NOTICE OF TELECONFERENCING IN COMPLIANCE WITH … · 2020. 8. 13. · NOTICE OF TELECONFERENCING IN...

NOTICE OF TELECONFERENCING IN COMPLIANCE WITH EXECUTIVE ORDER N-29-20* This meeting will be conducted via teleconference in accordance with Executive Order N-29-20. The meeting will be conducted in a manner that protects the statutory and constitutional rights of the parties or the public appearing before the ICRMA Board of Directors. The following information can be utilized by the public who wish to attend and/or address the ICRMA Board of Directors: WebEx / (844) 368-3855.

BOARD OF DIRECTORS

MEETING AGENDA

Via Webinar / Teleconference August 13, 2020 WebEx/ 844-368-3855 (983-621-026) 9:00 a.m. CALL TO ORDER ESTABLISHMENT OF QUORUM/INTRODUCTIONS PUBLIC COMMENTS This time is reserved for members of the public to address the Board relative to matters of ICRMA that are not on the agenda. Persons wishing to address items on the agenda will be permitted to do so during the discussion of the item. No action may be taken on non-agenda items unless authorized by law. Comments will be limited to five minutes per person, twenty minutes in total. APPROVAL OF AGENDA AS POSTED OR AMENDED As a matter of procedure, the Board should approve the agenda. CONSENT CALENDAR If the Board would like to discuss any item listed, it may be pulled from the Consent Calendar.

A. Minutes of the June 11, 2020 Board of Directors Meeting ................................................................ 4 B. Minutes of the June 11, 2020 Special Board of Directors Meeting ................................................. 13 C. Minutes of the July 13, 2020 Special Board of Directors Meeting .................................................. 16 D. Appointment of Investment Delegate .............................................................................................. 19 E. Review Proposed Addition of Attorneys to the Workers’ Compensation Defense Panel .............. 20 F. Minutes of the May 13, 2019 Claims Committee Meeting .............................................................. 72 G. Board Attendance Record 2019-2020 .............................................................................................. 78 H. Board Attendance Record 2020-2021 .............................................................................................. 79 I. Check Register for June and July 2020 ............................................................................................ 80 J. Quarterly Treasurer’s Report as of June 30, 2020 ........................................................................... 82 K. Quarterly Investment Report as of June 30, 2020 .......................................................................... 125 L. Risk Management Fund Usage & Balance as of June 30, 2020 .................................................... 175

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Board of Directors Meeting Agenda August 13, 2020

M. Risk Control Plan 2020-21 & Education, Promotion & Training Opportunities ........................... 179 N. CAJPA Public Entity Tort Liability Project Update ...................................................................... 184 O. 2020-21 Workers’ Compensation Program Update & Final 2020-21 Budget Summary .............. 188 P. Liability Program Structure Update ............................................................................................... 190 Q. 2020 Strategic Planning Session: Meeting Dates and Format ...................................................... 191 R. City of San Bernardino Membership Update ................................................................................. 192

Action: Approval items A-E and direct staff to finalize, review and file items F-R.

OPEN SESSION As to each agenda item, the Board may take action and/or receive informational reports as appropriate.

A. CAJPA Accreditation with Excellence (Beth) ............................................................................... 193 Action: Review and file.

B. Investment Portfolio Review – COVID-19 implications and Investment Safety (PFM) .............. 194 Action: Review and file.

C. Account Receivable Status Update (Brent) ................................................................................... 217 Action: Review and file.

D. Approve Moss Adams to serve as ICRMA’s Financial Auditor (Brad) ........................................ 221 Action: Authorize the Executive Director to execute a contract with Moss Adams for Financial Auditing Services for the fiscal years ending June 30, 2020 through June 30, 2022, with two optional one year extensions.

E. Law Enforcement Legal Liability (Beth) ....................................................................................... 249 Action: Review and provide direction as appropriate.

F. Liability Resource – AAAtraq Website ADA Compliance (Beth/Jennifer) .................................. 252 Action: Review and recommend every member utilize the services of AAAtraq.

G. Membership Withdrawal Notices of El Segundo and Monterey Park (Beth) ............................... 256 Action: Review and file.

CLOSED SESSION Pursuant to Government Code Section 54956.95(a), the Board will hold a closed session to discuss any or all claims listed on the agenda. The confidential claims reports will be collected after the discussion at the meeting. Each Member should destroy his/her copy after the meeting.

A. Discussion of Open Claims and Conference with Legal Counsel: Existing Litigation • Fischer v. Glendora (GL) • Barreda v. Downey (GL) • Velasco v. El Monte (GL) • Lisner v. Huntington Park (GL) • Smith v. Redondo Beach (GL)

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Board of Directors Meeting Agenda August 13, 2020

REPORT FROM CLOSED SESSION Report from Closed Session: Pursuant to Government Code Section 54957.1, the Board must report in open session any action taken in closed session.

PRESIDENT’S REPORT CLOSING COMMENTS This time is reserved to identify matters for future Board business. ADJOURNMENT FUTURE MEETINGS

• October TBD – Board of Directors meeting, and Strategic Planning Session.

*Notice of teleconference meeting pursuant to Government Code Section 54953 (b), are temporarily revised per Executive Order N-29-20 (“the Order”). Specifically the order states: state and local agencies are now immediately authorized to: (1) hold public meetings by teleconference or electronically; and (2) to provide for public participation telephonically or electronically without requiring that a physical location be open and available to the public.

“A local legislative body or state body that holds a meeting via teleconferencing and allows members of the public to observe and address the meeting telephonically or otherwise electronically, consistent with the notice and accessibility requirements set forth below, shall have satisfied any requirement that the body allow members of the public to attend the meeting and offer public comment. Such a body need not make available any physical location from which members of the public may observe the meeting and offer public comment.”

In compliance with the Americans with Disabilities Act, if you need special assistance to participate in this meeting, please contact ICRMA’s administration team at (949) 349-9882. Notification 48 hours before the meeting will enable ICRMA to make reasonable arrangements to ensure accessibility (28 CFR 35.102.35.104 ADA Title II). The open session portion of this meeting may be recorded. The recording may be destroyed after 30 days.

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MINUTES OF THE BOARD OF DIRECTORS

June 11, 2020 10:00 A.M.

A meeting of the Board of Directors was held via webinar/teleconference on June 11, 2020. MEMBERS PRESENT: Adelanto Jessie Flores Bell Sergio Ibarra Downey Anil Gandhy El Monte John Nguyen El Segundo Joe Lillio Fullerton Pamela Mackie Glendora June Overholt Hawthorne Christine Tomikawa Hermosa Beach Vanessa Godinez (left at 12:10 p.m.) Inglewood Debra Carter Lynwood Cynthia Stafford Monterey Park Martha Garcia Hank Lu (left at 12:21 p.m.) San Fernando Nick Kimball (joined 11:10 a.m.) Santa Ana Debbie Scott-Leistra (left at 12:00 p.m.) South Gate Nellie Cobos MEMBERS ABSENT: Huntington Park OTHERS PRESENT: Johnson Schachter & Lewis Kellie Murphy Luther Lewis RPA Beth Lyons John Nielsen Jennifer Achterberg Bob May Cindy LaMantia Tyler LaMantia J.T. Babish Artex TJ Scherer (left at 12:21 p.m.) Arthur J. Gallagher Susan Blankenburg (left at 12:22 p.m.) Ryan Jacques (left at 12:21 p.m.) Carl Warren Michael Gates Robert Tran

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Minutes Board of Directors

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Bickmore Actuarial Mike Harrington (left at 11:05 p.m.) Greg Beaulieu (left at 11:22 p.m.) York Lee (left at 11:14 p.m.) Eide Bailly Jessica Andersen (left at 12:00 p.m.) Brad Rockabrand (left at 12:23 p.m.) Brent Mason (left at 12:21 p.m.) RMS Ken Maiolini (left at 10:37 a.m.) City of Hawthorne Felice Lopez (left at 12:21 p.m.) Woodruff, Spradlin & Smart Dan Spradlin (joined: 12:20 p.m., left at 12: 45 p.m.)

1. CALL TO ORDER Vice President Vanessa Godinez called the meeting to order at 10:08 a.m.

2. ESTABLISHMENT OF QUORUM/INTRODUCTIONS Introductions took place and it was determined a quorum was present.

3. PUBLIC COMMENTS There were no public comments.

4. APPROVAL OF AGENDA AS POSTED OR AMENDED Motion made by Jessie Flores, Adelanto, seconded by Debbie Scott-Leistra, Santa Ana, to approve the agendas as presented. Motion passed unanimously via roll call.

5. CONSENT CALENDAR

Mr. Sergio Ibarra, Bell, pulled items E, F, J and K. Motion made by June Overholt, Glendora, seconded by Joe Lillio, El Segundo, to approve items: A) Minutes of the May 14, 2020 Special Board of Directors Meeting, B) Approve Claims Committee Appointments for Expiring Terms, and C) Resolution 2019-01 LAIF; and receive and file items: D) Financial Services Vendor Update, G) Board Attendance Record 2019-2020, H) Minutes of the March 11, 2020 Claims Committee Meeting, I) Check Register for April and May 2020, L) Risk Management Fund Balance as of May 31, 2020, M) Biennial Review of Conflict of Interest Code, and N) Liability Program Management Services & Structure Update. Motion passed unanimously via roll call. Regarding Consent Item E) Risk Program Administrators Staffing Update, Mr. Ibarra requested an update. Ms. Cindy LaMantia indicated team member located in Southern California will begin to support the team starting next week. This person has experience with pooling and was part of a broker team on an account Beth Lyons was on years ago. Regarding Consent Item F) Carl Warren Staffing Update, Mr. Ibarra requested an update from Carl Warren to ensure a smooth transition with the sudden changes in staffing. Ms. Lyons provided a

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brief review of the steps taken between the Administration team, Mr. Michael Gates, and Mr. Robert Tran on the Liability Program. Regarding Consent Item J) Quarterly Treasurer’s Report – January through March 2020, and item K) Quarterly Investment Report – January through March 2020, Mr. Ibarra requested an update from PFM regarding ICRMA’s investment portfolio management. Ms. Lyons indicated a request would be sent to PFM for either Mr. Richard Babbe or Ms. Sarah Meacham to attend the next meeting and provide an update.

Motion made by Anil Gandhy, Downey, seconded by June Overholt, Glendora, to receive and file items: E) Risk Program Administrators Staffing Update, F) Carl Warren Staffing Update, J) Quarterly Treasurer’s Report – January through March 2020, K) Quarterly Investment Report – January through March 2020. Motion passed unanimously via roll call.

6. OPEN SESSION A. Liability Program Claims Audit

Mr. Ken Maiolini presented the results of the Liability Program Claims Audit performed in early 2020. The liability program is audited every two years, with the last audit performed in 2018. Since the prior audit, ICRMA entered into a single TPA contract with Carl Warren & Company for about half of the members for liability third party administration (TPA) services, and continues to contract with Carl Warren and Company to provide services as ICRMA’s Liability Program Manager. During the audit period, the other half of the members maintained individual contracts with AdminSure for liability TPA services. Mr. Maiolini presented an overview of the report as presented in the agenda, reiterating his approach was process based, focused on reserving practices within ICRMA’s layer, handling by TPA firms, and Litigation Management as compared to the guideline outlined in the TPA Performance Standards and Litigation Management Policies and Procedures (LMPP). Mr. Maiolini discussed multiple recommendations for the Board’s consideration. Recommendations were categorized as investigation, reserving, supervisor/management review, adjuster consistency, and litigation management. Recommendations were made to enhance the overall claims and litigation handling as well as increase member satisfaction. The Liability Program Manager is reviewing recommendations with the TPAs.

No action required.

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B. Liability Coverage Renewal: Top Layers (excess of $30M per occurrence) Mr. John Nielsen provided an update to the Board regarding efforts to obtain $40M coverage limits in the Liability Program. At its April 9th and May 14th meetings, the Board authorized binding coverage in the Liability Program up to $35M per occurrence. After months of scouring the market for a carrier to fill out the expiring $40M limit (including a total of 19 liability markets), Gallagher was only able to secure a single pricing indication from Berkley. Berkley offered terms $5M excess $30M at a cost of $400,000. Since Hallmark already agreed to provide that layer, it was asked to consider pricing the $5M excess $35M layer and responded with a quote of $100,000. Please note, the amounts shown above include premiums, only; administrative costs and broker fees have not been included. Based upon the one quote obtained and the reorganization of carriers willing to provide coverage in the $10M excess $30M, the pricing for this coverage would be three times as much as the cost for the 2019-20 program year. The Board opted to retain the coverage limits as approved at its previous meeting, with a total limit of $35M for 2020-21.

No action required. C. 2020-2021 ICRMA Renewal Benchmarking Analysis

The market has increasingly hardened and broker Susan Blankenburg provided a chart comparing coverage renewals with entities similar to ICRMA in California. As depicted in the benchmarking charts, the broker team was able to provide great program renewal results for ICRMA. One example provided was the average rate increase for liability placements. ICRMA had a rate increase 3%, whereas the range for other entities was 19% to 121%. Ms. Blankenburg reiterated the positive impact of having member underwriting data and loss runs early in the calendar year, which allowed ICRMA to be one of the first entities in the market.

No action required.

D. Liability Program Actuarial Report Update Ms. Lyons provided an update on the integration of historical liability data into Origami; there are about a dozen claims which continue to require manual resolution. The next step in the process is comparing individual payments in the financial system to the loss runs to ensure each occurrence is accurately captured. Mr. Greg Beaulieu then presented the liability actuarial report to the Board.

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Loss Development The liability program experienced favorable loss development between 12/31/18 and 12/31/19, with loss development of $1.9M instead of the expected $5.3M in the prior year’s study. Ultimate Losses increased by $237,121 over expected as of the prior report, which is only an increase of 0.1%. Outstanding Liabilities The actuary estimated ICRMA’s liabilities for unpaid losses as of June 30, 2020 is $44.9M, which was an increase of $1.7M over the outstanding liabilities as of June 30, 2019, and was calculated at the 70% probability and 2% discount rate. 2020-2021 Funding Rates In 2019-20, ICRMA funded loss contributions between the Member Retained Limits (MRLs) and $2M for liability losses using the 70% probability and a 2% discount factor. The funding estimates for 2020-21 as compared to the previous program year indicated a 9% - 10% increase in loss rate for each layer from MRLs to the $2M pool self-insured retention (SIR). While these may appear to be large increases, a single digit increase in California is a positive outcome. In order to fund the program for the 2020-21 program year, with a SIR of $2M, the projected funding amount is $7,253,000. The purchase of the $1M xs $2M reinsurance coverage layer was financially beneficial to the pool. Mr. Beaulieu discussed the breakdown of allocation by member for claims funding, each layer of the reinsurance layers, and Administration, Broker, and Third Party Administration (TPA) fees – which are dictated by contract. Ms. Lyons reminded the Board that TPA fees for both the liability and workers' compensation programs are now included in the ICRMA budget and allocation of costs, thus members do not need to budget separate line items in the city budgets anymore because they are included in the annual ICRMA program contributions collected for the program year. The fees for members were carried over from the individual contracts each member had in place with the TPAs. Mr. Beaulieu mentioned ICRMA will be reviewing its cost allocation methodology in the coming program year. ICRMA has had several changes since the time the current methodology was adopted in 2017: members of varying sizes (payroll and population) have left and joined programs; reinsurers on both the Liability and Workers’ Compensation programs now use payroll, not population, as exposure base; members have had changes to their MRLs; the pool has reduced its SIR in both programs, and the economic environment has dramatically changed.

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Ms. Lyons also indicated a review of member retained limits is scheduled to occur this fall. Motion mad by Debbie Scott-Leistra, Santa Ana, seconded by June Overholt, Glendora to direct the actuaries finalize the draft actuarial report, and authorize program funding using 70% probability and a 2% discount factor. Motion passed via roll call. Lynwood: Absent E. Liability Memorandum of Coverage 2020-21

At its May 14, 2020 Board meeting, the Board approved the liability memorandum of coverage (LMOC) with the clarifying language added to Section III. The Board also directed coverage counsel to add exclusionary language to the LMOC for communicable diseases.

The proposed communicable disease exclusion language presented by Ms. Murphy for Board consideration was developed based upon language used by ICRMA’s reinsurers in their policies. The Board discussed including specific reference such as “COVID-19” and “SARS-CoV-2." Ultimately the Board agreed that the LMOC is reviewed each program year, and therefore it would be beneficial to retain broad language without specific example until the exposures are better understood.

Motion made by Cyndi Stafford, Lynwood, seconded by Debbie Scott-Leistra, Santa Ana, to accept the proposed changes and adopt the Liability Memorandum of Coverage for 2020-21 as presented. Motion passed via roll call. Abstain: San Fernando F. Election of ICRMA Officers

At its meeting in June 2019, the President and Vice President offices were filled for a one-year term to stagger the positions in accordance with the Bylaws adopted in 2018, to be followed by two-year terms thereafter. The Nominating Committee recommended Nick Kimball and Vanessa Godinez continue to serve as President and Vice President respectively, with terms expiring on June 30, 2022.

Motion made by Anil Gandhy, Downey, seconded by June Overholt, Glendora, to elect President Nick Kimball (San Fernando) and Vice President: Vanessa Godinez (Hermosa Beach) for terms ending June 30, 2022. Motion passed unanimously via roll.

G. Risk Management Plan for 2020-2021

Mr. Bob May presented the Risk Management Plan for the program year. He informed the Board work is underway regarding the best manner in which to hold trainings and University Sessions, should the current restrictions regarding in-person gatherings remain in place for the foreseeable future.

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Mr. May informed the Board that some trainings require onsite demonstration and/or skill tests to ascertain proficiency of knowledge by the attendee, and therefore online trainings cannot currently be utilized for certain trainings, such as the Flagger training, so it will continue to be postponed. Members requested increased trainings in police liability and best practices, diversity and inclusion, workplace civility and others. Mr. May indicated he would add these types of trainings to the rotation.

Motion made by Vanessa Godinez, Hermosa Beach, seconded by Cyndi Stafford, Lynwood to approve the Risk Management Plan for 2020-2021. Motioned passed unanimously via roll call. H. Member Request to add Rick Navarette of Alvarado Smith, APC; Michelle Sassano and Colin

Tanner of Aleshire & Wynder to the Liability Defense Panel Mr. Michael Gates, Liability Program Manager (LPM) provided the Board with a review of attorneys member agencies have requested be added to the approved Liability Defense Panel. Two member agencies submitted requests to add five attorneys to the defense panel. Upon review by the Claims Committee, three attorneys are being recommended to the Board. Additional clarification was presented to the Board regarding nomination to the defense panel: 1) materials are provided by the city/attorney to the liability program manager, 2) the member request and attorney materials are presented to the Claims Committee for review, and 3) the Claims Committee recommendation is presented to the Board.

Motion made by Sergio Ibarra, Bell, seconded by June Overholt, Glendora, to approve the addition of Rick Navarette (Alvarado Smith), and Michelle Sassano and Colin Tanner (Aleshire & Wynder) to the Liability Defense Panel. Motion passed unanimously via roll call. I. Approve Primary Liability TPA Blanket Contract with AdminSure

Last year the Board directed the administrative team to negotiate contracts with both liability program TPAs (Carl Warren and AdminSure). Stated goals at the time included eliminating the burden associated with individual member contracts, ensuring consistent claims handling, streamlining processes, and keeping pricing similar to current. RPA reached out to both companies to begin negotiations. The contract with Carl Warren and Company was negotiated and executed for the 2019-20 program year. The contract with AdminSure was not implemented last year, however, due to pricing discrepancies that AdminSure was working to resolve with individual members.

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This year AdminSure is ready to move forward with the blanket contract. The proposed contract used is similar to the template adopted by the ICRMA Board in 2014 and mirrors the contract that was entered into with Carl Warren last year for primary TPA services. As previously noted during the actuarial presentation, the fees will be collected as part of the 2020-21 program contribution to ICRMA beginning July 1, 2020. Ms. Lyons indicated RPA will contact the two members whose fiscal years begin on October 1st to discuss a plan regarding budgeting and payment. In response to a question regarding the AdminiSure Property and APD TPA services discussed at the May 14th Board meeting, Ms. Lyons indicated AdminSure was amenable to the requested fee structure of a flat renewal.

Motion made by Cyndi Stafford, Lynwood, seconded by Pamela Mackie, Fullerton, to authorize the Executive Director to complete negotiations and execute a contract with AdminSure for $410,773, effective July 1, 2020, for primary Liability TPA services for a subset of the members. Motion passed by roll call. Abstain: Inglewood, Santa Ana

During the process of roll call on the above motion, an omission of the fees for Lynwood were noted. Ms. Lyons apologized and indicated the fees were noted in the actuarial and budget presentation materials, which indicated Lynwood’s annual fee of $51,615 for 2020-21.

Motion made by Cyndi Stafford, seconded by Pamela Mackie, Fullerton, to include Lynwood in the blanket contract with AdminSure at the rate contracted for the 2020-21 TPA Services. Motion passed by roll call. Abstain: Monterey Park, Santa Ana; Absent: Adelanto

*The Board held discussion regarding the item addressed on the Special Board of Directors Meeting. J. Budget for 2020-21 Program Year

Ms. Lyons provided an overview of ICRMA program expenses. Overall 84% of ICRMA expenses revolve around the purchase of excess and/or reinsurance (47%) and claims funding (37%), while 16% is operational expense (risk control and meeting expenses, and vendor contracts including TPAs, administration, finance, broker). Another chart displayed then detailed expense by program: Liability ($18M), Workers’ Compensation ($3.9M), and all other programs under $2M each. It was noted the charts did not include loss funding within the individual member retentions, which members need to include to determine their "total cost of coverage." Mr. T.J. Scherer provided an overview of the summary page of the 2020-21 Operating Budget. As noted in an earlier agenda item, the Workers’ Compensation Program may be revised based on the final insurance program structure.

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It was noted the broker team held discussions with many of the carriers, in both the current program year and future partners in the 2020-21 program year, regarding a realignment based on payroll changes. The carriers were unwilling to adjust the premium amounts collected for the 2019-20 or 2020-21 program years. One Board member indicated the renewal data collected for 2021-22 will likely see a decrease in exposure and asked if a decrease in premium could be expected for that program year. The broker stated that, unfortunately, nothing can be predicted with certainty based upon the current state of the insurance marketplace.

Motion made by Cyndi Stafford, Lynwood, seconded by Nick Kimball, San Fernando to adopt the operating budget for the 2020-21 program year, with the understanding the Workers’ Compensation Program Contributions may change based on final coverage placement. Motion passed via roll call. Absent: Adelanto

7. CLOSED SESSION

The Board entered closed session at 12:23 p.m. with legal counsel pursuant to Government Code Section 54956.95(a), and to discuss whether to initiate litigation and conference with legal counsel pursuant to Government Code Section 54956.9(d)(4).

8. REPORT FROM CLOSED SESSION

The Board reconvened in open session at 1:20 p.m., and General Counsel reported no reportable action was taken on the matters Torus Re (Starstone) v. ICRMA, Redondo Beach v. ICRMA, or Item B – Conference with Legal Counsel: Initiate Litigation, General Counsel.

9. PROCLAMATION OF APPRECIATON President Kimball presented and read the proclamation of appreciation to Mr. Luther Lewis for his service to ICRMA. Ms. Lyons expressed her appreciation for Mr. Lewis’ partnership throughout the years in his role as Coverage & General Counsel. Mr. Lewis shared his appreciation of the Board and staff throughout his tenure. He indicated he is most looking forward to future travel to see his grandchildren, one of which was born this past weekend.

10. PRESIDENT’S REPORT None

11. CLOSING COMMENTS

None

12. ADJOURNMENT President Kimball adjourned the meeting at 1:25 p.m.

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MINUTES OF THE BOARD OF DIRECTORS

SPECIAL MEETING June 11, 2020 10:00 A.M.

A special meeting of the Board of Directors was held via webinar/teleconference on June 11, 2020. MEMBERS PRESENT: Adelanto Jessie Flores Bell Sergio Ibarra Downey Anil Gandhy El Monte John Nguyen El Segundo Joe Lillio Fullerton Pamela Mackie Glendora June Overholt Hawthorne Christine Tomikawa Hermosa Beach Vanessa Godinez (left at 12:10 p.m.) Inglewood Debra Carter Lynwood Cynthia Stafford Monterey Park Martha Garcia Hank Lu (left at 12:21 p.m.) San Fernando Nick Kimball (joined 11:10 a.m.) Santa Ana Debbie Scott-Leistra (left at 12:00 p.m.) South Gate Nellie Cobos MEMBERS ABSENT: Huntington Park OTHERS PRESENT: Johnson Schachter & Lewis Kellie Murphy Luther Lewis RPA Beth Lyons John Nielsen Jennifer Achterberg Bob May Cindy LaMantia Tyler LaMantia J.T. Babish Artex TJ Scherer (left at 12:21 p.m.) Arthur J. Gallagher Susan Blankenburg (left at 12:22 p.m.) Ryan Jacques (left at 12:21 p.m.) Carl Warren Michael Gates Robert Tran

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Minutes Special Board of Directors

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Bickmore Actuarial Mike Harrington (left at 11:05 p.m.) Greg Beaulieu (left at 11:22 p.m.) York Lee (left at 11:14 p.m.) Eide Bailly Jessica Andersen (left at 12:00 p.m.) Brad Rockabrand (left at 12:23 p.m.) Brent Mason (left at 12:21 p.m.) RMS Ken Maiolini (left at 10:37 a.m.) City of Hawthorne Felice Lopez (left at 12:21 p.m.) Woodruff, Spradlin & Smart Dan Spradlin (joined: 12:20 p.m., left at 12: 45 p.m.)

1. CALL TO ORDER Vice President Vanessa Godinez called the meeting to order at 10:08 a.m.


3. PUBLIC COMMENTS There were no public comments.

4. APPROVAL OF AGENDA AS POSTED OR AMENDED Motion made by Jessie Flores, Adelanto, seconded by Debbie Scott-Leistra, Santa Ana, to approve the agendas as presented. Motion passed unanimously via roll call.

5. OPEN SESSION A. Workers' Compensation Coverage – Buffer Layer Option Contingency Plan

Mr. Beaulieu provide an update regarding the Workers’ Compensation program member allocations. At a previous meeting the Board opted to purchase a buffer layer for coverage from $1.5M to $2M, thus reducing the program’s SIR to $1.5 million, for a cost of $98,000. Mr. Beaulieu indicated if the Worker’s Compensation Program retained an SIR of $2M, the funding to be collected would have been $250,000. Therefore, the buy-down of excess coverage was financially beneficial to the pool. Overall, the Workers’ Compensation Program saw an increase of 4.5% in funding as compared to the prior program year. Mr. John Nielsen informed the Board the Broker team received notice from Fortega that only 60% of the placement for the $500k excess of $1.5m layer (aka "buffer layer") had been “subscribed” (i.e., completed/fully underwritten). RPA recommended authorizing the Broker to continue the placement process and place as much excess coverage for the buffer layer as possible within the structure and pricing offered by Fortega. In the event full coverage is unable to be placed with a carrier, ICRMA members would need to self-fund the remaining portion of the layer. The additional cost would be $100,000. At the same time, the cost for the excess coverage would decrease approximately $39,000. The

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difference in cost, about $61,000 to fully fund the layer, would need to be collected from the members in the event it cannot be placed with a carrier.

Motion made by Cyndi Stafford, Lynwood, seconded by Debbie Scott-Leistra, Santa Ana, to authorize the expenditure of an additional amount, not to exceed $61,000, to purchase a more limited “quota share buy down” and to self-fund any part of an incomplete placement with Fortega if the coverage cannot be placed with a carrier.

6. ADJOURNMENT

President Kimball adjourned the meeting at 1:25 p.m.

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MINUTES OF THE

BOARD OF DIRECTORS SPECIAL MEETING

July 13, 2020 2:00 P.M.

A special meeting of the Board of Directors was held via webinar/teleconference on July 13, 2020. MEMBERS PRESENT: Adelanto Jessie Flores Bell Sergio Ibarra (joined at 2:08 p.m.) Downey Anil Gandhy El Monte John Nguyen El Segundo Joe Lillio Scot Nicol (left at 3:26 p.m.) Fullerton Pamela Mackie Glendora June Overholt Karen Resendez (left at 3:18 p.m.) Hawthorne Olivia Valentine Hermosa Beach Vanessa Godinez (joined at 2:09 p.m.) Inglewood Debra Carter Lynwood Cynthia Stafford Monterey Park Martha Garcia Hank Lu (left at 3:18 p.m.) San Fernando Nick Kimball (left at 3:23 p.m.) South Gate Nellie Cobos MEMBERS NOT PRESENT: Huntington Park Santa Ana OTHERS PRESENT Johnson Schachter & Lewis Kellie Murphy RPA Beth Lyons John Nielsen Jennifer Achterberg Bob May (left at 2:39 p.m.) Cindy LaMantia J.T. Babish Eide Bailly Brent Mason (left at 3:18 p.m.) Arthur J. Gallagher Susan Blankenburg (left at 3:18 p.m.) Ryan Jacques (left at 3:18 p.m.) Bickmore Actuarial Mike Harrington (left at 3:18 p.m.) Greg Beaulieu (left at 3:18 p.m.)

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Bickmore Actuarial York Lee (left at 3:18 p.m.) Carl Warren Michael Gates Robert Tran Gordon Pennington Angelique King Richard McAbee (left at 3:04 p.m.) AdminSure David Trautz (joineded at 3:47p.m.; left at 4:25 p.m.) City of San Bernardino Genevieve Valdez (left at 3:21 p.m.) Edelia Eveland (left at 3:18 p.m.) Jim Slobojan (left at 3:18 p.m.) Sam Singery (left at 3:18 p.m.) Aleshire & Winder, LLP Glen Tucker (joined at 3:45 p.m.; left at 4:25 p.m.) Andrea Oguntula (joined at 3:45 p.m.; left at 4:25 p.m.)

1. CALL TO ORDER President Nick Kimball called the meeting to order at 2:07 p.m.


3. PUBLIC COMMENTS

There were no public comments.

4. APPROVAL OF AGENDA AS POSTED OR AMENDED Motion made by Olivia Valentine, Hawthorne, seconded by Jessie Flores, Adelanto, to approve the agenda as presented. Motion passed unanimously via roll call. Absent: Bell, Hermosa Beach

5. OPEN SESSION

A. Membership Consideration Ms. Beth Lyons presented information to the Board regarding the City of San Bernardino’s interest in joining ICRMA’s Liability program effective August 1, 2020. The City has also requested a quote from PRISM, formerly CSAC-EIA. In 2019-20 the City of San Bernardino's broker (Aon) placed direct coverage with carriers, however, it was unable to place liability coverage for the 2020-21 program year. The City's expiring coverage included a $30 million limit with a $5 million retention. Ms. Lyons informed the Board the ICRMA broker and administration were evaluating the city's data and exposure information with the actuaries and carriers to develop a quote. The carriers have requested additional information regarding the City's financial condition due to its bankruptcy and large loss analysis. Ms. Lyons and members of the city's financial team provided information addressing the city’s financial condition and efforts the city is undertaking to recover and stabilize.

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The Board posed additional questions regarding the City’s financial plans, police department, and governance. The City is preparing a November 2020 ballot measure that would increase the sales tax from the current 0.25% sales tax to 1.0%. The proposed increase appears to have support of residents based on two surveys conducted, the most recent in early June. The City has prepared 10-year financial modeling to depict its financial condition under a variety of scenarios. The City has worked diligently to bring financial filings current and indicated the City’s CAFR was processed within the required timeline this past year. The City’s Human Resources Director addressed questions regarding staff turnover and retirements in recent years. Additionally, she shared with the Board the five-year strategic targets and goals the City developed in a plan adopted by the Council in January 2020, which was reviewed and updated by the Council at its July 1 meeting. The action plan contains aggressive timelines to accomplish goals toward longer term targets. Despite the many challenges that have faced not only the City, but the country as a whole over the last several months, staff was able to stay on target for most of the agreed upon goals during the first half of the year. Focus areas include financial stability, aligned leadership, improved quality of life, and economic growth and development.

Motion was made by Nick Kimball, San Fernando, seconded by Jessie Flores, Adelanto, to approve the City of San Bernardino's membership application and participation in the Liability program, with a Member Retained Limit of $3 million, effective August 1, 2020; and direct staff to conduct a risk management evaluation within 90 days of membership. Motion passed unanimously via roll call.

6. CLOSED SESSION

The Board entered closed session at 3:26 p.m. with legal counsel pursuant to Government Code Section 54956.95(a).

7. REPORT FROM CLOSED SESSION

The board reconvened in open session at 4:24 p.m., and General Counsel reported direction was given in the Redondo Beach v. ICRMA matter, and no reportable action was taken in the Fisher v. Glendora matter.

8. ADJOURNMENT Vice President Vanessa Godinez adjourned the meeting at 4:24 p.m.

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August 13, 2020 Board of Directors

Subject: Appointment of Treasurer as Investment Delegate Action for consideration: Approve Treasurer Joe Lillio as ICRMA’s Investment Delegate. Background: Each year the Board approves the delegation of investment authority to the Treasurer. This delegation allows the Treasurer to invest and reinvest ICRMA funds. While the Treasurer is granted this authority, ICRMA under contract delegates the day-to-day investment activities to its independent investment manager, Public Financial Management (PFM), who follows the investment policy adopted by the Board. The Treasurer and Finance Director supervise the activities of the investment manager, who makes periodic reports to the Board on the investment activities, performance, and holdings. This action to delegate investment authority to the Treasurer occurs pursuant to Government Code §53607, which states:

“The authority of the legislative body to invest or to reinvest funds of a local agency, or to sell or exchange securities so purchased, may be delegated for a one-year period by the legislative body to the treasurer of the local agency, who shall thereafter assume full responsibility for those transactions until the delegation of authority is revoked or expires, and shall make a monthly report of those transactions to the legislative body. Subject to review, the legislative body may renew the delegation of authority pursuant to this section each year.”

Additionally, ICRMA’s Bylaws and Investment Policy state the following regarding the treasurer position:

• Bylaws Article 8 Section A.B.4.D: “Serves as Investment Delegate in accordance with Government Code §53607 and ICRMA Investment Policy;”

• Investment Policy Section C: “The Board’s management responsibility for the investment program is hereby delegated for a one-year period to the ICRMA Treasurer (Treasurer). Subject to review, the Board may renew the delegation of authority pursuant to this section each year.”

Attachments: None Prepared by: Jennifer Achterberg, Assistant Program Administrator

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Subject: Member Request to add Attorneys to the Workers' Compensation Defense Panel

Action for consideration: Consider the addition of attorneys Sana Z. Shah of Kegel, Tobin & Truce;

Larry E. Ivey of The Ivey Law Firm; Richard A. Chavez of Coleman Chavez & Associates LLP; and, Carolyn J. Beliso of Armstrong & Sigel, LLP to the Workers' Compensation Defense Panel.

Background: The City of El Segundo submitted a request that ICRMA add attorneys Sana Z. Shah of Kegel, Tobin & Truce; Larry E. Ivey of The Ivey Law Firm; Richard A. Chavez of Coleman Chavez & Associates LLP; and, Carolyn J. Beliso of Armstrong & Sigel, LLP (see attached) to the Workers' Compensation Defense Panel. At its meeting on July 8, the Claims Committee recommended approval of the attorneys. According to ICRMA’s Litigation Management Policies and Procedures, Approved Panel Counsel, Section 1.A., attorney firms requesting to be added to the panel of approved defense counsel must meet and/or agree to the following provisions before the Board will consider their inclusion on the panel:

1. Nomination. The attorney must be nominated, in writing, by one of the current ICRMA Members, Third Party Administrator (TPA) or by ICRMA. The Board shall have the responsibility of approving the panel of defense attorneys and the authority to add or delete individual counsel from time to time pursuant to recommendations from the Member, Program Manager, or Executive Director.

2. Application. Upon application to ICRMA, the attorney shall provide a resume setting forth his/her experience as applicable to the handling of ICRMA claims and his/her areas of expertise. As part of the process, the attorney shall affirmatively agree to all previsions of this Litigation Management Policies & Procedures in order for his/her application to be considered.

3. Experience. The attorney on an ICRMA claim must have at least five years of civil litigation practice, which includes substantial and significant defense experience in the area of public sector litigation in California, unless otherwise approved by ICRMA.

4. Insurance. The attorney must carry liability insurance appropriate to the legal profession, and in an amount not less than $2,000,000 per claim.

The application packages, which includes the nomination letter, attorney resumes, signed agreement to comply with ICRMA’s Litigation Management Policies and Procedures, insurance information form, and responses to the attorney questionnaire, are attached. During the past several years, the ICRMA Board has expressed a desire to only add attorneys that offer members in-depth, specific knowledge and skill sets.

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Member Request to add Attorneys to the Workers' Compensation Defense Panel Page 2 of 4

August 13, 2020

Following is a summary of each attorney along with a brief assessment by the ICRMA Workers' Compensation Program Manager.

Larry Ivey, Founder (Glendale, CA) Workers' Compensation Litigation – 25 years Workers' Compensation Program Manager assessment: Mr. Ivey has over 25 years of experience handling Workers' Compensation cases including educating workers' compensation professionals on in-depth claims topics. He has a BA in Political Science from the University of California, Los Angeles, and earned his JD degree from the University of San Diego School of Law. He has published numerous articles and held multiple lectures on the topic of Workers' Compensation within the last 17 years. Mr. Ivey has also previously taught for several years a one-semester course entitled “Advanced Workers' Compensation” for the Insurance Education Association (IEA). Also, of note, he has defended 6 cases where the injured worker was convicted of workers' compensation fraud. Mr. Ivey appears to have a strong combination of professional and academic experience in the field of workers' compensation defense, and is recommended for addition to the workers' compensation panel.

Sana Z. Shah, Shareholder (Los Angeles, CA) Workers' Compensation Litigation – 6 years Workers' Compensation Program Manager assessment: Sana Shah has a BA in both Psychology and History from University of California, Los Angeles, graduating Cum Laude. She went on to earn her Juris Doctor from Pepperdine University School of Law. She has been practicing law for 10 years, and specifically handling Workers' Compensation claims for 6 years. She has handled 36 Public Entity matters, all of which were Workers' Compensation cases and 3 of which involved Safety Officers. The City of El Segundo notes having worked with her in the past with excellent results on a variety of cases, including complex workers' compensation cases involving ADA components, as well as her efforts in successfully securing an RFP panel apportionment with the Los Angeles Community College District. With a strong relationship already established with the City of El Segundo, her noted case successes and focus on Public Entity Workers' Compensation matters, Shana Shah is recommended for addition to the workers' compensation defense panel.

Carolyn J. Beliso, Associate (Los Angeles, CA) Workers' Compensation Litigation – 26 years Workers' Compensation Program Manager assessment: Carolyn Beliso holds a BS in Biology form Loyola Marymount University, Los Angeles, and later earned her Juris Doctor from Southwestern University School of Law, graduating Magna Cum Laude. Prior to attending Law School, Carolyn Beliso worked as a Workers' Compensation Supervisor and Settlement Specialist for Liberty Mutual Insurance for over 7 years. She has been defending Workers' Compensation claims since 1994 and has been recently titled “Attorney of the Year” by one of her clients (Roadway Express).With her prior experience supervising workers' compensation claims for one of the nation’s largest insurance carriers, and her extensive experience

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August 13, 2020

defending workers' compensation claims as an attorney, Carolyn Beliso offers a strong and versatile experience that should bring value to the workers' compensation defense panel. Richard Chavez, Partner (Los Angeles, CA) Workers' Compensation Experience– 17 years Workers' Compensation Program Manager assessment: Richard Chavez holds a Bachelor of Art in Political Science with a Minor in Criminal Justice from California State University at Sonoma. He earned his Juris Doctor from the University of Pacific, McGeorge School of Law, graduating within the top 25% of his class. He has been practicing law for 21 years and has 17 years of experience specifically defending Workers' Compensation claims. Mr. Chavez and his firm handle only Workers' Compensation claims. He notes in his questionnaire response that he and his team make a point to keep their caseloads lower than average, which allows a stronger focus on each case. He is a member of multiple legal and workers' compensation affiliations. His nomination by the City of El Segundo comes with a strong recommendation by Adminsure. With his vast affiliations, extensive experience and strong recommendations from both Adminsure and the City of El Segundo, Mr. Chavez appears to be a strong candidate to join the workers' compensation defense panel.

Attachments: Application Packages Prepared by: Robert Tran, Workers' Compensation Program Manager

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August 13, 2020

Nominations by David Serrano, Director of Human Resources, City of El Segundo: The City of El Segundo is currently reviewing its internal WC claims management practices, and its WC loss control program, based upon the benchmarking report provided by ICRMA. As such, the City would like to propose adding some attorneys to our WC defense panel. The City would like to propose Kegel Tobin & Truce, Sana Shah, Esq. to be included on the panel. Kegel, Tobin & Truce are already members of the ICRMA panel, with different attorneys. I am proposing Ms. Sana Shah based upon my prior experience working with Ms. Shah and her experience in working and defending employer’s in WC matters. Ms. Shah has a depth and breadth of experience both in court, and in settlement discussions. I have worked with her complex WC cases involving ADA components, and I feel she would be an asset in assisting the City provide a more vigorous defense of City’s cases, and in attempting to reduce associated liability and reserves. I previously worked with KTT and Ms. Shah, when she was able to secure an RFP panel appointment with the Los Angeles Community College District. The City requests inclusion of Ms. Shah on the ICRMA panel, and in particular associated with the City of El Segundo The City would like to propose the law firm of Larry Ivey. I have worked with Mr. Ivey in the past, and found he handles cases in the most professional manner. As you can see by his CV, Mr. Ivey has a depth and breadth of WC defense experience, including public and private sector clients. He vigorously defends his clients, and is known to make recommendations for State Fraud investigation of potentially fraudulent claims or activities within a claim. I have had the privilege of working with Larry both the County of Solano, and with the City of Pasadena. I have worked directly with Larry in the investigation of potentially fraudulent activities in two specific claim instances. Mr. Ivey has great deal of knowledge and expertise on WC claim issues, and including the ADA/FEHA overlay often associated. Mr. Ivey is excellent with both safety type claimants and with miscellaneous type claimants. The City requests inclusion of Mr. Ivey on the ICRMA panel, and in particular associated with the City of El Segundo. The City would like to propose the law firm of Coleman Chavez & Associates, and Richard Chavez, Attorney. Attached is information pertaining to Attorney Richard Chavez, with Coleman Chavez & Associates, LLP. Mr. Chavez comes recommended to the City by the City’s third party administrator- Adminsure. Mr. Chavez has a depth and breadth of experience in both WC matters as well as Employment law matters, ADA/FEHA matters, and civil rights matters. I believe Mr. Chavez would be a great addition to the ICRMA panel and associated with the City of El Segundo. Mr. Chavez will vigorously defend his clients, and ultimately lead to reduced overall liability (Total Incurred) and reserves associated with the City’s WC program. The City would like to propose the law firm of Armstrong & Sigel, Ms. Carolyn Beliso to added to the ICRMA WC defense panel. Attached is information pertaining to the firm, and Ms. Beliso. Ms. Beliso has a depth and breadth to her WC practice. She has experience as an Insurance Company litigator, as well as defense of clients directly. I believe Ms. Beliso would make a great addition to the ICRMA panel and associated with the City of El Segundo. Ms. Beliso will vigorously defend her clients, and assist the City to reduce overall liability (total incurred) and reserves associated with the City’s program. I believe Ms. Beliso would be a great addition to the ICRMA panel and directly associated with the City of El Segundo.

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The Ivey Law Firm

450 North Brand, Suite 600Glendale, CA 91203

Telephone: 818. 291.6433Cell: 818. 438.5570Fax: 855. 948.3700

www.iveylaw.netemail: [email protected]

Lawrence E. Ivey

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Lawrence E. Ivey is an attorney and owner of The Ivey Law Firm located in Glendale, CA. Mr. Ivey

received his BA degree in Political Sci-ence from the University of California, Los Angeles. He received his JD degree from the University Of San Diego School Of Law. Mr. Ivey is a Certified Workers’ Compensation Specialist and has served as an officer in the Workers’ Compensa-tion Defense Attorney’s Association.

He has over 25 years of experience liti-gating all facets of California workers’ compensation claims, including SIU/Fraud litigation. Mr. Ivey previously liti-gated a number of high profile workers’ compensation cases, including a multi-

case consolidation matter involving a number of workers’ compensation claims that were being litigated simultaneously in Federal Court as part of a RICO (fraud) action. The Dis-trict Attorneys’ offices of Los Angeles, Orange, San Bernardino and San Joaquin counties, and the California Department of Insurance’s Fraud Division, have called on Mr. Ivey on several occasions to assist them in their investigations concerning the prosecution of workers’ compensation fraud cases.

One of the most telling aspects of his approach to defending workers’ compensation claims are the results he achieves on his cases. This also is reflected in the number of fraud convictions received on behalf of his clients. While the vast majority of workers’ compen-sation defense attorneys have no cases in which a doctor or applicant was convicted of fraud, Mr. Ivey obtained six (6) convictions. For several years he taught a one-semester course entitled ”Advanced Workers’ Compen-sation” for the Insurance Education Association (IEA), a national organization involved in training employers and claims professionals concerning various topics relevant to the insurance industry. He enjoys teaching and typically is an invited speaker several times per year at various workers’ compensation seminars.

Mr. Ivey’s professional affiliations are, the Workers’ Compensation Defense Attorney’s Association; Los Angeles County Bar Association, San Fernando Valley Bar Association, the State Bar of California, Workers’ Compensation Law section, PARMA and COSIPA. Further information and references are available upon request.

Lawrence E. Ivey, Esq.

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“Workers’ Compensation Case Law Update”Presentation by Lawrence E. Ivey for the City of Glendale, CA, November 18, 2014 “Workers’ Compensation Fraud: How to Fight”Presentation by Lawrence E. Ivey for City of Pasadena, CA, June 3, 2014 “Lien Claimants: Ants at the Picnic – New Lien Rules Help Defendants”Presentation by Lawrence E. Ivey, Esq. for City of Pasadena, CA, April 24, 2013

“Lien Claimants: Ants at the Picnic – New Lien Rules Help Defendants”Presentation by Lawrence E. Ivey, Esq. for City of Simi Valley, CA, March 7, 2013

“Risk Management Through Proper Fitness Training”Presentation by Lawrence E. Ivey, Esq. and Mr. Kubanai Kalombo for Garland & Associates at the Hilton Garden Suites Hotel, San Bernardino, CA, June 7, 2012

“How to Define, Identify & Fight Workers’ Compensation Fraud”Presentation for AOHP (Association of Health Care Professionals, at Whittier Intercommunity Presbyterian Hospital by Lawrence E. Ivey, Esq., March 9, 2012

“Early Intervention: Beware and Be Prepared”Presentation by Lawrence E. Ivey, Esq. and David Douglass, Licensed Private Investigator, for PARMAWest at Cal Poly Pomona University Center, December 1, 2011 “Workers’ Compensation Strategy & Procedures: Handling the Surprises and The Unexpected” Presentation for City of Simi Valley and other local municipalities and claims professionals at Simi Valley City Hall Conference Room, November 30, 2011

“Workers’ Compensation Fraud: How To Fight It”Presentation for CorVel Corporation with Lawrence E. Ivey, Esq., and co-speaker, Riverside County D.A. David Simon, supervising attorney of the Riverside County D.A. Insurance Fraud Unit, October 11, 2011 “Workers’ Compensation Fraud: How To Fight It”Presentation for City of Brea and representatives from other Orange County governmental entities, with Lawrence E. Ivey, Esq., Dave Douglass, and Orange County Deputy D.A., Pamela Lateio, from the Orange County D.A. Fraud Unit, September 28, 2011

“Workers’ Compensation Fraud: How To Fight It” Fraud presentation for Keenan & Associates at its Riverside office, April 27, 2011

“Workers’ Compensation Fraud: How To Fight It”Presentation for City of Glendale Risk Management Department and other Local L.A. City and County representatives, with Lawrence E. Ivey, Esq. and co-speakers, along with L.A.D.A., John Morris, Supervisor of the L.A. County D.A.’s Insurance Fraud Unit, March 29, 2011

Articles & Lectures

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“Workers’ Compensation Fraud: How To Fight It”Presentation for Southern California meeting of COSIPA with co-speakers, along with L.A. Deputy D.A. Ted Loewen, Esq., Costa Mesa Hilton November 18, 2010

“Workers’ Compensation Fraud: How to Fight It”Presentation for Northern California Meeting of COSIPA (Council of Self-Insured Public Agencies), Concord Hilton, co-speaker along with San Francisco Deputy D.A., Diane Knolles, Esq., October 28, 2010

“Mental Stress Claims in California: How to Stay Sane Defending California Workers’ Compensation Claims”Presentation for Lorman Education Services at an all day seminar relating to California workers’ compensation mental stress claims at Courtyard Marriott, Pasadena, California, July 15, 2005.

“An Interpretation of Senate Bill 899”All day seminar for Lorman Education Services at Courtyard Marriott, Pasadena, California, May 26, 2005

“Application of the New Law - Senate Bill 899: To Infinity and Beyond” Presentation for the Insurance Educational Association, Glendale, California, April 5, 2005

“Underwriting Techniques and their Role in Workers’ Compensation Insurance Cost Control”Presentation for the Insurance Educational Association, Glendale, California, March 15, 2005

“A Historical View of the California Workers’ Compensation System” Presentation for the Insurance Educational Association, Glendale, California, February 8, 2005

“Depositions and Discovery”Presentation for the Insurance Educational Association, Glendale, California, April 19, 2004

“Does the California Workers’ Compensation System Currently Work or is it Broken?Presentation for the Insurance Educational Association, Glendale, California, March 22, 2004

“Trial Techniques: The Perspectives of both the Applicant’s and Defendant’s Attorneys”Presentation for the Insurance Educational Association, Woodland Hills, California, March 8, 2004

“The Burden of Proving Your Case Before the WCAB”Panel discussion with the Honorable Ralph Zamudio and David Rimbach, Esq, for the Insurance Educational Association, March 31, 2003

“Creative Settlements”Presentation for the Insurance Educational Association, Woodland Hills, California, March 31, 2003

“When a Settlement is No Longer a Settlement? Recent Contribution Decision may have Unintended Consequences”Workers’ Compensation Commentary, March/April 2002

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Admitted to the State Bar of California, June 1983 Admitted to practice in the State of California and the United States District Court, Southern and Central Districts of California.

California State Bar Workers’ Compensation Certified Specialist The Ivey Law Firm, Glendale & San Francisco, California Offices May 2013 - Present Workers’ Compensation defense of employers involving all aspects of workers’ compensation litigation and employment law matters.

Attorney, Lister, Martin & Thompson, Glendale & San Francisco, California Offices April 2002 – May 2013 Workers’ Compensation defense of employers involving all aspects of workers’ compensation litigation and employment law matters.

Attorney, Grancell, Lebovitz, Stander, Barnes & Reubens, L.A., California November 1997 - April 2002 Workers’ Compensation defense involving all aspects of trial and appellate work in the field of Workers’ Compensation Law.

Attorney, Ingber & Ivey, L.A., California January 1990 - November 1997 Equity partner in a workers’ compensation firm with offices in Oakland, Encino and Santa Ana, California. Involved in all aspects of firm’s personnel matters, including hiring and fir- ing. Also managed a full case load, involving all aspects of workers’ compensation litigation and employment law matters.

