Trustees of the Trust Fund

Minutes Trustees of the Trust Funds City of Laconia October 17, 2022 Attendees: Trustees Randy Haas, Peggy Selig, and Michael Fogarty, Glenn Smith, City Finance Director, Corey Boucher, Clarfeld Securities Putnam Fund representatives Jim Ragatto, Linda Perry, Joan Mercer, and Betty Ballentyne Call to Order The meeting was called to order at 2 PM. Investment Review Mr. Boucher reviewed the quarterly reports for the City Trust Accounts. He first reviewed the Trust Funds. The allocation had been slightly overweight equities after Q2. At this point, Clarfeld has moved more funds to cash and fixed income. Of the stock owned by the portfolio, a percentage has been invested in infrastructure equities. In a tough year for equities and fixed income, the portfolio has declined from $5,635,185 at the beginning of the year to $4,486,361 as of 9/30. Mr. Boucher commented that the reduction in equities in Q3 reflects Clarfeld’s concern that the market may still have farther to fall. In the sector breakout, Mr. Boucher noted the change in allocation to energy stocks. Mr. Haas asked if Clarfeld is a little late in bringing energy stocks back into the portfolio. Mr. Boucher said they expect the war in Ukraine to continue to driving energy prices higher in the near term. In reviewing the fixed income allocation, Mr. Boucher noted the downgrade of Oracle to BBB (S&P). This is still an investment grade rating and still within the guidelines of the Trust Investment Policy. While the portfolio performance has been disappointing, the quarterly return is slightly better than the benchmark target (-4.4% v -4.9%) net of fees. YTD 9/30, the portfolio is only off the benchmark by .2% net of fees. Mr. Boucher also briefly reviewed the performance of the Laconia City Income Subaccount. YTD 9/30, the fund is up 0.6%. Lastly, we called Laurie Leduc from Citizen’s Bank and confirmed that the issue from our last meeting pertaining to the reinvestment of dividends has been resolved and reconciled. The Board also confirmed that the MS-9 issue has been resolved. Next Meeting The next meeting date for the Board was set for January 23, 2023, at 2 PM. At this point, Mr. Boucher was excused from the meeting. The Putnam Fund Programming and Budget Discussion Mr. Ragotto was granted time to address the board to outline the mission and operations of The Putnam Fund. The fund has a mission to bring concerts, lectures, and in-school enrichment events to the public. Programs have included authors, astronauts, arts in the park, and concerts. They are not allowed to charge admission for the event. They try to stage five major events between September and November. Costs over the past 2 years for programming have increased dramatically. Top acts are charging more, and the events they hold at The Colonial, which are supposed to be free, end up costing far more than they expected. The Colonial requires oversight by their staff in the box office and for redundant sound engineers. Sound and lights end up costing them between two and three thousand dollars at their “free” facility. Despite the charges, the Colonial is the best venue available due to the number of seats. We talked about the process for approving distributions from the fund. The board takes into account the balance of the fund, the request The Putnam Fund, and the mandates of the Trust. The Trust cannot distribute more than 7% of the funds fair market value. The Trust is also not allowed to change their approved distribution once it has been completed. Mr. Fogarty noted that better communication