DWXULW\'DWH %RRNꢁ9DOXH 3DUꢁ9DOXH 0DUNHWꢁ9DOXH&86,3 ,QYHVWPHQWꢁꢇ,VVXHU 7UXVWHHꢈꢁ86ꢁ%$1.ꢁ021(<ꢁ0$5.(7 2WKHU ꢈꢅ,13ꢃ39ꢊꢅꢂꢀꢈꢁ$6685('ꢄ*8$5$17<ꢄ081,ꢄ&253 ꢆꢊꢋꢆꢂꢋꢊꢂꢆꢈꢆꢇꢂꢂꢆꢇꢂꢂꢆꢇꢂꢂ 6XEWRWDOꢁDQGꢁ$YHUDJH ꢃꢋꢆꢆꢃꢋꢆꢆꢃꢋꢆꢆ 7RWDOꢁ,QYHVWPHQWVꢁDQGꢁ$YHUDJH ꢃꢋꢆꢆꢃꢋꢆꢆꢃꢋꢆꢆ 3RUWIROLRꢄ7567 $& ''ꢄꢐ35)B''ꢑꢄꢌꢇꢆꢇꢆ 5HSRUWꢄ9HUꢇꢄꢌꢇꢀꢇꢃ 5XQꢄ'DWHꢏꢄꢂꢆꢋꢆꢆꢋꢊꢂꢊꢆꢄꢉꢄꢆꢂꢏꢀꢊ