Attorney, Mischel, Trock and Ingber, L.A., California October 1985 - December 1989 Workers’ Compensation defense involving all aspects of trial and appellate work in the field of Workers’ Compensation Law. University of San Diego School of Law J.D., May 1982

Honors: Mexican and American Foundation Fellowship for Legal Research, Spring 1983

University of California, Los Angeles B.A., Political Science, June 1979

Lawrence E. Ivey450 N. Brand Boulevard, Suite 600

Glendale, California 91203Phone: 818. 291.6433

Fax: 855. [email protected]

State Bar Membership:

CURRICULUM VITAE

Legal Experience:

Legal Education:

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Advocacy Experience: Writing Experience: Motions for summary judgments, trial briefs, petitions for reconsideration, writs to the Court of Appeal, etc.

California State Bar, Workers’ Compensation Section

Los Angeles County Bar Association

Valley Industrial People (V.I.P), President 1991

Workers’ Compensation Defense Attorneys Association

UCLA Alumni Association, Life MemberNevada County Historical Society, Life MemberHistorical Society of Pomona Valley, Life Member

History, politics, music, basketball, swimming, hiking, traveling and reading

Ms. Cheryl Scott, Claims Supervisor, City of Glendale, CA (818) 550-4404Ms. Joanne Tesch, U.S. Workers’ Compensation Manager, Snap-On Tools, Inc., Kenosha, WI (262) 656-6450Mr. Perry Hoffman, Supervisor of workers’ compensation claims on Lockheed Martin account, Chatsworth, CA (818) 428-3665Mr. Ryan Burke, Director of Human Resources, Citrus Valley Health Partners (626) 858-8538Ms. Candice Fisher, Workers’ Comp. Division Supervisor City of Brea (714) 671-4446Mr. Jeff Haynes, Director of Risk Management for San Bernardino City Unified School District (909) 388-6476

Organizations:

Professional Memberships:

Interests:

References:

Qualifications:

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Mission, Vision, and Values Statements

Our goal on every case is to provide aggressive, cost effective, expeditious, professional and ethical representation for our clients within the boundaries & delays that encompass our legal system.

Mission Statement

Vision Statement

We are an integral partner in elevating the rights of our clients in the California Workers’ Compensation system. We not only pay attention to the current state of the law, but also to proposals to change it that may adversely affect our clients.

When a case concludes, we want our clients to know that we cared and defended their rights fully.

Values Statement

Care to achieve the best result possible on each and every case.

Aggressive ethical representation of our clients.

Respect each and every client and never underestimate our opponents.

Excellence is accomplished by not just “doing a job to get it done.” It concerns caring about the ultimate results and showing the drive to achieve them.

Drive: “The will and initiative to succeed.”

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AV Preeminent

Lawrence E. Ivey and his firm are rated AV Preeminent by Martindale-Hubbell. This rating is the highest possible Peer Review Rating in legal ability and ethical standards. Less than approximately 14.8% of attorneys in the United States are

rated this highly. Mr Ivey and his firm take this rating and honor very seriously since it represents his professionalism, dedication and work ethic for over 25 years while representing his clients.

AV Preeminet: The pinnacle of professional excellence earned through a strenuous peer review rating process that is managed and monitored by the world’s most trusted legal resource. The LexisNexis Martindale-Hubbell Peer Review Ratings have been an integral part of Martindale-Hubbell’s services to the legal community since 1887. The Peer Review Rating process, which evaluates lawyers in the United States and Canada, is solely based upon peer review. A rating from Martindale-Hubble attest to a lawyer’s legal ability and professional ethics, and reflects the confidential opinions of the Bar and the Judiciary.

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E. CHARLES MAKI JON E. von LEDEN JOSEPH D. KIEFFER PREETI G. SHAH STEVEN M. GREEN KAREN L. AHLSTEDT SCOTT F. CORNGOLD FIONA WOON DOVAN F. CALUMPANG MARK N. THOMAS HOANG T. NGUYEN ALAN D. BENNETT MATTHEW C. MALEN JUSTIN R. FARHANG NICHOLAS H. SANDOMIRSKY DAVID W. PLASKOW MARGARET L. MATASCI

SANA Z. SHAH ANTHONY J. MACAULEY PATRICK S. RAJASINGAM PHILLIP R. SOON ASHLEY S. RANDOLPH AUDREY K. NGUYEN PATRICK V. GUERRERO GABRIEL A. QUINTANILLA JOI L. ANDERSON JOHN M. ROBINSON IV KATHERINE A FITZGERALD

KEGEL, TOBIN & TRUCE A PROFESSIONAL CORPORATION

ATTORNEYS AT LAW

LOS ANGELES OFFICE

SEND PACKAGES TO: 800 WILSHIRE BOULEVARD, SUITE 1100 LOS ANGELES, CALIFORNIA 90017-2615

SEND MAILTO: POST OFFICE BOX 76907

LOS ANGELES, CALIFORNIA 90076-0907

E-mail: [email protected]

http://www.kttlaw.us

June 24, 2020

OFFICES:

LOS ANGELES: TELEPHONE (213) 380-3880 FACSIMILE (213) 383-8346

LONG BEACH: TELEPHONE (562) 437-1108 FACSIMILE (213) 383-8346

VENTURA: TELEPHONE (805) 644-2216 FACSIMILE (213) 383-8346

ONTARIO: TELEPHONE (909) 466-5555 FACSIMILE (213) 383-8346

SAN DIEGO: TELEPHONE (619) 696-0906 FACSIMILE (213) 383-8346

JOHN J. TOBIN, 1935-2013ROBERT A. KEGEL, 1927-2015 W. JOSEPH TRUCE, Of Counsel

VIA E-MAIL CARL WARREN & COMPANY POST OFFICE 2422 TUSTIN, CA 92781

Attention: Robert Tran

RE: Sana Shah / ICRMA Defense Panel Nomination - City of El Segundo

Dear Mr. Tran:

Thank you again for the opportunity to serve on the City of El Segundo’s defense panel. Below are the replies to the questions you had for our firm.

• Number and types (e.g., dangerous condition, employment, ADA, police, etc.) of public entity claims handled.

o 607 public entity matters handled by KT&T (on behalf of various cities, counties, school districts and community college districts).

28 such matters are safety officers.

o I handle 36 public entity matters, 3 of which are safety officer cases. All matters are workers’ compensation defense.

• Total number of civil litigation matters tried to a jury verdict.

o Not applicable, as we are exclusively a workers’ compensation and subrogation firm.

• Results of those trials (e.g., how many defense verdicts; how many verdicts under the last offer, etc.).

o Not applicable, as we are exclusively a workers’ compensation and subrogation firm.

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KEGEL, TOBIN & TRUCE

Attention: Robert Tran RE: SANA SHAH / ICRMA DEFENSE PANEL NOMINATION - CITY OF EL

SEGUNDO June 24, 2020 Page 2

• Any record of state bar discipline?

o None for myself or any member of Kegel, Tobin & Truce

• Whether you (or your firm) have been terminated for cause by any public entity; if so, the circumstances involved.

o No, neither I nor Kegel, Tobin & Truce have been terminated for cause by any public entity.

• Any other information you wish to bring to the attention of the Board, or which you believe the Board should know in considering your application.

o We have a very dynamic claims handling style and adapt quickly to client expectations. I specifically represent a public entity that favors expedited settlement over litigation, from a business perspective, and several public entities that favor trying issues. Our Firm excels in both strategies. We have successfully cut off unnecessary litigation by pressing for additional panels, and have also successfully strategized to maximize our clients’ savings through settlement at critical portions of litigation. I am available for interview via Zoom if you wish to inquire further.

Very truly yours,

KEGEL, TOBIN & TRUCE, A.P.C.

BY: SANA Z. SHAH

SZS/mv

Enclosures:

LPL Evidence of Insurance

Signed LMPP

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ANY PROPRIETOR/PARTNER/EXECUTIVEOFFICER/MEMBER EXCLUDED?

INSR ADDL SUBRLTR INSD WVD

PRODUCER CONTACTNAME:

FAXPHONE(A/C, No):(A/C, No, Ext):

E-MAILADDRESS:

INSURER A :

INSURED INSURER B :

INSURER C :

INSURER D :

INSURER E :

INSURER F :

POLICY NUMBER POLICY EFF POLICY EXPTYPE OF INSURANCE LIMITS(MM/DD/YYYY) (MM/DD/YYYY)

AUTOMOBILE LIABILITY

UMBRELLA LIAB

EXCESS LIAB

WORKERS COMPENSATIONAND EMPLOYERS' LIABILITY

DESCRIPTION OF OPERATIONS / LOCATIONS / VEHICLES (ACORD 101, Additional Remarks Schedule, may be attached if more space is required)

AUTHORIZED REPRESENTATIVE

EACH OCCURRENCE $DAMAGE TO RENTEDCLAIMS-MADE OCCUR $PREMISES (Ea occurrence)

MED EXP (Any one person) $

PERSONAL & ADV INJURY $

GEN'L AGGREGATE LIMIT APPLIES PER: GENERAL AGGREGATE $PRO-POLICY LOC PRODUCTS - COMP/OP AGGJECT

OTHER: $COMBINED SINGLE LIMIT

$(Ea accident)ANY AUTO BODILY INJURY (Per person) $OWNED SCHEDULED

BODILY INJURY (Per accident) $AUTOS ONLY AUTOSHIRED NON-OWNED PROPERTY DAMAGE

$AUTOS ONLY AUTOS ONLY (Per accident)

$

OCCUR EACH OCCURRENCECLAIMS-MADE AGGREGATE $

DED RETENTION $PER OTH-STATUTE ER

E.L. EACH ACCIDENT

E.L. DISEASE - EA EMPLOYEE $If yes, describe under

E.L. DISEASE - POLICY LIMITDESCRIPTION OF OPERATIONS below

INSURER(S) AFFORDING COVERAGE NAIC #

COMMERCIAL GENERAL LIABILITY

Y / NN / A

(Mandatory in NH)

SHOULD ANY OF THE ABOVE DESCRIBED POLICIES BE CANCELLED BEFORETHE EXPIRATION DATE THEREOF, NOTICE WILL BE DELIVERED INACCORDANCE WITH THE POLICY PROVISIONS.

THIS IS TO CERTIFY THAT THE POLICIES OF INSURANCE LISTED BELOW HAVE BEEN ISSUED TO THE INSURED NAMED ABOVE FOR THE POLICY PERIODINDICATED. NOTWITHSTANDING ANY REQUIREMENT, TERM OR CONDITION OF ANY CONTRACT OR OTHER DOCUMENT WITH RESPECT TO WHICH THISCERTIFICATE MAY BE ISSUED OR MAY PERTAIN, THE INSURANCE AFFORDED BY THE POLICIES DESCRIBED HEREIN IS SUBJECT TO ALL THE TERMS,EXCLUSIONS AND CONDITIONS OF SUCH POLICIES. LIMITS SHOWN MAY HAVE BEEN REDUCED BY PAID CLAIMS.

THIS CERTIFICATE IS ISSUED AS A MATTER OF INFORMATION ONLY AND CONFERS NO RIGHTS UPON THE CERTIFICATE HOLDER. THISCERTIFICATE DOES NOT AFFIRMATIVELY OR NEGATIVELY AMEND, EXTEND OR ALTER THE COVERAGE AFFORDED BY THE POLICIESBELOW. THIS CERTIFICATE OF INSURANCE DOES NOT CONSTITUTE A CONTRACT BETWEEN THE ISSUING INSURER(S), AUTHORIZEDREPRESENTATIVE OR PRODUCER, AND THE CERTIFICATE HOLDER.IMPORTANT: If the certificate holder is an ADDITIONAL INSURED, the policy(ies) must have ADDITIONAL INSURED provisions or be endorsed.If SUBROGATION IS WAIVED, subject to the terms and conditions of the policy, certain policies may require an endorsement. A statement onthis certificate does not confer rights to the certificate holder in lieu of such endorsement(s).

COVERAGES CERTIFICATE NUMBER: REVISION NUMBER:

CERTIFICATE HOLDER CANCELLATION

© 1988-2015 ACORD CORPORATION. All rights reserved.ACORD 25 (2016/03)

CERTIFICATE OF LIABILITY INSURANCE DATE (MM/DD/YYYY)

$

$

$

$

$

The ACORD name and logo are registered marks of ACORD

KEGEL-1 OP ID: RF

06/03/2020

Kelley L. Milks, CIC CRM RPLUAhern Insurance Brokerage9655 Granite Ridge Dr., #500San Diego, CA 92123Kelley L. Milks, CIC CRM RPLU

858-571-9030 [email protected]

Aspen Specialty Insurance Co.

Kegel, Tobin & Truce, APC800 Wilshire Blvd. Suite 1100Los Angeles, CA 90017

LRA777020 06/05/2020 06/05/2021 Per Claim 3,000,000Professional Liab Aggregate 5,000,000

Deductible $75,000 each claim;

EVIDENC

EVIDENCE OF INSURANCE

858-571-9030

Claims Made Lawyer

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Litigation Management Policies & Procedures Page 13 of 22 Effective January 1, 2020

AGREEMENT TO COMPLY WITH PROCEDURES

I AGREE TO ABIDE BY THE ICRMA’S LITIGATION MANAGEMENT POLICIES AND PROCEDURES. I UNDERSTAND THE CITY AND ICRMA HAVE THE RIGHT TO ENFORCE THE TERMS OF THIS AGREEMENT AS TO THE UNDERSIGNED ATTORNEY. Dated: [Attorney’s Law Firm]

By: [Signature of Individual Attorney]

[Print Name]

Sana Z. Shah, Esq.

06/24/2020KEGEL, TOBIN & TRUCE, APC

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E. CHARLES MAKI JON E. von LEDEN JOSEPH D. KIEFFER PREETI G. SHAH STEVEN M. GREEN KAREN L. AHLSTEDT SCOTT F. CORNGOLD FIONA WOON DOVAN F. CALUMPANG MARK N. THOMAS HOANG T. NGUYEN ALAN D. BENNETT MATTHEW C. MALEN JUSTIN R. FARHANG NICHOLAS H. SANDOMIRSKY DAVID W. PLASKOW MARGARET L. MATASCI

SANA Z. SHAH ANTHONY J. MACAULEY PATRICK S. RAJASINGAM PHILLIP R. SOON ASHLEY S. RANDOLPH AUDREY K. NGUYEN EVELYN MEDINA PATRICK V. GUERRERO BRENT E. SMITH GABRIEL A. QUINTANILLA JOI L. ANDERSON JOHN M. ROBINSON IV MICHAEL S. PREIS KATHERINE A FITZGERALD

KEGEL, TOBIN & TRUCE A PROFESSIONAL CORPORATION

ATTORNEYS AT LAW

LOS ANGELES OFFICE

SEND PACKAGES TO: 800 WILSHIRE BOULEVARD, SUITE 1100 LOS ANGELES, CALIFORNIA 90017-2615

SEND MAILTO: POST OFFICE BOX 76907

LOS ANGELES, CALIFORNIA 90076-0907

E-mail: [email protected]

http://www.kttlaw.us

December 19, 2019

OFFICES:

LOS ANGELES: TELEPHONE (213) 380-3880 FACSIMILE (213) 383-8346 LONG BEACH: TELEPHONE (562) 437-1108 FACSIMILE (213) 383-8346 VENTURA: TELEPHONE (805) 644-2216 FACSIMILE (213) 383-8346 ONTARIO: TELEPHONE (909) 466-5555 FACSIMILE (213) 383-8346 SAN DIEGO: TELEPHONE (619) 696-0906 FACSIMILE (213) 383-8346

JOHN J. TOBIN, 1935-2013 ROBERT A. KEGEL, 1927-2015 W. JOSEPH TRUCE, Of Counsel

CITY OF EL SEGUNDO 350 Main Street El Segundo, CA 90245 Attention: David Serrano, Director of Human Resources RE: KEGEL, TOBIN & TRUCE RÉSUMÉ Dear Mr. Serrano: Thank you for taking the time to review and consider our potential representation of the interests of the City of El Segundo. I have enclosed various materials about our firm in the hope of securing your faith and confidence in allowing us the opportunity to do so. Subsequent to your review, I would be happy to answer any questions or engage in further communication to that end.

FIRM PHILOSOPHY For the past 47 years our law firm has represented employers, including several public entities, third-party administrators and insurance companies in the defense of workers' compensation claims. We have five offices which cover Workers’ Compensation Appeals Boards from the Central Coast to the Inland Empire to San Diego. We’re more than capable of serving your needs and representing your interests with attorneys who know the judges, the doctors and the applicant attorneys in the area, and we are known to them in turn. I am proud to say that we have a well-earned reputation as an aggressive, trial-oriented law firm. Although most cases in fact settle we believe that by having an established reputation for preparing cases and, where appropriate, taking a strong trial posture, we can obtain the best outcome for our client. Kegel, Tobin & Truce was started in 1972 and from that date on we have represented public entities, insurance companies and self-insured corporations. We represent employers in Labor Code §132a and Serious & Willful litigation as well. We also have a subrogation attorney who will represent your interests where an injury is the result of a third party’s actions. While we are well known for assertive representation of our clients, we are very mindful that ultimately your goal is to achieve the best result at the earliest possible time, at the lowest possible cost. Thus,

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http://www.kttlaw.us/


Attention: David Serrano, Director of Human Resources RE: KEGEL, TOBIN & TRUCE RÉSUMÉ December 19, 2019 Page 2

we exert our best efforts to keep cases moving toward the goal of a satisfactory and appropriate resolution. Every legal bill is carefully reviewed for substance and accuracy before it is sent out. We have a diary system to ensure that no file “falls through the cracks.” Our attorneys are available to respond to your questions or concerns and we pride ourselves on responding to client calls and e-mail in a timely manner. Being unable to reach an attorney is one of the most commonly heard complaints among respondents in national surveys and we strive mightily to separate ourselves from the crowd on that score.

TRAINING Our law firm highlights an ongoing in-house training program for all attorneys and especially for newly hired attorneys. Our training addresses the entirety of law dealing with and affecting the practice of workers' compensation litigation. Training includes sessions on current statutes, case law emanating from the WCAB and all appellate courts, case analysis and development of strategies for effective legal representation of our clients beginning with the initial review of the file and including all phases of the case through appeal.

FEES With regard to our attorney fees, our hourly rates are $175.00 for partners, $165.00 for associates and $95.00 for paralegals/legal assistants. Our firm has also pioneered an Integrated Fee Schedule which combines fee-for-service items along with activities which are charged at an hourly rate. Please refer to tab four (4) for the specifics and note that this Schedule is predicated on an hourly fee of $160.00 for those workers’ compensation activities which are performed by an attorney and billed at an hourly rate, $80.00 per hour for those paralegal and legal assistant activities billed at an hourly rate, and $180.00 per hour for those appellate, subrogation, Labor Code §132a and Serious & Willful defense activities which are billed at an hourly rate, combined with a task-based schedule which lists the price of a particular activity. Some activities can be performed by either the claims administrator or the handling attorney. Much will depend upon your individual desire and the arrangements you have with the employer. For example, we have a set price for such activities as writing a letter to a physician, arranging a medical examination, etc. Many of our larger clients prefer the Integrated Fee Schedule as it facilitates the making of a legal budget and the client can then decide whether they prefer to have certain activities performed by the claims administrator or by the attorney.

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Attention: David Serrano, Director of Human Resources RE: KEGEL, TOBIN & TRUCE RÉSUMÉ December 19, 2019 Page 3

CLIENT EDUCATION

We are excited to announce the development of a training program. Teams of attorneys are now available to make educational presentations on salient topics within the field of workers’ compensation for your claims staff, offering continuing education credits. In summary, our law firm has a proven record of achieving positive results that have yielded substantial benefits and measurable savings to our clients in a broad range of actual situations and legal issues. We take great pride in our work and our successes over the years and would welcome the opportunity to meet with you and discuss our firm and the potential partnership we can form to efficiently and effectively defend workers’ compensation claims. Very truly yours,

KEGEL, TOBIN & TRUCE, A.P.C.

BY: SANA Z. SHAH

SZS/mv Enclosures: Atty Bios Sana Shah CV Integrated Fee Schedule WCAB Coverage List Sample Client List

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bmolina

Sana Shah

LOS ANGELES OFFICE - WORKERS' COMPENSATION ATTORNEYS

JOSEPH D. KIEFFER, MANAGING SHAREHOLDER FIONA WOON, MANAGING SHAREHOLDER

JUSTIN R. FARHANG: Born Los Alamitos, California. Undergraduate: University of California, Irvine, B.A. Philosophy, with a minor in Religious Studies, 2005. Law School: Southwestern Law School, J.D., 2009. Admitted to practice 2010. Member of the State Bar of California; U.S. District Court- Central District of California. Managing shareholder of our Ontario Office. STEVEN M. GREEN: Born Los Angeles, California. Undergraduate: University of Chicago, B.S., 1982. Law School: University of Oregon, J.D., 1985. Admitted to practice in Oregon 1985; California 1987. Member of the State Bar of California. JOSEPH D. KIEFFER: Born New York City, New York. Undergraduate: University of California, Santa Barbara, B.A., 1971. Law School: American University, Washington, D.C., J.D., 1976. Law Review 1975, 1976. Law Clerk to United States Tax Court Judge Lehman Aarons. Legislative Assistant to Congressman William S. Cohen (R-Maine). Admitted to practice 1977. Member of the State Bar of California; U.S. District Court- Central District of California, 1986. Co-managing shareholder of our Los Angeles Office. ANTHONY J. MACAULEY: Born San Francisco, CA. Undergraduate: University of California, Berkeley, B.A., English, 1981. Law school: Golden Gate University School of Law, J.D., 1986. Admitted to practice 1987. Member of the State Bar of California. MARGARET L. MATASCI: Born Melrose, Massachusetts. Undergraduate: California Lutheran University, B.A., Economics, 2006. Law School: Boston College Law School, J.D., 2010. Admitted to practice 2010. Member of the State Bar of California. EVELYN MEDINA: Undergraduate: University of California, Irvine, B.A., Criminology, Law and Society, Minors in Social Ecology & Psychology, 2005. Law School: Thomas Jefferson School of Law, J.D., 2016. Admitted to practice 2016. Member of the State Bar of California. HOANG T. NGUYEN: Born Thailand. Undergraduate: San Diego State University, B.S., Criminal Justice Administration, 1999. Law School: California Western School of Law, J.D., 2005. Admitted to practice 2005. Member of the State Bar of California. PATRICK S. RAJASINGAM: Undergraduate: Hampton University, Hampton, VA, B.A., Advertising, 2005. Law school: Florida A&M University, College of Law, J.D., 2013. Admitted to practice 2015. Member of the State Bar of California.

PREETI G. SHAH: Born Bombay, India. Undergraduate: Sydenham College of Commerce and Economics, Bombay, India, B. Com., 1979. Law School: Government Law College, Bombay, India, LL.B., 1983. Admitted to practice in India 1983 and in California 1988. Member of the Los Angeles County Bar Association and San Fernando Valley Bar Association. Shareholder. SANA Z. SHAH: Born Pakistan. Undergraduate: University of California, Los Angeles, B.A., double major in Psychology and History, 2007. Law School: Pepperdine University School of Law, J.D. 2010. Admitted to practice 2010. Member of the State Bar of California. Shareholder. PHILLIP R. SOON: Undergraduate: University of Southern California, B.A., History, 2007. Law School: Southwestern Law School, J.D. 2011. Admitted to practice 2012. Member of the State Bar of California.

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LOS ANGELES OFFICE - WORKERS' COMPENSATION ATTORNEYS (Continued - Page Two)

JOSEPH D. KIEFFER, MANAGING SHAREHOLDER

FIONA WOON, MANAGING SHAREHOLDER MARK N. THOMAS: Born Manchester, England. Undergraduate: California State University, Fullerton, B.A. International Business, 1988. Law School: Loyola Law School, J.D., 2001. Admitted to practice 2005. Prior Experience: Hanna, Brophy, MacLean, McAleer & Jensen LLP. 10 years as an employer representative for the Naval Surface Warfare Center. 3 years of paralegal experience for the law offices of Lyle L. Blane. Member of the State Bar of California. Shareholder. FIONA WOON: Born Los Angeles, California. Undergraduate: University of Southern California, B.A., 1999. Law school: Southwestern Law School, J.D., 2002. Admitted to practice 2003. Member of the State Bar of California. Member of Phi Alpha Delta Law Fraternity. Managing shareholder of our San Diego Office. Co-managing shareholder of our Los Angeles Office.

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ONTARIO OFFICE - WORKERS' COMPENSATION ATTORNEYS

JUSTIN R. FARHANG, MANAGING SHAREHOLDER KATHERINE A. FITZGERALD: Born Lake Elizabeth, California. Undergraduate: University of California, Irvine, B.A., Anthropology, 2009. Law School: University of Southern California Gould School of Law, J.D. 2013. Admitted to practice 2013. Member of the State Bar of California. PATRICK V. GUERRERO: Born Diamond Bar, California. Undergraduate: University of California, Irvine, B.A., Political Science, cum laude, 2009. Law School: University of San Diego School of Law, J.D., 2013. Admitted to practice 2013. Member of the State Bar of California. JOHN M. ROBINSON IV: Undergraduate: Saint Peter’s University, Jersey City, NJ, B.A., English Literature, 2006. Law School: Pepperdine University School of Law, J.D., 2010. Admitted to practice 2010. Member of the State Bar of California.

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VENTURA OFFICE - WORKERS' COMPENSATION ATTORNEYS

E. CHARLES MAKI, MANAGING SHAREHOLDER JOI L. ANDERSON: Undergraduate: University of California, Los Angeles, B.A., History, 1986. Law School: University of West Los Angeles School of Law, J.D., 1991. Admitted to practice 1994. Member of the State Bar California. E. CHARLES MAKI: Born Glendale, West Virginia. Undergraduate: Loyola University and San Fernando Valley State College, B.A., Economics, 1967. Law School: San Fernando Valley College of Law, J.D., 1971. Prior experience: State Compensation Insurance Fund. Admitted to practice 1972. Member of the State Bar of California. Joined firm in 1976. Managing shareholder of our Ventura Office. MATTHEW C. MALEN: Born Orange, California. Undergraduate: University of California, Los Angeles, B.A., Sociology with a minor in Political Science, 2004. Law school: Western State University College of Law, J.D., 2007. Admitted to practice 2007. Member of the State Bar of California. Shareholder. DAVID W. PLASKOW: Born New York City, New York. Undergraduate: University of California, Los Angeles, B.S., Business Administration, 1968. Law School: Southwestern Law School, J.D., 1973. Admitted to practice 1973. Member of the State Bar California; U.S. District Court- Central District of California. MICHAEL S. PREIS: Undergraduate: University of Maryland, College Park, Maryland, B.A., Economics, 1989. Law School: Southwestern University School of Law, J.D., 1992. Admitted to practice 1993. Member of the State Bar California.

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LONG BEACH OFFICE - WORKERS' COMPENSATION ATTORNEYS

DOVAN F. CALUMPANG, MANAGING SHAREHOLDER

KAREN L. AHLSTEDT: Born Melrose, Massachusetts. Undergraduate: Boston University, B.A., 1994. Law School: Boston University School of Law, J.D., cum laude, 1998. Member of Journal of Science & Technology Law. Internship, EEOC, 1997. Internship, Massachusetts Office for Children, 1997. Admitted to practice 1998. Member of State Bar of California. Shareholder. ALAN D. BENNETT: Born Richmond, California. Undergraduate: University of Southern California, B.A., Cum Laude, English, 1973. Law school: Loyola Law School, JD, Cum Laude, 1976. Assistant Attorney General of the Commonwealth of the Northern Marianas Islands, 1984-1985. Certified Workers’ Compensation Specialist, 1993-2008. Admitted to practice 1976. Member of the State Bar of California. DOVAN F. CALUMPANG: Born Philippines. Undergraduate: California State University, Los Angeles, B.A., English, 1995. Law School: Loyola Law School, J.D., 1999. Admitted to practice 1999. Member of the State Bar of California; U.S. District Court- Central, Northern and Southern Districts of California. Managing shareholder of our Long Beach Office. SCOTT F. CORNGOLD: Born Shrewsbury, Massachusetts. Undergraduate: University of California, Berkeley, B.A., 1993. Law School: University of California, Berkeley, Boalt Hall, J.D., 1998. Admitted to practice 2002. Member of the State Bar of California; U.S. District Court- Central District of California. Shareholder. AUDREY K. NGUYEN: Undergraduate: University of California, Los Angeles, B.A., Pyschology, minor in Political Science, 2008. Law School: Chapman University School of Law, J.D., 2013. Admitted to practice 2013. Member of the State Bar of California. ASHLEY S. RANDOLPH: Born Huntington Beach, California. Undergraduate: University of California, Irvine, B.A., Criminology, 2007. Law School: Chapman University School of Law, J.D., 2012. Admitted to practice 2012. Member of the State Bar of California. NICHOLAS H. SANDOMIRSKY: Born Boston, Massachusetts. Undergraduate: Harvard University, B.A., Visual and Environmental Studies, 1998. Graduate Degree: University of Southern California, Master of Urban Planning, 2004. Law School: University of Southern California, J.D., 2007. Admitted to practice 2009. Member of the State Bar of California.

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LOS ANGELES OFFICE - SUBROGATION JON E. von LEDEN: Born Evanston, Illinois. Undergraduate: California State University, Northridge, B.A. in Political Science, 1976. Law School: Southwestern Law School, J.D., 1979. Member of the American Bar Association; State Bar of California; U.S. District Court- Central and Southern Districts of California. Shareholder.

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SAN DIEGO OFFICE - WORKERS' COMPENSATION

FIONA WOON, MANAGING SHAREHOLDER

GABRIEL A. QUINTANILLA: Undergraduate: University of California, Santa Barbara, B.A., Political Science, 2006. Law School: California Western School of Law, J.D. 2010. Admitted to practice 2010. Member of the State Bar of California. BRENT E. SMITH: Undergraduate: University of Arizona, B.S., General Studies, with a minor in Economics, Marketing and Communications, 1989. Law School: Whittier Law School, J.D. 2000. Admitted to practice 2003. Member of the State Bar of California.

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Sana Shah

800 Wilshire Boulevard, Suite 1100, Los Angeles, CA 90017 (213) 380-3880 [email protected] SBN: 274606

Page 1

EDUCATION

Pepperdine University School of Law Malibu, CA Juris Doctor May 2010

Activities: California State Bar Member 2010 to Present

American Bar Association Member 2010 to Present

International Justice Mission, Pepperdine Chapter

University of California, Los Angeles Los Angeles, CA Bachelor of Art, Psychology and History June 2007

Honors: Dean’s List; Cum Laude; College Honors

Activities: Indian Students’ Association, Asian Youth for Career Opportunities, South Asians Promoting

a Needed Awareness

EXPERIENCE

Kegel, Tobin & Truce, A.P.C. Los Angeles, CA Shareholder December 2019 – Present Associate Attorney April 2014 – November 2019

Represent interests of clients at Mandatory Settlement Conferences, AOE/COE Priority Conferences, Lien Trials, Lien Conferences, and Status Conferences at various WCABs.

Draft hearing reports, deposition reports, status updates, joint interrogatories, PQME advocacy letters, Petitions for Dismissal, DORs, objections to DORs, and more; review, analyze, and open new files.

Take depositions of applicant; review medical reports and subpoenaed records, and provide summaries of significant aspects of the voluminous records; review transcripts of depositions of doctors and summarize.

The Dorton Firm, P.C. Beverly Hills, CA Associate Attorney February 2011 – March 2014

Extensive research and writing experience in vast practice areas, including but not limited to contract litigation, medical malpractice, personal injury, family law, entertainment, general tort liability, constitutional issues, criminal law and procedure, and claims against both State and Federal entities.

Extensive experience in research and drafting of papers in every phase of litigation from pleading through discovery, law and motion, settlement, trial, and post-judgment procedures.

Extensive experience in appellate proceedings including Petition for Review to California Supreme Court and briefing in California Courts of Appeal, as well as Petition for Rehearing in California Courts of Appeal.

Extensive experience in trial preparation including preparing trial binders, jury instructions, and exhibits. Detailed experience in contract review and negotiation.

Los Angeles County District Attorney’s Office – Long Beach Homicide Division Long Beach, CA Law Clerk August 2009 – December 2009

Researched criminal law statutes and cases (Federal and State) pertaining to arrests, admissibility of evidence, jury instructions, and special circumstances for qualification for capital punishment.

Organized murder books and converted them into trial binders of testimony, depositions, transcripts, phone records, crime scene diagrams, autopsy reports, prior convictions of Defendant, etc.

Assisted extensively in voir dire, and prepared power point presentations for opening, closing, and rebuttal. Worked on both guilt and penalty phases of bifurcated trial, including a death penalty retrial. Evaluated

psychology reports of defendants, and strategized how to rebut expert testimony on mental capacity and psychological fitness for conviction

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Sana Shah

800 Wilshire Boulevard, Suite 1100, Los Angeles, CA 90017 (213) 380-3880 [email protected] SBN: 274606

Page 2

The Amin Law Group, Ltd. Newport Beach, CA Law Clerk/Summer Associate June 2008 – August 2008, March 2010

Researched law in California and Nevada regarding contract disputes, labor law, property rights, and gaming regulations.

Drafted legal memoranda regarding contract law, property rights, and employment discrimination under 42 USC §§ 1981, 1983, 1985, 1988, and 2000e.

Prepared summaries of the Rules of Arbitration for attorney reference. Drafted complaints for causes of action including breach of contract, breach of duties under California,

Nevada, and Federal statutes, property claims, and reverse discrimination under Title VII.

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KEGEL, TOBIN TRUCE INTEGRATED FEE SCHEDULE

PARALEGAL &

PARALEGAL & LEGAL ASST

ORDINARY LEGAL ASST APPELLATE APPELLATE

CODE DESCRIPTION OF ACTIVITY WORKERS' COMP WORK COMP S&W, 132(a) S&W, 132(a)

00 TELEPHONE CALL - LEFT SUBSTANTIAL MSG $18.00 $12.00 $23.00 $15.00

01 INITIAL FILE REVIEW $350.00 N/A $450.00 N/A

02 ADDITIONAL FILE $55.00 N/A $70.00 N/A

03 LETTER OF ADVICE $300.00 N/A $400.00 N/A

05 INTERIM REVIEW by time @ $160/hr by time @ $80/hr by time @ $180/hr by time @ $100/hr

06 PREPARE AND FILE ANSWER $154.00 $105.00 $200.00 $134.00

07 SERVE MEDS $44.00 $44.00 $55.00 $55.00

08 SCHEDULE/ARRANGE DEPOSITION $75.00 $75.00 $95.00 $95.00

09 ATTENDANCE AT DEPOSITION (<3HRS) $525.00 N/A $675.00 N/A

10 ATTENDANCE AT HEARING ( 1/2 DAY) $700.00 N/A $890.00 N/A

11 CONFERENCE WITH by time @ $160/hr by time @ $80/hr by time @ $180/hr by time @ $100/hr

12 DRAFT/ARRANGE/PREPARE S.D.T. $44.00 $44.00 $55.00 $55.00

13 DRAFT/ARRANGE/PREP. PERS. SUBPOENA $44.00 $44.00 $55.00 $55.00

14 ARRANGE TO PHOTOCOPY RECORDS $44.00 $44.00 $55.00 $55.00

15 SCHED/ARRANGE MEDICAL EXAM $90.00 $90.00 $115.00 $115.00

16 ROUND UP X-RAYS/SCANS $44.00 $44.00 $55.00 $55.00

17 DETAILED LETTER TO DOCTOR $125.00 $85.00 $160.00 $105.00

18 REVIEW REPORT OF DR. $120.00 $82.00 $152.00 $104.00

19 REVIEW RECORDS OF by time @ $160/hr by time @ $80/hr by time @ $180/hr by time @ $100/hr

20 REVIEW EARNINGS DATA $55.00 $35.00 $70.00 $45.00

21 REV MED REPORT (REDUCED RATE) $75.00 $51.00 $95.00 $65.00

22 REVIEW INVESTIGATION REPORT $75.00 $51.00 $95.00 $65.00

23 VIEW MOTION PICTURES/VIDEOTAPE by time @ $160/hr by time @ $80/hr by time @ $180/hr by time @ $100/hr

24 REVIEW DISABILITY RATING $110.00 $75.00 $140.00 $95.00

25 PREPARE COMPROMISE & RELEASE $165.00 $112.00 $210.00 $140.00

26 PREPARE DECL. OF READINESS $75.00 $51.00 $95.00 $65.00

27 CSP. PREPARE/DICTATE/TRANSMIT $100.00 $68.00 $130.00 $87.00

28 CSP REC'D W/ FILE REV & ANALYSIS $75.00 $51.00 $95.00 $65.00

29 TRANSMITTAL SENT $44.00 $44.00 $55.00 $55.00

30 TELEPHONE CONFERENCE WITH by time @ $160/hr by time @ $80/hr by time @ $180/hr by time @ $100/hr

31 REVIEW ORDER APPROVING C&R/STIPS $77.00 $53.00 $98.00 $57.00

32 REVIEW FINDINGS AND AWARD $150.00 $102.00 $190.00 $130.00

33 PETITION FOR RECONSIDERATION N/A N/A $560.00 N/A

34 ANSWER TO PETITION FOR RECON. N/A N/A $350.00 N/A

36 REVIEW OF by time @ $160/hr by time @ $80/hr by time @ $180/hr by time @ $100/hr

37 PREPARE PETITION TO REOPEN $110.00 $75.00 $140.00 $95.00

38 PETITION TO TERMINATE $150.00 $102.00 $190.00 $130.00

39 PREP ANSWER/OBJ. TO $88.00 $60.00 $112.00 $76.00

40 LEGAL RESEARCH by time @ $160/hr by time @ $80/hr by time @ $180/hr by time @ $100/hr

41 PETITION FOR WRIT OF REVIEW N/A N/A by time @ $180/hr N/A

43 BRIEF LETTER SENT (REDUCED RATE) $55.00 $35.00 $70.00 $45.00

44 BRIEF CSP. REC'D (REDUCED RATE) $45.00 $30.00 $58.00 $38.00

45 ORAL ARGUMENT AT APPELLATE LEVEL N/A N/A by time @ $180/hr N/A

49 PREPARE STIPULATIONS $88.00 $60.00 $112.00 $76.00

63 TELEPHONE CALL (REDUCED RATE) $35.00 $24.00 $45.00 $30.00

68 PREPARE POINTS AND AUTHORITIES by time @ $160/hr by time @ $80/hr by time @ $180/hr by time @ $100/hr

69 PREPARE ADVISORY RATING AND LETTER $110.00 $75.00 $140.00 $95.00

70 PREPARE/FILE LIEN $44.00 $35.00 $55.00 $45.00

71 PREPARE APPLICATION $154.00 $105.00 $196.00 $134.00

72 ATTEND HEARING <1/2 DAY)[RED.RATE] $435.00 N/A $550.00 N/A

73 ATTEND FULL DAY HEARING $1,400.00 N/A $1,780.00 N/A

75 DEPOSITION ACTIVITIES EXCEEDING 3 HOURSby time @ $160/hr N/A by time @ $180/hr N/A

76 REVIEW VOC. REHAB REPORT $66.00 $45.00 $84.00 $57.00

77 PREPARE STIPS W/ REQ FOR AWARD $132.00 $90.00 $168.00 $115.00

78 PREPARE ADD'L STIP/C&R $55.00 $38.00 $70.00 $48.00

80 COMPLEX INITIAL FILE REVIEW by time @ $160/hr N/A by time @ $180/hr N/A

81 PREPARE COMPLEX STIP/C&R by time @ $160/hr by time @ $80/hr by time @ $180/hr by time @ $100/hr

82 PREPARE ORDER by time @ $160/hr by time @ $80/hr by time @ $180/hr by time @ $100/hr

Dec'19 Int Fee Sched El Segundo Page 1 of 2 Prepared by EM Wagner

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KEGEL, TOBIN TRUCE INTEGRATED FEE SCHEDULE

PARALEGAL & LEGAL ASST

ORDINARY LEGAL ASST APPELLATE APPELLATE

CODE DESCRIPTION OF ACTIVITY WORKERS' COMP WORK COMP S&W, 132(a) S&W, 132(a)

88 CONDUCT PUBLIC RECORDS SEARCH $75.00 $75.00 $75.00 $75.00

90 PREPARE REHAB APPEAL $209.00 $145.00 $266.00 $185.00

92 PREPARE PET FOR CONTRIBUTION $175.00 $120.00 $220.00 $150.00

93 (MISC) by time @ $160/hr by time @ $80/hr by time @ $180/hr by time @ $100/hr

94 PREPARE (STANDARD PLEADINGS & FORMS):per Sep Schedule per Sep Schedule Per Forms Man Per Forms Man

95 REVIEW FILE FOR CLOSE/PRESERVE $60.00 $60.00 $75.00 $75.00

96 REVIEW REHAB UNIT D&O $110.00 $75.00 $140.00 $95.00

98 LEXIS $75.00 $75.00 $75.00 $75.00

99 CHECK REQUEST/PREPARATION/ACCTG $40.00 $40.00 $40.00 $40.00

100 E-MAIL RECEIVED FROM by time @ $160/hr by time @ $80/hr by time @ $180/hr by time @ $100/hr

101 E-MAIL PREPARED AND SENT TO by time @ $160/hr by time @ $80/hr by time @ $180/hr by time @ $100/hr

102 REVIEW LENGHTY OR COMPLEX MED RPT by time @ $160/hr by time @ $80/hr by time @ $180/hr by time @ $100/hr

105 ROUND TRIP TRAVEL TIME by time @ $160/hr by time @ $80/hr by time @ $180/hr by time @ $100/hr

106 PREPARE REQUIRED EAMS FORMS FOR FILING OFby time @ $160/hr by time @ $80/hr by time @ $180/hr by time @ $100/hr

107 PREPARE PRE-TRIAL CONFERENCE STMT $175.00 $105.00 $225.00 $135.00

108 PREPARE DEFENSE EXHIBIT PACKAGE FOR by time @ $160/hr by time @ $80/hr by time @ $180/hr by time @ $100/hr

109 PREPARE REQUEST FOR QME PANEL $75.00 $75.00 $95.00 $75.00

110 CANCEL/RESCHEDULE DEPOSITION $55.00 $55.00 $55.00 $55.00

111 PREPARE MINUTES OF HEARING FOR $44.00 $44.00 $55.00 $55.00

114 HEARING ACTIVITIES > 1/2 DAY YET < FULL DAYby time @ $160/hr N/A N/A

115 PREPARE NOTICE OF HEARING $44.00 $44.00 $55.00 $55.00

U&C PHOTOCOPIES 1-20 @ $0.50/Page; 20+ @ $0.35/PageU&C FACSIMILES $1.50/Page

Note: The fees for services listed above are not based solely on the professional time

involved. This is simply the charge for the specified service. Fees are based upon

the relative complexity of each task, professional skill and experience, as well as

the degree to which firm resources are involved in accomplishing the task. All legal assistant

activities are reduced accordingly. If you have any questions as to our billing

philosophy, please call our Administrator, Ms. Elizabeth M. Wagner at (213) 380-3880.

Revised April 12, 2019

Dec'19 Int Fee Sched El Segundo Page 2 of 2 Prepared by EM Wagner

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OFFICE ATTORNEYS OFFICE ATTORNEYS

ONTARIO VENTURAJustin R. Farhang Katherine A. Fitzgerald E. Charles Maki Joi L. Anderson

Managing Shareholder Patrick V. Guerrero Managing Shareholder E. Charles Maki

[email protected] John M. Robinson IV [email protected] Matthew C. Malen

David W. Plaskow

P.O. Box 76907 P.O. Box 76907 Michael S. Preis

Los Angeles, CA 90076-0907 Los Angeles, CA 90076-0907

Tel: 909-466-5555 Tel: 805-644-2216

Fax: 213-383-8346 Fax: 213-383-8346

OFFICE ATTORNEYS WCAB COVERAGE WCAB COVERAGEPomona Bakersfield

LOS ANGELES Riverside Oxnard

Joseph D. Kieffer Justin R. Farhang San Bernardino San Luis Obispo

Managing Shareholder Steven M. Green Santa Barbara

[email protected] Joseph D. Kieffer LONG BEACH Van Nuys

Jon E. von Leden (Subro) Dovan Calumpang Karen L. Ahlstedt

Fiona Woon Anthony J. Macauley Managing Shareholder Alan D. Bennett SAN DIEGOManaging Shareholder Margaret L. Matasci [email protected] Dovan F. Calumpang Fiona Woon Gabriel A. Quintanilla

[email protected] Evelyn Medina Scott F. Corngold Managing Shareholder Brent E. Smith

P.O. Box 76907 (90076-0907) Hoang T. Nguyen P.O. Box 76907 Audrey K. Nguyen [email protected]

800 Wilshire Blvd., #1100 Patrick S. Rajasingam Los Angeles, CA 90076-0907 Ashley S. Randolph

Los Angeles, CA 90017-2615 Preeti G. Shah Tel: 562-437-1108 Nicholas H. Sandomirsky P.O. Box 76907

Tel: 213-380-3880 Sana Z. Shah Fax: 213-383-8346 Los Angeles, CA 90076-0907

Fax: 213-383-8346 Phillip R. Soon Tel: 619-696-0906

Mark N. Thomas WCAB COVERAGE Fax: 213-383-8346

WCAB COVERAGE Fiona Woon Anaheim

Los Angeles Long Beach WCAB COVERAGEMarina del Rey Marina del Rey All San Diego County Boards

Pomona Santa Ana

Van Nuys

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mailto:[email protected]






SAMPLE CLIENT LISTPublic Entities

California Department of Social Services (York Risk Insurance Group, Inc.) – 5 years

California State University (Including Los Angeles, Fullerton, Dominguez Hills, Long Beach and San Bernardino) (Sedgwick CMS) – 11 years

City of Alhambra (Including Alhambra Police and Fire Departments) (Adminsure Inc.) – 27 years

City of Anaheim – 3 years

City of Azusa (Including Azusa Police Department) (California Claims Management Services) – 11 years

City of Culver City (Including Culver City Police and Fire Departments) (California Claims Management Services) – 19 years

City of Inglewood (Including The Inglewood Police Department) (Adminsure Inc.) – 32 years

City of Los Angeles (Including Department of Transportation and Police Department) (ACME Administrators, Inc.) – 22 years

City of Oxnard (Including Oxnard Police Department) (AIMS) – 13 years

City of San Fernando (Including San Fernando Police Department) (CCMS) – 19 years

City of Simi Valley (Including Simi Valley Police Department) – 20 years

City of Ventura (Including Ventura Police and Fire Departments) (Intercare Insurance Services) – 16 years

County of Los Angeles

County of Orange

County of San Bernardino (Including San Bernardino County Sheriffs) – 5 years

Garden Grove Unified School District – 4 years

Los Angeles Unified School District (Including District’s Police Officers) (Sedgwick CMS) – 27 years

Los Angeles Community College District – 2 years

Pomona Unified School District (Corvel) – 17 years

University of California- Irvine (Sedgwick CMS) – 3 years

University of California- Santa Barbara (Sedgwick CMS) – 22 years

Corporate Clients AutoZone Stores – 16 years

Auto Club of Southern California – 21 years

Barrett Business Services, Inc. – 6 years

Bank of America – 22 years

Macy’s Corporate Services – 17 years

Northrop Grumman Corporation – 23 years

Insurance Companies ACE USA – 16 years

American Claims Management (ACM) – 10 years

American International Group – over 33 years

Arch Insurance

Berkshire Hathaway Homestate Companies – 12 years

Everest National Insurance Company – 15 years

The Travelers – 28 years

Tristar Risk Management – 18 years

Zenith Insurance Company – 16 years

Zurich Insurance Group – 13 years

Health Care Delivery Clients DaVita HealthCare Partners Inc. – 5 years

St. Joseph Health – 17 years of 263

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MINUTES OF THE CLAIMS COMMITTEE MEETING

May 13, 2020 9:30 A.M.

A meeting of the Claims Committee was held on May 13, 2020. Members Present Yvette Garcia, Chair Downey Alison Stevens, Vice Chair Hawthorne Sergio Ibarra Bell Sara Nazir Lynwood Deborah Scott-Leistra Santa Ana Nellie Cobos South Gate Others in Attendance: Carl Warren Robert Tran Heather Mendez Gordon Pennington (left at 1:11 p.m.) Angelique King (left at 1:11 p.m.) Michael Gates Richard McAbee (left at 10:56 a.m.) Robert Tran (arrived at 12:49 p.m.) Johnson, Schachter & Lewis Kellie Murphy, General Counsel RPA Beth Lyons John Nielsen Jennifer Achterberg Bob May Sara Peterson Consulting Sara Peterson (left at 1:11 p.m.) RMS Ken Maiolini (left at 10:10 a.m.) 1. CALL TO ORDER

Chair Yvette Garcia, Downey, called the meeting to order at 9:40 a.m. 2. ESTABLISHMENT OF QUORUM/INTRODUCTIONS

Introductions took place and roll call determined a quorum was present. 3. PUBLIC COMMENTS

None

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MINUTES ICRMA Claims Committee

May 13, 2020

4. APPROVAL OF AGENDA AS POSTED OR AMENDED A motion was made by Debbie Scott-Leistra, Santa Ana, seconded by Alison Stevens, Hawthorne, to approve the agenda as posted. The motion carried unanimously by roll call vote.

5. CONSENT CALENDAR

Sergio Ibarra, Bell, pulled item C) Proposed Meeting Dates for Program Year 2020-2021. A motion was made by Sergio Ibarra, Bell, seconded by Alison Steven, Hawthorne, to approve items A) Minutes of the March 11, 2020 Claims Committee Meeting; B) Workers’ Compensation Memorandum of Coverage 2020-21, and D) Claims Committee Appointments for Expiring Terms and to finalize or forward to the Board; and to review and file the E) 2019-20 Claims Committee Attendance Record. The motion carried unanimously by roll call vote.

Mr. Ibarra requested an update regarding the manner in which the meetings will be held. Ms. Lyons indicated RPA staff continue to monitor the situation and will propose action based on local and state ordinances. Mr. Ibarra requested the July meeting be held via WebEx/teleconference. A motion was made by Sara Nazir, Lynwood, seconded by Sergio Ibarra, Bell to approve item C) Proposed Meeting dates for Program Year 2020-21 with the July meeting scheduled to be held via WebEx and teleconference. The motion carried unanimously by roll call vote.

6. OPEN SESSION

A. Liability Program Claims Audit The liability program is audited every two years, with the last audit performed in 2018. Since the prior audit, ICRMA entered into a single TPA contract with Carl Warren & Company for about half of the members for liability third party administration (TPA) services, and continues to contract with Carl Warren and Company to provide services as ICRMA’s Liability Program Manager. During the audit period, the other half of the members maintained individual contracts with AdminSure for liability TPA services. Mr. Maiolini presented an overview of the report as presented in the agenda, reiterating his approach was process based, focused on reserving practices within ICRMA’s layer, handling by TPA firms, and Litigation Management as compared to the guideline outlined in the TPA Performance Standards and Litigation Management Policies and Procedures (LMPP). Mr. Maiolini discussed multiple recommendations for the committee’s consideration, which will also be presented to the Board at a future meeting. Recommendations were categorized as investigation, reserving, supervisor/management review, adjuster consistency, and litigation management. Recommendations were made to enhance the overall claims and litigation handling as well as increase member satisfaction. Members of the committee discussed the changes to the program and its structure and indicated changes should address some of the deficiencies discussed. Mr. Gordon Pennington responded to specific information regarding reporting structure and adjuster support for each member agency in which Carl Warren is the primary TPA. The Committee noted the audit reviewed the program

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May 13, 2020

structure from 2018 through 2020, and some changes (e.g. the blanket TPA contract with Carl Warren) were not in place the entire time. Additionally, while there are policies and procedures in place, like attorneys acknowledging and signing the LMPP, enforcement of the guidelines as outlined in the LMPP by both the TPA and the member agencies does not consistently occur. RPA and Carl Warren staff will review the recommendations with the TPAs. Motion made by Sergio Ibarra, Bell, seconded by Yvette Garcia, Downey, to forward the report to the Board at its June meeting. The motion carried unanimously via roll call vote.