from The Putnam Fund with regard to the amount they would like to keep available for discretionary programing would be helpful. We suggested that they make these wishes known during the April Board meeting. Linda Perry noted that at this time, the Fund would like to keep a discretionary programming amount of approximately $35,000 to $40,000. Approval of Minutes of July 18, 2022 Mr. Haas noted that he did not see all the attachments included in the last set of minutes from our July 18th meeting. In particular, he noted the summary of the carryover balance for The Putnam Fund. Mr. Fogarty said he would check on the submission of the minutes from July and would send any documents that were not included. Review of Cash Accounts / Interest Rate Review Mr. Haas reviewed a summary of the accounts at Bank of New Hampshire and NH PDIP. The 9/30 balance reflected the addition of $500,000 to the BNH School Construction Capital Reserve account. He also reviewed the balances and activity in the NH PDIP accounts. At the past meeting, board members agreed to research opportunities to improve our cash yield. Cash rates have significantly improved, but the BNH accounts are only paying between .15% and .30%. Mr. Haas had spoken with TD Bank, and they had expressed a willingness to pay 1.76%. Mr. Fogarty found a rate of 2.25% at StoneCastle. However, neither of these rates were better than the 2.96% current yield on NH PDIP accounts. Mr. Fogarty motioned to move the existing BNH balances to NH PDIP accounts. Mrs. Selig seconded the motion. The motion carried unanimously. Review Summary Sheet of Funds Mr. Haas provided a summary of the changes to the principal and income accounts of each of the Trust Fund accounts. He noted that there is a sufficient balance in cash in the income account of The Putnam Fund to meet the approved distribution. There were no other comments or questions. City of Laconia City Request for Funds, FY 2022 The Board reviewed a summary of the 2021 overpayment of General Fund expenses. Three accounts still had balances owed after the application of the overpayment. Mr. Fogarty made a motion to pay the city $21,572.16 for the remaining balance owed on The Putnam Fund account, $1,500 for the Beatrice Priest account, and $500 for the Bieniarz account. Mrs. Selig seconded the motion. The motion carried unanimously. Glenn Smith noted that the city is still waiting for the request from Sacred Heart. New Accounts Mr. Haas reviewed an email he received from Glenn Smith summarizing the City Council’s authorization to create two new capital reserve funds. The first account is a reserve for LED Streetlight replacement which they would like to have funded with $40,000. The second account is for parking lot kiosk maintenance and is to be funded with $15,000. Mr. Fogarty made a motion to fund both accounts by moving money to NH PDIP. The motion was seconded by Mrs. Selig. The motion carried unanimously. Cemetery Tour Mr. Haas provided a summary of the Board’s tour of the City’s cemeteries. The only comment was from Mr. Fogarty who noted that the Mead cemetery on Parade Road had incorrect signage. Investment Guidelines for Capital Reserve Accounts Mr. Haas suggested that the Board adopt investment guidelines for the cash accounts overseen by the Board. Mr. Fogarty will look for resources and guidance to be used for drafting these guidelines, to be discussed at our January meeting. Trust Funds Original Documents Mrs. Selig indicated that, despite her best efforts, she has been unable to find any further information about the original trust documentation