B. Liability Memorandum of Coverage 2020-21 Ms. Lyons informed the Committee the Board requested additional information be presented regarding draft language in the Memorandum of Coverage (MOC) for 2020-21. Ms. Kellie Murphy provided an overview regarding draft language to be included in Section III – Defense and Settlement (p. 15 of the MOC). Language to be added is as follows: “The duty to fully cooperate also includes the MEMBER placing on the MEMBER’s legislative agenda all matters necessary or appropriate for approval of settlements as soon as reasonably practicable under the circumstances.” Motion made by Yvette Garcia, Downey, seconded by Debbie Scott-Leistra, Santa Ana to recommend Board adoption of the revised Liability MOC for 2020-21 with respect to Section III – Defense of Settlement. The motion carried unanimously via roll call vote. The second item discussed was the issue of coverage for communicable disease/pandemic as a result of the current situation involving COVID-19. The broker provided an update to RPA that reinsurers will be adding express communicable disease/pandemic exclusions to policies for the 2020-21 coverage period as this is a risk they never intended to cover. The Committee discussed the fact that many health organizations indicate there may be additional COVID waves in the next two to three years, before there is a vaccination. The Board will look at policy decisions regarding communicable disease claims because they were not factored into the liability funding estimates for the current program year, and currently there are no clear funding models with which to estimate costs. Board options include but are not limited to: excluding coverage, creation of a pandemic fund in which members would contribute monies to support claim costs, or creation of a shared risk program specific to pandemics. The Committee discussed immunities for governmental agencies related to State of Emergency declarations. The committee directed RPA staff and legal counsel to perform additional research regarding communicable disease, the types of claims, information from other JPAs in California and the actions they are taking regarding their coverage documents for 2020-21. Ms. Murphy indicated that other JPAs she currently works with are all considering exclusions. Ms. Sara Peterson indicated she will share information with legal counsel and RPA staff that was gathered by AGRiP.

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May 13, 2020

Motion made by Alison Stevens, Hawthorne, seconded by Yvette Garcia, Downey, to direct staff to perform additional research on immunities, how other communicable disease lawsuits and claims have been handled in recent years, and share information from today’s meeting with the Board on May 14th. The motion carried unanimously via roll call vote.

C. Member Requests to add Attorneys to the Liability Defense Panel Ms. Heather Mendez reviewed the materials submitted by two member agencies in their request to add attorneys to the liability defense panel. The committee discussed the request to add attorneys who are not local to Southern California and/or do not have experience in litigating matters that are covered by ICRMA. The committee discussed the requirements by which an attorney may be added to the liability defense panel after having been removed. Should an attorney be removed for cause, the LMPP indicates the attorney may not be placed on the panel again for at least three years. It was noted that a proposed attorney was removed in 2018 as he did not work on matters covered by ICRMA. Mr. Ibarra provided additional information regarding the request to add each of the four attorneys from Aleshire & Wynder. The city’s current city attorney has begun succession planning, and two attorneys are proposed to onboard on specific matters for the city. The committee was informed Mr. Tanner is currently working on a litigated matter. Ms. Lyons indicated the liability defense panel is comprised of attorneys who are experts in their field and work on ICRMA reportable claims, however, members are encouraged to utilize attorneys on the panel for all litigation at the member agencies. The number of attorneys on the panel can increase costs on the program. Ms. Lyons reiterated the Committee has historically attempted to ensure members concerns are addressed, while also being mindful of directives to manage program costs. The committee discussed the process by which ICRMA has been reviewing attorneys in the effort to reduce overall program costs, and increase effective analysis of attorneys on ICRMA reportable matters. In an effort to continue to reduce the panel size and reduce costs in the liability program, the committee discussed recommending two of the four attorneys from Aleshire & Wynder for Board consideration. Motion made by Alison Stevens, Hawthorne, seconded by Sergio Ibarra, Bell, to recommend the Board consider the addition of attorneys Rick Navarette of Alvarado Smith, APC, and Michelle Sassano and Colin Tanner of Aleshire & Wynder to the Liability Defense Panel. The motion carried unanimously via roll call vote.

D. Liability Program Manager Resignation and Proposed Replacement Ms. Lyons informed the Committee of Ms. Rose Nuno’s resignation from Carl Warren and Company and read a portion of her email which expressed her appreciation of ICRMA’s Claims Committee and Board. Mr. Pennington provided an overview of Carl Warren’s proposed staffing structure, which included Mr. Michael Gates as the Liability Program Manager, Heather Mendez as Assistant Liability Program Manager, and additional support and executive support staff.

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May 13, 2020

The Committee interviewed Mr. Gates for nearly an hour to better understand his experience as well as his philosophy regarding management and partnership of the program. Mr. Pennington reiterated, based on Committee discussion, Mr. Gates would be solely dedicated to ICRMA and not working on any other Carl Warren accounts. Additionally, Carl Warren reiterated this change will continue to expand effective communication with ICRMA members. Motion made by Yvette Garcia, Downey, seconded by Alison Stevens, Hawthorne, to approve Michael Gates as the Liability Program Manager. The motion carried unanimously via roll call vote.

E. Liability Program Management Services & Structure Ms. Sara Peterson provided a review regarding processes taken both by the Committee and the Board over the last year. The current contract for Liability Program Management Services with Carl Warren and Company expires at the end of calendar year 2020. The Board delegated the review of the Liability Program structure to the Committee, and requested the Administration firm, RPA, provide information regarding services it could provide in connection with ICRMA’s Liability Program. Ms. Peterson facilitated the Committee’s discussion regarding the proposal for services provided by Western Litigation, which is a Gallagher subsidiary. The Committee discussed the services proposed, and staffing structure, are unclear and do not appear to meet expectations as discussed during review of the program structure. The Board has emphasized that any vendor contemplating provision of services must understand the “art” and soft skills involved in the program administration – rather than the adjuster tasks. In fact, there are three elements to the program: Claims Management, Litigation Management, and Data & Systems Management. The Committee directed the consultant to convey an appreciation for the proposal received from Western Litigation and inform them of ICRMA’s next steps to analyze the program structure and expectations over the next several months. Upon which either a direct request for a revised proposal or an RFP will be issued. Additional direction was given to Ms. Peterson to work through next steps as outlined in the memo: Speak with ICRMA’s Claims Auditor at RMS to incorporate his insights into past program management and recommendations re the position, structure and process forward; Speak with 2-3 field experts to clarify content; Revise the vendor parameters and assessment process per inputs; and compile recommendations based on the above regarding the optimal structure for ICRMA’s Liability Program (ex: single TPA v. multiple TPAs, defense panel, etc.). Both the chair and vice-chair agreed to be resources to Ms. Peterson, as needed, regarding analysis to be presented to the Committee at future meetings.

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May 13, 2020

No action required. 7. CLOSED SESSION

The Committee entered closed session at 1:12 p.m.

8. REPORT FROM CLOSED SESSION The Committee convened in open session at 1:16 p.m. General Counsel, Kellie Murphy, reported in the Williams v. El Segundo matter, a reimbursement request of $84,556.62 was granted and authorization was confirmed for the June 2017 Stipulation for permanent disability in the amount of $171,682.50.

9. CLOSING COMMENTS None

10. ADJOURNMENT

The meeting was adjourned at 1:17 p.m.

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Subject: Board Attendance Record 2019-20 Action for consideration: Review and file Background: The Board of Directors (Board) attendance record is presented for review. Attendance at Board meetings during the 2019-20 fiscal year is noted below. Section G.2.a.iii of the Program Underwriting & Administration Policy Manual states that every member is expected to attend meetings of the Board and relevant committees, be well informed, and be prepared to actively participate in Board discussions.


City 8/8/19 10/9-10/10w/ SPS

12/5/19 2/13/20 4/9/20 5/14/20Sp. Mtg

6/11/20 % of Attendance

Adelanto 1 1 1 1 1 1 1 100%Bell 1 1 1 1 1 1 1 100%Downey 1 1 1 1 1 1 1 100%El Monte Absent 1 1 1 Absent 1 1 71%El Segundo 1 1 1 1 1 1 1 100%Fullerton 1 1 1 1 1 1 1 100%Glendora 1 1 1 1 1 1 1 100%Hawthorne 1 1 1 1 1 1 1 100%Hermosa Beach Absent 1 1 Absent 1 1 1 71%Huntington Park 1 1 Absent 1 1 1 Absent 71%Inglewood 1 1 1 1 1 1 1 100%Lynwood 1 1 1 1 1 1 1 100%Monterey Park 1 1 1 1 1 1 1 100%San Fernando 1 1 1 1 1 1 1 100%Santa Ana Absent 1 1 1 1 1 1 86%South Gate 1 1 Absent 1 1 1 1 86%Total Cities: 13 16 14 15 15 16 15

FY2019/2020BOARD ATTENDANCE RECORD

ICRMA

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Subject: Board Attendance Record 2020-21 Action for consideration: Review and file Background: The Board of Directors (Board) attendance record is presented for review. Attendance at Board meetings during the 2020-21 fiscal year is noted below. Section G.2.a.iii of the Program Underwriting & Administration Policy Manual states that every member is expected to attend meetings of the Board and relevant committees, be well informed, and be prepared to actively participate in Board discussions.


City 7/13/20Speical Mtg

8/13/20 10/14-10/15w/ SPS

12/10/20 2/11/21 4/8/21 5/26/21 6/10/21 % of Attendance

Adelanto 1 100%Bell 1 100%Downey 1 100%El Monte 1 100%El Segundo 1 100%Fullerton 1 100%Glendora 1 100%Hawthorne 1 100%Hermosa Beach 1 100%Huntington Park 0 0%Inglewood 1 100%Lynwood 1 100%Monterey Park 1 100%San Fernando 1 100%Santa Ana 0 0%South Gate 1 100%Total Cities: 14 0 0 0 0 0 0 0

ICRMABOARD ATTENDANCE RECORD

FY2020/2021

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Bank Date Vendor Document No Amount

General Checking ‐ California Bank and Trust Account No: 1030068561

6/23/2020 VEN_1160‐‐BANKCARD CENTER‐Beth Lyons 100.00

6/5/2020 VEN_1416‐‐Safety in Design LLC 12046 190.00

6/5/2020 VEN_1162‐‐Alvarez‐Glasman and Colvin 12047 125.00

6/5/2020 VEN_1426‐‐Craig R. Wheaton Consulting 12048 1,125.00

6/5/2020 VEN_1161‐‐Carl Warren and Company 12049 50,326.86

6/5/2020 VEN_1403‐‐Kessel and Megrabyan 12050 34,643.05

6/22/2020 VEN_1066‐‐Alliant Insurance Services, Inc. 12051 11,873.75

6/22/2020 VEN_1107‐‐Occu‐Med 12052 3,240.00

6/22/2020 VEN_1109‐‐Origami Risk LLC 12053 88,350.00

6/22/2020 VEN_1123‐‐Sara Peterson Consulting 12054 5,000.00

6/22/2020 VEN_1143‐‐City of Hawthorne 12055 3,335.94

6/22/2020 VEN_1156‐‐Risk Program Administrators 12056 305,468.25

6/22/2020 VEN_1159‐‐Risk Management Services 12057 20,000.00

6/22/2020 VEN_1239‐‐Express Auto Appraisals 12058 120.00

6/22/2020 VEN_1366‐‐VARI Sales Corporation 12059 2,321.87

6/22/2020 VEN_1372‐‐Bickmore Actuarial 12060 40,000.00

6/22/2020 VEN_1390‐‐City of Glendora 12061 10,293.56

6/22/2020 VEN_1426‐‐Craig R. Wheaton Consulting 12062 225.00

6/22/2020 VEN_1433‐‐Rosanna Anaya 12063 240,000.00

6/22/2020 VEN_1434‐‐Kunz Mediation, LLC 12064 840.00

Total for General Checking 817,578.28

ICRMA

Check Register

6/1/2020 ‐ 6/30/2020

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Bank Date Vendor Document No Amount

General Checking ‐ California Bank and Trust

7/6/2020 VEN_1367‐‐Woodruff, Spradlin and Smart 12065 217,792.82

7/6/2020 VEN_1435‐‐Hall Arbitrations LLC 12066 23,650.00

7/20/2020 VEN_1107‐‐Occu‐Med 12067 3,240.00

7/20/2020 VEN_1372‐‐Bickmore Actuarial 12068 500.00

7/20/2020 VEN_1235‐‐AdminSure Inc 12069 106,434.48

Total for General Checking 351,617.30

ICRMA

Check Register

7/1/2020 ‐ 7/31/2020

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Yield Reconciled Balance

0.00% 1,069,736$

1.22% 3,167,723$

0.51% 134,296$

1.92% 72,798,579$

1.86% 77,170,334$

COMPLIANCE WITH INVESTMENT POLICY

The operating cash is held in a non-interest bearing analysis checking account in which an earnings credit offsetsall or a portion of the banking service charges.

Attached are the Cal Bank & Trust, PFM/CAMP, and Local Agency Investment Fund (LAIF) statementsdetailing all cash and investment transactions. Market prices are derived from closing bid prices as of the last business day of the month from either Interactive Data, Bloomberg or Telerate.

I certify that this report reflects all cash and investments and is in conformance with the Authority's Investment Policy.The investment program herein shown provides sufficient cash flow liquidity to meet the Authority’s expenditures, as currently known, for the next six months.

Respectfully Submitted, Accepted,

Brent A. Mason Joe LillioFinance Manager Treasurer

CAMP/U.S. Bank - Investments managed by PFM ** 72,798,579$

Total Cash and Investments 77,277,747$

** - Market Value represents the full value of the managed portfolio, including accrued interest.

State of California Local Agency Investment Fund 3,167,723$

California Asset Management Program (CAMP) Cash Balance 134,296$

California Bank & Trust - General 1,177,150$

Independent Cities Risk Management AuthorityTreasurer's Report

June 30, 2020

Description of Accounts Market Value

B t A M

Joseph LillioDigitally signed by Joseph Lillio DN: cn=Joseph Lillio, o=City of El Segundo, ou=Director of Finance, [email protected], c=US Date: 2020.07.23 16:38:54 -07'00'

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DIRECT INQUIRIES TO:Customer Service 1 (800) 400-6080

Statement of Accounts

This Statement: June 30, 2020Last Statement: May 29, 2020

Account 1030068561

Sacramento Main520 Capitol Mall Suite 100Sacramento, CA 95814-4714(916) 341-4800

A division of Zions Bancorporation, N.A. Member FDIC

Effective July 1, 2020, we are revising our funds availability policy. At least $225 of every daily deposit of checkswill be made available to you by the next business day after the date of deposit (increasing from $200 inparagraph 6(a)(i)). Also, the large daily deposit level of checks that may trigger a delay on funds availability isincreased to $5,525 (increasing from $5,000 in paragraph 6(a)(ii)(2)). In addition, for accounts of new customers,the first $5,525 deposited in one day from cashier's, certified, teller's, traveler's, and government checks willgenerally be made available to you by the next business day after the date of deposit (increasing from $5,000 inparagraph 6(b)).

We are revising our Deposit Account Agreement, a copy which can be obtained by visiting your local branch orfound in the Agreement Center online at www.calbanktrust.com. Effective 08/19/2020, the Daily OverdraftService Fee (Section 7(q)) will be replaced by a Continuing Overdraft Fee ("COF"). We will charge a COF of $30if your account remains overdrawn more than $5.00 for 7 consecutive calendar days. The COF will be chargedfor up to three consecutive 7-calendar day periods that your account is overdrawn more than $5.00. Foradditional details, please refer to calbanktrust.com/overdrafts or visit your local branch.

Effective 08/19/2020, the fees in the schedule provided below will apply to all CB&T deposit accounts. Thesefees will replace those in effect when you opened your account or disclosed to you in prior notifications. If youhave any questions, please contact your banker to discuss solutions that can minimize your fees.

Overdraft Transactions

Insufficient Funds - Paid and Returned Items -$36/each-Per check, ACH, or wire transaction posted against insufficient funds, whether the bank pays or returns thetransaction.-Per multiple-use debit card transaction paid against insufficient funds.-Per non-debit card withdrawal transaction paid against insufficient funds.

A maximum of 10 fees will be charged per account per business day. Fees will be charged if the account isoverdrawn $5 or less after all transactions post following the close of business.

SUMMARY OF ACCOUNT BALANCE

Account Type Account NumberChecking/Savings

Ending BalanceOutstanding

Balances OwedPF Business Analyzed Account 1030068561 $1,177,149.90

PF BUSINESS ANALYZED ACCOUNT 1030068561 129 0

Previous Balance Deposits/Credits Charges/Debits Checks Processed Ending Balance1,472,427.62 1,135,000.00 440.37 1,429,837.35 1,177,149.90

0048126 4183-06-0000-CBT-PG0030-00000

0048126-0000001-0129014

Page 1 of 4

INDEPENDENT CITIES RISK MGMT AUTHORITY ARTEX RISK SOLUTIONS INC, ADMINISTRATOR 6040 E MAIN ST # 132 MESA AZ 85205-8928

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jachterberg

Highlight

jachterberg

Highlight

jachterberg

Highlight

0048126-0000001-0129014

Page 2 of 4

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A division of Zions Bancorporation, N.A. Member FDIC

June 30, 2020INDEPENDENT CITIES RISK MGMT AUTHORITY1030068561

...........................................................................................................................................................................................2 DEPOSITS/CREDITS

Date Amount Description06/22 135,000.00 RDC DEPOSIT - SCANNER 5353025619 06/22 1,000,000.00 WIRE/IN-2020062200006883;ORG STATE OF CALIFORNIA - LAIF;REF 1307301738

...........................................................................................................................................................................................2 CHARGES/DEBITS

Date Amount Description06/22 340.37 ANALYSIS SERVICE FEE 06/23 100.00 BANKCARD CENTER PAYMENT *******101109REF # 020175009078764 1107602184

...........................................................................................................................................................................................17 CHECKS PROCESSED

Number..............Date............................Amount Number..............Date............................Amount Number..............Date............................Amount1084 06/01 74,065.34 12046 06/15 190.00 12054 06/29 5,000.0012039* 06/12 24,712.24 12047 06/17 125.00 12056* 06/29 305,468.2512041* 06/17 33,567.00 12048 06/15 1,125.00 12059* 06/29 2,321.8712042 06/12 19,102.74 12049 06/11 50,326.86 12063* 06/29 240,000.0012043 06/15 61,969.32 12050 06/24 34,643.05 12064 06/29 840.0012045* 06/04 488,030.68 12053* 06/29 88,350.00* Not in check sequence

..........................................................................................................................................................................................AGGREGATE OVERDRAFT AND RETURNED ITEM FEES

Total for This Period Total Year-to-DateTotal Overdraft Fees $0.00 $0.00Total Returned Item Fees $0.00 $0.00

To learn more about our other products and services that may lower the cost of managing accountoverdrafts or to discuss removing overdraft coverage from your account, please contact CustomerService or visit your local branch.

..........................................................................................................................................................................................DAILY BALANCES

Date..........................Balance Date..........................Balance Date..........................Balance06/01 1,398,362.28 06/15 752,905.44 06/23 1,853,773.0706/04 910,331.60 06/17 719,213.44 06/24 1,819,130.0206/11 860,004.74 06/22 1,853,873.07 06/29 1,177,149.9006/12 816,189.76

0048126-0000002-0129015

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California Bank & Trust

0048126-0000002-0129015

Page 4 of 4

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For the Month Ending June 30, 2020Account Statement - Transaction Summary

INDEPENDENT CITIES RISK MANAGEMENT AUTHORITY - ICRMA OPERATING FUND - 520-00

Opening Market Value

Purchases

Redemptions

Change in Value

Closing Market Value

508,754.54

1,721,535.35

(2,095,994.36)

0.00

$134,295.53

CAMP Pool

Unsettled Trades 0.00

161.15 Cash Dividends and Income


Purchases

Redemptions

Change in Value


71,989,595.85

1,989,903.25

(1,567,689.31)

26,012.40

$72,437,822.19

CAMP Managed Account

Unsettled Trades 0.00

147,642.26 Cash Dividends and Income

June 30, 2020 May 31, 2020

Asset Summary

CAMP Pool 134,295.53 508,754.54

CAMP Managed Account 72,437,822.19 71,989,595.85

$72,572,117.72 $72,498,350.39 Total

Asset Allocation

0.19%CAMP Pool

99.81%

CAMP ManagedAccount

Account 520-00 Page 1

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For the Month Ending June 30, 2020Managed Account Summary Statement

INDEPENDENT CITIES RISK MANAGEMENT AUTHORITY - ICRMA OPERATING FUND - 520-00 - (12510753)

Dividend


Redemptions

Purchases



Change in Current Value

Unsettled Trades

Principal Acquisitions

Principal Dispositions

Maturities/Calls




Account Total

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

Dividends

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)

Reconciling Transactions

Net Cash Contribution

Security Purchases

Principal Payments

Coupon/Interest/Dividend Income

Sale Proceeds

Maturities/Calls

Cash Transactions Summary- Managed Account

$508,754.54

1,721,535.35

(2,095,994.36)

$134,295.53

161.15

$71,989,595.85

(127,768.51)

(1,439,920.80)

1,989,903.25

0.00

26,012.40

$72,437,822.19

$72,498,350.39

$72,572,117.72

124,031.76

(604.17)

24,214.67

$147,642.26

0.00

1,451,611.33

112,341.23

127,768.51

(2,090,507.42)

398,786.35

0.00

Managed Account Total

70,034,870.79 70,169,166.32

360,756.60

1,451,611.33

127,768.51

112,341.23

(1,990,507.42)

(69,610,640.03)

(351,316.11)

0.00

360,756.60

3,547,605.69

127,768.51

112,341.23

(3,712,042.77)

(70,119,394.57)

(351,316.11)

161.15

Total Accrual Basis Earnings $134,884.90 $135,046.05

Transaction Summary - Managed AccountTransaction Summary - Money Market

_______________________________________________ _______________________________________________ _____________________________________________________

Cash Balance

$0.00 Closing Cash Balance


of 263

For the Month Ending June 30, 2020Portfolio Summary and Statistics


Account Summary

Percent Par Value Market ValueDescription

U.S. Treasury Bond / Note 27,030,000.00 28,305,032.65 38.99

Supra-National Agency Bond / Note 930,000.00 953,909.15 1.31

Municipal Bond / Note 2,390,000.00 2,564,249.25 3.53

Federal Agency Collateralized Mortgage

Obligation

2,269,774.17 2,386,032.06 3.29

Federal Agency Bond / Note 12,915,000.00 13,713,460.05 18.90

Corporate Note 15,295,000.00 16,014,255.78 22.07

Certificate of Deposit 5,250,000.00 5,361,991.15 7.39

Asset-Backed Security 3,071,021.39 3,138,892.10 4.33

Managed Account Sub-Total 69,150,795.56 72,437,822.19 99.81%

Accrued Interest 360,756.60

Total Portfolio 69,150,795.56 72,798,578.79

CAMP Pool 134,295.53 134,295.53 0.19

Total Investments 69,285,091.09 72,932,874.32 100.00%

Unsettled Trades 0.00 0.00

Sector Allocation

4.33%ABS

7.39%Cert of Deposit

22.07%Corporate Note

3.29%Fed Agency CMO

18.90%

Fed Agy Bond /Note

0.19%Mny Mkt Fund

3.53%Muni Bond / Note

1.31%

Supra-NationalAgency Bond / Note

38.99%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

1.53%

7.91%

20.72%

27.25%

16.48%

26.11%

0.00%

Maturity Distribution Characteristics

Yield to Maturity at Cost

Yield to Maturity at Market

Weighted Average Days to Maturity 1023

1.92%

0.53%


of 263

For the Month Ending June 30, 2020Managed Account Issuer Summary


Credit Quality (S&P Ratings)

5.75%A

4.39%A+

7.64%A-

2.81%A-1

1.38%A-1+

0.58%AA

62.76%AA+

4.28%AA-

4.53%AAA

0.19%AAAm

0.71%BBB

2.84%BBB+

2.14%NR

Issuer Summary

Percentof HoldingsIssuer

Market Value

544,473.00 0.75 ABBOTT LABORATORIES

67,332.01 0.09 ADOBE INC

154,900.49 0.21 AMAZON.COM INC

575,591.66 0.79 AMERICAN EXPRESS CO

591,815.61 0.82 AMERICAN HONDA FINANCE

407,809.60 0.56 APPLE INC

725,976.60 1.00 ARIZONA ST TRANSPRTN BRD HIGHW

221,183.93 0.30 BANK OF AMERICA CO

1,139,710.95 1.57 CALIFORNIA ST

134,295.53 0.19 CAMP Pool

169,351.91 0.23 CAPITAL ONE PRIME AUTO REC TRUST

154,333.08 0.21 CARMAX AUTO OWNER TRUST

594,813.45 0.82 CATERPILLAR INC

327,168.00 0.45 CHARLES SCHWAB

419,208.07 0.58 CHEVRON CORPORATION

517,728.29 0.71 CITIGROUP INC

512,117.81 0.71 COMCAST CORP

559,901.10 0.77 CREDIT AGRICOLE SA

488,165.44 0.67 DEERE & COMPANY

423,628.40 0.58 DISCOVER FINANCIAL SERVICES

519,110.50 0.72 DNB ASA

4,068,905.61 5.62 FANNIE MAE

6,237,725.03 8.61 FEDERAL HOME LOAN BANKS

204,974.04 0.28 FIFTH THIRD AUTO TRUST

205,524.92 0.28 FORD CREDIT AUTO LEASE TRUST

5,792,861.47 7.99 FREDDIE MAC

96,845.10 0.13 GM FINANCIAL AUTO LEASING TRUST

362,995.75 0.50 GM FINANCIAL SECURITIZED TERM

492,279.85 0.68 GOLDMAN SACHS GROUP INC

240,728.83 0.33 HERSHEY COMPANY

241,222.16 0.33 HOME DEPOT INC

425,355.23 0.59 HYUNDAI AUTO RECEIVABLES


of 263

For the Month Ending June 30, 2020Managed Account Issuer Summary


Percentof HoldingsIssuer

Market Value

494,074.35 0.68 IBM CORP

597,661.52 0.82 INTEL CORPORATION

676,800.86 0.93 INTER-AMERICAN DEVELOPMENT BANK

277,108.29 0.38 INTL BANK OF RECONSTRUCTION AND DEV

60,636.67 0.08 JOHN DEERE OWNER TRUST

584,054.63 0.80 JP MORGAN CHASE & CO

263,342.34 0.36 MERCEDES-BENZ AUTO RECEIVABLES

498,892.52 0.69 MITSUBISHI UFJ FINANCIAL GROUP INC

994,231.80 1.37 MORGAN STANLEY

492,866.22 0.68 NATIONAL RURAL UTILITIES CO FINANCE CORP

618,221.40 0.85 NORDEA BANK AB

286,987.02 0.40 PACCAR FINANCIAL CORP

348,887.46 0.48 PEPSICO INC

832,425.44 1.15 PFIZER INC

423,414.80 0.58 PNC FINANCIAL SERVICES GROUP

1,002,221.03 1.38 ROYAL BANK OF CANADA

174,533.70 0.24 SAN DIEGO CA CMNTY CLG DIST

618,349.80 0.85 SKANDINAVISKA ENSKILDA BANKEN AB

563,477.60 0.78 SOCIETE GENERALE

103,240.00 0.14 STATE OF CONNECTICUT

981,817.20 1.35 SWEDBANK AB

420,788.00 0.58 TAMALPAIS CA UNION HIGH SCH DIST

561,520.38 0.77 THE BANK OF NEW YORK MELLON CORPORATION

636,805.44 0.88 THE WALT DISNEY CORPORATION

1,059,208.96 1.46 TOYOTA MOTOR CORP

1,332,028.34 1.84 TRUIST FIN CORP

240,162.53 0.33 UNILEVER PLC

394,974.06 0.54 UNITED PARCEL SERVICE INC

28,305,032.65 39.01 UNITED STATES TREASURY

600,320.41 0.83 US BANCORP

203,333.18 0.28 VOLKSWAGEN AUTO LEASE TURST

306,665.70 0.42 WASTE MANAGEMENT INC

$72,572,117.72 Total 100.00%


of 263

For the Month Ending June 30, 2020Managed Account Detail of Securities Held


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 MarketTrade Settle

Par

U.S. Treasury Bond / Note

US TREASURY NOTES

DTD 08/15/2018 2.750% 08/15/2021

493,800.00 485,334.86 4,968.13 489,056.25 09/19/1909/18/19AaaAA+ 480,000.00 9128284W7 1.74

US TREASURY NOTES

DTD 09/02/2014 2.000% 08/31/2021

153,187.50 151,187.68 1,002.72 154,957.03 10/18/1610/17/16AaaAA+ 150,000.00 912828D72 1.30

US TREASURY N/B NOTES

DTD 08/31/2016 1.125% 08/31/2021

318,445.31 313,509.54 1,184.46 312,452.93 09/03/1908/30/19AaaAA+ 315,000.00 9128282F6 1.54


DTD 08/31/2016 1.125% 08/31/2021

960,390.63 942,773.21 3,572.18 936,937.50 07/23/1907/19/19AaaAA+ 950,000.00 9128282F6 1.79

US TREASURY NOTES

DTD 09/30/2016 1.125% 09/30/2021

161,875.01 159,347.07 452.46 159,143.75 02/10/2002/07/20AaaAA+ 160,000.00 912828T34 1.46

UNITED STATES TREASURY NOTES

DTD 10/15/2018 2.875% 10/15/2021

325,926.56 319,675.30 1,905.28 322,395.12 10/01/1909/27/19AaaAA+ 315,000.00 9128285F3 1.70


DTD 11/15/2018 2.875% 11/15/2021

497,700.00 487,694.14 1,762.50 491,250.00 11/12/1911/08/19AaaAA+ 480,000.00 9128285L0 1.68


DTD 11/15/2018 2.875% 11/15/2021

3,649,800.00 3,580,021.74 12,925.00 3,610,750.00 10/18/1910/17/19AaaAA+ 3,520,000.00 9128285L0 1.61

US TREASURY NOTES

DTD 12/31/2014 2.125% 12/31/2021

102,921.88 100,556.64 5.77 101,746.09 04/17/1704/17/17AaaAA+ 100,000.00 912828G87 1.74

US TREASURY NOTES

DTD 01/03/2017 2.000% 12/31/2021

960,566.45 938,779.37 50.82 946,358.79 06/28/1706/26/17AaaAA+ 935,000.00 912828U81 1.72

US TREASURY NOTES

DTD 02/02/2015 1.500% 01/31/2022

1,046,460.94 1,019,152.26 6,420.33 1,008,143.55 07/07/1707/05/17AaaAA+ 1,025,000.00 912828H86 1.88

US TREASURY NOTES

DTD 02/15/2019 2.500% 02/15/2022

425,439.04 415,537.58 3,857.83 417,495.31 12/04/1912/02/19AaaAA+ 410,000.00 9128286C9 1.65


DTD 04/30/2015 1.750% 04/30/2022

349,828.11 335,525.28 1,002.45 330,039.06 04/04/1804/02/18AaaAA+ 340,000.00 912828WZ9 2.51


DTD 05/15/2019 2.125% 05/15/2022

67,376.56 65,407.04 176.41 65,604.30 08/05/1908/01/19AaaAA+ 65,000.00 9128286U9 1.78


of 263





Par



DTD 05/15/2019 2.125% 05/15/2022

1,088,390.63 1,060,488.84 2,849.69 1,063,207.03 01/06/2001/02/20AaaAA+ 1,050,000.00 9128286U9 1.58

US TREASURY NOTES

DTD 05/31/2017 1.750% 05/31/2022

257,539.05 250,974.13 370.56 251,308.59 11/04/1910/31/19AaaAA+ 250,000.00 912828XR6 1.54

US TREASURY NOTES

DTD 07/31/2017 1.875% 07/31/2022

1,108,118.75 1,062,767.56 8,377.75 1,054,117.19 01/04/1801/02/18AaaAA+ 1,070,000.00 9128282P4 2.22


DTD 08/15/2019 1.500% 08/15/2022

1,542,656.25 1,497,755.89 8,468.41 1,497,011.72 10/18/1910/17/19AaaAA+ 1,500,000.00 912828YA2 1.57

US TREASURY NOTES

DTD 10/02/2017 1.875% 09/30/2022

778,828.13 739,396.26 3,534.84 728,818.36 04/04/1804/02/18AaaAA+ 750,000.00 9128282W9 2.54

US TREASURY NOTES

DTD 12/31/2015 2.125% 12/31/2022

1,043,506.25 979,811.12 57.46 968,764.66 09/06/1809/04/18AaaAA+ 995,000.00 912828N30 2.78


DTD 02/15/2020 1.375% 02/15/2023

1,273,979.69 1,253,540.04 6,391.29 1,255,840.63 03/04/2003/02/20AaaAA+ 1,235,000.00 912828Z86 0.80

US TREASURY NOTES

DTD 03/31/2016 1.500% 03/31/2023

321,285.92 302,404.91 1,168.85 298,580.86 02/12/1902/08/19AaaAA+ 310,000.00 912828Q29 2.44

US TREASURY NOTES

DTD 03/31/2016 1.500% 03/31/2023

720,302.31 671,686.12 2,620.49 653,300.00 05/02/1805/01/18AaaAA+ 695,000.00 912828Q29 2.82

US TREASURY NOTES

DTD 03/31/2016 1.500% 03/31/2023

751,394.50 699,875.03 2,733.61 685,521.48 12/06/1812/04/18AaaAA+ 725,000.00 912828Q29 2.85


DTD 05/31/2018 2.750% 05/31/2023

451,368.75 433,044.23 978.28 435,618.75 12/04/1912/02/19AaaAA+ 420,000.00 9128284S6 1.65

US TREASURY NOTES

DTD 06/30/2016 1.375% 06/30/2023

196,798.43 188,924.65 7.10 188,678.91 10/25/1910/23/19AaaAA+ 190,000.00 912828S35 1.57


DTD 07/02/2018 2.625% 06/30/2023

375,593.75 360,574.72 24.97 362,140.63 01/21/2001/16/20AaaAA+ 350,000.00 9128284U1 1.59

US TREASURY N/B

DTD 09/30/2016 1.375% 09/30/2023

259,648.45 245,955.83 864.07 244,619.14 06/05/1906/03/19AaaAA+ 250,000.00 912828T26 1.90


of 263





Par


US TREASURY NOTES

DTD 10/31/2016 1.625% 10/31/2023

612,787.50 582,695.67 1,601.60 582,006.45 07/03/1907/01/19AaaAA+ 585,000.00 912828T91 1.75


DTD 11/30/2018 2.875% 11/30/2023

545,625.00 521,132.90 1,217.55 525,488.28 10/18/1910/17/19AaaAA+ 500,000.00 9128285P1 1.59

US TREASURY N/B

DTD 03/31/2017 2.125% 03/31/2024

567,762.50 527,045.67 2,831.01 526,128.51 05/03/1905/01/19AaaAA+ 530,000.00 912828W71 2.28


DTD 05/01/2017 2.000% 04/30/2024

555,262.50 531,293.59 1,752.17 533,771.88 08/29/1908/27/19AaaAA+ 520,000.00 912828X70 1.41


DTD 06/30/2017 2.000% 06/30/2024

834,843.75 786,706.80 42.39 788,378.91 07/03/1907/01/19AaaAA+ 780,000.00 912828XX3 1.77

US TREASURY NOTES

DTD 08/15/2014 2.375% 08/15/2024

1,957,781.16 1,855,738.23 16,089.97 1,865,250.00 10/18/1910/17/19AaaAA+ 1,800,000.00 912828D56 1.59

US TREASURY NOTES

DTD 10/02/2017 2.125% 09/30/2024

1,532,712.50 1,445,699.22 7,584.97 1,449,176.56 12/04/1912/02/19AaaAA+ 1,420,000.00 9128282Y5 1.68

US TREASURY N/B

DTD 11/30/2017 2.125% 11/30/2024

611,347.63 576,037.80 1,016.92 577,249.02 01/06/2001/02/20AaaAA+ 565,000.00 9128283J7 1.66


DTD 01/31/2018 2.500% 01/31/2025

297,421.88 283,564.63 2,818.68 284,755.08 02/05/2002/03/20AaaAA+ 270,000.00 9128283V0 1.36

US TREASURY N/B

DTD 02/17/2015 2.000% 02/15/2025

1,106,359.38 1,100,146.49 7,715.66 1,104,237.30 03/31/2003/30/20AaaAA+ 1,025,000.00 912828J27 0.40

120,404.63 28,305,032.65 27,271,762.04 1.74 27,270,299.62 27,030,000.00 Security Type Sub-Total

Supra-National Agency Bond / Note

INTL BANK OF RECONSTRUCTION AND DEV

NOTE

DTD 07/25/2018 2.750% 07/23/2021

277,108.29 269,776.50 3,258.75 269,368.20 07/25/1807/18/18AaaAAA 270,000.00 459058GH0 2.83

INTER-AMERICAN DEVELOPMENT BANK

NOTE

DTD 01/18/2018 2.500% 01/18/2023

274,448.46 257,522.01 2,943.06 255,509.80 06/06/1806/04/18AaaAAA 260,000.00 4581X0DA3 2.90


of 263





Par


INTER-AMERICAN DEVEL BK CORPORATE

NOTES

DTD 04/24/2020 0.500% 05/24/2023

402,352.40 399,872.22 205.56 399,864.00 04/24/2004/17/20AaaAAA 400,000.00 4581X0DM7 0.51

6,407.37 953,909.15 927,170.73 1.87 924,742.00 930,000.00 Security Type Sub-Total

Municipal Bond / Note

CA ST TXBL GO BONDS

DTD 04/25/2018 2.800% 04/01/2021

595,921.95 585,005.98 4,095.00 585,023.40 04/25/1804/18/18Aa2AA- 585,000.00 13063DGA0 2.80

CT ST TXBL GO BONDS

DTD 06/11/2020 1.998% 07/01/2024

103,240.00 100,000.00 111.00 100,000.00 06/11/2005/29/20A1A 100,000.00 20772KJW0 2.00

AZ TRAN BOARD TXBL REV BONDS

DTD 02/12/2020 1.958% 07/01/2024

725,976.60 690,000.00 5,216.44 690,000.00 02/12/2001/10/20Aa1AA+ 690,000.00 040654XU4 1.96

SAN DIEGO CCD, CA TXBL GO BONDS

DTD 10/16/2019 2.046% 08/01/2024

174,533.70 165,000.00 1,406.63 165,000.00 10/16/1909/18/19AaaAAA 165,000.00 797272QP9 2.05

TAMALPAIS UHSD, CA TXBL GO BONDS

DTD 10/09/2019 2.021% 08/01/2024

420,788.00 400,000.00 3,368.33 400,000.00 10/09/1909/20/19AaaNR 400,000.00 874857KK0 2.02

CA ST T/E GO BONDS

DTD 04/22/2020 5.000% 03/01/2025

543,789.00 530,656.64 4,312.50 533,970.00 04/22/2004/17/20Aa2AA- 450,000.00 13063DUY2 1.05


Federal Agency Collateralized Mortgage Obligation

FANNIE MAE SERIES 2016-M1 ASQ2

DTD 01/01/2016 2.132% 02/01/2021

67,115.41 67,199.75 119.25 67,791.06 01/29/1601/19/16AaaAA+ 67,121.03 3136AQV56 1.92

FHLMC SERIES K721 A2

DTD 12/01/2015 3.090% 08/01/2022

616,852.12 602,468.72 1,545.00 605,109.38 04/09/1804/04/18AaaAA+ 600,000.00 3137BM6P6 2.88

FNA 2013-M7 A2

DTD 05/01/2013 2.280% 12/01/2022

200,565.17 197,463.28 371.53 198,106.45 09/09/1909/04/19AaaAA+ 195,544.62 3136AEGQ4 1.86

FHMS KP05 A

DTD 12/01/2018 3.203% 07/01/2023

221,907.96 215,037.08 573.97 215,036.86 12/17/1812/07/18AaaAA+ 215,037.51 3137FKK39 3.20


of 263





Par


FANNIEMAE-ACES

DTD 04/01/2014 3.346% 03/01/2024

447,961.58 429,423.43 1,148.68 431,979.57 12/18/1912/13/19AaaAA+ 411,960.85 3136AJB54 2.14

FHMS KJ27 A1

DTD 11/01/2019 2.092% 07/25/2024

176,409.10 172,235.44 300.27 172,234.91 11/26/1911/20/19AaaAA+ 172,239.03 3137FQ3V3 2.09

FHMS K730 A1

DTD 03/01/2018 3.452% 09/01/2024

221,469.71 215,610.12 612.36 217,122.59 03/13/1802/28/18AaaAA+ 212,871.13 3137FEU99 3.11

FHMS K043 A2

DTD 03/01/2015 3.062% 12/25/2024

433,751.01 413,460.37 1,007.91 414,564.84 03/25/2003/19/20AaaAA+ 395,000.00 3137BGK24 1.97


Federal Agency Bond / Note

FEDERAL HOME LOAN BANKS NOTES

DTD 02/21/2020 1.375% 02/17/2023

699,737.68 678,898.90 3,376.39 678,748.80 02/21/2002/20/20AaaAA+ 680,000.00 3130AJ7E3 1.44

FREDDIE MAC NOTES

DTD 04/20/2020 0.375% 04/20/2023

802,214.40 798,131.51 591.67 798,000.00 04/20/2004/17/20AaaAA+ 800,000.00 3137EAEQ8 0.46

FREDDIE MAC NOTES

DTD 05/07/2020 0.375% 05/05/2023

566,426.63 564,774.64 317.81 564,762.70 05/07/2005/05/20AaaAA+ 565,000.00 3137EAER6 0.39

FANNIE MAE NOTES

DTD 05/22/2020 0.250% 05/22/2023

1,028,939.10 1,027,012.95 278.96 1,026,899.70 05/22/2005/20/20AaaAA+ 1,030,000.00 3135G04Q3 0.35

FREDDIE MAC NOTES

DTD 06/26/2020 0.250% 06/26/2023

919,022.04 917,325.87 31.94 917,313.60 06/26/2006/24/20AaaAA+ 920,000.00 3137EAES4 0.35

FEDERAL HOME LOAN BANK NOTES

DTD 08/28/2013 3.375% 09/08/2023

795,739.70 740,307.15 7,680.47 747,395.25 01/09/1901/07/19AaaAA+ 725,000.00 313383YJ4 2.67


DTD 08/28/2013 3.375% 09/08/2023

932,936.20 859,908.81 9,004.69 864,786.60 12/06/1812/04/18AaaAA+ 850,000.00 313383YJ4 2.98

FEDERAL HOME LOAN BANKS NOTES

DTD 12/09/2013 3.375% 12/08/2023

921,625.41 852,430.26 1,800.47 859,610.69 01/31/1901/30/19AaaAA+ 835,000.00 3130A0F70 2.72

FANNIE MAE NOTES

DTD 02/08/2019 2.500% 02/05/2024

883,045.70 817,801.30 8,313.89 816,949.60 02/08/1902/07/19AaaAA+ 820,000.00 3135G0V34 2.58


of 263





Par



DTD 08/20/2004 5.375% 08/15/2024

2,105,761.00 2,087,997.10 35,534.72 2,108,645.00 03/31/2003/30/20AaaAA+ 1,750,000.00 3133X8EW8 0.62

FANNIE MAE NOTES

DTD 01/10/2020 1.625% 01/07/2025

458,071.10 433,743.96 3,357.66 433,612.35 01/10/2001/08/20AaaAA+ 435,000.00 3135G0X24 1.69

FREDDIE MAC NOTES

DTD 02/14/2020 1.500% 02/12/2025

1,834,808.50 1,797,634.86 9,989.58 1,800,995.00 03/04/2003/03/20AaaAA+ 1,750,000.00 3137EAEP0 0.90


DTD 04/16/2020 0.500% 04/14/2025

300,740.40 300,326.07 312.50 300,327.00 06/26/2006/25/20AaaAA+ 300,000.00 3130AJHU6 0.48


DTD 04/16/2020 0.500% 04/14/2025

481,184.64 477,718.40 500.00 477,619.20 04/16/2004/15/20AaaAA+ 480,000.00 3130AJHU6 0.60

FANNIE MAE NOTES

DTD 04/24/2020 0.625% 04/22/2025

453,788.10 452,667.98 523.44 452,709.00 06/04/2006/02/20AaaAA+ 450,000.00 3135G03U5 0.50

FANNIE MAE NOTES

DTD 04/24/2020 0.625% 04/22/2025

529,419.45 523,958.82 610.67 523,918.50 04/24/2004/22/20AaaAA+ 525,000.00 3135G03U5 0.67


Corporate Note

IBM CREDIT CORP NOTE

DTD 09/08/2017 1.800% 01/20/2021

494,074.35 489,832.60 3,944.50 488,985.70 09/08/1709/05/17A2A 490,000.00 44932HAB9 1.86

PACCAR FINANCIAL CORP NOTES

DTD 02/27/2018 2.800% 03/01/2021

121,871.52 119,986.99 1,120.00 119,941.20 02/27/1802/22/18A1A+ 120,000.00 69371RN93 2.82

JOHN DEERE CAPITAL CORP NOTES

DTD 03/13/2018 2.875% 03/12/2021

142,268.56 139,977.92 1,218.68 139,904.80 03/13/1803/08/18A2A 140,000.00 24422EUD9 2.90

NATIONAL RURAL UTIL COOP NOTE

DTD 02/26/2018 2.900% 03/15/2021

238,811.47 234,939.77 2,006.64 234,739.15 02/26/1802/21/18A2A 235,000.00 63743HER9 2.94

NATIONAL RURAL UTIL COOP NOTE

DTD 02/26/2018 2.900% 03/15/2021

254,054.75 249,743.85 2,134.72 248,942.50 04/19/1804/12/18A2A 250,000.00 63743HER9 3.05


of 263





Par

Corporate Note

UNITED PARCEL SERVICE CORPORATE

BOND

DTD 11/14/2017 2.050% 04/01/2021

394,974.06 389,853.44 1,998.75 389,383.80 11/14/1711/09/17A2A- 390,000.00 911312BP0 2.10

PEPSICO INC CORP (CALLABLE) NOTE

DTD 10/10/2017 2.000% 04/15/2021

212,666.79 209,990.57 886.67 209,958.00 10/10/1710/05/17A1A+ 210,000.00 713448DX3 2.01

GOLDMAN SACHS GRP INC CORP NT

(CALLABLE)

DTD 04/25/2016 2.625% 04/25/2021

492,279.85 485,423.65 2,334.06 486,969.10 10/31/1710/27/17A3BBB+ 485,000.00 38141GVU5 2.50

HERSHEY COMPANY CORP NOTES

DTD 05/10/2018 3.100% 05/15/2021

240,728.83 234,953.17 930.86 234,837.85 05/10/1805/03/18A1A 235,000.00 427866BA5 3.12

CHARLES SCHWAB CORP NOTES

DTD 05/22/2018 3.250% 05/21/2021

327,168.00 319,997.16 1,155.56 319,990.40 05/22/1805/17/18A2A 320,000.00 808513AW5 3.25

AMERICAN HONDA FINANCE CORP NOTES

DTD 10/10/2018 3.375% 12/10/2021

591,815.61 569,875.38 1,122.19 569,726.40 10/10/1810/03/18A3A- 570,000.00 02665WCP4 3.39

JOHN DEERE CAPITAL CORP NOTES

DTD 01/06/2017 2.650% 01/06/2022

345,896.88 334,534.44 4,315.45 333,522.65 03/15/1703/10/17A2A 335,000.00 24422ETL3 2.75

BANK OF AMERICA CORP CORP NOTES

DTD 01/24/2012 5.700% 01/24/2022

221,183.93 214,175.23 5,095.96 231,900.10 06/22/1706/19/17A2A- 205,000.00 06051GEM7 2.64

BANK OF NY MELLON CORP (CALLABLE)

NOTES

DTD 02/07/2017 2.600% 02/07/2022

335,543.98 326,312.11 3,380.00 328,955.25 06/09/1706/07/17A1A 325,000.00 06406RAA5 2.32

HOME DEPOT INC

DTD 12/06/2018 3.250% 03/01/2022

241,222.16 229,675.56 2,491.67 229,369.80 12/06/1811/27/18A2A 230,000.00 437076BV3 3.34

BB&T CORP (CALLABLE) NOTES

DTD 03/21/2017 2.750% 04/01/2022

756,501.19 731,872.06 5,018.75 735,511.50 04/06/1704/03/17A3A- 730,000.00 05531FAX1 2.59

BRANCH BANKING & TRUST CORP NOTES

DTD 03/18/2019 3.050% 06/20/2022

575,527.15 552,056.47 512.57 553,355.00 04/04/1904/02/19A3A- 550,000.00 05531FBG7 2.85

COMCAST CORPORATION CORP NOTES

DTD 07/02/2012 3.125% 07/15/2022

512,117.81 493,643.52 6,988.72 505,656.15 09/01/1708/29/17A3A- 485,000.00 20030NBD2 2.20


of 263





Par

Corporate Note

INTEL CORP CORP NOTES

DTD 12/11/2012 2.700% 12/15/2022

597,661.52 558,160.93 678.00 553,959.90 12/28/1812/26/18A1A+ 565,000.00 458140AM2 3.23

JPMORGAN CHASE & CO (CALLABLE) NOTES

DTD 12/08/2016 2.972% 01/15/2023

584,054.63 554,458.77 7,742.89 547,620.60 11/07/1811/05/18A2A- 565,000.00 48128BAB7 3.77

ADOBE INC CORP NOTE

DTD 02/03/2020 1.700% 02/01/2023

67,332.01 64,923.08 454.28 64,910.95 02/03/2001/22/20A2A 65,000.00 00724PAA7 1.75

PEPSICO INC CORPORATE NOTES

DTD 05/01/2020 0.750% 05/01/2023

136,220.67 134,747.59 168.75 134,732.70 05/01/2004/29/20A1A+ 135,000.00 713448EY0 0.82

CHEVRON CORP CORPORATE NOTES

DTD 05/11/2020 1.141% 05/11/2023

137,237.09 135,000.00 213.94 135,000.00 05/11/2005/07/20Aa2AA 135,000.00 166764BV1 1.14

CITIGROUP INC CORP NOTES

DTD 05/14/2013 3.500% 05/15/2023

517,728.29 490,127.66 2,169.03 492,207.10 05/03/1905/01/19Baa2BBB 485,000.00 172967GT2 3.10

AMAZON.COM INC CORPORATE NOTES

DTD 06/03/2020 0.400% 06/03/2023

154,900.49 154,788.55 48.22 154,783.00 06/03/2006/01/20A2NR 155,000.00 023135BP0 0.45

PACCAR FINANCIAL CORP CORPORATE

NOTES

DTD 06/08/2020 0.800% 06/08/2023

165,115.50 164,775.47 84.33 164,770.65 06/08/2006/01/20A1A+ 165,000.00 69371RQ82 0.85

ABBOTT LABORATORIES CORP NOTES

DTD 11/22/2016 3.400% 11/30/2023

544,473.00 509,632.54 1,463.89 512,995.00 05/14/1905/10/19A3A- 500,000.00 002824BE9 2.79

AMERICAN EXPRESS CO CORP NOTES

DTD 02/22/2019 3.400% 02/22/2024

575,591.66 540,540.53 6,457.17 543,652.80 06/04/1905/31/19A3BBB+ 530,000.00 025816CC1 2.81

PFIZER INC CORP NOTES

DTD 03/11/2019 2.950% 03/15/2024

832,425.44 776,976.15 6,688.31 779,317.00 04/04/1904/02/19A1AA- 770,000.00 717081ES8 2.69

MORGAN STANLEY CORP NOTES

DTD 04/28/2014 3.875% 04/29/2024

994,231.80 942,274.65 6,006.25 952,677.00 07/23/1907/19/19A3BBB+ 900,000.00 61746BDQ6 2.56

UNILEVER CAPITAL CORP (CALLABLE)