for the various trust accounts. Trustees Duties Mr. Haas shared a summary of trustee duties that he has documented as a tool for future Board members. We reviewed the summary and made the following recommendations. a) In item 1, change the “finance department” to the “City Manager’s Office” b) In item 5, delete the reference to Bank of New Hampshire and add a reference to Clarfeld. c) In item 14, add guidance to clarify the requested funds for discretionary programming. Communications Mr. Haas indicated that he responded to one piece question regarding a trust expenditure which was a simple matter of misreading of a number by the person who asked the question. Adjournment Mr. Fogarty made a motion to adjourn the meeting at 3:55 PM. The motion was seconded by Mrs. Selig. The motion carried and the meeting was adjourned. CITY OF LACONIA TRUST FUNDS INSTITUTIONAL PERFORMANCE REPORT As of 9/30/2022 Table of Contents Portfolio Overview p 1 Asset Allocation (Super Class) p 2 Actual Allocation vs. Target Allocation Summary p 3 Equity Class (Sector Breakout) p 4 Fixed Income Class (Sector Breakout) p 5 Fixed Income Characteristics (Bonds Only) p 6 Fixed Income Characteristics (Maturity) p 8 Benchmark Performance Summary (Composite) p 9 Benchmark Performance Summary (Class) p 10 Summary Investment Performance (SIP) p 11 Actual and Projected Income Report p 12 Portfolio Detail (YTD) p 13 Report Limitations and Disclaimer p 17 Ratings Disclaimer p 18  Institutional Performance Report CITY OF LACONIA TRUST FUNDS Portfolio Overview As of 9/30/2022 Page 1 of 18 Allocation by Asset Class Quarterly/Annual Performance Return Q4 2019 4.3%¹ 2019 4.3%¹ Q1 2020 -8.7%¹ Q2 2020 10.4% Q3 2020 4.7% Q4 2020 5.6% 2020 11.5%¹ Q1 2021 1.9% Q2 2021 5.5% Q3 2021 -0.1% Q4 2021 4.8% 2021 12.6% Q1 2022 -5.3% Portfolio Value Summary Q2 2022 -10.8% Q3 2022 -4.4% Quarter To Date Year To Date Last 12 Months 2022³ -19.2% Beginning Market Value 4,730,291 5,635,185 5,400,077 Last 3 Years 1.9%¹ ² Net Flows -37,465 -72,066 -97,625 ¹ Level contains historical performance data, ² Annualized return, ³ Partial period Gain/Loss -206,466 -1,076,757 -816,091 Ending Market Value 4,486,361 4,486,361 4,486,361  Institutional Performance Report CITY OF LACONIA TRUST FUNDS Asset Allocation (Super Class) As of 9/30/2022 Page 2 of 18 Q4 2021 Q1 2022 Q2 2022 Q3 2022 12/31/2021 Ending 3/31/2022 Ending 6/30/2022 Ending 9/30/2022 Ending Allocation Allocation Allocation Allocation Value Value Value Value CITY OF LACONIA TRUST 5,635,185 100.0% 5,322,450 100.0% 4,730,291 100.0% 4,486,361 100.0% FUNDS Cash & Equivalents 12,793 0.2% 6,489 0.1% 6,013 0.1% 66,247 1.5% Fixed Income 2,475,999 43.9% 2,343,924 44.0% 2,252,240 47.6% 2,140,293 47.7% Equity 3,146,392 55.8% 2,972,037 55.8% 2,472,039 52.3% 2,279,821 50.8%  Institutional Performance Report CITY OF LACONIA TRUST FUNDS Actual Allocation vs. Target Allocation Summary As of 9/30/2022 Page 3 of 18 Allocation Target Difference CITY OF LACONIA TRUST FUNDS Cash 1.5% 0.0% 1.5% Fixed Income - Taxable 47.7% 50.0% -2.3% US Large Cap Equities 39.9% 37.5% 2.4% US Mid Cap Equities 4.1% 5.0% -0.9% International Developed Equities 6.8% 7.5% -0.7% Total CITY OF LACONIA TRUST FUNDS 100.0% 100.0% Actual Class Allocation Target Allocation  Institutional Performance Report CITY OF LACONIA TRUST FUNDS Equity Class (Sector Breakout) As of 9/30/2022 Page 4 of 18 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Ending Value Allocation Ending Value Allocation Ending Value Allocation Ending Value Allocation CITY OF LACONIA TRUST FUNDS 2,180,349 100.0% 2,044,756 100.0% 1,685,958 100.0% 1,611,009 100.0% Consumer Discretionary 295,096 13.5% 260,139 12.7% 139,625 8.3% 169,308 10.5% Consumer Staples 137,952 6.3% 132,634 6.5% 115,474 6.8% 106,969 6.6% Energy — 0.0% 24,032 1.2% 69,400 4.1% 85,866 5.3% Financials 234,719 10.8% 250,712 12.3% 219,732 13.0% 202,957 12.6% Health Care 302,775 13.9% 293,345 14.3% 283,669 16.8% 265,502 16.5% Industrials 197,174 9.0% 180,231 8.8% 141,993 8.4% 118,275 7.3% Information Technology 623,640 28.6% 576,114 28.2% 449,765 26.7% 421,032 26.1% Materials 89,107 4.1% 71,514 3.5% 50,039 3.0% 46,820 2.9% Real Estate 21,364 1.0% 17,016 0.8% 15,580 0.9% 26,835 1.7% Telecommunication Services 251,448 11.5% 214,452 10.5% 178,219 10.6% 144,707 9.0% Utilities 27,074 1.2% 24,566 1.2% 22,463 1.3% 22,739 1.4%  Institutional Performance Report CITY OF LACONIA TRUST FUNDS Fixed Income Class (Sector Breakout) As of 9/30/2022 Page 5 of 18 Q3 2022 9/30/2022 Ending Allocation Yield Value CITY OF LACONIA TRUST FUNDS 2,140,293 100.0% 2.9% Fixed Income - Taxable 2,140,293 100.0% 2.9% Corp Bonds 600,005 28.0% 3.6% Taxable Funds 943,011 44.1% 3.0% DOUBLELINE TOTAL RETURN BOND I 446,674 20.9% 3.7% FIDELITY® US BOND INDEX 400,514 18.7% 2.3% WESTERN ASSET CORE BOND I 95,824 4.5% 2.7% Treasury Bonds & Notes 597,277 27.9% 2.2%  Institutional Performance Report CITY OF LACONIA TRUST FUNDS Fixed Income Characteristics (Bonds Only) As of 9/30/2022 Page 6 of 18 Summary Totals Est. Annual Income Accrued Market Value Accrual CITY OF LACONIA TRUST FUNDS 31,144 1,197,281 9,130 Weighted Averages Yield to Maturity Yield to Worst Coupon Rate Modified Duration S&P Rating CITY OF LACONIA TRUST FUNDS 4.6 4.6 2.8% 3.6 A Copyright © 2022, Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. All rights reserved. Please see end of report for the full Standard & Poor’s, a division of The McGraw-Hill Companies, disclaimer. Maturity Market % Bond Yield to Yield to Moody's S&P Call Date Par Value Coupon Duration State Date Value Holdings Maturity Worst Rating Rating UNITED STATES TREAS NTS 1.75% 01/31/2… — 1/31/2023 75,000 1.8% 0.3 74,745 6.2% 3.7 3.7 DC Aaa — INTERNATIONAL BUSINESS MACHS 3.375… — 8/1/2023 100,000 3.4% 0.8 99,761 8.3% 4.4 4.4 NY A3 A- HONEYWELL INTL INC 3.35% 12/01/2023 — 12/1/2023 50,000 3.4% 1.1 49,980 4.2% 4.4 4.4 DE A2 A UNITED STATES TREAS NTS 2.25% 01/31/2… — 1/31/2024 50,000 2.3% 1.3 48,869 4.1% 4.3 4.3 DC Aaa — UNITED STATES TREAS NTS 2% 04/30/20… — 4/30/2024 50,000 2.0% 1.5 48,662 4.1% 4.4 4.4 DC Aaa — UNITED STATES TREAS NTS 2.25% 11/15/2… — 11/15/2024 75,000 2.3% 2.0 72,610 6.1% 4.3 4.3 DC Aaa — UNITED STATES TREAS NTS 2% 02/15/2025 — 2/15/2025 100,000 2.0% 2.3 95,164 7.9% 4.3 4.3 DC Aaa — UNITED STATES TREAS NTS 2% 08/15/2025 — 8/15/2025 50,000 2.0% 2.7 47,109 3.9% 4.3 4.3 DC Aaa — UNITED STATES TREAS NTS 1.625% 02/15… — 2/15/2026 50,000 1.6% 3.2 46,032 3.8% 4.3 4.3 DC Aaa — ORACLE CORP 3.25% 11/15/2027 8/15/2027 11/15/2027 50,000 3.3% 4.5 45,177 3.8% 5.8 5.8 DE Baa2 BBB FEDERAL HOME LOAN BANKS 2.5% 12/10… — 12/10/2027 25,000 2.5% 4.7 23,226 1.9% 4.2 4.2 DC Aaa AA+ GLAXOSMITHKLINE CAP INC 3.875% 05/1… 6/15/2018 5/15/2028 100,000 3.9% 4.9 95,515 8.0% 5.2 5.2 DE — — UNITED STATES TREAS NTS 2.875% 05/15… — 5/15/2028 100,000 2.9% 5.1 95,142 7.9% 4.1 4.1 DC Aaa — SOUTHERN CALIF EDISON CO 4.2% 03/01… 12/1/2028 3/1/2029 150,000 4.2% 5.5 139,200 11.6% 5.7 5.7 CA A3 A- TARGET CORP 3.375% 04/15/2029 1/15/2029 4/15/2029 100,000 3.4% 5.6 92,951 7.8% 5.0 5.0 MN A2 A UNITED STATES TREAS NTS 2.375% 05/15… — 5/15/2029 50,000 2.4% 6.0 45,718 3.8% 4.1 4.1 DC Aaa —  Institutional Performance Report CITY OF LACONIA