BONDS

DTD 05/05/2017 2.600% 05/05/2024

240,162.53 230,511.66 910.00 231,738.75 09/06/1909/03/19A1A+ 225,000.00 904764AX5 1.93


of 263





Par

Corporate Note

CATERPILLAR FINL SERVICE CORP NOTES

DTD 05/17/2019 2.850% 05/17/2024

205,481.01 193,569.98 661.83 194,465.00 07/12/1907/10/19A3A 190,000.00 14913Q2V0 2.33

CATERPILLAR FINL SERVICE CORP NOTES

DTD 05/17/2019 2.850% 05/17/2024

389,332.44 366,830.21 1,254.00 368,586.00 07/03/1907/01/19A3A 360,000.00 14913Q2V0 2.33

WASTE MANAGEMENT INC CORP NOTES

DTD 05/22/2019 2.950% 06/15/2024

306,665.70 306,930.49 393.33 308,307.00 09/18/1909/16/19Baa1A- 300,000.00 94106LBF5 2.33

US BANCORP

DTD 07/29/2019 2.400% 07/30/2024

600,320.41 564,589.45 5,687.67 564,497.15 08/01/1907/30/19A1A+ 565,000.00 91159HHX1 2.42

WALT DISNEY COMPANY/THE

DTD 09/06/2019 1.750% 08/30/2024

636,805.44 612,903.03 3,677.19 612,490.80 09/06/1909/03/19A2A- 615,000.00 254687FK7 1.83

BANK OF NY MELLON CORP

DTD 10/24/2019 2.100% 10/24/2024

225,976.40 215,861.29 840.29 215,946.00 01/28/2001/21/20A1A 215,000.00 06406RAL1 2.00

PNC BANK NA CORP NOTES

DTD 11/01/2019 2.200% 11/01/2024

423,414.80 399,885.12 1,466.67 399,868.00 11/08/1911/05/19A3A- 400,000.00 693475AY1 2.21

TOYOTA MOTOR CREDIT CORP CORP

NOTES

DTD 02/13/2020 1.800% 02/13/2025

232,407.23 227,152.35 1,552.50 227,198.25 05/26/2005/20/20A1A+ 225,000.00 89236TGT6 1.58

TOYOTA MOTOR CREDIT CORP CORP

NOTES

DTD 02/13/2020 1.800% 02/13/2025

258,230.25 252,391.50 1,725.00 252,442.50 05/26/2005/20/20A1A+ 250,000.00 89236TGT6 1.58

CHEVRON CORP (CALLABLE) NOTES

DTD 05/11/2020 1.554% 05/11/2025

281,970.98 276,328.23 593.54 276,364.00 05/15/2005/13/20Aa2AA 275,000.00 166764BW9 1.45

APPLE INC (CALLABLE) CORP NOTES

DTD 05/11/2020 1.125% 05/11/2025

407,809.60 400,817.51 625.00 400,840.00 05/14/2005/12/20Aa1AA+ 400,000.00 037833DT4 1.08


Certificate of Deposit

SWEDBANK (NEW YORK) CERT DEPOS

DTD 05/18/2020 2.270% 11/16/2020

981,817.20 975,000.00 2,705.09 975,000.00 11/17/1711/16/17P-1A-1 975,000.00 87019U6D6 2.27


of 263





Par


MUFG BANK LTD/NY CERT DEPOS

DTD 02/28/2019 2.970% 02/26/2021

498,892.52 490,000.00 5,093.55 490,000.00 02/28/1902/27/19P-1A-1 490,000.00 55379WZT6 2.94

CREDIT AGRICOLE CIB NY CERT DEPOS

DTD 04/04/2019 2.830% 04/02/2021

559,901.10 550,000.00 3,718.31 550,000.00 04/04/1904/03/19P-1A-1 550,000.00 22535CDU2 2.83

ROYAL BANK OF CANADA NY CD

DTD 06/08/2018 3.240% 06/07/2021

1,002,221.03 975,000.00 2,106.00 975,000.00 06/08/1806/07/18P-1A-1+ 975,000.00 78012UEE1 3.24

SOCIETE GENERALE NY CERT DEPOS

DTD 02/19/2020 1.800% 02/14/2022

563,477.60 560,000.00 3,696.00 560,000.00 02/19/2002/14/20A1A 560,000.00 83369XDL9 1.80

NORDEA BANK ABP NEW YORK CERT DEPOS

DTD 08/29/2019 1.850% 08/26/2022

618,221.40 600,000.00 3,885.00 600,000.00 08/29/1908/27/19Aa3AA- 600,000.00 65558TLL7 1.84

SKANDINAV ENSKILDA BANK LT CD

DTD 09/03/2019 1.860% 08/26/2022

618,349.80 600,000.00 3,906.00 600,000.00 09/03/1908/29/19Aa2A+ 600,000.00 83050PDR7 1.85

DNB BANK ASA/NY LT CD

DTD 12/06/2019 2.040% 12/02/2022

519,110.50 500,000.00 821.67 500,000.00 12/06/1912/04/19Aa2AA- 500,000.00 23341VZT1 2.03


Asset-Backed Security

GMALT 2018-3 A3

DTD 09/26/2018 3.180% 06/20/2021

96,845.10 96,334.65 93.61 96,329.73 09/26/1809/18/18AaaAAA 96,337.35 36256GAD1 3.18

FORDL 2018-B A3

DTD 09/21/2018 3.190% 12/15/2021

205,524.92 204,075.55 289.34 204,066.08 09/21/1809/18/18AaaNR 204,083.32 34531LAD2 3.19

JDOT 2018-A A3

DTD 02/28/2018 2.660% 04/15/2022

60,636.67 60,174.34 71.14 60,171.89 02/28/1802/21/18AaaNR 60,176.21 47788CAC6 2.66

VWALT 2019-A A3

DTD 10/04/2019 1.990% 11/21/2022

203,333.18 199,997.59 121.61 199,996.84 10/04/1910/01/19NRAAA 200,000.00 92867XAD8 1.99

TOYOTA ABS 2018-C A3

DTD 08/22/2018 3.020% 12/15/2022

280,618.33 274,972.16 369.11 274,951.08 08/22/1808/14/18AaaAAA 275,000.00 89231AAD3 3.02

MBART 2018-1 A3

DTD 07/25/2018 3.030% 01/15/2023

263,342.34 259,850.50 349.94 259,846.18 07/25/1807/17/18AaaAAA 259,856.16 58772RAD6 3.03


of 263





Par


GMCAR 2018-3 A3

DTD 07/18/2018 3.020% 05/16/2023

71,805.55 70,558.55 88.80 70,551.88 07/18/1807/11/18NRAAA 70,568.35 36255JAD6 3.03

HYUNDAI AUTO RECEIVABLES TRUST

DTD 04/10/2019 2.660% 06/15/2023

251,126.45 244,977.22 289.64 244,967.76 04/10/1904/03/19NRAAA 245,000.00 44932NAD2 2.66

TAOT 2019-B A3

DTD 05/08/2019 2.570% 08/15/2023

287,953.15 279,967.36 319.82 279,955.34 05/08/1904/30/19AaaAAA 280,000.00 89239JAD6 2.57

COPAR 2019-1 A3

DTD 05/30/2019 2.510% 11/15/2023

169,351.91 164,974.73 184.07 164,966.57 05/30/1905/21/19AaaAAA 165,000.00 14042WAC4 2.51

GMCAR 2019-1 A3

DTD 01/16/2019 2.970% 11/16/2023

291,190.20 284,977.96 352.69 284,968.45 01/16/1901/08/19AaaNR 285,000.00 36256XAD4 2.97

FIFTH THIRD AUTO TRUST

DTD 05/08/2019 2.640% 12/15/2023

204,974.04 199,967.02 234.67 199,956.04 05/08/1904/30/19AaaAAA 200,000.00 31680YAD9 2.65

HART 2019-B A3

DTD 11/06/2019 1.940% 02/15/2024

174,228.78 169,993.35 146.58 169,992.16 11/06/1910/29/19NRAAA 170,000.00 44891JAC2 1.94

DCENT 2019-A3 A

DTD 10/31/2019 1.890% 10/15/2024

423,628.40 409,923.80 344.40 409,911.93 10/31/1910/24/19AaaNR 410,000.00 254683CM5 1.89

CARMX 2020-1 A3

DTD 01/22/2020 1.890% 12/16/2024

154,333.08 149,973.22 126.00 149,970.57 01/22/2001/14/20NRAAA 150,000.00 14315XAC2 1.89


69,150,795.56 70,134,895.67 1.92 360,756.60 70,034,870.79 72,437,822.19 Managed Account Sub-Total

Money Market Mutual Fund

CAMP Pool 134,295.53 134,295.53 0.00 134,295.53 NRAAAm 134,295.53

134,295.53 134,295.53 0.00 134,295.53 134,295.53 Money Market Sub-Total


of 263



$69,285,091.09 $70,269,191.20 $360,756.60 $70,169,166.32 $72,572,117.72 1.92%

$72,932,874.32

$360,756.60

Total Investments

Accrued Interest

Securities Sub-Total


of 263

For the Month Ending June 30, 2020Managed Account Fair Market Value & Analytics


Value On Cost Amort CostCUSIP Broker Date PriceDated Date/Coupon/Maturity Par at Mkt

Market Unreal G/L Unreal G/LNext Call MarketSecurity Type/Description YTMEffective

Duration


8,465.14 4,743.75 493,800.00 102.88 BARCLAYS 480,000.00 9128284W7US TREASURY NOTES

DTD 08/15/2018 2.750% 08/15/2021

0.19 1.11

1,999.82 (1,769.53) 153,187.50 102.13 MORGANST 150,000.00 912828D72US TREASURY NOTES

DTD 09/02/2014 2.000% 08/31/2021

0.18 1.15

4,935.77 5,992.38 318,445.31 101.09 JEFFERIE 315,000.00 9128282F6US TREASURY N/B NOTES

DTD 08/31/2016 1.125% 08/31/2021

0.19 1.16

17,617.42 23,453.13 960,390.63 101.09 CITIGRP 950,000.00 9128282F6US TREASURY N/B NOTES

DTD 08/31/2016 1.125% 08/31/2021

0.19 1.16

2,527.94 2,731.26 161,875.01 101.17 MORGAN_S 160,000.00 912828T34US TREASURY NOTES

DTD 09/30/2016 1.125% 09/30/2021

0.19 1.24

6,251.26 3,531.44 325,926.56 103.47 CITIGRP 315,000.00 9128285F3UNITED STATES TREASURY NOTES

DTD 10/15/2018 2.875% 10/15/2021

0.19 1.27

10,005.86 6,450.00 497,700.00 103.69 CITIGRP 480,000.00 9128285L0UNITED STATES TREASURY NOTES

DTD 11/15/2018 2.875% 11/15/2021

0.19 1.35

69,778.26 39,050.00 3,649,800.00 103.69 MORGAN_S 3,520,000.00 9128285L0UNITED STATES TREASURY NOTES

DTD 11/15/2018 2.875% 11/15/2021

0.19 1.35

2,365.24 1,175.79 102,921.88 102.92 JEFFERIE 100,000.00 912828G87US TREASURY NOTES

DTD 12/31/2014 2.125% 12/31/2021

0.17 1.48

21,787.08 14,207.66 960,566.45 102.73 HSBC 935,000.00 912828U81US TREASURY NOTES

DTD 01/03/2017 2.000% 12/31/2021

0.17 1.49

27,308.68 38,317.39 1,046,460.94 102.09 MORGAN_S 1,025,000.00 912828H86US TREASURY NOTES

DTD 02/02/2015 1.500% 01/31/2022

0.18 1.56

9,901.46 7,943.73 425,439.04 103.77 CITIGRP 410,000.00 9128286C9US TREASURY NOTES

DTD 02/15/2019 2.500% 02/15/2022

0.18 1.59

14,302.83 19,789.05 349,828.11 102.89 MORGAN_S 340,000.00 912828WZ9US TREASURY N/B NOTES

DTD 04/30/2015 1.750% 04/30/2022

0.17 1.81

1,969.52 1,772.26 67,376.56 103.66 NOMURA 65,000.00 9128286U9UNITED STATES TREASURY NOTES

DTD 05/15/2019 2.125% 05/15/2022

0.17 1.84

27,901.79 25,183.60 1,088,390.63 103.66 CITIGRP 1,050,000.00 9128286U9UNITED STATES TREASURY NOTES

DTD 05/15/2019 2.125% 05/15/2022

0.17 1.84

6,564.92 6,230.46 257,539.05 103.02 MERRILL 250,000.00 912828XR6US TREASURY NOTES

DTD 05/31/2017 1.750% 05/31/2022

0.17 1.89

45,351.19 54,001.56 1,108,118.75 103.56 HSBC 1,070,000.00 9128282P4US TREASURY NOTES

DTD 07/31/2017 1.875% 07/31/2022

0.16 2.04


of 263





Duration


44,900.36 45,644.53 1,542,656.25 102.84 CITIGRP 1,500,000.00 912828YA2UNITED STATES TREASURY NOTES

DTD 08/15/2019 1.500% 08/15/2022

0.16 2.09

39,431.87 50,009.77 778,828.13 103.84 MORGAN_S 750,000.00 9128282W9US TREASURY NOTES

DTD 10/02/2017 1.875% 09/30/2022

0.16 2.21

63,695.13 74,741.59 1,043,506.25 104.88 BNP_PARI 995,000.00 912828N30US TREASURY NOTES

DTD 12/31/2015 2.125% 12/31/2022

0.17 2.45

20,439.65 18,139.06 1,273,979.69 103.16 NOMURA 1,235,000.00 912828Z86UNITED STATES TREASURY NOTES

DTD 02/15/2020 1.375% 02/15/2023

0.17 2.58

18,881.01 22,705.06 321,285.92 103.64 TD 310,000.00 912828Q29US TREASURY NOTES

DTD 03/31/2016 1.500% 03/31/2023

0.17 2.70

48,616.19 67,002.31 720,302.31 103.64 MERRILL 695,000.00 912828Q29US TREASURY NOTES

DTD 03/31/2016 1.500% 03/31/2023

0.17 2.70

51,519.47 65,873.02 751,394.50 103.64 RBS 725,000.00 912828Q29US TREASURY NOTES

DTD 03/31/2016 1.500% 03/31/2023

0.17 2.70

18,324.52 15,750.00 451,368.75 107.47 MERRILL 420,000.00 9128284S6US TREASURY N/B NOTES

DTD 05/31/2018 2.750% 05/31/2023

0.18 2.82

7,873.78 8,119.52 196,798.43 103.58 MORGAN_S 190,000.00 912828S35US TREASURY NOTES

DTD 06/30/2016 1.375% 06/30/2023

0.18 2.95

15,019.03 13,453.12 375,593.75 107.31 NOMURA 350,000.00 9128284U1US TREASURY N/B NOTES

DTD 07/02/2018 2.625% 06/30/2023

0.18 2.91

13,692.62 15,029.31 259,648.45 103.86 MERRILL 250,000.00 912828T26US TREASURY N/B

DTD 09/30/2016 1.375% 09/30/2023

0.18 3.18

30,091.83 30,781.05 612,787.50 104.75 MERRILL 585,000.00 912828T91US TREASURY NOTES

DTD 10/31/2016 1.625% 10/31/2023

0.20 3.25

24,492.10 20,136.72 545,625.00 109.13 MORGAN_S 500,000.00 9128285P1UNITED STATES TREASURY NOTES

DTD 11/30/2018 2.875% 11/30/2023

0.20 3.28

40,716.83 41,633.99 567,762.50 107.13 NOMURA 530,000.00 912828W71US TREASURY N/B

DTD 03/31/2017 2.125% 03/31/2024

0.22 3.61

23,968.91 21,490.62 555,262.50 106.78 MORGAN_S 520,000.00 912828X70US TREASURY N/B NOTES

DTD 05/01/2017 2.000% 04/30/2024

0.22 3.70

48,136.95 46,464.84 834,843.75 107.03 JEFFERIE 780,000.00 912828XX3US TREASURY N/B NOTES

DTD 06/30/2017 2.000% 06/30/2024

0.23 3.87

102,042.93 92,531.16 1,957,781.16 108.77 MERRILL 1,800,000.00 912828D56US TREASURY NOTES

DTD 08/15/2014 2.375% 08/15/2024

0.24 3.93


of 263





Duration


87,013.28 83,535.94 1,532,712.50 107.94 CITIGRP 1,420,000.00 9128282Y5US TREASURY NOTES

DTD 10/02/2017 2.125% 09/30/2024

0.25 4.08

35,309.83 34,098.61 611,347.63 108.20 NOMURA 565,000.00 9128283J7US TREASURY N/B

DTD 11/30/2017 2.125% 11/30/2024

0.26 4.24

13,857.25 12,666.80 297,421.88 110.16 MERRILL 270,000.00 9128283V0UNITED STATES TREASURY NOTES

DTD 01/31/2018 2.500% 01/31/2025

0.27 4.33

6,212.89 2,122.08 1,106,359.38 107.94 BNP_PAR 1,025,000.00 912828J27US TREASURY N/B

DTD 02/17/2015 2.000% 02/15/2025

0.27 4.42

1,034,733.03 0.20 1,033,270.61 28,305,032.65 27,030,000.00 Security Type Sub-Total 2.51


7,331.79 7,740.09 277,108.29 102.63 MORGAN_S 270,000.00 459058GH0INTL BANK OF RECONSTRUCTION AND

DEV NOTE

DTD 07/25/2018 2.750% 07/23/2021

0.27 1.04

16,926.45 18,938.66 274,448.46 105.56 BARCLAYS 260,000.00 4581X0DA3INTER-AMERICAN DEVELOPMENT BANK

NOTE

DTD 01/18/2018 2.500% 01/18/2023

0.31 2.46

2,480.18 2,488.40 402,352.40 100.59 RBC 400,000.00 4581X0DM7INTER-AMERICAN DEVEL BK CORPORATE

NOTES

DTD 04/24/2020 0.500% 05/24/2023

0.30 2.88

29,167.15 0.29 26,738.42 953,909.15 930,000.00 Security Type Sub-Total 2.23


10,915.97 10,898.55 595,921.95 101.87 JPM_CHAS 585,000.00 13063DGA0CA ST TXBL GO BONDS

DTD 04/25/2018 2.800% 04/01/2021

0.31 0.75

3,240.00 3,240.00 103,240.00 103.24 SIEBERT 100,000.00 20772KJW0CT ST TXBL GO BONDS

DTD 06/11/2020 1.998% 07/01/2024

1.17 3.87

35,976.60 35,976.60 725,976.60 105.21 JPM_CHAS 690,000.00 040654XU4AZ TRAN BOARD TXBL REV BONDS

DTD 02/12/2020 1.958% 07/01/2024

0.64 3.85

9,533.70 9,533.70 174,533.70 105.78 RBC 165,000.00 797272QP9SAN DIEGO CCD, CA TXBL GO BONDS

DTD 10/16/2019 2.046% 08/01/2024

0.61 3.91


of 263





Duration


20,788.00 20,788.00 420,788.00 105.20 RBC 400,000.00 874857KK0TAMALPAIS UHSD, CA TXBL GO BONDS

DTD 10/09/2019 2.021% 08/01/2024

0.73 3.92

13,132.36 9,819.00 543,789.00 120.84 MERRILL 450,000.00 13063DUY2CA ST T/E GO BONDS

DTD 04/22/2020 5.000% 03/01/2025

0.48 4.24

90,255.85 0.56 93,586.63 2,564,249.25 2,390,000.00 Security Type Sub-Total 3.23


(84.34)(675.65) 67,115.41 99.99 MORGANST 67,121.03 3136AQV56FANNIE MAE SERIES 2016-M1 ASQ2

DTD 01/01/2016 2.132% 02/01/2021

2.15 0.44

14,383.40 11,742.74 616,852.12 102.81 CITIGRP 600,000.00 3137BM6P6FHLMC SERIES K721 A2

DTD 12/01/2015 3.090% 08/01/2022

1.72 1.89

3,101.89 2,458.72 200,565.17 102.57 BAIRD 195,544.62 3136AEGQ4FNA 2013-M7 A2

DTD 05/01/2013 2.280% 12/01/2022

1.20 2.30

6,870.88 6,871.10 221,907.96 103.20 CSFB 215,037.51 3137FKK39FHMS KP05 A

DTD 12/01/2018 3.203% 07/01/2023

2.10 1.55

18,538.15 15,982.01 447,961.58 108.74 JPM_CHAS 411,960.85 3136AJB54FANNIEMAE-ACES

DTD 04/01/2014 3.346% 03/01/2024

0.92 3.31

4,173.66 4,174.19 176,409.10 102.42 JPM_CHAS 172,239.03 3137FQ3V3FHMS KJ27 A1

DTD 11/01/2019 2.092% 07/25/2024

1.48 2.57

5,859.59 4,347.12 221,469.71 104.04 MORGAN_S 212,871.13 3137FEU99FHMS K730 A1

DTD 03/01/2018 3.452% 09/01/2024

2.43 1.75

20,290.64 19,186.17 433,751.01 109.81 CITIGRP 395,000.00 3137BGK24FHMS K043 A2

DTD 03/01/2015 3.062% 12/25/2024

0.83 4.14



20,838.78 20,988.88 699,737.68 102.90 WELLS_FA 680,000.00 3130AJ7E3FEDERAL HOME LOAN BANKS NOTES

DTD 02/21/2020 1.375% 02/17/2023

0.27 2.58

4,082.89 4,214.40 802,214.40 100.28 CITIGRP 800,000.00 3137EAEQ8FREDDIE MAC NOTES

DTD 04/20/2020 0.375% 04/20/2023

0.28 2.79

1,651.99 1,663.93 566,426.63 100.25 WELLS_F 565,000.00 3137EAER6FREDDIE MAC NOTES

DTD 05/07/2020 0.375% 05/05/2023

0.29 2.83


of 263





Duration


1,926.15 2,039.40 1,028,939.10 99.90 CITIGRP 1,030,000.00 3135G04Q3FANNIE MAE NOTES

DTD 05/22/2020 0.250% 05/22/2023

0.29 2.89

1,696.17 1,708.44 919,022.04 99.89 TD 920,000.00 3137EAES4FREDDIE MAC NOTES

DTD 06/26/2020 0.250% 06/26/2023

0.29 2.98

55,432.55 48,344.45 795,739.70 109.76 WELLS_FA 725,000.00 313383YJ4FEDERAL HOME LOAN BANK NOTES

DTD 08/28/2013 3.375% 09/08/2023

0.30 3.03

73,027.39 68,149.60 932,936.20 109.76 TD 850,000.00 313383YJ4FEDERAL HOME LOAN BANK NOTES

DTD 08/28/2013 3.375% 09/08/2023

0.30 3.03

69,195.15 62,014.72 921,625.41 110.37 BARCLAYS 835,000.00 3130A0F70FEDERAL HOME LOAN BANKS NOTES

DTD 12/09/2013 3.375% 12/08/2023

0.34 3.28

65,244.40 66,096.10 883,045.70 107.69 NOMURA 820,000.00 3135G0V34FANNIE MAE NOTES

DTD 02/08/2019 2.500% 02/05/2024

0.35 3.44

17,763.90 (2,884.00) 2,105,761.00 120.33 AMHERST 1,750,000.00 3133X8EW8FEDERAL HOME LOAN BANK NOTES

DTD 08/20/2004 5.375% 08/15/2024

0.40 3.73

24,327.14 24,458.75 458,071.10 105.30 BARCLAYS 435,000.00 3135G0X24FANNIE MAE NOTES

DTD 01/10/2020 1.625% 01/07/2025

0.44 4.35

37,173.64 33,813.50 1,834,808.50 104.85 MORGAN_ 1,750,000.00 3137EAEP0FREDDIE MAC NOTES

DTD 02/14/2020 1.500% 02/12/2025

0.44 4.46

414.33 413.40 300,740.40 100.25 RBC 300,000.00 3130AJHU6FEDERAL HOME LOAN BANK NOTES

DTD 04/16/2020 0.500% 04/14/2025

0.45 4.73

3,466.24 3,565.44 481,184.64 100.25 CITIGRP 480,000.00 3130AJHU6FEDERAL HOME LOAN BANK NOTES

DTD 04/16/2020 0.500% 04/14/2025

0.45 4.73

1,120.12 1,079.10 453,788.10 100.84 NOMURA 450,000.00 3135G03U5FANNIE MAE NOTES

DTD 04/24/2020 0.625% 04/22/2025

0.45 4.74

5,460.63 5,500.95 529,419.45 100.84 CITIGRP 525,000.00 3135G03U5FANNIE MAE NOTES

DTD 04/24/2020 0.625% 04/22/2025

0.45 4.74


Corporate Note

4,241.75 5,088.65 494,074.35 100.83 JPM_CHAS 490,000.00 44932HAB9IBM CREDIT CORP NOTE

DTD 09/08/2017 1.800% 01/20/2021

0.30 0.55

1,884.53 1,930.32 121,871.52 101.56 JPM_CHAS 120,000.00 69371RN93PACCAR FINANCIAL CORP NOTES

DTD 02/27/2018 2.800% 03/01/2021

0.46 0.66


of 263





Duration

Corporate Note

2,290.64 2,363.76 142,268.56 101.62 BARCLAYS 140,000.00 24422EUD9JOHN DEERE CAPITAL CORP NOTES

DTD 03/13/2018 2.875% 03/12/2021

0.55 0.69

3,871.70 4,072.32 238,811.47 101.62 RBC 235,000.00 63743HER9NATIONAL RURAL UTIL COOP NOTE

DTD 02/26/2018 2.900% 03/15/2021

0.60 0.70

4,310.90 5,112.25 254,054.75 101.62 RBC 250,000.00 63743HER9NATIONAL RURAL UTIL COOP NOTE

DTD 02/26/2018 2.900% 03/15/2021

0.60 0.70

5,120.62 5,590.26 394,974.06 101.28 JPM_CHAS 390,000.00 911312BP0UNITED PARCEL SERVICE CORPORATE

BOND

DTD 11/14/2017 2.050% 04/01/2021

0.35 0.75

2,676.22 2,708.79 212,666.79 101.27 03/15/21MERRILL 210,000.00 713448DX3PEPSICO INC CORP (CALLABLE) NOTE

DTD 10/10/2017 2.000% 04/15/2021

0.39 0.70

6,856.20 5,310.75 492,279.85 101.50 03/25/21MORGAN_S 485,000.00 38141GVU5GOLDMAN SACHS GRP INC CORP NT

(CALLABLE)

DTD 04/25/2016 2.625% 04/25/2021

0.78 0.73

5,775.66 5,890.98 240,728.83 102.44 MERRILL 235,000.00 427866BA5HERSHEY COMPANY CORP NOTES

DTD 05/10/2018 3.100% 05/15/2021

0.31 0.87

7,170.84 7,177.60 327,168.00 102.24 04/21/21CSFB 320,000.00 808513AW5CHARLES SCHWAB CORP NOTES

DTD 05/22/2018 3.250% 05/21/2021

0.72 0.80

21,940.23 22,089.21 591,815.61 103.83 JPM_CHAS 570,000.00 02665WCP4AMERICAN HONDA FINANCE CORP NOTES

DTD 10/10/2018 3.375% 12/10/2021

0.71 1.42

11,362.44 12,374.23 345,896.88 103.25 MITSU 335,000.00 24422ETL3JOHN DEERE CAPITAL CORP NOTES

DTD 01/06/2017 2.650% 01/06/2022

0.49 1.48

7,008.70 (10,716.17) 221,183.93 107.89 GOLDMAN 205,000.00 06051GEM7BANK OF AMERICA CORP CORP NOTES

DTD 01/24/2012 5.700% 01/24/2022

0.63 1.49

9,231.87 6,588.73 335,543.98 103.24 01/07/22HSBC 325,000.00 06406RAA5BANK OF NY MELLON CORP (CALLABLE)

NOTES

DTD 02/07/2017 2.600% 02/07/2022

0.56 1.49

11,546.60 11,852.36 241,222.16 104.88 JPM_CHAS 230,000.00 437076BV3HOME DEPOT INC

DTD 12/06/2018 3.250% 03/01/2022

0.32 1.62

24,629.13 20,989.69 756,501.19 103.63 03/01/22MORGAN_S 730,000.00 05531FAX1BB&T CORP (CALLABLE) NOTES

DTD 03/21/2017 2.750% 04/01/2022

0.66 1.63

23,470.68 22,172.15 575,527.15 104.64 DAIWA 550,000.00 05531FBG7BRANCH BANKING & TRUST CORP NOTES

DTD 03/18/2019 3.050% 06/20/2022

0.68 1.93


of 263





Duration

Corporate Note

18,474.29 6,461.66 512,117.81 105.59 TD 485,000.00 20030NBD2COMCAST CORPORATION CORP NOTES

DTD 07/02/2012 3.125% 07/15/2022

0.37 1.97

39,500.59 43,701.62 597,661.52 105.78 US_BANCO 565,000.00 458140AM2INTEL CORP CORP NOTES

DTD 12/11/2012 2.700% 12/15/2022

0.34 2.40

29,595.86 36,434.03 584,054.63 103.37 01/15/22BNP_PARI 565,000.00 48128BAB7JPMORGAN CHASE & CO (CALLABLE)

NOTES

DTD 12/08/2016 2.972% 01/15/2023

1.61 1.50

2,408.93 2,421.06 67,332.01 103.59 MERRILL 65,000.00 00724PAA7ADOBE INC CORP NOTE

DTD 02/03/2020 1.700% 02/01/2023

0.31 2.52

1,473.08 1,487.97 136,220.67 100.90 GOLDMAN 135,000.00 713448EY0PEPSICO INC CORPORATE NOTES

DTD 05/01/2020 0.750% 05/01/2023

0.43 2.81

2,237.09 2,237.09 137,237.09 101.66 JPM_CHA 135,000.00 166764BV1CHEVRON CORP CORPORATE NOTES

DTD 05/11/2020 1.141% 05/11/2023

0.56 2.82

27,600.63 25,521.19 517,728.29 106.75 SUSQ 485,000.00 172967GT2CITIGROUP INC CORP NOTES

DTD 05/14/2013 3.500% 05/15/2023

1.11 2.75

111.94 117.49 154,900.49 99.94 GOLDMAN 155,000.00 023135BP0AMAZON.COM INC CORPORATE NOTES

DTD 06/03/2020 0.400% 06/03/2023

0.42 2.91

340.03 344.85 165,115.50 100.07 TD 165,000.00 69371RQ82PACCAR FINANCIAL CORP CORPORATE

NOTES

DTD 06/08/2020 0.800% 06/08/2023

0.78 2.91

34,840.46 31,478.00 544,473.00 108.89 09/30/23BNP_PARI 500,000.00 002824BE9ABBOTT LABORATORIES CORP NOTES

DTD 11/22/2016 3.400% 11/30/2023

0.76 3.10

35,051.13 31,938.86 575,591.66 108.60 BARCLAYS 530,000.00 025816CC1AMERICAN EXPRESS CO CORP NOTES

DTD 02/22/2019 3.400% 02/22/2024

0.99 3.43

55,449.29 53,108.44 832,425.44 108.11 BNP_PARI 770,000.00 717081ES8PFIZER INC CORP NOTES

DTD 03/11/2019 2.950% 03/15/2024

0.73 3.52

51,957.15 41,554.80 994,231.80 110.47 WELLS_FA 900,000.00 61746BDQ6MORGAN STANLEY CORP NOTES

DTD 04/28/2014 3.875% 04/29/2024

1.08 3.59

9,650.87 8,423.78 240,162.53 106.74 03/05/24MERRILL 225,000.00 904764AX5UNILEVER CAPITAL CORP (CALLABLE)

BONDS

DTD 05/05/2017 2.600% 05/05/2024

0.82 3.53

11,911.03 11,016.01 205,481.01 108.15 SUSQ 190,000.00 14913Q2V0CATERPILLAR FINL SERVICE CORP NOTES

DTD 05/17/2019 2.850% 05/17/2024

0.72 3.70


of 263





Duration

Corporate Note

22,502.23 20,746.44 389,332.44 108.15 BMO 360,000.00 14913Q2V0CATERPILLAR FINL SERVICE CORP NOTES

DTD 05/17/2019 2.850% 05/17/2024

0.72 3.70

(264.79)(1,641.30) 306,665.70 102.22 MERRILL 300,000.00 94106LBF5WASTE MANAGEMENT INC CORP NOTES

DTD 05/22/2019 2.950% 06/15/2024

2.36 3.76

35,730.96 35,823.26 600,320.41 106.25 CSFB 565,000.00 91159HHX1US BANCORP

DTD 07/29/2019 2.400% 07/30/2024

0.84 3.88

23,902.41 24,314.64 636,805.44 103.55 JPM_CHAS 615,000.00 254687FK7WALT DISNEY COMPANY/THE

DTD 09/06/2019 1.750% 08/30/2024

0.88 4.02

10,115.11 10,030.40 225,976.40 105.11 MORGAN_S 215,000.00 06406RAL1BANK OF NY MELLON CORP

DTD 10/24/2019 2.100% 10/24/2024

0.89 4.14

23,529.68 23,546.80 423,414.80 105.85 PNC 400,000.00 693475AY1PNC BANK NA CORP NOTES

DTD 11/01/2019 2.200% 11/01/2024

0.82 4.15

5,254.88 5,208.98 232,407.23 103.29 CITIGRP 225,000.00 89236TGT6TOYOTA MOTOR CREDIT CORP CORP

NOTES

DTD 02/13/2020 1.800% 02/13/2025

1.07 4.43

5,838.75 5,787.75 258,230.25 103.29 CITIGRP 250,000.00 89236TGT6TOYOTA MOTOR CREDIT CORP CORP

NOTES

DTD 02/13/2020 1.800% 02/13/2025

1.07 4.43

5,642.75 5,606.98 281,970.98 102.53 04/11/25RBC 275,000.00 166764BW9CHEVRON CORP (CALLABLE) NOTES

DTD 05/11/2020 1.554% 05/11/2025

1.02 4.62

6,992.09 6,969.60 407,809.60 101.95 04/11/25MITSU 400,000.00 037833DT4APPLE INC (CALLABLE) CORP NOTES

DTD 05/11/2020 1.125% 05/11/2025

0.72 4.66



6,817.20 6,817.20 981,817.20 100.70 MERRILL 975,000.00 87019U6D6SWEDBANK (NEW YORK) CERT DEPOS

DTD 05/18/2020 2.270% 11/16/2020

2.25 0.38

8,892.52 8,892.52 498,892.52 101.81 MITSU 490,000.00 55379WZT6MUFG BANK LTD/NY CERT DEPOS

DTD 02/28/2019 2.970% 02/26/2021

0.18 0.67

9,901.10 9,901.10 559,901.10 101.80 CREDAG 550,000.00 22535CDU2CREDIT AGRICOLE CIB NY CERT DEPOS

DTD 04/04/2019 2.830% 04/02/2021

0.44 0.76

27,221.03 27,221.03 1,002,221.03 102.79 RBC 975,000.00 78012UEE1ROYAL BANK OF CANADA NY CD

DTD 06/08/2018 3.240% 06/07/2021

0.25 0.93


of 263





Duration


3,477.60 3,477.60 563,477.60 100.62 MERRILL 560,000.00 83369XDL9SOCIETE GENERALE NY CERT DEPOS

DTD 02/19/2020 1.800% 02/14/2022

1.41 1.60

18,221.40 18,221.40 618,221.40 103.04 MERRILL 600,000.00 65558TLL7NORDEA BANK ABP NEW YORK CERT

DEPOS

DTD 08/29/2019 1.850% 08/26/2022

0.43 2.11

18,349.80 18,349.80 618,349.80 103.06 BARCLAYS 600,000.00 83050PDR7SKANDINAV ENSKILDA BANK LT CD

DTD 09/03/2019 1.860% 08/26/2022

0.43 2.11

19,110.50 19,110.50 519,110.50 103.82 GOLDMAN 500,000.00 23341VZT1DNB BANK ASA/NY LT CD

DTD 12/06/2019 2.040% 12/02/2022

0.45 2.38



510.45 515.37 96,845.10 100.53 RBC 96,337.35 36256GAD1GMALT 2018-3 A3

DTD 09/26/2018 3.180% 06/20/2021

2.63 0.24

1,449.37 1,458.84 205,524.92 100.71 JPM_CHAS 204,083.32 34531LAD2FORDL 2018-B A3

DTD 09/21/2018 3.190% 12/15/2021

2.70 0.32

462.33 464.78 60,636.67 100.77 RBC 60,176.21 47788CAC6JDOT 2018-A A3

DTD 02/28/2018 2.660% 04/15/2022

2.22 0.37

3,335.59 3,336.34 203,333.18 101.67 JPM_CHAS 200,000.00 92867XAD8VWALT 2019-A A3

DTD 10/04/2019 1.990% 11/21/2022

1.28 1.45

5,646.17 5,667.25 280,618.33 102.04 CITIGRP 275,000.00 89231AAD3TOYOTA ABS 2018-C A3

DTD 08/22/2018 3.020% 12/15/2022

2.17 0.83

3,491.84 3,496.16 263,342.34 101.34 BNP_PARI 259,856.16 58772RAD6MBART 2018-1 A3

DTD 07/25/2018 3.030% 01/15/2023

2.48 0.62

1,247.00 1,253.67 71,805.55 101.75 JPM_CHAS 70,568.35 36255JAD6GMCAR 2018-3 A3

DTD 07/18/2018 3.020% 05/16/2023

2.39 0.76

6,149.23 6,158.69 251,126.45 102.50 SOCGEN 245,000.00 44932NAD2HYUNDAI AUTO RECEIVABLES TRUST

DTD 04/10/2019 2.660% 06/15/2023

1.79 1.17

7,985.79 7,997.81 287,953.15 102.84 MERRILL 280,000.00 89239JAD6TAOT 2019-B A3

DTD 05/08/2019 2.570% 08/15/2023

1.64 1.36

4,377.18 4,385.34 169,351.91 102.64 JPM_CHAS 165,000.00 14042WAC4COPAR 2019-1 A3

DTD 05/30/2019 2.510% 11/15/2023

1.71 1.33


of 263





Duration


6,212.24 6,221.75 291,190.20 102.17 RBC 285,000.00 36256XAD4GMCAR 2019-1 A3

DTD 01/16/2019 2.970% 11/16/2023

2.30 0.89

5,007.02 5,018.00 204,974.04 102.49 CSFB 200,000.00 31680YAD9FIFTH THIRD AUTO TRUST

DTD 05/08/2019 2.640% 12/15/2023

1.90 1.16

4,235.43 4,236.62 174,228.78 102.49 RBC 170,000.00 44891JAC2HART 2019-B A3

DTD 11/06/2019 1.940% 02/15/2024

1.24 1.68

13,704.60 13,716.47 423,628.40 103.32 MERRILL 410,000.00 254683CM5DCENT 2019-A3 A

DTD 10/31/2019 1.890% 10/15/2024

1.10 2.25

4,359.86 4,362.51 154,333.08 102.89 MERRILL 150,000.00 14315XAC2CARMX 2020-1 A3

DTD 01/22/2020 1.890% 12/16/2024

1.22 2.23


69,150,795.56 72,437,822.19 2,302,926.52 2,402,951.40 0.53 Managed Account Sub-Total 2.60


0.00 0.00 134,295.53 1.00 134,295.53 CAMP Pool 0.00

134,295.53 134,295.53 0.00 0.00 Money Market Sub-Total 0.00

Total Investments $72,932,874.32

$360,756.60

$72,572,117.72

Accrued Interest

Securities Sub-Total $69,285,091.09 $2,302,926.52 $2,402,951.40 0.53% 2.60


of 263

For the Month Ending June 30, 2020Managed Account Security Transactions & Interest


Transaction Type

Trade CUSIPSecurity DescriptionSettle Par Proceeds

Principal Accrued

Interest Total Cost

Realized G/L Realized G/L Sale

Amort Cost Method

BUY

06/11/20 CT ST TXBL GO BONDS

DTD 06/11/2020 1.998% 07/01/2024

20772KJW0 (100,000.00) 0.00 (100,000.00) 100,000.00 05/29/20

06/03/20 AMAZON.COM INC CORPORATE NOTES

DTD 06/03/2020 0.400% 06/03/2023

023135BP0 (154,783.00) 0.00 (154,783.00) 155,000.00 06/01/20

06/08/20 PACCAR FINANCIAL CORP CORPORATE

NOTES

DTD 06/08/2020 0.800% 06/08/2023

69371RQ82 (164,770.65) 0.00 (164,770.65) 165,000.00 06/01/20

06/04/20 FANNIE MAE NOTES

DTD 04/24/2020 0.625% 04/22/2025

3135G03U5 (452,709.00) (312.50) (453,021.50) 450,000.00 06/02/20

06/26/20 FREDDIE MAC NOTES

DTD 06/26/2020 0.250% 06/26/2023

3137EAES4 (917,313.60) 0.00 (917,313.60) 920,000.00 06/24/20

06/26/20 FEDERAL HOME LOAN BANK NOTES

DTD 04/16/2020 0.500% 04/14/2025

3130AJHU6 (300,327.00) (291.67) (300,618.67) 300,000.00 06/25/20

(604.17) (2,090,507.42)(2,089,903.25) 2,090,000.00 Transaction Type Sub-Total

INTEREST

06/25/20 FNA 2013-M7 A2

DTD 05/01/2013 2.280% 12/01/2022

3136AEGQ4 0.00 464.47 464.47 202,947.94 06/01/20

06/25/20 FHMS KP05 A

DTD 12/01/2018 3.203% 07/01/2023

3137FKK39 0.00 649.24 649.24 243,238.77 06/01/20

06/25/20 FHMS K043 A2

DTD 03/01/2015 3.062% 12/25/2024

3137BGK24 0.00 1,007.91 1,007.91 395,000.00 06/01/20

06/25/20 FHMS KJ27 A1

DTD 11/01/2019 2.092% 07/25/2024

3137FQ3V3 0.00 300.76 300.76 172,521.49 06/01/20

06/25/20 FHMS K730 A1

DTD 03/01/2018 3.452% 09/01/2024

3137FEU99 0.00 615.82 615.82 214,075.76 06/01/20

06/25/20 FANNIE MAE SERIES 2016-M1 ASQ2

DTD 01/01/2016 2.132% 02/01/2021

3136AQV56 0.00 161.30 161.30 90,788.55 06/01/20

06/25/20 FANNIEMAE-ACES

DTD 04/01/2014 3.346% 03/01/2024

3136AJB54 0.00 1,150.59 1,150.59 412,663.75 06/01/20

06/25/20 FHLMC SERIES K721 A2

DTD 12/01/2015 3.090% 08/01/2022

3137BM6P6 0.00 1,545.00 1,545.00 600,000.00 06/01/20

06/02/20 DNB BANK ASA/NY LT CD

DTD 12/06/2019 2.040% 12/02/2022

23341VZT1 0.00 5,071.67 5,071.67 500,000.00 06/02/20


of 263



Transaction Type


Principal Accrued

Interest Total Cost


Amort Cost Method

INTEREST

06/07/20 ROYAL BANK OF CANADA NY CD

DTD 06/08/2018 3.240% 06/07/2021

78012UEE1 0.00 15,795.00 15,795.00 975,000.00 06/07/20

06/08/20 FEDERAL HOME LOAN BANKS NOTES

DTD 12/09/2013 3.375% 12/08/2023

3130A0F70 0.00 14,090.63 14,090.63 835,000.00 06/08/20

06/10/20 AMERICAN HONDA FINANCE CORP

NOTES

DTD 10/10/2018 3.375% 12/10/2021

02665WCP4 0.00 9,618.75 9,618.75 570,000.00 06/10/20

06/15/20 JDOT 2018-A A3

DTD 02/28/2018 2.660% 04/15/2022

47788CAC6 0.00 147.59 147.59 66,580.80 06/15/20

06/15/20 FORD ABS 2017-A A3

DTD 01/25/2017 1.670% 06/15/2021

34531EAD8 0.00 3.77 3.77 2,709.64 06/15/20

06/15/20 FIFTH THIRD AUTO TRUST

DTD 05/08/2019 2.640% 12/15/2023

31680YAD9 0.00 440.00 440.00 200,000.00 06/15/20

06/15/20 COPAR 2019-1 A3

DTD 05/30/2019 2.510% 11/15/2023

14042WAC4 0.00 345.13 345.13 165,000.00 06/15/20

06/15/20 HYUNDAI AUTO RECEIVABLES TRUST

DTD 04/10/2019 2.660% 06/15/2023

44932NAD2 0.00 543.08 543.08 245,000.00 06/15/20

06/15/20 DCENT 2019-A3 A

DTD 10/31/2019 1.890% 10/15/2024

254683CM5 0.00 645.75 645.75 410,000.00 06/15/20

06/15/20 TOYOTA ABS 2018-C A3

DTD 08/22/2018 3.020% 12/15/2022

89231AAD3 0.00 692.08 692.08 275,000.00 06/15/20

06/15/20 TAOT 2019-B A3

DTD 05/08/2019 2.570% 08/15/2023

89239JAD6 0.00 599.67 599.67 280,000.00 06/15/20

06/15/20 CARMX 2020-1 A3

DTD 01/22/2020 1.890% 12/16/2024

14315XAC2 0.00 236.25 236.25 150,000.00 06/15/20

06/15/20 FORDL 2018-B A3

DTD 09/21/2018 3.190% 12/15/2021

34531LAD2 0.00 599.13 599.13 225,377.31 06/15/20

06/15/20 HART 2019-B A3

DTD 11/06/2019 1.940% 02/15/2024

44891JAC2 0.00 274.83 274.83 170,000.00 06/15/20

06/15/20 WASTE MANAGEMENT INC CORP

NOTES

DTD 05/22/2019 2.950% 06/15/2024

94106LBF5 0.00 4,425.00 4,425.00 300,000.00 06/15/20

06/15/20 MBART 2018-1 A3

DTD 07/25/2018 3.030% 01/15/2023

58772RAD6 0.00 700.41 700.41 277,391.16 06/15/20


of 263



Transaction Type


Principal Accrued

Interest Total Cost


Amort Cost Method

INTEREST

06/15/20 INTEL CORP CORP NOTES

DTD 12/11/2012 2.700% 12/15/2022

458140AM2 0.00 7,627.50 7,627.50 565,000.00 06/15/20

06/16/20 GMCAR 2018-3 A3

DTD 07/18/2018 3.020% 05/16/2023

36255JAD6 0.00 188.65 188.65 74,961.12 06/16/20

06/16/20 GMCAR 2019-1 A3

DTD 01/16/2019 2.970% 11/16/2023

36256XAD4 0.00 705.38 705.38 285,000.00 06/16/20

06/20/20 GMALT 2018-3 A3

DTD 09/26/2018 3.180% 06/20/2021

36256GAD1 0.00 292.32 292.32 110,307.78 06/20/20

06/20/20 BRANCH BANKING & TRUST CORP

NOTES

DTD 03/18/2019 3.050% 06/20/2022

05531FBG7 0.00 8,387.50 8,387.50 550,000.00 06/20/20

06/20/20 VWALT 2019-A A3

DTD 10/04/2019 1.990% 11/21/2022

92867XAD8 0.00 331.67 331.67 200,000.00 06/20/20

06/30/20 US TREASURY NOTES

DTD 12/31/2015 2.125% 12/31/2022

912828N30 0.00 10,571.88 10,571.88 995,000.00 06/30/20

06/30/20 US TREASURY N/B NOTES

DTD 06/30/2017 2.000% 06/30/2024

912828XX3 0.00 7,800.00 7,800.00 780,000.00 06/30/20

06/30/20 US TREASURY N/B NOTES

DTD 07/02/2018 2.625% 06/30/2023

9128284U1 0.00 4,593.75 4,593.75 350,000.00 06/30/20


DTD 06/30/2016 1.375% 06/30/2023

912828S35 0.00 1,306.25 1,306.25 190,000.00 06/30/20


DTD 12/31/2014 2.125% 12/31/2021

912828G87 0.00 1,062.50 1,062.50 100,000.00 06/30/20


DTD 01/03/2017 2.000% 12/31/2021

912828U81 0.00 9,350.00 9,350.00 935,000.00 06/30/20

112,341.23 112,341.23 0.00 13,113,564.07 Transaction Type Sub-Total

PAYDOWNS

06/25/20 FNA 2013-M7 A2

DTD 05/01/2013 2.280% 12/01/2022

3136AEGQ4 7,403.32 0.00 7,403.32 (96.99) 0.00 7,403.32 06/01/20

06/25/20 FHMS K730 A1

DTD 03/01/2018 3.452% 09/01/2024

3137FEU99 1,204.63 0.00 1,204.63 (24.06) 0.00 1,204.63 06/01/20

06/25/20 FANNIE MAE SERIES 2016-M1 ASQ2

DTD 01/01/2016 2.132% 02/01/2021

3136AQV56 23,667.52 0.00 23,667.52 (236.26) 0.00 23,667.52 06/01/20


of 263



Transaction Type


Principal Accrued

Interest Total Cost


Amort Cost Method

PAYDOWNS

06/25/20 FHMS KP05 A

DTD 12/01/2018 3.203% 07/01/2023

3137FKK39 28,201.26 0.00 28,201.26 0.09 0.00 28,201.26 06/01/20

06/25/20 FANNIEMAE-ACES

DTD 04/01/2014 3.346% 03/01/2024

3136AJB54 702.90 0.00 702.90 (34.16) 0.00 702.90 06/01/20

06/25/20 FHMS KJ27 A1

DTD 11/01/2019 2.092% 07/25/2024

3137FQ3V3 282.46 0.00 282.46 0.01 0.00 282.46 06/01/20

06/15/20 FORD ABS 2017-A A3

DTD 01/25/2017 1.670% 06/15/2021

34531EAD8 2,709.64 0.00 2,709.64 0.01 0.00 2,709.64 06/15/20

06/15/20 FORDL 2018-B A3

DTD 09/21/2018 3.190% 12/15/2021

34531LAD2 21,293.99 0.00 21,293.99 1.80 0.00 21,293.99 06/15/20

06/15/20 MBART 2018-1 A3

DTD 07/25/2018 3.030% 01/15/2023

58772RAD6 17,535.00 0.00 17,535.00 0.67 0.00 17,535.00 06/15/20

06/15/20 JDOT 2018-A A3

DTD 02/28/2018 2.660% 04/15/2022

47788CAC6 6,404.59 0.00 6,404.59 0.46 0.00 6,404.59 06/15/20

06/16/20 GMCAR 2018-3 A3

DTD 07/18/2018 3.020% 05/16/2023

36255JAD6 4,392.77 0.00 4,392.77 1.02 0.00 4,392.77 06/16/20

06/20/20 GMALT 2018-3 A3

DTD 09/26/2018 3.180% 06/20/2021

36256GAD1 13,970.43 0.00 13,970.43 1.10 0.00 13,970.43 06/20/20

0.00 0.00 (386.31) 127,768.51 127,768.51 127,768.51 Transaction Type Sub-Total

SELL

06/08/20 PACCAR FINANCIAL CORP NOTES

DTD 02/27/2018 2.800% 03/01/2021

69371RN93 172,913.80 1,282.56 174,196.36 2,997.10 2,933.98 FIFO 170,000.00 06/01/20

06/04/20 FEDERAL HOME LOAN BANKS NOTES

DTD 06/07/2019 1.875% 07/07/2021

3130AGLD5 458,257.50 3,445.31 461,702.81 7,888.50 8,057.69 FIFO 450,000.00 06/02/20

06/25/20 CCCIT 2018-A1 A1

DTD 01/31/2018 2.490% 01/20/2023

17305EGK5 404,937.50 4,288.33 409,225.83 9,359.38 7,514.87 FIFO 400,000.00 06/23/20

06/26/20 SUMITOMO MITSUI BANK NY CERT

DEPOS

DTD 10/18/2018 3.390% 10/16/2020

86565BPC9 403,812.00 2,674.33 406,486.33 4,356.00 3,895.58 FIFO 400,000.00 06/25/20

11,690.53 22,402.12 24,600.98 1,451,611.33 1,439,920.80 1,420,000.00 Transaction Type Sub-Total

(522,213.94) 123,427.59 (398,786.35) 24,214.67 22,402.12 Managed Account Sub-Total


of 263



Total Security Transactions $24,214.67 ($398,786.35)$123,427.59 ($522,213.94) $22,402.12


of 263

For the Month Ending June 30, 2020Account Statement


Total Settlement Dollar AmountShare or Trade

Shares OwnedDate Transaction Description of TransactionUnit PriceDate

CAMP Pool

508,754.54 Opening Balance

06/01/20 06/01/20 Purchase - Interest 002824BE9 1.00 8,500.00 517,254.54

06/01/20 06/01/20 Purchase - Interest 9128283J7 1.00 6,003.13 523,257.67

06/01/20 06/01/20 Purchase - Interest 9128284S6 1.00 5,775.00 529,032.67

06/01/20 06/01/20 Purchase - Interest 9128285P1 1.00 7,187.50 536,220.17

06/01/20 06/01/20 Purchase - Interest 912828XR6 1.00 2,187.50 538,407.67

06/02/20 06/02/20 Purchase - Interest 23341VZT1 1.00 5,071.67 543,479.34

06/03/20 06/03/20 Redemption - Principal 023135BP0 1.00 (154,783.00) 388,696.34

06/04/20 06/04/20 Purchase - Interest 3130AGLD5 1.00 3,445.31 392,141.65

06/04/20 06/04/20 Purchase - Principal 3130AGLD5 1.00 458,257.50 850,399.15

06/04/20 06/04/20 Redemption - Interest 3135G03U5 1.00 (312.50) 850,086.65

06/04/20 06/04/20 Redemption - Principal 3135G03U5 1.00 (452,709.00) 397,377.65

06/08/20 06/08/20 Purchase - Interest 3130A0F70 1.00 14,090.63 411,468.28

06/08/20 06/08/20 Purchase - Interest 78012UEE1 1.00 15,795.00 427,263.28

06/08/20 06/08/20 Purchase - Principal 69371RN93 1.00 172,913.80 600,177.08

06/08/20 06/08/20 Purchase - Interest 69371RN93 1.00 1,282.56 601,459.64

06/08/20 06/08/20 Redemption - Principal 69371RQ82 1.00 (164,770.65) 436,688.99

06/10/20 06/10/20 Purchase - Interest 02665WCP4 1.00 9,618.75 446,307.74

06/11/20 06/11/20 Redemption - Principal 20772KJW0 1.00 (100,000.00) 346,307.74

06/15/20 06/15/20 Purchase - Interest 458140AM2 1.00 7,627.50 353,935.24

06/15/20 06/15/20 Purchase - Interest 94106LBF5 1.00 4,425.00 358,360.24

06/15/20 06/15/20 Purchase - Interest 14042WAC4 1.00 345.13 358,705.37


of 263





CAMP Pool

06/15/20 06/15/20 Purchase - Interest 14315XAC2 1.00 236.25 358,941.62

06/15/20 06/15/20 Purchase - Interest 254683CM5 1.00 645.75 359,587.37

06/15/20 06/15/20 Purchase - Interest 31680YAD9 1.00 440.00 360,027.37

06/15/20 06/15/20 Purchase - Interest 34531EAD8 1.00 3.77 360,031.14

06/15/20 06/15/20 Purchase - Interest 34531LAD2 1.00 599.13 360,630.27

06/15/20 06/15/20 Purchase - Interest 44891JAC2 1.00 274.83 360,905.10

06/15/20 06/15/20 Purchase - Interest 44932NAD2 1.00 543.08 361,448.18

06/15/20 06/15/20 Purchase - Interest 47788CAC6 1.00 147.59 361,595.77

06/15/20 06/15/20 Purchase - Interest 58772RAD6 1.00 700.41 362,296.18

06/15/20 06/15/20 Purchase - Interest 89231AAD3 1.00 692.08 362,988.26

06/15/20 06/15/20 Purchase - Interest 89239JAD6 1.00 599.67 363,587.93

06/15/20 06/15/20 Purchase - Principal 34531EAD8 1.00 2,709.64 366,297.57

06/15/20 06/15/20 Purchase - Principal 34531LAD2 1.00 21,293.99 387,591.56

06/15/20 06/15/20 Purchase - Principal 47788CAC6 1.00 6,404.59 393,996.15

06/15/20 06/15/20 Purchase - Principal 58772RAD6 1.00 17,535.00 411,531.15

06/16/20 06/16/20 Purchase - Interest 36255JAD6 1.00 188.65 411,719.80

06/16/20 06/16/20 Purchase - Interest 36256XAD4 1.00 705.38 412,425.18

06/16/20 06/16/20 Purchase - Principal 36255JAD6 1.00 4,392.77 416,817.95

06/22/20 06/22/20 Purchase - Interest 05531FBG7 1.00 8,387.50 425,205.45

06/22/20 06/22/20 Purchase - Interest 36256GAD1 1.00 292.32 425,497.77

06/22/20 06/22/20 Purchase - Interest 92867XAD8 1.00 331.67 425,829.44

06/22/20 06/22/20 Purchase - Principal 36256GAD1 1.00 13,970.43 439,799.87


of 263





CAMP Pool

06/25/20 06/25/20 Purchase - Interest 3136AEGQ4 1.00 464.47 440,264.34

06/25/20 06/25/20 Purchase - Interest 3136AJB54 1.00 1,150.59 441,414.93

06/25/20 06/25/20 Purchase - Interest 3136AQV56 1.00 161.30 441,576.23

06/25/20 06/25/20 Purchase - Interest 3137BGK24 1.00 1,007.91 442,584.14

06/25/20 06/25/20 Purchase - Interest 3137BM6P6 1.00 1,545.00 444,129.14

06/25/20 06/25/20 Purchase - Interest 3137FEU99 1.00 615.82 444,744.96

06/25/20 06/25/20 Purchase - Interest 3137FKK39 1.00 649.24 445,394.20

06/25/20 06/25/20 Purchase - Interest 3137FQ3V3 1.00 300.76 445,694.96

06/25/20 06/25/20 Purchase - Principal 17305EGK5 1.00 404,937.50 850,632.46

06/25/20 06/25/20 Purchase - Interest 17305EGK5 1.00 4,288.33 854,920.79

06/25/20 06/25/20 Purchase - Principal 3136AEGQ4 1.00 7,403.32 862,324.11

06/25/20 06/25/20 Purchase - Principal 3136AQV56 1.00 23,667.52 885,991.63

06/25/20 06/25/20 Purchase - Principal 3136AJB54 1.00 702.90 886,694.53

06/25/20 06/25/20 Purchase - Principal 3137FEU99 1.00 1,204.63 887,899.16

06/25/20 06/25/20 Purchase - Principal 3137FKK39 1.00 28,201.26 916,100.42

06/25/20 06/25/20 Purchase - Principal 3137FQ3V3 1.00 282.46 916,382.88

06/25/20 06/25/20 IP Fees May 2020 1.00 (5,166.04) 911,216.84

06/25/20 06/25/20 U.S. Bank Fees April 2020 1.00 (320.90) 910,895.94

06/26/20 06/26/20 Purchase - Interest 86565BPC9 1.00 2,674.33 913,570.27

06/26/20 06/26/20 Purchase - Principal 86565BPC9 1.00 403,812.00 1,317,382.27

06/26/20 06/26/20 Redemption - Principal 3137EAES4 1.00 (917,313.60) 400,068.67

06/26/20 06/26/20 Redemption - Principal 3130AJHU6 1.00 (300,327.00) 99,741.67


of 263





CAMP Pool

06/26/20 06/26/20 Redemption - Interest 3130AJHU6 1.00 (291.67) 99,450.00

06/30/20 06/30/20 Purchase - Interest 9128284U1 1.00 4,593.75 104,043.75

06/30/20 06/30/20 Purchase - Interest 912828G87 1.00 1,062.50 105,106.25

06/30/20 06/30/20 Purchase - Interest 912828N30 1.00 10,571.88 115,678.13

06/30/20 06/30/20 Purchase - Interest 912828S35 1.00 1,306.25 116,984.38

06/30/20 06/30/20 Purchase - Interest 912828U81 1.00 9,350.00 126,334.38

06/30/20 06/30/20 Purchase - Interest 912828XX3 1.00 7,800.00 134,134.38

06/30/20 07/01/20 Accrual Income Div Reinvestment - Distributions 1.00 161.15 134,295.53

134,295.53

134,295.53

134,295.53

381,328.02

974.06

0.00

(22,828,756.59)

22,641,728.90

321,323.22

161.15

134,295.53

0.00

(2,095,994.36)

1,721,535.35

508,754.54

Monthly Distribution Yield

Average Monthly Balance

Closing Balance

Fiscal YTDMonth of

Cash Dividends and Income

Closing Balance

Check Disbursements

Redemptions (Excl. Checks)

Purchases

Opening Balance

Closing Balance

June January-June

0.51%


of 263

7/22/2020 LAIF Regular Monthly Statement

https://laifms.treasurer.ca.gov/RegularStatement.aspx 1/1

Local Agency Investment Fund P.O. Box 942809 Sacramento, CA 94209-0001 (916) 653-3001

July 22, 2020

LAIF HomePMIA Average Monthly Yields

Account Number: 35-19-002

June 2020 Statement

Tran Type Definitions

EffectiveDate

TransactionDate

TranType Confirm

Number

WebConfirmNumber Authorized Caller Amount

6/22/2020 6/22/2020 RW 1643933 N/A DIANA DUNKIN-VASQUEZ -1,000,000.00

Account Summary

Total Deposit: 0.00 Beginning Balance: 4,167,722.94

Total Withdrawal: -1,000,000.00 Ending Balance: 3,167,722.94

INDEPENDENT CITIES RISK MANAGEMENT AUTHORITY C/O ARTEX RISK SOLUTIONS INC 6040 E. MAIN STREET #142 MESA, AZ 85205

of 263

https://www.treasurer.ca.gov/pmia-laif/laif/index.asp

http://www.treasurer.ca.gov/pmia-laif/historical/avg_mn_ylds.asp

https://laifms.treasurer.ca.gov/Transaction%20Types%20Regular.htm

jachterberg

Highlight

Jun 1.217May 1.363Apr 1.648

0.0000371066826141.004912795

LAIF Earnings Ratio(2): LAIF Fair Value Factor(1):

PMIA Daily(1): 1.08%

1.36LAIF Apportionment Rate(2):

PMIA Quarter to Date(1): 1.41%191PMIA Average Life(1):

Treasuries52.38%

Agencies20.78%

Certificates of Deposit/Bank Notes

13.17%

Time Deposits5.44%

Commercial Paper7.64%

Loans0.57%

Notes: The apportionment rate includes interest earned on the CalPERS Supplemental Pension Payment pursuant to Government Code 20825 (c)(1) and interest earned on the Wildfire Fund loan pursuant to Public Utility Code 3288 (a).

Source:(1) State of California, Office of the Treasurer(2) State of Calfiornia, Office of the Controller

PMIA Average Monthly Effective Yields(1)

PMIA/LAIF Performance Reportas of 07/15/20

Daily rates are now available here. View PMIA Daily Rates

Quarterly PerformanceQuarter Ended 06/30/20

Percentages may not total 100% due to rounding

Pooled Money Investment AccountMonthly Portfolio Composition (1)

06/30/20$101.0 billion

of 263

https://www.treasurer.ca.gov/pmia-laif/historical/daily.pdf

Investment Performance Review

Client Management Team

Sarah Meacham, Managing Director

Richard Babbe, CCM, Senior Managing Consultant

Kenneth Schiebel, CFA, Managing Director

50 California Street, Suite 2300

San Francisco, CA 94111

949-230-6896

PFM Asset Management LLC

213 Market Street

Harrisburg, PA 17101-2141

717-232-2723

For the Quarter Ended June 30, 2020

INDEPENDENT CITIES RISKMANAGEMENT AUTHORITY

of 263

Market Update

of 263

QUARTERLY MARKET SUMMARYFor the Quarter Ended June 30, 2020

Fixed Income Management

S U M M A R Y• In Q2, U.S. economic conditions were characterized by: (1) unprecedented deterioration

in economic fundamentals due to broad lockdowns and stay-at-home orders;(2) economic indicators bottoming out in April and sharply rebounding off historical lows,yet still trailing pre-crisis levels; (3) equity markets posting strong quarterly performanceon a positive forward outlook; (4) improving bond market dynamics as the FederalReserve (Fed) continued to flood the market with liquidity; and (5) COVID-19 hotspots(re)appearing around the nation, raising concerns that the economic recovery may slow.

• The Fed spent the second quarter mobilizing and refining its arsenal of emergencylending programs to provide liquidity and stabilize financial markets. At its two meetingsover the quarter, the central bank left the target range for the federal funds rateunchanged at 0% to 0.25%. Released at its June policy meeting, the Federal OpenMarket Committee’s updated economic projections now anticipate a long, slow recovery,with persistently high unemployment, and short-term rates pegged at near 0%.

• Treasury yields were largely range-bound over the second quarter after plummeting toall-time lows in Q1. Returns on Treasuries were muted in Q2, while yield spreads in allother sectors significantly retraced their Q1 widening, resulting in strongly positiveexcess returns. Diversification was once again a strong benefit in Q2 as diversifiedportfolios largely recouped the bulk of Q1 underperformance.

• Many nations began to gradually re-open their economies after seemingly containing thespread of the coronavirus. Equity indices, on a global scale, responded positively to thedevelopments and reported solid Q2 returns. U.S. equities performed particularly well,with major indices posting their best quarterly performance in over 20 years.

E C O N O M I C S N A P S H O T• The U.S. economy contracted at 5.0% in Q1 as the pandemic-induced economic

shutdown negatively affected most businesses. The American consumer, generally thedriving force behind gross domestic product figures, was the largest detractor in Q1 asconsumer spending and confidence experienced record drops.

• The U.S. labor market continued to battle the economic slowdown in Q2. While weeklyinitial jobless claims readings leveled off from the record-breaking 6.9 million claims atthe end of March, the indicator was greater than one million in each week of Q2, whichis much larger than any pre-coronavirus reading on record dating back to 1967. Despitesurprisingly strong jobs gains in May and June, total employment still fell by about 17million jobs in Q2, with the unemployment rate ending the quarter at 11.1%, the highestrate in over 50 years.

• Earlier in the quarter, U.S. manufacturing and services activity fell materially aslockdowns were enacted by state and local authorities to control the spread ofCOVID-19. In April, the Markit manufacturing PMI reached its lowest level since 2009due to customers canceling or postponing orders. The services sector faced similarissues with temporary closures. By the end of the quarter, the manufacturing andservices sectors stabilized considerably as COVID-19 restrictions eased, with bothindices teetering between contraction and expansion levels.

I N T E R E S T R A T E S• U.S. Treasury yields remained near their low levels reached by the end of Q1 while

trading in a relatively tight range. By the end of Q2, short-term rates (with maturities lessthan 6-months) had increased modestly by 4 to 7 basis points (bps) as yields werenudged higher on massive Treasury Bill issuance to finance the stimulus packages. Thelongest-maturity Treasuries (20 and 30 years), which had fallen to record lows in Q1,rose by 9 to 15 bps. Intermediate-term yields, with maturities between 2 and 7 years,declined between 7 and 10 bps, largely on prospects of potential Fed yield curve control—the targeting by the Fed of specific yields on specific maturities.

• At quarter-end, the yield on a 3-month Treasury bill stood at 0.14%, the 3-year note was0.17%, the 5-year note was 0.29%, the 10-year note was 0.66%, and the 30-yearTreasury ended the quarter at 1.41%.

• As a result of low rates and modest curve steepening, Treasury index returns weremixed for the quarter. For example, the 3-month and 2-year Constant Maturity U.S.Treasury Indices returned 0.02% and 0.10%, respectively. Meanwhile, the 5-year and30-year indices returned 0.55% and -0.81%.

S E C T O R P E R F O R M A N C E• In contrast to Q1, most non-U.S. Treasury fixed income investment-grade (IG) sectors

generated positive excess returns, making up most of the Q1 underperformance, thoughmost sectors still trailed Treasuries’ strong year-to-date returns. Diversification away fromTreasuries was significantly additive to fixed income portfolios during Q2.

• Throughout much of the quarter, federal agency spreads remained elevated relativeto recent historical levels. Agency yield spreads eventually normalized closer to pre-crisislevels, particularly for securities maturing in three years or less. While the agency spreadcurve steepened by quarter-end, the general tightening across the board resulted insimilar return attributes for fixed-rate maturities less than five years.

• The IG corporate sector was one of the best performing sectors in Q2 as spreadssnapped back toward pre-crisis levels. The Fed’s corporate bond support programskicked off in earnest, with the Fed buying both IG ETFs and a broad range of individualcorporate bonds in the secondary market. Although longer-duration and lower-qualityissues outperformed shorter-duration and higher-quality issues on an absolute basis inQ2, the latter recouped a greater percentage of their relative underperformance in Q1.

• Uncertainties facing the asset-backed security (ABS) sector from Q1 carried into Q2,namely over concern about the consumers' ability to make timely payments on creditcards and car loans. Following the Fed’s targeted liquidity support, a resilient consumer,and increased credit enhancements on new issues, the sector regained investor appetiteand yield spreads narrowed markedly. The result was attractive positive excess returns.

• The federal agency mortgage-backed security sector (MBS) continued to battle record-low mortgage rates, which led to increased refinancing activity and elevatedprepayments. The sector also contended with heightened levels of forbearance, whichpermitted borrowers to defer mortgage payments. The Fed’s unwavering support of themarket through unlimited bond purchases supported the sector as spreads tightenedfrom March wides.

PFM Asset Management LLC 1 of 263



Economic Snapshot

Labor Market Mar '20 Jun '19

Unemployment Rate Jun '20 11.1% 4.4% 3.7%

Change In Non-Farm Payrolls Jun '20 4,800,000 -1,373,000 182,000

Average Hourly Earnings (YoY) Jun '20 5.0% 3.4% 3.4%

Personal Income (YoY) May '20 7.0% 1.4% 4.6%

Initial Jobless Claims (week) 7/4/20 1,314,000 6,867,000 222,000

Growth

Real GDP (QoQ SAAR) 2020Q1 -5.0% 2.1% 3.1%

GDP Personal Consumption (QoQ SAAR) 2020Q1 -6.8% 1.8% 1.1%

Retail Sales (YoY) May '20 -6.1% -5.6% 3.6%

ISM Manufacturing Survey (month) Jun '20 52.6 49.1 51.6

Existing Home Sales SAAR (month) May '20 3.91 mil. 5.27 mil. 5.32 mil.

Inflation/Prices

Personal Consumption Expenditures (YoY) May '20 0.5% 1.3% 1.4%

Consumer Price Index (YoY) May '20 0.1% 1.5% 1.6%

Consumer Price Index Core (YoY) May '20 1.2% 2.1% 2.1%

Crude Oil Futures (WTI, per barrel) Jun 30 $39.27 $20.48 $58.47

Gold Futures (oz.) Jun 30 $1,801 $1,583 $1,414

Latest

25,000K20,000K15,000K10,000K5,000K05,000K10,000K

0.0%

5.0%

10.0%

15.0%

20.0%

Jun '17 Dec '17 Jun '18 Dec '18 Jun '19 Dec '19 Jun '20

Unemployment Rate (left) vs. Change in Non-Farm Payrolls (right)Change in Non-Farm Payrolls (rhs) Unemployment Rate (lhs)

-6%

-4%

-2%

0%

2%

4%

Mar '17 Sep '17 Mar '18 Sep '18 Mar '19 Sep '19 Mar '20

Real GDP (QoQ)

0%

1%

2%

3%

4%

Jun '17 Dec '17 Jun '18 Dec '18 Jun '19 Dec '19

Consumer Price IndexCPI (YoY) Core CPI (YoY)

2

2

1

1

1. Data as of Fourth Quarter 2019.2. Data as of First Quarter 2019.Note: YoY = year-over-year, QoQ = quarter-over-quarter, SAAR = seasonally adjusted annual rate, WTI = West Texas Intermediate crude oil.Source: Bloomberg.




Source: Bloomberg.

Interest Rate Overview

U.S. Treasury Note Yields U.S. Treasury Yield Curve

U.S. Treasury Yields Yield Curves as of 06/30/2020

0%

1%

2%

3%

3-mo

1-yr2-yr3-yr

5-yr

7-yr

10-yr

30-yr

Yiel

d

Maturity

June 30, 2020 March 31, 2020 June 30, 2019

0%

1%

2%

3%

4%

3-mo

1-yr2-yr3-yr

5-yr0 7-yr

10-yr

25-yr

30-yr

Yiel

d

Maturity

U.S. Treasury Federal Agency Corporates, A Rated

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

6/30/19 9/30/19 12/31/19 3/31/20 6/30/20

Yiel

d

2-Year 5-Year 10-Year

Maturity Jun '20 Mar '20Change over

QuarterJun '19

Change over Year

3-Month 0.14% 0.09% 0.05% 2.09% (1.95%)

1-Year 0.15% 0.16% (0.01%) 1.93% (1.78%)

2-Year 0.15% 0.25% (0.10%) 1.76% (1.61%)

5-Year 0.29% 0.38% (0.09%) 1.77% (1.48%)

10-Year 0.66% 0.67% (0.01%) 2.01% (1.35%)

30-Year 1.41% 1.32% 0.09% 2.53% (1.12%)




Source: ICE BofAML Indices.

June 30, 2020 Duration Yield 3 Month 1 Year 3 Years

1-3 Year IndicesU.S. Treasury 1.89 0.17% 0.13% 4.07% 2.68%

Federal Agency 1.61 0.31% 0.37% 3.53% 2.55%

U.S. Corporates, A-AAA rated 1.90 0.71% 3.33% 4.80% 3.38%

Agency MBS (0 to 3 years) 2.38 1.53% 0.06% 5.73% 3.89%

Taxable Municipals 1.58 1.74% 2.03% 3.90% 3.46%

1-5 Year IndicesU.S. Treasury 2.64 0.19% 0.29% 5.25% 3.23%

Federal Agency 2.09 0.38% 0.49% 4.14% 2.82%




Master Indices (Maturities 1 Year or Greater)U.S. Treasury 7.44 0.52% 0.20% 10.76% 5.72%

Federal Agency 4.03 0.63% 1.01% 6.98% 4.33%




As of 06/30/2020 Returns for Periods ended 06/30/2020

Returns for periods greater than one year are annualized.


ICE BofAML Index Returns

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D I S C L O S U R E S PFM is the marketing name for a group of affiliated companies providing a range of services. All services are provided through separate agreements with each company. This material is for general information purposes only and is not intended to provide specific advice or a specific recommendation.Investment advisory services are provided by PFM Asset Management LLC, which is registered with the Securities and Exchange Commission under the Investment Advisers Act of 1940. The information contained is not an offer to purchase or sell any securities. Additional applicable regulatory information is available upon request.For more information regarding PFM’s services or entities, please visit www.pfm.com.The views expressed within this material constitute the perspective and judgment of PFM Asset Management LLC at the time of distribution and are subject to change. Information is obtained from sources generally believed to be reliable and available to the public; however, PFM Asset Management LLC cannot guarantee its accuracy, completeness, or suitability. The information contained in this report is not an offer to purchase or sell any securities.

© 2020 PFM Asset Management LLC. Further distribution is not permitted without prior written consent.


Investment Strategy& Portfolio Review

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Portfolio Review

Second Quarter Portfolio Recap

Following the plunge in the U.S. Treasury yield curve during the first quarter, yields were relatively stable over the second quarter, leading to muted returns for Treasury indexes.

• Yield spreads on all other asset classes retraced significantly from March’s wide levels as unprecedented fiscal andmonetary stimulus helped support the economy and financial markets.

• In stark contrast to the first quarter, allocations to corporates, asset-backed securities (ABS) and mortgage-backedsecurities (MBS) were all strongly additive to performance in the second quarter.

PFM’s strategy for the second quarter encompassed the following:

• We remained proactive in response to the market effects and uncertainty created by the pandemic. We continued to applyour strong credit process, reassessing every issuer for the short- and intermediate-term impact of the disrupted economy.As financial markets began to normalize during the second quarter, investment-grade issuers on PFM’s approved issuer listwere carefully vetted, with many issuers gradually reapproved.

• The portfolio duration was maintained in line with the benchmark—a strategy consistent with high levels of marketuncertainty as well as expectations that rates will remain low for a prolonged period. Our neutral duration strategy over thepast 18 months has been an important element in sustaining performance as yields draw close to all-time lows.

• Prior to the pandemic, portfolios were structured with increased liquidity and higher-than-normal allocations to U.S.Treasuries. As market conditions stabilized in the second quarter, we began to cautiously reallocate this excess liquidityinto sectors and issuers that offered opportunities to safely enhance earnings.

• Throughout much of the second quarter, yield spreads on federal agencies were wide and attractive, so we took thisopportunity to add allocations back to the sector. As yields began to narrow back to pre-crisis lows, especially in maturitiesunder three years, the portfolio benefited from incremental performance.

• Both taxable and tax-exempt municipals generated positive excess returns for the quarter as the Fed implemented theMunicipal Liquidity Facility to support issuance. This improved liquidity allayed investors’ fears regarding public sectorfinances and triggered an increase in new supply, creating select opportunities to add high-quality issues to the portfoliowhere permitted.

INDEPENDENT CITIES RISK MANAGEMENT AUTHORITY

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Portfolio Recap

Portfolio Review

• Investment grade corporate bonds faced a multitude of uncertainties heading into the second quarter as economies wereshut down and companies contended with growing concerns around revenue, profitability, liquidity, and sustainability.Aggressive Fed actions calmed the credit markets and restored liquidity, leading to a sharp tightening of the wide yieldspreads from March. This allowed companies to bring a record amount of new issuance to market.

‒ A key element to our strategy during the second quarter was to cautiously maintain overall exposure to the credit sector, emphasizing issuers with strong balance sheets and limited overseas exposure.

‒ This strategy benefited the portfolio significantly as investment grade corporates significantly outperformed Treasuries during the second quarter and mostly offset the negative underperformance experienced in the first quarter.

• Agency MBS allocations modestly fell over the quarter, largely the result of a significant uptick in home refinancing activityas mortgage rates fell to all-time lows.

‒ The Fed’s unlimited Treasury and agency MBS purchase program brought some stabilization to mortgage markets, although spreads are still higher than pre-crisis levels. We remained selective of the MBS sector due to concerns over the stability and timing of future principal payments.

• The ABS sector was challenged by many unknowns during the second quarter as high unemployment threatenedconsumers’ ability to make timely payments on credit cards and car loans. The Fed revived a program from 2009 to providefinancing to eligible ABS investors, boosting confidence in the sector. In addition, new deals were structured with increasedcredit enhancements.

‒ PFM generally avoided new exposure to ABS during the quarter as risks and uncertainties appeared to outweigh the benefits. The outperformance of existing holdings boosted portfolio performance relative to benchmarks in the second half of the quarter.


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The portfolio is in compliance with the California Government Code and the Authority’s Investment Policy.

Sector Allocation & Compliance

Market values, excluding accrued interest. Detail may not add to total due to rounding. Current investment policy as of October 2018.

Security Type Market Valueas of 6/30/20

% of Portfolio

% Changevs. 3/31/20

Permitted by Policy

In Compliance

U.S. Treasury $28,305,033 37.4% -3.4% 100%

Federal Agency $13,713,460 18.1% 6.6% 100%

Agency MBS/CMOs $2,386,032 3.2% - 100%

Municipal Obligations $2,564,249 3.4% 1.0% 100%

Supranationals $953,909 1.3% - 30%

Negotiable CDs $5,361,991 7.1% 30%

Corporate Notes $16,014,256 21.1%

-0.7%

2.5% 30%

Asset-Backed Securities $3,138,892 4.1% -0.5% 20%

Securities Sub-Total $72,437,822 95.6%

Accrued Interest $360,757

Securities Total $72,798,579 95.6%

CAMP $134,296 0.2% - 100%

LAIF $3,167,723 4.2% -5.6% $75 Million

Total Investments $76,100,597 100.0%


Portfolio ComplianceINDEPENDENT CITIES RISK MANAGEMENT AUTHORITY

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Portfolio Snapshot

Portfolio Statistics

As of June 30, 2020

$69,285,091

$72,932,874

$72,437,822

$360,757

-

Accrued Interest:

Cash:

Par Value:

Total Market Value:

Security Market Value:

CAMP $134,296

$70,169,166

0.53%

1.92%

AAAverage Credit: *

Yield at Cost:

Amortized Cost:

Yield at Market:

Effective Duration: 2.60 Years

Average Maturity: 2.80 Years

Credit Quality (S&P Ratings)**

5.8%

A

7.6%

A-

4.4%

A+

2.8%

A-1

1.4%

A-1+

0.6%

AA

4.5%

AA-

62.8%

AA+

4.5%

AAA

0.2%

AAAm

0.7%

BBB

2.8%

BBB+

1.9%

Not Rated

0%

4%

8%

12%

16%

20%

24%

28%

0 - 1 Year 1 - 2 Years 2 - 3 Years 3 - 4 Years 4 - 5 Years > 5 Years

9.4%

20.7%

27.2%

16.5%

26.1%

0.0%

Maturity Distribution

Sector Allocation

4.3%

Asset-Backed

7.4%

Certificate

of Deposit

22.1%

Corporate

3.3%

Federal

Agency/CMO

18.9%

Federal

Agency/GSE

0.2%

Mny Mkt

Fund / Pool

3.5%

Municipal

1.3%

Supra-Sov /

Supra-Natl

Agency

39.0%

U.S.

Treasury


* An average of each security’s credit rating assigned a numeric value and adjusted for its relative weighting in the portfolio.**Securities in the Authority's portfolio are in compliance with California Government Code and the Authority's investment policy dated October 2018.


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Portfolio Composition

Sector Allocation

June 30, 2020 March 31, 2020 December 31, 2019 September 30, 2019

% of TotalMV ($MM)Sector % of Total% of Total% of Total MV ($MM)MV ($MM)MV ($MM)

U.S. Treasury 28.3 39.0% 32.3 45.2% 33.8 48.3% 23.2 38.5%

Corporate 16.0 22.1% 14.8 20.7% 17.2 24.6% 17.2 28.6%

Federal Agency/GSE 13.7 18.9% 9.1 12.7% 4.1 5.9% 4.8 8.0%

Certificate of Deposit 5.4 7.4% 6.2 8.6% 5.6 8.0% 6.0 10.0%

Asset-Backed 3.1 4.3% 3.7 5.1% 4.4 6.4% 4.1 6.9%

Municipal 2.6 3.5% 1.9 2.6% 1.2 1.7% 1.2 1.9%

Federal Agency/CMO 2.4 3.3% 2.5 3.5% 2.2 3.1% 1.7 2.8%

Supra-Sov / Supra-Natl Agency 1.0 1.3% 1.1 1.5% 1.0 1.5% 1.6 2.7%

Mny Mkt Fund / Pool 0.1 0.2% 0.1 0.1% 0.3 0.5% 0.3 0.6%

$72.6 100.0% $71.4 100.0% $69.8 100.0% $60.1 100.0%Total

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

June 2020 March 2020 December 2019 September 2019

Mny Mkt Fund / Pool

Supra-Sov / Supra-Natl

Agency

Federal Agency/CMO

Municipal

Asset-Backed

Certif icate of Deposit

Federal Agency/GSE

Corporate

U.S. Treasury


Detail may not add to total due to rounding.


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Maturity Distribution

As of June 30, 2020

>5

Years

4-5

Years

3-4

Years

2-3

Years

1-2

Years

0-1

YearsYield

at MarketPortfolio/Benchmark

Average

Maturity

0.53% 9.4% 20.7% 27.2% 16.5% 26.1% 0.0%2.80 yrsCAMP-ICRMA OPERATING

CAMP-ICRMA Custom Index* 0.19% 1.7% 33.6% 27.0% 19.0% 18.7% 0.0%2.73 yrs

0%

5%

10%

15%

20%

25%

30%

35%

0-1 Years 1-2 Years 2-3 Years 3-4 Years 4-5 Years > 5 Years

9.4%

20.7%

27.2%

16.5%

26.1%

0.0%1.7%

33.6%

27.0%

19.0% 18.7%

0.0%

CAMP-ICRMA OPERATING CAMP-ICRMA Custom Index*


*The portfolio's benchmark was the ICE BofAML 1-3 U.S. Treasury Index for the quarters beginning October 1, 2002 through September 30, 2007 and the ICE BofAML 1-5 Year U.S. Treasury Benchmark beginning October 1, 2007.


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Portfolio Performance

Portfolio Performance (Total Return)

Effective

DurationPortfolio/Benchmark

Annualized Return

10 Year1 Year 3 Year 5 YearSince Inception

(03/31/00)

Current

Quarter

2.60 1.61% 2.13%5.54% 3.54% 2.66% 3.43%CAMP-ICRMA OPERATING

CAMP-ICRMA Custom Index* 2.58 0.29% 1.84%5.25% 3.23% 2.31% 3.30%

Difference 0.29% 1.32% 0.31% 0.35% 0.29% 0.13%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

Current Quarter 1 Year 3 Year 5 Year 10 Year Since Inception

1.61%

5.54%

3.54%

2.66%

2.13%

3.43%

0.29%

5.25%

3.23%

2.31%

1.84%

3.30%

To

tal R

etu

rn

CAMP-ICRMA OPERATING CAMP-ICRMA Custom Index*


Portfolio performance is gross of fees unless otherwise indicated.*The portfolio's benchmark was the ICE BofAML 1-3 U.S. Treasury Index for the quarters beginning October 1, 2002 through September 30, 2007 and the ICE BofAML 1-5 Year U.S. Treasury Benchmark beginning October 1, 2007.


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Portfolio Performance

Portfolio Earnings

Quarter-Ended June 30, 2020

Market Value Basis Accrual (Amortized Cost) Basis

Net Purchases/Sales

Change in Value

Interest Earned

$71,422,499.07

$408,567.72

$741,050.93

$412,165.52

$1,153,216.45

$72,572,117.72

$69,582,256.90

$408,567.72

$178,341.70

$412,165.52

$590,507.22

$70,169,166.32

Portfolio Earnings

Beginning Value (03/31/2020)

Ending Value (06/30/2020)



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Market Update

Fixed Income Sector Outlook – July 2020

Sector Our Investment Preferences CommentsC O M M E R C I A L P A P E R

/ C D• Short-term credit spreads widened slightly in recent days as T-Bills rallied and more

issuers re-entered the market after quarter-end.

T R E A S U R I E S • T-Bill yields remain a very attractive investment option, although yields have fallenseveral basis points across the curve.

• Treasury yields remain in a defined range. Short to intermediate maturities areanchored by the Fed Funds Rate near 0%. Longer maturities may see upwardpressure from increased issuance, although Fed purchases provide support.

T-BillT-Note

F E D E R A L A G E N C I E S • Bullet agency spreads continue to narrow but remain wider than pre-pandemiclevels. While the spread curve has flattened as spreads have tightened, the 3s/5sspread curve still appears steep, making longer-maturity bullets attractive. Newissue securities at concessions to the curve also represent good value.

• Callable spreads continue to march tighter vs like-maturity Treasuries but remainnear the middle of the range YTD. Value remains on a structure-by-structure basis.

BulletsCallables

S U P R A N A T I O N A L S• Supranational spreads tightened across the curve. Most secondary offerings are

trading at lower spreads than GSEs, erasing much of the sector’s relative value.Seasonality suggests light issuance during the summer that will pick up in the fall.

C O R P O R A T E S • Corporates recovered most of their first quarter underperformance during thesecond quarter, helped by the Fed’s unprecedented support and signs of recoveryin economic activity.

• We remain cautious regarding the sector, however, due to concerns aroundconsumer finances and weak corporate balance sheets. The recent trend of risingcoronavirus infections in parts of the country is worrying, and the presidentialelection and geopolitical tensions could be another source of market volatility.

FinancialsIndustrials

S E C U R I T I Z E D • ABS yield spreads tightened but still offer some relative value to industrial corporatesecurities. Credit enhancements have increased in new ABS deals to offsetincreased concerns regarding consumer stress.

• The Fed reaffirmed its commitment “to support the smooth functioning” of the MBSmarket through its ongoing purchase program. However, prepayments may stayelevated over the near term as refinancings remain robust.

• Agency CMBS spreads continue to move lower as fear regarding renters’ ability topay has decreased to some degree. Spreads are still above historical averages.

Asset-BackedAgency Mortgage-Backed

Agency CMBS

M U N I C I P A L S• Taxable supply continues to come to market at attractive spreads. We remain

focused on the largest issuers and cautious on many sub-sectors given the fiscalimpact from COVID-19.

Negative Slightly Negative Neutral Slightly

Positive PositiveCurrent outlook Outlook one month ago


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Investment Strategy Outlook

A cloud of uncertainty hangs over the U.S. and global economies entering the second half of 2020. Economic data has reboundedsignificantly from the April lows but remains well below pre-pandemic levels.

• To recapture previous economic highs, it will be important that COVID-19 hotspots are contained so that public confidencecan be restored. Considering these uncertainties, we plan on structuring portfolios to have neutral durations to theirrespective benchmarks.

Our outlook for major investment grade sectors includes the following:• We plan to focus the majority of new federal agency purchases in maturities beyond three years as yield spreads on

shorter maturities are now back near pre-pandemic levels. Some callable agencies also appear to have value given lowyields and narrowing yield spreads.

• Supranationals look expensive along most of the curve, although some shorter maturity issues offer decent yield pick-upsrelative to agencies. New issues remain the preferred outlet for new allocations.

• The investment grade corporate market should continue to benefit from Fed support moving into the third quarter. Yieldspreads for shorter corporates are back to near pre-crisis levels, but the credit curve is relatively steep. As a result, longermaturity corporates appear attractive, as the “roll down” effect in the credit curve is back in play. We will continue ourenhanced due diligence to track the progress of individual issuers as they navigate the recovery phase of the coronaviruspandemic.

• ABS allocations are expected to remain stable. Liquidity has improved and spreads have narrowed due to Fed support.However, we continue to carefully follow consumer trends for signs of material deterioration in collateral performance.

• The agency MBS sector continues to benefit from the Fed’s large-scale purchase program, which the central bank hassignaled will continue in the coming months. However, near-term prepayment risk remains elevated in the low rateenvironment as refinancings remain robust. Allocations to the sector will likely be maintained, with additions focused onstructures that mitigate prepayment risk.

• While tax-exempt municipal spreads have narrowed to historical levels and are no longer attractive, taxable municipalsappear to be one of the more attractive investment-grade sectors available for purchase. Value remains, and supply isexpected to pick up over the coming months. As a result, we expect to add to the sector through participation in newissues.

OutlookINDEPENDENT CITIES RISK MANAGEMENT AUTHORITY

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Issuer Distribution

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Issuer Distribution

As of June 30, 2020

Market Value ($) % of PortfolioIssuer

UNITED STATES TREASURY 28,305,033 39.0%

FEDERAL HOME LOAN BANKS 6,237,725 8.6%

FREDDIE MAC 5,792,861 8.0%

FANNIE MAE 4,068,906 5.6%

TRUIST FIN CORP 1,332,028 1.8%

CALIFORNIA ST 1,139,711 1.6%

TOYOTA MOTOR CORP 1,059,209 1.5%

ROYAL BANK OF CANADA 1,002,221 1.4%

MORGAN STANLEY 994,232 1.4%

SWEDBANK AB 981,817 1.4%

PFIZER INC 832,425 1.2%

ARIZONA ST TRANSPRTN BRD HIGHW 725,977 1.0%

INTER-AMERICAN DEVELOPMENT BANK 676,801 0.9%

THE WALT DISNEY CORPORATION 636,805 0.9%

SKANDINAVISKA ENSKILDA BANKEN AB 618,350 0.9%

NORDEA BANK AB 618,221 0.9%

US BANCORP 600,320 0.8%

INTEL CORPORATION 597,662 0.8%

To

p 5

= 6

3.1

%

To

p 1

0 =

70.2

%



16 of 263




CATERPILLAR INC 594,813 0.8%

AMERICAN HONDA FINANCE 591,816 0.8%

JP MORGAN CHASE & CO 584,055 0.8%

AMERICAN EXPRESS CO 575,592 0.8%

SOCIETE GENERALE 563,478 0.8%

THE BANK OF NEW YORK MELLON CORPORATION 561,520 0.8%

CREDIT AGRICOLE SA 559,901 0.8%

ABBOTT LABORATORIES 544,473 0.8%

DNB ASA 519,111 0.7%

CITIGROUP INC 517,728 0.7%

COMCAST CORP 512,118 0.7%

MITSUBISHI UFJ FINANCIAL GROUP INC 498,893 0.7%

IBM CORP 494,074 0.7%

NATIONAL RURAL UTILITIES CO FINANCE CORP 492,866 0.7%

GOLDMAN SACHS GROUP INC 492,280 0.7%

DEERE & COMPANY 488,165 0.7%

HYUNDAI AUTO RECEIVABLES 425,355 0.6%

DISCOVER FINANCIAL SERVICES 423,628 0.6%

PNC FINANCIAL SERVICES GROUP 423,415 0.6%

TAMALPAIS CA UNION HIGH SCH DIST 420,788 0.6%

CHEVRON CORPORATION 419,208 0.6%



17 of 263




APPLE INC 407,810 0.6%

UNITED PARCEL SERVICE INC 394,974 0.5%

GM FINANCIAL SECURITIZED TERM 362,996 0.5%

PEPSICO INC 348,887 0.5%

CHARLES SCHWAB 327,168 0.5%

WASTE MANAGEMENT INC 306,666 0.4%

PACCAR FINANCIAL CORP 286,987 0.4%

INTL BANK OF RECONSTRUCTION AND DEV 277,108 0.4%

MERCEDES-BENZ AUTO RECEIVABLES 263,342 0.4%

HOME DEPOT INC 241,222 0.3%

HERSHEY COMPANY 240,729 0.3%

UNILEVER PLC 240,163 0.3%

BANK OF AMERICA CO 221,184 0.3%

FORD CREDIT AUTO LEASE TRUST 205,525 0.3%

FIFTH THIRD AUTO TRUST 204,974 0.3%

VOLKSWAGEN AUTO LEASE TURST 203,333 0.3%

SAN DIEGO CA CMNTY CLG DIST 174,534 0.2%

CAPITAL ONE PRIME AUTO REC TRUST 169,352 0.2%

AMAZON.COM INC 154,900 0.2%

CARMAX AUTO OWNER TRUST 154,333 0.2%

CAMP POOL 134,296 0.2%



18 of 263




STATE OF CONNECTICUT 103,240 0.1%

GM FINANCIAL AUTO LEASING TRUST 96,845 0.1%

ADOBE INC 67,332 0.1%

JOHN DEERE OWNER TRUST 60,637 0.1%

72,572,118 100.0%Grand Total:



19 of 263

Portfolio Transactions

of 263


Portfolio Activity

Quarterly Portfolio Transactions

Security DescriptionCUSIPPar ($) Settle

Date

Trade

Date

Tran.

Type

Maturity

Date Transact

Amt ($)Yield

Realized

G/L (BV)Coupon

4/1/20 4/1/20 730,000.00 05531FAX1 BB&T CORP (CALLABLE) NOTESINTEREST 4/1/22 10,037.50 2.75%

4/1/20 4/1/20 390,000.00 911312BP0 UNITED PARCEL SERVICE CORPORATE BONDINTEREST 4/1/21 3,997.50 2.05%

4/1/20 4/1/20 585,000.00 13063DGA0 CA ST TXBL GO BONDSINTEREST 4/1/21 8,190.00 2.80%

4/1/20 4/25/20 600,000.00 3137BM6P6 FHLMC SERIES K721 A2INTEREST 8/1/22 1,545.00 3.09%

4/1/20 4/25/20 216,566.91 3137FEU99 FHMS K730 A1INTEREST 9/1/24 622.99 3.45%

4/1/20 4/25/20 176,881.11 3137FQ3V3 FHMS KJ27 A1INTEREST 7/25/24 308.36 2.09%

4/1/20 4/25/20 213,823.81 3136AEGQ4 FNA 2013-M7 A2INTEREST 12/1/22 406.27 2.28%

4/1/20 4/25/20 123,936.04 3136AQV56 FANNIE MAE SERIES 2016-M1 ASQ2INTEREST 2/1/21 220.19 2.13%

4/1/20 4/25/20 259,073.13 3137FKK39 FHMS KP05 AINTEREST 7/1/23 691.51 3.20%

4/1/20 4/25/20 425,000.00 3136AJB54 FANNIEMAE-ACESINTEREST 3/1/24 1,423.29 3.34%

4/1/20 4/25/20 395,000.00 3137BGK24 FHMS K043 A2INTEREST 12/25/24 1,007.91 3.06%

4/1/20 4/25/20 427.10 3136AEGQ4 FNA 2013-M7 A2PAYDOWNS 12/1/22 427.10 0.00 2.28%

4/1/20 4/25/20 8,941.97 3136AQV56 FANNIE MAE SERIES 2016-M1 ASQ2PAYDOWNS 2/1/21 8,941.97 0.00 2.13%

4/1/20 4/25/20 15,380.76 3137FKK39 FHMS KP05 APAYDOWNS 7/1/23 15,380.76 0.00 3.20%

4/1/20 4/25/20 283.01 3137FQ3V3 FHMS KJ27 A1PAYDOWNS 7/25/24 283.01 0.00 2.09%

4/1/20 4/25/20 1,196.01 3137FEU99 FHMS K730 A1PAYDOWNS 9/1/24 1,196.01 0.00 3.45%

4/1/20 4/25/20 11,579.94 3136AJB54 FANNIEMAE-ACESPAYDOWNS 3/1/24 11,579.94 0.00 3.34%

4/6/20 4/6/20 550,000.00 22535CDU2 CREDIT AGRICOLE CIB NY CERT DEPOSINTEREST 4/2/21 15,910.89 2.83%

4/15/20 4/15/20 275,000.00 89231AAD3 TOYOTA ABS 2018-C A3INTEREST 12/15/22 692.08 3.02%

4/15/20 4/15/20 280,000.00 89239JAD6 TAOT 2019-B A3INTEREST 8/15/23 599.67 2.57%



20 of 263


Portfolio Activity


Date

Trade

Date

Tran.

Type

Maturity

Date Transact

Amt ($)Yield

Realized

G/L (BV)Coupon

4/15/20 4/15/20 83,796.14 47788CAC6 JDOT 2018-A A3INTEREST 4/15/22 185.75 2.66%

4/15/20 4/15/20 165,000.00 14042WAC4 COPAR 2019-1 A3INTEREST 11/15/23 345.13 2.51%

4/15/20 4/15/20 245,000.00 44932NAD2 HYUNDAI AUTO RECEIVABLES TRUSTINTEREST 6/15/23 543.08 2.66%

4/15/20 4/15/20 315,000.00 58772RAD6 MBART 2018-1 A3INTEREST 1/15/23 795.38 3.03%

4/15/20 4/15/20 150,000.00 14315XAC2 CARMX 2020-1 A3INTEREST 12/16/24 236.25 1.89%

4/15/20 4/15/20 310,000.00 713448DX3 PEPSICO INC CORP (CALLABLE) NOTEINTEREST 4/15/21 3,100.00 2.00%

4/15/20 4/15/20 240,000.00 34531LAD2 FORDL 2018-B A3INTEREST 12/15/21 638.00 3.19%

4/15/20 4/15/20 315,000.00 9128285F3 UNITED STATES TREASURY NOTESINTEREST 10/15/21 4,528.13 2.87%

4/15/20 4/15/20 410,000.00 254683CM5 DCENT 2019-A3 AINTEREST 10/15/24 645.75 1.89%

4/15/20 4/15/20 28,481.75 34531EAD8 FORD ABS 2017-A A3INTEREST 6/15/21 39.64 1.67%

4/15/20 4/15/20 200,000.00 31680YAD9 FIFTH THIRD AUTO TRUSTINTEREST 12/15/23 440.00 2.64%

4/15/20 4/15/20 170,000.00 44891JAC2 HART 2019-B A3INTEREST 2/15/24 274.83 1.94%

4/15/20 4/15/20 7,869.25 47788CAC6 JDOT 2018-A A3PAYDOWNS 4/15/22 7,869.25 0.00 2.66%

4/15/20 4/15/20 2,583.73 34531LAD2 FORDL 2018-B A3PAYDOWNS 12/15/21 2,583.73 0.00 3.19%

4/15/20 4/15/20 13,798.58 34531EAD8 FORD ABS 2017-A A3PAYDOWNS 6/15/21 13,798.58 0.00 1.67%

4/15/20 4/15/20 20,541.96 58772RAD6 MBART 2018-1 A3PAYDOWNS 1/15/23 20,541.96 0.00 3.03%

4/15/20 4/16/20 480,000.00 3130AJHU6 FEDERAL HOME LOAN BANK NOTESBUY 4/14/25 (477,619.20) 0.60%0.50%

4/15/20 4/16/20 480,000.00 9128283V0 UNITED STATES TREASURY NOTESSELL 1/31/25 532,061.74 24,347.18 2.50%

4/16/20 4/16/20 285,000.00 36256XAD4 GMCAR 2019-1 A3INTEREST 11/16/23 705.38 2.97%

4/16/20 4/16/20 80,000.00 36255JAD6 GMCAR 2018-3 A3INTEREST 5/16/23 201.33 3.02%

4/16/20 4/16/20 850,000.00 86565BPC9 SUMITOMO MITSUI BANK NY CERT DEPOSINTEREST 10/16/20 14,647.63 3.39%

4/16/20 4/16/20 1,521.87 36255JAD6 GMCAR 2018-3 A3PAYDOWNS 5/16/23 1,521.87 0.00 3.02%



21 of 263


Portfolio Activity


Date

Trade

Date

Tran.