TRUST FUNDS Fixed Income Characteristics (Bonds Only) As of 9/30/2022 Page 7 of 18 Maturity Market % Bond Yield to Yield to Moody's S&P Call Date Par Value Coupon Duration State Date Value Holdings Maturity Worst Rating Rating ALPHABET INC 1.1% 08/15/2030 5/15/2030 8/15/2030 100,000 1.1% 7.3 77,421 6.5% 4.6 4.6 CA Aa2 AA+ Copyright © 2022, Moody’s Analytics, Inc. and its licensors. Please see end of report for the full Moody’s Analytics disclaimer. Copyright © 2022, Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. All rights reserved. Please see end of report for the full Standard & Poor’s, a division of The McGraw-Hill Companies, disclaimer.  Institutional Performance Report CITY OF LACONIA TRUST FUNDS Fixed Income Characteristics (Maturity) As of 9/30/2022 Page 8 of 18 S&P Bond Rating Maturity Distribution Call/Maturity Distribution  Institutional Performance Report CITY OF LACONIA TRUST FUNDS Benchmark Performance Summary (Composite) As of 9/30/2022 Page 9 of 18 Return Details Last 12 Quarter To Date Year To Date Last 3 Years Last 5 Years Months Return Return Return Return Return CITY OF LACONIA TRUST FUNDS -4.4% -19.2% -15.3% 1.9%¹ ² 4.0%¹ ² Laconia 50/50 Target -4.9% -19.0% -15.2% 2.3% 4.1% S&P 1500 TR -4.8% -23.7% -15.5% 8.0% 8.9% S&P 500 TR USD -4.9% -23.9% -15.5% 8.2% 9.2% S&P MidCap 400 TR -2.5% -21.5% -15.2% 6.0% 5.8% S&P 600 TOTAL RETURN INDEX -5.2% -23.2% -18.8% 5.5% 4.8% MSCI ACWI ACWI(X-US)(USD)(TRN) -9.9% -26.5% -25.2% -1.5% -0.8% MSCI DEVELOPED EAFE (USD) (TRG) -9.3% -26.8% -24.7% -1.4% -0.4% MSCI EMF (USD) (TRG) -11.4% -26.9% -27.8% -1.7% -1.4% BLOOMBERG AGGR BOND INDEX COMPOSITE INDX -4.8% -14.6% -14.6% -3.3% -0.3% BLOOMBERG BARCLAY AGGR BOND INDEX INTRM GOV/CRD IV -3.1% -9.6% -10.1% -1.6% 0.4% ICE US TREASURY 7 10 YEAR BOND TR IDX -5.6% -15.6% -15.5% -3.9% -0.4% ¹ Level contains historical performance data, ² Annualized return Benchmark Components Portfolio Benchmark Components Laconia 50/50 Target 50.0% BLOOMBERG AGGR BOND INDEX COMPOSITE INDX, 7.5% MSCI EAFE NR USD, 37.5% S&P 500 TR USD, 5.0% S&P MidCap 400 TR  Institutional Performance Report CITY OF LACONIA TRUST FUNDS Benchmark Performance Summary (Class) As of 9/30/2022 Page 10 of 18 Return Details Quarter To Date Year To Date Last 12 Months Last 3 Years Last 5 Years Return Return Return Return Return CITY OF LACONIA TRUST FUNDS -4.4% -19.2% -15.3% 1.9%¹ ² 4.0%¹ ² Laconia 50/50 Target -4.9% -19.0% -15.2% 2.3% 4.1% Cash 0.4% 0.6% 0.6% 0.8%¹ ² 1.1%¹ ² Fixed Income - Taxable -3.6% -11.6% -11.9% -2.4%¹ ² 0.2%¹ ² BLOOMBERG AGGR BOND INDEX COMPOSITE INDX -4.8% -14.6% -14.6% -3.3% -0.3% US Large Cap Equities -4.5% -25.1% -16.9% 9.1%¹ ² 10.9%¹ ² S&P 500 TR USD -4.9% -23.9% -15.5% 8.2% 9.2% US Mid Cap Equities -2.9% -22.0% -15.8% 5.6%¹ ² 5.5%¹ ² S&P 400 TR -2.5% -21.5% -15.2% 4.5% 2.7% International Developed Equities -10.6% -25.5% -23.7% -6.1%¹ ² -3.3%¹ ² MSCI DEVELOPED EAFE (USD) (TRG) -9.3% -26.8% -24.7% -1.4% -0.4% ¹ Level contains historical performance data, ² Annualized return Benchmark Components Portfolio Benchmark Components Laconia 50/50 Target 50.0% BLOOMBERG AGGR BOND INDEX COMPOSITE INDX, 7.5% MSCI EAFE NR USD, 37.5% S&P 500 TR USD, 5.0% S&P MidCap 400 TR  Institutional Performance Report CITY OF LACONIA TRUST FUNDS Summary Investment Performance (SIP) As of 9/30/2022 Page 11 of 18 Summary Investment Performance Quarter To Date Year To Date Last 12 Months Beginning Portfolio Value 4,730,291 5,635,185 5,400,077 Net Flows -37,465 -72,066 -97,625 Gains or Loss - Gross of Fee (GOF) -226,010 -1,138,038 -900,776 Income 24,681 77,593 106,801 Fees -5,137 -16,313 -22,116 Ending Portfolio Value 4,486,361 4,486,361 4,486,361 Quarter To Date Year To Date Last 12 Months Total Investment Return (NOF) -4.4% -19.2% -15.3% Total Investment Return (GOF) -4.3% -19.0% -15.0% Laconia 50/50 Target Return -4.9% -19.0% -15.2%  Institutional Performance Report CITY OF LACONIA TRUST FUNDS Actual and Projected Income Report As of 9/30/2022 Page 12 of 18 Acct B/O Actual and Projected Income Actual Income Projected Income Jan '22 Feb '22 Mar '22 Apr '22 May '22 Jun '22 Jul '22 Aug '22 Sep '22 Oct '22 Nov '22 Dec '22 Total CITY OF LACONIA TRUST FUNDS Taxable Citizens Bank Rhode Island XXXXXX1706 - CITY OF LACONIA TRUST FUNDS Fixed Income - Taxable 3,710 6,440 5,308 4,132 8,375 3,498 2,547 7,956 5,737 4,560 7,998 3,523 63,784 US Large Cap Equities 1,174 1,622 4,638 1,254 1,749 4,981 1,263 1,710 4,650 1,433 1,795 4,421 30,692 International Developed Equities 366 0 0 0 0 4,449 0 0 0 0 0 8,260 13,075 US Mid Cap Equities 681 0 0 527 0 0 642 0 0 672 0 0 2,523 Cash 1 0 0 1 1 3 3 33 140 — — — 181 Total XXXXXX1706 - CITY OF LACONIA TRUST FUNDS 5,933 8,063 9,947 5,914 10,126 12,930 4,455 9,699 10,527 6,665 9,793 16,204 110,255 Total Citizens Bank Rhode Island 5,933 8,063 9,947 5,914 10,126 12,930 4,455 9,699 10,527 6,665 9,793 16,204 110,255 Total Taxable 5,933 8,063 9,947 5,914 10,126 12,930 4,455 9,699 10,527 6,665 9,793 16,204 110,255 Total CITY OF LACONIA TRUST FUNDS 5,933 8,063 9,947 5,914 10,126 12,930 4,455 9,699 10,527 6,665 9,793 16,204 110,255  Institutional Performance Report CITY OF LACONIA TRUST FUNDS Portfolio Detail (YTD) As of 9/30/2022 Page 13 of 18 Year To Date Allocation Beginning Value Net Additions Net Gain Income Ending Value Return CITY OF LACONIA TRUST FUNDS 100.0% 5,635,185 -72,066 -1,154,350 77,593 4,486,361 -19.2% Laconia 50/50 Target -19.0% Supervised 100.0% 5,635,185 -72,066 -1,154,350 77,593 4,486,361 -19.2% Year To Date 1/1/2022 9/30/2022 Allocation Net Additions Net Gain Income Return Beginning Value Ending Value Supervised 100.0% 5,635,185 -72,066 -1,154,350 77,593 4,486,361 -19.2% Cash 1.5% 12,793 53,155 118 181 66,247 0.6% Citizens Bank NA Cash Sweep 1.5% 12,793 53,155 118 181 66,247 0.6% Fixed Income - Taxable 47.7% 2,475,999 -50,604 -332,806 47,703 2,140,293 -11.6% BLOOMBERG AGGR BOND INDEX COMPOSITE INDX -14.6% ALPHABET INC 1.1% 08/15/2030 1.7% 95,075 -1,100 -17,655 1,100 77,421 -17.5% DOUBLELINE TOTAL RETURN BOND I 10.0% 526,057 -14,602 -77,401 12,620 446,674 -12.5% FEDERAL HOME LOAN BANKS 2.5% 12/10/2027 0.5% 26,720 -313 -3,494 313 23,226 -11.9% FIDELITY® US BOND INDEX 8.9% 476,802 -7,771 -75,644 7,127 400,514 -14.5% GLAXOSMITHKLINE CAP INC 3.875% 05/15/2028 2.1% 112,498 -1,938 -16,982 1,938 95,515 -13.5% HONEYWELL INTL INC 3.35% 12/01/2023 1.1% 52,392 -838 -2,412 838 49,980 -3.0% INTERNATIONAL BUSINESS MACHS 3.375% 08/01/2023 2.2% 105,311 -3,375 -5,549 3,375 99,761 -2.1% ORACLE CORP 3.25% 11/15/2027 1.0% 52,890 -813 -7,713 813 45,177 -13.1% SOUTHERN CALIF EDISON CO 4.2% 03/01/2029 3.1% 169,477 -6,300 -30,277 6,300 139,200 -14.4% TARGET CORP 3.375% 04/15/2029 2.1% 110,345 -1,688 -17,395 1,688 92,951 -14.3% UNITED STATES TREAS NTS 1.625% 02/15/2026 1.0% 51,192 -813 -5,160 813 46,032 -8.6% UNITED STATES TREAS NTS 1.75% 01/31/2023 1.7% 76,605 -1,313 -1,861 1,313 74,745 -0.7% UNITED STATES TREAS NTS 2% 02/15/2025 2.1% 103,793 -2,000 -8,629 2,000 95,164 -6.4% UNITED STATES TREAS NTS 2% 04/30/2024 1.1% 51,535 -500 -2,873 500 48,662 -4.6% UNITED STATES TREAS NTS 2% 08/15/2025 1.1% 51,967 -1,000 -4,858 1,000 47,109 -7.5% UNITED STATES TREAS NTS 2.25% 01/31/2024 1.1% 52,018 -1,125 -3,149 1,125 