Type

Maturity

Date Transact

Amt ($)Yield

Realized

G/L (BV)Coupon

4/17/20 4/20/20 800,000.00 3137EAEQ8 FREDDIE MAC NOTESBUY 4/20/23 (798,000.00) 0.46%0.37%

4/17/20 4/20/20 800,000.00 9128286U9 UNITED STATES TREASURY NOTESSELL 5/15/22 838,801.17 25,930.97 2.12%

4/17/20 4/22/20 450,000.00 13063DUY2 CA ST T/E GO BONDSBUY 3/1/25 (533,970.00) 1.05%5.00%

4/17/20 4/24/20 400,000.00 4581X0DM7 INTER-AMERICAN DEVEL BK CORPORATE NOTESBUY 5/24/23 (399,864.00) 0.51%0.50%

4/20/20 4/20/20 200,000.00 92867XAD8 VWALT 2019-A A3INTEREST 11/21/22 331.67 1.99%

4/20/20 4/20/20 138,463.93 36256GAD1 GMALT 2018-3 A3INTEREST 6/20/21 366.93 3.18%

4/20/20 4/20/20 17,723.04 36256GAD1 GMALT 2018-3 A3PAYDOWNS 6/20/21 17,723.04 0.00 3.18%

4/21/20 4/22/20 675,000.00 912828Q29 US TREASURY NOTESSELL 3/31/23 700,710.17 49,324.80 1.50%

4/22/20 4/24/20 525,000.00 3135G03U5 FANNIE MAE NOTESBUY 4/22/25 (523,918.50) 0.67%0.62%

4/23/20 4/24/20 85,000.00 912828C57 US TREASURY NOTESSELL 3/31/21 86,818.77 1,419.32 2.25%

4/23/20 4/24/20 350,000.00 9128284S6 US TREASURY N/B NOTESSELL 5/31/23 380,458.62 15,054.24 2.75%

4/24/20 4/24/20 215,000.00 06406RAL1 BANK OF NY MELLON CORPINTEREST 10/24/24 2,257.50 2.10%

4/24/20 4/24/20 5,000.00 912828N30 US TREASURY NOTESSELL 12/31/22 5,284.35 332.79 2.12%

4/24/20 4/24/20 10,000.00 912828Q29 US TREASURY NOTESSELL 3/31/23 10,368.82 717.17 1.50%

4/25/20 4/25/20 485,000.00 38141GVU5 GOLDMAN SACHS GRP INC CORP NT (CALLABLE)INTEREST 4/25/21 6,365.63 2.62%

4/29/20 4/29/20 900,000.00 61746BDQ6 MORGAN STANLEY CORP NOTESINTEREST 4/29/24 17,437.50 3.87%

4/29/20 5/1/20 135,000.00 713448EY0 PEPSICO INC CORPORATE NOTESBUY 5/1/23 (134,732.70) 0.82%0.75%

4/29/20 5/1/20 100,000.00 713448DX3 PEPSICO INC CORP (CALLABLE) NOTESELL 4/15/21 101,136.89 1,053.44 2.00%

4/30/20 4/30/20 520,000.00 912828X70 US TREASURY N/B NOTESINTEREST 4/30/24 5,200.00 2.00%

4/30/20 4/30/20 585,000.00 912828T91 US TREASURY NOTESINTEREST 10/31/23 4,753.13 1.62%

4/30/20 4/30/20 340,000.00 912828WZ9 US TREASURY N/B NOTESINTEREST 4/30/22 2,975.00 1.75%

5/1/20 5/1/20 400,000.00 693475AY1 PNC BANK NA CORP NOTESINTEREST 11/1/24 4,400.00 2.20%



22 of 263


Portfolio Activity


Date

Trade

Date

Tran.

Type

Maturity

Date Transact

Amt ($)Yield

Realized

G/L (BV)Coupon









5/1/20 5/25/20 10,448.77 3136AEGQ4 FNA 2013-M7 A2PAYDOWNS 12/1/22 10,448.77 0.00 2.28%


5/1/20 5/25/20 453.60 3137FKK39 FHMS KP05 APAYDOWNS 7/1/23 453.60 0.00 3.20%


5/1/20 5/25/20 4,076.61 3137FQ3V3 FHMS KJ27 A1PAYDOWNS 7/25/24 4,076.61 0.00 2.09%

5/1/20 5/25/20 756.31 3136AJB54 FANNIEMAE-ACESPAYDOWNS 3/1/24 756.31 0.00 3.34%

5/5/20 5/5/20 225,000.00 904764AX5 UNILEVER CAPITAL CORP (CALLABLE) BONDSINTEREST 5/5/24 2,925.00 2.60%

5/5/20 5/7/20 565,000.00 3137EAER6 FREDDIE MAC NOTESBUY 5/5/23 (564,762.70) 0.39%0.37%

5/5/20 5/7/20 500,000.00 45950VLQ7 INTERNATIONAL FINANCE CORPORATION NOTESELL 3/9/21 511,232.64 9,215.37 2.63%

5/7/20 5/11/20 135,000.00 166764BV1 CHEVRON CORP CORPORATE NOTESBUY 5/11/23 (135,000.00) 1.14%1.14%

5/8/20 5/11/20 215,000.00 904764AZ0 UNILEVER CAPITAL CORP NOTESSELL 3/22/21 219,827.41 4,338.41 2.75%

5/12/20 5/13/20 450,000.00 86565BPC9 SUMITOMO MITSUI BANK NY CERT DEPOSSELL 10/16/20 456,843.99 5,830.82 3.39%

5/12/20 5/14/20 400,000.00 037833DT4 APPLE INC (CALLABLE) CORP NOTESBUY 5/11/25 (400,877.50) 1.08%1.12%

5/13/20 5/15/20 275,000.00 166764BW9 CHEVRON CORP (CALLABLE) NOTESBUY 5/11/25 (276,411.48) 1.45%1.55%



23 of 263


Portfolio Activity


Date

Trade

Date

Tran.

Type

Maturity

Date Transact

Amt ($)Yield

Realized

G/L (BV)Coupon

5/13/20 5/15/20 285,000.00 912828W71 US TREASURY N/BSELL 3/31/24 306,362.59 22,261.16 2.12%

5/15/20 5/15/20 485,000.00 172967GT2 CITIGROUP INC CORP NOTESINTEREST 5/15/23 8,487.50 3.50%






5/15/20 5/15/20 1,115,000.00 9128286U9 UNITED STATES TREASURY NOTESINTEREST 5/15/22 11,846.88 2.12%



5/15/20 5/15/20 235,000.00 427866BA5 HERSHEY COMPANY CORP NOTESINTEREST 5/15/21 3,642.50 3.10%



5/15/20 5/15/20 4,000,000.00 9128285L0 UNITED STATES TREASURY NOTESINTEREST 11/15/21 57,500.00 2.87%











24 of 263


Portfolio Activity


Date

Trade

Date

Tran.

Type

Maturity

Date Transact

Amt ($)Yield

Realized

G/L (BV)Coupon



5/17/20 5/17/20 550,000.00 14913Q2V0 CATERPILLAR FINL SERVICE CORP NOTESINTEREST 5/17/24 7,837.50 2.85%

5/18/20 5/18/20 975,000.00 87019U6D6 SWEDBANK (NEW YORK) CERT DEPOSINTEREST 11/16/20 11,189.21 2.27%




5/20/20 5/22/20 1,030,000.00 3135G04Q3 FANNIE MAE NOTESBUY 5/22/23 (1,026,899.70) 0.35%0.25%

5/20/20 5/22/20 1,030,000.00 9128284S6 US TREASURY N/B NOTESSELL 5/31/23 1,122,083.95 45,425.93 2.75%

5/20/20 5/22/20 260,000.00 89236TEC5 TOYOTA MOTOR CREDIT CORP NOTESSELL 9/8/22 268,075.46 7,067.68 2.15%

5/20/20 5/26/20 225,000.00 89236TGT6 TOYOTA MOTOR CREDIT CORP CORP NOTESBUY 2/13/25 (228,357.00) 1.58%1.80%

5/20/20 5/26/20 250,000.00 89236TGT6 TOYOTA MOTOR CREDIT CORP CORP NOTESBUY 2/13/25 (253,730.00) 1.58%1.80%

5/21/20 5/21/20 320,000.00 808513AW5 CHARLES SCHWAB CORP NOTESINTEREST 5/21/21 5,200.00 3.25%

5/21/20 5/26/20 225,000.00 89236TEC5 TOYOTA MOTOR CREDIT CORP NOTESSELL 9/8/22 231,785.63 5,859.18 2.15%

5/24/20 5/24/20 400,000.00 4581X0DM7 INTER-AMERICAN DEVEL BK CORPORATE NOTESINTEREST 5/24/23 166.67 0.50%

5/29/20 6/11/20 100,000.00 20772KJW0 CT ST TXBL GO BONDSBUY 7/1/24 (100,000.00) 2.00%1.99%

5/30/20 5/30/20 500,000.00 002824BE9 ABBOTT LABORATORIES CORP NOTESINTEREST 11/30/23 8,500.00 3.40%

5/31/20 5/31/20 565,000.00 9128283J7 US TREASURY N/BINTEREST 11/30/24 6,003.13 2.12%

5/31/20 5/31/20 250,000.00 912828XR6 US TREASURY NOTESINTEREST 5/31/22 2,187.50 1.75%

5/31/20 5/31/20 420,000.00 9128284S6 US TREASURY N/B NOTESINTEREST 5/31/23 5,775.00 2.75%

5/31/20 5/31/20 500,000.00 9128285P1 UNITED STATES TREASURY NOTESINTEREST 11/30/23 7,187.50 2.87%

6/1/20 6/3/20 155,000.00 023135BP0 AMAZON.COM INC CORPORATE NOTESBUY 6/3/23 (154,783.00) 0.45%0.40%



25 of 263


Portfolio Activity


Date

Trade

Date

Tran.

Type

Maturity

Date Transact

Amt ($)Yield

Realized

G/L (BV)Coupon

6/1/20 6/8/20 165,000.00 69371RQ82 PACCAR FINANCIAL CORP CORPORATE NOTESBUY 6/8/23 (164,770.65) 0.85%0.80%

6/1/20 6/8/20 170,000.00 69371RN93 PACCAR FINANCIAL CORP NOTESSELL 3/1/21 174,196.36 2,933.98 2.80%









6/1/20 6/25/20 7,403.32 3136AEGQ4 FNA 2013-M7 A2PAYDOWNS 12/1/22 7,403.32 0.00 2.28%


6/1/20 6/25/20 28,201.26 3137FKK39 FHMS KP05 APAYDOWNS 7/1/23 28,201.26 0.00 3.20%


6/1/20 6/25/20 282.46 3137FQ3V3 FHMS KJ27 A1PAYDOWNS 7/25/24 282.46 0.00 2.09%

6/1/20 6/25/20 702.90 3136AJB54 FANNIEMAE-ACESPAYDOWNS 3/1/24 702.90 0.00 3.34%

6/2/20 6/2/20 500,000.00 23341VZT1 DNB BANK ASA/NY LT CDINTEREST 12/2/22 5,071.67 2.04%

6/2/20 6/4/20 450,000.00 3135G03U5 FANNIE MAE NOTESBUY 4/22/25 (453,021.50) 0.50%0.62%

6/2/20 6/4/20 450,000.00 3130AGLD5 FEDERAL HOME LOAN BANKS NOTESSELL 7/7/21 461,702.81 8,057.69 1.87%

6/7/20 6/7/20 975,000.00 78012UEE1 ROYAL BANK OF CANADA NY CDINTEREST 6/7/21 15,795.00 3.24%

6/8/20 6/8/20 835,000.00 3130A0F70 FEDERAL HOME LOAN BANKS NOTESINTEREST 12/8/23 14,090.63 3.37%

6/10/20 6/10/20 570,000.00 02665WCP4 AMERICAN HONDA FINANCE CORP NOTESINTEREST 12/10/21 9,618.75 3.37%



26 of 263


Portfolio Activity


Date

Trade

Date

Tran.

Type

Maturity

Date Transact

Amt ($)Yield

Realized

G/L (BV)Coupon






6/15/20 6/15/20 300,000.00 94106LBF5 WASTE MANAGEMENT INC CORP NOTESINTEREST 6/15/24 4,425.00 2.95%







6/15/20 6/15/20 565,000.00 458140AM2 INTEL CORP CORP NOTESINTEREST 12/15/22 7,627.50 2.70%












27 of 263


Portfolio Activity


Date

Trade

Date

Tran.

Type

Maturity

Date Transact

Amt ($)Yield

Realized

G/L (BV)Coupon


6/20/20 6/20/20 550,000.00 05531FBG7 BRANCH BANKING & TRUST CORP NOTESINTEREST 6/20/22 8,387.50 3.05%


6/23/20 6/25/20 400,000.00 17305EGK5 CCCIT 2018-A1 A1SELL 1/20/23 409,225.83 7,514.87 2.49%

6/24/20 6/26/20 920,000.00 3137EAES4 FREDDIE MAC NOTESBUY 6/26/23 (917,313.60) 0.35%0.25%

6/25/20 6/26/20 300,000.00 3130AJHU6 FEDERAL HOME LOAN BANK NOTESBUY 4/14/25 (300,618.67) 0.48%0.50%

6/25/20 6/26/20 400,000.00 86565BPC9 SUMITOMO MITSUI BANK NY CERT DEPOSSELL 10/16/20 406,486.33 3,895.58 3.39%

6/30/20 6/30/20 780,000.00 912828XX3 US TREASURY N/B NOTESINTEREST 6/30/24 7,800.00 2.00%

6/30/20 6/30/20 100,000.00 912828G87 US TREASURY NOTESINTEREST 12/31/21 1,062.50 2.12%

6/30/20 6/30/20 935,000.00 912828U81 US TREASURY NOTESINTEREST 12/31/21 9,350.00 2.00%

6/30/20 6/30/20 995,000.00 912828N30 US TREASURY NOTESINTEREST 12/31/22 10,571.88 2.12%

6/30/20 6/30/20 190,000.00 912828S35 US TREASURY NOTESINTEREST 6/30/23 1,306.25 1.37%

6/30/20 6/30/20 350,000.00 9128284U1 US TREASURY N/B NOTESINTEREST 6/30/23 4,593.75 2.62%

TOTALS 94,896.33 240,580.58



28 of 263

Portfolio Holdings

of 263


Portfolio Holdings

Managed Account Detail of Securities Held

Original

Cost

Settle

Date

Trade

Date

Moody's

Rating

S&P

Rating

Accrued

Interest

Amortized

Cost

Market

Value

YTM

at Cost

Security Type/Description

CUSIP ParDated Date/Coupon/Maturity


AA+ Aaa 9/18/2019 9/19/2019 489,056.25 4,968.13 485,334.86 493,800.001.74US TREASURY NOTES

DTD 08/15/2018 2.750% 08/15/2021

9128284W7 480,000.00

AA+ Aaa 8/30/2019 9/3/2019 312,452.93 1,184.46 313,509.54 318,445.311.54US TREASURY N/B NOTES

DTD 08/31/2016 1.125% 08/31/2021

9128282F6 315,000.00


DTD 08/31/2016 1.125% 08/31/2021

9128282F6 950,000.00


DTD 09/02/2014 2.000% 08/31/2021

912828D72 150,000.00

AA+ Aaa 2/7/2020 2/10/2020 159,143.75 452.46 159,347.07 161,875.011.46US TREASURY NOTES

DTD 09/30/2016 1.125% 09/30/2021

912828T34 160,000.00

AA+ Aaa 9/27/2019 10/1/2019 322,395.12 1,905.28 319,675.30 325,926.561.70UNITED STATES TREASURY NOTES

DTD 10/15/2018 2.875% 10/15/2021

9128285F3 315,000.00

AA+ Aaa 10/17/2019 10/18/2019 3,610,750.00 12,925.00 3,580,021.74 3,649,800.001.61UNITED STATES TREASURY NOTES

DTD 11/15/2018 2.875% 11/15/2021

9128285L0 3,520,000.00


DTD 11/15/2018 2.875% 11/15/2021

9128285L0 480,000.00


DTD 01/03/2017 2.000% 12/31/2021

912828U81 935,000.00


DTD 12/31/2014 2.125% 12/31/2021

912828G87 100,000.00

AA+ Aaa 7/5/2017 7/7/2017 1,008,143.55 6,420.33 1,019,152.26 1,046,460.941.88US TREASURY NOTES

DTD 02/02/2015 1.500% 01/31/2022

912828H86 1,025,000.00


DTD 02/15/2019 2.500% 02/15/2022

9128286C9 410,000.00


DTD 04/30/2015 1.750% 04/30/2022

912828WZ9 340,000.00

AA+ Aaa 8/1/2019 8/5/2019 65,604.30 176.41 65,407.04 67,376.561.78UNITED STATES TREASURY NOTES

DTD 05/15/2019 2.125% 05/15/2022

9128286U9 65,000.00


DTD 05/15/2019 2.125% 05/15/2022

9128286U9 1,050,000.00



29 of 263


Portfolio Holdings


Original

Cost

Settle

Date

Trade

Date

Moody's

Rating

S&P

Rating

Accrued

Interest

Amortized

Cost

Market

Value

YTM

at Cost





DTD 05/31/2017 1.750% 05/31/2022

912828XR6 250,000.00


DTD 07/31/2017 1.875% 07/31/2022

9128282P4 1,070,000.00


DTD 08/15/2019 1.500% 08/15/2022

912828YA2 1,500,000.00


DTD 10/02/2017 1.875% 09/30/2022

9128282W9 750,000.00

AA+ Aaa 9/4/2018 9/6/2018 968,764.66 57.46 979,811.12 1,043,506.252.78US TREASURY NOTES

DTD 12/31/2015 2.125% 12/31/2022

912828N30 995,000.00


DTD 02/15/2020 1.375% 02/15/2023

912828Z86 1,235,000.00


DTD 03/31/2016 1.500% 03/31/2023

912828Q29 725,000.00


DTD 03/31/2016 1.500% 03/31/2023

912828Q29 310,000.00


DTD 03/31/2016 1.500% 03/31/2023

912828Q29 695,000.00

AA+ Aaa 12/2/2019 12/4/2019 435,618.75 978.28 433,044.23 451,368.751.65US TREASURY N/B NOTES

DTD 05/31/2018 2.750% 05/31/2023

9128284S6 420,000.00


DTD 06/30/2016 1.375% 06/30/2023

912828S35 190,000.00


DTD 07/02/2018 2.625% 06/30/2023

9128284U1 350,000.00

AA+ Aaa 6/3/2019 6/5/2019 244,619.14 864.07 245,955.83 259,648.451.90US TREASURY N/B

DTD 09/30/2016 1.375% 09/30/2023

912828T26 250,000.00


DTD 10/31/2016 1.625% 10/31/2023

912828T91 585,000.00


DTD 11/30/2018 2.875% 11/30/2023

9128285P1 500,000.00



30 of 263


Portfolio Holdings


Original

Cost

Settle

Date

Trade

Date

Moody's

Rating

S&P

Rating

Accrued

Interest

Amortized

Cost

Market

Value

YTM

at Cost




AA+ Aaa 5/1/2019 5/3/2019 526,128.51 2,831.01 527,045.67 567,762.502.28US TREASURY N/B

DTD 03/31/2017 2.125% 03/31/2024

912828W71 530,000.00


DTD 05/01/2017 2.000% 04/30/2024

912828X70 520,000.00


DTD 06/30/2017 2.000% 06/30/2024

912828XX3 780,000.00


DTD 08/15/2014 2.375% 08/15/2024

912828D56 1,800,000.00


DTD 10/02/2017 2.125% 09/30/2024

9128282Y5 1,420,000.00

AA+ Aaa 1/2/2020 1/6/2020 577,249.02 1,016.92 576,037.80 611,347.631.66US TREASURY N/B

DTD 11/30/2017 2.125% 11/30/2024

9128283J7 565,000.00


DTD 01/31/2018 2.500% 01/31/2025

9128283V0 270,000.00

AA+ Aaa 3/30/2020 3/31/2020 1,104,237.30 7,715.66 1,100,146.49 1,106,359.380.40US TREASURY N/B

DTD 02/17/2015 2.000% 02/15/2025

912828J27 1,025,000.00

1.74 28,305,032.65 27,271,762.04 120,404.63 27,030,000.00 27,270,299.62Security Type Sub-Total


AAA Aaa 7/18/2018 7/25/2018 269,368.20 3,258.75 269,776.50 277,108.292.83INTL BANK OF RECONSTRUCTION

AND DEV NOTE

DTD 07/25/2018 2.750% 07/23/2021

459058GH0 270,000.00

AAA Aaa 6/4/2018 6/6/2018 255,509.80 2,943.06 257,522.01 274,448.462.90INTER-AMERICAN DEVELOPMENT

BANK NOTE

DTD 01/18/2018 2.500% 01/18/2023

4581X0DA3 260,000.00

AAA Aaa 4/17/2020 4/24/2020 399,864.00 205.56 399,872.22 402,352.400.51INTER-AMERICAN DEVEL BK

CORPORATE NOTES

DTD 04/24/2020 0.500% 05/24/2023

4581X0DM7 400,000.00

1.87 953,909.15 927,170.73 6,407.37 930,000.00 924,742.00Security Type Sub-Total



31 of 263


Portfolio Holdings


Original

Cost

Settle

Date

Trade

Date

Moody's

Rating

S&P

Rating

Accrued

Interest

Amortized

Cost

Market

Value

YTM

at Cost




AA- Aa2 4/18/2018 4/25/2018 585,023.40 4,095.00 585,005.98 595,921.952.80CA ST TXBL GO BONDS

DTD 04/25/2018 2.800% 04/01/2021

13063DGA0 585,000.00

AA+ Aa1 1/10/2020 2/12/2020 690,000.00 5,216.44 690,000.00 725,976.601.96AZ TRAN BOARD TXBL REV BONDS

DTD 02/12/2020 1.958% 07/01/2024

040654XU4 690,000.00

A A1 5/29/2020 6/11/2020 100,000.00 111.00 100,000.00 103,240.002.00CT ST TXBL GO BONDS

DTD 06/11/2020 1.998% 07/01/2024

20772KJW0 100,000.00

AAA Aaa 9/18/2019 10/16/2019 165,000.00 1,406.63 165,000.00 174,533.702.05SAN DIEGO CCD, CA TXBL GO BONDS

DTD 10/16/2019 2.046% 08/01/2024

797272QP9 165,000.00

NR Aaa 9/20/2019 10/9/2019 400,000.00 3,368.33 400,000.00 420,788.002.02TAMALPAIS UHSD, CA TXBL GO

BONDS

DTD 10/09/2019 2.021% 08/01/2024

874857KK0 400,000.00

AA- Aa2 4/17/2020 4/22/2020 533,970.00 4,312.50 530,656.64 543,789.001.05CA ST T/E GO BONDS

DTD 04/22/2020 5.000% 03/01/2025

13063DUY2 450,000.00



AA+ Aaa 1/19/2016 1/29/2016 67,791.06 119.25 67,199.75 67,115.411.92FANNIE MAE SERIES 2016-M1 ASQ2

DTD 01/01/2016 2.132% 02/01/2021

3136AQV56 67,121.03

AA+ Aaa 4/4/2018 4/9/2018 605,109.38 1,545.00 602,468.72 616,852.122.88FHLMC SERIES K721 A2

DTD 12/01/2015 3.090% 08/01/2022

3137BM6P6 600,000.00

AA+ Aaa 9/4/2019 9/9/2019 198,106.45 371.53 197,463.28 200,565.171.86FNA 2013-M7 A2

DTD 05/01/2013 2.280% 12/01/2022

3136AEGQ4 195,544.62

AA+ Aaa 12/7/2018 12/17/2018 215,036.86 573.97 215,037.08 221,907.963.20FHMS KP05 A

DTD 12/01/2018 3.203% 07/01/2023

3137FKK39 215,037.51

AA+ Aaa 12/13/2019 12/18/2019 431,979.57 1,148.68 429,423.43 447,961.582.14FANNIEMAE-ACES

DTD 04/01/2014 3.346% 03/01/2024

3136AJB54 411,960.85

AA+ Aaa 11/20/2019 11/26/2019 172,234.91 300.27 172,235.44 176,409.102.09FHMS KJ27 A1

DTD 11/01/2019 2.092% 07/25/2024

3137FQ3V3 172,239.03

AA+ Aaa 2/28/2018 3/13/2018 217,122.59 612.36 215,610.12 221,469.713.11FHMS K730 A1

DTD 03/01/2018 3.452% 09/01/2024

3137FEU99 212,871.13



32 of 263


Portfolio Holdings


Original

Cost

Settle

Date

Trade

Date

Moody's

Rating

S&P

Rating

Accrued

Interest

Amortized

Cost

Market

Value

YTM

at Cost




AA+ Aaa 3/19/2020 3/25/2020 414,564.84 1,007.91 413,460.37 433,751.011.97FHMS K043 A2

DTD 03/01/2015 3.062% 12/25/2024

3137BGK24 395,000.00



AA+ Aaa 2/20/2020 2/21/2020 678,748.80 3,376.39 678,898.90 699,737.681.44FEDERAL HOME LOAN BANKS NOTES

DTD 02/21/2020 1.375% 02/17/2023

3130AJ7E3 680,000.00

AA+ Aaa 4/17/2020 4/20/2020 798,000.00 591.67 798,131.51 802,214.400.46FREDDIE MAC NOTES

DTD 04/20/2020 0.375% 04/20/2023

3137EAEQ8 800,000.00


DTD 05/07/2020 0.375% 05/05/2023

3137EAER6 565,000.00

AA+ Aaa 5/20/2020 5/22/2020 1,026,899.70 278.96 1,027,012.95 1,028,939.100.35FANNIE MAE NOTES

DTD 05/22/2020 0.250% 05/22/2023

3135G04Q3 1,030,000.00


DTD 06/26/2020 0.250% 06/26/2023

3137EAES4 920,000.00

AA+ Aaa 1/7/2019 1/9/2019 747,395.25 7,680.47 740,307.15 795,739.702.67FEDERAL HOME LOAN BANK NOTES

DTD 08/28/2013 3.375% 09/08/2023

313383YJ4 725,000.00

AA+ Aaa 12/4/2018 12/6/2018 864,786.60 9,004.69 859,908.81 932,936.202.98FEDERAL HOME LOAN BANK NOTES

DTD 08/28/2013 3.375% 09/08/2023

313383YJ4 850,000.00

AA+ Aaa 1/30/2019 1/31/2019 859,610.69 1,800.47 852,430.26 921,625.412.72FEDERAL HOME LOAN BANKS NOTES

DTD 12/09/2013 3.375% 12/08/2023

3130A0F70 835,000.00

AA+ Aaa 2/7/2019 2/8/2019 816,949.60 8,313.89 817,801.30 883,045.702.58FANNIE MAE NOTES

DTD 02/08/2019 2.500% 02/05/2024

3135G0V34 820,000.00

AA+ Aaa 3/30/2020 3/31/2020 2,108,645.00 35,534.72 2,087,997.10 2,105,761.000.62FEDERAL HOME LOAN BANK NOTES

DTD 08/20/2004 5.375% 08/15/2024

3133X8EW8 1,750,000.00

AA+ Aaa 1/8/2020 1/10/2020 433,612.35 3,357.66 433,743.96 458,071.101.69FANNIE MAE NOTES

DTD 01/10/2020 1.625% 01/07/2025

3135G0X24 435,000.00

AA+ Aaa 3/3/2020 3/4/2020 1,800,995.00 9,989.58 1,797,634.86 1,834,808.500.90FREDDIE MAC NOTES

DTD 02/14/2020 1.500% 02/12/2025

3137EAEP0 1,750,000.00



33 of 263


Portfolio Holdings


Original

Cost

Settle

Date

Trade

Date

Moody's

Rating

S&P

Rating

Accrued

Interest

Amortized

Cost

Market

Value

YTM

at Cost




AA+ Aaa 4/15/2020 4/16/2020 477,619.20 500.00 477,718.40 481,184.640.60FEDERAL HOME LOAN BANK NOTES

DTD 04/16/2020 0.500% 04/14/2025

3130AJHU6 480,000.00

AA+ Aaa 6/25/2020 6/26/2020 300,327.00 312.50 300,326.07 300,740.400.48FEDERAL HOME LOAN BANK NOTES

DTD 04/16/2020 0.500% 04/14/2025

3130AJHU6 300,000.00

AA+ Aaa 6/2/2020 6/4/2020 452,709.00 523.44 452,667.98 453,788.100.50FANNIE MAE NOTES

DTD 04/24/2020 0.625% 04/22/2025

3135G03U5 450,000.00

AA+ Aaa 4/22/2020 4/24/2020 523,918.50 610.67 523,958.82 529,419.450.67FANNIE MAE NOTES

DTD 04/24/2020 0.625% 04/22/2025

3135G03U5 525,000.00


Corporate Note

A A2 9/5/2017 9/8/2017 488,985.70 3,944.50 489,832.60 494,074.351.86IBM CREDIT CORP NOTE

DTD 09/08/2017 1.800% 01/20/2021

44932HAB9 490,000.00

A+ A1 2/22/2018 2/27/2018 119,941.20 1,120.00 119,986.99 121,871.522.82PACCAR FINANCIAL CORP NOTES

DTD 02/27/2018 2.800% 03/01/2021

69371RN93 120,000.00

A A2 3/8/2018 3/13/2018 139,904.80 1,218.68 139,977.92 142,268.562.90JOHN DEERE CAPITAL CORP NOTES

DTD 03/13/2018 2.875% 03/12/2021

24422EUD9 140,000.00

A A2 4/12/2018 4/19/2018 248,942.50 2,134.72 249,743.85 254,054.753.05NATIONAL RURAL UTIL COOP NOTE

DTD 02/26/2018 2.900% 03/15/2021

63743HER9 250,000.00

A A2 2/21/2018 2/26/2018 234,739.15 2,006.64 234,939.77 238,811.472.94NATIONAL RURAL UTIL COOP NOTE

DTD 02/26/2018 2.900% 03/15/2021

63743HER9 235,000.00

A- A2 11/9/2017 11/14/2017 389,383.80 1,998.75 389,853.44 394,974.062.10UNITED PARCEL SERVICE

CORPORATE BOND

DTD 11/14/2017 2.050% 04/01/2021

911312BP0 390,000.00

A+ A1 10/5/2017 10/10/2017 209,958.00 886.67 209,990.57 212,666.792.01PEPSICO INC CORP (CALLABLE)

NOTE

DTD 10/10/2017 2.000% 04/15/2021

713448DX3 210,000.00

BBB+ A3 10/27/2017 10/31/2017 486,969.10 2,334.06 485,423.65 492,279.852.50GOLDMAN SACHS GRP INC CORP NT

(CALLABLE)

DTD 04/25/2016 2.625% 04/25/2021

38141GVU5 485,000.00



34 of 263


Portfolio Holdings


Original

Cost

Settle

Date

Trade

Date

Moody's

Rating

S&P

Rating

Accrued

Interest

Amortized

Cost

Market

Value

YTM

at Cost



Corporate Note

A A1 5/3/2018 5/10/2018 234,837.85 930.86 234,953.17 240,728.833.12HERSHEY COMPANY CORP NOTES

DTD 05/10/2018 3.100% 05/15/2021

427866BA5 235,000.00

A A2 5/17/2018 5/22/2018 319,990.40 1,155.56 319,997.16 327,168.003.25CHARLES SCHWAB CORP NOTES

DTD 05/22/2018 3.250% 05/21/2021

808513AW5 320,000.00

A- A3 10/3/2018 10/10/2018 569,726.40 1,122.19 569,875.38 591,815.613.39AMERICAN HONDA FINANCE CORP

NOTES

DTD 10/10/2018 3.375% 12/10/2021

02665WCP4 570,000.00

A A2 3/10/2017 3/15/2017 333,522.65 4,315.45 334,534.44 345,896.882.75JOHN DEERE CAPITAL CORP NOTES

DTD 01/06/2017 2.650% 01/06/2022

24422ETL3 335,000.00

A- A2 6/19/2017 6/22/2017 231,900.10 5,095.96 214,175.23 221,183.932.64BANK OF AMERICA CORP CORP

NOTES

DTD 01/24/2012 5.700% 01/24/2022

06051GEM7 205,000.00

A A1 6/7/2017 6/9/2017 328,955.25 3,380.00 326,312.11 335,543.982.32BANK OF NY MELLON CORP

(CALLABLE) NOTES

DTD 02/07/2017 2.600% 02/07/2022

06406RAA5 325,000.00

A A2 11/27/2018 12/6/2018 229,369.80 2,491.67 229,675.56 241,222.163.34HOME DEPOT INC

DTD 12/06/2018 3.250% 03/01/2022

437076BV3 230,000.00

A- A3 4/3/2017 4/6/2017 735,511.50 5,018.75 731,872.06 756,501.192.59BB&T CORP (CALLABLE) NOTES

DTD 03/21/2017 2.750% 04/01/2022

05531FAX1 730,000.00

A- A3 4/2/2019 4/4/2019 553,355.00 512.57 552,056.47 575,527.152.85BRANCH BANKING & TRUST CORP

NOTES

DTD 03/18/2019 3.050% 06/20/2022

05531FBG7 550,000.00

A- A3 8/29/2017 9/1/2017 505,656.15 6,988.72 493,643.52 512,117.812.20COMCAST CORPORATION CORP

NOTES

DTD 07/02/2012 3.125% 07/15/2022

20030NBD2 485,000.00

A+ A1 12/26/2018 12/28/2018 553,959.90 678.00 558,160.93 597,661.523.23INTEL CORP CORP NOTES

DTD 12/11/2012 2.700% 12/15/2022

458140AM2 565,000.00

A- A2 11/5/2018 11/7/2018 547,620.60 7,742.89 554,458.77 584,054.633.77JPMORGAN CHASE & CO (CALLABLE)

NOTES

DTD 12/08/2016 2.972% 01/15/2023

48128BAB7 565,000.00



35 of 263


Portfolio Holdings


Original

Cost

Settle

Date

Trade

Date

Moody's

Rating

S&P

Rating

Accrued

Interest

Amortized

Cost

Market

Value

YTM

at Cost



Corporate Note

A A2 1/22/2020 2/3/2020 64,910.95 454.28 64,923.08 67,332.011.75ADOBE INC CORP NOTE

DTD 02/03/2020 1.700% 02/01/2023

00724PAA7 65,000.00

A+ A1 4/29/2020 5/1/2020 134,732.70 168.75 134,747.59 136,220.670.82PEPSICO INC CORPORATE NOTES

DTD 05/01/2020 0.750% 05/01/2023

713448EY0 135,000.00

AA Aa2 5/7/2020 5/11/2020 135,000.00 213.94 135,000.00 137,237.091.14CHEVRON CORP CORPORATE

NOTES

DTD 05/11/2020 1.141% 05/11/2023

166764BV1 135,000.00

BBB Baa2 5/1/2019 5/3/2019 492,207.10 2,169.03 490,127.66 517,728.293.10CITIGROUP INC CORP NOTES

DTD 05/14/2013 3.500% 05/15/2023

172967GT2 485,000.00

AA- A2 6/1/2020 6/3/2020 154,783.00 48.22 154,788.55 154,900.490.45AMAZON.COM INC CORPORATE

NOTES

DTD 06/03/2020 0.400% 06/03/2023

023135BP0 155,000.00

A+ A1 6/1/2020 6/8/2020 164,770.65 84.33 164,775.47 165,115.500.85PACCAR FINANCIAL CORP

CORPORATE NOTES

DTD 06/08/2020 0.800% 06/08/2023

69371RQ82 165,000.00

A- A3 5/10/2019 5/14/2019 512,995.00 1,463.89 509,632.54 544,473.002.79ABBOTT LABORATORIES CORP

NOTES

DTD 11/22/2016 3.400% 11/30/2023

002824BE9 500,000.00

BBB+ A3 5/31/2019 6/4/2019 543,652.80 6,457.17 540,540.53 575,591.662.81AMERICAN EXPRESS CO CORP

NOTES

DTD 02/22/2019 3.400% 02/22/2024

025816CC1 530,000.00

AA- A1 4/2/2019 4/4/2019 779,317.00 6,688.31 776,976.15 832,425.442.69PFIZER INC CORP NOTES

DTD 03/11/2019 2.950% 03/15/2024

717081ES8 770,000.00

BBB+ A3 7/19/2019 7/23/2019 952,677.00 6,006.25 942,274.65 994,231.802.56MORGAN STANLEY CORP NOTES

DTD 04/28/2014 3.875% 04/29/2024

61746BDQ6 900,000.00

A+ A1 9/3/2019 9/6/2019 231,738.75 910.00 230,511.66 240,162.531.93UNILEVER CAPITAL CORP

(CALLABLE) BONDS

DTD 05/05/2017 2.600% 05/05/2024

904764AX5 225,000.00

A A3 7/10/2019 7/12/2019 194,465.00 661.83 193,569.98 205,481.012.33CATERPILLAR FINL SERVICE CORP

NOTES

DTD 05/17/2019 2.850% 05/17/2024

14913Q2V0 190,000.00



36 of 263


Portfolio Holdings


Original

Cost

Settle

Date

Trade

Date

Moody's

Rating

S&P

Rating

Accrued

Interest

Amortized

Cost

Market

Value

YTM

at Cost



Corporate Note

A A3 7/1/2019 7/3/2019 368,586.00 1,254.00 366,830.21 389,332.442.33CATERPILLAR FINL SERVICE CORP

NOTES

DTD 05/17/2019 2.850% 05/17/2024

14913Q2V0 360,000.00

A- Baa1 9/16/2019 9/18/2019 308,307.00 393.33 306,930.49 306,665.702.33WASTE MANAGEMENT INC CORP

NOTES

DTD 05/22/2019 2.950% 06/15/2024

94106LBF5 300,000.00

A+ A1 7/30/2019 8/1/2019 564,497.15 5,687.67 564,589.45 600,320.412.42US BANCORP

DTD 07/29/2019 2.400% 07/30/2024

91159HHX1 565,000.00

A- A2 9/3/2019 9/6/2019 612,490.80 3,677.19 612,903.03 636,805.441.83WALT DISNEY COMPANY/THE

DTD 09/06/2019 1.750% 08/30/2024

254687FK7 615,000.00

A A1 1/21/2020 1/28/2020 215,946.00 840.29 215,861.29 225,976.402.00BANK OF NY MELLON CORP

DTD 10/24/2019 2.100% 10/24/2024

06406RAL1 215,000.00

A- A3 11/5/2019 11/8/2019 399,868.00 1,466.67 399,885.12 423,414.802.21PNC BANK NA CORP NOTES

DTD 11/01/2019 2.200% 11/01/2024

693475AY1 400,000.00

A+ A1 5/20/2020 5/26/2020 252,442.50 1,725.00 252,391.50 258,230.251.58TOYOTA MOTOR CREDIT CORP CORP

NOTES

DTD 02/13/2020 1.800% 02/13/2025

89236TGT6 250,000.00

A+ A1 5/20/2020 5/26/2020 227,198.25 1,552.50 227,152.35 232,407.231.58TOYOTA MOTOR CREDIT CORP CORP

NOTES

DTD 02/13/2020 1.800% 02/13/2025

89236TGT6 225,000.00

AA Aa2 5/13/2020 5/15/2020 276,364.00 593.54 276,328.23 281,970.981.45CHEVRON CORP (CALLABLE) NOTES

DTD 05/11/2020 1.554% 05/11/2025

166764BW9 275,000.00

AA+ Aa1 5/12/2020 5/14/2020 400,840.00 625.00 400,817.51 407,809.601.08APPLE INC (CALLABLE) CORP NOTES

DTD 05/11/2020 1.125% 05/11/2025

037833DT4 400,000.00



A-1 P-1 11/16/2017 11/17/2017 975,000.00 2,705.09 975,000.00 981,817.202.27SWEDBANK (NEW YORK) CERT

DEPOS

DTD 11/17/2017 2.270% 11/16/2020

87019U6D6 975,000.00



37 of 263


Portfolio Holdings


Original

Cost

Settle

Date

Trade

Date

Moody's

Rating

S&P

Rating

Accrued

Interest

Amortized

Cost

Market

Value

YTM

at Cost




A-1 P-1 2/27/2019 2/28/2019 490,000.00 5,093.55 490,000.00 498,892.522.94MUFG BANK LTD/NY CERT DEPOS

DTD 02/28/2019 2.970% 02/26/2021

55379WZT6 490,000.00

A-1 P-1 4/3/2019 4/4/2019 550,000.00 3,718.31 550,000.00 559,901.102.83CREDIT AGRICOLE CIB NY CERT

DEPOS

DTD 04/04/2019 2.830% 04/02/2021

22535CDU2 550,000.00

A-1+ P-1 6/7/2018 6/8/2018 975,000.00 2,106.00 975,000.00 1,002,221.033.24ROYAL BANK OF CANADA NY CD

DTD 06/08/2018 3.240% 06/07/2021

78012UEE1 975,000.00

A A1 2/14/2020 2/19/2020 560,000.00 3,696.00 560,000.00 563,477.601.80SOCIETE GENERALE NY CERT

DEPOS

DTD 02/19/2020 1.800% 02/14/2022

83369XDL9 560,000.00

A+ Aa2 8/29/2019 9/3/2019 600,000.00 3,906.00 600,000.00 618,349.801.85SKANDINAV ENSKILDA BANK LT CD

DTD 09/03/2019 1.860% 08/26/2022

83050PDR7 600,000.00

AA- Aa3 8/27/2019 8/29/2019 600,000.00 3,885.00 600,000.00 618,221.401.84NORDEA BANK ABP NEW YORK CERT

DEPOS

DTD 08/29/2019 1.850% 08/26/2022

65558TLL7 600,000.00

AA- Aa2 12/4/2019 12/6/2019 500,000.00 821.67 500,000.00 519,110.502.03DNB BANK ASA/NY LT CD

DTD 12/06/2019 2.040% 12/02/2022

23341VZT1 500,000.00



AAA Aaa 9/18/2018 9/26/2018 96,329.73 93.61 96,334.65 96,845.103.18GMALT 2018-3 A3

DTD 09/26/2018 3.180% 06/20/2021

36256GAD1 96,337.35

NR Aaa 9/18/2018 9/21/2018 204,066.08 289.34 204,075.55 205,524.923.19FORDL 2018-B A3

DTD 09/21/2018 3.190% 12/15/2021

34531LAD2 204,083.32

NR Aaa 2/21/2018 2/28/2018 60,171.89 71.14 60,174.34 60,636.672.66JDOT 2018-A A3

DTD 02/28/2018 2.660% 04/15/2022

47788CAC6 60,176.21

AAA NR 10/1/2019 10/4/2019 199,996.84 121.61 199,997.59 203,333.181.99VWALT 2019-A A3

DTD 10/04/2019 1.990% 11/21/2022

92867XAD8 200,000.00

AAA Aaa 8/14/2018 8/22/2018 274,951.08 369.11 274,972.16 280,618.333.02TOYOTA ABS 2018-C A3

DTD 08/22/2018 3.020% 12/15/2022

89231AAD3 275,000.00



38 of 263


Portfolio Holdings


Original

Cost

Settle

Date

Trade

Date

Moody's

Rating

S&P

Rating

Accrued

Interest

Amortized

Cost

Market

Value

YTM

at Cost




AAA Aaa 7/17/2018 7/25/2018 259,846.18 349.94 259,850.50 263,342.343.03MBART 2018-1 A3

DTD 07/25/2018 3.030% 01/15/2023

58772RAD6 259,856.16

AAA NR 7/11/2018 7/18/2018 70,551.88 88.80 70,558.55 71,805.553.03GMCAR 2018-3 A3

DTD 07/18/2018 3.020% 05/16/2023

36255JAD6 70,568.35

AAA NR 4/3/2019 4/10/2019 244,967.76 289.64 244,977.22 251,126.452.66HYUNDAI AUTO RECEIVABLES TRUST

DTD 04/10/2019 2.660% 06/15/2023

44932NAD2 245,000.00

AAA Aaa 4/30/2019 5/8/2019 279,955.34 319.82 279,967.36 287,953.152.57TAOT 2019-B A3

DTD 05/08/2019 2.570% 08/15/2023

89239JAD6 280,000.00

AAA Aaa 5/21/2019 5/30/2019 164,966.57 184.07 164,974.73 169,351.912.51COPAR 2019-1 A3

DTD 05/30/2019 2.510% 11/15/2023

14042WAC4 165,000.00

NR Aaa 1/8/2019 1/16/2019 284,968.45 352.69 284,977.96 291,190.202.97GMCAR 2019-1 A3

DTD 01/16/2019 2.970% 11/16/2023

36256XAD4 285,000.00

AAA Aaa 4/30/2019 5/8/2019 199,956.04 234.67 199,967.02 204,974.042.65FIFTH THIRD AUTO TRUST

DTD 05/08/2019 2.640% 12/15/2023

31680YAD9 200,000.00

AAA NR 10/29/2019 11/6/2019 169,992.16 146.58 169,993.35 174,228.781.94HART 2019-B A3

DTD 11/06/2019 1.940% 02/15/2024

44891JAC2 170,000.00

NR Aaa 10/24/2019 10/31/2019 409,911.93 344.40 409,923.80 423,628.401.89DCENT 2019-A3 A

DTD 10/31/2019 1.890% 10/15/2024

254683CM5 410,000.00

AAA NR 1/14/2020 1/22/2020 149,970.57 126.00 149,973.22 154,333.081.89CARMX 2020-1 A3

DTD 01/22/2020 1.890% 12/16/2024

14315XAC2 150,000.00


70,134,895.67 69,150,795.56 360,756.60 70,034,870.79 72,437,822.19 1.92 Managed Account Sub Total


AAAm NR 134,295.53 0.00 134,295.53 134,295.53CAMP Pool 134,295.53

134,295.53 134,295.53 0.00 134,295.53 134,295.53Money Market Sub Total



39 of 263


Portfolio Holdings

$360,756.60 $70,169,166.32 $72,572,117.72 Securities Sub-Total

Accrued Interest $360,756.60

Total Investments $72,932,874.32

1.92%$69,285,091.09 $70,269,191.20

Bolded items are forward settling trades.



40 of 263

Appendix

of 263


Appendix

IMPORTANT DISCLOSURES

This material is based on information obtained from sources generally believed to be reliable and available to the public; however, PFM Asset Management LLC cannot

guarantee its accuracy, completeness or suitability. This material is for general information purposes only and is not intended to provide specific advice or a specific

recommendation. All statements as to what will or may happen under certain circumstances are based on assumptions, some, but not all of which, are noted in the

presentation. Assumptions may or may not be proven correct as actual events occur, and results may depend on events outside of your or our control. Changes in

assumptions may have a material effect on results. Past performance does not necessarily reflect and is not a guaranty of future results. The information contained in

this presentation is not an offer to purchase or sell any securities.

Dime

Ã Market values that include accrued interest are derived from closing bid prices as of the last business day of the month as supplied by Refinitiv, 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.

Ã In accordance with generally accepted accounting principles, information is presented on a trade date basis; forward settling purchases are included in the monthly

balances, and forward settling sales are excluded.

Ã Performance is presented in accordance with the CFA Institute ’s Global Investment Performance Standards (GIPS). Unless otherwise noted, performance is shown

gross of fees. Quarterly returns are presented on an unannualized basis. Returns for periods greater than one year are presented on an annualized basis. Past

performance is not indicative of future returns.

Ã Bank of America/Merrill Lynch Indices provided by Bloomberg Financial Markets.

Ã Money market fund/cash balances are included in performance and duration computations.

Ã Standard & Poorʼs is the source of the credit ratings. Distribution of credit rating is exclusive of money market fund/LGIP holdings.

Ã Callable securities in the portfolio are included in the maturity distribution analysis to their stated maturity date, although, they may be called prior to maturity.

Ã MBS maturities are represented by expected average life.



41 of 263


Appendix

GLOSSARY

Ã ACCRUED INTEREST: Interest that is due on a bond or other fixed income security since the last interest payment was made.

Ã AGENCIES: Federal agency securities and/or Government-sponsored enterprises.

Ã 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 straight line basis. Such discount or premium with respect to longer-term securities is amortized using the constant yield basis.

Ã BANKERS’ ACCEPTANCE: A draft or bill or exchange accepted by a bank or trust company. The accepting institution guarantees payment of the bill as well as the

insurer.

Ã COMMERCIAL PAPER: An unsecured obligation issued by a corporation or bank to finance its short-term credit needs, such as accounts receivable and inventory.

Ã CONTRIBUTION TO DURATION: Represents each sector or maturity range ’s relative contribution to the overall duration of the portfolio measured as a percentage

weighting. Since duration is a key measure of interest rate sensitivity, the contribution to duration measures the relative amount or contribution of that sector or

maturity range to the total rate sensitivity of the portfolio.

Ã EFFECTIVE DURATION: A measure of the sensitivity of a security’s price to a change in interest rates, stated in years.

Ã EFFECTIVE YIELD: The total yield an investor receives in relation to the nominal yield or coupon of a bond. Effective yield takes into account the power of compounding

on investment returns, while nominal yield does not.

Ã FDIC: Federal Deposit Insurance Corporation. A federal agency that insures bank deposits to a specified amount.

Ã INTEREST RATE: Interest per year divided by principal amount and expressed as a percentage.

Ã MARKET VALUE: The value that would be received or paid for an investment in an orderly transaction between market participants at the measurement date.

Ã MATURITY: The date upon which the principal or stated value of an investment becomes due and payable.

Ã NEGOTIABLE CERTIFICATES OF DEPOSIT: A CD with a very large denomination, usually $1 million or more, that can be traded in secondary markets.

Ã PAR VALUE: The nominal dollar face amount of a security.

Ã PASS THROUGH SECURITY: A security representing pooled debt obligations that passes income from debtors to its shareholders. The most common type is the

mortgage-backed security.



42 of 263


Appendix

GLOSSARY

Ã REPURCHASE AGREEMENTS: A holder of securities sells these securities to an investor with an agreement to repurchase them at a fixed price on a fixed date.

Ã SETTLE DATE: The date on which the transaction is settled and monies/securities are exchanged. If the settle date of the transaction (i.e., coupon payments and

maturity proceeds) occurs on a non-business day, the funds are exchanged on the next business day.

Ã TRADE DATE: The date on which the transaction occurred; however, the final consummation of the security transaction and payment has not yet taken place.

Ã UNSETTLED TRADE: A trade which has been executed; however, the final consummation of the security transaction and payment has not yet taken place.

Ã U.S. TREASURY: The department of the U.S. government that issues Treasury securities.

Ã YIELD: 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.

Ã 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.

Ã 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.



43 of 263

Total Current Current2019/20 Balance at Period Period Balance at

Member Contribution 7/1/2019 Receipts (Withdrawals) 6/30/2020Adelanto 5,000.00$ -$ 5,000.00$ -$ 5,000.00$ Bell 5,000.00 3,115.00 5,000.00 - 8,115.00 Downey 5,000.00 6,376.00 5,000.00 - 11,376.00 El Monte - 25,000.00 - (1,030.00) 23,970.00 El Segundo 5,000.00 18,049.07 5,000.00 - 23,049.07 Fullerton 5,000.00 10,551.21 5,000.00 - 15,551.21 Glendora - 24,190.49 - (3,478.40) 20,712.09 Hawthorne 5,000.00 735.44 5,000.00 (2,321.87) 3,413.57 Hermosa Beach 5,000.00 13,354.47 5,000.00 (754.00) 17,600.47 Huntington Park - 21,240.45 - (5,357.10) 15,883.35 Inglewood - 24,914.85 - (2,116.52) 22,798.33 Lynwood 5,000.00 14,236.12 5,000.00 - 19,236.12 Monterey Park - 27,843.48 - (6,868.10) 20,975.38 San Fernando 5,000.00 4,937.26 5,000.00 - 9,937.26 Santa Ana 5,000.00 - 5,000.00 - 5,000.00 South Gate 5,000.00 - 5,000.00 (590.00) 4,410.00

Total 55,000.00$ 194,543.84$ 55,000.00$ (22,515.99)$ 227,027.85$

Notes:1. Each member (optional) may contribute up to $5,000/annually.

2. Each members' accumulated contributions are capped at $25,000; no additional contributions may be madeuntil the member’s account balance falls below $25,000.

ICRMA~ Risk Management Fund ~** Fiscal Year Ended -- June 30, 2020 **

C:\Users\mt3885\AppData\Local\Microsoft\Windows\INetCache\Content.Outlook\09H9SXTA\202006 RM Fund Detail Working (1).xlsx\RM Fund

of 263

ICRMA Member Funds Used

El Monte 1,030.00Glendora 1,095.00Glendora 826.88Glendora 1,556.52Hawthorne 2,321.87Hermosa Beach 255.00Hermosa Beach 499.00Huntington Park 5,357.10Inglewood 2,116.52Monterey Park 6,868.10South Gate 190.00South Gate 400.00

$22,515.99

LCW Conference - Registration/Travel (San Fran)Dual Monitor Arms for Stand-Up Desks (12)

Ergonomic Follow-Up ReviewErgonomic Evaluation and Report

July 1, 2019 - June 30, 2020

ICRMA Risk Management Fund Use Summary

Requested Use

200 Cloth Face Masks150 Cloth Face Masks

CPR/First-Aid Training

Total

Ergonomic EvaluationPublicWorks Training

Property Appraisal Project AssessmentApple iPad

Purchase of Chairs

of 263

Total Current Current2020/21 Balance at Period Period Balance at

Member Contribution 7/1/2020 Receipts (Withdrawals) 6/30/2021Adelanto 5,000.00$ 5,000.00$ -$ -$ 5,000.00$ Bell 5,000.00 8,115.00 - - 8,115.00 Downey 5,000.00 11,376.00 - - 11,376.00 El Monte 1,030.00 23,970.00 - - 23,970.00 El Segundo 1,950.00 23,049.07 - - 23,049.07 Fullerton 5,000.00 15,551.21 - - 15,551.21 Glendora 4,287.00 20,712.09 - - 20,712.09 Hawthorne 5,000.00 3,413.57 - - 3,413.57 Hermosa Beach 5,000.00 17,600.47 - - 17,600.47 Huntington Park 5,000.00 15,883.35 - - 15,883.35 Inglewood 2,201.00 22,798.33 - - 22,798.33 Lynwood 5,000.00 19,236.12 - - 19,236.12 Monterey Park 4,024.00 20,975.38 - - 20,975.38 San Fernando 5,000.00 9,937.26 - - 9,937.26 Santa Ana 5,000.00 5,000.00 - - 5,000.00 South Gate 5,000.00 4,410.00 - - 4,410.00

Total 68,492.00$ 227,027.85$ -$ -$ 227,027.85$

Notes:1. Each member (optional) may contribute up to $5,000/annually.

2. Each members' accumulated contributions are capped at $25,000; no additional contributions may be madeuntil the member’s account balance falls below $25,000.

ICRMA~ Risk Management Fund ~** Fiscal Year 2020/21 -- Year To Date **

C:\Users\mt3885\AppData\Local\Microsoft\Windows\INetCache\Content.Outlook\09H9SXTA\202007 RM Fund Detail Working (1).xlsx\RM Fund

of 263

ICRMA Member Funds Used

$0.00 Total

ICRMA Risk Management Fund Use Summary

Requested Use

July 1, 2020 - June 30, 2021

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Subject: Risk Control Plan 2020-21 & Education, Promotion & Training Opportunities Action for consideration: Review and file Background: Each year the ICRMA Board adopts a Risk Control Plan. The 2020-21 plan was adopted in concept at the June 11, 2020 meeting, and the Board agreed to focus on several critical emerging exposures:

a. Police Liability b. Dangerous Condition c. Diversity inclusion program specific for fire/police

To address the challenges facing the members in these areas, the plan was rearranged. September, October, and November will highlight Police Lability, Diversity in the Workplace, and Dangerous Conditions to Public Property, respectively. These will be virtual Universities. The remainder of the year multiple training topics will coincide with the monthly Safety Bulletin. The revised Risk Control Plan for 2020-21 is attached. ICRMA Universities and training opportunities are held numerous times a year and focus on specific workers’ compensation and liability loss drivers that affect ICRMA members. Because of COVID-19, all in-person training has been suspended. To continue meeting member training needs, the Risk Control Plan has been expanded to provide more electronic resources such as a monthly Safety Bulletin. Several members have asked for virtual trainings which we have been able to accommodate via WebEx or other platforms. Recent virtual trainings: July 23, Adelanto: Preventing Harassment and Discrimination Future Trainings: August 12, Glendora: Safety Training To discuss specific training needs, contact Risk Control Director Bob May for assistance Attachments: Revised Risk Control Plan 2020-21 Prepared by: Bob May, Risk Control Director

of 263

ICRMA 2020-21 Risk Control Plan

1

University/Monthly Email Blasts July: University: dark Monthly email blast theme: Personal Protective Equipment / Tool Hazards / Hearing Conservation Resources/Policies:

• https://www.dir.ca.gov/dosh/ • Personal Protecting Equipment • Personal Protecting Equipment-Construction • Machine Guard Awareness • Hand & Power Tools Safety • Hand Safety • https://www.osha.gov/Publications/osha3151.pdf

Risk Management Webinar: ERM Beyond the Risk Assessment - Framework, Principles, and Integration August: University: dark Monthly email blast theme: Sidewalk/Tree Inspections Resources/Policies:

• https://www.icrma.org/members/risk-and-safety-model/liability/ • Sidewalk Liability Improvement Plan • Sidewalk inspection Program & Checklist • Sample Ordinance

Risk Management Webinar: Effective Risk Management Planning and Claim Response to Natural Disasters September: University: Police Liability – The Future of Accountability, Risk Management, and Misconduct Monthly email blast theme: Understanding Your Loss Run Resources/Policies:

• https://www.icrma.org/members/risk-and-safety-model/liability/ • Governing Documents: LMPP, MOC, TPA Performance Standards • Lessons Learned from Defense Panel • Dangerous Conditions • Employment Practices (Harassment/Discrimination, Seasonal Workers, Volunteers) • Sidewalk/Tree Inspection & Maintenance

Risk Management Webinar: Leveraging Telehealth to Redefine Intake and Proactively Manage Care October: University: Diversity in the Workplace for Public Safety Personnel (fire and police) Monthly email blast theme: Fire Safety – Change the Battery Resources/Policies:

• https://www.icrma.org/programs/insured/cyber-liability/ • www.nfpa.org • https://www.youtube.com/watch?v=gO8N3L_aERg,

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https://www.dir.ca.gov/dosh/

https://www.osha.gov/Publications/osha3151.pdf

https://primacentral.org/content.cfm?sectionid=168

https://www.icrma.org/members/risk-and-safety-model/liability/





https://www.icrma.org/programs/insured/cyber-liability/

http://www.nfpa.org/

https://www.youtube.com/watch?v=gO8N3L_aERg


2

• https://www.osha.gov/SLTC/etools/evacuation/fire.html Risk Management Webinar: Building a Peer Support Program November: University: Dangerous Conditions of Public Property – Hidden Liability Monthly email blast theme: Dangerous Driving Habits Resources/Policies:

• California Safety Standards – SHRM • https://www.icwgroup.com/pc/webinars/safely-home-everyone-everyday-influencing-culture-

safety-webinar/ • https://www.osha.gov/shpmguidelines/SHPM_guidelines.pdf • www.cdc.gov • www.nlm.nih.gov • www.dir.ca.gov

Risk Management Webinar: Emerging Risk and Insurance December: University: dark Monthly email blast theme: Ergonomics and soft tissue injury prevention Resources:

• https://www.safetynational.com/map-client-services/office-ergonomic-solutions/ • https://www.youtube.com/watch?v=PZWSc5EWDoA • https://www.osha.gov/SLTC/ergonomics/

Risk Management Webinar: Occupational Physicals and Employee Wellness – Redirecting Costs January: University: dark Monthly email blast theme: Avoiding Slips, Trips, and Falls Resources/Policies:

• Sidewalk Inspection Program Risk Management Webinar: Keeping staff safe - Library Safety -part 1 February: University: Lessons Learned – COVID 19 Monthly email blast theme: Ladder Safety: - A Hidden Hazard Resources/Policies:

• https://www.dir.ca.gov/dosh/etools/08-001/regs.htm • www.cdc.gov

Risk Management Webinar: Contractual Risk Transfer 101 – part 1

March: University: Seasonal Workforce Monthly email blast theme: Managing Volunteers Resources/Policies:

• https://www.dir.ca.gov/dosh/dosh_publications/IIPP-Model-intermittent.doc (English) • https://www.dir.ca.gov/dosh/dosh_publications/Spanish/IIPP-Model-intermittent-spanish.pdf (Spanish)

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https://www.osha.gov/SLTC/etools/evacuation/fire.html


https://www.icwgroup.com/pc/webinars/safely-home-everyone-everyday-influencing-culture-safety-webinar/

https://www.icwgroup.com/pc/webinars/safely-home-everyone-everyday-influencing-culture-safety-webinar/

https://www.osha.gov/shpmguidelines/SHPM_guidelines.pdf

http://www.cdc.gov/

http://www.nlm.nih.gov/

http://www.dir.ca.gov/


https://www.safetynational.com/map-client-services/office-ergonomic-solutions/

https://www.youtube.com/watch?v=PZWSc5EWDoA

https://www.osha.gov/SLTC/ergonomics/


https://www.dir.ca.gov/dosh/etools/08-001/regs.htm

http://www.cdc.gov/

https://www.dir.ca.gov/dosh/dosh_publications/IIPP-Model-intermittent.doc

https://www.dir.ca.gov/dosh/dosh_publications/Spanish/IIPP-Model-intermittent-spanish.pdf


3

Risk Management Webinar: Contractual Risk Transfer 101 – part 2 April: University: Workplace Violence Monthly email blast theme: Workplace Violence Prevention Resources/Policies:

• www.osha.gov • Prevent the Threat • Workplace Violence Prevention Program

Risk Management Webinar: Contractual Risk Transfer 101 – part 3 May: University: Cyber Exposures Monthly email blast theme: Get Ready - Turn on The Heat Resources/Policies:

• https://www.dir.ca.gov/dosh/etools/08-006/ Risk Management Webinar: Keeping staff safe - Library Safety -part 2 June: University: Effective use of Safety or Risk Committees Monthly email blast theme: Streets and Sidewalks –Doing the Best with What You Have Resources/Policies:

• http://www.azrockproducts.org/wp-content/uploads/LN-Near-Miss.pdf • http://remagazine.coop/scrutinizing-safety-close-calls/ • https://www.nsc.org/work-safety/tools-resources/near-miss-

reporting?gclid=EAIaIQobChMI2cmftrXy3AIVC1uGCh3ZYQ4cEAAYASAAEgIgOPD_BwE) • https://www.dir.ca.gov/dosh/etools/09-002/whatrequired.htm

Risk Management Webinar: Heat Illness Prevention

Template Policies and Checklists: https://www.icrma.org/members/risk-and-safety-model/liability/

Member Training: In-person, specialized, training is offered through ICRMA Risk Control upon request.

Monthly Webinars Monthly webinars will be offered to ICRMA members through Enquiron, Safety National and PRIMA. The webinars have wide-ranging topics. Recent topics offered include:

1. Telecommuting 2. The Device Dilemma 3. Progressive Discipline 4. Employee Demands…A Deep Dive 5. Breach Reporting – Your Responsibilities and Liabilities 6. The Impact of Social Determinants of Health on your Workforce 7. Telehealth: Redefining Intake in WC

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http://www.osha.gov/

https://www.dir.ca.gov/dosh/etools/08-006/

http://www.azrockproducts.org/wp-content/uploads/LN-Near-Miss.pdf

http://remagazine.coop/scrutinizing-safety-close-calls/

https://www.nsc.org/work-safety/tools-resources/near-miss-reporting?gclid=EAIaIQobChMI2cmftrXy3AIVC1uGCh3ZYQ4cEAAYASAAEgIgOPD_BwE

https://www.nsc.org/work-safety/tools-resources/near-miss-reporting?gclid=EAIaIQobChMI2cmftrXy3AIVC1uGCh3ZYQ4cEAAYASAAEgIgOPD_BwE

https://www.dir.ca.gov/dosh/etools/09-002/whatrequired.htm



4

Link to Safety National Trainings: Safety National - Learning Management System – Downloadable Course Listing

ICRMA specific webinars: • Workers’ Compensation 101 • Contractual Risk Transfer (series of three or four 1-hour webinars)

Other Risk Management Projects: 1. Police Liability – Update whitepaper from 2013 2. Minimum Wage and Overtime Requirements 3. New Hire – Background Checklist 4. Lessons Learned – Defense Panel 5. Produce and Deliver Liability Benchmark Reports

Budget: Item Cost Notes

Training $5,000 Member trainings that are not provided through the risk control contract

Training – defense panel symposium

$3,000 50 attendees

Universities $15,000 8 in-person; $1,700 each ($1,200 refreshments, $500 speakers)

Webinars $0 At least 1 per month; free through Enquiron, Safety National

Special Project: Benchmarking (liability)

$5,500 Develop reports for liability program

Special Project: Benchmarking (WC)

$0 Complete updates to reports

Special Project: Arx Alert $35,000 Budgeted for 2019-20 in the event the Board would like to implement more members

Totals $63,500.00* *Grants: ICRMA hopes to receive a minimum of $10,000 in grants from one or more of its carriers to help underwrite Risk Control needs.

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https://www.icrma.org/wp-content/uploads/SafetyNational_LMS_CourseGrid_asof_20200301.pdf


Subject: CAJPA Public Entity Tort Liability Project Update Action for consideration: Review and file Background: In 2019 the ICRMA Board agreed to participate in CAJPA's Public Entity Tort Liability project by contributing liability data and $5,000 to fund the project. To date, 26 other joint powers authorities have also agreed to support the project by providing funding. The goal is to collect and analyze sufficient data to educate policymakers with the goal of ultimately reforming the tort system for public entities in California. As of mid-June the project manager had received data for 322,000 claims, representing $8.1 billion in losses. Of those claims, nearly 3,000 have a total incurred value of $500K or more, and will likely serve as the data set for the next phase of the project, which is anticipated by the end of 2020.

Attachments: CAJPA June 12, 2020 Project Update Prepared by: Beth Lyons, Executive Director

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CAJPA PUBLIC ENTITY TORT LIABILITY PROJECT

UPDATE

JUNE 12, 2020

In late 2019, CAJPA leadership, with support of many of our pool members, commissioned the CAJPA

Tort Liability Data Analysis Project. This endeavor took place after two years of thoughtful dialogue and

research. After an RFP process was conducted, Aon was selected to undertake this study with Julie

Theirl as the Project Manager and the support of others from Aon including Craig Bowlus and Mujtaba

Datoo. In addition, Aon is partnering with Bickmore Actuarial who will assist with the actuarial portion

of the project.

We greatly appreciate the financial support many of our members have provided. Our hope is to have full participation from California’s risk sharing pools to help CAJPA offset the cost of this essential project. To date, the following pools have stepped up to help fund the Tort Liability Project: ACWA JPIA Authority for California Cities Excess Liability (ACCEL) Bay Cities Joint Powers Insurance Authority (BCJPIA) Butte Schools Self-Funded Programs (BSSFP) California Association for Park & Recreation Indemnity (CAPRI) California Joint Powers Insurance Authority (CJPIA) California Joint Powers Risk Management Authority (CJPRMA) California Sanitation Risk Management Authority (CSRMA) California Schools Risk Management JPA (CSRM) Central Region School Insurance Group (CRSIG) Central San Joaquin Valley Risk Management Authority (CSJVRMA) CSAC EIA/PRISM Fire Agencies Insurance Risk Authority (FAIRA) Golden State Risk Management Authority (GSRMA) Independent Cities Risk Management Authority (ICRMA) Municipal Pooling Authority (MPA) North Bay Schools Insurance Authority (NBSIA) Public Agency Risk Sharing Authority of California (PARSAC) Public Entity Risk Management Authority (PERMA) Redwood Empire Schools Insurance Group (RESIG) San Mateo County Schools Insurance Group (SMCSIG) Santa Clara County Schools' Insurance Group (SCCSIG) Schools Excess Liability Fund (SELF) Schools Insurance Authority (SIA) Schools Insurance Group (SIG) Self-Insured Schools of California (SISC) Special District Risk Management Authority (SDRMA) We know many other CAJPA members are considering providing financial support and we want to thank them as well and offer to provide any additional information they made need to aid in their decision.

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The project has two phases. In summary, Phase One, which is nearing completion, involves the

collection of ground up, uncapped loss data from all types of entities for all types of tort exposures. The

goal of this phase is to gain an accurate perspective of California public entity loss exposures while also

helping to form a road map for the next phase of the project. Phase Two will consist of a deeper

analysis of certain types of tort losses (yet to be determined). It’s anticipated that losses greater than

$500,000 will be analyzed to look for tort reform opportunities. Of particular interest will be claims that

contain joint and several liability as well as inverse condemnation. Other areas of focus will be revealed

during the analysis of these large losses as part of Phase Two.

The goal is to have the results of the project available by the end of 2020. CAJPA will be reporting out

the results first in a members-only forum.

Data for this project has been provided by:

Authority for California Cities Excess Liability (ACCEL) ACWA JPIA Bay Cities Joint Powers Insurance Authority (BCJPIA CalTIP City of Fresno California Joint Powers Insurance Authority (CJPIA) California Joint Powers Risk Management Authority (CJPRMA) County of Los Angeles CSAC-EIA/PRISM Central San Joaquin Valley Risk Management Authority (CSJVRMA) Employment Risk Management Authority (ERMA) Independent Cities Risk Management Authority (ICRMA) North Bay Schools Insurance Authority (NBSIA) Redwood Empire Schools Insurance Group (RESIG) San Diego Transit Schools Association for Excess Risk (SAFER) Special District Risk Management Authority (SDRMA) Schools Excess Liability Fund (SELF) Schools Insurance Authority (SIA) Schools Insurance Group (SIG) Self-Insured Schools of California (SISC) We are coming to the conclusion of Phase One. Anticipated Phase One deliverables include:

• Summary of the data including how it has trended over time

• Claims at varying values to help us determine the Phase Two data parameters

• Claims statistics by subset (cities, counties, schools, special districts, etc.)

• Data geographically (Northern California vs. Southern California)

• Portion of the total California public sector that has been captured in the study The consultants will be presenting their initial Phase One findings next week to the project’s Advisory Committee. The Advisory Committee, who is guiding the project through to its conclusion, is comprised of:

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Andy Sells, ACWA JPIA, Committee Chair Craig Schweikhard, SMCSIG Janet Selby, NSBIA Martin Brady, SIA Mike Pott, CSAC-EIA/PRISM Tony Giles, CJPRMA Doug Ross, SAFER Erike Young, PARSAC Stephan Birgel, ASCIP Laura Gill, SDRMA Chrissy Mack, CalTIP Lam Le, CJPIA Norman Lefmann, CJPIA A Phase One report out to the CAJPA Board of Directors will take place on Friday, June 19, 2020 at their Board meeting. To give you a snapshot, to-date we have $8.1B in losses representing 322,000 claims. Of those claims, nearly 3,000 claims have a total incurred value of $500k+ which will likely be the data set for Phase Two. Aon’s team just received loss runs from the last three JPAs which are being aggregated into the study now, so these numbers will change. After the full completion of this project, CAJPA is hopeful that we will have sufficient data to educate policymakers with a goal to ultimately reform the tort system for public entities in California. We will continue to provide updates as the project moves forward. If you have questions or need additional information, contact CAJPA Executive Director Catherine Smith at [email protected].

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Subject: 2020-21 Worker’s Compensation Program Update & Final 2020-21 Budget Summary

Actions for Consideration: Review and file. Background: At the May 14th meeting, the Board authorized renewal of a $0.5m x $1.5m “buffer layer buy down” through Fortegra, effectively reducing the Worker’s Compensation Program self-insured retention from $2.0m/occurrence to $1.5m/occurrence. This action was taken because the cost to purchase the buy down layer was $220k less than the estimated cost to self-insure the risk, applying the same funding methodology (actuarial probability level and discount rate) approved by the Board. At the June 11th meeting, the broker advised that Fortegra was having difficulty filling out the placement, with only 60% of the slip subscribed as of that date. As a contingency plan, the board agreed that worst case, Program participants would quota-share the layer, with Fortegra taking 60% and ICRMA retaining 40% (of $0.5m x $1.5m per occurrence) which would result in net additional Program costs totaling $61k for the 2020-21 year, compared to the cost if Fortegra could fully subscribe the layer. We are pleased to report on July 21st Fortegra confirmed its ability to fully subscribe the buy down layer at the same pricing originally quoted. The buy down was immediately bound on that basis, retroactive to July 1st. As a result, the budget did not require amendment and Program members were invoiced accordingly. We thank the brokerage team for its diligence in completing the placement of the 2020-21 Worker’s Compensation Program buffer layer buy down with Fortegra. Attachments: 2020-21 Budget Summary - Final

Prepared by: John M. Nielsen, Assistant Executive Director Brent Mason, Finance Manager Jennifer Achterberg, Assistant Program Administrator

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Workers' 2020-21 2019-20Liability Compensation APD Property EM/Flood Crime Cyber Terrorism Total Total

Member Program Program Program Program Program Program Program Program Contribution Contribution % $Note 1 Note 1 Note 2

Adelanto 295,188$ 29,724$ 5,453$ 39,559$ -$ 337$ 1,734$ 1,145$ 373,140$ 306,704$ 21.7% 66,436Bell 570,742$ -$ -$ -$ -$ -$ 1,350$ 929$ 573,021$ 530,891$ 7.9% 42,130Downey 1,054,647$ -$ 45,805$ 113,756$ 610,454$ 5,482$ 7,839$ 3,293$ 1,841,276$ 1,877,089$ -1.9% (35,813)El Monte 2,299,559$ -$ 110,330$ -$ 3,385$ 6,851$ 3,194$ 2,423,319$ 1,810,216$ 33.9% 613,103El Segundo 881,959$ 1,121,661$ 32,410$ 65,610$ -$ 2,084$ 6,586$ 1,899$ 2,112,209$ 2,050,856$ 3.0% 61,353Fullerton 409,893$ -$ 46,178$ 212,324$ -$ 5,857$ 8,208$ 6,147$ 688,607$ 645,759$ 6.6% 42,848Glendora 711,860$ 324,098$ 17,114$ 70,025$ 365,689$ 1,592$ 3,011$ 2,027$ 1,495,416$ 1,207,428$ 23.9% 287,988Hawthorne 1,436,654$ -$ 24,652$ 79,627$ -$ 2,647$ 6,352$ 2,305$ 1,552,237$ 1,441,485$ 7.7% 110,752Hermosa Beach 627,982$ 286,051$ 9,110$ 39,937$ -$ 1,443$ 3,461$ 1,156$ 969,140$ 796,183$ 21.7% 172,957Huntington Park 1,193,791$ 182,663$ 9,010$ 69,178$ 192,196$ 1,592$ 2,841$ 2,003$ 1,653,274$ 1,356,826$ 21.8% 296,448Inglewood 1,711,630$ 630,796$ -$ -$ -$ -$ 10,262$ 5,189$ 2,357,877$ 2,369,235$ -0.5% (11,358)Lynwood 1,037,317$ 111,442$ 8,097$ 39,170$ 207,649$ 1,411$ 3,174$ 1,134$ 1,409,394$ 1,084,653$ 29.9% 324,741Monterey Park 1,750,565$ 466,583$ 37,483$ 76,884$ -$ 3,346$ 3,467$ 2,226$ 2,340,554$ 2,547,807$ -8.1% (207,253)San Fernando 514,993$ 261,977$ 8,857$ 42,022$ 210,401$ 1,301$ 1,662$ 1,217$ 1,042,430$ 872,207$ 19.5% 170,223Santa Ana 1,679,989$ 385,207$ 78,629$ 454,674$ -$ 11,579$ 30,829$ -$ 2,640,907$ 2,495,660$ 5.8% 145,247South Gate 2,150,531$ -$ 17,975$ 83,970$ -$ 2,958$ 4,627$ 2,431$ 2,262,492$ 1,741,393$ 29.9% 521,099Total for Current Members 18,327,300$ 3,800,202$ 340,773$ 1,497,066$ 1,586,389$ 45,014$ 102,254$ 36,295$ 25,735,293$ 23,134,393$ 11% 2,534,464

Notes:Note 1: Program contribution includes the TPA fees paid through ICRMA for Carl Warren and Adminsure.Note 2: Terrorism is a mandatory program, however, due to market conditions, Santa Ana will not participate this policy year, but will secure a standalone policy for 2020/2021

Independent Cities Risk Management AuthoritySummary of Member Contributions by Program

Operating Budget 2020-21

Increase/ (Decrease)

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Subject: Liability Program Services Update Action for consideration: Review and file Background: The Board previously discussed the pending expiration (on June 30, 2020) of Carl Warren & Company’s Program, Claims & Litigation Management Services contract. The Board asked its administrative leadership to seek an extension of that contract through December 31, 2020 to allow time for evaluation of the Liability Program and determination of how to proceed with securing future services. A contract extension was executed. The Board requested that RPA provide information regarding options if it were to provide Liability Program services to ICRMA. These services would be provided through another Gallagher company (Western Litigation) rather than by staff hired directly by RPA. The Board also directed the Claims Committee to comprehensively evaluate the structure of the Liability Program, determine the best way to proceed regarding future services, and ultimately make a recommendation to the Board regarding the contract for future services. Because of the possibility that services may ultimately be provided through a Gallagher company, the Claims Committee authorized the retention of an outside consultant, Sara Peterson, to evaluate and provide recommendations to the Claims Committee regarding the Liability Program, and to manage the process of securing future services in cooperation with ICRMA General Counsel. The Claims Committee has now reviewed information provided by Western Litigation as well as evaluation and recommendations from Sara Peterson regarding the Liability Program structure. At its July meeting, the Claims Committee discussed a model structure for ICRMA with Liability Program roles and responsibilities, and agreed to pursue a broad (public) Request for Proposal process conducted by the Claims Committee with oversight and guidance provided by Sara Peterson and General Counsel. The proposed timeline for that process contemplates that a recommendation will be made to the Board regarding a contract for services at the October meeting. Prepared by: Sara A. Peterson, Consultant

Kellie Murphy, General Counsel

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Subject: 2020 Strategic Planning Session: Meeting Dates and Format Action for consideration: Receive and file. Background: ICRMA's Board participates in an annual strategic planning session. For the past several years, this session has been scheduled during a two-day meeting in October. In recognition of the current restrictions and the health and safety of all members, ICRMA’s president and vice president, in collaboration with Risk Program Administrators (RPA) staff, have developed a revised meeting structure for 2020. The revised format will consist of three meetings, held by webinar, during the month of October. Two meetings will focus on strategic planning objectives while the third will cover regular business items. A Doodle Poll was distributed to ensure quorum, and the dates of October 1, 8, and 22 were selected. Meeting invitations were distributed for a four hour timeframe (12:30 – 4:30 pm). It is anticipated this timeframe will be refined, and possibly reduced, as the session agendas are more thoroughly developed. Ms. Dorothy Gjerdrum of RPA will facilitate the sessions. ICRMA members are currently facing unprecedented financial pressures (including the effects of COVID-19), civil unrest, large claim settlements, and a hard insurance market. Carriers will continue to focus on ICRMA member efforts to effectively manage police liability, employment practices liability, and dangerous condition claims. Their assessment of these issues will directly impact the 2021-22 coverage renewals. To prepare for the strategic planning discussion, a survey will be distributed to Board members in early September to assess member concerns and thoughts on a variety of critical topics, including claim exposures, ICRMA's structure and funding, and emerging risks. We look forward to your active participation and productive strategic planning sessions! Attachments: None Prepared by: Beth Lyons, Executive Directors Jennifer Achterberg, Assistant Program Administrator

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Subject: City of San Bernardino Membership Update Action for consideration: Receive and file. Background: At a special meeting on July 13, 2020, the Board approved the membership application of the City of San Bernardino and its participation in the liability program with a $3 million member retained limit, effective August 1, 2020. Subsequent to the Board meeting, the administrative and broker teams continued working with the City and carriers to complete underwriting and prepare a quote, and ICRMA delivered a quote to the city. On July 30, ICRMA learned the city manager made the decision to join PRISM (formerly CSAC EIA) for its liability coverage. ICRMA was able to offer a lower member retention of $3M compared to the $5M retention offered by PRISM, a coverage structure that was not subject to assessment, and broader coverage (its own limits vs shared limits and aggregates), it appears the decision was ultimately based on the premium dollars quoted. Based on the city's coverage expiration deadline, we were unable to pivot and prepare a quote at a $5 million retention so the city would have a more apples-to-apples comparison. City staff extended appreciation to the ICRMA Board and team members. They were impressed by the pool and expressed positive comments about the approach, responsiveness, and professionalism.

Attachments: None Prepared by: Beth Lyons, Executive Director

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Subject: CAJPA Accreditation with Excellence. Action for consideration: Review and file. Background: Beginning in January and through early June 2020, CAJPA Accreditation Consultant Patti Williams reviewed over 60 documents and held numerous conversations with RPA staff. Ms. Williams prepared and issued a report to the CAJPA Accreditation Committee, which met on July 14, 2020, recommending ICRMA’s Accreditation with Excellence for another three-year period. The Committee approved the Accreditation retroactive to April 1, 2020, thereby ensuring ICRMA's continued Accreditation with Excellence through April 1, 2023. The report contained one suggestion, which has remained a suggestion over the last several accreditation cycles. This suggestion relates to Governing Documents and Administrative contracts: “Pursuant to Section 6509 of the Government Code, the JPA agreement shall specify the member who restricts the manner of exercising the power of the JPA, the member has to be named by name.” This item will be addressed when revisions are made to ICRMA’s JPA Agreement. Attachments: None Prepared by: Jennifer Achterberg, Assistant Program Administrator

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Subject: Investment Portfolio Review – COVID -19 Implications and Investment Safety

Action for consideration: Review and file. Background: During its June 11, 2020 Board Meeting, a question was raised by a Board Member about the safety of the current investment portfolio in the context of the COVID-19 pandemic and its implications on the investment community. The Board asked that a representative from the investment managing firm, PFM, attend the August Board Meeting to make a brief presentation to address this question as part of its quarterly investment performance report. Richard Babbe from PFM will be in attendance to present information and answer questions about the investment portfolio. Attachments: PFM Memorandum – State of the Investment Environment ICRMA Investment Performance Review as of June 30, 2020 Prepared by: Brent Mason, Finance Manager Richard Babbe, PFM

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August 6, 2020

Memorandum To: Beth Lyons, Senior Program Administrator, RPA

Brent A. Mason, Senior Manager, Eide Bailly LLP Independent Cities Risk Management Authority

From: Richard Babbe, CCM, Senior Managing Consultant


Re: State of the Investment Environment

Per your request, I wanted to provide you with a brief overview of the current state of the investment environment and our management of ICRMA’s portfolio. We are in a period of unprecedented uncertainty impacting the economy and financial markets. In the face of this turmoil, we recognize that our clients are justifiably concerned about their investments. However, as a result of our approach to managing the portfolio and the additional steps we have taken as the crisis developed, ICRMA’s portfolio remains safe and liquid and continues to perform well.

What started as a localized health issue at the end of 2019 developed into a global pandemic by March of this year, disrupting the financial markets and driving the U.S. economy into its first recession in more than a decade and ending the longest period of economic expansion on record. U.S. Gross Domestic Product fell by an annualized 5% in the first quarter and by an annualized 32.9% in the second quarter, which was the most severe drop on record.

In response to the developing crisis, the federal government and the federal reserve have acted aggressively to support the economy and stabilize the financial markets. As a result of these actions, along with a partial reopening of the economy, the economy appears to have bottomed out during the second quarter. However, it is unlikely that we will see a sustained economic recovery until there is a resolution of the underlying health crisis. Furthermore, it will likely take years before the economy will fully recover from the damage incurred during the crisis.

In this uncertain environment, protecting the safety and liquidity of ICRMA’s holdings with us remains our number one priority. Some of our strategies we have and will continue to employ include:

• Emphasizing high quality U.S. Treasuries and federal agency securities.

• Ensuring ample liquidity through a combination of pooled and individual investments, the types of investments in the managed portfolio, and the structuring of individual maturities.

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• Maintaining diversification across sectors and issuers to limit the impact that any one issuer can have on the overall portfolio

• Employing a rigorous credit process that involves the careful selection and monitoring of individual corporate securities. While the headline risk involving possible credit downgrades has increased, we remain confident about the ability of the issuers in the portfolio to pay interest and principal when due.

• Increasing the tempo of PFM’s Investment and Credit Committee meetings to stay on top of emerging news and market trends.

With respect to the investment environment going forward, one of the federal reserve’s first

actions was to cut the federal funds target rate by 1.50% back to the 0% - 0.25% range. These rate cuts, along with the economic shutdown, drove interest rates to historically low levels. Even if the health crisis is resolved quickly, it is anticipated that it will take years before interest rates recover to pre-pandemic levels.

While protecting the safety and liquidity of the portfolio will remain our primary objective, there are some additional steps we will take, in coordination with ICRMA’s staff, to ensure that the portfolio is positioned to perform well going forward, to include:

• Determining an appropriate balance between short- and long-term investments so that the Authority has appropriate liquidity to meet current needs while maximizing higher-earning long-term investments.

• Reviewing available strategy alternatives with the Authority to ensure that our management of the portfolio remains aligned with the Authority’s long-term investment objectives and risk return preferences.

• Maintaining investment discipline, consistent within the agreed upon investment strategy, with a focus on the portfolio’s long-term performance.

• Using active management to enhance portfolio returns and manage investment risks.

Please let me know if you have any questions. I will discuss these topics in more detail at the upcoming Board meeting.

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© PFM 0

Independent Cities Risk Management AuthorityInvestment Performance Review

For the Period Ended June 30, 2020


601 S. FigueroaSuite 4500Los Angeles, CA 90017

T: (213) 489-4075

Sarah Meacham, Managing DirectorRichard Babbe, CCM, Senior Managing Consultant

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© PFM 1

Key ThemesMarket Overview: As a result of the global pandemic, the financial markets and the broader economy are facing unprecedent

uncertainty.

While the federal reserve and the federal government have undertaken multiple actions to stabilize the economy and the financial markets, we are unlikely to see a sustained economic recovery until there is a resolution with the underlying health crisis.

Interest rates are near historical lows and are expected to remain low for an extended period. The federal reserve doesn’t anticipate increasing the benchmark federal funds target rate until sometime after 2022.

Strategy Considerations: We will maintain our emphasis on the portfolio’s safety and liquidity when making investment decisions.

We will maintain a significant allocation to government securities to enhance the portfolio’s safety and liquidity.

We will continue to use corporate securities to enhance the portfolio’s return while managing risk through careful monitoring of individual issuers and market conditions along with diversification across issuers.

Absent any change in the Authority’s investment goals or preferences, we will utilize a disciplined investment approach consistent with the Authority’s selected benchmark.

The portfolio has performed very well over the past fiscal year both on an absolute basis and relative to its benchmark. However, given market conditions, returns for the coming fiscal year are likely to be much lower.

We want to discuss the Authority’s investment objectives and risk preferences to ensure that the portfolio remains aligned with the Authority’s investment goals.

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© PFM 2

Effects on the Financial Markets

Yields remain very low and are not expected to move meaningfully over the near term

Fed support stabilized the bond market and returned liquidity

Equity markets substantially recovered in second quarter

Effects on the Economy

Significant negative impact of lockdowns apparent in first and second quarter economic data

Early signs of rebound have appeared as some states start to reopen

COVID-19 Impact Update

Health Pandemic

Confirmed cases exceed 10 million worldwide

U.S. is leading the world with roughly 25% of cases and deaths

Recent surge in new U.S. case numbers threatens economic reopening

LimitedCapacity

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© PFM 3

Consumers’ Comfort Level with Activities Falls Amid COVID-19 Surge

Source: Morning Consult, as of 7/6/2020.

18%23%

31%35%

41%37% 35%

0%

10%

20%

30%

40%

50%

Apr.29-30

May12-15

May26-29

June2-5

June9-11

June23-26

Jun. 30-Jul. 3

Going out to eat

12%16%

21% 22% 23% 22% 20%

0%

10%

20%

30%

40%

50%

Apr.29-30

May12-15

May26-29

June2-5

June9-11

June23-26

Jun. 30-Jul. 3

Going to the movies

12% 13%18%

21% 22% 21%18%

0%

10%

20%

30%

40%

50%

Apr.29-30

May12-15

May26-29

June2-5

June9-11

June23-26

Jun. 30-Jul. 3

Going to the gym

18%23%

29%32%

36%33% 33%

0%

10%

20%

30%

40%

50%

Apr.29-30

May12-15

May26-29

June2-5

June9-11

June23-26

Jun. 30-Jul. 3

Going on vacation

Share of U.S. adults who said they’d feel comfortable doing the following activities right now.

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© PFM 4

Some Signs of Improvement, but the Labor Market Still Struggling

Source: Bloomberg, as of 6/30/2020. Data is seasonally adjusted.

6.0%

9.0%

10.8%

7.8%

6.2%

9.9%

April 14.7%

May13.3%

June11.1%

2%

4%

6%

8%

10%

12%

14%

16%

1970 1980 1990 2000 2010 2020

Unemployment Rate

Great Recession

Even with a partial recovery in May and June, the unemployment rate remains near its highest level

in over 50 years.

152.5

130.3

137.8

110

120

130

140

150

160

Jun-18 Dec-18 Jun-19 Dec-19 Jun-20

Mill

ions

Total Nonfarm Employment

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© PFM 5

0.17%

0%

1%

2%

3%

4%

Jun-17 Jun-18 Jun-19 Jun-20

3-Year Treasury Yield

Interest Rates Are Down Sharply Trading in a Narrow Range

Source: Bloomberg, as of 6/30/2020.

0.13%0.29%

0.66%

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3M

1Y

2Y

3Y

4Y

5Y

10Y

Maturity

U.S. Treasury Yield Curve

June 30, 2020March 31, 2020December 31, 2019

Interest rates remain in a narrow, low range.

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© PFM 6

Sector Spreads Tightened Significantly, Moving Toward Pre-COVID Levels

Source: ICE BofAML 1-5 year Indices via Bloomberg, MarketAxess, and PFM, as of 6/30/2020. Spreads on ABS and MBS are option-adjusted spreads of 0-5 year indices based on weighted average life; spreads on agencies are relative to comparable-maturity Treasuries. CMBS is Commercial Mortgage-Backed Securities.

-0.2%

0.0%

0.2%

0.4%

0.6%

0.8%

1.0%

Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20

Federal Agency Yield Spreads

0%

1%

2%

3%

4%

5%

6%


Asset-Backed Securities Yield Spreads

0%

1%

2%

3%

4%

5%

6%


Corporate Notes A-AAA Yield Spreads

0%

1%

2%

3%

4%

5%

6%


Mortgage-Backed Securities Yield SpreadsAgency MBS AAA CMBS Index

1-5 Year Indices

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© PFM 7

Federal Reserve Has Provided $3 Trillion in Monetary Stimulus

Source: Federal Reserve, as of 6/26/2020.

Amount Allocated to Fed’s Liquidity Programs

Fed Facility Holdings (billions)

Discount Window $7.1

Primary Dealer Credit Facility $4.0

Money Market Mutual Fund Liquidity Facility $23.5

Commercial Paper Funding Facility $12.8

Paycheck Protection Program Liquidity Facility $59.4

Swap Lines $276.7

Repurchase Agreements $73.1

Municipal Liquidity Facility $16.1

Main Street Lending Facility $32.7

Primary Corporate Credit Facility $0.0

Secondary Corporate Credit Facility $40.0

Term Asset-Backed Securities Loan Facility $7.3

$0

$1

$2

$3

$4

$5

$6

$7

$8

2005 2010 2015 2020

Trill

ions

Assets of the Federal Reserve

Treasury Mortgage-BackedFederal Agency Other

$7.1 trillion

The Fed added $1.7 trillion in Treasuries and $572 million in agency MBS to its

balance sheet since the beginning of March.

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© PFM 8

2,000

2,200

2,400

2,600

2,800

3,000

3,200

3,400

3,600

Dec '18 Mar '19 Jun '19 Sep '19 Dec '19 Mar '20 Jun '20

S&P 500 Price Change

Stocks Staged an Impressive Rebound in Q2 After Pandemic-Driven Sell-Off

Source: Bloomberg, as of 6/30/2020.

-4%YTD

Peak-to-trough-34%

Rebound+39%

Q2 2020 was the strongest quarter

since 1998

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© PFM 9

Fed’s June Economic Projections Indicate Long Recovery Ahead

Source: Federal Reserve, economic projections as of June 2020.

-6.5%

5.0% 3.5% 1.8%

-10%

-5%

0%

5%

10%

2020 2021 2022 LongerRun

Change in Real GDP9.3%

6.5%5.5%

4.1%

0%2%4%6%8%

10%

2020 2021 2022 LongerRun

Unemployment Rate

0.8%

1.6% 1.7%2.0%

0%

1%

2%

3%

2020 2021 2022 LongerRun

PCE Inflation

0.1% 0.1% 0.1%

2.5%

0%

1%

2%

3%

2020 2021 2022 LongerRun

Federal Funds Rate

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© PFM 10

Sector Allocation & Compliance

Market values, excluding accrued interest. Detail may not add to total due to rounding. Current investment policy as of February 2018. Portfolio balances exclude accrued interest. Detail may not add to total due to rounding.

The portfolio is in compliance with the Authority’s Investment Policy and the California Government Code.

Security TypeMarket Value as of June 30,

2019

% of Portfolio

Market Value as of June 30,

2020

% of Portfolio

$ Change Over FY

Permitted by Policy

In Compliance

U.S. Treasury $20,306,786 32.3% $28,305,033 37.4% $7,998,246 100%

Federal Agency $4,352,418 6.9% $13,713,460 18.1% $9,361,042 100%

Agency MBS $1,688,722 2.7% $2,386,032 3.2% $697,310 100%

Municipals $594,132 0.9% $2,564,249 3.4% $1,970,117 100%

Supranationals $2,169,045 3.4% $953,909 1.3% ($1,215,136) 30%

Negotiable CDs $7,252,137 11.5% $5,361,991 7.1% ($1,890,146) 30%

Corporate Notes $17,171,218 27.3% $16,014,256 21.1% ($1,156,963) 30%

Asset-Backed $5,126,247 8.1% $3,138,892 4.1% ($1,987,355) 20%

Security Sub-Total $58,660,705 93.2% $72,437,822 95.6% $13,777,117

Accrued Interest $319,816 $360,757 $40,941

Securities Total $58,980,521 $72,798,579 $13,818,057

CAMP $226,185 0.4% $134,296 0.2% $134,296 100%

LAIF $4,072,341 6.5% $3,167,723 4.2% $3,167,723 $75 Million

Total Investments $63,279,047 100.0% $76,100,597 100.0% $12,821,550

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© PFM 11

Managed Portfolio Activity – Fiscal Year 2019-2020

Based on total proceeds (principal and accrued interest) of buys, sells, maturities, and principal paydowns. Detail may not add to total due to rounding.

Gross Trading Activity by Sector ($ millions)

Federal Agency/GSE + $9.1

U.S. Treasury +$6.8

Municipal + $1.9

Agency CMO +$0.7

Supranational ($1.2)

Corporate Notes ($1.7)

Negotiable CDs ($2.0)

Asset-Backed ($2.03)

Total + $11.6

Net Transactions by Sector ($ millions)

-$30 -$10 $10 $30

Asset-Backed

Negotiable CDs

Corporate Notes

Supranationals

Federal Agency/CMO

Municipal

U.S. Treasury

Federal Agency/GSE

Millions

Purchases Sales/Maturities

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© PFM 12

Navigating the Corporate Bond Market During the Pandemic

Beginning in March, caution was warranted in investment-grade corporates and safety and liquidity became paramount as the sector suffered from significant spread widening and lack of liquidity.

Heading into the second quarter, corporate bonds continued to face many uncertainties; PFM’s Credit Committee deep due diligence efforts to re-review every issuer and industry.

Aggressive Fed support calmed the credit markets and restored liquidity, leading to a sharp retracement of the March yield spread widening and a record amount of issuance, which was digested with ease.

The sector significantly outperformed Treasuries in the second quarter and reversed most first quarter underperformance.

Investors were rewarded for maintaining allocations to the corporate sector as market conditions improved; New issues also provided opportunities to capitalize on wider than normal spreads, especially from issuers with stronger balance sheets and limited overseas exposure.

Fed support should continue to benefit the sector; The credit curve has steepened, re-introducing the benefit of “roll-down,” and longer-maturity corporates appear attractive.

Takeaway Message: Credit allocations benefitted portfolios as the sector nearly made up its Q1 underperformance in Q2; Fed support remains very significant; strong due

diligence efforts continue to be warranted; opportunities in selective new issues. of 263

© PFM 13

Managed Portfolio Maturity Distribution

Percentages may not add to 100% due to rounding; accrued interest is excluded.Callable and floating-rate securities are included in the maturity distribution analysis to their stated maturity date.

10%

18%

33%

20% 20%

8%

26%25%

18%

24%

2%

34%

27%

19% 19%

0%

5%

10%

15%

20%

25%

30%

35%

0-1 Year 1-2 Years 2-3 Years 3-4 Years 4-5 Years

% o

f Tot

al P

ortfo

lio

June 30, 2019

June 30, 2020

1-5 Year UST Index

The portfolio’s maturity distribution is managed to maintain general alignment with the benchmark, but the specific maturities will vary depending on market conditions.

Maturity Distribution versus BenchmarkJune 30, 2019 versus June 30, 2020

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© PFM 14

Managed Portfolio Credit Quality The Authority’s portfolio is high-quality, comprising securities with an average credit quality of AA.*

*An average of each security’s credit rating assigned a numeric value and adjusted for its relative weighting in the portfolio.Ratings by Standard & Poor’s. The credit ratings of the securities held in the Authority’s portfolio are in compliance with California Government Code and the Agency’s investment policy dated February 2019.Portfolio balances exclude accrued interest. Detail may not add to total due to rounding.

AA85.0%

A12.5%

A-1+/A-12.3%

Not Rated0.2%

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© PFM 15

Managed Portfolio Issuer Distribution The Authority’s portfolio is well diversified.

Corporate Issuers (18.5%)BNY Mellon 3.0%Wal-Mart 1.6%Oracle Corp 1.5%Novartis AG 1.5%Pfizer Inc 1.4%Amazon 1.0%Paccar Financial 1.0%Visa Inc 0.9%Burlington Northern Santa Fe 0.9%Disney Corp 0.9%AMEX 0.8%

Federal Agency (32.2%)Fannie Mae 17.9%Federal Home Loan Banks 7.2%Freddie Mac 6.2%Federal Farm Credit Banks 1.0%

Negotiable CDs (4.2%)Bank of Montreal 1.4%Société Générale 1.0%Royal Bank of Canada 0.9%DNB AASA 0.8%Synchrony Bank 0.2%

Percentages of market values excluding accrued interest. Percentages may not add to totals due to rounding.

U.S. Treasury

45.0%

Corporate Issuers - continuedAMEX 0.8%Bank of America 0.8%American Honda 0.8%UnitedHealth 0.8%Toyota Motor 0.8%Apple Inc 0.6%Hershey Company 0.3%

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© PFM 16

0.00%

0.50%

1.00%

1.50%

2.00%

2.50%

3.00%

3.50%

Jun-10 Jun-11 Jun-12 Jun-13 Jun-14 Jun-15 Jun-16 Jun-17 Jun-18 Jun-19 Jun-20

2-Year U.S. Treasury Yield Past Ten Years

Source: Bloomberg, data available as of 6/30/2020.

0.61%

2.98%

1.75%

0.16%

2-Year U.S. Treasury YieldJune 30, 2010 – June 30, 2020

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© PFM 17

Managed Portfolio Total Return

Performance on trade-date basis, gross (i.e., before fees), in accordance with the CFA Institute’s Global Investment Performance Standards (GIPS). Returns for periods less than a year are presented on an unannualized basis. Performance numbers for periods greater than one year are presented on an annualized basis.ICE BofAML Indices provided by Bloomberg Financial Markets. Effective duration is the change in price for a 1% change in yield while also taking into account the likelihood of options such as calls and paydowns for mortgage-backed securities being exercised.

Over the past ten years, the portfolio has outperformed the benchmark by an annual average of 0.29%.

Duration Past Past Past 3 Past 5 Past 10(years) Quarter Year Years Years Years

ICRMA 2.60 1.61% 5.54% 3.54% 2.66% 2.13%

ICE BofAML1-5 Year Index

2.58 0.29% 5.25% 3.23% 2.31% 1.84%

Outperformance 1.32% 0.29% 0.31% 0.35% 0.29%

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© PFM 18

Managed Portfolio Fiscal Year 2019-2020 Earnings

Market Value Basis Accrual (Amortized Cost)Basis

Beginning Value (6/30/19) $58,886,890 $57,972,793

Net Purchase/Sales $11,537,103 $11,537,103

Change in Value $2,148,125 $659,271

Ending Value (6/30/20) $72,572,118 $70,169,166

Interest Earned $1,570,872 $1,570,872

Portfolio Earnings $3,718,997 $2,230,143

Portfolio earnings as of June 30, 2020.

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© PFM 19

Disclosures

This material is based on information obtained from sources generally believed to be reliable and available to the public, however PFM Asset Management LLC cannot guarantee its accuracy, completeness or suitability. This material is for general information purposes only and is not intended to provide specific advice or a specific recommendation. All statements as to what will or may happen under certain circumstances are based on assumptions, some but not all of which are noted in the presentation. Assumptions may or may not be proven correct as actual events occur, and results may depend on events outside of your or our control. Changes in assumptions may have a material effect on results. Past performance does not necessarily reflect and is not a guaranty of future results. The information contained in this presentation is not an offer to purchase or sell any securities.

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Subject: Accounts Receivable Status Update Action for consideration: Review and file. Background: The annual premium invoices were sent to members electronically on July 13, 2020. Additionally, invoices were sent to the two exited members for which there remains an obligation to share in the administrative costs of the ICRMA. Lastly, invoices were sent to the members, current and former, for Year 4 if they originally selected the 10-year payment option for the Assessment levied on the membership in 2017. Billings for these items totaled $28,962,061.48. Of that total, all remains outstanding as of July 30, 2020. The attached schedule details the amount invoiced by agency, payments made to date, and the outstanding balance. This report will be verbally updated at the Board Meeting for additional payments received through the date of the meeting. Payments are due within 30 days as noted on the invoices and consistent with the ICRMA Bylaws. For the 2020/21 fiscal year invoices, payment is due on or before August 12, 2020. As per the Bylaws, payments not received within that timeframe are subject to penalties as detailed below. Article V.D - Surcharges D. Surcharges – Failure by a Member to meet some obligations are immediately subject to surcharges as follows:

1. Delinquent Payments – Members with delinquent amounts due to ICRMA will be assessed a surcharge as follows unless other arrangements for payment have been approved by the Board:

a. One percent (1%) of the unpaid amount due to ICRMA 30 days after the initial invoice due date. b. surcharge of another one percent (1%) accrues after an additional 45 days.

…… 3. Implementation of Surcharges – Interest accrues on all delinquent amounts due and payable to ICRMA at the applicable rate of 10% per year from the due date of the billing until the date finally posted by the designated financial institution.

a. For the purpose of assessing surcharges and interest, the fee calculation shall be based on each calendar day the delinquent amount is late, notwithstanding the foregoing.

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Accounts Receivable Status Update Page 2 of 2

August 13, 2020

b. No surcharge may exceed the maximum authorized by law. c. The Board may waive or reduce a surcharge for good cause shown by the Member, no more than once per five (5) years. d. Each Member shall indemnify ICRMA from expenses resulting from its failure to pay sums on or before their due date.