48,869 -3.9% UNITED STATES TREAS NTS 2.25% 11/15/2024 1.6% 77,992 -844 -5,381 844 72,610 -5.8% UNITED STATES TREAS NTS 2.375% 05/15/2029 1.0% 53,491 -594 -7,773 594 45,718 -13.5% UNITED STATES TREAS NTS 2.875% 05/15/2028 2.1% 109,405 -1,438 -14,264 1,438 95,142 -11.8% WESTERN ASSET CORE BOND I 2.1% 120,434 -2,243 -24,337 1,969 95,824 -18.7%  Institutional Performance Report CITY OF LACONIA TRUST FUNDS Portfolio Detail (YTD) As of 9/30/2022 Page 14 of 18 Year To Date 1/1/2022 9/30/2022 Allocation Net Additions Net Gain Income Return Beginning Value Ending Value US Large Cap Equities 39.9% 2,492,459 -84,264 -641,429 23,043 1,789,808 -25.1% S&P 500 TR USD -23.9% ACCENTURE LTD BERMUDA CL A 0.4% 31,920 -187 -12,146 224 19,812 -37.4% ADOBE SYS INC 0.4% 17,579 15,725 -14,865 0 18,438 -50.6% ALPHABET INC A 1.0% 66,632 0 -22,633 0 43,999 -34.0% ALPHABET INC CAP STK CL C 0.9% 60,765 0 -20,382 0 40,383 -33.5% AMAZON.COM INC 0.8% 50,015 0 -16,115 0 33,900 -32.2% AMERICAN EXPRESS CO COM 0.7% 38,773 -348 -6,800 348 31,974 -16.8% AON CORP 0.4% 22,241 -101 -2,439 121 19,822 -10.5% APPLE INC 2.7% 160,701 -5,544 -34,971 601 120,787 -21.8% APPLIED MATLS INC COM 0.6% 48,782 -236 -23,383 236 25,398 -47.5% AUTODESK INC 0.0% 24,745 -20,553 -4,191 0 0 -16.9%¹ BERKSHIRE HATHAWAY INC DEL CL B NEW 0.5% 0 26,817 -6,524 0 20,294 -24.3%¹ BK OF AMERICA CORP COM 0.0% 37,817 -29,466 -8,779 429 0 -23.6% BORG WARNER AUTOMOTIVE INC 0.0% 29,070 -23,770 -5,409 110 0 -18.2%¹ CHARLES SCHWAB CORP 0.4% 35,154 -9,932 -5,943 197 19,477 -13.3% COCA COLA CO COM 0.5% 21,612 -321 -1,004 321 20,608 -3.3% COMCAST CORP NEW CL A 0.2% 19,176 -301 -8,001 301 11,175 -40.7% COSTCO WHOLESALE CORP 0.4% 32,927 -9,122 -4,561 120 19,363 -16.4% CUMMINS INC COM 0.6% 30,758 -630 -2,063 630 28,695 -4.7% CVS HEALTH CORP COM 0.5% 44,359 -20,758 -1,779 494 22,317 -6.3% D R HORTON INC 0.0% 48,369 -31,848 -16,621 100 0 -34.2%¹ DARDEN RESTAURANTS INC 0.7% 26,362 9,420 -5,592 758 30,948 -13.7% DEERE & CO COM 0.4% 19,261 -181 -563 181 18,698 -2.1% DIAMONDBACK ENERGY INC COM 0.3% 0 16,944 -1,405 0 15,539 -8.3%¹ DIGITAL RLTY TR INC COM 0.3% 21,364 -578 -9,462 578 11,902 -42.2% ELECTRONICS ARTS 0.4% 19,521 -81 -2,396 81 17,125 -11.9% EMERSON ELEC CO COM 0.5% 26,961 -448 -5,728 448 21,234 -19.9% EXXON MOBIL CORP COM 1.1% 0 49,500 -875 880 49,505 0.6%¹ FORD MOTOR COMPANY 0.0% 49,786 -33,446 -16,745 404 0 -35.7%¹ FORTINET INC COM 0.3% 0 15,040 -1,283 0 13,756 -8.5%¹ FREEPORT MCMORAN COPPER 0.6% 38,559 -416 -13,306 416 25,253 -33.7% GENERAC HLDGS INC COM 0.3% 23,931 0 -11,817 0 12,114 -49.4% HCA HEALTHCARE INC COM 0.4% 33,400 -8,194 -8,656 175 16,725 -27.8% HERSHEY CO COM 0.6% 23,216 -341 3,240 341 26,456 15.5% HOME DEPOT 0.4% 27,391 -376 -9,179 376 18,212 -32.2% HONEYWELL INTL INC 0.0% 21,685 -20,346 -1,339 0 0 -6.2%¹ INTUIT INC 0.4% 0 17,738 -1,858 0 15,880 -10.5%¹  Institutional Performance Report CITY OF LACONIA TRUST FUNDS Portfolio Detail (YTD) As of 9/30/2022 Page 15 of 18 Year To Date 1/1/2022 9/30/2022 Allocation Net Additions Net Gain Income Return Beginning Value Ending Value JPMORGAN CHASE & CO COM 0.4% 40,379 -14,291 -9,943 575 16,720 -32.8% L3HARRIS TECHNOLOGIES INC COM 0.4% 18,125 -286 -460 286 17,666 -1.1% LILLY ELI & CO COM 1.0% 38,671 -412 6,598 412 45,269 18.2% LINDE PLC SHS 0.5% 27,714 -281 -6,147 281 21,567 -21.3% MARRIOTT INTL INC 0.4% 23,134 -84 -3,514 84 19,620 -14.8% MATCH GROUP INC NEW COM 0.2% 0 20,130 -10,628 0 9,502 -52.8%¹ MERCK & CO INC 0.9% 0 36,525 2,045 529 39,098 11.5%¹ META PLATFORMS INC CL A 0.5% 55,834 0 -33,311 0 22,523 -59.7% MICROSOFT 2.6% 144,281 17,310 -46,491 884 115,984 -30.1% NETFLIX COM INC 0.0% 29,520 -10,949 -18,571 0 0 -62.9%¹ NEXTERA ENERGY INC COM 0.5% 27,074 -370 -4,336 370 22,739 -14.7% NIKE INC CLASS B 0.4% 34,167 -125 -17,065 125 17,102 -49.7% NVIDIA CORP 0.4% 54,116 1,871 -36,959 30 19,058 -59.0% ORACLE CORPORATION 0.4% 37,500 -11,874 -9,802 360 16,184 -29.2% PAYPAL HLDGS INC COM 0.2% 20,367 0 -11,071 0 9,296 -54.4% PEPSICO INC COM 0.5% 22,722 -579 -1,498 579 21,224 -4.1% PNC FINL SVCS GROUP INC COM 0.4% 27,070 -574 -6,899 574 20,172 -23.7% PUBLIC STORAGE INC 0.3% 0 17,259 -2,427 102 14,933 -13.4%¹ QORVO INC COM 0.0% 27,055 -17,859 -9,197 0 0 -34.0%¹ RAYMOND JAMES FINL INC 0.6% 0 30,726 -2,756 194 28,164 -14.1%¹ REGENERON PHARMACEUTICALS INC 0.6% 23,998 0 2,179 0 26,177 9.1% REGIONS FINANCIAL CORP NEW 0.7% 33,285 -773 -2,576 773 30,709 -5.5% SCHLUMBERGER LTD COM STK 0.5% 0 22,727 -2,079 174 20,822 -8.3%¹ STRYKER CORP 0.0% 22,254 -18,481 -3,946 173 0 -14.5%¹ TARGET CORP COM 0.5% 35,873 -446 -12,873 446 23,000 -34.8% TESLA MOTORS INC 0.6% 0 28,690 -2,165 0 26,525 -9.3%¹ TEXAS INSTRS INC COM 0.6% 30,155 -552 -5,390 552 24,765 -16.3% THERMO FISHER SCIENTIFIC INC COM 0.6% 46,058 -9,727 -10,512 49 25,867 -23.9% TRAVELERS COMPANIES INC COM 0.3% 0 17,353 -1,916 190 15,626 -9.9%¹ TYSON FOODS INC CL A 0.4% 17,868 7,673 -6,587 364 19,317 -22.9% UNION PAC CORP COM 0.0% 20,658 -17,681 -3,181 203 0 -14.5%¹ UNITED PARCEL SERVICE INC 0.4% 35,795 -9,030 -7,523 628 19,869 -22.9% UNITEDHEALTH GROUP 0.8% 33,643 -318 194 318 33,838 1.5% VANGUARD VALUE ETF 4.0% 283,040 -67,665 -40,958 4,383 178,799 -14.7% VERTEX PHARMACEUTICALS IN 0.8% 27,450 0 8,743 0 36,193 31.8% VISA INC 0.5% 26,439 -137 -4,765 137 21,673 -17.6% VULCAN MATLS CO COM 0.0% 22,834 -19,285 -3,593 44 0 -15.5%¹ WALMART INC COM 0.0% 19,607 -16,278 -3,555 225 0 -17.2%¹  Institutional Performance Report CITY OF LACONIA TRUST FUNDS Portfolio Detail (YTD) As of 9/30/2022 Page 16 of 18 Year To Date 1/1/2022 9/30/2022 Allocation Net Additions Net Gain Income Return Beginning Value Ending Value ZOETIS INC COM CL A 0.4% 32,944 -132 -12,925 132 20,019 -38.9% US Mid Cap Equities 4.1% 237,779 -1,851 -53,818 1,851 183,960 -22.0% S&P 400 TR -21.5% SPDR S&P MIDCAP 400 ETF TRUST 4.1% 237,779 -1,851 -53,818 1,851 183,960 -22.0% International Developed Equities 6.8% 416,155 -4,815 -110,102 4,815 306,053 -25.5% MSCI DEVELOPED EAFE (USD) (TRG) -26.8% GOLDMAN SACHS GQG PTNRS INTL OPPS INSTL 2.9% 166,491 0 -36,356 0 130,135 -21.8% ISHARES CORE MSCI EAFE 3.9% 249,664 -4,815 -73,746 4,815 175,918 -27.9% ¹ Not held for the entire period  Institutional Performance Report CITY OF LACONIA TRUST FUNDS Report Limitations and Disclaimer As of 9/30/2022 Page 17 of 18 Our role is to act as consultants 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Moody’s® is a registered trademark.  LACONIA CITY INCOME-SUB ACCT 1/1/2022 - 9/30/2022 PORTFOLIO DETAIL REPORT  LACONIA CITY INCOME-SUB ACCT 1/1/2022 - 9/30/2022 Portfolio Detail Report Year To Date Beginning Value Net Additions Net Gain Ending Value Return LACONIA CITY INCOME-SUB ACCT 229,797 1,448 1,233 232,477 0.6% Supervised 229,797 1,448 1,233 232,477 0.6% Year To Date Beginning Value Net Additions Net Gain Ending Value Return Supervised 229,797 1,448 1,233 232,477 0.6% LACONIA CITY INCOME-SUB ACCT 229,797 1,448 1,233 232,477 0.6% Cash 229,797 1,448 1,233 232,477 0.6% Citizens Bank NA Cash Sweep 229,797 1,448 1,233 232,477 0.6% * The Portfolio return is Net of Clarfeld management fees, while the Supervised and Unsupervised returns are Gross of Clarfeld management fees. © 2022 Black Diamond Performance Reporting, LLC Page 1 of 1