Attachments: Schedule of Outstanding A/R by Member Agency

Prepared by: Brent Mason, Finance Manager

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Amount OutstandingAgency Billed Payments Balance

Premums:Adelanto 378,140.00$ -$ 378,140.00$ Bell 578,021.00 - 578,021.00 Downey 1,846,276.00 - 1,846,276.00 El Monte 2,424,349.00 - 2,424,349.00 El Segundo 2,114,159.00 - 2,114,159.00 Fullerton 693,607.00 - 693,607.00 Glendora 1,499,703.00 - 1,499,703.00 Hawthorne 1,557,237.00 - 1,557,237.00 Hermosa Beach 974,140.00 - 974,140.00 Huntington Park 1,658,274.00 - 1,658,274.00 Inglewood 2,360,078.00 - 2,360,078.00 Lynwood 1,414,394.00 - 1,414,394.00 Monterey Park 2,344,578.00 - 2,344,578.00 San Fernando 1,047,430.00 - 1,047,430.00 Southgate 2,267,492.00 - 2,267,492.00 Santa Ana 2,645,907.00 - 2,645,907.00

Subtotal 25,803,785.00$ -$ 25,803,785.00$

Year 4 Assessments:Alhambra 310,385.50$ -$ 310,385.50$ Baldwin Park 131,234.84 - 131,234.84 Colton 142,000.45 - 142,000.45 Culver City 224,015.20 - 224,015.20 Downey 62,852.64 - 62,852.64 El Monte 202,026.25 - 202,026.25 El Segundo 170,332.83 - 170,332.83 Glendora 118,133.02 - 118,133.02 Hawthorne 229,597.71 - 229,597.71 Hermosa Beach 163,276.83 - 163,276.83 Huntington Park 159,247.27 - 159,247.27 Inglewood 199,374.19 - 199,374.19 Manhattan Beach 146,278.14 - 146,278.14 Monrovia 165,681.84 - 165,681.84 Monterey Park 163,514.28 - 163,514.28 San Fernando 81,056.99 - 81,056.99

ICRMA

Fiscal Year 2020/21 (as of 7/30/20)Schedule of Outstanding Accounts Receivable

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Southgate 288,528.77 - 288,528.77 Upland 87,686.73 - 87,686.73

Subtotal 3,045,223.48$ -$ 3,045,223.48$

Former Member Admin Charges:Alhambra 55,585.00$ -$ 55,585.00$ Baldwin Park 57,468.00 - 57,468.00

Subtotal 113,053.00$ -$ 113,053.00$

TOTAL A/R BALANCE 28,962,061.48$ -$ 28,962,061.48$

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Subject: Approve Moss Adams to serve as ICRMA’s Financial Auditor Action for consideration: Authorize the Executive Director to execute a contract with Moss Adams for

Financial Auditing Services for the fiscal years ending June 30, 2020 through June 30, 2022, with two optional one year extensions.

Background: For the last four years, Eide Bailly, LLP (formerly Vavrinek, Trine, Day & Co., LLP) has served as ICRMA’s financial auditor. Several months ago ICRMA retained Eide Bailly, LLP as its internal financial services provider, necessitating a change in financial auditors. On June 30, 2020, a Request for Proposals (RFP) for Financial Auditor services was released to solicit proposals from qualified certified public accounting firms and/or pool auditors to audit ICRMA’s financial statements for the fiscal years ending June 30, 2020, 2021, and 2022, with an option to extend the engagement two additional years. Within the RFP, the expected timeline was: ICRMA received seven responses to the RFP which were generally consistent with the specifications of the RFP. Two firms were selected for interview based upon proposals that most closely met the requirements expressed in the RFP. Other considerations included experience with JPAs, audit approach, and cost. Interview times were scheduled based on the order of proposals receipt. The finance team held interviews with the top two candidates on July 28, 2020. Both candidates demonstrated proficiency in providing financial auditing services, however, Moss Adams is being recommended for Board approval based upon the following:

• Level of preparedness in responses specific to ICRMA • Detailed audit approach responses tailored to ICRMA • Articulated a firm grasp of industry standards that apply to ICRMA

Additionally, Moss Adams’ proposed audit fees were deemed to be reasonable and within ICRMA’s budget for the upcoming fiscal year. Total cost proposed for the 3-year term are $93,950, broken down as follows:

• Audit of FY 2019-20 $30,400 • Audit of FY 2020-21 $31,300 • Audit of FY 2021-22 $32,250

Moss Adams mentioned the City of Redondo Beach. During the interview, it was determined that non-proposing members of the firm had done performance audit work for the City of Redondo Beach, and that this did not present a conflict of interest in recommending the firm to ICRMA. Attachments: Moss Adams Financial Audit RFP Proposal Prepared by: Bradford Rockabrand, Finance Director

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ASSURANCE SERVICES PROPOSAL FOR


Kinman Tong, Partner

Art Ngo, Senior Manager

Joe Trone, Senior Manager

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July 21, 2020

Bradford Rockabrand ICRMA Financial Director

Independent Cities Risk Management Authority

Dear Bradford:

We’re pleased to present our proposal to provide audit services to Independent Cities

Risk Management Authority (ICRMA). We’re excited about becoming a part of your business team and believe we can meet your needs.

What Moss Adams offers ICRMA is more than just audit services. We’ll be a business advisor. That’s why it makes a difference that our firm and its professionals serve our

clients by industry. That means ICRMA will be served by professionals who work primarily with joint powers authority organizations and governmental entities.

After gaining a real working understanding of your organization, we’ll tailor our services to be responsive to ICRMA’s needs. After assessing the critical business and

financial drivers, we’ll work with ICRMA to fully develop innovative solutions for current issues.

We bring more West to business. More than a geographic focus, our concept of West embodies our spirit of optimism, openness, and enterprise. With a rare

blend of inspiration and technical excellence, we empower our clients to discover and claim the future.

Nationally recognized firm. As one of the 15 largest CPA and business consulting firms in the nation, with approximately 340 partners and over 3,200 employees, we have the resources to bring you innovative solutions to your

business issues.

Local presence and national expertise. We’ve chosen a blended team of experienced local professionals and national specialists to serve ICRMA. The

team structure will give you the most value for fees and the support of our best local resources, experienced in working with clients like you in California. It also

means you’ll receive an additional layer of expertise and guidance from our firm’s foremost national leaders. Together, our team members represent considerable

knowledge and look forward to sharing actionable and meaningful insight with ICRMA leadership.

Responsive service from partners and senior managers. In today’s environment, you should expect to have a relationship with your accounting firm

that includes timely responses to your questions and experienced partner- and senior manager–attention on your accounting and reporting issues. One of our

firm’s service hallmarks is the high level of partner and senior manager time we build into our engagements. We’re committed to having our most experienced

partners and senior managers remain actively involved with ICRMA throughout our working relationship.

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July 21, 2020

Bradford Rockabrand ICRMA Financial Director

Independent Cities Risk Management Authority

We look forward to continued discussions of our credentials and the areas of most

interest to ICRMA. ICRMA faces many challenges, and we believe we’d be a great resource to help you through many of those challenges. Thank you for considering

Moss Adams.

Sincerely,

Kinman Tong, CPA Art Ngo, CPA Partner Senior Manager(415) 677-8267 (916) 503-8104 [email protected] [email protected]

Joe Trone, CPA Senior Manager (916) 503-8271 [email protected]

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Table of Contents

| Realize Your Potential 1

| A. Organization 3

Firm Description 3Contact Information 3Insurance Expertise 3Our Government Services Experience 4Representative Clients 5Client References 7

| B. Personnel 8

| C. Methodology 11

Transitioning to Moss Adams 11Audit Methodology 11Audit Work Plan 12Administrative and Operational Management Expertise 13Assurance of Timeliness Statement 13Engagement Timing 14

| D. Conflict of Interest 15

| E. Cost 16

| F. External Quality Review Control Report 19

Peer Review Report 19

| F. Confirmation of Insurance Coverage 21

| G. Disclosures 22

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Moss Adams |Proposal for Independent Cities Risk Management Authority 1

Realize Your Potential

OPPORTUNITY RISES IN THE WEST

At Moss Adams, we bring more West to business. More than a geographic focus, our concept of West embodies our spirit of optimism, openness, and enterprise. With a rare blend of inspiration and technical excellence, we empower our clients to discover and claim the future.

You’ll benefit from keen insights stemming from our unique understanding of the needs and nature of your business. We look ahead, and bring new approaches and fresh perspectives. And we regularly collaborate across our practices to identify new opportunities for your business to succeed.

This means you’ll get much more than just accounting, consulting, and wealth management services—you’ll get strategic and timely business advice. Distinguished for our depth of industry knowledge, we take the time to understand each client’s business or individual situation, anticipate needs, and identify gaps before they become obstacles. This way, clients can grow, manage, and protect their prosperity with confidence.

THE BEST OF BOTH WORLDS

If you’re looking for your next independent accounting firm, you may wonder whether to go with one of the small-local/national firms or choose to work with a mid-tier firm like Moss Adams. Clients that choose to work with us want a unique mix of qualities. They want not only the technical depth and breadth of services and capabilities you find with a national firm, but also a lot of face time with partners and senior managers, and other things like a consistent service team from year to year. Moss Adams is the perfect mix of all.

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OUR COMMUNITY INVOLVEMENT

Moss Adams values the communities in which we live and serve. We donate and volunteer our time to hundreds of programs throughout the states in which our offices are based, including local rotaries, universities, foundations, and social/welfare organizations. Our support spans a wide spectrum, including serving in leadership positions on boards, holding fundraisers and food/clothing/toy drives, and sponsoring charity events. We donate, volunteer, walk, ride, and run to show our support for these organizations and other causes.

In addition to the hands-on charitable work we do throughout the year, the Moss Adams Foundation has provided significant funding to charitable causes to help promote education, arts, social, health, and youth services.

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A. Organization

FIRM DESCRIPTION

Moss Adams is a fully integrated professional services firm dedicated to growing, managing, and protecting prosperity. With over 3,200 professionals across more than 25 locations in the market capitals of the West and beyond, we work with the world’s most innovative, dynamic, and promising clients and markets. Through a full spectrum of accounting, consulting, and wealth management services, we bring the deep industry specialization and inspired thinking our mid-market clients seek.

Since we put down roots in the Pacific Northwest more than 100 years ago, we’ve steadily expanded to serve clients not only in the West, but also across the nation and globally. Our full range of services includes accounting (assurance and tax), consulting (IT, strategy & operations, transactions, and specialty), as well as individual and institutional wealth management.

Moss Adams is one of the 15 largest US accounting and consulting firms and a founding member of Praxity, a global alliance of independent accounting firms providing clients with local expertise in the major markets of North America, South America, Europe, and Asia.

CONTACT INFORMATION

FIRM CONTACT Art Ngo, CPA

Senior Manager

Joe Trone

CONTACT PHONE

(916) 503-8104 (916) 503-8271

CONTACT EMAIL

[email protected] [email protected]

INSURANCE EXPERTISE

Our insurance practice serves the needs of clients ranging in size from large, billion-dollar member insurers to small, captive insurers. In addition to tax and assurance services, we also focus on operational and systems infrastructure, and our services and knowledge of the insurance managed care market have been used for numerous litigation matters involving payers and providers.

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Types of Insurance Entities Served

Whether the entities are primary carriers, reinsurers, captives, mutual, or agencies, we have you covered. We have experience with risk service lines in property and casualty, workers’ compensation, professional liability, health, auto, and other areas. Our insurance practice experience includes work with the following types of clients:

California joint powers authorities

California school district – self insurance funds

Health care organizations with self-funded medical professional liability insurance

Stock insurance companies (both public and private)

Mutual insurance companies

Fraternal insurance companies

Self-funded insurance companies

Nonprofit insurance organizations

Quasi-governmental insurance organizations

Captive insurance companies

Health insurance

Risk retention groups

Other non–life insurance companies that are required to file a federal Form 1120-PC

Industry Involvement

Our professionals receive continuing professional education with a specific insurance focus. Our active involvement in your market increases our ability to understand the issues you face and, most importantly, the best way to address them. Our professionals are involved with many industry professional associations, including the following:

California Association of Joint Powers Authorities (CAJPA)

America’s Health Insurance Plans (AHIP)

California Association of Health Plans (CAHP)

Insurance Accounting & Systems Association (IASA)

Oregon Captive Insurance Association (OCIA)

OUR GOVERNMENT SERVICES EXPERIENCE

We recognize government organizations are accountable to many different constituencies—oversight agencies, audit committees, elected officials, taxpayers—all with different expectations and demands. That’s why we commit significant personnel and resources to our Government Services Practice, building technical expertise in all areas of government. We have several experienced partners and senior managers who lead audit engagements for over 270 government entities including state agencies; cities and counties; public colleges and universities; special purpose governments including ports, utility districts, and transit agencies; public retirement funds; and others. A summary of our government experience is provided on the following page.

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Service Our Experience

Audits of Financial Statements and CAFRs; Management Recommendation Letters

Our firm serves over 270 government entities.

Audits of Local Governments, Joint Powers Agencies, and Transit Authorities

We’ve done audits of numerous state, local, and special service districts throughout New Mexico, Texas, Arizona, Oregon, Washington, and California, including government entities with multiple affiliated agencies.

Single Audits Our firm has conducted over 3,300 single audits since 1997.

GFOA Certificate of Excellence in Financial Reporting Program

We’ve assisted each of our clients that participate in the CAFR program, including City of Albuquerque, City of Portland, and Port of Seattle. Several of our clients also participate in the Popular Annual Financial Reporting (PAFR) Award program.

Audits of Government Pension, Health, and Other Employee Benefit Plans and Trusts

Moss Adams audits over 1,750 plans of all types annually. Our benefit plan clients range in size from 100 to 100,000 participants with $100,000 to over $10 billion in assets.

Implementation of Governmental Accounting Standards Board (GASB) Pronouncements

We’ve assisted many of our clients with implementation of new accounting standards, including, most recently, GASB No. 74/75 and No. 84. As a result of our national involvement, we’re helping develop implementation guidance to assist our clients with GASB No. 87 (Leases) in 2020, which includes client training and tools for practical application.

REPRESENTATIVE CLIENTS

Our firm is also deeply involved with GASB. In fact, Jim Lanzarotta, a technical resource on the engagement team and the firm’s national Government Services Practice leader, has 12 years of service with the AICPA, six on the State and Local Government Expert Panel with three years as the chair, and another six years as the AICPA representative on the Governmental Accounting Standards Advisory Council (GASAC). Arthur Ngo, engagement senior manager, has extensive experience with GASB and is involved in firmwide training on new GASB standards.

Our insurance experience consists of over 25 insurance companies ranging in premiums written from $15 million to $5 billion annually. We work with numerous insurance clients that rely on us for their accounting and consulting needs. Some of the clients we’re proud to work with include the following:

Representative California GASB Clients

Beverly Hills Unified School District

Board of Harbor Commissions, City of Long Beach

California Department of Veterans Affairs

California Employment Development Department

City of Berkeley

City of Culver City

City of Redondo Beach

City of Santa Monica

City of Stockton

County of San Luis Obispo

CSAC Excess Insurance Authority

Oakland Unified School District

Port of Los Angeles

Port of Oakland

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Representative California GASB Clients

City of Irvine

City of Laguna Niguel

City of Los Angeles, Office of the Controller

City of Menlo Park

City of Pasadena

Port of Stockton

Rural County Representatives of California

San Francisco Department of Public Health

University of California Health

Select Insurance Clients

Ability Insurance Company

Antelope Valley Healthcare District (Self-Funded Medical Professional Liability Insurance)

Associated Insurance Company for Excess (Captive)

Beverly Community Hospital (Self-Funded Medical Professional Liability Insurance)

Comprehensive Mobile Insurance Utah Inc.

ECOLE Insurance Company (Workers’ Compensation)

Health Plan of San Mateo (Health Insurance)

K-M Insurance Company Inc. (Captive)

Mountain State Mutual Casualty Company

New Mexico Hospital Workers’ Compensation Pool

New Mexico Insurance Pool (Health Insurance)

Partnership Health Plan of California (Health Insurance)

Presbyterian Health Plan (Health Insurance)

Prime Healthcare Services (Captive)

RMS Insurance Company (Property, Casualty and Professional Liability) (Utah)

Springfield Insurance Company (Subsidiary of Unified Grocers)

State Accident Insurance Fund of Oregon*

Superior Vision Services Inc.

The Everett Clinic (Self-Funded Medical Professional Liability Insurance)

Valley Presbyterian Hospital (Self-Funded Medical Professional Liability Insurance)

Cornerstone Comp, Inc.

*SAIF of Oregon is the largest workers’ compensation insurance fund in Oregon, as well as one of the largest

on the West Coast, with over $4 billion in assets.

In addition to the experience listed above, Art Ngo, the proposed engagement reviewer and Joe Trone the proposed project manager has experience with audits of the following insurance organizations (not Moss Adams clients):

Select Insurance Clients

Joint Health Management Board

Yolo County Public Agency Risk Management Insurance Authority

Golden Bear Insurance Company (STAT-Basis)

Various California School (K–12) and Community College Self Insurance Funds

Small Cities Organized Risk Effort

Northern California Cities Self Insurance Fund

The Dentist Insurance Company (STAT-Basis)

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CLIENT REFERENCES

Hear for yourself the unique experience our clients have in working with our firm. We’re confident they’ll share stories of how we make their lives easier, help them identify and take advantage of rising opportunities, and guide them to increased prosperity.

Public agency risk retention pools or JPAs for which the firm has provided auditing services:

STATE ACCIDENT INSURANCE FUND

Gina Manley, VP of Finance and Chief Financial Officer

(503) 373-8433

PARTNERSHIP HEALTH PLAN OF CALIFORNIA

Patti McFarland, Chief Financial Officer

(707) 863-4100

CORNERSTONE COMP, INC. Lisa Brogan,

Controller

(559) 558-4800 ext. 44

California local government entities or special districts for which the firm has provided auditing services:

CALIFORNIA DEPARTMETN OF VETERANS AFFAIRS –

Eric Tiche, Assistant Deputy of Secretary

916-653-1900

MARIN HEALTHCARE DISTRICT

Elizabeth Lasnier, Controller

(415) 925-7449

RURAL COUNTY REPRESENTATIVES OF CALIFORNIA

Lisa McCarger, Chief Financial Officer and Chief Operating Officer

(916) 447-4806

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B. Personnel

Working with the right team of professionals makes all the difference to your engagement. The team members we’ve thoughtfully selected to serve your specific needs have years of industry experience. But more than that, you’ll find they bring an optimistic perspective focused on helping ICRMA explore and embrace emerging opportunity. Your Moss Adams team will personally engage with your team and bring a new level of energy and enterprise to your engagement.

Kinman Tong, CPA, Partner – Concurring Reviewer

Professional Experience

Kinman has practiced public accounting since 2003. He serves a diverse spectrum of not-for-profit entities and governments, providing assurance and consulting services to various business-type activity governmental districts and agencies.

Kinman is well versed in performing compliance audits of not-for-profit and for-profit entities that participate in federal programs under the Yellow Book; the OMB Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards; and other federal agencies’ program-specific audit guides.

Kinman also has significant experience working on forensic investigations and litigation support for health care and not-for-profit clients. He’s a frequent speaker at conferences and industry events, including NWRPCA, NWRPCA/Community Health Association of Mountain/Plains States, and California Primary Care Association and has participated at the National Association of Community Health Centers. Kinman has also led training on accounting and auditing topics for Moss Adams professionals as well as clients and industry organizations.

Similar Engagements

State Bar of California

UC Hastings College of the Law

Humboldt State University

Professional Affiliations

Member, American Institute of Certified Public Accountants

Member, California Society of Certified Public Accountants

Member, Ascend

Member, Healthcare Financial Management Association

Member, Home Care and Hospice Financial Managers Association

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Kinman Tong, CPA, Partner – Concurring Reviewer

Member, National Association for Home Care & Hospice

Member, Young Nonprofit Professionals Network

Education

BS, business administration, University of California, Berkeley

Advanced Single Audit Certification, American Institute of Certified Public Accountants

Art Ngo, CPA, Senior Manager – Engagement Reviewer


Arthur has practiced public accounting since 2007. He has experience with financial statement and performance audits for not-for-profit entities, local education agencies, higher education institutions, and joint powers authorities.

Arthur has experience in performing compliance audits of not-for-profit and education entities that participate in federal programs under the Yellow Book, the OMB Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards.

Arthur has provided training on GASB updates and how to audit California

community colleges, local education agencies, and joint powers authorities.

Similar Engagements

Small Cities Organized Risk Effort

Northern California Cities Self Insurance Fund

Yolo County Public Agency Risk Management Insurance Authority

Various self-insurance funds for California education districts




Education

BS, business administration (accounting emphasis), California State University, Fresno

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Joe Trone, CPA, Senior Manager – Project Manager


Joe has practiced public accounting since 2010. He specializes in financial statement and performance audits for governmental entities, tax-exempt organizations, including not-for-profit, education, and health-care entities.

Industry Experience

Joe is experienced with both GASB and FASB standards, federal programs under Yellow Book and OMB Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. He has also presented at national firm meetings and industry conferences, and led strategic growth efforts.




Education

BS, accountancy, California State University, Sacramento

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C. Methodology

TRANSITIONING TO MOSS ADAMS

It’s our first step in welcoming you as a new client—and it’s an important one. Our goal? To avoid disruption to your staff and make the transition period as smooth as possible. You’ll get the following:

Transition Steps

1. Entrance meetings. Conference with your finance department and other appropriate groups to

discuss risks, expectations, processes, and timelines.

2. Planning sessions. Meet with key managers to discuss risks, expectations, the audit process and

timelines, and to share key strategic, financial, and operational information.

3. Review working papers. Examine your prior auditor’s working papers to understand their audit

approach and the timing of their procedures and to determine the scope of any additional procedures our team will perform on the opening balances in your financial statements.

4. Design audit approach. Devise an efficient and effective approach that addresses the potential risks we discover during the transition.

AUDIT METHODOLOGY

ICRMA will benefit from our customized, risk-based audit approach as well as the timely and effective communication and coordination of our audit activities. With dedicated and ongoing involvement from our partners and senior-level professionals, the audit will be planned and executed by an experienced team that understands your industry. During the audit, your Moss Adams engagement reviewer and senior manager, will be in the field to review the work in progress and address any issues with management. This reduces time spent on post-audit procedures and wrap-up.

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Our emphasis on tailoring an integrated audit to focus on the areas of significant risks allows us to complete the audit in an efficient and effective manner. Our audit will include the following:

Plan the engagement based on a thorough understanding of your business risks and transactions

Communicate and coordinate activities with management and the audit committee based on an agreed-upon timeline

Conduct continuous audit procedures to increase efficiency and reduce the burden on your personnel at year-end

Work with management to resolve any complex accounting or reporting issues as early as possible in the audit process

Provide recommendations to management for areas of improvement

AUDIT WORK PLAN

Our overall audit approach is to focus our efforts on areas with the greatest likelihood of error or misstatement in the financial statements. We also compare your performance to other similar organizations to identify unique trends. Based on our work, we’ll report to management any material weaknesses or significant deficiencies we detect in ICRMA’s internal control design and operation as well as potential opportunities for improvement.

Our audit approach is designed based on each organization’s internal control environment and industry characteristics. During our audit, we evaluate operational trends, productivity, and performance measures on a departmental basis, as well as internal control and financial statement components. Following is an example of the typical audit process for an organization about the size of ICRMA.

We’ll document and evaluate the significant internal controls over the following accounting cycles:

Premium revenue, accounts receivable, and cash receipts

Claims / insurance expense, accounts payable, and cash disbursements

IBNR/Claims liability

Financial statement close and financial reporting

Our audit approach requires that we validate that the internal controls in the above cycles are designed effectively and have been implemented. We often accomplish this by selecting a minimal number of transactions to observe the controls in action. Additional transactions may be tested depending on the process, if it’s determined to be the most effective and efficient audit approach.

Our internal control procedures, and the results of those procedures, determine the nature and extent of testing we’ll conduct with respect to each financial statement line item. Following are examples by line item of the types of audit procedures we may conduct:

CASH

Test bank reconciliations and examine supporting documents

Confirm bank balances for certain bank accounts

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ACCOUNTS PAYABLE, ACCRUED LIABILITIES AND CLAIMS PAYABLE

Perform a search for unrecorded liabilities

Compare current-year balances with prior-year balances

Test claim payments

Obtain actuarial support for the claims liability

NET POSITION

Obtain or prepare a roll-forward of balances

Assess proper classification of net position

PREMIUM REVENUE

Obtain the annual operating budget

Test premiums utilizing both analytical procedures and substantive sampling procedures

OPERATING EXPENSES

Test other expenses utilizing both analytical procedures and substantive sampling procedures as deemed appropriate for each expense category

Perform substantive testing over claim payments and loss run reports

ADMINISTRATIVE AND OPERATIONAL MANAGEMENT EXPERTISE

We’ve worked with many governmental entities and insurance companies of various sizes, risk profiles, and complexities. With our firm’s experience in auditing these different entities, we have the depth of knowledge to identify issues and/or best-practice recommendations in the financial close reporting process and at the entity level.

Communicating with Management

We don’t like surprises, and neither do you. That’s why we hold an exit meeting with management at the end of year-end fieldwork to discuss any findings, open items, or other issues. During this meeting, management can check the accuracy of our findings, and we’ll inform them of issues. After we’ve determined the points are valid, we’ll provide draft reports to the supervisory committee to review prior to final issuance. We’ll also invite a director of the board to sit in during our exits with management to keep apprised of possible issues. If they decline, we’ll present the financial statements and communication letters at the Board of Directors meeting at the conclusion of our audit.

ASSURANCE OF TIMELINESS STATEMENT

As with any client service provider, we understand the importance of keeping your business running on schedule, and committed to delivering your audit reports by date that’s mutually agreed upon.

Our firm’s organization is well suited to remaining nimble when unforeseen issues arise with your audit. Overall, the best way to make sure deadlines are met is careful planning. That’s why we’re so insistent about meeting with your team well before the audit to agree on responsibilities and deadlines and to be proactive about addressing potential issues.

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ENGAGEMENT TIMING

The following is a proposed first-year engagement schedule for ICRMA. We’ll discuss any adjustments you may need when we meet with you.

Service Description Proposed Timing

AUDITOR TRANSITION

Schedule to meet with your prior auditor to review their working papers

Upon Appointment

AUDIT PLANNING

Meet with management for pre-audit planning and to obtain an understanding of systems, internal controls, and current-year issues

August 2020 (prior to fieldwork)

Provide management with a detailed list of items needed to perform the audit, including the timing of when items are needed

Upon execution of engagement letter

AUDIT FIELDWORK

Send confirmations of cash, investments, and other accounts as deemed necessary

August 2020

Perform test of controls and substantive audit fieldwork August 2020

REPORT PREPARATION

Present draft of financial statements, audit report, and management letter to senior management

December 2020

BOARD COMMUNICATIONS

Present final audit report, financial statements, and management letter to the Board of Directors

December 2020 or February 2021

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D. Conflict of Interest

Moss Adams doesn’t currently serve any clients that we believe may have a financial interest in the outcome of ICRMA’s audit. Even so, our profession’s code of ethics has stringent provisions requiring maintenance of absolute confidentiality of client information. You can be assured that we’ll maintain the confidentiality of ICRMA’s affairs.

Our Firm’s Independence

Moss Adams has always worked to embody the highest ethical standards, and we demonstrate our commitment to such standards daily. As an independent certified public accounting firm properly licensed for public practice, Moss Adams is required to meet the independence standards as defined by Generally Accepted Auditing Standards, the AICPA Code of Professional Conduct, and the US Government Accountability Office.

Prior to accepting a client relationship with your entity, we’ll conclude our initial review of independence. This review will include an inquiry throughout the firm to make sure there aren’t any identified circumstances that might impair our independence. To make sure we maintain our independence of your entity, we’ll formally reassess our independence throughout the engagement and every year.

Additionally, each partner and client service professional, including associates (technicians) and interns, is required upon initial employment, and annually, to acknowledge his or her independence with respect to our clients. The independence compliance representation is focused on the independence of the individual, and is designed to result in personal representations about matters that may impair independence. In this way, we routinely monitor our firm’s independence from our attest clients.

We welcome any questions you may have regarding our review of independence.

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E. Cost

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Fee Details

Subject The Details

Client Acceptance Procedures

The scope of work and fee quotes are subject to our client acceptance process, which: 1) verifies that all parties understand the specific services we’re being asked to perform; 2) ensures contract terms are acceptable to both parties and in agreement with professional standards; and 3) confirms we’ve staffed the engagement with individuals qualified with the necessary experience to fulfill our commitments to our prospective client. We’ll also need to complete our inquiries of your former auditor as required by our professional audit standards.

First-Year Costs We acknowledge that changing auditors can be disruptive to your staff’s routines, since a new audit team needs to spend time learning your systems. We’ll absorb all costs related to the transition, which we estimated at around $4,200.

Progress Billing Progress billings are based on hours and expenses completed at the time of billing. Bills are due upon receipt. We reserve the right to charge interest on accounts over 30 days past due.

Future New Audit, Review, and Accounting Standards

Our fee estimate discussed herein is based on accounting and professional standards that exist and are applicable as of the date of this proposal. To the extent that future rulemaking activities require modification to our audit approach, procedures, scope of work, etc., we’ll advise you of such changes and the impact on our fee proposal. If we’re unable to agree on the additional fees, if any, that may be required to implement any new accounting, auditing, and review standards that are required to be adopted and applied as part of our engagement, we reserve the right to withdraw from the engagement, regardless of the stage of completion. If ICRMA experiences a major future event and the event is significant enough to warrant it, we’ll modify our audit approach, procedures, and scope of work. Before doing so, we’ll negotiate any adjustment to our fees with you.

Routine Phone Calls and Emails

Our policy is to not charge for short telephone calls seeking miscellaneous advice unless those consultations require significant additional work or research. If a matter requires further follow-up, we’ll discuss a fee estimate with you before incurring significant time.

Research and Consultation If we’re requested to provide research or consultation service, we’ll estimate the number of hours necessary to provide the requested services. We’ll then provide a fee quote for your approval before commencing any work. Our fees for these services are generally at our standard billing rates.

Predecessor Auditors Our fee estimates are based on the assumption that the predecessor auditors will provide timely access to their audit working papers for the year ended June 30, 2019. Further, it’s assumed that the audit work performed by the predecessor auditor will be adequate to support beginning balances.

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Subject The Details

Audit Preparation Our proposed fees are based on the presumption that your books and records will be ready for audit and minimal audit adjustments will be required. If accounting assistance is required to reconcile accounts, we’ll discuss the issues with you, and additional fees will be billed separately, at our standard rates. Additionally, our fee quote assumes that we won’t identify any audit findings, including significant deficiencies or material weaknesses. If potential audit findings are identified, costs for investigating and reporting them will be in addition to our audit fees.

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F. External Quality Review Control Report

PEER REVIEW REPORT

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Peer Review Report (Cont.)

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F. Confirmation of Insurance Coverage

Moss Adams maintains insurance coverage that will satisfy the insurance requirements set for this engagement. Should Moss Adams be selected for this engagement, we’ll provide all necessary third-party certificates of insurance coverage in accordance with the requirements of any finalized contract negotiated by the parties.

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G. Disclosures

As with any large firm, Moss Adams is occasionally involved in addressing legal and regulatory issues. However, no action, suit, proceeding, inquiry, or investigation before or by any court or federal, state, municipal, or other government authority is pending, or to our knowledge is threatened against Moss Adams, related to or which would have a material effect upon the services contemplated herein.

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Assurance, tax, and consulting offered through Moss Adams LLP. Investment advisory services offered through Moss Adams Wealth Advisors LLC. Investment banking offered through Moss Adams Capital LLC.


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Subject: Law Enforcement Legal Liability Action for consideration: Review and provide direction as appropriate. Background: As discussed at previous Board meetings, the insurance market has hardened nationwide and especially in California. This is resulting in increased insurance costs, lower coverage limits offered, higher retentions required, and additional scrutiny by carriers. While ICRMA's 2020-21 coverage renewal was quite favorable, pool members must take action to prepare the pool for the best possible renewal in 2021-22. Member losses are directly related to the renewal terms and premium expenses. With that in mind, ICRMA is focusing on two critical areas this year: dangerous condition claims and law enforcement liability. Dangerous condition losses and training were discussed at previous meetings, so this memo focuses on law enforcement liability and proposed actions. ICRMA must be prepared to discuss funding alternatives if law enforcement coverage is limited or cannot be purchased, if retentions are increased, or if premiums escalate significantly. During the coming months and at strategic planning, more information will be presented to the Board regarding alternate funding mechanisms. In the meantime, risk control measures must also be implemented. RPA evaluated police losses during the past ten years using the following parameters:

• Isolated police-related claims only • Used current members only (former members were eliminated from the analysis) • Ground-up claim data • Occurrences with a date of loss between 7/1/2010 – 6/30/3020 • Valuation date of 6/30/2020

During the past ten years, current pool members experienced 1,342 police-related occurrences with a total incurred of $102.5M. Of those losses, 17 occurrences had total incurred of more than $1M each and represented $68M in claims costs (i.e. 17 occurrences represented 66% of total police losses). If losses could have been reduced by only 5%, members would have saved over $5M during the past ten years.

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Law Enforcement Legal Liability Page 2 of 3

August 13, 2020

Losses by fiscal year are illustrated in the following chart:

ICRMA offers law-enforcement related resources to the members, including: White paper In 2012 and 2013, police chiefs of ICRMA members formed a task force and met on multiple occasions to review and evaluate member police claims with total incurred amounts over $250,000. During the review, task force members shared knowledge of the loss causes, lessons learned, and corrective actions implemented. The group recognized the prevention and mitigation measures could be categorized using Gordon Graham's "Five Pillars:" people, policies, supervision, training, and discipline. A white paper was developed (Police Loss Prevention and Mitigation Measures) by the task force and distributed to members in April 2013. The recommendations contained in the white paper remain applicable today. Arx Alert Last year and again this fiscal year, ICRMA secured grants in order to enable interested members to implement a software management program, Arx Alert, to help its management team monitor, track, and remediate police claims. The program is designed as an all-in-one risk management software solution to monitor the entire police organization. It takes data from several key areas and combines it into meaningful information to show trends on how to better manage risks and ensure supervisors and command staff remediate identified risks.

Training: From 9 – 11 a.m. on Thursday, September 24, ICRMA will offer a University session on police liability (misconduct, accountability, risk management). All members are asked to have at least two employees (recommending one-police department, and one-risk management) attend the webinar.

$4,865,686

$16,682,975

$13,633,659

$17,117,728

$8,047,211

$12,866,068

$6,308,493 $6,334,029

$2,583,809

$14,089,564

$-

$2,000,000

$4,000,000

$6,000,000

$8,000,000

$10,000,000

$12,000,000

$14,000,000

$16,000,000

$18,000,000

2010-11 2011-12 2012-13 2013-14 2014-15 2015-16 2016-17 2017-18 2018-19 2019-20

Police Total Incurred

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Law Enforcement Legal Liability Page 3 of 3

August 13, 2020

At the June meeting, members also requested additional training be offered in police liability and best practices, diversity and inclusion, and workplace civility. Trainings on these topics are being developed and scheduled. Carrier Resources: Safety National offers law enforcement liability resources to the members. The resources include program assessment, customizable sample policies and procedures, and expert support. Members are asked to review and understand law enforcement liability at their cities, and to actively utilize existing resources. The Board is asked to share concerns, suggestions, and successes which may assist individual members and ultimately the pool. Attachments: None Prepared by: Beth Lyons, Executive Director

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Subject: Liability Resource – AAAtraq Website ADA Compliance Action for consideration: Review and recommend every member utilize the services of AAAtraq. Background: Individuals are increasingly driven to websites in the current environment, and some cities are experiencing increased claims and litigation due to websites that are allegedly non-compliant with the Americans with Disabilities Act (ADA). RPA learned of an affordable resource, AAAtraq, offered through Gallagher, to help the members understand the level of risk associated with their websites and take appropriate risk control measures. Despite best efforts, AAAtraq estimates 94% of websites fail to meet web accessibility. RPA met with AAAtraq in June to learn more about the services and pricing model. AAAtraq offers the following:

• Assessment and report of your city's website, with clear and straight-forward guidance to demonstrate reasonable steps for adjustment

• Oversight and simplified accessibility compliance • Ongoing certification process that oversees accessibility by automatically tracking your

website with monthly reporting • Website shields showing your city's commitment toward compliance • Peace of mind that your city is serving those with disabilities

Neither AAAtraq, nor its reporting program Sitemorse, require download or software installation. AAAtraq performed an assessment of ICRMA's website, as well as each member agencies' main website, to illustrate the ease of running the assessment. The reports clearly indicate accessibility issues with a scoring mechanism of 0 to 10 (a higher score indicates greater compliance). Reports are scheduled to run automatically and would be emailed directly to the city's selected contact.

The assessment results indicated improvements could be made on every website evaluated. To determine the skillset required to complete website updates to ensure compliance, RPA staff worked with AAAtraq on ICRMA’s website. AAAtraq provided training on how to read, understand, and implement revisions, and RPA participated in a one-hour training session with a staff member at Sitemorse. This session provided a detailed look at an assessment report and how to address correcting items on the website. Following is a brief overview of the process by which RPA has been working to ensure ICRMA is proactively engaging in ongoing efforts to ensure adherence with the requirements defined by the World Wide Web Consortium (W3C), specifically the Web Content Accessibility Guidelines (WCAG) 2.1.

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Liability Resource – AAAtraq Website ADA Compliance Page 2 of 2

August 13, 2020

The first weekly report regarding ICRMA’s website is in the screen shot to the right, with a score of 7 out of 10. Multiple categories are tested to support a better functioning website overall.

a) Reports are easy to interpret b) ICRMA receives weekly reports, and

thus it is easy to measure improvement (or where something has become an urgent matter to address)

One of the categories that scored poorly was “Links.” The image below is the resulting information returned by clicking on the “Links” button in the emailed report. The information indicates the following: more than 9 broken links, 1 misspelling in a linked website, and a formatting error in another linked website/document.

Overall, the reports are user friendly, support easy identification of the issues on the website, and provide helpful hints in addressing the items that require revision. RPA believes this service would benefit each member agency in its efforts to proactively manage an emerging field of litigation. AAAtraq has offered a 50% discount to ICRMA member agencies, which results in an annual fee of $500. The annual expense to provide the service to all ICRMA members ($8,000) was not budgeted in the 2020-21 fiscal year. RPA believes it is in the best interest of ICRMA members, however, to utilize a service, such as AAAtraq, as soon as possible. Members can utilize risk management funds for the expense in 2020-21, and ICRMA's Board can consider funding the expense for each member in 2021-22 as it contemplates the budget. Attachments: AAAtraq Brochure Prepared by: Jennifer Achterberg, Assistant Program Administrator

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A risk management tool for a growing trend

What you get...

Contact us to learn more: Jenna Goodrich, Area Asst. Vice President | 818.539.8613 | [email protected]

Don’t fall prey to individuals just looking to profit The Supreme Court just upheld a ruling confirming plaintiffs’ rights to sue based on a claim that a website is non ADA compliant. As such, websites are under threat from legal aggression from assertive lawyers focused on making money. Understanding your level of risk is just the first step to becoming compliant.

Gallagher is now offering a Compliance Identification and Management Service (CIMS) package to help you mitigate the risks involved with web accessibility non-compliance. Partnering with AAAtraq—arguably the only one of a kind that offers the comprehensive service to guide you through and help you stay compliant—Gallagher can help you protect your business on the web, by reducing your exposure.

Why you need a CIMSNon-compliance with web accessibility regulations

• Despite best efforts, over 94% of websites fail to meet web accessibility, often resulting in unintentional discrimination against those with disabilities

• Exposing your website to threats of legal aggression

• Federal and State regulation must be met

• Inefficient and ineffective digital management caused by human limitations

Time and cost of litigation• Requires an attorney who is specialized in accessibility suits

• Typical litigation time can be nine to fourteen months

• Costs, compensation and damage to brand can be considerable

• Lack of understanding standards and regulations can be devastating

• Need to manage suppliers and vendors for deliverables and actual compliance

• Time and cost to find those with the expert knowledge can be significant

• Organizations must demonstrate remedial action—reporting progression towards compliance

Ongoing need for an insurance-backed, technology-driven solution

• AAAtraq is so confident in their service they have a provision which could indemnify you for damages that you are required to pay specific to website accessibility compliance (including legal costs) with limits up to $50,000

• Assessment and report of your site’s current level of risk with clear and straightforward guid-ance to demonstrate reasonable steps for adjustment

• Oversight and simplified accessibility compliance, and delivery of a managed process to your staff and suppliers

• An ongoing certification process that oversees accessibility by automatically tracking your website with monthly reporting of your site’s accessibility status

• Website shields showing your commitment towards compliance, warding off unwanted lawsuits and lengthy litigation

• Most importantly... Peace of mind knowing that you are serving those with disabilities

Get your FREE Risk Profile!

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https://www.aaatraq.com/ajg


tel:8185398613

Current regulations to meet and guidelines to follow to stay compliant...

As of this document date, there are three levels of regulation that must be met to stay compliant.

American with Disabilities Act (ADA): Prohibits discrimination against in-dividuals with disabilities in all areas of public life, including jobs, schools, transportation, and all public and private places that are open to the general public. ada.gov

U.S. Workforce Rehabilitation Act of 1973, Section 508: This section of the act requires that accommodations be made for federal employees and mem-bers of the public with disabilities who wish to access government Information and Communications Technology (ICT), including government websites and multimedia. section508.gov

WCAG: Web Content Accessibility Guidelines: There are currently three levels; A, AA and AAA. All three must be independently met to be fully in compliance. w3.org

COMPLIANT

Are you compliant?

0

1000

2000

3000

4000

5000

6000

7000

8000

2013 2014 2015 2016 2017

ADA Title III Lawsuits in Federal Court: 2013-2017

+ 63%

44362272

+ 8%

4789

+ 37%

6601

+ 16%

7663

Data from: Seyfarth Shaw LLP, February 1, 2018https://www.adatitleiii.com/2018/02/ada-title-iii-lawsuits-increase-by-14-percent-in-2017-due-largely-to-website-access-lawsuits-physical-accessibility-legislative-reform-efforts-continue/

A look at the upward trend in discrimination lawsuits since 2013

Top 10 States for ADA Title III Federal Lawsuits in 2017

0

500

1000

1500

2000

2500

3000

CA FL NY UT NV CO GA PA TX NJ

108129182187215276360

1023

1488

2751

(...are you sure?)You may be one of the 94% of

websites fail to meet web accessibility

AAAtraq_110719

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https://www.ada.gov

https://www.section508.gov

https://www.w3.org

https://www.adatitleiii.com/2018/02/ada-title-iii-lawsuits-increase-by-14-percent-in-2017-due-largely-to-websiteaccess-


Subject: Member Withdrawal Notices of El Segundo and Monterey Park Action for consideration: Review and file Background: The cities of El Segundo and Monterey Park provided written notice of intent to withdraw from ICRMA by the July 1 deadline. This notice is rescindable until December 1, 2020. Attached are the cities' letters. RPA staff sent a letter to the City Managers, Council, and Board members at the cities acknowledging receipt of the letters. Performing due diligence is a complex exercise, thus a "pool comparison matrix" was designed to help members understand the total cost of risk using an apples-to-apples comparison. The document highlights the coverage and services provided by ICRMA and allows for the performance of a more accurate due diligence exercise. This document is available on the ICRMA website. Starting in the mid-1970s, public entities were unable to purchase some types of insurance and/or obtain affordable coverage in the commercial market. By the mid-1980s, commercial liability insurance was virtually unavailable for public entities. As a result, state legislation was enacted to authorize public entities to self-insure and pool their assets to jointly control their risks and pay their claims. In 1980 ICRMA developed its liability program and in 1986 a liability risk retention program. In 2003 ICRMA developed a workers’ compensation risk retention pool. During the past four decades, ICRMA has added multiple programs and services to meet member needs. According to the Association of Governmental Risk Pools, public entity risk pooling is the single most successful example of inter-local cooperation in North America and beyond, saving billions of taxpayer dollars and thousands of lives. It is a success story that grew organically from the inability and unwillingness of much of the traditional insurance industry to understand and address the changing risk dynamics of governmental entities. Today, AGRiP estimates that 80% of the cities, towns, schools, counties and special districts in the United States address some or all of their risk management and risk financing needs through these member-owned, member-governed, non-profit pools. Public entities nationwide are experiencing one of the most difficult insurance markets since ICRMA was created. ICRMA is a member-driven, locally-controlled organization, and its members benefit from the pool’s coverage and initiatives. ICRMA is committed to helping its members identify and control loss drivers and will assist the cities as they evaluate options.

Attachments: Letters from El Segundo, Monterey Park

Prepared by: Beth Lyons, Executive Director

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RESOLUTION NO. 5221

A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF ELSEGUNDO AUTHORIZING THE CITY MANAGER TO PROVIDEWRITTEN NOTICE OF INTENT TO WITHDRAW MEMBERSHIPFROM THE INDEPENDENT CITIES RISK MANAGEMENT

AUTHORITY ( ICRMA).

WHEREAS, the City of EI Segundo (" City") is a member of the Independent

Cities Risk Management Authority (" ICRMA"), a joint powers authority whichallows member cities to pool resources to support liability and worker'scompensation self-insured programs; and

WHEREAS, ICRMA allows member cities to group purchase other lines ofinsurance such as: Property, Auto Physical Damage, Crime, Cyber, and

Terrorism coverage; and

WHEREAS the City has been a member of ICRMA since 1985 and participatesin the Liability, Worker' s Compensation, Property, Auto Physical Damage, Crime, Cyber, ands Terrorism Programs; and

WHEREAS, the City wishes to explore various options of insurance coverageincluding other risk -sharing pools or purchasing commercial insurance directly; and

WHEREAS, the City is interested in performing an analysis on the feasibility ofcontinuing its participation in ICRMA; and

WHEREAS, should the City wish to transition to another insurance pool in theupcoming fiscal year, the bylaws of the liability and Workers' Compensationprograms for ICRMA require that notice of intent to withdraw membership as of

July 1, 2021 must be provided no later than June 30 , 2020; and

WHEREAS, the provision of written notice to withdraw prior to June 30, 2020

does not preclude the City from rescinding such notice should the City wish toremain with ICRMA during the 2021/ 2022 fiscal year based upon analysiscompleted by the City or based upon any need for additional time to conductsuch analysis, provided that rescission is provided no later than December 1, 2020.

NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of EISegundo does hereby find, determine and declare as follows:

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SECTION 1. The EI Segundo City Council adopt the Resolution authorizing theCity Manager to provide written notice of intent to withdraw membership fromICRMA; and

SECTION 2. That a copy of the Resolution shall be provided to ICRMA.

PASSED, APPROVED, AND ADOPTED this 16th day of June, 2020.

Mayor Drew Boyles,

City of EI Segundo

ATTEST;

y

City tle.rk,,.Tacy eaver,

CityCiof EI. S gU.q o

APPROVED AS TO FORM:

City At rney, Mark D. nsley,

City of EI Segundo

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STATE OF CALIFORNIACOUNTY OF LOS ANGELES Ss

CITY OF EL SEGUNDO

1, Tracy Weaver, City Clerk of the City of El Segundo, California, hereby certifythat the whole number of members of the City Council of the City is five; that theforegoing Resolution No. 5221 was duly passed and adopted by said CityCouncil, approved and signed by the Mayor of said City, and attested to by theCity Clerk of said City, all at a regular meeting of said Council held on the 16thday of Julne 2020, and the same was so passed and adopted by the followingroll call vote:

AYES: Mayor Boyles, Mayor Pro Tern Pimentel, Council Member Pirsztuk, Council Member Nicol and Council Member Giroux

NOES:

ABSENT:

ABSTAIN:

ATTEST:

77

City'C* ki0'Fracy/ VVeaverSegyndoC y' of E

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GITY OF MONTEREY PARK320 West Newmark Avenue o Monterey Park o California 91754-2896

www.mOnterevpark.ca.qovCity CouncilHans LiangPeter ChanHenry LoYvonne YiuFred Sornoso

Gity GlerkVincent D. Chang

City TreasurerJoseph Leon

June23,2020

Independent Cities Risk Management AssociationAttention: Beth Lyons18201Von Karman, Suite 200Irvine, CA926l2

RE: Notice of Potential Withdrawal from ICRMA

Dear Ms. Lyons:

Please accept this letter from the City of Monterey Park as a formal notice of the City's intent towithdraw from the Independent Cities Risk Management Authority (ICRMA) effective July 1, 2021.This includes any and all of the ICRMA joint protection programs in which the City currentlyparticipates.

Sincerely,

City ManagerCity of Monterey Park

Encl: Resolution No.: 12173

Pride in the Past o Faith in the Future

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RESOLUTION NO. 12173

A RESOLUTION AUTHORIZING THE CITY MANAGER TO TOPROVIDE WRITTEN NOTICE OF INTENT TO WITHDRAW FROM THETNDEPENDENT CtTtES R|SK MANAGEMENT AUTHORTTY (TCRMA)

The City Council for the City of Monterey Park does resolve as follows:

SECï|ON 1: The City Council finds as follows:

The City wishes to explore various options of insurance coverageincluding other risk-sharing pools or purchasing commercialinsurance directly;

The City is interested in performing an analysis on the feasibility ofcontinuing its participation in the lndependent Cities RiskManagement Authority (ICRMA);

Should the City wish to transition to another insuranceprovider/carrier in the upcoming fiscal year, the Bylaws of theLiability and Workers'Compensation programs for the ICRMArequires that notice of intent to withdraw membership as of July 1,

2021 must be provided not later than July 1,2020; and

Providing a written notice to withdraw does not preclude theCityfrom rescinding such notice should the City wish to remain withtheICRMA during the 202112022 fiscal year based upon any analysiscompleted by the City or based upon any need for additional time toconduct such analysis, provided that rescission is provided notlaterthan December 1,2020.

SECTION 2: The City Manager is authorized to provide written notice of intent towithdraw membership from the lndependent Cities Risk ManagementAuthority(ICRMA). A copy of the Resolution will be provided to the lndependent CitiesRisk Management Authority (ICRMA) as part of that notice

SECTION 3: This Resolution will become effective immediately upon adoptionand will remain effective unless repealed or superseded.

SECTION 4: The City Clerk will certify to the passage and adoption of thisResolution; will enter the same in the book of original Resolutions of said City;and will make a minute of the passage and adoption thereof in the record ofproceedings of the City Council of said City, in the minutes of the meeting atwhich the same is passed and adopted.

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Resolution No. 12173Page 2 of 2

Vincent D. Chang,

Approved as

By

Assistant Attorney

State of California )County of Los Angeles ) ss.City of Monterey Park )

PASSED, AND ADOPTED this 17th day of June, 2020.

Hans Liang, M

l/(.

A

l, Vincent D. Chang, City Clerk of the City of Monterey Park,California, do hereby certify that the foregoing Resolution No. 12173 was dulyand regularly adopted by the City Council of the City of Monterey Park at ameeting held on the 17th day of June 2020, by the following vote:

Ayes:Noes:Absent:Abstain:

Dated this 17th day of June, 2020

Yiu, Lo, Sornoso, Chan, LiangNoneNoneNone

Vincent D. Chang, lerkMonterey Park, ra

Council MembersCouncil MembersCouncil MembersCouncil Members

Electronic Signatures. This Resolution may be executed with electronicsignatures in accordance with Government Code S16.5. Such electronicsignatures will be treated in all respects as having the same effect as an originalsignature.

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